Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CHD | |
Entity Registrant Name | CHURCH & DWIGHT CO INC /DE/ | |
Entity Central Index Key | 313,927 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 131,122,903 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Income Statement [Abstract] | |||||
Net Sales | [1] | $ 861.8 | $ 841.8 | $ 2,521.2 | $ 2,432.1 |
Cost of sales | 476 | 474.3 | 1,406.8 | 1,368.8 | |
Gross Profit | 385.8 | 367.5 | 1,114.4 | 1,063.3 | |
Marketing expenses | 92.8 | 96.6 | 297.4 | 297.8 | |
Selling, general and administrative expenses | 102.4 | 93.7 | 312 | 288.1 | |
Income from Operations | 190.6 | 177.2 | 505 | 477.4 | |
Equity in earnings (losses) of affiliates | 3.1 | 3.4 | (8.4) | 7.9 | |
Investment earnings | 0.2 | 0.6 | 1.2 | 1.7 | |
Other income (expense), net | (0.8) | (1.1) | (4.4) | (1.6) | |
Interest expense | (7.4) | (6.9) | (22.9) | (20.5) | |
Income before Income Taxes | [2] | 185.7 | 173.2 | 470.5 | 464.9 |
Income taxes | 65.3 | 57.3 | 169.2 | 157.6 | |
Net Income | $ 120.4 | $ 115.9 | $ 301.3 | $ 307.3 | |
Weighted average shares outstanding - Basic | 131.1 | 133.7 | 131.3 | 135.5 | |
Weighted average shares outstanding - Diluted | 133.6 | 136 | 133.8 | 137.9 | |
Net income per share - Basic | $ 0.92 | $ 0.87 | $ 2.29 | $ 2.27 | |
Net income per share - Diluted | 0.90 | 0.85 | 2.25 | 2.23 | |
Cash dividends per share | $ 0.335 | $ 0.31 | $ 1.01 | $ 0.93 | |
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $0.9 and $0.3 for the three months ended September 30, 2015 and September 30, 2014, respectively, and were $3.9 and $0.8 for the nine months ended September 30, 2015 and September 30, 2014, respectively. | ||||
[2] | In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations. |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ 120.4 | $ 115.9 | $ 301.3 | $ 307.3 |
Other comprehensive income, net of tax: | ||||
Foreign exchange translation adjustments | (13.1) | (19.3) | (17.8) | (14.8) |
Defined benefit plan adjustments | 0 | 0 | 3.9 | 0.7 |
Income (loss) from derivative agreements | 2.3 | 0.9 | 3.7 | 0 |
Other comprehensive income (loss) | (10.8) | (18.4) | (10.2) | (14.1) |
Comprehensive income | $ 109.6 | $ 97.5 | $ 291.1 | $ 293.2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 210.6 | $ 423 |
Accounts receivable, less allowances of $0.9 and $1.9 | 330.7 | 322.9 |
Inventories | 274.3 | 245.9 |
Deferred income taxes | 14.3 | 14.4 |
Other current assets | 21.8 | 26.3 |
Total Current Assets | 851.7 | 1,032.5 |
Property, Plant and Equipment, Net | 610 | 616.2 |
Equity Investment in Affiliates | 7.9 | 24.8 |
Trade Names and Other Intangibles, Net | 1,279.5 | 1,272.4 |
Goodwill | 1,354.3 | 1,325 |
Other Assets | 114.4 | 110.4 |
Total Assets | 4,217.8 | 4,381.3 |
Current Liabilities | ||
Short-term borrowings | 25 | 146.7 |
Current portion of long-term debt | 250 | 249.9 |
Accounts payable and accrued expenses | 486.3 | 507.7 |
Income taxes payable | 21.7 | 1 |
Total Current Liabilities | 783 | 905.3 |
Long-term Debt | 706 | 698.6 |
Deferred Income Taxes | 495.1 | 484.1 |
Deferred and Other Long-term Liabilities | 157 | 163.1 |
Pension, Postretirement and Postemployment Benefits | 27.1 | 28.3 |
Total Liabilities | $ 2,168.2 | $ 2,279.4 |
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 | 374.1 | 364.8 |
Retained earnings | 2,584.8 | 2,414.9 |
Accumulated other comprehensive loss | (44.9) | (34.7) |
Common stock in treasury, at cost: 15,434,991 shares in 2015 and 13,075,944 shares in 2014 | (1,010.8) | (789.5) |
Total Stockholders' Equity | 2,049.6 | 2,101.9 |
Total Liabilities and Stockholders’ Equity | $ 4,217.8 | $ 4,381.3 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 0.9 | $ 1.9 |
Preferred Stock, par value | $ 1 | $ 1 |
Preferred Stock, Authorized | 2,500,000 | 2,500,000 |
Preferred Stock, issued | 0 | 0 |
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 | 15,434,991 | 13,075,944 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash Flow From Operating Activities | ||
Net Income | $ 301.3 | $ 307.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 44.1 | 43.3 |
Amortization expense | 32.2 | 24.4 |
Deferred income taxes | 20.4 | 10.5 |
Equity in net earnings of affiliates | (9) | (7.9) |
Distributions from unconsolidated affiliates | 9.8 | 8.4 |
Non-cash pension settlement charge | 8.4 | 0 |
Non-cash compensation expense | 14.2 | 15 |
Asset impairment charge and other asset write-offs | 17.9 | 5.6 |
Other | 5.1 | 1.1 |
Change in assets and liabilities: | ||
Accounts receivable | (20.1) | 5 |
Inventories | (36.5) | (10) |
Other current assets | 2.7 | 2.1 |
Accounts payable and accrued expenses | (3.1) | (2.6) |
Income taxes payable | 41.7 | 26.4 |
Excess tax benefit on stock options exercised | (13.6) | (14.6) |
Other operating assets and liabilities, net | (6.7) | (5.3) |
Net Cash Provided By Operating Activities | 408.8 | 408.7 |
Cash Flow From Investing Activities | ||
Additions to property, plant and equipment | (44.7) | (36.2) |
Acquisitions | (74.9) | (216.1) |
Other | (3) | (1.3) |
Net Cash Used In Investing Activities | (122.6) | (253.6) |
Cash Flow From Financing Activities | ||
Short-term debt borrowings (repayments) | (121.7) | 250.4 |
Proceeds from stock options exercised | 23.3 | 24.5 |
Excess tax benefit on stock options exercised | 13.6 | 14.6 |
Payment of cash dividends | (131.4) | (126) |
Purchase of treasury stock | (263.1) | (435) |
Other | (1) | (0.1) |
Net Cash Used In Financing Activities | (480.3) | (271.6) |
Effect of exchange rate changes on cash and cash equivalents | (18.3) | (10.2) |
Net Change In Cash and Cash Equivalents | (212.4) | (126.7) |
Cash and Cash Equivalents at Beginning of Period | 423 | 496.9 |
Cash and Cash Equivalents at End of Period | 210.6 | 370.2 |
Cash paid during the year for: | ||
Interest (net of amounts capitalized) | 15.8 | 14.2 |
Income taxes | 110.7 | 122.2 |
Supplemental disclosure of non-cash investing activities: | ||
Property, plant and equipment expenditures included in Accounts Payable | $ 5.5 | $ 11.9 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions | 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 |
Beginning Balance at Dec. 31, 2013 | $ 2,300 | $ 146.4 | $ (368.1) | $ 352.9 | $ 2,168.5 | $ 0.2 | $ 2,299.9 | $ 0.1 |
Beginning Balance (in shares) at Dec. 31, 2013 | 146.4 | (7.5) | ||||||
Net Income | 307.3 | $ 0 | $ 0 | 0 | 307.3 | 0 | 307.3 | 0 |
Other comprehensive income (loss) | (14.1) | 0 | 0 | 0 | 0 | (14.1) | (14.1) | 0 |
Cash dividends | (126) | 0 | 0 | 0 | (126) | 0 | (126) | 0 |
Stock purchases | (435) | $ 0 | $ (435) | 0 | 0 | 0 | (435) | 0 |
Stock purchases (in shares) | 0 | (6.4) | ||||||
