Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document And Entity Information [Abstract] | ' |
Entity Registrant Name | 'POLYONE CORP |
Entity Central Index Key | '0001122976 |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 94,124,874 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Sales | $1,002.30 | $801.10 |
Cost of sales | 814.1 | 638.8 |
Gross margin | 188.2 | 162.3 |
Selling and administrative expense | 131.8 | 121.9 |
Income related to previously owned equity affiliates | 0 | 0.1 |
Operating income | 56.4 | 40.5 |
Interest expense, net | -15.5 | -15.6 |
Debt Extinguishment Costs | 0 | -10.6 |
Other (expense) income, net | -1 | 1.4 |
Income from continuing operations before Income Taxes | 39.9 | 15.7 |
Income tax expense | -10.7 | -4.7 |
Net income from continuing operations | 29.2 | 11 |
Income from discontinued operations, net of income taxes | 0 | 4.1 |
Net Income | 29.2 | 15.1 |
Net loss attributable to noncontrolling interests | 0.2 | 0.2 |
Net income attributable to PolyOne common shareholders | $29.40 | $15.30 |
Earnings per common share attributable to PolyOne common shareholders - Basic: | ' | ' |
Continuing operations, basic | $0.31 | $0.12 |
Discontinued operations, basic | $0 | $0.05 |
Total | $0.31 | $0.17 |
Earnings per common share attributable to PolyOne common shareholders - Diluted: | ' | ' |
Continuing operations, diluted | $0.31 | $0.12 |
Discontinued operations, diluted | $0 | $0.04 |
Total | $0.31 | $0.16 |
Weighted-average shares used to compute earnings per share: | ' | ' |
Basic | 94.5 | 91.7 |
Diluted | 95.7 | 92.8 |
Cash dividends declared per common stock | $0.08 | $0.06 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Income | $29.20 | $15.10 |
Other comprehensive income | ' | ' |
Translation adjustments | -0.7 | -6 |
Total comprehensive income | 28.5 | 9.1 |
Comprehensive loss attributable to noncontrolling interests | 0.2 | 0.2 |
Comprehensive income attributable to PolyOne common shareholders | $28.70 | $9.30 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $238.30 | $365.20 |
Accounts receivable, net | 507.5 | 428 |
Inventories, net | 333 | 342.5 |
Other current assets | 91.3 | 117.9 |
Total current assets | 1,170.10 | 1,253.60 |
Property, net | 631.2 | 646.2 |
Goodwill | 568.7 | 559 |
Intangible assets, net | 361 | 365.8 |
Other non-current assets | 127.2 | 119.5 |
Total assets | 2,858.20 | 2,944.10 |
Current liabilities: | ' | ' |
Short-term and current portion of long-term debt | 12.8 | 12.7 |
Accounts payable | 430.1 | 386.9 |
Accrued expenses and other liabilities | 131.1 | 209.3 |
Total current liabilities | 574 | 608.9 |
Non-current liabilities: | ' | ' |
Long-term debt | 968.1 | 976.2 |
Pension and other post-retirement defined benefits | 63.8 | 77.3 |
Deferred Income Taxes | 122.1 | 133.8 |
Other non-current liabilities | 181.1 | 169.4 |
Total non-current liabilities | 1,335.10 | 1,356.70 |
Shareholders' equity | ' | ' |
PolyOne shareholders' equity | 947.6 | 976.8 |
Noncontrolling interests | 1.5 | 1.7 |
Total equity | 949.1 | 978.5 |
Total liabilities and shareholders' equity | $2,858.20 | $2,944.10 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net Income | $29.20 | $15.10 |
Adjustments to reconcile net income to net cash used by operating activities: | ' | ' |
Depreciation and amortization | 32.8 | 19.9 |
Debt Extinguishment Costs | 0 | 10.6 |
Provision for doubtful accounts | 0.2 | 0 |
Stock based compensation expense | 3.8 | 7 |
Change in assets and liabilities, net of effect of acquisitions: | ' | ' |
Increase in accounts receivable | -81.7 | -76.2 |
Decrease in inventories | 5.9 | 11.4 |
Increase in accounts payable | 43.2 | 49.2 |
Decrease in pension and other post-retirement benefits | -18.4 | -54.7 |
Decrease in accrued expenses and other assets and liabilities | -89.9 | -73.8 |
Net cash used by operating activities | -74.9 | -91.5 |
Investing Activities | ' | ' |
Capital expenditures | -17.5 | -12.9 |
Business acquisitions, net of cash acquired | 0 | -259.9 |
Proceeds from sale of equity affiliate and other assets | 26.8 | 24.1 |
Net cash provided (used) by investing activities | 9.3 | -248.7 |
Financing Activities | ' | ' |
Repayment of long-term debt | -8 | -297 |
Proceeds from long-term debt | 0 | 600 |
Debt financing costs | 0 | -13 |
Borrowings under credit facilities | 20.9 | 41.7 |
Repayments under credit facilities | -20.9 | -10 |
Purchase of common shares | -51 | -20.8 |
Exercise of stock awards | 5.4 | 2.9 |
Cash dividends paid | -7.6 | -4.5 |
Net cash provided (used) by financing activities | -61.2 | 299.3 |
Effect of exchange rate changes on cash | -0.1 | -0.2 |
Decrease in cash and cash equivalents | -126.9 | -41.1 |
Cash and cash equivalents at beginning of period | 365.2 | 210 |
Cash and cash equivalents at end of period | $238.30 | $168.90 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Note 1 — BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Form 10-Q instructions and in the opinion of management contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. These interim financial statements should be read in conjunction with the financial statements and accompanying notes included in the annual report on Form 10-K for the year ended December 31, 2013 of PolyOne Corporation. | |
Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be attained in subsequent periods, or for the year ending December 31, 2014. | |
Adoption of Accounting Standards | |
Effective January 1, 2014, the Company adopted Accounting Standards Update No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (ASU 2013-11). ASU 2013-11 requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, if such settlement is required or expected in the event the uncertain tax position is disallowed. The adoption of ASU 2013-11 did not have a material impact to the Company's financial statements. |
Business_Combinations
Business Combinations | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Business Combinations | ' | |||
Note 2 — BUSINESS COMBINATIONS | ||||
On March 13, 2013, pursuant to the terms and conditions of the Spartech Merger Agreement, PolyOne acquired Spartech, a supplier of sustainable plastic sheet, color and engineered materials, and packaging solutions, based in Clayton, Missouri. | ||||
At the effective time of the merger, each issued and outstanding share of Spartech common stock was canceled and converted into the right to receive consideration equal to $2.67 in cash and 0.3167 shares of PolyOne common stock. PolyOne paid $83.4 million in cash and issued approximately 10.0 million shares of its common stock to Spartech's stockholders. PolyOne funded the cash portion of the consideration, and the repayment of certain portions of Spartech's debt, with a portion of the net proceeds of its issuance of 5.25% senior notes due 2023, discussed in Note 11, Financing Arrangements. | ||||
PolyOne's management believes that the acquisition of Spartech will expand PolyOne's specialty portfolio and provide substantial synergies through enhanced operational efficiencies. By combining Spartech's leading market positions in sheet, rigid barrier packaging and specialty cast acrylics with PolyOne's capabilities, we believe that we can better serve our customers and accelerate growth. | ||||
The Spartech purchase price was comprised of the following: | ||||
(In millions, except stock price and share data) | ||||
Spartech shares outstanding | 31.2 | |||
Spartech restricted stock units | 0.2 | |||
Spartech shares converted | 31.4 | |||
Exchange ratio | 0.3167 | |||
PolyOne shares issued | 10 | |||
PolyOne closing stock price on March 13, 2013 | $ | 25.05 | ||
Total value of PolyOne shares issued | $ | 249.9 | ||
Cash consideration transferred to Spartech shareholders | 83.4 | |||
Fair value of Spartech equity awards, net of deferred tax benefits (1) | 2.4 | |||
Total consideration transferred to Spartech equity holders | 335.7 | |||
Spartech revolving credit facilities repaid at close (2) | 77.2 | |||
Spartech senior notes repaid at close (2) | 102.3 | |||
Total consideration transferred to debt and equity holders | 515.2 | |||
Cash acquired | (4.1 | ) | ||
Total consideration transferred to debt and equity holders, net of cash acquired | $ | 511.1 | ||
(1) In accordance with ASC 718, Compensation — Stock Compensation, the fair value of replacement awards attributable to pre-combination service is recognized as part of the purchase consideration. The $2.4 million represents the fair value of Spartech replacement equity awards of $3.9 million net of deferred tax benefits of $1.5 million. The fair value of awards attributable to post-combination service amounted to $2.7 million and are being recognized as stock compensation over their requisite service periods within PolyOne's Condensed Consolidated Statements of Income. | ||||
(2) In accordance with the provisions of Spartech's 7.08% senior notes due 2016 and revolving credit facilities, at the time of closing, PolyOne repaid all borrowings under Spartech's revolving credit facilities, which amounted to $77.2 million. Additionally, PolyOne repaid $102.3 million related to Spartech's 7.08% senior notes due 2016, including $88.9 million of aggregate principal, $10.3 million make-whole provisions, and $3.1 million of interest payable. | ||||
The following table summarizes the final Spartech purchase price allocation: | ||||
(In millions) | ||||
Accounts receivable, net | $ | 139.7 | ||
Inventories, net | 114.4 | |||
Other current assets | 18.6 | |||
Property, net | 280.3 | |||
Other non-current assets | 19.6 | |||
Intangible assets, net | 44.6 | |||
Goodwill | 162.6 | |||
Total assets acquired | 779.8 | |||
Short-term and current portion of long-term debt | 0.5 | |||
Accounts payable | 105 | |||
