Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 04, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Platform Specialty Products Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 229,513,403 | ||
Entity Public Float | $ 2,420 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,590,714 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other (expense) income: | ||||
Net loss attributable to common stockholders | $ (308.6) | $ (262.6) | ||
Loss per share | ||||
Basic (in usd per share) | $ (1.52) | $ (1.94) | ||
Diluted (in usd per share) | $ (1.52) | $ (1.94) | ||
Weighted average shares outstanding | ||||
Basic (in Shares) | 203.2 | 135.3 | ||
Diluted (in Shares) | 203.2 | 135.3 | ||
Successor [Member] | ||||
Net sales | $ 118.2 | $ 2,542.3 | $ 843.2 | |
Cost of sales | 82.5 | 1,550.4 | 446.6 | |
Gross profit | 35.7 | 991.9 | 396.6 | |
Operating expenses: | ||||
Selling, technical, general and administrative | 55.3 | 857.5 | 360.9 | |
Non-cash charge related to preferred stock dividend rights | 172 | 0 | 0 | |
Research and development | 4 | 62.8 | 26.2 | |
Total operating expenses | 231.3 | 920.3 | 387.1 | |
Operating profit (loss) | (195.6) | 71.6 | 9.5 | |
Other (expense) income: | ||||
Interest, net | (5.4) | (213.9) | (37.9) | |
Loss on extinguishment of debt | 0 | 0 | 0 | |
(Loss) gain on derivative contracts | 0.1 | (74) | 0.4 | |
Foreign exchange (loss) gain | (0.6) | (43.4) | (2.7) | |
Other income (expense), net | 0.1 | 30.4 | (0.2) | |
Total other expense | (5.8) | (300.9) | (40.4) | |
(Loss) income before income taxes, non-controlling interests and dividends on preferred shares | (201.4) | (229.3) | (30.9) | |
Income tax (expense) benefit | 5.8 | (75.1) | 6.7 | |
Net (loss) income | (195.6) | (304.4) | (24.2) | |
Net (income) loss attributable to the non-controlling interests | 1.4 | (4.2) | (5.7) | |
Net (loss) income attributable to stockholders | (194.2) | (308.6) | (29.9) | |
Accrued stock dividend on Founder's preferred shares | 0 | 0 | (232.7) | |
Accrued payment-in-kind dividend on cumulative preferred shares | 0 | 0 | 0 | |
Net loss attributable to common stockholders | $ (194.2) | $ (308.6) | $ (262.6) | |
Loss per share | ||||
Basic (in usd per share) | $ (2.10) | $ (1.52) | $ (1.94) | |
Diluted (in usd per share) | $ (2.10) | $ (1.52) | $ (1.94) | |
Weighted average shares outstanding | ||||
Basic (in Shares) | 92.6 | 203.2 | 135.3 | |
Diluted (in Shares) | 92.6 | 203.2 | 135.3 | |
Predecessor [Member] | ||||
Net sales | $ 627.7 | |||
Cost of sales | 304.9 | |||
Gross profit | 322.8 | |||
Operating expenses: | ||||
Selling, technical, general and administrative | 211.2 | |||
Non-cash charge related to preferred stock dividend rights | 0 | |||
Research and development | 19.9 | |||
Total operating expenses | 231.1 | |||
Operating profit (loss) | 91.7 | |||
Other (expense) income: | ||||
Interest, net | (45.9) | |||
Loss on extinguishment of debt | (18.8) | |||
(Loss) gain on derivative contracts | (0.3) | |||
Foreign exchange (loss) gain | 0.5 | |||
Other income (expense), net | (0.7) | |||
Total other expense | (65.2) | |||
(Loss) income before income taxes, non-controlling interests and dividends on preferred shares | 26.5 | |||
Income tax (expense) benefit | (13) | |||
Net (loss) income | 13.5 | |||
Net (income) loss attributable to the non-controlling interests | (0.3) | |||
Net (loss) income attributable to stockholders | 13.2 | |||
Accrued stock dividend on Founder's preferred shares | 0 | |||
Accrued payment-in-kind dividend on cumulative preferred shares | 22.4 | |||
Net loss attributable to common stockholders | $ (9.2) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Net (loss) income | $ (195.6) | $ (304.4) | $ (24.2) | |
Foreign currency translation adjustments | ||||
Foreign currency translation adjustments arising during the period | (0.6) | (777.1) | (121.6) | |
Pension and post-retirement plans | ||||
Net actuarial (loss) gain arising during the period | 3.8 | (14.7) | (25.3) | |
Net (gain) loss recognized during the year | (0.2) | 0 | 0 | |
Translation adjustment | 0 | 0.1 | 0.6 | |
Pension and other postretirement benefit plans, adjustment, before reclassification adjustments and tax | 3.6 | (14.6) | (24.7) | |
Tax benefit (expense) | (1.8) | 3.2 | 8 | |
Pension and other postretirement benefit plans, adjustment, before reclassification adjustments, net of tax | 1.8 | (11.4) | (16.7) | |
Unrealized gain on available for sale securities | ||||
Unrealized holding gain on available for sale securities | 0 | 1.7 | 0.1 | |
Tax expense | 0 | (0.6) | 0 | |
Available-for-sale securities adjustment, net of tax | 0 | 1.1 | 0.1 | |
Derivative financial instrument revaluation | ||||
Unrealized hedging (loss) gain arising during the period | 0.2 | (12.5) | (0.2) | |
Tax benefit (expense) | (0.1) | 4.4 | 0.1 | |
Derivatives qualifying as hedges, net of tax | 0.1 | (8.1) | (0.1) | |
Other comprehensive (loss) income, net of tax | 1.3 | (795.5) | (138.3) | |
Other comprehensive loss attributable to the non-controlling interests | 0 | 40 | 6.4 | |
Other comprehensive (loss) income attributable to common stockholders | 1.3 | (755.5) | (131.9) | |
Comprehensive (loss) income | (194.3) | (1,059.9) | (156.1) | |
Comprehensive (income) loss attributable to the non-controlling interests | 1.4 | (4.2) | (5.7) | |
Comprehensive (loss) income attributable to stockholders | (192.9) | (1,064.1) | (161.8) | |
Accrued stock dividend on Founder's preferred shares | 0 | 0 | (232.7) | |
Accrued payment-in-kind dividend on cumulative preferred shares | 0 | 0 | 0 | |
Comprehensive (loss) income attributable to common stockholders | $ (192.9) | $ (1,064.1) | $ (394.5) | |
Predecessor [Member] | ||||
Net (loss) income | $ 13.5 | |||
Foreign currency translation adjustments | ||||
Foreign currency translation adjustments arising during the period | (6.1) | |||
Pension and post-retirement plans | ||||
Net actuarial (loss) gain arising during the period | 28.4 | |||
Net (gain) loss recognized during the year | 2 | |||
Translation adjustment | 0.3 | |||
Pension and other postretirement benefit plans, adjustment, before reclassification adjustments and tax | 30.7 | |||
Tax benefit (expense) | (10.1) | |||
Pension and other postretirement benefit plans, adjustment, before reclassification adjustments, net of tax | 20.6 | |||
Unrealized gain on available for sale securities | ||||
Unrealized holding gain on available for sale securities | 0.2 | |||
Tax expense | (0.1) | |||
Available-for-sale securities adjustment, net of tax | 0.1 | |||
Derivative financial instrument revaluation | ||||
Unrealized hedging (loss) gain arising during the period | (0.3) | |||
Tax benefit (expense) | 0.1 | |||
Derivatives qualifying as hedges, net of tax | (0.2) | |||
Other comprehensive (loss) income, net of tax | 14.4 | |||
Other comprehensive loss attributable to the non-controlling interests | 0 | |||
Other comprehensive (loss) income attributable to common stockholders | 14.4 | |||
Comprehensive (loss) income | 27.9 | |||
Comprehensive (income) loss attributable to the non-controlling interests | (0.3) | |||
Comprehensive (loss) income attributable to stockholders | 27.6 | |||
Accrued stock dividend on Founder's preferred shares | 0 | |||
Accrued payment-in-kind dividend on cumulative preferred shares | (22.4) | |||
Comprehensive (loss) income attributable to common stockholders | $ 5.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | |||
Cash and cash equivalents | $ 432.2 | $ 397.3 | |
Restricted cash | 0.3 | 600 | |
Accounts receivable, net of allowance for doubtful accounts of $14.4 and $9.6 at December 31, 2015 and 2014, respectively | 1,023 | 327.3 | |
Inventories | 517.5 | 205.8 | |
Note receivable | 125 | 0 | |
Prepaid expenses | 72.2 | 14.5 | |
Other current assets | 100.3 | 31.6 | |
Total current assets | 2,270.5 | 1,576.5 | |
Property, plant and equipment, net | [1] | 491.6 | 178.6 |
Goodwill | 4,021.9 | 1,405.3 | |
Intangible assets, net | 3,314.3 | 1,341.5 | |
Other assets | 91.9 | 45.4 | |
Total assets | 10,190.2 | 4,547.3 | |
Liabilities and Stockholders' Equity | |||
Accounts payable | 450.3 | 106.7 | |
Accrued salaries, wages and employee benefits | 78.1 | 31.3 | |
Current installments of long-term debt and revolving credit facilities | 54.7 | 13.2 | |
Accrued income taxes payable | 65.1 | 16.7 | |
Accrued expenses and other current liabilities | 414.2 | 72.8 | |
Total current liabilities | 1,062.4 | 240.7 | |
Long-term debt | 5,173.6 | 1,392.4 | |
Long-term retirement benefits, less current portion | 80.5 | 38.8 | |
Long-term deferred income taxes | 678.8 | 202.3 | |
Long-term contingent consideration | 70.7 | 63.9 | |
Other long-term liabilities | 205 | 56.6 | |
Total liabilities | $ 7,271 | $ 1,994.7 | |
Commitments and contingencies (Note 16) | |||
Redeemable preferred stock - Series B | $ 645.9 | $ 0 | |
Stockholders' Equity | |||
Preferred stock - Series A | 0 | 0 | |
Common shares, 400,000,000 shares authorized, 229,464,157 and 182,066,980 shares issued and outstanding at December 31, 2015 and 2014, respectively. 10,050,290 shares declared for stock dividend at December 31, 2014 | 2.3 | 1.9 | |
Additional paid-in capital | 3,520.4 | 2,812.4 | |
Accumulated deficit | (532.7) | (224.1) | |
Accumulated other comprehensive loss | (886.1) | (130.6) | |
Total stockholders' equity | 2,103.9 | 2,459.6 | |
Non-controlling interests | 169.4 | 93 | |
Total equity | 2,273.3 | 2,552.6 | |
Total liabilities, redeemable preferred stock and stockholders' equity | $ 10,190.2 | $ 4,547.3 | |
[1] | Long-lived assets represent property, plant and equipment, net. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Statement of Financial Position [Abstract] | |||
Accounts receivable, allowance for doubtful accounts (in Dollars) | $ 14.4 | $ 9.6 | $ 14 |
Common shares authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 |
Common shares issued (in shares) | 229,464,157 | 182,066,980 | 210,879,597 |
Common shares outstanding (in shares) | 229,464,157 | 182,066,980 | 210,879,597 |
Common shares declared for dividend (in shares) | 0 | 10,050,290 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from financing activities: | ||||
Cash and cash equivalents at beginning of period | $ 397.3 | |||
Cash and cash equivalents at end of period | 432.2 | $ 397.3 | ||
Successor [Member] | ||||
Cash flows from operating activities: | ||||
Net (loss) income | $ (195.6) | (304.4) | (24.2) | |
Adjustments to reconcile net (loss) income from operations to net cash flows provided by operating activities: | ||||
Non-cash charge related to preferred stock dividend rights | 172 | 0 | 0 | |
Depreciation and amortization | 12.8 | 251 | 88 | |
Deferred income taxes | (7.5) | (45.5) | (43.2) | |
Manufacturer's profit in inventory adjustment | 23.9 | 76.5 | 35.5 | |
Loss on foreign exchange contracts | 0 | 73.1 | 0 | |
Non-cash fair value adjustment to contingent consideration | (0.7) | 6.8 | 29.1 | |
Loss on extinguishment of debt | 0 | 0 | 0 | |
Restructuring charges | 0.8 | 9.1 | 1.5 | |
Provision for bad debt | 0.3 | 9.2 | 1.2 | |
Equity compensation expense | 0.5 | 0.8 | 1.3 | |
Other, net | (0.9) | (6.2) | 3.2 | |
Changes in assets and liabilities, net of acquisitions: | ||||
Accounts receivable | 6.2 | 66.7 | 4.9 | |
Inventory | 2.1 | (7.3) | 11.4 | |
Accounts payable | (0.2) | 83.2 | 10.9 | |
Accrued expenses | (8.7) | 51.5 | (15.7) | |
Other assets and liabilities | 2.5 | 56.4 | (5.7) | |
Net cash flows provided by operating activities | 7.5 | 320.9 | 98.2 | |
Cash flows from investing activities: | ||||
Capital expenditures | (2.3) | (47.9) | (18.5) | |
Investment in product registrations | 0 | (34.4) | 0 | |
Proceeds from sale of non-financial assets | 4.4 | 25.8 | 0.6 | |
Acquisition of business, net of cash acquired | (922.4) | (4,600.3) | (1,361.8) | |
Restricted cash | 0 | 599.7 | (600) | |
Purchases of marketable securities | (359.9) | 0 | 0 | |
Redemption of marketable securities | 359.9 | 0 | 0 | |
Note receivable | 0 | (125) | 0 | |
Settlement of foreign exchange contracts in connection with acquisition | 0 | (73.1) | 0 | |
Other, net | 0 | (1.3) | (3) | |
Net cash flows used in investing activities | (920.3) | (4,256.5) | (1,982.7) | |
Cash flows from financing activities: | ||||
Proceeds from issuance of debt, net of discount and premium | 0.2 | 3,921.8 | 678.8 | |
Repayments of borrowings | (2.2) | (283.7) | (9.1) | |
Payments on revolving credit facilities | 0 | (12.4) | 0 | |
Repurchase of Series A preferred stock | 0 | 0 | 0 | |
Advance from Platform Acquisition Holdings Limited | 0 | 0 | 0 | |
Proceeds from issuance of preferred stock, net | 20 | 0 | 0 | |
Proceeds from issuance of common stock, net | 1,019.5 | 469.5 | 1,512.6 | |
Payment of accumulated dividends on Series A preferred stock | 0 | 0 | 0 | |
Payment of financing fees | (1.8) | (87) | (13.2) | |
Change in factored liabilities | 0 | (3.9) | 0 | |
Other, net | 0 | (3.1) | (0.2) | |
Net cash flows provided by (used in) financing activities | 1,035.7 | 4,001.2 | 2,168.9 | |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | (30.7) | (10.1) | |
Net increase (decrease) in cash and cash equivalents | 123 | 34.9 | 274.3 | |
Cash and cash equivalents at beginning of period | 0 | 397.3 | 123 | |
Cash and cash equivalents at end of period | 123 | 432.2 | 397.3 | |
Supplemental disclosure information: | ||||
Cash paid for interest | 5.1 | 147.6 | 36.3 | |
Cash paid for income taxes | 2.9 | 73.3 | 27.5 | |
Non-cash investing activities: | ||||
Unpaid capital expenditures included in accounts payable and accrued expenses | 0 | 4.7 | 2.4 | |
Non-cash financing activities: | ||||
Cash paid by Platform Acquisition Holdings, Ltd for interest | $ 0 | $ 0 | $ 0 | |
Predecessor [Member] | ||||
Cash flows from operating activities: | ||||
Net (loss) income | $ 13.5 | |||
Adjustments to reconcile net (loss) income from operations to net cash flows provided by operating activities: | ||||
Non-cash charge related to preferred stock dividend rights | 0 | |||
Depreciation and amortization | 32.8 | |||
Deferred income taxes | (4.8) | |||
Manufacturer's profit in inventory adjustment | 0 | |||
Loss on foreign exchange contracts | 0 | |||
Non-cash fair value adjustment to contingent consideration | 0 | |||
Loss on extinguishment of debt | 18.8 | |||
Restructuring charges | 3.6 | |||
Provision for bad debt | 2.1 | |||
Equity compensation expense | 9.3 | |||
Other, net | 1.4 | |||
Changes in assets and liabilities, net of acquisitions: | ||||
Accounts receivable | (11.3) | |||
Inventory | (4.6) | |||
Accounts payable | 2.4 | |||
Accrued expenses | 3.9 | |||
Other assets and liabilities | (11.1) | |||
Net cash flows provided by operating activities | 56 | |||
Cash flows from investing activities: | ||||
Capital expenditures | (8.9) | |||
Investment in product registrations | 0 | |||
Proceeds from sale of non-financial assets | 2.1 | |||
Acquisition of business, net of cash acquired | 0 | |||
Restricted cash | 0 | |||
Purchases of marketable securities | 0 | |||
Redemption of marketable securities | 0 | |||
Note receivable | 0 | |||
Settlement of foreign exchange contracts in connection with acquisition | 0 | |||
Other, net | (1) | |||
Net cash flows used in investing activities | (7.8) | |||
Cash flows from financing activities: | ||||
Proceeds from issuance of debt, net of discount and premium | 1,109.5 | |||
Repayments of borrowings | (732.9) | |||
Payments on revolving credit facilities | 0 | |||
Repurchase of Series A preferred stock | (270.2) | |||
Advance from Platform Acquisition Holdings Limited | 33.3 | |||
Proceeds from issuance of preferred stock, net | 0 | |||
Proceeds from issuance of common stock, net | 0 | |||
Payment of accumulated dividends on Series A preferred stock | (229.8) | |||
Payment of financing fees | (13.6) | |||
Change in factored liabilities | 0 | |||
Other, net | (0.6) | |||
Net cash flows provided by (used in) financing activities | (104.3) | |||
Effect of exchange rate changes on cash and cash equivalents | (0.2) | |||
Net increase (decrease) in cash and cash equivalents | (56.3) | |||
Cash and cash equivalents at beginning of period | 143.4 | |||
Cash and cash equivalents at end of period | 87.1 | |||
Supplemental disclosure information: | ||||
Cash paid for interest | 50 | |||
Cash paid for income taxes | 21.8 | |||
Non-cash investing activities: | ||||
Unpaid capital expenditures included in accounts payable and accrued expenses | 0 | |||
Non-cash financing activities: | ||||
Cash paid by Platform Acquisition Holdings, Ltd for interest | $ 5 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Arysta [Member] | Agriphar [Member] | Agriphar [Member]Common Stock [Member] | Chemtura [Member] | Chemtura [Member]Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Agriphar [Member] | Additional Paid-in Capital [Member]Chemtura [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Parent [Member] | Parent [Member]Agriphar [Member] | Parent [Member]Chemtura [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member]Arysta [Member] | IPO [Member] | IPO [Member]Common Stock [Member] | IPO [Member]Additional Paid-in Capital [Member] | IPO [Member]Parent [Member] | Issued on April 25, 2013 [Member]Preferred Stock [Member] | Preferred Shares Issued On May 22, 2013 [Member] | Preferred Shares Issued On May 22, 2013 [Member]Preferred Stock [Member] | Preferred Shares Issued On May 22, 2013 [Member]Additional Paid-in Capital [Member] | Preferred Shares Issued On May 22, 2013 [Member]Parent [Member] | Issued on May 22, 2013 [Member] | Issued on May 22, 2013 [Member]Common Stock [Member] | Issued on May 22, 2013 [Member]Additional Paid-in Capital [Member] | Issued on May 22, 2013 [Member]Parent [Member] | Issued on October 30, 2013 [Member] | Issued on October 30, 2013 [Member]Common Stock [Member] | Issued on October 30, 2013 [Member]Additional Paid-in Capital [Member] | Issued on October 30, 2013 [Member]Parent [Member] | Issued on November 13, 2013 [Member] | Issued on November 13, 2013 [Member]Common Stock [Member] | Issued on November 13, 2013 [Member]Additional Paid-in Capital [Member] | Issued on November 13, 2013 [Member]Parent [Member] | Issued on November 20, 2013 [Member] | Issued on November 20, 2013 [Member]Common Stock [Member] | Issued on November 20, 2013 [Member]Additional Paid-in Capital [Member] | Issued on November 20, 2013 [Member]Parent [Member] | Additional Shares Issued December 23, 2013 [Member] | Additional Shares Issued December 23, 2013 [Member]Common Stock [Member] | Additional Shares Issued December 23, 2013 [Member]Additional Paid-in Capital [Member] | Additional Shares Issued December 23, 2013 [Member]Parent [Member] | Issued on January 5, 2014 [Member]Common Stock [Member] | Issued on May 20, 2014 [Member] | Issued on May 20, 2014 [Member]Common Stock [Member] | Issued on May 20, 2014 [Member]Additional Paid-in Capital [Member] | Issued on May 20, 2014 [Member]Parent [Member] | Shares Issued In Connection With 401(k) Exchange Agreement [Member] | Shares Issued In Connection With 401(k) Exchange Agreement [Member]Common Stock [Member] | Shares Issued In Connection With 401(k) Exchange Agreement [Member]Additional Paid-in Capital [Member] | Shares Issued In Connection With 401(k) Exchange Agreement [Member]Parent [Member] | Issued On October 8Th, 2014 [Member] | Issued On October 8Th, 2014 [Member]Common Stock [Member] | Issued On October 8Th, 2014 [Member]Additional Paid-in Capital [Member] | Issued On October 8Th, 2014 [Member]Parent [Member] | Issued On November 6, 2014 [Member] | Issued On November 6, 2014 [Member]Common Stock [Member] | Issued On November 6, 2014 [Member]Additional Paid-in Capital [Member] | Issued On November 6, 2014 [Member]Parent [Member] | Issued On November 17, 2014 [Member] | Issued On November 17, 2014 [Member]Common Stock [Member] | Issued On November 17, 2014 [Member]Additional Paid-in Capital [Member] | Issued On November 17, 2014 [Member]Parent [Member] | Stock Dividends To Series A Preferred Stock Shareholders [Member] | Stock Dividends To Series A Preferred Stock Shareholders [Member]Common Stock [Member] | Exchange Of Warrants [Member] | Exchange Of Warrants [Member]Common Stock [Member] | Exchange Of Warrants [Member]Additional Paid-in Capital [Member] | Exchange Of Warrants [Member]Parent [Member] | United States Postretirement Benefit Plan of US Entity [Member] | United States Postretirement Benefit Plan of US Entity [Member]Additional Paid-in Capital [Member] | United States Postretirement Benefit Plan of US Entity [Member]Parent [Member] | Director [Member] | Director [Member]Common Stock [Member] | Director [Member]Additional Paid-in Capital [Member] | Director [Member]Parent [Member] |
Balance (Predecessor [Member]) at Dec. 31, 2012 | $ 272.5 | $ 525 | $ 50 | $ 2.4 | $ (273.1) | $ (30.3) | $ (1.2) | $ 272.8 | $ (0.3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Predecessor [Member] | 13.5 | 13.2 | 13.2 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Predecessor [Member] | 14.4 | 14.4 | 14.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation expense | Predecessor [Member] | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued stock dividend on Founder's preferred shares | Predecessor [Member] | 0 | 20.8 | $ 1.6 | (22.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Predecessor [Member] | (500) | (500) | (500) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares exchanged | Predecessor [Member] | (45) | 45 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares canceled | Predecessor [Member] | (0.8) | (0.4) | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to non-controlling interest | Predecessor [Member] | (0.6) | (0.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (Predecessor [Member]) at Oct. 31, 2013 | (200) | $ 0 | $ 46.6 | 49.6 | 2.6 | (282.3) | (15.9) | $ 0 | (199.4) | (0.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (Successor [Member]) at Apr. 23, 2013 | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) (Successor [Member]) at Apr. 23, 2013 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Successor [Member] | (195.6) | (194.2) | (194.2) | (1.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Successor [Member] | 1.3 | 1.3 | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | Successor [Member] | (24.1) | (24.1) | (24.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation expense | Successor [Member] | 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants (in Shares) | Successor [Member] | 13,071,199 | 391,081 | 466,666 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued stock dividend on Founder's preferred shares | Successor [Member] | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | Successor [Member] | $ 137.2 | $ 137.2 | $ 137.2 | $ 4.1 | $ 4.1 | $ 4.1 | $ 5.4 | $ 5.4 | $ 5.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend rights | Successor [Member] | 172 | 172 | 172 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock | Successor [Member] | $ 20 | $ 20 | $ 20 | $ 885 | $ 885 | $ 885 | $ 8 | $ 8 | $ 8 | $ 3.9 | $ 3.9 | $ 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock (in Shares) | Successor [Member] | 1,999,998 | 88,529,500 | 761,904 | 351,591 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares to Directors on July 31, 2014 (in Shares) | Successor [Member] | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assignment of value for non controlling interest in business acquisition | Successor [Member] | 97.4 | 97.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (Successor [Member]) at Dec. 31, 2013 | 1,115.1 | $ 0 | $ 0 | 1,212 | (194.2) | 1.3 | 1,019.1 | 96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) (Successor [Member]) at Dec. 31, 2013 | 2,000,000 | 103,571,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Successor [Member] | (24.2) | (29.9) | (29.9) | 5.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Successor [Member] | (138.3) | (131.9) | (131.9) | (6.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of Domestication | Successor [Member] | $ (1) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares from Employee Stock Purchase Plan | Successor [Member] | 0.2 | 0.2 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | Successor [Member] | $ (13.8) | $ (13.8) | $ (13.8) | $ (0.3) | $ (0.3) | $ (0.3) | $ (15.1) | $ (15.1) | $ (15.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares from Employee Stock Purchase Plan (in Shares) | Successor [Member] | 11,139 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation expense | Successor [Member] | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants (in Shares) | Successor [Member] | 16,244,694 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued stock dividend on Founder's preferred shares | Successor [Member] | (232.7) | $ 0.1 | (0.1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | Successor [Member] | $ 186.9 | $ 0.2 | 186.7 | 186.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares declared for dividend (in shares) | 10,050,290 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares to directors for exercise of stock options (in shares) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock | Successor [Member] | $ 300.2 | $ 0.2 | $ 300 | $ 300.2 | $ 18.4 | $ 18.4 | $ 18.4 | $ 411 | $ 0.2 | $ 410.8 | $ 411 | $ 240.6 | $ 240.6 | $ 240.6 | $ 402.9 | $ 0.2 | $ 402.7 | $ 402.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock (in Shares) | Successor [Member] | 3,959 | 15,800,000 | 1,670,386 | 16,060,960 | 9,404,064 | 16,445,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares to Directors on July 31, 2014 (in Shares) | Successor [Member] | 9,242 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition | Successor [Member] | $ 16.6 | $ 52 | $ 16.6 | $ 52 | $ 16.6 | $ 52 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition (in Shares) | Successor [Member] | 711,551 | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recovery of short swing profits, net | Successor [Member] | $ 0.5 | 0.5 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of PDH non-controlling interest to common shares | Successor [Member] | 1.5 | 1.5 | (1.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of PDH non-controlling interest to common shares (in Shares) | Successor [Member] | 134,044 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to non-controlling interest | Successor [Member] | (0.8) | (0.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (Successor [Member]) at Dec. 31, 2014 | 2,552.6 | $ 1.9 | 2,812.4 | (224.1) | (130.6) | 2,459.6 | 93 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2014 | 2,552.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) (Successor [Member]) at Dec. 31, 2014 | 2,000,000 | 182,066,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (174.9) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Sep. 30, 2015 | 2,250.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (Successor [Member]) at Dec. 31, 2014 | 2,552.6 | $ 1.9 | 2,812.4 | (224.1) | (130.6) | 2,459.6 | 93 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2014 | 2,552.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) (Successor [Member]) at Dec. 31, 2014 | 2,000,000 | 182,066,980 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Successor [Member] | (304.4) | (308.6) | (308.6) | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | Successor [Member] | (795.5) | (755.5) | (755.5) | (40) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance costs | Successor [Member] | $ (15) | (15) | (15) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation expense | Successor [Member] | $ 0.7 | $ 0.7 | $ 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants (in Shares) | Successor [Member] | 16,244,694 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued stock dividend on Founder's preferred shares | Successor [Member] | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares declared for dividend (in shares) | Successor [Member] | 10,050,290 | 10,050,290 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares declared for dividend (in shares) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to former non-founder director for exercise of stock options | Successor [Member] | $ 0.9 | $ 0.9 | $ 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares to directors for exercise of stock options (in shares) | Successor [Member] | 2,500 | 75,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares to directors for exercise of stock options (in shares) | 75,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock | Successor [Member] | $ 0 | 6.6 | 6.6 | (6.6) | $ 482.9 | $ 0.2 | $ 482.7 | $ 482.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock (in Shares) | Successor [Member] | 578,874 | 18,226,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares to Directors on July 31, 2014 (in Shares) | Successor [Member] | 44,361 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity compensation expense | Successor [Member] | $ 0.9 | $ 0.9 | $ 0.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assignment of value for non controlling interest in business acquisition | Successor [Member] | 125.4 | 125.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of remaining interest in Arysta Colombia | Successor [Member] | $ (3.3) | $ (3.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition | Successor [Member] | 231.4 | 231.2 | 231.4 | $ 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition (in Shares) | Successor [Member] | 18,419,738 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of 50.65% ownership in Arysta Toyo Green Co LTD, including maintenance sub | Successor [Member] | (1.7) | (1.7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution to non-controlling interest | Successor [Member] | (1.6) | (1.6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (Successor [Member]) at Dec. 31, 2015 | 2,273.3 | $ 0 | $ 2.3 | 3,520.4 | (532.7) | (886.1) | 2,103.9 | 169.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2015 | 2,273.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) (Successor [Member]) at Dec. 31, 2015 | 2,000,000 | 229,464,157 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Sep. 30, 2015 | 2,250.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assignment of value for non controlling interest in business acquisition | $ 101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (Successor [Member]) at Dec. 31, 2015 | 2,273.3 | $ 0 | $ 2.3 | $ 3,520.4 | $ (532.7) | $ (886.1) | $ 2,103.9 | $ 169.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2015 | $ 2,273.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance (in Shares) (Successor [Member]) at Dec. 31, 2015 | 2,000,000 | 229,464,157 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 8 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 01, 2015 | Dec. 31, 2014 | Nov. 17, 2014 | Nov. 06, 2014 | Oct. 08, 2014 | May. 20, 2014 | Jan. 05, 2014 | Dec. 23, 2013 | Nov. 20, 2013 | Nov. 13, 2013 | Oct. 30, 2013 | May. 22, 2013 | Apr. 25, 2013 | |
Share price (in usd per share) | $ 12.83 | ||||||||||||||
Arysta Toyo Green Co LTD [Member] | |||||||||||||||
Ownership percentage sold | 50.65% | ||||||||||||||
Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 18 | ||||||||||||||
Preferred Stock [Member] | Successor [Member] | |||||||||||||||
Matching warrants (in Shares) | 2 | ||||||||||||||
Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 24.50 | 10 | |||||||||||||
Exercise of warrants, exercise price | $ 11.50 | ||||||||||||||
Exchange of warrants, share price | 11.5 | ||||||||||||||
Issued on April 25, 2013 [Member] | Preferred Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 10 | ||||||||||||||
Preferred Shares Issued On May 22, 2013 [Member] | Preferred Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | 10 | ||||||||||||||
Issued on May 22, 2013 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 10 | ||||||||||||||
Issued on October 30, 2013 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Exercise of warrants, exercise price | $ 10.5 | ||||||||||||||
Issued on November 13, 2013 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 10.5 | ||||||||||||||
Exercise of warrants, exercise price | $ 10.5 | ||||||||||||||
Issued on November 20, 2013 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Exchange of warrants, share price | $ 11.5 | ||||||||||||||
Additional Shares Issued December 23, 2013 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 11 | ||||||||||||||
Issued on January 5, 2014 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 11 | ||||||||||||||
Issued on May 20, 2014 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Price of shares issued (in usd per share) | $ 19 | ||||||||||||||
Shares Issued In Connection With 401(k) Exchange Agreement [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 11 | ||||||||||||||
Issued On October 8Th, 2014 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Price of shares issued (in usd per share) | $ 25.59 | ||||||||||||||
Issued On November 6, 2014 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 25.59 | ||||||||||||||
Issued On November 17, 2014 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | 24.50 | ||||||||||||||
Issued In June 2015 Equity Offering [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 26.50 | ||||||||||||||
Issued On December 1st 2015 [Member] | Common Stock [Member] | Successor [Member] | |||||||||||||||
Share price (in usd per share) | $ 12.56 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Company – Platform Specialty Products Corporation is a global, diversified producer of high-technology specialty chemical products and provider of technical services, which was originally incorporated with limited liability under the laws of the British Virgin Islands on April 23, 2013. Until the MacDermid Acquisition on October 31, 2013, Platform had neither engaged in any operations nor generated any income. The Company selected December 31 as its fiscal year end. All activity through October 31, 2013 was related to the Company’s formation, Initial Public Offering and identification and investigation of prospective target businesses with which to consummate an initial business combination. On October 31, 2013, the Company completed the MacDermid Acquisition pursuant to which it indirectly acquired substantially all of the equity of MacDermid Holdings, which, at the time, owned approximately 97% of MacDermid. The Company acquired the remaining 3% of MacDermid on March 4, 2014, pursuant to the terms of the Exchange Agreement. On January 22, 2014, the Company completed its Domestication and on January 23, 2014, the Company's common stock, par value $0.01 per share, began trading on the NYSE under the ticker symbol “PAH.” Business Description – Platform is a global, diversified producer of high-technology specialty chemical products. The Company's business involves the formulation of a broad range of solutions-oriented specialty chemicals which are sold into multiple industries including agricultural, animal health, electronics, graphic arts, plating, and offshore oil and gas production and drilling. Platform refers to its products as “dynamic chemistries” due to their intricate chemical compositions which are used in a wide variety of niche markets. The Company sells and delivers its products to customers through its sales and service workforce, regional distributors, as well as manufacturing representatives. Principles of Consolidation – The accompanying Consolidated Financial Statements are prepared in accordance with U.S. GAAP and include the accounts of Platform or the Predecessor, as applicable, and all of their respective controlled subsidiaries. All subsidiaries are included in the Consolidated Financial Statements for the entire period or, if acquired, from the date on which the Company obtained control. The Company fully consolidates the income, expenses, assets, liabilities and cash flows of its subsidiaries from the date it acquires control or becomes the primary beneficiary. All intercompany accounts and transactions have been eliminated upon consolidation. The Consolidated Financial Statements and information included herein are those of (i) Platform as of, and for the years ended, December 31, 2015 and 2014 , and the period from April 23, 2013 (inception) through December 31, 2013, and (ii) MacDermid (the Predecessor) for the ten-month period ended October 31, 2013, which represents the pre-acquisition period immediately preceding the MacDermid Acquisition. Use of Estimates – In preparing the Consolidated Financial Statements in conformity with U.S. GAAP, management must undertake decisions that impact the reported amounts and related disclosures. Such decisions include the selection of the appropriate accounting principles to be applied and assumptions upon which accounting estimates are based. The Company applies judgment based on its understanding and analysis of the relevant circumstances to reach these decisions. By their nature, these judgments are subject to an inherent degree of uncertainty. Accordingly, actual results could differ significantly from the estimates applied. Significant items subject to such estimates and assumptions include: the useful lives of fixed and intangible assets, allowances for doubtful accounts and sales returns, deferred tax asset valuation allowances, inventory valuation, stock-based compensation, liabilities for employee benefit obligations, environmental liabilities, income tax uncertainties, valuation of goodwill, acquisition-related contingent consideration, intangible assets and other contingencies. Cash and Cash Equivalents – The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company, from time to time, may be required to maintain cash deposits with certain banks with respect to certain contractual obligations. As of December 31, 2015 and 2014 , the Company was required to maintain restricted cash deposits of $0.3 million and $600 million , respectively. The 2014 restricted cash balance was related to the Arysta Acquisition. Credit Risk Management – Platform's products are sold primarily to customers in the agricultural, automotive, commercial packing and printing, electronic, and oil offshore production industries. The Company is exposed to certain collection risks which are subject to a variety of factors, including economic and technological changes within these industries. As is common industry practice, the Company generally does not require collateral or other security as a condition of sale, rather relying on credit approval, balance limitation and monitoring procedures to control credit risk on trade accounts receivable. The Company establishes reserves against estimated uncollectible amounts based on historical experience and specific knowledge regarding customers’ ability to pay. Customer accounts receivable that are deemed to be uncollectible are written off when they are identified and all reasonable collections efforts have been exhausted. Derivatives – The Company operates internationally, with manufacturing and sales facilities in various locations around the world, and uses certain financial instruments to manage its foreign currency exposures. To qualify a derivative as a hedge at inception and throughout the hedge period, the Company formally documents the nature and relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking various hedge transactions, and the method of assessing hedge effectiveness. Additionally, for hedges of forecasted transactions, the significant characteristics and expected terms of a forecasted transaction are specifically identified, and the likelihood of each forecasted transactions of occurring is deemed probable. If it is determined that the forecasted transaction will not occur, the gain or loss is recognized in current earnings. Financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged, both at inception and throughout the hedged period. The Company does not engage in trading or other speculative uses of financial instruments. It is the Company's policy to disclose the fair value of derivative instruments that are subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets. There were no derivatives subject to master netting arrangements at December 31, 2015 or 2014 . The Company has used, and may use in the future, forward contracts and options to mitigate its exposure to changes in foreign currency exchange rates on third party and intercompany forecasted transactions. If hedge accounting is applied, the effective portion of unrealized gains and losses associated with forward contracts and the intrinsic value of option contracts are deferred as a component of other comprehensive income until the underlying hedged transactions are reported in the Company’s Consolidated Statements of Operations. The Company has also used, and may use in the future, contracts and options to mitigate its exposure in the precious metals markets. Such contracts are designated as Normal Purchases, the effects of which are not deferred as components of other comprehensive income. Metals contracts that meet the definition of a derivative but do not meet the Normal Purchases requirements are recorded as a derivative asset or liability in the balance sheet and subsequently marked to market every reporting period, with changes in fair value recognized in the income statement as "(Loss) gain on derivative contracts." Inventories – Inventories are stated at the lower of cost or net realizable value with cost being determined by the first-in/first-out and average costs methods. The Company regularly reviews inventories for obsolescence and excess quantities and calculates a reserve based on historical write-offs, customer demand, product evolution, usage rates and quantities of stock on hand. Property, Plant and Equipment – Property, plant and equipment is stated at cost less accumulated depreciation. Equipment under capital lease arrangements is stated at the net present value of minimum lease payments. The Company records depreciation on a straight-line basis over the estimated useful life of each asset. Estimated useful lives by asset class are as follows: Buildings and building improvements (years) - 5 to 20 Machinery, equipment and fixtures (years) - 3 to 15 Computer hardware and software (years) - 3 to 5 Leasehold improvements - Lesser of useful life or lease life Maintenance and repair costs are charged directly to expense; renewals and betterments which significantly extend the useful life of the asset are capitalized. Costs and accumulated depreciation on assets retired or disposed of are removed from the accounts and any resulting gains or losses are recorded to earnings in the period of disposal. Goodwill and Indefinite-Lived Purchased Intangible Assets – Goodwill represents the excess of the acquisition cost over the fair value of the identifiable net assets of an acquired business. The Company does not amortize goodwill and other intangible assets that have indefinite useful lives; rather, goodwill and other intangible assets with indefinite lives are tested for impairment. Goodwill is tested for impairment at the reporting unit level annually as of October 1, or when events or changes in circumstances indicate that goodwill might be impaired in accordance with ASC 350-20 “ Intangibles-Goodwill and Other. ” A two-step impairment test is performed at the reporting unit level. In the first step of impairment testing, the fair value of each reporting unit is compared to its carrying value. The fair value of each reporting unit is determined using the income approach based on the present value of discounted future cash flows of those units. The cash flows utilized in goodwill impairment testing differ from actual consolidated cash flows due to exclusion of non-recurring charges. The cash flow model utilized in the goodwill impairment test involves significant judgments related to future growth rates, working capital needs, discount rates and tax rates, among other considerations. The Company relies on data developed by business unit management as well as macroeconomic data in making these calculations. The discounted cash flow model utilizes a risk-adjusted weighted average cost of capital to discount estimated future cash flows. Changes in these estimates can impact the present value of the expected cash flow that is used in determining the fair value of a given reporting unit. If the fair value of a reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and no further testing is required. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the second step of the impairment test is performed to determine the implied fair value of the reporting unit’s goodwill. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, an impairment charge is recorded equal to the difference. Indefinite-lived intangible assets consist of certain tradenames which are reviewed for potential impairment on an annual basis as of October 1, or when events or changes in circumstances indicate that indefinite-lived intangible assets might be impaired. Indefinite-lived intangible assets are reviewed for impairment by comparing the estimated fair values of the indefinite-lived intangible assets to their carrying values. The estimated fair values of these intangible assets are determined using the “relief from royalty” approach. An impairment loss is recognized when the estimated fair value of an indefinite-lived intangible asset is less than the carrying value. The Company completed its goodwill and indefinite-lived intangible asset impairment evaluations as of October 1, 2015 and, based on the results of the impairment tests, determined that no significant adjustments to the carrying value of goodwill or indefinite-lived intangible assets were necessary. There were also no such adjustments to the carrying value of goodwill or indefinite-lived intangible assets necessary for the year ended December 31, 2014, and the Successor and Predecessor 2013 periods. For the Agricultural Solutions segment, management aggregated the geographical business units as one reporting unit for purposes of this evaluation. Animal Health was considered as a separate reporting unit. Management concluded that aggregating the geographical business units was appropriate after consideration of both qualitative and quantitative factors, such as consistency of products and services, production capabilities, distribution methods, and significant inter-dependence and sharing of resources. Additionally, management considered the downturn in the agricultural industry when considering the estimated future cash flows used within the impairment test. Management’s expectation is that this downturn is temporary and consistent with historical economic cycles within the industry; however, if industry turnaround does not occur in the expected time-frame, management will test for impairment if such events or changes in circumstances indicate that goodwill might be impaired. Further, management assessed impairment across all assets for triggers, and determined that adjustments to the carrying value of these assets were not necessary. The Company performed qualitative assessments for three reporting units in the Performance Solutions segment and step one of the two step test for the remaining reporting units in the Performance Solutions and Agricultural Solutions segments. A qualitative assessment is permitted at the reporting unit level to determine whether it is necessary to perform the two-step goodwill impairment test. The qualitative assessment consists of an evaluation of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, based on all relevant events or circumstances that affect the fair value or carrying amount of a reporting unit. Finite-Lived Intangible Assets – Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, which currently range from 8 to 30 years for customer lists, 5 to 14 years for developed technology, 5 to 20 years for tradenames and 1 to 5 years for non-compete agreements. The Company evaluates long-lived assets, such as property, plant and equipment and intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. If circumstances require a long-lived asset group to be tested for possible impairment, the Company first determines if the estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, the carrying amount of the asset is reduced to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. Product Registrations – Product registrations represent external costs incurred to obtain distribution rights from regulatory bodies for certain products in our Agricultural Solutions segment. These costs include laboratory testing, legal, regulatory filing and other costs. Only costs associated with products that are probable of generating future cash flows are capitalized. The capitalized costs are amortized over the useful lives of the registrations, which currently range from 12 to 14 years, and are included in "Selling, technical, general and administrative" expenses in the Consolidated Statement of Operations. Product registrations are evaluated for impairment in the same manner as other finite-lived intangible assets. Asset Retirement Obligations – The Company records the fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred, if a reasonable estimate of fair value can be made. Upon initial recognition of a liability, the Company capitalizes the cost of the asset retirement obligation by increasing the carrying amount of the related long-lived asset. Over time, the liability is increased for changes in its present value as accretion through interest expense and the capitalized cost is depreciated over the useful life of the related asset. Employee Benefits – The Company sponsors a variety of employee benefit programs, some of which are non-contributory. The accounting policies used to account for these plans are as follows: Retirement – The Company provides non-contributory defined benefit plans to domestic and certain foreign employees. The projected unit credit actuarial method is used for financial reporting purposes. The Company recognizes the funded status in its Consolidated Balance Sheets, which represents the difference between the fair value of the plan assets and the projected benefit obligation. The Company’s funding policy for qualified plans is consistent with federal or other local regulations and customarily equals the amount deductible for federal and local income tax purposes. Foreign subsidiaries contribute to other plans, which may be administered privately or by government agencies in accordance with local regulations. 401(k) - Effective January 1, 2014, the Company also provides benefits under the Platform Specialty Products Corporation Employee Savings & 401(k) Plan, or PSP 401(k) Plan, for substantially all domestic employees, which consists of two components: a discretionary profit-sharing/non-elective component, funded by the Company, and a defined contribution 401(k) component. Under the discretionary profit sharing/non-elective component, the Company's non-elective contributions to the PSP 401(k) Plan totaled $1.5 million and $1.4 million for the years ended December 31, 2015 and 2014, respectively, and are funded during the first quarters of each subsequent year. Under the defined contribution 401(k) component, on a yearly basis, the Company may determine to make contributions that match some or all of the participants’ contributions. For the years ended December 31, 2015 and 2014, the Company contributed $1.4 million and $0.7 million to the plan, respectively. Post-retirement – The Company currently accrues for post-retirement health care benefits for U.S. employees hired prior to April 1, 1997. The post-retirement health care plan is unfunded. Financial Instruments – The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable, investments, accounts payable, contingent consideration and current and long-term debt. The Company believes that the carrying value of the cash and cash equivalents, restricted cash, accounts receivable and accounts payable are representative of their respective fair values because of the short maturities of these instruments. Available for sale equity investments are carried at fair value with net unrealized gains or losses reported as a component of accumulated other comprehensive (loss) income. See Note 11, Fair Value Measurements , to the Consolidated Financial Statements. Equity Securities – Equity securities that have a readily determinable fair value are classified as available for sale and are carried at fair value. Unrealized holding gains and losses are recorded in other comprehensive income. Equity securities which do not have readily determinable fair values are recorded at cost and are evaluated whenever events or changes in circumstances indicate that the carrying values of such investments may be impaired. Equity Method Investments – Investments over which the Company has the ability to exercise significant influence, but which the Company does not control, are accounted for under the equity method of accounting and are included in "Other assets" on the Consolidated Balance Sheet. Significant influence generally exists when the Company holds between 20% and 50% of the voting power of another entity. Investments are initially recognized at cost. The Consolidated Financial Statements include the Company's share of net earnings or losses from the date that significant influence commences until the date that significant influence ceases. When the Company's share of losses exceeds its interest in an equity investment, the carrying amount of that interest is reduced to zero, and the recognition of further losses is discontinued, except to the extent that the Company has an obligation or has made payments on behalf of the investee. Financial Guarantees and Factoring of Accounts Receivable – Guarantees provided to financial institutions on vendor and customer loans used to settle outstanding accounts receivable balances are recorded as liabilities until such time when the guarantee periods have elapsed, at which time the accounts receivable balances and the related financial guarantees are reversed. Factoring arrangements, whereby substantially all economic risks and rewards associated with trade receivables are transferred to a third party, are accounted for by derecognizing the trade receivables upon receipt of cash proceeds from the factoring arrangement. Factoring arrangements, whereby some, but not substantially all, of the economic risks and rewards are transfered to a third party and the assets subject to the factoring arrangement remain under the Company's control are accounted for by not derecognizing the trade receivables and recognizing any related obligations to the third party. Foreign Currency Translation – Primarily all of the Company’s foreign subsidiaries use their local currency as their functional currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. Dollars using foreign currency exchange rates prevailing as of the balance sheet dates. Revenue and expense accounts are translated at average foreign currency exchange rates for the periods presented. Cumulative currency translation adjustments are included in other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets. Net gains and losses from transactions denominated in a currency other than the functional currency of the entity are included in Other (expense) income in the Consolidated Statements of Operations. Revenue Recognition – The Company recognizes revenue, including freight charged to customers, net of applicable rebates, estimates for sales returns and allowances and discounts, when the earnings process is complete. This occurs when products have been shipped to, or received by, the customer, in accordance with the terms of the agreement by and between the Company and such customer, title and risk of loss has been transferred, pricing is fixed or determinable and collectability is reasonably assured. On a limited and discretionary basis, the Company allows certain distributors within the Agricultural Solutions segment extensions of credit on a limited portion of purchases made during a purchasing cycle, which remain in the distributor’s inventory. The extension of credit is not a right to return, and distributors must pay unconditionally when the extended credit period expires. Cost of Sales – Cost of sales consists primarily of raw material costs and related purchasing and receiving costs used in the manufacturing process, direct salary and wages and related fringe benefits, packaging costs, shipping and handling costs, plant overhead and other costs associated with the manufacture and distribution of the Company’s products. For the years ended December 31, 2015 and 2014, cost of sales included a manufacturer’s profit in inventory adjustment of $76.5 million and $35.5 million , respectively, associated with inventory revaluations related to the various Acquisitions. For the Successor 2013 Period, cost of sales included a manufacturer’s profit in inventory adjustment of $23.9 million related to the MacDermid Acquisition. Shipping and Handling Costs – Costs related to shipping and handling are recognized as incurred and included in cost of sales in the Consolidated Statements of Operations. Selling, technical, general and administrative expenses – Selling, technical, general and administrative expenses consist primarily of personnel and travel costs, advertising and marketing expenses, administrative expenses associated with accounting, finance, legal, human resource, amortization of intangible assets, risk management and overhead associated with these functions. Research and development – Research and development costs, which primarily relate to internal salaries, are expensed as incurred. Environmental Matters - The Company accrues for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current laws and existing technologies. The accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in “Accrued expenses and other current liabilities” and “Other long-term liabilities” at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the consolidated balance sheets as “Other current assets" and "Other assets." Environmental costs are capitalized in instances where the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. Income Taxes – The provision for income taxes includes federal, foreign, state and local income taxes currently payable as well as the net change in deferred tax assets and liabilities during the period. Deferred income taxes are recorded at currently enacted tax rates for temporary differences between the financial reporting and income tax basis of assets and liabilities. A valuation allowance is assessed and recorded when it is estimated that it becomes more likely than not that the full value of a deferred tax asset may not be realized. Deferred federal and state income taxes are not provided on the undistributed earnings of certain foreign subsidiaries where management has determined that such earnings have been permanently reinvested. Stock-based Compensation Plans – The Company accounts for stock-based compensation in accordance with ASC No. 718, “Compensation - Stock Compensation.” Stock-based compensation expense recognized during the period is based on the value of the portion of equity-based awards that are ultimately expected to vest. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. The fair value of RSUs is determined based on the number of units granted and the closing price of the Company's common stock on the date of grant. Compensation expense for all share-based payment awards is recognized using the straight-line amortization method over the vesting period. Earnings (Loss) Per Common Share – Basic earnings (loss) per common share excludes dilution and is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per common share assumes the issuance of all potentially dilutive share equivalents using the if-converted or treasury stock method, if the effect is not anti-dilutive. For stock options and RSUs, it is assumed that the proceeds will be used to buy back shares. For stock options, such proceeds equal the average unrecognized compensation plus the assumed exercise of weighted average number of options outstanding and windfall tax benefits. For unvested RSUs, the assumed proceeds equal the average unrecognized compensation expense plus windfall tax benefits. New Accounting Standard s Leases (Topic 842) - In February 2016, the FASB issued ASU No. 2016-02 “Leases.” The updated guidance applies to capital (or finance) and operating leases, and requires lessees to recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Lessees can make an accounting policy choice to not recognize right of use assets and lease liabilities for short-term leases (leases with a lease term of 12 months or less). The guidance is effective for fiscal years, and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is evaluating the impact of this new ASU. Financial Instruments - Overall (Subtopic 825.10) - In January 2016, the FASB issued ASU No. 2016-1 “Recognition and Measurement of Financial Assets and Financial Liabilities.” This update addresses certain aspects of recognition, measurement, presentation, and disclosure of financial assets and liabilities. Provisions of this ASU include, among others, requiring the measurement of certain equity investments at fair value, with changes in value recognized in net income, and simplifying the impairment assessment of certain equity investments. The guidance is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is only permitted for provisions related to the recognition of changes in fair value of financial liabilities. The Company is evaluating the impact of this new ASU, which is not expected to have a material impact on its financial statements. Income Taxes (Topic 740) - In November 2015, the FASB issued ASU No. 2015-17 “Balance Sheet Classification of Deferred Income Taxes.” Under the updated guidance, an entity is required to classify deferred income tax assets and liabilities as non-current in the Consolidated Balance Sheet, eliminating the previous requirement to separate deferred income tax assets and liabilities into current and non-current amounts. The guidance is effective for fiscal years and interim periods beginning after December 15, 2016, and may be applied either prospectively or retrospectively, with early adoption permitted. The Company early adopted this ASU as of December 31, 2015 on a prospective basis; prior periods were not retrospectively adjusted. Business Combinations (Topic 805) - In September 2015, the FASB issued ASU No. 2015-16 “Simplifying the Accounting for Measurement-Period Adjustments.” Under the updated guidance, an entity is no longer required to retrospectively apply adjustments to provisional amounts recorded as a part of a business combination. Adjustments to provisional amounts identified during the measurement period continue to be calculated as of the acquisition date but are recognized in the period in which they are determined, including the effects of such adjustments on earnings. The guidance is effective prospectively for fiscal years and interim periods beginning after December 15, 2015, with early adoptio |
