Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 28, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CHD | ' |
Entity Registrant Name | 'CHURCH & DWIGHT CO INC /DE/ | ' |
Entity Central Index Key | '0000313927 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 135,910,776 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net Sales | $782 | [1] | $779.30 | [1] |
Cost of sales | 442.6 | 429.2 | ||
Gross Profit | 339.4 | 350.1 | ||
Marketing expenses | 87.8 | 78.9 | ||
Selling, general and administrative expenses | 89.6 | 101.9 | ||
Income from Operations | 162 | 169.3 | ||
Equity in earnings of affiliates | 1.6 | 0.6 | ||
Investment earnings | 0.5 | 0.7 | ||
Other income (expense), net | -0.7 | -0.4 | ||
Interest expense | -6.7 | -7 | ||
Income before Income Taxes | 156.7 | [2] | 163.2 | [2] |
Income taxes | 54.1 | 55.5 | ||
Net Income | $102.60 | $107.70 | ||
Weighted average shares outstanding - Basic | 138 | 138.3 | ||
Weighted average shares outstanding - Diluted | 140.6 | 140.9 | ||
Net income per share - Basic | $0.74 | $0.78 | ||
Net income per share - Diluted | $0.73 | $0.76 | ||
Cash dividends per share | $0.31 | $0.28 | ||
[1] | Intersegment sales from Consumer International to Consumer Domestic were $0.2 and $0.9 for the three months ended March 31, 2014 and March 31, 2013, respectively. | |||
[2] | In determining Income before Income Taxes, interest expense, investment earnings and other income (expense) were allocated among segments based upon each segment's relative operating profit. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income | $102.60 | $107.70 |
Other comprehensive income, net of tax: | ' | ' |
Foreign exchange translation adjustments | -1.6 | -6.2 |
Defined benefit plan adjustments | 0 | 0.3 |
Income from derivative agreements | 0 | 0.3 |
Other comprehensive income (loss) | -1.6 | -5.6 |
Comprehensive income | $101 | $102.10 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $300 | $496.90 |
Accounts receivable, less allowances of $1.0 and $0.8 | 344.4 | 330.2 |
Inventories | 265 | 250.5 |
Deferred income taxes | 18.7 | 16.6 |
Other current assets | 25.7 | 21.6 |
Total Current Assets | 953.8 | 1,115.80 |
Property, Plant and Equipment, Net | 588.4 | 594.1 |
Equity Investment in Affiliates | 23.9 | 24.5 |
Tradenames and Other Intangibles, Net | 1,196.40 | 1,204.30 |
Goodwill | 1,222.20 | 1,222.20 |
Other Assets | 101.7 | 98.8 |
Total Assets | 4,086.40 | 4,259.70 |
Current Liabilities | ' | ' |
Short-term borrowings | 153.5 | 153.8 |
Accounts payable and accrued expenses | 470.5 | 495.1 |
Income taxes payable | 34.6 | 2.3 |
Total Current Liabilities | 658.6 | 651.2 |
Long-term Debt | 649.6 | 649.5 |
Deferred Income Taxes | 483.3 | 476 |
Deferred and Other Long-term Liabilities | 157.3 | 157.5 |
Pension, Postretirement and Postemployment Benefits | 24.2 | 25.5 |
Total Liabilities | 1,973 | 1,959.70 |
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 | 327.1 | 352.9 |
Retained earnings | 2,228.60 | 2,168.50 |
Accumulated other comprehensive income | -1.4 | 0.2 |
Common stock in treasury, at cost: 10,668,244 shares in 2014 and 7,462,913 shares in 2013 | -587.4 | -368.1 |
Total Church & Dwight Co., Inc. Stockholders' Equity | 2,113.30 | 2,299.90 |
Noncontrolling interest | 0.1 | 0.1 |
Total Stockholders' Equity | 2,113.40 | 2,300 |
Total Liabilities and Stockholders' Equity | $4,086.40 | $4,259.70 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $1 | $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 | 10,668,244 | 7,462,913 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flow (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flow From Operating Activities | ' | ' |
Net Income | $102.60 | $107.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 14.7 | 15.8 |
Amortization expense | 8.1 | 7.8 |
Deferred income taxes | 5.2 | 2.8 |
Equity in net earnings of affiliates | -1.6 | -0.6 |
Distributions from unconsolidated affiliates | 2.2 | 2.1 |
Non cash compensation expense | 2.3 | 1.7 |
Other | 0.9 | 0.3 |
Change in assets and liabilities: | ' | ' |
Accounts receivable | -13.8 | -30.9 |
Inventories | -14.3 | -14.7 |
Other current assets | -2.7 | -4 |
Accounts payable and accrued expenses | -27.7 | -13.4 |
Income taxes payable | 37.1 | 2.6 |
Excess tax benefit on stock options exercised | -6.1 | -3.5 |
Other operating assets and liabilities, net | -4.5 | -1.4 |
Net Cash Provided By Operating Activities | 102.4 | 72.3 |
Cash Flow From Investing Activities | ' | ' |
Additions to property, plant and equipment | -6.3 | -10.4 |
Investment interest in joint venture | 0 | -3.2 |
Investment in marketable securities | 0 | -19.7 |
Other | -0.3 | 0 |
Net Cash Used In Investing Activities | -6.6 | -33.3 |
Cash Flow From Financing Activities | ' | ' |
Short-term debt repayments | -0.5 | -50 |
Proceeds from stock options exercised | 7.2 | 5.8 |
Excess tax benefit on stock options exercised | 6.1 | 3.5 |
Payment of cash dividends | -42.5 | -38.6 |
Purchase of treasury stock | -260 | -50.3 |
Lease incentive proceeds | 0 | 10.9 |
Lease principal payments | -0.2 | -0.2 |
Net Cash Used In Financing Activities | -289.9 | -118.9 |
Effect of exchange rate changes on cash and cash equivalents | -2.8 | -3.5 |
Net Change In Cash and Cash Equivalents | -196.9 | -83.4 |
Cash and Cash Equivalents at Beginning of Period | 496.9 | 343 |
Cash and Cash Equivalents at End of Period | 300 | 259.6 |
Cash paid during the year for: | ' | ' |
Interest (net of amounts capitalized) | 1.3 | 1.5 |
Income taxes | 11.7 | 50.2 |
Supplemental disclosure of non-cash investing activities: | ' | ' |
Property, plant and equipment expenditures included in Accounts Payable | $4.80 | $2.20 |
Condensed_Consolidated_Stateme3
Condensed 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, 2012 | $2,061.10 | $146.40 | ($336.10) | $318.80 | $1,929.30 | $2.50 | $2,060.90 | $0.20 |
Beginning Balance (in shares) at Dec. 31, 2012 | ' | 146.4 | -7.6 | ' | ' | ' | ' | ' |
Net Income | 107.7 | 0 | 0 | 0 | 107.7 | 0 | 107.7 | 0 |
Other comprehensive income | -5.6 | 0 | 0 | 0 | 0 | -5.6 | -5.6 | 0 |
Cash dividends | -38.6 | 0 | 0 | 0 | -38.6 | 0 | -38.6 | 0 |
Stock purchases (in shares) | ' | 0 | -0.9 | ' | ' | ' | ' | ' |
Stock purchases | -50.3 | 0 | -50.3 | 0 | 0 | 0 | -50.3 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $3.7 in 2013 and $5.8 in 2014 (in shares) | ' | 0 | 0.3 | ' | ' | ' | ' | ' |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $3.7 in 2013 and $5.8 in 2014 | 11.1 | 0 | 1.6 | 9.5 | 0 | 0 | 11.1 | 0 |
Other stock issuances (in shares) | ' | 0 | 0 | ' | ' | ' | ' | ' |
Other stock issuances | 0.1 | 0 | 0 | 0.1 | 0 | 0 | 0.1 | 0 |
Ending Balance at Mar. 31, 2013 | 2,085.50 | 146.4 | -384.8 | 328.4 | 1,998.40 | -3.1 | 2,085.30 | 0.2 |
Ending Balance (in shares) at Mar. 31, 2013 | ' | 146.4 | -8.2 | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2013 | 2,300 | 146.4 | -368.1 | 352.9 | 2,168.50 | 0.2 | 2,299.90 | 0.1 |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 146.4 | -7.5 | ' | ' | ' | ' | ' |
Net Income | 102.6 | 0 | 0 | 0 | 102.6 | 0 | 102.6 | 0 |
Other comprehensive income | -1.6 | 0 | 0 | 0 | 0 | -1.6 | -1.6 | 0 |
Cash dividends | -42.5 | 0 | 0 | 0 | -42.5 | 0 | -42.5 | 0 |
Stock purchases (in shares) | ' | 0 | -3.5 | ' | ' | ' | ' | ' |
Stock purchases | -260 | 0 | -234 | -26 | 0 | 0 | -260 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $3.7 in 2013 and $5.8 in 2014 (in shares) | ' | 0 | 0.3 | ' | ' | ' | ' | ' |
Stock based compensation expense and stock option plan transactions, including related income tax benefits of $3.7 in 2013 and $5.8 in 2014 | 15.1 | 0 | 15.2 | -0.1 | 0 | 0 | 15.1 | 0 |
Other stock issuances (in shares) | ' | 0 | 0 | ' | ' | ' | ' | ' |
Other stock issuances | -0.2 | 0 | -0.5 | 0.3 | 0 | 0 | -0.2 | 0 |
