Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 18, 2014 | Jun. 28, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'CHD | ' | ' |
Entity Registrant Name | 'CHURCH & DWIGHT CO INC /DE/ | ' | ' |
Entity Central Index Key | '0000313927 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 137,191,728 | ' |
Entity Public Float | ' | ' | $8.50 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net Sales | $3,194.30 | $2,921.90 | [1] | $2,749.30 | ||
Cost of sales | 1,756.30 | 1,630.50 | 1,534.80 | |||
Gross Profit | 1,438 | 1,291.40 | 1,214.50 | |||
Marketing expenses | 399.8 | 357.3 | 354.1 | |||
Selling, general and administrative expenses | 416 | 389 | 367.8 | |||
Income from Operations | 622.2 | [2] | 545.1 | 492.6 | ||
Equity in earnings of affiliates | 2.8 | 8.9 | 10 | |||
Investment earnings | 2.6 | [3] | 1.7 | [3] | 1.9 | [3] |
Other income (expense), net | -2.1 | [3] | 0.8 | [3] | -1.2 | [3] |
Interest expense | -27.7 | [3] | -14 | [3] | -8.7 | [3] |
Income before Income Taxes | 597.8 | 542.5 | 494.6 | |||
Income taxes | 203.4 | 192.7 | 185 | |||
Net Income | $394.40 | $349.80 | $309.60 | |||
Weighted average shares outstanding-Basic | 138.6 | 140.1 | 143.2 | |||
Weighted average shares outstanding-Diluted | 141.2 | 142.7 | 145.8 | |||
Net Income per Share-Basic | $2.85 | $2.50 | $2.16 | [4] | ||
Net Income per Share-Diluted | $2.79 | $2.45 | $2.12 | [4] | ||
Cash dividends per share | $1.12 | $0.96 | $0.68 | |||
[1] | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L'IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. | |||||
[2] | The fourth quarter of 2013 Income from Operations includes approximately $6.5 of trade name impairment charges. | |||||
[3] | In determining Income before Income Taxes, interest expense, investment earnings, and other income, net, were allocated to the segments based upon each segment's relative Income from Operations. | |||||
[4] | The fourth quarter of 2011 Net Income and Net Income per Share includes a deferred tax valuation charge of approximately $13 (or $0.09 per share) and includes an additional month's results of three foreign subsidiaries due to the change in the fiscal calendar. The change increased net sales by $14.3, but had a nominal effect on net income. |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income | $394.40 | $349.80 | $309.60 |
Other comprehensive income, net of tax: | ' | ' | ' |
Foreign exchange translation adjustments | -10.1 | 5.6 | -7.3 |
Defined benefit plan adjustments | 7.5 | -5.2 | -7.3 |
Income (Losses) from derivative agreements | 0.3 | -0.8 | 1.2 |
Other comprehensive income (loss) | -2.3 | -0.4 | -13.4 |
Comprehensive income | $392.10 | $349.40 | $296.20 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $496.90 | $343 |
Accounts receivable, less allowances of $0.8 and $0.8 | 330.2 | 303.1 |
Inventories | 250.5 | 242.2 |
Deferred income taxes | 16.6 | 17.6 |
Other current assets | 21.6 | 27.9 |
Total Current Assets | 1,115.80 | 933.8 |
Property, Plant and Equipment, Net | 594.1 | 586 |
Equity Investment in Affiliates | 24.5 | 23 |
Tradenames and Other Intangibles | 1,204.30 | 1,254.90 |
Goodwill | 1,222.20 | 1,213.80 |
Other Assets | 98.8 | 86.6 |
Total Assets | 4,259.70 | 4,098.10 |
Current Liabilities | ' | ' |
Short-term borrowings | 153.8 | 253.8 |
Accounts payable and accrued expenses | 495.1 | 432 |
Income taxes payable | 2.3 | 39.8 |
Total Current Liabilities | 651.2 | 725.6 |
Long-term Debt | 649.5 | 649.4 |
Deferred Income Taxes | 476 | 470 |
Deferred and Other Long-term Liabilities | 157.5 | 141.1 |
Pension, Postretirement and Postemployment Benefits | 25.5 | 50.9 |
Total Liabilities | 1,959.70 | 2,037 |
Commitments and Contingencies | ' | ' |
Stockholders' Equity | ' | ' |
Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued | 0 | 0 |
Common Stock, $1.00 par value, Authorized 300,000,000 shares; 146,427,550 shares issued | 146.4 | 146.4 |
Additional paid-in capital | 352.9 | 318.8 |
Retained earnings | 2,168.50 | 1,929.30 |
Accumulated other comprehensive income | 0.2 | 2.5 |
Common stock in treasury, at cost: 7,462,913 shares in 2013 and 7,646,419 shares in 2012 | -368.1 | -336.1 |
Total Church & Dwight Co., Inc. Stockholders' Equity | 2,299.90 | 2,060.90 |
Noncontrolling interest | 0.1 | 0.2 |
Total Stockholders' Equity | 2,300 | 2,061.10 |
Total Liabilities and Stockholders' Equity | $4,259.70 | $4,098.10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $0.80 | $0.80 |
Preferred Stock, par value | $1 | $1 |
Preferred Stock, Authorized | 2,500,000 | 2,500,000 |
Preferred Stock, issued | ' | ' |
Common Stock, par value | $1 | $1 |
Common Stock, Authorized | 300,000,000 | 300,000,000 |
Common Stock, shares issued | 146,427,550 | 146,427,550 |
Common stock in treasury, shares | 7,462,913 | 7,646,419 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flow (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flow From Operating Activities | ' | ' | ' |
Net Income | $394.40 | $349.80 | $309.60 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation expense | 59.7 | 56 | 49.8 |
Amortization expense | 30.8 | 29 | 27.3 |
Deferred income taxes | 11.1 | 13.2 | 59.4 |
Equity in net earnings of affiliates | -2.8 | -8.9 | -10 |
Distributions from unconsolidated affiliates | 7.7 | 10.3 | 10.5 |
Non cash compensation expense | 17 | 12.4 | 11 |
Asset impairment charges and other asset write-offs | 8.4 | 2.1 | 3.1 |
Other | 2.5 | -1.1 | 0.2 |
Change in assets and liabilities: | ' | ' | ' |
Accounts receivable | -31.2 | -9 | -35.3 |
Inventories | -7.3 | -1.1 | -9 |
Other current assets | -1.5 | 2 | -6.1 |
Accounts payable and accrued expenses | 67.9 | 30.7 | 27.4 |
Income taxes payable | -23.8 | 58.7 | 19.1 |
Excess tax benefit on stock options exercised | -13.1 | -14.6 | -12.1 |
Other operating assets and liabilities, net | -20.2 | -5.9 | -7.1 |
Net Cash Provided By Operating Activities | 499.6 | 523.6 | 437.8 |
Cash Flow From Investing Activities | ' | ' | ' |
Additions to property, plant and equipment | -67.1 | -74.5 | -76.6 |
Acquisitions, net of cash acquired | 0 | -652.3 | -69.1 |
Investment interest in joint venture | -6.4 | -13.7 | -3.2 |
Other | -3.6 | -0.8 | 1.1 |
Net Cash Used In Investing Activities | -77.1 | -741.3 | -147.8 |
Cash Flow From Financing Activities | ' | ' | ' |
Long-term debt borrowings | 0 | 399.6 | 0 |
Short-term debt, net of repayments | -99.4 | 251.3 | -87.4 |
Proceeds from stock options exercised | 22 | 28 | 27.1 |
Excess tax benefit on stock options exercised | 13.1 | 14.6 | 12.1 |
Payment of cash dividends | -155.2 | -134.5 | -97.4 |
Purchase of treasury stock | -50.1 | -250.4 | -80.2 |
Lease incentive proceeds | 10.9 | 0 | 0 |
Lease principal payments | -1.1 | 0 | 0 |
Deferred financing costs | 0 | -3.4 | -0.7 |
Net Cash (Used In) Provided By Financing Activities | -259.8 | 305.2 | -226.5 |
Effect of exchange rate changes on cash and cash equivalents | -8.8 | 4.1 | -1.3 |
Net Change In Cash and Cash Equivalents | 153.9 | 91.6 | 62.2 |
Cash and Cash Equivalents at Beginning of Period | 343 | 251.4 | 189.2 |
Cash and Cash Equivalents at End of Period | 496.9 | 343 | 251.4 |
Cash paid during the year for: | ' | ' | ' |
Interest (net of amounts capitalized) | 26.4 | 9.7 | 9.2 |
Income taxes | 219.2 | 123.8 | 108 |
Supplemental disclosure of non-cash investing activities: | ' | ' | ' |
Property, plant and equipment expenditures included in Accounts Payable | 1.9 | 3.1 | 6.4 |
Property, plant and equipment expenditures included in other long-term liabilities (related to leasing obligations for new corporate headquarters facility) | 0 | 32.5 | 17.4 |
Acquisitions in which liabilities were assumed are as follows: | ' | ' | ' |
Fair value of assets | 0 | 825.7 | 69.1 |
Purchase price | 0 | -652.3 | -69.1 |
Liabilities assumed | $0 | $173.40 | $0 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Church & Dwight Co., Inc. Stockholders' Equity | Noncontrolling Interest |
In Millions | ||||||||
Beginning Balance at Dec. 31, 2010 | $1,870.90 | $146.40 | ($24.60) | $230.80 | $1,501.80 | $16.30 | $1,870.70 | $0.20 |
Beginning Balance (in shares) at Dec. 31, 2010 | ' | 146.4 | -4 | ' | ' | ' | ' | ' |
Net Income | 309.6 | 0 | 0 | 0 | 309.6 | 0 | 309.6 | 0 |
Other comprehensive income | -13.4 | 0 | 0 | 0 | 0 | -13.4 | -13.4 | 0 |
Cash dividends | -97.4 | 0 | 0 | 0 | -97.4 | 0 | -97.4 | 0 |
Stock purchases (in shares) | ' | 0 | -1.8 | ' | ' | ' | ' | ' |
Stock purchases | -80.2 | 0 | -80.2 | 0 | 0 | 0 | -80.2 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $13.4 in 2013, $15.4 in 2012 and $13.3 in 2011 (in shares) | 1.6 | 0 | 1.6 | ' | ' | ' | ' | ' |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $13.4 in 2013, $15.4 in 2012 and $13.3 in 2011 | 50.2 | 0 | 9.9 | 40.3 | 0 | 0 | 50.2 | 0 |
Other stock issuances (in shares) | ' | 0 | 0.1 | ' | ' | ' | ' | ' |
Other stock issuances | 1.1 | 0 | 0.5 | 0.6 | 0 | 0 | 1.1 | 0 |
Ending Balance at Dec. 31, 2011 | 2,040.80 | 146.4 | -94.4 | 271.7 | 1,714 | 2.9 | 2,040.60 | 0.2 |
Ending Balance (in shares) at Dec. 31, 2011 | ' | 146.4 | -4.1 | ' | ' | ' | ' | ' |
Net Income | 349.8 | 0 | 0 | 0 | 349.8 | 0 | 349.8 | 0 |
Other comprehensive income | -0.4 | 0 | 0 | 0 | 0 | -0.4 | -0.4 | 0 |
Cash dividends | -134.5 | 0 | 0 | 0 | -134.5 | 0 | -134.5 | 0 |
Stock purchases (in shares) | ' | 0 | -5 | ' | ' | ' | ' | ' |
Stock purchases | -250.4 | 0 | -250.4 | 0 | 0 | 0 | -250.4 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $13.4 in 2013, $15.4 in 2012 and $13.3 in 2011 (in shares) | 1.5 | 0 | 1.5 | ' | ' | ' | ' | ' |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $13.4 in 2013, $15.4 in 2012 and $13.3 in 2011 | 54.4 | 0 | 8.5 | 45.9 | 0 | 0 | 54.4 | 0 |
Other stock issuances (in shares) | ' | 0 | 0 | ' | ' | ' | ' | ' |
Other stock issuances | 1.4 | 0 | 0.2 | 1.2 | 0 | 0 | 1.4 | 0 |
Ending Balance at Dec. 31, 2012 | 2,061.10 | 146.4 | -336.1 | 318.8 | 1,929.30 | 2.5 | 2,060.90 | 0.2 |
Ending Balance (in shares) at Dec. 31, 2012 | ' | 146.4 | -7.6 | ' | ' | ' | ' | ' |
Net Income | 394.4 | 0 | 0 | 0 | 394.4 | 0 | 394.4 | 0 |
Other comprehensive income | -2.3 | 0 | 0 | 0 | 0 | -2.3 | -2.3 | 0 |
Cash dividends | -155.2 | 0 | 0 | 0 | -155.2 | 0 | -155.2 | 0 |
Stock purchases (in shares) | 0.9 | 0 | -0.9 | ' | ' | ' | ' | ' |
Stock purchases | -50.1 | 0 | -50.1 | 0 | 0 | 0 | -50.1 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $13.4 in 2013, $15.4 in 2012 and $13.3 in 2011 (in shares) | 1 | 0 | 1 | ' | ' | ' | ' | ' |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $13.4 in 2013, $15.4 in 2012 and $13.3 in 2011 | 52.2 | 0 | 18.1 | 34.1 | 0 | 0 | 52.2 | 0 |
Other (in shares) | ' | 0 | 0 | ' | ' | ' | ' | ' |
Other | -0.1 | 0 | 0 | 0 | 0 | 0 | 0 | -0.1 |
Ending Balance at Dec. 31, 2013 | $2,300 | $146.40 | ($368.10) | $352.90 | $2,168.50 | $0.20 | $2,299.90 | $0.10 |
Ending Balance (in shares) at Dec. 31, 2013 | ' | 146.4 | -7.5 | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock based compensation expense and stock option plan transactions, income tax benefits | $13.40 | $15.40 | $13.30 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Significant Accounting Policies | ' | ||||||||||||
1. Significant Accounting Policies | |||||||||||||
Business | |||||||||||||
The Company, founded in 1846, develops, manufactures and markets a broad range of household, personal care and specialty products. The Company sells its consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar, pet and other specialty stores and websites, all of which sell the products to consumers. The Company also sells specialty products to industrial customers and distributors. | |||||||||||||
Basis of Presentation | |||||||||||||
The accompanying Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. and include the accounts of the Company and its majority-owned subsidiaries. For equity investments in which the Company does not control or have the ability to exert significant influence over the investee, which generally is when the Company has less than a 20% ownership interest, the investments are accounted for under the cost method. In circumstances where the Company has greater than a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee, the investment is accounted for under the equity method. As a result, the Company accounts for its 50% interest in its Armand Products Company (“Armand”) joint venture, 50% interest in The ArmaKleen Company (“ArmaKleen”) joint venture, and its one-third interest in its Natronx Technologies, LLC (“Natronx”) joint venture under the equity method. Armand, ArmaKleen and Natronx are specialty chemical businesses, and the Company’s equity earnings (losses) in them are reported in the Company’s corporate segment, as described in Note 18. None of these entities are considered a significant subsidiary; therefore, summarized financial statement data is not presented. | |||||||||||||
On June 1, 2011, the Company effected a two-for-one stock split of the Common Stock in the form of a 100% stock dividend. All applicable amounts in the consolidated financial statements, including earnings per share and related disclosures, have been retroactively adjusted to reflect the stock split. | |||||||||||||
Fiscal Calendar | |||||||||||||
Beginning January 1, 2012, the Company changed its 4 week—4 week—5 week quarterly reporting calendar to a month-end quarterly calendar. This change eliminated differences in the number of days in the first and fourth quarters of the year, when the Company provided year-over-prior year comparisons beginning in 2013. These differences did not have a material effect on the comparative results of the quarterly periods in 2012 and 2011. | |||||||||||||
In addition, as a result of the Company’s transition to a new information system in North America during 2011 and 2012, in the fourth quarter 2011 the Company eliminated a one month reporting lag for its U.K, France and Australia subsidiaries to be consistent with the fiscal calendar of the Company and its other subsidiaries. Due to the elimination of the reporting lag, 13 fiscal months of financial results are included in 2011 for the affected subsidiaries. The implementation of the new information system enables the Company to timely consolidate these results. The elimination of the reporting lag is considered a change in accounting principle. The Company considered this change to be preferable because it provides more current information to the users of its financial statements and eliminates the need to track and reconcile material intervening transactions. The Company has determined that the impact of the extra month is not material to its financial statements and, therefore, has not retrospectively adjusted prior year amounts. The elimination of the reporting lag also resulted in the inclusion of the extra month within the fourth quarter of 2011 for the affected subsidiaries, which increased 2011 fourth quarter annual net sales by $14.3, and had a negligible impact on net income. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Management makes estimates regarding inventory valuation, promotional and sales returns reserves, the carrying amount of goodwill and other intangible assets, the realization of deferred tax assets, tax reserves, liabilities related to pensions and other postretirement benefit obligations and other matters that affect the reported amounts and other disclosures in the financial statements. These estimates are based on judgment and available information. Actual results could differ materially from those estimates, and it is possible that changes in such estimates could occur in the near term. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenue is recognized when finished goods are delivered to the Company’s customers or when finished goods are picked up by a customer or a customer’s carrier. | |||||||||||||
Promotional and Sales Returns Reserves | |||||||||||||
The Company conducts extensive promotional activities, primarily through the use of off-list discounts, slotting, cooperative advertising, periodic price reduction arrangements, and end-aisle and other in-store displays. The costs of such activities are netted against sales. Slotting costs are recorded when the product is delivered to the customer. Cooperative advertising costs are recorded when the customer places the advertisement for the Company’s products. Discounts relating to price reduction arrangements are recorded when the related sale takes place. Costs associated with end-aisle or other in-store displays are recorded when the revenue from the product that is subject to the promotion is recognized. The reserves for sales returns and consumer and trade promotion liabilities are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses historical trend experience and coupon redemption provider input in arriving at coupon reserve requirements, and uses forecasted appropriations, customer and sales organization inputs, and historical trend analysis in determining the reserves for other promotional activities and sales returns. | |||||||||||||
Cost of Sales, Marketing and Selling, General and Administrative Expenses | |||||||||||||
Cost of sales include costs related to the manufacture of the Company’s products, including raw material, inbound freight, direct labor (including employee compensation benefits) and indirect plant costs such as plant supervision, receiving, inspection, maintenance labor and materials, depreciation, taxes and insurance, purchasing, production planning, operations management, logistics, freight to customers, warehousing costs, internal transfer freight costs and plant impairment charges. | |||||||||||||
Marketing expenses include costs for advertising (excluding the costs of cooperative advertising programs, which are reflected in net sales), costs for coupon insertion (mainly the cost of printing and distribution), consumer promotion costs (such as on-shelf advertisements and floor ads), public relations, package design expense and market research costs. | |||||||||||||
Selling, general and administrative (“SG&A”) expenses include, among others, costs related to functions such as sales, corporate management, research and development, marketing administration, information technology and legal. Such costs include salary compensation related costs (such as benefits, incentive compensation and profit sharing), stock option costs, travel and entertainment related expenses, professional and other consulting fees and amortization of intangible assets. | |||||||||||||
Foreign Currency Translation | |||||||||||||
Unrealized gains and losses related to currency translation are recorded in Accumulated Other Comprehensive Income (Loss). Gains and losses on foreign currency transactions are recorded in the Consolidated Statements of Income. | |||||||||||||
Cash Equivalents | |||||||||||||
Cash equivalents consist of highly liquid short-term investments and term bank deposits, which mature within three months of their original maturity date. | |||||||||||||
Inventories | |||||||||||||
Inventories are valued at the lower of cost or market. Approximately 17% and 20% of the inventory at December 31, 2013 and 2012, respectively, including substantially all inventory in the Company’s Specialty Products Division (“SPD”) segment as well as domestic inventory sold primarily under the ARM & HAMMER trademark in the Consumer Domestic segment, was determined utilizing the last-in, first-out (“LIFO”) method. The cost of the remaining inventory was determined using the first-in, first-out (“FIFO”) method. The Company identifies any slow moving, obsolete or excess inventory to determine whether an adjustment is required to establish a new carrying value. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates and assumptions about the future demand for the Company’s products, technological changes, and new product introductions. Estimates as to the future demand used in the valuation of inventory involve judgments regarding the ongoing success of the Company’s products. The Company evaluates its inventory levels and expected usage on a periodic basis and records adjustments as required. Adjustments to reflect inventory at net realizable value were $10.1 at December 31, 2013, and $5.7 at December 31, 2012. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, Plant and Equipment (“PP&E”) are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for building and improvements, machinery and equipment, and office equipment range from 9-40, 3-20 and 3-10 years, respectively. Routine repairs and maintenance are expensed when incurred. Leasehold improvements are depreciated over a period no longer than the respective lease term, except where a lease renewal has been determined to be reasonably assured and failure to renew the lease results in an economic penalty to the Company. | |||||||||||||
PP&E are reviewed annually and whenever events or changes in circumstances indicate that possible impairment exists. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of Company assets and liabilities. The analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews to identify idle and underutilized equipment, and reviews business plans for possible impairment. Impairment occurs when the carrying value of the asset exceeds the future undiscounted cash flows. When an impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset and an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows. | |||||||||||||
Software | |||||||||||||
The Company capitalizes certain costs of developing computer software. Amortization is recorded using the straight-line method over the estimated useful life of the software, which is estimated to be no longer than 10 years. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Certain financial instruments are required to be recorded at fair value. The estimated fair values of such financial instruments (including investment securities and derivatives) have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments, including cash equivalents and short-term debt, are recorded at cost, which approximates fair value. Additional information regarding the Company’s risk management activities, including derivative instruments and hedging activities, are separately disclosed. | |||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill and intangible assets with indefinite useful lives are not amortized but are reviewed for impairment at least annually using a discounted cash flow model. Intangible assets with finite lives are amortized over their estimated useful lives, which range from 3-20 years, using the straight-line method, and reviewed for impairment when changes in market circumstances occur. | |||||||||||||
Research and Development | |||||||||||||
The Company incurred research and development expenses in the amount of $61.8, $54.8 and $55.1 in 2013, 2012 and 2011, respectively. These expenses are included in SG&A expenses. | |||||||||||||
Earnings Per Share (“EPS”) | |||||||||||||
Basic EPS is calculated based on income available to holders of the Company’s common stock (“Common Stock”) and the weighted-average number of shares outstanding during the reported period. Diluted EPS includes additional dilution from potential Common Stock issuable pursuant to the exercise of outstanding stock options. The following table sets forth a reconciliation of the weighted-average number of shares of Common Stock outstanding to the weighted-average number of shares outstanding on a diluted basis: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares outstanding—basic | 138.6 | 140.1 | 143.2 | ||||||||||
Dilutive effect of stock options | 2.6 | 2.6 | 2.6 | ||||||||||
Weighted average common shares outstanding—diluted | 141.2 | 142.7 | 145.8 | ||||||||||
Antidilutive stock options outstanding | 1.6 | 1.6 | 0.7 | ||||||||||
Employee and Director Stock Option Based Compensation | |||||||||||||
The fair value of share-based compensation is determined at the grant date and the related expense is recognized over the required employee service period in which the share-based compensation vests. In 2013, the Company recorded pre-tax expense of $17.0 associated with the fair-value of unvested stock options and restricted stock awards, of which $15.5 was included in SG&A expenses and $1.5 was included in cost of goods sold. | |||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the differences are expected to be recovered or settled. Management provides a valuation allowance against deferred tax assets for amounts which are not considered “more likely than not” to be realized. The Company records liabilities for potential assessments in various tax jurisdictions under Accounting Standards Codification Topic (“ASC”) Topic 740, Income Taxes. The liabilities relate to tax return positions that, although supportable by the Company, may be challenged by the tax authorities and do not meet the minimum recognition threshold required under applicable accounting guidance for the related tax benefit to be recognized in the income statement. The Company adjusts this liability as a result of changes in tax legislation, interpretations of laws by courts, rulings by tax authorities, changes in estimates and the expiration of the statute of limitations. Many of the judgments involved in adjusting the liability involve assumptions and estimates that are highly uncertain and subject to change. In this regard, settlement of any issue with, or an adverse determination in litigation against, a taxing authority could require the use of cash and result in an increase in the Company’s annual tax rate. Conversely, favorable resolution of an issue with a taxing authority would be recognized as a reduction to the Company’s annual tax rate. | |||||||||||||
New Accounting Pronouncements Adopted | |||||||||||||
During the first quarter of 2013, the Financial Accounting Standards Board (“FASB”) issued guidance for the reporting of amounts reclassified out of accumulated other comprehensive income. The guidance requires an entity to present information about significant items reclassified out of accumulated other comprehensive income either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The Company elected to present the requirements in the notes to the financial statements (see Note 15). The adoption of the new pronouncement did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |||||||||||||
In July 2013, the FASB issued guidance requiring an entity to net its liability for unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating losses or similar tax loss carryforwards or tax credit carryforwards. A gross presentation will be required only if such carryforwards are not available as of reporting date to settle any additional income taxes resulting from disallowance of the uncertain tax position or the entity does not intend to use these carryforwards for this purpose. The new guidance is effective on a prospective basis for fiscal years beginning after December 15, 2013 and interim periods within those years. This new guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |||||||||||||
There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
2. Fair Value Measurements | |||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
Accounting guidance on fair value measurements and disclosures establishes a hierarchy that prioritizes the inputs used to measure fair value (generally, assumptions that market participants would use in pricing an asset or liability) based on the quality and reliability of the information provided by the inputs, as follows: | |||||||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||||||||||
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. | |||||||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||||||||||
The Company’s assets and liabilities that are measured at fair value on a recurring basis were derivative instruments and are further described in Note 3. The Company recognizes transfers between input levels as of the actual date of the event. There were no transfers between input levels during the twelve months ended December 31, 2013. | |||||||||||||||||||||
Fair Values of Other Financial Instruments | |||||||||||||||||||||
The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at December 31, 2013 and December 31, 2012. | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Input | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Level | Amount | Value | Amount | Value | |||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash equivalents | Level 2 | $ | 318.5 | $ | 318.5 | $ | 223.2 | $ | 223.2 | ||||||||||||
Note receivable | Level 2 | 0 | 0 | 0.1 | 0.1 | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Short-term borrowings | Level 2 | 153.8 | 153.8 | 253.8 | 253.8 | ||||||||||||||||
2.875% Senior notes | Level 2 | 399.7 | 369.8 | 399.6 | 392.6 | ||||||||||||||||
3.35% Senior notes | Level 2 | 249.8 | 258.2 | 249.8 | 264.1 | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments reflected in the Consolidated Balance Sheets: | |||||||||||||||||||||
Cash Equivalents: Cash equivalents consist of highly liquid short-term investments and term bank deposits, which mature within three months of their original maturity date. The estimated fair value of the Company’s cash and cash equivalents approximates their carrying value. | |||||||||||||||||||||
Note Receivable: The fair value of the note receivable reflects what management believes is the appropriate interest factor at December 31, 2012 based on similar risks in the market. | |||||||||||||||||||||
Short-Term Borrowings: The carrying amounts of the Company’s unsecured lines of credit and commercial paper issuances approximates fair value because of their short maturities and variable interest rates. | |||||||||||||||||||||
Senior Notes: The Company determines the fair value of its senior notes based on their quoted market value or broker quotes, when possible. In the absence of observable market quotes, the notes are valued using non-binding market consensus prices that the Company seeks to corroborate with observable market data. |
Derivative_Instruments_and_Ris
Derivative Instruments and Risk Management | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Derivative Instruments and Risk Management | ' | ||||||||||||||
3. Derivative Instruments and Risk Management | |||||||||||||||
Changes in interest rates, foreign exchange rates, the price of the Common Stock and commodity prices expose the Company to market risk. The Company manages these risks by the use of derivative instruments, such as cash flow hedges, diesel hedge contracts, equity derivatives and foreign exchange forward contracts. The Company does not use derivatives for trading or speculative purposes. | |||||||||||||||
The Company formally designates and documents qualifying instruments as hedges of underlying exposures when it enters into derivative arrangements. Changes in the fair value of derivatives designated as hedges and qualifying for hedge accounting are recorded in other comprehensive income and reclassified into earnings during the period in which the hedged exposure affects earnings. The Company reviews the effectiveness of its hedging instruments on a quarterly basis. If the Company determines that a derivative instrument is no longer highly effective in offsetting changes in fair values or cash flows, it recognizes the hedge ineffectiveness in current period earnings and discontinues hedge accounting with respect to the derivative instrument. Changes in the fair value of derivatives not designated as hedges or those not qualifying for hedge accounting are recognized in current period earnings. Upon termination of cash flow hedges, the Company reclassifies gains and losses from other comprehensive income based on the timing of the underlying cash flows, unless the termination results from the failure of the intended transaction to occur in the expected timeframe. Such untimely transactions require immediate recognition in earnings of gains and losses previously recorded in other comprehensive income. | |||||||||||||||
