Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SEE | ||
Entity Registrant Name | SEALED AIR CORP/DE | ||
Entity Central Index Key | 1012100 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 210,151,221 | ||
Entity Public Float | $7,196 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $322.60 | $992.40 | [1] |
Trade receivables, net of allowance for doubtful accounts of $28.8 in 2014 and $31.4 in 2013 | 1,002.20 | 1,126.40 | [1] |
Income tax receivables | 277 | 24.6 | [1] |
Other receivables | 127.1 | 123.3 | [1] |
Inventories | 707.6 | 730.2 | [1] |
Deferred taxes | 105.6 | 377.7 | [1] |
Assets held for sale | 27.3 | ||
Prepaid expenses and other current assets | 122.2 | 84.9 | [1] |
Total current assets | 2,691.60 | 3,459.50 | [1] |
Property and equipment, net | 993.2 | 1,134.50 | [1] |
Goodwill | 3,005.50 | 3,114.60 | [1] |
Intangible assets, net | 872.2 | 1,016.90 | [1] |
Non-current deferred taxes | 105.9 | 63.1 | [1] |
Other non-current assets | 373.3 | 387.4 | [1] |
Total assets | 8,041.70 | 9,176 | [1] |
Current liabilities: | |||
Short-term borrowings | 130.4 | 81.6 | [1] |
Current portion of long-term debt | 1.1 | 201.5 | [1] |
Accounts payable | 638.7 | 524.5 | [1] |
Deferred taxes | 4.8 | 8.1 | [1] |
Settlement agreement and related accrued interest | 925.1 | [1] | |
Accrued restructuring costs | 55.8 | 69.6 | [1] |
Other current liabilities | 900.1 | 890.4 | [1] |
Total current liabilities | 1,730.90 | 2,700.80 | [1] |
Long-term debt, less current portion | 4,282.50 | 4,116.40 | [1] |
Non-current deferred taxes | 161.5 | 294.6 | [1] |
Other non-current liabilities | 704 | 647.9 | [1] |
Total liabilities | 6,878.90 | 7,759.70 | [1] |
Commitments and contingencies | [1] | ||
Stockholders’ equity: | |||
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2014 and 2013 | [1] | ||
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 224,683,653 in 2014 and 205,707,580 in 2013; shares outstanding: 210,531,894 in 2014 and 196,198,672 in 2013 | 22.5 | 20.6 | [1] |
Common stock reserved for issuance related to Settlement agreement, $0.10 par value per share, no shares in 2014 and 18,000,000 shares in 2013 | 1.8 | [1] | |
Additional paid-in capital | 1,787 | 1,695.30 | [1] |
Retained earnings | 448.5 | 302.2 | [1] |
Common stock in treasury, 14,151,759 shares in 2014 and 9,508,908 shares in 2013 | -481.4 | -327.6 | [1] |
Accumulated other comprehensive loss, net of taxes: | |||
Unrecognized pension items | -236.5 | -146.2 | [1] |
Cumulative translation adjustment | -382.5 | -134.4 | [1] |
Unrealized gains on derivative instruments | 5.2 | 3.2 | [1] |
Total accumulated other comprehensive loss, net of taxes | -613.8 | -277.4 | [1] |
Total parent company stockholders’ equity | 1,162.80 | 1,414.90 | [1] |
Noncontrolling interests | 1.4 | [1] | |
Total stockholders’ equity | 1,162.80 | 1,416.30 | [1] |
Total liabilities and stockholders’ equity | $8,041.70 | $9,176 | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ||
Trade receivables, net of allowance for doubtful accounts | $28.80 | $31.40 |
Preferred stock, par value per share | $0.10 | $0.10 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $0.10 | $0.10 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 224,683,653 | 205,707,580 |
Common stock, shares outstanding | 210,531,894 | 196,198,672 |
Common stock reserved for issuance related to Settlement agreement, par value per share | $0.10 | $0.10 |
Common stock reserved for issuance related to Settlement agreement, shares | 0 | 18,000,000 |
Common stock in treasury, shares | 14,151,759 | 9,508,908 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Statement [Abstract] | |||||
Net sales | $7,750.50 | $7,690.80 | [1] | $7,559.20 | [1] |
Cost of sales | 5,062.90 | 5,100.90 | [1] | 5,038.70 | [1] |
Gross profit | 2,687.60 | 2,589.90 | [1] | 2,520.50 | [1] |
Selling, general and administrative expenses | 1,837.20 | 1,749.10 | [1] | 1,756.70 | [1] |
Amortization expense of intangible assets acquired | 118.9 | 123.2 | [1] | 132.7 | [1] |
Impairment of goodwill and other intangible assets | 1,892.30 | [1],[2] | |||
Stock appreciation rights expense | 8.1 | 38.1 | [1] | 18.4 | [1] |
Integration related costs | 4.1 | 1.1 | [1],[2] | 7.4 | [1],[2] |
Restructuring and other charges | 65.7 | 73.8 | [1] | 142.5 | [1] |
Operating profit (loss) | 653.6 | 604.6 | [1] | -1,429.50 | [1] |
Interest expense | -287.7 | -361 | [1] | -384.7 | [1] |
Impairment of equity method investment | -5.7 | -2.1 | [1],[2] | -23.5 | [1],[2] |
Foreign currency exchange loss related to Venezuelan subsidiaries | -20.4 | -13.1 | [1] | -0.4 | [1] |
Gain from Claims Settlement | 21.1 | ||||
Loss on debt redemption and refinancing activities | -102.5 | -36.3 | [1],[2] | -36.9 | [1],[2] |
Other income (expense), net | 8.8 | -11.9 | [1] | -9.4 | [1] |
Earnings (loss) from continuing operations before income tax provision | 267.2 | 180.2 | [1] | -1,884.40 | [1] |
Income tax provision (benefit) | 9.1 | 84.9 | [1] | -265.4 | [1] |
Net earnings (loss) from continuing operations | 258.1 | 95.3 | [1],[2] | -1,619 | [1],[2] |
Net earnings from discontinued operations | 7.6 | [1] | 28.7 | [1] | |
Net gain on sale of discontinued operations | 22.9 | [1] | 178.9 | [1] | |
Net earnings (loss) available to common stockholders | $258.10 | $125.80 | [1] | ($1,411.40) | [1] |
Basic: | |||||
Continuing operations | $1.22 | $0.49 | [1] | ($8.40) | [1] |
Discontinued operations | $0.16 | [1] | $1.08 | [1] | |
Net earnings (loss) per common share - basic | $1.22 | $0.65 | [1] | ($7.32) | [1] |
Diluted: | |||||
Continuing operations | $1.20 | $0.44 | [1] | ($8.40) | [1] |
Discontinued operations | $0.14 | [1] | $1.08 | [1] | |
Net earnings (loss) per common share - diluted | $1.20 | $0.58 | [1] | ($7.32) | [1] |
Dividends per common share | $0.52 | $0.52 | [1] | $0.52 | [1] |
Weighted average number of common shares outstanding: | |||||
Basic | 210 | 194.6 | [1] | 192.8 | [1] |
Diluted | 213.9 | 214.2 | [1] | 192.8 | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | ||||
[2] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net earnings available (loss) to common stockholders | $258.10 | $125.80 | [1] | ($1,411.40) | [1] |
Other comprehensive income (loss), net of taxes: | |||||
Recognition of deferred pension items, net of taxes of $30.5 for 2014, $5.1 for 2013, $23.0 for 2012 | -90.3 | -3.9 | [1] | -99.1 | [1] |
Unrealized gains (losses) on derivative instruments, net of taxes of $(0.7) for 2014, $0.9 for 2013, $0.7 for 2012 | 2 | 1.7 | [1] | -0.6 | [1] |
Foreign currency translation adjustments | -248.1 | -110.3 | [1] | 79.9 | [1] |
Other comprehensive loss, net of taxes | -336.4 | -112.5 | [1] | -19.8 | [1] |
Comprehensive (loss) income, net of taxes | ($78.30) | $13.30 | [1] | ($1,431.20) | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | |||
Recognition of deferred pension items, taxes | $30.50 | $5.10 | $23 |
Unrealized gains (losses) on derivative instruments, taxes | ($0.70) | $0.90 | $0.70 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Common Stock Reserved for Issuance Related to the Settlement Agreement [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock in Treasury [Member] | Accumulated Other Comprehensive Loss, Net of Taxes [Member] | Total Parent Company Stockholders' Equity [Member] | Non-Controlling Interests [Member] | ||
In Millions | |||||||||||
Beginning Balance at Dec. 31, 2011 | [1] | $2,977.70 | $20.30 | $1.80 | $1,689.60 | $1,791.80 | ($375.60) | ($145.10) | $2,982.80 | ($5.10) | |
Effect of contingent stock transactions | 6.5 | 0.1 | 17 | -10.6 | 6.5 | ||||||
Stock issued for share-based incentive compensation | 19.6 | 0.1 | -13.3 | 32.8 | 19.6 | ||||||
Recognition of deferred pension items, net of taxes | -99.1 | [2] | -99.1 | -99.1 | |||||||
Foreign currency translation, net of taxes | 79.9 | [2] | 79.9 | 79.9 | |||||||
Unrealized gain (loss) on derivative instruments, net of taxes | -0.6 | -0.6 | -0.6 | ||||||||
Noncontrolling interests | -2.7 | -8.3 | -8.3 | 5.6 | |||||||
Net earnings (loss) | -1,411.40 | [2] | -1,411.40 | -1,411.40 | |||||||
Dividends on common stock | -101.4 | -101.4 | -101.4 | ||||||||
Ending Balance at Dec. 31, 2012 | [1] | 1,468.50 | 20.5 | 1.8 | 1,685 | 279 | -353.4 | -164.9 | 1,468 | 0.5 | |
Effect of contingent stock transactions | 18.4 | 0.1 | 22.2 | -3.9 | 18.4 | ||||||
Stock issued for share-based incentive compensation | 18.9 | -10.8 | 29.7 | 18.9 | |||||||
Recognition of deferred pension items, net of taxes | -3.9 | [2] | -3.9 | -3.9 | |||||||
Foreign currency translation, net of taxes | -110.3 | [2] | -110.3 | -110.3 | |||||||
Unrealized gain (loss) on derivative instruments, net of taxes | 1.7 | 1.7 | 1.7 | ||||||||
Noncontrolling interests | -0.2 | -1.1 | -1.1 | 0.9 | |||||||
Net earnings (loss) | 125.8 | [2] | 125.8 | 125.8 | |||||||
Dividends on common stock | -102.6 | -102.6 | -102.6 | ||||||||
Ending Balance at Dec. 31, 2013 | [1] | 1,416.30 | 20.6 | 1.8 | 1,695.30 | 302.2 | -327.6 | -277.4 | 1,414.90 | 1.4 | |
Effect of contingent stock transactions | 52.9 | 0.1 | 55.8 | -3 | 52.9 | ||||||
Stock issued for share-based incentive compensation | 31.8 | -1.4 | 33.2 | 31.8 | |||||||
Recognition of deferred pension items, net of taxes | -90.3 | -90.3 | -90.3 | ||||||||
Foreign currency translation, net of taxes | -248.1 | -248.1 | -248.1 | ||||||||
Unrealized gain (loss) on derivative instruments, net of taxes | 2 | 2 | 2 | ||||||||
Noncontrolling interests | -1.8 | -0.4 | -0.4 | -1.4 | |||||||
Net earnings (loss) | 258.1 | 258.1 | 258.1 | ||||||||
Dividends on common stock | -111.8 | -111.8 | -111.8 | ||||||||
Repurchases of common stock | -184 | -184 | -184 | ||||||||
Settlement share transfer and excess tax benefit | 37.7 | 1.8 | -1.8 | 37.7 | 37.7 | ||||||
Ending Balance at Dec. 31, 2014 | $1,162.80 | $22.50 | $1,787 | $448.50 | ($481.40) | ($613.80) | $1,162.80 | ||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | ||||||||||
[2] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Statement Of Cash Flows [Abstract] | ||||||
Net earnings (loss) available to common stockholders from continuing operations | $258.10 | $95.30 | [1],[2] | ($1,619) | [1],[2] | |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities from continuing operations: | ||||||
Depreciation and amortization | 266.7 | 283.4 | [1] | 300.2 | [1] | |
Share-based incentive compensation | 54.1 | 24.1 | [1] | 16.9 | [1] | |
Profit sharing expense | 36.7 | 34.7 | [1] | 19 | [1] | |
Impairment of goodwill and other intangible assets | 1,892.30 | [1],[2] | ||||
Integration related costs | 4.1 | 1.1 | [1],[2] | 7.4 | [1],[2] | |
Amortization of senior debt related items and other | 5.7 | 19.1 | [1] | 15 | [1] | |
Loss on debt redemption and refinancing activities | 102.5 | 36.3 | [1],[2] | 36.9 | [1],[2] | |
Impairment of equity method investment | 5.7 | 2.1 | [1],[2] | 23.5 | [1],[2] | |
Asset impairment | 4 | |||||
Development grant matter | 14 | |||||
Provisions for bad debt | 8 | 11.6 | [1] | 16.8 | [1] | |
Provisions for inventory obsolescence | 9.2 | -0.3 | [1] | 15.5 | [1] | |
Gain from Claims Settlement | -21.1 | |||||
Deferred taxes, net | 136.1 | 7.9 | [1] | -319.3 | [1] | |
Excess tax benefit from Common Stock issued in the Settlement agreement | -37.7 | |||||
Additional tax benefit from share-based incentive compensation | -0.4 | [1] | ||||
Net loss (gain) on disposals of property and equipment and other | 0.7 | -1.4 | [1] | 0.3 | [1] | |
Changes in operating assets and liabilities: | ||||||
Trade receivables, net | -21.1 | 35.5 | [1] | -26.4 | [1] | |
Inventories | -48.6 | 22 | [1] | 35.2 | [1] | |
Other assets | -24.6 | -26.9 | [1] | 10.2 | [1] | |
Accounts payable | 159.4 | 36.3 | [1] | -84.3 | [1] | |
Income tax receivable | -214.6 | -22.1 | [1] | 0.6 | [1] | |
Settlement agreement and related accrued interest | -929.7 | 48.2 | [1] | 45.7 | [1] | |
Other liabilities | 30.5 | 17.9 | [1] | 8.1 | [1] | |
Net cash (used in) provided by operating activities from continuing operations | -201.9 | 624.8 | [1] | 394.2 | [1] | |
Cash flows from investing activities from continuing operations: | ||||||
Capital expenditures | -153.9 | -116 | [1] | -122.8 | [1] | |
Businesses acquired in purchase transactions, net of cash and cash equivalents acquired | -3.6 | |||||
Proceeds from sales of property and equipment | 16.1 | 11.6 | [1] | 7.8 | [1] | |
Other investing activities | -0.1 | -1.1 | [1] | 0.1 | [1] | |
Net cash used in investing activities from continuing operations | -141.5 | -105.5 | [1] | -114.9 | [1] | |
Cash flows from financing activities from continuing operations: | ||||||
Net proceeds from short-term borrowings | 59.9 | 53.2 | [1] | 7.2 | [1] | |
Payments of long-term debt | -2,290.60 | -658.3 | [1] | -1,759.10 | [1] | |
Proceeds from long-term debt | 2,282.60 | 425.1 | [1] | 1,306.50 | [1] | |
Excess tax benefit from Common Stock issued in the Settlement agreement | 37.7 | |||||
Dividends paid on common stock | -110.9 | -102 | [1] | -100.9 | [1] | |
Acquisition of common stock for tax withholding obligations under our Omnibus stock plan | -3 | -3.9 | [1] | -9.6 | [1] | |
Repurchases of common stock | -184 | |||||
Payments of debt issuance costs | -24.3 | -7.7 | [1] | -7.3 | [1] | |
Payments for debt extinguishment costs | -74.6 | -26.2 | [1] | -22.3 | [1] | |
Excess tax benefit from share-based incentive compensation | 0.4 | [1] | ||||
Proceeds of termination of interest rate swaps | 3.1 | |||||
Net cash provided by (used in) financing activities from continuing operations | -304.1 | -319.8 | [1] | -585.1 | [1] | |
Effect of foreign currency exchange rate changes on cash and cash equivalents | -22.3 | -13.7 | [1] | 11.1 | [1] | |
Net change in cash and cash equivalents from continuing operations | -669.8 | 185.8 | [1] | -294.7 | [1] | |
Net cash provided by operating activities from discontinued operations | 6.4 | [1] | 2.8 | [1] | ||
Net cash provided by investing activities from discontinued operations | 120.6 | [1] | 312.1 | [1] | ||
Net cash used in financing activities from discontinued operations | -44.2 | [1] | ||||
Net change in cash and cash equivalents from discontinued operations | 127 | [1] | 270.7 | [1] | ||
Cash and cash equivalents: | ||||||
Balance, beginning of period | 992.4 | [1] | 679.6 | [1] | 703.6 | [1] |
Net change during the period | -669.8 | 312.8 | [1] | -24 | [1] | |
Balance, end of period | 322.6 | 992.4 | [1] | 679.6 | [1] | |
Supplemental Cash Flow Information: | ||||||
Interest payments, net of amounts capitalized | 710.4 | [3] | 289.7 | [1],[3] | 323 | [1],[3] |
Income tax payments | 85.1 | 114.8 | [1] | 108.6 | [1] | |
Stock appreciation rights payments (less amounts included in restructuring payments) | 21.1 | 46 | [1] | 24 | [1] | |
Restructuring payments including associated costs | 108.1 | 107 | [1] | 103.4 | [1] | |
Non-cash items: | ||||||
Transfers of shares of our common stock from treasury for our 2013, 2012 and 2011 profit-sharing plan contributions | 33.2 | 18.7 | [1] | 18.7 | [1] | |
Transfer of shares of our common stock as part of the funding of the Settlement agreement | $1.80 | |||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | |||||
[2] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | |||||
[3] | Interest payments in 2014 include $417 million related to the Settlement agreement. |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Statement Of Cash Flows [Abstract] | |
Interest payments related to settlement of agreement | $417 |
Organization_and_Nature_of_Ope
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization and Nature of Operations | Note 1 Organization and Nature of Operations |
We are a global leader in food safety and security, facility hygiene and product protection. We serve an array of end markets including food and beverage processing, food service, retail, healthcare and industrial, and commercial and consumer applications. Our focus is on achieving quality sales growth through leveraging our geographic footprint, technological know-how and leading market positions to bring measurable, sustainable value to our customers, employees and investors. | |
We conduct substantially all of our business through three wholly-owned subsidiaries, Cryovac, Inc., Sealed Air Corporation (US) and Diversey, Inc. Throughout this report, when we refer to “Sealed Air,” the “Company,” “we,” “our,” or “us,” we are referring to Sealed Air Corporation and all of our subsidiaries, except where the context indicates otherwise. | |
Effective as of January 1, 2014, we changed our segment reporting structure. See Note 4, “Segments” for further information. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Recently Issued Accounting Standards | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies and Recently Issued Accounting Standards | Note 2 Summary of Significant Accounting Policies and Recently Issued Accounting Standards | ||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||||||||||||||||||
Our consolidated financial statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. All amounts are in millions, except per share amounts, and approximate due to rounding. | |||||||||||||||||||||||||||||||||||||
On December 6, 2013, we completed the sale of our rigid medical packaging business. The operating results for the rigid medical packaging business were reclassified to discontinued operations, net of tax, on the consolidated statements of operations for the years ended December 31, 2013 and 2012. On November 14, 2012, we completed the sale of Diversey G.K. (“Diversey Japan”) (an indirect subsidiary of Diversey, Inc.). The operating results for Diversey Japan were reclassified to discontinued operations, net of tax, on the consolidated statements of operations for the years ended December 31, 2012. Prior year disclosures in the Consolidated Statement of Cash Flows and the Notes to Consolidated Financial Statements have been revised accordingly. See Note 3, “Divestitures,” for further information. | |||||||||||||||||||||||||||||||||||||
Changes in Accounting /Retrospective application | |||||||||||||||||||||||||||||||||||||
During the fourth quarter of 2014, we changed the method of valuing our inventories that used the last-in, first-out (“LIFO”) method to the first-in, first-out (“FIFO”) method, so that all of our inventories are now valued at FIFO. As a result of this accounting change, inventories, retained earnings, non-current deferred tax liability, net earnings (loss) from continuing operations, net earnings (loss) available to common stockholders, basic earnings per share – continuing operations and diluted earnings per share – continuing operations, among other accounts, have been retrospectively changed. Refer to Note 2 – Inventories for further information regarding this change in accounting policy. | |||||||||||||||||||||||||||||||||||||
During the third quarter of 2014, we determined that we did not include any PSU awards in our diluted weighted average number of common shares outstanding previously reported in 2013, although the achievement levels of the respective performance conditions for the PSU awards were met as of December 31, 2013. The impact of excluding 0.7 million of contingently issuable shares under the treasury stock method did not have a material effect on the number of weighted average common shares and had no impact on the diluted net earnings per common share for the year ended December 31, 2013. Accordingly, we do not consider this correction to be material to our previously reported diluted weighted average number of common shares outstanding or to our previously reported net earnings per common share. | |||||||||||||||||||||||||||||||||||||
In addition, certain other prior period amounts have been reclassified to conform to the current year presentation. These reclassifications, individually and in the aggregate, had no impact on our consolidated financial condition, results of operations and cash flows. | |||||||||||||||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||||||||||||||
The preparation of our consolidated financial statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the period reported. These estimates include, among other items, assessing the collectability of receivables, the use and recoverability of inventory, the estimation of fair value of financial instruments, assumptions used in the calculation of income taxes, useful lives and recoverability of tangible assets and goodwill and other intangible assets, assumptions used in our defined benefit pension plans, estimates related to self-insurance such as the aggregate liability for uninsured claims using historical experience, insurance and actuarial estimates and estimated trends in claim values, costs for incentive compensation and accruals for commitments and contingencies. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions in the consolidated financial statements in the period we determine any revisions to be necessary. Actual results could differ from these estimates. | |||||||||||||||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||||||||||||||
We may use financial instruments, such as cross currency swaps, interest rate swaps, caps and collars, U.S. Treasury lock agreements and foreign currency exchange forward contracts and options relating to our borrowing and trade activities. We may use these financial instruments from time to time to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We do not purchase, hold or sell derivative financial instruments for trading purposes. We face credit risk if the counterparties to these transactions are unable to perform their obligations. Our policy is to have counterparties to these contracts that are rated at least BBB- by Standard & Poor’s and Baa3 by Moody’s. | |||||||||||||||||||||||||||||||||||||
We report derivative instruments at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes. Before entering into any derivative transaction, we identify our specific financial risk, the appropriate hedging instrument to use to reduce this risk, and the correlation between the financial risk and the hedging instrument. We use forecasts and historical data as the basis for determining the anticipated values of the transactions to be hedged. We do not enter into derivative transactions that do not have a high correlation with the underlying financial risk we are trying to reduce. We regularly review our hedge positions and the correlation between the transaction risks and the hedging instruments. | |||||||||||||||||||||||||||||||||||||
We account for derivative instruments as hedges of the related underlying risks if we designate these derivative instruments as hedges and the derivative instruments are effective as hedges of recognized assets or liabilities, forecasted transactions, unrecognized firm commitments or forecasted intercompany transactions. | |||||||||||||||||||||||||||||||||||||
We record gains and losses on derivatives qualifying as cash flow hedges in other comprehensive income, to the extent that hedges are effective and until the underlying transactions are recognized in the consolidated statements of operations, at which time we recognize the gains and losses in the consolidated statements of operations. We recognize gains and losses on qualifying fair value hedges and the related loss or gain on the hedged item attributable to the hedged risk in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||
Generally, our practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if we determine the underlying forecasted transaction is no longer probable of occurring. Any deferred gains or losses associated with derivative instruments are recognized on the consolidated statements of operations over the period in which the income or expense on the underlying hedged transaction is recognized using the effective interest rate method. | |||||||||||||||||||||||||||||||||||||
See Note 12, “Derivatives and Hedging Activities,” for further details. | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Financial Instruments | |||||||||||||||||||||||||||||||||||||
In determining fair value of financial instruments, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and consider counterparty credit risk in our assessment of fair value. We determine fair value of our financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: | |||||||||||||||||||||||||||||||||||||
— | Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. | ||||||||||||||||||||||||||||||||||||
— | Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||||||||||||||||||||||
— | Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. | ||||||||||||||||||||||||||||||||||||
Our fair value measurements for our financial instruments are subjective and involve uncertainties and matters of significant judgment. Changes in assumptions could significantly affect our estimates. See Note 13, “Fair Value Measurements and Other Financial Instruments,” for further details on our fair value measurements. | |||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | |||||||||||||||||||||||||||||||||||||
In non-U.S. locations that are not considered highly inflationary, we translate the balance sheets at the end of period exchange rates with translation adjustments accumulated in stockholders’ equity on our consolidated balance sheets. We translate the statements of operations at the average exchange rates during the applicable period. | |||||||||||||||||||||||||||||||||||||
We translate assets and liabilities of our operations in countries with highly inflationary economies at the end of period exchange rates, except that nonmonetary asset and liability amounts are translated at historical exchange rates. In countries with highly inflationary economies, we translate items reflected in the statements of operations at average rates of exchange prevailing during the period, except that nonmonetary amounts are translated at historical exchange rates. | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies — Litigation | |||||||||||||||||||||||||||||||||||||
On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of these actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of these matters and whether a reasonable estimation of the probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that disputed matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. We expense legal costs, including those legal costs expected to be incurred in connection with a loss contingency, as incurred. | |||||||||||||||||||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||||||||||||||||||
Our revenue earning activities primarily involve manufacturing and selling products, and we consider revenues to be earned when we have completed the process by which we are entitled to receive consideration. The following criteria are used for revenue recognition: persuasive evidence that an arrangement exists, shipment has occurred, selling price is fixed or determinable, and collection is reasonably assured. | |||||||||||||||||||||||||||||||||||||
Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales on the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||
Charges for rebates and other allowances are recognized as a deduction from revenue on an accrual basis in the period in which the associated revenue is recorded. When we estimate our rebate accruals, we consider customer-specific contractual commitments including stated rebate rates and history of actual rebates paid. Our rebate accruals are reviewed at each reporting period and adjusted to reflect data available at that time. We adjust the accruals to reflect any differences between estimated and actual amounts. These adjustments impact the amount of net sales recognized by us in the period of adjustment. Charges for rebates and other allowances were approximately 9% of gross sales in 2014, 2013 and 2012. We expect 2015 rebates and other allowances to be approximately the same percentage of gross sales as in 2014. | |||||||||||||||||||||||||||||||||||||
Research and Development | |||||||||||||||||||||||||||||||||||||
We expense research and development costs as incurred. Research and development costs were $135 million in 2014, $133 million in 2013 and $135 million in 2012. | |||||||||||||||||||||||||||||||||||||
Share-Based Incentive Compensation | |||||||||||||||||||||||||||||||||||||
At the 2014 Annual Meeting, the Sealed Air 2014 Omnibus Incentive Plan (the “Omnibus Plan”), was approved by our stockholders. The Omnibus Plan replaced the 2005 Contingent Stock Plan, and no new awards are allowed to be granted under that plan. Any awards outstanding under the 2005 Contingent Stock Plan on the date of stockholder approval of the Omnibus Plan will remain subject to and be paid under the 2005 Contingent Stock Plan, See Note 18, “Stockholders’ Equity,” for further information on this plan. | |||||||||||||||||||||||||||||||||||||
We record share-based compensation awards exchanged for employee services at fair value on the date of grant and record the expense for these awards in cost of sales and in selling, general and administrative expense, as applicable, on our consolidated statements of operations over the requisite employee service period. Share-based incentive compensation expense includes an estimate for forfeitures and anticipated achievement levels and is generally recognized over the expected term of the award on a straight-line basis. | |||||||||||||||||||||||||||||||||||||
Environmental Expenditures | |||||||||||||||||||||||||||||||||||||
We expense or capitalize environmental expenditures that relate to ongoing business activities, as appropriate. We expense costs that relate to an existing condition caused by past operations and which do not contribute to current or future net sales. We record liabilities when we determine that environmental assessments or remediation expenditures are probable and that we can reasonably estimate the associated cost or a range of costs. | |||||||||||||||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||||||||||||||
We file a consolidated U.S. federal income tax return. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We provide for U.S. income taxes on those portions of our foreign subsidiaries’ accumulated earnings that we believe are not reinvested indefinitely in our businesses. | |||||||||||||||||||||||||||||||||||||
We account for income taxes under the asset and liability method to provide for income taxes on all transactions recorded in the consolidated financial statements. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards. We determine deferred tax assets and liabilities at the end of each period using enacted tax rates. | |||||||||||||||||||||||||||||||||||||
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon settlement with tax authorities. We recognize interest and penalties related to unrecognized tax benefits in income tax expense on our consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||
See Note 16, “Income Taxes,” for further discussion. | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||||||||||||||||||
We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Our policy is to invest cash in excess of short-term operating and debt service requirements in cash equivalents. Cash equivalents are stated at cost, which approximates fair value because of the short term maturity of the instruments. Our policy is to transact with counterparties that are rated at least A- by Standard & Poor’s and A3 by Moody’s. Some of our operations are located in countries that are rated below A- or A3. In this case, we try to minimize our risk by holding cash and cash equivalents at financial institutions with which we have existing global relationships whenever possible, diversifying counterparty exposures and minimizing the amount held by each counterparty and within the country in total. | |||||||||||||||||||||||||||||||||||||
Accounts Receivable Securitization Programs | |||||||||||||||||||||||||||||||||||||
We and a group of our U.S. operating subsidiaries maintain an accounts receivable securitization program under which they sell eligible U.S. accounts receivable to an indirectly wholly-owned subsidiary that was formed for the sole purpose of entering into this program. The wholly-owned subsidiary in turn may sell an undivided fractional ownership interest in these receivables with two banks and an issuer of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of undivided fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and an issuer of commercial paper administered by these banks are considered secured borrowings with pledge of collateral and will be classified as short-term borrowings on our consolidated balance sheet. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||
In February 2013, we entered into a European accounts receivable securitization and purchase program with a special purpose vehicle, or SPV, two banks and a group of our European subsidiaries. The European program is structured to be a securitization of certain trade receivables that are originated by certain of our European subsidiaries. We do not have an equity interest in the SPV. However, since we are considered the primary beneficiary of the SPV, it meets the criteria to be classified as a variable interest entity and is included in our consolidated financial statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. The SPV borrows funds from the banks to fund is acquisition of the receivables and provides the banks with a first priority perfected security interest in the accounts receivable. Loans from the banks to the SPV will be classified as short-term borrowings on our consolidated balance sheet. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||
See Note 8, “Accounts Receivable Securitization Programs” for further details. | |||||||||||||||||||||||||||||||||||||
Trade Receivables, Net | |||||||||||||||||||||||||||||||||||||
In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria. Trade receivables, which are included on the consolidated balance sheets are net of allowances for doubtful accounts. We maintain trade receivable allowances for estimated losses resulting from the likelihood of failure of our customers to make required payments. An additional allowance may be required if the financial condition of our customers deteriorates. | |||||||||||||||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||||||||||||||
During the fourth quarter of 2014, we changed the method of valuing our inventories that used the LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. We believe that the change is preferable because it will more closely reflect the current value of our inventories in our balance sheet, and conform all of our inventories to the FIFO valuation method for better reporting consistency across our segments and regions. We applied this change in accounting principle retrospectively to all prior periods presented herein in accordance with ASC 250, Accounting Changes and Error Corrections. As a result of this accounting change, Inventories and Retained Earnings as of January 1, 2012 increased by $41 million and $25 million respectively. | |||||||||||||||||||||||||||||||||||||
As a result of the retrospective application of this change in accounting principle, the following financial statement line items within the accompanying financial statements were restated, as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | ||||||||||||||||||||||||||||
Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||
Cost of sales | $ | 5,062.90 | $ | 5,061.40 | $ | 1.5 | $ | 5,100.90 | $ | 5,103.30 | $ | (2.4 | ) | $ | 5,038.70 | $ | 5,036.90 | $ | 1.8 | ||||||||||||||||||
Gross profit | 2,687.60 | 2,689.10 | (1.5 | ) | 2,589.90 | 2,587.50 | 2.4 | 2,520.50 | 2,522.30 | (1.8 | ) | ||||||||||||||||||||||||||
Earnings (loss) from continuing | 267.2 | 268.7 | (1.5 | ) | 180.2 | 177.8 | 2.4 | (1,884.4 | ) | (1,882.6 | ) | (1.8 | ) | ||||||||||||||||||||||||
operations before income tax | |||||||||||||||||||||||||||||||||||||
provision (benefit) | |||||||||||||||||||||||||||||||||||||
Income tax provision (benefit) | 9.1 | 9.7 | (0.6 | ) | 84.9 | 84 | 0.9 | (265.4 | ) | (264.7 | ) | (0.7 | ) | ||||||||||||||||||||||||
Net earnings (loss) from continuing | 258.1 | 259 | (0.9 | ) | 95.3 | 93.7 | 1.6 | (1,619.0 | ) | (1,617.9 | ) | (1.1 | ) | ||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) available to | $ | 258.1 | $ | 259 | $ | (0.9 | ) | $ | 125.8 | $ | 124.2 | $ | 1.6 | $ | (1,411.4 | ) | $ | (1,410.3 | ) | $ | (1.1 | ) | |||||||||||||||
common shareholders | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) per common share: | |||||||||||||||||||||||||||||||||||||
Basic - continuing operations | $ | 1.22 | $ | 1.22 | $ | — | $ | 0.49 | $ | 0.48 | $ | 0.01 | $ | (8.40 | ) | $ | (8.39 | ) | $ | (0.01 | ) | ||||||||||||||||
Diluted - continuing operations | $ | 1.2 | $ | 1.2 | $ | — | $ | 0.44 | $ | 0.44 | $ | — | $ | (8.40 | ) | $ | (8.39 | ) | $ | (0.01 | ) | ||||||||||||||||
Consolidated Statements of Comprehensive | |||||||||||||||||||||||||||||||||||||
Income: | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) available to | $ | 258.1 | $ | 259 | $ | (0.9 | ) | $ | 125.8 | $ | 124.2 | $ | 1.6 | $ | (1,411.4 | ) | $ | (1,410.3 | ) | $ | (1.1 | ) | |||||||||||||||
common shareholders | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss), net of taxes | $ | (78.3 | ) | $ | (77.4 | ) | $ | (0.9 | ) | $ | 13.3 | $ | 11.7 | $ | 1.6 | $ | (1,431.2 | ) | $ | (1,430.1 | ) | $ | (1.1 | ) | |||||||||||||
Consolidated Statements of Cash Flows: | |||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (201.9 | ) | $ | (201.9 | ) | $ | — | $ | 624.8 | $ | 624.8 | $ | — | $ | 394.2 | $ | 394.2 | $ | — | |||||||||||||||||
Net earnings (loss) available to common | 258.1 | 259 | (0.9 | ) | 95.3 | 93.7 | 1.6 | (1,619.0 | ) | $ | (1,617.9 | ) | (1.1 | ) | |||||||||||||||||||||||
stockholders from continuing | |||||||||||||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||||||||
Inventories | (48.6 | ) | (50.1 | ) | 1.5 | 22 | 24.5 | (2.5 | ) | 35.2 | 33.4 | 1.8 | |||||||||||||||||||||||||
Deferred taxes, net | $ | 136.1 | $ | 136.7 | $ | (0.6 | ) | $ | 7.9 | $ | 7 | $ | 0.9 | $ | (319.3 | ) | $ | (318.6 | ) | $ | (0.7 | ) | |||||||||||||||
Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||
Inventories | $ | 707.6 | $ | 667.3 | $ | 40.3 | $ | 730.2 | $ | 688.4 | $ | 41.8 | |||||||||||||||||||||||||
Non-current deferred tax liability | 161.5 | 146.1 | 15.4 | 294.6 | 278.6 | 16 | |||||||||||||||||||||||||||||||
Retained earnings | $ | 448.5 | $ | 423.6 | $ | 24.9 | $ | 302.2 | $ | 276.4 | $ | 25.8 | $ | 279 | $ | 254.8 | $ | 24.2 | |||||||||||||||||||
As a result of the accounting change, all of our inventories are now determined using the FIFO method. We state inventories at the lower of cost or market. | |||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | |||||||||||||||||||||||||||||||||||||
We state property and equipment at cost, except for the fair value of acquired property and equipment and property and equipment that have been impaired, for which we reduce the carrying amount to the estimated fair value at the impairment date. We capitalize significant improvements and charge repairs and maintenance costs that do not extend the lives of the assets to expense as incurred. We remove the cost and accumulated depreciation of assets sold or otherwise disposed of from the accounts and recognize any resulting gain or loss upon the disposition of the assets. | |||||||||||||||||||||||||||||||||||||
We depreciate the cost of property and equipment over their estimated useful lives on a straight-line basis as follows: buildings — 20 to 40 years; machinery and equipment — 5 to 10 years; and other property and equipment — 2 to 10 years. | |||||||||||||||||||||||||||||||||||||
Goodwill and Identifiable Intangible Assets | |||||||||||||||||||||||||||||||||||||
Goodwill represents the excess of the aggregate of the following (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree and, (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. | |||||||||||||||||||||||||||||||||||||
Identifiable intangible assets consist primarily of patents, licenses, trademarks, trade names, customer lists and relationships, non-compete agreements and technology based intangibles and other contractual agreements. We amortize finite lived identifiable intangible assets over the shorter of their stated or statutory duration or their estimated useful lives, generally ranging from 3 to 15 years, on a straight-line basis to their estimated residual values and periodically review them for impairment. Total identifiable intangible assets comprise 11% in both 2014 and 2013 of our consolidated total assets. | |||||||||||||||||||||||||||||||||||||
We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired. | |||||||||||||||||||||||||||||||||||||
Long-Lived Assets | |||||||||||||||||||||||||||||||||||||
Impairment and Disposal of Long-Lived Assets | |||||||||||||||||||||||||||||||||||||
For definite-lived intangible assets, such as customer relationships, contracts, intellectual property, and for other long-lived assets, such as property, plant and equipment, whenever impairment indicators are present, we perform a review for impairment. We calculate the undiscounted value of the projected cash flows associated with the asset, or asset group, and compare this estimated amount to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over the fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate. | |||||||||||||||||||||||||||||||||||||
For indefinite-lived intangible assets, such as in-process research and development and trademarks and trade names, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over the fair value, if any. In addition, in all cases of an impairment review other than for in-process research and development assets, we re-evaluate whether continuing to characterize the asset as indefinite-lived is appropriate. See Note 7, “Goodwill and Identifiable Intangible Assets” for additional details. | |||||||||||||||||||||||||||||||||||||
Self-Insurance | |||||||||||||||||||||||||||||||||||||
We retain the obligation for specified claims and losses related to property, casualty, workers’ compensation and employee benefit claims. We accrue for outstanding reported claims and claims that have been incurred but not reported based upon management’s estimates of the aggregate liability for retained losses using historical experience, insurance company estimates and the estimated trends in claim values. Our estimates include management’s and independent insurance companies’ assumptions regarding economic conditions, the frequency and severity of claims and claim development patterns and settlement practices. These estimates and assumptions are monitored and evaluated on a periodic basis by management and are adjusted when warranted by changing circumstances. Although management believes it has the ability to adequately project and record estimated claim payments, actual results could differ significantly from the recorded liabilities. | |||||||||||||||||||||||||||||||||||||
Pensions | |||||||||||||||||||||||||||||||||||||
For a number of our U.S. employees and our international employees, we maintain defined benefit pension plans. We are required to make assumptions regarding the valuation of projected benefit obligations and the performance of plan assets for our defined benefit pension plans. | |||||||||||||||||||||||||||||||||||||
We review and approve the assumptions made by our third-party actuaries regarding the valuation of benefit obligations and performance of plan assets. The principal assumptions concern the discount rate used to measure future obligations, the expected future rate of return on plan assets, the expected rate of future compensation increases and various other actuarial assumptions. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans (November 30 for non-material plans). In general, significant changes to these assumptions could have a material impact on the costs and liabilities recorded in our consolidated financial statements. | |||||||||||||||||||||||||||||||||||||
See Note 14, “Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans,” for information about the combined Company’s benefit plans. | |||||||||||||||||||||||||||||||||||||
Net Earnings per Common Share | |||||||||||||||||||||||||||||||||||||
Basic earnings per common share is calculated by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Non-vested share-based payment awards that contain non-forfeitable rights to dividends are treated as participating securities and therefore included in computing earnings per common share using the “two-class method.” The two-class method is an earnings allocation formula that calculates basic and diluted net earnings per common share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. The non-vested restricted stock issued under our Omnibus Plan and our 2005 Contingent Stock Plan are considered participating securities since these securities have non-forfeitable rights to dividends when we declare a dividend during the contractual vesting period of the share-based payment award and therefore included in our earnings allocation formula using the two-class method. | |||||||||||||||||||||||||||||||||||||
When calculating diluted net earnings per common share, the more dilutive effect of applying either of the following is presented: (a) the two-class method (described above) assuming that the participating security is not exercised or converted, or, (b) the treasury stock method for the participating security. Our diluted net earnings per common share for all periods presented were calculated using the two-class method since such method was more dilutive. | |||||||||||||||||||||||||||||||||||||
See Note 21, “Net Earnings (Loss) Per Common Share,” for further discussion. | |||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Standards | |||||||||||||||||||||||||||||||||||||
In April 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” (“ASU 2014-08”). Under ASU 2014-08, only disposals representing a strategic shift in operations that have a major effect on the Company’s operations and financial results should be presented as discontinued operations. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in ASU 2014-08 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. However, ASU 2014-08 should not be applied to a component that is classified as held for sale before the effective date even if the component is disposed of after the effective date. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The effects of ASU 2014-08 will depend on any future disposals by the Company. | |||||||||||||||||||||||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). Previous revenue recognition guidance in U.S. GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principal, five steps are required to be applied. In addition, ASU 2014-09 expands and enhances disclosure requirements which require disclosing sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This includes both qualitative and quantitative information. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently in the process of evaluating this new standard update. | |||||||||||||||||||||||||||||||||||||
In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Prior to the issuance of ASU 2014-12, U.S. GAAP did not contain explicit guidance on how to account for those share-based payments. Many reporting entities accounted for performance targets that could be achieved after the requisite service period as performance conditions that affect the vesting of the award and, therefore, did not reflect the performance target in the estimate of the grant-date fair value of the award. Other reporting entities treated those performance targets as non-vesting conditions that affected the grant-date fair value of the award. We currently treat performance targets that affect vesting as a performance condition and, as such, it is not included in the grant-date fair value. Therefore, the impact upon adoption would not be material to our consolidated financial position or results of operations. The amendments in ASU 2014-12 are effective for fiscal years and interim periods within those years, beginning after December 15, 2015. Earlier application is permitted. | |||||||||||||||||||||||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40),” (“ASU 2014-15”). ASU 2014-15 requires that for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We currently do not expect the adoption of this standard update to have a material impact on our consolidated financial statements. | |||||||||||||||||||||||||||||||||||||
In November 2014, the FASB issued ASU 2014-17, “Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force),” (“ASU 2014-17”). ASU 2014-17 provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in ASU 2014-17 are effective November 18, 2014 and an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The effects of ASU 2014-17 will depend on any future events whereby we obtain control of an entity and elect to apply pushdown accounting. |
Divestitures
Divestitures | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Divestitures | Note 3 Divestitures | ||||||||
Sale of Rigid Medical Packaging Business | |||||||||
On December 6, 2013, we completed the sale of the rigid medical packaging business to a private equity firm, Mason Wells Buyout Fund III, L.P. for gross proceeds of $125 million, including certain purchase price adjustments. Net proceeds were $122 million. We recorded a pre-tax gain on the sale of $40 million ($23 million net of tax) which is included in net earnings in the consolidated statement of operations for the year ended December 31, 2013. | |||||||||
The rigid medical packaging business was included in the “Other” category for segment reporting purposes and was comprised of: Nelipak Holdings, located in the Netherlands and Ireland, Alga Plastics, located in the U.S. and ATE located in Costa Rica. | |||||||||
The results of the rigid medical packaging business are presented as discontinued operations, net of tax, in the consolidated statements of operations for the years ended December 31, 2013 and 2012 and cash flows and related disclosures and, as such, have been excluded from both continuing operations and segment results for all years presented. The operating results of the retained portion of the previously reported Medical Applications business continue to be reported in the “Other” category for segment reporting purposes. | |||||||||
Following is selected financial information included in net earnings from discontinued operations: | |||||||||
Year Ended December 31 | |||||||||
(In millions) | 2013 | 2012 | |||||||
Net sales | $ | 89.6 | $ | 88.9 | |||||
Operating profit | $ | 11.4 | $ | 10.6 | |||||
Earnings before income tax provision | $ | 11.1 | $ | 10.6 | |||||
Income tax provision | 3.5 | 2.8 | |||||||
Net earnings from discontinued operations, net of tax | $ | 7.6 | $ | 7.8 | |||||
Gain on sale of discontinued operations before income | $ | 40.2 | $ | — | |||||
tax provision | |||||||||
Income tax provision on sale | 17.3 | — | |||||||
Net gain on sale of discontinued operations | $ | 22.9 | $ | — | |||||
There is no continuing involvement in the operations of the entities that make up the discontinued operations. | |||||||||
Sale of Diversey Japan | |||||||||
On November 14, 2012, we completed the sale of Diversey G.K. (“Diversey Japan”) (an indirect subsidiary of Diversey, Inc.) to an investment vehicle of The Carlyle Group (“Carlyle”) for gross proceeds of $323 million, including certain purchase price adjustments. After transaction costs of $10 million, we used substantially of all the net proceeds of $313 million to prepay a portion of our term loans outstanding under our senior secured credit facilities (see Note 11, “Debt and Credit Facilities”). We recorded a pre-tax gain on the sale of $211 million ($179 million net of tax) which is included in net earnings in the consolidated statement of operations for the year ended December 31, 2012. | |||||||||
Diversey Japan was acquired as part of the acquisition of Diversey on October 3, 2011. The Diversey Japan business was part of the Company’s Diversey Care reportable segment. The results of the Diversey Japan business are presented as discontinued operations, net of tax, in the consolidated statements of operations for the years ended December 31, 2012 and Cash Flows and related disclosures and, as such, have been excluded from both continuing operations and segment results for all years presented. | |||||||||
Following is selected financial information included in net earnings from discontinued operations: | |||||||||
Year Ended | |||||||||
(In millions) | 31-Dec-12 | ||||||||
Net sales | $ | 273.5 | |||||||
Operating profit | $ | 34.1 | |||||||
Earnings before income tax provision | $ | 33 | |||||||
Income tax provision | 12.1 | ||||||||
Net earnings from discontinued operations, net of tax | $ | 20.9 | |||||||
Gain on sale of discontinued operations before income | $ | 210.8 | |||||||
tax provision | |||||||||
Income tax provision on sale | 31.9 | ||||||||
Net gain on sale of discontinued operations | $ | 178.9 | |||||||
In connection with the sale, we entered into several agreements to provide certain supply and transitional services to Diversey Japan after closing of the sale. While those agreements have generated revenues and cash flows for the Company, the amounts and the Company’s continuing involvement in Diversey operations in Japan are not significant to the Company as a whole. |
Segments
Segments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segments | Note 4 Segments | ||||||||||||
Effective as of January 1, 2014, we changed our segment reporting structure in order to reflect the way management now makes operating decisions and manages the growth and profitability of the business. This change corresponds with management’s current approach of allocating costs and resources and assessing the performance of our segments. We report our segment information in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification Topic 280, “Segment Reporting,” (“FASB ASC Topic 280”). There has been no change in our total consolidated financial condition or results of operations previously reported as a result of the change in our segment structure. There were no changes to the reportable segment assets as a result of the change in segment reporting. | |||||||||||||
As a result, the Company’s new segment reporting structure consists of three reportable segments and an “Other” category and is as follows: | |||||||||||||
— | Food Care; | ||||||||||||
— | Diversey Care; | ||||||||||||
— | Product Care; and | ||||||||||||
— | Other (includes Corporate, Medical Applications and New Ventures businesses) | ||||||||||||
The Company’s Food Care, Diversey Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products. Other includes Corporate and the Medical Applications and New Ventures businesses. The Medical Applications and New Ventures businesses were previously included in the Company’s “Other Category.” Other includes certain costs that are not allocated to the reportable segments, primarily consisting of unallocated corporate overhead costs, including administrative functions and cost recovery variances not allocated to the reportable segments from global functional expenses. | |||||||||||||
Other also includes all items the Company categorizes as special or unusual items that are reported on the consolidated statements of operations. These special items primarily consist of restructuring and other associated costs, expenses related to stock appreciation rights (“SARs”), which were issued in connection with the acquisition of Diversey in 2011, loss on debt redemptions and foreign currency exchange gains/losses related to Venezuelan subsidiaries and other one-time expenses and/or gains. | |||||||||||||
As of January 1, 2014, the Company also changed the segment performance measure in which management assesses segment performance and makes allocation decisions by segment from operating profit (a U.S. GAAP financial measure) to Adjusted EBITDA (a non-U.S. GAAP financial measure). Adjusted EBITDA is defined as Earnings before Interest Expense, Taxes, Depreciation and Amortization, adjusted to exclude the impact of special items. See “Use of Non-U.S. GAAP Information” below for further information of our use of non-U.S. GAAP measures. | |||||||||||||
We allocate and disclose depreciation and amortization expense to our segments, although property and equipment, net is not allocated to the segment assets, nor is depreciation and amortization included in the segment performance metric Adjusted EBITDA. We also disclose restructuring and other charges and impairment of goodwill and other intangible assets by segment, although these items are not included in the segment performance metric Adjusted EBITDA since restructuring and other charges and impairment of goodwill and other intangible assets are categorized as special items as discussed above. The accounting policies of the reportable segments and Other are the same as those applied to the consolidated financial statements. | |||||||||||||
The changes in the Company’s segment structure and segment performance measure better provides management with information to assess segment performance and to make resource and allocation decisions, as the new segment structure and performance measure reflect the current management of our businesses. Accordingly, the new measure will also assist our investors by providing them with a better understanding of the segment so that the user can make a more informed decision about the Company, which is consistent with FASB ASC Topic 280. | |||||||||||||
The following tables show net sales and Adjusted EBITDA by our segment reporting structure: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Net Sales: | |||||||||||||
Food Care | $ | 3,835.30 | $ | 3,814.20 | $ | 3,744.00 | |||||||
As a % of Total Company net sales | 49.5 | % | 49.6 | % | 49.5 | % | |||||||
Diversey Care | 2,173.10 | 2,160.80 | 2,131.90 | ||||||||||
As a % of Total Company net sales | 28 | % | 28.1 | % | 28.2 | % | |||||||
Product Care | 1,655.00 | 1,610.00 | 1,580.40 | ||||||||||
As a % of Total Company net sales | 21.4 | % | 20.9 | % | 20.9 | % | |||||||
Total Reportable Segments Net Sales | 7,663.40 | 7,585.00 | 7,456.30 | ||||||||||
Other | 87.1 | 105.8 | 102.9 | ||||||||||
Total Company Net Sales | $ | 7,750.50 | $ | 7,690.80 | $ | 7,559.20 | |||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 (1) | 2012(1) | ||||||||||
Adjusted EBITDA: | |||||||||||||
Food Care | $ | 670.2 | $ | 614.7 | $ | 576.3 | |||||||
Adjusted EBITDA Margin | 17.5 | % | 16.1 | % | 15.4 | % | |||||||
Diversey Care | 245 | 237.3 | 217.9 | ||||||||||
Adjusted EBITDA Margin | 11.3 | % | 11 | % | 10.2 | % | |||||||
Product Care | 292.7 | 266.3 | 267 | ||||||||||
Adjusted EBITDA Margin | 17.7 | % | 16.5 | % | 16.9 | % | |||||||
Total Reportable Segments Adjusted EBITDA | 1,207.90 | 1,118.30 | 1,061.20 | ||||||||||
Other | (89.6 | ) | (77.8 | ) | (82.3 | ) | |||||||
Non-U.S. GAAP Total Company Adjusted | $ | 1,118.30 | $ | 1,040.50 | $ | 978.9 | |||||||
EBITDA | |||||||||||||
Adjusted EBITDA Margin | 14.4 | % | 13.5 | % | 12.9 | % | |||||||
(1) | During the fourth quarter of 2014, we changed the method of valuing our inventories that used LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. We applied this change in accounting principle retrospectively. Accordingly certain previously reported financial information has been revised. See Note 2, “Summary of Significant Accounting Policies – Inventories” for additional details regarding this accounting policy change. | ||||||||||||
The following table shows a reconciliation of Non-U.S. GAAP Total Company Adjusted EBITDA to U.S. GAAP net earnings from continuing operations: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013(1) | 2012(1) | ||||||||||
Non-U.S. GAAP Total Company Adjusted EBITDA | $ | 1,118.30 | $ | 1,040.50 | $ | 978.9 | |||||||
Depreciation and amortization (2) | (320.8 | ) | (307.5 | ) | (317.1 | ) | |||||||
Special items: | |||||||||||||
Write down of non-strategic assets included in | 2.1 | 5.3 | 0.8 | ||||||||||
depreciation and amortization | |||||||||||||
Restructuring and other charges(3) | (65.7 | ) | (73.8 | ) | (142.5 | ) | |||||||
Other restructuring associated costs included in cost | (34.2 | ) | (32.0 | ) | (38.9 | ) | |||||||
of sales and selling general and administrative expenses | |||||||||||||
Development grant matter included in selling, | (14.0 | ) | — | — | |||||||||
general and administrative expenses | |||||||||||||
Termination of licensing agreement | (5.3 | ) | — | — | |||||||||
Relocation costs included in selling, general and | (2.4 | ) | — | — | |||||||||
administrative expenses | |||||||||||||
SARs | (8.1 | ) | (38.1 | ) | (18.4 | ) | |||||||
Integration related costs | (4.1 | ) | (1.1 | ) | (7.4 | ) | |||||||
Impairment of goodwill and other intangible assets | — | — | (1,892.3 | ) | |||||||||