Stock based compensation expense and stock option plan transactions, including related income tax benefits | 53.5 | $ 0 | $ 43.6 | 9.9 | 0 | 0 | 53.5 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares) | 0 | 1 | ||||||
Other stock issuances | 1.7 | $ 0 | $ 1.1 | 0.6 | 0 | 0 | 1.7 | 0 |
Other stock issuances (in shares) | 0 | 0.1 | ||||||
Ending Balance at Sep. 30, 2014 | 2,087.4 | $ 146.4 | $ (758.4) | 363.4 | 2,349.8 | (13.9) | 2,087.3 | 0.1 |
Ending Balance (in shares) at Sep. 30, 2014 | 146.4 | (12.8) | ||||||
Beginning Balance at Dec. 31, 2014 | 2,101.9 | $ 146.4 | $ (789.5) | 364.8 | 2,414.9 | (34.7) | 2,101.9 | 0 |
Beginning Balance (in shares) at Dec. 31, 2014 | 146.4 | (13.1) | ||||||
Net Income | 301.3 | $ 0 | $ 0 | 0 | 301.3 | 0 | 301.3 | 0 |
Other comprehensive income (loss) | (10.2) | 0 | 0 | 0 | 0 | (10.2) | (10.2) | 0 |
Cash dividends | (131.4) | 0 | 0 | 0 | (131.4) | 0 | (131.4) | 0 |
Stock purchases | (263.1) | $ 0 | $ (263.1) | 0 | 0 | 0 | (263.1) | 0 |
Stock purchases (in shares) | 0 | (3.2) | ||||||
Transfer of stock for settlement of share repurchase agreement | 0 | $ 0 | $ 4.1 | (4.1) | 0 | 0 | 0 | 0 |
Transfer of stock for settlement of share repurchase agreement (in shares) | 0.1 | |||||||
Stock based compensation expense and stock option plan transactions, including related income tax benefits | 51.1 | $ 0 | $ 37.7 | 13.4 | 0 | 0 | 51.1 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares) | 0 | 0.8 | ||||||
Ending Balance at Sep. 30, 2015 | $ 2,049.6 | $ 146.4 | $ (1,010.8) | $ 374.1 | $ 2,584.8 | $ (44.9) | $ 2,049.6 | $ 0 |
Ending Balance (in shares) at Sep. 30, 2015 | 146.4 | (15.4) |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Stockholders Equity [Abstract] | ||
Stock based compensation expense and stock option plan transactions, income tax benefits | $ 13.6 | $ 14.9 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014, the condensed consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2015 and September 30, 2014, and the condensed consolidated statements of cash flow and stockholders’ equity for the nine months ended September 30, 2015 and September 30, 2014 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 September 30, 2015 and results of operations and cash flows 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, 2014 (the “Form 10-K”). The results of operations for the period ended September 30, 2015 are not necessarily indicative of the operating results for the full year. The Company incurred research and development expenses in the third quarter of 2015 and 2014 of $16.0 and $14.8, respectively. The Company incurred research and development expenses in the first nine months of 2015 and 2014 of $48.1 and $42.3, respectively. These expenses are included in selling, general and administrative expenses. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued guidance that clarifies the principles for recognizing revenue. The guidance provides that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to receive for those goods or services. The guidance is effective for annual and interim periods beginning after December 15, 2017, and allows companies to apply the requirements retrospectively, either to all prior periods presented or through a cumulative adjustment in the year of adoption. Early adoption is allowed for annual and interim periods beginning after December 15, 2016. The Company is currently evaluating the impact, if any, that the adoption of the guidance will have on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued guidance that changes the presentation of certain debt issuance costs in the financial statements. The guidance requires debt issuance costs to be presented as a direct deduction from the associated debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for interim and annual reporting periods beginning after December 15, 2015, and will be applied retrospectively for each prior period presented in the financial statements. This guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued guidance that clarifies the accounting treatment for cloud computing arrangements. The guidance provides that if an arrangement includes a software license, then the software license element should be accounted for consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the arrangement should be accounted for as a service contract. This guidance is effective for interim and annual periods beginning after December 15, 2015, and may be applied retrospectively or prospectively. This guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In July 2015, the FASB issued guidance on simplifying the measurement of inventory. Inventory within the scope of this update is required to be measured at the lower of its cost or net realizable value, with net realizable value being the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective for interim and annual periods beginning after December 15, 2016, with early adoption permitted, and will be applied prospectively. The Company is currently evaluating the impact, if any, that the adoption of the guidance will have on its consolidated financial position, results of operations or cash flows. In September 2015, the FASB issued guidance simplifying the accounting for measurement-period adjustments in connection with an acquisition. The new guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The new guidance is effective prospectively for interim and annual periods beginning after December 15, 2015, with early adoption permitted. There have been no accounting pronouncements issued but not yet adopted by the Company, which are currently expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories consist of the following: September 30, December 31, 2015 2014 Raw materials and supplies $ 81.7 $ 70.8 Work in process 37.0 25.0 Finished goods 155.6 150.1 Total $ 274.3 $ 245.9 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net ("PP&E") | 9 Months Ended |
Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net ("PP&E") | 4. Property, Plant and Equipment, Net (“PP&E”) PP&E consists of the following: September 30, December 31, 2015 2014 Land $ 25.3 $ 25.5 Buildings and improvements 301.5 281.7 Machinery and equipment 644.0 599.3 Software 86.7 86.4 Office equipment and other assets 60.6 57.2 Construction in progress 32.8 71.5 Gross Property, Plant and Equipment 1,150.9 1,121.6 Less accumulated depreciation and amortization 540.9 505.4 Net Property, Plant and Equipment $ 610.0 $ 616.2 Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Depreciation and amortization on PP&E $ 14.5 $ 13.9 $ 44.1 $ 43.3 Interest charges capitalized (in construction in progress) $ 0.1 $ 0.2 $ 0.5 $ 0.5 The decrease in construction in progress is due to the completion of the Company’s new vitamin manufacturing facility in York, Pennsylvania. |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
