Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'AXTA | ' |
Entity Registrant Name | 'Axalta Coating Systems Ltd. | ' |
Entity Central Index Key | '0001616862 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 229,779,626 |
Condensed_Consolidated_Success
Condensed Consolidated (Successor) and DuPont Performance Coatings Combined (Predecessor) Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Net sales | $1,108.90 | $1,074.60 | $3,282.90 | $2,858.20 | $326.20 |
Other revenue | 6.9 | 8.2 | 21.6 | 21.9 | 1.1 |
Total revenue | 1,115.80 | 1,082.80 | 3,304.50 | 2,880.10 | 327.3 |
Cost of goods sold | 728.1 | 739.1 | 2,174.10 | 2,066.70 | 232.2 |
Selling, general and administrative expenses | 249.4 | 276.7 | 746.7 | 673.7 | 70.8 |
Research and development expenses | 13.4 | 12.5 | 36.8 | 31 | 3.7 |
Amortization of acquired intangibles | 20.9 | 21 | 63.3 | 59 | ' |
Merger and acquisition related expenses | ' | ' | ' | 28.1 | ' |
Income from operations | 104 | 33.5 | 283.6 | 21.6 | 20.6 |
Interest expense, net | 52.6 | 62.7 | 166.5 | 153.2 | ' |
Bridge financing commitment fees | ' | ' | ' | 25 | ' |
Other (income) expense, net | 62.2 | -9.3 | 65.1 | 49.7 | 5 |
Income (loss) before income taxes | -10.8 | -19.9 | 52 | -206.3 | 15.6 |
Provision (benefit) for income taxes | 7.5 | -26.3 | 18.2 | -34.4 | 7.1 |
Net income (loss) | -18.3 | 6.4 | 33.8 | -171.9 | 8.5 |
Less: Net income attributable to noncontrolling interests | 1.6 | 1.4 | 4.2 | 3.7 | 0.6 |
Net income (loss) attributable to controlling interests | ($19.90) | $5 | $29.60 | ($175.60) | $7.90 |
Basic weighted average shares outstanding | 229.5 | 228.1 | 229.2 | 228.1 | ' |
Diluted weighted average shares outstanding | 229.5 | 228.1 | 229.3 | 228.1 | ' |
Basic net income (loss) per share | ($0.09) | $0.02 | $0.13 | ($0.75) | ' |
Diluted net income (loss) per share | ($0.09) | $0.02 | $0.13 | ($0.75) | ' |
Condensed_Consolidated_Success1
Condensed Consolidated (Successor) and DuPont Performance Coatings Combined (Predecessor) Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Net income (loss) | ($18.30) | $6.40 | $33.80 | ($171.90) | $8.50 |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' | ' |
Foreign currency translation adjustments | -26.2 | 16.2 | -36.1 | 29.3 | ' |
Net unrealized gain (loss) on securities | ' | 0.8 | 0.8 | -0.6 | 0.2 |
Unrealized gain (loss) on derivatives | 4 | -3.8 | -1 | 3.6 | ' |
Gain (loss) on pension and other benefit plan obligations | -3 | ' | 1.8 | ' | 1.1 |
Other comprehensive income (loss), before tax | -25.2 | 13.2 | -34.5 | 32.3 | 1.3 |
Income tax (expense) benefit related to items of other comprehensive income (loss) | -0.7 | 1.3 | 0.3 | -1 | -0.5 |
Other comprehensive income (loss), net of tax | -25.9 | 14.5 | -34.2 | 31.3 | 0.8 |
Comprehensive income (loss) | -44.2 | 20.9 | -0.4 | -140.6 | 9.3 |
Less: Comprehensive income attributable to noncontrolling interests | 1.6 | 1.4 | 4.2 | 3.7 | 0.6 |
Comprehensive income (loss) attributable to controlling interests | ($45.80) | $19.50 | ($4.60) | ($144.30) | $8.70 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Successor [Member] | ' | ' |
Current assets: | ' | ' |
Cash and cash equivalents | $233.30 | $459.30 |
Restricted cash | 4.3 | ' |
Accounts and notes receivable, net | 919.1 | 865.9 |
Inventories | 580.4 | 550.2 |
Prepaid expenses and other assets | 61.7 | 50.2 |
Deferred income taxes | 39.1 | 30 |
Total current assets | 1,837.90 | 1,955.60 |
Net property, plant, and equipment | 1,556.20 | 1,622.60 |
Goodwill | 1,046.90 | 1,113.60 |
Identifiable intangibles, net | 1,339.50 | 1,439.60 |
Deferred financing costs | 95.4 | 110.6 |
Deferred income taxes | 275.6 | 271.9 |
Other assets | 230.5 | 223.2 |
Total assets | 6,382 | 6,737.10 |
Current liabilities: | ' | ' |
Accounts payable | 487.9 | 478.5 |
Current portion of borrowings | 35.5 | 46.7 |
Deferred income taxes | 7.9 | 5.5 |
Other accrued liabilities | 386.6 | 472.7 |
Total current liabilities | 917.9 | 1,003.40 |
Long-term borrowings | 3,696.10 | 3,874.20 |
Deferred income taxes | 259.2 | 280.4 |
Other liabilities | 296.2 | 367.3 |
Total liabilities | 5,169.40 | 5,525.30 |
Commitments and contingent liabilities (Note 7) | ' | ' |
Stockholders' equity | ' | ' |
Common stock, $1.00 par, 1,000,000,000 shares authorized, 229,779,626 and 229,069,356 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 229.8 | 229.1 |
Capital in excess of par | 1,141.90 | 1,133.70 |
Accumulated deficit | -224.3 | -253.9 |
Accumulated other comprehensive (loss) income | -0.2 | 34 |
Total stockholders' equity | 1,147.20 | 1,142.90 |
Noncontrolling interests | 65.4 | 68.9 |
Total stockholders' equity and noncontrolling interests | 1,212.60 | 1,211.80 |
Total liabilities, stockholders' equity and noncontrolling interests | $6,382 | $6,737.10 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Successor [Member] | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 229,779,626 | 229,069,356 |
Common stock, shares outstanding | 229,779,626 | 229,069,356 |
Condensed_Consolidated_Success2
Condensed Consolidated (Successor) and DuPont Performance Coatings Combined (Predecessor) Statements of Cash Flows (USD $) | 9 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Predecessor [Member] | |
Operating activities: | ' | ' | ' |
Net income (loss) | $33.80 | ($171.90) | $8.50 |
Adjustment to reconcile net (loss) income to cash provided by (used for) operating activities: | ' | ' | ' |
Depreciation and amortization | 229.1 | 228 | 9.9 |
Amortization of deferred financing costs and original issue discount | 15.7 | 13.3 | ' |
Fair value step up of acquired inventory sold | ' | 103.7 | ' |
Bridge financing commitment fees | ' | 25 | ' |
Loss on extinguishment and modification of debt | 6.1 | ' | ' |
Deferred income taxes | -15.9 | -71.5 | 9.1 |
Unrealized (gains) losses on derivatives | 3.1 | -5.7 | ' |
Realized and unrealized foreign exchange (gains) losses, net | 46.7 | 55.9 | 4.5 |
Stock-based compensation | 6.1 | 2.9 | ' |
Other non-cash, net | -26 | 4.5 | -3.9 |
Decrease (increase) in operating assets: | ' | ' | ' |
Accounts and notes receivable | -109.7 | -57.2 | 25.8 |
Inventories | -50.6 | 27.1 | -19.3 |
Prepaid expenses and other assets | -47.7 | -46.6 | 3.1 |
Increase (decrease) in operating liabilities: | ' | ' | ' |
Accounts payable | 52.4 | 62.9 | -29.9 |
Other accrued liabilities | -74.2 | 101 | -43.8 |
Other liabilities | -9.5 | -7.5 | -1.7 |
Cash provided by (used for) operating activities | 59.4 | 263.9 | -37.7 |
Investing activities: | ' | ' | ' |
Acquisition of DuPont Performance Coatings (net of cash acquired) | ' | -4,827.60 | ' |
Purchase of property, plant and equipment | -155.6 | -50.4 | -2.4 |
Investment in real estate property | ' | -26.3 | ' |
Purchase of interest rate cap | ' | -3.1 | ' |
Settlement of foreign currency contract | ' | -19.4 | ' |
Restricted cash | -4.3 | ' | ' |
Purchase of intangibles | -0.2 | ' | -6.3 |
Purchase of interest in affiliates | -6.5 | ' | -1.2 |
Proceeds from sale of assets | 17.6 | 0.7 | 1.6 |
Cash used for investing activities | -149 | -4,926.10 | -8.3 |
Financing activities: | ' | ' | ' |
Proceeds from Senior Secured Credit Facilities (net of original issue discount) | ' | 2,817.30 | ' |
Issuance of Senior Notes | ' | 1,089.40 | ' |
Proceeds from short-term borrowings | 23.7 | 38.8 | ' |
Payments on short-term borrowings | -30.9 | -23 | ' |
Payments of deferred financing costs and bridge commitment fees | ' | -151 | ' |
Payments of long-term debt | -114.1 | ' | ' |
Dividends paid to noncontrolling interests | -1.6 | -4.1 | ' |
Debt modification fees | -3 | ' | ' |
Stock option exercises | 2.9 | ' | ' |
Equity contribution | 2.5 | 1,350 | ' |
Net transfer from DuPont | ' | ' | 43 |
Cash provided by (used for) financing activities | -120.5 | 5,117.40 | 43 |
Increase (decrease) in cash and cash equivalents | -210.1 | 455.2 | -3 |
Effect of exchange rate changes on cash | -15.9 | -8 | ' |
Cash and cash equivalents at beginning of period | 459.3 | ' | 28.7 |
Cash and cash equivalents at end of period | $233.30 | $447.20 | $25.70 |
Basis_of_Presentation_of_the_I
Basis of Presentation of the Interim Unaudited Condensed Consolidated and Combined Financial Statements | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation of the Interim Unaudited Condensed Consolidated and Combined Financial Statements | ' | |
-1 | BASIS OF PRESENTATION OF THE INTERIM UNAUDITED CONDENSED CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS | |
The interim condensed consolidated and combined financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position of Axalta Coating Systems Ltd. (formerly known as Flash Bermuda Co. Ltd. or Axalta Coating Systems Bermuda Co., Ltd.), a Bermuda exempted Limited Liability Company and its consolidated subsidiaries (“Axalta,” the “Company,” “we,” “our” and “us”) at September 30, 2014 and December 31, 2013, the results of operations for the three and nine months ended September 30, 2014, and 2013 (Successor) and for the period from January 1, 2013 through January 31, 2013 (Predecessor), and cash flows for the nine months ended September 30, 2014 and 2013 (Successor), and for the period from January 1, 2013 through January 31, 2013 (Predecessor). These interim unaudited condensed consolidated and combined financial statements should be read in conjunction with the consolidated and combined financial statements and notes included in the Company’s Registration Statement on Form S-1 (Registration No. 333-198271), which was declared effective by the Securities and Exchange Committee (“SEC”) on November 10, 2014. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States, for annual periods. | ||
The results of operations for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for a full year. | ||
The acquisition by Axalta and certain of its indirect subsidiaries of all the capital stock, other equity interests and assets of certain entities which, together with their subsidiaries, comprised the assets and legal entities, which together with their subsidiaries, compromised the DuPont Performance Coatings business (“DPC’) (“Acquisition”) closed on February 1, 2013. The accompanying condensed consolidated balance sheets of Axalta at September 30, 2014 and December 31, 2013 and related interim condensed consolidated statements of operations and condensed consolidated statements of comprehensive (loss) income for the three and nine months ended September 30, 2014 and 2013 and of cash flows for the nine months ended September 30, 2014 and 2013 are labeled as “Successor.” The condensed consolidated financial statements for the Successor include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. | ||
The accompanying combined statements of operations and statements of comprehensive income for the period from January 1, 2013 through January 31, 2013 and of cash flows for the period from January 1, 2013 through January 31, 2013, do not include adjustments or transactions attributable to the Acquisition, and are labeled as “Predecessor”. As a result of the application of acquisition accounting as of the closing date of the Acquisition, the financial statements for the Successor periods and the Predecessor periods are presented on a different basis and are, therefore, not comparable. | ||
Certain of our joint ventures are accounted for on a one-month lag basis, the effect of which is not material. | ||
Reclassification and revisions | ||
In October 2014, the Board of Directors approved a 1.69-for-1 stock split of the Company’s issued and outstanding common shares, which was effective on October 28, 2014. The stock split did not change the par value of the Company’s common shares. The condensed consolidated financial statements have been retroactively adjusted to give effect to the stock split. | ||
During the third quarter ended September 30, 2014, the Company identified errors in the determination of the effective interest rate amortization for the Deferred Financing Costs and Original Issue Discounts that were incurred in 2013. Refer to our annual report and Note 18 included herein for further details. | ||
Certain reclassifications have been made to Net sales, Other (income) expense, net, and Selling, general and administrative expenses on the Predecessor combined statements of operations to conform to the Successor presentation. | ||
As of December 31, 2013 we completed our accounting associated with the Acquisition, the finalization of our valuations, and the refinement of our assumptions impacted the recognized values assigned to assets acquired and liabilities assumed, including impacts to net sales and income tax benefit for the three and nine months ended September 30, 2013. Net sales and income tax benefit as a result of these refinements were adjusted by a $3.4 million increase and a $10.6 million decrease, respectively, for the three months ended September 30, 2013, and a $7.8 million increase and a $1.5 million decrease, respectively, for the nine months ended September 30, 2013. | ||
Initial Public Offering | ||
On November 11, 2014, the Company priced its initial public offering (“IPO”). In the IPO, certain of the Company’s stockholders sold an aggregate of 50,000,000 common shares at a public offering price of $19.50 per share. The underwriters also exercised their over-allotment option and purchased an additional 7,500,000 common shares. The Company will not receive any proceeds from the sale of common shares in the IPO. |
Recent_Accounting_Guidance
Recent Accounting Guidance | 9 Months Ended | |
Sep. 30, 2014 | ||
Accounting Changes and Error Corrections [Abstract] | ' | |
Recent Accounting Guidance | ' | |
-2 | RECENT ACCOUNTING GUIDANCE | |
Recently Adopted Accounting Guidance | ||
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which amended the guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 and early adoption is permitted. We have adopted this guidance as of September 30, 2014. | ||
Accounting Guidance Issued But Not Yet Adopted | ||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09 (Accounting Standard Codification 606), “Revenue from Contracts with Customers”, which sets forth the guidance that an entity should use related to revenue recognition. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is not permitted. We are in the process of assessing the impact the adoption of this ASU will have on our financial position, results of operations and cash flows. | ||
In August 2014, the FASB issued ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, which requires management to evaluate the Company’s business to continue as a going concern within one year after the date that the financial statements are issued. The ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. We do not anticipate this standard will have a material impact on the financial statements. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisitions and Divestitures | ' | ||||||||||||
-3 | ACQUISITIONS AND DIVESTITURES | ||||||||||||
Acquisition of DuPont Performance Coatings | |||||||||||||
On August 30, 2012, we entered into a purchase agreement with DuPont whereby, Axalta acquired from DuPont and its affiliates certain assets of DPC and all of the capital stock and other equity interests of certain entities engaged in the DPC business (the “Acquisition Agreement”) pursuant to which we acquired the assets and legal entities of DPC from DuPont for a purchase price of $4,925.9 million plus or minus a working capital adjustment and pension adjustment. Axalta and DuPont finalized the working capital and pension adjustments to the purchase price which resulted in a reduction to the purchase price of $18.6 million to $4,907.3 million. | |||||||||||||
We accounted for the Acquisition as a business combination in accordance with ASC 805, Business Combinations, using the acquisition method of accounting. At December 31, 2013, the amounts presented for the Acquisition were finalized. | |||||||||||||
The following table summarizes the fair values of the net assets acquired as of the February 1, 2013 Acquisition date adjusted for measurement period adjustments: | |||||||||||||
February 1, 2013 | Measurement | February 1, 2013 | |||||||||||
(As Initially | Period | (As Adjusted) | |||||||||||
Reported) | Adjustments | ||||||||||||
Cash and cash equivalents | $ | 79.7 | $ | — | $ | 79.7 | |||||||
Accounts and notes receivable—trade | 855.8 | 22.7 | 878.5 | ||||||||||
Inventories | 673 | 3 | 676 | ||||||||||
Prepaid expenses and other | 8.2 | (1.3 | ) | 6.9 | |||||||||
Property, plant and equipment | 1,707.70 | (1.8 | ) | 1,705.90 | |||||||||
Identifiable intangibles | 1,539.30 | (19.0 | ) | 1,520.30 | |||||||||
Other assets—noncurrent | 98.8 | 19.1 | 117.9 | ||||||||||
Accounts payable | (409.1 | ) | (6.9 | ) | (416.0 | ) | |||||||
Other accrued liabilities | (232.0 | ) | 7.5 | (224.5 | ) | ||||||||
Other liabilities | (331.1 | ) | (35.3 | ) | (366.4 | ) | |||||||
Deferred income taxes | (312.9 | ) | 223.2 | (89.7 | ) | ||||||||
Noncontrolling interests | (66.7 | ) | — | (66.7 | ) | ||||||||
Net assets acquired before goodwill on acquisition | 3,610.70 | 211.2 | 3,821.90 | ||||||||||
Goodwill on acquisition | 1,315.20 | (229.8 | ) | 1,085.40 | |||||||||
Net assets acquired | $ | 4,925.90 | $ | (18.6 | ) | $ | 4,907.30 | ||||||
The measurement period adjustments reflect new information obtained about facts and circumstances that existed at the closing date of the Acquisition, primarily related to indemnification assets, inventories, other miscellaneous current assets and liabilities, property, plant and equipment, intangible assets, and the related deferred income taxes. With the exception of those items detailed in Note 1, no measurement period adjustments had a material impact on the statement of operations or cash flows requiring retrospective application. | |||||||||||||
The determination of Goodwill was recognized for the Acquisition as the excess of the purchase price over the net identifiable assets recognized. The Goodwill is primarily attributed to our assembled workforce, corporate and operational synergies and the going concern value of the anticipated future economic benefits associated with DPC being operated as a standalone entity. | |||||||||||||
The fair values of intangible assets were estimated using either the income approach, the excess earnings method (customer relationships) or the relief from royalty method (technology and trademarks). Under the excess earnings method, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows attributable solely to the intangible asset over its remaining useful life. Under the relief from royalty method, fair value is measured by estimating future revenue associated with the intangible asset over its useful life and applying a royalty rate to the revenue estimate. These intangible assets enable us to develop new products to meet the evolving business needs as well as competitively produce our existing products. | |||||||||||||
The fair value of real properties acquired was based on the consideration of their highest and best use in the market. The fair values of property, plant, and equipment, other than real properties, were based on the consideration that unless otherwise identified, they will continue to be used “as is” and as part of the ongoing business. In contemplation of the in-use premise and the nature of the assets, the fair value was developed primarily using a cost approach. The determination of the fair value of assets acquired and liabilities assumed involves assessing factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the date of the acquisition. | |||||||||||||
The fair value of the noncontrolling interests, related to acquired joint ventures, were estimated by applying an income approach. This fair value measurement is based on significant inputs that are not observable in the market and thus represents a fair value measurement categorized within Level 3 of the fair value hierarchy. Key assumptions included a discount rate, a terminal value based on a range of long-term sustainable growth rates and adjustments because of the lack of control that market participants would consider when measuring the fair value of the noncontrolling interests. | |||||||||||||
The Company was formed on August 24, 2012 for the purpose of consummating the Acquisition of DPC and, consequently has no financial statements as of and for periods prior to that date. Prior to the Acquisition, we generated no revenue and incurred no expenses other than merger and acquisition costs and debt financing costs in anticipation of the Acquisition. We incurred merger and acquisition related costs of $29.0 million which were expensed during the Successor period August 24, 2012 through December 31, 2012 and incurred debt financing costs of $4.6 million which were recorded as Other assets and Other accrued liabilities as of December 31, 2012 (Successor). The $33.6 million of merger and acquisition related costs and debt financing costs incurred were accrued as a component of Other accrued liabilities at December 31, 2012 (Successor). The amounts were paid at closing of the Acquisition with proceeds from the borrowings under the Senior Secured Credit Facilities. | |||||||||||||
The following unaudited supplemental pro forma information presents the financial results as if the acquisition of DPC had occurred at January 1, 2012. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made at January 1, 2012, nor is it indicative of any future results. | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, 2013 | |||||||||||||
(Unaudited) | |||||||||||||
Net sales | $ | 3,184.40 | |||||||||||
Net loss | $ | (45.9 | ) | ||||||||||
Net loss attributable to controlling interests | $ | (49.6 | ) | ||||||||||
Earnings per share (Basic and Diluted) | $ | (0.22 | ) | ||||||||||
The 2013 supplemental pro forma net loss was adjusted to exclude $53.1 million of acquisition-related costs incurred in 2013 and $123.1 million of non-recurring expense consisting primarily of $103.7 million related to the fair market value adjustment to acquisition-date inventory. | |||||||||||||
Dispositions | |||||||||||||
In September 2014, we completed the sale of a business within the Performance Coatings reportable segment, which primarily included technology that had been developed as an integrated software solution for the collision repair supply chain market. | |||||||||||||
The sale resulted in the receipt of $17.5 million during the nine months ended September 30, 2014. As a result, we recognized a pre-tax gain on sale of $1.2 million ($0.7 million after tax) recorded within Other (income) expense, net for the three and nine months ended September 30, 2014. |
Goodwill_and_Identifiable_Inta