Impairment of equity method investment including | (5.7 | ) | (2.1 | ) | (25.8 | ) | |||||||
related bad debt write-down of $2.3 million in 2012 | |||||||||||||
Foreign currency exchange losses related to | (20.4 | ) | (13.1 | ) | (0.4 | ) | |||||||
Venezuelan subsidiaries | |||||||||||||
Loss on debt redemption and refinancing activities | (102.5 | ) | (36.3 | ) | (36.9 | ) | |||||||
Gain from Claims Settlement in 2014 and related costs | 20.3 | (1.0 | ) | (0.7 | ) | ||||||||
Non-operating charge for contingent guarantee | (2.5 | ) | — | — | |||||||||
included in other income (expense), net | |||||||||||||
Other income (expense), net | (0.1 | ) | 0.4 | 1 | |||||||||
Interest expense | (287.7 | ) | (361.0 | ) | (384.7 | ) | |||||||
Income tax provision (benefit) | 9.1 | 84.9 | (265.4 | ) | |||||||||
U.S. GAAP net earnings (loss) from continuing operations | $ | 258.1 | $ | 95.3 | $ | (1,619.0 | ) | ||||||
-1 | During the fourth quarter of 2014, we changed the method of valuing certain of our inventories that used LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. We applied this change in accounting principle retrospectively. Accordingly all previously reported financial information has been revised. See Note 2, “Summary of Significant Accounting Policies – Inventories” for additional details regarding this accounting policy change. The table below represents the impact to Earnings from continuing operations before income tax provision had we remained on the LIFO method of valuing those inventories: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Food Care | $ | 0.7 | $ | (0.8 | ) | $ | 1.4 | ||||||
Diversey Care | — | — | — | ||||||||||
Product Care | 0.8 | (1.8 | ) | 0.4 | |||||||||
Total reportable segments | 1.5 | (2.6 | ) | 1.8 | |||||||||
Other | — | 0.2 | — | ||||||||||
Total Company LIFO Adjustments | $ | 1.5 | $ | (2.4 | ) | $ | 1.8 | ||||||
(2) | Depreciation and amortization by segment is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Food Care | $ | 121.3 | $ | 118.4 | $ | 140 | |||||||
Diversey Care | 126.3 | 132.3 | 127.6 | ||||||||||
Product Care | 41.4 | 38.2 | 37.9 | ||||||||||
Total reportable segments | 289 | 288.9 | 305.5 | ||||||||||
Other | 31.8 | 18.6 | 11.6 | ||||||||||
Total Company depreciation and amortization(1) | $ | 320.8 | $ | 307.5 | $ | 317.1 | |||||||
-1 | Includes share-based incentive compensation. | ||||||||||||
(3) | Restructuring and other charges by segment were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Food Care | $ | 27.3 | $ | 25.1 | $ | 72 | |||||||
Diversey Care | 24.3 | 32.2 | 53.1 | ||||||||||
Product Care | 13.6 | 16.4 | 16.7 | ||||||||||
Total reportable segments | 65.2 | 73.7 | 141.8 | ||||||||||
Other | 0.5 | 0.1 | 0.7 | ||||||||||
Total Company restructuring and other charges | $ | 65.7 | $ | 73.8 | $ | 142.5 | |||||||
The restructuring and other charges in 2014 and 2013 primarily relate to our previously announced Earnings Quality Improvement Program (EQIP). The restructuring and other charges in 2012 primarily relate to the Integration and Optimization Program (IOP). See Note 9, “Restructuring and Relocation Activities,” for further discussion. | |||||||||||||
Assets by Reportable Segments | |||||||||||||
The following table shows assets allocated by our segment reporting structure. Only assets which are identifiable by segment and reviewed by our chief operating decision maker by segment are allocated to the reportable segment assets, which are trade receivables, net, and finished goods inventories, net. All other assets are included in “Assets not allocated.” | |||||||||||||
December 31, | December 31, | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Assets: | |||||||||||||
Trade receivables, net, and finished goods inventories, net | |||||||||||||
Food Care | $ | 689.3 | $ | 767.3 | |||||||||
Diversey Care | 514.5 | 543.3 | |||||||||||
Product Care | 279.1 | 301 | |||||||||||
Other Category | 14 | 17.5 | |||||||||||
Total segments and other | 1,496.90 | 1,629.10 | |||||||||||
Assets not allocated | |||||||||||||
Cash and cash equivalents | 322.6 | 992.4 | |||||||||||
Property and equipment, net | 993.2 | 1,134.50 | |||||||||||
Goodwill | 3,005.50 | 3,114.60 | |||||||||||
Intangible assets, net | 872.2 | 1,016.90 | |||||||||||
Assets held for sale | 27.3 | — | |||||||||||
Other | 1,324.00 | 1,288.50 | |||||||||||
Total | $ | 8,041.70 | $ | 9,176.00 | |||||||||
Allocation of Goodwill and Identifiable Intangible Assets to Reportable Segments | |||||||||||||
Our management views goodwill and identifiable intangible assets as corporate assets, so we do not allocate their balances to the reportable segments. However, we are required to allocate their balances to each reporting unit to perform our annual impairment review, which we do during the fourth quarter of the year. See Note 7, “Goodwill and Identifiable Intangible Assets,” for the allocation of goodwill and identifiable intangible assets and the changes in their balances in the year ended December 31, 2014 by our segment reporting structure, and the details of our impairment review. | |||||||||||||
Geographic Information | |||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Net sales(1): | |||||||||||||
North America | $ | 3,075.80 | $ | 3,006.90 | $ | 2,952.40 | |||||||
Europe | 2,454.70 | 2,447.80 | 2,416.50 | ||||||||||
Latin America | 801.4 | 824.3 | 799.7 | ||||||||||
AMAT | 870.3 | 846.8 | 794.4 | ||||||||||
JANZ | 548.3 | 565 | 596.2 | ||||||||||
Total | $ | 7,750.50 | $ | 7,690.80 | $ | 7,559.20 | |||||||
Total long-lived assets(1)(2): | |||||||||||||
North America | $ | 2,921.00 | $ | 3,011.00 | |||||||||
Europe | 1,324.00 | 1,591.50 | |||||||||||
Latin America | 224.1 | 233.6 | |||||||||||
AMAT | 618.9 | 650 | |||||||||||
JANZ | 156.2 | 167.3 | |||||||||||
Total | $ | 5,244.20 | $ | 5,653.40 | |||||||||
(1) | Net sales to external customers attributed to geographic areas represent net sales to external customers based on shipping origin. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2014 and 2013. | ||||||||||||
(2) | Total long-lived assets represent total assets excluding total current assets and deferred tax assets. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 5 Inventories | ||||||||
The following table details our inventories: | |||||||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Inventories: | |||||||||
Raw materials | $ | 108.9 | $ | 116.6 | |||||
Work in process | 104 | 110.9 | |||||||
Finished goods | 494.7 | 502.7 | |||||||
Total | $ | 707.6 | $ | 730.2 | |||||
During the fourth quarter of 2014, we changed the method of valuing our inventories that used the LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. Refer to Note 2, “Summary of Significant Accounting Policies – Inventories” for a discussion of our change in accounting policy. |
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||
Property and Equipment, net | Note 6 Property and Equipment, net | ||||||||||||
The following table details our property and equipment. | |||||||||||||
December 31, | December 31, | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Land and improvements | $ | 106.6 | $ | 135.8 | |||||||||
Buildings | 666.7 | 729.6 | |||||||||||
Machinery and equipment | 2,351.30 | 2,488.40 | |||||||||||
Other property and equipment | 143.4 | 164.8 | |||||||||||
Construction-in-progress | 116.5 | 107.1 | |||||||||||
Property and equipment, gross | 3,384.50 | 3,625.70 | |||||||||||
Accumulated depreciation and amortization | (2,391.3 | ) | (2,491.2 | ) | |||||||||
Property and equipment, net | $ | 993.2 | $ | 1,134.50 | |||||||||
The following table details our interest cost capitalized and depreciation and amortization expense for property and equipment for the three years ended December 31, 2014. | |||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Interest cost capitalized | $ | 6.2 | $ | 4.9 | $ | 5.5 | |||||||
Depreciation and amortization expense for property | $ | 147.8 | $ | 160.2 | $ | 167.5 | |||||||
and equipment | |||||||||||||
Goodwill_and_Identifiable_Inta
Goodwill and Identifiable Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Goodwill and Identifiable Intangible Assets | Note 7 Goodwill and Identifiable Intangible Assets | ||||||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||||||
We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. While we are permitted to conduct a qualitative assessment to determine whether it is necessary to perform a two-step quantitative goodwill impairment test, for our 2014 and 2013 annual goodwill impairment test performed in the fourth quarter of each applicable year, we performed a quantitative test for all of our reporting units. | |||||||||||||||||||||||||||||||||
The goodwill impairment test involves a two-step process. In step one, we compare the fair value of each of our reporting units to its carrying value, including the goodwill allocated to the reporting unit. If the fair value of the reporting unit exceeds its carrying value, there is no indication of impairment and no further testing is required. If the fair value of the reporting unit is less than the carrying value, we must perform step two of the impairment test to measure the amount of impairment loss, if any. In the step two, the reporting unit’s fair value is allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit’s goodwill is less than the carrying value, the difference is recorded as an impairment loss. | |||||||||||||||||||||||||||||||||
2014 and 2013 Annual Impairment Test | |||||||||||||||||||||||||||||||||
During the fourth quarter of 2014 and 2013, we completed step one of our annual goodwill impairment test for our reporting units. We concluded that the fair values of these reporting units were above their carrying values and, therefore, there was no indication of impairment in either year. | |||||||||||||||||||||||||||||||||
We estimated the fair value of these reporting units using a weighting of fair values derived from an income and market approaches. Under the income approach, we determine the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected cash flows. The market approaches estimate fair value based on market multiples of revenue and earnings derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit. | |||||||||||||||||||||||||||||||||
Third Quarter 2012 Interim Impairment Test | |||||||||||||||||||||||||||||||||
During the third quarter of 2012, we determined that sufficient indicators of potential impairment existed to require an interim goodwill impairment analysis for certain of our legacy-Diversey reporting units (North America, Europe and Latin America) included in the legacy-Diversey segment. These indicators included the recent business performance of those reporting units, combined with the long-term market conditions and business trends within the underlying regions. We estimated the fair value of these reporting units using a weighting of fair values derived from an income and market approach. Under the income approach, we determine the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit. Based on the results of the step one impairment test, the fair value of the reporting units was substantially lower than the carrying value for those reporting units (regions mentioned above). As a result, we recorded an estimated $1.1 billion goodwill impairment charge in the three months ended September 30, 2012, which is included in impairment of goodwill and other intangible assets in the consolidated statements of operations. At the time, the charge was included in the legacy-Diversey segment. | |||||||||||||||||||||||||||||||||
In addition, during the third quarter of 2012 and prior to performing the step one impairment test, we considered the same indicators of potential impairment noted above as related to the indefinite lived assets of those reporting units. When indicators of impairment are present, we determine the fair value of the indefinite lived assets and compare them to their carrying values. We estimate the fair value of these assets using a relief from royalty method under an income approach. The key assumptions for this method are revenue projections, a royalty rate as determined by management in consultations with valuation experts, and a discount rate, established as discussed above. Based on our analysis, the fair values of an indefinite lived trade name was lower than its carrying value. As a result, we recorded a pre-tax impairment charge of $189 million associated with the Diversey trade name in the three months ended September 30, 2012, which is included in impairment of goodwill and other intangible assets in the consolidated statements of operations. At the time, the charge was included in the legacy-Diversey segment. | |||||||||||||||||||||||||||||||||
During the fourth quarter of 2012, we concluded step two of our interim impairment test for the legacy-Diversey reporting units noted above. This process resulted in the reduction of the estimated pre-tax goodwill impairment charge by $326 million. The reduction of the third quarter charge was due to the fair value of certain definite lived assets being less than their carrying value. While the discounted cash flows determined during the step one impairment review were less than the carrying value, the asset groups’ undiscounted cash flows associated with those reporting units were in excess of the carrying values, as such there was no impairment of those reporting units’ definite lived intangibles and long lived assets. | |||||||||||||||||||||||||||||||||
2012 Annual Impairment Test | |||||||||||||||||||||||||||||||||
During the fourth quarter of 2012, we completed step one of our annual goodwill impairment test for our legacy Sealed Air reporting units and Diversey’s Asia Pacific, Africa and Turkey (“APAT”) reporting unit. We concluded that the fair values of these reporting units were above their carrying values and, therefore, for these reporting units there was no indication of impairment. | |||||||||||||||||||||||||||||||||
New Reporting Units | |||||||||||||||||||||||||||||||||
In the fourth quarter of 2012, we began to operate under the new reporting structure, which resulted in a change in the composition of our reporting units. In the third quarter of 2013, we renamed our global business divisions under our segment reporting structure. There was no impact to the reportable segment results. | |||||||||||||||||||||||||||||||||
In connection with the new reporting structure in the fourth quarter of 2012, legacy-Diversey was divided into two reporting units, Hygiene Solutions (included in the Food & Beverage segment, renamed to Food Care segment) and Institutional & Laundry (its own segment, renamed to Diversey Care segment). | |||||||||||||||||||||||||||||||||
In addition, we combined (i) Sealed Air’s legacy Food Packaging and Food Solutions into the Packaging Solutions reporting unit (included in the Food & Beverage segment, renamed to Food Care segment), and (ii) Sealed Air’s legacy Protective Packaging, Shrink Packaging and Specialty Foam business of the former Specialty Materials reporting unit into the new Protective Packaging reporting unit (its own segment, renamed to Product Care segment). | |||||||||||||||||||||||||||||||||
Fourth Quarter 2012 Interim Impairment Test | |||||||||||||||||||||||||||||||||
At the end of the fourth quarter of 2012, based on the operating results under our new reporting structure, we determined that sufficient indicators of potential impairment existed to require an interim goodwill impairment analysis for our Diversey Care and Hygiene Solutions reporting units. These indicators included the recent business performance of those reporting units as compared to the projections developed during the third quarter 2012 interim impairment review. We performed steps one and two of the impairment test for each of these two reporting units using the same approach as noted above. | |||||||||||||||||||||||||||||||||
Prior to performing the step one interim impairment test, we first evaluated the indefinite lived intangible assets allocated to the Diversey Care and Hygiene Solutions reporting units. On an annual basis, or when indicators of impairment are present, we determine the fair value of the indefinite lived assets and compare them to their carrying values. We estimate the fair value of these assets using a relief from royalty method under an income approach. Based on our analysis, the fair values of certain indefinite lived trademarks were lower than their carrying values. As a result, we recorded a pre-tax impairment charge of $441 million in the fourth quarter of 2012, which is included in impairment of goodwill and other intangible assets in the consolidated statements of operations and reflected in the Food Care ($140 million) and Diversey Care ($301 million) segments. | |||||||||||||||||||||||||||||||||
We also evaluated the recoverability of long lived assets of these reporting units. When indicators of impairment are present, we test definite lived and long lived assets for recoverability by comparing the carrying value of an asset group to their undiscounted cash flows. We considered the lower than expected revenue and profitability levels over a sustained period of time, and downward revisions to our cash flow forecasts for a portion of these reporting units to be indicators of impairment for their long-lived assets. Based on the results of the recoverability test, we determined that the carrying value of certain asset groups of the Hygiene Solutions reporting unit were higher than their undiscounted cash flow. We then looked at specific long-lived assets in those asset groups and determined that the carrying value of the customer relationships intangible assets exceeded their fair value. We estimated the fair value of those assets, primarily using the excess earnings method under an income approach. The key assumptions for this method are a projection of future revenue and profitability as determined by management, the expected survivorship and discount rate, established as discussed above. As a result, we recorded a pre-tax impairment charge of $149 million in the fourth quarter of 2012, which is included in the impairment of goodwill and other intangible assets in the consolidated statement of operations and reflected in the Food Care segment. | |||||||||||||||||||||||||||||||||
We also completed steps one and two of the interim goodwill impairment test for these reporting units. As a result, in the fourth quarter of 2012, we recorded an additional goodwill impairment charge for the Hygiene Solutions reporting unit of $174 million and $97 million for the Diversey Care reporting unit, which is included in impairment of goodwill and other intangible assets in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||
At December 31, 2012 after completing our step one and step two interim goodwill impairment testing, we determined that the fair value of the Diversey Care reporting unit remained 12% below its carrying value. We also determined, prior to performing step one of the goodwill impairment review in the fourth quarter of 2012, that the undiscounted cash flows for the asset groups within the Diversey Care reporting unit, including customer relationships exceeded their carrying values. Accordingly, no impairment charge was required in 2012. | |||||||||||||||||||||||||||||||||
As part of the step two interim goodwill impairment testing, the Company estimated the fair value of the customer relationships included in the Diversey Care reporting unit using an excess earnings method under an income approach. The key assumptions for this method are a projection of future revenue and profitability as determined by management, the expected survivorship and discount rate. As a result, our step two analysis with respect to the Diversey Care reporting unit yielded fair values for our customer relationship intangible assets that were less than their carrying value. We also determined that there was no material fair value to assign to unrecognized intangible assets. | |||||||||||||||||||||||||||||||||
As a result of completing the Diversey Care reporting unit step two goodwill impairment test in the fourth quarter of 2012, we determined that the implied fair value of the reporting unit’s goodwill was less than its carrying value. Accordingly, we recorded an additional goodwill impairment charge for the Diversey Care reporting unit of $97 million, which is included in impairment of goodwill and other intangible assets in the consolidated statements of operations. We determined that the remaining goodwill at December 31, 2012 of $1,143.1 million allocated to the Diversey Care reporting unit after the completion of step two was recoverable. | |||||||||||||||||||||||||||||||||
Allocation of Goodwill to Reporting Units | |||||||||||||||||||||||||||||||||
The following table shows our goodwill balances by our segment reporting structure: | |||||||||||||||||||||||||||||||||
Impact of | |||||||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||
Translation | |||||||||||||||||||||||||||||||||
Gross Carrying Value at | Accumulated | Carrying Value at | Year Ended | Gross Carrying Value at | Accumulated | Carrying Value at | |||||||||||||||||||||||||||
(In millions) | December 31, 2013 | Impairment | December 31, 2013 | December 31, 2014 | December 31, 2014 | Impairment | December 31, 2014 | ||||||||||||||||||||||||||
Food Care | $ | 833.7 | $ | (208.0 | ) | $ | 625.7 | $ | (14.0 | ) | $ | 819.7 | $ | (208.0 | ) | $ | 611.7 | ||||||||||||||||
Diversey Care | 1,994.10 | (883.0 | ) | 1,111.10 | (93.3 | ) | 1,900.80 | (883.0 | ) | 1,017.80 | |||||||||||||||||||||||
Product Care | 1,372.80 | — | 1,372.80 | (1.6 | ) | 1,371.20 | — | 1,371.20 | |||||||||||||||||||||||||
Other | 5 | — | 5 | (0.2 | ) | 4.8 | — | 4.8 | |||||||||||||||||||||||||
Total | $ | 4,205.60 | $ | (1,091.0 | ) | $ | 3,114.60 | $ | (109.1 | ) | $ | 4,096.50 | $ | (1,091.0 | ) | $ | 3,005.50 | ||||||||||||||||
The excess of estimated fair values over carrying value, including goodwill for each of our reporting units that had goodwill as of the 2014 annual impairment test were the following: | |||||||||||||||||||||||||||||||||
% by Which Estimated Fair value | |||||||||||||||||||||||||||||||||
Reporting Unit | exceeds Carrying Value | ||||||||||||||||||||||||||||||||
Food Care — Packaging Solutions | 243 | % | |||||||||||||||||||||||||||||||
Food Care — Hygiene Solutions | 282 | % | |||||||||||||||||||||||||||||||
Diversey Care | 44 | % | |||||||||||||||||||||||||||||||
Product Care | 92 | % | |||||||||||||||||||||||||||||||
Medical Applications | 788 | % | |||||||||||||||||||||||||||||||
As noted above, the fair value determined under step one of the goodwill impairment test completed in the fourth quarter of 2014 exceeded the carrying value for each reporting unit. Therefore, there was no impairment of goodwill. However, if the fair value decreases in future periods, the Company may fail step one of the goodwill impairment test and be required to perform step two. In performing step two, the fair value would have to be allocated to all of the assets and liabilities of the reporting unit. Therefore, any potential goodwill impairment charge would be dependent upon the estimated fair value of the reporting unit at that time and the outcome of step two of the impairment test. The fair values of the assets and liabilities of the reporting unit, including the intangible assets could vary depending on various factors. | |||||||||||||||||||||||||||||||||
The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment. In the event of significant adverse changes of the nature described above, we might have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations. | |||||||||||||||||||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||||||||||||||||||
The following tables summarize our identifiable intangible assets with definite and indefinite useful lives: | |||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Carrying | Accumulated | Accumulated | Carrying | Accumulated | Accumulated | ||||||||||||||||||||||||||||
(In millions) | Value | Amortization | Impairment (1)(2) | Net | Value | Amortization | Impairment (1)(2) | Net | |||||||||||||||||||||||||
Customer relationships | $ | 890.8 | $ | (210.8 | ) | $ | (148.9 | ) | $ | 531.1 | $ | 961.3 | $ | (171.2 | ) | $ | (148.9 | ) | $ | 641.2 | |||||||||||||
Trademarks and trade names | 1.3 | (0.2 | ) | — | 1.1 | 0.2 | (0.10 | ) | - | 0.1 | |||||||||||||||||||||||
Technology | 266.4 | (167.0 | ) | (22.2 | ) | 77.2 | 252.6 | (128.0 | ) | (22.2 | ) | 102.4 | |||||||||||||||||||||
Contracts | 40.6 | (28.9 | ) | — | 11.7 | 44 | (21.9 | ) | — | 22.1 | |||||||||||||||||||||||
Total intangible assets with definite lives | $ | 1,199.10 | $ | (406.9 | ) | $ | (171.1 | ) | $ | 621.1 | $ | 1,258.10 | $ | (321.2 | ) | $ | (171.1 | ) | $ | 765.8 | |||||||||||||
Trademarks and trade names with indefinite lives | 881.3 | — | (630.2 | ) | 251.1 | 881.3 | — | (630.2 | ) | 251.1 | |||||||||||||||||||||||
Total | $ | 2,080.40 | $ | (406.9 | ) | $ | (801.3 | ) | $ | 872.2 | $ | 2,139.40 | $ | (321.2 | ) | $ | (801.3 | ) | $ | 1,016.90 | |||||||||||||
(1) | During the third quarter of 2012, we determined that sufficient indicators existed to require an interim impairment review of our Diversey trade name. Based on our analysis, the fair value of this intangible was lower than the carrying value, which resulted in a pre-tax impairment charge of $189 million. In addition, during the fourth quarter of 2012, we completed our annual impairment test for indefinite lived trademarks and trade names, and we performed an interim impairment review of our customer relationships. As a result, we recorded a pre-tax impairment charge of $149 million of customer relationships, and a pre-tax impairment charge of $441 million of trademarks and trade names. | ||||||||||||||||||||||||||||||||
(2) | During the fourth quarter of 2012, we made a decision to suspend certain development efforts and abandon future product development work on a project included in our Other Category for segment reporting. As a result, we recorded an impairment of $22 million ($14 million, net of taxes), which is included in impairment of goodwill and other intangible assets on the consolidated statements of operations in the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||
The intangible assets include $251 million of trademarks and trade names that we have determined to have indefinite useful lives, primarily acquired in connection with the acquisition of Diversey. | |||||||||||||||||||||||||||||||||
The following table shows the remaining estimated future amortization expense at December 31, 2014. | |||||||||||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
2015 | $ | 86.5 | |||||||||||||||||||||||||||||||
2016 | 84.4 | ||||||||||||||||||||||||||||||||
2017 | 77.6 | ||||||||||||||||||||||||||||||||
2018 | 65.5 | ||||||||||||||||||||||||||||||||
Thereafter | 307.1 | ||||||||||||||||||||||||||||||||
Total | $ | 621.1 | |||||||||||||||||||||||||||||||
The following table shows the remaining weighted average useful life of our definite intangible assets as of December 31, 2014. | |||||||||||||||||||||||||||||||||
Remaining weighted average useful lives | |||||||||||||||||||||||||||||||||
Customer relationships | 9.8 | ||||||||||||||||||||||||||||||||
Trademarks and trade names | 4.8 | ||||||||||||||||||||||||||||||||
Technology | 4.1 | ||||||||||||||||||||||||||||||||
Contracts | 2.8 | ||||||||||||||||||||||||||||||||
Total intangible assets with definite lives | 8.9 | ||||||||||||||||||||||||||||||||
Accounts_Receivable_Securitiza
Accounts Receivable Securitization Programs | 12 Months Ended |
Dec. 31, 2014 | |
Transfers And Servicing [Abstract] | |
Accounts Receivable Securitization Programs | Note 8 Accounts Receivable Securitization Programs |
U.S. Accounts Receivable Securitization Program | |
We and a group of our U.S. operating subsidiaries maintain an accounts receivable securitization program under which they sell eligible U.S. accounts receivable to an indirectly wholly-owned subsidiary that was formed for the sole purpose of entering into this program. The wholly-owned subsidiary in turn may sell an undivided fractional ownership interest in these receivables with two banks and issuers of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and issuers of commercial paper administered by these banks are considered secured borrowings with pledge of collateral and will be classified as short-term borrowings on our consolidated balance sheet. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the consolidated balance sheet. | |
As of December 31, 2014, the maximum purchase limit for receivable interests was $100 million, subject to the availability limits described below. | |
The amounts available from time to time under this program may be less than $100 million due to a number of factors, including but not limited to our credit ratings, trade receivable balances, the creditworthiness of our customers and our receivables collection experience. During 2014, the level of eligible assets available under the program was lower than $100 million primarily due to certain required reserves against our receivables. As a result, the amount available to us under the program was $76 million at December 31, 2014. Although we do not believe restrictions under this program presently materially restrict our operations, if an additional event occurs that triggers one of these restrictive provisions, we could experience a further decline in the amounts available to us under the program or termination of the program. | |
This program expires annually in September and is renewable. The program was renewed in September 2014 for an additional year and the program size was reduced from $125 million to $100 million. | |
European Accounts Receivables Securitization Program | |
We and a group of our European subsidiaries maintain an accounts receivable securitization program with a special purpose vehicle, or SPV, two banks and issuers of commercial paper administered by these banks. The European program is structured to be a securitization of certain trade receivables that are originated by certain of our European subsidiaries. We do not have an equity interest in the SPV. However, since we are considered the primary beneficiary of the SPV, it meets the criteria to be classified as a variable interest entity and is included in our consolidated financial statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. The SPV borrows funds from the banks to fund is acquisition of the receivables and provides the banks with a first priority perfected security interest in the accounts receivable. Loans from the banks to the SPV will be classified as short-term borrowings on our consolidated balance sheet. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the consolidated balance sheet. | |
As of December 31, 2014, the maximum purchase limit for receivable interests was €95 million, ($115 million equivalent at December 31, 2014) subject to availability limits. The terms and provisions of this program are similar to our U.S.-program discussed above. As of December 31, 2014, the amount available under this program was €95 million ($115 million equivalent as of December 31, 2014). | |
This program expires annually in February and is renewable. The program was renewed in February 2015 and the maximum purchase limit was raised to €110 million. | |
Utilization of Our Accounts Receivable Securitization Programs | |
In connection with the funding of the payment of the Settlement agreement on February 3, 2014, we utilized both our U.S. and European programs. At December 31, 2014, the total amount of borrowings under our U.S. program was $36 million and there were no borrowings outstanding under our European program. The trade receivables that served as collateral for these borrowings were reclassified from trade receivables, net to prepaid expenses and other current assets on the consolidated balance sheet. The weighted average interest rate for these borrowings was 0.90% at December 31, 2014. We continue to service the trade receivables supporting the programs, and the banks are permitted to re-pledge this collateral. Total interest expense related to the use of these programs was approximately $2 million for the year ended December 31, 2014. | |
Under limited circumstances, the banks and the issuers of commercial paper can end purchases of receivables interests before the above expiration dates. A failure to comply with debt leverage or various other ratios related to our receivables collection experience could result in termination of the receivables programs. We were in compliance with these ratios at December 31, 2014. | |
As of December 31, 2013, we had no amounts outstanding under either the U.S. or European program, and we did not utilize these programs during 2013. |
Restructuring_and_Relocation_A
Restructuring and Relocation Activities | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Restructuring and Relocation Activities | Note 9 Restructuring and Relocation Activities | |||||||||||||||||||||||||||||||||||||||||
The following table details our restructuring activities: | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | IOP | EQIP | FUSION | Total | IOP | EQIP | Total | IOP | Other | Total | ||||||||||||||||||||||||||||||||
Other | $ | 7.7 | $ | 21.6 | $ | 2.4 | $ | 31.7 | $ | 14.1 | $ | 11.4 | $ | 25.5 | $ | 22.2 | $ | 12.1 | $ | 34.3 | ||||||||||||||||||||||
associated | ||||||||||||||||||||||||||||||||||||||||||
costs | ||||||||||||||||||||||||||||||||||||||||||
Restructuring | 13.2 | 47 | 5.5 | 65.7 | (7.0 | ) | 80.8 | 73.8 | 144.9 | (2.4 | ) | 142.5 | ||||||||||||||||||||||||||||||
charges | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 20.9 | $ | 68.6 | $ | 7.9 | $ | 97.4 | $ | 7.1 | $ | 92.2 | $ | 99.3 | $ | 167.1 | $ | 9.7 | $ | 176.8 | ||||||||||||||||||||||
Fusion | ||||||||||||||||||||||||||||||||||||||||||
On December 18, 2014, the Board of Directors of the Company approved a new restructuring plan (the “Fusion Program” or the “Plan”), which consists of a portfolio of restructuring projects across all of our divisions as part of our transformation of Sealed Air Corporation into a knowledge-based company, including reduction in headcount and consolidation and relocation of certain facilities and offices. | ||||||||||||||||||||||||||||||||||||||||||
The Company currently estimates that it will incur aggregate costs of approximately $275 million to $285 million in connection with the implementation of this Plan. The net cash cost of the Plan is expected to be in the range of $210 million to $220 million. The costs associated with the Plan, the majority of which are expected to be incurred between 2015 and 2017, will primarily consist of (i) a reduction in headcount through reorganization and integration, including severance and termination benefits for employees, expected to be approximately $115 million to $120 million, and (ii) other costs associated with the Plan, primarily relating to the rationalization, consolidation and relocation of certain portions of our global supply chain and other facilities and offices, expected to be approximately $160 million to $165 million. Included in the total cash costs, the Company anticipates approximately $55 million to $65 million of capital expenditures related to the Plan, of which the majority is expected to be incurred between 2015 and 2016. | ||||||||||||||||||||||||||||||||||||||||||
The other associated costs included in the table above primarily consist of consulting and other costs incurred in connection with the project relocation efforts, which were included in selling, general and administrative expenses on the consolidated statements of operations for the year ended December 31, 2014. The restructuring charges included in the table above primarily consist of termination and benefit costs. | ||||||||||||||||||||||||||||||||||||||||||
On July 23, 2014, we announced that we will be establishing a new global headquarters in Charlotte, North Carolina. We will relocate the headquarters for our divisions, research and development facilities, and corporate offices. Within the next three years, we anticipate approximately 1,300 jobs will be relocated to Charlotte from our current corporate headquarters in Elmwood Park, New Jersey; all or part of our facilities in Saddle Brook, New Jersey; Danbury, Connecticut; Racine, Wisconsin; and, Duncan and Greenville, South Carolina. We will also relocate a small number of jobs from other locations. | ||||||||||||||||||||||||||||||||||||||||||
On August 31, 2014, in connection with our relocation efforts, we signed an agreement for purchase and sale relating to our building located in Racine, Wisconsin. As of December 31, 2014, the building and certain related assets met the criteria of assets held for sale classification. Accordingly, we reclassified $26 million from property, plant and equipment to assets held for sale as of December 31, 2014. The sale closed in January 2015. In addition, we leased back the building until December 2015 but have the option to exit the lease earlier. The final sales price was $30 million, of which net proceeds of $24 million were received as part of the closing along with a $6 million unsecured promissory note to be paid once we exit the facility. We recorded a pre-tax gain on the sale of approximately $3 million in January 2015. | ||||||||||||||||||||||||||||||||||||||||||
The restructuring accrual, spending and other activity for the year ended December 31, 2014 and the accrual balance remaining at December 31, 2014 related to this program were as follows (in millions): | ||||||||||||||||||||||||||||||||||||||||||
Fusion restructuring accrual at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||
Accrual and accrual adjustments | 5.5 | |||||||||||||||||||||||||||||||||||||||||
Cash payments during 2014 | — | |||||||||||||||||||||||||||||||||||||||||
Effect of changes in foreign currency exchange rates | — | |||||||||||||||||||||||||||||||||||||||||
Fusion restructuring accrual at December 31, 2014 | $ | 5.5 | ||||||||||||||||||||||||||||||||||||||||
Cumulative cash payments made in connection with this program, including associated costs through December 31, 2014, were $2 million. We expect to pay $4 million of the accrual balance remaining at December 31, 2014 within the next twelve months. This amount is included in accrued restructuring costs on the consolidated balance sheet at December 31, 2014. The majority of the remaining accrual of $2 million is expected to be paid in 2016. This amount is included in other non-current liabilities on our consolidated balance sheet at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||
No capital expenditures for this program were incurred in the year ended December 31, 2014 or in any prior years. | ||||||||||||||||||||||||||||||||||||||||||
Earnings Quality Improvement Program (EQIP) | ||||||||||||||||||||||||||||||||||||||||||
In May 2013, we announced the commencement of EQIP, which is an initiative to deliver meaningful cost savings and network optimization. The costs associated with this plan consist primarily of (i) a reduction in headcount, which is expected to be approximately 750-900 employees and other costs associated with divisional realignment and connected profitability improvement programs, including severance and termination benefits for employees, expected to be approximately $105 million to $120 million, and (ii) costs and capital expenditures associated with incremental supply chain network optimization projects, including facility relocation and closures, expected to be approximately $85 million to $90 million. We currently estimate that we will incur total costs of approximately $190 million to $210 million in connection with implementation of this plan, including capital expenditures of approximately $50 million to $55 million. The plan is expected to be substantially completed by the end of 2016. | ||||||||||||||||||||||||||||||||||||||||||
The other associated costs included in the table above primarily consist of consulting and rebranding costs incurred in connection with the rebranding of the Company and its divisions, which were included in selling, general and administrative expenses on the consolidated statements of operations for the year ended December 31, 2014. The restructuring charges included in the table above primarily consist of termination and benefit costs. | ||||||||||||||||||||||||||||||||||||||||||
The restructuring accrual, spending and other activity for the year ended December 31, 2014 and the accrual balance remaining at December 31, 2014 related to this program were as follows (in millions): | ||||||||||||||||||||||||||||||||||||||||||
EQIP restructuring accrual at December 31, 2013 | $ | 55.9 | ||||||||||||||||||||||||||||||||||||||||
Accrual and accrual adjustments | 47 | |||||||||||||||||||||||||||||||||||||||||
Cash payments during 2014 | (58.1 | ) | ||||||||||||||||||||||||||||||||||||||||
Effect of changes in foreign currency exchange rates | (2.9 | ) | ||||||||||||||||||||||||||||||||||||||||
EQIP restructuring accrual at December 31, 2014 | $ | 41.9 | ||||||||||||||||||||||||||||||||||||||||
Cumulative cash payments made in connection with this program, including associated costs through December 31, 2014, were $113 million. We expect to pay $39 million of the accrual balance remaining at December 31, 2014 within the next twelve months. This amount is included in accrued restructuring costs on the consolidated balance sheet at December 31, 2014. The majority of the remaining accrual of $3 million is expected to be paid in 2016 with minimal amounts to be paid out in 2017. This amount is included in other non-current liabilities on our consolidated balance sheet at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||
Capital expenditures related to this program were $28 million in 2014, $11 million in 2013 and none in 2012. Capital expenditures primarily relate to supply chain network optimization. | ||||||||||||||||||||||||||||||||||||||||||
Integration and Optimization Program (IOP) | ||||||||||||||||||||||||||||||||||||||||||
In December 2011, we initiated a restructuring program associated with the integration of Diversey’s business following our acquisition of Diversey on October 3, 2011. The program primarily consists of (i) reduction in headcount, (ii) consolidation of facilities, (iii) supply chain network optimization, and (iv) certain other capital expenditures. This program has been substantially completed by the end of 2014. | ||||||||||||||||||||||||||||||||||||||||||
The other associated costs in the table above primarily consist of consulting fees included in selling, general and administrative expenses on the consolidated statement of operations. | ||||||||||||||||||||||||||||||||||||||||||
The restructuring accrual, spending and other activity for the year ended December 31, 2014 and the accrual balance remaining at December 31, 2013 related to this program were as follows (in millions): | ||||||||||||||||||||||||||||||||||||||||||
IOP restructuring accrual at December 31, 2013 | $ | 24.5 | ||||||||||||||||||||||||||||||||||||||||
Accrual and accrual adjustments | 13.2 | |||||||||||||||||||||||||||||||||||||||||
Cash payments during 2014 | (22.3 | ) | ||||||||||||||||||||||||||||||||||||||||
Effect of changes in foreign currency exchange rates | (2.3 | ) | ||||||||||||||||||||||||||||||||||||||||
IOP restructuring accrual at December 31, 2014 | $ | 13.1 | ||||||||||||||||||||||||||||||||||||||||
Cumulative cash payments made in connection with this program, including associated costs through December 31, 2014, were $220 million. We expect to pay $13 million of the accrual balance remaining at December 31, 2014 within the next twelve months. This amount is included in accrued restructuring costs on the consolidated balance sheet at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||
Capital expenditures related to this program were less than $1 million in 2014, $14 million in 2013 and $14 million in 2012. Capital expenditures mainly relate to facilities and supply chain network optimization. |
Other_Current_and_NonCurrent_L
Other Current and Non-Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Other Current and Non-Current Liabilities | Note 10 Other Current and Non-Current Liabilities | ||||||||
The following tables detail our other current liabilities and other liabilities at December 31, 2014 and 2013: | |||||||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Other current liabilities: | |||||||||
Accrued salaries, wages and related costs | $ | 326.7 | $ | 300.6 | |||||
Accrued operating expenses | 295.3 | 303.3 | |||||||
Income taxes payable | 38.1 | 35.6 | |||||||
Accrued customer volume rebates | 185.4 | 176.5 | |||||||
Accrued interest | 46 | 67.4 | |||||||
Accrued employee benefit liability | 8.6 | 7 | |||||||
Total | $ | 900.1 | $ | 890.4 | |||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Other non-current liabilities: | |||||||||
Accrued employee benefit liability | $ | 347.5 | $ | 262 | |||||
Other postretirement liability | 77.4 | 70.1 | |||||||
Other various liabilities | 279.1 | 315.8 | |||||||
Total | $ | 704 | $ | 647.9 | |||||
Debt_and_Credit_Facilities
Debt and Credit Facilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt and Credit Facilities | Note 11 Debt and Credit Facilities | ||||||||
Our total debt outstanding consisted of the amounts set forth on the following table: | |||||||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Short-term borrowings (1) | $ | 130.4 | $ | 81.6 | |||||
Current portion of long-term debt(2) | 1.1 | 201.5 | |||||||
Total current debt | 131.5 | 283.1 | |||||||
Term Loan A Facility due July 2017, less unamortized lender fees of $0.3 in 2014(3)(4) | 249.7 | — | |||||||
Term Loan A Facility due July 2019 (October 2016 prior to refinance), less unamortized lender fees of $10.6 in 2014 and $8.4 in 2013 (3)(4) | 1,129.40 | 634.8 | |||||||
Term Loan B Facility due October 2018, less unamortized | — | 681.6 | |||||||
lender fees of $7.3 in 2013, and unamortized discount of | |||||||||
$10.8 in 2013(3) | |||||||||
8.125% Senior Notes due September 2019(5) | — | 750 | |||||||
6.50% Senior Notes due December 2020(6) | 428.1 | 424.1 | |||||||
8.375% Senior Notes due September 2021 | 750 | 750 | |||||||
4.875% Senior Notes due December 2022(5) | 425 | — | |||||||
5.25% Senior Notes due April 2023 | 425 | 425 | |||||||
5.125% Senior Notes due December 2024(5) | 425 | — | |||||||
6.875% Senior Notes due July 2033, less unamortized discount of $1.3 in 2014 and $1.4 in 2013 | 448.7 | 448.6 | |||||||
Other | 1.6 | 2.3 | |||||||
Total long-term debt, less current portion | 4,282.50 | 4,116.40 | |||||||
Total debt(7) | $ | 4,414.00 | $ | 4,399.50 | |||||
(1) | December 31, 2014 is comprised primarily of $36 million of borrowings outstanding under our U.S. accounts receivable securitization program and $23 million outstanding under our revolving credit facility, of which we have the intent and ability to repay within twelve months as of December 31, 2014, and $71 million short-term borrowings from various lines of credits. As of December 31, 2013, we had no amounts outstanding under either the U.S. or European program, and we did not utilize these programs during 2013. | ||||||||
(2) | The Company’s $150 million 12% Senior Notes due February 2014 (“12% Senior Notes”) were included in current portion of long-term debt as of December 31, 2013. We repaid the 12% Senior Notes upon their maturity using cash on hand and committed liquidity. | ||||||||
(3) | On July 25, 2014, the Company entered into a second restatement agreement for refinancing of the Term Loan A facilities, Term Loan B facilities and revolving credit facilities with new Term Loan A facilities. See below for further information. | ||||||||
(4) | Term Loan A facilities have required prepayments which are due in 2016. | ||||||||
(5) | In November 2014, the Company issued $425 million of 4.875% Senior Notes due December 1, 2022 and $425 million of 5.125% Senior Notes due December 1, 2024. The proceeds from this note were used to repurchase the Company’s $750 million 8.125% Notes due September 15, 2019. See below for further information. | ||||||||
-6 | On October 16, 2014, the Company terminated the $100 million of outstanding interest rate swaps on our 6.5% Senior Notes due December 1, 2020. See below for further information. | ||||||||
-7 | The weighted average interest rate on our total outstanding debt was 5.2% as of December 31, 2014 and 6.2% as of December 31, 2013. | ||||||||
Senior Notes | |||||||||
2014 Activity | |||||||||
In the fourth quarter 2014, Sealed Air issued $425 million of 4.875% Senior Notes due December 1, 2022 and $425 million of 5.125% Senior Notes due December 1, 2024. The proceeds from this note were used to repurchase the company’s $750 million 8.125% Notes due September 2019. The aggregate repurchase price was $837 million, which included the principal amount of $750 million, a premium of $75 million and accrued interest of $12 million. We recognized a total pre-tax loss of $84 million on the repurchase, which included the premiums mentioned above. Also included in the loss on debt redemption was $9 million of accelerated amortization of original non-lender fees related to the 8.125% Senior Notes. We also capitalized $13 million of non-lender fees incurred in connection with the 4.875% Senior Notes and 5.125% Senior Notes that are included in other assets on our consolidated balance sheet. | |||||||||
In the fourth quarter of 2014, we terminated the swaps that were associated with the 6.5% Senior Notes although the 6.5% Senior Notes remained outstanding. The $3 million gain on termination of swaps increased the carrying amount of our 6.5% Senior Note, which is being amortized using effective interest method over the remaining maturities of the Senior Note and included in interest expense on our consolidated statement of operations. | |||||||||
2013 Activity | |||||||||
In March 2013, we issued $425 million of 5.25% Senior Notes and used substantially all of the proceeds to retire the 7.875% Senior Notes due June 2017. We repurchased the 7.875% Senior Notes at fair value. The aggregate repurchase price was $431 million, which included the principal amount of $400 million, a 6% premium of $23 million and accrued interest of $8 million. We recognized a total net pre-tax loss of $32 million, which included the premiums mentioned above. | |||||||||
The 5.25% Senior Notes will mature on April 1, 2023 and interest is payable on April 1 and October 1 of each year, commencing October 1, 2013. | |||||||||
2012 Activity | |||||||||
In November 2012, we issued $425 million of 6.50% Senior Notes and used substantially all of the proceeds to retire the 5.625% Senior Notes due July 2013. We repurchased the 5.625% Senior Notes at fair value. The aggregate repurchase price was $421 million, which included the principal amount of $400 million, a 3% premium of $13 million and accrued interest of $8 million. As a result, we recognized a net pre-tax loss of $12 million, which included the premium mentioned above, less a gain of $1 million on the termination of a related interest rate swap. The loss on debt redemption is included on our consolidated statements of operations. | |||||||||
Credit Facility | |||||||||
2014 Activity | |||||||||
Amended and Restated Senior Secured Credit Facilities | |||||||||
On July 25, 2014, the Company entered into a second restatement agreement (the “Second Restatement Agreement”) whereby its senior secured credit facility was amended and restated (the “Second Amended and Restated Credit Agreement”) with Bank of America, N.A., as agent, and the other financial institutions party thereto. The changes include (i) the refinancing of the Term Loan A facilities, Term Loan B facilities and revolving credit facilities with new Term Loan A facilities (including facilities in Canadian dollars, euros, Japanese yen, pounds sterling and U.S. dollars) in an aggregate principal amount equivalent to $1,330 million and revolving credit facilities of $700 million, (ii) a new $100 million delayed draw Term Loan A facility (used for our Brazilian operations), (iii) a 0.75% reduction of the interest rate margin for the Term Loan A facilities and revolving credit facilities, (iv) extension of the final maturity of the Term Loan A facilities and revolving credit commitment to July 25, 2019, (v) adjustments to the financial maintenance covenant of Consolidated Net Debt to Consolidated EBITDA (as defined in the Second Amended and Restated Credit Agreement) and other covenants to provide additional flexibility to the Company and (vi) other amendments. Term Loan B was fully extinguished as a result of the Refinancing. | |||||||||
On August 29, 2014, we completed the $100 million delayed draw of the Term Loan A facility. In connection with this loan, we also entered into interest rate and currency swaps in a notional amount of $100 million, which convert our floating U.S. dollar denominated obligation under the Term Loan A into a fixed rate Brazilian real denominated obligation. | |||||||||
As a result of the Second Restatement Agreement, we recognized $18 million of loss on debt redemption in our consolidated statements of operations. This amount includes $13 million of accelerated amortization of original issuance discount related to the Term Loan B and lender and non-lender fees related to the entire credit facility. Also included in the loss on debt redemption was $5 million of non-lender fees incurred in connection with the Second Restatement Agreement. In addition, we incurred $2 million of lender fees that are included in the carrying amounts of the outstanding debt under the credit facility. We also capitalized $5 million of non-lender fees that are included in other assets on our consolidated balance sheet. | |||||||||
The amortization expense related to original issuance discount and lender and non-lender fees is calculated using the effective interest rate method over the lives of the respective debt instruments. Total amortization expense in 2014 related to the Senior Secured Credit Facilities was $10 million and is included in interest expense in our consolidated statements of operations. | |||||||||
2013 Activity | |||||||||
2013 Amended Credit Facility | |||||||||
In November 2013, we amended our senior secured credit facility (the “Amended Credit Facility”). The amendment refinanced the Term Loan B facilities with a $525 million Term Loan B dollar tranche and a €128 million Term Loan B euro tranche. In connection therewith, among other things, (i) the interest margin on each tranche was decreased by 0.75%, and the minimum Eurocurrency rate under the Term Loan B facilities was reduced from 1.00% to 0.75%. We prepaid $101 million and refinanced the remaining principal amount of $697 million of the euro and U.S. dollar denominated portions of the original Term Loan B at 100% of their face value. We recognized a $4 million pre-tax loss on debt redemption included in our results of operations for 2013, consisting of accelerated unamortized original issuance discount, unamortized fees, and fees associated with the transaction. | |||||||||
2012 Activity | |||||||||
2012 Amended Credit Facility | |||||||||
In connection with the sale of Diversey Japan (see Note 3, “Divestitures”), and the repayment of existing indebtedness of the Company and to provide for ongoing liquidity requirements, on November 14, 2012, we entered into an amended senior secured credit facility (the “2012 Amended Credit Facility”). The 2012 Amended Credit Facility consisted of: (a) a multicurrency Term Loan A facility denominated in U.S. dollars, Canadian dollars, euros and Japanese yen, (“2012 Amended Term Loan A Facility”), (b) a multicurrency Term Loan B facility denominated in U.S. dollars and euros (“2012 Amended Term Loan B Facility”) and (c) a $700 million revolving credit facility available in U.S. dollars, Canadian dollars, euros, and Australian dollars (“2012 Amended Revolving Credit Facility”). Our obligations under the Amended Credit Facility were guaranteed by certain of Sealed Air’s subsidiaries and secured by pledges of certain assets and the capital stock of certain subsidiaries. | |||||||||
The 2012 Amended Term Loan A Facility and the Amended Revolving Credit Facility each had a five-year term with final maturity in October 2016 and bore interest at either LIBOR or the base rate (or an equivalent rate in the relevant currency) plus 250 basis points (bps) per annum in the case of LIBOR loans and 150 bps per annum in the case of base rate loans. The 2012 Amended Term Loan B Facility had a seven-year term with final maturity in October 2018. | |||||||||
In connection with the sale of Diversey Japan, we prepaid $90 million and refinanced the remaining principal amount of $80 million of Japanese yen denominated balances owned of the original Term Loan A. As a result, we accelerated $1 million of original unamortized lender fees included as a reduction of the pre-tax gain on the sale of Diversey Japan. We prepaid $95 million of euro and U.S. dollar denominated portions of the original Term Loan A. | |||||||||
We prepaid $1.1 billion and refinanced the remaining principal amount of $801 million of the euro and U.S. dollar denominated portions of the original Term Loan B at 99.75% of the face value. As a result, we accelerated unamortized original issuance discounts of $9 million and unamortized lender fees of $7 million, which are included in loss on debt redemption on our consolidated statements of operations. We also recorded new original issuance discount and non-lender fees for a total of $2 million, which are included in the carrying amount of the debt instruments. In addition, we recorded $7 million of non-lender fees related to the transactions mentioned above. Those fees are included in loss on debt redemption on our consolidated statements of operations. | |||||||||
The amortization expense of the original issuance discount and lender and non-lender fees is calculated using the effective interest rate method over the lives of the respective debt instruments. Total amortization expense in 2012 related to the debt instruments above was $23 million and is included in interest expense on our consolidated statements of operations. | |||||||||
There were no amounts outstanding under the Amended Revolving Credit Facility at December 31, 2013 and 2012. | |||||||||
Lines of Credit | |||||||||
The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the Revolving Credit Facility discussed above, and the amounts available under our accounts receivable securitization programs. We are not subject to any material compensating balance requirements in connection with our lines of credit. | |||||||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Used lines of credit (1) | $ | 130.4 | $ | 81.6 | |||||
Unused lines of credit | 1,101.70 | 1,224.00 | |||||||
Total available lines of credit(2) | $ | 1,232.10 | $ | 1,305.60 | |||||
(1) | Includes total borrowings under the AR securitization programs, the revolving credit facility and borrowings under lines of credit available to several foreign subsidiaries. | ||||||||
(2) | Of the total available lines of credit, $892 million were committed as of December 31, 2014. | ||||||||
Covenants | |||||||||
Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The Amended Credit Facility contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Credit Facility). We were in compliance with the above financial covenants and limitations at December 31, 2014 and 2013. | |||||||||
Debt Maturities | |||||||||
The following table summarizes the scheduled annual maturities for the next five years and thereafter of our long-term debt, including the current portion of long-term debt. This schedule excludes debt discounts, interest rate swaps and lender fees. | |||||||||
Year | Amount | ||||||||
(in millions) | |||||||||
2015 | $ | 1.1 | |||||||
2016 | 46.9 | ||||||||
2017 | 322.9 | ||||||||
2018 | 72.8 | ||||||||
2019 | 950.5 | ||||||||
Thereafter | 2,901.50 | ||||||||
Total | $ | 4,295.70 | |||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Derivatives and Hedging Activities | Note 12 Derivatives and Hedging Activities | ||||||||||||||||
We report all derivative instruments on our consolidated balance sheets at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes. | |||||||||||||||||
As a large global organization, we face exposure to market risks, such as fluctuations in foreign currency exchange rates and interest rates. To manage the volatility relating to these exposures, we enter into various derivative instruments from time to time under our risk management policies. We designate derivative instruments as hedges on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments offset in part or in whole corresponding changes in the fair value or cash flows of the underlying exposures being hedged. We assess the initial and ongoing effectiveness of our hedging relationships in accordance with our policy. We do not purchase, hold or sell derivative financial instruments for trading purposes. Our practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if we determine the underlying forecasted transaction is no longer probable of occurring. | |||||||||||||||||