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 Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Weighted average common shares outstanding - basic 131.1 133.7 131.3 135.5 Dilutive effect of stock options 2.5 2.3 2.5 2.4 Weighted average common shares outstanding - diluted 133.6 136.0 133.8 137.9 Antidilutive stock options outstanding 0.5 1.2 1.1 1.2 |
Stock Based Compensation Plans
Stock Based Compensation Plans | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation Plans | 6. Stock Based Compensation Plans The following table provides a summary of option activity during the nine months ended September 30, 2015: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2014 8.5 $ 45.50 Granted 1.1 83.81 Exercised (0.8 ) 30.21 Cancelled (0.1 ) 62.55 Outstanding at September 30, 2015 8.7 $ 51.38 6.0 $ 282.9 Exercisable at September 30, 2015 4.9 $ 36.86 4.3 $ 231.5 The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards. Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Intrinsic Value of Stock Options Exercised $ 9.4 $ 7.3 $ 41.7 $ 44.5 Stock Compensation Expense Related to Stock Option Awards $ 1.7 $ 1.7 $ 13.1 $ 13.5 Issued Stock Options 0.0 0.0 1.1 1.1 Weighted Average Fair Value of Stock Options issued (per share) $ 13.27 $ 12.76 $ 13.73 $ 12.84 Fair Value of Stock Options Issued $ 0.0 $ 0.1 $ 14.8 $ 14.7 The following table provides a summary of the assumptions used in the valuation of issued stock options: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Risk-free interest rate 2.0 % 2.0 % 2.0 % 2.0 % Expected life in years 6.3 6.1 6.3 6.2 Expected volatility 17.1 % 20.4 % 17.2 % 20.4 % Dividend yield 1.6 % 1.8 % 1.6 % 1.8 % The fair value of stock options is based upon the Black Scholes option pricing model. The Company determined the stock options’ lives based on historical exercise behavior and their expected volatility and dividend yield based on historical changes in stock price and dividend payments. The risk free interest rate is based on the yield of an applicable term Treasury instrument. |
Share Repurchases
Share Repurchases | 9 Months Ended |
Sep. 30, 2015 | |
Payments For Repurchase Of Equity [Abstract] | |
Share Repurchases | 7. Share Repurchases On January 29, 2014, the Company authorized an evergreen share repurchase program to reduce or eliminate dilution associated with the issuance of Common Stock under the Company’s incentive plans. As part of the evergreen share repurchase program, in January 2015, the Company repurchased 0.5 million shares at a cost of $41.2. On January 28, 2015, the Board authorized a share repurchase program under which the Company may repurchase up to $500.0 shares in Common Stock (the “2015 Share Repurchase Program”). In February 2015, the Company entered into an accelerated share repurchase contract with a commercial bank to repurchase 2.6 million shares of Common Stock at a cost of $215.0, of which approximately $47.0 was purchased under the evergreen share repurchase program and approximately $168.0 was purchased under the 2015 Share Repurchase Program. On April 24, 2015, the settlement date, the Company issued 83 thousand shares of Common Stock to the commercial bank in a private transaction for approximately $7.0 to settle the accelerated share repurchase contract. On May 18, 2015, the Company repurchased 83 thousand shares from the commercial bank for approximately $7.0 pursuant to the terms of the accelerated share repurchase contract . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. 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 nine months ended September 30, 2015. 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 September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Input Carrying Fair Carrying Fair Level Amount Value Amount Value Financial Assets: Cash equivalents Level 2 $ 121.6 $ 121.6 $ 298.0 $ 298.0 Financial Liabilities: Short-term borrowings Level 2 25.0 25.0 146.7 146.7 2.875% Senior notes Level 2 399.7 393.9 399.7 393.3 3.35% Senior notes Level 2 250.0 249.7 249.9 255.6 2.45% Senior notes Level 2 299.9 302.0 299.8 298.6 Fair value adjustment asset (liability) related to hedged fixed rate debt instrument Level 2 6.4 6.4 (0.9 ) (0.9 ) 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. Hedged Fixed Rated Debt: The interest rate swap agreements the Company entered into in December 2014 convert the fixed interest rate of the 2.45% Senior Notes to a variable rate based on LIBOR. These agreements are designated as hedges of the changes in fair value of the underlying debt obligation attributable to changes in interest rates and are accounted for as fair value hedges. The fair value of these interest rate swap agreements is determined using broker quotes that the Company seeks to corroborate with observable market data and is reflected in the Consolidated Balance Sheet within Other Assets or Deferred and Other Long-term Liabilities, with an offsetting amount recorded in long-term debt to adjust the carrying amount of the hedged debt obligation. Other : The carrying amounts of accounts receivable, and accounts payable and accrued expenses, approximated estimated fair values as of September 30, 2015 and December 31, 2014. |
Derivative Instruments and Risk
Derivative Instruments and Risk Management | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Risk Management | 9. 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 September 30, December 31, Balance Sheet Location September 30, 2015 2015 2014 Derivatives designated as hedging instruments Asset Derivatives Foreign exchange contracts Other current assets $ 123.6 $ 6.0 $ 2.8 Interest rate swap Other assets $ 300.0 6.4 0.0 Total assets $ 12.4 $ 2.8 Liability Derivatives Diesel fuel contracts Accounts payable and accrued expenses 3.2 gallons $ 2.7 $ 4.4 Interest rate swap Deferred and other long-term liabilities Not applicable 0.0 0.9 Total liabilities $ 2.7 $ 5.3 Derivatives not designated as hedging instruments Asset Derivatives Equity derivatives Other current assets Not applicable $ 0.0 $ 2.8 Foreign exchange contracts Other current assets $ 42.1 2.3 0.0 Total assets $ 2.3 $ 2.8 Liability Derivatives Equity derivatives Other current liabilities $ 32.2 $ 0.4 $ 0.0 Total liabilities $ 0.4 $ 0.0 Amount of Gain (Loss) Recognized in OCI from Derivatives for the Three Months Ended Other Comprehensive Income (Loss) September 30, September 30, Location 2015 2014 Derivatives designated as hedging instruments Diesel fuel contracts (net of taxes) Other comprehensive income (loss) $ (0.2 ) $ (0.8 ) Foreign exchange contracts (net of taxes) Other comprehensive income (loss) 2.5 1.7 Total gain (loss) recognized in OCI $ 2.3 $ 0.9 Amount of Gain (Loss) Recognized in Income