Ending Balance at Mar. 31, 2014 | $2,113.40 | $146.40 | ($587.40) | $327.10 | $2,228.60 | ($1.40) | $2,113.30 | $0.10 |
Ending Balance (in shares) at Mar. 31, 2014 | ' | 146.4 | -10.7 | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock based compensation expense and stock option plan transactions, income tax benefits | $5.80 | $3.70 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Basis of Presentation | ' | |
1 | Basis of Presentation | |
The condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013 and the condensed consolidated statements of income, comprehensive income, cash flow and stockholders’ equity for the three months ended March 31, 2014 and March 31, 2013 have been prepared by Church & Dwight Co., Inc. (the “Company”). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at March 31, 2014 and results of operations and cash flow for all periods presented have been made. | ||
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “Form 10-K”). The results of operations for the period ended March 31, 2014 are not necessarily indicative of the operating results for the full year. | ||
The Company incurred research and development expenses in the first quarter of 2014 and 2013 of $13.1 and $14.4, respectively. These expenses are included in selling, general and administrative expenses. |
New_Accounting_Pronouncements_
New Accounting Pronouncements Adopted | 3 Months Ended | |
Mar. 31, 2014 | ||
New Accounting Pronouncements Adopted | ' | |
2 | New Accounting Pronouncements Adopted | |
There have been no accounting pronouncements issued but not yet adopted by the Company during this reporting period which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventories | ' | ||||||||
3 | Inventories | ||||||||
Inventories consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 72.1 | $ | 70.2 | |||||
Work in process | 27.7 | 30.4 | |||||||
Finished goods | 165.2 | 149.9 | |||||||
Total | $ | 265 | $ | 250.5 | |||||
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net ("PP&E") | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Property, Plant and Equipment, Net ("PP&E") | ' | ||||||||
4 | Property, Plant and Equipment, Net (“PP&E”) | ||||||||
PP&E consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 25.6 | $ | 25.7 | |||||
Buildings and improvements | 280.9 | 280.4 | |||||||
Machinery and equipment | 582 | 577.5 | |||||||
Software | 83.2 | 83 | |||||||
Office equipment and other assets | 58.5 | 57.7 | |||||||
Construction in progress | 45.8 | 42.9 | |||||||
Gross Property, Plant and Equipment | 1,076.00 | 1,067.20 | |||||||
Less accumulated depreciation and amortization | 487.6 | 473.1 | |||||||
Net Property, Plant and Equipment | $ | 588.4 | $ | 594.1 | |||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Depreciation and amortization on PP&E | $ | 14.7 | $ | 15.8 | |||||
Interest charges capitalized (in construction in progress) | $ | 0.2 | $ | 0.1 | |||||
Earnings_Per_Share_EPS
Earnings Per Share ("EPS") | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share ("EPS") | ' | ||||||||
5 | 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: | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding - basic | 138 | 138.3 | |||||||
Dilutive effect of stock options | 2.6 | 2.6 | |||||||
Weighted average common shares outstanding - diluted | 140.6 | 140.9 | |||||||
Antidilutive stock options outstanding | 0.7 | 0.1 | |||||||
On January 29, 2014, the Board authorized a new share repurchase program, under which the Company may repurchase up to $500 of Common Stock. This share repurchase program replaced the Company’s share repurchase program previously announced on November 5, 2012. In addition, the Board authorized a new evergreen share repurchase program, under which the Company may repurchase, from time to time, Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under the Company’s incentive plans. | |||||||||
As part of the new share repurchase programs, in the first quarter of 2014 the Company entered into accelerated share repurchase (“ASR”) contracts with a commercial bank to purchase $260 of Common Stock. The Company paid $260 to the bank and received an initial delivery of approximately 3.5 million shares of Common Stock. The Company used cash on hand to fund the purchase price. The value of the shares received on the date of purchase was $234. The remaining $26 represents the cost of the forward contracts which will be reflected as treasury stock upon settlement, with an additional delivery of approximately 0.3 million shares of Common Stock, which will occur in the second quarter of 2014. However, if the Company is required to deliver value to the commercial bank at the end of the purchase period, the Company, at its option, may elect to settle in Common Stock or cash. |
Stock_Based_Compensation_Plans
Stock Based Compensation Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Stock Based Compensation Plans | ' | ||||||||||||||||
6 | Stock Based Compensation Plans | ||||||||||||||||
The following table provides a summary of option activity during the three months ended March 31, 2014: | |||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at December 31, 2013 | 8.8 | $ | 39.47 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | (0.3 | ) | 20.7 | ||||||||||||||
Cancelled | (0.1 | ) | 54.36 | ||||||||||||||
Outstanding at March 31, 2014 | 8.4 | $ | 40.12 | 6 | $ | 242.3 | |||||||||||
Exercisable at March 31, 2014 | 4.1 | $ | 26.55 | 4 | $ | 176.4 | |||||||||||
The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards. The fair value of stock options issued was immaterial in the three months ended March 31, 2014 and March 31, 2013. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Intrinsic Value of Stock Options Exercised | $ | 16.3 | $ | 11.3 | |||||||||||||
Stock Compensation Expense Related to Stock Option Awards | $ | 2.1 | $ | 1.6 |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||
7 | 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 recognizes transfers between input levels as of the actual date of the event. There were no transfers between input levels during the three months ended March 31, 2014. | |||||||||||||||||||
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 March 31, 2014 and December 31, 2013. | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||
Input | Carrying | Fair | Carrying | Fair | |||||||||||||||
Level | Amount | Value | Amount | Value | |||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash equivalents | Level 2 | $ | 128.9 | $ | 128.9 | $ | 318.5 | $ | 318.5 | ||||||||||
Financial Liabilities: | |||||||||||||||||||
Short-term borrowings | Level 2 | 153.5 | 153.5 | 153.8 | 153.8 | ||||||||||||||
2.875% Senior notes | Level 2 | 399.7 | 380.4 | 399.7 | 369.8 | ||||||||||||||
3.35% Senior notes | Level 2 | 249.9 | 259.4 | 249.8 | 258.2 | ||||||||||||||
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. The estimated fair value of the Company’s cash equivalents approximates their carrying value. | |||||||||||||||||||
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 | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Derivative Instruments and Risk Management | ' | ||||||||||||||
8 | Derivative Instruments and Risk Management | ||||||||||||||
The following tables summarize the fair value of the Company’s derivative instruments and the effect of such derivative instruments on the Company’s Consolidated Statements of Income and on Other Comprehensive Income (“OCI”): | |||||||||||||||
Notional | Fair Value at | ||||||||||||||
Amount | March 31, | December 31, | |||||||||||||
Balance Sheet Location | March 31, 2014 | 2014 | 2013 | ||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Asset Derivatives | |||||||||||||||
Diesel fuel contracts | Other current assets | $ | 4.2 | $ | 0.1 | $ | 0.3 | ||||||||
