Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 20, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-137533 | ||
Entity Registrant Name | GCP Applied Technologies Inc. | ||
Entity Central Index Key | 0001644440 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 47-3936076 | ||
Entity Address, Address Line One | 62 Whittemore Avenue | ||
Entity Address, City or Town | Cambridge | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 02140-1623 | ||
City Area Code | 617 | ||
Local Phone Number | 876-1400 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | GCP | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,232,513,518 | ||
Entity Common Stock, Shares Outstanding | 72,869,772 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for our 2020 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Statement [Abstract] | ||||
Net Sales | $ 1,013.5 | $ 1,125.4 | $ 1,084.4 | |
Cost of goods sold | 630.4 | 715.5 | 667.3 | |
Gross profit | 383.1 | 409.9 | 417.1 | |
Selling, general and administrative expenses | 273 | 289.1 | 296.5 | |
Research and development expenses | 18.4 | 20.2 | 20 | |
Interest expense and related financing costs | 22.7 | 92.4 | 70.2 | |
Repositioning expenses | 20.4 | 9.6 | 9.8 | |
Restructuring expenses and asset impairments | 9.9 | 14.8 | 13.5 | |
Loss in Venezuela | 0 | 0 | 38.3 | |
Other expenses (income), net | 4.3 | (26.7) | (2.9) | |
Total costs and expenses | 348.7 | 399.4 | 445.4 | |
Income (loss) from continuing operations before income taxes | 34.4 | 10.5 | (28.3) | |
Benefit (provision) for income taxes | 6.6 | (26.3) | (82.1) | |
Income (loss) from continuing operations | 41 | (15.8) | (110.4) | |
Income from discontinued operations, net of income taxes | 5.7 | 31.3 | 664.3 | |
Net income | 46.7 | 15.5 | 553.9 | |
Less: Net income attributable to noncontrolling interests | (0.4) | (0.3) | (0.5) | |
Net income attributable to GCP shareholders | 46.3 | 15.2 | 553.4 | |
Amounts Attributable to GCP Shareholders: | ||||
Income (loss) from continuing operations attributable to GCP shareholders | 40.6 | (16.1) | (110.9) | |
Income from discontinued operations, net of income taxes | 5.7 | 31.3 | 664.3 | |
Net income attributable to GCP shareholders | $ 46.3 | $ 15.2 | $ 553.4 | |
Basic earnings (loss) per share: | ||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | $ 0.56 | $ (0.22) | $ (1.55) | |
Income from discontinued operations, net of income taxes (in usd per share) | 0.08 | 0.43 | 9.29 | |
Net income attributable to GCP shareholders (in usd per share) | [1] | $ 0.64 | $ 0.21 | $ 7.74 |
Weighted average number of basic shares (in shares) | 72.6 | 72.1 | 71.5 | |
Diluted (loss) earnings per share | ||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | [2] | $ 0.56 | $ (0.22) | $ (1.55) |
Income from discontinued operations, net of income taxes (in usd per share) | [2] | 0.08 | 0.43 | 9.29 |
Net income attributable to GCP shareholders (in usd per share) | [1],[2] | $ 0.64 | $ 0.21 | $ 7.74 |
Weighted average number of diluted shares (in shares) | [2] | 72.9 | 72.1 | 71.5 |
[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, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 325 | $ 326.1 |
Trade accounts receivable (net of allowances of $7.5 million and $5.8 million, respectively) | 183.7 | 198.6 |
Inventories, net | 95.9 | 110.5 |
Other current assets | 43.7 | 44.6 |
Current assets held for sale | 0 | 3.4 |
Total Current Assets | 648.3 | 683.2 |
Properties and equipment, net | 245.3 | 225.1 |
Operating lease right-of-use assets | 29.3 | 0 |
Goodwill | 208.9 | 207.9 |
Technology and other intangible assets, net | 80.7 | 89 |
Deferred income taxes | 26.1 | 25.5 |
Overfunded defined benefit pension plans | 25 | 22.5 |
Other assets | 38 | 28 |
Non-current assets held for sale | 0.5 | 0.7 |
Total Assets | 1,302.1 | 1,281.9 |
Current Liabilities | ||
Debt payable within one year | 2.7 | 10.6 |
Operating lease obligations payable within one year | 8.1 | 0 |
Accounts payable | 88.4 | 121.4 |
Other current liabilities | 113.6 | 145.5 |
Total Current Liabilities | 212.8 | 277.5 |
Debt payable after one year | 346.5 | 346.1 |
Operating lease obligations | 21.6 | 0 |
Income taxes payable | 41.4 | 37.7 |
Deferred income taxes | 13.1 | 12.4 |
Unrecognized tax benefits | 42.2 | 62.8 |
Underfunded and unfunded defined benefit pension plans | 67.5 | 48.1 |
Other liabilities | 15.9 | 15.5 |
Non-current liabilities held for sale | 0 | 0.4 |
Total Liabilities | 761 | 800.5 |
Commitments and Contingencies (Note 12) | ||
Stockholders' Equity | ||
Preferred stock, par value $0.01; authorized: 10,000,000 and 0 shares, respectively; no shares issued or outstanding (Note 13) | 0 | 0 |
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 72,850,268 and 72,176,324, respectively | 0.7 | 0.7 |
Paid-in capital | 53.4 | 39.6 |
Accumulated earnings | 610.2 | 563.9 |
Accumulated other comprehensive loss | (117) | (120) |
Treasury stock | (8.6) | (4.8) |
Total GCP Stockholders' Equity | 538.7 | 479.4 |
Noncontrolling interests | 2.4 | 2 |
Total Stockholders' Equity | 541.1 | 481.4 |
Total Liabilities and Stockholders' Equity | $ 1,302.1 | $ 1,281.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Trade accounts receivable, allowance | $ 7.5 | $ 5.8 |
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) | 72,850,268 | 72,176,324 |
Preferred stock, par (in usd share) | $ 0.01 | |
Preferred stock, authorized (in shares) | 50,000,000 | |
Series A Preferred Stock | ||
Preferred stock, par (in usd share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 46.7 | $ 15.5 | $ 553.9 |
Other comprehensive income (loss): | |||
Defined benefit pension and other postretirement plans, net of income taxes | (0.5) | (2.6) | 0.3 |
Currency translation adjustments, net of income taxes | 3.6 | (31.8) | 61.7 |
(Loss) gain from hedging activities, net of income taxes | (0.1) | ||
(Loss) gain from hedging activities, net of income taxes | 0.1 | (0.1) | |
Total other comprehensive income (loss) | 3 | (34.3) | 61.9 |
Comprehensive income (loss) | 49.7 | (18.8) | 615.8 |
Less: Comprehensive income attributable to noncontrolling interests | (0.4) | (0.3) | (0.5) |
Comprehensive income (loss) attributable to GCP shareholders | $ 49.3 | $ (19.1) | $ 615.3 |
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) | Accumulated Other Comprehensive Loss | Noncontrolling Interests | ||
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) | $ (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 income | 61.9 | 61.9 | |||||||
Other changes to 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 | (85.7) | 1.8 | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
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 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 | (120) | 2 | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 46.7 | 46.3 | 0.4 | ||||||
Issuance of common stock in connection with stock plans (in shares) | [1] | 400,000 | |||||||
Share-based compensation | 6.2 | 6.2 | |||||||
Exercise of stock options (in shares) | 400,000 | ||||||||
Exercise of stock options | $ 7.6 | 7.6 | |||||||
Share repurchases (in shares) | 151,900 | 100,000 | [2] | ||||||
Share repurchases | [2] | $ (3.8) | $ (3.8) | ||||||
Other comprehensive income | 3 | 3 | |||||||
Balance (in shares) at Dec. 31, 2019 | 73,200,000 | 300,000 | |||||||
Balance at Dec. 31, 2019 | $ 541.1 | $ 0.7 | $ (8.6) | $ 53.4 | $ 610.2 | $ (117) | $ 2.4 | ||
[1] | The par value of shares issued is not included in the table due to rounding. | ||||||||
[2] | During the years ended December 31, 2019, 2018 and 2017, GCP withheld and retained approximately 151,900 , 45,100 and 47,000 shares, respectively, of Company common stock in a non-cash transaction with a cost of $3.8 million , $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, 2019, 2018 and 2017, payments for tax withholding obligations related to employee equity awards were $3.8 million , $1.4 million and $1.3 million , respectively. | ||||||||
[3] | During 2017, GCP assumed certain net pension assets in accordance with the final division of the Grace plan. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Stockholders' Equity [Abstract] | ||||
Share repurchases (in shares) | 151,900 | 45,100 | 47,000 | |
Share repurchases | [1] | $ 3.8 | $ 1.4 | $ 1.3 |
Payments for tax withholding obligations related to employee equity awards | $ 3.8 | $ 1.4 | $ 1.3 | |
[1] | During the years ended December 31, 2019, 2018 and 2017, GCP withheld and retained approximately 151,900 , 45,100 and 47,000 shares, respectively, of Company common stock in a non-cash transaction with a cost of $3.8 million , $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, 2019, 2018 and 2017, payments for tax withholding obligations related to employee equity awards were $3.8 million , $1.4 million and $1.3 million , respectively. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 46.7 | $ 15.5 | $ 553.9 |
Less: Income from discontinued operations | 5.7 | 31.3 | 664.3 |
Income (loss) from continuing operations | 41 | (15.8) | (110.4) |
Reconciliation to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 43.2 | 42 | 36.8 |
Amortization of debt discount and financing costs | 1.4 | 1.6 | 2.7 |
Unrealized loss on foreign currency | 0.1 | 0.6 | 2 |
Stock-based compensation expense | 6.2 | 3.7 | 8.5 |
Gain on termination and curtailment of pension and other postretirement benefit plans | (1.2) | (0.2) | (6.6) |
Currency and other losses in Venezuela | 0 | 0 | 40.1 |
Deferred income taxes | (19.3) | 3.2 | 70.9 |
Loss on debt refinancing | 0 | 59.8 | 0 |
Gain on disposal of property and equipment | (0.7) | (0.9) | (0.3) |
Loss on sale of product line | 0 | 0 | 2.1 |
Changes in assets and liabilities, excluding effect of currency translation: | |||
Trade accounts receivable | 13.1 | 9.3 | (45.1) |
Inventories | 13.9 | (7.8) | (11.3) |
Accounts payable | (26.8) | (9.7) | 30.9 |
Pension assets and liabilities, net | 18.9 | (7) | (26) |
Other assets and liabilities, net | (11.8) | (3.4) | 4.7 |
Net cash provided by (used in) operating activities from continuing operations | 78 | 75.4 | (1) |
Net cash used in operating activities from discontinued operations | (13.7) | (133) | (34.1) |
Net cash provided by (used in) operating activities | 64.3 | (57.6) | (35.1) |
INVESTING ACTIVITIES | |||
Capital expenditures | (61.6) | (55) | (45) |
Businesses acquired, net of cash acquired | 0 | (29.5) | (121.2) |
Proceeds from sale of product line | 0 | 0 | 2.9 |
Other investing activities | 0.5 | (2.4) | 2.4 |
Net cash used in investing activities from continuing operations | (61.1) | (86.9) | (160.9) |
Net cash (used in) provided by investing activities from discontinued operations | (0.4) | 0.1 | 1,043.1 |
Net cash (used in) provided by investing activities | (61.5) | (86.8) | 882.2 |
FINANCING ACTIVITIES | |||
Borrowings under credit arrangements | 0 | 56.3 | 122.8 |
Repayments under credit arrangements | (7.6) | (69.6) | (419.5) |
Proceeds from issuance of long term note obligations | 0 | 350 | 0 |
Repayments of long term note obligations | 0 | (578.3) | 0 |
Cash paid for debt financing costs | 0 | (6.9) | 0 |
Payments of tax withholding obligations related to employee equity awards | (3.8) | (1.4) | (1.3) |
Proceeds from exercise of stock options | 7.6 | 5.5 | 8 |
Noncontrolling interest dividend | 0 | (0.1) | (2) |
Payments on finance lease obligations | (0.8) | 0 | 0 |
Other financing activities | (0.4) | (2.8) | 0 |
Net cash used in financing activities from continuing operations | (5) | (247.3) | (292) |
Net cash provided by financing activities from discontinued operations | 0 | 0 | 1.1 |
Net cash used in financing activities | (5) | (247.3) | (290.9) |
Effect of currency exchange rate changes on cash and cash equivalents | 1.1 | (3.7) | 2 |
(Decrease) increase in cash and cash equivalents | (1.1) | (395.4) | 558.2 |
Cash and cash equivalents, beginning of period | 326.1 | 721.5 | 163.3 |
Cash and cash equivalents, end of period | 325 | 326.1 | 721.5 |
Supplemental disclosures of cash flow information: | |||
Cash paid for income taxes, net of refunds | 12.7 | 23.1 | 11.2 |
Cash paid for interest on note and credit arrangements | 19.9 | 46.3 | 59.6 |
Supplemental disclosure of non-cash investing activities: | |||
Property and equipment purchases unpaid and included in accounts payable | $ 5.7 | $ 10.3 | $ 13 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 and supplies in-transit monitoring systems for concrete producers. 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, 2019 and 2018, as discussed further in Note 21, "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 21, "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. 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 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, 2019 and 2018, the remaining operations within GCP Venezuela represent the Darex operations sold to Henkel in January 2020 under a delayed close arrangement. The Company does not expect to record a gain or a loss on the closing of the sale of the Darex business in Venezuela. The remaining investment in GCP Venezuela is classified as held for sale within the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018 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 16, "Related Party Transactions and Transactions with Grace" 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 (loss) 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 forecasts of long term sales growth rates (please refer to Note 7, "Goodwill and Other Intangible Assets"); • Realization values of net deferred tax assets which depend on projections of future taxable income (please refer to Note 9, "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 12, "Commitments and Contingencies") and income taxes (please refer to Note 9, "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 10, "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 finite-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 20, "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 17, "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 are presented at amortized cost within the "Cash and cash equivalents" in the Company's Consolidated Balance Sheets and approximate fair value. 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, 2019 and 2018 , allowance for doubtful accounts was $7.5 million and $5.8 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, 2019 and 2018 . Additionally, the amounts recorded in the Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 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 years ended December 31, 2019 and 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 determined in accordance with an income-based approach utilizing projected discounted cash flows model. During the years ended December 31, 2019 , 2018 and 2017 , the Company recorded impairment charges of $ 4.3 million , $4.5 million and $1.2 million , respectively, related to GCP's Restructuring and Repositioning Plans. Please refer to Note 14, "Restructuring and Repositioning Expenses, Asset Impairments " for further information on impairment charges recognized during the years ended December 31, 2019 , 2018 and 2017 . Lessee Arrangements Effective January 1, 2019, GCP has adopted FASB issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842). GCP determines at contract inception whether the contract represents or contains a lease and conveys the right to control the use of an identified asset over a period of time in exchange for consideration. For leases with terms greater than 12 months, the Company recognizes right-of-use assets and lease obligations at the lease commencement date based on a present value of lease payments over the lease term. Lease payments included in the measurement of right-of-use assets and lease obligations consist of: (i) fixed payments, including periodic rent increases and excluding any lease incentives paid or payable to the Company by a lessor, and (ii) certain variable payments that depend on an index or a market rate measured on the commencement date. The Company estimates its incremental borrowing rate based on the remaining lease term and remaining lease payments, as well as other information available at lease commencement since a readily determinable implicit rate is not provided in the Company's leases. The Company has elected to utilize a portfolio approach as it pertains to the application of the appropriate discount rates to its portfolios of leases. The weighted average discount rate for operating leases was 5.33% as of December 31, 2019 . Right-of-use assets for operating leases are initially measured on the lease commencement date and include any initial direct costs incurred, as well as lease obligation amounts, net of any lease incentives received from a lessor. Lease expense for operating leases is recognized on a straight-line basis over the lease term which includes: (i) a non-cancelable term during which the Company has a right to use an underlying asset, (ii) renewal options that extend the lease, are in the control of the lessor and reasonably certain to be exercised, and (iii) options to terminate the lease before the end of its non-cancelable term that are not reasonably certain to be exercised. Variable payments that are excluded from the measurement of right-of-use assets and lease obligations consist primarily of non-lease related services, the Company's proportionate share of operating expenses for the leased facilities and certain payments related to excess mileage and usage charges for the leased vehicles and equipment. Such variable payments are recognized as lease expense in the results of operations when the obligation is incurred. The Company does not record right-of-use assets and lease obligations for leases with an initial term of 12 months or less and recognizes lease expense on a straight-line basis over the lease term. Finance leases are included in "Properties and equipment, net", "Debt payable within one year" and "Debt payable after one year" in the Company's Consolidated Balance Sheets and not material at December 31, 2019 and 2018 . 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, 2019 and 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 analyses. 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 performs 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, 2019 and 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 9, "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 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 Lessor Arrangements and 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 disc |
Revenue from Lessor Arrangement
Revenue from Lessor Arrangements and Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Lessor Arrangements and Contracts with Customers | Revenue from Lessor Arrangements and 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 at contract inception that the dispensers represent a lease since the customer has the right to control the use of the dispensers over a period of time in exchange for consideration. The Company has elected to apply the practical expedient to the dispenser asset class and combine lease and non-lease components related to dispenser maintenance services. Such components will be accounted for as one component since they have the same timing and pattern of transfer and the lease component is classified as an operating lease. The combined component is accounted for in accordance with Topic 842 since the lease component is predominant. Concrete admixtures sold as a part of these arrangements represent a separate non-lease component which does not get combined with the lease component since it does not meet the defined criteria. The Company allocates contract consideration between the lease component and concrete admixtures based on their relative stand-alone selling prices determined based on a cost plus a reasonable margin approach for the lease component and standalone selling prices for the concrete admixtures. The Company recognizes revenue for the concrete admixtures at a point of time when the control is transferred to the customer. The lease component is considered to have a short non-cancelable lease term which is generally thirty days or less and classified as an operating lease. The Company recognizes revenue for the lease component on a straight line basis over the lease term. GCP records dispensers as fixed assets and depreciates them over their estimated useful life of 10 years . 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 at contract inception that the installed equipment represents a lease since the customer has the right to control the equipment use over a period of time in exchange for consideration. Slump management and truck location tracking services represent a non-lease component. The Company classifies these leases as operating and accounts for the lease and the non-lease components separately since it did not elect to apply the practical expedient to combine lease and non-lease components for the VERIFI ® equipment asset class. Contract consideration for VERIFI ® sales arrangements consists primarily of fixed installation fees and other fixed payments and gets allocated between the lease and non-lease components based on valuation techniques that estimate a relative stand-alone selling price of each component. The Company recognizes revenue for the lease component on a straight line basis over the lease term. VERIFI ® equipment is recorded within "Properties and equipment, net" in the Consolidated Balance Sheets and depreciated over an estimated useful life of 7 years . 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 fixed installation fees and other fixed payments included in the contract consideration, as well as slump management fees which are dependent on the quantity of material poured and represent variable consideration. The Company excludes variable consideration from the contract consideration at lease commencement and allocates it between the lease and non-lease components based on their relative stand-alone selling prices. Revenue related to variable consideration for the lease and non-lease components is recorded 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 generated from VERIFI ® sales arrangements represented less than 10% of the Company's consolidated revenue during the years ended December 31, 2019 and 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 years ended December 31, 2019 and 2018. 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, 2019, the aggregate amount of transaction price allocated to remaining performance obligations was $6.9 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 . Lease elements within sales arrangements Certain sales arrangements within the SCC operating segment related to certain admixture contracts and VERIFI ® include lease components, as discussed above. The following table summarizes the revenue recognized for these sales arrangements for the years ended December 31, 2019 and 2018 and distinguishes between the lease and non-lease components: Year Ended December 31, (In millions) 2019 2018 Lease revenue (1) : Lease payments revenue $ 26.8 $ 26.4 Variable lease revenue 7.8 6.7 Total lease revenue $ 34.6 $ 33.1 Service revenue (2) : Fixed installation revenue $ 0.1 $ 0.1 Variable revenue 4.9 4.1 Total service revenue $ 5.0 $ 4.2 Total revenue $ 39.6 $ 37.3 ________________________________ (1) Lease revenue consists of dispensers lease revenue, as well as an allocated portion of VERIFI® fixed fees and variable slump management fees. Lease revenue is included within "Net Sales" in the Consolidated Statements of Operations. (2) Service revenue consists of an allocated portion of VERIFI® fixed fees and variable slump management fees. Service revenue is included within "Net Sales" in the Consolidated Statements of Operations. As of December 31, 2019 and 2018 , the Company’s total trade accounts receivable balance was $183.7 million and $ 198.6 million , respectively, of which $5.6 million and $4.7 million , respectively, was related to trade accounts receivable associated with lease revenue generated from certain SCC contracts. The future minimum lease payments receivable under the operating leases were not material as of December 31, 2019. 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 granted only 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. |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net The following is a summary of inventories presented in the Consolidated Balance Sheets at December 31, 2019 and December 31, 2018 : December 31, (In millions) 2019 2018 Raw materials $ 40.0 $ 46.0 In process 4.0 4.6 Finished products and other 51.9 59.9 Total inventories $ 95.9 $ 110.5 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 $10.6 million and $12.9 million , respectively, as of December 31, 2019 and December 31, 2018 . |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments The Company uses derivative instruments to partially offset its business exposure to foreign currency risk on net investments in certain foreign subsidiaries. The Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations or significant economic cost of hedging particular exposures. To protect the net investment in a foreign operation from fluctuations in foreign currency exchange rates, the Company may enter into foreign currency forward contracts to offset a portion of the changes in the carrying amounts of these investments due to fluctuations in foreign currency exchange rates. During the year ended December 31, 2019, the Company entered into four forward contracts with an aggregate notional amount of €40.0 million to hedge foreign currency exposure on net investments in certain of its European subsidiaries whose functional currency is the Euro. These forward contracts are designated as hedging instruments and recognized at fair value as assets or liabilities in the Consolidated Balance Sheets. Each contract has a notional amount of €10.0 million and matures annually starting on June 15, 2020 through June 13, 2023. The contracts will settle in US Dollars upon maturity. The forward contracts are designated and qualify as net investment hedges. The Company made an accounting policy election to assess effectiveness for its net investment hedges based on the spot rate method. With the spot rate method, changes in hedge fair values attributable to the differences between the forward rate and the spot rate at inception are excluded from the effectiveness assessment. The initial value of such amounts is measured at contract inception and recognized in earnings within “Other expenses (income), net” in the Consolidated Statements of Operations, consistent with the Company's accounting policy election to amortize it on a straight-line basis over the hedging instruments' contractual term. The change in the fair value of the net investment hedges included in their effectiveness assessment is recognized within "Currency Translation Adjustments, Net of Income Taxes" of Other Comprehensive Income (Loss) until the hedged net investments in foreign operations are sold or substantially liquidated. The following table summarizes the fair value of the Company’s derivative instruments designated as net investment hedges as of December 31, 2019 : (In millions) December 31, 2019 Derivative asset (1) : Foreign exchange forward contracts $ 1.1 __________________________ (1) The fair value of derivative instruments is measured based on expected future cash flows discounted at market interest rates using observable market inputs and classified as Level 2 within the fair value hierarchy. Fair value of derivative assets is recorded within "Other Current Assets" and "Other Assets" in the Consolidated Balance Sheets. The following table summarizes the amounts recorded in the Company's Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) related to forward contracts designated as net investment hedges for the year ended December 31, 2019 : Year Ended December 31, (In millions) 2019 Other expenses (income), net Currency Translation Adjustments (1) Gain on foreign exchange forward contracts $ 0.6 $ 0.4 __________________________ (1) The amount is presented net of tax liability of $0.1 million for the year ended December 31, 2019. |
Properties and Equipment
Properties and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Properties and Equipment | Properties and Equipment The following is a summary of properties and equipment presented in the Consolidated Balance Sheets at December 31, 2019 and December 31, 2018 : December 31, (In millions) 2019 2018 Land $ 8.5 $ 8.5 Buildings 138.1 136.7 Machinery, equipment and other 436.4 407.8 Information technology and equipment 82.5 79.2 Projects under construction 24.8 18.3 Properties and equipment, gross 690.3 650.5 Accumulated depreciation (445.0 ) (425.4 ) Properties and equipment, net $ 245.3 $ 225.1 Depreciation expense related to properties and equipment was $33.7 million , $32.5 million and $30.4 million , respectively, for the years ended December 31, 2019 , 2018 and 2017 |
Lessee Arrangements
Lessee Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee Arrangements | Lessee Arrangements The Company leases manufacturing and office facilities, as well as certain vehicles and equipment, under operating leases. Certain manufacturing facilities are leased under land and building lease arrangements where lease terms as of December 31, 2019 consist of a remaining non-cancelable lease term of up to 7.7 years and renewal options that are reasonably certain to be exercised for an additional term of up to 18.6 years . The weighted average remaining lease term for operating leases was 13.5 years as of December 31, 2019 . During the year ended December 31, 2019, the Company reassessed a lease term for one of its office facilities since it was no longer reasonably certain that the lease will be extended beyond its non-cancelable term ending on September 30, 2020. The lease liability and the right-of-use asset were each decreased by $4.2 million due to the lease term decrease of 30.8 years . As of December 31, 2019, the lease liability was valued at $0.1 million and the right-of-use asset was valued at $0.2 million following the lease term reassessment. The following table summarizes components of lease expense for the year ended December 31, 2019 : Year Ended December 31, (In millions) 2019 Operating lease expense $ 12.6 Variable lease expense 4.4 Short-term lease expense 2.4 Total lease expense $ 19.4 The following table summarizes lease liability maturities as of December 31, 2019: (In millions) Amount 2020 $ 9.1 2021 5.6 2022 3.3 2023 2.2 2024 1.7 Thereafter 19.1 Total undiscounted lease payments 41.0 Less: imputed interest (11.3 ) Present value of lease payments $ 29.7 Less: operating lease obligations payable within one year (8.1 ) Long-term operating lease obligations $ 21.6 The following table summarizes supplemental cash flow information related to leases during the year ended December 31, 2019: (In millions) Amount Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12.6 Operating lease right of use assets obtained in exchange for new lease obligations: Upon adoption of Topic 842, as of January 1, 2019 $ 40.8 During the remainder of 2019 5.9 Total $ 46.7 As of 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 and $15.1 million , respectively, during the years ended December 31, 2018 and 2017 . |
