Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 20, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | GCP Applied Technologies Inc. | ||
Entity Central Index Key | 1,644,440 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 72,330,420 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 1,645,429,963 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Statement [Abstract] | |||||
Net sales | $ 1,125.4 | $ 1,084.4 | $ 1,046.5 | ||
Cost of goods sold | 715.5 | 667.3 | 628.9 | ||
Gross profit | 409.9 | 417.1 | 417.6 | ||
Selling, general and administrative expenses | 289.1 | 296.5 | 266.3 | ||
Research and development expenses | 20.2 | 20 | 18.4 | ||
Interest expense and related financing costs | 92.4 | 70.2 | 65.8 | ||
Repositioning expenses | 9.6 | 9.8 | 15.3 | ||
Restructuring expenses and asset impairments | 14.8 | 13.5 | 1.9 | ||
Loss in Venezuela | 0 | 38.3 | 0 | ||
Other (income) expense, net | (26.7) | (2.9) | 14.6 | ||
Total costs and expenses | 399.4 | 445.4 | 382.3 | ||
Income (loss) from continuing operations before income taxes | 10.5 | (28.3) | 35.3 | ||
Provision for income taxes | (26.3) | (82.1) | (6.7) | ||
(Loss) income from continuing operations | (15.8) | (110.4) | 28.6 | ||
Income from discontinued operations, net of income taxes | 31.3 | 664.3 | 45.2 | ||
Net income | 15.5 | 553.9 | 73.8 | ||
Less: Net income attributable to noncontrolling interests | (0.3) | (0.5) | (1) | ||
Net income attributable to GCP shareholders | 15.2 | 553.4 | 72.8 | ||
Amounts Attributable to GCP Shareholders: | |||||
(Loss) income from continuing operations attributable to GCP shareholders | (16.1) | (110.9) | 27.6 | ||
Income from discontinued operations, net of income taxes | 31.3 | 664.3 | 45.2 | ||
Net income attributable to GCP shareholders | $ 15.2 | $ 553.4 | $ 72.8 | ||
Basic (loss) earnings per share: | |||||
(Loss) income from continuing operations attributable to GCP shareholders (in usd per share) | $ (0.22) | $ (1.55) | $ 0.39 | ||
Income from discontinued operations, net of income taxes (in usd per share) | 0.43 | 9.29 | 0.64 | ||
Net income attributable to GCP shareholders (in usd per share) | $ 0.21 | $ 7.74 | $ 1.03 | [1] | |
Weighted average number of basic shares (in shares) | 72.1 | 71.5 | 70.8 | ||
Diluted (loss) earnings per share | |||||
(Loss) income from continuing operations attributable to GCP shareholders (in usd per share) | $ (0.22) | $ (1.55) | $ 0.38 | [2] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0.43 | 9.29 | 0.63 | [2] | |
Net income attributable to GCP shareholders (in usd per share) | $ 0.21 | $ 7.74 | $ 1.02 | [1],[2] | |
Weighted average number of diluted shares (in shares) | [2] | 72.1 | 71.5 | 71.7 | |
[1] | Amounts may not sum due to rounding. | ||||
[2] | Dilutive effect is only applicable to the years during which GCP generated net income from continuing operations. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 326.1 | $ 721.5 |
Trade accounts receivable (net of allowances of $5.8 million and $5.7 million, respectively) | 198.6 | 217.1 |
Inventories, net | 110.5 | 106.3 |
Other current assets | 44.6 | 48.6 |
Current assets held for sale | 3.4 | 19.7 |
Total Current Assets | 683.2 | 1,113.2 |
Properties and equipment, net | 225.1 | 216.6 |
Goodwill | 207.9 | 198.2 |
Technology and other intangible assets, net | 89 | 91.8 |
Deferred income taxes | 25.5 | 30.2 |
Overfunded defined benefit pension plans | 22.5 | 26.4 |
Other assets | 28 | 23.8 |
Non-current assets held for sale | 0.7 | 2.8 |
Total Assets | 1,281.9 | 1,703 |
Current Liabilities | ||
Debt payable within one year | 10.6 | 24 |
Accounts payable | 121.4 | 134.8 |
Other current liabilities | 145.5 | 316.2 |
Current liabilities held for sale | 0 | 7.8 |
Total Current Liabilities | 277.5 | 482.8 |
Debt payable after one year | 346.1 | 520.3 |
Income taxes payable | 37.7 | 58.3 |
Deferred income taxes | 12.4 | 14.7 |
Unrecognized tax benefits | 62.8 | 42.4 |
Underfunded and unfunded defined benefit pension plans | 48.1 | 57.1 |
Other liabilities | 15.5 | 35.1 |
Non-current liabilities held for sale | 0.4 | 0.3 |
Total Liabilities | 800.5 | 1,211 |
Commitments and Contingencies - Note 10 | ||
Stockholders' Equity | ||
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 72,176,324 and 71,754,344, respectively | 0.7 | 0.7 |
Paid-in capital | 39.6 | 29.9 |
Accumulated earnings | 563.9 | 548.7 |
Accumulated other comprehensive loss | (120) | (85.7) |
Treasury stock | (4.8) | (3.4) |
Total GCP Stockholders' Equity | 479.4 | 490.2 |
Noncontrolling interests | 2 | 1.8 |
Total Stockholders' Equity | 481.4 | 492 |
Total Liabilities and Stockholders' Equity | $ 1,281.9 | $ 1,703 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance | $ 5.8 | $ 5.7 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, outstanding (in shares) | 72,176,324 | 71,754,344 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 15.5 | $ 553.9 | $ 73.8 |
Other comprehensive (loss) income: | |||
Defined benefit pension and other postretirement plans, net of income taxes | (2.6) | 0.3 | 0 |
Currency translation adjustments | (31.8) | 61.7 | (19.9) |
Gain (loss) from hedging activities, net of income taxes | 0.1 | (0.1) | 0 |
Other comprehensive income attributable to noncontrolling interests | 0 | 0 | 0.2 |
Total other comprehensive (loss) income | (34.3) | 61.9 | (19.7) |
Comprehensive (loss) income | (18.8) | 615.8 | 54.1 |
Less: Comprehensive income attributable to noncontrolling interests | (0.3) | (0.5) | (1) |
Comprehensive (loss) income attributable to GCP shareholders | $ (19.1) | $ 615.3 | $ 53.1 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Earnings / (Deficit) | Net Parent Investment | Accumulated Other Comprehensive Loss | Noncontrolling Interests | ||
Balance (in shares) at Dec. 31, 2015 | 0 | 0 | ||||||||
Balance at Dec. 31, 2015 | $ 474.1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 598.3 | $ (127.7) | $ 3.5 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 73.8 | 65.6 | 7.2 | 1 | ||||||
Net transfer to parent | (675.1) | (675.1) | ||||||||
Issuance of common stock and reclassification of net parent investment in connection with Separation (in shares) | 70,500,000 | |||||||||
Issuance of common stock and reclassification of net parent investment in connection with Separation | $ 0.7 | (70.3) | 69.6 | |||||||
Issuance of common stock in connection with stock plans (in shares) | [1] | 100,000 | ||||||||
Share-based compensation | 6.4 | 6.4 | ||||||||
Exercise of stock options (in shares) | 600,000 | |||||||||
Exercise of stock options | 4.6 | 4.6 | ||||||||
Share repurchases (in shares) | 100,000 | |||||||||
Share repurchases | (2.1) | $ (2.1) | ||||||||
Other comprehensive (loss) income | (19.7) | (19.9) | 0.2 | |||||||
Dividends and other changes in noncontrolling interest | (1) | (1) | ||||||||
Balance (in shares) at Dec. 31, 2016 | 71,200,000 | 100,000 | ||||||||
Balance at Dec. 31, 2016 | (139) | $ 0.7 | $ (2.1) | 11 | (4.7) | 0 | (147.6) | 3.7 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 553.9 | 553.4 | 0.5 | |||||||
Issuance of common stock in connection with stock plans (in shares) | [1] | 100,000 | ||||||||
Share-based compensation | 8.6 | 8.6 | ||||||||
Exercise of stock options (in shares) | 600,000 | |||||||||
Exercise of stock options | $ 8.6 | 8.6 | ||||||||
Share repurchases (in shares) | 47,000 | |||||||||
Share repurchases | [2] | $ (1.3) | $ (1.3) | |||||||
Other comprehensive (loss) income | 61.9 | 61.9 | ||||||||
Other changes in additional paid in capital | [3] | 1.7 | 1.7 | |||||||
Dividends and other changes in noncontrolling interest | (2.4) | (2.4) | ||||||||
Balance (in shares) at Dec. 31, 2017 | 71,900,000 | 100,000 | ||||||||
Balance at Dec. 31, 2017 | 492 | $ 0.7 | $ (3.4) | 29.9 | 548.7 | 0 | (85.7) | 1.8 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Payments for tax withholding obligations related to employee equity awards | 1.3 | |||||||||
Net income | 15.5 | 15.2 | 0.3 | |||||||
Issuance of common stock in connection with stock plans (in shares) | [1] | 200,000 | ||||||||
Share-based compensation | 4.2 | 4.2 | ||||||||
Exercise of stock options (in shares) | 300,000 | |||||||||
Exercise of stock options | $ 5.5 | 5.5 | ||||||||
Share repurchases (in shares) | 45,100 | 100,000 | [2] | |||||||
Share repurchases | [2] | $ (1.4) | $ (1.4) | |||||||
Other comprehensive (loss) income | (34.3) | (34.3) | ||||||||
Dividends and other changes in noncontrolling interest | (0.1) | (0.1) | ||||||||
Balance (in shares) at Dec. 31, 2018 | 72,400,000 | 200,000 | ||||||||
Balance at Dec. 31, 2018 | 481.4 | $ 0.7 | $ (4.8) | $ 39.6 | $ 563.9 | $ 0 | $ (120) | $ 2 | ||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Payments for tax withholding obligations related to employee equity awards | $ 1.4 | |||||||||
[1] | The par value of shares issued is not included in the table due to rounding. | |||||||||
[2] | During the years ended December 31, 2018 and 2017, GCP withheld and retained approximately 45,100 and 47,000 shares, respectively, of Company common stock in a non-cash transaction with a cost of $1.4 million and $1.3 million, respectively, in connection with fulfilling statutory tax withholding requirements for employees under the provisions of the Company's equity compensation programs. The number of shares repurchased during the year ended December 31, 2017 is not included in the table above due to rounding. During the years ended December 31, 2018 and 2017, payments for tax withholding obligations related to employee equity awards were $1.4 million and $1.3 million, respectively. | |||||||||
[3] | During 2017, GCP assumed certain net pension assets in accordance with the final division of the Grace plan. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
OPERATING ACTIVITIES | |||
Net income | $ 15.5 | $ 553.9 | $ 73.8 |
Less: Income from discontinued operations | 31.3 | 664.3 | 45.2 |
(Loss) income from continuing operations | (15.8) | (110.4) | 28.6 |
Reconciliation to net cash (used in) provided by operating activities: | |||
Depreciation and amortization | 42 | 36.8 | 29.8 |
Amortization of debt discount and financing costs | 1.6 | 2.7 | 2.8 |
Unrealized loss on foreign currency | 0.6 | 2 | 0 |
Stock-based compensation expense | 3.7 | 8.5 | 6.6 |
Gain on termination and curtailment of pension and other postretirement benefit plans | (0.2) | (6.6) | (0.8) |
Currency and other losses in Venezuela | 0 | 40.1 | 3 |
Deferred income taxes | 3.2 | 70.9 | (17.7) |
Loss on debt refinancing | 59.8 | 0 | 0 |
(Gain) loss on disposal of property and equipment | (0.9) | (0.3) | 0.9 |
Loss on sale of product line | 0 | 2.1 | 0 |
Changes in assets and liabilities, excluding effect of currency translation: | |||
Trade accounts receivable | 9.3 | (45.1) | (10.4) |
Inventories | (7.8) | (11.3) | (4.3) |
Accounts payable | (9.7) | 30.9 | 5.7 |
Pension assets and liabilities, net | (7) | (26) | 21.5 |
Other assets and liabilities, net | (3.4) | 4.7 | 10.1 |
Net cash provided by (used in) operating activities from continuing operations | 75.4 | (1) | 75.8 |
Net cash (used in) provided by operating activities from discontinued operations | (133) | (34.1) | 52.1 |
Net cash (used in) provided by operating activities | (57.6) | (35.1) | 127.9 |
INVESTING ACTIVITIES | |||
Capital expenditures | (55) | (45) | (40.9) |
Businesses acquired, net of cash acquired | (29.5) | (121.2) | (47) |
Proceeds from sale of product line | 0 | 2.9 | 0 |
Other investing activities | (2.4) | 2.4 | 1.6 |
Net cash used in investing activities from continuing operations | (86.9) | (160.9) | (86.3) |
Net cash provided by (used in) investing activities from discontinued operations | 0.1 | 1,043.1 | (4.4) |
Net cash (used in) provided by investing activities | (86.8) | 882.2 | (90.7) |
FINANCING ACTIVITIES | |||
Borrowings under credit arrangements | 56.3 | 122.8 | 321.1 |
Repayments under credit arrangements | (69.6) | (419.5) | (32.9) |
Proceeds from issuance of long term note obligations | 350 | 0 | 525 |
Repayments of long term note obligations | (578.3) | 0 | 0 |
Cash paid for debt financing costs | (6.9) | 0 | (18.2) |
Payments of tax withholding obligations related to employee equity awards | (1.4) | (1.3) | (2.1) |
Proceeds from exercise of stock options | 5.5 | 8 | 4.3 |
Noncontrolling interest dividend | (0.1) | (2) | (1) |
Transfers to parent, net | 0 | 0 | (758.7) |
Other financing activities | (2.8) | 0 | 0 |
Net cash (used in) provided by financing activities from continuing operations | (247.3) | (292) | 37.5 |
Net cash provided by (used in) financing activities from discontinued operations | 0 | 1.1 | (5.8) |
Net cash (used in) provided by financing activities | (247.3) | (290.9) | 31.7 |
Effect of currency exchange rate changes on cash and cash equivalents | (3.7) | 2 | (4.2) |
(Decrease) increase in cash and cash equivalents | (395.4) | 558.2 | 64.7 |
Cash and cash equivalents, beginning of period | 721.5 | 163.3 | 98.6 |
Cash and cash equivalents, end of period | 326.1 | 721.5 | 163.3 |
Less: Cash and cash equivalents of discontinued operations | 0 | 0 | 16.3 |
Cash and cash equivalents of continuing operations, end of period | 326.1 | 721.5 | 147 |
Supplemental cash flow disclosures: | |||
Cash paid for income taxes, net of refunds | 23.1 | 11.2 | 24.4 |
Cash paid for interest on note and credit arrangements | $ 46.3 | $ 59.6 | $ 39.3 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies | Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies GCP is engaged in the production and sale of specialty construction chemicals and specialty building materials through two operating segments. Specialty Construction Chemicals ("SCC") manufactures and markets concrete admixtures and cement additives. Specialty Building Materials ("SBM") manufactures and markets sheet and liquid membrane systems that protect structures from water, air and vapor penetration, fireproofing and other products designed to protect the building envelope. On July 3, 2017 (the "Closing Date"), GCP completed the sale of its Darex Packaging Technologies ("Darex") business to Henkel AG & Co. KGaA (“Henkel”) for $1.06 billion in cash. As discussed further below under "Discontinued Operations," the results of operations for Darex have been excluded from continuing operations and segment results for all periods presented. Basis of Presentation The accompanying Consolidated Financial Statements are presented on a consolidated basis and include all of the accounts and operations of GCP and its majority-owned subsidiaries, except as noted below with respect to the Company's Venezuela subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The financial statements reflect the financial position, results of operations and cash flows of GCP in accordance with generally accepted accounting principles in the United States ("GAAP") and with the instructions to Form 10-K. Discontinued Operations On July 3, 2017, the Company completed the sale of Darex to Henkel. In conjunction with this transaction and applicable GAAP, the assets and liabilities related to Darex in the applicable delayed close countries have been reclassified and reflected as held for sale in the Consolidated Balance Sheets as of December 31, 2018 and 2017, as discussed further in Note 18, "Discontinued Operations". Additionally, Darex results of operations and cash flows have been reclassified and reflected as "discontinued operations" in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows for all periods presented. Unless otherwise noted, the information throughout the Notes to the Consolidated Financial Statements pertains only to the continuing operations of GCP. Please refer to Note 18, "Discontinued Operations" for further discussion of discontinued operations. Deconsolidation of Venezuelan Operations Prior to July 3, 2017, the Company included the results of its Venezuelan operations (“GCP Venezuela”) in the Consolidated Financial Statements using the consolidation method of accounting. Venezuelan exchange control regulations have resulted in an other-than-temporary lack of exchangeability between the Venezuelan bolivar and U.S. dollar, and have restricted GCP Venezuela’s ability to pay dividends and meet obligations denominated in U.S. dollars. These exchange regulations, combined with other regulations, have constrained availability of raw materials and have significantly limited GCP Venezuela’s ability to maintain normal production. As a result of these conditions, combined with the loss of scale in Venezuela resulting from the sale of the Company’s Darex-related operations and assets in Venezuela, GCP deconsolidated its Venezuelan operations as of July 3, 2017 in accordance with provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation . During the year ended December 31, 2017, GCP recognized a pre-tax loss of $36.7 million which is included in “Loss in Venezuela” in the Consolidated Statements of Operations. The loss is primarily related to the recognition of unfavorable cumulative translation adjustments of $33.4 million associated with the Venezuelan business. Subsequent to the deconsolidation, the Company began accounting for GCP Venezuela using the cost method of accounting in accordance with which the Company's financial results no longer include the operating results of GCP Venezuela. The Company records cash and recognizes income from its Venezuelan operations in the Consolidated Financial Statements to the extent GCP is paid for inventory sold to or dividends are received from GCP Venezuela. During the three months ended December 31, 2018, the Company sold its remaining SCC operations within its Venezuela subsidiary. Both the proceeds from the sale and the loss on the sale did not have a material impact to the Consolidated Financial Statements. As of December 31, 2018, the remaining operations within GCP Venezuela represent the Darex operations expected to be sold to Henkel within the next 12 months under a delayed close arrangement. The remaining investment in GCP Venezuela is classified as held for sale within the Company's Consolidated Balance Sheets as of December 31, 2018 and 2017 and is not material. Separation from Grace On January 27, 2016, GCP entered into a separation and distribution agreement pursuant to which W.R. Grace & Co. ("Grace") agreed to transfer its Grace Construction Products operating segment and the packaging technologies business, operated under the “Darex” name, of its Grace Materials Technologies operating segment to GCP (the "Separation"). The Separation occurred on February 3, 2016, by means of a pro rata distribution to Grace stockholders of all of the then-outstanding shares of Company common stock, at which time GCP became an independent public company and its common stock listed and began trading under the symbol "GCP" on the New York Stock Exchange. Subsequent to the Separation, Grace continued providing to GCP certain general corporate services related to finance, information technology, human resources and other services under a transition services agreement which remained in place for a period of 18 months from the Separation. During the year ended December 31, 2017, the activities related to the transition services agreement were complete. Please refer to Note 13, "Related Party Transactions" for further information on the transition services agreement between GCP and Grace. Subsequent to the Separation, Grace no longer represents a related party of the Company. All transactions between GCP and Grace have been included in these Consolidated Financial Statements. Noncontrolling Interests GCP conducts certain business through joint ventures with unaffiliated third parties. GCP consolidates the results of joint ventures in which it has controlling financial interest in the Consolidated Financial Statements. GCP reduces its consolidated net income (loss) by the amount of net income attributable to noncontrolling interests. Summary of Significant Accounting and Financial Reporting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses for the periods presented. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known. Actual results could differ from these estimates. GCP's accounting measurements that are most affected by management's estimates related to future events are as follows: • Goodwill and indefinite-lived intangible assets, which are subject to an impairment assessment on an annual basis or more frequently if events occur or circumstances change that would more likely than not reduce their fair values below carrying values. Such impairment assessment requires judgment based on market and operational conditions at the time it is conducted since it is based on estimates and assumptions related to determining fair values of reporting units and indefinite-lived intangible assets, including future expected cash flow projections, discount and royalty rates, as well as long term sales growth rate forecasts (please refer to Note 5, "Goodwill and Other Intangible Assets"); • Realization values of net deferred tax assets which depend on projections of future taxable income (please refer to Note 7, "Income Taxes"); • Contingent liabilities, which depend on an assessment of the probability of loss occurrence and an estimate of ultimate resolution cost, that may arise from circumstances such as legal disputes, environmental remediation, product liability claims, material commitments (please refer to Note 10, "Commitments and Contingencies") and income taxes (please refer to Note 7, "Income Taxes"); • Pension and postretirement liabilities that depend on assumptions regarding participant life spans, future inflation, discount rates and return on plan assets (please refer to Note 8, "Pension Plans and Other Postretirement Benefit Plans"); • Fair values of assets acquired and liabilities assumed in a business combination recognized based on the purchase method of accounting, including definite-lived intangible assets and their useful lives. Such fair value estimates depend on assumptions related to future expected cash flow projections, customer attrition rates, royalty cost savings, and appropriate discount rates used in computing present values (please refer to Note 17, "Acquisitions and Dispositions"); and • Stock-based compensation expense which requires making estimates of fair value of equity awards issued at the grant date, as well as expected forfeiture rates and awards expected to vest. Such estimates require significant judgment since they are based on the assumptions related to participant activity, market results and employee voluntary termination behavior. Additionally, the Company makes estimates related to the likelihood of achieving performance goals for performance-based units (the "PBUs") that vest upon the satisfaction of these goals. PBUs are remeasured during each reporting period based on the expected payout of the award. As a result, stock-based compensation expense related to these awards is subject to volatility until the payout is determined at the end of the performance period (please refer to Note 14, "Stock Incentive Plans"). Acquisitions The Company accounts for business acquisitions that meet the definition of a business combination using the acquisition method of accounting, in accordance with which assets acquired and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration transferred in a business combination, including any contingent consideration, is allocated to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions, and the purchase price is allocated to the net assets acquired based on their relative fair values without recognizing goodwill. Significant judgments are used in determining fair values of assets acquired and liabilities assumed. Fair value and intangible asset useful life determinations are based on, among other factors, estimates of future expected cash flows, customer attrition rates, royalty cost savings, and appropriate discount rates used in computing present values. These judgments may materially impact the estimates used in allocating the purchase price to assets acquired and liabilities assumed, as well as the Company’s current and future operating results. Actual results may vary from these estimates which may result in adjustments to goodwill and acquisition date fair values of assets and liabilities during a measurement period or upon a final determination of asset and liability fair values, whichever occurs first. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within the Company’s operating results. Operating Segments GCP reports financial results of each of its operating segments that engage in business activities that generate revenues and expenses. Operating segments represents GCP's operations that engage in business activities for which discrete financial information is available and regularly reviewed by GCP's chief operating decision maker in deciding how to allocate resources and assess the segments' performance. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid instruments with original maturities of three months or less that are readily convertible to known amounts of cash. The recorded amounts approximate fair value. As of December 31, 2018 cash equivalents were approximately $111.2 million and consisted primarily of Bank Certificate of Deposits which were classified within Level 2 of the fair value hierarchy because they are not actively traded. Cash equivalents were immaterial as of December 31, 2017. Accounts Receivable, Allowance for Doubtful Accounts Trade accounts receivable include amounts billed and currently due from customers. The amounts due are stated at their estimated net realizable value. The Company maintains an allowance for doubtful accounts to recognize the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. The Company reviews its allowance for doubtful accounts on a quarterly basis and adjusts the balance based on the Company’s estimates of the receivables’ recoverability in the period the changes in estimates occur and become known. Accounts receivable balances are written off against the allowance for doubtful accounts when the Company determines that the balances are not recoverable. Provisions for doubtful accounts are recorded in "Selling, general and administrative expenses" in the Consolidated Statements of Operations. As of December 31, 2018 and 2017, allowance for doubtful accounts was $5.8 million and $5.7 million , respectively. Inventories Inventories are stated at the lower of cost or net realizable value. Costs are determined on a first-in, first-out ("FIFO") basis and include direct and certain indirect costs of materials and production. GCP provides allowances for excess, obsolete or damaged inventories based on their expected selling price, net of completion and disposal costs. Abnormal costs of production are expensed as incurred. Contract Assets and Contract Liabilities Contract assets consist of unbilled amounts typically resulting from sales under long-term contracts when the revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of advance customer payments and billings for revenue not meeting the criteria to be recognized and/or in excess of costs incurred. The Company’s contract assets and liabilities resulting from its contracts in the SCC or SBM operating segments were not material as of December 31, 2018 and 2017. Additionally, the amounts recorded in the Statements of Operations for the years ended December 31, 2018 and 2017 related to changes in the contract assets and liabilities during the periods were not material. Costs to Obtain a Contract GCP pays external sales agents certain commissions based on actual customer sales and has determined that such amounts represent incremental costs incurred in obtaining such customer contracts. The performance obligations associated with these costs are satisfied at a point in time and accordingly the amortization period of such costs is less than one year. The Company expenses these costs as incurred in accordance with the practical expedient that allows for such treatment, as prescribed by ASC Topic 340-40, Costs to obtain or fulfill a contract . Such costs were not material during the year ended December 31, 2018. Long-Lived Assets Properties and equipment are stated at cost, net of accumulated depreciation. Depreciation expense for properties and equipment is computed using the straight-line method and charged to results of operations to allocate the cost of the assets over their estimated useful lives. Estimated useful lives for properties and equipment range from: (i) 20 to 40 years for buildings, (ii) 3 to 7 years for information technology equipment, (iii) 3 to 10 years for operating machinery and equipment and (iv) 5 to 10 years for furniture and fixtures. Interest costs are capitalized as part of the historical cost of acquiring properties and equipment that constitute major project expenditures and require a period of time to get them ready for their intended use. Fully depreciated assets are retained in properties and equipment and related accumulated depreciation accounts until they are removed from service. Cost of disposed assets, net of accumulated depreciation, are derecognized upon their retirement or at the time of disposal, and the corresponding amount, net of any proceeds from disposal, is reflected in the Company's results of operations. Costs related to legal obligations associated with asset retirements, such as restoring a site to its original condition, are recognized as liabilities and corresponding assets at amounts equal to the net present value of estimated future cash flows that will be required to settle such liabilities. Capitalized asset costs are depreciated over the related asset's estimated useful life. Intangible assets with finite lives consist of technology, customer relationships, trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 1 to 20 years. Fair value and useful life determinations are based on, among other factors, estimates of future expected cash flows, customer attrition rates, royalty cost savings and appropriate discount rates used in computing present values. GCP reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable based on indicators of impairment. For purposes of this test, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the Company determines that indicators of potential impairment are present, it assesses the recoverability of a long-lived asset group by comparing the sum of its undiscounted future cash flows to its carrying value. The future cash flow period is based on the future service life of the primary asset within the long-lived asset group. If the carrying value of the long-lived asset group exceeds its future cash flows, the Company determines fair values of the individual net assets within the long-lived asset group to assess for potential impairment. If the aggregate fair values of the individual net assets of the group are less than their carrying values, an impairment loss is recognized for an amount in excess of the group’s aggregate carrying value over its fair value. The loss is allocated to the assets within the group based on their relative carrying values, with no asset reduced below its fair value. During the years ended December 31, 2018 and 2017, the Company recorded impairment charges of $4.5 million and $1.2 million , respectively, related to GCP's 2018 and 2017 Restructuring and Repositioning Plans. Please refer to Note 11, "Restructuring Expenses, Asset Impairments and Repositioning Expenses" for further information on impairment charges recognized during the years ended December 31, 2018 and 2017. There were no impairment charges recognized during the year ended December 31, 2016. Goodwill Goodwill arises from certain business combinations and represents the excess of a purchase price over the fair value of net tangible and identifiable intangible assets of the businesses acquired. GCP reviews its goodwill for impairment at the reporting unit level on an annual basis, or more often if impairment indicators are present based on events or changes in circumstances indicating that the carrying amount of goodwill may not be fully recoverable. Recoverability is assessed at the reporting unit level which is most directly associated with the business combination that resulted in the recognition of the goodwill. For the purpose of the goodwill impairment assessment based on the provisions of ASC 350, Intangibles—Goodwill and Other ("ASC 350"), GCP has determined that it has two reporting units which are its operating segments. In accordance with ASC 350, the Company first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines, based on this assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying value, it performs a quantitative goodwill impairment test by comparing these amounts. If the fair value exceeds the carrying amount, no impairment loss is recognized. However, if the carrying amount of the reporting unit exceeds its fair value, the goodwill of the reporting unit may be impaired. The amount of impairment loss, if any, is measured based upon the implied fair value of goodwill as of the valuation date. Goodwill is deemed to be impaired when its carrying amount exceeds its implied fair value. Fair value of a reporting unit is determined using a combined weighted average of a market-based approach (utilizing fair value multiples of comparable publicly traded companies) and an income-based approach (utilizing discounted projected cash flows model). In applying the income-based approach, the fair value of each reporting unit is determined in accordance with the discounted projected cash flow valuation model based on the estimated projected future cash flows and terminal value discounted at the rate which reflects the weighted average costs of capital. The inputs and assumptions that are most likely to impact the reporting unit's fair value include the discount rate, long-term sales growth rates and forecasted operating margins. In applying the market-based approach, GCP determines the reporting unit’s business enterprise fair value based on inputs and assumptions related to average revenue multiples and earnings before interest, tax, depreciation and amortization multiples derived from its peer group which are weighted and adjusted for size, risk and growth of the individual reporting unit. Application of the goodwill impairment assessment requires judgment based on market and operational conditions at the time of the evaluation, including management’s best estimates of the reporting unit’s future business activity and the related estimates and assumptions of future cash flows from the assets that include the associated goodwill. Different estimates and assumptions of forecasted long-term sales growth rates, operating margins, future cash flows, weighted average cost of capital discount rate, as well as peer company multiples used in the valuation models could result in different estimates of the reporting unit’s fair value as of each testing date. These periodic evaluations could cause management to conclude that impairment factors exist, requiring an adjustment of these assets to their then-current fair market values. Future business conditions could differ materially from the projections made by management which could result in additional adjustments and impairment charges. GCP performed its annual impairment test as of October 31, 2018 for the two reporting units and, based upon the results of the qualitative assessment, determined that it was not likely that their fair values were less than their carrying amounts. As such, the Company did not perform the two-step goodwill impairment test and did not recognize impairment losses as a result of its analysis. If events occur or circumstances change that would more likely than not reduce the fair values of the reporting units below their carrying values, goodwill will be evaluated for impairment between annual tests. There were no goodwill impairment charges recognized in any of the periods presented in the Consolidated Statements of Operations. Indefinite-Lived Intangible Assets GCP reviews its indefinite-lived intangible assets for impairment annually, or whenever events or changes in circumstances indicate that the carrying amounts may not be fully recoverable. Indefinite-lived intangible assets are tested for impairment by performing either a qualitative evaluation or a quantitative test which requires judgment based on market and operational conditions at the time of the evaluation. GCP first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that indefinite-lived intangible assets are impaired. If GCP determines, based on this assessment, that it is more likely than not that the assets are impaired, it perform a quantitative impairment test by comparing the assets' fair values with their carrying values. No impairment loss is recognized if the fair values exceed the carrying values. However, if the carrying values of the indefinite-lived intangible assets exceed their fair values, the amount of such excess is recognized as an impairment loss during the period identified and the assets' carrying values are written down to their fair values. Fair values of the indefinite-lived intangible assets are determined based on a relief-from-royalty valuation method. The inputs and assumptions that are most likely to impact the intangible assets' fair values due to their sensitivity include the discount rate, royalty rate and long-term sales growth rates. GCP performed its annual impairment assessment related to the indefinite-lived intangible assets as of October 31, 2018. The Company determined, based upon the results of the qualitative assessment, that it was not likely that the fair values of the indefinite-lived intangible assets were less than their carrying amounts. As such, it did not perform the quantitative assessment as a part of the impairment test and did not recognize impairment losses as a result of its analysis. If events occur or circumstances change that would more likely than not reduce the fair values of the indefinite-lived intangible assets below their carrying values, the indefinite-lived intangible assets will be evaluated for impairment between annual tests. There were no impairment charges recognized during any of the periods presented in the Consolidated Statements of Operations. Income Tax As a global enterprise, GCP is subject to a complex array of tax regulations and needs to make assessments of applicable tax law and judgments in estimating its ultimate income tax liability. Income tax expense and income tax balances represent GCP’s federal, state and foreign income taxes as an independent company. GCP files a U.S. consolidated income tax return, along with foreign and state corporate income tax filings, as required. GCP's deferred taxes and effective tax rate may not be comparable to those of historical periods prior to the Separation. Please refer to Note 7, "Income Taxes," for details regarding estimates used in accounting for income tax matters including unrecognized tax benefits. Deferred tax assets and liabilities are recognized with respect to the expected future tax consequences of events that have been recorded in the Consolidated Financial Statements. If it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is provided against such deferred tax assets. The assessment of realization of deferred tax assets is performed based on the weight of the positive and negative evidence available to indicate whether the asset is recoverable, including tax planning strategies that are prudent and feasible. Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. GCP evaluates such likelihood based on relevant facts and tax law. Revenue Recognition Effective January 1, 2018, GCP has adopted FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). Revenue is recognized upon transfer of control of products or services promised to customers in an amount that reflects the consideration the Company expect to receive in exchange for these products or services. Please refer to Note 2, "Revenue from Contracts with Customers" for further information on the Company's revenue recognition policies. Pension Benefits GCP's method of accounting for actuarial gains and losses relating to its global defined benefit pension plans is referred to as "mark-to-market accounting." In accordance with mark-to-market accounting, GCP's pension costs consist of two elements: 1) ongoing costs recognized quarterly, which include service and interest costs, expected returns on plan assets and amortization of prior service costs/credits; and 2) mark-to-market gains and losses recognized annually in the fourth quarter resulting from changes in actuarial assumptions, such as discount rates and the difference between actual and expected returns on plan assets. If a significant event occurs, such as a major plan amendment or curtailment, GCP's pension obligations and plan assets would be remeasured at an interim period and the mark-to-market gains or losses on remeasurement would be recognized in that period. The net periodic pension costs and the defined benefit pension plan obligation are determined based on certain assumptions related to the estimated future benefits that employees earn while providing services, the amount of which cannot be completely determined until the benefit payments cease. Key assumptions used in accounting for employee benefit plans include the discount rate and the expected return on plan assets. Assumptions are determined based on Company data and appropriate market indicators in consultation with third-party actuaries, and are evaluated each year as of the plans’ measurement date. A change in any of these assumptions would have an effect on net periodic pension costs and the defined benefit pension plan obligation. Stock-Based Compensation Expense GCP grants equity awards, including stock options, restricted stock units (the "RSUs") and PBUs with or without market conditions which vest upon the satisfaction of a performance condition and/or a service condition. GCP estimates the fair value of equity awards issued at the grant date. The fair value of the awards is recognized as stock-based compensation expense on a straight line basis, net of estimated forfeitures, for each separately vesting portion of the award over the employee’s requisite service period which may be a stated vesting period during which employees render services in exchange for equity and/or liability instruments of the Company. Estimates related to equity award forfeitures are adjusted to their actual amounts at the end of the vesting period resulting in the recognition of cumulative stock-based compensation expense only for those awards that actually vest. The fair value of RSUs is determined based on the number of shares granted and the market closing price of the Company’s common stock on the date of grant. The fair value of stock options is determined using the Black-Scholes option-pricing model which incorporates the assumptions related to the risk-free rate, options' expected term, expected stock price volatility and expected dividend yield. The risk-free rate is based on the U.S. Treasury yield curve published as of the grant date, with maturities approximating the expected term of the options. GCP estimates the expected term of the options based on the simplified method in accordance with the provisions of ASC Topic 718-20, Awards Classified as Equity , determined as the average term between the options’ vesting period and their contractual term. GCP estimates the expected stock price volatility based on an industry peer group’s historic stock prices over a period commensurate with the options’ expected |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Short-Term Arrangements The majority of the Company’s revenue is generated from short-term arrangements associated with the production and sale of concrete admixtures and cement additives within its SCC operating segment, as well as sheet and liquid membrane systems and other specialty products designed to protect the building envelope within its SBM operating segment. The products sold are priced based on the costs of producing goods and the value delivered to the customer. In these arrangements, the customer generally pays GCP for the contract price agreed upon within a short period of time, which is between thirty and sixty days . For such arrangements, the transfer of control takes place at a point in time when products are shipped to the customer. The evaluation of transfer of control for these goods does not involve significant judgment. Revenue from these contracts with customers is therefore typically recognized upon shipment of the product or delivery at the customer’s site depending on the shipping terms, provided the transaction price can be estimated appropriately and the Company expects to collect the consideration to which it is entitled in exchange for the products it ships. The Company generates revenue from short-term arrangements within its SCC operating segment which involve selling concrete admixtures and providing dispensers to customers. GCP has determined that the dispensers represent a lease and has allocated revenue between the lease and non-lease components based on the relative stand-alone selling price of each component which is determined based on a cost plus a reasonable margin approach for the lease component and standalone selling prices for the non-lease component. The Company recognizes revenue for the non-lease component at a point of time when the control is transferred to the customer. The lease component is considered a short-term obligation which is generally thirty days or less. The Company recognizes revenue for the lease component over the term of the lease in accordance with provisions of ASC Topic 840, Leases ("Topic 840"). GCP records dispensers as fixed assets and depreciates them over their estimated useful life . Long-Term Arrangements The Company generates revenue from long-term arrangements within its SCC operating segment, which generally consist of VERIFI ® and Ductilcrete sales arrangements. VERIFI ® sales arrangements involve installing equipment on the customers’ trucks and at their plants, as well as performing slump management and truck location tracking services. The Company has determined that the installed equipment represents a lease. The Company allocates the transaction price in a VERIFI ® sales arrangement between the lease and non-lease components based on valuation techniques that estimate a relative stand-alone selling price of each component. The services included within the non-lease component represent the Company’s stand-ready promise to perform a series of daily distinct services, which is combined into a single performance obligation. The Company recognizes revenue associated with such services over time since the customer simultaneously receives and consumes the benefits provided by such services. The transaction price in a VERIFI ® sales arrangement consists of installation fees and slump management fees which are dependent on the quantity of materials poured and represent variable consideration. The Company records the amount of variable consideration at the time of the transfer of services to its customers, which is constrained by the amount for which a significant revenue reversal is not probable to occur. Revenue for the lease component is recognized over the term of the lease in accordance with provisions of Topic 840. Revenue generated from VERIFI ® sales arrangements represented less than 10% of the Company's consolidated revenue during the year ended December 31, 2018 . Ductilcrete sales arrangements include licenses without significant standalone functionality and usage fees received upfront, both of which represent separate performance obligations for which revenue is recognized over the period of related services. Additional performance obligations included in these arrangements are related to other fees and product sales for which revenue is recognized at a point in time once such performance obligations are satisfied. Revenue generated from Ductilcrete sales arrangements represented less than 10% of the Company's consolidated revenue during the year ended December 31, 2018 . Lease elements within sales arrangements Certain sales arrangements within the SCC operating segment related to VERIFI ® and certain admixture contracts include lease components, as discussed above. Revenue for the lease components is recognized over the term of the leases in accordance with provisions of Topic 840. During the year ended December 31, 2018 , the Company recognized revenue of $33.1 million related to the lease components of the arrangements within the SCC operating segment. During the year ended December 31, 2018 , installation and slump management fees revenue attributable to the VERIFI ® non-lease components was $4.3 million . As of December 31, 2018 and 2017, the Company’s total trade accounts receivable balance was $198.6 million and $ 217.1 million , respectively, of which $4.7 million and $5.6 million , respectively, was related to trade accounts receivable associated with rental revenue generated from leases within certain SCC contracts and accounted for within the provisions of ASC Topic 840, Leases ("Topic 840"). Other revenue considerations The Company generally provides warranties that its products will function as intended. GCP accrues a general warranty liability at the time of sale based on historical experience and on a transaction-specific basis according to individual facts and circumstances. The Company accepts returns for certain products sales. These returns are at the discretion of the Company and typically are only granted within six months from the date of sale. GCP records these returns at the time of the sale based on historical experience and recognizes them as a reduction of transaction price. Certain long-term agreements with customers may include one-time, upfront payments made to customers. GCP defers these costs and recognizes them as assets which get amortized over the term of the agreement as a reduction of gross sales. Certain customer arrangements include conditions for volume rebates. GCP records a rebate allowance and reduces transaction price for anticipated selling price adjustments at the time of sale. GCP regularly reviews and estimates rebate accruals based on actual and anticipated sales patterns. The Company also evaluates contracts with customers that contain early payment discounts and reduces transaction price by the amount not expected to be collected due to such discounts in any given period. The Company does not include any taxes (i.e. sales, use, value added and some excise taxes) in the transaction price that is allocated among its products or services. The Company has elected to account for shipping and handling costs as fulfillment activities based on the provisions of Topic 606 allowing it to continue its current treatment of the associated revenue and costs based on the new standard. GCP expenses shipping and handling costs in the period they are incurred and presents them within "Cost of goods sold" in the accompanying Consolidated Statements of Operations. The Company’s revenue is principally recognized as goods and services are delivered and performance obligations are satisfied upon delivery. The Company has certain long-term arrangements resulting in remaining obligations for which the work has not been performed or has been partially performed. As of December 31, 2018 , the aggregate amount of the transaction price allocated to remaining performance obligations was $5.1 million , including the estimated transaction price to be earned as revenue over the remaining term of these contracts, which is generally one to five years . |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net The following is a summary of inventories presented in GCP's Consolidated Balance Sheets at December 31, 2018 and December 31, 2017: December 31, (In millions) 2018 2017 Raw materials $ 46.0 $ 41.9 In process 4.6 3.5 Finished products and other 59.9 60.9 Total inventories $ 110.5 $ 106.3 The "Finished products and other" category presented in the table above includes "other" inventories, which consist of finished products purchased rather than produced by GCP of $12.9 million and $11.1 million , respectively, as of December 31, 2018 and December 31, 2017 . |