Goodwill and Identifiable Intangible Assets | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Identifiable Intangible Assets | ' | ||||||||||||||||
-4 | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS | ||||||||||||||||
Goodwill | |||||||||||||||||
The following table shows changes in the carrying amount of goodwill for the Successor nine months ended September 30, 2014 by reportable segment: | |||||||||||||||||
Performance | Transportation | Total | |||||||||||||||
Coatings | Coatings | ||||||||||||||||
At January 1, 2014 | $ | 1,038.80 | $ | 74.8 | $ | 1,113.60 | |||||||||||
Purchase accounting adjustments | 11.6 | 0.8 | 12.4 | ||||||||||||||
Divestitures | (4.7 | ) | — | (4.7 | ) | ||||||||||||
Foreign currency translation | (69.4 | ) | (5.0 | ) | (74.4 | ) | |||||||||||
September 30, 2014 | $ | 976.3 | $ | 70.6 | $ | 1,046.90 | |||||||||||
During the nine months ended September 30, 2014, we identified and recorded purchase accounting adjustments of $12.4 million related to corrections subsequent to the end of the purchase accounting measurement period. | |||||||||||||||||
Identifiable Intangible Assets | |||||||||||||||||
The following table summarizes the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class: | |||||||||||||||||
September 30, 2014 | Gross Carrying | Accumulated | Net Book Value | Weighted average | |||||||||||||
Amount | Amortization | amortization periods | |||||||||||||||
Technology | $ | 411.8 | $ | (66.2 | ) | $ | 345.6 | 10 | |||||||||
Trademarks - indefinite-lived | 284.4 | — | 284.4 | Indefinite | |||||||||||||
Trademarks - definite-lived | 41.8 | (4.8 | ) | 37 | 14.8 | ||||||||||||
Customer relationships | 735.4 | (63.8 | ) | 671.6 | 19.4 | ||||||||||||
Non-compete agreements | 1.5 | (0.6 | ) | 0.9 | 4 | ||||||||||||
Total | $ | 1,474.90 | $ | (135.4 | ) | $ | 1,339.50 | ||||||||||
December 31, 2013 | Gross Carrying | Accumulated | Net Book Value | Weighted average | |||||||||||||
Amount | Amortization | amortization periods | |||||||||||||||
Technology | $ | 425.2 | $ | (37.3 | ) | $ | 387.9 | 10 | |||||||||
Trademarks - indefinite-lived | 284.4 | — | 284.4 | Indefinite | |||||||||||||
Trademarks - definite-lived | 41.7 | (2.6 | ) | 39.1 | 14.8 | ||||||||||||
Customer relationships | 761.9 | (34.9 | ) | 727 | 19.4 | ||||||||||||
Non-compete agreements | 1.5 | (0.3 | ) | 1.2 | 4 | ||||||||||||
Total | $ | 1,514.70 | $ | (75.1 | ) | $ | 1,439.60 | ||||||||||
Activity related to in process research and development projects for the nine months ended September 30, 2014: | |||||||||||||||||
Beginning Balance at | Completed | Abandoned | Ending Balance at | ||||||||||||||
January 1, 2014 | September 30, 2014 | ||||||||||||||||
In Process Research and Development | $ | 15.7 | $ | (9.3 | ) | $ | (0.1 | ) | $ | 6.3 | |||||||
Amortization expense for the Successor three and nine months ended September 30, 2014 was $20.9 million and $63.3 million, respectively. Amortization expense for the Successor three and nine months ended September 30, 2013, including a loss of $3.2 million associated with abandoned in process research and development projects was $21.0 million and $59.0 million, respectively. | |||||||||||||||||
Amortization expense for the Predecessor period from January 1, 2013 through January 31, 2013 was $2.6 million. | |||||||||||||||||
The estimated amortization expense for the remainder of 2014 and for each of the succeeding five years is: | |||||||||||||||||
Remainder of 2014 | $ | 20.6 | |||||||||||||||
2015 | $ | 82.5 | |||||||||||||||
2016 | $ | 82.5 | |||||||||||||||
2017 | $ | 82.2 | |||||||||||||||
2018 | $ | 82.2 | |||||||||||||||
2019 | $ | 82.2 |
Restructuring
Restructuring | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Restructuring | ' | ||||
-5 | RESTRUCTURING | ||||
Successor Periods | |||||
In accordance with the applicable guidance for Nonretirement Postemployment Benefits, we accounted for termination benefits and recognized liabilities when the loss was considered probable that employees were entitled to benefits and the amounts could be reasonably estimated. | |||||
Since the Acquisition date, we have incurred costs associated with involuntary termination benefits associated with corporate-related initiatives associated with our transition and cost-saving opportunities related to the separation from DuPont. During the three and nine months ended September 30, 2014, we incurred restructuring costs of $0.9 million and $2.3 million, respectively. During the three and nine months ended September 30, 2013, we incurred restructuring costs of $41.0 million and $47.5 million, respectively. These amounts are recorded within selling, general, and administrative expenses in the condensed consolidated statement of operations. The payments associated with these actions are expected to be completed in June 2015. | |||||
The following tables summarize the activities related to the restructuring reserves, recorded within other accrued liabilities, and expenses for the Successor nine months ended September 30, 2014: | |||||
Year to Date | |||||
September 30, | |||||
2014 | |||||
Balance at December 31, 2013 | $ | 98.4 | |||
Expense Recorded | 2.3 | ||||
Payments Made | (42.0 | ) | |||
Foreign Currency Changes | (4.5 | ) | |||
Balance at September 30, 2014 | $ | 54.2 | |||
Predecessor Periods | |||||
During the Predecessor period there was no expense recorded associated with involuntary termination benefits. |
Relationship_with_Dupont
Relationship with Dupont | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Relationship with Dupont | ' | ||||
-6 | RELATIONSHIP WITH DUPONT | ||||
Predecessor Periods | |||||
Historically, the DPC businesses were managed and operated in the normal course of business with other affiliates of DuPont. Accordingly, certain shared costs were allocated to DPC and reflected as expenses in the standalone Predecessor interim unaudited combined financial statements. Management of DuPont considered the allocation methodologies used to be reasonable and appropriate reflections of the historical DuPont expenses attributable to DPC for purposes of the standalone combined financial statements of DPC; however, the expenses reflected in the Predecessor interim unaudited combined financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if DPC had operated as a separate, standalone entity. In addition, the expenses reflected in the Predecessor interim unaudited combined financial statements may not be indicative of related expenses that will be incurred in the future by us. | |||||
-1 | Cash Management and Financing | ||||
Except for its joint ventures, DPC participated in DuPont’s centralized cash management and financing programs. Disbursements were made through centralized accounts payable systems which were operated by DuPont, while cash receipts were transferred to centralized accounts maintained by DuPont. As cash was disbursed and received by DuPont, it was accounted for by DPC through the parent company net investment. All short and long-term debt requirements of the DPC business were financed by DuPont and financing decisions for wholly owned subsidiaries and majority owned joint ventures were determined by DuPont’s central treasury operations. | |||||
-2 | Allocated Corporate Costs | ||||
The Predecessor interim unaudited combined financial statements include significant transactions with DuPont involving leveraged functional services (such as information systems, accounting, other financial services, purchasing and legal) and general corporate expenses that were provided to DPC by centralized DuPont organizations. Throughout the Predecessor periods covered by the combined financial statements of DPC, the costs of these leveraged functions and services were directly charged or allocated to DPC using methods management believes were reasonable. The methods for directly charging specifically identifiable functions and services to DPC included negotiated usage rates and dedicated employee assignments. The method for allocating shared leveraged functional services to DPC was based on proportionate formulas involving controllable fixed costs and in certain instances was allocated to DPC based on demand. Controllable fixed costs are fixed costs less depreciation and amortization and nonrecurring transactions. The methods for allocating general corporate expenses to DPC were based on revenue. However, the expenses reflected in the Predecessor interim unaudited combined financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if DPC had operated as a separate, standalone entity. | |||||
The allocated leveraged functional service expenses and general corporate expenses included in cost of goods sold, selling, general, and administrative expenses and research and development expenses in the Predecessor interim unaudited combined statement of operations were as follows: | |||||
Predecessor | |||||
Period from January 1, | |||||
2013 through | |||||
January 31, 2013 | |||||
Cost of goods sold | $ | 14.2 | |||
Selling, general, and administrative expenses | 1.4 | ||||
Research and development expenses | 0.1 | ||||
Total | $ | 15.7 | |||
Allocated leveraged functional service expenses and general corporate expenses are recorded in the Predecessor combined statement of operations as follows: | |||||
Predecessor | |||||
Period from January 1, | |||||
2013 through | |||||
January 31, 2013 | |||||
Leveraged functional services | $ | 14.2 | |||
General corporate expenses | 1.5 | ||||
Total | $ | 15.7 | |||
-3 | Purchases from and Sales to Other DuPont Businesses | ||||
Throughout the Predecessor periods covered by the Predecessor combined financial statements, DPC purchased materials (Titanium Dioxide and DuPont Sontara® maintenance wipes) from DuPont and its non-DPC businesses. | |||||
Purchases include the following amounts: | |||||
Predecessor | |||||
Period from January 1, | |||||
2013 through | |||||
January 31, 2013 | |||||
DPC purchases of products from other DuPont businesses | $ | 7.9 | |||
Total | $ | 7.9 | |||
There were no material sales to other DuPont businesses during the periods covered by the Predecessor interim unaudited combined financial statements. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended | ||
Sep. 30, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingent Liabilities | ' | ||
-7 | COMMITMENTS AND CONTINGENT LIABILITIES | ||
(a) | Guarantees | ||
In connection with the Acquisition, we assumed certain guarantee obligations which directly guaranteed various debt obligations under agreements with third parties related to the following: equity affiliates, customers, suppliers and other affiliated companies. | |||
At September 30, 2014 and December 31, 2013, we had directly guaranteed $2.2 million and $1.6 million of such obligations, respectively. These guarantees represent the maximum potential amount of future (undiscounted) payments that we could be required to make under the guarantees in the event of default by the guaranteed parties. No amounts were accrued at September 30, 2014 or December 31, 2013. | |||
We assess the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. | |||
(b) | Other | ||
We are subject to various pending lawsuits and other claims including civil, regulatory, and environmental matters. Certain of these lawsuits and other claims may impact us. These litigation matters may involve indemnification obligations by third parties and/or insurance coverage covering all or part of any potential damage awards against DuPont and/or us. All of the above matters are subject to many uncertainties and, accordingly, we cannot determine the ultimate outcome of the lawsuits at this time. | |||
The potential effects, if any, of these matters on the consolidated financial statements of Axalta will be recorded in the period in which they are probable and estimable, and such effects could be material. | |||
In addition to the aforementioned matters, we are party to various legal proceedings in the ordinary course of business. Although the ultimate resolution of these various proceedings cannot be determined at this time, management does not believe that such proceedings, individually or in the aggregate, will have a material adverse effect on the consolidated financial statements of Axalta. |
LongTerm_Employee_Benefits
Long-Term Employee Benefits | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Long-Term Employee Benefits | ' | ||||||||||||||||||||||
-8 | LONG-TERM EMPLOYEE BENEFITS | ||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||
The following table sets forth the components of net periodic benefit cost for the Successor three and nine months ended September 30, 2014 and September 30, 2013 and the Predecessor period from January 1, 2013 through January 31, 2013: | |||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Period from | |||||||||||||||||||||
September 30, | September 30, | January 1, | |||||||||||||||||||||
2013 through | |||||||||||||||||||||||
January 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | 3.8 | $ | 4.2 | $ | 12.3 | $ | 11.6 | $ | 1.6 | |||||||||||||
Interest cost | 6.1 | 4.8 | 18 | 13.4 | 1.7 | ||||||||||||||||||
Expected return on plan assets | (3.9 | ) | (3.1 | ) | (11.3 | ) | (8.6 | ) | (1.8 | ) | |||||||||||||
Amortization of actuarial (gain) loss | — | — | (0.2 | ) | — | 1.1 | |||||||||||||||||
Amortization of prior service cost | — | — | — | — | — | ||||||||||||||||||
Curtailment gain | (6.6 | ) | — | (6.6 | ) | — | — | ||||||||||||||||
Net periodic benefit cost (credit) | $ | (0.6 | ) | $ | 5.9 | $ | 12.2 | $ | 16.4 | $ | 2.6 | ||||||||||||
Other Long-Term Employee Benefits | |||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Period from | |||||||||||||||||||||
September 30, | September 30, | January 1, | |||||||||||||||||||||
2013 through | |||||||||||||||||||||||
January 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | |||||||||||||
Interest cost | 0.1 | — | 0.1 | — | — | ||||||||||||||||||
Amortization of actuarial (gain) loss | — | — | — | — | — | ||||||||||||||||||
Amortization of prior service credit | (0.4 | ) | — | (0.3 | ) | — | — | ||||||||||||||||
Net periodic benefit cost | $ | (0.3 | ) | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||||||
Significant Events | |||||||||||||||||||||||
During the three and nine months ended September 30, 2014, we recorded a curtailment gain of $6.6 million within Selling, general and administrative expenses due to an amendment to one of our pension plans. In addition, amendments to our long-term employee benefit plans resulted in increases to Accumulated other comprehensive income of $5.7 million and $11.3 million, for the three and nine months ended September 30, 2014, respectively. These amounts will be recognized in earnings over the remaining future service periods of active participants. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||
Sep. 30, 2014 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||
Stock-Based Compensation | ' | ||
-9 | STOCK-BASED COMPENSATION | ||
(a) | Successor period | ||
During the three and nine months ended September 30, 2014, we recognized $2.3 million and $6.1 million, respectively, in stock-based compensation expense which was allocated to cost of goods sold, selling, general and administrative expenses, and research and development expenses. We recognized $2.9 million of stock-based compensation expense during both the Successor three and nine months ended September 30, 2013. | |||
At September 30, 2014, there was $12.0 million of unrecognized compensation cost relating to outstanding unvested stock options. Compensation expense is recognized for the fair values of the stock options over the requisite service period of the awards using the graded-vesting attribution method. | |||
There were no material issuances of stock options during the three and nine months ended September 30, 2014. At September 30, 2014, only stock options have been granted under the Equity Incentive Plan. For awards granted during the nine months ended September 30, 2014, the fair value of the Company’s common stock was estimated at $7.20 per share. | |||
We estimated the per share fair value of our common stock using a contemporaneous valuation using income and market approaches. The income approach utilized the discounted cash flow (“DCF”) methodology based on our internal financial forecasts and projections. The market approach utilized the Guideline Public Company and Guideline Transactions methods. For the DCF methodology, we prepared annual projections of future cash flows through 2018. Beyond 2018, projected cash flows through the terminal year were projected at long-term sustainable growth rates consistent with long-term inflationary and industry expectations. Our projections of future cash flows were based on our estimated net debt-free cash flows and were discounted to the valuation date using a weighted-average cost of capital estimated based on market participant assumptions. | |||
For the Guideline Public Company and Guideline Transactions methods, we identified a group of comparable public companies and recent transactions within the chemicals industry. For the comparable companies, we estimated market multiples based on trading prices and trailing 12 months EBITDA. These multiples were then applied to our trailing 12 months EBITDA. When selecting comparable companies, consideration was given to industry similarity, their specific products offered, financial data availability and capital structure. | |||
For the comparable transactions, we estimated market multiples based on prices paid for the related transactions and trailing 12 months EBITDA. These multiples were then applied to our trailing 12 months EBITDA. The results of the market approaches corroborated the fair value determined using the income approach. | |||
(b) | Predecessor periods | ||
DuPont maintained certain stock-based compensation plans for the benefit of certain of its officers, directors and employees, including, prior to the Acquisition, certain DPC employees. DPC recognized stock-based compensation within the interim unaudited combined statement of operations based upon fair values. The fair value of awards granted totaled $2.0 million for the Predecessor period from January 1, 2013 through January 31, 2013. | |||
Total stock-based compensation expense included in the interim unaudited combined statement of operations was $0.1 million for the Predecessor period from January 1, 2013 through January 31, 2013. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||
Sep. 30, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions | ' | ||
-10 | RELATED PARTY TRANSACTIONS | ||
(a) | Carlyle | ||
We entered into a consulting agreement with Carlyle Investment Management L.L.C. (“Carlyle Investment”), an affiliate of Carlyle pursuant to which Carlyle Investment provides certain consulting services to Axalta. Under this agreement, subject to certain conditions, we are required to pay an annual consulting fee to Carlyle Investment of $3.0 million payable in equal quarterly installments and reimburse Carlyle Investment for out-pocket expenses incurred in providing the consulting services. This agreement will terminate upon completion of the IPO (see Note 23 “Subsequent Events”). During the Successor three and nine months ended September 30, 2014, we recorded expense of $0.8 million and $2.4 million, respectively, related to this consulting agreement. During the Successor three and nine months ended September 30, 2013, we recorded expense of and $0.9 million and $2.2 million, respectively, related to this consulting agreement. In addition, Carlyle Investment received a one-time fee of $35.0 million upon effectiveness of the Acquisition for services rendered in connection with the Acquisition and related acquisition financing. Of this amount, $21.0 million was recorded as merger and acquisition expenses in the Successor nine months ended September 30, 2013, and $14.0 million was recorded as a component of deferred financing costs, which is amortized to interest expense. | |||
(b) | Service King Collision Repair | ||
Service King Collision Repair, a portfolio company of funds affiliated with Carlyle, has purchased products from our distributors in the past and may continue to do so in the future. During the three months ended September 30, 2014, Carlyle sold their majority interest in Service King Collision Repair, thus making the entity no longer a related party. Related party sales prior to this transactions were $4.0 million for the nine months ended September 30, 2014. During the Successor nine months ended September 30, 2013 and the Predecessor period from January 1, 2013 through January 31, 2013 sales to Service King Collision Repair were immaterial. | |||
(c) | Other | ||
A director of the Company is the Chairman and Chief Executive Officer of a global management consulting firm focused on the automotive and industrial sectors. In connection with due diligence activities and other advisory services related to the Acquisition, we incurred consulting fees and expenses from the consulting firm of $0.1 million, during the Successor nine months ended September 30, 2013, respectively. We also issued 352,143 stock options in exchange for these services at an aggregate fair value of $0.5 million. |
Other_Income_Expense_Net
Other (Income) Expense, Net | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||||||
Other (Income) Expense, Net | ' | ||||||||||||||||||||
-11 | OTHER (INCOME) EXPENSE, NET | ||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||
Three Months | Nine Months | Period from | |||||||||||||||||||
Ended September 30, | Ended September 30, | January 1, 2013 | |||||||||||||||||||
through January 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||
Exchange (gain)/losses | $ | 59.6 | $ | (9.7 | ) | $ | 45.1 | $ | 49.9 | $ | 4.5 | ||||||||||
Management fee and expenses | 0.8 | 0.9 | 2.4 | 2.2 | — | ||||||||||||||||
Miscellaneous | 1.8 | (0.5 | ) | 17.6 | (2.4 | ) | 0.5 | ||||||||||||||
Total | $ | 62.2 | $ | (9.3 | ) | $ | 65.1 | $ | 49.7 | $ | 5 | ||||||||||
Our net foreign exchange losses for the three and nine months ended September 30, 2014 consisted of translation losses primarily related to intercompany transactions denominated in currencies different from the functional currency of the relevant subsidiary partially offset by gains on our Euro borrowings and our Venezuela operations, as discussed below. | |||||||||||||||||||||
Our net foreign exchange losses for the three and nine months ended September 30, 2013 consisted of translation losses primarily related to intercompany transactions denominated in currencies different from the functional currency of the relevant subsidiary and the settlement of a foreign currency hedge contract partially offset by gains on our Euro borrowings. | |||||||||||||||||||||