Lessee Arrangements | Lessee Arrangements The Company leases manufacturing and office facilities, as well as certain vehicles and equipment, under operating leases. Certain manufacturing facilities are leased under land and building lease arrangements where lease terms as of December 31, 2019 consist of a remaining non-cancelable lease term of up to 7.7 years and renewal options that are reasonably certain to be exercised for an additional term of up to 18.6 years . The weighted average remaining lease term for operating leases was 13.5 years as of December 31, 2019 . During the year ended December 31, 2019, the Company reassessed a lease term for one of its office facilities since it was no longer reasonably certain that the lease will be extended beyond its non-cancelable term ending on September 30, 2020. The lease liability and the right-of-use asset were each decreased by $4.2 million due to the lease term decrease of 30.8 years . As of December 31, 2019, the lease liability was valued at $0.1 million and the right-of-use asset was valued at $0.2 million following the lease term reassessment. The following table summarizes components of lease expense for the year ended December 31, 2019 : Year Ended December 31, (In millions) 2019 Operating lease expense $ 12.6 Variable lease expense 4.4 Short-term lease expense 2.4 Total lease expense $ 19.4 The following table summarizes lease liability maturities as of December 31, 2019: (In millions) Amount 2020 $ 9.1 2021 5.6 2022 3.3 2023 2.2 2024 1.7 Thereafter 19.1 Total undiscounted lease payments 41.0 Less: imputed interest (11.3 ) Present value of lease payments $ 29.7 Less: operating lease obligations payable within one year (8.1 ) Long-term operating lease obligations $ 21.6 The following table summarizes supplemental cash flow information related to leases during the year ended December 31, 2019: (In millions) Amount Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12.6 Operating lease right of use assets obtained in exchange for new lease obligations: Upon adoption of Topic 842, as of January 1, 2019 $ 40.8 During the remainder of 2019 5.9 Total $ 46.7 As of 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 and $15.1 million , respectively, during the years ended December 31, 2018 and 2017 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , are as follows: (In millions) SCC SBM Total 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 Foreign currency translation (0.7 ) 1.7 1.0 Balance, December 31, 2019 $ 61.6 $ 147.3 $ 208.9 Other Intangible Assets As of December 31, 2019 and 2018 , technology and other intangible assets of $80.7 million and $89.0 million , respectively, consisted of finite-lived intangible assets of $76.5 million and $85.1 million , respectively, and indefinite-lived intangible assets of $4.2 million and $3.9 million , respectively. The following is a summary of the finite-lived intangible assets presented in the Consolidated Balance Sheets as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 (In millions) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Accumulated Net Book Value Customer relationships $ 87.4 $ 35.3 $ 52.1 $ 87.3 $ 29.8 $ 57.5 Technology 41.0 20.0 21.0 40.2 16.9 23.3 Trademarks 11.9 9.9 2.0 12.4 9.8 2.6 Other 6.5 5.1 1.4 6.6 4.9 1.7 Total $ 146.8 $ 70.3 $ 76.5 $ 146.5 $ 61.4 $ 85.1 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 $4.2 million and $3.9 million , respectively, at December 31, 2019 and 2018 . 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 20, "Acquisitions and Dispositions" for further information on the intangible assets and goodwill acquired during the year ended December 31, 2018 . Amortization expense related to finite-lived intangible assets was $9.5 million , $9.5 million and $6.4 million , respectively, for the years ended December 31, 2019 , 2018 and 2017 . As of December 31, 2019 , the estimated future annual amortization expense for intangible assets is as follows: (In millions) Amount Year ending December 31, 2020 $ 9.4 2021 8.9 2022 8.9 2023 8.6 2024 8.4 Thereafter 32.3 Total $ 76.5 |
Debt and Other Borrowings
Debt and Other Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and December 31, 2018 : Year Ended December 31, (In millions) 2019 2018 5.5% Senior Notes due in 2026, net of unamortized debt issuance costs of $3.9 million and $4.4 million, respectively, at December 31, 2019 and 2018 $ 346.1 $ 345.6 Revolving credit facility due in 2023(1) — — Other borrowings(2) 3.1 11.1 Total debt 349.2 356.7 Less debt payable within one year 2.7 10.6 Debt payable after one year $ 346.5 $ 346.1 Weighted average interest rates on total debt obligations outstanding 5.5 % 5.7 % __________________________ (1) Represents borrowings under the Revolving Credit Facility with an aggregate principal amount of $350.0 million as of December 31, 2019 and 2018 . (2) Represents borrowings of $ 1.8 million and $9.4 million , respectively, at December 31, 2019 and 2018, under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries, as well as $1.3 million and $1.7 million , respectively, of finance lease obligations. The principal maturities of debt obligations outstanding, net of debt issuance costs, were as follows at December 31, 2019 : (In millions) Year ending December 31, Amount 2020 $ 2.7 2021 0.1 2022 0.1 2023 0.1 2024 0.1 Thereafter 346.1 Total debt $ 349.2 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, 2019 and 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, 2019 and 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, 2019 and 2018. There are no events of default as of December 31, 2019 and 2018. 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, 2019 and 2018, there were no outstanding borrowings on the Revolving Credit Facility and approximately $5.9 million and $5.0 million , respectively, in outstanding letters of credit, which resulted in available credit of $344.1 million and $345.0 million , respectively, under the Revolving Credit Facility. Interest payments on the Revolving Credit Facility amounted to $0.2 million during the year ended December 31, 2018. There were no such payments during the year ended December 31, 2019. 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. 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 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 Consolidated Statements of Operations. The remaining unamortized debt issuance costs related to the Revolving Credit Facility were $3.1 million and $4.1 million , respectively, as of December 31, 2019 and 2018. 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. As of December 31, 2019 and 2018, the remaining unamortized debt issuance costs related to the 5.5% Senior Notes were $3.9 million and $4.4 million , respectively. 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, 2019 and 2018, the carrying amounts and fair values of GCP's debt are as follows: December 31, 2019 December 31, 2018 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value 5.5% Senior Notes due in 2026 $ 346.1 $ 366.3 $ 345.6 $ 344.2 Other borrowings 3.1 3.1 11.1 11.1 Total debt $ 349.2 $ 369.4 $ 356.7 $ 355.3 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 increase in fair value compared to the carrying value as of December 31, 2019, was due to decreases in interest rates in December 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for Income Taxes The components of income (loss) before income taxes and the related (benefit) provision for income taxes for 2019 , 2018 and 2017 are as follows: Year Ended December 31, (In millions) 2019 2018 2017 Income (loss) before income taxes: Domestic $ 14.6 $ 5.5 $ (27.4 ) Foreign 19.8 5.0 (0.9 ) Total $ 34.4 $ 10.5 $ (28.3 ) (Benefit) provision for income taxes: Federal—current $ (13.7 ) $ 16.8 $ 27.2 Federal—deferred 1.4 (0.6 ) 39.4 State and local—current 1.0 (0.2 ) (3.8 ) State and local—deferred (0.4 ) (0.4 ) 2.7 Foreign—current 6.1 12.1 5.7 Foreign—deferred (1.0 ) (1.4 ) 10.9 Total $ (6.6 ) $ 26.3 $ 82.1 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 the deductibility of 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 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, 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. During the year ended December 31, 2019, as a result of clarifications issued in January 2019 by the Internal Revenue Service (IRS) in the final treasury regulations under Code Section 965, GCP decreased its liability for unrecognized tax benefits by $20.2 million . In addition, the application of the final regulations resulted in an increase to GCP’s long-term tax payable by $3.7 million and an increase of GCP's short-term tax payable by $0.2 million . Transition Tax The 2017 Tax Act eliminated the deferral of U.S. income tax on the historical unrepatriated earnings by imposing the Transition Tax, which was a one-time mandatory deemed repatriation tax on undistributed earnings. The Transition Tax was assessed on the U.S. shareholder's share of the foreign corporation's accumulated foreign earnings that had not previously been taxed. Earnings in the form of cash and cash equivalents was taxed at a 15.5% and all other earnings were taxed at 8.0% . As of December 31, 2019 , the unpaid balance of the Transition Tax obligation is $41.4 million long term income tax payable, net of overpayments and foreign tax credits. After considering overpayments, the outstanding payable is due between April 2022 and April 2025. Effective Tax Rate The difference between the (benefit) 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) 2019 2018 2017 Tax provision (benefit) at U.S. federal income tax rate $ 7.2 $ 2.2 $ (9.9 ) Change in provision resulting from: Deconsolidation of Venezuela (1) $ — $ — $ 11.5 Devaluation in Venezuela — — 1.4 2017 Tax Act 3.9 (2.5 ) 81.7 Recognition of outside basis differences (0.3 ) 0.3 (13.9 ) U.S. foreign income inclusions 1.2 0.7 1.1 Effect of tax rates in foreign jurisdictions 3.6 3.2 (1.0 ) Valuation allowance 1.0 6.8 11.4 State and local income taxes, net 0.9 0.6 (1.2 ) Return to provision – change in estimate (2.2 ) (5.4 ) 0.4 Nondeductible expenses and non-taxable items 1.6 2.7 3.5 U.S. foreign income tax credits (2.0 ) (2.1 ) — Research and other state credits (1.3 ) (1.1 ) (0.8 ) Unrecognized tax benefits (2) (20.3 ) 20.7 (0.7 ) Equity compensation (0.2 ) (0.5 ) (1.2 ) Other 0.3 0.7 (0.2 ) (Benefit) provision for income taxes $ (6.6 ) $ 26.3 $ 82.1 __________________________ (1) Amount in 2017 is offset by the benefit resulting from outside basis differences primarily in Mexico and Venezuela, which is included in the table above in "Recognition of outside basis differences." (2) Amounts in 2018 and 2019 are primarily related to an unrecognized tax benefit increase of $20.2 million in 2018 and the subsequent $20.2 million reversal in 2019 due to the regulatory clarification of the 2017 Tax Act in January 2019. The income tax (benefit) provision for the years ended December 31, 2019 , 2018 , and 2017 was ( $6.6 million ), $26.3 million and $82.1 million , respectively, representing effective tax rates of 19.2% , 250.5% , and 290.1% , respectively. The change in the Company's effective tax rate for the year ended December 31, 2019 compared to 2018 was primarily due to the finalization of Transition Tax regulations issued in January 2019, as well as the benefit in 2019 of a Brazilian income tax refund and a lower valuation allowance. The decrease in the Company's effective tax rate for the year ended December 31, 2018 compared to 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 an increase in valuation allowance. The Company's 2019 effective tax rate of 19.2% differed from the 21% U.S. statutory rate primarily due to the finalization of Transition Tax regulations issued in January 2019, resulting in a tax benefit of $20.2 million , as well as the benefit of a Brazilian income tax refund of $3.2 million and U.S. foreign tax credits generated of $2.0 million . These benefits were partially offset by a tax provision of $3.9 million due to changes to GCP's 2017 income tax liability and Transition Tax as well as the effect of foreign rate differential of $3.6 million , non-deductible expenses of $1.6 million and a valuation allowance increase of $1.0 million . The Company's 2018 effective tax rate of 250.5% differed from 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 net operating losses in Germany, France, India, Turkey and Mexico that do not benefit the effective tax rate. The Company's 2017 effective tax rate of approximately 290.1% differed from 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. Deferred Tax Assets and Liabilities The components of the deferred tax assets and liabilities at December 31, 2019 and 2018 are as follows: (In millions) December 31, 2019 December 31, 2018 Deferred tax assets: Foreign net operating loss carryforwards $ 16.8 $ 19.0 Research and development 0.7 1.0 Reserves and allowances 10.2 9.4 Pension benefits 11.0 5.9 Intangible assets/goodwill — 0.1 Stock compensation 2.2 3.1 Interest Limitation Carryover 10.3 12.2 Operating Lease Obligations 7.4 — Foreign tax credit carryforwards 1.2 — Other 1.3 1.3 Total deferred tax assets 61.1 52.0 Deferred tax liabilities: Properties and equipment (13.5 ) (14.5 ) Other (1.2 ) (2.2 ) Operating Lease Right of Use (7.4 ) — Intangible assets/goodwill (1.1 ) — Outside basis difference in Verifi ® (7.7 ) (3.7 ) Total deferred tax liabilities (30.9 ) (20.4 ) Valuation Allowance: Foreign net operating loss carryforwards (16.0 ) (18.5 ) Foreign tax credit carryforwards (1.2 ) — Total Valuation Allowance (17.2 ) (18.5 ) Net deferred tax assets $ 13.0 $ 13.1 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, 2019, GCP recorded a deferred tax asset of $1.2 million for excess U.S. foreign tax credit carryovers. These credits may be carried back one year and forward ten years. Management believes it is not more likely than not that these credits will be utilized and has recorded a full valuation allowance against the deferred tax asset. 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 8, Debt and Other Borrowings. The amount of this deferred tax asset component at December 31, 2019 is $10.3 million .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, 2019 and 2018 , GCP has recorded a valuation allowance of $17.2 million and $18.5 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 2019, the Company decreased valuation allowances by $1.3 million . Valuation allowances on foreign net operating losses decreased by $2.5 million in total which was due to a $1.1 million rate change impact reducing France net operating losses, foreign exchange impacts of $1.2 million and a $0.2 million benefit on net valuation releases. The impact of such items was offset by a valuation allowance increase on U.S foreign tax credit carryovers of $1.2 million . In 2018, the Company decreased valuation allowances by $5.4 million . The decrease was due to a decrease in Japan net operating losses of $10.6 million , foreign exchange impacts of $1.5 million offset by $6.8 million valuation allowance charges resulting primarily from net operating losses in Germany, France, India, Turkey and Mexico, the tax benefits of which are not expected to be realized. As of December 31, 2019 , the Company had net operating losses for income tax purposes of approximately $57.7 million . These net operating losses consist primarily of Brazil, France and Germany net operating losses of $22.8 million , $9.9 million and $7.7 million respectively, each with an unlimited carryover period, and $8.9 million of India net operating losses that begin to expire in 2020. As of December 31, 2019, the Company had U.S. foreign tax credit carryovers of $1.2 million that will expire in 2030. Repatriation In general, it is the Company's practice and intention to permanently reinvest the earnings of its 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 approximately $522.7 million of unremitted earnings from foreign subsidiaries to the U.S. as those earnings continue to be permanently reinvested. The estimated unrecorded tax liability associated with these unremitted earnings is $6.6 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. Please refer to Note 16, "Related Party Transactions and Transactions with Grace" for further information on the Tax Sharing Agreement. Unrecognized Tax Benefits A reconciliation of the unrecognized tax benefits excluding interest and penalties, for the three years ended December 31, 2019 , is presented below. (In millions) Unrecognized Tax Benefits 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 Additions for prior year tax positions — Additions for current year tax positions — Reductions for expirations of statute of limitations (1.5 ) Reductions for prior year tax positions and reclassifications (19.5 ) Balance, December 31, 2019 $ 31.8 The balance of unrecognized tax benefits as of December 31, 2019 , 2018 and 2017 , that if recognized, would affect GCP’s effective tax rate are $31.6 million , $52.4 million and $33.4 million , respectively, GCP accrues potential interest and any associated penalties related to unrecognized tax benefit within "Benefit (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 benefits and included in the Consolidated Balance Sheets as of December 31, 2019 and 2018 was $10.6 million and $10.4 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 benefits related to GCP's operations may be indemnified by Grace. As of December 31, 2019 , 2018 and 2017 , the amount of unrecognized tax benefits considered obligations of Grace (including both interest and penalties) were $2.6 million , $3.0 million and $3.8 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 $1.6 million , of which $0.5 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, 2019, the tax years for which the Company remains subject to United States federal income tax assessment and state and local income tax assessment upon examination are 2016 and thereafter. The Company is also subject to taxation in various foreign jurisdictions, including in Europe, the Middle East, Africa, Asia Pacific, Canada and Latin America. As of December 31, 2019, the Company is 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 an Indian audit relating to GCP Applied Technologies (India) Private Limited for taxable years 2016-2017, a Canadian audit relating to GCP Canada, Inc. for taxable years 2015-2016, a French audit for taxable years 2016-2017, and a Philippines audit relating to GCP Applied Technologies (Philippines) Inc. (a Darex entity) for taxable years 2016-2017. Since GCP Applied Technologies (Philippines) Inc. was sold in July 2017, any assessments pursuant to this audit will be reimbursed by GCP to the buyer. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
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"). The overfunded plans hold plan assets measured at fair value that exceeds the PBO. In contrast to the 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 $ 25.0 $ 22.5 Long-term pension liabilities: Underfunded defined benefit pension plans (40.8 ) (24.2 ) Unfunded defined benefit pension plans (26.7 ) (23.9 ) Total long-term pension liabilities related to underfunded and unfunded defined benefit pension plans (67.5 ) (48.1 ) Pension liabilities included in other current liabilities (1.2 ) (1.3 ) Net funded status $ (43.7 ) $ (26.9 ) 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 closes the plan to new employees effective January 1, 2018 and freezes the accrual of plan benefits for all plan participants as of December 31, 2022 . There were no curtailment gains recognized during the years ended December 31, 2019 and 2018 for the U.S. plans. The Company recognized the following curtailment gains related to the 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) (losses) gains from continuing operations related to the interim and annual remeasurements of the U.S. plans' PBO and plan assets: Year Ended December 31, 2019 2018 2017 Total MTM (losses) gains $ (12.3 ) $ 9.5 $ (18.7 ) 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 resulted in 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. In December 2019, the Board of Directors approved an amendment to the GCP Applied Technologies Inc. UK Retirement Plan that freezes the accrual of plan benefits for all plan participants starting December 31, 2019. As a result, the Company recognized a curtailment gain of $1.2 million in continuing operations. The Company recognized the following curtailment gains related to non-U.S. pension plans: Year Ended December 31, 2019 2018 2017 Net curtailment gains: Total net curtailment gains from continuing operations $ 1.2 $ 0.2 $ — Total net curtailment gains from discontinued operations(1) 0.2 — 14.3 Total net curtailment gains $ 1.4 $ 0.2 $ 14.3 ________________________________ (1) During the year ended December 31, 2019, the Company recognized a curtailment gain of $0.2 million within the gain on sale of Indonesia related to its delayed closing as a part of Darex divestiture. Please refer to Note 21, "Discontinued Operations" for further information. The Company recognized the following mark-to-market (losses) gains related to interim and annual remeasurements of the non-U.S. plans' PBO and plan assets: Year Ended December 31, 2019 2018 2017 Total MTM (losses) gains from continuing operations $ (1.0 ) $ 0.4 $ 4.6 Total MTM gains from discontinued operations — — 0.1 Total MTM (losses) gains $ (1.0 ) $ 0.4 $ 4.7 During the years ended December 31, 2019 , 2018 and 2017 , adjustments for curtailments and pension mark-to-market remeasurements for both the U.S. and non-U.S. plans are presented in "Other expenses (income), 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 for the U.S. plans 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. The Company also included non-U.S. plan service cost, interest cost and expected return on plan assets totaling $0.5 million for the year ended December 31 2017 in "Income from discontinued operations, net of income taxes" in the Consolidated Statements of Operations. Analysis of Plan Accounting and Funded Status The following table summarizes the changes in benefit obligations, the fair values of retirement plan assets, and funded status during the years ended December 31, 2019 and 2018 , including amounts presented in both continuing and discontinued operations. Defined Benefit Pension Plans U.S. Non-U.S. Total 2019 2018 2019 2018 2019 2018 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 141.5 $ 163.8 $ 246.8 $ 274.5 $ 388.3 $ 438.3 Service cost 6.3 7.9 2.6 3.0 8.9 10.9 Interest cost 5.8 5.6 5.4 5.6 11.2 11.2 Amendments — — 0.2 2.8 0.2 2.8 Settlements/curtailments — — (1.4 ) (0.5 ) (1.4 ) (0.5 ) Actuarial loss (gain) 27.8 (23.9 ) 20.2 (7.3 ) 48.0 (31.2 ) Benefits paid (9.5 ) (11.9 ) (15.4 ) (19.4 ) (24.9 ) (31.3 ) Currency exchange translation adjustments — — 7.2 (11.9 ) 7.2 (11.9 ) Benefit obligation at end of year $ 171.9 $ 141.5 $ 265.6 $ 246.8 $ 437.5 $ 388.3 Change in Plan Assets: Fair value of plan assets at beginning of year $ 110.5 $ 129.2 $ 250.4 $ 277.1 $ 360.9 $ 406.3 Actual return on plan assets 21.9 (6.8 ) 25.1 (0.3 ) 47.0 (7.1 ) Employer contributions 0.1 — 2.6 5.0 2.7 5.0 Settlements — — — (0.3 ) — (0.3 ) Benefits paid (9.5 ) (11.9 ) (15.4 ) (19.4 ) (24.9 ) (31.3 ) Currency exchange translation adjustments — — 8.1 (11.7 ) 8.1 (11.7 ) Fair value of plan assets at end of year $ 123.0 $ 110.5 $ 270.8 $ 250.4 $ 393.8 $ 360.9 Funded status at end of year (PBO basis) $ (48.9 ) $ (31.0 ) $ 5.2 $ 3.6 $ (43.7 ) $ (27.4 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ — $ 0.1 $ 25.0 $ 22.4 $ 25.0 $ 22.5 Current liabilities (0.4 ) (0.1 ) (0.8 ) (1.2 ) (1.2 ) (1.3 ) Non-current liabilities (48.5 ) (31.0 ) (19.0 ) (17.2 ) (67.5 ) (48.2 ) Non-current liabilities held-for-sale — — — (0.4 ) — (0.4 ) Net amount recognized $ (48.9 ) $ (31.0 ) $ 5.2 $ 3.6 $ (43.7 ) $ (27.4 ) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.3 2.1 2.3 2.1 Net amount recognized $ — $ — $ 2.3 $ 2.1 $ 2.3 $ 2.1 Defined Benefit Pension Plans U.S. Non-U.S. 2019 2018 2019 2018 Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: Discount rate 3.26 % 4.33 % 1.80 % 2.49 % Rate of compensation increase 4.00 % 4.10 % 3.12 % 3.58 % Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: Discount rate 4.33 % 3.68 % 2.48 % 2.30 % Expected return on plan assets 6.00 % 6.00 % 2.44 % 2.45 % Rate of compensation increase 4.10 % 4.10 % 3.03 % 3.54 % (In millions) Year Ended December 31, Components of Net Periodic Benefit Cost (Income) and Other Amounts Recognized in Other Comprehensive (Income) Loss 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Net Periodic Benefit Cost (Income): Service cost(1) $ 6.3 $ 2.6 $ 7.9 $ 3.0 $ 6.8 $ 3.9 Interest cost 5.8 5.4 5.6 5.6 5.5 5.7 Expected return on plan assets (6.5 ) (5.9 ) (7.6 ) (6.9 ) (5.6 ) (6.8 ) Amortization of prior service cost — 0.1 — — — — Gain on termination, curtailment and settlement of pension plans — (1.4 ) — (0.2 ) (9.2 ) (14.3 ) Pension mark-to-market adjustment 12.3 1.0 (9.5 ) (0.4 ) 18.7 (4.7 ) Net periodic benefit cost (income) $ 17.9 $ 1.8 $ (3.6 ) $ 1.1 $ 16.2 $ (16.2 ) Less: Net periodic benefit income from discontinued operations — (0.2 ) — — (2.6 ) (13.9 ) Net periodic benefit cost (income) from continuing operations $ 17.9 $ 2.0 $ (3.6 ) $ 1.1 $ 18.8 $ (2.3 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): Net prior service cost (credit) $ — $ 0.2 $ — $ 2.7 $ — $ (0.7 ) Amortization of prior service cost — — — — — 0.2 Total recognized in other comprehensive (income) loss $ — $ 0.2 $ — $ 2.7 $ — $ (0.5 ) Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss $ 17.9 $ 2.0 $ (3.6 ) $ 3.8 $ 16.2 $ (16.7 ) ________________________________ (1) Service cost component of net periodic benefit cost (income) is included in "Selling, general and administrative expenses" and "Cost of goods sold" in the Consolidated Statements of Operations. All other components of net periodic benefit cost (income) are presented in "Other expenses (income), net," within the Consolidated Statements of Operations. 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, 2019 , the measurement date for GCP's defined benefit pension plans, the PBO was $437.5 million compared to $388.3 million as of December 31, 2018 . The increase in the PBO was primarily due to a decrease in discount rates, partially offset by updates to mortality assumptions. As of December 31, 2019 , the PBO was determined using the weighted average discount rates for U.S. plans and non-U.S. plans, which were 3.26% , and 1.80% , respectively. The decrease in the discount rates was primarily due to the lower market rates for a portfolio of U.S. and non-U.S. high quality corporate bonds for which the amount and timing of cash outflow approximate estimated payouts for the pension plans. The underfunded status of the U.S. defined pension plans increased to $48.9 million for the year ended December 31, 2019 compared to $31.0 million in the prior year, while the overfunded status of the non-U.S. defined pension plans increased to $5.2 million for the year ended December 31, 2019 compared to $3.6 million in the prior year. The changes in funded status for the U.S. pension plans were primarily due to the higher PBO partially offset by higher plan assets. Such changes for the non-U.S. plans were primarily due to the higher plan assets, partially offset by higher PBO. 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 remeasurements reflect the terms of the plan and use participant-specific information, as well as key assumptions provided by management. 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 $431 million and $375 million , respectively, as of December 31, 2019 and 2018 . As of December 31, 2019, the estimated expected future benefit payments related to future services are as follows: (In millions) Pension Plans Total U.S. Non-U.S.(1) Year ending December 31, Benefit Benefit 2020 $ 9.7 $ 16.3 $ 26.0 2021 9.7 11.2 20.9 2022 9.7 11.5 21.2 2023 9.7 11.7 21.4 2024 9.8 11.9 21.7 2025 - 2029 $ 47.4 $ 61.3 $ 108.7 ________________________________________ (1) Non-U.S. estimated benefit payments for 2020 and future periods have been translated at the applicable December 31, 2019 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 3.26% as of December 31, 2019 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, 2019 and 2018 , the benefit obligations of the U.K. pension plan represented approximately 84% of the total benefit obligation of the non-U.S. pension plans. As of December 31, 2019 , the assumed weighted average discount rate of 1.57% 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, 2019 . The expected return on plan assets for the U.S. qualified pension plans for 2019 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, 2019 and the actual allocation at December 31, 2019 and 2018 for GCP's U.S. qualified pension plans were as follows: Target Actual Allocation of Plan Assets U.S. Qualified Pension Plans Asset Category: 2019 2019 2018 U.S. equity securities 26 % 27 % 23 % Non-U.S. equity securities 13 % 13 % 13 % Debt securities 55 % 55 % 59 % Other investments 6 % 5 % 5 % Total 100 % 100 % 100 % The following tables present the fair value hierarchy for the U.S. qualified pension plan assets measured at fair value, which are held in a trust by GCP, as of December 31, 2019 and 2018 . Fair Value Measurements at December 31, 2019, 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 $ 32.7 $ — $ 32.7 $ — Non-U.S. equity group trust funds 16.4 — 16.4 — Corporate bond group trust funds 26.6 — 26.6 — Other fixed income group trust funds 6.8 — 6.8 — Common/collective trust funds 40.5 — 40.5 — Total Assets $ 123.0 $ — $ 123.0 $ — 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 $ — Non-U.S. pension plans accounted for approximately 69% of total global pension assets at December 31, 2019 and 2018 . 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 91% and 92% , respectively, of the total non-U.S. pension plan assets for years ended December 31, 2019 and 2018 . 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 2019 expected long-term return assumption of 2.14% . The target allocation of investment assets at December 31, 2019 and the actual allocation at December 31, 2019 and 2018 , for the U.K. pension plan are as follows: Target Actual Allocation of Plan Assets United Kingdom Pension Plan Asset Category: 2019 2019 2018 Diversified growth funds 5 % 5 % 10 % Return-seeking fixed income investment 5 % 5 % — % U.K. gilts 34 % 34 % 33 % U.K. corporate bonds 4 % 3 % 2 % Insurance contracts 52 % 53 % 55 % Total 100 % 100 % 100 % The plan assets for the other countries in aggregate represent approximately 9% and 8% , respectively, of total non-U.S. pension plan assets for years ended December 31, 2019 and 2018 . The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2019 : Fair Value Measurements at December 31, 2019, 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 $ 123.0 $ — $ 123.0 $ — Government and agency securities 3.5 — 3.5 — Corporate bonds 9.9 — 9.9 — Insurance contracts and other investments(1) 128.2 — 0.3 127.9 Cash 6.2 6.2 — — Total Assets $ 270.8 $ 6.2 $ 136.7 $ 127.9 _________________________________________ (1) At December 31, 2019, 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 following table presents a summary of the changes in the fair value of the plans' Level 3 assets for the years ended December 31, 2019 and 2018 : (In millions) Insurance Contracts Balance, December 31, 2017 $ 136.7 Actual return on plan assets 1.0 Transfers out for benefits paid (9.0 ) Currency exchange translation adjustments (5.4 ) Balance, December 31, 2018 $ 123.3 Actual return on plan assets 8.2 Transfers out for premium (7.7 ) Currency exchange translation adjustments 4.1 Balance, December 31, 2019 $ 127.9 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, 2019 and December 31, 2018 , the related long-term liability of $2.2 million and $1.7 million respectively, accumulated other comprehensive income of $0.7 million and $0.4 million respectively, net of related tax impact of $0.2 million and $0.1 million respectively, are included within the Consolidated Balance Sheets. The related expense for the years ended December 31, 2019 and December 31, 2018 was $0.1 million and $1.3 million , respectively. GCP had no OPEB activity during the year ended 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. Based on the U.S. qualified pension plans' status as of December 31, 2019 , there are no minimum requirements under ERISA for 2020 . We made a contribution of $0.1 million to the U.S. pension plans in 2019 and no contributions to these plans in 2018 . 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 $1.3 million to non-U.S. pension plans during the year ended December 31, 2020 . During the years ended December 31, 2019 and 2018 , GCP contributed $2.6 million and $5.0 million, respectively, to these non-U.S. plans. 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 , $4.6 million and $4.8 million , respectively, for the years ended December 31, 2019 , 2018 and 2017 |
Other Balance Sheet Accounts