Foreign exchange contracts | Other current assets | $ | 38.9 | 0.6 | 0.5 | ||||||||||
Total assets | $ | 0.7 | $ | 0.8 | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Asset Derivatives | |||||||||||||||
Equity derivatives | Other current assets | $ | 26.4 | $ | 0.1 | $ | 2.4 | ||||||||
Total assets | $ | 0.1 | $ | 2.4 | |||||||||||
Amount of Gain (Loss) | |||||||||||||||
Recognized in OCI from Derivatives | |||||||||||||||
for the Three Months Ended | |||||||||||||||
Other Comprehensive Income (Loss) Location | March 31, | March 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Diesel fuel contracts (net of taxes) | Other comprehensive income (loss) | $ | (0.2 | ) | $ | 0.1 | |||||||||
Foreign exchange contracts (net of taxes) | Other comprehensive income (loss) | 0.2 | 0.2 | ||||||||||||
Total gain (loss) recognized in OCI | $ | 0 | $ | 0.3 | |||||||||||
Amount of Gain (Loss) | |||||||||||||||
Recognized in Income | |||||||||||||||
for the Three Months Ended | |||||||||||||||
Income Statement Location | March 31, | March 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Equity derivatives | Selling, general and administrative expenses | $ | 1.0 | $ | 4.6 | ||||||||||
Total gain (loss) recognized in income | $ | 1 | $ | 4.6 | |||||||||||
The notional amount of a derivative 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 (observable market-based inputs or unobservable inputs that are corroborated by market data). |
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles, Net | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Goodwill and Other Intangibles, Net | ' | ||||||||||||||||||||||||||
9 | Goodwill and Other Intangibles, Net | ||||||||||||||||||||||||||
The following table provides information related to the carrying value of all intangible assets, other than goodwill: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Gross | Accumulated | Net | Amortization | Gross | Accumulated | Net | |||||||||||||||||||||
Carrying | Amortization | Period | Carrying | Amortization | |||||||||||||||||||||||
Amount | (Years) | Amount | |||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||
Tradenames | $ | 166.6 | $ | (75.9 | ) | $ | 90.7 | 20-Mar | $ | 166.8 | $ | (73.9 | ) | $ | 92.9 | ||||||||||||
Customer Relationships | 333 | (105.3 | ) | 227.7 | 15-20 | 333 | (100.4 | ) | 232.6 | ||||||||||||||||||
Patents/Formulas | 43.5 | (31.9 | ) | 11.6 | 20-Apr | 43.5 | (31.4 | ) | 12.1 | ||||||||||||||||||
Non Compete Agreement | 1.4 | (1.4 | ) | 0 | 10-May | 1.4 | (1.3 | ) | 0.1 | ||||||||||||||||||
Total | $ | 544.5 | $ | (214.5 | ) | $ | 330 | $ | 544.7 | $ | (207.0 | ) | $ | 337.7 | |||||||||||||
Indefinite lived intangible assets - Carrying value | |||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Tradenames | $ | 866.4 | $ | 866.6 | |||||||||||||||||||||||
Intangible amortization expense amounted to $7.6 and $7.4 for the first three months of 2014 and 2013, respectively. The Company estimates that intangible amortization expense will be approximately $30.3 in 2014 and approximately $30.0 in each of the next five years. | |||||||||||||||||||||||||||
The carrying amount of goodwill was identical as of March 31, 2014 and December 31, 2013, respectively: | |||||||||||||||||||||||||||
Consumer | Consumer | Specialty | Total | ||||||||||||||||||||||||
Domestic | International | Products | |||||||||||||||||||||||||
Balance December 31, 2013 | $ | 1,154.80 | $ | 47.2 | $ | 20.2 | $ | 1,222.20 | |||||||||||||||||||
Balance March 31, 2014 | $ | 1,154.80 | $ | 47.2 | $ | 20.2 | $ | 1,222.20 | |||||||||||||||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
10 | Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade accounts payable | $ | 263.7 | $ | 256.7 | |||||
Accrued marketing and promotion costs | 124 | 123.7 | |||||||
Accrued wages and related benefit costs | 28.4 | 67 | |||||||
Other accrued current liabilities | 54.4 | 47.7 | |||||||
Total | $ | 470.5 | $ | 495.1 | |||||
ShortTerm_Borrowings_and_LongT
Short-Term Borrowings and Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Short-term borrowings | |||||||||
Commercial paper issuances | $ | 150 | $ | 150 | |||||
Various debt due to international banks | 3.5 | 3.8 | |||||||
Total short-term borrowings | $ | 153.5 | $ | 153.8 | |||||
Long-term debt | |||||||||
2.875% Senior notes due October 1, 2022 | $ | 400 | $ | 400 | |||||
Less: Discount | (0.3 | ) | (0.3 | ) | |||||
3.35% Senior notes due December 15, 2015 | 250 | 250 | |||||||
Less: Discount | (0.1 | ) | (0.2 | ) | |||||
Net long-term debt | $ | 649.6 | $ | 649.5 | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||||||
12 | Accumulated Other Comprehensive Income | ||||||||||||||||
The components of changes in accumulated other comprehensive income for the three months ended March 31, 2014 and March 31, 2013 are as follows: | |||||||||||||||||
Foreign | Defined | Derivative | Accumulated | ||||||||||||||
Currency | Benefit | Agreements | Other | ||||||||||||||
Adjustments | Plans | Comprehensive | |||||||||||||||
Income (Loss) | |||||||||||||||||
Balance December 31, 2012 | $ | 22.8 | $ | (20.5 | ) | $ | 0.2 | $ | 2.5 | ||||||||
Other comprehensive income before reclassifications | (6.2 | ) | 0 | 0.2 | (6.0 | ) | |||||||||||
Amounts reclassified to consolidated statement of income (a) | 0 | 0.3 | 0 | 0.3 | |||||||||||||
Tax benefit (expense) | 0 | 0 | 0.1 | 0.1 | |||||||||||||
Other comprehensive income (loss) | (6.2 | ) | 0.3 | 0.3 | (5.6 | ) | |||||||||||
Balance March 31, 2013 | $ | 16.6 | $ | (20.2 | ) | $ | 0.5 | $ | (3.1 | ) | |||||||
Balance December 31, 2013 | $ | 12.7 | $ | (13.0 | ) | $ | 0.5 | $ | 0.2 | ||||||||
Other comprehensive income before reclassifications | (1.6 | ) | 0 | (0.3 | ) | (1.9 | ) | ||||||||||
Amounts reclassified to consolidated statement of income (a) | 0 | 0 | 0.3 | 0.3 | |||||||||||||
Other comprehensive income (loss) | (1.6 | ) | 0 | 0 | (1.6 | ) | |||||||||||
Balance March 31, 2014 | $ | 11.1 | $ | (13.0 | ) | $ | 0.5 | $ | (1.4 | ) | |||||||
(a) | Amounts classified to cost of sales and selling, general and administrative expenses. |
Benefit_Plans
Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Benefit Plans | ' | ||||||||||||||||
13 | Benefit Plans | ||||||||||||||||
The following tables provide information regarding the net periodic benefit costs for the Company’s international pension plans and domestic and international nonpension postretirement plans: | |||||||||||||||||
Pension Costs | Nonpension | ||||||||||||||||
Postretirement Costs | |||||||||||||||||
Three Months ended | Three Months ended | ||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||||||
Service cost | $ | 0.2 | $ | 0.3 | $ | 0.1 | $ | 0.1 | |||||||||
Interest cost | 1.1 | 1 | 0.2 | 0.3 | |||||||||||||
Expected return on plan assets | (1.5 | ) | (1.0 | ) | 0 | 0 | |||||||||||
Amortization of prior service cost | 0.1 | 0.2 | (0.4 | ) | 0.1 | ||||||||||||
Net periodic benefit (income) cost | $ | (0.1 | ) | $ | 0.5 | $ | (0.1 | ) | $ | 0.5 | |||||||
The Company made cash contributions of approximately $0.8 to its pension plans during the first three months of 2014. The Company estimates it will be required to make additional cash contributions to its pension plans of approximately $2.6 in the remainder of 2014 to offset 2014 benefit payments and administrative costs in excess of investment returns. |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 3 Months Ended | |
Mar. 31, 2014 | ||
Commitments, Contingencies and Guarantees | ' | |
14 | Commitments, Contingencies and Guarantees | |
Commitments | ||
a. The Company has 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. With the exception of the Natronx Technologies LLC (“Natronx”) joint venture, in which the Company and the partner supplier are each one-third owners, the Company is not engaged in any other material transactions with the partnership or the partner supplier. | ||