Acquisitions of Businesses
Acquisitions of Businesses | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions of Businesses | ACQUISITIONS OF BUSINESSES 2015 Activity Alent Acquisition On December 1, 2015, Platform completed the Alent Acquisition by acquiring all of the issued shares of Alent for approximately $1.74 billion in cash, net of acquired cash, and 18,419,738 shares of the Company's common stock at $12.56 per share, issued to Alent shareholders, including Cevian Capital II Master Fund LP, the then largest shareholder of Alent. The Company acquired Alent to expand its product capabilities and offerings and improve the geographic range in surface treatments. Legacy Alent was a global supplier of specialty chemicals and engineered materials used primarily in electronics, automotive, industrial applications, and high performance consumable products and services. Alent is included in the Company's Performance Solutions business segment. OMG Acquisition On October 28, 2015, Platform completed the OMG Acquisition for a total purchase price of approximately $237 million , in cash, net of acquired cash, subject to purchase price adjustments. The Company acquired the highly-synergistic OMG Businesses to bolster its Performance Solutions segment. Legacy OMG’s Electronic Chemicals business developed, produced and supplied chemicals for electronic and industrial applications. Legacy OMG’s Photomasks products were used by customers to produce semiconductors and related products. The OMG Businesses are included in the Company's Performance Solutions business segment. Arysta Acquisition On February 13, 2015, Platform completed the Arysta Acquisition for approximately $3.50 billion , consisting of $2.86 billion in cash, net of acquired cash and closing working capital adjustments, and including Arysta Seller transaction expenses paid by Platform, and the issuance to the Arysta Seller of $600 million of Platform’s Series B Convertible Preferred Stock with a fair value of $646 million . The Company acquired Arysta to expand its presence in the agrochemical business, complementing its prior acquisitions of Agriphar and CAS. Legacy Arysta provided products and solutions utilizing globally managed patented and proprietary off-patent agrochemical AIs and biological solutions, or biosolutions, and off-patent agrochemical offerings. Biosolutions include stimulants, or biostimulants, innovative nutrition and biological control, or biocontrol, products. Arysta is included in the Company's Agricultural Solutions business segment. 2014 Activity CAS Acquisition On November 3, 2014, Platform completed the CAS Acquisition for approximately $1.04 billion , consisting of $983 million in cash, net of acquired cash and certain post-closing working capital and other adjustments, and 2,000,000 shares of its common stock. Due to regulatory constraints, title to certain CAS businesses located in Russia was not transferred to Platform until the first quarter of 2015. In connection with the CAS Acquisition, the Company entered into six supply agreements with Chemtura to supply certain products to the Company, on an exclusive basis. These arrangements included capital leases for certain equipment totaling $13.2 million , which were recorded as measurement period adjustments having an immaterial impact on the year ended December 31, 2014. In addition, the Company has agreed to fund the asset retirement obligations associated with the related equipment and accordingly, the Company has recognized an asset retirement obligation of $13.2 million . The supply agreements have a minimum term of four years from the date of the CAS Acquisition and will remain in force unless either party provides advance termination notice. In line with Platform's business strategy of growing into niche markets and applications, the Company acquired CAS to enter the agrochemical industry. Legacy CAS was a niche provider of seed treatments and crop protection applications in numerous geographies across seven major product lines – adjuvants, fungicides, herbicides, insecticide, miticides, plant growth regulators and seed treatments. CAS is included in the Company's Agricultural Solutions business segment. Agriphar Acquisition On October 1, 2014, Platform completed the Agriphar Acquisition for a purchase price of approximately €300 million ( $370 million ), consisting of $350 million in cash, net of acquired cash and certain post-closing working capital and other adjustments, and 711,551 restricted shares of its common stock. Such restricted shares will become unrestricted beginning January 2, 2018 unless agreed otherwise in accordance with the terms of the acquisition agreement. The agreement also stipulates that prior to January 2, 2018, the seller may transfer (i) a maximum of 1/3 of its shares as of January 2, 2016, (ii) 1/3 of its shares as of January 2, 2017 and (iii) 1/3 of its shares as of January 2, 2018, in each case subject to the terms and provisions of a solvency letter described in the acquisition agreement. Additionally, the seller was granted a put option to sell and transfer all (but not part) of its shares, on (but not prior to) the date that is six months from the closing of the Agriphar Acquisition, which option was not exercised. As a result, the value of the option, totaling $3.0 million , was reversed and included in "Other income (expenses), net" for the year ended December 31, 2015 . The Company acquired Agriphar in its crop protection vertical as it believes Agriphar’s and CAS’ businesses are very complementary in terms of product range and distribution capabilities. Legacy Agriphar was a European crop protection group supported by a team of researchers and regulatory experts which provided a wide range of fungicides, herbicides and insecticides with end markets primarily across Europe. Agriphar is included in the Company's Agricultural Solutions business segment. 2013 Activity MacDermid Acquisition On October 31, 2013, Platform completed the MacDermid Acquisition. The total consideration paid in connection with the MacDermid Acquisition and the acquisition of the 3% of MacDermid equity interests not already held by MacDermid Holdings was approximately $1.80 billion (including the assumption of $754 million of indebtedness, consisting primarily of MacDermid’s then existing first lien credit facility), plus (i) up to $100 million of contingent consideration tied to achieving certain EBITDA and stock trading price performance metrics over a seven-year period following the closing of the MacDermid Acquisition and (ii) an interest in certain MacDermid pending litigation. Acquisition Revenues and Net Income (Loss) Revenues contributed by the Alent, OMG, Arysta, CAS and Agriphar Acquisitions from the date of each respective acquisition for the years ended December 31, 2015 and 2014 were as follows: (amounts in millions) December 31, 2015 December 31, 2014 Alent $ 70.8 $ — OMG 20.7 — Arysta 1,197.0 — CAS 363.0 61.9 Agriphar 181.4 26.1 Total $ 1,832.9 $ 88.0 As the integration of the Alent, OMG, Arysta, CAS and Agriphar Acquisitions continues, discrete revenues reported by our existing businesses are being affected by the integration process and are becoming less comparable to prior periods. The Alent, OMG, Arysta, CAS and Agriphar Acquisitions had net (loss) income for the years ended December 31, 2015 and 2014 as follows: (amounts in millions) December 31, 2015 December 31, 2014 Alent $ (12.4 ) $ — OMG (0.4 ) — Arysta (86.7 ) — CAS (57.9 ) (20.5 ) Agriphar 23.9 (8.3 ) Total $ (133.5 ) $ (28.8 ) Purchase Price Allocation The following table summarizes the consideration transferred and transaction costs incurred to acquire Alent, the OMG Businesses, Arysta, CAS and Agriphar and the amounts of identified assets acquired and liabilities assumed at the acquisition date: (amounts in millions) Alent OMG Arysta CAS Agriphar Consideration Cash, net $ 1,507.0 $ 236.5 $ 2,856.2 $ 983.1 $ 350.2 Equity Instruments 231.4 — 645.9 52.0 16.6 Long-term debt — — — — — Derivative liability — — — — 3.5 Total Consideration $ 1,738.4 $ 236.5 $ 3,502.1 $ 1,035.1 $ 370.3 Acquisition costs $ 21.1 $ 7.0 $ 30.2 $ 23.6 $ 3.2 Identifiable Assets acquired and Liabilities Assumed Accounts receivable - contractual $ 178.0 $ 33.1 $ 738.9 $ 172.2 $ 62.7 - less uncollectible (1.8 ) (1.6 ) (51.6 ) (18.0 ) (2.6 ) Accounts receivable - fair value 176.2 31.5 687.3 154.2 60.1 Inventories 116.1 13.2 298.0 132.1 42.7 Other current assets 29.3 1.6 126.9 19.1 0.4 Property, plant and equipment 193.0 35.1 123.6 24.8 31.7 Identifiable intangible assets 682.9 77.9 1,773.0 534.0 183.0 Other assets 33.9 0.2 41.0 11.4 4.5 Current Liabilities (178.6 ) (21.5 ) (581.2 ) (69.7 ) (47.5 ) Non-current deferred tax liability (139.6 ) (13.6 ) (518.4 ) (26.7 ) (64.9 ) Other long term liabilities (317.0 ) (4.0 ) (120.4 ) (13.4 ) (9.0 ) Non controlling interest — — (125.2 ) — — Total identifiable net assets 596.2 120.4 1,704.6 765.8 201.0 Goodwill 1,142.2 116.1 1,797.5 269.3 169.3 Total purchase price $ 1,738.4 $ 236.5 $ 3,502.1 $ 1,035.1 $ 370.3 The purchase accounting and purchase price allocation for the Alent and OMG Acquisitions are substantially complete with the exception of the following areas: environmental and legal reserves, developed technology intangible assets, asset retirement obligations, and income taxes for the Alent Acquisition, and developed technology intangible assets for the OMG Acquisition. The Company is still gathering information related to these recent acquisitions to finalize their purchase accounting. For more information regarding Alent's environmental reserves, see Note 16, Contingencies, Environmental and Legal Matters, to the Consolidated Financial Statements. The purchase accounting and purchase price allocation is complete for the Arysta, CAS and Agriphar Acquisitions. In connection with the CAS Acquisition, the Company finalized the valuation of the asset retirement obligation and capital leases related to its supply agreements with Chemtura to supply certain products to the Company on an exclusive basis, and recorded measurement period adjustments having an immaterial impact on the year ended December 31, 2014. The Company also completed the valuation of CAS's 15% equity interest in Certis Europe B.V. and reduced the preliminary estimate of its equity interest by $10.1 million to $5.0 million , with a corresponding adjustment reflected in goodwill. The value of this equity interest is classified in "Other assets" in the Condensed Consolidated Balance Sheets. In connection with the Arysta Acquisition, the Company finalized the valuation of the non-controlling interest, property plant and equipment, and identifiable intangible assets. The finalization of third-party valuations during the fourth quarter of 2015 resulted in an increase in non-controlling interest of $101 million , an increase in property plant and equipment of $13.6 million , and identifiable intangible assets of $134 million . The collective impact of the adjustments noted above resulted in an increase of $25.7 million in non-current deferred tax liability, with corresponding adjustments reflected in goodwill. The excess of the respective cost of the Acquisitions over the net of amounts assigned to the fair values of the assets acquired and the liabilities assumed is recorded as goodwill and represents the value of estimated synergies and the assembled workforces resulting from the Acquisitions. Of the $3.49 billion of goodwill recorded in connection with the Alent, OMG, Arysta, CAS and Agriphar Acquisitions, $246 million is expected to be deductible for tax purposes as result of the CAS Acquisition. Identifiable intangible assets recorded in conjunction with the Acquisitions have been assigned the following useful lives: 8 to 30 years for customer lists, 5 to 14 years for developed technology, 5 to 20 years for tradenames and 1 to 5 years for non-compete agreements, which results in weighted average useful lives of 20.3 years, 11.8 years, 12.8 years and 5 years, respectively. The aggregate weighted average useful life of the Company's finite-lived intangible assets is approximately 15.0 years at December 31, 2015 . Pro Forma Revenue and Earnings 2015 Activity The following unaudited pro forma summary presents consolidated information of the Company as if the Alent, OMG and Arysta Acquisitions had occurred on January 1, 2014: (amounts in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 Revenue $ 3,582.4 $ 3,559.2 Net (Loss) Income attributable to Stockholders (328.1 ) (530.8 ) In 2015 , the Company incurred $35.9 million of acquisition-related expenses, net of taxes, which have been reflected in the pro forma earnings above as if they had been incurred in 2014 . These pro forma results have been prepared to reflect fair value adjustments to intangible assets and the related amortization expense, net of tax, from January 1, 2014, as well as the post-acquisition capital structure. 2014 Activity The following unaudited pro forma summary presents consolidated information of the Company as if the Agriphar and CAS Acquisitions had occurred on January 1, 2013: (amounts in millions) Year Ended December 31, 2014 Year Ended December 31, 2013 Revenue $ 1,405.9 $ 731.8 Net Income (Loss) attributable to Stockholders 46.4 (229.5 ) In 2014, the Company incurred $29.8 million of acquisition-related expenses, net of taxes, which have been reflected in the pro forma earnings above as if they had been incurred in 2013. These pro forma results have been prepared to reflect fair value adjustments to intangible assets and the related amortization expense, net of tax, from January 1, 2013, as well as the post-acquisition capital structure. 2013 Activity As the Company’s inception date was April 23, 2013, no pro-forma financial disclosures were necessary for the MacDermid Acquisition as all of the results of operations of MacDermid were included in the Successor and Predecessor 2013 Periods. Other During the year ended December 31, 2014, we also acquired a business for $30.5 million , after certain post-closing working capital and other adjustments (including the assumption of approximately $0.4 million of indebtedness), within our Performance Solutions segment. Assets and liabilities of the acquired business were recorded as of the date of acquisition based on their estimated fair value as determined in a purchase price allocation. The Company’s allocation of purchase price for this acquisition included net current assets and current liabilities of $1.2 million each, property, plant and equipment of $0.2 million , deferred tax liability of $3.6 million , identifiable intangible assets of $18.0 million and goodwill of $16.3 million . No goodwill from this acquisition is expected to be deductible for tax purposes. Of the $18.0 million of acquired intangible assets, $14.6 million was assigned to customer lists, $1.9 million to non-compete agreements and $1.5 million to tradenames and developed technology. Pro forma revenue and earnings related to this business have not been presented as they were deemed not significant. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES The major components of inventory were as follows: (amounts in millions) December 31, 2015 December 31, 2014 Finished goods $ 340.1 $ 156.0 Work in process 28.5 0.5 Raw materials and supplies 148.9 49.3 Total inventory, net $ 517.5 $ 205.8 In connection with Platform's various acquisitions, the value of finished goods inventory was increased at the respective dates of acquisition to reflect fair value. For the years ended December 31, 2015 and 2014 , $76.5 million and $35.5 million , respectively, was charged to "Cost of sales" in the Consolidated Statements of Operations based on the estimated inventory turnover of the various acquisitions. For the Successor 2013 Period, $23.9 million was charged to "Cost of sales." As of December 31, 2015 and 2014 , the remaining portion of the finished goods inventory fair value mark-up totaled $11.5 million and $22.0 million , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT The major components of property, plant and equipment were as follows: (amounts in millions) December 31, 2015 December 31, 2014 Land and leasehold improvements $ 107.9 $ 36.6 Buildings and improvements 143.8 47.9 Machinery, equipment, fixtures and software 276.8 108.2 Assets under capital lease Land and buildings 6.4 3.2 Machinery and equipment 5.1 3.7 540.0 199.6 Accumulated depreciation (64.3 ) (21.3 ) Accumulated amortization of capital leases (5.5 ) (3.9 ) 470.2 174.4 Construction in process 21.4 4.2 Property, plant and equipment, net $ 491.6 $ 178.6 For the years ended December 31, 2015 and 2014 , the Company recorded depreciation expense of $48.9 million and $20.6 million , respectively. For the Successor and Predecessor 2013 Periods, the Company and the Predecessor recorded depreciation expense of $3.9 million and $10.5 million , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill by segment are as follows: (amounts in millions) Performance Solutions Agricultural Solutions Total Balance, December 31, 2013 $ 989.8 $ — $ 989.8 Addition from acquisitions 16.3 459.6 475.9 Foreign currency translation and other (44.9 ) (15.5 ) (60.4 ) Balance, December 31, 2014 961.2 444.1 1,405.3 Addition from acquisitions 1,258.3 1,697.1 2,955.4 Purchase accounting adjustments — 80.2 80.2 Foreign currency translation and other (72.3 ) (346.7 ) (419.0 ) Balance, December 31, 2015 $ 2,147.2 $ 1,874.7 $ 4,021.9 During the fourth quarter of 2015 and 2014 , the Company performed its annual impairment analysis of goodwill at the reporting unit level. Platform's goodwill impairment testing analysis varies by reporting unit, using the qualitative approach for certain reporting units and an income approach derived from a discounted cash flow model to estimate the fair value of other reporting units. Based on the assessments used in the qualitative approach and the projections and other assumptions used in the analysis, the Company concluded that the fair values of the reporting units exceeded the carrying values of their net assets. As a result, there was no impairment of goodwill in 2015 and 2014 . However, in performing the first step of the goodwill impairment test for the year ended December 31, 2015, and 2014, the fair values of certain reporting units exceeded their carrying values by less margin than others. Specifically in 2015, the excess of the fair value of the Agro Business, a reporting unit within the Agricultural Solutions segment, over its carrying value was 16.1% . Goodwill assigned to the Agro Business reporting unit totaled $1.87 billion . In 2014, the excess of the fair value of Offshore and ASF Americas, reporting units within the Performance Solutions segment, over their carrying values were 7.6% and 11.1% , respectively. Goodwill assigned to the Offshore and ASF Americas reporting units totaled $364 million and $78.3 million , respectively. • Valuation Techniques - The Company uses a discounted cash flow analysis, which requires assumptions about short and long-term net cash flows, growth rates, as well as discount rates. Additionally, the Company considers guideline company and guideline transaction information, where available, to aid in the valuation of the reporting units. • Growth Assumptions - Multi-year financial forecasts are developed for each reporting unit by considering several key business drivers such as new business initiatives, client service and retention standards, market share changes, historical performance, and industry and economic trends, among other considerations. The annual revenue growth rates used in 2015 for the initial 8 year period ranged from 1.3% to 7.2% for the Agro Business. The long-term growth rates used in 2015 in determining the terminal value of the Agro Business were estimated at 3.0% . The annual revenue growth rates used in 2014 for the initial 7 year period ranged from (0.7)% to 9.0% for Offshore and 2.3% to 5.9% for ASF Americas. The long-term growth rates used in 2014 in determining the terminal value of the Offshore and ASF Americas reporting units were estimated at 3.5% and 3.0% , respectively, based on management's assessment of the minimum expected terminal growth rate of each reporting unit, as well as broader economic considerations such as gross domestic product and inflation. • Discount Rate Assumptions - Discount rates were estimated based on a Weighted Average Cost of Capital, or WACC. The WACC combines the required return on equity, based on a Modified Capital Asset Pricing Model, which considers the risk-free interest rate, market risk premium, beta, small stock risk premium and a company specific risk premium, with the cost of debt, based on BBB rated corporate bonds, adjusted using an income tax factor. For the period ended in 2015, the calculation resulted in a WACC rate of 10.0% for the Agro Business. For the period ended in 2014, the calculation resulted in a WACC rate of 10.5% for both Offshore and ASF Americas. • Estimated Fair Value and Sensitivitie s - The estimated fair value of each reporting unit is derived from the valuation techniques described above. The estimated fair value of each reporting unit is analyzed in relation to numerous market and historical factors, including current economic and market conditions, company-specific growth opportunities, and guideline company information. The estimated fair value of the reporting unit is highly sensitive to changes in these estimates and assumptions; therefore, in some instances, changes in these assumptions could impact whether the fair value of a reporting unit is greater than its carrying value. Platform performed sensitivity analysis around these assumptions in order to assess the reasonableness of the assumptions and the resulting estimated fair values. In 2015, based on the sensitivity analysis performed for the Agro Business reporting unit, a 1% decrease in the terminal growth rate does not result in the carrying value exceeding their fair value, however, a 1% increase in the WACC rate would have resulted in the carrying value of the net assets to exceed their fair value, making it necessary to proceed to the second step of the impairment test. In 2014, based on the sensitivity analysis performed for the Offshore reporting unit, a 1% decrease in the terminal growth rate or a 1% increase in the WACC rate would have resulted in the carrying value of the net assets to exceed their fair value, making it necessary to proceed to the second step of the impairment test. In 2014, for ASF Americas, a 1% decrease in the terminal growth rate does not result in the carrying value exceeding their fair value, however, a 1% increase in the WACC rate would have resulted in the carrying value of the net assets to exceed their fair value, making it necessary to proceed to the second step of the impairment test. Indefinite-Lived Intangible Assets The carrying value of indefinite-lived intangible assets, other than goodwill, which consists solely of tradenames, was $360 million and $69.3 million at December 31, 2015 and 2014 , respectively. The Company found no indications of impairment related to its indefinite-lived intangible assets as a result of its annual impairment review. Finite-Lived Intangible Assets Intangible assets subject to amortization were as follows: (amounts in millions) December 31, 2015 December 31, 2014 Weighted average useful life (years) Gross Carrying Amount Accumulated Amortization and Foreign Exchange Net Book Value Gross Carrying Amount Accumulated Amortization and Foreign Exchange Net Book Value Customer lists 20.3 $ 1,297.2 $ (184.0 ) $ 1,113.2 $ 613.6 $ (71.6 ) $ 542.0 Developed technology (1) 11.8 2,260.9 (440.4 ) 1,820.5 760.5 (50.8 ) 709.7 Tradenames 12.8 24.2 (5.4 ) 18.8 19.7 (1.0 ) 18.7 Non-compete agreement 5.0 1.9 (0.5 ) 1.4 1.9 (0.1 ) 1.8 Total 15.0 $ 3,584.2 $ (630.3 ) $ 2,953.9 $ 1,395.7 $ (123.5 ) $ 1,272.2 (1) Includes in-process registration rights awaiting completion before amortization commences. For the years ended December 31, 2015 and 2014 , the Company recorded amortization expense on intangible assets of $202 million and $67.4 million , respectively. For the Successor and Predecessor 2013 Periods, the Company and the Predecessor recorded amortization expense on intangible assets of $8.9 million and $22.4 million , respectively. The Company found no indications of impairment related to its finite-lived intangible assets as a result of its annual impairment review. Estimated future amortization of intangible assets for each of the next five fiscal years are as follows: (amounts in millions) Amortization Expense 2016 $ 265.1 2017 265.1 2018 265.1 2019 265.0 2020 261.3 |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plans | EQUITY COMPENSATION PLANS In June 2014, the Company's stockholders adopted the Platform Specialty Products Corporation Amended and Restated 2013 Incentive Compensation Plan. The 2013 Plan is administered by the compensation committee of the Board, except as otherwise provided in the 2013 Plan. The Board approved a maximum of 15,500,000 shares of common stock (subject to increase in accordance with the terms of the 2013 Plan), which were reserved and made available for issuance under the 2013 Plan. As of December 31, 2015 , a total of 365,792 shares of common stock had been issued and 831,436 RSUs were outstanding under the 2013 Plan. Total RSUs Stock Options Equity Classified Liability Classified Outstanding as of December 31, 2013 250,000 — — 250,000 Granted 481,175 151,352 329,823 — Exercised/Issued (9,242 ) (9,242 ) — — Forfeited — — — — Outstanding as of December 31, 2014 721,933 142,110 329,823 250,000 Granted 666,662 453,260 213,402 — Exercised/Issued (77,500 ) (2,500 ) — (75,000 ) Forfeited (304,659 ) (91,236 ) (213,423 ) — Outstanding as of December 31, 2015 1,006,436 501,634 329,802 175,000 Equity Classified Share Based Payments 2015 Activity During the year ended December 31, 2015 , the Board approved grants totaling 445,618 RSUs under the 2013 Plan to certain employees of the Company, with grant-date fair values ranging from $12.74 to $27.05 per unit and vesting periods ranging from 33 months to 63.5 months. Of these RSUs, 209,290 RSUs are subject to performance conditions that must be achieved in the applicable vesting year and 221,287 RSUs are subject to market conditions, of which 187,597 include a multiplier from zero to three times depending upon the Company's cumulative average growth rate during a 5 year performance measurement period. During the year ended December 31, 2015 , 91,236 RSUs were forfeited, and 2,500 RSUs vested, resulting in the issuance of 2,500 shares. During the year ended December 31, 2015 , the Board also approved grants to certain directors of the Company under the 2013 Plan totaling 7,642 RSUs with a grant-date fair value of $27.05 . The RSUs will vest on March 17, 2016, provided that such directors continue to serve as directors of the Company through the vesting date. Each RSU represents a contingent right to receive one share of Platform common stock. 2014 Activity During the year ended December 31, 2014 , the Board approved grants totaling 139,610 RSUs under the 2013 Plan to certain employees of the Company and 2,500 RSUs to certain non-employees, with grant-date fair values ranging from $20.97 to $28.36 per share. Vesting periods range from 38 to 69 months for RSUs issued to employees, and 10 months for those issued to non-employees. The RSUs are subject to an EBITDA performance condition that must be achieved in the final vesting year. During the year ended December 31, 2014 , the Board also approved grants totaling 9,242 RSUs under the 2013 Plan to certain directors of the Company which vested on June 12, 2014, the date of the Company's 2014 annual meeting of stockholders. On July 31, 2014, such RSUs were settled in 9,242 shares of common stock which were issued to such directors. For the years ended December 31, 2015 and 2014 , expense associated with RSUs classified as equity totaled $0.8 million and $0.8 million , respectively. Liability Classified Share Based Payments 2015 Activity During the year ended December 31, 2015 , the Board approved a grant of 213,402 RSUs with a grant-date fair value of $23.43 per unit that cliff vest at the end of a 24 -month period, and were subject to certain performance conditions. The undiscounted maximum cash value totaled approximately $5.0 million which was being recognized as compensation expense over the period from grant to the vesting date. As of December 31, 2015 , all RSUs under this award were forfeited. 2014 Activity During the year ended December 31, 2014, the Board approved a grant of 329,823 RSUs under the 2013 Plan to certain employees that cliff vest on December 31, 2020. The RSUs are subject to an EBITDA performance condition and a share price market condition. The combined undiscounted maximum cash value totaled approximately $7.1 million which is being recognized as compensation expense over the period from grant to the vesting date. For the years ended December 31, 2015 and 2014 , compensation (income) expense associated with these awards totaled $(0.1) million and $0.6 million , respectively. Stock Options During the year ended December 31, 2013, MacDermid issued an aggregate 250,000 option deeds to its non-founder directors with an exercise price of $11.50 per share which vested as of the completion of the MacDermid Acquisition and expire 5 years from the date of the MacDermid Acquisition. The Company estimates the fair value of stock option grants using a Black-Scholes option pricing model. In applying this model, the Company used the following assumptions: • Risk-Free Interest Rate: The Company determined the risk-free interest rate equivalent to the expected term based on the U.S. Treasury constant maturity rate. • Expected Term: The Company determined the expected term equal to the life of the contract. • Expected Dividend Rate: The Company has not paid and does not anticipate paying any cash dividends in the near future. Utilizing the Black-Scholes option pricing model, the following assumptions were used: exercise price of $11.50 per share, expected stock price volatility of 18.49% , risk free rate of interest of 0.37% and an expected life of options of 5 years. The options vested on October 31, 2013, the date of the MacDermid acquisition, with a weighted average remaining contractual life of 4.4 years. Stock based compensation expense from option deeds was $0.2 million for the Successor 2013 Period. During the year ended December 31, 2015, an option to acquire 75,000 ordinary shares was exercised by a former non-founder director and 75,000 shares of Platform's common stock were issued on March 19, 2015. Long Term Cash Bonus Plan During the year ended December 31, 2015 , the Company established the LTCB under the 2013 Plan. As of December 31, 2015 , the plan provides participants the right to receive bonuses totaling $15.3 million . Benefits under the plan vest over periods ranging from 31 to 60 months and include EBITDA performance targets, subject to appropriate and equitable adjustments by the Board's compensation committee to reflect any subsequent acquisition, divestiture or other corporate reorganizations, as necessary. For the year ended December 31, 2015 , compensation expense associated with the LTCB totaled $0.1 million . Employee Stock Purchase Plan Effective March 6, 2014, the Board adopted the ESPP, which was approved by the Company’s stockholders in June 2014. The Board approved a maximum of 5,178,815 shares of common stock, which were reserved and made available for issuance under the ESPP. As of December 31, 2015 , a total of 55,500 shares had been issued under the ESPP, and approximately 800 persons were eligible to participate in the ESPP. For the year ended December 31, 2015 , compensation expense associated with the ESPP totaled $0.1 million . For the year ended December 31, 2014 , such compensation expense was de minimis. Predecessor Period On January 29, 2013, the Predecessor authorized for issuance 5,000,000 C Shares, of which 4,890,000 shares were issued and awarded. The value of the C Shares was measured based upon the performance criteria in the operating agreement of MacDermid Holdings based on the estimated equity value of the Predecessor. The C Shares were to be paid in cash in accordance with the operating agreement of MacDermid Holdings upon a change in control, liquidating event or initial public offering. The C Shares were considered liability-classified awards, with the related fair value recognized as compensation expense ratably over the performance period, with changes in the fair value of the award cumulatively adjusted through compensation expense each period. During the Predecessor 2013 Period, $9.0 million was recognized as compensation expense related to the C Shares as a result of the change in control associated with the MacDermid Acquisition. |
Pension, Post-Retirement and Po
Pension, Post-Retirement and Post-Employment Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension, Post-Retirement and Post-Employment Plans | PENSION, POST-RETIREMENT AND POST-EMPLOYMENT PLANS The Company has multiple deferred compensation arrangements, which are described below. The Company has defined benefit pension plans for certain domestic and foreign employees, a supplemental executive retirement plan, or SERP, for executive officers and a post-employment benefits program for certain domestic employees. Aggregate income reported in net earnings for these plans by the Company for the years ended December 31, 2015 and 2014 totaled $1.0 million and $2.1 million , respectively. For the Successor and Predecessor 2013 periods, aggregate income (expense) reported in net earnings totaled $2.7 million and $(3.5) million , respectively. Domestic Defined Benefit Pension Plan In connection with the MacDermid Acquisition, the Pension Plan was closed to new participants. Credited service was frozen for all grandfathered employees. Credited service, average monthly compensation, final average compensation, and covered compensation were frozen for all non-grandfathered employees. The action resulted in a curtailment gain of $3.0 million , which was recorded in the Successor 2013 Period. The Pension Plan is a non-contributory domestic defined benefit pension plan. It provides retirement benefits based upon years of service and compensation levels. As of December 31, 2015 and 2014 , the projected benefit obligation for the Pension Plan was $217 million and $151 million , respectively. The projected benefit obligations for the MacDermid Employees' Pension Plan experienced a reduction of $8.2 million , from $150 million in 2014 to $142 million in 2015 as a result of the following: an increase in the discount rate with a favorable impact on PBO; a negative impact to 2014 PBO due to the Company's adopting new mortality tables in 2014; and the above offset by unfavorable asset return versus 2014. The measurement date used to determine pension and other post-retirement benefits was December 31, 2015 and 2014 , at which time the minimum contribution level for the following year was determined. The Company's expected future contribution to the plan is $6.3 million in 2016. As a result of the Alent Acquisition, the Company acquired the Alent Retirement Security Plan in December 2015. The plan is closed to new participants. The projected benefit obligation associated with the plan at December 31, 2015 was $74.8 million , which was not materially different from the projected benefit obligation assumed at the acquisition date. The fair value of plan assets related to the plan at December 31, 2015 totaled $61.3 million , a decrease of $1.3 million from the acquisition date fair value of $62.6 million , which was primarily the result of $0.9 million in losses on plan assets and $0.4 million benefits paid. The Company does not currently expect to make a contribution to the plan in 2016. An investment committee, appointed by the Board, manages Pension Plan and acquired plan assets in accordance with the Pension Plan’s investment policies. The Company’s investment policies incorporate an asset allocation strategy that emphasizes the long-term growth of capital and acceptable asset volatility as long as it is consistent with the volatility of the relevant market indexes. The investment policies attempt to achieve a mix of approximately 75% of plan investments for long-term growth and 25% for near-term benefit payments. The Company believes this strategy is consistent with the long-term nature of plan liabilities and ultimate cash needs of the plans. Plan assets consist primarily of limited partnership interests, listed stocks, equity security funds and a short-term treasury bond mutual fund. The listed stocks are investments in large-cap and mid-cap companies located in the United States. The limited partnership funds primarily include listed stocks located in the United States. The weighted average asset allocation of the Pension Plan was 25% equity securities, 60% limited partnership interests and managed equity funds, 10% bond mutual fund holdings and 5% cash at December 31, 2015 . As of December 31, 2014 , the weighted average asset allocation of the Pension Plan was 25% equity securities, 58% limited partnership interests and managed equity funds, 9% bond mutual fund holdings and 8% cash. The weighted average asset allocation of the Alent Retirement Security Plan was 8% U.S. Treasuries, 63% Collective Investment Funds ("CIFs"), 26% mutual funds and 3% cash at December 31, 2015. Actual pension expense and future contributions required to fund the Pension Plan and acquired plans will depend on future investment performance, changes in future discount rates, the level of contributions the Company makes and various other factors related to the populations participating in the Pension Plans and acquired plans. The Company evaluates the Pension Plan and acquired plan's actuarial assumptions on an annual basis, including the expected long-term rate of return on assets and discount rate, and adjusts the assumptions as necessary to ensure proper funding levels are maintained so that the Pension Plan and acquired plan can meet obligations as they become due. Supplemental Executive Retirement Plan The Company sponsors a SERP that entitles certain executive officers to the difference between the benefits actually paid to them and the benefits they would have received under the Pension Plans were it not for certain restrictions imposed by the Internal Revenue Service Code. Covered compensation under the SERP's includes an employee’s annual salary and bonus. As of December 31, 2015 and 2014 , the projected benefit obligation under the SERP was $13.5 million and $7.1 million , respectively. Foreign Pension Plans The Company has a U.K. Pension Plan, which represents retirement and death benefit plans covering employees in the U.K. The U.K. Pension Plan is comprised of a defined benefit plan and a defined contribution plan. The defined benefit plan was closed to new entrants and, effective March 31, 2000, existing active members ceased accruing any further benefits exclusive of adjustments for an inflation factor. The defined contribution plan is structured whereby the Company contributes an amount equal to a specified percentage of each employee’s contribution up to an annual maximum contribution per participant. The projected benefit obligation of the U.K. Pension Plan was $85.8 million and $83.2 million at December 31, 2015 and 2014 , respectively. The relatively flat variance in the projected benefit obligation at December 31, 2015 was mainly due to poor asset return versus 2014. The measurement date used to determine U.K. Pension Plan benefits is December 31. Effective October 13, 2014, the trustees of the U.K. Pension Plan entered into a “Buy-In” agreement with Pension Insurance Corporation plc, or PIC, to transfer the benefit obligation to PIC for approximately GBP 49.7 million . The “Buy-In” phase of the U.K. Pension Plan is expected to occur during the second half of 2016, at which point the obligation will be settled and gain or loss will be recorded. As of December 31, 2015 , $18.8 million was included in Accumulated other comprehensive loss related to the U.K. Pension Plan, which is expected to be recognized in connection with the ”Buy-In” agreement once the benefit obligations are transferred and settled. As of December 31, 2015 , 90.5% of the U.K. Pension Plan portfolio is held as an insurance “buy-in” policy, with the remaining 8.9% being held in pooled bond funds and 0.6% in cash. As of December 31, 2014 , 89% of the U.K. Pension Plan portfolio was held as an insurance “buy-in” policy, 10% was held in pooled bond funds and 1% was held in cash. An independent trustee committee, appointed by Company management and employees participating in the U.K. Pension Plan meet to assess risk factors, rates of return, and asset allocations prescribed by the committee’s investment policy statement. In addition, an annual review is conducted to ensure that proper funding levels are maintained so the U.K. Pension Plan can meet its obligations as they become due. The Company also has retirement and death benefit plans covering employees in Taiwan and certain former employees in Germany, as well as longevity plans covering employees in France. These plans are not significant, individually or in the aggregate, to the consolidated financial position, results of operations or cash flows of Platform. Information for these plans, along with the U.K. Pension Plan, is included in the tables below. The Company also has certain foreign benefit plans that do not qualify for pension accounting under ASC 715, "Compensation - Retirement Benefits" and are recorded in "Long-term retirement benefit liabilities" in the Consolidated Balance Sheets. Certain other foreign subsidiaries maintain benefit plans that are consistent with statutory practices, but do not meet the criteria for accounting rules under defined benefit plans under ASC 715-30, Compensation – Retirement Benefits – Defined Benefit Plans - Pensions . These benefit plans had obligation balances of $6.1 million and $4.1 million as of December 31, 2015 and 2014 , respectively, and are excluded from Retirements Benefits and from the accompanying tables of pension benefits. Domestic Defined Benefit Post-Retirement Medical and Dental Plan The Company sponsors defined benefit post-retirement medical and dental plans that covers all of its domestic full-time employees, hired prior to April 1, 1997, who retire after age 55, with at least ten to twenty years of service (depending upon the date of hire). In 2010, the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act were approved in the U.S. which included several provisions that may affect a company’s post-retirement benefit plans. The Company has evaluated the effects of the Health Care Acts and has concluded that there was no current impact on the Company’s domestic defined benefit post-retirement medical and dental plans. Eligible employees receive a subsidy from the Company towards the purchase of their retiree medical benefits. The subsidy level is based on the date of retirement from MacDermid. The annual increase in the Company’s costs for post-retirement medical benefits is subject to a limit of 5% for those retiring prior to March 31, 1989 and 3% for those retiring after April 1, 1989. Retirees will be required to contribute to the plan costs in excess of their respective Company limits in addition to their other required contributions. The projected benefit obligation for the post-retirement plan at December 31, 2015 comprised 32% retirees, 42% fully eligible active participants and 26% other active participants. The actuarial determination of the Company's accumulated benefit obligation associated with the plan for post-retirement medical benefits assumes annual cost increases of 2% and 4% , based on the date of retirement. As a result of the above mentioned plan limits, the effect of an increase in the healthcare cost trend on the Company's accumulated benefit obligation and the service and interest costs associated therewith is limited to an immaterial amount. The Company's expected future contribution to the plan is $0.6 million in 2016. The components of net periodic benefit cost of the pension, SERP and post-retirement benefit plans were as follows: Pension & SERP Benefits: (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Net periodic benefit expense: Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Service cost $ — $ 1.4 $ — $ 0.8 $ 0.7 $ 0.1 $ 3.6 $ 0.6 Interest cost on the projected benefit obligation 6.8 2.8 6.9 3.0 1.2 0.5 5.2 2.5 Expected return on plan assets (9.9 ) (2.7 ) (9.7 ) (3.5 ) (1.6 ) (0.7 ) (6.6 ) (4.1 ) Amortization of prior service cost — — — — — — 0.1 — Amortization of net loss — — — — — — 1.6 0.4 Plan curtailments — — — — (3.0 ) — — — Net periodic (benefit) cost $ (3.1 ) $ 1.5 $ (2.8 ) $ 0.3 $ (2.7 ) $ (0.1 ) $ 3.9 $ (0.6 ) Post-retirement Benefits: (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Net periodic benefit expense: Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Service cost $ 0.1 $ 0.1 $ 0.1 $ — $ — $ — $ 0.1 $ — Interest cost on the projected benefit obligation 0.3 0.1 0.3 — 0.1 — 0.2 — Amortization of prior service cost — — — — — — (0.1 ) — Net periodic cost (benefit) $ 0.4 $ 0.2 $ 0.4 $ — $ 0.1 $ — $ 0.2 $ — The weighted average key assumptions used to determine the net periodic benefit cost of the pension, SERP and post-retirement benefit liabilities are as follows: Pension and SERP Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Discount rate 4.2 % 2.5 % 5.2 % 4.2 % 5.1 % 4.1 % 4.4 % 4.2 % Rate of compensation increase 3.5 % 2.9 % 4.0 % 3.4 % 4.0 % 3.3 % 4.0 % 3.4 % Long-term rate of return on assets 7.4 % 2.5 % 7.8 % 4.2 % 7.8 % 4.9 % 7.8 % 6.5 % Post-retirement Medical Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Discount rate 4.2 % 14.5 % 5.1 % 12.4 % 5.0 % 11.7 % 4.4 % 10.8 % Long-term rate of return on assets N/A N/A N/A N/A N/A N/A N/A N/A The expected long-term rate of return on assets assumption is developed with reference to historical returns, forward-looking return expectations, the Pension Plans' investment allocations, and peer comparisons. The following tables summarize changes in plan assets and funded status of the Company’s pension and SERP plans: Pension and SERP Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months Change in Projected Benefit Obligation: (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Beginning of period balance $ 157.6 $ 88.3 $ 137.4 $ 73.1 $ — $ — $ 144.3 $ 75.0 Acquisitions 82.6 22.6 — — 142.0 72.9 — — Service cost — 1.4 — 0.8 0.7 0.1 3.6 0.6 Plan amendments — 8.9 — — — — — — Interest cost 6.8 2.8 6.9 3.0 1.2 0.5 5.2 2.5 Plan curtailment — — — — (3.0 ) 0.2 — — Actuarial (gain)/ loss due to assumption change (11.4 ) 0.3 18.1 20.2 (2.8 ) (0.9 ) (7.1 ) 1.6 Actuarial (gain)/ loss due to plan experience (0.1 ) 1.1 (0.6 ) 1.6 — (0.2 ) (0.6 ) (3.2 ) Benefits and expenses paid (5.0 ) (6.6 ) (4.2 ) (4.3 ) (0.7 ) (0.9 ) (3.4 ) (2.7 ) Settlement — — — (0.5 ) — (0.6 ) — — Translation adjustment — (6.1 ) — (5.6 ) — 2.0 — (0.9 ) End of period balance $ 230.5 $ 112.7 $ 157.6 $ 88.3 $ 137.4 $ 73.1 $ 142.0 $ 72.9 Pension and SERP Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months Change in Fair Value of Plan Assets: (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Beginning of period balance $ 134.0 $ 94.5 $ 127.0 $ 88.1 $ — $ — $ 102.6 $ 79.6 Acquisitions 62.5 8.1 — — 123.3 86.8 — — Actual return on plan assets, net of expenses (7.0 ) 3.1 11.2 16.0 4.4 (2.5 ) 21.7 7.4 Employer contributions — 0.5 — 0.2 — 2.5 2.3 2.7 Benefits paid (5.0 ) (6.6 ) (4.2 ) (3.5 ) (0.7 ) (0.7 ) (3.3 ) (2.2 ) Settlement — — — (0.5 ) — (0.6 ) — — Translation adjustment — (5.9 ) — (5.8 ) — 2.6 — (0.7 ) End of period balance 184.5 93.7 134.0 94.5 127.0 88.1 123.3 86.8 Funded status of plan $ (46.0 ) $ (19.0 ) $ (23.6 ) $ 6.2 $ (10.4 ) $ 15.0 $ (18.7 ) $ 13.9 The aggregate accumulated benefit obligation for all defined benefit pension plans was $327 million and $232 million at December 31, 2015 and 2014 , respectively. As of December 31, 2015, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets were $327 million and $278 million , respectively. As of December 31, 2014, the aggregate accumulated benefit obligation and aggregate fair value of plan assets for plans with accumulated benefit obligations in excess of plan assets were $148.2 million and $135.1 million , respectively. The following table summarizes changes in the Company’s post-retirement medical benefit obligations: Post-retirement Medical Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months Change in Accumulated Post-retirement Benefit: (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Beginning of period balance $ 7.4 $ 0.3 $ 6.8 $ 0.3 $ — $ — $ 6.9 $ 0.4 Acquisitions 2.3 1.5 — — 6.7 0.3 — — Service cost — 0.1 0.1 — — — — — Interest cost 0.3 0.2 0.3 — 0.1 — 0.2 — Employee contributions 0.2 — — — — — 0.2 — Actuarial loss/(gain) due to assumption change (0.5 ) (0.2 ) 0.5 — 0.1 — (0.1 ) (0.1 ) Actuarial loss/(gain) due to plan experience 0.3 (0.1 ) — — — — (0.1 ) — Other — (0.3 ) — — — — — — Benefits and expenses paid (0.6 ) (0.1 ) (0.3 ) — (0.1 ) — (0.5 ) — End of period balance $ 9.4 $ 1.4 $ 7.4 $ 0.3 $ 6.8 $ 0.3 $ 6.6 $ 0.3 Post-retirement Medical Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months Change in Fair Value of Plan Assets: (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Beginning of period balance $ — $ — $ — $ — $ — $ — $ — $ — Employer contributions 0.4 0.1 0.3 — 0.1 — 0.3 — Employee contributions 0.2 — — — — — 0.2 — Benefits paid (0.6 ) (0.1 ) (0.3 ) — (0.1 ) — (0.5 ) — End of period balance — — — — — — — — Funded status of plan $ (9.4 ) $ (1.4 ) $ (7.4 ) $ (0.3 ) $ (6.8 ) $ (0.3 ) $ (6.6 ) $ (0.3 ) Amounts included in the Consolidated Balance Sheets consist of the following: (amounts in millions) December 31, 2015 December 31, 2014 Prepaid pension assets Foreign pension $ — $ 10.2 Total included in other assets $ — $ 10.2 Other current liabilities Domestic pension $ 6.7 $ 0.4 Foreign pension 0.6 — Domestic post-retirement medical benefits 0.6 — Foreign post-retirement medical benefits 0.1 — Total included in accrued expenses and other current liabilities $ 8.0 $ 0.4 Retirement benefits, less current portion Domestic pension & SERP $ 39.3 $ 23.2 Foreign pensions 18.4 4.0 Domestic post-retirement medical benefits 8.8 7.4 Foreign post-retirement medical benefits 1.3 0.3 Total included in long-term retirement benefits, less current portion $ 67.8 $ 34.9 Weighted average key assumptions used to determine the benefit obligations in the actuarial valuations of the pension and post-retirement benefit liabilities are as follows: Pension and SERP Benefits (amounts in millions) December 31, 2015 December 31, 2014 Domestic Foreign Domestic Foreign Discount rate 4.6 % 2.8 % 4.2 % 2.5 % Rate of compensation increase 3.5 % 3.4 % 3.5 % 2.9 % Post-retirement Medical Benefits (amounts in millions) December 31, 2015 December 31, 2014 Domestic Foreign Domestic Foreign Discount rate 4.4 % 14.0 % 4.2 % 12.5 % Amounts recognized in Accumulated Other Comprehensive Income (Loss) consist of the following: Pension and SERP Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Net actuarial gain (loss) $ (15.8 ) $ (10.5 ) $ (10.4 ) $ (10.1 ) $ 5.7 $ (2.1 ) $ 10.5 $ 10.8 Prior service credits (costs) — (8.5 ) — — — — 0.6 — Total $ (15.8 ) $ (19.0 ) $ (10.4 ) $ (10.1 ) $ 5.7 $ (2.1 ) $ 11.1 $ 10.8 Post-retirement Medical Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Net actuarial (loss) gain $ (0.4 ) $ 0.2 $ (0.6 ) $ — $ (0.1 ) $ — $ 0.1 $ (0.1 ) Prior service (costs) credits — — — — — — (0.5 ) 0.3 Total $ (0.4 ) $ 0.2 $ (0.6 ) $ — $ (0.1 ) $ — $ (0.4 ) $ 0.2 The major categories of assets in the Company’s various defined benefit pension plans as of December 31, 2015 and 2014 are presented in the following tables. Assets are segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (see Note 11 - Fair Value Measurements, to the Consolidated Financial Statements). The Company’s domestic and foreign post-retirement plans are unfunded. The amount of estimated prior service costs for the the Company's Pension Plans and SERP plans that will be reclassified from Accumulated Other Income (Loss) into net periodic cost over the next 12 months is immaterial. The fair value of plan assets as of December 31, 2015 were classified in the fair value hierarchy as follows: Fair Value Measurements Using (amounts in millions) December 31, 2015 Quoted prices in Significant other Significant Asset Category Domestic equities $ 26.3 $ 26.3 $ — $ — Foreign equities 0.3 0.3 — — Mutual funds holding domestic securities 4.9 4.9 — — U.S. Treasuries 5.0 — 5.0 — Mutual funds holding U.S. Treasury Securities 11.9 11.9 — — Mutual funds holding fixed income securities 16.1 16.1 — — Insurance "Buy-In" Policy (b) 77.2 — — 77.2 Foreign public bonds 2.9 — 2.9 — Corporate bonds 1.5 — 1.5 — Designated benefit fund (a) 1.3 — 1.3 — Cash and cash equivalents 11.2 11.2 — — Sub-Total 158.6 $ 70.7 $ 10.7 $ 77.2 Assets using NAV as a practical expedient 119.6 Total $ 278.2 The fair value of plan assets as of December 31, 2014 were classified in the fair value hierarchy as follows: Fair Value Measurements Using (amounts in millions) December 31, 2014 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Asset Category Domestic equities $ 28.9 $ 28.9 $ — $ — Mutual funds holding U.S. Treasury Securities 11.8 11.8 — — Mutual funds holding domestic securities 4.8 4.8 — — Designated benefit fund (a) 1.1 — 1.1 — Insurance "Buy-In" Policy (b) 83.2 — — 83.2 Cash and cash equivalents 12.4 12.4 — — Sub-Total 142.2 $ 57.9 $ 1.1 $ 83.2 Assets using NAV as a practical expedient 86.3 Total $ 228.5 (a) This category includes assets held in a fund with the Bank of Taiwan as prescribed by the Taiwan government in accordance with local statutory rules. (b) This category represents assets in the U.K Pension Plan invested in insurance contract with PIC in connection with the “Buy-In” of the U.K Pension Plan. The Company early adopted ASU No. 2015-07, “ Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)” and have removed from the fair value hierarchy assets whose fair values have been measured, as a practical expedient, using the net asset value per share of the investment. The Company’s retirement plan assets are reported at fair value. • Level 1 assets include investments in publicly traded equity securities and mutual funds. These securities are actively traded and valued using quoted prices for identical securities from the market exchanges. • Level 2 assets include global fixed-income securities, limited partnership interests and commingled funds that are not actively traded or whose underlying investments are valued using observable marketplace inputs. The fair value of plan assets invested in fixed-income securities is generally determined using market approach pricing methodology, where observable prices are obtained by market transactions involving identical or comparable securities of issuers with similar credit ratings. Plan assets that are invested in limited partnership interests and commingled funds are valued using a unit price or net asset value (NAV) that is based on the underlying fair value of investments of the fund. • Level 3 assets include investments in pooled funds holding real estate in the United Kingdom which were valued using discounted cash flow models that consider long-term lease estimates, future rental receipts and estimated residual values. The decrease in fair value is attributable to a change in the discount rate used in the valuation model and foreign currency effects. The following table provides a reconciliation of the beginning and ending balances for the year ended December 31, 2015 for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). (amounts in millions) Insurance "Buy-in" Policy Fair value measurements using significant unobservable inputs (Level 3) December 31, 2015 December 31, 2014 Beginning balance, January 1, 2015 $ 83.2 $ — Changes in fair value (6.0 ) — Purchases, sales and settlements (1) — 83.2 Transfers into Level 3 — — Transfers out of Level 3 — — Ending balance, December 31, 2015 $ 77.2 $ 83.2 (1) There were no purchases, sales or settlements, on a gross basis, for the year ended December 31, 2015 . There were no sales or settlements, on a gross basis, for the year ended December 31, 2014 . As of December 31, 2015 , expected future benefit payments related to the Company’s defined benefit plans were as follows: Pension and SERP Benefits Post-retirement Benefits Total (amounts in millions) Domestic Foreign 2016 $ 11.0 $ 5.2 $ 0.7 $ 16.9 2017 11.7 1.4 0.7 13.8 2018 11.5 1.5 0.8 13.8 2019 12.4 1.5 0.7 14.6 2020 12.6 2.0 0.7 15.3 Subsequent five years 66.8 9.8 3.6 80.2 Total $ 126.0 $ 21.4 $ 7.2 $ 154.6 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES (Loss) income before income taxes, non-controlling interests and dividends on preferred shares were as follows: (amounts in millions) For the year ended For the year ended For the period For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic $ (290.8 ) $ (103.9 ) $ (7.9 ) $ (74.2 ) Foreign 61.5 73.0 (193.5 ) 100.7 Total $ (229.3 ) $ (30.9 ) $ (201.4 ) $ 26.5 Income tax expense (benefit) consisted of the following: (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Current: U.S.: Federal $ 0.7 $ (0.6 ) $ 0.3 $ (5.3 ) State and local (0.2 ) 0.4 0.1 0.3 Foreign 120.1 36.7 1.3 22.8 Total current 120.6 36.5 1.7 17.8 Deferred: U.S.: Federal 6.4 (18.3 ) (2.1 ) (3.1 ) State and local (5.2 ) 0.4 (0.3 ) 0.1 Foreign (46.7 ) (25.3 ) (5.1 ) (1.8 ) Total deferred (45.5 ) (43.2 ) (7.5 ) (4.8 ) Income tax expense (benefit) $ 75.1 $ (6.7 ) $ (5.8 ) $ 13.0 Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal statutory tax rates to pretax income, as a result of the following: (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % 35.0 % Taxes computed at U.S. statutory rate $ (80.3 ) $ (10.8 ) $ (70.5 ) $ 9.3 State income taxes, net of federal benefit (3.6 ) 0.8 0.4 (2.2 ) Preferred dividend valuation — — 60.2 — Tax on foreign operations 5.8 (7.7 ) 0.4 0.8 Net change in reserve 27.5 1.5 (0.7 ) (0.1 ) Change in valuation allowances 72.6 0.2 (0.9 ) 3.6 Provision for tax on undistributed foreign earnings 5.0 (3.7 ) 0.8 (0.7 ) Change of tax rate (1.0 ) (0.5 ) — (0.5 ) Non-deductible transaction costs 40.5 6.5 4.2 1.9 Foreign exchange impact on provision — — — 0.1 Purchase price contingency 0.4 6.6 — — Other non-deductible items 9.1 — — — Other, net (0.9 ) 0.4 0.3 0.8 Income tax expense (benefit) $ 75.1 $ (6.7 ) $ (5.8 ) $ 13.0 Effective tax rate (32.8 )% 21.7 % 2.9 % 49.0 % The Company has provided deferred taxes of $7.1 million under ASC 740-30-25 for the potential repatriation to the United States of earnings from certain non-U.S. subsidiaries. The Company has not recognized a deferred tax liability for U.S. taxes on the undistributed earnings of most of its foreign subsidiaries because those earnings have been determined to be indefinitely reinvested. The undistributed earnings of those subsidiaries were $390 million and $264 million for the years ended December 31, 2015 and 2014 , respectively. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings is not practicable. The components of deferred income taxes at December 31, 2015 and 2014 were as follows: (amounts in millions) December 31, December 31, Deferred tax assets: Accounts receivable $ 8.9 $ 5.9 Inventory 6.6 — Accrued liabilities 34.8 3.6 Employee benefits 27.5 20.2 Research and development costs 11.8 11.2 Tax credits 49.3 39.3 Net operating losses 332.3 17.5 Goodwill 26.8 31.2 Financing activities 30.7 4.5 Other 41.4 11.9 Total deferred tax assets 570.1 145.3 Valuation allowance (403.6 ) (19.7 ) Total gross deferred tax assets 166.5 125.6 Deferred tax liabilities: Plant and equipment 38.6 16.7 Intangibles 767.3 280.1 Undistributed foreign earnings 7.1 2.6 Inventory — 0.8 Other 2.9 2.5 Total gross deferred tax liabilities 815.9 302.7 Net deferred tax liability $ 649.4 $ 177.1 Effective December 31, 2015, the Company elected to early adopt ASU 2015-17, " Income Taxes: Balance Sheet Classification of Deferred Taxes ," which eliminates the previous requirement to separate deferred income tax assets and liabilities into current and non-current amounts. Prior periods were not retrospectively adjusted. The following schedule presents net current and net long-term deferred tax assets and liabilities as of December 31, 2015 and 2014 : (amounts in millions) December 31, December 31, Net current deferred tax asset $ — $ 18.7 Net non-current deferred tax asset 29.4 6.5 Net deferred tax asset 29.4 25.2 Net non-current deferred tax liability 678.8 202.3 Total net deferred tax liability $ 649.4 $ 177.1 Net non-current deferred tax assets are included in "Other assets" on the Consolidated Balance Sheet as of December 31, 2015 . Net current deferred tax assets are included in "Prepaid expenses and other current assets" and net non-current deferred tax assets are included in "Other assets" on the Consolidated Balance Sheet as of December 31, 2014 . Valuation allowances reflect the Company's assessment that it is more likely than not that certain state deferred tax assets and foreign net operating losses will not be realized. The assessment of the need for a valuation allowance requires management to make estimates and assumptions about future earnings, reversal of existing temporary differences and available tax planning strategies. If actual experience differs from these estimates and assumptions, the recorded deferred tax asset may not be fully realized, resulting in an increase to income tax expense in Platform's results of operations. The valuation allowance for deferred tax assets was $404 million and $19.7 million at December 31, 2015 and 2014 , respectively. At December 31, 2015 , the Company had federal, state and foreign net operating loss carry forwards of approximately $161 million , $413 million and $729 million , respectively. The Company also has a capital loss carry-forward of $76.1 million . The U.S. federal net operating loss carry-forwards expire between the years 2021 and 2035 . The U.S. federal net operating loss carry-forwards result in a deferred tax asset of $56.4 million . The majority of the state net operating loss carry-forwards expire between the years 2017 and 2034 . The state net operating loss carry-forwards result in a deferred tax asset of $21.3 million . Due to the historic and projected domestic losses, the Company has recorded a full valuation allowance against its U.S. federal and state net deferred tax assets exclusive of the indefinite lived assets. The foreign tax net operating loss carry-forwards expire between the years 2020 through 2035 , with some being unlimited in utilization. This results in a deferred tax asset of $224 million . A valuation allowance of $206 million has been provided against the deferred tax assets associated with certain foreign net operating loss carry-forwards because the recent results of the business units associated with the loss carry-forwards indicate that it is more likely than not that the benefits from the net operating loss carry-forwards will not be fully realized . Section 382 of the Internal Revenue Code, or the Code, imposes an annual limitation on the amount of a corporation's U.S. federal taxable income that can be offset by net operating losses, or NOLs, if it experiences an "ownership change" (as defined in the Code). The Company experienced ownership changes in 2013 and 2015 with respect to the acquisition of various companies. Accordingly, the use of the Company's NOLs generated prior to these ownership changes is subject to an annual limitation. If certain changes in the Company's ownership occur prospectively, there could be an additional annual limitation on the amount of utilizable carryforwards. In addition, at December 31, 2015 , the Company had approximately $29.2 million , $14.3 million , $4.3 million and $1.5 million of foreign tax credits, research and development credits, alternative minimum tax credits and state tax credits (net of federal tax), respectively, available for carry-forward. These carry-forward periods range from ten years to an unlimited period of time. As discussed above, a full valuation allowance has been recorded on the Company's U.S. federal and state net deferred tax assets exclusive of indefinite-lived assets. Tax Uncertainties The following table summarizes the activity related to the Company’s unrecognized tax benefits: (amounts in millions) For the year ended For the year ended For the period from (April 23, For the ten months October 31, (Successor) (Successor) (Successor) (Predecessor) Unrecognized tax benefits at beginning of period $ 27.7 $ 25.6 $ — $ 22.7 Additions based on current year tax positions 20.7 1.7 0.3 0.8 Additions based upon prior year tax positions (including acquired uncertain tax positions) 72.2 7.4 26.3 0.3 Reductions due to closed statutes (2.9 ) (6.7 ) (1.0 ) (0.3 ) Reductions for settlements and payments (5.5 ) (0.3 ) — — Total unrecognized tax benefits at end of period $ 112.2 $ 27.7 $ 25.6 $ 23.5 The Company has $112 million of total unrecognized tax benefits as of December 31, 2015 , of which $92 million , if recognized, would impact the Company’s effective tax rate. The Company made payments in 2015 to settle uncertain tax liabilities of $3.4 million . Due to expected statute of limitations expirations, the Company estimates that $10.0 million of the total unrecognized benefits will reverse within the next twelve months. The Company recognizes interest and/or penalties related to income tax matters as part of income tax expense (benefit), which totaled $4.9 million , $1.0 million and $(0.10) million , and $(0.2) million for the years ended December 31, 2015 , 2014 , and the Successor and Predecessor 2013 Period. The Company's accrual for interest and penalties totaled $17.5 million and $4.7 million as of December 31, 2015 and 2014 , respectively. As of December 31, 2015 , the following tax years remained subject to examination by the major tax jurisdictions indicated below: Major Jurisdictions Open Years Belgium 2009 through current Brazil 2009 through current China 2009 through current France 2009 through current Japan 2010 through current Mexico 2010 through current Netherlands 2011 through current South Africa 2011 through current Taiwan 2010 through current United Kingdom 2009 through current The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. As of December 31, 2015, the Company's tax years for 2012, 2013 and 2014 are subject to examination by the U.S. federal tax authorities. With few exceptions, as of December 31, 2015, the Company is no longer subject to state and local or foreign examinations by tax authorities for years before 2009. The Company is currently undergoing tax examination in several foreign jurisdictions. The Company believes it has appropriately accrued for the expected outcome of uncertain tax matters and believes such liabilities represent a reasonable provision for taxes ultimately expected to be paid. However, our liability may need to be adjusted as new information becomes known and as tax examinations continue to progress. |
