Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 14, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | Allegion plc | ||
Entity Central Index Key | 1,579,241 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 95,471,511 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 7 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues | $ 2,238 | $ 2,068.1 | $ 2,118.3 |
Cost of Goods and Services Sold | 1,252.7 | 1,199 | 1,264.6 |
Selling and administrative expenses | (559.8) | (510.5) | (527.4) |
Operating income (loss) | 425.5 | 358.6 | 326.3 |
Interest expense | (64.3) | (52.9) | (53.8) |
Disposal Group, Not Discontinued Operation, Loss on Disposal | 84.4 | 104.2 | 0 |
Other, net | (18.2) | (7.8) | 4.6 |
Earnings (loss) before income taxes | 295 | 209.3 | 267.9 |
Benefit (provision) for income taxes | 63.8 | 54.6 | 84.2 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 231.2 | 154.7 | 183.7 |
Discontinued operations, net of tax | 0 | (0.4) | (11.1) |
Net earnings | 231.2 | 154.3 | 172.6 |
Other comprehensive income (loss) | |||
Less: Net earnings attributable to noncontrolling interests | (2.1) | (0.4) | 2.6 |
Net earnings (loss) attributable to Allegion plc | 229.1 | 153.9 | 175.2 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (40.7) | (60.5) | (66.4) |
Cash flow hedges and marketable securities unrealized net gains (losses) arising during period | 9.7 | 15.8 | 2 |
Cash flow hedges and marketable securities net gains (losses) reclassified into earnings | (19) | (17.5) | (2.5) |
Cash flow hedges and marketable securities tax (expense) benefit | (1.3) | 0 | (0.5) |
Total cash flow hedges and marketable securities net of tax | (10.6) | (1.7) | (1) |
Pension and OPEB adjustments prior service gains (costs) for the period | 0 | (0.1) | 0.3 |
Pension and OPEB adjustments net actuarial gains (losses) for the period | 3.1 | (37.6) | (9.9) |
Pension and OPEB adjustments amortization reclassified to earnings | 6 | 5.4 | 4.3 |
Other comprehensive income loss pension and other postretirement benefits settlements and curtailments reclassified to earnings | 0.3 | 1.1 | 0 |
Pension and OPEB adjustments currency translation and other | 14.4 | 5 | 4.8 |
Pension and OPEB adjustments tax (expense) benefit | (5) | 3 | 15.7 |
Total pension and OPEB adjustments, net of tax | 18.8 | (23.2) | 15.2 |
Other comprehensive income (loss), net of tax | (32.5) | (85.4) | (52.2) |
Total comprehensive income (loss), net of tax | 198.7 | 68.9 | 120.4 |
Total comprehensive (income) loss attributable to noncontrolling interests | 1.7 | (0.9) | (3.3) |
Total comprehensive income (loss) attributable to Allegion plc | 197 | 69.8 | 123.7 |
Amounts attributable to Allegion plc ordinary shareholders: | |||
Continuing operations | 229.1 | 154.3 | 186.3 |
Discontinued operations | 0 | (0.4) | (11.1) |
Net earnings (loss) attributable to Allegion plc | $ 229.1 | $ 153.9 | $ 175.2 |
Basic: | |||
Continuing operations | $ 2.39 | $ 1.61 | $ 1.94 |
Discontinued operations | 0 | (0.01) | (0.12) |
Net earnings (loss) | 2.39 | 1.60 | 1.82 |
Diluted: | |||
Continuing operations | 2.36 | 1.59 | 1.92 |
Discontinued operations | 0 | 0 | (0.12) |
Net earnings (loss) | 2.36 | 1.59 | 1.80 |
Common stock, dividends, in dollars per share, declared | $ 0.48 | $ 0.40 | $ 0.32 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 312.4 | $ 199.7 |
Accounts and notes receivable, net | 260 | 303.4 |
Inventories | 220.6 | 204.1 |
Deferred Income Taxes and Other Tax Receivable, Current | 11.9 | 10.5 |
Other current assets | 22.2 | 17.4 |
Assets Held-for-sale, Current | 2.2 | 0 |
Total current assets | 829.3 | 735.1 |
Property, plant and equipment, net | 226.6 | 224.8 |
Goodwill | 716.8 | 714.1 |
Intangible assets, net | 357.4 | 372.4 |
Deferred Tax Assets, Net, Noncurrent | 72.3 | 91.9 |
Other noncurrent assets | 45 | 124.7 |
Total assets | 2,247.4 | 2,263 |
LIABILITIES AND EQUITY | ||
Accounts payable | 179.9 | 175.1 |
Accrued compensation and benefits | 81 | 72.4 |
Accrued expenses and other current liabilities | 117.8 | 124.9 |
Deferred Tax Liabilities, Net, Current | 2.7 | 9.1 |
Short-term borrowings and current maturities of long-term debt | 48.2 | 65.6 |
Total current liabilities | 429.6 | 447.1 |
Long-term debt | 1,415.6 | 1,457.5 |
Postemployment and other benefit liabilities | 134.5 | 145.4 |
Deferred and noncurrent income taxes | 118.7 | 120 |
Other noncurrent liabilities | 32.6 | 63.3 |
Total liabilities | 2,131 | 2,233.3 |
Equity: | ||
Common Stock, Value, Issued | 1 | 1 |
Capital in excess of par value | 0 | 24.4 |
Retained earnings | 376.6 | 232.4 |
Accumulated other comprehensive income (loss) | (264.3) | (232.2) |
Total Allegion plc shareholders' equity | 113.3 | 25.6 |
Stockholders' Equity Attributable to Noncontrolling Interest | 3.1 | 4.1 |
Total equity | 116.4 | 29.7 |
Total liabilities and equity | $ 2,247.4 | $ 2,263 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Millions, $ in Millions | Total | Noncontrolling interest [Member] | Ordinary shares [Member] | Conversion of Parent Company Investment [Member] | Capital in excess of par value [Member] | Retained earnings [Member] | Accumulated other comprehensive income (loss) [Member] |
Beginning balance, shares at Dec. 31, 2013 | 96 | ||||||
Beginning balance, value at Dec. 31, 2013 | $ (35) | $ 31.1 | $ 1 | $ 28.5 | $ 1.1 | $ (96.7) | |
Net earnings | 172.6 | (2.6) | 0 | 0 | 175.2 | 0 | |
Other comprehensive income (loss), net of tax | (52.2) | (0.7) | 0 | 0 | 0 | (51.5) | |
Repurchase of ordinary shares | 0 | $ 0 | 48.8 | 1.5 | 0 | ||
Treasury Stock, Shares, Acquired | 1 | ||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 0.8 | ||||||
Dividends to noncontrolling interests | $ (4.5) | (4.5) | $ 0 | 0 | 0 | 0 | |
Common stock, dividends, in dollars per share, declared | $ 0.32 | ||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 4.5 | ||||||
Cash dividends, declared | (30.7) | 0 | 0 | 0 | (30.7) | 0 | |
Other | 13 | 0 | 0 | $ 0 | (11.3) | (1.7) | 0 |
Ending balance, value at Dec. 31, 2014 | 18.5 | 23.3 | $ 1 | 0 | 142.4 | (148.2) | |
Ending balance, shares at Dec. 31, 2014 | 95.8 | ||||||
Total comprehensive (income) loss attributable to noncontrolling interests | (3.3) | ||||||
Acquisition/divestiture of noncontrolling interests | 1.7 | 1.7 | $ 0 | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (66.4) | ||||||
Net earnings | 154.3 | 0.4 | 0 | 0 | 153.9 | 0 | |
Other comprehensive income (loss), net of tax | (85.4) | (1.3) | 0 | 0 | (0.1) | (84) | |
Shares issued under incentive stock plans, value | 14.3 | 0 | $ 0 | 14.3 | 0 | 0 | |
Shares issued under incentive stock plans, shares | 0 | ||||||
Repurchase of ordinary shares | (30) | (4.5) | (25.5) | ||||
Treasury Stock, Shares, Acquired | (0.5) | ||||||
Share-based compensation | 14.6 | 0 | $ 0 | 14.6 | 0 | 0 | |
Share-based compensation, shares | 0.7 | ||||||
Dividends to noncontrolling interests | $ (20) | (20) | $ 0 | 0 | 0 | 0 | |
Common stock, dividends, in dollars per share, declared | $ 0.40 | ||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 20 | ||||||
Cash dividends, declared | (38.3) | 0 | 0 | 0 | (38.3) | 0 | |
Ending balance, value at Dec. 31, 2015 | 29.7 | 4.1 | $ 1 | 24.4 | 232.4 | (232.2) | |
Ending balance, shares at Dec. 31, 2015 | 96 | ||||||
Total comprehensive (income) loss attributable to noncontrolling interests | (0.9) | ||||||
Acquisition/divestiture of noncontrolling interests | (0.4) | 0 | $ 0 | (0.4) | 0 | 0 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (60.5) | ||||||
Net earnings | 231.2 | 2.1 | 0 | 0 | 229.1 | 0 | |
Other comprehensive income (loss), net of tax | (32.5) | (0.4) | 0 | 0 | 0 | (32.1) | |
Shares issued under incentive stock plans, value | 5.8 | 0 | $ 0 | 5.8 | 0 | 0 | |
Shares issued under incentive stock plans, shares | 0 | ||||||
Repurchase of ordinary shares | $ (85.1) | 0 | $ 0 | (46.4) | (38.7) | 0 | |
Treasury Stock, Shares, Acquired | (1.3) | (1.3) | |||||
Share-based compensation | $ 16.6 | 0 | $ 0 | 16.6 | 0 | 0 | |
Share-based compensation, shares | 0.6 | ||||||
Dividends to noncontrolling interests | $ (2.7) | (2.7) | $ 0 | 0 | 0 | 0 | |
Common stock, dividends, in dollars per share, declared | $ 0.48 | ||||||
Payments of Ordinary Dividends, Noncontrolling Interest | $ 2.7 | ||||||
Cash dividends, declared | (46) | 0 | 0 | 0 | (46) | 0 | |
Other | 0.2 | 0 | 0 | 0 | (0.2) | 0 | |
Ending balance, value at Dec. 31, 2016 | 116.4 | $ 3.1 | $ 1 | $ 0 | $ 376.6 | $ (264.3) | |
Ending balance, shares at Dec. 31, 2016 | 95.3 | ||||||
Total comprehensive (income) loss attributable to noncontrolling interests | 1.7 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ (40.7) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net earnings | $ 231.2 | $ 154.3 | $ 172.6 |
Discontinued operations, net of tax | 0 | (0.4) | (11.1) |
Adjustments to arrive at net cash provided by (used in) operating activities: | |||
Write off of Deferred Debt Issuance Cost | 0 | 0 | 4.5 |
Depreciation and amortization | 66.9 | 53.2 | 48.8 |
Stock settled share-based compensation | 16.6 | 14.6 | 13.1 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 0 | (3.3) | 4.5 |
(Gain) Loss on Disposition of Business | 84.4 | 102.8 | 0 |
Marketable Securities, Realized (Gain) Loss, Excluding Other than Temporary Impairments | (12.4) | (11) | 0 |
(Gain)/loss on sale of property, plant and equipment | 1.3 | 0.9 | 0.1 |
Equity earnings, net of dividends | (3.2) | 0.3 | (0.5) |
Deferred Income Tax Expense (Benefit) | 6.3 | (2) | 17.2 |
Other items | (7.7) | (11.3) | 10.9 |
Changes in other assets and liabilities | |||
Accounts and notes receivable | (19.8) | (13.5) | (8) |
Inventories | (15.6) | (5.8) | 3.4 |
Other current and noncurrent assets | 62 | (5) | (24.2) |
Accounts payable | 3.4 | (14.7) | 43.4 |
Other current and noncurrent liabilities | (35.9) | (2.5) | (28.9) |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 377.5 | 257.4 | 259 |
Net cash (used in) provided by discontinued operating activities | 0 | (0.4) | (3.1) |
Net cash provided by (used in) operating activities | 377.5 | 257 | 255.9 |
Cash flows from investing activities: | |||
Capital expenditures | (42.5) | (35.2) | (51.5) |
Increase (Decrease) in Restricted Cash | 0 | 0 | 40.2 |
Acquisition of businesses, net of cash acquired | (31.4) | (511.3) | (25.2) |
Proceeds from sale of property, plant and equipment | 0.1 | 0.3 | 0.5 |
Proceeds from business dispositions, net of cash sold | (4.3) | 0.1 | 1.2 |
Proceeds from Sale and Maturity of Marketable Securities | 14.1 | 12.3 | 0 |
Other | (40.7) | ||
Net cash provided by (used in) investing activities | (64) | (533.8) | (34.8) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Other short-term borrowings (net) | (17.4) | 18.8 | (22) |
Proceeds from Lines of Credit | 0 | 400 | 0 |
Proceeds from long-term debt | 0 | 300 | 956.3 |
Payments of long-term debt | (47) | (440.5) | (1,012.3) |
Net proceeds (repayments) in debt | (64.4) | 278.3 | (78) |
Debt issuance costs | (0.3) | (9) | (5.8) |
Excess tax benefit from share based compensation | 0 | 3.3 | 4.5 |
Dividends paid to ordinary shareholders | (46) | (38.3) | (30) |
Dividends paid to noncontrolling interests | (2.7) | (20) | (4.5) |
Acquisition/divestiture of noncontrolling Interest | (4.5) | ||
Repurchase of ordinary shares | (85.1) | (30) | (50.3) |
Proceeds From Contributions From (Payments Of Distributions To) Former Parent and Affiliates | (50.3) | ||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | 5.8 | 11 | 14.1 |
Other, net | 3.3 | 0.3 | 0 |
Net cash (used in) provided by continuing financing activities | (196) | 195 | (150) |
Effect of exchange rate changes on cash and cash equivalents | (4.8) | (9) | (8) |
Net increase (decrease) in cash and cash equivalents | 112.7 | (90.8) | 63.1 |
Cash and cash equivalents - beginning of period | 199.7 | 290.5 | 227.4 |
Cash and cash equivalents - end of period | $ 312.4 | $ 199.7 | $ 290.5 |
Description of Company
Description of Company | 12 Months Ended |
Dec. 31, 2016 | |
Description Of Company | |
Description of Company | DESCRIPTION OF COMPANY AND BASIS OF PRESENTATION Allegion plc, an Irish public limited company, and its consolidated subsidiaries ("Allegion" or "the Company") are a leading global company that creates peace of mind by pioneering safety and security. The Company offers an extensive and versatile portfolio of mechanical and electronic security products across a range of market-leading brands including CISA®, Interflex®, LCN®, Schlage® and Von Duprin®. Basis of presentation: The Consolidated Financial Statements were prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") as defined by the Financial Accounting Standards Board ("FASB") within the FASB Accounting Standards Codification ("ASC"). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of significant accounting policies used in the preparation of the accompanying Consolidated Financial Statements follows: Principles of Consolidation: The Consolidated Financial Statements include all majority-owned subsidiaries of the Company. A noncontrolling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes noncontrolling interest as a component of Total equity in the Consolidated Balance Sheet and the Net earnings attributable to noncontrolling interests are presented as an adjustment from Net earnings used to arrive at Net earnings attributable to Allegion in the Consolidated Statement of Comprehensive Income. Partially-owned equity affiliates generally represent 20 - 50 % ownership interests in investments and where we demonstrate significant influence in investments, but do not have a controlling financial interest. Partially-owned equity affiliates are accounted for under the equity method. The Company is also required to consolidate variable interest entities in which it bears a majority of the risk to the entities’ potential losses or stands to gain from a majority of the entities’ expected returns. Transactions between the Company and Ingersoll Rand and its affiliates are herein referred to as "related party" or "affiliated" transactions. The assets, liabilities, results of operations and cash flows of all discontinued operations have been separately reported as discontinued operations. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends, and the assessment of the probable future outcome. Some of the more significant estimates include accounting for doubtful accounts, useful lives of property, plant and equipment and intangible assets, purchase price allocations of acquired businesses, valuation of assets including goodwill and other intangible assets, product warranties, sales allowances, pension plans, postretirement benefits other than pensions, taxes, environmental costs, product liability and other contingencies. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the Consolidated Statement of Comprehensive Income in the period that they are determined. Currency Translation: Assets and liabilities where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates, and income and expense accounts have been translated using average exchange rates throughout the year. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in the Equity section of the Consolidated Balance Sheet within Accumulated other comprehensive income (loss). Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, demand deposits and all highly liquid investments with original maturities at the time of purchase of three months or less. Marketable Securities: The Company has classified its marketable securities as available-for-sale in accordance with GAAP. Available-for-sale marketable securities are accounted for at fair value, with the unrealized gain or loss, less applicable deferred income taxes, recorded within Accumulated other comprehensive income (loss). If any of the Company’s marketable securities experience other than temporary declines in value as defined by GAAP, a loss is recorded in the Consolidated Statement of Comprehensive Income in the period determined. Inventories : Inventories are stated at the lower of cost or net realizable value using the first-in first-out (FIFO) method. Allowance for Doubtful Accounts : The Company has provided an allowance for doubtful accounts reserve, which represents the best estimate of probable loss inherent in the Company’s account receivables portfolio. Changes in the financial condition of customers or other unanticipated events, which may affect their ability to make payments, could result in charges for additional allowances exceeding the Company's estimates. The Company's estimates are influenced by the following considerations: a continuing credit evaluation of our customers’ financial condition; trade accounts receivable aging; and historical loss experience. The Company reserved $ 2.7 million and $ 3.8 million for doubtful accounts as of December 31, 2016 and 2015 , respectively. Property, Plant and Equipment: Property, plant and equipment are stated at cost, less accumulated depreciation. Assets placed in service are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset except for leasehold improvements, which are depreciated over the shorter of their economic useful life or their lease term. The range of useful lives used to depreciate property, plant and equipment is as follows: Buildings 10 to 50 years Machinery and equipment 2 to 12 years Software 2 to 7 years Repair and maintenance costs that do not extend the useful life of the asset are charged against earnings as incurred. Major replacements and significant improvements that increase asset values and extend useful lives are capitalized. The Company assesses the recoverability of the carrying value of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If the undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying value of the asset exceeds the fair value of the assets. Goodwill and Intangible Assets: The Company records as goodwill the excess of the purchase price over the fair value of the net assets acquired. In accordance with GAAP, goodwill and other indefinite-lived intangible assets are tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the reporting unit is more likely than not less than the carrying amount of the reporting unit. Recoverability of goodwill is measured at the reporting unit level and begins with a qualitative assessment to determine if it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test prescribed by GAAP. For those reporting units where it is required, the first step compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. To the extent that the carrying value of the reporting unit exceeds its estimated fair value, a second step is performed, wherein the reporting unit's carrying value of goodwill is compared to the implied fair value of goodwill. To the extent that the carrying value exceeds the implied fair value, impairment exists and must be recognized. The calculation of estimated fair value is based on two valuation techniques, a discounted cash flow model (income approach) and a market adjusted multiple of earnings and revenues (market approach), with each method being weighted in the calculation. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. The estimated fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit, as determined in the first step of the goodwill impairment test, was the price paid to acquire that reporting unit. Recoverability of other intangible assets with indefinite useful lives (i.e. Trademarks) is determined on a relief from royalty methodology (income approach), which is based on the implied royalty paid, at an appropriate discount rate, to license the use of an asset rather than owning the asset. The present value of the after-tax cost savings (i.e. royalty relief) indicates the estimated fair value of the asset. Any excess of the carrying value over the estimated fair value is recognized as an impairment loss equal to that excess. Intangible assets such as patents, customer-related intangible assets and other intangible assets with finite useful lives are amortized on a straight-line basis over their estimated economic lives. The weighted-average useful lives approximate the following: Customer relationships 25 years Trademarks 25 years Completed technology/patents 10 years Other 25 years Recoverability of intangible assets with finite useful lives is assessed in the same manner as property, plant and equipment as described above. Income Taxes: For purposes of the Company’s Consolidated Financial Statements for periods prior to the Spin-off, income tax expense has been recorded as if the Company filed tax returns on a stand-alone basis separate from Ingersoll Rand. This separate return methodology applies the accounting guidance for income taxes to the stand-alone financial statements as if the Company was a stand-alone enterprise for the periods prior to the Spin-off. Therefore, cash tax payments and items of current and deferred taxes may not be reflective of the Company’s actual tax balances prior to or subsequent to the Spin-off. Cash paid for income taxes, net of refunds for the twelve months ended December 31, 2016 and 2015 was $10.4 million and $80.6 million , respectively. The 2016 net cash income taxes paid includes a refund of $46.2 million received from the Canadian Tax Authorities. The income tax accounts reflected in the Consolidated Balance Sheet as of December 31, 2016 and 2015 include income taxes payable and deferred taxes allocated to the Company at the time of the Spin-off. The calculation of the Company’s income taxes involves considerable judgment and the use of both estimates and allocations. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. The Company recognizes future tax benefits, such as net operating losses and tax credits, to the extent that realizing these benefits is considered in its judgment to be more likely than not. The Company regularly reviews the recoverability of its deferred tax assets considering its historic profitability, projected future taxable income, timing of the reversals of existing temporary differences and the feasibility of its tax planning strategies. Where appropriate, the Company records a valuation allowance with respect to a future tax benefit. Product Warranties: Standard product warranty accruals are recorded at the time of sale and are estimated based upon product warranty terms and historical experience. The Company assesses the adequacy of its liabilities and will make adjustments as necessary based on known or anticipated warranty claims, or as new information becomes available. Revenue Recognition: Revenue is recognized and earned when all of the following criteria are satisfied: (a) persuasive evidence of a sales arrangement exists; (b) the price is fixed or determinable; (c) collectability is reasonably assured; and (d) delivery has occurred or service has been rendered. Delivery generally occurs when the title and the risks and rewards of ownership have transferred to the customer. Both the persuasive evidence of a sales arrangement and fixed or determinable price criteria are deemed to be satisfied upon receipt of an executed and legally binding sales agreement or contract that clearly defines the terms and conditions of the transaction including the respective obligations of the parties. If the defined terms and conditions allow variability in all or a component of the price, revenue is not recognized until such time that the price becomes fixed or determinable. At the point of sale, the Company validates the existence of an enforceable claim that requires payment within a reasonable amount of time and assesses the collectability of that claim. If collectability is not deemed to be reasonably assured, then revenue recognition is deferred until such time that collectability becomes probable or cash is received. Delivery is not considered to have occurred until the customer has taken title and assumed the risks and rewards of ownership. Service and installation revenue are recognized when earned. In some instances, customer acceptance provisions are included in sales arrangements to give the buyer the ability to ensure the delivered product or service meets the criteria established in the order. In these instances, revenue recognition is deferred until the acceptance terms specified in the arrangement are fulfilled through customer acceptance or a demonstration that established criteria have been satisfied. If uncertainty exists about customer acceptance, revenue is not recognized until acceptance has occurred. The Company offers various sales incentive programs to our customers, dealers, and distributors. Sales incentive programs do not preclude revenue recognition, but do require an accrual for the Company’s best estimate of expected activity. Examples of the sales incentives that are accrued for as a contra receivable and sales deduction at the point of sale include, but are not limited to, discounts (i.e. net 30 type), coupons, and rebates where the customer does not have to provide any additional requirements to receive the discount. Sales returns and customer disputes involving a question of quantity or price are also accounted for as a reduction in revenue and a contra receivable. At December 31, 2016 and 2015 , the Company had a customer claim accrual (contra receivable) of $29.0 million and $24.5 million , respectively. All other incentives or incentive programs where the customer is required to reach a certain level of purchases, remain a customer for a certain period, provide a rebate form or is subject to additional requirements are accounted for as a reduction of revenue and establishment of a liability. At December 31, 2016 and 2015 , the Company had a sales incentive accrual of $29.6 million and $26.6 million , respectively. Each of these accruals represents the Company’s best estimate it expects to pay related to previously sold units based on historical claim experience. These estimates are reviewed regularly for accuracy. If updated information or actual amounts are different from previous estimates, the revisions are included in the Company’s results for the period in which they become known. Historically, the aggregate differences, if any, between the Company’s estimates and actual amounts in any year have not had a material impact on the Consolidated Financial Statements. Environmental Costs: The Company is subject to laws and regulations relating to protecting the environment. Environmental expenditures relating to current operations are expensed or capitalized as appropriate. Expenditures relating to existing conditions caused by past operations, which do not contribute to current or future revenues, are expensed. Liabilities for remediation costs are recorded when they are probable and can be reasonably estimated, generally no later than the completion of feasibility studies or the Company’s commitment to a plan of action. The assessment of this liability, which is calculated based on existing technology, does not reflect any offset for possible recoveries from insurance companies, and is not discounted. Refer to Note 21 for further details of environmental matters. Research and Development Costs: The Company conducts research and development activities for the purpose of developing and improving new products and services. These expenditures are expensed when incurred. For the years ended December 31, 2016 , 2015 and 2014 , these expenditures amounted to approximately $ 47.3 million , $ 45.2 million and $ 43.3 million , respectively and consist of salaries, wages, benefits, building costs and other overhead expenses. Software Costs: The Company capitalizes certain qualified internal-use software costs during the application development stage and subsequently amortizes those costs over the software's useful life, which ranges from 2 to 7 years. Employee Benefit Plans : The Company provides a range of benefits, including pensions, postretirement and postemployment benefits to eligible current and former employees. Determining the cost associated with such benefits is dependent on various actuarial assumptions, including discount rates, expected return on plan assets, compensation increases, employee mortality, turnover rates, and healthcare cost trend rates. Actuaries perform the required calculations to determine expense in accordance with GAAP. Actual results may differ from the actuarial assumptions and are generally accumulated into Accumulated other comprehensive income (loss) and amortized into Net earnings over future periods. The Company reviews its actuarial assumptions at each measurement date and makes modifications to the assumptions based on current rates and trends, if appropriate. Refer to Note 12 for further details on employee benefit plans. Loss Contingencies: Liabilities are recorded for various contingencies arising in the normal course of business, including litigation and administrative proceedings, environmental matters, product liability, product warranty, worker’s compensation and other claims. The Company has recorded reserves in the financial statements related to these matters, which are developed using inputs derived from actuarial estimates and historical and anticipated experience data depending on the nature of the reserve and, in certain instances, with consultation of legal counsel, internal and external consultants and engineers. Subject to the uncertainties inherent in estimating future costs for these types of liabilities, the Company believes its estimated reserves are reasonable and does not believe the final determination of the liabilities with respect to these matters would have a material effect on the financial condition, results of operations, liquidity or cash flows of the Company for any year. Refer to Note 21 for further details on loss contingencies. Derivative Instruments: The Company periodically enters into cash flow and other derivative transactions to specifically hedge exposure to various risks related to currency and interest rates. The Company recognizes all derivatives on the Consolidated Balance Sheet at their fair value as either assets or liabilities. For cash flow designated hedges, the effective portion of the changes in fair value of the derivative contract are recorded in Accumulated other comprehensive income (loss), net of taxes, and are recognized in Net earnings at the time earnings are affected by the hedged transaction. For other derivative transactions, the changes in the fair value of the derivative contract are immediately recognized in Net earnings. Refer to Note 11 for further details on derivative instruments. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements: In August 2014, the FASB issued ASU 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The Company adopted the provisions of ASU 2014-15 in the fourth quarter of 2016. The adoption of ASU 2014-15 did not have a material impact on the Company's financial condition, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as an asset. The ASU is effective for annual reporting periods beginning after December 15, 2015. As further reflected in Note 10 to the Consolidated Financial Statements, we retrospectively adopted ASU 2015-03 in the first quarter of 2016. As a result of the adoption of ASU 2015-03, the Company reclassified $22.3 million of unamortized debt issuance costs from Other noncurrent assets to Long term debt within its previously reported consolidated balance sheet as of December 31, 2015. In May 2015, the FASB issued ASU 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and removes the requirement to make certain disclosures for these investments. The ASU was effective for annual reporting periods beginning after December 15, 2015, however, early adoption was permitted. The Company adopted the provisions of ASU 2015-07 on a retrospective basis at December 31, 2015. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 802): Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Prior to the issuance of the standard, entities were required to retrospectively apply adjustments made to provisional amounts recognized in a business combination. The ASU was effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. During 2016, the Company made immaterial measurement-period adjustments related to business combinations from 2015 and 2016. The impact of ASU 2015-16 on these adjustments did not have a material impact on the consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Prior to the issuance of the standard, entities were required to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018, however early adoption was permitted. The Company adopted the provisions of ASU 2015-17 on a prospective basis at December 31, 2015. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2016-09 in the fourth quarter of 2016. As a result, during the fourth quarter, the Company recognized a year-to-date 2016 excess tax benefit of $3.5 million against income tax expense rather than additional paid-in capital. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory." This update addresses the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. In addition, interpretations of this guidance have developed in practice over the years for transfers of certain intangible and tangible assets. The amendments in the update will require recognition of current and deferred income taxes resulting from an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted in 2017 if adoption takes place during the first interim reporting period. The Company elected to adopt early on January 1, 2017. The Company does not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (ASC 606). ASC 606 is a single, comprehensive revenue recognition model for all contracts with customers. The model is based on changes in contract assets (rights to receive consideration) and liabilities (obligations to provide a good or perform a service). Revenue is recognized based on the satisfaction of performance obligations, which occurs when control of a good or service transfers to a customer. ASC 606 contains expanded disclosure requirements relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption ("modified retrospective method"). This guidance will be effective for the Company January 1, 2018. The FASB has also issued the following standards which clarify ASU 2014-09 and have the same effective date as the original standard: ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients and ASU 2016-10 Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing. The Company has completed a high-level assessment of the new standard’s impact and is currently performing a technical assessment of all customer contracts. The Company will choose the modified retrospective method upon adoption in 2018. The adoption of the new standard will not have a material impact on the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The standard defines net realizable value as estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. The ASU is effective for annual and interim reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. The requirements of ASU 2015-11 are not expected to have a significant impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve month term, these arrangements must now be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. ASU 2016-05 is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. The Company is assessing what impact ASU 2016-02 will have on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. The ASU will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company is assessing what impact ASU 2016-13 will have on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments." The objective of ASU 2016-15 is to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. The ASU will be effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The amendments in this update will be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is assessing what impact ASU 2016-15 will have on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles– Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment". ASU 2017-04 removes Step 2 from the goodwill impairment test. The ASU will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests after January 1, 2017. The Company is assessing what impact ASU 2017-04 will have on the consolidated financial statements. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2016 | |
Marketable Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | MARKETABLE SECURITIES At December 31, marketable securities included within Other noncurrent assets in the Consolidated Balance Sheets were as follows: 2016 2015 In millions Amortized cost or cost Unrealized gains Fair value Amortized cost or cost Unrealized gains Fair value Equity securities $ — $ — $ — $ 1.2 $ 13.0 $ 14.2 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | INVENTORIES At December 31, the major classes of inventory were as follows: In millions 2016 2015 Raw materials $ 56.7 $ 58.9 Work-in-process 23.6 30.0 Finished goods 140.3 115.2 Total $ 220.6 $ 204.1 Inventories are stated at the lower of cost or net realizable value using the first-in, first-out (FIFO) method. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT At December 31, the major classes of property, plant and equipment were as follows: In millions 2016 2015 Land $ 14.5 $ 14.5 Buildings 127.6 125.9 Machinery and equipment 353.6 340.1 Software 126.5 101.9 Construction in progress 18.2 34.1 640.4 616.5 Accumulated depreciation (413.8 ) (391.7 ) Total $ 226.6 $ 224.8 Depreciation expense for the years ended December 31, 2016 , 2015 and 2014 was $40.9 million , $36.4 million and $34.5 million , which includes amounts for software amortization of $16.6 million , $14.4 million and $12.7 million . |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill Abstract | |
Goodwill | GOODWILL The Company records as goodwill the excess of the purchase price over the fair value of the net assets acquired. Once the final valuation has been performed for each acquisition, adjustments may be recorded. The changes in the carrying amount of Goodwill are as follows: In millions Americas EMEIA Asia Pacific Total December 31, 2014 (gross) $ 364.8 $ 533.0 $ 72.1 $ 969.9 Accumulated impairment * — (478.6 ) (6.9 ) (485.5 ) December 31, 2014 (net) 364.8 54.4 65.2 484.4 Acquisitions 9.2 219.3 27.9 256.4 Write-off (0.8 ) — — (0.8 ) Currency translation (0.4 ) (18.9 ) (6.6 ) (25.9 ) December 31, 2015 (net) 372.8 254.8 86.5 714.1 Acquisitions — 12.5 3.3 15.8 Currency translation 0.1 (9.8 ) (3.4 ) (13.1 ) December 31, 2016 (net) $ 372.9 $ 257.5 $ 86.4 $ 716.8 * Accumulated impairment consists of charges of $137.6 million (EMEIA), $341.0 million (EMEIA) and $6.9 million (Asia Pacific) recorded in 2013, 2008 and 2007, respectively, as a result of the Company's impairment testing. As discussed in Note 9 - Divestitures in 2015 the assets of our systems integration business in China within the Asia Pacific segment were reclassified to assets held for sale within the December 31, 2014 Consolidated Balance Sheet. Goodwill allocated to this business was $21.6 million at December 31, 2014. In conjunction with determining the fair value of the assets held for sale, the Company determined that the goodwill assigned to this business was impaired. As a result, approximately $21.0 million of the $78.1 million pre-tax charge related to the divestiture recorded in 2015 related to the write-off of goodwill. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets Abstract | |
Intangible Assets | INTANGIBLE ASSETS The following table sets forth the gross amount and related accumulated amortization of the Company’s intangible assets at December 31: 2016 2015 In millions Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Completed technologies/patents $ 48.0 $ (25.3 ) $ 22.7 $ 49.0 $ (23.1 ) $ 25.9 Customer relationships 278.9 (51.6 ) 227.3 278.7 (40.2 ) 238.5 Trademarks (finite-lived) 78.5 (37.3 ) 41.2 81.2 (35.3 ) 45.9 Other 11.0 (9.4 ) 1.6 9.0 (9.0 ) — Total finite-lived intangible assets 416.4 $ (123.6 ) 292.8 417.9 $ (107.6 ) 310.3 Trademarks (indefinite-lived) 64.6 64.6 62.1 62.1 Total $ 481.0 $ 357.4 $ 480.0 $ 372.4 The Company amortizes intangible assets with finite useful lives on a straight-line basis over their estimated economic lives in accordance with GAAP. Indefinite-lived intangible assets are not subject to amortization, but instead, are tested for impairment at least annually (more frequently if certain indicators are present). Intangible asset amortization expense for 2016 , 2015 and 2014 was $ 20.5 million , $ 11.9 million and $ 9.5 million , respectively. Future estimated amortization expense on existing intangible assets in each of the next five years amounts to approximately $ 19.6 million for 2017, $ 19.6 million for 2018, $ 18.8 million for 2019, $ 18.8 million for 2020, and $ 18.8 million for 2021. In accordance with the Company’s indefinite-lived intangible asset impairment testing policy outlined in Note 2, the Company performed its annual impairment test in the fourth quarter of each year. In each year, the Company determined the fair value of all indefinite-lived intangible assets exceeded their respective carrying values. Therefore, no impairment charges were recorded during 2016 , 2015 and 2014 . |