During 2013 and 2012, the Company used derivative instruments to mitigate risk, some of which were designated as hedging instruments. The tables following the discussion of the derivative instruments below summarize the fair value of the Company’s derivative instruments and the effect of derivative instruments on the Company’s consolidated statements of income and on other comprehensive income. | |||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Diesel Fuel Hedges | |||||||||||||||
The Company uses independent freight carriers to deliver its products. These carriers charge the Company a basic rate per mile that is subject to a mileage surcharge for diesel fuel price increases. During 2012 and 2013, the Company entered into hedge agreements with financial counterparties to mitigate the volatility of diesel fuel prices and related fuel surcharges, and not to speculate in the future price of diesel fuel. Under the hedge agreements, the Company agreed to pay a fixed price per gallon of diesel fuel determined at the time the agreements were executed and to receive a floating rate payment reflecting the variable common carriers’ mileage surcharge. The floating rate payment is determined on a monthly basis, based on the average price of the Department of Energy’s Diesel Fuel Index price during the applicable month, and is designed to offset any increase or decrease in fuel surcharge payments that the Company pays to its common carriers. The agreements covered approximately 45% of the Company’s diesel fuel requirements for 2013 and are expected to cover approximately 34% of the Company’s estimated diesel fuel requirements for 2014. These agreements qualify for hedge accounting, and therefore, changes in the fair value of diesel fuel hedge agreements are recorded in Accumulated Other Comprehensive Income on the balance sheet and in the Company’s consolidated statement of other comprehensive income. | |||||||||||||||
Foreign Currency | |||||||||||||||
The Company is subject to exposure from fluctuations in foreign currency exchange rates, primarily U.S. Dollar/Euro, U.S. Dollar/British Pound, U.S. Dollar/Canadian Dollar, U.S. Dollar/Mexican Peso, U.S. Dollar/Australian Dollar, U.S. Dollar/Brazilian Real and U.S. Dollar/Chinese Yuan. | |||||||||||||||
The Company, from time to time, enters into forward exchange contracts to reduce the impact of foreign exchange rate fluctuations related to anticipated but not yet committed intercompany sales or purchases denominated in U.S. Dollar, Canadian Dollar, British Pound and Euro. The Company has entered into forward exchange contracts to protect itself from the risk that, due to fluctuations in currency exchange rates, it would be adversely affected by net cash outflows. The face value of the unexpired contracts as of December 31, 2013 totaled $25.6 in U.S. Dollars. The contracts qualify as foreign currency cash flow hedges and, therefore, changes in the fair value of the contracts are recorded in Other Comprehensive Income (Loss) and reclassified to earnings when the hedged transaction affected earnings. | |||||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||
Equity Derivatives | |||||||||||||||
The Company has entered into equity derivative contracts covering the Common Stock in order to minimize its liability under its Executive Deferred Compensation Plan resulting from changes in the quoted fair values of the Common Stock to participants who have investments under the Plan in a notional Common Stock fund. The contracts are settled in cash. Since the equity derivatives contracts do not qualify for hedge accounting, the Company is required to mark such contracts to market throughout the contract term and record changes in fair value in the consolidated statement of income. | |||||||||||||||
The following tables summarize the fair value of the Company’s derivative instruments and the effect of derivative instruments on its Consolidated Statements of Income and on other comprehensive income (“OCI”): | |||||||||||||||
Notional | Fair Value at | ||||||||||||||
Amount | December 31, | ||||||||||||||
Balance Sheet Location | December 31, | 2013 | 2012 | ||||||||||||
2013 | |||||||||||||||
Derivatives designated as hedging instrument | |||||||||||||||
Asset Derivatives | |||||||||||||||
Diesel fuel contracts | Other current assets | $ | 3.9 | $ | 0.3 | $ | 0.2 | ||||||||
Foreign exchange contracts | Other current assets | $ | 25.6 | 0.5 | 0.1 | ||||||||||
Total assets | $ | 0.8 | $ | 0.3 | |||||||||||
Derivatives not designated as hedging instrument | |||||||||||||||
Asset Derivatives | |||||||||||||||
Equity derivatives | Other current assets | $ | 23.3 | $ | 2.4 | $ | 0.9 | ||||||||
Total assets | $ | 2.4 | $ | 0.9 | |||||||||||
Amount of Gain (Loss) Recognized in OCI from | |||||||||||||||
Derivatives | |||||||||||||||
for the Year ended December 31, | |||||||||||||||
Other Comprehensive Income (Loss) | 2013 | 2012 | 2011 | ||||||||||||
Location | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Diesel fuel contracts (net of taxes) | Other comprehensive income (loss) | $ | 0.1 | $ | 0.1 | $ | (0.3 | ) | |||||||
Foreign exchange contracts (net of taxes) | Other comprehensive income (loss) | 0.2 | 0.8 | 1.5 | |||||||||||
Total gain (loss) recognized in OCI | $ | 0.3 | $ | 0.9 | $ | 1.2 | |||||||||
Amount of Gain (Loss) Recognized in Income for the | |||||||||||||||
Year ended December 31, | |||||||||||||||
Income Statement Location | 2013 | 2012 | 2011 | ||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Equity derivatives | Selling, general and administrative expenses | $ | 5.3 | $ | 3.1 | $ | 3.9 | ||||||||
Foreign exchange contracts | Selling, general and administrative expenses | (0.1 | ) | (1.5 | ) | (0.1 | ) | ||||||||
Total gain (loss) recognized in income | $ | 5.2 | $ | 1.6 | $ | 3.8 | |||||||||
The notional amount of a financial instrument is the nominal or face amount used to calculate payments made on that instrument. The fair values of the derivative instruments disclosed above were measured based on Level 2 inputs. | |||||||||||||||
The fair value of the diesel fuel contracts is based on home heating oil futures prices for the duration of the contract. | |||||||||||||||
The fair value of the foreign exchange contracts is based on observable forward rates in commonly quoted intervals for the full term of the contract. | |||||||||||||||
The fair value of the equity derivatives is based on the quoted market prices of the Common Stock at the end of each reporting period. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
4. Inventories | |||||||||
Inventories consist of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 70.2 | $ | 71.7 | |||||
Work in process | 30.4 | 22.4 | |||||||
Finished goods | 149.9 | 148.1 | |||||||
Total | $ | 250.5 | $ | 242.2 | |||||
Inventories valued using the LIFO method totaled $42.3 and $49.0 at December 31, 2013 and 2012, respectively, and would have been approximately $4.8 and $5.6 higher, respectively, had they been valued using the FIFO method. The amount of LIFO liquidations in 2013 and 2012 were immaterial. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
5. Property, Plant and Equipment | |||||||||||||
PP&E consist of the following: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Land | $ | 25.7 | $ | 26 | |||||||||
Buildings and improvements | 280.4 | 276.8 | |||||||||||
Machinery and equipment | 577.5 | 562.7 | |||||||||||
Software | 83 | 80.6 | |||||||||||
Office equipment and other assets | 57.7 | 55.1 | |||||||||||
Construction in progress | 42.9 | 21 | |||||||||||
Gross Property, Plant and Equipment | 1,067.20 | 1,022.20 | |||||||||||
Less accumulated depreciation and amortization | 473.1 | 436.2 | |||||||||||
Net Property, Plant and Equipment | $ | 594.1 | $ | 586 | |||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Depreciation and amortization on PP&E | $ | 59.7 | $ | 56 | $ | 49.8 | |||||||
Interest charges capitalized (in construction in progress) | $ | 0.4 | $ | 0.8 | $ | 1.9 | |||||||
The Company recognized charges related to equipment obsolescence, which occur in the ordinary course of business, and plant impairment charges during the three year period ended December 31, 2013 as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Segments: | |||||||||||||
Consumer Domestic | $ | 1.7 | $ | 1.6 | $ | 1.9 | |||||||
Consumer International | 0 | 0.4 | 0.2 | ||||||||||
Specialty Products | 0.1 | 0.1 | 1 | ||||||||||
Total | $ | 1.8 | $ | 2.1 | $ | 3.1 | |||||||
The 2013 and 2012 Consumer Domestic and SPD charges are due to the idling of equipment and the 2012 Consumer International charge is due to the cancelation of a software project. The Consumer Domestic charge recorded in 2011 is a result of the idling of equipment. The SPD charge recorded in 2011 is associated with the Company’s decision to explore strategic options for the chemical business in Brazil. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Acquisitions | ' | ||||||||||||||||
6. Acquisitions | |||||||||||||||||
On October 1, 2012, the Company acquired all of the issued and outstanding capital stock of Avid Health, Inc. (“Avid Health”) for $652.8. The Company financed the acquisition with a combination of proceeds from an underwritten public offering of $400 aggregate principal amount of 2.875% Senior Notes due 2022, the issuance of commercial paper and cash. Products acquired in the acquisition include L’IL CRITTERS children’s gummy form dietary supplements and VITAFUSION adult gummy form dietary supplements. These dietary supplement brands are managed principally within the Consumer Domestic and Consumer International segments. | |||||||||||||||||
On November 8, 2011, the Company acquired a license for certain oral care technology for cash consideration of $4.3. The Company paid for the acquisition from available cash. The technology is managed principally within the Consumer Domestic segment. | |||||||||||||||||
On June 28, 2011, the Company acquired the BATISTE dry shampoo brand (“BATISTE”) from Vivalis Limited for cash consideration of $64.8. The Company paid for the acquisition from available cash. BATISTE annual sales were approximately $20.0 before the acquisition. The BATISTE brand is managed within the Consumer International segment. | |||||||||||||||||
The final fair values of the net assets acquired in 2012 for Avid Health, including the 2013 adjustments to fair value, and the fair values of the assets acquired in 2011 are below. The 2013 measurement period adjustments were not retrospectively adjusted as of December 31, 2012 as the amounts were not material. | |||||||||||||||||
2012 | |||||||||||||||||
Avid Health | Acquisition Date | Measurement | Acquisition | ||||||||||||||
Preliminary | Period | Date Final | |||||||||||||||
Fair Value | Adjustments | Fair Value | |||||||||||||||
Inventory | $ | 38.5 | $ | 0.3 | $ | 38.8 | |||||||||||
Accounts receivables, net | 29.6 | (0.3 | ) | 29.3 | |||||||||||||
Other current assets | 1.9 | 0 | 1.9 | ||||||||||||||
Property, plant and equipment | 33.4 | (1.8 | ) | 31.6 | |||||||||||||
Long-term assets | 0 | 1.4 | 1.4 | ||||||||||||||
Tradenames and other intangibles | 376.9 | (14.7 | ) | 362.2 | |||||||||||||
Goodwill | 345.4 | 8.4 | 353.8 | ||||||||||||||
Total Assets | $ | 825.7 | $ | (6.7 | ) | $ | 819 | ||||||||||
Other current liabilities | (19.3 | ) | (0.2 | ) | (19.5 | ) | |||||||||||
Deferred income taxes | (154.1 | ) | 7.4 | (146.7 | ) | ||||||||||||
Purchase Price | $ | 652.3 | $ | 0.5 | $ | 652.8 | |||||||||||
2011 | |||||||||||||||||
Batiste | Oral Care | Total | |||||||||||||||
Technology | |||||||||||||||||
License | |||||||||||||||||
Inventory | $ | 1 | $ | 0 | $ | 1 | |||||||||||
Tradenames and other intangibles | 53.1 | 4.3 | 57.4 | ||||||||||||||
Goodwill | 10.7 | 0 | 10.7 | ||||||||||||||
Total Assets | 64.8 | 4.3 | 69.1 | ||||||||||||||
Liabilities | 0 | 0 | 0 | ||||||||||||||
Purchase Price | $ | 64.8 | $ | 4.3 | $ | 69.1 | |||||||||||
The weighted-average life of the amortizable intangible assets recognized from the Avid Health and BATISTE acquisitions was 15 years, and the weighted-average life of the technology intangible asset recognized from the 2011 oral care technology acquisitions was 7 years. Unaudited pro forma results for 2012 and 2011 reflecting the Avid Health acquisition are presented below. Pro forma results reflecting acquisitions in 2011 are not presented because they are not material. | |||||||||||||||||
Twelve Months Ended | Twelve Months Ended | ||||||||||||||||
Unaudited consolidated pro forma results | December 31, 2012 | December 31, 2011 | |||||||||||||||
Reported | Pro forma | Reported | Pro forma | ||||||||||||||
Net Sales | $ | 2,921.90 | $ | 3,106.00 | $ | 2,749.30 | $ | 2,947.80 | |||||||||
Net Income | $ | 349.8 | $ | 374.9 | $ | 309.6 | $ | 318.2 | |||||||||
Net Income per share—Basic | $ | 2.5 | $ | 2.68 | $ | 2.16 | $ | 2.22 | |||||||||
Net Income per share—Diluted | $ | 2.45 | $ | 2.63 | $ | 2.12 | $ | 2.18 | |||||||||
These pro forma results give effect to the Avid Health acquisition as if it occurred on January 1, 2011. 2012 pro forma net income was adjusted to exclude the pre-tax equivalent of $4.4 of acquisition-related costs and $7.6 of nonrecurring expense related to the fair value adjustment to acquisition-date inventory. 2011 pro forma net income was adjusted to include these charges. |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||||||||||||||||||
7. Goodwill and Other Intangibles | |||||||||||||||||||||||||||||
The following table provides information related to the carrying value of all intangible assets, other than goodwill: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Gross | Accumulated | Net | Amortization | Gross | Accumulated | Net | |||||||||||||||||||||||
Carrying | Amortization | Period | Carrying | Amortization | |||||||||||||||||||||||||
Amount | (Years) | Amount | |||||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||||
Trade names | $ | 166.8 | $ | (73.9 | ) | $ | 92.9 | 20-Mar | $ | 131.1 | $ | (67.1 | ) | $ | 64 | ||||||||||||||
Customer Relationships | 333 | (100.4 | ) | 232.6 | 15-20 | 333.8 | (81.1 | ) | 252.7 | ||||||||||||||||||||
Patents/Formulas | 43.5 | (31.4 | ) | 12.1 | 20-Apr | 43 | (28.7 | ) | 14.3 | ||||||||||||||||||||
Non Compete Agreement | 1.4 | (1.3 | ) | 0.1 | 10-May | 1.4 | (1.3 | ) | 0.1 | ||||||||||||||||||||
Total | $ | 544.7 | $ | (207.0 | ) | $ | 337.7 | $ | 509.3 | $ | (178.2 | ) | $ | 331.1 | |||||||||||||||
Indefinite lived intangible assets—Carrying value | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Trade names | $ | 866.6 | $ | 923.8 | |||||||||||||||||||||||||
The Company recognized trade name impairment charges within SG&A expenses during the three year period ended December 31, 2013 as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Segments: | |||||||||||||||||||||||||||||
Consumer Domestic | $ | 1.9 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Consumer International | 4.6 | 0 | 0 | ||||||||||||||||||||||||||
Total | $ | 6.5 | $ | 0 | $ | 0 | |||||||||||||||||||||||
The trade name impairment charges recorded in 2013 were a result of lower forecasted sales and profitability and increased competition. The amount of the impairment charge was determined by comparing the estimated fair value of the asset to its carrying amount. Fair value was estimated based on a “relief from royalty” or “excess earnings” discounted cash flow method, which contains numerous variables that are subject to change as business conditions change, and therefore could impact fair values in the future. Consequently, the Company determined that a Consumer Domestic and a Consumer International trade name should be re-characterized from indefinite lived to finite lived assets. The carrying value of these trade names is approximately $35.7 and will be amortized over 15 years. The Company determined that the remaining carrying value of all trade names was recoverable based upon the forecasted cash flows and profitability of the brands. | |||||||||||||||||||||||||||||
Intangible amortization expense amounted to $28.9 for 2013, $26.8 for 2012 and $25.2 for 2011. The Company estimates that intangible amortization expense will be approximately $30.2 in 2014 and approximately $30.0 in each of the next five years. | |||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Consumer | Consumer | Specialty | Total | ||||||||||||||||||||||||||
Domestic | International | Products | |||||||||||||||||||||||||||
Balance December 31, 2011 | $ | 801 | $ | 47.2 | $ | 20.2 | $ | 868.4 | |||||||||||||||||||||
Avid Health acquired goodwill | 345.4 | 0 | 0 | 345.4 | |||||||||||||||||||||||||
Balance December 31, 2012 | $ | 1,146.40 | $ | 47.2 | $ | 20.2 | $ | 1,213.80 | |||||||||||||||||||||
Avid Health purchase price allocation adjustment | 8.4 | 0 | 0 | 8.4 | |||||||||||||||||||||||||
Balance December 31, 2013 | $ | 1,154.80 | $ | 47.2 | $ | 20.2 | $ | 1,222.20 | |||||||||||||||||||||
The Company performed its annual goodwill impairment test as of the beginning of the second quarter of 2013, and no adjustments were required. | |||||||||||||||||||||||||||||
The determination of fair value contains numerous variables that are subject to change as business conditions change and therefore could impact fair value in the future. |
Assets_Held_for_Sale
Assets Held for Sale | 12 Months Ended |
Dec. 31, 2013 | |
Assets Held for Sale | ' |
8. Assets Held for Sale | |
In March 2013, the Company determined that there were no prospective buyers for its chemical business in Brazil, the assets of which had been classified as “held for sale” in Other Current Assets since December 2011. The assets were reclassified from “held for sale” and recorded as approximately $7.9 of net PP&E and $3.6 of inventories as of December 31, 2012, in the first quarter of 2013. |
Restructuring_Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring Activities | ' |
9. Restructuring Activities | |
Green River, Wyoming | |
During the first quarter of 2011, the Company announced its decision to relocate a portion of its Green River, Wyoming operations to a newly leased site in Victorville, California (the “Victorville Facility”). The Company relocated its cat litter manufacturing operations and distribution center to the Victorville Facility to be closer to transportation hubs and its west coast customers. The Victorville Facility began producing liquid laundry detergent and cat litter during the second quarter of 2012, and is expandable to meet future business needs. The Company’s sodium bicarbonate operations and other consumer product manufacturing will remain at the Green River facility. | |
The Company invested approximately $11 in 2011 and $26.5 in 2012 for a total of approximately $37.5 in capital expenditures in connection with the Victorville Facility. In connection with the opening of the Victorville Facility and changes at the Green River facility, the Company incurred transition expenses such as severance costs, accelerated depreciation of equipment at the Company’s Green River facility and one-time project expenses. The Company recorded approximately $0.7 of accelerated depreciation expense and $2.1 of other transition costs in cost of sales for the year ended 2012. The Company recorded approximately $2.3 of accelerated depreciation expenses and $1.2 of other transition costs in cost of sales for the year ended 2011. These expenditures were recorded in the Consumer Domestic segment. The expenditures related to the Victorville Facility or transition expenses related to the Green River restructuring during 2013 were immaterial. |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
10. Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
2013 | 2012 | ||||||||
Trade accounts payable(1) | $ | 256.7 | $ | 240.6 | |||||
Accrued marketing and promotion costs | 123.7 | 91.2 | |||||||
Accrued wages and related benefit costs | 67 | 60.6 | |||||||
Other accrued current liabilities(1) | 47.7 | 39.6 | |||||||
Total | $ | 495.1 | $ | 432 | |||||
-1 | The Company has corrected the classification of amounts included within trade accounts payable and other accrued current liabilities as of December 31, 2012. This reclassification to the 2012 disclosure resulted in a decrease to trade accounts payable of $18.3 and a corresponding increase in other accrued current liabilities of $18.3. |
ShortTerm_Borrowings_and_LongT
Short-Term Borrowings and Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Short-Term Borrowings and Long-Term Debt | ' | ||||||||
11. Short-Term Borrowings and Long-Term Debt | |||||||||
Short-term borrowings and long-term debt consist of the following: | |||||||||
2013 | 2012 | ||||||||
Short-term borrowings | |||||||||
Commercial paper issuances | $ | 150 | $ | 250 | |||||
Various debt due to international banks | 3.8 | 3.8 | |||||||
Total short-term borrowings | $ | 153.8 | $ | 253.8 | |||||
Long-term debt | |||||||||
2.875% Senior notes due October 1, 2022 | $ | 400 | $ | 400 | |||||
Less: Discount | (0.3 | ) | (0.4 | ) | |||||
3.35% Senior notes due December 15, 2015 | 250 | 250 | |||||||
Less: Discount | (0.2 | ) | (0.2 | ) | |||||
Net long-term debt | $ | 649.5 | $ | 649.4 | |||||
2.875% Senior Notes | |||||||||
On September 26, 2012, the Company closed an underwritten public offering of $400 aggregate principal amount of 2.875% Senior Notes due October 1, 2022 (the “2022 Notes”). The 2022 Notes were issued under the second supplemental indenture (the “Second Supplemental Indenture”), dated September 26, 2012, to the indenture dated December 15, 2010 (the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (“BNY Mellon”), as trustee. Interest on the 2022 Notes is payable semi-annually, beginning April 1, 2013. The 2022 Notes will mature on October 1, 2022, unless earlier retired or redeemed as described below. | |||||||||
The Company may redeem the 2022 Notes, at any time in whole or from time to time in part, prior to their maturity date at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2022 Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Second Supplemental Indenture), plus 20 basis points. In addition, if the Company undergoes a “change of control” (as defined in the Second Supplemental Indenture), and if, generally within 60 days thereafter, the 2022 Notes are rated below investment grade by each of the rating agencies designated in the Second Supplemental Indenture, the Company will be required to offer to repurchase the 2022 Notes at 101% of par plus accrued and unpaid interest to the date of repurchase. | |||||||||
The 2022 Notes are senior unsecured obligations and rank equal in right of payment to the Company’s other senior unsecured debt from time to time outstanding. The 2022 Notes are effectively subordinated to any secured debt the Company incurs to the extent of the collateral securing such secured debt, and will be structurally subordinated to all future and existing obligations of the Company’s subsidiaries. | |||||||||
The Base Indenture and the Second Supplemental Indenture contain covenants that, among other things, restrict the Company’s ability to create liens and engage in sale-leaseback transactions, consolidations, mergers and dispositions of all or substantially all of the Company’s assets. These covenants are subject to a number of important exceptions and qualifications. | |||||||||
In addition, the Company has agreed to cause each of its domestic subsidiaries that guarantees its obligations under the Credit Agreement (as defined below) to guarantee the Company’s obligations under the 2022 Notes on a senior unsecured basis. Currently, none of the Company’s subsidiaries guarantees the Company’s obligations under the Credit Agreement. | |||||||||
3.35% Senior Notes | |||||||||
On December 15, 2010, the Company completed an underwritten public offering of $250 aggregate principal amount of 3.35% senior notes due 2015 (the “2015 Notes”). The 2015 Notes were issued under the Base Indenture, and a first supplemental indenture (the “First Supplemental Indenture”), dated December 15, 2010, between the Company and BNY Mellon, as trustee. On December 30, 2010, the proceeds of the offering were utilized to retire the outstanding $250 principal amount of the Company’s 6% Senior Subordinated Notes due 2012. Interest on the 2015 Notes is payable on June 15 and December 15 of each year, beginning June 15, 2011. The 2015 Notes will mature on December 15, 2015, unless earlier retired or redeemed as described below. | |||||||||
The Company may redeem the 2015 Notes, at any time in whole or from time to time in part, prior to their maturity date at a redemption price equal to the greater of: (i) 100% of the principal amount of the notes being redeemed; and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the First Supplemental Indenture), plus 25 basis points. In addition, if the Company undergoes a “change of control” as defined by the First Supplemental Indenture, and if, generally within 60 days thereafter, the 2015 Notes are rated below investment grade by each of the rating agencies designated in the First Supplemental Indenture, the Company may be required to offer to repurchase the 2015 Notes at 101% of par plus accrued and unpaid interest to the date of repurchase. | |||||||||
The 2015 Notes are senior unsecured obligations and rank equal in right of payment to the Company’s other senior unsecured debt from time to time outstanding. The 2015 Notes are effectively subordinated to any secured debt the Company incurs to the extent of the collateral securing such indebtedness, and will be structurally subordinated to all future and existing obligations of the Company’s subsidiaries. | |||||||||
The First Supplemental Indenture contains covenants with respect to the Company that, among other things, restrict the creation of liens, sale-leaseback transactions, consolidations, mergers and dispositions of all or substantially all of the Company’s assets. The covenants are subject to a number of important exceptions and qualifications. | |||||||||
In addition, the Company has agreed to cause each subsidiary that guarantees its obligations under its Credit Agreement to guarantee the Company’s obligations under the 2015 Notes on a senior unsecured basis. Currently, none of the Company’s subsidiaries guarantee the Company’s obligations under its Credit Agreement. | |||||||||
Commercial Paper | |||||||||
In the third quarter of 2011, the Company entered into an agreement with two banks to establish a commercial paper program (the “Program”). Under the Program, the Company may issue notes from time to time up to an aggregate principal amount outstanding at any given time of $500. The maturities of the notes will vary but may not exceed 397 days. The notes will be sold under customary terms in the commercial paper market and will be issued at a discount to par or, alternatively, will be sold at par and will bear varying interest rates based on a fixed or floating rate basis. The interest rates will vary based on market conditions and the ratings assigned to the notes by the rating agencies designated in the agreement at the time of issuance. Subject to market conditions, the Company intends to utilize the Program as its primary short-term borrowing facility and does not intend to sell unsecured commercial paper notes in excess of the available amount under the revolving credit agreement. If, for any reason, the Company is unable to access the commercial paper market, the revolving credit facility would be utilized to meet the Company’s short-term liquidity needs. The Company had $150.0 of commercial paper outstanding as of December 31, 2013 with an interest rate less than 0.4% and $250.0 as of December 31, 2012 with an interest rate less than 0.5%. | |||||||||
Revolving Credit Facility | |||||||||
On November 18, 2010, the Company replaced its former credit facility with a $500 unsecured revolving credit facility (as amended, the “Credit Agreement”). Under the Credit Agreement, the Company has the ability to increase its borrowing up to an additional $500, subject to lender commitments and certain conditions as described in the Credit Agreement. | |||||||||
On August 4, 2011, the Company amended the Credit Agreement to support its $500 commercial paper program (the “Program”). Total combined borrowing for both the Credit Agreement and the Program may not exceed $500. Unless extended, the Credit Agreement will terminate and all amounts outstanding thereunder will be due and payable on August 4, 2016. | |||||||||
Interest on the Company’s borrowings under the Credit Agreement is based, at the Company’s option, upon either (i) the Base Rate (generally equal to the highest of (a) the Federal Funds Rate plus 0.5%, (b) Bank of America’s prime rate and (c) a LIBOR-based rate plus 1.00% or (ii) the Eurocurrency Rate (generally, the LIBOR-based rate). Depending upon the better of the credit rating for either of the rating agencies designated in the Credit Agreement or the leverage ratio of the Company (described below), interest on borrowings accrues at rates ranging from 0.25% to 1.25% per annum above the Base Rate and 1.25% to 2.25% per annum above the Eurocurrency Rate. | |||||||||
The Credit Agreement contains customary affirmative and negative covenants, including without limitation, restrictions on the indebtedness, liens, investments, asset dispositions, fundamental changes, changes in the nature of the business conducted, affiliate transactions, burdensome agreements and use of proceeds. | |||||||||
Under the Credit Agreement, the Company is required to maintain a minimum interest coverage ratio, defined as the ratio of “Consolidated EBITDA” (as defined in the Credit Agreement) to Consolidated Interest Charges (as defined in the Credit Agreement), of 3.00 to 1.00. The Company also is required to keep its leverage ratio, defined as the ratio of Consolidated Funded Indebtedness (as defined in the Credit Agreement) to Consolidated EBITDA, below a level of 3.25 to 1.00. However, if the Company consummates a material acquisition, the maximum leverage ratio increases to a level of 3.50 to 1.00 during the twelve month period commencing on the date of such acquisition. | |||||||||
The Credit Agreement also contains customary events of default, including without limitation, failure to make certain payments when due, materially incorrect representations and warranties, breach of covenants, events of bankruptcy, default on other indebtedness, changes in control with respect to the Company, material adverse judgments, certain events relating to pension plans and the failure of any of the loan documents relating to the Credit Agreement to remain in full force and effect. Certain parties to the Credit Agreement, and affiliates of those parties, provide banking, investment banking and other financial services to the Company from time to time. | |||||||||
Other Debt | |||||||||
QGN has lines of credit that enable it to borrow in its local currency subject to various interest rates that fluctuate with the interbank interest rate. The various lines of credit will expire during the first two quarters of 2014, but are expected to be renewed. Amounts available under the lines of credit total $5.6. There were borrowings of $3.8 outstanding as of December 31, 2013 and 2012 under the lines of credit. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
12. Income Taxes | |||||||||||||
The components of income before taxes are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 544.5 | $ | 481.8 | $ | 441.1 | |||||||
Foreign | 53.3 | 60.7 | 53.5 | ||||||||||
Total | $ | 597.8 | $ | 542.5 | $ | 494.6 | |||||||
The following table summarizes the provision for U.S. federal, state and foreign income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
U.S. federal | $ | 151.7 | $ | 132 | $ | 92.7 | |||||||
State | 24.7 | 27.7 | 16.3 | ||||||||||
Foreign | 15.9 | 19.8 | 16.6 | ||||||||||
192.3 | 179.5 | 125.6 | |||||||||||
Deferred: | |||||||||||||
U.S. federal | 12.6 | 11.4 | 48.7 | ||||||||||
State | (1.7 | ) | 1.6 | (3.3 | ) | ||||||||
Foreign | 0.2 | 0.2 | 14 | ||||||||||
11.1 | 13.2 | 59.4 | |||||||||||
Total provision | $ | 203.4 | $ | 192.7 | $ | 185 | |||||||