Foreign Currency Forward Contracts Designated as Cash Flow Hedges | |||||||||||||||||
The primary purposes of our cash flow hedging activities are to manage the potential changes in value associated with the amounts receivable or payable on equipment and raw material purchases that are denominated in foreign currencies in order to minimize the impact of the changes in foreign currencies. We record gains and losses on foreign currency forward contracts qualifying as cash flow hedges in other comprehensive income to the extent that these hedges are effective and until we recognize the underlying transactions in net earnings, at which time we recognize these gains and losses in other expense, net, on our consolidated statements of operations. | |||||||||||||||||
Net unrealized after tax gains (losses) related to these contracts that were included in other comprehensive income for the years ended December 31, 2014 and 2013 were immaterial. The unrealized amounts in other comprehensive income will fluctuate based on changes in the fair value of open contracts during each reporting period. | |||||||||||||||||
Foreign Currency Forward Contracts Not Designated as Hedges | |||||||||||||||||
Our subsidiaries have foreign currency exchange exposure from buying and selling in currencies other than their functional currencies. The primary purposes of our foreign currency hedging activities are to manage the potential changes in value associated with the amounts receivable or payable on transactions denominated in foreign currencies and to minimize the impact of the changes in foreign currencies related to foreign currency denominated interest-bearing intercompany loans and receivables and payables. The changes in fair value of these derivative contracts are recognized in other expense, net, on our consolidated statements of operations and are largely offset by the remeasurement of the underlying foreign currency denominated items indicated above. These contracts generally have original maturities of less than 12 months. | |||||||||||||||||
Interest Rate Swaps | |||||||||||||||||
From time to time, we may use interest rate swaps to manage our mix of fixed and floating interest rates on our outstanding indebtedness. | |||||||||||||||||
In the fourth quarter of 2014, we terminated the swaps that we entered into in 2013. The swaps were associated with the 6.5% Senior Notes although the 6.5% Senior Notes remained outstanding. The termination resulted in a $3 million gain, which is being amortized over the remaining life of the 6.5% Senior Note and included in interest expense on our consolidated statement of operations. | |||||||||||||||||
In the third quarter of 2012, we terminated the swaps linked to the 12% Senior Notes, although the 12% Senior Notes remained outstanding. We received cash proceeds of $2 million resulting from the gain on the termination of the swaps, which was amortized over the remaining life of the 12% Senior Notes. At December 31, 2012, we had no interest rate swaps outstanding. | |||||||||||||||||
As a result of our interest rate swap agreements, interest expense was reduced by $2 million in 2014, less than $1 million in 2013 and $1 million in 2012. | |||||||||||||||||
Interest Rate and Currency Swaps | |||||||||||||||||
In connection with exercising the $100 million delayed draw under the senior secured credit facility, we entered into a series of interest rate and currency swaps in a notional amount of $100 million. These swaps convert the U.S. dollar denominated variable rate obligation under the credit facility into a fixed Brazilian real denominated obligation. The delayed draw and the interest rate and currency swaps are used to fund expansion and general corporate purposes of our Brazilian subsidiaries. | |||||||||||||||||
Other Derivative Instruments | |||||||||||||||||
We may use other derivative instruments from time to time, such as foreign exchange options to manage exposure to foreign exchange rates and interest rate and currency swaps related to access to international financing transactions. These instruments can potentially limit foreign exchange exposure by swapping borrowings denominated in one currency for borrowings denominated in another currency. At December 31, 2014, 2013 and 2012, we had no foreign exchange options outstanding. | |||||||||||||||||
See Note 13, “Fair Value Measurements and Other Financial Instruments,” for a discussion of the inputs and valuation techniques used to determine the fair value of our outstanding derivative instruments. | |||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||
The following table details the fair value of our derivative instruments included on our consolidated balance sheets. | |||||||||||||||||
Fair Value of Asset | Fair Value of (Liability) | ||||||||||||||||
Derivatives (1) | Derivatives (1) | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts (cash flow hedges) | $ | 4.3 | $ | 3.4 | $ | (0.4 | ) | $ | (1.4 | ) | |||||||
Interest rate swaps (fair value hedges) | — | — | — | (1.0 | ) | ||||||||||||
Interest rate and currency swaps (cash flow hedges) | 17.8 | — | — | — | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts | 41.3 | 7.1 | (67.6 | ) | (49.1 | ) | |||||||||||
Total | $ | 63.4 | $ | 10.5 | $ | (68.0 | ) | $ | (51.5 | ) | |||||||
(1) | Asset derivatives are included in other assets and liability derivatives are included in other liabilities. | ||||||||||||||||
The following table details the effect of our derivative instruments on our consolidated statements of operations. | |||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||
Earnings on Derivatives | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts (cash flow hedges)(1) | $ | 1.9 | $ | 2.7 | $ | (0.1 | ) | ||||||||||
Interest rate and currency swaps (cash flow hedges)(2) | 13.5 | — | — | ||||||||||||||
Treasury locks (cash flow hedges)(3) | 0.1 | 0.1 | 1.7 | ||||||||||||||
Sub-total cash flow hedges | 15.5 | 2.8 | 1.6 | ||||||||||||||
Interest rate swaps (fair value hedges) | 1.8 | — | 1 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts | (15.2 | ) | (8.5 | ) | 4.6 | ||||||||||||
Total | $ | 2.1 | $ | (5.7 | ) | $ | 7.2 | ||||||||||
-1 | Amounts recognized on the foreign currency forward contracts were included in other income (expense), net. | ||||||||||||||||
— | Amounts recognized on the interest rate and currency swaps included a $16.5 million gain which offset a loss on the remeasurement of the hedged debt, which is included in other income (expense), net and interest expense of $3 million related to the hedge of the interest payments. | ||||||||||||||||
-2 | Amounts recognized on the treasury locks were included in interest expense. | ||||||||||||||||
Fair_Value_Measurements_and_Ot
Fair Value Measurements and Other Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements and Other Financial Instruments | Note 13 Fair Value Measurements and Other Financial Instruments | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The fair value of our financial instruments, using the fair value hierarchy under U.S. GAAP detailed in “Fair Value Measurements,” of Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards,” are included in the table below. | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
(In millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash equivalents | $ | 64.7 | $ | — | $ | 64.7 | $ | — | |||||||||
Derivative financial instruments net asset (liability): | |||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | — | |||||||||
Foreign currency forward contracts | $ | (22.4 | ) | $ | — | $ | (22.4 | ) | $ | — | |||||||
Interest rate and currency swaps | $ | 17.8 | $ | — | $ | 17.8 | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
(In millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash equivalents | $ | 491.9 | $ | — | $ | 491.9 | $ | — | |||||||||
Derivative financial instruments net asset (liability): | |||||||||||||||||
Interest rate swaps | $ | (1.0 | ) | $ | — | $ | (1.0 | ) | $ | — | |||||||
Foreign currency forward contracts | $ | (40.0 | ) | $ | — | $ | (40.0 | ) | $ | — | |||||||
Cash Equivalents | |||||||||||||||||
Our cash equivalents at December 31, 2014 and 2013 consisted of commercial paper and time deposits (fair value determined using Level 2 inputs). Since these are short-term highly liquid investments with original maturities of three months or less at the date of purchase, they present negligible risk of changes in fair value due to changes in interest rates. | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
Our foreign currency forward contracts are recorded at fair value on our consolidated balance sheets using an income approach valuation technique based on observable market inputs (Level 2). | |||||||||||||||||
Observable market inputs used in the calculation of the fair value of foreign currency forward contracts include foreign currency spot and forward rates obtained from an independent third party market data provider. In addition, other pricing data quoted by various banks and foreign currency dealers involving identical or comparable instruments are included. | |||||||||||||||||
Counterparties to these foreign currency forward contracts and interest rate swaps are rated at least A- by Standard & Poor’s and Baa1 by Moody’s. Credit ratings on some of our counterparties may change during the term of our financial instruments. We closely monitor our counterparties’ credit ratings and if necessary, will make any appropriate changes to our financial instruments. The fair value generally reflects the estimated amounts that we would receive or pay to terminate the contracts at the reporting date. | |||||||||||||||||
Other Financial Instruments | |||||||||||||||||
The following financial instruments are recorded at fair value or at amounts that approximate fair value: (1) trade receivables, net, (2) certain other current assets, (3) accounts payable and (4) other current liabilities. The carrying amounts reported on our consolidated balance sheets for the above financial instruments closely approximate their fair value due to the short-term nature of these assets and liabilities. | |||||||||||||||||
Other liabilities that are recorded at carrying value on our consolidated balance sheets include our senior notes. We utilize a market approach to calculate the fair value of our senior notes. Due to their limited investor base and the face value of some of our senior notes, they may not be actively traded on the date we calculate their fair value. Therefore, we may utilize prices and other relevant information generated by market transactions involving similar securities, reflecting U.S. Treasury yields to calculate the yield to maturity and the price on some of our senior notes. These inputs are provided by an independent third party and are considered to be Level 2 inputs. | |||||||||||||||||
We derive our fair value estimates of our various other debt instruments by evaluating the nature and terms of each instrument, considering prevailing economic and market conditions, and examining the cost of similar debt offered at the balance sheet date. We also incorporated our credit default swap rates and currency specific swap rates in the valuation of each debt instrument, as applicable. | |||||||||||||||||
These estimates are subjective and involve uncertainties and matters of significant judgment, and therefore we cannot determine them with precision. Changes in assumptions could significantly affect our estimates. | |||||||||||||||||
The table below shows the carrying amounts and estimated fair values of our total debt: | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
(In millions) | Amount | Value | Amount | Value | |||||||||||||
12% Senior Notes due February 2014 | $ | — | $ | — | $ | 150.3 | $ | 150.6 | |||||||||
Term Loan A Facility due July 2017 | 249.7 | 249.7 | — | — | |||||||||||||
Term Loan A Facility due July 2019 (October 2016 prior to | 1,129.40 | 1,129.40 | 684.5 | 684.5 | |||||||||||||
refinance) | |||||||||||||||||
Term Loan B Facility | — | — | 681.6 | 681.6 | |||||||||||||
8.125% Senior Notes due September 2019 | — | — | 750 | 841.4 | |||||||||||||
6.50% Senior Notes due December 2020 | 428.1 | 469.7 | 424.1 | 456.7 | |||||||||||||
8.375% Senior Notes due September 2021 | 750 | 843.3 | 750 | 853.1 | |||||||||||||
4.875% Senior Notes due December 2022 | 425 | 423.3 | — | — | |||||||||||||
5.25% Senior Notes due April 2023 | 425 | 429.6 | 425 | 414.7 | |||||||||||||
5.125% Senior Notes due December 2024 | 425 | 428.5 | — | — | |||||||||||||
6.875% Senior Notes due July 2033 | 448.7 | 462.9 | 448.6 | 431.2 | |||||||||||||
Other foreign loans | 73.9 | 73.8 | 85 | 84.9 | |||||||||||||
Other domestic loans(1) | 59.2 | 59.2 | 0.4 | 0.4 | |||||||||||||
Total debt | $ | 4,414.00 | $ | 4,569.40 | $ | 4,399.50 | $ | 4,599.10 | |||||||||
(1) | Includes borrowings denominated in currencies other than U.S. dollars. | ||||||||||||||||
As of December 31, 2014, we did not have any non–financial assets and liabilities that were carried at fair value on a recurring basis in the consolidated financial statements or for which a fair value measurement was required. Included among our non-financial assets and liabilities that are not required to be measured at fair value on a recurring basis are inventories, net property and equipment, goodwill, intangible assets and asset retirement obligations. | |||||||||||||||||
Credit and Market Risk | |||||||||||||||||
Financial instruments, including derivatives, expose us to counterparty credit risk for nonperformance and to market risk related to changes in interest or currency exchange rates. We manage our exposure to counterparty credit risk through specific minimum credit standards, establishing credit limits, diversification of counterparties, and procedures to monitor concentrations of credit risk. | |||||||||||||||||
We do not expect any of our counterparties in derivative transactions to fail to perform as it is our policy to have counterparties to these contracts that are rated at least BBB- or higher by Standard & Poor’s and Baa3 or higher by Moody’s. Nevertheless, there is a risk that our exposure to losses arising out of derivative contracts could be material if the counterparties to these agreements fail to perform their obligations. We will replace counterparties if a credit downgrade is deemed to increase our risk to unacceptable levels. | |||||||||||||||||
We regularly monitor the impact of market risk on the fair value and cash flows of our derivative and other financial instruments considering reasonably possible changes in interest and currency exchange rates and restrict the use of derivative financial instruments to hedging activities. We do not use derivative financial instruments for trading or other speculative purposes and do not use leveraged derivative financial instruments. | |||||||||||||||||
We continually monitor the creditworthiness of our diverse base of customers to which we grant credit terms in the normal course of business and generally do not require collateral. We consider the concentrations of credit risk associated with our trade accounts receivable to be commercially reasonable and believe that such concentrations do not leave us vulnerable to significant risks of near-term severe adverse impacts. The terms and conditions of our credit sales are designed to mitigate concentrations of credit risk with any single customer. Our sales are not materially dependent on a single customer or a small group of customers. | |||||||||||||||||
Profit_Sharing_Retirement_Savi
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans | Note 14 Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans | ||||||||||||||||||||||||||||||||||||
Profit Sharing and Retirement Savings Plans | |||||||||||||||||||||||||||||||||||||
We have a qualified non-contributory profit sharing plan covering most of our U.S. employees. Contributions to this plan, which are made at the discretion of our Board of Directors, may be made in cash, shares of our common stock, or in a combination of cash and shares of our common stock. We also maintain qualified contributory retirement savings plans in which most of our U.S. employees are eligible to participate. The qualified contributory retirement savings plans generally provide for our contributions in cash based upon the amount contributed to the plans by the participants. | |||||||||||||||||||||||||||||||||||||
Our contributions to or provisions for the profit sharing plan and retirement savings plans are charged to operations and amounted to $50 million in 2014, $51 million in 2013, and $33 million in 2012. In 2014, 1.0 million shares were contributed as part of our contribution to the 2013 profit sharing plan; in 2013, 0.9 million shares were contributed as part of our contribution to the 2012 profit sharing plan, and in 2012, 0.9 million shares were contributed as part of our contribution to the 2011 profit sharing plan. These shares were issued out of treasury stock. | |||||||||||||||||||||||||||||||||||||
We have various international defined contribution benefit plans which cover certain employees. We have expanded use of these plans in select countries where they have been used to supplement or replace defined benefit plans. | |||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||||||||||||||
We recognize the funded status of each defined pension benefit plan measured as the difference between the fair value of plan assets and the projected benefit obligations of the employee benefit plans on the consolidated balance sheet, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability on our consolidated balance sheets. Subsequent changes in the funded status are recorded in unrecognized pension items, a component of accumulated other comprehensive loss, that is included in total stockholders’ equity. The amount of unamortized pension items is recorded net of tax. The measurement date used by us to determine the projected benefit obligation and plan assets is December 31 for all material plans (November 30 for non-material plans). | |||||||||||||||||||||||||||||||||||||
We have amortized actuarial gains or losses over the average future working lifetime (or remaining lifetime of inactive participants if there are no active participants). We have used the corridor method, where the corridor is the greater of ten percent of the projected benefit obligation or fair value of assets at year end. If actuarial gains or losses do not exceed the corridor, then there is no amortization of gain or loss. | |||||||||||||||||||||||||||||||||||||
The following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations: | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||||||||||||
U.S. and non-U.S. net periodic benefit cost included in | $ | 5.6 | $ | 5.8 | $ | 6.1 | |||||||||||||||||||||||||||||||
cost of sales | |||||||||||||||||||||||||||||||||||||
U.S. and non-U.S. net periodic benefit cost included in | 10.6 | 11.2 | 12.1 | ||||||||||||||||||||||||||||||||||
selling, general and administrative expenses | |||||||||||||||||||||||||||||||||||||
Total benefit cost (income) | $ | 16.2 | $ | 17 | $ | 18.2 | |||||||||||||||||||||||||||||||
The amount recorded in inventory as of December 31, 2014, 2013 and 2012 was not material. | |||||||||||||||||||||||||||||||||||||
A number of our U.S. employees, including some employees who are covered by collective bargaining agreements, participate in defined benefit pension plans. Some of our non-U.S. employees participate in defined benefit pension plans in their respective countries. The following table presents our funded status for 2014 and 2013 for our U.S. and non-U.S. pension plans. The measurement date used by us to determine the projected benefit obligation and plan assets is December 31 for all material plans (November 30 for non-material plans): | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of | $ | 192.2 | $ | 1,070.40 | $ | 1,262.60 | $ | 210.1 | $ | 1,011.80 | $ | 1,221.90 | |||||||||||||||||||||||||
Period | |||||||||||||||||||||||||||||||||||||
Service cost | 1.1 | 8.9 | 10 | 1.3 | 11 | 12.3 | |||||||||||||||||||||||||||||||
Interest cost | 8.7 | 39.3 | 48 | 7.9 | 35.5 | 43.4 | |||||||||||||||||||||||||||||||
Actuarial loss (gain) | 31.4 | 186.5 | 217.9 | (11.3 | ) | 34 | 22.7 | ||||||||||||||||||||||||||||||
Settlement/curtailment | — | (9.6 | ) | (9.6 | ) | (7.1 | ) | (5.6 | ) | (12.7 | ) | ||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (36.6 | ) | (48.6 | ) | (8.7 | ) | (32.3 | ) | (41.0 | ) | |||||||||||||||||||||||||
Employee contributions | — | 3.4 | 3.4 | — | 3.6 | 3.6 | |||||||||||||||||||||||||||||||
Other | — | 0.2 | 0.2 | — | 0.4 | 0.4 | |||||||||||||||||||||||||||||||
Foreign exchange impact | — | (115.6 | ) | (115.6 | ) | — | 12 | 12 | |||||||||||||||||||||||||||||
Projected benefit obligation at end of period | 221.4 | 1,146.90 | 1,368.30 | 192.2 | 1,070.40 | 1,262.60 | |||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | 177.4 | 845.8 | 1,023.20 | 177.6 | 784 | 961.6 | |||||||||||||||||||||||||||||||
Actual gain on plan assets | 14.4 | 106.8 | 121.2 | 14.7 | 56.3 | 71 | |||||||||||||||||||||||||||||||
Employer contributions | 2.6 | 33.5 | 36.1 | 0.2 | 34.1 | 34.3 | |||||||||||||||||||||||||||||||
Employee contributions | — | 3.4 | 3.4 | — | 3.6 | 3.6 | |||||||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (36.6 | ) | (48.6 | ) | (8.7 | ) | (32.3 | ) | (41.0 | ) | |||||||||||||||||||||||||
Settlement/curtailment | — | (9.6 | ) | (9.6 | ) | (7.1 | ) | (5.5 | ) | (12.6 | ) | ||||||||||||||||||||||||||
Other | (0.9 | ) | 2.6 | 1.7 | 0.7 | (1.1 | ) | (0.4 | ) | ||||||||||||||||||||||||||||
Foreign exchange impact | — | (82.4 | ) | (82.4 | ) | — | 6.7 | 6.7 | |||||||||||||||||||||||||||||
Fair value of plan assets at end of period | 181.5 | 863.5 | 1,045.00 | 177.4 | 845.8 | 1,023.20 | |||||||||||||||||||||||||||||||
Underfunded status at end of year | $ | (39.9 | ) | $ | (283.4 | ) | $ | (323.3 | ) | $ | (14.8 | ) | $ | (224.6 | ) | $ | (239.4 | ) | |||||||||||||||||||
Amounts included on the consolidated balance sheets consisted of: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Other assets | $ | — | $ | 24.8 | $ | 24.8 | $ | — | $ | 21.7 | $ | 21.7 | |||||||||||||||||||||||||
Other current liabilities | — | (4.1 | ) | (4.1 | ) | — | (4.6 | ) | (4.6 | ) | |||||||||||||||||||||||||||
Other liabilities | (39.9 | ) | (304.1 | ) | (344.0 | ) | (14.8 | ) | (241.7 | ) | (256.5 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (39.9 | ) | $ | (283.4 | ) | $ | (323.3 | ) | $ | (14.8 | ) | $ | (224.6 | ) | $ | (239.4 | ) | |||||||||||||||||||
The following table shows the components of our net periodic benefit cost (income) for the three years ended December 31, for our pension plans charged to operations: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | U.S. | International | Total | ||||||||||||||||||||||||||||
Components of net periodic | |||||||||||||||||||||||||||||||||||||
benefit cost or (income): | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 8.9 | $ | 10 | $ | 1.3 | $ | 11 | $ | 12.3 | $ | 1.2 | $ | 14.9 | $ | 16.1 | |||||||||||||||||||
Interest cost | 8.7 | 39.3 | 48 | 7.9 | 35.5 | 43.4 | 9.3 | 37.3 | 46.6 | ||||||||||||||||||||||||||||
Expected return on plan assets | (11.2 | ) | (42.9 | ) | (54.1 | ) | (11.1 | ) | (38.1 | ) | (49.2 | ) | (11.2 | ) | (41.6 | ) | (52.8 | ) | |||||||||||||||||||
Amortization of net prior service cost | — | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 | 0.2 | 0.1 | 0.3 | ||||||||||||||||||||||||||||
Amortization of net actuarial loss | 0.8 | 9.1 | 9.9 | 2.2 | 7.8 | 10 | 1.8 | 5 | 6.8 | ||||||||||||||||||||||||||||
Net periodic benefit cost (income) | (0.6 | ) | 14.5 | 13.9 | 0.5 | 16.4 | 16.9 | 1.3 | 15.7 | 17 | |||||||||||||||||||||||||||
Cost (income) of settlement | — | 2.3 | 2.3 | (0.7 | ) | 0.8 | 0.1 | (0.9 | ) | 2.1 | 1.2 | ||||||||||||||||||||||||||
Total benefit cost (income) | $ | (0.6 | ) | $ | 16.8 | $ | 16.2 | $ | (0.2 | ) | $ | 17.2 | $ | 17 | $ | 0.4 | $ | 17.8 | $ | 18.2 | |||||||||||||||||
The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2014 and 2013 are: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Unrecognized prior service costs | $ | — | $ | 0.5 | $ | 0.5 | $ | 0.2 | $ | 0.6 | $ | 0.8 | |||||||||||||||||||||||||
Unrecognized net actuarial loss | 29.6 | 278.5 | 308.1 | 2.1 | 195.2 | 197.3 | |||||||||||||||||||||||||||||||
Total | $ | 29.6 | $ | 279 | $ | 308.6 | $ | 2.3 | $ | 195.8 | $ | 198.1 | |||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive loss (income) at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Current year actuarial loss (gain) | $ | 28.3 | $ | 122.5 | $ | 150.8 | $ | (14.9 | ) | $ | 16.2 | $ | 1.3 | ||||||||||||||||||||||||
Amortization of actuarial loss | (0.8 | ) | (9.1 | ) | (9.9 | ) | (2.2 | ) | (7.9 | ) | (10.1 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | (0.1 | ) | — | (0.1 | ) | (0.2 | ) | (0.2 | ) | (0.4 | ) | ||||||||||||||||||||||||||
Settlement/curtailment loss (gain) | — | (2.1 | ) | (2.1 | ) | 0.8 | (0.8 | ) | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Effects of changes in foreign currency exchange rates | — | (28.1 | ) | (28.1 | ) | — | 3.9 | 3.9 | |||||||||||||||||||||||||||||
Total recognized in other comprehensive (income) loss | $ | 27.4 | $ | 83.2 | $ | 110.6 | $ | (16.5 | ) | $ | 11.2 | $ | (5.3 | ) | |||||||||||||||||||||||
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during 2015 are as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | ||||||||||||||||||||||||||||||||||
Unrecognized prior service costs | $ | 0.1 | $ | - | $ | 0.1 | |||||||||||||||||||||||||||||||
Unrecognized net actuarial loss | 2 | 9.4 | 11.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 2.1 | $ | 9.4 | $ | 11.5 | |||||||||||||||||||||||||||||||
Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 218 | $ | 908.3 | $ | 1,126.30 | $ | 189.2 | $ | 829.3 | $ | 1,018.50 | |||||||||||||||||||||||||
Fair value of plan assets | 181.7 | 643.8 | 825.5 | 177.4 | 617.5 | 794.9 | |||||||||||||||||||||||||||||||
Actuarial Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations at December 31, 2014 and 2013 were as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | U.S. | International | |||||||||||||||||||||||||||||||||
Benefit obligations | |||||||||||||||||||||||||||||||||||||
Discount rate | 3.9 | % | 2.7 | % | 4.6 | % | 3.8 | % | |||||||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 2.7 | % | 3 | % | 2.9 | % | |||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost for the three years ended December 31, were as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | U.S. | International | U.S. | International | |||||||||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.6 | % | 3.8 | % | 3.8 | % | 3.7 | % | 4.6 | % | 4.3 | % | |||||||||||||||||||||||||
Expected long-term rate of return | 6.5 | % | 5.2 | % | 6.5 | % | 5 | % | 6.7 | % | 5.9 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 2.9 | % | 3.5 | % | 2.8 | % | 3.5 | % | 2.8 | % | |||||||||||||||||||||||||
In 2014, we adopted the Society of Actuaries Retirement Plan 2014 (RP-2014) table with Mortality Projection 2014 (MP-2014) improvement scale for all of our U.S. plans. | |||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||||||||||||||
We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated: | |||||||||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | ||||||||||||||||||||||||||||||||||
Year | |||||||||||||||||||||||||||||||||||||
2015 | $ | 11.1 | $ | 34.3 | $ | 45.4 | |||||||||||||||||||||||||||||||
2016 | 12.7 | 33.2 | 45.9 | ||||||||||||||||||||||||||||||||||
2017 | 12.6 | 35.1 | 47.7 | ||||||||||||||||||||||||||||||||||
2018 | 12.6 | 36.4 | 49 | ||||||||||||||||||||||||||||||||||
2019 | 13 | 37.5 | 50.5 | ||||||||||||||||||||||||||||||||||
Thereafter | 62.5 | 216.9 | 279.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 124.5 | $ | 393.4 | $ | 517.9 | |||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||||||
We review the expected long-term rate of return on plan assets annually, taking into consideration our asset allocation, historical returns, and the current economic environment. The expected return on plan assets is calculated based on the fair value of plan assets at year end. To determine the expected return on plan assets, expected cash flows have been taken into account. | |||||||||||||||||||||||||||||||||||||
Our long-term objectives for plan investments are to ensure that (a) there is an adequate level of assets to support benefit obligations to participants over the life of the plans, (b) there is sufficient liquidity in plan assets to cover current benefit obligations, and (c) there is a high level of investment return consistent with a prudent level of investment risk. The investment strategy is focused on a long-term total return in excess of a pure fixed income strategy with short-term volatility less than that of a pure equity strategy. To accomplish this objective, we cause assets to be invested primarily in a diversified mix of equity and fixed income investments. For U.S. plans, the target asset allocation will typically be 40-50% in equity securities, with a maximum equity allocation of 70%, and 50-60% in fixed income securities, with a minimum fixed income allocation of 30% including cash. | |||||||||||||||||||||||||||||||||||||
The fair values of our U.S. and non-U.S. pension plan assets, by asset category and by the level of fair values are as follows: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Total | Total | ||||||||||||||||||||||||||||||||||||
(In millions) | Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Cash and cash equivalents(1) | $ | 9.6 | $ | 4.8 | $ | 4.8 | $ | — | $ | 10.8 | $ | 6.7 | $ | 4.1 | $ | — | |||||||||||||||||||||
Fixed income funds(2) | 495.2 | — | 495.2 | — | 497.4 | — | 497.4 | — | |||||||||||||||||||||||||||||
Equity funds(3) | 392.8 | — | 392.8 | — | 418.2 | — | 418.2 | — | |||||||||||||||||||||||||||||
Other(4) | 147.4 | — | 24.2 | 123.2 | 96.8 | — | 9.3 | 87.5 | |||||||||||||||||||||||||||||
Total | $ | 1,045.00 | $ | 4.8 | $ | 917 | $ | 123.2 | $ | 1,023.20 | $ | 6.7 | $ | 929 | $ | 87.5 | |||||||||||||||||||||
(1) | Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, government securities, commercial paper, and time deposits. | ||||||||||||||||||||||||||||||||||||
(2) | Fixed income funds that invest in a diversified portfolio primarily consisting of publicly traded government bonds and corporate bonds. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end. | ||||||||||||||||||||||||||||||||||||
(3) | Equity funds that invest in a diversified portfolio of publicly traded domestic and international common stock, with an emphasis in European equities. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end. | ||||||||||||||||||||||||||||||||||||
(4) | The majority of these assets are invested in real estate funds and other alternative investments. Also includes guaranteed insurance contracts, which consists of company and employee contributions and accumulated interest income at guaranteed stated interest rates and provides for benefit payments and plan expenses. | ||||||||||||||||||||||||||||||||||||
The following table shows the activity of our U.S. and non-U.S. plan assets, which are measured at fair value using Level 3 inputs. | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 87.5 | $ | 68.1 | |||||||||||||||||||||||||||||||||
Gains on assets still held at end of year | 5.3 | 0.1 | |||||||||||||||||||||||||||||||||||
Losses on assets sold during year | - | 12.9 | |||||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | 41.8 | 4 | |||||||||||||||||||||||||||||||||||
Foreign exchange (loss) gain | (11.4 | ) | 2.4 | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 123.2 | $ | 87.5 | |||||||||||||||||||||||||||||||||
Other_PostEmployment_Benefits_
Other Post-Employment Benefits and Other Employee Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||
Other Post-Employment Benefits and Other Employee Benefit Plans | Note 15 Other Post-Employment Benefits and Other Employee Benefit Plans | ||||||||||||
In addition to providing pension benefits, we provide for a portion of healthcare, dental, vision and life insurance benefits for certain retired legacy Diversey employees, primarily in North America. Covered employees retiring on or after attaining age 55 and who have rendered at least ten years of service are entitled to post-retirement healthcare, dental and life insurance benefits. These benefits are subject to deductibles, co-payment provisions and other limitations. | |||||||||||||
Contributions made by us, net of Medicare Part D subsidies received in the U.S., are reported below as benefits paid. We may change the benefits at any time. We have elected to amortize the transition obligation over a 20-year period. The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows: | |||||||||||||
Year Ended | Year Ended | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Change in benefit obligations: | |||||||||||||
Benefit obligation at beginning of period | $ | 73.1 | $ | 79.9 | |||||||||
Service cost | 0.8 | 0.9 | |||||||||||
Interest cost | 3.2 | 3 | |||||||||||
Plan participants’ contributions | — | — | |||||||||||
Actuarial loss (gain) | 7.2 | (6.0 | ) | ||||||||||
Benefits paid | (4.2 | ) | (5.2 | ) | |||||||||
Loss due to exchange rate movements | (0.5 | ) | (0.1 | ) | |||||||||
Plan amendments | 0.2 | 0.6 | |||||||||||
Benefit obligation at end of period | $ | 79.8 | $ | 73.1 | |||||||||
Change in plan assets: | |||||||||||||
Fair value of plan assets at beginning of period | $ | — | $ | — | |||||||||
Employer contribution | 4.2 | 5.2 | |||||||||||
Plan participants’ contribution | — | — | |||||||||||
Benefits paid | (4.2 | ) | (5.2 | ) | |||||||||
Fair value of plan assets at end of period | $ | — | $ | — | |||||||||
Net amount recognized: | |||||||||||||
Underfunded status | $ | (79.8 | ) | $ | (73.1 | ) | |||||||
Net amount recognized in consolidated balance sheets | |||||||||||||
consists of: | |||||||||||||
Current liability | $ | (5.3 | ) | $ | (5.7 | ) | |||||||
Noncurrent liability | (74.5 | ) | (67.4 | ) | |||||||||
Net amount recognized | $ | (79.8 | ) | $ | (73.1 | ) | |||||||
Amounts recognized in accumulated other | |||||||||||||
comprehensive income consist of: | |||||||||||||
Net actuarial loss | $ | 13.8 | $ | 6.9 | |||||||||
Prior service credit | (11.2 | ) | (12.1 | ) | |||||||||
Total | $ | 2.6 | $ | (5.2 | ) | ||||||||
The accumulated post-retirement benefit obligations were determined using a weighted-average discount rate of 3.9% at December 31, 2014 and 4.5% at December 31, 2013. The components of net periodic benefit cost for the three years ended December 31 were as follows: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Components of net periodic benefit cost: | |||||||||||||
Service cost | $ | 0.8 | $ | 0.9 | $ | 1 | |||||||
Interest cost | 3.2 | 3 | 3.3 | ||||||||||
Amortization of net loss | 0.1 | 0.4 | — | ||||||||||
Amortization of prior service credit | (0.7 | ) | (0.7 | ) | (0.9 | ) | |||||||
Net periodic benefit cost | $ | 3.4 | $ | 3.6 | $ | 3.4 | |||||||
The amounts in accumulated other comprehensive loss at December 31, 2014 that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in millions): | |||||||||||||
Actuarial loss | $ | 0.4 | |||||||||||
Prior service (credit) | (0.8 | ) | |||||||||||
Healthcare Cost Trend Rates | |||||||||||||
For the year ended December 31, 2014, healthcare cost trend rates were assumed to be 4.0% for Belgian plans, 6.8% for U.S. plans in 2014 and decreasing to 5.0% by 2022, and 6.5% for Canadian plans in 2014 decreasing to 5.0% by 2018. The assumed healthcare cost trend rate has an effect on the amounts reported for the healthcare plans. A one percentage point change on assumed healthcare cost trend rates would have the following effect for the year ended December 31, 2014 (in millions): | |||||||||||||
1% Increase | 1% Decrease | ||||||||||||
Effect on total of service and interest cost components | $ | 0.1 | $ | (0.1 | ) | ||||||||
Effect on post-retirement benefit obligation | 2.2 | (2.6 | ) | ||||||||||
The amortization of any prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plan. | |||||||||||||
Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows (in millions): | |||||||||||||
Year | Amount | ||||||||||||
2015 | $ | 5.4 | |||||||||||
2016 | 5.3 | ||||||||||||
2017 | 5.3 | ||||||||||||
2018 | 5.3 | ||||||||||||
2019 | 5.4 | ||||||||||||
Thereafter | 26 | ||||||||||||
Total | $ | 52.7 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Note 16 Income Taxes | ||||||||||||
The components of earnings (loss) from continuing operations before income tax provision, as retrospectively changed to account for our change from LIFO to FIFO, were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | (62.2 | ) | $ | (92.6 | ) | $ | (1,450.8 | ) | ||||
Foreign | 329.4 | 272.8 | (433.6 | ) | |||||||||
Total | $ | 267.2 | $ | 180.2 | $ | (1,884.4 | ) | ||||||
The components of our income tax provision (benefit), as retrospectively changed to account for our change from LIFO to FIFO, were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Current tax expense: | |||||||||||||
Federal | $ | (216.0 | ) | $ | (4.3 | ) | $ | (8.6 | ) | ||||
State and local | 0.2 | (3.9 | ) | (6.5 | ) | ||||||||
Foreign | 88.8 | 85.2 | 69 | ||||||||||
Total current | (127.0 | ) | 77 | 53.9 | |||||||||
Deferred tax expense (benefit) : | |||||||||||||
Federal | 176.8 | 4.2 | (231.8 | ) | |||||||||
State and local | (27.2 | ) | 10.4 | (24.9 | ) | ||||||||
Foreign | (13.5 | ) | (6.7 | ) | (62.6 | ) | |||||||
Total deferred tax benefit | 136.1 | 7.9 | (319.3 | ) | |||||||||
Total provision (benefit) | $ | 9.1 | $ | 84.9 | $ | (265.4 | ) | ||||||
Deferred tax assets (liabilities) consist of the following: | |||||||||||||
Year Ended | Year Ended | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Settlement agreement and related accrued interest(1) | $ | — | $ | 460.7 | |||||||||
Restructuring reserves | 4.7 | 3.1 | |||||||||||
Accruals not yet deductible for tax purposes | 56.5 | 68.3 | |||||||||||
Net operating loss carry forwards | 291.1 | 127 | |||||||||||
Foreign, federal and state credits and investment tax | 109.3 | 32.7 | |||||||||||
allowances | |||||||||||||
Employee benefit items | 163.8 | 130.6 | |||||||||||
Other | 44.1 | 20.2 | |||||||||||
Gross deferred tax assets | 669.5 | 842.6 | |||||||||||
Valuation allowance | (227.8 | ) | (240.0 | ) | |||||||||
Total deferred tax assets | 441.7 | 602.6 | |||||||||||
Depreciation and amortization | (40.0 | ) | (51.8 | ) | |||||||||
Unremitted foreign earnings | (130.0 | ) | (135.2 | ) | |||||||||
Intangibles | (214.2 | ) | (256.0 | ) | |||||||||
Other | (12.3 | ) | (21.5 | ) | |||||||||
Total deferred tax liabilities | (396.5 | ) | (464.5 | ) | |||||||||
Net deferred tax assets | $ | 45.2 | $ | 138.1 | |||||||||
(1) | The 2013 deferred tax asset reflects the cash portion of the Settlement agreement and related accrued interest and the fair market value of 18 million shares of our common stock at a post-split price of $17.86 per share based on the price when the Settlement agreement was reached in 2002. See Note 17, “Commitments and Contingencies,” for further discussion. | ||||||||||||
In assessing the need for a valuation allowance, we estimate future taxable earnings, with consideration for the feasibility of ongoing planning strategies and the realizability of tax benefit carry forwards and past operating results, to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on valuation allowances related to deferred tax assets. | |||||||||||||
The decrease in net deferred tax assets is attributable to our funding of the Settlement agreement in 2014. $209 million previously included in this category was characterized as a tax receivable. The balance is now included as part of our net operating loss carry forwards and our foreign, federal and state credits. | |||||||||||||
We have concluded that it is more likely than not that we will realize the $442 million balance of deferred tax assets at December 31, 2014, net of the valuation allowance of $228 million. The valuation allowance primarily relates to the uncertainty of utilizing the following deferred tax assets: $768 million of U.S. federal and foreign net operating loss carry forwards, or $242 million on a tax-effected basis, $95 million of foreign and federal tax credits and investment allowances, $1.6 billion of state net operating loss carry forwards, or $81 million on a tax-effected basis, and $21 million of state tax credits, or $14 million net of federal tax benefits. For the year ended December 31, 2014, the valuation allowance decreased by $12 million, primarily as a result of funding the Settlement agreement. For the year ended December 31, 2013, the valuation allowance increased by $40 million, due to an increase in our valuation allowance with respect to the deferred tax asset for the Settlement agreement, partially offset by a reduced valuation allowance related to the use of foreign tax credits and state net operating losses. | |||||||||||||
As of December 31, 2014, we have U.S. federal and foreign net operating loss carry forwards totaling $768 million that expire during the following calendar years (in millions): 2015 — $5; 2016 — $4; 2017 — $7; 2018 — $20; 2019 — $9; 2020 and beyond — $451; and no expiration — $272. The state net operating loss carryforwards totaling $1.6 billion (a deferred tax asset of $81 million) expire in various amounts over one to 20 years. | |||||||||||||
As of December 31, 2014, we have foreign and federal foreign tax credit carry forwards and investment allowances totaling $95 million that expire during the following calendar years (in millions): 2015 — $1; 2016 — $25; 2017 — $12; 2018 — $12; 2019 — $14; 2020 and beyond — $22; and no expiration — $9. The state tax credit carry forwards, totaling $21 million, expire in various amounts over one to 20 years. | |||||||||||||
Our $130 million deferred tax liability for unremitted foreign earnings relates to approximately $1 billion of our foreign subsidiaries’ accumulated earnings that we believe are not reinvested indefinitely in our business. It is not practicable to estimate the amount of tax that might be payable on the portion of those accumulated earnings that we believe are reinvested indefinitely. | |||||||||||||
Net deferred income taxes (credited) charged to stockholders’ equity were $30 million in 2014, $(7) million in 2013 and $(25) million in 2012. | |||||||||||||
During the fourth quarter of 2014, we changed the method of valuing our inventories that used the LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. The $25 million adjustment to the retained earnings balance as of January 1, 2012 was net of a $16 million tax provision. Refer to Note 2, “Summary of Significant Accounting Policies – Inventories” for a discussion of this change in accounting policy. | |||||||||||||
The U.S. federal statutory corporate tax rate reconciles to our effective income tax rate, as retrospectively changed to account for our change from LIFO to FIFO, as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal tax benefit | (2.1 | ) | (1.2 | ) | 0.5 | ||||||||
Foreign earnings taxed at lower effective rates | (15.1 | ) | (8.8 | ) | (0.2 | ) | |||||||
U.S. tax on foreign earnings | 3.9 | 4.7 | (0.6 | ) | |||||||||
Impairment | — | — | (20.0 | ) | |||||||||
Reorganization tax benefit | (0.9 | ) | (6.7 | ) | — | ||||||||
Net change in valuation allowance | (5.0 | ) | 22.4 | (2.2 | ) | ||||||||
Net change in unrecognized tax benefits | (8.7 | ) | 2 | 1.9 | |||||||||
Other | (3.7 | ) | (0.3 | ) | (0.3 | ) | |||||||
Effective income tax rate | 3.4 | % | 47.1 | % | 14.1 | % | |||||||
Unrecognized Tax Benefits | |||||||||||||
We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized (in millions): | |||||||||||||
Unrecognized tax benefits at December 31, 2013 | $ | 221.9 | |||||||||||
Additions for tax positions of current year | 5.2 | ||||||||||||
Additions for tax positions of prior years | 7.7 | ||||||||||||
Reductions for tax positions of prior years | (45.9 | ) | |||||||||||
Unrecognized tax benefits at December 31, 2014 | $ | 188.9 | |||||||||||
In 2014, we reduced our unrecognized tax benefit by $33 million, primarily due to a release of reserves in connection with funding the Settlement agreement, an amnesty program available in a foreign jurisdiction and approximately $6 million of payments made in connection with that program. | |||||||||||||
If the unrecognized tax benefits at December 31, 2014 were recognized, our income tax provision would decrease by $156 million, resulting in a substantially lower effective tax rate. It is reasonably possible that within the next 12 months our unrecognized tax benefit position will decrease by approximately $107 million. | |||||||||||||
We recognize interest and penalties related to unrecognized tax benefits in income tax provision on the consolidated statements of operations. We had a liability of approximately $27 million (of which $12 million represents penalties) at January 1, 2014 and a liability of $29 million (of which $11 million represents penalties) at December 31, 2014 for the payment of interest and penalties (before any tax benefit). In 2014, interest and penalties of $4 million were reversed in connection with the related tax accruals for uncertainties in prior years. | |||||||||||||
Income Tax Returns | |||||||||||||
The Internal Revenue Service (the “Service”) has concluded its examination of the legacy Sealed Air U.S. federal income tax returns for all years through 2008, except 2007 remains open to the extent of a capital loss carryback. Examination of legacy Diversey U.S. federal income tax returns has also been substantially completed through 2010, but the Service could challenge the Diversey U.S. income tax losses carried forward to subsequent periods. The Service is currently auditing the 2007 and 2010 consolidated U.S. federal income tax returns of legacy Sealed Air. | |||||||||||||
State income tax returns are generally subject to examination for a period of three to five years after their filing date. We have various state income tax returns in the process of examination. | |||||||||||||
Income tax returns in foreign jurisdictions have statutes of limitations generally ranging from three to five years after their filing date and except where still under examination or where we are litigating, we have generally concluded all other income tax matters globally for years through 2007. Our foreign income tax returns are under examination in various jurisdictions in which we conduct business and we are litigating certain issues in several jurisdictions. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Note 17 Commitments and Contingencies | ||||
Cryovac Transaction Commitments and Contingencies | |||||
Settlement Agreement and Related Costs | |||||
As discussed below, on February 3, 2014 (the “Effective Date”), the PI Settlement Plan (as defined below) implementing the Settlement agreement (as defined below) became effective with W. R. Grace & Co., or Grace, emerging from bankruptcy and the injunctions and releases provided by the PI Settlement Plan becoming effective. The Settlement agreement provided for resolution of current and future asbestos-related claims, fraudulent transfer claims, and successor liability claims made against the Company and our affiliates in connection with the Cryovac transaction described below, as well as indemnification claims by Fresenius Medical Care Holdings, Inc. and affiliated companies in connection with the Cryovac transaction. On the Effective Date, the Company’s subsidiary, Cryovac, Inc., made the payments contemplated by the Settlement agreement, consisting of aggregate cash payments in the amount of $929.7 million to the WRG Asbestos PI Trust (the “PI Trust”) and the WRG Asbestos PD Trust (the “PD Trust”) and the transfer of 18 million shares of Sealed Air common stock (the “Settlement Shares”) to the PI Trust, in each case reflecting adjustments made in accordance with the Settlement agreement. To fund the cash payment, we used $555 million of cash and cash equivalents and utilized borrowings of $260 million from our revolving credit facility and $115 million from our accounts receivable securitization programs. In connection with the issuance of the Settlement Shares and their transfer to the PI Trust by Cryovac, the Company entered into a Registration Rights Agreement, dated as of February 3, 2014 (the “Registration Rights Agreement”), with the PI Trust as initial holder of the Settlement Shares. In accordance with the Registration Rights Agreement, the Company filed with the SEC a shelf registration statement covering resales of the Settlement Shares on April 4, 2014, and the shelf registration statement became effective on such date. On June 13, 2014, we repurchased $130 million, or 3,932,244 shares, of common stock at a price of $33.06 per share from the PI Trust (See Note 18, ‘Stockholders’ Equity” for further details). | |||||
We are deducting the payment mentioned above in our 2014 consolidated U.S. income tax return. As a result, we have a net operating loss for U.S. tax purposes in 2014 and are carrying back, for 10 years, most of this loss. We have classified the resulting anticipated tax refund of approximately $247 million as a current income tax receivable, included in income tax receivables, in our consolidated balance sheet at December 31, 2014. | |||||
For a description of the Cryovac transaction, asbestos-related claims and the parties involved, see “Cryovac Transaction,” “Discussion of Cryovac Transaction Commitments and Contingencies,” “Fresenius Claims,” “Canadian Claims” and “Additional Matters Related to the Cryovac Transaction” below. | |||||
Cryovac Transaction | |||||
On June 30, 1998, we completed a multi-step transaction that brought the Cryovac packaging business and the former Sealed Air Corporation’s business under the common ownership of the Company. These businesses operated as subsidiaries of the Company, and the Company acted as a holding company. As part of that transaction, the parties separated the Cryovac packaging business, which previously had been held by various direct and indirect subsidiaries of the Company, from the remaining businesses previously held by the Company. The parties then arranged for the contribution of these remaining businesses to a company now known as W. R. Grace & Co., and the Company distributed the Grace shares to the Company’s stockholders. As a result, W. R. Grace & Co. became a separate publicly owned company. The Company recapitalized its outstanding shares of common stock into a new common stock and a new convertible preferred stock. A subsidiary of the Company then merged into the former Sealed Air Corporation, which became a subsidiary of the Company and changed its name to Sealed Air Corporation (US). | |||||
Discussion of Cryovac Transaction Commitments and Contingencies | |||||
In connection with the Cryovac transaction, Grace and its subsidiaries retained all liabilities arising out of their operations before the Cryovac transaction, whether accruing or occurring before or after the Cryovac transaction, other than liabilities arising from or relating to Cryovac’s operations. Among the liabilities retained by Grace are liabilities relating to asbestos-containing products previously manufactured or sold by Grace’s subsidiaries prior to the Cryovac transaction, including its primary U.S. operating subsidiary, W. R. Grace & Co. — Conn., which has operated for decades and has been a subsidiary of Grace since the Cryovac transaction. The Cryovac transaction agreements provided that, should any claimant seek to hold the Company or any of its subsidiaries responsible for liabilities retained by Grace or its subsidiaries, including the asbestos-related liabilities, Grace and its subsidiaries would indemnify and defend us. | |||||
Since the beginning of 2000, we have been served with a number of lawsuits alleging that, as a result of the Cryovac transaction, we were responsible for alleged asbestos liabilities of Grace and its subsidiaries, some of which were also named as co-defendants in some of these actions. Among these lawsuits were several purported class actions and a number of personal injury lawsuits. Some plaintiffs sought damages for personal injury or wrongful death, while others sought medical monitoring, environmental remediation or remedies related to an attic insulation product. Neither the former Sealed Air Corporation nor Cryovac, Inc. ever produced or sold any of the asbestos-containing materials that were the subjects of these cases. While the allegations in these actions directed to us varied, these actions all appeared to allege that the transfer of the Cryovac business as part of the Cryovac transaction was a fraudulent transfer or gave rise to successor liability. In the Joint Proxy Statement furnished to their respective stockholders in connection with the Cryovac transaction, both parties to the transaction stated their belief that none of the transfers contemplated to occur in the Cryovac transaction would be a fraudulent transfers and the parties’ belief that the Cryovac transaction complied with other relevant laws. However, if a court applying the relevant legal standards had reached conclusions adverse to us, these determinations could have had a materially adverse effect on our consolidated financial condition and results of operations, and we could have been required to return the property or its value to the transferor or to fund liabilities of Grace or its subsidiaries for the benefit of their creditors, including asbestos claimants. None of these cases reached resolution through judgment, settlement or otherwise. We signed the Settlement agreement, described below, that provided for the resolution of these claims. Moreover, as discussed below, Grace’s Chapter 11 bankruptcy proceeding stayed all of these cases and the orders confirming Grace’s plan of reorganization enjoined parties from prosecuting Grace-related asbestos claims against the Company. We signed the Settlement agreement, described below, that provided for the resolution of these claims. | |||||
On April 2, 2001, Grace and a number of its subsidiaries filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware (the “Bankruptcy Court”). In connection with Grace’s Chapter 11 filing and at Grace’s request, the court issued an order dated May 3, 2001, which was modified on January 22, 2002, under which the court stayed all the filed or pending asbestos actions against us and, upon filing and service on us, all future asbestos actions (collectively, the “Preliminary Injunction”). Pursuant to the Preliminary Injunction, no further proceedings involving us could occur in the actions that were stayed except upon further order of the Bankruptcy Court. Committees appointed to represent asbestos claimants in Grace’s bankruptcy case received the court’s permission to pursue fraudulent transfer and other claims against the Company and its subsidiary Cryovac, Inc., and against Fresenius. This proceeding was brought in the U.S. District Court for the District of Delaware (the “District Court”) (Adv. No. 02-02210). The claims against Fresenius were based upon a 1996 transaction between Fresenius and W. R. Grace & Co. — Conn. Fresenius is not affiliated with us. In June 2002, the court permitted the U.S. government to intervene as a plaintiff in the fraudulent transfer proceeding, so that the U.S. government could pursue allegations that environmental remediation expenses were underestimated or omitted in the solvency analyses of Grace conducted at the time of the Cryovac transaction. | |||||
On November 27, 2002, we reached an agreement in principle with the Committees prosecuting the claims against the Company and Cryovac, Inc., to resolve all current and future asbestos-related claims arising from the Cryovac transaction (as memorialized by the parties and approved by the Bankruptcy Court, the “Settlement agreement”). The parties subsequently signed the definitive Settlement agreement as of November 10, 2003 consistent with the terms of the agreement in principle, and the Settlement agreement was approved by order of the Bankruptcy Court dated June 27, 2005. The Settlement agreement called for payment of nine million shares of our common stock and $513 million in cash, plus interest on the cash payment at a 5.5% annual rate starting on December 21, 2002 and ending on the effective date of an appropriate plan of reorganization in the Grace bankruptcy, when we would be required to make the payment. These shares were subject to customary anti-dilution provisions that adjust for the effects of stock splits, stock dividends and other events affecting our common stock, and as a result, the number of shares of our common stock issued under the Settlement agreement increased to eighteen million shares upon the two-for-one stock split in March 2007. The Settlement agreement provided that, upon the effective date of the final plan of reorganization and payment of the shares and cash, all present and future asbestos-related claims against us that arise from alleged asbestos liabilities of Grace and its affiliates (including former affiliates that became our affiliates through the Cryovac transaction) would be channeled to and become the responsibility of one or more trusts established under Section 524(g) of the Bankruptcy Code. The Settlement agreement also provided for resolution of all fraudulent transfer claims against us arising from the Cryovac transaction as well as the Fresenius claims described below. The Settlement agreement provided for releases of all those claims upon payment. Under the Settlement agreement, we cannot seek indemnity from Grace for our payments required by the Settlement agreement. The order approving the Settlement agreement also provided that the Preliminary Injunction stay of proceedings involving us described above continued through the effective date of the final plan of reorganization, after which, upon implementation of the Settlement agreement, we have been released from the Grace asbestos liabilities asserted in those proceedings and their continued prosecution against us are enjoined. As more fully discussed below, the Settlement agreement became effective upon Grace’s emergence from bankruptcy pursuant to the PI Settlement Plan. Following the Effective Date, the Bankruptcy Court issued an order dismissing the proceedings pursuant to which the Preliminary Injunction was issued. | |||||
On September 19, 2008, Grace, the Official Committee of Asbestos Personal Injury Claimants, the Asbestos PI Future Claimants’ Representative, and the Official Committee of Equity Security Holders filed, as co-proponents, a plan of reorganization that incorporated a settlement of all present and future asbestos-related personal injury claims against Grace (as filed and amended from time to time, the “PI Settlement Plan”). Amended versions of the PI Settlement Plan and related exhibits and documents were filed with the Bankruptcy Court from time to time. The PI Settlement Plan provides for the establishment of two asbestos trusts under Section 524(g) of the United States Bankruptcy Code to which present and future asbestos-related personal injury and property damage claims are channeled. The PI Settlement Plan also incorporates the Settlement agreement, including our payment of the amounts contemplated by the Settlement agreement. The Bankruptcy Court entered a memorandum opinion overruling certain objections to the PI Settlement Plan on January 31, 2011, and entered orders on January 31, 2011 and February 15, 2011 (collectively with the opinion, the “Bankruptcy Court Confirmation Orders”) confirming the PI Settlement Plan and requesting that the District Court issue and affirm the Bankruptcy Court Confirmation Order, including the injunction under Section 524(g) of the Bankruptcy Code. Various parties appealed or otherwise challenged the Bankruptcy Court Confirmation Orders. On January 30, 2012 and June 11, 2012 , the District Court issued memorandum opinions and orders (collectively with the Bankruptcy Court Confirmation Orders, the “Confirmation Orders”) overruling all objections to the PI Settlement Plan and confirming the PI Settlement Plan in its entirety, including the approval and issuance of the injunctions under Section 524(g) of the Bankruptcy Code and the other injunctions, releases, and indemnifications set forth in the PI Settlement Plan and the Bankruptcy Court Confirmation Order. Five appeals to the Confirmation Orders were filed with the United States Court of Appeals for the Third Circuit (the “Third Circuit Court of Appeals”). The Third Circuit Court of Appeals dismissed or denied the appeals in separate opinions, with the final dismissal occurring on the Effective Date. On January 29, 2014, by agreement of the parties, the Bankruptcy Court dismissed with prejudice the fraudulent transfer action brought against the Company by the Committees appointed to represent asbestos claimants in Grace’s bankruptcy. Also on the Effective Date, the remaining conditions to the effectiveness of the PI Settlement Plan and the Settlement agreement were satisfied or waived by the relevant parties (including the Company), and the PI Settlement Plan implementing the Settlement agreement became effective and Grace emerged from bankruptcy on the Effective Date. In addition, under the PI Settlement Plan, the Confirmation Orders, and the Settlement agreement, Grace is required to indemnify us with respect to asbestos and certain other liabilities. Although we believe the possibility to be remote, if any courts were to refuse to enforce the injunctions or releases contained in the PI Settlement Plan and the Settlement agreement with respect to any claims, and if, in addition, Grace were unwilling or unable to defend and indemnify the Company and its subsidiaries for such claims, then we could be required to pay substantial damages, which could have a material adverse effect on our consolidated financial condition and results of operations | |||||