Other Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : (In millions) December 31, December 31, Other Current Assets: Non-trade receivables $ 22.1 $ 25.0 Prepaid expenses and other current assets 13.4 9.2 Income taxes receivable 8.2 10.4 Total other current assets $ 43.7 $ 44.6 The following is a summary of other current liabilities at December 31, 2019 and 2018 : (In millions) December 31, December 31, Other Current Liabilities: Accrued customer volume rebates $ 28.4 $ 35.3 Accrued compensation (1) 16.0 16.4 Income taxes payable 10.4 17.2 Accrued interest 4.2 4.0 Restructuring liability 2.7 10.2 Pension liabilities 1.2 1.3 Other accrued liabilities (2) 50.7 61.1 Total other current liabilities $ 113.6 $ 145.5 ________________________________ (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) Other accrued liabilities presented in the table above as of December 31, 2019 and 2018 include $0.5 million and $13.6 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 21, "Discontinued Operations." |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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, 2019 and 2018 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 9, "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, 2019 and 2018 , 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, 2019 and 2018 , GCP had gross financial assurances issued and outstanding of approximately $5.9 million and $5.0 million , respectively, which were comprised of standby letters of credit. The letters of credit are related primarily to customer advances and other performance obligations as of December 31, 2019 and 2018 . 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 named 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 matter 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. GCP Brazil Indirect Tax Claim During the year ended December 31, 2019, the Superior Judicial Court of Brazil (the "Court") filed its final ruling in favor of GCP Brazil related to a claim whether a certain state value-added tax should be included in the calculation of federal gross receipts taxes. The Court decision is final and not subject to any appeals. The ruling allows the Company the right to recover, through offset of federal tax liabilities, amounts collected by the government from May 2012 to September 2017, including interest. Timing of the realization of these tax credits is dependent upon the generation of federal tax liabilities eligible for the offset. The Brazilian tax authorities have sought before the Court clarification of certain matters, including whether these credits should be recognized on a gross or net basis, and certain other matters that could affect the rights of Brazilian taxpayers regarding these credits. During the year ended December 31, 2019, the Company recorded in "Other expenses (income), net" a pre-tax gain of $1.3 million , net of $0.4 million of legal fees and other charges, as a result of the favorable Court decision. No amounts were recognized for the credits calculated based on the higher gross basis since there is uncertainty related to the recoverability of such amounts and the timing of the recovery. 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. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Stockholder Rights Plan On March 15, 2019, the Board of Directors (the "Board") declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of GCP common stock with par value $0.01 per share and adopted a stockholder rights plan (the “Rights Agreement”). The dividend was distributed in a non-cash transaction on March 25, 2019 to the stockholders of record on that date. Each Right will allow its holder to purchase from the Company one one-hundredth of a share of Series A Junior Participating Preferred Stock, par value $0.01 per share (a “Preferred Share”) for $150 (the “Exercise Price”), once the Rights become exercisable. This portion of a Preferred Share will give the stockholder approximately the same dividend, voting and liquidation rights as would one share of GCP common stock. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights. The fair value of the dividend was not material on March 15, 2019. The Rights will not be exercisable until 10 days after the public announcement that a person or group has become an “Acquiring Person” (as defined in the Rights Agreement) by obtaining beneficial ownership of 15% or more of the Company’s outstanding shares of common stock (provided, that if a stockholder’s beneficial ownership as of the Company’s announcement of the adoption of the Rights Agreement was at or above 15% , that stockholder’s existing ownership percentage would be grandfathered, but the Rights would become exercisable if at any time after such announcement, the stockholder increases its ownership percentage by 0.001% or more) (the “Distribution Date”). If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person may, for the Exercise Price, purchase shares of the Company’s common stock with a market value of $300 , based on the market price of the common stock prior to such acquisition. In addition, after a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of the Company’s outstanding shares of common stock, the Board may extinguish the Rights by exchanging one share of common stock or an equivalent security for each Right, other than Rights held by the Acquiring Person. In addition, if the Company is later acquired in a merger or similar transaction after the Distribution Date, all holders of Rights except the Acquiring Person may, for $150 , purchase shares of the acquiring corporation with a market value of $300 based on the market price of the acquiring corporation’s stock, prior to such merger. The Rights will expire on March 14, 2020, subject to a possible earlier expiration to the extent provided in the Rights Agreement, unless extended. Preferred Stock The Company is authorized to issue up to 50,000,000 shares of Preferred Stock with a par value of $0.01 per share. On March 15, 2019, GCP designated 10,000,000 shares of its Preferred Stock with a par value of $0.01 per share as Series A Junior Participating Preferred Stock. |
Restructuring and Repositioning
Restructuring and Repositioning Expenses, Asset Impairments | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Repositioning Expenses, Asset Impairments | Restructuring and Repositioning Expenses, Asset Impairments 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. Repositioning expenses associated with the Plans discussed below, as well as a review of strategic, financial and operational alternatives, are primarily related to consulting, professional services, and other employee-related 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 expenses and capital expenditures could increase or decrease and the timing of incurrence could change. 2019 Restructuring and Repositioning Plan (the “2019 Plan”) On February 22, 2019, the 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 its 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 costs ranging from approximately $4 million to $7 million are related to restructuring and asset impairments, and costs of approximately $11 million to $13 million are related to repositioning. In addition, the Company expects to incur approximately $2 million to $3 million of capital expenditures associated with the program. Total expected restructuring costs consist of approximately $2 million to $3 million of severance and other employee-related costs, $1 million to $3 million of other associated costs, and approximately $1 million of asset impairments. As of December 31, 2019, GCP incurred $0.7 million of restructuring costs in connection with the 2019 Plan, of which $0.4 million was related to the SCC segment and $0.3 million was related to the SBM segment. Repositioning costs consist primarily of consulting services to assist GCP in advancing its technology strategy. During the year ended December 31, 2019, GCP incurred repositioning expenses of $8.8 million related to the 2019 Plan. Additionally, the Company incurred $0.8 million of capital expenditures under the 2019 Plan since its inception. Cash payments made for repositioning under the 2019 Plan for the year ended December 31, 2019 were $6.2 million , which included capital expenditures of $0.6 million . With the exception of asset impairments, substantially all of the restructuring and repositioning expenses are expected to be settled in cash and completed by December 31, 2020. 2019 Phase 2 Restructuring and Repositioning Plan (the “2019 Phase 2 Plan") On July 31, 2019, the Board approved a business restructuring and repositioning plan to further optimize the design and footprint of the Company's global organization, primarily with respect to its general administration and business support functions, and streamline cross-functional activities (the “2019 Phase 2 Plan”). The Company expects to incur total pre-tax costs in connection with the 2019 Phase 2 Plan of approximately $30 million to $35 million , of which costs ranging from approximately $23 million to $27 million are related to restructuring and asset impairments and costs of approximately $7 million to $8 million are related to repositioning. The Company expects to incur approximately $2 million of capital expenditures associated with the program. Total expected restructuring activity costs consist of approximately $19 million to $22 million of severance and other employee-related costs and $4 million to $5 million of other associated costs. Total restructuring costs recognized under the 2019 Phase 2 Plan during the year ended December 31, 2019 were $3.1 million , of which $1.8 million was attributable to the SCC segment and $1.3 million was attributable to the SBM segment. The 2019 Phase 2 Plan is expected to result in the net reduction of approximately 8% - 10% of the Company's workforce. Substantially all of the restructuring activities are expected to be completed by December 31, 2020. Repositioning costs consist primarily of consulting services and employee-related costs to assist with the Company's organizational realignment. During the year ended December 31, 2019, GCP incurred repositioning expenses of $2.4 million . Additionally, the Company incurred $0.1 million of capital expenditures under the 2019 Phase 2 Plan since its inception. Cash payments made for repositioning under the 2019 Phase 2 Plan for the year ended December 31, 2019 was $1.0 million . With the exception of asset impairments, substantially all of the restructuring and repositioning expenses are expected to be settled in cash by December 31, 2021 . 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 was 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. Substantially all of the restructuring actions have been completed as of December 31, 2019 and resulted in the net reductions of approximately 8% - 10% of the Company's workforce. As of December 31, 2019 , the cumulative restructuring activity costs incurred under the 2018 Plan since its inception were $22.0 million , of which $16.7 million were attributable to the SCC segment and $5.3 million were attributable to the SBM segment. Cumulative restructuring activity costs incurred to date consisted of $11.5 million of severance and employee-related costs, $0.6 million of facility exit costs, $8.0 million of asset impairment charges and $1.9 million of other associated costs. Repositioning costs consisted primarily of consulting services to assist GCP in advancing its technology strategy and have been substantially completed as of December 31, 2019. During each of the years ended December 31, 2019 and 2018, GCP incurred repositioning expenses of $5.3 million . As of December 31, 2019 , the cumulative repositioning activity costs and capital expenditures recognized for the 2018 Plan since its inception were approximately $10.6 million and $0.9 million , respectively. As of December 31, 2019 , cumulative cash payments made for repositioning under the 2018 Plan since its inception amounted to $11.5 million , including capital expenditures of $0.8 million , of which $11.3 million was made during the year ended December 31, 2019 . With the exception of asset impairments, the Company expects to settle all of the restructuring and repositioning expenses in cash by December 31, 2020 . 2017 Restructuring and Repositioning Plan (the “2017 Plan”) On June 28, 2017, the Board of Directors approved a restructuring and repositioning plan to streamline GCP's operations, reduce its global cost structure and reposition itself as a construction product technologies company. Total costs expected to be incurred in connection with the 2017 Plan were $29 million , of which $19 million was related to restructuring activities and asset impairments, and $10 million was related to repositioning activities. Restructuring activities were substantially completed as of December 31, 2018 . As of December 31, 2019 , the cumulative restructuring activity costs recognized under the 2017 Plan since its inception were $19.1 million which were attributable as follows: (i) $4.6 million to the SCC segment, (ii) $3.3 million to the SBM segment, (iii) $2.8 million to the Corporate function, and (iv) $8.4 million to discontinued operations. Cumulative restructuring activity costs incurred to date consisted of $17.4 million of severance and employee-related costs, $1.5 million of asset impairments, and $0.2 million of facility exit costs. Additionally, GCP expects to incur approximately $10 million to $15 million of capital expenditures related to repositioning, 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 expenses to be classified within continuing operations and substantially completed by March 31, 2020. As of December 31, 2019 , the cumulative repositioning activity costs and capital expenditures recognized for the 2017 Plan since its inception were approximately $9.6 million and $12.4 million , respectively. During the year ended December 31, 2019 , 2018, and 2017 GCP incurred repositioning expenses of $0.8 million , $4.3 million , and $4.5 million , respectively. During the year ended December 31, 2019 , total cash payments related to such repositioning expenses were $6.7 million , which included $4.6 million for capital expenditures. As of December 31, 2019 , cumulative cash payments made for repositioning under the 2017 Plan from its inception amounted to $20.8 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 during each period: Year Ended December 31, (In millions) 2019 2018 2017 Severance and other employee costs $ 4.1 $ 10.1 $ 19.9 Facility exit costs — 0.6 0.2 Asset impairments 4.3 4.5 1.2 Other associated costs 1.8 $ — $ — Total restructuring expenses and asset impairments $ 10.2 $ 15.2 $ 21.3 Less: restructuring expenses and asset impairments reflected in discontinued operations 0.3 0.4 7.8 Total restructuring expenses and asset impairments from continuing operations $ 9.9 $ 14.8 $ 13.5 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) 2019 2018 2017 SCC $ 4.5 $ 12.5 $ 6.2 SBM 3.9 1.9 4.1 Corporate 1.5 0.4 3.2 Total restructuring expenses and asset impairments from continuing operations $ 9.9 $ 14.8 $ 13.5 Restructuring expenses and asset impairments reflected in discontinued operations 0.3 0.4 7.8 Total restructuring expenses and asset impairments $ 10.2 $ 15.2 $ 21.3 Restructuring liabilities were $2.7 million and $10.2 million , respectively, as of December 31, 2019 and 2018 . These liabilities are included within “Other current liabilities” in the Consolidated Balance Sheets. GCP settled in cash substantially all of the remaining liabilities related to the 2017 Plan during the year ended December 31, 2019. The following table summarizes the Company’s restructuring liability activity: 2019 Plan 2019 Phase 2 Plan 2018 Plan 2017 Plan (In millions) Severance and other employee costs Severance and other employee costs Severance and other employee costs Facility exit costs Other Costs Severance and other employee costs Facility exit costs Other plans Total 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 Expenses (1) 0.7 3.1 0.1 — 0.7 — — 0.2 4.8 Payments (0.5 ) (2.2 ) (6.6 ) (0.2 ) (0.3 ) (1.7 ) — (0.6 ) (12.1 ) Impact of foreign currency and other — — (0.2 ) — — 0.1 — (0.1 ) (0.2 ) Balance, December 31, 2019 $ 0.2 $ 0.9 $ 1.0 $ — $ 0.4 $ 0.2 $ — $ — $ 2.7 __________________________ (1) Asset impairment charges of $4.3 million , $4.5 million and $1.2 million , respectively, for the years ended December 31, 2019 , 2018 and 2017 related to the restructuring activities described above are recorded with a corresponding reduction to "Properties and equipment, net" in the Consolidated Balance Sheets. During the year ended December 31, 2019, GCP recognized asset impairment charges of $4.3 million , of which $1.2 million was attributable to the SCC segment and $3.1 million was attributable to the SBM segment. 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. During the year ended December 31, 2019, other associated costs of $1.1 million related to the 2018 Plan were attributable to the SCC segment and consisted of: (i) $0.6 million of inventory write-offs recorded with a corresponding reduction to "Inventories, net" in the Consolidated Balance Sheets and (ii) $0.5 million of accounts receivable write-offs recorded with a corresponding reduction to "Trade Accounts Receivable" in the Consolidated Balance Sheets. These expenses are not recorded with a corresponding reduction to the restructuring liability and therefore, are not included in the table above. Strategic Alternatives Plan On February 27, 2019, the Company announced a comprehensive review of strategic alternatives with the goal of enhancing value for our shareholders. Over the course of this review, GCP engaged with both strategic industry players and private equity investors. This process did not result in a transaction that would provide adequate value to the Company's shareholders, and as a result, GCP has determined that it will be pursuing its standalone strategic and financial plan. During the year ended December 31, 2019 , GCP incurred $3.1 million of repositioning expenses related to its Strategic Alternatives Plan, primarily consisting of professional service fees. Cash payments made for repositioning under the Strategic Plan for the year ended December 31, 2019 were $2.0 million . |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables present the pre-tax, tax and after-tax components of GCP's other comprehensive income (loss) for the years ended December 31, 2019 , 2018 and 2017 . Year Ended December 31, 2019 (In millions) Pre-Tax Amount Tax Benefit/(Expense) After-Tax Amount Defined benefit pension and other postretirement plans: Net unrealized actuarial loss and prior service cost $ (0.6 ) $ 0.1 $ (0.5 ) Benefit plans, net (0.6 ) 0.1 (0.5 ) Currency translation adjustments (1) 3.7 (0.1 ) 3.6 Loss from hedging activities (0.1 ) — (0.1 ) Other comprehensive income attributable to GCP shareholders $ 3.0 $ — $ 3.0 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 (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 Tax (Expense)/Benefit After-Tax 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 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 __________________________ (1) Currency translation adjustments are presented net of income tax expense related to the net investment hedge, as discussed in Note 4, "Derivative Instruments." The following tables present the changes in accumulated other comprehensive loss, net of tax, for the years ended December 31, 2019 , 2018 and 2017 . Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total (In millions) Balance, December 31, 2018 $ (2.2 ) $ (117.8 ) $ — $ (120.0 ) Current-period other comprehensive income (loss) (0.5 ) 3.6 (0.1 ) 3.0 Balance, December 31, 2019 $ (2.7 ) $ (114.2 ) $ (0.1 ) $ (117.0 ) (In millions) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total 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 — — (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 ) 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 ) Please refer to Note 10, "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, 2019 | |
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, 2019 and 2018, GCP has recorded $3.5 million and $3.9 million , respectively, of indemnified receivables in "Other assets" and $1.0 million and $1.8 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, 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 qualify as such 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. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
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 GCP Applied Technologies Inc. Equity and Incentive Plan (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 is included in "Income (loss) from continuing operations before income taxes" in the Consolidated Statements of Operations and was $6.2 million , $3.7 million and $9.2 million , respectively, during the years ended December 31, 2019 , 2018 and 2017 . During the years ended December 31, 2019 and 2018, the Company recorded stock-based compensation expense reductions of $2.4 million and $5.2 million , respectively, related to remeasurement of PBUs granted in 2019, 2018 and 2017 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 $1.5 million , $0.6 million and $4.8 million , respectively, during the years ended December 31, 2019 , 2018 and 2017 . 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, 2019 , 2018 and 2017 , GCP retained approximately 151,900 shares, 45,100 shares and 47,000 shares, respectively, in a non-cash transaction with a cost of $3.8 million , $1.4 million and $1.3 million , respectively, under such provisions which were reflected as "Share Repurchases" in the Consolidated Statements of Equity (Deficit). During the years ended December 31, 2019, 2018 and 2017, cash payments for such tax withholding obligations were $3.8 million , $1.4 million , and $1.3 million , respectively. As of December 31, 2019 , approximately 7.9 million shares of common stock were reserved and available for future grant under the Plan. On February 24, 2020, the Compensation Committee of the Board of Directors authorized and approved the 2020 annual grant which had a value of approximately $7.2 million and consisted of approximately 187,000 RSUs and a certain number of PBUs with a grant date of February 24, 2020. The Company is currently estimating the grant date fair value of PBUs and the number of PBUs included in the 2020 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 are granted in three separate vesting tranches, with each tranche vesting over one, two and three years , respectively, 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, 2019 , 2018 and 2017 : Year Ended December 31, Assumptions used to calculate expense for stock options: 2019 2018 2017 Risk-free interest rate 1.70 -2.64% 2.68 - 2.80% 1.83 - 2.11% Average life of options (years) 5.5 - 6.5 5.5 - 6.5 5.5 - 6.5 Volatility 28.02 - 28.59% 27.91 - 30.65% 31.42 - 31.96% Weighted average grant date fair value per stock option $8.66 $10.63 $9.17 The following table sets forth the information related to stock options denominated in GCP stock during the year ended December 31, 2019 : Stock Option Activity Number Of Weighted Weighted Aggregated Outstanding, December 31, 2018 1,518 $ 21.18 3.75 $ 7,145 Options exercised (410 ) 18.43 Options forfeited/expired/canceled (97 ) 28.00 Options granted 273 26.44 Outstanding, December 31, 2019 1,284 $ 22.66 3.18 $ 3,171 Exercisable, December 31, 2019 1,009 $ 21.30 2.40 $ 3,158 Vested and expected to vest, December 31, 2019 1,264 $ 22.59 3.13 $ 3,169 The weighted average grant date fair value of options granted during the years ended December 31, 2019, 2018, and 2017 was $8.66 , $10.63 , and $9.17 , respectively. 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, 2019 and 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, 2019 , 2018 and 2017 was $3.0 million , $4.8 million and $9.8 million , respectively. At December 31, 2019 , total unrecognized stock-based compensation expense for stock options outstanding was $0.6 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. As of December 31, 2019 , $2.3 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 1.5 years . 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 following table sets forth the RSU activity for the year ended December 31, 2019 : RSU Activity: Number Of Weighted Outstanding, December 31, 2018 363 $ 22.76 RSU's settled (302 ) 21.51 RSU's forfeited (42 ) 28.18 RSU's granted 137 26.77 Outstanding, December 31, 2019 156 $ 27.33 Expected to vest as of December 31, 2019 145 $ 27.26 The weighted average grant date fair value of RSUs granted during the years ended December 31, 2019 , 2018 and 2017 was $26.77 , $29.28 and $26.44 per share, respectively. During the years ended December 31, 2019 , 2018 and 2017 , GCP distributed 302,000 shares, 117,000 shares and 107,000 shares, respectively, to settle RSUs upon vesting. During the years ended December 31, 2018 and 2017 GCP also used $1.2 million and $0.9 million of cash, respectively, to settle RSUs upon vesting. GCP expects to settle in stock all future RSU vestings. The fair value of RSUs vested during the years ended December 31, 2019 , 2018 and 2017 was $7.4 million , $4.8 million and $3.8 million , respectively. PBUs PBUs are performance-based units which are granted by the Company with market conditions. 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 was based on the achievement of applicable performance targets related to such measure and could range between 0% to 200% . During the year ended December 31, 2019, PBUs granted in 2016 were settled by the distribution of 76,461 shares of GCP common stock based on the actual performance of 68.7% achieved against the cumulative adjusted earnings per share measure during the years 2016-2018. The actual performance measure for the 2016 PBU grants was certified by the Compensation Committee during the period then ended. The performance criteria for PBUs granted in 2017 and 2018 include 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. For PBUs granted in 2019, such metric is modified, up or down, based on the Company's TSR relative to the performance of the Russell 3000 Specialty Chemicals and Building Materials Indices. 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 employees. The 2019, 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, 2019 , 2018 and 2017 : Year Ended December 31, Assumptions used to calculate expense for PBUs: 2019 2018 2017 Expected term (remaining performance period) 2.86 years 2.86 years 2.84 years Expected volatility 28.46% 28.56% 28.00% Risk-free interest rate 2.48% 2.38% 1.41% Expected dividends — — — Correlation coefficient 54.81% 38.98% 46.83% Average correlation coefficient of constituents 57.09% 39.96% 42.33% The following table sets forth the PBU activity for the year ended December 31, 2019 : PBU Activity: Number Of Weighted Outstanding, December 31, 2018 394 $ 27.23 PBU's settled (76 ) 17.04 PBU's forfeited (110 ) 26.33 PBU's granted 174 27.19 Outstanding, December 31, 2019 382 $ 29.51 The weighted average grant date fair value of PBUs granted during the years ended December 31, 2019, 2018 and 2017 was $27.19 , $34.20 and $28.29 per share, respectively. During the year ended December 31, 2019, GCP distributed 76,461 shares to settle PBUs upon vesting. GCP expects to settle in stock all future PBU vestings. The fair value of PBUs vested during the year ended December 31, 2019 was $2.0 million . |
Operating Segment and Geographi
Operating Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
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 and supplies in-transit monitoring systems for concrete producers. 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) 2019 2018 2017 Net Sales Specialty Construction Chemicals $ 579.1 $ 643.5 $ 615.7 Specialty Building Materials 434.4 481.9 468.7 Total net sales $ 1,013.5 $ 1,125.4 $ 1,084.4 Segment Operating Income Specialty Construction Chemicals segment operating income $ 56.6 $ 40.2 $ 63.4 Specialty Building Materials segment operating income 85.8 113.6 109.4 Total segment operating income $ 142.4 $ 153.8 $ 172.8 Depreciation and Amortization Specialty Construction Chemicals $ 24.4 $ 24.2 $ 21.3 Specialty Building Materials 14.8 14.7 13.2 Corporate 4.0 3.1 2.3 Total depreciation and amortization $ 43.2 $ 42.0 $ 36.8 Capital Expenditures Specialty Construction Chemicals $ 44.5 $ 28.8 $ 23.9 Specialty Building Materials 7.9 12.8 8.5 Corporate 4.6 13.4 12.6 Total capital expenditures $ 57.0 $ 55.0 $ 45.0 Total Assets Specialty Construction Chemicals $ 432.2 $ 408.6 $ 419.9 Specialty Building Materials 424.1 427.8 409.3 Corporate 445.3 441.4 851.3 Assets held for sale 0.5 4.1 22.5 Total assets $ 1,302.1 $ 1,281.9 $ 1,703.0 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 certain corporate costs and other 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, 2019 , 2018 and 2017 is reconciled below to "Income (loss) from continuing operations before income taxes" presented in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2019 2018 2017 Total segment operating income $ 142.4 $ 153.8 $ 172.8 Corporate costs (1) (32.8 ) (27.3 ) (36.4 ) Certain pension costs (7.8 ) (7.6 ) (9.0 ) Gain on Brazil tax recoveries, net (2) 0.6 — — 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 (0.1 ) — (0.6 ) Shareholder activism and other related costs (5.3 ) — — Repositioning expenses (20.4 ) (9.6 ) (9.8 ) Restructuring expenses and asset impairments (9.9 ) (14.8 ) (13.5 ) Pension MTM adjustment and other related costs, net (13.3 ) 8.7 (14.1 ) Gain on termination and curtailment of pension and other postretirement plans 1.2 0.2 6.6 Third-party and other acquisition-related costs (0.1 ) (2.5 ) (6.8 ) Other financing costs — — (6.0 ) Amortization of acquired inventory fair value adjustment — (0.2 ) (2.9 ) Tax indemnification adjustments (0.5 ) (0.5 ) (2.8 ) Interest expense, net (3) (20.0 ) (88.9 ) (61.1 ) Currency losses in Argentina — (1.1 ) — Net income attributable to noncontrolling interests 0.4 0.3 0.5 Income (loss) from continuing operations before income taxes $ 34.4 $ 10.5 $ (28.3 ) ______________________________ (1) Management allocates certain corporate costs to each operating segment to the extent such costs are directly attributable to the segments. For the year ended December 31, 2017, corporate costs include approximately $5.4 million 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) Gain on Brazil tax recoveries, net primarily consists of a $1.7 million pre-tax gain related to indirect tax recoveries, and $1.1 million of legal fees and other charges relating to indirect and income tax recoveries. Please refer to Note 9, "Income Taxes" and Note 12, "Commitments and Contingencies" for further information. (3) 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 8, "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, 2019, 2018 and 2017: Year Ended December 31, (In millions) 2019 2018 2017 Specialty Construction Chemicals: Concrete $ 434.8 $ 478.9 $ 455.6 Cement 144.3 164.6 160.1 Total SCC Sales $ 579.1 $ 643.5 $ 615.7 Specialty Building Materials: Building Envelope $ 246.3 $ 284.4 $ 263.3 Residential Building Products 81.2 80.9 80.3 Specialty Construction Products 106.9 116.6 125.1 Total SBM Sales $ 434.4 $ 481.9 $ 468.7 Total Sales $ 1,013.5 $ 1,125.4 $ 1,084.4 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) 2019 2018 2017 Net Sales United States $ 505.0 $ 538.8 $ 509.2 Canada and Other 32.4 32.2 31.5 Total North America 537.4 571.0 540.7 Europe Middle East Africa 193.5 240.7 244.5 Asia Pacific 222.5 245.6 229.2 Latin America 60.1 68.1 70.0 Total $ 1,013.5 $ 1,125.4 $ 1,084.4 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, 2019, 2018 and 2017. There were no customers that individually accounted for 10% or more of the Company’s consolidated operating revenues for the years ended December 31, 2019, 2018, or 2017. There were no customers that individually accounted for 10% or more of the Company's accounts receivable balance as of December 31, 2019 and 2018. Disaggregation of Long-Lived Assets As a result of adopting Topic 842, the Company has recorded $29.3 million of operating lease right-of-use-assets as of December 31, 2019 . The Company disaggregates such assets by operating segments and geographic areas in which GCP operates. Please refer to Note 1, "Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies" and Note 6, "Lessee Arrangements" for further discussion on the accounting treatment and impact of adopting Topic 842. The following table sets forth long-lived asset information related to the geographic areas in which GCP operates: Year Ended December 31, (In millions) 2019 2018 Properties and Equipment, net United States $ 166.7 $ 150.1 Canada and Other 3.1 3.0 Total North America 169.8 153.1 Europe Middle East Africa (EMEA) 25.1 27.6 Asia Pacific 41.9 35.0 Latin America 8.5 9.4 Total $ 245.3 $ 225.1 Operating lease right-of-use assets United States $ 12.7 $ — Canada 0.1 — Total North America 12.8 — Europe, Middle East, and Africa 7.0 — Asia Pacific 8.4 — Latin America 1.1 — Total $ 29.3 $ — Goodwill, Intangibles and Other Assets United States $ 107.9 $ 107.4 Canada and Other 7.9 7.8 Total North America 115.8 115.2 Europe Middle East Africa (EMEA) 167.9 169.8 Asia Pacific 17.9 17.5 Latin America 26.0 22.4 Total $ 327.6 $ 324.9 Total long-lived assets located in the United Kingdom represented approximately 20% of total long-lived assets as of December 31, 2019 and 2018. 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, 2019 and 2018. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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 earnings (loss) per share: Year Ended December 31, (In millions, except per share amounts) 2019 2018 2017 Numerators Income (loss) from continuing operations attributable to GCP shareholders $ 40.6 $ (16.1 ) $ (110.9 ) Income from discontinued operations, net of income taxes 5.7 31.3 664.3 Net income attributable to GCP shareholders $ 46.3 $ 15.2 $ 553.4 Denominators Weighted average common shares—basic calculation 72.6 72.1 71.5 Dilutive effect of employee stock awards (1) 0.3 — — Weighted average common shares—diluted calculation 72.9 72.1 71.5 Basic earnings (loss) per share Income (loss) from continuing operations attributable to GCP shareholders $ 0.56 $ (0.22 ) $ (1.55 ) Income from discontinued operations, net of income taxes $ 0.08 $ 0.43 $ 9.29 Net income attributable to GCP shareholders $ 0.64 $ 0.21 $ 7.74 Diluted earnings (loss) per share (1) Income (loss) from continuing operations attributable to GCP shareholders $ 0.56 $ (0.22 ) $ (1.55 ) Income from discontinued operations, net of income taxes $ 0.08 $ 0.43 $ 9.29 Net income attributable to GCP shareholders $ 0.64 $ 0.21 $ 7.74 _______________________________ (1) Dilutive effect not applicable to the periods in which GCP generated a loss from continuing operations. GCP uses the treasury stock method to compute diluted earnings (loss) 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, 2019, 0.6 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 have been reflected in the "Dilutive effect of employee stock awards" line in the table above: Year Ended December 31, (In millions of shares) 2019 2018 2017 Dilutive effect: (1) Options N/A 0.4 0.6 RSUs N/A 0.3 0.4 ________________________________ (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. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions The Company did not complete any material acquisitions during the year ended December 31, 2019. Please refer to Note 1, "Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies" for further discussion regarding the accounting treatment for business acquisitions. 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 has strengthened GCP’s position in the U.K. waterproofing market and has complemented 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 . During the year ended December 31, 2018, the Company finalized certain closing adjustments with the seller by recording a $0.2 million reduction in both consideration paid and inventories. The Company finalized the purchase price allocation and fair values of assets acquired and liabilities assumed during the year ended December 31, 2019. 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 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 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 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. During the year ended December 31, 2019, a portion of the consideration was released from the escrow based on the provisions of the related agreement. 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 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 acquisition of Ductilcrete has expanded its technology platform with new product categories and engineered systems that 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 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 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 their estimated fair values at the date of acquisition. Such balances are reflected in the Consolidated Balance Sheets as of December 31, 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 expense (income), 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 years ended December 31, 2019 and 2018. Net income from RIW, Ductilcrete and Stirling Lloyd was not material individually to the Company's consolidated "Income (loss) from continuing operations" during the years ended December 31, 2019 and 2018. In the aggregate, net income from RIW, Ductilcrete and Stirling Lloyd was not material to the Company's consolidated "Income (loss) from continuing operations" during the years ended December 31, 2019 and amounted to $13.5 million during the 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) Revenue $ 1,108.9 Loss from continuing operations $ (103.4 ) GCP reflected non-recurring pro forma adjustments directly attributable to the business combinations in the pro forma revenue and loss 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. Disposal of Non-core Halex Net Assets 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. During the year ended December 31, 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 expense (income), net" in the Consolidated Statements of Operations. The transaction included the disposal of $1.3 million in related goodwill and $1.5 million |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