Based on recent changes to the Venezuelan currency exchange rate mechanisms in 2014 and our participation in Venezuela’s Complementary System of Foreign Currency Administration (SICAD I) auction process during the nine months ended September 30, 2014, we changed the exchange rate we used to remeasure our Venezuelan subsidiary’s financial statements into U.S. dollars. The exchange rate was determined by such auction process, which was 10.0 to 1 as of June 2014 compared to the historical indexed rate of 6.3 to 1. In September 2014, we determined the exchange rate of 11.7 to 1 was appropriate given trends in the SICAD I auction process. Further, we also believe the equity of our Venezuelan subsidiary would be realized through a dividend utilizing the auction process through SICAD I. The devaluations of the exchange rates resulted in net gains of $6.8 million and $19.0 million for the three and nine months ended September 30, 2014 primarily due to our Venezuelan operations being in a net monetary liability position. | |||||||||||||||||||||
At September 30, 2014, our Venezuelan subsidiary was in a net monetary liability position of $40.5 million and had non-U.S. Dollar denominated net non-monetary assets of $150.5 million. At this time it is unclear based on the current governmental policies, when considered with the foreign exchange process and other circumstances in Venezuela, whether these events will have any financial impact on the operations of our Venezuelan subsidiary. |
Income_Taxes
Income Taxes | 9 Months Ended | |
Sep. 30, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
-12 | INCOME TAXES | |
During the nine months ended September 30, 2014, documentation was secured to support tax deductions related to pre-acquisition activities. As a result of these findings, we recorded a discrete tax benefit of $21.1 million for the Successor nine months ended September 30, 2014, which is primarily related to an adjustment for unrecognized tax benefits of $9.8 million and the reversal of interest and penalties of $7.1 million. Interest and penalties associated with unrecognized tax benefits are recognized as components of Provision (benefit) for income taxes. Additionally, we amended our income tax return related to this matter, resulting in additional tax benefits of $4.2 million. The total tax benefit of $21.1 million was partially offset by the reduction in indemnity assets of $12.5 million related to the pre-acquisition tax liabilities, which resulted in a reduction to Other (income) expense, net. |
Earnings_per_Common_Share
Earnings per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Common Share | ' | ||||||||||||||||
-13 | EARNINGS PER COMMON SHARE | ||||||||||||||||
Basic earnings per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share includes the effect of potential dilution from the exercise of outstanding stock options. Potentially dilutive securities have been excluded in the weighted average number of common shares used for the calculation of earnings per share in periods of net loss because the effect of such securities would be anti-dilutive. A reconciliation of the Company’s basic and diluted earnings per common share was as follows (in millions, except earnings per share): | |||||||||||||||||
Successor | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) attributable to controlling interests | $ | (19.9 | ) | $ | 5 | $ | 29.6 | $ | (175.6 | ) | |||||||
Pre-Acquisition net income (loss) attributable to controlling interests | — | — | — | (3.9 | ) | ||||||||||||
Net income (loss) attributable to common shareholders(1) | (19.9 | ) | 5 | 29.6 | (171.7 | ) | |||||||||||
Basic weighted average shares outstanding(1) | 229.5 | 228.1 | 229.2 | 228.1 | |||||||||||||
Diluted weighted average shares outstanding(1) | 229.5 | 228.1 | 229.3 | 228.1 | |||||||||||||
Earnings per Common Share: | |||||||||||||||||
Basic net income (loss) per share | $ | (0.09 | ) | $ | 0.02 | $ | 0.13 | $ | (0.75 | ) | |||||||
Diluted net income (loss) per share | $ | (0.09 | ) | $ | 0.02 | $ | 0.13 | $ | (0.75 | ) | |||||||
(1) | As of February 1, 2013, the date of the Acquisition, the Company received the initial Equity Contribution of $1,350.0 million. Accordingly, the net income (loss) to common shareholders and the weighted average shares outstanding calculation is based on the period from February 1, 2013 to September 30, 2013. | ||||||||||||||||
The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the Successor three and nine months ended September 30, 2014 were 17.2 million and 13.4 million, respectively. The number of anti-dilutive shares that have been excluded in the computation of diluted earnings per share for the Successor three and nine months ended September 30, 2013 were 15.7 million and 15.7 million, respectively. | |||||||||||||||||
Basic and diluted weighted average shares outstanding have been adjusted to reflect the Company’s 100,000 for 1 stock split which occurred in July 2013 and the Company’s 1.69 for 1 stock split which occurred in October 2014. |
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable, Net | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts and Notes Receivable, Net | ' | ||||||||
-14 | ACCOUNTS AND NOTES RECEIVABLE, NET | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Accounts receivable - trade, net | $ | 718 | $ | 637.5 | |||||
Notes receivable | 45.5 | 44.7 | |||||||
Miscellaneous | 155.6 | 183.7 | |||||||
Total | $ | 919.1 | $ | 865.9 | |||||
Accounts and notes receivable are carried at amounts that approximate fair value. Accounts receivable—trade, net are net of allowances of $10.6 million and $6.5 million at September 30, 2014 and December 31, 2013, respectively. Bad debt expense, net of recoveries for the three and nine months ended September 30, 2014 was $1.6 million and $3.8 million, respectively, and $2.6 million and $3.3 million for the three and nine months ended September 30, 2013, respectively. For the Predecessor period from January 1, 2013 through January 31, 2013, bad debt expense was $0.2 million. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
-15 | INVENTORIES | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Finished products | $ | 360.6 | $ | 329.3 | |||||
Semi-finished products | 81.4 | 90.2 | |||||||
Raw materials and supplies | 138.4 | 130.7 | |||||||
Total | $ | 580.4 | $ | 550.2 | |||||
Inventories, including stores and supplies inventories, are valued at the lower of cost or market with cost being determined on the weighted average cost method. Stores and supplies inventories were $22.5 million and $21.2 million at September 30, 2014 and December 31, 2013, respectively. |
Net_Property_Plant_and_Equipme
Net Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Net Property, Plant and Equipment | ' | ||||||||
-16 | NET PROPERTY, PLANT and EQUIPMENT | ||||||||
Depreciation expense amounted to $44.0 million and $131.5 million for the Successor three and nine months ended September 30, 2014, respectively. Depreciation expense amounted to $41.3 million and $88.1 million for the three and nine months ended September 30, 2013, respectively. Depreciation expense amounted to $7.2 million for the Predecessor period from January 1, 2013 through January 31, 2013. | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Land | $ | 94.7 | $ | 98.9 | |||||
Buildings | 409 | 411 | |||||||
Equipment | 1,252.30 | 1,178.60 | |||||||
Construction in progress | 113.1 | 117.7 | |||||||
Total | 1,869.10 | 1,806.20 | |||||||
Accumulated depreciation | (312.9 | ) | (183.6 | ) | |||||
Net property, plant, and equipment | $ | 1,556.20 | $ | 1,622.60 | |||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Accrued Liabilities | ' | ||||||||
-17 | OTHER ACCRUED LIABILITIES | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Compensation and other employee-related costs | $ | 164.1 | $ | 168 | |||||
Restructuring | 54.2 | 98.4 | |||||||
Discounts, rebates, and warranties | 67.1 | 65 | |||||||
Miscellaneous | 101.2 | 141.3 | |||||||
Total | $ | 386.6 | $ | 472.7 | |||||
LongTerm_Borrowings
Long-Term Borrowings | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Borrowings | ' | ||||||||
-18 | LONG-TERM BORROWINGS | ||||||||
Borrowings and capital lease obligations are summarized as follows: | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Dollar Term Loan | $ | 2,171.30 | $ | 2,282.80 | |||||
Euro Term Loan | 503.4 | 547.7 | |||||||
Dollar Senior Notes | 750 | 750 | |||||||
Euro Senior Notes | 318.7 | 344.9 | |||||||
Short-term borrowings | 7.4 | 18.2 | |||||||
Unamortized original issue discount | (19.2 | ) | (22.7 | ) | |||||
$ | 3,731.60 | $ | 3,920.90 | ||||||
Less: | |||||||||
Short term borrowings | $ | 7.4 | $ | 18.2 | |||||
Current portion of long-term borrowings | 28.1 | 28.5 | |||||||
Long-term debt | $ | 3,696.10 | $ | 3,874.20 | |||||
During the third quarter ended September 30, 2014, the Company identified errors in the determination of the effective interest rate amortization for the Deferred Financing Costs and Original Issue Discounts that were incurred in 2013. The correction of these items impacted the condensed consolidated balance sheet at December 31, 2013, and the condensed consolidated statements of operations, and statements of comprehensive income (loss) for the three and nine-month periods ending September 30, 2013 presented herein. The Company assessed the applicable guidance and concluded that these errors were not material to the Company’s condensed consolidated financial statements for the aforementioned prior periods; however, the Company did conclude that correcting these prior misstatements would be significant to the three and nine-month periods ended September 30, 2014 consolidated statement of operations. The correction of the error increased net income by $1.4 million and decreased the net loss by $9.5 million for the three and nine months ended September 30, 2013, respectively, through a reduction in interest expense of $3.5 million (net of a tax provision of $2.1 million) and $9.9 million (net of a tax provision of $0.4 million), respectively. The correction of the error impacted Deferred Financing Costs, Long-term borrowings, and Non-current deferred income tax assets by $10.5 million, ($2.7) million, and ($1.7) million, respectively, at December 31, 2013. | |||||||||
Senior Secured Credit Facilities, as amended | |||||||||
On February 3, 2014, Axalta Coating Systems Dutch B B.V. (“Dutch B B.V.”), as “Dutch Borrower”, and its indirect wholly-owned subsidiary, Axalta Coating Systems U.S. Holdings Inc. (“Axalta US Holdings”), as “US Borrower”, executed the second amendment to the Senior Secured Credit Facilities. The Amendment (i) converted all of the outstanding Dollar Term Loans ($2,282.8 million) into a new class of term loans (the “New Dollar Term Loans”), and (ii) converted all of the outstanding Euro Term Loans (€397.0 million) into a new class of term loans (the “New Euro Term Loans”). The New Dollar Term Loans are subject to a floor of 1.00%, plus an applicable rate after the Amendment Effective Date. The applicable rate for such New Dollar Term Loans is 3.00% per annum for Eurocurrency Rate Loans as defined in the credit agreement governing the Senior Secured Credit Facilities and 2.00% per annum for Base Rate Loans as defined in the credit agreement governing the Senior Secured Credit Facilities. The applicable rate for both Eurocurrency Rate Loans as well as Base Rate Loans is subject to a further 25 basis point reduction if the Total Net Leverage Ratio as defined in the credit agreement governing the Senior Secured Credit Facilities is less than or equal to 4.50:1.00. The New Euro Term Loans are also subject to a floor of 1.00%, plus an applicable rate after the Amendment Effective Date. The applicable rate for such New Euro Term Loans is 3.25% per annum for Eurocurrency Rate Loans. New Euro Term Loans may not be Base Rate Loans. The applicable rate is subject to a further 25 basis point reduction if the Total Net Leverage Ratio is less than or equal to 4.50:1.00. As of August 15, 2014, our Total Net Leverage Ratio is less than 4.50:1.00. The applicable rate has been reduced to 2.75% for the New Dollar Term Loans and 3.00% for the New Euro Term Loans. | |||||||||
The Senior Secured Credit Facilities are secured by substantially all assets of Axalta Coating Systems Dutch A B. V. (“Dutch A B.V.”) and the guarantors of the Dutch Borrower. The Dollar Term Loan and Euro Term Loan mature on February 1, 2020 and the Revolving Credit Facility matures on February 1, 2018. Principal is paid quarterly on both the Dollar Term Loan and the Euro Term Loan based on 1% per annum of the original principal amount with the unpaid balance due at maturity. | |||||||||
Interest is payable quarterly on both the Dollar Term Loan and the Euro Term Loan. Prior to the Amendment, interest on the Dollar Term Loan was subject to a floor of 1.25% for Eurocurrency Rate Loans plus an applicable rate of 3.50%. For Base Rate Loans, the interest was subject to a floor of the greater of the federal funds rate plus 0.50%, the Prime Lending Rate, an Adjusted Eurocurrency Rate, or 2.25% plus an applicable rate of 2.50%. Interest on the Euro Term Loan, a Eurocurrency Loan, was subject to a floor of 1.25% plus an applicable rate of 4.00%. | |||||||||
Under the Amendment, interest on any outstanding borrowings under the Revolving Credit Facility is subject to a floor of 1.00% for Eurocurrency Rate Loans plus an applicable rate of 3.50% (subject to an additional step-down to 3.25%). For Base Rate Loans, the interest is subject to a floor of the greater of the federal funds rate plus 0.50%, the Prime Lending Rate, an Adjusted Eurocurrency Rate, or 2.00% plus an applicable rate of 2.50% (subject to an additional step-down to 2.25%). | |||||||||
Under circumstances described in the Credit Agreement, the Company may increase available revolving or term facility borrowings up to $400.0 million. | |||||||||
Any indebtedness under the Senior Secured Credit Facilities may be voluntarily prepaid in whole or in part, in minimum amounts, subject to the make-whole provisions set forth in the Credit Agreement. Such indebtedness is subject to mandatory prepayments amounting to the proceeds of asset sales over $25.0 million annually, proceeds from certain debt issuances not otherwise permitted under the Credit Agreement and 50% (subject to a step-down to 25.0% or 0% if the First Lien Leverage Ratio falls below 4.25:1 or 3.50:1, respectively) of Excess Cash Flow. | |||||||||
At September 30, 2014, we voluntarily repaid $100.0 million of the outstanding New Dollar Term Loan. Concurrent with this action, we recorded a pre-tax loss on extinguishment of $3.0 million, consisting of the write-off of $2.2 million and $0.8 million of unamortized deferred financing costs and original issue discounts, respectively. | |||||||||
We are subject to customary negative covenants as well as a financial covenant which is a maximum First Lien Leverage Ratio. This financial covenant is applicable only when greater than 25% of the Revolving Credit Facility (including letters of credit) is outstanding at the end of the fiscal quarter. | |||||||||
Deferred financing costs of $92.9 million and original issue discounts of $25.7 million were incurred at the inception of the Senior Secured Credit Facilities. These amounts are amortized as interest expense over the life of the Senior Secured Credit Facilities. | |||||||||
Amortization expense related to deferred financing costs, net for the three and nine months ended September 30, 2014 were $3.4 million and $10.1 million, respectively. Amortization expense related to deferred financing costs, net for the three and nine months ended September 30, 2013 were $3.2 million and $8.4 million, respectively. | |||||||||
Amortization expense related to original issue discounts for the three and nine months ended September 30, 2014 were $0.9 million and $2.7 million, respectively. Amortization expense related to original issue discounts for the three and nine months ended September 30, 2013 were $0.8 million and $2.2 million, respectively. | |||||||||
At September 30, 2014, there were no borrowings under the Revolving Credit Facility. At September 30, 2014, letters of credit issued under the Revolving Credit Facility totaled $15.7 million which reduced the availability under the Revolving Credit Facility. Availability under the Revolving Credit Facility was $384.3 million at September 30, 2014. | |||||||||
Significant Terms of the Senior Notes | |||||||||
On February 1, 2013, Dutch B B.V., as “Dutch Issuer”, and Axalta US Holdings, as “US Issuer”, (collectively the “Issuers”) issued $750.0 million aggregate principal amount of 7.375% senior unsecured notes due 2021 (the “Dollar Senior Notes”) and related guarantees thereof. Additionally, Dutch B B.V. issued €250.0 million aggregate principal amount of 5.750% senior secured notes due 2021 (the “Euro Senior Notes”) and related guarantees thereof. Cash fees related to the issuance of the Senior Notes were $33.1 million, are recorded within deferred financing costs, net and are amortized as interest expense over the life of the Notes. At September 30, 2014 and December 31, 2013, the remaining unamortized balance was $26.4 million and $29.4 million, respectively. The expense related to the amortization of the deferred financing costs for the three and nine months ended September 30, 2014 were $1.0 million and $3.0 million, respectively. The expense related to the amortization of the deferred financing costs for the three and nine months ended September 30, 2013 were $1.0 million and $2.7 million, respectively. | |||||||||
The Senior Notes are unconditionally guaranteed on a senior basis by certain of the Issuers’ subsidiaries. | |||||||||
The indentures governing the Senior Notes contain covenants that restrict the ability of the Issuers and their subsidiaries to, among other things, incur additional debt, make certain payments including payment of dividends or repurchase equity interest of the Issuers, make loans or acquisitions or capital contributions and certain investments, incur certain liens, sell assets, merge or consolidate or liquidate other entities, and enter into transactions with affiliates. | |||||||||
Euro Senior Notes | |||||||||
The Euro Senior Notes were sold at par and are due February 1, 2021. The Euro Senior Notes bear interest at 5.750% payable semi-annually on February 1 and August 1. Cash fees related to the issuance of the Euro Senior Notes were $10.2 million, and are recorded within “Deferred financing costs, net” and are amortized into interest expense over the life of the Senior Notes. At September 30, 2014 and December 31, 2013, the remaining unamortized balance was $8.1 million and $9.0 million, respectively. | |||||||||
On or after February 1, 2016, we have the option to redeem all or part of the Euro Senior Notes at the following redemption prices (expressed as percentages of principal amount): | |||||||||
Period | Euro Notes Percentage | ||||||||
2016 | 104.313 | % | |||||||
2017 | 102.875 | % | |||||||
2018 | 101.438 | % | |||||||
2019 and thereafter | 100 | % | |||||||
Notwithstanding the foregoing, at any time and from time to time prior to February 1, 2016, we may at our option redeem in the aggregate up to 40% of the original aggregate principal amount of the Euro Senior Notes with the net cash proceeds of one or more Equity Offerings (as defined in the indenture governing the Euro Senior Notes), at a redemption price of 105.750% plus accrued and unpaid interest, if any, to the redemption date. | |||||||||
In addition, we have the option to redeem up to 10% of the Euro Senior Notes during any 12-month period from issue date until February 1, 2016 at a redemption price of 103.0%, plus accrued and unpaid interest, if any, to the redemption date. | |||||||||
Upon the occurrence of certain events constituting a change of control, holders of the Euro Senior Notes have the right to require us to repurchase all or any part of the Euro Senior Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the repurchase date. | |||||||||
The indebtedness evidenced by the Euro Senior Notes and related guarantees is secured on a first-lien basis by the same assets that secure the obligations under the Senior Secured Credit Facilities, subject to permitted liens and applicable local law limitations, is senior in right of payment to all future subordinated indebtedness of the Issuers, is equal in right of payment to all existing and future senior indebtedness of the Issuers and is effectively senior to any unsecured indebtedness of the Issuers, including the Dollar Senior Notes, to the extent of the value securing the Euro Senior Notes. | |||||||||
Dollar Senior Notes | |||||||||
The Dollar Senior Notes were sold at par and are due May 1, 2021. The Dollar Senior Notes bear interest at 7.375% payable semi-annually on February 1 and August 1. Cash fees related to the issuance of the Dollar Senior Notes were $22.9 million, are recorded within “Deferred financing costs, net” and are amortized as interest expense over the life of the Senior Notes. At September 30, 2014 and December 31, 2013, the remaining unamortized balance was $18.3 million and $20.4 million, respectively. | |||||||||
On or after February 1, 2016, we have the option to redeem all or part of the Dollar Senior Notes at the following redemption prices (expressed as percentages of principal amount) | |||||||||
Period | Dollar Notes Percentage | ||||||||
2016 | 105.531 | % | |||||||
2017 | 103.688 | % | |||||||
2018 | 101.844 | % | |||||||
2019 and thereafter | 100 | % | |||||||
Notwithstanding the foregoing, at any time and from time to time prior to February 1, 2016, we may at our option redeem in the aggregate up to 40% of the original aggregate principal amount of the Dollar Senior Notes with the net cash proceeds of one or more Equity Offerings (as defined in the indenture governing the Dollar Senior Notes), at a redemption price of 107.375% plus accrued and unpaid interest, if any, to the redemption date. | |||||||||
Upon the occurrence of certain events constituting a change of control, holders of the Dollar Senior Notes have the right to require us to repurchase all or any part of the Dollar Senior Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the repurchase date. | |||||||||
The indebtedness evidenced by the Dollar Senior Notes is senior unsecured indebtedness of the Issuers, is senior in right of payment to all future subordinated indebtedness of the Issuers and is equal in right of payment to all existing and future senior indebtedness of the Issuers. The Dollar Senior Notes are effectively subordinated to any secured indebtedness of the Issuers (including indebtedness of the Issuers outstanding under the Senior Secured Credit Facilities and the Euro Senior Notes) to the extent of the value of the assets securing such indebtedness. | |||||||||