Properties and Equipment
Properties and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Properties and Equipment | Properties and Equipment The following is a summary of properties and equipment presented in GCP's Consolidated Balance Sheets at December 31, 2018 and December 31, 2017: December 31, (In millions) 2018 2017 Land $ 8.5 $ 6.3 Buildings 136.7 131.9 Machinery, equipment and other 407.8 388.9 Information technology and equipment 79.2 76.6 Projects under construction 18.3 20.4 Properties and equipment, gross 650.5 624.1 Accumulated depreciation and amortization (425.4 ) (407.5 ) Properties and equipment, net $ 225.1 $ 216.6 Depreciation and amortization expense related to properties and equipment was $32.5 million , $30.4 million and $25.9 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The carrying amount of goodwill attributable to each operating segment and the changes in those balances during the years ended December 31, 2018 and 2017 , are as follows: (In millions) SCC SBM Total Balance, December 31, 2016 $ 45.8 $ 69.1 $ 114.9 Foreign currency translation 3.8 6.9 10.7 Acquisitions 15.5 58.4 73.9 Divestitures — $ (1.3 ) (1.3 ) Balance, December 31, 2017 $ 65.1 $ 133.1 $ 198.2 Foreign currency translation (2.8 ) (7.4 ) (10.2 ) Acquisitions — 19.9 19.9 Balance, December 31, 2018 $ 62.3 $ 145.6 $ 207.9 Other Intangible Assets As of December 31, 2018 and 2017, technology and other intangible assets of $89.0 million and $91.8 million , respectively, consisted of finite-lived intangible assets of $85.1 million and $86.2 million , respectively, and indefinite-lived intangible assets of $3.9 million and $5.6 million , respectively. The following is a summary of the finite-lived intangible assets presented in Consolidated Balance Sheets as of December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 (In millions) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Accumulated Net Book Value Customer relationships $ 87.3 $ 29.8 $ 57.5 $ 82.4 $ 25.4 $ 57.0 Technology (1) 40.2 16.9 $ 23.3 39.4 14.2 25.2 Trademarks (1) 12.4 9.8 $ 2.6 13.0 10.0 3.0 Other 6.6 4.9 $ 1.7 5.9 4.9 1.0 Total $ 146.5 $ 61.4 $ 85.1 $ 140.7 $ 54.5 $ 86.2 _______________________________ (1) During the year ended December 31, 2017, technology and trademarks in the table above included $1.5 million and $4.1 million , respectively, of indefinite-lived intangible assets. During the year ended December 31, 2018, such technology and trademarks were excluded from the table since they are not finite-lived intangible assets. Total indefinite-lived intangible assets consisted of purchased technology, trademarks and trade names, as well as in-process research and development assets and amounted to $3.9 million and $5.6 million , respectively, at December 31, 2018 and 2017 . During the year ended December 31, 2017, GCP acquired the intellectual property and related assets of Contek Shilstone Inc., including $1.5 million of goodwill and $1.5 million of in-process research and development assets which were included in the indefinite-lived intangible assets of $5.6 million at December 31, 2017. During the year ended December 31, 2018, the in-process research and development assets of $1.5 million were reclassified into amortizable technology intangible assets since the related research and development activities were completed. Please refer to Note 17, "Acquisitions and Dispositions" for further information on the intangible assets and goodwill acquired during the years ended December 31, 2018 and 2017 . Amortization expense related to finite-lived intangible assets was $9.5 million , $6.4 million and $3.9 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 , the estimated future annual amortization expense for intangible assets is as follows: (In millions) Amount Year ending December 31, 2019 $ 9.4 2020 9.1 2021 8.7 2022 8.7 2023 8.6 Thereafter 40.6 Total $ 85.1 |
Debt and Other Borrowings
Debt and Other Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Other Borrowings | Debt and Other Borrowings Components of Debt The following is a summary of obligations related to the senior notes and other borrowings at December 31, 2018 and December 31, 2017: December 31, (In millions) 2018 2017 5.5% Senior Notes due in 2026, net of unamortized debt issuance costs of $4.4 million at December 31, 2018 $ 345.6 $ — 9.5% Senior Notes due in 2023, net of unamortized debt issuance costs of $6.4 million at December 31, 2017 — 518.6 Revolving credit facility due in 2023 (1) — — Other borrowings (2) 11.1 25.7 Total debt 356.7 544.3 Less debt payable within one year 10.6 24.0 Debt payable after one year $ 346.1 $ 520.3 Weighted average interest rates on total debt obligations outstanding at December 31, 2018 and 2017 5.7 % 9.4 % __________________________ (1) Represents borrowings under the Revolving Credit Facility with an aggregate available principal amount of $350.0 million and $250.0 million , respectively, as of December 31, 2018 and December 31, 2017. (2) Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries. The principal maturities of debt obligations outstanding, net of debt issuance costs, were as follows at December 31, 2018 : (In millions) Year ending December 31, Amount 2019 $ 10.6 2020 0.5 2021 — 2022 — 2023 — Thereafter 345.6 Total debt $ 356.7 Debt Refinancing On April 10, 2018 , GCP redeemed its then existing 9.5% Senior Notes with an aggregate principal amount of $525.0 million due in 2023 (the “ 9.5% Senior Notes”). On April 10, 2018, the Company also issued 5.5% Senior Notes with an aggregate principal amount of $350.0 million maturing on April 15, 2026 (the " 5.5% Senior Notes") and amended its Credit Agreement to, among other things, (i) increase the aggregate principal amount available under its revolving credit facility to $350.0 million , (ii) extend the maturity date of the revolving credit facility thereunder to April 2023 and (iii) make certain other changes to the covenants and other provisions therein. Additionally, on April 10, 2018, the Company borrowed $50.0 million in aggregate principal amount of revolving loans under the Credit Agreement which was fully repaid during the three months ended June 30, 2018. The aggregate cash payment of $587.9 million , which consisted of: (i) proceeds of $350.0 million from the issuance of the 5.5% Senior Notes, net of loan origination fees of $3.1 million , (ii) borrowings of $50.0 million under the Credit Agreement, and (iii) a cash payment of $191.0 million was used to redeem all of the then outstanding 9.5% Senior Notes in accordance with the terms of the indenture governing the 9.5% Senior Notes. The redemption of the 9.5% Senior Notes was accounted for as a debt extinguishment in accordance with provisions of ASC Topic 470-50, Debt Modifications and Extinguishments . During the year ended December 31, 2018, GCP recognized a loss on debt extinguishment of $59.4 million which was included in "Interest expense and related financing costs" in the Consolidated Statements of Operations. In connection with the redemption of the 9.5% Senior Notes with then outstanding principal balance of $525.0 million , GCP paid total cash proceeds of $587.9 million , including $53.3 million of a redemption premium and $9.6 million of accrued interest unpaid thereon through the redemption date, and wrote off $6.1 million of previously deferred debt issuance costs. The amendment to the Credit Agreement among GCP and a syndicate of financial institutions resulted in an increase in a maximum borrowing capacity under the Revolving Credit Facility from $250.0 million to $350.0 million and extension of its maturity date to April 2023. During the year ended December 31, 2018, GCP wrote off $0.4 million of deferred debt issuance costs related to a financial institution that exited the syndicate upon amendment of the Credit Agreement. As of December 31, 2018, debt issuance costs of $4.3 million related to the financial institutions that remained in the syndicate are presented within "Other assets" in the Consolidated Balance Sheets and amortized over the term of the Revolving Credit Facility. The total loss recognized on the debt refinancing transaction was $59.8 million which was included in "Interest expense and related financing costs" in the Consolidated Statements of Operations and consisted of $59.4 million related to the extinguishment of the 9.5% Senior Notes and $0.4 million related to a deferred issuance costs write-off in connection with the amendment of the Credit Agreement. 5.5% Senior Notes On April 10, 2018, GCP issued 5.5% Senior Notes with an aggregate principal amount of $350.0 million maturing on April 15, 2026. The 5.5% Senior Notes were issued at $346.9 million , or 99.1% of their par value, resulting in a discount of $3.1 million , or 0.9% , which represented loan origination fees paid at the closing. The Company incurred additional deferred financing costs of $1.6 million related to the issuance. Interest is payable semi-annually in arrears on April 15 and October 15 of each year, which commenced on October 15, 2018. The 5.5% Senior Notes were issued pursuant to an Indenture (the “Indenture”), by and among GCP, the guarantors party thereto (the “Note Guarantors”) and Wilmington Trust, National Association, as trustee. The 5.5% Senior Notes and the related guarantees rank equally with all of the existing and future unsubordinated indebtedness of GCP and the Note Guarantors and senior in right of payment to any existing and future subordinated indebtedness of GCP and the Note Guarantors. The 5.5% Senior Notes and related guarantees are effectively subordinated to any secured indebtedness of GCP or the Note Guarantors, as applicable, to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness and other liabilities of GCP’s non-guarantor subsidiaries. Subject to certain conditions stated in the Indenture, GCP may, at its option and at any time and from time to time prior to April 15, 2021, redeem the 5.5% Senior Notes in whole or in part at a redemption price equal to: (i) 100% of their principal amount redeemed, plus (ii) the applicable premium, as defined in the Indenture, plus (iii) accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, GCP may, at its option, redeem up to 40% of the outstanding principal amount of the 5.5% Senior Notes at any time and from time to time prior to April 15, 2021 with the net cash proceeds from certain equity offerings at a redemption price equal to: (i) 105.5% of the principal amount redeemed, plus (ii) accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. At any time and from time to time on or after April 15, 2021, GCP may, at its option, redeem the 5.5% Senior Notes in whole or in part at the redemption price equal: (i) 102.8% of the par value if redeemed after April 15, 2021, (ii) 101.4% of the par value if redeemed after April 15, 2022, and (iii) 100.0% of the par value if redeemed after April 15, 2023 and thereafter. Upon occurrence of a change of control, as defined in the Indenture, GCP will be required to make an offer to repurchase the 5.5% Senior Notes at a price equal to 101.0% of their aggregate principal amount repurchased plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. The Indenture contains covenants that limit the ability of GCP and its subsidiaries, subject to certain exceptions and qualifications set forth therein, to (i) create or incur liens on certain assets, (ii) incur additional debt, (iii) make certain investments and acquisitions, (iv) consolidate, merge, or convey, transfer, or lease all or substantially all of their assets, (v) sell certain assets, (vi) pay dividends on or make distributions in respect of GCP’s capital stock or make other restricted payments, (vii) enter into certain transactions with GCP’s affiliates and (viii) place restrictions on distributions from and other actions by subsidiaries. As of December 31, 2018 , the Company was in compliance with all covenants and conditions under the Indenture. The Indenture provides for customary events of default which are subject in certain cases to customary grace periods and include, among others: (i) nonpayment of principal or interest, (ii) breach of other agreements in the Indenture, (iii) failure to pay certain other indebtedness, (iv) certain events of bankruptcy or insolvency, (v) failure to discharge final judgments aggregating in excess of $50.0 million rendered against GCP or certain of its subsidiaries, (vi) and failure of the guarantee of the 5.5% Senior Notes by any of GCP’s significant subsidiaries to be in full force and effect. There are no events of default under the Indenture as of December 31, 2018 . Credit Agreement On February 3, 2016, GCP entered into a Credit Agreement that provides for senior secured credit facilities (the “Credit Facilities”) in an aggregate principal amount of $525.0 million , which consisted of: (i) the term loan (the "Term Loan") with an aggregate principal amount of $275.0 million and (ii) a revolving credit facility (the "Revolving Credit Facility") of $250.0 million due in 2021. During 2017, the Company fully repaid the outstanding principal balance on the Term Loan together with accrued and unpaid interest and extinguished the Term Loan under the Credit Agreement. On April 10, 2018, GCP entered into an amendment to its Credit Agreement and borrowed $50.0 million in aggregate principal amount of revolving loans under the Credit Agreement, as discussed above, which was fully repaid during the three months ended June 30, 2018. The Credit Agreement contains conditions that would require mandatory principal payments in advance of the maturity date of the Revolving Credit Facility, as well as certain customary affirmative and negative covenants and events of default. Customary affirmative covenants include, but are not limited to (i) maintenance of legal existence and compliance with laws and regulations; (ii) delivery of consolidated financial statements and other information; (iii) payment of taxes; (iv) delivery of notices of defaults and certain other material events; and (v) maintenance of adequate insurance. Customary negative covenants include, but are not limited to (i) restrictions on dividends on and redemptions of, equity interests and other restricted payments; (ii) liens; (iii) loans and investments; (iv) the sale, transfer or disposition of assets and businesses; (v) transactions with affiliates; and (vi) a maximum total leverage ratio. Certain debt covenants may restrict the Company's ability as it relates to dividends, acquisitions and other borrowings. Events of default under the Credit Agreement include, but are not limited to: (i) failure to pay principal, interest, fees or other amounts under the Credit Agreement when due, taking into account any applicable grace period; (ii) any representation or warranty proving to have been incorrect in any material respect when made; (iii) failure to perform or observe covenants or other terms of the Credit Agreement subject to certain grace periods; (iv) a cross-default and cross-acceleration with certain other material debt; (v) bankruptcy events; (vi) certain defaults under ERISA; and (vii) the invalidity or impairment of security interests. The Company was in compliance with all covenant terms as of December 31, 2018 and December 31, 2017. There are no events of default as of December 31, 2018 and December 31, 2017. The Revolving Credit Facility is secured on a first priority basis by a perfected security interest in, and mortgages on substantially all U.S. tangible and intangible personal property, financial assets and real property owned by the Company in Chicago, Illinois and Mount Pleasant, Tennessee; a pledge of 100% of the equity of each material U.S. subsidiary of the Company; and 65% of the equity of a U.K. holding company. The interest rate per annum applicable to the Revolving Credit Facility is equal to, at GCP’s option, either: (i) a base rate plus a margin ranging from 0.5% to 1.0% , or (ii) LIBOR plus a margin ranging from 1.5% to 2.0% , based upon the total leverage ratio of GCP and its restricted subsidiaries in both scenarios. During the year ended December 31, 2018, GCP made aggregate payments of $50.0 million on the Revolving Credit Facility. As of December 31, 2018, there were no outstanding borrowings on the Revolving Credit Facility and approximately $5.0 million in outstanding letters of credit, which resulted in available credit of $345.0 million under the Revolving Credit Facility. As of December 31, 2017, there were no outstanding borrowings under the Revolving Credit Facility. Interest payments on the Revolving Credit Facility amounted to $0.2 million and $1.0 million , respectively, during the year ended December 31, 2018 and 2017. During 2017, the Company repaid the outstanding principal balance and extinguished the Term Loan under the Credit Agreement, which, together with accrued and unpaid interest, was $272.6 million . In conjunction with the debt repayment, GCP wrote-off the net unamortized discount of $2.1 million and the net unamortized debt issuance costs of $3.9 million related to the Term Loan, which are reflected in "Interest expense and related financing costs" in the Consolidated Statements of Operations. 9.5% Senior Notes On January 27, 2016, GCP issued $525.0 million aggregate principal amount of 9.5% Senior Notes maturing in 2023. Interest was payable semi-annually in arrears on February 1 and August 1 of each year. The 9.5% Senior Notes became callable at a premium over their face amount on February 1, 2019 and were redeemable prior to February 1, 2019 at a price that reflected a yield to the first call that was equivalent to the applicable Treasury bond yield plus 0.5 percentage points. On April 10, 2018, GCP redeemed all of the then outstanding 9.5% Senior Notes, as described above, and paid $9.6 million of accrued interest unpaid thereon through their redemption date. The 9.5% Senior Notes were subject to covenants that limited GCP's and certain of its subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) create or incur liens on assets; (ii) incur additional debt; (iii) sell certain assets; and (iv) make certain investments and acquisitions, merge or sell or otherwise dispose of all or substantially all assets. Debt Issuance Costs GCP recognizes expenses directly associated with obtaining the Revolving Credit Facility as debt issuance costs which are presented within "Other assets" in the accompanying Consolidated Balance Sheets. Such costs are amortized over the term of the Revolving Credit Facility and included in “Interest expense and related financing costs” in the accompanying Consolidated Statements of Operations. Debt issuance costs related to the Revolving Credit Facility were $4.1 million and $3.2 million , respectively, as of December 31, 2018 and 2017. During the year ended December 31, 2018, GCP wrote off $0.4 million of debt issuance costs related to a financial institution that exited the syndicate upon amendment of the Credit Agreement which governs the Revolving Credit Facility. During the year ended December 31, 2018, GCP incurred debt issuance costs of $2.2 million due to the amendment of the Credit Agreement. Debt issuance costs of $4.7 million , including loan origination fees of $3.1 million paid at the closing, are directly associated with issuing the 5.5% Senior Notes and presented as a reduction of the principal balance in the Consolidated Balance Sheets. Such costs are amortized over the term of the 5.5% Senior Notes and included in “Interest expense and related financing costs” in the Consolidated Statements of Operations. At December 31, 2018, the remaining unamortized debt issuance costs related to the 5.5% Senior Notes were $4.4 million . During the year ended December 31, 2018, GCP wrote off $6.1 million of previously deferred debt issuance costs related to the 9.5% Senior Notes in connection with their redemption. Debt Fair Value At December 31, 2018 , the carrying amounts and fair values of GCP's debt are as follows: December 31, 2018 December 31, 2017 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value 5.5% Senior Notes due in 2026 $ 345.6 $ 344.2 $ — $ — 9.5% Senior Notes due in 2023 — — 518.6 584.5 Other borrowings 11.1 11.1 25.7 25.7 Total debt $ 356.7 $ 355.3 $ 544.3 $ 610.2 Fair value is determined based on Level 2 inputs, including expected future cash flows (discounted at market interest rates), estimated current market prices and quotes from financial institutions. The decrease in fair value compared to the carrying value as of December 31, 2018 was primarily due to the increasing interest rates. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes The components of income before income taxes and the related provision for income taxes for 2018 , 2017 and 2016 are as follows: Year Ended December 31. (In millions) 2018 2017 2016 Income (loss) before income taxes: Domestic $ 5.5 $ (27.4 ) $ (5.9 ) Foreign 5.0 (0.9 ) 41.2 Total $ 10.5 $ (28.3 ) $ 35.3 Provision for income taxes: Federal—current $ 16.8 $ 27.2 $ (4.2 ) Federal—deferred (0.6 ) 39.4 0.5 State and local—current (0.2 ) (3.8 ) (0.5 ) State and local—deferred (0.4 ) 2.7 — Foreign—current 12.1 5.7 10.4 Foreign—deferred (1.4 ) 10.9 0.5 Total $ 26.3 $ 82.1 $ 6.7 Tax Reform The 2017 Tax Act (the "Act"), which was signed into law on December 22, 2017, has resulted in significant changes to the Internal Revenue Code. These changes include, but are not limited to, the federal corporate tax rate being reduced from 35% to 21% , the elimination or reduction of certain domestic tax deductions and credits, along with limitations on interest expense and executive compensation. The 2017 Tax Act also transitions international taxation from a worldwide system to a modified territorial system and includes base erosion prevention measures on non-US earnings, which subjects certain earnings of our foreign subsidiaries to US taxation as global intangible low-taxed income ("GILTI"). The Company has elected to recognize the tax on GILTI as expense in the period the tax is incurred. During the year ended December 31, 2017, the Company recorded a provisional net charge of $81.7 million related to the provisions of the 2017 Tax Act, which was comprised of a $70.5 million Transition Tax and a $11.2 million revaluation of net deferred tax assets. Changes in tax rates and tax laws are accounted for in the period of enactment. During the year ended December 31, 2018, the Company recorded an increase to the provisional net charge of $17.9 million which is comprised of an expense of $20.2 million related to certain capital gains recognized resulting from the application of the Transition Tax (see Unrecognized Tax Benefits - Subsequent Event paragraph below), a $2.5 million benefit related to the Transition Tax, and an expense of $0.2 million for the effect on U.S. deferred taxes. Transition Tax The 2017 Tax Act eliminates the deferral of U.S. income tax on the historical unrepatriated earnings by imposing the Transition Tax, which is a one-time mandatory deemed repatriation tax on undistributed earnings. The Transition Tax is assessed on the U.S. shareholder's share of the foreign corporation's accumulated foreign earnings that have not previously been taxed. Earnings in the form of cash and cash equivalents will be taxed at a 15.5% and all other earnings will be taxed at 8.0% . At December 31, 2017 the provisional Transition Tax recorded was $70.5 million . During the year ended December 31, 2018 the Company further analyzed the Act, as well as Notices and Regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service, which resulted in a $2.5 million reduction to the provisional Transition Tax. As of December 31, 2018, the Company completed the recording of the amount for its one-time Transition Tax totaling $68.0 million , net of foreign tax credits generated. The Company elected to pay the Transition Tax over the eight-year period provided in the Act. As of December 31, 2018, the unpaid balance of the Transition Tax obligation is $37.7 million net of overpayments and foreign tax credits. After considering overpayments, the outstanding payable is due between April 2022 and April 2025. Status of Company's Assessment of the 2017 Tax Act As of December 31, 2018, the Company has completed the accounting for the income tax effects of the Act. Effective Tax Rate The difference between the provision for income taxes at the U.S. federal income tax rates of 21% and 35% and GCP's overall income tax provision are as follows: Year Ended December 31, (In millions) 2018 2017 2016 Tax (benefit) provision at U.S. federal income tax rate $ 2.2 $ (9.9 ) $ 12.4 Change in provision resulting from: Deconsolidation of Venezuela (1) — 11.5 — Devaluation in Venezuela — 1.4 — 2017 Tax Act (2.5 ) 81.7 — Recognition of outside basis differences 0.3 (13.9 ) — U.S. foreign income inclusions 0.7 1.1 — Effect of tax rates in foreign jurisdictions 1.5 (1.0 ) (4.5 ) Valuation allowance 6.8 11.4 0.4 State and local income taxes, net 0.6 (1.2 ) — Return to provision – change in estimate (5.4 ) 0.4 — Nondeductible expenses and non-taxable items 2.7 3.5 2.5 Research and other state credits (1.1 ) (0.8 ) (0.7 ) Unrecognized tax benefits (2) 20.7 (0.7 ) (1.6 ) Equity compensation (0.5 ) (1.2 ) (1.7 ) Other 0.3 (0.2 ) (0.1 ) Provision for income taxes $ 26.3 $ 82.1 $ 6.7 __________________________ (1) Amount in 2017 is offset by the benefit resulting from outside basis differences in primarily Mexico and Venezuela, which is included in the table above in "Recognition of outside basis differences." (2) Amount primarily relates to unrecognized tax benefits due to the 2017 Tax Act. The income tax provision for the years ended December 31, 2018 , 2017 , and 2016 was $26.3 million , $82.1 million and $6.7 million , respectively, representing effective tax rates of 250.5% , 290.1% , and 19.0% , respectively. The decrease in the Company's effective tax rate for the year ended December 31, 2018 compared to the same period in 2017 was primarily due to impacts from the 2017 Tax Act including the decrease in the statutory tax rate and offsetting unrecognized tax benefits recorded, as well as valuation allowance expense. The increase in the Company's effective tax rate for the year ended December 31, 2017 compared to the same period in 2016 was primarily due to the provisions of the 2017 Tax Act, an increase in valuation allowances due to the sale of Darex, partially off-set by a benefit for taxes related to outside basis differences in foreign subsidiaries. The Company's 2018 effective tax rate of 250.5% was higher than the 21% U.S. statutory rate primarily due to impacts of the 2017 Tax Act of $17.9 million and an increase in valuation allowance of $6.8 million resulting from un-benefited losses in Germany, France, India, Turkey and Mexico. The Company's 2017 effective tax rate of 290.1% was higher than the 35% U.S. statutory rate primarily due to net expenses recognized during the year comprised of $81.7 million due to the 2017 Tax Act, $11.5 million due to non-deductible charges for the Venezuela deconsolidation, $11.4 million due to an increase in valuation allowance primarily due to the sale of Darex, offset by a $13.9 million benefit due to differences between book and tax basis in Venezuela and Mexico. The Company's 2016 effective tax rate of approximately 19.0% was lower than the 35% U.S. statutory rate primarily due to benefits recognized during the year, including $4.5 million benefit due to lower taxes in non-U.S. jurisdictions, $0.7 million benefit related to income tax credits and $1.6 million benefit related to the release of reserves for unrecognized tax benefits and $2.5 million expense for non-deductible expenses. Deferred Tax Assets and Liabilities The components of the deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows: (In millions) December 31, 2018 December 31, 2017 Deferred tax assets: Foreign net operating loss carryforwards $ 19.0 $ 24.5 Research and development 1.0 2.4 Reserves and allowances 9.4 12.5 Pension benefits 5.9 8.3 Intangible assets/goodwill 0.1 1.4 Stock compensation 3.1 3.8 Interest Limitation Carryover 12.2 — Other 1.3 2.5 Total deferred tax assets $ 52.0 $ 55.4 Deferred tax liabilities: Properties and equipment $ (14.5 ) $ (12.1 ) Other (2.2 ) (2.5 ) Outside basis difference in Verifi® (3.7 ) (1.4 ) Total deferred tax liabilities $ (20.4 ) $ (16.0 ) Valuation Allowance: Foreign net operating loss carryforwards (18.5 ) (23.9 ) Net deferred tax assets $ 13.1 $ 15.5 In evaluating GCP's ability to realize its deferred tax assets, GCP considers all reasonably available positive and negative evidence, including recent earnings experience, expectations of future taxable income and the tax character of that income, the period of time over which temporary differences become deductible and the carryforward and/or carryback periods available to GCP for tax reporting purposes in the related jurisdiction. In estimating future taxable income, GCP relies upon assumptions and estimates about future activities, including the amount of future federal, state and foreign pretax operating income that GCP will generate; the reversal of temporary differences; and the implementation of feasible and prudent tax planning strategies. GCP records a valuation allowance to reduce deferred tax assets to the amount that it believes is more likely than not to be realized. At December 31, 2018, GCP recorded a deferred tax asset of $12.2 million on carryover interest, the current deductibility of which is limited under the new Tax Act. The carryover is largely driven by the one-time expense incurred during 2018 of $53.3 million in redemption premium as discussed further in Note 6, Debt and Other Borrowings. The interest limitation may be carried over indefinitely and GCP believes it is more likely than not that it will utilize the full carryover amount. At December 31, 2018 and 2017 , GCP has recorded a valuation allowance of $18.5 million and $23.9 million respectively, to reduce its net deferred tax assets to the amount that is more likely than not to be realized. The realization of deferred tax assets is dependent on the generation of sufficient taxable income in the appropriate tax jurisdictions. GCP believes it is more likely than not that the remaining deferred tax assets will be realized. If GCP were to determine that it would not be able to realize a portion of its deferred tax assets in the future, for which there is currently no valuation allowance, an adjustment to the deferred tax assets would be charged to earnings in the period such determination was made. Conversely, if GCP were to make a determination that it is more likely than not that deferred tax assets, for which there is currently a valuation allowance, would be realized, the related valuation allowance would be reduced and a benefit to earnings would be recorded. In 2018, the Company recorded valuation allowance charges of $6.8 million resulting primarily from unbenefited losses in Germany, France, India, Turkey and Mexico. In 2017 the Company recorded a valuation allowance against deferred tax assets in Brazil, France and Germany, predominantly due to the sale of the Darex business. As part of sale of Darex, a capital loss was recognized in Japan on the sale of stock of the Company's Japanese subsidiary. Although a capital loss can be carried over in Japan, the Company determined it would likely not have sufficient income to utilize this asset and recorded a valuation allowance in 2017. In 2018, the deferred tax asset on the loss carryforward and the associated valuation allowance were written off due to a forfeiture of the Company’s ability to carry forward the loss. No tax benefit or expense resulted from the write offs. As of December 31, 2018, the company had net operating losses for income tax purposes of approximately $61.5 million . These net operating losses consist primarily of Brazil, France and Germany net operating losses of $26.7 million , $8.2 million and $8.6 million respectively, each with an unlimited carryover period, and $9.8 million of India net operating losses that begin to expire in 2019. Repatriation In general, it is our practice and intention to permanently reinvest the earnings of our foreign subsidiaries and repatriate earnings only when the tax impact is minimal and that position has not changed subsequent to the one-time transition tax under the Tax Act. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of our approximately $532.3 million of undistributed earnings from foreign subsidiaries to the U.S. as those earnings continue to be permanently reinvested. The estimated unrecorded tax liability associated with these earnings is $6.7 million . Tax Sharing Agreement In connection with the Separation, GCP and Grace entered into various agreements that govern the relationship between the parties going forward, including a tax matters agreement (the "Tax Sharing Agreement"). Under the Tax Sharing Agreement, which was entered into on the distribution date, GCP and Grace will indemnify and hold each other harmless in accordance with the principles outlined therein. Unrecognized Tax Benefits A reconciliation of the unrecognized tax benefits excluding interest and penalties, for the three years ended December 31, 2018, is presented below. (In millions) Unrecognized Tax Benefits Balance, December 31, 2015 $ 3.9 Transfers from Parent 4.1 Additions for prior year tax positions 2.5 Reductions for prior year tax positions and reclassifications — Reductions for expirations of statute of limitations (1.1 ) Settlements (2.0 ) Balance, December 31, 2016 7.4 Additions for prior year tax positions 7.0 Additions for current year tax positions 26.0 Reductions for expirations of statute of limitations (1.0 ) Reductions for prior year tax positions and reclassifications (5.3 ) Balance, December 31, 2017 $ 34.1 Additions for prior year tax positions 21.0 Additions for current year tax positions — Reductions for expirations of statute of limitations (2.0 ) Reductions for prior year tax positions and reclassifications (0.3 ) Balance, December 31, 2018 $ 52.8 The balance of unrecognized tax benefits as of December 31, 2018, 2017 and 2016, that if recognized, would affect GCP’s effective tax rate are $52.4 million , $33.4 million and $7.4 million , respectively, GCP accrues potential interest and any associated penalties related to unrecognized tax benefit within "Provision for income taxes" in the Consolidated Statements of Operations. The balances of unrecognized tax benefits in the preceding table do not include accrued interest and penalties. The total amount of interest and penalties accrued on unrecognized tax benefit and included in the Consolidated Balance Sheets as of December 31, 2018 and 2017 was $10.4 million and $9.0 million , respectively, net of applicable federal income tax benefits. Unrecognized tax benefits from GCP's operations are reflected in its Consolidated Financial Statements, including those that in certain jurisdictions have historically been included in tax returns filed by Grace. In such instances, unrecognized tax benefit related to GCP's operations may be indemnified by Grace. As of December 31, 2018 , 2017 and 2016 , the amount of unrecognized tax benefits considered obligations of Grace (including both interest and penalties) were $3.0 million , $3.8 million and $3.7 million , respectively. The Company has a corresponding receivable of the same amount from Grace. The Company believes it is reasonably possible that in the next 12 months due to expiration of statute of limitation that the amount of the liability for unrecognized tax benefits could further decrease by approximately $1.5 million , of which $0.6 million is indemnified by Grace. GCP files U.S. federal income tax returns as well as income tax returns in various state and foreign jurisdictions. Unrecognized tax benefits relate to income tax returns for tax years that remain subject to examination by the relevant tax authorities. As of December 31, 2018, the tax years for which we remain subject to United States federal income tax assessment and state and local income tax assessment upon examination are 2015 and thereafter. We are currently under examination by the Internal Revenue Service (“IRS”) for the period ended December 31, 2016. We are also subject to taxation in various foreign jurisdictions including in Europe, the Middle East, Africa, Asia Pacific, Canada and Latin America. We are under, or may be subject to, audit or examination and additional assessments in respect of these particular jurisdictions in general for tax years 2012 and thereafter. Foreign jurisdiction audits that have been initiated and/or are ongoing include two German audits relating to GCP Darex GmbH and GCP Germany GmbH for taxable years 2014-2015, an Indian audit relating to GCP Applied Technologies (India) Private Limited for taxable years 2016-2017, and a Canadian audit relating to GCP Canada, Inc. for taxable years 2015-2016. Since GCP Darex Germany was sold in July 2017, any assessments pursuant to the audit will be reimbursed by GCP to the buyer. Unrecognized Tax Benefit - Subsequent Event On January 15, 2019, the Internal Revenue Service (IRS) issued final regulations under Code Section 965, the Transition Tax Provision. During the year ended December 31, 2018, the Company recorded an unrecognized tax benefit related to certain capital gains recognized as a result of the application of the transition tax of $20.2 million . Due to clarifications provided in the final treasury regulations on the transition tax issued in January 2019, GCP expects its liability for unrecognized tax benefits to decrease by approximately $20.2 million in the first quarter of 2019, offset by a current income tax payable amount of $2.6 million . These amounts are subject to change as further review and analysis is performed over the final regulations. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension Plans and Other Postretirement Benefit Plans | Pension Plans and Other Postretirement Benefit Plans The following discussion of GCP's pension plans and other postretirement benefit plans includes amounts related to continuing operations and discontinued operations. Amounts attributed to results from discontinued operations in the current and prior years are distinguished below. Pension Plans GCP sponsors defined benefit pension plans, primarily in the U.S . and the U.K., in which GCP employees and former employees participate. These plans cover current and former employees of certain business units and divested business units who meet age and service requirements. Benefits are generally based on final average salary and years of service. GCP funds its U.S. qualified pension plans in accordance with U.S. federal laws and regulations. Non-U.S. pension plans are funded under a variety of methods as required under local laws and customs. Overfunded and underfunded plans include several advance-funded plans for which the fair value of the plan assets offset the projected benefit obligation ("PBO"). Of this group, the overfunded plans hold plan assets measured at fair value that exceeds the PBO. In contrast to overfunded plans, the PBO of the underfunded plans is greater than the fair value of the plan assets. These plans are presented in the Consolidated Balance Sheets along with unfunded plans. Unfunded plans are funded on a pay-as-you-go basis and therefore, their PBO is unfunded entirely. The following table presents the funded status of GCP's overfunded, underfunded and unfunded defined pension plans in continuing operations: (In millions) December 31, December 31, Overfunded defined benefit pension plans $ 22.5 $ 26.4 Underfunded defined benefit pension plans (24.2 ) (26.6 ) Unfunded defined benefit pension plans (23.9 ) (30.5 ) Total underfunded and unfunded defined benefit pension plans (48.1 ) (57.1 ) Pension liabilities included in other current liabilities (1.3 ) (1.0 ) Net funded status $ (26.9 ) $ (31.7 ) U.S. Pension Plans On May 3, 2017 , the Board of Directors approved an amendment to the GCP Applied Technologies Inc. Retirement Plan for Salaried Employees that closed the plan to new employees effective January 1, 2018 and froze the accrual of plan benefits for all plan participants as of December 31, 2022 . There were no curtailment gains in the years ended December 31, 2018 and 2016. The Company recognized the following curtailment gain amounts related to U.S. plans for the year ended December 31, 2017: Year Ended December 31, 2017 Net curtailment gains: Plan amendments $ 5.9 Restructuring activities 0.7 Total net curtailment gains from continuing operations $ 6.6 Total net curtailment gains from discontinued operations 2.6 Total net curtailment gains $ 9.2 The Company recognized the following pension mark-to-market (MTM) gains (losses) relating to the interim and annual remeasurements of the U.S. plans' PBO and plan assets. Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total MTM gains(losses) from continuing operations $ 9.5 $ (18.7 ) $ (11.5 ) Total MTM (losses) from discontinued operations — — (0.4 ) Total MTM gains(losses) $ 9.5 $ (18.7 ) $ (11.9 ) Non-U.S. Pension Plans A High Court judgment on October 26, 2018 ruled that certain U.K. pension plans must gender-equalize a statutory minimum benefit (“Guaranteed Minimum Pension” or “GMP”) that is provided by most U.K. plans. This judgment requires increases to the pension benefits for many U.K. plan participants and was accounted for as a plan amendment resulting in the recognition of a prior service cost of $2.7 million in "Accumulated Other Comprehensive Loss" as of December 31, 2018. Such amount will be recognized in the Company's results of operations in future periods and recorded annually as an amortization expense of $0.1 million over 19 years which represents expected lifetime of the affected participants. The Company recognized the following curtailment gains related to non-U.S. pension plans: Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Net curtailment gains: Total net curtailment gains(losses) from continuing operations $ 0.2 $ — $ (0.8 ) Total net curtailment gains from discontinued operations — 14.3 1.4 Total net curtailment gains $ 0.2 $ 14.3 $ 0.6 The Company recognized the following mark-to-market gains (losses) relating to interim and annual remeasurement of the non-U.S. plans' PBO and plan assets. Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total MTM gains(losses) from continuing operations $ 0.4 $ 4.6 $ (8.4 ) Total MTM (losses) from discontinued operations — 0.1 (0.2 ) Total MTM gains(losses) $ 0.4 $ 4.7 $ (8.6 ) During the years ended December 31, 2018 and 2017, adjustment for curtailments and pension mark-to-market remeasurements for both the U.S. and non-U.S. plans are presented in "Other (income) expense, net" in the Consolidated Statements of Operations. During the year ended December 31, 2016, the remeasurement of $5.9 million was presented in "Cost of goods sold", and $14.0 million was presented in "Other (income) expense, net" in the Consolidated Statements of Operations. Darex Divestiture Pension Plans Impact - U.S. and non-U.S. In connection with the divestiture of the Darex operating segment, the Company recognized curtailment and settlement gains totaling $2.1 million in the U.S. and $14.3 million outside of the U.S during the year ended December 31, 2017 in "Income from discontinued operations, net of income taxes" in the Consolidated Statements of Operations. Additionally, GCP also recognized a non-U.S. mark-to-market gain of $0.1 million in "Income from discontinued operations, net of income taxes" related to remeasurement at the time of the Darex sale during the year ended December 31, 2017. During the year ended December 31, 2016, the Company has included in "Income from discontinued operations, net of income taxes" mark-to-market adjustments related to a U.S. plan which resulted in losses of $0.4 million , as well as a loss of $0.2 million related to non-U.S. plans. The Company has also included non-U.S. plan service cost, interest cost and expected return on plan assets totaling $0.5 million and $1.2 million for the years ended December 31 2017 and 2016 , respectively, in "Income from discontinued operations, net of income taxes" in the Consolidated Statements of Operations. No material transactions related to discontinued operations for pensions plans occurred during the year ended December 31, 2018. Analysis of Plan Accounting and Funded Status The PBO reflects the present value of vested and non-vested benefits earned from employee services to date, based upon current services and estimated future pay increases for active employees. As of December 31, 2018 , the measurement date for GCP's defined benefit pension plans, the PBO was $388.3 million compared to $438.3 million as of December 31, 2017 . The decrease in the PBO was primarily due to an increase in discount rates and changes in compensation rates of plan participants partially offset by updates to mortality assumptions. As of December 31, 2018 , the PBO was determined using the weighted average discount rates for U.S. plans and non-U.S. plans, which were 4.33% , and 2.49% , respectively. The increase in the discount rates was primarily due to the increase in market rates for U.S. and non-U.S. high quality corporate bonds. The underfunded status of the U.S. defined pension plans decreased to $31.0 million for the year ended December 31, 2018 compared to $34.6 million in the prior year, while the overfunded status of the non-U.S. defined pension plans increased to $3.6 million for the year ended December 31, 2018 compared to $2.6 million in the prior year. The changes in funded status for both the U.S. and non-U.S. plans was primarily due to the lower PBO partially offset by lower plan assets. A full remeasurement of pension assets and pension liabilities is performed annually based on GCP's estimates and actuarial valuations. Remeasurements may also occur during interim periods when significant events occur such as plan curtailments or terminations. These valuations reflect the terms of the plan and use participant-specific information, as well as key assumptions provided by management. The following table summarizes the changes in benefit obligations and the fair values of retirement plan assets during the years ended December 31, 2018 and 2017 , including amounts presented in both continuing and discontinued operations. Settlements and curtailments directly related to the sale of Darex are presented within "Divestitures" below: Defined Benefit Pension Plans U.S. Non-U.S. Total 2018 2017 2018 2017 2018 2017 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 163.8 $ 147.6 $ 274.5 $ 276.0 $ 438.3 $ 423.6 Service cost 7.9 6.8 3.0 3.9 10.9 10.7 Interest cost 5.6 5.5 5.6 5.7 11.2 11.2 Plan participants' contributions — — — 0.2 — 0.2 Amendments — (6.4 ) 2.8 (0.7 ) 2.8 (7.1 ) Settlements/curtailments — (0.8 ) (0.5 ) (2.2 ) (0.5 ) (3.0 ) Divestitures — (8.7 ) — (16.3 ) — (25.0 ) Actuarial loss (23.9 ) 25.5 (7.3 ) 0.9 (31.2 ) 26.4 Benefits paid (11.9 ) (10.6 ) (19.4 ) (16.7 ) (31.3 ) (27.3 ) Assumption of plan liabilities — 4.9 — — — 4.9 Currency exchange translation adjustments — — (11.9 ) 23.7 (11.9 ) 23.7 Benefit obligation at end of year $ 141.5 $ 163.8 $ 246.8 $ 274.5 $ 388.3 $ 438.3 Change in Plan Assets: Fair value of plan assets at beginning of year $ 129.2 $ 86.3 $ 277.1 $ 259.3 $ 406.3 $ 345.6 Actual return on plan assets (6.8 ) 12.4 (0.3 ) 12.3 (7.1 ) 24.7 Employer contributions — 40.0 5.0 3.8 5.0 43.8 Plan participants' contributions — — — 0.2 — 0.2 Settlements — — (0.3 ) (2.2 ) (0.3 ) (2.2 ) Divestitures — (6.7 ) — (2.1 ) — (8.8 ) Benefits paid (11.9 ) (10.6 ) (19.4 ) (16.7 ) (31.3 ) (27.3 ) Assumption of plan assets — 7.8 — — — 7.8 Currency exchange translation adjustments — — (11.7 ) 22.5 (11.7 ) 22.5 Fair value of plan assets at end of year $ 110.5 $ 129.2 $ 250.4 $ 277.1 $ 360.9 $ 406.3 Funded status at end of year (PBO basis) $ (31.0 ) $ (34.6 ) $ 3.6 $ 2.6 $ (27.4 ) $ (32.0 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ 0.1 $ 0.5 $ 22.4 $ 25.9 $ 22.5 $ 26.4 Current liabilities (0.1 ) (0.2 ) (1.2 ) (0.8 ) (1.3 ) (1.0 ) Current liabilities held-for-sale — — — — — — Non-current liabilities (31.0 ) (34.9 ) (17.2 ) (22.2 ) (48.2 ) (57.1 ) Non-current liabilities held-for-sale — — (0.4 ) (0.3 ) (0.4 ) (0.3 ) Net amount recognized $ (31.0 ) $ (34.6 ) $ 3.6 $ 2.6 $ (27.4 ) $ (32.0 ) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.1 (0.6 ) 2.1 (0.6 ) Net amount recognized $ — $ — $ 2.1 $ (0.6 ) $ 2.1 $ (0.6 ) Defined Benefit Pension Plans U.S. Non-U.S. 2018 2017 2018 2017 Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: Discount rate 4.33 % 3.68 % 2.49 % 2.30 % Rate of compensation increase 4.10 % 4.70 % 3.58 % 3.13 % Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: Discount rate 3.68 % 4.27 % 2.30 % 2.42 % Expected return on plan assets 6.00 % 6.25 % 2.45 % 2.60 % Rate of compensation increase 4.10 % 4.70 % 3.54 % 3.49 % (In millions) Year Ended December 31, Components of Net Periodic Benefit Cost (Income) and Other Amounts Recognized in Other Comprehensive Loss (Income) 2018 2017 2016 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Other Net Periodic Benefit Cost (Income): Service cost $ 7.9 $ 3.0 $ 6.8 $ 3.9 $ 6.1 $ 3.3 $ — Interest cost 5.6 5.6 5.5 5.7 4.7 7.8 — Expected return on plan assets (7.6 ) (6.9 ) (5.6 ) (6.8 ) (5.0 ) (8.6 ) — Amortization of prior service cost (credit) — — — — 0.1 — (0.1 ) Amortization of net deferred actuarial loss — — — — — — 0.1 Gain on termination, curtailment and settlement of pension and other postretirement plans — (0.2 ) (9.2 ) (14.3 ) — (0.6 ) (0.2 ) Pension mark-to-market adjustment (9.5 ) (0.4 ) 18.7 (4.7 ) 11.9 8.6 — Net periodic benefit cost (income) $ (3.6 ) $ 1.1 $ 16.2 $ (16.2 ) $ 17.8 $ 10.5 $ (0.2 ) Less: Discontinued operations (income) cost — — (2.6 ) (13.9 ) 0.4 1.4 — Net periodic benefit cost (income) from continuing operations $ (3.6 ) $ 1.1 $ 18.8 $ (2.3 ) $ 17.4 $ 9.1 $ (0.2 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): Net prior service credit $ — $ 2.7 $ — $ (0.7 ) $ — $ — $ — Amortization of prior service cost — — — 0.2 (0.1 ) — — Assumption of prior service credit — — — — — — — Total recognized in other comprehensive loss(income) $ — $ 2.7 $ — $ (0.5 ) $ (0.1 ) $ — $ — Total recognized in net periodic benefit (income) cost and other comprehensive loss (income) $ (3.6 ) $ 3.8 $ 16.2 $ (16.7 ) $ 17.7 $ 10.5 $ (0.2 ) The accumulated benefit obligation for all defined benefit pension plans, including those with related assets and liabilities presented as held for sale in the Consolidated Balance Sheets, was approximately $375 million and $415 million , respectively, as of December 31, 2018 and 2017 . (In millions) Pension Plans Total U.S. Non-U.S. (1) Estimated Expected Future Benefit Payments Reflecting Future Service for the Years Ending December 31: Benefit Benefit 2019 $ 5.4 $ 11.5 $ 16.9 2020 6.1 11.0 17.1 2021 7.0 11.2 18.2 2022 7.7 11.5 19.2 2023 8.1 12.0 20.1 2024 - 2028 45.9 61.0 106.9 ________________________________________ (1) Non-U.S. estimated benefit payments for 2019 and future periods have been translated at the applicable December 31, 2018 exchange rates. Discount Rate Assumption The assumed discount rate for pension plans reflects the market rates for high-quality corporate bonds currently available and is subject to change based on overall market interest rates. For the U.S. qualified pension plans, the assumed weighted average discount rate of 4.33% as of December 31, 2018 was selected in consultation with independent actuaries and is based on a yield curve constructed from a portfolio of high quality bonds for which the timing and amount of cash outflows approximates the estimated payouts of the plans. As of December 31, 2018 and 2017 , the benefit obligations of the U.K. pension plan represented approximately 84% , for both years, of the total benefit obligation of the non-U.S. pension plans. As of December 31, 2018 , the assumed weighted average discount rate of 2.20% for the U.K. plan was selected in consultation with independent actuaries based on a yield