Accrued expenses and other liabilities | 43.1 | |||
Long-term debt | 11 | |||
Other non-current liabilities | 109.1 | |||
Total liabilities assumed | 268.7 | |||
Net assets acquired | $ | 511.1 | ||
During the first quarter of 2014, we adjusted Goodwill by $9.4 million primarily related to our finalization of the assessment of income taxes. The 2013 Condensed Consolidated Financial Statements have not been retroactively adjusted as these measurement period adjustments did not have a material impact on such statements. Goodwill is calculated as the excess of the consideration transferred over the assets acquired, and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill has been allocated, to the Designed Structures and Solutions, Global Color, Additives and Inks, and Performance Products and Solutions segments. Goodwill recognized as a result of this acquisition is not deductible for tax purposes. See Note 4, Goodwill and Intangible Assets for information about goodwill and intangible assets. | ||||
The following unaudited pro forma information presents a summary of PolyOne's Combined Statements of Income for the three months ended March 31, 2013, which includes Spartech's Combined Statement of Operations for the quarter. The following pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transaction occurred on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses: | ||||
(In millions) | Three Months Ended March 31, 2013 | |||
Sales | $ | 1,019.10 | ||
Net income attributable to PolyOne common shareholders | $ | 14 | ||
The unaudited pro forma financial information presented in the table above has been adjusted to give effect to adjustments that are: (1) directly related to the business combination; (2) factually supportable; and (3) expected to have a continuing impact. | ||||
During the three months ended March 31, 2013, we incurred $4.6 million of acquisition-related costs primarily associated with the Spartech acquisition, which are included within the Selling and administrative expense line in our Condensed Consolidated Statements of Income. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||
Discontinued Operations | ' | |||
Note 3 — DISCONTINUED OPERATIONS | ||||
On May 30, 2013, PolyOne sold its vinyl dispersion, blending and suspension resin assets (the "Resin Business") to Mexichem Specialty Resins Inc. (Mexichem) for $250.0 million cash consideration. This sale resulted in the recognition of a pre-tax gain of $223.7 million ($138.5 million, net of tax) that was primarily recognized during the second quarter of 2013. | ||||
The table below summarizes results for the Resin Business for the three months ended March 31, 2013 which are reflected in our Condensed Consolidated Statements of Income as a discontinued operation. | ||||
(In millions) | Three Months Ended March 31, 2013 | |||
Sales | $ | 32.4 | ||
Income before income taxes | 6.5 | |||
Income tax expense | (2.4 | ) | ||
Income from discontinued operations, net of income taxes | $ | 4.1 | ||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill And Intangible Assets | ' | |||||||||||||||||||||||
Note 4 — GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
Goodwill as of March 31, 2014 and December 31, 2013, and changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||||||
(In millions) | Global Specialty | Global Color, | Designed Structures and Solutions | Performance | PolyOne | Total | ||||||||||||||||||
Engineered | Additives and | Products and | Distribution | |||||||||||||||||||||
Materials | Inks | Solutions | ||||||||||||||||||||||
Balance December 31, 2012 | $ | 98.6 | $ | 297.9 | $ | — | $ | 7.4 | $ | 1.6 | $ | 405.5 | ||||||||||||
Acquisitions of businesses | 1.8 | 12.4 | 136.3 | 3.6 | — | 154.1 | ||||||||||||||||||
Currency translation | (0.5 | ) | (0.1 | ) | — | — | — | (0.6 | ) | |||||||||||||||
Balance December 31, 2013 | 99.9 | 310.2 | 136.3 | 11 | 1.6 | 559 | ||||||||||||||||||
Acquisitions of businesses | — | 0.9 | 8.3 | 0.2 | — | 9.4 | ||||||||||||||||||
Currency translation | 0.3 | — | — | — | — | 0.3 | ||||||||||||||||||
Balance March 31, 2014 | $ | 100.2 | $ | 311.1 | $ | 144.6 | $ | 11.2 | $ | 1.6 | $ | 568.7 | ||||||||||||
Indefinite and finite-lived intangible assets consisted of the following: | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
(In millions) | Acquisition | Accumulated | Currency | Net | ||||||||||||||||||||
Cost | Amortization | Translation | ||||||||||||||||||||||
Customer relationships | $ | 190.4 | $ | (36.3 | ) | $ | 0.1 | $ | 154.2 | |||||||||||||||
Patents, technology and other | 139.9 | (32.9 | ) | 0.1 | 107.1 | |||||||||||||||||||
Indefinite-lived trade names | 96.3 | — | — | 96.3 | ||||||||||||||||||||
In-process research and development | 3.4 | — | — | 3.4 | ||||||||||||||||||||
Total | $ | 430 | $ | (69.2 | ) | $ | 0.2 | $ | 361 | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(In millions) | Acquisition | Accumulated | Currency | Net | ||||||||||||||||||||
Cost | Amortization | Translation | ||||||||||||||||||||||
Customer relationships | $ | 190.4 | $ | (34.1 | ) | $ | 0.1 | $ | 156.4 | |||||||||||||||
Patents, technology and other | 139.9 | (30.3 | ) | 0.1 | 109.7 | |||||||||||||||||||
Indefinite-lived trade names | 96.3 | — | — | 96.3 | ||||||||||||||||||||
In-process research and development | 3.4 | — | — | 3.4 | ||||||||||||||||||||
Total | $ | 430 | $ | (64.4 | ) | $ | 0.2 | $ | 365.8 | |||||||||||||||
Employee_Separation_and_Plant_
Employee Separation and Plant Phase-out Costs | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Employee Separation and Plant Phase-out Costs | ' | |||||||||||||||
Note 5 — EMPLOYEE SEPARATION AND PLANT PHASE-OUT COSTS | ||||||||||||||||
In 2013, PolyOne determined it would close six former Spartech North American manufacturing facilities and one administrative office in Washington, Pennsylvania, and relocate production to other PolyOne facilities. Further, in 2013 PolyOne determined it would also close the former Spartech Donchery, France manufacturing facility. These actions are expected to be completed by the end of 2014. The manufacturing facilities’ closings are part of the Company’s ongoing integration of Spartech, which are designed to enable the Company to better serve customers, improve efficiency, and deliver a portion of the anticipated synergy-related cost savings in connection with the Spartech acquisition. In addition to these actions, PolyOne incurred severance costs related to former Spartech executives and other employees, as well as asset related charges and other ongoing costs associated with restructuring actions that were underway prior to PolyOne's acquisition of Spartech. | ||||||||||||||||
The Company anticipates that it will incur approximately $70.0 million of charges in connection with the announced Spartech actions noted above. These costs include $27.0 million of severance, $24.0 million of asset related charges, including accelerated depreciation, and $19.0 million of other ongoing costs. | ||||||||||||||||
The table below summarizes restructuring activity related to Spartech for the period ended March 31, 2014. | ||||||||||||||||
(In millions) | Long-Lived Asset Charges | Employee Separation | Other Costs | Total | ||||||||||||
Accrual balance at January 1, 2013 | $ | — | $ | — | $ | — | $ | — | ||||||||
Charge to expense | 13.6 | 21.1 | 9.4 | 44.1 | ||||||||||||
Cash payments | — | (6.0 | ) | (9.4 | ) | (15.4 | ) | |||||||||
Non-cash utilization | (13.6 | ) | — | — | (13.6 | ) | ||||||||||
Accrual balance at December 31, 2013 | $ | — | $ | 15.1 | $ | — | $ | 15.1 | ||||||||
Charge to expense | 7.7 | 2.6 | 5.5 | 15.8 | ||||||||||||
Cash payments | — | (3.4 | ) | (5.5 | ) | (8.9 | ) | |||||||||
Non-cash utilization | (7.7 | ) | — | — | (7.7 | ) | ||||||||||
Accrual balance at March 31, 2014 | $ | — | $ | 14.3 | $ | — | $ | 14.3 | ||||||||
We expect to recognize additional restructuring charges of approximately $10.1 million in 2014 related to these Spartech actions. | ||||||||||||||||
During the three months ended March 31, 2014, we recognized total restructuring charges of $17.9 million which included $11.0 million recognized within Cost of goods sold and $6.9 million recognized in Selling and administrative expenses within the Condensed Consolidated Statements of Income and Corporate and eliminations within segment disclosures for the three months ended March 31, 2014. | ||||||||||||||||
During the three months ended March 31, 2013, PolyOne recognized $9.9 million of employee separation and plant phase-out costs, which included $8.0 million related to Spartech's executive severance agreements and $1.9 million related primarily to previously announced actions in Europe. Additionally, we recognized $1.2 million of stock compensation expense related to the acceleration of Spartech executive equity awards, as a result of change in control provisions within the related equity agreements. These charges are recognized in Selling and administrative expenses within the Condensed Consolidated Statements of Income and Corporate and eliminations within segment disclosures for the three months ended March 31, 2013. |
Inventories_Net
Inventories, Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Inventories, Net | ' | |||||||
Note 6 — INVENTORIES, NET | ||||||||
Components of Inventories, net are as follows: | ||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||
At FIFO cost: | ||||||||
Finished products | $ | 189.6 | $ | 203.6 | ||||
Work in process | 4.5 | 3.9 | ||||||
Raw materials and supplies | 138.9 | 135 | ||||||
Inventories, net | $ | 333 | $ | 342.5 | ||||
Property_Net
Property, Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Net | ' | |||||||
Note 7 — PROPERTY, NET | ||||||||