Short-term borrowings | |||||||||
On September 12, 2013, we entered into short-term borrowings in the amount of $27.8 million to partially fund the acquisition of a real estate investment property which closed in October 2013. The short-term borrowings associated with this acquisition were paid in full upon reaching maturity during the three months ended September 30, 2014. Other miscellaneous short-term borrowings had an outstanding balance of $7.4 million and $0.4 million at September 30, 2014 and December 31, 2013, respectively. | |||||||||
Bridge financing commitment fees | |||||||||
On August 30, 2012, we signed a debt commitment letter, which was subsequently amended and restated, that included a bridge facility comprised of $1,100.0 million of unsecured U.S. bridge loans and a $300.0 million of secured bridge loans (the “Bridge Facility”), which was to be utilized to partially fund the Acquisition in the event that permanent financing was not obtained. Drawings under the Bridge Facility were subject to certain conditions. Upon the issuance of the Senior Notes and the entry into the Senior Secured Credit Facilities, the commitments under the Bridge Facility terminated. Commitment fees related to the Bridge Facility of $21.0 million and associated fees of $4.0 million were expensed upon the termination of the Bridge Facility during the nine months ended September 30, 2013. | |||||||||
Future repayments | |||||||||
Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2014. | |||||||||
Remainder of 2014 | $ | 9.1 | |||||||
2015 | 33.5 | ||||||||
2016 | 28.1 | ||||||||
2017 | 28.1 | ||||||||
2018 | 28.1 | ||||||||
Thereafter | 3,623.90 | ||||||||
$ | 3,750.80 | ||||||||
Fair_Value_Accounting
Fair Value Accounting | 9 Months Ended | ||
Sep. 30, 2014 | |||
Fair Value Disclosures [Abstract] | ' | ||
Fair Value Accounting | ' | ||
-19 | FAIR VALUE ACCOUNTING | ||
(a) | Assets measured at fair value on a nonrecurring basis | ||
During the Successor three and nine months ended September 30, 2013 we recorded an impairment loss of $3.2 million associated with the abandonment of certain in process research and development projects acquired in the Acquisition. During the Predecessor period from January 1, 2013 through January 31, 2013, no assets were adjusted to their fair values on a nonrecurring basis. See Note 4 to the audited consolidated financial statements on the Company’s annual report for further discussion related to the fair values of in process research and development projects acquired in the Acquisition. | |||
(b) | Fair value of financial instruments | ||
Cash and cash equivalents - The carrying amount of cash equivalents approximates fair value because the original maturity is less than 90 days. | |||
Accounts and notes receivable - The carrying amount of accounts and notes receivable approximates fair value because of their short outstanding terms. | |||
Available for sale securities - The fair values of available for sale securities at September 30, 2014 and December 31, 2013 were $1.9 million and $4.9 million, respectively. The fair value was based upon either Level 1 inputs when the securities are actively traded with quoted market prices or Level 2 when the securities are not frequently traded. | |||
Accounts payable - The carrying amount of accounts payable approximates fair value because of their short outstanding terms. | |||
Short-term borrowings - The carrying value of short-term bank borrowings approximates fair value because their interest rates reflect current market rates. | |||
Long-term borrowings - The fair values of the Dollar Senior Notes and Euro Senior Notes at September 30, 2014 were $804.4 million and $338.6 million, respectively. The fair values at December 31, 2013 were $798.8 million and $362.1 million, respectively. The estimated fair values of these notes are based on recent trades, as reported by a third party pricing service. Due to the infrequency of trades of the Dollar Senior Notes and the Euro Senior Notes, these inputs are considered to be Level 2 inputs. | |||
The fair values of the Dollar Term Loan and the Euro Term Loan at September 30, 2014 were $2,119.7 million and $503.5 million, respectively. The fair values at December 31, 2013 were $2,297.1 million and $552.5 million, respectively. The estimated fair values of the Dollar Term Loan and the Euro Term Loan are based on recent trades, as reported by a third party pricing service. Due to the infrequency of trades of the Dollar Term Loan and the Euro Term Loan, these inputs are considered to be Level 2 inputs. |
Derivative_and_Other_Hedging_I
Derivative and Other Hedging Instruments | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative and Other Hedging Instruments | ' | ||||||||||||||||||||||||||||
-20 | DERIVATIVE AND OTHER HEDGING INSTRUMENTS | ||||||||||||||||||||||||||||
We selectively use derivative instruments to reduce market risk associated with changes in foreign currency exchange rates and interest rates. The use of derivatives is intended for hedging purposes only and we do not enter into derivative instruments for speculative purposes. A description of each type of derivative used to manage risk is included in the following paragraphs. | |||||||||||||||||||||||||||||
During the Successor nine months ended September 30, 2013, we entered into a foreign currency contract to hedge the variability of the US dollar equivalent of the original borrowings under the Euro Term Loan and the proceeds from the issuance of Euro Senior Notes. Changes in the fair value of this instrument were recorded in current period earnings and were presented in other (income) expense, net as a component of Exchange (gains) losses. Losses related to the settlement of forward contracts recognized during the Successor nine months ended September 30, 2013 totaled $19.4 million. Cash flows resulting from the settlement of the derivative instrument on February 1, 2013 are reported as investing activities. | |||||||||||||||||||||||||||||
During the Successor three months ended September 30, 2013, we entered into five interest rate swaps with notional amounts totaling $1,173.0 million to hedge interest rate exposures relate to our variable rate borrowings under the Senior Secured Credit Facilities. The maturity date of the interest rate swaps is September 29, 2017. The interest rate swaps were designated and qualified as cash flow hedges. | |||||||||||||||||||||||||||||
The following table presents the location and fair values using Level 2 inputs of derivative instruments that qualify and have been designated as cash flow hedges included in our interim unaudited condensed consolidated and combined balance sheet: | |||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 9.2 | $ | 10.5 | |||||||||||||||||||||||||
Total assets | $ | 9.2 | $ | 10.5 | |||||||||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 0.7 | $ | 1.2 | |||||||||||||||||||||||||
Total liabilities | $ | 0.7 | $ | 1.2 | |||||||||||||||||||||||||
The following table presents the location and fair values using Level 2 inputs of derivative instruments that have not been designated as hedges included in our interim unaudited condensed consolidated and combined balance sheet: | |||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||
Interest rate cap | 0.1 | 3.4 | |||||||||||||||||||||||||||
Total assets | $ | 0.1 | $ | 3.4 | |||||||||||||||||||||||||
Other accrued liabilities: | |||||||||||||||||||||||||||||
Foreign currency contracts | — | — | |||||||||||||||||||||||||||
Total liabilities | $ | — | $ | — | |||||||||||||||||||||||||
For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. | |||||||||||||||||||||||||||||
The following table sets forth the locations and amounts recognized during the three months ended September 30, 2014 and 2013 for these cash flow hedges. | |||||||||||||||||||||||||||||
Amount of (Gain) Loss | Location of (Gain) | Amount of (Gain) Loss | Location of (Gains) | Amount of (Gain) Loss | |||||||||||||||||||||||||
Recognized in OCI on | Loss Reclassified | Reclassified from | Losses Recognized | Recognized in Income on | |||||||||||||||||||||||||
Derivatives (Effective | from Accumulated | Accumulated OCI to Income | in Income on | Derivatives (Ineffective | |||||||||||||||||||||||||
Portion) | OCI into Income | (Effective Portion) | Derivatives | Portion) | |||||||||||||||||||||||||
Derivatives in Cash | Three Months | Three Months | (Effective Portion) | Three Months | Three Months | (Ineffective Portion) | Three Months | Three Months | |||||||||||||||||||||
Flow Hedging | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
Relationships | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate contracts | $ | (4.0 | ) | $ | 3.9 | Interest expense, net | $ | 1.7 | $ | 1.7 | Interest expense, net | $ | (0.9 | ) | $ | 1.6 | |||||||||||||
The following table sets forth the locations and amounts recognized during the nine months ended September 30, 2014 and 2013 for these cash flow hedges. | |||||||||||||||||||||||||||||
Amount of (Gain) Loss | Location of (Gain) | Amount of (Gain) Loss | Location of (Gains) | Amount of (Gain) Loss | |||||||||||||||||||||||||
Recognized in OCI on | Loss Reclassified | Reclassified from | Losses Recognized | Recognized in Income on | |||||||||||||||||||||||||
Derivatives (Effective | from Accumulated | Accumulated OCI to Income | in Income on | Derivatives (Ineffective | |||||||||||||||||||||||||
Portion) | OCI into Income | (Effective Portion) | Derivatives | Portion) | |||||||||||||||||||||||||
Derivatives in Cash | Nine Months | Nine Months | (Effective Portion) | Nine Months | Nine Months | (Ineffective Portion) | Nine Months | Nine Months | |||||||||||||||||||||
Flow Hedging | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
Relationships | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate contracts | $ | 1 | $ | (3.6 | ) | Interest expense, net | $ | 4.9 | $ | 2.8 | Interest expense, net | $ | (0.2 | ) | $ | (4.3 | ) | ||||||||||||
Also during the Successor nine months ended September 30, 2013, the Company purchased a €300.0 million 1.5% interest rate cap on its Euro Term Loan which matures on September 29, 2017. The company paid a premium of $3.1 million for the interest rate cap. The interest rate cap was not designated as a hedge and the changes in the fair value of the derivative instruments are recorded in current period earnings and are presented in interest expense. | |||||||||||||||||||||||||||||
During the Predecessor period, DPC, through DuPont, entered into contractual arrangements (derivatives) to reduce its exposure to foreign currency risk. The foreign currency derivative program was utilized for financial risk management and consisted of forward contracts. The derivative instruments were not designated as hedging instruments. Changes in the fair value of the derivative instruments are recorded in current period earnings and are presented in Other (income) expense, net as a component of exchange (gains) losses. | |||||||||||||||||||||||||||||
Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that do not qualify for hedge accounting treatment are recorded in income as follows: | |||||||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging | Location of (Gain) Loss | Three Months | Three Months | Nine Months | Nine Months | Period from | |||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income on | Ended | Ended | Ended | Ended | January 1, 2013 | |||||||||||||||||||||||
Derivatives | September 30, | September 30, | September 30, | September 30, | through | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | January 31, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Foreign currency contracts | Other (income) expense, net | $ | (0.3 | ) | $ | — | $ | 1.6 | $ | 21.4 | $ | 2 | |||||||||||||||||
Interest rate cap | Interest expense, net | 0.2 | 0.3 | 3.3 | (1.4 | ) | — | ||||||||||||||||||||||
$ | (0.1 | ) | $ | 0.3 | $ | 4.9 | $ | 20 | $ | 2 | |||||||||||||||||||
Segments
Segments | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||
Segments | ' | ||||||||||||||||||||||||||
-21 | SEGMENTS | ||||||||||||||||||||||||||
The Company identifies an operating segment as a component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) that has available discrete financial information. | |||||||||||||||||||||||||||
We have two operating segments: Performance Coatings and Transportation Coatings. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Our CODM is identified as the Chief Executive Officer because he has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines. | |||||||||||||||||||||||||||
Through our Performance Coatings segment we provide high-quality liquid and powder coatings solutions to a fragmented and local customer base. We are one of only a few suppliers with the technology to provide precise color matching and highly durable coatings systems. The end-markets within this segment are refinish and industrial. | |||||||||||||||||||||||||||
Through our Transportation Coatings segment we provide advanced coating technologies to OEMs of light and commercial vehicles. These increasingly global customers require a high level of technical support coupled with cost-effective, environmentally responsible coatings systems that can be applied with a high degree of precision, consistency and speed. | |||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||||||||||||
Performance | Transportation | Total | Performance | Transportation | Total | ||||||||||||||||||||||
Coatings | Coatings | Coatings | Coatings | ||||||||||||||||||||||||
Net sales(1) | $ | 663.5 | $ | 445.4 | $ | 1,108.90 | $ | 1,944.60 | $ | 1,338.30 | $ | 3,282.90 | |||||||||||||||
Equity in earnings in unconsolidated affiliates | 0.4 | 0.1 | 0.5 | 0.9 | 0.4 | 1.3 | |||||||||||||||||||||
Adjusted EBITDA(2) | 148.5 | 79.5 | 228 | 409.7 | 226.1 | 635.8 | |||||||||||||||||||||
Investment in unconsolidated affiliates | 8.3 | 7.6 | 15.9 | 8.3 | 7.6 | 15.9 | |||||||||||||||||||||
Successor | |||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||||||||
Performance | Transportation | Total | Performance | Transportation | Total | ||||||||||||||||||||||
Coatings | Coatings | Coatings | Coatings | ||||||||||||||||||||||||
Net sales(1) | $ | 643.7 | $ | 430.9 | $ | 1,074.60 | $ | 1,680.10 | $ | 1,178.10 | $ | 2,858.20 | |||||||||||||||
Equity in earnings in unconsolidated affiliates | 0.2 | — | 0.2 | 1.5 | 0.1 | 1.6 | |||||||||||||||||||||
Adjusted EBITDA(2) | 147.3 | 46.8 | 194.1 | 360.2 | 141.4 | 501.6 | |||||||||||||||||||||
Investment in unconsolidated affiliates | 7.5 | 8.2 | 15.7 | 7.5 | 8.2 | 15.7 | |||||||||||||||||||||
Predecessor | |||||||||||||||||||||||||||
January 1, through | |||||||||||||||||||||||||||
31-Jan-13 | |||||||||||||||||||||||||||
Performance | Transportation | Total | |||||||||||||||||||||||||
Coatings | Coatings | ||||||||||||||||||||||||||
Net sales(1) | $ | 186.8 | $ | 139.4 | $ | 326.2 | |||||||||||||||||||||
Equity in earnings (losses) in unconsolidated affiliates | — | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||
Adjusted EBITDA(2) | 15 | 17.7 | 32.7 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates | 2 | 6.7 | 8.7 | ||||||||||||||||||||||||
(1) | The Company has no intrasegment sales. | ||||||||||||||||||||||||||
(2) | The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income (loss) before interest, taxes, depreciation and amortization and other unusual items impacting operating results. Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts, and prior year financial results, providing a measure that management believes reflects the Company’s core operating performance. Reconciliation of Adjusted EBITDA to income (loss) before income taxes follows: | ||||||||||||||||||||||||||
Successor | Successor | Predecessor | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | January 1 | |||||||||||||||||||||||||
September 30, | September 30, | through | |||||||||||||||||||||||||
January 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 228 | $ | 194.1 | $ | 635.8 | $ | 501.6 | $ | 32.7 | |||||||||||||||||
Inventory step-up(a) | — | — | — | 103.7 | — | ||||||||||||||||||||||
Merger and acquisition related costs(b) | — | — | — | 28.1 | — | ||||||||||||||||||||||
Financing fees and extinguishment(c) | 3 | — | 6.1 | 25 | — | ||||||||||||||||||||||
Foreign exchange remeasurement (gains) losses(d) | 59.6 | (9.7 | ) | 45.1 | 49.9 | 4.5 | |||||||||||||||||||||
Long-term employee benefit plan adjustments(e) | (4.7 | ) | 1.8 | (0.2 | ) | 4.8 | 2.3 | ||||||||||||||||||||
Termination benefits and other employee related costs(f) | 3.2 | 47.6 | 9.1 | 64.8 | 0.3 | ||||||||||||||||||||||
Consulting and advisory fees(g) | 8.8 | 11.3 | 29.5 | 33.2 | — | ||||||||||||||||||||||
Transition-related costs(h) | 36.7 | 8.8 | 84.2 | 16.2 | — | ||||||||||||||||||||||
Other adjustments(i) | 2.6 | 3.2 | 13.6 | 2.9 | 0.1 | ||||||||||||||||||||||
Dividends in respect of noncontrolling interest(j) | — | — | (1.6 | ) | (4.1 | ) | — | ||||||||||||||||||||
Management fee expense(k) | 0.8 | 0.9 | 2.4 | 2.2 | — | ||||||||||||||||||||||
EBITDA | 118 | 130.2 | 447.6 | 174.9 | 25.5 | ||||||||||||||||||||||
Interest expense, net | 52.6 | 62.7 | 166.5 | 153.2 | — | ||||||||||||||||||||||
Depreciation and amortization | 76.2 | 87.4 | 229.1 | 228 | 9.9 | ||||||||||||||||||||||
Income (loss) before income taxes | $ | (10.8 | ) | $ | (19.9 | ) | $ | 52 | $ | (206.3 | ) | $ | 15.6 | ||||||||||||||
(a) | During the Successor Nine Months Ended September 30, 2013, we recorded a non-cash fair value adjustment associated with our acquisition accounting for inventories. These amounts increased cost of goods sold by $103.7 million. | ||||||||||||||||||||||||||
(b) | In connection with the Acquisition, we incurred $28.1 million of merger and acquisition costs during the Successor Nine Months Ended September 30, 2013. These costs consisted primarily of investment banking, legal and other professional advisory services costs. | ||||||||||||||||||||||||||
(c) | On August 30, 2012, we signed a debt commitment letter which included the Bridge Facility. Upon the issuance of the Senior Notes and the entry into the Senior Secured Credit Facilities, the commitments under the Bridge Facility terminated. Commitment fees related to the Bridge Facility of $21.0 million and associated fees of $4.0 million were expensed upon payment and the termination of the Bridge Facility. In connection with the refinancing of the Senior Secured Credit Facilities in February 2014 (discussed further in Note 18), we recognized $3.1 million of costs. At September 30, 2014, we prepaid $100.0 million of the outstanding New Dollar Term Loan and recorded a pre-tax loss on extinguishment of $3.0 million. | ||||||||||||||||||||||||||
(d) | Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, including a $19.4 million loss related to the acquisition date settlement of a foreign currency contract used to hedge the variability of Euro-based financing. | ||||||||||||||||||||||||||
(e) | For the Successor periods ended September 30, 2014 and 2013, eliminates the non-service cost components of employee benefit costs. Additionally, we deducted a pension curtailment gain of $6.6 million recorded during the three months ended September 30, 2014. For the Predecessor period January 1, 2013 through January 31, 2013, eliminates (1) all U.S. pension and other long-term employee benefit costs that were not assumed as part of the Acquisition and (2) the non-service cost component of the pension and other long-term employee benefit costs. | ||||||||||||||||||||||||||
(f) | Represents expenses primarily related to employee termination benefits, including our initiative to improve the overall cost structure within the European region, and other employee-related costs. Termination benefits include the costs associated with our headcount initiatives for establishment of new roles and elimination of old roles and other costs associated with cost saving opportunities that were related to our transition to a standalone entity. | ||||||||||||||||||||||||||
(g) | Represents fees paid to consultants, advisors, and other third-party professional organizations for professional services rendered in conjunction with the transition from DuPont to a standalone entity. | ||||||||||||||||||||||||||
(h) | Represents charges associated with the transition from DuPont to a standalone entity, including branding and marketing, information technology related costs, and facility transition costs, as well as costs associated with the IPO. | ||||||||||||||||||||||||||
(i) | Represents costs for certain unusual or non-operational losses and the non-cash impact of natural gas and currency hedge losses allocated to DPC by DuPont, stock-based compensation, asset impairments, equity investee dividends, indemnity income associated with the Transaction, and loss (gain) on sale and disposal of property, plant and equipment. | ||||||||||||||||||||||||||
(j) | Represents the payment of dividends to our joint venture partners by our consolidated entities that are not wholly owned. | ||||||||||||||||||||||||||
(k) | Pursuant to Axalta’s management agreement with Carlyle Investment Management, L.L.C., an affiliate of Carlyle, for management and financial advisory services and oversight provided to Axalta and its subsidiaries, Axalta is required to pay an annual management fee of $3.0 million and out-of-pocket expenses. This agreement was terminated upon consummation of the IPO. | ||||||||||||||||||||||||||
Our business serves four end-markets globally as follows: | |||||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | January 1 through | |||||||||||||||||||||||||
September 30, | September 30, | January 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Performance Coatings | |||||||||||||||||||||||||||
Refinish | $ | 478.1 | $ | 462.4 | $ | 1,384.40 | $ | 1,203.10 | $ | 129.4 | |||||||||||||||||
Industrial | 185.4 | 181.3 | 560.2 | 477 | 57.4 | ||||||||||||||||||||||
Total Net sales Performance Coatings | 663.5 | 643.7 | 1,944.60 | 1,680.10 | 186.8 | ||||||||||||||||||||||
Transportation Coatings | |||||||||||||||||||||||||||
Light Vehicle | 342.5 | 339.8 | 1,045.50 | 938.6 | 111.6 | ||||||||||||||||||||||
Commercial Vehicle | 102.9 | 91.1 | 292.8 | 239.5 | 27.8 | ||||||||||||||||||||||
Total Net sales Transportation Coatings | 445.4 | 430.9 | 1,338.30 | 1,178.10 | 139.4 | ||||||||||||||||||||||
Total Net sales | $ | 1,108.90 | $ | 1,074.60 | $ | 3,282.90 | $ | 2,858.20 | $ | 326.2 | |||||||||||||||||
Segment information for the Predecessor period has been recast to conform to the Successor segment presentation. | |||||||||||||||||||||||||||