Deferred tax assets (liabilities) consist of the following at December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accounts receivable | $ | 4.4 | $ | 6.5 | |||||||||
Deferred compensation | 57.2 | 49.7 | |||||||||||
Pension, postretirement and postemployment benefits | 9.7 | 16.5 | |||||||||||
Reserves | 31.6 | 26.1 | |||||||||||
Tax credit carryforwards/other tax attributes | 1.5 | 1.2 | |||||||||||
International operating loss carryforwards | 8.1 | 9.2 | |||||||||||
Total gross deferred tax assets | 112.5 | 109.2 | |||||||||||
Valuation allowances | (13.0 | ) | (15.7 | ) | |||||||||
Total deferred tax assets | 99.5 | 93.5 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill | (159.7 | ) | (145.1 | ) | |||||||||
Tradenames and other intangibles | (292.2 | ) | (289.4 | ) | |||||||||
Property, plant and equipment | (106.2 | ) | (108.8 | ) | |||||||||
Total deferred tax liabilities | (558.1 | ) | (543.3 | ) | |||||||||
Net deferred tax liability | $ | (458.6 | ) | $ | (449.8 | ) | |||||||
Current net deferred tax asset | $ | 16.6 | $ | 17.6 | |||||||||
Long term net deferred tax asset | 0.8 | 2.6 | |||||||||||
Long term net deferred tax liability | (476.0 | ) | (470.0 | ) | |||||||||
Net deferred tax liability | $ | (458.6 | ) | $ | (449.8 | ) | |||||||
The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Tax that would result from use of the federal statutory rate | $ | 209.2 | $ | 189.9 | $ | 173.1 | |||||||
State and local income tax, net of federal effect | 14.9 | 19 | 12.1 | ||||||||||
Varying tax rates of foreign affiliates | (3.1 | ) | (1.8 | ) | (2.5 | ) | |||||||
Benefit from domestic manufacturing deduction | (13.2 | ) | (11.6 | ) | (8.3 | ) | |||||||
Resolution of tax contingencies | 0 | (3.2 | ) | (3.7 | ) | ||||||||
Valuation Allowances | 0.6 | 0.6 | 14.3 | ||||||||||
Other | (5.0 | ) | (0.2 | ) | 0 | ||||||||
Recorded tax expense | $ | 203.4 | $ | 192.7 | $ | 185 | |||||||
Effective tax rate | 34 | % | 35.5 | % | 37.4 | % | |||||||
At December 31, 2013, foreign subsidiaries of the Company had net operating loss carryforwards of approximately $28.0. Approximately $3.7 of such net operating loss carryforwards expire on various dates through December 31, 2018. The remaining net operating loss carryforwards are not subject to expiration. | |||||||||||||
The Company believes that it is more likely than not that the benefit from these net operating loss carryforwards will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $8.1 and $9.2 at December 31, 2013 and 2012, respectively, on the deferred tax asset relating to these net operating loss carryforwards. | |||||||||||||
The Company also believes that it is more likely than not that the benefit from certain additional deferred tax assets of QGN will not be realized. In recognition of this risk, the Company maintains a valuation allowance of $4.9 and $6.5 at December 31, 2013 and 2012, respectively, on these deferred tax assets. | |||||||||||||
The Company had undistributed earnings of foreign subsidiaries of approximately $271.8 at December 31, 2013 for which deferred taxes have not been provided. These earnings, which are considered to be permanently reinvested, would be subject to U.S. tax if they were remitted as dividends. It is not practicable to determine the deferred tax liability on these earnings. | |||||||||||||
The Company has recorded liabilities in connection with uncertain tax positions, which, although supportable by the Company, may be challenged by tax authorities. Under applicable accounting guidance, these tax positions do not meet the minimum threshold required for the related tax benefit to be recognized in the income statement. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefits at January 1 | $ | 9.1 | $ | 13.1 | $ | 24.6 | |||||||
Gross increases—tax positions in prior period | 0.9 | 1.9 | 1 | ||||||||||
Gross decreases—tax positions in prior period | 0 | (3.2 | ) | (5.5 | ) | ||||||||
Settlements | (3.7 | ) | (2.6 | ) | (6.8 | ) | |||||||
Lapse of statute of limitations | (0.4 | ) | (0.1 | ) | (0.2 | ) | |||||||
Unrecognized tax benefits at December 31 | $ | 5.9 | $ | 9.1 | $ | 13.1 | |||||||
In 2012, the Company recognized a benefit from the reversal of approximately $3.3 in income tax expense and incurred $0.2 in pretax interest expense associated with certain tax liabilities as a result of the settlement of an IRS audit for the years 2008 and 2009 and the lapse of applicable statutes of limitation of several state taxing authorities. In 2011, the Company recognized a benefit from the reversal of approximately $3.7 in income tax expense and $1.6 in pretax interest expense associated with certain tax liabilities as a result of the settlement of various state audits and the lapse of applicable statutes of limitation of several state taxing authorities. | |||||||||||||
Included in the balance of unrecognized tax benefits at December 31, 2013, 2012 and 2011 are $5.7, $8.7 and $12.1, respectively, of tax benefits that, if recognized, would affect the effective tax rate. Also included in the balance of unrecognized tax benefits at December 31, 2013, 2012 and 2011, are $0.2, $0.4 and $1.0, respectively, of tax benefits that, if recognized, would result in adjustments to balance sheet tax accounts, primarily deferred taxes. | |||||||||||||
The Company is subject to U.S. federal income tax as well as income tax in multiple state and international jurisdictions. The tax years 2010 and 2011 are currently under audit by the U.S. Internal Revenue Service and several state taxing authorities. In addition, certain statutes of limitations are scheduled to expire in the near future. The Company does not anticipate that the settlement of audits and the expirations of statutes of limitations within the next twelve months will result in a significant change in unrecognized tax benefits. | |||||||||||||
The Company’s policy for recording interest associated with uncertain tax positions is to record interest as a component of income before income taxes. During the twelve months ended December 31, 2013, December 31, 2012 and December 31, 2011, the Company recognized a net reversal of accrued interest expense associated with uncertain tax positions of approximately $0.1, $0.3, and $1.9, respectively. As of December 31, 2013 and December 31, 2012, the Company had $0.3 and $0.4, respectively, in accrued interest expense related to unrecognized tax benefits. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Benefit Plans | ' | ||||||||||||||||||||||||
13. Benefit Plans | |||||||||||||||||||||||||
Defined Benefit Retirement Plans | |||||||||||||||||||||||||
The Company has defined benefit pension plans covering certain international employees. Pension benefits to retired employees are based upon the employees’ length of service and a percentage of their qualifying compensation during the final years of employment. The Company’s pension funding policy is consistent with federal/statutory funding requirements and, in December 2013, the Company made voluntary contributions of $13.0 to its international plans. The Company also maintains unfunded postretirement plans, which provide medical benefits for eligible U.S. retirees and their dependents and for retirees and employees in Canada. The cost of such benefits is recognized during the employees’ respective active working careers. The Company recognizes the unfunded status of a benefit plan in the balance sheet as a long-term liability and recognizes the overfunded status of any benefit plan as a long-term asset. Any previously unrecognized gains or losses are recorded in the equity section of the balance sheet within accumulated other comprehensive income. | |||||||||||||||||||||||||
The following table provides information on the status of the defined benefit plans at December 31: | |||||||||||||||||||||||||
Pension Plans | Nonpension | ||||||||||||||||||||||||
Postretirement Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 99.7 | $ | 88.1 | $ | 30 | $ | 27.2 | |||||||||||||||||
Service cost | 1.1 | 0.9 | 0.4 | 0.4 | |||||||||||||||||||||
Interest cost | 4 | 4.2 | 1.1 | 1.2 | |||||||||||||||||||||
Plan participants’ contributions | 0 | 0 | 0.3 | 0.2 | |||||||||||||||||||||
Actuarial loss (gain) | 0.7 | 7 | (4.9 | ) | 2.5 | ||||||||||||||||||||
Settlements/curtailments | 0 | 0 | (2.7 | ) | (0.4 | ) | |||||||||||||||||||
Effects of exchange rate changes / other | (0.9 | ) | 3.6 | (0.4 | ) | 0.1 | |||||||||||||||||||
Benefits paid | (4.0 | ) | (4.1 | ) | (2.0 | ) | (1.2 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 100.6 | $ | 99.7 | $ | 21.8 | $ | 30 | |||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 78.8 | $ | 70.5 | $ | 0 | $ | 0 | |||||||||||||||||
Actual return on plan assets (net of expenses) | 8.1 | 5.1 | 0 | 0 | |||||||||||||||||||||
Employer contributions | 17.5 | 4.4 | 1.7 | 1 | |||||||||||||||||||||
Plan participants’ contributions | 0 | 0 | 0.3 | 0.2 | |||||||||||||||||||||
Effects of exchange rate changes / other | (0.2 | ) | 2.9 | 0 | 0 | ||||||||||||||||||||
Benefits paid | (4.0 | ) | (4.1 | ) | (2.0 | ) | (1.2 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 100.2 | $ | 78.8 | $ | 0 | $ | 0 | |||||||||||||||||
Funded status at end of year, recorded in Pension and Postretirement Benefits | $ | (0.4 | ) | $ | (20.9 | ) | $ | (21.8 | ) | $ | (30.0 | ) | |||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||||||||||||||
Prior Service Credit | $ | 0.1 | $ | 0.2 | $ | (2.3 | ) | $ | (0.8 | ) | |||||||||||||||
Actuarial Loss | 18.5 | 23.4 | 0.8 | 5.9 | |||||||||||||||||||||
Net Loss (Income) Recognized in Accumulated Other Comprehensive Income | $ | 18.6 | $ | 23.6 | $ | (1.5 | ) | $ | 5.1 | ||||||||||||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||||||||||||
Pension Plans | Nonpension | ||||||||||||||||||||||||
Postretirement Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Pension and Postretirement Benefits | $ | (3.4 | ) | $ | (20.9 | ) | $ | (21.8 | ) | $ | (30.0 | ) | |||||||||||||
Other Assets | 3 | 0 | 0 | 0 | |||||||||||||||||||||
Accumulated Other Comprehensive Loss (Income) | 18.6 | 23.6 | (1.5 | ) | 5.1 | ||||||||||||||||||||
Net amount recognized at end of year | $ | 18.2 | $ | 2.7 | $ | (23.3 | ) | $ | (24.9 | ) | |||||||||||||||
Accumulated benefit obligation | $ | 95.4 | $ | 96.3 | $ | 0 | $ | 0 | |||||||||||||||||
In 2013, the change in accumulated other comprehensive loss (income) was a $5.0 decrease in the Company’s remaining pension plan obligations and a $6.6 decrease in postretirement benefit plan obligations. The changes are related to the change in discount rates for all plans and other actuarial assumptions. | |||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations as of December 31 are as follows: | |||||||||||||||||||||||||
Pension Plans | Nonpension | ||||||||||||||||||||||||
Postretirement Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount Rate | 4.48 | % | 4.16 | % | 4.56 | % | 3.89 | % | |||||||||||||||||
Rate of Compensation increase | 3.33 | % | 3.33 | % | N/A | N/A | |||||||||||||||||||
Net Pension and Net Postretirement Benefit Costs consisted of the following components: | |||||||||||||||||||||||||
Pension Costs | Nonpension Postretirement Costs | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 0.9 | $ | 0.9 | $ | 0.4 | $ | 0.4 | $ | 0.4 | |||||||||||||
Interest cost | 4 | 4.2 | 4.6 | 1.1 | 1.2 | 1.3 | |||||||||||||||||||
Expected return on plan assets | (4.2 | ) | (3.9 | ) | (4.3 | ) | 0 | 0 | 0 | ||||||||||||||||
Amortization of prior service cost | 0 | 0 | 0 | (0.8 | ) | (0.1 | ) | 0.1 | |||||||||||||||||
Settlements/curtailments | 0 | 0 | 0 | (0.3 | ) | 0 | 0 | ||||||||||||||||||
Recognized actuarial loss (gain) | 0.9 | 0.2 | 0 | 0.1 | 0.2 | 0 | |||||||||||||||||||
Net periodic benefit cost | $ | 1.8 | $ | 1.4 | $ | 1.2 | $ | 0.5 | $ | 1.7 | $ | 1.8 | |||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are as follows: | |||||||||||||||||||||||||
Pension Plans | Nonpension Postretirement Plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount Rate | 4.15 | % | 4.75 | % | 5.34 | % | 3.92 | % | 4.31 | % | 5.28 | % | |||||||||||||
Rate of Compensation increase | 3.33 | % | 3.33 | % | 3.68 | % | N/A | N/A | N/A | ||||||||||||||||
Expected long-term rate of return on plan assets | 5.45 | % | 5.35 | % | 5.87 | % | N/A | N/A | N/A | ||||||||||||||||
The Company’s pension and postretirement benefit costs are developed with the assistance of actuarial valuations. These valuations reflect key assumptions provided by the Company to its actuaries, including the discount rate and expected long-term rate of return on plan assets. Material changes in the Company’s pension and postretirement benefit costs may occur in the future due to changes in these assumptions. | |||||||||||||||||||||||||
The discount rate is subject to change each year, consistent with changes in applicable high-quality, long-term corporate bond indices. Based on the expected duration of the benefit payments for the Company’s pension plans and postretirement plans, the Company refers to an applicable index and expected term of the benefit payments to select a discount rate at which it believes the plan benefits could be effectively settled. | |||||||||||||||||||||||||
The expected long-term rate of return on pension plan assets is selected by taking into account the historical trend, the expected duration of the projected benefit obligation for the plans, the asset mix of the plans and known economic and market conditions at the time of valuation. A 50 basis point change in the expected long-term rate of return would result in an approximate $0.5 change in pension expense for 2014. | |||||||||||||||||||||||||
In 2014, amounts related to defined benefit plans in accumulated other comprehensive income expected to be recognized in the income statement are estimated to be income of approximately $1.2. | |||||||||||||||||||||||||
The Company’s investment policy is designed to provide flexibility in the asset mix based on management’s assessment of economic conditions, with an overall objective of realizing maximum rates of return appropriately balanced to minimize market risks. The Company’s long-term strategic goal is to maintain an asset mix consisting of approximately 60% equity securities and 40% debt/guaranteed investment securities. | |||||||||||||||||||||||||
The fair values of the Company’s defined benefit pension plan assets by asset category are as follows: | |||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||||||
Identical Assets | |||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 1 | $ | 1 | $ | 0 | $ | 0 | |||||||||||||||||
Equity Securities—Mutual Funds(a) | 14.3 | 0.9 | 13.4 | 0 | |||||||||||||||||||||
Bond Funds(b) | 9.8 | 0.1 | 9.7 | 0 | |||||||||||||||||||||
Global Multi-strategy Fund(c) | 31.8 | 0 | 0 | 31.8 | |||||||||||||||||||||
Insurance Investment Contract(d) | 5.3 | 0 | 0 | 5.3 | |||||||||||||||||||||
Government Fixed Income Securities(e) | 15 | 0 | 15 | 0 | |||||||||||||||||||||
Other(f) | 1.6 | 0.1 | 1.5 | 0 | |||||||||||||||||||||
December 31, 2012 | $ | 78.8 | $ | 2.1 | $ | 39.6 | $ | 37.1 | |||||||||||||||||
Cash & Cash Equivalents | $ | 9 | $ | 9 | $ | 0 | $ | 0 | |||||||||||||||||
Equity Securities—Mutual Funds(a) | 16.1 | 1 | 15.1 | 0 | |||||||||||||||||||||
Money Market Funds | 6.6 | 0 | 6.6 | 0 | |||||||||||||||||||||
Bond Funds(b) | 9.3 | 0 | 9.3 | 0 | |||||||||||||||||||||
Global Multi-strategy Fund(c) | 37.8 | 0 | 0 | 37.8 | |||||||||||||||||||||
Insurance Investment Contract(d) | 5.9 | 0 | 0 | 5.9 | |||||||||||||||||||||
Government Fixed Income Securities(e) | 15.3 | 0 | 15.3 | 0 | |||||||||||||||||||||
Other(f) | 0.2 | 0.2 | 0 | 0 | |||||||||||||||||||||
December 31, 2013 | $ | 100.2 | $ | 10.2 | $ | 46.3 | $ | 43.7 | |||||||||||||||||
(a) | The equity securities represent mutual funds held primarily by the pension plans in Canada, which include both domestic and international equity securities. Mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the plans as of December 31, 2012 and December 31, 2013. | ||||||||||||||||||||||||
(b) | The bond funds constitutes investments primarily for the pension plans in Canada and the fund consists of investments in Canadian government, corporate and municipal or local governments bonds. | ||||||||||||||||||||||||
(c) | The global multi-strategy fund constitutes investments for the pension plans in the United Kingdom. The fund is a fund of funds invested in a series of diverse international equity funds and fixed income funds. The Global Multi-strategy fund is valued at quoted market prices which represent the net asset value of the units held at December 31, 2012 and December 31, 2013. | ||||||||||||||||||||||||
(d) | The insurance investment contract is in the form of an insurance policy that is held by the pension plans in the United Kingdom. The investment of the underlying assets is in various managed funds. Insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance adjusted for investment returns and changes in cash flows. | ||||||||||||||||||||||||
(e) | Government fixed income securities held by pension plans in the United Kingdom are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||
(f) | Other category includes other investments for pension plans in the International subsidiaries. | ||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Investments) are as follows: | |||||||||||||||||||||||||
Global Multi- | Insurance | Total | |||||||||||||||||||||||
strategy Fund | Investment | ||||||||||||||||||||||||
Contract | |||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 27.7 | $ | 4.7 | $ | 32.4 | |||||||||||||||||||
Net realized and unrealized gains (loss) | 2.8 | 0.4 | 3.2 | ||||||||||||||||||||||
Effects of exchange rate changes | 1.3 | 0.2 | 1.5 | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 31.8 | $ | 5.3 | $ | 37.1 | |||||||||||||||||||
Net realized and unrealized gains (loss) | 5.3 | 0.5 | 5.8 | ||||||||||||||||||||||
Effects of exchange rate changes | 0.7 | 0.1 | 0.8 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 37.8 | $ | 5.9 | $ | 43.7 | |||||||||||||||||||
The Company made cash contributions of approximately $17.5 to its pension plans in 2013, including voluntary contributions of $13.0. The Company estimates it will be required to make cash contributions to its pension plans of approximately $3.4 in 2014 to offset 2014 benefit payments and administrative costs in excess of investment returns. | |||||||||||||||||||||||||
The following benefit payments are expected to be paid from the defined benefit plans: | |||||||||||||||||||||||||
Pension | Nonpension | ||||||||||||||||||||||||
Plans | Postretirement | ||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||
2014 | $ | 4.3 | $ | 1.3 | |||||||||||||||||||||
2015 | 4.8 | 1.3 | |||||||||||||||||||||||
2016 | 4.7 | 1.4 | |||||||||||||||||||||||
2017 | 4.7 | 1.5 | |||||||||||||||||||||||
2018 | 4.7 | 1.6 | |||||||||||||||||||||||
2019-2023 | 25.5 | 8.9 | |||||||||||||||||||||||
The accumulated postretirement benefit obligation has been determined by application of the provisions of the Company’s medical plans, including established maximums and sharing of costs, relevant actuarial assumptions and health-care cost trend rates projected at approximately 7.6% for 2014 and decreasing to an ultimate rate of approximately 4.5% in 2029. The Company has a maximum annual benefit based on years of service for participants over 65 years of age. | |||||||||||||||||||||||||
The following chart shows the effect of a 1% change in healthcare cost trends: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Effect of 1% increase in health-care cost trend rates on: | |||||||||||||||||||||||||
Postretirement benefit obligation | $ | 0.7 | $ | 1.7 | |||||||||||||||||||||
Total of service cost and interest cost component | 0.9 | 0.2 | |||||||||||||||||||||||
Effect of 1% decrease in health-care cost trend rates on: | |||||||||||||||||||||||||
Postretirement benefit obligation | (0.6 | ) | (1.4 | ) | |||||||||||||||||||||
Total of service cost and interest cost component | (0.7 | ) | (0.1 | ) | |||||||||||||||||||||
Other Benefit Plans | |||||||||||||||||||||||||
The Company also maintains a defined contribution profit sharing plan for domestic salaried and certain hourly employees. Amounts charged to earnings for this plan were $15.8, $13.5 and $10.5 in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The Company also has a domestic employee 401K savings plan. The Company matches 50% of each employee’s contribution up to a maximum of 6% of the employee’s earnings. The Company’s matching contributions to the savings plan were $4.5, $3.8 and $3.7 in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The Company has an employee stock purchase plan which permits employees to purchase the Company’s Common Stock (“Common Stock”) at a 15% discount to the prevailing market price. No more than $25 thousand can be purchased by any one employee during a plan year. The 15% discount is included in SG&A expenses. Total expenses were $0.6 for 2013 and $0.5 in each of 2012 and 2011. | |||||||||||||||||||||||||
Deferred Compensation Plans | |||||||||||||||||||||||||
The Company maintains a deferred compensation plan under which certain members of management are eligible to defer a maximum of 85% of their regular compensation (i.e. salary) and incentive bonus. The amounts deferred under this plan are credited with earnings or losses based upon changes in values of notional investments elected by the plan participant. The investment options available include notional investments in various stock, bond and money market funds as well as Common Stock. Each plan participant is fully vested in the amounts the participant defers. The plan also functions as an “excess” plan, and profit sharing contributions that cannot otherwise be contributed to the qualified savings and profit sharing plan due to limitations under Department of Treasury regulations are credited to this plan. These contributions vest under the same vesting schedule applicable to the qualified plan. | |||||||||||||||||||||||||
The liability to plan participants for contributions designated for notional investment in Common Stock is based on the quoted fair value of the Common Stock plus any dividends credited. The Company uses cash-settled hedging instruments to minimize the cost related to the volatility of Common Stock. At December 31, 2013 and 2012, the amount of the Company’s liability under the deferred compensation plan was $83.5 and $73.0, respectively and the funded balances amounted to $62.8 and $55.3, respectively. The amounts charged to earnings, including the effect of the hedges, totaled $2.8, $2.6, and $2.9 in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Non-employee members of the Company’s Board of Directors are eligible to defer up to 100% of their directors’ compensation into a similar plan; however, the only option for investment is Common Stock. Directors are fully vested in their account balance. As of December 31, 2013, there was approximately 125 thousand shares of Common Stock from shares held as Treasury Stock in a rabbi trust to protect the interest of the directors’ deferred compensation plan participants in the event of a change of control. |
Stock_Based_Compensation_Plans
Stock Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stock Based Compensation Plans | ' | ||||||||||||||||||||
14. Stock Based Compensation Plans | |||||||||||||||||||||
The Company has options outstanding under four equity compensation plans. Under the Amended and Restated Omnibus Equity Plan, the Company may grant options and other stock-based awards to employees and directors. Under the 1983 Stock Option Plan and the Stock Award Plan, the Company granted options to key management employees. Under the Stock Option Plan for Directors, the Company granted options to non-employee directors. Following adoption of the original Omnibus Equity Plan by stockholders in 2008, no further grants were permitted under the other equity compensation plans. Options outstanding under the plans are issued at market value on the date of grant, vest on the third anniversary of the date of grant and must be exercised within ten years of the date of grant. If, upon termination of a participant’s employment (other than a termination for cause), a participant is at least 55 years old, has at least five years of service, and the sum of the participant’s age and years of service is at least 65, the participant may exercise any stock options granted in 2007 or later within a period of three years from the date of termination or, if earlier, the date such stock options otherwise would have expired, subject to specified conditions. Issuances of Common Stock to satisfy employee option exercises currently are made from treasury stock. | |||||||||||||||||||||
Stock option transactions for the three years ended December 31, 2013 were as follows: | |||||||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||
Price | Contractual | (In millions) | |||||||||||||||||||
Term | |||||||||||||||||||||
Outstanding at December 31, 2010 | 8.8 | $ | 22.63 | ||||||||||||||||||
Granted | 1.2 | 40.6 | |||||||||||||||||||
Exercised | (1.6 | ) | 16.53 | ||||||||||||||||||
Cancelled | (0.1 | ) | 30.22 | ||||||||||||||||||
Outstanding at December 31, 2011 | 8.3 | 26.39 | |||||||||||||||||||
Granted | 1.6 | 53.81 | |||||||||||||||||||
Exercised | (1.5 | ) | 19 | ||||||||||||||||||
Cancelled | (0.2 | ) | 35.57 | ||||||||||||||||||
Outstanding at December 31, 2012 | 8.2 | 32.81 | |||||||||||||||||||
Granted | 1.7 | 61.89 | |||||||||||||||||||
Exercised | (1.0 | ) | 21.47 | ||||||||||||||||||
Cancelled | (0.1 | ) | 47.47 | ||||||||||||||||||
Outstanding at December 31, 2013 | 8.8 | $ | 39.47 | 6.2 | $ | 235.8 | |||||||||||||||
Exercisable at December 31, 2013 | 4.5 | $ | 26.08 | 4.2 | $ | 180.6 | |||||||||||||||
The following table summarizes information relating to options outstanding and exercisable at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Outstanding | Weighted | Weighted | Exercisable | Weighted | ||||||||||||||||
Exercise Prices | as of | Average | Average | as of | Average | ||||||||||||||||
12/31/13 | Remaining | Exercise | 12/31/13 | Exercise | |||||||||||||||||
Contractual Life | Price | Price | |||||||||||||||||||
$5.01 - $15.00 | 0.2 | 0.5 | $ | 14.82 | 0.2 | $ | 14.82 | ||||||||||||||
$15.01 - $25.00 | 1.4 | 2.6 | $ | 20.44 | 1.4 | $ | 20.44 | ||||||||||||||
$25.01 - $35.00 | 2.9 | 5.1 | $ | 29.4 | 2.9 | $ | 29.4 | ||||||||||||||
$35.01 - $45.00 | 1.1 | 7 | $ | 40.62 | 0 | $ | 0 | ||||||||||||||
$45.01 - $55.00 | 1.5 | 8.3 | $ | 53.8 | 0 | $ | 0 | ||||||||||||||
$55.01 - $67.00 | 1.7 | 9.4 | $ | 61.91 | 0 | $ | 0 | ||||||||||||||
8.8 | 6.2 | $ | 39.47 | 4.5 | $ | 26.08 | |||||||||||||||
The table above represents the Company’s estimate of options fully vested and expected to vest. Expected forfeitures are not material and, therefore, are not reflected in the table above. | |||||||||||||||||||||
The following table provides information regarding the intrinsic value of stock options exercised, stock compensation expense related to stock option awards and the fair value of stock options issued: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Intrinsic Value of Stock Options Exercised | $ | 42.2 | $ | 48.9 | $ | 39.6 | |||||||||||||||
Stock Compensation Expense Related to Stock Option Awards | $ | 15.5 | $ | 11 | $ | 10 | |||||||||||||||
Issued Stock Options | 1.7 | 1.6 | 1.2 | ||||||||||||||||||
Weighted Average Fair Value of Stock Options issued (per share) | $ | 10.92 | $ | 8.92 | $ | 7.87 | |||||||||||||||
Fair Value of Stock Options Issued | $ | 18.1 | $ | 14.2 | $ | 9.5 | |||||||||||||||
The following table provides a summary of the assumptions used in the valuation of issued stock options: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Risk-free interest rate | 1.4 | % | 1 | % | 2 | % | |||||||||||||||
Expected life in Years | 6.2 | 6.3 | 6.2 | ||||||||||||||||||
Expected volatility | 21.2 | % | 20.7 | % | 20.9 | % | |||||||||||||||
Dividend Yield | 1.8 | % | 1.8 | % | 1.7 | % | |||||||||||||||
The fair value of stock options is based upon the Black Scholes option pricing model. The Company determined the options’ life based on historical exercise behavior and their expected volatility and dividend yield based on the historical changes in stock price and dividend payments. The risk free interest rate is based on the yield of an applicable term Treasury instrument. | |||||||||||||||||||||
As of December 31, 2013, there was a fair value of $10.6 related to unamortized stock option compensation expense, which is expected to be recognized over a weighted-average period of approximately one and a half years. The Company’s Consolidated Statements of Cash Flow reflect an add back to Net Cash Provided by Operating Activities of $17.0, $12.4 and $11.0 in 2013, 2012 and 2011, respectively, for non-cash compensation expense, primarily stock option expense. Net Cash Used in Financing Activities includes $13.1, $14.6 and $12.1 in 2013, 2012 and 2011, respectively, of excess tax benefits on stock options exercised. The total tax benefit for 2013, 2012 and 2011 was $13.4, $15.4 and $13.3, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
15. Accumulated Other Comprehensive Income | |||||||||||||||||
Comprehensive income is defined as net income and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. | |||||||||||||||||
The components of changes in accumulated other comprehensive income are as follows: | |||||||||||||||||
Foreign | Defined | Derivative | Accumulated | ||||||||||||||
Currency | Benefit | Agreements | Other | ||||||||||||||
Adjustments | Plans | Comprehensive | |||||||||||||||
Income (Loss) | |||||||||||||||||
Balance December 31, 2010 | $ | 24.5 | $ | (8.0 | ) | $ | (0.2 | ) | $ | 16.3 | |||||||
Other comprehensive income before reclassifications | (7.3 | ) | (10.0 | ) | 1.5 | (15.8 | ) | ||||||||||
Tax benefit (expense) | 0 | 2.7 | (0.3 | ) | 2.4 | ||||||||||||
Other comprehensive income (loss) | (7.3 | ) | (7.3 | ) | 1.2 | (13.4 | ) | ||||||||||
Balance December 31, 2011 | $ | 17.2 | $ | (15.3 | ) | $ | 1 | $ | 2.9 | ||||||||
Other comprehensive income before reclassifications | 5.6 | (6.8 | ) | (0.9 | ) | (2.1 | ) | ||||||||||
Tax benefit (expense) | 0 | 1.6 | 0.1 | 1.7 | |||||||||||||
Other comprehensive income (loss) | 5.6 | (5.2 | ) | (0.8 | ) | (0.4 | ) | ||||||||||
Balance December 31, 2012 | $ | 22.8 | $ | (20.5 | ) | $ | 0.2 | $ | 2.5 | ||||||||
Other comprehensive income before reclassifications | (10.1 | ) | 11.2 | (0.8 | ) | 0.3 | |||||||||||
Amounts reclassified to consolidated statement of income(a) | 0 | 0 | 1 | 1 | |||||||||||||
Tax benefit (expense) | 0 | (3.7 | ) | 0.1 | (3.6 | ) | |||||||||||
Other comprehensive income (loss) | (10.1 | ) | 7.5 | 0.3 | (2.3 | ) | |||||||||||
Balance December 31, 2013 | $ | 12.7 | $ | (13.0 | ) | $ | 0.5 | $ | 0.2 | ||||||||
(a) | Amounts classified to cost of sales and selling, general and administrative expenses. |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments, Contingencies and Guarantees | ' | ||||||||||||
16. Commitments, Contingencies and Guarantees | |||||||||||||
Commitments and Lease obligations | |||||||||||||
a. Operating lease rent expense, included in income from operations, amounted to $20.9 in 2013, $20.7 in 2012 and $18.2 in 2011. Beginning January 1, 2013, financing lease expense was recorded primarily for the Company’s Corporate Headquarters building. In 2013, interest expense associated with this lease amounted to $4.2 and depreciation expense amounted to $2.5. | |||||||||||||
The Company is obligated to pay minimum annual rentals under different operating and financing lease agreements as follows: | |||||||||||||
Operating | Financing | Total | |||||||||||
Leases | Leases | ||||||||||||
2014 | $ | 21.5 | $ | 5.7 | $ | 27.2 | |||||||
2015 | 17.8 | 5.8 | 23.6 | ||||||||||
2016 | 13.3 | 5.8 | 19.1 | ||||||||||
2017 | 11.2 | 5.8 | 17 | ||||||||||
2018 | 10.6 | 6.1 | 16.7 | ||||||||||
2019 and thereafter | 30.7 | 82.3 | 113 | ||||||||||