Acquisitions Acquisitions (Note
Acquisitions Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition [Line Items] | |
Business Combination Disclosure [Text Block] | ACQUISITIONS 2016 In June 2016 the Company acquired 100% of Trelock GmbH, a portable safety and security provider, and certain affiliated companies. 2015 In 2015, the Company completed one investment and five acquisitions: Business Date iDevices (investment) February 2015 Zero International Inc. ("Zero") April 2015 Brio (Division of RMD Industries Pty Ltd) ("Brio") May 2015 Milre Systek Co., Ltd ("Milre") July 2015 SimonsVoss Technologies GmbH ("SimonsVoss") September 2015 AXA Stenman Holding ("AXA") September 2015 iDevices is a brand and development partner in the Internet of Things industry. The investment is accounted for using the equity method. Zero manufactures door and window products for commercial spaces and products include sealing systems, such as sound control, fire and smoke protection, threshold applications, lites, door louvers, intumescent products, photo-luminescent and flood barrier for doors. Brio is a designer and manufacturer of sliding and folding door hardware for commercial and residential spaces in Australia, New Zealand, the United Kingdom and the United States. Milre is a leading security solutions manufacturer in South Korea, focused on producing high-quality and innovative electronic door locks. SimonsVoss was acquired for approximately $230.0 million . SimonsVoss, headquartered in Munich, Germany, is an electronic lock company in the European electronic market segment. SimonsVoss generated sales of approximately $69.2 million in 2014. AXA was acquired for approximately $208.0 million . AXA is a European residential and portable security provider headquartered in Veenendaal, the Netherlands, with production facilities in the Netherlands, France and Poland. AXA manufactures and sells a branded portfolio of portable locks and lights as well as a wide variety of window and door hardware. The products are sold throughout Europe to bicycle manufacturers, retail distributors and property builders. AXA generated sales of approximately $79.8 million in 2014. Total consideration paid for the acquisitions in 2015 was $511.3 million (net of cash acquired). The final allocation of the aggregate purchase price to assets acquired and liabilities assumed for the acquisitions described above is as follows: In millions Accounts and notes receivable, net $ 23.3 Inventories 34.8 Other current assets 4.2 Property, plant and equipment, net 27.2 Goodwill 257.5 Intangible assets, net 273.8 Other noncurrent assets 12.5 Accounts payable (12.2 ) Accrued expenses and other current liabilities (30.1 ) Deferred tax liabilities and other noncurrent liabilities (79.7 ) $ 511.3 Intangible assets are primarily comprised of acquired customer lists and completed technologies. Goodwill results from several factors including Allegion-specific synergies that were excluded from the cash flow projections used in the valuation of intangible assets and intangible assets that do not qualify for separate recognition (i.e., assembled workforce). The majority of the goodwill is not deductible for tax purposes. These acquisitions are accounted for as business combinations. The acquisitions in 2015 contributed revenues of $74.5 million and earnings before tax of $2.2 million to the Company from the acquisition dates to December 31, 2015. The following unaudited pro forma financial information for the year ended December 31, 2015 reflects the consolidated results of operations of the Company as if the acquisitions had taken place on January 1, 2014. December 31, In millions, except per share amounts 2015 Net revenues $ 2,170.2 Net earnings attributable to Allegion plc $ 167.0 Basic income per share $ 1.74 Diluted income per share $ 1.72 During the year ended December 31, 2015 the Company incurred $17.9 million of acquisition related costs. These expenses are included in both Cost of goods sold and Selling and administrative expenses in the Consolidated Statement of Comprehensive Income. For pro forma purposes, these expenses were assumed to have been incurred on January 1, 2014. Pro forma Net earnings (loss) attributable to Allegion plc in the table above has been adjusted to reflect the costs in the assumed acquisition period. The Company’s historical financial information was adjusted to give effect to the pro forma events that were directly attributable to the acquisitions. This unaudited pro forma financial information has been presented for informational purposes only and does not purport to be indicative of results of operations that would have occurred had the pro forma events taken place on the date indicated or the future consolidated results of operations of the combined company. The unaudited pro forma financial information has been calculated after applying the Company's accounting policies and adjusting the results of the acquired companies to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied from January 1, 2014 with the consequential tax effects. Additionally, interest related to the issuance of $300 million of senior notes and the borrowing of $100 million on the revolving facility has been included in the pro forma results above as if the debt was outstanding as of January 1, 2014. For purposes of calculating interest on the additional debt amounts, the Company has assumed the total amount is outstanding for all pro forma periods presented. |
Debt and Credit Facilities
Debt and Credit Facilities | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES At December 31, long-term debt and other borrowings consisted of the following: In millions 2016 2015 Term Loan A Facility $ 879.8 $ 926.7 5.75% Senior Notes due 2021 300.0 300.0 5.875% Senior Notes due 2023 300.0 300.0 Other debt, including capital leases, maturing in various amounts through 2024 2.3 18.7 Unamortized debt issuance costs, net (18.3 ) (22.3 ) Total debt 1,463.8 1,523.1 Less current portion of long term debt 48.2 65.6 Total long-term debt $ 1,415.6 $ 1,457.5 Senior Secured Credit Facilities The Company has credit facilities consisting of a $938.4 million Term Loan Facility due in 2020 (the "Term Loan A Facility") and a $500.0 million Senior Secured Revolving Credit Facility (the "Revolver") maturing in 2020. The Company refers to these credit facilities as its "Senior Secured Credit Facilities." The applicable margin for LIBOR rate borrowings range from 1.375% to 1.875% and the applicable margin for base rate borrowings range from 0.375% to 0.875% in each case depending on the corporate credit or family rating. The Revolver and the Term Loan A Facility mature on October 15, 2020. The Company repaid $46.9 million of principal on its Term Loan A Facility during the year ended December 31, 2016 . Borrowings outstanding under the Term Loan A Facility were $879.8 million on December 31, 2016 . Allegion plc is the primary borrower under the Senior Secured Credit Facilities. Term Facilities . The Term Loan A Facility amortizes in quarterly installments at the following rates per year: 5% in 2017; 5% in 2018 and 10% in each year thereafter, with the final installment due on October 15, 2020. Revolver. The Senior Secured Revolving Credit Facility permits borrowings of up to $500.0 million . The Revolver is comprised of two tranches: a $400 million tranche available in U.S. Dollars and a multi-currency tranche capped at $100 million . The Revolver also includes $100.0 million available for the issuance of letters of credit, however outstanding letters of credit reduce availability under the Revolver. The Revolver matures and the commitments thereunder will terminate on October 15, 2020. The Company pays certain fees with respect to the Revolver, including a commitment fee on the undrawn portion of the Revolver of 0.25% per year. At December 31, 2016 , the Company did not have any borrowings outstanding under the Revolver and had $21.7 million of letters of credit outstanding. Guarantees and Collateral. The indebtedness, obligations and liabilities under the Senior Secured Credit Facilities are unconditionally guaranteed jointly and severally on a senior secured basis by certain of Allegion plc's subsidiaries, and will be secured, subject to permitted liens and other exceptions and exclusions, by a first-priority lien on substantially all tangible and intangible assets of the borrowers and each U.S. guarantor (including (i) a perfected pledge of all of the capital stock of the borrower and each direct, wholly-owned material subsidiary held by the borrowers or any guarantor (subject to certain limitations with respect to non U.S. subsidiaries) and (ii) perfected security interests in, and mortgages on, accounts, inventory, equipment, general intangibles, commercial tort claims, investment property, intellectual property, material fee-owned real property, letter-of-credit rights, intercompany notes and proceeds of the foregoing, except for certain excluded assets. Mandatory Prepayments. In accordance with the Senior Secured Credit Facility, net cash proceeds of non-recourse asset sales and proceeds received from certain additional indebtedness will require prepayment of the Term Loan A Facility with proceeds received. In addition, starting with the year ended December 31, 2016 the Company may be required to apply between 0%-50% of its annual excess cash flow (as defined in the Senior Secured Credit Facility) to the prepayment of the Senior Secured Credit Facility. However, this percentage reduces to certain levels and eventually to zero upon achievement of certain leverage ratios. During the year ended December 31, 2016 , the Company was not required to make any prepayments on the Senior Secured Credit Facility. Voluntary Prepayments. The Company may voluntarily prepay the outstanding Term Loan A Facility in whole or in part at any time without premium or penalty. Optional prepayments of the Term Loan A Facility will be applied to the remaining installments at the direction of the borrower. Commitments under the Revolver may be reduced in whole or in part at any time without premium or penalty. Covenants. The Senior Secured Credit Facility contains certain customary covenants that, among other things, limit or restrict (subject to certain exceptions) the Company's ability to incur certain indebtedness, grant certain liens, make certain investments, declare or pay certain dividends or redeem or repurchase capital stock. In addition, the Senior Secured Credit Facility contains certain financial covenants, which include a maximum leverage ratio and an interest expense coverage ratio. As of December 31, 2016 , the Company is required to comply with a maximum leverage ratio of 4.00 to 1.00 based on a ratio of total consolidated indebtedness, net of unrestricted cash up to $150 million , to consolidated EBITDA. Additionally, the Company is required to have a minimum interest expense coverage ratio of 4.00 to 1.00 based on a ratio of consolidated EBITDA to consolidated interest expense, net of interest income. As of December 31, 2016 the Company was in compliance with all of these covenants. Interest Rates and Fees. Outstanding borrowings under the Senior Secured Credit Facilities accrue interest, at the option of the borrower, at a per annum rate of (i) LIBOR plus the applicable margin or (ii) a base rate plus the applicable margin. As of December 31, 2016 , the Company elected to borrow utilizing LIBOR. The applicable margin for borrowings under the Revolver and the Term Loan A Facility is subject to a credit facility rating-based pricing grid with the LIBOR ranging from 1.375% to 1.875% . The margin for Term Loan A Facility borrowings was 1.375% as of December 31, 2016 . To manage the Company's exposure to fluctuations in LIBOR rates, the Company has forward starting interest rate swaps to fix interest rate paid during the contract period for $525.0 million of the Company's variable rate Term Loan Facility. Swaps with notional amounts totaling $275.0 million expire in September 2017 and swaps with notional amounts totaling $250.0 million expire in December 2020. Senior Notes In October 2013, Allegion US Holding Company Inc., the Company's wholly-owned subsidiary ("Allegion US"), issued $300.0 million of 5.75% senior notes due 2021 (the "2021 Senior Notes"). The 2021 Senior Notes have been registered under the Securities Act of 1933, as amended. The 2021 Senior Notes accrue interest at the rate of 5.75% per annum, payable semi-annually on April 1 and October 1 of each year. The 2021 Senior Notes mature on October 1, 2021. The terms of the indenture governing the 2021 Senior Notes (the "Indenture") provide that, among other things, the 2021 Senior Notes rank equally in right of payment to all of Allegion US's and Allegion plc’s existing and future senior unsecured indebtedness and effectively junior to all of the issuer’s and the guarantors’ existing and future secured indebtedness (including indebtedness with respect to the Senior Secured Credit Facility) to the extent of the value of the assets securing such indebtedness. The 2021 Senior Notes are structurally subordinated to all of the existing and future liabilities of the Company's subsidiaries that do not guarantee the 2021 Senior Notes. The net proceeds of this indebtedness were distributed to Ingersoll Rand in connection with the Spin-off. In September 2015, Allegion plc issued $300.0 million of 5.875% senior notes due 2023 (the "2023 Senior Notes"). The 2023 Senior Notes have been registered under the Securities Act of 1933, as amended. The 2023 Senior Notes accrue interest at the rate of 5.875% per annum, payable semi-annually on March 15 and September 15 of each year, beginning March 15, 2016. The 2023 Senior Notes mature on September 15, 2023. The 2023 Senior Notes are pursuant to an indenture (the "Second Indenture"), which provides that, among other things, the 2023 Senior Notes rank equally in right of payment to all of Allegion plc’s existing and future senior unsecured indebtedness and effectively junior to all of Allegion plc’s and the guarantors’ existing and future secured indebtedness (including indebtedness with respect to the Senior Secured Credit Facility) to the extent of the value of the assets securing such indebtedness. The 2023 Senior Notes are structurally subordinated to all of the existing and future liabilities of Allegion plc’s subsidiaries that do not guarantee the 2023 Senior Notes. The Company used the net proceeds of the offering to repay approximately $300.0 million under Allegion’s revolving credit facility. Guarantees . Allegion plc and certain of its subsidiaries jointly and severally guarantee Allegion US’s obligations under the 2021 Senior Notes on a senior unsecured basis. Allegion US and certain of its subsidiaries jointly and severally guarantee Allegion plc's obligations under the 2023 Senior Notes. Covenants. The 2021 Senior Notes and the 2023 Senior Notes contain certain customary covenants that, among other things, limit or restrict (subject to certain exceptions) the Company's ability to incur certain indebtedness, grant certain liens, make certain investments, declare or pay certain dividends or redeem or repurchase capital stock. At December 31, 2016 , future retirements of the amounts outstanding under the Senior Secured Credit Facilities, the 2021 Senior Notes and the 2023 Senior Notes are as follows: In millions 2017 $ 46.9 2018 46.9 2019 93.9 2020 692.1 2021 300.0 Thereafter 300.0 Total $ 1,479.8 At December 31, 2016 , the weighted-average interest rate for borrowings was 2.5% under the Term Loan A Facility (including the effect of interest rate swaps), 5.75% under the 2021 Senior Notes and 5.875% under the 2023 Senior Notes. Cash paid for interest for the years ended December 31, 2016 , 2015 and 2014 was $56.0 million , $39.0 million and $45.0 million respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments Abstract | |
Financial Instruments | FINANCIAL INSTRUMENTS In the normal course of business, the Company uses various financial instruments, including derivative instruments, to manage the risks associated with currency rate exposures. These financial instruments are not used for trading or speculative purposes. On the date a derivative contract is entered into, the Company designates the derivative instrument as a cash flow hedge of a forecasted transaction, a cash flow hedge of a recognized asset or liability, or as an undesignated derivative. The Company formally documents its hedge relationships, including identification of the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivative instruments that are designated as hedges to specific assets, liabilities or forecasted transactions. The fair market value of derivative instruments is determined through market-based valuations and may not be representative of the actual gains or losses that will be recorded when these instruments mature due to future fluctuations in the markets in which they are traded. The Company assesses at inception and at least quarterly thereafter, whether the derivatives used in cash flow hedging transactions are highly effective in offsetting the changes in the cash flows of the hedged item. To the extent the derivative is deemed to be a highly effective hedge, the fair market value changes of the instrument are recorded to accumulated other comprehensive income (AOCI). Any ineffective portion of a derivative instrument’s change in fair value is recorded in Net earnings in the period of change. If the hedging relationship ceases to be highly effective, or it becomes probable that a forecasted transaction is no longer expected to occur, the hedging relationship will be undesignated and any future gains and losses on the derivative instrument will be recorded in Net earnings. Currency Hedging Instruments The gross notional amount of the Company’s currency derivatives were $ 132.6 million and $ 269.4 million at December 31, 2016 and 2015 . At December 31, 2016 and 2015 , gains of $ 0.8 million and $ 1.7 million , net of tax, were included in Accumulated other comprehensive loss related to the fair value of the Company’s currency derivatives designated as accounting hedges. The amount expected to be reclassified into Net earnings over the next twelve months is a gain of $ 0.8 million . The actual amounts that will be reclassified to Net earnings may vary from this amount as a result of changes in market conditions. Gains and losses associated with the Company’s currency derivatives not designated as hedges are recorded in Net earnings as changes in fair value occur. At December 31, 2016 , the maximum term of the Company’s currency derivatives was less than one year. Interest Rate Swaps The Company has forward starting interest rate swaps to fix interest rate paid during the contract period for $525.0 million of the Company's variable rate Term Loan Facility. Swaps with notional amounts totaling $275.0 million expire in September 2017 and swaps with notional amounts totaling $250.0 million expire in December 2020. These interest rate swaps met the criteria to be accounted for as cash flow hedges of variable rate interest payments. Consequently, the changes in fair value of the interest rate swaps were recognized in Accumulated other comprehensive loss. At December 31, 2016 , $2.6 million of gains were recorded in Accumulated other comprehensive loss related to these interest rate swaps. At December 31, 2015 , $1.2 million of losses were recorded in Accumulated other comprehensive loss related to these interest rate swaps. The amount expected to be reclassified into Net earnings over the next twelve months is a loss of $0.4 million . The actual amounts that will be reclassified to Net earnings may vary from this amount as a result of changes in market conditions. The fair values of derivative instruments included within the Consolidated Balance Sheets as of December 31 were as follows: Asset derivatives Liability derivatives In millions 2016 2015 2016 2015 Derivatives designated as hedges: Currency derivatives $ 0.7 $ 1.8 $ 0.1 $ — Interest rate swaps 4.6 — 0.4 1.2 Derivatives not designated as hedges: Currency derivatives 0.3 1.0 0.2 4.5 Total derivatives $ 5.6 $ 2.8 $ 0.7 $ 5.7 Asset and liability currency derivatives included in the table above are recorded within Other current assets and Accrued expenses and other current liabilities, respectively. Asset and liability interest rate swap derivatives included in the table above are recorded within Other noncurrent assets and Other noncurrent liabilities. The amounts associated with derivatives designated as hedges affecting Net earnings and Accumulated other comprehensive loss for the years ended December 31 were as follows: Amount of gain (loss) recognized in AOCI Location of gain (loss) reclassified from AOCI and recognized into Net earnings Amount of gain (loss) reclassified from AOCI and recognized into Net earnings In millions 2016 2015 2014 2016 2015 2014 Currency derivatives $ 4.2 $ 6.6 $ 1.6 Cost of goods sold $ 5.4 $ 6.5 $ 2.5 Interest rate swaps 5.4 (0.3 ) (0.9 ) Interest expense — — — Total $ 9.6 $ 6.3 $ 0.7 $ 5.4 $ 6.5 $ 2.5 The gains and losses associated with the Company's non-designated currency derivatives, which are offset by changes in the fair value of the underlying transactions, are included within Other (income) expense, net in the Consolidated Statements of Comprehensive Income. Concentration of Credit Risk The counterparties to the Company’s forward contracts and swaps consist of a number of investment grade major international financial institutions. The Company could be exposed to losses in the event of nonperformance by the counterparties. However, the credit ratings and the concentration of risk in these financial institutions are monitored on a continuous basis and present no significant credit risk to the Company. |
Pensions and Postretirement Ben
Pensions and Postretirement Benefits Other Than Pensions | 12 Months Ended |
Dec. 31, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pensions and Postretirement Benefits Other Than Pensions | PENSIONS AND POSTRETIREMENT BENEFITS OTHER THAN PENSIONS The Company sponsors several U.S. defined benefit and defined contribution plans covering substantially all of our U.S. employees. Additionally, the Company has non-U.S. defined benefit and defined contribution plans covering eligible non-U.S. employees. Postretirement benefits, other than pensions, provide healthcare benefits, and in some instances, life insurance benefits for certain eligible employees. Pension Plans The noncontributory defined benefit pension plans covering non-collectively bargained U.S. employees provide benefits on an average pay formula while most plans for collectively bargained U.S. employees provide benefits on a flat dollar benefit formula. The non-U.S. pension plans generally provide benefits based on earnings and years of service. The Company also maintains additional other supplemental plans for officers and other key employees. The following table details information regarding the Company’s pension plans at December 31: U.S. NON-U.S. In millions 2016 2015 2016 2015 Change in benefit obligations: Benefit obligation at beginning of year $ 280.7 $ 282.9 $ 371.7 $ 388.4 Service cost 9.4 9.5 3.1 3.3 Interest cost 9.8 11.0 10.7 13.7 Employee contributions — — 0.3 0.3 Amendments — — — 0.1 Actuarial (gains) losses 1.6 (6.1 ) 80.8 6.6 Benefits paid (12.6 ) (14.3 ) (18.7 ) (15.0 ) Currency translation — — (63.5 ) (22.2 ) Curtailments and settlements — — (1.8 ) (1.2 ) Other, including expenses paid (2.0 ) (2.3 ) (2.1 ) (2.3 ) Benefit obligation at end of year $ 286.9 $ 280.7 $ 380.5 $ 371.7 Change in plan assets: Fair value at beginning of year $ 192.7 $ 213.2 $ 340.4 $ 372.0 Actual return on assets 16.4 (6.3 ) 90.3 (0.9 ) Company contributions 7.9 — 6.0 6.5 Employee contributions — — 0.3 0.3 Benefits paid (12.6 ) (11.9 ) (18.7 ) (15.0 ) Currency translation — — (61.0 ) (19.0 ) Settlements — — (1.8 ) (1.2 ) Other, including expenses paid (2.0 ) (2.3 ) (2.1 ) (2.3 ) Fair value of assets end of year $ 202.4 $ 192.7 $ 353.4 $ 340.4 Funded status: Plan assets less than the benefit obligations $ (84.5 ) $ (88.0 ) $ (27.1 ) $ (31.3 ) Amounts included in the balance sheet: Accrued compensation and benefits $ (0.1 ) $ — $ (1.5 ) $ (1.0 ) Postemployment and other benefit liabilities (84.4 ) (88.0 ) (25.6 ) (30.3 ) Net amount recognized $ (84.5 ) $ (88.0 ) $ (27.1 ) $ (31.3 ) It is the Company’s objective to contribute to the pension plans to ensure adequate funds are available in the plans to make benefit payments to plan participants and beneficiaries when required. However, certain plans are not funded due to either legal, accounting, or tax requirements in certain jurisdictions. As of December 31, 2016 , approximately 5% of our projected benefit obligation relates to plans that are not funded of which the majority are Non-U.S. plans. The pretax amounts recognized in Accumulated other comprehensive loss were as follows: U.S. In millions Prior service cost Net actuarial losses Total December 31, 2014 $ (3.5 ) $ (82.9 ) $ (86.4 ) Current year changes recorded to Accumulated other comprehensive loss — (11.8 ) (11.8 ) Amortization reclassified to earnings 0.7 4.9 5.6 Settlements/curtailments reclassified to earnings — 0.9 0.9 December 31, 2015 $ (2.8 ) $ (88.9 ) $ (91.7 ) Current year changes recorded to Accumulated other comprehensive loss — 4.5 4.5 Amortization reclassified to earnings 0.7 4.7 5.4 December 31, 2016 $ (2.1 ) $ (79.7 ) $ (81.8 ) NON-U.S. In millions Prior service cost Net actuarial losses Total December 31, 2014 $ 0.1 $ (73.5 ) $ (73.4 ) Current year changes recorded to Accumulated other comprehensive loss (0.1 ) (25.3 ) (25.4 ) Amortization reclassified to earnings — 1.4 1.4 Settlements/curtailments reclassified to earnings — 0.2 0.2 Currency translation and other — 5.0 5.0 December 31, 2015 $ — $ (92.2 ) $ (92.2 ) Current year changes recorded to Accumulated other comprehensive loss — (4.3 ) (4.3 ) Amortization reclassified to earnings — 2.2 2.2 Settlements/curtailments reclassified to earnings — 0.3 0.3 Currency translation and other — 14.4 14.4 December 31, 2016 $ — $ (79.6 ) $ (79.6 ) Weighted-average assumptions used: Benefit obligations at December 31, 2016 2015 Discount rate: U.S. plans 4.1 % 4.3 % Non-U.S. plans 2.6 % 3.6 % Rate of compensation increase: U.S. plans 3.5 % 3.5 % Non-U.S. plans 3.2 % 2.9 % The accumulated benefit obligation for all U.S. defined benefit pension plans was $ 272.5 million and $ 265.5 million at December 31, 2016 and 2015 . The accumulated benefit obligation for all Non-U.S. defined benefit pension plans was $ 371.9 million and $ 363.8 million at December 31, 2016 and 2015 . Beginning in 2016, the Company elected to change the method used to estimate the service and interest cost components of net periodic benefit cost to a full yield-curve approach. Historically, the Company estimated the service and interest cost components using a single weighted-average discount rate, rounded to the nearest 25th basis point, derived from the yield curve used to measure the benefit obligation at the beginning of the period. Under the new approach, the Company applied discounting using the applicable spot rates derived from the yield curve to discount the cash flows used to measure the benefit obligation. These spot rates align to each of the projected benefit obligations and service cost cash flows. This change was made to better align the projected benefit cash flows and the corresponding yield curve spot rates to provide a better estimate of service and interest cost components of net periodic benefit costs. This change was considered a change in estimate and was accounted for on a prospective basis beginning January 1, 2016. This change did not have a material impact on 2016 pension expense. Information regarding pension plans with accumulated benefit obligations more than plan assets were: U.S. NON-U.S. In millions 2016 2015 2016 2015 Projected benefit obligation $ 286.9 $ 280.7 $ 30.2 $ 371.7 Accumulated benefit obligation 272.5 265.5 25.9 363.8 Fair value of plan assets $ 202.4 $ 192.7 $ 6.8 $ 340.4 Future pension benefit payments are expected to be paid as follows: In millions U.S. NON-U.S. 2017 $ 14.7 $ 16.0 2018 16.2 16.0 2019 15.6 16.5 2020 22.8 17.2 2021 18.6 17.8 2022 - 2026 $ 106.4 $ 99.2 The components of the Company’s net periodic pension benefit costs for the years ended December 31 include the following: U.S. In millions 2016 2015 2014 Service cost $ 9.4 $ 9.5 $ 7.3 Interest cost 9.8 11.0 11.5 Expected return on plan assets (10.2 ) (11.2 ) (11.2 ) Net amortization of: Prior service costs 0.7 0.7 0.7 Plan net actuarial losses 4.7 4.9 2.3 Net periodic pension benefit cost 14.4 14.9 10.6 Net curtailment and settlement losses — 0.9 — Net periodic pension benefit cost after net curtailment and settlement losses $ 14.4 $ 15.8 $ 10.6 NON-U.S. In millions 2016 2015 2014 Service cost $ 3.1 $ 3.3 $ 4.6 Interest cost 10.7 13.7 17.3 Expected return on plan assets (13.7 ) (17.8 ) (17.3 ) Net amortization of: Prior service costs — — 0.1 Plan net actuarial losses 2.2 1.4 2.8 Net periodic pension benefit cost 2.3 0.6 7.5 Net curtailment and settlement losses 0.3 0.2 — Net periodic pension benefit cost after net curtailment and settlement losses $ 2.6 $ 0.8 $ 7.5 Pension expense for 2017 is projected to be approximately $11.9 million , utilizing the assumptions for calculating the pension benefit obligations at the end of 2016 . The amounts expected to be recognized in net periodic pension cost during the year ended December 31, 2017 for prior service cost and plan net actuarial losses are $0.4 million and $6.3 million , respectively. Weighted-average assumptions used: Net periodic pension cost for the year ended December 31, 2016 2015 2014 Discount rate: U.S. plans 4.3 % 4.0 % 5.0 % Non-U.S. plans 3.7 % 3.7 % 4.5 % Rate of compensation increase: U.S. plans 3.5 % 3.5 % 3.5 % Non-U.S. plans 3.0 % 2.9 % 4.8 % Expected return on plan assets: U.S. plans 5.5 % 5.5 % 5.5 % Non-U.S. plans 4.5 % 5.0 % 5.3 % The expected long-term rate of return on plan assets reflects the average rate of returns expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The expected long-term rate of return on plan assets is based on what is achievable given the plan’s investment policy, the types of assets held and target asset allocations. The expected long-term rate of return is determined as of the measurement date. Each plan is reviewed and its historical returns and target asset allocations to determine the appropriate expected long-term rate of return on plan assets to be used. The overall objective in managing defined benefit plan assets is to ensure that all present and future benefit obligations are met as they come due. The goal is to achieve this while trying to mitigate volatility in plan funded status, contribution, and expense by better matching the characteristics of the plan assets to that of the plan liabilities. Each plan’s funded status and asset allocation is monitored regularly in addition to investment manager performance. Effective December 31, 2015, the Company adopted new accounting guidance for investments that calculate net asset value ("NAV") per share (or its equivalent). As a result of the adoption of this new guidance, certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient are not required to be classified in the fair value hierarchy. At December 31, 2016 and 2015 , the net asset values of these investments were $62.9 million and $56.5 million and are included within the column Assets measured at NAV in the fair value tables below. The fair values of the Company’s U.S. pension plan assets at December 31, 2016 by asset category are as follows: Fair value measurements Total fair value In millions Level 1 Level 2 Level 3 Assets measured at NAV Cash and cash equivalents $ — $ 5.6 $ — $ — $ 5.6 Equity mutual funds — — — 62.9 62.9 Fixed income investments: U.S. government and agency obligations — 55.2 — — 55.2 Corporate and non-U.S. bonds (a) — 77.6 — — 77.6 — 132.8 — — 132.8 Total assets at fair value $ — $ 138.4 $ — $ 62.9 $ 201.3 Receivables and payables, net 1.1 Net assets available for benefits $ 202.4 (a) Includes state and municipal bonds. The fair values of the Company’s U.S. pension plan assets at December 31, 2015 by asset category are as follows: Fair value measurements Total fair value In millions Level 1 Level 2 Level 3 Assets measured at NAV Cash and cash equivalents $ — $ 2.7 $ — $ — $ 2.7 Equity mutual funds — — — 56.5 56.5 Fixed income investments: U.S. government and agency obligations — 49.2 — — 49.2 Corporate and non-U.S. bonds (a) — 82.6 — — 82.6 — 131.8 — — 131.8 Total assets at fair value $ — $ 134.5 $ — $ 56.5 $ 191.0 Receivables and payables, net 1.7 Net assets available for benefits $ 192.7 (a) Includes state and municipal bonds. The Company determines the fair value of its US plan assets using the following methodologies: • Cash, cash equivalents and short term investments –The investments are valued at the closing price or amount held on deposit by the custodian bank or at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. As these investments are not traded on active markets, these investments are classified as Level 2. • U.S. government and agency obligations – Quoted market prices are not available for these securities. Fair values are estimated using pricing models and/or quoted prices of securities with similar characteristics or discounted cash flows. Such securities are classified as Level 2. • Corporate and Non-US bonds – Quoted market prices are not available for these securities. Fair values are estimated by using pricing models and/or quoted prices of securities with similar characteristics or discounted cash flows. Such securities are classified as Level 2. The fair values of the Company’s Non-U.S. pension plan assets at December 31, 2016 by asset category are as follows: Fair value measurements Total fair value In millions Level 1 Level 2 Level 3 Cash and cash equivalents $ 58.9 $ — $ — $ 58.9 Equity mutual funds — 107.2 — 107.2 Corporate and non-U.S. bonds — 110.8 — 110.8 Real estate (a) — 9.7 0.7 10.4 Other (b) — 64.1 2.0 66.1 Total assets at fair value $ 58.9 $ 291.8 $ 2.7 $ 353.4 (a) Includes several private equity funds that invest in real estate. It includes both direct investment funds and funds-of-funds. (b) Primarily includes insurance contracts. The fair values of the Company’s Non-U.S. pension plan assets at December 31, 2015 by asset category are as follows: Fair value measurements Total fair value In millions Level 1 Level 2 Level 3 Cash and cash equivalents $ 20.2 $ — $ — $ 20.2 Equity mutual funds — 121.6 — 121.6 Corporate and non-U.S. bonds — 130.7 — 130.7 Real estate (a) — 12.3 0.8 13.1 Other (b) — 52.9 1.9 54.8 Total assets at fair value $ 20.2 $ 317.5 $ 2.7 $ 340.4 (a) Includes several private equity funds that invest in real estate. It includes both direct investment funds and funds-of-funds. (b) Primarily includes insurance contracts. Cash equivalents are valued using a market approach with inputs including quoted market prices for either identical or similar instruments. Fixed income securities are valued through a market approach with inputs including, but not limited to, benchmark yields, reported trades, broker quotes and issuer spreads. Equity funds are valued at their net asset value. Net asset values are calculated by the investment manager or sponsor of the fund. Private real estate fund values are reported by the fund manager and are based on valuation or appraisal of the underlying investments. The Company made $7.9 million of contributions to the U.S. pension plan in 2016. The Company did not make any required or discretionary contributions to the U.S. pension plans in 2015 or 2014 . The Company made required and discretionary contributions to its Non-U.S. pension plans of $6.0 million in 2016 , $6.5 million in 2015 , and $17.5 million in 2014 . In January 2017, subsequent to the Consolidated Balance Sheet date, the Company made a discretionary $50.0 million contribution to the U.S. qualified defined benefit pension plan, not reflected in the tables above, using cash on hand. The Company currently projects that an approximate $9.4 million will be contributed to its U.S and Non-U.S. plans in 2017 in addition to the amount in January 2017. The Company’s policy allows it to fund an amount, which could be in excess of or less than the pension cost expensed, subject to the limitations imposed by current tax regulations. The Company anticipates funding the plans in 2017 in accordance with contributions required by funding regulations or the laws of each jurisdiction. Most of the Company’s U.S. employees are covered by defined contribution plans. Employer contributions are determined based on criteria specific to the individual plans and amounted to approximately $13.3 million , $12.1 million , and $10.2 million in 2016 , 2015 and 2014 . The Company’s contributions relating to non-U.S. defined contribution plans and other non-U.S. benefit plans were $5.6 million , $6.2 million and $7.0 million in 2016 , 2015 and 2014 . Deferred Compensation Plan The Company maintains an Executive Deferred Compensation Plan ("EDCP"), which is an unfunded, nonqualified plan that permits certain employees to defer receipt of up to 50% of their annual salary and up to 100% of their annual bonus awards, performance share plan awards, and restricted stock units received upon commencement of employment. As of December 31, 2016 the deferred compensation liability balance was $16.8 million . Postretirement Benefits Other Than Pensions The Company sponsors a postretirement plan that provides for healthcare benefits, and in some instances, life insurance benefits that cover certain eligible employees. The Company funds postretirement benefit obligations principally on a pay-as-you-go basis. Generally, postretirement health benefits are contributory with contributions adjusted annually. Life insurance plans for retirees are primarily noncontributory. The following table details information regarding the Company’s postretirement plans at December 31: In millions 2016 2015 Change in benefit obligations: Benefit obligation at beginning of year $ 12.9 $ 13.6 Service cost 0.1 0.1 Interest cost 0.4 0.5 Actuarial gains (2.9 ) (0.3 ) Benefits paid, net of Medicare Part D subsidy (0.8 ) (1.0 ) Benefit obligations at end of year $ 9.7 $ 12.9 Funded status: Plan assets less than benefit obligations $ (9.7 ) $ (12.9 ) Amounts included in the balance sheet: Accrued compensation and benefits (0.9 ) (1.1 ) Postemployment and other benefit liabilities (8.8 ) (11.8 ) Total $ (9.7 ) $ (12.9 ) The pretax amounts recognized in Accumulated other comprehensive loss were as follows: In millions Prior service gains Net actuarial losses Total December 31, 2014 $ 5.5 $ (0.7 ) $ 4.8 Current year changes recorded to Accumulated other comprehensive loss — (0.5 ) (0.5 ) Amortization reclassified to earnings (1.6 ) — (1.6 ) Balance at December 31, 2015 $ 3.9 $ (1.2 ) $ 2.7 Current year changes recorded to Accumulated other comprehensive loss — 2.9 2.9 Amortization reclassified to earnings (1.6 ) — (1.6 ) Balance at December 31, 2016 $ 2.3 $ 1.7 $ 4.0 The components of net periodic postretirement benefit cost (income) for the years ended December 31 were as follows: In millions 2016 2015 2014 Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost 0.4 0.5 0.5 Net amortization of: Prior service gains (1.6 ) (1.6 ) (1.6 ) Net periodic postretirement benefit income $ (1.1 ) $ (1.0 ) $ (1.0 ) Postretirement income for 2017 is projected to be $1.4 million . Amounts expected to be recognized in net periodic postretirement benefits cost in 2017 for prior service gains and plan net actuarial losses are $1.6 million and $0.1 million . Assumptions: 2016 2015 2014 Weighted-average discount rate assumption to determine: Benefit obligations at December 31 3.5 % 3.5 % 3.5 % Net periodic benefit cost 3.5 % 3.5 % 4.0 % Assumed health-care cost trend rates at December 31: Current year medical inflation (a) — % — % 7.3 % Ultimate inflation rate (a) — % — % 5.0 % Year that the rate reaches the ultimate trend rate (a) n/a n/a 2021 (a) The current year medical inflation rate, ultimate inflation rate and year of ultimate trend rate is no longer applicable as the Company has capped the annual maximum amount it will pay for retiree healthcare costs. A 1% change in the medical trend rate assumed for postretirement benefits would have no effect on the postretirement benefit obligation as the Company has capped the annual maximum amount it will pay for retiree healthcare costs, therefore any additional costs would be assumed by the retiree. Benefit payments for postretirement benefits, which are net of expected plan participant contributions and Medicare Part D subsidy, are expected to be paid as follows: In millions 2017 $ 0.9 2018 1.0 2019 1.0 2020 0.9 2021 0.9 2022 - 2026 $ 3.7 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement Abstract | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are based on a framework that utilizes the inputs market participants use to determine the fair value of an asset or liability and establishes a fair value hierarchy to prioritize those inputs. The fair value hierarchy is comprised of three levels that are described below: • Level 1 – Inputs based on quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than Level 1 quoted prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. • Level 3 – Unobservable inputs based on little or no market activity and that are significant to the fair value of the assets and liabilities. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are obtained from independent sources and can be validated by a third party, whereas unobservable inputs reflect assumptions regarding what a third party would use in pricing an asset or liability based on the best information available under the circumstances. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets and liabilities measured at fair value at December 31, 2016 are as follows: Fair value measurements Total In millions Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring fair value measurements Assets: Interest rate swap $ — $ 4.6 $ — $ 4.6 Foreign currency contracts — 1.0 — 1.0 Total asset recurring fair value measurements $ — $ 5.6 $ — $ 5.6 Liabilities: Foreign currency contracts $ — $ 0.3 $ — $ 0.3 Interest rate swap — 0.4 — 0.4 Deferred compensation plans — 16.8 — 16.8 Total liability recurring fair value measurements $ — $ 17.5 $ — $ 17.5 Financial instruments not carried at fair value: Total debt $ — $ 1,510.6 $ — $ 1,510.6 Total financial instruments not carried at fair value $ — $ 1,510.6 $ — $ 1,510.6 Assets and liabilities measured at fair value at December 31, 2015 are as follows: Fair value measurements Total In millions Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring fair value measurements Assets: Marketable securities $ 14.2 $ — $ — $ 14.2 Foreign currency contracts — 2.8 — 2.8 Total asset recurring fair value measurements $ 14.2 $ 2.8 $ — $ 17.0 Liabilities: Foreign currency contracts $ — $ 4.5 $ — $ 4.5 Interest rate swap — 1.2 — 1.2 Deferred compensation plans — 15.5 — 15.5 Total liability recurring fair value measurements $ — $ 21.2 $ — $ 21.2 Financial instruments not carried at fair value: Total debt $ — $ 1,556.6 $ — $ 1,556.6 Total financial instruments not carried at fair value $ — $ 1,556.6 $ — $ 1,556.6 The Company determines the fair value of its financial assets and liabilities using the following methodologies: • Marketable securities – These securities include investments in publicly traded stock of non-U.S. companies held by non-U.S. subsidiaries of the Company. The fair value is obtained for the securities based on observable market prices quoted on public stock exchanges. • Foreign currency contracts – These instruments include foreign currency contracts for non-functional currency balance sheet exposures. The fair value of the foreign currency contracts are determined based on a pricing model that uses spot rates and forward prices from actively quoted currency markets that are readily accessible and observable. • Interest rate swaps – These instruments include forward-starting interest rate swap contracts for $525.0 million of the Company's variable rate debt. The fair value of the derivative instruments are determined based on quoted prices for the Company's swaps, which are not considered an active market. • Deferred compensation plans - These include obligations related to deferred compensation adjusted for market performance. The fair value is obtained based on observable market prices quoted on public exchanges for similar instruments. • Debt – These securities are recorded at cost and include senior notes maturing through 2023. The fair value of the long-term debt instruments is obtained based on observable market prices quoted on public exchanges for similar instruments. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings are a reasonable estimate of their fair value due to the short-term nature of these instruments. The methodology used by the Company to determine the fair value of its financial assets and liabilities at December 31, 2016 are the same as those used at December 31, 2015 . There have been no significant transfers between Level 1 and Level 2 categories. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | EQUITY Ordinary Shares The reconciliation of Ordinary shares is as follows: In millions Total December 31, 2015 96.0 Shares issued under incentive plans 0.6 Repurchase of ordinary shares (1.3 ) December 31, 2016 95.3 Allegion had 400.0 million ordinary shares authorized and 10.0 million $0.001 par value preferred shares authorized (with none outstanding) at December 31, 2016 . During the year ended December 31, 2016 , the Company paid $85.1 million to repurchase 1.3 million ordinary shares on the open market under a share repurchase authorization previously approved by its Board of Directors. On February 2, 2017 , the Company's Board of Directors approved a new stock repurchase authorization of up to $500 million of the Company's ordinary shares. This new stock repurchase authorization replaces the authorization established in 2014. Other Comprehensive Income (Loss) The changes in Accumulated other comprehensive income (loss) are as follows: In millions Cash flow hedges and marketable securities Pension and OPEB Items Foreign Currency Items Total December 31, 2013 $ 16.7 $ (131.3 ) $ 17.9 $ (96.7 ) Other comprehensive income (loss), net of tax (1.0 ) 15.2 (65.7 ) (51.5 ) December 31, 2014 $ 15.7 $ (116.1 ) $ (47.8 ) $ (148.2 ) Other comprehensive loss, net of tax (1.7 ) (23.2 ) (59.1 ) (84.0 ) December 31, 2015 $ 14.0 $ (139.3 ) $ (106.9 ) $ (232.2 ) Other comprehensive income (loss), net of tax (10.6 ) 18.8 (40.3 ) (32.1 ) December 31, 2016 $ 3.4 $ (120.5 ) $ (147.2 ) $ (264.3 ) The amounts of Other comprehensive income (loss) attributable to noncontrolling interests are as follows: In millions 2016 2015 2014 Foreign currency items $ (0.4 ) $ (1.4 ) $ (0.7 ) Total other comprehensive loss attributable to noncontrolling interests $ (0.4 ) $ (1.4 ) $ (0.7 ) Included in equity for the year ended December 31, 2014 were $13.0 million of adjustments related to the completion of the allocation of taxable income and the completion of the allocation of tax basis in certain assets between Ingersoll Rand and Allegion at the Spin-off. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATION The Company records share-based compensation awards using a fair value method and recognizes compensation expense for an amount equal to the fair value of the share-based payment issued in its financial statements. The Company’s share-based compensation plans include programs for stock options, restricted stock units ("RSUs"), performance stock units ("PSUs"), and deferred compensation. Under the Company's incentive stock plan, the total number of ordinary shares authorized by the shareholders is 8.0 million , of which 3.7 million remain available as of December 31, 2016 for future incentive awards. Compensation Expense Share-based compensation expense is included in Selling and administrative expenses. The following table summarizes the expenses recognized for the years ended December 31: In millions 2016 2015 2014 Stock options $ 4.1 $ 3.7 $ 3.3 RSUs 7.7 5.8 6.0 PSUs 4.8 5.0 3.9 Deferred compensation 0.8 0.3 0.8 Pre-tax expense 17.4 14.8 14.0 Tax benefit (5.6 ) (4.4 ) (4.7 ) Total $ 11.8 $ 10.4 $ 9.3 Stock Options / RSUs Eligible participants may receive (i) stock options, (ii) RSUs or (iii) a combination of both stock options and RSUs. The fair value of each of the Company’s stock option and RSU awards is expensed on a straight-line basis over the required service period, which is generally the 3-year vesting period. However, for stock options and RSUs granted to retirement eligible employees, the Company recognizes expense for the fair value at the grant date. The average fair value of the stock options granted for the year ended December 31, 2016 and 2015 was estimated to be $ 15.86 per share and $ 17.88 per share, respectively, using the Black-Scholes option-pricing model. The weighted average assumptions used were the following: 2016 2015 Dividend yield 0.83 % 0.69 % Volatility 28.85 % 31.37 % Risk-free rate of return 1.38 % 1.78 % Expected life 6.0 years 6.0 years For grants issued on or after December 1, 2013, expected volatility is based on the weighted average of the implied volatility of a group of the Company’s peers. The risk-free rate of return is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the award is granted with a maturity equal to the expected term of the award. Historical peer data is used to estimate forfeitures within the Company’s valuation model. The expected life of the Company’s stock option awards granted post separation is derived from the simplified approach based on the weighted average time to vest and the remaining contractual term, and represents the period of time that awards are expected to be outstanding. Changes in options outstanding under the plans for the years ended December 31, 2016 , 2015 and 2014 are as follows: Shares subject to option Weighted- average exercise price (a) Aggregate intrinsic value (millions) Weighted- average remaining life (years) December 31, 2013 2,482,056 $ 25.21 Granted 188,817 54.07 Exercised (683,383 ) 24.18 Canceled (25,462 ) 43.89 December 31, 2014 1,962,028 28.11 Granted 220,679 57.85 Exercised (575,564 ) 22.98 Canceled (14,976 ) 47.28 December 31, 2015 1,592,167 33.91 Granted 231,521 57.91 Exercised (447,019 ) 26.04 Canceled (63,599 ) 53.40 Outstanding December 31, 2016 1,313,070 $ 39.87 $ 31.7 5.5 Exercisable December 31, 2016 929,677 $ 32.64 $ 29.2 4.4 (a) The weighted average exercise price of awards represents the exercise price of the awards on the grant date converted to ordinary shares of the Company. The following table summarizes information concerning currently outstanding and exercisable options: Options outstanding Options exercisable Range of exercise price Number outstanding at December 31, 2016 Weighted- average remaining life (years) Weighted- average exercise price Number outstanding at December 31, 2016 Weighted- average remaining life (years) Weighted- average exercise price $ 10.01 — $ 20.00 149,389 2.3 $ 14.87 149,389 2.3 $ 14.87 20.01 — 30.00 344,376 2.8 25.93 344,376 2.8 25.93 30.01 — 40.00 139,747 5.0 32.31 139,747 5.0 32.31 40.01 — 50.00 145,062 7.0 43.37 145,062 7.0 43.37 50.01 — 60.00 533,234 8.0 56.84 151,103 6.8 55.49 60.01 — 70.00 631 9.8 63.93 — — — $ 70.01 — $ 80.00 631 9.6 72.12 — — — 1,313,070 5.6 $ 39.87 929,677 4.4 $ 32.64 At December 31, 2016 , there was $ 2.9 million of total unrecognized compensation cost from stock option arrangements granted under the plan, which is primarily related to unvested shares of non-retirement eligible employees. The aggregate intrinsic value of the Company's options exercised during the year ended December 31, 2016 and 2015 was $ 18.3 million and $ 21.5 million , respectively. Generally, stock options expire ten years from their date of grant. The following table summarizes RSU activity for the years ended December 31, 2016 , 2015 and 2014 : RSUs Weighted- average grant date fair value (a) Outstanding and unvested at December 31, 2013 378,217 $ 33.59 Granted 101,654 54.29 Vested (149,392 ) 28.68 Canceled (5,319 ) 43.66 Outstanding and unvested at December 31, 2014 325,160 42.15 Granted 121,153 59.69 Vested (92,029 ) 36.63 Canceled (9,354 ) 49.32 Outstanding and unvested at December 31, 2015 344,930 49.59 Granted 123,299 59.49 Vested (220,854 ) 45.83 Canceled (41,741 ) 52.40 Outstanding and unvested at December 31, 2016 205,634 $ 58.99 (a) The weighted average grant date fair value for periods ending prior to December 1, 2013 represents the fair value of awards granted with respect to Ingersoll Rand ordinary shares, prior to conversion to awards of the Company. The weighted average grant date fair value of awards on or after December 1, 2013 represents the fair value of the awards on the grant date converted to ordinary shares of the Company. At December 31, 2016 , there was $ 5.1 million of total unrecognized compensation cost from RSU arrangements granted under the plan, which is related to unvested shares of non-retirement eligible employees. Performance Shares The Company has a Performance Share Program ("PSP") for key employees. The program provides awards in the form of Performance Share Units ("PSU") based on performance against pre-established objectives. The annual target award level is expressed as a number of the Company's ordinary shares. All PSUs are settled in the form of ordinary shares unless deferred. In December 2013, the Company’s Compensation Committee granted PSUs that are earned based upon the Company’s total shareholder return ("TSR") performance compared to the TSR of the companies currently comprising the S&P 400 Capital Goods Index over the three-year performance period based on the change in the 30 day average price for the index from December 2013 to the 30 day average price for the index in December 2016. The fair value of the market condition is estimated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon the risk-free rate of return, the volatility of each entity, and the pair-wise correlations between each entity. Beginning with the 2014 grant year, PSUs are earned based upon a 50% performance condition, measured at each reporting period by EPS performance in relation to pre-established targets set by the Compensation Committee, and upon a 50% market condition, measured by the Company’s relative TSR against the S&P 400 Capital Goods Index over a three-year performance period based on the change in the 30 day average price for the grant year index to the 30 day average price for the index over the performance period. The fair values of the market conditions are estimated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon the risk-free rate of return, the volatility of each entity, and the pair-wise correlations between each entity. The following table summarizes PSU activity for the maximum number of shares that may be issued for the years ended December 31, 2016 , 2015 and 2014 : PSUs Weighted-average grant date fair value (a) Outstanding and unvested at December 31, 2013 62,883 $ 29.27 Granted 110,387 72.70 Forfeited (12,138 ) 50.96 Outstanding and unvested at December 31, 2014 161,132 57.39 Granted 58,323 66.47 Vested (17,327 ) 75.05 Forfeited (85 ) 75.05 Outstanding and unvested at December 31, 2015 202,043 64.92 Granted 94,201 64.83 Vested (64,979 ) 72.69 Forfeited (21,661 ) 57.07 Outstanding and unvested at December 31, 2016 209,604 $ 56.02 (a) The weighted average grant date fair value for periods ending prior to December 1, 2013 represents the fair value of awards granted with respect to Ingersoll Rand ordinary shares, prior to conversion to awards of the Company. The weighted average grant date fair value of awards on or after December 1, 2013 represents the fair value of the awards on the grant date converted to ordinary shares of the Company. At December 31, 2016 , there was $ 4.6 million of total unrecognized compensation cost from the PSP based on current performance, which is related to unvested shares. This compensation will be recognized over the required service period, which is generally the three-year vesting period. Deferred Compensation The Company allows key employees to defer a portion of their eligible compensation into a number of investment choices, including its ordinary share equivalents. Any amounts invested in ordinary share equivalents will be settled in ordinary shares of the Company at the time of distribution. |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Charges [Abstract] | |
Restructuring Activities | RESTRUCTURING During 2016 , 2015 , and 2014 , the Company incurred costs of $3.1 million , $15.1 million , and $ 7.1 million respectively, associated with ongoing restructuring actions. These actions included workforce reductions as well as the closure and consolidation of manufacturing facilities in an effort to increase efficiencies across multiple lines of business. 2015 Italy Restructuring Plan In the second quarter of 2015, management committed to a restructuring plan in Italy. The plan aims to improve competitive position, ensure long-term viability and enhance customer experience. Expenses incurred for this plan for the years ended December 31 were as follows: Twelve months ended In millions 2016 2015 EMEIA $ 0.9 $ 14.7 Total $ 0.9 $ 14.7 Cost of goods sold $ 0.3 $ 13.6 Selling and administrative expenses 0.6 1.1 Total $ 0.9 $ 14.7 The above expenses primarily related to severance charges. Other Restructuring Plans Restructuring charges recorded during the years ended December 31 as part of other restructuring plans were as follows: In millions 2016 2015 2014 Americas $ 2.0 $ — $ 0.1 EMEIA — — 7.0 Asia Pacific 0.2 0.4 — Total $ 2.2 $ 0.4 $ 7.1 Cost of goods sold $ 0.6 $ — $ 1.4 Selling and administrative expenses 1.6 0.4 5.7 Total $ 2.2 $ 0.4 $ 7.1 The charges in 2016 primarily related to workforce reductions and actions related to manufacturing foot print optimization primarily in the Americas segment. In 2015 and 2014 the charges primarily related to workforce reductions in an effort to increase efficiencies across multiple lines of business. The changes in the restructuring reserve during the years ended December 31, 2016 and 2015 were as follows: In millions Americas EMEIA Asia Pacific Total December 31, 2014 $ — $ 1.9 $ — $ 1.9 Additions — 14.7 0.4 15.1 Cash and non-cash uses — (6.0 ) (0.2 ) (6.2 ) Currency translation — (0.6 ) — (0.6 ) December 31, 2015 — 10.0 0.2 10.2 Additions 2.0 0.9 0.2 3.1 Cash and non-cash uses (1.7 ) (7.5 ) (0.4 ) (9.6 ) Currency translation — (0.2 ) — (0.2 ) December 31, 2016 $ 0.3 $ 3.2 $ — $ 3.5 The Company incurred other non-qualified restructuring charges of $ 6.4 million and $ 0.5 million during the years ended December 31, 2016 and 2015, respectively, in conjunction with the other restructuring plans, which represent costs that are directly attributable to restructuring activities, but do not fall into the severance, exit or disposal category. The majority of the costs accrued as of December 31, 2016 will be paid within one year. |
Other, Net
Other, Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Net [Abstract] | |
Other, Net | OTHER EXPENSE, NET At December 31, the components of Other expense, net were as follows: In millions 2016 2015 2014 Interest income $ (1.9 ) $ (1.5 ) $ (1.1 ) Exchange loss 2.0 4.9 7.6 (Earnings) loss from equity investments (3.6 ) 0.3 (0.5 ) Other (14.7 ) (11.5 ) (1.4 ) Other (income) expense, net $ (18.2 ) $ (7.8 ) $ 4.6 During the year ended December 31, 2016 the Company recorded gains from the sale of marketable securities of $12.4 million which is included within Other in the table above. During the year ended December 31, 2016 earnings from equity method investments increased primarily due to a gain recognized by an investment in the first quarter of 2016. During the year ended December 31, 2015 the Company recorded gains from the sale of marketable securities of $11.0 million which is included within Other in the table above. In February 2015, the Venezuelan government announced changes to its exchange rate system that included the launch of a new, market-based system called the Marginal Currency System, or "SIMADI." During the year ended December 31, 2015 the Company recorded a charge of $2.8 million in order to remeasure net monetary assets at the SIMADI rate and other unfavorable currency impacts. These losses are within Exchange loss in the table above. In March 2014, the Venezuelan government launched a SICAD II rate to provide a greater supply of U.S. dollars from sources other than the Venezuelan government. Given accelerated deterioration in economic conditions driven by a significant drop in the price of oil and no expectation of improvement for the foreseeable future, the Company concluded that the SICAD II exchange rate was the most appropriate rate at which to value bolivar denominated assets and liabilities. As a result, on December 31, 2014, the Company moved the exchange rate applied to bolivars from the official rate to the SICAD II rate. The Company recorded a charge of $12.1 million in order to remeasure net monetary assets to the SICAD II rate. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | INCOME TAXES Earnings before income taxes for the years ended December 31 were taxed within the following jurisdictions: In millions 2016 2015 2014 United States $ 129.9 $ 123.1 $ 162.2 Non-U.S. 165.1 86.2 105.7 Total $ 295.0 $ 209.3 $ 267.9 The components of the Provision for income taxes for the years ended December 31 were as follows: In millions 2016 2015 2014 Current tax expense: United States $ 43.8 $ 53.4 $ 52.9 Non-U.S. 13.8 3.5 14.1 Total: 57.6 56.9 67.0 Deferred tax expense (benefit): United States 14.4 2.1 15.6 Non-U.S. (8.2 ) (4.4 ) 1.6 Total: 6.2 (2.3 ) 17.2 Total tax expense (benefit): United States 58.2 55.5 68.5 Non-U.S. 5.6 (0.9 ) 15.7 Total $ 63.8 $ 54.6 $ 84.2 The Provision for income taxes differs from the amount of income taxes determined by applying the applicable U.S. statutory income tax rate to pretax income, as a result of the following differences: Percent of pretax income 2016 2015 2014 Statutory U.S. rate 35.0 % 35.0 % 35.0 % Increase (decrease) in rates resulting from: Non-U.S. tax rate differential (1) (17.4 ) (11.1 ) (9.6 ) State and local income taxes (1) 2.0 2.8 3.0 Reserves for uncertain tax positions 2.0 (3.4 ) (2.1 ) Tax on unremitted earnings 1.2 1.5 0.3 Tax on remitted earnings — — 2.5 Venezuela devaluation — 0.9 4.0 Production incentives (0.6 ) (1.0 ) (2.4 ) Other adjustments (0.6 ) 1.4 0.7 Effective tax rate 21.6 % 26.1 % 31.4 % (1) Net of changes in valuation allowances At December 31, a summary of the deferred tax accounts were as follows: In millions 2016 2015 Deferred tax assets: Inventory and accounts receivable $ 18.3 $ 10.2 Fixed assets and intangibles 2.0 14.5 Postemployment and other benefit liabilities 42.0 65.5 Other reserves and accruals 16.0 12.7 Net operating losses, tax credits and other carryforwards 227.1 133.4 Investment and other asset basis differences — 1.1 Other 5.3 6.2 Gross deferred tax assets 310.7 243.6 Less: deferred tax valuation allowances (225.5 ) (133.3 ) Deferred tax assets net of valuation allowances $ 85.2 $ 110.3 Deferred tax liabilities: Fixed assets and intangibles $ (90.6 ) $ (96.7 ) Unremitted earnings of foreign subsidiaries (4.2 ) (3.9 ) Other (6.0 ) (6.7 ) Gross deferred tax liabilities (100.8 ) (107.3 ) Net deferred tax (liabilities) assets $ (15.6 ) $ 3.0 At December 31, 2016 , $4.2 million of deferred tax was recorded for certain undistributed earnings of foreign subsidiaries. No deferred taxes have been provided for any portion of the remaining undistributed earnings of the Company's subsidiaries since these earnings have been, and will continue to be, permanently reinvested in these subsidiaries. For many reasons, including the number of legal entities and jurisdictions involved, the complexity of the Company's legal entity structure, the complexity of tax laws in the relevant jurisdictions and the impact of projections of income for future years to any calculations, the Company believes it is not practicable to estimate, within any reasonable range, the amount of additional taxes which may be payable upon the distribution of earnings. At December 31, 2016 , the Company had the following tax losses and tax credit carryforwards available to offset taxable income in prior and future years: In millions Amount Expiration Period U.S. Federal tax loss carryforwards $ 15.1 2027 & 2028 U.S. Federal and State credit carryforwards 22.7 2024-Unlimited U.S. State tax loss carryforwards 26.6 2017-2037 Non-U.S. tax loss carryforwards $ 706.2 2018-Unlimited The U.S. state loss carryforwards were incurred in various jurisdictions. The non-U.S. loss carryforwards were incurred in various jurisdictions, predominantly in China, Ireland, Luxembourg and the United Kingdom. The Company evaluates its deferred income tax assets to determine if valuation allowances are required or should be adjusted. U.S. GAAP requires that companies assess whether valuation allowances should be established against their deferred tax assets based on consideration of all available evidence, both positive and negative, using a "more likely than not" standard. This assessment considers the nature, frequency and amount of recent losses, the duration of statutory carryforward periods and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. Activity associated with the Company’s valuation allowance is as follows: In millions 2016 2015 2014 Beginning balance $ 133.3 $ 50.8 $ 46.9 Increase to valuation allowance 109.0 82.2 28.0 Decrease to valuation allowance (13.9 ) (3.0 ) (15.8 ) Foreign exchange translation (3.3 ) (1.6 ) (1.7 ) Accumulated other comprehensive income (loss) 0.4 4.9 (6.6 ) Ending balance $ 225.5 $ 133.3 $ 50.8 During 2016 , the valuation allowance increased by $92.2 million . This increase is the result of changes in jurisdictional profitability, country specific tax laws and changes in judgment and facts regarding the realizability of deferred tax assets. The Company has total unrecognized tax benefits of $ 32.0 million and $ 23.8 million as of December 31, 2016 , and December 31, 2015 , respectively. The amount of unrecognized tax benefits that, if recognized, would affect the continuing operations effective tax rate are $30.5 million as of December 31, 2016 . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In millions 2016 2015 2014 Beginning balance $ 23.8 $ 25.4 $ 40.6 Additions based on tax positions related to the current year 9.1 3.9 3.1 Additions based on tax positions related to prior years 7.1 1.6 11.8 Reductions based on tax positions related to prior years (5.5 ) (3.0 ) (23.9 ) Reductions related to settlements with tax authorities (0.6 ) — (0.7 ) Reductions related to lapses of statute of limitations (0.9 ) (1.4 ) (2.7 ) Translation (gain)/loss (1.0 ) (2.7 ) (2.8 ) Ending balance $ 32.0 $ 23.8 $ 25.4 The Company records interest and penalties associated with the uncertain tax positions within its Provision for income taxes. The Company had reserves associated with interest and penalties, net of tax, of $ 5.4 million and $ 5.3 million at December 31, 2016 and 2015 . For the year ended December 31, 2016 the Company recognized $0.3 million in net interest and penalties, net of tax, in continuing operations and did not recognize any net interest and penalties, net of tax, in continuing operations for the year ended December 31, 2015 related to these uncertain tax positions. The total amount of unrecognized tax benefits relating to the Company's tax positions is subject to change based on future events including, but not limited to, the settlements of ongoing audits and/or the expiration of applicable statutes of limitations. Although the outcomes and timing of such events are highly uncertain, it is reasonably possible that the balance of gross unrecognized tax benefits, excluding interest and penalties, could potentially be reduced by up to approximately $ 12.5 million during the next 12 months. The provision for income taxes involves a significant amount of management judgment regarding interpretation of relevant facts and laws in the jurisdictions in which the Company operates. Future changes in applicable laws, projected levels of taxable income and tax planning could change the effective tax rate and tax balances recorded by the Company. In addition, tax authorities periodically review income tax returns filed by the Company and can raise issues regarding its filing positions, timing and amount of income or deductions, and the allocation of income among the jurisdictions in which the Company operates. A significant period of time may elapse between the filing of an income tax return and the ultimate resolution of an issue raised by a tax authority with respect to that return. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Canada, France, Germany, Italy, Mexico, the Netherlands and the United States. In general, the examination of the material tax returns of subsidiaries of the Company is complete for the years prior to 2003, with certain matters being resolved through appeals and litigation. In connection with the Spin-off, the Company and Ingersoll Rand entered into a Tax Matters Agreement for the allocation of taxes. In the second quarter of 2016, the Company reached a settlement agreement on a Canadian competent authority matter. The Company made a net remittance of $49.2 million to Ingersoll Rand related to this competent authority matter in the third quarter of 2016. At December 31, 2016, the Company has recorded a $4.2 million receivable from Ingersoll Rand related to this competent authority matter. The Company expects to collect the $4.2 million receivable in 2017. During the fourth quarter of 2016, the Company received a $44.1 million income tax refund (net of tax on interest income accrued on the refund) from the Canadian Tax authorities related to the competent authority matter. At December 31, 2016, the Company has recorded $3.1 million as an Other current asset (net of tax on interest income accrued on the refund) which is due from certain Canadian Provincial Tax Agencies related to the competent authority matter. The Company expects to collect the $3.1 million receivable in 2017. As of December 31, 2016, the Company agreed to indemnify Ingersoll Rand $0.1 million for various tax matters, exclusive of interest and penalties of $0.1 million , which is reflected as an Other noncurrent liability ( $0.6 million and $0.6 million at December 31, 2015). In addition, the Company also has other indemnity receivables from Ingersoll Rand in the amount of $5.6 million reflected as an Other noncurrent asset at December 31, 2016 ( $5.0 million at December 31, 2015). The indemnity receivable is primarily related to additional competent authority relief filings. |
Divestitures and Discontinued O
Divestitures and Discontinued Operations | 12 Months Ended |
Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS Discontinued operations recognized a loss of $0.4 million and $11.1 million for the years ended December 31, 2015 and 2014 , respectively. There was no amount associated with discontinued operations for the year ended December 31, 2016. These losses were mainly related to the sale of the United Kingdom (UK) Door Business in the third quarter of 2014 in addition to non-cancellable lease expense and other miscellaneous expenses from previously sold businesses. |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES As previously disclosed, the Company sold its majority ownership in its Venezuelan operation to Venezuelan investors. As a result of the sale in the third quarter of 2015, the Company recorded a non-cash charge of $26.1 million , which primarily represents cumulative currency translation adjustments that were previously deferred in equity and were reclassified to a loss in the Consolidated Statement of Comprehensive Income upon sale. As previously disclosed, the Company sold a majority stake of Bocom Wincent Technologies Co., Ltd. ("Systems Integration") in the fourth quarter of 2015. Systems Integration operates a security system integration business exclusively in China and provides services primarily to Chinese governments and government agencies. Under the terms of the transaction, the Company was to receive consideration of up to $75 million based on the future cash collection performance of Systems Integration and additional payments of approximately $8.3 million related to working capital transferred with the sale. Additionally, the Company has retained 15% of the shares of Systems Integration. During the twelve months ended December 31, 2015, and as a result of the sale, the Company recorded a non-cash, pre-tax charge of $78.1 million ( $82.4 million after tax charges) to write the carrying value of Systems Integration’s assets and liabilities down to their estimated fair value less costs to complete the transaction. The charge was recorded as Loss on divestitures within the Statement of Comprehensive Income. As of December 31, 2015 , the fair value of the consideration was $75.3 million , of which $51.2 million is classified in Accounts and notes receivable, net and the remaining amount is classified within Other assets within the Consolidated Balance Sheet. As part of the Company's quarterly assessment of the collectibility of the above amounts during the third quarter of 2016, the receivable was considered impaired. It was determined during this evaluation that certain unfavorable events occurred related to the Systems Integration business requiring an impairment of the original consideration and working capital transfer amounts that were recorded at the time of the sale. Prior to the impairment, the receivable balance was $85.9 million . A charge of $81.4 million (net of tax) was recorded, reducing the carrying value of the receivable to a fair value of $4.5 million as of September 30, 2016. The fair value of the receivable was estimated by discounting the expected future cash flows. The assumptions used in this estimate are considered unobservable inputs. Fair value measurements that utilize significant unobservable inputs are categorized as Level 3 measurements under the accounting guidance. Also during the third quarter of 2016, the Company accrued certain contractual obligations of $3.0 million that were uncertain at the time of the sale. The Company currently estimates the fair value of the consideration to be $3.1 million , which is classified within Other noncurrent assets within the Consolidated Balance Sheet. The total charge recorded as Loss on divestitures within the Statement of Comprehensive Income was $84.4 million for the twelve months ended December 31, 2016. The Company does not expect to incur any material charges in future periods related to the Systems Integration business. Net revenues and loss before income taxes related to the divestiture of Systems Integration for the year ended December 31 were as follows: Twelve months ended In millions 2016 2015 Net Revenues $ — $ 38.5 Loss before income taxes $ (84.4 ) $ (63.4 ) Net revenues and earnings for Systems Integration were historically weighted to the second half of the year, reflecting typical seasonality of contract awards. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share (EPS) | EARNINGS PER SHARE (EPS) Basic EPS is calculated by dividing Net earnings attributable to Allegion plc by the weighted-average number of ordinary shares outstanding for the applicable period. Diluted EPS is calculated after adjusting the denominator of the basic EPS calculation for the effect of all potentially dilutive ordinary shares, which in the Company’s case, includes shares issuable under share-based compensation plans. Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares on December 1, 2013, or 96.0 million shares. For 2013 year to date calculations, these shares are treated as issued and outstanding from January 1, 2013 for purposes of calculating historical basic EPS. At the time of the Spin-off, stock options and restricted stock awards were converted to awards of Allegion, and therefore there were no dilutive securities outstanding for historical periods. For 2013, the Company determined its weighted average dilutive share outstanding assuming that the date of our separation from Ingersoll Rand was the beginning of the period. The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations. In millions 2016 2015 2014 Weighted-average number of basic shares 95.8 95.9 96.1 Shares issuable under incentive stock plans 1.1 1.0 1.1 Weighted-average number of diluted shares 96.9 96.9 97.2 At December 31, 2016 , 0.6 million stock options were excluded from the computation of weighted average diluted shares outstanding because the effect of including these shares would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Abstract | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company is involved in various litigations, claims and administrative proceedings, including those related to environmental and product warranty matters. Amounts recorded for identified contingent liabilities are estimates, which are reviewed periodically and adjusted to reflect additional information when it becomes available. Subject to the uncertainties inherent in estimating future costs for contingent liabilities, except as expressly set forth in this note, management believes that any liability which may result from these legal matters would not have a material adverse effect on the financial condition, results of operations, liquidity or cash flows of the Company. Environmental Matters The Company is dedicated to an environmental program to reduce the utilization and generation of hazardous materials during the manufacturing process and to remediate identified environmental concerns. As to the latter, the Company is currently engaged in site investigations and remediation activities to address environmental cleanup from past operations at current and former production facilities. The Company regularly evaluates its remediation programs and considers alternative remediation methods that are in addition to, or in replacement of, those currently utilized by the Company based upon enhanced technology and regulatory changes. Changes to the Company's remediation programs may result in increased expenses and increased environmental reserves. The Company is sometimes a party to environmental lawsuits and claims and has received notices of potential violations of environmental laws and regulations from the U.S. Environmental Protection Agency and similar state authorities. It has also been identified as a potentially responsible party ("PRP") for cleanup costs associated with off-site waste disposal at federal Superfund and state remediation sites. For all such sites, there are other PRPs and, in most instances, the Company’s involvement is minimal. In estimating its liability, the Company has assumed it will not bear the entire cost of remediation of any site to the exclusion of other PRPs who may be jointly and severally liable. The ability of other PRPs to participate has been taken into account, based on our understanding of the parties’ financial condition and probable contributions on a per site basis. Additional lawsuits and claims involving environmental matters are likely to arise from time to time in the future. The Company incurred $ 23.3 million , $ 4.4 million , and $ 2.9 million of expenses during the years ended December 31, 2016 , 2015 and 2014 , respectively, for environmental remediation at sites presently or formerly owned or leased by the Company. In the fourth-quarter of 2016, with the collaboration and approval of state regulators, the Company launched a proactive, alternative approach to remediate two sites in the United States. This approach will allow the Company to more aggressively address environmental conditions at these sites and reduce the impact of potential changes in regulatory requirements. As a result, the Company recorded a $15 million charge for environmental remediation in the fourth quarter. Environmental remediation costs are recorded in Costs of goods sold within the Consolidated Statements of Comprehensive Income. As of December 31, 2016 and 2015 , the Company has recorded reserves for environmental matters of $ 30.6 million and $ 15.2 million . The total reserve at December 31, 2016 and 2015 included $ 9.6 million and $2.8 million related to remediation of sites previously disposed by the Company. Environmental reserves are classified as Accrued expenses and other current liabilities or Other noncurrent liabilities based on their expected term. The Company's total current environmental reserve at December 31, 2016 and 2015 was $ 6.1 million and $ 3.7 million and the remainder is classified as noncurrent. Given the evolving nature of environmental laws, regulations and technology, the ultimate cost of future compliance is uncertain. Warranty Liability Standard product warranty accruals are recorded at the time of sale and are estimated based upon product warranty terms and historical experience. The Company assesses the adequacy of its liabilities and will make adjustments as necessary based on known or anticipated warranty claims, or as new information becomes available. The changes in the standard product warranty liability for the year ended December 31, were as follows: In millions 2016 2015 2014 Balance at beginning of period $ 11.7 $ 9.8 $ 9.4 Reductions for payments (6.5 ) (5.4 ) (4.9 ) Accruals for warranties issued during the current period 8.1 7.1 6.1 Changes to accruals related to preexisting warranties 0.2 0.5 (0.6 ) Translation (0.2 ) (0.3 ) (0.2 ) Balance at end of period $ 13.3 $ 11.7 $ 9.8 Standard product warranty liabilities are classified as Accrued expenses and other current liabilities. Other Commitments and Contingencies Certain office and warehouse facilities, transportation vehicles and data processing equipment are leased by the Company. Total rental expense was $ 32.5 million in 2016 , $ 30.3 million in 2015 and $ 32.5 million in 2014 . Minimum lease payments required under non-cancellable operating leases with terms in excess of one year for the next five years are as follows: $ 19.8 million in 2017, $ 13.1 million in 2018, $ 9.0 million in 2019, $ 5.8 million in 2020, and $ 2.9 million in 2021. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Information | BUSINESS SEGMENT INFORMATION The accounting policies of the operating segments are the same as those described in the summary of significant accounting policies except that the operating segments’ results are prepared on a management basis that is consistent with the manner in which the Company disaggregates financial information for internal review and decision making. The Company largely evaluates performance based on Segment operating income and Segment operating margins. Segment operating income is the measure of profit and loss that the Company’s chief operating decision maker uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews, and compensation. For these reasons, the Company believes that Segment operating income represents the most relevant measure of segment profit and loss. The Company’s chief operating decision maker may exclude certain charges or gains, such as corporate charges and other special charges, from Operating income to arrive at a Segment operating income that is a more meaningful measure of profit and loss upon which to base its operating decisions. The Company defines Segment operating margin as Segment operating income as a percentage of Net revenues. Each reportable segment is based primarily on the geography in which it operates. A description of the Company’s reportable segments is as follows: The Americas segment provides security products and solutions in approximately 30 countries throughout North America, Central America, the Caribbean and South America. The segment sells a broad range of products and solutions including, locks, locksets, portable locks, key systems, door closers, exit devices, doors and door frames, electronic product and access control systems to end-users in commercial, institutional and residential facilities, including into the education, healthcare, government, commercial office and single- and multi-family residential markets. This segment’s primary brands are Schlage, Von Duprin and LCN. The EMEIA segment provides security products and solutions throughout Europe, the Middle East, India and Africa in approximately 85 countries. The segment offers customers the same portfolio of products as the Americas segment, as well as time and attendance and workforce productivity solutions. This segment’s primary brands are Bricard, CISA, Interflex and SimonsVoss. This segment also resells Schlage, Von Duprin and LCN products, primarily in the Middle East. The Asia Pacific segment provides security products and solutions throughout Asia Pacific in approximately 14 countries. The segment offers customers the same portfolio of products as the Americas segment. This segment’s primary brands are Milre, Schlage, CISA, Von Duprin and LCN. Effective September 1, 2014 the Company completed the sale of its United Kingdom (UK) Door businesses to an unrelated third party. The businesses sold included the Dor-o-Matic™ branded automatic door business, the Martin Roberts™ branded performance steel doorset business and the UK service organization. Historical results of the component have been reclassified to discontinued operations for all periods presented. See Note 19 - Discontinued Operations for more information. A summary of operations and balance sheet information by reportable segments as of and for the years ended December 31 were as follows: Dollar amounts in millions 2016 2015 2014 Americas Net revenues $ 1,645.7 $ 1,558.4 $ 1,560.0 Segment operating income 448.1 418.0 387.3 Segment operating margin 27.2 % 26.8 % 24.8 % Depreciation and amortization 26.4 26.4 24.8 Capital expenditures 21.5 18.9 23.6 Total segment assets 852.7 806.1 990.7 EMEIA Net revenues 485.9 386.3 393.4 Segment operating income 35.9 8.6 4.9 Segment operating margin 7.4 % 2.2 % 1.2 % Depreciation and amortization 27.6 17.2 16.4 Capital expenditures 13.6 5.6 4.9 Total segment assets 886.2 899.4 457.7 Asia Pacific Net revenues 106.4 123.4 164.9 Segment operating income (loss) 6.1 (3.4 ) 2.3 Segment operating margin 5.7 % (2.8 )% 1.4 % Depreciation and amortization 2.4 2.1 1.1 Capital expenditures 1.1 2.0 1.5 Total segment assets 177.4 237.1 442.2 Total net revenues $ 2,238.0 $ 2,068.1 $ 2,118.3 Reconciliation to earnings before income taxes Segment operating income from reportable segments $ 490.1 $ 423.2 $ 394.5 Unallocated corporate expense 64.6 64.6 68.2 Interest expense 64.3 52.9 53.8 Loss on divestitures 84.4 104.2 — Other expense (income), net (18.2 ) (7.8 ) 4.6 Total earnings before income taxes $ 295.0 $ 209.3 $ 267.9 Depreciation and amortization from reportable segments $ 56.4 $ 45.7 $ 42.3 Unallocated depreciation and amortization 5.0 3.1 1.9 Total depreciation and amortization $ 61.4 $ 48.8 $ 44.2 Capital expenditures from reportable segments $ 36.2 $ 26.5 $ 30.0 Corporate capital expenditures 6.3 8.7 21.5 Total capital expenditures $ 42.5 $ 35.2 $ 51.5 Assets from reportable segments $ 1,916.3 $ 1,942.6 $ 1,890.6 Unallocated assets (a) 331.1 320.4 125.3 Total assets $ 2,247.4 $ 2,263.0 $ 2,015.9 (a) Unallocated assets consists of debt issuance costs, deferred income tax balances and cash. Revenues by destination and product as well as long-lived assets by geographic area for the years ended December 31 were as follows: In millions 2016 2015 2014 Revenues United States $ 1,531.2 $ 1,425.1 $ 1,332.0 Non-U.S. 706.8 643.0 786.3 Total $ 2,238.0 $ 2,068.1 $ 2,118.3 In millions 2016 2015 2014 Revenues Mechanical products $ 1,793.1 $ 1,661.4 $ 1,685.0 All other 444.9 406.7 433.3 Total $ 2,238.0 $ 2,068.1 $ 2,118.3 Less than 10% of the Company's net revenues come from the sale of services. In millions 2016 2015 Long-lived assets United States $ 117.1 $ 134.9 Non-U.S. 402.3 400.2 Total $ 519.4 $ 535.1 |
Guarantor Financial Information
Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | GUARANTOR FINANCIAL INFORMATION Allegion US Holding Company, Inc. ("Allegion US Holding") is the issuer of the 2021 Senior Notes and a guarantor of the 2023 Senior Notes. Allegion plc is the issuer of the 2023 Senior Notes and a guarantor of the 2023 Senior Notes. Schlage Lock Company LLC and Von Duprin LLC (together, the "Other Subsidiary Guarantors") are guarantors of the 2021 Senior Notes and the 2023 Senior Notes. The following condensed and consolidated financial information of Allegion plc, Allegion US Holding, the Subsidiary Guarantors and the other Allegion subsidiaries that are not guarantors (the "Other Subsidiaries") on a combined basis as of December 31, 2016 and for the years ended December 31, 2016 , 2015 and 2014 , is being presented in order to meet the reporting requirements under the Senior Notes indenture and Rule 3-10 of Regulation S-X. In accordance with Rule 3-10(d) of Regulation S-X, separate financial statements for the Issuer, the Parent and the Subsidiary Guarantors are not required to be filed with the SEC as the subsidiary debt issuer and the guarantors are directly or indirectly 100% owned by the Parent and the guarantees are full and unconditional and joint and several. Condensed and Consolidated Statement of Comprehensive Income For the year ended December 31, 2016 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Subsidiaries Consolidating Adjustments Total Net revenues $ — $ — $ 1,589.3 $ 1,081.4 $ (432.7 ) $ 2,238.0 Cost of goods sold — — 918.7 766.7 (432.7 ) 1,252.7 Selling and administrative expenses 4.7 — 331.3 223.8 — 559.8 Operating income (loss) (4.7 ) — 339.3 90.9 — 425.5 Equity earnings (loss) in affiliates, net of tax 277.4 148.3 0.3 306.6 (732.6 ) — Interest expense 43.5 20.2 — 0.6 — 64.3 Intercompany interest and fees (0.4 ) 97.9 (147.2 ) 49.7 — — Loss on divestitures — — — 84.4 — 84.4 Other (income) expense, net — — (19.4 ) 1.2 — (18.2 ) Earnings (loss) before income taxes 229.6 30.2 506.2 261.6 (732.6 ) 295.0 Provision (benefit) for income taxes 0.5 (45.5 ) 199.4 (90.6 ) — 63.8 Net earnings (loss) 229.1 75.7 306.8 352.2 (732.6 ) 231.2 Less: Net earnings attributable to noncontrolling interests — — — 2.1 — 2.1 Net earnings (loss) attributable to Allegion plc $ 229.1 $ 75.7 $ 306.8 $ 350.1 $ (732.6 ) $ 229.1 Total comprehensive income (loss) $ 197.0 $ 79.4 $ 313.8 $ 306.9 $ (698.4 ) $ 198.7 Less: Total comprehensive income attributable to noncontrolling interests — — — 1.7 — 1.7 Total comprehensive income (loss) attributable to Allegion plc $ 197.0 $ 79.4 $ 313.8 $ 305.2 $ (698.4 ) $ 197.0 Condensed and Consolidated Statement of Comprehensive Income For the year ended December 31, 2015 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net revenues $ — $ — $ 1,506.0 $ 761.6 $ (199.5 ) $ 2,068.1 Cost of goods sold — — 859.2 539.3 (199.5 ) 1,199.0 Selling and administrative expenses 4.7 (0.1 ) 307.1 198.8 — 510.5 Operating income (loss) (4.7 ) 0.1 339.7 23.5 — 358.6 Equity earnings (loss) in affiliates, net of tax 190.6 167.2 3.8 291.6 (653.2 ) — Interest expense 31.2 21.1 — 0.6 — 52.9 Intercompany interest and fees (0.4 ) 95.0 (140.0 ) 45.4 — — Loss on divestitures — — — 104.2 — 104.2 Other (income) expense, net (0.2 ) — 0.9 (8.5 ) — (7.8 ) Earnings (loss) before income taxes 155.3 51.2 482.6 173.4 (653.2 ) 209.3 Provision (benefit) for income taxes 1.2 (44.7 ) 187.1 (89.0 ) — 54.6 Earnings (loss) from continuing operations 154.1 95.9 295.5 262.4 (653.2 ) 154.7 Discontinued operations, net of tax — — (0.1 ) (0.3 ) — (0.4 ) Net earnings (loss) 154.1 95.9 295.4 262.1 (653.2 ) 154.3 Less: Net earnings attributable to noncontrolling interests — — — 0.4 — 0.4 Net earnings (loss) attributable to Allegion plc $ 154.1 $ 95.9 $ 295.4 $ 261.7 $ (653.2 ) $ 153.9 Total comprehensive income (loss) $ 69.8 $ 95.6 $ 290.2 $ 183.7 $ (570.4 ) $ 68.9 Less: Total comprehensive income attributable to noncontrolling interests — — — (0.9 ) — (0.9 ) Total comprehensive income (loss) attributable to Allegion plc $ 69.8 $ 95.6 $ 290.2 $ 184.6 $ (570.4 ) $ 69.8 Condensed and Consolidated Statement of Comprehensive Income For the year ended December 31, 2014 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net revenues $ — $ — $ 1,399.9 $ 916.4 $ (198.0 ) $ 2,118.3 Cost of goods sold — — 803.1 659.5 (198.0 ) 1,264.6 Selling and administrative expenses 4.5 0.2 304.4 218.3 — 527.4 Operating income (loss) (4.5 ) (0.2 ) 292.4 38.6 — 326.3 Equity earnings (loss) in affiliates, net of tax 182.0 170.8 6.9 351.5 (711.2 ) — Interest expense 5.6 58.0 — 1.0 (10.8 ) 53.8 Intercompany interest and fees (3.2 ) 63.0 (285.5 ) 225.7 — — Other (income) expense, net (0.1 ) — (0.2 ) 4.9 — 4.6 Earnings (loss) before income taxes 175.2 49.6 585.0 158.5 (700.4 ) 267.9 Provision (benefit) for income taxes — (46.7 ) 222.6 (95.7 ) 4.0 84.2 Earnings (loss) from continuing operations 175.2 96.3 362.4 254.2 (704.4 ) 183.7 Discontinued operations, net of tax — — — (11.1 ) — (11.1 ) Net earnings (loss) 175.2 96.3 362.4 243.1 (704.4 ) 172.6 Less: Net earnings attributable to noncontrolling interests — — — (2.6 ) — (2.6 ) Net earnings (loss) attributable to Allegion plc $ 175.2 $ 96.3 $ 362.4 $ 245.7 $ (704.4 ) $ 175.2 Total comprehensive income (loss) $ 123.7 $ 96.3 $ 362.4 $ 242.4 $ (704.4 ) $ 120.4 Less: Total comprehensive income attributable to noncontrolling interests — — — (3.3 ) — (3.3 ) Total comprehensive income (loss) attributable to Allegion plc $ 123.7 $ 96.3 $ 362.4 $ 245.7 $ (704.4 ) $ 123.7 Consolidated Balance Sheet December 31, 2016 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Current assets: Cash and cash equivalents $ 0.5 $ 0.1 $ 166.0 $ 145.8 $ — $ 312.4 Accounts and notes receivable, net — — 140.0 120.0 — 260.0 Inventories — — 77.6 143.0 — 220.6 Other current assets 0.4 49.7 9.4 142.9 (168.3 ) 34.1 Assets held for sale — — — 2.2 — 2.2 Accounts and notes receivable affiliates — 331.6 395.0 320.6 (1,047.2 ) — Total current assets 0.9 381.4 788.0 874.5 (1,215.5 ) 829.3 Investment in affiliates 1,229.4 2,814.1 193.4 3,422.6 (7,659.5 ) — Property, plant and equipment, net — — 122.0 104.6 — 226.6 Intangible assets, net — — 180.8 893.4 — 1,074.2 Notes receivable affiliates 53.2 1,149.8 3,444.7 1,679.8 (6,327.5 ) — Other noncurrent assets 5.4 14.8 61.9 35.2 — 117.3 Total assets $ 1,288.9 $ 4,360.1 $ 4,790.8 $ 7,010.1 $ (15,202.5 ) $ 2,247.4 Current liabilities: Accounts payable and accruals $ 7.0 $ 4.7 $ 353.2 $ 184.8 $ (168.3 ) $ 381.4 Short-term borrowings and current maturities of long-term debt 46.9 — — 1.3 — 48.2 Accounts and note payable affiliates 0.4 36.4 629.6 380.8 (1,047.2 ) — Total current liabilities 54.3 41.1 982.8 566.9 (1,215.5 ) 429.6 Long-term debt 1,120.2 294.4 — 1.0 — 1,415.6 Note payable affiliate — 2,690.7 53.3 3,583.5 (6,327.5 ) — Other noncurrent liabilities 1.1 — 138.7 146.0 — 285.8 Total liabilities 1,175.6 3,026.2 1,174.8 4,297.4 (7,543.0 ) 2,131.0 Equity: Total shareholders equity (deficit) 113.3 1,333.9 3,616.0 2,709.6 (7,659.5 ) 113.3 Noncontrolling interests — — — 3.1 — 3.1 Total equity (deficit) 113.3 1,333.9 3,616.0 2,712.7 (7,659.5 ) 116.4 Total liabilities and equity $ 1,288.9 $ 4,360.1 $ 4,790.8 $ 7,010.1 $ (15,202.5 ) $ 2,247.4 Condensed and Consolidated Balance Sheet December 31, 2015 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Current assets: Cash and cash equivalents $ 3.3 $ 0.3 $ 73.8 $ 122.3 $ — $ 199.7 Accounts and notes receivable, net — — 121.6 181.8 — 303.4 Inventories — — 106.7 97.4 — 204.1 Other current assets 0.5 44.7 9.9 (27.2 ) — 27.9 Accounts and notes receivable affiliates 248.6 356.4 375.9 324.5 (1,305.4 ) — Total current assets 252.4 401.4 687.9 698.8 (1,305.4 ) 735.1 Investment in affiliates 986.2 3,001.4 192.9 4,660.2 (8,840.7 ) — Property, plant and equipment, net — — 147.6 77.2 — 224.8 Intangible assets, net — — 181.4 905.1 — 1,086.5 Notes receivable affiliates — 1,144.2 3,549.9 1,726.3 (6,420.4 ) — Other noncurrent assets 10.8 1.5 82.1 122.2 — 216.6 Total assets $ 1,249.4 $ 4,548.5 $ 4,841.8 $ 8,189.8 $ (16,566.5 ) $ 2,263.0 Current liabilities: Accounts payable and accruals $ 8.2 $ 4.3 $ 356.7 $ 12.3 $ — $ 381.5 Short-term borrowings and current maturities of long-term debt 46.9 — 0.1 18.6 — 65.6 Accounts and note payable affiliates 0.3 57.5 636.4 611.2 (1,305.4 ) — Total current liabilities 55.4 61.8 993.2 642.1 (1,305.4 ) 447.1 Long-term debt 1,168.4 289.1 — — — 1,457.5 Note payable affiliate — 2,750.8 — 3,669.6 (6,420.4 ) — Other noncurrent liabilities — 1.2 124.7 202.8 — 328.7 Total liabilities 1,223.8 3,102.9 1,117.9 4,514.5 (7,725.8 ) 2,233.3 Equity: Total shareholders equity (deficit) 25.6 1,445.6 3,723.9 3,671.2 (8,840.7 ) 25.6 Noncontrolling interests — — — 4.1 — 4.1 Total equity (deficit) 25.6 1,445.6 3,723.9 3,675.3 (8,840.7 ) 29.7 Total liabilities and equity $ 1,249.4 $ 4,548.5 $ 4,841.8 $ 8,189.8 $ (16,566.5 ) $ 2,263.0 Consolidated Statement of Cash Flows For the year ended December 31, 2016 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net cash provided by (used in) operating activities $ (25.6 ) $ 34.1 $ 584.7 $ 631.5 $ (847.2 ) $ 377.5 Cash flows from investing activities: Capital expenditures — — (19.4 ) (23.1 ) — (42.5 ) Acquisition of businesses, net of cash acquired — — — (31.4 ) — (31.4 ) Proceeds from sales and maturities of marketable securities — — — 14.1 — 14.1 Proceeds (payments) related to business dispositions — — — (4.3 ) — (4.3 ) Other investing activities, net — — — 0.1 — 0.1 Net cash used in investing activities — — (19.4 ) (44.6 ) — (64.0 ) Cash flows from financing activities: Net debt repayments (47.0 ) — — (17.4 ) — (64.4 ) Debt issuance costs (0.3 ) — — — — (0.3 ) Net inter-company proceeds (payments) 195.4 (34.3 ) 214.9 (376.0 ) — — Dividends paid to shareholders (46.0 ) — — — — (46.0 ) Dividends paid to noncontrolling interests — — — (2.7 ) — (2.7 ) Dividends paid — — (688.0 ) (159.2 ) 847.2 — Repurchase of ordinary shares (85.1 ) — — — — (85.1 ) Other financing activities, net 5.8 — — (3.3 ) — 2.5 Net cash provided by (used in) financing activities 22.8 (34.3 ) (473.1 ) (558.6 ) 847.2 (196.0 ) Effect of exchange rate changes on cash and cash equivalents — — — (4.8 ) — (4.8 ) Net increase (decrease) in cash and cash equivalents (2.8 ) (0.2 ) 92.2 23.5 — 112.7 Cash and cash equivalents - beginning of period 3.3 0.3 73.8 122.3 — 199.7 Cash and cash equivalents - end of period $ 0.5 $ 0.1 $ 166.0 $ 145.8 $ — $ 312.4 Condensed and Consolidated Statement of Cash Flows For the year ended December 31, 2015 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net cash provided by (used in) continuing operating activities $ (23.4 ) $ 125.8 $ 484.7 $ 682.1 $ (1,011.8 ) $ 257.4 Net cash used in discontinued operating activities — — (0.1 ) (0.3 ) — (0.4 ) Net cash provided by (used in) operating activities $ (23.4 ) $ 125.8 $ 484.6 $ 681.8 $ (1,011.8 ) $ 257.0 Cash flows from investing activities: Capital expenditures — — (27.2 ) (8.0 ) — (35.2 ) Acquisition of businesses, net of cash acquired — — (31.3 ) (480.0 ) — (511.3 ) Proceeds from sales and maturities of marketable securities — — — 12.3 — 12.3 Proceeds from business disposition, net of cash sold — — 4.4 (4.3 ) — 0.1 Other investing activities, net — — 0.1 0.2 — 0.3 Net cash used in investing activities — — (54.0 ) (479.8 ) — (533.8 ) Cash flows from financing activities: Net debt proceeds 263.8 — — 14.5 — 278.3 Debt issuance costs (9.0 ) — — — — (9.0 ) Net inter-company proceeds (payments) (200.9 ) (126.0 ) 230.6 96.3 — — Dividends paid to shareholders (38.3 ) — — — — (38.3 ) Dividends paid to noncontrolling interests — — — (20.0 ) — (20.0 ) Dividends paid — — (713.7 ) (298.1 ) 1,011.8 — Repurchase of ordinary shares (30.0 ) — — — — (30.0 ) Other financing activities, net 14.0 — — — — 14.0 Net cash provided by (used in) financing activities (0.4 ) (126.0 ) (483.1 ) (207.3 ) 1,011.8 195.0 Effect of exchange rate changes on cash and cash equivalents — — — (9.0 ) — (9.0 ) Net decrease in cash and cash equivalents (23.8 ) (0.2 ) (52.5 ) (14.3 ) — (90.8 ) Cash and cash equivalents - beginning of period 27.1 0.5 126.3 136.6 — 290.5 Cash and cash equivalents - end of period $ 3.3 $ 0.3 $ 73.8 $ 122.3 $ — $ 199.7 Condensed and Consolidated Statement of Cash Flows For the year ended December 31, 2014 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net cash provided by (used in) continuing operating activities $ 105.4 $ (847.5 ) $ 567.2 $ 1,172.4 $ (738.5 ) $ 259.0 Net cash used in discontinued operating activities — — — (3.1 ) — (3.1 ) Net cash provided by (used in) operating activities 105.4 (847.5 ) 567.2 1,169.3 (738.5 ) 255.9 Cash flows from investing activities: Capital expenditures — — (41.6 ) (9.9 ) — (51.5 ) Acquisition of businesses, net of cash acquired — — — (25.2 ) — (25.2 ) Capital contributions to subsidiaries (975.0 ) (135.0 ) — (160.7 ) 1,270.7 — Proceeds from business disposition, net of cash sold — — — 1.2 — 1.2 Other investing activities, net — — 0.5 40.2 — 40.7 Net cash provided by (used in) investing activities (975.0 ) (135.0 ) (41.1 ) (154.4 ) 1,270.7 (34.8 ) Cash flows from financing activities: Net debt (repayments) proceeds 962.8 (1,000.0 ) — (40.8 ) — (78.0 ) Debt issuance costs (5.8 ) — — — — (5.8 ) Net inter-company proceeds (payments) — 1,822.3 (44.1 ) (1,778.2 ) — — Capital contributions received — 160.7 7.0 1,103.0 (1,270.7 ) — Dividends paid to shareholders (30.0 ) — — — — (30.0 ) Dividends paid to noncontrolling interests — — — (4.5 ) — (4.5 ) Dividends paid — — (441.5 ) (297.0 ) 738.5 — Repurchase of ordinary shares (50.3 ) — — — — (50.3 ) Other financing activities, net 18.6 — — — — 18.6 Net cash provided by (used in) financing activities 895.3 983.0 (478.6 ) (1,017.5 ) (532.2 ) (150.0 ) Effect of exchange rate changes on cash and cash equivalents — — — (8.0 ) — (8.0 ) Net increase (decrease) in cash and cash equivalents 25.7 0.5 47.5 (10.6 ) — 63.1 Cash and cash equivalents - beginning of period 1.4 — 78.8 147.2 — 227.4 Cash and cash equivalents - end of period $ 27.1 $ 0.5 $ 126.3 $ 136.6 $ — $ 290.5 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On January 3, 2017, the Company acquired Republic Doors & Frames, Inc. through one of its subsidiaries. On February 2, 2017 , the Company's Board of Directors declared a quarterly dividend of $0.16 cents per ordinary share. The dividend is payable March 31, 2017 to shareholders of record on March 15, 2017. Also on February 2, 2017 , the Company's Board of Directors approved a new stock repurchase authorization of up to $500 million of the Company's ordinary shares. This new stock repurchase authorization replaces the authorization established in 2014. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | PLC VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED December 31, 2016 , 2015 AND 2014 (Amounts in millions) Allowances for Doubtful Accounts: Balance December 31, 2013 $ 2.4 Additions charged to costs and expenses 2.1 Deductions* (1.1 ) Currency translation (0.2 ) Balance December 31, 2014 3.2 Additions charged to costs and expenses 1.6 Deductions* (1.5 ) Business acquisitions and divestitures, net 0.9 Currency translation (0.4 ) Balance December 31, 2015 3.8 Additions charged to costs and expenses 0.1 Deductions* (1.1 ) Business acquisitions and divestitures, net — Currency translation (0.1 ) Balance December 31, 2016 $ 2.7 (*) "Deductions" include accounts and advances written off, less recoveries. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Principles of Consolidation: The Consolidated Financial Statements include all majority-owned subsidiaries of the Company. A noncontrolling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes noncontrolling interest as a component of Total equity in the Consolidated Balance Sheet and the Net earnings attributable to noncontrolling interests are presented as an adjustment from Net earnings used to arrive at Net earnings attributable to Allegion in the Consolidated Statement of Comprehensive Income. Partially-owned equity affiliates generally represent 20 - 50 % ownership interests in investments and where we demonstrate significant influence in investments, but do not have a controlling financial interest. Partially-owned equity affiliates are accounted for under the equity method. The Company is also required to consolidate variable interest entities in which it bears a majority of the risk to the entities’ potential losses or stands to gain from a majority of the entities’ expected returns. Transactions between the Company and Ingersoll Rand and its affiliates are herein referred to as "related party" or "affiliated" transactions. The assets, liabilities, results of operations and cash flows of all discontinued operations have been separately reported as discontinued operations. |
Use of Estimates, Policy | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends, and the assessment of the probable future outcome. Some of the more significant estimates include accounting for doubtful accounts, useful lives of property, plant and equipment and intangible assets, purchase price allocations of acquired businesses, valuation of assets including goodwill and other intangible assets, product warranties, sales allowances, pension plans, postretirement benefits other than pensions, taxes, environmental costs, product liability and other contingencies. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the Consolidated Statement of Comprehensive Income in the period that they are determined. |
Currency Translation | Currency Translation: Assets and liabilities where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates, and income and expense accounts have been translated using average exchange rates throughout the year. Adjustments resulting from the process of translating an entity’s financial statements into the U.S. dollar have been recorded in the Equity section of the Consolidated Balance Sheet within Accumulated other comprehensive income (loss). |
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include cash on hand, demand deposits and all highly liquid investments with original maturities at the time of purchase of three months or less. |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Marketable Securities: The Company has classified its marketable securities as available-for-sale in accordance with GAAP. Available-for-sale marketable securities are accounted for at fair value, with the unrealized gain or loss, less applicable deferred income taxes, recorded within Accumulated other comprehensive income (loss). If any of the Company’s marketable securities experience other than temporary declines in value as defined by GAAP, a loss is recorded in the Consolidated Statement of Comprehensive Income in the period determined. |
Inventories | Inventories : Inventories are stated at the lower of cost or net realizable value using the first-in first-out (FIFO) method. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts : The Company has provided an allowance for doubtful accounts reserve, which represents the best estimate of probable loss inherent in the Company’s account receivables portfolio. Changes in the financial condition of customers or other unanticipated events, which may affect their ability to make payments, could result in charges for additional allowances exceeding the Company's estimates. The Company's estimates are influenced by the following considerations: a continuing credit evaluation of our customers’ financial condition; trade accounts receivable aging; and historical loss experience. The Company reserved $ 2.7 million and $ 3.8 million for doubtful accounts as of December 31, 2016 and 2015 , respectively. |
Property, Plant and Equipment | Property, Plant and Equipment: Property, plant and equipment are stated at cost, less accumulated depreciation. Assets placed in service are recorded at cost and depreciated using the straight-line method over the estimated useful life of the asset except for leasehold improvements, which are depreciated over the shorter of their economic useful life or their lease term. The range of useful lives used to depreciate property, plant and equipment is as follows: Buildings 10 to 50 years Machinery and equipment 2 to 12 years Software 2 to 7 years Repair and maintenance costs that do not extend the useful life of the asset are charged against earnings as incurred. Major replacements and significant improvements that increase asset values and extend useful lives are capitalized. The Company assesses the recoverability of the carrying value of its property, plant and equipment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability is measured by a comparison of the carrying amount of an asset to the future net undiscounted cash flows expected to be generated by the asset. If the undiscounted cash flows are less than the carrying amount of the asset, an impairment loss is recognized for the amount by which the carrying value of the asset exceeds the fair value of the assets. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets: The Company records as goodwill the excess of the purchase price over the fair value of the net assets acquired. In accordance with GAAP, goodwill and other indefinite-lived intangible assets are tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the reporting unit is more likely than not less than the carrying amount of the reporting unit. Recoverability of goodwill is measured at the reporting unit level and begins with a qualitative assessment to determine if it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test prescribed by GAAP. For those reporting units where it is required, the first step compares the carrying amount of the reporting unit to its estimated fair value. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired and the second step of the impairment test is not necessary. To the extent that the carrying value of the reporting unit exceeds its estimated fair value, a second step is performed, wherein the reporting unit's carrying value of goodwill is compared to the implied fair value of goodwill. To the extent that the carrying value exceeds the implied fair value, impairment exists and must be recognized. The calculation of estimated fair value is based on two valuation techniques, a discounted cash flow model (income approach) and a market adjusted multiple of earnings and revenues (market approach), with each method being weighted in the calculation. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. The estimated fair value of the reporting unit is allocated to all of the assets and liabilities of the reporting unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination and the fair value of the reporting unit, as determined in the first step of the goodwill impairment test, was the price paid to acquire that reporting unit. Recoverability of other intangible assets with indefinite useful lives (i.e. Trademarks) is determined on a relief from royalty methodology (income approach), which is based on the implied royalty paid, at an appropriate discount rate, to license the use of an asset rather than owning the asset. The present value of the after-tax cost savings (i.e. royalty relief) indicates the estimated fair value of the asset. Any excess of the carrying value over the estimated fair value is recognized as an impairment loss equal to that excess. Intangible assets such as patents, customer-related intangible assets and other intangible assets with finite useful lives are amortized on a straight-line basis over their estimated economic lives. The weighted-average useful lives approximate the following: Customer relationships 25 years Trademarks 25 years Completed technology/patents 10 years Other 25 years Recoverability of intangible assets with finite useful lives is assessed in the same manner as property, plant and equipment as described above. |
Income Taxes | Income Taxes: For purposes of the Company’s Consolidated Financial Statements for periods prior to the Spin-off, income tax expense has been recorded as if the Company filed tax returns on a stand-alone basis separate from Ingersoll Rand. This separate return methodology applies the accounting guidance for income taxes to the stand-alone financial statements as if the Company was a stand-alone enterprise for the periods prior to the Spin-off. Therefore, cash tax payments and items of current and deferred taxes may not be reflective of the Company’s actual tax balances prior to or subsequent to the Spin-off. Cash paid for income taxes, net of refunds for the twelve months ended December 31, 2016 and 2015 was $10.4 million and $80.6 million , respectively. The 2016 net cash income taxes paid includes a refund of $46.2 million received from the Canadian Tax Authorities. The income tax accounts reflected in the Consolidated Balance Sheet as of December 31, 2016 and 2015 include income taxes payable and deferred taxes allocated to the Company at the time of the Spin-off. The calculation of the Company’s income taxes involves considerable judgment and the use of both estimates and allocations. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and tax bases of assets and liabilities, applying enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. The Company recognizes future tax benefits, such as net operating losses and tax credits, to the extent that realizing these benefits is considered in its judgment to be more likely than not. The Company regularly reviews the recoverability of its deferred tax assets considering its historic profitability, projected future taxable income, timing of the reversals of existing temporary differences and the feasibility of its tax planning strategies. Where appropriate, the Company records a valuation allowance with respect to a future tax benefit. |
Standard Product Warranty, Policy | Product Warranties: Standard product warranty accruals are recorded at the time of sale and are estimated based upon product warranty terms and historical experience. The Company assesses the adequacy of its liabilities and will make adjustments as necessary based on known or anticipated warranty claims, or as new information becomes available. |
Revenue Recognition | Revenue Recognition: Revenue is recognized and earned when all of the following criteria are satisfied: (a) persuasive evidence of a sales arrangement exists; (b) the price is fixed or determinable; (c) collectability is reasonably assured; and (d) delivery has occurred or service has been rendered. Delivery generally occurs when the title and the risks and rewards of ownership have transferred to the customer. Both the persuasive evidence of a sales arrangement and fixed or determinable price criteria are deemed to be satisfied upon receipt of an executed and legally binding sales agreement or contract that clearly defines the terms and conditions of the transaction including the respective obligations of the parties. If the defined terms and conditions allow variability in all or a component of the price, revenue is not recognized until such time that the price becomes fixed or determinable. At the point of sale, the Company validates the existence of an enforceable claim that requires payment within a reasonable amount of time and assesses the collectability of that claim. If collectability is not deemed to be reasonably assured, then revenue recognition is deferred until such time that collectability becomes probable or cash is received. Delivery is not considered to have occurred until the customer has taken title and assumed the risks and rewards of ownership. Service and installation revenue are recognized when earned. In some instances, customer acceptance provisions are included in sales arrangements to give the buyer the ability to ensure the delivered product or service meets the criteria established in the order. In these instances, revenue recognition is deferred until the acceptance terms specified in the arrangement are fulfilled through customer acceptance or a demonstration that established criteria have been satisfied. If uncertainty exists about customer acceptance, revenue is not recognized until acceptance has occurred. The Company offers various sales incentive programs to our customers, dealers, and distributors. Sales incentive programs do not preclude revenue recognition, but do require an accrual for the Company’s best estimate of expected activity. Examples of the sales incentives that are accrued for as a contra receivable and sales deduction at the point of sale include, but are not limited to, discounts (i.e. net 30 type), coupons, and rebates where the customer does not have to provide any additional requirements to receive the discount. Sales returns and customer disputes involving a question of quantity or price are also accounted for as a reduction in revenue and a contra receivable. At December 31, 2016 and 2015 , the Company had a customer claim accrual (contra receivable) of $29.0 million and $24.5 million , respectively. All other incentives or incentive programs where the customer is required to reach a certain level of purchases, remain a customer for a certain period, provide a rebate form or is subject to additional requirements are accounted for as a reduction of revenue and establishment of a liability. At December 31, 2016 and 2015 , the Company had a sales incentive accrual of $29.6 million and $26.6 million , respectively. Each of these accruals represents the Company’s best estimate it expects to pay related to previously sold units based on historical claim experience. These estimates are reviewed regularly for accuracy. If updated information or actual amounts are different from previous estimates, the revisions are included in the Company’s results for the period in which they become known. Historically, the aggregate differences, if any, between the Company’s estimates and actual amounts in any year have not had a material impact on the Consolidated Financial Statements. |
Regulatory Environmental Costs, Policy | Environmental Costs: The Company is subject to laws and regulations relating to protecting the environment. Environmental expenditures relating to current operations are expensed or capitalized as appropriate. Expenditures relating to existing conditions caused by past operations, which do not contribute to current or future revenues, are expensed. Liabilities for remediation costs are recorded when they are probable and can be reasonably estimated, generally no later than the completion of feasibility studies or the Company’s commitment to a plan of action. The assessment of this liability, which is calculated based on existing technology, does not reflect any offset for possible recoveries from insurance companies, and is not discounted. Refer to Note 21 for further details of environmental matters. |
Research and Development Expense, Policy | Research and Development Costs: The Company conducts research and development activities for the purpose of developing and improving new products and services. These expenditures are expensed when incurred. For the years ended December 31, 2016 , 2015 and 2014 , these expenditures amounted to approximately $ 47.3 million , $ 45.2 million and $ 43.3 million , respectively and consist of salaries, wages, benefits, building costs and other overhead expenses. |
Internal Use Software, Policy | Software Costs: The Company capitalizes certain qualified internal-use software costs during the application development stage and subsequently amortizes those costs over the software's useful life, which ranges from 2 to 7 years. |
Compensation Related Costs, Policy | Employee Benefit Plans : The Company provides a range of benefits, including pensions, postretirement and postemployment benefits to eligible current and former employees. Determining the cost associated with such benefits is dependent on various actuarial assumptions, including discount rates, expected return on plan assets, compensation increases, employee mortality, turnover rates, and healthcare cost trend rates. Actuaries perform the required calculations to determine expense in accordance with GAAP. Actual results may differ from the actuarial assumptions and are generally accumulated into Accumulated other comprehensive income (loss) and amortized into Net earnings over future periods. The Company reviews its actuarial assumptions at each measurement date and makes modifications to the assumptions based on current rates and trends, if appropriate. Refer to Note 12 for further details on employee benefit plans. |