b. As of March 31, 2014, the Company had commitments through 2019 of approximately $251.1. These commitments include the purchase of raw materials, packaging supplies and services from its vendors at market prices to enable the Company to respond quickly to changes in customer orders or requirements, as well as costs associated with licensing and promotion agreements. | ||
c. As of March 31, 2014, 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 $19.5 to one of its United Kingdom pension plans effective January 1, 2011, and (iii) $3.4 worth of assets subject to guarantees for its Brazil operations for value added tax assessments and labor related cases currently under appeal. | ||
d. 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 $3.0 had been made as of March 31, 2014. 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 for products incorporating the acquired technology. | ||
Environmental matter | ||
e. 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. $2.2 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 the first step in QGN’s proposed remediation plans, the installation of a trench drain to capture and treat groundwater at the site. QGN began construction of the trench drain during the first quarter of 2014 and expects to continue discussions with INEMA concerning the resolution of the fine. | ||
As a result of the foregoing events, the Company accrued approximately $3 in 2009 and $4.8 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 $3.7 to a current amount of $4.1. As a result of INEMA’s approval of the first step in QGN’s remediation plans, the Company does not believe that QGN 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 to be in the range of $30 to $50. | ||
Legal and tax proceedings | ||
f. 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’s liabilities for uncertain tax positions are $5.9 as of March 31, 2014. The Company does not expect potential audit settlements and the expiration of applicable statutes of limitations within the next twelve months to significantly impact unrecognized tax benefits. | ||
g. 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. | ||
h. In addition, 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. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Related Party Transactions | ' | ||||||||||||||||||||||||
15 | Related Party Transactions | ||||||||||||||||||||||||
The following summarizes the balances and transactions between the Company and each of (i) Armand Products Company (“Armand”) and The ArmaKleen Company (“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 | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Purchases by Company | $ | 4.5 | $ | 4.3 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Sales by Company | $ | 0 | $ | 0 | $ | 0.3 | $ | 0.3 | $ | 0.4 | $ | 0.4 | |||||||||||||
Outstanding Accounts Receivable | $ | 0.5 | $ | 3.4 | $ | 0.9 | $ | 1.3 | $ | 0.3 | $ | 0.5 | |||||||||||||
Outstanding Accounts Payable | $ | 1.9 | $ | 2.1 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Administration & Management Oversight Services (1) | $ | 0.6 | $ | 0.4 | $ | 0.5 | $ | 0.5 | $ | 0.2 | $ | 0.3 | |||||||||||||
(1) | Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Segments
Segments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Segments | ' | ||||||||||||||||||||
16 | Segments | ||||||||||||||||||||
Segment Information | |||||||||||||||||||||
The Company operates three reportable segments: Consumer Domestic, Consumer International and Specialty Products Division (“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 March 31, 2014, the Company held a 50% ownership interest 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 three months ended March 31, 2014 and March 31, 2013 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. | |||||||||||||||||||||
Segment Net Sales and Income before Income Taxes for the three months ended March 31, 2014 and March 31, 2013 are as follows: | |||||||||||||||||||||
Consumer | Consumer | SPD | Corporate(3) | Total | |||||||||||||||||
Domestic | International | ||||||||||||||||||||
Net Sales(1) | |||||||||||||||||||||
First Quarter 2014 | $ | 593.3 | $ | 123.8 | $ | 64.9 | $ | 0 | $ | 782 | |||||||||||
First Quarter 2013 | 591 | 129.3 | 59 | 0 | 779.3 | ||||||||||||||||
Income Before Income Taxes(2) | |||||||||||||||||||||
First Quarter 2014 | $ | 126.9 | $ | 18.2 | $ | 10 | $ | 1.6 | $ | 156.7 | |||||||||||
First Quarter 2013 | 134 | 21.6 | 7 | 0.6 | 163.2 | ||||||||||||||||
-1 | Intersegment sales from Consumer International to Consumer Domestic were $0.2 and $0.9 for the three months ended March 31, 2014 and March 31, 2013, respectively. | ||||||||||||||||||||
-2 | In determining Income before Income Taxes, interest expense, investment earnings and other income (expense) were allocated among segments based upon each segment’s relative operating profit. | ||||||||||||||||||||
-3 | Corporate consists of equity in earnings (losses) of affiliates from Armand, ArmaKleen and Natronx. | ||||||||||||||||||||
Product line revenues from external customers are as follows: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Household Products | $ | 352.5 | $ | 358.7 | |||||||||||||||||
Personal Care Products | 240.8 | 232.3 | |||||||||||||||||||
Total Consumer Domestic | 593.3 | 591 | |||||||||||||||||||
Total Consumer International | 123.8 | 129.3 | |||||||||||||||||||
Total SPD | 64.9 | 59 | |||||||||||||||||||
Total Consolidated Net Sales | $ | 782 | $ | 779.3 | |||||||||||||||||
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. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 72.1 | $ | 70.2 | |||||
Work in process | 27.7 | 30.4 | |||||||
Finished goods | 165.2 | 149.9 | |||||||
Total | $ | 265 | $ | 250.5 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net ("PP&E") (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Property, Plant and Equipment | ' | ||||||||
PP&E consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 25.6 | $ | 25.7 | |||||
Buildings and improvements | 280.9 | 280.4 | |||||||
Machinery and equipment | 582 | 577.5 | |||||||
Software | 83.2 | 83 | |||||||
Office equipment and other assets | 58.5 | 57.7 | |||||||
Construction in progress | 45.8 | 42.9 | |||||||
Gross Property, Plant and Equipment | 1,076.00 | 1,067.20 | |||||||
Less accumulated depreciation and amortization | 487.6 | 473.1 | |||||||
Net Property, Plant and Equipment | $ | 588.4 | $ | 594.1 | |||||
Depreciation and Interest Charges on Property, Plant and Equipment | ' | ||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Depreciation and amortization on PP&E | $ | 14.7 | $ | 15.8 | |||||
Interest charges capitalized (in construction in progress) | $ | 0.2 | $ | 0.1 | |||||
Earnings_Per_Share_EPS_Tables
Earnings Per Share ("EPS") (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Reconciliation of Weighted Average Number of Shares of Common Stock 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: | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding - basic | 138 | 138.3 | |||||||
Dilutive effect of stock options | 2.6 | 2.6 | |||||||
Weighted average common shares outstanding - diluted | 140.6 | 140.9 | |||||||
Antidilutive stock options outstanding | 0.7 | 0.1 | |||||||
Stock_Based_Compensation_Plans1
Stock Based Compensation Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Summary of Option Activity | ' | ||||||||||||||||
The following table provides a summary of option activity during the three months ended March 31, 2014: | |||||||||||||||||
Options | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
Outstanding at December 31, 2013 | 8.8 | $ | 39.47 | ||||||||||||||