Fresenius Claims | |||||
In January 2002, we filed a declaratory judgment action against Fresenius Medical Care Holdings, Inc., its parent, Fresenius AG, a German company, and specified affiliates in New York State court asking the court to resolve a contract dispute between the parties. The Fresenius parties contended that we were obligated to indemnify them for liabilities that they might incur as a result of the 1996 Fresenius transaction mentioned above. The Fresenius parties’ contention was based on their interpretation of the agreements between them and W. R. Grace & Co. — Conn. in connection with the 1996 Fresenius transaction. In February 2002, the Fresenius parties announced that they had accrued a charge of $172 million for these potential liabilities, which included pre-transaction tax liabilities of Grace and the costs of defense of litigation arising from Grace’s Chapter 11 filing. We believe that we were not responsible to indemnify the Fresenius parties under the 1996 agreements and filed the action to proceed to a resolution of the Fresenius parties’ claims. In April 2002, the Fresenius parties filed a motion to dismiss the action and for entry of declaratory relief in its favor. We opposed the motion, and in July 2003, the court denied the motion without prejudice in view of the November 27, 2002 agreement in principle referred to above. On the Effective Date, and in connection with the PI Settlement Plan and the Settlement agreement, we and the Fresenius parties exchanged mutual releases, releasing us from any and all claims related to the 1996 Fresenius transaction. | |||||
Canadian Claims | |||||
In November 2004, the Company’s Canadian subsidiary Sealed Air (Canada) Co./Cie learned that it had been named a defendant in the case of Thundersky v. The Attorney General of Canada, et al. (File No. CI04-01-39818), pending in the Manitoba Court of Queen’s Bench. Grace and W. R. Grace & Co. — Conn. were also named as defendants. The plaintiff brought the claim as a putative class proceeding and sought recovery for alleged injuries suffered by any Canadian resident, other than in the course of employment, as a result of Grace’s marketing, selling, processing, manufacturing, distributing and/or delivering asbestos or asbestos-containing products in Canada prior to the Cryovac Transaction. A plaintiff filed another proceeding in January 2005 in the Manitoba Court of Queen’s Bench naming the Company and specified subsidiaries as defendants. The latter proceeding, Her Majesty the Queen in Right of the Province of Manitoba v. The Attorney General of Canada, et al. (File No. CI05-01-41069), sought the recovery of the cost of insured health services allegedly provided by the Government of Manitoba to the members of the class of plaintiffs in the Thundersky proceeding. In October 2005, we learned that six additional putative class proceedings had been brought in various provincial and federal courts in Canada seeking recovery from the Company and its subsidiaries Cryovac, Inc. and Sealed Air (Canada) Co./Cie, as well as other defendants including W. R. Grace & Co. and W. R. Grace & Co. — Conn., for alleged injuries suffered by any Canadian resident, other than in the course of employment (except with respect to one of these six claims), as a result of Grace’s marketing, selling, manufacturing, processing, distributing and/or delivering asbestos or asbestos-containing products in Canada prior to the Cryovac transaction. Grace and W. R. Grace & Co. — Conn. agreed to defend, indemnify and hold harmless the Company and its affiliates in respect of any liability and expense, including legal fees and costs, in these actions. | |||||
In April 2001, Grace Canada, Inc. had obtained an order of the Superior Court of Justice, Commercial List, Toronto (the “Canadian Court”), recognizing the Chapter 11 actions in the United States of America involving Grace Canada, Inc.’s U.S. parent corporation and other affiliates of Grace Canada, Inc., and enjoining all new actions and staying all current proceedings against Grace Canada, Inc. related to asbestos under the Companies’ Creditors Arrangement Act. That order has been renewed repeatedly. In November 2005, upon motion by Grace Canada, Inc., the Canadian Court ordered an extension of the injunction and stay to actions involving asbestos against the Company and its Canadian affiliate and the Attorney General of Canada, which had the effect of staying all of the Canadian actions referred to above. The parties finalized a global settlement of these Canadian actions (except for claims against the Canadian government). That settlement, which has subsequently been amended (the “Canadian Settlement”), will be entirely funded by Grace. The Canadian Court issued an Order on December 13, 2009 approving the Canadian Settlement. We do not have any positive obligations under the Canadian Settlement, but we are a beneficiary of the release of claims. The release in favor of the Grace parties (including us) became operative upon the effective date of a plan of reorganization in Grace’s United States Chapter 11 bankruptcy proceeding. As filed, the PI Settlement Plan contemplates that the claims released under the Canadian Settlement will be subject to injunctions under Section 524(g) of the Bankruptcy Code. As indicated above, the Bankruptcy Court entered the Bankruptcy Court Confirmation Order on January 31, 2011 and the Clarifying Order on February 15, 2011 and the District Court entered the Original District Court Confirmation Order on January 30, 2012 and the Amended District Court Confirmation Order on June 11, 2012. The Canadian Court issued an Order on April 8, 2011 recognizing and giving full effect to the Bankruptcy Court’s Confirmation Order in all provinces and territories of Canada in accordance with the Bankruptcy Court Confirmation Order’s terms. | |||||
As described above, the PI Settlement Plan became effective on February 3, 2014. In accordance with the above-mentioned December 31, 2009 order of the Canadian court, on the Effective Date the actions became permanently stayed until they are amended to remove the Grace parties as named defendants. The above-mentioned actions in the Manitoba Court of Queen’s Bench were dismissed by the Manitoba court as against the Grace parties on February 19, 2014 and it is anticipated that the remaining actions will now also be dismissed. Although we believe the possibility to be remote, if the Canadian courts refuse to enforce the final plan of reorganization in the Canadian courts, and if in addition Grace is unwilling or unable to defend and indemnify the Company and its subsidiaries in these cases, then we could be required to pay substantial damages, which we cannot estimate at this time and which could have a material adverse effect on our consolidated financial condition and results of operations. | |||||
Additional Matters Related to the Cryovac Transaction | |||||
In view of Grace’s Chapter 11 filing, we may receive additional claims asserting that we are liable for obligations that Grace had agreed to retain in the Cryovac transaction and for which we may be contingently liable. To date, we are not aware of any material claims having been asserted or threatened against us. | |||||
Final determinations and accountings under the Cryovac transaction agreements with respect to matters pertaining to the transaction had not been completed at the time of Grace’s Chapter 11 filing in 2001. We filed claims in the bankruptcy proceeding that reflect the costs and liabilities that we have incurred or may incur and that Grace and its affiliates agreed to retain or that are subject to indemnification by Grace and its affiliates under the Cryovac transaction agreements, other than payments to be made under the Settlement agreement. Grace has alleged that we are responsible for specified amounts under the Cryovac transaction agreements. On February 3, 2014, following Grace’s emergence from bankruptcy, the Company (for itself and its affiliates, collectively, the “Sealed Air Parties”) and Grace (for itself and its affiliates, collectively, the “Grace Parties”) entered into a claims settlement agreement (the “Claims Settlement”) to resolve certain of the parties’ claims against one another arising under the Cryovac transaction agreements (the “Transaction Claims”). Under the Claims Settlement, the Sealed Air Parties released and waived Transaction Claims against the Grace Parties other than asbestos-related claims, Fresenius-related claims, environmental claims, insurance claims, mass tort claims, non-monetary tax sharing agreement claims, certain claims listed in annexes to proofs of claim filed by the Sealed Air Companies in connection with the Grace bankruptcy, claims relating to certain matters described in the PI Settlement Plan, certain executory contract claims relating to certain leased sites or sites that were divided as part of the Cryovac transaction, and certain indemnification claims. Under the Claims Settlement, the Grace Parties released and waived Transaction Claims against the Sealed Air Companies other than non-monetary tax sharing agreement claims, certain executory contract claims relating to certain leased sites or sites that were divided as part of the Cryovac transaction, and certain indemnification claims. The Claims Settlement also provides that the Sealed Air Parties and the Grace Parties will share equally all fees and expenses relating to certain litigation brought by former Cryovac employees. Except to the extent that a claim is specifically referenced, the Claims Settlement does not supersede or affect the obligations of the parties under the PI Settlement Plan or our Settlement agreement. | |||||
Environmental Matters | |||||
We are subject to loss contingencies resulting from environmental laws and regulations, and we accrue for anticipated costs associated with investigatory and remediation efforts when an assessment has indicated that a loss is probable and can be reasonably estimated. These accruals are not reduced by potential insurance recoveries, if any. We do not believe that it is reasonably possible that our liability in excess of the amounts that we have accrued for environmental matters will be material to our consolidated financial condition or results of operations. Environmental liabilities are reassessed whenever circumstances become better defined or remediation efforts and their costs can be better estimated. | |||||
We evaluate these liabilities periodically based on available information, including the progress of remedial investigations at each site, the current status of discussions with regulatory authorities regarding the methods and extent of remediation and the apportionment of costs among potentially responsible parties. As some of these issues are decided (the outcomes of which are subject to uncertainties) or new sites are assessed and costs can be reasonably estimated, we adjust the recorded accruals, as necessary. We believe that these exposures are not material to our consolidated financial condition or results of operations. We believe that we have adequately reserved for all probable and estimable environmental exposures. | |||||
Guarantees and Indemnification Obligations | |||||
We are a party to many contracts containing guarantees and indemnification obligations. These contracts primarily consist of: | |||||
— | product warranties with respect to certain products sold to customers in the ordinary course of business. These warranties typically provide that products will conform to specifications. We generally do not establish a liability for product warranty based on a percentage of sales or other formula. We accrue a warranty liability on a transaction-specific basis depending on the individual facts and circumstances related to each sale. Both the liability and annual expense related to product warranties are immaterial to our consolidated financial position and results of operations; and | ||||
— | licenses of intellectual property by us to third parties in which we have agreed to indemnify the licensee against third party infringement claims. | ||||
Development Grant Matter | |||||
On May 25, 2010, one of our Italian subsidiaries received a demand from the Italian Ministry of Economic Development (the “Ministry”) for the total repayment of grant monies paid to two of our former subsidiaries in the amount of €5 million. The grant monies had previously been certified as payable by the Italian authorities and the grant process was finalized and closed in 2006. We acquired the former subsidiaries in September 2001 as part of an acquisition. The substance of the repayment demand is that the former owners of the subsidiaries made fraudulent claims and used fraudulent documents to support their grant application prior to our acquisition. There is no suggestion that we or our Italian subsidiary were directly involved in the grant process, but as purchaser of the two companies, the Ministry is seeking repayment from our Italian subsidiary. Our Italian subsidiary submitted a total denial of liability in regard to this matter on June 30, 2010. A hearing on the merits was held on July 3, 2014 and in mid-September; our subsidiary was advised that the demand for repayment of €10 million was upheld. Accordingly, we recorded a current liability and corresponding charge of $14 million related to this matter in 2014. The liability ($13 million equivalent at December 31, 2014 with accrued interest) is included in other current liabilities on the consolidated balance sheets and the charge is included in selling, general and administrative expenses on the consolidated statements of operations. The charge is treated as a special item and included in Corporate in the “Other” category for segment reporting purposes. In mid-December, 2014 we learned our application to suspend enforcement of the judgment pending appeal had been declined. A final hearing on the merits is expected to be heard in two to three years. | |||||
Other Principal Contractual Obligations | |||||
At December 31, 2014, we had other principal contractual obligations, which included agreements to purchase an estimated amount of goods, including raw materials, or services in the normal course of business, aggregating to approximately $354 million. The estimated future cash outlays are as follows: | |||||
Year | Amount | ||||
(in millions) | |||||
2015 | $ | 139.1 | |||
2016 | 87.5 | ||||
2017 | 59.4 | ||||
2018 | 44.4 | ||||
2019 | 15.6 | ||||
Thereafter | 7.7 | ||||
Total | $ | 353.7 | |||
Leases | |||||
We are obligated under the terms of various leases covering primarily warehouse and office facilities and production equipment, as well as smaller manufacturing sites that we occupy. We account for the majority of our leases as operating leases, which may include purchase or renewal options. At December 31, 2014, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows: | |||||
Year | Amount | ||||
(in millions) | |||||
2015 | $ | 57.6 | |||
2016 | 40.4 | ||||
2017 | 26.9 | ||||
2018 | 15.7 | ||||
2019 | 9.7 | ||||
Thereafter | 16.7 | ||||
Total | $ | 167 | |||
Net rental expense was $71 million in 2014, $79 million in 2013 and $84 million in 2012. | |||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Stockholders' Equity | Note 18 Stockholders’ Equity | ||||||||||||||||
Repurchase of Common Stock | |||||||||||||||||
On June 13, 2014, Sealed Air repurchased $130 million, or 3,932,244 shares, of common stock at a price of $33.06 per share from the WRG Asbestos PI Trust. As a result, our common stock in treasury increased by $130 million. The Company funded the stock repurchase with $110 million from committed credit facilities and $20 million of accumulated cash and cash equivalents. | |||||||||||||||||
On August 9, 2007, we announced that our Board of Directors had approved a share repurchase program authorizing us to repurchase in the aggregate up to 20 million shares of our issued and outstanding common stock. This program has no set expiration date. This program replaced our prior share repurchase program, which we terminated at that time. | |||||||||||||||||
In 2014, we repurchased 1,495,188 shares of our common stock for approximately $54 million under a share trading plan we entered into with two of our brokers in accordance with Rule 10b5-1 of the Securities Act of 1933, as amended, and pursuant to the share repurchase program previously approved by our Board of Directors. The Company funded the stock repurchase with cash and cash equivalents. | |||||||||||||||||
Dividends | |||||||||||||||||
The following table shows our total cash dividends paid in the three years ended December 31: | |||||||||||||||||
Total Cash Dividends | |||||||||||||||||
(In millions, except per share amounts) | Total Cash | Paid Per Common Share | |||||||||||||||
Dividends Paid | |||||||||||||||||
2012 | $ | 100.9 | $ | 0.52 | |||||||||||||
2013 | 102 | 0.52 | |||||||||||||||
2014 | 110.9 | 0.52 | |||||||||||||||
Total | $ | 313.8 | |||||||||||||||
On February 17, 2015, our Board of Directors declared a quarterly cash dividend of $0.13 per common share payable on March 20, 2015 to stockholders of record at the close of business on March 6, 2015. The estimated amount of this dividend payment is $27 million based on 210 million shares of our common stock issued and outstanding as of January 31, 2015. | |||||||||||||||||
The dividend payments discussed above are recorded as reductions to cash and cash equivalents and retained earnings on our consolidated balance sheets. Our credit facility and our notes contain covenants that restrict our ability to declare or pay dividends. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our consolidated financial condition and results of operations. There is no guarantee that our Board of Directors will declare any further dividends. | |||||||||||||||||
Common Stock | |||||||||||||||||
The following is a summary of changes during the three years ended December 31, 2014 in shares of our common stock: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Changes in common stock: | |||||||||||||||||
Number of shares, beginning of year | 205,707,580 | 204,660,621 | 202,528,616 | ||||||||||||||
Shares issued for Grace Settlement | 18,000,000 | — | — | ||||||||||||||
Shares awarded for 2011 Three-Year PSU awards | 145,597 | — | — | ||||||||||||||
Shares awarded for 2010 Three-year PSU awards | — | 472,865 | — | ||||||||||||||
Shares awarded for 2009 Three-year PSU awards | — | — | 1,155,018 | ||||||||||||||
Restricted stock shares issued for new awards under the | 572,089 | 398,230 | 703,620 | ||||||||||||||
Omnibus Incentive Plan and 2005 Contingent Stock Plan | |||||||||||||||||
Shares granted and issued under the Directors Stock Plan | 21,128 | 25,993 | 37,824 | ||||||||||||||
Restricted stock shares issued for SLO awards | 101,062 | 51,321 | 135,343 | ||||||||||||||
Shares issued for vested restricted stock units | 136,197 | 98,550 | 100,200 | ||||||||||||||
Number of shares issued, end of year | 224,683,653 | 205,707,580 | 204,660,621 | ||||||||||||||
Changes in common stock in treasury: | |||||||||||||||||
Number of shares held, beginning of year | 9,508,908 | 10,102,952 | 10,466,431 | ||||||||||||||
Purchase of shares during the period | 5,427,432 | — | — | ||||||||||||||
Profit sharing contribution partially paid in stock | (965,238 | ) | (857,754 | ) | (930,089 | ) | |||||||||||
Restricted stock, withheld or forfeited | 180,657 | 263,710 | 566,610 | ||||||||||||||
Number of shares held, end of year | 14,151,759 | 9,508,908 | 10,102,952 | ||||||||||||||
Stock Appreciation Rights (“SARs”) | |||||||||||||||||
In connection with the acquisition of Diversey, Sealed Air exchanged Diversey’s cash-settled stock appreciation rights and stock options that were unvested as of May 31, 2011 and unexercised at October 3, 2011 into cash-settled stock appreciation rights based on Sealed Air common stock. At December 31, 2014, the weighted average remaining vesting life of outstanding SARs was approximately one month. | |||||||||||||||||
Since these SARs are settled in cash, the amount of the related future expense will fluctuate based on the forfeiture activity and the changes in the assumptions used in a Black-Scholes valuation model which include Sealed Air’s stock price, risk-free interest rates, expected volatility and a dividend yield. In addition, once vested, the related expense will continue to fluctuate due to the changes in the assumptions used in the Black-Scholes valuation model for any SARs that are not exercised until their respective expiration dates, the last of which is currently in March 2021. | |||||||||||||||||
We recognized SARs expense of $8 million in the year ended December 31, 2014 related to SARs that were granted to Diversey employees who remained employees as of December 31, 2014. We recognized SARs expense of $38 million in the year ended December 31, 2013 related to SARs that were granted to Diversey employees who remained employees as of December 31, 2013. Cash payments due to the exercise of these SARs were $21 million in the year ended December 31, 2014 and $46 million in the year ended December 31, 2013. As of December 31, 2014, the remaining liability for these SARs was $21 million and is included in other current liabilities on our consolidated balance sheet. | |||||||||||||||||
In addition to the amounts discussed above, $1 million of SARs payments were recorded in the year ended December 31, 2013 due to the exercise of SARS that were part of the termination and benefit costs for employees under the IOP. This expense was included in restructuring and other charges on our consolidated statements of operations. We did not recognize any SARs-related restructuring expense in the year ended December 31, 2014 and there was no remaining liability for SARs included in the restructuring programs as of December 31, 2014. | |||||||||||||||||
2014 Omnibus Incentive Plan | |||||||||||||||||
On February 18, 2014, the Board of Directors approved, subject to stockholder approval, the Sealed Air Corporation 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”). At the Company’s annual meeting of the stockholders held on May 22, 2014, the stockholders approved the Omnibus Incentive Plan. The purpose of the Omnibus Incentive Plan is to enhance the Company’s ability to attract and retain highly qualified officers, non-employee directors, key employees, consultants and advisors, and to motivate such individuals to serve the Company and to expend maximum effort to improve the business results and earnings of the Company, by providing to those individuals an opportunity to acquire or increase a direct proprietary interest in the operations and future success of the Company. This plan also allows the Company to promote greater ownership in the Company by such individuals in order to align their interests more closely with the interests of the Company’s stockholders and will provide the Company with greater flexibility as to the types of incentive compensation awards that it may provide. Upon approval of the Omnibus Incentive Plan, the maximum number of shares of Common Stock authorized to be issued was 4,250,000, plus total shares available to be issued as of May 22, 2014 under the 2002 Directors Stock Plan, the 2005 Contingent Stock Plan and the Performance-Based Compensation Program (collectively, the “Predecessor Plans”). The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance share units, known as PSU awards, other stock awards and cash awards. The Omnibus Incentive Plan replaced the Predecessor Plans and any awards outstanding under those plans will be subject to, and be paid in accordance with, those plans. Furthermore, any shares subject to outstanding awards under the Predecessor Plans that subsequently cease to be subject to such awards will automatically become available for issuance under the Omnibus Incentive Plan. | |||||||||||||||||
For both restricted stock awards and restricted stock units awards, we record compensation expense in selling, general and administrative expenses and cost of sales on the consolidated statements of operations with a corresponding credit to additional paid-in capital within stockholders’ equity based on the fair value of our common stock at the award grant date. For cash awards, we record a liability that is reflected in other liabilities on the consolidated balance sheets and record compensation expense in selling, general and administrative expenses and cost of sales based on the fair value of the award at the end of each reporting period. The amount of the liability for cash awards is remeasured at each reporting period based on the then current stock price and the effects of the stock price changes are recognized as compensation expense. At December 31, 2014, the liability related to cash awards was $4.8 million. | |||||||||||||||||
Under our executive compensation program, we have the ability to grant to our executive officers and a small number of other key executives (1) stock leverage opportunity awards, known as SLO awards, as part of our annual incentive plan and (2) annual PSU awards, as part of our long term incentive program. Our executive officers and other key executives may also receive awards of restricted stock or restricted stock units from time to time. | |||||||||||||||||
2005 Contingent Stock Plan | |||||||||||||||||
Prior to the Omnibus Incentive Plan, the 2005 Contingent Stock Plan represented our sole long-term equity compensation program for officers and employees. The 2005 Contingent Stock Plan provided for awards of equity-based compensation, including restricted stock, restricted stock units, performance share units and cash awards measured by share price, to our executive officers and other key employees, as well as U.S.-based key consultants. During the three years ended December 31, 2014, under the 2005 Contingent Stock Plan, we granted restricted stock, restricted stock units and cash awards, in addition to the SLO and PSU awards described below. Effective May 22, 2014 no new awards were granted under the 2005 Contingent Stock Plan. | |||||||||||||||||
Directors Stock Plan | |||||||||||||||||
Prior to the Omnibus Incentive Plan, the 2002 Directors Stock Plan provided for annual grants of shares to non-employee directors, and interim grants of shares to eligible directors elected at times other than at an annual meeting, as all or part of the annual or interim retainer fees for non-employee directors. During 2002, we adopted a plan that permitted non-employee directors to elect to defer all or part of their annual retainer until the non-employee director retires from the Board of Directors. The non-employee director could elect to defer the portion of the annual retainer payable in shares of stock. If a non-employee director made this election, the non-employee director could also elect to defer the portion, if any, of the annual retainer payable in cash. Cash dividends on deferred shares are credited to the non-employee director’s deferred cash account on the applicable dividend payment date. Effective May 22, 2014 no new awards were granted under the Directors Stock Plan. | |||||||||||||||||
A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Number of shares available, beginning of year | 5,676,699 | 6,588,352 | 8,132,220 | ||||||||||||||
Newly registered shares under Omnibus Incentive Plan | 4,250,000 | — | — | ||||||||||||||
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan | (572,089 | ) | (398,230 | ) | (703,620 | ) | |||||||||||
Restricted stock units awarded | (431,987 | ) | (187,595 | ) | (191,700 | ) | |||||||||||
Restricted stock shares issued for SLO awards | (96,773 | ) | (21,505 | ) | (3,788 | ) | |||||||||||
Restricted stock units awarded for SLO awards | (48,528 | ) | (51,033 | ) | (6,795 | ) | |||||||||||
Shares issued for 2011 Two-year PSU awards | (145,597 | ) | — | — | |||||||||||||
Shares issued for 2010 Three-year PSU awards | — | (472,865 | ) | — | |||||||||||||
Shares issued for 2009 Three-year PSU awards | — | — | (1,155,018 | ) | |||||||||||||
Restricted stock shares forfeited | 106,220 | 40,100 | 41,700 | ||||||||||||||
Restricted stock units forfeited | 9,800 | 3,500 | 12,200 | ||||||||||||||
Shares withheld for taxes | 74,437 | 223,610 | 524,910 | ||||||||||||||
Director shares granted and issued | (21,128 | ) | (25,993 | ) | (37,824 | ) | |||||||||||
Director shares granted and deferred | (20,444 | ) | (21,642 | ) | (23,933 | ) | |||||||||||
Number of shares available, end of year | 8,780,610 | 5,676,699 | 6,588,352 | ||||||||||||||
Weighted average per share market value of awards on grant | $ | 32.7 | $ | 27.2 | $ | 17.19 | |||||||||||
date | |||||||||||||||||
The above table excludes approximately 4.8 million of contingently issuable shares under the PSU and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2014. | |||||||||||||||||
The following tables show the details of the non-vested awards under the Omnibus Incentive Plan and Predecessor Plans, excluding SLO and PSU awards: | |||||||||||||||||
Weighted-Average per | |||||||||||||||||
Share Market Value | |||||||||||||||||
2014 | on Grant Date | ||||||||||||||||
Number of non-vested restricted stock shares, beginning of | 1,397,350 | $ | 21.73 | ||||||||||||||
Year | |||||||||||||||||
Restricted stock shares issued for new awards during the | 572,089 | 32.64 | |||||||||||||||
year | |||||||||||||||||
Restricted stock shares vested during the year | (301,250 | ) | 27.54 | ||||||||||||||
Restricted stock shares forfeited during the year | (106,220 | ) | 22.45 | ||||||||||||||
Number of non-vested restricted stock shares, end of year | 1,561,969 | $ | 25.09 | ||||||||||||||
The non-vested restricted stock shares included above had a weighted-average remaining contractual life of approximately 1.4 years at December 31, 2014. | |||||||||||||||||
Weighted-Average per | |||||||||||||||||
Share Market Value | |||||||||||||||||
Non-vested Restricted Stock Units Awards | 2014 | on Grant Date | |||||||||||||||
Number of non-vested restricted stock units, beginning of | 506,345 | $ | 22.92 | ||||||||||||||
year | |||||||||||||||||
Restricted stock units issued for new awards during the | 431,987 | 32.2 | |||||||||||||||
year | |||||||||||||||||
Restricted stock units vested during the year | (137,197 | ) | 33.06 | ||||||||||||||
Restricted stock units forfeited during the year | (9,800 | ) | 23.89 | ||||||||||||||
Number of non-vested restricted stock units, end of year | 791,335 | $ | 27.66 | ||||||||||||||
The non-vested restricted stock units included above had a weighted-average remaining contractual life of approximately 1.6 years at December 31, 2014. | |||||||||||||||||
Non-vested Cash Awards | 2014 | ||||||||||||||||
Number of non-vested cash awards, beginning of year | 170,848 | ||||||||||||||||
Cash awards issued for new awards during the year | 127,276 | ||||||||||||||||
Cash awards vested during the year | (25,850 | ) | |||||||||||||||
Cash awards forfeited during the year | (14,500 | ) | |||||||||||||||
Number of non-vested cash awards, end of year | 257,774 | ||||||||||||||||
The non-vested cash awards included above had a weighted-average remaining contractual life of approximately 1.6 years at December 31, 2014. | |||||||||||||||||
The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit “minimum” withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards. | |||||||||||||||||
Other Common Stock Issuances | |||||||||||||||||
We have historically issued shares of our common stock under our 2005 Contingent Stock Plan to selected U.S.-based consultants as compensation under consulting agreements primarily for research and development projects. We record the cost associated with these issuances on a straight-line basis based on each of the issuances’ vesting schedule. Amortization expense related to these issuances was immaterial in each of the three years ended December 31, 2014. | |||||||||||||||||
Share-based Incentive Compensation | |||||||||||||||||
We record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our consolidated statements of operations with a corresponding credit to additional paid-in capital within stockholders’ equity based on the fair value of the share-based incentive compensation awards at the date of grant. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. For the various PSU awards programs described below, the cumulative amount accrued to date is adjusted up or down to the extent the expected performance against the targets has improved or worsened. | |||||||||||||||||
These share-based incentive compensation programs are described in more detail below. | |||||||||||||||||
The table below shows our total share-based incentive compensation expense: | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
2014 Special PSU Awards | $ | 11.8 | $ | — | $ | — | |||||||||||
2014 Three-year PSU Awards | 6.8 | — | — | ||||||||||||||
2013 Three-year PSU Awards | 8.2 | 4.4 | — | ||||||||||||||
2012 Three-year PSU Awards | 1.8 | 2.4 | 1.9 | ||||||||||||||
2011 Three-year PSU Awards | — | (1.2 | ) | 1.7 | |||||||||||||
2010 Three-year PSU Awards | — | 0.1 | 0.9 | ||||||||||||||
2013 WVH Incentive Compensation(1) | 1.3 | 2.5 | — | ||||||||||||||
2012 CEO Incentive Compensation | — | — | — | ||||||||||||||
2012 President & COO Four-year Incentive | 0.4 | 0.6 | 0.2 | ||||||||||||||
Compensation(2) | |||||||||||||||||
SLO Awards | 4.6 | 2.8 | 0.7 | ||||||||||||||
Other long-term share-based incentive compensation | 19.2 | 12.5 | 11.5 | ||||||||||||||
programs(3) | |||||||||||||||||
Total share-based incentive compensation expense(4) | $ | 54.1 | $ | 24.1 | $ | 16.9 | |||||||||||
Associated tax benefits recognized | $ | 15.7 | $ | 7.8 | $ | 6.2 | |||||||||||
(1) | On February 28, 2013, the Organization and Compensation Committee of our Board of Directors (“O&C Committee”) approved a change in the vesting policy regarding the existing 2011 Three-year PSU awards, and the newly granted 2013 three-year PSU awards, for William V. Hickey, our former Chairman and Chief Executive Officer. The approved change will result in the full vesting of the awards, rather than a pro-rata portion vesting as of the date of his retirement (May 16, 2013). Mr. Hickey’s awards will still be subject to the performance metrics stipulated in the plan documents, and will be paid-out in accordance with the original planned timing. As a result of these approved changes, the expense related to these awards was accelerated and recognized over the applicable service period up until the date of his retirement. We recognized share-based compensation expense related to these awards of $1.3 million in the year ended December 31, 2014 and $2.5 million in the year ended December 31, 2013. | ||||||||||||||||
(2) | The amount includes only the two initial equity awards. See below for further detail. | ||||||||||||||||
(3) | The amount includes the expenses associated with the restricted stock shares, restricted stock units and cash awards. | ||||||||||||||||
(4) | The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as such these contributions are not considered share-based incentive compensation. | ||||||||||||||||
The following table shows the estimated amount of total share-based incentive compensation expense expected to be recognized over the remaining respective vesting periods by program at December 31, 2014: | |||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | Total | |||||||||||||
2014 Special PSU Awards | $ | 10.7 | $ | 10.2 | $ | 4.4 | $ | 25.3 | |||||||||
2014 Three-year PSU Awards | 5.2 | 4.6 | — | 9.8 | |||||||||||||
2013 Three-year PSU Awards | 5.4 | — | — | 5.4 | |||||||||||||
2013 WVH Incentive Compensation | — | — | — | — | |||||||||||||
2012 President & COO Four-year Incentive | 0.3 | 0.2 | — | 0.5 | |||||||||||||
Compensation | |||||||||||||||||
SLO Awards | 1 | — | — | 1 | |||||||||||||
Total share-based incentive compensation expense (1) | $ | 22.6 | $ | 15 | $ | 4.4 | $ | 42 | |||||||||
-1 | The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as such these contributions are not considered share-based incentive compensation. | ||||||||||||||||
The discussion that follows provides further details of our share-based incentive compensation programs. | |||||||||||||||||
PSU Awards | |||||||||||||||||
As part of our long term incentive program adopted in 2008, during the first 90 days of each year, the Organization and Compensation Committee of our Board of Directors, or Compensation Committee, has approved PSU awards for our executive officers and other selected key executives, which include for each officer or executive a target number of shares of common stock and performance goals and measures that will determine the percentage of the target award that is earned following the end of the performance period. Following the end of the performance period, participants will also receive a cash payment in the amount of the dividends (without interest) that would have been paid during the performance period on the number of shares that they have earned. We have accrued $2 million for these dividends in other current liabilities on our consolidated balance sheet as of December 31, 2014 and $1 million as of December 31, 2013. | |||||||||||||||||
Special PSU Program for 2014 | |||||||||||||||||
During March 2014, the Compensation Committee approved a special PSU award to the executive officers and a broader group of other employees under the 2005 Contingent Stock Plan. The following summarizes the key features of the PSU awards: | |||||||||||||||||
— | the PSU awards are earned principally based on achievement of exceeding $1.7 billion of adjusted free cash flow (as defined in the award), above targets established in the Company’s three-year strategic plan, over the three-year performance period of 2014-2016. | ||||||||||||||||
— | in addition, no portion of an award is earned unless we achieve a minimum specified level of earnings per share during the last year of the performance period, in order to balance the free cash flow goal with an appropriate focus on generating earnings. | ||||||||||||||||
— | to further balance the incentives, the amount earned based on adjusted free cash flow performance will be reduced by 25% if our relative Total Stockholder Return (as defined in the award) for the performance period is below a certain percentile of an approved peer group of companies. | ||||||||||||||||
— | payment of 50% of any PSUs earned during the performance period will be made during the first quarter of 2017. The remaining 50% of the earned PSUs is subject to an additional 2017 performance requirement, the ratio of working capital to net trade sales for 2017 (as defined in the award) and will be paid during the first quarter of 2018. | ||||||||||||||||
This special PSU award is in addition to other 2014 long-term incentive compensation opportunities. We recognized $12 million of share-based compensation expense related to this award in the year ended December 31, 2014. | |||||||||||||||||
2014 Three-year PSU Awards | |||||||||||||||||
In March 2014, the Compensation Committee approved awards with a three-year performance period beginning January 1, 2014 to December 31, 2016 for the named executives. The Compensation Committee established principal performance goals, which are (i) total shareholder return (TSR) weighted at 35%, and (ii) 2016 consolidated adjusted EBITDA margin weighted at 65%. | |||||||||||||||||
The targeted number of shares of common stock that can be earned is 346,286 shares for these 2014 PSU awards. The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares depending on the level of achievement of the performance goals and measures. | |||||||||||||||||
The expense included in the tables above was calculated using a grant date common stock share price of $32.65 per share for the 2016 consolidated adjusted EBITDA margin (this is considered a performance condition) and the Monte Carlo valuation of $42.97 per share for the TSR goal (this is considered a market condition). The expense calculation is based on management’s estimate as of December 31, 2014 of the level of probable achievement of the performance goals and measures, which was determined to be above the target level, or 158% achievement (355,636 shares, net of forfeitures), for the 2016 consolidated adjusted EBITDA margin goal. The TSR portion of the plan is expensed at 100% (121,200 shares, net of forfeitures) of the grant date fair value as required by U.S. GAAP. | |||||||||||||||||
2013 Three-year PSU Awards | |||||||||||||||||
In March 2013, the Compensation Committee approved awards with a three-year performance period beginning January 1, 2013 to December 31, 2015 for the named executives. The Compensation Committee established principal performance goals, which are (i) total shareholder return (TSR) weighted at 35%, and (ii) 2015 consolidated adjusted EBITDA margin weighted at 65%. | |||||||||||||||||
The targeted number of shares of common stock that can be earned is 571,931 shares for these 2013 PSU awards. The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares depending on the level of achievement of the performance goals and measures. | |||||||||||||||||
The expense included in the tables above was calculated using a grant date common stock share price of $18.97 per share for the awards granted on February 14, 2013 ($22.21 for the awards granted on February 28, 2013) for the 2015 consolidated adjusted EBITDA margin (this is considered a performance condition) and the Monte Carlo valuation of $25.19 per share for the awards granted on February 14, 2013 ($34.05 for the awards granted on February 28, 2013) for the TSR goal (this is considered a market condition). The expense calculation is based on management’s estimate as of December 31, 2014 of the level of probable achievement of the performance goals and measures, which was determined to be above the target level, or 200% achievement (743,511 shares, net of forfeitures), for the 2015 consolidated adjusted EBITDA margin goal. The TSR portion of the plan is expensed at 100% (200,176 shares, net of forfeitures) of the grant date fair value as required by U.S. GAAP. | |||||||||||||||||
2012 Three-year PSU Awards | |||||||||||||||||
In March 2012, the Compensation Committee approved awards with a three-year performance period beginning January 1, 2012 for the named executive officers and for other officers and key executives. The Compensation Committee established principal performance goals, which are (i) three-year average return on invested capital (“ROIC”) weighted at 50%, (ii) constant dollar growth of net trade sales weighted at 25% and (iii) relative total shareholder return (“TSR”) weighted at 25%. An additional goal is a 2014 safety result of a total recordable incident rate (a workplace safety indicator) (“TRIR”) of 0.90 or better, excluding facilities acquired during the performance period. | |||||||||||||||||
The targeted number of shares of common stock that can be earned is 432,573 shares for these 2012 PSU awards (292,418 shares granted on March 27, 2012 and 140,155 shares granted to Jerome A. Peribere on September 1, 2012, as discussed below). The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares depending on the level of achievement of the performance goals and measures, plus or minus 43,257 additional shares at the discretion of the Compensation Committee. These performance goals are outlined in further detail in the Proxy Statement for our 2012 Annual Meeting of Stockholders. | |||||||||||||||||
The expense included in the tables above was calculated using a grant date common stock share price of $19.72 per share for the awards granted on March 27, 2012 ($14.27 for the award granted on September 1, 2012) for the three year average ROIC goal and net trade sales goal (these are considered performance conditions) and the Monte Carlo valuation of $23.40 per share for the awards granted on March 27, 2012 ($12.57 for the award granted on September 1, 2012) for the TSR goal (this is considered a market condition). The expense calculation is based on management’s estimate as of December 31, 2014 of the level of probable achievement of the performance goals and measures, which was determined to be above the target level, or 102% achievement (221,045 shares, net of forfeitures), for the ROIC goal and below the threshold for minimum payment, or 0% achievement (0 shares), for the net trade sales growth goal. The TSR portion of the plan is expensed at 100% (108,143 shares, net of forfeitures) of the grant date fair value as required by U.S. GAAP. | |||||||||||||||||
2011 Three-year PSU Awards | |||||||||||||||||
In February 2014, we issued 145,597 shares of common stock for the 2011 three-year PSU awards. These awards were based on the achievement of the performance goals below the target level, or 42% achievement, in the three-year performance period of 2011 through 2013. We concurrently acquired 54,384 of these shares of common stock as withholding from employees to satisfy their minimum tax withholding obligations, as provided for in our 2005 Contingent Stock Plan above. | |||||||||||||||||
2012 President and Chief Operating Officer (COO) Four-year Incentive Compensation | |||||||||||||||||
On September 1, 2012, Jerome A. Peribere started with the Company as President and Chief Operating Officer. Under the terms of his agreement, he was granted equity awards which included the following: (i) initial equity awards under the Company’s 2005 Contingent Stock Plan, which included two awards of performance share units under which he could earn up to 350,000 shares of common stock based on the Company’s performance, (ii) restricted stock under the Company’s 2005 Contingent Stock Plan of which 50,000 shares were issued on his start date and 25,000 shares were issued on September 1, 2013 and September 1, 2014, his first and second anniversaries of his start date and (iii) an award under the Company’s 2012 Three-year PSU Award with a target award of 140,155 units. The awards are described in further detail in Mr. Peribere’s employment agreement filed with the SEC as an exhibit with the Company’s Current Report on Form 8-K dated August 27, 2012. | |||||||||||||||||
For the awards (excluding the portions of the PSU awards related to the TSR goal) that are discussed above, the estimated amount of future share-based incentive compensation expense will fluctuate based on: (i) the expected level of achievement of the respective goals and measures considered probable in future quarters, which impacts the number of shares that could be issued; and (ii) the future price of our common stock, which impacts the expense related to additional discretionary shares. Since the TSR metric is considered a market condition, the portion of the compensation expense related to the TSR metric will be recognized regardless of whether the market condition is satisfied provided that the requisite service has been provided. | |||||||||||||||||
Stock Leverage Opportunity Awards | |||||||||||||||||
Before the start of each performance year, each of our executive officers and other selected key executives is eligible to elect to receive all or a portion of his or her annual cash bonus for that year, in increments of 25% of the annual bonus, as an award of restricted stock or restricted stock units under the Omnibus Incentive Plan in lieu of cash. The portion provided as an equity award may be given a premium to be determined by the Compensation Committee each year and will be rounded up to the nearest whole share. The stock price used in the calculation of the number of shares will be the closing sale price of our common stock on the New York Stock Exchange on the first trading day of the performance year. The award will be granted following the end of the performance year and after determination by the Compensation Committee of the amount of the annual bonus award for each executive officer and other selected key executive who has elected to take all or a portion of his or her annual bonus as an equity award, but no later than the March 15 following the end of the performance year. | |||||||||||||||||
The equity award will be made in the form of an award of restricted stock or restricted stock units that will vest on the second anniversary of the grant date or earlier in the event of death, disability or retirement from employment with us, and the shares subject to the award will not be transferable by the recipient until the later of vesting or the second anniversary of the grant date. If the recipient ceases to be employed by us before vesting, then the shares related to the premium portion of the awards only will be forfeited, except for certain circumstances following a change in control. The award will be made in the form of restricted stock unless the award would be taxable to the recipient before the shares become transferable by the recipient, in which case the award will be made in the form of restricted stock units. Recipients who hold SLO awards in the form of restricted stock receive dividends. Recipients who hold SLO awards in the form of restricted stock units receive a cash payment in the amount of the dividends (without interest) on the shares they have earned at about the same time that shares are issued to them following the period of restriction. As of December 31, 2014, we have accrued for these dividends in other current liabilities on our consolidated balance sheet and the amount was immaterial. | |||||||||||||||||
The Compensation Committee set the SLO award premium at 25% for the years ending December 31, 2014 and 2013. The 2014 SLO target awards comprise an aggregate of 114,525 restricted stock shares and restricted stock units as of December 31, 2014. The 2013 SLO awards that were issued on March 14, 2014 comprised an aggregate of 141,669 restricted stock shares and restricted stock units. | |||||||||||||||||
We record compensation expense for these awards in selling, general and administrative expenses on the consolidated statements of operations with a corresponding credit to additional paid-in capital within stockholders’ equity, based on the fair value of the awards at the end of each reporting period, which reflects the effects of stock price changes. | |||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, compensation expense related to the SLO awards was recognized based on the extent to which the performance goals and measures for our 2014, 2013 and 2012 annual cash bonuses were considered probable of achievement at each respective year end. The expense is recognized over a fifteen month period on a straight-line basis, which will be no later than March 15, 2015, 2014 and 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 19 Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
The following table provides details of comprehensive income (loss): | |||||||||||||||||
(In millions) | Unrecognized Pension Items | Cumulative Translation Adjustment | Unrecognized Gains (Losses) on Derivative Instruments | Accumulated Other Comprehensive Income (Loss), Net of Taxes | |||||||||||||
Balance at December 31, 2012 | $ | (142.3 | ) | $ | (24.1 | ) | $ | 1.5 | $ | (164.9 | ) | ||||||
Other comprehensive income (loss) before | (10.6 | ) | (110.3 | ) | 3.8 | (117.1 | ) | ||||||||||
reclassifications | |||||||||||||||||
Less: amounts reclassified from accumulated other | 6.7 | — | (2.1 | ) | 4.6 | ||||||||||||
comprehensive income (loss) | |||||||||||||||||
Net current period other comprehensive income (loss) | (3.9 | ) | (110.3 | ) | 1.7 | (112.5 | ) | ||||||||||
Balance at December 31, 2013 | (146.2 | ) | (134.4 | ) | 3.2 | (277.4 | ) | ||||||||||
Other comprehensive income (loss) before | (99.0 | ) | (248.1 | ) | 12.3 | (334.8 | ) | ||||||||||
reclassifications | |||||||||||||||||
Less: amounts reclassified from accumulated other | 8.7 | — | (10.3 | ) | (1.6 | ) | |||||||||||
comprehensive income (loss) | |||||||||||||||||
Net current period other comprehensive income (loss) | (90.3 | ) | (248.1 | ) | 2 | (336.4 | ) | ||||||||||
Balance at December 31, 2014 | $ | (236.5 | ) | $ | (382.5 | ) | $ | 5.2 | $ | (613.8 | ) | ||||||
The following table provides detail of amounts reclassified from accumulated other comprehensive income: | |||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (a) | |||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | Location of Amount Reclassified from AOCI | |||||||||||||
Defined benefit pension plans and other post- | |||||||||||||||||
employment benefits: | |||||||||||||||||
Prior service costs | $ | 0.5 | $ | 0.3 | $ | 0.6 | (b) | ||||||||||
Actuarial gains (losses) | (10.0 | ) | (10.4 | ) | (6.8 | ) | (b) | ||||||||||
Settlement/curtailment (gain) loss | (2.1 | ) | — | (0.8 | ) | (b) | |||||||||||
Total pre-tax amount | (11.6 | ) | (10.1 | ) | (7.0 | ) | |||||||||||
Tax (expense) benefit | 2.9 | 3.4 | 2.1 | ||||||||||||||
Net of tax | (8.7 | ) | (6.7 | ) | (4.9 | ) | |||||||||||
Net gains (losses) on cash flow hedging derivatives: | |||||||||||||||||
Foreign currency forward contracts | 1.9 | 2.7 | (0.1 | ) | (c) Other expense, net | ||||||||||||
Interest rate and currency swaps | 13.5 | — | — | (c) | |||||||||||||
Treasury locks | 0.1 | 0.1 | 1.7 | (c) Interest expense | |||||||||||||
Total pre-tax amount | 15.5 | 2.8 | 1.6 | ||||||||||||||
Tax (expense) benefit | (5.2 | ) | (0.7 | ) | (0.7 | ) | |||||||||||
Net of tax | 10.3 | 2.1 | 0.9 | ||||||||||||||
Total reclassifications for the period | $ | 1.6 | $ | (4.6 | ) | $ | (4.0 | ) | |||||||||
(a) | Amounts in parenthesis indicate debits to earnings (loss) | ||||||||||||||||
(b) | These accumulated other comprehensive components are included in the computation of net periodic benefit costs. See Notes 14, “Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans” and Note 15, “Other Post-Employment Benefits and Other Employee Benefit Plans” for additional details. | ||||||||||||||||
(c) | These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 12, “Derivatives and Hedging Activities” for additional details. |
Other_Expense_net
Other Expense, net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income And Expenses [Abstract] | |||||||||||||
Other Income (Expense), net | Note 20 Other Income (Expense), net | ||||||||||||
The following table provides details of other income (expense), net: | |||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Interest and dividend income | $ | 15.5 | $ | 11 | $ | 12 | |||||||
Net foreign exchange transaction (losses) gains | (7.8 | ) | (10.5 | ) | (13.4 | ) | |||||||
Bank fee expense | (5.0 | ) | (6.8 | ) | (5.2 | ) | |||||||
Other, net | 6.1 | (5.6 | ) | (2.8 | ) | ||||||||
Other income (expense), net | $ | 8.8 | $ | (11.9 | ) | $ | (9.4 | ) | |||||
Impairment of Equity Method Investments | |||||||||||||
2014 | |||||||||||||
In 2014, we recognized an impairment of $6 million in connection with an equity method investment. This investment was not material to our consolidated financial position or results of operations. | |||||||||||||
2013 | |||||||||||||
In 2013, we recognized an impairment of $2 million in connection with an equity method investment. This investment was not material to our consolidated financial position or results of operations. | |||||||||||||
2012 | |||||||||||||
In September 2007, we established a joint venture that supports our Food Care segment. We account for the joint venture under the equity method of accounting with our proportionate share of net income or losses included in other expense, net, on the consolidated statements of operations. | |||||||||||||
During the first half of 2012, the joint venture performed below expectations, resulting in reduced cash flow and increasing debt obligations. Due to these events, we evaluated our equity method investment for impairment. During the three months ended June 30, 2012, based on reviewing undiscounted cash flow information, we determined that the fair value of our investment was less than its carrying value and that this impairment was other-than-temporary. As a result, we recorded a $4 million write-down of the carrying value of the investment to zero at June 30, 2012. | |||||||||||||
In connection with the establishment of the joint venture in 2007, we issued a guarantee in support of an uncommitted credit facility agreement that was entered into by the joint venture. Under the terms of the guarantee, if the joint venture were to default under the terms of the credit facility, the lender would be entitled to seek payment of the amounts due under the credit facility from us. As a result of the impairment, we believed it was probable we would need to perform under this guarantee and recorded a $20 million current liability in the second quarter of 2012. The guarantee liability is reflected in other current liabilities on the consolidated balance sheets as of December 31, 2014 and 2013 as we continue to believe it is probable that we will need to perform under this guarantee. As of December 31, 2014, the joint venture has performed its obligations under the terms of the credit facility and the lender has not requested that we perform under the terms of the guarantee. | |||||||||||||
Total charges recorded in the second quarter of 2012, were $26 million ($18 million, net of taxes, or $0.09 per diluted share), which included the guarantee of the uncommitted credit facility mentioned above of $20 million and the $4 million write-down of the carrying value of the investment to zero at June 30, 2012. We also recorded provisions for bad debt on receivables due from the joint venture to the Company of $2 million, which is included in selling, general and administrative expenses. We have no additional obligations to support the operations of the joint venture in the future. | |||||||||||||
The impairment and related provision for bad debt on receivables are considered special items and excluded from our Adjusted EBITDA results. | |||||||||||||
Net_Earnings_Loss_per_Common_S
Net Earnings (Loss) per Common Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Net Earnings (Loss) per Common Share | Note 21 Net Earnings (Loss) per Common Share | |||||||||||
The following table sets forth the calculation of basic and diluted net earnings (loss) per common share under the two-class method for the three years ended December 31, 2014 in millions, except per share data: | ||||||||||||
Year Ended December 31, | ||||||||||||
(In millions, except per share amounts) | 2014 | 2013(2) | 2012(2) | |||||||||
Basic Net Earnings (Loss) Per Common Share: | ||||||||||||
Numerator | ||||||||||||
Net earnings (loss) available to common stockholders | $ | 258.1 | $ | 125.8 | $ | (1,411.4 | ) | |||||
Distributed and allocated undistributed net loss to non-vested restricted | (1.6 | ) | (0.7 | ) | (0.5 | ) | ||||||
stockholders | ||||||||||||
Distributed and allocated undistributed net earnings (loss) to common stockholders | 256.5 | 125.1 | (1,411.9 | ) | ||||||||
Distributed net earnings - dividends paid to common stockholders | (110.1 | ) | (101.3 | ) | (100.4 | ) | ||||||
Allocation of undistributed net earnings (loss) to common stockholders | $ | 146.4 | $ | 23.8 | $ | (1,512.3 | ) | |||||
Denominator | ||||||||||||
Weighted average number of common shares outstanding - basic | 210 | 194.6 | 192.8 | |||||||||
Basic net earnings (loss) per common share: | ||||||||||||
Distributed net earnings to common stockholders | $ | 0.52 | $ | 0.52 | $ | 0.52 | ||||||
Allocated undistributed net earnings (loss) to common stockholders | 0.7 | $ | 0.13 | (7.84 | ) | |||||||