Debt, Financial Guarantees and
Debt, Financial Guarantees and Factoring Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt, Financial Guarantees and Factoring Arrangements | DEBT, FINANCIAL GUARANTEES AND FACTORING ARRANGEMENTS The Company’s debt consisted of the following: (amounts in millions) December 31, 2015 December 31, 2014 Borrowings under lines of credit, $ 16.7 $ — USD Notes, due 2022, $ 1,081.1 $ — EUR Notes, due 2023, 374.0 — USD Notes, due 2021, 487.5 — First lien secured credit facility, due 2020, 735.6 743.0 USD Incremental Loan, due 2020, 290.8 292.7 CAS U.S. Dollar Tranche B Term Loan, due 2020, 121.9 121.7 Arysta U.S. Dollar Tranche B-2 Term Loan, due 2020, 481.2 — Alent U.S. Dollar Tranche B-3 Term Loan, due 2020, 1,001.8 — CAS EURO Tranche C-1 Term Loan, due 2020, 219.0 246.2 Arysta EURO Tranche C-1 Term Loan, due 2020, 87.2 — Alent EURO Tranche C-2 Term Loan, due 2020, 313.0 — Other 18.5 2.0 Total debt 5,211.6 1,405.6 Less: current portion debt (38.0 ) (13.2 ) Total long-term debt $ 5,173.6 $ 1,392.4 The Company early adopted ASU No. 2015-03, “ Simplifying the Presentation of Debt Issuance Costs” and reclassified approximately $10.3 million of debt issuance costs related to term debt from assets to contra-liabilities as of December 31, 2014, of which $1.9 million was classified as current. The weighted average effective interest rate associated with debt outstanding at December 31, 2015, based on currently applicable interest rates, was 6.9% . This rate includes the effects of interest rate swaps, as well as, the impact of deferred financing fees and original issue discount and premium amortization calculated using the effective interest method. In August 2015, the Company entered into a series of pay fixed, receiving floating interest rate swaps with respect to a portion of its indebtedness. The swaps effectively fix the floating base rate portion of the interest payments on approximately $1.16 billion of the Company's USD denominated debt and €285 million of its Euro denominated debt at 1.96% and 1.20% , respectively, from September 2015 through June 2020. Refer to Note 10 for further information regarding our interest rate risk management. Minimum future principal payments on capital leases and long-term debt were as follows: (amounts in millions) Capital Leases Long-Term Debt Total 2016 $ 0.9 $ 46.8 $ 47.7 2017 0.7 33.8 34.5 2018 0.5 33.8 34.3 2019 0.4 33.8 34.2 2020 0.3 3,197.3 3,197.6 Thereafter 1.8 1,980.7 1,982.5 Total $ 4.6 $ 5,326.2 $ 5,330.8 Predecessor Refinancing On June 7, 2013, we completed a refinancing arrangement whereby the then outstanding tranche B term loan, tranche C term loan, revolving credit facility and senior subordinated notes payable were replaced with two new senior secured credit facilities. The new senior secured credit facilities consist of (i) a $805 million first lien credit facility allocated between a $755 million term loan denominated in U.S. Dollars, a $25.0 million revolving credit facility denominated in U.S. Dollars and $25.0 million multi-currency revolving credit facility and (ii) a $360 million second lien term loan credit facility denominated in U.S. Dollars. The first lien term loan and related revolving credit facilities accrue interest at the greater of 4.00% or LIBOR plus 3.00% and has quarterly principal payments of $1.9 million . The revolving credit facility portion of the first lien term loan matures June 7, 2018 . The first lien term loan matures June 7, 2020 . The second lien term loan accrued interest at the greater of 7.75% or LIBOR plus 6.75% and matures December 7, 2020 . The first lien term loan was originally issued at a discount of $1.9 million and the second lien term loan was issued at a discount of $3.6 million . The new senior secured credit facilities are guaranteed by MacDermid Holdings and certain of its direct and indirect wholly owned domestic subsidiaries and are secured by the personal property now owned or hereafter acquired of MacDermid Holdings and certain of its direct and indirect wholly-owned domestic subsidiaries and also 65% of the stock of the Company’s first tier foreign subsidiaries, subject to customary exceptions, exclusions and release mechanisms. Amendments to Credit Agreement Amendment No. 1 -- In connection with the MacDermid Acquisition, on October 31, 2013, MacDermid entered into Amendment No. 1 to the First Lien Credit Agreement and MacDermid paid $373 million in connection with the repayment of the $360 million in principal on the second lien credit facility. Pursuant to Amendment No. 1 Platform became a co-borrower on all obligations under the $50.0 million Revolving Credit Facility and the second term loan and the negative and affirmative covenants contained therein were modified to reflect the new corporate structure. Otherwise, the terms relating to the incremental facility, maturity, indicative margin, LIBOR floor, ranking, guarantors, mandatory prepayments and financial covenants remained unmodified by the amendment. In connection with the MacDermid Acquisition, the first lien term loan was marked to fair value by adding the original discount of $1.8 million to the carrying value at the time. Amendment No. 2 -- On August 6, 2014, the Company amended and restated its senior secured credit facilities by entering into Amendment No. 2 to the First Lien Credit Facility and the Second Amended and Restated Credit Agreement, and agreeing on the implementation of certain further amendments to the Second Amended and Restated Credit Agreement. Upon consummation of the CAS Acquisition on November 3, 2014, the further amendments became effective, increasing (i) the existing U.S. Dollar revolving credit facility to $87.5 million and (ii) the existing multicurrency revolving credit facility to $87.5 million . On the date of the CAS Acquisition, the Company also borrowed (i) an aggregate principal amount of $130 million under the CAS U.S. Dollar Tranche B Term Loan, (ii) $60.0 million under the U.S. Dollar Revolving Credit Facility, and (iii) €55.0 million under the multicurrency Revolving Credit Facility. The amounts under (ii) and (iii) in the immediately preceding sentence were both settled by December 31, 2014. In addition, an aggregate amount of €205 million was borrowed under the CAS EURO Tranche C-1 Term Loan by MAS Holdings and NAIP, subsidiaries of Platform. Pursuant to the further amendments, certain additional domestic and foreign subsidiaries of Platform and MacDermid became guarantors under the Amended and Restated Credit Agreement, and certain additional collateral was pledged to secure the Company's obligations incurred under the CAS EURO Tranche C-1 Term Loan and the other loans incurred under the Revolving Credit Facility. With the exception of this collateral package and the interest rate, the CAS EURO Tranche C-1 Term Loan has terms substantially similar to those of Platform’s CAS U.S. Dollar Tranche B Term Loan and bears interest at a rate per annum equal to an applicable margin plus an adjusted Eurocurrency Rate, calculated as set forth in the Amended and Restated Credit Agreement. The CAS EURO Tranche C-1 Term Loan matures on June 7, 2020. On October 1, 2014, Platform and MacDermid, as borrowers, MacDermid Holdings, certain subsidiaries of MacDermid Holdings and Platform, and Barclays Bank PLC, as collateral and administrative agent and incremental lender, entered into the Incremental Amendment No. 1 to the Amended and Restated Credit Agreement for an USD Incremental Loan in an aggregate principal amount of $300 million . Except as set forth in the Incremental Amendment No. 1, such USD Incremental Loan has identical terms as the existing Tranche B term loans and is otherwise subject to the provisions of the Amended and Restated Credit Agreement. The proceeds from the Incremental Amendment No. 1 were used to finance the Agriphar Acquisition. Amendment No. 3 -- On February 13, 2015, the Company entered into and closed the transactions contemplated by Amendment No. 3 to the Second Amended and Restated Credit Agreement, as amended by Amendment No. 2, which, among other things, provided for (i) a new tranche of term loans denominated in U.S. Dollars in an aggregate principal amount of $500 million , (ii) an increase in the size of the existing Euro Tranche Term Loan by €83.0 million to €287 million , (iii) an increase in the size of the existing U.S. Dollar Revolving Credit Facility by $75.0 million to $163 million , and (iv) an increase in the size of the existing multicurrency Revolving Credit Facility by $75.0 million to $163 million . Concurrently with the closing of the Arysta Acquisition, the Company borrowed (i) an Arysta U.S. Dollar Tranche B-2 Term Loan of $500 million (less original issue discount of 1% ), (ii) an additional Arysta EURO Tranche C-1 Term Loan of €83.0 million (less original issue discount of 2% ), and (iii) $160 million under the U.S. Dollar Revolving Credit Facility to fund a portion of the cash consideration for the Arysta Acquisition. Certain additional domestic and foreign subsidiaries of Platform and MacDermid, including certain subsidiaries acquired in the Arysta Acquisition, have since become guarantors under the Amended and Restated Credit Agreement, with certain of the Company's subsidiaries having pledged collateral in connection therewith. Amendment No. 4 -- On December 3, 2015, the Company entered into and closed the transaction contemplated by Amendment No. 4 to the Second Amended and Restated Credit Agreement, as amended by Amendments No. 2 and 3, which, among other things, provided for (i) a new tranche of term loans denominated in U.S. Dollars in an aggregate principal amount of up to $1.05 billion , (ii) a new tranche of new term loans denominated in euro in an aggregate principal amount of up to €300 million , (iii) an increase in the size of the existing U.S. Dollar revolving credit facility by $87.5 million to $250 million , and (iv) an increase in the size of the existing multicurrency revolving credit facility by $87.5 million to $250 million . Concurrently with the closing of the Alent Acquisition, the additional $1.05 billion of Alent U.S. Dollar Tranche B-3 Term Loans (less original issue discount of 2% ), the additional €300 million of Alent EURO Tranche C-2 Term Loans (less original issue discount of 2% ) and $115 million under Platform’s multi-currency Revolving Credit Facility were borrowed to fund a portion of the cash consideration for the Alent Acquisition. Each of the Alent U.S. Dollar Tranche B-3 Term Loans and the Alent EURO Tranche C-2 Term Loans bear interest at a rate per annum equal to 5.50% plus an adjusted eurocurrency rate, or 4.50% plus an adjusted base rate, calculated as set forth in the Amended and Restated Credit Agreement. Pursuant to Amendment No. 4, each of the previously existing (i) tranche B term loans, (ii) tranche B-2 term loans, and (iii) EURO tranche C-1 term loans will bear interest at 5.50% per annum plus an adjusted eurocurrency rate, or 4.50% plus an adjusted base rate, calculated as set forth in the Amended and Restated Credit Agreement. Each tranche of term loans will mature on June 7, 2020. Loans under our Revolving Credit Facility bear interest at a rate per annum equal to 3.00% plus an adjusted eurocurrency rate, or 2.00% plus an adjusted base rate, each as calculated as set forth in the Amended and Restated Credit Agreement. Amendment No. 4 provided for maturity extension of the revolving loans and commitments held by revolving facility lenders consenting to such extension. The extended Revolving Credit Facility will mature on June 7, 2019. Revolving loans and commitments held by revolving facility lenders, other than the lenders who consent to the extension, will mature on June 7, 2018. Except as set forth in Amendment No. 4 and above, (i) the Alent U.S. Dollar Tranche B-3 Term Loans shall have identical terms as the existing U.S. Dollar denominated term loans and (ii) the Alent EURO Tranche C-2 Term Loans shall have identical terms as the existing euro denominated term loans and, in each case, shall be otherwise subject to the provisions of the Credit Agreement. Covenants, Events of Default and Provisions The Amended and Restated Credit Agreement contains customary covenants including limitations on additional indebtedness, dividends and other distributions, entry into new lines of business, use of loan proceeds, capital expenditures, restricted payments, restrictions on liens, transactions with affiliates, amendments to organizational documents, accounting changes, sale and leaseback transactions and dispositions. The Revolving Credit Facility also imposes a financial covenant to maintain a first lien net leverage ratio of 6.25 to 1.0 of (x) consolidated indebtedness secured by a first lien minus unrestricted cash and cash equivalents of the borrowers and guarantors under the Second Amended and Restated Credit Agreement to (y) consolidated EBITDA for the four most recent fiscal quarters, subject to a right to cure. As of December 31, 2015 , the Company was in compliance with the debt covenants contained in its credit facilities. The Amended and Restated Credit Agreement also contains customary events of default that include, among others, non-payment of principal, interest or fees, violation of certain covenants, inaccuracy of representations and warranties, failure to make payment on certain other material indebtedness, bankruptcy and insolvency events, material judgments and change of control provisions. Upon the occurrence of an event of default, payment of any outstanding loans under the Amended and Restated Credit Agreement may be accelerated. Borrowings under the Amended and Restated Credit Agreement are also subject to mandatory prepayment from the proceeds of certain dispositions of assets and from certain insurance and condemnation proceeds, excess cash flow and debt incurrences, in each case, subject to customary carve-outs and exceptions. The Amended and Restated Credit Agreement also contains a yield protection provision wherein the yield on any current indebtedness issued under the Amended and Restated Credit Agreement would be increased to within 50 basis points of the yield on any additional incremental term loan(s), in the event the incremental term loan(s) provided an initial yield, including OID, subject to the yield calculation provisions, as defined, is in excess of 50 basis points of the yield on existing term loan indebtedness. Guarantees The obligations of Platform and MacDermid, as borrowers, under the Amended and Restated Credit Agreement are guaranteed by current and future direct and indirect domestic subsidiaries. Certain of Platform's foreign subsidiaries also guarantee the obligations of MAS Holdings, NAIP, MacDermid Europe and MacDermid Funding with respect to the Arysta EURO Tranche C-1 Term Loan and the CAS EURO Tranche C-1 Term Loan. Pursuant to the Security Agreement, the Company's obligations under the Amended and Restated Credit Agreement are secured by a security interest in substantially all of the personal property, whether owned on the date of the Security Agreement, or entered into or acquired in the future, of Platform and MacDermid, as borrowers, and the guarantors listed in the Security Agreement, including the pledge by Platform, MacDermid and guarantors generally of 100% of the voting common stock and other equity interests in all of their respective domestic subsidiaries and 65% of the voting common stock and other equity interests in all of their respective directly owned non-domestic subsidiaries (in each case, whether existing on the date the Security Agreement or entered into or acquired thereafter), subject to certain exceptions contained in the Amended and Restated Credit Agreement and the Security Agreement. November 2015 Notes Offering In connection with the Alent Acquisition, on November 10, 2015, Platform completed the November 2015 Notes Offering of $500 million in aggregate principal amount of 10.375% USD Notes due 2021. The notes are governed by an indenture, dated November 10, 2015, as amended from time to time, bear an interest at a rate of 10.375% and mature on May 1, 2021, unless earlier redeemed. Interest is payable in cash, semi-annually in arrears, on May 1 and November 1 of each year, commencing on May 1, 2016. The proceeds of this offering were used to fund a portion of the cash consideration for the Alent Acquisition. February 2015 Notes Offering In connection with the Arysta Acquisition, on February 2, 2015, Platform completed the February Notes Offering of $1.10 billion aggregate principal amount of 6.50% USD Notes due 2022, plus original issue premium of $1.0 million , and €350 million aggregate principal amount of 6.00% EUR Notes due 2023. The notes are governed by an indenture, dated February 2, 2015, as amended from time to time. The 6.50% USD Notes due 2022 and the 6.00% EUR Notes due 2023 mature on February 1, 2022 and February 1, 2023, respectively, unless earlier redeemed. The 6.50% USD Notes due 2022 and the 6.00% EUR Notes due 2023 bear interest at a rate of 6.50% and 6.00% per year, respectively, until maturity. Interest is payable in cash, semi-annually in arrears, on February 1 and August 1 of each year, beginning on August 1, 2015. The proceeds of this offering were used to fund a portion of the cash consideration for the Arysta Acquisition. The Senior notes are (i) Platform’s senior unsecured obligations, ranking equally in right of payment with all of Platform’s existing and future senior unsecured debt and ranking senior in right of payment to all of Platform’s existing and future unsecured subordinated debt; (ii) effectively subordinated to Platform’s secured indebtedness, including the debt outstanding under the Amended and Restated Credit Agreement, to the extent of the value of the assets securing such debt, and are structurally subordinated to indebtedness and other liabilities, including trade payables, of Platform’s non-guarantor subsidiaries; and (iii) jointly and severally, fully and unconditionally guaranteed on a senior unsecured basis generally by current and future direct and indirect domestic subsidiaries that guarantee the Amended and Restated Credit Agreement. Lines of Credit and Other Debt Facilities The Company carries various lines of credit, short-term debt facilities and overdraft facilities worldwide which are used to fund short-term cash needs. As of December 31, 2015 , borrowings under such facilities totaled $16.7 million . At December 31, 2014 , there were no borrowings under such facilities. The Company also had stand-by letters of credit outstanding of $40.0 million and $1.0 million as of December 31, 2015 and 2014 , respectively, of which $11.0 million and $1.0 million reduce the borrowings available under the Credit Facilities as of December 31, 2015 and 2014 , respectively. As of December 31, 2015 and 2014 , the availability under these facilities was approximately $618 million and $173 million , respectively, net of outstanding letters of credit. As of December 31, 2015 , interest rates on such facilities ranged from 0.5% to 24.0% . Financial Guarantees and Factoring Arrangements The Company periodically enters into certain arrangements with vendors and customers under which it provides guarantees to financial institutions for loans entered into between its vendors and customers and the financial institutions, the proceeds of which are used to settle outstanding accounts receivables. The terms of the guarantees are equivalent to the terms of the customer loans. Liabilities for the guarantees are recorded at amounts that approximate fair value, based on the Company’s historical collection experience with vendors and customers that participate in the program and a current assessment of credit exposure. Such liabilities are included in "Other current liabilities" in the Consolidated Balance Sheets, and totaled $46.3 million and zero as of December 31, 2015 and December 31, 2014 , respectively. Program income and expenses are recorded in "Interest expense, net" in the Consolidated Statement of Operations and totaled $1.4 million and zero for the year ended December 31, 2015 and 2014 . The Company also utilizes accounts receivable factoring arrangements as a part of its working capital management strategies. Total current capacity under such programs is approximately $247 million as of December 31, 2015 . Under these arrangements, factored accounts receivable may be transferred with or without recourse. Factoring transactions qualifying for sales treatment, where the derecognition criteria have been met, totaled $189 million and zero as of December 31, 2015 and December 31, 2014 , respectively. Account receivable balances related to arrangements not having met the derecognition criteria, whereas the risks and rewards of ownership have not been transferred, remain recorded in "Accounts receivable" and the related liabilities are included in "Other current liabilities" in the Consolidated Balance Sheet, and totaled $24.8 million and zero as of December 31, 2015 and December 31, 2014 , respectively. Factoring fees are recorded in "Interest expense, net" in the Consolidated Statement of Operations and totaled $1.9 million and zero for the year ended December 31, 2015 and 2014 , respectively. As of December 31, 2015 the Company had additional capacity under its factoring arrangements of approximately $75.5 million , subject to the limitations outlined in its Credit Facilities and other agreements governing outstanding debt. Some of the Company’s subsidiaries in the United States and the Netherlands also periodically enter into arrangements for consignment and/or purchase of precious metals with financial institutions. The present and future indebtedness and liability relating to such arrangements are guaranteed by the Company. The Company’s maximum guarantee liability under these arrangements is limited to an aggregate of $18.0 million . No guarantee liability is recorded by the Company for its subsidiary’s debt to financial institutions. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS In the normal course of business, the Company is exposed to risks relating to changes in foreign currency exchange rates, interest rates and commodity prices. Derivative financial instruments, such as foreign currency exchange rate instruments and interest rate swaps, are used to manage changes in market conditions related to foreign currency exchange rate and interest rate volatility. All derivatives are recognized in the Consolidated Balance Sheets at fair value. The counterparties to the Company’s derivative agreements are major international financial institutions. The Company continually monitors its derivative positions and the credit ratings of its counterparties and does not anticipate nonperformance by the counterparties. Foreign Currency The Company conducts a significant portion of its business in currencies other than the U.S. Dollar, the currency in which the Consolidated Financial Statements are reported, and as a result, the Company’s operating results are affected by foreign currency exchange rate volatility relative to the U.S. Dollar. As of December 31, 2015 , the aggregate U.S. Dollar notional amount of foreign currency forward contracts, none of which were designated as hedges, totaled $254 million , all with settlement dates within one year. The majority of forward contracts are in U.S. Dollars ( $217 million ) and Euros (€ 26.6 million ), with lesser amounts in Chinese Yuans, British Pounds, New Zealand Dollars and Australian Dollars. The market value of forward contracts are determined using pricing models based upon observable market inputs including both forward and spot prices for the underlying currencies. The net fair value of the foreign currency forward contracts is included in "Foreign exchange (loss) gain" in the Consolidated Statement of Operations. In connection with the Alent Acquisition, during July 2015, the Company entered into zero-cost, deal-contingent contracts to purchase £1.06 billion ( $1.64 billion at the July 13, 2015 announcement date spot rate of 1.5487 ) in order to hedge against foreign currency effects on the acquisition cash purchase price. The contracts consisted of £530 million of contingent forward contracts and £530 million of contingent options. Upon settlement, the contracts had a weighted average strike price of 1.6053 . However, during November 2015, the Company took advantage of a weakened sterling and further reduced its foreign currency exposure by entering into a series of call and put options against the sterling to replace its out-of-the-money contingent options and to synthetically create a forward contract to purchase £530 million at a weighted average strike price of 1.5177 . For the year ended December 31, 2015 , the Company recorded fair value losses of $73.7 million in "Gain (loss) on derivative contracts" in the Consolidated Statements of Operations related the Alent Acquisition foreign currency options. In September 2014, in connection with the Agriphar and CAS Acquisitions, the Company entered into two separate foreign exchange forward contracts. The first contract was for the Company to buy €277 million at a rate of 1.2878 , which was settled on October 1, 2014 with a realized loss of $7.0 million and recorded in "Gain (loss) on derivative contracts" in the Consolidated Statements of Operations. The second contract was for the Company to sell €204 million at a rate of 1.2840 which was settled upon closing of the CAS acquisition on November 3, 2014 with a realized gain of $7.3 million that was also recorded in "Gain (loss) on derivative contracts" in the Consolidated Statements of Operations. Interest Rates In August 2015, the Company entered into a series of pay-fixed, receiving-floating interest rate swaps with respect to a portion of its indebtedness that meet the criteria to be accounted for as cash flow hedges. The swaps effectively fix the floating base rate portion of the interest payments on approximately $1.16 billion of the Company's USD denominated debt and €285 million of its Euro denominated debt at 1.96% and 1.20% , respectively, from September 2015 through June 2020. Changes in the fair value of a derivative that is designated as, and meets all the required criteria for, a cash flow hedge are recorded in "Accumulated other comprehensive income (loss)" and reclassified into earnings as the underlying hedged item affects earnings. Amounts reclassified into earnings related to the interest rate swaps are included in interest expense. Commodities As part of its risk management policy, the Company enters into commodities forward contracts on an ongoing basis for the purpose of mitigating its exposure to fluctuations in prices of certain metals it uses in the production of its finished goods. The Company held forward contracts to purchase various metals for a notional amount of $16.5 million as of December 31, 2015 . The Company has not designated these derivatives as hedging instruments and has recognized $0.3 million of gains related to fair market value adjustments in “Gain (loss) on derivative contracts” in the Consolidated Statements of Operations for the year ended December 31, 2015 . Under certain circumstances, the Company is required to split and account separately for derivatives that are embedded within certain binding sales or purchase contracts. Two of the Company’s subsidiaries, Enthone Inc. and Enthone BV, have entered into supply agreements with a third party whereby metals used in production are provided on an as-needed basis with purchase deferred until the metals are used in production. As risk of loss passes to the Company at the delivery date and the purchase price for the metals delivered is not set at the time of delivery, these contracts have been deemed to constitute financing agreements with an embedded derivative feature whose fair value is determined by the change in market value of the underlying metals between the delivery date and measurement date. In each agreement, the Company guarantees the indebtedness and liability of Enthone Inc. and Enthone BV. The host contract represents a supply agreement and is, therefore, not recorded in the Consolidated Balance Sheets. The embedded derivative feature is subject to fair value accounting at each financial statement date until settled. The fair value of the embedded derivative is recorded as a liability in the Consolidated Balance Sheets and remeasured each reporting period based on relevant period-end spot rates. Assets associated with these purchase contracts, which serve as the notional value of the embedded derivative, have been recorded in "Inventory" in the Consolidated Balance Sheets and totaled $13.0 million as of December 31, 2015. Liabilities associated with these purchase contracts are included in "Current installments of long-term debt and revolving credit facilities" in the Consolidated Balance Sheets and totaled $13.0 million as of December 31, 2015. As of December 31, 2015, the fair value of the embedded derivative liability was immaterial. The following table summarizes the fair value of derivative instruments reported in the Consolidated Balance Sheets: (amounts in millions) December 31, 2015 December 31, 2014 U.S. Dollar Amount U.S. Dollar Amount Derivatives designated as hedging instruments: Liabilities Balance Sheet Location Interest rate swaps Other long-term liabilities $ 12.5 $ — Derivatives not designated as hedging instruments: Assets Balance Sheet Location Foreign exchange and metals contracts Prepaid expenses & other current assets 1.1 — Foreign exchange contracts Other assets 1.0 — Liabilities Balance Sheet Location Foreign exchange contracts Accrued expenses and other current liabilities 1.0 0.1 Total derivative contracts asset/(liability) $ (11.4 ) $ (0.1 ) For the years ended December 31, 2015 and 2014 , the Company recorded unrealized losses of $12.5 million and $0.2 million , respectively, in Other Comprehensive Income related primarily to interest rate swaps. For the Successor and Predecessor 2013 Periods, gains (losses) totaled $0.2 million and $(0.3) million , respectively. For the years ended December 31, 2015 and 2014 , the Company recorded realized and unrealized (losses) gains of $(74.0) million and $0.4 million , respectively, in " (Loss) gain on derivative contracts " related to foreign currency derivative contracts. For the Successor and Predecessor 2013 Periods, gains (losses) totaled $0.1 million and $(0.3) million , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company determines fair value measurements used in its consolidated financial statements based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction related costs, as determined by either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. Absent a principal market to measure fair value, the Company has used the most advantageous market, which is the market in which the Company would receive the highest selling price for the asset or pay the lowest price to settle the liability, after considering transaction related costs. However, when using the most advantageous market, transaction related costs are only considered to determine which market is the most advantageous and these costs are then excluded when applying a fair value measurement. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. The three levels of the fair value hierarchy are as follows: • Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in non-active markets; and model derived valuations whose inputs are observable or whose significant valuation drivers are observable. • Level 3 – significant inputs to the valuation model are unobservable and/or reflect the Company’s market assumptions. Recurring Fair Value Measurements The following tables present the Company’s financial instruments, assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurement Using (amounts in millions) December 31, 2015 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Asset Category Cash equivalents $ 59.4 $ 2.9 $ 56.5 $ — Available for sale equity securities 6.6 5.8 0.8 — Derivatives 2.1 — 2.1 — Total $ 68.1 $ 8.7 $ 59.4 $ — Liability Category Long term contingent consideration $ 70.7 $ — $ — $ 70.7 Derivatives 13.5 — 13.5 — Total $ 84.2 $ — $ 13.5 $ 70.7 Fair Value Measurement Using (amounts in millions) December 31, 2014 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Asset Category Cash equivalents $ 15.4 $ 15.4 $ — $ — Available for sale equity securities 2.3 1.5 0.8 — Total $ 17.7 $ 16.9 $ 0.8 $ — Liability Category Long term contingent consideration $ 63.9 $ — $ — $ 63.9 Derivatives 0.1 — 0.1 — Total $ 64.0 $ — $ 0.1 $ 63.9 The following methods and assumptions were used to estimate the fair value of each class of the Company’s financial instruments, assets and liabilities: Cash equivalents - Cash equivalents comprise money market accounts and certificates of deposits issued by financial institutions. The Company invests in various money market funds which are managed by financial institutions. These funds are not publicly traded, but historically have been highly liquid. The fair values of the money market accounts are determined by the banks based upon the funds’ NAV. All of the money market accounts currently permit daily investments and redemptions at $1.00 NAV and are classified as Level 1 assets. The Company records certificates of deposit at amortized cost in the Consolidated Balance Sheets. Given the relatively short maturities of these instruments, the Company believes amortized cost approximates fair value. The company classifies these instruments as Level 2. Available for sale equity securities - Equity securities classified as available for sale are measured using quoted market prices at the reporting date multiplied by the quantity held. Level 2 equity securities are measured using quoted prices for similar instruments in active markets. Available for sale equity securities are included in "Other assets" in the Consolidated Balance Sheets. Derivatives - The fair values of derivative assets and liabilities include foreign currency and interest rate derivatives. The values are determined using pricing models based upon observable market inputs. See Note 10, Derivative Instruments, to the Consolidated Financial Statements. Long term contingent consideration - The long term contingent consideration represents a potential liability of up to $100 million tied to achievement of EBITDA and common stock trading price performance metric over a seven -year period ending December 2020 in connection with the MacDermid Acquisition. The common stock performance metric has been satisfied. The fair value of the EBITDA performance metric is derived using the income approach with unobservable inputs, based on future forecasts and present value assumptions which include a discount rate of approximately 1.79% and expected future value of payments of $60.0 million calculated using a probability weighted EBITDA assessment with higher probability associated with the Company achieving the maximum EBITDA targets. Changes in the fair value of the long term contingent consideration is recorded in "Selling, technical, general and administrative expenses" in the Consolidated Statements of Operations. Relative to the share price metric, an increase or decrease in the discount rate of 1% changes the fair value measure of the metric by approximately $2.0 million . Relative to the EBITDA metric, an increase or a decrease in the discount rate of 1% , within a range of probability between 80% and 100% , changes the fair value measure of the metric by approximately $3.0 million The following table provides a reconciliation of the beginning and ending balances for the year ended December 31, 2015 for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (amounts in millions) Long-term contingent consideration Fair value measurements using significant unobservable inputs (Level 3) December 31, 2015 December 31, 2014 Beginning balance $ 63.9 $ 34.8 Changes in fair value 6.8 29.1 Purchases, sales and settlements (1) — — Transfers into Level 3 — — Transfers out of Level 3 — — Ending balance $ 70.7 $ 63.9 (1) There were no purchases, sales or settlements on a gross basis for the years ended December 31, 2015 and 2014 . The Company transfers the fair value of an asset or liability between levels of the fair value hierarchy at the end of the reporting period during which a significant change in the inputs used to determine the fair value has occurred. During the years ended December 31, 2015 and 2014 , there were no transfers between the fair value hierarchy levels. Nonrecurring Fair Value Measurements The following table presents the carrying value and estimated fair value of the Company’s long term debt as of the dates indicated below: (amounts in millions) December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair USD Notes, due 2022 $ 1,081.1 $ 946.3 $ — $ — EUR Notes, due 2023 374.0 326.7 — — USD Notes, due 2021 487.5 500.0 — — First Lien Credit Facility 735.6 710.3 743.0 728.8 USD Incremental Loan 290.8 285.8 292.7 293.3 CAS U.S. Dollar Tranche B Term Loan 121.9 123.9 121.7 127.1 Arysta U.S. Dollar Tranche B-2 Term Loan 481.2 477.7 — — Alent U.S. Dollar Tranche B-3 Term Loan 1,001.8 1,005.9 — — CAS EURO Tranche C-1 Term Loan 219.0 215.4 246.2 242.5 Arysta EURO Tranche C-1 Term Loan 87.2 87.5 — — Alent EURO Tranche C-2 Term Loan 313.0 321.4 — — Enthone Financing Liability 13.0 13.0 — — Capital lease obligations 5.5 5.3 2.0 2.6 $ 5,211.6 $ 5,019.2 $ 1,405.6 $ 1,394.3 Carrying values presented above include unamortized premiums, discounts and debt issuance costs. The following methods and assumptions were used to estimate the fair value of the Company’s long term debt: Long-term Debt Instruments - These financial instruments are measured using quoted market prices at the reporting date multiplied by the gross carrying amount of the related debt which excludes unamortized premiums, discounts and debt issuance costs. Such instruments are valued using Level 2 inputs. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Underwritten Public Offerings On June 29, 2015, we completed the June 2015 Equity Offering of 18,226,414 shares of our common stock at a public offering price of $26.50 per share. This registered offering with the SEC resulted in gross proceeds to Platform of approximately $483 million , before underwriting discounts, commissions and offering expenses of $15.0 million . On November 17, 2014, we completed the November 2014 Public Offering of 16,445,000 shares of our common stock at a public offering price of $24.50 per share. This registered offering with the SEC resulted in gross proceeds to Platform of approximately $403 million , before underwriting discounts, commissions and offering expenses of $15.1 million . Preferred Stock The Company is authorized to issue 5,000,000 shares of preferred stock. The Board has designated 2,000,000 of those shares as "Series A Preferred Stock." As of December 31, 2015 and December 31, 2014 , a total of 2,000,000 shares of Series A Preferred Stock were issued and outstanding. The Board has also designated 600,000 of those shares as "Series B Convertible Preferred Stock," which are redeemable and are presented in the mezzanine section of the Consolidated Balance Sheets. As of December 31, 2015 and December 31, 2014 , a total of 600,000 and zero shares of Series B Convertible Preferred Stock, respectively, were issued and outstanding. Shares of preferred stock have no voting rights, except in respect of any amendment to the Company's Certificate of Incorporation, as amended, that would alter or change their rights or privileges. Series A Preferred Stock The Founder Entities are current holders of Platform's outstanding 2,000,000 shares of Series A Preferred Stock and are entitled to receive an annual dividend on such Series A Preferred Stock in the form of shares of the Company's common stock. On December 31, 2014, the Board approved a stock dividend of 10,050,290 shares of Platform's common stock with respect to its outstanding Series A Preferred Stock, which represented 20% of the appreciation of the market price of our common stock over the Initial Public Offering price of $10.00 multiplied by the total Initial Public Offering shares. The dividend price was $22.85 and the shares were issued on January 2, 2015 based on the volume weighted average price of $23.16 on December 31, 2014. Starting with fiscal year 2015, the dividend amount is calculated based on the appreciated stock price compared to the highest dividend price previously used in calculating the Series A Preferred Stock dividends. Based on the dividend price of $22.85 used in 2014, no stock dividend was declared in 2015 with respect to the Series A Preferred Stock. Each share of Series A Preferred Stock is convertible into one share of common stock of Platform at the option of the holder until December 31, 2020. All outstanding shares of Series A Preferred Stock will be automatically converted into shares of common stock on a one for one basis (i) in the event of a change of control of the Company following an acquisition or (ii) upon the last day of the seventh full financial year following the MacDermid Acquisition, being December 31, 2020 (which may be extended by the Board for three additional years). Shares of Series A Preferred Stock have no voting rights, except in respect of any amendment to the Company's Certificate of Incorporation, as amended, that would alter or change their rights or privileges. During the Successor 2013 Period, the Company recognized a non-cash charge related to the fair value of the preferred dividend rights of $172.0 million . The fair value of the preferred dividend rights was measured based on significant inputs not observable in the market (Level 3 inputs). Key assumptions included the fair value of the common stock and an assumption of volatility. The fair value was calculated using a Monte-Carlo simulation. Series B Convertible Preferred Stock In connection with the Arysta Acquisition, the Company issued to the Arysta Seller 600,000 shares of Series B Convertible Preferred Stock, which have a $1,000 per share liquidation preference. The fair value of these shares, $646 million , was recognized as "Redeemable preferred stock – Series B" in the Consolidated Balance Sheet. At any time, the Arysta Seller may convert these shares into shares of common stock of Platform at a conversion price of $27.14 per share. Additionally, any shares that have not been converted will be redeemed for the $1,000 per share liquidation preference in the event of (i) certain mergers or consolidations, (ii) the sale of substantially all the Company’s assets or subsidiaries or (iii) the liquidation of the Company. Pursuant to the Arysta share purchase agreement, dated October 20, 2014, as amended, any shares of Series B Convertible Preferred Stock that have not previously been converted into shares of common stock will be automatically redeemed at the $1,000 redemption price in connection with certain mergers or consolidations, the sale of all or substantially all of the assets of Platform and its subsidiaries, the sale of certain subsidiaries of Platform or the approval of any plan for the dissolution, liquidation or termination of Platform by our stockholders. On April 20, 2017, the Company will be required to repurchase each share of Series B Convertible Preferred Stock that has not been converted into shares of common stock of Platform, or automatically redeemed as described above, at the $1,000 redemption price payable in shares of our common stock ( 22,107,590 shares of common stock valued at $27.14 per share). Upon such repurchase, the Company will also pay to holders of Series B Convertible Preferred Stock in cash any deficit between (i) the 10 -day volume weighted price of Platform’s common stock prior to such repurchase and (ii) $27.14 per share. To the extent the Arysta Seller continues to own Series B Convertible Preferred Stock, then, if as a result of the arbitration matter described in Note 16, Contingencies, Environmental and Legal Matters, to the Consolidated Financial Statements, the Arysta Seller is obligated to make a payment to us, we may offset any make-whole payment due to the Arysta Seller by any such amount due from the Arysta Seller. If such make-whole payment is less than the amount resolved in connection with the arbitration matter, the deficit will be due from the Arysta Seller. Based on Platform's common stock price of $12.83 as of December 31, 2015 , the make-whole payment would total approximately $316 million , assuming no impact from the arbitration matter noted above. The holders of Series B Convertible Preferred Stock are also entitled to an incremental payment equal to $4.0 million per month from October 20, 2016 to April 20, 2017, or such earlier date after October 20, 2016 that the then outstanding shares of Series B Convertible Preferred Stock are converted into shares of common stock or automatically redeemed by Platform. In connection with the issuance of the Series B Convertible Preferred Stock, the Company entered into a registration rights agreement with the Arysta Seller dated February 13, 2015, pursuant to which it agreed to file a registration statement with the SEC covering the resale of a maximum of 22,107,590 shares of common stock issuable upon conversion of the Series B Convertible Preferred Stock and cause the SEC to declare such registration statement effective within six months. On February 25, 2015, the Company filed the Arysta Seller Resale Registration Statement, which was declared effective on May 6, 2015. Issuance of Common Stock in Connection with Acquisitions In connection with the Alent Acquisition, on December 2, 2015, the Company issued 18,419,738 shares of Platform's common stock to Alent shareholders, including Cevian Capital II Master Fund LP, the then largest shareholder of Alent. The newly issued shares were issued in reliance upon an exemption from the registration requirements of the Securities Act set forth in Section 3(a)(10) thereof and began trading on the NYSE upon their issuance. In connection with the Agriphar Acquisition, on October 1, 2014, the Company issued to a representative of Percival 711,551 restricted shares of our common stock, which will become unrestricted beginning January 2, 2018 unless agreed otherwise in accordance with the terms of the acquisition agreement. The seller was granted a put option to sell and transfer all of its shares back to Platform on the date that is six months from the closing of the Agriphar Acquisition, which was not exercised. As a result, the value of the option, totaling $3.0 million , was reversed and included in "Other income (expenses), net" in the Consolidated Statements of Operations for the year ended December 31, 2015 . In connection with the CAS Acquisition, on November 3, 2014, the Company issued to Chemtura 2,000,000 shares of Platform's common stock, then restricted under Rule 144. Private Placements On October 8, 2014 and November 6, 2014, the Company completed the October/November 2014 Private Placement to certain investors of an aggregate of 16,060,960 shares and 9,404,064 shares of Platform's common stock, respectively, at a price of $25.59 per share. In the October/November 2014 Private Placement, the Company received proceeds of $652 million , gross of transaction fees and offering expenses of $0.3 million . On May 20, 2014, the Company completed the May 2014 Private Placement to certain investors of an aggregate of 15,800,000 shares of Platform’s common stock for an aggregate consideration of $300 million , gross of transaction related costs of $13.8 million . Warrant Mandatory Redemption On March 4, 2014, a mandatory redemption event occurred with respect to all of the Company’s outstanding warrants. On or after April 3, 2014, the date of the mandatory redemption fixed by the Company, holders of warrants had no further rights with respect to such warrants except to receive $0.01 per warrant. During the year ended December 31, 2014, the Company issued 16,244,694 shares of common stock in connection with the exercise of a total of 48,734,082 warrants, resulting in proceeds to the Company of $187 million . On April 3, 2014, Platform completed the mandatory redemption of the remaining 8,580 outstanding warrants for $0.01 per warrant. Ordinary Shares (Pre-Domestication) MacDermid Acquisition In connection with the MacDermid Acquisition, the Company agreed to apply to list its shares on the NYSE and to change its jurisdiction of incorporation from the British Virgin Islands to Delaware. The Company filed a registration statement on Form S-4 with the SEC to effect these changes. The registration statement was declared effective on January 22, 2014 and on that same date the Company completed the Domestication. On January 23, 2014, the Company’s shares of common stock began trading on the NYSE under the ticker symbol “PAH.” On March 4, 2014, pursuant to the terms of an Exchange Agreement, dated October 25, 2013, between the Company and the fiduciaries of the 401K Plan, the Company acquired the remaining 3% of MacDermid for approximately $2.6 million in cash (which is reflected in “Acquisition of business, net” in the accompanying Condensed Consolidated Statements of Cash Flows) and 1,670,386 shares of the Company’s shares of common stock. In connection with the Domestication, (i) each ordinary share of the Company that was issued and outstanding immediately prior to the Domestication was automatically converted into one share of common stock (par value $0.01 ) of the Company, (ii) outstanding options, warrants and other rights to acquire ordinary shares became options, warrants or rights to acquire the corresponding shares of common stock of the Company, and (iii) each share held by the Founder Entities that was issued and outstanding immediately prior to the Domestication was automatically converted into one share of Series A Preferred Stock of the Company. Initial Public Offering In connection with the Initial Public Offering on May 22, 2013, the Company issued 88,500,000 common shares (no par value) for gross proceeds of $885 million . Also, on May 22, 2013, the Company issued an aggregate of 29,500 common shares to non-founder directors for $10.00 per share. Each common share has voting rights and winding-up rights. Each of the 2,000,000 preferred shares, 88,500,000 common shares issued in connection with the Initial Public Offering as well as the 29,500 common shares issued to the non-founder directors was issued with a warrant ( 90,529,500 warrants in aggregate), entitling the holder of each warrant to purchase one-third of common shares with a strike price of $11.50 per common share. Each warrant was exercisable until three years from the date of an acquisition, unless mandatorily redeemed by the Company. The warrants were mandatorily redeemable by the Company at a price of $0.01 should the average market price of a common share exceed $18.00 for 10 consecutive trading days. In order to fund a portion of the cash consideration for the MacDermid Acquisition in November 2013, the Company conducted an offer to issue shares of common stock of the Company in exchange for $10.50 and 3 warrants, up to a maximum of half of the warrants outstanding in which 40,386,840 warrants (representing $141 million cash) were exercised and 13,462,280 underlying shares of common stock were issued. In conjunction with this Warrant Exchange Offer not being fully subscribed, on November 13, 2013, the Company issued 380,952 shares at $10.50 per share to the Founder Entities and issued 190,476 shares each to two of its independent directors at $10.50 per share. Non-Controlling Interest In connection with the MacDermid Acquisition, approximately $97.5 million was raised in new equity consisting of shares of PDH Common Stock. Since October 31, 2014, all shares of PDH Common Stock are convertible, at the option of the holder, into a like number of shares of the Company's common stock, the sale of which is subject to a contractual lock-up of 25% per year over a four -year period, which started on October 31, 2013. The PDH Common Stock is classified as a non-controlling interest on the Consolidated Balance Sheets at December 31, 2015 and 2014 and will continue to be until such time as it is exchanged for shares of common stock. The total number of shares of common stock originally issuable upon the exchange of PDH Common Stock pursuant to the RHSA was approximately 8.8 million , of which 712,918 shares have been issued as of December 31, 2015 . For the years ended December 31, 2015 and 2014 , and the Successor 2013 Period, approximately $(1.4) million , $6.4 million , and $(1.4) million , respectively, of net (loss) income has been allocated to the Retaining Holders, as included in the Consolidated Statements of Operations, representing non-controlling interest of 6.25% , 6.67% and 6.76% at December 31, 2015 and 2014 , and the Successor 2013 Period, respectively. As a result of the Arysta Acquisition, approximately $125 million of non-controlling interest was recorded in purchase accounting as a result of the consolidation of less-than-wholly-owned subsidiaries. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Changes in each component of accumulated other comprehensive (loss) income, net of tax for the years ended December 31, 2015 and 2014 , and the Successor 2013 Period were as follows: (amounts in millions) Foreign Currency Translation Adjustments Pension and Post-retirement Plans Unrealized Gain on Available for Sale Securities Derivative Financial Instrument Revaluation Non-Controlling Interests Accumulated Other Comprehensive Income (Loss) Balance at Inception (April 23, 2013) $ — $ — $ — $ — $ — $ — Other comprehensive (loss) income before reclassifications, net (0.6 ) 1.8 — 0.1 — 1.3 Reclassifications, pretax — — — — — — Tax (benefit) expense reclassified — — — — — — Balance at December 31, 2013 (0.6 ) 1.8 — 0.1 — 1.3 Other comprehensive (loss) income before reclassifications, net (121.6 ) (16.7 ) 0.1 (0.1 ) 6.4 (131.9 ) Reclassifications, pretax — — — — — — Tax expense reclassified — — — — — — Balance at December 31, 2014 (122.2 ) (14.9 ) 0.1 — 6.4 (130.6 ) Other comprehensive (loss) income before reclassifications, net (777.1 ) (10.9 ) 1.1 (8.1 ) 40.0 (755.0 ) Reclassifications, pretax — — — — — — Tax benefit reclassified — (0.5 ) — — — (0.5 ) Balance at December 31, 2015 $ (899.3 ) $ (26.3 ) $ 1.2 $ (8.1 ) $ 46.4 $ (886.1 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE A computation of the weighted average shares outstanding for the years ended December 31, 2015 and 2014 and the Successor 2013 Period follows. No such computation is necessary for the Predecessor 2013 Period. Year Ended December 31, (amounts in millions, except per share amounts) 2015 2014 2013 Net loss attributable to common stockholders $ (308.6 ) $ (262.6 ) $ (194.2 ) Basic weighted average common stock outstanding 203.2 135.3 92.6 Convertible and performance-based stock (1) — — — Dilutive weighted average common stock outstanding 203.2 135.3 92.6 Loss per share attributable to common stockholders: Basic $ (1.52 ) $ (1.94 ) $ (2.10 ) Diluted $ (1.52 ) $ (1.94 ) $ (2.10 ) (1) For the years ended December 31, 2015 , and 2014 , and the Successor 2013 Period, no share adjustments were included in the dilutive weighted average shares outstanding computation as their effect would have been anti-dilutive. For more information about such dilutive shares outstanding, refer to the table below. For the years ended December 31, 2015 and 2014 , the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because performance targets and/or market conditions were not yet met for awards contingent upon such measures. Year Ended December 31, (amounts in thousands) 2015 2014 2013 Number of shares contingently issuable to Founder Entities as stock dividend to Series A Preferred Stock 1,239 10,453 — Number of shares issuable upon conversion of warrants — — 16,248 Number of shares issuable upon conversion of PDH Common Stock 8,318 8,641 — Number of shares issuable upon conversion of Series A Preferred Stock 2,000 2,000 — Number of shares issuable upon conversion of Series B Convertible Preferred Stock 19,443 — — Number of shares contingently issuable for the contingent consideration 4,640 1,503 — Number of shares issuable upon conversion of the 401k exchange rights — 270 — Number of stock options 55 89 — Number of restricted stock shares and units 74 70 — Number of shares issuable under the employee stock purchase plan 1 — — 35,770 23,026 16,248 |