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 implement the legal transfer of the Darex business in the delayed closing jurisdictions in accordance with local law. During the year ended December 31, 2019, the Company completed the delayed closing in Indonesia and recorded an after-tax gain of $ 7.2 million . 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 2020, the delayed closing in Venezuela was completed. The Company does not expect to record a gain or a loss on the closing of the sale of the Darex business in Venezuela. 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, with the exception of operations in Venezuela which were deconsolidated during 2017. As of December 31, 2018, a liability of $13.6 million related to the consideration received by GCP for the delayed closings was recognized in “Other current liabilities.” During the year ended December 31, 2019, GCP reduced the liability by $13.1 million which represented the sale proceeds received on July 3, 2017 for the delayed closing in Indonesia. The remaining liability of $0.5 million for the consideration received on July 3, 2017 related to the delayed closing in Venezuela is recorded in “Other current liabilities” as of December 31, 2019. 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, 2019 , 2018 , and 2017 : Year Ended December 31, (In millions) 2019 2018 2017 Net proceeds included in gain $ 12.7 $ 55.4 $ 996.3 Transaction costs — — (15.9 ) Net assets derecognized (3.1 ) (11.9 ) (99.6 ) Gain recognized before income taxes 9.6 43.5 880.8 Tax effect of gain recognized (2.4 ) (12.0 ) (201.9 ) Gain recognized after income taxes $ 7.2 $ 31.5 $ 678.9 In connection with the Disposition and the related gain, as noted above, the Company recorded tax expense of $2.4 million , $12.0 million , and $201.9 million , respectively, within discontinued operations during the years ended December 31, 2019 , 2018 and 2017. 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 years ended December 31, 2019 and 2018 . In connection with the Disposition, the Company and Henkel also entered into a Transition Services Agreement pursuant to which Henkel and the Company were to provide various services to each other in connection with the transition of the Darex business to Henkel. The services were related to real estate, information technology, accounts payable, payroll and other finance functions, as well as administrative services and covered various periods up to 36 months following the closing date. The services substantially ended during the year ended December 31, 2018. The charges for such services generally allow the servicing party to recover all out-of-pocket costs and expenses and are recorded in "Other expenses (income), net" in 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 32 months following the closing date. Under the Amended Purchase Agreement, GCP is required to indemnify Henkel for certain possible future tax liabilities. As of December 31, 2019 and 2018, GCP has recorded an indemnification payable of $0.9 million as a result of the Disposition. The following table sets forth the components of "Income from discontinued operations, net of income taxes" in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2019 2018 2017 Net sales $ — $ 15.7 $ 169.5 Cost of goods sold — 15.9 111.9 Gross profit — (0.2 ) 57.6 Selling, general and administrative expenses 1.6 5.8 44.9 Research and development expenses — — 2.3 Restructuring expenses and asset impairments 0.3 0.4 7.8 Loss in Venezuela — — 1.1 Gain on sale of business (9.6 ) (43.5 ) (880.8 ) Other expenses (income), net 0.1 (4.1 ) 7.7 Income from discontinued operations before income taxes 7.6 41.2 874.6 Provision for income taxes (1.9 ) (9.9 ) (210.2 ) Less: Net income attributable to noncontrolling interests — — (0.1 ) Income from discontinued operations, net of income taxes $ 5.7 $ 31.3 $ 664.3 The following table sets forth carrying amounts of the major classes of assets and liabilities of Darex which are classified as held for sale in the Consolidated Balance Sheets as of December 31, 2019 and 2018 : (In millions) December 31, 2019 December 31, 2018 Trade accounts receivable $ — $ 2.2 Inventories, net — 1.2 Current assets held for sale — 3.4 Properties and equipment, net — 0.2 Other assets 0.5 0.5 Non-current assets held for sale 0.5 0.7 Underfunded and unfunded defined benefit pension plans — 0.4 Non-current liabilities held for sale $ — $ 0.4 |
Quarterly Summary and Statistic
Quarterly Summary and Statistical Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
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 21, "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, 2019 and 2018: Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2019 (1)(2) June 30, 2019 September 30, 2019 December 31, 2019 December 31, 2019 Net sales $ 226.1 $ 262.2 $ 266.9 $ 258.3 $ 1,013.5 Gross profit 82.2 99.0 105.1 96.8 383.1 Net income 21.6 2.6 16.7 5.8 46.7 Income from continuing operations attributable to GCP shareholders 14.6 3.1 17.0 5.9 40.6 Income (loss) from discontinued operations, net of income taxes : 6.8 (0.5 ) (0.4 ) (0.2 ) 5.7 Income attributable to GCP shareholders $ 21.4 $ 2.6 $ 16.6 $ 5.7 $ 46.3 Income (loss) per share Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.20 $ 0.04 $ 0.23 $ 0.08 $ 0.56 Income (loss) from discontinued operations, net of income taxes $ 0.09 $ (0.01 ) $ (0.01 ) $ — $ 0.08 Net income attributable to GCP shareholders $ 0.30 $ 0.04 $ 0.23 $ 0.08 $ 0.64 Diluted earnings (loss) per share (3): Income from continuing operations $ 0.20 $ 0.04 $ 0.23 $ 0.08 $ 0.56 Income (loss) from discontinued operations, net of income taxes $ 0.09 $ (0.01 ) $ (0.01 ) $ — $ 0.08 Net income attributable to GCP shareholders $ 0.29 $ 0.04 $ 0.23 $ 0.08 $ 0.64 ________________________________ (1) During the three months ended March 31, 2019, GCP recognized a tax benefit of $20.2 million from the release of an uncertain tax position due to the finalization of the Transition Tax regulations issued in January 2019. (2) During the three months ended March 31, 2019, GCP recognized an after tax gain of $7.2 million on the sale of the delayed close entity in Indonesia related to Darex. Please refer to Note 21, "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, 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 8, "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 related to Darex. Please refer to Note 21, "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. |
Schedule II - Valuation & Quali
Schedule II - Valuation & Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, 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, 2019 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 $ 3.5 $ (1.7 ) $ (0.1 ) $ 7.5 Inventory obsolescence reserve $ 2.7 5.5 (4.4 ) — $ 3.8 Valuation allowance for deferred tax assets $ 18.5 2.3 (1.3 ) (2.3 ) $ 17.2 ___________________________________________________________________________________________________________________ (1) Various miscellaneous adjustments against reserves and effects of currency translation. 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 resulting 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. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018, as discussed further in Note 21, "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. |
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. 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 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, 2019 and 2018, the remaining operations within GCP Venezuela represent the Darex operations sold to Henkel in January 2020 under a delayed close arrangement. The Company does not expect to record a gain or a loss on the closing of the sale of the Darex business in Venezuela. The remaining investment in GCP Venezuela is classified as held for sale within the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018 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 16, "Related Party Transactions and Transactions with Grace" 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 (loss) 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 forecasts of long term sales growth rates (please refer to Note 7, "Goodwill and Other Intangible Assets"); • Realization values of net deferred tax assets which depend on projections of future taxable income (please refer to Note 9, "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 12, "Commitments and Contingencies") and income taxes (please refer to Note 9, "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 10, "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 finite-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 20, "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 17, "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 are presented at amortized cost within the "Cash and cash equivalents" in the Company's Consolidated Balance Sheets and approximate fair value. |
Accounts Receivable, Allowance for Doubtful Accounts | Accounts Receivable, Allowance for Doubtful Accounts |
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 | Revenue Recognition Effective January 1, 2018, GCP has adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Contract Assets and Contract Liabilities 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 Assets | 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 determined in accordance with an income-based approach utilizing projected discounted cash flows model. |
Lessee Arrangements | Lessee Arrangements Effective January 1, 2019, GCP has adopted FASB issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842). GCP determines at contract inception whether the contract represents or contains a lease and conveys the right to control the use of an identified asset over a period of time in exchange for consideration. For leases with terms greater than 12 months, the Company recognizes right-of-use assets and lease obligations at the lease commencement date based on a present value of lease payments over the lease term. Lease payments included in the measurement of right-of-use assets and lease obligations consist of: (i) fixed payments, including periodic rent increases and excluding any lease incentives paid or payable to the Company by a lessor, and (ii) certain variable payments that depend on an index or a market rate measured on the commencement date. The Company estimates its incremental borrowing rate based on the remaining lease term and remaining lease payments, as well as other information available at lease commencement since a readily determinable implicit rate is not provided in the Company's leases. The Company has elected to utilize a portfolio approach as it pertains to the application of the appropriate discount rates to its portfolios of leases. The weighted average discount rate for operating leases was 5.33% as of December 31, 2019 . Right-of-use assets for operating leases are initially measured on the lease commencement date and include any initial direct costs incurred, as well as lease obligation amounts, net of any lease incentives received from a lessor. Lease expense for operating leases is recognized on a straight-line basis over the lease term which includes: (i) a non-cancelable term during which the Company has a right to use an underlying asset, (ii) renewal options that extend the lease, are in the control of the lessor and reasonably certain to be exercised, and (iii) options to terminate the lease before the end of its non-cancelable term that are not reasonably certain to be exercised. Variable payments that are excluded from the measurement of right-of-use assets and lease obligations consist primarily of non-lease related services, the Company's proportionate share of operating expenses for the leased facilities and certain payments related to excess mileage and usage charges for the leased vehicles and equipment. Such variable payments are recognized as lease expense in the results of operations when the obligation is incurred. The Company does not record right-of-use assets and lease obligations for leases with an initial term of 12 months or less and recognizes lease expense on a straight-line basis over the lease term. Finance leases are included in "Properties and equipment, net", "Debt payable within one year" and "Debt payable after one year" in the Company's Consolidated Balance Sheets and not material at December 31, 2019 and 2018 . |
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, 2019 and 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 analyses. 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 | 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 performs 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. |
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 9, "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 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 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 closing market 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, 2019 , 2018 and 2017 , the Company granted performance-based restricted stock units (“PBUs”) to certain key employees. PBUs are performance-based units which are granted by the Company with market conditions. Such PBUs are expected to cliff vest over three years and will be settled in GCP common stock. PBUs granted in 2018 and 2017 are based on 3 -year cumulative adjusted diluted earnings per share measure that is modified, up or down, based on the Company's total shareholder return ("TSR") relative to the performance of the Russell 3000 Index. PBUs granted in 2019 are based on a three-year cumulative adjusted diluted earnings per share measure that is modified, up or down, based on the Company's TSR relative to the performance of the Russell 3000 Specialty Chemicals and Building Materials Indices. 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, 2019 , 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. |
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 and 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 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 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. |
Foreign Currency Transactions and Translation | 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 expenses (income), net” in the Company’s Consolidated Statements of Operations. Net foreign currency transaction and remeasurement gains (losses) reflected in “Other expenses (income), net” for the years ended December 31, 2019 , 2018 and 2017 were losses of $0.3 million , $2.9 million and $1.0 million , respectively. 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. Argentina 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, the functional currency of the Company's subsidiary operating in Argentina became the U.S. dollar and all remeasurement adjustments after the effective date are reflected in GCP's results operations in the Consolidated Statements of Operations. During each of the years ended December 31, 2019 and 2018 , the Company incurred losses of $1.1 million related to the remeasurement of these monetary net assets which are included in "Other expenses (income), net" in the Consolidated Statements of Operations. Net sales generated by the Argentina subsidiary were not material to the Company's consolidated net sales during the years ended December 31, 2019 and 2018. Monetary net assets denominated in local currency within the Company's Argentina subsidiary were not material to GCP's consolidated total assets as of December 31, 2019 and 2018 . Venezuela GCP deconsolidated its Venezuelan operations as of July 3, 2017 and, as a result, the Company's financial results no longer include the operations of GCP Venezuela, including currency translation adjustments, beyond that date. In May of 2017, the Venezuela government announced that it had completed its first auction under the new floating exchange rate (the "DICOM") mechanism at a rate of 2,010 bolivars per U.S. dollar, an increase of 176.1% from the previously published rate of 728 bolivar per U.S. dollar. As a result of the change in the exchange mechanism and devaluation of the bolivar, the Company recorded a foreign exchange remeasurement and impairment loss of $7.1 million , of which $2.4 million was from continuing operations and $4.7 million was from discontinued operations. The loss from continuing operations of $2.4 million consists of $1.6 million included in “Loss in Venezuela” and $0.8 million included in “Cost of goods sold” within the Consolidated Statements of Operations for the year ended December 31, 2017. During the three months ended June 30, 2017, the DICOM rate increased to 2,640 bolivars per U.S. dollar. As a result, the Company recorded a foreign exchange remeasurement loss of $1.2 million during the year ended December 31, 2017, of which $0.3 million was recognized in continuing operations and reflected in “Other expenses (income), net” within the Consolidated Statements of Operations and $0.9 million was recognized in discontinued 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 Goodwill In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350) . The amendments in this update eliminate the requirement to calculate the implied fair value of goodwill (Step 2) when measuring a goodwill impairment loss. An impairment loss will be based on the excess of a reporting unit’s carrying amount over its fair value. 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 of this guidance on its Consolidated Financial Statements and related disclosures, but it does not expect such impact to be material. 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 at inception 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 related to 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 effective January 1, 2020. During the year ended December 31, 2019, GCP initiated the data collection initiative and began evaluating the potential impact of adopting the standard on its financial position, results of operations and related disclosures, but has not yet completed such assessment. Other new pronouncements issued, but not effective until after December 31, 2019 are not expected to have a material impact on the Company's financial position, results of operations or liquidity. Recently Adopted Accounting Standards Leases In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) whereas a lessee is 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 control the use of the underlying asset during the lease term, including optional payments that are reasonably certain to occur. The Company adopted Topic 842 effective January 1, 2019 and elected a transition option allowing it to forgo the application of comparative period presentation in the financial statements during the year of adoption. The Company's Consolidated Financial Statements for the year ended December 31, 2019 are presented in accordance with Topic 842, while the comparative periods have not been recast based on the new standard. The Company elected a package of practical expedients allowing it to forgo the reassessment of expired or existing contracts to determine their lease classification, initial direct costs and whether any of such contracts represent or contain leases. The Company also made an accounting policy election to combine lease and non-lease components into a single lease component for each class of underlying assets for the arrangements in which GCP is a lessee, with the exception of a non-lease component related to inventory purchases. The Company separates purchases of raw materials, labor and certain other inventory-related costs from lease components based on their relative standalone values determined based on observable market information. The Company did not elect the hindsight practical expedient related to determining the lease term. The adoption of Topic 842 related to lease arrangements in which the Company is a lessee resulted in a recognition of operating lease right-of-use assets of $40.8 million and operating lease obligations of $40.9 million as of January 1, 2019 . The adoption of Topic 842 did not result in significant accounting changes for finance leases which were not material as of January 1, 2019 and December 31, 2019. The adoption of Topic 842 related to lease arrangements in which the Company is a lessee did not have a material impact on the Company's results of operations and cash flows during the year ended December 31, 2019, as described in Note 6, "Lessee Arrangements." The Company generates revenue from certain sales arrangements within the SCC operating segment related to VERIFI ® and certain admixture contracts that include lease components, as discussed in Note 2, "Revenue from Lessor Arrangements and Contracts with Customers." Topic 842 provides a practical expedient which allows lessors to combine lease and non-lease components and account for them as one component if they have the same timing and pattern of transfer and the lease component is classified as an operating lease. The combined component is accounted for in accordance with Topic 842 if the lease component is predominant, and in accordance with Topic 606 if the non-lease component is predominant. Lessors are permitted to apply the practical expedient to all existing leases on a retrospective or prospective basis. The Company elected to apply the practical expedient prospectively based on a portfolio approach for certain classes of underlying assets. The Company does not include taxes (i.e. sales, use, value added or some excise taxes) in the contract consideration, variable lease payments or transaction price that are allocated among its products or services. The adoption of Topic 842 for the arrangements in which GCP is a lessor did not have a material impact on the Company's financial position as of December 31, 2019 and its results of operations and cash flows during the period then ended. Please refer to Note 2, "Revenue from Lessor Arrangements and Contracts with Customers" for further information on lease arrangements in which the Company is a lessor. 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. GCP adopted the standard effective January 1, 2019. The standard did not have a material impact on the Company's financial position and its results of operations and cash flows upon adoption. 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 Lessor Arrangements and 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 then ended. 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 20, "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 8, "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 its results of operations for the year then ended. |
Revenue from Lessor Arrangeme_2
Revenue from Lessor Arrangements and Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Components of Lease and Service Revenue | The following table summarizes the revenue recognized for these sales arrangements for the years ended December 31, 2019 and 2018 and distinguishes between the lease and non-lease components: Year Ended December 31, (In millions) 2019 2018 Lease revenue (1) : Lease payments revenue $ 26.8 $ 26.4 Variable lease revenue 7.8 6.7 Total lease revenue $ 34.6 $ 33.1 Service revenue (2) : Fixed installation revenue $ 0.1 $ 0.1 Variable revenue 4.9 4.1 Total service revenue $ 5.0 $ 4.2 Total revenue $ 39.6 $ 37.3 ________________________________ (1) Lease revenue consists of dispensers lease revenue, as well as an allocated portion of VERIFI® fixed fees and variable slump management fees. Lease revenue is included within "Net Sales" in the Consolidated Statements of Operations. (2) Service revenue consists of an allocated portion of VERIFI® fixed fees and variable slump management fees. Service revenue is included within "Net Sales" in the Consolidated Statements of Operations. |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following is a summary of inventories presented in the Consolidated Balance Sheets at December 31, 2019 and December 31, 2018 : December 31, (In millions) 2019 2018 Raw materials $ 40.0 $ 46.0 In process 4.0 4.6 Finished products and other 51.9 59.9 Total inventories $ 95.9 $ 110.5 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net Investment Hedges in Balance Sheets | The following table summarizes the fair value of the Company’s derivative instruments designated as net investment hedges as of December 31, 2019 : (In millions) December 31, 2019 Derivative asset (1) : Foreign exchange forward contracts $ 1.1 __________________________ (1) The fair value of derivative instruments is measured based on expected future cash flows discounted at market interest rates using observable market inputs and classified as Level 2 within the fair value hierarchy. Fair value of derivative assets is recorded within "Other Current Assets" and "Other Assets" in the Consolidated Balance Sheets. |
Net Investment Hedges in Consolidated Statements of Operations and Comprehensive Income | The following table summarizes the amounts recorded in the Company's Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss) related to forward contracts designated as net investment hedges for the year ended December 31, 2019 : Year Ended December 31, (In millions) 2019 Other expenses (income), net Currency Translation Adjustments (1) Gain on foreign exchange forward contracts $ 0.6 $ 0.4 __________________________ (1) The amount is presented net of tax liability of $0.1 million for the year ended December 31, 2019. |
Properties and Equipment (Table
Properties and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | The following is a summary of properties and equipment presented in the Consolidated Balance Sheets at December 31, 2019 and December 31, 2018 : December 31, (In millions) 2019 2018 Land $ 8.5 $ 8.5 Buildings 138.1 136.7 Machinery, equipment and other 436.4 407.8 Information technology and equipment 82.5 79.2 Projects under construction 24.8 18.3 Properties and equipment, gross 690.3 650.5 Accumulated depreciation (445.0 ) (425.4 ) Properties and equipment, net $ 245.3 $ 225.1 |
Lessee Arrangements (Tables)
Lessee Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Expense and Supplemental Cash Flow Information | The following table summarizes supplemental cash flow information related to leases during the year ended December 31, 2019: (In millions) Amount Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12.6 Operating lease right of use assets obtained in exchange for new lease obligations: Upon adoption of Topic 842, as of January 1, 2019 $ 40.8 During the remainder of 2019 5.9 Total $ 46.7 The following table summarizes components of lease expense for the year ended December 31, 2019 : Year Ended December 31, (In millions) 2019 Operating lease expense $ 12.6 Variable lease expense 4.4 Short-term lease expense 2.4 Total lease expense $ 19.4 |
Lease Liability Maturities | The following table summarizes lease liability maturities as of December 31, 2019: (In millions) Amount 2020 $ 9.1 2021 5.6 2022 3.3 2023 2.2 2024 1.7 Thereafter 19.1 Total undiscounted lease payments 41.0 Less: imputed interest (11.3 ) Present value of lease payments $ 29.7 Less: operating lease obligations payable within one year (8.1 ) Long-term operating lease obligations $ 21.6 |
Future Minimum Noncancelable Payments | As of 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 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 , are as follows: (In millions) SCC SBM Total 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 Foreign currency translation (0.7 ) 1.7 1.0 Balance, December 31, 2019 $ 61.6 $ 147.3 $ 208.9 |
Schedule of Finite-Lived Intangible Assets | The following is a summary of the finite-lived intangible assets presented in the Consolidated Balance Sheets as of December 31, 2019 and 2018 : December 31, 2019 December 31, 2018 (In millions) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Accumulated Net Book Value Customer relationships $ 87.4 $ 35.3 $ 52.1 $ 87.3 $ 29.8 $ 57.5 Technology 41.0 20.0 21.0 40.2 16.9 23.3 Trademarks 11.9 9.9 2.0 12.4 9.8 2.6 Other 6.5 5.1 1.4 6.6 4.9 1.7 Total $ 146.8 $ 70.3 $ 76.5 $ 146.5 $ 61.4 $ 85.1 |
Schedule of Estimated Future Annual Amortization Expense | As of December 31, 2019 , the estimated future annual amortization expense for intangible assets is as follows: (In millions) Amount Year ending December 31, 2020 $ 9.4 2021 8.9 2022 8.9 2023 8.6 2024 8.4 Thereafter 32.3 Total $ 76.5 |
Debt and Other Borrowings (Tabl