Basic net earnings (loss) per common share: | $ | 1.22 | $ | 0.65 | $ | (7.32 | ) | |||||
Diluted Net Earnings (Loss) Per Common Share: | ||||||||||||
Numerator | ||||||||||||
Distributed and allocated undistributed net earnings (loss) to common stockholders | $ | 256.5 | $ | 125.1 | $ | (1,411.9 | ) | |||||
Add: Allocated undistributed net earnings to non-vested restricted stockholders | 1 | 0.2 | — | |||||||||
Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders | (0.9 | ) | (0.1 | ) | — | |||||||
Net earnings (loss) available to common stockholders - diluted | $ | 256.6 | $ | 125.2 | $ | (1,411.9 | ) | |||||
Denominator | ||||||||||||
Weighted average number of common shares outstanding - basic | 210 | 194.6 | 192.8 | |||||||||
Effect of assumed issuance of Settlement agreement shares (1) | 1.6 | 18 | — | |||||||||
Effect of contingently issuable shares (1) | 0.9 | 0.7 | — | |||||||||
Effect of non-vested restricted stock units (1) | 1.4 | 0.9 | — | |||||||||
Weighted average number of common shares outstanding - diluted | 213.9 | 214.2 | 192.8 | |||||||||
Diluted net earnings (loss) per common share | $ | 1.2 | $ | 0.58 | $ | (7.32 | ) | |||||
-1 | Provides for the following items if their inclusion is dilutive: (i) the effect of the issuance of 18 million shares of common stock reserved for the Settlement agreement as defined and (ii) the effect of non-vested restricted stock, restricted stock units and contingently issuable shares using the treasury stock method. In calculating diluted net (loss) earnings per common share for 2012, our diluted weighted average number of common shares outstanding excludes the effect of the items mentioned above as the effect was anti-dilutive. | |||||||||||
-2 | During the fourth quarter of 2014, we changed the method of valuing our inventories that used the LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. As a result of this accounting change, net earnings (loss) available to common stockholders, basic earnings per share – continuing operations and diluted earnings per share – continuing operations, among other accounts, have been retrospectively changed. Refer to Note 2, “Summary of Significant Accounting Policies – Inventories,” for a discussion of our change in accounting policy. | |||||||||||
PSU Awards | ||||||||||||
We included contingently issuable shares using the treasury stock method for our PSU awards in the diluted weighted average number of common shares outstanding based on the number of contingently issuable shares that would be issued assuming the end of our reporting period was the end of the relevant PSU award contingency period. The calculation of diluted weighted average shares outstanding includes 1 million shares related to PSUs in both 2014 and 2013. There were no PSUs included in the calculation of diluted weighted average shares outstanding in 2012 as the inclusion of these shares would have been anti-dilutive. | ||||||||||||
Stock Leverage Opportunity Awards (“SLO”) | ||||||||||||
The shares or units associated with the 2014 SLO awards are considered contingently issuable shares and therefore are not included in the basic or diluted weighted average number of common shares outstanding for the year ended December 31, 2014. These shares or units will not be included in the common shares outstanding until the final determination of the amount of annual incentive compensation is made in the first quarter of 2015. Once this determination is made, the shares or units will be included in diluted weighted average number of common shares outstanding if the impact to diluted net earnings per common share is dilutive. The numbers of shares or units associated with SLO awards for 2014 and 2013 were nominal. |
Summarized_Quarterly_Financial
Summarized Quarterly Financial Information (Unaudited, in millions, except share data) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summarized Quarterly Financial Information (Unaudited, in millions, except share data) | Note 22 Summarized Quarterly Financial Information (Unaudited, in millions, except share data) | ||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(In millions, except per share amounts) | Quarter(1)(2) | Quarter(1)(2) | Quarter(1)(2) | Quarter | |||||||||||||
Net sales | $ | 1,827.70 | $ | 1,973.60 | $ | 1,975.50 | $ | 1,973.70 | |||||||||
Gross profit | 639.6 | 679.6 | 696.1 | 672.3 | |||||||||||||
Net earnings from continuing operations | 70.9 | 60.1 | 60.8 | 66.3 | |||||||||||||
Net earnings from discontinued operations | — | — | — | — | |||||||||||||
Net earnings available to common stockholders | 70.9 | 60.1 | 60.8 | 66.3 | |||||||||||||
Basic net earnings per common share | |||||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.28 | $ | 0.29 | $ | 0.31 | |||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Net earnings per common share—basic | $ | 0.34 | $ | 0.28 | $ | 0.29 | $ | 0.31 | |||||||||
Diluted net earnings per common share | |||||||||||||||||
Continuing operations | $ | 0.33 | $ | 0.28 | $ | 0.28 | $ | 0.31 | |||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Net earnings per common share—diluted | $ | 0.33 | $ | 0.28 | $ | 0.28 | $ | 0.31 | |||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(In millions, except per share amounts) | Quarter(1)(2) | Quarter(1)(2) | Quarter(1)(2) | Quarter(1)(2) | |||||||||||||
Net sales | $ | 1,828.90 | $ | 1,937.40 | $ | 1,912.00 | $ | 2,012.50 | |||||||||
Gross profit | 614.3 | 656.6 | 650.4 | 668.6 | |||||||||||||
Net earnings from continuing operations | 2.1 | 52.7 | 35.5 | 5 | |||||||||||||
Net earnings from discontinued operations | 2 | 2 | 2.5 | 24 | |||||||||||||
Net earnings available to common stockholders | 4.1 | 54.7 | 38 | 29 | |||||||||||||
Basic net earnings per common share | |||||||||||||||||
Continuing operations | $ | 0.01 | $ | 0.27 | $ | 0.18 | $ | 0.03 | |||||||||
Discontinued operations | 0.01 | 0.01 | 0.01 | 0.12 | |||||||||||||
Net earnings per common share—basic | $ | 0.02 | $ | 0.28 | $ | 0.19 | $ | 0.15 | |||||||||
Diluted net earnings per common share | |||||||||||||||||
Continuing operations | $ | 0.01 | $ | 0.24 | $ | 0.17 | $ | 0.02 | |||||||||
Discontinued operations | 0.01 | 0.01 | 0.01 | 0.11 | |||||||||||||
Net earnings per common share—diluted | $ | 0.02 | $ | 0.25 | $ | 0.18 | $ | 0.13 | |||||||||
-1 | On December 6, 2013, we completed the sale of the rigid medical packaging business. On November 14, 2012, we completed the sale of Diversey Japan. Operating results for the rigid medical packaging business and Diversey Japan were reclassified to discontinued operations for the periods since the first quarter of 2012, and, accordingly, all prior period information has been revised. See Note 3, “Divestitures,” for further information about the sales. | ||||||||||||||||
-2 | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,” of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | |||||||||||||||||||||
Valuation and Qualifying Accounts and Reserves | SEALED AIR CORPORATION AND SUBSIDIARIES | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
Valuation and Qualifying Accounts and Reserves | |||||||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | |||||||||||||||||||||
Balance | Charged | Foreign | |||||||||||||||||||
at | to | Currency | |||||||||||||||||||
Beginning | Costs and | Translation | Balance at | ||||||||||||||||||
Description | of Year | Expenses | Deductions | and Other | End of Year | ||||||||||||||||
(in millions) | |||||||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 31.4 | $ | 8 | $ | (7.2 | ) | -1 | $ | (3.4 | ) | $ | 28.8 | ||||||||
Inventory obsolescence reserve | $ | 24.9 | $ | 9.2 | $ | (1.6 | ) | -2 | $ | (2.9 | ) | $ | 29.6 | ||||||||
Year ended December 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 25.6 | $ | 11.6 | $ | (5.4 | ) | -1 | $ | (0.4 | ) | $ | 31.4 | ||||||||
Inventory obsolescence reserve | $ | 27.5 | $ | (0.3 | ) | $ | (1.5 | ) | -2 | $ | (0.8 | ) | $ | 24.9 | |||||||
Year ended December 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 15.9 | $ | 14.3 | $ | (7.8 | ) | -1 | $ | 3.2 | $ | 25.6 | |||||||||
Inventory obsolescence reserve | $ | 23.3 | $ | 13.9 | $ | (14.1 | ) | -2 | $ | 4.4 | $ | 27.5 | |||||||||
(1) | Primarily accounts receivable balances written off, net of recoveries. | ||||||||||||||||||||
(2) | Primarily items removed from inventory. | ||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Recently Issued Accounting Standards (Policies) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||||||||||||||||||||||||||
Our consolidated financial statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. All amounts are in millions, except per share amounts, and approximate due to rounding. | |||||||||||||||||||||||||||||||||||||
On December 6, 2013, we completed the sale of our rigid medical packaging business. The operating results for the rigid medical packaging business were reclassified to discontinued operations, net of tax, on the consolidated statements of operations for the years ended December 31, 2013 and 2012. On November 14, 2012, we completed the sale of Diversey G.K. (“Diversey Japan”) (an indirect subsidiary of Diversey, Inc.). The operating results for Diversey Japan were reclassified to discontinued operations, net of tax, on the consolidated statements of operations for the years ended December 31, 2012. Prior year disclosures in the Consolidated Statement of Cash Flows and the Notes to Consolidated Financial Statements have been revised accordingly. See Note 3, “Divestitures,” for further information. | |||||||||||||||||||||||||||||||||||||
Change in Accounting Policy/Retrospective application | Changes in Accounting /Retrospective application | ||||||||||||||||||||||||||||||||||||
During the fourth quarter of 2014, we changed the method of valuing our inventories that used the last-in, first-out (“LIFO”) method to the first-in, first-out (“FIFO”) method, so that all of our inventories are now valued at FIFO. As a result of this accounting change, inventories, retained earnings, non-current deferred tax liability, net earnings (loss) from continuing operations, net earnings (loss) available to common stockholders, basic earnings per share – continuing operations and diluted earnings per share – continuing operations, among other accounts, have been retrospectively changed. Refer to Note 2 – Inventories for further information regarding this change in accounting policy. | |||||||||||||||||||||||||||||||||||||
During the third quarter of 2014, we determined that we did not include any PSU awards in our diluted weighted average number of common shares outstanding previously reported in 2013, although the achievement levels of the respective performance conditions for the PSU awards were met as of December 31, 2013. The impact of excluding 0.7 million of contingently issuable shares under the treasury stock method did not have a material effect on the number of weighted average common shares and had no impact on the diluted net earnings per common share for the year ended December 31, 2013. Accordingly, we do not consider this correction to be material to our previously reported diluted weighted average number of common shares outstanding or to our previously reported net earnings per common share. | |||||||||||||||||||||||||||||||||||||
In addition, certain other prior period amounts have been reclassified to conform to the current year presentation. These reclassifications, individually and in the aggregate, had no impact on our consolidated financial condition, results of operations and cash flows. | |||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||||||||||||||||||||||
The preparation of our consolidated financial statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the period reported. These estimates include, among other items, assessing the collectability of receivables, the use and recoverability of inventory, the estimation of fair value of financial instruments, assumptions used in the calculation of income taxes, useful lives and recoverability of tangible assets and goodwill and other intangible assets, assumptions used in our defined benefit pension plans, estimates related to self-insurance such as the aggregate liability for uninsured claims using historical experience, insurance and actuarial estimates and estimated trends in claim values, costs for incentive compensation and accruals for commitments and contingencies. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions in the consolidated financial statements in the period we determine any revisions to be necessary. Actual results could differ from these estimates. | |||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments | ||||||||||||||||||||||||||||||||||||
We may use financial instruments, such as cross currency swaps, interest rate swaps, caps and collars, U.S. Treasury lock agreements and foreign currency exchange forward contracts and options relating to our borrowing and trade activities. We may use these financial instruments from time to time to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We do not purchase, hold or sell derivative financial instruments for trading purposes. We face credit risk if the counterparties to these transactions are unable to perform their obligations. Our policy is to have counterparties to these contracts that are rated at least BBB- by Standard & Poor’s and Baa3 by Moody’s. | |||||||||||||||||||||||||||||||||||||
We report derivative instruments at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes. Before entering into any derivative transaction, we identify our specific financial risk, the appropriate hedging instrument to use to reduce this risk, and the correlation between the financial risk and the hedging instrument. We use forecasts and historical data as the basis for determining the anticipated values of the transactions to be hedged. We do not enter into derivative transactions that do not have a high correlation with the underlying financial risk we are trying to reduce. We regularly review our hedge positions and the correlation between the transaction risks and the hedging instruments. | |||||||||||||||||||||||||||||||||||||
We account for derivative instruments as hedges of the related underlying risks if we designate these derivative instruments as hedges and the derivative instruments are effective as hedges of recognized assets or liabilities, forecasted transactions, unrecognized firm commitments or forecasted intercompany transactions. | |||||||||||||||||||||||||||||||||||||
We record gains and losses on derivatives qualifying as cash flow hedges in other comprehensive income, to the extent that hedges are effective and until the underlying transactions are recognized in the consolidated statements of operations, at which time we recognize the gains and losses in the consolidated statements of operations. We recognize gains and losses on qualifying fair value hedges and the related loss or gain on the hedged item attributable to the hedged risk in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||
Generally, our practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if we determine the underlying forecasted transaction is no longer probable of occurring. Any deferred gains or losses associated with derivative instruments are recognized on the consolidated statements of operations over the period in which the income or expense on the underlying hedged transaction is recognized using the effective interest rate method. | |||||||||||||||||||||||||||||||||||||
See Note 12, “Derivatives and Hedging Activities,” for further details. | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Financial Instruments | Fair Value Measurements of Financial Instruments | ||||||||||||||||||||||||||||||||||||
In determining fair value of financial instruments, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and consider counterparty credit risk in our assessment of fair value. We determine fair value of our financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: | |||||||||||||||||||||||||||||||||||||
— | Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. | ||||||||||||||||||||||||||||||||||||
— | Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||||||||||||||||||||||
— | Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. | ||||||||||||||||||||||||||||||||||||
Our fair value measurements for our financial instruments are subjective and involve uncertainties and matters of significant judgment. Changes in assumptions could significantly affect our estimates. See Note 13, “Fair Value Measurements and Other Financial Instruments,” for further details on our fair value measurements. | |||||||||||||||||||||||||||||||||||||
Foreign Currency Translation | Foreign Currency Translation | ||||||||||||||||||||||||||||||||||||
In non-U.S. locations that are not considered highly inflationary, we translate the balance sheets at the end of period exchange rates with translation adjustments accumulated in stockholders’ equity on our consolidated balance sheets. We translate the statements of operations at the average exchange rates during the applicable period. | |||||||||||||||||||||||||||||||||||||
We translate assets and liabilities of our operations in countries with highly inflationary economies at the end of period exchange rates, except that nonmonetary asset and liability amounts are translated at historical exchange rates. In countries with highly inflationary economies, we translate items reflected in the statements of operations at average rates of exchange prevailing during the period, except that nonmonetary amounts are translated at historical exchange rates. | |||||||||||||||||||||||||||||||||||||
Commitments and Contingencies - Litigation | Commitments and Contingencies — Litigation | ||||||||||||||||||||||||||||||||||||
On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of these actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of these matters and whether a reasonable estimation of the probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that disputed matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. We expense legal costs, including those legal costs expected to be incurred in connection with a loss contingency, as incurred. | |||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||||||||||||||||||||
Our revenue earning activities primarily involve manufacturing and selling products, and we consider revenues to be earned when we have completed the process by which we are entitled to receive consideration. The following criteria are used for revenue recognition: persuasive evidence that an arrangement exists, shipment has occurred, selling price is fixed or determinable, and collection is reasonably assured. | |||||||||||||||||||||||||||||||||||||
Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales on the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||
Charges for rebates and other allowances are recognized as a deduction from revenue on an accrual basis in the period in which the associated revenue is recorded. When we estimate our rebate accruals, we consider customer-specific contractual commitments including stated rebate rates and history of actual rebates paid. Our rebate accruals are reviewed at each reporting period and adjusted to reflect data available at that time. We adjust the accruals to reflect any differences between estimated and actual amounts. These adjustments impact the amount of net sales recognized by us in the period of adjustment. Charges for rebates and other allowances were approximately 9% of gross sales in 2014, 2013 and 2012. We expect 2015 rebates and other allowances to be approximately the same percentage of gross sales as in 2014. | |||||||||||||||||||||||||||||||||||||
Research and Development | Research and Development | ||||||||||||||||||||||||||||||||||||
We expense research and development costs as incurred. Research and development costs were $135 million in 2014, $133 million in 2013 and $135 million in 2012. | |||||||||||||||||||||||||||||||||||||
Share-Based Incentive Compensation | Share-Based Incentive Compensation | ||||||||||||||||||||||||||||||||||||
At the 2014 Annual Meeting, the Sealed Air 2014 Omnibus Incentive Plan (the “Omnibus Plan”), was approved by our stockholders. The Omnibus Plan replaced the 2005 Contingent Stock Plan, and no new awards are allowed to be granted under that plan. Any awards outstanding under the 2005 Contingent Stock Plan on the date of stockholder approval of the Omnibus Plan will remain subject to and be paid under the 2005 Contingent Stock Plan, See Note 18, “Stockholders’ Equity,” for further information on this plan. | |||||||||||||||||||||||||||||||||||||
We record share-based compensation awards exchanged for employee services at fair value on the date of grant and record the expense for these awards in cost of sales and in selling, general and administrative expense, as applicable, on our consolidated statements of operations over the requisite employee service period. Share-based incentive compensation expense includes an estimate for forfeitures and anticipated achievement levels and is generally recognized over the expected term of the award on a straight-line basis. | |||||||||||||||||||||||||||||||||||||
Environmental Expenditures | Environmental Expenditures | ||||||||||||||||||||||||||||||||||||
We expense or capitalize environmental expenditures that relate to ongoing business activities, as appropriate. We expense costs that relate to an existing condition caused by past operations and which do not contribute to current or future net sales. We record liabilities when we determine that environmental assessments or remediation expenditures are probable and that we can reasonably estimate the associated cost or a range of costs. | |||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||||||||||||||||||
We file a consolidated U.S. federal income tax return. Our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We provide for U.S. income taxes on those portions of our foreign subsidiaries’ accumulated earnings that we believe are not reinvested indefinitely in our businesses. | |||||||||||||||||||||||||||||||||||||
We account for income taxes under the asset and liability method to provide for income taxes on all transactions recorded in the consolidated financial statements. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carry forwards. We determine deferred tax assets and liabilities at the end of each period using enacted tax rates. | |||||||||||||||||||||||||||||||||||||
We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon settlement with tax authorities. We recognize interest and penalties related to unrecognized tax benefits in income tax expense on our consolidated statements of operations. | |||||||||||||||||||||||||||||||||||||
See Note 16, “Income Taxes,” for further discussion. | |||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||||
We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Our policy is to invest cash in excess of short-term operating and debt service requirements in cash equivalents. Cash equivalents are stated at cost, which approximates fair value because of the short term maturity of the instruments. Our policy is to transact with counterparties that are rated at least A- by Standard & Poor’s and A3 by Moody’s. Some of our operations are located in countries that are rated below A- or A3. In this case, we try to minimize our risk by holding cash and cash equivalents at financial institutions with which we have existing global relationships whenever possible, diversifying counterparty exposures and minimizing the amount held by each counterparty and within the country in total. | |||||||||||||||||||||||||||||||||||||
Accounts Receivable Securitization Programs | Accounts Receivable Securitization Programs | ||||||||||||||||||||||||||||||||||||
We and a group of our U.S. operating subsidiaries maintain an accounts receivable securitization program under which they sell eligible U.S. accounts receivable to an indirectly wholly-owned subsidiary that was formed for the sole purpose of entering into this program. The wholly-owned subsidiary in turn may sell an undivided fractional ownership interest in these receivables with two banks and an issuer of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of undivided fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and an issuer of commercial paper administered by these banks are considered secured borrowings with pledge of collateral and will be classified as short-term borrowings on our consolidated balance sheet. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||
In February 2013, we entered into a European accounts receivable securitization and purchase program with a special purpose vehicle, or SPV, two banks and a group of our European subsidiaries. The European program is structured to be a securitization of certain trade receivables that are originated by certain of our European subsidiaries. We do not have an equity interest in the SPV. However, since we are considered the primary beneficiary of the SPV, it meets the criteria to be classified as a variable interest entity and is included in our consolidated financial statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. The SPV borrows funds from the banks to fund is acquisition of the receivables and provides the banks with a first priority perfected security interest in the accounts receivable. Loans from the banks to the SPV will be classified as short-term borrowings on our consolidated balance sheet. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||||||
See Note 8, “Accounts Receivable Securitization Programs” for further details. | |||||||||||||||||||||||||||||||||||||
Trade Receivables, Net | Trade Receivables, Net | ||||||||||||||||||||||||||||||||||||
In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria. Trade receivables, which are included on the consolidated balance sheets are net of allowances for doubtful accounts. We maintain trade receivable allowances for estimated losses resulting from the likelihood of failure of our customers to make required payments. An additional allowance may be required if the financial condition of our customers deteriorates. | |||||||||||||||||||||||||||||||||||||
Inventories | Inventories | ||||||||||||||||||||||||||||||||||||
During the fourth quarter of 2014, we changed the method of valuing our inventories that used the LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. We believe that the change is preferable because it will more closely reflect the current value of our inventories in our balance sheet, and conform all of our inventories to the FIFO valuation method for better reporting consistency across our segments and regions. We applied this change in accounting principle retrospectively to all prior periods presented herein in accordance with ASC 250, Accounting Changes and Error Corrections. As a result of this accounting change, Inventories and Retained Earnings as of January 1, 2012 increased by $41 million and $25 million respectively. | |||||||||||||||||||||||||||||||||||||
As a result of the retrospective application of this change in accounting principle, the following financial statement line items within the accompanying financial statements were restated, as follows: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | ||||||||||||||||||||||||||||
Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||
Cost of sales | $ | 5,062.90 | $ | 5,061.40 | $ | 1.5 | $ | 5,100.90 | $ | 5,103.30 | $ | (2.4 | ) | $ | 5,038.70 | $ | 5,036.90 | $ | 1.8 | ||||||||||||||||||
Gross profit | 2,687.60 | 2,689.10 | (1.5 | ) | 2,589.90 | 2,587.50 | 2.4 | 2,520.50 | 2,522.30 | (1.8 | ) | ||||||||||||||||||||||||||
Earnings (loss) from continuing | 267.2 | 268.7 | (1.5 | ) | 180.2 | 177.8 | 2.4 | (1,884.4 | ) | (1,882.6 | ) | (1.8 | ) | ||||||||||||||||||||||||
operations before income tax | |||||||||||||||||||||||||||||||||||||
provision (benefit) | |||||||||||||||||||||||||||||||||||||
Income tax provision (benefit) | 9.1 | 9.7 | (0.6 | ) | 84.9 | 84 | 0.9 | (265.4 | ) | (264.7 | ) | (0.7 | ) | ||||||||||||||||||||||||
Net earnings (loss) from continuing | 258.1 | 259 | (0.9 | ) | 95.3 | 93.7 | 1.6 | (1,619.0 | ) | (1,617.9 | ) | (1.1 | ) | ||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) available to | $ | 258.1 | $ | 259 | $ | (0.9 | ) | $ | 125.8 | $ | 124.2 | $ | 1.6 | $ | (1,411.4 | ) | $ | (1,410.3 | ) | $ | (1.1 | ) | |||||||||||||||
common shareholders | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) per common share: | |||||||||||||||||||||||||||||||||||||
Basic - continuing operations | $ | 1.22 | $ | 1.22 | $ | — | $ | 0.49 | $ | 0.48 | $ | 0.01 | $ | (8.40 | ) | $ | (8.39 | ) | $ | (0.01 | ) | ||||||||||||||||
Diluted - continuing operations | $ | 1.2 | $ | 1.2 | $ | — | $ | 0.44 | $ | 0.44 | $ | — | $ | (8.40 | ) | $ | (8.39 | ) | $ | (0.01 | ) | ||||||||||||||||
Consolidated Statements of Comprehensive | |||||||||||||||||||||||||||||||||||||
Income: | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) available to | $ | 258.1 | $ | 259 | $ | (0.9 | ) | $ | 125.8 | $ | 124.2 | $ | 1.6 | $ | (1,411.4 | ) | $ | (1,410.3 | ) | $ | (1.1 | ) | |||||||||||||||
common shareholders | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss), net of taxes | $ | (78.3 | ) | $ | (77.4 | ) | $ | (0.9 | ) | $ | 13.3 | $ | 11.7 | $ | 1.6 | $ | (1,431.2 | ) | $ | (1,430.1 | ) | $ | (1.1 | ) | |||||||||||||
Consolidated Statements of Cash Flows: | |||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (201.9 | ) | $ | (201.9 | ) | $ | — | $ | 624.8 | $ | 624.8 | $ | — | $ | 394.2 | $ | 394.2 | $ | — | |||||||||||||||||
Net earnings (loss) available to common | 258.1 | 259 | (0.9 | ) | 95.3 | 93.7 | 1.6 | (1,619.0 | ) | $ | (1,617.9 | ) | (1.1 | ) | |||||||||||||||||||||||
stockholders from continuing | |||||||||||||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||||||||
Inventories | (48.6 | ) | (50.1 | ) | 1.5 | 22 | 24.5 | (2.5 | ) | 35.2 | 33.4 | 1.8 | |||||||||||||||||||||||||
Deferred taxes, net | $ | 136.1 | $ | 136.7 | $ | (0.6 | ) | $ | 7.9 | $ | 7 | $ | 0.9 | $ | (319.3 | ) | $ | (318.6 | ) | $ | (0.7 | ) | |||||||||||||||
Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||
Inventories | $ | 707.6 | $ | 667.3 | $ | 40.3 | $ | 730.2 | $ | 688.4 | $ | 41.8 | |||||||||||||||||||||||||
Non-current deferred tax liability | 161.5 | 146.1 | 15.4 | 294.6 | 278.6 | 16 | |||||||||||||||||||||||||||||||
Retained earnings | $ | 448.5 | $ | 423.6 | $ | 24.9 | $ | 302.2 | $ | 276.4 | $ | 25.8 | $ | 279 | $ | 254.8 | $ | 24.2 | |||||||||||||||||||
As a result of the accounting change, all of our inventories are now determined using the FIFO method. We state inventories at the lower of cost or market. | |||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net | ||||||||||||||||||||||||||||||||||||
We state property and equipment at cost, except for the fair value of acquired property and equipment and property and equipment that have been impaired, for which we reduce the carrying amount to the estimated fair value at the impairment date. We capitalize significant improvements and charge repairs and maintenance costs that do not extend the lives of the assets to expense as incurred. We remove the cost and accumulated depreciation of assets sold or otherwise disposed of from the accounts and recognize any resulting gain or loss upon the disposition of the assets. | |||||||||||||||||||||||||||||||||||||
We depreciate the cost of property and equipment over their estimated useful lives on a straight-line basis as follows: buildings — 20 to 40 years; machinery and equipment — 5 to 10 years; and other property and equipment — 2 to 10 years. | |||||||||||||||||||||||||||||||||||||
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets | ||||||||||||||||||||||||||||||||||||
Goodwill represents the excess of the aggregate of the following (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree and, (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. | |||||||||||||||||||||||||||||||||||||
Identifiable intangible assets consist primarily of patents, licenses, trademarks, trade names, customer lists and relationships, non-compete agreements and technology based intangibles and other contractual agreements. We amortize finite lived identifiable intangible assets over the shorter of their stated or statutory duration or their estimated useful lives, generally ranging from 3 to 15 years, on a straight-line basis to their estimated residual values and periodically review them for impairment. Total identifiable intangible assets comprise 11% in both 2014 and 2013 of our consolidated total assets. | |||||||||||||||||||||||||||||||||||||
We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired. | |||||||||||||||||||||||||||||||||||||
Impairment and Disposal of Long-Lived Assets | Impairment and Disposal of Long-Lived Assets | ||||||||||||||||||||||||||||||||||||
For definite-lived intangible assets, such as customer relationships, contracts, intellectual property, and for other long-lived assets, such as property, plant and equipment, whenever impairment indicators are present, we perform a review for impairment. We calculate the undiscounted value of the projected cash flows associated with the asset, or asset group, and compare this estimated amount to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over the fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate. | |||||||||||||||||||||||||||||||||||||
For indefinite-lived intangible assets, such as in-process research and development and trademarks and trade names, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over the fair value, if any. In addition, in all cases of an impairment review other than for in-process research and development assets, we re-evaluate whether continuing to characterize the asset as indefinite-lived is appropriate. See Note 7, “Goodwill and Identifiable Intangible Assets” for additional details. | |||||||||||||||||||||||||||||||||||||
Self-Insurance | Self-Insurance | ||||||||||||||||||||||||||||||||||||
We retain the obligation for specified claims and losses related to property, casualty, workers’ compensation and employee benefit claims. We accrue for outstanding reported claims and claims that have been incurred but not reported based upon management’s estimates of the aggregate liability for retained losses using historical experience, insurance company estimates and the estimated trends in claim values. Our estimates include management’s and independent insurance companies’ assumptions regarding economic conditions, the frequency and severity of claims and claim development patterns and settlement practices. These estimates and assumptions are monitored and evaluated on a periodic basis by management and are adjusted when warranted by changing circumstances. Although management believes it has the ability to adequately project and record estimated claim payments, actual results could differ significantly from the recorded liabilities. | |||||||||||||||||||||||||||||||||||||
Pensions | Pensions | ||||||||||||||||||||||||||||||||||||
For a number of our U.S. employees and our international employees, we maintain defined benefit pension plans. We are required to make assumptions regarding the valuation of projected benefit obligations and the performance of plan assets for our defined benefit pension plans. | |||||||||||||||||||||||||||||||||||||
We review and approve the assumptions made by our third-party actuaries regarding the valuation of benefit obligations and performance of plan assets. The principal assumptions concern the discount rate used to measure future obligations, the expected future rate of return on plan assets, the expected rate of future compensation increases and various other actuarial assumptions. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans (November 30 for non-material plans). In general, significant changes to these assumptions could have a material impact on the costs and liabilities recorded in our consolidated financial statements. | |||||||||||||||||||||||||||||||||||||
See Note 14, “Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans,” for information about the combined Company’s benefit plans. | |||||||||||||||||||||||||||||||||||||
Net Earnings per Common Share | Net Earnings per Common Share | ||||||||||||||||||||||||||||||||||||
Basic earnings per common share is calculated by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Non-vested share-based payment awards that contain non-forfeitable rights to dividends are treated as participating securities and therefore included in computing earnings per common share using the “two-class method.” The two-class method is an earnings allocation formula that calculates basic and diluted net earnings per common share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. The non-vested restricted stock issued under our Omnibus Plan and our 2005 Contingent Stock Plan are considered participating securities since these securities have non-forfeitable rights to dividends when we declare a dividend during the contractual vesting period of the share-based payment award and therefore included in our earnings allocation formula using the two-class method. | |||||||||||||||||||||||||||||||||||||
When calculating diluted net earnings per common share, the more dilutive effect of applying either of the following is presented: (a) the two-class method (described above) assuming that the participating security is not exercised or converted, or, (b) the treasury stock method for the participating security. Our diluted net earnings per common share for all periods presented were calculated using the two-class method since such method was more dilutive. | |||||||||||||||||||||||||||||||||||||
See Note 21, “Net Earnings (Loss) Per Common Share,” for further discussion. | |||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | ||||||||||||||||||||||||||||||||||||
In April 2014, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” (“ASU 2014-08”). Under ASU 2014-08, only disposals representing a strategic shift in operations that have a major effect on the Company’s operations and financial results should be presented as discontinued operations. Additionally, ASU 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in ASU 2014-08 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. However, ASU 2014-08 should not be applied to a component that is classified as held for sale before the effective date even if the component is disposed of after the effective date. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The effects of ASU 2014-08 will depend on any future disposals by the Company. | |||||||||||||||||||||||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014-09”). Previous revenue recognition guidance in U.S. GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this core principal, five steps are required to be applied. In addition, ASU 2014-09 expands and enhances disclosure requirements which require disclosing sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This includes both qualitative and quantitative information. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. We are currently in the process of evaluating this new standard update. | |||||||||||||||||||||||||||||||||||||
In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period,” (“ASU 2014-12”). ASU 2014-12 requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Prior to the issuance of ASU 2014-12, U.S. GAAP did not contain explicit guidance on how to account for those share-based payments. Many reporting entities accounted for performance targets that could be achieved after the requisite service period as performance conditions that affect the vesting of the award and, therefore, did not reflect the performance target in the estimate of the grant-date fair value of the award. Other reporting entities treated those performance targets as non-vesting conditions that affected the grant-date fair value of the award. We currently treat performance targets that affect vesting as a performance condition and, as such, it is not included in the grant-date fair value. Therefore, the impact upon adoption would not be material to our consolidated financial position or results of operations. The amendments in ASU 2014-12 are effective for fiscal years and interim periods within those years, beginning after December 15, 2015. Earlier application is permitted. | |||||||||||||||||||||||||||||||||||||
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40),” (“ASU 2014-15”). ASU 2014-15 requires that for each annual and interim reporting period, an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). The amendments in ASU 2014-15 are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We currently do not expect the adoption of this standard update to have a material impact on our consolidated financial statements. | |||||||||||||||||||||||||||||||||||||
In November 2014, the FASB issued ASU 2014-17, “Business Combinations (Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force),” (“ASU 2014-17”). ASU 2014-17 provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The amendments in ASU 2014-17 are effective November 18, 2014 and an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. The effects of ASU 2014-17 will depend on any future events whereby we obtain control of an entity and elect to apply pushdown accounting. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Recently Issued Accounting Standard (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||
Summary of Financial Statements | As a result of the retrospective application of this change in accounting principle, the following financial statement line items within the accompanying financial statements were restated, as follows: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions, except per share amounts) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | As reported under FIFO | As computed under LIFO | Effect of change Increase (Decrease) | ||||||||||||||||||||||||||||
Consolidated Statements of Operations: | |||||||||||||||||||||||||||||||||||||
Cost of sales | $ | 5,062.90 | $ | 5,061.40 | $ | 1.5 | $ | 5,100.90 | $ | 5,103.30 | $ | (2.4 | ) | $ | 5,038.70 | $ | 5,036.90 | $ | 1.8 | ||||||||||||||||||
Gross profit | 2,687.60 | 2,689.10 | (1.5 | ) | 2,589.90 | 2,587.50 | 2.4 | 2,520.50 | 2,522.30 | (1.8 | ) | ||||||||||||||||||||||||||
Earnings (loss) from continuing | 267.2 | 268.7 | (1.5 | ) | 180.2 | 177.8 | 2.4 | (1,884.4 | ) | (1,882.6 | ) | (1.8 | ) | ||||||||||||||||||||||||
operations before income tax | |||||||||||||||||||||||||||||||||||||
provision (benefit) | |||||||||||||||||||||||||||||||||||||
Income tax provision (benefit) | 9.1 | 9.7 | (0.6 | ) | 84.9 | 84 | 0.9 | (265.4 | ) | (264.7 | ) | (0.7 | ) | ||||||||||||||||||||||||
Net earnings (loss) from continuing | 258.1 | 259 | (0.9 | ) | 95.3 | 93.7 | 1.6 | (1,619.0 | ) | (1,617.9 | ) | (1.1 | ) | ||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) available to | $ | 258.1 | $ | 259 | $ | (0.9 | ) | $ | 125.8 | $ | 124.2 | $ | 1.6 | $ | (1,411.4 | ) | $ | (1,410.3 | ) | $ | (1.1 | ) | |||||||||||||||
common shareholders | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) per common share: | |||||||||||||||||||||||||||||||||||||
Basic - continuing operations | $ | 1.22 | $ | 1.22 | $ | — | $ | 0.49 | $ | 0.48 | $ | 0.01 | $ | (8.40 | ) | $ | (8.39 | ) | $ | (0.01 | ) | ||||||||||||||||
Diluted - continuing operations | $ | 1.2 | $ | 1.2 | $ | — | $ | 0.44 | $ | 0.44 | $ | — | $ | (8.40 | ) | $ | (8.39 | ) | $ | (0.01 | ) | ||||||||||||||||
Consolidated Statements of Comprehensive | |||||||||||||||||||||||||||||||||||||
Income: | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) available to | $ | 258.1 | $ | 259 | $ | (0.9 | ) | $ | 125.8 | $ | 124.2 | $ | 1.6 | $ | (1,411.4 | ) | $ | (1,410.3 | ) | $ | (1.1 | ) | |||||||||||||||
common shareholders | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss), net of taxes | $ | (78.3 | ) | $ | (77.4 | ) | $ | (0.9 | ) | $ | 13.3 | $ | 11.7 | $ | 1.6 | $ | (1,431.2 | ) | $ | (1,430.1 | ) | $ | (1.1 | ) | |||||||||||||
Consolidated Statements of Cash Flows: | |||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | $ | (201.9 | ) | $ | (201.9 | ) | $ | — | $ | 624.8 | $ | 624.8 | $ | — | $ | 394.2 | $ | 394.2 | $ | — | |||||||||||||||||
Net earnings (loss) available to common | 258.1 | 259 | (0.9 | ) | 95.3 | 93.7 | 1.6 | (1,619.0 | ) | $ | (1,617.9 | ) | (1.1 | ) | |||||||||||||||||||||||
stockholders from continuing | |||||||||||||||||||||||||||||||||||||
operations | |||||||||||||||||||||||||||||||||||||
Inventories | (48.6 | ) | (50.1 | ) | 1.5 | 22 | 24.5 | (2.5 | ) | 35.2 | 33.4 | 1.8 | |||||||||||||||||||||||||
Deferred taxes, net | $ | 136.1 | $ | 136.7 | $ | (0.6 | ) | $ | 7.9 | $ | 7 | $ | 0.9 | $ | (319.3 | ) | $ | (318.6 | ) | $ | (0.7 | ) | |||||||||||||||
Consolidated Balance Sheets: | |||||||||||||||||||||||||||||||||||||
Inventories | $ | 707.6 | $ | 667.3 | $ | 40.3 | $ | 730.2 | $ | 688.4 | $ | 41.8 | |||||||||||||||||||||||||
Non-current deferred tax liability | 161.5 | 146.1 | 15.4 | 294.6 | 278.6 | 16 | |||||||||||||||||||||||||||||||
Retained earnings | $ | 448.5 | $ | 423.6 | $ | 24.9 | $ | 302.2 | $ | 276.4 | $ | 25.8 | $ | 279 | $ | 254.8 | $ | 24.2 | |||||||||||||||||||
Divestitures_Tables
Divestitures (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Rigid Medical Packaging Business [Member] | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Schedule of Financial Information from Discontinued Operations | Following is selected financial information included in net earnings from discontinued operations: | ||||||||
Year Ended December 31 | |||||||||
(In millions) | 2013 | 2012 | |||||||
Net sales | $ | 89.6 | $ | 88.9 | |||||
Operating profit | $ | 11.4 | $ | 10.6 | |||||
Earnings before income tax provision | $ | 11.1 | $ | 10.6 | |||||
Income tax provision | 3.5 | 2.8 | |||||||
Net earnings from discontinued operations, net of tax | $ | 7.6 | $ | 7.8 | |||||
Gain on sale of discontinued operations before income | $ | 40.2 | $ | — | |||||
tax provision | |||||||||
Income tax provision on sale | 17.3 | — | |||||||
Net gain on sale of discontinued operations | $ | 22.9 | $ | — | |||||
Diversey Japan [Member] | |||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||||||
Schedule of Financial Information from Discontinued Operations | Following is selected financial information included in net earnings from discontinued operations: | ||||||||
Year Ended | |||||||||
(In millions) | 31-Dec-12 | ||||||||
Net sales | $ | 273.5 | |||||||
Operating profit | $ | 34.1 | |||||||
Earnings before income tax provision | $ | 33 | |||||||
Income tax provision | 12.1 | ||||||||
Net earnings from discontinued operations, net of tax | $ | 20.9 | |||||||
Gain on sale of discontinued operations before income | $ | 210.8 | |||||||
tax provision | |||||||||
Income tax provision on sale | 31.9 | ||||||||
Net gain on sale of discontinued operations | $ | 178.9 | |||||||
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Net Sales and Adjusted EBITDA of Reportable Segments | The following tables show net sales and Adjusted EBITDA by our segment reporting structure: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Net Sales: | |||||||||||||
Food Care | $ | 3,835.30 | $ | 3,814.20 | $ | 3,744.00 | |||||||
As a % of Total Company net sales | 49.5 | % | 49.6 | % | 49.5 | % | |||||||
Diversey Care | 2,173.10 | 2,160.80 | 2,131.90 | ||||||||||
As a % of Total Company net sales | 28 | % | 28.1 | % | 28.2 | % | |||||||
Product Care | 1,655.00 | 1,610.00 | 1,580.40 | ||||||||||
As a % of Total Company net sales | 21.4 | % | 20.9 | % | 20.9 | % | |||||||
Total Reportable Segments Net Sales | 7,663.40 | 7,585.00 | 7,456.30 | ||||||||||
Other | 87.1 | 105.8 | 102.9 | ||||||||||
Total Company Net Sales | $ | 7,750.50 | $ | 7,690.80 | $ | 7,559.20 | |||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 (1) | 2012(1) | ||||||||||
Adjusted EBITDA: | |||||||||||||
Food Care | $ | 670.2 | $ | 614.7 | $ | 576.3 | |||||||
Adjusted EBITDA Margin | 17.5 | % | 16.1 | % | 15.4 | % | |||||||
Diversey Care | 245 | 237.3 | 217.9 | ||||||||||
Adjusted EBITDA Margin | 11.3 | % | 11 | % | 10.2 | % | |||||||
Product Care | 292.7 | 266.3 | 267 | ||||||||||
Adjusted EBITDA Margin | 17.7 | % | 16.5 | % | 16.9 | % | |||||||
Total Reportable Segments Adjusted EBITDA | 1,207.90 | 1,118.30 | 1,061.20 | ||||||||||
Other | (89.6 | ) | (77.8 | ) | (82.3 | ) | |||||||
Non-U.S. GAAP Total Company Adjusted | $ | 1,118.30 | $ | 1,040.50 | $ | 978.9 | |||||||
EBITDA | |||||||||||||
Adjusted EBITDA Margin | 14.4 | % | 13.5 | % | 12.9 | % | |||||||
(1) | During the fourth quarter of 2014, we changed the method of valuing our inventories that used LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. We applied this change in accounting principle retrospectively. Accordingly certain previously reported financial information has been revised. See Note 2, “Summary of Significant Accounting Policies – Inventories” for additional details regarding this accounting policy change. | ||||||||||||
Reconciliation of Non-U.S. GAAP Adjusted EBITDA to U.S. GAAP Net Earnings | The following table shows a reconciliation of Non-U.S. GAAP Total Company Adjusted EBITDA to U.S. GAAP net earnings from continuing operations: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013(1) | 2012(1) | ||||||||||
Non-U.S. GAAP Total Company Adjusted EBITDA | $ | 1,118.30 | $ | 1,040.50 | $ | 978.9 | |||||||
Depreciation and amortization (2) | (320.8 | ) | (307.5 | ) | (317.1 | ) | |||||||
Special items: | |||||||||||||
Write down of non-strategic assets included in | 2.1 | 5.3 | 0.8 | ||||||||||
depreciation and amortization | |||||||||||||
Restructuring and other charges(3) | (65.7 | ) | (73.8 | ) | (142.5 | ) | |||||||
Other restructuring associated costs included in cost | (34.2 | ) | (32.0 | ) | (38.9 | ) | |||||||
of sales and selling general and administrative expenses | |||||||||||||
Development grant matter included in selling, | (14.0 | ) | — | — | |||||||||
general and administrative expenses | |||||||||||||
Termination of licensing agreement | (5.3 | ) | — | — | |||||||||
Relocation costs included in selling, general and | (2.4 | ) | — | — | |||||||||
administrative expenses | |||||||||||||
SARs | (8.1 | ) | (38.1 | ) | (18.4 | ) | |||||||
Integration related costs | (4.1 | ) | (1.1 | ) | (7.4 | ) | |||||||
Impairment of goodwill and other intangible assets | — | — | (1,892.3 | ) | |||||||||
Impairment of equity method investment including | (5.7 | ) | (2.1 | ) | (25.8 | ) | |||||||
related bad debt write-down of $2.3 million in 2012 | |||||||||||||
Foreign currency exchange losses related to | (20.4 | ) | (13.1 | ) | (0.4 | ) | |||||||
Venezuelan subsidiaries | |||||||||||||
Loss on debt redemption and refinancing activities | (102.5 | ) | (36.3 | ) | (36.9 | ) | |||||||
Gain from Claims Settlement in 2014 and related costs | 20.3 | (1.0 | ) | (0.7 | ) | ||||||||
Non-operating charge for contingent guarantee | (2.5 | ) | — | — | |||||||||
included in other income (expense), net | |||||||||||||
Other income (expense), net | (0.1 | ) | 0.4 | 1 | |||||||||
Interest expense | (287.7 | ) | (361.0 | ) | (384.7 | ) | |||||||
Income tax provision (benefit) | 9.1 | 84.9 | (265.4 | ) | |||||||||
U.S. GAAP net earnings (loss) from continuing operations | $ | 258.1 | $ | 95.3 | $ | (1,619.0 | ) | ||||||
· | During the fourth quarter of 2014, we changed the method of valuing certain of our inventories that used LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. We applied this change in accounting principle retrospectively. Accordingly all previously reported financial information has been revised. See Note 2, “Summary of Significant Accounting Policies – Inventories” for additional details regarding this accounting policy change. The table below represents the impact to Earnings from continuing operations before income tax provision had we remained on the LIFO method of valuing those inventories: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Food Care | $ | 0.7 | $ | (0.8 | ) | $ | 1.4 | ||||||
Diversey Care | — | — | — | ||||||||||
Product Care | 0.8 | (1.8 | ) | 0.4 | |||||||||
Total reportable segments | 1.5 | (2.6 | ) | 1.8 | |||||||||
Other | — | 0.2 | — | ||||||||||
Total Company LIFO Adjustments | $ | 1.5 | $ | (2.4 | ) | $ | 1.8 | ||||||
(2) | Depreciation and amortization by segment is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Food Care | $ | 121.3 | $ | 118.4 | $ | 140 | |||||||
Diversey Care | 126.3 | 132.3 | 127.6 | ||||||||||
Product Care | 41.4 | 38.2 | 37.9 | ||||||||||
Total reportable segments | 289 | 288.9 | 305.5 | ||||||||||
Other | 31.8 | 18.6 | 11.6 | ||||||||||
Total Company depreciation and amortization(1) | $ | 320.8 | $ | 307.5 | $ | 317.1 | |||||||
· | Includes share-based incentive compensation. | ||||||||||||
(3) | Restructuring and other charges by segment were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Food Care | $ | 27.3 | $ | 25.1 | $ | 72 | |||||||
Diversey Care | 24.3 | 32.2 | 53.1 | ||||||||||
Product Care | 13.6 | 16.4 | 16.7 | ||||||||||
Total reportable segments | 65.2 | 73.7 | 141.8 | ||||||||||
Other | 0.5 | 0.1 | 0.7 | ||||||||||
Total Company restructuring and other charges | $ | 65.7 | $ | 73.8 | $ | 142.5 | |||||||
Assets by Reportable Segments | The following table shows assets allocated by our segment reporting structure. Only assets which are identifiable by segment and reviewed by our chief operating decision maker by segment are allocated to the reportable segment assets, which are trade receivables, net, and finished goods inventories, net. All other assets are included in “Assets not allocated.” | ||||||||||||
December 31, | December 31, | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Assets: | |||||||||||||
Trade receivables, net, and finished goods inventories, net | |||||||||||||
Food Care | $ | 689.3 | $ | 767.3 | |||||||||
Diversey Care | 514.5 | 543.3 | |||||||||||
Product Care | 279.1 | 301 | |||||||||||
Other Category | 14 | 17.5 | |||||||||||
Total segments and other | 1,496.90 | 1,629.10 | |||||||||||
Assets not allocated | |||||||||||||
Cash and cash equivalents | 322.6 | 992.4 | |||||||||||
Property and equipment, net | 993.2 | 1,134.50 | |||||||||||
Goodwill | 3,005.50 | 3,114.60 | |||||||||||
Intangible assets, net | 872.2 | 1,016.90 | |||||||||||
Assets held for sale | 27.3 | — | |||||||||||
Other | 1,324.00 | 1,288.50 | |||||||||||
Total | $ | 8,041.70 | $ | 9,176.00 | |||||||||
Geographic Information | Geographic Information | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Net sales(1): | |||||||||||||
North America | $ | 3,075.80 | $ | 3,006.90 | $ | 2,952.40 | |||||||
Europe | 2,454.70 | 2,447.80 | 2,416.50 | ||||||||||
Latin America | 801.4 | 824.3 | 799.7 | ||||||||||
AMAT | 870.3 | 846.8 | 794.4 | ||||||||||
JANZ | 548.3 | 565 | 596.2 | ||||||||||
Total | $ | 7,750.50 | $ | 7,690.80 | $ | 7,559.20 | |||||||
Total long-lived assets(1)(2): | |||||||||||||
North America | $ | 2,921.00 | $ | 3,011.00 | |||||||||
Europe | 1,324.00 | 1,591.50 | |||||||||||
Latin America | 224.1 | 233.6 | |||||||||||
AMAT | 618.9 | 650 | |||||||||||
JANZ | 156.2 | 167.3 | |||||||||||
Total | $ | 5,244.20 | $ | 5,653.40 | |||||||||
(1) | Net sales to external customers attributed to geographic areas represent net sales to external customers based on shipping origin. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2014 and 2013. | ||||||||||||
(2) | Total long-lived assets represent total assets excluding total current assets and deferred tax assets. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | The following table details our inventories: | ||||||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Inventories: | |||||||||
Raw materials | $ | 108.9 | $ | 116.6 | |||||
Work in process | 104 | 110.9 | |||||||
Finished goods | 494.7 | 502.7 | |||||||
Total | $ | 707.6 | $ | 730.2 | |||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||
Schedule of Property and Equipment, Net | The following table details our property and equipment. | ||||||||||||
December 31, | December 31, | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Land and improvements | $ | 106.6 | $ | 135.8 | |||||||||
Buildings | 666.7 | 729.6 | |||||||||||
Machinery and equipment | 2,351.30 | 2,488.40 | |||||||||||
Other property and equipment | 143.4 | 164.8 | |||||||||||
Construction-in-progress | 116.5 | 107.1 | |||||||||||
Property and equipment, gross | 3,384.50 | 3,625.70 | |||||||||||
Accumulated depreciation and amortization | (2,391.3 | ) | (2,491.2 | ) | |||||||||
Property and equipment, net | $ | 993.2 | $ | 1,134.50 | |||||||||
Interest Cost Capitalized and Depreciation and Amortization Expense for Property and Equipment | The following table details our interest cost capitalized and depreciation and amortization expense for property and equipment for the three years ended December 31, 2014. | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Interest cost capitalized | $ | 6.2 | $ | 4.9 | $ | 5.5 | |||||||
Depreciation and amortization expense for property | $ | 147.8 | $ | 160.2 | $ | 167.5 | |||||||
and equipment | |||||||||||||
Goodwill_and_Identifiable_Inta1
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Summary of Goodwill Balances by Segment Reporting Structure | The following table shows our goodwill balances by our segment reporting structure: | ||||||||||||||||||||||||||||||||
Impact of | |||||||||||||||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||||||||||||||
Translation | |||||||||||||||||||||||||||||||||
Gross Carrying Value at | Accumulated | Carrying Value at | Year Ended | Gross Carrying Value at | Accumulated | Carrying Value at | |||||||||||||||||||||||||||
(In millions) | December 31, 2013 | Impairment | December 31, 2013 | December 31, 2014 | December 31, 2014 | Impairment | December 31, 2014 | ||||||||||||||||||||||||||
Food Care | $ | 833.7 | $ | (208.0 | ) | $ | 625.7 | $ | (14.0 | ) | $ | 819.7 | $ | (208.0 | ) | $ | 611.7 | ||||||||||||||||
Diversey Care | 1,994.10 | (883.0 | ) | 1,111.10 | (93.3 | ) | 1,900.80 | (883.0 | ) | 1,017.80 | |||||||||||||||||||||||
Product Care | 1,372.80 | — | 1,372.80 | (1.6 | ) | 1,371.20 | — | 1,371.20 | |||||||||||||||||||||||||
Other | 5 | — | 5 | (0.2 | ) | 4.8 | — | 4.8 | |||||||||||||||||||||||||
Total | $ | 4,205.60 | $ | (1,091.0 | ) | $ | 3,114.60 | $ | (109.1 | ) | $ | 4,096.50 | $ | (1,091.0 | ) | $ | 3,005.50 | ||||||||||||||||
Summary of Percentage by Which Estimated Fair Value Exceeds Carrying Value | The excess of estimated fair values over carrying value, including goodwill for each of our reporting units that had goodwill as of the 2014 annual impairment test were the following: | ||||||||||||||||||||||||||||||||
% by Which Estimated Fair value | |||||||||||||||||||||||||||||||||
Reporting Unit | exceeds Carrying Value | ||||||||||||||||||||||||||||||||
Food Care — Packaging Solutions | 243 | % | |||||||||||||||||||||||||||||||
Food Care — Hygiene Solutions | 282 | % | |||||||||||||||||||||||||||||||
Diversey Care | 44 | % | |||||||||||||||||||||||||||||||
Product Care | 92 | % | |||||||||||||||||||||||||||||||
Medical Applications | 788 | % | |||||||||||||||||||||||||||||||
Summarize of Identifiable Intangible Assets with Definite and Indefinite Useful Lives | The following tables summarize our identifiable intangible assets with definite and indefinite useful lives: | ||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||
Carrying | Accumulated | Accumulated | Carrying | Accumulated | Accumulated | ||||||||||||||||||||||||||||
(In millions) | Value | Amortization | Impairment (1)(2) | Net | Value | Amortization | Impairment (1)(2) | Net | |||||||||||||||||||||||||
Customer relationships | $ | 890.8 | $ | (210.8 | ) | $ | (148.9 | ) | $ | 531.1 | $ | 961.3 | $ | (171.2 | ) | $ | (148.9 | ) | $ | 641.2 | |||||||||||||
Trademarks and trade names | 1.3 | (0.2 | ) | — | 1.1 | 0.2 | (0.10 | ) | - | 0.1 | |||||||||||||||||||||||
Technology | 266.4 | (167.0 | ) | (22.2 | ) | 77.2 | 252.6 | (128.0 | ) | (22.2 | ) | 102.4 | |||||||||||||||||||||
Contracts | 40.6 | (28.9 | ) | — | 11.7 | 44 | (21.9 | ) | — | 22.1 | |||||||||||||||||||||||
Total intangible assets with definite lives | $ | 1,199.10 | $ | (406.9 | ) | $ | (171.1 | ) | $ | 621.1 | $ | 1,258.10 | $ | (321.2 | ) | $ | (171.1 | ) | $ | 765.8 | |||||||||||||
Trademarks and trade names with indefinite lives | 881.3 | — | (630.2 | ) | 251.1 | 881.3 | — | (630.2 | ) | 251.1 | |||||||||||||||||||||||
Total | $ | 2,080.40 | $ | (406.9 | ) | $ | (801.3 | ) | $ | 872.2 | $ | 2,139.40 | $ | (321.2 | ) | $ | (801.3 | ) | $ | 1,016.90 | |||||||||||||