curve constructed from a portfolio of sterling-denominated high quality bonds for which the timing and amount of cash outflows approximates the estimated payouts of the plan. The assumed discount rates for the remaining non-U.S. pension plans were determined based on the nature of the liabilities, local economic environments and available bond indices. Investment Guidelines for Advance-Funded Pension Plans The investment goal for the U.S. qualified pension plans subject to advance funding is to earn a long-term rate of return consistent with the related cash flow profile of the underlying benefit obligation. The plans are pursuing a well-defined risk management strategy designed to reduce investment risks as their funded status improves. The U.S. qualified pension plans have adopted a diversified set of portfolio management strategies to optimize the risk reward profile of the plans: • Liability hedging portfolio : primarily invested in intermediate-term and long-term investment grade corporate bonds in actively managed strategies. • Growth portfolio : invested in a diversified set of assets designed to deliver performance in excess of the underlying liabilities with controls regarding the level of risk. • U.S. equity securities: the portfolio contains domestic equities, a portion of which are passively managed and benchmarked to the S&P 500 and Russell 2000 and the remainder of which is allocated to an active portfolio benchmarked to the Russell 2000. • Non-U.S. equity securities: the portfolio contains non-U.S. equities in an actively managed strategy. Currency futures and forward contracts may be held for the sole purpose of hedging existing currency risk in the portfolio. • Other investments: may include (a) high yield bonds - fixed income portfolio of securities below investment grade; and (b) bank loans and other floating-rate securities. These portfolios combine income generation and capital appreciation opportunities from developed markets globally. • Liquidity portfolio : invested in short-term assets intended to pay periodic plan benefits and expenses. The expected long-term rate of return on assets for the U.S. qualified pension plans was 6.00% for the year ended December 31, 2018. The expected return on plan assets for the U.S. qualified pension plans for 2018 was selected in consultation with GCP's independent actuaries using an expected return model. The model determines the weighted average return for an investment portfolio based on the target asset allocation and expected future returns for each asset class, which were developed using a building block approach based on observable inflation, available interest rate information, current market characteristics and historical results. The target allocation of investment assets at December 31, 2018 and the actual allocation at December 31, 2018 and 2017 for GCP's U.S. qualified pension plans were as follows: Target Percentage of Plan Assets U.S. Qualified Pension Plans Asset Category: 2018 2018 2017 U.S. equity securities 26 % 23 % 18 % Non-U.S. equity securities 13 % 13 % 9 % Short-term debt securities (1) — % — % 32 % Intermediate-term debt securities — % — % — % Debt securities 55 % 59 % 37 % Other investments 6 % 5 % 4 % Total 100 % 100 % 100 % _________________________________________________ (1) In December 2017, the Company made a $40.0 million accelerated contribution to the U.S. pension plans. As of December 31, 2017, these funds were held in short-term debt securities within common/collective trust funds. Subsequently, these funds were invested in accordance with the Investment Policy Statement asset allocation targets. For the year ended December 31, 2018, the actual plan assets are being invested in line with target allocations. The following tables present the fair value hierarchy for GCP's proportionate share of the U.S. qualified pension plan assets measured at fair value, which are held in a trust by GCP, as of December 31, 2018 and 2017 . Fair Value Measurements at December 31, 2018, Using Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs U.S. equity group trust funds $ 25.8 $ — $ 25.8 $ — Non-U.S. equity group trust funds 13.8 — 13.8 — Corporate bond group trust funds 37.1 — 37.1 — Other fixed income group trust funds 5.6 — 5.6 — Common/collective trust funds 28.2 — 28.2 — Total Assets $ 110.5 $ — $ 110.5 $ — Fair Value Measurements at December 31, 2017, Using Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs U.S. equity group trust funds $ 23.5 $ — $ 23.5 $ — Non-U.S. equity group trust funds 11.5 — 11.5 — Corporate bond group trust funds—long-term 48.0 — 48.0 — Other fixed income group trust funds 5.2 — 5.2 — Common/collective trust funds 41.0 — 41.0 — Total Assets $ 129.2 $ — $ 129.2 $ — Non-U.S. pension plans accounted for approximately 69% and 68% , respectively, of total global pension assets at December 31, 2018 and 2017 . Each of these plans, where applicable, follows local requirements and regulations. Some of the local requirements include the establishment of a local pension committee, a formal statement of investment policy and procedures and routine valuations by plan actuaries. The target allocation of investment assets for non-U.S. pension plans varies depending on the investment goals of the individual plans. The plan assets of the U.K. pension plan represent approximately 92% of the total non-U.S. pension plan assets for both years ended December 31, 2018 and 2017 . In determining the expected rate of return for the U.K. pension plan, the trustees' strategic investment policy has been considered together with long-term historical returns and investment community forecasts for each asset class. The expected return by sector has been combined with the actual asset allocation to determine the 2018 expected long-term return assumption of 2.21% . The target allocation of investment assets at December 31, 2018 and the actual allocation at December 31, 2018 and 2017 , for the U.K. pension plan are as follows: Target Percentage of Plan Assets United Kingdom Pension Plan Asset Category: 2018 2018 2017 Diversified growth funds 10 % 10 % 10 % U.K. gilts 34 % 33 % 33 % U.K. corporate bonds 2 % 2 % 3 % Insurance contracts 54 % 55 % 54 % Total 100 % 100 % 100 % The plan assets for the other countries represent approximately 8% , in the aggregate, of total non-U.S. pension plan assets for both years ended December 31, 2018 and 2017 . The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2018 : Fair Value Measurements at December 31, 2018, Using (In millions) Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Common/collective trust funds $ 111.2 $ — $ 111.2 $ — Government and agency securities 3.3 — 3.3 — Corporate bonds 7.9 — 7.9 — Insurance contracts and other investments (1) 123.3 — — 123.3 Cash 4.7 4.7 — — Total Assets $ 250.4 $ 4.7 $ 122.4 $ 123.3 _________________________________________ (1) At December 31, 2018, the fair value of the insurance contract has been determined using a discounted cash flow approach that maximizes observable inputs, such as current yields on similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. The following table presents a summary of the changes in the fair value of the plans' Level 3 assets for the years ended December 31, 2018 and 2017: (In millions) Insurance Contracts Balance, December 31, 2016 $ 116.5 Actual return on plan assets relating to assets still held at year-end 4.7 Transfers in for premium 10.2 Transfers out for benefits paid (6.8 ) Currency exchange translation adjustments 12.1 Balance, December 31, 2017 136.7 Actual return on plan assets relating to assets still held at year-end 1.0 Transfers out for benefits paid (9.0 ) Currency exchange translation adjustments (5.4 ) Balance, December 31, 2018 $ 123.3 The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2017 : Fair Value Measurements at December 31, 2017, Using (In millions) Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Common/collective trust funds $ 127.5 $ — $ 127.5 $ — Government and agency securities 1.2 — 1.2 — Corporate bonds 8.5 — 8.5 — Insurance contracts and other investments (1) 136.8 — 0.1 136.7 Cash 3.2 3.2 — — Total Assets $ 277.2 $ 3.2 $ 137.3 $ 136.7 __________________________________________________ (1) At December 31, 2017, the fair value of the insurance contract has been determined using a discounted cash flow approach that maximizes observable inputs, such as current yields on similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Other Postretirement Benefit (OPEB) Plans GCP provides postretirement health care benefits for certain qualifying retired employees. During the year ended December 31, 2018 , GCP recognized a long-term liability of $2.0 million ; accumulated other comprehensive income of $0.6 million , net of related tax impact of $0.2 million ; as well as expense of $1.2 million , for the initial recognition of a non-U.S. OPEB retiree health care plan. As of December 31, 2018, the related long-term liability of $1.7 million , accumulated other comprehensive income of $0.4 million , net of related tax impact of $0.1 million , are included within the Consolidated Balance Sheets. The related expense for the year ended December 31, 2018 was $1.3 million . GCP had no OPEB activity in the year ending December 31, 2017. Plan Contributions and Funding GCP intends to satisfy its funding obligations under the U.S. qualified pension plans and to comply with all of the requirements of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). For ERISA purposes, funded status is calculated on a different basis than under GAAP. During the year ended December 31, 2017 , GCP made an accelerated contribution to the trusts that hold assets of the U.S. qualified pension plans of approximately $40 million . No accelerated contributions were made during the year ended December 31, 2018. Based on the U.S. qualified pension plans' status as of December 31, 2018 , there are no minimum requirements under ERISA for 2019 . GCP intends to fund non-U.S. pension plans based on applicable legal requirements, as well as actuarial and trustee recommendations. GCP expects to contribute $2.4 million to non-U.S. pension plans during the year ended December 31, 2019 . Defined Contribution Retirement Plan GCP sponsors a defined contribution retirement plan for its employees in the U.S. which is a qualified plan under section 401(k) of the U.S. tax code. Under this plan, GCP contributes an amount equal to 100% of employee contributions, up to 6% of an individual employee's salary or wages. Effective January 1, 2018, GCP amended the defined contribution plan whereby GCP contributes up to an additional 2% of 100% of applicable employee compensation subject to a three year vesting requirement. Applicable employees include those beginning employment with GCP on or after January 1, 2018 who are not eligible to participate in GCP Applied Technologies Inc. Retirement Plan for Salaried Employees, which closed to new hires effective January 1, 2018. GCP's costs related to these benefit plans amounted to $4.6 million , $4.8 million and $4.1 million , respectively, for the years ended December 31, 2018 , 2017 and 2016 and are included in "Selling, general and administrative expenses" and "Cost of goods sold" in the Consolidated Statements of Operations. |
Other Balance Sheet Accounts
Other Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other Balance Sheet Accounts | Other Balance Sheet Accounts The following is a summary of other current assets at December 31, 2018 and 2017: (In millions) December 31, December 31, Other Current Assets: Non-trade receivables $ 25.0 $ 28.4 Prepaid expenses and other current assets 9.2 13.8 Income taxes receivable 10.4 6.0 Marketable securities — 0.4 Total other current assets $ 44.6 $ 48.6 The following is a summary of other current liabilities at December 31, 2018 and 2017: (In millions) December 31, December 31, Other Current Liabilities: Accrued customer volume rebates $ 35.3 $ 31.5 Accrued compensation (1) 16.4 27.1 Income taxes payable (2) 17.2 115.1 Accrued interest 4.0 20.8 Restructuring liability 10.2 12.8 Pension liabilities 1.3 1.0 Other accrued liabilities (3) 61.1 107.9 Total other current liabilities $ 145.5 $ 316.2 ________________________________ (1) Accrued compensation presented in the table above includes salaries and wages, as well as estimated current amounts due under the annual and long-term employee incentive programs. (2) The change in income taxes payable between December 31, 2018 and 2017 is primarily due to the payment of $105.0 million in 2018 related to the Company's 2017 domestic income tax liability which was impacted by the sale of Darex and the 2017 Tax Act. (3) Other accrued liabilities presented in the table above as of December 31, 2018 and 2017 include $13.6 million and $55.1 million , respectively, representing the current portion of the liability related to the delayed closings associated with the Company's divestiture of Darex, as discussed in Note 18, "Discontinued Operations." |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities GCP enters into certain purchase commitments and is a party to many contracts containing guarantees and indemnification obligations, as described below. Purchase Commitments GCP uses purchase commitments to ensure supply and minimize the volatility of certain key raw materials, including lignins, polycarboxylates, amines and other materials. Such commitments are for quantities that GCP fully expects to use in the course of its normal operations. Guarantees and Indemnification Obligations GCP is a party to many contracts containing guarantees and indemnification obligations which consist primarily of the following arrangements: • Product warranties with respect to certain products sold to customers in the ordinary course of business. These warranties typically provide assurances that products will conform to their specifications. GCP accrues a general warranty liability at the time of sale based on historical experience and on a transaction-specific basis according to individual facts and circumstances. As of December 31, 2018 and 2017 and during the periods then ended, warranty-related liabilities and the associated expenses were immaterial to the Consolidated Financial Statements. • Performance guarantees offered to customers. GCP has not established a liability for these arrangements based on historical experience. • Contracts providing for the sale of a business unit or a product line in which GCP has agreed to indemnify the buyer against certain liabilities for conditions that existed prior to the closing of the transaction, including environmental and tax liabilities. • The Tax Sharing Agreement, which may require GCP, in certain circumstances, to indemnify Grace if the Separation, together with certain related transactions, does not qualify under Section 355 and certain other relevant provisions of the Internal Revenue Code (the "Code"). If GCP is required to indemnify Grace under the Tax Sharing Agreement, it could be subject to significant tax liabilities. Please refer to Note 7, "Income Taxes", for further information on this arrangement. Environmental Matters GCP is subject to loss contingencies resulting from extensive and evolving federal, state, local and foreign environmental laws and regulations relating to the generation, storage, handling, discharge, disposition and stewardship of hazardous waste and other materials. GCP recognizes accrued liabilities for anticipated costs associated with response efforts if, based on the results of the assessment, it concluded that a probable liability has been incurred and the cost can be reasonably estimated. As of December 31, 2018 and 2017, GCP did not have any material environmental liabilities. GCP's environmental liabilities are reassessed whenever circumstances become better defined or response efforts and their costs can be better estimated. These liabilities are evaluated based on currently available information, including the progress of remedial investigations at each site, the current status of discussions with regulatory authorities regarding the method and extent of remediation at each site, existing technology, prior experience in contaminated site remediation and the apportionment of costs among potentially responsible parties. Financial Assurances Financial assurances have been established for a variety of purposes, including insurance, environmental and other matters. At December 31, 2018 and 2017, GCP had gross financial assurances issued and outstanding of approximately $5 million and $10 million , respectively, which were composed of standby letters of credit. The letters of credit of are related primarily to customer advances and other performance obligations as of December 31, 2018 and 2017. These arrangements guarantee the refund of advance payments received from customers in the event that the product is not delivered or warranty obligations are not fulfilled in accordance with the contract terms. These obligations could be called by the beneficiaries at any time before the expiration date of the particular letter of credit if the Company fails to meet certain contractual requirements. Lawsuits and Investigations In Re: Library Gardens Balcony Litigation, Lead Case Beary v. Blackrock, Inc. Case No. RG15793054 was filed on November 12, 2015 in Alameda County Superior Court in California. It was the lead case in a consolidated lawsuit filed on behalf of six individuals who died and an additional seven individuals who were injured in a balcony collapse, which occurred on June 16, 2015 in Berkeley, California. The consolidated complaint named the Company as the sole party in the category of suppliers of materials and names twenty additional defendants in other categories, including categories for property owners, property managers, construction defendants and development and design defendants. The consolidated complaint alleged product liability against the Company concerning one of its products. The plaintiffs sought unspecified monetary damages against all defendants and punitive damages only against the building owners, building manager and two construction company defendants. During the year ended December 31, 2017, GCP reached an agreement with the plaintiffs to settle this matter for $4.0 million which was paid by the Company during the period then ended and recorded in "Selling, general and administrative expenses" in the Consolidated Statements of Operations. In addition to the matters identified above, GCP and its subsidiaries, from time to time, are parties to, or targets of, lawsuits, claims, investigations and proceedings which are managed and defended in the ordinary course of business. While GCP is unable to predict the outcome of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any of such pending matters will have a material adverse effect on its overall financial condition, results of operations or cash flows. Accounting for Contingencies Although the outcome of each of the matters discussed above cannot be predicted with certainty, GCP has assessed its risk and has made accounting estimates and disclosures as required under GAAP. Operating Leases The Company leases manufacturing and office facilities, as well as certain vehicles and equipment under non-cancelable operating leases with certain lease terms exceeding 40 years . GCP may extend the lease terms upon exercising renewal and extension options subject to the terms and conditions of the lease agreements. Base annual rent for the leased facilities, vehicles and equipment is subject to escalating payments over the lease terms and annual increases based on market rates. Additional payments under the terms and conditions of the lease agreements include GCP's proportionate share of operating expenses and real estate taxes for the leased facilities and certain variable payments related to excess mileage and usage charges for the leased vehicles and equipment. At December 31, 2018 , future minimum noncancelable payments for operating leases are as follows: (in millions) Year ending December 31, Amount 2019 $ 12.1 2020 8.3 2021 4.6 2022 2.6 2023 1.9 Thereafter 28.1 Total $ 57.6 GCP's rent expense for operating leases was $14.3 million , $15.1 million and $14.0 million , respectively, during the years ended December 31, 2018 , 2017 and 2016 . |
Restructuring Expenses, Asset I
Restructuring Expenses, Asset Impairments and Repositioning Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Expenses, Asset Impairments and Repositioning Expenses | Restructuring Expenses, Asset Impairments and Repositioning Expenses GCP's Board of Directors approves all major restructuring and repositioning programs. Restructuring may involve the discontinuation of significant product lines or the shutdown of significant facilities. From time to time, GCP takes additional restructuring actions, including involuntary employee terminations that are not a part of a major program. Repositioning activities generally represent major strategic or transformational actions to enhance the value and performance of the Company, improve business efficiency or optimize the Company’s footprint. 2018 Restructuring and Repositioning Plan (the “2018 Plan”) On August 1, 2018 , the Company's Board of Directors approved a business restructuring and repositioning plan. The 2018 Plan is designed to streamline operations and improve profitability primarily within the concrete admixtures product line of the SCC segment by focusing on the Company's core markets, rationalizing non-profitable geographies, reducing its global cost structure and accelerating the integration of VERIFI ® into the Company’s global admixtures business. The Company expects to incur total costs in connection with the 2018 Plan ranging from approximately $31 million to $35 million , of which costs ranging from approximately $20 million to $24 million are related to restructuring activities, and costs of approximately $11 million are related to repositioning activities. Total expected restructuring activity costs consist of approximately $13 million to $15 million of severance and other employee-related costs, $4 million of asset impairment charges, $1 million to $2 million of facility exit costs and $2 million to $3 million of other associated costs. Total expected restructuring activity costs are attributable as follows: (i) $18.0 million to $21.0 million to the SCC segment and (ii) $2.0 million to $3.0 million to the SBM segment. Substantially all of the restructuring actions are expected to be completed by December 31, 2019 and result in the net reduction of approximately 8% - 10% of the Company's workforce. Repositioning costs consist primarily of consulting services to assist GCP in advancing its technology strategy. Total costs expected to be incurred for repositioning activities are approximately $11 million , of which $5.3 million has been incurred as of December 31, 2018. Substantially all of the repositioning activities are expected to be completed by December 31, 2019. As of December 31, 2018, the cumulative restructuring activity costs recognized under the 2018 Plan since its inception were $16.0 million , of which $13.6 million were attributable to the SCC segment and $2.4 million were attributable to the SBM segment. Cumulative restructuring activity costs of $16.0 million incurred to date consisted of $11.4 million of severance and employee-related costs, $0.6 million of facility exit costs, as well as $4.0 million of asset impairment charges. With the exception of asset impairments, the Company expects to settle in cash substantially all of the restructuring and repositioning costs related to the 2018 Plan. 2017 Restructuring and Repositioning Plan (the “2017 Plan”) On June 28, 2017, the Board of Directors approved a restructuring and repositioning plan that includes actions to streamline GCP's operations, reduce its global cost structure and reposition itself as a construction product technologies company. GCP expects to incur total costs in connection with the 2017 Plan of approximately $30 million , of which $20 million is related to restructuring activities and asset impairments, and $10 million is related to repositioning activities. Total expected restructuring activity costs consist of approximately $18 million of severance and other employee-related costs, and $2 million of asset impairments and facility exit costs. Total expected restructuring activity costs are attributable as follows: (i) $5 million to the SCC segment, (ii) $3 million to the SBM segment, (iii) $3 million to the Corporate function and (iv) $9 million to discontinued operations. The restructuring activities were substantially completed as of December 31, 2018. Total costs expected to be incurred for repositioning activities are $10 million . Additionally, GCP expects to incur approximately $10 million to $15 million of capital expenditures related to repositioning activities, which includes the build-out of two manufacturing plants in Asia Pacific that will replace shared facilities sold as a part of the Darex divestiture. GCP expects all of its repositioning activities to be classified within continuing operations, and such repositioning activities should be substantially completed by March 31, 2020. As of December 31, 2018, the cumulative restructuring activity costs recognized under the 2017 Plan since its inception were $18.9 million which were attributable as follows: (i) $4.6 million to the SCC segment, (ii) $3.3 million to the SBM segment, (iii) $2.9 million to the Corporate function and (iv) $8.1 million to discontinued operations. Cumulative restructuring activity costs of $18.9 million incurred to date consisted of $17.4 million of severance and employee-related costs, as well as $1.3 million of asset impairment charges and $0.2 million of facility exit costs. As of December 31, 2018, the cumulative repositioning activity costs and capital expenditures recognized for the 2017 Plan since its inception were approximately $8.8 million and $7.4 million , respectively. As of December 31, 2018, cumulative cash payments made for repositioning under the 2017 Plan from its inception amounted to $14.1 million , including capital expenditures. The Company expects to settle in cash substantially all of the costs related to the 2017 Plan. Restructuring Expenses and Asset Impairments The following restructuring expenses and asset impairment charges were incurred under the 2018 and 2017 Plans and other plans during each period: Year Ended December 31, (In millions) 2018 2017 2016 Severance and other employee costs $ 10.1 $ 19.9 $ 1.9 Facility exit costs 0.6 0.2 — Asset impairments 4.5 1.2 — Total restructuring expenses and asset impairments $ 15.2 $ 21.3 $ 1.9 Less: restructuring expenses and asset impairments reflected in discontinued operations 0.4 7.8 — Total restructuring expenses and asset impairments from continuing operations $ 14.8 $ 13.5 $ 1.9 GCP incurred restructuring expenses and asset impairment charges related to its two operating segments and Corporate function as follows: Year Ended December 31, (In millions) 2018 2017 2016 SCC $ 12.5 $ 6.2 $ 1.2 SBM 1.9 4.1 0.7 Corporate 0.4 3.2 — Total restructuring expenses and asset impairments from continuing operations $ 14.8 $ 13.5 $ 1.9 Restructuring expenses and asset impairments reflected in discontinued operations 0.4 7.8 — Total restructuring expenses and asset impairments $ 15.2 $ 21.3 $ 1.9 Restructuring liabilities were $10.2 million and $12.8 million , respectively, as of December 31, 2018 and 2017 . These liabilities are included within “Other current liabilities” in the Consolidated Balance Sheets. GCP expects to settle in cash substantially all of the remaining liabilities related to the 2017 Plan by March 31, 2019, and substantially all of the remaining liabilities related to the 2018 Plan by December 31, 2019. The following table summarizes the Company’s restructuring liability activity: 2018 Plan 2017 Plan (In millions) Severance and other employee costs Facility exit costs Severance and other employee costs Facility exit costs Other plans Total Balance, December 31, 2015 $ — $ — $ — $ — $ 1.4 $ 1.4 Expenses — — — — 1.9 $ 1.9 Payments — — — — (3.6 ) $ (3.6 ) Impact of foreign currency and other — — — — 1.4 $ 1.4 Balance, December 31, 2016 — — — — 1.1 $ 1.1 Expenses (1) — — 19.5 0.1 0.5 $ 20.1 Payments — — (8.0 ) — (0.5 ) $ (8.5 ) Impact of foreign currency and other — — 0.1 — — $ 0.1 Balance, December 31, 2017 — — 11.6 0.1 1.1 $ 12.8 Expenses (1) 11.4 0.6 (1.9 ) — 0.6 $ 10.7 Payments (3.6 ) (0.4 ) (7.5 ) (0.1 ) (1.2 ) $ (12.8 ) Impact of foreign currency and other (0.1 ) — (0.4 ) — — $ (0.5 ) Balance, December 31, 2018 $ 7.7 $ 0.2 $ 1.8 $ — $ 0.5 $ 10.2 __________________________ (1) Asset impairment charges are not recorded through the restructuring liability and therefore, are not included in the table above. Asset impairment charges of $4.5 million and $1.2 million , respectively, for the years ended December 31, 2018 and 2017 are related to the 2018 and 2017 Plans as well as other plans and recorded as a reduction to "Properties and equipment, net" in the Consolidated Balance Sheets. During the year ended December 31, 2018, GCP recognized asset impairment charges of $4.5 million , of which $4.3 million was attributable to the SCC segment and $0.2 million was attributable to the SBM segment. During the year ended December 31, 2017, GCP recognized asset impairment charges of $1.2 million which were attributable to the SCC segment. Repositioning Expenses Repositioning Expenses - 2018 Plan and 2017 Plan Repositioning expenses associated with the 2018 and 2017 Plans are primarily related to consulting, other professional services and recruitment costs associated with the Company's organizational realignment and advancing its technology strategy. Due to the scope and complexity of the Company’s repositioning activities, the range of estimated repositioning expense and capital expenditures could increase or decrease and the timing of incurrence could change. During the year ended December 31, 2018, GCP incurred repositioning expenses of $5.3 million and made cash payments of $0.2 million related to the 2018 Plan. During the years ended December 31, 2018 and 2017, GCP incurred repositioning expenses of $4.3 million and $4.5 million , respectively, related to the 2017 Plan. During the years ended December 31, 2018 and 2017, total cash payments related to such repositioning expenses were $5.3 million and $2.0 million , respectively. Additionally, cash paid for capital expenditures related to the 2017 Plan were $6.8 million in 2018. Separation-Related Repositioning Expenses Post-Separation, GCP incurred expenses related to its transition to a stand-alone public company and completed these activities as of December 31, 2017. Total costs incurred in connection with such activities were $20.6 million . The Company did not incur any costs related to such activities during the year ended December 31, 2018. The following separation-related repositioning expenses were incurred during the periods presented: Year Ended December 31, (In millions) 2017 2016 Professional fees $ 3.4 $ 7.8 Software and IT implementation fees 0.9 3.0 Employee-related costs 1.0 4.5 Total $ 5.3 $ 15.3 Total cash payments for the year ended December 31, 2017 were $4.2 million for professional fees and employee-related costs, as well as $1.9 million for capital-related expenditures. Total cash payments for the year ended December 31, 2016 were $17.7 million for professional fees and employee-related costs, $6.9 million for capital-related expenditures and $2.5 million for taxes. |
Other Comprehensive (Loss) Inco
Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | Other Comprehensive (Loss) Income The following tables present the pre-tax, tax and after-tax components of GCP's other comprehensive (loss) income for the years ended December 31, 2018 , 2017 and 2016 . Year Ended December 31, 2018 (In millions) Pre-Tax Amount Tax Benefit/(Expense) After-Tax Amount Defined benefit pension and other postretirement plans Assumption of net prior service cost $ (3.2 ) $ 0.6 $ (2.6 ) Benefit plans, net (3.2 ) 0.6 (2.6 ) Currency translation adjustments (1) (31.8 ) — (31.8 ) Gain from hedging activities 0.1 — 0.1 Other comprehensive loss attributable to GCP shareholders $ (34.9 ) $ 0.6 $ (34.3 ) Year Ended December 31, 2017 (In millions) Pre-Tax Amount Tax (Expense)/Benefit After-Tax Amount Defined benefit pension and other postretirement plans Amortization of net prior service credit $ (0.2 ) $ — $ (0.2 ) Assumption of net prior service credit 0.7 (0.2 ) 0.5 Benefit plans, net 0.5 (0.2 ) 0.3 Currency translation adjustments (1) 61.7 — 61.7 Loss from hedging activities (0.2 ) 0.1 (0.1 ) Other comprehensive income attributable to GCP shareholders $ 62.0 $ (0.1 ) $ 61.9 Year Ended December 31, 2016 (In millions) Pre-Tax Tax (Expense)/Benefit After-Tax Defined benefit pension and other postretirement plans Amortization of net prior service credit $ (0.1 ) $ — $ (0.1 ) Amortization of net actuarial gain 0.1 — 0.1 Assumption of net prior service credit 1.2 (0.4 ) 0.8 Assumption of net actuarial loss (1.1 ) 0.4 (0.7 ) Other changes in funded status (0.1 ) — (0.1 ) Benefit plans, net — — — Currency translation adjustments (1) (19.9 ) — (19.9 ) Gain from hedging activities — — — Other comprehensive loss attributable to GCP shareholders $ (19.9 ) $ — $ (19.9 ) __________________________ (1) Currency translation adjustments did not have a corresponding tax effect. The following tables present the changes in accumulated other comprehensive (loss) income, net of tax, for the years ended December 31, 2018 , 2017 and 2016 . Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total (In millions) Balance, December 31, 2017 $ 0.4 $ (86.0 ) $ (0.1 ) $ (85.7 ) Other comprehensive (loss) income before reclassifications (2.6 ) (31.8 ) 0.2 (34.2 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (0.1 ) (0.1 ) Net current-period other comprehensive (loss) income (2.6 ) (31.8 ) 0.1 (34.3 ) Balance, December 31, 2018 $ (2.2 ) $ (117.8 ) $ — $ (120.0 ) (In millions) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2016 $ 0.1 $ (147.7 ) $ — $ (147.6 ) Other comprehensive income (loss) before reclassifications 0.3 61.7 (0.7 ) 61.3 Amounts reclassified from accumulated other comprehensive income — — 0.6 0.6 Net current-period other comprehensive income (loss) 0.3 61.7 (0.1 ) 61.9 Balance, December 31, 2017 $ 0.4 $ (86.0 ) $ (0.1 ) $ (85.7 ) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2015 $ 0.1 $ (127.8 ) $ — $ (127.7 ) Other comprehensive loss before reclassifications — (19.9 ) (1.2 ) (21.1 ) Amounts reclassified from accumulated other comprehensive income — — 1.2 1.2 Net current-period other comprehensive loss — (19.9 ) — (19.9 ) Balance, December 31, 2016 $ 0.1 $ (147.7 ) $ — $ (147.6 ) GCP is a global enterprise operating in over 30 countries with local currency generally deemed to be the functional currency for accounting purposes. The currency translation adjustments reflect translation of the balance sheets valued in functional currencies to the U.S. dollar as of the end of each period presented and translation of revenues and expenses at average exchange rates for each period presented. As of June 30, 2018, GCP concluded that Argentina is a highly inflationary economy since the three-year cumulative inflation rates commonly used to evaluate Argentina’s inflation currently exceed 100% . As a result, GCP began accounting for its operations in Argentina as a highly inflationary economy effective July 1, 2018. Please refer to Note 1, "Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies" for further discussion of foreign currency translation of highly inflationary economies. Please refer to Note 8, "Pension Plans and Other Postretirement Benefit Plans" for a discussion of pension plans and other postretirement benefit plans. |
Related Party Transactions and
Related Party Transactions and Transactions with Grace | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Transactions with Grace | Related Party Transactions and Transactions with Grace Related Parties All contracts with related parties are at rates and terms that GCP believes are comparable with those that could be entered into with independent third parties. Subsequent to the Separation, transactions with Grace represent third-party transactions. Transition Services Agreement In connection with the Separation, the Company entered into a transition services agreement pursuant to which GCP and Grace provided various services to each other on a temporary, transitional basis. The services provided by Grace to GCP included information technology, treasury, tax administration, accounting, financial reporting, human resources and other services. Following the Separation, Grace and GCP provided some of these services on a transitional basis, generally for a period of up to 18 months . During the year ended December 31, 2017, the activities related to the transition services agreement were complete. Tax Sharing Agreement In connection with the Separation, the Company and Grace entered into a Tax Sharing Agreement which governs the parties’ respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, as well as other matters regarding taxes. In general, and subject to the terms of the Tax Sharing Agreement, GCP is responsible for all U.S. federal, state and foreign taxes, including any related interest, penalties or audit adjustments, reportable on a GCP separate return (a return that does not include Grace or any of its subsidiaries). Grace is responsible for all U.S. federal, state and foreign income taxes, including any related interest, penalties or audit adjustments, reportable on a consolidated, combined or unitary return that includes Grace or any of its subsidiaries and GCP or any of its subsidiaries up to the Separation date. As of December 31, 2018 and 2017, GCP has recorded $3.9 million and $7.2 million , respectively, of indemnified receivables in "Other assets" and $1.8 million and $2.7 million , respectively, of indemnified payables in "Other current liabilities" in the Consolidated Balance Sheets In addition, the Tax Sharing Agreement imposes certain restrictions on GCP and its subsidiaries, including restrictions on share issuances, business combinations, sales of assets and similar transactions, that are designed to preserve the qualification of the Distribution, together with certain related transactions, under Section 355 and certain other relevant provisions of the Code. In the event that the Distribution, together with certain related transactions, does not qualify under Section 355 and certain other relevant provisions of the Code, then the Tax Sharing Agreement provides specific rules for allocating tax liabilities. In general, under the Tax Sharing Agreement, each party is expected to be responsible for any taxes imposed on and certain related amounts payable by GCP or Grace that arise from the failure of the Distribution and certain related transactions to qualify under Section 355 and certain other relevant provisions of the Code, to the extent that the failure to so qualify is attributable to actions, events or transactions relating to such party’s respective stock, assets or business, or a breach of the relevant representations or covenants made by such party in the Tax Sharing Agreement. Parent Company Equity Net transfers to parent are included within "Net parent investment" on the Consolidated Statements of Stockholders' Equity (Deficit). The components of the "Net transfer to parent" as of December 31, 2016 is presented below. (In millions) Year Ended December 31, 2016 Cash pooling and general financing activities $ (688.0 ) GCP expenses funded by parent 6.6 Corporate costs allocations 2.0 Provision for income taxes 4.3 Total "Net transfer to parent", per Consolidated Statements of Stockholders' Equity (Deficit) (675.1 ) Other, net (83.6 ) "Transfers to parent, net" per Consolidated Statements of Cash Flows $ (758.7 ) During the years ended December 31, 2018 and 2017, there were no adjustments to the parent company equity. During the year ended December 31, 2016, "Other, net" presented in the table above was related to the non-cash transfer from the parent which consisted primarily of: (i) approximately $44 million of net pension liabilities, (ii) approximately $23 million of fixed assets and (iii) the non-cash settlement of approximately $36 million of the related-party debt, deferred tax items, and other items. GCP used proceeds from the Notes and Credit Facilities to fund a distribution to Grace in an amount of $750.0 million related to the Separation. This distribution is reflected as a component of transfers to parent in the table above. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans On May 11, 2017, GCP filed a Registration Statement on Form S-8 with the SEC for the purpose of registering an additional 8,000,000 shares of Common Stock, par value $0.01 per share, that may be issued under the GCP Applied Technologies Inc. Equity and Incentive Plan (the "Plan"), as amended and restated on February 28, 2017. GCP provides certain key employees equity awards in the form of stock options, restricted stock units (“RSUs”) and performance-based stock units (“PBUs”) under the Plan. Certain employees and members of the Board of Directors are eligible to receive stock-based compensation, including stock, stock options, RSUs and PBUs. Stock-Based Compensation Accounting Total stock-based compensation expense related to cash settled and non-cash settled awards is included in "Income (loss) from continuing operations before income taxes" in the Consolidated Statements of Operations and was $3.7 million , $9.2 million and $7.2 million , respectively, during the years ended December 31, 2018 , 2017 and 2016 . During the year ended December 31, 2018, the Company recorded a stock-based compensation expense reduction of $5.2 million related to remeasurement of PBUs granted in 2017 and 2018 based on their estimated expected payout at the end of the applicable performance period. The total income tax benefits recognized for stock-based compensation arrangements were $0.6 million , $4.8 million and $4.7 million , respectively, during the years ended December 31, 2018 , 2017 and 2016 . During the year ended December 31, 2016, the Company elected the early adoption of ASU 2016-9 which resulted in the recognition of additional tax benefits of $2.0 million during the year ended December 31, 2016 . Upon Separation from Grace on February 3, 2016, previously outstanding stock-based compensation awards granted under Grace’s equity compensation programs were adjusted to reflect the impact of the Separation. To preserve the aggregate intrinsic value of those Grace awards, as measured immediately before and immediately after the Separation, each holder of Grace stock-based compensation awards generally received an adjusted award consisting of either (i) both a stock-based compensation award denominated in Grace equity as it existed subsequent to the Separation and a stock-based compensation award denominated in GCP equity or (ii) solely a stock-based compensation award denominated in the equity of the company at which the person was employed following the Separation. Adjusted awards consisting of stock-based compensation awards denominated in GCP equity are considered issued under the Plan. These adjusted awards generally will be subject to the same vesting conditions and other terms that applied to the original Grace awards before the Separation. In accordance with provisions of the Employee Matters Agreement, GCP is obligated to settle all of the stock-based compensation awards denominated in GCP equity, regardless of whether the holders are employees of GCP or Grace. Likewise, Grace is obligated to settle all of the stock-based compensation awards denominated in Grace shares, regardless of whether the holders are employees of GCP or Grace. As a result, GCP recorded a liability for cash-settled awards held by Grace employees. The Company issues new shares of common stock upon exercise of stock options. In accordance with certain provisions of the Plan, GCP withholds and retains shares issued to certain holders of GCP awards in order to fulfill statutory tax withholding requirements for the employees. During the years ended December 31, 2018 and 2017 , GCP retained approximately 45,100 and 47,000 shares, respectively, in a non-cash transaction under such provisions which were reflected as "Share Repurchases" in the Consolidated Statements of Equity (Deficit). As of December 31, 2018 , approximately 8.4 million shares of common stock were reserved and available for future grant under the Plan. On February 21, 2019, the compensation committee and the Board of Directors authorized and approved the 2019 annual grant which had a value of approximately $10.4 million and consisted of approximately 240,000 options, 113,000 RSUs and a certain number of PSUs with a grant date of February 21, 2019. The Company is currently estimating the grant date fair value of PBUs and the number of PSUs included in the 2019 annual grant. Stock Options Stock options are non-qualified and are granted at exercise prices not less than 100% of the fair market value on the grant date. The awards issued before February 28, 2017 were granted at the exercise price equal to fair market value on the grant date determined as the average of the high market price and low market price of the Company’s stock from that trading day. The awards issued after February 28, 2017 were granted at the exercise price equal to fair market value on the grant date determined as the market closing price of the Company’s stock on that date. Stock option awards granted typically have a contractual term of five to ten years from the original date of grant. Generally, stock options vest in substantially equal amounts each year over three years from the date of grant. The following assumptions were utilized in the Black-Scholes option pricing model for estimating the fair value of GCP's stock options granted during the years ended December 31, 2018 , 2017 and 2016: Year Ended December 31, Assumptions used to calculate expense for stock options: 2018 2017 2016 Risk-free interest rate 2.68 - 2.80% 1.83 - 2.11% 0.93 - 1.24% Average life of options (years) 5.5 - 6.5 5.5 - 6.5 4 - 5 Volatility 27.91 - 30.65% 31.42 - 31.96% 29.6 – 33.2% Weighted average grant date fair value per stock option $10.63 $9.17 $4.89 The following table sets forth the information related to stock options denominated in GCP stock during the year ended December 31, 2018 : Stock Option Activity Number Of Weighted Weighted Aggregated Outstanding, December 31, 2017 1,636 $ 18.94 3.78 $ 21,597 Options exercised (324 ) 16.85 Options forfeited/expired/canceled (35 ) 26.29 Options granted 241 31.31 Outstanding, December 31, 2018 1,518 $ 21.18 3.75 $ 7,145 Exercisable, December 31, 2018 967 $ 18.89 2.53 $ 5,687 Vested and expected to vest, December 31, 2018 1,505 $ 21.12 3.73 $ 7,132 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value, determined as the difference between GCP's closing stock price on the last trading day of December 31, 2018 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their in-the-money options at period end. The amount changes based on the fair market value of GCP's stock. Total intrinsic value of all options exercised during the year s ended December 31, 2018 , 2017 and 2016 was $4.8 million , $9.8 million and $9.3 million , respectively. At December 31, 2018 , total unrecognized stock-based compensation expense for stock options outstanding was $0.9 million and is expected to be recognized over the weighted-average period of approximately one year. Restricted Stock Units and Performance Based Units RSUs and PBUs are granted with the exercise price equal to zero and are converted to shares immediately upon vesting. In accordance with the Employee Matters Agreement, certain previously outstanding RSUs and PBUs granted under Grace's equity compensation programs prior to the Separation were adjusted upon Separation such that holders of these original Grace RSUs and PBUs received RSUs denominated in GCP equity. As of December 31, 2018 , $2.9 million of total unrecognized compensation expense related to the RSU and PBU awards is expected to be recognized over the remaining weighted-average service period of approximately one year . RSUs The Company grants RSUs which are time-based, non-performance units. RSUs generally vest over a three year period, with some awards vesting in substantially equal amounts each year over three years and some awards vesting 100% after the third year from the date of grant. A smaller number of RSUs were designated as sign-on awards which are used for purposes of attracting key employees and covering outstanding awards from prior employers. Such awards vest 100% after two years from the date of grant. RSUs are recorded at fair value on the date of grant. The common stock-settled awards are considered equity awards, with the stock compensation expense being determined based on GCP’s stock price on the grant date. The cash settled awards are considered liability awards, with the liability being remeasured each reporting period based on GCP’s then current stock price. The expense related to the liability awards was not material during the years ended December 31, 2018, 2017 and 2016. All liability awards were settled in cash during the year ended December 31, 2018. The following table sets forth the RSU activity for the year ended December 31, 2018 : RSU Activity: Number Of Weighted Outstanding, December 31, 2017 406 $ 19.15 RSU's settled (159 ) 18.42 RSU's forfeited (13 ) 28.20 RSU's granted 129 29.28 Outstanding, December 31, 2018 363 $ 22.76 Expected to vest as of December 31, 2018 355 $ 22.70 The weighted average grant date fair value of RSUs granted during the years ended December 31, 2018, 2017 and 2016 was $29.28 , $26.44 and $17.36 per share, respectively. During the years ended December 31, 2018, 2017 and 2016, GCP distributed 117,000 shares, 107,000 shares and 25,000 shares, respectively, and used $1.2 million , $0.9 million and $0.5 million of cash, respectively, to settle RSUs upon vesting. GCP expects to settle in stock all future RSU vestings. T he fair value of RSUs vested during the years ended December 31, 2018, 2017 and 2016 was $4.8 million , $3.8 million and $0.7 million , respectively. PBUs PBUs are performance-based units which are granted by the Company either with or without market conditions. PBUs granted prior to 2017 are recorded at fair value on the grant date. The performance criteria for PBUs granted in 2016 is based on a 3 -year cumulative adjusted earnings per share measure. The number of shares earned by employees who receive 2016 PBU grants is based on the achievement of applicable performance targets related to such measure and can range between 0% to 200% . These awards will be settled in 2019 once the actual performance against the cumulative adjusted earnings per share measure based on fiscal years 2016-2018 is certified by the Compensation Committee. Beginning with the annual PBU grant during the three months ended March 31, 2017, the performance criteria for PBUs included a 3 -year cumulative adjusted diluted earnings per share metric that is modified, up or down, based on the Company's total shareholder return ("TSR") relative to the performance of the Russell 3000 Index ("the Index"). The number of shares that ultimately vest, if any, is based on Company performance against these metrics, and can range from 0% to 200% of the target number of shares granted to the employee. The 2018 and 2017 awards will become vested, if at all, three years from the grant date once actual performance is certified by the Board's Compensation Committee. Vesting is also subject to the employees' continued employment through the vesting date. The following table summarizes the assumptions used in the Monte Carlo simulations for estimating the grant date fair values of PBUs granted during the years ended December 31, 2018 and 2017: Year Ended December 31, Assumptions used to calculate expense for PBUs: 2018 2017 Expected term (remaining performance period) 2.86 years 2.84 years Expected volatility 28.56% 28.00% Risk-free interest rate 2.38% 1.41% Expected dividends — — Correlation coefficient 38.98% 46.83% Average correlation coefficient of constituents 39.96% 42.33% During the year ended December 31, 2018, GCP granted 149,974 PBUs to the Company employees. The weighted average grant date fair value of PBUs granted during the year ended December 31, 2018 was $34.20 . During the year ended December 31, 2018, 6,177 of these PBUs were forfeited. None of these PBUs vested during the year ended December 31, 2018. PBUs that were granted during the year ended December 31, 2017 to the Company employees remain outstanding as of December 31, 2018 and the weighted average grant date fair value of these awards was $28.29 . During the year ended December 31, 2018, 12,524 of these awards were forfeited. None of these PBUs vested during the year ended December 31, 2018. PBUs that were granted during the year ended December 31, 2016 to the Company employees remain outstanding as of December 31, 2018 and the weighted average grant date fair value of these awards was $17.04 . During the year ended December 31, 2018, none of these awards were forfeited or vested. |