Total future minimum lease commitments | $ | 105.1 | $ | 111.5 | $ | 216.6 | |||||||
b. In December 1981, the Company formed a partnership with a supplier of raw materials that mines and processes sodium-based mineral deposits. The Company purchases the majority of its sodium-based raw material requirements from the partnership. The partnership agreement for the partnership terminates upon two years’ written notice by either partner. Under the partnership agreement, the Company has an annual commitment to purchase 240,000 tons of sodium-based raw materials at the prevailing market price. The Company is not engaged in any other material transactions with the partnership or the Company’s partner, with the exception of the Natronx joint venture, in which the Company and its partner are each one-third owners. | |||||||||||||
c. As of December 31, 2013, the Company had commitments to acquire approximately $261.2 of raw materials, packaging supplies and services from its vendors at market prices. These commitments enable the Company to respond quickly to changes in customer orders or requirements. | |||||||||||||
d. As of December 31, 2013, the Company had the following guarantees; (i) $5.1 in outstanding letters of credit drawn on several banks which guarantee payment for such things as insurance claims in the event of the Company’s insolvency, (ii) an insolvency protection guarantee of approximately $19.4 to one of its United Kingdom pension plans effective January 1, 2011, and (iii) $3.3 worth of assets subject to guarantees for its Brazil operations for value added tax assessments and labor related cases currently under appeal. | |||||||||||||
e. On November 8, 2011, the Company acquired a license for certain oral care technology for cash consideration of $4.3. In addition to this initial payment, the Company is required to make advance royalty payments of up to $5.5 upon the launch of a product utilizing the licensed technology, of which approximately $3.0 had been made as of December 31, 2013. The Company will make an additional $7 license payment upon the approval of certain New Drug Applications by the U.S. Food and Drug Administration (“FDA”) for products incorporating the acquired technology. | |||||||||||||
Environmental matter | |||||||||||||
f. In 2000, the Company acquired majority ownership in its Brazilian subsidiary, Quimica Geral Do Nordeste S.A. (“QGN”). The acquired operations included an inorganic salt manufacturing plant which began site operations in the late 1970’s. Located on the site were two closed landfills, two active landfills and a pond for the management of process waste streams. In 2009, QGN was advised by the environmental authority in the State of Bahia, the Institute of the Environment (“IMA”), that the plant was discharging contaminants into an adjacent creek. After learning of the discharge, QGN took immediate action to cease the discharge and retained two nationally recognized environmental firms to prepare a site investigation / remedial action (“SI/RA”) report. The SI/RA report was submitted by QGN to IMA in April 2010. The report concluded that the likely sources of the discharge were the failure of the pond and closed landfills. QGN ceased site operations in August 2010. In November 2010, IMA responded to QGN’s recommendation for an additional study by issuing a notification requiring a broad range of remediation measures (the “Remediation Notification”), which included the shutdown and removal of two on-site landfills. In addition, despite repeated discussions with IMA at QGN’s request to consider QGN’s proposed remediation alternatives, in December 2010, IMA imposed a fine of five million Brazilian Real (approximately U.S. $2.1 million at current exchange rates) for the discharge of contaminants above allowable limits. The description of the fine included a reference to aggravating factors that may indicate that local “management’s intent” was considered in determining the severity of the fine, which could result in criminal liability for members of local management. In January 2011, QGN filed with IMA an administrative defense to the fine, suspending any enforcement activities pending its defense. IMA has not yet formally responded to QGN’s administrative defense. | |||||||||||||
With respect to the Remediation Notification, QGN engaged in discussions with IMA during which QGN asserted that a number of the remediation measures, including the removal of the landfills, and the timeframes for implementation were not appropriate and requested that the Remediation Notification be withdrawn. In response, in February 2011, IMA issued a revised Remediation Notification (the “Revised Remediation Notification”) providing for further site analysis by QGN, including further study of the integrity of the landfills. The Revised Remediation Notification did not include a requirement to remove the landfills; however, it did not foreclose the possibility of such a requirement. QGN has responded to the Revised Remediation Notification providing further information regarding the remediation measures, and is in discussions with the Institute of Environment and Waste Management (“INEMA”), successor to IMA, to seek agreement on an appropriate remediation plan. In mid-2011, QGN, consistent with the Revised Remediation Notice, began an additional site investigation and capped the two active landfills. In 2012, QGN drained the waste pond. During the third quarter of 2013, INEMA approved, in writing, the first step in QGN’s proposed remediation plans, the installation of a trench drain to capture and treat groundwater at the site. QGN expects to begin construction of the trench drain in early 2014 and to continue discussions with INEMA concerning the resolution of the fine. | |||||||||||||
As a result of the foregoing events, the Company accrued approximately $3 million in 2009 and $4.8 million in 2010 for remediation, fines and related costs. Since 2009, the costs of remediation activities and foreign exchange rate changes have reduced the accrual by approximately $3.8 million, to a current amount of $4.0 million. As a result of INEMA’s approval of the first step in QGN’s remediation plans, the Company does not believe that it will be required to remove the landfills. However, it remains reasonably possible that INEMA will require such removal, and the Company could be unsuccessful in appealing such decision. The Company estimates the cost of such landfill removal would be in the range of $30 million to $50 million. | |||||||||||||
Legal and tax proceedings | |||||||||||||
g. The Company has been named as a defendant in a purported class action lawsuit alleging unfair, deceptive and unlawful business practices with respect to the advertising, marketing and sales of ARM & HAMMER ESSENTIALS Natural Deodorant. Specifically, on March 9, 2012, Plaintiffs Stephen Trewin and Joseph Farhatt, on behalf of themselves and all others similarly situated, filed a complaint against the Company in the U.S. District Court for the District of New Jersey alleging violations of the New Jersey Consumer Fraud Act, violations of the Missouri Merchandising Practices Act and breach of implied warranty. | |||||||||||||
The original complaint alleges, among other things, that the Company used a marketing and advertising campaign that is centered around the claim that the ARM & HAMMER ESSENTIALS Natural Deodorant is a “natural” product that contains “natural” ingredients and provides “natural” protection. The complaint alleges the advertising and marketing campaign is false and misleading because the product contains artificial and synthetic ingredients. Among other things, the complaint seeks an order certifying the case as a class action, appointing Plaintiffs as class representatives and appointing Plaintiffs’ counsel to represent the class. The complaint also seeks restitution and disgorgement of all amounts obtained by the Company as a result of the alleged misconduct, compensatory, actual, statutory and other unspecified damages allegedly suffered by Plaintiffs and the purported class, up to treble damages for alleged violation of the New Jersey Consumer Fraud Act, punitive damages for alleged violations of the Missouri Merchandising Practices Act, an order requiring the Company to immediately cease its alleged wrongful conduct, an order enjoining the Company from continuing the conduct and acts identified in the complaint, an order requiring the Company to engage in a corrective notice campaign, an order requiring the Company to pay to Plaintiffs and all members of the purported class the amounts paid for ARM & HAMMER ESSENTIALS Natural Deodorant, statutory prejudgment and post-judgment interest, and reasonable attorneys’ fees and costs. | |||||||||||||
On May 14, 2012, the Company filed a motion to dismiss the original complaint. On December 10, 2012, the Court issued an order granting the Company’s motion and dismissed the original complaint without prejudice. On January 7, 2013, Plaintiffs filed an amended complaint seeking relief similar to that sought in the original complaint, excluding the breach of implied warranty claim. The Company filed a motion to dismiss the amended complaint. On September 30, 2013, the Court granted the Company’s motion with respect to non-label-based advertising and marketing claims, but denied the Company’s motion with respect to the label-based claims. | |||||||||||||
In January 2014, the case was settled for an immaterial amount, and the settlement is subject to Court approval. If the Court fails to approve the settlement, the Company will continue to vigorously defend itself in this matter. While it is not currently possible to estimate the amount of any damages or determine the impact of any equitable relief that may be granted if the litigation continues and if there is an adverse outcome, such an outcome could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. | |||||||||||||
h. The Company has recorded liabilities for uncertain income tax positions that, although supportable, may be challenged by tax authorities. The tax years 2010 and 2011 are currently under audit by the U.S. Internal Revenue Service and several state taxing authorities. In addition, certain statutes of limitations are scheduled to expire in the near future. The Company does not anticipate that the settlement of audits and the expirations of statutes of limitations within the next twelve months will result in a significant change in unrecognized tax benefits. | |||||||||||||
i. In the second quarter of 2013, the Company and SPD Swiss Precision Diagnostics GmbH (“SPD GmbH”) settled the litigation between them arising out of a complaint filed by SPD GmbH against the Company on January 22, 2009 in the U.S. District Court for the Northern District of California. The Company’s motion to transfer the case to the U.S. District Court for the District of New Jersey was granted in April 2009. On January 15, 2010, the Company filed a complaint for declaratory relief against SPD GmbH, also in the New Jersey District Court, and in response SPD GmbH filed counterclaims against the Company. Each party’s initial and subsequent claims against the other had been consolidated before that Court. SPD GmbH alleged that the Company used false and misleading advertising and competed unfairly with respect to its FIRST RESPONSE digital and analog home pregnancy and analog ovulation test kits in violation of the Lanham Act and related state laws. SPD GmbH’s allegations were principally directed to claims included in advertising to the effect that the Company’s digital FIRST RESPONSE pregnancy test kits can detect the pregnancy hormone five days before a woman’s missed menstrual period and that its analog FIRST RESPONSE Early Result Pregnancy Test detects the pregnancy hormone six days before a woman’s missed menstrual period. SPD GmbH sought an order to enjoin the Company from making such claims and to require the Company to remove all such advertising from the marketplace, as well as unspecified damages, trebling of those damages, costs of the action, and reasonable attorneys’ fees. The Company denied all of SPD GmbH’s allegations and asserted claims against SPD GmbH of false and misleading advertising and unfair competition under the Lanham Act and related state laws with respect to certain of SPD GmbH’s advertising claims for its ClearBlue Easy home pregnancy test kit and ovulation detection products. In response, SPD GmbH denied all of the Company’s allegations and asserted counterclaims. On April 11, 2013, without any admission of wrongdoing by either party, the Company and SPD GmbH entered into a settlement agreement pursuant to which all of the Company and SPD GmbH’s claims and counterclaims have been dismissed with prejudice and all other issues related to the litigation have been resolved. As part of the settlement, the Company agreed to provide to SPD GmbH a payment in an amount that is not material to the Company. The Company believes that its advertising practices in question in the litigation are and have been in full compliance with applicable law. | |||||||||||||
j. In conjunction with the Company’s acquisition and divestiture activities, the Company entered into select guarantees and indemnifications of performance with respect to the fulfillment of the Company’s commitments under applicable purchase and sale agreements. The arrangements generally indemnify the buyer or seller for damages associated with breach of contract, inaccuracies in representations and warranties surviving the closing date and satisfaction of liabilities and commitments retained under the applicable contract. Representations and warranties that survive the closing date generally survive for periods up to five years or the expiration of the applicable statutes of limitations. Potential losses under the indemnifications are generally limited to a portion of the original transaction price, or to other lesser specific dollar amounts for select provisions. With respect to sale transactions, the Company also routinely enters into non-competition agreements for varying periods of time. Guarantees and indemnifications with respect to acquisition and divestiture activities, if triggered, could have a materially adverse impact on the Company’s financial condition and results of operations. | |||||||||||||
k. The Company, in the ordinary course of its business, is the subject of, or party to, various pending or threatened legal and regulatory proceedings. Such proceedings are subject to many uncertainties, and the outcome of certain individual litigated matters and other proceedings, whether actual or threatened, may not be reasonably predictable and any related damages or liability may not be estimable. Certain legal and regulatory proceedings, including those described above, could result in an adverse outcome for the Company, and any such adverse outcome could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||||||||||||||||||||||
17. Related Party Transactions | |||||||||||||||||||||||||||||||||||||
The following summarizes the balances and transactions between the Company and each of (i) Armand and ArmaKleen, in which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest: | |||||||||||||||||||||||||||||||||||||
Armand | ArmaKleen | Natronx | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Purchases by Company | $ | 22.5 | $ | 21.3 | $ | 19.6 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Sales by Company | $ | 0 | $ | 0 | $ | 0 | $ | 1.3 | $ | 5.5 | $ | 5.5 | $ | 1.9 | $ | 2.4 | $ | 0 | |||||||||||||||||||
Outstanding Accounts Receivable | $ | 0.4 | $ | 0.1 | $ | 0.3 | $ | 0.8 | $ | 0.4 | $ | 0.7 | $ | 0.1 | $ | 0 | $ | 0 | |||||||||||||||||||
Outstanding Accounts Payable | $ | 1.8 | $ | 1.8 | $ | 2.3 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Administration & Management Oversight Services(1) | $ | 1.9 | $ | 1.7 | $ | 1.7 | $ | 2.1 | $ | 1.7 | $ | 2.5 | $ | 1.1 | $ | 0.9 | $ | 0.7 | |||||||||||||||||||
-1 | Billed by Company and recorded as a reduction of selling, general and administrative expenses. | ||||||||||||||||||||||||||||||||||||
The Company recorded a $3.2 million impairment charge associated with one of its affiliates in the second quarter of 2013. The charge, recorded in Equity in Earnings of Affiliates, is a result of the Company’s assessment of the financial impact from the delay in anticipated discounted cash flows from the affiliate. |
Segments
Segments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segments | ' | ||||||||||||||||||||
18. Segments | |||||||||||||||||||||
Segment Information | |||||||||||||||||||||
The Company operates three reportable segments: Consumer Domestic, Consumer International and SPD. These segments are determined based on differences in the nature of products and organizational and ownership structures. The Company also has a Corporate segment. | |||||||||||||||||||||
Segment revenues are derived from the sale of the following products: | |||||||||||||||||||||
Segment | Products | ||||||||||||||||||||
Consumer Domestic | Household and personal care products | ||||||||||||||||||||
Consumer International | Primarily personal care products | ||||||||||||||||||||
SPD | Specialty chemical products | ||||||||||||||||||||
The Corporate segment income consists of equity in earnings (losses) of affiliates. As of December 31, 2013, the Company held 50% ownership interests in each of Armand and ArmaKleen, respectively, and a one-third ownership interest in Natronx. The Company’s equity in earnings (losses) of Armand, ArmaKleen and Natronx for the twelve months ended December 31, 2013, 2012 and 2011 are included in the Corporate segment. | |||||||||||||||||||||
Some of the subsidiaries that are included in the Consumer International segment manufacture and sell personal care products to the Consumer Domestic segment. These sales are eliminated from the Consumer International segment results set forth in the table below. | |||||||||||||||||||||
The following table presents selected financial information relating to the Company’s segments for each of the three years in the period ended December 31, 2013: | |||||||||||||||||||||
Consumer | Consumer | SPD | Corporate(1) | As Reported | |||||||||||||||||
Domestic | International | ||||||||||||||||||||
Net sales | |||||||||||||||||||||
2013 | $ | 2,413.50 | $ | 532.8 | $ | 248 | $ | 0 | $ | 3,194.30 | |||||||||||
2012 | 2,156.90 | 510.1 | 254.9 | 0 | 2,921.90 | ||||||||||||||||
2011 | 1,979.10 | 509.1 | 261.1 | 0 | 2,749.30 | ||||||||||||||||
Gross profit | |||||||||||||||||||||
2013 | 1,163.00 | 243 | 63.3 | (31.3 | ) | 1,438.00 | |||||||||||||||
2012 | 1,015.90 | 236.9 | 68 | (29.4 | ) | 1,291.40 | |||||||||||||||
2011 | 936.9 | 238.7 | 64.2 | (25.3 | ) | 1,214.50 | |||||||||||||||
Marketing Expenses | |||||||||||||||||||||
2013 | 320.5 | 76.6 | 2.7 | 0 | 399.8 | ||||||||||||||||
2012 | 280.3 | 74.5 | 2.5 | 0 | 357.3 | ||||||||||||||||
2011 | 274.9 | 75.9 | 3.3 | 0 | 354.1 | ||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||
2013 | 318.6 | 98.8 | 29.9 | (31.3 | ) | 416 | |||||||||||||||
2012 | 297.6 | 89.8 | 31 | (29.4 | ) | 389 | |||||||||||||||
2011 | 269.5 | 92.8 | 30.8 | (25.3 | ) | 367.8 | |||||||||||||||
Income from Operations | |||||||||||||||||||||
2013 | 524 | 67.4 | 30.8 | 0 | 622.2 | ||||||||||||||||
2012 | 438 | 72.6 | 34.5 | 0 | 545.1 | ||||||||||||||||
2011 | 392.5 | 70 | 30.1 | 0 | 492.6 | ||||||||||||||||
Equity in Earnings of Affiliates | |||||||||||||||||||||
2013 | 0 | 0 | 0 | 2.8 | 2.8 | ||||||||||||||||
2012 | 0 | 0 | 0 | 8.9 | 8.9 | ||||||||||||||||
2011 | 0 | 0 | 0 | 10 | 10 | ||||||||||||||||
Interest Expense(2) | |||||||||||||||||||||
2013 | 23.4 | 3 | 1.3 | 0 | 27.7 | ||||||||||||||||
2012 | 11.2 | 1.9 | 0.9 | 0 | 14 | ||||||||||||||||
2011 | 7 | 1.2 | 0.5 | 0 | 8.7 | ||||||||||||||||
Investment Earnings(2) | |||||||||||||||||||||
2013 | 2.2 | 0.3 | 0.1 | 0 | 2.6 | ||||||||||||||||
2012 | 1.4 | 0.2 | 0.1 | 0 | 1.7 | ||||||||||||||||
2011 | 1.5 | 0.3 | 0.1 | 0 | 1.9 | ||||||||||||||||
Other Income, net(2) | |||||||||||||||||||||
2013 | (1.8 | ) | (0.2 | ) | (0.1 | ) | 0 | (2.1 | ) | ||||||||||||
2012 | 0.6 | 0.1 | 0.1 | 0 | 0.8 | ||||||||||||||||
2011 | (1.0 | ) | (0.2 | ) | 0 | 0 | (1.2 | ) | |||||||||||||
Income Before Income Taxes | |||||||||||||||||||||
2013 | 501 | 64.5 | 29.5 | 2.8 | 597.8 | ||||||||||||||||
2012 | 428.8 | 71 | 33.8 | 8.9 | 542.5 | ||||||||||||||||
2011 | 386 | 68.9 | 29.7 | 10 | 494.6 | ||||||||||||||||
Identifiable Assets | |||||||||||||||||||||
2013 | 3,407.40 | 602.5 | 140.6 | 109.2 | 4,259.70 | ||||||||||||||||
2012 | 3,317.50 | 543.8 | 135.1 | 101.7 | 4,098.10 | ||||||||||||||||
2011 | 2,437.90 | 476.5 | 132.2 | 71 | 3,117.60 | ||||||||||||||||
Capital Expenditures | |||||||||||||||||||||
2013 | 53.6 | 10.3 | 3.2 | 0 | 67.1 | ||||||||||||||||
2012 | 58.9 | 10 | 5.6 | 0 | 74.5 | ||||||||||||||||
2011 | 57.4 | 12.2 | 7 | 0 | 76.6 | ||||||||||||||||
Depreciation & Amortization | |||||||||||||||||||||
2013 | 77.3 | 6.1 | 5.4 | 1.7 | 90.5 | ||||||||||||||||
2012 | 70.5 | 7.9 | 5.1 | 1.5 | 85 | ||||||||||||||||
2011 | 61.4 | 8.1 | 5.7 | 1.9 | 77.1 | ||||||||||||||||
-1 | The Corporate segment reflects the following: | ||||||||||||||||||||
(A) | The administrative costs of the production planning and logistics functions are included in segment Selling, General and Administrative expenses but are elements of Cost of Sales in the Company’s Consolidated Statements of Income. Such amounts were $31.3, $29.4, and $25.3 for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
(B) | Equity in earnings (loss) of affiliates from Armand, Armakleen and Natronx. | ||||||||||||||||||||
(C) | Corporate assets include notes receivable, domestic deferred income taxes, deferred compensation investments and the Company’s investment in unconsolidated affiliates. | ||||||||||||||||||||
-2 | In determining Income before Income Taxes, interest expense, investment earnings, and other income, net, were allocated to the segments based upon each segment’s relative Income from Operations. | ||||||||||||||||||||
Other than the differences noted in footnote (1) and (2) above, the accounting policies followed by each of the segments, including intersegment transactions, are substantially consistent with the accounting policies described in Note 1. | |||||||||||||||||||||
Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table above, were $2.2, $3.4 and $5.2 for the twelve months ended December 31, 2013, December 31, 2012 and December 31, 2011, respectively. | |||||||||||||||||||||
Product line revenues from external customers for each of the three years ended December 31, 2013, December 31, 2012 and December 31, 2011 were as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Household Products | $ | 1,436.10 | $ | 1,411.30 | $ | 1,295.00 | |||||||||||||||
Personal Care Products | 977.4 | 745.6 | 684.1 | ||||||||||||||||||
Total Consumer Domestic | 2,413.50 | 2,156.90 | 1,979.10 | ||||||||||||||||||
Total Consumer International | 532.8 | 510.1 | 509.1 | ||||||||||||||||||
Total SPD | 248 | 254.9 | 261.1 | ||||||||||||||||||
Total Consolidated Net Sales | $ | 3,194.30 | $ | 2,921.90 | $ | 2,749.30 | |||||||||||||||
Household Products include deodorizing, cleaning and laundry products. Personal Care Products include condoms, pregnancy kits, oral care products, skin care products and vitamin and mineral supplements. | |||||||||||||||||||||
Geographic Information | |||||||||||||||||||||
Approximately 80%, 79% and 79% of the net sales reported in the accompanying consolidated financial statements in 2013, 2012 and 2011, respectively, were to customers in the U.S. Approximately 97%, 97% and 96% of long-lived assets were located in the U.S. at December 31, 2013, 2012 and 2011, respectively. Other than the U.S., no one country accounts for more than 7% of consolidated net sales and 5% of total assets. | |||||||||||||||||||||
Customers | |||||||||||||||||||||
A group of three customers accounted for approximately 35%, 34% and 33% of consolidated net sales in 2013, 2012 and 2011, respectively, of which a single customer (Wal-Mart Stores, Inc. and its affiliates) accounted for approximately 24%, 24% and 23% in 2013, 2012 and 2011, respectively. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events | ' |
19. Subsequent Events | |
Share Repurchase Authorization | |
On January 29, 2014, the Board authorized a share repurchase program, under which the Company may repurchase up to $500 million of Common Stock. This share repurchase program replaces the Company’s share repurchase program previously announced on November 5, 2012. In 2013, the Company purchased 0.9 million shares at an aggregate cost of approximately $50 million under the previous share purchase authorization, which is now terminated. In addition, the Board authorized a new evergreen share repurchase program, under which the Company may repurchase, from time to time, the Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under the Company’s incentive plans. | |
As part of the share repurchase programs, in February 2014, the Company entered into an accelerated share repurchase (“ASR”) contract with a commercial bank to purchase $140 million of the Company’s common stock. The Company paid $140 million to the bank, inclusive of fees, and received an initial delivery of approximately 2 million shares, which reduced the Company’s shares outstanding. The Company used cash on hand to fund the initial purchase price. The total amount of shares to be ultimately delivered by the bank will be determined by the average price per share paid by the bank during the purchase period, which is expected to end in mid-May 2014. | |
As of the filing of this Annual Report, the Company has made no purchases in 2014 other than those pursuant to the ASR described above. |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Unaudited Quarterly Financial Information | ' | ||||||||||||||||||||
Unaudited Quarterly Financial Information | |||||||||||||||||||||
The unaudited quarterly results of operations are prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results of operations for the periods presented. Adjustments are of a normal, recurring nature, except as discussed in the accompanying notes. Due to rounding differences, the sum of the quarterly amounts may not add precisely to the annual amounts. | |||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2013 | |||||||||||||||||||||
Net Sales | $ | 779.3 | $ | 787.6 | $ | 804.8 | $ | 822.6 | $ | 3,194.30 | |||||||||||
Gross Profit | 350.1 | 351 | 365.2 | 371.7 | 1,438.00 | ||||||||||||||||
Income from Operations(1) | 169.3 | 140.5 | 167.8 | 144.6 | 622.2 | ||||||||||||||||
Equity in Earnings of Affiliates | 0.6 | (1.1 | ) | 1.9 | 1.4 | 2.8 | |||||||||||||||
Net Income | 107.7 | 86.6 | 107.9 | 92.2 | 394.4 | ||||||||||||||||
Net Income per Share-Basic | $ | 0.78 | $ | 0.62 | $ | 0.78 | $ | 0.66 | $ | 2.85 | |||||||||||
Net Income per Share-Diluted | $ | 0.76 | $ | 0.61 | $ | 0.76 | $ | 0.65 | $ | 2.79 | |||||||||||
2012 | |||||||||||||||||||||
Net Sales(2) | $ | 690.6 | $ | 696.4 | $ | 725.2 | $ | 809.7 | $ | 2,921.90 | |||||||||||
Gross Profit | 302.5 | 303 | 327.5 | 358.4 | 1,291.40 | ||||||||||||||||
Income from Operations | 142.7 | 122.4 | 145.4 | 134.6 | 545.1 | ||||||||||||||||
Equity in Earnings of Affiliates | 2.5 | 2.4 | 2.4 | 1.6 | 8.9 | ||||||||||||||||
Net Income | 95.8 | 79.3 | 93.9 | 80.8 | 349.8 | ||||||||||||||||
Net Income per Share-Basic | $ | 0.67 | $ | 0.57 | $ | 0.67 | $ | 0.58 | $ | 2.5 | |||||||||||
Net Income per Share-Diluted | $ | 0.66 | $ | 0.56 | $ | 0.66 | $ | 0.57 | $ | 2.45 | |||||||||||
2011 | |||||||||||||||||||||
Net Sales | $ | 642.3 | $ | 674.9 | $ | 701 | $ | 731.1 | $ | 2,749.30 | |||||||||||
Gross Profit | 288.1 | 300 | 309.9 | 316.5 | 1,214.50 | ||||||||||||||||
Income from Operations | 131.1 | 117.8 | 126.3 | 117.4 | 492.6 | ||||||||||||||||
Equity in Earnings of Affiliates | 2.2 | 3.2 | 2.9 | 1.7 | 10 | ||||||||||||||||
Net Income(3) | 83.6 | 82.6 | 79.6 | 63.8 | 309.6 | ||||||||||||||||
Net Income per Share-Basic(3) | $ | 0.59 | $ | 0.58 | $ | 0.55 | $ | 0.45 | $ | 2.16 | |||||||||||
Net Income per Share-Diluted(3) | $ | 0.58 | $ | 0.57 | $ | 0.54 | $ | 0.44 | $ | 2.12 | |||||||||||
-1 | The fourth quarter of 2013 Income from Operations includes approximately $6.5 of trade name impairment charges. | ||||||||||||||||||||
-2 | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L’IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. | ||||||||||||||||||||
-3 | The fourth quarter of 2011 Net Income and Net Income per Share includes a deferred tax valuation charge of approximately $13 (or $0.09 per share) and includes an additional month’s results of three foreign subsidiaries due to the change in the fiscal calendar. The change increased net sales by $14.3, but had a nominal effect on net income. |
SCHEDULE_IIValuation_and_Quali
SCHEDULE II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
SCHEDULE II-Valuation and Qualifying Accounts | ' | ||||||||||||||||||||||||
CHURCH & DWIGHT CO., INC AND SUBSIDIARIES | |||||||||||||||||||||||||
SCHEDULE II—Valuation and Qualifying Accounts | |||||||||||||||||||||||||
For the three years ended December 31, 2013 | |||||||||||||||||||||||||
(Dollars in millions) | |||||||||||||||||||||||||
Additions | Deductions | ||||||||||||||||||||||||
Beginning | Charged to | Acquired | Amounts | Foreign | Ending | ||||||||||||||||||||
Balance | Expenses | Written Off | Exchange | Balance | |||||||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||||||||||
2013 | $ | 0.8 | $ | 0.3 | $ | 0 | $ | (0.3 | ) | $ | 0 | $ | 0.8 | ||||||||||||
2012 | 1.8 | (0.7 | ) | 0 | (0.2 | ) | (0.1 | ) | 0.8 | ||||||||||||||||
2011 | 5.5 | (0.6 | ) | 0 | (3.0 | ) | (0.1 | ) | 1.8 | ||||||||||||||||
Allowance for Cash Discounts | |||||||||||||||||||||||||
2013 | $ | 4.9 | $ | 65.2 | $ | 0 | $ | (65.1 | ) | $ | 0.1 | $ | 5.1 | ||||||||||||
2012 | 4 | 57.7 | 0.7 | (57.4 | ) | (0.1 | ) | 4.9 | |||||||||||||||||
2011 | 4.3 | 52.9 | 0 | (53.3 | ) | 0.1 | 4 | ||||||||||||||||||
Sales Returns and Allowances | |||||||||||||||||||||||||
2013 | $ | 17.5 | $ | 49.5 | $ | 0 | $ | (55.2 | ) | $ | (0.2 | ) | $ | 11.6 | |||||||||||
2012 | 10.1 | 51.7 | 0.7 | (44.9 | ) | (0.1 | ) | 17.5 | |||||||||||||||||
2011 | 9.7 | 40.1 | 0 | (39.7 | ) | 0 | 10.1 |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Business | ' | ||||||||||||
Business | |||||||||||||
The Company, founded in 1846, develops, manufactures and markets a broad range of household, personal care and specialty products. The Company sells its consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar, pet and other specialty stores and websites, all of which sell the products to consumers. The Company also sells specialty products to industrial customers and distributors. | |||||||||||||
Basis of Presentation | ' | ||||||||||||
Basis of Presentation | |||||||||||||
The accompanying Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. and include the accounts of the Company and its majority-owned subsidiaries. For equity investments in which the Company does not control or have the ability to exert significant influence over the investee, which generally is when the Company has less than a 20% ownership interest, the investments are accounted for under the cost method. In circumstances where the Company has greater than a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee, the investment is accounted for under the equity method. As a result, the Company accounts for its 50% interest in its Armand Products Company (“Armand”) joint venture, 50% interest in The ArmaKleen Company (“ArmaKleen”) joint venture, and its one-third interest in its Natronx Technologies, LLC (“Natronx”) joint venture under the equity method. Armand, ArmaKleen and Natronx are specialty chemical businesses, and the Company’s equity earnings (losses) in them are reported in the Company’s corporate segment, as described in Note 18. None of these entities are considered a significant subsidiary; therefore, summarized financial statement data is not presented. | |||||||||||||
