Milacron (MZIAQ) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2016shares
Document And Entity Information [Abstract]
Entity Registrant Name	Milacron Holdings Corp.
Entity Central Index Key	1,637,913
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	67,720,262

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 87.4	$ 67.5
Accounts receivable, net	189.3	204.4
Inventories, net:
Raw materials	84.8	81.1
Work-in-process	55.5	48.3
Finished products	112.2	109.5
Total inventories	252.5	238.9
Prepaid and other current assets	49.8	38.6
Total current assets	579	549.4
Property and equipment, net	217.8	221.8
Goodwill	534.4	530.1
Intangible assets, net	380.5	380.1
Other noncurrent assets	15.4	14.9
Total assets	1,727.1	1,696.3
Current liabilities:
Short-term borrowings	7.8	7.4
Long-term debt and capital lease obligations due within one year	0.3	0.4
Accounts payable	79.5	79.2
Advanced billings and deposits	49.7	39.7
Accrued salaries, wages and other compensation	29.4	30.8
Accrued interest	4.9	13.9
Other current liabilities	57.9	52.5
Total current liabilities	229.5	223.9
Long-term debt and capital lease obligations	932	931.9
Deferred income tax liabilities	66.4	66.2
Accrued pension liabilities	25.8	25.2
Other noncurrent accrued liabilities	8.9	8.2
Total liabilities	1,262.6	1,255.4
Shareholders’ equity:
Preferred stock - $0.01 par value, 50,000,000 shares authorized, none outstanding	0	0
Common stock - $0.01 par value, 500,000,000 shares authorized; 67,720,262 and 67,296,678	0.7	0.7
Capital in excess of par value	652	648.7
Retained deficit	(89.6)	(99.4)
Accumulated other comprehensive loss	(98.6)	(109.1)
Total shareholders’ equity	464.5	440.9
Total liabilities and shareholders’ equity	$ 1,727.1	$ 1,696.3

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	67,720,262	67,296,678
Common stock, shares outstanding (in shares)	67,720,262	67,296,678

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 277.3	$ 279.2
Cost of sales	181.2	181.3
Manufacturing margins	96.1	97.9
Operating expenses:
Selling, general and administrative expenses	62.8	66.2
Amortization expense	7.7	9.4
(Gain) loss on currency translation	(6.8)	11.2
Other expense, net	0.4	3.7
Total operating expenses	64.1	90.5
Operating earnings	32	7.4
Interest expense, net	15.3	18.4
Earnings (loss) before income taxes	16.7	(11)
Income tax expense	6.9	4.9
Net earnings (loss)	$ 9.8	$ (15.9)
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.15	$ (0.30)
Diluted (in dollars per share)	$ 0.14	$ (0.30)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss applicable to common shareholders	$ 9.8	$ (15.9)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	10	(23.3)
Unrecognized post-retirement plan (loss) gain	(0.1)	0.6
Unrealized gain on hedging activities	0.6	1
Total other comprehensive income (loss), net of tax	10.5	(21.7)
Comprehensive loss attributable to Milacron Holdings Corp.	$ 20.3	$ (37.6)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net earnings (loss)	$ 9.8	$ (15.9)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	14.8	16.2
Unrealized (gain) loss on currency translation of intercompany advances	(7)	11.4
Amortization of deferred financing costs	0.9	1.1
Non-cash stock-based compensation expense	1.1	1.1
Deferred income taxes	(0.5)	0.3
Changes in assets and liabilities:
Accounts receivable	17.3	(2.3)
Inventories	(11.2)	(11.8)
Prepaid and other current assets	(4.1)	(2.7)
Accounts payable	0.7	3.3
Advanced billings and deposits	9.4	(3.2)
Other current liabilities	(7.8)	2.6
Other noncurrent assets	0.2	0
Other noncurrent accrued liabilities	0.3	(0.5)
Net cash provided by (used in) operating activities	23.9	(0.4)
Investing activities
Purchases of property and equipment	(8)	(14.6)
Proceeds from disposals of property and equipment	0.6	0.6
Net cash used in investing activities	(7.4)	(14)
Financing activities
Payments on long-term debt and capital lease obligations (original maturities longer than 90 days)	(0.7)	(0.9)
Net increase (decrease) in short-term borrowings (original maturities of 90 days or less)	0.3	(0.5)
Proceeds from exercise of stock options	2.2	0
Debt issuance costs	0	(0.4)
Net cash provided by (used in) financing activities	1.8	(1.8)
Effect of exchange rate changes on cash	1.6	(2.5)
Increase (decrease) in cash and cash equivalents	19.9	(18.7)
Cash and cash equivalents at beginning of period	67.5	81.5
Cash and cash equivalents at end of period	$ 87.4	$ 62.8