Operating Lease Commitments
Operating Lease Commitments | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Lease Commitments | OPERATING LEASE COMMITMENTS The Company leases certain land, office space, warehouse space and equipment under agreements which are classified as operating leases for financial statement purposes. Certain of these leases provide for payment of real estate taxes, common area maintenance, insurance and certain other expenses. Lease terms may have escalating rent provisions and rent holidays which are recognized on a straight-line basis over the term of the lease. The leases expire at various dates through 2049. Total operating lease rental expense for the years ended December 31, 2015 and 2014 was $22.9 million and $11.3 million , respectively, and $1.5 million and $9.1 million for the Successor and Predecessor 2013 Periods, respectively. Minimum future non-cancelable operating lease commitments are as follows: (amounts in millions) Operating Lease Commitments Year ending December 31, 2016 $ 24.8 2017 18.5 2018 12.6 2019 10.3 2020 8.8 Thereafter 22.5 Total $ 97.5 The fixed operating lease commitments detailed above assume that the Company continues the leases through their initial lease terms. |
Contingencies, Environmental an
Contingencies, Environmental and Legal Matters | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies, Environmental and Legal Matters | CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS Asset Retirement Obligations The Company has recognized asset retirement obligations, or AROs, for properties where it can make a reasonable estimate of the future expenditures necessary to satisfy the related obligations. The Company considers identified legally-enforceable obligations, estimated settlement dates and appropriate discount and inflation rates in calculating the fair value of its AROs. The AROs are included in "Other long-term liabilities" in the Consolidated Balance Sheets as of December 31, 2015 and 2014 . Changes in the Company’s AROs are as follows: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception (Successor) (Successor) (Successor) (Predecessor) AROs, beginning of period $ 18.5 $ 4.8 $ — $ 2.3 Acquisitions 0.4 13.2 4.8 — Additional obligations incurred — 0.5 — — Accretion expense 1.0 0.7 — 0.1 Remeasurements (0.2 ) — — — Payments/ settlements (0.4 ) (0.2 ) — (0.1 ) Foreign currency adjustments (1.8 ) (0.5 ) — (0.1 ) AROs, end of period $ 17.5 $ 18.5 $ 4.8 $ 2.2 Environmental Liabilities The Company formulates and distributes specialty chemical products and is therefore subject to extensive domestic and foreign environmental protection laws and regulations, including those governing the management, discharge and disposal of hazardous material and pollutants into the soil, air and water, as well as laws and regulations governing workers' health and safety. As a result, the Company is exposed to risks of liability or claims with respect to environmental clean-up of contaminated facilities or other matters, including those in connection with the disposal or releases of, or exposure to, hazardous materials. The Company has incurred, and will continue to incur, costs and capital expenditures in complying with these laws and regulations. Additional costs could be incurred, including cleanup costs, fines, sanctions, and third-party claims, as a result of violations of or liabilities under environmental laws. Among other environmental laws, the Company is subject to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (commonly known as Superfund), under which the Company may be designated as a “potentially responsible party” ("PRP") with respect to cleanup costs associated with sites on the U.S. Environmental Protection Agency National Priority List. The Company conducts studies, individually or jointly with other PRPs, to determine the feasibility of various remedial techniques. It is the Company's policy to record appropriate liabilities for environmental matters when remedial efforts or damage claim payments are probable and the costs can be reasonably estimated. Such liabilities are based on the Company's best estimate of the undiscounted future costs required to complete the remedial work. The recorded liabilities are adjusted periodically as remediation efforts are determined. Remediation activities vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, diverse regulatory agencies and enforcement policies, as well as the presence or absence of potentially responsible parties. In particular, Alent, which the Company acquired in December 2015, had reserved approximately £16.2 million ( $23.9 million based on the GBP/USD exchange rate of 1.4736 on December 31, 2015 ) for potential liability in connection with environmental remediation, clean-up costs, and monitoring of sites that were either closed or disposed of in prior years. These sites are in various stages of environmental management: at some sites, the work is in the early stages of assessment and investigation, while at others, the clean-up remedies have been implemented and the remaining work consists of monitoring the integrity of those remedies. These sites also include federal or state Superfund sites. Because the laws pertaining to Superfund sites generally impose retroactive, strict, joint and several liability, a governmental plaintiff could seek to recover all remediation costs at any such site from any of the PRPs for such site, including us, despite the involvement of other PRPs. The Company is one of several identified PRPs, in the aforementioned Superfund sites. The Company believes that the liability associated with these sites ha been apportioned based on the type and amount of waste disposed by each PRP at such disposal site and the number of financially solvent PRPs. In many cases, the nature of future environmental expenditures cannot be quantified with accuracy. The Company does not currently anticipate any material losses in excess of the reserve amount recorded. However, it is possible that new information about these sites, such as results of investigations, could make it necessary for the the Company to reassess its potential exposure related to these environmental matters. As the settlement of many of the obligations for which provision is made is subject to legal or other regulatory process, the timing of the associated cash outflows is subject to some uncertainty, but the majority of the amounts provided are expected to be utilized over the next five to ten years. As of December 31, 2015 and 2014 , the Company's environmental reserves totaled $25.7 million and $4.5 million , respectively. The Company’s management does not believe it is possible to develop an estimate of the range of reasonably possible environmental loss in excess of our recorded liabilities. As of the date hereof, the Company’s management believes that any possible losses related to environmental remediation in addition to the amounts recorded as of December 31, 2015 and 2014 would not be material to the Company's consolidated financial position, results of operations or cash flows. Legal Proceedings From time to time, the Company is involved in various legal proceedings in the normal course of its business. The Company believes that the resolution of these claims, to the extent not covered by insurance, will not individually or in the aggregate, have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. As of December 31, 2015 and 2014 , the Company has reserved approximately $6.5 million and $4.4 million , respectively, for its outstanding legal proceedings. The following is a description of certain litigation matters. Product liability and/or personal injury claims for, or relating to, products the Company sells under its Agricultural Solutions segment are complex in nature and have outcomes that are difficult to predict. Since these products are used in the food chain on a global basis, any such product liability or personal injury claim could lead to litigation in multiple jurisdictions. During 2014, Agricola Colonet, SA de CV claimed that certain Arysta products purchased from a retail distributor in Mexico were contaminated, requiring treated crops to be destroyed. Agricola Colonet, SA de CV is seeking compensation of approximately MXN 182 million ( $10.6 million , based on the MXN/USD exchange rate of 0.0581 on December 31, 2015 ). The Company believes that it has adequate defenses and intends to vigorously defend against this claim, and therefore has not established a reserve related to this claim. Under its risk management policies, the Company maintains certain insurance policies under which such claims may be covered. In March 2013, a claim was filed against Arysta LifeScience Corporation, one of our subsidiaries, relating to a purchasing optimization agreement entered into in 2011 between Arysta LifeScience Corporation and a consulting firm. The agreement provided for an incentive fee to be paid to the plaintiff based upon savings to Arysta resulting from the plaintiff's work. In addition to fees already received, the plaintiff claims damages, which the Company considers to be non-material. The Company believes this claim is without merit and that the fees already paid under the agreement exceed or equal the fees owed to the plaintiff. An arbitration hearing was conducted in May 2014, and in May 2015 the tribunal published a partial award, ruling on various issues of principle, but declining to calculate an award amount, rather asking the parties to attempt to agree upon a calculation reflecting the decisions of the tribunal set out in the award. The parties have been unable to agree on a calculation of the award, and the Company is awaiting further decisions from the tribunal. The $600 million of Series B Convertible Preferred Stock issued in connection with the Arysta Acquisition may be converted into a maximum of 22,107,590 shares of Platform common stock. To the extent that the aggregate value of such shares is less than $600 million (based on a 10 -day volume weighted average price), then, such shortfall would be payable in cash by Platform. Such shortfall would however be reduced by a portion, or all, of the amount for which the arbitration matter described in the preceding paragraph may be resolved, either by order of the arbitrators or by settlement, pursuant to a formula negotiated by and between us and the Arysta Seller. In June 2009, a lawsuit was filed by a private individual against Arysta LifeScience do Brasil Industria Química e Agropecuária Ltda, or Arysta Brazil, and 25 other defendants, and in November 2011, a claim was filed against Arysta Brazil and five other defendants by the city of Ulianopolis, in each case in connection with materials sent by Arysta Brazil and others to an incineration site owned and operated by an unaffiliated third party in the state of Pará, Brazil. Arysta Brazil was summoned and has filed its answer in connection with both cases. Proceedings have been suspended indefinitely in order to allow the Pará State Attorney to conduct civil inquiries to determine the extent of contamination and the appropriate remediation, and to identify potentially responsible parties. Damages sought in the private lawsuit include a penalty of BRL 50.0 million ( $12.6 million , based on the BRL/USD exchange rate of 0.2525 on December 31, 2015 ), plus interest and the cost of remediation. The cost of remediation in the case brought by the city of Ulianopolis was previously estimated by the city to be BRL 70.9 million ( $17.9 million , based on the BRL/USD exchange rate of 0.2525 on December 31, 2015 ). In addition, 13 former employees of the incineration facility have brought actions naming 80 defendants, including Arysta Brazil, seeking compensation in an aggregate amount of BRL 173.3 million ( $43.8 million , based on the BRL/USD exchange rate of 0.2525 on December 31, 2015 ) for health problems allegedly contracted as a result of their employment at the incineration site. From time to time, in the ordinary course of business, the Company contests tax assessments received by its subsidiaries in various jurisdictions. The Company's contested tax assessments have been most prevalent in Brazil, where the tax regime is complex, and the administrative and judicial procedures for resolving disputed tax assessments are expensive and time-consuming. In addition, short of simply paying the entire amount demanded, including penalties, interest, and attorney’s fees, it is not possible to settle disputed tax assessments other than by submission for inclusion in formal tax amnesty programs announced by the Brazilian federal or state governments from time to time at irregular intervals. The terms of such amnesty programs vary, but generally offer the possibility of reduced interest and penalties. Historically, Arysta has submitted selected contested tax matters for inclusion in such amnesty programs in Brazil, when it appeared prudent to management to do so. The Company is currently contesting several tax assessments at various stages of the applicable administrative and judicial processes, with a combined amount at issue, including interest and penalties, of approximately BRL 75.2 million ( $19.0 million , based on the BRL/USD exchange rate of 0.2525 on December 31, 2015 ). Because tax matters in Brazil historically take many years to resolve, it is very difficult to estimate when these matters will be finally resolved. Based on management's judgments, the Company does not expect it will incur a material loss in excess of accrued liabilities. In February 2015, MacDermid, as plaintiff, settled a litigation with Cookson Group plc, Enthone Inc., Cookson Electronics and David North, as defendants, for $25.0 million . The litigation related to certain corporate activities that occurred between MacDermid and the defendants in 2006 and 2007. On April 3, 2015, the Company received part of the settlement in the amount of $16.0 million , and placed the remainder, net of legal costs, into escrow for future distribution in accordance with the pending litigation provisions of the Business Combination Agreement and Plan of Merger dated as of October 10, 2013. In July 2014, a federal court jury found in favor of MacDermid Printing Solutions LLC in litigation against Cortron, Inc. The court entered a judgment in the amount of approximately $64.7 million . Cortron, Inc. has appealed the verdict. Accordingly, MacDermid Printing Solutions LLC’s ability to collect on the judgment is uncertain. All proceeds from this litigation are subject to the pending litigation provisions of the Business Combination Agreement and Plan of Merger dated as of October 10, 2013. In September 2014, the U.S. District Court for the District of New Jersey rendered a summary judgment in favor of MacDermid in this patent litigation with E.I. du Pont de Nemours and Company. The Court issued summary judgment rulings in favor of MacDermid finding certain E.I. du Pont de Nemours and Company’s patents invalid and not infringed. These rulings summarily find against E.I. du Pont de Nemours and Company on all of the patent claims asserted by E.I. du Pont de Nemours and Company in this lawsuit. The ruling, however, leaves the counterclaims made by MacDermid against E.I. du Pont de Nemours and Company in place. E.I. du Pont de Nemours has appealed the verdict; accordingly, the final judgment remains uncertain. All proceeds from this litigation are subject to the pending litigation provisions of the Business Combination Agreement and Plan of Merger dated as of October 10, 2013. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | VARIABLE INTEREST ENTITIES In connection with the Arysta Acquisition in February 2015, the Company acquired ownership in two distributors deemed to be variable interest entities. Saphyto S.A. The Company holds a 45.0% interest in its product distributor, Saphyto S.A. The Company has determined that it is the primary beneficiary of the activities of Saphyto S.A., as approximately 81.0% of the distributor's sales are based on the Company's products and it has the power to direct activities impacting Saphyto S.A.'s economic performance. The Company is responsible for granting licenses to Saphyto S.A. to sell products and providing technical assistance and feedback on internal operations and controls. The Company and Saphyto's management jointly define the commercial, financial and technical strategy of Saphyto S.A., including pricing. As a result, the activities of Saphyto S.A. are consolidated in the Consolidated Financial Statements. The following table summarizes the carrying amounts of Saphyto S.A.’s assets and liabilities included in the Consolidated Balance Sheet at December 31, 2015 : (amounts in millions) December 31, Assets and Liabilities of Saphyto S.A. Cash and cash equivalents $ 1.2 Other current assets 9.9 Property, plant, and equipment 1.4 Other non-current assets 0.3 Total assets $ 12.8 Current liabilities $ 8.8 Total liabilities $ 8.8 The capital structure of Saphyto S.A. includes total stockholders' equity of $4.0 million and short-term borrowings of $0.3 million as of December 31, 2015. Société des Produits Industriels et Agricoles, or SPIA The Company holds a 31.95% interest in its product distributor, SPIA. Approximately 90% of sales generated in SPIA are attributable to the Company's products. The Company is responsible for developing SPIA's sales for export, and supporting technical, administrative and accounting functions. The Company has determined that although it receives a disproportionate amount of economic benefit as compared to its ownership interest, it is not the primary beneficiary of the activities of SPIA, as the majority shareholder of SPIA holds a 50.9% interest and exercises control through voting rights. As a result, the Company has applied the equity method of accounting to its interest in SPIA which is reflected in "Other assets" in the Consolidated Balance Sheets. The investment balance totaled $1.4 million as of December 31, 2015 , representing the Company's maximum exposure to loss. SPIA's total assets were approximately $6.4 million as of December 31, 2015 . The capital structure of SPIA includes total stockholders' equity of approximately $4.4 million . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS RHSA Immediately prior to the closing of the MacDermid Acquisition, each Retaining Holder entered into a RHSA pursuant to which they agreed to exchange their respective interests in MacDermid Holdings for shares of PDH Common Stock, at an exchange rate of $11.00 per share plus, with respect to the common, class A and class B unit equity interests of MacDermid Holdings held by the Retaining Holder (i) a proportionate share of a contingent interest in certain pending litigation, and (ii) a proportionate share of up to $100 million of contingent purchase price payable upon the attainment of certain EBITDA and stock trading price performance metrics during the seven -year period following the closing of the MacDermid Acquisition. The resulting non-controlling interest percentage for the Retaining Holders was 6.25% and 6.67% as of December 31, 2015 and 2014 , respectively. Pursuant to the RHSA, each Retaining Holder is subject to a contractual lock-up with respect to 25% of the total shares of PDH Common Stock initially received by such Retaining Holder, commencing on the first through the fourth anniversary of the MacDermid Acquisition. In addition, until the earlier of (i) the seventh anniversary of the MacDermid Acquisition (that is October 31, 2020) and (ii) such date on which all shares of PDH Common Stock held by Tartan have been exchanged for common stock, Platform has agreed, among certain other covenants, to obtain written consent from Tartan prior to issuing additional securities, or instruments convertible, exchangeable or exercisable for securities. Release of Lock-up Agreement under RHSA Mr. Daniel H. Leever, a Retaining Holder under the RHSA, retired as Chief Executive Officer of the Company on December 14, 2015. In connection with Mr. Leever's retirement, Platform agreed, subject to the satisfaction of certain conditions, to accelerate the expiration of the contractual lock-up included in the RHSA with respect to approximately 3.0 million shares of PDH Common Stock (all of which are convertible at any time into a like number of shares of Platform’s common stock) which are beneficially owned by Mr. Leever and certain related persons through Mr. Leever's ownership in, and control of, Tartan, an entity of which Mr. Leever is the sole director and manager. Platform has agreed to release the lock-up agreements on such shares (and any shares of Platform’s common stock issuable upon conversion thereof), at such time as (i) Platform’s outstanding Series B Convertible Preferred Stock have been converted into shares of Platform’s common stock and the related guarantee payment obligations have been satisfied and (ii) Mr. Leever, acting as the sole director and manager of Tartan, exercises his authority to allocate a pro rata portion of the right to receive certain contingent purchase price payments to all current or former employees of Platform (or their related persons) who are members of Tartan (which allocations may not be changed without the prior written consent of certain members of Tartan); but in any event, such lock-up agreements shall be released no later than October 31, 2016. Previously, the lock-up with respect to half of the shares expired on October 31, 2016 and the lock-up with respect to the other half expired on October 31, 2017. Amendment to the Series B Convertible Preferred Stock On October 27, 2015, the Company further amended the Arysta share purchase agreement, dated as of October 20, 2014, by entering into an amendment agreement with the Original Arysta Seller and the Arysta Seller (as holders of at least a majority of shares of Series B Convertible Preferred Stock) to extend the maturity date of the Series B Convertible Preferred Stock from October 20, 2016 to April 20, 2017. The Company also agreed to pay the Original Arysta Seller and the Arysta Seller an incremental payment equal to $4.0 million per month from the original maturity date (October 20, 2016) to the extended maturity date (April 20, 2017), or such earlier date after October 20, 2016 that the then outstanding shares of Series B Convertible Preferred Stock are converted into shares of common stock or automatically redeemed by Platform. Advisory Services Agreement On October 31, 2013, the Company entered into an Advisory Services Agreement with Mariposa Capital, LLC, an affiliate of one of our founder directors. Under this agreement, Mariposa Capital, LLC provides certain advisory services to the Company and is entitled to receive an annual fee equal to $2.0 million , payable in quarterly installments. This agreement is automatically renewed for successive one-year terms unless either party notifies the other party in writing of its intention not to renew no later than 90 days prior to the expiration of the applicable term. This agreement may only be terminated by the Company upon a vote of a majority of its directors. In the event that this agreement is terminated by the Company, the effective date of the termination will be six months following the expiration of the applicable term. Under this agreement, the Company incurred $2.0 million during each of the years ended December 31, 2015 and 2014 , and $0.4 million during the Successor 2013 Period. Registration Rights Agreements On November 7, 2013, we entered into a registration rights agreement with Pershing Square on behalf of funds managed by Pershing Square pursuant to which we agreed to file a resale registration statement for the resale of the shares those funds own from time to time promptly after becoming eligible to utilize a Form S-3. We became eligible to file a registration statement on Form S-3 on January 23, 2015, and initially filed a registration statement on February 2, 2015 as required by this registration rights agreement. This registration statement was amended on February 12, 2015 and was declared effective on February 20, 2015. On May 20, 2014, we completed the May 2014 Private Placement. Blue Ridge Limited Partnership, a stockholder of more than 5% of our then issued and outstanding common stock as of February 12, 2015, along with one of its affiliates, Blue Ridge Offshore Master Limited Partnership, purchased an aggregate 1,000,000 shares of our common stock issued in the May 2014 Private Placement, at a per share price of $19.00 . In connection with the May 2014 Private Placement, we granted registration rights to each investor, including Blue Ridge Limited Partnership and Blue Ridge Offshore Master Limited Partnership. Pursuant to these registration rights agreements, on May 23, 2014, we filed the May Resale Registration Statement to register the resale of all of the shares sold in the May 2014 Private Placement which was amended on June 13, 2014 and declared effective on June 19, 2014. In connection with the October/November 2014 Private Placement, Blue Ridge Limited Partnership and Blue Ridge Offshore Master Limited Partnership, stockholders of more than 5% , purchased an additional aggregate 1,953,888 shares of our common stock, at a per share price of $25.59 . In addition, Pershing Square, through the Pershing Square Funds, purchased 9,404,064 shares, at a per share price of $25.59 . A partner of Pershing Square is a member of Platform’s board of directors. In connection with the October/November 2014 Private Placement, we entered into registration rights agreements with each investor, including Blue Ridge Limited Partnership, Blue Ridge Offshore Master Limited Partnership and Pershing Square on behalf of its funds. Pursuant to these registration rights agreements, on November 3, 2014, we filed the November Resale Registration Statement to register the resale of all of the shares sold in the October/November 2014 Private Placement, including the 9,404,064 shares issued to the Pershing Square’s funds upon stockholder approval on November 6, 2014. The November Resale Registration Statement was declared effective on November 10, 2014. Predecessor Transactions For the Predecessor 2013 Period, the Predecessor paid management fees of $7.5 million to Court Square Capital Partners II LP, an investor, in connection with the consummation of the MacDermid Acquisition and per the terms of the management agreement. Three of MacDermid’s board members prior to the MacDermid Acquisition were employees of Court Square Capital Partners II LP. For the Predecessor 2013 Period, the Company paid management fees to Weston Presidio, an investor, of $1.7 million . On August 26, 2013, MacDermid loaned $0.3 million to an officer in exchange for a promissory note bearing interest at Prime plus 1% per annum. As collateral, the note was secured by real estate owned by the officer. The principal amount of the loan and the accrued interest was repaid in full on October 31, 2013. On October 31, 2013, in order to complete the MacDermid Acquisition, Platform advanced $33.3 million to MacDermid representing the portion of the cash consideration required to purchase the equity held by MacDermid employee shares in connection with the MacDermid Acquisition. Also in conjunction with closing of the MacDermid Acquisition, Platform paid $5.0 million of interest on the then first and second lien credit facilities on MacDermid’s behalf. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING The Company continuously evaluates its operations in an effort to identify opportunities to improve profitability by leveraging existing infrastructure to reduce operating costs and respond to overall economic conditions. Restructuring expenses were recorded as follows in each of our business segments: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception Ten months ended (Successor) (Successor) (Successor) (Predecessor) Performance Solutions $ 6.9 $ 1.5 $ 0.8 $ 3.6 Agricultural Solutions 18.4 1.5 — — Total restructuring $ 25.3 $ 3.0 $ 0.8 $ 3.6 2015 Activity The restructuring activity initiated by the Company's Performance Solutions segment primarily related to cost saving opportunities associated with a realignment of the segment's footprint in the United States, which included the sale of one of its legacy manufacturing sites during the third quarter of 2015, cost saving opportunities associated with the integration of the Alent Acquisition. The restructuring plans initiated by the Company's Agricultural Solutions segment primarily related to cost saving opportunities associated with the integration of the Arysta, CAS and Agriphar Acquisitions. Both segments also incurred expenses related to several overhead cost reduction initiatives. There are no material additional costs expected to be incurred related to these discrete restructuring plans. 2014 Activity The restructuring activity initiated in 2014 primarily related to the elimination of certain headcount positions as well as several small initiatives targeting cost reduction opportunities. Successor 2013 Period Activity The restructuring plans initiated during the Successor 2013 Period primarily related to several overhead cost reductions initiatives. Predecessor 2013 Period Activity The Predecessor implemented certain restructuring actions which were intended to better align manufacturing capacity, eliminate excess capacity by lowering operating costs, and streamline the organizational structure to improve long-term profitability. The restructuring actions consisted of facility consolidations and closures as well as headcount reductions. The restructuring plans initiated during the Predecessor 2013 Period were remnants of previous actions taken by the Performance Solutions segment and primarily related to the consolidation of the manufacturing processes. At December 31, 2015 and 2014 , the Company’s restructuring liability totaled $1.1 million and $1.6 million , respectively, and was included in "Accrued expenses and other current liabilities" in the Consolidated Balance Sheets. Restructuring expenses recorded in the Consolidated Statements of Operations were as follows: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception Ten months ended (Successor) (Successor) (Successor) (Predecessor) Cost of sales $ 6.3 $ — $ — $ — Selling, technical, general and administrative 19.0 3.0 0.8 3.6 Total restructuring $ 25.3 $ 3.0 $ 0.8 $ 3.6 |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other Income (Expense), Net | OTHER INCOME (EXPENSE), NET Components of "Other income (expense), net" as reported in the Consolidated Statements of operations composed of the following: (amounts in millions) Year Ended Year Ended Period from January 1, (Successor) (Successor) (Successor) (Predecessor) Legal settlement $ 17.7 $ — $ — $ — Sale of intellectual property and product rights 6.1 — — — Acquisition put option settlement 3.0 — — — Other income (expense), net 3.6 (0.2 ) 0.1 (0.7 ) Total other income (expense), net $ 30.4 $ (0.2 ) $ 0.1 $ (0.7 ) |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Components of "Accrued expenses other current liabilities" as reported in the Consolidated Balance Sheets is composed of the following: (amounts in millions) December 31, 2015 December 31, 2014 Accrued customer rebates and sales incentives $ 120.7 $ 9.9 Financial guarantees and factoring 71.1 — Accrued acquisition payable — 14.3 Other current liabilities 222.4 48.6 Total other current liabilities $ 414.2 $ 72.8 |
Note Receivable
Note Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Note Receivable | NOTE RECEIVABLE On October 28, 2015, the Company extended a short-term, recourse loan of $125 million to an unrelated third party. The loan earned interest at an annual rate of 11% from inception through its settlement in January 2016. During 2015, the Company recognized interest income on the loan of $2.4 million . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Acquisition of OMG Subsidiary in Malaysia On January 31, 2016, the Company completed the acquisition from Apollo of a subsidiary of OMG located in Malaysia for an aggregate purchase price of approximately $125 million , subject to purchase price adjustments. The acquired entity will be included in the Company's Performance Solutions business segment. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION During the first quarter of 2015, the Company completed certain changes to its organizational structure that resulted in a change to the Company's reportable business segments. As a result, Platform's former Performance Materials and Graphic Solutions reportable segments were combined into a new single Performance Applications reportable segment, and the AgroSolutions reportable segment was re-branded to Agricultural Solutions. In December 2015, the Company further re-branded its Performance Applications segment by changing its name to "Performance Solutions." Platform's segment reporting structure represents businesses for which separate financial information is utilized by the chief operating decision maker, or CODM, for purpose of allocating resources and evaluating performance. Each reportable segment has its own president, who reports to the CODM. As a result of these organizational and branding changes, Platform manages its business in two reportable segments: Performance Solutions and Agricultural Solutions. Performance Solutions – The Performance Solutions segment formulates and markets dynamic chemistry solutions that are used in automotive production, commercial packaging and printing, electronics, and oil and gas production and drilling. Its products include surface and coating materials, functional conversion coatings, electronics assembly materials, water-based hydraulic control fluids and photopolymers. Performance Solutions products are sold worldwide. In conjunction with the sale of its products, extensive technical service and support is provided to ensure superior performance. Within this segment, the Company provides specialty chemicals to the following industries; Electronics, Commercial Packing and Printing, Industrial, and Offshore. For the electronics industry, the segment designs and formulates a complete line of proprietary “wet” dynamic chemistries used by customers to process the surface of the printed circuit boards and other electronic components they manufacture. For the electronics industry, we also develop, manufacture and sell innovative interconnect materials used to assemble printed circuit boards and advance semiconductor packaging. For the commercial packaging and printing industries, the segment produces photopolymers, through an extensive line of flexographic plates, which are used to produce printing plates for transferring images onto commercial packaging, including packaging for consumer food products, pet food bags, corrugated boxes, labels and beverage containers. In addition, the segment also produces photopolymer printing plates for the flexographic and letterpress newspaper and publications markets. For the industrials, the segment's dynamic chemistries are used for finishing, cleaning and providing surface coatings for a broad range of metal and non-metal surfaces which improve the performance or look of a component of an industrial part or process. For the offshore industry, the segment produces water-based hydraulic control fluids for major oil and gas companies and drilling contractors for offshore deep water production and drilling applications. Agricultural Solutions – Our Agricultural Solutions segment is based on a solutions-oriented business model that focuses on product innovation to address an ever-increasing need for higher crop yield and quality. We offer to growers diverse crop protection solutions from weeds (herbicides), insects (insecticides) and diseases (fungicides), in foliar and seed treatment applications. We also offer a wide variety of proven biosolutions, including biostimulants, innovative nutrition and biocontrol products. We emphasize on farmer economics and food safety by combining, when possible, biosolutions with crop protection and seed treatment agrochemicals. Our Global Value Added Portfolio, or GVAP, consists of agrochemicals in the herbicides, insecticides, fungicides and seed treatment categories, based on patented or proprietary off-patent AIs. Our Global BioSolutions Portfolio, or GBP, includes biostimulants, innovative nutrition and biocontrol products. We consider our GVAP and GBP to be key pillars for our sustainable growth. In addition, we offer regional off-patent AIs and certain non-crop products, including animal health products, such as honey bee protective miticides and certain veterinary vaccines. The Company evaluates the performance of its operating segments based on net sales and adjusted EBITDA. Adjusted EBITDA for each segment is calculated by taking net income and adding back interest expense, income tax expense (benefit), depreciation expense and amortization expense. This amount is further adjusted for acquisition-related expenses and other non-operating and/or infrequent transactions and events. Adjusted EBITDA for each segment also includes an allocation of corporate costs such as corporate salary, wages, equity compensation expense and legal costs. Segment assets primarily include cash, receivables, inventories, prepaid expenses and other current assets, property, plant and equipment, goodwill, intangible assets, deferred taxes and other long term assets. Segment assets primarily exclude corporate assets, which consist of cash and cash equivalents, corporate property, plant and equipment, and deferred taxes. The following table summarizes financial information regarding each reportable segment’s results of operations for the periods presented. The historical periods have been recast to reflect the change to the Company's reportable business segment structure during the first quarter of 2015. (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception (Successor) (Successor) (Successor) (Predecessor) Net Sales: Performance Solutions $ 800.8 $ 755.2 $ 118.2 $ 627.7 Agricultural Solutions 1,741.5 88.0 — — Consolidated net sales $ 2,542.3 $ 843.2 $ 118.2 $ 627.7 Depreciation and amortization: Performance Solutions $ 80.0 $ 76.3 $ 12.8 $ 32.8 Agricultural Solutions 171.0 11.7 — — Consolidated depreciation and amortization $ 251.0 $ 88.0 $ 12.8 $ 32.8 Adjusted EBITDA Performance Solutions $ 224.3 $ 196.2 $ 27.4 $ 152.7 Agricultural Solutions 343.3 16.0 — — Consolidated adjusted EBITDA $ 567.6 $ 212.2 $ 27.4 $ 152.7 The following table reconciles Adjusted EBITDA to Net (loss) income attributable to common stockholders: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception (Successor) (Successor) (Successor) (Predecessor) Adjusted EBITDA $ 567.6 $ 212.2 $ 27.4 $ 152.7 Adjustments to reconcile to net (loss) income attributable to stockholders: Interest expense (222.5 ) (38.7 ) (5.5 ) (46.3 ) Depreciation and amortization expense (251.0 ) (88.0 ) (12.8 ) (32.8 ) Non-cash charges related to preferred dividend rights — — (172.0 ) — Legal settlement 16.0 — — — Acquisition put option settlement 3.0 — — — Restructuring and related expenses (54.8 ) (3.0 ) (3.5 ) (4.5 ) Manufacturer's profit in inventory adjustment (76.5 ) (35.5 ) (23.9 ) — Non-cash fair value adjustment to contingent consideration (6.8 ) (29.1 ) 0.7 — Acquisition transaction costs (92.9 ) (47.8 ) (15.2 ) (16.9 ) Debt extinguishment — — — (18.8 ) Foreign exchange loss on foreign denominated external and internal debt (46.4 ) (1.1 ) — — Fair value loss on foreign exchange forward contract (73.7 ) 0.3 — — Other income 8.7 (0.2 ) 3.4 (6.9 ) (Loss) income before income taxes and non-controlling interest (229.3 ) (30.9 ) (201.4 ) 26.5 Income tax (expense) benefit (75.1 ) 6.7 5.8 (13.0 ) Net income attributable to the non-controlling interests (4.2 ) (5.7 ) 1.4 (0.3 ) Net (loss) income attributable to stockholders $ (308.6 ) $ (29.9 ) $ (194.2 ) $ 13.2 The following table sets forth the Company's total net sales by geographic area based on the country where sales were generated: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception Net Sales: (Successor) (Successor) (Successor) (Predecessor) United States $ 474.6 $ 217.4 $ 31.5 $ 176.4 Foreign Net Sales: Brazil 380.6 70.9 7.4 45.7 France 196.8 64.3 8.3 44.8 Japan 166.6 22.9 3.6 20.0 United Kingdom 127.3 119.1 17.8 93.4 China 108.3 87.8 13.5 64.2 Other countries 1,088.1 260.8 36.1 183.2 Total Foreign Net Sales 2,067.7 625.8 86.7 451.3 Total consolidated net sales $ 2,542.3 $ 843.2 $ 118.2 $ 627.7 The following table provides the Company's total long-lived assets by geographic area: (amounts in millions) December 31, 2015 December 31, 2014 Long lived assets, net (1) United States $ 213.4 $ 67.0 Foreign countries China 55.0 11.2 United Kingdom 33.6 28.0 Germany 33.0 0.3 Other countries 156.6 72.1 Total foreign countries 278.2 111.6 Total long lived assets, net $ 491.6 $ 178.6 (1) Long-lived assets represent property, plant and equipment, net. Total assets by reportable segment as of December 31, 2015 and 2014 are not presented as they are not utilized by the CODM for purpose of allocating resources and evaluating performance. The following table shows the Company's external party sales by product for the periods presented: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception (Successor) (Successor) (Successor) (Predecessor) Performance Solutions Industrial Group $ 387.0 $ 429.4 $ 67.7 $ 353.4 Electronics Group 198.8 159.9 24.9 128.4 Packaging and Printing Group 173.9 165.9 25.6 145.9 Assembly Materials Group 41.1 — — — Performance Solutions sales 800.8 755.2 118.2 627.7 Agricultural Solutions (1) 1,741.5 88.0 — — Total consolidated net sales $ 2,542.3 $ 843.2 $ 118.2 $ 627.7 (1) Agricultural Solutions product offerings are comprised of five major global product lines: fungicides and biofungicides; herbicides; insecticides, bioinsecticides and acaricides; biostimulants and innovative nutrition; and seed treatments. However, the segment manages and reports sales on a regional basis, making it impractical to present such data by product line. |
Supplementary Data
Supplementary Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Data | SUPPLEMENTARY DATA Successor 2015 (amounts in millions, except per share amounts) First Quarter Second Quarter Third Quarter (as restated) Fourth Quarter Selected Quarterly Financial Data (Unaudited) Net sales $ 534.8 $ 675.1 $ 597.3 $ 735.1 Gross profit 207.1 268.6 242.7 273.5 Net loss attributable to stockholders (a) (26.7 ) (12.2 ) (140.1 ) (129.6 ) Net loss attributable to common stockholders (a) (26.7 ) (12.2 ) (140.1 ) (129.6 ) Basic loss per share (a) (b) $ (0.14 ) $ (0.06 ) $ (0.66 ) $ (0.60 ) Diluted loss per share (a) (b) $ (0.14 ) $ (0.06 ) $ (0.66 ) $ (0.60 ) Successor 2014 (amounts in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Selected Quarterly Financial Data (Unaudited) Net sales $ 183.7 $ 189.1 $ 196.8 $ 273.6 Gross profit 84.2 96.7 103.2 112.5 Net (loss) income attributable to stockholders (7.4 ) (0.4 ) 11.9 (34.0 ) Net (loss) income attributable to common stockholders (7.4 ) (0.4 ) 11.9 (266.7 ) Basic (loss) earnings per share (b) $ (0.07 ) $ — $ 0.09 $ (1.59 ) Diluted (loss) earnings per share (b) $ (0.07 ) $ — $ 0.08 $ (1.59 ) Successor 2013 (amounts in millions, except per share amounts) Period from Inception (April 23, 2013) to June 30, 2013 Third Quarter Fourth Quarter (c) Selected Quarterly Financial Data (Unaudited) Net sales $ — $ — $ 118.2 Gross profit — — 35.7 Net loss attributable to stockholders (0.1 ) (4.7 ) (189.4 ) Net loss attributable to common stockholders (0.1 ) (4.7 ) (189.4 ) Basic loss per share (b) $ — $ (0.05 ) $ (2.05 ) Diluted loss per share (b) $ — $ (0.05 ) $ (2.05 ) Predecessor 2013 (amounts in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter (d) Selected Quarterly Financial Data (Unaudited) Net sales $ 182.1 $ 190.0 $ 188.4 $ 67.2 Gross profit 93.3 96.5 99.0 34.0 Net income (loss) attributable to MacDermid, Inc. 15.2 (5.9 ) 14.5 (10.6 ) Basic earnings (loss) per share (b) n/a n/a n/a n/a Diluted earnings (loss) per share (b) n/a n/a n/a n/a (a) In connection with the preparation of the Company's Consolidated Financial Statements for the year ended December 31, 2015, the Company identified an error related to its income tax provision for the quarter ended September 30, 2015. For more information, see Note 26, Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited), to the Consolidated Financial Statements. (b) Earnings per share calculations for each quarter are based on the weighted average number of shares outstanding for each period. As MacDermid was not a Registrant prior to the Successor 2013 Period, no earnings per share data is presented. (c) Platform's fourth quarter includes the results of MacDermid from November 1, 2013 through December 31, 2013. (d) MacDermid's fourth quarter includes results from October 1, 2013 through October 31, 2013. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | Valuation and Qualifying Accounts and Reserves (amounts in millions) Balance at beginning of period Charges to costs and expense Deductions from reserves and other Balance at end of period Reserves against accounts receivable (1) : Successor 2015 $ (9.6 ) $ (9.2 ) $ 4.4 $ (14.4 ) 2014 (10.1 ) (1.2 ) 1.7 (9.6 ) April 23, 2013 (Inception) to December 31, 2013 (2) — (0.3 ) (9.8 ) (10.1 ) Predecessor December 31, 2012 to October 31, 2013 $ (8.8 ) $ (2.1 ) $ 0.5 $ (10.4 ) (amounts in millions) Balance at beginning of period Charges to costs and expense Deductions from reserves and other Balance at end of period Valuation allowances against deferred tax assets: Successor 2015 $ (19.7 ) $ (72.6 ) $ (311.3 ) $ (403.6 ) 2014 (15.8 ) (2.0 ) (1.9 ) (19.7 ) April 23, 2013 (Inception) to December 31, 2013 — 0.9 (16.7 ) (15.8 ) Predecessor December 31, 2012 to October 31, 2013 $ (41.4 ) $ (3.6 ) $ — $ (45.0 ) (1) Principally consisting of reserves for uncollectible accounts and sales returns and allowances. (2) Included in "Deductions from reserves and other" for the period ended December 31, 2013 are principally opening balances resulting from the MacDermid Acquisition, and foreign currency translations for the remaining periods presented. |
Restatement of Unaudited Conden
Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) | RESTATEMENT OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) On March 10, 2016, the Company concluded that the unaudited Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2015 and the unaudited Condensed Consolidated Balance Sheet as of September 30, 2015, that were previously included in the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2015, should be restated to correct an error as a result of recording an unrealized loss associated with a foreign currency hedge entered into in connection with the Alent Acquisition as a temporary rather than permanent difference for income tax accounting purposes. As detailed in the tables below, this restatement impacts the following unaudited Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet: RESTATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except loss per share) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 As Reported Adjustment As Restated As Reported Adjustment As Restated Net sales $ 597.3 $ — $ 597.3 $ 1,807.3 $ — $ 1,807.3 Cost of sales 354.6 — 354.6 1,088.8 — 1,088.8 Gross profit 242.7 — 242.7 718.5 — 718.5 Operating expenses: Selling, technical, general and administrative 194.8 — 194.8 593.2 — 593.2 Research and development 16.6 — 16.6 47.8 — 47.8 Total operating expenses 211.4 — 211.4 641.0 — 641.0 Operating profit 31.3 — 31.3 77.5 — 77.5 Other (expense) income: Interest expense, net (52.7 ) — (52.7 ) (143.2 ) — (143.2 ) Loss on derivative contracts (47.3 ) — (47.3 ) (49.9 ) — (49.9 ) Foreign exchange loss (36.9 ) — (36.9 ) (19.3 ) — (19.3 ) Other income, net 1.4 — 1.4 19.8 — 19.8 Total other expense (135.5 ) — (135.5 ) (192.6 ) — (192.6 ) (Loss) income before income taxes and non-controlling interests (104.2 ) — (104.2 ) (115.1 ) — (115.1 ) Income tax (expense) benefit (17.6 ) (17.8 ) (35.4 ) (42.0 ) (17.8 ) (59.8 ) Net (loss) income (121.8 ) (17.8 ) (139.6 ) (157.1 ) (17.8 ) (174.9 ) Net income attributable to the non-controlling interests (0.5 ) — (0.5 ) (4.0 ) — (4.0 ) Net (loss) income attributable to common stockholders $ (122.3 ) $ (17.8 ) $ (140.1 ) $ (161.1 ) $ (17.8 ) $ (178.9 ) (Loss) earnings per share Basic $ (0.58 ) $ (0.08 ) $ (0.66 ) $ (0.81 ) $ (0.08 ) $ (0.89 ) Diluted $ (0.58 ) $ (0.08 ) $ (0.66 ) $ (0.81 ) $ (0.08 ) $ (0.89 ) Weighted average shares outstanding Basic 210.9 — 210.9 198.6 — 198.6 Diluted 210.9 — 210.9 198.6 — 198.6 RESTATED CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (In millions, except share and per share amounts) September 30, 2015 As Reported Adjustment As Restated Assets Cash and cash equivalents $ 682.0 $ — $ 682.0 Restricted cash 0.3 — 0.3 Accounts receivable, net of allowance for doubtful accounts of $14.0 at September 30, 2015 943.4 — 943.4 Inventories 466.9 — 466.9 Prepaid expenses and other current assets 220.1 (19.6 ) 200.5 Total current assets 2,312.7 (19.6 ) 2,293.1 Property, plant and equipment, net 266.9 — 266.9 Goodwill 2,842.0 — 2,842.0 Intangible assets, net 2,577.9 — 2,577.9 Other assets 76.3 2.8 79.1 Total assets $ 8,075.8 $ (16.8 ) $ 8,059.0 Liabilities & Stockholders' Equity Accounts payable $ 386.1 $ — $ 386.1 Current installments of long-term debt and revolving credit facilities 36.1 — 36.1 Accrued income taxes payable 102.7 1.0 103.7 Accrued customer rebates and sales incentives 129.0 — 129.0 Financial guarantees and factoring 59.0 — 59.0 Other current liabilities 252.2 — 252.2 Total current liabilities 965.1 1.0 966.1 Long-term debt and capital lease obligations 3,401.4 — 3,401.4 Long-term retirement benefits, less current portion 44.2 — 44.2 Long-term deferred income taxes 567.1 — 567.1 Long-term contingent consideration 70.2 — 70.2 Other long-term liabilities 113.6 — 113.6 Total liabilities 5,161.6 1.0 5,162.6 Commitments and contingencies (Note 15) Redeemable preferred stock - Series B 645.9 — 645.9 Stockholders' Equity Preferred stock - Series A — — — Common stock, $0.01 par value per share (effective January 23, 2014), 400,000,000 shares authorized, 210,879,597 shares issued and outstanding at September 30, 2015 2.1 — 2.1 Additional paid-in capital 3,287.3 — 3,287.3 Accumulated deficit (385.2 ) (17.8 ) (403.0 ) Accumulated other comprehensive loss (741.4 ) — (741.4 ) Total stockholders' equity 2,162.8 (17.8 ) 2,145.0 Non-controlling interests 105.5 — 105.5 Total equity 2,268.3 (17.8 ) 2,250.5 Total liabilities, redeemable preferred shares and equity $ 8,075.8 $ (16.8 ) $ 8,059.0 |
Basis of Presentation and Sum36
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation – The accompanying Consolidated Financial Statements are prepared in accordance with U.S. GAAP and include the accounts of Platform or the Predecessor, as applicable, and all of their respective controlled subsidiaries. All subsidiaries are included in the Consolidated Financial Statements for the entire period or, if acquired, from the date on which the Company obtained control. The Company fully consolidates the income, expenses, assets, liabilities and cash flows of its subsidiaries from the date it acquires control or becomes the primary beneficiary. All intercompany accounts and transactions have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates – In preparing the Consolidated Financial Statements in conformity with U.S. GAAP, management must undertake decisions that impact the reported amounts and related disclosures. Such decisions include the selection of the appropriate accounting principles to be applied and assumptions upon which accounting estimates are based. The Company applies judgment based on its understanding and analysis of the relevant circumstances to reach these decisions. By their nature, these judgments are subject to an inherent degree of uncertainty. Accordingly, actual results could differ significantly from the estimates applied. Significant items subject to such estimates and assumptions include: the useful lives of fixed and intangible assets, allowances for doubtful accounts and sales returns, deferred tax asset valuation allowances, inventory valuation, stock-based compensation, liabilities for employee benefit obligations, environmental liabilities, income tax uncertainties, valuation of goodwill, acquisition-related contingent consideration, intangible assets and other contingencies. |
Cash and Cash Equivalents | Cash and Cash Equivalents – The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company, from time to time, may be required to maintain cash deposits with certain banks with respect to certain contractual obligations. |
Credit Risk Management | Credit Risk Management – Platform's products are sold primarily to customers in the agricultural, automotive, commercial packing and printing, electronic, and oil offshore production industries. The Company is exposed to certain collection risks which are subject to a variety of factors, including economic and technological changes within these industries. As is common industry practice, the Company generally does not require collateral or other security as a condition of sale, rather relying on credit approval, balance limitation and monitoring procedures to control credit risk on trade accounts receivable. The Company establishes reserves against estimated uncollectible amounts based on historical experience and specific knowledge regarding customers’ ability to pay. Customer accounts receivable that are deemed to be uncollectible are written off when they are identified and all reasonable collections efforts have been exhausted. |
Derivatives | Derivatives – The Company operates internationally, with manufacturing and sales facilities in various locations around the world, and uses certain financial instruments to manage its foreign currency exposures. To qualify a derivative as a hedge at inception and throughout the hedge period, the Company formally documents the nature and relationships between hedging instruments and hedged items, as well as its risk-management objectives and strategies for undertaking various hedge transactions, and the method of assessing hedge effectiveness. Additionally, for hedges of forecasted transactions, the significant characteristics and expected terms of a forecasted transaction are specifically identified, and the likelihood of each forecasted transactions of occurring is deemed probable. If it is determined that the forecasted transaction will not occur, the gain or loss is recognized in current earnings. Financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged, both at inception and throughout the hedged period. The Company does not engage in trading or other speculative uses of financial instruments. It is the Company's policy to disclose the fair value of derivative instruments that are subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets. There were no derivatives subject to master netting arrangements at December 31, 2015 or 2014 . The Company has used, and may use in the future, forward contracts and options to mitigate its exposure to changes in foreign currency exchange rates on third party and intercompany forecasted transactions. If hedge accounting is applied, the effective portion of unrealized gains and losses associated with forward contracts and the intrinsic value of option contracts are deferred as a component of other comprehensive income until the underlying hedged transactions are reported in the Company’s Consolidated Statements of Operations. The Company has also used, and may use in the future, contracts and options to mitigate its exposure in the precious metals markets. Such contracts are designated as Normal Purchases, the effects of which are not deferred as components of other comprehensive income. Metals contracts that meet the definition of a derivative but do not meet the Normal Purchases requirements are recorded as a derivative asset or liability in the balance sheet and subsequently marked to market every reporting period, with changes in fair value recognized in the income statement as "(Loss) gain on derivative contracts." |
Inventories | Inventories – Inventories are stated at the lower of cost or net realizable value with cost being determined by the first-in/first-out and average costs methods. The Company regularly reviews inventories for obsolescence and excess quantities and calculates a reserve based on historical write-offs, customer demand, product evolution, usage rates and quantities of stock on hand. |
Property, Plant and Equipment | Property, Plant and Equipment – Property, plant and equipment is stated at cost less accumulated depreciation. Equipment under capital lease arrangements is stated at the net present value of minimum lease payments. The Company records depreciation on a straight-line basis over the estimated useful life of each asset. Estimated useful lives by asset class are as follows: Buildings and building improvements (years) - 5 to 20 Machinery, equipment and fixtures (years) - 3 to 15 Computer hardware and software (years) - 3 to 5 Leasehold improvements - Lesser of useful life or lease life Maintenance and repair costs are charged directly to expense; renewals and betterments which significantly extend the useful life of the asset are capitalized. Costs and accumulated depreciation on assets retired or disposed of are removed from the accounts and any resulting gains or losses are recorded to earnings in the period of disposal. |
Goodwill and Indefinite-Lived Purchased Intangible Assets | Goodwill and Indefinite-Lived Purchased Intangible Assets – Goodwill represents the excess of the acquisition cost over the fair value of the identifiable net assets of an acquired business. The Company does not amortize goodwill and other intangible assets that have indefinite useful lives; rather, goodwill and other intangible assets with indefinite lives are tested for impairment. Goodwill is tested for impairment at the reporting unit level annually as of October 1, or when events or changes in circumstances indicate that goodwill might be impaired in accordance with ASC 350-20 “ Intangibles-Goodwill and Other. ” A two-step impairment test is performed at the reporting unit level. In the first step of impairment testing, the fair value of each reporting unit is compared to its carrying value. The fair value of each reporting unit is determined using the income approach based on the present value of discounted future cash flows of those units. The cash flows utilized in goodwill impairment testing differ from actual consolidated cash flows due to exclusion of non-recurring charges. The cash flow model utilized in the goodwill impairment test involves significant judgments related to future growth rates, working capital needs, discount rates and tax rates, among other considerations. The Company relies on data developed by business unit management as well as macroeconomic data in making these calculations. The discounted cash flow model utilizes a risk-adjusted weighted average cost of capital to discount estimated future cash flows. Changes in these estimates can impact the present value of the expected cash flow that is used in determining the fair value of a given reporting unit. If the fair value of a reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and no further testing is required. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the second step of the impairment test is performed to determine the implied fair value of the reporting unit’s goodwill. The implied fair value of goodwill is determined by measuring the excess of the estimated fair value of the reporting unit over the estimated fair values of the individual assets, liabilities and identifiable intangibles as if the reporting unit was being acquired in a business combination. If the carrying value of the reporting unit’s goodwill exceeds its implied fair value, an impairment charge is recorded equal to the difference. Indefinite-lived intangible assets consist of certain tradenames which are reviewed for potential impairment on an annual basis as of October 1, or when events or changes in circumstances indicate that indefinite-lived intangible assets might be impaired. Indefinite-lived intangible assets are reviewed for impairment by comparing the estimated fair values of the indefinite-lived intangible assets to their carrying values. The estimated fair values of these intangible assets are determined using the “relief from royalty” approach. An impairment loss is recognized when the estimated fair value of an indefinite-lived intangible asset is less than the carrying value. The Company completed its goodwill and indefinite-lived intangible asset impairment evaluations as of October 1, 2015 and, based on the results of the impairment tests, determined that no significant adjustments to the carrying value of goodwill or indefinite-lived intangible assets were necessary. There were also no such adjustments to the carrying value of goodwill or indefinite-lived intangible assets necessary for the year ended December 31, 2014, and the Successor and Predecessor 2013 periods. For the Agricultural Solutions segment, management aggregated the geographical business units as one reporting unit for purposes of this evaluation. Animal Health was considered as a separate reporting unit. Management concluded that aggregating the geographical business units was appropriate after consideration of both qualitative and quantitative factors, such as consistency of products and services, production capabilities, distribution methods, and significant inter-dependence and sharing of resources. Additionally, management considered the downturn in the agricultural industry when considering the estimated future cash flows used within the impairment test. Management’s expectation is that this downturn is temporary and consistent with historical economic cycles within the industry; however, if industry turnaround does not occur in the expected time-frame, management will test for impairment if such events or changes in circumstances indicate that goodwill might be impaired. Further, management assessed impairment across all assets for triggers, and determined that adjustments to the carrying value of these assets were not necessary. The Company performed qualitative assessments for three reporting units in the Performance Solutions segment and step one of the two step test for the remaining reporting units in the Performance Solutions and Agricultural Solutions segments. A qualitative assessment is permitted at the reporting unit level to determine whether it is necessary to perform the two-step goodwill impairment test. The qualitative assessment consists of an evaluation of whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, based on all relevant events or circumstances that affect the fair value or carrying amount of a reporting unit. |