Loss Contingencies | Loss Contingencies: Liabilities are recorded for various contingencies arising in the normal course of business, including litigation and administrative proceedings, environmental matters, product liability, product warranty, worker’s compensation and other claims. The Company has recorded reserves in the financial statements related to these matters, which are developed using inputs derived from actuarial estimates and historical and anticipated experience data depending on the nature of the reserve and, in certain instances, with consultation of legal counsel, internal and external consultants and engineers. Subject to the uncertainties inherent in estimating future costs for these types of liabilities, the Company believes its estimated reserves are reasonable and does not believe the final determination of the liabilities with respect to these matters would have a material effect on the financial condition, results of operations, liquidity or cash flows of the Company for any year. Refer to Note 21 for further details on loss contingencies. |
Derivative Instruments | Derivative Instruments: The Company periodically enters into cash flow and other derivative transactions to specifically hedge exposure to various risks related to currency and interest rates. The Company recognizes all derivatives on the Consolidated Balance Sheet at their fair value as either assets or liabilities. For cash flow designated hedges, the effective portion of the changes in fair value of the derivative contract are recorded in Accumulated other comprehensive income (loss), net of taxes, and are recognized in Net earnings at the time earnings are affected by the hedged transaction. For other derivative transactions, the changes in the fair value of the derivative contract are immediately recognized in Net earnings. Refer to Note 11 for further details on derivative instruments. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements: In August 2014, the FASB issued ASU 2014-15, "Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern." ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The Company adopted the provisions of ASU 2014-15 in the fourth quarter of 2016. The adoption of ASU 2014-15 did not have a material impact on the Company's financial condition, results of operations or cash flows. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as an asset. The ASU is effective for annual reporting periods beginning after December 15, 2015. As further reflected in Note 10 to the Consolidated Financial Statements, we retrospectively adopted ASU 2015-03 in the first quarter of 2016. As a result of the adoption of ASU 2015-03, the Company reclassified $22.3 million of unamortized debt issuance costs from Other noncurrent assets to Long term debt within its previously reported consolidated balance sheet as of December 31, 2015. In May 2015, the FASB issued ASU 2015-07, "Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and removes the requirement to make certain disclosures for these investments. The ASU was effective for annual reporting periods beginning after December 15, 2015, however, early adoption was permitted. The Company adopted the provisions of ASU 2015-07 on a retrospective basis at December 31, 2015. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 802): Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Prior to the issuance of the standard, entities were required to retrospectively apply adjustments made to provisional amounts recognized in a business combination. The ASU was effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. During 2016, the Company made immaterial measurement-period adjustments related to business combinations from 2015 and 2016. The impact of ASU 2015-16 on these adjustments did not have a material impact on the consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. Prior to the issuance of the standard, entities were required to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018, however early adoption was permitted. The Company adopted the provisions of ASU 2015-17 on a prospective basis at December 31, 2015. In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2016-09 in the fourth quarter of 2016. As a result, during the fourth quarter, the Company recognized a year-to-date 2016 excess tax benefit of $3.5 million against income tax expense rather than additional paid-in capital. In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory." This update addresses the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. In addition, interpretations of this guidance have developed in practice over the years for transfers of certain intangible and tangible assets. The amendments in the update will require recognition of current and deferred income taxes resulting from an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted in 2017 if adoption takes place during the first interim reporting period. The Company elected to adopt early on January 1, 2017. The Company does not expect the adoption of this guidance to have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements: In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers" (ASC 606). ASC 606 is a single, comprehensive revenue recognition model for all contracts with customers. The model is based on changes in contract assets (rights to receive consideration) and liabilities (obligations to provide a good or perform a service). Revenue is recognized based on the satisfaction of performance obligations, which occurs when control of a good or service transfers to a customer. ASC 606 contains expanded disclosure requirements relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Entities may use a full retrospective approach or report the cumulative effect as of the date of adoption ("modified retrospective method"). This guidance will be effective for the Company January 1, 2018. The FASB has also issued the following standards which clarify ASU 2014-09 and have the same effective date as the original standard: ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients and ASU 2016-10 Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing. The Company has completed a high-level assessment of the new standard’s impact and is currently performing a technical assessment of all customer contracts. The Company will choose the modified retrospective method upon adoption in 2018. The adoption of the new standard will not have a material impact on the consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." ASU 2015-11 changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. The standard defines net realizable value as estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal and transportation. The ASU is effective for annual and interim reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted. The requirements of ASU 2015-11 are not expected to have a significant impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 requires the identification of arrangements that should be accounted for as leases by lessees. In general, for lease arrangements exceeding a twelve month term, these arrangements must now be recognized as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. The ASU is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. ASU 2016-05 is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. The Company is assessing what impact ASU 2016-02 will have on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. The ASU will be effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company is assessing what impact ASU 2016-13 will have on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Clarification of Certain Cash Receipts and Cash Payments." The objective of ASU 2016-15 is to eliminate the diversity in practice related to the classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. The ASU will be effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. The amendments in this update will be applied retrospectively to all periods presented, unless deemed impracticable, in which case, prospective application is permitted. The Company is assessing what impact ASU 2016-15 will have on the consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles– Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment". ASU 2017-04 removes Step 2 from the goodwill impairment test. The ASU will be effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for any impairment tests after January 1, 2017. The Company is assessing what impact ASU 2017-04 will have on the consolidated financial statements. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Depreciation Range of Useful Lives | The range of useful lives used to depreciate property, plant and equipment is as follows: Buildings 10 to 50 years Machinery and equipment 2 to 12 years Software 2 to 7 years |
Schedule of Intangible Assets Weighted Average Useful Lives | The weighted-average useful lives approximate the following: Customer relationships 25 years Trademarks 25 years Completed technology/patents 10 years Other 25 years |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Marketable Securities [Abstract] | |
Schedule of Marketable Securities | MARKETABLE SECURITIES At December 31, marketable securities included within Other noncurrent assets in the Consolidated Balance Sheets were as follows: 2016 2015 In millions Amortized cost or cost Unrealized gains Fair value Amortized cost or cost Unrealized gains Fair value Equity securities $ — $ — $ — $ 1.2 $ 13.0 $ 14.2 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | At December 31, the major classes of inventory were as follows: In millions 2016 2015 Raw materials $ 56.7 $ 58.9 Work-in-process 23.6 30.0 Finished goods 140.3 115.2 Total $ 220.6 $ 204.1 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Major Classes of Property, Plant and Equipment | At December 31, the major classes of property, plant and equipment were as follows: In millions 2016 2015 Land $ 14.5 $ 14.5 Buildings 127.6 125.9 Machinery and equipment 353.6 340.1 Software 126.5 101.9 Construction in progress 18.2 34.1 640.4 616.5 Accumulated depreciation (413.8 ) (391.7 ) Total $ 226.6 $ 224.8 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill Abstract | |
Changes in Goodwill Carrying Amounts | The changes in the carrying amount of Goodwill are as follows: In millions Americas EMEIA Asia Pacific Total December 31, 2014 (gross) $ 364.8 $ 533.0 $ 72.1 $ 969.9 Accumulated impairment * — (478.6 ) (6.9 ) (485.5 ) December 31, 2014 (net) 364.8 54.4 65.2 484.4 Acquisitions 9.2 219.3 27.9 256.4 Write-off (0.8 ) — — (0.8 ) Currency translation (0.4 ) (18.9 ) (6.6 ) (25.9 ) December 31, 2015 (net) 372.8 254.8 86.5 714.1 Acquisitions — 12.5 3.3 15.8 Currency translation 0.1 (9.8 ) (3.4 ) (13.1 ) December 31, 2016 (net) $ 372.9 $ 257.5 $ 86.4 $ 716.8 * Accumulated impairment consists of charges of $137.6 million (EMEIA), $341.0 million (EMEIA) and $6.9 million (Asia Pacific) recorded in 2013, 2008 and 2007, respectively, as a result of the Company's impairment testing. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets Abstract | |
Schedule Of Intangible Asset Excluding Goodwill [Table Text Block] | The following table sets forth the gross amount and related accumulated amortization of the Company’s intangible assets at December 31: 2016 2015 In millions Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Completed technologies/patents $ 48.0 $ (25.3 ) $ 22.7 $ 49.0 $ (23.1 ) $ 25.9 Customer relationships 278.9 (51.6 ) 227.3 278.7 (40.2 ) 238.5 Trademarks (finite-lived) 78.5 (37.3 ) 41.2 81.2 (35.3 ) 45.9 Other 11.0 (9.4 ) 1.6 9.0 (9.0 ) — Total finite-lived intangible assets 416.4 $ (123.6 ) 292.8 417.9 $ (107.6 ) 310.3 Trademarks (indefinite-lived) 64.6 64.6 62.1 62.1 Total $ 481.0 $ 357.4 $ 480.0 $ 372.4 |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | In millions Accounts and notes receivable, net $ 23.3 Inventories 34.8 Other current assets 4.2 Property, plant and equipment, net 27.2 Goodwill 257.5 Intangible assets, net 273.8 Other noncurrent assets 12.5 Accounts payable (12.2 ) Accrued expenses and other current liabilities (30.1 ) Deferred tax liabilities and other noncurrent liabilities (79.7 ) $ 511.3 |
Business Acquisition, Pro Forma Information [Table Text Block] | December 31, In millions, except per share amounts 2015 Net revenues $ 2,170.2 Net earnings attributable to Allegion plc $ 167.0 Basic income per share $ 1.74 Diluted income per share $ 1.72 |
Debt and Credit Facilities (Tab
Debt and Credit Facilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Current Maturities of Long-Term Debt | At December 31, long-term debt and other borrowings consisted of the following: In millions 2016 2015 Term Loan A Facility $ 879.8 $ 926.7 5.75% Senior Notes due 2021 300.0 300.0 5.875% Senior Notes due 2023 300.0 300.0 Other debt, including capital leases, maturing in various amounts through 2024 2.3 18.7 Unamortized debt issuance costs, net (18.3 ) (22.3 ) Total debt 1,463.8 1,523.1 Less current portion of long term debt 48.2 65.6 Total long-term debt $ 1,415.6 $ 1,457.5 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments Abstract | |
Schedule of the Fair Values of Derivative Instruments | The fair values of derivative instruments included within the Consolidated Balance Sheets as of December 31 were as follows: Asset derivatives Liability derivatives In millions 2016 2015 2016 2015 Derivatives designated as hedges: Currency derivatives $ 0.7 $ 1.8 $ 0.1 $ — Interest rate swaps 4.6 — 0.4 1.2 Derivatives not designated as hedges: Currency derivatives 0.3 1.0 0.2 4.5 Total derivatives $ 5.6 $ 2.8 $ 0.7 $ 5.7 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The amounts associated with derivatives designated as hedges affecting Net earnings and Accumulated other comprehensive loss for the years ended December 31 were as follows: Amount of gain (loss) recognized in AOCI Location of gain (loss) reclassified from AOCI and recognized into Net earnings Amount of gain (loss) reclassified from AOCI and recognized into Net earnings In millions 2016 2015 2014 2016 2015 2014 Currency derivatives $ 4.2 $ 6.6 $ 1.6 Cost of goods sold $ 5.4 $ 6.5 $ 2.5 Interest rate swaps 5.4 (0.3 ) (0.9 ) Interest expense — — — Total $ 9.6 $ 6.3 $ 0.7 $ 5.4 $ 6.5 $ 2.5 |
Pensions and Postretirement B40
Pensions and Postretirement Benefits Other than Pensions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Information regarding pension plans with accumulated benefit obligations more than plan assets were: U.S. NON-U.S. In millions 2016 2015 2016 2015 Projected benefit obligation $ 286.9 $ 280.7 $ 30.2 $ 371.7 Accumulated benefit obligation 272.5 265.5 25.9 363.8 Fair value of plan assets $ 202.4 $ 192.7 $ 6.8 $ 340.4 |
Pension Plans [Member] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table details information regarding the Company’s pension plans at December 31: U.S. NON-U.S. In millions 2016 2015 2016 2015 Change in benefit obligations: Benefit obligation at beginning of year $ 280.7 $ 282.9 $ 371.7 $ 388.4 Service cost 9.4 9.5 3.1 3.3 Interest cost 9.8 11.0 10.7 13.7 Employee contributions — — 0.3 0.3 Amendments — — — 0.1 Actuarial (gains) losses 1.6 (6.1 ) 80.8 6.6 Benefits paid (12.6 ) (14.3 ) (18.7 ) (15.0 ) Currency translation — — (63.5 ) (22.2 ) Curtailments and settlements — — (1.8 ) (1.2 ) Other, including expenses paid (2.0 ) (2.3 ) (2.1 ) (2.3 ) Benefit obligation at end of year $ 286.9 $ 280.7 $ 380.5 $ 371.7 Change in plan assets: Fair value at beginning of year $ 192.7 $ 213.2 $ 340.4 $ 372.0 Actual return on assets 16.4 (6.3 ) 90.3 (0.9 ) Company contributions 7.9 — 6.0 6.5 Employee contributions — — 0.3 0.3 Benefits paid (12.6 ) (11.9 ) (18.7 ) (15.0 ) Currency translation — — (61.0 ) (19.0 ) Settlements — — (1.8 ) (1.2 ) Other, including expenses paid (2.0 ) (2.3 ) (2.1 ) (2.3 ) Fair value of assets end of year $ 202.4 $ 192.7 $ 353.4 $ 340.4 Funded status: Plan assets less than the benefit obligations $ (84.5 ) $ (88.0 ) $ (27.1 ) $ (31.3 ) Amounts included in the balance sheet: Accrued compensation and benefits $ (0.1 ) $ — $ (1.5 ) $ (1.0 ) Postemployment and other benefit liabilities (84.4 ) (88.0 ) (25.6 ) (30.3 ) Net amount recognized $ (84.5 ) $ (88.0 ) $ (27.1 ) $ (31.3 ) |
Schedule of Comprehensive Income (Loss) [Table Text Block] | The pretax amounts recognized in Accumulated other comprehensive loss were as follows: U.S. In millions Prior service cost Net actuarial losses Total December 31, 2014 $ (3.5 ) $ (82.9 ) $ (86.4 ) Current year changes recorded to Accumulated other comprehensive loss — (11.8 ) (11.8 ) Amortization reclassified to earnings 0.7 4.9 5.6 Settlements/curtailments reclassified to earnings — 0.9 0.9 December 31, 2015 $ (2.8 ) $ (88.9 ) $ (91.7 ) Current year changes recorded to Accumulated other comprehensive loss — 4.5 4.5 Amortization reclassified to earnings 0.7 4.7 5.4 December 31, 2016 $ (2.1 ) $ (79.7 ) $ (81.8 ) NON-U.S. In millions Prior service cost Net actuarial losses Total December 31, 2014 $ 0.1 $ (73.5 ) $ (73.4 ) Current year changes recorded to Accumulated other comprehensive loss (0.1 ) (25.3 ) (25.4 ) Amortization reclassified to earnings — 1.4 1.4 Settlements/curtailments reclassified to earnings — 0.2 0.2 Currency translation and other — 5.0 5.0 December 31, 2015 $ — $ (92.2 ) $ (92.2 ) Current year changes recorded to Accumulated other comprehensive loss — (4.3 ) (4.3 ) Amortization reclassified to earnings — 2.2 2.2 Settlements/curtailments reclassified to earnings — 0.3 0.3 Currency translation and other — 14.4 14.4 December 31, 2016 $ — $ (79.6 ) $ (79.6 ) |
Schedule of Assumptions Used [Table Text Block] | Benefit obligations at December 31, 2016 2015 Discount rate: U.S. plans 4.1 % 4.3 % Non-U.S. plans 2.6 % 3.6 % Rate of compensation increase: U.S. plans 3.5 % 3.5 % Non-U.S. plans 3.2 % 2.9 % |
Schedule of Expected Benefit Payments [Table Text Block] | pension benefit payments are expected to be paid as follows: In millions U.S. NON-U.S. 2017 $ 14.7 $ 16.0 2018 16.2 16.0 2019 15.6 16.5 2020 22.8 17.2 2021 18.6 17.8 2022 - 2026 $ 106.4 $ 99.2 |
Schedule of Net Benefit Costs [Table Text Block] | The components of the Company’s net periodic pension benefit costs for the years ended December 31 include the following: U.S. In millions 2016 2015 2014 Service cost $ 9.4 $ 9.5 $ 7.3 Interest cost 9.8 11.0 11.5 Expected return on plan assets (10.2 ) (11.2 ) (11.2 ) Net amortization of: Prior service costs 0.7 0.7 0.7 Plan net actuarial losses 4.7 4.9 2.3 Net periodic pension benefit cost 14.4 14.9 10.6 Net curtailment and settlement losses — 0.9 — Net periodic pension benefit cost after net curtailment and settlement losses $ 14.4 $ 15.8 $ 10.6 NON-U.S. In millions 2016 2015 2014 Service cost $ 3.1 $ 3.3 $ 4.6 Interest cost 10.7 13.7 17.3 Expected return on plan assets (13.7 ) (17.8 ) (17.3 ) Net amortization of: Prior service costs — — 0.1 Plan net actuarial losses 2.2 1.4 2.8 Net periodic pension benefit cost 2.3 0.6 7.5 Net curtailment and settlement losses 0.3 0.2 — Net periodic pension benefit cost after net curtailment and settlement losses $ 2.6 $ 0.8 $ 7.5 |
Pension Costs [Member] | |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used: Net periodic pension cost for the year ended December 31, 2016 2015 2014 Discount rate: U.S. plans 4.3 % 4.0 % 5.0 % Non-U.S. plans 3.7 % 3.7 % 4.5 % Rate of compensation increase: U.S. plans 3.5 % 3.5 % 3.5 % Non-U.S. plans 3.0 % 2.9 % 4.8 % Expected return on plan assets: U.S. plans 5.5 % 5.5 % 5.5 % Non-U.S. plans 4.5 % 5.0 % 5.3 % |
United States Pension Plan of US Entity [Member] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the Company’s U.S. pension plan assets at December 31, 2016 by asset category are as follows: Fair value measurements Total fair value In millions Level 1 Level 2 Level 3 Assets measured at NAV Cash and cash equivalents $ — $ 5.6 $ — $ — $ 5.6 Equity mutual funds — — — 62.9 62.9 Fixed income investments: U.S. government and agency obligations — 55.2 — — 55.2 Corporate and non-U.S. bonds (a) — 77.6 — — 77.6 — 132.8 — — 132.8 Total assets at fair value $ — $ 138.4 $ — $ 62.9 $ 201.3 Receivables and payables, net 1.1 Net assets available for benefits $ 202.4 (a) Includes state and municipal bonds. The fair values of the Company’s U.S. pension plan assets at December 31, 2015 by asset category are as follows: Fair value measurements Total fair value In millions Level 1 Level 2 Level 3 Assets measured at NAV Cash and cash equivalents $ — $ 2.7 $ — $ — $ 2.7 Equity mutual funds — — — 56.5 56.5 Fixed income investments: U.S. government and agency obligations — 49.2 — — 49.2 Corporate and non-U.S. bonds (a) — 82.6 — — 82.6 — 131.8 — — 131.8 Total assets at fair value $ — $ 134.5 $ — $ 56.5 $ 191.0 Receivables and payables, net 1.7 Net assets available for benefits $ 192.7 (a) Includes state and municipal bonds. |
Foreign Pension Plan [Member] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the Company’s Non-U.S. pension plan assets at December 31, 2016 by asset category are as follows: Fair value measurements Total fair value In millions Level 1 Level 2 Level 3 Cash and cash equivalents $ 58.9 $ — $ — $ 58.9 Equity mutual funds — 107.2 — 107.2 Corporate and non-U.S. bonds — 110.8 — 110.8 Real estate (a) — 9.7 0.7 10.4 Other (b) — 64.1 2.0 66.1 Total assets at fair value $ 58.9 $ 291.8 $ 2.7 $ 353.4 (a) Includes several private equity funds that invest in real estate. It includes both direct investment funds and funds-of-funds. (b) Primarily includes insurance contracts. The fair values of the Company’s Non-U.S. pension plan assets at December 31, 2015 by asset category are as follows: Fair value measurements Total fair value In millions Level 1 Level 2 Level 3 Cash and cash equivalents $ 20.2 $ — $ — $ 20.2 Equity mutual funds — 121.6 — 121.6 Corporate and non-U.S. bonds — 130.7 — 130.7 Real estate (a) — 12.3 0.8 13.1 Other (b) — 52.9 1.9 54.8 Total assets at fair value $ 20.2 $ 317.5 $ 2.7 $ 340.4 (a) Includes several private equity funds that invest in real estate. It includes both direct investment funds and funds-of-funds. (b) Primarily includes insurance contracts. |
Postretirement [Member] | |
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table details information regarding the Company’s postretirement plans at December 31: In millions 2016 2015 Change in benefit obligations: Benefit obligation at beginning of year $ 12.9 $ 13.6 Service cost 0.1 0.1 Interest cost 0.4 0.5 Actuarial gains (2.9 ) (0.3 ) Benefits paid, net of Medicare Part D subsidy (0.8 ) (1.0 ) Benefit obligations at end of year $ 9.7 $ 12.9 |
Schedule of Comprehensive Income (Loss) [Table Text Block] | The pretax amounts recognized in Accumulated other comprehensive loss were as follows: In millions Prior service gains Net actuarial losses Total December 31, 2014 $ 5.5 $ (0.7 ) $ 4.8 Current year changes recorded to Accumulated other comprehensive loss — (0.5 ) (0.5 ) Amortization reclassified to earnings (1.6 ) — (1.6 ) Balance at December 31, 2015 $ 3.9 $ (1.2 ) $ 2.7 Current year changes recorded to Accumulated other comprehensive loss — 2.9 2.9 Amortization reclassified to earnings (1.6 ) — (1.6 ) Balance at December 31, 2016 $ 2.3 $ 1.7 $ 4.0 |
Schedule of Assumptions Used [Table Text Block] | Assumptions: 2016 2015 2014 Weighted-average discount rate assumption to determine: Benefit obligations at December 31 3.5 % 3.5 % 3.5 % Net periodic benefit cost 3.5 % 3.5 % 4.0 % Assumed health-care cost trend rates at December 31: Current year medical inflation (a) — % — % 7.3 % Ultimate inflation rate (a) — % — % 5.0 % Year that the rate reaches the ultimate trend rate (a) n/a n/a 2021 |
Schedule of Expected Benefit Payments [Table Text Block] | Benefit payments for postretirement benefits, which are net of expected plan participant contributions and Medicare Part D subsidy, are expected to be paid as follows: In millions 2017 $ 0.9 2018 1.0 2019 1.0 2020 0.9 2021 0.9 2022 - 2026 $ 3.7 |
Schedule of Net Funded Status [Table Text Block] | Funded status: Plan assets less than benefit obligations $ (9.7 ) $ (12.9 ) Amounts included in the balance sheet: Accrued compensation and benefits (0.9 ) (1.1 ) Postemployment and other benefit liabilities (8.8 ) (11.8 ) Total $ (9.7 ) $ (12.9 ) |
Schedule of Costs of Retirement Plans [Table Text Block] | The components of net periodic postretirement benefit cost (income) for the years ended December 31 were as follows: In millions 2016 2015 2014 Service cost $ 0.1 $ 0.1 $ 0.1 Interest cost 0.4 0.5 0.5 Net amortization of: Prior service gains (1.6 ) (1.6 ) (1.6 ) Net periodic postretirement benefit income $ (1.1 ) $ (1.0 ) $ (1.0 ) |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 1% change in the medical trend rate assumed for postretirement benefits would have no effect on the postretirement benefit obligation as the Company has capped the annual maximum amount it will pay for retiree healthcare costs, therefore any additional costs would be assumed by the retiree. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurement Abstract | |
Fair Value of Assets Measured on a Recurring Basis | Assets and liabilities measured at fair value at December 31, 2015 are as follows: Fair value measurements Total In millions Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring fair value measurements Assets: Marketable securities $ 14.2 $ — $ — $ 14.2 Foreign currency contracts — 2.8 — 2.8 Total asset recurring fair value measurements $ 14.2 $ 2.8 $ — $ 17.0 Liabilities: Foreign currency contracts $ — $ 4.5 $ — $ 4.5 Interest rate swap — 1.2 — 1.2 Deferred compensation plans — 15.5 — 15.5 Total liability recurring fair value measurements $ — $ 21.2 $ — $ 21.2 Financial instruments not carried at fair value: Total debt $ — $ 1,556.6 $ — $ 1,556.6 Total financial instruments not carried at fair value $ — $ 1,556.6 $ — $ 1,556.6 Assets and liabilities measured at fair value at December 31, 2016 are as follows: Fair value measurements Total In millions Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring fair value measurements Assets: Interest rate swap $ — $ 4.6 $ — $ 4.6 Foreign currency contracts — 1.0 — 1.0 Total asset recurring fair value measurements $ — $ 5.6 $ — $ 5.6 Liabilities: Foreign currency contracts $ — $ 0.3 $ — $ 0.3 Interest rate swap — 0.4 — 0.4 Deferred compensation plans — 16.8 — 16.8 Total liability recurring fair value measurements $ — $ 17.5 $ — $ 17.5 Financial instruments not carried at fair value: Total debt $ — $ 1,510.6 $ — $ 1,510.6 Total financial instruments not carried at fair value $ — $ 1,510.6 $ — $ 1,510.6 |
Equity (Tables)
Equity (Tables) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2013 | Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | ||
Reconciliation of ordinary shares | 96 | The reconciliation of Ordinary shares is as follows: In millions Total December 31, 2015 96.0 Shares issued under incentive plans 0.6 Repurchase of ordinary shares (1.3 ) December 31, 2016 95.3 |
Components of Accumulated Other Comprehensive Income (Loss) | The changes in Accumulated other comprehensive income (loss) are as follows: In millions Cash flow hedges and marketable securities Pension and OPEB Items Foreign Currency Items Total December 31, 2013 $ 16.7 $ (131.3 ) $ 17.9 $ (96.7 ) Other comprehensive income (loss), net of tax (1.0 ) 15.2 (65.7 ) (51.5 ) December 31, 2014 $ 15.7 $ (116.1 ) $ (47.8 ) $ (148.2 ) Other comprehensive loss, net of tax (1.7 ) (23.2 ) (59.1 ) (84.0 ) December 31, 2015 $ 14.0 $ (139.3 ) $ (106.9 ) $ (232.2 ) Other comprehensive income (loss), net of tax (10.6 ) 18.8 (40.3 ) (32.1 ) December 31, 2016 $ 3.4 $ (120.5 ) $ (147.2 ) $ (264.3 ) | |
Other Comprehensive Income, Noncontrolling Interest [Text Block] | The amounts of Other comprehensive income (loss) attributable to noncontrolling interests are as follows: In millions 2016 2015 2014 Foreign currency items $ (0.4 ) $ (1.4 ) $ (0.7 ) Total other comprehensive loss attributable to noncontrolling interests $ (0.4 ) $ (1.4 ) $ (0.7 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Arrangements with Employees and Nonemployees [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The following table summarizes the expenses recognized for the years ended December 31: In millions 2016 2015 2014 Stock options $ 4.1 $ 3.7 $ 3.3 RSUs 7.7 5.8 6.0 PSUs 4.8 5.0 3.9 Deferred compensation 0.8 0.3 0.8 Pre-tax expense 17.4 14.8 14.0 Tax benefit (5.6 ) (4.4 ) (4.7 ) Total $ 11.8 $ 10.4 $ 9.3 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average assumptions used were the following: 2016 2015 Dividend yield 0.83 % 0.69 % Volatility 28.85 % 31.37 % Risk-free rate of return 1.38 % 1.78 % Expected life 6.0 years 6.0 years |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Changes in options outstanding under the plans for the years ended December 31, 2016 , 2015 and 2014 are as follows: Shares subject to option Weighted- average exercise price (a) Aggregate intrinsic value (millions) Weighted- average remaining life (years) December 31, 2013 2,482,056 $ 25.21 Granted 188,817 54.07 Exercised (683,383 ) 24.18 Canceled (25,462 ) 43.89 December 31, 2014 1,962,028 28.11 Granted 220,679 57.85 Exercised (575,564 ) 22.98 Canceled (14,976 ) 47.28 December 31, 2015 1,592,167 33.91 Granted 231,521 57.91 Exercised (447,019 ) 26.04 Canceled (63,599 ) 53.40 Outstanding December 31, 2016 1,313,070 $ 39.87 $ 31.7 5.5 Exercisable December 31, 2016 929,677 $ 32.64 $ 29.2 4.4 (a) The weighted average exercise price of awards represents the exercise price of the awards on the grant date converted to ordinary shares of the Company. |
Schedule of Share-based Compensation, Activity [Table Text Block] | The following table summarizes information concerning currently outstanding and exercisable options: Options outstanding Options exercisable Range of exercise price Number outstanding at December 31, 2016 Weighted- average remaining life (years) Weighted- average exercise price Number outstanding at December 31, 2016 Weighted- average remaining life (years) Weighted- average exercise price $ 10.01 — $ 20.00 149,389 2.3 $ 14.87 149,389 2.3 $ 14.87 20.01 — 30.00 344,376 2.8 25.93 344,376 2.8 25.93 30.01 — 40.00 139,747 5.0 32.31 139,747 5.0 32.31 40.01 — 50.00 145,062 7.0 43.37 145,062 7.0 43.37 50.01 — 60.00 533,234 8.0 56.84 151,103 6.8 55.49 60.01 — 70.00 631 9.8 63.93 — — — $ 70.01 — $ 80.00 631 9.6 72.12 — — — 1,313,070 5.6 $ 39.87 929,677 4.4 $ 32.64 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The following table summarizes RSU activity for the years ended December 31, 2016 , 2015 and 2014 : RSUs Weighted- average grant date fair value (a) Outstanding and unvested at December 31, 2013 378,217 $ 33.59 Granted 101,654 54.29 Vested (149,392 ) 28.68 Canceled (5,319 ) 43.66 Outstanding and unvested at December 31, 2014 325,160 42.15 Granted 121,153 59.69 Vested (92,029 ) 36.63 Canceled (9,354 ) 49.32 Outstanding and unvested at December 31, 2015 344,930 49.59 Granted 123,299 59.49 Vested (220,854 ) 45.83 Canceled (41,741 ) 52.40 Outstanding and unvested at December 31, 2016 205,634 $ 58.99 |
Schedule of Share-based Compensation, Performance Shares [Table Text Block] | The following table summarizes PSU activity for the maximum number of shares that may be issued for the years ended December 31, 2016 , 2015 and 2014 : PSUs Weighted-average grant date fair value (a) Outstanding and unvested at December 31, 2013 62,883 $ 29.27 Granted 110,387 72.70 Forfeited (12,138 ) 50.96 Outstanding and unvested at December 31, 2014 161,132 57.39 Granted 58,323 66.47 Vested (17,327 ) 75.05 Forfeited (85 ) 75.05 Outstanding and unvested at December 31, 2015 202,043 64.92 Granted 94,201 64.83 Vested (64,979 ) 72.69 Forfeited (21,661 ) 57.07 Outstanding and unvested at December 31, 2016 209,604 $ 56.02 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Changes in Restructuring Reserve | The changes in the restructuring reserve during the years ended December 31, 2016 and 2015 were as follows: In millions Americas EMEIA Asia Pacific Total December 31, 2014 $ — $ 1.9 $ — $ 1.9 Additions — 14.7 0.4 15.1 Cash and non-cash uses — (6.0 ) (0.2 ) (6.2 ) Currency translation — (0.6 ) — (0.6 ) December 31, 2015 — 10.0 0.2 10.2 Additions 2.0 0.9 0.2 3.1 Cash and non-cash uses (1.7 ) (7.5 ) (0.4 ) (9.6 ) Currency translation — (0.2 ) — (0.2 ) December 31, 2016 $ 0.3 $ 3.2 $ — $ 3.5 |
Other Restructuring [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Charges Recorded | Other Restructuring Plans Restructuring charges recorded during the years ended December 31 as part of other restructuring plans were as follows: In millions 2016 2015 2014 Americas $ 2.0 $ — $ 0.1 EMEIA — — 7.0 Asia Pacific 0.2 0.4 — Total $ 2.2 $ 0.4 $ 7.1 Cost of goods sold $ 0.6 $ — $ 1.4 Selling and administrative expenses 1.6 0.4 5.7 Total $ 2.2 $ 0.4 $ 7.1 |
Italy 2015 Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Charges Recorded | Expenses incurred for this plan for the years ended December 31 were as follows: Twelve months ended In millions 2016 2015 EMEIA $ 0.9 $ 14.7 Total $ 0.9 $ 14.7 Cost of goods sold $ 0.3 $ 13.6 Selling and administrative expenses 0.6 1.1 Total $ 0.9 $ 14.7 |
Other, Net (Tables)
Other, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Net [Abstract] | |
Other, Net | At December 31, the components of Other expense, net were as follows: In millions 2016 2015 2014 Interest income $ (1.9 ) $ (1.5 ) $ (1.1 ) Exchange loss 2.0 4.9 7.6 (Earnings) loss from equity investments (3.6 ) 0.3 (0.5 ) Other (14.7 ) (11.5 ) (1.4 ) Other (income) expense, net $ (18.2 ) $ (7.8 ) $ 4.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Earnings before income taxes for the years ended December 31 were taxed within the following jurisdictions: In millions 2016 2015 2014 United States $ 129.9 $ 123.1 $ 162.2 Non-U.S. 165.1 86.2 105.7 Total $ 295.0 $ 209.3 $ 267.9 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the Provision for income taxes for the years ended December 31 were as follows: In millions 2016 2015 2014 Current tax expense: United States $ 43.8 $ 53.4 $ 52.9 Non-U.S. 13.8 3.5 14.1 Total: 57.6 56.9 67.0 Deferred tax expense (benefit): United States 14.4 2.1 15.6 Non-U.S. (8.2 ) (4.4 ) 1.6 Total: 6.2 (2.3 ) 17.2 Total tax expense (benefit): United States 58.2 55.5 68.5 Non-U.S. 5.6 (0.9 ) 15.7 Total $ 63.8 $ 54.6 $ 84.2 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Provision for income taxes differs from the amount of income taxes determined by applying the applicable U.S. statutory income tax rate to pretax income, as a result of the following differences: Percent of pretax income 2016 2015 2014 Statutory U.S. rate 35.0 % 35.0 % 35.0 % Increase (decrease) in rates resulting from: Non-U.S. tax rate differential (1) (17.4 ) (11.1 ) (9.6 ) State and local income taxes (1) 2.0 2.8 3.0 Reserves for uncertain tax positions 2.0 (3.4 ) (2.1 ) Tax on unremitted earnings 1.2 1.5 0.3 Tax on remitted earnings — — 2.5 Venezuela devaluation — 0.9 4.0 Production incentives (0.6 ) (1.0 ) (2.4 ) Other adjustments (0.6 ) 1.4 0.7 Effective tax rate 21.6 % 26.1 % 31.4 % (1) Net of changes in valuation allowances |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At December 31, a summary of the deferred tax accounts were as follows: In millions 2016 2015 Deferred tax assets: Inventory and accounts receivable $ 18.3 $ 10.2 Fixed assets and intangibles 2.0 14.5 Postemployment and other benefit liabilities 42.0 65.5 Other reserves and accruals 16.0 12.7 Net operating losses, tax credits and other carryforwards 227.1 133.4 Investment and other asset basis differences — 1.1 Other 5.3 6.2 Gross deferred tax assets 310.7 243.6 Less: deferred tax valuation allowances (225.5 ) (133.3 ) Deferred tax assets net of valuation allowances $ 85.2 $ 110.3 Deferred tax liabilities: Fixed assets and intangibles $ (90.6 ) $ (96.7 ) Unremitted earnings of foreign subsidiaries (4.2 ) (3.9 ) Other (6.0 ) (6.7 ) Gross deferred tax liabilities (100.8 ) (107.3 ) Net deferred tax (liabilities) assets $ (15.6 ) $ 3.0 |
Summary of Tax Credit Carryforwards [Table Text Block] | At December 31, 2016 , the Company had the following tax losses and tax credit carryforwards available to offset taxable income in prior and future years: In millions Amount Expiration Period U.S. Federal tax loss carryforwards $ 15.1 2027 & 2028 U.S. Federal and State credit carryforwards 22.7 2024-Unlimited U.S. State tax loss carryforwards 26.6 2017-2037 Non-U.S. tax loss carryforwards $ 706.2 2018-Unlimited |
Summary of Valuation Allowance | Activity associated with the Company’s valuation allowance is as follows: In millions 2016 2015 2014 Beginning balance $ 133.3 $ 50.8 $ 46.9 Increase to valuation allowance 109.0 82.2 28.0 Decrease to valuation allowance (13.9 ) (3.0 ) (15.8 ) Foreign exchange translation (3.3 ) (1.6 ) (1.7 ) Accumulated other comprehensive income (loss) 0.4 4.9 (6.6 ) Ending balance $ 225.5 $ 133.3 $ 50.8 |
Summary of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: In millions 2016 2015 2014 Beginning balance $ 23.8 $ 25.4 $ 40.6 Additions based on tax positions related to the current year 9.1 3.9 3.1 Additions based on tax positions related to prior years 7.1 1.6 11.8 Reductions based on tax positions related to prior years (5.5 ) (3.0 ) (23.9 ) Reductions related to settlements with tax authorities (0.6 ) — (0.7 ) Reductions related to lapses of statute of limitations (0.9 ) (1.4 ) (2.7 ) Translation (gain)/loss (1.0 ) (2.7 ) (2.8 ) Ending balance $ 32.0 $ 23.8 $ 25.4 |
Divestitures and Discontinued47
Divestitures and Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Twelve months ended In millions 2016 2015 Net Revenues $ — $ 38.5 Loss before income taxes $ (84.4 ) $ (63.4 ) |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Weighted-Average Number of Ordinary Shares Outstanding for Basic and Diluted Earnings Per Share Calculations | Basic and Diluted EPS for all periods prior to the Spin-off reflect the number of distributed shares on December 1, 2013, or 96.0 million shares. For 2013 year to date calculations, these shares are treated as issued and outstanding from January 1, 2013 for purposes of calculating historical basic EPS. At the time of the Spin-off, stock options and restricted stock awards were converted to awards of Allegion, and therefore there were no dilutive securities outstanding for historical periods. For 2013, the Company determined its weighted average dilutive share outstanding assuming that the date of our separation from Ingersoll Rand was the beginning of the period. The following table summarizes the weighted-average number of ordinary shares outstanding for basic and diluted earnings per share calculations. In millions 2016 2015 2014 Weighted-average number of basic shares 95.8 95.9 96.1 Shares issuable under incentive stock plans 1.1 1.0 1.1 Weighted-average number of diluted shares 96.9 96.9 97.2 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Product Warranty Liability [Table Text Block] | The changes in the standard product warranty liability for the year ended December 31, were as follows: In millions 2016 2015 2014 Balance at beginning of period $ 11.7 $ 9.8 $ 9.4 Reductions for payments (6.5 ) (5.4 ) (4.9 ) Accruals for warranties issued during the current period 8.1 7.1 6.1 Changes to accruals related to preexisting warranties 0.2 0.5 (0.6 ) Translation (0.2 ) (0.3 ) (0.2 ) Balance at end of period $ 13.3 $ 11.7 $ 9.8 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Segment Reporting Information by Segment | Dollar amounts in millions 2016 2015 2014 Americas Net revenues $ 1,645.7 $ 1,558.4 $ 1,560.0 Segment operating income 448.1 418.0 387.3 Segment operating margin 27.2 % 26.8 % 24.8 % Depreciation and amortization 26.4 26.4 24.8 Capital expenditures 21.5 18.9 23.6 Total segment assets 852.7 806.1 990.7 EMEIA Net revenues 485.9 386.3 393.4 Segment operating income 35.9 8.6 4.9 Segment operating margin 7.4 % 2.2 % 1.2 % Depreciation and amortization 27.6 17.2 16.4 Capital expenditures 13.6 5.6 4.9 Total segment assets 886.2 899.4 457.7 Asia Pacific Net revenues 106.4 123.4 164.9 Segment operating income (loss) 6.1 (3.4 ) 2.3 Segment operating margin 5.7 % (2.8 )% 1.4 % Depreciation and amortization 2.4 2.1 1.1 Capital expenditures 1.1 2.0 1.5 Total segment assets 177.4 237.1 442.2 Total net revenues $ 2,238.0 $ 2,068.1 $ 2,118.3 Reconciliation to earnings before income taxes Segment operating income from reportable segments $ 490.1 $ 423.2 $ 394.5 Unallocated corporate expense 64.6 64.6 68.2 Interest expense 64.3 52.9 53.8 Loss on divestitures 84.4 104.2 — Other expense (income), net (18.2 ) (7.8 ) 4.6 Total earnings before income taxes $ 295.0 $ 209.3 $ 267.9 Depreciation and amortization from reportable segments $ 56.4 $ 45.7 $ 42.3 Unallocated depreciation and amortization 5.0 3.1 1.9 Total depreciation and amortization $ 61.4 $ 48.8 $ 44.2 Capital expenditures from reportable segments $ 36.2 $ 26.5 $ 30.0 Corporate capital expenditures 6.3 8.7 21.5 Total capital expenditures $ 42.5 $ 35.2 $ 51.5 Assets from reportable segments $ 1,916.3 $ 1,942.6 $ 1,890.6 Unallocated assets (a) 331.1 320.4 125.3 Total assets $ 2,247.4 $ 2,263.0 $ 2,015.9 (a) Unallocated assets consists of debt issuance costs, deferred income tax balances and cash. |