Operating Segment and Geographi
Operating Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Operating Segment and Geographic Information | Operating Segment and Geographic Information GCP is engaged in the production and sale of specialty construction chemicals and specialty building materials through its two operating and reportable segments. Specialty Construction Chemicals ("SCC") operating segment manufactures and markets concrete admixtures and cement additives. Specialty Building Materials ("SBM") operating segment manufactures and markets sheet and liquid membrane systems that protect structures from water, air and vapor penetration, as well as fireproofing and other products designed to protect the building envelope. Operating Segment Data The following table presents information related to GCP's operating segments: Year Ended December 31, (In millions) 2018 2017 2016 Net Sales Specialty Construction Chemicals $ 643.5 $ 615.7 $ 623.8 Specialty Building Materials 481.9 468.7 422.7 Total net sales $ 1,125.4 $ 1,084.4 $ 1,046.5 Segment Operating Income Specialty Construction Chemicals segment operating income $ 40.2 $ 63.4 $ 72.6 Specialty Building Materials segment operating income 113.6 109.4 114.0 Total segment operating income $ 153.8 $ 172.8 $ 186.6 Depreciation and Amortization Specialty Construction Chemicals $ 24.2 $ 21.3 $ 20.0 Specialty Building Materials 14.7 13.2 9.6 Corporate 3.1 2.3 0.2 Total depreciation and amortization $ 42.0 $ 36.8 $ 29.8 Capital Expenditures Specialty Construction Chemicals $ 28.8 $ 23.9 $ 23.6 Specialty Building Materials 12.8 8.5 5.7 Corporate 13.4 12.6 11.6 Total capital expenditures $ 55.0 $ 45.0 $ 40.9 Total Assets Specialty Construction Chemicals $ 408.6 $ 419.9 $ 335.9 Specialty Building Materials 427.8 409.3 273.3 Corporate 441.4 851.3 317.2 Assets held for sale 4.1 22.5 163.4 Total assets $ 1,281.9 $ 1,703.0 $ 1,089.8 Reconciliation of Operating Segment Data to Financial Statements Corporate expenses directly related to the operating segments are allocated to the segment's operating income. GCP excludes from the segments' operating income certain functional costs, certain impacts of foreign currency exchange (related primarily to Argentina for the year ended December 31, 2018 and Venezuela for periods up through its deconsolidation date of July 3, 2017, as discussed in Note 1, "Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies"), as well as other corporate costs included in the table below. GCP also excludes from the segment's operating income certain ongoing defined benefit pension costs recognized during each reporting period, which include service and interest costs, the effect of expected returns on plan assets and amortization of prior service costs/credits. GCP believes that the exclusion of certain corporate costs and pension costs provides a better indicator of its operating segment performance since such costs are not managed at an operating segment level. Total segment operating income for the years ended December 31, 2018 , 2017 and 2016 are reconciled below to "Income (loss) from continuing operations before income taxes" presented in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2018 2017 2016 Total segment operating income $ 153.8 $ 172.8 $ 186.6 Corporate costs (1) (27.3 ) (36.4 ) (38.4 ) Certain pension costs (7.6 ) (9.0 ) (7.2 ) Loss on sale of product line — (2.1 ) — Currency and other financial losses in Venezuela — (39.1 ) — Litigation settlement — (4.0 ) — Legacy product, environmental and other claims — (0.6 ) — Repositioning expenses (9.6 ) (9.8 ) (15.3 ) Restructuring expenses and asset impairments (14.8 ) (13.5 ) (1.9 ) Pension MTM adjustment and other related costs, net 8.7 (14.1 ) (22.6 ) Gain on termination and curtailment of pension and other postretirement plans 0.2 6.6 0.8 Third-party and other acquisition-related costs (2.5 ) (6.8 ) (0.6 ) Other financing costs — (6.0 ) (1.2 ) Amortization of acquired inventory fair value adjustment (0.2 ) (2.9 ) (1.3 ) Tax indemnification adjustments (0.5 ) (2.8 ) — Interest expense, net (2) (88.9 ) (61.1 ) (64.6 ) Currency losses in Argentina (1.1 ) — — Net income attributable to noncontrolling interests 0.3 0.5 1.0 Income (loss) from continuing operations before income taxes $ 10.5 $ (28.3 ) $ 35.3 ______________________________ (1) Management allocates certain corporate costs to each operating segment to the extent such costs are directly attributable to the segments. For the years ended December 31, 2017 and 2016, corporate costs include approximately $5.4 million and $10.3 million , respectively, that were not allocated to the Darex operating segment as such costs did not meet the criteria to be reclassified to discontinued operations. During the three months ended September 30, 2017, the Company began allocating these costs to the SCC and SBM operating segments. (2) Interest expense, net includes a loss of $59.8 million as a result of debt refinancing transaction completed on April 10, 2018. Please refer to Note 6, "Debt and Other Borrowings" for further information on the transaction. Sales by Product Group The following table sets forth sales by product group within the SCC operating segment and the SBM operating segment during the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, (In millions) 2018 2017 2016 Specialty Construction Chemicals: Concrete $ 478.9 $ 455.6 $ 469.1 Cement 164.6 160.1 154.7 Total SCC Sales $ 643.5 $ 615.7 $ 623.8 Specialty Building Materials: Building Envelope $ 284.4 $ 263.3 $ 236.3 Residential Building Products 80.9 80.3 89.2 Specialty Construction Products 116.6 125.1 97.2 Total SBM Sales $ 481.9 $ 468.7 $ 422.7 Total Sales $ 1,125.4 $ 1,084.4 $ 1,046.5 Disaggregation of Total Net Sales The Company disaggregates its revenue from contracts with customers by operating segments, which it believes best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Geographic Area Data The following table sets forth net sales information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2018 2017 2016 Net Sales United States $ 538.8 $ 509.2 $ 476.6 Canada and Puerto Rico 32.2 31.5 32.5 Total North America 571.0 540.7 509.1 Europe Middle East Africa 240.7 244.5 225.6 Asia Pacific 245.6 229.2 241.2 Latin America 68.1 70.0 70.6 Total $ 1,125.4 $ 1,084.4 $ 1,046.5 Sales are attributed to geographic areas based on customer locations. With the exception of the U.S. presented in the table above, there were no individually significant countries with sales exceeding 10% of total sales during the years ended December 31, 2018, 2017 and 2016. There were no customers within the SCC and SBM segments that individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31, 2018, 2017, or 2016. There were no customers that individually accounted for 10% or more of the Company's accounts receivable balance as of December 31, 2018 and 2017. The following table sets forth long-lived asset information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2018 2017 Properties and Equipment, net United States $ 150.1 $ 138.5 Canada and Puerto Rico 3.0 3.1 Total North America 153.1 141.6 Europe Middle East Africa (EMEA) 27.6 32.1 Asia Pacific 35.0 31.4 Latin America 9.4 11.5 Total $ 225.1 $ 216.6 Goodwill, Intangibles and Other Assets United States $ 107.4 $ 109.0 Canada and Puerto Rico 7.8 7.7 Total North America 115.2 116.7 Europe Middle East Africa (EMEA) 169.8 151.2 Asia Pacific 17.5 18.6 Latin America 22.4 27.3 Total $ 324.9 $ 313.8 Total long-lived assets located in the United Kingdom represented approximately 20% of total long-lived assets as of December 31, 2018 and 2017. With the exception of the U.S. and the United Kingdom, there are no other individually significant countries with long-lived assets exceeding 10% of total long-lived assets as of December 31, 2018 and 2017. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth a reconciliation of the numerators and denominators used in calculating basic and diluted (loss) earnings per share: Year Ended December 31, (In millions, except per share amounts) 2018 2017 2016 Numerators (Loss) income from continuing operations attributable to GCP shareholders $ (16.1 ) $ (110.9 ) $ 27.6 Income from discontinued operations, net of income taxes 31.3 664.3 45.2 Net income attributable to GCP shareholders $ 15.2 $ 553.4 $ 72.8 Denominators Weighted average common shares—basic calculation 72.1 71.5 70.8 Dilutive effect of employee stock awards (1) — — 0.9 Weighted average common shares—diluted calculation 72.1 71.5 71.7 Basic (loss) earnings per share (Loss) income from continuing operations attributable to GCP shareholders $ (0.22 ) $ (1.55 ) $ 0.39 Income from discontinued operations, net of income taxes $ 0.43 $ 9.29 $ 0.64 Net income attributable to GCP shareholders (2) $ 0.21 $ 7.74 $ 1.03 Diluted (loss) earnings per share (1) (Loss) income from continuing operations attributable to GCP shareholders $ (0.22 ) $ (1.55 ) $ 0.38 Income from discontinued operations, net of income taxes $ 0.43 $ 9.29 $ 0.63 Net income attributable to GCP shareholders (2) $ 0.21 $ 7.74 $ 1.02 _______________________________ (1) Dilutive effect not applicable to the periods in which GCP generated a loss from continuing operations. (2) Amounts may not sum due to rounding. GCP uses the treasury stock method to compute diluted (loss) earnings per share. During the years ended December 31, 2018 and 2017, there were no anti-dilutive shares based on the treasury stock method as a result of a loss from continuing operations incurred during the periods then ended. During the year ended December 31, 2016, 0.2 million of anti-dilutive stock awards were excluded from the computation of diluted earnings per share based on the treasury stock method as a result of an income from continuing operations generated during the period. As of December 31, 2018 and 2017, total outstanding options of 1.5 million and 1.6 million , respectively, and total outstanding RSUs of 0.4 million as of the end of each period were excluded from the computation of diluted loss per share due to a loss from continuing operations incurred during the years ended December 31, 2018 and 2017. The following table sets forth the weighted average options and RSUs excluded from the computation of dilutive shares and diluted loss per share that would've been reflected in the "Dilutive effect of employee stock awards" line in the table above: Year Ended December 31, (In millions of shares) 2018 2017 2016 Dilutive effect: Options (1) 0.4 0.6 N/A RSUs (1)(2) 0.3 0.4 N/A ________________________________ (1) N/A - Dilutive effect is included in computation of diluted earnings per share under the treasury stock method for periods in which GCP generated income from continuing operations. (2) For the year ended December 31, 2018, shares include the weighted average PBU's outstanding relating to the 2016 PBU grant, as the measurement period has ended. During the years ended December 31, 2018 and 2017, GCP withheld and retained approximately 45,100 and 47,000 shares, respectively, of Company common stock in a non-cash transaction with a cost of $1.4 million and $1.3 million , respectively, in connection with fulfilling statutory tax withholding requirements for employees under the provisions of the Company's equity compensation programs. During the years ended December 31, 2018 and 2017, payments for tax withholding obligations related to employee equity awards were $1.4 million and $1.3 million , respectively. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions Completed in 2018 Clydebridge Holdings Limited On May 4, 2018, GCP acquired 100% of the outstanding capital stock of Clydebridge Holdings Limited which owns 100% of RIW Limited (the "RIW"), a U.K.-based supplier of waterproofing solutions for commercial and residential construction applications. The acquisition is expected to strengthen GCP’s position in the U.K. waterproofing market and complement its product portfolio within the SBM operating segment by adding waterproofing capabilities for a wider range of projects. The aggregate purchase price of $29.7 million (at the date of acquisition), net of cash acquired of $10.0 million , consisted of a net cash payment of $29.8 million , which was reduced by working capital adjustments of $0.1 million . The purchase price is subject to normal and customary purchase price adjustments. At the closing of the acquisition of RIW, a portion of the consideration was placed into escrow which was ascribed to the purchase price and will be released to the sellers no later than December 30, 2020. The escrow was related to the sellers’ satisfaction of indemnity claims and general representations and warranties. There were no amounts released from the escrow to the sellers as of December 31, 2018. The Company accounted for the acquisition as a business combination in accordance with provisions of ASC 805, Business Combinations ("ASC 805"). The operating results of RIW have been reflected in the results of operations for the SBM operating segment from the date of the acquisition. The Company used a market participant approach to record the assets acquired and liabilities assumed in the RIW acquisition. The purchase price allocation is based on a preliminary valuation and is subject to further adjustments within the measurement period as additional information becomes available related to the fair value of such assets acquired and liabilities assumed. The fair values of inventory, intangible assets, accrued liabilities, tax-related matters and residual goodwill were preliminary as of December 31, 2018. The Company will refine such fair value estimates as new information becomes available during the measurement period. Any adjustments to the purchase price allocation will be made as soon as practicable, but no later than one year from the acquisition date. Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired and has been assigned to the SBM operating segment. Goodwill is primarily the result of expected synergies from combining the operations of RIW with GCP's operations and is not deductible for tax purposes. The following table summarizes the updated allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the acquisition based upon its estimated fair value at the date of acquisition. Such balances are reflected in the Consolidated Balance Sheets as of December 31, 2018: (In millions) Net Assets Acquired Accounts receivable (approximates contractual value) $ 1.3 Inventories 0.5 Property, plant and equipment 0.1 Intangible assets 10.7 Goodwill 19.9 Accounts payable (1.0 ) Accrued liabilities (0.1 ) Deferred tax liabilities (1.9 ) Net assets acquired $ 29.5 During the year ended December 31, 2018, the Company finalized certain closing adjustments with the seller and its purchase price allocation by recording a $0.2 million reduction in both consideration paid and inventories. The following table presents the fair values of the intangible assets acquired and their weighted average amortization periods: Amount (in millions) Weighted-Average Amortization Period (in years) Customer relationships $ 8.8 9 Developed technology 0.8 15 Trademarks and trade names 1.1 10 Total $ 10.7 The Company used the income approach in accordance with the excess-earnings method to estimate the fair value of customer relationships, equal to the present value of the incremental after-tax cash flows attributable to the intangible asset. The Company used the income approach in accordance with the relief-from-royalty method to estimate the fair values of the trademarks and trade names, as well as developed technology which is equal to the present value of the after-tax royalty savings attributable to owning the intangible asset.The total weighted average amortization period of the intangible assets acquired is 10 years using methods that approximate the pattern in which the economic benefits are expected to be realized. Acquisition-related costs incurred for the RIW acquisition during the year ended December 31, 2018 were included in "Selling, general and administrative expenses" in the Consolidated Statements of Operations and were not material. The Company did not present a proforma information summary for its consolidated results of operations for the year ended December 31, 2018 as if the acquisition of RIW occurred on January 1, 2017 because such results were not material. Acquisitions Completed in 2017 Ductilcrete Technologies On October 31, 2017, GCP acquired 100% of the share capital of Ductilcrete Technologies (the "Ductilcrete"), a U.S.-based technology leader for concrete engineered systems, for total consideration of $31.8 million , net of $1.5 million of cash acquired. The Company believes that the acquisition of Ductilcrete expands its technology platform with new product categories and engineered systems that will allow it to access a wider range of customers. The Company accounted for the acquisition as a business combination in accordance with provisions of ASC 805, and reflected Ductilcrete's operating results from the date of the acquisition within the operating results of the SCC operating segment. The Company allocated the acquisition purchase price to the assets acquired and liabilities assumed determined from a market participant perspective and recognized the excess as goodwill. The Company allocated the acquisition purchase price to the assets acquired and liabilities assumed determined from a market participant perspective and recognized the excess as goodwill which has been assigned to the SCC operating segment. As of December 31, 2017, the Company recognized $14.0 million of goodwill, which is tax-deductible and will be amortized for tax purposes over 15 years. The goodwill is attributable to the revenue growth and operating synergies that GCP expects to realize from this acquisition. During the year ended December 31, 2018, the Company finalized certain closing adjustments with the seller and its purchase price allocation by recording a $0.3 million reduction in both consideration paid and accounts receivable. The following table summarizes the final allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the acquisition based upon their estimated fair values at the date of the acquisition. Such balances are reflected in the Consolidated Balance Sheets as of December 31, 2018: (In millions) Net Assets Acquired Accounts receivable $ 2.2 Other current assets 0.2 Properties and equipment 0.1 Goodwill 14.0 Intangible assets 15.5 Accounts payable (0.2 ) Net assets acquired $ 31.8 The following table presents the fair values of the intangible assets acquired and their weighted average amortization periods: Amount (In millions) Weighted-Average Amortization Period (in years) Customer relationships $ 10.2 11 Technology 4.5 13 Trademarks 0.8 10 Total $ 15.5 Stirling Lloyd Plc On May 17, 2017, GCP acquired 100% of the share capital of Stirling Lloyd Plc (the "Stirling Lloyd"), a UK-based global supplier of high-performance liquid waterproofing and coatings products, for total consideration of $91.1 million , net of $16.1 million of cash acquired. The Company believes that the addition of Stirling Lloyd and its products, which are used for the protection of infrastructure and buildings, opens new growth opportunities by offering additional selling channels for specialized end-market applications. The Company elected the early adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, in conjunction with the acquisition of Stirling Lloyd, as described in Note 1, "Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies", and accounted for the acquisition as a business combination. Stirling Lloyd's operating results have been reflected within the operating results of the SBM operating segment from the date of the acquisition. The Company allocated the acquisition purchase price to the assets acquired and liabilities assumed determined from a market participant perspective and recognized the excess of $59.6 million as goodwill which has been assigned to the SBM operating segment. Goodwill is attributable to the revenue growth and operating synergies that GCP expects to realize from this acquisition and is not deductible for tax purposes. During the year ended December 31, 2017, the Company finalized its purchase price allocation. The following table summarizes the final allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the acquisition based upon its estimated fair value at the date of acquisition. Such balances are reflected in the Consolidated Balance Sheets as of December 31, 2018 and 2017: (In millions) Net Assets Acquired Accounts receivable $ 6.8 Other current assets 3.1 Inventories 4.2 Properties and equipment 3.4 Goodwill 59.6 Intangible assets 26.9 Accounts payable (2.9 ) Other current liabilities (4.2 ) Other liabilities (5.8 ) Net assets acquired $ 91.1 The following table presents the fair values of the intangible assets acquired and their weighted average amortization periods: Amount (In millions) Weighted-Average Amortization Period (in years) Customer relationships $ 15.0 10 Technology 9.8 11 Trademarks 2.1 10 Total $ 26.9 During the year ended December 31, 2018, the Company reached a settlement with the sellers of Stirling Lloyd related to certain warranty claims and received $3.1 million of proceeds released from an escrow account as a result of such settlement. The proceeds of $3.1 million were received after finalizing the purchase price allocation and completion of the measurement period. GCP recognized the proceeds in the results of operations during the year ended December 31, 2018, of which $2.6 million was included in "Other (income) expense, net" in the Consolidated Statements of Operations. Revenue from RIW, Ductilcrete and Stirling Lloyd was not material individually, or in the aggregate, to the Company's consolidated revenue during the year ended December 31, 2018. Net income from RIW, Ductilcrete and Stirling Lloyd was not individually material to the Company’s consolidated (loss) income from continuing operations during the year ended December 31, 2018. In the aggregate, net income from RIW, Ductilcrete and Stirling Lloyd was $13.5 million during year ended December 31, 2018. Supplemental Pro Forma Information During the year ended December 31, 2017, GCP completed acquisitions of Ductilcrete and Stirling Lloyd, which when considered in aggregate, were material to the Company's Consolidated Financial Statements. Stirling Lloyd contributed revenue of $33.1 million and income from continuing operations of $2.8 million to GCP for the period from May 17, 2017 to December 31, 2017, and Ductilcrete contributed revenue of $1.2 million and income from continuing operations of $0.1 million to GCP for the period from October 31, 2017 to December 31, 2017. The following unaudited pro forma summary presents consolidated results of operations for GCP and these business combinations as if they had occurred on January 1, 2016: (In millions) Pro forma year ended December 31, 2017 (unaudited) Pro forma year ended December 31, 2016 (unaudited) Revenue $ 1,108.9 $ 1,101.3 (Loss) income from continuing operations $ (103.4 ) $ 28.3 GCP reflected non-recurring pro forma adjustments directly attributable to the business combinations in the pro forma revenue and loss (income) from continuing operations reported above. The unaudited pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if these acquisitions had taken place on January 1, 2016. The non-recurring proforma adjustments are related to prepaid compensation expense, recognition of step-up in value of the acquired inventories adjusted to fair value on the acquisition date, interest expense and acquisition-related costs. These pro forma amounts have been calculated after applying GCP's accounting policies and adjusting the results of Stirling Lloyd and Ductilcrete to reflect the additional amortization expense that would have been charged assuming the intangible assets had been acquired on January 1, 2016. During the year ended December 31, 2017, GCP incurred $2.1 million of acquisition-related costs for the Ductilcrete and Stirling Lloyd acquisitions, which are included in "Selling, general and administrative expenses" in the Consolidated Statements of Operations for the year ended December 31, 2017 and reflected in the pro forma income from continuing operations for the year ended December 31, 2016 in the table above. Acquisitions Completed in 2016 Acquisition of Halex Corporation On November 9, 2016, GCP acquired 100% of the stock of Halex Corporation ("Halex"), a North American supplier of specialty moisture barrier flooring underlayment products, seam tapes, as well as other flooring and accessories, for total consideration of $46.0 million , net of $2.4 million of cash acquired. The acquisition has expanded GCP's building envelope product portfolio and provided growth opportunities within the SBM operating segment. The acquisition of Halex was accounted for as a business combination. Goodwill of $14.7 million is tax-deductible and will be amortized for tax purposes over 15 years . The goodwill is attributable to the revenue growth and operating synergies that GCP expects to realize from this acquisition. Halex's operating results have been reflected within the operating results of the SBM operating segment from the date of the acquisition. The Company allocated the acquisition purchase price to the assets acquired and liabilities assumed determined from a market participant perspective and recognized the excess as goodwill which has been assigned to the SBM operating segment. During the years ended December 31, 2018, 2017 and 2016 revenue and net income from Halex were not material to the Company's consolidated revenue and (loss) income from continuing operations. Acquisition-related costs incurred for the Halex acquisition during the year ended December 31, 2016 were included in "Selling, general and administrative expenses" in the Consolidated Statements of Operations and were not material. Disposal of Non-core Halex Net Assets During the second quarter of 2017, the Company completed the sale of non-core carpet tack strip and plywood underlayment product lines that were acquired with Halex for approximately $3 million in cash. The Company recorded a $2.1 million loss related to the disposal of these non-core Halex net assets which is reflected in "Other (income) expense, net" in the Consolidated Statements of Operations. The transaction included the disposal of $1.3 million in related goodwill and $1.5 million in customer relationships intangible assets within the SBM segment. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On July 3, 2017, the Company completed the sale of Darex to Henkel for $1.06 billion in cash (the “Disposition”). The agreement with Henkel governing the Disposition (the “Amended Purchase Agreement”) provides for a series of delayed closings in certain non-U.S. jurisdictions, including Argentina, China, Colombia, Indonesia, Peru and Venezuela for which sale proceeds were received on the July 3, 2017 closing date. The delayed closings will implement the legal transfer of the Darex business in the delayed closing jurisdictions in accordance with local law. During the year ended December 31, 2018, the Company completed the delayed closings in Argentina, Colombia, Peru and China and recorded an after-tax gain of $31.5 million on the sale of the delayed close entities in these countries. During the year ended December 31, 2017, the Company recorded an after-tax gain of $678.9 million on the sale of the Darex entities that closed on July 3, 2017. In January 2019, the delayed closing in Indonesia was completed. The Company estimates that it will record a pre-tax gain during the three months ended March 31, 2019 ranging between approximately $8.0 million to $11.0 million based on $13.1 million of proceeds received on July 3, 2017 related to the Darex business in Indonesia, subject to normal and customary closing adjustments. The remaining delayed closing in Venezuela is expected to be completed during the year ended December 31, 2019. Up to the time of the delayed closings, the results of the operations of the Darex business within the delayed close countries are reported as “Income from discontinued operations, net of income taxes” in the Consolidated Statements of Operations, which are adjusted for an economic benefit payable to or recovered from Henkel, as applicable for each reporting period. As of December 31, 2017, a liability of $55.1 million and $13.6 million , respectively, related to the consideration received by GCP for the delayed closings was recognized in “Other current liabilities” and “Other liabilities." During the year ended December 31, 2018, GCP reduced the liability by $55.1 million which consisted primarily of the sale proceeds received on July 3, 2017 for the delayed closings in Argentina, Colombia, Peru, and China completed during the period then ended. The remaining liability of $13.6 million for the consideration received on the closing date related to the remaining delayed closing countries is recorded in “Other current liabilities” as of December 31, 2018. The following table includes a reconciliation of the gain on the sale of the Darex business related to delayed close entities recorded during the years ended December 31, 2018 and 2017: Year Ended December 31, (In millions) 2018 2017 Net proceeds included in gain $ 55.4 $ 996.3 Less: Transaction costs — 15.9 Less: Net assets derecognized 11.9 99.6 Gain recognized before income taxes 43.5 880.8 Less: Tax effect of gain recognized 12.0 201.9 Gain recognized after income taxes $ 31.5 $ 678.9 In connection with the Disposition and related tax gain, as noted above, the Company recorded tax expense of $12.0 million and $201.9 million , respectively, within discontinued operations during the years ended December 31, 2018 and 2017. The tax effect of the gain for the year ended December 31, 2018 reflects the Company's final calculations based on the filing of its U.S. income tax returns in October, 2018. As a result of the Disposition, GCP recorded an unrecognized tax benefit of $32.4 million , which is reflected in the tax effect of the gain and within income tax expense in discontinued operations for the year ended December 31, 2017. There was no unrecognized tax benefit recorded in discontinued operations during the year ended December 31, 2018. In connection with the Disposition, the Company and Henkel also entered into a Transition Services Agreement pursuant to which Henkel and the Company will provide various services to each other in connection with the transition of the Darex business to Henkel. The Company and Henkel expect to perform these services, which relate to real estate, information technology, accounts payable, payroll and other financial functions and administrative services, for various periods up to 24 months following the closing date. The charges for such services generally allow the servicing party to recover all out-of-pocket costs and expenses and are recorded in "Other (income) expense, net" on the Consolidated Statements of Operations. Additionally, in connection with the Disposition, the Company and Henkel entered into a Master Tolling Agreement, whereby Henkel will operate certain equipment at facilities being sold in order to manufacture and prepare for shipping certain products related to product lines that the Company continues to own. The Company and Henkel expect these services to be provided for a period of 24 months following the closing date. Under the Amended Purchase Agreement, GCP is required to indemnify Henkel for certain possible future tax liabilities. GCP has recorded an indemnification payable of $0.9 million and $3.3 million , respectively, in this regard as a result of the Disposition as of December 31, 2018 and 2017. The following table sets forth the components of "Income from discontinued operations, net of income taxes" in the Statements of Operations: Year Ended December 31, (In millions) 2018 2017 2016 Net sales $ 15.7 $ 169.5 $ 309.3 Cost of goods sold 15.9 111.9 198.2 Gross profit (0.2 ) 57.6 111.1 Selling, general and administrative expenses 5.8 44.9 33.4 Research and development expenses — 2.3 4.6 Restructuring expenses 0.4 7.8 — Loss in Venezuela — 1.1 — Gain on sale of business (43.5 ) (880.8 ) — Other (income) expenses, net (4.1 ) 7.7 2.4 Income from discontinued operations before income taxes 41.2 874.6 70.7 Provision for income taxes (9.9 ) (210.2 ) (25.5 ) Less: Net income attributable to noncontrolling interests — (0.1 ) — Income from discontinued operations, net of income taxes $ 31.3 $ 664.3 $ 45.2 The following table sets forth carrying amounts of the major classes of assets and liabilities of Darex classified as held for sale in the Consolidated Balance Sheets as of December 31, 2018 and 2017 : (In millions) December 31, 2018 December 31, 2017 Trade accounts receivable $ 2.2 $ 8.4 Inventories 1.2 10.6 Other current assets — 0.7 Current assets held for sale $ 3.4 $ 19.7 Properties and equipment, net 0.2 2.2 Other assets 0.5 0.6 Non-current assets held for sale $ 0.7 $ 2.8 Accounts payable — 6.4 Other current liabilities — 1.4 Current liabilities held for sale $ — $ 7.8 Underfunded and unfunded defined benefit pension plans 0.4 0.3 Non-current liabilities held for sale $ 0.4 $ 0.3 |
Quarterly Summary and Statistic
Quarterly Summary and Statistical Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Summary and Statistical Information (Unaudited) | Quarterly Summary and Statistical Information (Unaudited) On July 3, 2017, the Company completed the sale of Darex to Henkel. In conjunction with this transaction and applicable GAAP, the results of operations for Darex have been excluded from continuing operations and reflected as "discontinued operations" in the Consolidated Statements of Operations for all periods presented. Please refer to Note 18, "Discontinued Operations" for further information on the transaction. The following tables present quarterly unaudited consolidated statement of operations information for the years ended December 31, 2018 and 2017: Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2018 (2) June 30, 2018 (1) September 30, 2018 (2) December 31, 2018 December 31, 2018 Net sales $ 250.2 $ 302.8 $ 296.3 $ 276.1 $ 1,125.4 Gross profit 87.5 111.7 110.4 100.3 409.9 Net (loss) income (6.5 ) (27.8 ) 25.5 24.3 15.5 (Loss) income from continuing operations attributable to GCP shareholders (13.8 ) (29.2 ) 7.2 19.7 (16.1 ) Income from discontinued operations, net of income taxes : 7.2 1.3 18.2 4.6 31.3 (Loss) income attributable to GCP shareholders $ (6.6 ) $ (27.9 ) $ 25.4 $ 24.3 $ 15.2 (Loss) income per share : Basic (loss) earnings per share: (Loss) income from continuing operations attributable to GCP shareholders $ (0.19 ) $ (0.40 ) $ 0.10 $ 0.27 $ (0.22 ) Income from discontinued operations, net of income taxes $ 0.10 $ 0.02 $ 0.25 $ 0.06 $ 0.43 Net (loss) income attributable to GCP shareholders $ (0.09 ) $ (0.39 ) $ 0.35 $ 0.34 $ 0.21 Diluted (loss) earnings per share (3): (Loss) income from continuing operations $ (0.19 ) $ (0.40 ) $ 0.10 $ 0.27 $ (0.22 ) Income from discontinued operations, net of income taxes $ 0.10 $ 0.02 $ 0.25 $ 0.06 $ 0.43 Net (loss) income attributable to GCP shareholders $ (0.09 ) $ (0.39 ) $ 0.35 $ 0.33 $ 0.21 ________________________________ (1) GCP recognized a loss on debt refinancing of $59.8 million during the three months ended June 30, 2018. Please refer to Note 6, "Debt and Other Borrowings" for further information on this transaction. (2) During the three months ended March 31, 2018 and the three months ended September 30, 2018, GCP recognized an after tax gain of $10.3 million and $18.8 million , respectively, on the sale of the delayed close entities in Argentina, Colombia, Peru and China. Please refer to Note 18, "Discontinued Operations" for further information on these transactions. (3) Dilutive effect is only applicable to the periods during which GCP generated net income from continuing operations. Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2017 June 30, 2017 September 30, 2017 (1)(2) December 31, 2017 (3) December 31, 2017 Net sales $ 225.3 $ 287.2 $ 282.4 $ 289.5 $ 1,084.4 Gross profit 85.3 115.0 106.5 110.3 417.1 Net (loss) income (16.9 ) (4.6 ) 659.3 (83.9 ) 553.9 (Loss) income from continuing operations attributable to GCP shareholders (25.0 ) 1.3 (18.1 ) (69.1 ) (110.9 ) Income (loss) from discontinued operations, net of income taxes 8.1 (6.0 ) 677.3 (15.1 ) 664.3 (Loss) income attributable to GCP shareholders $ (16.9 ) $ (4.7 ) $ 659.2 $ (84.2 ) $ 553.4 (Loss) income per share: (4) Basic (loss) earnings per share: (Loss) income from continuing operations attributable to GCP shareholders $ (0.35 ) $ 0.02 $ (0.25 ) $ (0.96 ) $ (1.55 ) Income (loss) from discontinued operations, net of income taxes $ 0.11 $ (0.08 ) $ 9.46 $ (0.21 ) $ 9.29 Net (loss) income attributable to GCP shareholders $ (0.24 ) $ (0.07 ) $ 9.21 $ (1.17 ) $ 7.74 Diluted (loss) earnings per share: (5) (Loss) income from continuing operations $ (0.35 ) $ 0.02 $ (0.25 ) $ (0.96 ) $ (1.55 ) Income (loss) from discontinued operations, net of income taxes $ 0.11 $ (0.08 ) $ 9.46 $ (0.21 ) $ 9.29 Net (Loss) income attributable to GCP shareholders $ (0.24 ) $ (0.07 ) $ 9.21 $ (1.17 ) $ 7.74 ________________________________ (1) GCP recognized a net gain on the sale of Darex of approximately $678.9 million during the three months ended September 30, 2017. Please refer to Note 18, "Discontinued Operations" for further information on the Company's sale of Darex. (2) During the three months ended September 30, 2017, GCP recorded an out-period-adjustment to correct the misclassification of a $3.4 million foreign exchange remeasurement loss that was incorrectly included within discontinued operations during the three months ended June 30, 2017. The impact of this correction, of which $2.9 million is reflected in "Loss on Venezuela" and $0.5 million is reflected in "Other (income) expense, net" in the Consolidated Statements of Operations, resulted in an increase in "(Loss) income from continuing operations." There was no tax impact associated with this adjustment. GCP has assessed the impact of this error and concluded that the amount was not material to any prior-period financial statements and the impact of correcting this error during the three months ended September 30, 2017 is not material. (3) During the three months ended December 31, 2017, GCP recorded a pension mark-to-market adjustment loss of $11.2 million . Please refer to Note 8, "Pension Plans and Other Postretirement Benefit Plans" for further information. (4) Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. (5) Dilutive effect only applicable to the periods during which GCP generated net income from continuing operations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events 2019 Restructuring and Repositioning Plan On February 22, 2019, the Company’s Board of Directors approved a business restructuring and repositioning plan (the “2019 Plan”). The 2019 Plan is focused on GCP’s global supply chain strategy, processes and execution, including our manufacturing, purchasing, logistics, and warehousing operations. The plan also addresses GCP’s service delivery model primarily in North America to streamline the Company’s pursuit of combined admixture and VERIFI® opportunities. The Company expects to incur total pre-tax costs in connection with the 2019 Plan of approximately $15 million to $20 million , of which approximately $5 million to $8 million represent restructuring costs and approximately $10 million to $12 million represent repositioning costs. In addition, the Company expects to incur $2 million of capital expenditures associated with the program. Approximately $3 million to $5 million of the estimated pretax restructuring costs represent employee severance and other employee-related costs, while the remaining $2 million to $3 million represents facility exit costs, asset write-offs, and other-related costs. Repositioning costs primarily consist of consulting services to assist GCP in advancing its technology strategy. With the exception of asset write-offs, substantially all of the cost and capital expenditures associated with the 2019 Plan are expected to result in cash expenditures. Substantially all of the restructuring actions under the 2019 Plan are expected to be completed by the end of December 31, 2020. The 2019 Plan is separate and in addition to the 2018 and 2017 Plans that were approved by the Board of Directors on August 1, 2018, and June 28, 2017, respectively. |
Schedule II - Valuation & Quali
Schedule II - Valuation & Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2018 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation & Qualifying Accounts and Reserves | FINANCIAL STATEMENT SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (In millions) For the Year Ended December 31, 2018 Balance at beginning of period Additions charged to costs and expenses Deductions (1) Other, net (2) Balance at end of period Valuation and qualifying accounts deducted from assets: Allowances for notes and accounts receivable $ 5.7 $ 1.6 $ (1.1 ) $ (0.4 ) $ 5.8 Inventory obsolescence reserve 2.4 5.0 (4.7 ) — 2.7 Valuation allowance for deferred tax assets 23.9 6.8 (10.8 ) (1.4 ) 18.5 ___________________________________________________________________________________________________________________ (1) Deductions from Valuation allowance for deferred tax assets include $10.6 million related to the forfeiture of the Company’s 2017 Japan net operating loss from the sale of Darex Japan. (2) Various miscellaneous adjustments against reserves and effects of currency translation. For the Year Ended December 31, 2017 Balance at beginning of period Additions charged to costs and expenses Deductions Other, net(1) Balance at end of period Valuation and qualifying accounts deducted from assets: Allowances for notes and accounts receivable $ 4.5 $ 0.8 $ — $ 0.4 $ 5.7 Inventory obsolescence reserve 2.6 4.7 (4.8 ) (0.1 ) 2.4 Valuation allowance for deferred tax assets 2.3 21.8 (0.3 ) 0.1 23.9 ___________________________________________________________________________________________________________________ (1) Various miscellaneous adjustments against reserves and effects of currency translation. For the Year Ended December 31, 2016 Balance at beginning of period Additions charged to costs and expenses Deductions Other, net (1) Balance at end of period Valuation and qualifying accounts deducted from assets: Allowances for notes and accounts receivable $ 5.8 $ 0.2 $ (1.9 ) $ 0.4 $ 4.5 Inventory obsolescence reserve 2.7 — (0.1 ) — 2.6 Valuation allowance for deferred tax assets 2.0 0.4 (0.1 ) — 2.3 ___________________________________________________________________________________________________________________ (1) Various miscellaneous adjustments against reserves and effects of currency translation. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements are presented on a consolidated basis and include all of the accounts and operations of GCP and its majority-owned subsidiaries, except as noted below with respect to the Company's Venezuela subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The financial statements reflect the financial position, results of operations and cash flows of GCP in accordance with generally accepted accounting principles in the United States ("GAAP") and with the instructions to Form 10-K. |
Discontinued Operations | Discontinued Operations On July 3, 2017, the Company completed the sale of Darex to Henkel. In conjunction with this transaction and applicable GAAP, the assets and liabilities related to Darex in the applicable delayed close countries have been reclassified and reflected as held for sale in the Consolidated Balance Sheets as of December 31, 2018 and 2017, as discussed further in Note 18, "Discontinued Operations". Additionally, Darex results of operations and cash flows have been reclassified and reflected as "discontinued operations" in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows for all periods presented. Unless otherwise noted, the information throughout the Notes to the Consolidated Financial Statements pertains only to the continuing operations of GCP. |
Deconsolidation of Venezuelan Operations, Separation from Grace and Noncontrolling Interests | Deconsolidation of Venezuelan Operations Prior to July 3, 2017, the Company included the results of its Venezuelan operations (“GCP Venezuela”) in the Consolidated Financial Statements using the consolidation method of accounting. Venezuelan exchange control regulations have resulted in an other-than-temporary lack of exchangeability between the Venezuelan bolivar and U.S. dollar, and have restricted GCP Venezuela’s ability to pay dividends and meet obligations denominated in U.S. dollars. These exchange regulations, combined with other regulations, have constrained availability of raw materials and have significantly limited GCP Venezuela’s ability to maintain normal production. As a result of these conditions, combined with the loss of scale in Venezuela resulting from the sale of the Company’s Darex-related operations and assets in Venezuela, GCP deconsolidated its Venezuelan operations as of July 3, 2017 in accordance with provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, Consolidation . During the year ended December 31, 2017, GCP recognized a pre-tax loss of $36.7 million which is included in “Loss in Venezuela” in the Consolidated Statements of Operations. The loss is primarily related to the recognition of unfavorable cumulative translation adjustments of $33.4 million associated with the Venezuelan business. Subsequent to the deconsolidation, the Company began accounting for GCP Venezuela using the cost method of accounting in accordance with which the Company's financial results no longer include the operating results of GCP Venezuela. The Company records cash and recognizes income from its Venezuelan operations in the Consolidated Financial Statements to the extent GCP is paid for inventory sold to or dividends are received from GCP Venezuela. During the three months ended December 31, 2018, the Company sold its remaining SCC operations within its Venezuela subsidiary. Both the proceeds from the sale and the loss on the sale did not have a material impact to the Consolidated Financial Statements. As of December 31, 2018, the remaining operations within GCP Venezuela represent the Darex operations expected to be sold to Henkel within the next 12 months under a delayed close arrangement. The remaining investment in GCP Venezuela is classified as held for sale within the Company's Consolidated Balance Sheets as of December 31, 2018 and 2017 and is not material. Separation from Grace On January 27, 2016, GCP entered into a separation and distribution agreement pursuant to which W.R. Grace & Co. ("Grace") agreed to transfer its Grace Construction Products operating segment and the packaging technologies business, operated under the “Darex” name, of its Grace Materials Technologies operating segment to GCP (the "Separation"). The Separation occurred on February 3, 2016, by means of a pro rata distribution to Grace stockholders of all of the then-outstanding shares of Company common stock, at which time GCP became an independent public company and its common stock listed and began trading under the symbol "GCP" on the New York Stock Exchange. Subsequent to the Separation, Grace continued providing to GCP certain general corporate services related to finance, information technology, human resources and other services under a transition services agreement which remained in place for a period of 18 months from the Separation. During the year ended December 31, 2017, the activities related to the transition services agreement were complete. Please refer to Note 13, "Related Party Transactions" for further information on the transition services agreement between GCP and Grace. Subsequent to the Separation, Grace no longer represents a related party of the Company. All transactions between GCP and Grace have been included in these Consolidated Financial Statements. Noncontrolling Interests GCP conducts certain business through joint ventures with unaffiliated third parties. GCP consolidates the results of joint ventures in which it has controlling financial interest in the Consolidated Financial Statements. GCP reduces its consolidated net income (loss) by the amount of net income attributable to noncontrolling interests. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses for the periods presented. The Company assesses the estimates on an ongoing basis and records changes in estimates in the period they occur and become known. Actual results could differ from these estimates. GCP's accounting measurements that are most affected by management's estimates related to future events are as follows: • Goodwill and indefinite-lived intangible assets, which are subject to an impairment assessment on an annual basis or more frequently if events occur or circumstances change that would more likely than not reduce their fair values below carrying values. Such impairment assessment requires judgment based on market and operational conditions at the time it is conducted since it is based on estimates and assumptions related to determining fair values of reporting units and indefinite-lived intangible assets, including future expected cash flow projections, discount and royalty rates, as well as long term sales growth rate forecasts (please refer to Note 5, "Goodwill and Other Intangible Assets"); • Realization values of net deferred tax assets which depend on projections of future taxable income (please refer to Note 7, "Income Taxes"); • Contingent liabilities, which depend on an assessment of the probability of loss occurrence and an estimate of ultimate resolution cost, that may arise from circumstances such as legal disputes, environmental remediation, product liability claims, material commitments (please refer to Note 10, "Commitments and Contingencies") and income taxes (please refer to Note 7, "Income Taxes"); • Pension and postretirement liabilities that depend on assumptions regarding participant life spans, future inflation, discount rates and return on plan assets (please refer to Note 8, "Pension Plans and Other Postretirement Benefit Plans"); • Fair values of assets acquired and liabilities assumed in a business combination recognized based on the purchase method of accounting, including definite-lived intangible assets and their useful lives. Such fair value estimates depend on assumptions related to future expected cash flow projections, customer attrition rates, royalty cost savings, and appropriate discount rates used in computing present values (please refer to Note 17, "Acquisitions and Dispositions"); and • Stock-based compensation expense which requires making estimates of fair value of equity awards issued at the grant date, as well as expected forfeiture rates and awards expected to vest. Such estimates require significant judgment since they are based on the assumptions related to participant activity, market results and employee voluntary termination behavior. Additionally, the Company makes estimates related to the likelihood of achieving performance goals for performance-based units (the "PBUs") that vest upon the satisfaction of these goals. PBUs are remeasured during each reporting period based on the expected payout of the award. As a result, stock-based compensation expense related to these awards is subject to volatility until the payout is determined at the end of the performance period (please refer to Note 14, "Stock Incentive Plans"). |