Components of Property, net are as follows: | ||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||
Land and land improvements | $ | 53.2 | $ | 52.5 | ||||
Buildings | 321.4 | 315.4 | ||||||
Machinery and equipment | 1,085.90 | 1,079.20 | ||||||
Property, gross | 1,460.50 | 1,447.10 | ||||||
Less accumulated depreciation and amortization | (829.3 | ) | (800.9 | ) | ||||
Property, net | $ | 631.2 | $ | 646.2 | ||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 8 — INCOME TAXES | |
Income tax expense from continuing operations was $10.7 million for the first quarter of 2014 compared to $4.7 million in the first quarter of 2013. This increase was primarily driven by higher earnings within the U.S. for the three months ended March 31, 2014. Favorably impacting tax expense for the three months ended March 31, 2014 was a $4.0 million adjustment related to favorable settlements of outstanding tax issues with U.S. and foreign tax authorities. Favorably impacting tax expense for the three months ended March 31, 2013 was the recognition of 2012 U.S. research and development credits totaling $0.9 million. These credits were retroactively reinstated into law on January 2, 2013. |
WeightedAverage_Shares_Used_In
Weighted-Average Shares Used In Computing Earnings Per Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Weighted-Average Shares Used In Computing Earnings Per Share | ' | |||||
Note 9 — WEIGHTED-AVERAGE SHARES USED IN COMPUTING EARNINGS PER SHARE | ||||||
Three Months Ended March 31, | ||||||
(In millions) | 2014 | 2013 | ||||
Weighted-average shares outstanding – basic | 94.5 | 91.7 | ||||
Plus dilutive impact of stock options and awards | 1.2 | 1.1 | ||||
Weighted-average shares – diluted | 95.7 | 92.8 | ||||
For the three months ended March 31, 2014 and 2013, 0.2 million and 0.4 million of equity-based awards, respectively, were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. | ||||||
During the first quarter of 2014, 0.3 million stock appreciation rights were granted under the PolyOne Corporation 2010 Equity and Performance Incentive Plan. These awards vest in one-third increments annually over a three-year service period and upon the achievement of certain stock price targets. Because the stock price targets have not been achieved as of March 31, 2014, these awards were excluded from the calculation of earnings per share. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | |||||||
Employee Benefit Plans | ' | |||||||
Note 10 — EMPLOYEE BENEFIT PLANS | ||||||||
Components of defined benefit pension plan gains are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Service cost | $ | 0.4 | $ | 0.4 | ||||
Interest cost | 6.3 | 5.9 | ||||||
Expected return on plan assets | (8.1 | ) | (9.3 | ) | ||||
Net periodic benefit gains | $ | (1.4 | ) | $ | (3.0 | ) | ||
Components of post-retirement health care plan benefit costs are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Interest cost | $ | 0.2 | $ | 0.2 | ||||
Net periodic benefit costs | $ | 0.2 | $ | 0.2 | ||||
Financing_Arrangements
Financing Arrangements | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Financing Arrangements | ' | |||||||
Note 11 — FINANCING ARRANGEMENTS | ||||||||
Debt consists of the following instruments: | ||||||||
(Dollars in millions) | 31-Mar-14 | 31-Dec-13 | ||||||
7.500% debentures due 2015 | $ | 48.7 | $ | 48.7 | ||||
7.375% senior notes due 2020 | 316.6 | 316.6 | ||||||
5.250% senior notes due 2023 | 600 | 600 | ||||||
Other debt | 15.6 | 23.6 | ||||||
Total long-term debt | 980.9 | 988.9 | ||||||
Less current portion | 12.8 | 12.7 | ||||||
Total long-term debt, net of current portion | $ | 968.1 | $ | 976.2 | ||||
During the first quarter of 2014, we repaid an $8.0 million industrial revenue bond that was acquired as a result of the Spartech acquisition. | ||||||||
On February 28, 2013, PolyOne issued $600.0 million aggregate principal amount of senior notes, which mature on March 15, 2023. The senior notes bear an interest rate of 5.25% per year, payable semi-annually, in arrears, on March 15 and September 15 of each year, which commenced on September 15, 2013. We used a portion of the net proceeds of the offering to pay the cash portion of the Spartech acquisition, and to repay certain Spartech debt. During the first quarter of 2013, we also used a portion of these net proceeds to make a voluntary $50.0 million contribution to our U.S. qualified defined benefit plan and to repay the outstanding principal amount of $297.0 million under our senior secured term loan. | ||||||||
In the first quarter of 2013 we incurred debt extinguishment costs of $10.6 million related to the early retirement of our senior secured term loan, which included $8.2 million of deferred financing cost write-offs and $2.4 million of discount write-offs. These costs are presented within the Debt extinguishment costs line in our Condensed Consolidated Statements of Income. As a result of the issuance of our 2023 senior notes in February 2013, the bridge financing commitment that provided for borrowings of $250.0 million obtained at the time of the announced acquisition of Spartech expired. We recognized $1.9 million of deferred financing costs within Interest expense, net within the Condensed Consolidated Statements of Income in the first quarter of 2013, related to this committed financing arrangement. | ||||||||
On March 1, 2013, the agreement, dated December 21,2011, governing our $300.0 million five-year senior secured revolving credit facility was amended and restated. The amendment and restatement resulted in an increase in commitments of $100.0 million for a maximum borrowing facility size of $400.0 million, subject to a borrowing base with advances against certain U.S. and Canadian accounts receivable and inventory. We have the option to increase the availability under the facility to $450.0 million, subject to meeting certain requirements and obtaining commitments for such increase. In connection with the amendment and restatement, we also extended the maturity date to March 1, 2018. As of March 31, 2014, we were in compliance with all covenants, had no outstanding borrowings and had availability of $323.9 million under this facility. | ||||||||
On October 2, 2012, the Company entered into a credit line with Saudi Hollandi Bank for $10.7 million, with an interest rate equal to the Saudi Arabia Interbank Offered Rate (SAIBOR) plus a fixed rate of 0.85%. The credit line is being used to fund capital expenditures related to the manufacturing facility in Jeddah, Saudi Arabia and is subject to an annual renewal. In 2013, the Company renewed the credit line with Saudi Hollandi Bank and increased the facility size to $16.0 million. As of March 31, 2014, borrowings under the credit line were $12.3 million with an interest rate of 1.85%. | ||||||||
The estimated fair value of PolyOne’s debt instruments at March 31, 2014 and December 31, 2013 was $1,017.3 million and $1,010.3 million, respectively, compared to carrying values of $980.9 million and $988.9 million as of March 31, 2014 and December 31, 2013, respectively. The fair value of PolyOne’s debt instruments was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities and represent Level 2 measurements within the fair value hierarchy. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Note 12 — SEGMENT INFORMATION | ||||||||||||||||||||||||
Segment information for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
(In millions) | Sales to | Total | Operating | Sales to | Total Sales | Operating | ||||||||||||||||||
External | Sales | Income | External | Income | ||||||||||||||||||||
Customers | Customers | |||||||||||||||||||||||
Global Color, Additives and Inks | $ | 215.5 | $ | 219.6 | $ | 30.4 | $ | 204.6 | $ | 205.3 | $ | 24.2 | ||||||||||||
Global Specialty Engineered Materials | 147 | 157.4 | 18.3 | 148.5 | 152.9 | 15.8 | ||||||||||||||||||
Designed Structures and Solutions | 173.5 | 173.6 | 11.2 | 41.5 | 41.5 | 1.5 | ||||||||||||||||||
Performance Products and Solutions | 185.3 | 207.6 | 16 | 140.5 | 166.6 | 13.6 | ||||||||||||||||||
PolyOne Distribution | 281 | 284.1 | 17.2 | 266 | 268 | 16.2 | ||||||||||||||||||
Corporate and eliminations | — | (40.0 | ) | (36.7 | ) | — | (33.2 | ) | (30.8 | ) | ||||||||||||||
Total | $ | 1,002.30 | $ | 1,002.30 | $ | 56.4 | $ | 801.1 | $ | 801.1 | $ | 40.5 | ||||||||||||
Total Assets | ||||||||||||||||||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Global Color, Additives and Inks | $ | 961 | $ | 962 | ||||||||||||||||||||
Global Specialty Engineered Materials | 393.2 | 379.6 | ||||||||||||||||||||||
Designed Structures and Solutions | 572 | 549.4 | ||||||||||||||||||||||
Performance Products and Solutions | 285.4 | 278.7 | ||||||||||||||||||||||
PolyOne Distribution | 227.8 | 216.7 | ||||||||||||||||||||||
Corporate and eliminations | 418.8 | 557.7 | ||||||||||||||||||||||
Total assets | $ | 2,858.20 | $ | 2,944.10 | ||||||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 13 — COMMITMENTS AND CONTINGENCIES | |
Environmental — We or our subsidiaries have been notified by federal and state environmental agencies and by private parties that we may be a potentially responsible party (PRP) in connection with the investigation and remediation of certain environmental sites. While government agencies frequently assert that PRPs are jointly and severally liable at these sites, in our experience, the interim and final allocations of liability costs are generally made based on the relative contribution of waste. We initiate corrective and preventive environmental projects of our own to ensure safe and lawful activities at our operations. We believe that compliance with current governmental regulations at all levels will not have a material adverse effect on our financial condition. | |