Finite-Lived Intangible Assets | Finite-Lived Intangible Assets – Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, which currently range from 8 to 30 years for customer lists, 5 to 14 years for developed technology, 5 to 20 years for tradenames and 1 to 5 years for non-compete agreements. The Company evaluates long-lived assets, such as property, plant and equipment and intangible assets with finite lives, for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. If circumstances require a long-lived asset group to be tested for possible impairment, the Company first determines if the estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When an impairment is identified, the carrying amount of the asset is reduced to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. |
Product Registrations | Product Registrations – Product registrations represent external costs incurred to obtain distribution rights from regulatory bodies for certain products in our Agricultural Solutions segment. These costs include laboratory testing, legal, regulatory filing and other costs. Only costs associated with products that are probable of generating future cash flows are capitalized. The capitalized costs are amortized over the useful lives of the registrations, which currently range from 12 to 14 years, and are included in "Selling, technical, general and administrative" expenses in the Consolidated Statement of Operations. Product registrations are evaluated for impairment in the same manner as other finite-lived intangible assets. |
Asset Retirement Obligations | Asset Retirement Obligations – The Company records the fair value of legal obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred, if a reasonable estimate of fair value can be made. Upon initial recognition of a liability, the Company capitalizes the cost of the asset retirement obligation by increasing the carrying amount of the related long-lived asset. Over time, the liability is increased for changes in its present value as accretion through interest expense and the capitalized cost is depreciated over the useful life of the related asset. |
Employee Benefits, Retirement, 401(k), and Post-retirement | Employee Benefits – The Company sponsors a variety of employee benefit programs, some of which are non-contributory. The accounting policies used to account for these plans are as follows: Retirement – The Company provides non-contributory defined benefit plans to domestic and certain foreign employees. The projected unit credit actuarial method is used for financial reporting purposes. The Company recognizes the funded status in its Consolidated Balance Sheets, which represents the difference between the fair value of the plan assets and the projected benefit obligation. The Company’s funding policy for qualified plans is consistent with federal or other local regulations and customarily equals the amount deductible for federal and local income tax purposes. Foreign subsidiaries contribute to other plans, which may be administered privately or by government agencies in accordance with local regulations. 401(k) - Effective January 1, 2014, the Company also provides benefits under the Platform Specialty Products Corporation Employee Savings & 401(k) Plan, or PSP 401(k) Plan, for substantially all domestic employees, which consists of two components: a discretionary profit-sharing/non-elective component, funded by the Company, and a defined contribution 401(k) component. Under the discretionary profit sharing/non-elective component, the Company's non-elective contributions to the PSP 401(k) Plan totaled $1.5 million and $1.4 million for the years ended December 31, 2015 and 2014, respectively, and are funded during the first quarters of each subsequent year. Under the defined contribution 401(k) component, on a yearly basis, the Company may determine to make contributions that match some or all of the participants’ contributions. For the years ended December 31, 2015 and 2014, the Company contributed $1.4 million and $0.7 million to the plan, respectively. Post-retirement – The Company currently accrues for post-retirement health care benefits for U.S. employees hired prior to April 1, 1997. The post-retirement health care plan is unfunded. |
Financial Instruments | Financial Instruments – The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable, investments, accounts payable, contingent consideration and current and long-term debt. The Company believes that the carrying value of the cash and cash equivalents, restricted cash, accounts receivable and accounts payable are representative of their respective fair values because of the short maturities of these instruments. Available for sale equity investments are carried at fair value with net unrealized gains or losses reported as a component of accumulated other comprehensive (loss) income. See Note 11, Fair Value Measurements , to the Consolidated Financial Statements. |
Equity Securities | Equity Securities – Equity securities that have a readily determinable fair value are classified as available for sale and are carried at fair value. Unrealized holding gains and losses are recorded in other comprehensive income. Equity securities which do not have readily determinable fair values are recorded at cost and are evaluated whenever events or changes in circumstances indicate that the carrying values of such investments may be impaired. |
Equity Method Investments | Equity Method Investments – Investments over which the Company has the ability to exercise significant influence, but which the Company does not control, are accounted for under the equity method of accounting and are included in "Other assets" on the Consolidated Balance Sheet. Significant influence generally exists when the Company holds between 20% and 50% of the voting power of another entity. Investments are initially recognized at cost. The Consolidated Financial Statements include the Company's share of net earnings or losses from the date that significant influence commences until the date that significant influence ceases. When the Company's share of losses exceeds its interest in an equity investment, the carrying amount of that interest is reduced to zero, and the recognition of further losses is discontinued, except to the extent that the Company has an obligation or has made payments on behalf of the investee. |
Financial Guarantees and Factoring of Accounts Receivable | Financial Guarantees and Factoring of Accounts Receivable – Guarantees provided to financial institutions on vendor and customer loans used to settle outstanding accounts receivable balances are recorded as liabilities until such time when the guarantee periods have elapsed, at which time the accounts receivable balances and the related financial guarantees are reversed. Factoring arrangements, whereby substantially all economic risks and rewards associated with trade receivables are transferred to a third party, are accounted for by derecognizing the trade receivables upon receipt of cash proceeds from the factoring arrangement. Factoring arrangements, whereby some, but not substantially all, of the economic risks and rewards are transfered to a third party and the assets subject to the factoring arrangement remain under the Company's control are accounted for by not derecognizing the trade receivables and recognizing any related obligations to the third party. |
Foreign Currency Translation | Foreign Currency Translation – Primarily all of the Company’s foreign subsidiaries use their local currency as their functional currency. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. Dollars using foreign currency exchange rates prevailing as of the balance sheet dates. Revenue and expense accounts are translated at average foreign currency exchange rates for the periods presented. Cumulative currency translation adjustments are included in other comprehensive income (loss) in the stockholders’ equity section of the Consolidated Balance Sheets. Net gains and losses from transactions denominated in a currency other than the functional currency of the entity are included in Other (expense) income in the Consolidated Statements of Operations. |
Revenue Recognition | Revenue Recognition – The Company recognizes revenue, including freight charged to customers, net of applicable rebates, estimates for sales returns and allowances and discounts, when the earnings process is complete. This occurs when products have been shipped to, or received by, the customer, in accordance with the terms of the agreement by and between the Company and such customer, title and risk of loss has been transferred, pricing is fixed or determinable and collectability is reasonably assured. On a limited and discretionary basis, the Company allows certain distributors within the Agricultural Solutions segment extensions of credit on a limited portion of purchases made during a purchasing cycle, which remain in the distributor’s inventory. The extension of credit is not a right to return, and distributors must pay unconditionally when the extended credit period expires. |
Cost of Sales | Cost of Sales – Cost of sales consists primarily of raw material costs and related purchasing and receiving costs used in the manufacturing process, direct salary and wages and related fringe benefits, packaging costs, shipping and handling costs, plant overhead and other costs associated with the manufacture and distribution of the Company’s products. |
Shipping and Handling Cost | Shipping and Handling Costs – Costs related to shipping and handling are recognized as incurred and included in cost of sales in the Consolidated Statements of Operations. |
Selling, technical, general and administrative expenses | Selling, technical, general and administrative expenses – Selling, technical, general and administrative expenses consist primarily of personnel and travel costs, advertising and marketing expenses, administrative expenses associated with accounting, finance, legal, human resource, amortization of intangible assets, risk management and overhead associated with these functions. |
Research and development | Research and development – Research and development costs, which primarily relate to internal salaries, are expensed as incurred. |
Environmental Matters | Environmental Matters - The Company accrues for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current laws and existing technologies. The accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in “Accrued expenses and other current liabilities” and “Other long-term liabilities” at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the consolidated balance sheets as “Other current assets" and "Other assets." Environmental costs are capitalized in instances where the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. |
Income Taxes | Income Taxes – The provision for income taxes includes federal, foreign, state and local income taxes currently payable as well as the net change in deferred tax assets and liabilities during the period. Deferred income taxes are recorded at currently enacted tax rates for temporary differences between the financial reporting and income tax basis of assets and liabilities. A valuation allowance is assessed and recorded when it is estimated that it becomes more likely than not that the full value of a deferred tax asset may not be realized. Deferred federal and state income taxes are not provided on the undistributed earnings of certain foreign subsidiaries where management has determined that such earnings have been permanently reinvested. |
Stock-based Compensation Plans | Stock-based Compensation Plans – The Company accounts for stock-based compensation in accordance with ASC No. 718, “Compensation - Stock Compensation.” Stock-based compensation expense recognized during the period is based on the value of the portion of equity-based awards that are ultimately expected to vest. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. The fair value of RSUs is determined based on the number of units granted and the closing price of the Company's common stock on the date of grant. Compensation expense for all share-based payment awards is recognized using the straight-line amortization method over the vesting period. |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share – Basic earnings (loss) per common share excludes dilution and is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted net (loss) income per common share assumes the issuance of all potentially dilutive share equivalents using the if-converted or treasury stock method, if the effect is not anti-dilutive. For stock options and RSUs, it is assumed that the proceeds will be used to buy back shares. For stock options, such proceeds equal the average unrecognized compensation plus the assumed exercise of weighted average number of options outstanding and windfall tax benefits. For unvested RSUs, the assumed proceeds equal the average unrecognized compensation expense plus windfall tax benefits. |
New Accounting Standards | New Accounting Standard s Leases (Topic 842) - In February 2016, the FASB issued ASU No. 2016-02 “Leases.” The updated guidance applies to capital (or finance) and operating leases, and requires lessees to recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Lessees can make an accounting policy choice to not recognize right of use assets and lease liabilities for short-term leases (leases with a lease term of 12 months or less). The guidance is effective for fiscal years, and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is evaluating the impact of this new ASU. Financial Instruments - Overall (Subtopic 825.10) - In January 2016, the FASB issued ASU No. 2016-1 “Recognition and Measurement of Financial Assets and Financial Liabilities.” This update addresses certain aspects of recognition, measurement, presentation, and disclosure of financial assets and liabilities. Provisions of this ASU include, among others, requiring the measurement of certain equity investments at fair value, with changes in value recognized in net income, and simplifying the impairment assessment of certain equity investments. The guidance is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is only permitted for provisions related to the recognition of changes in fair value of financial liabilities. The Company is evaluating the impact of this new ASU, which is not expected to have a material impact on its financial statements. Income Taxes (Topic 740) - In November 2015, the FASB issued ASU No. 2015-17 “Balance Sheet Classification of Deferred Income Taxes.” Under the updated guidance, an entity is required to classify deferred income tax assets and liabilities as non-current in the Consolidated Balance Sheet, eliminating the previous requirement to separate deferred income tax assets and liabilities into current and non-current amounts. The guidance is effective for fiscal years and interim periods beginning after December 15, 2016, and may be applied either prospectively or retrospectively, with early adoption permitted. The Company early adopted this ASU as of December 31, 2015 on a prospective basis; prior periods were not retrospectively adjusted. Business Combinations (Topic 805) - In September 2015, the FASB issued ASU No. 2015-16 “Simplifying the Accounting for Measurement-Period Adjustments.” Under the updated guidance, an entity is no longer required to retrospectively apply adjustments to provisional amounts recorded as a part of a business combination. Adjustments to provisional amounts identified during the measurement period continue to be calculated as of the acquisition date but are recognized in the period in which they are determined, including the effects of such adjustments on earnings. The guidance is effective prospectively for fiscal years and interim periods beginning after December 15, 2015, with early adoption permitted. The Company adopted this ASU as of September 30, 2015. This ASU did not have a material impact on the Company's financial statements as compared to the year ended December 31, 2014. Revenue from Contracts with Customers (Topic 606) - In August 2015, the FASB issued ASU No. 2015-14 “Deferral of the Effective Date,” which defers the effective date of ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)," for all entities by one year. As a result, the provisions of ASU No. 2014-09 will be effective prospectively for fiscal years and interim periods beginning after December 15, 2017. ASU No. 2014-09 (1) removes inconsistencies and weaknesses in revenue requirements, (2) provides a more robust framework for addressing revenue issues, (3) improves comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets, (4) provides more useful information to users of financial statements through improved disclosure requirements, and (5) simplifies the preparation of financial statements by reducing the number of requirements to which an entity must refer. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company continues to evaluate the impact of ASU 2014-9. Inventory (Topic 330) - In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory.” Under the updated guidance, an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less predictable costs of completion, disposal, and transportation. The guidance is effective prospectively for fiscal years and interim periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this ASU as of October 1, 2015 by replacing its lower of cost or market test with a lower of cost and net realizable value test. This ASU did not have a material impact on the Company's financial statements. Fair Value Measurement (Topic 820) - In May 2015, the FASB issued ASU No. 2015-07, “ Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” This update eliminates diversity in practice related to investments whose fair value is measured using net asset values as a practical expedient, and removes the requirement to categorize such investments within the fair value hierarchy. The guidance is effective retrospectively for fiscal years and interim periods beginning after December 15, 2015, with early adoption permitted. The Company early adopted this ASU and reclassified approximately $86.3 million of assets held in the Company's Pension Plans using NAV as a practical expedient out of the fair value hierarchy as of December 31, 2014. Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - In April 2015, the FASB issued ASU No. 2015-05, “ Customer's Accounting for Fees Paid in a Cloud Computing Arrangement.” This update provides explicit guidance to customers utilizing a cloud computing solution to help determine whether such an arrangement includes a software license, in which case the accounting applied would be similar to that of other software license arrangements. Otherwise, the arrangement would be accounted for as a service contract. The guidance is effective prospectively for fiscal years and interim periods beginning after December 15, 2015, with early adoption permitted. The Company does not expect this ASU to have a material impact on its financial statements. Interest - Imputation of Interest (Subtopic 835-30) - In April 2015, the FASB issued ASU No. 2015-03, “ Simplifying the Presentation of Debt Issuance Costs.” This update eliminates the difference in the presentation of of debt issuance costs and debt discount and premiums by requiring that debt issuance costs be presented as deductions from the carrying value of the related debt, in a manner similar to debt discounts. The guidance is effective retroactively for fiscal years and interim periods beginning after December 15, 2015, with early adoption permitted. The Company early adopted this ASU and reclassified approximately $10.3 million of debt issuance costs related to term debt from assets to contra-liabilities as of December 31, 2014. Income Statement – Extraordinary and Unusual Items (Subtopic 225-20) - In January 2015, the FASB issued ASU No. 2015-1, “ Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” This update eliminates the requirement for entities to identify extraordinary events and transactions, those being both unusual in nature and infrequent in occurrence, and separately classify, present and disclose such items. The guidance is effective prospectively for fiscal years and interim periods beginning after December 15, 2015, but entities may apply the guidance retrospectively to all prior periods presented in the financial statements. The Company does not expect this ASU to have a material impact on its financial statements. Derivatives and Hedging (Topic 815) - In November 2014, the FASB issued ASU No. 2014-16, “ Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force).” Under current practice, there were predominantly two methods used to evaluate whether the nature of the host contract in a hybrid financial instrument is more akin to debt or equity: one considered all the features including the embedded and the other excluded the embedded derivative in the consideration. This update eliminates the difference in practice by clarifying that the evaluation should be based on all the instrument’s features, including the embedded derivative, and that no single term or feature would necessarily determine the economic characteristics and risks of the host contract. The guidance is effective for fiscal years and interim periods beginning after December 15, 2015 and is applied in a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of our fiscal year 2016. Early adoption, including in an interim period, is permitted. The Company adopted the provision of this ASU during the first quarter of 2015, with the issuance of the Series B Convertible Preferred Stock. This ASU did not have a material impact on the Company's financial statements, as there were no hybrid financial instruments requiring retrospective application. Compensation – Stock Compensation (Topic 718) - In June 2014, the FASB issued ASU No. 2014-12, “ Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force).” The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The guidance is effective prospectively for fiscal years and interim periods beginning after December 15, 2015. The Company does not expect this ASU to have a material impact on its financial statements. |
Reclassifications | Reclassifications Certain prior year's amounts have been reclassified to conform to the current year’s presentation including approximately $10.3 million of debt issuance costs related to term debt from assets to contra-liabilities as of December 31, 2014 as a result of early adopting ASU 2015-03, “ Simplifying the Presentation of Debt Issuance Costs." |
Basis of Presentation and Sum37
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Property Plant And Equipment Useful Life | Estimated useful lives by asset class are as follows: Buildings and building improvements (years) - 5 to 20 Machinery, equipment and fixtures (years) - 3 to 15 Computer hardware and software (years) - 3 to 5 Leasehold improvements - Lesser of useful life or lease life |
Acquisitions of Businesses (Tab
Acquisitions of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | Revenues contributed by the Alent, OMG, Arysta, CAS and Agriphar Acquisitions from the date of each respective acquisition for the years ended December 31, 2015 and 2014 were as follows: (amounts in millions) December 31, 2015 December 31, 2014 Alent $ 70.8 $ — OMG 20.7 — Arysta 1,197.0 — CAS 363.0 61.9 Agriphar 181.4 26.1 Total $ 1,832.9 $ 88.0 As the integration of the Alent, OMG, Arysta, CAS and Agriphar Acquisitions continues, discrete revenues reported by our existing businesses are being affected by the integration process and are becoming less comparable to prior periods. The Alent, OMG, Arysta, CAS and Agriphar Acquisitions had net (loss) income for the years ended December 31, 2015 and 2014 as follows: (amounts in millions) December 31, 2015 December 31, 2014 Alent $ (12.4 ) $ — OMG (0.4 ) — Arysta (86.7 ) — CAS (57.9 ) (20.5 ) Agriphar 23.9 (8.3 ) Total $ (133.5 ) $ (28.8 ) |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred and transaction costs incurred to acquire Alent, the OMG Businesses, Arysta, CAS and Agriphar and the amounts of identified assets acquired and liabilities assumed at the acquisition date: (amounts in millions) Alent OMG Arysta CAS Agriphar Consideration Cash, net $ 1,507.0 $ 236.5 $ 2,856.2 $ 983.1 $ 350.2 Equity Instruments 231.4 — 645.9 52.0 16.6 Long-term debt — — — — — Derivative liability — — — — 3.5 Total Consideration $ 1,738.4 $ 236.5 $ 3,502.1 $ 1,035.1 $ 370.3 Acquisition costs $ 21.1 $ 7.0 $ 30.2 $ 23.6 $ 3.2 Identifiable Assets acquired and Liabilities Assumed Accounts receivable - contractual $ 178.0 $ 33.1 $ 738.9 $ 172.2 $ 62.7 - less uncollectible (1.8 ) (1.6 ) (51.6 ) (18.0 ) (2.6 ) Accounts receivable - fair value 176.2 31.5 687.3 154.2 60.1 Inventories 116.1 13.2 298.0 132.1 42.7 Other current assets 29.3 1.6 126.9 19.1 0.4 Property, plant and equipment 193.0 35.1 123.6 24.8 31.7 Identifiable intangible assets 682.9 77.9 1,773.0 534.0 183.0 Other assets 33.9 0.2 41.0 11.4 4.5 Current Liabilities (178.6 ) (21.5 ) (581.2 ) (69.7 ) (47.5 ) Non-current deferred tax liability (139.6 ) (13.6 ) (518.4 ) (26.7 ) (64.9 ) Other long term liabilities (317.0 ) (4.0 ) (120.4 ) (13.4 ) (9.0 ) Non controlling interest — — (125.2 ) — — Total identifiable net assets 596.2 120.4 1,704.6 765.8 201.0 Goodwill 1,142.2 116.1 1,797.5 269.3 169.3 Total purchase price $ 1,738.4 $ 236.5 $ 3,502.1 $ 1,035.1 $ 370.3 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma summary presents consolidated information of the Company as if the Alent, OMG and Arysta Acquisitions had occurred on January 1, 2014: (amounts in millions) Year Ended December 31, 2015 Year Ended December 31, 2014 Revenue $ 3,582.4 $ 3,559.2 Net (Loss) Income attributable to Stockholders (328.1 ) (530.8 ) In 2015 , the Company incurred $35.9 million of acquisition-related expenses, net of taxes, which have been reflected in the pro forma earnings above as if they had been incurred in 2014 . These pro forma results have been prepared to reflect fair value adjustments to intangible assets and the related amortization expense, net of tax, from January 1, 2014, as well as the post-acquisition capital structure. 2014 Activity The following unaudited pro forma summary presents consolidated information of the Company as if the Agriphar and CAS Acquisitions had occurred on January 1, 2013: (amounts in millions) Year Ended December 31, 2014 Year Ended December 31, 2013 Revenue $ 1,405.9 $ 731.8 Net Income (Loss) attributable to Stockholders 46.4 (229.5 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The major components of inventory were as follows: (amounts in millions) December 31, 2015 December 31, 2014 Finished goods $ 340.1 $ 156.0 Work in process 28.5 0.5 Raw materials and supplies 148.9 49.3 Total inventory, net $ 517.5 $ 205.8 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The major components of property, plant and equipment were as follows: (amounts in millions) December 31, 2015 December 31, 2014 Land and leasehold improvements $ 107.9 $ 36.6 Buildings and improvements 143.8 47.9 Machinery, equipment, fixtures and software 276.8 108.2 Assets under capital lease Land and buildings 6.4 3.2 Machinery and equipment 5.1 3.7 540.0 199.6 Accumulated depreciation (64.3 ) (21.3 ) Accumulated amortization of capital leases (5.5 ) (3.9 ) 470.2 174.4 Construction in process 21.4 4.2 Property, plant and equipment, net $ 491.6 $ 178.6 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill by segment are as follows: (amounts in millions) Performance Solutions Agricultural Solutions Total Balance, December 31, 2013 $ 989.8 $ — $ 989.8 Addition from acquisitions 16.3 459.6 475.9 Foreign currency translation and other (44.9 ) (15.5 ) (60.4 ) Balance, December 31, 2014 961.2 444.1 1,405.3 Addition from acquisitions 1,258.3 1,697.1 2,955.4 Purchase accounting adjustments — 80.2 80.2 Foreign currency translation and other (72.3 ) (346.7 ) (419.0 ) Balance, December 31, 2015 $ 2,147.2 $ 1,874.7 $ 4,021.9 |
Schedule of Finite-Lived Intangible Assets | Intangible assets subject to amortization were as follows: (amounts in millions) December 31, 2015 December 31, 2014 Weighted average useful life (years) Gross Carrying Amount Accumulated Amortization and Foreign Exchange Net Book Value Gross Carrying Amount Accumulated Amortization and Foreign Exchange Net Book Value Customer lists 20.3 $ 1,297.2 $ (184.0 ) $ 1,113.2 $ 613.6 $ (71.6 ) $ 542.0 Developed technology (1) 11.8 2,260.9 (440.4 ) 1,820.5 760.5 (50.8 ) 709.7 Tradenames 12.8 24.2 (5.4 ) 18.8 19.7 (1.0 ) 18.7 Non-compete agreement 5.0 1.9 (0.5 ) 1.4 1.9 (0.1 ) 1.8 Total 15.0 $ 3,584.2 $ (630.3 ) $ 2,953.9 $ 1,395.7 $ (123.5 ) $ 1,272.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization of intangible assets for each of the next five fiscal years are as follows: (amounts in millions) Amortization Expense 2016 $ 265.1 2017 265.1 2018 265.1 2019 265.0 2020 261.3 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | As of December 31, 2015 , a total of 365,792 shares of common stock had been issued and 831,436 RSUs were outstanding under the 2013 Plan. Total RSUs Stock Options Equity Classified Liability Classified Outstanding as of December 31, 2013 250,000 — — 250,000 Granted 481,175 151,352 329,823 — Exercised/Issued (9,242 ) (9,242 ) — — Forfeited — — — — Outstanding as of December 31, 2014 721,933 142,110 329,823 250,000 Granted 666,662 453,260 213,402 — Exercised/Issued (77,500 ) (2,500 ) — (75,000 ) Forfeited (304,659 ) (91,236 ) (213,423 ) — Outstanding as of December 31, 2015 1,006,436 501,634 329,802 175,000 |
Pension, Post-Retirement and 43
Pension, Post-Retirement and Post-Employment Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs | The components of net periodic benefit cost of the pension, SERP and post-retirement benefit plans were as follows: Pension & SERP Benefits: (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Net periodic benefit expense: Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Service cost $ — $ 1.4 $ — $ 0.8 $ 0.7 $ 0.1 $ 3.6 $ 0.6 Interest cost on the projected benefit obligation 6.8 2.8 6.9 3.0 1.2 0.5 5.2 2.5 Expected return on plan assets (9.9 ) (2.7 ) (9.7 ) (3.5 ) (1.6 ) (0.7 ) (6.6 ) (4.1 ) Amortization of prior service cost — — — — — — 0.1 — Amortization of net loss — — — — — — 1.6 0.4 Plan curtailments — — — — (3.0 ) — — — Net periodic (benefit) cost $ (3.1 ) $ 1.5 $ (2.8 ) $ 0.3 $ (2.7 ) $ (0.1 ) $ 3.9 $ (0.6 ) |
Schedule of Assumptions Used | Pension and SERP Benefits (amounts in millions) December 31, 2015 December 31, 2014 Domestic Foreign Domestic Foreign Discount rate 4.6 % 2.8 % 4.2 % 2.5 % Rate of compensation increase 3.5 % 3.4 % 3.5 % 2.9 % Post-retirement Medical Benefits (amounts in millions) December 31, 2015 December 31, 2014 Domestic Foreign Domestic Foreign Discount rate 4.4 % 14.0 % 4.2 % 12.5 % |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables summarize changes in plan assets and funded status of the Company’s pension and SERP plans: Pension and SERP Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months Change in Projected Benefit Obligation: (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Beginning of period balance $ 157.6 $ 88.3 $ 137.4 $ 73.1 $ — $ — $ 144.3 $ 75.0 Acquisitions 82.6 22.6 — — 142.0 72.9 — — Service cost — 1.4 — 0.8 0.7 0.1 3.6 0.6 Plan amendments — 8.9 — — — — — — Interest cost 6.8 2.8 6.9 3.0 1.2 0.5 5.2 2.5 Plan curtailment — — — — (3.0 ) 0.2 — — Actuarial (gain)/ loss due to assumption change (11.4 ) 0.3 18.1 20.2 (2.8 ) (0.9 ) (7.1 ) 1.6 Actuarial (gain)/ loss due to plan experience (0.1 ) 1.1 (0.6 ) 1.6 — (0.2 ) (0.6 ) (3.2 ) Benefits and expenses paid (5.0 ) (6.6 ) (4.2 ) (4.3 ) (0.7 ) (0.9 ) (3.4 ) (2.7 ) Settlement — — — (0.5 ) — (0.6 ) — — Translation adjustment — (6.1 ) — (5.6 ) — 2.0 — (0.9 ) End of period balance $ 230.5 $ 112.7 $ 157.6 $ 88.3 $ 137.4 $ 73.1 $ 142.0 $ 72.9 Pension and SERP Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months Change in Fair Value of Plan Assets: (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Beginning of period balance $ 134.0 $ 94.5 $ 127.0 $ 88.1 $ — $ — $ 102.6 $ 79.6 Acquisitions 62.5 8.1 — — 123.3 86.8 — — Actual return on plan assets, net of expenses (7.0 ) 3.1 11.2 16.0 4.4 (2.5 ) 21.7 7.4 Employer contributions — 0.5 — 0.2 — 2.5 2.3 2.7 Benefits paid (5.0 ) (6.6 ) (4.2 ) (3.5 ) (0.7 ) (0.7 ) (3.3 ) (2.2 ) Settlement — — — (0.5 ) — (0.6 ) — — Translation adjustment — (5.9 ) — (5.8 ) — 2.6 — (0.7 ) End of period balance 184.5 93.7 134.0 94.5 127.0 88.1 123.3 86.8 Funded status of plan $ (46.0 ) $ (19.0 ) $ (23.6 ) $ 6.2 $ (10.4 ) $ 15.0 $ (18.7 ) $ 13.9 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table summarizes changes in the Company’s post-retirement medical benefit obligations: Post-retirement Medical Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months Change in Accumulated Post-retirement Benefit: (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Beginning of period balance $ 7.4 $ 0.3 $ 6.8 $ 0.3 $ — $ — $ 6.9 $ 0.4 Acquisitions 2.3 1.5 — — 6.7 0.3 — — Service cost — 0.1 0.1 — — — — — Interest cost 0.3 0.2 0.3 — 0.1 — 0.2 — Employee contributions 0.2 — — — — — 0.2 — Actuarial loss/(gain) due to assumption change (0.5 ) (0.2 ) 0.5 — 0.1 — (0.1 ) (0.1 ) Actuarial loss/(gain) due to plan experience 0.3 (0.1 ) — — — — (0.1 ) — Other — (0.3 ) — — — — — — Benefits and expenses paid (0.6 ) (0.1 ) (0.3 ) — (0.1 ) — (0.5 ) — End of period balance $ 9.4 $ 1.4 $ 7.4 $ 0.3 $ 6.8 $ 0.3 $ 6.6 $ 0.3 |
Schedule of Changes in Fair Value of Plan Assets | Post-retirement Medical Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months Change in Fair Value of Plan Assets: (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Beginning of period balance $ — $ — $ — $ — $ — $ — $ — $ — Employer contributions 0.4 0.1 0.3 — 0.1 — 0.3 — Employee contributions 0.2 — — — — — 0.2 — Benefits paid (0.6 ) (0.1 ) (0.3 ) — (0.1 ) — (0.5 ) — End of period balance — — — — — — — — Funded status of plan $ (9.4 ) $ (1.4 ) $ (7.4 ) $ (0.3 ) $ (6.8 ) $ (0.3 ) $ (6.6 ) $ (0.3 ) |
Schedule of Amounts Recognized in Balance Sheet | Amounts included in the Consolidated Balance Sheets consist of the following: (amounts in millions) December 31, 2015 December 31, 2014 Prepaid pension assets Foreign pension $ — $ 10.2 Total included in other assets $ — $ 10.2 Other current liabilities Domestic pension $ 6.7 $ 0.4 Foreign pension 0.6 — Domestic post-retirement medical benefits 0.6 — Foreign post-retirement medical benefits 0.1 — Total included in accrued expenses and other current liabilities $ 8.0 $ 0.4 Retirement benefits, less current portion Domestic pension & SERP $ 39.3 $ 23.2 Foreign pensions 18.4 4.0 Domestic post-retirement medical benefits 8.8 7.4 Foreign post-retirement medical benefits 1.3 0.3 Total included in long-term retirement benefits, less current portion $ 67.8 $ 34.9 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in Accumulated Other Comprehensive Income (Loss) consist of the following: Pension and SERP Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Net actuarial gain (loss) $ (15.8 ) $ (10.5 ) $ (10.4 ) $ (10.1 ) $ 5.7 $ (2.1 ) $ 10.5 $ 10.8 Prior service credits (costs) — (8.5 ) — — — — 0.6 — Total $ (15.8 ) $ (19.0 ) $ (10.4 ) $ (10.1 ) $ 5.7 $ (2.1 ) $ 11.1 $ 10.8 Post-retirement Medical Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Net actuarial (loss) gain $ (0.4 ) $ 0.2 $ (0.6 ) $ — $ (0.1 ) $ — $ 0.1 $ (0.1 ) Prior service (costs) credits — — — — — — (0.5 ) 0.3 Total $ (0.4 ) $ 0.2 $ (0.6 ) $ — $ (0.1 ) $ — $ (0.4 ) $ 0.2 |
Schedule of Allocation of Plan Assets | The fair value of plan assets as of December 31, 2015 were classified in the fair value hierarchy as follows: Fair Value Measurements Using (amounts in millions) December 31, 2015 Quoted prices in Significant other Significant Asset Category Domestic equities $ 26.3 $ 26.3 $ — $ — Foreign equities 0.3 0.3 — — Mutual funds holding domestic securities 4.9 4.9 — — U.S. Treasuries 5.0 — 5.0 — Mutual funds holding U.S. Treasury Securities 11.9 11.9 — — Mutual funds holding fixed income securities 16.1 16.1 — — Insurance "Buy-In" Policy (b) 77.2 — — 77.2 Foreign public bonds 2.9 — 2.9 — Corporate bonds 1.5 — 1.5 — Designated benefit fund (a) 1.3 — 1.3 — Cash and cash equivalents 11.2 11.2 — — Sub-Total 158.6 $ 70.7 $ 10.7 $ 77.2 Assets using NAV as a practical expedient 119.6 Total $ 278.2 The fair value of plan assets as of December 31, 2014 were classified in the fair value hierarchy as follows: Fair Value Measurements Using (amounts in millions) December 31, 2014 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Asset Category Domestic equities $ 28.9 $ 28.9 $ — $ — Mutual funds holding U.S. Treasury Securities 11.8 11.8 — — Mutual funds holding domestic securities 4.8 4.8 — — Designated benefit fund (a) 1.1 — 1.1 — Insurance "Buy-In" Policy (b) 83.2 — — 83.2 Cash and cash equivalents 12.4 12.4 — — Sub-Total 142.2 $ 57.9 $ 1.1 $ 83.2 Assets using NAV as a practical expedient 86.3 Total $ 228.5 (a) This category includes assets held in a fund with the Bank of Taiwan as prescribed by the Taiwan government in accordance with local statutory rules. (b) This category represents assets in the U.K Pension Plan invested in insurance contract with PIC in connection with the “Buy-In” of the U.K Pension Plan. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the beginning and ending balances for the year ended December 31, 2015 for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). (amounts in millions) Insurance "Buy-in" Policy Fair value measurements using significant unobservable inputs (Level 3) December 31, 2015 December 31, 2014 Beginning balance, January 1, 2015 $ 83.2 $ — Changes in fair value (6.0 ) — Purchases, sales and settlements (1) — 83.2 Transfers into Level 3 — — Transfers out of Level 3 — — Ending balance, December 31, 2015 $ 77.2 $ 83.2 (1) There were no purchases, sales or settlements, on a gross basis, for the year ended December 31, 2015 . There were no sales or settlements, on a gross basis, for the year ended December 31, 2014 . The following table provides a reconciliation of the beginning and ending balances for the year ended December 31, 2015 for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (amounts in millions) Long-term contingent consideration Fair value measurements using significant unobservable inputs (Level 3) December 31, 2015 December 31, 2014 Beginning balance $ 63.9 $ 34.8 Changes in fair value 6.8 29.1 Purchases, sales and settlements (1) — — Transfers into Level 3 — — Transfers out of Level 3 — — Ending balance $ 70.7 $ 63.9 (1) There were no purchases, sales or settlements on a gross basis for the years ended December 31, 2015 and 2014 . |
Schedule of Expected Benefit Payments | As of December 31, 2015 , expected future benefit payments related to the Company’s defined benefit plans were as follows: Pension and SERP Benefits Post-retirement Benefits Total (amounts in millions) Domestic Foreign 2016 $ 11.0 $ 5.2 $ 0.7 $ 16.9 2017 11.7 1.4 0.7 13.8 2018 11.5 1.5 0.8 13.8 2019 12.4 1.5 0.7 14.6 2020 12.6 2.0 0.7 15.3 Subsequent five years 66.8 9.8 3.6 80.2 Total $ 126.0 $ 21.4 $ 7.2 $ 154.6 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs | Post-retirement Benefits: (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Net periodic benefit expense: Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Service cost $ 0.1 $ 0.1 $ 0.1 $ — $ — $ — $ 0.1 $ — Interest cost on the projected benefit obligation 0.3 0.1 0.3 — 0.1 — 0.2 — Amortization of prior service cost — — — — — — (0.1 ) — Net periodic cost (benefit) $ 0.4 $ 0.2 $ 0.4 $ — $ 0.1 $ — $ 0.2 $ — |
Schedule of Assumptions Used | Post-retirement Medical Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Discount rate 4.2 % 14.5 % 5.1 % 12.4 % 5.0 % 11.7 % 4.4 % 10.8 % Long-term rate of return on assets N/A N/A N/A N/A N/A N/A N/A N/A |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Assumptions Used | The weighted average key assumptions used to determine the net periodic benefit cost of the pension, SERP and post-retirement benefit liabilities are as follows: Pension and SERP Benefits (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic Foreign Domestic Foreign Domestic Foreign Domestic Foreign Discount rate 4.2 % 2.5 % 5.2 % 4.2 % 5.1 % 4.1 % 4.4 % 4.2 % Rate of compensation increase 3.5 % 2.9 % 4.0 % 3.4 % 4.0 % 3.3 % 4.0 % 3.4 % Long-term rate of return on assets 7.4 % 2.5 % 7.8 % 4.2 % 7.8 % 4.9 % 7.8 % 6.5 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | (Loss) income before income taxes, non-controlling interests and dividends on preferred shares were as follows: (amounts in millions) For the year ended For the year ended For the period For the ten months (Successor) (Successor) (Successor) (Predecessor) Domestic $ (290.8 ) $ (103.9 ) $ (7.9 ) $ (74.2 ) Foreign 61.5 73.0 (193.5 ) 100.7 Total $ (229.3 ) $ (30.9 ) $ (201.4 ) $ 26.5 |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following: (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) Current: U.S.: Federal $ 0.7 $ (0.6 ) $ 0.3 $ (5.3 ) State and local (0.2 ) 0.4 0.1 0.3 Foreign 120.1 36.7 1.3 22.8 Total current 120.6 36.5 1.7 17.8 Deferred: U.S.: Federal 6.4 (18.3 ) (2.1 ) (3.1 ) State and local (5.2 ) 0.4 (0.3 ) 0.1 Foreign (46.7 ) (25.3 ) (5.1 ) (1.8 ) Total deferred (45.5 ) (43.2 ) (7.5 ) (4.8 ) Income tax expense (benefit) $ 75.1 $ (6.7 ) $ (5.8 ) $ 13.0 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal statutory tax rates to pretax income, as a result of the following: (amounts in millions) For the year ended For the year ended For the period from For the ten months (Successor) (Successor) (Successor) (Predecessor) U.S. federal statutory tax rate 35.0 % 35.0 % 35.0 % 35.0 % Taxes computed at U.S. statutory rate $ (80.3 ) $ (10.8 ) $ (70.5 ) $ 9.3 State income taxes, net of federal benefit (3.6 ) 0.8 0.4 (2.2 ) Preferred dividend valuation — — 60.2 — Tax on foreign operations 5.8 (7.7 ) 0.4 0.8 Net change in reserve 27.5 1.5 (0.7 ) (0.1 ) Change in valuation allowances 72.6 0.2 (0.9 ) 3.6 Provision for tax on undistributed foreign earnings 5.0 (3.7 ) 0.8 (0.7 ) Change of tax rate (1.0 ) (0.5 ) — (0.5 ) Non-deductible transaction costs 40.5 6.5 4.2 1.9 Foreign exchange impact on provision — — — 0.1 Purchase price contingency 0.4 6.6 — — Other non-deductible items 9.1 — — — Other, net (0.9 ) 0.4 0.3 0.8 Income tax expense (benefit) $ 75.1 $ (6.7 ) $ (5.8 ) $ 13.0 Effective tax rate (32.8 )% 21.7 % 2.9 % 49.0 % |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income taxes at December 31, 2015 and 2014 were as follows: (amounts in millions) December 31, December 31, Deferred tax assets: Accounts receivable $ 8.9 $ 5.9 Inventory 6.6 — Accrued liabilities 34.8 3.6 Employee benefits 27.5 20.2 Research and development costs 11.8 11.2 Tax credits 49.3 39.3 Net operating losses 332.3 17.5 Goodwill 26.8 31.2 Financing activities 30.7 4.5 Other 41.4 11.9 Total deferred tax assets 570.1 145.3 Valuation allowance (403.6 ) (19.7 ) Total gross deferred tax assets 166.5 125.6 Deferred tax liabilities: Plant and equipment 38.6 16.7 Intangibles 767.3 280.1 Undistributed foreign earnings 7.1 2.6 Inventory — 0.8 Other 2.9 2.5 Total gross deferred tax liabilities 815.9 302.7 Net deferred tax liability $ 649.4 $ 177.1 |
Condensed Balance Sheet | The following schedule presents net current and net long-term deferred tax assets and liabilities as of December 31, 2015 and 2014 : (amounts in millions) December 31, December 31, Net current deferred tax asset $ — $ 18.7 Net non-current deferred tax asset 29.4 6.5 Net deferred tax asset 29.4 25.2 Net non-current deferred tax liability 678.8 202.3 Total net deferred tax liability $ 649.4 $ 177.1 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits: (amounts in millions) For the year ended For the year ended For the period from (April 23, For the ten months October 31, (Successor) (Successor) (Successor) (Predecessor) Unrecognized tax benefits at beginning of period $ 27.7 $ 25.6 $ — $ 22.7 Additions based on current year tax positions 20.7 1.7 0.3 0.8 Additions based upon prior year tax positions (including acquired uncertain tax positions) 72.2 7.4 26.3 0.3 Reductions due to closed statutes (2.9 ) (6.7 ) (1.0 ) (0.3 ) Reductions for settlements and payments (5.5 ) (0.3 ) — — Total unrecognized tax benefits at end of period $ 112.2 $ 27.7 $ 25.6 $ 23.5 |
Summary of Income Tax Examinations | As of December 31, 2015 , the following tax years remained subject to examination by the major tax jurisdictions indicated below: Major Jurisdictions Open Years Belgium 2009 through current Brazil 2009 through current China 2009 through current France 2009 through current Japan 2010 through current Mexico 2010 through current Netherlands 2011 through current South Africa 2011 through current Taiwan 2010 through current United Kingdom 2009 through current |
Debt, Financial Guarantees an45
Debt, Financial Guarantees and Factoring Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company’s debt consisted of the following: (amounts in millions) December 31, 2015 December 31, 2014 Borrowings under lines of credit, $ 16.7 $ — USD Notes, due 2022, $ 1,081.1 $ — EUR Notes, due 2023, 374.0 — USD Notes, due 2021, 487.5 — First lien secured credit facility, due 2020, 735.6 743.0 USD Incremental Loan, due 2020, 290.8 292.7 CAS U.S. Dollar Tranche B Term Loan, due 2020, 121.9 121.7 Arysta U.S. Dollar Tranche B-2 Term Loan, due 2020, 481.2 — Alent U.S. Dollar Tranche B-3 Term Loan, due 2020, 1,001.8 — CAS EURO Tranche C-1 Term Loan, due 2020, 219.0 246.2 Arysta EURO Tranche C-1 Term Loan, due 2020, 87.2 — Alent EURO Tranche C-2 Term Loan, due 2020, 313.0 — Other 18.5 2.0 Total debt 5,211.6 1,405.6 Less: current portion debt (38.0 ) (13.2 ) Total long-term debt $ 5,173.6 $ 1,392.4 |
Schedule of Maturities of Long-term Debt | Minimum future principal payments on capital leases and long-term debt were as follows: (amounts in millions) Capital Leases Long-Term Debt Total 2016 $ 0.9 $ 46.8 $ 47.7 2017 0.7 33.8 34.5 2018 0.5 33.8 34.3 2019 0.4 33.8 34.2 2020 0.3 3,197.3 3,197.6 Thereafter 1.8 1,980.7 1,982.5 Total $ 4.6 $ 5,326.2 $ 5,330.8 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair value of derivative instruments reported in the Consolidated Balance Sheets: (amounts in millions) December 31, 2015 December 31, 2014 U.S. Dollar Amount U.S. Dollar Amount Derivatives designated as hedging instruments: Liabilities Balance Sheet Location Interest rate swaps Other long-term liabilities $ 12.5 $ — Derivatives not designated as hedging instruments: Assets Balance Sheet Location Foreign exchange and metals contracts Prepaid expenses & other current assets 1.1 — Foreign exchange contracts Other assets 1.0 — Liabilities Balance Sheet Location Foreign exchange contracts Accrued expenses and other current liabilities 1.0 0.1 Total derivative contracts asset/(liability) $ (11.4 ) $ (0.1 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables present the Company’s financial instruments, assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurement Using (amounts in millions) December 31, 2015 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Asset Category Cash equivalents $ 59.4 $ 2.9 $ 56.5 $ — Available for sale equity securities 6.6 5.8 0.8 — Derivatives 2.1 — 2.1 — Total $ 68.1 $ 8.7 $ 59.4 $ — Liability Category Long term contingent consideration $ 70.7 $ — $ — $ 70.7 Derivatives 13.5 — 13.5 — Total $ 84.2 $ — $ 13.5 $ 70.7 Fair Value Measurement Using (amounts in millions) December 31, 2014 Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Asset Category Cash equivalents $ 15.4 $ 15.4 $ — $ — Available for sale equity securities 2.3 1.5 0.8 — Total $ 17.7 $ 16.9 $ 0.8 $ — Liability Category Long term contingent consideration $ 63.9 $ — $ — $ 63.9 Derivatives 0.1 — 0.1 — Total $ 64.0 $ — $ 0.1 $ 63.9 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the beginning and ending balances for the year ended December 31, 2015 for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3). (amounts in millions) Insurance "Buy-in" Policy Fair value measurements using significant unobservable inputs (Level 3) December 31, 2015 December 31, 2014 Beginning balance, January 1, 2015 $ 83.2 $ — Changes in fair value (6.0 ) — Purchases, sales and settlements (1) — 83.2 Transfers into Level 3 — — Transfers out of Level 3 — — Ending balance, December 31, 2015 $ 77.2 $ 83.2 (1) There were no purchases, sales or settlements, on a gross basis, for the year ended December 31, 2015 . There were no sales or settlements, on a gross basis, for the year ended December 31, 2014 . The following table provides a reconciliation of the beginning and ending balances for the year ended December 31, 2015 for assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (amounts in millions) Long-term contingent consideration Fair value measurements using significant unobservable inputs (Level 3) December 31, 2015 December 31, 2014 Beginning balance $ 63.9 $ 34.8 Changes in fair value 6.8 29.1 Purchases, sales and settlements (1) — — Transfers into Level 3 — — Transfers out of Level 3 — — Ending balance $ 70.7 $ 63.9 (1) There were no purchases, sales or settlements on a gross basis for the years ended December 31, 2015 and 2014 . |
Fair Value Measurements, Nonrecurring | The following table presents the carrying value and estimated fair value of the Company’s long term debt as of the dates indicated below: (amounts in millions) December 31, 2015 December 31, 2014 Carrying Fair Carrying Fair USD Notes, due 2022 $ 1,081.1 $ 946.3 $ — $ — EUR Notes, due 2023 374.0 326.7 — — USD Notes, due 2021 487.5 500.0 — — First Lien Credit Facility 735.6 710.3 743.0 728.8 USD Incremental Loan 290.8 285.8 292.7 293.3 CAS U.S. Dollar Tranche B Term Loan 121.9 123.9 121.7 127.1 Arysta U.S. Dollar Tranche B-2 Term Loan 481.2 477.7 — — Alent U.S. Dollar Tranche B-3 Term Loan 1,001.8 1,005.9 — — CAS EURO Tranche C-1 Term Loan 219.0 215.4 246.2 242.5 Arysta EURO Tranche C-1 Term Loan 87.2 87.5 — — Alent EURO Tranche C-2 Term Loan 313.0 321.4 — — Enthone Financing Liability 13.0 13.0 — — Capital lease obligations 5.5 5.3 2.0 2.6 $ 5,211.6 $ 5,019.2 $ 1,405.6 $ 1,394.3 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | hanges in each component of accumulated other comprehensive (loss) income, net of tax for the years ended December 31, 2015 and 2014 , and the Successor 2013 Period were as follows: (amounts in millions) Foreign Currency Translation Adjustments Pension and Post-retirement Plans Unrealized Gain on Available for Sale Securities Derivative Financial Instrument Revaluation Non-Controlling Interests Accumulated Other Comprehensive Income (Loss) Balance at Inception (April 23, 2013) $ — $ — $ — $ — $ — $ — Other comprehensive (loss) income before reclassifications, net (0.6 ) 1.8 — 0.1 — 1.3 Reclassifications, pretax — — — — — — Tax (benefit) expense reclassified — — — — — — Balance at December 31, 2013 (0.6 ) 1.8 — 0.1 — 1.3 Other comprehensive (loss) income before reclassifications, net (121.6 ) (16.7 ) 0.1 (0.1 ) 6.4 (131.9 ) Reclassifications, pretax — — — — — — Tax expense reclassified — — — — — — Balance at December 31, 2014 (122.2 ) (14.9 ) 0.1 — 6.4 (130.6 ) Other comprehensive (loss) income before reclassifications, net (777.1 ) (10.9 ) 1.1 (8.1 ) 40.0 (755.0 ) Reclassifications, pretax — — — — — — Tax benefit reclassified — (0.5 ) — — — (0.5 ) Balance at December 31, 2015 $ (899.3 ) $ (26.3 ) $ 1.2 $ (8.1 ) $ 46.4 $ (886.1 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A computation of the weighted average shares outstanding for the years ended December 31, 2015 and 2014 and the Successor 2013 Period follows. No such computation is necessary for the Predecessor 2013 Period. Year Ended December 31, (amounts in millions, except per share amounts) 2015 2014 2013 Net loss attributable to common stockholders $ (308.6 ) $ (262.6 ) $ (194.2 ) Basic weighted average common stock outstanding 203.2 135.3 92.6 Convertible and performance-based stock (1) — — — Dilutive weighted average common stock outstanding 203.2 135.3 92.6 Loss per share attributable to common stockholders: Basic $ (1.52 ) $ (1.94 ) $ (2.10 ) Diluted $ (1.52 ) $ (1.94 ) $ (2.10 ) (1) For the years ended December 31, 2015 , and 2014 , and the Successor 2013 Period, no share adjustments were included in the dilutive weighted average shares outstanding computation as their effect would have been anti-dilutive. For more information about such dilutive shares outstanding, refer to the table below. |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | For the years ended December 31, 2015 and 2014 , the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because performance targets and/or market conditions were not yet met for awards contingent upon such measures. Year Ended December 31, (amounts in thousands) 2015 2014 2013 Number of shares contingently issuable to Founder Entities as stock dividend to Series A Preferred Stock 1,239 10,453 — Number of shares issuable upon conversion of warrants — — 16,248 Number of shares issuable upon conversion of PDH Common Stock 8,318 8,641 — Number of shares issuable upon conversion of Series A Preferred Stock 2,000 2,000 — Number of shares issuable upon conversion of Series B Convertible Preferred Stock 19,443 — — Number of shares contingently issuable for the contingent consideration 4,640 1,503 — Number of shares issuable upon conversion of the 401k exchange rights — 270 — Number of stock options 55 89 — Number of restricted stock shares and units 74 70 — Number of shares issuable under the employee stock purchase plan 1 — — 35,770 23,026 16,248 |
Operating Lease Commitments (Ta
Operating Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Minimum future non-cancelable operating lease commitments are as follows: (amounts in millions) Operating Lease Commitments Year ending December 31, 2016 $ 24.8 2017 18.5 2018 12.6 2019 10.3 2020 8.8 Thereafter 22.5 Total $ 97.5 |
Contingencies, Environmental 51
Contingencies, Environmental and Legal Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation | The AROs are included in "Other long-term liabilities" in the Consolidated Balance Sheets as of December 31, 2015 and 2014 . Changes in the Company’s AROs are as follows: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception (Successor) (Successor) (Successor) (Predecessor) AROs, beginning of period $ 18.5 $ 4.8 $ — $ 2.3 Acquisitions 0.4 13.2 4.8 — Additional obligations incurred — 0.5 — — Accretion expense 1.0 0.7 — 0.1 Remeasurements (0.2 ) — — — Payments/ settlements (0.4 ) (0.2 ) — (0.1 ) Foreign currency adjustments (1.8 ) (0.5 ) — (0.1 ) AROs, end of period $ 17.5 $ 18.5 $ 4.8 $ 2.2 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the carrying amounts of Saphyto S.A.’s assets and liabilities included in the Consolidated Balance Sheet at December 31, 2015 : (amounts in millions) December 31, Assets and Liabilities of Saphyto S.A. Cash and cash equivalents $ 1.2 Other current assets 9.9 Property, plant, and equipment 1.4 Other non-current assets 0.3 Total assets $ 12.8 Current liabilities $ 8.8 Total liabilities $ 8.8 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | Restructuring expenses recorded in the Consolidated Statements of Operations were as follows: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception Ten months ended (Successor) (Successor) (Successor) (Predecessor) Cost of sales $ 6.3 $ — $ — $ — Selling, technical, general and administrative 19.0 3.0 0.8 3.6 Total restructuring $ 25.3 $ 3.0 $ 0.8 $ 3.6 Restructuring expenses were recorded as follows in each of our business segments: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception Ten months ended (Successor) (Successor) (Successor) (Predecessor) Performance Solutions $ 6.9 $ 1.5 $ 0.8 $ 3.6 Agricultural Solutions 18.4 1.5 — — Total restructuring $ 25.3 $ 3.0 $ 0.8 $ 3.6 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Components of "Other income (expense), net" as reported in the Consolidated Statements of operations composed of the following: (amounts in millions) Year Ended Year Ended Period from January 1, (Successor) (Successor) (Successor) (Predecessor) Legal settlement $ 17.7 $ — $ — $ — Sale of intellectual property and product rights 6.1 — — — Acquisition put option settlement 3.0 — — — Other income (expense), net 3.6 (0.2 ) 0.1 (0.7 ) Total other income (expense), net $ 30.4 $ (0.2 ) $ 0.1 $ (0.7 ) |
Accrued Expenses And Other Cu55
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Components of "Accrued expenses other current liabilities" as reported in the Consolidated Balance Sheets is composed of the following: (amounts in millions) December 31, 2015 December 31, 2014 Accrued customer rebates and sales incentives $ 120.7 $ 9.9 Financial guarantees and factoring 71.1 — Accrued acquisition payable — 14.3 Other current liabilities 222.4 48.6 Total other current liabilities $ 414.2 $ 72.8 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |
Schedule Reconciling Net (Loss) Income To Adjusted EBITDA | The following table reconciles Adjusted EBITDA to Net (loss) income attributable to common stockholders: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception (Successor) (Successor) (Successor) (Predecessor) Adjusted EBITDA $ 567.6 $ 212.2 $ 27.4 $ 152.7 Adjustments to reconcile to net (loss) income attributable to stockholders: Interest expense (222.5 ) (38.7 ) (5.5 ) (46.3 ) Depreciation and amortization expense (251.0 ) (88.0 ) (12.8 ) (32.8 ) Non-cash charges related to preferred dividend rights — — (172.0 ) — Legal settlement 16.0 — — — Acquisition put option settlement 3.0 — — — Restructuring and related expenses (54.8 ) (3.0 ) (3.5 ) (4.5 ) Manufacturer's profit in inventory adjustment (76.5 ) (35.5 ) (23.9 ) — Non-cash fair value adjustment to contingent consideration (6.8 ) (29.1 ) 0.7 — Acquisition transaction costs (92.9 ) (47.8 ) (15.2 ) (16.9 ) Debt extinguishment — — — (18.8 ) Foreign exchange loss on foreign denominated external and internal debt (46.4 ) (1.1 ) — — Fair value loss on foreign exchange forward contract (73.7 ) 0.3 — — Other income 8.7 (0.2 ) 3.4 (6.9 ) (Loss) income before income taxes and non-controlling interest (229.3 ) (30.9 ) (201.4 ) 26.5 Income tax (expense) benefit (75.1 ) 6.7 5.8 (13.0 ) Net income attributable to the non-controlling interests (4.2 ) (5.7 ) 1.4 (0.3 ) Net (loss) income attributable to stockholders $ (308.6 ) $ (29.9 ) $ (194.2 ) $ 13.2 |
Revenue from External Customers by Geographic Areas | The following table sets forth the Company's total net sales by geographic area based on the country where sales were generated: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception Net Sales: (Successor) (Successor) (Successor) (Predecessor) United States $ 474.6 $ 217.4 $ 31.5 $ 176.4 Foreign Net Sales: Brazil 380.6 70.9 7.4 45.7 France 196.8 64.3 8.3 44.8 Japan 166.6 22.9 3.6 20.0 United Kingdom 127.3 119.1 17.8 93.4 China 108.3 87.8 13.5 64.2 Other countries 1,088.1 260.8 36.1 183.2 Total Foreign Net Sales 2,067.7 625.8 86.7 451.3 Total consolidated net sales $ 2,542.3 $ 843.2 $ 118.2 $ 627.7 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table provides the Company's total long-lived assets by geographic area: (amounts in millions) December 31, 2015 December 31, 2014 Long lived assets, net (1) United States $ 213.4 $ 67.0 Foreign countries China 55.0 11.2 United Kingdom 33.6 28.0 Germany 33.0 0.3 Other countries 156.6 72.1 Total foreign countries 278.2 111.6 Total long lived assets, net $ 491.6 $ 178.6 (1) Long-lived assets represent property, plant and equipment, net. |