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Basis of Presentation	Background and Basis of Presentation Milacron Holdings Corp. (the "Company" or "Milacron") is a global leader in the manufacture, distribution, and service of highly engineered and customized systems used in the plastic technology and processing industry. The Company has a full-line product portfolio that includes hot runner systems, injection molding, blow molding and extrusion equipment and produces process control systems, mold bases and components and maintenance, repair and operating ("MRO") supplies for plastic processing equipment and fluid technology. The Company operates throughout the world and is headquartered in Cincinnati, Ohio. The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles ("U.S. GAAP") for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are necessary for a fair presentation of the Condensed Consolidated Financial Statements for the interim periods. The interim period results are not necessarily indicative of the results to be expected for the full year. These interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes for the fiscal year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2016. Stock Split The Company’s Board of Directors and stockholders approved a 106.3 for 1 stock split of the Company’s common stock on June 12, 2015 . All common share and common per share amounts in the Condensed Consolidated Financial Statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this stock split. Initial Public Offering On June 30, 2015, the Company completed its initial public offering ("IPO") whereby the Company sold 14,285,714 shares of common stock at a price of $20.00 per share. The shares began trading on the New York Stock Exchange on June 25, 2015 . The aggregate net proceeds received by the Company from the offering was approximately $265 million , net of underwriting discounts and commissions and estimated offering expenses. The net proceeds were used to repay existing indebtedness. In July 2015, the Company's underwriters exercised their option to purchase additional shares of the Company's common stock. The underwriters purchased 415,600 shares of the Company's common stock at the public offering price of $ 20.00 per share, less the underwriting discount, and on July 29, 2015 the Company received $ 7.8 million in proceeds, net of the underwriting discount. These net proceeds were used for general corporate purposes. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) . Topic 606, as further amended, affects virtually all aspects of an entity’s revenue recognition, including determining the measurement of revenue and the timing of when it is recognized for the transfer of goods or services to customers. Topic 606 is effective for the Company beginning January 1, 2018. The Company is currently evaluating the method of adoption and the effect that the adoption will have on the Company's Condensed Consolidated Financial Statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes . This ASU requires that deferred tax assets and liabilities be classified as noncurrent instead of separating the deferred taxes into current and noncurrent amounts. ASU No. 2015-17 is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period on either a prospective or retrospective basis. Early adoption is permitted for financial statements that have not been previously issued. The Company elected to early adopt the ASU as of December 31, 2015 on a prospective basis. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be either classified as finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 also requires significant additional disclosures about the amount, timing and uncertainty of cash flows from leases. ASU 2016-02 is effective for the Company beginning January 1, 2019 with early adoption allowed and practical expedients to measure the effect of adoption also being allowed. The Company is currently evaluating the effect that the adoption will have on the Company's Condensed Consolidated Financial Statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for the Company beginning January 1, 2017 and early adoption is permitted. The Company is currently evaluating the effect that the adoption will have on the Company's Condensed Consolidated Financial Statements. Reclassifications Certain amounts in the prior period Condensed Consolidated Financial Statements have been reclassified to conform to the current year’s presentation.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following table summarizes the changes in the Company’s goodwill, by reportable segment, for the three months ended March 31, 2016 : Advanced Plastic Processing Technologies Melt Delivery and Control Systems Fluid Technologies Corporate Total (in millions) Balance at December 31, 2015 $ 37.0 $ 446.2 $ 46.9 $ — $ 530.1 Foreign currency translation adjustments — 4.3 — — 4.3 Balance at March 31, 2016 $ 37.0 $ 450.5 $ 46.9 $ — $ 534.4 The following table summarizes the Company’s other intangible assets at March 31, 2016 : Gross Amount Accumulated Amortization Net (in millions) Intangible assets subject to amortization: Trademarks $ 43.1 $ 15.8 $ 27.3 Technology 116.4 30.1 86.3 Customer relationships 230.3 104.1 126.2 Total intangible assets subject to amortization 389.8 150.0 239.8 Trademarks, not subject to amortization 140.7 — 140.7 Total $ 530.5 $ 150.0 $ 380.5 The following table summarizes the Company’s other intangible assets at December 31, 2015 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 42.6 $ 14.7 $ 27.9 Technology 110.9 26.6 84.3 Customer relationships 227.9 98.9 129.0 Total intangible assets subject to amortization 381.4 140.2 241.2 Trademarks, not subject to amortization 138.9 — 138.9 Total $ 520.3 $ 140.2 $ 380.1 Consolidated amortization expense related to intangible assets subject to amortization was $ 7.7 million and $ 9.4 million for the three months ended March 31, 2016 and 2015 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes An estimated annual effective tax rate is used to determine the quarterly provision for income taxes. The effective rate is based on various factors including expected annual income, statutory tax rates, tax planning opportunities in the various jurisdictions in which the Company operates, permanent items, valuation allowances against deferred tax assets and the ability to utilize tax credits and net operating loss ("NOL") carryforwards. Subsequent recognition, derecognition and measurement of tax positions are separately recognized in the quarter in which the underlying transaction or event occurs which causes variability in the effective tax rates from quarter to quarter. The effective rate for each period differs from the U.S. federal statutory income tax rate due to the mix of earnings by jurisdiction and the effect of transaction costs and business combination accounting adjustments that do not provide tax benefits. Since the Company operates in multiple taxing jurisdictions at rates that are typically less than the U.S. statutory rate, the consolidated effective rate is typically lower than 35% . The valuation allowances also cause volatility in the effective rate as they reduce deferred tax assets in jurisdictions which lack sufficient positive evidence regarding the ability to utilize the assets and no tax benefit or expense is recognized for losses or income incurred in those jurisdictions. In accordance with Accounting Standards Codification 740, the Company records interest and penalties associated with uncertain tax positions within income tax expense within the Company's Condensed Consolidated Statements of Operations. The Company does not have a material liability recorded for interest and penalties related to uncertain tax positions for any period presented. The utilization of the Company's NOL and tax credit carryforwards may be subject to limitation under the rules regarding a change in stock ownership as determined by the Internal Revenue Code, and state and foreign tax laws. Section 382 of the Internal Revenue Code of 1986 ("Section 382"), as amended, imposes annual limitations on the utilization of NOL carryforwards, other tax carryforwards, and certain built-in losses upon an ownership change as defined under that section. In general terms, an ownership change may result from transactions that increase the aggregate ownership of certain stockholders in the Company’s stock by more than 50 percentage points over a three year testing period ("Section 382 Ownership Change"). If the Company has undergone a Section 382 Ownership Change, an annual limitation would be imposed on certain of the Company’s tax attributes, including NOL and capital loss carryforwards, and certain other losses, credits, deductions or tax basis. As of March 31, 2016 the Company has determined that multiple ownership changes under Section 382 have occurred and that any limitations resulting from these ownership changes would not have a material impact to the Company's Condensed Consolidated Financial Statements.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Debt for the Company consists of the following: March 31, 2016 December 31, 2015 Principal Unamortized Discount and Debt Issuance Costs Net Principal Unamortized Discount and Debt Issuance Costs Net (in millions) 7.75% senior unsecured notes due 2021 $ 464.4 $ 8.7 $ 455.7 $ 465.0 $ 9.1 $ 455.9 Senior secured term loan facility due September 2020 482.0 6.1 475.9 482.0 6.4 475.6 Borrowings under other lines of credit 7.8 — 7.8 7.4 — 7.4 Capital lease obligations and other 0.7 — 0.7 0.8 — 0.8 954.9 14.8 940.1 955.2 15.5 939.7 Less current portion (8.1 ) — (8.1 ) (7.8 ) — (7.8 ) $ 946.8 $ 14.8 $ 932.0 $ 947.4 $ 15.5 $ 931.9 In March 2016, the Company repurchased approximately $0.6 million of the Company's outstanding 7.75% senior unsecured notes on the open market at a discount to par.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company sponsors three noncontributory defined benefit pension plans for certain non-U.S. employees and retirees. One plan covers certain employees in the United Kingdom and the other two plans cover certain employees in Germany. Net periodic pension expense was $0.3 million and $0.3 million for the three months ended March 31, 2016 and 2015 , respectively, and is included in cost of sales and selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Operations.