Granted | 0 | 0 | |||||||||||||||
Exercised | (0.3 | ) | 20.7 | ||||||||||||||
Cancelled | (0.1 | ) | 54.36 | ||||||||||||||
Outstanding at March 31, 2014 | 8.4 | $ | 40.12 | 6 | $ | 242.3 | |||||||||||
Exercisable at March 31, 2014 | 4.1 | $ | 26.55 | 4 | $ | 176.4 | |||||||||||
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 and stock compensation expense related to stock option awards. The fair value of stock options issued was immaterial in the three months ended March 31, 2014 and March 31, 2013. | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Intrinsic Value of Stock Options Exercised | $ | 16.3 | $ | 11.3 | |||||||||||||
Stock Compensation Expense Related to Stock Option Awards | $ | 2.1 | $ | 1.6 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
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 March 31, 2014 and December 31, 2013. | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||
Input | Carrying | Fair | Carrying | Fair | |||||||||||||||
Level | Amount | Value | Amount | Value | |||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash equivalents | Level 2 | $ | 128.9 | $ | 128.9 | $ | 318.5 | $ | 318.5 | ||||||||||
Financial Liabilities: | |||||||||||||||||||
Short-term borrowings | Level 2 | 153.5 | 153.5 | 153.8 | 153.8 | ||||||||||||||
2.875% Senior notes | Level 2 | 399.7 | 380.4 | 399.7 | 369.8 | ||||||||||||||
3.35% Senior notes | Level 2 | 249.9 | 259.4 | 249.8 | 258.2 |
Derivative_Instruments_and_Ris1
Derivative Instruments and Risk Management (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Fair Value of Derivative Instruments | ' | ||||||||||||||
The following tables summarize the fair value of the Company’s derivative instruments and the effect of such derivative instruments on the Company’s Consolidated Statements of Income and on Other Comprehensive Income (“OCI”): | |||||||||||||||
Notional | Fair Value at | ||||||||||||||
Amount | March 31, | December 31, | |||||||||||||
Balance Sheet Location | March 31, 2014 | 2014 | 2013 | ||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Asset Derivatives | |||||||||||||||
Diesel fuel contracts | Other current assets | $ | 4.2 | $ | 0.1 | $ | 0.3 | ||||||||
Foreign exchange contracts | Other current assets | $ | 38.9 | 0.6 | 0.5 | ||||||||||
Total assets | $ | 0.7 | $ | 0.8 | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Asset Derivatives | |||||||||||||||
Equity derivatives | Other current assets | $ | 26.4 | $ | 0.1 | $ | 2.4 | ||||||||
Total assets | $ | 0.1 | $ | 2.4 | |||||||||||
Amount of Gain (Loss) | |||||||||||||||
Recognized in OCI from Derivatives | |||||||||||||||
for the Three Months Ended | |||||||||||||||
Other Comprehensive Income (Loss) Location | March 31, | March 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Diesel fuel contracts (net of taxes) | Other comprehensive income (loss) | $ | (0.2 | ) | $ | 0.1 | |||||||||
Foreign exchange contracts (net of taxes) | Other comprehensive income (loss) | 0.2 | 0.2 | ||||||||||||
Total gain (loss) recognized in OCI | $ | 0 | $ | 0.3 | |||||||||||
Amount of Gain (Loss) | |||||||||||||||
Recognized in Income | |||||||||||||||
for the Three Months Ended | |||||||||||||||
Income Statement Location | March 31, | March 31, | |||||||||||||
2014 | 2013 | ||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Equity derivatives | Selling, general and administrative expenses | $ | 1.0 | $ | 4.6 | ||||||||||
Total gain (loss) recognized in income | $ | 1 | $ | 4.6 | |||||||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles, Net (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Amortizable Intangible Assets | ' | ||||||||||||||||||||||||||
The following table provides information related to the carrying value of all intangible assets, other than goodwill: | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Gross | Accumulated | Net | Amortization | Gross | Accumulated | Net | |||||||||||||||||||||
Carrying | Amortization | Period | Carrying | Amortization | |||||||||||||||||||||||
Amount | (Years) | Amount | |||||||||||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||||||||||||
Tradenames | $ | 166.6 | $ | (75.9 | ) | $ | 90.7 | 20-Mar | $ | 166.8 | $ | (73.9 | ) | $ | 92.9 | ||||||||||||
Customer Relationships | 333 | (105.3 | ) | 227.7 | 15-20 | 333 | (100.4 | ) | 232.6 | ||||||||||||||||||
Patents/Formulas | 43.5 | (31.9 | ) | 11.6 | 20-Apr | 43.5 | (31.4 | ) | 12.1 | ||||||||||||||||||
Non Compete Agreement | 1.4 | (1.4 | ) | 0 | 10-May | 1.4 | (1.3 | ) | 0.1 | ||||||||||||||||||
Total | $ | 544.5 | $ | (214.5 | ) | $ | 330 | $ | 544.7 | $ | (207.0 | ) | $ | 337.7 | |||||||||||||
Indefinite Lived Intangible Assets | ' | ||||||||||||||||||||||||||
Indefinite lived intangible assets - Carrying value | |||||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Tradenames | $ | 866.4 | $ | 866.6 | |||||||||||||||||||||||
Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||||
The carrying amount of goodwill was identical as of March 31, 2014 and December 31, 2013, respectively: | |||||||||||||||||||||||||||
Consumer | Consumer | Specialty | Total | ||||||||||||||||||||||||
Domestic | International | Products | |||||||||||||||||||||||||
Balance December 31, 2013 | $ | 1,154.80 | $ | 47.2 | $ | 20.2 | $ | 1,222.20 | |||||||||||||||||||
Balance March 31, 2014 | $ | 1,154.80 | $ | 47.2 | $ | 20.2 | $ | 1,222.20 | |||||||||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Trade accounts payable | $ | 263.7 | $ | 256.7 | |||||
Accrued marketing and promotion costs | 124 | 123.7 | |||||||
Accrued wages and related benefit costs | 28.4 | 67 | |||||||
Other accrued current liabilities | 54.4 | 47.7 | |||||||
Total | $ | 470.5 | $ | 495.1 | |||||
ShortTerm_Borrowings_and_LongT1
Short-Term Borrowings and Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Components of Short-Term Borrowings and Long-Term Debt | ' | ||||||||
Short-term borrowings and long-term debt consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Short-term borrowings | |||||||||
Commercial paper issuances | $ | 150 | $ | 150 | |||||
Various debt due to international banks | 3.5 | 3.8 | |||||||
Total short-term borrowings | $ | 153.5 | $ | 153.8 | |||||
Long-term debt | |||||||||
2.875% Senior notes due October 1, 2022 | $ | 400 | $ | 400 | |||||
Less: Discount | (0.3 | ) | (0.3 | ) | |||||
3.35% Senior notes due December 15, 2015 | 250 | 250 | |||||||
Less: Discount | (0.1 | ) | (0.2 | ) | |||||
Net long-term debt | $ | 649.6 | $ | 649.5 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Components of Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of changes in accumulated other comprehensive income for the three months ended March 31, 2014 and March 31, 2013 are as follows: | |||||||||||||||||
Foreign | Defined | Derivative | Accumulated | ||||||||||||||
Currency | Benefit | Agreements | Other | ||||||||||||||
Adjustments | Plans | Comprehensive | |||||||||||||||
Income (Loss) | |||||||||||||||||
Balance December 31, 2012 | $ | 22.8 | $ | (20.5 | ) | $ | 0.2 | $ | 2.5 | ||||||||
Other comprehensive income before reclassifications | (6.2 | ) | 0 | 0.2 | (6.0 | ) | |||||||||||
Amounts reclassified to consolidated statement of income (a) | 0 | 0.3 | 0 | 0.3 | |||||||||||||
Tax benefit (expense) | 0 | 0 | 0.1 | 0.1 | |||||||||||||
Other comprehensive income (loss) | (6.2 | ) | 0.3 | 0.3 | (5.6 | ) | |||||||||||
Balance March 31, 2013 | $ | 16.6 | $ | (20.2 | ) | $ | 0.5 | $ | (3.1 | ) | |||||||
Balance December 31, 2013 | $ | 12.7 | $ | (13.0 | ) | $ | 0.5 | $ | 0.2 | ||||||||
Other comprehensive income before reclassifications | (1.6 | ) | 0 | (0.3 | ) | (1.9 | ) | ||||||||||
Amounts reclassified to consolidated statement of income (a) | 0 | 0 | 0.3 | 0.3 | |||||||||||||
Other comprehensive income (loss) | (1.6 | ) | 0 | 0 | (1.6 | ) | |||||||||||