On June 1, 2011, the Company effected a two-for-one stock split of the Common Stock in the form of a 100% stock dividend. All applicable amounts in the consolidated financial statements, including earnings per share and related disclosures, have been retroactively adjusted to reflect the stock split. | |||||||||||||
Fiscal Calendar | ' | ||||||||||||
Fiscal Calendar | |||||||||||||
Beginning January 1, 2012, the Company changed its 4 week—4 week—5 week quarterly reporting calendar to a month-end quarterly calendar. This change eliminated differences in the number of days in the first and fourth quarters of the year, when the Company provided year-over-prior year comparisons beginning in 2013. These differences did not have a material effect on the comparative results of the quarterly periods in 2012 and 2011. | |||||||||||||
In addition, as a result of the Company’s transition to a new information system in North America during 2011 and 2012, in the fourth quarter 2011 the Company eliminated a one month reporting lag for its U.K, France and Australia subsidiaries to be consistent with the fiscal calendar of the Company and its other subsidiaries. Due to the elimination of the reporting lag, 13 fiscal months of financial results are included in 2011 for the affected subsidiaries. The implementation of the new information system enables the Company to timely consolidate these results. The elimination of the reporting lag is considered a change in accounting principle. The Company considered this change to be preferable because it provides more current information to the users of its financial statements and eliminates the need to track and reconcile material intervening transactions. The Company has determined that the impact of the extra month is not material to its financial statements and, therefore, has not retrospectively adjusted prior year amounts. The elimination of the reporting lag also resulted in the inclusion of the extra month within the fourth quarter of 2011 for the affected subsidiaries, which increased 2011 fourth quarter annual net sales by $14.3, and had a negligible impact on net income. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Management makes estimates regarding inventory valuation, promotional and sales returns reserves, the carrying amount of goodwill and other intangible assets, the realization of deferred tax assets, tax reserves, liabilities related to pensions and other postretirement benefit obligations and other matters that affect the reported amounts and other disclosures in the financial statements. These estimates are based on judgment and available information. Actual results could differ materially from those estimates, and it is possible that changes in such estimates could occur in the near term. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenue is recognized when finished goods are delivered to the Company’s customers or when finished goods are picked up by a customer or a customer’s carrier. | |||||||||||||
Promotional and Sales Returns Reserves | ' | ||||||||||||
Promotional and Sales Returns Reserves | |||||||||||||
The Company conducts extensive promotional activities, primarily through the use of off-list discounts, slotting, cooperative advertising, periodic price reduction arrangements, and end-aisle and other in-store displays. The costs of such activities are netted against sales. Slotting costs are recorded when the product is delivered to the customer. Cooperative advertising costs are recorded when the customer places the advertisement for the Company’s products. Discounts relating to price reduction arrangements are recorded when the related sale takes place. Costs associated with end-aisle or other in-store displays are recorded when the revenue from the product that is subject to the promotion is recognized. The reserves for sales returns and consumer and trade promotion liabilities are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses historical trend experience and coupon redemption provider input in arriving at coupon reserve requirements, and uses forecasted appropriations, customer and sales organization inputs, and historical trend analysis in determining the reserves for other promotional activities and sales returns. | |||||||||||||
Cost of Sales | ' | ||||||||||||
Cost of sales include costs related to the manufacture of the Company’s products, including raw material, inbound freight, direct labor (including employee compensation benefits) and indirect plant costs such as plant supervision, receiving, inspection, maintenance labor and materials, depreciation, taxes and insurance, purchasing, production planning, operations management, logistics, freight to customers, warehousing costs, internal transfer freight costs and plant impairment charges. | |||||||||||||
Marketing | ' | ||||||||||||
Marketing expenses include costs for advertising (excluding the costs of cooperative advertising programs, which are reflected in net sales), costs for coupon insertion (mainly the cost of printing and distribution), consumer promotion costs (such as on-shelf advertisements and floor ads), public relations, package design expense and market research costs. | |||||||||||||
Selling, General and Administrative Expenses | ' | ||||||||||||
Selling, general and administrative (“SG&A”) expenses include, among others, costs related to functions such as sales, corporate management, research and development, marketing administration, information technology and legal. Such costs include salary compensation related costs (such as benefits, incentive compensation and profit sharing), stock option costs, travel and entertainment related expenses, professional and other consulting fees and amortization of intangible assets. | |||||||||||||
Foreign Currency Translation | ' | ||||||||||||
Foreign Currency Translation | |||||||||||||
Unrealized gains and losses related to currency translation are recorded in Accumulated Other Comprehensive Income (Loss). Gains and losses on foreign currency transactions are recorded in the Consolidated Statements of Income. | |||||||||||||
Cash Equivalents | ' | ||||||||||||
Cash Equivalents | |||||||||||||
Cash equivalents consist of highly liquid short-term investments and term bank deposits, which mature within three months of their original maturity date. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories are valued at the lower of cost or market. Approximately 17% and 20% of the inventory at December 31, 2013 and 2012, respectively, including substantially all inventory in the Company’s Specialty Products Division (“SPD”) segment as well as domestic inventory sold primarily under the ARM & HAMMER trademark in the Consumer Domestic segment, was determined utilizing the last-in, first-out (“LIFO”) method. The cost of the remaining inventory was determined using the first-in, first-out (“FIFO”) method. The Company identifies any slow moving, obsolete or excess inventory to determine whether an adjustment is required to establish a new carrying value. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates and assumptions about the future demand for the Company’s products, technological changes, and new product introductions. Estimates as to the future demand used in the valuation of inventory involve judgments regarding the ongoing success of the Company’s products. The Company evaluates its inventory levels and expected usage on a periodic basis and records adjustments as required. Adjustments to reflect inventory at net realizable value were $10.1 at December 31, 2013, and $5.7 at December 31, 2012. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
Property, Plant and Equipment (“PP&E”) are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for building and improvements, machinery and equipment, and office equipment range from 9-40, 3-20 and 3-10 years, respectively. Routine repairs and maintenance are expensed when incurred. Leasehold improvements are depreciated over a period no longer than the respective lease term, except where a lease renewal has been determined to be reasonably assured and failure to renew the lease results in an economic penalty to the Company. | |||||||||||||
PP&E are reviewed annually and whenever events or changes in circumstances indicate that possible impairment exists. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of Company assets and liabilities. The analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews to identify idle and underutilized equipment, and reviews business plans for possible impairment. Impairment occurs when the carrying value of the asset exceeds the future undiscounted cash flows. When an impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset and an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows. | |||||||||||||
Software | ' | ||||||||||||
Software | |||||||||||||
The Company capitalizes certain costs of developing computer software. Amortization is recorded using the straight-line method over the estimated useful life of the software, which is estimated to be no longer than 10 years. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments | |||||||||||||
Certain financial instruments are required to be recorded at fair value. The estimated fair values of such financial instruments (including investment securities and derivatives) have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments, including cash equivalents and short-term debt, are recorded at cost, which approximates fair value. Additional information regarding the Company’s risk management activities, including derivative instruments and hedging activities, are separately disclosed. | |||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Goodwill and intangible assets with indefinite useful lives are not amortized but are reviewed for impairment at least annually using a discounted cash flow model. Intangible assets with finite lives are amortized over their estimated useful lives, which range from 3-20 years, using the straight-line method, and reviewed for impairment when changes in market circumstances occur. | |||||||||||||
Research and Development | ' | ||||||||||||
Research and Development | |||||||||||||
The Company incurred research and development expenses in the amount of $61.8, $54.8 and $55.1 in 2013, 2012 and 2011, respectively. These expenses are included in SG&A expenses. | |||||||||||||
Earnings Per Share ("EPS") | ' | ||||||||||||
Earnings Per Share (“EPS”) | |||||||||||||
Basic EPS is calculated based on income available to holders of the Company’s common stock (“Common Stock”) and the weighted-average number of shares outstanding during the reported period. Diluted EPS includes additional dilution from potential Common Stock issuable pursuant to the exercise of outstanding stock options. The following table sets forth a reconciliation of the weighted-average number of shares of Common Stock outstanding to the weighted-average number of shares outstanding on a diluted basis: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares outstanding—basic | 138.6 | 140.1 | 143.2 | ||||||||||
Dilutive effect of stock options | 2.6 | 2.6 | 2.6 | ||||||||||
Weighted average common shares outstanding—diluted | 141.2 | 142.7 | 145.8 | ||||||||||
Antidilutive stock options outstanding | 1.6 | 1.6 | 0.7 | ||||||||||
Employee and Director Stock Option Based Compensation | ' | ||||||||||||
Employee and Director Stock Option Based Compensation | |||||||||||||
The fair value of share-based compensation is determined at the grant date and the related expense is recognized over the required employee service period in which the share-based compensation vests. In 2013, the Company recorded pre-tax expense of $17.0 associated with the fair-value of unvested stock options and restricted stock awards, of which $15.5 was included in SG&A expenses and $1.5 was included in cost of goods sold. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the differences are expected to be recovered or settled. Management provides a valuation allowance against deferred tax assets for amounts which are not considered “more likely than not” to be realized. The Company records liabilities for potential assessments in various tax jurisdictions under Accounting Standards Codification Topic (“ASC”) Topic 740, Income Taxes. The liabilities relate to tax return positions that, although supportable by the Company, may be challenged by the tax authorities and do not meet the minimum recognition threshold required under applicable accounting guidance for the related tax benefit to be recognized in the income statement. The Company adjusts this liability as a result of changes in tax legislation, interpretations of laws by courts, rulings by tax authorities, changes in estimates and the expiration of the statute of limitations. Many of the judgments involved in adjusting the liability involve assumptions and estimates that are highly uncertain and subject to change. In this regard, settlement of any issue with, or an adverse determination in litigation against, a taxing authority could require the use of cash and result in an increase in the Company’s annual tax rate. Conversely, favorable resolution of an issue with a taxing authority would be recognized as a reduction to the Company’s annual tax rate. | |||||||||||||
New Accounting Pronouncements Adopted | ' | ||||||||||||
New Accounting Pronouncements Adopted | |||||||||||||
During the first quarter of 2013, the Financial Accounting Standards Board (“FASB”) issued guidance for the reporting of amounts reclassified out of accumulated other comprehensive income. The guidance requires an entity to present information about significant items reclassified out of accumulated other comprehensive income either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The Company elected to present the requirements in the notes to the financial statements (see Note 15). The adoption of the new pronouncement did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |||||||||||||
In July 2013, the FASB issued guidance requiring an entity to net its liability for unrecognized tax benefits against the deferred tax assets for all same jurisdiction net operating losses or similar tax loss carryforwards or tax credit carryforwards. A gross presentation will be required only if such carryforwards are not available as of reporting date to settle any additional income taxes resulting from disallowance of the uncertain tax position or the entity does not intend to use these carryforwards for this purpose. The new guidance is effective on a prospective basis for fiscal years beginning after December 15, 2013 and interim periods within those years. This new guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. | |||||||||||||
There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Reconciliation Of Weighted Average Number Of Common Shares Outstanding | ' | ||||||||||||
The following table sets forth a reconciliation of the weighted-average number of shares of Common Stock outstanding to the weighted-average number of shares outstanding on a diluted basis: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average common shares outstanding—basic | 138.6 | 140.1 | 143.2 | ||||||||||
Dilutive effect of stock options | 2.6 | 2.6 | 2.6 | ||||||||||
Weighted average common shares outstanding—diluted | 141.2 | 142.7 | 145.8 | ||||||||||
Antidilutive stock options outstanding | 1.6 | 1.6 | 0.7 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Carrying Amounts and Estimated Fair Values of Other Financial Instruments | ' | ||||||||||||||||||||
The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at December 31, 2013 and December 31, 2012. | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Input | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Level | Amount | Value | Amount | Value | |||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash equivalents | Level 2 | $ | 318.5 | $ | 318.5 | $ | 223.2 | $ | 223.2 | ||||||||||||
Note receivable | Level 2 | 0 | 0 | 0.1 | 0.1 | ||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Short-term borrowings | Level 2 | 153.8 | 153.8 | 253.8 | 253.8 | ||||||||||||||||
2.875% Senior notes | Level 2 | 399.7 | 369.8 | 399.6 | 392.6 | ||||||||||||||||
3.35% Senior notes | Level 2 | 249.8 | 258.2 | 249.8 | 264.1 |
Derivative_Instruments_and_Ris1
Derivative Instruments and Risk Management (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Fair Value of Derivative Instruments | ' | ||||||||||||||
The following tables summarize the fair value of the Company’s derivative instruments and the effect of derivative instruments on its Consolidated Statements of Income and on other comprehensive income (“OCI”): | |||||||||||||||
Notional | Fair Value at | ||||||||||||||
Amount | December 31, | ||||||||||||||
Balance Sheet Location | December 31, | 2013 | 2012 | ||||||||||||
2013 | |||||||||||||||
Derivatives designated as hedging instrument | |||||||||||||||
Asset Derivatives | |||||||||||||||
Diesel fuel contracts | Other current assets | $ | 3.9 | $ | 0.3 | $ | 0.2 | ||||||||
Foreign exchange contracts | Other current assets | $ | 25.6 | 0.5 | 0.1 | ||||||||||
Total assets | $ | 0.8 | $ | 0.3 | |||||||||||
Derivatives not designated as hedging instrument | |||||||||||||||
Asset Derivatives | |||||||||||||||
Equity derivatives | Other current assets | $ | 23.3 | $ | 2.4 | $ | 0.9 | ||||||||
Total assets | $ | 2.4 | $ | 0.9 | |||||||||||
Amount of Gain (Loss) Recognized in OCI from | |||||||||||||||
Derivatives | |||||||||||||||
for the Year ended December 31, | |||||||||||||||
Other Comprehensive Income (Loss) | 2013 | 2012 | 2011 | ||||||||||||
Location | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Diesel fuel contracts (net of taxes) | Other comprehensive income (loss) | $ | 0.1 | $ | 0.1 | $ | (0.3 | ) | |||||||
Foreign exchange contracts (net of taxes) | Other comprehensive income (loss) | 0.2 | 0.8 | 1.5 | |||||||||||
Total gain (loss) recognized in OCI | $ | 0.3 | $ | 0.9 | $ | 1.2 | |||||||||
Amount of Gain (Loss) Recognized in Income for the | |||||||||||||||
Year ended December 31, | |||||||||||||||
Income Statement Location | 2013 | 2012 | 2011 | ||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Equity derivatives | Selling, general and administrative expenses | $ | 5.3 | $ | 3.1 | $ | 3.9 | ||||||||
Foreign exchange contracts | Selling, general and administrative expenses | (0.1 | ) | (1.5 | ) | (0.1 | ) | ||||||||
Total gain (loss) recognized in income | $ | 5.2 | $ | 1.6 | $ | 3.8 | |||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Raw materials and supplies | $ | 70.2 | $ | 71.7 | |||||
Work in process | 30.4 | 22.4 | |||||||
Finished goods | 149.9 | 148.1 | |||||||
Total | $ | 250.5 | $ | 242.2 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Property, Plant and Equipment | ' | ||||||||||||
PP&E consist of the following: | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Land | $ | 25.7 | $ | 26 | |||||||||
Buildings and improvements | 280.4 | 276.8 | |||||||||||
Machinery and equipment | 577.5 | 562.7 | |||||||||||
Software | 83 | 80.6 | |||||||||||
Office equipment and other assets | 57.7 | 55.1 | |||||||||||
Construction in progress | 42.9 | 21 | |||||||||||
Gross Property, Plant and Equipment | 1,067.20 | 1,022.20 | |||||||||||
Less accumulated depreciation and amortization | 473.1 | 436.2 | |||||||||||
Net Property, Plant and Equipment | $ | 594.1 | $ | 586 | |||||||||
Depreciation and Interest Charges on Property, Plant and Equipment | ' | ||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Depreciation and amortization on PP&E | $ | 59.7 | $ | 56 | $ | 49.8 | |||||||
Interest charges capitalized (in construction in progress) | $ | 0.4 | $ | 0.8 | $ | 1.9 | |||||||
Charges Related to Equipment Obsolescence and Plant Impairment Charges | ' | ||||||||||||
The Company recognized charges related to equipment obsolescence, which occur in the ordinary course of business, and plant impairment charges during the three year period ended December 31, 2013 as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Segments: | |||||||||||||
Consumer Domestic | $ | 1.7 | $ | 1.6 | $ | 1.9 | |||||||
Consumer International | 0 | 0.4 | 0.2 | ||||||||||
Specialty Products | 0.1 | 0.1 | 1 | ||||||||||
Total | $ | 1.8 | $ | 2.1 | $ | 3.1 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Values Of Assets Acquired | ' | ||||||||||||||||
The final fair values of the net assets acquired in 2012 for Avid Health, including the 2013 adjustments to fair value, and the fair values of the assets acquired in 2011 are below. The 2013 measurement period adjustments were not retrospectively adjusted as of December 31, 2012 as the amounts were not material. | |||||||||||||||||
2012 | |||||||||||||||||
Avid Health | Acquisition Date | Measurement | Acquisition | ||||||||||||||
Preliminary | Period | Date Final | |||||||||||||||
Fair Value | Adjustments | Fair Value | |||||||||||||||
Inventory | $ | 38.5 | $ | 0.3 | $ | 38.8 | |||||||||||
Accounts receivables, net | 29.6 | (0.3 | ) | 29.3 | |||||||||||||
Other current assets | 1.9 | 0 | 1.9 | ||||||||||||||
Property, plant and equipment | 33.4 | (1.8 | ) | 31.6 | |||||||||||||
Long-term assets | 0 | 1.4 | 1.4 | ||||||||||||||
Tradenames and other intangibles | 376.9 | (14.7 | ) | 362.2 | |||||||||||||
Goodwill | 345.4 | 8.4 | 353.8 | ||||||||||||||
Total Assets | $ | 825.7 | $ | (6.7 | ) | $ | 819 | ||||||||||
Other current liabilities | (19.3 | ) | (0.2 | ) | (19.5 | ) | |||||||||||
Deferred income taxes | (154.1 | ) | 7.4 | (146.7 | ) | ||||||||||||
Purchase Price | $ | 652.3 | $ | 0.5 | $ | 652.8 | |||||||||||
2011 | |||||||||||||||||
Batiste | Oral Care | Total | |||||||||||||||
Technology | |||||||||||||||||
License | |||||||||||||||||
Inventory | $ | 1 | $ | 0 | $ | 1 | |||||||||||
Tradenames and other intangibles | 53.1 | 4.3 | 57.4 | ||||||||||||||
Goodwill | 10.7 | 0 | 10.7 | ||||||||||||||
Total Assets | 64.8 | 4.3 | 69.1 | ||||||||||||||
Liabilities | 0 | 0 | 0 | ||||||||||||||
Purchase Price | $ | 64.8 | $ | 4.3 | $ | 69.1 | |||||||||||
Unaudited Proforma Results Reflecting Avid Health Acquisition | ' | ||||||||||||||||
Pro forma results reflecting acquisitions in 2011 are not presented because they are not material. | |||||||||||||||||
Twelve Months Ended | Twelve Months Ended | ||||||||||||||||
Unaudited consolidated pro forma results | December 31, 2012 | December 31, 2011 | |||||||||||||||
Reported | Pro forma | Reported | Pro forma | ||||||||||||||
Net Sales | $ | 2,921.90 | $ | 3,106.00 | $ | 2,749.30 | $ | 2,947.80 | |||||||||
Net Income | $ | 349.8 | $ | 374.9 | $ | 309.6 | $ | 318.2 | |||||||||
Net Income per share—Basic | $ | 2.5 | $ | 2.68 | $ | 2.16 | $ | 2.22 | |||||||||
Net Income per share—Diluted | $ | 2.45 | $ | 2.63 | $ | 2.12 | $ | 2.18 |
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Amortizable Intangible Assets | ' | ||||||||||||||||||||||||||||
The following table provides information related to the carrying value of all intangible assets, other than goodwill: | |||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Gross | Accumulated | Net | Amortization | Gross | Accumulated | Net | |||||||||||||||||||||||
Carrying | Amortization | Period | Carrying | Amortization | |||||||||||||||||||||||||
Amount | (Years) | Amount | |||||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||||
Trade names | $ | 166.8 | $ | (73.9 | ) | $ | 92.9 | 20-Mar | $ | 131.1 | $ | (67.1 | ) | $ | 64 | ||||||||||||||
Customer Relationships | 333 | (100.4 | ) | 232.6 | 15-20 | 333.8 | (81.1 | ) | 252.7 | ||||||||||||||||||||
Patents/Formulas | 43.5 | (31.4 | ) | 12.1 | 20-Apr | 43 | (28.7 | ) | 14.3 | ||||||||||||||||||||
Non Compete Agreement | 1.4 | (1.3 | ) | 0.1 | 10-May | 1.4 | (1.3 | ) | 0.1 | ||||||||||||||||||||
Total | $ | 544.7 | $ | (207.0 | ) | $ | 337.7 | $ | 509.3 | $ | (178.2 | ) | $ | 331.1 | |||||||||||||||
Indefinite Lived Intangible Assets | ' | ||||||||||||||||||||||||||||
Indefinite lived intangible assets—Carrying value | |||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Trade names | $ | 866.6 | $ | 923.8 | |||||||||||||||||||||||||
Trade Name Impairment Charges Within Selling, General and Administrative Expenses | ' | ||||||||||||||||||||||||||||
The Company recognized trade name impairment charges within SG&A expenses during the three year period ended December 31, 2013 as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Segments: | |||||||||||||||||||||||||||||
Consumer Domestic | $ | 1.9 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Consumer International | 4.6 | 0 | 0 | ||||||||||||||||||||||||||
Total | $ | 6.5 | $ | 0 | $ | 0 | |||||||||||||||||||||||
Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
Consumer | Consumer | Specialty | Total | ||||||||||||||||||||||||||
Domestic | International | Products | |||||||||||||||||||||||||||
Balance December 31, 2011 | $ | 801 | $ | 47.2 | $ | 20.2 | $ | 868.4 | |||||||||||||||||||||
Avid Health acquired goodwill | 345.4 | 0 | 0 | 345.4 | |||||||||||||||||||||||||
Balance December 31, 2012 | $ | 1,146.40 | $ | 47.2 | $ | 20.2 | $ | 1,213.80 | |||||||||||||||||||||
Avid Health purchase price allocation adjustment | 8.4 | 0 | 0 | 8.4 | |||||||||||||||||||||||||
Balance December 31, 2013 | $ | 1,154.80 | $ | 47.2 | $ | 20.2 | $ | 1,222.20 | |||||||||||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
2013 | 2012 | ||||||||
Trade accounts payable(1) | $ | 256.7 | $ | 240.6 | |||||
Accrued marketing and promotion costs | 123.7 | 91.2 | |||||||
Accrued wages and related benefit costs | 67 | 60.6 | |||||||
Other accrued current liabilities(1) | 47.7 | 39.6 | |||||||
Total | $ | 495.1 | $ | 432 | |||||
-1 | The Company has corrected the classification of amounts included within trade accounts payable and other accrued current liabilities as of December 31, 2012. This reclassification to the 2012 disclosure resulted in a decrease to trade accounts payable of $18.3 and a corresponding increase in other accrued current liabilities of $18.3. |
ShortTerm_Borrowings_and_LongT1
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Components of Short-Term Borrowings and Long-Term Debt | ' | ||||||||
Short-term borrowings and long-term debt consist of the following: | |||||||||
2013 | 2012 | ||||||||
Short-term borrowings | |||||||||
Commercial paper issuances | $ | 150 | $ | 250 | |||||
Various debt due to international banks | 3.8 | 3.8 | |||||||
Total short-term borrowings | $ | 153.8 | $ | 253.8 | |||||
Long-term debt | |||||||||
2.875% Senior notes due October 1, 2022 | $ | 400 | $ | 400 | |||||
Less: Discount | (0.3 | ) | (0.4 | ) | |||||
3.35% Senior notes due December 15, 2015 | 250 | 250 | |||||||
Less: Discount | (0.2 | ) | (0.2 | ) | |||||
Net long-term debt | $ | 649.5 | $ | 649.4 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components Of Income Before Taxes | ' | ||||||||||||
The components of income before taxes are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Domestic | $ | 544.5 | $ | 481.8 | $ | 441.1 | |||||||
Foreign | 53.3 | 60.7 | 53.5 | ||||||||||
Total | $ | 597.8 | $ | 542.5 | $ | 494.6 | |||||||
Schedule Of U.S. Federal, State And Foreign Income Taxes | ' | ||||||||||||
The following table summarizes the provision for U.S. federal, state and foreign income taxes: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current: | |||||||||||||
U.S. federal | $ | 151.7 | $ | 132 | $ | 92.7 | |||||||
State | 24.7 | 27.7 | 16.3 | ||||||||||
Foreign | 15.9 | 19.8 | 16.6 | ||||||||||
192.3 | 179.5 | 125.6 | |||||||||||
Deferred: | |||||||||||||
U.S. federal | 12.6 | 11.4 | 48.7 | ||||||||||
State | (1.7 | ) | 1.6 | (3.3 | ) | ||||||||
Foreign | 0.2 | 0.2 | 14 | ||||||||||
11.1 | 13.2 | 59.4 | |||||||||||
Total provision | $ | 203.4 | $ | 192.7 | $ | 185 | |||||||
Components Of Deferred Tax Assets And Liabilities | ' | ||||||||||||
Deferred tax assets (liabilities) consist of the following at December 31: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accounts receivable | $ | 4.4 | $ | 6.5 | |||||||||
Deferred compensation | 57.2 | 49.7 | |||||||||||
Pension, postretirement and postemployment benefits | 9.7 | 16.5 | |||||||||||
Reserves | 31.6 | 26.1 | |||||||||||
Tax credit carryforwards/other tax attributes | 1.5 | 1.2 | |||||||||||
International operating loss carryforwards | 8.1 | 9.2 | |||||||||||
Total gross deferred tax assets | 112.5 | 109.2 | |||||||||||
Valuation allowances | (13.0 | ) | (15.7 | ) | |||||||||
Total deferred tax assets | 99.5 | 93.5 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Goodwill | (159.7 | ) | (145.1 | ) | |||||||||
Tradenames and other intangibles | (292.2 | ) | (289.4 | ) | |||||||||
Property, plant and equipment | (106.2 | ) | (108.8 | ) | |||||||||
Total deferred tax liabilities | (558.1 | ) | (543.3 | ) | |||||||||
Net deferred tax liability | $ | (458.6 | ) | $ | (449.8 | ) | |||||||
Current net deferred tax asset | $ | 16.6 | $ | 17.6 | |||||||||
Long term net deferred tax asset | 0.8 | 2.6 | |||||||||||
Long term net deferred tax liability | (476.0 | ) | (470.0 | ) | |||||||||
Net deferred tax liability | $ | (458.6 | ) | $ | (449.8 | ) | |||||||
Effective Tax Rate Reconciliation | ' | ||||||||||||
The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Tax that would result from use of the federal statutory rate | $ | 209.2 | $ | 189.9 | $ | 173.1 | |||||||
State and local income tax, net of federal effect | 14.9 | 19 | 12.1 | ||||||||||
Varying tax rates of foreign affiliates | (3.1 | ) | (1.8 | ) | (2.5 | ) | |||||||
Benefit from domestic manufacturing deduction | (13.2 | ) | (11.6 | ) | (8.3 | ) | |||||||
Resolution of tax contingencies | 0 | (3.2 | ) | (3.7 | ) | ||||||||
Valuation Allowances | 0.6 | 0.6 | 14.3 | ||||||||||
Other | (5.0 | ) | (0.2 | ) | 0 | ||||||||
Recorded tax expense | $ | 203.4 | $ | 192.7 | $ | 185 | |||||||
Effective tax rate | 34 | % | 35.5 | % | 37.4 | % | |||||||
Reconciliation Of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefits at January 1 | $ | 9.1 | $ | 13.1 | $ | 24.6 | |||||||
Gross increases—tax positions in prior period | 0.9 | 1.9 | 1 | ||||||||||
Gross decreases—tax positions in prior period | 0 | (3.2 | ) | (5.5 | ) | ||||||||
Settlements | (3.7 | ) | (2.6 | ) | (6.8 | ) | |||||||
Lapse of statute of limitations | (0.4 | ) | (0.1 | ) | (0.2 | ) | |||||||
Unrecognized tax benefits at December 31 | $ | 5.9 | $ | 9.1 | $ | 13.1 | |||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Status of Defined Benefit Plans | ' | ||||||||||||||||||||||||
The following table provides information on the status of the defined benefit plans at December 31: | |||||||||||||||||||||||||
Pension Plans | Nonpension | ||||||||||||||||||||||||
Postretirement Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Change in Benefit Obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 99.7 | $ | 88.1 | $ | 30 | $ | 27.2 | |||||||||||||||||
Service cost | 1.1 | 0.9 | 0.4 | 0.4 | |||||||||||||||||||||
Interest cost | 4 | 4.2 | 1.1 | 1.2 | |||||||||||||||||||||
Plan participants’ contributions | 0 | 0 | 0.3 | 0.2 | |||||||||||||||||||||
Actuarial loss (gain) | 0.7 | 7 | (4.9 | ) | 2.5 | ||||||||||||||||||||
Settlements/curtailments | 0 | 0 | (2.7 | ) | (0.4 | ) | |||||||||||||||||||
Effects of exchange rate changes / other | (0.9 | ) | 3.6 | (0.4 | ) | 0.1 | |||||||||||||||||||
Benefits paid | (4.0 | ) | (4.1 | ) | (2.0 | ) | (1.2 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 100.6 | $ | 99.7 | $ | 21.8 | $ | 30 | |||||||||||||||||
Change in Plan Assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 78.8 | $ | 70.5 | $ | 0 | $ | 0 | |||||||||||||||||
Actual return on plan assets (net of expenses) | 8.1 | 5.1 | 0 | 0 | |||||||||||||||||||||
Employer contributions | 17.5 | 4.4 | 1.7 | 1 | |||||||||||||||||||||
Plan participants’ contributions | 0 | 0 | 0.3 | 0.2 | |||||||||||||||||||||
Effects of exchange rate changes / other | (0.2 | ) | 2.9 | 0 | 0 | ||||||||||||||||||||
Benefits paid | (4.0 | ) | (4.1 | ) | (2.0 | ) | (1.2 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 100.2 | $ | 78.8 | $ | 0 | $ | 0 | |||||||||||||||||