Reconciliation of Revenue from Segments to Consolidated | The following table shows the Company's external party sales by product for the periods presented: (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception (Successor) (Successor) (Successor) (Predecessor) Performance Solutions Industrial Group $ 387.0 $ 429.4 $ 67.7 $ 353.4 Electronics Group 198.8 159.9 24.9 128.4 Packaging and Printing Group 173.9 165.9 25.6 145.9 Assembly Materials Group 41.1 — — — Performance Solutions sales 800.8 755.2 118.2 627.7 Agricultural Solutions (1) 1,741.5 88.0 — — Total consolidated net sales $ 2,542.3 $ 843.2 $ 118.2 $ 627.7 |
Operations [Member] | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | The historical periods have been recast to reflect the change to the Company's reportable business segment structure during the first quarter of 2015. (amounts in millions) Twelve Months Ended Twelve Months Ended Period from inception (Successor) (Successor) (Successor) (Predecessor) Net Sales: Performance Solutions $ 800.8 $ 755.2 $ 118.2 $ 627.7 Agricultural Solutions 1,741.5 88.0 — — Consolidated net sales $ 2,542.3 $ 843.2 $ 118.2 $ 627.7 Depreciation and amortization: Performance Solutions $ 80.0 $ 76.3 $ 12.8 $ 32.8 Agricultural Solutions 171.0 11.7 — — Consolidated depreciation and amortization $ 251.0 $ 88.0 $ 12.8 $ 32.8 Adjusted EBITDA Performance Solutions $ 224.3 $ 196.2 $ 27.4 $ 152.7 Agricultural Solutions 343.3 16.0 — — Consolidated adjusted EBITDA $ 567.6 $ 212.2 $ 27.4 $ 152.7 |
Supplementary Data (Tables)
Supplementary Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Successor [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of Quarterly Financial Information | Successor 2015 (amounts in millions, except per share amounts) First Quarter Second Quarter Third Quarter (as restated) Fourth Quarter Selected Quarterly Financial Data (Unaudited) Net sales $ 534.8 $ 675.1 $ 597.3 $ 735.1 Gross profit 207.1 268.6 242.7 273.5 Net loss attributable to stockholders (a) (26.7 ) (12.2 ) (140.1 ) (129.6 ) Net loss attributable to common stockholders (a) (26.7 ) (12.2 ) (140.1 ) (129.6 ) Basic loss per share (a) (b) $ (0.14 ) $ (0.06 ) $ (0.66 ) $ (0.60 ) Diluted loss per share (a) (b) $ (0.14 ) $ (0.06 ) $ (0.66 ) $ (0.60 ) Successor 2014 (amounts in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Selected Quarterly Financial Data (Unaudited) Net sales $ 183.7 $ 189.1 $ 196.8 $ 273.6 Gross profit 84.2 96.7 103.2 112.5 Net (loss) income attributable to stockholders (7.4 ) (0.4 ) 11.9 (34.0 ) Net (loss) income attributable to common stockholders (7.4 ) (0.4 ) 11.9 (266.7 ) Basic (loss) earnings per share (b) $ (0.07 ) $ — $ 0.09 $ (1.59 ) Diluted (loss) earnings per share (b) $ (0.07 ) $ — $ 0.08 $ (1.59 ) Successor 2013 (amounts in millions, except per share amounts) Period from Inception (April 23, 2013) to June 30, 2013 Third Quarter Fourth Quarter (c) Selected Quarterly Financial Data (Unaudited) Net sales $ — $ — $ 118.2 Gross profit — — 35.7 Net loss attributable to stockholders (0.1 ) (4.7 ) (189.4 ) Net loss attributable to common stockholders (0.1 ) (4.7 ) (189.4 ) Basic loss per share (b) $ — $ (0.05 ) $ (2.05 ) Diluted loss per share (b) $ — $ (0.05 ) $ (2.05 ) Predecessor 2013 (amounts in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter (d) Selected Quarterly Financial Data (Unaudited) Net sales $ 182.1 $ 190.0 $ 188.4 $ 67.2 Gross profit 93.3 96.5 99.0 34.0 Net income (loss) attributable to MacDermid, Inc. 15.2 (5.9 ) 14.5 (10.6 ) Basic earnings (loss) per share (b) n/a n/a n/a n/a Diluted earnings (loss) per share (b) n/a n/a n/a n/a (a) In connection with the preparation of the Company's Consolidated Financial Statements for the year ended December 31, 2015, the Company identified an error related to its income tax provision for the quarter ended September 30, 2015. For more information, see Note 26, Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited), to the Consolidated Financial Statements. (b) Earnings per share calculations for each quarter are based on the weighted average number of shares outstanding for each period. As MacDermid was not a Registrant prior to the Successor 2013 Period, no earnings per share data is presented. (c) Platform's fourth quarter includes the results of MacDermid from November 1, 2013 through December 31, 2013. (d) MacDermid's fourth quarter includes results from October 1, 2013 through October 31, 2013. |
Predecessor [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of Quarterly Financial Information | Predecessor 2013 (amounts in millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter (d) Selected Quarterly Financial Data (Unaudited) Net sales $ 182.1 $ 190.0 $ 188.4 $ 67.2 Gross profit 93.3 96.5 99.0 34.0 Net income (loss) attributable to MacDermid, Inc. 15.2 (5.9 ) 14.5 (10.6 ) Basic earnings (loss) per share (b) n/a n/a n/a n/a Diluted earnings (loss) per share (b) n/a n/a n/a n/a (a) In connection with the preparation of the Company's Consolidated Financial Statements for the year ended December 31, 2015, the Company identified an error related to its income tax provision for the quarter ended September 30, 2015. For more information, see Note 26, Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited), to the Consolidated Financial Statements. (b) Earnings per share calculations for each quarter are based on the weighted average number of shares outstanding for each period. As MacDermid was not a Registrant prior to the Successor 2013 Period, no earnings per share data is presented. (c) Platform's fourth quarter includes the results of MacDermid from November 1, 2013 through December 31, 2013. (d) MacDermid's fourth quarter includes results from October 1, 2013 through October 31, 2013. |
Restatement of Unaudited Cond58
Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | As detailed in the tables below, this restatement impacts the following unaudited Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet: RESTATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except loss per share) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 As Reported Adjustment As Restated As Reported Adjustment As Restated Net sales $ 597.3 $ — $ 597.3 $ 1,807.3 $ — $ 1,807.3 Cost of sales 354.6 — 354.6 1,088.8 — 1,088.8 Gross profit 242.7 — 242.7 718.5 — 718.5 Operating expenses: Selling, technical, general and administrative 194.8 — 194.8 593.2 — 593.2 Research and development 16.6 — 16.6 47.8 — 47.8 Total operating expenses 211.4 — 211.4 641.0 — 641.0 Operating profit 31.3 — 31.3 77.5 — 77.5 Other (expense) income: Interest expense, net (52.7 ) — (52.7 ) (143.2 ) — (143.2 ) Loss on derivative contracts (47.3 ) — (47.3 ) (49.9 ) — (49.9 ) Foreign exchange loss (36.9 ) — (36.9 ) (19.3 ) — (19.3 ) Other income, net 1.4 — 1.4 19.8 — 19.8 Total other expense (135.5 ) — (135.5 ) (192.6 ) — (192.6 ) (Loss) income before income taxes and non-controlling interests (104.2 ) — (104.2 ) (115.1 ) — (115.1 ) Income tax (expense) benefit (17.6 ) (17.8 ) (35.4 ) (42.0 ) (17.8 ) (59.8 ) Net (loss) income (121.8 ) (17.8 ) (139.6 ) (157.1 ) (17.8 ) (174.9 ) Net income attributable to the non-controlling interests (0.5 ) — (0.5 ) (4.0 ) — (4.0 ) Net (loss) income attributable to common stockholders $ (122.3 ) $ (17.8 ) $ (140.1 ) $ (161.1 ) $ (17.8 ) $ (178.9 ) (Loss) earnings per share Basic $ (0.58 ) $ (0.08 ) $ (0.66 ) $ (0.81 ) $ (0.08 ) $ (0.89 ) Diluted $ (0.58 ) $ (0.08 ) $ (0.66 ) $ (0.81 ) $ (0.08 ) $ (0.89 ) Weighted average shares outstanding Basic 210.9 — 210.9 198.6 — 198.6 Diluted 210.9 — 210.9 198.6 — 198.6 RESTATED CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (In millions, except share and per share amounts) September 30, 2015 As Reported Adjustment As Restated Assets Cash and cash equivalents $ 682.0 $ — $ 682.0 Restricted cash 0.3 — 0.3 Accounts receivable, net of allowance for doubtful accounts of $14.0 at September 30, 2015 943.4 — 943.4 Inventories 466.9 — 466.9 Prepaid expenses and other current assets 220.1 (19.6 ) 200.5 Total current assets 2,312.7 (19.6 ) 2,293.1 Property, plant and equipment, net 266.9 — 266.9 Goodwill 2,842.0 — 2,842.0 Intangible assets, net 2,577.9 — 2,577.9 Other assets 76.3 2.8 79.1 Total assets $ 8,075.8 $ (16.8 ) $ 8,059.0 Liabilities & Stockholders' Equity Accounts payable $ 386.1 $ — $ 386.1 Current installments of long-term debt and revolving credit facilities 36.1 — 36.1 Accrued income taxes payable 102.7 1.0 103.7 Accrued customer rebates and sales incentives 129.0 — 129.0 Financial guarantees and factoring 59.0 — 59.0 Other current liabilities 252.2 — 252.2 Total current liabilities 965.1 1.0 966.1 Long-term debt and capital lease obligations 3,401.4 — 3,401.4 Long-term retirement benefits, less current portion 44.2 — 44.2 Long-term deferred income taxes 567.1 — 567.1 Long-term contingent consideration 70.2 — 70.2 Other long-term liabilities 113.6 — 113.6 Total liabilities 5,161.6 1.0 5,162.6 Commitments and contingencies (Note 15) Redeemable preferred stock - Series B 645.9 — 645.9 Stockholders' Equity Preferred stock - Series A — — — Common stock, $0.01 par value per share (effective January 23, 2014), 400,000,000 shares authorized, 210,879,597 shares issued and outstanding at September 30, 2015 2.1 — 2.1 Additional paid-in capital 3,287.3 — 3,287.3 Accumulated deficit (385.2 ) (17.8 ) (403.0 ) Accumulated other comprehensive loss (741.4 ) — (741.4 ) Total stockholders' equity 2,162.8 (17.8 ) 2,145.0 Non-controlling interests 105.5 — 105.5 Total equity 2,268.3 (17.8 ) 2,250.5 Total liabilities, redeemable preferred shares and equity $ 8,075.8 $ (16.8 ) $ 8,059.0 |
Basis of Presentation and Sum59
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) | Mar. 04, 2014 | Oct. 31, 2013 | Oct. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | Jan. 23, 2014 | May. 22, 2013 | |
Business Acquisition [Line Items] | ||||||||||
Share price (in usd per share) | $ 12.83 | $ 0.01 | ||||||||
Goodwill, impairment loss (in Dollars) | $ 0 | |||||||||
Weighted average useful life (years) | 15 years | 15 years | ||||||||
Non-elective contribution to MacDermid, Incorporated Employee Savings and 401(k) Plan | $ 600,000 | |||||||||
Assets using NAV | 119,600,000 | $ 86,300,000 | ||||||||
Restricted cash | 300,000 | 600,000,000 | $ 300,000 | |||||||
MacDermid, Incorporated Employee Savings And 401(k) Plan [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Non-elective contribution to MacDermid, Incorporated Employee Savings and 401(k) Plan | 1,500,000 | 1,400,000 | ||||||||
Employer contributions | $ 1,400,000 | 700,000 | ||||||||
MacDermid [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of ownership | 3.00% | 97.00% | ||||||||
Arysta [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Restricted cash deposits | $ 600,000,000 | |||||||||
Customer Lists [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 20 years 3 months 18 days | 20 years 3 months 18 days | ||||||||
Customer Lists [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 8 years | |||||||||
Customer Lists [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 30 years | |||||||||
Developed Technology Rights [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | [1] | 11 years 9 months 18 days | 11 years 9 months 18 days | |||||||
Developed Technology Rights [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 5 years | |||||||||
Developed Technology Rights [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 14 years | |||||||||
Trade Names [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 5 years | |||||||||
Trade Names [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 20 years | |||||||||
Noncompete Agreements [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 5 years | 5 years | ||||||||
Noncompete Agreements [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 1 year | |||||||||
Noncompete Agreements [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 5 years | |||||||||
Building and Building Improvements [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property, plant and equipment, useful life | 5 years | |||||||||
Building and Building Improvements [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property, plant and equipment, useful life | 20 years | |||||||||
Machinery and Equipment [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property, plant and equipment, useful life | 3 years | |||||||||
Machinery and Equipment [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property, plant and equipment, useful life | 15 years | |||||||||
Computer Hardware And software [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property, plant and equipment, useful life | 3 years | |||||||||
Computer Hardware And software [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Property, plant and equipment, useful life | 5 years | |||||||||
Cost of Sales [Member] | Fair Value Adjustment to Inventory [Member] | Various [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Fair value of assets | $ 76,500,000 | $ 35,500,000 | ||||||||
Successor [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Share price (in usd per share) | $ 18 | |||||||||
Successor [Member] | MacDermid [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Percentage of ownership | 3.00% | |||||||||
Successor [Member] | Cost of Sales [Member] | Fair Value Adjustment to Inventory [Member] | Various [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Fair value of assets | $ 23,900,000 | |||||||||
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt issuance costs | $ 10,300,000 | |||||||||
Agricultural Solutions [Member] | Product Registration [Member] | Minimum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 12 years | |||||||||
Agricultural Solutions [Member] | Product Registration [Member] | Maximum [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Weighted average useful life (years) | 14 years | |||||||||
[1] | Includes in-process registration rights awaiting completion before amortization commences. |
Acquisitions of Businesses (Det
Acquisitions of Businesses (Details) $ / shares in Units, € in Millions | Dec. 01, 2015USD ($)$ / sharesshares | Oct. 28, 2015USD ($) | Feb. 13, 2015USD ($) | Nov. 03, 2014USD ($)agreementshares | Oct. 01, 2014USD ($) | Oct. 01, 2014EUR (€) | Apr. 16, 2014product_line | Mar. 04, 2014 | Oct. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||||||||||
Other income (expense), net | $ 1,400,000 | $ 19,800,000 | |||||||||||||
Weighted average useful life (years) | 15 years | 15 years | |||||||||||||
Goodwill | $ 4,021,900,000 | 2,842,000,000 | 2,842,000,000 | $ 4,021,900,000 | $ 1,405,300,000 | ||||||||||
Agriphar Acquisition [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Restricted stock, maximum transfer percentage by seller first portion | 33.30% | ||||||||||||||
Restricted stock, maximum transfer percentage by seller, second portion | 33.30% | ||||||||||||||
Restricted stock, maximum transfer percentage by seller, third portion | 33.30% | ||||||||||||||
Alent [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total Consideration | $ 1,738,400,000 | ||||||||||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 18,419,738 | ||||||||||||||
Share price (in Dollars per share) | $ / shares | $ 12.56 | ||||||||||||||
Cash, net | $ 1,507,000,000 | ||||||||||||||
Equity Instruments | 231,400,000 | ||||||||||||||
Acquisition costs | 21,100,000 | ||||||||||||||
Long-term debt | 0 | ||||||||||||||
Property, plant and equipment | 193,000,000 | ||||||||||||||
Non-current deferred tax liability | 139,600,000 | ||||||||||||||
Goodwill | $ 1,142,200,000 | ||||||||||||||
OMG [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total Consideration | $ 236,500,000 | ||||||||||||||
Cash, net | 236,500,000 | ||||||||||||||
Equity Instruments | 0 | ||||||||||||||
Acquisition costs | 7,000,000 | ||||||||||||||
Long-term debt | 0 | ||||||||||||||
Property, plant and equipment | 35,100,000 | ||||||||||||||
Non-current deferred tax liability | 13,600,000 | ||||||||||||||
Goodwill | $ 116,100,000 | ||||||||||||||
CAS [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total Consideration | $ 1,035,100,000 | ||||||||||||||
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares | 2,000,000 | ||||||||||||||
Cash, net | $ 983,100,000 | ||||||||||||||
Equity Instruments | $ 52,000,000 | ||||||||||||||
Number of agreements | agreement | 6 | ||||||||||||||
Capital lease obligations | $ 13,200,000 | ||||||||||||||
Asset retirement obligations | $ 13,200,000 | ||||||||||||||
Supply agreement minimum term | 4 years | ||||||||||||||
Number of major product lines | product_line | 7 | ||||||||||||||
Preliminary equity interest reduction | 10,100,000 | ||||||||||||||
Preliminary estimate of equity interest | 5,000,000 | ||||||||||||||
Deductible for tax purposes | 246,000,000 | $ 246,000,000 | |||||||||||||
Acquisition costs | $ 23,600,000 | ||||||||||||||
Long-term debt | 0 | ||||||||||||||
Property, plant and equipment | 24,800,000 | ||||||||||||||
Non-current deferred tax liability | 26,700,000 | ||||||||||||||
Goodwill | $ 269,300,000 | ||||||||||||||
CAS [Member] | Certis Europe B.V. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity interest acquired in affiliated company | 15.00% | ||||||||||||||
Alent, OMG, Arysta, CAS, Agriphar [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Addition from acquisitions | $ 3,490,000,000 | ||||||||||||||
Acquired finite-lived intangible assets | 15 years | ||||||||||||||
Agriphar [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total Consideration | $ 370,300,000 | € 300 | |||||||||||||
Cash, net | 350,200,000 | ||||||||||||||
Equity Instruments | 16,600,000 | ||||||||||||||
Other income (expense), net | $ 3,000,000 | ||||||||||||||
Acquisition costs | 3,200,000 | ||||||||||||||
Long-term debt | 0 | ||||||||||||||
Property, plant and equipment | 31,700,000 | ||||||||||||||
Non-current deferred tax liability | 64,900,000 | ||||||||||||||
Goodwill | 169,300,000 | ||||||||||||||
MacDermid [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total Consideration | $ 1,800,000,000 | ||||||||||||||
Equity Instruments | $ 97,500,000 | $ 97,500,000 | |||||||||||||
Percentage of ownership | 3.00% | 97.00% | |||||||||||||
Consideration transferred, liabilities incurred | $ 754,000,000 | ||||||||||||||
Contingent consideration tied to achieving certain EBITDA and stock trading price performance metrics | $ 100,000,000 | ||||||||||||||
MacDermid [Member] | MacDermid Savings Plan [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Percentage of ownership | 3.00% | ||||||||||||||
Agriphar And CAS [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition costs | 29,800,000 | ||||||||||||||
Alent, OMG, Arysta [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition costs | 35,900,000 | ||||||||||||||
Undisclosed Name of Business [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total Consideration | $ 30,500,000 | ||||||||||||||
Deductible for tax purposes | 0 | 0 | |||||||||||||
Long-term debt | 400,000 | 400,000 | |||||||||||||
Current assets acquired | 1,200,000 | 1,200,000 | |||||||||||||
Property, plant and equipment | 200,000 | 200,000 | |||||||||||||
Non-current deferred tax liability | 3,600,000 | 3,600,000 | |||||||||||||
Noncurrent assets acquired | 18,000,000 | 18,000,000 | |||||||||||||
Goodwill | 16,300,000 | 16,300,000 | |||||||||||||
Finite-lived intangibles | 18,000,000 | 18,000,000 | |||||||||||||
Arysta [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total Consideration | $ 3,502,100,000 | ||||||||||||||
Cash, net | 2,856,200,000 | ||||||||||||||
Equity Instruments | 645,900,000 | ||||||||||||||
Noncontrolling Interest, Increase from Business Combination | 101,000,000 | ||||||||||||||
Acquisition costs | 30,200,000 | ||||||||||||||
Long-term debt | 0 | ||||||||||||||
Property, plant and equipment | 123,600,000 | 13,600,000 | 13,600,000 | ||||||||||||
Non-current deferred tax liability | 518,400,000 | 25,700,000 | 25,700,000 | ||||||||||||
Noncurrent assets acquired | 134,000,000 | $ 134,000,000 | |||||||||||||
Goodwill | 1,797,500,000 | ||||||||||||||
Customer Lists [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 20 years 3 months 18 days | 20 years 3 months 18 days | |||||||||||||
Customer Lists [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquired finite-lived intangible assets | 20 years 4 months | ||||||||||||||
Customer Lists [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Minimum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 8 years | ||||||||||||||
Customer Lists [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Maximum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 30 years | ||||||||||||||
Customer Lists [Member] | Undisclosed Name of Business [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-lived intangibles | 14,600,000 | $ 14,600,000 | |||||||||||||
Developed Technology Rights [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | [1] | 11 years 9 months 18 days | 11 years 9 months 18 days | ||||||||||||
Developed Technology Rights [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquired finite-lived intangible assets | 11 years 9 months 18 days | ||||||||||||||
Developed Technology Rights [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Minimum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 5 years | ||||||||||||||
Developed Technology Rights [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Maximum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 14 years | ||||||||||||||
Trade Names [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquired finite-lived intangible assets | 12 years 9 months 18 days | ||||||||||||||
Trade Names [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Minimum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 5 years | ||||||||||||||
Trade Names [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Maximum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 20 years | ||||||||||||||
Noncompete Agreements [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 5 years | 5 years | |||||||||||||
Noncompete Agreements [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquired finite-lived intangible assets | 5 years | ||||||||||||||
Noncompete Agreements [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Minimum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 1 year | ||||||||||||||
Noncompete Agreements [Member] | Alent, OMG, Arysta, CAS, Agriphar [Member] | Maximum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Weighted average useful life (years) | 5 years | ||||||||||||||
Noncompete Agreements [Member] | Undisclosed Name of Business [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-lived intangibles | 1,900,000 | $ 1,900,000 | |||||||||||||
Tradenames and Developed Technology [Member] | Undisclosed Name of Business [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Finite-lived intangibles | $ 1,500,000 | $ 1,500,000 | |||||||||||||
Restricted Stock [Member] | Agriphar [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Shares transfered for business acquisition (in shares) | $ 711,551 | ||||||||||||||
Series B Preferred Stock [Member] | Arysta [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Equity Instruments | 600,000,000 | ||||||||||||||
Shares transfered for business acquisition (in shares) | $ 600,000,000 | ||||||||||||||
[1] | Includes in-process registration rights awaiting completion before amortization commences. |
Acquisitions of Businesses (D61
Acquisitions of Businesses (Details 2) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Revenues | $ 1,832.9 | $ 88 |
Earnings or loss of acquiree | (133.5) | (28.8) |
Alent [Member] | ||
Business Acquisition [Line Items] | ||
Revenues | 70.8 | 0 |
Earnings or loss of acquiree | (12.4) | 0 |
OMG [Member] | ||
Business Acquisition [Line Items] | ||
Revenues | 20.7 | 0 |
Earnings or loss of acquiree | (0.4) | 0 |
Arysta [Member] | ||
Business Acquisition [Line Items] | ||
Revenues | 1,197 | 0 |
Earnings or loss of acquiree | (86.7) | 0 |
CAS [Member] | ||
Business Acquisition [Line Items] | ||
Revenues | 363 | 61.9 |
Earnings or loss of acquiree | (57.9) | (20.5) |
Agriphar [Member] | ||
Business Acquisition [Line Items] | ||
Revenues | 181.4 | 26.1 |
Earnings or loss of acquiree | $ 23.9 | $ (8.3) |
Acquisitions of Businesses (D62
Acquisitions of Businesses (Details 3) € in Millions, $ in Millions | Dec. 01, 2015USD ($) | Oct. 28, 2015USD ($) | Feb. 13, 2015USD ($) | Nov. 03, 2014USD ($) | Oct. 01, 2014USD ($) | Oct. 01, 2014EUR (€) | Oct. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Identifiable Assets acquired and Liabilities Assumed | ||||||||||
Goodwill | $ 4,021.9 | $ 2,842 | $ 1,405.3 | |||||||
MacDermid [Member] | ||||||||||
Consideration | ||||||||||
Equity Instruments | $ 97.5 | |||||||||
Total Consideration | $ 1,800 | |||||||||
Agriphar [Member] | ||||||||||
Consideration | ||||||||||
Cash, net | $ 350.2 | |||||||||
Equity Instruments | 16.6 | |||||||||
Derivative liability | 3.5 | |||||||||
Total Consideration | 370.3 | € 300 | ||||||||
Acquisition costs | 3.2 | |||||||||
Identifiable Assets acquired and Liabilities Assumed | ||||||||||
Accounts receivable - contractual | 62.7 | |||||||||
- less uncollectible | (2.6) | |||||||||
Accounts receivable - fair value | 60.1 | |||||||||
Inventories | 42.7 | |||||||||
Other current assets | 0.4 | |||||||||
Property, plant and equipment | 31.7 | |||||||||
Identifiable intangible assets | 183 | |||||||||
Other assets | 4.5 | |||||||||
Current Liabilities | (47.5) | |||||||||
Non-current deferred tax liability | (64.9) | |||||||||
Other long term liabilities | (9) | |||||||||
Total identifiable net assets | 201 | |||||||||
Goodwill | 169.3 | |||||||||
Total purchase price | 370.3 | |||||||||
CAS [Member] | ||||||||||
Consideration | ||||||||||
Cash, net | $ 983.1 | |||||||||
Equity Instruments | 52 | |||||||||
Derivative liability | 0 | |||||||||
Total Consideration | 1,035.1 | |||||||||
Acquisition costs | 23.6 | |||||||||
Identifiable Assets acquired and Liabilities Assumed | ||||||||||
Accounts receivable - contractual | 172.2 | |||||||||
- less uncollectible | (18) | |||||||||
Accounts receivable - fair value | 154.2 | |||||||||
Inventories | 132.1 | |||||||||
Other current assets | 19.1 | |||||||||
Property, plant and equipment | 24.8 | |||||||||
Identifiable intangible assets | 534 | |||||||||
Other assets | 11.4 | |||||||||
Current Liabilities | (69.7) | |||||||||
Non-current deferred tax liability | (26.7) | |||||||||
Other long term liabilities | (13.4) | |||||||||
Total identifiable net assets | 765.8 | |||||||||
Goodwill | 269.3 | |||||||||
Total purchase price | 1,035.1 | |||||||||
Arysta [Member] | ||||||||||
Consideration | ||||||||||
Cash, net | $ 2,856.2 | |||||||||
Equity Instruments | 645.9 | |||||||||
Derivative liability | 0 | |||||||||
Total Consideration | 3,502.1 | |||||||||
Acquisition costs | 30.2 | |||||||||
Identifiable Assets acquired and Liabilities Assumed | ||||||||||
Accounts receivable - contractual | 738.9 | |||||||||
- less uncollectible | (51.6) | |||||||||
Accounts receivable - fair value | 687.3 | |||||||||
Inventories | 298 | |||||||||
Other current assets | 126.9 | |||||||||
Property, plant and equipment | 123.6 | 13.6 | ||||||||
Identifiable intangible assets | 1,773 | |||||||||
Other assets | 41 | |||||||||
Current Liabilities | (581.2) | |||||||||
Non-current deferred tax liability | (518.4) | $ (25.7) | ||||||||
Other long term liabilities | (120.4) | |||||||||
Non controlling interest | (125.2) | $ 0 | ||||||||
Total identifiable net assets | 1,704.6 | |||||||||
Goodwill | 1,797.5 | |||||||||
Total purchase price | $ 3,502.1 | |||||||||
OMG [Member] | ||||||||||
Consideration | ||||||||||
Cash, net | $ 236.5 | |||||||||
Equity Instruments | 0 | |||||||||
Derivative liability | 0 | |||||||||
Total Consideration | 236.5 | |||||||||
Acquisition costs | 7 | |||||||||
Identifiable Assets acquired and Liabilities Assumed | ||||||||||
Accounts receivable - contractual | 33.1 | |||||||||
- less uncollectible | (1.6) | |||||||||
Accounts receivable - fair value | 31.5 | |||||||||
Inventories | 13.2 | |||||||||
Other current assets | 1.6 | |||||||||
Property, plant and equipment | 35.1 | |||||||||
Identifiable intangible assets | 77.9 | |||||||||
Other assets | 0.2 | |||||||||
Current Liabilities | (21.5) | |||||||||
Non-current deferred tax liability | (13.6) | |||||||||
Other long term liabilities | (4) | |||||||||
Non controlling interest | 0 | $ 0 | ||||||||
Total identifiable net assets | 120.4 | |||||||||
Goodwill | 116.1 | |||||||||
Total purchase price | $ 236.5 | |||||||||
Alent [Member] | ||||||||||
Consideration | ||||||||||
Cash, net | $ 1,507 | |||||||||
Equity Instruments | 231.4 | |||||||||
Derivative liability | 0 | |||||||||
Total Consideration | 1,738.4 | |||||||||
Acquisition costs | 21.1 | |||||||||
Identifiable Assets acquired and Liabilities Assumed | ||||||||||
Accounts receivable - contractual | 178 | |||||||||
- less uncollectible | (1.8) | |||||||||
Accounts receivable - fair value | 176.2 | |||||||||
Inventories | 116.1 | |||||||||
Other current assets | 29.3 | |||||||||
Property, plant and equipment | 193 | |||||||||
Identifiable intangible assets | 682.9 | |||||||||
Other assets | 33.9 | |||||||||
Current Liabilities | (178.6) | |||||||||
Non-current deferred tax liability | (139.6) | |||||||||
Other long term liabilities | (317) | |||||||||
Non controlling interest | 0 | |||||||||
Total identifiable net assets | 596.2 | |||||||||
Goodwill | 1,142.2 | |||||||||
Total purchase price | $ 1,738.4 |
Acquisitions of Businesses (D63
Acquisitions of Businesses (Details 4) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Alent, OMG, Arysta [Member] | |||
Business Acquisition [Line Items] | |||
Revenue | $ 3,582.4 | $ 3,559.2 | |
Net (Loss) Income attributable to Stockholders | $ (328.1) | (530.8) | |
Agriphar, CAS [Member] | |||
Business Acquisition [Line Items] | |||
Revenue | 1,405.9 | $ 731.8 | |
Net (Loss) Income attributable to Stockholders | $ 46.4 | $ (229.5) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | |||
Finished goods | $ 340.1 | $ 156 | |
Work in process | 28.5 | 0.5 | |
Raw materials and supplies | 148.9 | 49.3 | |
Total inventory, net | $ 517.5 | $ 466.9 | $ 205.8 |
Inventories (Details 2)
Inventories (Details 2) - Various [Member] - Fair Value Adjustment to Inventory [Member] - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cost of Sales [Member] | |||
Inventory [Line Items] | |||
Fair value of assets | $ 76.5 | $ 35.5 | |
Successor [Member] | Cost of Sales [Member] | |||
Inventory [Line Items] | |||
Fair value of assets | $ 23.9 | ||
Finish Goods [Member] | |||
Inventory [Line Items] | |||
Fair value of assets | $ 11.5 | $ 22 |
Property, Plant and Equipment66
Property, Plant and Equipment (Details) - Components of Property, Plant and Equipment - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 540 | $ 199.6 | |||
Accumulated depreciation | (64.3) | (21.3) | |||
Accumulated amortization of capital leases | (5.5) | (3.9) | |||
Property, plant and equipment, net | 491.6 | [1] | $ 266.9 | 178.6 | [1] |
Construction in process | 21.4 | 4.2 | |||
Land and Land Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 107.9 | 36.6 | |||
Building Improvements [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 143.8 | 47.9 | |||
Machinery, Equipment, Fixtures and Software [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 276.8 | 108.2 | |||
Land and Building [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 6.4 | 3.2 | |||
Assets Held under Capital Leases [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 5.1 | 3.7 | |||
Excluding Construction in Process [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, net | $ 470.2 | $ 174.4 | |||
[1] | Long-lived assets represent property, plant and equipment, net. |
Property, Plant and Equipment67
Property, Plant and Equipment (Details) - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 48.9 | $ 20.6 | ||
Successor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 3.9 | |||
Predecessor [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 10.5 |
Goodwill and Intangible Asset68
Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill Balance | $ 1,405.3 | |
Goodwill Balance | 4,021.9 | $ 1,405.3 |
Agricultural Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Balance | 1,870 | |
Successor [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Balance | 1,405.3 | 989.8 |
Addition from acquisitions | 2,955.4 | 475.9 |
Purchase accounting adjustments | 80.2 | |
Foreign currency translation and other | (419) | (60.4) |
Goodwill Balance | 4,021.9 | 1,405.3 |
Successor [Member] | Performance Materials [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Balance | 961.2 | 989.8 |
Addition from acquisitions | 1,258.3 | 16.3 |
Purchase accounting adjustments | 0 | |
Foreign currency translation and other | (72.3) | (44.9) |
Goodwill Balance | 2,147.2 | 961.2 |
Successor [Member] | Agricultural Solutions [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill Balance | 444.1 | 0 |
Addition from acquisitions | 1,697.1 | 459.6 |
Purchase accounting adjustments | 80.2 | |
Foreign currency translation and other | (346.7) | (15.5) |
Goodwill Balance | $ 1,874.7 | $ 444.1 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets (Details 2) - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 4,021.9 | $ 1,405.3 | $ 2,842 | ||
Weighted average useful life (years) | 15 years | 15 years | |||
Amortization of intangible assets | $ 202 | $ 67.4 | |||
2,016 | 265.1 | ||||
2,017 | 265.1 | ||||
2,018 | 265.1 | ||||
2,019 | 265 | ||||
2,020 | 261.3 | ||||
Predecessor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 8.9 | ||||
Successor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | 989.8 | 4,021.9 | 1,405.3 | ||
Amortization of intangible assets | $ 22.4 | ||||
Trade Names [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived intangible assets other than goodwill | $ 360 | 69.3 | |||
Agricultural Solutions [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Excess of the fair value of reporting units over carrying values | 16.10% | ||||
Goodwill | $ 1,870 | ||||
Fair value inputs, long-term growth, term | 8 years | ||||
Annual revenue growth rates | 3.00% | ||||
Agricultural Solutions [Member] | Successor [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 0 | $ 1,874.7 | $ 444.1 | ||
Agricultural Solutions [Member] | Weighted Average Cost Of Capital, WACC [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
WACC rate | 10.00% | ||||
ASF Americas And Offshore [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Fair value inputs, long-term growth, term | 7 years | ||||
ASF Americas And Offshore [Member] | Weighted Average Cost Of Capital, WACC [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
WACC rate | 10.50% | ||||
Offshore [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Excess of the fair value of reporting units over carrying values | 7.60% | ||||
Goodwill | $ 364 | ||||
Annual revenue growth rates | 3.50% | ||||
ASF Americas [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Excess of the fair value of reporting units over carrying values | 11.10% | ||||
Goodwill | $ 78.3 | ||||
Annual revenue growth rates | 3.00% | ||||
Minimum [Member] | Agricultural Solutions [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Annual revenue growth rates | 1.30% | ||||
Minimum [Member] | Offshore [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Annual revenue growth rates | (0.70%) | ||||
Minimum [Member] | ASF Americas [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Annual revenue growth rates | 2.30% | ||||
Maximum [Member] | Agricultural Solutions [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Annual revenue growth rates | 7.20% | ||||
Maximum [Member] | Offshore [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Annual revenue growth rates | 9.00% | ||||
Maximum [Member] | ASF Americas [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Annual revenue growth rates | 5.90% |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets (Details 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life (years) | 15 years | 15 years | |
Gross Carrying Amount | $ 3,584.2 | $ 1,395.7 | |
Accumulated Amortization and Foreign Exchange | (630.3) | (123.5) | |
Net Book Value | $ 2,953.9 | $ 1,272.2 | |
Customer Lists [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life (years) | 20 years 3 months 18 days | 20 years 3 months 18 days | |
Gross Carrying Amount | $ 1,297.2 | $ 613.6 | |
Accumulated Amortization and Foreign Exchange | (184) | (71.6) | |
Net Book Value | $ 1,113.2 | $ 542 | |
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life (years) | [1] | 11 years 9 months 18 days | 11 years 9 months 18 days |
Gross Carrying Amount | [1] | $ 2,260.9 | $ 760.5 |
Accumulated Amortization and Foreign Exchange | [1] | (440.4) | (50.8) |
Net Book Value | [1] | $ 1,820.5 | $ 709.7 |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life (years) | 12 years 9 months 18 days | 12 years 9 months 18 days | |
Gross Carrying Amount | $ 24.2 | $ 19.7 | |
Accumulated Amortization and Foreign Exchange | (5.4) | (1) | |
Net Book Value | $ 18.8 | $ 18.7 | |
Noncompete Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted average useful life (years) | 5 years | 5 years | |
Gross Carrying Amount | $ 1.9 | $ 1.9 | |
Accumulated Amortization and Foreign Exchange | (0.5) | (0.1) | |
Net Book Value | $ 1.4 | $ 1.8 | |
[1] | Includes in-process registration rights awaiting completion before amortization commences. |
Equity Compensation Plans (Deta
Equity Compensation Plans (Details) $ / shares in Units, $ in Millions | Mar. 19, 2015shares | Jul. 31, 2014shares | Mar. 06, 2014shares | Oct. 31, 2013 | Jan. 29, 2013shares | Oct. 31, 2013USD ($) | Dec. 31, 2015USD ($)person$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's Granted (in shares) | 0 | 0 | |||||||
Combined undiscounted maximum cash value of all RSUs | $ | $ 5 | ||||||||
The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total number of shares of common stock that may be subject to grant awards (in shares) | 15,500,000 | ||||||||
Total number of shares issued under ESPP (in shares) | 365,792 | ||||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total number of shares issued under ESPP (in shares) | 55,500 | ||||||||
Equity compensation expense | $ | $ 0.1 | ||||||||
Maximum approved shares of common stock for ESPP (in shares) | 5,178,815 | ||||||||
Persons eligible to participate | person | 800 | ||||||||
Non-founder Directors [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grants in period, gross (in shares) | 250,000 | ||||||||
Grants in period, weighted average exercise price (in usd per share) | $ / shares | $ 11.50 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's outstanding (in shares) | 501,634 | 142,110 | 0 | ||||||
RSU's Granted (in shares) | 213,402 | 329,823 | |||||||
Canceled (in shares) | (91,236) | 0 | |||||||
RSU's issued (in shares) | (2,500) | (9,242) | |||||||
Shares were issued and awarded (in shares) | 329,802 | 329,823 | 0 | ||||||
Restricted Stock Units (RSUs) [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's outstanding (in shares) | 831,436 | ||||||||
RSU's Granted (in shares) | 213,402 | 329,823 | |||||||
Grant date fair value range (in usd per share) | $ / shares | $ 23.43 | ||||||||
Combined undiscounted maximum cash value of all RSUs | $ | $ 7.1 | ||||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's Granted (in shares) | 9,242 | ||||||||
Maximum share conversion (in shares) | 9,242 | ||||||||
Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's Granted (in shares) | 445,618 | 139,610 | |||||||
Restricted Stock Units (RSUs) [Member] | Non Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's Granted (in shares) | 2,500 | ||||||||
Vesting period | 10 months | ||||||||
Performance Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's Granted (in shares) | 209,290 | ||||||||
Shares including multiplier of common stock issued (in shares) | 187,597 | ||||||||
Share multiplier performance period | 5 years | ||||||||
Market Conditions [Member] | Certain Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's Granted (in shares) | 221,287 | ||||||||
Restricted Stock Units Granted 17 March 2015 [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's Granted (in shares) | 7,642 | ||||||||
Grant date fair value range (in usd per share) | $ / shares | $ 27.05 | ||||||||
Equity compensation expense | $ | $ 0.8 | $ 0.8 | |||||||
Restricted Stock Units Granted 6 March 2014 [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity compensation expense | $ | $ 0.1 | $ 0.6 | |||||||
Employee Stock Option [Member] | Non-founder Directors [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value assumptions, expected term | 5 years | ||||||||
Fair value assumptions, exercise price (in usd per share) | $ / shares | $ 11.50 | ||||||||
Expected volatility rate | 18.49% | ||||||||
Fair value assumptions, risk free interest rate | 0.37% | ||||||||
Option term to acquire ordinary shares | 5 years | ||||||||
Weighted average remaining contractual term | 4 years 146 days | ||||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant date fair value range (in usd per share) | $ / shares | $ 12.74 | ||||||||
Vesting period | 33 months | 38 months | |||||||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | Non Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price (in usd per share) | $ / shares | $ 20.97 | ||||||||
Minimum [Member] | Performance Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share multiplier | 0 | ||||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant date fair value range (in usd per share) | $ / shares | $ 27.05 | ||||||||
Vesting period | 63 months 15 days | 69 months | |||||||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | Non Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share price (in usd per share) | $ / shares | $ 28.36 | ||||||||
Maximum [Member] | Performance Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share multiplier | 3 | ||||||||
Deferred Bonus [Member] | Long Term Cash Bonus Plan (LTCB) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity compensation expense | $ | $ 0.1 | ||||||||
Allotted bonus total amount | $ | $ 15.3 | ||||||||
Deferred Bonus [Member] | Minimum [Member] | Long Term Cash Bonus Plan (LTCB) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 31 months | ||||||||
Deferred Bonus [Member] | Maximum [Member] | Long Term Cash Bonus Plan (LTCB) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 60 months | ||||||||
Platform Specialty Products [Member] | Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Total number of shares issued under ESPP (in shares) | 75,000 | ||||||||
Option to acquire shares (in shares) | 75,000 | ||||||||
Cliff Vest [Member] | Restricted Stock Units (RSUs) [Member] | Certain Employees [Member] | The 2013 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 24 months | ||||||||
Successor [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity compensation expense | $ | $ 0.2 | ||||||||
MacDermid [Member] | Class C Junior Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares were issued and awarded (in shares) | 4,890,000 | ||||||||
MacDermid [Member] | Class C Junior Shares [Member] | Predecessor [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Equity compensation expense | $ | $ 9 | ||||||||
MacDermid [Member] | Class C Junior Shares [Member] | Predecessor [Member] | Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
RSU's Granted (in shares) | 5,000,000 |
Equity Compensation Plans (De72
Equity Compensation Plans (Details 2) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Total [Roll Forward] | ||
Total, beginning balance (in shares) | 721,933 | 250,000 |
Total, Granted (in shares) | 666,662 | 481,175 |
Total, Exercised (in shares) | (77,500) | (9,242) |
Total, Forfeited (in shares) | (304,659) | 0 |
Total, ending balance (in shares) | 1,006,436 | 721,933 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
RSU's Granted (in shares) | 0 | 0 |
RSU's Forfeited (in shares) | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Stock Options, beginning balance (in shares) | 250,000 | 250,000 |
Stock Options, Exercised (in shares) | (75,000) | 0 |
Stock Options, ending balance (in shares) | 175,000 | 250,000 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Beginning balance (in shares) | 142,110 | 0 |
Granted (in shares) | 453,260 | 151,352 |
Exercised (in shares) | (2,500) | (9,242) |
Canceled (in shares) | (91,236) | 0 |
Ending balance (in shares) | 501,634 | 142,110 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Exercised/Issued | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
RSU's beginning balance (in shares) | 329,823 | 0 |
RSU's Granted (in shares) | 213,402 | 329,823 |
RSU's Forfeited (in shares) | (213,423) | 0 |
RSU's ending balance (in shares) | 329,802 | 329,823 |
Pension, Post-Retirement and 73
Pension, Post-Retirement and Post-Employment Plans (Details) - USD ($) $ in Millions | Dec. 01, 2015 | Oct. 13, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 22, 2013 | Dec. 31, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 0 | $ 158.6 | $ 142.2 | ||||||
Expected future benefit obligation | 16.9 | ||||||||
Aggregate accumulated benefit obligation | 327 | 232 | |||||||
Company's expected future contribution to the plan | 0.6 | ||||||||
Accumulated benefit obligations in excess of plan assets | 327 | 148.2 | |||||||
Defined Benefit Plan, Fair Value of Plan Assets After NAV | $ 278.2 | 228.5 | |||||||
Accumulated benefit obligations in excess of plan assets, fair value | 135.1 | ||||||||
Retiring After April First Nineteen Eighty Nine [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Post-retirement medical benefits limits | 3.00% | ||||||||
SERP [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net periodic (benefit) cost | $ (1) | (2.1) | |||||||
Retiring Prior To March Thirty First Nineteen Eighty Nine [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Post-retirement medical benefits limits | 5.00% | ||||||||
UK Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | $ 85.8 | $ 83.2 | |||||||
Benefit plan obligation transferred (in Pounds) | $ 49.7 | ||||||||
Net actuarial gain (loss) | $ 18.8 | ||||||||
Minimum [Member] | Medical And Dental Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Years of service | 10 years | ||||||||
Maximum [Member] | Medical And Dental Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Years of service | 20 years | ||||||||
Successor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 0 | ||||||||
Successor [Member] | SERP [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net periodic (benefit) cost | $ (2.7) | ||||||||
Successor [Member] | MacDermid [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Curtailment gain | 3 | ||||||||
Predecessor [Member] | SERP [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net periodic (benefit) cost | (3.5) | ||||||||
Long-term Growth [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Plan investment mix | 75.00% | ||||||||
Near-term Benefit Payments [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Plan investment mix | 25.00% | ||||||||
Equity Securities [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 25.00% | ||||||||
Limited Partnership Interests and Managed Equity Funds [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 60.00% | 58.00% | |||||||
Bond Mutual Fund Holdings [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 10.00% | 9.00% | |||||||
Cash [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 5.00% | 8.00% | |||||||
Cash [Member] | Alent Retirement Security Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 3.00% | ||||||||
Cash [Member] | UK Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 0.60% | 1.00% | |||||||
US Treasury Securities [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 5 | ||||||||
US Treasury Securities [Member] | Alent Retirement Security Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 8.00% | ||||||||
Collective Investment Funds (CIFs) [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | $ 2.9 | ||||||||
Collective Investment Funds (CIFs) [Member] | Alent Retirement Security Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 63.00% | ||||||||
Mutual Funds [Member] | Alent Retirement Security Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 26.00% | ||||||||
Equity Funds [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 25.00% | ||||||||
Insurance Buy In Policy [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Fair value of plan assets | [1] | $ 77.2 | $ 83.2 | ||||||
Insurance Buy In Policy [Member] | UK Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 90.50% | 89.00% | |||||||
Bond Funds [Member] | UK Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Weighted average asset allocation of the Pension Plan | 8.90% | 10.00% | |||||||
Foreign Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Expected future benefit obligation | $ 5.2 | ||||||||
Foreign Pension Plan [Member] | Successor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 73.1 | 112.7 | $ 88.3 | $ 0 | |||||
Fair value of plan assets | 88.1 | 93.7 | 94.5 | 0 | |||||
Service cost | 0.1 | 1.4 | 0.8 | ||||||
Interest cost | 0.5 | 2.8 | 3 | ||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 0.9 | (0.3) | (20.2) | ||||||
Defined Benefit Plan, Benefits Paid | 0.7 | 6.6 | 3.5 | ||||||
Foreign Pension Plan [Member] | Successor [Member] | Pension And SERP Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net actuarial gain (loss) | 2.1 | 10.5 | 10.1 | ||||||
Service cost | 0.1 | 1.4 | 0.8 | ||||||
Interest cost | 0.5 | 2.8 | 3 | ||||||
Expected return on plan assets | (0.7) | (2.7) | (3.5) | ||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | ||||||
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | 0 | ||||||
Net periodic (benefit) cost | (0.1) | 1.5 | 0.3 | ||||||
Foreign Pension Plan [Member] | Predecessor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 72.9 | $ 75 | |||||||
Fair value of plan assets | 86.8 | 79.6 | |||||||
Service cost | 0.6 | ||||||||
Interest cost | 2.5 | ||||||||
Defined Benefit Plan, Actuarial Gain (Loss) | (1.6) | ||||||||
Defined Benefit Plan, Benefits Paid | 2.2 | ||||||||
Foreign Pension Plan [Member] | Predecessor [Member] | Pension And SERP Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net actuarial gain (loss) | (10.8) | ||||||||
Service cost | 0.6 | ||||||||
Interest cost | 2.5 | ||||||||
Expected return on plan assets | (4.1) | ||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | ||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | 0.4 | ||||||||
Net periodic (benefit) cost | (0.6) | ||||||||
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | Successor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 6.8 | 9.4 | 7.4 | 0 | |||||
Fair value of plan assets | 0 | 0 | 0 | ||||||
Net actuarial gain (loss) | 0.1 | 0.4 | 0.6 | ||||||
Service cost | 0 | 0 | 0.1 | ||||||
Interest cost | 0.1 | 0.3 | 0.3 | ||||||
Defined Benefit Plan, Actuarial Gain (Loss) | (0.1) | 0.5 | (0.5) | ||||||
Defined Benefit Plan, Benefits Paid | 0.1 | 0.6 | 0.3 | ||||||
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | Predecessor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 6.6 | 6.9 | |||||||
Fair value of plan assets | 0 | 0 | |||||||
Net actuarial gain (loss) | (0.1) | ||||||||
Service cost | 0 | ||||||||
Interest cost | 0.2 | ||||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 0.1 | ||||||||
Defined Benefit Plan, Benefits Paid | 0.5 | ||||||||
Domestic Pension Plan of Foreign Entity [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Expected future benefit obligation | 11 | ||||||||
Domestic Pension Plan of Foreign Entity [Member] | Successor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 137.4 | 230.5 | 157.6 | 0 | |||||
Fair value of plan assets | 127 | 184.5 | 134 | 0 | |||||
Service cost | 0.7 | 0 | 0 | ||||||
Interest cost | 1.2 | 6.8 | 6.9 | ||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 2.8 | 11.4 | (18.1) | ||||||
Defined Benefit Plan, Benefits Paid | 0.7 | 5 | 4.2 | ||||||
Domestic Pension Plan of Foreign Entity [Member] | Successor [Member] | Pension And SERP Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net actuarial gain (loss) | (5.7) | 15.8 | 10.4 | ||||||
Service cost | 0.7 | 0 | 0 | ||||||
Interest cost | 1.2 | 6.8 | 6.9 | ||||||
Expected return on plan assets | (1.6) | (9.9) | (9.7) | ||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | ||||||
Defined Benefit Plan, Amortization of Gains (Losses) | 0 | 0 | 0 | ||||||
Net periodic (benefit) cost | (2.7) | (3.1) | (2.8) | ||||||
Domestic Pension Plan of Foreign Entity [Member] | Predecessor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 142 | 144.3 | |||||||
Fair value of plan assets | 123.3 | 102.6 | |||||||
Service cost | 3.6 | ||||||||
Interest cost | 5.2 | ||||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 7.1 | ||||||||
Defined Benefit Plan, Benefits Paid | 3.3 | ||||||||
Domestic Pension Plan of Foreign Entity [Member] | Predecessor [Member] | Pension And SERP Benefits [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Net actuarial gain (loss) | (10.5) | ||||||||
Service cost | 3.6 | ||||||||
Interest cost | 5.2 | ||||||||
Expected return on plan assets | (6.6) | ||||||||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.1 | ||||||||
Defined Benefit Plan, Amortization of Gains (Losses) | 1.6 | ||||||||
Net periodic (benefit) cost | 3.9 | ||||||||
Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 217 | 151 | |||||||
Expected future benefit obligation | 6.3 | ||||||||
Pension Plan [Member] | MacDermid Employees' Pension Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 142 | 150 | |||||||
Pension plan reduction | 8.2 | ||||||||
Pension Plan [Member] | Alent [Member] | Alent Retirement Security Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 74.8 | ||||||||
Fair value of plan assets | $ 62.6 | 61.3 | |||||||
Pension plan reduction | 1.3 | ||||||||
Defined Benefit Plan, Actuarial Gain (Loss) | (0.9) | ||||||||
Defined Benefit Plan, Benefits Paid | $ 0.4 | ||||||||
Supplemental Employee Retirement Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 13.5 | 7.1 | |||||||
Foreign Postretirement Benefit Plan [Member] | Other Current Liabilities [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 6.1 | 4.1 | |||||||
Foreign Postretirement Benefit Plan [Member] | Successor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 0.3 | 1.4 | 0.3 | 0 | |||||
Fair value of plan assets | 0 | 0 | $ 0 | ||||||
Net actuarial gain (loss) | 0 | (0.2) | 0 | ||||||
Service cost | 0 | 0.1 | 0 | ||||||
Interest cost | 0 | 0.2 | 0 | ||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 0 | 0.2 | 0 | ||||||
Defined Benefit Plan, Benefits Paid | $ 0 | 0.1 | $ 0 | ||||||
Foreign Postretirement Benefit Plan [Member] | Predecessor [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Projected benefit obligation | 0.3 | 0.4 | |||||||
Fair value of plan assets | $ 0 | ||||||||
Net actuarial gain (loss) | 0.1 | ||||||||
Service cost | 0 | ||||||||
Interest cost | 0 | ||||||||
Defined Benefit Plan, Actuarial Gain (Loss) | 0.1 | ||||||||
Defined Benefit Plan, Benefits Paid | $ 0 | ||||||||
Other Postretirement Benefit Plan [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Expected future benefit obligation | $ 0.7 | ||||||||
Benefit obligation percent to retirees | 32.00% | ||||||||
Benefit obligation percent to eligible active participants | 42.00% | ||||||||
Benefit obligation percent to other active participants | 26.00% | ||||||||
Other Postretirement Benefit Plan [Member] | Minimum [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Post-retirement medical benefits limits | 2.00% | ||||||||
Other Postretirement Benefit Plan [Member] | Maximum [Member] | |||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||
Post-retirement medical benefits limits | 4.00% | ||||||||
[1] | This category represents assets in the U.K Pension Plan invested in insurance contract with PIC in connection with the “Buy-In” of the U.K Pension Plan. |
Pension, Post-Retirement and 74
Pension, Post-Retirement and Post-Employment Plans (Details) - Components of Net Periodic Benefit Cost - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic Pension Plan of Foreign Entity [Member] | Successor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | $ 0.7 | $ 0 | $ 0 | |
Interest cost | 1.2 | 6.8 | 6.9 | |
Plan curtailment | (3) | 0 | 0 | |
Domestic Pension Plan of Foreign Entity [Member] | Predecessor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | $ 3.6 | |||
Interest cost | 5.2 | |||
Plan curtailment | 0 | |||
Domestic Pension Plan of Foreign Entity [Member] | Pension And SERP Benefits [Member] | Successor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0.7 | 0 | 0 | |
Interest cost | 1.2 | 6.8 | 6.9 | |
Expected return on plan assets | (1.6) | (9.9) | (9.7) | |
Amortization of prior service cost | 0 | 0 | 0 | |
Amortization of net loss | 0 | 0 | 0 | |
Plan curtailment | (3) | 0 | 0 | |
Net periodic (benefit) cost | (2.7) | (3.1) | (2.8) | |
Domestic Pension Plan of Foreign Entity [Member] | Pension And SERP Benefits [Member] | Predecessor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 3.6 | |||
Interest cost | 5.2 | |||
Expected return on plan assets | (6.6) | |||
Amortization of prior service cost | 0.1 | |||
Amortization of net loss | (1.6) | |||
Plan curtailment | 0 | |||
Net periodic (benefit) cost | 3.9 | |||
Foreign Pension Plan [Member] | Successor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0.1 | 1.4 | 0.8 | |
Interest cost | 0.5 | 2.8 | 3 | |
Plan curtailment | 0.2 | 0 | 0 | |
Foreign Pension Plan [Member] | Predecessor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0.6 | |||
Interest cost | 2.5 | |||
Plan curtailment | 0 | |||
Foreign Pension Plan [Member] | Pension And SERP Benefits [Member] | Successor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0.1 | 1.4 | 0.8 | |
Interest cost | 0.5 | 2.8 | 3 | |
Expected return on plan assets | (0.7) | (2.7) | (3.5) | |
Amortization of prior service cost | 0 | 0 | 0 | |
Amortization of net loss | 0 | 0 | 0 | |
Plan curtailment | 0 | 0 | 0 | |
Net periodic (benefit) cost | $ (0.1) | $ 1.5 | $ 0.3 | |
Foreign Pension Plan [Member] | Pension And SERP Benefits [Member] | Predecessor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0.6 | |||
Interest cost | 2.5 | |||
Expected return on plan assets | (4.1) | |||
Amortization of prior service cost | 0 | |||
Amortization of net loss | (0.4) | |||
Plan curtailment | 0 | |||
Net periodic (benefit) cost | $ (0.6) |
Pension, Post-Retirement and 75
Pension, Post-Retirement and Post-Employment Plans (Details) - Components of Net Periodic Benefit Cost of Postretirement Benefits - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic Pension Plan of Foreign Entity [Member] | Successor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | $ 0.7 | $ 0 | $ 0 | |
Interest cost on the projected benefit obligation | 1.2 | 6.8 | 6.9 | |
Domestic Pension Plan of Foreign Entity [Member] | Predecessor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | $ 3.6 | |||
Interest cost on the projected benefit obligation | 5.2 | |||
Domestic Pension Plan of Foreign Entity [Member] | Post-Retirement Benefit Plans [Member] | Successor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0 | 0.1 | 0.1 | |
Interest cost on the projected benefit obligation | 0.1 | 0.3 | 0.3 | |
Amortization of prior service cost | 0 | 0 | 0 | |
Net periodic (benefit) cost | 0.1 | 0.4 | 0.4 | |
Domestic Pension Plan of Foreign Entity [Member] | Post-Retirement Benefit Plans [Member] | Predecessor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0.1 | |||
Interest cost on the projected benefit obligation | 0.2 | |||
Amortization of prior service cost | (0.1) | |||
Net periodic (benefit) cost | 0.2 | |||
Foreign Pension Plan [Member] | Successor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0.1 | 1.4 | 0.8 | |
Interest cost on the projected benefit obligation | 0.5 | 2.8 | 3 | |
Foreign Pension Plan [Member] | Predecessor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0.6 | |||
Interest cost on the projected benefit obligation | 2.5 | |||
Foreign Pension Plan [Member] | Post-Retirement Benefit Plans [Member] | Successor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0 | 0.1 | 0 | |
Interest cost on the projected benefit obligation | 0 | 0.1 | 0 | |
Amortization of prior service cost | 0 | 0 | 0 | |
Net periodic (benefit) cost | $ 0 | $ 0.2 | $ 0 | |
Foreign Pension Plan [Member] | Post-Retirement Benefit Plans [Member] | Predecessor [Member] | ||||
Net periodic benefit expense: | ||||
Service cost | 0 | |||
Interest cost on the projected benefit obligation | 0 | |||
Amortization of prior service cost | 0 | |||
Net periodic (benefit) cost | $ 0 |
Pension, Post-Retirement and 76
Pension, Post-Retirement and Post-Employment Plans (Details) - Key Assumptions Used to Determine Net Periodic Benefit Expense | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | ||||
Weighted average assumptions used to determine net periodic benefit cost: | ||||
Discount rate | 5.00% | 4.40% | 4.20% | 5.10% |
Foreign Postretirement Benefit Plan [Member] | ||||
Weighted average assumptions used to determine net periodic benefit cost: | ||||
Discount rate | 11.70% | 10.80% | 14.50% | 12.40% |
Domestic Pension Plan of Foreign Entity [Member] | Successor [Member] | ||||
Weighted average assumptions used to determine net periodic benefit cost: | ||||
Discount rate | 5.10% | 4.20% | 5.20% | |
Rate of compensation increase | 4.00% | 3.50% | 4.00% | |
Long-term rate of return on assets | 7.80% | 7.40% | 7.80% | |
Domestic Pension Plan of Foreign Entity [Member] | Predecessor [Member] | ||||
Weighted average assumptions used to determine net periodic benefit cost: | ||||
Discount rate | 4.40% | |||
Rate of compensation increase | 4.00% | |||
Long-term rate of return on assets | 7.80% | |||
