Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 22, 2018 | Jun. 30, 2017 | |
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 | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 69,832,732 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 816 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 187.9 | $ 130.2 |
Accounts receivable, less allowance for doubtful accounts of $6.5 and $8.2 at December 31, 2017 and 2016, respectively | 186.3 | 182.3 |
Inventories, net: | ||
Raw materials | 90.2 | 81.3 |
Work-in-process | 56 | 52.6 |
Finished products | 121.7 | 115.6 |
Total inventories | 267.9 | 249.5 |
Prepaid and other current assets | 62.8 | 46.3 |
Total current assets | 704.9 | 608.3 |
Property and equipment, net | 260.8 | 243.7 |
Goodwill | 535.1 | 507.9 |
Intangible assets, net | 332.4 | 341.8 |
Other noncurrent assets | 25.6 | 20.3 |
Total assets | 1,858.8 | 1,722 |
Current liabilities: | ||
Short-term borrowings | 7.4 | 7 |
Long-term debt and capital lease obligations due within one year | 9.4 | 0.3 |
Accounts payable | 121.6 | 92.5 |
Advanced billings and deposits | 62.8 | 52.7 |
Accrued salaries, wages and other compensation | 29.7 | 26.7 |
Accrued interest | 0.6 | 13.9 |
Other current liabilities | 75.1 | 59.7 |
Total current liabilities | 306.6 | 252.8 |
Long-term debt and capital lease obligations, less unamortized discount and debt issuance costs | 916.4 | 934.1 |
Deferred income tax liabilities | 60.4 | 64.4 |
Accrued pension liabilities | 30.9 | 27.8 |
Other noncurrent accrued liabilities | 23.8 | 8 |
Total liabilities | 1,338.1 | 1,287.1 |
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; 69,644,918 and 68,473,561 issued and outstanding as of December 31, 2017 and 2016, respectively | 0.7 | 0.7 |
Capital in excess of par value | 675.9 | 661 |
Retained deficit | (70.5) | (68.9) |
Accumulated other comprehensive loss | (85.4) | (157.9) |
Total shareholders’ equity | 520.7 | 434.9 |
Total liabilities and shareholders’ equity | $ 1,858.8 | $ 1,722 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 6.5 | $ 8.2 |
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) | 69,644,918 | 68,473,561 |
Common stock, shares outstanding (in shares) | 69,644,918 | 68,473,561 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 1,234.2 | $ 1,166.7 | $ 1,179.5 |
Cost of sales | 852.3 | 770.9 | 775.6 |
Manufacturing margins | 381.9 | 395.8 | 403.9 |
Operating expenses: | |||
Selling, general and administrative expenses | 254 | 252.4 | 261.1 |
Amortization expense | 28.7 | 31.3 | 35.9 |
(Gain) loss on currency translation | (7.3) | (3.3) | 21.6 |
Other expense, net | 18.5 | 9.8 | 13.5 |
Total operating expenses | 293.9 | 290.2 | 332.1 |
Operating earnings | 88 | 105.6 | 71.8 |
Interest expense, net | 44.5 | 60.9 | 68 |
Loss on debt extinguishment | 25.2 | 0 | 22.2 |
Earnings (loss) before income taxes | 18.3 | 44.7 | (18.4) |
Income tax expense | 17.2 | 14.2 | 20.4 |
Net earnings (loss) | $ 1.1 | $ 30.5 | $ (38.8) |
Earnings (loss) per share: | |||
Basic (in dollars per share) | $ 0.02 | $ 0.45 | $ (0.65) |
Diluted (in dollars per share) | $ 0.02 | $ 0.43 | $ (0.65) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net earnings (loss) | $ 1.1 | $ 30.5 | $ (38.8) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 71.7 | (45.5) | (59.1) |
Unrecognized postretirement plan gain (loss) | 0.1 | (2.7) | 1 |
Unrealized gain (loss) on hedging activities | 0.7 | (0.6) | 3.1 |
Total other comprehensive income (loss), net of tax | 72.5 | (48.8) | (55) |
Comprehensive income (loss) | $ 73.6 | $ (18.3) | $ (93.8) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Capital In Excess of Par Value [Member] | Retained Deficit | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance (in shares) at Dec. 31, 2014 | 52,286,100 | ||||
Balance at Dec. 31, 2014 | $ 385.4 | $ 0.5 | $ 499.6 | $ (60.6) | $ (54.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Capital contribution (in shares) | 14,703,931 | ||||
Capital contribution | 294 | $ 0.2 | 293.8 | ||
Initial public offering issuance costs | (21.3) | (21.3) | |||
Dividends paid | (144.6) | (144.6) | |||
Stock-based compensation (in shares) | 306,647 | ||||
Stock-based compensation activity | 21.2 | $ 0 | 21.2 | ||
Net earnings (loss) | (38.8) | (38.8) | |||
Other comprehensive income (loss), net of tax | (55) | (55) | |||
Balance at Dec. 31, 2015 | 440.9 | $ 0.7 | 648.7 | (99.4) | (109.1) |
Balance (in shares) at Dec. 31, 2015 | 67,296,678 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation (in shares) | 1,176,883 | ||||
Stock-based compensation activity | 12.3 | $ 0 | 12.3 | ||
Net earnings (loss) | 30.5 | 30.5 | |||
Other comprehensive income (loss), net of tax | (48.8) | (48.8) | |||
Balance (Scenario, Previously Reported) at Dec. 31, 2016 | 434.9 | 0.7 | 661 | (68.9) | (157.9) |
Balance at Dec. 31, 2016 | $ 433 | $ 0.7 | 661.8 | (71.6) | (157.9) |
Balance (in shares) (Scenario, Previously Reported) at Dec. 31, 2016 | 68,473,561 | ||||
Balance (in shares) at Dec. 31, 2016 | 68,473,561 | 68,473,561 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | Restatement Adjustment | Accounting Standards Update 2016-09 | 0.8 | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | Restatement Adjustment | Accounting Standards Update 2016-09 and Accounting Standards Update 2016-16 | $ (1.9) | (2.7) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation (in shares) | 1,171,357 | ||||
Stock-based compensation activity | 14.1 | $ 0 | 14.1 | ||
Net earnings (loss) | 1.1 | 1.1 | |||
Other comprehensive income (loss), net of tax | 72.5 | 72.5 | |||
Balance at Dec. 31, 2017 | $ 520.7 | $ 0.7 | $ 675.9 | $ (70.5) | $ (85.4) |
Balance (in shares) at Dec. 31, 2017 | 69,644,918 | 69,644,918 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows CAD in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Operating activities | |||
Net earnings (loss) | $ 1.1 | $ 30.5 | $ (38.8) |
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 58.6 | 59.9 | 62.7 |
Unrealized (gain) loss on currency translation of intercompany advances | (8.7) | (1.6) | 23.3 |
Amortization of debt issuance costs and discount | 3 | 3.8 | 4 |
Gain on termination of postretirement plan | 0 | 0 | (1.5) |
Loss on debt extinguishment | 25.2 | 0 | 22.2 |
Trademark impairment | 0 | 0 | 2.2 |
Other non-cash asset impairment | 0 | 1.6 | 0 |
Goodwill, Impairment Loss | 1.4 | 0 | 0 |
Inventory Write-down | 7.7 | 0 | 0 |
Non-cash stock-based compensation expense | 8.8 | 5.3 | 20.8 |
Deferred income taxes | (8.4) | (8.6) | (5.3) |
Changes in assets and liabilities: | |||
Accounts receivable | 8 | 16.2 | (28.3) |
Inventories | (11.9) | (16) | (8.8) |
Prepaid and other current assets | (9.9) | (8.9) | 2 |
Accounts payable | 24.6 | 12.5 | (3.1) |
Advanced billings and deposits | 7.8 | 13.9 | (17.1) |
Other current liabilities | (2.7) | 1.8 | 3.3 |
Other noncurrent assets | 1.3 | 5 | 0.5 |
Other noncurrent accrued liabilities | 4.5 | 0.8 | (1.3) |
Net cash provided by operating activities | 110.4 | 116.2 | 36.8 |
Investing activities | |||
Purchases of property and equipment | (39.8) | (57.3) | (52.7) |
Proceeds from disposals of property and equipment | 3.8 | 0.9 | 1.6 |
Acquisitions, net of cash acquired | (2.1) | 0 | (22.2) |
Net cash used in investing activities | (38.1) | (56.4) | (73.3) |
Financing activities | |||
Proceeds from issuance of long-term debt (original maturities longer than 90 days) | 1,016.3 | 0 | 806.3 |
Payments on long-term debt and capital lease obligations (original maturities longer than 90 days) | (1,025.6) | (0.8) | (885) |
Net decrease in short-term borrowings (original maturities of 90 days or less) | (0.1) | 0 | (1.1) |
Premium paid on debt redemption | (18) | 0 | (13.8) |
Dividends paid | 0 | 0 | (144.6) |
Proceeds from the issuance of common stock | 0 | 0 | 294 |
Initial public offering issuance costs | 0 | 0 | (21.3) |
Proceeds from exercise of stock options | 5.3 | 7 | 0.4 |
Proceeds from lease financing transaction | 10.9 | 0 | 0 |
Debt issuance costs | (10.7) | 0 | (7.1) |
Net cash (used in) provided by financing activities | (21.9) | 6.2 | 27.8 |
Effect of exchange rate changes on cash | 7.3 | (3.3) | (5.3) |
Increase (decrease) in cash and cash equivalents | 57.7 | 62.7 | (14) |
Cash and cash equivalents at beginning of year | 130.2 | 67.5 | 81.5 |
Cash and cash equivalents at end of year | 187.9 | 130.2 | 67.5 |
Supplemental cash flow information: | |||
Interest | 56.3 | 58.6 | 67.4 |
Income taxes, net | 26.2 | 24.6 | 23.2 |
Significant non-cash transactions: | |||
Accrued expenditures for property and equipment at December 31 | $ 2.5 | $ 5.2 | $ 2.4 |
Background and Basis of Present
Background and Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
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. 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 $265.0 million , net of underwriting discounts and commissions and estimated offering expenses. The net proceeds were used to repay existing indebtedness as further described in Note 5. 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. Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of the Company, its majority-owned subsidiaries and entities over which the Company has control. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses in the periods presented in the Consolidated Financial Statements. Actual results could differ from these estimates. The Company’s results are affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, governmental fiscal policies and changes in the prices of raw materials, can have a significant effect on estimates recognized. Foreign Currency Assets and liabilities of the Company’s non-U.S. operations, whose functional currency is the local currency, are translated into U.S. dollars at period-end exchange rates. Income and expense items are translated at the average rates of exchange during the period. Net exchange gains or losses resulting from such translation are included in accumulated other comprehensive loss, a component of shareholders’ equity, and included in net earnings only upon sale or liquidation of the underlying foreign subsidiary. Foreign currency transaction gains and losses are recognized in net earnings based on differences between foreign exchange rates on the transaction date and the settlement date. Intercompany foreign currency transactions, including intercompany advances, that are not long-term in nature are recorded within (gain) loss on currency translation within the Consolidated Statements of Operations. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and all highly liquid investments with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists of amounts owed to the Company through product shipments and services provided and is presented net of an allowance for doubtful accounts. The Company grants credit to its customers in the normal course of business. To reduce credit risk, the Company performs credit investigations prior to accepting new customers and prior to adjusting existing credit limits. The estimate of the allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit loss in the Company’s existing accounts receivable. The Company regularly reviews the adequacy of its allowance for doubtful accounts. The Company determines the allowance based upon an analysis of prior collection experience, specific customer creditworthiness and economic trends within the industries the Company serves. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligation (e.g., bankruptcy filings), the Company records a specific reserve to reduce the receivable to the amount reasonably believed to be collected. When an account is considered uncollectible, it is written off against the allowance for doubtful accounts. During 2017, the Company entered into an accounts receivable factoring agreement to sell certain unsecured receivables, without recourse, to an unrelated third-party financial institution. Under the terms of the agreement, the Company retains no rights or interest and has no obligations with respect to the receivables. As such, the factoring under this arrangement is accounted for as a sale. The Company sold $5.7 million of receivables during 2017. The loss on factoring during 2017 was insignificant. The receivables sold under this agreement were recorded as a reduction of accounts receivable and proceeds as cash provided by operating activities. Inventories Inventories consist of metalworking fluids and chemicals, machinery parts and supplies, and machines and components manufactured or in the process of assembly. Inventories are stated at the lower of cost or market. The principal methods of determining costs are average or standard costs, which approximate the first-in, first-out method. Inventories are recorded net of reserves for obsolescence of $32.6 million and $16.8 million at December 31, 2017 and 2016 , respectively. The inventory obsolescence reserve is determined by specific identification, as well as an estimate based on age, saleability and market conditions. Debt Issuance Costs The Company capitalizes costs associated with the issuance of debt and amortizes these costs over the lives of the debt instruments using the effective interest method or the straight-line method based on the terms of the underlying debt instrument. These costs are recorded as debt issuance costs as a direct reduction from the carrying amount of the corresponding debt liability in the accompanying Consolidated Balance Sheets and the related amortization of debt issuance costs is included within interest expense, net within the Consolidated Statements of Operations and amounted to $2.4 million , $3.8 million and $4.0 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Upon the prepayment of the related debt, the Company accelerates the recognition of an appropriate amount of the costs. Property and Equipment Expenditures for property and equipment, including amounts related to capital leases, are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. Buildings are generally depreciated over useful lives of 20 to 45 years and machinery and equipment over useful lives of 3 to 12 years . Leasehold improvements are depreciated over the shorter of their estimated useful life or the remaining term of the associated lease. Repairs, betterments, and renewals that extend the life of the asset are capitalized. Other repairs and maintenance expenditures are expensed as incurred. Property and equipment consist of the following as of: December 31, 2017 2016 (in millions) Land $ 30.2 $ 28.3 Buildings 117.0 98.0 Machinery and equipment 249.9 223.5 397.1 349.8 Accumulated depreciation (136.3 ) (106.1 ) $ 260.8 $ 243.7 The Company recorded depreciation expense of $29.9 million , $28.6 million and $26.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The Company allocates depreciation expense to cost of sales and selling, general and administrative expense as appropriate. Goodwill and Other Intangible Assets Goodwill represents the excess of acquisition cost over the estimated fair value of net assets acquired in business combinations. Intangible assets are recorded at cost, and those intangible assets with finite lives are amortized over their respective estimated useful lives. The Company estimates the useful lives of the intangible assets acquired in business combinations based on information available at the time of acquisition. In establishing the useful lives of acquired customer relationships, the Company considered the buying patterns and length of time that the acquired customers have purchased the Company’s products as well as the estimated future cash flows the Company anticipates to be generated from these customers. For technology, the Company considered the likelihood of competitors creating new competing technologies. For trademarks, the Company considered how well the acquired trademarks are known throughout the industry and are expected to continue to generate positive cash flows in the future. The useful lives of non-compete agreements are equal to the respective agreement terms. The Company performs an annual impairment test on all existing goodwill and other indefinite lived assets on October 1 of each year and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company tested goodwill for impairment based on its identified reporting units. As a result of the adoption of Accounting Standards Update ("ASU") No. 2011-08, Testing Goodwill for Impairment , the Company may first assess a range of qualitative factors including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity-specific factors such as strategies and financial performance, when evaluating the potential for impairment of goodwill. For reporting units in which this assessment is not conclusive that it is more likely than not that the fair value is greater than its carrying value, the Company will determine the estimated fair value of each reporting unit and compare that to its carrying amount. If the estimated fair value of the reporting unit is in excess of the carrying value, the related goodwill is considered not to be impaired. As a result of the adoption of ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , if the carrying amount of the reporting unit exceeds the estimated fair value, the excess of the carrying value of the reporting unit over the estimated fair value of the reporting unit will be recorded as an impairment loss. The Company performed a quantitative impairment test for all reporting units as of October 1, 2017 . The Company’s determination of estimated fair value of each reporting unit was determined using a combination of the market approach and the income approach. Under the market approach, fair value is based on revenue and earnings multiples for guideline public companies in the reporting unit’s peer group. The market approach requires significant judgment regarding the selection of guideline companies. Under the income approach, value is determined based upon the estimate of future positive cash flows to be derived from ownership. The income approach requires significant judgment including estimates about future cash flows and risk-adjusted discount rates. A combination of the methodologies is used and weighted appropriately for each reporting unit. The Company also tests its indefinite-lived intangible assets, consisting of trademarks, for impairment using a “relief-from-royalty” method. Significant assumptions inherent in the methodologies are employed and include such estimates as royalty and discount rates. The Company performed its annual impairment test of goodwill and indefinite-lived intangible assets in 2017 which resulted in a goodwill impairment charge of $1.4 million . No impairment charges were recognized in 2016 and 2015 . For further information on goodwill and other intangible assets, see Note 3. Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset group, or a current expectation that an asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset or group of assets. If estimated future undiscounted net cash flows are less than the carrying amount of the asset or group of assets, the asset is considered impaired and a loss is recognized in an amount required to reduce the carrying amount of the asset to its then estimated fair value. Fair value generally is determined from estimated discounted future net cash flows (for assets held for use) or net realizable value (for assets held for sale). Self-Insurance Reserves The Company is primarily self-insured for many types of risks, including, but not limited to, general liability, auto liability, product liability, environmental claims and workers’ compensation for most domestic employees. The Company establishes undiscounted reserves for the estimated ultimate cost of all asserted and unasserted claims incurred and is established based on historical experience and known or estimated ultimate exposure. The Company’s exposure, except for certain environmental claims, is limited by excess liability coverage. Workers’ compensation claims in excess of certain limits are insured with commercial carriers. Reserves, gross of expected recoveries, are included in current and noncurrent liabilities. Expected recoveries from excess carriers are included in noncurrent assets. Employee Benefit Plans The Company maintains defined contribution plans for its U.S. employees and certain non-U.S. employees. Certain of the Company’s non-U.S. subsidiaries in Germany and the United Kingdom sponsor defined benefit pension plans for certain non-U.S. employees. The Company’s policy is to fund the plans in accordance with applicable laws and regulations and the funded status of the Company’s defined benefit plans is recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at December 31, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation ("PBO"). The PBO represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. The fair value of plan assets represents the current market value of assets. The measurement of the benefit obligation is based on the Company’s estimates and actuarial valuations. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain key assumptions that require significant judgment, including, but not limited to, estimates of discount rates, expected return on plan assets, rate of compensation increases, interest crediting rates and mortality rates. For additional information regarding plan assumptions and the current financial position of the Company's defined benefit pension plans, see Note 6. Revenue Recognition The Company records revenue on products when persuasive evidence of an arrangement exists, legal title has passed and the risks and rewards of ownership are transferred, the sales price is fixed and determinable, all significant contractual obligations have been satisfied and the collectability of the sales price is reasonably assured. Appropriate allowances for returns are recorded at the time revenue is recognized. The Company continually evaluates the creditworthiness of its customers and enters into sales contracts only when collection of the sales price is reasonably assured. For sales of plastic processing machinery, customers are generally required to make substantial down-payments prior to shipment, which helps to ensure collection of the full price. These down-payments are classified within advanced billings and deposits on the Consolidated Balance Sheets. Cost of Sales Costs associated with net sales are recorded in cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring, and shipping goods during the period, as well as depreciation and amortization of long-lived assets used in these processes. Cost of sales also includes shipping and handling costs associated with the delivery of goods to customers and costs associated with internal transfers between plant locations. Advertising Costs Advertising costs are charged to expense as incurred and include amounts related to participation in trade shows. The Company incurred advertising costs of $3.5 million , $5.4 million and $7.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Warranty Costs A reserve for estimated warranty costs is recorded at the time of sale of machinery and parts and these estimates are based on historical warranty claim experience, with subsequent adjustments for ongoing claims exposure. The reserve for estimated warranty costs is included in other current liabilities in the accompanying Consolidated Balance Sheets. The following table summarizes changes in the Company’s warranty reserves: Year Ended December 31, 2017 2016 2015 (in millions) Balance at the beginning of year $ 8.7 $ 8.3 $ 8.6 Warranty expense 16.6 13.0 13.2 Warranty claims paid (16.0 ) (12.5 ) (12.8 ) Foreign currency translation adjustments 0.6 (0.1 ) (0.7 ) Balance at the end of year $ 9.9 $ 8.7 $ 8.3 Stock-Based Compensation The Company accounts for stock-based payment transactions in which the Company receives employee services in exchange for equity instruments of the Company. Stock-based compensation, including grants of stock options and restricted stock, is measured in the Consolidated Statements of Operations based on the grant date fair values of the stock-based awards. The compensation expense recognized for each stock-based award is recognized ratably on a straight-line basis over the requisite service period except for performance-based awards which are recognized over the requisite service period if it is probable that the performance conditions will be satisfied. Stock-based compensation expense is reported within selling, general and administrative expenses in the Consolidated Statements of Operations. The Company will recognize a benefit from stock-based compensation within income tax expense if an incremental tax benefit is realized by following the ordering provisions of the tax law. Additional information regarding stock-based compensation can be found in Note 9. Research and Development Expenditures for research and development are expensed as incurred and included in selling, general and administrative expense in the accompanying Consolidated Statements of Operations. The Company incurred research and development expenses of $17.1 million , $21.1 million and $21.8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Income Taxes The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment in the forecasting of taxable income using historical and projected future operating results is required in determining the Company’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable, and deferred taxes including those related to investments in foreign subsidiaries that are not permanent in nature. Under U.S. GAAP, deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be settled or realized. Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect of changes in tax rates on deferred taxes is recognized in the period in which the enactment dates change. The Company regularly reviews its deferred tax assets for recoverability and establishes a valuation allowance if it is more likely than not that some portion or all of a deferred tax asset will not be realized. The determination as to whether a deferred tax asset will be realized is made on a jurisdictional basis and is based on the evaluation of positive and negative evidence. This evidence includes historical pre-tax and taxable income, projected future taxable income, the expected timing of the reversal of temporary differences and the implementation of tax planning strategies. Projected future taxable income is based on expected results and assumptions as to the jurisdiction in which the income will be earned. The expected timing of the reversals of existing temporary differences is based on current tax law and the Company’s tax methods of accounting. The Company records income tax liabilities for uncertain foreign and domestic tax positions utilizing the prescribed recognition and measurement principles under U.S. GAAP. Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the Consolidated Financial Statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. 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. Derivative Financial Instruments The Company’s risk management strategy includes the use of derivative instruments, specifically foreign currency forward exchange contracts, to reduce the effects on its operating results and cash flows from fluctuations caused by volatility in currency exchange rates. The Company recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheets at their respective estimated fair values. The accounting for changes in the fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it has been designated, and is highly effective, as a hedge and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Changes in the fair value of derivative instruments that are highly effective and designated as cash flow hedges are reported as a component of other comprehensive income (loss) ("OCI") and reclassified into earnings in the same line-item associated with the forecasted transaction and in the same period during which the hedged transaction impacts earnings. The change in the fair value of the ineffective portion of a derivative instrument and the change in the fair value of derivative instruments that are not designated as hedges are recognized in earnings immediately. Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("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 was effective for the Company beginning January 1, 2017 and the impact of the Company's adoption in 2017 resulted in the following: • The Company recorded $1.1 million of previously unrecognized deferred tax assets that arose from tax deductions for share-based compensation in excess of compensation expense recognized for financial reporting during years when net operating losses were created. A corresponding increase in the valuation allowance was also recorded and, as a result, there was no impact to the Company's Consolidated Statements of Operations. • The Company elected to change its policy on accounting for forfeitures and now will account for forfeitures as they occur. This policy election resulted in a cumulative-effect adjustment to retained earnings of $0.8 million as of January 1, 2017. • The Company will no longer reclassify any excess tax benefits from operating activities to financing activities in the statement of cash flows. The Company elected to apply this change in presentation prospectively and thus prior periods have not been adjusted. • The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of diluted earnings per share for the year ended December 31, 2017. This did not have an impact on our computation of diluted weighted-average common shares outstanding. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) ("ASU 2016-15"). ASU 2016-15 clarifies the classification of certain cash receipts and cash payments within the statement of cash flows to reduce diversity in practice. ASU 2016-15 is effective for the Company beginning January 1, 2018 and early adoption is permitted. The Company elected to early adopt ASU 2016-15 as of January 1, 2017 which is required to be adopted retrospectively. As a result, the Company has classified debt extinguishment costs paid as a financing activity within the Company's Consolidated Statements of Cash Flows. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory ("ASU 2016-16"). Prior to the adoption of ASU 2016-16, the tax effects of intra-entity transfers are deferred until the transferred asset is sold to a third party or otherwise recovered through use. ASU 2016-16 eliminates this deferral for all intra-entity sales of assets other than inventory. ASU 2016-16 is effective for the Company beginning January 1, 2018 with early adoption permitted and the Company elected to early adopt ASU 2016-16 as of January 1, 2017. As a result, the Company recorded a cumulative-effect adjustment to retained earnings of approximately $1.9 million with a corresponding reduction in prepaid tax assets as of January 1, 2017. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01") . ASU 2017-01 adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company elected to early adopt ASU 2017-01 as of January 1, 2017 and the adoption did not have a material impact on the Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. Goodwill impairment charges, if any, would be determined by the difference between a reporting unit's carrying value and its fair value (impairment loss is limited to the carrying value). ASU 2017-04 is effective for annual or any interim goodwill impairment tests beginning after December 15, 2019 with early adoption permitted. The Company elected to early adopt ASU 2017-04 as of January 1, 2017 and the adoption did not have a material impact on the Consolidated Financial Statements. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09, 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. ASU 2014-09 is effective for the Company beginning January 1, 2018. The guidance permits two methods of adoption - retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The new standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows from customer contracts. The Company has completed its detailed review of the impact of the new standard and the Company adopted Topic 606 on January 1, 2018 using the modified retrospective method, which did not result in an adjustment to equity. The Company's sales transactions generally consist of a single performance obligation to transfer promised goods or services and are not accounted for under industry-specific guidance. The Company does not expect any impacts to its Consolidated Financial Statements, with the exception of the new and expanded disclosures requirements, as transactions recorded under Topic 606 will be substantially consistent with treatment under existing guidance. 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 does not plan to early adopt ASU 2016-02 and is currently in the process of evaluating the overall lease portfolio to assess the effect that the adoption will have on the Company's Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Pos |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On December 1, 2015, the Company acquired all the outstanding equity interests of CanGen Holdings Inc. ("CanGen"), a supplier of highly engineered aftermarket process control components for extrusion and injection molding applications, subject to a working capital settlement. The total consideration, net of cash acquired, to acquire CanGen was $22.2 million . The Company accounted for the acquisition using the acquisition method of accounting in accordance with applicable U.S. GAAP whereby the total purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on respective estimated fair values. Acquisition related costs were expensed as incurred and included legal fees and advisory services. The Company incurred acquisition related costs of $0.4 million for the year ended December 31, 2015. These costs are included in other expense, net within the Consolidated Statements of Operations. During the year ended December 31, 2017, the Company paid $2.1 million related to the acquisition of a distributor within the Melt Delivery and Control Systems segment. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | e following table summarizes the changes in the Company’s goodwill, by reportable segment, for the years ended December 31, 2017 and 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 — (22.2 ) — — (22.2 ) Balance at December 31, 2016 37.0 424.0 46.9 — 507.9 Goodwill impairment (1.4 ) — — — (1.4 ) Foreign currency translation adjustments — 28.6 — — 28.6 Balance at December 31, 2017 $ 35.6 $ 452.6 $ 46.9 $ — $ 535.1 The Company completed its annual impairment test in the fourth quarter of 2017, which indicated the fair value of each reporting unit was substantially above its respective carrying value, including goodwill, with the exception of one reporting unit, which is part of the Advanced Plastic Processing Technologies segment. The Company used a combination of the income approach and market approach to determine the fair value of the reporting unit which was negatively impacted by lower operating results leading the Company to exit a product line within the reporting unit. The exit of this product line resulted in lower forecasted revenue and profitability. Accordingly, the Company recorded a goodwill impairment charge of $1.4 million , representing all of the reporting unit's goodwill, in 2017 which is included in other expense, net in the Consolidated Statements of Operations. There were no goodwill impairment charges in 2016 and 2015. Accumulated goodwill impairment was $1.4 million at December 31, 2017 and there was no accumulated goodwill impairment at December 31, 2016 . The following table summarizes the Company’s other intangible assets at December 31, 2017 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 43.3 $ 22.5 $ 20.8 Technology 119.7 48.1 71.6 Customer relationships 232.5 134.1 98.4 Total intangible assets subject to amortization 395.5 204.7 190.8 Trademarks, not subject to amortization 141.6 — 141.6 Total $ 537.1 $ 204.7 $ 332.4 The following table summarizes the Company’s other intangible assets at December 31, 2016 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 41.5 $ 18.2 $ 23.3 Technology 112.6 36.3 76.3 Customer relationships 222.7 114.9 107.8 Total intangible assets subject to amortization 376.8 169.4 207.4 Trademarks, not subject to amortization 134.4 — 134.4 Total $ 511.2 $ 169.4 $ 341.8 Consolidated amortization expense related to intangible assets subject to amortization was $28.7 million , $31.3 million and $35.9 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. In connection with the Company's rebranding initiative and marketing strategy, the Company ceased utilizing certain trademarks within the Advanced Plastic Processing Technologies reportable segment during 2015. The Company concluded this was an indicator of impairment and the Company recognized an impairment charge of $2.2 million during the year ended December 31, 2015, which is included within other expense, net on the Company's Consolidated Statements of Operations. Estimated annual amortization expense for intangible assets subject to amortization over the next five years is as follows: $25.8 million in 2018 , $21.8 million in 2019 , $18.9 million in 2020 , $17.1 million in 2021 and $15.1 million in 2022 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s provision for income taxes consists of the following: Year Ended December 31, 2017 2016 2015 (in millions) Current: United States $ (0.4 ) $ — $ (0.5 ) State and local 0.3 0.4 0.3 Foreign 25.7 22.4 25.9 Total current 25.6 22.8 25.7 Deferred: United States (10.9 ) 0.5 (4.6 ) State and local 0.1 (0.1 ) (0.2 ) Foreign 2.4 (9.0 ) (0.5 ) Total deferred (8.4 ) (8.6 ) (5.3 ) Total income tax expense $ 17.2 $ 14.2 $ 20.4 The following sets forth the amount of earnings (loss) before income taxes: Year Ended December 31, 2017 2016 2015 (in millions) Earnings (loss) before income taxes: United States $ (62.5 ) $ (30.7 ) $ (60.3 ) Rest of the world 80.8 75.4 41.9 $ 18.3 $ 44.7 $ (18.4 ) The Company’s effective income tax rate differs from the amount calculated using the statutory U.S. federal income tax rate, principally due to the following: Year Ended December 31, 2017 2016 2015 (in millions) Income tax expense (benefit) computed at U.S. federal statutory rate $ 6.4 $ 15.7 $ (6.4 ) Foreign withholding tax 8.3 3.9 4.2 State and local income taxes, net of federal benefit 0.2 0.2 0.1 Foreign tax differential (9.8 ) (9.1 ) (1.0 ) Change in tax rates (4.6 ) (1.9 ) 0.3 Change in valuation allowances 11.2 0.2 15.7 Uncertain tax positions 0.2 0.7 6.5 Reduction in valuation allowances for business combination — — (4.0 ) Dividend elimination, subpart F and special charges 0.4 3.1 2.4 Other permanent differences (0.6 ) 1.5 2.4 Tax credits (2.5 ) (2.1 ) (2.3 ) Adjust deferred taxes 0.5 0.2 (1.4 ) Share-based compensation (0.1 ) 0.9 3.0 Deferred transition tax 6.5 — — Other 1.1 0.9 0.9 Income tax expense $ 17.2 $ 14.2 $ 20.4 The Company’s effective tax rate can vary significantly from the U.S. federal statutory rate primarily due to the level and mix of income among domestic and foreign jurisdictions and the creation and release of valuation allowances. In addition, the 2017 effective tax rate varied from the U.S. federal statutory rate due to a net $8.9 million benefit resulting from the enactment of the Tax Cuts and Jobs Act of 2017. In 2016, the effective tax rate varied from the federal statutory rate due to a benefit of $1.9 million related to a three -year reduced statutory tax rate at one of the Company’s non-U.S. subsidiaries. The reduction in the statutory rate is effective through December 31, 2018 and is expected to be renewed for a successive three -year period, although there can be no guarantees that the tax authority will accept the Company’s application. Significant components of net deferred tax assets and liabilities are as follows: December 31, 2017 2016 (in millions) Deferred tax assets: Net operating loss and other deferred carryforwards $ 81.6 $ 86.3 Tax credit carryforwards 15.9 16.7 Inventories 6.3 6.5 Employee benefits 12.0 13.3 Accrued liabilities and other 6.4 6.5 Total deferred tax assets 122.2 129.3 Less valuation allowances (79.8 ) (77.7 ) Deferred tax assets, net of valuation allowances 42.4 51.6 Deferred tax liabilities: Goodwill and other intangible assets 68.1 79.3 Property and equipment 11.3 11.1 Withholdings taxes / undistributed non-U.S. earnings 8.4 12.8 Total deferred tax liabilities 87.8 103.2 Net deferred tax liabilities $ (45.4 ) $ (51.6 ) Deferred income taxes reflect the net effects of temporary differences between the carrying values of assets and liabilities and the tax basis of the assets and liabilities. In jurisdictions for which the Company has net deferred tax assets, these amounts are recorded in other noncurrent assets in the Consolidated Balance Sheets. At December 31, 2017 , the Company had non-U.S. net operating loss carryforwards, principally in The Netherlands, Germany, Italy and Belgium, totaling $166.2 million , $16.9 million of which will expire between 2019 and 2037. The remaining $149.3 million of non-U.S. net operating losses existing at December 31, 2017 have an indefinite carryforward period. In 2017, the Company utilized $16.2 million of prior net operating loss carryforwards from 2016 and earlier to reduce cash taxes by $4.3 million . At December 31, 2017 , the Company had estimated U.S. net operating loss carryforwards totaling $136.5 million , which are scheduled to expire beginning in 2029. As of December 31, 2017, the Company has determined that it has experienced multiple ownership changes under Internal Revenue Code Section 382 in prior years; however, the Company has not completed a formal study to determine whether there are Section 382 limitations as a result of ownership changes that occurred during the year ended December 31, 2017. At December 31, 2017 , the Company had tax credit carryovers, principally in the U.S. and Canada, totaling $15.9 million , $7.6 million of which will expire between 2018 and 2037. The remaining $8.3 million of tax credit carryovers have an unlimited life. During the year ended December 31, 2016, as a result of changing the ownership structure of the Company's German subsidiaries, the Company could elect to file a consolidated German tax return. This tax planning strategy, which had not been previously available until the fourth quarter of 2016 and was subsequently made during the year ended December 31, 2017, provides significant positive evidence for the future utilization of the deferred tax assets of the newly formed consolidated group. As a result, the Company recognized an $8.5 million income tax benefit in the fourth quarter of 2016 related to the reversal of valuation allowances previously recorded against the deferred tax assets of one member of the group. Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the "Tax Act") was signed into law and it institutes fundamental changes to the taxation of multinational corporations. The Tax Act reduces the corporate tax rate to 21% , repeals the alternative minimum tax, limits the interest deduction, enhances the expensing of capital investments, implements a dividend exemption system, eliminates the deferral of foreign earnings, provides a minimum tax on low-taxed foreign earnings and new measures to deter base erosion. As part of the transition to the new tax system, the Tax Act imposes a one-time transition tax on historical undistributed earnings of foreign affiliates through the year ended December 31, 2017. SEC Staff Accounting Bulletin No. 118, issued in late December 2017, provides that the Company has one year to complete the accounting for the impact of the Tax Act and as of December 31, 2017 the Company has recorded a provisional estimate. Although the Tax Act is generally effective January 1, 2018, the Company is required to calculate the effects of changes in tax rates and laws on deferred tax balances in 2017, the period in which the legislation was enacted. The Company has not completed its determination of the accounting implications of the Tax Act on its tax balances. However, the Company has reasonably estimated the provisional effects of the Tax Act in the Consolidated Financial Statements as of December 31, 2017. Corporate Tax Rate Change - For the year ended December 31, 2017, the Company recorded an income tax benefit of $4.6 million due to the decrease in the corporate tax rate from 35% to 21% . The income tax benefit resulted from reducing net deferred tax liabilities to the new lower rate. There was no impact on the Consolidated Financial Statements as a result of revaluing the Company’s U.S. deferred tax assets as the income tax expense was offset by an income tax benefit for revaluing the associated valuation allowances. Elimination of Alternative Minimum Tax ("AMT") - For the year ended December 31, 2017, the Company recorded an income tax benefit of $6.7 million due to the elimination of the AMT. The Company reversed valuation allowances recorded against its AMT credit carryovers as provided in the rate reconciliation above. Under the Tax Act, the AMT credit carryovers will be refunded between 2019 and 2022. Mandatory Transition Tax - For the year ended December 31, 2017, the Company recorded a provisional transition tax of $6.5 million . The Company expects to utilize existing U.S. net operating loss carryovers in lieu of paying the transition tax over the next eight years. Global Intangible Low-Taxed Income ("GILTI") - The GILTI provisions of the Tax Act also require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company expects that it will have incremental U.S. taxable income as a result of the GILTI provisions beginning in 2018. The FASB states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI in the year the tax is incurred. Given the complexity of the GILTI provisions, the Company is still evaluating the effects of the GILTI provisions and has not yet determined its accounting policy. At December 31, 2017, because the Company is still evaluating the GILTI provisions and the Company's analysis of future taxable income that is subject to GILTI, the Company is unable to make a reasonable estimate and have not reflected any adjustments related to GILTI in the Company's consolidated financial statements. Undistributed Foreign Earnings - For the year ended December 31, 2017 , the Company recorded a provisional charge of $2.4 million related to additional foreign withholding taxes on potential repatriations of historical foreign earnings. As a result of an updated analysis of future cash needs in the U.S. and opportunities for investment outside the U.S., the Company asserts that all foreign earnings will be indefinitely reinvested with the exception of certain foreign investments in which earnings and cash generation are in excess of local needs. With passage of the Tax Act, the Company's deferral of recognition of its previously earned foreign earnings ceased. Deferred tax liabilities recorded represent withholding taxes on accumulated foreign earnings for which the Company does not intend to permanently invest. The Company will continue to monitor its assertion related to investment of foreign earnings. As of December 31, 2017 , the Company has provided $8.4 million of deferred tax liabilities for withholding taxes on planned repatriations of foreign earnings. As of December 31, 2016, the Company intended to indefinitely reinvest $102.5 million of foreign earnings. Uncertain Tax Positions The Company recorded a liability of $11.0 million and $3.2 million for uncertain tax positions as of December 31, 2017 and 2016 , respectively, of which, $9.7 million and $1.6 million would impact the effective tax rate, net of valuation allowance, respectively. In July 2017, the Company received approval for a tax-neutral amalgamation of two of its subsidiaries in India, effective March 1, 2017. The Company’s position is that the amalgamation resulted in approximately $21.7 million of tax basis in goodwill which is amortizable for Indian statutory purposes. At December 31, 2017 , the Company has recorded an uncertain tax position of $7.5 million for the Indian income tax effects of this position as it does not meet the more-likely-than-not recognition threshold under U.S. GAAP. The statute of limitations for tax positions in India is seven years. From a combination of statute expirations and audit settlements in the next twelve months, the Company does not expect a decrease in the amount of unrecognized tax benefits. For the remaining balance as of December 31, 2017 , it is reasonably possible there could be material changes to the amount of uncertain tax positions due to activities of the taxing authorities, settlement of audit issues and reassessment of existing uncertain tax positions. However, the Company is not able to estimate the impact of these items at this time. During the year ended December 31, 2016, an agreement was reached with the tax authority in one of the Company's foreign jurisdictions. Based upon the settlement, the Company concluded that a previously unrecognized tax benefit met the effective settlement criteria within Accounting Standards Codification ("ASC") 740. This settlement resulted in a $15.7 million reduction of the Company's unrecognized tax benefits and corresponding deferred tax assets during the third quarter of 2016; thus, the settlement had no impact on the Company's Consolidated Statements of Operations. The Company’s policy is to recognize interest and penalties associated with unrecognized tax benefits within income tax expense within the Consolidated Statements of Operations. The Company has not recognized a liability for interest and penalties as of December 31, 2017 and 2016 . The reconciliation of the beginning and ending total amounts of unrecognized tax benefits (exclusive of interest and penalties) is as follows: Year Ended December 31, 2017 2016 2015 (in millions) Balance as of beginning of year $ 3.2 $ 18.1 $ 1.0 Additions for tax positions of prior years — — 11.4 Additions for tax positions of current year 7.9 0.8 6.7 Reductions due to lapse of statutes and settlements (0.1 ) (15.7 ) (1.0 ) Balance as of the end of year $ 11.0 $ 3.2 $ 18.1 The following tax years remain subject to examinations by major tax jurisdictions: Tax Years Tax Jurisdiction: United States 2014 - current Germany 2011 - current China 2014 - current Netherlands 2014 - current Canada 2012 - current India 2014 - current |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt for the Company consists of the following: December 31, 2017 December 31, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Principal Unamortized Discount and Debt Issuance Costs Net (in millions) Senior secured term loan facility due September 2023 $ 937.5 $ 11.9 $ 925.6 $ — $ — $ — 7.75% senior unsecured notes due 2021 — — — 464.4 7.3 457.1 Senior secured term loan facility due September 2020 — — — 482.0 5.1 476.9 Borrowings under other lines of credit 7.4 — 7.4 7.0 — 7.0 Capital lease obligations and other 0.2 — 0.2 0.4 — 0.4 945.1 11.9 933.2 953.8 12.4 941.4 Less current portion (16.9 ) (0.1 ) (16.8 ) (7.3 ) — (7.3 ) $ 928.2 $ 11.8 $ 916.4 $ 946.5 $ 12.4 $ 934.1 2017 Term Loan Facility On February 15, 2017, Milacron LLC, a wholly-owned subsidiary of the Company, entered into a new $947.0 million senior secured term loan facility with a maturity date of September 28, 2023 (the "2017 Term Loan Facility") pursuant to an amendment of the Company's $730.0 million senior secured term loan facility due September 2020 (the "New Term Loan Facility"). The net proceeds from the 2017 Term Loan Facility, together with cash on-hand, were used to redeem in full $464.4 million aggregate principal amount outstanding of the Company's 7.75% senior unsecured notes due 2021 (the "Senior Unsecured Notes"), repay in full $482.0 million aggregate principal amount outstanding under the Company's New Term Loan Facility and pay fees and expenses associated with these transactions. The 2017 Term Loan Facility was priced at 99.625% of the principal amount and bears interest at a rate per annum equal to an applicable margin or applicable rate plus, at the Company's option, either (a) a base rate determined by the reference to the highest of (1) the prime commercial lending rate publicly announced by the administrative agent of the 2017 Term Loan Facility as the “prime rate” as in effect on such day, (2) the federal funds effective rate plus 0.50% , and (3) the LIBOR rate determined by reference to the cost of funds for Eurodollar deposits for an interest period of one month, plus 1.00% or (b) a LIBOR rate (which shall be no less than 0.00% ) determined by reference to the costs of funds for Eurodollar deposits for the specified interest period, as adjusted for certain statutory reserve requirements. The applicable margins for borrowings are (i) 2.00% with respect to base rate borrowings and 3.00% with respect to LIBOR borrowings, subject to compliance with a total net leverage ratio of greater than 3.50 to 1.00 and (ii) 1.75% with respect to base rate borrowings and 2.75% with respect to LIBOR borrowings, subject to compliance with a total net leverage ratio not to exceed 3.50 to 1.00 . In connection with these transactions, the Company recognized a $25.2 million loss on the early extinguishment