In September 2007, we were informed of rulings by the United States District Court for the Western District of Kentucky on several pending motions in the case of Westlake Vinyls, Inc. v. Goodrich Corporation, et al., which had been pending since 2003. The Court held that PolyOne must pay the remediation costs at the former Goodrich Corporation (now Westlake Vinyls, Inc.) Calvert City facility, together with certain defense costs of Goodrich Corporation. The rulings also provided that PolyOne can seek indemnification for contamination attributable to Westlake Vinyls. | |
The environmental obligation at the site arose as a result of an agreement between The B.F.Goodrich Company (n/k/a Goodrich Corporation) and our predecessor, The Geon Company, at the time of the initial public offering in 1993, by which the Geon Company became a public company, to indemnify Goodrich Corporation for environmental costs at the site. At the time, neither PolyOne nor The Geon Company ever owned or operated the facility. Following the Court rulings, the parties to the litigation entered into settlement negotiations and agreed to settle all claims regarding past environmental costs incurred at the site. The settlement agreement provides a mechanism to pursue allocations of future remediation costs at the Calvert City facility to Westlake Vinyls, Inc. While we do not currently assume any allocation of costs in our current reserve, we will adjust our reserve, in the future, consistent with any such future allocation of costs. | |
A remedial investigation and feasibility study (RIFS) is underway at Calvert City. During the third quarter of 2013, we submitted a remedial investigation report to the United States Environmental Protection Agency (USEPA). The USEPA has required certain changes to the remedial investigation report, and development of a final report by the USEPA is ongoing. We have since undertaken steps to develop a feasibility study, including engaging a third party to perform ground water modeling at this site. Based upon preliminary results of this study, obtained in the fourth quarter of 2013, we adjusted our reserve for this location. We expect to finalize the RIFS in 2014 and we continue to pursue available insurance coverage. | |
On March 13, 2013, PolyOne acquired Spartech. One of Spartech's subsidiaries, Franklin-Burlington Plastics, Inc. (Franklin-Burlington), operated a plastic resin compounding facility in Kearny, New Jersey, located adjacent to the Lower Passaic River. Spartech acquired the owner of this facility, Franklin Plastics Corp., in a 1986 stock transaction, and Franklin Plastics Corp. subsequently became Franklin-Burlington. The USEPA has requested that companies located in the area of the Lower Passaic River, including Franklin-Burlington, cooperate in an investigation of contamination of the Lower Passaic River. In response, Franklin-Burlington and approximately 70 other companies (collectively, the Cooperating Parties) agreed, pursuant to an Administrative Order of Consent with the USEPA, to assume responsibility for development of a RIFS of the Lower Passaic River. The RIFS costs are exclusive of any costs that may ultimately be required to remediate the Lower Passaic River area being studied or costs associated with natural resource damages that may be assessed. By agreeing to bear a portion of the cost of the RIFS, Franklin-Burlington did not admit to or agree to bear any such remediation or natural resource damage costs. In April of 2014, the USEPA released a Focused Feasibility Study for public comment for a portion of the Lower Passaic River. | |
Given the uncertainties related to the Lower Passaic River, including the fact that the final remedial actions and scope, and the ultimate allocation to Franklin-Burlington, have not yet been determined, we are not able to assess or estimate our remedial liability, if any, related to this matter. | |
During the three months ended March 31, 2014 and 2013, PolyOne recognized $0.9 million and $2.0 million, respectively, of expense related to environmental activities at all of our active and inactive sites. During the three months ended March 31, 2013, we received $5.2 million of insurance recoveries related to previously incurred environmental costs. These expenses and gains associated with these reimbursements are included within Cost of sales within our Condensed Consolidated Statements of Income. | |
Based on estimates that were prepared by our environmental engineers and consultants, our reserve balance was $122.1 million at March 31, 2014 and $125.9 million at December 31, 2013, for probable future environmental expenditures related to previously contaminated sites. The accruals represent our best estimate of the remaining probable remediation costs, based upon information and technology that is currently available and our view of the most likely remedy. Depending upon the results of future testing, the ultimate remediation alternatives undertaken, changes in regulations, new information, newly discovered conditions and other factors, it is reasonably possible that we could incur additional costs in excess of the amount accrued at March 31, 2014. However, such additional costs, if any, cannot presently be estimated. Our estimate of this liability may be revised as new regulations or technologies are developed or additional information is obtained. | |
Litigation Related to the Merger with Spartech — As previously disclosed, the parties entered into a stipulation of settlement dated October 22, 2013. The Circuit Court of St. Louis County, Missouri (the "Court") preliminarily approved the settlement on December 12, 2013. On February 19, 2014, the Court entered an order and final judgment that, among other things, approved the terms of the settlement and dismissed the litigation with prejudice. The deadline for a timely appeal has passed. | |
Guarantee — On February 28, 2011, we sold our 50% equity interest in SunBelt Chlor Alkali Partnership (SunBelt) to Olin Corporation (Olin) for $132.3 million in cash and the assumption by Olin of the obligations under our guarantee of senior secured notes issued by SunBelt. The remaining guarantee is $24.4 million as of March 31, 2014. Unless the guarantee is formally assigned to Olin, we remain obligated under the guarantee, although Olin has agreed to indemnify us for amounts that we may be obligated to pay under the guarantee. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Derivative Instruments | ' | |||||||||
Note 14 — DERIVATIVE INSTRUMENTS | ||||||||||
When translating results from foreign operations into U.S. dollars, we are subject to foreign exchange related risks in our operating results. We are also exposed to foreign exchange risk arising from intercompany lending transactions denominated in various foreign currencies that are subject to foreign exchange rate movement over the term of the loans. To mitigate these risks, we enter into forward contracts. The counterparties to these instruments are financial institutions with strong credit ratings. PolyOne maintains control over the size of positions entered into with any one counterparty and regularly monitors the credit ratings of these institutions. | ||||||||||
Derivative financial instruments are accounted for at fair value and recognized as assets or liabilities in the Condensed Consolidated Balance Sheets. These instruments are not designated as a hedge, and therefore, any gain or loss is immediately recognized in income. | ||||||||||
The fair value of derivative financial instruments recorded in the Condensed Consolidated Balance Sheets are as follows: | ||||||||||
March 31, 2014 | ||||||||||
(In millions) | Notional | Other current assets | ||||||||
Foreign currency forwards | $ | 12.8 | $ | — | ||||||
December 31, 2013 | ||||||||||
(In millions) | Notional | Other current assets | ||||||||
Foreign currency forwards | $ | 12.8 | $ | — | ||||||
The effects of derivative instruments on our Condensed Consolidated Statements of Income are as follows: | ||||||||||
Three Months Ended March 31, | ||||||||||
(In millions) | 2014 | 2013 | Location | |||||||
Foreign currency options - gains | $ | — | $ | 0.1 | Selling and administrative expense | |||||
Foreign currency forwards - gains | — | 0.4 | Other (expense) income, net | |||||||
Equity
Equity | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Equity | ' | |||||||||||||||
Note 15 — EQUITY | ||||||||||||||||
Changes in equity for the three months ended March 31, 2014 and March 31, 2013 are as follows: | ||||||||||||||||
(In millions) | PolyOne | Noncontrolling | Total | |||||||||||||
Shareholders' | Interests | Equity | ||||||||||||||
Equity | ||||||||||||||||
Balance at December 31, 2013 | $ | 976.8 | $ | 1.7 | $ | 978.5 | ||||||||||
Net income | 29.4 | (0.2 | ) | 29.2 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Translation adjustment | (0.7 | ) | — | (0.7 | ) | |||||||||||
Total comprehensive income | 28.7 | (0.2 | ) | 28.5 | ||||||||||||
Cash dividend declared | (7.6 | ) | — | (7.6 | ) | |||||||||||
Repurchase of common shares | (51.0 | ) | — | (51.0 | ) | |||||||||||
Stock incentive plan activity | 0.7 | — | 0.7 | |||||||||||||
Balance at March 31, 2014 | $ | 947.6 | $ | 1.5 | $ | 949.1 | ||||||||||
Balance at December 31, 2012 | $ | 629.1 | $ | 2.3 | $ | 631.4 | ||||||||||
Net income | 15.3 | (0.2 | ) | 15.1 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Translation adjustment | (6.0 | ) | — | (6.0 | ) | |||||||||||
Total comprehensive income | 9.3 | (0.2 | ) | 9.1 | ||||||||||||
Cash dividend declared | (5.4 | ) | — | (5.4 | ) | |||||||||||
Issuance of common shares in connection to the Spartech acquisition | 253.3 | — | 253.3 | |||||||||||||