Foreign Pension Plan [Member] | Successor [Member] | ||||
Weighted average assumptions used to determine net periodic benefit cost: | ||||
Discount rate | 4.10% | 2.50% | 4.20% | |
Rate of compensation increase | 3.30% | 2.90% | 3.40% | |
Long-term rate of return on assets | 4.90% | 2.50% | 4.20% | |
Foreign Pension Plan [Member] | Predecessor [Member] | ||||
Weighted average assumptions used to determine net periodic benefit cost: | ||||
Discount rate | 4.20% | |||
Rate of compensation increase | 3.40% | |||
Long-term rate of return on assets | 6.50% |
Pension, Post-Retirement and 77
Pension, Post-Retirement and Post-Employment Plans (Details) - Changes in Funded Status of Company’s Pension and SERP Plans - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | $ 142.2 | |||
Ending Balance | $ 0 | 158.6 | $ 142.2 | |
Successor [Member] | ||||
Change in Fair Value of Plan Assets: | ||||
Ending Balance | 0 | |||
Domestic Pension Plan of Foreign Entity [Member] | Successor [Member] | ||||
Change in Projected Benefit Obligation: | ||||
Balance | $ 0 | 157.6 | 137.4 | |
Acquisitions | 142 | 82.6 | 0 | |
Service cost | 0.7 | 0 | 0 | |
Plan amendments | 0 | 0 | 0 | |
Interest cost | 1.2 | 6.8 | 6.9 | |
Plan curtailment | (3) | 0 | 0 | |
Actuarial (gain)/ loss due to assumption change | (2.8) | (11.4) | 18.1 | |
Actuarial (gain)/ loss due to plan experience | 0 | (0.1) | (0.6) | |
Benefits and expenses paid | (0.7) | (5) | (4.2) | |
Settlement | 0 | 0 | 0 | |
Translation adjustment | 0 | 0 | 0 | |
Balance | 137.4 | 230.5 | 157.6 | |
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | 0 | 134 | 127 | |
Acquisitions | 123.3 | 62.5 | 0 | |
Actual return on plan assets, net of expenses | 4.4 | (7) | 11.2 | |
Employer contributions | 0 | 0 | 0 | |
Benefits paid | (0.7) | (5) | (4.2) | |
Settlement | 0 | 0 | 0 | |
Translation adjustment | 0 | 0 | 0 | |
Ending Balance | 127 | 184.5 | 134 | |
Funded status of plan | (10.4) | (46) | (23.6) | |
Domestic Pension Plan of Foreign Entity [Member] | Predecessor [Member] | ||||
Change in Projected Benefit Obligation: | ||||
Balance | 144.3 | |||
Acquisitions | 0 | |||
Service cost | 3.6 | |||
Plan amendments | 0 | |||
Interest cost | 5.2 | |||
Plan curtailment | 0 | |||
Actuarial (gain)/ loss due to assumption change | (7.1) | |||
Actuarial (gain)/ loss due to plan experience | (0.6) | |||
Benefits and expenses paid | (3.4) | |||
Settlement | 0 | |||
Translation adjustment | 0 | |||
Balance | 142 | |||
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | 102.6 | |||
Acquisitions | 0 | |||
Actual return on plan assets, net of expenses | 21.7 | |||
Employer contributions | 2.3 | |||
Benefits paid | (3.3) | |||
Settlement | 0 | |||
Translation adjustment | 0 | |||
Ending Balance | 123.3 | |||
Funded status of plan | (18.7) | |||
Foreign Pension Plan [Member] | Successor [Member] | ||||
Change in Projected Benefit Obligation: | ||||
Balance | 0 | 88.3 | 73.1 | |
Acquisitions | 72.9 | 22.6 | 0 | |
Service cost | 0.1 | 1.4 | 0.8 | |
Plan amendments | 0 | 8.9 | 0 | |
Interest cost | 0.5 | 2.8 | 3 | |
Plan curtailment | 0.2 | 0 | 0 | |
Actuarial (gain)/ loss due to assumption change | (0.9) | 0.3 | 20.2 | |
Actuarial (gain)/ loss due to plan experience | (0.2) | 1.1 | 1.6 | |
Benefits and expenses paid | (0.9) | (6.6) | (4.3) | |
Settlement | (0.6) | 0 | (0.5) | |
Translation adjustment | 2 | (6.1) | (5.6) | |
Balance | 73.1 | 112.7 | 88.3 | |
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | 0 | 94.5 | 88.1 | |
Acquisitions | 86.8 | 8.1 | 0 | |
Actual return on plan assets, net of expenses | (2.5) | 3.1 | 16 | |
Employer contributions | 2.5 | 0.5 | 0.2 | |
Benefits paid | (0.7) | (6.6) | (3.5) | |
Settlement | (0.6) | 0 | (0.5) | |
Translation adjustment | 2.6 | (5.9) | (5.8) | |
Ending Balance | 88.1 | 93.7 | 94.5 | |
Funded status of plan | $ 15 | $ (19) | $ 6.2 | |
Foreign Pension Plan [Member] | Predecessor [Member] | ||||
Change in Projected Benefit Obligation: | ||||
Balance | 75 | |||
Acquisitions | 0 | |||
Service cost | 0.6 | |||
Plan amendments | 0 | |||
Interest cost | 2.5 | |||
Plan curtailment | 0 | |||
Actuarial (gain)/ loss due to assumption change | 1.6 | |||
Actuarial (gain)/ loss due to plan experience | (3.2) | |||
Benefits and expenses paid | (2.7) | |||
Settlement | 0 | |||
Translation adjustment | (0.9) | |||
Balance | 72.9 | |||
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | 79.6 | |||
Acquisitions | 0 | |||
Actual return on plan assets, net of expenses | 7.4 | |||
Employer contributions | 2.7 | |||
Benefits paid | (2.2) | |||
Settlement | 0 | |||
Translation adjustment | (0.7) | |||
Ending Balance | 86.8 | |||
Funded status of plan | $ 13.9 |
Pension, Post-Retirement and 78
Pension, Post-Retirement and Post-Employment Plans (Details) - Changes in Company's Post-retirement Medical Benefit Obligations - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | Successor [Member] | ||||
Change in Accumulated Postretirement Benefit: | ||||
Balance | $ 0 | $ 7.4 | $ 6.8 | |
Acquisitions | 6.7 | 2.3 | 0 | |
Service cost | 0 | 0 | 0.1 | |
Interest cost | 0.1 | 0.3 | 0.3 | |
Employee contributions | 0 | 0.2 | 0 | |
Actuarial loss/(gain) due to assumption change | 0.1 | (0.5) | 0.5 | |
Actuarial loss/(gain) due to plan experience | 0 | 0.3 | 0 | |
Other | 0 | 0 | 0 | |
Benefits and expenses paid | (0.1) | (0.6) | (0.3) | |
Balance | 6.8 | 9.4 | 7.4 | |
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | Predecessor [Member] | ||||
Change in Accumulated Postretirement Benefit: | ||||
Balance | $ 6.9 | |||
Acquisitions | 0 | |||
Service cost | 0 | |||
Interest cost | 0.2 | |||
Employee contributions | 0.2 | |||
Actuarial loss/(gain) due to assumption change | (0.1) | |||
Actuarial loss/(gain) due to plan experience | (0.1) | |||
Other | 0 | |||
Benefits and expenses paid | (0.5) | |||
Balance | 6.6 | |||
Foreign Postretirement Benefit Plan [Member] | Successor [Member] | ||||
Change in Accumulated Postretirement Benefit: | ||||
Balance | 0 | 0.3 | 0.3 | |
Acquisitions | 0.3 | 1.5 | 0 | |
Service cost | 0 | 0.1 | 0 | |
Interest cost | 0 | 0.2 | 0 | |
Employee contributions | 0 | 0 | 0 | |
Actuarial loss/(gain) due to assumption change | 0 | (0.2) | 0 | |
Actuarial loss/(gain) due to plan experience | 0 | (0.1) | 0 | |
Other | 0 | (0.3) | 0 | |
Benefits and expenses paid | 0 | (0.1) | 0 | |
Balance | $ 0.3 | $ 1.4 | $ 0.3 | |
Foreign Postretirement Benefit Plan [Member] | Predecessor [Member] | ||||
Change in Accumulated Postretirement Benefit: | ||||
Balance | 0.4 | |||
Acquisitions | 0 | |||
Service cost | 0 | |||
Interest cost | 0 | |||
Employee contributions | 0 | |||
Actuarial loss/(gain) due to assumption change | (0.1) | |||
Actuarial loss/(gain) due to plan experience | 0 | |||
Other | 0 | |||
Benefits and expenses paid | 0 | |||
Balance | $ 0.3 |
Pension, Post-Retirement and 79
Pension, Post-Retirement and Post-Employment Plans (Details) - Change in Fair Value of Plan Assets - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | $ 142.2 | |||
Ending Balance | $ 0 | 158.6 | $ 142.2 | |
Successor [Member] | ||||
Change in Fair Value of Plan Assets: | ||||
Ending Balance | 0 | |||
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | Successor [Member] | ||||
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | $ 0 | 0 | 0 | |
Employer contributions | 0.1 | 0.4 | 0.3 | |
Employee contributions | 0 | 0.2 | 0 | |
Benefits paid | (0.1) | (0.6) | (0.3) | |
Ending Balance | 0 | 0 | ||
Funded status of plan | (6.8) | (9.4) | (7.4) | |
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | Predecessor [Member] | ||||
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | 0 | |||
Employer contributions | 0.3 | |||
Employee contributions | 0.2 | |||
Benefits paid | (0.5) | |||
Ending Balance | 0 | |||
Funded status of plan | (6.6) | |||
Foreign Postretirement Benefit Plan [Member] | Successor [Member] | ||||
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | 0 | 0 | 0 | |
Employer contributions | 0 | 0.1 | 0 | |
Employee contributions | 0 | 0 | 0 | |
Benefits paid | 0 | (0.1) | 0 | |
Ending Balance | 0 | 0 | ||
Funded status of plan | $ (0.3) | $ (1.4) | $ (0.3) | |
Foreign Postretirement Benefit Plan [Member] | Predecessor [Member] | ||||
Change in Fair Value of Plan Assets: | ||||
Beginning Balance | 0 | |||
Employer contributions | 0 | |||
Employee contributions | 0 | |||
Benefits paid | 0 | |||
Funded status of plan | $ (0.3) |
Pension, Post-Retirement and 80
Pension, Post-Retirement and Post-Employment Plans (Details) - Amounts Included in Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid pension assets | ||
Total included in other assets | $ 0 | $ 10.2 |
Other current liabilities | ||
Total included in accrued expenses and other current liabilities | 8 | 0.4 |
Retirement benefits, less current portion | ||
Total included in long-term retirement benefits, less current portion | 67.8 | 34.9 |
Foreign Pension Plan [Member] | ||
Prepaid pension assets | ||
Total included in other assets | 0 | 10.2 |
Other current liabilities | ||
Total included in accrued expenses and other current liabilities | 0.6 | 0 |
Retirement benefits, less current portion | ||
Total included in long-term retirement benefits, less current portion | 18.4 | 4 |
Domestic Pension Plan of Foreign Entity [Member] | ||
Other current liabilities | ||
Total included in accrued expenses and other current liabilities | 6.7 | 0.4 |
Retirement benefits, less current portion | ||
Total included in long-term retirement benefits, less current portion | 39.3 | 23.2 |
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | ||
Other current liabilities | ||
Total included in accrued expenses and other current liabilities | 0.6 | 0 |
Retirement benefits, less current portion | ||
Total included in long-term retirement benefits, less current portion | 8.8 | 7.4 |
Foreign Postretirement Benefit Plan [Member] | ||
Other current liabilities | ||
Total included in accrued expenses and other current liabilities | 0.1 | 0 |
Retirement benefits, less current portion | ||
Total included in long-term retirement benefits, less current portion | $ 1.3 | $ 0.3 |
Pension, Post-Retirement and 81
Pension, Post-Retirement and Post-Employment Plans (Details) - Key Assumptions Used to Determine Benefit Obligations | Dec. 31, 2015 | Dec. 31, 2014 |
Domestic Pension Plan of Foreign Entity [Member] | Pension And SERP Benefits [Member] | ||
Weighted average assumptions used to measure benefit obligations at measurement date: | ||
Discount rate | 4.60% | 4.20% |
Rate of compensation increase | 3.50% | 3.50% |
Foreign Pension Plan [Member] | Pension And SERP Benefits [Member] | ||
Weighted average assumptions used to measure benefit obligations at measurement date: | ||
Discount rate | 2.80% | 2.50% |
Rate of compensation increase | 3.40% | 2.90% |
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | ||
Weighted average assumptions used to measure benefit obligations at measurement date: | ||
Discount rate | 4.40% | 4.20% |
Foreign Postretirement Benefit Plan [Member] | ||
Weighted average assumptions used to measure benefit obligations at measurement date: | ||
Discount rate | 14.00% | 12.50% |
Pension, Post-Retirement and 82
Pension, Post-Retirement and Post-Employment Plans (Details) - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 |
Domestic Pension Plan of Foreign Entity [Member] | Pension And SERP Benefits [Member] | Successor [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net actuarial gain (loss) | $ (15.8) | $ (10.4) | $ 5.7 | |
Prior service credits (costs) | 0 | 0 | 0 | |
Total | (15.8) | (10.4) | 5.7 | |
Domestic Pension Plan of Foreign Entity [Member] | Pension And SERP Benefits [Member] | Predecessor [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net actuarial gain (loss) | $ 10.5 | |||
Prior service credits (costs) | 0.6 | |||
Total | 11.1 | |||
Foreign Pension Plan [Member] | Pension And SERP Benefits [Member] | Successor [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net actuarial gain (loss) | (10.5) | (10.1) | (2.1) | |
Prior service credits (costs) | (8.5) | 0 | 0 | |
Total | (19) | (10.1) | (2.1) | |
Foreign Pension Plan [Member] | Pension And SERP Benefits [Member] | Predecessor [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net actuarial gain (loss) | 10.8 | |||
Prior service credits (costs) | 0 | |||
Total | 10.8 | |||
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | Successor [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net actuarial gain (loss) | (0.4) | (0.6) | (0.1) | |
Prior service credits (costs) | 0 | 0 | 0 | |
Total | (0.4) | (0.6) | (0.1) | |
Domestic Postretirement Benefit Plan of Foreign Entity [Member] | Predecessor [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net actuarial gain (loss) | 0.1 | |||
Prior service credits (costs) | (0.5) | |||
Total | (0.4) | |||
Foreign Postretirement Benefit Plan [Member] | Successor [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net actuarial gain (loss) | 0.2 | 0 | 0 | |
Prior service credits (costs) | 0 | 0 | 0 | |
Total | $ 0.2 | $ 0 | $ 0 | |
Foreign Postretirement Benefit Plan [Member] | Predecessor [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net actuarial gain (loss) | (0.1) | |||
Prior service credits (costs) | 0.3 | |||
Total | $ 0.2 |
Pension, Post-Retirement and 83
Pension, Post-Retirement and Post-Employment Plans (Details) - Major Categories of Assets in Company’s Defined Benefit Pension Plans - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2013 | |
Asset Category | ||||
Balance | $ 158.6 | $ 142.2 | $ 0 | |
Assets using NAV | 119.6 | 86.3 | ||
Defined Benefit Plan, Fair Value of Plan Assets After NAV | 278.2 | 228.5 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 70.7 | 57.9 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 10.7 | 1.1 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 77.2 | 83.2 | ||
Private Equity Funds, Domestic [Member] | ||||
Asset Category | ||||
Balance | 26.3 | 28.9 | ||
Private Equity Funds, Domestic [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 26.3 | 28.9 | ||
Private Equity Funds, Domestic [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 0 | 0 | ||
Private Equity Funds, Domestic [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 0 | 0 | ||
Foreign Equities [Member] | ||||
Asset Category | ||||
Balance | 0.3 | |||
Foreign Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 0.3 | |||
Foreign Equities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
Foreign Equities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
Mutual Funds Holding U.S. Treasury Securities [Member] | ||||
Asset Category | ||||
Balance | 11.9 | 11.8 | ||
Mutual Funds Holding U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 11.9 | 11.8 | ||
Mutual Funds Holding U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 0 | 0 | ||
Mutual Funds Holding U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 0 | 0 | ||
Fixed Income Securities [Member] | ||||
Asset Category | ||||
Balance | 16.1 | |||
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 16.1 | |||
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
U.S. Treasuries & Other Fixed Income Securities [Member] | ||||
Asset Category | ||||
Balance | 4.9 | 4.8 | ||
U.S. Treasuries & Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 4.9 | 4.8 | ||
U.S. Treasuries & Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 0 | 0 | ||
U.S. Treasuries & Other Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 0 | 0 | ||
US Treasury Securities [Member] | ||||
Asset Category | ||||
Balance | 5 | |||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 5 | |||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
Limited Partnership Interests [Member] | ||||
Asset Category | ||||
Balance | [1] | 1.3 | 1.1 | |
Limited Partnership Interests [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | [1] | 0 | 0 | |
Limited Partnership Interests [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | [1] | 1.3 | 1.1 | |
Limited Partnership Interests [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | [1] | 0 | 0 | |
Insurance Buy In Policy [Member] | ||||
Asset Category | ||||
Balance | [2] | 77.2 | 83.2 | |
Insurance Buy In Policy [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | [2] | 0 | 0 | |
Insurance Buy In Policy [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | [2] | 0 | 0 | |
Insurance Buy In Policy [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | [2] | 77.2 | 83.2 | |
Cash and Cash Equivalents [Member] | ||||
Asset Category | ||||
Balance | 11.2 | 12.4 | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 11.2 | 12.4 | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 0 | 0 | ||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 0 | $ 0 | ||
Collective Investment Funds (CIFs) [Member] | ||||
Asset Category | ||||
Balance | 2.9 | |||
Collective Investment Funds (CIFs) [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
Collective Investment Funds (CIFs) [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 2.9 | |||
Collective Investment Funds (CIFs) [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
Mutual Funds Holding Domestic Securities [Member] | ||||
Asset Category | ||||
Balance | 1.5 | |||
Mutual Funds Holding Domestic Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Asset Category | ||||
Balance | 0 | |||
Mutual Funds Holding Domestic Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Asset Category | ||||
Balance | 1.5 | |||
Mutual Funds Holding Domestic Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Asset Category | ||||
Balance | $ 0 | |||
[1] | This category includes assets held in a fund with the Bank of Taiwan as prescribed by the Taiwan government in accordance with local statutory rules. | |||
[2] | This category represents assets in the U.K Pension Plan invested in insurance contract with PIC in connection with the “Buy-In” of the U.K Pension Plan. |
Pension, Post-Retirement and 84
Pension, Post-Retirement and Post-Employment Plans (Details) - Change In Fair Value of Plan Assets level 3 - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 63,900,000 | $ 34,800,000 | |
Changes in fair value | 6,800,000 | 29,100,000 | |
Purchases, sales and settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Ending balance | 70,700,000 | 63,900,000 | |
Insurance Buy In Policy [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 83,200,000 | 0 | |
Changes in fair value | (6,000,000) | 0 | |
Purchases, sales and settlements | [1] | 0 | 83,200,000 |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Ending balance | $ 77,200,000 | $ 83,200,000 | |
[1] | There were no purchases, sales or settlements, on a gross basis, for the year ended December 31, 2015. There were no sales or settlements, on a gross basis, for the year ended December 31, 2014. |
Pension, Post-Retirement and 85
Pension, Post-Retirement and Post-Employment Plans (Details) - Expected Future Benefit Payments $ in Millions | Dec. 31, 2015USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | $ 16.9 |
2,017 | 13.8 |
2,018 | 13.8 |
2,019 | 14.6 |
2,020 | 15.3 |
Subsequent five years | 80.2 |
Total | 154.6 |
Domestic Pension Plan of Foreign Entity [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 11 |
2,017 | 11.7 |
2,018 | 11.5 |
2,019 | 12.4 |
2,020 | 12.6 |
Subsequent five years | 66.8 |
Total | 126 |
Foreign Pension Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 5.2 |
2,017 | 1.4 |
2,018 | 1.5 |
2,019 | 1.5 |
2,020 | 2 |
Subsequent five years | 9.8 |
Total | 21.4 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,016 | 0.7 |
2,017 | 0.7 |
2,018 | 0.8 |
2,019 | 0.7 |
2,020 | 0.7 |
Subsequent five years | 3.6 |
Total | $ 7.2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 8 Months Ended | 10 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 22, 2013 | Dec. 31, 2012 | |
Income Tax Examination [Line Items] | ||||||
Undistributed earnings of subsidiaries | $ 390,000 | $ 264,000 | ||||
Reinvested undistributed earnings of foreign subsidiaries | 7,100 | 2,600 | ||||
Valuation allowance | 403,600 | 19,700 | ||||
State operating loss carry forward | 161,000 | |||||
Foreign operating loss carry forward | 729,000 | |||||
Net deferred tax assets | 29,400 | 25,200 | ||||
Deferred tax asset | 570,100 | 145,300 | ||||
Valuation allowance on foreign tax credit carryovers | 29,200 | |||||
Research and development credits | 14,300 | |||||
Alternative minimum tax credits | 4,300 | |||||
State tax credits (net of federal tax) | 1,500 | |||||
State tax credits | $ 413,000 | |||||
Tax carry-forward period | 10 years | |||||
Unrecognized tax benefit | $ 112,000 | |||||
Reduction in effective tax rate | 92,000 | |||||
Uncertain tax liabilities | 3,400 | |||||
Total unrecognized benefits | 10,000 | |||||
Interest and penalties related to unrecognized tax benefits | 4,900 | 1,000 | ||||
Accrued interest and penalties related to unrecognized tax benefits | 17,500 | 4,700 | ||||
Successor [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Unrecognized tax benefit | $ 25,600 | 112,200 | 27,700 | $ 0 | ||
Total unrecognized benefits | 1,000 | 2,900 | $ 6,700 | |||
Interest and penalties related to unrecognized tax benefits | $ (100) | |||||
Predecessor [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Unrecognized tax benefit | $ 23,500 | $ 22,700 | ||||
Total unrecognized benefits | 300 | |||||
Interest and penalties related to unrecognized tax benefits | $ (200) | |||||
Domestic Tax Authority [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Net deferred tax assets | 56,400 | |||||
State and Local Jurisdiction [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Deferred tax asset | 21,300 | |||||
Foreign Tax Authority [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Deferred tax asset | 224,000 | |||||
Foreign Net Operating Loss Carry Forwards [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Valuation allowance | 206,000 | |||||
Capital Loss Carryforward [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Tax credit carryforward amount | $ 76,100 |
Income Taxes (Details) - (Loss)
Income Taxes (Details) - (Loss) Income Before Income Taxes, Non-controlling Interests and Accrued Payment-in-kind Dividends On Cumulative Preferred Shares - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | |||||||
(Loss) income before income taxes and non-controlling interest | $ (104.2) | $ (115.1) | |||||
Successor [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
(Loss) income before income taxes and non-controlling interest | $ (201.4) | $ (201.4) | $ (229.3) | $ (30.9) | |||
Predecessor [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
(Loss) income before income taxes and non-controlling interest | $ 26.5 | ||||||
Domestic Tax Authority [Member] | Successor [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
(Loss) income before income taxes and non-controlling interest | (7.9) | (290.8) | (103.9) | ||||
Domestic Tax Authority [Member] | Predecessor [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
(Loss) income before income taxes and non-controlling interest | (74.2) | ||||||
Foreign Tax Authority [Member] | Successor [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
(Loss) income before income taxes and non-controlling interest | $ (193.5) | $ 61.5 | $ 73 | ||||
Foreign Tax Authority [Member] | Predecessor [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
(Loss) income before income taxes and non-controlling interest | $ 100.7 |
Income Taxes (Details) - Income
Income Taxes (Details) - Income Tax (Benefit) Expense - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S.: | |||||||
Income tax expense (benefit) | $ 35.4 | $ 59.8 | |||||
Successor [Member] | |||||||
U.S.: | |||||||
Federal | $ 0.3 | $ 0.7 | $ (0.6) | ||||
State and local | 0.1 | (0.2) | 0.4 | ||||
Foreign | 1.3 | 120.1 | 36.7 | ||||
Total current | 1.7 | 120.6 | 36.5 | ||||
U.S.: | |||||||
Federal | (2.1) | 6.4 | (18.3) | ||||
State and local | (0.3) | (5.2) | 0.4 | ||||
Foreign | (5.1) | (46.7) | (25.3) | ||||
Total deferred | (7.5) | $ (7.5) | (45.5) | (43.2) | |||
Income tax expense (benefit) | $ (5.8) | $ (5.8) | $ 75.1 | $ (6.7) | |||
Predecessor [Member] | |||||||
U.S.: | |||||||
Federal | $ (5.3) | ||||||
State and local | 0.3 | ||||||
Foreign | 22.8 | ||||||
Total current | 17.8 | ||||||
U.S.: | |||||||
Federal | (3.1) | ||||||
State and local | 0.1 | ||||||
Foreign | (1.8) | ||||||
Total deferred | (4.8) | ||||||
Income tax expense (benefit) | $ 13 |
Income Taxes (Details) - Inco89
Income Taxes (Details) - Income Tax (Benefit) Expense Differed from the Amounts Computed By Applying The U.S. Federal Statutory Tax Rates to Pretax Income - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | |||||||
Income tax expense (benefit) | $ 35.4 | $ 59.8 | |||||
Successor [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
U.S. federal statutory tax rate | 35.00% | 35.00% | 35.00% | ||||
Taxes computed at U.S. statutory rate | $ (70.5) | $ (80.3) | $ (10.8) | ||||
State income taxes, net of federal benefit | 0.4 | (3.6) | 0.8 | ||||
Preferred dividend valuation | 60.2 | 0 | 0 | ||||
Tax on foreign operations | 0.4 | 5.8 | (7.7) | ||||
Net change in reserve | (0.7) | 27.5 | 1.5 | ||||
Change in valuation allowances | (0.9) | 72.6 | 0.2 | ||||
Provision for tax on undistributed foreign earnings | 0.8 | 5 | (3.7) | ||||
Change of tax rate | 0 | (1) | (0.5) | ||||
Non-deductible transaction costs | 4.2 | 40.5 | 6.5 | ||||
Foreign exchange impact on provision | 0 | 0 | 0 | ||||
Purchase price contingency | 0 | 0.4 | 6.6 | ||||
Other non-deductible items | 0 | 9.1 | 0 | ||||
Other, net | 0.3 | (0.9) | 0.4 | ||||
Income tax expense (benefit) | $ (5.8) | $ (5.8) | $ 75.1 | $ (6.7) | |||
Effective tax rate | 2.90% | (32.80%) | 21.70% | ||||
Predecessor [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
U.S. federal statutory tax rate | 35.00% | ||||||
Taxes computed at U.S. statutory rate | $ 9.3 | ||||||
State income taxes, net of federal benefit | (2.2) | ||||||
Preferred dividend valuation | 0 | ||||||
Tax on foreign operations | 0.8 | ||||||
Net change in reserve | (0.1) | ||||||
Change in valuation allowances | 3.6 | ||||||
Provision for tax on undistributed foreign earnings | (0.7) | ||||||
Change of tax rate | (0.5) | ||||||
Non-deductible transaction costs | 1.9 | ||||||
Foreign exchange impact on provision | 0.1 | ||||||
Purchase price contingency | 0 | ||||||
Other non-deductible items | 0 | ||||||
Other, net | 0.8 | ||||||
Income tax expense (benefit) | $ 13 | ||||||
Effective tax rate | 49.00% |
Income Taxes (Details) - Compon
Income Taxes (Details) - Components of Deferred Income Taxes - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Accounts receivable | $ 8.9 | $ 5.9 |
Inventory | 6.6 | 0 |
Accrued liabilities | 34.8 | 3.6 |
Employee benefits | 27.5 | 20.2 |
Research and development costs | 11.8 | 11.2 |
Tax credits | 49.3 | 39.3 |
Net operating losses | 332.3 | 17.5 |
Goodwill | 26.8 | 31.2 |
Financing activities | 30.7 | 4.5 |
Other | 41.4 | 11.9 |
Total deferred tax assets | 570.1 | 145.3 |
Valuation allowance | (403.6) | (19.7) |
Total gross deferred tax assets | 166.5 | 125.6 |
Deferred tax liabilities: | ||
Plant and equipment | 38.6 | 16.7 |
Intangibles | 767.3 | 280.1 |
Undistributed foreign earnings | 7.1 | 2.6 |
Inventory | 0 | 0.8 |
Other | 2.9 | 2.5 |
Total gross deferred tax liabilities | 815.9 | 302.7 |
Net deferred tax liability | $ 649.4 | $ 177.1 |
Income Taxes (Details) - Net Cu
Income Taxes (Details) - Net Current and Net Long-Term Deferred Tax Assets and Liabilities - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Net current deferred tax asset | $ 0 | $ 18.7 | |
Net non-current deferred tax asset | 29.4 | 6.5 | |
Net deferred tax assets | 29.4 | 25.2 | |
Net non-current deferred tax liability | 678.8 | $ 567.1 | 202.3 |
Net deferred tax liability | $ 649.4 | $ 177.1 |
Income Taxes (Details) - Unreco
Income Taxes (Details) - Unrecognized Tax Benefits - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination [Line Items] | ||||
Reductions due to closed statutes | $ (10) | |||
Unrecognized tax benefits, ending balance | 112 | |||
Successor [Member] | ||||
Income Tax Examination [Line Items] | ||||
Unrecognized tax benefits, beginning balance | $ 0 | 27.7 | $ 25.6 | |
Additions based on current year tax positions | 0.3 | 20.7 | 1.7 | |
Additions based upon prior year tax positions (including acquired uncertain tax positions) | 26.3 | 72.2 | 7.4 | |
Reductions due to closed statutes | (1) | (2.9) | (6.7) | |
Reductions for settlements and payments | 0 | (5.5) | (0.3) | |
Unrecognized tax benefits, ending balance | $ 25.6 | $ 112.2 | $ 27.7 | |
Predecessor [Member] | ||||
Income Tax Examination [Line Items] | ||||
Unrecognized tax benefits, beginning balance | $ 22.7 | |||
Additions based on current year tax positions | 0.8 | |||
Additions based upon prior year tax positions (including acquired uncertain tax positions) | 0.3 | |||
Reductions due to closed statutes | (0.3) | |||
Reductions for settlements and payments | 0 | |||
Unrecognized tax benefits, ending balance | $ 23.5 |
Income Taxes (Details) - Tax Ye
Income Taxes (Details) - Tax Years Subject To Examination By The Major Tax Jurisdiction Indicated - Earliest Tax Year [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Administration of the Treasury, Belgium [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,009 |
Secretariat of the Federal Revenue Bureau of Brazil [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,009 |
State Administration of Taxation, China [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,009 |
Ministry of the Economy, Finance and Industry, France [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,009 |
National Tax Agency, Japan [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,010 |
Mexican Tax Authority [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,010 |
Tax and Customs Administration, Netherlands [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,011 |
South Africa Revenue Service (SARS) [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,011 |
Taxation Administration, Ministry of Finance, R.O.C [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,010 |
Her Majesty's Revenue and Customs (HMRC) [Member] | |
Income Tax Examination [Line Items] | |
Income tax jurisdiction | 2,009 |
Debt, Financial Guarantees an94
Debt, Financial Guarantees and Factoring Arrangements (Details) | Dec. 03, 2015USD ($) | Feb. 13, 2015USD ($) | Feb. 13, 2015EUR (€) | Nov. 03, 2014USD ($) | Nov. 03, 2014EUR (€) | Oct. 13, 2013USD ($) | Jun. 07, 2013USD ($)credit_facility | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 03, 2015EUR (€) | Dec. 01, 2015 | Nov. 10, 2015USD ($) | Aug. 05, 2015USD ($) | Aug. 05, 2015EUR (€) | Feb. 13, 2015EUR (€) | Feb. 02, 2015USD ($) | Feb. 02, 2015EUR (€) | Nov. 03, 2014EUR (€) | Oct. 01, 2014USD ($) | Oct. 31, 2013USD ($) | Apr. 12, 2007USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt issuance costs reclassification from assets to contra-liabilities | $ 10,300,000 | ||||||||||||||||||||
Debt issuance costs reclassification from assets to current contra-liabilities | 1,900,000 | ||||||||||||||||||||
Number of senior secured credit facilities | credit_facility | 2 | ||||||||||||||||||||
Long term debt | $ 5,326,200,000 | ||||||||||||||||||||
Face amount | $ 360,000,000 | ||||||||||||||||||||
Percentage of Company’s first tier foreign subsidiaries | 65.00% | ||||||||||||||||||||
Accrued Liabilities, Factoring Agreements, Additional Capacity | $ 75,500,000 | ||||||||||||||||||||
Voting capital stock pledged of domestic subsidiaries | 100.00% | ||||||||||||||||||||
Voting capital stock pledged of non-domestic subsidiaries | 65.00% | ||||||||||||||||||||
Borrowings under lines of credit, weighted average interest rate of 6.74% at December 31, 2015 | $ 16,700,000 | 0 | |||||||||||||||||||
Factoring agreements total current capacity | 247,000,000 | ||||||||||||||||||||
Factoring agreements qualifying for sales treatment | 189,000,000 | 0 | |||||||||||||||||||
Factoring agreements recorded in accounts receivable | $ (24,800,000) | 0 | |||||||||||||||||||
Additional capacity under factoring arrangements | 6.90% | ||||||||||||||||||||
Overdraft facility capacity | $ 618,000,000 | 173,000,000 | |||||||||||||||||||
First Lien Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 805,000,000 | € 205,000,000 | |||||||||||||||||||
Face amount | $ 755,000,000 | ||||||||||||||||||||
Stated interest rate | 4.00% | ||||||||||||||||||||
Quarterly principal payments | $ 1,900,000 | ||||||||||||||||||||
Maturity date | Jun. 7, 2020 | ||||||||||||||||||||
Original issue discount percentage | $ 1,900,000 | $ 1,800,000 | |||||||||||||||||||
Second Lien Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Face amount | $ 360,000,000 | ||||||||||||||||||||
Stated interest rate | 7.75% | ||||||||||||||||||||
Maturity date | Dec. 7, 2020 | ||||||||||||||||||||
Original issue discount percentage | $ 3,600,000 | ||||||||||||||||||||
Repayments of long-term debt | $ 373,000,000 | ||||||||||||||||||||
USD Incremental Loans [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 290,800,000 | 292,700,000 | |||||||||||||||||||
Stated interest rate | 5.50% | ||||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||||
Original issue discount percentage | $ 3,500,000 | ||||||||||||||||||||
New Tranche B-2 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 500,000,000 | ||||||||||||||||||||
Euro Tracnche Term Loans [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Multicurrency revolving credit facility was increase | € | € 83,000,000 | ||||||||||||||||||||
Revolving credit facility | € | € 300,000,000 | € 287,000,000 | |||||||||||||||||||
New Euro Tranche Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 87,200,000 | 0 | |||||||||||||||||||
Stated interest rate | 5.50% | ||||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||||
Original issue discount percentage | $ 1,500,000 | ||||||||||||||||||||
Traunche B-2 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 481,200,000 | 0 | |||||||||||||||||||
Stated interest rate | 5.50% | ||||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||||
Original issue discount percentage | $ 4,200,000 | ||||||||||||||||||||
New Tranche B-3 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 1,050,000,000 | $ 1,001,800,000 | 0 | ||||||||||||||||||
Stated interest rate | 5.50% | ||||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||||
Original issue discount percentage | $ 20,500,000 | ||||||||||||||||||||
New Euro Tranche C-2 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 313,000,000 | 0 | |||||||||||||||||||
Stated interest rate | 5.50% | ||||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||||
Original issue discount percentage | $ 6,400,000 | ||||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Multicurrency revolving credit facility was increase | 87,500,000 | 75,000,000 | |||||||||||||||||||
Revolving credit facility | 250,000,000 | 163,000,000 | |||||||||||||||||||
Borrowed under U.S. Dollar revolving credit facility for acquisition | 115,000,000 | 160,000,000 | |||||||||||||||||||
Outstanding letters of credit | 40,000,000 | 1,000,000 | |||||||||||||||||||
Reduction in borrowings | $ 11,000,000 | 1,000,000 | |||||||||||||||||||
Revolving Credit Facility [Member] | First Lien Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Revolving credit facility | $ 25,000,000 | $ 50,000,000 | |||||||||||||||||||
Maturity date | Jun. 7, 2018 | ||||||||||||||||||||
Revolving Credit Facility, Multi Currency [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Multicurrency revolving credit facility was increase | 87,500,000 | 75,000,000 | |||||||||||||||||||
Revolving credit facility | $ 250,000,000 | 163,000,000 | |||||||||||||||||||
Revolving Credit Facility, Multi Currency [Member] | First Lien Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Revolving credit facility | $ 25,000,000 | ||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | First Lien Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 3.00% | ||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Second Lien Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 6.75% | ||||||||||||||||||||
Eurodollar [Member] | Traunche B-2 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 5.50% | ||||||||||||||||||||
Eurodollar [Member] | New Tranche B-3 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 5.50% | ||||||||||||||||||||
Eurodollar [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 3.00% | ||||||||||||||||||||
Base Rate [Member] | Traunche B-2 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||||
Base Rate [Member] | New Tranche B-3 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||||
Base Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Spread on variable rate | 2.00% | ||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Ratio of debt to EBITDA | 1 | ||||||||||||||||||||
Maximum [Member] | Overdraft Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stated interest rate | 24.00% | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Ratio of debt to EBITDA | 6.25 | ||||||||||||||||||||
Minimum [Member] | Overdraft Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stated interest rate | 0.45% | ||||||||||||||||||||
Barclays Bank PLC [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Second amendment increase in credit facility | $ 300,000,000 | ||||||||||||||||||||
Chemtura [Member] | New Tranche B Term Loans [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 130,000,000 | ||||||||||||||||||||
Chemtura [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Revolving credit facility | 87,500,000 | ||||||||||||||||||||
Borrowed under the U.S. Dollar and multicurrency revolving credit facility | 60,000,000 | € 55,000,000 | |||||||||||||||||||
Chemtura [Member] | Revolving Credit Facility, Multi Currency [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Revolving credit facility | $ 87,500,000 | ||||||||||||||||||||
Arysta [Member] | New Tranche B-2 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | 500,000,000 | ||||||||||||||||||||
Original issue discount percentage | $ 0.01 | ||||||||||||||||||||
Arysta [Member] | Euro Tracnche Term Loans [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Increase in Euro tranche term loan facility | € | 83,000,000 | ||||||||||||||||||||
Original issue discount percentage | € | € 0.02 | ||||||||||||||||||||
Alent [Member] | Euro Tracnche Term Loans [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Increase in Euro tranche term loan facility | € | 300,000,000 | ||||||||||||||||||||
Original issue discount percentage | € | € 0.02 | ||||||||||||||||||||
Alent [Member] | New Tranche B-3 Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 1,050,000,000 | ||||||||||||||||||||
Original issue discount percentage | $ 0.02 | ||||||||||||||||||||
Notes Payable to Banks [Member] | USD Notes due 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 487,500,000 | 0 | |||||||||||||||||||
Stated interest rate | 10.375% | ||||||||||||||||||||
Notes Payable to Banks [Member] | Euro Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 374,000,000 | 0 | |||||||||||||||||||
Stated interest rate | 6.00% | 6.00% | 6.00% | ||||||||||||||||||
Gross debt, long term | € | € 350,000,000 | ||||||||||||||||||||
Original issue premium | $ 1,000,000 | ||||||||||||||||||||
Notes Payable to Banks [Member] | USD Notes due Two 2022 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 1,081,100,000 | 0 | |||||||||||||||||||
Stated interest rate | 6.50% | 6.50% | 6.50% | ||||||||||||||||||
Original issue discount percentage | $ 900,000 | ||||||||||||||||||||
Gross debt, long term | $ 1,100,000,000 | ||||||||||||||||||||
Senior Notes [Member] | USD Notes due 2021 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Face amount | $ 500,000,000 | ||||||||||||||||||||
Stated interest rate | 10.375% | 10.375% | |||||||||||||||||||
Secured Debt [Member] | First Lien Term Loan [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long term debt | $ 735,600,000 | 743,000,000 | |||||||||||||||||||
Stated interest rate | 5.50% | ||||||||||||||||||||
Spread on variable rate | 4.50% | ||||||||||||||||||||
Other Operating Income (Expense) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Factoring agreement program gains | $ (1,400,000) | 0 | |||||||||||||||||||
Factoring fees | 1,900,000 | 0 | |||||||||||||||||||
Financial Guarantee [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Financial guarantees | 46,300,000 | $ 0 | |||||||||||||||||||
Interest Rate Swap [Member] | Notes Payable to Banks [Member] | USD Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Notional amount | $ 1,160,000,000 | ||||||||||||||||||||
Interest rate swap rate | 1.96% | 1.96% | |||||||||||||||||||
Interest Rate Swap [Member] | Notes Payable to Banks [Member] | Euro Notes [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Notional amount | € | € 285,000,000 | ||||||||||||||||||||
Interest rate swap rate | 1.20% | 1.20% | |||||||||||||||||||
UNITED STATES | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Overdraft facility capacity | $ 18,000,000 |
Debt, Financial Guarantees an95
Debt, Financial Guarantees and Factoring Arrangements (Details 2) € in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2015USD ($) | Dec. 03, 2015USD ($) | Feb. 02, 2015 | Dec. 31, 2014USD ($) | Nov. 03, 2014EUR (€) | Oct. 31, 2013USD ($) | Jun. 07, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||
Weighted average interest rate, short term debt | 4.28% | ||||||
Borrowings under lines of credit, weighted average interest rate of 6.74% at December 31, 2015 | $ 16.7 | $ 0 | |||||
Long term debt | 5,326.2 | ||||||
Total debt | 5,211.6 | 1,405.6 | |||||
Less: current portion debt | (38) | (13.2) | |||||
Total long-term debt | $ 5,173.6 | 1,392.4 | |||||
USD Notes due Two 2022 [Member] | Notes Payable to Banks [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 6.50% | 6.50% | |||||
Original issue discount percentage | $ 0.9 | ||||||
Debt issuance costs | 19.8 | ||||||
Long term debt | $ 1,081.1 | 0 | |||||
Euro Notes [Member] | Notes Payable to Banks [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 6.00% | 6.00% | |||||
Debt issuance costs | $ 6.1 | ||||||
Long term debt | $ 374 | 0 | |||||
USD Notes due 2021 [Member] | Notes Payable to Banks [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 10.375% | ||||||
Debt issuance costs | $ 12.5 | ||||||
Long term debt | $ 487.5 | 0 | |||||
First Lien Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.00% | ||||||
Original issue discount percentage | $ 1.8 | $ 1.9 | |||||
Long term debt | € 205 | $ 805 | |||||
First Lien Term Loan [Member] | Secured Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Debt issuance costs | $ 0.6 | ||||||
Spread on variable rate | 4.50% | ||||||
Long term debt | $ 735.6 | 743 | |||||
USD Incremental Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Original issue discount percentage | $ 3.5 | ||||||
Debt issuance costs | $ 1.9 | ||||||
Spread on variable rate | 4.50% | ||||||
Long term debt | $ 290.8 | 292.7 | |||||
CAS U.S. Dollar Tranche B Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Original issue discount percentage | $ 0.5 | ||||||
Debt issuance costs | $ 5.9 | ||||||
Spread on variable rate | 4.50% | ||||||
Long term debt | $ 121.9 | 121.7 | |||||
Traunche B-2 Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Original issue discount percentage | $ 4.2 | ||||||
Debt issuance costs | $ 9.7 | ||||||
Spread on variable rate | 4.50% | ||||||
Long term debt | $ 481.2 | 0 | |||||
New Tranche B-3 Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Original issue discount percentage | $ 20.5 | ||||||
Debt issuance costs | $ 20 | ||||||
Spread on variable rate | 4.50% | ||||||
Long term debt | $ 1,001.8 | $ 1,050 | 0 | ||||
CAS EURO Tracnche C-1 Term Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Original issue discount percentage | $ 0.9 | ||||||
Spread on variable rate | 4.50% | ||||||
Long term debt | $ 219 | 246.2 | |||||
New Euro Tranche Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Original issue discount percentage | $ 1.5 | ||||||
Debt issuance costs | $ 0.6 | ||||||
Spread on variable rate | 4.50% | ||||||
Long term debt | $ 87.2 | 0 | |||||
New Euro Tranche C-2 Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Original issue discount percentage | $ 6.4 | ||||||
Debt issuance costs | $ 5.5 | ||||||
Spread on variable rate | 4.50% | ||||||
Long term debt | $ 313 | 0 | |||||
Successor [Member] | Other Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 18.5 | ||||||
Predecessor [Member] | Other Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt | $ 2 |
Debt, Financial Guarantees an96
Debt, Financial Guarantees and Factoring Arrangements (Details 3) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 0.9 |
2,017 | 0.7 |
2,018 | 0.5 |
2,019 | 0.4 |
2,020 | 0.3 |
Thereafter | 1.8 |
Capital Leases, Future Minimum Payments Due | 4.6 |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,016 | 46.8 |
2,017 | 33.8 |
2,018 | 33.8 |
2,019 | 33.8 |
2,020 | 3,197.3 |
Thereafter | 1,980.7 |
Long term debt | 5,326.2 |
Contractual Obligation, Fiscal Year Maturity [Abstract] | |
2,016 | 47.7 |
2,017 | 34.5 |
2,018 | 34.3 |
2,019 | 34.2 |
2,020 | 3,197.6 |
Contractual Obligation, Due after Fifth Year | 1,982.5 |
Contractual Obligation | $ 5,330.8 |
Derivative Instruments (Details
Derivative Instruments (Details) | Nov. 03, 2014USD ($) | Oct. 01, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($) | Oct. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015$ / £ | Dec. 31, 2015MXN / $ | Dec. 31, 2015BRL / $ | Dec. 03, 2015$ / option | Nov. 30, 2015$ / option | Nov. 05, 2015GBP (£) | Aug. 05, 2015USD ($) | Aug. 05, 2015EUR (€) | Jul. 31, 2015USD ($) | Jul. 31, 2015GBP (£) | Jul. 13, 2015£ / $ | Oct. 01, 2014EUR (€)$ / € | Sep. 23, 2014contract |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Foreign currency exchange rate | 1.4736 | 0.0581 | 0.2525 | ||||||||||||||||||||
Derivative financial instruments revaluation, net of tax | $ (47,300,000) | $ (49,900,000) | |||||||||||||||||||||
Foreign Exchange Forward [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | $ 16,500,000 | £ 530,000,000 | |||||||||||||||||||||
Foreign currency exchange rate | £ / $ | 1.5487 | ||||||||||||||||||||||
(Loss) gain on derivative contracts | 300,000 | ||||||||||||||||||||||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Foreign currency forward contract | 254,000,000 | ||||||||||||||||||||||
Foreign Exchange Option [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | £ | 530,000,000 | ||||||||||||||||||||||
Foreign currency strike price | $ / option | 1.6053 | 1.5177 | |||||||||||||||||||||
Foreign Exchange Contract [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Number of foreign currency derivatives held | contract | 2 | ||||||||||||||||||||||
(Loss) gain on derivative contracts | (74,000,000) | $ 400,000 | |||||||||||||||||||||
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Income (loss), derivatives qualifying as hedges | (12,500,000) | (200,000) | |||||||||||||||||||||
United States of America, Dollars [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Foreign currency forward contract | 217,000,000 | ||||||||||||||||||||||
United Kingdom, Pounds [Member] | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Foreign currency forward contract | € | € 26,600,000 | ||||||||||||||||||||||
USD Notes [Member] | Notes Payable to Banks [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | $ 1,160,000,000 | ||||||||||||||||||||||
Interest rate swap rate | 1.96% | 1.96% | |||||||||||||||||||||
Euro Notes [Member] | Notes Payable to Banks [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | € | € 285,000,000 | ||||||||||||||||||||||
Interest rate swap rate | 1.20% | 1.20% | |||||||||||||||||||||
Inventories [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | 13,000,000 | ||||||||||||||||||||||
Current Installments Of Long-Term Debt And Revolving Credit Facilities [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | 13,000,000 | ||||||||||||||||||||||
Alent [Member] | Foreign Exchange Forward [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | $ 1,640,000,000 | £ 1,060,000,000 | |||||||||||||||||||||
Alent [Member] | Foreign Exchange Option [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | £ | £ 530,000,000 | ||||||||||||||||||||||
Agriphar And CAS [Member] | Foreign Exchange Contract [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | € | € 277,000,000 | ||||||||||||||||||||||
Exchange rate on 50% of forward contract | $ / € | 1.2878 | ||||||||||||||||||||||
Other Operating Income (Expense) [Member] | Alent [Member] | Foreign Exchange Contract [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Derivative financial instruments revaluation, net of tax | (73,700,000) | ||||||||||||||||||||||
Other Operating Income (Expense) [Member] | Agriphar And CAS [Member] | Foreign Exchange Contract [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Notional amount | € | € 204,000,000 | ||||||||||||||||||||||
Exchange rate on 50% of forward contract | $ / € | 1.2840 | ||||||||||||||||||||||
Derivative financial instruments revaluation, net of tax | $ (7,000,000) | ||||||||||||||||||||||
Gain on derivative | $ 7,300,000 | ||||||||||||||||||||||
Successor [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
(Loss) gain on derivative contracts | $ 100,000 | $ (74,000,000) | $ 400,000 | ||||||||||||||||||||
Successor [Member] | Foreign Exchange Contract [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
(Loss) gain on derivative contracts | $ 100,000 | ||||||||||||||||||||||
Successor [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Income (loss), derivatives qualifying as hedges | $ 200,000 | ||||||||||||||||||||||
Predecessor [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
(Loss) gain on derivative contracts | $ (300,000) | ||||||||||||||||||||||
Predecessor [Member] | Foreign Exchange Contract [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
(Loss) gain on derivative contracts | (300,000) | ||||||||||||||||||||||
Predecessor [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||||||||||||
Income (loss), derivatives qualifying as hedges | $ (300,000) |
Derivative Instruments (Detai98
Derivative Instruments (Details 2) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total derivative contracts | $ (11.4) | $ (0.1) |
Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign exchange derivatives | 1 | 0.1 |
Other Current Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign exchange derivatives | 12.5 | 0 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign exchange contracts, current | 1.1 | 0 |
Other Assets [Member] | Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Foreign exchange contracts, noncurrent | $ 1 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Oct. 31, 2013 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
NAV Redemptions | $ 1 | |
Percentage change in rate affecting component measurement | 1.00% | |
Measurement component change affected by change in discount rate | $ 2,000,000 | |
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Significant Inputs | 3 | |
MacDermid [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent Consideration | $ 100,000,000 | |
Price performance metrics period | 7 years | 7 years |
EBITDA related earnout include a discount rate | 1.79% | |
Business acquisition expected future value payments | $ 60,000,000 | |
Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
EBITDA Probability Range | 80.00% | |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
EBITDA Probability Range | 100.00% |
Fair Value Measurements (Det100
Fair Value Measurements (Details 2) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Estimate of Fair Value Measurement [Member] | ||
Asset Category | ||
Money market accounts | $ 59.4 | $ 15.4 |
Available for sale equity securities | 6.6 | 2.3 |
Derivatives | 2.1 | |
Total | 68.1 | 17.7 |
Liability Category | ||
Contingent Consideration | 70.7 | 63.9 |
Derivatives | 13.5 | 0.1 |
Total | 84.2 | 64 |
Fair Value, Inputs, Level 1 [Member] | ||
Asset Category | ||
Money market accounts | 2.9 | 15.4 |
Available for sale equity securities | 5.8 | 1.5 |
Derivatives | 0 | |
Total | 8.7 | 16.9 |
Liability Category | ||
Contingent Consideration | 0 | 0 |
Derivatives | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Asset Category | ||
Money market accounts | 56.5 | 0 |
Available for sale equity securities | 0.8 | 0.8 |
Derivatives | 2.1 | |
Total | 59.4 | 0.8 |
Liability Category | ||
Contingent Consideration | 0 | 0 |
Derivatives | 13.5 | 0.1 |
Total | 13.5 | 0.1 |
Fair Value, Inputs, Level 3 [Member] | ||
Asset Category | ||
Money market accounts | 0 | 0 |
Available for sale equity securities | 0 | 0 |
Derivatives | 0 | |
Total | 0 | 0 |
Liability Category | ||
Contingent Consideration | 70.7 | 63.9 |
Derivatives | 0 | 0 |
Total | $ 70.7 | $ 63.9 |
Fair Value Measurements (Det101
Fair Value Measurements (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 63,900,000 | $ 34,800,000 |
Changes in fair value | 6,800,000 | 29,100,000 |
Purchases, sales and settlements | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Ending balance | 70,700,000 | 63,900,000 |
Transfers | $ 0 | $ 0 |
Fair Value Measurements (Det102
Fair Value Measurements (Details 4) € in Millions, $ in Millions | Dec. 31, 2015USD ($) | Dec. 03, 2015USD ($) | Feb. 02, 2015USD ($) | Feb. 02, 2015EUR (€) | Dec. 31, 2014USD ($) | Nov. 03, 2014EUR (€) | Jun. 07, 2013USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | $ 5,326.2 | ||||||
Total long-term debt | 5,173.6 | $ 1,392.4 | |||||
Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 5,211.6 | 1,405.6 | |||||
Enthone Financing Liability | 13 | 0 | |||||
Total long-term debt | 5.5 | 2 | |||||
Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 5,019.2 | 1,394.3 | |||||
Enthone Financing Liability | 13 | 0 | |||||
Total long-term debt | $ 5.3 | 2.6 | |||||
First Lien Term Loan [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 4.00% | ||||||
Long term debt | € 205 | $ 805 | |||||
USD Incremental Loans [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Long term debt | $ 290.8 | 292.7 | |||||
USD Incremental Loans [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 290.8 | 292.7 | |||||
USD Incremental Loans [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | $ 285.8 | 293.3 | |||||
CAS U.S. Dollar Tranche B Term Loan [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Long term debt | $ 121.9 | 121.7 | |||||
CAS U.S. Dollar Tranche B Term Loan [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 121.9 | 121.7 | |||||
CAS U.S. Dollar Tranche B Term Loan [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | $ 123.9 | 127.1 | |||||
Traunche B-2 Term Loan [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Long term debt | $ 481.2 | 0 | |||||
Traunche B-2 Term Loan [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 481.2 | 0 | |||||
Traunche B-2 Term Loan [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | $ 477.7 | 0 | |||||
New Tranche B-3 Term Loan [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Long term debt | $ 1,001.8 | $ 1,050 | 0 | ||||
New Tranche B-3 Term Loan [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 1,001.8 | 0 | |||||
New Tranche B-3 Term Loan [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | $ 1,005.9 | 0 | |||||
CAS EURO Tracnche C-1 Term Loans [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Long term debt | $ 219 | 246.2 | |||||
CAS EURO Tracnche C-1 Term Loans [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 219 | 246.2 | |||||
CAS EURO Tracnche C-1 Term Loans [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 215.4 | 242.5 | |||||
Arysta EURO Traunche Term Loan [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 87.2 | 0 | |||||
Arysta EURO Traunche Term Loan [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | $ 87.5 | 0 | |||||
New Euro Tranche C-2 Term Loan [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Long term debt | $ 313 | 0 | |||||
New Euro Tranche C-2 Term Loan [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 313 | 0 | |||||
New Euro Tranche C-2 Term Loan [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | $ 321.4 | 0 | |||||
Notes Payable to Banks [Member] | USD Notes due Two 2022 [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 6.50% | 6.50% | 6.50% | ||||
Gross debt, long term | $ 1,100 | ||||||
Long term debt | $ 1,081.1 | 0 | |||||
Notes Payable to Banks [Member] | USD Notes due Two 2022 [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Gross debt, long term | 1,081.1 | 0 | |||||
Notes Payable to Banks [Member] | USD Notes due Two 2022 [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Gross debt, long term | $ 946.3 | 0 | |||||
Notes Payable to Banks [Member] | Euro Notes [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 6.00% | 6.00% | 6.00% | ||||
Gross debt, long term | € | € 350 | ||||||
Long term debt | $ 374 | 0 | |||||
Notes Payable to Banks [Member] | Euro Notes [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Gross debt, long term | 374 | 0 | |||||
Notes Payable to Banks [Member] | Euro Notes [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Gross debt, long term | $ 326.7 | 0 | |||||
Notes Payable to Banks [Member] | USD Notes due 2021 [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 10.375% | ||||||
Long term debt | $ 487.5 | 0 | |||||
Notes Payable to Banks [Member] | USD Notes due 2021 [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Gross debt, long term | 487.5 | 0 | |||||
Notes Payable to Banks [Member] | USD Notes due 2021 [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Gross debt, long term | $ 500 | 0 | |||||
Secured Debt [Member] | First Lien Term Loan [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Stated interest rate | 5.50% | ||||||
Long term debt | $ 735.6 | 743 | |||||
Secured Debt [Member] | First Lien Term Loan [Member] | Reported Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | 735.6 | 743 | |||||
Secured Debt [Member] | First Lien Term Loan [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Long term debt | $ 710.3 | $ 728.8 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) $ / shares in Units, € in Millions | Dec. 02, 2015shares | Dec. 01, 2015USD ($) | Oct. 27, 2015USD ($)$ / sharesshares | Jun. 29, 2015USD ($) | Jun. 23, 2015$ / sharesshares | Feb. 13, 2015USD ($)shares | Dec. 31, 2014$ / sharesshares | Nov. 17, 2014USD ($)$ / sharesshares | Nov. 06, 2014$ / sharesshares | Oct. 20, 2014$ / sharesshares | Oct. 08, 2014$ / sharesshares | Oct. 01, 2014USD ($)shares | Oct. 01, 2014EUR (€)shares | May. 20, 2014USD ($)shares | Apr. 03, 2014$ / sharesshares | Mar. 04, 2014 | Nov. 03, 2013shares | Oct. 31, 2013USD ($) | Oct. 25, 2013USD ($)$ / sharesshares | May. 22, 2013USD ($)$ / sharesshares | Apr. 25, 2013shares | Nov. 06, 2014USD ($)$ / shares | May. 22, 2013USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013shares | Nov. 03, 2014USD ($) | Jun. 13, 2014shares | Jan. 23, 2014$ / shares |
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net | $ | $ 483,000,000 | ||||||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 12.83 | $ 0.01 | |||||||||||||||||||||||||||||||
Number of preferred shares authorized in amendment (in shares) | 5,000,000 | ||||||||||||||||||||||||||||||||
Common shares declared for dividend (in shares) | 0 | 10,050,290 | |||||||||||||||||||||||||||||||
Dividend price (in usd per share) | $ / shares | $ 22.85 | ||||||||||||||||||||||||||||||||
Liquidation preference per share (in usd per share) | $ / shares | $ 1,000 | $ 1,000 | |||||||||||||||||||||||||||||||
Conversion price (in usd per share) | $ / shares | $ 27.14 | ||||||||||||||||||||||||||||||||
Whole payment amount | $ | $ 316,000,000 | ||||||||||||||||||||||||||||||||
Par value (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||||||||
Other income (expense), net | $ | $ 1,400,000 | $ 19,800,000 | |||||||||||||||||||||||||||||||
Net income allocated to Retaining Holders | $ | $ 6,400,000 | ||||||||||||||||||||||||||||||||
Noncontrolling interest percentage | 6.67% | 6.25% | 6.67% | ||||||||||||||||||||||||||||||
Arysta [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Equity Instruments | $ | $ 645,900,000 | ||||||||||||||||||||||||||||||||
Conversion price (in usd per share) | $ / shares | $ 27.14 | ||||||||||||||||||||||||||||||||
Volume weighted average price period | 10 days | 10 days | |||||||||||||||||||||||||||||||
Aggregate dividend payable | $ | $ 4,000,000 | ||||||||||||||||||||||||||||||||
Maximum share conversion (in shares) | 22,107,590 | 22,107,590 | 22,107,590 | ||||||||||||||||||||||||||||||
Total Consideration | $ | $ 3,502,100,000 | ||||||||||||||||||||||||||||||||
Noncontrolling interest acquired | $ | $ 125,200,000 | $ 0 | |||||||||||||||||||||||||||||||
MacDermid [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Equity Instruments | $ | $ 97,500,000 | $ 97,500,000 | |||||||||||||||||||||||||||||||
Total Consideration | $ | $ 1,800,000,000 | ||||||||||||||||||||||||||||||||
Net income allocated to Retaining Holders | $ | $ (1,400,000) | ||||||||||||||||||||||||||||||||
Percentage of ownership | 3.00% | 97.00% | |||||||||||||||||||||||||||||||
Alent [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Equity Instruments | $ | $ 231,400,000 | ||||||||||||||||||||||||||||||||
Total Consideration | $ | 1,738,400,000 | ||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition (in Shares) | 18,419,738 | ||||||||||||||||||||||||||||||||
Noncontrolling interest acquired | $ | $ 0 | ||||||||||||||||||||||||||||||||
Agriphar [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Equity Instruments | $ | $ 16,600,000 | ||||||||||||||||||||||||||||||||
Total Consideration | $ 370,300,000 | € 300 | |||||||||||||||||||||||||||||||
Other income (expense), net | $ | $ 3,000,000 | ||||||||||||||||||||||||||||||||