Acquisitions | Acquisitions The Company accounts for business acquisitions that meet the definition of a business combination using the acquisition method of accounting, in accordance with which assets acquired and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration transferred in a business combination, including any contingent consideration, is allocated to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Acquisitions that do not meet the definition of a business combination are accounted for as asset acquisitions, and the purchase price is allocated to the net assets acquired based on their relative fair values without recognizing goodwill. Significant judgments are used in determining fair values of assets acquired and liabilities assumed. Fair value and intangible asset useful life determinations are based on, among other factors, estimates of future expected cash flows, customer attrition rates, royalty cost savings, and appropriate discount rates used in computing present values. These judgments may materially impact the estimates used in allocating the purchase price to assets acquired and liabilities assumed, as well as the Company’s current and future operating results. Actual results may vary from these estimates which may result in adjustments to goodwill and acquisition date fair values of assets and liabilities during a measurement period or upon a final determination of asset and liability fair values, whichever occurs first. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within the Company’s operating results. |
Operating Segments | Operating Segments GCP reports financial results of each of its operating segments that engage in business activities that generate revenues and expenses. Operating segments represents GCP's operations that engage in business activities for which discrete financial information is available and regularly reviewed by GCP's chief operating decision maker in deciding how to allocate resources and assess the segments' performance. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid instruments with original maturities of three months or less that are readily convertible to known amounts of cash. The recorded amounts approximate fair value. As of December 31, 2018 cash equivalents were approximately $111.2 million and consisted primarily of Bank Certificate of Deposits which were classified within Level 2 of the fair value hierarchy because they are not actively traded. Cash equivalents were immaterial as of December 31, 2017. |
Accounts Receivable, Allowance for Doubtful Accounts | Accounts Receivable, Allowance for Doubtful Accounts Trade accounts receivable include amounts billed and currently due from customers. The amounts due are stated at their estimated net realizable value. The Company maintains an allowance for doubtful accounts to recognize the estimated amount of receivables that will not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and collateral to the extent applicable. The Company reviews its allowance for doubtful accounts on a quarterly basis and adjusts the balance based on the Company’s estimates of the receivables’ recoverability in the period the changes in estimates occur and become known. Accounts receivable balances are written off against the allowance for doubtful accounts when the Company determines that the balances are not recoverable. Provisions for doubtful accounts are recorded in "Selling, general and administrative expenses" in the Consolidated Statements of Operations. As of December 31, 2018 and 2017, allowance for doubtful accounts was $5.8 million and $5.7 million , respectively. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Costs are determined on a first-in, first-out ("FIFO") basis and include direct and certain indirect costs of materials and production. GCP provides allowances for excess, obsolete or damaged inventories based on their expected selling price, net of completion and disposal costs. Abnormal costs of production are expensed as incurred. |
Contract Assets and Contract Liabilities, Costs to Obtain a Contract and Revenue Recognition | Contract Assets and Contract Liabilities Contract assets consist of unbilled amounts typically resulting from sales under long-term contracts when the revenue recognized exceeds the amount billed to the customer. Contract liabilities consist of advance customer payments and billings for revenue not meeting the criteria to be recognized and/or in excess of costs incurred. Revenue Recognition Effective January 1, 2018, GCP has adopted FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). Revenue is recognized upon transfer of control of products or services promised to customers in an amount that reflects the consideration the Company expect to receive in exchange for these products or services. Costs to Obtain a Contract GCP pays external sales agents certain commissions based on actual customer sales and has determined that such amounts represent incremental costs incurred in obtaining such customer contracts. The performance obligations associated with these costs are satisfied at a point in time and accordingly the amortization period of such costs is less than one year. The Company expenses these costs as incurred in accordance with the practical expedient that allows for such treatment, as prescribed by ASC Topic 340-40, Costs to obtain or fulfill a contract . |
Long-Lived Assets | Long-Lived Assets Properties and equipment are stated at cost, net of accumulated depreciation. Depreciation expense for properties and equipment is computed using the straight-line method and charged to results of operations to allocate the cost of the assets over their estimated useful lives. Estimated useful lives for properties and equipment range from: (i) 20 to 40 years for buildings, (ii) 3 to 7 years for information technology equipment, (iii) 3 to 10 years for operating machinery and equipment and (iv) 5 to 10 years for furniture and fixtures. Interest costs are capitalized as part of the historical cost of acquiring properties and equipment that constitute major project expenditures and require a period of time to get them ready for their intended use. Fully depreciated assets are retained in properties and equipment and related accumulated depreciation accounts until they are removed from service. Cost of disposed assets, net of accumulated depreciation, are derecognized upon their retirement or at the time of disposal, and the corresponding amount, net of any proceeds from disposal, is reflected in the Company's results of operations. Costs related to legal obligations associated with asset retirements, such as restoring a site to its original condition, are recognized as liabilities and corresponding assets at amounts equal to the net present value of estimated future cash flows that will be required to settle such liabilities. Capitalized asset costs are depreciated over the related asset's estimated useful life. |
Finite-Lived Intangible Assets | Intangible assets with finite lives consist of technology, customer relationships, trademarks and other intangibles and are amortized over their estimated useful lives, ranging from 1 to 20 years. Fair value and useful life determinations are based on, among other factors, estimates of future expected cash flows, customer attrition rates, royalty cost savings and appropriate discount rates used in computing present values. |
Impairment of Long-Lived and Intangible Assets | GCP reviews its indefinite-lived intangible assets for impairment annually, or whenever events or changes in circumstances indicate that the carrying amounts may not be fully recoverable. Indefinite-lived intangible assets are tested for impairment by performing either a qualitative evaluation or a quantitative test which requires judgment based on market and operational conditions at the time of the evaluation. GCP first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that indefinite-lived intangible assets are impaired. If GCP determines, based on this assessment, that it is more likely than not that the assets are impaired, it perform a quantitative impairment test by comparing the assets' fair values with their carrying values. No impairment loss is recognized if the fair values exceed the carrying values. However, if the carrying values of the indefinite-lived intangible assets exceed their fair values, the amount of such excess is recognized as an impairment loss during the period identified and the assets' carrying values are written down to their fair values. Fair values of the indefinite-lived intangible assets are determined based on a relief-from-royalty valuation method. The inputs and assumptions that are most likely to impact the intangible assets' fair values due to their sensitivity include the discount rate, royalty rate and long-term sales growth rates. GCP reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable based on indicators of impairment. For purposes of this test, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If the Company determines that indicators of potential impairment are present, it assesses the recoverability of a long-lived asset group by comparing the sum of its undiscounted future cash flows to its carrying value. The future cash flow period is based on the future service life of the primary asset within the long-lived asset group. If the carrying value of the long-lived asset group exceeds its future cash flows, the Company determines fair values of the individual net assets within the long-lived asset group to assess for potential impairment. If the aggregate fair values of the individual net assets of the group are less than their carrying values, an impairment loss is recognized for an amount in excess of the group’s aggregate carrying value over its fair value. The loss is allocated to the assets within the group based on their relative carrying values, with no asset reduced below its fair value. |
Goodwill | Goodwill Goodwill arises from certain business combinations and represents the excess of a purchase price over the fair value of net tangible and identifiable intangible assets of the businesses acquired. GCP reviews its goodwill for impairment at the reporting unit level on an annual basis, or more often if impairment indicators are present based on events or changes in circumstances indicating that the carrying amount of goodwill may not be fully recoverable. Recoverability is assessed at the reporting unit level which is most directly associated with the business combination that resulted in the recognition of the goodwill. For the purpose of the goodwill impairment assessment based on the provisions of ASC 350, Intangibles—Goodwill and Other ("ASC 350"), GCP has determined that it has two reporting units which are its operating segments. In accordance with ASC 350, the Company first assesses qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines, based on this assessment, that it is more likely than not that the fair value of the reporting unit is less than its carrying value, it performs a quantitative goodwill impairment test by comparing these amounts. If the fair value exceeds the carrying amount, no impairment loss is recognized. However, if the carrying amount of the reporting unit exceeds its fair value, the goodwill of the reporting unit may be impaired. The amount of impairment loss, if any, is measured based upon the implied fair value of goodwill as of the valuation date. Goodwill is deemed to be impaired when its carrying amount exceeds its implied fair value. Fair value of a reporting unit is determined using a combined weighted average of a market-based approach (utilizing fair value multiples of comparable publicly traded companies) and an income-based approach (utilizing discounted projected cash flows model). In applying the income-based approach, the fair value of each reporting unit is determined in accordance with the discounted projected cash flow valuation model based on the estimated projected future cash flows and terminal value discounted at the rate which reflects the weighted average costs of capital. The inputs and assumptions that are most likely to impact the reporting unit's fair value include the discount rate, long-term sales growth rates and forecasted operating margins. In applying the market-based approach, GCP determines the reporting unit’s business enterprise fair value based on inputs and assumptions related to average revenue multiples and earnings before interest, tax, depreciation and amortization multiples derived from its peer group which are weighted and adjusted for size, risk and growth of the individual reporting unit. Application of the goodwill impairment assessment requires judgment based on market and operational conditions at the time of the evaluation, including management’s best estimates of the reporting unit’s future business activity and the related estimates and assumptions of future cash flows from the assets that include the associated goodwill. Different estimates and assumptions of forecasted long-term sales growth rates, operating margins, future cash flows, weighted average cost of capital discount rate, as well as peer company multiples used in the valuation models could result in different estimates of the reporting unit’s fair value as of each testing date. These periodic evaluations could cause management to conclude that impairment factors exist, requiring an adjustment of these assets to their then-current fair market values. Future business conditions could differ materially from the projections made by management which could result in additional adjustments and impairment charges. GCP performed its annual impairment test as of October 31, 2018 for the two reporting units and, based upon the results of the qualitative assessment, determined that it was not likely that their fair values were less than their carrying amounts. As such, the Company did not perform the two-step goodwill impairment test and did not recognize impairment losses as a result of its analysis. If events occur or circumstances change that would more likely than not reduce the fair values of the reporting units below their carrying values, goodwill will be evaluated for impairment between annual tests. There were no goodwill impairment charges recognized in any of the periods presented in the Consolidated Statements of Operations. |
Income Tax | Income Tax As a global enterprise, GCP is subject to a complex array of tax regulations and needs to make assessments of applicable tax law and judgments in estimating its ultimate income tax liability. Income tax expense and income tax balances represent GCP’s federal, state and foreign income taxes as an independent company. GCP files a U.S. consolidated income tax return, along with foreign and state corporate income tax filings, as required. GCP's deferred taxes and effective tax rate may not be comparable to those of historical periods prior to the Separation. Please refer to Note 7, "Income Taxes," for details regarding estimates used in accounting for income tax matters including unrecognized tax benefits. Deferred tax assets and liabilities are recognized with respect to the expected future tax consequences of events that have been recorded in the Consolidated Financial Statements. If it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is provided against such deferred tax assets. The assessment of realization of deferred tax assets is performed based on the weight of the positive and negative evidence available to indicate whether the asset is recoverable, including tax planning strategies that are prudent and feasible. Tax benefits from an uncertain tax position are recognized only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. GCP evaluates such likelihood based on relevant facts and tax law. |
Pension Benefits | Pension Benefits GCP's method of accounting for actuarial gains and losses relating to its global defined benefit pension plans is referred to as "mark-to-market accounting." In accordance with mark-to-market accounting, GCP's pension costs consist of two elements: 1) ongoing costs recognized quarterly, which include service and interest costs, expected returns on plan assets and amortization of prior service costs/credits; and 2) mark-to-market gains and losses recognized annually in the fourth quarter resulting from changes in actuarial assumptions, such as discount rates and the difference between actual and expected returns on plan assets. If a significant event occurs, such as a major plan amendment or curtailment, GCP's pension obligations and plan assets would be remeasured at an interim period and the mark-to-market gains or losses on remeasurement would be recognized in that period. The net periodic pension costs and the defined benefit pension plan obligation are determined based on certain assumptions related to the estimated future benefits that employees earn while providing services, the amount of which cannot be completely determined until the benefit payments cease. Key assumptions used in accounting for employee benefit plans include the discount rate and the expected return on plan assets. Assumptions are determined based on Company data and appropriate market indicators in consultation with third-party actuaries, and are evaluated each year as of the plans’ measurement date. A change in any of these assumptions would have an effect on net periodic pension costs and the defined benefit pension plan obligation. |
Stock-Based Compensation Expense | Stock-Based Compensation Expense GCP grants equity awards, including stock options, restricted stock units (the "RSUs") and PBUs with or without market conditions which vest upon the satisfaction of a performance condition and/or a service condition. GCP estimates the fair value of equity awards issued at the grant date. The fair value of the awards is recognized as stock-based compensation expense on a straight line basis, net of estimated forfeitures, for each separately vesting portion of the award over the employee’s requisite service period which may be a stated vesting period during which employees render services in exchange for equity and/or liability instruments of the Company. Estimates related to equity award forfeitures are adjusted to their actual amounts at the end of the vesting period resulting in the recognition of cumulative stock-based compensation expense only for those awards that actually vest. The fair value of RSUs is determined based on the number of shares granted and the market closing price of the Company’s common stock on the date of grant. The fair value of stock options is determined using the Black-Scholes option-pricing model which incorporates the assumptions related to the risk-free rate, options' expected term, expected stock price volatility and expected dividend yield. The risk-free rate is based on the U.S. Treasury yield curve published as of the grant date, with maturities approximating the expected term of the options. GCP estimates the expected term of the options based on the simplified method in accordance with the provisions of ASC Topic 718-20, Awards Classified as Equity , determined as the average term between the options’ vesting period and their contractual term. GCP estimates the expected stock price volatility based on an industry peer group’s historic stock prices over a period commensurate with the options’ expected term. The expected dividend yield is zero based on the Company’s history and expectation of not paying dividends on common shares. During the years ended December 31, 2018, 2017 and 2016, the Company granted performance-based restricted stock units (“PBUs”) to certain key employees. PBUs are performance-based units which are granted by the Company either with or without market conditions. Such PBUs are expected to cliff vest over three years and will be settled in GCP common stock. PBUs granted prior to 2017 are recorded at fair value on the grant date. Beginning with the annual PBU grant during the three months ended March 31, 2017, the performance criteria for PBUs included a 3 -year cumulative adjusted diluted earnings per share metric that is modified, up or down, based on the Company's total shareholder return ("TSR") relative to the performance of the Russell 3000 Index ("the Index"). PBUs are remeasured during each reporting period based on their expected payout which may range between 0% to 200% based on the achievement of performance targets required for the awards' vesting. Therefore, the stock-based compensation expense recognized for these awards during each reporting period is subject to volatility until the final payout target is determined at the end of the applicable performance period. PBUs granted during the years ended December 31, 2018 and 2017 were valued using a Monte Carlo simulation, which is commonly used for assessing the grant date fair value of equity awards with a relative TSR modifier. The risk-free rate is a continuous rate based on the U.S. Treasury yield curve published as of the grant date, based on maturity commensurate with the remaining performance period (expected term) of the PBUs. Expected volatility is based on the annualized historical volatility of GCP's stock price. Historical volatility is calculated based on a look-back period commensurate with the remaining performance period of the PBUs, or the longest available based on the Company's trading history as a public company. Correlation coefficients are used in the Monte Carlo valuation to simulate future stock prices. This includes correlations between: (i) the Company's stock price and the Index, and (ii) the stock price of each constituent included in the Index and the Index itself. The correlation coefficient is based on daily stock returns of the Company and the Index using a look-back period commensurate with the remaining performance period of the PBUs, or the longest available based on the Company's trading history as a public company. The expected dividend yield is zero based on the Company’s history and expectation of not paying dividends on common shares. Stock compensation costs are included within "Selling, general and administrative expenses" in the Consolidated Statements of Operations. |
Research and Development Expense | Research and Development Expense Research and development costs are expensed as incurred and consist primarily of personnel expenses related to development of new products and enhancements to existing products. Research an development costs also include depreciation and amortization expenses related to research and development assets and expenses incurred in funding external research projects. |
Restructuring and Repositioning Expenses | Restructuring and Repositioning Expenses The Company records restructuring and repositioning expenses associated with the restructuring and repositioning actions approved by the Board of Directors. Restructuring actions are related to streamlining operations and improving profitability. Restructuring expenses generally include severance and other employee-related costs, contract or lease termination costs, asset impairments, facility exit costs, moving and relocation, and other related costs. For the ongoing employee benefit arrangements provided to Company employees, GCP records severance and other employee termination costs associated with restructuring actions when the likelihood of future settlement is probable and the related benefit amounts can be reasonably estimated. For the one-time employee termination benefit arrangements, a liability for the termination benefits is measured at fair value and recognized on the communication date. Asset impairments are recorded in accordance with the Company's significant accounting policy on Long-Lived Assets described above. Repositioning activities generally represent major strategic or transformational actions to enhance the value and performance of the Company, improve business efficiency or optimize the Company’s footprint. Repositioning expenses include professional fees for legal, consulting, accounting and tax services, employment-related costs, such as recruitment, relocation and compensation, as well as other expenses incurred that are directly associated with the repositioning activity. Repositioning activities may also include capital expenditures. GCP recognizes restructuring and repositioning expenses in the period the related liabilities are incurred and records them in "Restructuring and asset impairments" and “Repositioning expenses,” or in those captions within discontinued operations, in the Consolidated Statements of Operations. Restructuring expenses, asset impairments and repositioning expenses are excluded from segment operating income. |
Foreign Currency Transactions and Translation | Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at current exchange rates, while revenues, costs and expenses are translated at average exchange rates during each reporting period. The resulting currency translation adjustments are included in "Accumulated other comprehensive loss" in the Consolidated Balance Sheets. The financial statements of any subsidiaries located in countries with highly inflationary economies are remeasured based on the currency designated as the functional currency, typically the U.S. dollar. Translation adjustments recognized as a result of such remeasurements are reflected in the results of operations in the Consolidated Statements of Operations. Foreign Currency Transactions and Translation Certain transactions of the Company and its subsidiaries are denominated in currencies other than their functional currency. Foreign currency exchange gains (losses) generated from the settlement and remeasurement of these transactions are recognized in earnings and presented within “Other (income) expense, net” in the Company’s Consolidated Statements of Operations. |
Earnings per Share | Earnings per Share GCP computes basic earnings (loss) per share by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted earnings (loss) per share is determined by dividing net income (loss) by diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of potential common shares which consist of employee equity awards. To the extent their effect is dilutive, employee equity awards are included in the calculation of diluted income per share based on the treasury stock method. Potential common shares are excluded from the calculation of dilutive weighted average shares outstanding if their effect would be anti-dilutive at the balance sheet date based on a treasury stock method or due to a net loss. |
Reclassifications | Reclassifications Certain amounts in prior period financial statements have been reclassified to conform to the current period presentation. Such reclassifications have not materially affected previously reported amounts. |
Recently Issued and Recently Adopted Accounting Standards | Recently Issued Accounting Standards Derivatives and Hedging In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815). The amendments in this update improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements by expanding and refining hedge accounting for both non-financial and financial risk components and aligning the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The standard is effective for the Company as of January 1, 2019, and early adoption is permitted. GCP is currently evaluating the potential impact on its Consolidated Financial Statements and related disclosures, but it does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements. Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) . The amendments in this update modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value, which eliminates Step 2 from the goodwill impairment test. The standard is effective for the Company for annual or any interim goodwill impairment tests to be performed beginning on or after January 1, 2020. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. GCP is currently evaluating the potential impact on its Consolidated Financial Statements and related disclosures, but it does not expect the adoption of this standard to have a material effect on its Consolidated Financial Statements. Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update introduce a new "expected loss" impairment model which applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities and other financial assets. Entities are required to estimate expected credit losses over the life of financial assets and record an allowance against the assets’ amortized cost basis to present them at the amount expected to be collected. Additionally, the guidance amends the impairment model for available for sale debt securities and requires entities to determine whether all or a portion of the unrealized loss on such debt security is a credit loss. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption of the newly issued guidance is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The standard should be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. GCP expects to adopt the guidance during the first quarter of fiscal year 2020 and is currently evaluating the impact of this guidance on its financial position and results of operations. Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In accordance with provisions of Topic 842, a lessee will be required to recognize in the statement of financial position a lease liability related to making lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term, including optional payments that are reasonably certain to occur. In July 2018, the FASB issued two amendment to ASU 2016-02. The first amendment clarifies the application of certain aspects of ASU 2016-02 related to: (i) the rate implicit in the lease, (ii) impairment of the net investment in the lease, (iii) lessee reassessment of lease classification, (iv) lessor reassessment of lease term and purchase options, (v) variable payments that depend on an index or rate and (vi) certain transition adjustments, among other things. The second amendment includes a transition option allowing entities to forgo the application of ASU 2016-02 in the comparative periods presented in the financial statements during the year of adoption. Additionally, the amendment includes a practical expedient which provides lessors with an option to not separate non-lease components from the associated lease components when certain criteria are met and requires lessors to account for the combined component in accordance with provisions of ASC Topic 606 if the associated non-lease components are the predominant components in the arrangement. The guidance and the related amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption being permitted. GCP will adopt Topic 842 effective January 1, 2019. As of December 31, 2018, GCP continued the evaluation of the impact of adopting Topic 842 on its financial position, results of operations and related disclosures, but has not yet completed such assessment. The Company determined that it will elect a transition option allowing to forgo the application of Topic 842 in the comparative periods presented in its financial statements during the year of adoption. The Company will also elect a package of practical expedients which will allow it for forgo the reassessment for expired or existing contracts to determine their lease classification, initial direct costs and whether any of such contracts represent or contain leases. Additionally, the Company will elect a practical expedient related to an accounting policy election allowing it to forgo separating non-lease and lease components. Each separate lease component will be accounted for as a separate element and combined with the associated non-lease components into one unit of accounting. Such policy will be elected for each class of underlying assets for the arrangements in which GCP is a lessee. The Company has determined that it will not elect the hindsight practical expedient related to determining the lease term. GCP has established a steering committee, and implementation team responsible for analyzing GCP's current contracts portfolio to determine the impact of adopting Topic 842 on the Company's financial position, results of operations and related disclosures. The implementation team is also responsible for evaluating and designing the necessary changes to the Company’s business processes, policies, systems and controls to support recognition and disclosure under the new guidance. During the year ended December 31, 2018, GCP launched a comprehensive data collection initiative related to the population of arrangements containing leases which was substantially completed as of December 31, 2018. Other new pronouncements issued but not effective until after December 31, 2018 are not expected to have a material impact on the Company's financial position, results of operations or liquidity. Recently Adopted Accounting Standards Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). GCP has adopted Topic 606 effective January 1, 2018 using the modified retrospective approach in accordance with which GCP has elected to apply the guidance to all open contracts that are not completed or that are active as of January 1, 2018 and not to retrospectively restate any of its contracts for modifications that occurred prior to the date of the adoption. Accordingly, such modifications are reflected in the amounts reported for satisfied and unsatisfied performance obligations, transaction price of such performance obligations, and allocations of the transaction price among contract components, as of the date of the initial application. The impact of applying this practical expedient was immaterial to the Company’s Consolidated Financial Statements. The impact of the adoption of Topic 606 on the Company's net sales, income (loss) from continuing operations before income taxes, and income (loss) from continuing operations was immaterial for the year ended December 31, 2018. The cumulative impact on the Company's retained earnings at January 1, 2018 was also not material. Please refer to Note 2, "Revenue from Contracts with Customers" for further information on the Company's revenue recognition policies. Stock Compensation In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718), which provides guidance related to the changes to the terms or conditions of a share-based payment award that require an application of modification accounting pursuant to Topic 718. GCP adopted the standard effective January 1, 2018. Such adoption did not have a material impact on its financial position as of December 31, 2018 and results of operations for the year ended December 31, 2018. Business Combinations In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or business combinations. The amendments in this update indicate that the transaction does not meet a definition of a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If the threshold is not met, entities need to evaluate whether the set of assets and activities acquired meets the definition of a business and includes, at a minimum, an input and a substantive process that together significantly contribute to the entity's ability to create outputs. The standard should be adopted prospectively and is effective for the Company as of January 1, 2018, with early adoption permitted for certain transactions. GCP elected the early adoption of this standard during the year ended December 31, 2017 in conjunction with its acquisition of Stirling Lloyd Plc. Please refer to Note 17, "Acquisitions and Dispositions" for further information on this transaction. Statement of Cash Flows In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payments, which addresses a number of specific cash flow presentation issues with the objective of reducing existing diversity in practice. GCP adopted the standard effective January 1, 2018 and classified within the cash flows from financing activities a $53.3 million payment related to the redemption premium on the extinguishment of its 9.5% Senior Notes, consistent with the provisions of the guidance. Such payment was included in "Repayments of long term note obligations" in the Consolidated Statements of Cash Flows. Please refer to Note 6, "Debt and Other Borrowings" for further discussion of this transaction. There was no other material impact on the Company's Consolidated Statements of Cash Flows for the year ended December 31, 2018 as a result of the standard adoption. Income Taxes In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory . This ASU requires recognition of the current and deferred income tax effects of an intra-entity asset transfer, other than inventory, when the transfer occurs, as opposed to current GAAP, which requires companies to defer the income tax effects until the asset has been sold to an outside party. GCP adopted the standard effective January 1, 2018 which did not have a material impact on the Company's financial position as of December 31, 2018 and results of operations for the year ended December 31, 2018. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revision of Prior Period Financial Statements | The following table summarizes the effects of the error on the Consolidated Statement of Cash Flows for the year ended December 31, 2017: Year Ended, December 31, 2017 (in millions) As Previously Reported Adjustment As Revised CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities from continuing operations $ (5.4 ) $ 4.4 $ (1.0 ) Effect on currency exchange rate changes on cash and cash equivalents 6.4 (4.4 ) 2.0 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following is a summary of inventories presented in GCP's Consolidated Balance Sheets at December 31, 2018 and December 31, 2017: December 31, (In millions) 2018 2017 Raw materials $ 46.0 $ 41.9 In process 4.6 3.5 Finished products and other 59.9 60.9 Total inventories $ 110.5 $ 106.3 |
Properties and Equipment (Table
Properties and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | The following is a summary of properties and equipment presented in GCP's Consolidated Balance Sheets at December 31, 2018 and December 31, 2017: December 31, (In millions) 2018 2017 Land $ 8.5 $ 6.3 Buildings 136.7 131.9 Machinery, equipment and other 407.8 388.9 Information technology and equipment 79.2 76.6 Projects under construction 18.3 20.4 Properties and equipment, gross 650.5 624.1 Accumulated depreciation and amortization (425.4 ) (407.5 ) Properties and equipment, net $ 225.1 $ 216.6 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill attributable to each operating segment and the changes in those balances during the years ended December 31, 2018 and 2017 , are as follows: (In millions) SCC SBM Total Balance, December 31, 2016 $ 45.8 $ 69.1 $ 114.9 Foreign currency translation 3.8 6.9 10.7 Acquisitions 15.5 58.4 73.9 Divestitures — $ (1.3 ) (1.3 ) Balance, December 31, 2017 $ 65.1 $ 133.1 $ 198.2 Foreign currency translation (2.8 ) (7.4 ) (10.2 ) Acquisitions — 19.9 19.9 Balance, December 31, 2018 $ 62.3 $ 145.6 $ 207.9 |
Schedule of Finite-Lived Intangible Assets | The following is a summary of the finite-lived intangible assets presented in Consolidated Balance Sheets as of December 31, 2018 and 2017 . December 31, 2018 December 31, 2017 (In millions) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Accumulated Net Book Value Customer relationships $ 87.3 $ 29.8 $ 57.5 $ 82.4 $ 25.4 $ 57.0 Technology (1) 40.2 16.9 $ 23.3 39.4 14.2 25.2 Trademarks (1) 12.4 9.8 $ 2.6 13.0 10.0 3.0 Other 6.6 4.9 $ 1.7 5.9 4.9 1.0 Total $ 146.5 $ 61.4 $ 85.1 $ 140.7 $ 54.5 $ 86.2 _______________________________ (1) During the year ended December 31, 2017, technology and trademarks in the table above included $1.5 million and $4.1 million , respectively, of indefinite-lived intangible assets. During the year ended December 31, 2018, such technology and trademarks were excluded from the table since they are not finite-lived intangible assets. |
Schedule of Estimated Future Annual Amortization Expense | As of December 31, 2018 , the estimated future annual amortization expense for intangible assets is as follows: (In millions) Amount Year ending December 31, 2019 $ 9.4 2020 9.1 2021 8.7 2022 8.7 2023 8.6 Thereafter 40.6 Total $ 85.1 |
Debt and Other Borrowings (Tabl
Debt and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following is a summary of obligations related to the senior notes and other borrowings at December 31, 2018 and December 31, 2017: December 31, (In millions) 2018 2017 5.5% Senior Notes due in 2026, net of unamortized debt issuance costs of $4.4 million at December 31, 2018 $ 345.6 $ — 9.5% Senior Notes due in 2023, net of unamortized debt issuance costs of $6.4 million at December 31, 2017 — 518.6 Revolving credit facility due in 2023 (1) — — Other borrowings (2) 11.1 25.7 Total debt 356.7 544.3 Less debt payable within one year 10.6 24.0 Debt payable after one year $ 346.1 $ 520.3 Weighted average interest rates on total debt obligations outstanding at December 31, 2018 and 2017 5.7 % 9.4 % __________________________ (1) Represents borrowings under the Revolving Credit Facility with an aggregate available principal amount of $350.0 million and $250.0 million , respectively, as of December 31, 2018 and December 31, 2017. (2) Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries. |
Principal Maturities of Debt Outstanding | The principal maturities of debt obligations outstanding, net of debt issuance costs, were as follows at December 31, 2018 : (In millions) Year ending December 31, Amount 2019 $ 10.6 2020 0.5 2021 — 2022 — 2023 — Thereafter 345.6 Total debt $ 356.7 |
Carrying Amounts and Fair Values of Debt Instruments | At December 31, 2018 , the carrying amounts and fair values of GCP's debt are as follows: December 31, 2018 December 31, 2017 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value 5.5% Senior Notes due in 2026 $ 345.6 $ 344.2 $ — $ — 9.5% Senior Notes due in 2023 — — 518.6 584.5 Other borrowings 11.1 11.1 25.7 25.7 Total debt $ 356.7 $ 355.3 $ 544.3 $ 610.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes | The components of income before income taxes and the related provision for income taxes for 2018 , 2017 and 2016 are as follows: Year Ended December 31. (In millions) 2018 2017 2016 Income (loss) before income taxes: Domestic $ 5.5 $ (27.4 ) $ (5.9 ) Foreign 5.0 (0.9 ) 41.2 Total $ 10.5 $ (28.3 ) $ 35.3 Provision for income taxes: Federal—current $ 16.8 $ 27.2 $ (4.2 ) Federal—deferred (0.6 ) 39.4 0.5 State and local—current (0.2 ) (3.8 ) (0.5 ) State and local—deferred (0.4 ) 2.7 — Foreign—current 12.1 5.7 10.4 Foreign—deferred (1.4 ) 10.9 0.5 Total $ 26.3 $ 82.1 $ 6.7 |
Schedule of Provision for Income Taxes | The components of income before income taxes and the related provision for income taxes for 2018 , 2017 and 2016 are as follows: Year Ended December 31. (In millions) 2018 2017 2016 Income (loss) before income taxes: Domestic $ 5.5 $ (27.4 ) $ (5.9 ) Foreign 5.0 (0.9 ) 41.2 Total $ 10.5 $ (28.3 ) $ 35.3 Provision for income taxes: Federal—current $ 16.8 $ 27.2 $ (4.2 ) Federal—deferred (0.6 ) 39.4 0.5 State and local—current (0.2 ) (3.8 ) (0.5 ) State and local—deferred (0.4 ) 2.7 — Foreign—current 12.1 5.7 10.4 Foreign—deferred (1.4 ) 10.9 0.5 Total $ 26.3 $ 82.1 $ 6.7 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the provision for income taxes at the U.S. federal income tax rates of 21% and 35% and GCP's overall income tax provision are as follows: Year Ended December 31, (In millions) 2018 2017 2016 Tax (benefit) provision at U.S. federal income tax rate $ 2.2 $ (9.9 ) $ 12.4 Change in provision resulting from: Deconsolidation of Venezuela (1) — 11.5 — Devaluation in Venezuela — 1.4 — 2017 Tax Act (2.5 ) 81.7 — Recognition of outside basis differences 0.3 (13.9 ) — U.S. foreign income inclusions 0.7 1.1 — Effect of tax rates in foreign jurisdictions 1.5 (1.0 ) (4.5 ) Valuation allowance 6.8 11.4 0.4 State and local income taxes, net 0.6 (1.2 ) — Return to provision – change in estimate (5.4 ) 0.4 — Nondeductible expenses and non-taxable items 2.7 3.5 2.5 Research and other state credits (1.1 ) (0.8 ) (0.7 ) Unrecognized tax benefits (2) 20.7 (0.7 ) (1.6 ) Equity compensation (0.5 ) (1.2 ) (1.7 ) Other 0.3 (0.2 ) (0.1 ) Provision for income taxes $ 26.3 $ 82.1 $ 6.7 __________________________ (1) Amount in 2017 is offset by the benefit resulting from outside basis differences in primarily Mexico and Venezuela, which is included in the table above in "Recognition of outside basis differences." (2) Amount primarily relates to unrecognized tax benefits due to the 2017 Tax Act. |
Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at December 31, 2018 and 2017 are as follows: (In millions) December 31, 2018 December 31, 2017 Deferred tax assets: Foreign net operating loss carryforwards $ 19.0 $ 24.5 Research and development 1.0 2.4 Reserves and allowances 9.4 12.5 Pension benefits 5.9 8.3 Intangible assets/goodwill 0.1 1.4 Stock compensation 3.1 3.8 Interest Limitation Carryover 12.2 — Other 1.3 2.5 Total deferred tax assets $ 52.0 $ 55.4 Deferred tax liabilities: Properties and equipment $ (14.5 ) $ (12.1 ) Other (2.2 ) (2.5 ) Outside basis difference in Verifi® (3.7 ) (1.4 ) Total deferred tax liabilities $ (20.4 ) $ (16.0 ) Valuation Allowance: Foreign net operating loss carryforwards (18.5 ) (23.9 ) Net deferred tax assets $ 13.1 $ 15.5 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the unrecognized tax benefits excluding interest and penalties, for the three years ended December 31, 2018, is presented below. (In millions) Unrecognized Tax Benefits Balance, December 31, 2015 $ 3.9 Transfers from Parent 4.1 Additions for prior year tax positions 2.5 Reductions for prior year tax positions and reclassifications — Reductions for expirations of statute of limitations (1.1 ) Settlements (2.0 ) Balance, December 31, 2016 7.4 Additions for prior year tax positions 7.0 Additions for current year tax positions 26.0 Reductions for expirations of statute of limitations (1.0 ) Reductions for prior year tax positions and reclassifications (5.3 ) Balance, December 31, 2017 $ 34.1 Additions for prior year tax positions 21.0 Additions for current year tax positions — Reductions for expirations of statute of limitations (2.0 ) Reductions for prior year tax positions and reclassifications (0.3 ) Balance, December 31, 2018 $ 52.8 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Net Funded Status of Over-Funded, Underfunded, and Unfunded Pension Plans | The following table presents the funded status of GCP's overfunded, underfunded and unfunded defined pension plans in continuing operations: (In millions) December 31, December 31, Overfunded defined benefit pension plans $ 22.5 $ 26.4 Underfunded defined benefit pension plans (24.2 ) (26.6 ) Unfunded defined benefit pension plans (23.9 ) (30.5 ) Total underfunded and unfunded defined benefit pension plans (48.1 ) (57.1 ) Pension liabilities included in other current liabilities (1.3 ) (1.0 ) Net funded status $ (26.9 ) $ (31.7 ) |
Schedule of Curtailment And Mark-To-Market Gains and Losses | The Company recognized the following curtailment gain amounts related to U.S. plans for the year ended December 31, 2017: Year Ended December 31, 2017 Net curtailment gains: Plan amendments $ 5.9 Restructuring activities 0.7 Total net curtailment gains from continuing operations $ 6.6 Total net curtailment gains from discontinued operations 2.6 Total net curtailment gains $ 9.2 The Company recognized the following pension mark-to-market (MTM) gains (losses) relating to the interim and annual remeasurements of the U.S. plans' PBO and plan assets. Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total MTM gains(losses) from continuing operations $ 9.5 $ (18.7 ) $ (11.5 ) Total MTM (losses) from discontinued operations — — (0.4 ) Total MTM gains(losses) $ 9.5 $ (18.7 ) $ (11.9 ) The Company recognized the following curtailment gains related to non-U.S. pension plans: Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Net curtailment gains: Total net curtailment gains(losses) from continuing operations $ 0.2 $ — $ (0.8 ) Total net curtailment gains from discontinued operations — 14.3 1.4 Total net curtailment gains $ 0.2 $ 14.3 $ 0.6 The Company recognized the following mark-to-market gains (losses) relating to interim and annual remeasurement of the non-U.S. plans' PBO and plan assets. Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total MTM gains(losses) from continuing operations $ 0.4 $ 4.6 $ (8.4 ) Total MTM (losses) from discontinued operations — 0.1 (0.2 ) Total MTM gains(losses) $ 0.4 $ 4.7 $ (8.6 ) |
Changes in Projected Benefit Obligations and Fair Value of Plan Assets | The following table summarizes the changes in benefit obligations and the fair values of retirement plan assets during the years ended December 31, 2018 and 2017 , including amounts presented in both continuing and discontinued operations. Settlements and curtailments directly related to the sale of Darex are presented within "Divestitures" below: Defined Benefit Pension Plans U.S. Non-U.S. Total 2018 2017 2018 2017 2018 2017 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 163.8 $ 147.6 $ 274.5 $ 276.0 $ 438.3 $ 423.6 Service cost 7.9 6.8 3.0 3.9 10.9 10.7 Interest cost 5.6 5.5 5.6 5.7 11.2 11.2 Plan participants' contributions — — — 0.2 — 0.2 Amendments — (6.4 ) 2.8 (0.7 ) 2.8 (7.1 ) Settlements/curtailments — (0.8 ) (0.5 ) (2.2 ) (0.5 ) (3.0 ) Divestitures — (8.7 ) — (16.3 ) — (25.0 ) Actuarial loss (23.9 ) 25.5 (7.3 ) 0.9 (31.2 ) 26.4 Benefits paid (11.9 ) (10.6 ) (19.4 ) (16.7 ) (31.3 ) (27.3 ) Assumption of plan liabilities — 4.9 — — — 4.9 Currency exchange translation adjustments — — (11.9 ) 23.7 (11.9 ) 23.7 Benefit obligation at end of year $ 141.5 $ 163.8 $ 246.8 $ 274.5 $ 388.3 $ 438.3 Change in Plan Assets: Fair value of plan assets at beginning of year $ 129.2 $ 86.3 $ 277.1 $ 259.3 $ 406.3 $ 345.6 Actual return on plan assets (6.8 ) 12.4 (0.3 ) 12.3 (7.1 ) 24.7 Employer contributions — 40.0 5.0 3.8 5.0 43.8 Plan participants' contributions — — — 0.2 — 0.2 Settlements — — (0.3 ) (2.2 ) (0.3 ) (2.2 ) Divestitures — (6.7 ) — (2.1 ) — (8.8 ) Benefits paid (11.9 ) (10.6 ) (19.4 ) (16.7 ) (31.3 ) (27.3 ) Assumption of plan assets — 7.8 — — — 7.8 Currency exchange translation adjustments — — (11.7 ) 22.5 (11.7 ) 22.5 Fair value of plan assets at end of year $ 110.5 $ 129.2 $ 250.4 $ 277.1 $ 360.9 $ 406.3 Funded status at end of year (PBO basis) $ (31.0 ) $ (34.6 ) $ 3.6 $ 2.6 $ (27.4 ) $ (32.0 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ 0.1 $ 0.5 $ 22.4 $ 25.9 $ 22.5 $ 26.4 Current liabilities (0.1 ) (0.2 ) (1.2 ) (0.8 ) (1.3 ) (1.0 ) Current liabilities held-for-sale — — — — — — Non-current liabilities (31.0 ) (34.9 ) (17.2 ) (22.2 ) (48.2 ) (57.1 ) Non-current liabilities held-for-sale — — (0.4 ) (0.3 ) (0.4 ) (0.3 ) Net amount recognized $ (31.0 ) $ (34.6 ) $ 3.6 $ 2.6 $ (27.4 ) $ (32.0 ) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.1 (0.6 ) 2.1 (0.6 ) Net amount recognized $ — $ — $ 2.1 $ (0.6 ) $ 2.1 $ (0.6 ) |