Asset information is not reviewed or included with our internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||||||
-22 | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
The following table reconciles changes in Accumulated other comprehensive income (“AOCI”) by component: | |||||||||||||||||||||
Foreign | Pension and | Unrealized | Unrealized | Accumulated | |||||||||||||||||
Currency | Other Long- | (gain) loss on | Gain on | Other | |||||||||||||||||
Translation | term | securities | Derivatives | Comprehensive | |||||||||||||||||
Adjustments | Employee | (Income) Loss | |||||||||||||||||||
Benefit | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
December 31, 2013 | $ | (24.4 | ) | $ | (7.4 | ) | $ | 0.9 | $ | (3.1 | ) | $ | (34.0 | ) | |||||||
Current year deferrals to AOCI | 36.1 | 7.7 | (0.8 | ) | (2.5 | ) | 40.5 | ||||||||||||||
Benefit Plan Amendments | — | (9.6 | ) | — | — | (9.6 | ) | ||||||||||||||
Reclassifications from AOCI to Net income | — | 0.1 | — | 3.1 | 3.2 | ||||||||||||||||
Net Change | 36.1 | (1.8 | ) | (0.8 | ) | 0.6 | 34.2 | ||||||||||||||
September 30, 2014 | $ | 11.7 | $ | (9.2 | ) | $ | 0.1 | $ | (2.5 | ) | $ | 0.2 | |||||||||
The income tax related to the adjustment for pension and other long-term employee benefits for the Successor nine months ended September 30, 2014 was $0.1 million. The cumulative income tax cost related to the adjustment for pension and other long-term employee benefits at September 30, 2014 and December 31, 2013 was $3.6 million and $3.5 million, respectively. The income tax related to the change in the unrealized gain on derivatives for the Successor nine months ended September 30, 2014 was $0.4 million. The cumulative income tax cost related to the adjustment for unrealized gain on derivatives at September 30, 2014 and December 31, 2013 was $1.5 million and $1.9 million, respectively. | |||||||||||||||||||||
Foreign | Pension and | Unrealized | Unrealized | Accumulated | |||||||||||||||||
Currency | Other Long- | loss on | Gain on | Other | |||||||||||||||||
Translation | term | securities | Derivatives | Comprehensive | |||||||||||||||||
Adjustments | Employee | Income | |||||||||||||||||||
Benefit | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Current year deferrals to AOCI | (29.3 | ) | — | 0.6 | (5.4 | ) | (34.1 | ) | |||||||||||||
Reclassifications from AOCI to Net income | — | — | — | 2.8 | 2.8 | ||||||||||||||||
Net Change | (29.3 | ) | — | 0.6 | (2.6 | ) | (31.3 | ) | |||||||||||||
September 30, 2013 | $ | (29.3 | ) | $ | — | $ | 0.6 | $ | (2.6 | ) | $ | (31.3 | ) | ||||||||
The income tax related to the adjustment for pension and other long-term employee benefits for the Successor nine months ended September 30, 2013, was $0.0 million. The cumulative income tax cost related to the adjustment for pension and other long-term employee benefits at September 30, 2013 was $0.0 million. The income tax related to the change in the unrealized gain on derivatives for the Successor nine months ended September 30, 2013 was $1.3 million. The cumulative income tax cost related to the adjustment for unrealized gain on derivatives at September 30, 2013 was $1.3 million. The income tax related to the change in the unrealized loss on securities for the Successor nine months ended September 30, 2013 was $0.3 million. The cumulative income tax benefit related to the adjustment for unrealized loss on securities at September 30, 2013 was $0.3 million. | |||||||||||||||||||||
Foreign | Pension and | Unrealized | Unrealized | Accumulated | |||||||||||||||||
Currency | Other Long- | loss on | Gain on | Other | |||||||||||||||||
Translation | term | securities | Derivatives | Comprehensive | |||||||||||||||||
Adjustments | Employee | Income | |||||||||||||||||||
Benefit | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
(Predecessor) December 31, 2012 | $ | — | $ | (142.3 | ) | $ | 1.4 | $ | — | $ | (140.9 | ) | |||||||||
Current year deferrals to AOCI | — | 0.7 | 0.2 | — | 0.9 | ||||||||||||||||
Reclassifications from AOCI to Net income | — | — | — | — | — | ||||||||||||||||
Net Change | — | (141.6 | ) | 1.6 | — | (140.0 | ) | ||||||||||||||
(Predecessor) January 31, 2013 | $ | — | $ | (141.6 | ) | $ | 1.6 | $ | — | $ | (140.0 | ) | |||||||||
The income tax related to the adjustment for pension and other long-term employee benefits for the Predecessor one month ended January 31, 2013 was $0.4 million. The cumulative income tax benefit related to the adjustment for pension and other long-term employee benefits at January 31, 2013 was $76.3 million. The income tax related to the change in the unrealized gain on derivatives for the Predecessor one month ended January 31, 2013 was $0.0 million. The cumulative income tax cost related to the adjustment for unrealized gain on derivatives at January 31, 2013 was $0.0 million. The income tax related to the change in the unrealized loss on securities for the Predecessor one month ended January 31, 2013 was $0.1 million. The cumulative income tax cost related to the adjustment for unrealized loss on securities at January 31, 2013 was $0.9 million. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |
Sep. 30, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
-23 | SUBSEQUENT EVENTS | |
In October 2014, the Board of Directors approved a 1.69-for-1 stock split of the Company’s issued and outstanding common stock, which was effective on October 28, 2014. The stock split did not change the par value of the Company’s common stock. The condensed consolidated financial statements have been retroactively adjusted to give effect to the stock split. See Note 1 for additional details. | ||
In conjunction with the effectiveness of the IPO, we recorded a $13.4 million pre-tax charge related to our consulting agreement with Carlyle Investment, which terminated upon the IPO. |
Basis_of_Presentation_of_the_I1
Basis of Presentation of the Interim Unaudited Condensed Consolidated and Combined Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Business Combinations [Abstract] | ' |
Reclassification and revisions | ' |
Reclassification and revisions | |
In October 2014, the Board of Directors approved a 1.69-for-1 stock split of the Company’s issued and outstanding common shares, which was effective on October 28, 2014. The stock split did not change the par value of the Company’s common shares. The condensed consolidated financial statements have been retroactively adjusted to give effect to the stock split. | |
During the third quarter ended September 30, 2014, the Company identified errors in the determination of the effective interest rate amortization for the Deferred Financing Costs and Original Issue Discounts that were incurred in 2013. Refer to our annual report and Note 18 included herein for further details. | |
Certain reclassifications have been made to Net sales, Other (income) expense, net, and Selling, general and administrative expenses on the Predecessor combined statements of operations to conform to the Successor presentation. | |
As of December 31, 2013 we completed our accounting associated with the Acquisition, the finalization of our valuations, and the refinement of our assumptions impacted the recognized values assigned to assets acquired and liabilities assumed, including impacts to net sales and income tax benefit for the three and nine months ended September 30, 2013. Net sales and income tax benefit as a result of these refinements were adjusted by a $3.4 million increase and a $10.6 million decrease, respectively, for the three months ended September 30, 2013, and a $7.8 million increase and a $1.5 million decrease, respectively, for the nine months ended September 30, 2013. | |
Initial Public Offering | ' |
Initial Public Offering | |
On November 11, 2014, the Company priced its initial public offering (“IPO”). In the IPO, certain of the Company’s stockholders sold an aggregate of 50,000,000 common shares at a public offering price of $19.50 per share. The underwriters also exercised their over-allotment option and purchased an additional 7,500,000 common shares. The Company will not receive any proceeds from the sale of common shares in the IPO. | |
Recently Adopted Accounting Guidance | ' |
Recently Adopted Accounting Guidance | |
In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which amended the guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 and early adoption is permitted. We have adopted this guidance as of September 30, 2014. | |
Accounting Guidance Issued But Not Yet Adopted | ' |
Accounting Guidance Issued But Not Yet Adopted | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09 (Accounting Standard Codification 606), “Revenue from Contracts with Customers”, which sets forth the guidance that an entity should use related to revenue recognition. This ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is not permitted. We are in the process of assessing the impact the adoption of this ASU will have on our financial position, results of operations and cash flows. | |
In August 2014, the FASB issued ASU 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, which requires management to evaluate the Company’s business to continue as a going concern within one year after the date that the financial statements are issued. The ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. We do not anticipate this standard will have a material impact on the financial statements. | |
Business Combinations | ' |
We accounted for the Acquisition as a business combination in accordance with ASC 805, Business Combinations, using the acquisition method of accounting. At December 31, 2013, the amounts presented for the Acquisition were finalized. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Summary of Fair Values of Net Assets Acquired Date Adjusted for Measurement Period | ' | ||||||||||||
The following table summarizes the fair values of the net assets acquired as of the February 1, 2013 Acquisition date adjusted for measurement period adjustments: | |||||||||||||
February 1, 2013 | Measurement | February 1, 2013 | |||||||||||
(As Initially | Period | (As Adjusted) | |||||||||||
Reported) | Adjustments | ||||||||||||
Cash and cash equivalents | $ | 79.7 | $ | — | $ | 79.7 | |||||||
Accounts and notes receivable—trade | 855.8 | 22.7 | 878.5 | ||||||||||
Inventories | 673 | 3 | 676 | ||||||||||
Prepaid expenses and other | 8.2 | (1.3 | ) | 6.9 | |||||||||
Property, plant and equipment | 1,707.70 | (1.8 | ) | 1,705.90 | |||||||||
Identifiable intangibles | 1,539.30 | (19.0 | ) | 1,520.30 | |||||||||
Other assets—noncurrent | 98.8 | 19.1 | 117.9 | ||||||||||
Accounts payable | (409.1 | ) | (6.9 | ) | (416.0 | ) | |||||||
Other accrued liabilities | (232.0 | ) | 7.5 | (224.5 | ) | ||||||||
Other liabilities | (331.1 | ) | (35.3 | ) | (366.4 | ) | |||||||
Deferred income taxes | (312.9 | ) | 223.2 | (89.7 | ) | ||||||||
Noncontrolling interests | (66.7 | ) | — | (66.7 | ) | ||||||||
Net assets acquired before goodwill on acquisition | 3,610.70 | 211.2 | 3,821.90 | ||||||||||
Goodwill on acquisition | 1,315.20 | (229.8 | ) | 1,085.40 | |||||||||
Net assets acquired | $ | 4,925.90 | $ | (18.6 | ) | $ | 4,907.30 | ||||||
Summary of Supplemental Pro Forma Information Financial Results Acquisition of DPC | ' | ||||||||||||
The following unaudited supplemental pro forma information presents the financial results as if the acquisition of DPC had occurred at January 1, 2012. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made at January 1, 2012, nor is it indicative of any future results. | |||||||||||||
Nine Months Ended | |||||||||||||
September 30, 2013 | |||||||||||||
(Unaudited) | |||||||||||||
Net sales | $ | 3,184.40 | |||||||||||
Net loss | $ | (45.9 | ) | ||||||||||
Net loss attributable to controlling interests | $ | (49.6 | ) | ||||||||||
Earnings per share (Basic and Diluted) | $ | (0.22 | ) |
Goodwill_and_Identifiable_Inta1
Goodwill and Identifiable Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||
The following table shows changes in the carrying amount of goodwill for the Successor nine months ended September 30, 2014 by reportable segment: | |||||||||||||||||
Performance | Transportation | Total | |||||||||||||||
Coatings | Coatings | ||||||||||||||||
At January 1, 2014 | $ | 1,038.80 | $ | 74.8 | $ | 1,113.60 | |||||||||||
Purchase accounting adjustments | 11.6 | 0.8 | 12.4 | ||||||||||||||
Divestitures | (4.7 | ) | — | (4.7 | ) | ||||||||||||
Foreign currency translation | (69.4 | ) | (5.0 | ) | (74.4 | ) | |||||||||||
September 30, 2014 | $ | 976.3 | $ | 70.6 | $ | 1,046.90 | |||||||||||
Summary of Gross Carrying Amounts and Accumulated Amortization of Identifiable Intangible Assets by Major Class | ' | ||||||||||||||||
The following table summarizes the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class: | |||||||||||||||||
September 30, 2014 | Gross Carrying | Accumulated | Net Book Value | Weighted average | |||||||||||||
Amount | Amortization | amortization periods | |||||||||||||||
Technology | $ | 411.8 | $ | (66.2 | ) | $ | 345.6 | 10 | |||||||||
Trademarks - indefinite-lived | 284.4 | — | 284.4 | Indefinite | |||||||||||||
Trademarks - definite-lived | 41.8 | (4.8 | ) | 37 | 14.8 | ||||||||||||
Customer relationships | 735.4 | (63.8 | ) | 671.6 | 19.4 | ||||||||||||
Non-compete agreements | 1.5 | (0.6 | ) | 0.9 | 4 | ||||||||||||
Total | $ | 1,474.90 | $ | (135.4 | ) | $ | 1,339.50 | ||||||||||
December 31, 2013 | Gross Carrying | Accumulated | Net Book Value | Weighted average | |||||||||||||
Amount | Amortization | amortization periods | |||||||||||||||
Technology | $ | 425.2 | $ | (37.3 | ) | $ | 387.9 | 10 | |||||||||
Trademarks - indefinite-lived | 284.4 | — | 284.4 | Indefinite | |||||||||||||
Trademarks - definite-lived | 41.7 | (2.6 | ) | 39.1 | 14.8 | ||||||||||||
Customer relationships | 761.9 | (34.9 | ) | 727 | 19.4 | ||||||||||||
Non-compete agreements | 1.5 | (0.3 | ) | 1.2 | 4 | ||||||||||||
Total | $ | 1,514.70 | $ | (75.1 | ) | $ | 1,439.60 | ||||||||||
Schedule of Estimated Amortization Expense | ' | ||||||||||||||||
The estimated amortization expense for the remainder of 2014 and for each of the succeeding five years is: | |||||||||||||||||
Remainder of 2014 | $ | 20.6 | |||||||||||||||
2015 | $ | 82.5 | |||||||||||||||
2016 | $ | 82.5 | |||||||||||||||
2017 | $ | 82.2 | |||||||||||||||
2018 | $ | 82.2 | |||||||||||||||
2019 | $ | 82.2 | |||||||||||||||
In Process Research and Development [Member] | ' | ||||||||||||||||
Schedule of Activity Related to in Process Research and Development Projects | ' | ||||||||||||||||
Activity related to in process research and development projects for the nine months ended September 30, 2014: | |||||||||||||||||
Beginning Balance at | Completed | Abandoned | Ending Balance at | ||||||||||||||
January 1, 2014 | September 30, 2014 | ||||||||||||||||
In Process Research and Development | $ | 15.7 | $ | (9.3 | ) | $ | (0.1 | ) | $ | 6.3 |
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Restructuring and Related Activities [Abstract] | ' | ||||
Activities Related to Restructuring Reserves, Recorded within Other Accrued Liabilities, and Expense | ' | ||||
The following tables summarize the activities related to the restructuring reserves, recorded within other accrued liabilities, and expenses for the Successor nine months ended September 30, 2014: | |||||
Year to Date | |||||
September 30, | |||||
2014 | |||||
Balance at December 31, 2013 | $ | 98.4 | |||
Expense Recorded | 2.3 | ||||
Payments Made | (42.0 | ) | |||
Foreign Currency Changes | (4.5 | ) | |||
Balance at September 30, 2014 | $ | 54.2 | |||
Relationship_with_Dupont_Table
Relationship with Dupont (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Summary of Allocated Leveraged Functional Service Expenses and General Corporate Expenses | ' | ||||
The allocated leveraged functional service expenses and general corporate expenses included in cost of goods sold, selling, general, and administrative expenses and research and development expenses in the Predecessor interim unaudited combined statement of operations were as follows: | |||||
Predecessor | |||||
Period from January 1, | |||||
2013 through | |||||
January 31, 2013 | |||||
Cost of goods sold | $ | 14.2 | |||
Selling, general, and administrative expenses | 1.4 | ||||
Research and development expenses | 0.1 | ||||
Total | $ | 15.7 | |||
Allocated leveraged functional service expenses and general corporate expenses are recorded in the Predecessor combined statement of operations as follows: | |||||
Predecessor | |||||
Period from January 1, | |||||
2013 through | |||||
January 31, 2013 | |||||
Leveraged functional services | $ | 14.2 | |||
General corporate expenses | 1.5 | ||||
Total | $ | 15.7 | |||
Purchases from and Sales to Other DuPont Businesses | ' | ||||
Throughout the Predecessor periods covered by the Predecessor combined financial statements, DPC purchased materials (Titanium Dioxide and DuPont Sontara® maintenance wipes) from DuPont and its non-DPC businesses. | |||||
Purchases include the following amounts: | |||||
Predecessor | |||||
Period from January 1, | |||||
2013 through | |||||
January 31, 2013 | |||||
DPC purchases of products from other DuPont businesses | $ | 7.9 | |||
Total | $ | 7.9 | |||
LongTerm_Employee_Benefits_Tab
Long-Term Employee Benefits (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||
The following table sets forth the components of net periodic benefit cost for the Successor three and nine months ended September 30, 2014 and September 30, 2013 and the Predecessor period from January 1, 2013 through January 31, 2013: | |||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Period from | |||||||||||||||||||||
September 30, | September 30, | January 1, | |||||||||||||||||||||
2013 through | |||||||||||||||||||||||
January 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | 3.8 | $ | 4.2 | $ | 12.3 | $ | 11.6 | $ | 1.6 | |||||||||||||
Interest cost | 6.1 | 4.8 | 18 | 13.4 | 1.7 | ||||||||||||||||||
Expected return on plan assets | (3.9 | ) | (3.1 | ) | (11.3 | ) | (8.6 | ) | (1.8 | ) | |||||||||||||
Amortization of actuarial (gain) loss | — | — | (0.2 | ) | — | 1.1 | |||||||||||||||||
Amortization of prior service cost | — | — | — | — | — | ||||||||||||||||||
Curtailment gain | (6.6 | ) | — | (6.6 | ) | — | — | ||||||||||||||||
Net periodic benefit cost (credit) | $ | (0.6 | ) | $ | 5.9 | $ | 12.2 | $ | 16.4 | $ | 2.6 | ||||||||||||
Other Long-Term Employee Benefits | |||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Period from | |||||||||||||||||||||
September 30, | September 30, | January 1, | |||||||||||||||||||||
2013 through | |||||||||||||||||||||||
January 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | |||||||||||||
Interest cost | 0.1 | — | 0.1 | — | — | ||||||||||||||||||
Amortization of actuarial (gain) loss | — | — | — | — | — | ||||||||||||||||||
Amortization of prior service credit | (0.4 | ) | — | (0.3 | ) | — | — | ||||||||||||||||
Net periodic benefit cost | $ | (0.3 | ) | $ | — | $ | (0.1 | ) | $ | — | $ | — | |||||||||||
Other_Income_Expense_Net_Table
Other (Income) Expense, Net (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||||||
Schedule of Other (Income) Expense, Net | ' | ||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||
Three Months | Nine Months | Period from | |||||||||||||||||||
Ended September 30, | Ended September 30, | January 1, 2013 | |||||||||||||||||||
through January 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||
Exchange (gain)/losses | $ | 59.6 | $ | (9.7 | ) | $ | 45.1 | $ | 49.9 | $ | 4.5 | ||||||||||
Management fee and expenses | 0.8 | 0.9 | 2.4 | 2.2 | — | ||||||||||||||||
Miscellaneous | 1.8 | (0.5 | ) | 17.6 | (2.4 | ) | 0.5 | ||||||||||||||
Total | $ | 62.2 | $ | (9.3 | ) | $ | 65.1 | $ | 49.7 | $ | 5 | ||||||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Reconciliation of Basic and Diluted Earnings per Common Share | ' | ||||||||||||||||
A reconciliation of the Company’s basic and diluted earnings per common share was as follows (in millions, except earnings per share): | |||||||||||||||||
Successor | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income (loss) attributable to controlling interests | $ | (19.9 | ) | $ | 5 | $ | 29.6 | $ | (175.6 | ) | |||||||
Pre-Acquisition net income (loss) attributable to controlling interests | — | — | — | (3.9 | ) | ||||||||||||
Net income (loss) attributable to common shareholders(1) | (19.9 | ) | 5 | 29.6 | (171.7 | ) | |||||||||||
Basic weighted average shares outstanding(1) | 229.5 | 228.1 | 229.2 | 228.1 | |||||||||||||
Diluted weighted average shares outstanding(1) | 229.5 | 228.1 | 229.3 | 228.1 | |||||||||||||
Earnings per Common Share: | |||||||||||||||||
Basic net income (loss) per share | $ | (0.09 | ) | $ | 0.02 | $ | 0.13 | $ | (0.75 | ) | |||||||
Diluted net income (loss) per share | $ | (0.09 | ) | $ | 0.02 | $ | 0.13 | $ | (0.75 | ) | |||||||
(1) | As of February 1, 2013, the date of the Acquisition, the Company received the initial Equity Contribution of $1,350.0 million. Accordingly, the net income (loss) to common shareholders and the weighted average shares outstanding calculation is based on the period from February 1, 2013 to September 30, 2013. |
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable, Net (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts and Notes Receivable, Net | ' | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Accounts receivable - trade, net | $ | 718 | $ | 637.5 | |||||
Notes receivable | 45.5 | 44.7 | |||||||
Miscellaneous | 155.6 | 183.7 | |||||||
Total | $ | 919.1 | $ | 865.9 | |||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventory Net | ' | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Finished products | $ | 360.6 | $ | 329.3 | |||||
Semi-finished products | 81.4 | 90.2 | |||||||
Raw materials and supplies | 138.4 | 130.7 | |||||||
Total | $ | 580.4 | $ | 550.2 | |||||
Net_Property_Plant_and_Equipme1
Net Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Schedule of Property Plant and Equipment, Net | ' | ||||||||
Depreciation expense amounted to $7.2 million for the Predecessor period from January 1, 2013 through January 31, 2013. | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Land | $ | 94.7 | $ | 98.9 | |||||
Buildings | 409 | 411 | |||||||
Equipment | 1,252.30 | 1,178.60 | |||||||
Construction in progress | 113.1 | 117.7 | |||||||
Total | 1,869.10 | 1,806.20 | |||||||
Accumulated depreciation | (312.9 | ) | (183.6 | ) | |||||
Net property, plant, and equipment | $ | 1,556.20 | $ | 1,622.60 | |||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Schedule of Other Accrued Liabilities | ' | ||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Compensation and other employee-related costs | $ | 164.1 | $ | 168 | |||||