for the Three Months Ended September 30, September 30, Income Statement Location 2015 2014 Derivatives not designated as hedging instruments Equity derivatives Selling, general and administrative expenses $ 1.0 $ 0.1 Foreign exchange contracts Other income (expense), net 2.7 0.0 Total gain (loss) recognized in income $ 3.7 $ 0.1 Amount of Gain (Loss) Recognized in OCI for the Nine Months Ended Other Comprehensive Income (Loss) September 30, September 30, Location 2015 2014 Derivatives designated as hedging instruments Diesel fuel contracts (net of taxes) Other comprehensive income (loss) $ 1.0 $ (1.0 ) Foreign exchange contracts (net of taxes) Other comprehensive income (loss) 2.7 1.0 Total gain (loss) recognized in OCI $ 3.7 $ 0.0 Amount of Gain (Loss) Recognized in Income for the Nine Months Ended September 30, September 30, Income Statement Location 2015 2014 Derivatives not designated as hedging instruments Equity derivatives Selling, general and administrative expenses $ 1.7 $ 1.4 Foreign exchange contracts Other income (expense), net 3.3 0.0 Total gain (loss) recognized in income $ 5.0 $ 1.4 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). |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition | 10. Acquisition On January 2, 2015, the Company acquired the assets of Varied Industries Corporation (the “VI-COR Acquisition”), a manufacturer and seller of feed ingredients for cows, beef cattle, poultry and other livestock for cash consideration of $74.9, and a $5.0 payment to be made after one year if a certain operating performance is achieved. The Company financed the acquisition with available cash. These brands are managed within the Specialty Products Division (“SPD”) segment. The preliminary fair values of the net assets acquired are set forth as follows: Acquisition Date Preliminary VI-COR Acquisition Fair Value Inventory and other working capital $ 1.1 Property, plant and equipment and other long-term assets 7.6 Trade Names and other intangibles 41.5 Goodwill 29.3 Purchase Price 79.5 Fair value of contingent payment due in one year (4.6 ) Cash purchase price as of September 30, 2015 $ 74.9 The life of the amortizable intangible assets recognized from the VI-COR Acquisition ranges from 5 - 15 years. The goodwill is a result of expected synergies from combined operations of the acquisition and the Company. |
Goodwill and Other Intangibles,
Goodwill and Other Intangibles, Net | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles, Net | 11. Goodwill and Other Intangibles, Net The following table provides information related to the carrying value of all intangible assets, other than goodwill: September 30, 2015 December 31, 2014 Gross Amortization Gross Carrying Accumulated Period Carrying Accumulated Amount Amortization Net (Years) Amount Amortization Net Amortizable intangible assets: Trade Names $ 260.0 $ (93.0 ) $ 167.0 3-20 $ 255.3 $ (85.2 ) $ 170.1 Customer Relationships 371.8 (136.3 ) 235.5 15-20 347.3 (119.9 ) 227.4 Patents/Formulas 57.4 (41.3 ) 16.1 4-20 48.6 (38.3 ) 10.3 Non Compete Agreement 1.8 (1.4 ) 0.4 5-10 1.4 (1.4 ) 0.0 Total $ 691.0 $ (272.0 ) $ 419.0 $ 652.6 $ (244.8 ) $ 407.8 Indefinite lived intangible assets - Carrying value September 30, December 31, 2015 2014 Trade Names $ 860.5 $ 864.6 Intangible amortization expense was $9.7 and $7.5 for the third quarter of 2015 and 2014, respectively. Intangible amortization expense was $30.1 and $22.7 for the first nine months of 2015 and 2014, respectively. The Company estimates that intangible amortization expense will be approximately $40.0 in 2015 and approximately $38.0 in each of the next five years. The carrying amount of goodwill as of September 30, 2015 and December 31, 2014, respectively, is as follows: Consumer Consumer Specialty Domestic International Products Total Balance at December 31, 2014 $ 1,242.2 $ 62.6 $ 20.2 $ 1,325.0 VI-COR Acquisition 0.0 0.0 29.3 29.3 Balance at September 30, 2015 $ 1,242.2 $ 62.6 $ 49.5 $ 1,354.3 The 2015 increase in goodwill and amortizable assets is due to the VI-COR its annual goodwill impairment test, performed in the beginning of the second quarter of 2015, the Company determined that the estimated fair value substantially exceeded the carrying values of all reporting units. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 12. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: September 30, December 31, 2015 2014 Trade accounts payable $ 283.2 $ 284.1 Accrued marketing and promotion costs 87.7 114.8 Accrued wages and related benefit costs 47.0 54.0 Other accrued current liabilities 68.4 54.8 Total $ 486.3 $ 507.7 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Long-Term Debt | 13. Short-Term Borrowings and Long-Term Debt Short-term borrowings and long-term debt consist of the following: September 30, December 31, 2015 2014 Short-term borrowings Commercial paper issuances $ 25.0 $ 143.3 Various debt due to international banks 0.0 3.4 Total short-term borrowings $ 25.0 $ 146.7 Long-term debt 2.875% Senior notes due October 1, 2022 $ 400.0 $ 400.0 Less: Discount (0.3 ) (0.3 ) 3.35% Senior notes due December 15, 2015 250.0 250.0 Less: Discount 0.0 (0.1 ) 2.45% Senior notes due December 15, 2019 300.0 300.0 Less: Discount (0.1 ) (0.2 ) Fair value adjustment related to hedged fixed rate debt instrument 6.4 (0.9 ) Total long-term debt 956.0 948.5 Less: current maturities (250.0 ) (249.9 ) Net long-term debt $ 706.0 $ 698.6 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) The components of changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2015 and September 30, 2014 are as follows: Accumulated Foreign Defined Other Currency Benefit Derivative Comprehensive Adjustments Plans Agreements Income (Loss) Balance at December 31, 2013 $ 12.7 $ (13.0 ) $ 0.5 $ 0.2 Other comprehensive income (loss) before reclassifications (14.8 ) 1.0 0.4 (13.4 ) Amounts reclassified to consolidated statement of income (a) (b) 0.0 0.0 (0.6 ) (0.6 ) Tax benefit (expense) 0.0 (0.3 ) 0.2 (0.1 ) Other comprehensive income (loss) (14.8 ) 0.7 0.0 (14.1 ) Balance at September 30, 2014 $ (2.1 ) $ (12.3 ) $ 0.5 $ (13.9 ) Balance at December 31, 2014 $ (16.4 ) $ (17.7 ) $ (0.6 ) $ (34.7 ) Other comprehensive income (loss) before reclassifications (29.4 ) 0.0 11.6 (17.8 ) Amounts reclassified to consolidated statement of income (a) (b) 0.0 5.2 (6.3 ) (1.1 ) Tax benefit (expense) (c) 11.6 (1.3 ) (1.6 ) 8.7 Other comprehensive income (loss) (17.8 ) 3.9 3.7 (10.2 ) Balance at September 30, 2015 $ (34.2 ) $ (13.8 ) $ 3.1 $ (44.9 ) (a) Amounts classified to cost of sales and selling, general and administrative expenses. (b) The Company reclassified gains of $2.7 and $0.2 to the consolidated statements of income during the three months ended September 30, 2015 and 2014, respectively. (c) See Note 18 for a discussion of the tax impact of foreign cash repatriation. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 15. 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 Pension Costs Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 0.1 $ 0.2 $ 0.2 $ 0.6 Interest cost 0.6 1.1 2.2 3.3 Expected return on plan assets (0.9 ) (1.6 ) (3.6 ) (4.6 ) Settlement loss 0.0 0.0 8.9 0.0 Amortization of prior service cost 0.0 0.6 0.2 0.8 Net periodic benefit cost (income) $ (0.2 ) $ 0.3 $ 7.9 $ 0.1 Nonpension Nonpension Postretirement Costs Postretirement Costs Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 0.1 $ 0.1 $ 0.2 $ 0.2 Interest cost 0.3 0.3 0.8 0.8 Amortization of prior service cost 0.0 (0.4 ) (0.6 ) (1.1 ) Net periodic benefit cost (income) $ 0.4 $ 0.0 $ 0.4 $ (0.1 ) On December 31, 2014, the Company terminated an international defined benefit pension plan under which approximately 270 participants, including approximately 90 active employees have accrued benefits. The Company completed the termination of this plan in the second quarter of 2015 after regulatory approvals were obtained. The Company made a cash contribution of $0.5 to provide for final accrued benefits and recorded a one-time expense of $8.9 ($6.7 after tax) in the Consumer International segment when the plan settlement was completed. This expense is primarily attributable to pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants. The Company made cash contributions of approximately $2.2 to its pension plans during the first nine months of 2015, of which $0.5 was required to fund the settlement of the international pension plan. The Company estimates it will be required to make additional cash contributions to its pension plans of approximately $0.6 in the remainder of 2015 to offset 2015 benefit payments and administrative costs in excess of investment returns. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | 16. 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 September 30, 2015, the Company had commitments through 2019 of approximately $271.6 . c. As of September 30, 2015, the Company had the following guarantees: (i) $4.2 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 $17.7 to one of its United Kingdom pension plans effective January 1, 2011, and (iii) $2.3 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 was required to make advance royalty payments of up to $5.5 upon the launch of a product utilizing the licensed technology, of which the entire $5.5 has been paid as of September 30, 2015. The Company is required to make an additional $7.0 license payment upon the approval of certain New Drug Applications by the U.S. Food and Drug Administration for products incorporating the acquired technology. e. In connection with the VI-COR Acquisition, the Company will be required to make an additional $5.0 payment in 2016 if a certain operating performance objective is achieved in 2015. As part of the preliminary purchase price allocation, the Company recorded a $4.6 liability. The Company will monitor performance and adjust the liability accordingly. 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. $1.3 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. Construction of the trench drain began during the first quarter of 2014 and was completed in the first quarter of 2015. In June 2014, QGN formally submitted to INEMA a technical report, including a remediation plan for the site and a proposed agreement regarding the fine and QGN’s ongoing obligations at the site. In July 2014, an initial meeting was held with INEMA to review and discuss the report and the proposed agreement. Following the initial meeting, QGN provided additional information requested by INEMA and continues to engage in discussions with INEMA regarding the proposed agreement. As a result of the foregoing events, the Company accrued approximately $3.0 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 $5.9 to a current amount of $1.9. 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 $30.0 to $50.0. Legal proceedings g. 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, results of operations and cash flows. h. The Company, in the ordinary course of its business, is the subject of, or party to, various pending or threatened legal actions, government investigations and proceedings from time to time, including, without limitation, those relating to, intellectual property, commercial transactions, product liability, purported consumer class actions, employment matters, antitrust, environmental, health, safety and other compliance related matters. Such proceedings are subject to many uncertainties and the outcome of certain pending or threatened legal actions may not be reasonably predictable and any related damages may not be estimable. Certain legal actions, 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 | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. 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 Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 Purchases by Company $ 18.9 $ 20.3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Sales by Company $ 0.0 $ 0.0 $ 1.0 $ 0.9 $ 1.5 $ 1.5 Outstanding Accounts Receivable $ 0.6 $ 0.2 $ 0.7 $ 0.6 $ 0.1 $ 0.1 Outstanding Accounts Payable $ 2.1 $ 2.8 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Administration & Management Oversight Services (1) $ 1.8 $ 1.7 $ 1.5 $ 1.5 $ 0.6 $ 0.6 (1) During the second quarter of 2015, the Company impaired its remaining investment in Natronx and recorded a $17.0 charge. This charge is primarily a result of lower than expected demand for the joint venture’s products as a result of a shift in the electric utility industry from coal-fired to natural gas-supplied power plants, continued delays in the implementation of updated federal regulations, and indirectly, the recent U.S. Supreme Court ruling against the Environmental Protection Agency (“EPA”) where the court stated that the EPA failed to properly consider the costs to implement the regulations. We believe that the foregoing factors will likely further delay the demand for these products. The Company assessed the value of the investment using both income and market based valuation methods. Currently, the partners are exploring strategic alternatives with regard to their investment and the venture’s assets. The charge is recorded in the Corporate segment in Equity in Earnings (Losses) of Affiliates. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes During the second quarter of 2015, the Company liquidated its subsidiary in the Netherlands and decided that the earnings of its subsidiary in France would no longer be permanently reinvested outside of the U.S. As a result, the Company repatriated cash of $93.0. The funds repatriated were used to reduce outstanding commercial paper. As a result of liquidating its subsidiary in the Netherlands, the Company recorded a tax benefit of $2.7 in the Consolidated Statement of Income and a deferred tax benefit of $11.6 recorded through Accumulated Other Comprehensive Income in the second quarter of 2015 . |