Repurchase of common shares | (20.8 | ) | — | (20.8 | ) | |||||||||||
Stock incentive plan activity | 6.3 | — | 6.3 | |||||||||||||
Balance at March 31, 2013 | $ | 871.8 | $ | 2.1 | $ | 873.9 | ||||||||||
Changes in accumulated other comprehensive loss year-to-date as of March 31, 2014 and 2013 were as follows: | ||||||||||||||||
(In millions) | Cumulative Translation Adjustment | Pension and Other Post-Retirement Benefits | Unrealized Gain in Available-for-Sale Securities | Total | ||||||||||||
Balance at January 1, 2014 | $ | (20.2 | ) | $ | 5.2 | $ | 0.2 | $ | (14.8 | ) | ||||||
Translation adjustments | (0.7 | ) | — | — | (0.7 | ) | ||||||||||
Balance at March 31, 2014 | $ | (20.9 | ) | $ | 5.2 | $ | 0.2 | $ | (15.5 | ) | ||||||
Balance at January 1, 2013 | $ | (16.5 | ) | $ | 5.2 | $ | 0.2 | $ | (11.1 | ) | ||||||
Translation adjustments | (6.0 | ) | — | — | (6.0 | ) | ||||||||||
Balance at March 31, 2013 | $ | (22.5 | ) | $ | 5.2 | $ | 0.2 | $ | (17.1 | ) | ||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 1 — BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with Form 10-Q instructions and in the opinion of management contain all adjustments, consisting of normal recurring accruals, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. These interim financial statements should be read in conjunction with the financial statements and accompanying notes included in the annual report on Form 10-K for the year ended December 31, 2013 of PolyOne Corporation. | |
Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be attained in subsequent periods, or for the year ending December 31, 2014. | |
Adoption of Accounting Standards | |
Effective January 1, 2014, the Company adopted Accounting Standards Update No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (ASU 2013-11). ASU 2013-11 requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, if such settlement is required or expected in the event the uncertain tax position is disallowed. The adoption of ASU 2013-11 did not have a material impact to the Company's financial statements. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2013 | Mar. 31, 2014 | |||||||
Spartech [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ' | ||||||
The Spartech purchase price was comprised of the following: | ||||||||
(In millions, except stock price and share data) | ||||||||
Spartech shares outstanding | 31.2 | |||||||
Spartech restricted stock units | 0.2 | |||||||
Spartech shares converted | 31.4 | |||||||
Exchange ratio | 0.3167 | |||||||
PolyOne shares issued | 10 | |||||||
PolyOne closing stock price on March 13, 2013 | $ | 25.05 | ||||||
Total value of PolyOne shares issued | $ | 249.9 | ||||||
Cash consideration transferred to Spartech shareholders | 83.4 | |||||||
Fair value of Spartech equity awards, net of deferred tax benefits (1) | 2.4 | |||||||
Total consideration transferred to Spartech equity holders | 335.7 | |||||||
Spartech revolving credit facilities repaid at close (2) | 77.2 | |||||||
Spartech senior notes repaid at close (2) | 102.3 | |||||||
Total consideration transferred to debt and equity holders | 515.2 | |||||||
Cash acquired | (4.1 | ) | ||||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ | 511.1 | ||||||
(1) In accordance with ASC 718, Compensation — Stock Compensation, the fair value of replacement awards attributable to pre-combination service is recognized as part of the purchase consideration. The $2.4 million represents the fair value of Spartech replacement equity awards of $3.9 million net of deferred tax benefits of $1.5 million. The fair value of awards attributable to post-combination service amounted to $2.7 million and are being recognized as stock compensation over their requisite service periods within PolyOne's Condensed Consolidated Statements of Income. | ||||||||
(2) In accordance with the provisions of Spartech's 7.08% senior notes due 2016 and revolving credit facilities, at the time of closing, PolyOne repaid all borrowings under Spartech's revolving credit facilities, which amounted to $77.2 million. Additionally, PolyOne repaid $102.3 million related to Spartech's 7.08% senior notes due 2016, including $88.9 million of aggregate principal, $10.3 million make-whole provisions, and $3.1 million of interest payable. | ||||||||
The following table summarizes the final Spartech purchase price allocation: | ||||||||
(In millions) | ||||||||
Accounts receivable, net | $ | 139.7 | ||||||
Inventories, net | 114.4 | |||||||
Other current assets | 18.6 | |||||||
Property, net | 280.3 | |||||||
Other non-current assets | 19.6 | |||||||
Intangible assets, net | 44.6 | |||||||
Goodwill | 162.6 | |||||||
Total assets acquired | 779.8 | |||||||
Short-term and current portion of long-term debt | 0.5 | |||||||
Accounts payable | 105 | |||||||
Accrued expenses and other liabilities | 43.1 | |||||||
Long-term debt | 11 | |||||||
Other non-current liabilities | 109.1 | |||||||
Total liabilities assumed | 268.7 | |||||||
Net assets acquired | $ | 511.1 | ||||||
Business Acquisition, Pro Forma Information | ' | ' | ||||||
(In millions) | Three Months Ended March 31, 2013 | |||||||
Sales | $ | 1,019.10 | ||||||
Net income attributable to PolyOne common shareholders | $ | 14 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Business Acquisition [Line Items] | ' | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||
(In millions) | Three Months Ended March 31, 2013 | |||
Sales | $ | 32.4 | ||
Income before income taxes | 6.5 | |||
Income tax expense | (2.4 | ) | ||
Income from discontinued operations, net of income taxes | $ | 4.1 | ||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill And Changes In Carrying Amount Of Goodwill By Operating Segment | ' | |||||||||||||||||||||||
Goodwill as of March 31, 2014 and December 31, 2013, and changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||||||
(In millions) | Global Specialty | Global Color, | Designed Structures and Solutions | Performance | PolyOne | Total | ||||||||||||||||||
Engineered | Additives and | Products and | Distribution | |||||||||||||||||||||
Materials | Inks | Solutions | ||||||||||||||||||||||
Balance December 31, 2012 | $ | 98.6 | $ | 297.9 | $ | — | $ | 7.4 | $ | 1.6 | $ | 405.5 | ||||||||||||
Acquisitions of businesses | 1.8 | 12.4 | 136.3 | 3.6 | — | 154.1 | ||||||||||||||||||
Currency translation | (0.5 | ) | (0.1 | ) | — | — | — | (0.6 | ) | |||||||||||||||
Balance December 31, 2013 | 99.9 | 310.2 | 136.3 | 11 | 1.6 | 559 | ||||||||||||||||||
Acquisitions of businesses | — | 0.9 | 8.3 | 0.2 | — | 9.4 | ||||||||||||||||||
Currency translation | 0.3 | — | — | — | — | 0.3 | ||||||||||||||||||
Balance March 31, 2014 | $ | 100.2 | $ | 311.1 | $ | 144.6 | $ | 11.2 | $ | 1.6 | $ | 568.7 | ||||||||||||
Schedule Of Indefinite And Finite-Lived Intangible Assets | ' | |||||||||||||||||||||||
Indefinite and finite-lived intangible assets consisted of the following: | ||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||
(In millions) | Acquisition | Accumulated | Currency | Net | ||||||||||||||||||||
Cost | Amortization | Translation | ||||||||||||||||||||||
Customer relationships | $ | 190.4 | $ | (36.3 | ) | $ | 0.1 | $ | 154.2 | |||||||||||||||
Patents, technology and other | 139.9 | (32.9 | ) | 0.1 | 107.1 | |||||||||||||||||||
Indefinite-lived trade names | 96.3 | — | — | 96.3 | ||||||||||||||||||||
In-process research and development | 3.4 | — | — | 3.4 | ||||||||||||||||||||
Total | $ | 430 | $ | (69.2 | ) | $ | 0.2 | $ | 361 | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(In millions) | Acquisition | Accumulated | Currency | Net | ||||||||||||||||||||
Cost | Amortization | Translation | ||||||||||||||||||||||
Customer relationships | $ | 190.4 | $ | (34.1 | ) | $ | 0.1 | $ | 156.4 | |||||||||||||||
Patents, technology and other | 139.9 | (30.3 | ) | 0.1 | 109.7 | |||||||||||||||||||
Indefinite-lived trade names | 96.3 | — | — | 96.3 | ||||||||||||||||||||
In-process research and development | 3.4 | — | — | 3.4 | ||||||||||||||||||||
Total | $ | 430 | $ | (64.4 | ) | $ | 0.2 | $ | 365.8 | |||||||||||||||
Employee_Separation_and_Plant_1
Employee Separation and Plant Phase-out Costs Restructuring and related activities (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | |||||||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||||||||||||||
The table below summarizes restructuring activity related to Spartech for the period ended March 31, 2014. | ||||||||||||||||
(In millions) | Long-Lived Asset Charges | Employee Separation | Other Costs | Total | ||||||||||||
Accrual balance at January 1, 2013 | $ | — | $ | — | $ | — | $ | — | ||||||||
Charge to expense | 13.6 | 21.1 | 9.4 | 44.1 | ||||||||||||
Cash payments | — | (6.0 | ) | (9.4 | ) | (15.4 | ) | |||||||||
Non-cash utilization | (13.6 | ) | — | — | (13.6 | ) | ||||||||||
Accrual balance at December 31, 2013 | $ | — | $ | 15.1 | $ | — | $ | 15.1 | ||||||||
Charge to expense | 7.7 | 2.6 | 5.5 | 15.8 | ||||||||||||
Cash payments | — | (3.4 | ) | (5.5 | ) | (8.9 | ) | |||||||||
Non-cash utilization | (7.7 | ) | — | — | (7.7 | ) | ||||||||||
Accrual balance at March 31, 2014 | $ | — | $ | 14.3 | $ | — | $ | 14.3 | ||||||||
Inventories_Net_Tables
Inventories, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ' | |||||||
Components Of Inventories | ' | |||||||
Components of Inventories, net are as follows: | ||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||
At FIFO cost: | ||||||||
Finished products | $ | 189.6 | $ | 203.6 | ||||
Work in process | 4.5 | 3.9 | ||||||
Raw materials and supplies | 138.9 | 135 | ||||||
Inventories, net | $ | 333 | $ | 342.5 | ||||
Property_Net_Tables