of debt. The loss on debt extinguishment includes an $18.0 million premium paid to redeem the Senior Unsecured Notes and the write-off of $7.2 million of deferred financing costs and debt discount associated with the Senior Unsecured Notes and the New Term Loan Facility. The Company also capitalized an additional $4.6 million of deferred financing costs related to the issuance of the 2017 Term Loan Facility which are being amortized over the term of the loan using the effective interest rate method. On November 8, 2017, the Company re-priced the 2017 Term Loan Facility. The applicable margins for borrowings are now (i) 1.75% with respect to base rate borrowings and 2.75% with respect to LIBOR borrowings, subject to compliance with a total net leverage ratio of greater than 3.50 to 1.00 and (ii) 1.50% with respect to base rate borrowings and 2.50% with respect to LIBOR borrowings, subject to compliance with a total net leverage ratio not to exceed 3.50 to 1.00 . No other terms of the facility were changed. The Company was in compliance with all applicable covenants as of and for the year ended December 31, 2017 . New Term Loan Facility On May 14, 2015 , the Company entered into the $730.0 million New Term Loan Facility, pursuant to a term loan agreement, among Milacron Holdings Corp., Milacron LLC, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The New Term Loan Facility was set to mature on September 28, 2020 . The New Term Loan Facility ranked equal in right of payment with all existing and future senior indebtedness of the issuers and guarantors. The New Term Loan Facility was also secured by a second-priority lien on all of the assets of the Company, Milacron LLC and the guarantors that secure the senior secured asset-based revolving credit facility (the "ABL Facility"). The interest rate applicable to the New Term Loan Facility was, at the Company's option, equal to either (i) the published LIBOR rate, plus a margin of, depending upon the current total net leverage ratio, 3.25% (if the Company's total net leverage ratio is less than or equal to 4.00 to 1.00 ) to 3.50% (if the Company's total net leverage ratio is greater than 4.00 to 1.00 ) per annum or (ii) the greater of (1) the prime rate, (2) the federal funds rate plus 0.50% per annum, (3) published LIBOR rate plus 1.00% or (4) 2.00% per annum, plus depending upon the current total net leverage ratio, 2.25% (if the Company's total net leverage ratio is less than or equal to 4.00 to 1.00 ) to 2.50% (if the Company's total net leverage ratio is greater than 4.00 to 1.00 ) per annum. In no event will the LIBOR rate be less than 1.00% at any time. The New Term Loan Facility provided the Company with the right, at any time, to request one or more incremental term increases in the aggregate amount (x) $200.0 million plus (y) an unlimited amount so long as our pro forma total net secured leverage ratio does not exceed 4.00 to 1.00 plus (z) the amount of any optional prepayment of any term loan under the New Term Loan Facility to the extent not funded with proceeds of any long-term indebtedness (other than revolving indebtedness) or proceeds of any incremental term facility that effectively extends the maturity date with respect to any class of term loans under the New Term Loan Facility. The following amounts will be applied to repay the New Term Loan Facility, subject to certain thresholds, carve-outs and exceptions: (i) 100% of the net cash proceeds of any incurrence of debt by us and certain of our subsidiaries, (ii) 100% of net cash proceeds of any non-ordinary course sale or other disposition of assets by us or certain subsidiaries and (iii) 50% of our excess cash flow, subject to certain reductions. The net proceeds from the New Term Loan Facility were used (i) to repay in full the $339.1 million principal outstanding under the Company's existing senior secured term loan facility due March 2020 (the "Term Loan Facility"), (ii) to redeem in full the $220.0 million aggregate principal amount outstanding on our 8.375% senior secured notes due 2019 (the "Senior Secured Notes") on May 15, 2015 at a redemption price of 106.281% of the principal amount thereof, plus accrued and unpaid interest, to, but not including May 15, 2015 and (iii) to pay a cash dividend of approximately $144.6 million to the holders of the Company's common stock. In connection with these transactions, the Company recognized an $18.6 million loss on the early extinguishment of debt which is classified within loss on debt extinguishment in the Company's Consolidated Statements of Operations. The loss on debt extinguishment includes a $13.8 million premium paid to redeem the Senior Secured Notes and the write-off of $4.8 million of deferred financing costs and debt discount associated with the Senior Secured Notes and the Term Loan Facility. The Company also capitalized an additional $5.2 million of deferred financing costs related to the issuance of the New Term Loan Facility which are being amortized over the term of the loan using the effective interest rate method. On June 30, 2015, in connection with the Company's completion of its IPO, the Company repaid $248.0 million of the principal amount outstanding under the New Term Loan Facility. As a result of this repayment, the Company recognized a $3.6 million loss on the early extinguishment of debt which is classified within loss on debt extinguishment in the Company's Consolidated Statements of Operations. On February 15, 2017, the entire $482.0 million aggregate principle balance outstanding under the New Term Loan Facility was repaid. Senior Unsecured Notes On March 28, 2013, Milacron LLC and Mcron Financial Corp. issued $465.0 million aggregate principal amount of 7.75% Senior Unsecured Notes pursuant to an indenture, dated as of March 28, 2013 (the "2013 Indenture"), among Milacron LLC and Mcron Financial Corp., the guarantors party thereto and U.S. Bank National Association, as trustee and notes collateral agent. The Senior Unsecured Notes mature on February 15, 2021 and interest is payable semi-annually on February 15 and August 15 of each year. The Senior Unsecured Notes are unsecured and were issued in a private transaction that is not subject to the registration requirements of the Securities Act of 1933. The Senior Unsecured Notes are redeemable, in whole or in part, at any time on or after February 15, 2016 on the redemption dates and at the redemption prices set forth in the 2013 Indenture. In addition, the Company may redeem up to 40% of the Senior Unsecured Notes before February 15, 2016 with the net cash proceeds from certain equity offerings. The Company may also redeem some or all of the Senior Unsecured Notes before February 15, 2016 at a redemption price of 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the redemption date, plus a “make whole” premium. In addition, the Company may be required to make an offer to purchase the Senior Unsecured Notes upon the sale of certain assets and upon a change of control. In March 2016, the Company repurchased approximately $0.6 million of the Company's Senior Unsecured Notes on the open market at a discount to par. On February 15, 2017, the Company redeemed in the full the $464.4 million aggregate principal amount outstanding of the Senior Unsecured Notes. Senior Secured Notes On April 30, 2012 , the Company issued $275.0 million aggregate principal amount of Senior Secured Notes pursuant to an indenture, among the Company, the guarantors party thereto and U.S. Bank National Association, as trustee and notes collateral agent. In April 2014, the Company redeemed $55.0 million of the Senior Secured Notes. The Company recorded a $2.9 million loss on the early extinguishment of debt related to the redemption that is recorded within loss on debt extinguishment in the Company's Consolidated Statements of Operations. On May 15, 2015 , the Company redeemed in full the $220.0 million aggregate principal amount outstanding on the Senior Secured Notes at a redemption price of 106.281% of the principal amount thereof, plus accrued and unpaid interest, to, but not including May 15, 2015 . Term Loan Facility On March 28, 2013, Milacron Holdings Corp., Milacron LLC and certain domestic subsidiaries entered into a seven -year $245.0 million Term Loan Facility with JPMorgan Chase Bank, N.A. acting as administrative agent. On March 31, 2014, the Company exercised its right to request an incremental term increase and borrowed an additional $100.0 million , net of a discount of $0.5 million , under the Term Loan Facility for the principal purpose of funding acquisitions in 2016 as well as redeeming a portion of the Senior Secured Notes. The agreement was also amended to reduce the margin on the interest rate from 3.25% to 3.00% for LIBOR loans and from 2.25% to 2.00% for non-LIBOR loans. No other significant terms of the Term Loan Facility were changed. As a result of the modification, an additional $0.8 million of related costs were deferred and were being amortized over the term of the agreement. On May 14, 2015, the Company repaid in full the $339.1 million principal amount outstanding under the Term Loan Facility. ABL Facility On April 30, 2012, Milacron Holdings Corp., Milacron LLC and certain subsidiaries entered into a new ABL Facility. The ABL Facility has a five -year term, bears interest at a floating rate and provides for an aggregate principal amount of $60.0 million of loans thereunder, subject to a borrowing base and other limitations. The Company has the right at any time to request up to $20.0 million of additional commitments. The existing lenders under the ABL Facility are not under any obligation to provide such additional commitments, and any increase in commitments is subject to customary conditions. The obligations under the ABL Facility are secured, subject to certain exceptions, by substantially all of the assets of the borrowers and the assets of the guarantors under such facility. In addition, the ABL Facility includes certain customary negative covenants that, subject to exceptions, limit the ability of Milacron Holdings Corp. to incur additional indebtedness, pay dividends or certain other distributions on its capital stock, repurchase its capital stock, prepay subordinated indebtedness, incur liens on assets, make certain investments or other restricted payments, engage in transactions with affiliates, sell certain assets, merge or consolidate with or into other companies and alter the business that it conducts. On March 28, 2013, the ABL Facility was amended to increase the maximum borrowings under the U.S. sub-facility from $60.0 million to $70.0 million and to allow for additional borrowings of up to $30.0 million under a Canadian sub-facility, subject to a borrowing base and other limitations. The covenants and other terms of the ABL Facility were not significantly changed. As a result of this modification, an additional $1.1 million of related costs were deferred and are being amortized over the term of the amended agreement. On March 17, 2014, the Company exercised its right to increase the U.S. sub-facility of the ABL Facility by $10.0 million to $80.0 million and decrease the Canadian sub-facility by $10.0 million to $20.0 million . The covenants and other terms of the program were not changed. On October 17, 2014, the ABL Facility was amended to add a $25.0 million German sub-facility and the term was reset to five years from the date of the amendment. The covenants and other terms of the ABL Facility were not materially changed. As a result of this modification, an additional $1.3 million of related costs were deferred and are being amortized over the term of the amended agreement. On May 14, 2015, the Company amended and restated the credit agreement governing the ABL Facility to conform certain terms in the credit agreement governing the ABL Facility to the terms contained in the credit agreement governing the New Term Loan Facility. At December 31, 2017 , $29.1 million of the ABL Facility was utilized, all of which represent letters of credit, with $64.9 million available under the facility. At December 31, 2016 , $16.7 million of the ABL Facility was utilized, all of which represent letters of credit, with $77.6 million available under the facility. The Company is in compliance with all covenants as of and for the years ended December 31, 2017 and 2016 . Other Borrowings The Company has other lines of credit and capital lease arrangements with various U.S. and non-U.S. banks totaling approximately $23.2 million and $23.5 million at December 31, 2017 and 2016 , respectively. These credit facilities support letters of credit, guarantees and leases in addition to providing borrowings under varying terms. At December 31, 2017 , $10.1 million was outstanding with $7.6 million representing borrowings and $2.5 million representing letters of credit and bank guarantees. At December 31, 2016 , $12.0 million was outstanding with $7.4 million representing borrowings and $4.6 million representing letters of credit and bank guarantees. Approximately $13.1 million and $11.5 million were available to the Company under certain conditions under these lines at December 31, 2017 and 2016 , respectively. The weighted-average interest rate on short-term borrowings was 5.15% at December 31, 2017 and 5.14% at December 31, 2016 . Debt Issuance Costs As a result of the Company’s issuance of the Senior Secured Notes in 2012, $8.9 million of debt issuance costs were capitalized and were being amortized over seven years using the effective interest rate method. Additionally, as a result of the issuance of the Term Loan Facility and the Senior Unsecured Notes in 2013, $21.3 million of debt issuance costs were capitalized and were being amortized using the effective interest rate method. As previously described, the Company recognized a $22.2 million loss on the early extinguishment of debt which is classified within loss on debt extinguishment in the Company's Consolidated Statements of Operations for the year ended December 31, 2015. The loss on debt extinguishment includes a $13.8 million premium paid to redeem the Senior Secured Notes, the write-off of $4.8 million of debt issuance costs and debt discount associated with the Senior Secured Notes and the Term Loan Facility and $3.6 million write-off of debt issuance costs and debt discount associated with the New Term Loan Facility as a result of the repayment of $248.0 million on June 30, 2015. The Company also capitalized an additional $5.2 million of deferred financing costs related to the issuance of the New Term Loan Facility which were being amortized over the term of the loan using the effective interest rate method. Also as previously described, the Company recognized a $25.2 million loss on the early extinguishment of debt for the year ended December 31, 2017. The loss includes a $18.0 million premium paid to redeem the Senior Unsecured Notes and the write-off of $7.2 million of deferred financing costs and debt discount associated with the Senior Unsecured Notes and the New Term Loan Facility. The Company also capitalized an additional $4.6 million of deferred financing costs related to the issuance of the 2017 Term Loan Facility which are being amortized over the term of the loan using the effective interest rate method. The Company also capitalized an additional $0.8 million of deferred financing costs in relation to the re-pricing of the 2017 Term Loan Facility in November 2017. Deferred financing costs are netted against long-term debt in the accompanying Consolidated Balance Sheets and the related amortization expense is included in interest expense, net in the accompanying Consolidated Statements of Operations. As of December 31, 2017 , future minimum payments of the Company’s debt and capital lease arrangements are as follows (in millions): 2018 $ 9.5 2019 9.6 2020 9.5 2021 9.5 2022 9.5 At December 31, 2017 , based on Level 2 inputs such as quoted market prices, the fair value of the 2017 Term Loan Facility was approximately $937.5 million , which equals the carrying value. The carrying amount of the Company’s other debt approximates fair value. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Savings Plans The Company sponsors a defined contribution plan (the "401(k) Plan") for eligible U.S. employees. The provisions of the 401(k) Plan allow eligible employees to contribute a percentage of their compensation, not to exceed the limits established by federal income tax law and employees are immediately vested in their voluntary contributions. The Company’s contributions to the 401(k) Plan are based on matching a portion of the employee contributions and employees become vested in the Company contributions once they attain one year of credited service. The Company also maintains defined contribution plans for eligible employees at certain of its foreign subsidiaries. Employees are immediately vested in both their voluntary and company matching contributions. The Company recorded expense of $3.6 million , $3.4 million and $2.7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Pension 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. Contributions to these plans are expected to approximate benefit payments. Components of net periodic pension cost included in the accompanying Consolidated Statements of Operations were as follows: Year Ended December 31, 2017 2016 2015 (in millions) Service costs $ 0.4 $ 0.4 $ 0.4 Interest cost 0.7 0.8 0.8 Expected return on plan assets (0.2 ) (0.3 ) (0.3 ) Amortization of unrecognized losses 0.6 0.2 0.3 Pension expense $ 1.5 $ 1.1 $ 1.2 The measurement date for all of the Company’s defined benefit pension plans is December 31. The funded status of the plans is as follows: Year Ended December 31, 2017 2016 2015 (in millions) Change in benefit obligation: Projected benefit obligation at beginning of year $ 34.4 $ 31.6 $ 35.3 Service cost 0.4 0.4 0.4 Interest cost 0.7 0.8 0.8 Benefits paid (1.0 ) (0.8 ) (0.8 ) Actuarial (gain) loss (0.4 ) 5.3 (1.0 ) Foreign currency translation adjustments 4.5 (2.9 ) (3.1 ) Projected benefit obligation at end of year $ 38.6 $ 34.4 $ 31.6 Change in plans assets: Fair value of plan assets at beginning of year $ 5.9 $ 5.7 $ 5.6 Employer contributions 0.2 0.5 0.3 Actual return on plan assets 0.5 1.0 0.2 Benefits paid (0.3 ) (0.1 ) (0.1 ) Foreign currency translation adjustments 0.6 (1.2 ) (0.3 ) Fair value of plan assets at end of year $ 6.9 $ 5.9 $ 5.7 Underfunded status $ 31.7 $ 28.5 $ 25.9 Amounts recognized in the Consolidated Balance Sheets consisted of: December 31, 2017 2016 (in millions) Current accrued pension liabilities $ 0.8 $ 0.7 Noncurrent accrued pension liabilities 30.9 27.8 Accumulated other comprehensive loss (7.2 ) (7.3 ) The actuarial loss included in accumulated other comprehensive loss that is expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2018 is $0.6 million . The accumulated benefit obligation for the defined benefit plans was $37.7 million and $33.5 million at December 31, 2017 and 2016 , respectively. Estimated future benefit payments from the defined benefit plans, including the effects of future service, are as follows (in millions): 2018 $ 1.0 2019 1.0 2020 1.1 2021 1.2 2022 1.5 2023 – 2027 7.3 The following table presents the weighted-average actuarial assumptions used to determine pension cost for the Company’s defined benefit plans: Year Ended December 31, 2017 2016 2015 Discount rate 1.80 % 2.71 % 2.44 % Expected long-term rate of return on plan assets 3.69 % 4.72 % 4.54 % Rate of expected increase in future compensation levels 3.49 % 3.45 % 3.36 % The following table presents the weighted-average actuarial assumptions used to determine the projected benefit obligation for the Company’s defined benefit plans: December 31, 2017 2016 Discount rate 1.75 % 1.80 % Rate of expected increase in future compensation levels 3.43 % 3.46 % Plan assets are held in the United Kingdom plan and in one of the plans in Germany. Plan assets are primarily invested in common/collective trusts which are valued at the net asset value ("NAV") per share or unit multiplied by the number of shares or units held as of the measurement date. The NAV is based on the fair value of the underlying net assets owned by the fund and the NAV’s unit or per share price is quoted on a private market that may not be active. The investment objectives for the plan assets are to generate returns that will enable the plans to meet their future obligations. The Company’s expected long-term rate of return was determined based on the asset mix of the plan, projected returns, past performance and other factors. There were no transfers between the three levels of the fair value hierarchy during the years ended December 31, 2017 and 2016 . The following table sets forth by level, within the fair value hierarchy, the plans assets at fair value as of December 31, 2017 and 2016 : Total Level 1 Level 2 Level 3 (in millions) December 31, 2017 Investments: Common/Collective trusts: Equity $ 3.4 $ — $ 3.4 $ — Corporate and government bonds 3.3 — 3.3 — Cash equivalents and other 0.2 0.2 — — Total investments $ 6.9 $ 0.2 $ 6.7 $ — December 31, 2016 Investments: Common/Collective trusts: Equity $ 2.7 $ — $ 2.7 $ — Corporate and government bonds 2.8 — 2.8 — Cash equivalents and other 0.4 0.4 — — Total investments $ 5.9 $ 0.4 $ 5.5 $ — Other postretirement plan The Company sponsored a postretirement medical insurance plan for certain eligible employees. During the year ended December 31, 2015, the Company terminated the plan and recognized a $1.5 million gain which is included within other expense, net on the Company's Consolidated Statements of Operations. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity At inception, the Company had 48,898,000 authorized shares of common stock and 10,000 authorized shares of preferred stock, each with a par value of $0.01 per share. On March 7, 2013, the number of common shares authorized was increased to 83,977,000 . On June 25, 2015, in conjunction with the Company's IPO, the number of preferred shares authorized was increased to 50,000,000 and the number of common shares authorized was increased to 500,000,000 . The holders of the common stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding preferred stock, holders of common stock are entitled to receive ratably such dividends as may be declared from time to time by the Board of Directors. At December 31, 2017 and 2016 , the Company has 69,644,918 and 68,473,561 common shares issued and outstanding, respectively, and no preferred shares issued or outstanding for any period. On May 15, 2015, the Company paid a cash dividend of $144.6 million to holders of the Company's common stock. On June 12, 2015, the Company’s Board of Directors and stockholders approved a 106.3 for 1 stock split of the Company’s common stock. All common share and common per share amounts in the consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this stock split. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Earnings (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: Year Ended December 31, 2017 2016 2015 (in millions, except share and per share amounts) Numerator: Net earnings (loss) applicable to common shareholders $ 1.1 $ 30.5 $ (38.8 ) Denominator: Denominator for basic EPS—weighted-average common shares 68,574,631 67,504,065 59,925,776 Dilutive effect of stock-based compensation arrangements 2,427,276 2,625,997 — Denominator for diluted EPS—adjusted weighted-average common shares 71,001,907 70,130,062 59,925,776 Basic EPS $ 0.02 $ 0.45 $ (0.65 ) Diluted EPS $ 0.02 $ 0.43 $ (0.65 ) The diluted EPS calculation for the year ended December 31, 2015 excludes the effect of the following outstanding stock-based awards as their effect is anti-dilutive: 6,296,789 stock options, 258,813 shares of restricted stock and 16,125 restricted stock units. 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. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation The Company sponsors an equity incentive plan (the "2012 Plan") which provides for the granting of stock options, stock appreciation rights ("SARs"), restricted stock and other stock-based awards to employees, non-employee directors and Company consultants. The Company has granted both time-based and performance-based stock options and time-based and performance-based SARs under the 2012 Plan. The time-based stock options vest in equal increments over four years in tranches for the awards granted to employees and five years in tranches for awards granted to non-employee directors and were valued using a closed form option-pricing model. The performance-based stock options only vest when specific liquidity events, as defined, occur and were valued using a Monte Carlo simulation. The performance-based stock options also contain a market condition in which the CCMP Capital Advisors, LLC ("CCMP") Stockholders, as defined, must receive a certain multiple of their initial investment in order for the awards to vest. The time-based stock options also contain provisions that accelerate vesting of the awards upon the occurrence of a liquidity event, as defined. The time-based SARs vest in equal increments over four years in tranches and the performance-based SARs only vest when specific liquidity events, as defined, occurs and if the CCMP Stockholders, as defined, receive a certain multiple on their initial investment. In June 2015, the Company's Board of Directors adopted the 2015 Equity Incentive Plan (the "2015 Plan") which became effective upon the pricing of the Company's IPO. The 2015 Plan allows for the granting of stock options, SARs, restricted stock awards, restricted stock units and other awards convertible into or otherwise based on shares of the Company's common stock. All stock-based awards granted post-IPO are granted under the 2015 Plan. Stock Options Stock options, valued using a closed form option-pricing model, granted by the Company under the 2015 Plan vest in equal annual increments over four years . The models utilized to value the time-based and performance-based awards granted under the 2012 Plan and 2015 Plan require the input of certain subjective assumptions, including (a) the expected stock price volatility, (b) the calculation of expected term of the award, (c) the risk-free interest rate and (d) expected dividends. Due to the lack of a public market for the trading of the Company’s common stock prior to the IPO and a lack of company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The computation of expected volatility is based on the historical volatility of a representative group of companies with similar characteristics to the Company. The Company believes the group selected has sufficient similar economic and industry characteristics, and includes companies that are most representative of the Company. The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin No. 107, Share-Based Payment, to calculate the expected term for the stock options granted to employees as it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The expected term of the performance-based options was based on the expected time to a liquidity event, as defined. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the stock options. The expected dividend yield is assumed to be zero as the Company has no current plans to pay any dividends on its common stock. The key assumptions utilized in determining the fair value of the stock options granted during the years ended December 31, 2017 , 2016 and 2015 are as follows for the various tranches: Time-Based Options Year Ended December 31, 2017 2016 2015 Assumptions: Expected term (years) 6.25 6.25 2.07 - 7.50 Expected volatility 39.50% 42.00% 45.00% - 77.00% Risk-free interest rate 2.17% 1.59% 0.46% - 2.31% Expected dividend yield —% —% —% Performance-Based Options Year Ended December 31, 2017 2016 2015 Assumptions: Expected term (years) N/A N/A 2.07 - 4.30 Expected volatility N/A N/A 44.00% - 74.00% Risk-free interest rate N/A N/A 0.29% - 3.09% Expected dividend yield N/A N/A —% For the stock option grants made in 2015 and January 2016 , the estimated grant date fair value of the Company’s common stock, as determined by the Company’s Board of Directors, which in part relied upon a valuation from a third-party specialist, approximated $9.41 , therefore, the strike prices for those grants are $9.41 . In connection with the cash dividend of $144.6 million paid to the holders of the Company's common stock in May 2015, as disclosed in Note 7, the Company made an adjustment to the exercise price of all stock options outstanding as of that date in accordance with the stock option agreements’ original terms and conditions related to anti-dilution. The dividend, $2.77 on a per share basis, reduced the exercise price of all outstanding options from $9.41 to $6.64 effective May 15, 2015 . For the stock option grants made in conjunction with the Company's IPO, the strike price was set at the opening price of $20.00 . For the stock option grants made during the years ended December 31, 2017 and 2016, the weighted-average strike price was $18.42 and $17.71 , respectively. Additionally, all awards granted for the years presented expire ten years from the grant date. The total fair value of the time-based stock options granted is being recognized into compensation expense over the requisite service period. In 2015, based on the trading price of the Company's common stock subsequent to the IPO, the market condition related to the time-based options issued under the 2012 Plan was satisfied which resulted in the vesting of these awards and the Company's recognition of all previously unrecognized stock-based compensation expense associated with these awards. For the years ended December 31, 2017 , 2016 and 2015 , compensation expense related to time-based options granted under both the 2012 Plan and 2015 Plan was $3.4 million , $3.5 million and $10.6 million , respectively. In 2015, the performance condition was satisfied in conjunction with the Company's IPO and the market condition was satisfied based on the trading price of the Company's common stock subsequent to the IPO which resulted in the Company's recognition of all unrecognized stock-based compensation associated with the performance-based awards. For the year ended December 31, 2015, compensation expense related to the performance-based options was $9.2 million . As all performance-based awards were vested as of December 31, 2015 and no additional performance-based awards were granted during the years ended December 31, 2017 and 2016, no compensation expense was recognized during 2017 and 2016 for performance-based awards. At December 31, 2017 , the time-based stock options had unrecognized compensation expense related to nonvested options of $5.7 million which is expected to be recognized over a weighted-average remaining period of 2.3 years. Approximately $2.9 million is expected to be recognized into compensation expense in 2018 related to the time-based awards. The following tables present combined stock option information under the 2012 Plan and the 2015 Plan as of and for the year ended December 31, 2017 : Outstanding Exercisable Exercise Price Options Weighted- Average Remaining Contractual Term (In years) Weighted- Average Exercise Price Options Weighted- Average Exercise Price $6.64 3,164,646 5.4 $ 6.64 3,104,691 $ 6.64 $16.00 - $20.00 1,506,251 8.0 19.41 507,726 19.91 Total 4,670,897 6.2 $ 10.76 3,612,417 $ 8.51 Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In millions) Outstanding at December 31, 2016 5,167,297 $ 9.62 Granted 474,502 18.42 Exercised (804,350 ) 6.64 Expired (51,130 ) 13.06 Forfeited (115,422 ) 18.91 Outstanding at December 31, 2017 4,670,897 $ 10.76 6.2 $ 40.0 Exercisable at December 31, 2017 3,612,417 $ 8.51 5.7 $ 38.8 The Company received cash proceeds from the exercise of stock options of $5.3 million , $7.0 million and $0.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The total intrinsic value (the amount by which the stock price exceeds the exercise price of the option on the date of exercise) of the stock options exercised during the years ended December 31, 2017 , 2016 and 2015 was $8.7 million , $10.0 million and $0.4 million , respectively. At December 31, 2017 , there were 3,250,398 time-based stock options outstanding and the weighted-average grant-date fair value of time-based stock options granted during the years ended December 31, 2017 , 2016 and 2015 was $7.75 , $7.62 and $8.88 , respectively. At December 31, 2017 , there were 1,420,499 performance-based stock options outstanding and the weighted-average grant-date fair value of performance-based stock options granted during the year ended December 31, 2015 was $4.46 . Stock Appreciation Rights Under the 2012 Plan, the Company granted a total of 161,941 time-based SARs and 161,952 performance-based SARs with a strike price of $6.64 per share that will expire ten years from the date of grant and will only be settled in cash. The time-based awards vest in equal increments over four years in tranches and the performance-based awards only vest when specific liquidity events, as defined, occurs and if the CCMP Stockholders, as defined, receive a certain multiple on their initial investment. At December 31, 2017 , there were 103,822 time-based SARs and 119,944 performance-based SARs vested and outstanding related to the 2012 Plan with a liability balance of $2.8 million , which is reported in accrued salaries, wages and other compensation in the Company's Consolidated Balance Sheets. In June 2015, in conjunction with the Company's IPO, the Company granted an additional 136,441 SARs under the 2015 Plan with a strike price of $20.00 per share. These awards will vest in equal increments over four years in tranches, will expire ten years from the date of grant and will only be settled in cash. At December 31, 2017 , 83,229 SARs were outstanding with 65,491 vested related to the 2015 Plan and there was a $0.4 million liability associated with these awards. For the years ended December 31, 2017 , 2016 and 2015 , the Company recorded compensation expense of $0.6 million , $1.8 million and $1.6 million , respectively, related to SARs granted under both the 2012 Plan and 2015 Plan. Restricted Stock Awards In June 2015, in conjunction with the Company's IPO, 266,313 shares of restricted common stock were granted with a fair value of $20.00 per share. In 2016, 180,571 shares of restricted common stock were granted with a weighted-average fair value of $15.86 per share. All shares of restricted common stock granted in 2016 and 2015 vest at the end of three years . In 2017, 435,824 shares of restricted common stock were granted with a weighted-average fair value of $18.14 that vest in equal increments over three years in tranches. During the years ended December 31, 2017, 2016 and 2015, 98,091 , 68,650 and 7,500 shares of restricted stock were forfeited, respectively. At December 31, 2017 , there were 704,560 restricted stock awards outstanding and there is unrecognized compensation expense of $6.9 million associated with these awards which is expected to be recognized over a weighted-average period of 2.1 years. For the years ended December 31, 2017 , 2016 and 2015 , the Company recorded compensation expense of $3.1 million , $1.4 million and $0.7 million , respectively, and approximately $3.5 million is expected to be recognized into compensation expense in 2018 . Restricted Stock Units In June 2015, in conjunction with the Company's IPO, 16,125 restricted stock units were granted with a fair value of $20.00 per share and vested two business days after the public disclosure in 2016 of the Company’s financial results for fiscal year 2015. In 2016, 29,274 restricted stock units were granted with a fair value of $14.69 per share and vested one year from the date of grant. In 2017, 340,395 restricted stock units were granted with 33,051 vesting seven months from the grant date, 23,384 vesting one year from the date of grant and 283,960 vesting in equal increments over three years in tranches. The restricted stock units granted in 2017 had a weighted-average fair value of $18.22 per share. During the year ended December 31, 2017, 4,072 restricted stock units were forfeited. At December 31, 2017, there were 336,323 restricted stock units outstanding and there is unrecognized compensation expense of $3.6 million associated with these awards which is expected to be recognized over a weighted-average period of 2.3 years . For the years ended December 31, 2017 , 2016 and 2015 , the Company recorded compensation expense of $2.0 million , $0.4 million and $0.2 million , respectively, and approximately $1.6 million is expected to be recognized into compensation expense in 2018 . Performance Stock Units In 2017, the Company granted 87,202 performance stock units with a fair value of $18.42 per share all of which are outstanding at December 31, 2017. The performance stock units contain a three -year performance period with a performance target based on return on invested capital and possible payouts ranging from 50% to 200% of the target awards. The Company recorded compensation expense of $0.4 million for the year ended December 31, 3017 and approximately $0.5 million is expected to be recognized into compensation expense in 2018 . At December 31, 2017 , there was $1.0 million of unrecognized expense which is expected to be recognized over a weighted-average period of 2.0 years . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
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 is also exposed to certain risks related to fluctuations in interest rates and uses interest rate swaps to manage risk from these market fluctuations. The counterparties to these financial instruments are financial institutions with strong credit ratings. The Company maintains control over the size of positions entered into with any one counterparty and monitors the credit ratings of these institutions. Foreign Currency Forward Contracts The Company currently hedges its risk relative to fluctuations in the Canadian dollar, Euro and Japanese yen for forecasted cash outflows denominated in these currencies. The Company had foreign currency forward exchange contracts denominated in these currencies outstanding with notional amounts totaling $0.3 million at December 31, 2017 and $7.0 million at December 31, 2016 . As of December 31, 2017 , all of the Company’s outstanding instruments mature within one month . The Company’s derivative instruments discussed above are designated as cash flow hedges and the fair value of these derivative instruments was insignificant at December 31, 2017 and $0.6 million at December 31, 2016 and is included in other current liabilities in the Company's Consolidated Balance Sheets. The Company also enters into derivative instruments (forwards) to economically hedge the impact of fluctuations in the Indian rupee. During the year ended December 31, 2015 , the Company recognized a gain of $0.1 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 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 December 31, 2017 was insignificant. Interest Rate Swap Agreements The Company is exposed to changes in interest rates on its variable rate debt. In order to manage this risk, on February 16, 2017, Milacron LLC, a wholly-owned subsidiary of the Company, entered into two interest rate swap transactions effective for a four-year period beginning January 31, 2018 with a total notional amount of $400.0 million . The interest rate swaps are intended to manage the Company's interest rate risk by fixing the interest rate on a portion of the Company's debt outstanding under the 2017 Term Loan Facility that was previously subject to a floating interest rate equal to 1-month LIBOR plus a credit spread. The swaps provide for the Company to pay a fixed rate of 2.062% per annum on such portion of the outstanding debt in exchange for receiving a variable interest rate based on 1-month LIBOR. The effect is a synthetically fixed rate of 2.062% plus the loan spread for the term and debt hedged. The Company designated these interest rate swaps as cash flow hedges of floating rate borrowings and expects the hedge to be highly effective in offsetting fluctuations in the designated interest payments resulting from changes in the benchmark interest rate. The gains and losses on the designated interest rate swaps will offset losses and gains on the transactions being hedged. The fair value of the interest rate swaps is calculated by taking into consideration current interest rates and the current creditworthiness of the counterparties or the Company, as applicable. The effective portion of changes in the fair value of the interest rate swaps is reflected as a component of accumulated other comprehensive income and recognized as interest expense, net as payments are paid or accrued. The remaining gain or loss in excess of the cumulative change in the present value of the future cash flows of the hedge item, if any (i.e. the ineffective portion), is recognized as interest expense, net during the current period. During the year ended December 31, 2017, the Company recorded $0.2 million of hedge ineffectiveness in earnings. The following table provides the effect of the Company’s foreign currency forward contracts and interest rate swaps designated as cash flow hedges on the Company’s Consolidated Financial Statements for the years ended December 31, 2017 , 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) 2017 Foreign exchange contract $ (0.5 ) $ (1.1 ) Interest rate swaps: $ 0.4 $ — 2016: Foreign exchange contract $ 0.5 $ 1.1 2015: Foreign exchange contract $ (0.5 ) $ (3.6 ) 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 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 year ended December 31, 2017 , the Company recorded a net loss of $1.1 million related to the settlement of forward exchange contracts which were designated as cash flow hedges. During the year ended December 31, 2016 , the Company recorded net gain of $1.1 million related to the settlement of forward exchange contracts which were designated as cash flow hedges. During the year ended December 31, 2015, the Company recorded a net loss $3.6 million related to the settlement of forward exchange 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 derivative 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 December 31, 2017 and 2016 were as follows: Balance Sheet Location Total Level 1 Level 2 Level 3 (in millions) December 31, 2017 Interest rate swaps (asset position) Other noncurrent assets $ 1.7 $ — $ 1.7 $ — Interest rate swaps (liability position) Other current liabilities $ 1.0 $ — $ 1.0 $ — December 31, 2016 Foreign currency forward contracts (liability position) Other current liabilities $ 0.6 $ — $ 0.6 $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive 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 (59.1 ) 2.2 (0.4 ) (57.3 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1.2 ) 3.5 2.3 Other comprehensive (loss) income (59.1 ) 1.0 3.1 (55.0 ) Balance at December 31, 2015 (104.5 ) (4.6 ) — (109.1 ) Other comprehensive (loss) income before reclassifications (45.5 ) (2.9 ) 0.5 (47.9 ) Amounts reclassified from accumulated other comprehensive income (loss) — 0.2 (1.1 ) (0.9 ) Other comprehensive loss (45.5 ) (2.7 ) (0.6 ) (48.8 ) Balance at December 31, 2016 (150.0 ) (7.3 ) (0.6 ) (157.9 ) Other comprehensive income (loss) before reclassifications 71.7 (0.5 ) (0.2 ) 71.0 Amounts reclassified from accumulated other comprehensive income (loss) — 0.6 0.9 1.5 Other comprehensive income 71.7 0.1 0.7 72.5 Balance at December 31, 2017 $ (78.3 ) $ (7.2 ) $ 0.1 $ (85.4 ) The following table summarizes the reclassifications out of accumulated other comprehensive loss during the years ended December 31, 2017 , 2016 and 2015 : Classification Year Ended December 31, of Expense 2017 2016 2015 (in millions) Unrealized pension and post-retirement obligations: Adjustment of pension and post-retirement obligations (a) $ (0.7 ) $ (0.2 ) $ 1.2 Tax benefit (c) 0.1 — — Adjustment of pension and post-retirement obligations, net of tax (0.6 ) (0.2 ) 1.2 Derivative financial instruments: (Loss) gain on derivative financial instruments (b) (1.1 ) 1.1 (3.6 ) Tax benefit (c) 0.2 — 0.1 Gain (loss) on derivative financial instruments, net of tax (0.9 ) 1.1 (3.5 ) Total reclassifications from accumulated other comprehensive income (loss) $ (1.5 ) $ 0.9 $ (2.3 ) (a) Amount is included in the calculation of pension cost within cost of sales and selling, general and administrative expense in the Company's Consolidated Statements of Operations. (b) Amount is included in cost of sales and (gain) loss on currency translation in the Company's Consolidated Statements of Operations. (c) These amounts are included in income tax expense in the Company's Consolidated Statements of Operations. |
Restructuring Reserves
Restructuring Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Reserves | Restructuring Reserves 2017 Actions The Company recorded severance expense of $2.7 million during the year ended December 31, 2017 related to the elimination of certain positions with the Company's Advanced Plastic Processing Technologies and Corporate segments. These amounts are included within other expense, net in the Company's Consolidated Statements of Operations and are expected to be substantially paid in cash by the end of 2018. The total remaining liability under these severance-related actions was $1.2 million as of December 31, 2017, and is included in other current liabilities in the Company's Consolidated Balance Sheets. 2016 Actions On September 30, 2016, the Company's wholly-owned subsidiary Ferromatik Milacron GmbH entered into an agreement with its local works council setting forth a restructuring plan related to its manufacturing facility in Malterdingen, Germany whereby certain operational functions will be shifted to the Company's operations in the Czech Republic, U.S. and India. The Company expects to incur severance and other related costs of approximately $18.0 million to $20.0 million . Substantially all of these costs will result in future cash expenditures and are expected to be substantially complete by the end of 2018. As the employees are required to render service in order to receive the termination benefits, the associated liability will be recognized ratably over the future service period. During the years ended December 31, 2017 and 2016, the Company recognized $8.9 million and $3.3 million of expense, respectively, and these amounts are included within other expense, net in the Company's Consolidated Statements of Operations. The total remaining liability related to this plan was $11.1 million as of December 31, 2017 and $2.6 million as of December 31, 2016. 2015 Actions The Company recorded severance expense of $6.6 million for the year ended December 31, 2015 related to the Company's organizational redesign initiatives in Europe including the consolidation of certain manufacturing operations to the Czech Republic. These amounts are included within other expense, net in the Company's Consolidated Statements of Operations. The total remaining liability under these severance-related actions, which is included within other current liabilities in the Company's Consolidated Balance Sheets, was $0.3 million as of December 31, 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 December 31, 2016, the Mechelen, Belgium facility met the held-for-sale criteria set forth in U.S. GAAP, resulting in the classification of $3.2 million of property and equipment as held-for-sale and is classified within prepaid and other current assets in the Consolidated Balance Sheets. During the year ended December 31, 2017, the Company closed the sale of the Mechelen, Belgium facility and proceeds from the sale were approximately $3.0 million . During the fourth quarter of 2016, the Company determined the Magenta, Italy facility no longer met the held-for-sale criteria as it was no longer probable it would be sold within one year which resulted in $5.5 million being reclassified to property and equipment. 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. |
Related-Party Transaction
Related-Party Transaction | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transaction | Related-Party Transaction The Company executed an advisory services and monitoring agreement with CCMP on April 30, 2012 that provides a quarterly advisory fee to CCMP. The Company incurred $ 0.3 million of expense for the year ended December 31, 2015 related to the advisory services and monitoring agreement and these costs are included within selling, general and administrative expenses within the Company's Consolidated Statements of Operations. In connection with the Company's IPO, the advisory services and monitoring agreement between the Company and CCMP was terminated. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is obligated under various non-cancelable operating leases for equipment and facilities, some of which contain renewal options. At December 31, 2017 , future minimum lease commitments under non-cancelable operating leases were approximately $34.3 million with required payments of $10.3 million in 2018 , $7.3 million in 2019 , $5.0 million in 2020 , $3.5 million in 2021 , $3.0 million in 2022 , and $5.2 million thereafter. The Company recorded $11.8 million , $12.1 million and $11.0 million of rent expense for the years ended December 31, 2017 , 2016 and 2015 , respectively. In June 2017, the Company's wholly-owned subsidiary Mold-Masters (2007) Limited completed the sale of two properties ("Properties") in Halton Hills, Ontario, Canada for CAD $14.25 million , or approximately USD $10.7 million , and simultaneously entered into agreements to lease back the Properties. Due to the existence of a prohibited form of continuing involvement, the transactions did not qualify for sale-leaseback accounting and as a result have been accounted for as financing transactions under lease accounting standards. Under the financing method, the assets will remain on the Company's Consolidated Balance Sheets and the proceeds received from the transactions are reported as a financing obligation. The leases have fifteen year terms with a total of approximately CAD $16.7 million , or approximately USD $12.6 million , to be paid over the term of the leases in accordance with the base rent schedule included in the lease agreements. At December 31, 2017, the liability under the financing transactions was $11.2 million which is included in other current liabilities and other noncurrent accrued liabilities in the Consolidated Balance Sheets. In December 2017, the Company completed the sale of certain manufacturing equipment in the Company's Advanced Plastic Processing Technologies segment. The Company received proceeds of $8.0 million in January 2018 from the sale and recorded a loss of $0.4 million during the year ended December 31, 2017. In connection to the sale, the Company simultaneously entered into an agreement to lease back the equipment for a period of six years with a total of approximately $8.0 million to be paid over the term of the lease in accordance with the rent schedule included in the lease agreement. The lease has been classified as an operating lease and the Company has an option to purchase the equipment at the future fair value upon expiration of the lease. The Company is involved in environmental remedial investigations and actions at certain locations where the Company has been designated a potentially liable party. The Company is also from time to time involved in various other loss contingencies, including tax and legal contingencies that arise during the normal course of business. The Company accrues for a loss contingency when it is probable that a liability has been incurred and the amount of such loss can be reasonably estimated. Accruals for estimated losses from environmental remediation obligations are recognized no later than the completion of a remediation feasibility study. The accruals are adjusted as further information becomes available or circumstances change. Environmental costs have not been material at the Company’s sites. At this time, the Company believes that the results of any such contingencies, either individually or in the aggregate, will not have a materially adverse effect on the Company’s results of operations or financial condition. However, the outcome of any litigation cannot be predicted with certainty. An unfavorable resolution of one or more pending matters could have a materially adverse impact on the Company’s results of operations or financial condition in the future. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