Restructuring | 54.2 | 98.4 | |||||||
Discounts, rebates, and warranties | 67.1 | 65 | |||||||
Miscellaneous | 101.2 | 141.3 | |||||||
Total | $ | 386.6 | $ | 472.7 | |||||
LongTerm_Borrowings_Tables
Long-Term Borrowings (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Summary of Borrowings and Capital Lease Obligations | ' | ||||||||
Borrowings and capital lease obligations are summarized as follows: | |||||||||
September 30, 2014 | December 31, 2013 | ||||||||
Dollar Term Loan | $ | 2,171.30 | $ | 2,282.80 | |||||
Euro Term Loan | 503.4 | 547.7 | |||||||
Dollar Senior Notes | 750 | 750 | |||||||
Euro Senior Notes | 318.7 | 344.9 | |||||||
Short-term borrowings | 7.4 | 18.2 | |||||||
Unamortized original issue discount | (19.2 | ) | (22.7 | ) | |||||
$ | 3,731.60 | $ | 3,920.90 | ||||||
Less: | |||||||||
Short term borrowings | $ | 7.4 | $ | 18.2 | |||||
Current portion of long-term borrowings | 28.1 | 28.5 | |||||||
Long-term debt | $ | 3,696.10 | $ | 3,874.20 | |||||
Schedule of Required Future Repayments of Borrowings Outstanding | ' | ||||||||
Below is a schedule of required future repayments of all borrowings outstanding at September 30, 2014. | |||||||||
Remainder of 2014 | $ | 9.1 | |||||||
2015 | 33.5 | ||||||||
2016 | 28.1 | ||||||||
2017 | 28.1 | ||||||||
2018 | 28.1 | ||||||||
Thereafter | 3,623.90 | ||||||||
$ | 3,750.80 | ||||||||
Euro Senior Notes [Member] | ' | ||||||||
Schedule of Redemption Prices as Percentages of Principal Amount | ' | ||||||||
On or after February 1, 2016, we have the option to redeem all or part of the Euro Senior Notes at the following redemption prices (expressed as percentages of principal amount): | |||||||||
Period | Euro Notes Percentage | ||||||||
2016 | 104.313 | % | |||||||
2017 | 102.875 | % | |||||||
2018 | 101.438 | % | |||||||
2019 and thereafter | 100 | % | |||||||
Dollar Senior Notes [Member] | ' | ||||||||
Schedule of Redemption Prices as Percentages of Principal Amount | ' | ||||||||
On or after February 1, 2016, we have the option to redeem all or part of the Dollar Senior Notes at the following redemption prices (expressed as percentages of principal amount) | |||||||||
Period | Dollar Notes Percentage | ||||||||
2016 | 105.531 | % | |||||||
2017 | 103.688 | % | |||||||
2018 | 101.844 | % | |||||||
2019 and thereafter | 100 | % |
Derivative_and_Other_Hedging_I1
Derivative and Other Hedging Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Schedule of Locations and Amounts Recognized for Cash Flow Hedges | ' | ||||||||||||||||||||||||||||
The following table sets forth the locations and amounts recognized during the three months ended September 30, 2014 and 2013 for these cash flow hedges. | |||||||||||||||||||||||||||||
Amount of (Gain) Loss | Location of (Gain) | Amount of (Gain) Loss | Location of (Gains) | Amount of (Gain) Loss | |||||||||||||||||||||||||
Recognized in OCI on | Loss Reclassified | Reclassified from | Losses Recognized | Recognized in Income on | |||||||||||||||||||||||||
Derivatives (Effective | from Accumulated | Accumulated OCI to Income | in Income on | Derivatives (Ineffective | |||||||||||||||||||||||||
Portion) | OCI into Income | (Effective Portion) | Derivatives | Portion) | |||||||||||||||||||||||||
Derivatives in Cash | Three Months | Three Months | (Effective Portion) | Three Months | Three Months | (Ineffective Portion) | Three Months | Three Months | |||||||||||||||||||||
Flow Hedging | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
Relationships | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate contracts | $ | (4.0 | ) | $ | 3.9 | Interest expense, net | $ | 1.7 | $ | 1.7 | Interest expense, net | $ | (0.9 | ) | $ | 1.6 | |||||||||||||
The following table sets forth the locations and amounts recognized during the nine months ended September 30, 2014 and 2013 for these cash flow hedges. | |||||||||||||||||||||||||||||
Amount of (Gain) Loss | Location of (Gain) | Amount of (Gain) Loss | Location of (Gains) | Amount of (Gain) Loss | |||||||||||||||||||||||||
Recognized in OCI on | Loss Reclassified | Reclassified from | Losses Recognized | Recognized in Income on | |||||||||||||||||||||||||
Derivatives (Effective | from Accumulated | Accumulated OCI to Income | in Income on | Derivatives (Ineffective | |||||||||||||||||||||||||
Portion) | OCI into Income | (Effective Portion) | Derivatives | Portion) | |||||||||||||||||||||||||
Derivatives in Cash | Nine Months | Nine Months | (Effective Portion) | Nine Months | Nine Months | (Ineffective Portion) | Nine Months | Nine Months | |||||||||||||||||||||
Flow Hedging | Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||||
Relationships | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest rate contracts | $ | 1 | $ | (3.6 | ) | Interest expense, net | $ | 4.9 | $ | 2.8 | Interest expense, net | $ | (0.2 | ) | $ | (4.3 | ) | ||||||||||||
Schedule of Fair Value Gains and Losses of Derivative Contracts, Level 2 Inputs, Not Qualify for Hedge Accounting Treatment Recorded in Income | ' | ||||||||||||||||||||||||||||
Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that do not qualify for hedge accounting treatment are recorded in income as follows: | |||||||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging | Location of (Gain) Loss | Three Months | Three Months | Nine Months | Nine Months | Period from | |||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income on | Ended | Ended | Ended | Ended | January 1, 2013 | |||||||||||||||||||||||
Derivatives | September 30, | September 30, | September 30, | September 30, | through | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | January 31, | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Foreign currency contracts | Other (income) expense, net | $ | (0.3 | ) | $ | — | $ | 1.6 | $ | 21.4 | $ | 2 | |||||||||||||||||
Interest rate cap | Interest expense, net | 0.2 | 0.3 | 3.3 | (1.4 | ) | — | ||||||||||||||||||||||
$ | (0.1 | ) | $ | 0.3 | $ | 4.9 | $ | 20 | $ | 2 | |||||||||||||||||||
Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||
Schedule of Location and Fair Values Using Level 2 Inputs of Derivative Instruments Designed and Not Designated Included in Condensed Consolidated and Combined Balance Sheet | ' | ||||||||||||||||||||||||||||
The following table presents the location and fair values using Level 2 inputs of derivative instruments that qualify and have been designated as cash flow hedges included in our interim unaudited condensed consolidated and combined balance sheet: | |||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 9.2 | $ | 10.5 | |||||||||||||||||||||||||
Total assets | $ | 9.2 | $ | 10.5 | |||||||||||||||||||||||||
Other liabilities: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 0.7 | $ | 1.2 | |||||||||||||||||||||||||
Total liabilities | $ | 0.7 | $ | 1.2 | |||||||||||||||||||||||||
Not Designated as Hedging Instrument [Member] | ' | ||||||||||||||||||||||||||||
Schedule of Location and Fair Values Using Level 2 Inputs of Derivative Instruments Designed and Not Designated Included in Condensed Consolidated and Combined Balance Sheet | ' | ||||||||||||||||||||||||||||
The following table presents the location and fair values using Level 2 inputs of derivative instruments that have not been designated as hedges included in our interim unaudited condensed consolidated and combined balance sheet: | |||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||
Interest rate cap | 0.1 | 3.4 | |||||||||||||||||||||||||||
Total assets | $ | 0.1 | $ | 3.4 | |||||||||||||||||||||||||
Other accrued liabilities: | |||||||||||||||||||||||||||||
Foreign currency contracts | — | — | |||||||||||||||||||||||||||
Total liabilities | $ | — | $ | — | |||||||||||||||||||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||
Schedule of Revenues by Segments | ' | ||||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2014 | September 30, 2014 | ||||||||||||||||||||||||||
Performance | Transportation | Total | Performance | Transportation | Total | ||||||||||||||||||||||
Coatings | Coatings | Coatings | Coatings | ||||||||||||||||||||||||
Net sales(1) | $ | 663.5 | $ | 445.4 | $ | 1,108.90 | $ | 1,944.60 | $ | 1,338.30 | $ | 3,282.90 | |||||||||||||||
Equity in earnings in unconsolidated affiliates | 0.4 | 0.1 | 0.5 | 0.9 | 0.4 | 1.3 | |||||||||||||||||||||
Adjusted EBITDA(2) | 148.5 | 79.5 | 228 | 409.7 | 226.1 | 635.8 | |||||||||||||||||||||
Investment in unconsolidated affiliates | 8.3 | 7.6 | 15.9 | 8.3 | 7.6 | 15.9 | |||||||||||||||||||||
Successor | |||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||||||||||||||||
Performance | Transportation | Total | Performance | Transportation | Total | ||||||||||||||||||||||
Coatings | Coatings | Coatings | Coatings | ||||||||||||||||||||||||
Net sales(1) | $ | 643.7 | $ | 430.9 | $ | 1,074.60 | $ | 1,680.10 | $ | 1,178.10 | $ | 2,858.20 | |||||||||||||||
Equity in earnings in unconsolidated affiliates | 0.2 | — | 0.2 | 1.5 | 0.1 | 1.6 | |||||||||||||||||||||
Adjusted EBITDA(2) | 147.3 | 46.8 | 194.1 | 360.2 | 141.4 | 501.6 | |||||||||||||||||||||
Investment in unconsolidated affiliates | 7.5 | 8.2 | 15.7 | 7.5 | 8.2 | 15.7 | |||||||||||||||||||||
Predecessor | |||||||||||||||||||||||||||
January 1, through | |||||||||||||||||||||||||||
31-Jan-13 | |||||||||||||||||||||||||||
Performance | Transportation | Total | |||||||||||||||||||||||||
Coatings | Coatings | ||||||||||||||||||||||||||
Net sales(1) | $ | 186.8 | $ | 139.4 | $ | 326.2 | |||||||||||||||||||||
Equity in earnings (losses) in unconsolidated affiliates | — | (0.3 | ) | (0.3 | ) | ||||||||||||||||||||||
Adjusted EBITDA(2) | 15 | 17.7 | 32.7 | ||||||||||||||||||||||||
Investment in unconsolidated affiliates | 2 | 6.7 | 8.7 | ||||||||||||||||||||||||
(1) | The Company has no intrasegment sales. | ||||||||||||||||||||||||||
(2) | The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income (loss) before interest, taxes, depreciation and amortization and other unusual items impacting operating results. Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts, and prior year financial results, providing a measure that management believes reflects the Company’s core operating performance. | ||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to Income (Loss) Before Income Taxes | ' | ||||||||||||||||||||||||||
Reconciliation of Adjusted EBITDA to income (loss) before income taxes follows: | |||||||||||||||||||||||||||
Successor | Successor | Predecessor | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | January 1 | |||||||||||||||||||||||||
September 30, | September 30, | through | |||||||||||||||||||||||||
January 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Adjusted EBITDA | $ | 228 | $ | 194.1 | $ | 635.8 | $ | 501.6 | $ | 32.7 | |||||||||||||||||
Inventory step-up(a) | — | — | — | 103.7 | — | ||||||||||||||||||||||
Merger and acquisition related costs(b) | — | — | — | 28.1 | — | ||||||||||||||||||||||
Financing fees and extinguishment(c) | 3 | — | 6.1 | 25 | — | ||||||||||||||||||||||
Foreign exchange remeasurement (gains) losses(d) | 59.6 | (9.7 | ) | 45.1 | 49.9 | 4.5 | |||||||||||||||||||||
Long-term employee benefit plan adjustments(e) | (4.7 | ) | 1.8 | (0.2 | ) | 4.8 | 2.3 | ||||||||||||||||||||
Termination benefits and other employee related costs(f) | 3.2 | 47.6 | 9.1 | 64.8 | 0.3 | ||||||||||||||||||||||
Consulting and advisory fees(g) | 8.8 | 11.3 | 29.5 | 33.2 | — | ||||||||||||||||||||||
Transition-related costs(h) | 36.7 | 8.8 | 84.2 | 16.2 | — | ||||||||||||||||||||||
Other adjustments(i) | 2.6 | 3.2 | 13.6 | 2.9 | 0.1 | ||||||||||||||||||||||
Dividends in respect of noncontrolling interest(j) | — | — | (1.6 | ) | (4.1 | ) | — | ||||||||||||||||||||
Management fee expense(k) | 0.8 | 0.9 | 2.4 | 2.2 | — | ||||||||||||||||||||||
EBITDA | 118 | 130.2 | 447.6 | 174.9 | 25.5 | ||||||||||||||||||||||
Interest expense, net | 52.6 | 62.7 | 166.5 | 153.2 | — | ||||||||||||||||||||||
Depreciation and amortization | 76.2 | 87.4 | 229.1 | 228 | 9.9 | ||||||||||||||||||||||
Income (loss) before income taxes | $ | (10.8 | ) | $ | (19.9 | ) | $ | 52 | $ | (206.3 | ) | $ | 15.6 | ||||||||||||||
(a) | During the Successor Nine Months Ended September 30, 2013, we recorded a non-cash fair value adjustment associated with our acquisition accounting for inventories. These amounts increased cost of goods sold by $103.7 million. | ||||||||||||||||||||||||||
(b) | In connection with the Acquisition, we incurred $28.1 million of merger and acquisition costs during the Successor Nine Months Ended September 30, 2013. These costs consisted primarily of investment banking, legal and other professional advisory services costs. | ||||||||||||||||||||||||||
(c) | On August 30, 2012, we signed a debt commitment letter which included the Bridge Facility. Upon the issuance of the Senior Notes and the entry into the Senior Secured Credit Facilities, the commitments under the Bridge Facility terminated. Commitment fees related to the Bridge Facility of $21.0 million and associated fees of $4.0 million were expensed upon payment and the termination of the Bridge Facility. In connection with the refinancing of the Senior Secured Credit Facilities in February 2014 (discussed further in Note 18), we recognized $3.1 million of costs. At September 30, 2014, we prepaid $100.0 million of the outstanding New Dollar Term Loan and recorded a pre-tax loss on extinguishment of $3.0 million. | ||||||||||||||||||||||||||
(d) | Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, including a $19.4 million loss related to the acquisition date settlement of a foreign currency contract used to hedge the variability of Euro-based financing. | ||||||||||||||||||||||||||
(e) | For the Successor periods ended September 30, 2014 and 2013, eliminates the non-service cost components of employee benefit costs. Additionally, we deducted a pension curtailment gain of $6.6 million recorded during the three months ended September 30, 2014. For the Predecessor period January 1, 2013 through January 31, 2013, eliminates (1) all U.S. pension and other long-term employee benefit costs that were not assumed as part of the Acquisition and (2) the non-service cost component of the pension and other long-term employee benefit costs. | ||||||||||||||||||||||||||
(f) | Represents expenses primarily related to employee termination benefits, including our initiative to improve the overall cost structure within the European region, and other employee-related costs. Termination benefits include the costs associated with our headcount initiatives for establishment of new roles and elimination of old roles and other costs associated with cost saving opportunities that were related to our transition to a standalone entity. | ||||||||||||||||||||||||||
(g) | Represents fees paid to consultants, advisors, and other third-party professional organizations for professional services rendered in conjunction with the transition from DuPont to a standalone entity. | ||||||||||||||||||||||||||
(h) | Represents charges associated with the transition from DuPont to a standalone entity, including branding and marketing, information technology related costs, and facility transition costs, as well as costs associated with the IPO. | ||||||||||||||||||||||||||
(i) | Represents costs for certain unusual or non-operational losses and the non-cash impact of natural gas and currency hedge losses allocated to DPC by DuPont, stock-based compensation, asset impairments, equity investee dividends, indemnity income associated with the Transaction, and loss (gain) on sale and disposal of property, plant and equipment. | ||||||||||||||||||||||||||
(j) | Represents the payment of dividends to our joint venture partners by our consolidated entities that are not wholly owned. | ||||||||||||||||||||||||||
(k) | Pursuant to Axalta’s management agreement with Carlyle Investment Management, L.L.C., an affiliate of Carlyle, for management and financial advisory services and oversight provided to Axalta and its subsidiaries, Axalta is required to pay an annual management fee of $3.0 million and out-of-pocket expenses. This agreement was terminated upon consummation of the IPO. | ||||||||||||||||||||||||||
Schedule of Net Sales by Segments | ' | ||||||||||||||||||||||||||
Our business serves four end-markets globally as follows: | |||||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | January 1 through | |||||||||||||||||||||||||
September 30, | September 30, | January 31, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2013 | |||||||||||||||||||||||
Performance Coatings | |||||||||||||||||||||||||||
Refinish | $ | 478.1 | $ | 462.4 | $ | 1,384.40 | $ | 1,203.10 | $ | 129.4 | |||||||||||||||||
Industrial | 185.4 | 181.3 | 560.2 | 477 | 57.4 | ||||||||||||||||||||||
Total Net sales Performance Coatings | 663.5 | 643.7 | 1,944.60 | 1,680.10 | 186.8 | ||||||||||||||||||||||
Transportation Coatings | |||||||||||||||||||||||||||
Light Vehicle | 342.5 | 339.8 | 1,045.50 | 938.6 | 111.6 | ||||||||||||||||||||||
Commercial Vehicle | 102.9 | 91.1 | 292.8 | 239.5 | 27.8 | ||||||||||||||||||||||
Total Net sales Transportation Coatings | 445.4 | 430.9 | 1,338.30 | 1,178.10 | 139.4 | ||||||||||||||||||||||
Total Net sales | $ | 1,108.90 | $ | 1,074.60 | $ | 3,282.90 | $ | 2,858.20 | $ | 326.2 | |||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Schedule of Reconciliation of Changes in Accumulated Other Comprehensive Income by Component | ' | ||||||||||||||||||||
The following table reconciles changes in Accumulated other comprehensive income (“AOCI”) by component: | |||||||||||||||||||||
Foreign | Pension and | Unrealized | Unrealized | Accumulated | |||||||||||||||||
Currency | Other Long- | (gain) loss on | Gain on | Other | |||||||||||||||||
Translation | term | securities | Derivatives | Comprehensive | |||||||||||||||||
Adjustments | Employee | (Income) Loss | |||||||||||||||||||
Benefit | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
December 31, 2013 | $ | (24.4 | ) | $ | (7.4 | ) | $ | 0.9 | $ | (3.1 | ) | $ | (34.0 | ) | |||||||
Current year deferrals to AOCI | 36.1 | 7.7 | (0.8 | ) | (2.5 | ) | 40.5 | ||||||||||||||
Benefit Plan Amendments | — | (9.6 | ) | — | — | (9.6 | ) | ||||||||||||||
Reclassifications from AOCI to Net income | — | 0.1 | — | 3.1 | 3.2 | ||||||||||||||||
Net Change | 36.1 | (1.8 | ) | (0.8 | ) | 0.6 | 34.2 | ||||||||||||||
September 30, 2014 | $ | 11.7 | $ | (9.2 | ) | $ | 0.1 | $ | (2.5 | ) | $ | 0.2 | |||||||||
Foreign | Pension and | Unrealized | Unrealized | Accumulated | |||||||||||||||||
Currency | Other Long- | loss on | Gain on | Other | |||||||||||||||||
Translation | term | securities | Derivatives | Comprehensive | |||||||||||||||||
Adjustments | Employee | Income | |||||||||||||||||||
Benefit | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
December 31, 2012 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Current year deferrals to AOCI | (29.3 | ) | — | 0.6 | (5.4 | ) | (34.1 | ) | |||||||||||||
Reclassifications from AOCI to Net income | — | — | — | 2.8 | 2.8 | ||||||||||||||||
Net Change | (29.3 | ) | — | 0.6 | (2.6 | ) | (31.3 | ) | |||||||||||||
September 30, 2013 | $ | (29.3 | ) | $ | — | $ | 0.6 | $ | (2.6 | ) | $ | (31.3 | ) | ||||||||
Foreign | Pension and | Unrealized | Unrealized | Accumulated | |||||||||||||||||
Currency | Other Long- | loss on | Gain on | Other | |||||||||||||||||
Translation | term | securities | Derivatives | Comprehensive | |||||||||||||||||
Adjustments | Employee | Income | |||||||||||||||||||
Benefit | |||||||||||||||||||||
Adjustments | |||||||||||||||||||||
(Predecessor) December 31, 2012 | $ | — | $ | (142.3 | ) | $ | 1.4 | $ | — | $ | (140.9 | ) | |||||||||
Current year deferrals to AOCI | — | 0.7 | 0.2 | — | 0.9 | ||||||||||||||||
Reclassifications from AOCI to Net income | — | — | — | — | — | ||||||||||||||||
Net Change | — | (141.6 | ) | 1.6 | — | (140.0 | ) | ||||||||||||||
(Predecessor) January 31, 2013 | $ | — | $ | (141.6 | ) | $ | 1.6 | $ | — | $ | (140.0 | ) | |||||||||
Basis_of_Presentation_of_the_I2
Basis of Presentation of the Interim Unaudited Condensed Consolidated and Combined Financial Statements - Additional Information (Detail) (Successor [Member], USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | ||
Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 31, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | Nov. 11, 2014 | |
Net Sales [Member] | Net Sales [Member] | Income Tax Benefit [Member] | Income Tax Benefit [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Common Shares [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Over-Allotment Option [Member] | |||||||
Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split ratio approved by Board of Directors | 100,000 | ' | ' | ' | ' | 1.69 | ' | ' | ' | ' |
Prior period reclassification adjustment | ' | $3,400,000 | $7,800,000 | $10,600,000 | $1,500,000 | ' | ' | ' | ' | ' |
Initial public offering, aggregate shares sold | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | 7,500,000 |
Initial public offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | $19.50 | ' |
Proceeds from sale of common shares in IPO | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | Feb. 01, 2013 |
DuPont [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | As Initially Reported [Member] | Measurement Period Adjustments [Member] | As Adjusted [Member] | ||
Performance Coatings [Member] | Other (Income) Expense, Net [Member] | Other (Income) Expense, Net [Member] | DuPont [Member] | DuPont [Member] | DuPont [Member] | DuPont [Member] | DuPont [Member] | DuPont [Member] | DuPont [Member] | DuPont [Member] | DuPont [Member] | |||
Performance Coatings [Member] | Performance Coatings [Member] | Merger and Acquisition Expenses [Member] | Non-recurring Expense [Member] | Fair Value Adjustment to Inventory [Member] | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, date of acquisition agreement | 30-Aug-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, description of acquired entity | ' | 'On August 30, 2012, we entered into a purchase agreement with DuPont whereby, Axalta acquired from DuPont and its affiliates certain assets of DPC and all of the capital stock and other equity interests of certain entities engaged in the DPC business (the bAcquisition Agreementb) pursuant to which we acquired the assets and legal entities of DPC from DuPont for a purchase price of $4,925.9 million plus or minus a working capital adjustment and pension adjustment. Axalta and DuPont finalized the working capital and pension adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,925.90 | ($18.60) | $4,907.30 |
Business acquisition, formed date | 24-Aug-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business merger and acquisition related costs | ' | ' | ' | ' | ' | ' | ' | 29 | ' | ' | ' | ' | ' | ' |