Revenue from External Customers by Products and Services [Table Text Block] | In millions 2016 2015 2014 Revenues Mechanical products $ 1,793.1 $ 1,661.4 $ 1,685.0 All other 444.9 406.7 433.3 Total $ 2,238.0 $ 2,068.1 $ 2,118.3 Less than 10% of the Company's net revenues come from the sale of services. |
Revenues by destination [Member] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Revenues by destination and product as well as long-lived assets by geographic area for the years ended December 31 were as follows: In millions 2016 2015 2014 Revenues United States $ 1,531.2 $ 1,425.1 $ 1,332.0 Non-U.S. 706.8 643.0 786.3 Total $ 2,238.0 $ 2,068.1 $ 2,118.3 |
long lived assets [Member] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | In millions 2016 2015 Long-lived assets United States $ 117.1 $ 134.9 Non-U.S. 402.3 400.2 Total $ 519.4 $ 535.1 |
Guarantor Financial Informati51
Guarantor Financial Information Condensed Statement of Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Guarantor Financial Information Abstract | |
Condensed Statement Of Comprehensive Income [Table Text Block] | Condensed and Consolidated Statement of Comprehensive Income For the year ended December 31, 2016 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Subsidiaries Consolidating Adjustments Total Net revenues $ — $ — $ 1,589.3 $ 1,081.4 $ (432.7 ) $ 2,238.0 Cost of goods sold — — 918.7 766.7 (432.7 ) 1,252.7 Selling and administrative expenses 4.7 — 331.3 223.8 — 559.8 Operating income (loss) (4.7 ) — 339.3 90.9 — 425.5 Equity earnings (loss) in affiliates, net of tax 277.4 148.3 0.3 306.6 (732.6 ) — Interest expense 43.5 20.2 — 0.6 — 64.3 Intercompany interest and fees (0.4 ) 97.9 (147.2 ) 49.7 — — Loss on divestitures — — — 84.4 — 84.4 Other (income) expense, net — — (19.4 ) 1.2 — (18.2 ) Earnings (loss) before income taxes 229.6 30.2 506.2 261.6 (732.6 ) 295.0 Provision (benefit) for income taxes 0.5 (45.5 ) 199.4 (90.6 ) — 63.8 Net earnings (loss) 229.1 75.7 306.8 352.2 (732.6 ) 231.2 Less: Net earnings attributable to noncontrolling interests — — — 2.1 — 2.1 Net earnings (loss) attributable to Allegion plc $ 229.1 $ 75.7 $ 306.8 $ 350.1 $ (732.6 ) $ 229.1 Total comprehensive income (loss) $ 197.0 $ 79.4 $ 313.8 $ 306.9 $ (698.4 ) $ 198.7 Less: Total comprehensive income attributable to noncontrolling interests — — — 1.7 — 1.7 Total comprehensive income (loss) attributable to Allegion plc $ 197.0 $ 79.4 $ 313.8 $ 305.2 $ (698.4 ) $ 197.0 Condensed and Consolidated Statement of Comprehensive Income For the year ended December 31, 2015 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net revenues $ — $ — $ 1,506.0 $ 761.6 $ (199.5 ) $ 2,068.1 Cost of goods sold — — 859.2 539.3 (199.5 ) 1,199.0 Selling and administrative expenses 4.7 (0.1 ) 307.1 198.8 — 510.5 Operating income (loss) (4.7 ) 0.1 339.7 23.5 — 358.6 Equity earnings (loss) in affiliates, net of tax 190.6 167.2 3.8 291.6 (653.2 ) — Interest expense 31.2 21.1 — 0.6 — 52.9 Intercompany interest and fees (0.4 ) 95.0 (140.0 ) 45.4 — — Loss on divestitures — — — 104.2 — 104.2 Other (income) expense, net (0.2 ) — 0.9 (8.5 ) — (7.8 ) Earnings (loss) before income taxes 155.3 51.2 482.6 173.4 (653.2 ) 209.3 Provision (benefit) for income taxes 1.2 (44.7 ) 187.1 (89.0 ) — 54.6 Earnings (loss) from continuing operations 154.1 95.9 295.5 262.4 (653.2 ) 154.7 Discontinued operations, net of tax — — (0.1 ) (0.3 ) — (0.4 ) Net earnings (loss) 154.1 95.9 295.4 262.1 (653.2 ) 154.3 Less: Net earnings attributable to noncontrolling interests — — — 0.4 — 0.4 Net earnings (loss) attributable to Allegion plc $ 154.1 $ 95.9 $ 295.4 $ 261.7 $ (653.2 ) $ 153.9 Total comprehensive income (loss) $ 69.8 $ 95.6 $ 290.2 $ 183.7 $ (570.4 ) $ 68.9 Less: Total comprehensive income attributable to noncontrolling interests — — — (0.9 ) — (0.9 ) Total comprehensive income (loss) attributable to Allegion plc $ 69.8 $ 95.6 $ 290.2 $ 184.6 $ (570.4 ) $ 69.8 Condensed and Consolidated Statement of Comprehensive Income For the year ended December 31, 2014 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net revenues $ — $ — $ 1,399.9 $ 916.4 $ (198.0 ) $ 2,118.3 Cost of goods sold — — 803.1 659.5 (198.0 ) 1,264.6 Selling and administrative expenses 4.5 0.2 304.4 218.3 — 527.4 Operating income (loss) (4.5 ) (0.2 ) 292.4 38.6 — 326.3 Equity earnings (loss) in affiliates, net of tax 182.0 170.8 6.9 351.5 (711.2 ) — Interest expense 5.6 58.0 — 1.0 (10.8 ) 53.8 Intercompany interest and fees (3.2 ) 63.0 (285.5 ) 225.7 — — Other (income) expense, net (0.1 ) — (0.2 ) 4.9 — 4.6 Earnings (loss) before income taxes 175.2 49.6 585.0 158.5 (700.4 ) 267.9 Provision (benefit) for income taxes — (46.7 ) 222.6 (95.7 ) 4.0 84.2 Earnings (loss) from continuing operations 175.2 96.3 362.4 254.2 (704.4 ) 183.7 Discontinued operations, net of tax — — — (11.1 ) — (11.1 ) Net earnings (loss) 175.2 96.3 362.4 243.1 (704.4 ) 172.6 Less: Net earnings attributable to noncontrolling interests — — — (2.6 ) — (2.6 ) Net earnings (loss) attributable to Allegion plc $ 175.2 $ 96.3 $ 362.4 $ 245.7 $ (704.4 ) $ 175.2 Total comprehensive income (loss) $ 123.7 $ 96.3 $ 362.4 $ 242.4 $ (704.4 ) $ 120.4 Less: Total comprehensive income attributable to noncontrolling interests — — — (3.3 ) — (3.3 ) Total comprehensive income (loss) attributable to Allegion plc $ 123.7 $ 96.3 $ 362.4 $ 245.7 $ (704.4 ) $ 123.7 |
Guarantor Financial Informati52
Guarantor Financial Information Condensed Balance Sheet (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Balance Sheet Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | Consolidated Balance Sheet December 31, 2016 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Current assets: Cash and cash equivalents $ 0.5 $ 0.1 $ 166.0 $ 145.8 $ — $ 312.4 Accounts and notes receivable, net — — 140.0 120.0 — 260.0 Inventories — — 77.6 143.0 — 220.6 Other current assets 0.4 49.7 9.4 142.9 (168.3 ) 34.1 Assets held for sale — — — 2.2 — 2.2 Accounts and notes receivable affiliates — 331.6 395.0 320.6 (1,047.2 ) — Total current assets 0.9 381.4 788.0 874.5 (1,215.5 ) 829.3 Investment in affiliates 1,229.4 2,814.1 193.4 3,422.6 (7,659.5 ) — Property, plant and equipment, net — — 122.0 104.6 — 226.6 Intangible assets, net — — 180.8 893.4 — 1,074.2 Notes receivable affiliates 53.2 1,149.8 3,444.7 1,679.8 (6,327.5 ) — Other noncurrent assets 5.4 14.8 61.9 35.2 — 117.3 Total assets $ 1,288.9 $ 4,360.1 $ 4,790.8 $ 7,010.1 $ (15,202.5 ) $ 2,247.4 Current liabilities: Accounts payable and accruals $ 7.0 $ 4.7 $ 353.2 $ 184.8 $ (168.3 ) $ 381.4 Short-term borrowings and current maturities of long-term debt 46.9 — — 1.3 — 48.2 Accounts and note payable affiliates 0.4 36.4 629.6 380.8 (1,047.2 ) — Total current liabilities 54.3 41.1 982.8 566.9 (1,215.5 ) 429.6 Long-term debt 1,120.2 294.4 — 1.0 — 1,415.6 Note payable affiliate — 2,690.7 53.3 3,583.5 (6,327.5 ) — Other noncurrent liabilities 1.1 — 138.7 146.0 — 285.8 Total liabilities 1,175.6 3,026.2 1,174.8 4,297.4 (7,543.0 ) 2,131.0 Equity: Total shareholders equity (deficit) 113.3 1,333.9 3,616.0 2,709.6 (7,659.5 ) 113.3 Noncontrolling interests — — — 3.1 — 3.1 Total equity (deficit) 113.3 1,333.9 3,616.0 2,712.7 (7,659.5 ) 116.4 Total liabilities and equity $ 1,288.9 $ 4,360.1 $ 4,790.8 $ 7,010.1 $ (15,202.5 ) $ 2,247.4 Condensed and Consolidated Balance Sheet December 31, 2015 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Current assets: Cash and cash equivalents $ 3.3 $ 0.3 $ 73.8 $ 122.3 $ — $ 199.7 Accounts and notes receivable, net — — 121.6 181.8 — 303.4 Inventories — — 106.7 97.4 — 204.1 Other current assets 0.5 44.7 9.9 (27.2 ) — 27.9 Accounts and notes receivable affiliates 248.6 356.4 375.9 324.5 (1,305.4 ) — Total current assets 252.4 401.4 687.9 698.8 (1,305.4 ) 735.1 Investment in affiliates 986.2 3,001.4 192.9 4,660.2 (8,840.7 ) — Property, plant and equipment, net — — 147.6 77.2 — 224.8 Intangible assets, net — — 181.4 905.1 — 1,086.5 Notes receivable affiliates — 1,144.2 3,549.9 1,726.3 (6,420.4 ) — Other noncurrent assets 10.8 1.5 82.1 122.2 — 216.6 Total assets $ 1,249.4 $ 4,548.5 $ 4,841.8 $ 8,189.8 $ (16,566.5 ) $ 2,263.0 Current liabilities: Accounts payable and accruals $ 8.2 $ 4.3 $ 356.7 $ 12.3 $ — $ 381.5 Short-term borrowings and current maturities of long-term debt 46.9 — 0.1 18.6 — 65.6 Accounts and note payable affiliates 0.3 57.5 636.4 611.2 (1,305.4 ) — Total current liabilities 55.4 61.8 993.2 642.1 (1,305.4 ) 447.1 Long-term debt 1,168.4 289.1 — — — 1,457.5 Note payable affiliate — 2,750.8 — 3,669.6 (6,420.4 ) — Other noncurrent liabilities — 1.2 124.7 202.8 — 328.7 Total liabilities 1,223.8 3,102.9 1,117.9 4,514.5 (7,725.8 ) 2,233.3 Equity: Total shareholders equity (deficit) 25.6 1,445.6 3,723.9 3,671.2 (8,840.7 ) 25.6 Noncontrolling interests — — — 4.1 — 4.1 Total equity (deficit) 25.6 1,445.6 3,723.9 3,675.3 (8,840.7 ) 29.7 Total liabilities and equity $ 1,249.4 $ 4,548.5 $ 4,841.8 $ 8,189.8 $ (16,566.5 ) $ 2,263.0 |
Guarantor Financial Informati53
Guarantor Financial Information Condensed Cash Flow Statement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | |
Condensed Cash Flow Statement [Table Text Block] | Consolidated Statement of Cash Flows For the year ended December 31, 2016 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net cash provided by (used in) operating activities $ (25.6 ) $ 34.1 $ 584.7 $ 631.5 $ (847.2 ) $ 377.5 Cash flows from investing activities: Capital expenditures — — (19.4 ) (23.1 ) — (42.5 ) Acquisition of businesses, net of cash acquired — — — (31.4 ) — (31.4 ) Proceeds from sales and maturities of marketable securities — — — 14.1 — 14.1 Proceeds (payments) related to business dispositions — — — (4.3 ) — (4.3 ) Other investing activities, net — — — 0.1 — 0.1 Net cash used in investing activities — — (19.4 ) (44.6 ) — (64.0 ) Cash flows from financing activities: Net debt repayments (47.0 ) — — (17.4 ) — (64.4 ) Debt issuance costs (0.3 ) — — — — (0.3 ) Net inter-company proceeds (payments) 195.4 (34.3 ) 214.9 (376.0 ) — — Dividends paid to shareholders (46.0 ) — — — — (46.0 ) Dividends paid to noncontrolling interests — — — (2.7 ) — (2.7 ) Dividends paid — — (688.0 ) (159.2 ) 847.2 — Repurchase of ordinary shares (85.1 ) — — — — (85.1 ) Other financing activities, net 5.8 — — (3.3 ) — 2.5 Net cash provided by (used in) financing activities 22.8 (34.3 ) (473.1 ) (558.6 ) 847.2 (196.0 ) Effect of exchange rate changes on cash and cash equivalents — — — (4.8 ) — (4.8 ) Net increase (decrease) in cash and cash equivalents (2.8 ) (0.2 ) 92.2 23.5 — 112.7 Cash and cash equivalents - beginning of period 3.3 0.3 73.8 122.3 — 199.7 Cash and cash equivalents - end of period $ 0.5 $ 0.1 $ 166.0 $ 145.8 $ — $ 312.4 Condensed and Consolidated Statement of Cash Flows For the year ended December 31, 2015 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net cash provided by (used in) continuing operating activities $ (23.4 ) $ 125.8 $ 484.7 $ 682.1 $ (1,011.8 ) $ 257.4 Net cash used in discontinued operating activities — — (0.1 ) (0.3 ) — (0.4 ) Net cash provided by (used in) operating activities $ (23.4 ) $ 125.8 $ 484.6 $ 681.8 $ (1,011.8 ) $ 257.0 Cash flows from investing activities: Capital expenditures — — (27.2 ) (8.0 ) — (35.2 ) Acquisition of businesses, net of cash acquired — — (31.3 ) (480.0 ) — (511.3 ) Proceeds from sales and maturities of marketable securities — — — 12.3 — 12.3 Proceeds from business disposition, net of cash sold — — 4.4 (4.3 ) — 0.1 Other investing activities, net — — 0.1 0.2 — 0.3 Net cash used in investing activities — — (54.0 ) (479.8 ) — (533.8 ) Cash flows from financing activities: Net debt proceeds 263.8 — — 14.5 — 278.3 Debt issuance costs (9.0 ) — — — — (9.0 ) Net inter-company proceeds (payments) (200.9 ) (126.0 ) 230.6 96.3 — — Dividends paid to shareholders (38.3 ) — — — — (38.3 ) Dividends paid to noncontrolling interests — — — (20.0 ) — (20.0 ) Dividends paid — — (713.7 ) (298.1 ) 1,011.8 — Repurchase of ordinary shares (30.0 ) — — — — (30.0 ) Other financing activities, net 14.0 — — — — 14.0 Net cash provided by (used in) financing activities (0.4 ) (126.0 ) (483.1 ) (207.3 ) 1,011.8 195.0 Effect of exchange rate changes on cash and cash equivalents — — — (9.0 ) — (9.0 ) Net decrease in cash and cash equivalents (23.8 ) (0.2 ) (52.5 ) (14.3 ) — (90.8 ) Cash and cash equivalents - beginning of period 27.1 0.5 126.3 136.6 — 290.5 Cash and cash equivalents - end of period $ 3.3 $ 0.3 $ 73.8 $ 122.3 $ — $ 199.7 Condensed and Consolidated Statement of Cash Flows For the year ended December 31, 2014 In millions Allegion plc Allegion US Holding Other Subsidiary Guarantors Other Consolidating Total Net cash provided by (used in) continuing operating activities $ 105.4 $ (847.5 ) $ 567.2 $ 1,172.4 $ (738.5 ) $ 259.0 Net cash used in discontinued operating activities — — — (3.1 ) — (3.1 ) Net cash provided by (used in) operating activities 105.4 (847.5 ) 567.2 1,169.3 (738.5 ) 255.9 Cash flows from investing activities: Capital expenditures — — (41.6 ) (9.9 ) — (51.5 ) Acquisition of businesses, net of cash acquired — — — (25.2 ) — (25.2 ) Capital contributions to subsidiaries (975.0 ) (135.0 ) — (160.7 ) 1,270.7 — Proceeds from business disposition, net of cash sold — — — 1.2 — 1.2 Other investing activities, net — — 0.5 40.2 — 40.7 Net cash provided by (used in) investing activities (975.0 ) (135.0 ) (41.1 ) (154.4 ) 1,270.7 (34.8 ) Cash flows from financing activities: Net debt (repayments) proceeds 962.8 (1,000.0 ) — (40.8 ) — (78.0 ) Debt issuance costs (5.8 ) — — — — (5.8 ) Net inter-company proceeds (payments) — 1,822.3 (44.1 ) (1,778.2 ) — — Capital contributions received — 160.7 7.0 1,103.0 (1,270.7 ) — Dividends paid to shareholders (30.0 ) — — — — (30.0 ) Dividends paid to noncontrolling interests — — — (4.5 ) — (4.5 ) Dividends paid — — (441.5 ) (297.0 ) 738.5 — Repurchase of ordinary shares (50.3 ) — — — — (50.3 ) Other financing activities, net 18.6 — — — — 18.6 Net cash provided by (used in) financing activities 895.3 983.0 (478.6 ) (1,017.5 ) (532.2 ) (150.0 ) Effect of exchange rate changes on cash and cash equivalents — — — (8.0 ) — (8.0 ) Net increase (decrease) in cash and cash equivalents 25.7 0.5 47.5 (10.6 ) — 63.1 Cash and cash equivalents - beginning of period 1.4 — 78.8 147.2 — 227.4 Cash and cash equivalents - end of period $ 27.1 $ 0.5 $ 126.3 $ 136.6 $ — $ 290.5 |
Valuation and Qualifying Acco54
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Allowance for Doubtful Accounts | PLC VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED December 31, 2016 , 2015 AND 2014 (Amounts in millions) Allowances for Doubtful Accounts: Balance December 31, 2013 $ 2.4 Additions charged to costs and expenses 2.1 Deductions* (1.1 ) Currency translation (0.2 ) Balance December 31, 2014 3.2 Additions charged to costs and expenses 1.6 Deductions* (1.5 ) Business acquisitions and divestitures, net 0.9 Currency translation (0.4 ) Balance December 31, 2015 3.8 Additions charged to costs and expenses 0.1 Deductions* (1.1 ) Business acquisitions and divestitures, net — Currency translation (0.1 ) Balance December 31, 2016 $ 2.7 (*) "Deductions" include accounts and advances written off, less recoveries. |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 3.5 | $ 5.6 | $ 4.4 | $ 4.7 |
Unamortized Debt Issuance Expense | 18.3 | 18.3 | 22.3 | |
Income Taxes Paid | 10.4 | 80.6 | ||
Allowance for doubtful accounts receivable, current | 2.7 | 2.7 | 3.8 | |
Allowance for Doubtful Accounts Receivable | 29 | 29 | 24.5 | |
Other Accrued Liabilities, Current | $ 29.6 | 29.6 | 26.6 | |
Research and development expense | $ 47.3 | $ 45.2 | $ 43.3 | |
Ownership Percentage Policy Minimum [Member] | ||||
Partially-owned equity affiliate ownership interest | 20.00% | 20.00% | ||
Ownership Percentage Policy Maximum [Member] | ||||
Partially-owned equity affiliate ownership interest | 50.00% | 50.00% | ||
Canada Revenue Agency [Member] | ||||
Proceeds from Income Tax Refunds | $ 46.2 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies (Depreciation) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | Buildings [Member] | |
Property, plant and equipment, useful life | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, plant and equipment, useful life | 2 years |
Minimum [Member] | Software [Member] | |
Property, plant and equipment, useful life | 2 years |
Maximum [Member] | Buildings [Member] | |
Property, plant and equipment, useful life | 50 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, plant and equipment, useful life | 12 years |
Maximum [Member] | Software [Member] | |
Property, plant and equipment, useful life | 7 years |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Weighted-Average) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Customer Relationships [Member] | |
Weighted-average useful life | 25 years |
Trademarks [Member] | |
Weighted-average useful life | 25 years |
Completed Technology/Patents [Member] | |
Weighted-average useful life | 10 years |
Other Intangible Assets [Member] | |
Weighted-average useful life | 25 years |
Marketable Securities (Narrativ
Marketable Securities (Narrative and Schedule of Marketable Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Marketable securities, fair value | $ 14.2 | |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities, amortized cost or cost | $ 0 | 1.2 |
Marketable securities, unrealized gains | 0 | 13 |
Marketable securities, fair value | $ 0 | $ 14.2 |
Inventories (Schedule of Major
Inventories (Schedule of Major Classes of Inventory) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net earnings | $ 231.2 | $ 154.3 | $ 172.6 |
Deferred Income Tax Expense (Benefit) | 6.2 | ||
Increase (Decrease) in Inventories | (15.6) | (5.8) | 3.4 |
Retained earnings | 376.6 | 232.4 | |
Cost of Goods and Services Sold | 1,252.7 | 1,199 | 1,264.6 |
Operating Income (Loss) | 425.5 | 358.6 | 326.3 |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 295 | 209.3 | 267.9 |
Benefit (provision) for income taxes | 63.8 | 54.6 | 84.2 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 231.2 | 154.7 | $ 183.7 |
Raw materials | 56.7 | 58.9 | |
Work-in-process | 23.6 | 30 | |
Finished goods | 140.3 | 115.2 | |
Total | 220.6 | 204.1 | |
Deferred Income Taxes and Other Tax Receivable, Current | $ 11.9 | $ 10.5 | |
Income (Loss) from Continuing Operations, Per Basic Share | $ 2.39 | $ 1.61 | $ 1.94 |
Property, Plant and Equipment60
Property, Plant and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 40.9 | $ 36.4 | $ 34.5 |
Software amortization | $ 16.6 | $ 14.4 | $ 12.7 |
Property, Plant and Equipment61
Property, Plant and Equipment (Schedule of Major Classes of Property, Plant and Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 640.4 | $ 616.5 |
Accumulated depreciation | (413.8) | (391.7) |
Total | 226.6 | 224.8 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14.5 | 14.5 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 127.6 | 125.9 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 353.6 | 340.1 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 126.5 | 101.9 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 18.2 | $ 34.1 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill, gross, beginning balance | $ 969.9 | |||||
Acquisitions and adjustments | $ 15.8 | 256.4 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0.8 | |||||
Currency translation | (13.1) | (25.9) | ||||
Goodwill, gross, ending balance | $ 969.9 | |||||
Goodwill, Accumulated Impairment Loss | $ (485.5) | (485.5) | ||||
Goodwill, net | 716.8 | 716.8 | 714.1 | 484.4 | ||
Disposal Group, Not Discontinued Operation, Loss on Disposal | 84.4 | 104.2 | 0 | |||
Asia Pacific [Member] | ||||||
Goodwill, gross, beginning balance | 72.1 | |||||
Acquisitions and adjustments | 3.3 | 27.9 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | |||||
Currency translation | (3.4) | (6.6) | ||||
Goodwill, gross, ending balance | 72.1 | |||||
Goodwill, Accumulated Impairment Loss | (6.9) | (6.9) | $ (6.9) | |||
Goodwill, net | 86.4 | 86.4 | 86.5 | 65.2 | ||
Americas [Member] | ||||||
Goodwill, gross, beginning balance | 364.8 | |||||
Acquisitions and adjustments | 0 | 9.2 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0.8 | |||||
Currency translation | 0.1 | (0.4) | ||||
Goodwill, gross, ending balance | 364.8 | |||||
Goodwill, Accumulated Impairment Loss | 0 | 0 | ||||
Goodwill, net | 372.9 | 372.9 | 372.8 | 364.8 | ||
EMEIA [Member] | ||||||
Goodwill, gross, beginning balance | 533 | |||||
Acquisitions and adjustments | 12.5 | 219.3 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | |||||
Currency translation | (9.8) | (18.9) | ||||
Goodwill, gross, ending balance | 533 | |||||
Goodwill, Accumulated Impairment Loss | (478.6) | (478.6) | $ (137.6) | $ (341) | ||
Goodwill, net | 257.5 | 257.5 | 254.8 | 54.4 | ||
Bocom Divestiture [Member] | ||||||
Goodwill, Written off Related to Sale of Business Unit | (21) | |||||
Goodwill, net | $ 22 | |||||
Disposal Group, Not Discontinued Operation, Loss on Disposal | $ (81.4) | $ (84.4) | $ (78.1) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Future estimated amortization expense, Year Three | $ 18.8 | |
Finite-lived intangible assets, gross | 416.4 | $ 417.9 |
Accumulated amortization | (123.6) | (107.6) |
Total net finite-lived intangible assets | 292.8 | 310.3 |
Total intangible assets, excluding goodwill, gross | 481 | 480 |
Intangible assets, net | 357.4 | 372.4 |
Completed Technology/Patents [Member] | ||
Finite-lived intangible assets, gross | 48 | 49 |
Accumulated amortization | (25.3) | (23.1) |
Total net finite-lived intangible assets | 22.7 | 25.9 |
Customer Relationships [Member] | ||
Finite-lived intangible assets, gross | 278.9 | 278.7 |
Accumulated amortization | (51.6) | (40.2) |
Total net finite-lived intangible assets | 227.3 | 238.5 |
Trademarks [Member] | ||
Finite-lived intangible assets, gross | 78.5 | 81.2 |
Accumulated amortization | (37.3) | (35.3) |
Total net finite-lived intangible assets | 41.2 | 45.9 |
Other Intangible Assets [Member] | ||
Finite-lived intangible assets, gross | 11 | 9 |
Accumulated amortization | (9.4) | (9) |
Total net finite-lived intangible assets | 1.6 | 0 |
Trademarks [Member] | ||
Trademarks, indefinite lived | $ 64.6 | $ 62.1 |
Intangible Assets Intangible As
Intangible Assets Intangible Assets Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Intangible Assets Abstract | |||
Amortization of intangible assets | $ 20.5 | $ 11.9 | $ 9.5 |
Future estimated amortization expense, year one | 19.6 | ||
Future estimated amortization expense, year two | 19.6 | ||
Future estimated amortization expense, Year Three | 18.8 | ||
Future estimated amortization expense, year four | 18.8 | ||
Future estimated amortization expense, year five | $ 18.8 |
Acquisitions Acquisitions (Deta
Acquisitions Acquisitions (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Acquisitions [Abstract] | ||||
Business Acquisition, Pro Forma Revenue | $ 2,170.2 | |||
Business Acquisition [Line Items] | ||||
Business Combination, Acquisition Related Costs | $ 17.9 | |||
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 1.72 | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 1.74 | |||
Business Acquisition, Pro Forma Net Income (Loss) | $ 167 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 74.5 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 31.4 | $ 511.3 | $ 25.2 | |
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 2.2 | |||
SimonsVoss Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 69.2 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 230 | |||
AXA Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | 79.8 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 208 | |||
Series of Individually Immaterial Business Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 23.3 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 511.3 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 34.8 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 4.2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 27.2 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 257.5 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 273.8 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Assets | 12.5 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | (12.2) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | (30.1) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | $ (79.7) | |||
Five Point Seven Five Percent Senior Notes Due 2021 [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Information, Description | 300 | |||
Revolving Credit Facility [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Pro Forma Information, Description | 100 |
Debt and Credit Facilities (Nar
Debt and Credit Facilities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Period Changes In Unrecognized Tax Benefit, in months | 12 | ||
Debt and Capital Lease Obligations | $ 2,300,000 | $ 18,700,000 | |
Unamortized Debt Issuance Expense | (18,300,000) | (22,300,000) | |
Short-term borrowings and current maturities of long-term debt | 1,463,800,000 | 1,523,100,000 | |
Short-term borrowings and current maturities of long-term debt | 48,200,000 | 65,600,000 | |
Derivative, Notional Amount | 525,000,000 | 269,400,000 | |
Repayments of Debt | 300,000,000 | ||
Repayments of Long-term Debt | 47,000,000 | 440,500,000 | $ 1,012,300,000 |
Write off of Deferred Debt Issuance Cost | 0 | 0 | 4,500,000 |
Long-term Debt, Excluding Current Maturities | 1,415,600,000 | 1,457,500,000 | |
Secured Debt [Member] | |||
Short-term borrowings and current maturities of long-term debt | $ 1,479,800,000 | ||
Debt Instruments, Mandatory Prepayments [Domain] | |||
Debt Instrument, Description | 0%-50% | ||
Leverage Ratio Requirement [Domain] | |||
Debt Instrument, Covenant Description | 1 | ||
Leverage Ratio Requirement, Total Indebtedness, net of Unrestricted Cash [Member] | |||
Debt Instrument, Covenant Description | 150 | ||
Ratio Requirement to end of 2014 [Domain] | |||
Debt Instrument, Covenant Description | 4 | ||
Subsidiaries [Member] | |||
Letters of Credit Outstanding, Amount | $ 21,700,000 | ||
Cash Paid for Interest | $ 56,000,000 | 39,000,000 | $ 45,000,000 |
Subsidiaries [Member] | Secured Debt [Member] | |||
Weighted average interest rate on short term borrowings and current maturities of long term debt | 2.50% | ||
Repayments of Long-term Debt | $ 46,900,000 | ||
Subsidiaries [Member] | Term Loan Facility Due 2020 [Member] | |||
Debt instrument, face amount | $ 938,400,000 | ||
Subsidiaries [Member] | Senior Notes [Member] | |||
Weighted average interest rate on short term borrowings and current maturities of long term debt | 5.75% | ||
Subsidiaries [Member] | Term Loan A Facility Due 2020 [Member] | Secured Debt [Member] | |||
Long-term Debt | $ 879,800,000 | 926,700,000 | |
Subsidiaries [Member] | Five Point Seven Five Percent Senior Notes Due 2021 [Member] | Senior Notes [Member] | |||
Long-term Debt | 300,000,000 | 300,000,000 | |
Debt instrument, face amount | $ 300,000,000 | ||
Debt instrument, interest rate | 5.75% | ||
Subsidiaries [Member] | Five Point Eight Seven Five Percent Senior Notes Due 2023 [Member] | Senior Notes [Member] | |||
Long-term Debt | $ 300,000,000 | $ 300,000,000 | |
Debt instrument, interest rate | 5.875% | ||
Interest Rate Swap Expiration September 2017 [Member] | |||
Derivative, Notional Amount | $ 275,000,000 | ||
Interest Rate Swap Expiration December 2020 [Member] | |||
Derivative, Notional Amount | 250,000,000 | ||
Revolving Credit Facility [Member] | Subsidiaries [Member] | |||
Line of credit facility, maximum borrowing capacity | 500,000,000 | ||
Revolving Credit Facility US Dollar Tranche [Member] | Subsidiaries [Member] | |||
Line of credit facility, maximum borrowing capacity | 400,000,000 | ||
Revolving Credit Facility Multi-Currency Tranche [Member] | Subsidiaries [Member] | |||
Line of credit facility, maximum borrowing capacity | 100,000,000 | ||
Letter of Credit [Member] | Subsidiaries [Member] | |||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Subsidiaries [Member] | Term Loan A Facility Due 2020 [Member] | Secured Debt [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 1.375% | ||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 1.875% | ||
Minimum [Member] | Subsidiaries [Member] | Term Loan A Facility Due 2020 [Member] | Secured Debt [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | ||
Maximum [Member] | Subsidiaries [Member] | Term Loan A Facility Due 2020 [Member] | Secured Debt [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||
2017 and 2018 Amortization percentage [Member] | Subsidiaries [Member] | Term Loan A Facility Due 2020 [Member] | Secured Debt [Member] | |||
Long-term Debt | $ 0 | ||
2019 and thereafter Amortization percentage [Member] | Subsidiaries [Member] | Term Loan A Facility Due 2020 [Member] | Secured Debt [Member] | |||
Long-term Debt | $ 0 |
Debt and Credit Facilities (Sho
Debt and Credit Facilities (Short-Term Borrowings and Current Maturities of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Short-term Debt [Line Items] | ||
Short-term borrowings and current maturities of long-term debt | $ 48.2 | $ 65.6 |
Debt and Credit Facilities (Lon
Debt and Credit Facilities (Long-Term Debt Excluding Current Maturities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, Excluding Current Maturities | $ 1,415.6 | $ 1,457.5 |
Other Debt and Capital Leases | 2.3 | 18.7 |
Unamortized Debt Issuance Expense | 18.3 | 22.3 |
Debt and Capital Lease Obligations | 1,463.8 | 1,523.1 |
Short-term borrowings and current maturities of long-term debt | 48.2 | 65.6 |
Secured Debt [Member] | ||
Debt and Capital Lease Obligations | 1,479.8 | |
Term Loan A Facility Due 2020 [Member] | Subsidiaries [Member] | Secured Debt [Member] | ||
Long-term Debt | 879.8 | 926.7 |
Five Point Seven Five Percent Senior Notes Due 2021 [Member] | Subsidiaries [Member] | Senior Notes [Member] | ||
Long-term Debt | 300 | 300 |
Five Point Eight Seven Five Percent Senior Notes Due 2023 [Member] | Subsidiaries [Member] | Senior Notes [Member] | ||
Long-term Debt | $ 300 | $ 300 |
Debt and Credit Facilities (L69
Debt and Credit Facilities (Long-Term Debt Maturities and Repayment of Principle) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
2,016 | $ 46.9 | |
2,017 | 46.9 | |
2,018 | 93.9 | |
2,019 | 692.1 | |
2,020 | 300 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 300 | |
Debt and Capital Lease Obligations | 1,463.8 | $ 1,523.1 |
Secured Debt [Member] | ||
Debt and Capital Lease Obligations | $ 1,479.8 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative, Notional Amount | $ 525 | $ 269.4 | ||
Accumulated other comprehensive income (loss), derivatives qualifying as hedges, net of tax | (264.3) | (232.2) | $ (148.2) | $ (96.7) |
Currency derivatives expected to be reclassified into earnings over the next twelve months | 0.8 | |||
Amount expected to be reclassified into interest expense over the next twelve months | (0.4) | |||
Foreign Exchange Contract [Member] | ||||
Derivative, Notional Amount | 132.6 | |||
Interest Rate Swap Expiration September 2017 [Member] | ||||
Derivative, Notional Amount | 275 | |||
Interest Rate Swap Expiration December 2020 [Member] | ||||
Derivative, Notional Amount | 250 | |||
Designated as Hedging Instrument [Member] | ||||
Derivatives designated as hedges, asset | 0.7 | 1.8 | ||
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0.1 | 0 | ||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Accumulated other comprehensive income (loss), derivatives qualifying as hedges, net of tax | 0.8 | 1.7 | ||
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||
Accumulated other comprehensive income (loss), derivatives qualifying as hedges, net of tax | $ 2.6 | $ (1.2) |
Financial Instruments Schedule
Financial Instruments Schedule of Fair Values of Derivative Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, Fair Value | $ 1,510.6 | $ 1,556.6 |
Interest Rate Derivative Liabilities, at Fair Value | 0.4 | 1.2 |
Assets, Fair Value Disclosure, Recurring | 5.6 | 17 |
Derivative instruments, gross asset | 2.8 | |
Derivative instruments, gross liability | 0.3 | 4.5 |
Designated as Hedging Instrument [Member] | ||
Derivatives designated as hedges, asset | 0.7 | 1.8 |
Foreign Currency Cash Flow Hedge Liability at Fair Value | 0.1 | 0 |
Interest Rate Derivative Assets, at Fair Value | 4.6 | 0 |
Undesignated Hedges [Member] | ||
Derivatives not designated as hedges, asset | 0.3 | 1 |
Derivatives not designated as hedges, liability | 4.5 | |
Fair Value, Inputs, Level 2 [Member] | ||
Long-term Debt, Fair Value | 1,510.6 | 1,556.6 |
Interest Rate Derivative Liabilities, at Fair Value | 0.4 | 1.2 |
Derivatives not designated as hedges, liability | 0.3 | 4.5 |
Assets, Fair Value Disclosure, Recurring | 5.6 | 2.8 |
Derivative instruments, gross asset | 2.8 | |
Fair Value, Inputs, Level 3 [Member] | ||
Long-term Debt, Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Derivative instruments, gross asset | 0 | 0 |
Derivative instruments, gross liability | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | ||
Long-term Debt, Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 0 | 14.2 |
Derivative instruments, gross asset | 0 | 0 |
Derivative instruments, gross liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Designated as Hedging Instrument [Member] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0.4 | 1.2 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 5.6 | |
Derivative instruments, gross asset | 2.8 | |
Derivative instruments, gross liability | 0.7 | $ 5.7 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Undesignated Hedges [Member] | ||
Derivatives not designated as hedges, liability | 0.2 | |
Foreign Exchange Contract [Member] | ||
Derivative instruments, gross asset | 1 | |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments, gross asset | 1 | |
Interest Rate Swap [Member] | ||
Derivative instruments, gross asset | 4.6 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments, gross asset | $ 4.6 |
Financial Instruments Schedul72
Financial Instruments Schedule of Derivatives Designated as Hedges Affecting Income Statement and Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative instruments, gain (loss) recognized in Other comprehensive income (loss), effective portion, net | $ 9.6 | $ 6.3 | $ 0.7 |
Derivative instruments, gain (loss) reclassified from Accumulated OCI into Income, effective portion, net | 5.4 | 6.5 | 2.5 |
Currency Derivatives [Member] | |||
Derivative instruments, gain (loss) recognized in Other comprehensive income (loss), effective portion, net | 4.2 | 6.6 | 1.6 |
Interest Rate Swap [Member] | |||
Derivative instruments, gain (loss) recognized in Other comprehensive income (loss), effective portion, net | 5.4 | (0.3) | (0.9) |
Cost of goods sold [Member] | Currency Derivatives [Member] | |||
Derivative instruments, gain (loss) reclassified from Accumulated OCI into Income, effective portion, net | 5.4 | 6.5 | 2.5 |
Interest Expense [Member] | Interest Rate Swap [Member] | |||
Derivative instruments, gain (loss) reclassified from Accumulated OCI into Income, effective portion, net | $ 0 | $ 0 | |
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Derivative instruments, gain (loss) reclassified from Accumulated OCI into Income, effective portion, net | $ 0 |
Pensions and Postretirement B73
Pensions and Postretirement Benefits Other Than Pensions (Narrative) (Details) - USD ($) | Jan. 03, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated benefit obligation | $ 0.05 | |||
Defined Benefit Plan, Contributions by Employer | $ 50,000,000 | |||
Deferred Compensation Liability, Current and Noncurrent | 16,800,000 | $ 15,500,000 | ||
Pension Plans [Member] | ||||
Projected company contributions in 2013 | $ 9,400,000 | |||
United States Pension Plan of US Entity [Member] | ||||
Discount rate | 4.07% | |||
Accumulated benefit obligation for all defined benefit pension plans | $ 272,500,000 | $ 265,500,000 | ||
Foreign Pension Plan [Member] | ||||
Discount rate | 2.58% | 3.64% | ||
Accumulated benefit obligation for all defined benefit pension plans | $ 371,900,000 | $ 363,800,000 | ||
Foreign Pension Plan Defined Contribution [Member] | ||||
Company contributions | 5,600,000 | 6,200,000 | $ 7,000,000 | |
United States Pension Plan Defined Contribution [Member] | ||||
Company contributions | $ 13,300,000 | $ 12,100,000 | $ 10,200,000 | |
Postretirement [Member] | ||||
Discount rate | 3.50% | 3.50% | 3.50% | |
Postretirement Benefit Costs [Member] | ||||
Projected prior service cost for 2013 | $ (1,600,000) | $ (1,600,000) | $ (1,600,000) | |
Postretirement benefit cost | 1,400,000 | |||
Projected Prior Service Gains | 1,600,000 | |||
Projected prior service gains in 2013 | 100,000 | |||
Pension Costs [Member] | ||||
Projected pension expenses for 2013 | 11,900,000 | |||
Projected prior service cost for 2013 | 400,000 | |||
Projected net actuarial losses for 2013 | 6,300,000 | |||
Fair Value, Inputs, Level 1 [Member] | ||||
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 | ||
UNITED STATES | Pension Plans [Member] | ||||
Accumulated benefit obligation | 272,500,000 | 265,500,000 | ||
Fair value of plan assets | 202,400,000 | 192,700,000 | ||
UNITED STATES | Change In Plan Assets [Member] | Pension Plans [Member] | ||||
Defined benefit plan, fair value of pension plan assets | 202,400,000 | 192,700,000 | 213,200,000 | |
Company contributions | 7,900,000 | 0 | ||
UNITED STATES | Assets valued using net asset per share [Member] | ||||
Defined benefit plan, fair value of pension plan assets | 62,900,000 | 56,500,000 | ||
Foreign Pension Plan [Member] | Pension Costs [Member] | ||||
Projected prior service cost for 2013 | 0 | 0 | (100,000) | |
Foreign Pension Plan [Member] | Change In Plan Assets [Member] | Pension Plans [Member] | ||||
Company contributions | 6,000,000 | 6,500,000 | 17,500,000 | |
United States Pension Plan of US Entity [Member] | Pension Costs [Member] | ||||
Projected prior service cost for 2013 | $ (700,000) | $ (700,000) | $ (700,000) |
Pensions and Postretirement B74
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Company's Pension Plans) (Details) - USD ($) | Jan. 03, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | $ 0.05 | |||
Defined Benefit Plan, Contributions by Employer | $ 50,000,000 | |||
Other noncurrent assets | 45,000,000 | $ 124,700,000 | ||
Non-U.S. [Member] | ||||
Other, including expenses paid | (14,400,000) | (5,000,000) | ||
Non-U.S. [Member] | Pension Plans [Member] | ||||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 25,900,000 | 363,800,000 | ||
Defined benefit plan, plan with benefit obligation in excess of asset, project benefit obligation | 30,200,000 | 371,700,000 | ||
Accrued compensation and benefits | (1,500,000) | (1,000,000) | ||
Postemployment and other benefit liabilities | (25,600,000) | (30,300,000) | ||
Plan assets less than benefit obligations | (27,100,000) | (31,300,000) | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 6,800,000 | 340,400,000 | ||
Non-U.S. [Member] | Change In Benefit Obligations [Member] | Pension Plans [Member] | ||||
Service cost | 3,100,000 | 3,300,000 | ||
Interest cost | 10,700,000 | 13,700,000 | ||
Employee contributions | 300,000 | 300,000 | ||
Amendments | 0 | 100,000 | ||
Actuarial (gains) losses | 80,800,000 | 6,600,000 | ||
Benefits paid | (18,700,000) | (15,000,000) | ||
Currency translation | (63,500,000) | (22,200,000) | ||
Defined Benefit Plan, Curtailments | (1,800,000) | (1,200,000) | ||
Other, including expenses paid | (2,100,000) | (2,300,000) | ||
Benefit obligation at end of year | 380,500,000 | 371,700,000 | $ 388,400,000 | |
Non-U.S. [Member] | Change In Plan Assets [Member] | Pension Plans [Member] | ||||
Employee contributions | 300,000 | 300,000 | ||
Benefits paid | (18,700,000) | (15,000,000) | ||
Other, including expenses paid | (2,100,000) | (2,300,000) | ||
Fair value at beginning of year | 340,400,000 | 372,000,000 | ||
Actual return on assets | 90,300,000 | (900,000) | ||
Currency translation | (61,000,000) | (19,000,000) | ||
Settlements | (1,800,000) | (1,200,000) | ||