Net Loss Per Share and Sharehol

Net Loss Per Share and Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Loss Per Share and Shareholders' Equity	Net Earnings (Loss) Per Share and Shareholders’ Equity The following is a reconciliation of the numerator and denominator of the basic and diluted net earnings (loss) per share (EPS) computations: Three Months Ended March 31, 2016 2015 (in millions, except common share and per common share amounts) Numerator: Net loss applicable to common shareholders $ 9.8 $ (15.9 ) Denominator: Denominator for basic EPS–weighted-average common shares 67,179,348 52,288,757 Dilutive effect of stock-based compensation arrangements 2,496,120 — Denominator for diluted EPS–adjusted weighted-average common shares 69,675,468 52,288,757 Basic EPS $ 0.15 $ (0.30 ) Diluted EPS $ 0.14 $ (0.30 ) The diluted EPS calculation for the three months ended March 31, 2015 excludes the effect of 5,142,688 outstanding stock options as their effect is anti-dilutive. Holders of non-vested stock-based compensation awards do not have voting rights or rights to receive nonforfeitable dividends on the shares covered by the awards.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments In the normal course of business, including the purchasing of materials and selling of products, the Company is exposed to certain risks related to fluctuations in foreign currency exchange rates. The Company uses foreign currency forward contracts to manage risks from these market fluctuations. The Company currently hedges its risk relative to fluctuations in the Canadian dollar and Japanese yen for forecasted cash outflows denominated in these currencies. The Company had foreign currency forward contracts denominated in these currencies outstanding with notional amounts totaling $17.4 million at March 31, 2016 and $10.3 million at December 31, 2015 . As of March 31, 2016 , all of the Company’s outstanding instruments mature within the next 9 months . The Company’s derivative instruments discussed above are designated as cash flow hedges and the fair value of these derivative instruments was $0.6 million at March 31, 2016 and $0.1 million at December 31, 2015 which is included in prepaid and other current assets in the Company's Condensed Consolidated Balance Sheets. The following table provides the effect of the Company’s designated cash flow hedges on the Company’s Condensed Consolidated Financial Statements for the three months ended March 31, 2016 and 2015 : Type of instrument: Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (in millions) Three Months Ended March 31, 2016 Foreign exchange contract $ 0.5 $ (0.1 ) Three Months Ended March 31, 2015 Foreign exchange contract $ (0.3 ) $ (1.4 ) All gains (losses) that are reclassified from accumulated other comprehensive income (loss) into income (effective portion) are classified in (gain) loss on currency translation or cost of sales within the Company's Condensed Consolidated Statements of Operations. The gain (loss) recognized related to the ineffective portion of the derivative instruments was immaterial for all periods presented. During the three months ended March 31, 2016 and 2015 , the Company recorded a net loss of $ 0.1 million and $ 1.4 million , respectively, related to the settlement of forward contracts which were designated as cash flow hedges. The Company estimates fair value of its financial instruments utilizing an established three-level hierarchy. The hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date as follows: • Level 1–Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets. • Level 2–Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial statements. • Level 3–Valuation is based upon other unobservable inputs that are significant to the fair value measurements. The classification of fair value measurements within the established three-level hierarchy is based upon the lowest level of input that is significant to that measurement. The fair values of the Company’s derivatives instruments were measured using valuations based upon quoted prices for similar assets and liabilities in active markets (Level 2) and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. There were no transfers between the three levels of the fair value hierarchy during any period presented. The derivative assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 were as follows: Total Level 1 Level 2 Level 3 (in millions) March 31, 2016 Foreign currency forward contracts (asset position) $ 0.6 $ — $ 0.6 $ — December 31, 2015 Foreign currency forward contracts (asset position) $ 0.1 $ — $ 0.1 $ — The Company also enters into derivative instruments (forwards) to economically hedge the impact of fluctuations in the Indian rupee. During the three months ended March 31, 2015 , the Company recognized a gain of $0.3 million related to the changes in fair value of these derivative instruments not designated as hedges. These gains and losses are recognized immediately within the Company's Condensed Consolidated Statements of Operations and are classified within (gain) loss on currency translation. The fair value of these derivative instruments not designated as hedges at March 31, 2016 was de minimis.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss): Foreign Currency Translation Unrecognized Post- Retirement Plan Losses Derivative Financial Instruments Total (in millions) Balance at December 31, 2014 $ (45.4 ) $ (5.6 ) $ (3.1 ) $ (54.1 ) Other comprehensive (loss) income before reclassifications (23.3 ) 0.6 (0.3 ) (23.0 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 1.3 1.3 Other comprehensive (loss) income (23.3 ) 0.6 1.0 (21.7 ) Balance at March 31, 2015 $ (68.7 ) $ (5.0 ) $ (2.1 ) $ (75.8 ) Balance at December 31, 2015 $ (104.5 ) $ (4.6 ) $ — $ (109.1 ) Other comprehensive income (loss) before reclassifications 10.0 (0.1 ) 0.5 10.4 Amounts reclassified from accumulated other comprehensive income (loss) — — 0.1 0.1 Other comprehensive income (loss) 10.0 (0.1 ) 0.6 10.5 Balance at March 31, 2016 $ (94.5 ) $ (4.7 ) $ 0.6 $ (98.6 ) The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) during the three months ended March 31, 2016 and 2015 : Classification Three Months Ended March 31, of Expense 2016 2015 (in millions) Derivative financial instruments: Loss on derivative financial instruments (a) $ (0.1 ) $ (1.4 ) Tax benefit (b) — 0.1 Total reclassifications from accumulated other comprehensive income (loss) $ (0.1 ) $ (1.3 ) (a) Amount is included in cost of sales and (gain) loss on currency translation in the Company's Condensed Consolidated Statements of Operations. (b) These amounts are included in income tax expense in the Company's Condensed Consolidated Statements of Operations.