(1) | During the third quarter of 2012, we determined that sufficient indicators existed to require an interim impairment review of our Diversey trade name. Based on our analysis, the fair value of this intangible was lower than the carrying value, which resulted in a pre-tax impairment charge of $189 million. In addition, during the fourth quarter of 2012, we completed our annual impairment test for indefinite lived trademarks and trade names, and we performed an interim impairment review of our customer relationships. As a result, we recorded a pre-tax impairment charge of $149 million of customer relationships, and a pre-tax impairment charge of $441 million of trademarks and trade names. | ||||||||||||||||||||||||||||||||
(2) | During the fourth quarter of 2012, we made a decision to suspend certain development efforts and abandon future product development work on a project included in our Other Category for segment reporting. As a result, we recorded an impairment of $22 million ($14 million, net of taxes), which is included in impairment of goodwill and other intangible assets on the consolidated statements of operations in the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||
Remaining Estimated Future Amortization Expense | The following table shows the remaining estimated future amortization expense at December 31, 2014. | ||||||||||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||
2015 | $ | 86.5 | |||||||||||||||||||||||||||||||
2016 | 84.4 | ||||||||||||||||||||||||||||||||
2017 | 77.6 | ||||||||||||||||||||||||||||||||
2018 | 65.5 | ||||||||||||||||||||||||||||||||
Thereafter | 307.1 | ||||||||||||||||||||||||||||||||
Total | $ | 621.1 | |||||||||||||||||||||||||||||||
Remaining Weighted Average Useful Life of Definite Intangible Assets | The following table shows the remaining weighted average useful life of our definite intangible assets as of December 31, 2014. | ||||||||||||||||||||||||||||||||
Remaining weighted average useful lives | |||||||||||||||||||||||||||||||||
Customer relationships | 9.8 | ||||||||||||||||||||||||||||||||
Trademarks and trade names | 4.8 | ||||||||||||||||||||||||||||||||
Technology | 4.1 | ||||||||||||||||||||||||||||||||
Contracts | 2.8 | ||||||||||||||||||||||||||||||||
Total intangible assets with definite lives | 8.9 | ||||||||||||||||||||||||||||||||
Restructuring_and_Relocation_A1
Restructuring and Relocation Activities (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Restructuring and Relocation Activities | The following table details our restructuring activities: | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | IOP | EQIP | FUSION | Total | IOP | EQIP | Total | IOP | Other | Total | ||||||||||||||||||||||||||||||||
Other | $ | 7.7 | $ | 21.6 | $ | 2.4 | $ | 31.7 | $ | 14.1 | $ | 11.4 | $ | 25.5 | $ | 22.2 | $ | 12.1 | $ | 34.3 | ||||||||||||||||||||||
associated | ||||||||||||||||||||||||||||||||||||||||||
costs | ||||||||||||||||||||||||||||||||||||||||||
Restructuring | 13.2 | 47 | 5.5 | 65.7 | (7.0 | ) | 80.8 | 73.8 | 144.9 | (2.4 | ) | 142.5 | ||||||||||||||||||||||||||||||
charges | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 20.9 | $ | 68.6 | $ | 7.9 | $ | 97.4 | $ | 7.1 | $ | 92.2 | $ | 99.3 | $ | 167.1 | $ | 9.7 | $ | 176.8 | ||||||||||||||||||||||
FUSION [Member] | ||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining | ||||||||||||||||||||||||||||||||||||||||||
The restructuring accrual, spending and other activity for the year ended December 31, 2014 and the accrual balance remaining at December 31, 2014 related to this program were as follows (in millions): | ||||||||||||||||||||||||||||||||||||||||||
Fusion restructuring accrual at December 31, 2013 | $ | — | ||||||||||||||||||||||||||||||||||||||||
Accrual and accrual adjustments | 5.5 | |||||||||||||||||||||||||||||||||||||||||
Cash payments during 2014 | — | |||||||||||||||||||||||||||||||||||||||||
Effect of changes in foreign currency exchange rates | — | |||||||||||||||||||||||||||||||||||||||||
Fusion restructuring accrual at December 31, 2014 | $ | 5.5 | ||||||||||||||||||||||||||||||||||||||||
EQIP [Member] | ||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining | The restructuring accrual, spending and other activity for the year ended December 31, 2014 and the accrual balance remaining at December 31, 2014 related to this program were as follows (in millions): | |||||||||||||||||||||||||||||||||||||||||
EQIP restructuring accrual at December 31, 2013 | $ | 55.9 | ||||||||||||||||||||||||||||||||||||||||
Accrual and accrual adjustments | 47 | |||||||||||||||||||||||||||||||||||||||||
Cash payments during 2014 | (58.1 | ) | ||||||||||||||||||||||||||||||||||||||||
Effect of changes in foreign currency exchange rates | (2.9 | ) | ||||||||||||||||||||||||||||||||||||||||
EQIP restructuring accrual at December 31, 2014 | $ | 41.9 | ||||||||||||||||||||||||||||||||||||||||
IOP [Member] | ||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining | The restructuring accrual, spending and other activity for the year ended December 31, 2014 and the accrual balance remaining at December 31, 2013 related to this program were as follows (in millions): | |||||||||||||||||||||||||||||||||||||||||
IOP restructuring accrual at December 31, 2013 | $ | 24.5 | ||||||||||||||||||||||||||||||||||||||||
Accrual and accrual adjustments | 13.2 | |||||||||||||||||||||||||||||||||||||||||
Cash payments during 2014 | (22.3 | ) | ||||||||||||||||||||||||||||||||||||||||
Effect of changes in foreign currency exchange rates | (2.3 | ) | ||||||||||||||||||||||||||||||||||||||||
IOP restructuring accrual at December 31, 2014 | $ | 13.1 | ||||||||||||||||||||||||||||||||||||||||
Other_Current_and_NonCurrent_L1
Other Current and Non-Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | |||||||||
Components of Other Current and Other Liabilities | The following tables detail our other current liabilities and other liabilities at December 31, 2014 and 2013: | ||||||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Other current liabilities: | |||||||||
Accrued salaries, wages and related costs | $ | 326.7 | $ | 300.6 | |||||
Accrued operating expenses | 295.3 | 303.3 | |||||||
Income taxes payable | 38.1 | 35.6 | |||||||
Accrued customer volume rebates | 185.4 | 176.5 | |||||||
Accrued interest | 46 | 67.4 | |||||||
Accrued employee benefit liability | 8.6 | 7 | |||||||
Total | $ | 900.1 | $ | 890.4 | |||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Other non-current liabilities: | |||||||||
Accrued employee benefit liability | $ | 347.5 | $ | 262 | |||||
Other postretirement liability | 77.4 | 70.1 | |||||||
Other various liabilities | 279.1 | 315.8 | |||||||
Total | $ | 704 | $ | 647.9 | |||||
Debt_and_Credit_Facilities_Tab
Debt and Credit Facilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Total Debt Outstanding | Our total debt outstanding consisted of the amounts set forth on the following table: | ||||||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Short-term borrowings (1) | $ | 130.4 | $ | 81.6 | |||||
Current portion of long-term debt(2) | 1.1 | 201.5 | |||||||
Total current debt | 131.5 | 283.1 | |||||||
Term Loan A Facility due July 2017, less unamortized lender fees of $0.3 in 2014(3)(4) | 249.7 | — | |||||||
Term Loan A Facility due July 2019 (October 2016 prior to refinance), less unamortized lender fees of $10.6 in 2014 and $8.4 in 2013 (3)(4) | 1,129.40 | 634.8 | |||||||
Term Loan B Facility due October 2018, less unamortized | — | 681.6 | |||||||
lender fees of $7.3 in 2013, and unamortized discount of | |||||||||
$10.8 in 2013(3) | |||||||||
8.125% Senior Notes due September 2019(5) | — | 750 | |||||||
6.50% Senior Notes due December 2020(6) | 428.1 | 424.1 | |||||||
8.375% Senior Notes due September 2021 | 750 | 750 | |||||||
4.875% Senior Notes due December 2022(5) | 425 | — | |||||||
5.25% Senior Notes due April 2023 | 425 | 425 | |||||||
5.125% Senior Notes due December 2024(5) | 425 | — | |||||||
6.875% Senior Notes due July 2033, less unamortized discount of $1.3 in 2014 and $1.4 in 2013 | 448.7 | 448.6 | |||||||
Other | 1.6 | 2.3 | |||||||
Total long-term debt, less current portion | 4,282.50 | 4,116.40 | |||||||
Total debt(7) | $ | 4,414.00 | $ | 4,399.50 | |||||
(1) | December 31, 2014 is comprised primarily of $36 million of borrowings outstanding under our U.S. accounts receivable securitization program and $23 million outstanding under our revolving credit facility, of which we have the intent and ability to repay within twelve months as of December 31, 2014, and $71 million short-term borrowings from various lines of credits. As of December 31, 2013, we had no amounts outstanding under either the U.S. or European program, and we did not utilize these programs during 2013. | ||||||||
(2) | The Company’s $150 million 12% Senior Notes due February 2014 (“12% Senior Notes”) were included in current portion of long-term debt as of December 31, 2013. We repaid the 12% Senior Notes upon their maturity using cash on hand and committed liquidity. | ||||||||
(3) | On July 25, 2014, the Company entered into a second restatement agreement for refinancing of the Term Loan A facilities, Term Loan B facilities and revolving credit facilities with new Term Loan A facilities. See below for further information. | ||||||||
(4) | Term Loan A facilities have required prepayments which are due in 2016. | ||||||||
(5) | In November 2014, the Company issued $425 million of 4.875% Senior Notes due December 1, 2022 and $425 million of 5.125% Senior Notes due December 1, 2024. The proceeds from this note were used to repurchase the Company’s $750 million 8.125% Notes due September 15, 2019. See below for further information. | ||||||||
-6 | On October 16, 2014, the Company terminated the $100 million of outstanding interest rate swaps on our 6.5% Senior Notes due December 1, 2020. See below for further information. | ||||||||
-7 | The weighted average interest rate on our total outstanding debt was 5.2% as of December 31, 2014 and 6.2% as of December 31, 2013. | ||||||||
Lines of Credit | The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the Revolving Credit Facility discussed above, and the amounts available under our accounts receivable securitization programs. We are not subject to any material compensating balance requirements in connection with our lines of credit. | ||||||||
December 31, | December 31, | ||||||||
(In millions) | 2014 | 2013 | |||||||
Used lines of credit (1) | $ | 130.4 | $ | 81.6 | |||||
Unused lines of credit | 1,101.70 | 1,224.00 | |||||||
Total available lines of credit(2) | $ | 1,232.10 | $ | 1,305.60 | |||||
(1) | Includes total borrowings under the AR securitization programs, the revolving credit facility and borrowings under lines of credit available to several foreign subsidiaries. | ||||||||
(2) | Of the total available lines of credit, $892 million were committed as of December 31, 2014. | ||||||||
Scheduled Annual Maturities for Next Five Years and Thereafter | The following table summarizes the scheduled annual maturities for the next five years and thereafter of our long-term debt, including the current portion of long-term debt. This schedule excludes debt discounts, interest rate swaps and lender fees. | ||||||||
Year | Amount | ||||||||
(in millions) | |||||||||
2015 | $ | 1.1 | |||||||
2016 | 46.9 | ||||||||
2017 | 322.9 | ||||||||
2018 | 72.8 | ||||||||
2019 | 950.5 | ||||||||
Thereafter | 2,901.50 | ||||||||
Total | $ | 4,295.70 | |||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Fair Value of Derivative Instruments | The following table details the fair value of our derivative instruments included on our consolidated balance sheets. | ||||||||||||||||
Fair Value of Asset | Fair Value of (Liability) | ||||||||||||||||
Derivatives (1) | Derivatives (1) | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts (cash flow hedges) | $ | 4.3 | $ | 3.4 | $ | (0.4 | ) | $ | (1.4 | ) | |||||||
Interest rate swaps (fair value hedges) | — | — | — | (1.0 | ) | ||||||||||||
Interest rate and currency swaps (cash flow hedges) | 17.8 | — | — | — | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts | 41.3 | 7.1 | (67.6 | ) | (49.1 | ) | |||||||||||
Total | $ | 63.4 | $ | 10.5 | $ | (68.0 | ) | $ | (51.5 | ) | |||||||
(1) | Asset derivatives are included in other assets and liability derivatives are included in other liabilities. | ||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following table details the effect of our derivative instruments on our consolidated statements of operations. | ||||||||||||||||
Amount of Gain (Loss) Recognized in | |||||||||||||||||
Earnings on Derivatives | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts (cash flow hedges)(1) | $ | 1.9 | $ | 2.7 | $ | (0.1 | ) | ||||||||||
Interest rate and currency swaps (cash flow hedges)(2) | 13.5 | — | — | ||||||||||||||
Treasury locks (cash flow hedges)(3) | 0.1 | 0.1 | 1.7 | ||||||||||||||
Sub-total cash flow hedges | 15.5 | 2.8 | 1.6 | ||||||||||||||
Interest rate swaps (fair value hedges) | 1.8 | — | 1 | ||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency forward contracts | (15.2 | ) | (8.5 | ) | 4.6 | ||||||||||||
Total | $ | 2.1 | $ | (5.7 | ) | $ | 7.2 | ||||||||||
— | Amounts recognized on the foreign currency forward contracts were included in other income (expense), net. | ||||||||||||||||
· | Amounts recognized on the interest rate and currency swaps included a $16.5 million gain which offset a loss on the remeasurement of the hedged debt, which is included in other income (expense), net and interest expense of $3 million related to the hedge of the interest payments. | ||||||||||||||||
— | Amounts recognized on the treasury locks were included in interest expense. |
Fair_Value_Measurements_and_Ot1
Fair Value Measurements and Other Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Hierarchy of Financial Instruments | The fair value of our financial instruments, using the fair value hierarchy under U.S. GAAP detailed in “Fair Value Measurements,” of Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards,” are included in the table below. | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
(In millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash equivalents | $ | 64.7 | $ | — | $ | 64.7 | $ | — | |||||||||
Derivative financial instruments net asset (liability): | |||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | — | |||||||||
Foreign currency forward contracts | $ | (22.4 | ) | $ | — | $ | (22.4 | ) | $ | — | |||||||
Interest rate and currency swaps | $ | 17.8 | $ | — | $ | 17.8 | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
(In millions) | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Cash equivalents | $ | 491.9 | $ | — | $ | 491.9 | $ | — | |||||||||
Derivative financial instruments net asset (liability): | |||||||||||||||||
Interest rate swaps | $ | (1.0 | ) | $ | — | $ | (1.0 | ) | $ | — | |||||||
Foreign currency forward contracts | $ | (40.0 | ) | $ | — | $ | (40.0 | ) | $ | — | |||||||
Carrying Amounts and Estimated Fair Values of Debt | The table below shows the carrying amounts and estimated fair values of our total debt: | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
(In millions) | Amount | Value | Amount | Value | |||||||||||||
12% Senior Notes due February 2014 | $ | — | $ | — | $ | 150.3 | $ | 150.6 | |||||||||
Term Loan A Facility due July 2017 | 249.7 | 249.7 | — | — | |||||||||||||
Term Loan A Facility due July 2019 (October 2016 prior to | 1,129.40 | 1,129.40 | 684.5 | 684.5 | |||||||||||||
refinance) | |||||||||||||||||
Term Loan B Facility | — | — | 681.6 | 681.6 | |||||||||||||
8.125% Senior Notes due September 2019 | — | — | 750 | 841.4 | |||||||||||||
6.50% Senior Notes due December 2020 | 428.1 | 469.7 | 424.1 | 456.7 | |||||||||||||
8.375% Senior Notes due September 2021 | 750 | 843.3 | 750 | 853.1 | |||||||||||||
4.875% Senior Notes due December 2022 | 425 | 423.3 | — | — | |||||||||||||
5.25% Senior Notes due April 2023 | 425 | 429.6 | 425 | 414.7 | |||||||||||||
5.125% Senior Notes due December 2024 | 425 | 428.5 | — | — | |||||||||||||
6.875% Senior Notes due July 2033 | 448.7 | 462.9 | 448.6 | 431.2 | |||||||||||||
Other foreign loans | 73.9 | 73.8 | 85 | 84.9 | |||||||||||||
Other domestic loans(1) | 59.2 | 59.2 | 0.4 | 0.4 | |||||||||||||
Total debt | $ | 4,414.00 | $ | 4,569.40 | $ | 4,399.50 | $ | 4,599.10 | |||||||||
(1) | Includes borrowings denominated in currencies other than U.S. dollars. |
Profit_Sharing_Retirement_Savi1
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Benefit Cost | The following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||||||||||||
U.S. and non-U.S. net periodic benefit cost included in | $ | 5.6 | $ | 5.8 | $ | 6.1 | |||||||||||||||||||||||||||||||
cost of sales | |||||||||||||||||||||||||||||||||||||
U.S. and non-U.S. net periodic benefit cost included in | 10.6 | 11.2 | 12.1 | ||||||||||||||||||||||||||||||||||
selling, general and administrative expenses | |||||||||||||||||||||||||||||||||||||
Total benefit cost (income) | $ | 16.2 | $ | 17 | $ | 18.2 | |||||||||||||||||||||||||||||||
Funded Status for Pension Plans | The measurement date used by us to determine the projected benefit obligation and plan assets is December 31 for all material plans (November 30 for non-material plans): | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of | $ | 192.2 | $ | 1,070.40 | $ | 1,262.60 | $ | 210.1 | $ | 1,011.80 | $ | 1,221.90 | |||||||||||||||||||||||||
Period | |||||||||||||||||||||||||||||||||||||
Service cost | 1.1 | 8.9 | 10 | 1.3 | 11 | 12.3 | |||||||||||||||||||||||||||||||
Interest cost | 8.7 | 39.3 | 48 | 7.9 | 35.5 | 43.4 | |||||||||||||||||||||||||||||||
Actuarial loss (gain) | 31.4 | 186.5 | 217.9 | (11.3 | ) | 34 | 22.7 | ||||||||||||||||||||||||||||||
Settlement/curtailment | — | (9.6 | ) | (9.6 | ) | (7.1 | ) | (5.6 | ) | (12.7 | ) | ||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (36.6 | ) | (48.6 | ) | (8.7 | ) | (32.3 | ) | (41.0 | ) | |||||||||||||||||||||||||
Employee contributions | — | 3.4 | 3.4 | — | 3.6 | 3.6 | |||||||||||||||||||||||||||||||
Other | — | 0.2 | 0.2 | — | 0.4 | 0.4 | |||||||||||||||||||||||||||||||
Foreign exchange impact | — | (115.6 | ) | (115.6 | ) | — | 12 | 12 | |||||||||||||||||||||||||||||
Projected benefit obligation at end of period | 221.4 | 1,146.90 | 1,368.30 | 192.2 | 1,070.40 | 1,262.60 | |||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | 177.4 | 845.8 | 1,023.20 | 177.6 | 784 | 961.6 | |||||||||||||||||||||||||||||||
Actual gain on plan assets | 14.4 | 106.8 | 121.2 | 14.7 | 56.3 | 71 | |||||||||||||||||||||||||||||||
Employer contributions | 2.6 | 33.5 | 36.1 | 0.2 | 34.1 | 34.3 | |||||||||||||||||||||||||||||||
Employee contributions | — | 3.4 | 3.4 | — | 3.6 | 3.6 | |||||||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (36.6 | ) | (48.6 | ) | (8.7 | ) | (32.3 | ) | (41.0 | ) | |||||||||||||||||||||||||
Settlement/curtailment | — | (9.6 | ) | (9.6 | ) | (7.1 | ) | (5.5 | ) | (12.6 | ) | ||||||||||||||||||||||||||
Other | (0.9 | ) | 2.6 | 1.7 | 0.7 | (1.1 | ) | (0.4 | ) | ||||||||||||||||||||||||||||
Foreign exchange impact | — | (82.4 | ) | (82.4 | ) | — | 6.7 | 6.7 | |||||||||||||||||||||||||||||
Fair value of plan assets at end of period | 181.5 | 863.5 | 1,045.00 | 177.4 | 845.8 | 1,023.20 | |||||||||||||||||||||||||||||||
Underfunded status at end of year | $ | (39.9 | ) | $ | (283.4 | ) | $ | (323.3 | ) | $ | (14.8 | ) | $ | (224.6 | ) | $ | (239.4 | ) | |||||||||||||||||||
Amounts Included in Consolidated Balance Sheets | Amounts included on the consolidated balance sheets consisted of: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Other assets | $ | — | $ | 24.8 | $ | 24.8 | $ | — | $ | 21.7 | $ | 21.7 | |||||||||||||||||||||||||
Other current liabilities | — | (4.1 | ) | (4.1 | ) | — | (4.6 | ) | (4.6 | ) | |||||||||||||||||||||||||||
Other liabilities | (39.9 | ) | (304.1 | ) | (344.0 | ) | (14.8 | ) | (241.7 | ) | (256.5 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (39.9 | ) | $ | (283.4 | ) | $ | (323.3 | ) | $ | (14.8 | ) | $ | (224.6 | ) | $ | (239.4 | ) | |||||||||||||||||||
Components of Net Periodic Benefit Cost (Income) | The following table shows the components of our net periodic benefit cost (income) for the three years ended December 31, for our pension plans charged to operations: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | U.S. | International | Total | ||||||||||||||||||||||||||||
Components of net periodic | |||||||||||||||||||||||||||||||||||||
benefit cost or (income): | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 8.9 | $ | 10 | $ | 1.3 | $ | 11 | $ | 12.3 | $ | 1.2 | $ | 14.9 | $ | 16.1 | |||||||||||||||||||
Interest cost | 8.7 | 39.3 | 48 | 7.9 | 35.5 | 43.4 | 9.3 | 37.3 | 46.6 | ||||||||||||||||||||||||||||
Expected return on plan assets | (11.2 | ) | (42.9 | ) | (54.1 | ) | (11.1 | ) | (38.1 | ) | (49.2 | ) | (11.2 | ) | (41.6 | ) | (52.8 | ) | |||||||||||||||||||
Amortization of net prior service cost | — | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 | 0.2 | 0.1 | 0.3 | ||||||||||||||||||||||||||||
Amortization of net actuarial loss | 0.8 | 9.1 | 9.9 | 2.2 | 7.8 | 10 | 1.8 | 5 | 6.8 | ||||||||||||||||||||||||||||
Net periodic benefit cost (income) | (0.6 | ) | 14.5 | 13.9 | 0.5 | 16.4 | 16.9 | 1.3 | 15.7 | 17 | |||||||||||||||||||||||||||
Cost (income) of settlement | — | 2.3 | 2.3 | (0.7 | ) | 0.8 | 0.1 | (0.9 | ) | 2.1 | 1.2 | ||||||||||||||||||||||||||
Total benefit cost (income) | $ | (0.6 | ) | $ | 16.8 | $ | 16.2 | $ | (0.2 | ) | $ | 17.2 | $ | 17 | $ | 0.4 | $ | 17.8 | $ | 18.2 | |||||||||||||||||
Amounts in Accumulated Other Comprehensive Loss, Not Yet Recognized | |||||||||||||||||||||||||||||||||||||
The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2014 and 2013 are: | |||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Unrecognized prior service costs | $ | — | $ | 0.5 | $ | 0.5 | $ | 0.2 | $ | 0.6 | $ | 0.8 | |||||||||||||||||||||||||
Unrecognized net actuarial loss | 29.6 | 278.5 | 308.1 | 2.1 | 195.2 | 197.3 | |||||||||||||||||||||||||||||||
Total | $ | 29.6 | $ | 279 | $ | 308.6 | $ | 2.3 | $ | 195.8 | $ | 198.1 | |||||||||||||||||||||||||
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) | Changes in plan assets and benefit obligations recognized in other comprehensive loss (income) at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Current year actuarial loss (gain) | $ | 28.3 | $ | 122.5 | $ | 150.8 | $ | (14.9 | ) | $ | 16.2 | $ | 1.3 | ||||||||||||||||||||||||
Amortization of actuarial loss | (0.8 | ) | (9.1 | ) | (9.9 | ) | (2.2 | ) | (7.9 | ) | (10.1 | ) | |||||||||||||||||||||||||
Amortization of prior service cost | (0.1 | ) | — | (0.1 | ) | (0.2 | ) | (0.2 | ) | (0.4 | ) | ||||||||||||||||||||||||||
Settlement/curtailment loss (gain) | — | (2.1 | ) | (2.1 | ) | 0.8 | (0.8 | ) | — | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Effects of changes in foreign currency exchange rates | — | (28.1 | ) | (28.1 | ) | — | 3.9 | 3.9 | |||||||||||||||||||||||||||||
Total recognized in other comprehensive (income) loss | $ | 27.4 | $ | 83.2 | $ | 110.6 | $ | (16.5 | ) | $ | 11.2 | $ | (5.3 | ) | |||||||||||||||||||||||
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized in Next Fiscal Year | The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during 2015 are as follows: | ||||||||||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||||||||||
2015 | |||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | ||||||||||||||||||||||||||||||||||
Unrecognized prior service costs | $ | 0.1 | $ | - | $ | 0.1 | |||||||||||||||||||||||||||||||
Unrecognized net actuarial loss | 2 | 9.4 | 11.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 2.1 | $ | 9.4 | $ | 11.5 | |||||||||||||||||||||||||||||||
Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2014 and 2013 are as follows: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 218 | $ | 908.3 | $ | 1,126.30 | $ | 189.2 | $ | 829.3 | $ | 1,018.50 | |||||||||||||||||||||||||
Fair value of plan assets | 181.7 | 643.8 | 825.5 | 177.4 | 617.5 | 794.9 | |||||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations at December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | U.S. | International | |||||||||||||||||||||||||||||||||
Benefit obligations | |||||||||||||||||||||||||||||||||||||
Discount rate | 3.9 | % | 2.7 | % | 4.6 | % | 3.8 | % | |||||||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 2.7 | % | 3 | % | 2.9 | % | |||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost | Weighted average assumptions used to determine net periodic benefit cost for the three years ended December 31, were as follows: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | U.S. | International | U.S. | International | |||||||||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.6 | % | 3.8 | % | 3.8 | % | 3.7 | % | 4.6 | % | 4.3 | % | |||||||||||||||||||||||||
Expected long-term rate of return | 6.5 | % | 5.2 | % | 6.5 | % | 5 | % | 6.7 | % | 5.9 | % | |||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 2.9 | % | 3.5 | % | 2.8 | % | 3.5 | % | 2.8 | % | |||||||||||||||||||||||||
In 2014, we adopted the Society of Actuaries Retirement Plan 2014 (RP-2014) table with Mortality Projection 2014 (MP-2014) improvement scale for all of our U.S. plans. | |||||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated: | ||||||||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | ||||||||||||||||||||||||||||||||||
Year | |||||||||||||||||||||||||||||||||||||
2015 | $ | 11.1 | $ | 34.3 | $ | 45.4 | |||||||||||||||||||||||||||||||
2016 | 12.7 | 33.2 | 45.9 | ||||||||||||||||||||||||||||||||||
2017 | 12.6 | 35.1 | 47.7 | ||||||||||||||||||||||||||||||||||
2018 | 12.6 | 36.4 | 49 | ||||||||||||||||||||||||||||||||||
2019 | 13 | 37.5 | 50.5 | ||||||||||||||||||||||||||||||||||
Thereafter | 62.5 | 216.9 | 279.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 124.5 | $ | 393.4 | $ | 517.9 | |||||||||||||||||||||||||||||||
Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values | The fair values of our U.S. and non-U.S. pension plan assets, by asset category and by the level of fair values are as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Total | Total | ||||||||||||||||||||||||||||||||||||
(In millions) | Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Cash and cash equivalents(1) | $ | 9.6 | $ | 4.8 | $ | 4.8 | $ | — | $ | 10.8 | $ | 6.7 | $ | 4.1 | $ | — | |||||||||||||||||||||
Fixed income funds(2) | 495.2 | — | 495.2 | — | 497.4 | — | 497.4 | — | |||||||||||||||||||||||||||||
Equity funds(3) | 392.8 | — | 392.8 | — | 418.2 | — | 418.2 | — | |||||||||||||||||||||||||||||
Other(4) | 147.4 | — | 24.2 | 123.2 | 96.8 | — | 9.3 | 87.5 | |||||||||||||||||||||||||||||
Total | $ | 1,045.00 | $ | 4.8 | $ | 917 | $ | 123.2 | $ | 1,023.20 | $ | 6.7 | $ | 929 | $ | 87.5 | |||||||||||||||||||||
(1) | Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, government securities, commercial paper, and time deposits. | ||||||||||||||||||||||||||||||||||||
(2) | Fixed income funds that invest in a diversified portfolio primarily consisting of publicly traded government bonds and corporate bonds. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end. | ||||||||||||||||||||||||||||||||||||
(3) | Equity funds that invest in a diversified portfolio of publicly traded domestic and international common stock, with an emphasis in European equities. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end. | ||||||||||||||||||||||||||||||||||||
(4) | The majority of these assets are invested in real estate funds and other alternative investments. Also includes guaranteed insurance contracts, which consists of company and employee contributions and accumulated interest income at guaranteed stated interest rates and provides for benefit payments and plan expenses. | ||||||||||||||||||||||||||||||||||||
Reconciliation of Plan Asset Measured Using Level 3 Inputs | The following table shows the activity of our U.S. and non-U.S. plan assets, which are measured at fair value using Level 3 inputs. | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 87.5 | $ | 68.1 | |||||||||||||||||||||||||||||||||
Gains on assets still held at end of year | 5.3 | 0.1 | |||||||||||||||||||||||||||||||||||
Losses on assets sold during year | - | 12.9 | |||||||||||||||||||||||||||||||||||
Transfers in and/or out of Level 3 | 41.8 | 4 | |||||||||||||||||||||||||||||||||||
Foreign exchange (loss) gain | (11.4 | ) | 2.4 | ||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 123.2 | $ | 87.5 | |||||||||||||||||||||||||||||||||
Other_PostEmployment_Benefits_1
Other Post-Employment Benefits and Other Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Funded Status for Pension Plans | The measurement date used by us to determine the projected benefit obligation and plan assets is December 31 for all material plans (November 30 for non-material plans): | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of | $ | 192.2 | $ | 1,070.40 | $ | 1,262.60 | $ | 210.1 | $ | 1,011.80 | $ | 1,221.90 | |||||||||||||||||||||||||
Period | |||||||||||||||||||||||||||||||||||||
Service cost | 1.1 | 8.9 | 10 | 1.3 | 11 | 12.3 | |||||||||||||||||||||||||||||||
Interest cost | 8.7 | 39.3 | 48 | 7.9 | 35.5 | 43.4 | |||||||||||||||||||||||||||||||
Actuarial loss (gain) | 31.4 | 186.5 | 217.9 | (11.3 | ) | 34 | 22.7 | ||||||||||||||||||||||||||||||
Settlement/curtailment | — | (9.6 | ) | (9.6 | ) | (7.1 | ) | (5.6 | ) | (12.7 | ) | ||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (36.6 | ) | (48.6 | ) | (8.7 | ) | (32.3 | ) | (41.0 | ) | |||||||||||||||||||||||||
Employee contributions | — | 3.4 | 3.4 | — | 3.6 | 3.6 | |||||||||||||||||||||||||||||||
Other | — | 0.2 | 0.2 | — | 0.4 | 0.4 | |||||||||||||||||||||||||||||||
Foreign exchange impact | — | (115.6 | ) | (115.6 | ) | — | 12 | 12 | |||||||||||||||||||||||||||||
Projected benefit obligation at end of period | 221.4 | 1,146.90 | 1,368.30 | 192.2 | 1,070.40 | 1,262.60 | |||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | 177.4 | 845.8 | 1,023.20 | 177.6 | 784 | 961.6 | |||||||||||||||||||||||||||||||
Actual gain on plan assets | 14.4 | 106.8 | 121.2 | 14.7 | 56.3 | 71 | |||||||||||||||||||||||||||||||
Employer contributions | 2.6 | 33.5 | 36.1 | 0.2 | 34.1 | 34.3 | |||||||||||||||||||||||||||||||
Employee contributions | — | 3.4 | 3.4 | — | 3.6 | 3.6 | |||||||||||||||||||||||||||||||
Benefits paid | (12.0 | ) | (36.6 | ) | (48.6 | ) | (8.7 | ) | (32.3 | ) | (41.0 | ) | |||||||||||||||||||||||||
Settlement/curtailment | — | (9.6 | ) | (9.6 | ) | (7.1 | ) | (5.5 | ) | (12.6 | ) | ||||||||||||||||||||||||||
Other | (0.9 | ) | 2.6 | 1.7 | 0.7 | (1.1 | ) | (0.4 | ) | ||||||||||||||||||||||||||||
Foreign exchange impact | — | (82.4 | ) | (82.4 | ) | — | 6.7 | 6.7 | |||||||||||||||||||||||||||||
Fair value of plan assets at end of period | 181.5 | 863.5 | 1,045.00 | 177.4 | 845.8 | 1,023.20 | |||||||||||||||||||||||||||||||
Underfunded status at end of year | $ | (39.9 | ) | $ | (283.4 | ) | $ | (323.3 | ) | $ | (14.8 | ) | $ | (224.6 | ) | $ | (239.4 | ) | |||||||||||||||||||
Components of Net Periodic Benefit Cost (Income) | The following table shows the components of our net periodic benefit cost (income) for the three years ended December 31, for our pension plans charged to operations: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | U.S. | International | Total | U.S. | International | Total | ||||||||||||||||||||||||||||
Components of net periodic | |||||||||||||||||||||||||||||||||||||
benefit cost or (income): | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 8.9 | $ | 10 | $ | 1.3 | $ | 11 | $ | 12.3 | $ | 1.2 | $ | 14.9 | $ | 16.1 | |||||||||||||||||||
Interest cost | 8.7 | 39.3 | 48 | 7.9 | 35.5 | 43.4 | 9.3 | 37.3 | 46.6 | ||||||||||||||||||||||||||||
Expected return on plan assets | (11.2 | ) | (42.9 | ) | (54.1 | ) | (11.1 | ) | (38.1 | ) | (49.2 | ) | (11.2 | ) | (41.6 | ) | (52.8 | ) | |||||||||||||||||||
Amortization of net prior service cost | — | 0.1 | 0.1 | 0.2 | 0.2 | 0.4 | 0.2 | 0.1 | 0.3 | ||||||||||||||||||||||||||||
Amortization of net actuarial loss | 0.8 | 9.1 | 9.9 | 2.2 | 7.8 | 10 | 1.8 | 5 | 6.8 | ||||||||||||||||||||||||||||
Net periodic benefit cost (income) | (0.6 | ) | 14.5 | 13.9 | 0.5 | 16.4 | 16.9 | 1.3 | 15.7 | 17 | |||||||||||||||||||||||||||
Cost (income) of settlement | — | 2.3 | 2.3 | (0.7 | ) | 0.8 | 0.1 | (0.9 | ) | 2.1 | 1.2 | ||||||||||||||||||||||||||
Total benefit cost (income) | $ | (0.6 | ) | $ | 16.8 | $ | 16.2 | $ | (0.2 | ) | $ | 17.2 | $ | 17 | $ | 0.4 | $ | 17.8 | $ | 18.2 | |||||||||||||||||
Estimated Future Benefit Payments | We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated: | ||||||||||||||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||||||||||||||
(In millions) | U.S. | International | Total | ||||||||||||||||||||||||||||||||||
Year | |||||||||||||||||||||||||||||||||||||
2015 | $ | 11.1 | $ | 34.3 | $ | 45.4 | |||||||||||||||||||||||||||||||
2016 | 12.7 | 33.2 | 45.9 | ||||||||||||||||||||||||||||||||||
2017 | 12.6 | 35.1 | 47.7 | ||||||||||||||||||||||||||||||||||
2018 | 12.6 | 36.4 | 49 | ||||||||||||||||||||||||||||||||||
2019 | 13 | 37.5 | 50.5 | ||||||||||||||||||||||||||||||||||
Thereafter | 62.5 | 216.9 | 279.4 | ||||||||||||||||||||||||||||||||||
Total | $ | 124.5 | $ | 393.4 | $ | 517.9 | |||||||||||||||||||||||||||||||
Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | |||||||||||||||||||||||||||||||||||||
Funded Status for Pension Plans | The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows: | ||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Change in benefit obligations: | |||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 73.1 | $ | 79.9 | |||||||||||||||||||||||||||||||||
Service cost | 0.8 | 0.9 | |||||||||||||||||||||||||||||||||||
Interest cost | 3.2 | 3 | |||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | |||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | 7.2 | (6.0 | ) | ||||||||||||||||||||||||||||||||||
Benefits paid | (4.2 | ) | (5.2 | ) | |||||||||||||||||||||||||||||||||
Loss due to exchange rate movements | (0.5 | ) | (0.1 | ) | |||||||||||||||||||||||||||||||||
Plan amendments | 0.2 | 0.6 | |||||||||||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 79.8 | $ | 73.1 | |||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Employer contribution | 4.2 | 5.2 | |||||||||||||||||||||||||||||||||||
Plan participants’ contribution | — | — | |||||||||||||||||||||||||||||||||||
Benefits paid | (4.2 | ) | (5.2 | ) | |||||||||||||||||||||||||||||||||
Fair value of plan assets at end of period | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Net amount recognized: | |||||||||||||||||||||||||||||||||||||
Underfunded status | $ | (79.8 | ) | $ | (73.1 | ) | |||||||||||||||||||||||||||||||
Net amount recognized in consolidated balance sheets | |||||||||||||||||||||||||||||||||||||
consists of: | |||||||||||||||||||||||||||||||||||||
Current liability | $ | (5.3 | ) | $ | (5.7 | ) | |||||||||||||||||||||||||||||||
Noncurrent liability | (74.5 | ) | (67.4 | ) | |||||||||||||||||||||||||||||||||
Net amount recognized | $ | (79.8 | ) | $ | (73.1 | ) | |||||||||||||||||||||||||||||||
Amounts recognized in accumulated other | |||||||||||||||||||||||||||||||||||||
comprehensive income consist of: | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 13.8 | $ | 6.9 | |||||||||||||||||||||||||||||||||
Prior service credit | (11.2 | ) | (12.1 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 2.6 | $ | (5.2 | ) | ||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Income) | The components of net periodic benefit cost for the three years ended December 31 were as follows: | ||||||||||||||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||||||
Service cost | $ | 0.8 | $ | 0.9 | $ | 1 | |||||||||||||||||||||||||||||||
Interest cost | 3.2 | 3 | 3.3 | ||||||||||||||||||||||||||||||||||
Amortization of net loss | 0.1 | 0.4 | — | ||||||||||||||||||||||||||||||||||
Amortization of prior service credit | (0.7 | ) | (0.7 | ) | (0.9 | ) | |||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 3.4 | $ | 3.6 | $ | 3.4 | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive loss at December 31, 2014 that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Actuarial loss | $ | 0.4 | |||||||||||||||||||||||||||||||||||
Prior service (credit) | (0.8 | ) | |||||||||||||||||||||||||||||||||||
A one percentage point change on assumed healthcare cost trend rates would have the following effect for the year ended December 31, 2014 (in millions): | |||||||||||||||||||||||||||||||||||||
One Percentage Point Change on Assumed Healthcare Cost | |||||||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.1 | $ | (0.1 | ) | ||||||||||||||||||||||||||||||||
Effect on post-retirement benefit obligation | 2.2 | (2.6 | ) | ||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||||||||||||||
2015 | $ | 5.4 | |||||||||||||||||||||||||||||||||||
2016 | 5.3 | ||||||||||||||||||||||||||||||||||||
2017 | 5.3 | ||||||||||||||||||||||||||||||||||||
2018 | 5.3 | ||||||||||||||||||||||||||||||||||||
2019 | 5.4 | ||||||||||||||||||||||||||||||||||||
Thereafter | 26 | ||||||||||||||||||||||||||||||||||||
Total | $ | 52.7 | |||||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Earnings (Loss) from Continuing Operations Before Income Tax Provision | The components of earnings (loss) from continuing operations before income tax provision, as retrospectively changed to account for our change from LIFO to FIFO, were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | (62.2 | ) | $ | (92.6 | ) | $ | (1,450.8 | ) | ||||
Foreign | 329.4 | 272.8 | (433.6 | ) | |||||||||
Total | $ | 267.2 | $ | 180.2 | $ | (1,884.4 | ) | ||||||
Components of Income Tax Provision (Benefit) | The components of our income tax provision (benefit), as retrospectively changed to account for our change from LIFO to FIFO, were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Current tax expense: | |||||||||||||
Federal | $ | (216.0 | ) | $ | (4.3 | ) | $ | (8.6 | ) | ||||
State and local | 0.2 | (3.9 | ) | (6.5 | ) | ||||||||
Foreign | 88.8 | 85.2 | 69 | ||||||||||
Total current | (127.0 | ) | 77 | 53.9 | |||||||||
Deferred tax expense (benefit) : | |||||||||||||
Federal | 176.8 | 4.2 | (231.8 | ) | |||||||||
State and local | (27.2 | ) | 10.4 | (24.9 | ) | ||||||||
Foreign | (13.5 | ) | (6.7 | ) | (62.6 | ) | |||||||
Total deferred tax benefit | 136.1 | 7.9 | (319.3 | ) | |||||||||
Total provision (benefit) | $ | 9.1 | $ | 84.9 | $ | (265.4 | ) | ||||||
Components of Deferred Tax Assets (Liabilities) | Deferred tax assets (liabilities) consist of the following: | ||||||||||||
Year Ended | Year Ended | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Settlement agreement and related accrued interest(1) | $ | — | $ | 460.7 | |||||||||
Restructuring reserves | 4.7 | 3.1 | |||||||||||
Accruals not yet deductible for tax purposes | 56.5 | 68.3 | |||||||||||
Net operating loss carry forwards | 291.1 | 127 | |||||||||||
Foreign, federal and state credits and investment tax | 109.3 | 32.7 | |||||||||||
allowances | |||||||||||||
Employee benefit items | 163.8 | 130.6 | |||||||||||
Other | 44.1 | 20.2 | |||||||||||
Gross deferred tax assets | 669.5 | 842.6 | |||||||||||
Valuation allowance | (227.8 | ) | (240.0 | ) | |||||||||
Total deferred tax assets | 441.7 | 602.6 | |||||||||||
Depreciation and amortization | (40.0 | ) | (51.8 | ) | |||||||||
Unremitted foreign earnings | (130.0 | ) | (135.2 | ) | |||||||||
Intangibles | (214.2 | ) | (256.0 | ) | |||||||||
Other | (12.3 | ) | (21.5 | ) | |||||||||
Total deferred tax liabilities | (396.5 | ) | (464.5 | ) | |||||||||
Net deferred tax assets | $ | 45.2 | $ | 138.1 | |||||||||
(1) | The 2013 deferred tax asset reflects the cash portion of the Settlement agreement and related accrued interest and the fair market value of 18 million shares of our common stock at a post-split price of $17.86 per share based on the price when the Settlement agreement was reached in 2002. See Note 17, “Commitments and Contingencies,” for further discussion. | ||||||||||||
Federal Statutory Corporate Tax Rate Reconciles to Our Effective Income Tax Rate | The U.S. federal statutory corporate tax rate reconciles to our effective income tax rate, as retrospectively changed to account for our change from LIFO to FIFO, as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory U.S. federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal tax benefit | (2.1 | ) | (1.2 | ) | 0.5 | ||||||||
Foreign earnings taxed at lower effective rates | (15.1 | ) | (8.8 | ) | (0.2 | ) | |||||||
U.S. tax on foreign earnings | 3.9 | 4.7 | (0.6 | ) | |||||||||
Impairment | — | — | (20.0 | ) | |||||||||
Reorganization tax benefit | (0.9 | ) | (6.7 | ) | — | ||||||||
Net change in valuation allowance | (5.0 | ) | 22.4 | (2.2 | ) | ||||||||
Net change in unrecognized tax benefits | (8.7 | ) | 2 | 1.9 | |||||||||
Other | (3.7 | ) | (0.3 | ) | (0.3 | ) | |||||||
Effective income tax rate | 3.4 | % | 47.1 | % | 14.1 | % | |||||||
Unrecognized Tax Benefits and Effect on Effective Income Tax Rate | We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized (in millions): | ||||||||||||
Unrecognized tax benefits at December 31, 2013 | $ | 221.9 | |||||||||||
Additions for tax positions of current year | 5.2 | ||||||||||||
Additions for tax positions of prior years | 7.7 | ||||||||||||
Reductions for tax positions of prior years | (45.9 | ) | |||||||||||
Unrecognized tax benefits at December 31, 2014 | $ | 188.9 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Estimated Future Cash Outlays Related to Principal Contractual Obligations | The estimated future cash outlays are as follows: | ||||
Year | Amount | ||||
(in millions) | |||||
2015 | $ | 139.1 | |||
2016 | 87.5 | ||||
2017 | 59.4 | ||||
2018 | 44.4 | ||||
2019 | 15.6 | ||||
Thereafter | 7.7 | ||||
Total | $ | 353.7 | |||
Estimated Future Minimum Annual Rental Commitments Under Non-Cancelable Real and Personal Property Leases | At December 31, 2014, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows: | ||||
Year | Amount | ||||
(in millions) | |||||
2015 | $ | 57.6 | |||
2016 | 40.4 | ||||
2017 | 26.9 | ||||
2018 | 15.7 | ||||
2019 | 9.7 | ||||
Thereafter | 16.7 | ||||
Total | $ | 167 | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Summary of Cash Dividends Paid | The following table shows our total cash dividends paid in the three years ended December 31: | ||||||||||||||||
Total Cash Dividends | |||||||||||||||||
(In millions, except per share amounts) | Total Cash | Paid Per Common Share | |||||||||||||||
Dividends Paid | |||||||||||||||||
2012 | $ | 100.9 | $ | 0.52 | |||||||||||||
2013 | 102 | 0.52 | |||||||||||||||
2014 | 110.9 | 0.52 | |||||||||||||||
Total | $ | 313.8 | |||||||||||||||
Summary of Changes in Common Stock | The following is a summary of changes during the three years ended December 31, 2014 in shares of our common stock: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Changes in common stock: | |||||||||||||||||
Number of shares, beginning of year | 205,707,580 | 204,660,621 | 202,528,616 | ||||||||||||||
Shares issued for Grace Settlement | 18,000,000 | — | — | ||||||||||||||
Shares awarded for 2011 Three-Year PSU awards | 145,597 | — | — | ||||||||||||||
Shares awarded for 2010 Three-year PSU awards | — | 472,865 | — | ||||||||||||||
Shares awarded for 2009 Three-year PSU awards | — | — | 1,155,018 | ||||||||||||||
Restricted stock shares issued for new awards under the | 572,089 | 398,230 | 703,620 | ||||||||||||||
Omnibus Incentive Plan and 2005 Contingent Stock Plan | |||||||||||||||||
Shares granted and issued under the Directors Stock Plan | 21,128 | 25,993 | 37,824 | ||||||||||||||
Restricted stock shares issued for SLO awards | 101,062 | 51,321 | 135,343 | ||||||||||||||
Shares issued for vested restricted stock units | 136,197 | 98,550 | 100,200 | ||||||||||||||
Number of shares issued, end of year | 224,683,653 | 205,707,580 | 204,660,621 | ||||||||||||||
Changes in common stock in treasury: | |||||||||||||||||
Number of shares held, beginning of year | 9,508,908 | 10,102,952 | 10,466,431 | ||||||||||||||
Purchase of shares during the period | 5,427,432 | — | — | ||||||||||||||
Profit sharing contribution partially paid in stock | (965,238 | ) | (857,754 | ) | (930,089 | ) | |||||||||||
Restricted stock, withheld or forfeited | 180,657 | 263,710 | 566,610 | ||||||||||||||
Number of shares held, end of year | 14,151,759 | 9,508,908 | 10,102,952 | ||||||||||||||
Summary of Changes in Common Shares Available for Awards under 2005 Omnibus Plan and Predecessor Plans | A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Number of shares available, beginning of year | 5,676,699 | 6,588,352 | 8,132,220 | ||||||||||||||
Newly registered shares under Omnibus Incentive Plan | 4,250,000 | — | — | ||||||||||||||
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan | (572,089 | ) | (398,230 | ) | (703,620 | ) | |||||||||||
Restricted stock units awarded | (431,987 | ) | (187,595 | ) | (191,700 | ) | |||||||||||
Restricted stock shares issued for SLO awards | (96,773 | ) | (21,505 | ) | (3,788 | ) | |||||||||||
Restricted stock units awarded for SLO awards | (48,528 | ) | (51,033 | ) | (6,795 | ) | |||||||||||
Shares issued for 2011 Two-year PSU awards | (145,597 | ) | — | — | |||||||||||||
Shares issued for 2010 Three-year PSU awards | — | (472,865 | ) | — | |||||||||||||
Shares issued for 2009 Three-year PSU awards | — | — | (1,155,018 | ) | |||||||||||||
Restricted stock shares forfeited | 106,220 | 40,100 | 41,700 | ||||||||||||||
Restricted stock units forfeited | 9,800 | 3,500 | 12,200 | ||||||||||||||
Shares withheld for taxes | 74,437 | 223,610 | 524,910 | ||||||||||||||
Director shares granted and issued | (21,128 | ) | (25,993 | ) | (37,824 | ) | |||||||||||
Director shares granted and deferred | (20,444 | ) | (21,642 | ) | (23,933 | ) | |||||||||||
Number of shares available, end of year | 8,780,610 | 5,676,699 | 6,588,352 | ||||||||||||||
Weighted average per share market value of awards on grant | $ | 32.7 | $ | 27.2 | $ | 17.19 | |||||||||||
date | |||||||||||||||||
Non-vested Awards under Omnibus Plan and Predecessor Plans | The above table excludes approximately 4.8 million of contingently issuable shares under the PSU and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2014. | ||||||||||||||||
The following tables show the details of the non-vested awards under the Omnibus Incentive Plan and Predecessor Plans, excluding SLO and PSU awards: | |||||||||||||||||
Weighted-Average per | |||||||||||||||||
Share Market Value | |||||||||||||||||
2014 | on Grant Date | ||||||||||||||||
Number of non-vested restricted stock shares, beginning of | 1,397,350 | $ | 21.73 | ||||||||||||||
Year | |||||||||||||||||
Restricted stock shares issued for new awards during the | 572,089 | 32.64 | |||||||||||||||
year | |||||||||||||||||
Restricted stock shares vested during the year | (301,250 | ) | 27.54 | ||||||||||||||
Restricted stock shares forfeited during the year | (106,220 | ) | 22.45 | ||||||||||||||
Number of non-vested restricted stock shares, end of year | 1,561,969 | $ | 25.09 | ||||||||||||||
The non-vested restricted stock shares included above had a weighted-average remaining contractual life of approximately 1.4 years at December 31, 2014. | |||||||||||||||||
Weighted-Average per | |||||||||||||||||
Share Market Value | |||||||||||||||||
Non-vested Restricted Stock Units Awards | 2014 | on Grant Date | |||||||||||||||
Number of non-vested restricted stock units, beginning of | 506,345 | $ | 22.92 | ||||||||||||||
year | |||||||||||||||||
Restricted stock units issued for new awards during the | 431,987 | 32.2 | |||||||||||||||
year | |||||||||||||||||
Restricted stock units vested during the year | (137,197 | ) | 33.06 | ||||||||||||||
Restricted stock units forfeited during the year | (9,800 | ) | 23.89 | ||||||||||||||
Number of non-vested restricted stock units, end of year | 791,335 | $ | 27.66 | ||||||||||||||
The non-vested restricted stock units included above had a weighted-average remaining contractual life of approximately 1.6 years at December 31, 2014. | |||||||||||||||||
Non-vested Cash Awards | 2014 | ||||||||||||||||
Number of non-vested cash awards, beginning of year | 170,848 | ||||||||||||||||
Cash awards issued for new awards during the year | 127,276 | ||||||||||||||||
Cash awards vested during the year | (25,850 | ) | |||||||||||||||
Cash awards forfeited during the year | (14,500 | ) | |||||||||||||||
Number of non-vested cash awards, end of year | 257,774 | ||||||||||||||||
Total Share-based Incentive Compensation Expense | The table below shows our total share-based incentive compensation expense: | ||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
2014 Special PSU Awards | $ | 11.8 | $ | — | $ | — | |||||||||||
2014 Three-year PSU Awards | 6.8 | — | — | ||||||||||||||
2013 Three-year PSU Awards | 8.2 | 4.4 | — | ||||||||||||||
2012 Three-year PSU Awards | 1.8 | 2.4 | 1.9 | ||||||||||||||
2011 Three-year PSU Awards | — | (1.2 | ) | 1.7 | |||||||||||||
2010 Three-year PSU Awards | — | 0.1 | 0.9 | ||||||||||||||
2013 WVH Incentive Compensation(1) | 1.3 | 2.5 | — | ||||||||||||||
2012 CEO Incentive Compensation | — | — | — | ||||||||||||||
2012 President & COO Four-year Incentive | 0.4 | 0.6 | 0.2 | ||||||||||||||
Compensation(2) | |||||||||||||||||
SLO Awards | 4.6 | 2.8 | 0.7 | ||||||||||||||
Other long-term share-based incentive compensation | 19.2 | 12.5 | 11.5 | ||||||||||||||
programs(3) | |||||||||||||||||
Total share-based incentive compensation expense(4) | $ | 54.1 | $ | 24.1 | $ | 16.9 | |||||||||||
Associated tax benefits recognized | $ | 15.7 | $ | 7.8 | $ | 6.2 | |||||||||||
(1) | On February 28, 2013, the Organization and Compensation Committee of our Board of Directors (“O&C Committee”) approved a change in the vesting policy regarding the existing 2011 Three-year PSU awards, and the newly granted 2013 three-year PSU awards, for William V. Hickey, our former Chairman and Chief Executive Officer. The approved change will result in the full vesting of the awards, rather than a pro-rata portion vesting as of the date of his retirement (May 16, 2013). Mr. Hickey’s awards will still be subject to the performance metrics stipulated in the plan documents, and will be paid-out in accordance with the original planned timing. As a result of these approved changes, the expense related to these awards was accelerated and recognized over the applicable service period up until the date of his retirement. We recognized share-based compensation expense related to these awards of $1.3 million in the year ended December 31, 2014 and $2.5 million in the year ended December 31, 2013. | ||||||||||||||||
(2) | The amount includes only the two initial equity awards. See below for further detail. | ||||||||||||||||
(3) | The amount includes the expenses associated with the restricted stock shares, restricted stock units and cash awards. | ||||||||||||||||
(4) | The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as such these contributions are not considered share-based incentive compensation. | ||||||||||||||||
Estimated Amount of Total Share-based Incentive Compensation Expense | The following table shows the estimated amount of total share-based incentive compensation expense expected to be recognized over the remaining respective vesting periods by program at December 31, 2014: | ||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | Total | |||||||||||||
2014 Special PSU Awards | $ | 10.7 | $ | 10.2 | $ | 4.4 | $ | 25.3 | |||||||||
2014 Three-year PSU Awards | 5.2 | 4.6 | — | 9.8 | |||||||||||||
2013 Three-year PSU Awards | 5.4 | — | — | 5.4 | |||||||||||||
2013 WVH Incentive Compensation | — | — | — | — | |||||||||||||
2012 President & COO Four-year Incentive | 0.3 | 0.2 | — | 0.5 | |||||||||||||
Compensation | |||||||||||||||||
SLO Awards | 1 | — | — | 1 | |||||||||||||
Total share-based incentive compensation expense (1) | $ | 22.6 | $ | 15 | $ | 4.4 | $ | 42 | |||||||||
-1 | The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as such these contributions are not considered share-based incentive compensation. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Details of Comprehensive Income (Loss) | The following table provides details of comprehensive income (loss): | ||||||||||||||||
(In millions) | Unrecognized Pension Items | Cumulative Translation Adjustment | Unrecognized Gains (Losses) on Derivative Instruments | Accumulated Other Comprehensive Income (Loss), Net of Taxes | |||||||||||||
Balance at December 31, 2012 | $ | (142.3 | ) | $ | (24.1 | ) | $ | 1.5 | $ | (164.9 | ) | ||||||
Other comprehensive income (loss) before | (10.6 | ) | (110.3 | ) | 3.8 | (117.1 | ) | ||||||||||
reclassifications | |||||||||||||||||
Less: amounts reclassified from accumulated other | 6.7 | — | (2.1 | ) | 4.6 | ||||||||||||
comprehensive income (loss) | |||||||||||||||||
Net current period other comprehensive income (loss) | (3.9 | ) | (110.3 | ) | 1.7 | (112.5 | ) | ||||||||||
Balance at December 31, 2013 | (146.2 | ) | (134.4 | ) | 3.2 | (277.4 | ) | ||||||||||
Other comprehensive income (loss) before | (99.0 | ) | (248.1 | ) | 12.3 | (334.8 | ) | ||||||||||
reclassifications | |||||||||||||||||
Less: amounts reclassified from accumulated other | 8.7 | — | (10.3 | ) | (1.6 | ) | |||||||||||
comprehensive income (loss) | |||||||||||||||||
Net current period other comprehensive income (loss) | (90.3 | ) | (248.1 | ) | 2 | (336.4 | ) | ||||||||||
Balance at December 31, 2014 | $ | (236.5 | ) | $ | (382.5 | ) | $ | 5.2 | $ | (613.8 | ) | ||||||
Detail of Amount Reclassified from Accumulated Other Comprehensive Income | The following table provides detail of amounts reclassified from accumulated other comprehensive income: | ||||||||||||||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) (a) | |||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | Location of Amount Reclassified from AOCI | |||||||||||||
Defined benefit pension plans and other post- | |||||||||||||||||
employment benefits: | |||||||||||||||||
Prior service costs | $ | 0.5 | $ | 0.3 | $ | 0.6 | (b) | ||||||||||
Actuarial gains (losses) | (10.0 | ) | (10.4 | ) | (6.8 | ) | (b) | ||||||||||
Settlement/curtailment (gain) loss | (2.1 | ) | — | (0.8 | ) | (b) | |||||||||||
Total pre-tax amount | (11.6 | ) | (10.1 | ) | (7.0 | ) | |||||||||||
Tax (expense) benefit | 2.9 | 3.4 | 2.1 | ||||||||||||||
Net of tax | (8.7 | ) | (6.7 | ) | (4.9 | ) | |||||||||||
Net gains (losses) on cash flow hedging derivatives: | |||||||||||||||||
Foreign currency forward contracts | 1.9 | 2.7 | (0.1 | ) | (c) Other expense, net | ||||||||||||
Interest rate and currency swaps | 13.5 | — | — | (c) | |||||||||||||
Treasury locks | 0.1 | 0.1 | 1.7 | (c) Interest expense | |||||||||||||
Total pre-tax amount | 15.5 | 2.8 | 1.6 | ||||||||||||||
Tax (expense) benefit | (5.2 | ) | (0.7 | ) | (0.7 | ) | |||||||||||
Net of tax | 10.3 | 2.1 | 0.9 | ||||||||||||||
Total reclassifications for the period | $ | 1.6 | $ | (4.6 | ) | $ | (4.0 | ) | |||||||||
— | Amounts in parenthesis indicate debits to earnings (loss) | ||||||||||||||||
— | These accumulated other comprehensive components are included in the computation of net periodic benefit costs. See Notes 14, “Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans” and Note 15, “Other Post-Employment Benefits and Other Employee Benefit Plans” for additional details. | ||||||||||||||||
— | These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 12, “Derivatives and Hedging Activities” for additional details. |
Other_Expense_net_Tables
Other Expense, net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income And Expenses [Abstract] | |||||||||||||
Details of Other Income (Expense), Net | The following table provides details of other income (expense), net: | ||||||||||||
Year Ended December 31, | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Interest and dividend income | $ | 15.5 | $ | 11 | $ | 12 | |||||||
Net foreign exchange transaction (losses) gains | (7.8 | ) | (10.5 | ) | (13.4 | ) | |||||||
Bank fee expense | (5.0 | ) | (6.8 | ) | (5.2 | ) | |||||||
Other, net | 6.1 | (5.6 | ) | (2.8 | ) | ||||||||
Other income (expense), net | $ | 8.8 | $ | (11.9 | ) | $ | (9.4 | ) | |||||
Net_Earnings_Loss_per_Common_S1
Net Earnings (Loss) per Common Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Calculation of Basic and Diluted Net Earnings (Loss) Per Common Share | The following table sets forth the calculation of basic and diluted net earnings (loss) per common share under the two-class method for the three years ended December 31, 2014 in millions, except per share data: | |||||||||||
Year Ended December 31, | ||||||||||||
(In millions, except per share amounts) | 2014 | 2013(2) | 2012(2) | |||||||||
Basic Net Earnings (Loss) Per Common Share: | ||||||||||||
Numerator | ||||||||||||
Net earnings (loss) available to common stockholders | $ | 258.1 | $ | 125.8 | $ | (1,411.4 | ) | |||||
Distributed and allocated undistributed net loss to non-vested restricted | (1.6 | ) | (0.7 | ) | (0.5 | ) | ||||||
stockholders | ||||||||||||
Distributed and allocated undistributed net earnings (loss) to common stockholders | 256.5 | 125.1 | (1,411.9 | ) | ||||||||
Distributed net earnings - dividends paid to common stockholders | (110.1 | ) | (101.3 | ) | (100.4 | ) | ||||||
Allocation of undistributed net earnings (loss) to common stockholders | $ | 146.4 | $ | 23.8 | $ | (1,512.3 | ) | |||||
Denominator | ||||||||||||
Weighted average number of common shares outstanding - basic | 210 | 194.6 | 192.8 | |||||||||
Basic net earnings (loss) per common share: | ||||||||||||
Distributed net earnings to common stockholders | $ | 0.52 | $ | 0.52 | $ | 0.52 | ||||||
Allocated undistributed net earnings (loss) to common stockholders | 0.7 | $ | 0.13 | (7.84 | ) | |||||||
Basic net earnings (loss) per common share: | $ | 1.22 | $ | 0.65 | $ | (7.32 | ) | |||||
Diluted Net Earnings (Loss) Per Common Share: | ||||||||||||
Numerator | ||||||||||||
Distributed and allocated undistributed net earnings (loss) to common stockholders | $ | 256.5 | $ | 125.1 | $ | (1,411.9 | ) | |||||
Add: Allocated undistributed net earnings to non-vested restricted stockholders | 1 | 0.2 | — | |||||||||
Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders | (0.9 | ) | (0.1 | ) | — | |||||||
Net earnings (loss) available to common stockholders - diluted | $ | 256.6 | $ | 125.2 | $ | (1,411.9 | ) | |||||
Denominator | ||||||||||||
Weighted average number of common shares outstanding - basic | 210 | 194.6 | 192.8 | |||||||||
Effect of assumed issuance of Settlement agreement shares (1) | 1.6 | 18 | — | |||||||||
Effect of contingently issuable shares (1) | 0.9 | 0.7 | — | |||||||||
Effect of non-vested restricted stock units (1) | 1.4 | 0.9 | — | |||||||||
Weighted average number of common shares outstanding - diluted | 213.9 | 214.2 | 192.8 | |||||||||
Diluted net earnings (loss) per common share | $ | 1.2 | $ | 0.58 | $ | (7.32 | ) | |||||
— | Provides for the following items if their inclusion is dilutive: (i) the effect of the issuance of 18 million shares of common stock reserved for the Settlement agreement as defined and (ii) the effect of non-vested restricted stock, restricted stock units and contingently issuable shares using the treasury stock method. In calculating diluted net (loss) earnings per common share for 2012, our diluted weighted average number of common shares outstanding excludes the effect of the items mentioned above as the effect was anti-dilutive. | |||||||||||
— | During the fourth quarter of 2014, we changed the method of valuing our inventories that used the LIFO method to the FIFO method, so that all of our inventories are now valued at FIFO. As a result of this accounting change, net earnings (loss) available to common stockholders, basic earnings per share – continuing operations and diluted earnings per share – continuing operations, among other accounts, have been retrospectively changed. Refer to Note 2, “Summary of Significant Accounting Policies – Inventories,” for a discussion of our change in accounting policy. |
Summarized_Quarterly_Financial1
Summarized Quarterly Financial Information (Unaudited, in millions, except share data) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summarized Quarterly Financial Information (Unaudited, in millions, except share data) | |||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(In millions, except per share amounts) | Quarter(1)(2) | Quarter(1)(2) | Quarter(1)(2) | Quarter | |||||||||||||
Net sales | $ | 1,827.70 | $ | 1,973.60 | $ | 1,975.50 | $ | 1,973.70 | |||||||||
Gross profit | 639.6 | 679.6 | 696.1 | 672.3 | |||||||||||||
Net earnings from continuing operations | 70.9 | 60.1 | 60.8 | 66.3 | |||||||||||||
Net earnings from discontinued operations | — | — | — | — | |||||||||||||
Net earnings available to common stockholders | 70.9 | 60.1 | 60.8 | 66.3 | |||||||||||||
Basic net earnings per common share | |||||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.28 | $ | 0.29 | $ | 0.31 | |||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Net earnings per common share—basic | $ | 0.34 | $ | 0.28 | $ | 0.29 | $ | 0.31 | |||||||||
Diluted net earnings per common share | |||||||||||||||||