Balance March 31, 2014 | $ | 11.1 | $ | (13.0 | ) | $ | 0.5 | $ | (1.4 | ) | |||||||
(a) | Amounts classified to cost of sales and selling, general and administrative expenses. |
Benefit_Plans_Tables
Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||
The following tables provide information regarding the net periodic benefit costs for the Company’s international pension plans and domestic and international nonpension postretirement plans: | |||||||||||||||||
Pension Costs | Nonpension | ||||||||||||||||
Postretirement Costs | |||||||||||||||||
Three Months ended | Three Months ended | ||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of Net Periodic Benefit Cost: | |||||||||||||||||
Service cost | $ | 0.2 | $ | 0.3 | $ | 0.1 | $ | 0.1 | |||||||||
Interest cost | 1.1 | 1 | 0.2 | 0.3 | |||||||||||||
Expected return on plan assets | (1.5 | ) | (1.0 | ) | 0 | 0 | |||||||||||
Amortization of prior service cost | 0.1 | 0.2 | (0.4 | ) | 0.1 | ||||||||||||
Net periodic benefit (income) cost | $ | (0.1 | ) | $ | 0.5 | $ | (0.1 | ) | $ | 0.5 | |||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Schedule of Related Party Transactions | ' | ||||||||||||||||||||||||
The following summarizes the balances and transactions between the Company and each of (i) Armand Products Company (“Armand”) and The ArmaKleen Company (“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 | |||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||||||||||||||||
March 31, | March 31, | March 31, | March 31, | March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Purchases by Company | $ | 4.5 | $ | 4.3 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Sales by Company | $ | 0 | $ | 0 | $ | 0.3 | $ | 0.3 | $ | 0.4 | $ | 0.4 | |||||||||||||
Outstanding Accounts Receivable | $ | 0.5 | $ | 3.4 | $ | 0.9 | $ | 1.3 | $ | 0.3 | $ | 0.5 | |||||||||||||
Outstanding Accounts Payable | $ | 1.9 | $ | 2.1 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||
Administration & Management Oversight Services (1) | $ | 0.6 | $ | 0.4 | $ | 0.5 | $ | 0.5 | $ | 0.2 | $ | 0.3 | |||||||||||||
(1) | Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Segments_Tables
Segments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Segment Net Sales and Income Before Income Taxes | ' | ||||||||||||||||||||
Segment Net Sales and Income before Income Taxes for the three months ended March 31, 2014 and March 31, 2013 are as follows: | |||||||||||||||||||||
Consumer | Consumer | SPD | Corporate(3) | Total | |||||||||||||||||
Domestic | International | ||||||||||||||||||||
Net Sales(1) | |||||||||||||||||||||
First Quarter 2014 | $ | 593.3 | $ | 123.8 | $ | 64.9 | $ | 0 | $ | 782 | |||||||||||
First Quarter 2013 | 591 | 129.3 | 59 | 0 | 779.3 | ||||||||||||||||
Income Before Income Taxes(2) | |||||||||||||||||||||
First Quarter 2014 | $ | 126.9 | $ | 18.2 | $ | 10 | $ | 1.6 | $ | 156.7 | |||||||||||
First Quarter 2013 | 134 | 21.6 | 7 | 0.6 | 163.2 | ||||||||||||||||
-1 | Intersegment sales from Consumer International to Consumer Domestic were $0.2 and $0.9 for the three months ended March 31, 2014 and March 31, 2013, respectively. | ||||||||||||||||||||
-2 | In determining Income before Income Taxes, interest expense, investment earnings and other income (expense) were allocated among segments based upon each segment’s relative operating profit. | ||||||||||||||||||||
-3 | Corporate consists of equity in earnings (losses) of affiliates from Armand, ArmaKleen and Natronx. | ||||||||||||||||||||
Product Line Revenues From External Customers | ' | ||||||||||||||||||||
Product line revenues from external customers are as follows: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Household Products | $ | 352.5 | $ | 358.7 | |||||||||||||||||
Personal Care Products | 240.8 | 232.3 | |||||||||||||||||||
Total Consumer Domestic | 593.3 | 591 | |||||||||||||||||||
Total Consumer International | 123.8 | 129.3 | |||||||||||||||||||
Total SPD | 64.9 | 59 | |||||||||||||||||||
Total Consolidated Net Sales | $ | 782 | $ | 779.3 | |||||||||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Research and development expenses | $13.10 | $14.40 |
Components_of_Inventories_Deta
Components of Inventories (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract] | ' | ' |
Raw materials and supplies | $72.10 | $70.20 |
Work in process | 27.7 | 30.4 |
Finished goods | 165.2 | 149.9 |
Total | $265 | $250.50 |
Components_of_Property_Plant_a
Components of Property, Plant and Equipment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, Plant and Equipment | $1,076 | $1,067.20 |
Less accumulated depreciation and amortization | 487.6 | 473.1 |
Net Property, Plant and Equipment | 588.4 | 594.1 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, Plant and Equipment | 25.6 | 25.7 |
Building and Building Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, Plant and Equipment | 280.9 | 280.4 |
Machinery and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, Plant and Equipment | 582 | 577.5 |
Software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, Plant and Equipment | 83.2 | 83 |
Office equipment and other assets | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, Plant and Equipment | 58.5 | 57.7 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross Property, Plant and Equipment | $45.80 | $42.90 |
Depreciation_and_Interest_Char
Depreciation and Interest Charges on Property, Plant and Equipment (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciation and amortization on PP&E | $14.70 | $15.80 |
Interest charges capitalized (in construction in progress) | $0.20 | $0.10 |
Reconciliation_of_Weighted_Ave
Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share Reconciliation [Abstract] | ' | ' |
Weighted average common shares outstanding - basic | 138 | 138.3 |
Dilutive effect of stock options | 2.6 | 2.6 |
Weighted average common shares outstanding - diluted | 140.6 | 140.9 |
Antidilutive stock options outstanding | 0.7 | 0.1 |
Earning_Per_Share_EPS_Addition
Earning Per Share ("EPS") - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jan. 29, 2014 |
Accelerated Share Repurchase Contract | Accelerated Share Repurchase Contract | Maximum | |||
Scenario, Forecast | |||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Share repurchase program, authorized amount | ' | ' | ' | ' | $500 |
Accelerated share repurchase agreements, contract value | ' | ' | 260 | ' | ' |
Payment for share repurchase | 260 | 50.3 | 260 | ' | ' |
Stock purchases, shares | ' | ' | 3.5 | 0.3 | ' |
Stock purchases, aggregate cost | 260 | 50.3 | 234 | ' | ' |
Stock purchases, aggregate cost | ' | ' | $26 | ' | ' |
Summary_of_Option_Activity_Det
Summary of Option Activity (Detail) (USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Beginning Balance, Options | 8.8 |
Granted, Options | 0 |
Exercised, Options | -0.3 |
Cancelled, Options | -0.1 |
Ending Balance, Options | 8.4 |
Exercisable at March 31, 2014, Options | 4.1 |
Beginning Balance, Weighted-Average Exercise Price | $39.47 |
Granted, Weighted-Average Exercise Price | $0 |
Exercised, Weighted-Average Exercise Price | $20.70 |
Cancelled, Weighted-Average Exercise Price | $54.36 |
Ending Balance, Weighted-Average Exercise Price | $40.12 |
Exercisable at March 31, 2014, Weighted-Average Exercise Price | $26.55 |
Outstanding at March 31, 2014, Weighted-Average Remaining Contractual Term, years | '6 years |
Exercisable at March 31, 2014, Weighted-Average Remaining Contractual Term, years | '4 years |
Outstanding at March 31, 2014, Aggregate Intrinsic Value | $242.30 |
Exercisable at March 31, 2014, Aggregate Intrinsic Value | $176.40 |
Schedule_of_Share_Based_Compen
Schedule of Share Based Compensation Stock Options (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Intrinsic Value of Stock Options Exercised | $16.30 | $11.30 |