Schedule of Amounts Recognized in the Consolidated Balance Sheet | The following table summarizes the changes in benefit obligations and the fair values of retirement plan assets during the years ended December 31, 2018 and 2017 , including amounts presented in both continuing and discontinued operations. Settlements and curtailments directly related to the sale of Darex are presented within "Divestitures" below: Defined Benefit Pension Plans U.S. Non-U.S. Total 2018 2017 2018 2017 2018 2017 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 163.8 $ 147.6 $ 274.5 $ 276.0 $ 438.3 $ 423.6 Service cost 7.9 6.8 3.0 3.9 10.9 10.7 Interest cost 5.6 5.5 5.6 5.7 11.2 11.2 Plan participants' contributions — — — 0.2 — 0.2 Amendments — (6.4 ) 2.8 (0.7 ) 2.8 (7.1 ) Settlements/curtailments — (0.8 ) (0.5 ) (2.2 ) (0.5 ) (3.0 ) Divestitures — (8.7 ) — (16.3 ) — (25.0 ) Actuarial loss (23.9 ) 25.5 (7.3 ) 0.9 (31.2 ) 26.4 Benefits paid (11.9 ) (10.6 ) (19.4 ) (16.7 ) (31.3 ) (27.3 ) Assumption of plan liabilities — 4.9 — — — 4.9 Currency exchange translation adjustments — — (11.9 ) 23.7 (11.9 ) 23.7 Benefit obligation at end of year $ 141.5 $ 163.8 $ 246.8 $ 274.5 $ 388.3 $ 438.3 Change in Plan Assets: Fair value of plan assets at beginning of year $ 129.2 $ 86.3 $ 277.1 $ 259.3 $ 406.3 $ 345.6 Actual return on plan assets (6.8 ) 12.4 (0.3 ) 12.3 (7.1 ) 24.7 Employer contributions — 40.0 5.0 3.8 5.0 43.8 Plan participants' contributions — — — 0.2 — 0.2 Settlements — — (0.3 ) (2.2 ) (0.3 ) (2.2 ) Divestitures — (6.7 ) — (2.1 ) — (8.8 ) Benefits paid (11.9 ) (10.6 ) (19.4 ) (16.7 ) (31.3 ) (27.3 ) Assumption of plan assets — 7.8 — — — 7.8 Currency exchange translation adjustments — — (11.7 ) 22.5 (11.7 ) 22.5 Fair value of plan assets at end of year $ 110.5 $ 129.2 $ 250.4 $ 277.1 $ 360.9 $ 406.3 Funded status at end of year (PBO basis) $ (31.0 ) $ (34.6 ) $ 3.6 $ 2.6 $ (27.4 ) $ (32.0 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ 0.1 $ 0.5 $ 22.4 $ 25.9 $ 22.5 $ 26.4 Current liabilities (0.1 ) (0.2 ) (1.2 ) (0.8 ) (1.3 ) (1.0 ) Current liabilities held-for-sale — — — — — — Non-current liabilities (31.0 ) (34.9 ) (17.2 ) (22.2 ) (48.2 ) (57.1 ) Non-current liabilities held-for-sale — — (0.4 ) (0.3 ) (0.4 ) (0.3 ) Net amount recognized $ (31.0 ) $ (34.6 ) $ 3.6 $ 2.6 $ (27.4 ) $ (32.0 ) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.1 (0.6 ) 2.1 (0.6 ) Net amount recognized $ — $ — $ 2.1 $ (0.6 ) $ 2.1 $ (0.6 ) |
Schedule of Amounts Recognized in Other Comprehensive Income | The following table summarizes the changes in benefit obligations and the fair values of retirement plan assets during the years ended December 31, 2018 and 2017 , including amounts presented in both continuing and discontinued operations. Settlements and curtailments directly related to the sale of Darex are presented within "Divestitures" below: Defined Benefit Pension Plans U.S. Non-U.S. Total 2018 2017 2018 2017 2018 2017 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 163.8 $ 147.6 $ 274.5 $ 276.0 $ 438.3 $ 423.6 Service cost 7.9 6.8 3.0 3.9 10.9 10.7 Interest cost 5.6 5.5 5.6 5.7 11.2 11.2 Plan participants' contributions — — — 0.2 — 0.2 Amendments — (6.4 ) 2.8 (0.7 ) 2.8 (7.1 ) Settlements/curtailments — (0.8 ) (0.5 ) (2.2 ) (0.5 ) (3.0 ) Divestitures — (8.7 ) — (16.3 ) — (25.0 ) Actuarial loss (23.9 ) 25.5 (7.3 ) 0.9 (31.2 ) 26.4 Benefits paid (11.9 ) (10.6 ) (19.4 ) (16.7 ) (31.3 ) (27.3 ) Assumption of plan liabilities — 4.9 — — — 4.9 Currency exchange translation adjustments — — (11.9 ) 23.7 (11.9 ) 23.7 Benefit obligation at end of year $ 141.5 $ 163.8 $ 246.8 $ 274.5 $ 388.3 $ 438.3 Change in Plan Assets: Fair value of plan assets at beginning of year $ 129.2 $ 86.3 $ 277.1 $ 259.3 $ 406.3 $ 345.6 Actual return on plan assets (6.8 ) 12.4 (0.3 ) 12.3 (7.1 ) 24.7 Employer contributions — 40.0 5.0 3.8 5.0 43.8 Plan participants' contributions — — — 0.2 — 0.2 Settlements — — (0.3 ) (2.2 ) (0.3 ) (2.2 ) Divestitures — (6.7 ) — (2.1 ) — (8.8 ) Benefits paid (11.9 ) (10.6 ) (19.4 ) (16.7 ) (31.3 ) (27.3 ) Assumption of plan assets — 7.8 — — — 7.8 Currency exchange translation adjustments — — (11.7 ) 22.5 (11.7 ) 22.5 Fair value of plan assets at end of year $ 110.5 $ 129.2 $ 250.4 $ 277.1 $ 360.9 $ 406.3 Funded status at end of year (PBO basis) $ (31.0 ) $ (34.6 ) $ 3.6 $ 2.6 $ (27.4 ) $ (32.0 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ 0.1 $ 0.5 $ 22.4 $ 25.9 $ 22.5 $ 26.4 Current liabilities (0.1 ) (0.2 ) (1.2 ) (0.8 ) (1.3 ) (1.0 ) Current liabilities held-for-sale — — — — — — Non-current liabilities (31.0 ) (34.9 ) (17.2 ) (22.2 ) (48.2 ) (57.1 ) Non-current liabilities held-for-sale — — (0.4 ) (0.3 ) (0.4 ) (0.3 ) Net amount recognized $ (31.0 ) $ (34.6 ) $ 3.6 $ 2.6 $ (27.4 ) $ (32.0 ) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.1 (0.6 ) 2.1 (0.6 ) Net amount recognized $ — $ — $ 2.1 $ (0.6 ) $ 2.1 $ (0.6 ) |
Schedule of Assumptions Used | Defined Benefit Pension Plans U.S. Non-U.S. 2018 2017 2018 2017 Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: Discount rate 4.33 % 3.68 % 2.49 % 2.30 % Rate of compensation increase 4.10 % 4.70 % 3.58 % 3.13 % Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: Discount rate 3.68 % 4.27 % 2.30 % 2.42 % Expected return on plan assets 6.00 % 6.25 % 2.45 % 2.60 % Rate of compensation increase 4.10 % 4.70 % 3.54 % 3.49 % (In millions) Year Ended December 31, Components of Net Periodic Benefit Cost (Income) and Other Amounts Recognized in Other Comprehensive Loss (Income) 2018 2017 2016 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Other Net Periodic Benefit Cost (Income): Service cost $ 7.9 $ 3.0 $ 6.8 $ 3.9 $ 6.1 $ 3.3 $ — Interest cost 5.6 5.6 5.5 5.7 4.7 7.8 — Expected return on plan assets (7.6 ) (6.9 ) (5.6 ) (6.8 ) (5.0 ) (8.6 ) — Amortization of prior service cost (credit) — — — — 0.1 — (0.1 ) Amortization of net deferred actuarial loss — — — — — — 0.1 Gain on termination, curtailment and settlement of pension and other postretirement plans — (0.2 ) (9.2 ) (14.3 ) — (0.6 ) (0.2 ) Pension mark-to-market adjustment (9.5 ) (0.4 ) 18.7 (4.7 ) 11.9 8.6 — Net periodic benefit cost (income) $ (3.6 ) $ 1.1 $ 16.2 $ (16.2 ) $ 17.8 $ 10.5 $ (0.2 ) Less: Discontinued operations (income) cost — — (2.6 ) (13.9 ) 0.4 1.4 — Net periodic benefit cost (income) from continuing operations $ (3.6 ) $ 1.1 $ 18.8 $ (2.3 ) $ 17.4 $ 9.1 $ (0.2 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): Net prior service credit $ — $ 2.7 $ — $ (0.7 ) $ — $ — $ — Amortization of prior service cost — — — 0.2 (0.1 ) — — Assumption of prior service credit — — — — — — — Total recognized in other comprehensive loss(income) $ — $ 2.7 $ — $ (0.5 ) $ (0.1 ) $ — $ — Total recognized in net periodic benefit (income) cost and other comprehensive loss (income) $ (3.6 ) $ 3.8 $ 16.2 $ (16.7 ) $ 17.7 $ 10.5 $ (0.2 ) |
Components of Net Periodic Benefit Cost (Income) | (In millions) Year Ended December 31, Components of Net Periodic Benefit Cost (Income) and Other Amounts Recognized in Other Comprehensive Loss (Income) 2018 2017 2016 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Other Net Periodic Benefit Cost (Income): Service cost $ 7.9 $ 3.0 $ 6.8 $ 3.9 $ 6.1 $ 3.3 $ — Interest cost 5.6 5.6 5.5 5.7 4.7 7.8 — Expected return on plan assets (7.6 ) (6.9 ) (5.6 ) (6.8 ) (5.0 ) (8.6 ) — Amortization of prior service cost (credit) — — — — 0.1 — (0.1 ) Amortization of net deferred actuarial loss — — — — — — 0.1 Gain on termination, curtailment and settlement of pension and other postretirement plans — (0.2 ) (9.2 ) (14.3 ) — (0.6 ) (0.2 ) Pension mark-to-market adjustment (9.5 ) (0.4 ) 18.7 (4.7 ) 11.9 8.6 — Net periodic benefit cost (income) $ (3.6 ) $ 1.1 $ 16.2 $ (16.2 ) $ 17.8 $ 10.5 $ (0.2 ) Less: Discontinued operations (income) cost — — (2.6 ) (13.9 ) 0.4 1.4 — Net periodic benefit cost (income) from continuing operations $ (3.6 ) $ 1.1 $ 18.8 $ (2.3 ) $ 17.4 $ 9.1 $ (0.2 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): Net prior service credit $ — $ 2.7 $ — $ (0.7 ) $ — $ — $ — Amortization of prior service cost — — — 0.2 (0.1 ) — — Assumption of prior service credit — — — — — — — Total recognized in other comprehensive loss(income) $ — $ 2.7 $ — $ (0.5 ) $ (0.1 ) $ — $ — Total recognized in net periodic benefit (income) cost and other comprehensive loss (income) $ (3.6 ) $ 3.8 $ 16.2 $ (16.7 ) $ 17.7 $ 10.5 $ (0.2 ) |
Schedule of Expected Benefit Payments | (In millions) Pension Plans Total U.S. Non-U.S. (1) Estimated Expected Future Benefit Payments Reflecting Future Service for the Years Ending December 31: Benefit Benefit 2019 $ 5.4 $ 11.5 $ 16.9 2020 6.1 11.0 17.1 2021 7.0 11.2 18.2 2022 7.7 11.5 19.2 2023 8.1 12.0 20.1 2024 - 2028 45.9 61.0 106.9 ________________________________________ (1) Non-U.S. estimated benefit payments for 2019 and future periods have been translated at the applicable December 31, 2018 exchange rates. |
Schedule of Allocation of Plan Assets | The target allocation of investment assets at December 31, 2018 and the actual allocation at December 31, 2018 and 2017 , for the U.K. pension plan are as follows: Target Percentage of Plan Assets United Kingdom Pension Plan Asset Category: 2018 2018 2017 Diversified growth funds 10 % 10 % 10 % U.K. gilts 34 % 33 % 33 % U.K. corporate bonds 2 % 2 % 3 % Insurance contracts 54 % 55 % 54 % Total 100 % 100 % 100 % The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2017 : Fair Value Measurements at December 31, 2017, Using (In millions) Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Common/collective trust funds $ 127.5 $ — $ 127.5 $ — Government and agency securities 1.2 — 1.2 — Corporate bonds 8.5 — 8.5 — Insurance contracts and other investments (1) 136.8 — 0.1 136.7 Cash 3.2 3.2 — — Total Assets $ 277.2 $ 3.2 $ 137.3 $ 136.7 __________________________________________________ (1) At December 31, 2017, the fair value of the insurance contract has been determined using a discounted cash flow approach that maximizes observable inputs, such as current yields on similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2018 : Fair Value Measurements at December 31, 2018, Using (In millions) Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs Common/collective trust funds $ 111.2 $ — $ 111.2 $ — Government and agency securities 3.3 — 3.3 — Corporate bonds 7.9 — 7.9 — Insurance contracts and other investments (1) 123.3 — — 123.3 Cash 4.7 4.7 — — Total Assets $ 250.4 $ 4.7 $ 122.4 $ 123.3 _________________________________________ (1) At December 31, 2018, the fair value of the insurance contract has been determined using a discounted cash flow approach that maximizes observable inputs, such as current yields on similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. The target allocation of investment assets at December 31, 2018 and the actual allocation at December 31, 2018 and 2017 for GCP's U.S. qualified pension plans were as follows: Target Percentage of Plan Assets U.S. Qualified Pension Plans Asset Category: 2018 2018 2017 U.S. equity securities 26 % 23 % 18 % Non-U.S. equity securities 13 % 13 % 9 % Short-term debt securities (1) — % — % 32 % Intermediate-term debt securities — % — % — % Debt securities 55 % 59 % 37 % Other investments 6 % 5 % 4 % Total 100 % 100 % 100 % _________________________________________________ (1) In December 2017, the Company made a $40.0 million accelerated contribution to the U.S. pension plans. As of December 31, 2017, these funds were held in short-term debt securities within common/collective trust funds. Subsequently, these funds were invested in accordance with the Investment Policy Statement asset allocation targets. For the year ended December 31, 2018, the actual plan assets are being invested in line with target allocations. The following tables present the fair value hierarchy for GCP's proportionate share of the U.S. qualified pension plan assets measured at fair value, which are held in a trust by GCP, as of December 31, 2018 and 2017 . Fair Value Measurements at December 31, 2018, Using Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs U.S. equity group trust funds $ 25.8 $ — $ 25.8 $ — Non-U.S. equity group trust funds 13.8 — 13.8 — Corporate bond group trust funds 37.1 — 37.1 — Other fixed income group trust funds 5.6 — 5.6 — Common/collective trust funds 28.2 — 28.2 — Total Assets $ 110.5 $ — $ 110.5 $ — Fair Value Measurements at December 31, 2017, Using Total Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Other Observable Inputs Significant Unobservable Inputs U.S. equity group trust funds $ 23.5 $ — $ 23.5 $ — Non-U.S. equity group trust funds 11.5 — 11.5 — Corporate bond group trust funds—long-term 48.0 — 48.0 — Other fixed income group trust funds 5.2 — 5.2 — Common/collective trust funds 41.0 — 41.0 — Total Assets $ 129.2 $ — $ 129.2 $ — |
Schedule of Changes in Fair Value of Plan Assets | The following table presents a summary of the changes in the fair value of the plans' Level 3 assets for the years ended December 31, 2018 and 2017: (In millions) Insurance Contracts Balance, December 31, 2016 $ 116.5 Actual return on plan assets relating to assets still held at year-end 4.7 Transfers in for premium 10.2 Transfers out for benefits paid (6.8 ) Currency exchange translation adjustments 12.1 Balance, December 31, 2017 136.7 Actual return on plan assets relating to assets still held at year-end 1.0 Transfers out for benefits paid (9.0 ) Currency exchange translation adjustments (5.4 ) Balance, December 31, 2018 $ 123.3 |
Other Balance Sheet Accounts (T
Other Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Current Assets | The following is a summary of other current assets at December 31, 2018 and 2017: (In millions) December 31, December 31, Other Current Assets: Non-trade receivables $ 25.0 $ 28.4 Prepaid expenses and other current assets 9.2 13.8 Income taxes receivable 10.4 6.0 Marketable securities — 0.4 Total other current assets $ 44.6 $ 48.6 |
Schedule of Other Current Liabilities | The following is a summary of other current liabilities at December 31, 2018 and 2017: (In millions) December 31, December 31, Other Current Liabilities: Accrued customer volume rebates $ 35.3 $ 31.5 Accrued compensation (1) 16.4 27.1 Income taxes payable (2) 17.2 115.1 Accrued interest 4.0 20.8 Restructuring liability 10.2 12.8 Pension liabilities 1.3 1.0 Other accrued liabilities (3) 61.1 107.9 Total other current liabilities $ 145.5 $ 316.2 ________________________________ (1) Accrued compensation presented in the table above includes salaries and wages, as well as estimated current amounts due under the annual and long-term employee incentive programs. (2) The change in income taxes payable between December 31, 2018 and 2017 is primarily due to the payment of $105.0 million in 2018 related to the Company's 2017 domestic income tax liability which was impacted by the sale of Darex and the 2017 Tax Act. (3) Other accrued liabilities presented in the table above as of December 31, 2018 and 2017 include $13.6 million and $55.1 million , respectively, representing the current portion of the liability related to the delayed closings associated with the Company's divestiture of Darex, as discussed in Note 18, "Discontinued Operations." |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Future Non-cancelable Payments for Operating Leases | At December 31, 2018 , future minimum noncancelable payments for operating leases are as follows: (in millions) Year ending December 31, Amount 2019 $ 12.1 2020 8.3 2021 4.6 2022 2.6 2023 1.9 Thereafter 28.1 Total $ 57.6 |
Restructuring Expenses, Asset_2
Restructuring Expenses, Asset Impairments and Repositioning Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expenses | The following separation-related repositioning expenses were incurred during the periods presented: Year Ended December 31, (In millions) 2017 2016 Professional fees $ 3.4 $ 7.8 Software and IT implementation fees 0.9 3.0 Employee-related costs 1.0 4.5 Total $ 5.3 $ 15.3 The following restructuring expenses and asset impairment charges were incurred under the 2018 and 2017 Plans and other plans during each period: Year Ended December 31, (In millions) 2018 2017 2016 Severance and other employee costs $ 10.1 $ 19.9 $ 1.9 Facility exit costs 0.6 0.2 — Asset impairments 4.5 1.2 — Total restructuring expenses and asset impairments $ 15.2 $ 21.3 $ 1.9 Less: restructuring expenses and asset impairments reflected in discontinued operations 0.4 7.8 — Total restructuring expenses and asset impairments from continuing operations $ 14.8 $ 13.5 $ 1.9 GCP incurred restructuring expenses and asset impairment charges related to its two operating segments and Corporate function as follows: Year Ended December 31, (In millions) 2018 2017 2016 SCC $ 12.5 $ 6.2 $ 1.2 SBM 1.9 4.1 0.7 Corporate 0.4 3.2 — Total restructuring expenses and asset impairments from continuing operations $ 14.8 $ 13.5 $ 1.9 Restructuring expenses and asset impairments reflected in discontinued operations 0.4 7.8 — Total restructuring expenses and asset impairments $ 15.2 $ 21.3 $ 1.9 |
Schedule of Restructuring Reserve | The following table summarizes the Company’s restructuring liability activity: 2018 Plan 2017 Plan (In millions) Severance and other employee costs Facility exit costs Severance and other employee costs Facility exit costs Other plans Total Balance, December 31, 2015 $ — $ — $ — $ — $ 1.4 $ 1.4 Expenses — — — — 1.9 $ 1.9 Payments — — — — (3.6 ) $ (3.6 ) Impact of foreign currency and other — — — — 1.4 $ 1.4 Balance, December 31, 2016 — — — — 1.1 $ 1.1 Expenses (1) — — 19.5 0.1 0.5 $ 20.1 Payments — — (8.0 ) — (0.5 ) $ (8.5 ) Impact of foreign currency and other — — 0.1 — — $ 0.1 Balance, December 31, 2017 — — 11.6 0.1 1.1 $ 12.8 Expenses (1) 11.4 0.6 (1.9 ) — 0.6 $ 10.7 Payments (3.6 ) (0.4 ) (7.5 ) (0.1 ) (1.2 ) $ (12.8 ) Impact of foreign currency and other (0.1 ) — (0.4 ) — — $ (0.5 ) Balance, December 31, 2018 $ 7.7 $ 0.2 $ 1.8 $ — $ 0.5 $ 10.2 __________________________ (1) Asset impairment charges are not recorded through the restructuring liability and therefore, are not included in the table above. Asset impairment charges of $4.5 million and $1.2 million , respectively, for the years ended December 31, 2018 and 2017 are related to the 2018 and 2017 Plans as well as other plans and recorded as a reduction to "Properties and equipment, net" in the Consolidated Balance Sheets. During the year ended December 31, 2018, GCP recognized asset impairment charges of $4.5 million , of which $4.3 million was attributable to the SCC segment and $0.2 million was attributable to the SBM segment. During the year ended December 31, 2017, GCP recognized asset impairment charges of $1.2 million which were attributable to the SCC segment. |
Other Comprehensive (Loss) In_2
Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Pre-tax, Tax, and After-tax Components of Other Comprehensive Income (Loss) | The following tables present the pre-tax, tax and after-tax components of GCP's other comprehensive (loss) income for the years ended December 31, 2018 , 2017 and 2016 . Year Ended December 31, 2018 (In millions) Pre-Tax Amount Tax Benefit/(Expense) After-Tax Amount Defined benefit pension and other postretirement plans Assumption of net prior service cost $ (3.2 ) $ 0.6 $ (2.6 ) Benefit plans, net (3.2 ) 0.6 (2.6 ) Currency translation adjustments (1) (31.8 ) — (31.8 ) Gain from hedging activities 0.1 — 0.1 Other comprehensive loss attributable to GCP shareholders $ (34.9 ) $ 0.6 $ (34.3 ) Year Ended December 31, 2017 (In millions) Pre-Tax Amount Tax (Expense)/Benefit After-Tax Amount Defined benefit pension and other postretirement plans Amortization of net prior service credit $ (0.2 ) $ — $ (0.2 ) Assumption of net prior service credit 0.7 (0.2 ) 0.5 Benefit plans, net 0.5 (0.2 ) 0.3 Currency translation adjustments (1) 61.7 — 61.7 Loss from hedging activities (0.2 ) 0.1 (0.1 ) Other comprehensive income attributable to GCP shareholders $ 62.0 $ (0.1 ) $ 61.9 Year Ended December 31, 2016 (In millions) Pre-Tax Tax (Expense)/Benefit After-Tax Defined benefit pension and other postretirement plans Amortization of net prior service credit $ (0.1 ) $ — $ (0.1 ) Amortization of net actuarial gain 0.1 — 0.1 Assumption of net prior service credit 1.2 (0.4 ) 0.8 Assumption of net actuarial loss (1.1 ) 0.4 (0.7 ) Other changes in funded status (0.1 ) — (0.1 ) Benefit plans, net — — — Currency translation adjustments (1) (19.9 ) — (19.9 ) Gain from hedging activities — — — Other comprehensive loss attributable to GCP shareholders $ (19.9 ) $ — $ (19.9 ) __________________________ (1) Currency translation adjustments did not have a corresponding tax effect. |
Schedule of Changes of Accumulated Other Comprehensive Income (Loss), Net of Tax | The following tables present the changes in accumulated other comprehensive (loss) income, net of tax, for the years ended December 31, 2018 , 2017 and 2016 . Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total (In millions) Balance, December 31, 2017 $ 0.4 $ (86.0 ) $ (0.1 ) $ (85.7 ) Other comprehensive (loss) income before reclassifications (2.6 ) (31.8 ) 0.2 (34.2 ) Amounts reclassified from accumulated other comprehensive income (loss) — — (0.1 ) (0.1 ) Net current-period other comprehensive (loss) income (2.6 ) (31.8 ) 0.1 (34.3 ) Balance, December 31, 2018 $ (2.2 ) $ (117.8 ) $ — $ (120.0 ) (In millions) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2016 $ 0.1 $ (147.7 ) $ — $ (147.6 ) Other comprehensive income (loss) before reclassifications 0.3 61.7 (0.7 ) 61.3 Amounts reclassified from accumulated other comprehensive income — — 0.6 0.6 Net current-period other comprehensive income (loss) 0.3 61.7 (0.1 ) 61.9 Balance, December 31, 2017 $ 0.4 $ (86.0 ) $ (0.1 ) $ (85.7 ) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total Balance, December 31, 2015 $ 0.1 $ (127.8 ) $ — $ (127.7 ) Other comprehensive loss before reclassifications — (19.9 ) (1.2 ) (21.1 ) Amounts reclassified from accumulated other comprehensive income — — 1.2 1.2 Net current-period other comprehensive loss — (19.9 ) — (19.9 ) Balance, December 31, 2016 $ 0.1 $ (147.7 ) $ — $ (147.6 ) |
Related Party Transactions an_2
Related Party Transactions and Transactions with Grace (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Components of Net Transfers to Parent | The components of the "Net transfer to parent" as of December 31, 2016 is presented below. (In millions) Year Ended December 31, 2016 Cash pooling and general financing activities $ (688.0 ) GCP expenses funded by parent 6.6 Corporate costs allocations 2.0 Provision for income taxes 4.3 Total "Net transfer to parent", per Consolidated Statements of Stockholders' Equity (Deficit) (675.1 ) Other, net (83.6 ) "Transfers to parent, net" per Consolidated Statements of Cash Flows $ (758.7 ) |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Assumptions for Estimating the Fair Value of Stock Options | The following assumptions were utilized in the Black-Scholes option pricing model for estimating the fair value of GCP's stock options granted during the years ended December 31, 2018 , 2017 and 2016: Year Ended December 31, Assumptions used to calculate expense for stock options: 2018 2017 2016 Risk-free interest rate 2.68 - 2.80% 1.83 - 2.11% 0.93 - 1.24% Average life of options (years) 5.5 - 6.5 5.5 - 6.5 4 - 5 Volatility 27.91 - 30.65% 31.42 - 31.96% 29.6 – 33.2% Weighted average grant date fair value per stock option $10.63 $9.17 $4.89 |
Summary of Stock Option Activity | The following table sets forth the information related to stock options denominated in GCP stock during the year ended December 31, 2018 : Stock Option Activity Number Of Weighted Weighted Aggregated Outstanding, December 31, 2017 1,636 $ 18.94 3.78 $ 21,597 Options exercised (324 ) 16.85 Options forfeited/expired/canceled (35 ) 26.29 Options granted 241 31.31 Outstanding, December 31, 2018 1,518 $ 21.18 3.75 $ 7,145 Exercisable, December 31, 2018 967 $ 18.89 2.53 $ 5,687 Vested and expected to vest, December 31, 2018 1,505 $ 21.12 3.73 $ 7,132 |
Summary of Restricted Stock Units Award Activity | The following table sets forth the RSU activity for the year ended December 31, 2018 : RSU Activity: Number Of Weighted Outstanding, December 31, 2017 406 $ 19.15 RSU's settled (159 ) 18.42 RSU's forfeited (13 ) 28.20 RSU's granted 129 29.28 Outstanding, December 31, 2018 363 $ 22.76 Expected to vest as of December 31, 2018 355 $ 22.70 |
Schedule of Assumptions for Estimating the Fair Value of PBUs | The following table summarizes the assumptions used in the Monte Carlo simulations for estimating the grant date fair values of PBUs granted during the years ended December 31, 2018 and 2017: Year Ended December 31, Assumptions used to calculate expense for PBUs: 2018 2017 Expected term (remaining performance period) 2.86 years 2.84 years Expected volatility 28.56% 28.00% Risk-free interest rate 2.38% 1.41% Expected dividends — — Correlation coefficient 38.98% 46.83% Average correlation coefficient of constituents 39.96% 42.33% |
Operating Segment and Geograp_2
Operating Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Data | The following table presents information related to GCP's operating segments: Year Ended December 31, (In millions) 2018 2017 2016 Net Sales Specialty Construction Chemicals $ 643.5 $ 615.7 $ 623.8 Specialty Building Materials 481.9 468.7 422.7 Total net sales $ 1,125.4 $ 1,084.4 $ 1,046.5 Segment Operating Income Specialty Construction Chemicals segment operating income $ 40.2 $ 63.4 $ 72.6 Specialty Building Materials segment operating income 113.6 109.4 114.0 Total segment operating income $ 153.8 $ 172.8 $ 186.6 Depreciation and Amortization Specialty Construction Chemicals $ 24.2 $ 21.3 $ 20.0 Specialty Building Materials 14.7 13.2 9.6 Corporate 3.1 2.3 0.2 Total depreciation and amortization $ 42.0 $ 36.8 $ 29.8 Capital Expenditures Specialty Construction Chemicals $ 28.8 $ 23.9 $ 23.6 Specialty Building Materials 12.8 8.5 5.7 Corporate 13.4 12.6 11.6 Total capital expenditures $ 55.0 $ 45.0 $ 40.9 Total Assets Specialty Construction Chemicals $ 408.6 $ 419.9 $ 335.9 Specialty Building Materials 427.8 409.3 273.3 Corporate 441.4 851.3 317.2 Assets held for sale 4.1 22.5 163.4 Total assets $ 1,281.9 $ 1,703.0 $ 1,089.8 |
Reconciliation of Operating Segment Data to Financial Statements | Total segment operating income for the years ended December 31, 2018 , 2017 and 2016 are reconciled below to "Income (loss) from continuing operations before income taxes" presented in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2018 2017 2016 Total segment operating income $ 153.8 $ 172.8 $ 186.6 Corporate costs (1) (27.3 ) (36.4 ) (38.4 ) Certain pension costs (7.6 ) (9.0 ) (7.2 ) Loss on sale of product line — (2.1 ) — Currency and other financial losses in Venezuela — (39.1 ) — Litigation settlement — (4.0 ) — Legacy product, environmental and other claims — (0.6 ) — Repositioning expenses (9.6 ) (9.8 ) (15.3 ) Restructuring expenses and asset impairments (14.8 ) (13.5 ) (1.9 ) Pension MTM adjustment and other related costs, net 8.7 (14.1 ) (22.6 ) Gain on termination and curtailment of pension and other postretirement plans 0.2 6.6 0.8 Third-party and other acquisition-related costs (2.5 ) (6.8 ) (0.6 ) Other financing costs — (6.0 ) (1.2 ) Amortization of acquired inventory fair value adjustment (0.2 ) (2.9 ) (1.3 ) Tax indemnification adjustments (0.5 ) (2.8 ) — Interest expense, net (2) (88.9 ) (61.1 ) (64.6 ) Currency losses in Argentina (1.1 ) — — Net income attributable to noncontrolling interests 0.3 0.5 1.0 Income (loss) from continuing operations before income taxes $ 10.5 $ (28.3 ) $ 35.3 ______________________________ (1) Management allocates certain corporate costs to each operating segment to the extent such costs are directly attributable to the segments. For the years ended December 31, 2017 and 2016, corporate costs include approximately $5.4 million and $10.3 million , respectively, that were not allocated to the Darex operating segment as such costs did not meet the criteria to be reclassified to discontinued operations. During the three months ended September 30, 2017, the Company began allocating these costs to the SCC and SBM operating segments. (2) Interest expense, net includes a loss of $59.8 million as a result of debt refinancing transaction completed on April 10, 2018. Please refer to Note 6, "Debt and Other Borrowings" for further information on the transaction. |
Sales by Product Group | The following table sets forth sales by product group within the SCC operating segment and the SBM operating segment during the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, (In millions) 2018 2017 2016 Specialty Construction Chemicals: Concrete $ 478.9 $ 455.6 $ 469.1 Cement 164.6 160.1 154.7 Total SCC Sales $ 643.5 $ 615.7 $ 623.8 Specialty Building Materials: Building Envelope $ 284.4 $ 263.3 $ 236.3 Residential Building Products 80.9 80.3 89.2 Specialty Construction Products 116.6 125.1 97.2 Total SBM Sales $ 481.9 $ 468.7 $ 422.7 Total Sales $ 1,125.4 $ 1,084.4 $ 1,046.5 |
Net Sales by Geographic Area | The following table sets forth net sales information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2018 2017 2016 Net Sales United States $ 538.8 $ 509.2 $ 476.6 Canada and Puerto Rico 32.2 31.5 32.5 Total North America 571.0 540.7 509.1 Europe Middle East Africa 240.7 244.5 225.6 Asia Pacific 245.6 229.2 241.2 Latin America 68.1 70.0 70.6 Total $ 1,125.4 $ 1,084.4 $ 1,046.5 |
Long-lived Assets by Geographic Area | The following table sets forth long-lived asset information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2018 2017 Properties and Equipment, net United States $ 150.1 $ 138.5 Canada and Puerto Rico 3.0 3.1 Total North America 153.1 141.6 Europe Middle East Africa (EMEA) 27.6 32.1 Asia Pacific 35.0 31.4 Latin America 9.4 11.5 Total $ 225.1 $ 216.6 Goodwill, Intangibles and Other Assets United States $ 107.4 $ 109.0 Canada and Puerto Rico 7.8 7.7 Total North America 115.2 116.7 Europe Middle East Africa (EMEA) 169.8 151.2 Asia Pacific 17.5 18.6 Latin America 22.4 27.3 Total $ 324.9 $ 313.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators Used in Calculating Basic and Diluted (Loss) Earnings Per Share | The following table sets forth a reconciliation of the numerators and denominators used in calculating basic and diluted (loss) earnings per share: Year Ended December 31, (In millions, except per share amounts) 2018 2017 2016 Numerators (Loss) income from continuing operations attributable to GCP shareholders $ (16.1 ) $ (110.9 ) $ 27.6 Income from discontinued operations, net of income taxes 31.3 664.3 45.2 Net income attributable to GCP shareholders $ 15.2 $ 553.4 $ 72.8 Denominators Weighted average common shares—basic calculation 72.1 71.5 70.8 Dilutive effect of employee stock awards (1) — — 0.9 Weighted average common shares—diluted calculation 72.1 71.5 71.7 Basic (loss) earnings per share (Loss) income from continuing operations attributable to GCP shareholders $ (0.22 ) $ (1.55 ) $ 0.39 Income from discontinued operations, net of income taxes $ 0.43 $ 9.29 $ 0.64 Net income attributable to GCP shareholders (2) $ 0.21 $ 7.74 $ 1.03 Diluted (loss) earnings per share (1) (Loss) income from continuing operations attributable to GCP shareholders $ (0.22 ) $ (1.55 ) $ 0.38 Income from discontinued operations, net of income taxes $ 0.43 $ 9.29 $ 0.63 Net income attributable to GCP shareholders (2) $ 0.21 $ 7.74 $ 1.02 _______________________________ (1) Dilutive effect not applicable to the periods in which GCP generated a loss from continuing operations. (2) Amounts may not sum due to rounding. |
Antidilutive Shares Excluded from Computation of Dilutive Shares and Diluted Loss Per Share | The following table sets forth the weighted average options and RSUs excluded from the computation of dilutive shares and diluted loss per share that would've been reflected in the "Dilutive effect of employee stock awards" line in the table above: Year Ended December 31, (In millions of shares) 2018 2017 2016 Dilutive effect: Options (1) 0.4 0.6 N/A RSUs (1)(2) 0.3 0.4 N/A ________________________________ (1) N/A - Dilutive effect is included in computation of diluted earnings per share under the treasury stock method for periods in which GCP generated income from continuing operations. (2) For the year ended December 31, 2018, shares include the weighted average PBU's outstanding relating to the 2016 PBU grant, as the measurement period has ended. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the acquisition based upon their estimated fair values at the date of the acquisition. Such balances are reflected in the Consolidated Balance Sheets as of December 31, 2018: (In millions) Net Assets Acquired Accounts receivable $ 2.2 Other current assets 0.2 Properties and equipment 0.1 Goodwill 14.0 Intangible assets 15.5 Accounts payable (0.2 ) Net assets acquired $ 31.8 The following table summarizes the updated allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the acquisition based upon its estimated fair value at the date of acquisition. Such balances are reflected in the Consolidated Balance Sheets as of December 31, 2018: (In millions) Net Assets Acquired Accounts receivable (approximates contractual value) $ 1.3 Inventories 0.5 Property, plant and equipment 0.1 Intangible assets 10.7 Goodwill 19.9 Accounts payable (1.0 ) Accrued liabilities (0.1 ) Deferred tax liabilities (1.9 ) Net assets acquired $ 29.5 The following table summarizes the final allocation of the purchase price paid and the amounts of assets acquired and liabilities assumed for the acquisition based upon its estimated fair value at the date of acquisition. Such balances are reflected in the Consolidated Balance Sheets as of December 31, 2018 and 2017: (In millions) Net Assets Acquired Accounts receivable $ 6.8 Other current assets 3.1 Inventories 4.2 Properties and equipment 3.4 Goodwill 59.6 Intangible assets 26.9 Accounts payable (2.9 ) Other current liabilities (4.2 ) Other liabilities (5.8 ) Net assets acquired $ 91.1 |
Schedule of Intangible Assets Acquired | The following table presents the fair values of the intangible assets acquired and their weighted average amortization periods: Amount (in millions) Weighted-Average Amortization Period (in years) Customer relationships $ 8.8 9 Developed technology 0.8 15 Trademarks and trade names 1.1 10 Total $ 10.7 The following table presents the fair values of the intangible assets acquired and their weighted average amortization periods: Amount (In millions) Weighted-Average Amortization Period (in years) Customer relationships $ 10.2 11 Technology 4.5 13 Trademarks 0.8 10 Total $ 15.5 The following table presents the fair values of the intangible assets acquired and their weighted average amortization periods: Amount (In millions) Weighted-Average Amortization Period (in years) Customer relationships $ 15.0 10 Technology 9.8 11 Trademarks 2.1 10 Total $ 26.9 |
Schedule of Pro Forma Information | The following unaudited pro forma summary presents consolidated results of operations for GCP and these business combinations as if they had occurred on January 1, 2016: (In millions) Pro forma year ended December 31, 2017 (unaudited) Pro forma year ended December 31, 2016 (unaudited) Revenue $ 1,108.9 $ 1,101.3 (Loss) income from continuing operations $ (103.4 ) $ 28.3 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Reconciliation of Gain on Disposal | The following table includes a reconciliation of the gain on the sale of the Darex business related to delayed close entities recorded during the years ended December 31, 2018 and 2017: Year Ended December 31, (In millions) 2018 2017 Net proceeds included in gain $ 55.4 $ 996.3 Less: Transaction costs — 15.9 Less: Net assets derecognized 11.9 99.6 Gain recognized before income taxes 43.5 880.8 Less: Tax effect of gain recognized 12.0 201.9 Gain recognized after income taxes $ 31.5 $ 678.9 |
Financial Statement Effects Related to Discontinued Operations | The following table sets forth the components of "Income from discontinued operations, net of income taxes" in the Statements of Operations: Year Ended December 31, (In millions) 2018 2017 2016 Net sales $ 15.7 $ 169.5 $ 309.3 Cost of goods sold 15.9 111.9 198.2 Gross profit (0.2 ) 57.6 111.1 Selling, general and administrative expenses 5.8 44.9 33.4 Research and development expenses — 2.3 4.6 Restructuring expenses 0.4 7.8 — Loss in Venezuela — 1.1 — Gain on sale of business (43.5 ) (880.8 ) — Other (income) expenses, net (4.1 ) 7.7 2.4 Income from discontinued operations before income taxes 41.2 874.6 70.7 Provision for income taxes (9.9 ) (210.2 ) (25.5 ) Less: Net income attributable to noncontrolling interests — (0.1 ) — Income from discontinued operations, net of income taxes $ 31.3 $ 664.3 $ 45.2 The following table sets forth carrying amounts of the major classes of assets and liabilities of Darex classified as held for sale in the Consolidated Balance Sheets as of December 31, 2018 and 2017 : (In millions) December 31, 2018 December 31, 2017 Trade accounts receivable $ 2.2 $ 8.4 Inventories 1.2 10.6 Other current assets — 0.7 Current assets held for sale $ 3.4 $ 19.7 Properties and equipment, net 0.2 2.2 Other assets 0.5 0.6 Non-current assets held for sale $ 0.7 $ 2.8 Accounts payable — 6.4 Other current liabilities — 1.4 Current liabilities held for sale $ — $ 7.8 Underfunded and unfunded defined benefit pension plans 0.4 0.3 Non-current liabilities held for sale $ 0.4 $ 0.3 |
Quarterly Summary and Statist_2
Quarterly Summary and Statistical Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Summary and Statistical Information | The following tables present quarterly unaudited consolidated statement of operations information for the years ended December 31, 2018 and 2017: Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2018 (2) June 30, 2018 (1) September 30, 2018 (2) December 31, 2018 December 31, 2018 Net sales $ 250.2 $ 302.8 $ 296.3 $ 276.1 $ 1,125.4 Gross profit 87.5 111.7 110.4 100.3 409.9 Net (loss) income (6.5 ) (27.8 ) 25.5 24.3 15.5 (Loss) income from continuing operations attributable to GCP shareholders (13.8 ) (29.2 ) 7.2 19.7 (16.1 ) Income from discontinued operations, net of income taxes : 7.2 1.3 18.2 4.6 31.3 (Loss) income attributable to GCP shareholders $ (6.6 ) $ (27.9 ) $ 25.4 $ 24.3 $ 15.2 (Loss) income per share : Basic (loss) earnings per share: (Loss) income from continuing operations attributable to GCP shareholders $ (0.19 ) $ (0.40 ) $ 0.10 $ 0.27 $ (0.22 ) Income from discontinued operations, net of income taxes $ 0.10 $ 0.02 $ 0.25 $ 0.06 $ 0.43 Net (loss) income attributable to GCP shareholders $ (0.09 ) $ (0.39 ) $ 0.35 $ 0.34 $ 0.21 Diluted (loss) earnings per share (3): (Loss) income from continuing operations $ (0.19 ) $ (0.40 ) $ 0.10 $ 0.27 $ (0.22 ) Income from discontinued operations, net of income taxes $ 0.10 $ 0.02 $ 0.25 $ 0.06 $ 0.43 Net (loss) income attributable to GCP shareholders $ (0.09 ) $ (0.39 ) $ 0.35 $ 0.33 $ 0.21 ________________________________ (1) GCP recognized a loss on debt refinancing of $59.8 million during the three months ended June 30, 2018. Please refer to Note 6, "Debt and Other Borrowings" for further information on this transaction. (2) During the three months ended March 31, 2018 and the three months ended September 30, 2018, GCP recognized an after tax gain of $10.3 million and $18.8 million , respectively, on the sale of the delayed close entities in Argentina, Colombia, Peru and China. Please refer to Note 18, "Discontinued Operations" for further information on these transactions. (3) Dilutive effect is only applicable to the periods during which GCP generated net income from continuing operations. Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2017 June 30, 2017 September 30, 2017 (1)(2) December 31, 2017 (3) December 31, 2017 Net sales $ 225.3 $ 287.2 $ 282.4 $ 289.5 $ 1,084.4 Gross profit 85.3 115.0 106.5 110.3 417.1 Net (loss) income (16.9 ) (4.6 ) 659.3 (83.9 ) 553.9 (Loss) income from continuing operations attributable to GCP shareholders (25.0 ) 1.3 (18.1 ) (69.1 ) (110.9 ) Income (loss) from discontinued operations, net of income taxes 8.1 (6.0 ) 677.3 (15.1 ) 664.3 (Loss) income attributable to GCP shareholders $ (16.9 ) $ (4.7 ) $ 659.2 $ (84.2 ) $ 553.4 (Loss) income per share: (4) Basic (loss) earnings per share: (Loss) income from continuing operations attributable to GCP shareholders $ (0.35 ) $ 0.02 $ (0.25 ) $ (0.96 ) $ (1.55 ) Income (loss) from discontinued operations, net of income taxes $ 0.11 $ (0.08 ) $ 9.46 $ (0.21 ) $ 9.29 Net (loss) income attributable to GCP shareholders $ (0.24 ) $ (0.07 ) $ 9.21 $ (1.17 ) $ 7.74 Diluted (loss) earnings per share: (5) (Loss) income from continuing operations $ (0.35 ) $ 0.02 $ (0.25 ) $ (0.96 ) $ (1.55 ) Income (loss) from discontinued operations, net of income taxes $ 0.11 $ (0.08 ) $ 9.46 $ (0.21 ) $ 9.29 Net (Loss) income attributable to GCP shareholders $ (0.24 ) $ (0.07 ) $ 9.21 $ (1.17 ) $ 7.74 ________________________________ (1) GCP recognized a net gain on the sale of Darex of approximately $678.9 million during the three months ended September 30, 2017. Please refer to Note 18, "Discontinued Operations" for further information on the Company's sale of Darex. (2) During the three months ended September 30, 2017, GCP recorded an out-period-adjustment to correct the misclassification of a $3.4 million foreign exchange remeasurement loss that was incorrectly included within discontinued operations during the three months ended June 30, 2017. The impact of this correction, of which $2.9 million is reflected in "Loss on Venezuela" and $0.5 million is reflected in "Other (income) expense, net" in the Consolidated Statements of Operations, resulted in an increase in "(Loss) income from continuing operations." There was no tax impact associated with this adjustment. GCP has assessed the impact of this error and concluded that the amount was not material to any prior-period financial statements and the impact of correcting this error during the three months ended September 30, 2017 is not material. (3) During the three months ended December 31, 2017, GCP recorded a pension mark-to-market adjustment loss of $11.2 million . Please refer to Note 8, "Pension Plans and Other Postretirement Benefit Plans" for further information. (4) Per share results for the four quarters may differ from full-year per share results, as a separate computation of the weighted average number of shares outstanding is made for each quarter presented. (5) Dilutive effect only applicable to the periods during which GCP generated net income from continuing operations. |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Basis of Presentation and Transactions (Details) $ in Millions | Feb. 03, 2016 | Dec. 31, 2017USD ($) | Dec. 31, 2018segment | Jul. 03, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Number of operating segments | segment | 2 | |||
Loss in Venezuela, before taxes | $ 36.7 | |||
W.R. Grace & Co. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Transition services agreement term (up to) | 18 months | |||
Loss in Venezuela | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cumulative translation adjustment, disposal group | $ 33.4 | |||
Darex Packaging Technologies Business | Discontinued operations, disposed of by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Consideration received/receivable for disposal | $ 1,060 | |||
Term of delayed closing | 12 months |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Cash Equivalents and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash equivalents | $ 111.2 | $ 0 |
Allowance for doubtful accounts | $ 5.8 | $ 5.7 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Long-Lived Assets, Goodwill and Indefinite-Lived Intangible Assets (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)reporting_unit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Restructuring expenses and asset impairments | $ 15,200,000 | $ 21,300,000 | $ 1,900,000 |
Asset impairment charges | 0 | ||
Number of reporting units for goodwill impairment testing | reporting_unit | 2 | ||
Goodwill, impairment charges | $ 0 | 0 | 0 |
Indefinite-lived intangible assets, impairment charges | $ 0 | 0 | 0 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Finite-lived intangible asset, useful life | 1 year | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Finite-lived intangible asset, useful life | 20 years | ||
Buildings | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Buildings | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 40 years | ||
Information technology and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Information technology and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Machinery, equipment and other | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 3 years | ||
Machinery, equipment and other | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Furniture and fixtures | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Furniture and fixtures | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Asset impairments | |||
Property, Plant and Equipment [Line Items] | |||
Restructuring expenses and asset impairments | $ 4,500,000 | 1,200,000 | $ 0 |
Asset impairment charges | $ 4,500,000 | $ 1,200,000 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Stock-Based Compensation Expense (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Award vesting period | 3 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Award vesting period | 3 years | ||
Performance Based Units (PBUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | |
Award vesting period | 3 years | ||
Performance period | 3 years | 3 years | |
Performance Based Units (PBUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected payout, percent of target | 0.00% | 0.00% | |
Performance Based Units (PBUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected payout, percent of target | 200.00% | 200.00% |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Foreign Currency Transactions and Translation (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2017 | Apr. 30, 2017 | |
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | $ 3.4 | ||||||
Other (income) expense, net | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Net foreign currency transaction and remeasurement gains (losses) | $ 2.9 | $ 1 | $ 4.4 | ||||
Foreign exchange remeasurement loss | 0.5 | ||||||
Loss in Venezuela | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | $ 2.9 | ||||||
Argentine pesos | Other (income) expense, net | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | $ 1.1 | ||||||
Venezuelan bolívar fuerte | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | $ 7.1 | 1.2 | |||||
Exchange rate | 2,010 | 2,640 | 728 | ||||
Exchange rate percent increase | 176.10% | ||||||
Venezuelan bolívar fuerte | Other (income) expense, net | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | $ 3 | ||||||
Continuing operations | Venezuelan bolívar fuerte | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | $ 2.4 | 0.3 | |||||
Continuing operations | Venezuelan bolívar fuerte | Loss in Venezuela | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | 1.6 | ||||||
Continuing operations | Venezuelan bolívar fuerte | Cost of goods sold | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | 0.8 | ||||||
Discontinued operations | Venezuelan bolívar fuerte | |||||||
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items] | |||||||
Foreign exchange remeasurement loss | $ 4.7 | $ 0.9 |
Basis of Presentation and Sum_9
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 10, 2018 | Jan. 27, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Repayments of long term note obligations | $ 578.3 | $ 0 | $ 0 | |||
Senior Notes | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stated interest rate | 9.50% | 9.50% | ||||
Senior Notes | 9.5% Senior Notes due in 2023 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stated interest rate | 9.50% | 9.50% | 9.50% | |||
Accounting Standards Update 2016-15 | Senior Notes | 9.5% Senior Notes due in 2023 | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Repayments of long term note obligations | $ 53.3 |
Basis of Presentation and Su_10
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Revision of Prior Period Financial Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | $ 75.4 | $ (1) | $ 75.8 |
Effect of currency exchange rate changes on cash and cash equivalents | $ (3.7) | 2 | $ (4.2) |
As Previously Reported | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | (5.4) | ||
Effect of currency exchange rate changes on cash and cash equivalents | 6.4 | ||
Adjustment | |||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
Net cash (used in) provided by operating activities from continuing operations | 4.4 | ||
Effect of currency exchange rate changes on cash and cash equivalents | $ (4.4) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms, lease component (or less) | 30 days | ||||||||||
Revenue attributable to non-lease components | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 289.5 | $ 282.4 | $ 287.2 | $ 225.3 | $ 1,125.4 | $ 1,084.4 | $ 1,046.5 |
Trade accounts receivable | 198.6 | 217.1 | 198.6 | 217.1 | |||||||
Trade accounts receivable, leases | 4.7 | $ 5.6 | $ 4.7 | $ 5.6 | |||||||
Period of sales returns allowed | 6 months | ||||||||||
Revenue, remaining performance obligation | $ 5.1 | $ 5.1 | |||||||||
Revenue, remaining performance obligation, expected timing of satisfaction | one to five years | ||||||||||
Minimum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 30 days | ||||||||||
Maximum | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Payment terms | 60 days | ||||||||||
VERIFI sales arrangements | Product | Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Concentration risk, percentage (less than) | 10.00% | ||||||||||
Ductilcrete sales arrangements | Product | Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Concentration risk, percentage (less than) | 10.00% | ||||||||||
Installation and slump management fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue attributable to non-lease components | $ 4.3 | ||||||||||
VERIFI and certain admixture contracts, lease component | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue attributable to lease components | $ 33.1 |
Inventories, net - Schedule of
Inventories, net - Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 46 | $ 41.9 |
In process | 4.6 | 3.5 |
Finished products and other | 59.9 | 60.9 |
Total inventories | $ 110.5 | $ 106.3 |
Inventories, net - Narrative (D
Inventories, net - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory [Line Items] | ||
Finished products purchased | $ 59.9 | $ 60.9 |
Finished Products Purchased | ||
Inventory [Line Items] | ||
Finished products purchased | $ 12.9 | $ 11.1 |
Properties and Equipment (Detai
Properties and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | $ 650.5 | $ 624.1 |
Accumulated depreciation and amortization | (425.4) | (407.5) |
Properties and equipment, net | 225.1 | 216.6 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 8.5 | 6.3 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 136.7 | 131.9 |
Machinery, equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 407.8 | 388.9 |
Information technology and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 79.2 | 76.6 |
Projects under construction | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | $ 18.3 | $ 20.4 |
Properties and Equipment - Narr
Properties and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 32.5 | $ 30.4 | $ 25.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Balance | $ 198.2 | $ 114.9 |
Foreign currency translation | (10.2) | 10.7 |
Acquisitions | 19.9 | 73.9 |
Divestitures | (1.3) | |
Balance | 207.9 | 198.2 |
SCC | ||
Goodwill [Roll Forward] | ||
Balance | 65.1 | 45.8 |
Foreign currency translation | (2.8) | 3.8 |
Acquisitions | 0 | 15.5 |
Divestitures | 0 | |
Balance | 62.3 | 65.1 |
SBM | ||
Goodwill [Roll Forward] | ||
Balance | 133.1 | 69.1 |
Foreign currency translation | (7.4) | 6.9 |
Acquisitions | 19.9 | 58.4 |
Divestitures | (1.3) | |
Balance | $ 145.6 | $ 133.1 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 146.5 | $ 140.7 |
Accumulated Amortization | 61.4 | 54.5 |
Net Book Value | 85.1 | 86.2 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 3.9 | 5.6 |
Trademarks | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 4.1 | |
Technology | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 1.5 | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 87.3 | 82.4 |
Accumulated Amortization | 29.8 | 25.4 |
Net Book Value | 57.5 | 57 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 40.2 | 39.4 |
Accumulated Amortization | 16.9 | 14.2 |