Funded status at end of year, recorded in Pension and Postretirement Benefits | $ | (0.4 | ) | $ | (20.9 | ) | $ | (21.8 | ) | $ | (30.0 | ) | |||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income: | |||||||||||||||||||||||||
Prior Service Credit | $ | 0.1 | $ | 0.2 | $ | (2.3 | ) | $ | (0.8 | ) | |||||||||||||||
Actuarial Loss | 18.5 | 23.4 | 0.8 | 5.9 | |||||||||||||||||||||
Net Loss (Income) Recognized in Accumulated Other Comprehensive Income | $ | 18.6 | $ | 23.6 | $ | (1.5 | ) | $ | 5.1 | ||||||||||||||||
Amounts Recognized in Statement of Financial Position | ' | ||||||||||||||||||||||||
Amounts recognized in the statement of financial position consist of: | |||||||||||||||||||||||||
Pension Plans | Nonpension | ||||||||||||||||||||||||
Postretirement Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Pension and Postretirement Benefits | $ | (3.4 | ) | $ | (20.9 | ) | $ | (21.8 | ) | $ | (30.0 | ) | |||||||||||||
Other Assets | 3 | 0 | 0 | 0 | |||||||||||||||||||||
Accumulated Other Comprehensive Loss (Income) | 18.6 | 23.6 | (1.5 | ) | 5.1 | ||||||||||||||||||||
Net amount recognized at end of year | $ | 18.2 | $ | 2.7 | $ | (23.3 | ) | $ | (24.9 | ) | |||||||||||||||
Accumulated benefit obligation | $ | 95.4 | $ | 96.3 | $ | 0 | $ | 0 | |||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||
Net Pension and Net Postretirement Benefit Costs consisted of the following components: | |||||||||||||||||||||||||
Pension Costs | Nonpension Postretirement Costs | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||||||||||||||
Service cost | $ | 1.1 | $ | 0.9 | $ | 0.9 | $ | 0.4 | $ | 0.4 | $ | 0.4 | |||||||||||||
Interest cost | 4 | 4.2 | 4.6 | 1.1 | 1.2 | 1.3 | |||||||||||||||||||
Expected return on plan assets | (4.2 | ) | (3.9 | ) | (4.3 | ) | 0 | 0 | 0 | ||||||||||||||||
Amortization of prior service cost | 0 | 0 | 0 | (0.8 | ) | (0.1 | ) | 0.1 | |||||||||||||||||
Settlements/curtailments | 0 | 0 | 0 | (0.3 | ) | 0 | 0 | ||||||||||||||||||
Recognized actuarial loss (gain) | 0.9 | 0.2 | 0 | 0.1 | 0.2 | 0 | |||||||||||||||||||
Net periodic benefit cost | $ | 1.8 | $ | 1.4 | $ | 1.2 | $ | 0.5 | $ | 1.7 | $ | 1.8 | |||||||||||||
Schedule Of Fair Values Of Pension Plan Assets By Asset Category | ' | ||||||||||||||||||||||||
The fair values of the Company’s defined benefit pension plan assets by asset category are as follows: | |||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||
in Active | Observable | Unobservable | |||||||||||||||||||||||
Markets for | Inputs | Inputs | |||||||||||||||||||||||
Identical Assets | |||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||||||
Asset Category | |||||||||||||||||||||||||
Cash & Cash Equivalents | $ | 1 | $ | 1 | $ | 0 | $ | 0 | |||||||||||||||||
Equity Securities—Mutual Funds(a) | 14.3 | 0.9 | 13.4 | 0 | |||||||||||||||||||||
Bond Funds(b) | 9.8 | 0.1 | 9.7 | 0 | |||||||||||||||||||||
Global Multi-strategy Fund(c) | 31.8 | 0 | 0 | 31.8 | |||||||||||||||||||||
Insurance Investment Contract(d) | 5.3 | 0 | 0 | 5.3 | |||||||||||||||||||||
Government Fixed Income Securities(e) | 15 | 0 | 15 | 0 | |||||||||||||||||||||
Other(f) | 1.6 | 0.1 | 1.5 | 0 | |||||||||||||||||||||
December 31, 2012 | $ | 78.8 | $ | 2.1 | $ | 39.6 | $ | 37.1 | |||||||||||||||||
Cash & Cash Equivalents | $ | 9 | $ | 9 | $ | 0 | $ | 0 | |||||||||||||||||
Equity Securities—Mutual Funds(a) | 16.1 | 1 | 15.1 | 0 | |||||||||||||||||||||
Money Market Funds | 6.6 | 0 | 6.6 | 0 | |||||||||||||||||||||
Bond Funds(b) | 9.3 | 0 | 9.3 | 0 | |||||||||||||||||||||
Global Multi-strategy Fund(c) | 37.8 | 0 | 0 | 37.8 | |||||||||||||||||||||
Insurance Investment Contract(d) | 5.9 | 0 | 0 | 5.9 | |||||||||||||||||||||
Government Fixed Income Securities(e) | 15.3 | 0 | 15.3 | 0 | |||||||||||||||||||||
Other(f) | 0.2 | 0.2 | 0 | 0 | |||||||||||||||||||||
December 31, 2013 | $ | 100.2 | $ | 10.2 | $ | 46.3 | $ | 43.7 | |||||||||||||||||
(a) | The equity securities represent mutual funds held primarily by the pension plans in Canada, which include both domestic and international equity securities. Mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the plans as of December 31, 2012 and December 31, 2013. | ||||||||||||||||||||||||
(b) | The bond funds constitutes investments primarily for the pension plans in Canada and the fund consists of investments in Canadian government, corporate and municipal or local governments bonds. | ||||||||||||||||||||||||
(c) | The global multi-strategy fund constitutes investments for the pension plans in the United Kingdom. The fund is a fund of funds invested in a series of diverse international equity funds and fixed income funds. The Global Multi-strategy fund is valued at quoted market prices which represent the net asset value of the units held at December 31, 2012 and December 31, 2013. | ||||||||||||||||||||||||
(d) | The insurance investment contract is in the form of an insurance policy that is held by the pension plans in the United Kingdom. The investment of the underlying assets is in various managed funds. Insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance adjusted for investment returns and changes in cash flows. | ||||||||||||||||||||||||
(e) | Government fixed income securities held by pension plans in the United Kingdom are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||
(f) | Other category includes other investments for pension plans in the International subsidiaries. | ||||||||||||||||||||||||
Schedule Of Fair Value Measurements Using Significant Unobservable Inputs | ' | ||||||||||||||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Investments) are as follows: | |||||||||||||||||||||||||
Global Multi- | Insurance | Total | |||||||||||||||||||||||
strategy Fund | Investment | ||||||||||||||||||||||||
Contract | |||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 27.7 | $ | 4.7 | $ | 32.4 | |||||||||||||||||||
Net realized and unrealized gains (loss) | 2.8 | 0.4 | 3.2 | ||||||||||||||||||||||
Effects of exchange rate changes | 1.3 | 0.2 | 1.5 | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 31.8 | $ | 5.3 | $ | 37.1 | |||||||||||||||||||
Net realized and unrealized gains (loss) | 5.3 | 0.5 | 5.8 | ||||||||||||||||||||||
Effects of exchange rate changes | 0.7 | 0.1 | 0.8 | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 37.8 | $ | 5.9 | $ | 43.7 | |||||||||||||||||||
Expected Benefit Payments | ' | ||||||||||||||||||||||||
The following benefit payments are expected to be paid from the defined benefit plans: | |||||||||||||||||||||||||
Pension | Nonpension | ||||||||||||||||||||||||
Plans | Postretirement | ||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||
2014 | $ | 4.3 | $ | 1.3 | |||||||||||||||||||||
2015 | 4.8 | 1.3 | |||||||||||||||||||||||
2016 | 4.7 | 1.4 | |||||||||||||||||||||||
2017 | 4.7 | 1.5 | |||||||||||||||||||||||
2018 | 4.7 | 1.6 | |||||||||||||||||||||||
2019-2023 | 25.5 | 8.9 | |||||||||||||||||||||||
Schedule Of Health Care Cost Trends | ' | ||||||||||||||||||||||||
The following chart shows the effect of a 1% change in healthcare cost trends: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Effect of 1% increase in health-care cost trend rates on: | |||||||||||||||||||||||||
Postretirement benefit obligation | $ | 0.7 | $ | 1.7 | |||||||||||||||||||||
Total of service cost and interest cost component | 0.9 | 0.2 | |||||||||||||||||||||||
Effect of 1% decrease in health-care cost trend rates on: | |||||||||||||||||||||||||
Postretirement benefit obligation | (0.6 | ) | (1.4 | ) | |||||||||||||||||||||
Total of service cost and interest cost component | (0.7 | ) | (0.1 | ) | |||||||||||||||||||||
Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||
Weighted-Average Assumptions Used | ' | ||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are as follows: | |||||||||||||||||||||||||
Pension Plans | Nonpension Postretirement Plans | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Discount Rate | 4.15 | % | 4.75 | % | 5.34 | % | 3.92 | % | 4.31 | % | 5.28 | % | |||||||||||||
Rate of Compensation increase | 3.33 | % | 3.33 | % | 3.68 | % | N/A | N/A | N/A | ||||||||||||||||
Expected long-term rate of return on plan assets | 5.45 | % | 5.35 | % | 5.87 | % | N/A | N/A | N/A | ||||||||||||||||
Benefit Obligation | ' | ||||||||||||||||||||||||
Weighted-Average Assumptions Used | ' | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations as of December 31 are as follows: | |||||||||||||||||||||||||
Pension Plans | Nonpension | ||||||||||||||||||||||||
Postretirement Plans | |||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Discount Rate | 4.48 | % | 4.16 | % | 4.56 | % | 3.89 | % | |||||||||||||||||
Rate of Compensation increase | 3.33 | % | 3.33 | % | N/A | N/A |
Stock_Based_Compensation_Plans1
Stock Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Option Activity | ' | ||||||||||||||||||||
Stock option transactions for the three years ended December 31, 2013 were as follows: | |||||||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||
Price | Contractual | (In millions) | |||||||||||||||||||
Term | |||||||||||||||||||||
Outstanding at December 31, 2010 | 8.8 | $ | 22.63 | ||||||||||||||||||
Granted | 1.2 | 40.6 | |||||||||||||||||||
Exercised | (1.6 | ) | 16.53 | ||||||||||||||||||
Cancelled | (0.1 | ) | 30.22 | ||||||||||||||||||
Outstanding at December 31, 2011 | 8.3 | 26.39 | |||||||||||||||||||
Granted | 1.6 | 53.81 | |||||||||||||||||||
Exercised | (1.5 | ) | 19 | ||||||||||||||||||
Cancelled | (0.2 | ) | 35.57 | ||||||||||||||||||
Outstanding at December 31, 2012 | 8.2 | 32.81 | |||||||||||||||||||
Granted | 1.7 | 61.89 | |||||||||||||||||||
Exercised | (1.0 | ) | 21.47 | ||||||||||||||||||
Cancelled | (0.1 | ) | 47.47 | ||||||||||||||||||
Outstanding at December 31, 2013 | 8.8 | $ | 39.47 | 6.2 | $ | 235.8 | |||||||||||||||
Exercisable at December 31, 2013 | 4.5 | $ | 26.08 | 4.2 | $ | 180.6 | |||||||||||||||
Summary Of Information Relating To Options Outstanding And Exercisable | ' | ||||||||||||||||||||
The following table summarizes information relating to options outstanding and exercisable at December 31, 2013: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of | Outstanding | Weighted | Weighted | Exercisable | Weighted | ||||||||||||||||
Exercise Prices | as of | Average | Average | as of | Average | ||||||||||||||||
12/31/13 | Remaining | Exercise | 12/31/13 | Exercise | |||||||||||||||||
Contractual Life | Price | Price | |||||||||||||||||||
$5.01 - $15.00 | 0.2 | 0.5 | $ | 14.82 | 0.2 | $ | 14.82 | ||||||||||||||
$15.01 - $25.00 | 1.4 | 2.6 | $ | 20.44 | 1.4 | $ | 20.44 | ||||||||||||||
$25.01 - $35.00 | 2.9 | 5.1 | $ | 29.4 | 2.9 | $ | 29.4 | ||||||||||||||
$35.01 - $45.00 | 1.1 | 7 | $ | 40.62 | 0 | $ | 0 | ||||||||||||||
$45.01 - $55.00 | 1.5 | 8.3 | $ | 53.8 | 0 | $ | 0 | ||||||||||||||
$55.01 - $67.00 | 1.7 | 9.4 | $ | 61.91 | 0 | $ | 0 | ||||||||||||||
8.8 | 6.2 | $ | 39.47 | 4.5 | $ | 26.08 | |||||||||||||||
Information Regarding Intrinsic Value of Stock Options Exercised and Stock Compensation Expense Related to Stock Option Awards | ' | ||||||||||||||||||||
The following table provides information regarding the intrinsic value of stock options exercised, stock compensation expense related to stock option awards and the fair value of stock options issued: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Intrinsic Value of Stock Options Exercised | $ | 42.2 | $ | 48.9 | $ | 39.6 | |||||||||||||||
Stock Compensation Expense Related to Stock Option Awards | $ | 15.5 | $ | 11 | $ | 10 | |||||||||||||||
Issued Stock Options | 1.7 | 1.6 | 1.2 | ||||||||||||||||||
Weighted Average Fair Value of Stock Options issued (per share) | $ | 10.92 | $ | 8.92 | $ | 7.87 | |||||||||||||||
Fair Value of Stock Options Issued | $ | 18.1 | $ | 14.2 | $ | 9.5 | |||||||||||||||
Assumptions Used in Valuation of Stock Options | ' | ||||||||||||||||||||
The following table provides a summary of the assumptions used in the valuation of issued stock options: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Risk-free interest rate | 1.4 | % | 1 | % | 2 | % | |||||||||||||||
Expected life in Years | 6.2 | 6.3 | 6.2 | ||||||||||||||||||
Expected volatility | 21.2 | % | 20.7 | % | 20.9 | % | |||||||||||||||
Dividend Yield | 1.8 | % | 1.8 | % | 1.7 | % |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Components of Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of changes in accumulated other comprehensive income are as follows: | |||||||||||||||||
Foreign | Defined | Derivative | Accumulated | ||||||||||||||
Currency | Benefit | Agreements | Other | ||||||||||||||
Adjustments | Plans | Comprehensive | |||||||||||||||
Income (Loss) | |||||||||||||||||
Balance December 31, 2010 | $ | 24.5 | $ | (8.0 | ) | $ | (0.2 | ) | $ | 16.3 | |||||||
Other comprehensive income before reclassifications | (7.3 | ) | (10.0 | ) | 1.5 | (15.8 | ) | ||||||||||
Tax benefit (expense) | 0 | 2.7 | (0.3 | ) | 2.4 | ||||||||||||
Other comprehensive income (loss) | (7.3 | ) | (7.3 | ) | 1.2 | (13.4 | ) | ||||||||||
Balance December 31, 2011 | $ | 17.2 | $ | (15.3 | ) | $ | 1 | $ | 2.9 | ||||||||
Other comprehensive income before reclassifications | 5.6 | (6.8 | ) | (0.9 | ) | (2.1 | ) | ||||||||||
Tax benefit (expense) | 0 | 1.6 | 0.1 | 1.7 | |||||||||||||
Other comprehensive income (loss) | 5.6 | (5.2 | ) | (0.8 | ) | (0.4 | ) | ||||||||||
Balance December 31, 2012 | $ | 22.8 | $ | (20.5 | ) | $ | 0.2 | $ | 2.5 | ||||||||
Other comprehensive income before reclassifications | (10.1 | ) | 11.2 | (0.8 | ) | 0.3 | |||||||||||
Amounts reclassified to consolidated statement of income(a) | 0 | 0 | 1 | 1 | |||||||||||||
Tax benefit (expense) | 0 | (3.7 | ) | 0.1 | (3.6 | ) | |||||||||||
Other comprehensive income (loss) | (10.1 | ) | 7.5 | 0.3 | (2.3 | ) | |||||||||||
Balance December 31, 2013 | $ | 12.7 | $ | (13.0 | ) | $ | 0.5 | $ | 0.2 | ||||||||
(a) | Amounts classified to cost of sales and selling, general and administrative expenses. |
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Future Minimum Rental Commitments Under Non-Cancelable Long-Term Operating Leases And Capital Lease | ' | ||||||||||||
The Company is obligated to pay minimum annual rentals under different operating and financing lease agreements as follows: | |||||||||||||
Operating | Financing | Total | |||||||||||
Leases | Leases | ||||||||||||
2014 | $ | 21.5 | $ | 5.7 | $ | 27.2 | |||||||
2015 | 17.8 | 5.8 | 23.6 | ||||||||||
2016 | 13.3 | 5.8 | 19.1 | ||||||||||
2017 | 11.2 | 5.8 | 17 | ||||||||||
2018 | 10.6 | 6.1 | 16.7 | ||||||||||
2019 and thereafter | 30.7 | 82.3 | 113 | ||||||||||
Total future minimum lease commitments | $ | 105.1 | $ | 111.5 | $ | 216.6 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||||||||||||||||||||||||||
The following summarizes the balances and transactions between the Company and each of (i) Armand and ArmaKleen, in which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest: | |||||||||||||||||||||||||||||||||||||
Armand | ArmaKleen | Natronx | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Purchases by Company | $ | 22.5 | $ | 21.3 | $ | 19.6 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Sales by Company | $ | 0 | $ | 0 | $ | 0 | $ | 1.3 | $ | 5.5 | $ | 5.5 | $ | 1.9 | $ | 2.4 | $ | 0 | |||||||||||||||||||
Outstanding Accounts Receivable | $ | 0.4 | $ | 0.1 | $ | 0.3 | $ | 0.8 | $ | 0.4 | $ | 0.7 | $ | 0.1 | $ | 0 | $ | 0 | |||||||||||||||||||
Outstanding Accounts Payable | $ | 1.8 | $ | 1.8 | $ | 2.3 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||
Administration & Management Oversight Services(1) | $ | 1.9 | $ | 1.7 | $ | 1.7 | $ | 2.1 | $ | 1.7 | $ | 2.5 | $ | 1.1 | $ | 0.9 | $ | 0.7 | |||||||||||||||||||
-1 | Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Selected Financial Information Relating To Company's Segments | ' | ||||||||||||||||||||
The following table presents selected financial information relating to the Company’s segments for each of the three years in the period ended December 31, 2013: | |||||||||||||||||||||
Consumer | Consumer | SPD | Corporate(1) | As Reported | |||||||||||||||||
Domestic | International | ||||||||||||||||||||
Net sales | |||||||||||||||||||||
2013 | $ | 2,413.50 | $ | 532.8 | $ | 248 | $ | 0 | $ | 3,194.30 | |||||||||||
2012 | 2,156.90 | 510.1 | 254.9 | 0 | 2,921.90 | ||||||||||||||||
2011 | 1,979.10 | 509.1 | 261.1 | 0 | 2,749.30 | ||||||||||||||||
Gross profit | |||||||||||||||||||||
2013 | 1,163.00 | 243 | 63.3 | (31.3 | ) | 1,438.00 | |||||||||||||||
2012 | 1,015.90 | 236.9 | 68 | (29.4 | ) | 1,291.40 | |||||||||||||||
2011 | 936.9 | 238.7 | 64.2 | (25.3 | ) | 1,214.50 | |||||||||||||||
Marketing Expenses | |||||||||||||||||||||
2013 | 320.5 | 76.6 | 2.7 | 0 | 399.8 | ||||||||||||||||
2012 | 280.3 | 74.5 | 2.5 | 0 | 357.3 | ||||||||||||||||
2011 | 274.9 | 75.9 | 3.3 | 0 | 354.1 | ||||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||
2013 | 318.6 | 98.8 | 29.9 | (31.3 | ) | 416 | |||||||||||||||
2012 | 297.6 | 89.8 | 31 | (29.4 | ) | 389 | |||||||||||||||
2011 | 269.5 | 92.8 | 30.8 | (25.3 | ) | 367.8 | |||||||||||||||
Income from Operations | |||||||||||||||||||||
2013 | 524 | 67.4 | 30.8 | 0 | 622.2 | ||||||||||||||||
2012 | 438 | 72.6 | 34.5 | 0 | 545.1 | ||||||||||||||||
2011 | 392.5 | 70 | 30.1 | 0 | 492.6 | ||||||||||||||||
Equity in Earnings of Affiliates | |||||||||||||||||||||
2013 | 0 | 0 | 0 | 2.8 | 2.8 | ||||||||||||||||
2012 | 0 | 0 | 0 | 8.9 | 8.9 | ||||||||||||||||
2011 | 0 | 0 | 0 | 10 | 10 | ||||||||||||||||
Interest Expense(2) | |||||||||||||||||||||
2013 | 23.4 | 3 | 1.3 | 0 | 27.7 | ||||||||||||||||
2012 | 11.2 | 1.9 | 0.9 | 0 | 14 | ||||||||||||||||
2011 | 7 | 1.2 | 0.5 | 0 | 8.7 | ||||||||||||||||
Investment Earnings(2) | |||||||||||||||||||||
2013 | 2.2 | 0.3 | 0.1 | 0 | 2.6 | ||||||||||||||||
2012 | 1.4 | 0.2 | 0.1 | 0 | 1.7 | ||||||||||||||||
2011 | 1.5 | 0.3 | 0.1 | 0 | 1.9 | ||||||||||||||||
Other Income, net(2) | |||||||||||||||||||||
2013 | (1.8 | ) | (0.2 | ) | (0.1 | ) | 0 | (2.1 | ) | ||||||||||||
2012 | 0.6 | 0.1 | 0.1 | 0 | 0.8 | ||||||||||||||||
2011 | (1.0 | ) | (0.2 | ) | 0 | 0 | (1.2 | ) | |||||||||||||
Income Before Income Taxes | |||||||||||||||||||||
2013 | 501 | 64.5 | 29.5 | 2.8 | 597.8 | ||||||||||||||||
2012 | 428.8 | 71 | 33.8 | 8.9 | 542.5 | ||||||||||||||||
2011 | 386 | 68.9 | 29.7 | 10 | 494.6 | ||||||||||||||||
Identifiable Assets | |||||||||||||||||||||
2013 | 3,407.40 | 602.5 | 140.6 | 109.2 | 4,259.70 | ||||||||||||||||
2012 | 3,317.50 | 543.8 | 135.1 | 101.7 | 4,098.10 | ||||||||||||||||
2011 | 2,437.90 | 476.5 | 132.2 | 71 | 3,117.60 | ||||||||||||||||
Capital Expenditures | |||||||||||||||||||||
2013 | 53.6 | 10.3 | 3.2 | 0 | 67.1 | ||||||||||||||||
2012 | 58.9 | 10 | 5.6 | 0 | 74.5 | ||||||||||||||||
2011 | 57.4 | 12.2 | 7 | 0 | 76.6 | ||||||||||||||||
Depreciation & Amortization | |||||||||||||||||||||
2013 | 77.3 | 6.1 | 5.4 | 1.7 | 90.5 | ||||||||||||||||
2012 | 70.5 | 7.9 | 5.1 | 1.5 | 85 | ||||||||||||||||
2011 | 61.4 | 8.1 | 5.7 | 1.9 | 77.1 | ||||||||||||||||
-1 | The Corporate segment reflects the following: | ||||||||||||||||||||
(A) | The administrative costs of the production planning and logistics functions are included in segment Selling, General and Administrative expenses but are elements of Cost of Sales in the Company’s Consolidated Statements of Income. Such amounts were $31.3, $29.4, and $25.3 for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||
(B) | Equity in earnings (loss) of affiliates from Armand, Armakleen and Natronx. | ||||||||||||||||||||
(C) | Corporate assets include notes receivable, domestic deferred income taxes, deferred compensation investments and the Company’s investment in unconsolidated affiliates. | ||||||||||||||||||||
Product Line Revenues From External Customers | ' | ||||||||||||||||||||
Product line revenues from external customers for each of the three years ended December 31, 2013, December 31, 2012 and December 31, 2011 were as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Household Products | $ | 1,436.10 | $ | 1,411.30 | $ | 1,295.00 | |||||||||||||||
Personal Care Products | 977.4 | 745.6 | 684.1 | ||||||||||||||||||
Total Consumer Domestic | 2,413.50 | 2,156.90 | 1,979.10 | ||||||||||||||||||
Total Consumer International | 532.8 | 510.1 | 509.1 | ||||||||||||||||||
Total SPD | 248 | 254.9 | 261.1 | ||||||||||||||||||
Total Consolidated Net Sales | $ | 3,194.30 | $ | 2,921.90 | $ | 2,749.30 | |||||||||||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
First | Second | Third | Fourth | Full Year | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
2013 | |||||||||||||||||||||
Net Sales | $ | 779.3 | $ | 787.6 | $ | 804.8 | $ | 822.6 | $ | 3,194.30 | |||||||||||
Gross Profit | 350.1 | 351 | 365.2 | 371.7 | 1,438.00 | ||||||||||||||||
Income from Operations(1) | 169.3 | 140.5 | 167.8 | 144.6 | 622.2 | ||||||||||||||||
Equity in Earnings of Affiliates | 0.6 | (1.1 | ) | 1.9 | 1.4 | 2.8 | |||||||||||||||
Net Income | 107.7 | 86.6 | 107.9 | 92.2 | 394.4 | ||||||||||||||||
Net Income per Share-Basic | $ | 0.78 | $ | 0.62 | $ | 0.78 | $ | 0.66 | $ | 2.85 | |||||||||||
Net Income per Share-Diluted | $ | 0.76 | $ | 0.61 | $ | 0.76 | $ | 0.65 | $ | 2.79 | |||||||||||
2012 | |||||||||||||||||||||
Net Sales(2) | $ | 690.6 | $ | 696.4 | $ | 725.2 | $ | 809.7 | $ | 2,921.90 | |||||||||||
Gross Profit | 302.5 | 303 | 327.5 | 358.4 | 1,291.40 | ||||||||||||||||
Income from Operations | 142.7 | 122.4 | 145.4 | 134.6 | 545.1 | ||||||||||||||||
Equity in Earnings of Affiliates | 2.5 | 2.4 | 2.4 | 1.6 | 8.9 | ||||||||||||||||
Net Income | 95.8 | 79.3 | 93.9 | 80.8 | 349.8 | ||||||||||||||||
Net Income per Share-Basic | $ | 0.67 | $ | 0.57 | $ | 0.67 | $ | 0.58 | $ | 2.5 | |||||||||||
Net Income per Share-Diluted | $ | 0.66 | $ | 0.56 | $ | 0.66 | $ | 0.57 | $ | 2.45 | |||||||||||
2011 | |||||||||||||||||||||
Net Sales | $ | 642.3 | $ | 674.9 | $ | 701 | $ | 731.1 | $ | 2,749.30 | |||||||||||
Gross Profit | 288.1 | 300 | 309.9 | 316.5 | 1,214.50 | ||||||||||||||||
Income from Operations | 131.1 | 117.8 | 126.3 | 117.4 | 492.6 | ||||||||||||||||
Equity in Earnings of Affiliates | 2.2 | 3.2 | 2.9 | 1.7 | 10 | ||||||||||||||||
Net Income(3) | 83.6 | 82.6 | 79.6 | 63.8 | 309.6 | ||||||||||||||||
Net Income per Share-Basic(3) | $ | 0.59 | $ | 0.58 | $ | 0.55 | $ | 0.45 | $ | 2.16 | |||||||||||
Net Income per Share-Diluted(3) | $ | 0.58 | $ | 0.57 | $ | 0.54 | $ | 0.44 | $ | 2.12 | |||||||||||
-1 | The fourth quarter of 2013 Income from Operations includes approximately $6.5 of trade name impairment charges. | ||||||||||||||||||||
-2 | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L’IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. | ||||||||||||||||||||
-3 | The fourth quarter of 2011 Net Income and Net Income per Share includes a deferred tax valuation charge of approximately $13 (or $0.09 per share) and includes an additional month’s results of three foreign subsidiaries due to the change in the fiscal calendar. The change increased net sales by $14.3, but had a nominal effect on net income. |
Significant_Accounting_Policie3
Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Stock split description | ' | ' | ' | 'On June 1, 2011, the Company effected a two-for-one stock split of the Common Stock in the form of a 100% stock dividend. All applicable amounts in the consolidated financial statements, including earnings per share and related disclosures, have been retroactively adjusted to reflect the stock split. |
Stock split conversion ratio | ' | ' | ' | 2 |
Stock split, rate of stock dividend | ' | ' | ' | 100.00% |
Impact on net sales due to change in calendar periods | $14.30 | ' | ' | ' |
Percentage of inventory determined using LIFO | ' | 17.00% | 20.00% | ' |
Adjustments to reflect inventory at net realizable value | ' | 10.1 | 5.7 | ' |
Research and development expenses | ' | 61.8 | 54.8 | 55.1 |
Stock compensation expense | ' | 15.5 | 11 | 10 |
Unvested Stock Options Fair Value | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Stock compensation expense | ' | 17 | ' | ' |
Selling, General And Administrative Expenses | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Stock compensation expense | ' | 15.5 | ' | ' |
Cost of Sales | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Stock compensation expense | ' | $1.50 | ' | ' |
Minimum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Intangible assets, estimated useful life (years) | ' | '3 years | ' | ' |
Minimum | Building and Building Improvements | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '9 years | ' | ' |
Minimum | Machinery and Equipment | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '3 years | ' | ' |
Minimum | Office Equipment | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '3 years | ' | ' |
Maximum | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Intangible assets, estimated useful life (years) | ' | '20 years | ' | ' |
Maximum | Software | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Intangible assets, estimated useful life (years) | ' | '10 years | ' | ' |
Maximum | Building and Building Improvements | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '40 years | ' | ' |
Maximum | Machinery and Equipment | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '20 years | ' | ' |
Maximum | Office Equipment | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, plant and equipment, useful life | ' | '10 years | ' | ' |
Armand Products Company | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Ownership interest, percentage | 50.00% | 50.00% | 50.00% | 50.00% |
Armakleen Company | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Ownership interest, percentage | 50.00% | 50.00% | 50.00% | 50.00% |
Natronx Technologies Llc Company | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Ownership interest, percentage | 33.33% | 33.33% | 33.33% | 33.33% |
Reconciliation_of_Weighted_Ave
Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' |
Weighted average common shares outstanding-basic | 138.6 | 140.1 | 143.2 |
Dilutive effect of stock options | 2.6 | 2.6 | 2.6 |
Weighted average common shares outstanding-diluted | 141.2 | 142.7 | 145.8 |
Antidilutive stock options outstanding | 1.6 | 1.6 | 0.7 |
Carrying_Amounts_and_Estimated
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Short-term borrowings, Carrying Amount | $153.80 | $253.80 |
Senior notes, Carrying Amount | 649.5 | 649.4 |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents, carrying Amount | 318.5 | 223.2 |
Note receivable, Carrying Amount | 0 | 0.1 |
Short-term borrowings, Carrying Amount | 153.8 | 253.8 |
Cash equivalents, Fair Value | 318.5 | 223.2 |
Note receivable, Fair Value | 0 | 0.1 |
Short-term borrowings, Fair Value | 153.8 | 253.8 |
Fair Value, Inputs, Level 2 | 2.875% Senior notes due October 1, 2022 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior notes, Carrying Amount | 399.7 | 399.6 |
Senior notes, Fair Value | 369.8 | 392.6 |
Fair Value, Inputs, Level 2 | 3.35% Senior Notes Due December 15, 2015 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior notes, Carrying Amount | 249.8 | 249.8 |
Senior notes, Fair Value | $258.20 | $264.10 |
Carrying_Amounts_and_Estimated1
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 26, 2012 |
2.875% Senior notes due October 1, 2022 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest rate of debt | 2.88% | 2.88% | 2.88% |
2.875% Senior notes due October 1, 2022 | Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest rate of debt | 2.88% | 2.88% | ' |
3.35% Senior Notes Due December 15, 2015 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest rate of debt | 3.35% | 3.35% | ' |
3.35% Senior Notes Due December 15, 2015 | Fair Value, Inputs, Level 2 | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest rate of debt | 3.35% | 3.35% | ' |
Derivative_Instruments_and_Ris2
Derivative Instruments and Risk Management - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Derivative [Line Items] | ' |
Derivatives, determination of fair value | 'The fair values of the derivative instruments disclosed above were measured based on Level 2 inputs. |
Designated as Hedging Instrument | ' |
Derivative [Line Items] | ' |
Derivative hedging agreements covering diesel fuel requirements | 45.00% |
Derivative hedging agreements covering diesel fuel requirements, year 2014 | 34.00% |
Designated as Hedging Instrument | Foreign Exchange Contract | ' |
Derivative [Line Items] | ' |
Face value of unexpired foreign currency contracts | 25.6 |
Fair_Value_of_Derivative_Instr
Fair Value of Derivative Instruments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Designated as Hedging Instrument | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Fair Value | $0.80 | $0.30 | ' |
Amount of Gains (Loss) Recognized in OCI | 0.3 | 0.9 | 1.2 |
Designated as Hedging Instrument | Diesel Fuel Contracts | Other Comprehensive Income (Loss) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gains (Loss) Recognized in OCI | 0.1 | 0.1 | -0.3 |
Designated as Hedging Instrument | Diesel Fuel Contracts | Other Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Notional Amount | 3.9 | ' | ' |
Asset Derivatives, Fair Value | 0.3 | 0.2 | ' |
Designated as Hedging Instrument | Foreign Exchange Contract | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Notional Amount | 25.6 | ' | ' |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Comprehensive Income (Loss) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gains (Loss) Recognized in OCI | 0.2 | 0.8 | 1.5 |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Notional Amount | 25.6 | ' | ' |
Asset Derivatives, Fair Value | 0.5 | 0.1 | ' |
Not Designated as Hedging Instrument | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Fair Value | 2.4 | 0.9 | ' |
Amount of Gain (Loss) Recognized in Income | 5.2 | 1.6 | 3.8 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Selling, General And Administrative Expenses | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income | -0.1 | -1.5 | -0.1 |
Not Designated as Hedging Instrument | Equity Derivatives | Selling, General And Administrative Expenses | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income | 5.3 | 3.1 | 3.9 |
Not Designated as Hedging Instrument | Equity Derivatives | Other Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Notional Amount | 23.3 | ' | ' |
Asset Derivatives, Fair Value | $2.40 | $0.90 | ' |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract] | ' | ' |
Raw materials and supplies | $70.20 | $71.70 |
Work in process | 30.4 | 22.4 |
Finished goods | 149.9 | 148.1 |
Total | $250.50 | $242.20 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Line Items] | ' | ' |
LIFO inventory amount | $42.30 | $49 |
Excess of FIFO over LIFO amount | $4.80 | $5.60 |
Components_of_Property_Plant_a
Components of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land | $25.70 | $26 |
Buildings and improvements | 280.4 | 276.8 |
Machinery and equipment | 577.5 | 562.7 |
Software | 83 | 80.6 |
Office equipment and other assets | 57.7 | 55.1 |
Construction in progress | 42.9 | 21 |
Gross Property, Plant and Equipment | 1,067.20 | 1,022.20 |
Less accumulated depreciation and amortization | 473.1 | 436.2 |
Net Property, Plant and Equipment | $594.10 | $586 |
Depreciation_and_Interest_Char
Depreciation and Interest Charges on Property, Plant and Equipment (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization on PP&E | $59.70 | $56 | $49.80 |
Interest charges capitalized (in construction in progress) | $0.40 | $0.80 | $1.90 |
Charges_Related_to_Equipment_O
Charges Related to Equipment Obsolescence and Plant Impairment Charges (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total | $1.80 | $2.10 | $3.10 |
Consumer Domestic | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total | 1.7 | 1.6 | 1.9 |
Consumer International | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total | 0 | 0.4 | 0.2 |
Specialty Products | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total | $0.10 | $0.10 | $1 |
Acquisition_of_Assets_Addition