Stock Compensation Expense Related to Stock Option Awards | $2.10 | $1.60 |
Carrying_Amounts_and_Estimated
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Detail) (Fair Value, Inputs, Level 2, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Carrying Amount | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | $128.90 | $318.50 |
Short-term borrowings | 153.5 | 153.8 |
Carrying Amount | 2.875% Senior notes due October 1, 2022 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior notes | 399.7 | 399.7 |
Carrying Amount | 3.35% Senior Notes Due December 15, 2015 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior notes | 249.9 | 249.8 |
Fair Value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash equivalents | 128.9 | 318.5 |
Short-term borrowings | 153.5 | 153.8 |
Fair Value | 2.875% Senior notes due October 1, 2022 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior notes | 380.4 | 369.8 |
Fair Value | 3.35% Senior Notes Due December 15, 2015 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Senior notes | $259.40 | $258.20 |
Carrying_Amounts_and_Estimated1
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Parenthetical) (Detail) | Mar. 31, 2014 | Dec. 31, 2013 |
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% |
2.875% 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% |
Fair_Value_of_Derivative_Instr
Fair Value of Derivative Instruments (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Designated as Hedging Instrument | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Fair Value | $0.70 | ' | $0.80 |
Amount of Gains (Loss) Recognized in OCI | 0 | 0.3 | ' |
Designated as Hedging Instrument | Diesel Fuel Contracts | Other Comprehensive Income (Loss) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gains (Loss) Recognized in OCI | -0.2 | 0.1 | ' |
Designated as Hedging Instrument | Diesel Fuel Contracts | Other Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Notional Amount | 4.2 | ' | ' |
Asset Derivatives, Fair Value | 0.1 | ' | 0.3 |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Comprehensive Income (Loss) | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gains (Loss) Recognized in OCI | 0.2 | 0.2 | ' |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Notional Amount | 38.9 | ' | ' |
Asset Derivatives, Fair Value | 0.6 | ' | 0.5 |
Not Designated as Hedging Instrument | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Fair Value | 0.1 | ' | 2.4 |
Amount of Gain (Loss) Recognized in Income | 1 | 4.6 | ' |
Not Designated as Hedging Instrument | Equity Derivatives | Selling, General And Administrative Expenses | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Amount of Gain (Loss) Recognized in Income | 1 | 4.6 | ' |
Not Designated as Hedging Instrument | Equity Derivatives | Other Current Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Asset Derivatives, Notional Amount | 26.4 | ' | ' |
Asset Derivatives, Fair Value | $0.10 | ' | $2.40 |
Derivative_Instruments_and_Ris2
Derivative Instruments and Risk Management - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Derivative [Line Items] | ' |
Derivatives, determination of fair value | 'The fair values of the derivative instruments disclosed above were measured based on Level 2 inputs |
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Trade names | Trade names | Customer Relationships | Customer Relationships | Patents | Patents | Noncompete Agreements | Noncompete Agreements | Minimum | Minimum | Minimum | Minimum | 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 | $544.50 | $544.70 | $166.60 | $166.80 | $333 | $333 | $43.50 | $43.50 | $1.40 | $1.40 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization | -214.5 | -207 | -75.9 | -73.9 | -105.3 | -100.4 | -31.9 | -31.4 | -1.4 | -1.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Net | $330 | $337.70 | $90.70 | $92.90 | $227.70 | $232.60 | $11.60 | $12.10 | $0 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization Period (Years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '15 years | '4 years | '5 years | '20 years | '20 years | '20 years | '10 years |
Indefinite_Lived_Intangible_As
Indefinite Lived Intangible Assets (Detail) (Trade names, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Trade names | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value, Trade names | $866.40 | $866.60 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles, Net - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract] | ' | ' |
Amortization expense of intangible assets | $7.60 | $7.40 |
Estimated amortization expense, 2014 | 30.3 | ' |
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 | ' |
Carrying_Amount_of_Goodwill_De
Carrying Amount of Goodwill (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Beginning balance | $1,222.20 | $1,222.20 |
Ending balance | 1,222.20 | 1,222.20 |
Consumer Domestic | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 1,154.80 | 1,154.80 |
Ending balance | 1,154.80 | 1,154.80 |
Consumer International | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 47.2 | 47.2 |
Ending balance | 47.2 | 47.2 |
Specialty Products | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning balance | 20.2 | 20.2 |
Ending balance | $20.20 | $20.20 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | ' |
Trade accounts payable | $263.70 | $256.70 |
Accrued marketing and promotion costs | 124 | 123.7 |
Accrued wages and related benefit costs | 28.4 | 67 |
Other accrued current liabilities | 54.4 | 47.7 |
Total | $470.50 | $495.10 |
Summary_of_ShortTerm_Borrowing
Summary of Short-Term Borrowings and Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Commercial paper issuances | $150 | $150 |
Various debt due to international banks | 3.5 | 3.8 |
Total short-term borrowings | 153.5 | 153.8 |
Net long-term debt | 649.6 | 649.5 |
2.875% Senior notes due October 1, 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 400 | 400 |
Less: Discount | -0.3 | -0.3 |
3.35% Senior Notes Due December 15, 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior notes | 250 | 250 |
Less: Discount | ($0.10) | ($0.20) |
Summary_of_ShortTerm_Borrowing1
Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
2.875% Senior notes due October 1, 2022 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate of debt | 2.88% | 2.88% |
Maturity date of debt | 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 |
Components_of_Changes_in_Accum
Components of Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning balance | $0.20 | $2.50 | ||
Other comprehensive income before reclassifications | -1.9 | -6 | ||
Amounts reclassified to consolidated statement of income | 0.3 | [1] | 0.3 | [1] |
Tax benefit (expense) | ' | 0.1 | ||
Other comprehensive income (loss) | -1.6 | -5.6 | ||
Ending balance | -1.4 | -3.1 | ||
Foreign Currency Adjustments | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning balance | 12.7 | 22.8 | ||
Other comprehensive income before reclassifications | -1.6 | -6.2 | ||
Amounts reclassified to consolidated statement of income | 0 | [1] | 0 | [1] |
Tax benefit (expense) | ' | 0 | ||
Other comprehensive income (loss) | -1.6 | -6.2 | ||
Ending balance | 11.1 | 16.6 | ||
Defined Benefit Plans | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning balance | -13 | -20.5 | ||
Other comprehensive income before reclassifications | 0 | 0 | ||
Amounts reclassified to consolidated statement of income | 0 | [1] | 0.3 | [1] |
Tax benefit (expense) | ' | 0 | ||
Other comprehensive income (loss) | 0 | 0.3 | ||
Ending balance | -13 | -20.2 | ||
Derivative Agreements | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ||
Beginning balance | 0.5 | 0.2 | ||
Other comprehensive income before reclassifications | -0.3 | 0.2 | ||