Property, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components Of Property, Net | ' | |||||||
Components of Property, net are as follows: | ||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||
Land and land improvements | $ | 53.2 | $ | 52.5 | ||||
Buildings | 321.4 | 315.4 | ||||||
Machinery and equipment | 1,085.90 | 1,079.20 | ||||||
Property, gross | 1,460.50 | 1,447.10 | ||||||
Less accumulated depreciation and amortization | (829.3 | ) | (800.9 | ) | ||||
Property, net | $ | 631.2 | $ | 646.2 | ||||
WeightedAverage_Shares_Used_In1
Weighted-Average Shares Used In Computing Earnings Per Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Schedule Of Weighted-Average Shares Used In Computing Earnings Per Share | ' | |||||
Three Months Ended March 31, | ||||||
(In millions) | 2014 | 2013 | ||||
Weighted-average shares outstanding – basic | 94.5 | 91.7 | ||||
Plus dilutive impact of stock options and awards | 1.2 | 1.1 | ||||
Weighted-average shares – diluted | 95.7 | 92.8 | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Defined Benefit Pension Plan [Member] | ' | |||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||
Components Of Net Period Benefit Costs | ' | |||||||
Components of defined benefit pension plan gains are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Service cost | $ | 0.4 | $ | 0.4 | ||||
Interest cost | 6.3 | 5.9 | ||||||
Expected return on plan assets | (8.1 | ) | (9.3 | ) | ||||
Net periodic benefit gains | $ | (1.4 | ) | $ | (3.0 | ) | ||
Postretirement Health Care Plan Benefit [Member] | ' | |||||||
Defined Benefit Plan Disclosure [Line Items] | ' | |||||||
Components Of Net Period Benefit Costs | ' | |||||||
Components of post-retirement health care plan benefit costs are as follows: | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Interest cost | $ | 0.2 | $ | 0.2 | ||||
Net periodic benefit costs | $ | 0.2 | $ | 0.2 | ||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Components Of Debt | ' | |||||||
Debt consists of the following instruments: | ||||||||
(Dollars in millions) | 31-Mar-14 | 31-Dec-13 | ||||||
7.500% debentures due 2015 | $ | 48.7 | $ | 48.7 | ||||
7.375% senior notes due 2020 | 316.6 | 316.6 | ||||||
5.250% senior notes due 2023 | 600 | 600 | ||||||
Other debt | 15.6 | 23.6 | ||||||
Total long-term debt | 980.9 | 988.9 | ||||||
Less current portion | 12.8 | 12.7 | ||||||
Total long-term debt, net of current portion | $ | 968.1 | $ | 976.2 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Segment Information | ' | |||||||||||||||||||||||
Segment information for the three months ended March 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||||||
(In millions) | Sales to | Total | Operating | Sales to | Total Sales | Operating | ||||||||||||||||||
External | Sales | Income | External | Income | ||||||||||||||||||||
Customers | Customers | |||||||||||||||||||||||
Global Color, Additives and Inks | $ | 215.5 | $ | 219.6 | $ | 30.4 | $ | 204.6 | $ | 205.3 | $ | 24.2 | ||||||||||||
Global Specialty Engineered Materials | 147 | 157.4 | 18.3 | 148.5 | 152.9 | 15.8 | ||||||||||||||||||
Designed Structures and Solutions | 173.5 | 173.6 | 11.2 | 41.5 | 41.5 | 1.5 | ||||||||||||||||||
Performance Products and Solutions | 185.3 | 207.6 | 16 | 140.5 | 166.6 | 13.6 | ||||||||||||||||||
PolyOne Distribution | 281 | 284.1 | 17.2 | 266 | 268 | 16.2 | ||||||||||||||||||
Corporate and eliminations | — | (40.0 | ) | (36.7 | ) | — | (33.2 | ) | (30.8 | ) | ||||||||||||||
Total | $ | 1,002.30 | $ | 1,002.30 | $ | 56.4 | $ | 801.1 | $ | 801.1 | $ | 40.5 | ||||||||||||
Total Assets | ||||||||||||||||||||||||
(In millions) | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Global Color, Additives and Inks | $ | 961 | $ | 962 | ||||||||||||||||||||
Global Specialty Engineered Materials | 393.2 | 379.6 | ||||||||||||||||||||||
Designed Structures and Solutions | 572 | 549.4 | ||||||||||||||||||||||
Performance Products and Solutions | 285.4 | 278.7 | ||||||||||||||||||||||
PolyOne Distribution | 227.8 | 216.7 | ||||||||||||||||||||||
Corporate and eliminations | 418.8 | 557.7 | ||||||||||||||||||||||
Total assets | $ | 2,858.20 | $ | 2,944.10 | ||||||||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Fair Value Of Derivative Financial Instruments Recorded In Condensed Consolidated Balance Sheets | ' | |||||||||
The fair value of derivative financial instruments recorded in the Condensed Consolidated Balance Sheets are as follows: | ||||||||||
March 31, 2014 | ||||||||||
(In millions) | Notional | Other current assets | ||||||||
Foreign currency forwards | $ | 12.8 | $ | — | ||||||
December 31, 2013 | ||||||||||
(In millions) | Notional | Other current assets | ||||||||
Foreign currency forwards | $ | 12.8 | $ | — | ||||||
Effects Of Derivative Instruments On Consolidated Statements Of Comprehensive Income | ' | |||||||||
The effects of derivative instruments on our Condensed Consolidated Statements of Income are as follows: | ||||||||||
Three Months Ended March 31, | ||||||||||
(In millions) | 2014 | 2013 | Location | |||||||
Foreign currency options - gains | $ | — | $ | 0.1 | Selling and administrative expense | |||||
Foreign currency forwards - gains | — | 0.4 | Other (expense) income, net | |||||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule Of Changes In Equity | ' | |||||||||||||||
Changes in equity for the three months ended March 31, 2014 and March 31, 2013 are as follows: | ||||||||||||||||
(In millions) | PolyOne | Noncontrolling | Total | |||||||||||||
Shareholders' | Interests | Equity | ||||||||||||||
Equity | ||||||||||||||||
Balance at December 31, 2013 | $ | 976.8 | $ | 1.7 | $ | 978.5 | ||||||||||
Net income | 29.4 | (0.2 | ) | 29.2 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Translation adjustment | (0.7 | ) | — | (0.7 | ) | |||||||||||
Total comprehensive income | 28.7 | (0.2 | ) | 28.5 | ||||||||||||
Cash dividend declared | (7.6 | ) | — | (7.6 | ) | |||||||||||
Repurchase of common shares | (51.0 | ) | — | (51.0 | ) | |||||||||||
Stock incentive plan activity | 0.7 | — | 0.7 | |||||||||||||
Balance at March 31, 2014 | $ | 947.6 | $ | 1.5 | $ | 949.1 | ||||||||||
Balance at December 31, 2012 | $ | 629.1 | $ | 2.3 | $ | 631.4 | ||||||||||
Net income | 15.3 | (0.2 | ) | 15.1 | ||||||||||||
Other comprehensive income | ||||||||||||||||
Translation adjustment | (6.0 | ) | — | (6.0 | ) | |||||||||||
Total comprehensive income | 9.3 | (0.2 | ) | 9.1 | ||||||||||||
Cash dividend declared | (5.4 | ) | — | (5.4 | ) | |||||||||||
Issuance of common shares in connection to the Spartech acquisition | 253.3 | — | 253.3 | |||||||||||||
Repurchase of common shares | (20.8 | ) | — | (20.8 | ) | |||||||||||
Stock incentive plan activity | 6.3 | — | 6.3 | |||||||||||||
Balance at March 31, 2013 | $ | 871.8 | $ | 2.1 | $ | 873.9 | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
Changes in accumulated other comprehensive loss year-to-date as of March 31, 2014 and 2013 were as follows: | ||||||||||||||||
(In millions) | Cumulative Translation Adjustment | Pension and Other Post-Retirement Benefits | Unrealized Gain in Available-for-Sale Securities | Total | ||||||||||||
Balance at January 1, 2014 | $ | (20.2 | ) | $ | 5.2 | $ | 0.2 | $ | (14.8 | ) | ||||||
Translation adjustments | (0.7 | ) | — | — | (0.7 | ) | ||||||||||
Balance at March 31, 2014 | $ | (20.9 | ) | $ | 5.2 | $ | 0.2 | $ | (15.5 | ) | ||||||
Balance at January 1, 2013 | $ | (16.5 | ) | $ | 5.2 | $ | 0.2 | $ | (11.1 | ) | ||||||
Translation adjustments | (6.0 | ) | — | — | (6.0 | ) | ||||||||||
Balance at March 31, 2013 | $ | (22.5 | ) | $ | 5.2 | $ | 0.2 | $ | (17.1 | ) | ||||||
Business_Combinations_Narrativ
Business Combinations Narrative (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 13, 2013 | Mar. 13, 2013 | Mar. 31, 2014 | Feb. 28, 2013 | Mar. 31, 2013 |
Spartech [Member] | Spartech Corporation [Member] | Senior Notes [Member] | Senior Notes [Member] | Selling, General and Administrative Expenses [Member] | |||
5.250% Senior Notes Due 2023 [Member] | 5.250% Senior Notes Due 2023 [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Purchase Accounting Adjustments | $9.40 | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | 83.4 | 83.4 | ' | ' | ' |
Business acquisition, aggregate consideration transferred for each common share | ' | ' | $2.67 | ' | ' | ' | ' |
Exchange ratio | ' | ' | 0.3167 | ' | ' | ' | ' |
PolyOne shares issued | ' | ' | 10,000,000 | ' | ' | ' | ' |
Stated interest rate | ' | ' | 7.08% | ' | 5.25% | 5.25% | ' |
Fair value of Spartech equity awards, net of deferred tax benefits | ' | ' | 2.4 | ' | ' | ' | ' |
Fair Value of Spartech Equity Awards, before deferred tax benefits | ' | ' | 3.9 | ' | ' | ' | ' |
Deferred tax benefit | ' | ' | 1.5 | ' | ' | ' | ' |
Vested in period, total fair value | ' | ' | 2.7 | ' | ' | ' | ' |
Line of Credit Facility, Decrease, Repayments | 20.9 | 10 | 77.2 | ' | ' | ' | ' |
Early repayment of senior debt | ' | ' | 102.3 | ' | ' | ' | ' |
Business acquisition, repayment of senior notes. | ' | ' | 88.9 | ' | ' | ' | ' |
Make-whole provision | ' | ' | 10.3 | ' | ' | ' | ' |
Interest payable | ' | ' | 3.1 | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | ' | $4.60 |
Business_Combinations_Purchase
Business Combinations (Purchase Price Allocation) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 13, 2013 | Mar. 31, 2013 |
Spartech [Member] | Spartech [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Spartech shares outstanding | ' | ' | 31,200,000 | ' |
Spartech restricted stock units | ' | ' | 200,000 | ' |
Spartech shares to be converted | ' | ' | 31,400,000 | ' |
Exchange ratio | ' | ' | 0.3167 | ' |
PolyOne shares issued | ' | ' | 10,000,000 | ' |
PolyOne closing stock price on March 13, 2013 | ' | ' | $25.05 | ' |