Segments
Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segments | 19 . 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 September 30, 2015, 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 three and nine months ended September 30, 2015 and September 30, 2014, respectively, are included in the Corporate segment. See Note 17 for a discussion of the impairment charge which is 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 and nine months ended September 30, 2015 and September 30, 2014 respectively, are as follows: Consumer Consumer Domestic International SPD Corporate (3) Total Net Sales (1) Third Quarter 2015 $ 656.4 $ 124.7 $ 80.7 $ 0.0 $ 861.8 Third Quarter 2014 627.2 136.2 78.4 0.0 841.8 First Nine Months of 2015 $ 1,909.3 $ 376.0 $ 235.9 $ 0.0 $ 2,521.2 First Nine Months of 2014 1,819.4 396.6 216.1 0.0 2,432.1 Income before Income Taxes (2) Third Quarter 2015 $ 153.5 $ 16.3 $ 12.8 $ 3.1 $ 185.7 Third Quarter 2014 141.4 15.0 13.4 3.4 173.2 First Nine Months of 2015 $ 395.8 $ 40.2 $ 42.9 $ (8.4 ) $ 470.5 First Nine Months of 2014 376.0 47.5 33.5 7.9 464.9 (1) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $0.9 and $0.3 for the three months ended September 30, 2015 and September 30, 2014, respectively, and were $3.9 and $0.8 for the nine months ended September 30, 2015 and September 30, 2014, respectively. (2) In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations. (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 Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Household Products $ 391.2 $ 379.5 $ 1,148.6 $ 1,087.2 Personal Care Products 265.2 247.7 760.7 732.2 Total Consumer Domestic 656.4 627.2 1,909.3 1,819.4 Total Consumer International 124.7 136.2 376.0 396.6 Total SPD 80.7 78.4 235.9 216.1 Total Consolidated Net Sales $ 861.8 $ 841.8 $ 2,521.2 $ 2,432.1 Household Products include laundry, deodorizing, and cleaning products. Personal Care Products include condoms, pregnancy kits, oral care products, skin care products and gummy dietary supplements. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: September 30, December 31, 2015 2014 Raw materials and supplies $ 81.7 $ 70.8 Work in process 37.0 25.0 Finished goods 155.6 150.1 Total $ 274.3 $ 245.9 |
Property, Plant and Equipment29
Property, Plant and Equipment, Net ("PP&E") (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | |
Components of Property, Plant and Equipment | PP&E consists of the following: September 30, December 31, 2015 2014 Land $ 25.3 $ 25.5 Buildings and improvements 301.5 281.7 Machinery and equipment 644.0 599.3 Software 86.7 86.4 Office equipment and other assets 60.6 57.2 Construction in progress 32.8 71.5 Gross Property, Plant and Equipment 1,150.9 1,121.6 Less accumulated depreciation and amortization 540.9 505.4 Net Property, Plant and Equipment $ 610.0 $ 616.2 Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Depreciation and amortization on PP&E $ 14.5 $ 13.9 $ 44.1 $ 43.3 Interest charges capitalized (in construction in progress) $ 0.1 $ 0.2 $ 0.5 $ 0.5 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
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: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Weighted average common shares outstanding - basic 131.1 133.7 131.3 135.5 Dilutive effect of stock options 2.5 2.3 2.5 2.4 Weighted average common shares outstanding - diluted 133.6 136.0 133.8 137.9 Antidilutive stock options outstanding 0.5 1.2 1.1 1.2 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Activity | The following table provides a summary of option activity during the nine months ended September 30, 2015: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2014 8.5 $ 45.50 Granted 1.1 83.81 Exercised (0.8 ) 30.21 Cancelled (0.1 ) 62.55 Outstanding at September 30, 2015 8.7 $ 51.38 6.0 $ 282.9 Exercisable at September 30, 2015 4.9 $ 36.86 4.3 $ 231.5 |
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. Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Intrinsic Value of Stock Options Exercised $ 9.4 $ 7.3 $ 41.7 $ 44.5 Stock Compensation Expense Related to Stock Option Awards $ 1.7 $ 1.7 $ 13.1 $ 13.5 Issued Stock Options 0.0 0.0 1.1 1.1 Weighted Average Fair Value of Stock Options issued (per share) $ 13.27 $ 12.76 $ 13.73 $ 12.84 Fair Value of Stock Options Issued $ 0.0 $ 0.1 $ 14.8 $ 14.7 |
Assumptions Used in Valuation of Issued Stock Options | The following table provides a summary of the assumptions used in the valuation of issued stock options: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Risk-free interest rate 2.0 % 2.0 % 2.0 % 2.0 % Expected life in years 6.3 6.1 6.3 6.2 Expected volatility 17.1 % 20.4 % 17.2 % 20.4 % Dividend yield 1.6 % 1.8 % 1.6 % 1.8 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
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 September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 Input Carrying Fair Carrying Fair Level Amount Value Amount Value Financial Assets: Cash equivalents Level 2 $ 121.6 $ 121.6 $ 298.0 $ 298.0 Financial Liabilities: Short-term borrowings Level 2 25.0 25.0 146.7 146.7 2.875% Senior notes Level 2 399.7 393.9 399.7 393.3 3.35% Senior notes Level 2 250.0 249.7 249.9 255.6 2.45% Senior notes Level 2 299.9 302.0 299.8 298.6 Fair value adjustment asset (liability) related to hedged fixed rate debt instrument Level 2 6.4 6.4 (0.9 ) (0.9 ) |
Derivative Instruments and Ri33