Continuing operations | $ | 0.33 | $ | 0.28 | $ | 0.28 | $ | 0.31 | |||||||||
Discontinued operations | — | — | — | — | |||||||||||||
Net earnings per common share—diluted | $ | 0.33 | $ | 0.28 | $ | 0.28 | $ | 0.31 | |||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(In millions, except per share amounts) | Quarter(1)(2) | Quarter(1)(2) | Quarter(1)(2) | Quarter(1)(2) | |||||||||||||
Net sales | $ | 1,828.90 | $ | 1,937.40 | $ | 1,912.00 | $ | 2,012.50 | |||||||||
Gross profit | 614.3 | 656.6 | 650.4 | 668.6 | |||||||||||||
Net earnings from continuing operations | 2.1 | 52.7 | 35.5 | 5 | |||||||||||||
Net earnings from discontinued operations | 2 | 2 | 2.5 | 24 | |||||||||||||
Net earnings available to common stockholders | 4.1 | 54.7 | 38 | 29 | |||||||||||||
Basic net earnings per common share | |||||||||||||||||
Continuing operations | $ | 0.01 | $ | 0.27 | $ | 0.18 | $ | 0.03 | |||||||||
Discontinued operations | 0.01 | 0.01 | 0.01 | 0.12 | |||||||||||||
Net earnings per common share—basic | $ | 0.02 | $ | 0.28 | $ | 0.19 | $ | 0.15 | |||||||||
Diluted net earnings per common share | |||||||||||||||||
Continuing operations | $ | 0.01 | $ | 0.24 | $ | 0.17 | $ | 0.02 | |||||||||
Discontinued operations | 0.01 | 0.01 | 0.01 | 0.11 | |||||||||||||
Net earnings per common share—diluted | $ | 0.02 | $ | 0.25 | $ | 0.18 | $ | 0.13 | |||||||||
— | On December 6, 2013, we completed the sale of the rigid medical packaging business. On November 14, 2012, we completed the sale of Diversey Japan. Operating results for the rigid medical packaging business and Diversey Japan were reclassified to discontinued operations for the periods since the first quarter of 2012, and, accordingly, all prior period information has been revised. See Note 3, “Divestitures,” for further information about the sales. | ||||||||||||||||
— | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,” of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Organization_and_Nature_of_Ope1
Organization and Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Subsidiary | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of wholly-owned subsidiaries | 3 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies and Recently Issued Accounting Standards - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2012 | |
Bank | |||||
Significant Accounting Policies [Line Items] | |||||
Effect of contingently issuable shares | 0.9 | 0.7 | |||
Charges for rebates and other allowances | 9.00% | 9.00% | 9.00% | ||
Research and development costs | $135 | $133 | $135 | ||
Tax benefits realization percentage upon settlement | 50.00% | ||||
Number of banks involved in sale of fractional ownership interest of accounts receivable | 2 | ||||
Inventories | 707.6 | 730.2 | [1] | ||
Retained earnings | 448.5 | 302.2 | [1] | 279 | |
Percentage of identifiable intangible assets in consolidated total assets | 11.00% | 11.00% | |||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite lived identifiable intangible assets useful life | 3 years | ||||
Minimum [Member] | Buildings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful life | 20 years | ||||
Minimum [Member] | Machinery and equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful life | 5 years | ||||
Minimum [Member] | Other Property and Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful life | 2 years | ||||
Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite lived identifiable intangible assets useful life | 15 years | ||||
Maximum [Member] | Buildings [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful life | 40 years | ||||
Maximum [Member] | Machinery and equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful life | 10 years | ||||
Maximum [Member] | Other Property and Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Useful life | 10 years | ||||
Error Correction [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Inventories | 41 | ||||
Retained earnings | $25 | ||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies and Recently Issued Accounting Standards - Summary of Financial Statement (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Consolidated Statements of Operations: | |||||||||||||||
Cost of sales | $5,062.90 | $5,100.90 | [1] | $5,038.70 | [1] | ||||||||||
Gross profit | 672.3 | 696.1 | 679.6 | 639.6 | 668.6 | 650.4 | 656.6 | 614.3 | 2,687.60 | 2,589.90 | [1] | 2,520.50 | [1] | ||
Earnings (loss) from continuing operations before income tax provision (benefit) | 267.2 | 180.2 | [1] | -1,884.40 | [1] | ||||||||||
Income tax provision (benefit) | 9.1 | 84.9 | [1] | -265.4 | [1] | 16 | |||||||||
Net earnings (loss) available to common stockholders from continuing operations | 66.3 | 60.8 | 60.1 | 70.9 | 5 | 35.5 | 52.7 | 2.1 | 258.1 | 95.3 | [1],[2] | -1,619 | [1],[2] | ||
Net earnings (loss) | 66.3 | 60.8 | 60.1 | 70.9 | 29 | 38 | 54.7 | 4.1 | 258.1 | 125.8 | [1] | -1,411.40 | [1] | ||
Net earnings (loss) per common share: | |||||||||||||||
Continuing operations | $0.31 | $0.29 | $0.28 | $0.34 | $0.03 | $0.18 | $0.27 | $0.01 | $1.22 | $0.49 | [1] | ($8.40) | [1] | ||
Continuing operations | $0.31 | $0.28 | $0.28 | $0.33 | $0.02 | $0.17 | $0.24 | $0.01 | $1.20 | $0.44 | [1] | ($8.40) | [1] | ||
Consolidated Statements of Comprehensive Income: | |||||||||||||||
Net earnings (loss) | 66.3 | 60.8 | 60.1 | 70.9 | 29 | 38 | 54.7 | 4.1 | 258.1 | 125.8 | [1] | -1,411.40 | [1] | ||
Comprehensive income (loss), net of taxes | -78.3 | 13.3 | [1] | -1,431.20 | [1] | ||||||||||
Consolidated Statements of Cash Flows: | |||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | -201.9 | 624.8 | [2] | 394.2 | [2] | ||||||||||
Net earnings (loss) available to common stockholders from continuing operations | 66.3 | 60.8 | 60.1 | 70.9 | 5 | 35.5 | 52.7 | 2.1 | 258.1 | 95.3 | [1],[2] | -1,619 | [1],[2] | ||
Inventories | -48.6 | 22 | [2] | 35.2 | [2] | ||||||||||
Deferred taxes, net | 136.1 | 7.9 | [2] | -319.3 | [2] | ||||||||||
Consolidated Balance Sheets: | |||||||||||||||
Inventories | 707.6 | 730.2 | [2] | 707.6 | 730.2 | [2] | |||||||||
Non-current deferred taxes | 161.5 | 294.6 | [2] | 161.5 | 294.6 | [2] | |||||||||
Retained earnings | 448.5 | 302.2 | [2] | 448.5 | 302.2 | [2] | 279 | ||||||||
Effect of change Increase (Decrease) | |||||||||||||||
Consolidated Statements of Operations: | |||||||||||||||
Cost of sales | 1.5 | -2.4 | 1.8 | ||||||||||||
Gross profit | -1.5 | 2.4 | -1.8 | ||||||||||||
Earnings (loss) from continuing operations before income tax provision (benefit) | -1.5 | 2.4 | -1.8 | ||||||||||||
Income tax provision (benefit) | -0.6 | 0.9 | -0.7 | ||||||||||||
Net earnings (loss) available to common stockholders from continuing operations | -0.9 | 1.6 | -1.1 | ||||||||||||
Net earnings (loss) | -0.9 | 1.6 | -1.1 | ||||||||||||
Net earnings (loss) per common share: | |||||||||||||||
Continuing operations | $0.01 | ($0.01) | |||||||||||||
Continuing operations | ($0.01) | ||||||||||||||
Consolidated Statements of Comprehensive Income: | |||||||||||||||
Net earnings (loss) | -0.9 | 1.6 | -1.1 | ||||||||||||
Comprehensive income (loss), net of taxes | -0.9 | 1.6 | -1.1 | ||||||||||||
Consolidated Statements of Cash Flows: | |||||||||||||||
Net earnings (loss) available to common stockholders from continuing operations | -0.9 | 1.6 | -1.1 | ||||||||||||
Inventories | 1.5 | -2.5 | 1.8 | ||||||||||||
Deferred taxes, net | -0.6 | 0.9 | -0.7 | ||||||||||||
Consolidated Balance Sheets: | |||||||||||||||
Inventories | 40.3 | 41.8 | 40.3 | 41.8 | |||||||||||
Non-current deferred taxes | 15.4 | 16 | 15.4 | 16 | |||||||||||
Retained earnings | 24.9 | 25.8 | 24.9 | 25.8 | 24.2 | ||||||||||
As computed under LIFO | |||||||||||||||
Consolidated Statements of Operations: | |||||||||||||||
Cost of sales | 5,061.40 | 5,103.30 | 5,036.90 | ||||||||||||
Gross profit | 2,689.10 | 2,587.50 | 2,522.30 | ||||||||||||
Earnings (loss) from continuing operations before income tax provision (benefit) | 268.7 | 177.8 | -1,882.60 | ||||||||||||
Income tax provision (benefit) | 9.7 | 84 | -264.7 | ||||||||||||
Net earnings (loss) available to common stockholders from continuing operations | 259 | 93.7 | -1,617.90 | ||||||||||||
Net earnings (loss) | 259 | 124.2 | -1,410.30 | ||||||||||||
Net earnings (loss) per common share: | |||||||||||||||
Continuing operations | $1.22 | $0.48 | ($8.39) | ||||||||||||
Continuing operations | $1.20 | $0.44 | ($8.39) | ||||||||||||
Consolidated Statements of Comprehensive Income: | |||||||||||||||
Net earnings (loss) | 259 | 124.2 | -1,410.30 | ||||||||||||
Comprehensive income (loss), net of taxes | -77.4 | 11.7 | -1,430.10 | ||||||||||||
Consolidated Statements of Cash Flows: | |||||||||||||||
Net cash (used in) provided by operating activities from continuing operations | -201.9 | 624.8 | 394.2 | ||||||||||||
Net earnings (loss) available to common stockholders from continuing operations | 259 | 93.7 | -1,617.90 | ||||||||||||
Inventories | -50.1 | 24.5 | 33.4 | ||||||||||||
Deferred taxes, net | 136.7 | 7 | -318.6 | ||||||||||||
Consolidated Balance Sheets: | |||||||||||||||
Inventories | 667.3 | 688.4 | 667.3 | 688.4 | |||||||||||
Non-current deferred taxes | 146.1 | 278.6 | 146.1 | 278.6 | |||||||||||
Retained earnings | $423.60 | $276.40 | $423.60 | $276.40 | $254.80 | ||||||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | ||||||||||||||
[2] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Divestitures_Additional_Inform
Divestitures - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 06, 2013 | Nov. 14, 2012 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Net gain on sale of discontinued operations | $22.90 | [1] | $178.90 | [1] | ||
Rigid Medical Packaging Business [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Sale of businesses | 125 | |||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 122 | |||||
Pre-tax gain on the sale of operations | 40.2 | |||||
Net gain on sale of discontinued operations | 22.9 | |||||
Diversey Japan [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Sale of businesses | 323 | |||||
Proceeds from Divestiture of Businesses, Net of Cash Divested | 313 | |||||
Pre-tax gain on the sale of operations | 210.8 | |||||
Net gain on sale of discontinued operations | 178.9 | |||||
Transaction costs | $10 | |||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Divestitures_Schedule_of_Finan
Divestitures - Schedule of Financial Information from Discontinued Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Net earnings from discontinued operations, net of tax | $24 | $2.50 | $2 | $2 | $7.60 | [1] | $28.70 | [1] |
Net gain on sale of discontinued operations | 22.9 | [1] | 178.9 | [1] | ||||
Rigid Medical Packaging Business [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Net sales | 89.6 | 88.9 | ||||||
Operating profit | 11.4 | 10.6 | ||||||
Earnings before income tax provision | 11.1 | 10.6 | ||||||
Income tax provision | 3.5 | 2.8 | ||||||
Net earnings from discontinued operations, net of tax | 7.6 | 7.8 | ||||||
Gain on sale of discontinued operations before income tax provision | 40.2 | |||||||
Income tax provision on sale | 17.3 | |||||||
Net gain on sale of discontinued operations | 22.9 | |||||||
Diversey Japan [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Net sales | 273.5 | |||||||
Operating profit | 34.1 | |||||||
Earnings before income tax provision | 33 | |||||||
Income tax provision | 12.1 | |||||||
Net earnings from discontinued operations, net of tax | 20.9 | |||||||
Gain on sale of discontinued operations before income tax provision | 210.8 | |||||||
Income tax provision on sale | 31.9 | |||||||
Net gain on sale of discontinued operations | $178.90 | |||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Segments_Additional_Informatio
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments_Net_Sales_and_Adjuste
Segments - Net Sales and Adjusted EBITDA of Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | $1,973.70 | $1,975.50 | $1,973.60 | $1,827.70 | $2,012.50 | $1,912 | $1,937.40 | $1,828.90 | $7,750.50 | $7,690.80 | [1] | $7,559.20 | [1] |
Adjusted EBITDA Margin | 14.40% | 13.50% | 12.90% | ||||||||||
Non-U.S. GAAP Total Company Adjusted EBITDA | 1,118.30 | 1,040.50 | 978.9 | ||||||||||
Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 7,663.40 | 7,585 | 7,456.30 | ||||||||||
Adjusted EBITDA | 1,207.90 | 1,118.30 | 1,061.20 | ||||||||||
Operating Segments [Member] | Food Care [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 3,835.30 | 3,814.20 | 3,744 | ||||||||||
Adjusted EBITDA | 670.2 | 614.7 | 576.3 | ||||||||||
Adjusted EBITDA Margin | 17.50% | 16.10% | 15.40% | ||||||||||
Operating Segments [Member] | Diversey Care [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 2,173.10 | 2,160.80 | 2,131.90 | ||||||||||
Adjusted EBITDA | 245 | 237.3 | 217.9 | ||||||||||
Adjusted EBITDA Margin | 11.30% | 11.00% | 10.20% | ||||||||||
Operating Segments [Member] | Product Care [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 1,655 | 1,610 | 1,580.40 | ||||||||||
Adjusted EBITDA | 292.7 | 266.3 | 267 | ||||||||||
Adjusted EBITDA Margin | 17.70% | 16.50% | 16.90% | ||||||||||
Other [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 87.1 | 105.8 | 102.9 | ||||||||||
Adjusted EBITDA | ($89.60) | ($77.80) | ($82.30) | ||||||||||
Net Trade Sales [Member] | Operating Segments [Member] | Food Care [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
As a % of Total Company net trade sales | 49.50% | 49.60% | 49.50% | ||||||||||
Net Trade Sales [Member] | Operating Segments [Member] | Diversey Care [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
As a % of Total Company net trade sales | 28.00% | 28.10% | 28.20% | ||||||||||
Net Trade Sales [Member] | Operating Segments [Member] | Product Care [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
As a % of Total Company net trade sales | 21.40% | 20.90% | 20.90% | ||||||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Segments_Reconciliation_of_Non
Segments - Reconciliation of Non-U.S. GAAP Adjusted EBITDA to U.S. GAAP Net Earnings (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Segment Reporting [Abstract] | |||||||||||||||
Non-U.S. GAAP Total Company Adjusted EBITDA | $1,118.30 | $1,040.50 | $978.90 | ||||||||||||
Depreciation and amortization | -320.8 | -307.5 | -317.1 | ||||||||||||
Special items : | |||||||||||||||
Write down of non-strategic assets included in depreciation and amortization | 2.1 | 5.3 | 0.8 | ||||||||||||
Restructuring and other charges | -65.7 | -73.8 | [1] | -142.5 | [1] | ||||||||||
Other restructuring associated costs included in cost of sales and selling general and administrative expenses | -34.2 | -32 | -38.9 | ||||||||||||
Development grant matter included in selling, general and administrative expenses | -14 | ||||||||||||||
Termination of licensing agreement | -5.3 | ||||||||||||||
Relocation costs included in selling, general and administrative expenses | -2.4 | ||||||||||||||
Stock appreciation rights expense | -8.1 | -38.1 | [1] | -18.4 | [1] | ||||||||||
Integration related costs | -4.1 | -1.1 | [1],[2] | -7.4 | [1],[2] | ||||||||||
Impairment of goodwill and other intangible assets | -1,892.30 | [1],[2] | |||||||||||||
Impairment of equity method investment including related bad debt write-down of $2.3 million in 2012 | -26 | -5.7 | -2.1 | -25.8 | |||||||||||
Foreign currency exchange loss related to Venezuelan subsidiaries | -20.4 | -13.1 | [1] | -0.4 | [1] | ||||||||||
Loss on debt redemption and refinancing activities | -102.5 | -36.3 | [1],[2] | -36.9 | [1],[2] | ||||||||||
Gain from Claims Settlement in 2014 and related costs | 20.3 | -1 | -0.7 | ||||||||||||
Non-operating charge for contingent guarantee included in other income (expense), net | -2.5 | ||||||||||||||
Other income (expense), net | -0.1 | 0.4 | 1 | ||||||||||||
Interest expense | -287.7 | -361 | [1] | -384.7 | [1] | ||||||||||
Income tax provision (benefit) | 9.1 | 84.9 | [1] | -265.4 | [1] | 16 | |||||||||
Net earnings (loss) from continuing operations | $66.30 | $60.80 | $60.10 | $70.90 | $5 | $35.50 | $52.70 | $2.10 | $258.10 | $95.30 | [1],[2] | ($1,619) | [1],[2] | ||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | ||||||||||||||
[2] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Segments_Reconciliation_of_Non1
Segments - Reconciliation of Non-U.S. GAAP Adjusted EBITDA to U.S. GAAP Net Earnings (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | |||||
Bad debt write-down | $2.30 | ||||
LIFO adjustments included in cost of sales | 1.5 | -2.4 | 1.8 | ||
Depreciation and amortization | 320.8 | 307.5 | 317.1 | ||
Restructuring and other charges | 65.7 | 73.8 | [1] | 142.5 | [1] |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
LIFO adjustments included in cost of sales | 1.5 | -2.6 | 1.8 | ||
Depreciation and amortization | 289 | 288.9 | 305.5 | ||
Restructuring and other charges | 65.2 | 73.7 | 141.8 | ||
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
LIFO adjustments included in cost of sales | 0.2 | ||||
Depreciation and amortization | 31.8 | 18.6 | 11.6 | ||
Restructuring and other charges | 0.5 | 0.1 | 0.7 | ||
Food Care [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
LIFO adjustments included in cost of sales | 0.7 | -0.8 | 1.4 | ||
Depreciation and amortization | 121.3 | 118.4 | 140 | ||
Restructuring and other charges | 27.3 | 25.1 | 72 | ||
Diversey Care [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 126.3 | 132.3 | 127.6 | ||
Restructuring and other charges | 24.3 | 32.2 | 53.1 | ||
Product Care [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
LIFO adjustments included in cost of sales | 0.8 | -1.8 | 0.4 | ||
Depreciation and amortization | 41.4 | 38.2 | 37.9 | ||
Restructuring and other charges | $13.60 | $16.40 | $16.70 | ||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Segments_Assets_by_Reportable_
Segments - Assets by Reportable Segments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | |||||||
Trade receivables, net, and finished goods inventories, net | |||||||
Total segments and other | $1,496.90 | $1,629.10 | |||||
Assets not allocated | |||||||
Cash and cash equivalents | 322.6 | 992.4 | [1] | 679.6 | [1] | 703.6 | [1] |
Property and equipment, net | 993.2 | 1,134.50 | [1] | ||||
Goodwill | 3,005.50 | 3,114.60 | [1] | ||||
Intangible assets, net | 872.2 | 1,016.90 | [1] | ||||
Assets held for sale | 27.3 | ||||||
Total assets | 8,041.70 | 9,176 | [1] | ||||
Food Care [Member] | |||||||
Assets not allocated | |||||||
Goodwill | 611.7 | 625.7 | |||||
Diversey Care [Member] | |||||||
Assets not allocated | |||||||
Goodwill | 1,017.80 | 1,111.10 | 1,143.10 | ||||
Product Care [Member] | |||||||
Assets not allocated | |||||||
Goodwill | 1,371.20 | 1,372.80 | |||||
Other Segments | |||||||
Assets not allocated | |||||||
Goodwill | 4.8 | 5 | |||||
Operating Segments [Member] | Food Care [Member] | |||||||
Trade receivables, net, and finished goods inventories, net | |||||||
Total segments and other | 689.3 | 767.3 | |||||
Operating Segments [Member] | Diversey Care [Member] | |||||||
Trade receivables, net, and finished goods inventories, net | |||||||
Total segments and other | 514.5 | 543.3 | |||||
Operating Segments [Member] | Product Care [Member] | |||||||
Trade receivables, net, and finished goods inventories, net | |||||||
Total segments and other | 279.1 | 301 | |||||
Operating Segments [Member] | Other Segments | |||||||
Trade receivables, net, and finished goods inventories, net | |||||||
Total segments and other | 14 | 17.5 | |||||
Segment Reconciling Items [Member] | |||||||
Assets not allocated | |||||||
Cash and cash equivalents | 322.6 | 992.4 | |||||
Property and equipment, net | 993.2 | 1,134.50 | |||||
Goodwill | 3,005.50 | 3,114.60 | |||||
Intangible assets, net | 872.2 | 1,016.90 | |||||
Assets held for sale | 27.3 | ||||||
Other | 1,324 | 1,288.50 | |||||
Total assets | $8,041.70 | $9,176 | |||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Segments_Geographic_Informatio
Segments - Geographic Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Net sales: | |||||||||||||
Net sales | $1,973.70 | $1,975.50 | $1,973.60 | $1,827.70 | $2,012.50 | $1,912 | $1,937.40 | $1,828.90 | $7,750.50 | $7,690.80 | [1] | $7,559.20 | [1] |
Total long-lived assets: | |||||||||||||
Long-Lived Assets | 5,244.20 | 5,653.40 | 5,244.20 | 5,653.40 | |||||||||
North America [Member] | |||||||||||||
Net sales: | |||||||||||||
Net sales | 3,075.80 | 3,006.90 | 2,952.40 | ||||||||||
Total long-lived assets: | |||||||||||||
Long-Lived Assets | 2,921 | 3,011 | 2,921 | 3,011 | |||||||||
Europe [Member] | |||||||||||||
Net sales: | |||||||||||||
Net sales | 2,454.70 | 2,447.80 | 2,416.50 | ||||||||||
Total long-lived assets: | |||||||||||||
Long-Lived Assets | 1,324 | 1,591.50 | 1,324 | 1,591.50 | |||||||||
Latin America [Member] | |||||||||||||
Net sales: | |||||||||||||
Net sales | 801.4 | 824.3 | 799.7 | ||||||||||
Total long-lived assets: | |||||||||||||
Long-Lived Assets | 224.1 | 233.6 | 224.1 | 233.6 | |||||||||
AMAT [Member] | |||||||||||||
Net sales: | |||||||||||||
Net sales | 870.3 | 846.8 | 794.4 | ||||||||||
Total long-lived assets: | |||||||||||||
Long-Lived Assets | 618.9 | 650 | 618.9 | 650 | |||||||||
JANZ [Member] | |||||||||||||
Net sales: | |||||||||||||
Net sales | 548.3 | 565 | 596.2 | ||||||||||
Total long-lived assets: | |||||||||||||
Long-Lived Assets | $156.20 | $167.30 | $156.20 | $167.30 | |||||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Segments_Geographic_Informatio1
Segments - Geographic Information (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting [Abstract] | ||
Maximum percentage of net sales in any one non-U.S. country | 10.00% | 10.00% |
Maximum percentage of long-lived assets in any one non-U.S. country | 10.00% | 10.00% |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw materials | $108.90 | $116.60 | |
Work in process | 104 | 110.9 | |
Finished goods | 494.7 | 502.7 | |
Total | $707.60 | $730.20 | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Property_and_Equipment_net_Sch
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Property Plant And Equipment Net [Abstract] | |||
Land and improvements | $106.60 | $135.80 | |
Buildings | 666.7 | 729.6 | |
Machinery and equipment | 2,351.30 | 2,488.40 | |
Other property and equipment | 143.4 | 164.8 | |
Construction-in-progress | 116.5 | 107.1 | |
Property and equipment, gross | 3,384.50 | 3,625.70 | |
Accumulated depreciation and amortization | -2,391.30 | -2,491.20 | |
Property and equipment, net | $993.20 | $1,134.50 | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Property_and_Equipment_net_Int
Property and Equipment, net - Interest Cost Capitalized and Depreciation and Amortization Expense for Property and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment [Abstract] | |||
Interest cost capitalized | $6.20 | $4.90 | $5.50 |
Depreciation and amortization expense for property and equipment | $147.80 | $160.20 | $167.50 |
Goodwill_and_Identifiable_Inta2
Goodwill and Identifiable Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | ||
Goodwill [Line Items] | ||||||
Number of steps for goodwill impairment test | Two | |||||
Goodwill impairment loss | $1,100,000,000 | $0 | ||||
Pre-tax impairment charge of indefinite lived intangible assets | 189,000,000 | |||||
Reduction of pre-tax goodwill impairment charge | 326,000,000 | |||||
Carrying value of remaining goodwill | 3,005,500,000 | 3,114,600,000 | [1] | |||
Customer relationships [Member] | ||||||
Goodwill [Line Items] | ||||||
Pre-tax impairment charge of finite lived intangible assets | 149,000,000 | |||||
Food Care [Member] | ||||||
Goodwill [Line Items] | ||||||
Carrying value of remaining goodwill | 611,700,000 | 625,700,000 | ||||
Diversey Care [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | 0 | 97,000,000 | ||||
Fair value of reporting unit | 12.00% | |||||
Carrying value of remaining goodwill | 1,143,100,000 | 1,017,800,000 | 1,143,100,000 | 1,111,100,000 | ||
Food & Beverage - Hygiene Solutions [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill impairment loss | 174,000,000 | |||||
Trademarks and trade names [Member] | ||||||
Goodwill [Line Items] | ||||||
Pre-tax impairment charge of indefinite lived intangible assets | 189,000,000 | 441,000,000 | ||||
Indefinite-lived intangible Assets (excluding goodwill) | 251,000,000 | |||||
Trademarks and trade names [Member] | Food Care [Member] | ||||||
Goodwill [Line Items] | ||||||
Pre-tax impairment charge of indefinite lived intangible assets | 140,000,000 | |||||
Trademarks and trade names [Member] | Diversey Care [Member] | ||||||
Goodwill [Line Items] | ||||||
Pre-tax impairment charge of indefinite lived intangible assets | $301,000,000 | |||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Goodwill_and_Identifiable_Inta3
Goodwill and Identifiable Intangible Assets - Summary of Goodwill Balances by Segment Reporting Structure (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill [Line Items] | ||||
Impact of Foreign Currency Translation | ($109.10) | |||
Gross Carrying Value | 4,096.50 | 4,205.60 | ||
Accumulated Impairment | -1,091 | -1,091 | ||
Carrying Value | 3,005.50 | 3,114.60 | [1] | |
Food Care [Member] | ||||
Goodwill [Line Items] | ||||
Impact of Foreign Currency Translation | -14 | |||
Gross Carrying Value | 819.7 | 833.7 | ||
Accumulated Impairment | -208 | -208 | ||
Carrying Value | 611.7 | 625.7 | ||
Diversey Care [Member] | ||||
Goodwill [Line Items] | ||||
Impact of Foreign Currency Translation | -93.3 | |||
Gross Carrying Value | 1,900.80 | 1,994.10 | ||
Accumulated Impairment | -883 | -883 | ||
Carrying Value | 1,017.80 | 1,111.10 | 1,143.10 | |
Product Care [Member] | ||||
Goodwill [Line Items] | ||||
Impact of Foreign Currency Translation | -1.6 | |||
Gross Carrying Value | 1,371.20 | 1,372.80 | ||
Carrying Value | 1,371.20 | 1,372.80 | ||
Other Category [Member] | ||||
Goodwill [Line Items] | ||||
Impact of Foreign Currency Translation | -0.2 | |||
Gross Carrying Value | 4.8 | 5 | ||
Carrying Value | $4.80 | $5 | ||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Goodwill_and_Identifiable_Inta4
Goodwill and Identifiable Intangible Assets - Summary of Percentage by Which Estimated Fair Value Exceeds Carrying Value (Detail) | Dec. 31, 2014 |
Food Care - Packaging Solutions [Member] | |
Goodwill [Line Items] | |
Percentage of estimated fair value exceeding carrying value | 243.00% |
Food Care - Hygiene Solutions [Member] | |
Goodwill [Line Items] | |
Percentage of estimated fair value exceeding carrying value | 282.00% |
Diversey Care [Member] | |
Goodwill [Line Items] | |
Percentage of estimated fair value exceeding carrying value | 44.00% |
Product Care [Member] | |
Goodwill [Line Items] | |
Percentage of estimated fair value exceeding carrying value | 92.00% |
Medical Applications [Member] | |
Goodwill [Line Items] | |
Percentage of estimated fair value exceeding carrying value | 788.00% |
Goodwill_and_Identifiable_Inta5
Goodwill and Identifiable Intangible Assets - Summarize of Identifiable Intangible Assets with Definite and Indefinite Useful Lives (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Intangible assets with definite life, Gross Carrying Value | $1,199.10 | $1,258.10 | |
Intangible assets with definite life, Accumulated Amortization | -406.9 | -321.2 | |
Intangible assets with definite life, Accumulated Impairment | -171.1 | -171.1 | |
Intangible assets with definite life, Net | 621.1 | 765.8 | |
Gross Carrying Value | 2,080.40 | 2,139.40 | |
Accumulated Impairment | -801.3 | -801.3 | |
Net | 872.2 | 1,016.90 | [1] |
Trademarks and trade names with indefinite lives [Member] | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Intangible assets with indefinite life, Gross Carrying Value | 881.3 | 881.3 | |
Intangible assets with indefinite life, Accumulated Impairment | -630.2 | -630.2 | |
Intangible assets with indefinite life, Net | 251.1 | 251.1 | |
Customer relationships [Member] | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Intangible assets with definite life, Gross Carrying Value | 890.8 | 961.3 | |
Intangible assets with definite life, Accumulated Amortization | -210.8 | -171.2 | |
Intangible assets with definite life, Accumulated Impairment | -148.9 | -148.9 | |
Intangible assets with definite life, Net | 531.1 | 641.2 | |
Trademarks and trade names [Member] | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Intangible assets with definite life, Gross Carrying Value | 1.3 | 0.2 | |
Intangible assets with definite life, Accumulated Amortization | -0.2 | -0.1 | |
Intangible assets with definite life, Net | 1.1 | 0.1 | |
Technology | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Intangible assets with definite life, Gross Carrying Value | 266.4 | 252.6 | |
Intangible assets with definite life, Accumulated Amortization | -167 | -128 | |
Intangible assets with definite life, Accumulated Impairment | -22.2 | -22.2 | |
Intangible assets with definite life, Net | 77.2 | 102.4 | |
Customer Contracts | |||
Finite And Infinite Lived Intangible Assets [Line Items] | |||
Intangible assets with definite life, Gross Carrying Value | 40.6 | 44 | |
Intangible assets with definite life, Accumulated Amortization | -28.9 | -21.9 | |
Intangible assets with definite life, Net | $11.70 | $22.10 | |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Goodwill_and_Identifiable_Inta6
Goodwill and Identifiable Intangible Assets - Summarize of Identifiable Intangible Assets with Definite and Indefinite Useful Lives (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2012 |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Pre-tax impairment charge of indefinite lived intangible assets | $189 | |
In Process Research and Development [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Impairment recorded | 22 | |
Impairment recorded, net of taxes | 14 | |
Trademarks and trade names [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Pre-tax impairment charge of indefinite lived intangible assets | $189 | $441 |
Goodwill_and_Identifiable_Inta7
Goodwill and Identifiable Intangible Assets - Remaining Estimated Future Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2015 | $86.50 | |
2016 | 84.4 | |
2017 | 77.6 | |
2018 | 65.5 | |
Thereafter | 307.1 | |
Intangible assets with definite life, Net | $621.10 | $765.80 |
Goodwill_and_Identifiable_Inta8
Goodwill and Identifiable Intangible Assets - Remaining Weighted Average Useful Life of Definite Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Finite Lived Intangible Assets [Line Items] | |
Finite lived identifiable intangible assets, remaining weighted average useful lives | 8 years 10 months 24 days |
Customer relationships [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Finite lived identifiable intangible assets, remaining weighted average useful lives | 9 years 9 months 18 days |
Trademarks and trade names [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Finite lived identifiable intangible assets, remaining weighted average useful lives | 4 years 9 months 18 days |
Technology | |
Finite Lived Intangible Assets [Line Items] | |
Finite lived identifiable intangible assets, remaining weighted average useful lives | 4 years 1 month 6 days |
Customer Contracts | |
Finite Lived Intangible Assets [Line Items] | |
Finite lived identifiable intangible assets, remaining weighted average useful lives | 2 years 9 months 18 days |
Accounts_Receivable_Securitiza1
Accounts Receivable Securitization Programs - Additional Information (Detail) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |||
USD ($) | USD ($) | USD ($) | Europe [Member] | U.S. Accounts Receivable Securitization Program [Member] | U.S. Accounts Receivable Securitization Program [Member] | U.S. Accounts Receivable Securitization Program [Member] | U.S. Accounts Receivable Securitization Program [Member] | European Accounts Receivable Securitization Program [Member] | European Accounts Receivable Securitization Program [Member] | European Accounts Receivable Securitization Program [Member] | European Accounts Receivable Securitization Program [Member] | |||
Bank | EUR (€) | USD ($) | Maximum [Member] | Minimum [Member] | USD ($) | EUR (€) | U.S.program | Maximum [Member] | ||||||
Bank | USD ($) | USD ($) | Bank | Bank | USD ($) | EUR (€) | ||||||||
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items] | ||||||||||||||
Number of banks involved in sale of fractional ownership interest of accounts receivable | 2 | 2 | 2 | 2 | ||||||||||
Maximum purchase limit for receivable interests under accounts receivable securitization program | $100,000,000 | $115,000,000 | € 95,000,000 | € 110,000,000 | ||||||||||
Level of eligible assets available under accounts receivable securitization program | less than $100 million | |||||||||||||
Amount available for accounts receivable securitization program | 76,000,000 | 125,000,000 | 100,000,000 | 115,000,000 | 95,000,000 | |||||||||
Accounts receivable expiration date | 2014-09 | 2015-02 | 2015-02 | |||||||||||
Amount utilized under accounts receivable securitization program | 36,000,000 | 0 | 36,000,000 | |||||||||||
Weighted average interest rate of borrowings | 0.90% | |||||||||||||
Interest expenses | 287,700,000 | 361,000,000 | [1] | 384,700,000 | [1] | 2,000,000 | ||||||||
Credit facility amount outstanding | $23,000,000 | $0 | ||||||||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Restructuring_and_Relocation_A2
Restructuring and Relocation Activities - Restructuring Activities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost And Reserve [Line Items] | |||
Other associated costs | $31.70 | $25.50 | $34.30 |
Restructuring charges | 65.7 | 73.8 | 142.5 |
Total | 97.4 | 99.3 | 176.8 |
IOP [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Other associated costs | 7.7 | 14.1 | 22.2 |
Restructuring charges | 13.2 | -7 | 144.9 |
Total | 20.9 | 7.1 | 167.1 |
EQIP [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Other associated costs | 21.6 | 11.4 | |
Restructuring charges | 47 | 80.8 | |
Total | 68.6 | 92.2 | |
FUSION [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Other associated costs | 2.4 | ||
Restructuring charges | 5.5 | ||
Total | 7.9 | ||
Other [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Other associated costs | 12.1 | ||
Restructuring charges | -2.4 | ||
Total | $9.70 |
Restructuring_and_Relocation_A3
Restructuring and Relocation Activities - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 23, 2014 | Jan. 31, 2015 | ||
Jobs | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring payments including associated costs | $108.10 | $107 | [1] | $103.40 | [1] | ||
FUSION [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Start date when restructuring costs are to be incurred, year | 2015 | ||||||
End date when restructuring costs are to be incurred, year | 2017 | ||||||
Start date when capital expenditures are to be incurred, year | 2015 | ||||||
End date when capital expenditures are to be incurred, year | 2016 | ||||||
Jobs relocation period | 3 years | ||||||
Number of Jobs relocated from Elmwood park to Charlotte | 1,300 | ||||||
Restructuring payments including associated costs | 2 | ||||||
Restructuring expected accrual to pay | 4 | ||||||
Restructuring expected accrual remaining to pay | 2 | ||||||
Capital expenditures | 0 | ||||||
FUSION [Member] | Racine,Wisconsin | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Property, plant and equipment to assets held for sale | 26 | ||||||
FUSION [Member] | Subsequent Event [Member] | Racine,Wisconsin | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Assets held for sale, sales price | 30 | ||||||
Proceeds from assets held for sale | 24 | ||||||
Unsecured promissory note receivable from disposal of assets held for sale | 6 | ||||||
Pre-tax gain on disposal of assets held for sale | 3 | ||||||
EQIP [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring payments including associated costs | 113 | ||||||
Restructuring expected accrual to pay | 39 | ||||||
Restructuring expected accrual remaining to pay | 3 | ||||||
Capital expenditures | 28 | 11 | 0 | ||||
Expected completed date of restructuring program | 31-Dec-16 | ||||||
IOP [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring payments including associated costs | 220 | ||||||
Restructuring expected accrual to pay | 13 | ||||||
Capital expenditures | 14 | 14 | |||||
Minimum [Member] | FUSION [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 275 | ||||||
Expected net cash cost related to restructuring | 210 | ||||||
Capital expenditures related to restructuring and associated activities | 55 | ||||||
Minimum [Member] | FUSION [Member] | Severance and Termination Benefits [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 115 | ||||||
Minimum [Member] | FUSION [Member] | Other Restructuring [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 160 | ||||||
Minimum [Member] | EQIP [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 190 | ||||||
Capital expenditures related to restructuring and associated activities | 50 | ||||||
Reduction in headcount, employees | 750 | ||||||
Minimum [Member] | EQIP [Member] | Severance and Termination Benefits [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 105 | ||||||
Minimum [Member] | EQIP [Member] | Facility Relocation and Closures [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 85 | ||||||
Maximum [Member] | FUSION [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 285 | ||||||
Expected net cash cost related to restructuring | 220 | ||||||
Capital expenditures related to restructuring and associated activities | 65 | ||||||
Maximum [Member] | FUSION [Member] | Severance and Termination Benefits [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 120 | ||||||
Maximum [Member] | FUSION [Member] | Other Restructuring [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 165 | ||||||
Maximum [Member] | EQIP [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 210 | ||||||
Capital expenditures related to restructuring and associated activities | 55 | ||||||
Reduction in headcount, employees | 900 | ||||||
Maximum [Member] | EQIP [Member] | Severance and Termination Benefits [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 120 | ||||||
Maximum [Member] | EQIP [Member] | Facility Relocation and Closures [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected associated cost related to restructuring | 90 | ||||||
Maximum [Member] | IOP [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Capital expenditures | $1 | ||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Restructuring_and_Relocation_A4
Restructuring and Relocation Activities - Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
FUSION [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Accrual and accrual adjustments | $5.50 |
Restructuring accrual at December 31, 2014 | 5.5 |
EQIP [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring accrual at December 31, 2013 | 55.9 |
Accrual and accrual adjustments | 47 |
Cash payments during 2014 | -58.1 |
Effect of changes in foreign currency exchange rates | -2.9 |
Restructuring accrual at December 31, 2014 | 41.9 |
IOP [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Restructuring accrual at December 31, 2013 | 24.5 |
Accrual and accrual adjustments | 13.2 |
Cash payments during 2014 | -22.3 |
Effect of changes in foreign currency exchange rates | -2.3 |
Restructuring accrual at December 31, 2014 | $13.10 |
Other_Current_and_NonCurrent_L2
Other Current and Non-Current Liabilities - Components of Other Current and Other Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Other current liabilities: | |||
Accrued salaries, wages and related costs | $326.70 | $300.60 | |
Accrued operating expenses | 295.3 | 303.3 | |
Income taxes payable | 38.1 | 35.6 | |
Accrued customer volume rebates | 185.4 | 176.5 | |
Accrued interest | 46 | 67.4 | |
Accrued employee benefit liability | 8.6 | 7 | |
Total | 900.1 | 890.4 | [1] |
Other non-current liabilities: | |||
Accrued employee benefit liability | 347.5 | 262 | |
Other postretirement liability | 77.4 | 70.1 | |
Other various liabilities | 279.1 | 315.8 | |
Total | $704 | $647.90 | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Debt_and_Credit_Facilities_Tot
Debt and Credit Facilities - Total Debt Outstanding (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Short-term borrowings | $130.40 | $81.60 | [1] |
Current portion of long-term debt | 1.1 | 201.5 | [1] |
Total current debt | 131.5 | 283.1 | |
Other | 1.6 | 2.3 | |
Total long-term debt, less current portion | 4,282.50 | 4,116.40 | [1] |
Total debt | 4,414 | 4,399.50 | |
Term Loan A Facility Due July 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility amount outstanding | 249.7 | ||
Term Loan A Facility Due July 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility amount outstanding | 1,129.40 | 634.8 | |
Term Loan B Facility Due October 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Credit facility amount outstanding | 681.6 | ||
8.125% Senior Notes Due September 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 750 | ||
6.50% Senior Notes Due December 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 428.1 | 424.1 | |
8.375% Senior Notes Due September 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 750 | 750 | |
4.875% Senior Notes due December 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 425 | ||
5.25% Senior Notes Due April 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 425 | 425 | |
5.125% Senior Notes due December 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | 425 | ||
6.875% Senior Notes Due July 2033 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes | $448.70 | $448.60 | |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Debt_and_Credit_Facilities_Tot1
Debt and Credit Facilities - Total Debt Outstanding (Parenthetical) (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Nov. 30, 2014 | Dec. 31, 2014 | Oct. 16, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | Mar. 31, 2013 | Sep. 30, 2012 | ||
Debt Instrument [Line Items] | |||||||||
Amount utilized under accounts receivable securitization program | $36,000,000 | $36,000,000 | |||||||
Credit facility amount outstanding | 23,000,000 | 23,000,000 | 0 | ||||||
Short-term borrowings | 130,400,000 | 130,400,000 | 81,600,000 | [1] | |||||
Weighted average interest rate | 5.20% | 5.20% | 6.20% | ||||||
Term Loan A Facility Due July 2017 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount outstanding | 249,700,000 | 249,700,000 | |||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Consumer | 300,000 | 300,000 | |||||||
Term loan facilities, prepayment due year | 2016 | ||||||||
Term Loan A Facility Due July 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility amount outstanding | 1,129,400,000 | 1,129,400,000 | 684,500,000 | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Consumer | 10,600,000 | 10,600,000 | 8,400,000 | ||||||
Term Loan B Facility Due October 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Consumer | 7,300,000 | ||||||||
Unamortized discount | 10,800,000 | ||||||||
8.125% Senior Notes Due September 2019 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest rate | 8.13% | 8.13% | 8.13% | 8.13% | |||||
Aggregate principal amount | 750,000,000 | 750,000,000 | 750,000,000 | ||||||
Credit facility, maturity date | 15-Sep-19 | 1-Sep-19 | |||||||
6.50% Senior Notes Due December 2020 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest rate | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% | ||||
Aggregate principal amount | 425,000,000 | ||||||||
Credit facility, maturity date | 1-Dec-20 | ||||||||
Unwound debt amount | 100,000,000 | ||||||||
8.375% Senior Notes Due September 2021 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest rate | 8.38% | 8.38% | 8.38% | ||||||
4.875% Senior Notes due December 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest rate | 4.88% | 4.88% | 4.88% | 4.88% | |||||
Aggregate principal amount | 425,000,000 | 425,000,000 | 425,000,000 | ||||||
Credit facility, maturity date | 1-Dec-22 | 1-Dec-22 | |||||||
5.25% Senior Notes Due April 2023 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest rate | 5.25% | 5.25% | 5.25% | 5.25% | |||||
Aggregate principal amount | 425,000,000 | ||||||||
5.125% Senior Notes due December 2024 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest rate | 5.13% | 5.13% | 5.13% | 5.13% | |||||
Aggregate principal amount | 425,000,000 | 425,000,000 | 425,000,000 | ||||||
Credit facility, maturity date | 1-Dec-24 | 1-Dec-24 | |||||||
6.875% Senior Notes Due July 2033 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized discount | 1,300,000 | 1,300,000 | 1,400,000 | ||||||
Debt interest rate | 6.88% | 6.88% | 6.88% | ||||||
12% Senior Notes Due February 2014 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt interest rate | 12.00% | 12.00% | 12.00% | 12.00% | |||||
Senior Notes | 150,000,000 | ||||||||
Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Short-term borrowings | $71,000,000 | $71,000,000 | |||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Debt_and_Credit_Facilities_Add
Debt and Credit Facilities - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
In Millions, unless otherwise specified | Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Nov. 14, 2012 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 14, 2012 | Nov. 14, 2012 | Nov. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2014 | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Oct. 16, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Dec. 31, 2012 | Jul. 25, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Jul. 25, 2014 | Aug. 29, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | ||
USD ($) | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | Line Of Credit Facility Second Amended [Member] | Line Of Credit Facility Second Amended [Member] | Term Loan B Facility Due October 2018 [Member] | Term Loan B Facility Due October 2018 [Member] | Term Loan B Facility Due October 2018 [Member] | Line Of Credit Facility Second Amended Revolving Credit Facility [Member] | Multicurrency Term A Facility Tranche [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | 4.875% Senior Notes due December 2022 [Member] | 4.875% Senior Notes due December 2022 [Member] | 4.875% Senior Notes due December 2022 [Member] | 5.125% Senior Notes due December 2024 [Member] | 5.125% Senior Notes due December 2024 [Member] | 5.125% Senior Notes due December 2024 [Member] | 8.125% Senior Notes Due September 2019 [Member] | 8.125% Senior Notes Due September 2019 [Member] | 8.125% Senior Notes Due September 2019 [Member] | 5.25% Senior Notes Due April 2023 [Member] | 5.25% Senior Notes Due April 2023 [Member] | 5.25% Senior Notes Due April 2023 [Member] | 7.875% Senior Notes Due June 2017 [Member] | 6.50% Senior Notes Due December 2020 [Member] | 6.50% Senior Notes Due December 2020 [Member] | 6.50% Senior Notes Due December 2020 [Member] | 6.50% Senior Notes Due December 2020 [Member] | 5.625 % Senior Notes Due July 2013 [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Term Loan A Facility [Member] | Delayed Draw Term Loan A Facility [Member] | Delayed Draw Term Loan A Facility [Member] | Delayed Draw Term Loan A Facility | Line of Credit Secured Debt | Term Loan B Facility [Member] | Term Loan B Facility [Member] | Term Loans A and B [Member] | ||||
USD ($) | Dollar-denominated | Euro-denominated | USD ($) | USD ($) | USD ($) | Line Of Credit Facility Second Amended [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Yen-denominated [Member] | Line Of Credit Facility Second Amended [Member] | Line Of Credit Facility Second Amended [Member] | Prepaid 2013 Payments [Member] | USD ($) | Line Of Credit Facility Second Amended [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | Yen-denominated [Member] | USD ($) | ||||||||||||||||||||||||||||||||||||||||||
USD ($) | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount | $425 | $425 | $425 | $425 | $750 | $750 | $425 | $425 | $1,330 | $100 | $100 | |||||||||||||||||||||||||||||||||||||
Debt interest rate | 4.88% | 4.88% | 4.88% | 5.13% | 5.13% | 5.13% | 8.13% | 8.13% | 8.13% | 5.25% | 5.25% | 5.25% | 7.88% | 6.50% | 6.50% | 6.50% | 6.50% | 5.63% | ||||||||||||||||||||||||||||||
Credit facility, maturity date | 31-Oct-18 | 31-Oct-16 | 1-Dec-22 | 1-Dec-22 | 1-Dec-24 | 1-Dec-24 | 15-Sep-19 | 1-Sep-19 | 1-Jun-17 | 1-Dec-20 | 25-Jul-19 | |||||||||||||||||||||||||||||||||||||
Aggregate repurchase price of senior notes | 837 | 431 | 421 | |||||||||||||||||||||||||||||||||||||||||||||
Early redemption | 750 | 400 | ||||||||||||||||||||||||||||||||||||||||||||||
Premium paid on redemption of debt | 75 | 23 | 13 | |||||||||||||||||||||||||||||||||||||||||||||
Accrued interest paid on redemption of debt | 12 | 8 | 8 | |||||||||||||||||||||||||||||||||||||||||||||
Loss on debt redemption and refinancing activities | 102.5 | 36.3 | [1],[2] | 36.9 | [1],[2] | 18 | 84 | 32 | 12 | 4 | ||||||||||||||||||||||||||||||||||||||
Amortization Of Debt Discount Premium | 13 | 9 | 10 | 23 | ||||||||||||||||||||||||||||||||||||||||||||
Non-lender fees | 5 | 5 | 13 | 13 | 7 | |||||||||||||||||||||||||||||||||||||||||||
Premium paid on redemption of debt percentage | 6.00% | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Frequency of interest payments | Interest is payable on April 1 and October 1 of each year, commencing October 1, 2013. | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase aggregate principal amount | 400 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on the termination of a related interest rate swap | 1 | |||||||||||||||||||||||||||||||||||||||||||||||
Credit facility agreement date | 25-Jul-14 | 25-Jul-14 | ||||||||||||||||||||||||||||||||||||||||||||||
Credit facility amount outstanding | 23 | 0 | 700 | 0 | 0 | 700 | 681.6 | |||||||||||||||||||||||||||||||||||||||||
Decrease in interest margin | 0.75% | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||
Credit facility, description | (i) the refinancing of the Term Loan A facilities, Term Loan B facilities and revolving credit facilities with new Term Loan A facilities (including facilities in Canadian dollars, euros, Japanese yen, pounds sterling and U.S. dollars) in an aggregate principal amount equivalent to $1,330 million and revolving credit facilities of $700 million, (ii) a new $100 million delayed draw Term Loan A facility (used for our Brazilian operations), (iii) a 0.75% reduction of the interest rate margin for the Term Loan A facilities and revolving credit facilities, (iv) extension of the final maturity of the Term Loan A facilities and revolving credit commitment to July 25, 2019, (v) adjustments to the financial maintenance covenant of Consolidated Net Debt to Consolidated EBITDA (as defined in the Second Amended and Restated Credit Agreement) and other covenants to provide additional flexibility to the Company and (vi) other amendments | (i) the refinancing of the Term Loan A facilities, Term Loan B facilities and revolving credit facilities with new Term Loan A facilities (including facilities in Canadian dollars, euros, Japanese yen, pounds sterling and U.S. dollars) in an aggregate principal amount equivalent to $1,330 million and revolving credit facilities of $700 million, (ii) a new $100 million delayed draw Term Loan A facility (used for our Brazilian operations), (iii) a 0.75% reduction of the interest rate margin for the Term Loan A facilities and revolving credit facilities, (iv) extension of the final maturity of the Term Loan A facilities and revolving credit commitment to July 25, 2019, (v) adjustments to the financial maintenance covenant of Consolidated Net Debt to Consolidated EBITDA (as defined in the Second Amended and Restated Credit Agreement) and other covenants to provide additional flexibility to the Company and (vi) other amendments | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount of outstanding interest rate swaps | 100 | 100 | ||||||||||||||||||||||||||||||||||||||||||||||
Lender fees | 2 | 1 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility | 525 | 128 | ||||||||||||||||||||||||||||||||||||||||||||||
Decrease in euro currency rate under the term loan B facilities | 1.00% | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of prepayment term loan | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Prepaid debt | 90 | 95 | 101 | 1,100 | ||||||||||||||||||||||||||||||||||||||||||||
Refinance of the remaining principal amount of term loan | 80 | 697 | 801 | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of principal debt refinanced | 100.00% | 99.75% | ||||||||||||||||||||||||||||||||||||||||||||||
Term period of credit facility | 7 years | 5 years | 5 years | |||||||||||||||||||||||||||||||||||||||||||||
Additional interest rate of LIBOR loans | 2.50% | |||||||||||||||||||||||||||||||||||||||||||||||
Additional interest rate of base rate loans | 1.50% | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized original issuance discounts | 9 | |||||||||||||||||||||||||||||||||||||||||||||||
Unamortized discount | 2 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain on termination of interest rate swap | $3 | |||||||||||||||||||||||||||||||||||||||||||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | |||||||||||||||||||||||||||||||||||||||||||||||
[2] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Debt_and_Credit_Facilities_Lin
Debt and Credit Facilities - Lines of Credit (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
Used lines of credit | $130.40 | $81.60 | [1] |
Unused lines of credit | 1,101.70 | 1,224 | |
Total available lines of credit | $1,232.10 | $1,305.60 | |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Debt_and_Credit_Facilities_Lin1
Debt and Credit Facilities - Lines of Credit (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Line Of Credit Facility [Line Items] | ||
Total available lines of credit | $1,232.10 | $1,305.60 |
Committed Line of Credit Facilities [Member] | ||
Line Of Credit Facility [Line Items] | ||
Total available lines of credit | $892 |
Debt_and_Credit_Facilities_Sch
Debt and Credit Facilities - Scheduled Annual Maturities for Next Five Years and Thereafter (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $1.10 |
2016 | 46.9 |
2017 | 322.9 |
2018 | 72.8 |
2019 | 950.5 |
Thereafter | 2,901.50 |
Total | $4,295.70 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2012 | Oct. 16, 2014 | Nov. 30, 2012 |
Derivative [Line Items] | |||||||
Cash received from terminated interest rate swaps | $3.10 | ||||||
Number of derivative instruments outstanding | 0 | ||||||
Designated as Hedging Instruments [Member] | |||||||
Derivative [Line Items] | |||||||
Reduction of interest expense due to interest rate swap | 2 | ||||||
Maximum [Member] | Designated as Hedging Instruments [Member] | |||||||
Derivative [Line Items] | |||||||
Reduction of interest expense due to interest rate swap | 1 | 1 | |||||
6.50% Senior Notes Due December 2020 [Member] | |||||||
Derivative [Line Items] | |||||||
Debt interest rate | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% | ||
Gain on termination of interest rate swap | 3 | ||||||
12% Senior Notes Due February 2014 [Member] | |||||||
Derivative [Line Items] | |||||||
Debt interest rate | 12.00% | 12.00% | 12.00% | 12.00% | |||
Cash received from terminated interest rate swaps | 2 | ||||||
Delayed Draw Term Loan A Facility [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amount of outstanding interest rate swaps | 100 | 100 | |||||
Foreign Exchange Option [Member | |||||||
Derivative [Line Items] | |||||||
Maximum original maturity period of foreign currency forward contracts | 12 months | ||||||
Number of derivative instruments outstanding | 0 | 0 | 0 | 0 | |||
Interest Rate and Currency Swap [Member] | |||||||
Derivative [Line Items] | |||||||
Notional amount of outstanding interest rate swaps | $100 | $100 | |||||
Currency Swap Agreements [Member] | |||||||
Derivative [Line Items] | |||||||
Number of derivative instruments outstanding | 0 | 0 | 0 | 0 | |||
Interest Rate Swaps [Member] | |||||||
Derivative [Line Items] | |||||||
Number of derivative instruments outstanding | 0 | 0 | 0 | 0 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ||
Fair Value of Asset Derivatives | $63.40 | $10.50 |
Fair Value of (Liability) Derivatives | -68 | -51.5 |
Designated as Hedging Instruments [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair Value of Asset Derivatives | 4.3 | 3.4 |
Fair Value of (Liability) Derivatives | -0.4 | -1.4 |
Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair Value of (Liability) Derivatives | -1 | |
Designated as Hedging Instruments [Member] | Interest Rate And Currency Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair Value of Asset Derivatives | 17.8 | |
Not Designated as Hedging Instruments [Member] | Foreign Currency Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Fair Value of Asset Derivatives | 41.3 | 7.1 |
Fair Value of (Liability) Derivatives | ($67.60) | ($49.10) |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | $2.10 | ($5.70) | $7.20 |
Designated as Hedging Instruments [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 15.5 | 2.8 | 1.6 |
Designated as Hedging Instruments [Member] | Foreign Currency Forward Contracts [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 1.9 | 2.7 | -0.1 |
Designated as Hedging Instruments [Member] | Interest Rate And Currency Swaps [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 13.5 | ||
Designated as Hedging Instruments [Member] | Treasury Lock | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 0.1 | 0.1 | 1.7 |
Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | 1.8 | 1 | |
Not Designated as Hedging Instruments [Member] | Foreign Currency Forward Contracts [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | ($15.20) | ($8.50) | $4.60 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Derivative Instruments Gain Loss [Line Items] | |||||
Interest expenses | $287.70 | $361 | [1] | $384.70 | [1] |
Designated as Hedging Instruments [Member] | Interest Rate And Currency Swaps [Member] | |||||
Derivative Instruments Gain Loss [Line Items] | |||||
Gain on interest rate and currency swaps | 16.5 | ||||
Interest expenses | $3 | ||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Fair_Value_Measurements_and_Ot2
Fair Value Measurements and Other Financial Instruments - Fair Value Hierarchy of Financial Instruments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | $64.70 | $491.90 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 64.7 | 491.9 |
Interest Rate Swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative financial instruments net asset (liability) | -1 | |
Interest Rate Swaps [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative financial instruments net asset (liability) | -1 | |
Foreign Currency Forward Contracts [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative financial instruments net asset (liability) | -22.4 | -40 |
Foreign Currency Forward Contracts [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative financial instruments net asset (liability) | -22.4 | -40 |
Interest Rate And Currency Swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative financial instruments net asset (liability) | 17.8 | |
Interest Rate And Currency Swaps [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative financial instruments net asset (liability) | $17.80 |
Fair_Value_Measurements_and_Ot3
Fair Value Measurements and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Credit Facility, Carrying Amount | $23 | $0 |
Other foreign loans, Carrying Amount | 73.9 | 85 |
Other foreign loans, Fair Value | 73.8 | 84.9 |
Other domestic loans, Carrying Amount | 59.2 | 0.4 |
Other domestic loans, Fair Value | 59.2 | 0.4 |
Total debt, Carrying Amount | 4,414 | 4,399.50 |
Total debt, Fair Value | 4,569.40 | 4,599.10 |
12% Senior Notes Due February 2014 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Amount | 150.3 | |
Senior Notes, Fair Value | 150.6 | |
Term Loan A Facility Due July 2017 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Credit Facility, Carrying Amount | 249.7 | |
Credit Facility, Fair Value | 249.7 | |
Term Loan A Facility Due July 2019 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Credit Facility, Carrying Amount | 1,129.40 | 684.5 |
Credit Facility, Fair Value | 1,129.40 | 684.5 |
Term Loan B Facility [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Credit Facility, Carrying Amount | 681.6 | |
Credit Facility, Fair Value | 681.6 | |
8.125% Senior Notes Due September 2019 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Amount | 750 | |
Senior Notes, Fair Value | 841.4 | |
6.50% Senior Notes Due December 2020 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Amount | 428.1 | 424.1 |
Senior Notes, Fair Value | 469.7 | 456.7 |
8.375% Senior Notes Due September 2021 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Amount | 750 | 750 |
Senior Notes, Fair Value | 843.3 | 853.1 |
4.875% Senior Notes due December 2022 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Amount | 425 | |