PDH [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Common stock issued in connection with exchange of PDH common stock (in shares) | 712,918 | 712,918 | |||||||||||||||||||||||||||||||
Rate PDH Common stock that may be exchanged for shares of common stock | 25.00% | ||||||||||||||||||||||||||||||||
Redeemable Series B Preferred Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Temporary equity designated (in shares) | 600,000 | ||||||||||||||||||||||||||||||||
Temporary equity issued (in shares) | 0 | 600,000 | 0 | ||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Number of preferred shares authorized in amendment (in shares) | 2,000,000 | ||||||||||||||||||||||||||||||||
Preferred shares, shares issued (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||
Preferred shares, shares outstanding (in shares) | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 18,226,414 | ||||||||||||||||||||||||||||||||
Price of shares issued (in usd per share) | $ / shares | $ 26.50 | ||||||||||||||||||||||||||||||||
Offering expenses | $ | $ 15,000,000 | ||||||||||||||||||||||||||||||||
Series A Preferred Stock To Common Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Stock conversion ratio | 1 | ||||||||||||||||||||||||||||||||
Successor [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 88,500,000 | ||||||||||||||||||||||||||||||||
Proceeds from IPO | $ | $ 885,000,000 | ||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net | $ | $ 403,000,000 | $ 1,019,500,000 | $ 469,500,000 | $ 1,512,600,000 | |||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 18 | $ 18 | |||||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ | $ 652,000,000 | ||||||||||||||||||||||||||||||||
Preferred shares, shares outstanding (in shares) | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||
Non-cash charge related to preferred stock dividend rights | $ | $ 172,000,000 | 172,000,000 | 0 | 0 | |||||||||||||||||||||||||||||
Other income (expense), net | $ | 100,000 | $ 100,000 | 30,400,000 | $ (200,000) | |||||||||||||||||||||||||||||
Preferred stock outstanding | $ | $ 0 | ||||||||||||||||||||||||||||||||
Total number of shares of common stock originally issuable upon the exchange of PDH common stock pursuant to the RHSA (in shares) | 8,800,000 | ||||||||||||||||||||||||||||||||
Net income allocated to Retaining Holders | $ | $ (1,400,000) | ||||||||||||||||||||||||||||||||
Noncontrolling interest percentage | 6.76% | 6.76% | 6.76% | ||||||||||||||||||||||||||||||
Warrants Redeemed Price (in Dollars per share) | $ / shares | $ 0.01 | ||||||||||||||||||||||||||||||||
Exercise of warrants (in Shares) | 16,244,694 | ||||||||||||||||||||||||||||||||
Warrant or right, exercised during period | 48,734,082 | ||||||||||||||||||||||||||||||||
Proceeds from warrant exercises | $ | $ 187,000,000 | ||||||||||||||||||||||||||||||||
Warrants redeemed | 8,580 | ||||||||||||||||||||||||||||||||
Class of warrant or right, threshold consecutive trading days | 10 days | ||||||||||||||||||||||||||||||||
Successor [Member] | Non-founder Directors [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 29,500 | ||||||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 10 | $ 10 | |||||||||||||||||||||||||||||||
Successor [Member] | Founders [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 380,952 | ||||||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | 10.50 | $ 10.50 | |||||||||||||||||||||||||||||||
Successor [Member] | Two Independent Directors [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 190,476 | ||||||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 10.50 | $ 10.50 | |||||||||||||||||||||||||||||||
Successor [Member] | MacDermid [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Common stock issued in connection with exchange of PDH common stock (in shares) | 1 | ||||||||||||||||||||||||||||||||
Total Consideration | $ | $ 2,600,000 | ||||||||||||||||||||||||||||||||
Par value (in usd per share) | $ / shares | $ 0.01 | ||||||||||||||||||||||||||||||||
Percentage of ownership | 3.00% | ||||||||||||||||||||||||||||||||
Successor [Member] | Agriphar [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition (in Shares) | 711,551 | 711,551 | |||||||||||||||||||||||||||||||
Successor [Member] | Chemtura [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition (in Shares) | 2,000,000 | ||||||||||||||||||||||||||||||||
Successor [Member] | PDH [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Eligibility for exchange of common share period | 4 years | ||||||||||||||||||||||||||||||||
Successor [Member] | Series A Preferred Stock [Member] | Founder Entities [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Preferred shares, shares outstanding (in shares) | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||
Successor [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 578,874 | ||||||||||||||||||||||||||||||||
Exercise of warrants (in Shares) | 16,244,694 | ||||||||||||||||||||||||||||||||
Successor [Member] | Common Stock [Member] | MacDermid [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Acquiree to Acquirer Common Stock Conversion Ratio | 1 | ||||||||||||||||||||||||||||||||
Successor [Member] | Common Stock [Member] | Agriphar [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition (in Shares) | 711,551 | ||||||||||||||||||||||||||||||||
Successor [Member] | Common Stock [Member] | Chemtura [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition (in Shares) | 2,000,000 | ||||||||||||||||||||||||||||||||
Successor [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 16,445,000 | ||||||||||||||||||||||||||||||||
Offering expenses | $ | $ 15,100,000 | ||||||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 24.50 | $ 10 | $ 10 | ||||||||||||||||||||||||||||||
Exercise of warrants, exercise price | $ / shares | $ 11.50 | $ 11.50 | |||||||||||||||||||||||||||||||
Successor [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Exercise of warrants, exercise price | $ / shares | $ 11.50 | $ 11.50 | |||||||||||||||||||||||||||||||
Warrant or right, exercisable time period | 3 years | ||||||||||||||||||||||||||||||||
Warrant redemption price (in Dollars) | $ | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||||||||
Successor [Member] | Preferred Stock Conversion [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 | ||||||||||||||||||||||||||||||||
Successor [Member] | Common Stock Conversion [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 1 | ||||||||||||||||||||||||||||||||
Stock Dividends To Series A Preferred Stock Shareholders [Member] | Successor [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Common shares declared for dividend (in shares) | 10,050,290 | ||||||||||||||||||||||||||||||||
Appreciation of the market price of our common stock | 20.00% | ||||||||||||||||||||||||||||||||
Dividend price (in usd per share) | $ / shares | $ 22.85 | ||||||||||||||||||||||||||||||||
Stock Dividends To Series A Preferred Stock Shareholders [Member] | Successor [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Common shares declared for dividend (in shares) | 10,050,290 | ||||||||||||||||||||||||||||||||
Stock Dividends To Series A Preferred Stock Shareholders [Member] | Successor [Member] | Common Stock [Member] | Weighted Average [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 23.16 | ||||||||||||||||||||||||||||||||
Berggruen Acquisition Holdings IV Ltd [Member] | Successor [Member] | Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 1 | ||||||||||||||||||||||||||||||||
Private Placement [Member] | Successor [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 9,404,064 | 16,060,960 | 15,800,000 | ||||||||||||||||||||||||||||||
Offering expenses | $ | $ 13,800,000 | $ 300,000 | |||||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 25.59 | $ 25.59 | $ 25.59 | ||||||||||||||||||||||||||||||
Preferred stock outstanding | $ | $ 300,000,000 | ||||||||||||||||||||||||||||||||
Shares Issued In Connection With 401(k) Exchange Agreement [Member] | Successor [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Preferred stock outstanding | $ | $ 18,400,000 | ||||||||||||||||||||||||||||||||
Shares Issued In Connection With 401(k) Exchange Agreement [Member] | Successor [Member] | MacDermid [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of common shares in connection with Acquisition (in Shares) | 1,670,386 | ||||||||||||||||||||||||||||||||
Shares Issued In Connection With 401(k) Exchange Agreement [Member] | Successor [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 1,670,386 | ||||||||||||||||||||||||||||||||
Shares Issued In Connection With 401(k) Exchange Agreement [Member] | Successor [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Share price (in usd per share) | $ / shares | $ 11 | $ 11 | |||||||||||||||||||||||||||||||
Warrants and Rights Subject to Mandatory Redemption [Member] | Successor [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Warrant or right outstanding | 90,529,500 | 90,529,500 | |||||||||||||||||||||||||||||||
Warrant Exchange Offer [Member] | Successor [Member] | |||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||
Issuance of stock, shares (in Shares) | 13,462,280 | ||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net | $ | $ 141,000,000 | ||||||||||||||||||||||||||||||||
Sale of Stock (in usd per share) | $ / shares | $ 10.50 | $ 10.50 | |||||||||||||||||||||||||||||||
Warrants exchanged per common share | 3 | ||||||||||||||||||||||||||||||||
Warrants exchanged for common stock | 40,386,840 |
Accumulated Other Comprehens104
Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 0 | $ (130.6) | $ 1.3 |
Other comprehensive (loss) income before reclassifications, net | 1.3 | (755) | (131.9) |
Reclassifications, pretax | 0 | 0 | 0 |
Tax benefit reclassified | 0 | (0.5) | 0 |
Ending balance | 1.3 | (886.1) | (130.6) |
Accumulated Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (122.2) | (0.6) |
Other comprehensive (loss) income before reclassifications, net | (0.6) | (777.1) | (121.6) |
Reclassifications, pretax | 0 | 0 | 0 |
Tax benefit reclassified | 0 | 0 | 0 |
Ending balance | (0.6) | (899.3) | (122.2) |
Accumulated Defined Benefit Plans Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (14.9) | 1.8 |
Other comprehensive (loss) income before reclassifications, net | 1.8 | (10.9) | (16.7) |
Reclassifications, pretax | 0 | 0 | 0 |
Tax benefit reclassified | 0 | (0.5) | 0 |
Ending balance | 1.8 | (26.3) | (14.9) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0.1 | 0 |
Other comprehensive (loss) income before reclassifications, net | 0 | 1.1 | 0.1 |
Reclassifications, pretax | 0 | 0 | 0 |
Tax benefit reclassified | 0 | 0 | 0 |
Ending balance | 0 | 1.2 | 0.1 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | 0.1 |
Other comprehensive (loss) income before reclassifications, net | 0.1 | (8.1) | (0.1) |
Reclassifications, pretax | 0 | 0 | 0 |
Tax benefit reclassified | 0 | 0 | 0 |
Ending balance | 0.1 | (8.1) | 0 |
Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 6.4 | 0 |
Other comprehensive (loss) income before reclassifications, net | 0 | 40 | 6.4 |
Reclassifications, pretax | 0 | 0 | 0 |
Tax benefit reclassified | 0 | 0 | 0 |
Ending balance | $ 0 | $ 46.4 | $ 6.4 |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Weighted Average Shares Outstanding - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings Per Share [Abstract] | ||||||
Net loss attributable to common stockholders (a) | $ (308.6) | $ (262.6) | $ (194.2) | |||
Basic weighted average common shares outstanding (in shares) | 210.9 | 198.6 | 203.2 | 135.3 | 92.6 | |
share adjustments (in shares) | [1] | 0 | 0 | 0 | ||
Dilutive weighted average common shares outstanding (in shares) | 210.9 | 198.6 | 203.2 | 135.3 | 92.6 | |
Basic (in usd per share) | $ (0.66) | $ (0.89) | $ (1.52) | $ (1.94) | $ (2.10) | |
Diluted (in usd per share) | $ (0.66) | $ (0.89) | $ (1.52) | $ (1.94) | $ (2.10) | |
[1] | For the years ended December 31, 2015, and 2014, and the Successor 2013 Period, no share adjustments were included in the dilutive weighted average shares outstanding computation as their effect would have been anti-dilutive. For more information about such dilutive shares outstanding, refer to the table below. |
Earnings Per Share (Details 2)
Earnings Per Share (Details 2) - shares | 10 Months Ended | 12 Months Ended | ||
Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 35,770,000 | 23,026,000 | 16,248,000 | |
Contingently Issuable Shares For The Founder Preferred Share Dividend Right [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 1,239,000 | 10,453,000 | 0 | |
Shares Issualble Upon Conversion Of Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 0 | 0 | 16,248,000 | |
Shares Issuable Upon Conversion of PDH Non-controlling Interest [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 8,318,000 | 8,641,000 | 0 | |
Shares Issuable Upon Conversion Of Founder Preferred Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 2,000,000 | 2,000,000 | 0 | |
Shares Issuable Upon Conversion Of Series B Preferred Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 19,443,000 | 0 | 0 | |
Contingently Issuable for the Contingent Consideration [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 4,640,000 | 1,503,000 | 0 | |
Shares Issuable Upon Conversion Of 401K Exchange Rights [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 0 | 270,000 | 0 | |
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 55,000 | 89,000 | 0 | |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 74,000 | 70,000 | 0 | |
Shares Issuable Under Employee Stock Purchase Plan [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 1,000 | 0 | 0 | |
Predecessor [Member] | Share Adjustments [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted-average securities not included in computation of diluted shares outstanding (in shares) | 0 |
Operating Lease Commitments (De
Operating Lease Commitments (Details) - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Leased Assets [Line Items] | ||||
Total rent expense | $ 22.9 | $ 11.3 | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2,016 | 24.8 | |||
2,017 | 18.5 | |||
2,018 | 12.6 | |||
2,019 | 10.3 | |||
2,020 | 8.8 | |||
Thereafter | 22.5 | |||
Total | $ 97.5 | |||
Successor [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Total rent expense | $ 1.5 | |||
Predecessor [Member] | ||||
Capital Leased Assets [Line Items] | ||||
Total rent expense | $ 9.1 |
Contingencies, Environmental108
Contingencies, Environmental and Legal Matters (Details) - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Successor [Member] | ||||
Loss Contingencies [Line Items] | ||||
Legal settlement | $ 0 | $ 16 | $ 0 | |
Loss Contingency Accrual [Roll Forward] | ||||
AROs, beginning of period | 0 | 18.5 | 4.8 | |
Acquisitions | 4.8 | 0.4 | 13.2 | |
Additional obligations incurred | 0 | 0 | 0.5 | |
Accretion expense | 0 | 1 | 0.7 | |
Remeasurements | 0 | (0.2) | 0 | |
Payments/ settlements | 0 | (0.4) | (0.2) | |
Foreign currency adjustments | 0 | (1.8) | (0.5) | |
AROs, end of period | $ 4.8 | $ 17.5 | $ 18.5 | |
Predecessor [Member] | ||||
Loss Contingencies [Line Items] | ||||
Legal settlement | $ 0 | |||
Loss Contingency Accrual [Roll Forward] | ||||
AROs, beginning of period | 2.3 | |||
Acquisitions | 0 | |||
Additional obligations incurred | 0 | |||
Accretion expense | 0.1 | |||
Remeasurements | 0 | |||
Payments/ settlements | (0.1) | |||
Foreign currency adjustments | (0.1) | |||
AROs, end of period | $ 2.2 |
Contingencies, Environmental109
Contingencies, Environmental and Legal Matters (Details 2) £ in Millions, MXN in Millions, BRL in Millions, $ in Millions | Oct. 27, 2015USD ($)shares | Apr. 03, 2015USD ($) | Feb. 13, 2015USD ($)shares | Oct. 20, 2014shares | Feb. 28, 2015USD ($) | Nov. 30, 2011defendant | Jun. 30, 2009defendant | Dec. 31, 2015USD ($)employeedefendant | Dec. 31, 2015BRLemployeedefendant | Dec. 31, 2014USD ($) | Dec. 31, 2014MXN | Dec. 31, 2015$ / £ | Dec. 31, 2015GBP (£) | Dec. 31, 2015MXN / $ | Dec. 31, 2015BRL / $ | Dec. 31, 2015BRL |
Loss Contingencies [Line Items] | ||||||||||||||||
Reserves for environmental matters | $ 25.7 | $ 4.5 | ||||||||||||||
Estimate of possible loss in legal proceedings | 6.5 | 4.4 | ||||||||||||||
Potential litigation loss exchange rate | 1.4736 | 0.0581 | 0.2525 | |||||||||||||
Contest of tax assessment | 19 | BRL 75.2 | ||||||||||||||
Settled Litigation [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Amount awarded | $ 16 | |||||||||||||||
Alent [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Loss contingency reserve | 23.9 | £ 16.2 | ||||||||||||||
Arysta [Member] | Pending Litigation [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of defendants | defendant | 6 | 26 | ||||||||||||||
Compensation sought | 12.6 | BRL 50 | ||||||||||||||
Remediation amount sought | $ 17.9 | BRL 70.9 | ||||||||||||||
Agricola Colonet, SA de CV [Member] | Pending Litigation [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Compensation sought | $ 10.6 | MXN 182 | ||||||||||||||
Arysta [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Maximum share conversion (in shares) | shares | 22,107,590 | 22,107,590 | 22,107,590 | |||||||||||||
Maximum share conversion amount | $ 600 | |||||||||||||||
Volume weighted average price period | 10 days | 10 days | ||||||||||||||
Arysta [Member] | Series B Preferred Stock [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Series B preferred stock issued (in shares) | $ 600 | |||||||||||||||
Health Problems From Employment Site [Member] | Arysta [Member] | Pending Litigation [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Number of defendants | defendant | 80 | 80 | ||||||||||||||
Compensation sought | $ 43.8 | BRL 173.3 | ||||||||||||||
Number of former employees | employee | 13 | 13 | ||||||||||||||
MacDermid [Member] | Pending Litigation [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Legal settlement | $ 64.7 | |||||||||||||||
MacDermid [Member] | Settled Litigation [Member] | ||||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||
Legal settlement | $ 25 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | |||
Short-term borrowings | $ 16.7 | $ 0 | |
Total assets | $ 10,190.2 | $ 8,059 | $ 4,547.3 |
Variable Interest Entity, Primary Beneficiary [Member] | Subsidiaries [Member] | |||
Variable Interest Entity [Line Items] | |||
Interest in entity | 45.00% | ||
Variable Interest Entity, Primary Beneficiary [Member] | Saphyto S.A. [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity of equity method investee | $ 4 | ||
Short-term borrowings | 0.3 | ||
Total assets | $ 12.8 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Saphyto S.A. [Member] | Sale Of Platform Products [Member] | Product Concentration Risk [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of sales that are Platform products | 81.00% | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | Minority Shareholder Of SPIA [Member] | |||
Variable Interest Entity [Line Items] | |||
Interest in entity | 50.90% | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | SPIA [Member] | |||
Variable Interest Entity [Line Items] | |||
Equity of equity method investee | $ 4.4 | ||
Ownership percentage of equity investment | 31.95% | ||
Equity method investment on balance sheet | $ 1.4 | ||
Total assets | $ 6.4 | ||
Variable Interest Entity, Not Primary Beneficiary [Member] | SPIA [Member] | Sale Of Platform Products [Member] | Product Concentration Risk [Member] | |||
Variable Interest Entity [Line Items] | |||
Percentage of sales that are Platform products | 90.00% |
Variable Interest Entities (111
Variable Interest Entities (Details 2) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | ||
Variable Interest Entity [Line Items] | |||||
Other current assets | $ 100.3 | $ 31.6 | |||
Property, plant, and equipment | 491.6 | [1] | $ 266.9 | 178.6 | [1] |
Other assets | 91.9 | 79.1 | 45.4 | ||
Total assets | 10,190.2 | 8,059 | 4,547.3 | ||
Current liabilities | 1,062.4 | 966.1 | 240.7 | ||
Total liabilities | 7,271 | $ 5,162.6 | $ 1,994.7 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Saphyto S.A. [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Cash and cash equivalents | 1.2 | ||||
Other current assets | 9.9 | ||||
Property, plant, and equipment | 1.4 | ||||
Other assets | 0.3 | ||||
Total assets | 12.8 | ||||
Current liabilities | 8.8 | ||||
Total liabilities | $ 8.8 | ||||
[1] | Long-lived assets represent property, plant and equipment, net. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 14, 2015 | Feb. 13, 2015 | Feb. 12, 2015 | May. 20, 2014 | Oct. 31, 2013 | Aug. 26, 2013 | Nov. 30, 2014 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 27, 2015 | Nov. 06, 2014 | Jan. 23, 2014 |
Related Party Transaction [Line Items] | |||||||||||||
Noncontrolling interest percentage | 6.25% | 6.67% | |||||||||||
Share price (in usd per share) | $ 12.83 | $ 0.01 | |||||||||||
MacDermid [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Price exchange rate (in usd per share) | $ 11 | $ 11 | |||||||||||
Contingent purchase payable | $ 100 | $ 100 | |||||||||||
Price performance metrics period | 7 years | 7 years | |||||||||||
Arysta [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Aggregate dividend payable | $ 4 | ||||||||||||
Cash, net | $ 2,856.2 | ||||||||||||
Mariposa Capital [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Agreement renewal period | 90 days | ||||||||||||
Effective termination date after expiration of agreement term | 6 months | ||||||||||||
Related party transaction expense | $ 2 | $ 0.4 | |||||||||||
Blue Ridge Limited Partnership [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Issuance of stock, shares (in Shares) | 1,000,000 | ||||||||||||
Share price (in usd per share) | $ 19 | ||||||||||||
Annual Fees [Member] | Mariposa Capital [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Annual fee | $ 2 | ||||||||||||
Interest On Credit Facilities Of Mac Dermid [Member] | MacDermid [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Other payments to acquire businesses | 5 | ||||||||||||
Predecessor [Member] | Court Square [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management Fee Expense | 7.5 | ||||||||||||
Predecessor [Member] | Weston Presidio [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management Fee Expense | $ 1.7 | ||||||||||||
Predecessor [Member] | Loan In Exchange For Promissory Note [Member] | Officer [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Annual fee | $ 0.3 | ||||||||||||
Related party transaction, rate | 1.00% | ||||||||||||
Equity Held By Mac Dermid Employee Shares [Member] | MacDermid [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Cash, net | $ 33.3 | ||||||||||||
Common Stock [Member] | MacDermid [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Contractual share lock-up percentage | 25.00% | ||||||||||||
Common Stock [Member] | Daniel H. Leever [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Shares available for conversion (in shares) | 3,000,000 | ||||||||||||
Private Placement [Member] | Blue Ridge Limited Partnership [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Ownership percentage | 5.00% | ||||||||||||
Issuance of stock, shares (in Shares) | 1,953,888 | ||||||||||||
Share price (in usd per share) | $ 25.59 | ||||||||||||
Private Placement [Member] | Pershing Square [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Share price (in usd per share) | $ 25.59 | ||||||||||||
Private Placement [Member] | Annual Fees [Member] | Pershing Square [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Sale of Stock, Number of Shares Issued in Transaction | 9,404,064 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Current Liabilities [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring liabilities | $ 1.1 | $ 1.6 | ||
Successor [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.8 | 25.3 | 3 | |
Successor [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 6.3 | 0 | |
Successor [Member] | Selling, Technical, General And Administrative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0.8 | 19 | 3 | |
Successor [Member] | Performance Applications [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0.8 | 6.9 | 1.5 | |
Successor [Member] | Agricultural Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 | $ 18.4 | $ 1.5 | |
Predecessor [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 3.6 | |||
Predecessor [Member] | Cost of Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | |||
Predecessor [Member] | Selling, Technical, General And Administrative [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3.6 | |||
Predecessor [Member] | Performance Applications [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 3.6 | |||
Predecessor [Member] | Agricultural Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||||||
Other Nonoperating Income (Expense) | $ 1.4 | $ 19.8 | |||||
Successor [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Legal settlement | $ 0 | $ 17.7 | $ 0 | ||||
Sale of intellectual property and product rights | 0 | 6.1 | 0 | ||||
Acquisition put option settlement | 0 | 3 | 0 | ||||
Other income (expense), net | 0.1 | 3.6 | (0.2) | ||||
Other Nonoperating Income (Expense) | $ 0.1 | $ 0.1 | $ 30.4 | $ (0.2) | |||
Predecessor [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Legal settlement | $ 0 | ||||||
Sale of intellectual property and product rights | 0 | ||||||
Acquisition put option settlement | 0 | ||||||
Other income (expense), net | (0.7) | ||||||
Other Nonoperating Income (Expense) | $ (0.7) |
Accrued Expenses And Other C115
Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | |||
Accrued customer rebates and sales incentives | $ 120.7 | $ 129 | $ 9.9 |
Financial guarantees and factoring | 71.1 | 0 | |
Accrued acquisition payable | 0 | 14.3 | |
Other current liabilities | 222.4 | 48.6 | |
Other Accrued Liabilities, Current | $ 414.2 | $ 72.8 |
Note Receivable (Details)
Note Receivable (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | ||
Dec. 31, 2015 | Feb. 01, 2016 | Oct. 28, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Short-term recourse loan | $ 125 | $ 0 | ||
Notes Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Short-term recourse loan | $ 125 | |||
Interest, net | $ 2.4 | |||
Subsequent Event [Member] | Notes Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Note receivable interest rate | 11.00% |
Subsequent Events (Details)
Subsequent Events (Details) - OMG [Member] - USD ($) $ in Millions | Jan. 31, 2016 | Oct. 28, 2015 |
Subsequent Event [Line Items] | ||
Total Consideration | $ 236.5 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Total Consideration | $ 125 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Dec. 31, 2015segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information (Details) -
Segment Information (Details) - Financial Information Regarding Each Reportable Segment - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [1] | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Sales: | ||||||||||||||||||||
Consolidated net sales | $ 597.3 | $ 1,807.3 | ||||||||||||||||||
Successor [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Consolidated net sales | $ 0 | $ 735.1 | $ 597.3 | $ 675.1 | $ 534.8 | $ 273.6 | $ 196.8 | $ 189.1 | $ 183.7 | $ 118.2 | $ 0 | $ 118.2 | $ 118.2 | $ 2,542.3 | $ 843.2 | |||||
Depreciation and amortization: | ||||||||||||||||||||
Consolidated depreciation and amortization | 12.8 | $ 12.8 | 251 | 88 | ||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||
Adjusted EBITDA | 27.4 | 567.6 | 212.2 | |||||||||||||||||
Successor [Member] | Performance Materials [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Consolidated net sales | 118.2 | 800.8 | 755.2 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Consolidated depreciation and amortization | 12.8 | 80 | 76.3 | |||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||
Adjusted EBITDA | 27.4 | 224.3 | 196.2 | |||||||||||||||||
Successor [Member] | ArgoSolutions [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Consolidated net sales | 0 | 1,741.5 | 88 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Consolidated depreciation and amortization | 0 | 171 | 11.7 | |||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||
Adjusted EBITDA | $ 0 | $ 343.3 | $ 16 | |||||||||||||||||
Predecessor [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Consolidated net sales | $ 67.2 | $ 188.4 | $ 190 | $ 182.1 | $ 627.7 | |||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Consolidated depreciation and amortization | 32.8 | |||||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||
Adjusted EBITDA | 152.7 | |||||||||||||||||||
Predecessor [Member] | Performance Materials [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Consolidated net sales | 627.7 | |||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Consolidated depreciation and amortization | 32.8 | |||||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||
Adjusted EBITDA | 152.7 | |||||||||||||||||||
Predecessor [Member] | ArgoSolutions [Member] | ||||||||||||||||||||
Net Sales: | ||||||||||||||||||||
Consolidated net sales | 0 | |||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Consolidated depreciation and amortization | 0 | |||||||||||||||||||
Adjusted EBITDA | ||||||||||||||||||||
Adjusted EBITDA | $ 0 | |||||||||||||||||||
[1] | Platform's fourth quarter includes the results of MacDermid from November 1, 2013 through December 31, 2013. |
Segment Information (Details120
Segment Information (Details) - Reconciliation of Net (Loss) Income Attributable to Common Shareholders to Adjusted EBITDA - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2015 | [1] | Sep. 30, 2015 | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [2] | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Adjustments to reconcile to net (loss) income attributable to stockholders: | ||||||||||||||||||||||||
(Loss) income before income taxes and non-controlling interest | $ (104.2) | $ (115.1) | ||||||||||||||||||||||
Income tax (expense) benefit | (35.4) | (59.8) | ||||||||||||||||||||||
Net (income) loss attributable to the non-controlling interests | (0.5) | (4) | ||||||||||||||||||||||
Net (loss) income attributable to stockholders | (140.1) | $ (178.9) | ||||||||||||||||||||||
Successor [Member] | ||||||||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||||||
Adjusted EBITDA | $ 27.4 | $ 567.6 | $ 212.2 | |||||||||||||||||||||
Adjustments to reconcile to net (loss) income attributable to stockholders: | ||||||||||||||||||||||||
Interest expense | (5.5) | (222.5) | (38.7) | |||||||||||||||||||||
Depreciation and amortization expense | (12.8) | $ (12.8) | (251) | (88) | ||||||||||||||||||||
Non-cash charges related to preferred dividend rights | (172) | (172) | 0 | 0 | ||||||||||||||||||||
Legal settlement | 0 | 16 | 0 | |||||||||||||||||||||
Acquisition put option settlement | 0 | 3 | 0 | |||||||||||||||||||||
Restructuring and related expenses | (3.5) | (54.8) | (3) | |||||||||||||||||||||
Manufacturer's profit in inventory adjustment | (23.9) | (23.9) | (76.5) | (35.5) | ||||||||||||||||||||
Non-cash fair value adjustment to contingent consideration | 0.7 | 0.7 | (6.8) | (29.1) | ||||||||||||||||||||
Acquisition transaction costs | (15.2) | (92.9) | (47.8) | |||||||||||||||||||||
Debt extinguishment | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Foreign exchange loss on foreign denominated external and internal debt | 0 | (46.4) | (1.1) | |||||||||||||||||||||
Fair value loss on foreign exchange forward contract | 0 | (73.7) | 0.3 | |||||||||||||||||||||
Other income | 3.4 | 8.7 | (0.2) | |||||||||||||||||||||
(Loss) income before income taxes and non-controlling interest | (201.4) | (201.4) | (229.3) | (30.9) | ||||||||||||||||||||
Income tax (expense) benefit | 5.8 | 5.8 | (75.1) | 6.7 | ||||||||||||||||||||
Net (income) loss attributable to the non-controlling interests | 1.4 | 1.4 | (4.2) | (5.7) | ||||||||||||||||||||
Net (loss) income attributable to stockholders | $ (0.1) | $ (129.6) | $ (140.1) | [1] | $ (12.2) | $ (26.7) | $ (34) | $ 11.9 | $ (0.4) | $ (7.4) | $ (189.4) | $ (4.7) | $ (194.2) | $ (194.2) | $ (308.6) | $ (29.9) | ||||||||
Predecessor [Member] | ||||||||||||||||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||||||||||||||||||||||
Adjusted EBITDA | $ 152.7 | |||||||||||||||||||||||
Adjustments to reconcile to net (loss) income attributable to stockholders: | ||||||||||||||||||||||||
Interest expense | (46.3) | |||||||||||||||||||||||
Depreciation and amortization expense | (32.8) | |||||||||||||||||||||||
Non-cash charges related to preferred dividend rights | 0 | |||||||||||||||||||||||
Legal settlement | 0 | |||||||||||||||||||||||
Acquisition put option settlement | 0 | |||||||||||||||||||||||
Restructuring and related expenses | (4.5) | |||||||||||||||||||||||
Manufacturer's profit in inventory adjustment | 0 | |||||||||||||||||||||||
Non-cash fair value adjustment to contingent consideration | 0 | |||||||||||||||||||||||
Acquisition transaction costs | (16.9) | |||||||||||||||||||||||
Debt extinguishment | (18.8) | |||||||||||||||||||||||
Foreign exchange loss on foreign denominated external and internal debt | 0 | |||||||||||||||||||||||
Fair value loss on foreign exchange forward contract | 0 | |||||||||||||||||||||||
Other income | (6.9) | |||||||||||||||||||||||
(Loss) income before income taxes and non-controlling interest | 26.5 | |||||||||||||||||||||||
Income tax (expense) benefit | (13) | |||||||||||||||||||||||
Net (income) loss attributable to the non-controlling interests | (0.3) | |||||||||||||||||||||||
Net (loss) income attributable to stockholders | $ (10.6) | $ 14.5 | $ (5.9) | $ 15.2 | $ 13.2 | |||||||||||||||||||
[1] | In connection with the preparation of the Company's Consolidated Financial Statements for the year ended December 31, 2015, the Company identified an error related to its income tax provision for the quarter ended September 30, 2015. For more information, see Note 26, Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited), to the Consolidated Financial Statements. | |||||||||||||||||||||||
[2] | Platform's fourth quarter includes the results of MacDermid from November 1, 2013 through December 31, 2013. |
Segment Information (Details121
Segment Information (Details) - Countries Representing 10% or More in Net Sales and Long-Lived Assets - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [1] | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Sales | ||||||||||||||||||||
Consolidated net sales | $ 597.3 | $ 1,807.3 | ||||||||||||||||||
Successor [Member] | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | $ 0 | $ 735.1 | $ 597.3 | $ 675.1 | $ 534.8 | $ 273.6 | $ 196.8 | $ 189.1 | $ 183.7 | $ 118.2 | $ 0 | $ 118.2 | $ 118.2 | $ 2,542.3 | $ 843.2 | |||||
Successor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | UNITED STATES | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 31.5 | 474.6 | 217.4 | |||||||||||||||||
Successor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | BRAZIL | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 7.4 | 380.6 | 70.9 | |||||||||||||||||
Successor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | FRANCE | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 8.3 | 196.8 | 64.3 | |||||||||||||||||
Successor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | JAPAN | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 3.6 | 166.6 | 22.9 | |||||||||||||||||
Successor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | CHINA | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 13.5 | 108.3 | 87.8 | |||||||||||||||||
Successor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | UNITED KINGDOM | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 17.8 | 127.3 | 119.1 | |||||||||||||||||
Successor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Other Countries [Member] | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 36.1 | 1,088.1 | 260.8 | |||||||||||||||||
Successor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Foreign Sales [Member] | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | $ 86.7 | $ 2,067.7 | $ 625.8 | |||||||||||||||||
Predecessor [Member] | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | $ 67.2 | $ 188.4 | $ 190 | $ 182.1 | $ 627.7 | |||||||||||||||
Predecessor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | UNITED STATES | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 176.4 | |||||||||||||||||||
Predecessor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | BRAZIL | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 45.7 | |||||||||||||||||||
Predecessor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | FRANCE | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 44.8 | |||||||||||||||||||
Predecessor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | JAPAN | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 20 | |||||||||||||||||||
Predecessor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | CHINA | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 64.2 | |||||||||||||||||||
Predecessor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | UNITED KINGDOM | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 93.4 | |||||||||||||||||||
Predecessor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Other Countries [Member] | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | 183.2 | |||||||||||||||||||
Predecessor [Member] | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Foreign Sales [Member] | ||||||||||||||||||||
Net Sales | ||||||||||||||||||||
Consolidated net sales | $ 451.3 | |||||||||||||||||||
[1] | Platform's fourth quarter includes the results of MacDermid from November 1, 2013 through December 31, 2013. |
Segment Information (Details122
Segment Information (Details) - Long-lived Assets by Country - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |||
Long lived assets, net (1) | ||||||
Property, plant, and equipment | $ 491.6 | [1] | $ 266.9 | $ 178.6 | [1] | |
UNITED STATES | ||||||
Long lived assets, net (1) | ||||||
Property, plant, and equipment | [1] | 213.4 | 67 | |||
BELGIUM | ||||||
Long lived assets, net (1) | ||||||
Property, plant, and equipment | [1] | 33 | 0.3 | |||
CHINA | ||||||
Long lived assets, net (1) | ||||||
Property, plant, and equipment | [1] | 55 | 11.2 | |||
UNITED KINGDOM | ||||||
Long lived assets, net (1) | ||||||
Property, plant, and equipment | [1] | 33.6 | 28 | |||
Other Countries [Member] | ||||||
Long lived assets, net (1) | ||||||
Property, plant, and equipment | [1] | 156.6 | 72.1 | |||
Foreign [Member] | ||||||
Long lived assets, net (1) | ||||||
Property, plant, and equipment | [1] | $ 278.2 | $ 111.6 | |||
[1] | Long-lived assets represent property, plant and equipment, net. |
Segment Information (Details123
Segment Information (Details) - External Party Sales by Product - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [1] | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Performance Materials | |||||||||||||||||||||
External party sales | $ 597.3 | $ 1,807.3 | |||||||||||||||||||
Successor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | $ 0 | $ 735.1 | $ 597.3 | $ 675.1 | $ 534.8 | $ 273.6 | $ 196.8 | $ 189.1 | $ 183.7 | $ 118.2 | $ 0 | $ 118.2 | $ 118.2 | $ 2,542.3 | $ 843.2 | ||||||
Predecessor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | $ 67.2 | $ 188.4 | $ 190 | $ 182.1 | $ 627.7 | ||||||||||||||||
Performance Materials [Member] | Successor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | 118.2 | 800.8 | 755.2 | ||||||||||||||||||
Performance Materials [Member] | Predecessor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | 627.7 | ||||||||||||||||||||
Agro Solutions [Member] | Successor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | [2] | 0 | 1,741.5 | 88 | |||||||||||||||||
Agro Solutions [Member] | Predecessor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | [2] | 0 | |||||||||||||||||||
Industrial Group [Member] | Performance Materials [Member] | Successor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | 67.7 | 387 | 429.4 | ||||||||||||||||||
Industrial Group [Member] | Performance Materials [Member] | Predecessor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | 353.4 | ||||||||||||||||||||
Electronic Group [Member] | Performance Materials [Member] | Successor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | 24.9 | 198.8 | 159.9 | ||||||||||||||||||
Electronic Group [Member] | Performance Materials [Member] | Predecessor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | 128.4 | ||||||||||||||||||||
Graphic Solutions [Member] | Performance Materials [Member] | Successor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | 25.6 | 173.9 | 165.9 | ||||||||||||||||||
Graphic Solutions [Member] | Performance Materials [Member] | Predecessor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | 145.9 | ||||||||||||||||||||
Assembly Materials Group [Member] | Performance Materials [Member] | Successor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | $ 0 | $ 41.1 | $ 0 | ||||||||||||||||||
Assembly Materials Group [Member] | Performance Materials [Member] | Predecessor [Member] | |||||||||||||||||||||
Performance Materials | |||||||||||||||||||||
External party sales | $ 0 | ||||||||||||||||||||
[1] | Platform's fourth quarter includes the results of MacDermid from November 1, 2013 through December 31, 2013. | ||||||||||||||||||||
[2] | Agricultural Solutions product offerings are comprised of five major global product lines: fungicides and biofungicides; herbicides; insecticides, bioinsecticides and acaricides; biostimulants and innovative nutrition; and seed treatments. However, the segment manages and reports sales on a regional basis, making it impractical to present such data by product line. |
Supplementary Data (Details) -
Supplementary Data (Details) - Selected Quarterly Financial Data (Unaudited) - USD ($) $ / shares in Units, $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | [1] | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2015 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Net sales | $ 597.3 | $ 1,807.3 | |||||||||||||||||||||||||||||
Gross profit | 242.7 | 718.5 | |||||||||||||||||||||||||||||
Net loss attributable to stockholders (a) | $ (140.1) | $ (178.9) | |||||||||||||||||||||||||||||
Net loss attributable to common stockholders (a) | $ (308.6) | $ (262.6) | $ (194.2) | ||||||||||||||||||||||||||||
Basic (in usd per share) | $ (0.66) | $ (0.89) | $ (1.52) | $ (1.94) | $ (2.10) | ||||||||||||||||||||||||||
Diluted (in usd per share) | $ (0.66) | $ (0.89) | $ (1.52) | $ (1.94) | $ (2.10) | ||||||||||||||||||||||||||
Overstatement of net deferred tax assets | $ 29.4 | $ 25.2 | $ 29.4 | $ 25.2 | |||||||||||||||||||||||||||
Predecessor [Member] | |||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Net sales | $ 67.2 | $ 188.4 | $ 190 | $ 182.1 | $ 627.7 | ||||||||||||||||||||||||||
Gross profit | 34 | 99 | 96.5 | 93.3 | 322.8 | ||||||||||||||||||||||||||
Net loss attributable to stockholders (a) | (10.6) | 14.5 | $ (5.9) | $ 15.2 | 13.2 | ||||||||||||||||||||||||||
Net loss attributable to common stockholders (a) | $ (9.2) | ||||||||||||||||||||||||||||||
Successor [Member] | |||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Net sales | $ 0 | 735.1 | $ 597.3 | $ 675.1 | $ 534.8 | 273.6 | $ 196.8 | $ 189.1 | $ 183.7 | 118.2 | 0 | $ 118.2 | $ 118.2 | 2,542.3 | 843.2 | ||||||||||||||||
Gross profit | 0 | 273.5 | 242.7 | 268.6 | 207.1 | 112.5 | 103.2 | 96.7 | 84.2 | 35.7 | 0 | 35.7 | 991.9 | 396.6 | |||||||||||||||||
Net loss attributable to stockholders (a) | (0.1) | (129.6) | [2] | (140.1) | [2] | (12.2) | [2] | (26.7) | [2] | (34) | 11.9 | (0.4) | (7.4) | (189.4) | (4.7) | $ (194.2) | (194.2) | (308.6) | (29.9) | ||||||||||||
Net loss attributable to common stockholders (a) | $ (0.1) | $ (129.6) | [2] | $ (140.1) | [2] | $ (12.2) | [2] | $ (26.7) | [2] | $ (266.7) | $ 11.9 | $ (0.4) | $ (7.4) | $ (189.4) | $ (4.7) | $ (194.2) | $ (308.6) | $ (262.6) | |||||||||||||
Basic (in usd per share) | $ 0 | [3] | $ (0.60) | [2],[3] | $ (0.66) | [2],[3] | $ (0.06) | [2],[3] | $ (0.14) | [2],[3] | $ (1.59) | [3] | $ 0.09 | [3] | $ 0 | [3] | $ (0.07) | [3] | $ (2.05) | [3] | $ (0.05) | [3] | $ (2.10) | $ (1.52) | $ (1.94) | ||||||
Diluted (in usd per share) | $ 0 | [3] | $ (0.60) | [2],[3] | $ (0.66) | [2],[3] | $ (0.06) | [2],[3] | $ (0.14) | [2],[3] | $ (1.59) | [3] | $ 0.08 | [3] | $ 0 | [3] | $ (0.07) | [3] | $ (2.05) | [3] | $ (0.05) | [3] | $ (2.10) | $ (1.52) | $ (1.94) | ||||||
Restatement Adjustment [Member] | |||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||
Net sales | $ 0 | $ 0 | |||||||||||||||||||||||||||||
Gross profit | 0 | 0 | |||||||||||||||||||||||||||||
Net loss attributable to stockholders (a) | $ (17.8) | $ (17.8) | |||||||||||||||||||||||||||||
Basic (in usd per share) | $ (0.08) | $ (0.08) | |||||||||||||||||||||||||||||
Diluted (in usd per share) | $ (0.08) | $ (0.08) | |||||||||||||||||||||||||||||
[1] | Platform's fourth quarter includes the results of MacDermid from November 1, 2013 through December 31, 2013. | ||||||||||||||||||||||||||||||
[2] | In connection with the preparation of the Company's Consolidated Financial Statements for the year ended December 31, 2015, the Company identified an error related to its income tax provision for the quarter ended September 30, 2015. For more information, see Note 26, Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited), to the Consolidated Financial Statements. | ||||||||||||||||||||||||||||||
[3] | Earnings per share calculations for each quarter are based on the weighted average number of shares outstanding for each period. As MacDermid was not a Registrant prior to the Successor 2013 Period, no earnings per share data is presented. |
Valuation and Qualifying Acc125
Valuation and Qualifying Accounts and Reserves (Details) - Valuation and Qualifying Accounts and Reserves - USD ($) $ in Millions | 8 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Successor [Member] | Valuation Allowance of Deferred Tax Assets [Member] | |||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||
Balance at beginning of period | $ 0 | $ (19.7) | $ (15.8) | ||||
Charges to costs and expense | 0.9 | (72.6) | (2) | ||||
Deductions from reserves and other | (16.7) | (311.3) | (1.9) | ||||
Balance at end of period | (15.8) | (403.6) | (19.7) | ||||
Successor [Member] | Allowance for Doubtful Accounts [Member] | |||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||
Balance at beginning of period | [2] | 0 | [1] | (9.6) | (10.1) | [1] | |
Charges to costs and expense | [2] | (0.3) | [1] | (9.2) | (1.2) | ||
Deductions from reserves and other | [2] | (9.8) | [1] | 4.4 | 1.7 | ||
Balance at end of period | [2] | $ (10.1) | [1] | $ (14.4) | $ (9.6) | ||
Predecessor [Member] | Valuation Allowance of Deferred Tax Assets [Member] | |||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||
Balance at beginning of period | $ (41.4) | ||||||
Charges to costs and expense | (3.6) | ||||||
Deductions from reserves and other | 0 | ||||||
Balance at end of period | (45) | ||||||
Predecessor [Member] | Allowance for Doubtful Accounts [Member] | |||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||
Balance at beginning of period | [2] | (8.8) | |||||
Charges to costs and expense | [2] | (2.1) | |||||
Deductions from reserves and other | [2] | 0.5 | |||||
Balance at end of period | [2] | $ (10.4) | |||||
[1] | Included in "Deductions from reserves and other" for the period ended December 31, 2013 are principally opening balances resulting from the MacDermid Acquisition, and foreign currency translations for the remaining periods presented. | ||||||
[2] | Principally consisting of reserves for uncollectible accounts and sales returns and allowances. |
Restatement of Unaudited Con126
Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Condensed Statements of Operations | |||||
Income tax (expense) benefit | $ (35.4) | $ (59.8) | |||
Net (loss) income | (139.6) | (174.9) | |||
Net loss attributable to stockholders (a) | $ (140.1) | $ (178.9) | |||
Earnings per share | |||||
Basic (in usd per share) | $ (0.66) | $ (0.89) | $ (1.52) | $ (1.94) | $ (2.10) |
Diluted (in usd per share) | $ (0.66) | $ (0.89) | $ (1.52) | $ (1.94) | $ (2.10) |
Consolidated Condensed Balance Sheets | |||||
Prepaid expenses and other current assets | $ 200.5 | $ 200.5 | |||
Total current assets | 2,293.1 | 2,293.1 | $ 2,270.5 | $ 1,576.5 | |
Other assets | 79.1 | 79.1 | 91.9 | 45.4 | |
Total assets | 8,059 | 8,059 | 10,190.2 | 4,547.3 | |
Liabilities & Stockholders' Equity | |||||
Accrued income taxes payable | 103.7 | 103.7 | 65.1 | 16.7 | |
Current liabilities | 966.1 | 966.1 | 1,062.4 | 240.7 | |
Total liabilities | 5,162.6 | 5,162.6 | 7,271 | 1,994.7 | |
Accumulated deficit | (403) | (403) | (532.7) | (224.1) | |
Total stockholders' equity | 2,145 | 2,145 | 2,103.9 | 2,459.6 | |
Total equity | 2,250.5 | 2,250.5 | 2,273.3 | 2,552.6 | |
Liabilities and Equity | 8,059 | 8,059 | $ 10,190.2 | $ 4,547.3 | |
Scenario, Previously Reported [Member] | |||||
Consolidated Condensed Statements of Operations | |||||
Income tax (expense) benefit | (17.6) | (42) | |||
Net (loss) income | (121.8) | (157.1) | |||
Net loss attributable to stockholders (a) | $ (122.3) | $ (161.1) | |||
Earnings per share | |||||
Basic (in usd per share) | $ (0.58) | $ (0.81) | |||
Diluted (in usd per share) | $ (0.58) | $ (0.81) | |||
Consolidated Condensed Balance Sheets | |||||
Prepaid expenses and other current assets | $ 220.1 | $ 220.1 | |||
Total current assets | 2,312.7 | 2,312.7 | |||
Other assets | 76.3 | 76.3 | |||
Total assets | 8,075.8 | 8,075.8 | |||
Liabilities & Stockholders' Equity | |||||
Accrued income taxes payable | 102.7 | 102.7 | |||
Current liabilities | 965.1 | 965.1 | |||
Total liabilities | 5,161.6 | 5,161.6 | |||
Accumulated deficit | (385.2) | (385.2) | |||
Total stockholders' equity | 2,162.8 | 2,162.8 | |||
Total equity | 2,268.3 | 2,268.3 | |||
Liabilities and Equity | 8,075.8 | 8,075.8 | |||
Restatement Adjustment [Member] | |||||
Consolidated Condensed Statements of Operations | |||||
Income tax (expense) benefit | (17.8) | (17.8) | |||
Net (loss) income | (17.8) | (17.8) | |||
Net loss attributable to stockholders (a) | $ (17.8) | $ (17.8) | |||
Earnings per share | |||||
Basic (in usd per share) | $ (0.08) | $ (0.08) | |||
Diluted (in usd per share) | $ (0.08) | $ (0.08) | |||
Consolidated Condensed Balance Sheets | |||||
Prepaid expenses and other current assets | $ (19.6) | $ (19.6) | |||
Total current assets | (19.6) | (19.6) | |||
Other assets | 2.8 | 2.8 | |||
Total assets | (16.8) | (16.8) | |||
Liabilities & Stockholders' Equity | |||||
Accrued income taxes payable | 1 | 1 | |||
Current liabilities | 1 | 1 | |||
Total liabilities | 1 | 1 | |||
Accumulated deficit | (17.8) | (17.8) | |||
Total stockholders' equity | (17.8) | (17.8) | |||
Total equity | (17.8) | (17.8) | |||
Liabilities and Equity | $ (16.8) | $ (16.8) |
Restatement of Unaudited Con127
Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) - Income Statement (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating expenses: | |||||
Net sales | $ 597.3 | $ 1,807.3 | |||
Cost of sales | 354.6 | 1,088.8 | |||
Gross profit | 242.7 | 718.5 | |||
Selling, technical, general and administrative | 194.8 | 593.2 | |||
Research and development | 16.6 | 47.8 | |||
Total operating expenses | 211.4 | 641 | |||
Operating Income (Loss) | 31.3 | 77.5 | |||
Other (expense) income: | |||||
Interest Income (Expense), Net | (52.7) | (143.2) | |||
Derivative, Loss on Derivative | (47.3) | (49.9) | |||
Foreign Currency Transaction Gain (Loss), before Tax | (36.9) | (19.3) | |||
Other income (expense), net | 1.4 | 19.8 | |||
Total other expense | (135.5) | (192.6) | |||
(Loss) income before income taxes and non-controlling interest | (104.2) | (115.1) | |||
Income tax (expense) benefit | (35.4) | (59.8) | |||
Net (loss) income | (139.6) | (174.9) | |||
Net (income) loss attributable to the non-controlling interests | (0.5) | (4) | |||
Net (loss) income attributable to stockholders | $ (140.1) | $ (178.9) | |||
(Loss) earnings per share | |||||
Basic (in usd per share) | $ (0.66) | $ (0.89) | $ (1.52) | $ (1.94) | $ (2.10) |
Diluted (in usd per share) | $ (0.66) | $ (0.89) | $ (1.52) | $ (1.94) | $ (2.10) |
Weighted average shares outstanding | |||||
Basic (in Shares) | 210.9 | 198.6 | 203.2 | 135.3 | 92.6 |
Weighted Average Number of Shares Outstanding, Diluted | 210.9 | 198.6 | 203.2 | 135.3 | 92.6 |
Scenario, Previously Reported [Member] | |||||
Operating expenses: | |||||
Net sales | $ 597.3 | $ 1,807.3 | |||
Cost of sales | 354.6 | 1,088.8 | |||
Gross profit | 242.7 | 718.5 | |||
Selling, technical, general and administrative | 194.8 | 593.2 | |||
Research and development | 16.6 | 47.8 | |||
Total operating expenses | 211.4 | 641 | |||
Operating Income (Loss) | 31.3 | 77.5 | |||
Other (expense) income: | |||||
Interest Income (Expense), Net | (52.7) | (143.2) | |||
Derivative, Loss on Derivative | (47.3) | (49.9) | |||
Foreign Currency Transaction Gain (Loss), before Tax | (36.9) | (19.3) | |||
Other income (expense), net | 1.4 | 19.8 | |||
Total other expense | (135.5) | (192.6) | |||
(Loss) income before income taxes and non-controlling interest | (104.2) | (115.1) | |||
Income tax (expense) benefit | (17.6) | (42) | |||
Net (loss) income | (121.8) | (157.1) | |||
Net (income) loss attributable to the non-controlling interests | (0.5) | (4) | |||
Net (loss) income attributable to stockholders | $ (122.3) | $ (161.1) | |||
(Loss) earnings per share | |||||
Basic (in usd per share) | $ (0.58) | $ (0.81) | |||
Diluted (in usd per share) | $ (0.58) | $ (0.81) | |||
Weighted average shares outstanding | |||||
Basic (in Shares) | 210.9 | 198.6 | |||
Weighted Average Number of Shares Outstanding, Diluted | 210.9 | 198.6 | |||
Restatement Adjustment [Member] | |||||
Operating expenses: | |||||
Net sales | $ 0 | $ 0 | |||
Cost of sales | 0 | 0 | |||
Gross profit | 0 | 0 | |||
Selling, technical, general and administrative | 0 | 0 | |||
Research and development | 0 | 0 | |||
Total operating expenses | 0 | 0 | |||
Operating Income (Loss) | 0 | 0 | |||
Other (expense) income: | |||||
Interest Income (Expense), Net | 0 | 0 | |||
Derivative, Loss on Derivative | 0 | 0 | |||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | |||
Other income (expense), net | 0 | 0 | |||
Total other expense | 0 | 0 | |||
(Loss) income before income taxes and non-controlling interest | 0 | 0 | |||
Income tax (expense) benefit | (17.8) | (17.8) | |||
Net (loss) income | (17.8) | (17.8) | |||
Net (income) loss attributable to the non-controlling interests | 0 | 0 | |||
Net (loss) income attributable to stockholders | $ (17.8) | $ (17.8) | |||
(Loss) earnings per share | |||||
Basic (in usd per share) | $ (0.08) | $ (0.08) | |||
Diluted (in usd per share) | $ (0.08) | $ (0.08) | |||
Weighted average shares outstanding | |||||
Basic (in Shares) | 0 | 0 | |||
Weighted Average Number of Shares Outstanding, Diluted | 0 | 0 |
Restatement of Unaudited Con128
Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 22, 2013 | ||
Assets | |||||||
Cash and cash equivalents | $ 432.2 | $ 682 | $ 397.3 | ||||
Restricted cash | 0.3 | 0.3 | 600 | ||||
Accounts receivable, net of allowance for doubtful accounts of $14.0 at September 30, 2015 | 1,023 | 943.4 | 327.3 | ||||
Inventories | 517.5 | 466.9 | 205.8 | ||||
Prepaid expenses and other current assets | 200.5 | ||||||
Total current assets | 2,270.5 | 2,293.1 | 1,576.5 | ||||
Property, plant, and equipment | 491.6 | [1] | 266.9 | 178.6 | [1] | ||
Goodwill | 4,021.9 | 2,842 | 1,405.3 | ||||
Intangible assets, net | 3,314.3 | 2,577.9 | 1,341.5 | ||||
Other assets | 91.9 | 79.1 | 45.4 | ||||
Total assets | 10,190.2 | 8,059 | 4,547.3 | ||||
Liabilities & Stockholders' Equity | |||||||
Accounts payable | 450.3 | 386.1 | 106.7 | ||||
Current installments of long-term debt and revolving credit facilities | 36.1 | ||||||
Accrued income taxes payable | 65.1 | 103.7 | 16.7 | ||||
Accrued customer rebates and sales incentives | 120.7 | 129 | 9.9 | ||||
Financial guarantees and factoring | 59 | ||||||
Other current liabilities | 252.2 | ||||||
Total current liabilities | 1,062.4 | 966.1 | 240.7 | ||||
Long-term debt | 5,173.6 | 3,401.4 | 1,392.4 | ||||
Long-term retirement benefits, less current portion | 80.5 | 44.2 | 38.8 | ||||
Long-term deferred income taxes | 678.8 | 567.1 | 202.3 | ||||
Long-term contingent consideration | 70.7 | 70.2 | 63.9 | ||||
Other long-term liabilities | 205 | 113.6 | 56.6 | ||||
Total liabilities | $ 7,271 | $ 5,162.6 | $ 1,994.7 | ||||
Commitments and contingencies (Note 15) | |||||||
Redeemable preferred stock - Series B | $ 645.9 | $ 645.9 | $ 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||
Preferred stock - Series A | 0 | 0 | 0 | ||||
Common stock, $0.01 par value per share (effective January 23, 2014), 400,000,000 shares authorized, 210,879,597 shares issued and outstanding at September 30, 2015 | 2.3 | 2.1 | 1.9 | ||||
Additional paid-in capital | 3,520.4 | 3,287.3 | 2,812.4 | ||||
Accumulated deficit | (532.7) | (403) | (224.1) | ||||
Accumulated other comprehensive loss | (886.1) | (741.4) | (130.6) | $ 1.3 | $ 0 | ||
Total stockholders' equity | 2,103.9 | 2,145 | 2,459.6 | ||||
Non-controlling interests | 169.4 | 105.5 | 93 | ||||
Total equity | 2,273.3 | 2,250.5 | 2,552.6 | ||||
Total liabilities, redeemable preferred stock and stockholders' equity | $ 10,190.2 | 8,059 | $ 4,547.3 | ||||
Scenario, Previously Reported [Member] | |||||||
Assets | |||||||
Cash and cash equivalents | 682 | ||||||
Restricted cash | 0.3 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $14.0 at September 30, 2015 | 943.4 | ||||||
Inventories | 466.9 | ||||||
Prepaid expenses and other current assets | 220.1 | ||||||
Total current assets | 2,312.7 | ||||||
Property, plant, and equipment | 266.9 | ||||||
Goodwill | 2,842 | ||||||
Intangible assets, net | 2,577.9 | ||||||
Other assets | 76.3 | ||||||
Total assets | 8,075.8 | ||||||
Liabilities & Stockholders' Equity | |||||||
Accounts payable | 386.1 | ||||||
Current installments of long-term debt and revolving credit facilities | 36.1 | ||||||
Accrued income taxes payable | 102.7 | ||||||
Accrued customer rebates and sales incentives | 129 | ||||||
Financial guarantees and factoring | 59 | ||||||
Other current liabilities | 252.2 | ||||||
Total current liabilities | 965.1 | ||||||
Long-term debt | 3,401.4 | ||||||
Long-term retirement benefits, less current portion | 44.2 | ||||||
Long-term deferred income taxes | 567.1 | ||||||
Long-term contingent consideration | 70.2 | ||||||
Other long-term liabilities | 113.6 | ||||||
Total liabilities | $ 5,161.6 | ||||||
Commitments and contingencies (Note 15) | |||||||
Redeemable preferred stock - Series B | $ 645.9 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||
Preferred stock - Series A | 0 | ||||||
Common stock, $0.01 par value per share (effective January 23, 2014), 400,000,000 shares authorized, 210,879,597 shares issued and outstanding at September 30, 2015 | 2.1 | ||||||
Additional paid-in capital | 3,287.3 | ||||||
Accumulated deficit | (385.2) | ||||||
Accumulated other comprehensive loss | (741.4) | ||||||
Total stockholders' equity | 2,162.8 | ||||||
Non-controlling interests | 105.5 | ||||||
Total equity | 2,268.3 | ||||||
Total liabilities, redeemable preferred stock and stockholders' equity | 8,075.8 | ||||||
Restatement Adjustment [Member] | |||||||
Assets | |||||||
Cash and cash equivalents | 0 | ||||||
Restricted cash | 0 | ||||||
Accounts receivable, net of allowance for doubtful accounts of $14.0 at September 30, 2015 | 0 | ||||||
Inventories | 0 | ||||||
Prepaid expenses and other current assets | (19.6) | ||||||
Total current assets | (19.6) | ||||||
Property, plant, and equipment | 0 | ||||||
Goodwill | 0 | ||||||
Intangible assets, net | 0 | ||||||
Other assets | 2.8 | ||||||
Total assets | (16.8) | ||||||
Liabilities & Stockholders' Equity | |||||||
Accounts payable | 0 | ||||||
Current installments of long-term debt and revolving credit facilities | 0 | ||||||
Accrued income taxes payable | 1 | ||||||
Accrued customer rebates and sales incentives | 0 | ||||||
Financial guarantees and factoring | 0 | ||||||
Other current liabilities | 0 | ||||||
Total current liabilities | 1 | ||||||
Long-term debt | 0 | ||||||
Long-term retirement benefits, less current portion | 0 | ||||||
Long-term deferred income taxes | 0 | ||||||
Long-term contingent consideration | 0 | ||||||
Other long-term liabilities | 0 | ||||||
Total liabilities | $ 1 | ||||||
Commitments and contingencies (Note 15) | |||||||
Redeemable preferred stock - Series B | $ 0 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||
Preferred stock - Series A | 0 | ||||||
Common stock, $0.01 par value per share (effective January 23, 2014), 400,000,000 shares authorized, 210,879,597 shares issued and outstanding at September 30, 2015 | 0 | ||||||
Additional paid-in capital | 0 | ||||||
Accumulated deficit | (17.8) | ||||||
Accumulated other comprehensive loss | 0 | ||||||
Total stockholders' equity | (17.8) | ||||||
Non-controlling interests | 0 | ||||||
Total equity | (17.8) | ||||||
Total liabilities, redeemable preferred stock and stockholders' equity | $ (16.8) | ||||||
[1] | Long-lived assets represent property, plant and equipment, net. |
Restatement of Unaudited Con129
Restatement of Unaudited Condensed Consolidated Financial Statements (unaudited) - Balance Sheet (non-printing) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Accounting Changes and Error Corrections [Abstract] | |||
Accounts receivable, allowance for doubtful accounts (in Dollars) | $ 14.4 | $ 14 | $ 9.6 |
Par value (in usd per share) | $ 0.01 | ||
Common shares authorized (in shares) | 400,000,000 | 400,000,000 | 400,000,000 |
Common shares issued (in shares) | 229,464,157 | 210,879,597 | 182,066,980 |
Common shares outstanding (in shares) | 229,464,157 | 210,879,597 | 182,066,980 |