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. The Advanced Plastic Processing Technologies segment is a global leader in the manufacture, distribution and service of equipment and products used in the plastic technology and processing industry, including injection molding, blow molding and extrusion applications with its principal operations located in the U.S., Germany, Italy, Czech Republic and India. The segment also sells specialty and peripheral equipment for plastic processing as well as replacement parts for machinery products. The Melt Delivery and Control Systems segment, which has major operations in the U.S., Canada, Germany and China, is a global leader in the manufacture of plastic delivery and precision control systems which are recurring, consumable sales for injection molding applications. The Melt Delivery and Control Systems segment sells highly engineered, technically advanced hot runner systems, process control systems, mold bases, mold components, aftermarket parts and related technologies and services for injection molding, as well as MRO supplies for plastic processing operations. The Fluid Technologies segment has major blending facilities in the U.S., The Netherlands and South Korea and is a leading manufacturer of premium coolants, lubricants, process cleaners and corrosion inhibitors that are used in a variety of metalworking industries. Effective January 1, 2016, the Advance Plastic Processing Technologies segment includes the Company's 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. For the year ended December 31, 2015, the MPET product line had revenue of $6.8 million and operating losses of $1.2 million , respectively. The following table summarizes total assets by segment: December 31, December 31, (in millions) Advanced Plastic Processing Technologies $ 524.8 $ 503.0 Melt Delivery and Control Systems 1,104.5 1,003.8 Fluid Technologies 149.0 141.6 Corporate 80.5 73.6 Total assets $ 1,858.8 $ 1,722.0 The following table summarizes long-lived assets by segment: December 31, December 31, (in millions) Advanced Plastic Processing Technologies $ 123.5 $ 121.4 Melt Delivery and Control Systems 113.3 101.0 Fluid Technologies 17.8 15.2 Corporate 6.2 6.1 Total long-lived assets $ 260.8 $ 243.7 The following tables summarize segment information: Year Ended December 31, 2017 2016 2015 (in millions) Net sales to external customers: Advanced Plastic Processing Technologies $ 689.1 $ 663.9 $ 680.8 Melt Delivery and Control Systems 423.9 389.9 383.5 Fluid Technologies 121.2 112.9 115.2 Total net sales to external customers $ 1,234.2 $ 1,166.7 $ 1,179.5 Year Ended December 31, 2017 2016 2015 (in millions) Operating earnings (loss): Advanced Plastic Processing Technologies $ 10.6 $ 34.9 $ 55.3 Melt Delivery and Control Systems 102.5 91.4 52.1 Fluid Technologies 20.7 17.4 12.9 Corporate (45.8 ) (38.1 ) (48.5 ) Total operating earnings $ 88.0 $ 105.6 $ 71.8 Capital expenditures: Advanced Plastic Processing Technologies $ 14.1 $ 30.4 $ 29.4 Melt Delivery and Control Systems 23.0 24.4 19.5 Fluid Technologies 2.1 1.8 1.2 Corporate 0.6 0.7 2.6 Total capital expenditures $ 39.8 $ 57.3 $ 52.7 Depreciation and amortization: Advanced Plastic Processing Technologies $ 19.1 $ 20.3 $ 19.9 Melt Delivery and Control Systems 33.5 33.2 35.7 Fluid Technologies 4.9 5.5 6.7 Corporate 1.1 0.9 0.4 Total depreciation and amortization $ 58.6 $ 59.9 $ 62.7 The following tables summarize net sales to external customers and long-lived assets by geographic region: Year Ended December 31, 2017 2016 2015 (in millions) Net sales to external customers: United States $ 532.6 $ 546.1 $ 576.0 China 140.1 111.3 107.5 India 115.3 99.7 87.4 Rest of World 446.2 409.6 408.6 Total net sales to external customers $ 1,234.2 $ 1,166.7 $ 1,179.5 December 31, December 31, 2016 (in millions) Long-lived assets: United States $ 67.9 $ 80.3 China 48.1 37.1 India 27.5 25.9 Czech Republic 48.2 36.9 Canada 31.0 29.1 Rest of World 38.1 34.4 Total long-lived assets $ 260.8 $ 243.7 |
Summarized Quarterly Financial
Summarized Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information (Unaudited) | Summarized Quarterly Financial Information (Unaudited) Earnings per share for each quarter and year are calculated individually and may not sum to the total for the year. 2017 Quarter Ended March 31 June 30 September 30 December 31 Full Year (in millions, except per share data) Net sales $ 285.4 $ 309.2 $ 314.7 $ 324.9 $ 1,234.2 Manufacturing margins $ 93.8 $ 103.8 $ 98.7 $ 85.6 $ 381.9 Operating earnings $ 19.7 $ 28.6 $ 29.6 $ 10.1 $ 88.0 Net (loss) earnings $ (24.6 ) $ 10.1 $ 12.3 $ 3.3 $ 1.1 Basic EPS $ (0.36 ) $ 0.15 $ 0.18 $ 0.05 $ 0.02 Diluted EPS $ (0.36 ) $ 0.14 $ 0.17 $ 0.05 $ 0.02 2016 Quarter Ended March 31 June 30 September 30 December 31 Full Year (in millions, except per share data) Net sales $ 277.3 $ 308.1 $ 292.2 $ 289.1 $ 1,166.7 Manufacturing margins $ 96.1 $ 107.3 $ 99.7 $ 92.7 $ 395.8 Operating earnings $ 32.0 $ 35.7 $ 29.1 $ 8.8 $ 105.6 Net earnings $ 9.8 $ 12.9 $ 6.7 $ 1.1 $ 30.5 Basic EPS $ 0.15 $ 0.19 $ 0.10 $ 0.02 $ 0.45 Diluted EPS $ 0.14 $ 0.18 $ 0.10 $ 0.02 $ 0.43 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On February 28, 2018, the Company made a voluntary $25.0 million principal payment on the 2017 Term Loan Facility. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II: Valuation and Qualifying Accounts | Schedule II: Valuation and Qualifying Accounts Additions Description Balance at Beginning of Period Charged to Costs and Expenses Acquired Obligations Deductions Balance at End of Period (in millions) Valuation allowance for deferred tax assets: Year Ended December 31, 2017 $ 77.7 $ 26.8 $ — $ (24.7 ) $ 79.8 Year Ended December 31, 2016 70.0 20.6 — (12.9 ) 77.7 Year Ended December 31, 2015 65.3 18.8 — (14.1 ) 70.0 |
Background and Basis of Prese26
Background and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of the Company, its majority-owned subsidiaries and entities over which the Company has control. All intercompany balances and transactions have been eliminated in consolidation. |
Basis of Presentation | The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and include the accounts of the Company, its majority-owned subsidiaries and entities over which the Company has control. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities at the reporting date and the amounts of revenue and expenses in the periods presented in the Consolidated Financial Statements. Actual results could differ from these estimates. The Company’s results are affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, governmental fiscal policies and changes in the prices of raw materials, can have a significant effect on estimates recognized. |
Foreign Currency | Assets and liabilities of the Company’s non-U.S. operations, whose functional currency is the local currency, are translated into U.S. dollars at period-end exchange rates. Income and expense items are translated at the average rates of exchange during the period. Net exchange gains or losses resulting from such translation are included in accumulated other comprehensive loss, a component of shareholders’ equity, and included in net earnings only upon sale or liquidation of the underlying foreign subsidiary. Foreign currency transaction gains and losses are recognized in net earnings based on differences between foreign exchange rates on the transaction date and the settlement date. Intercompany foreign currency transactions, including intercompany advances, that are not long-term in nature are recorded within (gain) loss on currency translation within the Consolidated Statements of Operations. |
Cash and Cash Equivalents | Cash and cash equivalents consist of cash on hand and all highly liquid investments with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts receivable consists of amounts owed to the Company through product shipments and services provided and is presented net of an allowance for doubtful accounts. The Company grants credit to its customers in the normal course of business. To reduce credit risk, the Company performs credit investigations prior to accepting new customers and prior to adjusting existing credit limits. The estimate of the allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit loss in the Company’s existing accounts receivable. The Company regularly reviews the adequacy of its allowance for doubtful accounts. The Company determines the allowance based upon an analysis of prior collection experience, specific customer creditworthiness and economic trends within the industries the Company serves. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligation (e.g., bankruptcy filings), the Company records a specific reserve to reduce the receivable to the amount reasonably believed to be collected. When an account is considered uncollectible, it is written off against the allowance for doubtful accounts. During 2017, the Company entered into an accounts receivable factoring agreement to sell certain unsecured receivables, without recourse, to an unrelated third-party financial institution. Under the terms of the agreement, the Company retains no rights or interest and has no obligations with respect to the receivables. As such, the factoring under this arrangement is accounted for as a sale. The Company sold $5.7 million of receivables during 2017. The loss on factoring during 2017 was insignificant. The receivables sold under this agreement were recorded as a reduction of accounts receivable and proceeds as cash provided by operating activities. |
Inventories | The inventory obsolescence reserve is determined by specific identification, as well as an estimate based on age, saleability and market conditions. Inventories consist of metalworking fluids and chemicals, machinery parts and supplies, and machines and components manufactured or in the process of assembly. Inventories are stated at the lower of cost or market. The principal methods of determining costs are average or standard costs, which approximate the first-in, first-out method. Inventories are recorded net of reserves for obsolescence |
Debt Issuance Costs | Upon the prepayment of the related debt, the Company accelerates the recognition of an appropriate amount of the costs. The Company capitalizes costs associated with the issuance of debt and amortizes these costs over the lives of the debt instruments using the effective interest method or the straight-line method based on the terms of the underlying debt instrument. These costs are recorded as debt issuance costs as a direct reduction from the carrying amount of the corresponding debt liability in the accompanying Consolidated Balance Sheets and the related amortization of debt issuance costs is included within interest expense, net within the Consolidated Statements of Operations |
Property and Equipment | Expenditures for property and equipment, including amounts related to capital leases, are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. Buildings are generally depreciated over useful lives of 20 to 45 years and machinery and equipment over useful lives of 3 to 12 years . Leasehold improvements are depreciated over the shorter of their estimated useful life or the remaining term of the associated lease. Repairs, betterments, and renewals that extend the life of the asset are capitalized. Other repairs and maintenance expenditures are expensed as incurred. The Company allocates depreciation expense to cost of sales and selling, general and administrative expense as appropriate. |
Goodwill and Other Intangible Assets | Goodwill represents the excess of acquisition cost over the estimated fair value of net assets acquired in business combinations. Intangible assets are recorded at cost, and those intangible assets with finite lives are amortized over their respective estimated useful lives. The Company estimates the useful lives of the intangible assets acquired in business combinations based on information available at the time of acquisition. In establishing the useful lives of acquired customer relationships, the Company considered the buying patterns and length of time that the acquired customers have purchased the Company’s products as well as the estimated future cash flows the Company anticipates to be generated from these customers. For technology, the Company considered the likelihood of competitors creating new competing technologies. For trademarks, the Company considered how well the acquired trademarks are known throughout the industry and are expected to continue to generate positive cash flows in the future. The useful lives of non-compete agreements are equal to the respective agreement terms. The Company performs an annual impairment test on all existing goodwill and other indefinite lived assets on October 1 of each year and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company tested goodwill for impairment based on its identified reporting units. As a result of the adoption of Accounting Standards Update ("ASU") No. 2011-08, Testing Goodwill for Impairment , the Company may first assess a range of qualitative factors including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity-specific factors such as strategies and financial performance, when evaluating the potential for impairment of goodwill. For reporting units in which this assessment is not conclusive that it is more likely than not that the fair value is greater than its carrying value, the Company will determine the estimated fair value of each reporting unit and compare that to its carrying amount. If the estimated fair value of the reporting unit is in excess of the carrying value, the related goodwill is considered not to be impaired. As a result of the adoption of ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , if the carrying amount of the reporting unit exceeds the estimated fair value, the excess of the carrying value of the reporting unit over the estimated fair value of the reporting unit will be recorded as an impairment loss. The Company performed a quantitative impairment test for all reporting units as of October 1, 2017 . The Company’s determination of estimated fair value of each reporting unit was determined using a combination of the market approach and the income approach. Under the market approach, fair value is based on revenue and earnings multiples for guideline public companies in the reporting unit’s peer group. The market approach requires significant judgment regarding the selection of guideline companies. Under the income approach, value is determined based upon the estimate of future positive cash flows to be derived from ownership. The income approach requires significant judgment including estimates about future cash flows and risk-adjusted discount rates. A combination of the methodologies is used and weighted appropriately for each reporting unit. The Company also tests its indefinite-lived intangible assets, consisting of trademarks, for impairment using a “relief-from-royalty” method. Significant assumptions inherent in the methodologies are employed and include such estimates as royalty and discount rates. The Company performed its annual impairment test of goodwill and indefinite-lived intangible assets in 2017 which resulted in a goodwill impairment charge of $1.4 million . No impairment charges were recognized in 2016 and 2015 . For further information on goodwill and other intangible assets, see Note 3. |
Long-Lived Assets | Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset group, or a current expectation that an asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset or group of assets. If estimated future undiscounted net cash flows are less than the carrying amount of the asset or group of assets, the asset is considered impaired and a loss is recognized in an amount required to reduce the carrying amount of the asset to its then estimated fair value. Fair value generally is determined from estimated discounted future net cash flows (for assets held for use) or net realizable value (for assets held for sale). |
Self-Insurance Reserves | The Company is primarily self-insured for many types of risks, including, but not limited to, general liability, auto liability, product liability, environmental claims and workers’ compensation for most domestic employees. The Company establishes undiscounted reserves for the estimated ultimate cost of all asserted and unasserted claims incurred and is established based on historical experience and known or estimated ultimate exposure. The Company’s exposure, except for certain environmental claims, is limited by excess liability coverage. Workers’ compensation claims in excess of certain limits are insured with commercial carriers. Reserves, gross of expected recoveries, are included in current and noncurrent liabilities. Expected recoveries from excess carriers are included in noncurrent assets. |
Employee Benefit Plans | The Company maintains defined contribution plans for its U.S. employees and certain non-U.S. employees. Certain of the Company’s non-U.S. subsidiaries in Germany and the United Kingdom sponsor defined benefit pension plans for certain non-U.S. employees. The Company’s policy is to fund the plans in accordance with applicable laws and regulations and the funded status of the Company’s defined benefit plans is recognized in the Consolidated Balance Sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at December 31, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation ("PBO"). The PBO represents the actuarial present value of benefits expected to be paid upon retirement based on estimated future compensation levels. The fair value of plan assets represents the current market value of assets. The measurement of the benefit obligation is based on the Company’s estimates and actuarial valuations. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain key assumptions that require significant judgment, including, but not limited to, estimates of discount rates, expected return on plan assets, rate of compensation increases, interest crediting rates and mortality rates. |
Revenue Recognition | The Company records revenue on products when persuasive evidence of an arrangement exists, legal title has passed and the risks and rewards of ownership are transferred, the sales price is fixed and determinable, all significant contractual obligations have been satisfied and the collectability of the sales price is reasonably assured. Appropriate allowances for returns are recorded at the time revenue is recognized. The Company continually evaluates the creditworthiness of its customers and enters into sales contracts only when collection of the sales price is reasonably assured. For sales of plastic processing machinery, customers are generally required to make substantial down-payments prior to shipment, which helps to ensure collection of the full price. These down-payments are classified within advanced billings and deposits on the Consolidated Balance Sheets. |
Cost of Sales | Costs associated with net sales are recorded in cost of sales. Cost of sales includes the costs of receiving, producing, inspecting, warehousing, insuring, and shipping goods during the period, as well as depreciation and amortization of long-lived assets used in these processes. Cost of sales also includes shipping and handling costs associated with the delivery of goods to customers and costs associated with internal transfers between plant locations. |
Advertising Costs | Advertising costs are charged to expense as incurred and include amounts related to participation in trade shows. |
Warranty Costs | A reserve for estimated warranty costs is recorded at the time of sale of machinery and parts and these estimates are based on historical warranty claim experience, with subsequent adjustments for ongoing claims exposure. The reserve for estimated warranty costs is included in other current liabilities in the accompanying Consolidated Balance Sheets. |
Stock-Based Compensation | The Company accounts for stock-based payment transactions in which the Company receives employee services in exchange for equity instruments of the Company. Stock-based compensation, including grants of stock options and restricted stock, is measured in the Consolidated Statements of Operations based on the grant date fair values of the stock-based awards. The compensation expense recognized for each stock-based award is recognized ratably on a straight-line basis over the requisite service period except for performance-based awards which are recognized over the requisite service period if it is probable that the performance conditions will be satisfied. Stock-based compensation expense is reported within selling, general and administrative expenses in the Consolidated Statements of Operations. The Company will recognize a benefit from stock-based compensation within income tax expense if an incremental tax benefit is realized by following the ordering provisions of the tax law. |
Research and Development | Expenditures for research and development are expensed as incurred and included in selling, general and administrative expense in the accompanying Consolidated Statements of Operations. |
Income Taxes | The Company is subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment in the forecasting of taxable income using historical and projected future operating results is required in determining the Company’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable, and deferred taxes including those related to investments in foreign subsidiaries that are not permanent in nature. Under U.S. GAAP, deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be settled or realized. Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect of changes in tax rates on deferred taxes is recognized in the period in which the enactment dates change. The Company regularly reviews its deferred tax assets for recoverability and establishes a valuation allowance if it is more likely than not that some portion or all of a deferred tax asset will not be realized. The determination as to whether a deferred tax asset will be realized is made on a jurisdictional basis and is based on the evaluation of positive and negative evidence. This evidence includes historical pre-tax and taxable income, projected future taxable income, the expected timing of the reversal of temporary differences and the implementation of tax planning strategies. Projected future taxable income is based on expected results and assumptions as to the jurisdiction in which the income will be earned. The expected timing of the reversals of existing temporary differences is based on current tax law and the Company’s tax methods of accounting. The Company records income tax liabilities for uncertain foreign and domestic tax positions utilizing the prescribed recognition and measurement principles under U.S. GAAP. |
Fair Value of Financial Instruments | The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the Consolidated Financial Statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. 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. |
Derivative Financial Instruments | The Company’s risk management strategy includes the use of derivative instruments, specifically foreign currency forward exchange contracts, to reduce the effects on its operating results and cash flows from fluctuations caused by volatility in currency exchange rates. The Company recognizes all derivative instruments as either assets or liabilities in the Consolidated Balance Sheets at their respective estimated fair values. The accounting for changes in the fair value (i.e., unrealized gains or losses) of a derivative instrument depends on whether it has been designated, and is highly effective, as a hedge and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Changes in the fair value of derivative instruments that are highly effective and designated as cash flow hedges are reported as a component of other comprehensive income (loss) ("OCI") and reclassified into earnings in the same line-item associated with the forecasted transaction and in the same period during which the hedged transaction impacts earnings. The change in the fair value of the ineffective portion of a derivative instrument and the change in the fair value of derivative instruments that are not designated as hedges are recognized in earnings immediately. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("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 was effective for the Company beginning January 1, 2017 and the impact of the Company's adoption in 2017 resulted in the following: • The Company recorded $1.1 million of previously unrecognized deferred tax assets that arose from tax deductions for share-based compensation in excess of compensation expense recognized for financial reporting during years when net operating losses were created. A corresponding increase in the valuation allowance was also recorded and, as a result, there was no impact to the Company's Consolidated Statements of Operations. • The Company elected to change its policy on accounting for forfeitures and now will account for forfeitures as they occur. This policy election resulted in a cumulative-effect adjustment to retained earnings of $0.8 million as of January 1, 2017. • The Company will no longer reclassify any excess tax benefits from operating activities to financing activities in the statement of cash flows. The Company elected to apply this change in presentation prospectively and thus prior periods have not been adjusted. • The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of diluted earnings per share for the year ended December 31, 2017. This did not have an impact on our computation of diluted weighted-average common shares outstanding. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) ("ASU 2016-15"). ASU 2016-15 clarifies the classification of certain cash receipts and cash payments within the statement of cash flows to reduce diversity in practice. ASU 2016-15 is effective for the Company beginning January 1, 2018 and early adoption is permitted. The Company elected to early adopt ASU 2016-15 as of January 1, 2017 which is required to be adopted retrospectively. As a result, the Company has classified debt extinguishment costs paid as a financing activity within the Company's Consolidated Statements of Cash Flows. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory ("ASU 2016-16"). Prior to the adoption of ASU 2016-16, the tax effects of intra-entity transfers are deferred until the transferred asset is sold to a third party or otherwise recovered through use. ASU 2016-16 eliminates this deferral for all intra-entity sales of assets other than inventory. ASU 2016-16 is effective for the Company beginning January 1, 2018 with early adoption permitted and the Company elected to early adopt ASU 2016-16 as of January 1, 2017. As a result, the Company recorded a cumulative-effect adjustment to retained earnings of approximately $1.9 million with a corresponding reduction in prepaid tax assets as of January 1, 2017. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01") . ASU 2017-01 adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for the Company beginning January 1, 2018 with early adoption permitted. The Company elected to early adopt ASU 2017-01 as of January 1, 2017 and the adoption did not have a material impact on the Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. Goodwill impairment charges, if any, would be determined by the difference between a reporting unit's carrying value and its fair value (impairment loss is limited to the carrying value). ASU 2017-04 is effective for annual or any interim goodwill impairment tests beginning after December 15, 2019 with early adoption permitted. The Company elected to early adopt ASU 2017-04 as of January 1, 2017 and the adoption did not have a material impact on the Consolidated Financial Statements. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). ASU 2014-09, 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. ASU 2014-09 is effective for the Company beginning January 1, 2018. The guidance permits two methods of adoption - retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The new standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows from customer contracts. The Company has completed its detailed review of the impact of the new standard and the Company adopted Topic 606 on January 1, 2018 using the modified retrospective method, which did not result in an adjustment to equity. The Company's sales transactions generally consist of a single performance obligation to transfer promised goods or services and are not accounted for under industry-specific guidance. The Company does not expect any impacts to its Consolidated Financial Statements, with the exception of the new and expanded disclosures requirements, as transactions recorded under Topic 606 will be substantially consistent with treatment under existing guidance. 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 does not plan to early adopt ASU 2016-02 and is currently in the process of evaluating the overall lease portfolio to assess the effect that the adoption will have on the Company's Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Costs ("ASU 2017-07"). ASU 2017-07 requires the service component of pension and other postretirement benefit costs to be presented in the same line item as other employee compensation costs on the consolidated statements of operations; however, the other components of net benefit cost are required to be presented outside of operating income within the consolidated statements of operations. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017 and the Company adopted the accounting standard update as of January 1, 2018. This guidance impacts the presentation of the Company's Consolidated Financial Statements. The Company's current presentation of the service cost component is consistent with the requirements of the new standard; however, the Company will present the other components outside of operating income. |