Amounts reclassified to consolidated statement of income | 0.3 | [1] | 0 | [1] |
Tax benefit (expense) | ' | 0.1 | ||
Other comprehensive income (loss) | 0 | 0.3 | ||
Ending balance | $0.50 | $0.50 | ||
[1] | Amounts classified to cost of sales and selling, general and administrative expenses. |
Components_Of_Net_Periodic_Ben
Components Of Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Costs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | $0.20 | $0.30 |
Interest cost | 1.1 | 1 |
Expected return on plan assets | -1.5 | -1 |
Amortization of prior service cost | 0.1 | 0.2 |
Net periodic benefit (income) cost | -0.1 | 0.5 |
Nonpension Postretirement Costs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Service cost | 0.1 | 0.1 |
Interest cost | 0.2 | 0.3 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | -0.4 | 0.1 |
Net periodic benefit (income) cost | ($0.10) | $0.50 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Cash contributions to pension plans | $0.80 |
Estimated cash contributions by employer in the remainder of 2014 | $2.60 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 63 Months Ended | 0 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2010 | Dec. 31, 2009 | Mar. 31, 2014 | Dec. 31, 2010 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 08, 2011 | Mar. 31, 2014 | Nov. 08, 2011 |
USD ($) | USD ($) | USD ($) | USD ($) | BRL | Financial Guarantee | Collateralized Debt Obligations | Oral Care Technology | Oral Care Technology | Oral Care Technology | |
T | USD ($) | USD ($) | USD ($) | USD ($) | Collateralized Debt Obligations | |||||
USD ($) | ||||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual purchase commitment, in tons | 240,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments | $251.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | 5.1 | ' | ' | 5.1 | ' | ' | ' | ' | ' | ' |
Guarantees | ' | ' | ' | ' | ' | 19.5 | 3.4 | ' | ' | 5.5 |
Cash consideration | ' | ' | ' | ' | ' | ' | ' | 4.3 | ' | ' |
Potential license payment | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' |
Advance royalty payments | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' |
Imposition of fine | ' | 2.2 | ' | ' | 5 | ' | ' | ' | ' | ' |
Remediation and related costs | ' | 4.8 | 3 | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses for remediation, fines and related costs | 4.1 | ' | ' | 4.1 | ' | ' | ' | ' | ' | ' |
Increase (decrease) in accrued expenses for remediation, fines and related costs | ' | ' | ' | -3.7 | ' | ' | ' | ' | ' | ' |
Cost of landfill removal, minimum | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of landfill removal, maximum | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for uncertain income tax positions | $5.90 | ' | ' | $5.90 | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) | Mar. 31, 2014 | Mar. 31, 2013 |
Armand Products Company | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of ownership interest | 50.00% | 50.00% |
Armakleen Company | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of ownership interest | 50.00% | 50.00% |
Natronx LLC | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Percentage of ownership interest | 33.33% | 33.33% |
Balance_and_Transactions_Betwe
Balance and Transactions Between Company (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Armand Products Company | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Purchases by Company | $4.50 | $4.30 | ||
Sales by Company | 0 | 0 | ||
Outstanding Accounts Receivable | 0.5 | 3.4 | ||
Outstanding Accounts Payable | 1.9 | 2.1 | ||
Administration & Management Oversight Services | 0.6 | [1] | 0.4 | [1] |
Armakleen Company | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Purchases by Company | 0 | 0 | ||
Sales by Company | 0.3 | 0.3 | ||
Outstanding Accounts Receivable | 0.9 | 1.3 | ||
Outstanding Accounts Payable | 0 | 0 | ||
Administration & Management Oversight Services | 0.5 | [1] | 0.5 | [1] |
Natronx LLC | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Purchases by Company | 0 | 0 | ||
Sales by Company | 0.4 | 0.4 | ||
Outstanding Accounts Receivable | 0.3 | 0.5 | ||
Outstanding Accounts Payable | 0 | 0 | ||
Administration & Management Oversight Services | $0.20 | [1] | $0.30 | [1] |
[1] | Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Segments_Additional_Informatio
Segments - Additional Information (Detail) | 3 Months Ended | ||||||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment | Armand Products Company | Armand Products Company | Armakleen Company | Armakleen Company | Natronx LLC | Natronx LLC | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of reportable segments | 3 | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest | ' | 50.00% | 50.00% | 50.00% | 50.00% | 33.33% | 33.33% |
Segment_Net_Sales_and_Income_B
Segment Net Sales and Income Before Income Taxes (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | $782 | [1] | $779.30 | [1] |
Income Before Income Taxes | 156.7 | [2] | 163.2 | [2] |
Operating Segments | Consumer Domestic | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | 593.3 | [1] | 591 | [1] |
Income Before Income Taxes | 126.9 | [2] | 134 | [2] |
Operating Segments | Consumer International | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | 123.8 | [1] | 129.3 | [1] |
Income Before Income Taxes | 18.2 | [2] | 21.6 | [2] |
Operating Segments | Specialty Products | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | 64.9 | [1] | 59 | [1] |
Income Before Income Taxes | 10 | [2] | 7 | [2] |
Corporate | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | 0 | [1],[3] | 0 | [1],[3] |
Income Before Income Taxes | $1.60 | [2],[3] | $0.60 | [2],[3] |
[1] | Intersegment sales from Consumer International to Consumer Domestic were $0.2 and $0.9 for the three months ended March 31, 2014 and March 31, 2013, respectively. | |||
[2] | In determining Income before Income Taxes, interest expense, investment earnings and other income (expense) were allocated among segments based upon each segment's relative operating profit. | |||
[3] | Corporate consists of equity in earnings (losses) of affiliates from Armand, ArmaKleen and Natronx. |
Segment_Net_Sales_and_Income_B1
Segment Net Sales and Income Before Income Taxes (Parenthetical) (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | $782 | [1] | $779.30 | [1] |
Intersegment Eliminations | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Net Sales | $0.20 | $0.90 | ||
[1] | Intersegment sales from Consumer International to Consumer Domestic were $0.2 and $0.9 for the three months ended March 31, 2014 and March 31, 2013, respectively. |
Product_Line_Revenues_from_Ext
Product Line Revenues from External Customers (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total Consolidated Net Sales | $782 | [1] | $779.30 | [1] |
Operating Segments | Consumer Domestic | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total Consolidated Net Sales | 593.3 | [1] | 591 | [1] |
Operating Segments | Consumer Domestic | Household Products | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total Consolidated Net Sales | 352.5 | 358.7 | ||
Operating Segments | Consumer Domestic | Personal Care Products | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total Consolidated Net Sales | 240.8 | 232.3 | ||
Operating Segments | Consumer International | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total Consolidated Net Sales | 123.8 | [1] | 129.3 | [1] |
Operating Segments | Specialty Products | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ||
Total Consolidated Net Sales | $64.90 | [1] | $59 | [1] |
[1] | Intersegment sales from Consumer International to Consumer Domestic were $0.2 and $0.9 for the three months ended March 31, 2014 and March 31, 2013, respectively. |