Fair value at end of year | 353,400,000 | 340,400,000 | 372,000,000 | |
Foreign Pension Plan [Member] | Real Estate Funds [Member] | ||||
Fair value at beginning of year | 13,100,000 | |||
Fair value at end of year | 10,400,000 | 13,100,000 | ||
Foreign Pension Plan [Member] | Change In Plan Assets [Member] | Pension Plans [Member] | ||||
Company contributions | 6,000,000 | 6,500,000 | 17,500,000 | |
Foreign Pension Plan [Member] | Other Defined Benefit [Member] | ||||
Fair value at beginning of year | 54,800,000 | |||
Fair value at end of year | 66,100,000 | 54,800,000 | ||
United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Receivables and payables, net | 1,100,000 | 1,700,000 | ||
United States Pension Plan of US Entity, Defined Benefit [Member] | Pension Plans [Member] | ||||
Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation | 272,500,000 | 265,500,000 | ||
Defined benefit plan, plan with benefit obligation in excess of asset, project benefit obligation | 286,900,000 | 280,700,000 | ||
Accrued compensation and benefits | (100,000) | 0 | ||
Postemployment and other benefit liabilities | (84,400,000) | (88,000,000) | ||
Plan assets less than benefit obligations | (84,500,000) | (88,000,000) | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 202,400,000 | 192,700,000 | ||
United States Pension Plan of US Entity, Defined Benefit [Member] | Change In Benefit Obligations [Member] | Pension Plans [Member] | ||||
Service cost | 9,400,000 | 9,500,000 | ||
Interest cost | 9,800,000 | 11,000,000 | ||
Employee contributions | 0 | 0 | ||
Amendments | 0 | 0 | ||
Actuarial (gains) losses | 1,600,000 | (6,100,000) | ||
Benefits paid | (12,600,000) | (14,300,000) | ||
Currency translation | 0 | 0 | ||
Defined Benefit Plan, Curtailments | 0 | 0 | ||
Other, including expenses paid | (2,000,000) | (2,300,000) | ||
Benefit obligation at end of year | 286,900,000 | 280,700,000 | 282,900,000 | |
United States Pension Plan of US Entity, Defined Benefit [Member] | Change In Plan Assets [Member] | Pension Plans [Member] | ||||
Employee contributions | 0 | 0 | ||
Benefits paid | (12,600,000) | (11,900,000) | ||
Other, including expenses paid | (2,000,000) | (2,300,000) | ||
Fair value at beginning of year | 192,700,000 | 213,200,000 | ||
Actual return on assets | 16,400,000 | (6,300,000) | ||
Company contributions | 7,900,000 | 0 | ||
Currency translation | 0 | 0 | ||
Settlements | 0 | 0 | ||
Fair value at end of year | 202,400,000 | 192,700,000 | $ 213,200,000 | |
Cash and Cash Equivalents [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 20,200,000 | |||
Fair value at end of year | 58,900,000 | 20,200,000 | ||
Cash and Cash Equivalents [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 2,700,000 | |||
Fair value at end of year | 5,600,000 | 2,700,000 | ||
Equity Funds [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 121,600,000 | |||
Fair value at end of year | 107,200,000 | 121,600,000 | ||
Fixed Income Investments [Member] | Foreign Pension Plan [Member] | Corporate and Non-U.S. Bonds [Member] | ||||
Fair value at beginning of year | 130,700,000 | |||
Fair value at end of year | 110,800,000 | 130,700,000 | ||
Fixed Income Investments [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | Corporate and Non-U.S. Bonds [Member] | ||||
Fair value at beginning of year | 82,600,000 | |||
Fair value at end of year | 77,600,000 | 82,600,000 | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Real Estate Funds [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | Other Defined Benefit [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 20,200,000 | |||
Fair value at end of year | 58,900,000 | 20,200,000 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Equity Funds [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Investments [Member] | Foreign Pension Plan [Member] | Corporate and Non-U.S. Bonds [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Investments [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | Corporate and Non-U.S. Bonds [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Real Estate Funds [Member] | ||||
Fair value at beginning of year | 12,300,000 | |||
Fair value at end of year | 9,700,000 | 12,300,000 | ||
Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | Other Defined Benefit [Member] | ||||
Fair value at beginning of year | 52,900,000 | |||
Fair value at end of year | 64,100,000 | 52,900,000 | ||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 2,700,000 | |||
Fair value at end of year | 5,600,000 | 2,700,000 | ||
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 121,600,000 | |||
Fair value at end of year | 107,200,000 | 121,600,000 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Investments [Member] | Foreign Pension Plan [Member] | Corporate and Non-U.S. Bonds [Member] | ||||
Fair value at beginning of year | 130,700,000 | |||
Fair value at end of year | 110,800,000 | 130,700,000 | ||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Investments [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | Corporate and Non-U.S. Bonds [Member] | ||||
Fair value at beginning of year | 82,600,000 | |||
Fair value at end of year | 77,600,000 | 82,600,000 | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Real Estate Funds [Member] | ||||
Fair value at beginning of year | 800,000 | |||
Fair value at end of year | 700,000 | 800,000 | ||
Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | Other Defined Benefit [Member] | ||||
Fair value at beginning of year | 1,900,000 | |||
Fair value at end of year | 2,000,000 | 1,900,000 | ||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Equity Funds [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Investments [Member] | Foreign Pension Plan [Member] | Corporate and Non-U.S. Bonds [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Investments [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | Corporate and Non-U.S. Bonds [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Gross of receivables and payables [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 340,400,000 | |||
Fair value at end of year | 353,400,000 | 340,400,000 | ||
Gross of receivables and payables [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 191,000,000 | |||
Fair value at end of year | 201,300,000 | 191,000,000 | ||
Gross of receivables and payables [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 20,200,000 | |||
Fair value at end of year | 58,900,000 | 20,200,000 | ||
Gross of receivables and payables [Member] | Fair Value, Inputs, Level 1 [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Gross of receivables and payables [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 317,500,000 | |||
Fair value at end of year | 291,800,000 | 317,500,000 | ||
Gross of receivables and payables [Member] | Fair Value, Inputs, Level 2 [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 134,500,000 | |||
Fair value at end of year | 138,400,000 | 134,500,000 | ||
Gross of receivables and payables [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Pension Plan [Member] | ||||
Fair value at beginning of year | 2,700,000 | |||
Fair value at end of year | 2,700,000 | 2,700,000 | ||
Gross of receivables and payables [Member] | Fair Value, Inputs, Level 3 [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 0 | |||
Fair value at end of year | 0 | 0 | ||
Net of receivables and payables [Member] | United States Pension Plan of US Entity, Defined Benefit [Member] | ||||
Fair value at beginning of year | 192,700,000 | |||
Fair value at end of year | $ 202,400,000 | $ 192,700,000 |
Pensions and Postretirement B75
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Pretax Amounts Recognized in Accumulated Other Comprehensive Income or (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other comprehensive income loss pension and other postretirement benefits settlements and curtailments reclassified to earnings | $ 0.3 | $ 1.1 | $ 0 |
Net Actuarial Losses [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 2.9 | (0.5) | |
Balance at December 31, 2011 | (1.2) | (0.7) | |
Balance at December 31, 2012 | 1.7 | (1.2) | (0.7) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Non-U.S. [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (4.3) | (25.4) | |
Balance at December 31, 2011 | (92.2) | (73.4) | |
Settlements/curtailments reclassified to earnings | 0.3 | ||
Balance at December 31, 2012 | (79.6) | (92.2) | (73.4) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2.2 | 1.4 | |
Defined Benefit Plan, Other Costs | 14.4 | 5 | |
Other comprehensive income loss pension and other postretirement benefits settlements and curtailments reclassified to earnings | 0.2 | ||
Non-U.S. [Member] | Prior Service Cost [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | (0.1) | |
Balance at December 31, 2011 | 0 | 0.1 | |
Settlements/curtailments reclassified to earnings | 0 | ||
Balance at December 31, 2012 | 0 | 0 | 0.1 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Defined Benefit Plan, Other Costs | 0 | 0 | |
Other comprehensive income loss pension and other postretirement benefits settlements and curtailments reclassified to earnings | 0 | ||
Non-U.S. [Member] | Net Actuarial Losses [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (4.3) | (25.3) | |
Balance at December 31, 2011 | (92.2) | (73.5) | |
Settlements/curtailments reclassified to earnings | 0.3 | ||
Balance at December 31, 2012 | (79.6) | (92.2) | (73.5) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2.2 | 1.4 | |
Defined Benefit Plan, Other Costs | 14.4 | 5 | |
Other comprehensive income loss pension and other postretirement benefits settlements and curtailments reclassified to earnings | 0.2 | ||
UNITED STATES | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 4.5 | (11.8) | |
Balance at December 31, 2011 | (91.7) | (86.4) | |
Balance at December 31, 2012 | (81.8) | (91.7) | (86.4) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 5.4 | 5.6 | |
Other comprehensive income loss pension and other postretirement benefits settlements and curtailments reclassified to earnings | 0.9 | ||
UNITED STATES | Prior Service Cost [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 | |
Balance at December 31, 2011 | (2.8) | (3.5) | |
Balance at December 31, 2012 | (2.1) | (2.8) | (3.5) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0.7 | 0.7 | |
Other comprehensive income loss pension and other postretirement benefits settlements and curtailments reclassified to earnings | 0 | ||
UNITED STATES | Net Actuarial Losses [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 4.5 | (11.8) | |
Balance at December 31, 2011 | (88.9) | (82.9) | |
Balance at December 31, 2012 | (79.7) | (88.9) | $ (82.9) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 4.7 | 4.9 | |
Other comprehensive income loss pension and other postretirement benefits settlements and curtailments reclassified to earnings | $ 0.9 |
Pensions and Postretirement B76
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Defined Benefit Plan Weighted Average Assumptions) (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
United States Pension Plan of US Entity [Member] | ||
Discount rate | 4.07% | |
Rate of compensation increase | 3.50% | 3.50% |
Foreign Pension Plan [Member] | ||
Discount rate | 2.58% | 3.64% |
Rate of compensation increase | 3.18% | 2.93% |
Prior to 2012 plan amendment [Member] | United States Pension Plan of US Entity [Member] | ||
Discount rate | 4.31% |
Pensions and Postretirement B77
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Defined Benefit Plan Pension Benefit Payments) (Details) - Pension Plans [Member] $ in Millions | Dec. 31, 2016USD ($) |
United States Pension Plan of US Entity [Member] | |
2,017 | $ 14.7 |
2,018 | 16.2 |
2,019 | 15.6 |
2,020 | 22.8 |
2,021 | 18.6 |
2022-2026 | 106.4 |
Non-U.S. [Member] | |
2,017 | 16 |
2,018 | 16 |
2,019 | 16.5 |
2,020 | 17.2 |
2,021 | 17.8 |
2022-2026 | $ 99.2 |
Pensions and Postretirement B78
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Net Periodic Benefit Cost) (Details) - Pension Costs [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Prior service costs, net amortization of | $ (0.4) | ||
United States Pension Plan of US Entity [Member] | |||
Service cost | 9.4 | $ 9.5 | $ 7.3 |
Interest cost | 9.8 | 11 | 11.5 |
Expected return on plan assets | (10.2) | (11.2) | (11.2) |
Prior service costs, net amortization of | 0.7 | 0.7 | 0.7 |
Plan net actuarial losses, net amortization of | 4.7 | 4.9 | 2.3 |
Net periodic benefit cost | 14.4 | 14.9 | 10.6 |
Net curtailment and settlement (gains) losses | 0 | 0.9 | 0 |
Net periodic benefit cost after net curtailment and settlement (gains) losses | 14.4 | 15.8 | 10.6 |
United States Pension Plan of US Entity, Defined Benefit [Member] | |||
Service cost | 3.1 | 3.3 | 4.6 |
Interest cost | 10.7 | 13.7 | 17.3 |
Expected return on plan assets | (13.7) | (17.8) | (17.3) |
Prior service costs, net amortization of | 0 | 0 | 0.1 |
Plan net actuarial losses, net amortization of | 2.2 | 1.4 | 2.8 |
Net periodic benefit cost | 2.3 | 0.6 | 7.5 |
Net curtailment and settlement (gains) losses | 0.3 | 0.2 | 0 |
Net periodic benefit cost after net curtailment and settlement (gains) losses | $ 2.6 | $ 0.8 | $ 7.5 |
Pensions and Postretirement B79
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Weighted Average Assumptions Net Periodic Pension Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Postretirement [Member] | |||
Discount rate | 3.50% | 3.50% | 3.50% |
Discount rate | 3.50% | 3.50% | 4.00% |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,021 | ||
United States Pension Plan of US Entity [Member] | |||
Discount rate | 4.07% | ||
Discount rate | 4.31% | 3.98% | 5.00% |
Rate of compensation increase | 3.50% | 3.50% | 3.50% |
Percentage of expected return on plan assets | 5.50% | 5.50% | 5.50% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.50% | 3.50% | |
Foreign Pension Plan [Member] | |||
Discount rate | 2.58% | 3.64% | |
Discount rate | 3.65% | 3.69% | 4.50% |
Rate of compensation increase | 2.95% | 2.94% | 4.75% |
Percentage of expected return on plan assets | 4.47% | 4.96% | 5.25% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.18% | 2.93% | |
ultimate inflation rate [Member] | Postretirement [Member] | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 5.00% |
current year medical inflation [Member] | Postretirement [Member] | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 7.25% |
Pensions and Postretirement B80
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Fair Values of Company's Pension Plan Assets) (Details) - UNITED STATES - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables and payables, net | $ 1.1 | $ 1.7 | |
Pension Plans [Member] | Change In Plan Assets [Member] | |||
Defined benefit plan, fair value of pension plan assets | 202.4 | 192.7 | $ 213.2 |
Assets valued using net asset per share [Member] | |||
Defined benefit plan, fair value of pension plan assets | 62.9 | 56.5 | |
Cash and Cash Equivalents [Member] | |||
Defined benefit plan, fair value of pension plan assets | 5.6 | 2.7 | |
Fixed Income Investments [Member] | Fixed Income Investments [Member] | |||
Defined benefit plan, fair value of pension plan assets | 132.8 | 131.8 | |
Gross of receivables and payables [Member] | |||
Defined benefit plan, fair value of pension plan assets | 201.3 | 191 | |
Net of receivables and payables [Member] | |||
Defined benefit plan, fair value of pension plan assets | $ 202.4 | $ 192.7 |
Pensions and Postretirement B81
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Company's Postretirement Plans Benefit Obligations) (Details) - Postretirement [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Benefit obligation at beginning of year | $ 12.9 | $ 13.6 |
Service cost | 0.1 | 0.1 |
Interest cost | 0.4 | 0.5 |
Actuarial (gains) losses | (2.9) | (0.3) |
Benefits paid, net of Medicare Part D subsidy | (0.8) | (1) |
Benefit obligation at end of year | $ 9.7 | $ 12.9 |
Pensions and Postretirement B82
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Company's Postretirement Plans Funded Status) (Details) - Postretirement [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Plan assets less than benefit obligations | $ (9.7) | $ (12.9) |
Accrued compensation and benefits | (0.9) | (1.1) |
Postemployment and other benefit liabilities | $ (8.8) | $ (11.8) |
Pensions and Postretirement B83
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Other Than Pension) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Postretirement [Member] | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 2.9 | $ (0.5) |
Balance at December 31, 2011 | 2.7 | 4.8 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1.6) | (1.6) |
Balance at December 31, 2012 | 4 | 2.7 |
Net Actuarial Losses [Member] | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 2.9 | (0.5) |
Balance at December 31, 2011 | (1.2) | (0.7) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 |
Balance at December 31, 2012 | 1.7 | (1.2) |
prior service gains [Member] | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 |
Balance at December 31, 2011 | 3.9 | 5.5 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1.6) | (1.6) |
Balance at December 31, 2012 | $ 2.3 | $ 3.9 |
Pensions and Postretirement B84
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Net Periodic Postretirement Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
prior service gains [Member] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | $ (2.3) | $ (3.9) | $ (5.5) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (1.6) | (1.6) | |
Net Actuarial Losses [Member] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | (1.7) | 1.2 | 0.7 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 2.9 | (0.5) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | 0 | |
Postretirement Benefit Costs [Member] | |||
Projected Prior Service Gains | 1.6 | ||
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.4 | 0.5 | 0.5 |
Prior service gains, net amortization of | (1.6) | (1.6) | (1.6) |
Net periodic benefit cost after net curtailment and settlement (gains) losses | $ (1.1) | $ (1) | $ (1) |
Pensions and Postretirement B85
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Defined Benefit Plan Weighted Average Discount Rate Assumptions) (Details) - Postretirement [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Discount rate | 3.50% | 3.50% | 3.50% |
Net periodic benefit cost | 3.50% | 3.50% | 4.00% |
Year that the rate reaches the ultimate trend rate | 2,021 | ||
current year medical inflation [Member] | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 7.25% |
ultimate inflation rate [Member] | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 0.00% | 0.00% | 5.00% |
Pensions and Postretirement B86
Pensions and Postretirement Benefits Other Than Pensions (Schedule of Benefit Payments for Postretirement Benefits) (Details) - Postretirement [Member] $ in Millions | Dec. 31, 2016USD ($) |
2,017 | $ 0.9 |
2,018 | 1 |
2,019 | 1 |
2,020 | 0.9 |
2,021 | 0.9 |
2022-2026 | $ 3.7 |
Pensions and Postretirement B87
Pensions and Postretirement Benefits Other Than Pensions Pensions and Postretirement Benefits Other Than Pensions (Schedule of Benefit Payments Defined Benefit Plan) (Details) - Pension Plans [Member] $ in Millions | Dec. 31, 2016USD ($) |
United States Pension Plan of US Entity [Member] | |
2,017 | $ 14.7 |
2,018 | 16.2 |
2,019 | 15.6 |
2,020 | 22.8 |
2,021 | 18.6 |
2022-2026 | 106.4 |
Non-U.S. [Member] | |
2,017 | 16 |
2,018 | 16 |
2,019 | 16.5 |
2,020 | 17.2 |
2,021 | 17.8 |
2022-2026 | $ 99.2 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative, Notional Amount | $ 525 | $ 269.4 |
Marketable securities, fair value | 14.2 | |
Derivative instruments | 2.8 | |
Assets, Fair Value Disclosure, Recurring | 5.6 | 17 |
Derivative instruments | 0.3 | 4.5 |
Interest Rate Derivative Liabilities, at Fair Value | 0.4 | 1.2 |
Deferred Compensation Liability, Current and Noncurrent | 16.8 | 15.5 |
Total liability recurring fair value measurements | 17.5 | 21.2 |
Long-term Debt, Fair Value | 1,510.6 | 1,556.6 |
Liabilities not carried at fair value, fair value disclosure | 1,556.6 | |
Fair Value, Net Asset (Liability) | 1,510.6 | |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities, fair value | 0 | 14.2 |
Derivative instruments | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 0 | 14.2 |
Derivative instruments | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Total liability recurring fair value measurements | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Liabilities not carried at fair value, fair value disclosure | 0 | |
Fair Value, Net Asset (Liability) | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities, fair value | 0 | |
Derivative instruments | 2.8 | |
Assets, Fair Value Disclosure, Recurring | 5.6 | 2.8 |
Interest Rate Derivative Liabilities, at Fair Value | 0.4 | 1.2 |
Deferred Compensation Liability, Current and Noncurrent | 16.8 | 15.5 |
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | 0.3 | 4.5 |
Total liability recurring fair value measurements | 17.5 | 21.2 |
Long-term Debt, Fair Value | 1,510.6 | 1,556.6 |
Liabilities not carried at fair value, fair value disclosure | 1,556.6 | |
Fair Value, Net Asset (Liability) | 1,510.6 | |
Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities, fair value | 0 | |
Derivative instruments | 0 | 0 |
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Derivative instruments | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Deferred Compensation Liability, Current and Noncurrent | 0 | 0 |
Total liability recurring fair value measurements | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Liabilities not carried at fair value, fair value disclosure | $ 0 | |
Fair Value, Net Asset (Liability) | 0 | |
Interest Rate Swap [Member] | ||
Derivative instruments | 4.6 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | 4.6 | |
Foreign Exchange Contract [Member] | ||
Derivative, Notional Amount | 132.6 | |
Derivative instruments | 1 | |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative instruments | $ 1 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Comprehensive Income (Loss), Net of Tax | $ (32.5) | $ (85.4) | $ (52.2) | |
Treasury Stock, Value, Acquired, Cost Method | 85.1 | $ 30 | $ 50.3 | |
Stockholders' Equity, Other | (0.2) | $ (13) | ||
Stock repurchase program, authorized amount | $ (500) | |||
Common stock, dividends, in dollars per share, declared | $ 0.48 | $ 0.40 | $ 0.32 | |
Number of ordinary shares | 400,000 | |||
Number of preference shares | 10,000 | |||
Preference shares, par value, in dollars per share | $ 0.001 | |||
Treasury Stock, Shares, Acquired | 1,300 | |||
Accumulated Translation Adjustment [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (40.3) | $ (59.1) | $ (65.7) | |
Noncontrolling interest [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax | (0.4) | (1.3) | (0.7) | |
Treasury Stock, Value, Acquired, Cost Method | 0 | 0 | ||
Stockholders' Equity, Other | $ 0 | $ 0 | ||
Ingersoll Rand Tax Matters Agreement Indemnity [Member] | ||||
Stockholders' Equity, Other | $ 13 |
Equity (Reconciliation of Ordin
Equity (Reconciliation of Ordinary Shares) (Details) - shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Treasury Stock, Shares, Acquired | (1.3) | |||
Ordinary shares [Member] | ||||
Beginning balance, shares | 96 | 95.8 | 96 | |
Shares issued under incentive plans | 0.6 | 0.7 | 0 | |
Treasury Stock, Shares, Acquired | (1.3) | (0.5) | 1 | |
Ending balance, shares | 95.3 | 96 | 95.8 | 96 |
Equity (Changes In Accumulated
Equity (Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss), Net of Tax | $ (32.5) | $ (85.4) | $ (52.2) |
Accumulated other comprehensive income (loss) | (232.2) | (148.2) | (96.7) |
Accumulated other comprehensive income (loss) | (264.3) | (232.2) | (148.2) |
Cash flow hedges and marketable securities [Member] | |||
Other Comprehensive Income (Loss), Net of Tax | (10.6) | (1.7) | (1) |
Accumulated other comprehensive income (loss) | 14 | 15.7 | 16.7 |
Accumulated other comprehensive income (loss) | 14 | 15.7 | |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Other Comprehensive Income (Loss), Net of Tax | 18.8 | (23.2) | 15.2 |
Accumulated other comprehensive income (loss) | (139.3) | (116.1) | (131.3) |
Accumulated other comprehensive income (loss) | (139.3) | (116.1) | |
Accumulated Translation Adjustment [Member] | |||
Other Comprehensive Income (Loss), Net of Tax | (40.3) | (59.1) | (65.7) |
Accumulated other comprehensive income (loss) | (106.9) | (47.8) | 17.9 |
Accumulated other comprehensive income (loss) | (147.2) | (106.9) | (47.8) |
Reclassification out of Accumulated Other Comprehensive Income [Domain] | |||
Other Comprehensive Income (Loss), Net of Tax | (32.1) | $ (84) | $ (51.5) |
Pension and OPEB Adjustments [Member] | |||
Accumulated other comprehensive income (loss) | (120.5) | ||
Cash flow hedges and marketable securities [Member] | |||
Accumulated other comprehensive income (loss) | $ 3.4 |
Equity Equity (Other Comprehens
Equity Equity (Other Comprehensive Income in Noncontrolling Interest) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||
Other comprehensive income (loss) attributable to noncontrolling interest, net of tax | $ (0.4) | $ (1.4) | $ (0.7) |
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest [Member] | |||
Noncontrolling Interest [Line Items] | |||
Other comprehensive income (loss) attributable to noncontrolling interest, net of tax | $ (0.4) | $ (1.4) | $ (0.7) |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total number of shares authorized by the shareholders | 8 | ||
Remains available for future incentive awards | 3.7 | ||
Share-based compensation expense reversal | $ 17.4 | $ 14.8 | $ 14 |
Share-based compensation expense reversal, net of tax | $ 11.8 | $ 10.4 | 9.3 |
Average fair value of stock options granted, in dollars per share | $ 15.86 | $ 17.88 | |
Aggregate intrinsic value of options exercised, in USD | $ 18.3 | $ 21.5 | |
Performance Shares [Member] | |||
Total unrecognized compensation cost from stock option arrangements granted under the plan, in USD | 4.6 | ||
Restricted Stock Units (RSUs) [Member] | |||
Total unrecognized compensation cost from stock option arrangements granted under the plan, in USD | 5.1 | ||
Stock Option [Member] | |||
Total unrecognized compensation cost from stock option arrangements granted under the plan, in USD | 2.9 | ||
Stock Options [Member] | |||
Share-based compensation expense reversal | $ 4.1 | $ 3.7 | $ 3.3 |
Share-Based Compensation (Compe
Share-Based Compensation (Compensation Expenses) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 17.4 | $ 14.8 | $ 14 | |
Tax benefit | $ (3.5) | (5.6) | (4.4) | (4.7) |
Share-based compensation expense, net of tax | 11.8 | 10.4 | 9.3 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 4.1 | 3.7 | 3.3 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 7.7 | 5.8 | 6 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 4.8 | 5 | 3.9 | |
Deferred Compensation, Share-based Payments [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 0.8 | $ 0.3 | $ 0.8 |
Share-Based Compensation Share-
Share-Based Compensation Share-Based Compensation (Fair Value of Stock Options Assumptions) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Dividend yield | 0.83% | 0.69% |
Volatility | 28.85% | 31.37% |
Risk free rate of return | 1.38% | 1.78% |
Expected life | 6 years | 6 years |
Share-Based Compensation (Chang
Share-Based Compensation (Changes in Options Outstanding Under the Plans) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted average remaining life, Exercisable, in years | 4 years 5 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | (25,462) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 43.89 | ||
Stock Options [Member] | |||
Shares subject to options, Beginning balance | 1,592,167 | 1,962,028 | 2,482,056 |
Shares subject to options, Granted | 231,521 | 220,679 | 188,817 |
Shares subject to options, Exercised | (447,019) | (575,564) | (683,383) |
Shares subject to options, Cancelled | (63,599) | (14,976) | |
Shares subject to options, Ending balance | 1,313,070 | 1,592,167 | 1,962,028 |
Shares subject to options, Exercisable | 929,677 | ||
Weighted average exercise price, Beginning balance, in dollars per share | $ 33.91 | $ 28.11 | $ 25.21 |
Weighted average exercise price, Granted, in dollars per share | 57.91 | 57.85 | 54.07 |
Weighted average exercise price, Exercised, in dollars per share | 26.04 | 22.98 | 24.18 |
Weighted average exercise price, Cancelled, in dollars per share | 53.40 | 47.28 | |
Weighted average exercise price, Ending Balance, in dollars per share | 39.87 | $ 33.91 | $ 28.11 |
Weighted average exercise price, Exercisable, in dollars per share | $ 32.64 | ||
Aggregate intrinsic value, Outstanding, in USD | $ 31.7 | ||
Aggregate intrinsic value, Exercisable, in USD | $ 29.2 | ||
Weighted average remaining life, Outstanding, in years | 5 years 6 months | ||
Weighted average remaining life, Exercisable, in years | 4 years 5 months |
Share-Based Compensation (Infor
Share-Based Compensation (Information Concerning Currently Outstanding and Exercisable Options) (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Number of options outstanding, in shares | shares | 1,313,070 |
Weighted average remaining life, Outstanding, in years | 5 years 7 months |
Weighted average exercise price, options outstanding, in dollars per share | $ / shares | $ 39.87 |
Number of options exercisable, in shares | shares | 929,677 |
Weighted average remaining life, Exercisable, in years | 4 years 5 months |
Weighted average exercise price, option exercisable, in dollars per share | $ / shares | $ 32.64 |
10.01 - 20.00 [Member] | |
Number of options outstanding, in shares | shares | 149,389 |
Weighted average remaining life, Outstanding, in years | 2 years 3 months |
Weighted average exercise price, options outstanding, in dollars per share | $ / shares | $ 14.87 |
Number of options exercisable, in shares | shares | 149,389 |
Weighted average remaining life, Exercisable, in years | 2 years 3 months |
Weighted average exercise price, option exercisable, in dollars per share | $ / shares | $ 14.87 |
20.01 - 30.00 [Member] | |
Number of options outstanding, in shares | shares | 344,376 |
Weighted average remaining life, Outstanding, in years | 2 years 10 months |
Weighted average exercise price, options outstanding, in dollars per share | $ / shares | $ 25.93 |
Number of options exercisable, in shares | shares | 344,376 |
Weighted average remaining life, Exercisable, in years | 2 years 10 months |
Weighted average exercise price, option exercisable, in dollars per share | $ / shares | $ 25.93 |
30.01 - 40.00 [Member] | |
Number of options outstanding, in shares | shares | 139,747 |
Weighted average remaining life, Outstanding, in years | 5 years |
Weighted average exercise price, options outstanding, in dollars per share | $ / shares | $ 32.31 |
Number of options exercisable, in shares | shares | 139,747 |
Weighted average remaining life, Exercisable, in years | 5 years |
Weighted average exercise price, option exercisable, in dollars per share | $ / shares | $ 32.31 |
40.01 - 50.00 [Member] | |
Number of options outstanding, in shares | shares | 145,062 |
Weighted average remaining life, Outstanding, in years | 7 years |
Weighted average exercise price, options outstanding, in dollars per share | $ / shares | $ 43.37 |
Number of options exercisable, in shares | shares | 145,062 |
Weighted average remaining life, Exercisable, in years | 7 years |
Weighted average exercise price, option exercisable, in dollars per share | $ / shares | $ 43.37 |
50.01 - 60.00 [Member] | |
Number of options outstanding, in shares | shares | 533,234 |
Weighted average remaining life, Outstanding, in years | 8 years |
Weighted average exercise price, options outstanding, in dollars per share | $ / shares | $ 56.84 |
Number of options exercisable, in shares | shares | 151,103 |
Weighted average remaining life, Exercisable, in years | 6 years 9 months |
Weighted average exercise price, option exercisable, in dollars per share | $ / shares | $ 55.49 |
Sixty point zero one dollars to seventy dollars [Domain] | |
Number of options outstanding, in shares | shares | 631 |
Weighted average remaining life, Outstanding, in years | 9 years 10 months |
Weighted average exercise price, options outstanding, in dollars per share | $ / shares | $ 63.93 |
Seventy point zero one dollars to eighty dollars [Domain] | |
Number of options outstanding, in shares | shares | 631 |
Weighted average remaining life, Outstanding, in years | 9 years 7 months |
Weighted average exercise price, options outstanding, in dollars per share | $ / shares | $ 72.12 |
Share-Based Compensation (RSU A
Share-Based Compensation (RSU Activity During the Year) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Outstanding and unvested, beginning balance, in shares | 344,930 | 325,160 | 378,217 |
RSUs, granted, in shares | 123,299 | 121,153 | 101,654 |
RSUs, vested, in shares | (220,854) | (92,029) | (149,392) |
RSUs, cancelled, in shares | (41,741) | (9,354) | |
Outstanding and unvested, ending balance, in shares | 205,634 | 344,930 | 325,160 |
Weighted average grant date fair value, beginning of Period, in dollars per share | $ 49.59 | $ 42.15 | $ 33.59 |
Weighted average grant date fair value, granted, in dollars per share | 59.49 | 59.69 | 54.29 |
Weighted average grant date fair value, vested, in dollars per share | 45.83 | 36.63 | $ 28.68 |
Weighted average grant date fair value, cancelled, in dollars per share | 52.40 | 49.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Other | (5,319) | ||
Weighted average grant date fair value, end of Period, in dollars per share | $ 58.99 | $ 49.59 | $ 42.15 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other, Weighted Average Grant Date Fair Value | $ 43.66 |
Share-Based Compensation Share
Share-Based Compensation Share Based Compensation (Performance Shares Rollforward) (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding and unvested, beginning balance, in shares | 202,043 | 161,132 | 62,883 |
Weighted average grant date fair value, beginning of Period, in dollars per share | $ 64.92 | $ 57.39 | $ 29.27 |
Share based compensation (SARs or Performance shares), granted, in shares | 94,201 | 58,323 | 110,387 |
Weighted average grant date fair value, granted, in dollars per share | $ 64.83 | $ 66.47 | $ 72.70 |
Performance shares, vested in period, in shares | (64,979) | (17,327) | |
Performance shares, vested, weighted average grant date fair value | $ 72.69 | $ 75.05 | |
Share based compensation (SARs or Performance shares), cancelled, in shares | (21,661) | (85) | (12,138) |
Weighted average grant date fair value, cancelled, in dollars per share | $ 57.07 | ||
Outstanding and unvested, ending balance, in shares | 209,604 | 202,043 | 161,132 |
Weighted average grant date fair value, end of Period, in dollars per share | $ 56.02 | $ 64.92 | $ 57.39 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Other, Weighted Average Grant Date Fair Value | $ 75.05 | $ 50.96 |
Restructuring Activities (Narra
Restructuring Activities (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and related cost, incurred cost | $ 3.1 | $ 15.1 | $ 7.1 |
Restructuring reserve, current | 3.5 | 10.2 | $ 1.9 |
Italy 2015 Restructuring Plan [Member] | |||
Restructuring and related cost, incurred cost | 0.9 | 14.7 | |
Other Restructuring [Member] | Italy 2015 Restructuring Plan [Member] | |||
Restructuring and related cost, incurred cost | $ 6.4 | $ 0.5 |
Restructuring Activities (Restr
Restructuring Activities (Restructuring Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and related cost, incurred cost | $ 3.1 | $ 15.1 | $ 7.1 |
Americas [Member] | |||
Restructuring and related cost, incurred cost | 2 | 0 | |
EMEIA [Member] | |||
Restructuring and related cost, incurred cost | 0.9 | 14.7 | |
Asia Pacific [Member] | |||
Restructuring and related cost, incurred cost | 0.2 | 0.4 | |
Italy 2015 Restructuring Plan [Member] | |||
Restructuring and related cost, incurred cost | 0.9 | 14.7 | |
Italy 2015 Restructuring Plan [Member] | EMEIA [Member] | |||
Restructuring and related cost, incurred cost | 0.9 | 14.7 | |
Italy 2015 Restructuring Plan [Member] | Selling, General and Administrative Expenses [Member] | |||
Restructuring and related cost, incurred cost | 0.6 | 1.1 | |
Italy 2015 Restructuring Plan [Member] | Cost of goods sold [Member] | |||
Restructuring and related cost, incurred cost | 0.3 | 13.6 | |
Other Restructuring Plans [Member] | |||
Restructuring and related cost, incurred cost | 2.2 | 0.4 | 7.1 |
Other Restructuring Plans [Member] | Americas [Member] | |||
Restructuring and related cost, incurred cost | 2 | 0 | 0.1 |
Other Restructuring Plans [Member] | EMEIA [Member] | |||
Restructuring and related cost, incurred cost | 0 | 0 | 7 |
Other Restructuring Plans [Member] | Asia Pacific [Member] | |||
Restructuring and related cost, incurred cost | 0.2 | 0.4 | 0 |
Other Restructuring Plans [Member] | selling and administrative expenses [Member] | |||
Restructuring and related cost, incurred cost | 1.6 | 0.4 | 5.7 |
Other Restructuring Plans [Member] | Cost of goods sold [Member] | |||
Restructuring and related cost, incurred cost | 0.6 | 0 | $ 1.4 |
Other Restructuring [Member] | Italy 2015 Restructuring Plan [Member] | |||
Restructuring and related cost, incurred cost | $ 6.4 | $ 0.5 |
Restructuring Activities (Re102
Restructuring Activities (Restructuring Reserve) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring reserve, beginning balance | $ 10.2 | $ 1.9 | |
Additions | 3.1 | 15.1 | $ 7.1 |
Cash and non-cash uses | (9.6) | (6.2) | |
Currency translation | (0.2) | (0.6) | |
Restructuring reserve, ending balance | 3.5 | 10.2 | 1.9 |
Americas [Member] | |||
Restructuring reserve, beginning balance | 0 | ||
Additions | 2 | 0 | |
Cash and non-cash uses | (1.7) | 0 | |
Currency translation | 0 | ||
Restructuring reserve, ending balance | 0.3 | 0 | |
EMEIA [Member] | |||
Restructuring reserve, beginning balance | 10 | 1.9 | |
Additions | 0.9 | 14.7 | |
Cash and non-cash uses | (7.5) | (6) | |
Currency translation | (0.2) | (0.6) | |
Restructuring reserve, ending balance | 3.2 | 10 | 1.9 |
Asia Pacific [Member] | |||
Restructuring reserve, beginning balance | 0.2 | 0 | |
Additions | 0.2 | 0.4 | |
Cash and non-cash uses | (0.4) | (0.2) | |
Currency translation | 0 | 0 | |
Restructuring reserve, ending balance | $ 0 | $ 0.2 | $ 0 |
Other, Net (Narrative) (Details
Other, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Currency Transaction Gain (Loss), before Tax | $ 2 | $ 4.9 | $ 7.6 |
Earnings (loss) from equity investments | (3.6) | 0.3 | (0.5) |
Venezuela Divestiture [Member] | |||
Foreign Currency Transaction Gain (Loss), before Tax | 2.8 | $ 12.1 | |
Other, net [Member] | |||
Marketable Securities, Realized Gain (Loss) | $ 12.4 | $ 11 |
Other, Net Table (Details)
Other, Net Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Net [Abstract] | |||
Interest income | $ (1.9) | $ (1.5) | $ (1.1) |
Foreign Currency Transaction Gain (Loss), before Tax | 2 | 4.9 | 7.6 |
Earnings (loss) from equity investments | (3.6) | 0.3 | (0.5) |
miscellaneous other nonoperating income expense | (14.7) | (11.5) | (1.4) |
Other, net | $ (18.2) | $ (7.8) | $ 4.6 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Net deferred tax (liabilities) assets | $ 15.6 | $ 3 | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | 4.2 | 3.9 | ||
Undistributed earnings | 376.6 | 232.4 | ||
Unrecognized tax benefits | 32 | 23.8 | $ 25.4 | $ 40.6 |
Unrecognized tax benefits, income tax penalties and interest accrued | 5.4 | 5.3 | ||
Income Tax Examination, Penalties and Interest Expense | $ (0.3) | |||
Period Changes In Unrecognized Tax Benefit, in months | 12 | |||
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | $ 0.6 | 0 | 0.7 | |
Benefit (provision) for income taxes | 63.8 | 54.6 | 84.2 | |
Income Taxes Paid | 10.4 | 80.6 | ||
Income Taxes Receivable, Current | 3.1 | |||
Foreign Tax Authority [Member] | ||||
Unrecognized tax benefits | 30.5 | |||
Total Increase (Decrease) to Valuation Allowance [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 92.2 | |||
Decrease to valuation allowance [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | (13.9) | (3) | $ (15.8) | |
Canada Revenue Agency [Member] | ||||
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 12.5 | |||
Benefit (provision) for income taxes | 5.6 | 5 | ||
Proceeds from Income Tax Refunds | 46.2 | |||