Warranty Reserves

Warranty Reserves	3 Months Ended
	Mar. 31, 2016
Product Warranties Disclosures [Abstract]
Warranty Reserves	Warranty Reserves A reserve for estimated warranty costs is recorded at the time of sale of machinery and parts and is periodically adjusted to reflect actual experience. The following tables summarize changes in the Company’s warranty reserves. Accrued warranty reserves are included in other current liabilities in the Company's Condensed Consolidated Balance Sheets: Three Months Ended March 31, 2016 2015 (in millions) Balance at beginning of period $ 8.3 $ 8.6 Warranty expense 2.8 2.4 Warranty claims paid (2.9 ) (2.2 ) Foreign currency translation adjustments 0.2 (0.4 ) Balance at end of period $ 8.4 $ 8.4

Restructuring Reserves

Restructuring Reserves	3 Months Ended
	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Restructuring Reserves	Restructuring Reserves The total remaining liability under severance-related actions taken during the year ended December 31, 2015 , which is included within other current liabilities in the Company's Condensed Consolidated Balance Sheets, was $1.6 million as of March 31, 2016 compared to $1.9 million as of December 31, 2015 , and is expected to be substantially paid in cash by September 30, 2016. In connection with the Company's organizational redesign initiatives in Europe, the Company has committed to a plan to sell two separate facilities, one located in Mechelen, Belgium and one located in Magenta, Italy. As of March 31, 2016, both of these facilities met the held-for-sale criteria set forth in U.S. GAAP, resulting in the classification of $9.8 million of property and equipment as held-for-sale. No impairment was recognized during the three months ended March 31, 2016 and the book value of the facilities is classified within prepaid and other current assets in the accompanying Condensed Consolidated Balance Sheets. The Mechelen, Belgium facility is reported within the Melt Delivery and Control Systems segment and the Magenta, Italy facility is reported within the Advanced Plastic Processing Technologies segment.

Business Segment Information

Business Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Business Segment Information	Business Segment Information The Company’s operations are principally managed based upon the products that are produced and are comprised of three operating segments, which are the same as the Company’s reportable segments: Advanced Plastic Processing Technologies, Melt Delivery and Control Systems, and Fluid Technologies. The factors for determining the Company’s reportable segments include the manner in which management evaluates performance combined with the nature of the individual business activities. The Company evaluates the performance of its segments based on net sales and operating earnings. Operating earnings includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segments. Operating earnings for each segment excludes items that are of a non-operating nature or are of a corporate or functional governance nature. Costs excluded from segment operating earnings include interest expense, income taxes and various corporate expenses such as transaction costs associated with the acquisition of certain businesses, stock-based compensation expense and other separately managed general and administrative costs. The effects of intersegment transactions have been eliminated. Effective January 1, 2016, the Advanced Plastic Processing Technologies segment includes our MPET product line that had previously been reported in the Melt Delivery and Control Systems segment. This reclassification more closely reflects the change in management of this product line and its related growth opportunities. Prior year results have been reclassified to reflect the segment change. The MPET product line had revenue of $2.6 million and an operating loss of $0.5 million in the first quarter of 2015. The following table summarizes total assets by segment: March 31, December 31, (in millions) Advanced Plastic Processing Technologies $ 500.9 $ 501.1 Melt Delivery and Control Systems 1,043.8 1,029.3 Fluid Technologies 144.3 141.7 Corporate 38.1 24.2 Total assets $ 1,727.1 $ 1,696.3 The following table summarizes long-lived assets by segment: March 31, December 31, (in millions) Advanced Plastic Processing Technologies $ 105.5 $ 110.0 Melt Delivery and Control Systems 90.4 90.3 Fluid Technologies 15.4 15.4 Corporate 6.5 6.1 Total long-lived assets $ 217.8 $ 221.8 The following tables summarize segment information: Three Months Ended March 31, 2016 2015 (in millions) Net sales to external customers: Advanced Plastic Processing Technologies $ 156.1 $ 154.0 Melt Delivery and Control Systems 93.0 96.8 Fluid Technologies 28.2 28.4 Total net sales to external customers $ 277.3 $ 279.2 Three Months Ended March 31, 2016 2015 (in millions) Operating earnings (loss): Advanced Plastic Processing Technologies $ 9.8 $ 10.3 Melt Delivery and Control Systems 28.2 2.9 Fluid Technologies 4.1 2.8 Corporate (10.1 ) (8.6 ) Total operating earnings $ 32.0 $ 7.4 Capital expenditures: Advanced Plastic Processing Technologies $ 5.6 $ 9.6 Melt Delivery and Control Systems 1.7 4.5 Fluid Technologies 0.1 0.2 Corporate 0.6 0.3 Total capital expenditures $ 8.0 $ 14.6 Depreciation and amortization: Advanced Plastic Processing Technologies $ 5.1 $ 5.3 Melt Delivery and Control Systems 8.2 9.1 Fluid Technologies 1.4 1.7 Corporate 0.1 0.1 Total depreciation and amortization $ 14.8 $ 16.2 The following tables summarize net sales to external customers and long-lived assets by geographic region: Three Months Ended March 31, 2016 2015 (in millions) Net sales to external customers: United States $ 128.2 $ 129.9 Rest of World 149.1 149.3 Total net sales to external customers $ 277.3 $ 279.2 March 31, December 31, 2015 (in millions) Long-lived assets United States $ 78.7 $ 78.3 Rest of World 139.1 143.5 Total long-lived assets $ 217.8 $ 221.8

Background and Basis of Prese18

Background and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles ("U.S. GAAP") for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) have been made that are necessary for a fair presentation of the Condensed Consolidated Financial Statements for the interim periods. The interim period results are not necessarily indicative of the results to be expected for the full year. These interim Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes for the fiscal year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2016.
Recently Issued Accounting Pronouncements	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) . Topic 606, as further amended, affects virtually all aspects of an entity’s revenue recognition, including determining the measurement of revenue and the timing of when it is recognized for the transfer of goods or services to customers. Topic 606 is effective for the Company beginning January 1, 2018. The Company is currently evaluating the method of adoption and the effect that the adoption will have on the Company's Condensed Consolidated Financial Statements. In November 2015, the FASB issued ASU No. 2015-17,
Reclassifications	Certain amounts in the prior period Condensed Consolidated Financial Statements have been reclassified to conform to the current year’s presentation.