Acquisition of Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 26, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 08, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
Fair Value Adjustment to Inventory | 2.875% Senior notes due October 1, 2022 | 2.875% Senior notes due October 1, 2022 | 2.875% Senior notes due October 1, 2022 | Oral Care Technology | Oral Care Technology | Oral Care Technology | Batiste | Batiste | Avid Health, Inc | Avid Health, Inc | Avid Health, Inc | ||
Acquisition Date Final Fair Value | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price | ' | ' | ' | ' | ' | ' | ' | $4.30 | ' | $64.80 | ' | ' | $652.80 |
Date of business acquisition | ' | ' | ' | ' | ' | ' | ' | 8-Nov-11 | ' | 28-Jun-11 | ' | 1-Oct-12 | ' |
Proceed from issuance of senior notes | ' | ' | ' | 400 | 400 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt | ' | ' | 2.88% | 2.88% | 2.88% | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of debt | ' | ' | 1-Oct-22 | 1-Oct-22 | 1-Oct-22 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | ' | ' | ' | ' | ' | 4.3 | ' | 4.3 | ' | 64.8 | ' | ' | ' |
Approximate annual sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' |
Weighted average life of the amortizable intangible assets, years | ' | ' | ' | ' | ' | ' | '7 years | ' | '15 years | ' | '15 years | ' | ' |
Acquisition-related costs | $4.40 | $7.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Values_of_Assets_Acquired
Fair Values of Assets Acquired Including Current Measurement Period Adjustments to Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $1,222.20 | $1,213.80 | $868.40 |
Batiste | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Inventory | ' | ' | 1 |
Tradenames and other intangibles | ' | ' | 53.1 |
Goodwill | ' | ' | 10.7 |
Total Assets | ' | ' | 64.8 |
Liabilities | ' | ' | 0 |
Purchase Price | ' | ' | 64.8 |
Oral Care Technology | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Inventory | ' | ' | 0 |
Tradenames and other intangibles | ' | ' | 4.3 |
Goodwill | ' | ' | 0 |
Total Assets | ' | ' | 4.3 |
Liabilities | ' | ' | 0 |
Purchase Price | ' | ' | 4.3 |
Batiste and Oral Care Technology | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Inventory | ' | ' | 1 |
Tradenames and other intangibles | ' | ' | 57.4 |
Goodwill | ' | ' | 10.7 |
Total Assets | ' | ' | 69.1 |
Liabilities | ' | ' | 0 |
Purchase Price | ' | ' | 69.1 |
Avid Health, Inc | Acquisition Date Preliminary Fair Value | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Inventory | ' | 38.5 | ' |
Accounts receivables, net | ' | 29.6 | ' |
Other current assets | ' | 1.9 | ' |
Property, plant and equipment | ' | 33.4 | ' |
Long-term assets | ' | 0 | ' |
Tradenames and other intangibles | ' | 376.9 | ' |
Goodwill | ' | 345.4 | ' |
Total Assets | ' | 825.7 | ' |
Other current liabilities | ' | -19.3 | ' |
Deferred income taxes | ' | -154.1 | ' |
Purchase Price | ' | 652.3 | ' |
Avid Health, Inc | Measurement Period Adjustments | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Inventory | ' | 0.3 | ' |
Accounts receivables, net | ' | -0.3 | ' |
Other current assets | ' | 0 | ' |
Property, plant and equipment | ' | -1.8 | ' |
Long-term assets | ' | 1.4 | ' |
Tradenames and other intangibles | ' | -14.7 | ' |
Goodwill | ' | 8.4 | ' |
Total Assets | ' | -6.7 | ' |
Other current liabilities | ' | -0.2 | ' |
Deferred income taxes | ' | 7.4 | ' |
Purchase Price | ' | 0.5 | ' |
Avid Health, Inc | Acquisition Date Final Fair Value | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Inventory | ' | 38.8 | ' |
Accounts receivables, net | ' | 29.3 | ' |
Other current assets | ' | 1.9 | ' |
Property, plant and equipment | ' | 31.6 | ' |
Long-term assets | ' | 1.4 | ' |
Tradenames and other intangibles | ' | 362.2 | ' |
Goodwill | ' | 353.8 | ' |
Total Assets | ' | 819 | ' |
Other current liabilities | ' | -19.5 | ' |
Deferred income taxes | ' | -146.7 | ' |
Purchase Price | ' | $652.80 | ' |
Proforma_Results_Reflecting_Av
Proforma Results Reflecting Avid Health Acquisition (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||
Business Acquisition, Pro Forma Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net Sales, Reported | $822.60 | $804.80 | $787.60 | $779.30 | $809.70 | [1] | $725.20 | [1] | $696.40 | [1] | $690.60 | [1] | $731.10 | $701 | $674.90 | $642.30 | $3,194.30 | $2,921.90 | [1] | $2,749.30 | |||||
Net Income, Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394.4 | 349.8 | 309.6 | ||||||||||
Net Income per share - Basic, Reported | $0.66 | $0.78 | $0.62 | $0.78 | $0.58 | $0.67 | $0.57 | $0.67 | $0.45 | [2] | $0.55 | [2] | $0.58 | [2] | $0.59 | [2] | $2.85 | $2.50 | $2.16 | [2] | |||||
Net Income per share - Diluted, Reported | $0.65 | $0.76 | $0.61 | $0.76 | $0.57 | $0.66 | $0.56 | $0.66 | $0.44 | [2] | $0.54 | [2] | $0.57 | [2] | $0.58 | [2] | $2.79 | $2.45 | $2.12 | [2] | |||||
Avid Health, Inc | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Business Acquisition, Pro Forma Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net Sales, Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,921.90 | 2,749.30 | ||||||||||
Net Income, Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349.8 | 309.6 | ||||||||||
Net Income per share - Basic, Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 | $2.16 | ||||||||||
Net Income per share - Diluted, Reported | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.45 | $2.12 | ||||||||||
Net Sales, Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,106 | 2,947.80 | ||||||||||
Net Income, Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $374.90 | $318.20 | ||||||||||
Net Income per share - Basic, Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.68 | $2.22 | ||||||||||
Net Income per share - Diluted, Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.63 | $2.18 | ||||||||||
[1] | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L'IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. | ||||||||||||||||||||||||
[2] | The fourth quarter of 2011 Net Income and Net Income per Share includes a deferred tax valuation charge of approximately $13 (or $0.09 per share) and includes an additional month's results of three foreign subsidiaries due to the change in the fiscal calendar. The change increased net sales by $14.3, but had a nominal effect on net income. |
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Trade names | Trade names | Customer Relationships | Customer Relationships | Patents | Patents | Noncompete Agreements | Noncompete Agreements | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | ||
Trade names | Customer Relationships | Patents | Noncompete Agreements | Trade names | Customer Relationships | Patents | Noncompete Agreements | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | $544.70 | $509.30 | $166.80 | $131.10 | $333 | $333.80 | $43.50 | $43 | $1.40 | $1.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization | -207 | -178.2 | -73.9 | -67.1 | -100.4 | -81.1 | -31.4 | -28.7 | -1.3 | -1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net | $337.70 | $331.10 | $92.90 | $64 | $232.60 | $252.70 | $12.10 | $14.30 | $0.10 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Period (Years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | '15 years | '4 years | '5 years | '20 years | '20 years | '20 years | '20 years | '10 years |
Indefinite_Lived_Intangible_As
Indefinite Lived Intangible Assets (Detail) (Trade names, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Trade names | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value, Trade names | $866.60 | $923.80 |
Trade_Name_Impairment_Charges_
Trade Name Impairment Charges (Detail) (Trade names, USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selling, General And Administrative Expenses | Selling, General And Administrative Expenses | Selling, General And Administrative Expenses | Selling, General And Administrative Expenses | Selling, General And Administrative Expenses | Selling, General And Administrative Expenses | Selling, General And Administrative Expenses | Selling, General And Administrative Expenses | Selling, General And Administrative Expenses | ||
Consumer Domestic | Consumer Domestic | Consumer Domestic | Consumer International | Consumer International | Consumer International | |||||
Asset Impairment Charges [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | $6.50 | $6.50 | $0 | $0 | $1.90 | $0 | $0 | $4.60 | $0 | $0 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net carrying value | $337.70 | $331.10 | ' |
Amortization expense of intangible assets | 28.9 | 26.8 | 25.2 |
Estimated amortization expense, 2014 | 30.2 | ' | ' |
Estimated amortization expense, 2015 | 30 | ' | ' |
Estimated amortization expense, 2016 | 30 | ' | ' |
Estimated amortization expense, 2017 | 30 | ' | ' |
Estimated amortization expense, 2018 | 30 | ' | ' |
Estimated amortization expense, 2019 | 30 | ' | ' |
Trade names | ' | ' | ' |
Net carrying value | 92.9 | 64 | ' |
Consumer Domestic and Consumer International | Trade names | ' | ' | ' |
Net carrying value | $35.70 | ' | ' |
Amortization Period (Years) | '15 years | ' | ' |
Carrying_Amount_of_Goodwill_De
Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Beginning balance | $1,213.80 | $868.40 |
Avid Health purchase price allocation adjustment | 8.4 | ' |
Avid Health acquired goodwill | ' | 345.4 |
Ending balance | 1,222.20 | 1,213.80 |
Consumer Domestic | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 1,146.40 | 801 |
Avid Health purchase price allocation adjustment | 8.4 | ' |
Avid Health acquired goodwill | ' | 345.4 |
Ending balance | 1,154.80 | 1,146.40 |
Consumer International | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 47.2 | 47.2 |
Avid Health purchase price allocation adjustment | 0 | ' |
Avid Health acquired goodwill | ' | 0 |
Ending balance | 47.2 | 47.2 |
Specialty Products | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 20.2 | 20.2 |
Avid Health purchase price allocation adjustment | 0 | ' |
Avid Health acquired goodwill | ' | 0 |
Ending balance | $20.20 | $20.20 |
Assets_Held_for_Sale_Additiona
Assets Held for Sale - Additional Information (Detail) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Assets Held For Sale [Line Items] | ' |
Net property, plant and equipment at its Brazil facility to assets held for sale | $7.90 |
Inventories and supply parts at its Brazil facility | $3.60 |
Restructuring_Activities_Addit
Restructuring Activities - Additional Information (Detail) (Green River Victorville Facilities, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Green River Victorville Facilities | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Company's investment in capital expenditure | $26.50 | $11 |
Total capital expenditure | 37.5 | ' |
Accelerated depreciation expense in cost of sales | 0.7 | 2.3 |
Transition costs recorded in cost of sales | $2.10 | $1.20 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' | ||
Trade accounts payable | $256.70 | [1] | $240.60 | [1] |
Accrued marketing and promotion costs | 123.7 | 91.2 | ||
Accrued wages and related benefit costs | 67 | 60.6 | ||
Other accrued current liabilities | 47.7 | [1] | 39.6 | [1] |
Total | $495.10 | $432 | ||
[1] | The Company has corrected the classification of amounts included within trade accounts payable and other accrued current liabilities as of December 31, 2012. This reclassification to the 2012 disclosure resulted in a decrease to trade accounts payable of $18.3 and a corresponding increase in other accrued current liabilities of $18.3. |
Accounts_Payable_and_Accrued_E3
Accounts Payable and Accrued Expenses (Parenthetical) (Detail) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Accounts Payable and Accrued Liabilities [Line Items] | ' |
Decrease to accounts payable | ($18.30) |
Increase in other accrued current liabilities | $18.30 |
Summary_of_ShortTerm_Borrowing
Summary of Short-Term Borrowings and Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Commercial paper issuances | $150 | $250 |
Various debt due to international banks | 3.8 | 3.8 |
Total short-term borrowings | 153.8 | 253.8 |
Net long-term debt | 649.5 | 649.4 |
2.875% Senior notes due October 1, 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 400 | 400 |
Less: Discount | -0.3 | -0.4 |
3.35% Senior Notes Due December 15, 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 250 | 250 |
Less: Discount | ($0.20) | ($0.20) |
Summary_of_ShortTerm_Borrowing1
Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Detail) | 0 Months Ended | 12 Months Ended | |
Sep. 26, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
2.875% Senior notes due October 1, 2022 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate of debt | 2.88% | 2.88% | 2.88% |
Maturity date of debt | 1-Oct-22 | 1-Oct-22 | 1-Oct-22 |
3.35% Senior Notes Due December 15, 2015 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate of debt | ' | 3.35% | 3.35% |
Maturity date of debt | ' | 15-Dec-15 | 15-Dec-15 |
ShortTerm_Borrowings_and_LongT2
Short-Term Borrowings and Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 18, 2010 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 26, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 26, 2012 | Sep. 26, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 15, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 30, 2010 |
Federal Funds Rate | LIBOR-Based Rate | Minimum | Minimum | Maximum | Maximum | Unsecured Revolving Credit Facility | Senior Credit Facility | Commercial Paper | Commercial Paper | Commercial Paper | Commercial Paper | Other Debt | Other Debt | 2.875% Senior notes due October 1, 2022 | 2.875% Senior notes due October 1, 2022 | 2.875% Senior notes due October 1, 2022 | 2.875% Senior notes due October 1, 2022 | 2.875% Senior notes due October 1, 2022 | 3.35% Senior Notes Due December 15, 2015 | 3.35% Senior Notes Due December 15, 2015 | 3.35% Senior Notes Due December 15, 2015 | 3.35% Senior Notes Due December 15, 2015 | 6% Senior Subordinated Notes Due 2012 | 6% Senior Subordinated Notes Due 2012 | |||
Base Rate | Eurocurrency Rate | Base Rate | Eurocurrency Rate | D | Maximum | Maximum | Repayment Terms | Repayment Terms | Treasury Rate | ||||||||||||||||||
Treasury Rate | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400 | ' | ' | ' | ' | ' | ' | $250 | ' | ' | $250 |
Interest rate of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.88% | 2.88% | 2.88% | ' | ' | 3.35% | 3.35% | ' | ' | 6.00% | ' |
Interest payment frequency | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Semi-annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-22 | 1-Oct-22 | 1-Oct-22 | ' | ' | 15-Dec-15 | 15-Dec-15 | ' | ' | ' | ' |
Interest payment, beginning date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repayment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Company may redeem the 2022 Notes, at any time in whole or from time to time in part, prior to their maturity date at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2022 Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Second Supplemental Indenture), plus 20 basis points. In addition, if the Company undergoes a bchange of controlb (as defined in the Second Supplemental Indenture), and if, generally within 60 days thereafter, the 2022 Notes are rated below investment grade by each of the rating agencies designated in the Second Supplemental Indenture, the Company will be required to offer to repurchase the 2022 Notes at 101% of par plus accrued and unpaid interest to the date of repurchase. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount of notes being redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' |
Debt instrument, variable interest rate | ' | ' | 0.50% | 1.00% | 0.25% | 1.25% | 1.25% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | 0.25% | ' | ' |
Percentage of principal amount of notes required if rated below investment grade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | 101.00% | ' | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 500 | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes maximum maturity days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 397 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper issuances | 150 | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA to interest ratio | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated funded indebtedness to EBITDA ratio | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio related to material acquisition | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Various debt due to international banks | $3.80 | $3.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.80 | $3.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components_of_Income_Before_Ta
Components of Income Before Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Domestic | $544.50 | $481.80 | $441.10 |
Foreign | 53.3 | 60.7 | 53.5 |
Income before Income Taxes | $597.80 | $542.50 | $494.60 |
Schedule_Of_US_Federal_State_A
Schedule Of U.S. Federal, State And Foreign Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
U.S. federal | $151.70 | $132 | $92.70 |
State, Current | 24.7 | 27.7 | 16.3 |
Foreign, Current | 15.9 | 19.8 | 16.6 |
Current income tax expense (benefit) | 192.3 | 179.5 | 125.6 |
U.S. federal, Deferred | 12.6 | 11.4 | 48.7 |
State, Deferred | -1.7 | 1.6 | -3.3 |
Foreign, Deferred | 0.2 | 0.2 | 14 |
Deferred income tax expense (benefit) | 11.1 | 13.2 | 59.4 |
Recorded tax expense | $203.40 | $192.70 | $185 |
Components_Of_Deferred_Tax_Ass
Components Of Deferred Tax Assets And Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Components Of Deferred Income Tax Assets And Liabilities [Line Items] | ' | ' |
Accounts receivable | $4.40 | $6.50 |
Deferred compensation | 57.2 | 49.7 |
Pension, postretirement and postemployment benefits | 9.7 | 16.5 |
Reserves | 31.6 | 26.1 |
Tax credit carryforwards/other tax attributes | 1.5 | 1.2 |
International operating loss carryforwards | 8.1 | 9.2 |
Total gross deferred tax assets | 112.5 | 109.2 |
Valuation allowances | -13 | -15.7 |
Total deferred tax assets | 99.5 | 93.5 |
Goodwill | -159.7 | -145.1 |
Tradenames and other intangibles | -292.2 | -289.4 |
Property, plant and equipment | -106.2 | -108.8 |
Total deferred tax liabilities | -558.1 | -543.3 |
Net deferred tax liability | -458.6 | -449.8 |
Current net deferred tax asset | 16.6 | 17.6 |
Long term net deferred tax asset | 0.8 | 2.6 |
Long term net deferred tax liability | -476 | -470 |
Net deferred tax liability | ($458.60) | ($449.80) |
Effective_Tax_Rate_Reconciliat
Effective Tax Rate Reconciliation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
Tax that would result from use of the federal statutory rate | $209.20 | $189.90 | $173.10 |
State and local income tax, net of federal effect | 14.9 | 19 | 12.1 |
Varying tax rates of foreign affiliates | -3.1 | -1.8 | -2.5 |
Benefit from domestic manufacturing deduction | -13.2 | -11.6 | -8.3 |
Resolution of tax contingencies | 0 | -3.2 | -3.7 |
Valuation Allowances | 0.6 | 0.6 | 14.3 |
Other | -5 | -0.2 | 0 |
Recorded tax expense | $203.40 | $192.70 | $185 |
Effective tax rate | 34.00% | 35.50% | 37.40% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax [Line Items] | ' | ' | ' |
Valuation allowance | $8.10 | $9.20 | ' |
Deferred tax assets, valuation allowances | 13 | 15.7 | ' |
Unrecognized tax benefits that would impact effective tax rate | 5.7 | 8.7 | 12.1 |
Unrecognized tax benefits that would impact balance sheet tax accounts | 0.2 | 0.4 | 1 |
Interest expense associated with uncertain tax positions | 0.1 | 0.3 | 1.9 |
Accrued interest expense associated with uncertain tax positions | 0.3 | 0.4 | ' |
Quimica Geral Do Nordeste Sa | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Deferred tax assets, valuation allowances | 4.9 | 6.5 | ' |
Foreign Tax Authority | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Loss carryforward | 28 | ' | ' |
Expire Through December 31, 2018 | Foreign Tax Authority | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Loss carryforward subject to expiration | 3.7 | ' | ' |
Loss carryforward expiration date | 31-Dec-18 | ' | ' |
Permanently Reinvested Foreign | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Undistributed earnings of foreign subsidiaries | 271.8 | ' | ' |
Reversal Of Income Tax Expense | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Tax adjustments from settlement and lapse of applicable statutes of limitation | ' | 3.3 | 3.7 |
Reversal Of Pretax Interest Expense | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Tax adjustments from settlement and lapse of applicable statutes of limitation | ' | $0.20 | $1.60 |
Reconciliation_Of_Unrecognized
Reconciliation Of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Line Items] | ' | ' | ' |
Unrecognized tax benefits at January 1 | $9.10 | $13.10 | $24.60 |
Gross increases-tax positions in prior period | 0.9 | 1.9 | 1 |
Gross decreases-tax positions in prior period | 0 | -3.2 | -5.5 |
Settlements | -3.7 | -2.6 | -6.8 |
Lapse of statute of limitations | -0.4 | -0.1 | -0.2 |
Unrecognized tax benefits at December 31 | $5.90 | $9.10 | $13.10 |
Status_Of_Defined_Benefit_Plan
Status Of Defined Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | $78.80 | ' | ' |
Employer contributions | 17.5 | ' | ' |
Fair value of plan assets at end of year | 100.2 | ' | ' |
Pension Costs | ' | ' | ' |
Change in Benefit Obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 99.7 | 88.1 | ' |
Service cost | 1.1 | 0.9 | 0.9 |
Interest cost | 4 | 4.2 | 4.6 |
Plan participants' contributions | 0 | 0 | ' |
Actuarial loss (gain) | 0.7 | 7 | ' |
Settlements/curtailments | 0 | 0 | ' |
Effects of exchange rate changes / other | -0.9 | 3.6 | ' |
Benefits paid | -4 | -4.1 | ' |
Benefit obligation at end of year | 100.6 | 99.7 | 88.1 |
Change in Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 78.8 | 70.5 | ' |
Actual return on plan assets (net of expenses) | 8.1 | 5.1 | ' |
Employer contributions | 17.5 | 4.4 | ' |
Plan participants' contributions | 0 | 0 | ' |
Effects of exchange rate changes / other | -0.2 | 2.9 | ' |
Benefits paid | -4 | -4.1 | ' |
Fair value of plan assets at end of year | 100.2 | 78.8 | 70.5 |
Funded status at end of year, recorded in Pension and Postretirement Benefits | -0.4 | -20.9 | ' |
Amounts Recognized in Accumulated Other Comprehensive Income: | ' | ' | ' |
Prior Service Credit | 0.1 | 0.2 | ' |
Actuarial Loss | 18.5 | 23.4 | ' |
Net Loss (Income) Recognized in Accumulated Other Comprehensive Income | 18.6 | 23.6 | ' |
Nonpension Postretirement Costs | ' | ' | ' |
Change in Benefit Obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 30 | 27.2 | ' |
Service cost | 0.4 | 0.4 | 0.4 |
Interest cost | 1.1 | 1.2 | 1.3 |
Plan participants' contributions | 0.3 | 0.2 | ' |
Actuarial loss (gain) | -4.9 | 2.5 | ' |
Settlements/curtailments | -2.7 | -0.4 | ' |
Effects of exchange rate changes / other | -0.4 | 0.1 | ' |
Benefits paid | -2 | -1.2 | ' |
Benefit obligation at end of year | 21.8 | 30 | 27.2 |
Change in Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets (net of expenses) | 0 | 0 | ' |
Employer contributions | 1.7 | 1 | ' |
Plan participants' contributions | 0.3 | 0.2 | ' |
Effects of exchange rate changes / other | 0 | 0 | ' |
Benefits paid | -2 | -1.2 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status at end of year, recorded in Pension and Postretirement Benefits | -21.8 | -30 | ' |
Amounts Recognized in Accumulated Other Comprehensive Income: | ' | ' | ' |
Prior Service Credit | -2.3 | -0.8 | ' |
Actuarial Loss | 0.8 | 5.9 | ' |
Net Loss (Income) Recognized in Accumulated Other Comprehensive Income | ($1.50) | $5.10 | ' |
Amounts_Recognized_In_Statemen
Amounts Recognized In Statement Of Financial Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Costs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension and Postretirement Benefits | ($3.40) | ($20.90) |
Other Assets | 3 | 0 |
Accumulated Other Comprehensive Loss (Income) | 18.6 | 23.6 |
Net amount recognized at end of year | 18.2 | 2.7 |
Accumulated benefit obligation | 95.4 | 96.3 |
Nonpension Postretirement Costs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension and Postretirement Benefits | -21.8 | -30 |
Other Assets | 0 | 0 |
Accumulated Other Comprehensive Loss (Income) | -1.5 | 5.1 |
Net amount recognized at end of year | -23.3 | -24.9 |
Accumulated benefit obligation | $0 | $0 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Decrease in pension plan obligations | ($5,000,000) | ' | ' |
Decrease in postretirement benefit plan obligations | -6,600,000 | ' | ' |
Result of 50 basis point change in the expected long-term rate of return | 500,000 | ' | ' |
Defined benefit plans in accumulated other comprehensive income expected to be recognized in 2014 | 1,200,000 | ' | ' |
Cash contributions to pension plans | 17,500,000 | ' | ' |
Cash contributions to pension plans, voluntary contributions | 13,000,000 | ' | ' |
Estimated cash contributions by employer in 2014 | 3,400,000 | ' | ' |
Projected health-care cost trend rate in 2014 | 7.60% | ' | ' |
Ultimate health-care cost trend rate in 2029 | 4.50% | ' | ' |
Year that rate reaches Ultimate health-care cost trend rate | '2029 | ' | ' |
Equity Securities | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Asset mix of securities | 60.00% | ' | ' |
Debt Securities | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Asset mix of securities | 40.00% | ' | ' |
Pension Costs | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Amount of basis point change | 0.50% | ' | ' |
Cash contributions to pension plans | 17,500,000 | 4,400,000 | ' |
Deferred compensation funded status | -400,000 | -20,900,000 | ' |
Deferred Profit Sharing | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Amounts charged to earnings for defined contribution profit sharing plan | 15,800,000 | 13,500,000 | 10,500,000 |
Defined Contribution Pension | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Amounts charged to earnings for defined contribution profit sharing plan | 4,500,000 | 3,800,000 | 3,700,000 |
Percentage of employer matching | 50.00% | ' | ' |
Percentage of employee gross pay employer contributes 50% | 6.00% | ' | ' |
401 K Savings Plan | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Employer contribution description | 'The Company also has a domestic employee 401K savings plan. The Company matches 50% of each employee's contribution up to a maximum of 6% of the employee's earnings. | ' | ' |
Employee Stock Purchase Plan | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Discount rate on market price | 15.00% | ' | ' |
Stock purchase limit per employee | 25,000 | ' | ' |
Employee stock purchase plan expenses | 600,000 | 500,000 | 500,000 |
Deferred Compensation Plans | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Deferred compensation liability | 83,500,000 | 73,000,000 | ' |
Deferred compensation funded status | 62,800,000 | 55,300,000 | ' |
Amounts charged to earnings | $2,800,000 | $2,600,000 | $2,900,000 |
Shares held in rabbi trust | 125 | ' | ' |
Deferred Compensation Plans | Management | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Eligible percentage of regular compensation, maximum | 85.00% | ' | ' |
Deferred Compensation Plans | Director | ' | ' | ' |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Vesting percentage | 100.00% | ' | ' |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used To Determine Benefit Obligations (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Costs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount Rate | 4.48% | 4.16% |
Rate of Compensation increase | 3.33% | 3.33% |
Nonpension Postretirement Costs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Discount Rate | 4.56% | 3.89% |
Components_Of_Net_Periodic_Ben
Components Of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Costs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $1.10 | $0.90 | $0.90 |
Interest cost | 4 | 4.2 | 4.6 |
Expected return on plan assets | -4.2 | -3.9 | -4.3 |
Amortization of prior service cost | 0 | 0 | 0 |
Settlements/curtailments | 0 | 0 | 0 |
Recognized actuarial loss (gain) | 0.9 | 0.2 | 0 |
Net periodic benefit cost | 1.8 | 1.4 | 1.2 |
Nonpension Postretirement Costs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 0.4 | 0.4 | 0.4 |
Interest cost | 1.1 | 1.2 | 1.3 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | -0.8 | -0.1 | 0.1 |
Settlements/curtailments | -0.3 | 0 | 0 |
Recognized actuarial loss (gain) | 0.1 | 0.2 | 0 |
Net periodic benefit cost | $0.50 | $1.70 | $1.80 |
Weighted_Average_Assumptions_U1
Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Costs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 4.15% | 4.75% | 5.34% |
Rate of Compensation increase | 3.33% | 3.33% | 3.68% |
Expected long-term rate of return on plan assets | 5.45% | 5.35% | 5.87% |
Nonpension Postretirement Costs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount Rate | 3.92% | 4.31% | 5.28% |
Schedule_Of_Fair_Values_Of_Pen
Schedule Of Fair Values Of Pension Plan Assets By Asset Category (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | $100.20 | $78.80 | ||
Cash and Cash Equivalents | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 9 | 1 | ||
Equity Securities - Mutual Funds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 16.1 | [1] | 14.3 | [1] |
Bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 9.3 | [2] | 9.8 | [2] |
Money Market Funds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 6.6 | ' | ||
Global Multi-Strategy Fund | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 37.8 | [3] | 31.8 | [3] |
Insurance Investment Contract | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 5.9 | [4] | 5.3 | [4] |
Government Fixed Income Securities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 15.3 | [5] | 15 | [5] |
Pension Plan Investments, Other | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0.2 | [6] | 1.6 | [6] |
Fair Value, Inputs, Level 1 | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 10.2 | 2.1 | ||
Fair Value, Inputs, Level 1 | Cash and Cash Equivalents | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 9 | 1 | ||
Fair Value, Inputs, Level 1 | Equity Securities - Mutual Funds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 1 | [1] | 0.9 | [1] |
Fair Value, Inputs, Level 1 | Bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0.1 | [2] |
Fair Value, Inputs, Level 1 | Money Market Funds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | ' | ||
Fair Value, Inputs, Level 1 | Global Multi-Strategy Fund | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] |
Fair Value, Inputs, Level 1 | Insurance Investment Contract | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [4] | 0 | [4] |
Fair Value, Inputs, Level 1 | Government Fixed Income Securities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [5] | 0 | [5] |
Fair Value, Inputs, Level 1 | Pension Plan Investments, Other | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0.2 | [6] | 0.1 | [6] |
Fair Value, Inputs, Level 2 | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 46.3 | 39.6 | ||
Fair Value, Inputs, Level 2 | Cash and Cash Equivalents | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 2 | Equity Securities - Mutual Funds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 15.1 | [1] | 13.4 | [1] |
Fair Value, Inputs, Level 2 | Bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 9.3 | [2] | 9.7 | [2] |
Fair Value, Inputs, Level 2 | Money Market Funds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 6.6 | ' | ||
Fair Value, Inputs, Level 2 | Global Multi-Strategy Fund | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [3] | 0 | [3] |
Fair Value, Inputs, Level 2 | Insurance Investment Contract | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [4] | 0 | [4] |
Fair Value, Inputs, Level 2 | Government Fixed Income Securities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 15.3 | [5] | 15 | [5] |
Fair Value, Inputs, Level 2 | Pension Plan Investments, Other | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [6] | 1.5 | [6] |
Fair Value, Inputs, Level 3 | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 43.7 | 37.1 | ||