Settlement with Taxing Authority [Member] | ||||
Proceeds from Income Tax Refunds | 44.1 | |||
Ingersoll Rand Tax Matters Agreement Indemnity [Member] | ||||
Benefit (provision) for income taxes | 0.1 | 0.6 | ||
Income Taxes Paid | 49.2 | |||
Income Taxes Receivable, Current | 4.2 | |||
Income Tax Examination, Penalties and Interest Accrued | $ 0.1 | $ 0.6 |
Income Taxes Schedule of Earnin
Income Taxes Schedule of Earnings (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings (loss) before income taxes, United States | $ 129.9 | $ 123.1 | $ 162.2 |
Earnings (loss) before income taxes, Non-U.S. | 165.1 | 86.2 | 105.7 |
Earnings (loss) before income taxes | $ 295 | $ 209.3 | $ 267.9 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Provision for Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current tax expense (benefit) | $ 57.6 | $ 56.9 | $ 67 |
Deferred tax expense (benefit) | 6.2 | ||
Benefit (provision) for income taxes | 63.8 | 54.6 | 84.2 |
United States [Member] | |||
Current tax expense (benefit) | 43.8 | 53.4 | 52.9 |
Deferred tax expense (benefit) | 14.4 | 2.1 | 15.6 |
Benefit (provision) for income taxes | 58.2 | 55.5 | 68.5 |
Non-U.S. [Member] | |||
Current tax expense (benefit) | 13.8 | 3.5 | 14.1 |
Deferred tax expense (benefit) | (8.2) | (4.4) | 1.6 |
Benefit (provision) for income taxes | $ 5.6 | (0.9) | 15.7 |
Deferred Tax Asset [Domain] | |||
Deferred tax expense (benefit) | $ (2.3) | $ 17.2 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation Between Statutory and Effective Tax Rate) (Details) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statutory U.S. rate | 35.00% | 35.00% | 35.00% | |
Non US tax rate differential | (17.40%) | (11.10%) | (9.60%) | |
State and local income taxes | [1] | 2.00% | 2.80% | 3.00% |
Reserves for uncertain tax positions | 2.00% | (3.40%) | (2.10%) | |
Effective Income Tax Rate Reconciliation, Deduction, Extraterritorial Income Exclusion, Percent | 1.20% | 1.50% | 0.30% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 0.00% | 0.00% | 2.50% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent | 0.00% | 0.90% | 4.00% | |
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent | (0.60%) | (1.00%) | (2.40%) | |
Other adjustments | (0.60%) | 1.40% | 0.70% | |
Effective tax rate | 21.60% | 26.10% | 31.40% | |
[1] | Net of changes in valuation allowances |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Accounts) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory and accounts receivable, deferred tax asset | $ 18.3 | $ 10.2 | ||
Fixed assets and intangibles, deferred tax asset | 2 | 14.5 | ||
Postemployment and other benefit liabilities, deferred tax asset | 42 | 65.5 | ||
Other reserves and accruals, deferred tax asset | 16 | 12.7 | ||
Net operating losses and credit carryforwards, deferred tax asset | 227.1 | 133.4 | ||
Deferred Tax Asset Investments and Other Assets | 0 | 1.1 | ||
Other, deferred tax asset | 5.3 | 6.2 | ||
Gross deferred tax assets | 310.7 | 243.6 | ||
Deferred tax valuation allowances | (225.5) | (133.3) | $ (50.8) | $ (46.9) |
Deferred tax assets net of valuation allowances | 85.2 | 110.3 | ||
Fixed assets and intangibles, deferred tax liability | (90.6) | (96.7) | ||
Deferred Tax Liabilities, Undistributed Foreign Earnings | (4.2) | (3.9) | ||
Other, deferred tax liability | (6) | (6.7) | ||
Gross deferred tax liability | (100.8) | (107.3) | ||
Net deferred tax assets (liabilities) | $ (15.6) | $ (3) |
Income Taxes (Operating Loss an
Income Taxes (Operating Loss and Tax Credit Carryforwards) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
U.S. Federal net operating loss carryforwards | $ 227.1 | $ 133.4 |
United States [Member] | ||
U.S. Federal net operating loss carryforwards | 15.1 | |
U.S. credit carryforwards | 22.7 | |
State and Local Jurisdiction [Member] | ||
U.S. State net operating loss carryforwards | $ 26.6 | |
Non-U.S. [Member] | ||
Non-U.S. credit carryforwards | $ 706.2 |
Income Taxes (Valuation Allowan
Income Taxes (Valuation Allowance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 133.3 | $ 50.8 | $ 46.9 |
Accumulated other comprehensive income (loss) | 0.4 | 4.9 | (6.6) |
Ending balance | 225.5 | 133.3 | 50.8 |
Increase to valuation allowance [Member] | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 109 | 82.2 | 28 |
Decrease to valuation allowance [Member] | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | (13.9) | (3) | (15.8) |
Foreign Exchange [Member] | |||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ (3.3) | $ (1.6) | $ (1.7) |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 23.8 | $ 25.4 | $ 40.6 |
Additions based on tax positions related to the current year | 9.1 | 3.9 | 3.1 |
Additions based on tax positions related to prior years | 7.1 | 1.6 | 11.8 |
Reductions based on tax positions related to prior years | (5.5) | (3) | (23.9) |
Reductions related to settlements with tax authorities | (0.6) | 0 | (0.7) |
Reductions related to lapses of statute of limitations | (0.9) | (1.4) | (2.7) |
Translation (gain)/loss | (1) | (2.7) | (2.8) |
Ending balance | 32 | $ 23.8 | $ 25.4 |
Foreign Tax Authority [Member] | |||
Ending balance | $ 30.5 |
Divestitures and Discontinue113
Divestitures and Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (84.4) | $ (104.2) | $ 0 | |||
Gain (loss) on sale, net of tax | 0.4 | $ 11.1 | ||||
Venezuela Divestiture [Member] | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 26.1 | |||||
Disposal Group, Including Discontinued Operation, Liabilities | $ 3 | |||||
Bocom Divestiture [Member] | ||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 38.5 | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 81.4 | 84.4 | 78.1 | |||
Gain (loss) on sale, net of tax | 82.4 | |||||
Other Significant Noncash Transaction, Value of Consideration Received | $ 75 | 3.1 | 75.3 | |||
Business Combination, Consideration Transferred | 8.3 | |||||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | (84.4) | (63.4) | ||||
Disposal Group, Including Discontinued Operation, Assets | $ 85.9 | $ 51.2 | $ 85.9 | $ 51.2 | $ 4.5 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - shares shares in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of ordinary shares | 96 | The reconciliation of Ordinary shares is as follows: In millions Total December 31, 2015 96.0 Shares issued under incentive plans 0.6 Repurchase of ordinary shares (1.3 ) December 31, 2016 95.3 | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0.6 | |||
Weighted-average number of basic shares | 95.8 | 95.9 | 96.1 | |
Shares issuable under incentive stock plans | 1.1 | 1 | 1.1 | |
Weighted-average number of diluted shares | 96.9 | 96.9 | 97.2 |
Commitments and Contingencie115
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Standard Product Warranty Accrual | $ 13.3 | $ 13.3 | $ 11.7 | $ 9.8 | $ 9.4 |
Expense for environmental remediation | 15 | 23.3 | 4.4 | 2.9 | |
Reserves for environmental matters | 30.6 | 30.6 | 15.2 | ||
Reserve for environmental matters, current | 6.1 | 6.1 | 3.7 | ||
Total rental expense | 32.5 | 30.3 | 32.5 | ||
Minimum lease payments, due in current year | 19.8 | 19.8 | |||
Minimum lease payments, due in second year | 13.1 | 13.1 | |||
Minimum lease payments, due in third year | 9 | 9 | |||
Minimum lease payments, due in fourth year | 5.8 | 5.8 | |||
Minimum lease payments, due in fifth year | 2.9 | 2.9 | |||
Standard Product Warranty Accrual, Payments | 6.5 | 5.4 | 4.9 | ||
Accruals for warranties issued during the current period | 8.1 | 7.1 | 6.1 | ||
Standard Product Warranty Accrual, Preexisting, Increase (Decrease) | 0.2 | 0.5 | (0.6) | ||
Standard Product Warranty Accrual, Currency Translation, Increase (Decrease) | (0.2) | (0.3) | $ (0.2) | ||
Segment, Discontinued Operations [Member] | |||||
Reserves for environmental matters | $ 9.6 | $ 9.6 | $ 2.8 |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Asbestos Related Balances (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued expenses and other current liabilities | $ 117.8 | $ 124.9 |
Other noncurrent liabilities | 32.6 | 63.3 |
Other current assets | 22.2 | 17.4 |
Other noncurrent assets | $ 45 | $ 124.7 |
Commitments and Contingencie117
Commitments and Contingencies (Standard Product Warranty Liability) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of period | $ 11.7 | $ 9.8 | $ 9.4 |
Reductions for payments | (6.5) | (5.4) | (4.9) |
Accruals for warranties issued during the current period | 8.1 | 7.1 | 6.1 |
Standard Product Warranty Accrual, Preexisting, Increase (Decrease) | 0.2 | 0.5 | (0.6) |
Standard Product Warranty Accrual, Currency Translation, Increase (Decrease) | (0.2) | (0.3) | (0.2) |
Balance at end of period | $ 13.3 | $ 11.7 | $ 9.8 |
Business Segment Information (S
Business Segment Information (Summary of Operations by Reportable Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues | $ 2,238 | $ 2,068.1 | $ 2,118.3 |
Depreciation and amortization | 61.4 | 48.8 | 44.2 |
Capital expenditures | 42.5 | 35.2 | 51.5 |
Segment Assets | 2,247.4 | 2,263 | 2,015.9 |
Interest Expense | 64.3 | 52.9 | 53.8 |
Disposal Group, Not Discontinued Operation, Loss on Disposal | 84.4 | 104.2 | 0 |
Other Nonoperating Income (Expense) | 18.2 | 7.8 | (4.6) |
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 295 | 209.3 | 267.9 |
Americas [Member] | |||
Net revenues | 1,645.7 | 1,558.4 | 1,560 |
Segment Operating Income | $ 448.1 | $ 418 | $ 387.3 |
Segment Operating Income As a Percentage Of Revenues | 27.20% | 26.80% | 24.80% |
Depreciation and amortization | $ 26.4 | $ 26.4 | $ 24.8 |
Capital expenditures | 21.5 | 18.9 | 23.6 |
Segment Assets | 852.7 | 806.1 | 990.7 |
EMEIA [Member] | |||
Net revenues | 485.9 | 386.3 | 393.4 |
Segment Operating Income | $ 35.9 | $ 8.6 | $ 4.9 |
Segment Operating Income As a Percentage Of Revenues | 7.40% | 2.20% | 1.20% |
Depreciation and amortization | $ 27.6 | $ 17.2 | $ 16.4 |
Capital expenditures | 13.6 | 5.6 | 4.9 |
Segment Assets | 886.2 | 899.4 | 457.7 |
Asia Pacific [Member] | |||
Net revenues | 106.4 | 123.4 | 164.9 |
Segment Operating Income | $ 6.1 | $ (3.4) | $ 2.3 |
Segment Operating Income As a Percentage Of Revenues | 5.70% | (2.80%) | 1.40% |
Depreciation and amortization | $ 2.4 | $ 2.1 | $ 1.1 |
Capital expenditures | 1.1 | 2 | 1.5 |
Segment Assets | 177.4 | 237.1 | 442.2 |
Segment Reconciling Items [Member] | |||
Depreciation and amortization | 5 | 3.1 | 1.9 |
Capital expenditures | 6.3 | 8.7 | 21.5 |
Segment Assets | 331.1 | 320.4 | 125.3 |
Operating Expenses | 64.6 | 64.6 | 68.2 |
Operating Segments [Member] | |||
Segment Operating Income | 490.1 | 423.2 | 394.5 |
Depreciation and amortization | 56.4 | 45.7 | 42.3 |
Capital expenditures | 36.2 | 26.5 | 30 |
Segment Assets | $ 1,916.3 | $ 1,942.6 | $ 1,890.6 |
Business Segment Information119
Business Segment Information (Schedule of Revenues by Destination) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues | $ 2,238 | $ 2,068.1 | $ 2,118.3 |
UNITED STATES | |||
United States | $ 1,531.2 | $ 1,425.1 | $ 1,332 |
Business Segment Information120
Business Segment Information (Schedule of Long-Lived Asset by Geographic Area) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
United States | $ 519.4 | $ 535.1 |
Long lived assets | 519.4 | 535.1 |
UNITED STATES | ||
United States | 117.1 | 134.9 |
Long lived assets | 117.1 | 134.9 |
Non-United States [Member] | ||
United States | 402.3 | 400.2 |
Long lived assets | $ 402.3 | $ 400.2 |
Business Segment Information Bu
Business Segment Information Business Segment Information (Schedule of Revenue by Product) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from External Customer [Line Items] | |||
Net revenues | $ 2,238 | $ 2,068.1 | $ 2,118.3 |
Mechanical Revenue [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 1,793.1 | 1,661.4 | 1,685 |
Other Products Revenue [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 444.9 | 406.7 | 433.3 |
UNITED STATES | |||
Revenue from External Customer [Line Items] | |||
Net revenues | 1,531.2 | 1,425.1 | 1,332 |
Non-United States [Member] | |||
Revenue from External Customer [Line Items] | |||
Net revenues | $ 706.8 | $ 643 | $ 786.3 |
Guarantor Financial Informat122
Guarantor Financial Information (Condensed Consolidating Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues | $ 2,238 | $ 2,068.1 | $ 2,118.3 |
Cost of goods sold | (1,252.7) | (1,199) | (1,264.6) |
Selling and administrative expenses | (559.8) | (510.5) | (527.4) |
Operating Income (Loss) | 425.5 | 358.6 | 326.3 |
Equity earnings (loss) in affiliates, net of tax | 0 | 0 | 0 |
Interest Expense | 64.3 | 52.9 | 53.8 |
Intercompany Interest And Fees | 0 | 0 | 0 |
Disposal Group, Not Discontinued Operation, Loss on Disposal | 84.4 | 104.2 | 0 |
Other, net | (18.2) | (7.8) | 4.6 |
Earnings (loss) before income taxes | 295 | 209.3 | 267.9 |
Benefit (provision) for income taxes | (63.8) | (54.6) | (84.2) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 231.2 | 154.7 | 183.7 |
Discontinued operations, net of tax | 0 | (0.4) | (11.1) |
Net earnings | 231.2 | 154.3 | 172.6 |
Less: Net earnings attributable to noncontrolling interests | (2.1) | (0.4) | 2.6 |
Net earnings (loss) attributable to Allegion plc | 229.1 | 153.9 | 175.2 |
Total comprehensive income (loss), net of tax | 198.7 | 68.9 | 120.4 |
Total comprehensive (income) loss attributable to noncontrolling interests | (1.7) | 0.9 | 3.3 |
Total comprehensive income (loss) attributable to Allegion plc | 197 | 69.8 | 123.7 |
Parent Company [Member] | |||
Net revenues | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 |
Selling and administrative expenses | (4.7) | (4.7) | (4.5) |
Operating Income (Loss) | (4.7) | (4.7) | (4.5) |
Equity earnings (loss) in affiliates, net of tax | 277.4 | 190.6 | 182 |
Interest Expense | 43.5 | 31.2 | 5.6 |
Intercompany Interest And Fees | 0.4 | 0.4 | 3.2 |
Disposal Group, Not Discontinued Operation, Loss on Disposal | 0 | 0 | |
Other, net | 0 | 0.2 | 0.1 |
Earnings (loss) before income taxes | 229.6 | 155.3 | 175.2 |
Benefit (provision) for income taxes | (0.5) | (1.2) | 0 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 154.1 | 175.2 | |
Discontinued operations, net of tax | 0 | 0 | |
Net earnings | 229.1 | 154.1 | 175.2 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings (loss) attributable to Allegion plc | 229.1 | 154.1 | 175.2 |
Total comprehensive income (loss), net of tax | 197 | 69.8 | 123.7 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive income (loss) attributable to Allegion plc | 197 | 69.8 | 123.7 |
Other Subsidiaries [Member] | |||
Net revenues | 1,081.4 | 761.6 | 916.4 |
Cost of goods sold | (766.7) | (539.3) | (659.5) |
Selling and administrative expenses | (223.8) | (198.8) | (218.3) |
Operating Income (Loss) | 90.9 | 23.5 | 38.6 |
Equity earnings (loss) in affiliates, net of tax | 306.6 | 291.6 | 351.5 |
Interest Expense | 0.6 | 0.6 | 1 |
Intercompany Interest And Fees | (49.7) | (45.4) | (225.7) |
Disposal Group, Not Discontinued Operation, Loss on Disposal | 84.4 | 104.2 | |
Other, net | (1.2) | 8.5 | (4.9) |
Earnings (loss) before income taxes | 261.6 | 173.4 | 158.5 |
Benefit (provision) for income taxes | 90.6 | 89 | 95.7 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 262.4 | 254.2 | |
Discontinued operations, net of tax | (0.3) | (11.1) | |
Net earnings | 352.2 | 262.1 | 243.1 |
Less: Net earnings attributable to noncontrolling interests | (2.1) | (0.4) | 2.6 |
Net earnings (loss) attributable to Allegion plc | 350.1 | 261.7 | 245.7 |
Total comprehensive income (loss), net of tax | 306.9 | 183.7 | 242.4 |
Total comprehensive (income) loss attributable to noncontrolling interests | (1.7) | 0.9 | 3.3 |
Total comprehensive income (loss) attributable to Allegion plc | 305.2 | 184.6 | 245.7 |
Subsidiary Issuer [Member] | |||
Net revenues | 0 | 0 | 0 |
Cost of goods sold | 0 | 0 | 0 |
Selling and administrative expenses | 0 | 0.1 | (0.2) |
Operating Income (Loss) | 0 | 0.1 | (0.2) |
Equity earnings (loss) in affiliates, net of tax | 148.3 | 167.2 | 170.8 |
Interest Expense | 20.2 | 21.1 | 58 |
Intercompany Interest And Fees | (97.9) | (95) | (63) |
Disposal Group, Not Discontinued Operation, Loss on Disposal | 0 | 0 | |
Other, net | 0 | 0 | 0 |
Earnings (loss) before income taxes | 30.2 | 51.2 | 49.6 |
Benefit (provision) for income taxes | 45.5 | 44.7 | 46.7 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 95.9 | 96.3 | |
Discontinued operations, net of tax | 0 | 0 | |
Net earnings | 75.7 | 95.9 | 96.3 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings (loss) attributable to Allegion plc | 75.7 | 95.9 | 96.3 |
Total comprehensive income (loss), net of tax | 79.4 | 95.6 | 96.3 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive income (loss) attributable to Allegion plc | 79.4 | 95.6 | 96.3 |
Guarantor Subsidiaries [Member] | |||
Net revenues | 1,589.3 | 1,506 | 1,399.9 |
Cost of goods sold | (918.7) | (859.2) | (803.1) |
Selling and administrative expenses | (331.3) | (307.1) | (304.4) |
Operating Income (Loss) | 339.3 | 339.7 | 292.4 |
Equity earnings (loss) in affiliates, net of tax | 0.3 | 3.8 | 6.9 |
Interest Expense | 0 | 0 | 0 |
Intercompany Interest And Fees | 147.2 | 140 | 285.5 |
Disposal Group, Not Discontinued Operation, Loss on Disposal | 0 | 0 | |
Other, net | 19.4 | (0.9) | 0.2 |
Earnings (loss) before income taxes | 506.2 | 482.6 | 585 |
Benefit (provision) for income taxes | (199.4) | (187.1) | (222.6) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 295.5 | 362.4 | |
Discontinued operations, net of tax | (0.1) | 0 | |
Net earnings | 306.8 | 295.4 | 362.4 |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings (loss) attributable to Allegion plc | 306.8 | 295.4 | 362.4 |
Total comprehensive income (loss), net of tax | 313.8 | 290.2 | 362.4 |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive income (loss) attributable to Allegion plc | 313.8 | 290.2 | 362.4 |
Consolidation, Eliminations [Member] | |||
Net revenues | (432.7) | (199.5) | (198) |
Cost of goods sold | 432.7 | 199.5 | 198 |
Selling and administrative expenses | 0 | 0 | 0 |
Operating Income (Loss) | 0 | 0 | 0 |
Equity earnings (loss) in affiliates, net of tax | (732.6) | (653.2) | (711.2) |
Interest Expense | 0 | 0 | (10.8) |
Intercompany Interest And Fees | 0 | 0 | 0 |
Disposal Group, Not Discontinued Operation, Loss on Disposal | 0 | 0 | |
Other, net | 0 | 0 | 0 |
Earnings (loss) before income taxes | (732.6) | (653.2) | (700.4) |
Benefit (provision) for income taxes | 0 | 0 | (4) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (653.2) | (704.4) | |
Discontinued operations, net of tax | 0 | 0 | |
Net earnings | (732.6) | (653.2) | (704.4) |
Less: Net earnings attributable to noncontrolling interests | 0 | 0 | 0 |
Net earnings (loss) attributable to Allegion plc | (732.6) | (653.2) | (704.4) |
Total comprehensive income (loss), net of tax | (698.4) | (570.4) | (704.4) |
Total comprehensive (income) loss attributable to noncontrolling interests | 0 | 0 | 0 |
Total comprehensive income (loss) attributable to Allegion plc | $ (698.4) | $ (570.4) | $ (704.4) |
Guarantor Financial Informat123
Guarantor Financial Information (Condensed Consolidating Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 312.4 | $ 199.7 | $ 290.5 | $ 227.4 |
Accounts and notes receivable, net | 260 | 303.4 | ||
Inventories | 220.6 | 204.1 | ||
Accounts and notes receivable affiliates | 0 | 0 | ||
Total current assets | 829.3 | 735.1 | ||
Investment in affiliates | 0 | 0 | ||
Property, plant and equipment, net | 226.6 | 224.8 | ||
Intangible assets, net | 1,074.2 | 1,086.5 | ||
Other noncurrent assets | 117.3 | 216.6 | ||
Total assets | 2,247.4 | 2,263 | ||
Current liabilities: | ||||
Accounts payable and accruals | (381.4) | (381.5) | ||
Short-term borrowings and current maturities of long-term debt | 48.2 | 65.6 | ||
Accounts and note payable affiliates | 0 | 0 | ||
Total current liabilities | 429.6 | 447.1 | ||
Long-term debt | 1,415.6 | 1,457.5 | ||
Note payable affiliate | 0 | 0 | ||
Other noncurrent liabilities | 285.8 | 328.7 | ||
Total liabilities | 2,131 | 2,233.3 | ||
Equity: | ||||
Total equity | 116.4 | 29.7 | 18.5 | (35) |
Total liabilities and equity | 2,247.4 | 2,263 | ||
Costs In Excess Of Billings and Other Assets, Current | 34.1 | 27.9 | ||
Assets Held-for-sale, Current | 2.2 | 0 | ||
Due from Affiliate, Noncurrent | 0 | 0 | ||
Stockholders' Equity Attributable to Parent | 113.3 | 25.6 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 3.1 | 4.1 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0.5 | 3.3 | 27.1 | 1.4 |
Accounts and notes receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Accounts and notes receivable affiliates | 0 | 248.6 | ||
Total current assets | 0.9 | 252.4 | ||
Investment in affiliates | 1,229.4 | 986.2 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other noncurrent assets | 5.4 | 10.8 | ||
Total assets | 1,288.9 | 1,249.4 | ||
Current liabilities: | ||||
Accounts payable and accruals | (7) | (8.2) | ||
Short-term borrowings and current maturities of long-term debt | 46.9 | 46.9 | ||
Accounts and note payable affiliates | 0.4 | 0.3 | ||
Total current liabilities | 54.3 | 55.4 | ||
Long-term debt | 1,120.2 | 1,168.4 | ||
Note payable affiliate | 0 | 0 | ||
Other noncurrent liabilities | 1.1 | 0 | ||
Total liabilities | 1,175.6 | 1,223.8 | ||
Equity: | ||||
Total equity | 113.3 | 25.6 | ||
Total liabilities and equity | 1,288.9 | 1,249.4 | ||
Costs In Excess Of Billings and Other Assets, Current | 0.4 | 0.5 | ||
Assets Held-for-sale, Current | 0 | |||
Due from Affiliate, Noncurrent | 53.2 | 0 | ||
Stockholders' Equity Attributable to Parent | 113.3 | 25.6 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Other Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 145.8 | 122.3 | 136.6 | 147.2 |
Accounts and notes receivable, net | 120 | 181.8 | ||
Inventories | 143 | 97.4 | ||
Accounts and notes receivable affiliates | 320.6 | 324.5 | ||
Total current assets | 874.5 | 698.8 | ||
Investment in affiliates | 3,422.6 | 4,660.2 | ||
Property, plant and equipment, net | 104.6 | 77.2 | ||
Intangible assets, net | 893.4 | 905.1 | ||
Other noncurrent assets | 35.2 | 122.2 | ||
Total assets | 7,010.1 | 8,189.8 | ||
Current liabilities: | ||||
Accounts payable and accruals | (184.8) | 12.3 | ||
Short-term borrowings and current maturities of long-term debt | 1.3 | 18.6 | ||
Accounts and note payable affiliates | 380.8 | 611.2 | ||
Total current liabilities | 566.9 | 642.1 | ||
Long-term debt | 1 | 0 | ||
Note payable affiliate | 3,583.5 | 3,669.6 | ||
Other noncurrent liabilities | 146 | 202.8 | ||
Total liabilities | 4,297.4 | 4,514.5 | ||
Equity: | ||||
Total equity | 2,712.7 | 3,675.3 | ||
Total liabilities and equity | 7,010.1 | 8,189.8 | ||
Costs In Excess Of Billings and Other Assets, Current | 142.9 | (27.2) | ||
Assets Held-for-sale, Current | 2.2 | |||
Due from Affiliate, Noncurrent | 1,679.8 | 1,726.3 | ||
Stockholders' Equity Attributable to Parent | 2,709.6 | 3,671.2 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 3.1 | 4.1 | ||
Subsidiary Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0.1 | 0.3 | 0.5 | 0 |
Accounts and notes receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Accounts and notes receivable affiliates | 331.6 | 356.4 | ||
Total current assets | 381.4 | 401.4 | ||
Investment in affiliates | 2,814.1 | 3,001.4 | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other noncurrent assets | 14.8 | 1.5 | ||
Total assets | 4,360.1 | 4,548.5 | ||
Current liabilities: | ||||
Accounts payable and accruals | (4.7) | (4.3) | ||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Accounts and note payable affiliates | 36.4 | 57.5 | ||
Total current liabilities | 41.1 | 61.8 | ||
Long-term debt | 294.4 | 289.1 | ||
Note payable affiliate | 2,690.7 | 2,750.8 | ||
Other noncurrent liabilities | 0 | 1.2 | ||
Total liabilities | 3,026.2 | 3,102.9 | ||
Equity: | ||||
Total equity | 1,333.9 | 1,445.6 | ||
Total liabilities and equity | 4,360.1 | 4,548.5 | ||
Costs In Excess Of Billings and Other Assets, Current | 49.7 | 44.7 | ||
Assets Held-for-sale, Current | 0 | |||
Due from Affiliate, Noncurrent | 1,149.8 | 1,144.2 | ||
Stockholders' Equity Attributable to Parent | 1,333.9 | 1,445.6 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 166 | 73.8 | 126.3 | 78.8 |
Accounts and notes receivable, net | 140 | 121.6 | ||
Inventories | 77.6 | 106.7 | ||
Accounts and notes receivable affiliates | 395 | 375.9 | ||
Total current assets | 788 | 687.9 | ||
Investment in affiliates | 193.4 | 192.9 | ||
Property, plant and equipment, net | 122 | 147.6 | ||
Intangible assets, net | 180.8 | 181.4 | ||
Other noncurrent assets | 61.9 | 82.1 | ||
Total assets | 4,790.8 | 4,841.8 | ||
Current liabilities: | ||||
Accounts payable and accruals | (353.2) | (356.7) | ||
Short-term borrowings and current maturities of long-term debt | 0 | 0.1 | ||
Accounts and note payable affiliates | 629.6 | 636.4 | ||
Total current liabilities | 982.8 | 993.2 | ||
Long-term debt | 0 | 0 | ||
Note payable affiliate | 53.3 | 0 | ||
Other noncurrent liabilities | 138.7 | 124.7 | ||
Total liabilities | 1,174.8 | 1,117.9 | ||
Equity: | ||||
Total equity | 3,616 | 3,723.9 | ||
Total liabilities and equity | 4,790.8 | 4,841.8 | ||
Costs In Excess Of Billings and Other Assets, Current | 9.4 | 9.9 | ||
Assets Held-for-sale, Current | 0 | |||
Due from Affiliate, Noncurrent | 3,444.7 | 3,549.9 | ||
Stockholders' Equity Attributable to Parent | 3,616 | 3,723.9 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | ||
Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts and notes receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Accounts and notes receivable affiliates | (1,047.2) | (1,305.4) | ||
Total current assets | (1,215.5) | (1,305.4) | ||
Investment in affiliates | (7,659.5) | (8,840.7) | ||
Property, plant and equipment, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Other noncurrent assets | 0 | 0 | ||
Total assets | (15,202.5) | (16,566.5) | ||
Current liabilities: | ||||
Accounts payable and accruals | 168.3 | 0 | ||
Short-term borrowings and current maturities of long-term debt | 0 | 0 | ||
Accounts and note payable affiliates | (1,047.2) | (1,305.4) | ||
Total current liabilities | (1,215.5) | (1,305.4) | ||
Long-term debt | 0 | 0 | ||
Note payable affiliate | (6,327.5) | (6,420.4) | ||
Other noncurrent liabilities | 0 | 0 | ||
Total liabilities | (7,543) | (7,725.8) | ||
Equity: | ||||
Total equity | (7,659.5) | (8,840.7) | ||
Total liabilities and equity | (15,202.5) | (16,566.5) | ||
Costs In Excess Of Billings and Other Assets, Current | (168.3) | 0 | ||
Assets Held-for-sale, Current | 0 | |||
Due from Affiliate, Noncurrent | (6,327.5) | (6,420.4) | ||
Stockholders' Equity Attributable to Parent | (7,659.5) | (8,840.7) | ||
Stockholders' Equity Attributable to Noncontrolling Interest | $ 0 | $ 0 |
Guarantor Financial Informat124
Guarantor Financial Information (Condensed Consolidating Statement of Cash Flows) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net cash (used in) provided by continuing operating activities | $ 377.5 | $ 257.4 | $ 259 |
Net cash (used in) provided by discontinued operating activities | 0 | (0.4) | (3.1) |
Net cash provided by (used in) operating activities | 377.5 | 257 | 255.9 |
Cash flows from investing activities: | |||
Capital expenditures | (42.5) | (35.2) | (51.5) |
Acquisition of businesses, net of cash acquired | (31.4) | (511.3) | (25.2) |
Proceeds from Sale and Maturity of Marketable Securities | 14.1 | 12.3 | 0 |
Proceeds from sale of property, plant and equipment | 0.1 | 0.3 | 0.5 |
Capital Contribution to Subsidiaries | 0 | ||
Proceeds from business dispositions, net of cash sold | (4.3) | 0.1 | 1.2 |
Other | (40.7) | ||
Net cash provided by (used in) investing activities | (64) | (533.8) | (34.8) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Net proceeds (repayments) in debt | (64.4) | 278.3 | (78) |
Debt issuance costs | (0.3) | (9) | (5.8) |
Net Intercompany Proceeds Payments | 0 | ||
Excess tax benefit from share based compensation | 0 | 3.3 | 4.5 |
Dividends paid to ordinary shareholders | 0 | 0 | |
Proceeds from Contributions from Parent | 0 | ||
Payments of Dividends | 0 | 0 | 0 |
Repurchase of ordinary shares | (85.1) | (30) | (50.3) |
Other, net | 2.5 | 14 | 18.6 |
Net cash (used in) provided by continuing financing activities | (196) | 195 | (150) |
Effect of exchange rate changes on cash and cash equivalents | (4.8) | (9) | (8) |
Net (decrease) increase in cash and cash equivalents | 112.7 | (90.8) | 63.1 |
Cash and cash equivalents - beginning of period | 199.7 | 290.5 | 227.4 |
Cash and cash equivalents - end of period | 312.4 | 199.7 | 290.5 |
Proceeds from Divestiture of Businesses | (4.3) | (0.1) | (1.2) |
Payments of Ordinary Dividends, Common Stock | (46) | (38.3) | (30) |
Payments of Ordinary Dividends, Noncontrolling Interest | 2.7 | 20 | 4.5 |
Proceeds From Contributions From (Payments Of Distributions To) Former Parent and Affiliates | (50.3) | ||
Payments to Noncontrolling Interests | 4.5 | ||
Other investing activities, net | (0.1) | 0.3 | |
Parent Company [Member] | |||
Net cash (used in) provided by continuing operating activities | (23.4) | 105.4 | |
Net cash (used in) provided by discontinued operating activities | 0 | 0 | |
Net cash provided by (used in) operating activities | (25.6) | (23.4) | 105.4 |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | ||
Capital Contribution to Subsidiaries | (975) | ||
Other | 0 | ||
Net cash provided by (used in) investing activities | 0 | 0 | (975) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Net proceeds (repayments) in debt | (47) | 263.8 | 962.8 |
Debt issuance costs | (0.3) | (9) | 5.8 |
Net Intercompany Proceeds Payments | 195.4 | ||
Dividends paid to ordinary shareholders | (200.9) | 0 | |
Proceeds from Contributions from Parent | 0 | ||
Payments of Dividends | 0 | 0 | 0 |
Repurchase of ordinary shares | (85.1) | (30) | |
Other, net | 5.8 | 14 | 18.6 |
Net cash (used in) provided by continuing financing activities | 22.8 | (0.4) | 895.3 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | (2.8) | (23.8) | 25.7 |
Cash and cash equivalents - beginning of period | 3.3 | 27.1 | 1.4 |
Cash and cash equivalents - end of period | 0.5 | 3.3 | 27.1 |
Proceeds from Divestiture of Businesses | 0 | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | (46) | (38.3) | |
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | 30 |
Proceeds From Contributions From (Payments Of Distributions To) Former Parent and Affiliates | (50.3) | ||
Payments to Noncontrolling Interests | 0 | ||
Other investing activities, net | 0 | 0 | |
Other Subsidiaries [Member] | |||
Net cash (used in) provided by continuing operating activities | 682.1 | 1,172.4 | |
Net cash (used in) provided by discontinued operating activities | (0.3) | (3.1) | |
Net cash provided by (used in) operating activities | 631.5 | 681.8 | 1,169.3 |
Cash flows from investing activities: | |||
Capital expenditures | (23.1) | (8) | (9.9) |
Acquisition of businesses, net of cash acquired | (31.4) | (480) | (25.2) |
Proceeds from Sale and Maturity of Marketable Securities | 14.1 | ||
Proceeds from sale of property, plant and equipment | 12.3 | ||
Capital Contribution to Subsidiaries | (160.7) | ||
Other | (40.2) | ||
Net cash provided by (used in) investing activities | (44.6) | (479.8) | (154.4) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Net proceeds (repayments) in debt | (17.4) | 14.5 | (40.8) |
Debt issuance costs | 0 | 0 | 0 |
Net Intercompany Proceeds Payments | (376) | ||
Dividends paid to ordinary shareholders | 96.3 | (1,778.2) | |
Proceeds from Contributions from Parent | 1,103 | ||
Payments of Dividends | (159.2) | (298.1) | (297) |
Repurchase of ordinary shares | 0 | 0 | |
Other, net | (3.3) | 0 | 0 |
Net cash (used in) provided by continuing financing activities | (558.6) | (207.3) | (1,017.5) |
Effect of exchange rate changes on cash and cash equivalents | (4.8) | (9) | (8) |
Net (decrease) increase in cash and cash equivalents | 23.5 | (14.3) | (10.6) |
Cash and cash equivalents - beginning of period | 122.3 | 136.6 | 147.2 |
Cash and cash equivalents - end of period | 145.8 | 122.3 | 136.6 |
Proceeds from Divestiture of Businesses | (4.3) | (4.3) | (1.2) |
Payments of Ordinary Dividends, Common Stock | 0 | 0 | |
Payments of Ordinary Dividends, Noncontrolling Interest | 2.7 | 20 | 0 |
Proceeds From Contributions From (Payments Of Distributions To) Former Parent and Affiliates | 0 | ||
Payments to Noncontrolling Interests | 4.5 | ||
Other investing activities, net | (0.1) | 0.2 | |
Subsidiary Issuer [Member] | |||
Net cash (used in) provided by continuing operating activities | 125.8 | (847.5) | |
Net cash (used in) provided by discontinued operating activities | 0 | 0 | |
Net cash provided by (used in) operating activities | 34.1 | 125.8 | (847.5) |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | ||
Capital Contribution to Subsidiaries | (135) | ||
Other | 0 | ||
Net cash provided by (used in) investing activities | 0 | 0 | (135) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Net proceeds (repayments) in debt | 0 | 0 | (1,000) |
Debt issuance costs | 0 | 0 | 0 |
Net Intercompany Proceeds Payments | (34.3) | ||
Dividends paid to ordinary shareholders | (126) | 1,822.3 | |
Proceeds from Contributions from Parent | 160.7 | ||
Payments of Dividends | 0 | 0 | 0 |
Repurchase of ordinary shares | 0 | 0 | |
Other, net | 0 | 0 | 0 |
Net cash (used in) provided by continuing financing activities | (34.3) | (126) | 983 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | (0.2) | (0.2) | 0.5 |
Cash and cash equivalents - beginning of period | 0.3 | 0.5 | 0 |
Cash and cash equivalents - end of period | 0.1 | 0.3 | 0.5 |
Proceeds from Divestiture of Businesses | 0 | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 | |
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | 0 |
Proceeds From Contributions From (Payments Of Distributions To) Former Parent and Affiliates | 0 | ||
Payments to Noncontrolling Interests | 0 | ||
Other investing activities, net | 0 | 0 | |
Guarantor Subsidiaries [Member] | |||
Net cash (used in) provided by continuing operating activities | 484.7 | 567.2 | |
Net cash (used in) provided by discontinued operating activities | (0.1) | 0 | |
Net cash provided by (used in) operating activities | 584.7 | 484.6 | 567.2 |
Cash flows from investing activities: | |||
Capital expenditures | (19.4) | (27.2) | (41.6) |
Acquisition of businesses, net of cash acquired | 0 | (31.3) | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | ||
Capital Contribution to Subsidiaries | 0 | ||
Other | (0.5) | ||
Net cash provided by (used in) investing activities | (19.4) | (54) | (41.1) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Net proceeds (repayments) in debt | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Net Intercompany Proceeds Payments | 214.9 | ||
Dividends paid to ordinary shareholders | 230.6 | (44.1) | |
Proceeds from Contributions from Parent | 7 | ||
Payments of Dividends | (688) | (713.7) | (441.5) |
Repurchase of ordinary shares | 0 | 0 | |
Other, net | 0 | 0 | 0 |
Net cash (used in) provided by continuing financing activities | (473.1) | (483.1) | (478.6) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 92.2 | (52.5) | 47.5 |
Cash and cash equivalents - beginning of period | 73.8 | 126.3 | 78.8 |
Cash and cash equivalents - end of period | 166 | 73.8 | 126.3 |
Proceeds from Divestiture of Businesses | 0 | (4.4) | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 | |
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | 0 |
Proceeds From Contributions From (Payments Of Distributions To) Former Parent and Affiliates | 0 | ||
Payments to Noncontrolling Interests | 0 | ||
Other investing activities, net | 0 | 0.1 | |
Consolidation, Eliminations [Member] | |||
Net cash (used in) provided by continuing operating activities | (1,011.8) | (738.5) | |
Net cash (used in) provided by discontinued operating activities | 0 | 0 | |
Net cash provided by (used in) operating activities | (847.2) | (1,011.8) | (738.5) |
Cash flows from investing activities: | |||
Capital expenditures | 0 | 0 | 0 |
Acquisition of businesses, net of cash acquired | 0 | 0 | 0 |
Proceeds from Sale and Maturity of Marketable Securities | 0 | ||
Proceeds from sale of property, plant and equipment | 0 | ||
Capital Contribution to Subsidiaries | 1,270.7 | ||
Other | 0 | ||
Net cash provided by (used in) investing activities | 0 | 0 | 1,270.7 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Net proceeds (repayments) in debt | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 |
Net Intercompany Proceeds Payments | 0 | ||
Dividends paid to ordinary shareholders | 0 | 0 | |
Proceeds from Contributions from Parent | (1,270.7) | ||
Payments of Dividends | 847.2 | 1,011.8 | 738.5 |
Repurchase of ordinary shares | 0 | 0 | |
Other, net | 0 | 0 | 0 |
Net cash (used in) provided by continuing financing activities | 847.2 | 1,011.8 | (532.2) |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Net (decrease) increase in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 | 0 |
Proceeds from Divestiture of Businesses | 0 | 0 | 0 |
Payments of Ordinary Dividends, Common Stock | 0 | 0 | |
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | 0 |
Proceeds From Contributions From (Payments Of Distributions To) Former Parent and Affiliates | 0 | ||
Payments to Noncontrolling Interests | $ 0 | ||
Other investing activities, net | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Subsequent Event [Line Items] | |
Common stock, dividends, in dollars per share, declared | 0.16 |
Stock repurchase program, authorized amount | $ (500) |
Valuation and Qualifying Acc126
Valuation and Qualifying Accounts (Valuation and Qualifying Accounts Allowance For Doubtful Accounts) (Details) - Allowances for Doubtful Accounts [Member] - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Balance at the beginning of period | $ 3.8 | $ 3.2 | $ 2.4 | ||
Additions charged to costs and expenses | 0.1 | 1.6 | 2.1 | ||
Deductions | [1] | (1.1) | (1.5) | (1.1) | |
Business acquisitions and divestitures, net | 0 | 0.9 | |||
Currency translation | (0.1) | (0.4) | $ (0.2) | ||
Balance at the end of period | $ 2.7 | $ 3.8 | $ 3.2 | $ 2.4 | |
[1] | (*)"Deductions" include accounts and advances written off, less recoveries. |
Uncategorized Items - alle-2016
Label | Element | Value |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | $ 13,100,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 18,500,000 |
Additional Paid-in Capital [Member] | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 13,100,000 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 18,500,000 |
Retained Earnings [Member] | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
Noncontrolling Interest [Member] | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
Common Stock [Member] | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
AOCI Attributable to Parent [Member] | ||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue | 0 |
Stock Issued During Period, Value, Stock Options Exercised | us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised | 0 |
Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Fixed Income Investments [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 0 |
Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Fixed Income Investments [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 0 |
Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Fixed Income Investments [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 131,800,000 |
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 132,800,000 |
U.S. Government and Agency Obligations [Member] | UNITED STATES | Fixed Income Investments [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 49,200,000 |
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 55,200,000 |
U.S. Government and Agency Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | UNITED STATES | Fixed Income Investments [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 0 |
U.S. Government and Agency Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | UNITED STATES | Fixed Income Investments [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 0 |
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 0 |
U.S. Government and Agency Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | UNITED STATES | Fixed Income Investments [Member] | ||
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | 49,200,000 |
Defined Benefit Plan, Fair Value of Plan Assets | us-gaap_DefinedBenefitPlanFairValueOfPlanAssets | $ 55,200,000 |