Goodwill and Other Intangible19

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Goodwill, by Reportable Segment	The following table summarizes the changes in the Company’s goodwill, by reportable segment, for the three months ended March 31, 2016 : Advanced Plastic Processing Technologies Melt Delivery and Control Systems Fluid Technologies Corporate Total (in millions) Balance at December 31, 2015 $ 37.0 $ 446.2 $ 46.9 $ — $ 530.1 Foreign currency translation adjustments — 4.3 — — 4.3 Balance at March 31, 2016 $ 37.0 $ 450.5 $ 46.9 $ — $ 534.4
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The following table summarizes the Company’s other intangible assets at March 31, 2016 : Gross Amount Accumulated Amortization Net (in millions) Intangible assets subject to amortization: Trademarks $ 43.1 $ 15.8 $ 27.3 Technology 116.4 30.1 86.3 Customer relationships 230.3 104.1 126.2 Total intangible assets subject to amortization 389.8 150.0 239.8 Trademarks, not subject to amortization 140.7 — 140.7 Total $ 530.5 $ 150.0 $ 380.5 The following table summarizes the Company’s other intangible assets at March 31, 2016 : Gross Amount Accumulated Amortization Net (in millions) Intangible assets subject to amortization: Trademarks $ 43.1 $ 15.8 $ 27.3 Technology 116.4 30.1 86.3 Customer relationships 230.3 104.1 126.2 Total intangible assets subject to amortization 389.8 150.0 239.8 Trademarks, not subject to amortization 140.7 — 140.7 Total $ 530.5 $ 150.0 $ 380.5 The following table summarizes the Company’s other intangible assets at December 31, 2015 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 42.6 $ 14.7 $ 27.9 Technology 110.9 26.6 84.3 Customer relationships 227.9 98.9 129.0 Total intangible assets subject to amortization 381.4 140.2 241.2 Trademarks, not subject to amortization 138.9 — 138.9 Total $ 520.3 $ 140.2 $ 380.1
Intangible Assets, Not Subject to Amortization	The following table summarizes the Company’s other intangible assets at March 31, 2016 : Gross Amount Accumulated Amortization Net (in millions) Intangible assets subject to amortization: Trademarks $ 43.1 $ 15.8 $ 27.3 Technology 116.4 30.1 86.3 Customer relationships 230.3 104.1 126.2 Total intangible assets subject to amortization 389.8 150.0 239.8 Trademarks, not subject to amortization 140.7 — 140.7 Total $ 530.5 $ 150.0 $ 380.5 The following table summarizes the Company’s other intangible assets at December 31, 2015 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 42.6 $ 14.7 $ 27.9 Technology 110.9 26.6 84.3 Customer relationships 227.9 98.9 129.0 Total intangible assets subject to amortization 381.4 140.2 241.2 Trademarks, not subject to amortization 138.9 — 138.9 Total $ 520.3 $ 140.2 $ 380.1 The following table summarizes the Company’s other intangible assets at March 31, 2016 : Gross Amount Accumulated Amortization Net (in millions) Intangible assets subject to amortization: Trademarks $ 43.1 $ 15.8 $ 27.3 Technology 116.4 30.1 86.3 Customer relationships 230.3 104.1 126.2 Total intangible assets subject to amortization 389.8 150.0 239.8 Trademarks, not subject to amortization 140.7 — 140.7 Total $ 530.5 $ 150.0 $ 380.5

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Debt	Debt for the Company consists of the following: March 31, 2016 December 31, 2015 Principal Unamortized Discount and Debt Issuance Costs Net Principal Unamortized Discount and Debt Issuance Costs Net (in millions) 7.75% senior unsecured notes due 2021 $ 464.4 $ 8.7 $ 455.7 $ 465.0 $ 9.1 $ 455.9 Senior secured term loan facility due September 2020 482.0 6.1 475.9 482.0 6.4 475.6 Borrowings under other lines of credit 7.8 — 7.8 7.4 — 7.4 Capital lease obligations and other 0.7 — 0.7 0.8 — 0.8 954.9 14.8 940.1 955.2 15.5 939.7 Less current portion (8.1 ) — (8.1 ) (7.8 ) — (7.8 ) $ 946.8 $ 14.8 $ 932.0 $ 947.4 $ 15.5 $ 931.9

Net Loss Per Share and Shareh21

Net Loss Per Share and Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator of the Basic and Diluted Net Loss Per Share	The following is a reconciliation of the numerator and denominator of the basic and diluted net earnings (loss) per share (EPS) computations: Three Months Ended March 31, 2016 2015 (in millions, except common share and per common share amounts) Numerator: Net loss applicable to common shareholders $ 9.8 $ (15.9 ) Denominator: Denominator for basic EPS–weighted-average common shares 67,179,348 52,288,757 Dilutive effect of stock-based compensation arrangements 2,496,120 — Denominator for diluted EPS–adjusted weighted-average common shares 69,675,468 52,288,757 Basic EPS $ 0.15 $ (0.30 ) Diluted EPS $ 0.14 $ (0.30 )

Derivative Financial Instrume22

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Effect of Designated Cash Flow Hedges on the Financial Statements	The following table provides the effect of the Company’s designated cash flow hedges on the Company’s Condensed Consolidated Financial Statements for the three months ended March 31, 2016 and 2015 : Type of instrument: Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (in millions) Three Months Ended March 31, 2016 Foreign exchange contract $ 0.5 $ (0.1 ) Three Months Ended March 31, 2015 Foreign exchange contract $ (0.3 ) $ (1.4 )
Derivative Assets and Liabilities Measured at Fair Value	The derivative assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 were as follows: Total Level 1 Level 2 Level 3 (in millions) March 31, 2016 Foreign currency forward contracts (asset position) $ 0.6 $ — $ 0.6 $ — December 31, 2015 Foreign currency forward contracts (asset position) $ 0.1 $ — $ 0.1 $ —