Debt and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Components of Debt | The following is a summary of obligations related to the senior notes and other borrowings at December 31, 2019 and December 31, 2018 : Year Ended December 31, (In millions) 2019 2018 5.5% Senior Notes due in 2026, net of unamortized debt issuance costs of $3.9 million and $4.4 million, respectively, at December 31, 2019 and 2018 $ 346.1 $ 345.6 Revolving credit facility due in 2023(1) — — Other borrowings(2) 3.1 11.1 Total debt 349.2 356.7 Less debt payable within one year 2.7 10.6 Debt payable after one year $ 346.5 $ 346.1 Weighted average interest rates on total debt obligations outstanding 5.5 % 5.7 % __________________________ (1) Represents borrowings under the Revolving Credit Facility with an aggregate principal amount of $350.0 million as of December 31, 2019 and 2018 . (2) Represents borrowings of $ 1.8 million and $9.4 million , respectively, at December 31, 2019 and 2018, under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries, as well as $1.3 million and $1.7 million , respectively, of finance lease obligations. |
Principal Maturities of Debt Outstanding | The principal maturities of debt obligations outstanding, net of debt issuance costs, were as follows at December 31, 2019 : (In millions) Year ending December 31, Amount 2020 $ 2.7 2021 0.1 2022 0.1 2023 0.1 2024 0.1 Thereafter 346.1 Total debt $ 349.2 |
Carrying Amounts and Fair Values of Debt Instruments | At December 31, 2019 and 2018, the carrying amounts and fair values of GCP's debt are as follows: December 31, 2019 December 31, 2018 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value 5.5% Senior Notes due in 2026 $ 346.1 $ 366.3 $ 345.6 $ 344.2 Other borrowings 3.1 3.1 11.1 11.1 Total debt $ 349.2 $ 369.4 $ 356.7 $ 355.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes | The components of income (loss) before income taxes and the related (benefit) provision for income taxes for 2019 , 2018 and 2017 are as follows: Year Ended December 31, (In millions) 2019 2018 2017 Income (loss) before income taxes: Domestic $ 14.6 $ 5.5 $ (27.4 ) Foreign 19.8 5.0 (0.9 ) Total $ 34.4 $ 10.5 $ (28.3 ) (Benefit) provision for income taxes: Federal—current $ (13.7 ) $ 16.8 $ 27.2 Federal—deferred 1.4 (0.6 ) 39.4 State and local—current 1.0 (0.2 ) (3.8 ) State and local—deferred (0.4 ) (0.4 ) 2.7 Foreign—current 6.1 12.1 5.7 Foreign—deferred (1.0 ) (1.4 ) 10.9 Total $ (6.6 ) $ 26.3 $ 82.1 |
Schedule of Provision for Income Taxes | The components of income (loss) before income taxes and the related (benefit) provision for income taxes for 2019 , 2018 and 2017 are as follows: Year Ended December 31, (In millions) 2019 2018 2017 Income (loss) before income taxes: Domestic $ 14.6 $ 5.5 $ (27.4 ) Foreign 19.8 5.0 (0.9 ) Total $ 34.4 $ 10.5 $ (28.3 ) (Benefit) provision for income taxes: Federal—current $ (13.7 ) $ 16.8 $ 27.2 Federal—deferred 1.4 (0.6 ) 39.4 State and local—current 1.0 (0.2 ) (3.8 ) State and local—deferred (0.4 ) (0.4 ) 2.7 Foreign—current 6.1 12.1 5.7 Foreign—deferred (1.0 ) (1.4 ) 10.9 Total $ (6.6 ) $ 26.3 $ 82.1 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the (benefit) 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) 2019 2018 2017 Tax provision (benefit) at U.S. federal income tax rate $ 7.2 $ 2.2 $ (9.9 ) Change in provision resulting from: Deconsolidation of Venezuela (1) $ — $ — $ 11.5 Devaluation in Venezuela — — 1.4 2017 Tax Act 3.9 (2.5 ) 81.7 Recognition of outside basis differences (0.3 ) 0.3 (13.9 ) U.S. foreign income inclusions 1.2 0.7 1.1 Effect of tax rates in foreign jurisdictions 3.6 3.2 (1.0 ) Valuation allowance 1.0 6.8 11.4 State and local income taxes, net 0.9 0.6 (1.2 ) Return to provision – change in estimate (2.2 ) (5.4 ) 0.4 Nondeductible expenses and non-taxable items 1.6 2.7 3.5 U.S. foreign income tax credits (2.0 ) (2.1 ) — Research and other state credits (1.3 ) (1.1 ) (0.8 ) Unrecognized tax benefits (2) (20.3 ) 20.7 (0.7 ) Equity compensation (0.2 ) (0.5 ) (1.2 ) Other 0.3 0.7 (0.2 ) (Benefit) provision for income taxes $ (6.6 ) $ 26.3 $ 82.1 __________________________ (1) Amount in 2017 is offset by the benefit resulting from outside basis differences primarily in Mexico and Venezuela, which is included in the table above in "Recognition of outside basis differences." (2) Amounts in 2018 and 2019 are primarily related to an unrecognized tax benefit increase of $20.2 million in 2018 and the subsequent $20.2 million reversal in 2019 due to the regulatory clarification of the 2017 Tax Act in January 2019. |
Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at December 31, 2019 and 2018 are as follows: (In millions) December 31, 2019 December 31, 2018 Deferred tax assets: Foreign net operating loss carryforwards $ 16.8 $ 19.0 Research and development 0.7 1.0 Reserves and allowances 10.2 9.4 Pension benefits 11.0 5.9 Intangible assets/goodwill — 0.1 Stock compensation 2.2 3.1 Interest Limitation Carryover 10.3 12.2 Operating Lease Obligations 7.4 — Foreign tax credit carryforwards 1.2 — Other 1.3 1.3 Total deferred tax assets 61.1 52.0 Deferred tax liabilities: Properties and equipment (13.5 ) (14.5 ) Other (1.2 ) (2.2 ) Operating Lease Right of Use (7.4 ) — Intangible assets/goodwill (1.1 ) — Outside basis difference in Verifi ® (7.7 ) (3.7 ) Total deferred tax liabilities (30.9 ) (20.4 ) Valuation Allowance: Foreign net operating loss carryforwards (16.0 ) (18.5 ) Foreign tax credit carryforwards (1.2 ) — Total Valuation Allowance (17.2 ) (18.5 ) Net deferred tax assets $ 13.0 $ 13.1 |
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, 2019 , is presented below. (In millions) Unrecognized Tax Benefits 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 Additions for prior year tax positions — Additions for current year tax positions — Reductions for expirations of statute of limitations (1.5 ) Reductions for prior year tax positions and reclassifications (19.5 ) Balance, December 31, 2019 $ 31.8 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 $ 25.0 $ 22.5 Long-term pension liabilities: Underfunded defined benefit pension plans (40.8 ) (24.2 ) Unfunded defined benefit pension plans (26.7 ) (23.9 ) Total long-term pension liabilities related to underfunded and unfunded defined benefit pension plans (67.5 ) (48.1 ) Pension liabilities included in other current liabilities (1.2 ) (1.3 ) Net funded status $ (43.7 ) $ (26.9 ) |
Schedule of Curtailment And Mark-To-Market Gains and Losses | The Company recognized the following curtailment gains related to the 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) (losses) gains from continuing operations related to the interim and annual remeasurements of the U.S. plans' PBO and plan assets: Year Ended December 31, 2019 2018 2017 Total MTM (losses) gains $ (12.3 ) $ 9.5 $ (18.7 ) The Company recognized the following curtailment gains related to non-U.S. pension plans: Year Ended December 31, 2019 2018 2017 Net curtailment gains: Total net curtailment gains from continuing operations $ 1.2 $ 0.2 $ — Total net curtailment gains from discontinued operations(1) 0.2 — 14.3 Total net curtailment gains $ 1.4 $ 0.2 $ 14.3 ________________________________ (1) During the year ended December 31, 2019, the Company recognized a curtailment gain of $0.2 million within the gain on sale of Indonesia related to its delayed closing as a part of Darex divestiture. Please refer to Note 21, "Discontinued Operations" for further information. The Company recognized the following mark-to-market (losses) gains related to interim and annual remeasurements of the non-U.S. plans' PBO and plan assets: Year Ended December 31, 2019 2018 2017 Total MTM (losses) gains from continuing operations $ (1.0 ) $ 0.4 $ 4.6 Total MTM gains from discontinued operations — — 0.1 Total MTM (losses) gains $ (1.0 ) $ 0.4 $ 4.7 |
Changes in Projected Benefit Obligations and Fair Value of Plan Assets | The following table summarizes the changes in benefit obligations, the fair values of retirement plan assets, and funded status during the years ended December 31, 2019 and 2018 , including amounts presented in both continuing and discontinued operations. Defined Benefit Pension Plans U.S. Non-U.S. Total 2019 2018 2019 2018 2019 2018 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 141.5 $ 163.8 $ 246.8 $ 274.5 $ 388.3 $ 438.3 Service cost 6.3 7.9 2.6 3.0 8.9 10.9 Interest cost 5.8 5.6 5.4 5.6 11.2 11.2 Amendments — — 0.2 2.8 0.2 2.8 Settlements/curtailments — — (1.4 ) (0.5 ) (1.4 ) (0.5 ) Actuarial loss (gain) 27.8 (23.9 ) 20.2 (7.3 ) 48.0 (31.2 ) Benefits paid (9.5 ) (11.9 ) (15.4 ) (19.4 ) (24.9 ) (31.3 ) Currency exchange translation adjustments — — 7.2 (11.9 ) 7.2 (11.9 ) Benefit obligation at end of year $ 171.9 $ 141.5 $ 265.6 $ 246.8 $ 437.5 $ 388.3 Change in Plan Assets: Fair value of plan assets at beginning of year $ 110.5 $ 129.2 $ 250.4 $ 277.1 $ 360.9 $ 406.3 Actual return on plan assets 21.9 (6.8 ) 25.1 (0.3 ) 47.0 (7.1 ) Employer contributions 0.1 — 2.6 5.0 2.7 5.0 Settlements — — — (0.3 ) — (0.3 ) Benefits paid (9.5 ) (11.9 ) (15.4 ) (19.4 ) (24.9 ) (31.3 ) Currency exchange translation adjustments — — 8.1 (11.7 ) 8.1 (11.7 ) Fair value of plan assets at end of year $ 123.0 $ 110.5 $ 270.8 $ 250.4 $ 393.8 $ 360.9 Funded status at end of year (PBO basis) $ (48.9 ) $ (31.0 ) $ 5.2 $ 3.6 $ (43.7 ) $ (27.4 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ — $ 0.1 $ 25.0 $ 22.4 $ 25.0 $ 22.5 Current liabilities (0.4 ) (0.1 ) (0.8 ) (1.2 ) (1.2 ) (1.3 ) Non-current liabilities (48.5 ) (31.0 ) (19.0 ) (17.2 ) (67.5 ) (48.2 ) Non-current liabilities held-for-sale — — — (0.4 ) — (0.4 ) Net amount recognized $ (48.9 ) $ (31.0 ) $ 5.2 $ 3.6 $ (43.7 ) $ (27.4 ) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.3 2.1 2.3 2.1 Net amount recognized $ — $ — $ 2.3 $ 2.1 $ 2.3 $ 2.1 |
Schedule of Amounts Recognized in the Consolidated Balance Sheet | The following table summarizes the changes in benefit obligations, the fair values of retirement plan assets, and funded status during the years ended December 31, 2019 and 2018 , including amounts presented in both continuing and discontinued operations. Defined Benefit Pension Plans U.S. Non-U.S. Total 2019 2018 2019 2018 2019 2018 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 141.5 $ 163.8 $ 246.8 $ 274.5 $ 388.3 $ 438.3 Service cost 6.3 7.9 2.6 3.0 8.9 10.9 Interest cost 5.8 5.6 5.4 5.6 11.2 11.2 Amendments — — 0.2 2.8 0.2 2.8 Settlements/curtailments — — (1.4 ) (0.5 ) (1.4 ) (0.5 ) Actuarial loss (gain) 27.8 (23.9 ) 20.2 (7.3 ) 48.0 (31.2 ) Benefits paid (9.5 ) (11.9 ) (15.4 ) (19.4 ) (24.9 ) (31.3 ) Currency exchange translation adjustments — — 7.2 (11.9 ) 7.2 (11.9 ) Benefit obligation at end of year $ 171.9 $ 141.5 $ 265.6 $ 246.8 $ 437.5 $ 388.3 Change in Plan Assets: Fair value of plan assets at beginning of year $ 110.5 $ 129.2 $ 250.4 $ 277.1 $ 360.9 $ 406.3 Actual return on plan assets 21.9 (6.8 ) 25.1 (0.3 ) 47.0 (7.1 ) Employer contributions 0.1 — 2.6 5.0 2.7 5.0 Settlements — — — (0.3 ) — (0.3 ) Benefits paid (9.5 ) (11.9 ) (15.4 ) (19.4 ) (24.9 ) (31.3 ) Currency exchange translation adjustments — — 8.1 (11.7 ) 8.1 (11.7 ) Fair value of plan assets at end of year $ 123.0 $ 110.5 $ 270.8 $ 250.4 $ 393.8 $ 360.9 Funded status at end of year (PBO basis) $ (48.9 ) $ (31.0 ) $ 5.2 $ 3.6 $ (43.7 ) $ (27.4 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ — $ 0.1 $ 25.0 $ 22.4 $ 25.0 $ 22.5 Current liabilities (0.4 ) (0.1 ) (0.8 ) (1.2 ) (1.2 ) (1.3 ) Non-current liabilities (48.5 ) (31.0 ) (19.0 ) (17.2 ) (67.5 ) (48.2 ) Non-current liabilities held-for-sale — — — (0.4 ) — (0.4 ) Net amount recognized $ (48.9 ) $ (31.0 ) $ 5.2 $ 3.6 $ (43.7 ) $ (27.4 ) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.3 2.1 2.3 2.1 Net amount recognized $ — $ — $ 2.3 $ 2.1 $ 2.3 $ 2.1 |
Schedule of Amounts Recognized in Other Comprehensive Income | The following table summarizes the changes in benefit obligations, the fair values of retirement plan assets, and funded status during the years ended December 31, 2019 and 2018 , including amounts presented in both continuing and discontinued operations. Defined Benefit Pension Plans U.S. Non-U.S. Total 2019 2018 2019 2018 2019 2018 Change in Projected Benefit Obligation: Benefit obligation at beginning of year $ 141.5 $ 163.8 $ 246.8 $ 274.5 $ 388.3 $ 438.3 Service cost 6.3 7.9 2.6 3.0 8.9 10.9 Interest cost 5.8 5.6 5.4 5.6 11.2 11.2 Amendments — — 0.2 2.8 0.2 2.8 Settlements/curtailments — — (1.4 ) (0.5 ) (1.4 ) (0.5 ) Actuarial loss (gain) 27.8 (23.9 ) 20.2 (7.3 ) 48.0 (31.2 ) Benefits paid (9.5 ) (11.9 ) (15.4 ) (19.4 ) (24.9 ) (31.3 ) Currency exchange translation adjustments — — 7.2 (11.9 ) 7.2 (11.9 ) Benefit obligation at end of year $ 171.9 $ 141.5 $ 265.6 $ 246.8 $ 437.5 $ 388.3 Change in Plan Assets: Fair value of plan assets at beginning of year $ 110.5 $ 129.2 $ 250.4 $ 277.1 $ 360.9 $ 406.3 Actual return on plan assets 21.9 (6.8 ) 25.1 (0.3 ) 47.0 (7.1 ) Employer contributions 0.1 — 2.6 5.0 2.7 5.0 Settlements — — — (0.3 ) — (0.3 ) Benefits paid (9.5 ) (11.9 ) (15.4 ) (19.4 ) (24.9 ) (31.3 ) Currency exchange translation adjustments — — 8.1 (11.7 ) 8.1 (11.7 ) Fair value of plan assets at end of year $ 123.0 $ 110.5 $ 270.8 $ 250.4 $ 393.8 $ 360.9 Funded status at end of year (PBO basis) $ (48.9 ) $ (31.0 ) $ 5.2 $ 3.6 $ (43.7 ) $ (27.4 ) Amounts recognized in the Consolidated Balance Sheets: Non-current assets $ — $ 0.1 $ 25.0 $ 22.4 $ 25.0 $ 22.5 Current liabilities (0.4 ) (0.1 ) (0.8 ) (1.2 ) (1.2 ) (1.3 ) Non-current liabilities (48.5 ) (31.0 ) (19.0 ) (17.2 ) (67.5 ) (48.2 ) Non-current liabilities held-for-sale — — — (0.4 ) — (0.4 ) Net amount recognized $ (48.9 ) $ (31.0 ) $ 5.2 $ 3.6 $ (43.7 ) $ (27.4 ) Amounts recognized in Accumulated Other Comprehensive Loss: Prior service credit — — 2.3 2.1 2.3 2.1 Net amount recognized $ — $ — $ 2.3 $ 2.1 $ 2.3 $ 2.1 |
Schedule of Assumptions Used | Defined Benefit Pension Plans U.S. Non-U.S. 2019 2018 2019 2018 Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: Discount rate 3.26 % 4.33 % 1.80 % 2.49 % Rate of compensation increase 4.00 % 4.10 % 3.12 % 3.58 % Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: Discount rate 4.33 % 3.68 % 2.48 % 2.30 % Expected return on plan assets 6.00 % 6.00 % 2.44 % 2.45 % Rate of compensation increase 4.10 % 4.10 % 3.03 % 3.54 % (In millions) Year Ended December 31, Components of Net Periodic Benefit Cost (Income) and Other Amounts Recognized in Other Comprehensive (Income) Loss 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Net Periodic Benefit Cost (Income): Service cost(1) $ 6.3 $ 2.6 $ 7.9 $ 3.0 $ 6.8 $ 3.9 Interest cost 5.8 5.4 5.6 5.6 5.5 5.7 Expected return on plan assets (6.5 ) (5.9 ) (7.6 ) (6.9 ) (5.6 ) (6.8 ) Amortization of prior service cost — 0.1 — — — — Gain on termination, curtailment and settlement of pension plans — (1.4 ) — (0.2 ) (9.2 ) (14.3 ) Pension mark-to-market adjustment 12.3 1.0 (9.5 ) (0.4 ) 18.7 (4.7 ) Net periodic benefit cost (income) $ 17.9 $ 1.8 $ (3.6 ) $ 1.1 $ 16.2 $ (16.2 ) Less: Net periodic benefit income from discontinued operations — (0.2 ) — — (2.6 ) (13.9 ) Net periodic benefit cost (income) from continuing operations $ 17.9 $ 2.0 $ (3.6 ) $ 1.1 $ 18.8 $ (2.3 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): Net prior service cost (credit) $ — $ 0.2 $ — $ 2.7 $ — $ (0.7 ) Amortization of prior service cost — — — — — 0.2 Total recognized in other comprehensive (income) loss $ — $ 0.2 $ — $ 2.7 $ — $ (0.5 ) Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss $ 17.9 $ 2.0 $ (3.6 ) $ 3.8 $ 16.2 $ (16.7 ) |
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 (Income) Loss 2019 2018 2017 U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S. Net Periodic Benefit Cost (Income): Service cost(1) $ 6.3 $ 2.6 $ 7.9 $ 3.0 $ 6.8 $ 3.9 Interest cost 5.8 5.4 5.6 5.6 5.5 5.7 Expected return on plan assets (6.5 ) (5.9 ) (7.6 ) (6.9 ) (5.6 ) (6.8 ) Amortization of prior service cost — 0.1 — — — — Gain on termination, curtailment and settlement of pension plans — (1.4 ) — (0.2 ) (9.2 ) (14.3 ) Pension mark-to-market adjustment 12.3 1.0 (9.5 ) (0.4 ) 18.7 (4.7 ) Net periodic benefit cost (income) $ 17.9 $ 1.8 $ (3.6 ) $ 1.1 $ 16.2 $ (16.2 ) Less: Net periodic benefit income from discontinued operations — (0.2 ) — — (2.6 ) (13.9 ) Net periodic benefit cost (income) from continuing operations $ 17.9 $ 2.0 $ (3.6 ) $ 1.1 $ 18.8 $ (2.3 ) Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): Net prior service cost (credit) $ — $ 0.2 $ — $ 2.7 $ — $ (0.7 ) Amortization of prior service cost — — — — — 0.2 Total recognized in other comprehensive (income) loss $ — $ 0.2 $ — $ 2.7 $ — $ (0.5 ) Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss $ 17.9 $ 2.0 $ (3.6 ) $ 3.8 $ 16.2 $ (16.7 ) ________________________________ (1) Service cost component of net periodic benefit cost (income) is included in "Selling, general and administrative expenses" and "Cost of goods sold" in the Consolidated Statements of Operations. All other components of net periodic benefit cost (income) are presented in "Other expenses (income), net," within the Consolidated Statements of Operations. |
Schedule of Expected Benefit Payments | the estimated expected future benefit payments related to future services are as follows: (In millions) Pension Plans Total U.S. Non-U.S.(1) Year ending December 31, Benefit Benefit 2020 $ 9.7 $ 16.3 $ 26.0 2021 9.7 11.2 20.9 2022 9.7 11.5 21.2 2023 9.7 11.7 21.4 2024 9.8 11.9 21.7 2025 - 2029 $ 47.4 $ 61.3 $ 108.7 ________________________________________ (1) Non-U.S. estimated benefit payments for 2020 and future periods have been translated at the applicable December 31, 2019 exchange rates. |
Target Allocation and Fair Value Hierarchy for Plan Assets Measured at Fair Value | The target allocation of investment assets at December 31, 2019 and the actual allocation at December 31, 2019 and 2018 , for the U.K. pension plan are as follows: Target Actual Allocation of Plan Assets United Kingdom Pension Plan Asset Category: 2019 2019 2018 Diversified growth funds 5 % 5 % 10 % Return-seeking fixed income investment 5 % 5 % — % U.K. gilts 34 % 34 % 33 % U.K. corporate bonds 4 % 3 % 2 % Insurance contracts 52 % 53 % 55 % Total 100 % 100 % 100 % The target allocation of investment assets at December 31, 2019 and the actual allocation at December 31, 2019 and 2018 for GCP's U.S. qualified pension plans were as follows: Target Actual Allocation of Plan Assets U.S. Qualified Pension Plans Asset Category: 2019 2019 2018 U.S. equity securities 26 % 27 % 23 % Non-U.S. equity securities 13 % 13 % 13 % Debt securities 55 % 55 % 59 % Other investments 6 % 5 % 5 % Total 100 % 100 % 100 % The following tables present the fair value hierarchy for the U.S. qualified pension plan assets measured at fair value, which are held in a trust by GCP, as of December 31, 2019 and 2018 . Fair Value Measurements at December 31, 2019, 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 $ 32.7 $ — $ 32.7 $ — Non-U.S. equity group trust funds 16.4 — 16.4 — Corporate bond group trust funds 26.6 — 26.6 — Other fixed income group trust funds 6.8 — 6.8 — Common/collective trust funds 40.5 — 40.5 — Total Assets $ 123.0 $ — $ 123.0 $ — 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 $ — The following table presents the fair value hierarchy for the non-U.S. pension plan assets measured at fair value as of December 31, 2019 : Fair Value Measurements at December 31, 2019, 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 $ 123.0 $ — $ 123.0 $ — Government and agency securities 3.5 — 3.5 — Corporate bonds 9.9 — 9.9 — Insurance contracts and other investments(1) 128.2 — 0.3 127.9 Cash 6.2 6.2 — — Total Assets $ 270.8 $ 6.2 $ 136.7 $ 127.9 _________________________________________ (1) At December 31, 2019, 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. |
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, 2019 and 2018 : (In millions) Insurance Contracts Balance, December 31, 2017 $ 136.7 Actual return on plan assets 1.0 Transfers out for benefits paid (9.0 ) Currency exchange translation adjustments (5.4 ) Balance, December 31, 2018 $ 123.3 Actual return on plan assets 8.2 Transfers out for premium (7.7 ) Currency exchange translation adjustments 4.1 Balance, December 31, 2019 $ 127.9 |
Other Balance Sheet Accounts (T
Other Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 : (In millions) December 31, December 31, Other Current Assets: Non-trade receivables $ 22.1 $ 25.0 Prepaid expenses and other current assets 13.4 9.2 Income taxes receivable 8.2 10.4 Total other current assets $ 43.7 $ 44.6 |
Schedule of Other Current Liabilities | The following is a summary of other current liabilities at December 31, 2019 and 2018 : (In millions) December 31, December 31, Other Current Liabilities: Accrued customer volume rebates $ 28.4 $ 35.3 Accrued compensation (1) 16.0 16.4 Income taxes payable 10.4 17.2 Accrued interest 4.2 4.0 Restructuring liability 2.7 10.2 Pension liabilities 1.2 1.3 Other accrued liabilities (2) 50.7 61.1 Total other current liabilities $ 113.6 $ 145.5 ________________________________ (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) Other accrued liabilities presented in the table above as of December 31, 2019 and 2018 include $0.5 million and $13.6 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 21, "Discontinued Operations." |
Restructuring and Repositioni_2
Restructuring and Repositioning Expenses, Asset Impairments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Expenses | The following restructuring expenses and asset impairment charges were incurred during each period: Year Ended December 31, (In millions) 2019 2018 2017 Severance and other employee costs $ 4.1 $ 10.1 $ 19.9 Facility exit costs — 0.6 0.2 Asset impairments 4.3 4.5 1.2 Other associated costs 1.8 $ — $ — Total restructuring expenses and asset impairments $ 10.2 $ 15.2 $ 21.3 Less: restructuring expenses and asset impairments reflected in discontinued operations 0.3 0.4 7.8 Total restructuring expenses and asset impairments from continuing operations $ 9.9 $ 14.8 $ 13.5 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) 2019 2018 2017 SCC $ 4.5 $ 12.5 $ 6.2 SBM 3.9 1.9 4.1 Corporate 1.5 0.4 3.2 Total restructuring expenses and asset impairments from continuing operations $ 9.9 $ 14.8 $ 13.5 Restructuring expenses and asset impairments reflected in discontinued operations 0.3 0.4 7.8 Total restructuring expenses and asset impairments $ 10.2 $ 15.2 $ 21.3 |
Schedule of Restructuring Reserve | The following table summarizes the Company’s restructuring liability activity: 2019 Plan 2019 Phase 2 Plan 2018 Plan 2017 Plan (In millions) Severance and other employee costs Severance and other employee costs Severance and other employee costs Facility exit costs Other Costs Severance and other employee costs Facility exit costs Other plans Total 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 Expenses (1) 0.7 3.1 0.1 — 0.7 — — 0.2 4.8 Payments (0.5 ) (2.2 ) (6.6 ) (0.2 ) (0.3 ) (1.7 ) — (0.6 ) (12.1 ) Impact of foreign currency and other — — (0.2 ) — — 0.1 — (0.1 ) (0.2 ) Balance, December 31, 2019 $ 0.2 $ 0.9 $ 1.0 $ — $ 0.4 $ 0.2 $ — $ — $ 2.7 __________________________ (1) Asset impairment charges of $4.3 million , $4.5 million and $1.2 million , respectively, for the years ended December 31, 2019 , 2018 and 2017 related to the restructuring activities described above are recorded with a corresponding reduction to "Properties and equipment, net" in the Consolidated Balance Sheets. During the year ended December 31, 2019, GCP recognized asset impairment charges of $4.3 million , of which $1.2 million was attributable to the SCC segment and $3.1 million was attributable to the SBM segment. 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. During the year ended December 31, 2019, other associated costs of $1.1 million related to the 2018 Plan were attributable to the SCC segment and consisted of: (i) $0.6 million of inventory write-offs recorded with a corresponding reduction to "Inventories, net" in the Consolidated Balance Sheets and (ii) $0.5 million of accounts receivable write-offs recorded with a corresponding reduction to "Trade Accounts Receivable" in the Consolidated Balance Sheets. These expenses are not recorded with a corresponding reduction to the restructuring liability and therefore, are not included in the table above. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 income (loss) for the years ended December 31, 2019 , 2018 and 2017 . Year Ended December 31, 2019 (In millions) Pre-Tax Amount Tax Benefit/(Expense) After-Tax Amount Defined benefit pension and other postretirement plans: Net unrealized actuarial loss and prior service cost $ (0.6 ) $ 0.1 $ (0.5 ) Benefit plans, net (0.6 ) 0.1 (0.5 ) Currency translation adjustments (1) 3.7 (0.1 ) 3.6 Loss from hedging activities (0.1 ) — (0.1 ) Other comprehensive income attributable to GCP shareholders $ 3.0 $ — $ 3.0 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 (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 Tax (Expense)/Benefit After-Tax 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 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 __________________________ (1) Currency translation adjustments are presented net of income tax expense related to the net investment hedge, as discussed in Note 4, "Derivative Instruments." |
Schedule of Changes of Accumulated Other Comprehensive Income (Loss), Net of Tax | The following tables present the changes in accumulated other comprehensive loss, net of tax, for the years ended December 31, 2019 , 2018 and 2017 . Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total (In millions) Balance, December 31, 2018 $ (2.2 ) $ (117.8 ) $ — $ (120.0 ) Current-period other comprehensive income (loss) (0.5 ) 3.6 (0.1 ) 3.0 Balance, December 31, 2019 $ (2.7 ) $ (114.2 ) $ (0.1 ) $ (117.0 ) (In millions) Defined Benefit Pension and Other Postretirement Plans Currency Translation Adjustments Hedging Activities Total 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 — — (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 ) 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 ) |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 and 2017 : Year Ended December 31, Assumptions used to calculate expense for stock options: 2019 2018 2017 Risk-free interest rate 1.70 -2.64% 2.68 - 2.80% 1.83 - 2.11% Average life of options (years) 5.5 - 6.5 5.5 - 6.5 5.5 - 6.5 Volatility 28.02 - 28.59% 27.91 - 30.65% 31.42 - 31.96% Weighted average grant date fair value per stock option $8.66 $10.63 $9.17 |
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, 2019 : Stock Option Activity Number Of Weighted Weighted Aggregated Outstanding, December 31, 2018 1,518 $ 21.18 3.75 $ 7,145 Options exercised (410 ) 18.43 Options forfeited/expired/canceled (97 ) 28.00 Options granted 273 26.44 Outstanding, December 31, 2019 1,284 $ 22.66 3.18 $ 3,171 Exercisable, December 31, 2019 1,009 $ 21.30 2.40 $ 3,158 Vested and expected to vest, December 31, 2019 1,264 $ 22.59 3.13 $ 3,169 |
Summary of Restricted Stock Units Award Activity | The following table sets forth the RSU activity for the year ended December 31, 2019 : RSU Activity: Number Of Weighted Outstanding, December 31, 2018 363 $ 22.76 RSU's settled (302 ) 21.51 RSU's forfeited (42 ) 28.18 RSU's granted 137 26.77 Outstanding, December 31, 2019 156 $ 27.33 Expected to vest as of December 31, 2019 145 $ 27.26 |
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, 2019 , 2018 and 2017 : Year Ended December 31, Assumptions used to calculate expense for PBUs: 2019 2018 2017 Expected term (remaining performance period) 2.86 years 2.86 years 2.84 years Expected volatility 28.46% 28.56% 28.00% Risk-free interest rate 2.48% 2.38% 1.41% Expected dividends — — — Correlation coefficient 54.81% 38.98% 46.83% Average correlation coefficient of constituents 57.09% 39.96% 42.33% |
Summary of Performance-Based Units Activity | The following table sets forth the PBU activity for the year ended December 31, 2019 : PBU Activity: Number Of Weighted Outstanding, December 31, 2018 394 $ 27.23 PBU's settled (76 ) 17.04 PBU's forfeited (110 ) 26.33 PBU's granted 174 27.19 Outstanding, December 31, 2019 382 $ 29.51 |
Operating Segment and Geograp_2
Operating Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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) 2019 2018 2017 Net Sales Specialty Construction Chemicals $ 579.1 $ 643.5 $ 615.7 Specialty Building Materials 434.4 481.9 468.7 Total net sales $ 1,013.5 $ 1,125.4 $ 1,084.4 Segment Operating Income Specialty Construction Chemicals segment operating income $ 56.6 $ 40.2 $ 63.4 Specialty Building Materials segment operating income 85.8 113.6 109.4 Total segment operating income $ 142.4 $ 153.8 $ 172.8 Depreciation and Amortization Specialty Construction Chemicals $ 24.4 $ 24.2 $ 21.3 Specialty Building Materials 14.8 14.7 13.2 Corporate 4.0 3.1 2.3 Total depreciation and amortization $ 43.2 $ 42.0 $ 36.8 Capital Expenditures Specialty Construction Chemicals $ 44.5 $ 28.8 $ 23.9 Specialty Building Materials 7.9 12.8 8.5 Corporate 4.6 13.4 12.6 Total capital expenditures $ 57.0 $ 55.0 $ 45.0 Total Assets Specialty Construction Chemicals $ 432.2 $ 408.6 $ 419.9 Specialty Building Materials 424.1 427.8 409.3 Corporate 445.3 441.4 851.3 Assets held for sale 0.5 4.1 22.5 Total assets $ 1,302.1 $ 1,281.9 $ 1,703.0 |
Reconciliation of Operating Segment Data to Financial Statements | Total segment operating income for the years ended December 31, 2019 , 2018 and 2017 is reconciled below to "Income (loss) from continuing operations before income taxes" presented in the Consolidated Statements of Operations: Year Ended December 31, (In millions) 2019 2018 2017 Total segment operating income $ 142.4 $ 153.8 $ 172.8 Corporate costs (1) (32.8 ) (27.3 ) (36.4 ) Certain pension costs (7.8 ) (7.6 ) (9.0 ) Gain on Brazil tax recoveries, net (2) 0.6 — — 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 (0.1 ) — (0.6 ) Shareholder activism and other related costs (5.3 ) — — Repositioning expenses (20.4 ) (9.6 ) (9.8 ) Restructuring expenses and asset impairments (9.9 ) (14.8 ) (13.5 ) Pension MTM adjustment and other related costs, net (13.3 ) 8.7 (14.1 ) Gain on termination and curtailment of pension and other postretirement plans 1.2 0.2 6.6 Third-party and other acquisition-related costs (0.1 ) (2.5 ) (6.8 ) Other financing costs — — (6.0 ) Amortization of acquired inventory fair value adjustment — (0.2 ) (2.9 ) Tax indemnification adjustments (0.5 ) (0.5 ) (2.8 ) Interest expense, net (3) (20.0 ) (88.9 ) (61.1 ) Currency losses in Argentina — (1.1 ) — Net income attributable to noncontrolling interests 0.4 0.3 0.5 Income (loss) from continuing operations before income taxes $ 34.4 $ 10.5 $ (28.3 ) ______________________________ (1) Management allocates certain corporate costs to each operating segment to the extent such costs are directly attributable to the segments. For the year ended December 31, 2017, corporate costs include approximately $5.4 million 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) Gain on Brazil tax recoveries, net primarily consists of a $1.7 million pre-tax gain related to indirect tax recoveries, and $1.1 million of legal fees and other charges relating to indirect and income tax recoveries. Please refer to Note 9, "Income Taxes" and Note 12, "Commitments and Contingencies" for further information. (3) 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 8, "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, 2019, 2018 and 2017: Year Ended December 31, (In millions) 2019 2018 2017 Specialty Construction Chemicals: Concrete $ 434.8 $ 478.9 $ 455.6 Cement 144.3 164.6 160.1 Total SCC Sales $ 579.1 $ 643.5 $ 615.7 Specialty Building Materials: Building Envelope $ 246.3 $ 284.4 $ 263.3 Residential Building Products 81.2 80.9 80.3 Specialty Construction Products 106.9 116.6 125.1 Total SBM Sales $ 434.4 $ 481.9 $ 468.7 Total Sales $ 1,013.5 $ 1,125.4 $ 1,084.4 |
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) 2019 2018 2017 Net Sales United States $ 505.0 $ 538.8 $ 509.2 Canada and Other 32.4 32.2 31.5 Total North America 537.4 571.0 540.7 Europe Middle East Africa 193.5 240.7 244.5 Asia Pacific 222.5 245.6 229.2 Latin America 60.1 68.1 70.0 Total $ 1,013.5 $ 1,125.4 $ 1,084.4 |