Fair Value, Inputs, Level 3 | Cash and Cash Equivalents | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 3 | Equity Securities - Mutual Funds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 3 | Bonds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [2] | 0 | [2] |
Fair Value, Inputs, Level 3 | Money Market Funds | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | ' | ||
Fair Value, Inputs, Level 3 | Global Multi-Strategy Fund | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 37.8 | [3] | 31.8 | [3] |
Fair Value, Inputs, Level 3 | Insurance Investment Contract | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 5.9 | [4] | 5.3 | [4] |
Fair Value, Inputs, Level 3 | Government Fixed Income Securities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | 0 | [5] | 0 | [5] |
Fair Value, Inputs, Level 3 | Pension Plan Investments, Other | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Fair value of plan assets | $0 | [6] | $0 | [6] |
[1] | The equity securities represent mutual funds held primarily by the pension plans in Canada, which include both domestic and international equity securities. Mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the plans as of December 31, 2012 and December 31, 2013. | |||
[2] | The bond funds constitutes investments primarily for the pension plans in Canada and the fund consists of investments in Canadian government, corporate and municipal or local governments bonds. | |||
[3] | The global multi-strategy fund constitutes investments for the pension plans in the United Kingdom. The fund is a fund of funds invested in a series of diverse international equity funds and fixed income funds. The Global Multi-strategy fund is valued at quoted market prices which represent the net asset value of the units held at December 31, 2012 and December 31, 2013. | |||
[4] | The insurance investment contract is in the form of an insurance policy that is held by the pension plans in the United Kingdom. The investment of the underlying assets is in various managed funds. Insurance contracts are valued at book value, which approximates fair value, and are calculated using the prior year balance adjusted for investment returns and changes in cash flows. | |||
[5] | Government fixed income securities held by pension plans in the United Kingdom are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | |||
[6] | Other category includes other investments for pension plans in the International subsidiaries. |
Schedule_Of_Fair_Value_Measure
Schedule Of Fair Value Measurements Using Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | $37.10 | $32.40 |
Net realized and unrealized gains (loss) | 5.8 | 3.2 |
Effects of exchange rate changes | 0.8 | 1.5 |
Ending Balance | 43.7 | 37.1 |
Global Multi-Strategy Fund | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | 31.8 | 27.7 |
Net realized and unrealized gains (loss) | 5.3 | 2.8 |
Effects of exchange rate changes | 0.7 | 1.3 |
Ending Balance | 37.8 | 31.8 |
Insurance Investment Contract | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Beginning Balance | 5.3 | 4.7 |
Net realized and unrealized gains (loss) | 0.5 | 0.4 |
Effects of exchange rate changes | 0.1 | 0.2 |
Ending Balance | $5.90 | $5.30 |
Expected_Benefit_Payments_Deta
Expected Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Costs | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $4.30 |
2015 | 4.8 |
2016 | 4.7 |
2017 | 4.7 |
2018 | 4.7 |
2019-2023 | 25.5 |
Nonpension Postretirement Costs | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 1.3 |
2015 | 1.3 |
2016 | 1.4 |
2017 | 1.5 |
2018 | 1.6 |
2019-2023 | $8.90 |
Schedule_Of_Health_Care_Cost_T
Schedule Of Health Care Cost Trends (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Effect of 1% increase in health-care cost trend rates, Postretirement benefit obligation | $0.70 | $1.70 |
Effect of 1% increase in health-care cost trend rates, Total of service cost and interest cost component | 0.9 | 0.2 |
Effect of 1% decrease in health-care cost trend rates, Postretirement benefit obligation | -0.6 | -1.4 |
Effect of 1% decrease in health-care cost trend rates, Total of service cost and interest cost component | ($0.70) | ($0.10) |
Stock_Based_Compensation_Plans2
Stock Based Compensation Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | |||
CompensationPlan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of compensation plans | 4 | ' | ' |
Minimum required participant age, years | 65 | ' | ' |
Non cash compensation expense | $17 | $12.40 | $11 |
Excess tax benefit on stock options exercised, financing activities | 13.1 | 14.6 | 12.1 |
Tax benefit from stock options exercised | 13.4 | 15.4 | 13.3 |
Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock exercise period, years | '10 years | ' | ' |
Vesting period | '3 years | ' | ' |
Minimum service period, years | '5 years | ' | ' |
Compensation cost not yet recognized | 10.6 | ' | ' |
Weighted average years for amortization | '1 year 6 months | ' | ' |
Non cash compensation expense | 17 | 12.4 | 11 |
Excess tax benefit on stock options exercised, financing activities | $13.10 | $14.60 | $12.10 |
With 5 Years Of Service | Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Minimum required participant age, years | 55 | ' | ' |
Summary_of_Option_Activity_Det
Summary of Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning Balance, Options | 8.2 | 8.3 | 8.8 |
Granted, Options | 1.7 | 1.6 | 1.2 |
Exercised, Options | -1 | -1.5 | -1.6 |
Cancelled, Options | -0.1 | -0.2 | -0.1 |
Ending Balance, Options | 8.8 | 8.2 | 8.3 |
Beginning Balance, Weighted-Average Exercise Price | $32.81 | $26.39 | $22.63 |
Exercisable at December 31, 2013, Options | 4.5 | ' | ' |
Granted, Weighted-Average Exercise Price | $61.89 | $53.81 | $40.60 |
Exercised, Weighted-Average Exercise Price | $21.47 | $19 | $16.53 |
Cancelled, Weighted-Average Exercise Price | $47.47 | $35.57 | $30.22 |
Ending Balance, Weighted-Average Exercise Price | $39.47 | $32.81 | $26.39 |
Exercisable at December 31, 2013, Weighted-Average Exercise Price | $26.08 | ' | ' |
Outstanding at December 31, 2013, Weighted-Average Remaining Contractual Term, years | '6 years 2 months 12 days | ' | ' |
Exercisable at December 31, 2013, Weighted-Average Remaining Contractual Term, years | '4 years 2 months 12 days | ' | ' |
Outstanding at December 31, 2013, Aggregate Intrinsic Value | $235.80 | ' | ' |
Exercisable at December 31, 2013, Aggregate Intrinsic Value | $180.60 | ' | ' |
Summary_Of_Information_Relatin
Summary Of Information Relating To Options Outstanding And Exercisable (Detail) (USD $) | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding as of 12/31/2013 | 8.8 |
Weighted Average Remaining Contractual Life | '6 years 2 months 12 days |
Weighted Average Exercise Price | $39.47 |
Exercisable as of 12/31/2013 | 4.5 |
Weighted Average Exercise Price | $26.08 |
$5.01 - $15.00 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Lower Limit | $5.01 |
Range of Exercise Prices, Upper Limit | $15 |
Outstanding as of 12/31/2013 | 0.2 |
Weighted Average Remaining Contractual Life | '6 months |
Weighted Average Exercise Price | $14.82 |
Exercisable as of 12/31/2013 | 0.2 |
Weighted Average Exercise Price | $14.82 |
$15.01 - $25.00 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Lower Limit | $15.01 |
Range of Exercise Prices, Upper Limit | $25 |
Outstanding as of 12/31/2013 | 1.4 |
Weighted Average Remaining Contractual Life | '2 years 7 months 6 days |
Weighted Average Exercise Price | $20.44 |
Exercisable as of 12/31/2013 | 1.4 |
Weighted Average Exercise Price | $20.44 |
$25.01 - $35.00 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Lower Limit | $25.01 |
Range of Exercise Prices, Upper Limit | $35 |
Outstanding as of 12/31/2013 | 2.9 |
Weighted Average Remaining Contractual Life | '5 years 1 month 6 days |
Weighted Average Exercise Price | $29.40 |
Exercisable as of 12/31/2013 | 2.9 |
Weighted Average Exercise Price | $29.40 |
$35.01 - $45.00 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Lower Limit | $35.01 |
Range of Exercise Prices, Upper Limit | $45 |
Outstanding as of 12/31/2013 | 1.1 |
Weighted Average Remaining Contractual Life | '7 years |
Weighted Average Exercise Price | $40.62 |
Exercisable as of 12/31/2013 | 0 |
Weighted Average Exercise Price | $0 |
$45.01 - $55.00 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Lower Limit | $45.01 |
Range of Exercise Prices, Upper Limit | $55 |
Outstanding as of 12/31/2013 | 1.5 |
Weighted Average Remaining Contractual Life | '8 years 3 months 18 days |
Weighted Average Exercise Price | $53.80 |
Exercisable as of 12/31/2013 | 0 |
Weighted Average Exercise Price | $0 |
$55.01 - $67.00 | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Range of Exercise Prices, Lower Limit | $55.01 |
Range of Exercise Prices, Upper Limit | $67 |
Outstanding as of 12/31/2013 | 1.7 |
Weighted Average Remaining Contractual Life | '9 years 4 months 24 days |
Weighted Average Exercise Price | $61.91 |
Exercisable as of 12/31/2013 | 0 |
Weighted Average Exercise Price | $0 |
Schedule_of_Share_Based_Compen
Schedule of Share Based Compensation Stock Options (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Intrinsic Value of Stock Options Exercised | $42.20 | $48.90 | $39.60 |
Stock Compensation Expense Related to Stock Option Awards | 15.5 | 11 | 10 |
Issued Stock Options | 1.7 | 1.6 | 1.2 |
Weighted Average Fair Value of Stock Options issued (per share) | $10.92 | $8.92 | $7.87 |
Fair Value of Stock Options Issued | $18.10 | $14.20 | $9.50 |
Assumptions_Used_in_Valuation_
Assumptions Used in Valuation of Stock Options (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 1.40% | 1.00% | 2.00% |
Expected life in Years | '6 years 2 months 12 days | '6 years 3 months 18 days | '6 years 2 months 12 days |
Expected volatility | 21.20% | 20.70% | 20.90% |
Dividend Yield | 1.80% | 1.80% | 1.70% |
Components_of_Changes_in_Accum
Components of Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance | $2.50 | $2.90 | $16.30 | |
Other comprehensive income before reclassifications | 0.3 | -2.1 | -15.8 | |
Amounts reclassified to consolidated statement of income | 1 | [1] | ' | ' |
Tax benefit (expense) | -3.6 | 1.7 | 2.4 | |
Other comprehensive income (loss) | -2.3 | -0.4 | -13.4 | |
Ending Balance | 0.2 | 2.5 | 2.9 | |
Foreign Currency Adjustments | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance | 22.8 | 17.2 | 24.5 | |
Other comprehensive income before reclassifications | -10.1 | 5.6 | -7.3 | |
Amounts reclassified to consolidated statement of income | 0 | [1] | ' | ' |
Tax benefit (expense) | 0 | 0 | 0 | |
Other comprehensive income (loss) | -10.1 | 5.6 | -7.3 | |
Ending Balance | 12.7 | 22.8 | 17.2 | |
Defined Benefit Plans | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance | -20.5 | -15.3 | -8 | |
Other comprehensive income before reclassifications | 11.2 | -6.8 | -10 | |
Amounts reclassified to consolidated statement of income | 0 | [1] | ' | ' |
Tax benefit (expense) | -3.7 | 1.6 | 2.7 | |
Other comprehensive income (loss) | 7.5 | -5.2 | -7.3 | |
Ending Balance | -13 | -20.5 | -15.3 | |
Derivative Agreements | ' | ' | ' | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' | |
Beginning Balance | 0.2 | 1 | -0.2 | |
Other comprehensive income before reclassifications | -0.8 | -0.9 | 1.5 | |
Amounts reclassified to consolidated statement of income | 1 | [1] | ' | ' |
Tax benefit (expense) | 0.1 | 0.1 | -0.3 | |
Other comprehensive income (loss) | 0.3 | -0.8 | 1.2 | |
Ending Balance | $0.50 | $0.20 | $1 | |
[1] | Amounts classified to cost of sales and selling, general and administrative expenses. |
Commitments_Contingencies_and_2
Commitments, Contingencies and Guarantees - Additional Information (Detail) | 12 Months Ended | 60 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 08, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 08, 2011 |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | BRL | Collateralized Debt Obligations | Financial Guarantee | Oral Care Technology | Oral Care Technology | Oral Care Technology | Oral Care Technology | |
T | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Collateralized Debt Obligations | |||||||
USD ($) | |||||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | $20.90 | $20.70 | $18.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense associated with financing lease | 4.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expense associated with financing lease | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual purchase commitment, in tons | 240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments | 261.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | 5.1 | ' | ' | ' | ' | 5.1 | ' | ' | ' | ' | ' | ' | ' |
Guarantees | ' | ' | ' | ' | ' | ' | ' | 3.3 | 19.4 | ' | ' | ' | 5.5 |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.3 | 4.3 | ' | ' |
Potential license payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' |
Advance royalty payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Imposition of fine | ' | ' | ' | 2.1 | ' | ' | 5 | ' | ' | ' | ' | ' | ' |
Remediation and related costs | ' | ' | ' | 4.8 | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses for remediation, fines and related costs | 4 | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in accrued expenses for remediation, fines and related costs | ' | ' | ' | ' | ' | -3.8 | ' | ' | ' | ' | ' | ' | ' |
Cost of landfill removal, minimum | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of landfill removal, maximum | $50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Future_Minimum_Rental_Commitme
Future Minimum Rental Commitments Under Non-Cancelable Long-Term Operating Leases And Capital Lease (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Operating lease | ' |
2014 | $21.50 |
2015 | 17.8 |
2016 | 13.3 |
2017 | 11.2 |
2018 | 10.6 |
2019 and thereafter | 30.7 |
Total future minimum lease commitments | 105.1 |
Financing leases | ' |
2014 | 5.7 |
2015 | 5.8 |
2016 | 5.8 |
2017 | 5.8 |
2018 | 6.1 |
2019 and thereafter | 82.3 |
Total future minimum lease commitments | 111.5 |
Total | ' |
2014 | 27.2 |
2015 | 23.6 |
2016 | 19.1 |
2017 | 17 |
2018 | 16.7 |
2019 and thereafter | 113 |
Total future minimum lease commitments | $216.60 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | |||||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Armand Products Company | Armand Products Company | Armand Products Company | Armakleen Company | Armakleen Company | Armakleen Company | Natronx LLC | Natronx LLC | Natronx LLC | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | 33.33% | 33.33% | 33.33% |
Impairment charge on investment | $3.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance_and_Transactions_Betwe
Balance and Transactions Between Company (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Armand Products Company | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Purchases by Company | $22.50 | $21.30 | $19.60 | |||
Sales by Company | 0 | 0 | 0 | |||
Outstanding Accounts Receivable | 0.4 | 0.1 | 0.3 | |||
Outstanding Accounts Payable | 1.8 | 1.8 | 2.3 | |||
Administration & Management Oversight Services | 1.9 | [1] | 1.7 | [1] | 1.7 | [1] |
Armakleen Company | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Purchases by Company | 0 | 0 | 0 | |||
Sales by Company | 1.3 | 5.5 | 5.5 | |||
Outstanding Accounts Receivable | 0.8 | 0.4 | 0.7 | |||
Outstanding Accounts Payable | 0 | 0 | 0 | |||
Administration & Management Oversight Services | 2.1 | [1] | 1.7 | [1] | 2.5 | [1] |
Natronx LLC | ' | ' | ' | |||
Related Party Transaction [Line Items] | ' | ' | ' | |||
Purchases by Company | 0 | 0 | 0 | |||
Sales by Company | 1.9 | 2.4 | 0 | |||
Outstanding Accounts Receivable | 0.1 | 0 | 0 | |||
Outstanding Accounts Payable | 0 | 0 | 0 | |||
Administration & Management Oversight Services | $1.10 | [1] | $0.90 | [1] | $0.70 | [1] |
[1] | Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Segments_Additional_Informatio
Segments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | |||||
Net Sales | $822.60 | $804.80 | $787.60 | $779.30 | $809.70 | [1] | $725.20 | [1] | $696.40 | [1] | $690.60 | [1] | $731.10 | $701 | $674.90 | $642.30 | $3,194.30 | $2,921.90 | [1] | $2,749.30 |
Intersegment Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.20 | $3.40 | $5.20 | |||||
Customer Concentration Risk | Sales Revenue, Goods, Net | Major Customers Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 34.00% | 33.00% | |||||
Number of major customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 3 | 3 | |||||
Customer Concentration Risk | Sales Revenue, Goods, Net | Wal-Mart Stores Inc And Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24.00% | 24.00% | 23.00% | |||||
Customer name | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Wal-Mart Stores, Inc. and its affiliates | ' | ' | |||||
UNITED STATES | Geographic Concentration Risk | Sales Revenue, Goods, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | 79.00% | 79.00% | |||||
UNITED STATES | Geographic Concentration Risk | Long Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97.00% | 97.00% | 96.00% | |||||
Other | Geographic Concentration Risk | Sales Revenue, Goods, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | |||||
Other | Geographic Concentration Risk | Long Lived Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Concentration risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | |||||
Armand Products Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of ownership interest | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | 50.00% | 50.00% | |||||
Armakleen Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of ownership interest | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | 50.00% | 50.00% | |||||
Natronx LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of ownership interest | 33.33% | ' | ' | ' | 33.33% | ' | ' | ' | 33.33% | ' | ' | ' | 33.33% | 33.33% | 33.33% | |||||
[1] | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L'IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. |
Selected_Financial_Information
Selected Financial Information Relating To Company's Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net Sales | $822.60 | $804.80 | $787.60 | $779.30 | $809.70 | [1] | $725.20 | [1] | $696.40 | [1] | $690.60 | [1] | $731.10 | $701 | $674.90 | $642.30 | $3,194.30 | $2,921.90 | [1] | $2,749.30 | |||||||
Gross profit | 371.7 | 365.2 | 351 | 350.1 | 358.4 | 327.5 | 303 | 302.5 | 316.5 | 309.9 | 300 | 288.1 | 1,438 | 1,291.40 | 1,214.50 | ||||||||||||
Marketing expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 399.8 | 357.3 | 354.1 | ||||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 416 | 389 | 367.8 | ||||||||||||
Income from Operations | 144.6 | [2] | 167.8 | [2] | 140.5 | [2] | 169.3 | [2] | 134.6 | 145.4 | 122.4 | 142.7 | 117.4 | 126.3 | 117.8 | 131.1 | 622.2 | [2] | 545.1 | 492.6 | |||||||
Equity in earnings of affiliates | 1.4 | 1.9 | -1.1 | 0.6 | 1.6 | 2.4 | 2.4 | 2.5 | 1.7 | 2.9 | 3.2 | 2.2 | 2.8 | 8.9 | 10 | ||||||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.7 | [3] | 14 | [3] | 8.7 | [3] | |||||||||
Investment earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | [3] | 1.7 | [3] | 1.9 | [3] | |||||||||
Other Income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.1 | [3] | 0.8 | [3] | -1.2 | [3] | |||||||||
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 597.8 | 542.5 | 494.6 | ||||||||||||
Identifiable Assets | 4,259.70 | ' | ' | ' | 4,098.10 | ' | ' | ' | 3,117.60 | ' | ' | ' | 4,259.70 | 4,098.10 | 3,117.60 | ||||||||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.1 | 74.5 | 76.6 | ||||||||||||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.5 | 85 | 77.1 | ||||||||||||
Operating Segments | Consumer Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,413.50 | 2,156.90 | 1,979.10 | ||||||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,163 | 1,015.90 | 936.9 | ||||||||||||
Marketing expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 320.5 | 280.3 | 274.9 | ||||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 318.6 | 297.6 | 269.5 | ||||||||||||
Income from Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 524 | 438 | 392.5 | ||||||||||||
Equity in earnings of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.4 | [3] | 11.2 | [3] | 7 | [3] | |||||||||
Investment earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | [3] | 1.4 | [3] | 1.5 | [3] | |||||||||
Other Income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.8 | [3] | 0.6 | [3] | -1 | [3] | |||||||||
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 501 | 428.8 | 386 | ||||||||||||
Identifiable Assets | 3,407.40 | ' | ' | ' | 3,317.50 | ' | ' | ' | 2,437.90 | ' | ' | ' | 3,407.40 | 3,317.50 | 2,437.90 | ||||||||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 53.6 | 58.9 | 57.4 | ||||||||||||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77.3 | 70.5 | 61.4 | ||||||||||||
Operating Segments | Consumer International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 532.8 | 510.1 | 509.1 | ||||||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 243 | 236.9 | 238.7 | ||||||||||||
Marketing expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76.6 | 74.5 | 75.9 | ||||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.8 | 89.8 | 92.8 | ||||||||||||
Income from Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.4 | 72.6 | 70 | ||||||||||||
Equity in earnings of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | [3] | 1.9 | [3] | 1.2 | [3] | |||||||||
Investment earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | [3] | 0.2 | [3] | 0.3 | [3] | |||||||||
Other Income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | [3] | 0.1 | [3] | -0.2 | [3] | |||||||||
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64.5 | 71 | 68.9 | ||||||||||||
Identifiable Assets | 602.5 | ' | ' | ' | 543.8 | ' | ' | ' | 476.5 | ' | ' | ' | 602.5 | 543.8 | 476.5 | ||||||||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.3 | 10 | 12.2 | ||||||||||||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.1 | 7.9 | 8.1 | ||||||||||||
Operating Segments | Specialty Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 248 | 254.9 | 261.1 | ||||||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.3 | 68 | 64.2 | ||||||||||||
Marketing expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | 2.5 | 3.3 | ||||||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.9 | 31 | 30.8 | ||||||||||||
Income from Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.8 | 34.5 | 30.1 | ||||||||||||
Equity in earnings of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ||||||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | [3] | 0.9 | [3] | 0.5 | [3] | |||||||||
Investment earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | [3] | 0.1 | [3] | 0.1 | [3] | |||||||||
Other Income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | [3] | 0.1 | [3] | 0 | [3] | |||||||||
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.5 | 33.8 | 29.7 | ||||||||||||
Identifiable Assets | 140.6 | ' | ' | ' | 135.1 | ' | ' | ' | 132.2 | ' | ' | ' | 140.6 | 135.1 | 132.2 | ||||||||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | 5.6 | 7 | ||||||||||||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.4 | 5.1 | 5.7 | ||||||||||||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | |||||||||
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31.3 | [4] | -29.4 | [4] | -25.3 | [4] | |||||||||
Marketing expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | |||||||||
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31.3 | [4] | -29.4 | [4] | -25.3 | [4] | |||||||||
Income from Operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | |||||||||
Equity in earnings of affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | [4] | 8.9 | [4] | 10 | [4] | |||||||||
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3],[4] | 0 | [3],[4] | 0 | [3],[4] | |||||||||
Investment earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3],[4] | 0 | [3],[4] | 0 | [3],[4] | |||||||||
Other Income, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [3],[4] | 0 | [3],[4] | 0 | [3],[4] | |||||||||
Income Before Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.8 | [4] | 8.9 | [4] | 10 | [4] | |||||||||
Identifiable Assets | 109.2 | [4] | ' | ' | ' | 101.7 | [4] | ' | ' | ' | 71 | [4] | ' | ' | ' | 109.2 | [4] | 101.7 | [4] | 71 | [4] | ||||||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4] | 0 | [4] | 0 | [4] | |||||||||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.70 | [4] | $1.50 | [4] | $1.90 | [4] | |||||||||
[1] | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L'IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. | ||||||||||||||||||||||||||
[2] | The fourth quarter of 2013 Income from Operations includes approximately $6.5 of trade name impairment charges. | ||||||||||||||||||||||||||
[3] | In determining Income before Income Taxes, interest expense, investment earnings, and other income, net, were allocated to the segments based upon each segment's relative Income from Operations. | ||||||||||||||||||||||||||
[4] | The Corporate segment reflects the following: (A) The administrative costs of the production planning and logistics functions are included in segment Selling, General and Administrative expenses but are elements of Cost of Sales in the Company's Consolidated Statements of Income. Such amounts were $31.3, $29.4, and $25.3 for 2013, 2012 and 2011, respectively. (B) Equity in earnings (loss) of affiliates from Armand, Armakleen and Natronx. (C) Corporate assets include notes receivable, domestic deferred income taxes, deferred compensation investments and the Company's investment in unconsolidated affiliates. |
Selected_Financial_Information1
Selected Financial Information Relating To Company's Segments (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Selling, general and administrative expenses | $416 | $389 | $367.80 |
Corporate | Cost of Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Selling, general and administrative expenses | $31.30 | $29.40 | $25.30 |
Product_Line_Revenues_from_Ext
Product Line Revenues from External Customers (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Consolidated Net Sales | $822.60 | $804.80 | $787.60 | $779.30 | $809.70 | [1] | $725.20 | [1] | $696.40 | [1] | $690.60 | [1] | $731.10 | $701 | $674.90 | $642.30 | $3,194.30 | $2,921.90 | [1] | $2,749.30 |
Operating Segments | Consumer Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Consolidated Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,413.50 | 2,156.90 | 1,979.10 | |||||
Operating Segments | Consumer Domestic | Household Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Consolidated Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,436.10 | 1,411.30 | 1,295 | |||||
Operating Segments | Consumer Domestic | Personal Care Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Consolidated Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 977.4 | 745.6 | 684.1 | |||||
Operating Segments | Consumer International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Consolidated Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 532.8 | 510.1 | 509.1 | |||||
Operating Segments | Specialty Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Consolidated Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $248 | $254.90 | $261.10 | |||||
[1] | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L'IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 29, 2014 | Feb. 21, 2014 |
Subsequent Event | Subsequent Event | ||||
Accelerated Share Repurchase Contract | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | $500 | $140 |
Stock purchases, shares | 0.9 | ' | ' | ' | 2 |
Stock purchases, aggregate cost | 50 | ' | ' | ' | ' |
Payment for share repurchase | $50.10 | $250.40 | $80.20 | ' | $140 |
Schedule_Of_Quarterly_Financia
Schedule Of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||||||||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Net Sales | $822.60 | $804.80 | $787.60 | $779.30 | $809.70 | [1] | $725.20 | [1] | $696.40 | [1] | $690.60 | [1] | $731.10 | $701 | $674.90 | $642.30 | $3,194.30 | $2,921.90 | [1] | $2,749.30 | ||||||||||
Gross profit | 371.7 | 365.2 | 351 | 350.1 | 358.4 | 327.5 | 303 | 302.5 | 316.5 | 309.9 | 300 | 288.1 | 1,438 | 1,291.40 | 1,214.50 | |||||||||||||||
Income from Operations | 144.6 | [2] | 167.8 | [2] | 140.5 | [2] | 169.3 | [2] | 134.6 | 145.4 | 122.4 | 142.7 | 117.4 | 126.3 | 117.8 | 131.1 | 622.2 | [2] | 545.1 | 492.6 | ||||||||||
Equity in earnings of affiliates | 1.4 | 1.9 | -1.1 | 0.6 | 1.6 | 2.4 | 2.4 | 2.5 | 1.7 | 2.9 | 3.2 | 2.2 | 2.8 | 8.9 | 10 | |||||||||||||||
Net Income | $92.20 | $107.90 | $86.60 | $107.70 | $80.80 | $93.90 | $79.30 | $95.80 | $63.80 | [3] | $79.60 | [3] | $82.60 | [3] | $83.60 | [3] | $394.40 | $349.80 | $309.60 | [3] | ||||||||||
Net Income per Share-Basic | $0.66 | $0.78 | $0.62 | $0.78 | $0.58 | $0.67 | $0.57 | $0.67 | $0.45 | [3] | $0.55 | [3] | $0.58 | [3] | $0.59 | [3] | $2.85 | $2.50 | $2.16 | [3] | ||||||||||
Net Income per Share-Diluted | $0.65 | $0.76 | $0.61 | $0.76 | $0.57 | $0.66 | $0.56 | $0.66 | $0.44 | [3] | $0.54 | [3] | $0.57 | [3] | $0.58 | [3] | $2.79 | $2.45 | $2.12 | [3] | ||||||||||
[1] | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L'IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. | |||||||||||||||||||||||||||||
[2] | The fourth quarter of 2013 Income from Operations includes approximately $6.5 of trade name impairment charges. | |||||||||||||||||||||||||||||
[3] | The fourth quarter of 2011 Net Income and Net Income per Share includes a deferred tax valuation charge of approximately $13 (or $0.09 per share) and includes an additional month's results of three foreign subsidiaries due to the change in the fiscal calendar. The change increased net sales by $14.3, but had a nominal effect on net income. |
Schedule_Of_Quarterly_Financia1
Schedule Of Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net Sales | $822.60 | $804.80 | $787.60 | $779.30 | $809.70 | [1] | $725.20 | [1] | $696.40 | [1] | $690.60 | [1] | $731.10 | $701 | $674.90 | $642.30 | $3,194.30 | $2,921.90 | [1] | $2,749.30 |
Deferred tax valuation charge | ' | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | |||||
Deferred tax valuation charge, per share | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | ' | ' | ' | ' | ' | ' | |||||
Impact on net sales due to change in calendar periods | ' | ' | ' | ' | ' | ' | ' | ' | 14.3 | ' | ' | ' | ' | ' | ' | |||||
Trade names | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment charges | 6.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
L'IL CRITTERS and VITAFUSION Gummy Vitamin Dietary Supplement | Business Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net Sales | ' | ' | ' | ' | $70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | The fourth quarter of 2012 Net Sales includes approximately $70 associated with the acquisition of the L'IL CRITTERS and VITAFUSION gummy vitamin dietary supplement business. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning Balance | $0.80 | $1.80 | $5.50 |
Additions Charged to Expenses | 0.3 | -0.7 | -0.6 |
Acquired | 0 | 0 | 0 |
Deductions Amounts Written Off | -0.3 | -0.2 | -3 |
Foreign Exchange | 0 | -0.1 | -0.1 |
Ending Balance | 0.8 | 0.8 | 1.8 |
Allowance for Cash Discounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning Balance | 4.9 | 4 | 4.3 |
Additions Charged to Expenses | 65.2 | 57.7 | 52.9 |
Acquired | 0 | 0.7 | 0 |
Deductions Amounts Written Off | -65.1 | -57.4 | -53.3 |
Foreign Exchange | 0.1 | -0.1 | 0.1 |
Ending Balance | 5.1 | 4.9 | 4 |
Sales Returns and Allowances | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Beginning Balance | 17.5 | 10.1 | 9.7 |
Additions Charged to Expenses | 49.5 | 51.7 | 40.1 |
Acquired | 0 | 0.7 | 0 |
Deductions Amounts Written Off | -55.2 | -44.9 | -39.7 |
Foreign Exchange | -0.2 | -0.1 | 0 |
Ending Balance | $11.60 | $17.50 | $10.10 |