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Changes in Each Component of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss): Foreign Currency Translation Unrecognized Post- Retirement Plan Losses Derivative Financial Instruments Total (in millions) Balance at December 31, 2014 $ (45.4 ) $ (5.6 ) $ (3.1 ) $ (54.1 ) Other comprehensive (loss) income before reclassifications (23.3 ) 0.6 (0.3 ) (23.0 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 1.3 1.3 Other comprehensive (loss) income (23.3 ) 0.6 1.0 (21.7 ) Balance at March 31, 2015 $ (68.7 ) $ (5.0 ) $ (2.1 ) $ (75.8 ) Balance at December 31, 2015 $ (104.5 ) $ (4.6 ) $ — $ (109.1 ) Other comprehensive income (loss) before reclassifications 10.0 (0.1 ) 0.5 10.4 Amounts reclassified from accumulated other comprehensive income (loss) — — 0.1 0.1 Other comprehensive income (loss) 10.0 (0.1 ) 0.6 10.5 Balance at March 31, 2016 $ (94.5 ) $ (4.7 ) $ 0.6 $ (98.6 )
Reclassifications out of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) during the three months ended March 31, 2016 and 2015 : Classification Three Months Ended March 31, of Expense 2016 2015 (in millions) Derivative financial instruments: Loss on derivative financial instruments (a) $ (0.1 ) $ (1.4 ) Tax benefit (b) — 0.1 Total reclassifications from accumulated other comprehensive income (loss) $ (0.1 ) $ (1.3 ) (a) Amount is included in cost of sales and (gain) loss on currency translation in the Company's Condensed Consolidated Statements of Operations. (b) These amounts are included in income tax expense in the Company's Condensed Consolidated Statements of Operations.

Warranty Reserves (Tables)

Warranty Reserves (Tables)	3 Months Ended
	Mar. 31, 2016
Product Warranties Disclosures [Abstract]
Changes in the Company's Warranty Reserves	The following tables summarize changes in the Company’s warranty reserves. Accrued warranty reserves are included in other current liabilities in the Company's Condensed Consolidated Balance Sheets: Three Months Ended March 31, 2016 2015 (in millions) Balance at beginning of period $ 8.3 $ 8.6 Warranty expense 2.8 2.4 Warranty claims paid (2.9 ) (2.2 ) Foreign currency translation adjustments 0.2 (0.4 ) Balance at end of period $ 8.4 $ 8.4

Business Segment Information (T

Business Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Business Segment Information	The following table summarizes total assets by segment: March 31, December 31, (in millions) Advanced Plastic Processing Technologies $ 500.9 $ 501.1 Melt Delivery and Control Systems 1,043.8 1,029.3 Fluid Technologies 144.3 141.7 Corporate 38.1 24.2 Total assets $ 1,727.1 $ 1,696.3 The following table summarizes long-lived assets by segment: March 31, December 31, (in millions) Advanced Plastic Processing Technologies $ 105.5 $ 110.0 Melt Delivery and Control Systems 90.4 90.3 Fluid Technologies 15.4 15.4 Corporate 6.5 6.1 Total long-lived assets $ 217.8 $ 221.8 The following tables summarize segment information: Three Months Ended March 31, 2016 2015 (in millions) Net sales to external customers: Advanced Plastic Processing Technologies $ 156.1 $ 154.0 Melt Delivery and Control Systems 93.0 96.8 Fluid Technologies 28.2 28.4 Total net sales to external customers $ 277.3 $ 279.2 Three Months Ended March 31, 2016 2015 (in millions) Operating earnings (loss): Advanced Plastic Processing Technologies $ 9.8 $ 10.3 Melt Delivery and Control Systems 28.2 2.9 Fluid Technologies 4.1 2.8 Corporate (10.1 ) (8.6 ) Total operating earnings $ 32.0 $ 7.4 Capital expenditures: Advanced Plastic Processing Technologies $ 5.6 $ 9.6 Melt Delivery and Control Systems 1.7 4.5 Fluid Technologies 0.1 0.2 Corporate 0.6 0.3 Total capital expenditures $ 8.0 $ 14.6 Depreciation and amortization: Advanced Plastic Processing Technologies $ 5.1 $ 5.3 Melt Delivery and Control Systems 8.2 9.1 Fluid Technologies 1.4 1.7 Corporate 0.1 0.1 Total depreciation and amortization $ 14.8 $ 16.2
Net Sales to External Customers, by Geographic Region	Three Months Ended March 31, 2016 2015 (in millions) Net sales to external customers: United States $ 128.2 $ 129.9 Rest of World 149.1 149.3 Total net sales to external customers $ 277.3 $ 279.2
Long-lived Assets, by Geographic Region	March 31, December 31, 2015 (in millions) Long-lived assets United States $ 78.7 $ 78.3 Rest of World 139.1 143.5 Total long-lived assets $ 217.8 $ 221.8

Background and Basis of Prese26

Background and Basis of Presentation (Details) $ / shares in Units, $ in Millions	Jul. 29, 2015USD ($)$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 12, 2015
Noncontrolling Interest [Line Items]
Stock split conversion ratio			106.3
Proceeds from initial public offering, net of underwriting discounts and commissions, and estimated offering expenses		$ 265
Proceeds from Exercise by Underwriters	$ 7.8
IPO [Member]
Noncontrolling Interest [Line Items]
Shares sold, initial public offering (in shares) | shares	415,600	14,285,714
Shares sold, initial public offering, price per share (in dollars per share) | $ / shares	$ 20	$ 20