Total value of PolyOne shares issued | ' | $253.30 | $249.90 | ' |
Cash consideration transferred to Spartech Shareholders | ' | ' | 83.4 | ' |
Fair value of Spartech equity awards, net of deferred tax benefits | ' | ' | 2.4 | ' |
Total consideration transferred to Spartech equity holders | ' | ' | ' | 335.7 |
Spartech revolving credit facilities repaid at close (2) | 20.9 | 10 | 77.2 | ' |
Spartech senior notes repaid at close (including make-whole provisions and interest payable) | ' | ' | 102.3 | ' |
Total consideration transferred to debt and equity holders | ' | ' | ' | 515.2 |
Cash acquired | ' | ' | -4.1 | ' |
Total consideration transferred to debt and equity holders, net of cash acquired | $0 | $259.90 | $511.10 | ' |
Business_Combinations_PolyOnes
Business Combinations PolyOne's preliminary estimates of the fair value as of March 31, 2014 (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 13, 2013 |
In Millions, unless otherwise specified | Spartech [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | $139.70 |
Inventories, net | ' | ' | ' | 114.4 |
Other current assets | ' | ' | ' | 18.6 |
Property, net | ' | ' | ' | 280.3 |
Other non-current assets | ' | ' | ' | 19.6 |
Intangible assets, net | ' | ' | ' | 44.6 |
Goodwill | 568.7 | 559 | 405.5 | 162.6 |
Total assets acquired | ' | ' | ' | 779.8 |
Short-term and current portion of long-term debt | ' | ' | ' | 0.5 |
Accounts payable | ' | ' | ' | 105 |
Accrued expenses and other liabilities | ' | ' | ' | 43.1 |
Long-term debt | ' | ' | ' | 11 |
Other non-current liabilities | ' | ' | ' | 109.1 |
Total liabilities assumed | ' | ' | ' | 268.7 |
Net assets acquired | ' | ' | ' | $511.10 |
Business_Combinations_Business
Business Combinations Business Aquisition, Pro Forma (Details) (Spartech [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 |
Spartech [Member] | ' |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' |
Sales | $1,019.10 |
Net income attributable to PolyOne common shareholders | $14 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | 30-May-13 |
Resin Business [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Proceeds from divestiture of business | ' | ' | $250 |
Gain on sale | ' | ' | 223.7 |
Gain on sale, net of tax | ' | ' | 138.5 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' |
Sales | ' | 32.4 | ' |
Income before income taxes | ' | 6.5 | ' |
Income tax expense | ' | -2.4 | ' |
Income from discontinued operations, net of income taxes | $0 | $4.10 | ' |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Goodwill And Changes In Carrying Amount Of Goodwill By Operating Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning of period | $559 | $405.50 |
Acquisitions of businesses | ' | 154.1 |
Acquisitions of businesses | 9.4 | ' |
Currency translation | 0.3 | -0.6 |
Balance, end of period | 568.7 | 559 |
Global Specialty Engineered Materials [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning of period | 99.9 | 98.6 |
Acquisitions of businesses | ' | 1.8 |
Acquisitions of businesses | 0 | ' |
Currency translation | 0.3 | -0.5 |
Balance, end of period | 100.2 | 99.9 |
Global Color, Additives And Inks [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning of period | 310.2 | 297.9 |
Acquisitions of businesses | ' | 12.4 |
Acquisitions of businesses | 0.9 | ' |
Currency translation | 0 | -0.1 |
Balance, end of period | 311.1 | 310.2 |
Designed Structures and Solutions [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning of period | 136.3 | 0 |
Acquisitions of businesses | ' | 136.3 |
Acquisitions of businesses | 8.3 | ' |
Currency translation | 0 | 0 |
Balance, end of period | 144.6 | 136.3 |
Performance Products And Solutions [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning of period | 11 | 7.4 |
Acquisitions of businesses | ' | 3.6 |
Acquisitions of businesses | 0.2 | ' |
Currency translation | 0 | 0 |
Balance, end of period | 11.2 | 11 |
PolyOne Distribution [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance, beginning of period | 1.6 | 1.6 |
Acquisitions of businesses | ' | 0 |
Acquisitions of businesses | 0 | ' |
Currency translation | 0 | 0 |
Balance, end of period | $1.60 | $1.60 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Schedule Of Indefinite And Finite-Lived Intangible Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Indefinite And Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets total, Acquisition Cost | $430 | $430 |
Finite-lived intangible assets, Accumulated Amortization | -69.2 | -64.4 |
Intangible assets, Currency Translation | 0.2 | 0.2 |
Finite-lived intangible assets, Net | 361 | 365.8 |
Customer relationships [Member] | ' | ' |
Indefinite And Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Acquisition Cost | 190.4 | 190.4 |
Finite-lived intangible assets, Accumulated Amortization | -36.3 | -34.1 |
Finite-lived intangible assets, Currency Translation | 0.1 | 0.1 |
Finite-lived intangible assets, Net | 154.2 | 156.4 |
Patents, technology And other [Member] | ' | ' |
Indefinite And Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets, Acquisition Cost | 139.9 | 139.9 |
Finite-lived intangible assets, Accumulated Amortization | -32.9 | -30.3 |
Finite-lived intangible assets, Currency Translation | 0.1 | 0.1 |
Finite-lived intangible assets, Net | 107.1 | 109.7 |
Indefinite-lived trade names [Member] | ' | ' |
Indefinite And Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets, Acquisition Cost | 96.3 | 96.3 |
Indefinite-lived intangible assets, Currency Translation | 0 | 0 |
Finite-lived intangible assets, Net | 96.3 | 96.3 |
In-process research and development [Member] | ' | ' |
Indefinite And Finite-Lived Intangible Assets [Line Items] | ' | ' |
Indefinite-lived intangible assets, Acquisition Cost | 3.4 | 3.4 |
Indefinite-lived intangible assets, Currency Translation | 0 | 0 |
Finite-lived intangible assets, Net | $3.40 | $3.40 |
Employee_Separation_and_Plant_2
Employee Separation and Plant Phase-out Costs Employee Seperation and Plant Phaseout Costs (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cost of Goods, Total [Member] | Cost of Sales [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Employee Severance [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Other Restructuring [Member] | Restructuring Charges [Member] | Restructuring Charges [Member] | Restructuring Charges [Member] | Spartech [Member] | Spartech Corporation [Member] | Spartech Corporation [Member] | Spartech Corporation [Member] | Spartech Corporation [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost Remaining | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.10 | ' | ' |
Restructuring and Related Cost, Accelerated Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.7 | 13.6 | 0 | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Expected Cost | ' | ' | 70 | 24 | ' | ' | ' | 27 | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.5 | -9.4 | -3.4 | -6 | ' | ' | -8.9 | ' | -15.4 | ' |
Restructuring Reserve, Settled without Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7.7 | -13.6 | ' | ' | -7.7 | ' | -13.6 | ' |
Severance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | 21.1 | 0 | 8 | ' | ' | ' | ' |
Other Restructuring Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.5 | ' | ' | 9.4 | 0 | ' | ' | ' | ' | ' |
Restructuring Charges | 17.9 | 9.9 | ' | ' | 11 | 6.9 | 1.9 | ' | ' | ' | ' | ' | ' | ' | ' | 15.8 | ' | 44.1 | 0 |
Restructuring Reserve | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.3 | 15.1 | ' | ' | 14.3 | ' | 15.1 | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.20 | ' | ' | ' | ' |
Inventories_Net_Components_Of_
Inventories, Net (Components Of Inventories) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished products | $189.60 | $203.60 |
Work in process | 4.5 | 3.9 |
Raw materials and supplies | 138.9 | 135 |
Inventories, net | $333 | $342.50 |
Property_Net_Details
Property, Net (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, gross | $1,460.50 | $1,447.10 |
Less accumulated depreciation and amortization | -829.3 | -800.9 |
Property, net | 631.2 | 646.2 |
Land and Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, gross | 53.2 | 52.5 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, gross | 321.4 | 315.4 |
Machinery and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, gross | $1,085.90 | $1,079.20 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax expense, continuing operations | $10.70 | $4.70 |
Favorable tax settlement | 4 | ' |
Research and Development Credits | ' | $0.90 |
WeightedAverage_Shares_Used_In2
Weighted-Average Shares Used In Computing Earnings Per Share (Schedule Of Weighted-Average Shares Used In Computing Earnings Per Share) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Weighted-average shares outstanding - basic | 94.5 | 91.7 |
Plus dilutive impact of stock options and awards | 1.2 | 1.1 |
Weighted-average shares - diluted | 95.7 | 92.8 |
WeightedAverage_Shares_Used_In3
Weighted-Average Shares Used In Computing Earnings Per Share (Narrative) (Details) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Weighted-Average Shares Used In Computing Earnings Per Share[Line Items] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.2 | 0.4 |
SARs [Member] | ' | ' |
Weighted-Average Shares Used In Computing Earnings Per Share[Line Items] | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0.3 | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Period Benefit Costs) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Pension Plan [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $0.40 | $0.40 |
Interest cost | 6.3 | 5.9 |
Expected return on plan assets | -8.1 | -9.3 |
Net periodic benefit gains | -1.4 | -3 |