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) 2019 2018 Properties and Equipment, net United States $ 166.7 $ 150.1 Canada and Other 3.1 3.0 Total North America 169.8 153.1 Europe Middle East Africa (EMEA) 25.1 27.6 Asia Pacific 41.9 35.0 Latin America 8.5 9.4 Total $ 245.3 $ 225.1 Operating lease right-of-use assets United States $ 12.7 $ — Canada 0.1 — Total North America 12.8 — Europe, Middle East, and Africa 7.0 — Asia Pacific 8.4 — Latin America 1.1 — Total $ 29.3 $ — Goodwill, Intangibles and Other Assets United States $ 107.9 $ 107.4 Canada and Other 7.9 7.8 Total North America 115.8 115.2 Europe Middle East Africa (EMEA) 167.9 169.8 Asia Pacific 17.9 17.5 Latin America 26.0 22.4 Total $ 327.6 $ 324.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 earnings (loss) per share: Year Ended December 31, (In millions, except per share amounts) 2019 2018 2017 Numerators Income (loss) from continuing operations attributable to GCP shareholders $ 40.6 $ (16.1 ) $ (110.9 ) Income from discontinued operations, net of income taxes 5.7 31.3 664.3 Net income attributable to GCP shareholders $ 46.3 $ 15.2 $ 553.4 Denominators Weighted average common shares—basic calculation 72.6 72.1 71.5 Dilutive effect of employee stock awards (1) 0.3 — — Weighted average common shares—diluted calculation 72.9 72.1 71.5 Basic earnings (loss) per share Income (loss) from continuing operations attributable to GCP shareholders $ 0.56 $ (0.22 ) $ (1.55 ) Income from discontinued operations, net of income taxes $ 0.08 $ 0.43 $ 9.29 Net income attributable to GCP shareholders $ 0.64 $ 0.21 $ 7.74 Diluted earnings (loss) per share (1) Income (loss) from continuing operations attributable to GCP shareholders $ 0.56 $ (0.22 ) $ (1.55 ) Income from discontinued operations, net of income taxes $ 0.08 $ 0.43 $ 9.29 Net income attributable to GCP shareholders $ 0.64 $ 0.21 $ 7.74 _______________________________ (1) Dilutive effect not applicable to the periods in which GCP generated a loss from continuing operations. |
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 have been reflected in the "Dilutive effect of employee stock awards" line in the table above: Year Ended December 31, (In millions of shares) 2019 2018 2017 Dilutive effect: (1) Options N/A 0.4 0.6 RSUs N/A 0.3 0.4 ________________________________ (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. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 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 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 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 acquisition. Such balances are reflected in the Consolidated Balance Sheets as of December 31, 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) Revenue $ 1,108.9 Loss from continuing operations $ (103.4 ) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 , 2018 , and 2017 : Year Ended December 31, (In millions) 2019 2018 2017 Net proceeds included in gain $ 12.7 $ 55.4 $ 996.3 Transaction costs — — (15.9 ) Net assets derecognized (3.1 ) (11.9 ) (99.6 ) Gain recognized before income taxes 9.6 43.5 880.8 Tax effect of gain recognized (2.4 ) (12.0 ) (201.9 ) Gain recognized after income taxes $ 7.2 $ 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 Consolidated Statements of Operations: Year Ended December 31, (In millions) 2019 2018 2017 Net sales $ — $ 15.7 $ 169.5 Cost of goods sold — 15.9 111.9 Gross profit — (0.2 ) 57.6 Selling, general and administrative expenses 1.6 5.8 44.9 Research and development expenses — — 2.3 Restructuring expenses and asset impairments 0.3 0.4 7.8 Loss in Venezuela — — 1.1 Gain on sale of business (9.6 ) (43.5 ) (880.8 ) Other expenses (income), net 0.1 (4.1 ) 7.7 Income from discontinued operations before income taxes 7.6 41.2 874.6 Provision for income taxes (1.9 ) (9.9 ) (210.2 ) Less: Net income attributable to noncontrolling interests — — (0.1 ) Income from discontinued operations, net of income taxes $ 5.7 $ 31.3 $ 664.3 The following table sets forth carrying amounts of the major classes of assets and liabilities of Darex which are classified as held for sale in the Consolidated Balance Sheets as of December 31, 2019 and 2018 : (In millions) December 31, 2019 December 31, 2018 Trade accounts receivable $ — $ 2.2 Inventories, net — 1.2 Current assets held for sale — 3.4 Properties and equipment, net — 0.2 Other assets 0.5 0.5 Non-current assets held for sale 0.5 0.7 Underfunded and unfunded defined benefit pension plans — 0.4 Non-current liabilities held for sale $ — $ 0.4 |
Quarterly Summary and Statist_2
Quarterly Summary and Statistical Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: Three Months Ended, Year Ended, (In millions, except per share amounts) March 31, 2019 (1)(2) June 30, 2019 September 30, 2019 December 31, 2019 December 31, 2019 Net sales $ 226.1 $ 262.2 $ 266.9 $ 258.3 $ 1,013.5 Gross profit 82.2 99.0 105.1 96.8 383.1 Net income 21.6 2.6 16.7 5.8 46.7 Income from continuing operations attributable to GCP shareholders 14.6 3.1 17.0 5.9 40.6 Income (loss) from discontinued operations, net of income taxes : 6.8 (0.5 ) (0.4 ) (0.2 ) 5.7 Income attributable to GCP shareholders $ 21.4 $ 2.6 $ 16.6 $ 5.7 $ 46.3 Income (loss) per share Basic earnings (loss) per share: Income from continuing operations attributable to GCP shareholders $ 0.20 $ 0.04 $ 0.23 $ 0.08 $ 0.56 Income (loss) from discontinued operations, net of income taxes $ 0.09 $ (0.01 ) $ (0.01 ) $ — $ 0.08 Net income attributable to GCP shareholders $ 0.30 $ 0.04 $ 0.23 $ 0.08 $ 0.64 Diluted earnings (loss) per share (3): Income from continuing operations $ 0.20 $ 0.04 $ 0.23 $ 0.08 $ 0.56 Income (loss) from discontinued operations, net of income taxes $ 0.09 $ (0.01 ) $ (0.01 ) $ — $ 0.08 Net income attributable to GCP shareholders $ 0.29 $ 0.04 $ 0.23 $ 0.08 $ 0.64 ________________________________ (1) During the three months ended March 31, 2019, GCP recognized a tax benefit of $20.2 million from the release of an uncertain tax position due to the finalization of the Transition Tax regulations issued in January 2019. (2) During the three months ended March 31, 2019, GCP recognized an after tax gain of $7.2 million on the sale of the delayed close entity in Indonesia related to Darex. Please refer to Note 21, "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, 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 8, "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 related to Darex. Please refer to Note 21, "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. |
Basis of Presentation and Sum_3
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 ($) | Dec. 31, 2019segment | Jul. 03, 2017USD ($) |
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 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Accounts Receivable, Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Allowance for doubtful accounts | $ 7.5 | $ 5.8 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Long-Lived Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Restructuring expenses and asset impairments | $ 10.2 | $ 15.2 | $ 21.3 |
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 | $ 4.3 | $ 4.5 | $ 1.2 |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Lessee Arrangements (Details) | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Weighted average discount rate for operating leases | 5.33% |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Goodwill and Indefinite-Lived Intangible Assets (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)reporting_unit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
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 |
Basis of Presentation and Sum_8
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Stock-Based Compensation Expense (Details) | 12 Months Ended | |||
Dec. 31, 2019 | 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% | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | |||
Performance Based Units (PBUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | 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_9
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Foreign Currency Transactions and Translation (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
May 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017 | Apr. 30, 2017 | |
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) | $ (0.3) | $ (2.9) | $ (1) | |||
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% | |||||
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 Su_10
Basis of Presentation and Summary of Significant Accounting and Financial Reporting Policies - Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Apr. 10, 2018 | Jan. 27, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating lease right-of-use assets | $ 29.3 | $ 0 | |||||
Operating lease obligations | 29.7 | ||||||
Repayments of long term note obligations | 0 | $ 578.3 | $ 0 | ||||
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% | 9.50% | |||
ASU 2016-02 - Topic 842 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Operating lease right-of-use assets | $ 29.3 | $ 40.8 | |||||
Operating lease obligations | $ 40.9 | ||||||
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 |
Revenue from Lessor Arrangeme_3
Revenue from Lessor Arrangements and Contracts with Customers - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Payment terms, lease component (or less) | 30 days | |
Revenue, remaining performance obligation | $ 6.9 | |
Revenue, remaining performance obligation, expected timing of satisfaction | one to five years | |
Trade accounts receivable | $ 183.7 | $ 198.6 |
Trade accounts receivable, leases | $ 5.6 | $ 4.7 |
Period of sales returns allowed | 6 months | |
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% | 10.00% |
Ductilcrete sales arrangements | Product | Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage (less than) | 10.00% | 10.00% |
Dispensers | ||
Disaggregation of Revenue [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
VERIFI Equipment | ||
Disaggregation of Revenue [Line Items] | ||
Property, plant and equipment, useful life | 7 years |
Revenue from Lessor Arrangeme_4
Revenue from Lessor Arrangements and Contracts with Customers - Lease and Service Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lease Revenue | |||||||||||
Total service revenue | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 1,013.5 | $ 1,125.4 | $ 1,084.4 |
VERIFI sales arrangements | |||||||||||
Lease Revenue | |||||||||||
Lease payments revenue | 26.8 | 26.4 | |||||||||
Variable lease revenue | 7.8 | 6.7 | |||||||||
Total lease revenue | 34.6 | 33.1 | |||||||||
Total service revenue | 5 | 4.2 | |||||||||
Total revenue | 39.6 | 37.3 | |||||||||
VERIFI sales arrangements | Fixed installation revenue | |||||||||||
Lease Revenue | |||||||||||
Total service revenue | 0.1 | 0.1 | |||||||||
VERIFI sales arrangements | Variable revenue | |||||||||||
Lease Revenue | |||||||||||
Total service revenue | $ 4.9 | $ 4.1 |
Inventories, net - Schedule of
Inventories, net - Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 40 | $ 46 |
In process | 4 | 4.6 |
Finished products and other | 51.9 | 59.9 |
Total inventories | $ 95.9 | $ 110.5 |
Inventories, net - Narrative (D
Inventories, net - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory [Line Items] | ||
Finished products purchased | $ 51.9 | $ 59.9 |
Finished Products Purchased | ||
Inventory [Line Items] | ||
Finished products purchased | $ 10.6 | $ 12.9 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019EUR (€)derivative_instrument | |
Forward exchange forward contracts | |
Derivative [Line Items] | |
Number of instruments entered | derivative_instrument | 4 |
Aggregate notional amount | € 40,000,000 |
Forward Contract Maturing 2020 | |
Derivative [Line Items] | |
Aggregate notional amount | 10,000,000 |
Forward Contract Maturing 2021 | |
Derivative [Line Items] | |
Aggregate notional amount | 10,000,000 |
Forward Contract Maturing 2022 | |
Derivative [Line Items] | |
Aggregate notional amount | 10,000,000 |
Forward Contract Maturing 2023 | |
Derivative [Line Items] | |
Aggregate notional amount | € 10,000,000 |
Derivative Instruments - Net In
Derivative Instruments - Net Investment Hedges in Balance Sheets (Details) $ in Millions | Dec. 31, 2019USD ($) |
Forward exchange forward contracts | |
Derivative [Line Items] | |
Derivative asset | $ 1.1 |
Derivative Instruments - Net _2
Derivative Instruments - Net Investment Hedges in Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Gain on foreign exchange forward contracts - currency translation adjustments, net of tax liability | $ 3.6 | $ (31.8) | $ 61.7 |
Forward exchange forward contracts | |||
Derivative [Line Items] | |||
Gain on foreign exchange forward contracts - other expenses (income), net | 0.6 | ||
Gain on foreign exchange forward contracts - currency translation adjustments, net of tax liability | 0.4 | ||
Gain on foreign exchange forward contracts - currency translation adjustments, tax liability | $ 0.1 |
Properties and Equipment (Detai
Properties and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | $ 690.3 | $ 650.5 |
Accumulated depreciation | (445) | (425.4) |
Properties and equipment, net | 245.3 | 225.1 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 8.5 | 8.5 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 138.1 | 136.7 |
Machinery, equipment and other | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 436.4 | 407.8 |
Information technology and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | 82.5 | 79.2 |
Projects under construction | ||
Property, Plant and Equipment [Line Items] | ||
Properties and equipment, gross | $ 24.8 | $ 18.3 |
Properties and Equipment - Narr
Properties and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 33.7 | $ 32.5 | $ 30.4 |
Lessee Arrangements - Narrative
Lessee Arrangements - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease, weighted average remaining lease term | 13 years 6 months | ||
Operating lease liability | $ 29.7 | ||
Operating lease right-of-use assets | $ 29.3 | $ 0 | |
Rent expense | $ 14.3 | $ 15.1 | |
Manufacturing facilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease, lease term (up to) | 7 years 8 months 12 days | ||
Operating lease, renewal term (up to) | 18 years 7 months 6 days | ||
Office facilities | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use asset, decrease for change in lease term | $ 4.2 | ||
Operating lease liability, decrease for change in lease term | $ 4.2 | ||
Decrease in lease term | 30 years 9 months 18 days | ||
Operating lease liability | $ 0.1 | ||
Operating lease right-of-use assets | $ 0.2 |
Lessee Arrangements - Lease Exp
Lessee Arrangements - Lease Expense (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 12.6 |
Variable lease expense | 4.4 |
Short-term lease expense | 2.4 |
Total lease expense | $ 19.4 |
Lessee Arrangements - Lease Lia
Lessee Arrangements - Lease Liability Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2020 | $ 9.1 | |
2021 | 5.6 | |
2022 | 3.3 | |
2023 | 2.2 | |
2024 | 1.7 | |
Thereafter | 19.1 | |
Total undiscounted lease payments | 41 | |
Less: imputed interest | (11.3) | |
Present value of lease payments | 29.7 | |
Less: operating lease obligations payable within one year | (8.1) | $ 0 |
Long-term operating lease obligations | $ 21.6 | $ 0 |
Lessee Arrangements - Supplemen
Lessee Arrangements - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2019 |
Lessee, Lease, Description [Line Items] | |||
Operating cash flows from operating leases | $ 12.6 | ||
Operating lease right of use assets obtained in exchange for new lease obligations | $ 5.9 | $ 46.7 | |
ASU 2016-02 - Topic 842 | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right of use assets obtained in exchange for new lease obligations | $ 40.8 |
Lessee Arrangements - Future Mi
Lessee Arrangements - Future Minimum Noncancelable Payments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 12.1 |
2020 | 8.3 |
2021 | 4.6 |
2022 | 2.6 |
2023 | 1.9 |
Thereafter | 28.1 |
Total | $ 57.6 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Balance | $ 207.9 | $ 198.2 |
Foreign currency translation | 1 | (10.2) |
Acquisitions | 19.9 | |
Balance | 208.9 | 207.9 |
SCC | ||
Goodwill [Roll Forward] | ||
Balance | 62.3 | 65.1 |
Foreign currency translation | (0.7) | (2.8) |
Acquisitions | 0 | |
Balance | 61.6 | 62.3 |
SBM | ||
Goodwill [Roll Forward] | ||
Balance | 145.6 | 133.1 |
Foreign currency translation | 1.7 | (7.4) |
Acquisitions | 19.9 | |
Balance | $ 147.3 | $ 145.6 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 146.8 | $ 146.5 |
Accumulated Amortization | 70.3 | 61.4 |
Net Book Value | 76.5 | 85.1 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 87.4 | 87.3 |
Accumulated Amortization | 35.3 | 29.8 |
Net Book Value | 52.1 | 57.5 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41 | 40.2 |
Accumulated Amortization | 20 | 16.9 |
Net Book Value | 21 | 23.3 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11.9 | 12.4 |
Accumulated Amortization | 9.9 | 9.8 |
Net Book Value | 2 | 2.6 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 6.5 | 6.6 |
Accumulated Amortization | 5.1 | 4.9 |
Net Book Value | $ 1.4 | $ 1.7 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | $ 9.4 | |
2021 | 8.9 | |
2022 | 8.9 | |
2023 | 8.6 | |
2024 | 8.4 | |
Thereafter | 32.3 | |
Net Book Value | $ 76.5 | $ 85.1 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Net book value of intangible assets | $ 80.7 | $ 89 | |
Finite-lived intangible assets | 76.5 | 85.1 | |
Indefinite-lived intangible assets | 4.2 | 3.9 | |
Amortization of intangible assets | 9.5 | 9.5 | $ 6.4 |
Technology | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Finite-lived intangible assets | 21 | $ 23.3 | |
Intangible assets reclassified from indefinite-lived to finite-lived | $ 1.5 |
Debt and Other Borrowings - Com
Debt and Other Borrowings - Components of Debt (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 10, 2018 | Jan. 01, 2018 | Jan. 27, 2016 |
Debt Instrument [Line Items] | |||||
Total debt | $ 349,200,000 | $ 356,700,000 | |||
Less debt payable within one year | 2,700,000 | 10,600,000 | |||
Debt payable after one year | $ 346,500,000 | $ 346,100,000 | |||
Weighted average interest rates on total debt obligations outstanding | 5.50% | 5.70% | |||
Finance lease obligations | $ 1,300,000 | $ 1,700,000 | |||
Senior Notes | 5.5% Senior Notes due in 2026 | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 346,100,000 | 345,600,000 | $ 346,900,000 | ||
Stated interest rate | 5.50% | 5.50% | |||
Unamortized debt issuance costs | $ 3,900,000 | $ 4,400,000 | |||
Senior Notes | 9.5% Senior Notes due in 2023 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate | 9.50% | 9.50% | 9.50% | 9.50% | |
Credit facility | Amended credit facility | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Total debt | 0 | $ 0 | |||
Maximum borrowing capacity | 350,000,000 | 350,000,000 | $ 350,000,000 | ||
Other borrowings | |||||
Debt Instrument [Line Items] | |||||
Total debt | 3,100,000 | 11,100,000 | |||
Lines of credit and other borrowings | |||||
Debt Instrument [Line Items] | |||||
Total debt | $ 1,800,000 | $ 9,400,000 |
Debt and Other Borrowings - Pri
Debt and Other Borrowings - Principal Maturities of Debt Outstanding (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 2.7 | |
2021 | 0.1 | |
2022 | 0.1 | |
2023 | 0.1 | |
2024 | 0.1 | |
Thereafter | 346.1 | |
Total debt | $ 349.2 | $ 356.7 |
Debt and Other Borrowings - Deb
Debt and Other Borrowings - Debt Refinancing (Details) - USD ($) | Apr. 10, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 09, 2018 | Jan. 01, 2018 | Feb. 03, 2016 | Jan. 27, 2016 |
Debt Instrument [Line Items] | |||||||||
Proceeds from issuance of senior notes | $ 0 | $ 350,000,000 | $ 0 | ||||||
Loss on debt refinancing | $ 59,800,000 | $ 59,800,000 | 0 | 59,800,000 | 0 | ||||
Interest paid | $ 19,900,000 | $ 46,300,000 | $ 59,600,000 | ||||||
Senior Notes | 9.5% Senior Notes due in 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate | 9.50% | 9.50% | 9.50% | 9.50% | |||||
Face amount of debt redeemed | $ 525,000,000 | ||||||||
Aggregate principal amount | $ 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 | 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 | $ 0 | 200,000 | |||||||
Write off of deferred debt issuance cost | 400,000 | 400,000 | |||||||
Unamortized debt issuance costs | 3,100,000 | 4,100,000 | |||||||
Credit facility | Amended credit facility | Revolving credit facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 350,000,000 | $ 350,000,000 | 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 | $ 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, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Issuance amount | $ 349,200,000 | $ 356,700,000 | |
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 | $ 346,100,000 | $ 345,600,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 09, 2018 | Feb. 03, 2016 |
Line of Credit Facility [Line Items] | |||||||
Repayments under credit arrangements | $ 7,600,000 | $ 69,600,000 | $ 419,500,000 | ||||
Interest paid | 19,900,000 | 46,300,000 | 59,600,000 | ||||
Credit facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Outstanding letters of credit | $ 5,900,000 | 5,000,000 | |||||
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 | 344,100,000 | ||||||
Interest paid | $ 0 | 200,000 | |||||
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 | $ 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 | $ 350,000,000 | 350,000,000 | ||||
Proceeds from revolving loans | $ 50,000,000 | ||||||
Aggregate available principal amount | $ 345,000,000 |
Debt and Other Borrowings - 9.5
Debt and Other Borrowings - 9.5% Senior Notes (Details) - USD ($) | Apr. 10, 2018 | Jan. 27, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 |
Debt Instrument [Line Items] | ||||||
Interest paid | $ 19,900,000 | $ 46,300,000 | $ 59,600,000 | |||
Senior Notes | 9.5% Senior Notes due in 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 525,000,000 | |||||
Stated interest rate | 9.50% | 9.50% | 9.50% | 9.50% | ||
Interest paid | $ 9,600,000 | |||||
Treasury bond yield | Prior to February 1, 2019 | Senior Notes | 9.5% Senior Notes due in 2023 | ||||||
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 | Dec. 31, 2019 | Jan. 01, 2018 | Jan. 27, 2016 |
Credit facility | Revolving credit facility | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance costs | $ 4.1 | $ 3.1 | |||
Write off of deferred debt issuance cost | $ 0.4 | 0.4 | |||
Payment of deferred financing costs | 2.2 | ||||
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 | $ 3.9 | |||
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% | 9.50% |
Debt and Other Borrowings - Car
Debt and Other Borrowings - Carrying Amount and Fair Value of Debt Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 10, 2018 |
Debt Instrument [Line Items] | |||
Carrying Amount | $ 349.2 | $ 356.7 | |
Level 2 Inputs | |||
Debt Instrument [Line Items] | |||
Fair Value | 369.4 | 355.3 | |
Other borrowings | |||
Debt Instrument [Line Items] | |||
Carrying Amount | 3.1 | 11.1 | |
Other borrowings | Level 2 Inputs | |||
Debt Instrument [Line Items] | |||
Fair Value | 3.1 | 11.1 | |
5.5% Senior Notes due in 2026 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Carrying Amount | $ 346.1 | 345.6 | $ 346.9 |
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 | $ 366.3 | $ 344.2 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) before income taxes: | |||
Domestic | $ 14.6 | $ 5.5 | $ (27.4) |
Foreign | 19.8 | 5 | (0.9) |
Income (loss) from continuing operations before income taxes | 34.4 | 10.5 | (28.3) |
(Benefit) provision for income taxes: | |||
Federal—current | (13.7) | 16.8 | 27.2 |
Federal—deferred | 1.4 | (0.6) | 39.4 |
State and local—current | 1 | (0.2) | (3.8) |
State and local—deferred | (0.4) | (0.4) | 2.7 |
Foreign—current | 6.1 | 12.1 | 5.7 |
Foreign—deferred | (1) | (1.4) | 10.9 |
Total | $ (6.6) | $ 26.3 | $ 82.1 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Tax provision (benefit) at U.S. federal income tax rate | $ 7.2 | $ 2.2 | $ (9.9) | |
Change in provision resulting from: | ||||
Deconsolidation of Venezuela | 0 | 0 | 11.5 | |
Devaluation in Venezuela | 0 | 0 | 1.4 | |
2017 Tax Act | 3.9 | (2.5) | 81.7 | |
Recognition of outside basis differences | (0.3) | 0.3 | (13.9) | |
U.S. foreign income inclusions | 1.2 | 0.7 | 1.1 | |
Effect of tax rates in foreign jurisdictions | 3.6 | 3.2 | (1) | |
Valuation allowance | 1 | 6.8 | 11.4 | |
State and local income taxes, net | 0.9 | 0.6 | (1.2) | |
Return to provision – change in estimate | (2.2) | (5.4) | 0.4 | |
Nondeductible expenses and non-taxable items | 1.6 | 2.7 | 3.5 | |
U.S. foreign income tax credits | (2) | (2.1) | 0 | |
Research and other state credits | (1.3) | (1.1) | (0.8) | |
Unrecognized tax benefits | (20.3) | 20.7 | (0.7) | |
Equity compensation | (0.2) | (0.5) | (1.2) | |
Other | 0.3 | 0.7 | (0.2) | |
Total | (6.6) | 26.3 | $ 82.1 | |
2017 Tax Act, measurement period adjustment, capital gains, income tax expense (benefit) | $ (20.2) | $ (20.2) | $ 20.2 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Foreign net operating loss carryforwards | $ 16.8 | $ 19 |
Research and development | 0.7 | 1 |
Reserves and allowances | 10.2 | 9.4 |
Pension benefits | 11 | 5.9 |
Intangible assets/goodwill | 0 | 0.1 |
Stock compensation | 2.2 | 3.1 |
Interest Limitation Carryover | 10.3 | 12.2 |
Operating Lease Obligations | 7.4 | |
Foreign tax credit carryforwards | (1.2) | 0 |
Other | 1.3 | 1.3 |
Total deferred tax assets | 61.1 | 52 |
Deferred tax liabilities: | ||
Properties and equipment | (13.5) | (14.5) |
Other | (1.2) | (2.2) |
Operating Lease Right of Use | (7.4) | |
Intangible assets/goodwill | (1.1) | 0 |
Outside basis difference in Verifi® | (7.7) | (3.7) |
Total deferred tax liabilities | (30.9) | (20.4) |
Valuation Allowance: | ||
Valuation allowance | (17.2) | (18.5) |
Net deferred tax assets | 13 | 13.1 |
Foreign net operating loss carryforwards | ||
Valuation Allowance: | ||
Valuation allowance | (16) | (18.5) |
Foreign tax credit carryforwards | ||
Valuation Allowance: | ||
Valuation allowance | $ (1.2) | $ 0 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits | |||
Beginning balance | $ 52.8 | $ 34.1 | $ 7.4 |
Additions for prior year tax positions | 0 | 21 | 7 |
Additions for current year tax positions | 0 | 0 | 26 |
Reductions for expirations of statute of limitations | (1.5) | (2) | (1) |
Reductions for prior year tax positions and reclassifications | (19.5) | (0.3) | (5.3) |
Ending balance | $ 31.8 | $ 52.8 | $ 34.1 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | Apr. 10, 2018 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
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) | $ (20.2) | 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 | |||||
Transition tax, tax benefit from the release of an uncertain tax position | 20.2 | |||||
2017 Tax Act, income tax payable, capital gains | 3.7 | |||||
Additional measurement period adjustment | 0.2 | |||||
2017 Tax Act, transition tax liability | 41.4 | |||||
Income tax (benefit) provision | $ (6.6) | $ 26.3 | $ 82.1 | |||
Effective tax rate | 19.20% | 250.50% | 290.10% | |||
U.S. foreign income tax credits | $ 2 | $ 2.1 | $ 0 | |||
Return to provision – change in estimate | (2.2) | (5.4) | 0.4 | |||
Net expenses due to 2017 Tax Act | 3.9 | (2.5) | 81.7 | |||
Effect of tax rates in foreign jurisdictions | 3.6 | 3.2 | (1) | |||
Expense for non-deductible expenses | 1.6 | 2.7 | 3.5 | |||
Expense for increase in valuation allowance | 1 | 6.8 | 11.4 | |||
Non-deductible charges for Venezuela deconsolidation | 0 | 0 | 11.5 | |||
Benefit due to differences between book and tax basis in Venezuela and Mexico | 0.3 | (0.3) | 13.9 | |||
Foreign tax credit carryforwards | 1.2 | 0 | ||||
Deferred tax asset on carryover interest | 10.3 | 12.2 | ||||
Deferred tax assets, valuation allowance | 17.2 | 18.5 | ||||
Increase (decrease) in valuation allowance | (1.3) | (5.4) | ||||
Operating loss carryforwards | 57.7 | |||||
Undistributed earnings of foreign subsidiaries | 522.7 | |||||
Deferred tax liability not recognized associated with undistributed earnings | 6.6 | |||||
Unrecognized tax benefits that would impact effective tax rate | 31.6 | 52.4 | 33.4 | |||
Interest and penalties accrued on uncertain tax positions | 10.6 | 10.4 | ||||
Unrecognized tax benefits | 31.8 | 52.8 | 34.1 | $ 7.4 | ||
Decrease in unrecognized tax benefits reasonably possible in next twelve months | 1.6 | |||||
W.R. Grace & Co. | ||||||
Income Tax Contingency [Line Items] | ||||||
Unrecognized tax benefits | 2.6 | 3 | $ 3.8 | |||
Decrease in unrecognized tax benefits reasonably possible in next twelve months | 0.5 | |||||
Brazil | ||||||
Income Tax Contingency [Line Items] | ||||||
Return to provision – change in estimate | 3.2 | |||||
Brazil | Foreign tax authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 22.8 | |||||
France | Foreign tax authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 9.9 | |||||
Germany | Foreign tax authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 7.7 | |||||
India | Foreign tax authority | ||||||
Income Tax Contingency [Line Items] | ||||||
Operating loss carryforwards | 8.9 | |||||
Senior Notes | 9.5% Senior Notes due in 2023 | ||||||
Income Tax Contingency [Line Items] | ||||||
Payment of redemption premium | $ 53.3 | 53.3 | ||||
Foreign net operating loss carryforwards | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred tax assets, valuation allowance | 16 | 18.5 | ||||
Increase (decrease) in valuation allowance | (2.5) | |||||
Foreign net operating loss carryforwards | Japan | ||||||
Income Tax Contingency [Line Items] | ||||||
Increase (decrease) in valuation allowance | (10.6) | |||||
Foreign net operating loss carryforwards | Germany, France, India, Turkey and Mexico | ||||||
Income Tax Contingency [Line Items] | ||||||
Increase (decrease) in valuation allowance | 6.8 | |||||
Foreign net operating loss carryforwards, rate change impact | ||||||
Income Tax Contingency [Line Items] | ||||||
Increase (decrease) in valuation allowance | (1.1) | |||||
Foreign net operating loss carryforwards, foreign exchange impact | ||||||
Income Tax Contingency [Line Items] | ||||||
Increase (decrease) in valuation allowance | (1.2) | (1.5) | ||||
Foreign net operating loss carryforwards, net valuation releases | ||||||
Income Tax Contingency [Line Items] | ||||||
Increase (decrease) in valuation allowance | (0.2) | |||||
Foreign tax credit carryforwards | ||||||
Income Tax Contingency [Line Items] | ||||||
Deferred tax assets, valuation allowance | 1.2 | $ 0 | ||||
Increase (decrease) in valuation allowance | $ 1.2 |
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, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | $ 25 | $ 22.5 |
Underfunded defined benefit pension plans | (67.5) | (48.1) |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | 25 | 22.5 |
Net funded status | (43.7) | (27.4) |
Continuing operations | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded defined benefit pension plans | 25 | 22.5 |
Underfunded defined benefit pension plans | (40.8) | (24.2) |
Unfunded defined benefit pension plans | (26.7) | (23.9) |
Total long-term pension liabilities related to underfunded and unfunded defined benefit pension plans | (67.5) | (48.1) |
Pension liabilities included in other current liabilities | (1.2) | (1.3) |
Net funded status | $ (43.7) | $ (26.9) |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefit Plans - Curtailment and Mark-to-Market Gains and Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net curtailment gains: | |||
Total net curtailment gains | $ 1,200,000 | $ 200,000 | $ 6,600,000 |
Discontinued operations | |||
Net curtailment gains: | |||
Total net curtailment gains | 200,000 | ||
Pension Plans | U.S. | |||
Net curtailment gains: | |||
Total net curtailment gains | 0 | 0 | 9,200,000 |
MTM gains (losses): | |||
Total MTM (losses) gains | (12,300,000) | 9,500,000 | (18,700,000) |
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 | ||
Pension Plans | U.S. | Discontinued operations | |||
Net curtailment gains: | |||
Total net curtailment gains | 2,600,000 | ||
Pension Plans | Non-U.S. | |||
Net curtailment gains: | |||
Total net curtailment gains | 1,400,000 | 200,000 | 14,300,000 |
MTM gains (losses): | |||
Total MTM (losses) gains | (1,000,000) | 400,000 | 4,700,000 |
Pension Plans | Non-U.S. | Continuing operations | |||
Net curtailment gains: | |||
Total net curtailment gains | 1,200,000 | 200,000 | 0 |
MTM gains (losses): | |||
Total MTM (losses) gains | (1,000,000) | 400,000 | 4,600,000 |
Pension Plans | Non-U.S. | Discontinued operations | |||
Net curtailment gains: | |||
Total net curtailment gains | 200,000 | 0 | 14,300,000 |
MTM gains (losses): | |||
Total MTM (losses) gains | $ 0 | $ 0 | $ 100,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | $ 25,000,000 | $ 22,500,000 | |
Current liabilities | (1,200,000) | (1,300,000) | |
U.S. | |||
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 110,500,000 | ||
Employer contributions | 100,000 | 0 | |
Fair value of plan assets at end of year | 123,000,000 | 110,500,000 | |
Non-U.S. | |||
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 250,400,000 | ||
Fair value of plan assets at end of year | 270,800,000 | 250,400,000 | |
Pension Plans | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 388,300,000 | 438,300,000 | |
Service cost | 8,900,000 | 10,900,000 | |
Interest cost | 11,200,000 | 11,200,000 | |
Amendments | 200,000 | 2,800,000 | |
Settlements/curtailments | (1,400,000) | (500,000) | |
Actuarial loss (gain) | 48,000,000 | (31,200,000) | |
Benefits paid | (24,900,000) | (31,300,000) | |
Currency exchange translation adjustments | 7,200,000 | (11,900,000) | |
Benefit obligation at end of year | 437,500,000 | 388,300,000 | $ 438,300,000 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 360,900,000 | 406,300,000 | |