Goodwill and Other Intangible27

Goodwill and Other Intangible Assets - Goodwill, by Reportable Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Goodwill [Roll Forward]
Balance	$ 530.1
Foreign currency translation adjustments	4.3
Balance	534.4
Corporate [Member]
Goodwill [Roll Forward]
Balance	0
Foreign currency translation adjustments	0
Balance	0
Advanced Plastic Processing Technologies [Member] | Segments [Member]
Goodwill [Roll Forward]
Balance	37
Foreign currency translation adjustments	0
Balance	37
Melt Delivery and Control Systems [Member] | Segments [Member]
Goodwill [Roll Forward]
Balance	446.2
Foreign currency translation adjustments	4.3
Balance	450.5
Fluid Technologies [Member] | Segments [Member]
Goodwill [Roll Forward]
Balance	46.9
Foreign currency translation adjustments	0
Balance	$ 46.9

Goodwill and Other Intangible28

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets [Table Text Block]	The following table summarizes the Company’s other intangible assets at March 31, 2016 : Gross Amount Accumulated Amortization Net (in millions) Intangible assets subject to amortization: Trademarks $ 43.1 $ 15.8 $ 27.3 Technology 116.4 30.1 86.3 Customer relationships 230.3 104.1 126.2 Total intangible assets subject to amortization 389.8 150.0 239.8 Trademarks, not subject to amortization 140.7 — 140.7 Total $ 530.5 $ 150.0 $ 380.5 The following table summarizes the Company’s other intangible assets at March 31, 2016 : Gross Amount Accumulated Amortization Net (in millions) Intangible assets subject to amortization: Trademarks $ 43.1 $ 15.8 $ 27.3 Technology 116.4 30.1 86.3 Customer relationships 230.3 104.1 126.2 Total intangible assets subject to amortization 389.8 150.0 239.8 Trademarks, not subject to amortization 140.7 — 140.7 Total $ 530.5 $ 150.0 $ 380.5 The following table summarizes the Company’s other intangible assets at December 31, 2015 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 42.6 $ 14.7 $ 27.9 Technology 110.9 26.6 84.3 Customer relationships 227.9 98.9 129.0 Total intangible assets subject to amortization 381.4 140.2 241.2 Trademarks, not subject to amortization 138.9 — 138.9 Total $ 520.3 $ 140.2 $ 380.1
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 389.8		$ 381.4
Accumulated Amortization	150		140.2
Net Amount	239.8		241.2
Indefinite-lived Intangible Assets [Line Items]
Gross Amount	530.5		520.3
Accumulated Amortization	150		140.2
Net Amount	380.5		380.1
Amortization of intangible assets	7.7	$ 9.4
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	43.1		42.6
Accumulated Amortization	15.8		14.7
Net Amount	27.3		27.9
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	15.8		14.7
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	116.4		110.9
Accumulated Amortization	30.1		26.6
Net Amount	86.3		84.3
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	30.1		26.6
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Amount	230.3		227.9
Accumulated Amortization	104.1		98.9
Net Amount	126.2		129
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	104.1		98.9
Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Trademarks, not subject to amortization	$ 140.7		$ 138.9

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
U.S. statutory rate	35.00%

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt and capital lease obligations, including current portion	$ 940.1	$ 939.7
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Gross	954.9	955.2
Debt Instrument, Unamortized Discount (Premium), And Debt Issuance Costs, Net	14.8	15.5
Less current portion	(8.1)	(7.8)
Long-term Debt and Capital Lease Obligations, Gross, Current	(8.1)	(7.8)
Debt Instrument, Unamortized Discount (Premium), And Debt Issuance Costs, Net, Current	0	0
Long-term debt and capital lease obligations	932	931.9
Long-term Debt and Capital Lease Obligations, Gross	946.8	947.4
Debt Instrument, Unamortized Discount (Premium), And Debt Issuance Costs, Net, Noncurrent	14.8	15.5
Secured Debt [Member] | Senior secured term loan facility due September 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Unamortized Discount (Premium), And Debt Issuance Costs, Net	6.1
Senior Notes [Member] | 7.75% senior unsecured notes due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligations, including current portion	455.7	455.9
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Gross	464.4	465
Debt Instrument, Unamortized Discount (Premium), And Debt Issuance Costs, Net	8.7	9.1
Senior Notes [Member] | Senior secured term loan facility due September 2020 [Member]
Debt Instrument [Line Items]
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Gross	482
Line of Credit [Member] | Other Lines of Credit [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligations, including current portion	7.8	7.4
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Gross	7.8
Debt Instrument, Unamortized Discount (Premium), And Debt Issuance Costs, Net	0	0
Line of Credit [Member] | Secured Debt [Member] | Senior secured term loan facility due September 2020 [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligations, including current portion	475.9	475.6
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Gross		482
Debt Instrument, Unamortized Discount (Premium), And Debt Issuance Costs, Net		6.4
Capital Lease Obligations and Other [Member]
Debt Instrument [Line Items]
Long-term debt and capital lease obligations, including current portion	0.7	0.8
Long-term Debt and Capital Lease Obligations, Including Current Maturities, Gross	0.7
Debt Instrument, Unamortized Discount (Premium), And Debt Issuance Costs, Net	$ 0	$ 0

Debt - Additional Information (

Debt - Additional Information (Details) - Senior Notes [Member] - 7.75% senior unsecured notes due 2021 [Member] $ in Millions	1 Months Ended
	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Interest rate	7.75%
Redemption of senior notes	$ 0.6

Employee Benefit Plans (Details

Employee Benefit Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)plan	Mar. 31, 2015USD ($)
Cost of sales and selling, general and administrative expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension expense | $	$ 0.3	$ 0.3
Foreign Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of noncontributory defined benefit pension plans	3
Foreign Pension Plan [Member] | United Kingdom [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of noncontributory defined benefit pension plans	1
Foreign Pension Plan [Member] | Germany [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of noncontributory defined benefit pension plans	2

Net Loss Per Share and Shareh33

Net Loss Per Share and Shareholders' Equity - Reconciliation of Numerator and Denominator of the Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net loss applicable to common shareholders	$ 9.8	$ (15.9)
Denominator:
Denominator for basic EPS–weighted-average common shares (in shares)	67,179,348	52,288,757
Dilutive effect of stock-based compensation arrangements (in shares)	2,496,120	0
Denominator for diluted EPS–adjusted weighted-average common shares (in shares)	69,675,468	52,288,757
Basic EPS (in dollars per share)	$ 0.15	$ (0.30)
Diluted EPS (in dollars per share)	$ 0.14	$ (0.30)