Net Book Value | 23.3 | 25.2 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 12.4 | 13 |
Accumulated Amortization | 9.8 | 10 |
Net Book Value | 2.6 | 3 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6.6 | 5.9 |
Accumulated Amortization | 4.9 | 4.9 |
Net Book Value | $ 1.7 | $ 1 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2,019 | $ 9.4 | |
2,020 | 9.1 | |
2,021 | 8.7 | |
2,022 | 8.7 | |
2,023 | 8.6 | |
Thereafter | 40.6 | |
Net Book Value | $ 85.1 | $ 86.2 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Net book value of intangible assets | $ 89 | $ 91.8 | |
Finite-lived intangible assets | 85.1 | 86.2 | |
Indefinite-lived intangible assets | 3.9 | 5.6 | |
Goodwill | 207.9 | 198.2 | $ 114.9 |
Amortization of intangible assets | 9.5 | 6.4 | $ 3.9 |
Contek Shilstone | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Goodwill | 1.5 | ||
Technology | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets | 23.3 | 25.2 | |
Intangible assets reclassified from indefinite-lived to finite-lived | $ 1.5 | ||
In-process research and development | Contek Shilstone | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets acquired | $ 1.5 |
Debt and Other Borrowings - Com
Debt and Other Borrowings - Components of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Apr. 10, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 27, 2016 |
Debt Instrument [Line Items] | |||||
Total debt | $ 356.7 | $ 544.3 | |||
Less debt payable within one year | 10.6 | 24 | |||
Debt payable after one year | $ 346.1 | $ 520.3 | |||
Weighted average interest rates on total debt obligations outstanding at December 31, 2018 and 2017 | 5.70% | 9.40% | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 9.50% | 9.50% | |||
Senior Notes | 5.5% Senior Notes due in 2026 | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 345.6 | $ 346.9 | $ 0 | ||
Stated interest rate | 5.50% | 5.50% | |||
Unamortized debt issuance costs | $ 4.4 | ||||
Senior Notes | 9.5% Senior Notes due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | $ 518.6 | |||
Stated interest rate | 9.50% | 9.50% | 9.50% | ||
Unamortized debt issuance costs | $ 6.4 | ||||
Credit facility | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Aggregate available principal amount | 345 | ||||
Credit facility | Amended credit facility | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | 0 | |||
Aggregate available principal amount | 350 | 250 | |||
Other borrowings | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 11.1 | $ 25.7 |
Debt and Other Borrowings - Pri
Debt and Other Borrowings - Principal Maturities of Debt Outstanding (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 10.6 | |
2,020 | 0.5 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
Thereafter | 345.6 | |
Total debt | $ 356.7 | $ 544.3 |
Debt and Other Borrowings - Deb
Debt and Other Borrowings - Debt Refinancing (Details) - USD ($) | Apr. 10, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Feb. 03, 2016 | Jan. 27, 2016 |
Debt Instrument [Line Items] | ||||||||
Proceeds from issuance of senior notes | $ 350,000,000 | $ 0 | $ 525,000,000 | |||||
Loss on debt refinancing | $ 59,800,000 | $ 59,800,000 | 59,800,000 | 0 | 0 | |||
Interest paid | 46,300,000 | $ 59,600,000 | $ 39,300,000 | |||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 9.50% | 9.50% | ||||||
Aggregate principal amount | $ 525,000,000 | |||||||
Senior Notes | 9.5% Senior Notes due in 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 9.50% | 9.50% | 9.50% | |||||
Face amount of debt redeemed | $ 525,000,000 | |||||||
Repayments senior notes, including interest and redemption premium | 587,900,000 | |||||||
Repayments of senior notes, net of proceeds used for repayment | 191,000,000 | |||||||
Loss on debt refinancing | 59,400,000 | 59,400,000 | ||||||
Payment of redemption premium | 53,300,000 | |||||||
Interest paid | 9,600,000 | |||||||
Write off of deferred debt issuance cost | $ 6,100,000 | $ 6,100,000 | ||||||
Senior Notes | 5.5% Senior Notes due in 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 5.50% | 5.50% | ||||||
Aggregate principal amount | $ 350,000,000 | |||||||
Proceeds from issuance of senior notes | 350,000,000 | |||||||
Loan origination fees | 3,100,000 | |||||||
Credit facility | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of revolving loans | $ 50,000,000 | $ 50,000,000 | ||||||
Interest paid | 200,000 | $ 1,000,000 | ||||||
Write off of deferred debt issuance cost | 400,000 | 400,000 | ||||||
Unamortized debt issuance costs | 4,100,000 | $ 3,200,000 | ||||||
Credit facility | Amended credit facility | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 350,000,000 | |||||||
Proceeds from revolving loans | $ 50,000,000 | |||||||
Unamortized debt issuance costs | 4,300,000 | |||||||
Credit facility | Prior credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 525,000,000 | |||||||
Credit facility | Prior credit facility | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 250,000,000 | |||||||
Write off of deferred debt issuance cost | $ 400,000 |
Debt and Other Borrowings - 5.5
Debt and Other Borrowings - 5.5% Senior Notes (Details) - USD ($) | Apr. 10, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 27, 2016 |
Debt Instrument [Line Items] | ||||
Issuance amount | $ 356,700,000 | $ 544,300,000 | ||
Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 9.50% | 9.50% | ||
Aggregate principal amount | $ 525,000,000 | |||
Senior Notes | 5.5% Senior Notes due in 2026 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 5.50% | 5.50% | ||
Aggregate principal amount | $ 350,000,000 | |||
Issuance amount | $ 346,900,000 | $ 345,600,000 | $ 0 | |
Issuance amount, percentage of par value | 99.10% | |||
Debt discount | $ 3,100,000 | |||
Debt discount, percentage of par value | 0.90% | |||
Payment of deferred financing costs | $ 1,600,000 | |||
Redemption price percentage | 100.00% | |||
Indenture, minimum discharge of final judgments | $ 50,000,000 | |||
Senior Notes | 5.5% Senior Notes due in 2026 | At any time and from time to time prior to April 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage | 105.50% | |||
Percentage of principal amount to be redeemed | 40.00% | |||
Senior Notes | 5.5% Senior Notes due in 2026 | After April 15, 2021 | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage | 102.80% | |||
Senior Notes | 5.5% Senior Notes due in 2026 | After April 15, 2022 | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage | 101.40% | |||
Senior Notes | 5.5% Senior Notes due in 2026 | After April 15, 2023 | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage | 100.00% | |||
Senior Notes | 5.5% Senior Notes due in 2026 | Upon occurrence of change in control | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage | 101.00% |
Debt and Other Borrowings - Cre
Debt and Other Borrowings - Credit Agreement (Details) - USD ($) | Apr. 10, 2018 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 03, 2016 |
Line of Credit Facility [Line Items] | ||||||
Interest paid | $ 46,300,000 | $ 59,600,000 | $ 39,300,000 | |||
Repayments under credit arrangements | 69,600,000 | 419,500,000 | $ 32,900,000 | |||
Credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding letters of credit | $ 5,000,000 | 10,000,000 | ||||
Credit facility | United States | ||||||
Line of Credit Facility [Line Items] | ||||||
Pledged equity to credit facilities, percentage | 100.00% | |||||
Credit facility | United Kingdom | ||||||
Line of Credit Facility [Line Items] | ||||||
Pledged equity to credit facilities, percentage | 65.00% | |||||
Credit facility | Prior credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 525,000,000 | |||||
Credit facility | Term loan | Prior credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 275,000,000 | |||||
Repayments under credit arrangements | 272,600,000 | |||||
Loss on debt extinguishment | 2,100,000 | |||||
Write off of deferred debt issuance cost | 3,900,000 | |||||
Credit facility | Revolving credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Repayments of revolving loans | $ 50,000,000 | $ 50,000,000 | ||||
Outstanding borrowings | 0 | 0 | ||||
Aggregate available principal amount | 345,000,000 | |||||
Interest paid | 200,000 | 1,000,000 | ||||
Write off of deferred debt issuance cost | $ 400,000 | $ 400,000 | ||||
Credit facility | Revolving credit facility | Base Rate | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.50% | |||||
Credit facility | Revolving credit facility | Base Rate | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Credit facility | Revolving credit facility | LIBOR | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
Credit facility | Revolving credit facility | LIBOR | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 2.00% | |||||
Credit facility | Revolving credit facility | Prior credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 250,000,000 | |||||
Write off of deferred debt issuance cost | $ 400,000 | |||||
Credit facility | Revolving credit facility | Amended credit facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 350,000,000 | |||||
Proceeds from revolving loans | $ 50,000,000 | |||||
Aggregate available principal amount | $ 350,000,000 | $ 250,000,000 |
Debt and Other Borrowings - 9.5
Debt and Other Borrowings - 9.5% Senior Notes (Details) - USD ($) | Apr. 10, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Jan. 27, 2016 |
Debt Instrument [Line Items] | |||||||
Interest paid | $ 46,300,000 | $ 59,600,000 | $ 39,300,000 | ||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 525,000,000 | ||||||
Stated interest rate | 9.50% | 9.50% | |||||
Senior Notes | 9.5% Senior Notes due in 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 9.50% | 9.50% | 9.50% | ||||
Interest paid | $ 9,600,000 | ||||||
Treasury bond yield | Prior to February 1, 2019 | Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Redemption price, spread over variable rate | 0.50% |
Debt and Other Borrowings - D_2
Debt and Other Borrowings - Debt Issuance Costs (Details) - USD ($) $ in Millions | Apr. 10, 2018 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 27, 2016 |
Credit facility | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 4.1 | $ 3.2 | |||
Write off of deferred debt issuance cost | $ 0.4 | 0.4 | |||
Payment of deferred financing costs | $ 2.2 | ||||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 9.50% | 9.50% | |||
Senior Notes | 5.5% Senior Notes due in 2026 | |||||
Debt Instrument [Line Items] | |||||
Payment of deferred financing costs | $ 1.6 | ||||
Debt issuance costs, gross | 4.7 | ||||
Loan origination fees | $ 3.1 | ||||
Stated interest rate | 5.50% | 5.50% | |||
Unamortized debt issuance costs | $ 4.4 | ||||
Senior Notes | 9.5% Senior Notes due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Write off of deferred debt issuance cost | $ 6.1 | $ 6.1 | |||
Stated interest rate | 9.50% | 9.50% | 9.50% | ||
Unamortized debt issuance costs | $ 6.4 |
Debt and Other Borrowings - Car
Debt and Other Borrowings - Carrying Amount and Fair Value of Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Apr. 10, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 27, 2016 |
Debt Instrument [Line Items] | |||||
Carrying Amount | $ 356.7 | $ 544.3 | |||
Level 2 Inputs | |||||
Debt Instrument [Line Items] | |||||
Fair Value | 355.3 | 610.2 | |||
Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 9.50% | 9.50% | |||
Other borrowings | |||||
Debt Instrument [Line Items] | |||||
Carrying Amount | 11.1 | 25.7 | |||
Other borrowings | Level 2 Inputs | |||||
Debt Instrument [Line Items] | |||||
Fair Value | 11.1 | 25.7 | |||
5.5% Senior Notes due in 2026 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Carrying Amount | $ 345.6 | $ 346.9 | 0 | ||
Stated interest rate | 5.50% | 5.50% | |||
5.5% Senior Notes due in 2026 | Senior Notes | Level 2 Inputs | |||||
Debt Instrument [Line Items] | |||||
Fair Value | $ 344.2 | 0 | |||
9.5% Senior Notes due in 2023 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Carrying Amount | 0 | $ 518.6 | |||
Stated interest rate | 9.50% | 9.50% | 9.50% | ||
9.5% Senior Notes due in 2023 | Senior Notes | Level 2 Inputs | |||||
Debt Instrument [Line Items] | |||||
Fair Value | $ 0 | $ 584.5 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes and Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (loss) before income taxes: | |||
Domestic | $ 5.5 | $ (27.4) | $ (5.9) |
Foreign | 5 | (0.9) | 41.2 |
Income (loss) from continuing operations before income taxes | 10.5 | (28.3) | 35.3 |
Provision for income taxes: | |||
Federal—current | 16.8 | 27.2 | (4.2) |
Federal—deferred | (0.6) | 39.4 | 0.5 |
State and local—current | (0.2) | (3.8) | (0.5) |
State and local—deferred | (0.4) | 2.7 | 0 |
Foreign—current | 12.1 | 5.7 | 10.4 |
Foreign—deferred | (1.4) | 10.9 | 0.5 |
Total | $ 26.3 | $ 82.1 | $ 6.7 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax (benefit) provision at U.S. federal income tax rate | $ 2.2 | $ (9.9) | $ 12.4 |
Change in provision resulting from: | |||
Deconsolidation of Venezuela | 0 | 11.5 | 0 |
Devaluation in Venezuela | 0 | 1.4 | 0 |
2017 Tax Act | (2.5) | 81.7 | 0 |
Recognition of outside basis differences | 0.3 | (13.9) | 0 |
U.S. foreign income inclusions | 0.7 | 1.1 | 0 |
Effect of tax rates in foreign jurisdictions | 1.5 | (1) | (4.5) |
Valuation allowance | 6.8 | 11.4 | 0.4 |
State and local income taxes, net | 0.6 | (1.2) | 0 |
Return to provision – change in estimate | (5.4) | 0.4 | 0 |
Nondeductible expenses and non-taxable items | 2.7 | 3.5 | 2.5 |
Research and other state credits | (1.1) | (0.8) | (0.7) |
Unrecognized tax benefits | 20.7 | (0.7) | (1.6) |
Equity compensation | (0.5) | (1.2) | (1.7) |
Other | 0.3 | (0.2) | (0.1) |
Total | $ 26.3 | $ 82.1 | $ 6.7 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Foreign net operating loss carryforwards | $ 19 | $ 24.5 |
Research and development | 1 | 2.4 |
Reserves and allowances | 9.4 | 12.5 |
Pension benefits | 5.9 | 8.3 |
Intangible assets/goodwill | 0.1 | 1.4 |
Stock compensation | 3.1 | 3.8 |
Interest Limitation Carryover | 12.2 | 0 |
Other | 1.3 | 2.5 |
Total deferred tax assets | 52 | 55.4 |
Deferred tax liabilities: | ||
Properties and equipment | (14.5) | (12.1) |
Other | (2.2) | (2.5) |
Outside basis difference in Verifi® | (3.7) | (1.4) |
Total deferred tax liabilities | (20.4) | (16) |
Valuation Allowance: | ||
Foreign net operating loss carryforwards | (18.5) | (23.9) |
Net deferred tax assets | $ 13.1 | $ 15.5 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrecognized Tax Benefits | |||
Beginning balance | $ 34.1 | $ 7.4 | $ 3.9 |
Transfers from Parent | 4.1 | ||
Additions for prior year tax positions | 21 | 7 | 2.5 |
Additions for current year tax positions | 0 | 26 | |
Reductions for expirations of statute of limitations | (2) | (1) | (1.1) |
Reductions for prior year tax positions and reclassifications | (0.3) | (5.3) | 0 |
Settlements | (2) | ||
Ending balance | $ 52.8 | $ 34.1 | $ 7.4 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | Apr. 10, 2018USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)audit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) |
Income Tax Contingency [Line Items] | |||||||
2017 Tax Act, provisional income tax expense | $ 81.7 | ||||||
2017 Tax Act, transition tax, provisional income tax expense | 70.5 | ||||||
2017 Tax Act, revaluation of deferred tax assets, provisional income tax expense | 11.2 | ||||||
2017 Tax Act, measurement period adjustment, income tax expense | $ 17.9 | ||||||
2017 Tax Act, measurement period adjustment, capital gains, income tax expense (benefit) | 20.2 | ||||||
2017 Tax Act, measurement period adjustment, transition tax, income tax benefit | 2.5 | ||||||
2017 Tax Act, revaluation of deferred tax assets, measurement period adjustment, income tax expense | 0.2 | ||||||
2017 Tax Act, transition tax, provisional liability | 70.5 | ||||||
2017 Tax Act, transition tax, total income tax expense | $ 68 | ||||||
2017 Tax Act, transition tax liability | 37.7 | 37.7 | |||||
Provision for income taxes | $ 26.3 | $ 82.1 | $ 6.7 | ||||
Effective tax rate | (250.50%) | 290.10% | (19.00%) | ||||
Expense for increase in valuation allowance | $ 6.8 | $ 11.4 | $ 0.4 | ||||
Net expenses due to 2017 Tax Act | (2.5) | 81.7 | 0 | ||||
Non-deductible charges for Venezuela deconsolidation | 0 | 11.5 | 0 | ||||
Benefit due to differences between book and tax basis in Venezuela and Mexico | (0.3) | 13.9 | 0 | ||||
Benefit due to lower taxes in non-U.S. jurisdictions | (1.5) | 1 | 4.5 | ||||
Benefit related to income tax credits | 1.1 | 0.8 | 0.7 | ||||
Benefit related to release of reserves for unrecognized tax benefits | (20.7) | 0.7 | 1.6 | ||||
Expense for non-deductible expenses | 2.7 | 3.5 | 2.5 | ||||
Deferred tax asset on carryover interest | 12.2 | 0 | 12.2 | ||||
Deferred tax assets, valuation allowance | 18.5 | 23.9 | 18.5 | ||||
Operating loss carryforwards | 61.5 | 61.5 | |||||
Undistributed earnings of foreign subsidiaries | 532.3 | 532.3 | |||||
Deferred tax liability not recognized associated with undistributed earnings | 6.7 | 6.7 | |||||
Unrecognized tax benefits that would impact effective tax rate | 52.4 | 33.4 | 7.4 | 52.4 | |||
Interest and penalties accrued on uncertain tax positions | 10.4 | 9 | 10.4 | ||||
Unrecognized tax benefits | 52.8 | 34.1 | 7.4 | 52.8 | $ 3.9 | ||
Decrease in unrecognized tax benefits reasonably possible in next twelve months | 1.5 | 1.5 | |||||
Scenario, Forecast | |||||||
Income Tax Contingency [Line Items] | |||||||
2017 Tax Act, measurement period adjustment, capital gains, income tax expense (benefit) | $ (20.2) | ||||||
2017 Tax Act, income tax payable, capital gains | $ 2.6 | ||||||
W.R. Grace & Co. | |||||||
Income Tax Contingency [Line Items] | |||||||
Unrecognized tax benefits | 3 | $ 3.8 | $ 3.7 | 3 | |||
Decrease in unrecognized tax benefits reasonably possible in next twelve months | 0.6 | 0.6 | |||||
Secretariat of the Federal Revenue Bureau of Brazil | Foreign tax authority | |||||||
Income Tax Contingency [Line Items] | |||||||
Operating loss carryforwards | 26.7 | 26.7 | |||||
Ministry of the Economy, Finance and Industry, France | Foreign tax authority | |||||||
Income Tax Contingency [Line Items] | |||||||
Operating loss carryforwards | $ 8.2 | 8.2 | |||||
Federal Ministry of Finance, Germany | |||||||
Income Tax Contingency [Line Items] | |||||||
Number of audits | audit | 2 | ||||||
Federal Ministry of Finance, Germany | Foreign tax authority | |||||||
Income Tax Contingency [Line Items] | |||||||
Operating loss carryforwards | $ 8.6 | 8.6 | |||||
Ministry of Finance, India | Foreign tax authority | |||||||
Income Tax Contingency [Line Items] | |||||||
Operating loss carryforwards | $ 9.8 | $ 9.8 | |||||
Senior Notes | 9.5% Senior Notes due in 2023 | |||||||
Income Tax Contingency [Line Items] | |||||||
Payment of redemption premium | $ 53.3 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefit Plans - Net Funded Status of Over-Funded, Underfunded, and Unfunded Pension Plans (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | $ 22.5 | $ 26.4 |
Underfunded defined benefit pension plans | (48.1) | (57.1) |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | 22.5 | 26.4 |
Net funded status | (27.4) | (32) |
Continuing operations | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | 22.5 | 26.4 |
Underfunded defined benefit pension plans | (24.2) | (26.6) |
Unfunded defined benefit pension plans | (23.9) | (30.5) |
Total underfunded and unfunded defined benefit pension plans | (48.1) | (57.1) |
Pension liabilities included in other current liabilities | (1.3) | (1) |
Net funded status | $ (26.9) | $ (31.7) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefit Plans - Curtailment and Mark-to-Market Gains and Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net curtailment gains: | ||||
Total net curtailment gains | $ 200,000 | $ 6,600,000 | $ 800,000 | |
U.S. | ||||
MTM gains (losses): | ||||
Total MTM gains(losses) | 9,500,000 | (18,700,000) | (11,900,000) | |
U.S. | Discontinued operations | ||||
MTM gains (losses): | ||||
Total MTM gains(losses) | (400,000) | |||
Non-U.S. | ||||
MTM gains (losses): | ||||
Total MTM gains(losses) | 400,000 | 4,700,000 | (8,600,000) | |
Non-U.S. | Discontinued operations | ||||
MTM gains (losses): | ||||
Total MTM gains(losses) | (200,000) | |||
Pension Plans | ||||
MTM gains (losses): | ||||
Total MTM gains(losses) | $ (11,200,000) | |||
Pension Plans | U.S. | ||||
Net curtailment gains: | ||||
Total net curtailment gains | 0 | 9,200,000 | 0 | |
MTM gains (losses): | ||||
Total MTM gains(losses) | 9,500,000 | (18,700,000) | (11,900,000) | |
Pension Plans | U.S. | Continuing operations | ||||
Net curtailment gains: | ||||
Plan amendments | 5,900,000 | |||
Restructuring activities | 700,000 | |||
Total net curtailment gains | 6,600,000 | |||
MTM gains (losses): | ||||
Total MTM gains(losses) | 9,500,000 | (18,700,000) | (11,500,000) | |
Pension Plans | U.S. | Discontinued operations | ||||
Net curtailment gains: | ||||
Total net curtailment gains | 2,600,000 | |||
MTM gains (losses): | ||||
Total MTM gains(losses) | 0 | 0 | (400,000) | |
Pension Plans | Non-U.S. | ||||
Net curtailment gains: | ||||
Total net curtailment gains | 200,000 | 14,300,000 | 600,000 | |
MTM gains (losses): | ||||
Total MTM gains(losses) | 400,000 | 4,700,000 | (8,600,000) | |
Pension Plans | Non-U.S. | Continuing operations | ||||
Net curtailment gains: | ||||
Total net curtailment gains | 200,000 | 0 | (800,000) | |
MTM gains (losses): | ||||
Total MTM gains(losses) | 400,000 | 4,600,000 | (8,400,000) | |
Pension Plans | Non-U.S. | Discontinued operations | ||||
Net curtailment gains: | ||||
Total net curtailment gains | 0 | 14,300,000 | 1,400,000 | |
MTM gains (losses): | ||||
Total MTM gains(losses) | $ 0 | $ 100,000 | $ (200,000) |
Pension Plans and Other Postr_5
Pension Plans and Other Postretirement Benefit Plans - Summary of Changes in Benefit Obligations and Fair Values of Retirement Plan Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | $ 22,500,000 | $ 26,400,000 | |
Current liabilities | (1,300,000) | (1,000,000) | |
U.S. | |||
Change in Projected Benefit Obligation: | |||
Service cost | 7,900,000 | 6,800,000 | $ 6,100,000 |
Interest cost | 5,600,000 | 5,500,000 | 4,700,000 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 129,200,000 | ||
Employer contributions | 0 | 40,000,000 | |
Fair value of plan assets at end of year | 110,500,000 | 129,200,000 | |
Non-U.S. | |||
Change in Projected Benefit Obligation: | |||
Service cost | 3,000,000 | 3,900,000 | 3,300,000 |
Interest cost | 5,600,000 | 5,700,000 | 7,800,000 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 277,200,000 | ||
Fair value of plan assets at end of year | 250,400,000 | 277,200,000 | |
Pension Plans | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 438,300,000 | 423,600,000 | |
Service cost | 10,900,000 | 10,700,000 | |
Interest cost | 11,200,000 | 11,200,000 | |
Plan participants' contributions | 0 | 200,000 | |
Amendments | 2,800,000 | (7,100,000) | |
Settlements/curtailments | (500,000) | (3,000,000) | |
Divestitures | 0 | (25,000,000) | |
Actuarial loss | (31,200,000) | 26,400,000 | |
Benefits paid | (31,300,000) | (27,300,000) | |
Assumption of plan liabilities | 0 | 4,900,000 | |
Currency exchange translation adjustments | (11,900,000) | 23,700,000 | |
Benefit obligation at end of year | 388,300,000 | 438,300,000 | 423,600,000 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 406,300,000 | 345,600,000 | |
Actual return on plan assets | (7,100,000) | 24,700,000 | |
Employer contributions | 5,000,000 | 43,800,000 | |
Plan participants' contributions | 0 | 200,000 | |
Settlements | (300,000) | (2,200,000) | |
Divestitures | 0 | (8,800,000) | |
Benefits paid | (31,300,000) | (27,300,000) | |
Assumption of plan assets | 0 | 7,800,000 | |
Currency exchange translation adjustments | (11,700,000) | 22,500,000 | |
Fair value of plan assets at end of year | 360,900,000 | 406,300,000 | 345,600,000 |
Net funded status | (27,400,000) | (32,000,000) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 22,500,000 | 26,400,000 | |
Net amount recognized | (27,400,000) | (32,000,000) | |
Amounts recognized in Accumulated Other Comprehensive Loss: | |||
Prior service credit | 2,100,000 | (600,000) | |
Net amount recognized | 2,100,000 | (600,000) | |
Pension Plans | Continuing operations | |||
Change in Plan Assets: | |||
Net funded status | (26,900,000) | (31,700,000) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 22,500,000 | 26,400,000 | |
Current liabilities | (1,300,000) | (1,000,000) | |
Non-current liabilities | (48,200,000) | (57,100,000) | |
Pension Plans | Discontinued operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Current liabilities | 0 | 0 | |
Non-current liabilities | (400,000) | (300,000) | |
Pension Plans | U.S. | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 163,800,000 | 147,600,000 | |
Service cost | 7,900,000 | 6,800,000 | |
Interest cost | 5,600,000 | 5,500,000 | |
Plan participants' contributions | 0 | 0 | |
Amendments | 0 | (6,400,000) | |
Settlements/curtailments | 0 | (800,000) | |
Divestitures | 0 | (8,700,000) | |
Actuarial loss | (23,900,000) | 25,500,000 | |
Benefits paid | (11,900,000) | (10,600,000) | |
Assumption of plan liabilities | 0 | 4,900,000 | |
Currency exchange translation adjustments | 0 | 0 | |
Benefit obligation at end of year | 141,500,000 | 163,800,000 | 147,600,000 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 129,200,000 | 86,300,000 | |
Actual return on plan assets | (6,800,000) | 12,400,000 | |
Employer contributions | 0 | 40,000,000 | |
Plan participants' contributions | 0 | 0 | |
Settlements | 0 | 0 | |
Divestitures | 0 | (6,700,000) | |
Benefits paid | (11,900,000) | (10,600,000) | |
Assumption of plan assets | 0 | 7,800,000 | |
Currency exchange translation adjustments | 0 | 0 | |
Fair value of plan assets at end of year | 110,500,000 | 129,200,000 | 86,300,000 |
Net funded status | (31,000,000) | (34,600,000) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 100,000 | 500,000 | |
Net amount recognized | (31,000,000) | (34,600,000) | |
Amounts recognized in Accumulated Other Comprehensive Loss: | |||
Prior service credit | 0 | 0 | |
Net amount recognized | 0 | 0 | |
Pension Plans | U.S. | Continuing operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Current liabilities | (100,000) | (200,000) | |
Non-current liabilities | (31,000,000) | (34,900,000) | |
Pension Plans | U.S. | Discontinued operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Current liabilities | 0 | 0 | |
Non-current liabilities | 0 | 0 | |
Pension Plans | Non-U.S. | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 274,500,000 | 276,000,000 | |
Service cost | 3,000,000 | 3,900,000 | |
Interest cost | 5,600,000 | 5,700,000 | |
Plan participants' contributions | 0 | 200,000 | |
Amendments | 2,800,000 | (700,000) | |
Settlements/curtailments | (500,000) | (2,200,000) | |
Divestitures | 0 | (16,300,000) | |
Actuarial loss | (7,300,000) | 900,000 | |
Benefits paid | (19,400,000) | (16,700,000) | |
Assumption of plan liabilities | 0 | 0 | |
Currency exchange translation adjustments | (11,900,000) | 23,700,000 | |
Benefit obligation at end of year | 246,800,000 | 274,500,000 | 276,000,000 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 277,100,000 | 259,300,000 | |
Actual return on plan assets | (300,000) | 12,300,000 | |
Employer contributions | 5,000,000 | 3,800,000 | |
Plan participants' contributions | 0 | 200,000 | |
Settlements | (300,000) | (2,200,000) | |
Divestitures | 0 | (2,100,000) | |
Benefits paid | (19,400,000) | (16,700,000) | |
Assumption of plan assets | 0 | 0 | |
Currency exchange translation adjustments | (11,700,000) | 22,500,000 | |
Fair value of plan assets at end of year | 250,400,000 | 277,100,000 | $ 259,300,000 |
Net funded status | 3,600,000 | 2,600,000 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 22,400,000 | 25,900,000 | |
Net amount recognized | 3,600,000 | 2,600,000 | |
Amounts recognized in Accumulated Other Comprehensive Loss: | |||
Prior service credit | 2,100,000 | (600,000) | |
Net amount recognized | 2,100,000 | (600,000) | |
Pension Plans | Non-U.S. | Continuing operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Current liabilities | (1,200,000) | (800,000) | |
Non-current liabilities | (17,200,000) | (22,200,000) | |
Pension Plans | Non-U.S. | Discontinued operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Current liabilities | 0 | 0 | |
Non-current liabilities | $ (400,000) | $ (300,000) |
Pension Plans and Other Postr_6
Pension Plans and Other Postretirement Benefit Plans - Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. | ||
Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: | ||
Discount rate | 4.33% | 3.68% |
Rate of compensation increase | 4.10% | 4.70% |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||
Discount rate | 3.68% | 4.27% |
Expected return on plan assets | 6.00% | 6.25% |
Rate of compensation increase | 4.10% | 4.70% |
Non-U.S. | ||
Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: | ||
Discount rate | 2.49% | 2.30% |
Rate of compensation increase | 3.58% | 3.13% |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||
Discount rate | 2.30% | 2.42% |
Expected return on plan assets | 2.45% | 2.60% |
Rate of compensation increase | 3.54% | 3.49% |
Pension Plans and Other Postr_7
Pension Plans and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): | |||
Net prior service credit | $ 0 | ||
Other Postretirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | ||
Interest cost | 0 | ||
Expected return on plan assets | 0 | ||
Amortization of prior service cost (credit) | (0.1) | ||
Amortization of net deferred actuarial loss | 0.1 | ||
Gain on termination, curtailment and settlement of pension and other postretirement plans | (0.2) | ||
Pension mark-to-market adjustment | 0 | ||
Net periodic benefit cost (income) | (0.2) | ||
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): | |||
Amortization of prior service cost | 0 | ||
Assumption of prior service credit | 0 | ||
Total recognized in other comprehensive loss(income) | 0 | ||
Total recognized in net periodic benefit (income) cost and other comprehensive loss (income) | (0.2) | ||
U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 7.9 | $ 6.8 | 6.1 |
Interest cost | 5.6 | 5.5 | 4.7 |
Expected return on plan assets | (7.6) | (5.6) | (5) |
Amortization of prior service cost (credit) | 0 | 0 | 0.1 |
Amortization of net deferred actuarial loss | 0 | 0 | 0 |
Gain on termination, curtailment and settlement of pension and other postretirement plans | 0 | (9.2) | 0 |
Pension mark-to-market adjustment | (9.5) | 18.7 | 11.9 |
Net periodic benefit cost (income) | (3.6) | 16.2 | 17.8 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): | |||
Net prior service credit | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | (0.1) |
Assumption of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive loss(income) | 0 | 0 | (0.1) |
Total recognized in net periodic benefit (income) cost and other comprehensive loss (income) | (3.6) | 16.2 | 17.7 |
Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 3 | 3.9 | 3.3 |
Interest cost | 5.6 | 5.7 | 7.8 |
Expected return on plan assets | (6.9) | (6.8) | (8.6) |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Amortization of net deferred actuarial loss | 0 | 0 | 0 |
Gain on termination, curtailment and settlement of pension and other postretirement plans | (0.2) | (14.3) | (0.6) |
Pension mark-to-market adjustment | (0.4) | (4.7) | 8.6 |
Net periodic benefit cost (income) | 1.1 | (16.2) | 10.5 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): | |||
Net prior service credit | 2.7 | (0.7) | 0 |
Amortization of prior service cost | 0 | 0.2 | 0 |
Assumption of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive loss(income) | 2.7 | (0.5) | 0 |
Total recognized in net periodic benefit (income) cost and other comprehensive loss (income) | 3.8 | (16.7) | 10.5 |
Discontinued operations | Other Postretirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | 0 | ||
Discontinued operations | U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension mark-to-market adjustment | 0.4 | ||
Net periodic benefit cost (income) | 0 | (2.6) | 0.4 |
Discontinued operations | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension mark-to-market adjustment | 0.2 | ||
Net periodic benefit cost (income) | 0 | (13.9) | 1.4 |
Continuing operations | Other Postretirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | (0.2) | ||
Continuing operations | U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | (3.6) | 18.8 | 17.4 |
Continuing operations | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | $ 1.1 | $ (2.3) | $ 9.1 |
Pension Plans and Other Postr_8
Pension Plans and Other Postretirement Benefit Plans - Estimated Expected Future Benefit Payments (Details) - Pension Plans $ in Millions | Dec. 31, 2018USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,019 | $ 16.9 |
2,020 | 17.1 |
2,021 | 18.2 |
2,022 | 19.2 |
2,023 | 20.1 |
2024-2028 | 106.9 |
U.S. | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,019 | 5.4 |
2,020 | 6.1 |
2,021 | 7 |
2,022 | 7.7 |
2,023 | 8.1 |
2024-2028 | 45.9 |
Non-U.S. | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2,019 | 11.5 |
2,020 | 11 |
2,021 | 11.2 |
2,022 | 11.5 |
2,023 | 12 |
2024-2028 | $ 61 |
Pension Plans and Other Postr_9
Pension Plans and Other Postretirement Benefit Plans - Schedule of Plan Asset Allocation (Details) - USD ($) $ in Millions | 1 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
Accelerated contribution | $ 40 | |
U.S. | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 26.00% | |
Percentage of Plan Assets | 18.00% | 23.00% |
U.S. | Non-U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 13.00% | |
Percentage of Plan Assets | 9.00% | 13.00% |
U.S. | Short-term debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 32.00% | 0.00% |
U.S. | Intermediate-term debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 0.00% | 0.00% |
U.S. | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 55.00% | |
Percentage of Plan Assets | 37.00% | 59.00% |
U.S. | Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 6.00% | |
Percentage of Plan Assets | 4.00% | 5.00% |
United Kingdom | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
United Kingdom | Diversified growth funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10.00% | |
Percentage of Plan Assets | 10.00% | 10.00% |
United Kingdom | U.K. gilts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 34.00% | |
Percentage of Plan Assets | 33.00% | 33.00% |
United Kingdom | U.K. corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 2.00% | |
Percentage of Plan Assets | 3.00% | 2.00% |
United Kingdom | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 54.00% | |
Percentage of Plan Assets | 54.00% | 55.00% |
Pension Plans and Other Post_10
Pension Plans and Other Postretirement Benefit Plans - Fair Value Measurements of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 110.5 | $ 129.2 | |
U.S. | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 110.5 | 129.2 | |
U.S. | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. equity group trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.8 | 23.5 | |
U.S. | U.S. equity group trust funds | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | U.S. equity group trust funds | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 25.8 | 23.5 | |
U.S. | U.S. equity group trust funds | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Non-U.S. equity group trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.8 | 11.5 | |
U.S. | Non-U.S. equity group trust funds | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Non-U.S. equity group trust funds | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.8 | 11.5 | |
U.S. | Non-U.S. equity group trust funds | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Corporate bond group trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37.1 | 48 | |
U.S. | Corporate bond group trust funds | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Corporate bond group trust funds | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37.1 | 48 | |
U.S. | Corporate bond group trust funds | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Other fixed income group trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.6 | 5.2 | |
U.S. | Other fixed income group trust funds | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Other fixed income group trust funds | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.6 | 5.2 | |
U.S. | Other fixed income group trust funds | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Common/collective trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28.2 | 41 | |
U.S. | Common/collective trust funds | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. | Common/collective trust funds | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28.2 | 41 | |
U.S. | Common/collective trust funds | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 250.4 | 277.2 | |
Non-U.S. | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.7 | 3.2 | |
Non-U.S. | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 122.4 | 137.3 | |
Non-U.S. | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123.3 | 136.7 | |
Non-U.S. | Common/collective trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 111.2 | 127.5 | |
Non-U.S. | Common/collective trust funds | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Common/collective trust funds | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 111.2 | 127.5 | |
Non-U.S. | Common/collective trust funds | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Government and agency securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.3 | 1.2 | |
Non-U.S. | Government and agency securities | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Government and agency securities | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3.3 | 1.2 | |
Non-U.S. | Government and agency securities | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.9 | 8.5 | |
Non-U.S. | Corporate bonds | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Corporate bonds | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.9 | 8.5 | |
Non-U.S. | Corporate bonds | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Insurance contracts and other investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123.3 | 136.8 | |
Non-U.S. | Insurance contracts and other investments | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Insurance contracts and other investments | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0.1 | |
Non-U.S. | Insurance contracts and other investments | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123.3 | 136.7 | $ 116.5 |
Non-U.S. | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.7 | 3.2 | |
Non-U.S. | Cash | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.7 | 3.2 | |
Non-U.S. | Cash | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. | Cash | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 |
Pension Plans and Other Post_11
Pension Plans and Other Postretirement Benefit Plans - Schedule of Changes in Fair Value Measurement Level 3 (Details) - Non-U.S. - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 277.2 | ||
Fair value of plan assets at end of year | 250.4 | $ 277.2 | |
Level 3 inputs | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of year | 136.7 | ||
Fair value of plan assets at end of year | 123.3 | 136.7 | |
Insurance contracts | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of year | 136.8 | ||
Fair value of plan assets at end of year | 123.3 | 136.8 | |
Insurance contracts | Level 3 inputs | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Fair value of plan assets at beginning of year | 136.7 | 116.5 | |
Actual return on plan assets relating to assets still held at year-end | 1 | $ 4.7 | |
Transfers in for premium | 10.2 | ||
Transfers out for benefits paid | (9) | (6.8) | |
Currency exchange translation adjustments | (5.4) | 12.1 | |
Fair value of plan assets at end of year | $ 123.3 | $ 136.7 | $ 116.5 |
Pension Plans and Other Post_12
Pension Plans and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gains | $ 200,000 | $ 6,600,000 | $ 800,000 | ||
Defined contribution plan, percent of employee contributions matched | 100.00% | ||||
Defined contribution plan, percent of employee's salary for matching contributions | 6.00% | ||||
Defined contribution plan, additional percent of employee contributions matched under plan amendment | 2.00% | ||||
Defined contribution plan, matching contributions vesting period | 3 years | ||||
Costs related to defined contribution retirement plan | $ 4,600,000 | 4,800,000 | 4,100,000 | ||
Cost of goods sold | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net curtailment and mark-to-market gains (losses) | (5,900,000) | ||||
Other (income) expense, net | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net curtailment and mark-to-market gains (losses) | (14,000,000) | ||||
U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Mark-to-market gains (losses) | $ 9,500,000 | $ (18,700,000) | (11,900,000) | ||
Discount rate | 4.33% | 3.68% | 4.33% | 3.68% | |
Expected return on plan assets | 6.00% | 6.25% | |||
Employer contributions | $ 0 | $ 40,000,000 | |||
U.S. | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Mark-to-market gains (losses) | (400,000) | ||||
U.S. | Darex Packaging Technologies Business | Discontinued operations, disposed of by sale | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gains | $ 2,100,000 | ||||
United Kingdom | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate | 2.20% | 2.20% | |||
Expected return on plan assets | 2.21% | ||||
United Kingdom | Benefit obligation of non-U.S. pension plans | Geographic concentration risk | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Concentration risk, percentage | 84.00% | 84.00% | |||
United Kingdom | Non-U.S. pension plan assets | Geographic concentration risk | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Concentration risk, percentage | 92.00% | 92.00% | |||
Non-U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Mark-to-market gains (losses) | $ 400,000 | $ 4,700,000 | (8,600,000) | ||
Discount rate | 2.49% | 2.30% | 2.49% | 2.30% | |
Expected return on plan assets | 2.45% | 2.60% | |||
Expected employer contributions in next twelve months | $ 2,400,000 | $ 2,400,000 | |||
Non-U.S. | Total pension assets | Geographic concentration risk | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Concentration risk, percentage | 69.00% | 68.00% | |||
Non-U.S. | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Mark-to-market gains (losses) | (200,000) | ||||
Plan service cost, interest cost, and expected return | $ 500,000 | 1,200,000 | |||
Non-U.S. | Darex Packaging Technologies Business | Discontinued operations, disposed of by sale | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gains | 14,300,000 | ||||
Mark-to-market gains (losses) | $ 100,000 | ||||
Other countries | Non-U.S. pension plan assets | Geographic concentration risk | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Concentration risk, percentage | 8.00% | 8.00% | |||
Pension Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Prior service cost | 2,100,000 | $ (600,000) | $ 2,100,000 | $ (600,000) | |
Mark-to-market gains (losses) | (11,200,000) | ||||
Benefit obligation | 388,300,000 | 438,300,000 | 388,300,000 | 438,300,000 | 423,600,000 |
(Underfunded) overfunded status | (27,400,000) | (32,000,000) | (27,400,000) | (32,000,000) | |
Accumulated benefit obligation | 375,000,000 | 415,000,000 | 375,000,000 | 415,000,000 | |
Accumulated other comprehensive income, net of tax | 2,100,000 | (600,000) | 2,100,000 | (600,000) | |
Employer contributions | 5,000,000 | 43,800,000 | |||
Pension Plans | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Long-term liability | 400,000 | 300,000 | 400,000 | 300,000 | |
Pension Plans | U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gains | 0 | 9,200,000 | 0 | ||
Prior service cost | 0 | 0 | 0 | 0 | |
Mark-to-market gains (losses) | 9,500,000 | (18,700,000) | (11,900,000) | ||
Benefit obligation | 141,500,000 | 163,800,000 | 141,500,000 | 163,800,000 | 147,600,000 |
(Underfunded) overfunded status | (31,000,000) | (34,600,000) | (31,000,000) | (34,600,000) | |
Accumulated other comprehensive income, net of tax | 0 | 0 | 0 | 0 | |
Employer contributions | 0 | 40,000,000 | |||
Pension Plans | U.S. | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gains | 2,600,000 | ||||
Mark-to-market gains (losses) | 0 | 0 | (400,000) | ||
Long-term liability | 0 | 0 | 0 | 0 | |
Pension Plans | United Kingdom | High Court Judgment for Guaranteed Minimum Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Prior service cost | 2,700,000 | 2,700,000 | |||
Expected annual amortization expense of prior service cost | $ 100,000 | 100,000 | |||
Amortization period of prior service cost | 19 years | ||||
Pension Plans | Non-U.S. | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gains | 200,000 | 14,300,000 | 600,000 | ||
Prior service cost | $ 2,100,000 | (600,000) | 2,100,000 | (600,000) | |
Mark-to-market gains (losses) | 400,000 | 4,700,000 | (8,600,000) | ||
Benefit obligation | 246,800,000 | 274,500,000 | 246,800,000 | 274,500,000 | 276,000,000 |
(Underfunded) overfunded status | 3,600,000 | 2,600,000 | 3,600,000 | 2,600,000 | |
Accumulated other comprehensive income, net of tax | 2,100,000 | (600,000) | 2,100,000 | (600,000) | |
Employer contributions | 5,000,000 | 3,800,000 | |||
Pension Plans | Non-U.S. | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gains | 0 | 14,300,000 | 1,400,000 | ||
Mark-to-market gains (losses) | 0 | 100,000 | $ (200,000) | ||
Long-term liability | 400,000 | $ 300,000 | 400,000 | $ 300,000 | |
Postretirement health care benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Long-term liability, initial recognition | 2,000,000 | 2,000,000 | |||
Accumulated other comprehensive income, net of tax, initial recognition | 600,000 | 600,000 | |||
Accumulated other comprehensive income, tax, initial recognition | 200,000 | 200,000 | |||
Other postretirement benefits, expense, initial recognition | 1,200,000 | ||||
Long-term liability | 1,700,000 | 1,700,000 | |||
Accumulated other comprehensive income, net of tax | 400,000 | 400,000 | |||
Accumulated other comprehensive income, tax | $ 100,000 | 100,000 | |||
Other postretirement benefits, expense | $ 1,300,000 |
Other Balance Sheet Accounts -
Other Balance Sheet Accounts - Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Non-trade receivables | $ 25 | $ 28.4 |
Prepaid expenses and other current assets | 9.2 | 13.8 |
Income taxes receivable | 10.4 | 6 |
Marketable securities | 0 | 0.4 |
Total other current assets | $ 44.6 | $ 48.6 |
Other Balance Sheet Accounts _2
Other Balance Sheet Accounts - Other Current Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other Current Liabilities | ||
Accrued customer volume rebates | $ 35.3 | $ 31.5 |
Accrued compensation | 16.4 | 27.1 |
Income tax payable | 17.2 | 115.1 |
Accrued interest | 4 | 20.8 |
Restructuring liability | 10.2 | 12.8 |
Pension liabilities | 1.3 | 1 |
Other accrued liabilities | 61.1 | 107.9 |
Total other current liabilities | 145.5 | 316.2 |
Payment of income taxes | 105 | |
Other current liabilities | Darex Packaging Technologies Business | Discontinued operations, disposed of by sale | ||
Other Current Liabilities | ||
Deferred consideration, delayed closings | $ 13.6 | $ 55.1 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |||
Rental expense for operating leases | $ 14.3 | $ 15.1 | $ 14 |
Lease terms (exceeding) | 40 years | ||
Library Gardens Balcony Litigation, Lead Case Beary v. Blackrock, Inc. | |||
Loss Contingencies [Line Items] | |||
Litigation settlement, amount awarded to other party | 4 | ||
Credit facility | |||
Loss Contingencies [Line Items] | |||
Gross financial assurances issued and outstanding | $ 5 | $ 10 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Minimum Future Non-cancelable Payments for Operating Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 12.1 |
2,020 | 8.3 |
2,021 | 4.6 |
2,022 | 2.6 |
2,023 | 1.9 |
Thereafter | 28.1 |
Total | $ 57.6 |
Restructuring Expenses, Asset_3
Restructuring Expenses, Asset Impairments and Repositioning Expenses - Narrative (Details) $ in Millions | Aug. 01, 2018USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Jun. 28, 2017USD ($)plant | Dec. 31, 2015USD ($) |
Restructuring Cost and Reserve [Line Items] | |||||||
Number of operating segments | segment | 2 | ||||||
Repositioning expenses | $ 9.6 | $ 9.8 | $ 15.3 | ||||
2018 Plan | Severance and other employee costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total cash payments for repositioning costs | 3.6 | 0 | 0 | ||||
Restructuring liability | 7.7 | 0 | 0 | $ 7.7 | $ 0 | ||
Repositioning expenses | 11.4 | 0 | 0 | ||||
2018 Plan | Facility exit costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total cash payments for repositioning costs | 0.4 | 0 | 0 | ||||
Restructuring liability | 0.2 | 0 | 0 | 0.2 | 0 | ||
Repositioning expenses | 0.6 | 0 | 0 | ||||
2018 Plan | Minimum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 31 | ||||||
2018 Plan | Maximum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 35 | ||||||
2018 Plan, restructuring activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 16 | 16 | |||||
2018 Plan, restructuring activities | Severance and other employee costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 11.4 | 11.4 | |||||
2018 Plan, restructuring activities | Facility exit costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 0.6 | 0.6 | |||||
2018 Plan, restructuring activities | Asset impairments | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 4 | ||||||
Costs incurred to date | 4 | 4 | |||||
2018 Plan, restructuring activities | Minimum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 20 | ||||||
Expected workforce reduction percent | 8.00% | ||||||
2018 Plan, restructuring activities | Minimum | Severance and other employee costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 13 | ||||||
2018 Plan, restructuring activities | Minimum | Facility exit costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 1 | ||||||
2018 Plan, restructuring activities | Minimum | Other restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 2 | ||||||
2018 Plan, restructuring activities | Maximum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 24 | ||||||
Expected workforce reduction percent | 10.00% | ||||||
2018 Plan, restructuring activities | Maximum | Severance and other employee costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 15 | ||||||
2018 Plan, restructuring activities | Maximum | Facility exit costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 2 | ||||||
2018 Plan, restructuring activities | Maximum | Other restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 3 | ||||||
2018 Plan, repositioning activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 11 | ||||||
Costs incurred to date | 5.3 | 5.3 | |||||
Total cash payments for repositioning costs | 0.2 | ||||||
Repositioning expenses | 5.3 | ||||||
2017 Plan | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 30 | ||||||
2017 Plan | Severance and other employee costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total cash payments for repositioning costs | 7.5 | 8 | 0 | ||||
Restructuring liability | 1.8 | 11.6 | 0 | 1.8 | 0 | ||
Repositioning expenses | (1.9) | 19.5 | 0 | ||||
2017 Plan | Facility exit costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total cash payments for repositioning costs | 0.1 | 0 | 0 | ||||
Restructuring liability | 0 | 0.1 | 0 | 0 | 0 | ||
Repositioning expenses | 0 | 0.1 | 0 | ||||
2017 Plan, restructuring activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 20 | ||||||
Costs incurred to date | 18.9 | 18.9 | |||||
2017 Plan, restructuring activities | Severance and other employee costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 18 | ||||||
Costs incurred to date | 17.4 | 17.4 | |||||
2017 Plan, restructuring activities | Asset impairment and facility exit costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 2 | ||||||