Actual return on plan assets | 47,000,000 | (7,100,000) | |
Employer contributions | 2,700,000 | 5,000,000 | |
Settlements | 0 | (300,000) | |
Benefits paid | (24,900,000) | (31,300,000) | |
Currency exchange translation adjustments | 8,100,000 | (11,700,000) | |
Fair value of plan assets at end of year | 393,800,000 | 360,900,000 | 406,300,000 |
Net funded status | (43,700,000) | (27,400,000) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 25,000,000 | 22,500,000 | |
Net amount recognized | (43,700,000) | (27,400,000) | |
Amounts recognized in Accumulated Other Comprehensive Loss: | |||
Prior service credit | 2,300,000 | 2,100,000 | |
Net amount recognized | 2,300,000 | 2,100,000 | |
Pension Plans | Continuing operations | |||
Change in Plan Assets: | |||
Net funded status | (43,700,000) | (26,900,000) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 25,000,000 | 22,500,000 | |
Current liabilities | (1,200,000) | (1,300,000) | |
Non-current liabilities | (67,500,000) | (48,200,000) | |
Pension Plans | Discontinued operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current liabilities | 0 | (400,000) | |
Pension Plans | U.S. | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 141,500,000 | 163,800,000 | |
Service cost | 6,300,000 | 7,900,000 | 6,800,000 |
Interest cost | 5,800,000 | 5,600,000 | 5,500,000 |
Amendments | 0 | 0 | |
Settlements/curtailments | 0 | 0 | |
Actuarial loss (gain) | 27,800,000 | (23,900,000) | |
Benefits paid | (9,500,000) | (11,900,000) | |
Currency exchange translation adjustments | 0 | 0 | |
Benefit obligation at end of year | 171,900,000 | 141,500,000 | 163,800,000 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 110,500,000 | 129,200,000 | |
Actual return on plan assets | 21,900,000 | (6,800,000) | |
Employer contributions | 100,000 | 0 | |
Settlements | 0 | 0 | |
Benefits paid | (9,500,000) | (11,900,000) | |
Currency exchange translation adjustments | 0 | 0 | |
Fair value of plan assets at end of year | 123,000,000 | 110,500,000 | 129,200,000 |
Net funded status | (48,900,000) | (31,000,000) | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 0 | 100,000 | |
Net amount recognized | (48,900,000) | (31,000,000) | |
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 | (400,000) | (100,000) | |
Non-current liabilities | (48,500,000) | (31,000,000) | |
Pension Plans | U.S. | Discontinued operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current liabilities | 0 | 0 | |
Pension Plans | Non-U.S. | |||
Change in Projected Benefit Obligation: | |||
Benefit obligation at beginning of year | 246,800,000 | 274,500,000 | |
Service cost | 2,600,000 | 3,000,000 | 3,900,000 |
Interest cost | 5,400,000 | 5,600,000 | 5,700,000 |
Amendments | 200,000 | 2,800,000 | |
Settlements/curtailments | (1,400,000) | (500,000) | |
Actuarial loss (gain) | 20,200,000 | (7,300,000) | |
Benefits paid | (15,400,000) | (19,400,000) | |
Currency exchange translation adjustments | 7,200,000 | (11,900,000) | |
Benefit obligation at end of year | 265,600,000 | 246,800,000 | 274,500,000 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 250,400,000 | 277,100,000 | |
Actual return on plan assets | 25,100,000 | (300,000) | |
Employer contributions | 2,600,000 | 5,000,000 | |
Settlements | 0 | (300,000) | |
Benefits paid | (15,400,000) | (19,400,000) | |
Currency exchange translation adjustments | 8,100,000 | (11,700,000) | |
Fair value of plan assets at end of year | 270,800,000 | 250,400,000 | $ 277,100,000 |
Net funded status | 5,200,000 | 3,600,000 | |
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current assets | 25,000,000 | 22,400,000 | |
Net amount recognized | 5,200,000 | 3,600,000 | |
Amounts recognized in Accumulated Other Comprehensive Loss: | |||
Prior service credit | 2,300,000 | 2,100,000 | |
Net amount recognized | 2,300,000 | 2,100,000 | |
Pension Plans | Non-U.S. | Continuing operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Current liabilities | (800,000) | (1,200,000) | |
Non-current liabilities | (19,000,000) | (17,200,000) | |
Pension Plans | Non-U.S. | Discontinued operations | |||
Amounts recognized in the Consolidated Balance Sheets: | |||
Non-current liabilities | $ 0 | $ (400,000) |
Pension Plans and Other Postr_6
Pension Plans and Other Postretirement Benefit Plans - Assumptions Used (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. | ||
Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: | ||
Discount rate | 3.26% | 4.33% |
Rate of compensation increase | 4.00% | 4.10% |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||
Discount rate | 4.33% | 3.68% |
Expected return on plan assets | 6.00% | 6.00% |
Rate of compensation increase | 4.10% | 4.10% |
Non-U.S. | ||
Weighted Average Assumptions Used to Determine Benefit Obligations as of December 31: | ||
Discount rate | 1.80% | 2.49% |
Rate of compensation increase | 3.12% | 3.58% |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31: | ||
Discount rate | 2.48% | 2.30% |
Expected return on plan assets | 2.44% | 2.45% |
Rate of compensation increase | 3.03% | 3.54% |
Pension Plans and Other Postr_7
Pension Plans and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Cost (Income) (Details) - Pension Plans - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 8.9 | $ 10.9 | |
Interest cost | 11.2 | 11.2 | |
U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 6.3 | 7.9 | $ 6.8 |
Interest cost | 5.8 | 5.6 | 5.5 |
Expected return on plan assets | (6.5) | (7.6) | (5.6) |
Amortization of prior service cost | 0 | 0 | 0 |
Gain on termination, curtailment and settlement of pension plans | 0 | 0 | (9.2) |
Pension mark-to-market adjustment | 12.3 | (9.5) | 18.7 |
Net periodic benefit cost (income) | 17.9 | (3.6) | 16.2 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): | |||
Net prior service cost (credit) | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | 0 | 0 | 0 |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | 17.9 | (3.6) | 16.2 |
Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 2.6 | 3 | 3.9 |
Interest cost | 5.4 | 5.6 | 5.7 |
Expected return on plan assets | (5.9) | (6.9) | (6.8) |
Amortization of prior service cost | 0.1 | 0 | 0 |
Gain on termination, curtailment and settlement of pension plans | (1.4) | (0.2) | (14.3) |
Pension mark-to-market adjustment | 1 | (0.4) | (4.7) |
Net periodic benefit cost (income) | 1.8 | 1.1 | (16.2) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income): | |||
Net prior service cost (credit) | 0.2 | 2.7 | (0.7) |
Amortization of prior service cost | 0 | 0 | 0.2 |
Total recognized in other comprehensive (income) loss | 0.2 | 2.7 | (0.5) |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | 2 | 3.8 | (16.7) |
Discontinued operations | U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | 0 | 0 | (2.6) |
Discontinued operations | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension mark-to-market adjustment | 0 | 0 | (0.1) |
Net periodic benefit cost (income) | (0.2) | 0 | (13.9) |
Continuing operations | U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit cost (income) | 17.9 | (3.6) | 18.8 |
Continuing operations | Non-U.S. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Pension mark-to-market adjustment | 1 | (0.4) | (4.6) |
Net periodic benefit cost (income) | $ 2 | $ 1.1 | $ (2.3) |
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, 2019USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2020 | $ 26 |
2021 | 20.9 |
2022 | 21.2 |
2023 | 21.4 |
2024 | 21.7 |
2025 - 2029 | 108.7 |
U.S. | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2020 | 9.7 |
2021 | 9.7 |
2022 | 9.7 |
2023 | 9.7 |
2024 | 9.8 |
2025 - 2029 | 47.4 |
Non-U.S. | |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2020 | 16.3 |
2021 | 11.2 |
2022 | 11.5 |
2023 | 11.7 |
2024 | 11.9 |
2025 - 2029 | $ 61.3 |
Pension Plans and Other Postr_9
Pension Plans and Other Postretirement Benefit Plans - Allocation of Plan Assets (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
U.S. | U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 26.00% | |
Percentage of Plan Assets | 27.00% | 23.00% |
U.S. | Non-U.S. equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 13.00% | |
Percentage of Plan Assets | 13.00% | 13.00% |
U.S. | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 55.00% | |
Percentage of Plan Assets | 55.00% | 59.00% |
U.S. | Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 6.00% | |
Percentage of Plan Assets | 5.00% | 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 | 5.00% | |
Percentage of Plan Assets | 5.00% | 10.00% |
United Kingdom | Return-seeking fixed income investment | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5.00% | |
Percentage of Plan Assets | 5.00% | 0.00% |
United Kingdom | U.K. gilts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 34.00% | |
Percentage of Plan Assets | 34.00% | 33.00% |
United Kingdom | U.K. corporate bonds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 4.00% | |
Percentage of Plan Assets | 3.00% | 2.00% |
United Kingdom | Insurance contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 52.00% | |
Percentage of Plan Assets | 53.00% | 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 123 | $ 110.5 | |
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 | 123 | 110.5 | |
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 | 32.7 | 25.8 | |
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 | 32.7 | 25.8 | |
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 | 16.4 | 13.8 | |
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 | 16.4 | 13.8 | |
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 | 26.6 | 37.1 | |
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 | 26.6 | 37.1 | |
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 | 6.8 | 5.6 | |
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 | 6.8 | 5.6 | |
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 | 40.5 | 28.2 | |
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 | 40.5 | 28.2 | |
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 | 270.8 | 250.4 | |
Non-U.S. | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.2 | 4.7 | |
Non-U.S. | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 136.7 | 122.4 | |
Non-U.S. | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 127.9 | 123.3 | |
Non-U.S. | Common/collective trust funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123 | 111.2 | |
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 | 123 | 111.2 | |
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 | 3.5 | 3.3 | |
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 | 3.5 | 3.3 | |
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 | 9.9 | 7.9 | |
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 | 9.9 | 7.9 | |
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 | 128.2 | 123.3 | |
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 | 0.3 | 0 | |
Non-U.S. | Insurance contracts and other investments | Level 3 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 127.9 | 123.3 | $ 136.7 |
Non-U.S. | Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.2 | 4.7 | |
Non-U.S. | Cash | Level 1 inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.2 | 4.7 | |
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, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 250.4 | |
Fair value of plan assets at end of year | 270.8 | $ 250.4 |
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 | 123.3 | |
Fair value of plan assets at end of year | 127.9 | 123.3 |
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 | 123.3 | |
Fair value of plan assets at end of year | 128.2 | 123.3 |
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 | 123.3 | 136.7 |
Actual return on plan assets | 8.2 | 1 |
Transfers out for benefits paid | (9) | |
Transfers out for premium | (7.7) | |
Currency exchange translation adjustments | 4.1 | (5.4) |
Fair value of plan assets at end of year | $ 127.9 | $ 123.3 |
Pension Plans and Other Post_12
Pension Plans and Other Postretirement Benefit Plans - Narrative (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | $ 1,200,000 | $ 200,000 | $ 6,600,000 | |
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 | $ 4,600,000 | 4,800,000 | |
Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | $ 200,000 | |||
U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 4.33% | 3.26% | 4.33% | |
Expected return on plan assets | 6.00% | 6.00% | ||
Employer contributions | $ 100,000 | $ 0 | ||
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 | |||
Non-U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 2.49% | 1.80% | 2.49% | |
Expected return on plan assets | 2.44% | 2.45% | ||
Non-U.S. | Total pension assets | Geographic concentration risk | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Concentration risk, percentage | 69.00% | 69.00% | ||
Non-U.S. | Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Plan service cost, interest cost, and expected return | 500,000 | |||
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 | |||
United Kingdom | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 1.57% | |||
Expected return on plan assets | 2.14% | |||
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 | 91.00% | 92.00% | ||
Other countries | Non-U.S. pension plan assets | Geographic concentration risk | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Concentration risk, percentage | 9.00% | 8.00% | ||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Prior service cost | $ 2,100,000 | $ 2,300,000 | $ 2,100,000 | |
Benefit obligation | 388,300,000 | 437,500,000 | 388,300,000 | 438,300,000 |
(Underfunded) overfunded status | (27,400,000) | (43,700,000) | (27,400,000) | |
Accumulated benefit obligation | 375,000,000 | 431,000,000 | 375,000,000 | |
Accumulated other comprehensive income, net of tax | 2,100,000 | 2,300,000 | 2,100,000 | |
Employer contributions | 2,700,000 | 5,000,000 | ||
Pension Plans | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
(Underfunded) overfunded status | (26,900,000) | (43,700,000) | (26,900,000) | |
Long-term liability | 48,200,000 | 67,500,000 | 48,200,000 | |
Pension Plans | Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term liability | 400,000 | 0 | 400,000 | |
Pension Plans | U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 0 | 0 | 9,200,000 | |
Prior service cost | 0 | 0 | 0 | |
Mark-to-market gains (losses) | (12,300,000) | 9,500,000 | (18,700,000) | |
Benefit obligation | 141,500,000 | 171,900,000 | 141,500,000 | 163,800,000 |
(Underfunded) overfunded status | (31,000,000) | (48,900,000) | (31,000,000) | |
Accumulated other comprehensive income, net of tax | 0 | 0 | 0 | |
Employer contributions | 100,000 | 0 | ||
Pension Plans | U.S. | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 6,600,000 | |||
Long-term liability | 31,000,000 | 48,500,000 | 31,000,000 | |
Pension Plans | U.S. | Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 2,600,000 | |||
Long-term liability | 0 | 0 | 0 | |
Pension Plans | Non-U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 1,400,000 | 200,000 | 14,300,000 | |
Prior service cost | 2,100,000 | 2,300,000 | 2,100,000 | |
Mark-to-market gains (losses) | (1,000,000) | 400,000 | 4,700,000 | |
Benefit obligation | 246,800,000 | 265,600,000 | 246,800,000 | 274,500,000 |
(Underfunded) overfunded status | 3,600,000 | 5,200,000 | 3,600,000 | |
Accumulated other comprehensive income, net of tax | 2,100,000 | 2,300,000 | 2,100,000 | |
Employer contributions | 2,600,000 | 5,000,000 | ||
Expected employer contributions in next twelve months | 1,300,000 | |||
Pension Plans | Non-U.S. | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 1,200,000 | 200,000 | 0 | |
Mark-to-market gains (losses) | (1,000,000) | 400,000 | 4,600,000 | |
Long-term liability | 17,200,000 | 19,000,000 | 17,200,000 | |
Pension Plans | Non-U.S. | Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 200,000 | 0 | 14,300,000 | |
Mark-to-market gains (losses) | 0 | 0 | $ 100,000 | |
Long-term liability | 400,000 | 0 | 400,000 | |
Pension Plans | United Kingdom | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gains | 1,200,000 | |||
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 | |||
Postretirement health care benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Long-term liability, initial recognition | 2,000,000 | |||
Accumulated other comprehensive income, net of tax, initial recognition | 600,000 | |||
Accumulated other comprehensive income, tax, initial recognition | 200,000 | |||
Other postretirement benefits, expense, initial recognition | 1,200,000 | |||
Long-term liability | $ 1,700,000 | 2,200,000 | 1,700,000 | |
Accumulated other comprehensive income, net of tax | 400,000 | 700,000 | 400,000 | |
Accumulated other comprehensive income, tax | $ 100,000 | 200,000 | 100,000 | |
Other postretirement benefits, expense | $ 100,000 | $ 1,300,000 |
Other Balance Sheet Accounts -
Other Balance Sheet Accounts - Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Non-trade receivables | $ 22.1 | $ 25 |
Prepaid expenses and other current assets | 13.4 | 9.2 |
Income taxes receivable | 8.2 | 10.4 |
Total other current assets | $ 43.7 | $ 44.6 |
Other Balance Sheet Accounts _2
Other Balance Sheet Accounts - Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Current Liabilities | ||
Accrued customer volume rebates | $ 28.4 | $ 35.3 |
Accrued compensation | 16 | 16.4 |
Income taxes payable | 10.4 | 17.2 |
Accrued interest | 4.2 | 4 |
Restructuring liability | 2.7 | 10.2 |
Pension liabilities | 1.2 | 1.3 |
Other accrued liabilities | 50.7 | 61.1 |
Total other current liabilities | 113.6 | 145.5 |
Other current liabilities | Darex Packaging Technologies Business | Discontinued operations, disposed of by sale | ||
Other Current Liabilities | ||
Deferred consideration, delayed closings | $ 0.5 | $ 13.6 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
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 | $ 5.9 | $ 5 | |
Reduction in Taxes | |||
Loss Contingencies [Line Items] | |||
Gain related to income tax settlement, net | 1.3 | ||
Legal fees and other charges related to tax settlement | $ 0.4 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | Mar. 15, 2019purchase_right$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | May 11, 2017$ / shares |
Class of Stock [Line Items] | ||||
Common stock dividend, number of preferred share purchase rights for each share of common stock | purchase_right | 1 | |||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred share purchase right, ratio of number of shares per right | 0.01 | |||
Preferred stock, par (in usd per share) | $ 0.01 | |||
Preferred share purchase right, period after acquisition announcement after which rights become exercisable | 10 days | |||
Preferred share purchase right, market value of acquiring corporate shares | 15.00% | |||
Preferred share purchase right, purchase price of acquiring corporate shares | 15.00% | |||
Preferred share purchase right, number of shares of common stock issued if rights extinguished by board (in shares) | 0.001% | |||
Preferred share purchase right, market value of common stock that Acquiring Person may acquire for exercise price (in usd per share) | $ 300 | |||
Preferred share purchase right, market value of common stock that Acquiring Person may acquire for exercise price, percentage | 50.00% | |||
Preferred share purchase right, minimum ownership percentage at which existing rights become exercisable | 1 | |||
Preferred share purchase right, minimum beneficial ownership percentage for grandfathered treatment (in usd per share) | $ 150 | |||
Preferred share purchase right, minimum beneficial ownership percentage change for rights to become exercisable (in usd per share) | 300 | |||
Preferred stock, authorized (in shares) | shares | 50,000,000 | |||
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, par (in usd per share) | 0.01 | $ 0.01 | $ 0.01 | |
Preferred share purchase right, exercise price (in usd per share) | $ 150 | |||
Preferred stock, authorized (in shares) | shares | 10,000,000 | 10,000,000 | 0 |
Restructuring and Repositioni_3
Restructuring and Repositioning Expenses, Asset Impairments - Narrative (Details) $ in Millions | Jul. 31, 2019USD ($) | Aug. 01, 2018 | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Feb. 22, 2019USD ($) | Jun. 28, 2017USD ($)facility | Dec. 31, 2016USD ($) |
Restructuring Cost and Reserve [Line Items] | ||||||||||
Number of operating segments | segment | 2 | |||||||||
2019 Plan | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | $ 0.7 | $ 0 | $ 0 | |||||||
Total cash payments for repositioning costs | 0.5 | 0 | 0 | |||||||
Restructuring liability | 0.2 | 0 | 0 | $ 0.2 | $ 0.2 | $ 0 | ||||
2019 Plan | Minimum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 15 | |||||||||
2019 Plan | Maximum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 20 | |||||||||
2019 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 0.7 | 0.7 | 0.7 | |||||||
2019 Plan, restructuring activities | Asset impairments | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 1 | |||||||||
2019 Plan, restructuring activities | Minimum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 4 | |||||||||
2019 Plan, restructuring activities | Minimum | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 2 | |||||||||
2019 Plan, restructuring activities | Minimum | Other associated costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 1 | |||||||||
2019 Plan, restructuring activities | Maximum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 7 | |||||||||
2019 Plan, restructuring activities | Maximum | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 3 | |||||||||
2019 Plan, restructuring activities | Maximum | Other associated costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 3 | |||||||||
2019 Plan, repositioning activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 8.8 | |||||||||
Total cash payments for repositioning costs | 6.2 | |||||||||
2019 Plan, repositioning activities | Capital expenditures | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 0.8 | 0.8 | 0.8 | |||||||
Total cash payments for repositioning costs | 0.6 | |||||||||
2019 Plan, repositioning activities | Minimum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 11 | |||||||||
2019 Plan, repositioning activities | Minimum | Capital expenditures | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 2 | |||||||||
2019 Plan, repositioning activities | Maximum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 13 | |||||||||
2019 Plan, repositioning activities | Maximum | Capital expenditures | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 3 | |||||||||
2019 Phase 2 Plan | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 3.1 | 0 | 0 | |||||||
Total cash payments for repositioning costs | 2.2 | 0 | 0 | |||||||
Restructuring liability | 0.9 | 0 | 0 | 0.9 | 0.9 | 0 | ||||
2019 Phase 2 Plan | Minimum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 30 | |||||||||
2019 Phase 2 Plan | Maximum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 35 | |||||||||
2019 Plan Phase 2, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 3.1 | |||||||||
2019 Plan Phase 2, restructuring activities | Minimum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 23 | |||||||||
Expected workforce reduction percent | 8.00% | |||||||||
2019 Plan Phase 2, restructuring activities | Minimum | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 19 | |||||||||
2019 Plan Phase 2, restructuring activities | Minimum | Other associated costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 4 | |||||||||
2019 Plan Phase 2, restructuring activities | Maximum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 27 | |||||||||
Expected workforce reduction percent | 10.00% | |||||||||
2019 Plan Phase 2, restructuring activities | Maximum | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 22 | |||||||||
2019 Plan Phase 2, restructuring activities | Maximum | Other associated costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 5 | |||||||||
2019 Plan Phase 2, repositioning activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 2.4 | |||||||||
Total cash payments for repositioning costs | 1 | |||||||||
2019 Plan Phase 2, repositioning activities | Capital expenditures | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 2 | |||||||||
Repositioning expenses | 0.1 | |||||||||
2019 Plan Phase 2, repositioning activities | Minimum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 7 | |||||||||
2019 Plan Phase 2, repositioning activities | Maximum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 8 | |||||||||
2018 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 22 | 22 | 22 | |||||||
2018 Plan, restructuring activities | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 11.5 | 11.5 | 11.5 | |||||||
2018 Plan, restructuring activities | Asset impairments | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 8 | 8 | 8 | |||||||
2018 Plan, restructuring activities | Other associated costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 1.9 | 1.9 | 1.9 | |||||||
2018 Plan, restructuring activities | Facility exit costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 0.6 | 0.6 | 0.6 | |||||||
2018 Plan, restructuring activities | Minimum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected workforce reduction percent | 8.00% | |||||||||
2018 Plan, restructuring activities | Maximum | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected workforce reduction percent | 10.00% | |||||||||
2018 Plan, repositioning activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 10.6 | 10.6 | 10.6 | |||||||
Repositioning expenses | 5.3 | 5.3 | ||||||||
Total cash payments for repositioning costs | 11.5 | |||||||||
2018 Plan, repositioning activities | Capital expenditures | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 0.9 | 0.9 | 0.9 | |||||||
Total cash payments for repositioning costs | 0.8 | |||||||||
2018 Plan, repositioning activities | Repositioning costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 11.3 | |||||||||
2017 Plan | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 29 | |||||||||
Number of manufacturing plants that will replace sold facilities | facility | 2 | |||||||||
2017 Plan | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 0 | (1.9) | 19.5 | |||||||
Total cash payments for repositioning costs | 1.7 | 7.5 | 8 | |||||||
Restructuring liability | 0.2 | 1.8 | 11.6 | 0.2 | 0.2 | 0 | ||||
2017 Plan | Facility exit costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 0 | 0 | 0.1 | |||||||
Total cash payments for repositioning costs | 0 | 0.1 | 0 | |||||||
Restructuring liability | 0 | 0 | 0.1 | 0 | 0 | 0 | ||||
2017 Plan | Minimum | Capital expenditures | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 10 | |||||||||
2017 Plan | Maximum | Capital expenditures | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 15 | |||||||||
2017 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | 19 | |||||||||
Costs incurred to date | 19.1 | 19.1 | 19.1 | |||||||
2017 Plan, restructuring activities | Severance and other employee costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 17.4 | 17.4 | 17.4 | |||||||
2017 Plan, restructuring activities | Asset impairments | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 1.5 | 1.5 | 1.5 | |||||||
2017 Plan, restructuring activities | Facility exit costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 0.2 | 0.2 | 0.2 | |||||||
2017 Plan, repositioning activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Expected costs | $ 10 | |||||||||
Costs incurred to date | 9.6 | 9.6 | 9.6 | |||||||
Repositioning expenses | 0.8 | 4.3 | 4.5 | |||||||
Total cash payments for repositioning costs | 6.7 | 20.8 | ||||||||
2017 Plan, repositioning activities | Capital expenditures | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 12.4 | 12.4 | 12.4 | |||||||
Total cash payments for repositioning costs | 4.6 | |||||||||
Restructuring liabilities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 4.8 | 10.7 | 20.1 | |||||||
Total cash payments for repositioning costs | 12.1 | 12.8 | 8.5 | |||||||
Restructuring liability | 2.7 | $ 10.2 | $ 12.8 | 2.7 | 2.7 | $ 1.1 | ||||
Strategic alternatives plan | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 3.1 | |||||||||
Total cash payments for repositioning costs | 2 | |||||||||
SCC | Other associated costs | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 1.1 | |||||||||
SCC | 2019 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 0.4 | 0.4 | 0.4 | |||||||
SCC | 2019 Plan Phase 2, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 1.8 | |||||||||
SCC | 2018 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 16.7 | 16.7 | 16.7 | |||||||
SCC | 2017 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 4.6 | 4.6 | 4.6 | |||||||
SBM | 2019 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 0.3 | 0.3 | 0.3 | |||||||
SBM | 2019 Plan Phase 2, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Repositioning expenses | 1.3 | |||||||||
SBM | 2018 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 5.3 | 5.3 | 5.3 | |||||||
SBM | 2017 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 3.3 | 3.3 | 3.3 | |||||||
Corporate | 2017 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | 2.8 | 2.8 | 2.8 | |||||||
Discontinued operations | 2017 Plan, restructuring activities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Costs incurred to date | $ 8.4 | $ 8.4 | $ 8.4 |
Restructuring and Repositioni_4
Restructuring and Repositioning Expenses, Asset Impairments - Restructuring Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | $ 10.2 | $ 15.2 | $ 21.3 |
Less: restructuring expenses and asset impairments reflected in discontinued operations | 0.3 | 0.4 | 7.8 |
Total restructuring expenses and asset impairments from continuing operations | 9.9 | 14.8 | 13.5 |
Severance and other employee costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | 4.1 | 10.1 | 19.9 |
Facility exit costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | 0 | 0.6 | 0.2 |
Asset impairments | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | 4.3 | 4.5 | 1.2 |
Other associated costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments | $ 1.8 | $ 0 | $ 0 |
Restructuring and Repositioni_5
Restructuring and Repositioning Expenses, Asset Impairments - Restructuring Costs by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments from continuing operations | $ 9.9 | $ 14.8 | $ 13.5 |
Restructuring expenses and asset impairments reflected in discontinued operations | 0.3 | 0.4 | 7.8 |
Total restructuring expenses and asset impairments | 10.2 | 15.2 | 21.3 |
Operating Segments | SCC | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments from continuing operations | 4.5 | 12.5 | 6.2 |
Operating Segments | SBM | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments from continuing operations | 3.9 | 1.9 | 4.1 |
Corporate | |||
Restructuring Cost and Reserve [Line Items] | |||
Total restructuring expenses and asset impairments from continuing operations | $ 1.5 | $ 0.4 | $ 3.2 |
Restructuring and Repositioni_6
Restructuring and Repositioning Expenses, Asset Impairments - Restructuring Liability (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Costs | SCC | |||
Restructuring Reserve [Roll Forward] | |||
Expenses | $ 1.1 | ||
Inventory write-offs | 0.6 | ||
Accounts receivable write-offs | 0.5 | ||
Asset impairments | |||
Restructuring Reserve [Roll Forward] | |||
Asset impairment charges | 4.3 | $ 4.5 | $ 1.2 |
Asset impairments | SCC | |||
Restructuring Reserve [Roll Forward] | |||
Asset impairment charges | 1.2 | 4.3 | 1.2 |
Asset impairments | SBM | |||
Restructuring Reserve [Roll Forward] | |||
Asset impairment charges | 3.1 | 0.2 | |
2019 Plan | Severance and other employee costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Expenses | 0.7 | 0 | 0 |
Payments | (0.5) | 0 | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 0.2 | 0 | 0 |
2019 Phase 2 Plan | Severance and other employee costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Expenses | 3.1 | 0 | 0 |
Payments | (2.2) | 0 | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 0.9 | 0 | 0 |
2018 Plan | Severance and other employee costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 7.7 | 0 | 0 |
Expenses | 0.1 | 11.4 | 0 |
Payments | (6.6) | (3.6) | 0 |
Impact of foreign currency and other | (0.2) | (0.1) | 0 |
Ending balance | 1 | 7.7 | 0 |
2018 Plan | Facility exit costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.2 | 0 | 0 |
Expenses | 0 | 0.6 | 0 |
Payments | (0.2) | (0.4) | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 0 | 0.2 | 0 |
2018 Plan | Other Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Expenses | 0.7 | 0 | 0 |
Payments | (0.3) | 0 | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 0.4 | 0 | 0 |
2017 Plan | Severance and other employee costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 1.8 | 11.6 | 0 |