Business acquisition, debt financing costs | ' | ' | ' | ' | ' | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition cost of acquired entity transaction and debt financing costs | ' | ' | ' | ' | ' | 33.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Pro forma net loss | ' | ' | ' | ' | ' | ' | -45.9 | ' | -53.1 | -123.1 | -103.7 | ' | ' | ' |
Proceeds from sale of business | ' | ' | 17.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of business, pre-tax | ' | ' | ' | 1.2 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of business, after tax | ' | ' | ' | $0.70 | $0.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures - Summary of Fair Values of Net Assets Acquired Date Adjusted for Measurement Period (Detail) (DuPont [Member], USD $) | Feb. 01, 2013 |
In Millions, unless otherwise specified | |
As Initially Reported [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | $79.70 |
Accounts and notes receivable-trade | 855.8 |
Inventories | 673 |
Prepaid expenses and other | 8.2 |
Property, plant and equipment | 1,707.70 |
Identifiable intangibles | 1,539.30 |
Other assets-noncurrent | 98.8 |
Accounts payable | -409.1 |
Other accrued liabilities | -232 |
Other liabilities | -331.1 |
Deferred income taxes | -312.9 |
Noncontrolling interests | -66.7 |
Net assets acquired before goodwill on acquisition | 3,610.70 |
Goodwill on acquisition | 1,315.20 |
Net assets acquired | 4,925.90 |
Measurement Period Adjustments [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | ' |
Accounts and notes receivable-trade | 22.7 |
Inventories | 3 |
Prepaid expenses and other | -1.3 |
Property, plant and equipment | -1.8 |
Identifiable intangibles | -19 |
Other assets-noncurrent | 19.1 |
Accounts payable | -6.9 |
Other accrued liabilities | 7.5 |
Other liabilities | -35.3 |
Deferred income taxes | 223.2 |
Noncontrolling interests | ' |
Net assets acquired before goodwill on acquisition | 211.2 |
Goodwill on acquisition | -229.8 |
Net assets acquired | -18.6 |
As Adjusted [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | 79.7 |
Accounts and notes receivable-trade | 878.5 |
Inventories | 676 |
Prepaid expenses and other | 6.9 |
Property, plant and equipment | 1,705.90 |
Identifiable intangibles | 1,520.30 |
Other assets-noncurrent | 117.9 |
Accounts payable | -416 |
Other accrued liabilities | -224.5 |
Other liabilities | -366.4 |
Deferred income taxes | -89.7 |
Noncontrolling interests | -66.7 |
Net assets acquired before goodwill on acquisition | 3,821.90 |
Goodwill on acquisition | 1,085.40 |
Net assets acquired | $4,907.30 |
Acquisitions_and_Divestitures_3
Acquisitions and Divestitures - Summary of Supplemental Pro Forma Information Financial Results Acquisition of DPC (Detail) (Successor [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net loss attributable to controlling interests | ($19.90) | $5 | $29.60 | ($175.60) |
DuPont [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net sales | ' | ' | ' | 3,184.40 |
Net loss | ' | ' | ' | -45.9 |
Net loss attributable to controlling interests | ' | ' | ' | ($49.60) |
Earnings per share (Basic and Diluted) | ' | ' | ' | ($0.22) |
Goodwill_and_Identifiable_Inta2
Goodwill and Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) (Successor [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Goodwill [Line Items] | ' |
At January 1, 2014 | $1,113.60 |
Purchase accounting adjustments | 12.4 |
Divestitures | -4.7 |
Foreign currency translation | -74.4 |
30-Sep-14 | 1,046.90 |
Performance Coatings [Member] | ' |
Goodwill [Line Items] | ' |
At January 1, 2014 | 1,038.80 |
Purchase accounting adjustments | 11.6 |
Divestitures | -4.7 |
Foreign currency translation | -69.4 |
30-Sep-14 | 976.3 |
Transportation Coatings [Member] | ' |
Goodwill [Line Items] | ' |
At January 1, 2014 | 74.8 |
Purchase accounting adjustments | 0.8 |
Divestitures | ' |
Foreign currency translation | -5 |
30-Sep-14 | $70.60 |
Goodwill_and_Identifiable_Inta3
Goodwill and Identifiable Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | |
Other Intangible Assets [Member] | ||||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' |
Purchase accounting adjustments, identified and recorded | ' | ' | $12.40 | ' | ' | ' |
Amortization expenses | 20.9 | 21 | 63.3 | 59 | ' | 2.6 |
Loss associated in process research and development projects | ' | $3.20 | ' | $3.20 | ' | ' |
Goodwill_and_Identifiable_Inta4
Goodwill and Identifiable Intangible Assets - Summary of Gross Carrying Amounts and Accumulated Amortization of Identifiable Intangible Assets by Major Class (Detail) (Successor [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $1,474.90 | $1,514.70 |
Accumulated Amortization | -135.4 | -75.1 |
Net Book Value | 1,339.50 | 1,439.60 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Net Book Value, indefinite-lived | 284.4 | 284.4 |
Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 411.8 | 425.2 |
Accumulated Amortization | -66.2 | -37.3 |
Net Book Value | 345.6 | 387.9 |
Weighted average amortization periods | '10 years | '10 years |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 41.8 | 41.7 |
Accumulated Amortization | -4.8 | -2.6 |
Net Book Value | 37 | 39.1 |
Weighted average amortization periods | '14 years 9 months 18 days | '14 years 9 months 18 days |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 735.4 | 761.9 |
Accumulated Amortization | -63.8 | -34.9 |
Net Book Value | 671.6 | 727 |
Weighted average amortization periods | '19 years 4 months 24 days | '19 years 4 months 24 days |
Non-compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1.5 | 1.5 |
Accumulated Amortization | -0.6 | -0.3 |
Net Book Value | $0.90 | $1.20 |
Weighted average amortization periods | '4 years | '4 years |
Goodwill_and_Identifiable_Inta5
Goodwill and Identifiable Intangible Assets - Schedule of Activity Related to in Process Research and Development Projects (Detail) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
In Millions, unless otherwise specified | In Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Beginning Balance | $1,339.50 | $1,439.60 | $15.70 |
Completed | ' | ' | -9.3 |
Abandoned | ' | ' | -0.1 |
Ending Balance | $1,339.50 | $1,439.60 | $6.30 |
Goodwill_and_Identifiable_Inta6
Goodwill and Identifiable Intangible Assets - Schedule of Estimated Amortization Expense (Detail) (Successor [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Successor [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Remainder of 2014 | $20.60 |
2015 | 82.5 |
2016 | 82.5 |
2017 | 82.2 |
2018 | 82.2 |
2019 | $82.20 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | |
Selling, General, and Administrative Expenses [Member] | Selling, General, and Administrative Expenses [Member] | Selling, General, and Administrative Expenses [Member] | Selling, General, and Administrative Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' |
Expense Recorded | ' | $2.30 | $0.90 | $41 | $2.30 | $47.50 |
Expense recorded associated with involuntary termination benefits | $0 | ' | ' | ' | ' | ' |
Restructuring_Activities_Relat
Restructuring - Activities Related to Restructuring Reserves, Recorded within Other Accrued Liabilities, and Expenses (Detail) (Successor [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Successor [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Reserves, Beginning Balance | $98.40 |
Expense Recorded | 2.3 |
Payments Made | -42 |
Foreign Currency Changes | -4.5 |
Restructuring Reserves, Ending Balance | $54.20 |
Relationship_with_Dupont_Summa
Relationship with Dupont - Summary of Allocated Leveraged Functional Service Expenses and General Corporate Expenses (Detail) (Predecessor [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2013 |
Related Party Transaction [Line Items] | ' |
Leveraged functional services | $14.20 |
General corporate expenses | 1.5 |
Allocated corporate costs | 15.7 |
Cost of Goods Sold [Member] | ' |
Related Party Transaction [Line Items] | ' |
Allocated corporate costs | 14.2 |
Selling, General, and Administrative Expenses [Member] | ' |
Related Party Transaction [Line Items] | ' |
Allocated corporate costs | 1.4 |
Research and Development Expenses [Member] | ' |
Related Party Transaction [Line Items] | ' |
Allocated corporate costs | $0.10 |
Relationship_with_Dupont_Purch
Relationship with Dupont - Purchases from and Sales to Other DuPont Businesses (Detail) (Predecessor [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Jan. 31, 2013 |
Related Party Transaction [Line Items] | ' |
Total purchases and sales from other DuPont businesses | $7.90 |
DPC Purchases of Products From Other DuPont Businesses [Member] | ' |
Related Party Transaction [Line Items] | ' |
Total purchases and sales from other DuPont businesses | $7.90 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Successor [Member] | ' | ' |
Guarantor Obligations [Line Items] | ' | ' |
Guaranteed obligations | $2,200,000 | $1,600,000 |
Amounts accrued | $0 | $0 |
LongTerm_Employee_Benefits_Com
Long-Term Employee Benefits - Components of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | |
Other Long-Term Employee Benefits [Member] | Other Long-Term Employee Benefits [Member] | Other Long-Term Employee Benefits [Member] | Other Long-Term Employee Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Other Long-Term Employee Benefits [Member] | Pension Benefits [Member] | |||
Components of net periodic benefit cost: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | $0.10 | ' | $3.80 | $4.20 | $12.30 | $11.60 | ' | $1.60 |
Interest cost | ' | ' | 0.1 | ' | 0.1 | ' | 6.1 | 4.8 | 18 | 13.4 | ' | 1.7 |
Expected return on plan assets | ' | ' | ' | ' | ' | ' | -3.9 | -3.1 | -11.3 | -8.6 | ' | -1.8 |
Amortization of actuarial (gain) loss | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | ' | ' | 1.1 |
Amortization of prior service cost (credit) | ' | ' | -0.4 | ' | -0.3 | ' | ' | ' | ' | ' | ' | ' |
Curtailment gain | -6.6 | -6.6 | ' | ' | ' | ' | -6.6 | ' | -6.6 | ' | ' | ' |
Net periodic benefit cost (credit) | ' | ' | ($0.30) | ' | ($0.10) | ' | ($0.60) | $5.90 | $12.20 | $16.40 | ' | $2.60 |
LongTerm_Employee_Benefits_Add
Long-Term Employee Benefits - Additional Information (Detail) (Successor [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Successor [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Defined benefit pension plans curtailment gain | $6.60 | $6.60 |
Defined benefit plan accumulated other comprehensive income | $5.70 | $11.30 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | |
Equity Incentive Plan [Member] | Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | $0.10 | $2.30 | $2.90 | $6.10 | $2.90 | ' | ' |
Unrecognized compensation cost, unvested stock options | ' | 12 | ' | 12 | ' | ' | ' |
Stock options issued during period | ' | ' | ' | ' | ' | 0 | 0 |
Fair value of stock options granted | ' | ' | ' | ' | ' | ' | $7.20 |
Share based compensation, description | ' | ' | ' | 'For the Guideline Public Company and Guideline Transactions methods, we identified a group of comparable public companies and recent transactions within the chemicals industry. For the comparable companies, we estimated market multiples based on trading prices and trailing 12 months EBITDA. These multiples were then applied to our trailing 12 months EBITDA. When selecting comparable companies, consideration was given to industry similarity, their specific products offered, financial data availability and capital structure. For the comparable transactions, we estimated market multiples based on prices paid for the related transactions and trailing 12 months EBITDA. These multiples were then applied to our trailing 12 months EBITDA. The results of the market approaches corroborated the fair value determined using the income approach. | ' | ' | ' |
Fair value of stock options awards granted | $2 | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Successor [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Management fee expense | $0.80 | $0.90 | $2.40 | $2.20 |
Carlyle Investment Management L.L.C [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Acquisition and related acquisition costs | ' | ' | 3 | ' |
Management fee expense | 0.8 | 0.9 | 2.4 | 2.2 |
Carlyle Investment Management L.L.C [Member] | Merger and Acquisition Expenses [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Acquisition and related acquisition costs | ' | ' | ' | 21 |
Carlyle Investment Management L.L.C [Member] | One-time Fee [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Acquisition and related acquisition costs | ' | ' | ' | 35 |
Carlyle Investment Management L.L.C [Member] | Deferred Financing Costs [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Acquisition and related acquisition costs | ' | ' | ' | 14 |
Other [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Acquisition and related acquisition costs | ' | ' | ' | 0.1 |
Stock option issued, shares | ' | ' | 352,143 | ' |
Stock option aggregate fair value | ' | ' | 0.5 | ' |
Service King Collision Repair [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Related party sales | ' | ' | $4 | ' |
Other_Income_Expense_Net_Sched
Other (Income) Expense, Net - Schedule of Other (Income) Expense, Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Other Income Expense [Line Items] | ' | ' | ' | ' | ' |
Exchange (gain)/losses | $59.60 | ($9.70) | $45.10 | $49.90 | $4.50 |
Management fee and expenses | 0.8 | 0.9 | 2.4 | 2.2 | ' |
Miscellaneous | 1.8 | -0.5 | 17.6 | -2.4 | 0.5 |
Other expense, total | $62.20 | ($9.30) | $65.10 | $49.70 | $5 |
Other_Income_Expense_Net_Addit
Other (Income) Expense, Net - Additional Information (Detail) (Venezuelan Subsidiary [Member], Successor [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | 31-May-14 |
Venezuelan Subsidiary [Member] | Successor [Member] | ' | ' | ' | ' |
Other Income Expense [Line Items] | ' | ' | ' | ' |
Currency exchange rate | 11.7 | 11.7 | 10 | 6.3 |
Net Gains on devaluations | $6.80 | $19 | ' | ' |
Net monetary liability position | 40.5 | 40.5 | ' | ' |
Dollar denominated net non-monetary assets | $150.50 | $150.50 | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (Successor [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Successor [Member] | ' |
Schedule Of Income Tax [Line Items] | ' |
Discrete tax benefit | $21.10 |
Adjustment for unrecognized tax benefits | 9.8 |
Adjustment for reversal of interest and penalties | 7.1 |
Additional tax benefits | 4.2 |
Reduction in indemnity assets | $12.50 |
Earnings_per_Common_Share_Sche
Earnings per Common Share - Schedule of Reconciliation of Basic and Diluted Earnings per Common Share (Detail) (Successor [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Successor [Member] | ' | ' | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' |
Net income (loss) attributable to controlling interests | ($19.90) | $5 | $29.60 | ($175.60) |
Pre-Acquisition net income (loss) attributable to controlling interests | ' | ' | ' | -3.9 |
Net income (loss) attributable to common shareholders | ($19.90) | $5 | $29.60 | ($171.70) |
Basic weighted average shares outstanding | 229.5 | 228.1 | 229.2 | 228.1 |
Diluted weighted average shares outstanding | 229.5 | 228.1 | 229.3 | 228.1 |
Earnings per Common Share: | ' | ' | ' | ' |
Basic net income (loss) per share | ($0.09) | $0.02 | $0.13 | ($0.75) |
Diluted net income (loss) per share | ($0.09) | $0.02 | $0.13 | ($0.75) |
Earnings_per_Common_Share_Sche1
Earnings per Common Share - Schedule of Reconciliation of Basic and Diluted Earnings per Common Share (Parenthetical) (Detail) (Successor [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Feb. 01, 2013 |
Successor [Member] | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' |
Initial Equity Contribution | $1,350 |
Earnings_per_Common_Share_Addi
Earnings per Common Share - Additional Information (Detail) (Successor [Member]) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Oct. 31, 2014 |
Subsequent Event [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' |
Number of anti-dilutive securities excluded from computation of diluted earnings per share | ' | 17.2 | 15.7 | 13.4 | 15.7 | ' |
Stock split ratio | 100,000 | ' | ' | ' | ' | 1.69 |
Accounts_and_Notes_Receivable_2
Accounts and Notes Receivable, Net - Schedule of Accounts and Notes Receivable, Net (Detail) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Successor [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable - trade, net | $718 | $637.50 |
Notes receivable | 45.5 | 44.7 |
Miscellaneous | 155.6 | 183.7 |
Total | $919.10 | $865.90 |
Recovered_Sheet1
Accounts and Notes receivable, Net - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowances for doubtful accounts receivables | $10.60 | ' | $10.60 | ' | $6.50 | ' |
Bad debt expenses, net of recoveries | $1.60 | $2.60 | $3.80 | $3.30 | ' | $0.20 |
Inventories_Components_of_Inve
Inventories - Components of Inventory Net (Detail) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Successor [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Finished products | $360.60 | $329.30 |
Semi-finished products | 81.4 | 90.2 |
Raw materials and supplies | 138.4 | 130.7 |
Total | $580.40 | $550.20 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Successor [Member] | ' | ' |
Inventory [Line Items] | ' | ' |
Stores and supplies inventories | $22.50 | $21.20 |
Net_Property_Plant_and_Equipme2
Net Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Depreciation expense | $44 | $41.30 | $131.50 | $88.10 | $7.20 |
Net_Property_Plant_and_Equipme3
Net Property, Plant and Equipment - Schedule of Property Plant and Equipment, Net (Detail) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $1,869.10 | $1,806.20 |
Accumulated depreciation | -312.9 | -183.6 |
Net property, plant, and equipment | 1,556.20 | 1,622.60 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 94.7 | 98.9 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 409 | 411 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | 1,252.30 | 1,178.60 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total | $113.10 | $117.70 |
Other_Accrued_Liabilities_Sche
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Successor [Member] | ' | ' |
Other Accrued Liabilities [Line Items] | ' | ' |
Compensation and other employee-related costs | $164.10 | $168 |
Restructuring | 54.2 | 98.4 |
Discounts, rebates, and warranties | 67.1 | 65 |
Miscellaneous | 101.2 | 141.3 |
Total | $386.60 | $472.70 |
LongTerm_Borrowings_Summary_of
Long-Term Borrowings - Summary of Borrowings and Capital Lease Obligations (Detail) (Successor [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Short-term borrowings | $7.40 | $18.20 |
Unamortized original issue discount | -19.2 | -22.7 |
Borrowings and capital lease obligations | 3,731.60 | 3,920.90 |
Less: Short term borrowings | 7.4 | 18.2 |
Less: Current portion of long-term borrowings | 28.1 | 28.5 |
Long-term debt | 3,696.10 | 3,874.20 |
Borrowings and capital lease obligations | 3,731.60 | 3,920.90 |
Dollar Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term Loan | 2,171.30 | 2,282.80 |
Euro Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term Loan | 503.4 | 547.7 |
Dollar Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 750 | 750 |
Euro Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $318.70 | $344.90 |
LongTerm_Borrowings_Additional
Long-Term Borrowings - Additional Information 1 (Detail) (Successor [Member]) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
Aug. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 15, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
USD ($) | USD ($) | USD ($) | Deferred Financing Costs [Member] | Long-Term Borrowings [Member] | Non-Current Deferred Income Tax Assets [Member] | Prime Lending Rate [Member] | Net Income (Loss) [Member] | Net Income (Loss) [Member] | Interest Expense, Net [Member] | Interest Expense, Net [Member] | Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | Prior to Amendment [Member] | Prior to Amendment [Member] | After Amendment [Member] | After Amendment [Member] | After Amendment [Member] | After Amendment [Member] | Dollar Term Loan [Member] | Dollar Term Loan [Member] | Dollar Term Loan [Member] | Dollar Term Loan [Member] | Euro Term Loan [Member] | Euro Term Loan [Member] | Euro Term Loan [Member] | New Dollar Term Loans [Member] | New Dollar Term Loans [Member] | New Dollar Term Loans [Member] | New Dollar Term Loans [Member] | New Dollar Term Loans [Member] | New Dollar Term Loans [Member] | New Dollar Term Loans [Member] | New Euro Term Loan [Member] | New Euro Term Loan [Member] | New Euro Term Loan [Member] | ||
USD ($) | USD ($) | USD ($) | Adjusted Eurocurrency Rate [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Base Rate Loans [Member] | Interest Rate Floor [Member] | Interest Rate Floor [Member] | Base Rate Loans [Member] | Prime Lending Rate [Member] | USD ($) | USD ($) | Prior to Amendment [Member] | Prior to Amendment [Member] | EUR (€) | Prior to Amendment [Member] | USD ($) | USD ($) | Eurocurrency Rate Loans [Member] | Interest Rate Floor [Member] | Base Rate Loans [Member] | Eurocurrency Rate Loans [Member] | |||||||||||
Eurocurrency Rate Loans [Member] | Adjusted Eurocurrency Rate [Member] | Interest Rate Floor [Member] | Interest Rate Floor [Member] | Interest Rate Floor [Member] | |||||||||||||||||||||||||||||||||||||
Eurocurrency Rate Loans [Member] | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior period reclassification adjustment | ' | ' | ' | ' | ' | ' | ' | ' | $1,400,000 | ($9,500,000) | $3,500,000 | $9,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior period reclassification adjustment, tax provision | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of Restatement on Balance Sheet | ' | ' | ' | ' | 10,500,000 | -2,700,000 | -1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,282,800,000 | ' | ' | ' | 397,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin for term loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 3.50% | 1.00% | 0.50% | 2.00% | ' | ' | 3.50% | 1.25% | ' | ' | 2.50% | ' | 2.75% | ' | ' | 3.00% | 1.00% | 2.00% | 3.00% | ' | 3.25% |
Reduction in applicable margin for term loans | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | 0.25% | ' | ' | 0.25% |
Floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Debt Instrument, Covenant, Total Net Leverage Ratio | 0.045 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.045 | ' | ' | ' | ' | 0.045 | ' |