2017 Plan, restructuring activities | Asset impairments | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 1.3 | 1.3 | |||||
2017 Plan, restructuring activities | Facility exit costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 0.2 | 0.2 | |||||
2017 Plan, repositioning activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 10 | ||||||
Total cash payments for repositioning costs | 5.3 | 2 | 14.1 | ||||
Repositioning expenses | 4.3 | 4.5 | |||||
2017 Plan, repositioning activities | Repositioning costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 8.8 | 8.8 | |||||
2017 Plan, repositioning activities | Capital expenditures | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 7.4 | 7.4 | |||||
Number of manufacturing plants that will replace sold facilities | plant | 2 | ||||||
Total cash payments for repositioning costs | 6.8 | ||||||
2017 Plan, repositioning activities | Minimum | Capital expenditures | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 10 | ||||||
2017 Plan, repositioning activities | Maximum | Capital expenditures | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 15 | ||||||
Total | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total cash payments for repositioning costs | 12.8 | 8.5 | 3.6 | ||||
Restructuring liability | 10.2 | 12.8 | 1.1 | 10.2 | $ 1.4 | ||
Repositioning expenses | 10.7 | 20.1 | 1.9 | ||||
Separation-related repositioning | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 20.6 | ||||||
Repositioning expenses | 5.3 | 15.3 | |||||
Separation-related repositioning | Capital expenditures | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total cash payments for repositioning costs | 1.9 | 6.9 | |||||
Separation-related repositioning | Professional fees and employee-related costs | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total cash payments for repositioning costs | $ 4.2 | 17.7 | |||||
Separation-related repositioning | Taxes | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total cash payments for repositioning costs | $ 2.5 | ||||||
Corporate | 2017 Plan, restructuring activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 3 | ||||||
Costs incurred to date | 2.9 | 2.9 | |||||
SCC | 2018 Plan, restructuring activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 13.6 | 13.6 | |||||
SCC | 2018 Plan, restructuring activities | Minimum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 18 | ||||||
SCC | 2018 Plan, restructuring activities | Maximum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 21 | ||||||
SCC | 2017 Plan, restructuring activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 5 | ||||||
Costs incurred to date | 4.6 | 4.6 | |||||
SBM | 2018 Plan, restructuring activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Costs incurred to date | 2.4 | 2.4 | |||||
SBM | 2018 Plan, restructuring activities | Minimum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 2 | ||||||
SBM | 2018 Plan, restructuring activities | Maximum | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 3 | ||||||
SBM | 2017 Plan, restructuring activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | 3 | ||||||
Costs incurred to date | 3.3 | 3.3 | |||||
Discontinued operations | 2017 Plan, restructuring activities | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected costs | $ 9 | ||||||
Costs incurred to date | $ 8.1 | $ 8.1 |
Restructuring Expenses, Asset_4
Restructuring Expenses, Asset Impairments and Repositioning Expenses - Restructuring Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | $ 15.2 | $ 21.3 | $ 1.9 |
Less: restructuring expenses and asset impairments reflected in discontinued operations | 0.4 | 7.8 | 0 |
Total restructuring expenses and asset impairments from continuing operations | 14.8 | 13.5 | 1.9 |
Severance and other employee costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | 10.1 | 19.9 | 1.9 |
Facility exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | 0.6 | 0.2 | 0 |
Asset impairments | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | $ 4.5 | $ 1.2 | $ 0 |
Restructuring Expenses, Asset_5
Restructuring Expenses, Asset Impairments and Repositioning Expenses - Restructuring Costs by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments from continuing operations | $ 14.8 | $ 13.5 | $ 1.9 |
Restructuring expenses and asset impairments reflected in discontinued operations | 0.4 | 7.8 | 0 |
Total restructuring expenses and asset impairments | 15.2 | 21.3 | 1.9 |
Operating Segments | SCC | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments from continuing operations | 12.5 | 6.2 | 1.2 |
Operating Segments | SBM | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments from continuing operations | 1.9 | 4.1 | 0.7 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments from continuing operations | $ 0.4 | $ 3.2 | $ 0 |
Restructuring Expenses, Asset_6
Restructuring Expenses, Asset Impairments and Repositioning Expenses - Restructuring Liability (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | |||
Expenses | $ 9,600,000 | $ 9,800,000 | $ 15,300,000 |
Asset impairment charges | 0 | ||
Asset impairments | |||
Restructuring Reserve [Roll Forward] | |||
Asset impairment charges | 4,500,000 | 1,200,000 | |
Asset impairments | SCC | |||
Restructuring Reserve [Roll Forward] | |||
Asset impairment charges | 4,300,000 | 1,200,000 | |
Asset impairments | SBM | |||
Restructuring Reserve [Roll Forward] | |||
Asset impairment charges | 200,000 | ||
2018 Plan | Severance and other employee costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Expenses | 11,400,000 | 0 | 0 |
Payments | (3,600,000) | 0 | 0 |
Impact of foreign currency and other | (100,000) | 0 | 0 |
Ending balance | 7,700,000 | 0 | 0 |
2018 Plan | Facility exit costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Expenses | 600,000 | 0 | 0 |
Payments | (400,000) | 0 | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 200,000 | 0 | 0 |
2017 Plan | Severance and other employee costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 11,600,000 | 0 | 0 |
Expenses | (1,900,000) | 19,500,000 | 0 |
Payments | (7,500,000) | (8,000,000) | 0 |
Impact of foreign currency and other | (400,000) | 100,000 | 0 |
Ending balance | 1,800,000 | 11,600,000 | 0 |
2017 Plan | Facility exit costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 100,000 | 0 | 0 |
Expenses | 0 | 100,000 | 0 |
Payments | (100,000) | 0 | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 0 | 100,000 | 0 |
Other plans | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1,100,000 | 1,100,000 | 1,400,000 |
Expenses | 600,000 | 500,000 | 1,900,000 |
Payments | (1,200,000) | (500,000) | (3,600,000) |
Impact of foreign currency and other | 0 | 0 | 1,400,000 |
Ending balance | 500,000 | 1,100,000 | 1,100,000 |
Total | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 12,800,000 | 1,100,000 | 1,400,000 |
Expenses | 10,700,000 | 20,100,000 | 1,900,000 |
Payments | (12,800,000) | (8,500,000) | (3,600,000) |
Impact of foreign currency and other | (500,000) | 100,000 | 1,400,000 |
Ending balance | $ 10,200,000 | $ 12,800,000 | $ 1,100,000 |
Restructuring Expenses, Asset_7
Restructuring Expenses, Asset Impairments and Repositioning Expenses - Separation-Related Repositioning Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | $ 9.6 | $ 9.8 | $ 15.3 |
Separation-related repositioning | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 5.3 | 15.3 | |
Separation-related repositioning | Professional fees | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 3.4 | 7.8 | |
Separation-related repositioning | Software and IT implementation fees | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | 0.9 | 3 | |
Separation-related repositioning | Employee-related costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Repositioning expenses | $ 1 | $ 4.5 |
Other Comprehensive (Loss) In_3
Other Comprehensive (Loss) Income - Pre-Tax, Tax, and After-Tax Components of Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
After-Tax Amount | |||
Total other comprehensive (loss) income | $ (34.3) | $ 61.9 | $ (19.7) |
Other comprehensive loss attributable to GCP shareholders | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | (34.9) | 62 | (19.9) |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0.6 | (0.1) | 0 |
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | (34.2) | 61.3 | (21.1) |
Total other comprehensive (loss) income | (34.3) | 61.9 | (19.9) |
Amortization of net prior service credit | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), before reclassifications, pre-tax | (0.2) | (0.1) | |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), before reclassifications, tax | 0 | 0 | |
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | (0.2) | (0.1) | |
Amortization of net actuarial gain | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), before reclassifications, pre-tax | 0.1 | ||
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), before reclassifications, tax | 0 | ||
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | 0.1 | ||
Assumption of net prior service credit | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), before reclassifications, pre-tax | (3.2) | 0.7 | 1.2 |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), before reclassifications, tax | 0.6 | (0.2) | (0.4) |
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | (2.6) | 0.5 | 0.8 |
Assumption of net actuarial loss | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), before reclassifications, pre-tax | (1.1) | ||
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), before reclassifications, tax | 0.4 | ||
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | (0.7) | ||
Other changes in funded status | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), before reclassifications, pre-tax | (0.1) | ||
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), before reclassifications, tax | 0 | ||
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | (0.1) | ||
Benefit plans, net | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), before reclassifications, pre-tax | (3.2) | 0.5 | 0 |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), before reclassifications, tax | 0.6 | (0.2) | 0 |
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | (2.6) | 0.3 | 0 |
Total other comprehensive (loss) income | (2.6) | 0.3 | 0 |
Currency translation adjustments | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | (31.8) | 61.7 | (19.9) |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0 | 0 | 0 |
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | (31.8) | 61.7 | (19.9) |
Total other comprehensive (loss) income | (31.8) | 61.7 | (19.9) |
Gain (loss) from hedging activities | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | 0.1 | (0.2) | 0 |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0 | 0.1 | 0 |
After-Tax Amount | |||
Other comprehensive income (loss), before reclassifications | 0.2 | (0.7) | (1.2) |
Total other comprehensive (loss) income | $ 0.1 | $ (0.1) | $ 0 |
Other Comprehensive (Loss) In_4
Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)country | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | $ 492 | $ (139) | $ 474.1 |
Total other comprehensive (loss) income | (34.3) | 61.9 | (19.7) |
Balance | $ 481.4 | 492 | (139) |
Number of countries in which entity operates, more than | country | 30 | ||
Defined Benefit Pension and Other Postretirement Plans | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | $ 0.4 | 0.1 | 0.1 |
Other comprehensive (loss) income before reclassifications | (2.6) | 0.3 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Total other comprehensive (loss) income | (2.6) | 0.3 | 0 |
Balance | (2.2) | 0.4 | 0.1 |
Currency Translation Adjustments | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | (86) | (147.7) | (127.8) |
Other comprehensive (loss) income before reclassifications | (31.8) | 61.7 | (19.9) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Total other comprehensive (loss) income | (31.8) | 61.7 | (19.9) |
Balance | (117.8) | (86) | (147.7) |
Hedging Activities | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | (0.1) | 0 | 0 |
Other comprehensive (loss) income before reclassifications | 0.2 | (0.7) | (1.2) |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.1) | 0.6 | 1.2 |
Total other comprehensive (loss) income | 0.1 | (0.1) | 0 |
Balance | 0 | (0.1) | 0 |
Total | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | (85.7) | (147.6) | (127.7) |
Other comprehensive (loss) income before reclassifications | (34.2) | 61.3 | (21.1) |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.1) | 0.6 | 1.2 |
Total other comprehensive (loss) income | (34.3) | 61.9 | (19.9) |
Balance | $ (120) | $ (85.7) | $ (147.6) |
Related Party Transactions an_3
Related Party Transactions and Transactions with Grace - Related Party Expenses and Agreements (Details) - W.R. Grace & Co. - USD ($) $ in Millions | Feb. 03, 2016 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||
Transition services agreement term (up to) | 18 months | ||
Other assets | |||
Related Party Transaction [Line Items] | |||
Indemnified receivables, tax | $ 3.9 | $ 7.2 | |
Other current liabilities | |||
Related Party Transaction [Line Items] | |||
Indemnified payables, tax | $ 1.8 | $ 2.7 |
Related Party Transactions an_4
Related Party Transactions and Transactions with Grace - Parent Company Equity (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |
Total Net transfer to parent, per Consolidated Statements of Stockholders' Equity (Deficit) | $ (675.1) |
W.R. Grace & Co. | |
Related Party Transaction [Line Items] | |
Total Net transfer to parent, per Consolidated Statements of Stockholders' Equity (Deficit) | (675.1) |
Other, net | (83.6) |
Transfers to parent, net per Consolidated Statements of Cash Flows | (758.7) |
W.R. Grace & Co. | Cash pooling and general financing activities | |
Related Party Transaction [Line Items] | |
Total Net transfer to parent, per Consolidated Statements of Stockholders' Equity (Deficit) | (688) |
W.R. Grace & Co. | GCP expenses funded by parent | |
Related Party Transaction [Line Items] | |
Total Net transfer to parent, per Consolidated Statements of Stockholders' Equity (Deficit) | 6.6 |
W.R. Grace & Co. | Corporate costs allocations | |
Related Party Transaction [Line Items] | |
Total Net transfer to parent, per Consolidated Statements of Stockholders' Equity (Deficit) | 2 |
W.R. Grace & Co. | Provision for income taxes | |
Related Party Transaction [Line Items] | |
Total Net transfer to parent, per Consolidated Statements of Stockholders' Equity (Deficit) | $ 4.3 |
Related Party Transactions an_5
Related Party Transactions and Transactions with Grace - Parent Company Equity (Additional Information) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Related Party Transaction [Line Items] | |
Distribution to Grace related to the Separation | $ 750 |
W.R. Grace & Co. | |
Related Party Transaction [Line Items] | |
Non-cash transfer from parent | 83.6 |
W.R. Grace & Co. | Net pension liabilities | |
Related Party Transaction [Line Items] | |
Non-cash transfer from parent | 44 |
W.R. Grace & Co. | Fixed assets | |
Related Party Transaction [Line Items] | |
Non-cash transfer from parent | 23 |
W.R. Grace & Co. | Related party debt, deferred tax, and other | |
Related Party Transaction [Line Items] | |
Non-cash transfer from parent | $ 36 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 21, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 11, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized for issuance (in shares) | 8,000,000 | ||||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Total cash and non-cash stock-based compensation cost | $ 3.7 | $ 9.2 | $ 7.2 | ||
Reduction in stock-based compensation expense for remeasurement based on expected payout | 5.2 | ||||
Income tax benefit recognized for stock-based compensation | $ 0.6 | $ 4.8 | 4.7 | ||
Number of shares repurchased (in shares) | 45,100 | 47,000 | |||
Number of shares of common stock available for issuance (in shares) | 8,400,000 | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option awards, contractual term | 5 years | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock option awards, contractual term | 10 years | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted (in shares) | 241,000 | ||||
Stock options, exercise price, percent of market value on the date of grant | 100.00% | ||||
Award vesting period | 3 years | ||||
Intrinsic value of all options exercised | $ 4.8 | $ 9.8 | $ 9.3 | ||
Unrecognized stock-based compensation expense for stock options | $ 0.9 | ||||
Unrecognized stock-based compensation expense, period of recognition | 1 month | ||||
Stock Options | Vesting End of Year One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 33.33% | ||||
Stock Options | Vesting End of Year Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 33.33% | ||||
Stock Options | Vesting End of Year Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 33.33% | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other awards granted (in shares) | 129,000 | ||||
Award vesting percentage | 100.00% | ||||
Award vesting period | 3 years | ||||
Weighted average grant date fair value (in usd per share) | $ 29.28 | $ 26.44 | $ 17.36 | ||
Shares distributed (in shares) | 117,000 | 107,000 | 25,000 | ||
Fully vested awards settled in cash | $ 1.2 | $ 0.9 | $ 0.5 | ||
Fair value of awards vested | $ 4.8 | $ 3.8 | $ 0.7 | ||
Other awards forfeited (in shares) | 13,000 | ||||
Restricted Stock Units (RSUs) | Vesting End of Year One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 33.33% | ||||
Restricted Stock Units (RSUs) | Vesting End of Year Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 33.33% | ||||
Restricted Stock Units (RSUs) | Vesting End of Year Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 33.33% | ||||
Sign-On Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting percentage | 100.00% | ||||
Award vesting period | 2 years | ||||
Restricted Stock Units (RSUs) and Performance Based Units (PBUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense, period of recognition | 1 year | ||||
Unrecognized compensation expense related to the RSU and PBU awards | $ 2.9 | ||||
Performance Based Units (PBUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Performance period | 3 years | 3 years | |||
Performance Based Units (PBUs) | Granted 2018 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other awards granted (in shares) | 149,974 | ||||
Weighted average grant date fair value (in usd per share) | $ 34.20 | ||||
Other awards forfeited (in shares) | 6,177 | ||||
Other awards vested (in shares) | 0 | ||||
Performance Based Units (PBUs) | Granted 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value (in usd per share) | $ 28.29 | ||||
Other awards forfeited (in shares) | 12,524 | ||||
Other awards vested (in shares) | 0 | ||||
Performance Based Units (PBUs) | Granted 2016 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value (in usd per share) | $ 17.04 | ||||
Other awards forfeited (in shares) | 0 | ||||
Other awards vested (in shares) | 0 | ||||
Performance Based Units (PBUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected payout, percent of target | 0.00% | 0.00% | |||
Performance Based Units (PBUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected payout, percent of target | 200.00% | 200.00% | |||
Subsequent event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Value of grant | $ 10.4 | ||||
Subsequent event | Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted (in shares) | 240,000 | ||||
Subsequent event | Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Other awards granted (in shares) | 113,000 | ||||
Accounting Standards Update 2016-09 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Income tax benefit recognized for stock-based compensation | $ 2 |
Stock Incentive Plans - Valuati
Stock Incentive Plans - Valuation Assumptions (Stock Options) (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate, minimum | 2.68% | 1.83% | 0.93% |
Risk-free interest rate, maximum | 2.80% | 2.11% | 1.24% |
Volatility, minimum | 27.91% | 31.42% | 29.60% |
Volatility, maximum | 30.65% | 31.96% | 33.20% |
Weighted average grant date fair value per stock option (in usd per share) | $ 10.63 | $ 9.17 | $ 4.89 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average life of options (years) | 5 years 6 months | 5 years 6 months | 4 years |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Average life of options (years) | 6 years 6 months | 6 years 6 months | 5 years |
Stock Incentive Plans - Stock O
Stock Incentive Plans - Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Number Of Shares | ||
Outstanding, beginning balance (in shares) | 1,636 | |
Options exercised (in shares) | (324) | |
Options forfeited/expired/canceled (in shares) | (35) | |
Options granted (in shares) | 241 | |
Outstanding, ending balance (in shares) | 1,518 | 1,636 |
Exercisable (in shares) | 967 | |
Vested and expected to vest (in shares) | 1,505 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance (in usd per share) | $ 18.94 | |
Options exercised (in usd per share) | 16.85 | |
Options forfeited/expired/canceled (in usd per share) | 26.29 | |
Options granted (in usd per share) | 31.31 | |
Outstanding, ending balance (in usd per share) | 21.18 | $ 18.94 |
Exercisable (in usd per share) | 18.89 | |
Vested and expected to vest (in usd per share) | $ 21.12 | |
Other Disclosures | ||
Outstanding, weighted-average remaining contractual term | 3 years 9 months | 3 years 9 months 11 days |
Exercisable, weighted-average remaining contractual term | 2 years 6 months 11 days | |
Vested and expected to vest, weighted-average remaining contractual term | 3 years 8 months 23 days | |
Outstanding, aggregated intrinsic value | $ 7,145 | $ 21,597 |
Exercisable, aggregated intrinsic value | 5,687 | |
Vested and expected to vest, aggregated intrinsic value | $ 7,132 |
Stock Incentive Plans - Restric
Stock Incentive Plans - Restricted Stock Units Award Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Number Of Shares | |||
RSUs outstanding, beginning balance (in shares) | 406 | ||
RSUs settled (in shares) | (159) | ||
RSUs forfeited (in shares) | (13) | ||
RSUs granted (in shares) | 129 | ||
RSUs outstanding, ending balance (in shares) | 363 | 406 | |
RSUs expected to vest (in shares) | 355 | ||
Weighted Average Grant Date Fair Value | |||
RSUs outstanding, beginning balance (in usd per share) | $ 19.15 | ||
RSUs settled (in usd per share) | 18.42 | ||
RSUs forfeited (in usd per share) | 28.20 | ||
RSUs granted (in usd per share) | 29.28 | $ 26.44 | $ 17.36 |
RSUs outstanding, ending balance (in usd per share) | 22.76 | $ 19.15 | |
RSUs expected to vest (in usd per share) | $ 22.70 |
Stock Incentive Plans - Valua_2
Stock Incentive Plans - Valuation Assumptions (Performance Based Units) (Details) - Performance Based Units (PBUs) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (remaining performance period) | 2 years 10 months 10 days | 2 years 10 months 2 days |
Expected volatility | 28.56% | 28.00% |
Risk-free interest rate | 2.38% | 1.41% |
Expected dividends | 0.00% | 0.00% |
Correlation coefficient | 38.98% | 46.83% |
Average correlation coefficient of constituents | 39.96% | 42.33% |
Operating Segment and Geograp_3
Operating Segment and Geographic Information - Narrative (Details) - segment | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | ||
Number of operating segments | 2 | |
Long-lived assets | Geographic concentration risk | United Kingdom | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 20.00% | 20.00% |
Operating Segment and Geograp_4
Operating Segment and Geographic Information - Schedule of Operating Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 289.5 | $ 282.4 | $ 287.2 | $ 225.3 | $ 1,125.4 | $ 1,084.4 | $ 1,046.5 |
Segment Operating Income | 153.8 | 172.8 | 186.6 | ||||||||
Depreciation and Amortization | 42 | 36.8 | 29.8 | ||||||||
Capital Expenditures | 55 | 45 | 40.9 | ||||||||
Total Assets | 1,281.9 | 1,703 | 1,281.9 | 1,703 | 1,089.8 | ||||||
Specialty Construction Chemicals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 643.5 | 615.7 | 623.8 | ||||||||
Specialty Building Materials | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 481.9 | 468.7 | 422.7 | ||||||||
Operating Segments | Specialty Construction Chemicals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 643.5 | 615.7 | 623.8 | ||||||||
Segment Operating Income | 40.2 | 63.4 | 72.6 | ||||||||
Depreciation and Amortization | 24.2 | 21.3 | 20 | ||||||||
Capital Expenditures | 28.8 | 23.9 | 23.6 | ||||||||
Total Assets | 408.6 | 419.9 | 408.6 | 419.9 | 335.9 | ||||||
Operating Segments | Specialty Building Materials | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 481.9 | 468.7 | 422.7 | ||||||||
Segment Operating Income | 113.6 | 109.4 | 114 | ||||||||
Depreciation and Amortization | 14.7 | 13.2 | 9.6 | ||||||||
Capital Expenditures | 12.8 | 8.5 | 5.7 | ||||||||
Total Assets | 427.8 | 409.3 | 427.8 | 409.3 | 273.3 | ||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and Amortization | 3.1 | 2.3 | 0.2 | ||||||||
Capital Expenditures | 13.4 | 12.6 | 11.6 | ||||||||
Total Assets | 441.4 | 851.3 | 441.4 | 851.3 | 317.2 | ||||||
Discontinued Operations, Held-for-sale | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Assets | $ 4.1 | $ 22.5 | $ 4.1 | $ 22.5 | $ 163.4 |
Operating Segment and Geograp_5
Operating Segment and Geographic Information - Reconciliation of Operating Segment Data to Financial Statements (Details) - USD ($) $ in Millions | Apr. 10, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||||||
Corporate costs | $ (289.1) | $ (296.5) | $ (266.3) | |||
Loss on sale of product line | 0 | (2.1) | 0 | |||
Currency and other financial losses in Venezuela | 0 | (40.1) | (3) | |||
Repositioning expenses | (9.6) | (9.8) | (15.3) | |||
Restructuring expenses and asset impairments | (14.8) | (13.5) | (1.9) | |||
Gain on termination and curtailment of pension and other postretirement plans | 0.2 | 6.6 | 0.8 | |||
Currency losses in Argentina | $ (3.4) | |||||
Net income attributable to noncontrolling interests | 0.3 | 0.5 | 1 | |||
Income (loss) from continuing operations before income taxes | 10.5 | (28.3) | 35.3 | |||
Loss on debt refinancing | $ 59.8 | $ 59.8 | 59.8 | 0 | 0 | |
Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Total segment operating income | 153.8 | 172.8 | 186.6 | |||
Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Corporate costs | (27.3) | (36.4) | (38.4) | |||
Restructuring expenses and asset impairments | (0.4) | (3.2) | 0 | |||
Segment Reconciling Items | ||||||
Segment Reporting Information [Line Items] | ||||||
Certain pension costs | (7.6) | (9) | (7.2) | |||
Loss on sale of product line | 0 | (2.1) | ||||
Currency and other financial losses in Venezuela | 0 | (39.1) | 0 | |||
Litigation settlement | 0 | (4) | 0 | |||
Legacy product, environmental and other claims | 0 | (0.6) | 0 | |||
Repositioning expenses | (9.6) | (9.8) | (15.3) | |||
Restructuring expenses and asset impairments | (14.8) | (13.5) | (1.9) | |||
Pension MTM adjustment and other related costs, net | 8.7 | (14.1) | (22.6) | |||
Gain on termination and curtailment of pension and other postretirement plans | 0.2 | 6.6 | 0.8 | |||
Third-party and other acquisition-related costs | (2.5) | (6.8) | (0.6) | |||
Other financing costs | 0 | (6) | (1.2) | |||
Amortization of acquired inventory fair value adjustment | (0.2) | (2.9) | (1.3) | |||
Tax indemnification adjustments | (0.5) | (2.8) | 0 | |||
Interest expense, net | (88.9) | (61.1) | (64.6) | |||
Currency losses in Argentina | (1.1) | 0 | 0 | |||
Net income attributable to noncontrolling interests | 0.3 | 0.5 | $ 1 | |||
Prior Segment - Darex Packaging Technologies Business | Corporate | ||||||
Segment Reporting Information [Line Items] | ||||||
Corporate costs | $ (5.4) | $ (10.3) |
Operating Segment and Geograp_6
Operating Segment and Geographic Information - Sales by Product Group (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 289.5 | $ 282.4 | $ 287.2 | $ 225.3 | $ 1,125.4 | $ 1,084.4 | $ 1,046.5 |
Specialty Construction Chemicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 643.5 | 615.7 | 623.8 | ||||||||
Specialty Construction Chemicals | Concrete | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 478.9 | 455.6 | 469.1 | ||||||||
Specialty Construction Chemicals | Cement | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 164.6 | 160.1 | 154.7 | ||||||||
Specialty Building Materials | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 481.9 | 468.7 | 422.7 | ||||||||
Specialty Building Materials | Building Envelope | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 284.4 | 263.3 | 236.3 | ||||||||
Specialty Building Materials | Residential Building Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 80.9 | 80.3 | 89.2 | ||||||||
Specialty Building Materials | Specialty Construction Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 116.6 | $ 125.1 | $ 97.2 |
Operating Segment and Geograp_7
Operating Segment and Geographic Information - Geographic Area Data (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 289.5 | $ 282.4 | $ 287.2 | $ 225.3 | $ 1,125.4 | $ 1,084.4 | $ 1,046.5 |
Properties and equipment, net | 225.1 | 216.6 | 225.1 | 216.6 | |||||||
Goodwill, intangibles and other assets | 324.9 | 313.8 | 324.9 | 313.8 | |||||||
Total North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 571 | 540.7 | 509.1 | ||||||||
Properties and equipment, net | 153.1 | 141.6 | 153.1 | 141.6 | |||||||
Goodwill, intangibles and other assets | 115.2 | 116.7 | 115.2 | 116.7 | |||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 538.8 | 509.2 | 476.6 | ||||||||
Properties and equipment, net | 150.1 | 138.5 | 150.1 | 138.5 | |||||||
Goodwill, intangibles and other assets | 107.4 | 109 | 107.4 | 109 | |||||||
Canada and Puerto Rico | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 32.2 | 31.5 | 32.5 | ||||||||
Properties and equipment, net | 3 | 3.1 | 3 | 3.1 | |||||||
Goodwill, intangibles and other assets | 7.8 | 7.7 | 7.8 | 7.7 | |||||||
Europe Middle East Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 240.7 | 244.5 | 225.6 | ||||||||
Properties and equipment, net | 27.6 | 32.1 | 27.6 | 32.1 | |||||||
Goodwill, intangibles and other assets | 169.8 | 151.2 | 169.8 | 151.2 | |||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 245.6 | 229.2 | 241.2 | ||||||||
Properties and equipment, net | 35 | 31.4 | 35 | 31.4 | |||||||
Goodwill, intangibles and other assets | 17.5 | 18.6 | 17.5 | 18.6 | |||||||
Latin America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 68.1 | 70 | $ 70.6 | ||||||||
Properties and equipment, net | 9.4 | 11.5 | 9.4 | 11.5 | |||||||
Goodwill, intangibles and other assets | $ 22.4 | $ 27.3 | $ 22.4 | $ 27.3 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerators and Denominators Used in Calculating Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Numerators | |||||||||||||
(Loss) income from continuing operations attributable to GCP shareholders | $ 19.7 | $ 7.2 | $ (29.2) | $ (13.8) | $ (69.1) | $ (18.1) | $ 1.3 | $ (25) | $ (16.1) | $ (110.9) | $ 27.6 | ||
Income from discontinued operations, net of income taxes | 4.6 | 18.2 | 1.3 | 7.2 | (15.1) | 677.3 | (6) | 8.1 | 31.3 | 664.3 | 45.2 | ||
Net income attributable to GCP shareholders | $ 24.3 | $ 25.4 | $ (27.9) | $ (6.6) | $ (84.2) | $ 659.2 | $ (4.7) | $ (16.9) | $ 15.2 | $ 553.4 | $ 72.8 | ||
Denominators | |||||||||||||
Weighted average common shares—basic calculation (in shares) | 72.1 | 71.5 | 70.8 | ||||||||||
Dilutive effect of employee stock awards (in shares) | 0 | 0 | 0.9 | ||||||||||
Weighted average common shares—diluted calculation (in shares) | [1] | 72.1 | 71.5 | 71.7 | |||||||||
Basic (loss) earnings per share | |||||||||||||
(Loss) income from continuing operations attributable to GCP shareholders (in usd per share) | $ 0.27 | $ 0.10 | $ (0.40) | $ (0.19) | $ (0.96) | $ (0.25) | $ 0.02 | $ (0.35) | $ (0.22) | $ (1.55) | $ 0.39 | ||
Income from discontinued operations, net of income taxes (in usd per share) | 0.06 | 0.25 | 0.02 | 0.10 | (0.21) | 9.46 | (0.08) | 0.11 | 0.43 | 9.29 | 0.64 | ||
Net income attributable to GCP shareholders (in usd per share) | 0.34 | 0.35 | (0.39) | (0.09) | (1.17) | 9.21 | (0.07) | (0.24) | 0.21 | 7.74 | 1.03 | [2] | |
Diluted (loss) earnings per share | |||||||||||||
(Loss) income from continuing operations attributable to GCP shareholders (in usd per share) | 0.27 | 0.10 | (0.40) | (0.19) | (0.96) | (0.25) | 0.02 | (0.35) | (0.22) | (1.55) | 0.38 | [1] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0.06 | 0.25 | 0.02 | 0.10 | (0.21) | 9.46 | (0.08) | 0.11 | 0.43 | 9.29 | 0.63 | [1] | |
Net income attributable to GCP shareholders (in usd per share) | $ 0.33 | $ 0.35 | $ (0.39) | $ (0.09) | $ (1.17) | $ 9.21 | $ (0.07) | $ (0.24) | $ 0.21 | $ 7.74 | $ 1.02 | [1],[2] | |
[1] | Dilutive effect is only applicable to the years during which GCP generated net income from continuing operations. | ||||||||||||
[2] | Amounts may not sum due to rounding. |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share due to income from continuing operations (in shares) | 0 | 0 | 200,000 | ||
Number of shares repurchased in connection with equity compensation programs (in shares) | 45,100 | 47,000 | |||
Value of common stock repurchased in connection with equity compensation programs | $ 1.4 | [1] | $ 1.3 | [1] | $ 2.1 |
Payments for tax withholding obligations related to employee equity awards | $ 1.4 | $ 1.3 | |||
Stock Options | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Outstanding stock options (in shares) | 1,518,000 | 1,636,000 | |||
Restricted Stock Units (RSUs) | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Outstanding RSUs (in shares) | 363,000 | 406,000 | |||
[1] | During the years ended December 31, 2018 and 2017, GCP withheld and retained approximately 45,100 and 47,000 shares, respectively, of Company common stock in a non-cash transaction with a cost of $1.4 million and $1.3 million, respectively, in connection with fulfilling statutory tax withholding requirements for employees under the provisions of the Company's equity compensation programs. The number of shares repurchased during the year ended December 31, 2017 is not included in the table above due to rounding. During the years ended December 31, 2018 and 2017, payments for tax withholding obligations related to employee equity awards were $1.4 million and $1.3 million, respectively. |
Earnings Per Share - Antidiluti
Earnings Per Share - Antidilutive Shares Excluded from Computation of Dilutive Shares and Diluted Loss Per Share (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of dilutive shares (in shares) | 0.4 | 0.6 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of dilutive shares (in shares) | 0.3 | 0.4 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Narrative (Details) - USD ($) $ in Millions | May 04, 2018 | Oct. 31, 2017 | May 17, 2017 | Nov. 09, 2016 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 207.9 | $ 198.2 | $ 114.9 | |||||
Proceeds from sale of product line | 0 | 2.9 | 0 | |||||
Loss on sale of product line | 0 | 2.1 | $ 0 | |||||
Non-core Halex Net Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||
Business Acquisition [Line Items] | ||||||||
Proceeds from sale of product line | $ 3 | |||||||
Loss on sale of product line | 2.1 | |||||||
Disposal group, goodwill | 1.3 | |||||||
Non-core Halex Net Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Disposal group, intangible assets | $ 1.5 | |||||||
Selling, general and administrative expenses | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition-related costs | 2.1 | |||||||
RIW | Clydebridge Holdings | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of stock acquired | 100.00% | |||||||
Clydebridge Holdings | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of stock acquired | 100.00% | |||||||
Consideration transferred | $ 29.7 | |||||||
Cash acquired | 10 | |||||||
Cash paid | 29.8 | |||||||
Working capital adjustments | $ 0.1 | |||||||
Measurement period adjustments, increase (decrease) in inventories | (0.2) | |||||||
Measurement period adjustments, consideration paid increase (decrease) | (0.2) | |||||||
Intangible assets, weighted average amortization period | 10 years | |||||||
Goodwill | $ 19.9 | |||||||
Ductilcrete | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of stock acquired | 100.00% | |||||||
Consideration transferred | $ 31.8 | |||||||
Cash acquired | 1.5 | |||||||
Measurement period adjustments, consideration paid increase (decrease) | (0.3) | |||||||
Goodwill | $ 14 | $ 14 | ||||||
Goodwill amortization period for tax purposes | 15 years | |||||||
Measurement period adjustments, accounts receivable increase (decrease) | (0.3) | |||||||
Earnings of acquiree since acquisition date | $ 0.1 | |||||||
Revenue of acquiree since acquisition date | 1.2 | |||||||
Ductilcrete | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets, weighted average amortization period | 11 years | |||||||
Stirling Lloyd | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of stock acquired | 100.00% | |||||||
Consideration transferred | $ 91.1 | |||||||
Cash acquired | 16.1 | |||||||
Measurement period adjustments, consideration paid increase (decrease) | 3.1 | |||||||
Goodwill | $ 59.6 | |||||||
Earnings of acquiree since acquisition date | 2.8 | |||||||
Revenue of acquiree since acquisition date | $ 33.1 | |||||||
Stirling Lloyd | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets, weighted average amortization period | 10 years | |||||||
Stirling Lloyd | Other income (expense), net | ||||||||
Business Acquisition [Line Items] | ||||||||
Measurement period adjustments, consideration paid increase (decrease) | 2.6 | |||||||
Businesses Acquired in 2017 and 2018 | ||||||||
Business Acquisition [Line Items] | ||||||||
Earnings of acquiree since acquisition date | $ 13.5 | |||||||
Halex | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of stock acquired | 100.00% | |||||||
Consideration transferred | $ 46 | |||||||
Cash acquired | 2.4 | |||||||
Goodwill | $ 14.7 | |||||||
Goodwill amortization period for tax purposes | 15 years |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2018 | May 04, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | May 17, 2017 | Dec. 31, 2016 | Nov. 09, 2016 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 207.9 | $ 198.2 | $ 114.9 | ||||
Clydebridge Holdings | |||||||
Business Acquisition [Line Items] | |||||||
Accounts receivable | $ 1.3 | ||||||
Inventories | 0.5 | ||||||
Properties and equipment | 0.1 | ||||||
Intangible assets | 10.7 | ||||||
Goodwill | 19.9 | ||||||
Accounts payable | (1) | ||||||
Other current liabilities | (0.1) | ||||||
Deferred tax liabilities | (1.9) | ||||||
Net assets acquired | $ 29.5 | ||||||
Ductilcrete | |||||||
Business Acquisition [Line Items] | |||||||
Accounts receivable | $ 2.2 | ||||||
Other current assets | 0.2 | ||||||
Properties and equipment | 0.1 | ||||||
Intangible assets | 15.5 | ||||||
Goodwill | $ 14 | 14 | |||||
Accounts payable | (0.2) | ||||||
Net assets acquired | $ 31.8 | ||||||
Stirling Lloyd | |||||||
Business Acquisition [Line Items] | |||||||
Accounts receivable | $ 6.8 | ||||||
Other current assets | 3.1 | ||||||
Inventories | 4.2 | ||||||
Properties and equipment | 3.4 | ||||||
Intangible assets | 26.9 | ||||||
Goodwill | 59.6 | ||||||
Accounts payable | (2.9) | ||||||
Other current liabilities | (4.2) | ||||||
Other liabilities | (5.8) | ||||||
Net assets acquired | $ 91.1 | ||||||
Halex | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 14.7 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Intangible Assets Acquired (Details) - USD ($) $ in Millions | May 04, 2018 | Oct. 31, 2017 | May 17, 2017 |
Clydebridge Holdings | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 10.7 | ||
Weighted average amortization period | 10 years | ||
Clydebridge Holdings | Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 8.8 | ||
Weighted average amortization period | 9 years | ||
Clydebridge Holdings | Trademarks and Trade Names [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 1.1 | ||
Weighted average amortization period | 10 years | ||
Clydebridge Holdings | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 0.8 | ||
Weighted average amortization period | 15 years | ||
Ductilcrete | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 15.5 | ||
Amount | 15.5 | ||
Ductilcrete | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount | $ 10.2 | ||
Weighted average amortization period | 11 years | ||
Ductilcrete | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount | $ 4.5 | ||
Weighted average amortization period | 13 years | ||
Ductilcrete | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount | $ 0.8 | ||
Weighted average amortization period | 10 years | ||
Stirling Lloyd | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 26.9 | ||
Amount | 26.9 | ||
Stirling Lloyd | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount | $ 15 | ||
Weighted average amortization period | 10 years | ||
Stirling Lloyd | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount | $ 9.8 | ||
Weighted average amortization period | 11 years | ||
Stirling Lloyd | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amount | $ 2.1 | ||
Weighted average amortization period | 10 years |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Pro Forma Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||
Revenue | $ 1,108.9 | $ 1,101.3 |
(Loss) income from continuing operations | $ (103.4) | $ 28.3 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Millions | Jul. 03, 2017 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from sale | $ 0 | $ 2.9 | $ 0 | ||||||
Unrecognized tax benefits | 52.8 | 34.1 | 7.4 | $ 3.9 | |||||
Discontinued operations, disposed of by sale | Darex Packaging Technologies Business | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Consideration received/receivable for disposal | $ 1,060 | ||||||||
After-tax gain on sale | $ 18.8 | $ 10.3 | $ 678.9 | 31.5 | 678.9 | ||||
Pre-tax gain on sale | 43.5 | 880.8 | $ 0 | ||||||
Reduction of deferred consideration liability | 55.1 | ||||||||
Tax expense on gain | 12 | 201.9 | |||||||
Unrecognized tax benefits | 32.4 | ||||||||
Term of transition services agreement | 24 months | ||||||||
Indemnification payable | 0.9 | 3.3 | |||||||
Discontinued operations, disposed of by sale | Darex Packaging Technologies Business | Other current liabilities | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Deferred consideration liability | $ 13.6 | 55.1 | |||||||
Discontinued operations, disposed of by sale | Darex Packaging Technologies Business | Other liabilities | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Deferred consideration liability | $ 13.6 | ||||||||
Discontinued operations, disposed of by sale | Darex Packaging Technologies Business | Indonesia | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Proceeds from sale | $ 13.1 | ||||||||
Discontinued operations, disposed of by sale | Darex Packaging Technologies Business | Indonesia | Minimum | Scenario, Forecast | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Pre-tax gain on sale | $ 8 | ||||||||
Discontinued operations, disposed of by sale | Darex Packaging Technologies Business | Indonesia | Maximum | Scenario, Forecast | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Pre-tax gain on sale | $ 11 |
Discontinued Operations - Recon
Discontinued Operations - Reconciliation of Gain on Sale (Details) - Darex Packaging Technologies Business - Discontinued operations, disposed of by sale - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net proceeds included in gain | $ 55.4 | $ 996.3 | ||||
Less: Transaction costs | 0 | 15.9 | ||||
Less: Net assets derecognized | 11.9 | 99.6 | ||||
Gain recognized before income taxes | 43.5 | 880.8 | $ 0 | |||
Less: Tax effect of gain recognized | 12 | 201.9 | ||||
Gain recognized after income taxes | $ 18.8 | $ 10.3 | $ 678.9 | $ 31.5 | $ 678.9 |
Discontinued Operations - Incom
Discontinued Operations - Income (Loss) From Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations, net of income taxes | $ 4.6 | $ 18.2 | $ 1.3 | $ 7.2 | $ (15.1) | $ 677.3 | $ (6) | $ 8.1 | $ 31.3 | $ 664.3 | $ 45.2 |
Darex Packaging Technologies Business | Discontinued operations, disposed of by sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 15.7 | 169.5 | 309.3 | ||||||||
Cost of goods sold | 15.9 | 111.9 | 198.2 | ||||||||
Gross profit | (0.2) | 57.6 | 111.1 | ||||||||
Selling, general and administrative expenses | 5.8 | 44.9 | 33.4 | ||||||||
Research and development expenses | 0 | 2.3 | 4.6 | ||||||||
Restructuring expenses | 0.4 | 7.8 | 0 | ||||||||
Loss in Venezuela | 0 | 1.1 | 0 | ||||||||
Gain on sale of business | (43.5) | (880.8) | 0 | ||||||||
Other (income) expenses, net | (4.1) | 7.7 | 2.4 | ||||||||
Income from discontinued operations before income taxes | 41.2 | 874.6 | 70.7 | ||||||||
Provision for income taxes | (9.9) | (210.2) | (25.5) | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | (0.1) | 0 | ||||||||
Income from discontinued operations, net of income taxes | $ 31.3 | $ 664.3 | $ 45.2 |
Discontinued Operations - Carry
Discontinued Operations - Carrying Amounts of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets held for sale | $ 3.4 | $ 19.7 |
Non-current assets held for sale | 0.7 | 2.8 |
Current liabilities held for sale | 0 | 7.8 |
Non-current liabilities held for sale | 0.4 | 0.3 |
Darex Packaging Technologies Business | Discontinued operations, disposed of by sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Trade accounts receivable | 2.2 | 8.4 |
Inventories | 1.2 | 10.6 |
Other current assets | 0 | 0.7 |
Current assets held for sale | 3.4 | 19.7 |
Properties and equipment, net | 0.2 | 2.2 |
Other assets | 0.5 | 0.6 |
Non-current assets held for sale | 0.7 | 2.8 |
Accounts payable | 0 | 6.4 |
Other current liabilities | 0 | 1.4 |
Current liabilities held for sale | 0 | 7.8 |
Underfunded and unfunded defined benefit pension plans | 0.4 | 0.3 |
Non-current liabilities held for sale | $ 0.4 | $ 0.3 |
Quarterly Summary and Statist_3
Quarterly Summary and Statistical Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 10, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||||
Net sales | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 289.5 | $ 282.4 | $ 287.2 | $ 225.3 | $ 1,125.4 | $ 1,084.4 | $ 1,046.5 | ||
Gross profit | 100.3 | 110.4 | 111.7 | 87.5 | 110.3 | 106.5 | 115 | 85.3 | 409.9 | 417.1 | 417.6 | ||
Net (loss) income | 24.3 | 25.5 | (27.8) | (6.5) | (83.9) | 659.3 | (4.6) | (16.9) | 15.5 | 553.9 | 73.8 | ||
(Loss) income from continuing operations attributable to GCP shareholders | 19.7 | 7.2 | (29.2) | (13.8) | (69.1) | (18.1) | 1.3 | (25) | (16.1) | (110.9) | 27.6 | ||
Income from discontinued operations, net of income taxes | 4.6 | 18.2 | 1.3 | 7.2 | (15.1) | 677.3 | (6) | 8.1 | 31.3 | 664.3 | 45.2 | ||
Net income attributable to GCP shareholders | $ 24.3 | $ 25.4 | $ (27.9) | $ (6.6) | $ (84.2) | $ 659.2 | $ (4.7) | $ (16.9) | $ 15.2 | $ 553.4 | $ 72.8 | ||
Basic (loss) earnings per share: | |||||||||||||
(Loss) income from continuing operations attributable to GCP shareholders (in usd per share) | $ 0.27 | $ 0.10 | $ (0.40) | $ (0.19) | $ (0.96) | $ (0.25) | $ 0.02 | $ (0.35) | $ (0.22) | $ (1.55) | $ 0.39 | ||
Income from discontinued operations, net of income taxes (in usd per share) | 0.06 | 0.25 | 0.02 | 0.10 | (0.21) | 9.46 | (0.08) | 0.11 | 0.43 | 9.29 | 0.64 | ||
Net income attributable to GCP shareholders (in usd per share) | 0.34 | 0.35 | (0.39) | (0.09) | (1.17) | 9.21 | (0.07) | (0.24) | 0.21 | 7.74 | 1.03 | [1] | |
Diluted (loss) earnings per share | |||||||||||||
(Loss) income from continuing operations attributable to GCP shareholders (in usd per share) | 0.27 | 0.10 | (0.40) | (0.19) | (0.96) | (0.25) | 0.02 | (0.35) | (0.22) | (1.55) | 0.38 | [2] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0.06 | 0.25 | 0.02 | 0.10 | (0.21) | 9.46 | (0.08) | 0.11 | 0.43 | 9.29 | 0.63 | [2] | |
Net income attributable to GCP shareholders (in usd per share) | $ 0.33 | $ 0.35 | $ (0.39) | $ (0.09) | $ (1.17) | $ 9.21 | $ (0.07) | $ (0.24) | $ 0.21 | $ 7.74 | $ 1.02 | [1],[2] | |
Loss on debt refinancing | $ 59.8 | $ 59.8 | $ 59.8 | $ 0 | $ 0 | ||||||||
Foreign exchange remeasurement loss | $ 3.4 | ||||||||||||
Pension Plans | |||||||||||||
Diluted (loss) earnings per share | |||||||||||||
Mark to market adjustment loss | $ 11.2 | ||||||||||||
Loss in Venezuela | |||||||||||||
Diluted (loss) earnings per share | |||||||||||||
Foreign exchange remeasurement loss | 2.9 | ||||||||||||
Other (income) expense, net | |||||||||||||
Diluted (loss) earnings per share | |||||||||||||
Foreign exchange remeasurement loss | 0.5 | ||||||||||||
Darex Packaging Technologies Business | Discontinued operations, disposed of by sale | |||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||
Income from discontinued operations, net of income taxes | 31.3 | 664.3 | $ 45.2 | ||||||||||
Diluted (loss) earnings per share | |||||||||||||
After-tax gain on sale | $ 18.8 | $ 10.3 | $ 678.9 | $ 31.5 | $ 678.9 | ||||||||
[1] | Amounts may not sum due to rounding. | ||||||||||||
[2] | Dilutive effect is only applicable to the years during which GCP generated net income from continuing operations. |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent event $ in Millions | Feb. 22, 2019USD ($) |
2019 restructuring and repositioning plan | Capital expenditures | |
Subsequent Event [Line Items] | |
Expected restructuring costs | $ 2 |
2019 restructuring and repositioning plan | Minimum | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 15 |
2019 restructuring and repositioning plan | Maximum | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 20 |
2019 restructuring and repositioning plan, restructuring | Minimum | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 5 |
2019 restructuring and repositioning plan, restructuring | Minimum | Severance and other employee costs | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 3 |
2019 restructuring and repositioning plan, restructuring | Minimum | Facility exit costs | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 2 |
2019 restructuring and repositioning plan, restructuring | Maximum | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 8 |
2019 restructuring and repositioning plan, restructuring | Maximum | Severance and other employee costs | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 5 |
2019 restructuring and repositioning plan, restructuring | Maximum | Facility exit costs | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 3 |
2019 restructuring and repositioning plan, repositioning | Minimum | |
Subsequent Event [Line Items] | |
Expected restructuring costs | 10 |
2019 restructuring and repositioning plan, repositioning | Maximum | |
Subsequent Event [Line Items] | |
Expected restructuring costs | $ 12 |
Schedule II - Valuation & Qua_2
Schedule II - Valuation & Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowances for notes and accounts receivable | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 5.7 | $ 4.5 | $ 5.8 |
Additions charged to costs and expenses | 1.6 | 0.8 | 0.2 |
Deductions | (1.1) | 0 | (1.9) |
Other, net | (0.4) | 0.4 | 0.4 |
Balance at end of period | 5.8 | 5.7 | 4.5 |
Inventory obsolescence reserve | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 2.4 | 2.6 | 2.7 |
Additions charged to costs and expenses | 5 | 4.7 | 0 |
Deductions | (4.7) | (4.8) | (0.1) |
Other, net | 0 | (0.1) | 0 |
Balance at end of period | 2.7 | 2.4 | 2.6 |
Valuation allowance for deferred tax assets | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 23.9 | 2.3 | 2 |
Additions charged to costs and expenses | 6.8 | 21.8 | 0.4 |
Deductions | (10.8) | (0.3) | (0.1) |
Other, net | (1.4) | 0.1 | 0 |
Balance at end of period | 18.5 | $ 23.9 | $ 2.3 |
Valuation allowance for deferred tax assets | Japan net operating loss carryforward | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Deductions | $ (10.6) |