Senior Notes, Fair Value | 423.3 | |
5.25% Senior Notes Due April 2023 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Amount | 425 | 425 |
Senior Notes, Fair Value | 429.6 | 414.7 |
5.125% Senior Notes due December 2024 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Amount | 425 | |
Senior Notes, Fair Value | 428.5 | |
6.875% Senior Notes Due July 2033 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Senior Notes, Carrying Amount | 448.7 | 448.6 |
Senior Notes, Fair Value | $462.90 | $431.20 |
Fair_Value_Measurements_and_Ot4
Fair Value Measurements and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Parenthetical) (Detail) | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Nov. 30, 2014 | Oct. 16, 2014 | Nov. 30, 2012 | Mar. 31, 2013 |
12% Senior Notes Due February 2014 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Debt interest rate | 12.00% | 12.00% | 12.00% | ||||
8.125% Senior Notes Due September 2019 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Debt interest rate | 8.13% | 8.13% | 8.13% | ||||
6.50% Senior Notes Due December 2020 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Debt interest rate | 6.50% | 6.50% | 6.50% | 6.50% | |||
8.375% Senior Notes Due September 2021 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Debt interest rate | 8.38% | 8.38% | |||||
4.875% Senior Notes due December 2022 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Debt interest rate | 4.88% | 4.88% | 4.88% | ||||
5.25% Senior Notes Due April 2023 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Debt interest rate | 5.25% | 5.25% | 5.25% | ||||
5.125% Senior Notes due December 2024 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Debt interest rate | 5.13% | 5.13% | 5.13% | ||||
6.875% Senior Notes Due July 2033 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Debt interest rate | 6.88% | 6.88% |
Profit_Sharing_Retirement_Savi2
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Provisions charged from operations for the profit sharing plan and retirement savings plans | $50 | $51 | $33 |
Contribution of common stock to profit sharing plan | 1 | 0.9 | 0.9 |
Defined benefit pension plan corridor rate | 10.00% | ||
Percentage of equity allocation, maximum | 70.00% | ||
Percentage of fixed income allocation, minimum | 30.00% | ||
Equity Security [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity securities, minimum | 40.00% | ||
Equity securities, maximum | 50.00% | ||
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Equity securities, minimum | 50.00% | ||
Equity securities, maximum | 60.00% |
Profit_Sharing_Retirement_Savi3
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Schedule of Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $16.20 | $17 | $18.20 |
U.S. and Non-U.S. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total benefit cost (income) | 16.2 | 17 | 18.2 |
U.S. and Non-U.S. [Member] | Cost of Sales [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | 5.6 | 5.8 | 6.1 |
U.S. and Non-U.S. [Member] | Selling, General, and Administrative Expenses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $10.60 | $11.20 | $12.10 |
Profit_Sharing_Retirement_Savi4
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Funded Status for Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation: | |||
Projected benefit obligation at beginning of Period | $1,262.60 | $1,221.90 | |
Service cost | 10 | 12.3 | 16.1 |
Interest cost | 48 | 43.4 | 46.6 |
Actuarial loss (gain) | 217.9 | 22.7 | |
Settlement/curtailment | -9.6 | -12.7 | |
Benefits paid | -48.6 | -41 | |
Employee contributions | 3.4 | 3.6 | |
Other | 0.2 | 0.4 | |
Foreign exchange impact | -115.6 | 12 | |
Projected benefit obligation at end of period | 1,368.30 | 1,262.60 | 1,221.90 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 1,023.20 | 961.6 | |
Actual gain on plan assets | 121.2 | 71 | |
Employer contributions | 36.1 | 34.3 | |
Employee contributions | 3.4 | 3.6 | |
Benefits paid | -48.6 | -41 | |
Settlement/curtailment | -9.6 | -12.6 | |
Other | 1.7 | -0.4 | |
Foreign exchange impact | -82.4 | 6.7 | |
Fair value of plan assets at end of period | 1,045 | 1,023.20 | 961.6 |
Underfunded status at end of year | -323.3 | -239.4 | |
U.S. Pension Plans [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation at beginning of Period | 192.2 | 210.1 | |
Service cost | 1.1 | 1.3 | 1.2 |
Interest cost | 8.7 | 7.9 | 9.3 |
Actuarial loss (gain) | 31.4 | -11.3 | |
Settlement/curtailment | -7.1 | ||
Benefits paid | -12 | -8.7 | |
Projected benefit obligation at end of period | 221.4 | 192.2 | 210.1 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 177.4 | 177.6 | |
Actual gain on plan assets | 14.4 | 14.7 | |
Employer contributions | 2.6 | 0.2 | |
Benefits paid | -12 | -8.7 | |
Settlement/curtailment | -7.1 | ||
Other | -0.9 | 0.7 | |
Fair value of plan assets at end of period | 181.5 | 177.4 | 177.6 |
Underfunded status at end of year | -39.9 | -14.8 | |
Non-U.S. Pension Plans [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation at beginning of Period | 1,070.40 | 1,011.80 | |
Service cost | 8.9 | 11 | 14.9 |
Interest cost | 39.3 | 35.5 | 37.3 |
Actuarial loss (gain) | 186.5 | 34 | |
Settlement/curtailment | -9.6 | -5.6 | |
Benefits paid | -36.6 | -32.3 | |
Employee contributions | 3.4 | 3.6 | |
Other | 0.2 | 0.4 | |
Foreign exchange impact | -115.6 | 12 | |
Projected benefit obligation at end of period | 1,146.90 | 1,070.40 | 1,011.80 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 845.8 | 784 | |
Actual gain on plan assets | 106.8 | 56.3 | |
Employer contributions | 33.5 | 34.1 | |
Employee contributions | 3.4 | 3.6 | |
Benefits paid | -36.6 | -32.3 | |
Settlement/curtailment | -9.6 | -5.5 | |
Other | 2.6 | -1.1 | |
Foreign exchange impact | -82.4 | 6.7 | |
Fair value of plan assets at end of period | 863.5 | 845.8 | 784 |
Underfunded status at end of year | ($283.40) | ($224.60) |
Profit_Sharing_Retirement_Savi5
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Amounts Included in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | $24.80 | $21.70 |
Other current liabilities | -4.1 | -4.6 |
Other liabilities | -344 | -256.5 |
Net amount recognized | -323.3 | -239.4 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other liabilities | -39.9 | -14.8 |
Net amount recognized | -39.9 | -14.8 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 24.8 | 21.7 |
Other current liabilities | -4.1 | -4.6 |
Other liabilities | -304.1 | -241.7 |
Net amount recognized | ($283.40) | ($224.60) |
Profit_Sharing_Retirement_Savi6
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Components of Net Periodic Benefit Cost (Income) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $10 | $12.30 | $16.10 |
Interest cost | 48 | 43.4 | 46.6 |
Expected return on plan assets | -54.1 | -49.2 | -52.8 |
Amortization of net prior service cost | 0.1 | 0.4 | 0.3 |
Amortization of net actuarial loss | 9.9 | 10 | 6.8 |
Net periodic benefit cost (income) | 13.9 | 16.9 | 17 |
Cost (income) of settlement | 2.3 | 0.1 | 1.2 |
Total benefit cost (income) | 16.2 | 17 | 18.2 |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 1.1 | 1.3 | 1.2 |
Interest cost | 8.7 | 7.9 | 9.3 |
Expected return on plan assets | -11.2 | -11.1 | -11.2 |
Amortization of net prior service cost | 0.2 | 0.2 | |
Amortization of net actuarial loss | 0.8 | 2.2 | 1.8 |
Net periodic benefit cost (income) | -0.6 | 0.5 | 1.3 |
Cost (income) of settlement | -0.7 | -0.9 | |
Total benefit cost (income) | -0.6 | -0.2 | 0.4 |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 8.9 | 11 | 14.9 |
Interest cost | 39.3 | 35.5 | 37.3 |
Expected return on plan assets | -42.9 | -38.1 | -41.6 |
Amortization of net prior service cost | 0.1 | 0.2 | 0.1 |
Amortization of net actuarial loss | 9.1 | 7.8 | 5 |
Net periodic benefit cost (income) | 14.5 | 16.4 | 15.7 |
Cost (income) of settlement | 2.3 | 0.8 | 2.1 |
Total benefit cost (income) | $16.80 | $17.20 | $17.80 |
Profit_Sharing_Retirement_Savi7
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Amounts in Accumulated Other Comprehensive Loss, Not Yet Recognized (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service costs | $0.50 | $0.80 |
Unrecognized net actuarial loss | 308.1 | 197.3 |
Total | 308.6 | 198.1 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service costs | 0.2 | |
Unrecognized net actuarial loss | 29.6 | 2.1 |
Total | 29.6 | 2.3 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized prior service costs | 0.5 | 0.6 |
Unrecognized net actuarial loss | 278.5 | 195.2 |
Total | $279 | $195.80 |
Profit_Sharing_Retirement_Savi8
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Current year actuarial loss (gain) | $150.80 | $1.30 |
Amortization of actuarial loss | -9.9 | -10.1 |
Amortization of prior service cost | -0.1 | -0.4 |
Settlement/curtailment loss (gain) | -2.1 | |
Effects of changes in foreign currency exchange rates | -28.1 | 3.9 |
Total recognized in other comprehensive (income) loss | 110.6 | -5.3 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current year actuarial loss (gain) | 28.3 | -14.9 |
Amortization of actuarial loss | -0.8 | -2.2 |
Amortization of prior service cost | -0.1 | -0.2 |
Settlement/curtailment loss (gain) | 0.8 | |
Total recognized in other comprehensive (income) loss | 27.4 | -16.5 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current year actuarial loss (gain) | 122.5 | 16.2 |
Amortization of actuarial loss | -9.1 | -7.9 |
Amortization of prior service cost | -0.2 | |
Settlement/curtailment loss (gain) | -2.1 | -0.8 |
Effects of changes in foreign currency exchange rates | -28.1 | 3.9 |
Total recognized in other comprehensive (income) loss | $83.20 | $11.20 |
Profit_Sharing_Retirement_Savi9
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized in Next Fiscal Year (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized prior service costs | $0.10 |
Unrecognized net actuarial loss | 11.4 |
Total | 11.5 |
U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized prior service costs | 0.1 |
Unrecognized net actuarial loss | 2 |
Total | 2.1 |
Non-U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Unrecognized net actuarial loss | 9.4 |
Total | $9.40 |
Recovered_Sheet1
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $1,126.30 | $1,018.50 |
Fair value of plan assets | 825.5 | 794.9 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 218 | 189.2 |
Fair value of plan assets | 181.7 | 177.4 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 908.3 | 829.3 |
Fair value of plan assets | $643.80 | $617.50 |
Recovered_Sheet2
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Pension Plans [Member] | ||
Benefit obligations | ||
Discount rate | 3.90% | 4.60% |
Rate of compensation increase | 3.00% | 3.00% |
Non-U.S. Pension Plans [Member] | ||
Benefit obligations | ||
Discount rate | 2.70% | 3.80% |
Rate of compensation increase | 2.70% | 2.90% |
Recovered_Sheet3
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Pension Plans [Member] | |||
Net periodic benefit cost | |||
Discount rate | 4.60% | 3.80% | 4.60% |
Expected long-term rate of return | 6.50% | 6.50% | 6.70% |
Rate of compensation increase | 3.00% | 3.50% | 3.50% |
Non-U.S. Pension Plans [Member] | |||
Net periodic benefit cost | |||
Discount rate | 3.80% | 3.70% | 4.30% |
Expected long-term rate of return | 5.20% | 5.00% | 5.90% |
Rate of compensation increase | 2.90% | 2.80% | 2.80% |
Recovered_Sheet4
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $45.40 |
2016 | 45.9 |
2017 | 47.7 |
2018 | 49 |
2019 | 50.5 |
Thereafter | 279.4 |
Total | 517.9 |
U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 11.1 |
2016 | 12.7 |
2017 | 12.6 |
2018 | 12.6 |
2019 | 13 |
Thereafter | 62.5 |
Total | 124.5 |
Non-U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 34.3 |
2016 | 33.2 |
2017 | 35.1 |
2018 | 36.4 |
2019 | 37.5 |
Thereafter | 216.9 |
Total | $393.40 |
Recovered_Sheet5
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $1,045 | $1,023.20 | $961.60 |
Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.8 | 6.7 | |
Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 917 | 929 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123.2 | 87.5 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9.6 | 10.8 | |
Cash and Cash Equivalents [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.8 | 6.7 | |
Cash and Cash Equivalents [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.8 | 4.1 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 495.2 | 497.4 | |
Fixed Income Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 495.2 | 497.4 | |
Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 392.8 | 418.2 | |
Equity Funds [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 392.8 | 418.2 | |
Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 147.4 | 96.8 | |
Other [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24.2 | 9.3 | |
Other [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $123.20 | $87.50 |
Recovered_Sheet6
Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Reconciliation of Plan Asset Measured Using Level 3 Inputs (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of period | $1,023.20 | $961.60 |
Foreign exchange impact | -115.6 | 12 |
Fair value of plan assets at end of period | 1,045 | 1,023.20 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of period | 123.2 | 87.5 |
U.S. and Non-U.S. [Member] | Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of period | 87.5 | 68.1 |
Gains on assets still held at end of year | 5.3 | 0.1 |
Losses on assets sold during year | 12.9 | |
Transfers in and/or out of Level 3 | 41.8 | 4 |
Foreign exchange impact | -11.4 | 2.4 |
Fair value of plan assets at end of period | $123.20 | $87.50 |
Other_PostEmployment_Benefits_2
Other Post-Employment Benefits and Other Employee Benefit Plans - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Age | ||
Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Minimum age of employee for entitlement of other post retirement benefit plans | 55 | |
Minimum number of years of service for entitlement of other post retirement benefit plans | 10 years | |
Amortization period of transition obligation | 20 years | |
Accumulated post-retirement benefit obligations, weighted-average discount rate | 3.90% | 4.50% |
Belgian Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for 2014 | 4.00% | |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for 2014 | 6.80% | |
Health care cost trend rate downgraded | 5.00% | |
Canada Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Health care cost trend rate assumed for 2014 | 6.50% | |
Health care cost trend rate downgraded | 5.00% |
Other_PostEmployment_Benefits_3
Other Post-Employment Benefits and Other Employee Benefit Plans - Funded Status for Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in benefit obligation: | |||
Projected benefit obligation at beginning of Period | $1,262.60 | $1,221.90 | |
Service cost | 10 | 12.3 | 16.1 |
Interest cost | 48 | 43.4 | 46.6 |
Plan participants’ contributions | 3.4 | 3.6 | |
Actuarial loss (gain) | 217.9 | 22.7 | |
Benefits paid | -48.6 | -41 | |
Loss due to exchange rate movements | 115.6 | -12 | |
Projected benefit obligation at end of period | 1,368.30 | 1,262.60 | 1,221.90 |
Change in plan assets: | |||
Fair value of plan assets at beginning of period | 1,023.20 | 961.6 | |
Employer contributions | 36.1 | 34.3 | |
Plan participants’ contribution | -3.4 | -3.6 | |
Benefits paid | -48.6 | -41 | |
Fair value of plan assets at end of period | 1,045 | 1,023.20 | 961.6 |
Net amount recognized: | |||
Underfunded status | -323.3 | -239.4 | |
Net amount recognized in consolidated balance sheets consists of: | |||
Net amount recognized | -323.3 | -239.4 | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Net actuarial loss | 308.1 | 197.3 | |
Prior service credit | 0.5 | 0.8 | |
Total | 308.6 | 198.1 | |
Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | |||
Change in benefit obligation: | |||
Service cost | 0.8 | 0.9 | 1 |
Interest cost | 3.2 | 3 | 3.3 |
Net amount recognized: | |||
Underfunded status | -79.8 | -73.1 | |
Net amount recognized in consolidated balance sheets consists of: | |||
Current liability | -5.3 | -5.7 | |
Noncurrent liability | -74.5 | -67.4 | |
Net amount recognized | -79.8 | -73.1 | |
Amounts recognized in accumulated other comprehensive income consist of: | |||
Net actuarial loss | 13.8 | 6.9 | |
Prior service credit | -11.2 | -12.1 | |
Total | 2.6 | -5.2 | |
Change in benefit obligation [Member] | Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation at beginning of Period | 73.1 | 79.9 | |
Service cost | 0.8 | 0.9 | |
Interest cost | 3.2 | 3 | |
Actuarial loss (gain) | 7.2 | -6 | |
Benefits paid | -4.2 | -5.2 | |
Loss due to exchange rate movements | -0.5 | -0.1 | |
Plan amendments | 0.2 | 0.6 | |
Projected benefit obligation at end of period | 79.8 | 73.1 | |
Change in plan assets: | |||
Benefits paid | -4.2 | -5.2 | |
Change in plan assets [Member] | Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | |||
Change in benefit obligation: | |||
Benefits paid | -4.2 | -5.2 | |
Change in plan assets: | |||
Employer contributions | 4.2 | 5.2 | |
Benefits paid | ($4.20) | ($5.20) |
Other_PostEmployment_Benefits_4
Other Post-Employment Benefits and Other Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of net periodic benefit cost: | |||
Service cost | $10 | $12.30 | $16.10 |
Interest cost | 48 | 43.4 | 46.6 |
Amortization of prior service credit | 0.1 | 0.4 | 0.3 |
Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | |||
Components of net periodic benefit cost: | |||
Service cost | 0.8 | 0.9 | 1 |
Interest cost | 3.2 | 3 | 3.3 |
Amortization of net loss | 0.1 | 0.4 | |
Amortization of prior service credit | -0.7 | -0.7 | -0.9 |
Net periodic benefit cost | $3.40 | $3.60 | $3.40 |
Other_PostEmployment_Benefits_5
Other Post-Employment Benefits and Other Employee Benefit Plans - Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | ($11.40) |
Prior service (credit) | 0.1 |
Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 0.4 |
Prior service (credit) | ($0.80) |
Other_PostEmployment_Benefits_6
Other Post-Employment Benefits and Other Employee Benefit Plans - One Percentage Point Change on Assumed Healthcare Cost (Detail) (Other Post-Employment Benefits and Other Employee Benefit Plans [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total of service and interest cost components, 1% Increase | $0.10 |
Effect on post-retirement benefit obligation, 1% Increase | 2.2 |
Effect on total of service and interest cost components, 1% Decrease | -0.1 |
Effect on post-retirement benefit obligation, 1% Decrease | ($2.60) |
Other_PostEmployment_Benefits_7
Other Post-Employment Benefits and Other Employee Benefit Plans - Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $45.40 |
2016 | 45.9 |
2017 | 47.7 |
2018 | 49 |
2019 | 50.5 |
Thereafter | 279.4 |
Total | 517.9 |
Other Post-Employment Benefits and Other Employee Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 5.4 |
2016 | 5.3 |
2017 | 5.3 |
2018 | 5.3 |
2019 | 5.4 |
Thereafter | 26 |
Total | $52.70 |
Income_Taxes_Components_of_Ear
Income Taxes - Components of Earnings (Loss) from Continuing Operations Before Income Tax Provision (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Tax Disclosure [Abstract] | |||||
Domestic | ($62.20) | ($92.60) | ($1,450.80) | ||
Foreign | 329.4 | 272.8 | -433.6 | ||
Earnings (loss) from continuing operations before income tax provision | $267.20 | $180.20 | [1] | ($1,884.40) | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Provision (Benefit) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Current tax expense: | ||||||
Federal | ($216) | ($4.30) | ($8.60) | |||
State and local | 0.2 | -3.9 | -6.5 | |||
Foreign | 88.8 | 85.2 | 69 | |||
Total current | -127 | 77 | 53.9 | |||
Deferred tax expense (benefit) : | ||||||
Federal | 176.8 | 4.2 | -231.8 | |||
State and local | -27.2 | 10.4 | -24.9 | |||
Foreign | -13.5 | -6.7 | -62.6 | |||
Total deferred tax benefit | 136.1 | 7.9 | -319.3 | |||
Total provision (benefit) | $9.10 | $84.90 | [1] | ($265.40) | [1] | $16 |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Tax Assets (Liabilities) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Settlement agreement and related accrued interest | $460.70 | |
Restructuring reserves | 4.7 | 3.1 |
Accruals not yet deductible for tax purposes | 56.5 | 68.3 |
Net operating loss carry forwards | 291.1 | 127 |
Foreign, federal and state credits and investment tax allowances | 109.3 | 32.7 |
Employee benefit items | 163.8 | 130.6 |
Other | 44.1 | 20.2 |
Gross deferred tax assets | 669.5 | 842.6 |
Valuation allowance | -227.8 | -240 |
Total deferred tax assets | 441.7 | 602.6 |
Depreciation and amortization | -40 | -51.8 |
Unremitted foreign earnings | -130 | -135.2 |
Intangibles | -214.2 | -256 |
Other | -12.3 | -21.5 |
Total deferred tax liabilities | -396.5 | -464.5 |
Net deferred tax assets | $45.20 | $138.10 |
Income_Taxes_Components_of_Def1
Income Taxes - Components of Deferred Tax Assets (Liabilities) (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | |
Number of common shares | 18 |
Post-split price of common shares | $17.86 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Income Tax Contingency [Line Items] | ||||||
Net operating loss carry forwards foreign, federal and state credits | $209,000,000 | |||||
Total deferred tax assets | 441,700,000 | 602,600,000 | ||||
Valuation allowance | 227,800,000 | 240,000,000 | ||||
U.S. federal and foreign net operating loss carryforwards | 768,000,000 | |||||
Valuation allowance, tax-effected basis | 242,000,000 | |||||
Foreign and federal tax credits and investment tax allowances | 95,000,000 | |||||
State net operating loss carry forwards | 1,600,000,000 | |||||
State net operating loss on tax effected basis | 81,000,000 | |||||
State tax credits | 21,000,000 | |||||
Net of federal tax benefits | 14,000,000 | |||||
Increase (decrease) in valuation allowance | -12,000,000 | 40,000,000 | ||||
State net operating loss carryforwards expire | Over one to 20 years | |||||
State tax credit carryforwards expire | Over one to 20 years | |||||
Deferred tax liability, unremitted foreign earnings | 130,000,000 | 135,200,000 | ||||
Deferred tax liability, foreign subsidiaries accumulated earnings | 1,000,000,000 | |||||
Net deferred income taxes (credited) charged to stockholders' equity | 30,000,000 | -7,000,000 | -25,000,000 | |||
Adjustment to retained earnings | 25,000,000 | |||||
Income tax provision (benefit) | 9,100,000 | 84,900,000 | [1] | -265,400,000 | [1] | 16,000,000 |
Reduction in unrecognized tax benefit | 33,000,000 | |||||
Decrease in income tax provision if unrecognized tax benefits were recognized | 156,000,000 | |||||
Reduction in unrecognized tax benefit in the next 12 months | 107,000,000 | |||||
Unrecognized interest and penalties | 29,000,000 | 27,000,000 | ||||
Unrecognized penalties | 11,000,000 | 12,000,000 | ||||
Interest and penalties, reversed in connection with related tax accruals for uncertainties in prior years | 4,000,000 | |||||
Minimum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Examination of income tax return | 3 years | |||||
Income tax return in foreign jurisdictions | 3 years | |||||
Maximum [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Examination of income tax return | 5 years | |||||
Income tax return in foreign jurisdictions | 5 years | |||||
Federal | ||||||
Income Tax Contingency [Line Items] | ||||||
Foreign and federal foreign tax credit carryforwards | 95,000,000 | |||||
2015 | 1,000,000 | |||||
2016 | 25,000,000 | |||||
2017 | 12,000,000 | |||||
2018 | 12,000,000 | |||||
2019 | 14,000,000 | |||||
2020 and beyond | 22,000,000 | |||||
No expiration | 9,000,000 | |||||
US Federal And Foreign Country [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
U.S. federal and foreign net operating loss carryforwards | 768,000,000 | |||||
2015 | 5,000,000 | |||||
2016 | 4,000,000 | |||||
2017 | 7,000,000 | |||||
2018 | 20,000,000 | |||||
2019 | 9,000,000 | |||||
2020 and beyond | 451,000,000 | |||||
No expiration | 272,000,000 | |||||
State and Local Jurisdiction [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
State net operating loss carry forwards | 1,600,000,000 | |||||
Foreign and federal foreign tax credit carryforwards | 21,000,000 | |||||
Foreign Tax [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Payments made to a foreign jurisdictions | $6,000,000 | |||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Income_Taxes_Federal_Statutory
Income Taxes - Federal Statutory Corporate Tax Rate Reconciles to Our Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Statutory U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | -2.10% | -1.20% | 0.50% |
Foreign earnings taxed at lower effective rates | -15.10% | -8.80% | -0.20% |
U.S. tax on foreign earnings | 3.90% | 4.70% | -0.60% |
Impairment | -20.00% | ||
Reorganization tax benefit | -0.90% | -6.70% | |
Net change in valuation allowance | -5.00% | 22.40% | -2.20% |
Net change in unrecognized tax benefits | -8.70% | 2.00% | 1.90% |
Other | -3.70% | -0.30% | -0.30% |
Effective income tax rate | 3.40% | 47.10% | 14.10% |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits and Effect on Effective Income Tax Rate (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits, Beginning balance | $221.90 |
Additions for tax positions of current year | 5.2 |
Additions for tax positions of prior years | 7.7 |
Reductions for tax positions of prior years | -45.9 |
Unrecognized tax benefits, Ending balance | $188.90 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
In Millions, except Share data, unless otherwise specified | Jun. 13, 2014 | Apr. 04, 2014 | Feb. 03, 2014 | Mar. 31, 2007 | Feb. 28, 2002 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2002 | Jul. 03, 2014 | Sep. 19, 2008 | 25-May-10 | Feb. 03, 2014 | Jun. 13, 2014 | Feb. 03, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | Trust | Italian Ministry of Economic Development [Member] | WRG Asbestos PI Trust and WRG Asbestos PD Trust [Member] | WRG Asbestos PI Trust [Member] | WRG Asbestos PI Trust [Member] | ||||
Italy [Member] | USD ($) | USD ($) | ||||||||||||||
EUR (€) | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Cash payments under settlement agreement | $929.70 | |||||||||||||||
Original number of shares expected to be issued under settlement agreement, adjusted | 18,000,000 | 18,000,000 | ||||||||||||||
Registration rights agreement dated | 3-Feb-14 | |||||||||||||||
Cash payment for settlements | 555 | |||||||||||||||
Cash payment for settlements | 260 | |||||||||||||||
Cash payment for settlements | 115 | |||||||||||||||
Common stock repurchase value | 130 | 481.4 | 327.6 | [1] | 130 | |||||||||||
Number of common stock shares repurchased | 3,932,244 | 1,495,188 | 3,932,244 | |||||||||||||
Common stock repurchase price per share | $33.06 | $33.06 | ||||||||||||||
Date of shelf registration statement filed and became effective | 4-Apr-14 | |||||||||||||||
Net operating loss carry back, years | 10 years | |||||||||||||||
Anticipated tax refund | 247 | |||||||||||||||
Original number of shares expect to be issued under settlement agreement | 9,000,000 | |||||||||||||||
Charge covering a cash payment that will be required to make under settlement agreement upon the effectiveness of an appropriate plan of reorganization | 513 | |||||||||||||||
Adjustment of company's common stock that is charged and expected to be issued under settlement agreement | To eighteen million shares upon the two-for-one stock split in March 2007 | |||||||||||||||
Percentage of annual interest that accrues on Settlement agreement charges from December 21, 2002 to the date of payment | 5.50% | |||||||||||||||
Stock split ratio | 2 | |||||||||||||||
Establishment of asbestos trust under Section 524(g) | 2 | |||||||||||||||
Charges accrued for potential liabilities | 172 | |||||||||||||||
Repayment of grant monies | 5 | |||||||||||||||
Loss contingency liability | 13 | 10 | ||||||||||||||
Charges related to development grant matter | 14 | |||||||||||||||
Principal contractual obligations including agreements to purchase an estimated amount of goods, including raw materials, or services | 353.7 | |||||||||||||||
Net rental expense | $71 | $79 | $84 | |||||||||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Commitments_and_Contingencies_2
Commitments and Contingencies - Estimated Future Cash Outlays Related to Principal Contractual Obligations (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2015 | $139.10 |
2016 | 87.5 |
2017 | 59.4 |
2018 | 44.4 |
2019 | 15.6 |
Thereafter | 7.7 |
Total | $353.70 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Estimated Future Minimum Annual Rental Commitments Under Non-Cancelable Real and Personal Property Leases (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | |
2015 | $57.60 |
2016 | 40.4 |
2017 | 26.9 |
2018 | 15.7 |
2019 | 9.7 |
Thereafter | 16.7 |
Total | $167 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 13, 2014 | Dec. 31, 2014 | Feb. 17, 2015 | Dec. 31, 2013 | Aug. 09, 2007 | Jan. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock repurchase value | $130 | $481.40 | $327.60 | [1] | |||
Number of common stock shares repurchased | 3,932,244 | 1,495,188 | |||||
Common stock repurchase price per share | $33.06 | ||||||
Number of shares authorized to be repurchased | 20,000,000 | ||||||
Common stock, shares outstanding | 210,531,894 | 196,198,672 | |||||
Subsequent Event [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Dividends declared per common share | $0.13 | ||||||
Estimated dividend payment | 27 | ||||||
Common stock, shares outstanding | 210,000,000 | ||||||
Dividends declared date | 17-Feb-15 | ||||||
Dividends declared payable date | 20-Mar-15 | ||||||
Dividends declared date of record | 6-Mar-15 | ||||||
Share Trading Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock repurchase value | 54 | ||||||
Common Stock [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock in treasury, value increase | 130 | ||||||
Committed Credit Facility [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Funding of stock repurchase program | 110 | ||||||
Cash and Cash Equivalents [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Funding of stock repurchase program | $20 | ||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Cash Dividends Paid (Detail) (USD $) | 12 Months Ended | 36 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | ||
Stockholders Equity [Abstract] | ||||||
Total Cash Dividends Paid | $110.90 | $102 | $100.90 | $313.80 | ||
Dividends per common share | $0.52 | $0.52 | [1] | $0.52 | [1] | |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Changes in Common Stock (Detail) | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||
Jun. 13, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares, beginning of year | 205,707,580 | 204,660,621 | 202,528,616 | ||
Shares issued for Grace Settlement | 18,000,000 | ||||
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan | 572,089 | 398,230 | 703,620 | ||
Shares issued for vested restricted stock units | 136,197 | 98,550 | 100,200 | ||
Number of shares issued, end of year | 224,683,653 | 205,707,580 | 204,660,621 | ||
Number of shares held, beginning of year | 9,508,908 | 10,102,952 | 10,466,431 | ||
Number of common stock shares repurchased | 3,932,244 | 1,495,188 | |||
Number of shares held, end of year | 14,151,759 | 9,508,908 | 10,102,952 | ||
Common Stock in Treasury [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of common stock shares repurchased | 5,427,432 | ||||
Profit sharing contribution partially paid in stock | -965,238 | -857,754 | -930,089 | ||
Restricted stock, withheld or forfeited | 180,657 | 263,710 | 566,610 | ||
2002 Directors Stock Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares granted and issued under the Directors Stock Plan | 21,128 | 25,993 | 37,824 | ||
2011 Three-year PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan | 145,597 | 145,597 | |||
2010 Three-year PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan | 472,865 | ||||
2009 Three-year PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan | 1,155,018 | ||||
Restricted Stock SLO Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Restricted stock shares issued for SLO awards | 101,062 | 51,321 | 135,343 |
Stockholders_Equity_Additional1
Stockholders' Equity - Additional Information 1 (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | 22-May-14 | |
Stock Appreciation Rights Expense [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average remaining vesting life | 1 month | ||
Stock Appreciation Rights Expense [Member] | General and Administrative Expense [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 8,000,000 | $38,000,000 | |
Payment due to exercise SARs | 21,000,000 | 46,000,000 | |
Liability for SARs | 21,000,000 | ||
Stock Appreciation Rights Expense [Member] | Restructuring Charges [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 0 | 1,000,000 | |
Liability for SARs | 0 | ||
2014 Omnibus Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares of common stock authorized for issuance | 4,250,000 | ||
Liabilities related to cash awards | 4,800,000 | ||
P S U And S L O Awards | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Contingently issuable shares | 4,800,000 |
Stockholders_Equity_Summary_of2
Stockholders' Equity - Summary of Changes in Common Shares Available for Awards under Omnibus Incentive Plan and Predecessor Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
2005 Contingent Stock Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares available, beginning of year | 5,676,699 | 6,588,352 | 8,132,220 |
Restricted stock shares issued for new awards | -572,089 | -398,230 | -703,620 |
Shares withheld for taxes | 74,437 | 223,610 | 524,910 |
Number of shares available, end of year | 8,780,610 | 5,676,699 | 6,588,352 |
Weighted average per share market value of awards on grant date | $32.70 | $27.20 | $17.19 |
Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for new awards | 4,250,000 | ||
2009 Two-year PSU Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for new awards | -145,597 | ||
2009 Three-year PSU Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for new awards | -472,865 | ||
2010 Three-year PSU Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for new awards | -1,155,018 | ||
2002 Directors Stock Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Director shares granted and issued | -21,128 | -25,993 | -37,824 |
Director shares granted and deferred | -20,444 | -21,642 | -23,933 |
Restricted Stock Units (RSUs) [Member] | 2005 Contingent Stock Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for new awards | -431,987 | -187,595 | -191,700 |
Restricted stock shares forfeited | 9,800 | 3,500 | 12,200 |
Restricted Stock SLO Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for new awards | -101,062 | -51,321 | -135,343 |
Restricted Stock SLO Awards [Member] | 2005 Contingent Stock Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for new awards | -96,773 | -21,505 | -3,788 |
Restricted Stock Units RSU SLO Awards [Member] | 2005 Contingent Stock Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for new awards | -48,528 | -51,033 | -6,795 |
Restricted Stock [Member] | 2005 Contingent Stock Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares forfeited | 106,220 | 40,100 | 41,700 |
Stockholders_Equity_Nonvested_
Stockholders' Equity - Non-vested Awards under Omnibus Plan and Predecessor Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares awarded | -136,197 | -98,550 | -100,200 |
Omnibus Incentive Plan and Predecessor Plans [Member] | Non-vested Restricted Stock Shares Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of non-vested awards, beginning of year | 1,397,350 | ||
Restricted stock shares issued for SLO awards | 572,089 | ||
Restricted stock shares awarded | -301,250 | ||
Restricted stock shares forfeited | -106,220 | ||
Number of non-vested awards, end of year | 1,561,969 | ||
Number of non-vested restricted stock, Weighted- Average per Share Market Value on Grant Date, beginning of year | 21.73 | ||
Restricted stock for new awards, Weighted- Average per Share Market Value on Grant Date during the year | 32.64 | ||
Restricted stock vested, Weighted- Average per Share Market Value on Grant Date during the year | 27.54 | ||
Restricted stock forfeited, Weighted- Average per Share Market Value on Grant Date during the year | 22.45 | ||
Number of non-vested restricted stock, Weighted- Average per Share Market Value on Grant Date, Ending of year | 25.09 | ||
Omnibus Incentive Plan and Predecessor Plans [Member] | Non-vested Restricted Stock Units Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of non-vested awards, beginning of year | 506,345 | ||
Restricted stock shares issued for SLO awards | 431,987 | ||
Restricted stock shares awarded | -137,197 | ||
Restricted stock shares forfeited | -9,800 | ||
Number of non-vested awards, end of year | 791,335 | ||
Number of non-vested restricted stock, Weighted- Average per Share Market Value on Grant Date, beginning of year | 22.92 | ||
Restricted stock for new awards, Weighted- Average per Share Market Value on Grant Date during the year | 32.2 | ||
Restricted stock vested, Weighted- Average per Share Market Value on Grant Date during the year | 33.06 | ||
Restricted stock forfeited, Weighted- Average per Share Market Value on Grant Date during the year | 23.89 | ||
Number of non-vested restricted stock, Weighted- Average per Share Market Value on Grant Date, Ending of year | 27.66 | ||
2005 Contingent Stock Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock shares issued for SLO awards | 572,089 | 398,230 | 703,620 |
Number of non-vested restricted stock, Weighted- Average per Share Market Value on Grant Date, beginning of year | 27.2 | 17.19 | |
Number of non-vested restricted stock, Weighted- Average per Share Market Value on Grant Date, Ending of year | 32.7 | 27.2 | 17.19 |
2005 Contingent Stock Plan [Member] | Cash Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of non-vested awards, beginning of year | 170,848 | ||
Restricted stock shares issued for SLO awards | 127,276 | ||
Restricted stock shares awarded | -25,850 | ||
Restricted stock shares forfeited | -14,500 | ||
Number of non-vested awards, end of year | 257,774 |
Stockholders_Equity_Additional2
Stockholders' Equity - Additional Information 2 (Detail) (2005 Contingent Stock Plan [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
2005 Contingent Stock Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted-average remaining contractual life of non vested restricted stock shares | 1 year 4 months 24 days |
Weighted-average remaining contractual life of non vested restricted stock units | 1 year 7 months 6 days |
Weighted-average remaining contractual life of non vested cash awards | 1 year 7 months 6 days |
Stockholders_Equity_Total_Shar
Stockholders' Equity - Total Share-based Incentive Compensation Expense (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | $54.10 | $24.10 | [1] | $16.90 | [1] |
Associated tax benefits recognized | 15.7 | 7.8 | 6.2 | ||
2014 Special PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | 11.8 | ||||
2014 Three-year PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | 6.8 | ||||
2013 Three-year PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | 8.2 | 4.4 | |||
2012 Three-year PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | 1.8 | 2.4 | 1.9 | ||
2011 Three-year PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | -1.2 | 1.7 | |||
2010 Three-year PSU Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | 0.1 | 0.9 | |||
2013 WVH Incentive Compensation [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | 1.3 | 2.5 | |||
2012 CEO Incentive Compensation [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | 0.4 | 0.6 | 0.2 | ||
SLO Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | 4.6 | 2.8 | 0.7 | ||
Other long-term share based incentive compensation programs [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total share-based incentive compensation expense | $19.20 | $12.50 | $11.50 | ||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Stockholders_Equity_Total_Shar1
Stockholders' Equity - Total Share-based Compensation Expense (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based incentive compensation | $54.10 | $24.10 | [1] | $16.90 | [1] |
2013 WVH Incentive Compensation [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based incentive compensation | $1.30 | $2.50 | |||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Stockholders_Equity_Estimated_
Stockholders' Equity - Estimated Amount of Total Share-based Incentive Compensation Expense (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
2015 | $22.60 |
2016 | 15 |
2017 | 4.4 |
Total | 42 |
2014 Special PSU Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
2015 | 10.7 |
2016 | 10.2 |
2017 | 4.4 |
Total | 25.3 |
2014 Three-year PSU Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
2015 | 5.2 |
2016 | 4.6 |
Total | 9.8 |
2013 Three-year PSU Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
2015 | 5.4 |
Total | 5.4 |
2012 President & COO Four-year Incentive Compensation [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
2015 | 0.3 |
2016 | 0.2 |
Total | 0.5 |
SLO Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
2015 | 1 |
Total | $1 |
Stockholders_Equity_Additional3
Stockholders' Equity - Additional Information 4 (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | ||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 14, 2013 | Sep. 01, 2012 | Mar. 27, 2012 | Sep. 30, 2012 | Sep. 01, 2014 | Sep. 01, 2013 | Mar. 14, 2014 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Period in the beginning of each year to award Performance Share Unit | 90 days | ||||||||||||||
PSU awards performance period | 3 years | ||||||||||||||
Share-based incentive compensation | $54,100,000 | $24,100,000 | [1] | $16,900,000 | [1] | ||||||||||
Weighted average return on total share holders | 35.00% | ||||||||||||||
Target level for the determination of performance goals and measures for adjusted EBITDA goal | 65.00% | ||||||||||||||
PSU awards performance period beginning date | 1-Jan-14 | ||||||||||||||
PSU awards performance period Ending date | 31-Dec-16 | ||||||||||||||
Target level for the determination of performance goals and measures | 100.00% | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan at ROIC target level | 121,200 | ||||||||||||||
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan | 572,089 | 398,230 | 703,620 | ||||||||||||
Share based compensation stock award premium | 25.00% | ||||||||||||||
Share based compensation expense recognized period | 15 months | ||||||||||||||
Awards vest at grant date | 15-Mar-15 | 15-Mar-14 | 15-Mar-13 | ||||||||||||
2005 Contingent Stock Plan [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan | 350,000 | ||||||||||||||
Per share price of common stock | $32.70 | $27.20 | $17.19 | ||||||||||||
Restricted shares issued | 50,000 | ||||||||||||||
PSU Awards [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Dividends accrued in other current liabilities | 2,000,000 | 1,000,000 | |||||||||||||
Performance Shares [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Adjusted free cash flow | 1,700,000,000 | ||||||||||||||
PSU awards performance period | 3 years | ||||||||||||||
Percentage of reduction in amount earned based on free cash flow performance | 25.00% | ||||||||||||||
Stock incentive plan description | to further balance the incentives, the amount earned based on adjusted free cash flow performance will be reduced by 25% if our relative Total Stockholder Return (as defined in the award) for the performance period is below a certain percentile of an approved peer group of companies. | ||||||||||||||
PSU program pay out description | payment of 50% of any PSUs earned during the performance period will be made during the first quarter of 2017. The remaining 50% of the earned PSUs is subject to an additional 2017 performance requirement, the ratio of working capital to net trade sales for 2017 (as defined in the award) and will be paid during the first quarter of 2018 | ||||||||||||||
Share-based incentive compensation | 12,000,000 | ||||||||||||||
2014 Three-year PSU Awards [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Share-based incentive compensation | 6,800,000 | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan | 346,286 | ||||||||||||||
Per share price of common stock | $32.65 | ||||||||||||||
Valuation per share | $42.97 | ||||||||||||||
Target level for the determination of performance goals and measures | 158.00% | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan at ROIC target level | 355,636 | ||||||||||||||
2014 Three-year PSU Awards [Member] | Minimum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Shares to be issued as a percentage of target shares under the performance incentive plan | 0.00% | ||||||||||||||
2014 Three-year PSU Awards [Member] | Maximum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Shares to be issued as a percentage of target shares under the performance incentive plan | 200.00% | ||||||||||||||
2013 Three-year PSU Awards [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
PSU awards performance period | 3 years | ||||||||||||||
Share-based incentive compensation | 8,200,000 | 4,400,000 | |||||||||||||
Weighted average return on total share holders | 35.00% | ||||||||||||||
Target level for the determination of performance goals and measures for adjusted EBITDA goal | 65.00% | ||||||||||||||
PSU awards performance period beginning date | 1-Jan-13 | ||||||||||||||
PSU awards performance period Ending date | 31-Dec-15 | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan | 571,931 | ||||||||||||||
Per share price of common stock | $22.21 | $18.97 | |||||||||||||
Valuation per share | $34.05 | $25.19 | |||||||||||||
Target level for the determination of performance goals and measures | 100.00% | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan at ROIC target level | 200,176 | ||||||||||||||
2013 Three-year PSU Awards [Member] | Minimum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Shares to be issued as a percentage of target shares under the performance incentive plan | 0.00% | ||||||||||||||
2013 Three-year PSU Awards [Member] | Maximum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Shares to be issued as a percentage of target shares under the performance incentive plan | 200.00% | ||||||||||||||
Target level for the determination of performance goals and measures | 200.00% | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan at ROIC target level | 743,511 | ||||||||||||||
2012 Three-year PSU Awards [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Share-based incentive compensation | 1,800,000 | 2,400,000 | 1,900,000 | ||||||||||||
Weighted average return on total share holders | 25.00% | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan | 432,573 | ||||||||||||||
Per share price of common stock | $14.27 | $19.72 | |||||||||||||
Valuation per share | $12.57 | $23.40 | |||||||||||||
Target level for the determination of performance goals and measures | 100.00% | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan at ROIC target level | 108,143 | ||||||||||||||
Growth of net trade sales | 25.00% | ||||||||||||||
Average return on invested capital | 50.00% | ||||||||||||||
Recordable incident rate to be achieved under additional goal | 0.90 or better | ||||||||||||||
Shares granted | 140,155 | 292,418 | |||||||||||||
Aggregate increase or decrease in the number of shares earned for all participants based on the performance | 43,257 | ||||||||||||||
Targeted number of common stock shares to be earned under performance incentive plan at threshold for minimum payment | 0 | ||||||||||||||
Percentage targeted number of common stock shares net of forfeiture related to volume goal | 0.00% | ||||||||||||||
2012 Three-year PSU Awards [Member] | 2005 Contingent Stock Plan [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Shares granted | 140,155 | ||||||||||||||
2012 Three-year PSU Awards [Member] | Minimum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Shares to be issued as a percentage of target shares under the performance incentive plan | 0.00% | ||||||||||||||
2012 Three-year PSU Awards [Member] | Maximum [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Shares to be issued as a percentage of target shares under the performance incentive plan | 200.00% | ||||||||||||||
Target level for the determination of performance goals and measures | 102.00% | ||||||||||||||
Targeted number of common stock shares to be earned under the performance incentive plan at ROIC target level | 221,045 | ||||||||||||||
2011 Three-year PSU Awards [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Share-based incentive compensation | -1,200,000 | 1,700,000 | |||||||||||||
Shares to be issued as a percentage of target shares under the performance incentive plan | 42.00% | ||||||||||||||
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan | 145,597 | 145,597 | |||||||||||||
Acquired stock under 2005 contingent stock plan | 54,384 | ||||||||||||||
Restricted Stock [Member] | 2005 Contingent Stock Plan [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Shares expected to be issued | 25,000 | 25,000 | |||||||||||||
SLO Awards [Member] | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Share-based incentive compensation | $4,600,000 | $2,800,000 | $700,000 | ||||||||||||
Share based compensation stock award premium | 25.00% | 25.00% | |||||||||||||
Restricted stock shares and restricted stock units included in SLO Award target | 114,525 | 141,669 | |||||||||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Details of Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Net of Taxes, beginning balance | ($277.40) | [1] | ($164.90) | |||
Other comprehensive income (loss) before reclassifications | -334.8 | -117.1 | ||||
Less: amounts reclassified from accumulated other comprehensive income (loss) | -1.6 | 4.6 | ||||
Net current period other comprehensive income (loss) | -336.4 | -112.5 | [2] | -19.8 | [2] | |
Accumulated Other Comprehensive Loss, Net of Taxes ending balance | -613.8 | -277.4 | [1] | -164.9 | ||
Unrecognized Pension Items | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Net of Taxes, beginning balance | -146.2 | -142.3 | ||||
Other comprehensive income (loss) before reclassifications | -99 | -10.6 | ||||
Less: amounts reclassified from accumulated other comprehensive income (loss) | 8.7 | 6.7 | ||||
Net current period other comprehensive income (loss) | -90.3 | -3.9 | ||||
Accumulated Other Comprehensive Loss, Net of Taxes ending balance | -236.5 | -146.2 | ||||
Cumulative Translation Adjustment | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Net of Taxes, beginning balance | -134.4 | -24.1 | ||||
Other comprehensive income (loss) before reclassifications | -248.1 | -110.3 | ||||
Net current period other comprehensive income (loss) | -248.1 | -110.3 | ||||
Accumulated Other Comprehensive Loss, Net of Taxes ending balance | -382.5 | -134.4 | ||||
Unrecognized Gains (Losses) on Derivative Instruments | ||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||
Accumulated Other Comprehensive Loss, Net of Taxes, beginning balance | 3.2 | 1.5 | ||||
Other comprehensive income (loss) before reclassifications | 12.3 | 3.8 | ||||
Less: amounts reclassified from accumulated other comprehensive income (loss) | -10.3 | -2.1 | ||||
Net current period other comprehensive income (loss) | 2 | 1.7 | ||||
Accumulated Other Comprehensive Loss, Net of Taxes ending balance | $5.20 | $3.20 | ||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | |||||
[2] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Detail of Amount Reclassified from Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||
Prior service costs | $0.10 | $0.40 | ||||||||||||
Amortization of actuarial loss | -9.9 | -10.1 | ||||||||||||
Settlement/curtailment loss (gain) | -2.1 | |||||||||||||
Earnings (loss) from continuing operations before income tax provision (benefit) | 267.2 | 180.2 | [1] | -1,884.40 | [1] | |||||||||
Income tax provision (benefit) | 9.1 | 84.9 | [1] | -265.4 | [1] | 16 | ||||||||
Net earnings (loss) | 66.3 | 60.8 | 60.1 | 70.9 | 29 | 38 | 54.7 | 4.1 | 258.1 | 125.8 | [1] | -1,411.40 | [1] | |
Other income (expense), net | 8.8 | -11.9 | [1] | -9.4 | [1] | |||||||||
Interest expenses | 287.7 | 361 | [1] | 384.7 | [1] | |||||||||
Total reclassifications for the period | -1.6 | 4.6 | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||
Total reclassifications for the period | 1.6 | -4.6 | -4 | |||||||||||
Unrecognized Pension Items | ||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||
Total reclassifications for the period | 8.7 | 6.7 | ||||||||||||
Unrecognized Pension Items | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||
Prior service costs | 0.5 | 0.3 | 0.6 | |||||||||||
Amortization of actuarial loss | -10 | -10.4 | -6.8 | |||||||||||
Settlement/curtailment loss (gain) | -2.1 | -0.8 | ||||||||||||
Earnings (loss) from continuing operations before income tax provision (benefit) | -11.6 | -10.1 | -7 | |||||||||||
Income tax provision (benefit) | 2.9 | 3.4 | 2.1 | |||||||||||
Net earnings (loss) | -8.7 | -6.7 | -4.9 | |||||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||
Earnings (loss) from continuing operations before income tax provision (benefit) | 15.5 | 2.8 | 1.6 | |||||||||||
Income tax provision (benefit) | -5.2 | -0.7 | -0.7 | |||||||||||
Net earnings (loss) | 10.3 | 2.1 | 0.9 | |||||||||||
Foreign Currency Forward Contracts [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||
Other income (expense), net | 1.9 | 2.7 | -0.1 | |||||||||||
Interest Rate Swaps [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||
Other income (expense), net | 13.5 | |||||||||||||
Treasury Lock | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||||||||||||
Interest expenses | $0.10 | $0.10 | $1.70 | |||||||||||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net - Details of Other Income (Expense), Net (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Other Income And Expenses [Abstract] | |||||
Interest and dividend income | $15.50 | $11 | $12 | ||
Net foreign exchange transaction (losses) gains | -7.8 | -10.5 | -13.4 | ||
Bank fee expense | -5 | -6.8 | -5.2 | ||
Other, net | 6.1 | -5.6 | -2.8 | ||
Other income (expense), net | $8.80 | ($11.90) | [1] | ($9.40) | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Other_Income_Expense_Net_Addit
Other Income (Expense), Net - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income And Expenses [Abstract] | ||||
Impairment of equity method investment | $26 | $5.70 | $2.10 | $25.80 |
Impairment of equity method investment, net | 18 | |||
Other - than - temporary impairment, net per share | $0.09 | |||
Amount of guarantee obligations given by joint ventures | 20 | |||
Write-down of investment (expense) | 4 | |||
Provisions for bad debt on receivables due from joint venture | 2 | |||
Carrying value of the investment | $0 |
Net_Earnings_Loss_per_Common_S2
Net Earnings (Loss) per Common Share - Calculation of Basic and Diluted Net Earnings (Loss) Per Common Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Numerator | |||||||||||||
Net earnings (loss) | $66.30 | $60.80 | $60.10 | $70.90 | $29 | $38 | $54.70 | $4.10 | $258.10 | $125.80 | [1] | ($1,411.40) | [1] |
Distributed and allocated undistributed net loss to non-vested restricted stockholders | -1.6 | -0.7 | -0.5 | ||||||||||
Distributed and allocated undistributed net earnings (loss) to common stockholders | 256.5 | 125.1 | -1,411.90 | ||||||||||
Distributed net earnings - dividends paid to common stockholders | -110.1 | -101.3 | -100.4 | ||||||||||
Allocation of undistributed net earnings (loss) to common stockholders | 146.4 | 23.8 | -1,512.30 | ||||||||||
Denominator | |||||||||||||
Weighted average number of common shares outstanding - basic | 210 | 194.6 | [1] | 192.8 | [1] | ||||||||
Basic net earnings (loss) per common share: | |||||||||||||
Distributed net earnings to common stockholders | $0.52 | $0.52 | $0.52 | ||||||||||
Allocated undistributed net earnings (loss) to common stockholders | $0.70 | $0.13 | ($7.84) | ||||||||||
Net earnings (loss) per common share - basic | $0.31 | $0.29 | $0.28 | $0.34 | $0.15 | $0.19 | $0.28 | $0.02 | $1.22 | $0.65 | [1] | ($7.32) | [1] |
Numerator | |||||||||||||
Distributed and allocated undistributed net earnings (loss) to common stockholders | 256.5 | 125.1 | -1,411.90 | ||||||||||
Add: Allocated undistributed net earnings to non-vested restricted stockholders | 1 | 0.2 | |||||||||||
Less: Undistributed net earnings (loss) reallocated to non-vested restricted stockholders | -0.9 | -0.1 | |||||||||||
Net earnings (loss) available to common stockholders - diluted | $256.60 | $125.20 | ($1,411.90) | ||||||||||
Denominator | |||||||||||||
Weighted average number of common shares outstanding - basic | 210 | 194.6 | [1] | 192.8 | [1] | ||||||||
Effect of assumed issuance of Settlement agreement shares | 1.6 | 18 | |||||||||||
Effect of contingently issuable shares | 0.9 | 0.7 | |||||||||||
Effect of non-vested restricted stock units | 1.4 | 0.9 | |||||||||||
Weighted average number of common shares outstanding - diluted | 213.9 | 214.2 | [1] | 192.8 | [1] | ||||||||
Net earnings (loss) per common share - diluted | $0.31 | $0.28 | $0.28 | $0.33 | $0.13 | $0.18 | $0.25 | $0.02 | $1.20 | $0.58 | [1] | ($7.32) | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Net_Earnings_Loss_per_Common_S3
Net Earnings (Loss) per Common Share - Calculation of Basic and Diluted Net Earnings (Loss) Per Common Share (Parenthetical) (Detail) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Earnings Per Share [Abstract] | |
Common stock reserved | 18 |
Net_Earnings_Loss_per_Common_S4
Net Earnings (Loss) per Common Share - Additional Information (Detail) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Diluted | 213.9 | 214.2 | [1] | 192.8 | [1] |
Performance Stock Units [Member] | |||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||||
Diluted | 1 | 1 | 0 | ||
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Summarized_Quarterly_Financial2
Summarized Quarterly Financial Information (Unaudited, in millions, except share data) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||
Net sales | $1,973.70 | $1,975.50 | $1,973.60 | $1,827.70 | $2,012.50 | $1,912 | $1,937.40 | $1,828.90 | $7,750.50 | $7,690.80 | [1] | $7,559.20 | [1] |
Gross profit | 672.3 | 696.1 | 679.6 | 639.6 | 668.6 | 650.4 | 656.6 | 614.3 | 2,687.60 | 2,589.90 | [1] | 2,520.50 | [1] |
Net earnings from continuing operations | 66.3 | 60.8 | 60.1 | 70.9 | 5 | 35.5 | 52.7 | 2.1 | 258.1 | 95.3 | [1],[2] | -1,619 | [1],[2] |
Net earnings from discontinued operations | 24 | 2.5 | 2 | 2 | 7.6 | [1] | 28.7 | [1] | |||||
Net earnings available to common stockholders | $66.30 | $60.80 | $60.10 | $70.90 | $29 | $38 | $54.70 | $4.10 | $258.10 | $125.80 | [1] | ($1,411.40) | [1] |
Basic net earnings per common share | |||||||||||||
Continuing operations | $0.31 | $0.29 | $0.28 | $0.34 | $0.03 | $0.18 | $0.27 | $0.01 | $1.22 | $0.49 | [1] | ($8.40) | [1] |
Discontinued operations | $0.12 | $0.01 | $0.01 | $0.01 | $0.16 | [1] | $1.08 | [1] | |||||
Net earnings (loss) per common share - basic | $0.31 | $0.29 | $0.28 | $0.34 | $0.15 | $0.19 | $0.28 | $0.02 | $1.22 | $0.65 | [1] | ($7.32) | [1] |
Diluted net earnings per common share | |||||||||||||
Continuing operations | $0.31 | $0.28 | $0.28 | $0.33 | $0.02 | $0.17 | $0.24 | $0.01 | $1.20 | $0.44 | [1] | ($8.40) | [1] |
Discontinued operations | $0.11 | $0.01 | $0.01 | $0.01 | $0.14 | [1] | $1.08 | [1] | |||||
Net earnings (loss) per common share - diluted | $0.31 | $0.28 | $0.28 | $0.33 | $0.13 | $0.18 | $0.25 | $0.02 | $1.20 | $0.58 | [1] | ($7.32) | [1] |
[1] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. | ||||||||||||
[2] | Certain amounts have been revised to reflect the retrospective application of the Company’s change in inventory costing method for certain U.S. inventories to the FIFO method from the LIFO method. Refer to Note 2, “Summary of Significant Accounting Policies - Inventories,†of the notes to consolidated financial statements for further details surrounding this accounting policy change. |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts and Reserves - Components of Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $31.40 | $25.60 | $15.90 |
Charged to Costs and Expenses | 8 | 11.6 | 14.3 |
Deductions | -7.2 | -5.4 | -7.8 |
Foreign Currency Translation and Other | -3.4 | -0.4 | 3.2 |
Balance at End of Year | 28.8 | 31.4 | 25.6 |
Inventory Obsolescence Reserve [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 24.9 | 27.5 | 23.3 |
Charged to Costs and Expenses | 9.2 | -0.3 | 13.9 |
Deductions | -1.6 | -1.5 | -14.1 |
Foreign Currency Translation and Other | -2.9 | -0.8 | 4.4 |
Balance at End of Year | $29.60 | $24.90 | $27.50 |