Derivative Instruments and Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments and Effect of Such Derivative Instruments on Consolidated Statements of Income and on Other Comprehensive Income | 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 September 30, December 31, Balance Sheet Location September 30, 2015 2015 2014 Derivatives designated as hedging instruments Asset Derivatives Foreign exchange contracts Other current assets $ 123.6 $ 6.0 $ 2.8 Interest rate swap Other assets $ 300.0 6.4 0.0 Total assets $ 12.4 $ 2.8 Liability Derivatives Diesel fuel contracts Accounts payable and accrued expenses 3.2 gallons $ 2.7 $ 4.4 Interest rate swap Deferred and other long-term liabilities Not applicable 0.0 0.9 Total liabilities $ 2.7 $ 5.3 Derivatives not designated as hedging instruments Asset Derivatives Equity derivatives Other current assets Not applicable $ 0.0 $ 2.8 Foreign exchange contracts Other current assets $ 42.1 2.3 0.0 Total assets $ 2.3 $ 2.8 Liability Derivatives Equity derivatives Other current liabilities $ 32.2 $ 0.4 $ 0.0 Total liabilities $ 0.4 $ 0.0 Amount of Gain (Loss) Recognized in OCI from Derivatives for the Three Months Ended Other Comprehensive Income (Loss) September 30, September 30, Location 2015 2014 Derivatives designated as hedging instruments Diesel fuel contracts (net of taxes) Other comprehensive income (loss) $ (0.2 ) $ (0.8 ) Foreign exchange contracts (net of taxes) Other comprehensive income (loss) 2.5 1.7 Total gain (loss) recognized in OCI $ 2.3 $ 0.9 Amount of Gain (Loss) Recognized in Income for the Three Months Ended September 30, September 30, Income Statement Location 2015 2014 Derivatives not designated as hedging instruments Equity derivatives Selling, general and administrative expenses $ 1.0 $ 0.1 Foreign exchange contracts Other income (expense), net 2.7 0.0 Total gain (loss) recognized in income $ 3.7 $ 0.1 Amount of Gain (Loss) Recognized in OCI for the Nine Months Ended Other Comprehensive Income (Loss) September 30, September 30, Location 2015 2014 Derivatives designated as hedging instruments Diesel fuel contracts (net of taxes) Other comprehensive income (loss) $ 1.0 $ (1.0 ) Foreign exchange contracts (net of taxes) Other comprehensive income (loss) 2.7 1.0 Total gain (loss) recognized in OCI $ 3.7 $ 0.0 Amount of Gain (Loss) Recognized in Income for the Nine Months Ended September 30, September 30, Income Statement Location 2015 2014 Derivatives not designated as hedging instruments Equity derivatives Selling, general and administrative expenses $ 1.7 $ 1.4 Foreign exchange contracts Other income (expense), net 3.3 0.0 Total gain (loss) recognized in income $ 5.0 $ 1.4 |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Fair Values of Assets Acquired | The preliminary fair values of the net assets acquired are set forth as follows: Acquisition Date Preliminary VI-COR Acquisition Fair Value Inventory and other working capital $ 1.1 Property, plant and equipment and other long-term assets 7.6 Trade Names and other intangibles 41.5 Goodwill 29.3 Purchase Price 79.5 Fair value of contingent payment due in one year (4.6 ) Cash purchase price as of September 30, 2015 $ 74.9 |
Goodwill and Other Intangible35
Goodwill and Other Intangibles, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Amortizable Intangible Assets | The following table provides information related to the carrying value of all intangible assets, other than goodwill: September 30, 2015 December 31, 2014 Gross Amortization Gross Carrying Accumulated Period Carrying Accumulated Amount Amortization Net (Years) Amount Amortization Net Amortizable intangible assets: Trade Names $ 260.0 $ (93.0 ) $ 167.0 3-20 $ 255.3 $ (85.2 ) $ 170.1 Customer Relationships 371.8 (136.3 ) 235.5 15-20 347.3 (119.9 ) 227.4 Patents/Formulas 57.4 (41.3 ) 16.1 4-20 48.6 (38.3 ) 10.3 Non Compete Agreement 1.8 (1.4 ) 0.4 5-10 1.4 (1.4 ) 0.0 Total $ 691.0 $ (272.0 ) $ 419.0 $ 652.6 $ (244.8 ) $ 407.8 |
Indefinite Lived Intangible Assets | Indefinite lived intangible assets - Carrying value September 30, December 31, 2015 2014 Trade Names $ 860.5 $ 864.6 |
Carrying Amount of Goodwill | The carrying amount of goodwill as of September 30, 2015 and December 31, 2014, respectively, is as follows: Consumer Consumer Specialty Domestic International Products Total Balance at December 31, 2014 $ 1,242.2 $ 62.6 $ 20.2 $ 1,325.0 VI-COR Acquisition 0.0 0.0 29.3 29.3 Balance at September 30, 2015 $ 1,242.2 $ 62.6 $ 49.5 $ 1,354.3 |
Accounts Payable and Accrued 36
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following: September 30, December 31, 2015 2014 Trade accounts payable $ 283.2 $ 284.1 Accrued marketing and promotion costs 87.7 114.8 Accrued wages and related benefit costs 47.0 54.0 Other accrued current liabilities 68.4 54.8 Total $ 486.3 $ 507.7 |
Short-Term Borrowings and Lon37
Short-Term Borrowings and Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Components of Short-Term Borrowings and Long-Term Debt | Short-term borrowings and long-term debt consist of the following: September 30, December 31, 2015 2014 Short-term borrowings Commercial paper issuances $ 25.0 $ 143.3 Various debt due to international banks 0.0 3.4 Total short-term borrowings $ 25.0 $ 146.7 Long-term debt 2.875% Senior notes due October 1, 2022 $ 400.0 $ 400.0 Less: Discount (0.3 ) (0.3 ) 3.35% Senior notes due December 15, 2015 250.0 250.0 Less: Discount 0.0 (0.1 ) 2.45% Senior notes due December 15, 2019 300.0 300.0 Less: Discount (0.1 ) (0.2 ) Fair value adjustment related to hedged fixed rate debt instrument 6.4 (0.9 ) Total long-term debt 956.0 948.5 Less: current maturities (250.0 ) (249.9 ) Net long-term debt $ 706.0 $ 698.6 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Components of Changes in Accumulated Other Comprehensive Income (Loss) | The components of changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2015 and September 30, 2014 are as follows: Accumulated Foreign Defined Other Currency Benefit Derivative Comprehensive Adjustments Plans Agreements Income (Loss) Balance at December 31, 2013 $ 12.7 $ (13.0 ) $ 0.5 $ 0.2 Other comprehensive income (loss) before reclassifications (14.8 ) 1.0 0.4 (13.4 ) Amounts reclassified to consolidated statement of income (a) (b) 0.0 0.0 (0.6 ) (0.6 ) Tax benefit (expense) 0.0 (0.3 ) 0.2 (0.1 ) Other comprehensive income (loss) (14.8 ) 0.7 0.0 (14.1 ) Balance at September 30, 2014 $ (2.1 ) $ (12.3 ) $ 0.5 $ (13.9 ) Balance at December 31, 2014 $ (16.4 ) $ (17.7 ) $ (0.6 ) $ (34.7 ) Other comprehensive income (loss) before reclassifications (29.4 ) 0.0 11.6 (17.8 ) Amounts reclassified to consolidated statement of income (a) (b) 0.0 5.2 (6.3 ) (1.1 ) Tax benefit (expense) (c) 11.6 (1.3 ) (1.6 ) 8.7 Other comprehensive income (loss) (17.8 ) 3.9 3.7 (10.2 ) Balance at September 30, 2015 $ (34.2 ) $ (13.8 ) $ 3.1 $ (44.9 ) (a) Amounts classified to cost of sales and selling, general and administrative expenses. (b) The Company reclassified gains of $2.7 and $0.2 to the consolidated statements of income during the three months ended September 30, 2015 and 2014, respectively. (c) See Note 18 for a discussion of the tax impact of foreign cash repatriation. |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
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 Pension Costs Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 0.1 $ 0.2 $ 0.2 $ 0.6 Interest cost 0.6 1.1 2.2 3.3 Expected return on plan assets (0.9 ) (1.6 ) (3.6 ) (4.6 ) Settlement loss 0.0 0.0 8.9 0.0 Amortization of prior service cost 0.0 0.6 0.2 0.8 Net periodic benefit cost (income) $ (0.2 ) $ 0.3 $ 7.9 $ 0.1 Nonpension Nonpension Postretirement Costs Postretirement Costs Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Components of Net Periodic Benefit Cost: Service cost $ 0.1 $ 0.1 $ 0.2 $ 0.2 Interest cost 0.3 0.3 0.8 0.8 Amortization of prior service cost 0.0 (0.4 ) (0.6 ) (1.1 ) Net periodic benefit cost (income) $ 0.4 $ 0.0 $ 0.4 $ (0.1 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