Net Loss Per Share and Shareh34

Net Loss Per Share and Shareholders' Equity - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the diluted EPS calculation (in shares)	0	5,142,688

Derivative Financial Instrume35

Derivative Financial Instruments - Effect of Designated Cash Flow Hedges on the Financial Statements (Details) - Foreign Currency Forward [Member] - Cash Flow Hedging [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ 0.5	$ (0.3)
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ (0.1)	$ (1.4)

Derivative Financial Instrume36

Derivative Financial Instruments - Derivative Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - Foreign Currency Forward [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 0.6	$ 0.1
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	0.6	0.1
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ 0	$ 0

Derivative Financial Instrume37

Derivative Financial Instruments - Additional Information (Details) - Foreign Currency Forward [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivative [Line Items]
Notional amounts	$ 17.4		$ 10.3
Remaining maturity of outstanding instruments	9 months
Not Designated as Hedging Instrument [Member] | Foreign Currency Gain (Loss) [Member]
Derivative [Line Items]
Gain (loss) related to changes in fair value of derivative instruments		$ 0.3
Cash Flow Hedging [Member]
Derivative [Line Items]
Gain (loss) on settlement of derivative instruments	$ (0.1)	$ (1.4)
Cash Flow Hedging [Member] | Other current liabilities [Member]
Derivative [Line Items]
Foreign currency forward contracts - liability position	$ 0.6		$ 0.1

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	$ 440.9
Total other comprehensive income (loss), net of tax	10.5	$ (21.7)
Balance	464.5
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(109.1)	(54.1)
Other comprehensive income (loss) before reclassifications	10.4	(23)
Amounts reclassified from accumulated other comprehensive income (loss)	0.1	1.3
Total other comprehensive income (loss), net of tax	10.5	(21.7)
Balance	(98.6)	(75.8)
Foreign Currency Translation [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(104.5)	(45.4)
Other comprehensive income (loss) before reclassifications	10	(23.3)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Total other comprehensive income (loss), net of tax	10	(23.3)
Balance	(94.5)	(68.7)
Unrecognized Post- Retirement Plan Losses [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	(4.6)	(5.6)
Other comprehensive income (loss) before reclassifications	(0.1)	0.6
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Total other comprehensive income (loss), net of tax	(0.1)	0.6
Balance	(4.7)	(5)
Derivative Financial Instruments [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance	0	(3.1)
Other comprehensive income (loss) before reclassifications	0.5	(0.3)
Amounts reclassified from accumulated other comprehensive income (loss)	0.1	1.3
Total other comprehensive income (loss), net of tax	0.6	1
Balance	$ 0.6	$ (2.1)

Accumulated Other Comprehensi39

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative financial instruments:
Tax benefit	$ (6.9)	$ (4.9)
Total reclassifications from accumulated other comprehensive income (loss)	(0.1)	(1.3)
Derivative Financial Instruments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Derivative financial instruments:
Loss on derivative financial instruments	(0.1)	(1.4)
Tax benefit	$ 0	$ 0.1

Warranty Reserves (Details)

Warranty Reserves (Details) - Other current liabilities [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance	$ 8.3	$ 8.6
Warranty expense	2.8	2.4
Warranty claims paid	(2.9)	(2.2)
Foreign currency translation adjustments	0.2	(0.4)
Balance	$ 8.4	$ 8.4

Restructuring Reserves (Details

Restructuring Reserves (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Assets Held-for-sale, Not Part of Disposal Group, Current	$ 9.8
Other current liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Liability, severance-related actions	$ 1.6	$ 1.9

Business Segment Information -

Business Segment Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of operating segments | segment	3
Operating loss	$ (32)	$ (7.4)
Segments [Member] | Melt Delivery and Control Systems [Member]
Segment Reporting Information [Line Items]
Operating loss	$ (28.2)	(2.9)
MPET [Member] | Segments [Member] | Melt Delivery and Control Systems [Member]
Segment Reporting Information [Line Items]
Revenue		2.6
Operating loss		$ 0.5

Business Segment Information 43

Business Segment Information - Business Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 1,727.1		$ 1,696.3
Total long-lived assets	217.8		221.8
Total net sales to external customers	277.3	$ 279.2
Total operating earnings	32	7.4
Total capital expenditures	8	14.6
Total depreciation and amortization	14.8	16.2
Corporate [Member]
Segment Reporting Information [Line Items]
Total assets	38.1		24.2
Total long-lived assets	6.5		6.1
Total operating earnings	(10.1)	(8.6)
Total capital expenditures	0.6	0.3
Total depreciation and amortization	0.1	0.1
Advanced Plastic Processing Technologies [Member] | Segments [Member]
Segment Reporting Information [Line Items]
Total assets	500.9		501.1
Total long-lived assets	105.5		110
Total net sales to external customers	156.1	154
Total operating earnings	9.8	10.3
Total capital expenditures	5.6	9.6
Total depreciation and amortization	5.1	5.3
Melt Delivery and Control Systems [Member] | Segments [Member]
Segment Reporting Information [Line Items]
Total assets	1,043.8		1,029.3
Total long-lived assets	90.4		90.3
Total net sales to external customers	93	96.8
Total operating earnings	28.2	2.9
Total capital expenditures	1.7	4.5
Total depreciation and amortization	8.2	9.1
Fluid Technologies [Member] | Segments [Member]
Segment Reporting Information [Line Items]
Total assets	144.3		141.7
Total long-lived assets	15.4		$ 15.4
Total net sales to external customers	28.2	28.4
Total operating earnings	4.1	2.8
Total capital expenditures	0.1	0.2
Total depreciation and amortization	$ 1.4	$ 1.7

Business Segment Information 44

Business Segment Information - Net Sales to External Customers and Long-lived Assets, by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales to external customers	$ 277.3	$ 279.2
Total long-lived assets	217.8		$ 221.8
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales to external customers	128.2	129.9
Total long-lived assets	78.7		78.3
Rest of World [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales to external customers	149.1	$ 149.3
Total long-lived assets	$ 139.1		$ 143.5