Expenses | 0 | (1.9) | 19.5 |
Payments | (1.7) | (7.5) | (8) |
Impact of foreign currency and other | 0.1 | (0.4) | 0.1 |
Ending balance | 0.2 | 1.8 | 11.6 |
2017 Plan | Facility exit costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0 | 0.1 | 0 |
Expenses | 0 | 0 | 0.1 |
Payments | 0 | (0.1) | 0 |
Impact of foreign currency and other | 0 | 0 | 0 |
Ending balance | 0 | 0 | 0.1 |
Other plans | Other Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.5 | 1.1 | 1.1 |
Expenses | 0.2 | 0.6 | 0.5 |
Payments | (0.6) | (1.2) | (0.5) |
Impact of foreign currency and other | (0.1) | 0 | 0 |
Ending balance | 0 | 0.5 | 1.1 |
Total | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 10.2 | 12.8 | 1.1 |
Expenses | 4.8 | 10.7 | 20.1 |
Payments | (12.1) | (12.8) | (8.5) |
Impact of foreign currency and other | (0.2) | (0.5) | 0.1 |
Ending balance | $ 2.7 | $ 10.2 | $ 12.8 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Pre-Tax, Tax, and After-Tax Components of Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
After-Tax Amount | |||
Total other comprehensive income (loss) | $ 3 | $ (34.3) | $ 61.9 |
Other comprehensive income attributable to GCP shareholders | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | 3 | (34.9) | 62 |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0 | 0.6 | (0.1) |
After-Tax Amount | |||
Total other comprehensive income (loss) | 3 | (34.3) | 61.9 |
Amortization of net prior service credit | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | (0.2) | ||
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0 | ||
After-Tax Amount | |||
Total other comprehensive income (loss) | (0.2) | ||
Assumption of net prior service credit | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | (3.2) | 0.7 | |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0.6 | (0.2) | |
After-Tax Amount | |||
Total other comprehensive income (loss) | (2.6) | 0.5 | |
Benefit plans, net | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | (0.6) | (3.2) | 0.5 |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0.1 | 0.6 | (0.2) |
After-Tax Amount | |||
Total other comprehensive income (loss) | (0.5) | (2.6) | 0.3 |
Currency translation adjustments | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | 3.7 | (31.8) | 61.7 |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | (0.1) | 0 | 0 |
After-Tax Amount | |||
Total other comprehensive income (loss) | 3.6 | (31.8) | 61.7 |
Loss from hedging activities | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | (0.1) | ||
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0 | ||
After-Tax Amount | |||
Total other comprehensive income (loss) | $ (0.1) | ||
Gain (loss) from hedging activities | |||
Pre-Tax Amount | |||
Other comprehensive income (loss), pre-tax | 0.1 | (0.2) | |
Tax Benefit/(Expense) | |||
Other comprehensive income (loss), tax | 0 | 0.1 | |
After-Tax Amount | |||
Total other comprehensive income (loss) | $ 0.1 | $ (0.1) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | $ 481.4 | $ 492 | $ (139) |
Other comprehensive income (loss) before reclassifications | (34.2) | 61.3 | |
Amounts reclassified from accumulated other comprehensive loss | (0.1) | 0.6 | |
Total other comprehensive income (loss) | 3 | (34.3) | 61.9 |
Balance | 541.1 | 481.4 | 492 |
Defined Benefit Pension and Other Postretirement Plans | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | (2.2) | 0.4 | 0.1 |
Other comprehensive income (loss) before reclassifications | (2.6) | 0.3 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Total other comprehensive income (loss) | (0.5) | (2.6) | 0.3 |
Balance | (2.7) | (2.2) | 0.4 |
Currency Translation Adjustments | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | (117.8) | (86) | (147.7) |
Other comprehensive income (loss) before reclassifications | (31.8) | 61.7 | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Total other comprehensive income (loss) | 3.6 | (31.8) | 61.7 |
Balance | (114.2) | (117.8) | (86) |
Hedging Activities | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | 0 | ||
Total other comprehensive income (loss) | (0.1) | ||
Balance | (0.1) | 0 | |
Hedging Activities | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | 0 | (0.1) | 0 |
Other comprehensive income (loss) before reclassifications | 0.2 | (0.7) | |
Amounts reclassified from accumulated other comprehensive loss | (0.1) | 0.6 | |
Total other comprehensive income (loss) | 0.1 | (0.1) | |
Balance | 0 | (0.1) | |
Total | |||
Changes in accumulated other comprehensive income (loss), net of tax | |||
Balance | (120) | (85.7) | (147.6) |
Total other comprehensive income (loss) | 3 | (34.3) | 61.9 |
Balance | $ (117) | $ (120) | $ (85.7) |
Related Party Transactions an_2
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, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | |||
Transition services agreement term (up to) | 18 months | ||
Other assets | |||
Related Party Transaction [Line Items] | |||
Indemnified receivables, tax | $ 3.5 | $ 3.9 | |
Other current liabilities | |||
Related Party Transaction [Line Items] | |||
Indemnified payables, tax | $ 1 | $ 1.8 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 24, 2020 | Dec. 31, 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 | |||
Stock-based compensation expense | $ 6.2 | $ 3.7 | $ 9.2 | |||
Reduction in stock-based compensation expense for remeasurement based on expected payout | 2.4 | 5.2 | ||||
Income tax benefit recognized for stock-based compensation | $ 1.5 | $ 0.6 | $ 4.8 | |||
Number of shares repurchased (in shares) | 151,900 | 45,100 | 47,000 | |||
Payments for tax withholding obligations related to employee equity awards | $ 3.8 | $ 1.4 | $ 1.3 | |||
Number of shares of common stock available for issuance (in shares) | 7,900,000 | |||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, exercise price, percent of market value on the date of grant | 100.00% | |||||
Weighted average grant date fair value of options granted (in usd per share) | $ 8.66 | $ 10.63 | $ 9.17 | |||
Intrinsic value of all options exercised | $ 3 | $ 4.8 | $ 9.8 | |||
Unrecognized stock-based compensation expense for stock options | $ 0.6 | |||||
Unrecognized stock-based compensation expense, period of recognition | 1 year | |||||
Stock Options | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards, contractual term | 5 years | |||||
Stock Options | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option awards, contractual term | 10 years | |||||
Stock Options | Tranche one | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 1 year | |||||
Stock Options | Tranche two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 2 years | |||||
Stock Options | Tranche three | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 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 6 months | |||||
Unrecognized compensation expense related to the RSU and PBU awards | $ 2.3 | |||||
Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | |||||
Other awards granted (in shares) | 137,000 | |||||
Weighted average grant date fair value of other awards granted (in usd per share) | $ 26.77 | $ 29.28 | $ 26.44 | |||
Shares distributed (in shares) | 302,000 | 117,000 | 107,000 | |||
Fully vested awards settled in cash | $ 1.2 | $ 0.9 | ||||
Fair value of awards vested | $ 7.4 | $ 4.8 | $ 3.8 | |||
Restricted Stock Units (RSUs) | Tranche one | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.33% | |||||
Restricted Stock Units (RSUs) | Tranche two | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.33% | |||||
Restricted Stock Units (RSUs) | Tranche 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 | |||||
Performance Based Units (PBUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Other awards granted (in shares) | 174,000 | |||||
Award vesting period | 3 years | |||||
Weighted average grant date fair value of other awards granted (in usd per share) | $ 27.19 | |||||
Fair value of awards vested | $ 2 | |||||
Performance period | 3 years | 3 years | ||||
Performance Based Units (PBUs) | Granted 2018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average grant date fair value of other awards granted (in usd per share) | $ 27.19 | $ 34.20 | $ 28.29 | |||
Performance Based Units (PBUs) | Granted 2016 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Amount settled in period (in shares) | 76,461 | |||||
Percentage of target award granted | 68.70% | |||||
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 | $ 7.2 | |||||
Subsequent event | Restricted Stock Units (RSUs) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Other awards granted (in shares) | 187,000 |
Stock Incentive Plans - Valuati
Stock Incentive Plans - Valuation Assumptions - Stock Options (Details) - Stock Options - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | 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 | 1.70% | 2.68% | 1.83% | |
Risk-free interest rate, maximum | 2.64% | 2.80% | 2.11% | |
Volatility, minimum | 28.02% | 27.91% | 31.42% | |
Volatility, maximum | 28.59% | 30.65% | 31.96% | |
Weighted average grant date fair value per stock option (in usd per share) | $ 8.66 | $ 10.63 | $ 9.17 | |
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 | 5 years 6 months | |
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 | 6 years 6 months |
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, 2019 | Dec. 31, 2018 | |
Number Of Shares | ||
Outstanding, beginning balance (in shares) | 1,518 | 1,600 |
Options exercised (in shares) | (410) | |
Options forfeited/expired/canceled (in shares) | (97) | |
Options granted (in shares) | 273 | |
Outstanding, ending balance (in shares) | 1,284 | 1,518 |
Exercisable (in shares) | 1,009 | |
Vested and expected to vest (in shares) | 1,264 | |
Weighted Average Exercise Price | ||
Outstanding, beginning balance (in usd per share) | $ 21.18 | |
Options exercised (in usd per share) | 18.43 | |
Options forfeited/expired/canceled (in usd per share) | 28 | |
Options granted (in usd per share) | 26.44 | |
Outstanding, ending balance (in usd per share) | 22.66 | $ 21.18 |
Exercisable (in usd per share) | 21.30 | |
Vested and expected to vest (in usd per share) | $ 22.59 | |
Other Disclosures | ||
Outstanding, weighted-average remaining contractual term | 3 years 2 months 4 days | 3 years 9 months |
Exercisable, weighted-average remaining contractual term | 2 years 4 months 24 days | |
Vested and expected to vest, weighted-average remaining contractual term | 3 years 1 month 17 days | |
Outstanding, aggregated intrinsic value | $ 3,171 | $ 7,145 |
Exercisable, aggregated intrinsic value | 3,158 | |
Vested and expected to vest, aggregated intrinsic value | $ 3,169 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number Of Shares | |||
Outstanding, beginning balance (in shares) | 363 | 400 | |
Awards settled (in shares) | (302) | ||
Awards forfeited (in shares) | (42) | ||
Awards granted (in shares) | 137 | ||
Outstanding, ending balance (in shares) | 156 | 363 | 400 |
Expected to vest (in shares) | 145 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning balance (in usd per share) | $ 22.76 | ||
Awards settled (in usd per share) | 21.51 | ||
Awards forfeited (in usd per share) | 28.18 | ||
Awards granted (in usd per share) | 26.77 | $ 29.28 | $ 26.44 |
Outstanding, ending balance (in usd per share) | 27.33 | $ 22.76 | |
Expected to vest (in usd per share) | $ 27.26 |
Stock Incentive Plans - Valua_2
Stock Incentive Plans - Valuation Assumptions - Performance Based Units (Details) - Performance Based Units (PBUs) | 12 Months Ended | ||
Dec. 31, 2019 | 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 9 days | 2 years 10 months 9 days | 2 years 10 months 2 days |
Expected volatility | 28.46% | 28.56% | 28.00% |
Risk-free interest rate | 2.48% | 2.38% | 1.41% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Correlation coefficient | 54.81% | 38.98% | 46.83% |
Average correlation coefficient of constituents | 57.09% | 39.96% | 42.33% |
Stock Incentive Plans - Perform
Stock Incentive Plans - Performance Based Units Award Activity (Details) - Performance Based Units (PBUs) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number Of Shares | |
Outstanding, beginning balance (in shares) | shares | 394 |
Awards settled (in shares) | shares | (76) |
Awards forfeited (in shares) | shares | (110) |
Awards granted (in shares) | shares | 174 |
Outstanding, ending balance (in shares) | shares | 382 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in usd per share) | $ / shares | $ 27.23 |
Awards settled (in usd per share) | $ / shares | 17.04 |
Awards forfeited (in usd per share) | $ / shares | 26.33 |
Awards granted (in usd per share) | $ / shares | 27.19 |
Outstanding, ending balance (in usd per share) | $ / shares | $ 29.51 |
Operating Segment and Geograp_3
Operating Segment and Geographic Information - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Concentration Risk [Line Items] | |||
Number of operating segments | segment | 2 | ||
Operating lease right-of-use assets | $ 29.3 | $ 0 | |
Long-lived assets | Geographic concentration risk | United Kingdom | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 20.00% | 20.00% | |
ASU 2016-02 - Topic 842 | |||
Concentration Risk [Line Items] | |||
Operating lease right-of-use assets | $ 29.3 | $ 40.8 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 1,013.5 | $ 1,125.4 | $ 1,084.4 |
Segment Operating Income | 153.8 | 172.8 | |||||||||
Depreciation and Amortization | 43.2 | 42 | 36.8 | ||||||||
Capital Expenditures | 57 | 55 | 45 | ||||||||
Total Assets | 1,302.1 | 1,281.9 | 1,302.1 | 1,281.9 | 1,703 | ||||||
Specialty Construction Chemicals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 579.1 | 643.5 | 615.7 | ||||||||
Specialty Building Materials | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 434.4 | 481.9 | 468.7 | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment Operating Income | 142.4 | 153.8 | 172.8 | ||||||||
Operating Segments | Specialty Construction Chemicals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 579.1 | 643.5 | 615.7 | ||||||||
Segment Operating Income | 56.6 | 40.2 | 63.4 | ||||||||
Depreciation and Amortization | 24.4 | 24.2 | 21.3 | ||||||||
Capital Expenditures | 44.5 | 28.8 | 23.9 | ||||||||
Total Assets | 432.2 | 408.6 | 432.2 | 408.6 | 419.9 | ||||||
Operating Segments | Specialty Building Materials | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 434.4 | 481.9 | 468.7 | ||||||||
Segment Operating Income | 85.8 | 113.6 | 109.4 | ||||||||
Depreciation and Amortization | 14.8 | 14.7 | 13.2 | ||||||||
Capital Expenditures | 7.9 | 12.8 | 8.5 | ||||||||
Total Assets | 424.1 | 427.8 | 424.1 | 427.8 | 409.3 | ||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and Amortization | 4 | 3.1 | 2.3 | ||||||||
Capital Expenditures | 4.6 | 13.4 | 12.6 | ||||||||
Total Assets | 445.3 | 441.4 | 445.3 | 441.4 | 851.3 | ||||||
Discontinued Operations, Held-for-sale | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Assets | $ 0.5 | $ 4.1 | $ 0.5 | $ 4.1 | $ 22.5 |
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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | |||||
Total segment operating income | $ 153.8 | $ 172.8 | |||
Corporate costs | $ (273) | (289.1) | (296.5) | ||
Loss on sale of product line | 0 | 0 | (2.1) | ||
Currency and other financial losses in Venezuela | 0 | 0 | (40.1) | ||
Repositioning expenses | (20.4) | (9.6) | (9.8) | ||
Restructuring expenses and asset impairments | (9.9) | (14.8) | (13.5) | ||
Gain on termination and curtailment of pension and other postretirement plans | 1.2 | 0.2 | 6.6 | ||
Net income attributable to noncontrolling interests | 0.4 | 0.3 | 0.5 | ||
Income (loss) from continuing operations before income taxes | 34.4 | 10.5 | (28.3) | ||
Loss on debt refinancing | $ 59.8 | $ 59.8 | 0 | 59.8 | 0 |
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Total segment operating income | 142.4 | 153.8 | 172.8 | ||
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Corporate costs | (32.8) | (27.3) | (36.4) | ||
Restructuring expenses and asset impairments | (1.5) | (0.4) | (3.2) | ||
Segment Reconciling Items | |||||
Segment Reporting Information [Line Items] | |||||
Certain pension costs | (7.8) | (7.6) | (9) | ||
Gain on Brazil tax recoveries, net | 0.6 | 0 | 0 | ||
Loss on sale of product line | 0 | 0 | (2.1) | ||
Currency and other financial losses in Venezuela | 0 | 0 | (39.1) | ||
Litigation settlement | 0 | 0 | (4) | ||
Legacy product, environmental and other claims | (0.1) | 0 | (0.6) | ||
Shareholder activism and other related costs | (5.3) | 0 | 0 | ||
Repositioning expenses | (20.4) | (9.6) | (9.8) | ||
Restructuring expenses and asset impairments | (9.9) | (14.8) | (13.5) | ||
Pension MTM adjustment and other related costs, net | (13.3) | 8.7 | (14.1) | ||
Gain on termination and curtailment of pension and other postretirement plans | 1.2 | 0.2 | 6.6 | ||
Third-party and other acquisition-related costs | (0.1) | (2.5) | (6.8) | ||
Other financing costs | 0 | 0 | (6) | ||
Amortization of acquired inventory fair value adjustment | 0 | (0.2) | (2.9) | ||
Tax indemnification adjustments | (0.5) | (0.5) | (2.8) | ||
Interest expense, net | (20) | (88.9) | (61.1) | ||
Currency losses in Argentina | 0 | (1.1) | 0 | ||
Net income attributable to noncontrolling interests | 0.4 | $ 0.3 | 0.5 | ||
Prior Segment - Darex Packaging Technologies Business | Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Corporate costs | $ (5.4) | ||||
Reduction in Taxes | |||||
Segment Reporting Information [Line Items] | |||||
Gain on Brazil tax recoveries, net | 1.3 | ||||
Amount awarded from other party | 1.7 | ||||
Expense and other charges | $ 1.1 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 1,013.5 | $ 1,125.4 | $ 1,084.4 |
Specialty Construction Chemicals | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 579.1 | 643.5 | 615.7 | ||||||||
Specialty Construction Chemicals | Concrete | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 434.8 | 478.9 | 455.6 | ||||||||
Specialty Construction Chemicals | Cement | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 144.3 | 164.6 | 160.1 | ||||||||
Specialty Building Materials | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 434.4 | 481.9 | 468.7 | ||||||||
Specialty Building Materials | Building Envelope | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 246.3 | 284.4 | 263.3 | ||||||||
Specialty Building Materials | Residential Building Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | 81.2 | 80.9 | 80.3 | ||||||||
Specialty Building Materials | Specialty Construction Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net Sales | $ 106.9 | $ 116.6 | $ 125.1 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 1,013.5 | $ 1,125.4 | $ 1,084.4 |
Properties and equipment, net | 245.3 | 225.1 | 245.3 | 225.1 | |||||||
Operating lease right-of-use assets | 29.3 | 0 | 29.3 | 0 | |||||||
Goodwill, Intangibles and Other Assets | 327.6 | 324.9 | 327.6 | 324.9 | |||||||
Total North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 537.4 | 571 | 540.7 | ||||||||
Properties and equipment, net | 169.8 | 153.1 | 169.8 | 153.1 | |||||||
Operating lease right-of-use assets | 12.8 | 12.8 | |||||||||
Goodwill, Intangibles and Other Assets | 115.8 | 115.2 | 115.8 | 115.2 | |||||||
United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 505 | 538.8 | 509.2 | ||||||||
Properties and equipment, net | 166.7 | 150.1 | 166.7 | 150.1 | |||||||
Operating lease right-of-use assets | 12.7 | 12.7 | |||||||||
Goodwill, Intangibles and Other Assets | 107.9 | 107.4 | 107.9 | 107.4 | |||||||
Canada and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 32.4 | 32.2 | 31.5 | ||||||||
Properties and equipment, net | 3.1 | 3 | 3.1 | 3 | |||||||
Operating lease right-of-use assets | 0.1 | 0.1 | |||||||||
Goodwill, Intangibles and Other Assets | 7.9 | 7.8 | 7.9 | 7.8 | |||||||
Europe Middle East Africa | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 193.5 | 240.7 | 244.5 | ||||||||
Properties and equipment, net | 25.1 | 27.6 | 25.1 | 27.6 | |||||||
Operating lease right-of-use assets | 7 | 7 | |||||||||
Goodwill, Intangibles and Other Assets | 167.9 | 169.8 | 167.9 | 169.8 | |||||||
Asia Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 222.5 | 245.6 | 229.2 | ||||||||
Properties and equipment, net | 41.9 | 35 | 41.9 | 35 | |||||||
Operating lease right-of-use assets | 8.4 | 8.4 | |||||||||
Goodwill, Intangibles and Other Assets | 17.9 | 17.5 | 17.9 | 17.5 | |||||||
Latin America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 60.1 | 68.1 | $ 70 | ||||||||
Properties and equipment, net | 8.5 | 9.4 | 8.5 | 9.4 | |||||||
Operating lease right-of-use assets | 1.1 | 1.1 | |||||||||
Goodwill, Intangibles and Other Assets | $ 26 | $ 22.4 | $ 26 | $ 22.4 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Numerators | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders | $ 5.9 | $ 17 | $ 3.1 | $ 14.6 | $ 19.7 | $ 7.2 | $ (29.2) | $ (13.8) | $ 40.6 | $ (16.1) | $ (110.9) | ||||
Income from discontinued operations, net of income taxes | (0.2) | (0.4) | (0.5) | 6.8 | 4.6 | 18.2 | 1.3 | 7.2 | 5.7 | 31.3 | 664.3 | ||||
Net income attributable to GCP shareholders | $ 5.7 | $ 16.6 | $ 2.6 | $ 21.4 | $ 24.3 | $ 25.4 | $ (27.9) | $ (6.6) | $ 46.3 | $ 15.2 | $ 553.4 | ||||
Denominators | |||||||||||||||
Weighted average common shares—basic calculation (in shares) | 72.6 | 72.1 | 71.5 | ||||||||||||
Dilutive effect of employee stock awards (in shares) | 0.3 | 0 | 0 | ||||||||||||
Weighted average common shares—diluted calculation (in shares) | [1] | 72.9 | 72.1 | 71.5 | |||||||||||
Basic earnings (loss) per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | $ 0.08 | $ 0.23 | $ 0.04 | $ 0.20 | $ 0.27 | $ 0.10 | $ (0.40) | $ (0.19) | $ 0.56 | $ (0.22) | $ (1.55) | ||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | (0.01) | (0.01) | 0.09 | 0.06 | 0.25 | 0.02 | 0.10 | 0.08 | 0.43 | 9.29 | ||||
Net income attributable to GCP shareholders (in usd per share) | 0.08 | 0.23 | 0.04 | 0.30 | 0.34 | 0.35 | (0.39) | (0.09) | 0.64 | [2] | 0.21 | [2] | 7.74 | [2] | |
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | 0.08 | 0.23 | 0.04 | 0.20 | 0.27 | 0.10 | (0.40) | (0.19) | 0.56 | [1] | (0.22) | [1] | (1.55) | [1] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0 | (0.01) | (0.01) | 0.09 | 0.06 | 0.25 | 0.02 | 0.10 | 0.08 | [1] | 0.43 | [1] | 9.29 | [1] | |
Net income attributable to GCP shareholders (in usd per share) | $ 0.08 | $ 0.23 | $ 0.04 | $ 0.29 | $ 0.33 | $ 0.35 | $ (0.39) | $ (0.09) | $ 0.64 | [1],[2] | $ 0.21 | [1],[2] | $ 7.74 | [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) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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) | 600,000 | 0 | 0 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding stock options (in shares) | 1,284,000 | 1,518,000 | 1,600,000 |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Outstanding RSUs (in shares) | 156,000 | 363,000 | 400,000 |
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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 208.9 | $ 207.9 | $ 198.2 | ||||
Proceeds from sale of product line | 0 | 0 | 2.9 | ||||
Loss on sale of product line | 0 | 0 | 2.1 | ||||
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 consideration paid | (0.2) | ||||||
Measurement period adjustments, increase (decrease) in inventories | (0.2) | ||||||
Intangible assets, weighted average amortization period | 10 years | ||||||
Goodwill | $ 19.9 | ||||||
Clydebridge Holdings | Customer relationships | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets, weighted average amortization period | 9 years | ||||||
Ductilcrete | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of stock acquired | 100.00% | ||||||
Consideration transferred | $ 31.8 | ||||||
Cash acquired | 1.5 | ||||||
Measurement period adjustments, increase (decrease) in consideration paid | (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, increase (decrease) in consideration paid | 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, increase (decrease) in consideration paid | 2.6 | ||||||
Businesses Acquired in 2017 and 2018 | |||||||
Business Acquisition [Line Items] | |||||||
Earnings of acquiree since acquisition date | $ 0 | $ 13.5 | |||||
Halex | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of stock acquired | 100.00% | ||||||
Consideration transferred | $ 46 | ||||||
Cash acquired | $ 2.4 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | May 04, 2018 | Dec. 31, 2017 | Oct. 31, 2017 | May 17, 2017 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 208.9 | $ 207.9 | $ 198.2 | |||
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 |
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 | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 8.8 | ||
Weighted average amortization period | 9 years | ||
Clydebridge Holdings | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 0.8 | ||
Weighted average amortization period | 15 years | ||
Clydebridge Holdings | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 1.1 | ||
Weighted average amortization period | 10 years | ||
Ductilcrete | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 15.5 | ||
Ductilcrete | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 10.2 | ||
Weighted average amortization period | 11 years | ||
Ductilcrete | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 4.5 | ||
Weighted average amortization period | 13 years | ||
Ductilcrete | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 0.8 | ||
Weighted average amortization period | 10 years | ||
Stirling Lloyd | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 26.9 | ||
Stirling Lloyd | Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 15 | ||
Weighted average amortization period | 10 years | ||
Stirling Lloyd | Technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 9.8 | ||
Weighted average amortization period | 11 years | ||
Stirling Lloyd | Trademarks | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets | $ 2.1 | ||
Weighted average amortization period | 10 years |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Pro Forma Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Business Combinations [Abstract] | |
Revenue | $ 1,108.9 |
Loss from continuing operations | $ (103.4) |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Millions | Jul. 03, 2017 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Unrecognized tax benefits | $ 31.8 | $ 52.8 | $ 34.1 | $ 7.4 | ||||
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 | $ 7.2 | $ 18.8 | $ 10.3 | 7.2 | 31.5 | 678.9 | ||
Reduction of deferred consideration liability | 13.1 | |||||||
Tax expense on gain | 2.4 | 12 | 201.9 | |||||
Unrecognized tax benefits | 0 | 0 | $ 32.4 | |||||
Term of Transition Services Agreement | 36 months | |||||||
Term of Master Tolling Agreement | 32 months | |||||||
Indemnification payable | 0.9 | 0.9 | ||||||
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 | $ 0.5 | $ 13.6 |
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 | ||||
Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net proceeds included in gain | $ 12.7 | $ 55.4 | $ 996.3 | |||
Transaction costs | 0 | 0 | (15.9) | |||
Net assets derecognized | (3.1) | (11.9) | (99.6) | |||
Gain recognized before income taxes | 9.6 | 43.5 | 880.8 | |||
Tax effect of gain recognized | (2.4) | (12) | (201.9) | |||
Gain recognized after income taxes | $ 7.2 | $ 18.8 | $ 10.3 | $ 7.2 | $ 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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations, net of income taxes | $ (0.2) | $ (0.4) | $ (0.5) | $ 6.8 | $ 4.6 | $ 18.2 | $ 1.3 | $ 7.2 | $ 5.7 | $ 31.3 | $ 664.3 |
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] | |||||||||||
Net sales | 0 | 15.7 | 169.5 | ||||||||
Cost of goods sold | 0 | 15.9 | 111.9 | ||||||||
Gross profit | 0 | (0.2) | 57.6 | ||||||||
Selling, general and administrative expenses | 1.6 | 5.8 | 44.9 | ||||||||
Research and development expenses | 0 | 0 | 2.3 | ||||||||
Restructuring expenses and asset impairments | 0.3 | 0.4 | 7.8 | ||||||||
Loss in Venezuela | 0 | 0 | 1.1 | ||||||||
Gain on sale of business | (9.6) | (43.5) | (880.8) | ||||||||
Other expenses (income), net | 0.1 | (4.1) | 7.7 | ||||||||
Income from discontinued operations before income taxes | 7.6 | 41.2 | 874.6 | ||||||||
Provision for income taxes | (1.9) | (9.9) | (210.2) | ||||||||
Less: Net income attributable to noncontrolling interests | 0 | 0 | (0.1) | ||||||||
Income from discontinued operations, net of income taxes | $ 5.7 | $ 31.3 | $ 664.3 |
Discontinued Operations - Carry
Discontinued Operations - Carrying Amounts of Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Current assets held for sale | $ 0 | $ 3.4 |
Non-current assets held for sale | 0.5 | 0.7 |
Non-current liabilities held for sale | 0 | 0.4 |
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] | ||
Trade accounts receivable | 0 | 2.2 |
Inventories, net | 0 | 1.2 |
Current assets held for sale | 0 | 3.4 |
Properties and equipment, net | 0 | 0.2 |
Other assets | 0.5 | 0.5 |
Non-current assets held for sale | 0.5 | 0.7 |
Underfunded and unfunded defined benefit pension plans | 0 | 0.4 |
Non-current liabilities held for sale | $ 0 | $ 0.4 |
Quarterly Summary and Statist_3
Quarterly Summary and Statistical Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 10, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Net Sales | $ 258.3 | $ 266.9 | $ 262.2 | $ 226.1 | $ 276.1 | $ 296.3 | $ 302.8 | $ 250.2 | $ 1,013.5 | $ 1,125.4 | $ 1,084.4 | ||||
Gross profit | 96.8 | 105.1 | 99 | 82.2 | 100.3 | 110.4 | 111.7 | 87.5 | 383.1 | 409.9 | 417.1 | ||||
Net income | 5.8 | 16.7 | 2.6 | 21.6 | 24.3 | 25.5 | (27.8) | (6.5) | 46.7 | 15.5 | 553.9 | ||||
Income (loss) from continuing operations attributable to GCP shareholders | 5.9 | 17 | 3.1 | 14.6 | 19.7 | 7.2 | (29.2) | (13.8) | 40.6 | (16.1) | (110.9) | ||||
Income from discontinued operations, net of income taxes | (0.2) | (0.4) | (0.5) | 6.8 | 4.6 | 18.2 | 1.3 | 7.2 | 5.7 | 31.3 | 664.3 | ||||
Net income attributable to GCP shareholders | $ 5.7 | $ 16.6 | $ 2.6 | $ 21.4 | $ 24.3 | $ 25.4 | $ (27.9) | $ (6.6) | $ 46.3 | $ 15.2 | $ 553.4 | ||||
Basic earnings (loss) per share: | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | $ 0.08 | $ 0.23 | $ 0.04 | $ 0.20 | $ 0.27 | $ 0.10 | $ (0.40) | $ (0.19) | $ 0.56 | $ (0.22) | $ (1.55) | ||||
Income from discontinued operations, net of income taxes (in usd per share) | 0 | (0.01) | (0.01) | 0.09 | 0.06 | 0.25 | 0.02 | 0.10 | 0.08 | 0.43 | 9.29 | ||||
Net income attributable to GCP shareholders (in usd per share) | 0.08 | 0.23 | 0.04 | 0.30 | 0.34 | 0.35 | (0.39) | (0.09) | 0.64 | [1] | 0.21 | [1] | 7.74 | [1] | |
Diluted (loss) earnings per share | |||||||||||||||
Income (loss) from continuing operations attributable to GCP shareholders (in usd per share) | 0.08 | 0.23 | 0.04 | 0.20 | 0.27 | 0.10 | (0.40) | (0.19) | 0.56 | [2] | (0.22) | [2] | (1.55) | [2] | |
Income from discontinued operations, net of income taxes (in usd per share) | 0 | (0.01) | (0.01) | 0.09 | 0.06 | 0.25 | 0.02 | 0.10 | 0.08 | [2] | 0.43 | [2] | 9.29 | [2] | |
Net income attributable to GCP shareholders (in usd per share) | $ 0.08 | $ 0.23 | $ 0.04 | $ 0.29 | $ 0.33 | $ 0.35 | $ (0.39) | $ (0.09) | $ 0.64 | [1],[2] | $ 0.21 | [1],[2] | $ 7.74 | [1],[2] | |
2017 Tax Act, measurement period adjustment, capital gains, income tax expense (benefit) | $ (20.2) | $ (20.2) | $ 20.2 | ||||||||||||
Loss on debt refinancing | $ 59.8 | $ 59.8 | 0 | 59.8 | $ 0 | ||||||||||
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 | 5.7 | 31.3 | 664.3 | ||||||||||||
Diluted (loss) earnings per share | |||||||||||||||
After-tax gain on sale | $ 7.2 | $ 18.8 | $ 10.3 | $ 7.2 | $ 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. |
Schedule II - Valuation & Qua_2
Schedule II - Valuation & Qualifying Accounts and Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowances for notes and accounts receivable | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 5.8 | $ 5.7 | $ 4.5 |
Additions charged to costs and expenses | 3.5 | 1.6 | 0.8 |
Deductions | (1.7) | (1.1) | 0 |
Other, net | (0.1) | (0.4) | 0.4 |
Balance at end of period | 7.5 | 5.8 | 5.7 |
Inventory obsolescence reserve | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 2.7 | 2.4 | 2.6 |
Additions charged to costs and expenses | 5.5 | 5 | 4.7 |
Deductions | (4.4) | (4.7) | (4.8) |
Other, net | 0 | 0 | (0.1) |
Balance at end of period | 3.8 | 2.7 | 2.4 |
Valuation allowance for deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 18.5 | 23.9 | 2.3 |
Additions charged to costs and expenses | 2.3 | 6.8 | 21.8 |
Deductions | (1.3) | (10.8) | (0.3) |
Other, net | (2.3) | (1.4) | 0.1 |
Balance at end of period | $ 17.2 | 18.5 | $ 23.9 |
Valuation allowance for deferred tax assets | Japan net operating loss carryforward | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Deductions | $ (10.6) |