Background and Basis of Prese27
Background and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | Property and equipment consist of the following as of: December 31, 2017 2016 (in millions) Land $ 30.2 $ 28.3 Buildings 117.0 98.0 Machinery and equipment 249.9 223.5 397.1 349.8 Accumulated depreciation (136.3 ) (106.1 ) $ 260.8 $ 243.7 |
Changes in the Company's Warranty Reserves | The following table summarizes changes in the Company’s warranty reserves: Year Ended December 31, 2017 2016 2015 (in millions) Balance at the beginning of year $ 8.7 $ 8.3 $ 8.6 Warranty expense 16.6 13.0 13.2 Warranty claims paid (16.0 ) (12.5 ) (12.8 ) Foreign currency translation adjustments 0.6 (0.1 ) (0.7 ) Balance at the end of year $ 9.9 $ 8.7 $ 8.3 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, by Reportable Segment | The following table summarizes the changes in the Company’s goodwill, by reportable segment, for the years ended December 31, 2017 and 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 — (22.2 ) — — (22.2 ) Balance at December 31, 2016 37.0 424.0 46.9 — 507.9 Goodwill impairment (1.4 ) — — — (1.4 ) Foreign currency translation adjustments — 28.6 — — 28.6 Balance at December 31, 2017 $ 35.6 $ 452.6 $ 46.9 $ — $ 535.1 |
Intangible Assets, Subject to Amortization | The following table summarizes the Company’s other intangible assets at December 31, 2017 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 43.3 $ 22.5 $ 20.8 Technology 119.7 48.1 71.6 Customer relationships 232.5 134.1 98.4 Total intangible assets subject to amortization 395.5 204.7 190.8 Trademarks, not subject to amortization 141.6 — 141.6 Total $ 537.1 $ 204.7 $ 332.4 The following table summarizes the Company’s other intangible assets at December 31, 2016 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 41.5 $ 18.2 $ 23.3 Technology 112.6 36.3 76.3 Customer relationships 222.7 114.9 107.8 Total intangible assets subject to amortization 376.8 169.4 207.4 Trademarks, not subject to amortization 134.4 — 134.4 Total $ 511.2 $ 169.4 $ 341.8 |
Intangible Assets, Not Subject to Amortization | The following table summarizes the Company’s other intangible assets at December 31, 2017 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 43.3 $ 22.5 $ 20.8 Technology 119.7 48.1 71.6 Customer relationships 232.5 134.1 98.4 Total intangible assets subject to amortization 395.5 204.7 190.8 Trademarks, not subject to amortization 141.6 — 141.6 Total $ 537.1 $ 204.7 $ 332.4 The following table summarizes the Company’s other intangible assets at December 31, 2016 : Gross Amount Accumulated Amortization Net Amount (in millions) Intangible assets subject to amortization: Trademarks $ 41.5 $ 18.2 $ 23.3 Technology 112.6 36.3 76.3 Customer relationships 222.7 114.9 107.8 Total intangible assets subject to amortization 376.8 169.4 207.4 Trademarks, not subject to amortization 134.4 — 134.4 Total $ 511.2 $ 169.4 $ 341.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The Company’s provision for income taxes consists of the following: Year Ended December 31, 2017 2016 2015 (in millions) Current: United States $ (0.4 ) $ — $ (0.5 ) State and local 0.3 0.4 0.3 Foreign 25.7 22.4 25.9 Total current 25.6 22.8 25.7 Deferred: United States (10.9 ) 0.5 (4.6 ) State and local 0.1 (0.1 ) (0.2 ) Foreign 2.4 (9.0 ) (0.5 ) Total deferred (8.4 ) (8.6 ) (5.3 ) Total income tax expense $ 17.2 $ 14.2 $ 20.4 |
Earnings (Loss) Before Income Taxes | The following sets forth the amount of earnings (loss) before income taxes: Year Ended December 31, 2017 2016 2015 (in millions) Earnings (loss) before income taxes: United States $ (62.5 ) $ (30.7 ) $ (60.3 ) Rest of the world 80.8 75.4 41.9 $ 18.3 $ 44.7 $ (18.4 ) |
Effective Income Tax Rate Reconciliation | The Company’s effective income tax rate differs from the amount calculated using the statutory U.S. federal income tax rate, principally due to the following: Year Ended December 31, 2017 2016 2015 (in millions) Income tax expense (benefit) computed at U.S. federal statutory rate $ 6.4 $ 15.7 $ (6.4 ) Foreign withholding tax 8.3 3.9 4.2 State and local income taxes, net of federal benefit 0.2 0.2 0.1 Foreign tax differential (9.8 ) (9.1 ) (1.0 ) Change in tax rates (4.6 ) (1.9 ) 0.3 Change in valuation allowances 11.2 0.2 15.7 Uncertain tax positions 0.2 0.7 6.5 Reduction in valuation allowances for business combination — — (4.0 ) Dividend elimination, subpart F and special charges 0.4 3.1 2.4 Other permanent differences (0.6 ) 1.5 2.4 Tax credits (2.5 ) (2.1 ) (2.3 ) Adjust deferred taxes 0.5 0.2 (1.4 ) Share-based compensation (0.1 ) 0.9 3.0 Deferred transition tax 6.5 — — Other 1.1 0.9 0.9 Income tax expense $ 17.2 $ 14.2 $ 20.4 |
Net Deferred Tax Assets and Liabilities | Significant components of net deferred tax assets and liabilities are as follows: December 31, 2017 2016 (in millions) Deferred tax assets: Net operating loss and other deferred carryforwards $ 81.6 $ 86.3 Tax credit carryforwards 15.9 16.7 Inventories 6.3 6.5 Employee benefits 12.0 13.3 Accrued liabilities and other 6.4 6.5 Total deferred tax assets 122.2 129.3 Less valuation allowances (79.8 ) (77.7 ) Deferred tax assets, net of valuation allowances 42.4 51.6 Deferred tax liabilities: Goodwill and other intangible assets 68.1 79.3 Property and equipment 11.3 11.1 Withholdings taxes / undistributed non-U.S. earnings 8.4 12.8 Total deferred tax liabilities 87.8 103.2 Net deferred tax liabilities $ (45.4 ) $ (51.6 ) |
Unrecognized Tax Benefits | The reconciliation of the beginning and ending total amounts of unrecognized tax benefits (exclusive of interest and penalties) is as follows: Year Ended December 31, 2017 2016 2015 (in millions) Balance as of beginning of year $ 3.2 $ 18.1 $ 1.0 Additions for tax positions of prior years — — 11.4 Additions for tax positions of current year 7.9 0.8 6.7 Reductions due to lapse of statutes and settlements (0.1 ) (15.7 ) (1.0 ) Balance as of the end of year $ 11.0 $ 3.2 $ 18.1 |
Tax Years Subject to Examination, by Jurisdiction | The following tax years remain subject to examinations by major tax jurisdictions: Tax Years Tax Jurisdiction: United States 2014 - current Germany 2011 - current China 2014 - current Netherlands 2014 - current Canada 2012 - current India 2014 - current |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt for the Company consists of the following: December 31, 2017 December 31, 2016 Principal Unamortized Discount and Debt Issuance Costs Net Principal Unamortized Discount and Debt Issuance Costs Net (in millions) Senior secured term loan facility due September 2023 $ 937.5 $ 11.9 $ 925.6 $ — $ — $ — 7.75% senior unsecured notes due 2021 — — — 464.4 7.3 457.1 Senior secured term loan facility due September 2020 — — — 482.0 5.1 476.9 Borrowings under other lines of credit 7.4 — 7.4 7.0 — 7.0 Capital lease obligations and other 0.2 — 0.2 0.4 — 0.4 945.1 11.9 933.2 953.8 12.4 941.4 Less current portion (16.9 ) (0.1 ) (16.8 ) (7.3 ) — (7.3 ) $ 928.2 $ 11.8 $ 916.4 $ 946.5 $ 12.4 $ 934.1 |
Future Minimum Payments of Debt and Capital Lease Arrangements | As of December 31, 2017 , future minimum payments of the Company’s debt and capital lease arrangements are as follows (in millions): 2018 $ 9.5 2019 9.6 2020 9.5 2021 9.5 2022 9.5 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Pension Cost | Components of net periodic pension cost included in the accompanying Consolidated Statements of Operations were as follows: Year Ended December 31, 2017 2016 2015 (in millions) Service costs $ 0.4 $ 0.4 $ 0.4 Interest cost 0.7 0.8 0.8 Expected return on plan assets (0.2 ) (0.3 ) (0.3 ) Amortization of unrecognized losses 0.6 0.2 0.3 Pension expense $ 1.5 $ 1.1 $ 1.2 |
Funded Status of the Plans | The funded status of the plans is as follows: Year Ended December 31, 2017 2016 2015 (in millions) Change in benefit obligation: Projected benefit obligation at beginning of year $ 34.4 $ 31.6 $ 35.3 Service cost 0.4 0.4 0.4 Interest cost 0.7 0.8 0.8 Benefits paid (1.0 ) (0.8 ) (0.8 ) Actuarial (gain) loss (0.4 ) 5.3 (1.0 ) Foreign currency translation adjustments 4.5 (2.9 ) (3.1 ) Projected benefit obligation at end of year $ 38.6 $ 34.4 $ 31.6 Change in plans assets: Fair value of plan assets at beginning of year $ 5.9 $ 5.7 $ 5.6 Employer contributions 0.2 0.5 0.3 Actual return on plan assets 0.5 1.0 0.2 Benefits paid (0.3 ) (0.1 ) (0.1 ) Foreign currency translation adjustments 0.6 (1.2 ) (0.3 ) Fair value of plan assets at end of year $ 6.9 $ 5.9 $ 5.7 Underfunded status $ 31.7 $ 28.5 $ 25.9 |
Amounts Recognized in the Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets consisted of: December 31, 2017 2016 (in millions) Current accrued pension liabilities $ 0.8 $ 0.7 Noncurrent accrued pension liabilities 30.9 27.8 Accumulated other comprehensive loss (7.2 ) (7.3 ) |
Estimated Future Benefit Payments | Estimated future benefit payments from the defined benefit plans, including the effects of future service, are as follows (in millions): 2018 $ 1.0 2019 1.0 2020 1.1 2021 1.2 2022 1.5 2023 – 2027 7.3 |
Weighted-Average Actuarial Assumptions Used | The following table presents the weighted-average actuarial assumptions used to determine pension cost for the Company’s defined benefit plans: Year Ended December 31, 2017 2016 2015 Discount rate 1.80 % 2.71 % 2.44 % Expected long-term rate of return on plan assets 3.69 % 4.72 % 4.54 % Rate of expected increase in future compensation levels 3.49 % 3.45 % 3.36 % The following table presents the weighted-average actuarial assumptions used to determine the projected benefit obligation for the Company’s defined benefit plans: December 31, 2017 2016 Discount rate 1.75 % 1.80 % Rate of expected increase in future compensation levels 3.43 % 3.46 % |
Plan Assets at Fair Value, By Fair Value Hierarchy | The following table sets forth by level, within the fair value hierarchy, the plans assets at fair value as of December 31, 2017 and 2016 : Total Level 1 Level 2 Level 3 (in millions) December 31, 2017 Investments: Common/Collective trusts: Equity $ 3.4 $ — $ 3.4 $ — Corporate and government bonds 3.3 — 3.3 — Cash equivalents and other 0.2 0.2 — — Total investments $ 6.9 $ 0.2 $ 6.7 $ — December 31, 2016 Investments: Common/Collective trusts: Equity $ 2.7 $ — $ 2.7 $ — Corporate and government bonds 2.8 — 2.8 — Cash equivalents and other 0.4 0.4 — — Total investments $ 5.9 $ 0.4 $ 5.5 $ — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: Year Ended December 31, 2017 2016 2015 (in millions, except share and per share amounts) Numerator: Net earnings (loss) applicable to common shareholders $ 1.1 $ 30.5 $ (38.8 ) Denominator: Denominator for basic EPS—weighted-average common shares 68,574,631 67,504,065 59,925,776 Dilutive effect of stock-based compensation arrangements 2,427,276 2,625,997 — Denominator for diluted EPS—adjusted weighted-average common shares 71,001,907 70,130,062 59,925,776 Basic EPS $ 0.02 $ 0.45 $ (0.65 ) Diluted EPS $ 0.02 $ 0.43 $ (0.65 ) |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Key Assumptions Utilized in Determining Fair Value of Awards Granted | The key assumptions utilized in determining the fair value of the stock options granted during the years ended December 31, 2017 , 2016 and 2015 are as follows for the various tranches: Time-Based Options Year Ended December 31, 2017 2016 2015 Assumptions: Expected term (years) 6.25 6.25 2.07 - 7.50 Expected volatility 39.50% 42.00% 45.00% - 77.00% Risk-free interest rate 2.17% 1.59% 0.46% - 2.31% Expected dividend yield —% —% —% Performance-Based Options Year Ended December 31, 2017 2016 2015 Assumptions: Expected term (years) N/A N/A 2.07 - 4.30 Expected volatility N/A N/A 44.00% - 74.00% Risk-free interest rate N/A N/A 0.29% - 3.09% Expected dividend yield N/A N/A —% |
Outstanding and Exercisable Stock Options, By Exercise Price | Outstanding Exercisable Exercise Price Options Weighted- Average Remaining Contractual Term (In years) Weighted- Average Exercise Price Options Weighted- Average Exercise Price $6.64 3,164,646 5.4 $ 6.64 3,104,691 $ 6.64 $16.00 - $20.00 1,506,251 8.0 19.41 507,726 19.91 Total 4,670,897 6.2 $ 10.76 3,612,417 $ 8.51 |
Stock Option Activity | Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In millions) Outstanding at December 31, 2016 5,167,297 $ 9.62 Granted 474,502 18.42 Exercised (804,350 ) 6.64 Expired (51,130 ) 13.06 Forfeited (115,422 ) 18.91 Outstanding at December 31, 2017 4,670,897 $ 10.76 6.2 $ 40.0 Exercisable at December 31, 2017 3,612,417 $ 8.51 5.7 $ 38.8 |
Derivative Financial Instrume34
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 foreign currency forward contracts and interest rate swaps designated as cash flow hedges on the Company’s Consolidated Financial Statements for the years ended December 31, 2017 , 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) 2017 Foreign exchange contract $ (0.5 ) $ (1.1 ) Interest rate swaps: $ 0.4 $ — 2016: Foreign exchange contract $ 0.5 $ 1.1 2015: Foreign exchange contract $ (0.5 ) $ (3.6 ) |
Derivative Assets and Liabilities Measured at Fair Value | The derivative assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and 2016 were as follows: Balance Sheet Location Total Level 1 Level 2 Level 3 (in millions) December 31, 2017 Interest rate swaps (asset position) Other noncurrent assets $ 1.7 $ — $ 1.7 $ — Interest rate swaps (liability position) Other current liabilities $ 1.0 $ — $ 1.0 $ — December 31, 2016 Foreign currency forward contracts (liability position) Other current liabilities $ 0.6 $ — $ 0.6 $ — |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 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 (59.1 ) 2.2 (0.4 ) (57.3 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1.2 ) 3.5 2.3 Other comprehensive (loss) income (59.1 ) 1.0 3.1 (55.0 ) Balance at December 31, 2015 (104.5 ) (4.6 ) — (109.1 ) Other comprehensive (loss) income before reclassifications (45.5 ) (2.9 ) 0.5 (47.9 ) Amounts reclassified from accumulated other comprehensive income (loss) — 0.2 (1.1 ) (0.9 ) Other comprehensive loss (45.5 ) (2.7 ) (0.6 ) (48.8 ) Balance at December 31, 2016 (150.0 ) (7.3 ) (0.6 ) (157.9 ) Other comprehensive income (loss) before reclassifications 71.7 (0.5 ) (0.2 ) 71.0 Amounts reclassified from accumulated other comprehensive income (loss) — 0.6 0.9 1.5 Other comprehensive income 71.7 0.1 0.7 72.5 Balance at December 31, 2017 $ (78.3 ) $ (7.2 ) $ 0.1 $ (85.4 ) |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the reclassifications out of accumulated other comprehensive loss during the years ended December 31, 2017 , 2016 and 2015 : Classification Year Ended December 31, of Expense 2017 2016 2015 (in millions) Unrealized pension and post-retirement obligations: Adjustment of pension and post-retirement obligations (a) $ (0.7 ) $ (0.2 ) $ 1.2 Tax benefit (c) 0.1 — — Adjustment of pension and post-retirement obligations, net of tax (0.6 ) (0.2 ) 1.2 Derivative financial instruments: (Loss) gain on derivative financial instruments (b) (1.1 ) 1.1 (3.6 ) Tax benefit (c) 0.2 — 0.1 Gain (loss) on derivative financial instruments, net of tax (0.9 ) 1.1 (3.5 ) Total reclassifications from accumulated other comprehensive income (loss) $ (1.5 ) $ 0.9 $ (2.3 ) (a) Amount is included in the calculation of pension cost within cost of sales and selling, general and administrative expense in the Company's Consolidated Statements of Operations. (b) Amount is included in cost of sales and (gain) loss on currency translation in the Company's Consolidated Statements of Operations. (c) These amounts are included in income tax expense in the Company's Consolidated Statements of Operations. |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segment Information | The following table summarizes total assets by segment: December 31, December 31, (in millions) Advanced Plastic Processing Technologies $ 524.8 $ 503.0 Melt Delivery and Control Systems 1,104.5 1,003.8 Fluid Technologies 149.0 141.6 Corporate 80.5 73.6 Total assets $ 1,858.8 $ 1,722.0 The following table summarizes long-lived assets by segment: December 31, December 31, (in millions) Advanced Plastic Processing Technologies $ 123.5 $ 121.4 Melt Delivery and Control Systems 113.3 101.0 Fluid Technologies 17.8 15.2 Corporate 6.2 6.1 Total long-lived assets $ 260.8 $ 243.7 The following tables summarize segment information: Year Ended December 31, 2017 2016 2015 (in millions) Net sales to external customers: Advanced Plastic Processing Technologies $ 689.1 $ 663.9 $ 680.8 Melt Delivery and Control Systems 423.9 389.9 383.5 Fluid Technologies 121.2 112.9 115.2 Total net sales to external customers $ 1,234.2 $ 1,166.7 $ 1,179.5 Year Ended December 31, 2017 2016 2015 (in millions) Operating earnings (loss): Advanced Plastic Processing Technologies $ 10.6 $ 34.9 $ 55.3 Melt Delivery and Control Systems 102.5 91.4 52.1 Fluid Technologies 20.7 17.4 12.9 Corporate (45.8 ) (38.1 ) (48.5 ) Total operating earnings $ 88.0 $ 105.6 $ 71.8 Capital expenditures: Advanced Plastic Processing Technologies $ 14.1 $ 30.4 $ 29.4 Melt Delivery and Control Systems 23.0 24.4 19.5 Fluid Technologies 2.1 1.8 1.2 Corporate 0.6 0.7 2.6 Total capital expenditures $ 39.8 $ 57.3 $ 52.7 Depreciation and amortization: Advanced Plastic Processing Technologies $ 19.1 $ 20.3 $ 19.9 Melt Delivery and Control Systems 33.5 33.2 35.7 Fluid Technologies 4.9 5.5 6.7 Corporate 1.1 0.9 0.4 Total depreciation and amortization $ 58.6 $ 59.9 $ 62.7 |
Net Sales to External Customers, by Geographic Region | Year Ended December 31, 2017 2016 2015 (in millions) Net sales to external customers: United States $ 532.6 $ 546.1 $ 576.0 China 140.1 111.3 107.5 India 115.3 99.7 87.4 Rest of World 446.2 409.6 408.6 Total net sales to external customers $ 1,234.2 $ 1,166.7 $ 1,179.5 |
Long-lived Assets, by Geographic Region | December 31, December 31, 2016 (in millions) Long-lived assets: United States $ 67.9 $ 80.3 China 48.1 37.1 India 27.5 25.9 Czech Republic 48.2 36.9 Canada 31.0 29.1 Rest of World 38.1 34.4 Total long-lived assets $ 260.8 $ 243.7 |
Summarized Quarterly Financia37
Summarized Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Information (Unaudited) | 2017 Quarter Ended March 31 June 30 September 30 December 31 Full Year (in millions, except per share data) Net sales $ 285.4 $ 309.2 $ 314.7 $ 324.9 $ 1,234.2 Manufacturing margins $ 93.8 $ 103.8 $ 98.7 $ 85.6 $ 381.9 Operating earnings $ 19.7 $ 28.6 $ 29.6 $ 10.1 $ 88.0 Net (loss) earnings $ (24.6 ) $ 10.1 $ 12.3 $ 3.3 $ 1.1 Basic EPS $ (0.36 ) $ 0.15 $ 0.18 $ 0.05 $ 0.02 Diluted EPS $ (0.36 ) $ 0.14 $ 0.17 $ 0.05 $ 0.02 2016 Quarter Ended March 31 June 30 September 30 December 31 Full Year (in millions, except per share data) Net sales $ 277.3 $ 308.1 $ 292.2 $ 289.1 $ 1,166.7 Manufacturing margins $ 96.1 $ 107.3 $ 99.7 $ 92.7 $ 395.8 Operating earnings $ 32.0 $ 35.7 $ 29.1 $ 8.8 $ 105.6 Net earnings $ 9.8 $ 12.9 $ 6.7 $ 1.1 $ 30.5 Basic EPS $ 0.15 $ 0.19 $ 0.10 $ 0.02 $ 0.45 Diluted EPS $ 0.14 $ 0.18 $ 0.10 $ 0.02 $ 0.43 |
Background and Basis of Prese38
Background and Basis of Presentation - Initial Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 29, 2015 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | |||||
Proceeds from initial public offering, net | $ 265 | ||||
Proceeds from the issuance of common stock to underwriters, net | $ 7.8 | $ 0 | $ 0 | $ 294 | |
IPO [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Shares sold, initial public offering (in shares) | 415,600 | 14,285,714 | |||
Shares sold, initial public offering, price per share (in dollars per share) | $ 20 | $ 20 |
Background and Basis of Prese39
Background and Basis of Presentation - Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | $ 397.1 | $ 349.8 | |
Accumulated depreciation | (136.3) | (106.1) | |
Property and equipment, net | 260.8 | 243.7 | |
Depreciation expense | 29.9 | 28.6 | $ 26.8 |
Land [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | 30.2 | 28.3 | |
Buildings [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | $ 117 | 98 | |
Buildings [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 20 years | ||
Buildings [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 45 years | ||
Machinery and equipment [Member] | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Property and equipment, gross | $ 249.9 | $ 223.5 | |
Machinery and equipment [Member] | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Machinery and equipment [Member] | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 12 years |
Background and Basis of Prese40
Background and Basis of Presentation - Warranty Reserves (Details) - Other current liabilities [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at the beginning of year | $ 8.7 | $ 8.3 | $ 8.6 |
Warranty expense | 16.6 | 13 | 13.2 |
Warranty claims paid | (16) | (12.5) | (12.8) |
Foreign currency translation adjustments | 0.6 | (0.1) | (0.7) |
Balance at the end of year | $ 9.9 | $ 8.7 | $ 8.3 |
Background and Basis of Prese41
Background and Basis of Presentation - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2017 | |
Debt Instrument [Line Items] | ||||
Proceeds from sale of receivables | $ 5,700,000 | |||
Reserve for inventory obsolescence | 32,600,000 | $ 16,800,000 | ||
Amortization of debt issuance costs and discount | 3,000,000 | 3,800,000 | $ 4,000,000 | |
Impairment charges, goodwill and indefinite-lived intangible assets | 1,400,000 | 0 | 0 | |
Advertising costs | 3,500,000 | 5,400,000 | 7,500,000 | |
Research and development expenses | 17,100,000 | 21,100,000 | 21,800,000 | |
Interest expense, net | ||||
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs and discount | $ 2,400,000 | $ 3,800,000 | $ 4,000,000 | |
Accounting Standards Update 2016-09 | ||||
Debt Instrument [Line Items] | ||||
Unrecognized deferred tax assets related to excess tax benefit for share-based compensation | $ 1,100,000 | |||
Retained Deficit | Accounting Standards Update 2016-09 | ||||
Debt Instrument [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | 800,000 | |||
Retained Deficit | Accounting Standards Update 2016-16 | ||||
Debt Instrument [Line Items] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 1,900,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) - USD ($) $ in Millions | Dec. 01, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Consideration, net of cash acquired | $ 2.1 | $ 0 | $ 22.2 | |
Acquisition related costs | $ 0.4 | |||
CanGen Holdings, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Consideration, net of cash acquired | $ 22.2 | |||
Distributor Acquired, MDCS Segment | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire intangible assets | $ 2.1 |
Goodwill and Other Intangible43
Goodwill and Other Intangible Assets - Goodwill, by Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ (1.4) | $ 0 | $ 0 |
Goodwill [Roll Forward] | |||
Balance | 507.9 | 530.1 | |
Foreign currency translation adjustments | 28.6 | (22.2) | |
Goodwill impairment | 1.4 | 0 | |
Balance | 535.1 | 507.9 | 530.1 |
Corporate [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 0 | ||
Goodwill [Roll Forward] | |||
Balance | 0 | 0 | |
Foreign currency translation adjustments | 0 | 0 | |
Balance | 0 | 0 | 0 |
Advanced Plastic Processing Technologies [Member] | Segments [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | (1.4) | ||
Goodwill [Roll Forward] | |||
Balance | 37 | 37 | |
Foreign currency translation adjustments | 0 | 0 | |
Balance | 35.6 | 37 | 37 |
Melt Delivery and Control Systems [Member] | Segments [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 0 | ||
Goodwill [Roll Forward] | |||
Balance | 424 | 446.2 | |
Foreign currency translation adjustments | 28.6 | (22.2) | |
Balance | 452.6 | 424 | 446.2 |
Fluid Technologies [Member] | Segments [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 0 | ||
Goodwill [Roll Forward] | |||
Balance | 46.9 | 46.9 | |
Foreign currency translation adjustments | 0 | 0 | |
Balance | $ 46.9 | $ 46.9 | $ 46.9 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | $ 395.5 | $ 376.8 | |