Debt instrument, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-20 | ' | ' | ' | 1-Feb-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of periodic principal amount paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest is payable quarterly on both the Dollar Term Loan and the Euro Term Loan. Prior to the Amendment, interest on the Dollar Term Loan was subject to a floor of 1.25% for Eurocurrency Rate Loans plus an applicable rate of 3.50%. For Base Rate Loans, the interest was subject to a floor of the greater of the federal funds rate plus 0.50%, the Prime Lending Rate, an Adjusted Eurocurrency Rate , or 2.25% plus an applicable rate of 2.50%. Interest on the Euro Term Loan, a Eurocurrency Loan, was subject to a floor of 1.25% plus an applicable rate of 4.00%. | ' | ' | ' | ' | 'Under the Amendment, interest on any outstanding borrowings under the Revolving Credit Facility is subject to a floor of 1.00% for Eurocurrency Rate Loans plus an applicable rate of 3.50% (subject to an additional step-down to 3.25%). For Base Rate Loans, the interest is subject to a floor of the greater of the federal funds rate plus 0.50%, the Prime Lending Rate , an Adjusted Eurocurrency Rate, or 2.00% plus an applicable rate of 2.50% (subject to an additional step-down to 2.25%). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in revolving credit facility amount | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness is subject to mandatory prepayments, proceeds of asset sales over annual basis | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from certain debt issuances, percentage on Excess Cash Flow | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from certain debt issuances, reduction percentage on Excess Cash Flow | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from certain debt issuances, percentage on First Lien Leverage Ratio | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First Lien Leverage Ratio, maximum | ' | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First Lien Leverage Ratio, minimum | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Agreement, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Any indebtedness under the Senior Secured Credit Facilities may be voluntarily prepaid in whole or in part, in minimum amounts, subject to the make-whole provisions set forth in the Credit Agreement. Such indebtedness is subject to mandatory prepayments amounting to the proceeds of asset sales over $25.0 million annually, proceeds from certain debt issuances not otherwise permitted under the Credit Agreement and 50% (subject to a step-down to 25.0% or 0% if the First Lien Leverage Ratio falls below 4.25:1 or 3.50:1, respectively) of Excess Cash Flow. We are subject to customary negative covenants as well as a financial covenant which is a maximum First Lien Leverage Ratio. This is applicable only when greater than 25% of the Revolving Credit Facility (including letters of credit) is outstanding at the end of the fiscal quarter. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original issue discounts | ' | 19,200,000 | ' | 22,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense related to deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | 3,200,000 | 10,100,000 | 8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense related to original issue discounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 800,000 | 2,700,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 384,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment and modification of debt | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Borrowings_Additional1
Long-Term Borrowings - Additional Information 2 (Detail) (Successor [Member]) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Feb. 01, 2013 | Sep. 30, 2014 | Feb. 01, 2013 | Feb. 01, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Euro Senior Notes [Member] | Euro Senior Notes [Member] | Euro Senior Notes [Member] | Dollar Senior Notes [Member] | Dollar Senior Notes [Member] | 7.375% Senior Unsecured Notes Due 2021 [Member] | 7.375% Senior Unsecured Notes Due 2021 [Member] | 5.750% Senior Secured Notes Due 2021 [Member] | 5.750% Senior Secured Notes Due 2021 [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |
USD ($) | USD ($) | Debt Instrument Redemption Period [Member] | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | $750,000,000 | ' | € 250,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate percentage | 5.75% | ' | ' | 7.38% | ' | ' | 7.38% | ' | 5.75% | ' | ' | ' | ' | ' | ' |
Cash fees related to issuance of Senior Notes | 10,200,000 | ' | ' | 22,900,000 | ' | ' | ' | ' | ' | 33,100,000 | ' | ' | ' | ' | ' |
Remaining unamortized interest expense | 8,100,000 | 9,000,000 | ' | 18,300,000 | 20,400,000 | ' | ' | ' | ' | ' | 26,400,000 | ' | 26,400,000 | ' | 29,400,000 |
Amortization of Deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | $1,000,000 | $3,000,000 | $2,700,000 | ' |
Debt maturity year | ' | ' | ' | ' | ' | '2021 | ' | '2021 | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date | 1-Feb-21 | ' | ' | 1-May-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption description | 'Notwithstanding the foregoing, at any time and from time to time prior to February 1, 2016, we may at our option redeem in the aggregate up to 40% of the original aggregate principal amount of the Euro Senior Notes with the net cash proceeds of one or more Equity Offerings (as defined in the indenture governing the Euro Senior Notes), at a redemption price of 105.750% plus accrued and unpaid interest, if any, to the redemption date. In addition, we have the option to redeem up to 10% of the Euro Senior Notes during any 12-month period from issue date until February 1, 2016 at a redemption price of 103.0%, plus accrued and unpaid interest, if any, to the redemption date. | ' | ' | 'Notwithstanding the foregoing, at any time and from time to time prior to February 1, 2016, we may at our option redeem in the aggregate up to 40% of the original aggregate principal amount of the Dollar Senior Notes with the net cash proceeds of one or more Equity Offerings (as defined in the indenture governing the Dollar Senior Notes), at a redemption price of 107.375% plus accrued and unpaid interest, if any, to the redemption date. Upon the occurrence of certain events constituting a change of control, holders of the Dollar Senior Notes have the right to require us to repurchase all or any part of the Dollar Senior Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the repurchase date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price percentage of aggregate principal amount | 40.00% | ' | 10.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, redemption price percentage | 105.75% | ' | 103.00% | 107.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, repurchase price percentage | 101.00% | ' | ' | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Borrowings_Schedule_o
Long-Term Borrowings - Schedule of Redemption Prices as Percentages of Principal Amount (Detail) (Successor [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Euro Senior Notes [Member] | 2016 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Debt instrument, redemption price percentage | 104.31% |
Euro Senior Notes [Member] | 2017 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Debt instrument, redemption price percentage | 102.88% |
Euro Senior Notes [Member] | 2018 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Debt instrument, redemption price percentage | 101.44% |
Euro Senior Notes [Member] | 2019 and Thereafter [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Debt instrument, redemption price percentage | 100.00% |
Dollar Senior Notes [Member] | 2016 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Debt instrument, redemption price percentage | 105.53% |
Dollar Senior Notes [Member] | 2017 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Debt instrument, redemption price percentage | 103.69% |
Dollar Senior Notes [Member] | 2018 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Debt instrument, redemption price percentage | 101.84% |
Dollar Senior Notes [Member] | 2019 and Thereafter [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Debt instrument, redemption price percentage | 100.00% |
LongTerm_Borrowings_Additional2
Long-Term Borrowings - Additional Information 3 (Detail) (Other Miscellaneous [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 12, 2013 |
In Millions, unless otherwise specified | |||
Other Miscellaneous [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Short-term borrowings outstanding amount | $7.40 | $0.40 | $27.80 |
LongTerm_Borrowings_Additional3
Long-Term Borrowings - Additional Information 4 (Detail) (USD $) | Aug. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 30, 2012 |
In Millions, unless otherwise specified | Secured U.S. Bridge Loans [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Unsecured U.S. Bridge Loans [Member] |
Bridge Facility [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Bridge loans | $300 | ' | ' | ' | $1,100 |
Commitment fees of Bridge Facility | ' | ' | 25 | 21 | ' |
Termination fees of Bridge Facility | ' | ' | $4 | ' | ' |
LongTerm_Borrowings_Schedule_o1
Long-Term Borrowings - Schedule of Required Future Repayments of Borrowings Outstanding (Detail) (Successor [Member], USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Successor [Member] | ' |
Debt Instrument [Line Items] | ' |
Remainder of 2014 | $9.10 |
2015 | 33.5 |
2016 | 28.1 |
2017 | 28.1 |
2018 | 28.1 |
Thereafter | 3,623.90 |
Long-Term Debt, Total | $3,750.80 |
Fair_Value_Accounting_Addition
Fair Value Accounting - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Successor [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loss associated in process research and development projects | $3,200,000 | ' | $3,200,000 | ' |
Cash and cash equivalents maturity | ' | '90 days | ' | ' |
Available for sale of securities | ' | 1,900,000 | ' | 4,900,000 |
Successor [Member] | Dollar Senior Notes [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Long - term borrowings | ' | 804,400,000 | ' | 798,800,000 |
Successor [Member] | Euro Senior Notes [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Long - term borrowings | ' | 338,600,000 | ' | 362,100,000 |
Successor [Member] | Dollar Term Loan [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Long - term borrowings | ' | 2,119,700,000 | ' | 2,297,100,000 |
Successor [Member] | Euro Term Loan [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Long - term borrowings | ' | 503,500,000 | ' | 552,500,000 |
Predecessor [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Asset fair value | ' | ' | ' | 0 |
In Process Research and Development [Member] | Successor [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Loss associated in process research and development projects | $3,200,000 | ' | $3,200,000 | ' |
Derivative_and_Other_Hedging_I2
Derivative and Other Hedging Instruments - Additional Information (Detail) (Successor [Member]) | 9 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
USD ($) | Euro Term Loan [Member] | Interest Rate Cap [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | |
Interest_Rate_Swaps | EUR (€) | Euro Term Loan [Member] | USD ($) | ||
USD ($) | |||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' |
Losses related to settlement of forward contracts | ($19.40) | ' | ' | ' | ' |
Number of interest rate swaps | 5 | ' | ' | ' | ' |
Notional amounts of interest swaps | ' | ' | ' | ' | 1,173 |
Derivative maturity date | ' | ' | ' | 29-Sep-17 | ' |
Term loan, fair value | ' | 300 | ' | ' | ' |
Derivative, interest rate | ' | 1.50% | ' | ' | ' |
Premium paid for interest rate cap | ' | ' | $3.10 | ' | ' |
Derivative_and_Other_Hedging_I3
Derivative and Other Hedging Instruments - Schedule of Location and Fair Values Using Level 2 Inputs of Derivative Instruments Designed and Not Designated Included in Condensed Consolidated and Combined Balance Sheet (Detail) (Successor [Member], Fair Value, Inputs, Level 2 [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total assets, derivative instruments | $9.20 | $10.50 |
Total liabilities, derivative instruments | 0.7 | 1.2 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total assets, derivative instruments | 9.2 | 10.5 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liabilities, derivative instruments | 0.7 | 1.2 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total assets, derivative instruments | 0.1 | 3.4 |
Total liabilities, derivative instruments | ' | ' |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Cap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total assets, derivative instruments | 0.1 | 3.4 |
Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | Foreign Currency Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liabilities, derivative instruments | ' | ' |
Derivative_and_Other_Hedging_I4
Derivative and Other Hedging Instruments - Schedule of Locations and Amounts Recognized for Cash Flow Hedges (Detail) (Derivatives in Cash Flow Hedging Relationships [Member], Successor [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest Expense, Net [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss Reclassified from Accumulated OCI to Income (Effective Portion) | $1.70 | $1.70 | $4.90 | $2.80 |
Amount of (Gain) Loss Recognized in Income on Derivatives (Ineffective Portion) | -0.9 | 1.6 | -0.2 | -4.3 |
Interest Rate Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss Recognized in OCI on Derivatives (Effective Portion) | ($4) | $3.90 | $1 | ($3.60) |
Derivative_and_Other_Hedging_I5
Derivative and Other Hedging Instruments - Schedule of Fair Value Gains and Losses of Derivative Contracts, Level 2 Inputs, Not Qualify for Hedge Accounting Treatment Recorded in Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Foreign Currency Contracts [Member] | Interest Rate Cap [Member] | Foreign Currency Contracts [Member] | ||||||
Interest Expense, Net [Member] | Interest Expense, Net [Member] | Interest Expense, Net [Member] | Interest Expense, Net [Member] | Other (Income) Expense, Net [Member] | Other (Income) Expense, Net [Member] | Other (Income) Expense, Net [Member] | Other (Income) Expense, Net [Member] | Interest Expense, Net [Member] | Other (Income) Expense, Net [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Gain) Loss Recognized in Income on Derivatives, Derivatives Not Designated as Hedging Instruments under ASC 815 | ($0.10) | $0.30 | $4.90 | $20 | $0.20 | $0.30 | $3.30 | ($1.40) | ($0.30) | ' | $1.60 | $21.40 | $2 | ' | $2 |
Segments_Additional_Informatio
Segments - Additional Information (Detail) (Successor [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Successor [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of operating segments | 2 |
Segments_Schedule_of_Revenues_
Segments - Schedule of Revenues by Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,108.90 | $1,074.60 | $3,282.90 | $2,858.20 | $326.20 | $663.50 | $643.70 | $1,944.60 | $1,680.10 | $186.80 | $445.40 | $430.90 | $1,338.30 | $1,178.10 | $139.40 |
Equity in earnings (losses) in unconsolidated affiliates | 0.5 | 0.2 | 1.3 | 1.6 | -0.3 | 0.4 | 0.2 | 0.9 | 1.5 | ' | 0.1 | ' | 0.4 | 0.1 | -0.3 |
Adjusted EBITDA | 228 | 194.1 | 635.8 | 501.6 | 32.7 | 148.5 | 147.3 | 409.7 | 360.2 | 15 | 79.5 | 46.8 | 226.1 | 141.4 | 17.7 |
Investment in unconsolidated affiliates | $15.90 | $15.70 | $15.90 | $15.70 | $8.70 | $8.30 | $7.50 | $8.30 | $7.50 | $2 | $7.60 | $8.20 | $7.60 | $8.20 | $6.70 |
Segments_Reconciliation_of_Adj
Segments - Reconciliation of Adjusted EBITDA to Income (Loss) Before Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | |
Carlyle Investment Management L.L.C [Member] | Carlyle Investment Management L.L.C [Member] | Carlyle Investment Management L.L.C [Member] | Carlyle Investment Management L.L.C [Member] | Carlyle Investment Management L.L.C [Member] | ||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | $228 | $194.10 | $635.80 | $501.60 | ' | ' | ' | ' | $32.70 | ' |
Inventory step-up | ' | ' | ' | 103.7 | ' | ' | ' | ' | ' | ' |
Merger and acquisition related costs | ' | ' | ' | 28.1 | ' | ' | ' | ' | ' | ' |
Financing fees and extinguishment | 3 | ' | 6.1 | 25 | ' | ' | ' | ' | ' | ' |
Foreign exchange remeasurement (gains) losses | 59.6 | -9.7 | 45.1 | 49.9 | ' | ' | ' | ' | 4.5 | ' |
Long-term employee benefit plan adjustments | -4.7 | 1.8 | -0.2 | 4.8 | ' | ' | ' | ' | 2.3 | ' |
Termination benefits and other employee related costs | 3.2 | 47.6 | 9.1 | 64.8 | ' | ' | ' | ' | 0.3 | ' |
Consulting and advisory fees | 8.8 | 11.3 | 29.5 | 33.2 | ' | ' | 3 | ' | ' | ' |
Transition-related costs | 36.7 | 8.8 | 84.2 | 16.2 | ' | ' | ' | ' | ' | ' |
Other adjustments | 2.6 | 3.2 | 13.6 | 2.9 | ' | ' | ' | ' | 0.1 | ' |
Dividends in respect of noncontrolling interest | ' | ' | -1.6 | -4.1 | ' | ' | ' | ' | ' | ' |
Management fee expense | 0.8 | 0.9 | 2.4 | 2.2 | 0.8 | 0.9 | 2.4 | 2.2 | ' | ' |
EBITDA | 118 | 130.2 | 447.6 | 174.9 | ' | ' | ' | ' | 25.5 | ' |
EBITDA | 118 | 130.2 | 447.6 | 174.9 | ' | ' | ' | ' | 25.5 | ' |
Interest expense, net | 52.6 | 62.7 | 166.5 | 153.2 | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 76.2 | 87.4 | 229.1 | 228 | ' | ' | ' | ' | 9.9 | ' |
Income (loss) before income taxes | ($10.80) | ($19.90) | $52 | ($206.30) | ' | ' | ' | ' | $15.60 | ' |
Segments_Reconciliation_of_Adj1
Segments - Reconciliation of Adjusted EBITDA to Income (Loss) Before Income Taxes (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 28, 2014 | Aug. 30, 2012 | Aug. 30, 2012 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Debt Commitment Fees [Member] | Debt Associated Fees [Member] | |
New Dollar Term Loans [Member] | New Dollar Term Loans [Member] | Carlyle Investment Management L.L.C [Member] | Bridge Facility [Member] | Senior Secured Credit Facilities [Member] | Bridge Facility [Member] | Bridge Facility [Member] | |||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value step up of acquired inventory sold | ' | ' | ' | $103.70 | ' | ' | ' | ' | ' | ' | ' |
Merger and acquisition related costs | ' | ' | ' | 28.1 | ' | ' | ' | ' | ' | ' | ' |
Commitment and associated fee | ' | ' | ' | 25 | ' | ' | ' | 21 | ' | 21 | 4 |
Refinancing cost | ' | ' | ' | ' | ' | ' | ' | ' | 3.1 | ' | ' |
Repayment of outstanding debt | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' |
Pre-tax loss on extinguishment amount | ' | ' | 6.1 | ' | ' | 3 | ' | ' | ' | ' | ' |
Losses related to settlement of forward contracts | ' | ' | ' | -19.4 | ' | ' | ' | ' | ' | ' | ' |
Pension curtailment gain | 6.6 | ' | 6.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Required to pay an annual management fee | $8.80 | $11.30 | $29.50 | $33.20 | ' | ' | $3 | ' | ' | ' | ' |
Segments_Schedule_of_Net_Sales
Segments - Schedule of Net Sales by Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | |
Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Performance Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | Transportation Coatings [Member] | ||||||
Refinish [Member] | Refinish [Member] | Refinish [Member] | Refinish [Member] | Industrial [Member] | Industrial [Member] | Industrial [Member] | Industrial [Member] | Light Vehicle [Member] | Light Vehicle [Member] | Light Vehicle [Member] | Light Vehicle [Member] | Commercial Vehicle [Member] | Commercial Vehicle [Member] | Commercial Vehicle [Member] | Commercial Vehicle [Member] | Refinish [Member] | Industrial [Member] | Light Vehicle [Member] | Commercial Vehicle [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,108.90 | $1,074.60 | $3,282.90 | $2,858.20 | $663.50 | $643.70 | $1,944.60 | $1,680.10 | $478.10 | $462.40 | $1,384.40 | $1,203.10 | $185.40 | $181.30 | $560.20 | $477 | $445.40 | $430.90 | $1,338.30 | $1,178.10 | $342.50 | $339.80 | $1,045.50 | $938.60 | $102.90 | $91.10 | $292.80 | $239.50 | $326.20 | $186.80 | $129.40 | $57.40 | $139.40 | $111.60 | $27.80 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income - Schedule of Reconciliation of Changes in Accumulated Other Comprehensive Income by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 31, 2013 |
Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Pension and Other Long-term Employee Benefit Adjustments [Member] | Pension and Other Long-term Employee Benefit Adjustments [Member] | Pension and Other Long-term Employee Benefit Adjustments [Member] | Unrealized (Gain) Loss on Securities [Member] | Unrealized (Gain) Loss on Securities [Member] | Unrealized (Gain) Loss on Securities [Member] | Unrealized Gain on Derivatives [Member] | Unrealized Gain on Derivatives [Member] | Unrealized Gain on Derivatives [Member] | Accumulated Other Comprehensive (Income) Loss [Member] | Accumulated Other Comprehensive (Income) Loss [Member] | Accumulated Other Comprehensive (Income) Loss [Member] | |
Successor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | $34 | ' | ' | ($24.40) | ' | ' | ($7.40) | ' | ($142.30) | $0.90 | ' | $1.40 | ($3.10) | ' | ' | ($34) | ' | ($140.90) |
Current year deferrals to AOCI | ' | ' | ' | ' | ' | 36.1 | -29.3 | ' | 7.7 | ' | 0.7 | -0.8 | 0.6 | 0.2 | -2.5 | -5.4 | ' | 40.5 | -34.1 | 0.9 |
Benefit Plan Amendments | ' | ' | ' | ' | ' | ' | ' | ' | -9.6 | ' | ' | ' | ' | ' | ' | ' | ' | -9.6 | ' | ' |
Reclassifications from AOCI to Net income | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' | ' | ' | ' | 3.1 | 2.8 | ' | 3.2 | 2.8 | ' |
Other comprehensive income (loss), net of tax | -25.9 | 14.5 | -34.2 | 31.3 | 0.8 | 36.1 | -29.3 | ' | -1.8 | ' | -141.6 | -0.8 | 0.6 | 1.6 | 0.6 | -2.6 | ' | 34.2 | -31.3 | -140 |
Ending balance | ($0.20) | ' | ($0.20) | ' | ' | $11.70 | ($29.30) | ' | ($9.20) | ' | ($141.60) | $0.10 | $0.60 | $1.60 | ($2.50) | ($2.60) | ' | $0.20 | ($31.30) | ($140) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (Loss) Income - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Income tax adjustment for pension and other long-term employee benefits | $0.40 | $0.10 | $0 | ' |
Cumulative income tax adjustment for pension and other long-term employee benefits | 76.3 | 3.6 | 0 | 3.5 |
Income tax change in the unrealized gain on derivatives | 0 | 0.4 | 1.3 | ' |
Cumulative income tax change in the unrealized gain on derivatives | 0 | 1.5 | 1.3 | 1.9 |
Income tax related to the change in the unrealized loss on securities | 0.1 | ' | 0.3 | ' |
Cumulative income tax related to the change in the unrealized loss on securities | $0.90 | ' | $0.30 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2013 | Sep. 30, 2014 | Oct. 31, 2014 | Oct. 31, 2014 |
Successor [Member] | Successor [Member] | Scenario, Forecast [Member] | Subsequent Event [Member] | |
Carlyle Investment Management L.L.C [Member] | Successor [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Stock split ratio | 100,000 | ' | ' | 1.69 |
Stock split ratio, description | ' | 'In October 2014, the Board of Directors approved a 1.69-for-1 stock split of the Company's issued and outstanding common stock, which was effective on October 28, 2014. | ' | ' |
Management agreement pre-tax charge | ' | ' | $13.40 | ' |