Postretirement Health Care Plan Benefit [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | 0.2 | 0.2 |
Net periodic benefit gains | $0.20 | $0.20 |
Financing_Arrangements_Compone
Financing Arrangements (Components Of Long-Term Debt) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $980.90 | $988.90 |
Other Long-term Debt | 15.6 | 23.6 |
Less current portion | 12.8 | 12.7 |
Total long-term debt, net of current portion | 968.1 | 976.2 |
7.500% Debentures Due 2015 [Member] | Convertible Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 48.7 | 48.7 |
Maturity date of debt instrument | '2015 | ' |
7.375% Senior Notes Due 2020 [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | 316.6 | 316.6 |
Maturity date of debt instrument | '2020 | ' |
5.250% Senior Notes Due 2023 [Member] | Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total long-term debt | $600 | $600 |
Maturity date of debt instrument | '2023 | ' |
Financing_Arrangements_Narrati
Financing Arrangements (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 01, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 02, 2012 | Oct. 23, 2012 | Mar. 31, 2014 | Mar. 02, 2013 | Mar. 01, 2013 | Mar. 13, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Revolving Credit Facility [Member] | Saudi Hollandi Bank [Member] | Saudi Hollandi Bank [Member] | Saudi Hollandi Bank [Member] | Bank of America, NA, Merrill Lunch, Pierce, Fenner and Smith Incorporated, Wells Fargo Securities, LLC and WF Investment Holdings, LLC [Member] | Various Banks [Member] | Various Banks [Member] | Various Banks [Member] | Spartech [Member] | Other Debt [Member] | Debentures Due December Two Thousand And Fifteen [Member] | Debentures Due December Two Thousand And Fifteen [Member] | Senior Notes Due September Two Thousand And Twenty [Member] | Senior Notes Due September Two Thousand And Twenty [Member] | 5.250% Senior Notes Due 2023 [Member] | 5.250% Senior Notes Due 2023 [Member] | 5.250% Senior Notes Due 2023 [Member] | Senior Secured Term Loan Due 2017 [Member] | Senior Secured Term Loan Due 2017 [Member] | ||||
Bridge Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term Debt, Percentage Bearing Fixed Interest Rate | ' | ' | ' | ' | ' | ' | 0.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' |
Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.08% | ' | 7.50% | ' | 7.38% | ' | 5.25% | ' | 5.25% | ' | ' |
Contributions by employer | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early repayment of senior debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 297,000,000 | ' |
Payments of Debt Extinguishment Costs | 0 | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' |
Write off of deferred debt issuance cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | 1,900,000 |
Write-off of deferred financing costs and debt discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | 300,000,000 | ' | 16,000,000 | 10,700,000 | 250,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility term | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Potential maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current borrowing availability | ' | ' | ' | ' | ' | ' | ' | ' | 323,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | 12,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate at Period End | ' | ' | ' | ' | 1.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease), other, net | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | 1,017,300,000 | ' | 1,010,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $980,900,000 | ' | $988,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,700,000 | $48,700,000 | $316,600,000 | $316,600,000 | $600,000,000 | $600,000,000 | ' | ' | ' |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Information) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to External Customers | $1,002.30 | $801.10 | ' |
Operating Income | 56.4 | 40.5 | ' |
Total Assets | 2,858.20 | ' | 2,944.10 |
Global Color, Additives And Inks [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | 215.5 | 204.6 | ' |
Segment reporting Information, revenue for reportable segment | 219.6 | 205.3 | ' |
Operating Income | 30.4 | 24.2 | ' |
Total Assets | 961 | ' | 962 |
Intersegment Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | 0 | 0 | ' |
Segment reporting Information, revenue for reportable segment | -40 | -33.2 | ' |
Operating Income | -36.7 | -30.8 | ' |
Total Assets | 418.8 | ' | 557.7 |
Global Specialty Engineered Materials [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | 147 | 148.5 | ' |
Segment reporting Information, revenue for reportable segment | 157.4 | 152.9 | ' |
Operating Income | 18.3 | 15.8 | ' |
Total Assets | 393.2 | ' | 379.6 |
Designed Structures and Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | 173.5 | 41.5 | ' |
Segment reporting Information, revenue for reportable segment | 173.6 | 41.5 | ' |
Operating Income | 11.2 | 1.5 | ' |
Total Assets | 572 | ' | 549.4 |
Performance Products And Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | 185.3 | 140.5 | ' |
Segment reporting Information, revenue for reportable segment | 207.6 | 166.6 | ' |
Operating Income | 16 | 13.6 | ' |
Total Assets | 285.4 | ' | 278.7 |
PolyOne Distribution [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | 281 | 266 | ' |
Segment reporting Information, revenue for reportable segment | 284.1 | 268 | ' |
Operating Income | 17.2 | 16.2 | ' |
Total Assets | $227.80 | ' | $216.70 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Feb. 28, 2011 | Mar. 31, 2014 |
Sunbelt [Member] | Sunbelt [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Expense related to environmental activities | $0.90 | $2 | ' | ' | ' |
Proceeds from insurance recoveries | ' | 5.2 | ' | ' | ' |
Accrued probable future environmental expenditures | 122.1 | ' | 125.9 | ' | ' |
Equity interest sold, percentage | ' | ' | ' | 50.00% | ' |
Consideration received on transaction | ' | ' | ' | 132.3 | ' |
Guarantee assumed By acquirer | ' | ' | ' | ' | $24.40 |
Derivative_Instruments_Fair_Va
Derivative Instruments (Fair Value Of Derivative Financial Instruments Recorded In Condensed Consolidated Balance Sheets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Foreign currency forwards [Member] | Foreign currency forwards [Member] | Selling and administrative expense [Member] | Selling and administrative expense [Member] | Other Expense Net [Member] | Other Expense Net [Member] |
Foreign currency options [Member] | Foreign currency options [Member] | Foreign currency forwards [Member] | Foreign currency forwards [Member] | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' |
Notional | $12.80 | $12.80 | ' | ' | ' | ' |
Other Current Assets | 0 | 0 | ' | ' | ' | ' |
Gain/(loss) recognized in income | ' | ' | $0 | $0.10 | $0 | $0.40 |
Equity_Rollforward_Details
Equity Rollforward (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement, Equity Component [Line Items] | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | $947.60 | ' | $976.80 | ' |
Net Income | 29.4 | 15.3 | ' | ' |
Net Income | -0.2 | -0.2 | ' | ' |
Statement, Equity Component [Roll Forward] | ' | ' | ' | ' |
Balance at the beginning | 978.5 | 631.4 | ' | ' |
Net income | 29.2 | 15.1 | ' | ' |
Translation adjustments | -0.7 | -6 | ' | ' |
Total comprehensive income | 28.5 | 9.1 | ' | ' |
Total comprehensive income | 28.7 | 9.3 | ' | ' |
Total comprehensive income | -0.2 | -0.2 | ' | ' |
Cash dividend declared | -7.6 | -5.4 | ' | ' |
Issuance of common shares in connection to the Spartech acquisition | ' | 253.3 | ' | ' |
Repurchase of common shares | -51 | -20.8 | ' | ' |
Stock incentive plan activity | 0.7 | 6.3 | ' | ' |
Balance at the ending | 949.1 | 873.9 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 1.5 | ' | 1.7 | ' |
PolyOne Shareholders' Equity [Member] | ' | ' | ' | ' |
Statement, Equity Component [Line Items] | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 947.6 | 871.8 | 976.8 | 629.1 |
Net Income | ' | 15.3 | ' | ' |
Statement, Equity Component [Roll Forward] | ' | ' | ' | ' |
Translation adjustments | -0.7 | -6 | ' | ' |
Total comprehensive income | 28.7 | 9.3 | ' | ' |
Cash dividend declared | -7.6 | -5.4 | ' | ' |
Issuance of common shares in connection to the Spartech acquisition | ' | 253.3 | ' | ' |
Repurchase of common shares | -51 | -20.8 | ' | ' |
Stock incentive plan activity | 0.7 | 6.3 | ' | ' |
Noncontrolling Interests [Member] | ' | ' | ' | ' |
Statement, Equity Component [Line Items] | ' | ' | ' | ' |
Net Income | -0.2 | -0.2 | ' | ' |
Statement, Equity Component [Roll Forward] | ' | ' | ' | ' |
Translation adjustments | 0 | 0 | ' | ' |
Total comprehensive income | -0.2 | -0.2 | ' | ' |
Cash dividend declared | 0 | 0 | ' | ' |
Issuance of common shares in connection to the Spartech acquisition | 0 | ' | ' | ' |
Repurchase of common shares | 0 | 0 | ' | ' |
Stock incentive plan activity | 0 | 0 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | $1.50 | $2.10 | $1.70 | $2.30 |
Rollforward_of_Accumulated_Oth
Rollforward of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Cumulative Translation Adjustment, Balance at beginning of period | ($20.20) | ($16.50) |
Translation adjustments | -0.7 | -6 |
Cumulative Translation Adjustment, Balance at end of period | -20.9 | -22.5 |
Pension and Other Post-Retirement Benefits, Balance at beginning of period | 5.2 | 5.2 |
Pension and Other Post-Retirement Benefits, Balance at end of period | 5.2 | 5.2 |
Unrealized Gain in Available-for-Sale Securities, Balance at beginning of period | 0.2 | 0.2 |
Unrealized Gain in Available-for-Sale Securities, Balance at end of period | 0.2 | 0.2 |
Total, Balance at beginning of period | -14.8 | -11.1 |
Total, Balance at end of period | ($15.50) | ($17.10) |