Accumulated Amortization | 204.7 | 169.4 | |
Net Amount | 190.8 | 207.4 | |
Trademark impairment | 0 | 0 | $ 2.2 |
Indefinite-lived Intangible Assets [Line Items] | |||
Gross Amount | 537.1 | 511.2 | |
Accumulated Amortization | 204.7 | 169.4 | |
Net Amount | 332.4 | 341.8 | |
Amortization of intangible assets | 28.7 | 31.3 | 35.9 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Estimated annual amortization expense, 2016 | 25.8 | ||
Estimated annual amortization expense, 2017 | 21.8 | ||
Estimated annual amortization expense, 2018 | 18.9 | ||
Estimated annual amortization expense, 2019 | 17.1 | ||
Estimated annual amortization expense, 2020 | 15.1 | ||
Other expense, net [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Trademark impairment | $ 2.2 | ||
Trademarks [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Total intangible assets subject to amortization | 141.6 | 134.4 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 43.3 | 41.5 | |
Accumulated Amortization | 22.5 | 18.2 | |
Net Amount | 20.8 | 23.3 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Accumulated Amortization | 22.5 | 18.2 | |
Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 119.7 | 112.6 | |
Accumulated Amortization | 48.1 | 36.3 | |
Net Amount | 71.6 | 76.3 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Accumulated Amortization | 48.1 | 36.3 | |
Customer relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Amount | 232.5 | 222.7 | |
Accumulated Amortization | 134.1 | 114.9 | |
Net Amount | 98.4 | 107.8 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Accumulated Amortization | $ 134.1 | $ 114.9 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
United States | $ (0.4) | $ 0 | $ (0.5) |
State and local | 0.3 | 0.4 | 0.3 |
Foreign | 25.7 | 22.4 | 25.9 |
Total current | 25.6 | 22.8 | 25.7 |
Deferred: | |||
United States | (10.9) | 0.5 | (4.6) |
State and local | 0.1 | (0.1) | (0.2) |
Foreign | 2.4 | (9) | (0.5) |
Total deferred | (8.4) | (8.6) | (5.3) |
Total income tax expense | $ 17.2 | $ 14.2 | $ 20.4 |
Income Taxes - Earnings (Loss)
Income Taxes - Earnings (Loss) Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings (loss) before income taxes: | |||
United States | $ (62.5) | $ (30.7) | $ (60.3) |
Rest of the world | 80.8 | 75.4 | 41.9 |
Earnings (loss) before income taxes | $ 18.3 | $ 44.7 | $ (18.4) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) computed at U.S. federal statutory rate | $ 6.4 | $ 15.7 | $ (6.4) |
Foreign withholding tax | 8.3 | 3.9 | 4.2 |
State and local income taxes, net of federal benefit | 0.2 | 0.2 | 0.1 |
Foreign tax differential | (9.8) | (9.1) | (1) |
Change in tax rates | (4.6) | (1.9) | 0.3 |
Change in valuation allowances | 11.2 | 0.2 | 15.7 |
Uncertain tax positions | 0.2 | 0.7 | 6.5 |
Reduction in valuation allowances for business combination | 0 | 0 | (4) |
Dividend elimination, subpart F and special charges | 0.4 | 3.1 | 2.4 |
Other permanent differences | (0.6) | 1.5 | 2.4 |
Tax credits | (2.5) | (2.1) | (2.3) |
Adjust deferred taxes | 0.5 | 0.2 | (1.4) |
Share-based compensation | (0.1) | 0.9 | 3 |
Deferred transition tax | 6.5 | 0 | 0 |
Other | 1.1 | 0.9 | 0.9 |
Total income tax expense | $ 17.2 | $ 14.2 | $ 20.4 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating loss and other deferred carryforwards | $ 81.6 | $ 86.3 |
Tax credit carryforwards | 15.9 | 16.7 |
Inventories | 6.3 | 6.5 |
Employee benefits | 12 | 13.3 |
Accrued liabilities and other | 6.4 | 6.5 |
Total deferred tax assets | 122.2 | 129.3 |
Less valuation allowances | (79.8) | (77.7) |
Deferred tax assets, net of valuation allowances | 42.4 | 51.6 |
Deferred tax liabilities: | ||
Goodwill and other intangible assets | 68.1 | 79.3 |
Property and equipment | 11.3 | 11.1 |
Withholdings taxes / undistributed non-U.S. earnings | 8.4 | 12.8 |
Total deferred tax liabilities | 87.8 | 103.2 |
Net deferred tax liabilities | $ (45.4) | $ (51.6) |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of beginning of year | $ 3.2 | $ 18.1 | $ 1 |
Additions for tax positions of prior years | 0 | 0 | 11.4 |
Additions for tax positions of current year | 7.9 | 0.8 | 6.7 |
Reductions due to lapse of statutes and settlements | (0.1) | (15.7) | (1) |
Balance as of the end of year | $ 11 | $ 3.2 | $ 18.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 01, 2017 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Benefit related to reduced foreign statutory tax rate | $ 4,600,000 | $ 1,900,000 | $ (300,000) | ||
Term of reduced foreign statutory tax rate | 3 years | ||||
Operating Loss Carryforwards [Line Items] | |||||
Provisional income tax benefit from Tax Cuts and Jobs Act | 8,900,000 | ||||
Operating loss carryforwards utilized | 16,200,000 | ||||
Reduction in cash taxes due from operating loss carryforwards | 4,300,000 | ||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryovers | 15,900,000 | ||||
Reversal of valuation allowances previously recorded | $ 8,500,000 | ||||
Income tax benefit, effect of rate reduction on deferred tax liabilties | 4,600,000 | ||||
Provisional income tax benefit due to elimination of AMT | 6,700,000 | ||||
Transition tax for accumulated foreign earnings | 6,500,000 | ||||
Provisional foreign withholding taxes on undistributed foreign earnings | 2,400,000 | ||||
Deferred tax liabilities, planned repatriations of foreign earnings | 8,400,000 | 12,800,000 | |||
Foreign earnings intended to be indefinitely reinvested | 102,500,000 | ||||
Liability for uncertain tax positions | 11,000,000 | 3,200,000 | $ 18,100,000 | $ 7,500,000 | $ 1,000,000 |
Uncertain tax positions that would impact the effective tax rate | 9,700,000 | 1,600,000 | |||
Deferred Tax Liabilities, Goodwill | $ 21,700,000 | ||||
Decrease in unrecognized tax benefits | 15,700,000 | ||||
Liability for interest and penalties | 0 | $ 0 | |||
Tax credit carryovers that expire | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryovers | 7,600,000 | ||||
Tax credit carryovers that have an unlimited life | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryovers | 8,300,000 | ||||
Non-U.S. [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, total | 166,200,000 | ||||
Operating loss carryforwards, subject to expiration | 16,900,000 | ||||
Operating loss carryforwards, not subject to expiration | 149,300,000 | ||||
U.S. [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Operating loss carryforwards, total | $ 136,500,000 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Feb. 15, 2017 | Dec. 31, 2016 | May 14, 2015 |
Debt Instrument [Line Items] | ||||
Principal, including current portion | $ 945.1 | $ 953.8 | ||
Unamortized Discount and Debt Issuance Costs, including current portion | 11.9 | 12.4 | ||
Net, including current portion | 933.2 | 941.4 | ||
Principal, current portion | (16.9) | (7.3) | ||
Unamortized Discount and Debt Issuance Costs, current portion | (0.1) | 0 | ||
Net, current portion | (16.8) | (7.3) | ||
Principal | 928.2 | 946.5 | ||
Unamortized Discount and Debt Issuance Costs | 11.8 | 12.4 | ||
Net | 916.4 | 934.1 | ||
Secured | Senior Secured Term Loan Facility Due September 2023 | ||||
Debt Instrument [Line Items] | ||||
Principal, including current portion | 937.5 | $ 947 | 0 | |
Unamortized Discount and Debt Issuance Costs, including current portion | 11.9 | 0 | ||
Net, including current portion | 925.6 | 0 | ||
Senior notes | 7.75% senior unsecured notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Principal, including current portion | 0 | 464.4 | 464.4 | |
Unamortized Discount and Debt Issuance Costs, including current portion | 0 | 7.3 | ||
Net, including current portion | 0 | 457.1 | ||
Senior notes | Secured | Senior secured term loan facility due September 2020 | ||||
Debt Instrument [Line Items] | ||||
Principal, including current portion | $ 482 | $ 730 | ||
Line of credit | Other lines of credit | ||||
Debt Instrument [Line Items] | ||||
Principal, including current portion | 7.4 | 7 | ||
Unamortized Discount and Debt Issuance Costs, including current portion | 0 | 0 | ||
Net, including current portion | 7.4 | 7 | ||
Line of credit | Secured | Senior secured term loan facility due September 2020 | ||||
Debt Instrument [Line Items] | ||||
Principal, including current portion | 0 | 482 | ||
Unamortized Discount and Debt Issuance Costs, including current portion | 0 | 5.1 | ||
Net, including current portion | 0 | 476.9 | ||
Capital lease obligations and other | ||||
Debt Instrument [Line Items] | ||||
Principal, including current portion | 0.2 | 0.4 | ||
Unamortized Discount and Debt Issuance Costs, including current portion | 0 | 0 | ||
Net, including current portion | $ 0.2 | $ 0.4 |
Debt - Additional Information (
Debt - Additional Information (Details) | Nov. 08, 2017USD ($) | Feb. 15, 2017USD ($) | Jun. 30, 2015USD ($) | May 15, 2015USD ($) | May 14, 2015USD ($) | Oct. 17, 2014USD ($) | Mar. 31, 2014USD ($) | Mar. 17, 2014USD ($) | Mar. 28, 2013USD ($) | Apr. 30, 2012USD ($) | Mar. 31, 2016USD ($) | Apr. 30, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal outstanding | $ 945,100,000 | $ 953,800,000 | |||||||||||||
Payments of Debt Issuance Costs | 10,700,000 | 0 | $ 7,100,000 | ||||||||||||
Dividends paid to common stockholders | $ 144,600,000 | 0 | 0 | 144,600,000 | |||||||||||
Gain (loss) on debt extinguishment | (25,200,000) | 0 | (22,200,000) | ||||||||||||
Premium paid on debt redemption | (18,000,000) | 0 | (13,800,000) | ||||||||||||
Loss on debt extinguishment | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on debt extinguishment | (25,200,000) | (22,200,000) | |||||||||||||
Senior Secured Term Loan Facility Due September 2023 | Secured | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal outstanding | $ 947,000,000 | 937,500,000 | 0 | ||||||||||||
Debt issuance price as a percent of principal | 99.625% | ||||||||||||||
Payments of Debt Issuance Costs | $ 800,000 | 4,600,000 | |||||||||||||
Senior Secured Term Loan Facility Due September 2023 | Secured | LIBOR rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate minimum (less than) | 0.00% | ||||||||||||||
Senior Secured Term Loan Facility Due September 2023 | Secured | LIBOR rate | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Leverage ratio | 3.5 | 3.5 | |||||||||||||
Senior Secured Term Loan Facility Due September 2023 | Secured | LIBOR rate | Post-Public Offering, Interest Rate, Option Two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 1.00% | ||||||||||||||
Senior Secured Term Loan Facility Due September 2023 | Secured | Federal funds rate | Post-Public Offering, Interest Rate, Option Two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 0.50% | ||||||||||||||
Senior notes | 8.375% senior secured notes due 2019 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Payments of Debt Issuance Costs | $ 8,900,000 | ||||||||||||||
Interest rate | 8.375% | ||||||||||||||
Premium paid on debt redemption | 13,800,000 | ||||||||||||||
Aggregate principal amount | $ 275,000,000 | ||||||||||||||
Redemption of senior notes | $ 220,000,000 | $ 55,000,000 | |||||||||||||
Term | 7 years | ||||||||||||||
Senior notes | 8.375% senior secured notes due 2019 | Redemption - May 2015 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Redemption price | 106.281% | ||||||||||||||
Senior notes | 8.375% senior secured notes due 2019 | Loss on debt extinguishment | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on debt extinguishment | $ (2,900,000) | ||||||||||||||
Senior notes | 7.75% senior unsecured notes due 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal outstanding | $ 464,400,000 | 0 | 464,400,000 | ||||||||||||
Interest rate | 7.75% | 7.75% | |||||||||||||
Redemption price | 100.00% | ||||||||||||||
Premium paid on debt redemption | 18,000,000 | ||||||||||||||
Aggregate principal amount | $ 465,000,000 | ||||||||||||||
Redemption of senior notes | $ 464,400,000 | $ 600,000 | |||||||||||||
Senior notes | 7.75% senior unsecured notes due 2021 | Redemption - February 2016 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage of original principal amount redeemed | 40.00% | ||||||||||||||
Senior notes | Senior secured term loan facility due September 2020 | Secured | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal outstanding | 482,000,000 | $ 730,000,000 | |||||||||||||
Capital lease obligations and other | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal outstanding | 200,000 | 400,000 | |||||||||||||
Lines of credit and capital lease obligations | 23,200,000 | 23,500,000 | |||||||||||||
Capital lease obligations and other | Other lines of credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount outstanding | 10,100,000 | 12,000,000 | |||||||||||||
Available borrowing capacity | $ 13,100,000 | $ 11,500,000 | |||||||||||||
Weighted-average interest rate | 5.15% | 5.14% | |||||||||||||
Capital lease obligations and other | Other lines of credit | Line of credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount outstanding | $ 7,600,000 | $ 7,400,000 | |||||||||||||
Capital lease obligations and other | Other lines of credit | Letters of credit and bank guarantees | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount outstanding | 2,500,000 | 4,600,000 | |||||||||||||
Line of credit | Senior Secured Term Loan Facility Due September 2023 | Secured | Level 2 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair value of debt | 937,500,000 | ||||||||||||||
Line of credit | Senior secured term loan facility due March 2020 | Secured | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 245,000,000 | ||||||||||||||
Payments of Debt Issuance Costs | $ 800,000 | ||||||||||||||
Redemption of senior notes | $ 482,000,000 | 339,100,000 | |||||||||||||
Term | 7 years | ||||||||||||||
Amount borrowed | 100,000,000 | ||||||||||||||
Discount | $ 500,000 | ||||||||||||||
Line of credit | Senior secured term loan facility due March 2020 | Secured | LIBOR rate | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 3.00% | ||||||||||||||
Line of credit | Senior secured term loan facility due March 2020 | Secured | LIBOR rate | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 3.25% | ||||||||||||||
Line of credit | Senior secured term loan facility due March 2020 | Secured | Non-LIBOR rate | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 2.00% | ||||||||||||||
Line of credit | Senior secured term loan facility due March 2020 | Secured | Non-LIBOR rate | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 2.25% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal outstanding | 0 | 482,000,000 | |||||||||||||
Maximum borrowing capacity | 730,000,000 | ||||||||||||||
Payments of Debt Issuance Costs | 5,200,000 | ||||||||||||||
Additional potential borrowing capacity | $ 200,000,000 | ||||||||||||||
Percentage of proceeds from issuance of debt applied to repayments of long-term lines of credit | 100.00% | ||||||||||||||
Percentage of proceeds from sale of assets applied to repayments of long-term lines of credit | 100.00% | ||||||||||||||
Percentage of excess cash flow applied to repayments of long-term lines of credit | 50.00% | ||||||||||||||
Debt issuance costs | 5,200,000 | ||||||||||||||
Repayments of credit facility | $ 248,000,000 | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | Post-Public Offering, Interest Rate, Option Two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Variable interest rate basis | 2.00% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | Post-Public Offering, Interest Rate, Option Two | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 2.25% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | Post-Public Offering, Interest Rate, Option Two | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 2.50% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | LIBOR rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate minimum (less than) | 1.00% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | LIBOR rate | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Leverage ratio | 4 | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | LIBOR rate | Post-public offering, interest rate option one | Minimum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 3.25% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | LIBOR rate | Post-Public Offering, Interest Rate, Option Two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 1.00% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | LIBOR rate | Post-Public Offering, Interest Rate, Option Two | Maximum | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 3.50% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Secured | Federal funds rate | Post-Public Offering, Interest Rate, Option Two | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 0.50% | ||||||||||||||
Line of credit | Senior secured term loan facility due September 2020 | Loss on debt extinguishment | Secured | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on debt extinguishment | (3,600,000) | ||||||||||||||
Write-off of deferred financing costs and debt discount | 3,600,000 | ||||||||||||||
Line of credit | Senior secured asset-based revolving credit facility | Secured | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Payments of Debt Issuance Costs | $ 1,300,000 | $ 1,100,000 | |||||||||||||
Additional potential borrowing capacity | $ 20,000,000 | ||||||||||||||
Term | 5 years | 5 years | |||||||||||||
Line of credit | Senior secured asset-based revolving credit facility | Letters of credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amount outstanding | 29,100,000 | 16,700,000 | |||||||||||||
Available borrowing capacity | 64,900,000 | 77,600,000 | |||||||||||||
Line of credit | Other lines of credit | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Aggregate principal outstanding | 7,400,000 | $ 7,000,000 | |||||||||||||
Line of credit | 8.375% senior secured notes due 2019 and senior secured term loan facility due March 2020 | Loss on debt extinguishment | Secured | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on debt extinguishment | (18,600,000) | ||||||||||||||
Foreign line of credit | Senior secured asset-based revolving credit facility | Secured | CANADA | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 20,000,000 | 30,000,000 | |||||||||||||
Increase (decrease) in maximum borrowing capacity | (10,000,000) | ||||||||||||||
Foreign line of credit | Senior secured asset-based revolving credit facility | Secured | German | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | $ 25,000,000 | ||||||||||||||
U.S. line of credit | Senior secured asset-based revolving credit facility | Secured | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum borrowing capacity | 80,000,000 | 70,000,000 | $ 60,000,000 | ||||||||||||
Increase (decrease) in maximum borrowing capacity | $ 10,000,000 | ||||||||||||||
Senior secured notes and line of credit | Senior Secured Notes due 2021 and Senior Secured Term Loan Facility due September 2020 | Loss on debt extinguishment | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Write-off of deferred financing costs and debt discount | $ 7,200,000 | ||||||||||||||
Senior secured notes and line of credit | 8.375% senior secured notes due 2019 and senior secured term loan facility due March 2020 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Payments of Debt Issuance Costs | $ 21,300,000 | ||||||||||||||
Write-off of deferred financing costs and debt discount | 4,800,000 | ||||||||||||||
Senior secured notes and line of credit | 8.375% senior secured notes due 2019 and senior secured term loan facility due March 2020 | Loss on debt extinguishment | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Write-off of deferred financing costs and debt discount | $ 4,800,000 | ||||||||||||||
Borrowings Greater Than Leverage Ratio [Member] | Senior Secured Term Loan Facility Due September 2023 | Secured | LIBOR rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 2.75% | 3.00% | |||||||||||||
Borrowings Greater Than Leverage Ratio [Member] | Senior Secured Term Loan Facility Due September 2023 | Secured | Base Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 1.75% | 2.00% | |||||||||||||
Borrowings Less Than Leverage Ratio [Member] | Senior Secured Term Loan Facility Due September 2023 | Secured | LIBOR rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 2.50% | 2.75% | |||||||||||||
Borrowings Less Than Leverage Ratio [Member] | Senior Secured Term Loan Facility Due September 2023 | Secured | Base Rate | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Margin on variable interest rate basis | 1.50% | 1.75% |
Debt - Future Minimum Payments
Debt - Future Minimum Payments of Debt and Capital Lease Arrangements (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 9.5 |
2,019 | 9.6 |
2,020 | 9.5 |
2,021 | 9.5 |
2,022 | $ 9.5 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Pension Cost (Details) - Pension Plans [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service costs | $ 0.4 | $ 0.4 | $ 0.4 |
Interest cost | 0.7 | 0.8 | 0.8 |
Expected return on plan assets | (0.2) | (0.3) | (0.3) |
Amortization of unrecognized losses | 0.6 | 0.2 | 0.3 |
Pension expense | $ 1.5 | $ 1.1 | $ 1.2 |
Employee Benefit Plans - Funded
Employee Benefit Plans - Funded Status of the Plans (Details) - Pension Plans [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Change in benefit obligation: | |||
Projected benefit obligation at beginning of year | $ 34.4 | $ 31.6 | $ 35.3 |
Service cost | 0.4 | 0.4 | 0.4 |
Interest cost | 0.7 | 0.8 | 0.8 |
Benefits paid | 1 | 0.8 | 0.8 |
Actuarial (gain) loss | (0.4) | 5.3 | (1) |
Foreign currency translation adjustments | 4.5 | (2.9) | (3.1) |
Projected benefit obligation at end of year | 38.6 | 34.4 | 31.6 |
Change in plans assets: | |||
Fair value of plan assets at beginning of year | 5.9 | 5.7 | 5.6 |
Employer contributions | 0.2 | 0.5 | 0.3 |
Actual return on plan assets | 0.5 | 1 | 0.2 |
Benefits paid | (0.3) | (0.1) | (0.1) |
Foreign currency translation adjustments | 0.6 | (1.2) | (0.3) |
Fair value of plan assets at end of year | 6.9 | 5.9 | 5.7 |
Underfunded status | $ 31.7 | $ 28.5 | $ 25.9 |
Employee Benefit Plans - Amount
Employee Benefit Plans - Amounts Recognized in the Consolidated Balance Sheets (Details) - Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Current accrued pension liabilities | $ 0.8 | $ 0.7 |
Noncurrent accrued pension liabilities | 30.9 | 27.8 |
Accumulated other comprehensive loss | $ (7.2) | $ (7.3) |
Employee Benefit Plans - Estima
Employee Benefit Plans - Estimated Future Benefit Payments (Details) - Pension Plans [Member] $ in Millions | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 1 |
2,019 | 1 |
2,020 | 1.1 |
2,021 | 1.2 |
2,022 | 1.5 |
2023 – 2027 | $ 7.3 |
Employee Benefit Plans - Weight
Employee Benefit Plans - Weighted-Average Actuarial Assumptions Used (Details) - Pension Plans [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 1.80% | 2.71% | 2.44% |
Expected long-term rate of return on plan assets | 3.69% | 4.72% | 4.54% |
Rate of expected increase in future compensation levels | 3.49% | 3.45% | 3.36% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 1.75% | 1.80% | |
Rate of expected increase in future compensation levels | 3.43% | 3.46% |
Employee Benefit Plans - Plan A
Employee Benefit Plans - Plan Assets at Fair Value, By Fair Value Hierarchy (Details) - Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 6.9 | $ 5.9 | $ 5.7 | $ 5.6 |
Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 3.4 | 2.7 | ||
Corporate and government bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 3.3 | 2.8 | ||
Cash equivalents and other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0.2 | 0.4 | ||
Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0.2 | 0.4 | ||
Level 1 [Member] | Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 1 [Member] | Corporate and government bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 1 [Member] | Cash equivalents and other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0.2 | 0.4 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 6.7 | 5.5 | ||
Level 2 | Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 3.4 | 2.7 | ||
Level 2 | Corporate and government bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 3.3 | 2.8 | ||
Level 2 | Cash equivalents and other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 3 [Member] | Equity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 3 [Member] | Corporate and government bonds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0 | 0 | ||
Level 3 [Member] | Cash equivalents and other [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 0 | $ 0 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)plan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Gain on termination of postretirement plan | $ 0 | $ 0 | $ 1.5 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actuarial loss expected to be recognized in net periodic pension cost during fiscal 2016 | 0.6 | ||
Accumulated benefit obligation | $ 37.7 | 33.5 | |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Gain on termination of postretirement plan | 1.5 | ||
Foreign Plan [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of noncontributory defined benefit pension plans | plan | 3 | ||
Foreign Plan [Member] | Pension Plans [Member] | United Kingdom [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of noncontributory defined benefit pension plans | plan | 1 | ||
Foreign Plan [Member] | Pension Plans [Member] | German | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of noncontributory defined benefit pension plans | plan | 2 | ||
UNITED STATES | The 401(k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of years of credited service to become vested | 1 year | ||
Defined contribution plan expense | $ 3.6 | $ 3.4 | $ 2.7 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions | Jun. 12, 2015 | May 15, 2015USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | Jun. 25, 2015shares | Mar. 07, 2013shares | Mar. 06, 2013$ / sharesshares |
Noncontrolling Interest [Line Items] | ||||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | 83,977,000 | 48,898,000 | |||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 10,000 | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, shares issued (in shares) | 69,644,918 | 68,473,561 | ||||||
Common stock, shares outstanding (in shares) | 69,644,918 | 68,473,561 | ||||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||||
Dividends paid to common stockholders | $ | $ 144.6 | $ 0 | $ 0 | $ 144.6 | ||||
Stock split conversion ratio | 106.3 |
Net Loss Per Share - Reconcilia
Net Loss Per Share - Reconciliation of Numerator and Denominator of the Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net earnings (loss) applicable to common shareholders | $ 3.3 | $ 12.3 | $ 10.1 | $ (24.6) | $ 1.1 | $ 6.7 | $ 12.9 | $ 9.8 | $ 1.1 | $ 30.5 | $ (38.8) |
Denominator: | |||||||||||
Denominator for basic EPS–weighted-average common shares (in shares) | 68,574,631 | 67,504,065 | 59,925,776 | ||||||||
Dilutive effect of stock-based compensation arrangements (in shares) | 2,427,276 | 2,625,997 | 0 | ||||||||
Denominator for diluted EPS–adjusted weighted-average common shares (in shares) | 71,001,907 | 70,130,062 | 59,925,776 | ||||||||
Basic EPS (in dollars per share) | $ 0.05 | $ 0.18 | $ 0.15 | $ (0.36) | $ 0.02 | $ 0.10 | $ 0.19 | $ 0.15 | $ 0.02 | $ 0.45 | $ (0.65) |
Diluted EPS (in dollars per share) | $ 0.05 | $ 0.17 | $ 0.14 | $ (0.36) | $ 0.02 | $ 0.10 | $ 0.18 | $ 0.14 | $ 0.02 | $ 0.43 | $ (0.65) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015shares | |
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) | 6,296,789 |
Restricted stock [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from the diluted EPS calculation (in shares) | 258,813 |
Restricted stock units [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from the diluted EPS calculation (in shares) | 16,125 |
Stock-based Compensation - Key
Stock-based Compensation - Key Assumptions Utilized in Determining Fair Value of Awards Granted (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Time-Based Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 39.50% | 42.00% | 45.00% |
Expected volatility, maximum | 39.50% | 42.00% | 77.00% |
Risk-free interest rate, minimum | 2.17% | 1.59% | 0.46% |
Risk-free interest rate, maximum | 2.17% | 1.59% | 2.31% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Time-Based Options [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 6 years 3 months | 6 years 3 months | 2 years 26 days |
Time-Based Options [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 6 years 3 months | 6 years 3 months | 7 years 6 months |
Performance-Based Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 44.00% | ||
Expected volatility, maximum | 74.00% | ||
Risk-free interest rate, minimum | 0.29% | ||
Risk-free interest rate, maximum | 3.09% | ||
Expected dividend yield | 0.00% | ||
Performance-Based Options [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 2 years 26 days | ||
Performance-Based Options [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 4 years 3 months 18 days |
Stock-based Compensation - Outs
Stock-based Compensation - Outstanding and Exercisable Stock Options, By Exercise Price (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2015 | May 15, 2015 | May 14, 2015 | Jan. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Exercise Price (in dollars per share) | $ 9.41 | $ 6.64 | $ 9.41 | $ 9.41 | |
Outstanding, Options (in shares) | 4,670,897 | ||||
Outstanding, Weighted-Average Remaining Contractual Term | 6 years 2 months 12 days | ||||
Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 10.76 | ||||
Exercisable, Options (in shares) | 3,612,417 | ||||
Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 8.51 | ||||
Exercise Price Range One [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Exercise Price (in dollars per share) | $ 6.64 | ||||
Outstanding, Options (in shares) | 3,164,646 | ||||
Outstanding, Weighted-Average Remaining Contractual Term | 5 years 4 months 24 days | ||||
Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 6.64 | ||||
Exercisable, Options (in shares) | 3,104,691 | ||||
Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 6.64 | ||||
Exercise Price Range Two [Member] | |||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||
Exercise Price, lower limit (in dollars per share) | 16 | ||||
Exercise Price, upper limit (in dollars per share) | $ 20 | ||||
Outstanding, Options (in shares) | 1,506,251 | ||||
Outstanding, Weighted-Average Remaining Contractual Term | 8 years | ||||
Outstanding, Weighted-Average Exercise Price (in dollars per share) | $ 19.41 | ||||
Exercisable, Options (in shares) | 507,726 | ||||
Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 19.91 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2015 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options, Outstanding at December 31, 2014 (in shares) | 5,167,297 | |
Options, Granted (in shares) | 474,502 | |
Options, Exercised (in shares) | (804,350) | |
Options, Expired (in shares) | (51,130) | |
Options, Forfeited (in shares) | (115,422) | |
Options, Outstanding at December 31, 2015 (in shares) | 4,670,897 | |
Options, Exercisable at December 31, 2015 (in shares) | 3,612,417 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted-Average Exercise Price, Outstanding at December 31, 2014 (in dollars per share) | $ 9.62 | |
Weighted-Average Exercise Price, Granted (in dollars per share) | $ 20 | 18.42 |
Weighted-Average Exercise Price, Exercised (in dollars per share) | 6.64 | |
Weighted-Average Exercise Price, Expired (in dollars per share) | 13.06 | |
Weighted-Average Exercise Price, Forfeited (in dollars per share) | 18.91 | |
Weighted-Average Exercise Price, Outstanding at December 31, 2015 (in dollars per share) | 10.76 | |
Weighted-Average Exercise Price, Exercisable at December 31, 2015 (in dollars per share) | $ 8.51 | |
Weighted-Average Remaining Contractual Term, Outstanding at December 31, 2015 | 6 years 2 months 12 days | |
Weighted-Average Remaining Contractual Term, Exercisable at December 31, 2015 | 5 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding at December 31, 2015 | $ 40 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2015 | $ 38.8 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) | Jun. 30, 2015 | Jun. 25, 2015 | May 15, 2015 | Jan. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | May 14, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock options, granted (in shares) | 474,502 | |||||||||
Estimated grant date fair value, options granted (in dollars per share) | $ 9.41 | $ 18.42 | $ 17.71 | $ 9.41 | ||||||
Exercise price of outstanding options (in dollars per share) | $ 6.64 | $ 9.41 | $ 9.41 | $ 9.41 | $ 9.41 | |||||
Dividends paid to common stockholders | $ 144,600,000 | $ 0 | $ 0 | $ 144,600,000 | ||||||
Dividends paid to common stockholders per share (in dollars per share) | $ 2.77 | |||||||||
Stock options, strike price (in dollars per share) | $ 20 | $ 18.42 | ||||||||
Proceeds from exercise of stock options | $ 5,300,000 | 7,000,000 | 400,000 | |||||||
Intrinsic value of stock options exercised | $ 8,700,000 | $ 10,000,000 | $ 400,000 | |||||||
Stock options, outstanding (in shares) | 4,670,897 | 5,167,297 | ||||||||
Stock options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period | 10 years | |||||||||
Time-based options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Estimated grant date fair value, options granted (in dollars per share) | $ 7.75 | $ 7.62 | $ 8.88 | |||||||
Stock-based compensation expense | $ 3,400,000 | $ 3,500,000 | $ 10,600,000 | |||||||
Unrecognized compensation expense, stock options | $ 5,700,000 | |||||||||
Unrecognized compensation expense, weighted-average remaining period of recognition | 2 years 3 months 18 days | |||||||||
Stock options, outstanding (in shares) | 3,250,398 | |||||||||
Time-based options [Member] | Forecast [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation expense | $ 2,900,000 | |||||||||
Performance-based options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Estimated grant date fair value, options granted (in dollars per share) | $ 4.46 | |||||||||
Stock-based compensation expense | $ 9,200,000 | |||||||||
Stock options, outstanding (in shares) | 1,420,499 | |||||||||
Stock appreciation rights (SARs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation expense | $ 600,000 | 1,800,000 | 1,600,000 | |||||||
Restricted stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation expense | 3,100,000 | 1,400,000 | 700,000 | |||||||
Restricted stock [Member] | Forecast [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation expense | 3,500,000 | |||||||||
Restricted stock units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation expense | 2,000,000 | $ 400,000 | $ 200,000 | |||||||
Restricted stock units [Member] | Forecast [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation expense | 1,600,000 | |||||||||
Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation expense | $ 400,000 | |||||||||
Performance Shares [Member] | Forecast [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock-based compensation expense | $ 500,000 | |||||||||
2015 Plan [Member] | Stock options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 4 years | |||||||||
2015 Plan [Member] | Stock appreciation rights (SARs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 4 years | |||||||||
Other awards, granted (in shares) | 136,441 | |||||||||
Expiration period | 10 years | |||||||||
Other awards, strike price (in dollars per share) | $ 20 | |||||||||
Other awards, vested and outstanding (in shares) | 65,491 | |||||||||
Deferred compensation liability | $ 400,000 | |||||||||
Other awards, outstanding (in shares) | 83,229 | |||||||||
2015 Plan [Member] | Restricted stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | 3 years | 3 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 98,091 | 68,650 | 7,500 | |||||||
Other awards, granted (in shares) | 266,313 | 435,824 | 180,571 | |||||||
Unrecognized compensation expense, weighted-average remaining period of recognition | 2 years 37 days | |||||||||
Other awards, outstanding (in shares) | 704,560 | |||||||||
Other awards, granted, fair value (in dollars per share) | $ 20 | $ 18.14 | $ 15.86 | |||||||
Unrecognized compensation expense, other awards | $ 6,900,000 | |||||||||
2015 Plan [Member] | Restricted stock units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 4,072 | |||||||||
Other awards, granted (in shares) | 16,125 | 340,395 | 29,274 | |||||||
Period from public disclosure in 2016 of financial results for fiscal year 2015 to vesting date | 2 days | 1 year | ||||||||
Unrecognized compensation expense, weighted-average remaining period of recognition | 2 years 110 days | |||||||||
Other awards, outstanding (in shares) | 336,323 | |||||||||
Other awards, granted, fair value (in dollars per share) | $ 20 | $ 18.22 | $ 14.69 | |||||||
Unrecognized compensation expense, other awards | $ 3,600,000 | |||||||||
2015 Plan [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Other awards, granted (in shares) | 87,202 | |||||||||
Unrecognized compensation expense, weighted-average remaining period of recognition | 2 years | |||||||||
Other awards, granted, fair value (in dollars per share) | $ 18.42 | |||||||||
Unrecognized compensation expense, other awards | $ 1,000,000 | |||||||||
2012 Plan [Member] | Stock appreciation rights (SARs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Expiration period | 10 years | |||||||||
Other awards, strike price (in dollars per share) | $ 6.64 | $ 6.64 | ||||||||
2012 Plan [Member] | Stock appreciation rights (SARs) [Member] | Accrued salaries, wages and other compensation [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Deferred compensation liability | $ 2,800,000 | |||||||||
2012 Plan [Member] | Time-based SARs [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period | 4 years | |||||||||
Stock options, granted (in shares) | 161,941 | |||||||||
Other awards, vested and outstanding (in shares) | 103,822 | |||||||||
2012 Plan [Member] | Performance-based SARs [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Other awards, granted (in shares) | 161,952 | |||||||||
Other awards, vested and outstanding (in shares) | 119,944 | |||||||||
Minimum | 2015 Plan [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Award Payout, Percentage of Award | 50.00% | |||||||||
Maximum | 2015 Plan [Member] | Performance Shares [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Award Payout, Percentage of Award | 200.00% | |||||||||
Tranche One | 2015 Plan [Member] | Restricted stock units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Other awards, granted (in shares) | 33,051 | |||||||||
Period from public disclosure in 2016 of financial results for fiscal year 2015 to vesting date | 7 months | |||||||||
Tranche Two | 2015 Plan [Member] | Restricted stock units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Other awards, granted (in shares) | 23,384 | |||||||||
Period from public disclosure in 2016 of financial results for fiscal year 2015 to vesting date | 1 year | |||||||||
Tranche Three | 2015 Plan [Member] | Restricted stock units [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Other awards, granted (in shares) | 283,960 | |||||||||
Period from public disclosure in 2016 of financial results for fiscal year 2015 to vesting date | 3 years |
Derivative Financial Instrume68
Derivative Financial Instruments - Effect of Designated Cash Flow Hedges on the Financial Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Currency Forward [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $ (0.5) | $ 0.5 | $ (0.5) |
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1.1) | $ 1.1 | $ (3.6) |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 0.4 | ||
Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ 0 |
Derivative Financial Instrume69
Derivative Financial Instruments - Derivative Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Foreign Currency Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (liability position) | $ 0.6 | |
Level 1 [Member] | Foreign Currency Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (liability position) | 0 | |
Level 2 | Foreign Currency Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (liability position) | 0.6 | |
Level 3 [Member] | Foreign Currency Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (liability position) | $ 0 | |
Other current liabilities [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (liability position) | $ 1 | |
Other current liabilities [Member] | Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (liability position) | 0 | |
Other current liabilities [Member] | Level 2 | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (liability position) | 1 | |
Other current liabilities [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps (liability position) | 0 | |
Other noncurrent assets | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1.7 | |
Other noncurrent assets | Level 1 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 0 | |
Other noncurrent assets | Level 2 | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | 1.7 | |
Other noncurrent assets | Level 3 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Asset | $ 0 |
Derivative Financial Instrume70
Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 15, 2017 | |
Derivative [Line Items] | ||||
Gain on Cash Flow Hedge Ineffectiveness | $ 0.2 | |||
Foreign Currency Forward [Member] | ||||
Derivative [Line Items] | ||||
Notional amounts | $ 0.3 | $ 7 | ||
Remaining maturity of outstanding instruments | 1 month | |||
Foreign Currency Forward [Member] | 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 | $ 0.1 | |||
Foreign Currency Forward [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) on settlement of derivative instruments | $ (1.1) | (1.1) | $ (3.6) | |
Foreign Currency Forward [Member] | Cash Flow Hedging [Member] | Other current liabilities [Member] | ||||
Derivative [Line Items] | ||||
Foreign currency forward contracts - asset (liability) | $ (0.6) | |||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Notional amounts | $ 400 | |||
Secured | Senior Secured Term Loan Facility Due September 2023 | ||||
Derivative [Line Items] | ||||
Effective fixed interest rate on debt | 2.062% |
Accumulated Other Comprehensi71
Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 434.9 | ||
Total other comprehensive income (loss), net of tax | 72.5 | $ (48.8) | $ (55) |
Balance | 520.7 | 434.9 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (157.9) | (109.1) | (54.1) |
Other comprehensive income (loss) before reclassifications | 71 | (47.9) | (57.3) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1.5 | (0.9) | 2.3 |
Total other comprehensive income (loss), net of tax | 72.5 | (48.8) | (55) |
Balance | (85.4) | (157.9) | (109.1) |
Foreign Currency Translation [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (150) | (104.5) | (45.4) |
Other comprehensive income (loss) before reclassifications | 71.7 | (45.5) | (59.1) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Total other comprehensive income (loss), net of tax | 71.7 | (45.5) | (59.1) |
Balance | (78.3) | (150) | (104.5) |
Unrecognized Post-Retirement Plan Losses [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (7.3) | (4.6) | (5.6) |
Other comprehensive income (loss) before reclassifications | (0.5) | (2.9) | 2.2 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.6 | 0.2 | (1.2) |
Total other comprehensive income (loss), net of tax | 0.1 | (2.7) | 1 |
Balance | (7.2) | (7.3) | (4.6) |
Derivative Financial Instruments [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (0.6) | 0 | (3.1) |
Other comprehensive income (loss) before reclassifications | (0.2) | 0.5 | (0.4) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.9 | (1.1) | 3.5 |
Total other comprehensive income (loss), net of tax | 0.7 | (0.6) | 3.1 |
Balance | $ 0.1 | $ (0.6) | $ 0 |
Accumulated Other Comprehensi72
Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Tax benefit | $ (17.2) | $ (14.2) | $ (20.4) |
Total reclassifications from accumulated other comprehensive income (loss) | (1.5) | 0.9 | (2.3) |
Unrealized pension and post-retirement obligations [Member] | Reclassifications from accumulated other comprehensive income (loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Adjustment of pension and post-retirement obligations | (0.7) | (0.2) | 1.2 |
Tax benefit | 0.1 | 0 | 0 |
Total reclassifications from accumulated other comprehensive income (loss) | (0.6) | (0.2) | 1.2 |
Derivative financial instruments [Member] | Reclassifications from accumulated other comprehensive income (loss) [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
(Loss) gain on derivative financial instruments | (1.1) | 1.1 | (3.6) |
Tax benefit | 0.2 | 0 | 0.1 |
Total reclassifications from accumulated other comprehensive income (loss) | $ (0.9) | $ 1.1 | $ (3.5) |
Restructuring Reserves (Details
Restructuring Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Property, plant and equipment classified as held-for-sale | $ 3.2 | ||
Proceeds from Sale of Property Held-for-sale | $ 3 | ||
Reclassification to property and equipment | 5.5 | ||
Other current liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability, severance-related actions | 0.3 | ||
2017 Restructuring Actions [Member] | Other current liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability, severance-related actions | 1.2 | ||
2016 Actions [Member] | Other current liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Liability, severance-related actions | 11.1 | 2.6 | |
Other expense, net [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 3.3 | $ 6.6 | |
Other expense, net [Member] | 2017 Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 2.7 | ||
Other expense, net [Member] | 2016 Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | $ 8.9 | ||
Minimum | Other expense, net [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | 18 | ||
Maximum | Other expense, net [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance expense | $ 20 |
Related-Party Transaction (Deta
Related-Party Transaction (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Selling, general and administrative expenses | $ 254 | $ 252.4 | $ 261.1 |
Majority Shareholder [Member] | Advisory Services and Monitoring Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Selling, general and administrative expenses | $ 0.3 |
Commitments and Contingencies (
Commitments and Contingencies (Details) CAD in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($)property | Jun. 30, 2017CADproperty | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2017CAD | |
Loss Contingencies [Line Items] | ||||||||
Number of Properties Sold | property | 2 | 2 | ||||||
Proceeds from disposals of property and equipment | $ 10.7 | CAD 14,250 | $ 3.8 | $ 0.9 | $ 1.6 | |||
Sale Leaseback Transaction. Term of Lease | 6 years | 15 years | 15 years | |||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 8 | $ 12.6 | 8 | CAD 16,700 | ||||
Gain (Loss) on Sale of Properties | 0.4 | |||||||
Future minimum lease commitments, total | 34.3 | 34.3 | ||||||
Future minimum lease commitments, 2016 | 10.3 | 10.3 | ||||||
Future minimum lease commitments, 2017 | 7.3 | 7.3 | ||||||
Future minimum lease commitments, 2018 | 5 | 5 | ||||||
Future minimum lease commitments, 2019 | 3.5 | 3.5 | ||||||
Future minimum lease commitments, 2020 | 3 | 3 | ||||||
Future minimum lease commitments, thereafter | 5.2 | 5.2 | ||||||
Rent expense | 11.8 | $ 12.1 | $ 11 | |||||
Other Noncurrent Liabilities | ||||||||
Loss Contingencies [Line Items] | ||||||||
Sale Leaseback Transaction, Amount Due under Financing Arrangement | $ 11.2 | $ 11.2 | ||||||
Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Proceeds from disposals of property and equipment | $ 8 |
Business Segment Information (D
Business Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments | segment | 3 | ||||||||||
Total assets | $ 1,858.8 | $ 1,722 | $ 1,858.8 | $ 1,722 | |||||||
Total long-lived assets | 260.8 | 243.7 | 260.8 | 243.7 | |||||||
Total net sales to external customers | 324.9 | $ 314.7 | $ 309.2 | $ 285.4 | 289.1 | $ 292.2 | $ 308.1 | $ 277.3 | 1,234.2 | 1,166.7 | $ 1,179.5 |
Total operating earnings | 10.1 | $ 29.6 | $ 28.6 | $ 19.7 | 8.8 | $ 29.1 | $ 35.7 | $ 32 | 88 | 105.6 | 71.8 |
Total capital expenditures | 39.8 | 57.3 | 52.7 | ||||||||
Total depreciation and amortization | 58.6 | 59.9 | 62.7 | ||||||||
Corporate [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 80.5 | 73.6 | 80.5 | 73.6 | |||||||
Total long-lived assets | 6.2 | 6.1 | 6.2 | 6.1 | |||||||
Total operating earnings | (45.8) | (38.1) | (48.5) | ||||||||
Total capital expenditures | 0.6 | 0.7 | 2.6 | ||||||||
Total depreciation and amortization | 1.1 | 0.9 | 0.4 | ||||||||
Advanced Plastic Processing Technologies [Member] | Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 524.8 | 503 | 524.8 | 503 | |||||||
Total long-lived assets | 123.5 | 121.4 | 123.5 | 121.4 | |||||||
Total net sales to external customers | 689.1 | 663.9 | 680.8 | ||||||||
Total operating earnings | 10.6 | 34.9 | 55.3 | ||||||||
Total capital expenditures | 14.1 | 30.4 | 29.4 | ||||||||
Total depreciation and amortization | 19.1 | 20.3 | 19.9 | ||||||||
Melt Delivery and Control Systems [Member] | Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 1,104.5 | 1,003.8 | 1,104.5 | 1,003.8 | |||||||
Total long-lived assets | 113.3 | 101 | 113.3 | 101 | |||||||
Total net sales to external customers | 423.9 | 389.9 | 383.5 | ||||||||
Total operating earnings | 102.5 | 91.4 | 52.1 | ||||||||
Total capital expenditures | 23 | 24.4 | 19.5 | ||||||||
Total depreciation and amortization | 33.5 | 33.2 | 35.7 | ||||||||
Fluid Technologies [Member] | Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 149 | 141.6 | 149 | 141.6 | |||||||
Total long-lived assets | $ 17.8 | $ 15.2 | 17.8 | 15.2 | |||||||
Total net sales to external customers | 121.2 | 112.9 | 115.2 | ||||||||
Total operating earnings | 20.7 | 17.4 | 12.9 | ||||||||
Total capital expenditures | 2.1 | 1.8 | 1.2 | ||||||||
Total depreciation and amortization | $ 4.9 | $ 5.5 | 6.7 | ||||||||
MPET [Member] | Melt Delivery and Control Systems [Member] | Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 6.8 | ||||||||||
Total operating earnings | $ (1.2) |
Business Segment Information -
Business Segment Information - Net Sales to External Customers and Long-lived Assets, by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales to external customers | $ 324.9 | $ 314.7 | $ 309.2 | $ 285.4 | $ 289.1 | $ 292.2 | $ 308.1 | $ 277.3 | $ 1,234.2 | $ 1,166.7 | $ 1,179.5 |
Total long-lived assets | 260.8 | 243.7 | 260.8 | 243.7 | |||||||
UNITED STATES | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales to external customers | 532.6 | 546.1 | 576 | ||||||||
Total long-lived assets | 67.9 | 80.3 | 67.9 | 80.3 | |||||||
CZECH REPUBLIC | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total long-lived assets | 48.2 | 36.9 | 48.2 | 36.9 | |||||||
CANADA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total long-lived assets | 31 | 29.1 | 31 | 29.1 | |||||||
CHINA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales to external customers | 140.1 | 111.3 | 107.5 | ||||||||
Total long-lived assets | 48.1 | 37.1 | 48.1 | 37.1 | |||||||
INDIA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales to external customers | 115.3 | 99.7 | 87.4 | ||||||||
Total long-lived assets | 27.5 | 25.9 | 27.5 | 25.9 | |||||||
Rest of World [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total net sales to external customers | 446.2 | 409.6 | $ 408.6 | ||||||||
Total long-lived assets | $ 38.1 | $ 34.4 | $ 38.1 | $ 34.4 |
Summarized Quarterly Financia78
Summarized Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 324.9 | $ 314.7 | $ 309.2 | $ 285.4 | $ 289.1 | $ 292.2 | $ 308.1 | $ 277.3 | $ 1,234.2 | $ 1,166.7 | $ 1,179.5 |
Manufacturing margins | 85.6 | 98.7 | 103.8 | 93.8 | 92.7 | 99.7 | 107.3 | 96.1 | 381.9 | 395.8 | 403.9 |
Operating earnings | 10.1 | 29.6 | 28.6 | 19.7 | 8.8 | 29.1 | 35.7 | 32 | 88 | 105.6 | 71.8 |
Net (loss) earnings | $ 3.3 | $ 12.3 | $ 10.1 | $ (24.6) | $ 1.1 | $ 6.7 | $ 12.9 | $ 9.8 | $ 1.1 | $ 30.5 | $ (38.8) |
Basic EPS (in dollars per share) | $ 0.05 | $ 0.18 | $ 0.15 | $ (0.36) | $ 0.02 | $ 0.10 | $ 0.19 | $ 0.15 | $ 0.02 | $ 0.45 | $ (0.65) |
Diluted EPS (in dollars per share) | $ 0.05 | $ 0.17 | $ 0.14 | $ (0.36) | $ 0.02 | $ 0.10 | $ 0.18 | $ 0.14 | $ 0.02 | $ 0.43 | $ (0.65) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Feb. 28, 2018 | Feb. 15, 2017 | Mar. 31, 2016 |
7.75% senior unsecured notes due 2021 | Senior notes | |||
Subsequent Event [Line Items] | |||
Redemption of senior notes | $ 464.4 | $ 0.6 | |
Subsequent Event | Senior Secured Term Loan Facility Due September 2023 | Secured | |||
Subsequent Event [Line Items] | |||
Redemption of senior notes | $ 25 |
Schedule II - Valuation and Q80
Schedule II - Valuation and Qualifying Accounts (Details) - Valuation allowance for deferred tax assets [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $ 77.7 | $ 70 | $ 65.3 |
Charged to Costs and Expenses | 26.8 | 20.6 | 18.8 |
Acquired Obligations | 0 | 0 | 0 |
Deductions | (24.7) | (12.9) | (14.1) |
Balance at End of Period | $ 79.8 | $ 77.7 | $ 70 |