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 Nine Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 Purchases by Company $ 18.9 $ 20.3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Sales by Company $ 0.0 $ 0.0 $ 1.0 $ 0.9 $ 1.5 $ 1.5 Outstanding Accounts Receivable $ 0.6 $ 0.2 $ 0.7 $ 0.6 $ 0.1 $ 0.1 Outstanding Accounts Payable $ 2.1 $ 2.8 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Administration & Management Oversight Services (1) $ 1.8 $ 1.7 $ 1.5 $ 1.5 $ 0.6 $ 0.6 (1) |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Selected Financial Information Relating To Company's Segments | Segment Net Sales and Income before Income Taxes for the three and nine months ended September 30, 2015 and September 30, 2014 respectively, are as follows: Consumer Consumer Domestic International SPD Corporate (3) Total Net Sales (1) Third Quarter 2015 $ 656.4 $ 124.7 $ 80.7 $ 0.0 $ 861.8 Third Quarter 2014 627.2 136.2 78.4 0.0 841.8 First Nine Months of 2015 $ 1,909.3 $ 376.0 $ 235.9 $ 0.0 $ 2,521.2 First Nine Months of 2014 1,819.4 396.6 216.1 0.0 2,432.1 Income before Income Taxes (2) Third Quarter 2015 $ 153.5 $ 16.3 $ 12.8 $ 3.1 $ 185.7 Third Quarter 2014 141.4 15.0 13.4 3.4 173.2 First Nine Months of 2015 $ 395.8 $ 40.2 $ 42.9 $ (8.4 ) $ 470.5 First Nine Months of 2014 376.0 47.5 33.5 7.9 464.9 (1) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $0.9 and $0.3 for the three months ended September 30, 2015 and September 30, 2014, respectively, and were $3.9 and $0.8 for the nine months ended September 30, 2015 and September 30, 2014, respectively. (2) In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations. (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 Nine Months Ended September 30, September 30, September 30, September 30, 2015 2014 2015 2014 Household Products $ 391.2 $ 379.5 $ 1,148.6 $ 1,087.2 Personal Care Products 265.2 247.7 760.7 732.2 Total Consumer Domestic 656.4 627.2 1,909.3 1,819.4 Total Consumer International 124.7 136.2 376.0 396.6 Total SPD 80.7 78.4 235.9 216.1 Total Consolidated Net Sales $ 861.8 $ 841.8 $ 2,521.2 $ 2,432.1 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Research and development expenses | $ 16 | $ 14.8 | $ 48.1 | $ 42.3 |
Components of Inventories (Deta
Components of Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract] | ||
Raw materials and supplies | $ 81.7 | $ 70.8 |
Work in process | 37 | 25 |
Finished goods | 155.6 | 150.1 |
Total | $ 274.3 | $ 245.9 |
Components of Property, Plant a
Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross Property, Plant and Equipment | $ 1,150.9 | $ 1,121.6 |
Less accumulated depreciation and amortization | 540.9 | 505.4 |
Net Property, Plant and Equipment | 610 | 616.2 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property, Plant and Equipment | 25.3 | 25.5 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property, Plant and Equipment | 301.5 | 281.7 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property, Plant and Equipment | 644 | 599.3 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property, Plant and Equipment | 86.7 | 86.4 |
Office equipment and other assets | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property, Plant and Equipment | 60.6 | 57.2 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property, Plant and Equipment | $ 32.8 | $ 71.5 |
Depreciation and Interest Charg
Depreciation and Interest Charges on Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization on PP&E | $ 14.5 | $ 13.9 | $ 44.1 | $ 43.3 |
Interest charges capitalized (in construction in progress) | $ 0.1 | $ 0.2 | $ 0.5 | $ 0.5 |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding - basic | 131.1 | 133.7 | 131.3 | 135.5 |
Dilutive effect of stock options | 2.5 | 2.3 | 2.5 | 2.4 |
Weighted average common shares outstanding - diluted | 133.6 | 136 | 133.8 | 137.9 |
Antidilutive stock options outstanding | 0.5 | 1.2 | 1.1 | 1.2 |
Summary of Option Activity (Det
Summary of Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Beginning Balance, Options | 8.5 | |||
Granted, Options | 0 | 0 | 1.1 | 1.1 |
Exercised, Options | (0.8) | |||
Cancelled, Options | (0.1) | |||
Ending Balance, Options | 8.7 | 8.7 | ||
Exercisable at September 30, 2015, Options | 4.9 | 4.9 | ||
Beginning Balance, Weighted-Average Exercise Price | $ 45.50 | |||
Granted, Weighted-Average Exercise Price | 83.81 | |||
Exercised, Weighted-Average Exercise Price | 30.21 | |||
Cancelled, Weighted-Average Exercise Price | 62.55 | |||
Ending Balance, Weighted-Average Exercise Price | $ 51.38 | 51.38 | ||
Exercisable at September 30, 2015, Weighted-Average Exercise Price | $ 36.86 | $ 36.86 | ||
Outstanding at September 30, 2015, Weighted-Average Remaining Contractual Term, years | 6 years | |||
Exercisable at September 30, 2015, Weighted-Average Remaining Contractual Term, years | 4 years 3 months 18 days | |||
Outstanding at September 30, 2015, Aggregate Intrinsic Value | $ 282.9 | $ 282.9 | ||
Exercisable at September 30, 2015, Aggregate Intrinsic Value | $ 231.5 | $ 231.5 |
Schedule of Share Based Compens
Schedule of Share Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Intrinsic Value of Stock Options Exercised | $ 9.4 | $ 7.3 | $ 41.7 | $ 44.5 |
Stock Compensation Expense Related to Stock Option Awards | $ 1.7 | $ 1.7 | $ 13.1 | $ 13.5 |
Issued Stock Options | 0 | 0 | 1.1 | 1.1 |
Weighted Average Fair Value of Stock Options issued (per share) | $ 13.27 | $ 12.76 | $ 13.73 | $ 12.84 |
Fair Value of Stock Options Issued | $ 0 | $ 0.1 | $ 14.8 | $ 14.7 |
Assumptions Used in Valuation o
Assumptions Used in Valuation of Issued Stock Options (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Risk-free interest rate | 2.00% | 2.00% | 2.00% | 2.00% |
Expected life in years | 6 years 3 months 18 days | 6 years 1 month 6 days | 6 years 3 months 18 days | 6 years 2 months 12 days |
Expected volatility | 17.10% | 20.40% | 17.20% | 20.40% |
Dividend yield | 1.60% | 1.80% | 1.60% | 1.80% |
Share Repurchase - Additional I
Share Repurchase - Additional Information (Details) - USD ($) shares in Thousands, $ in Millions | May. 18, 2015 | Apr. 24, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Jan. 28, 2015 |
Accelerated Share Repurchases [Line Items] | |||||||
Payment for share repurchase | $ 263.1 | $ 435 | |||||
Share repurchase program, authorized amount | $ 500 | ||||||
Accelerated share repurchase agreements, contract value | $ 215 | ||||||
Evergreen Program | |||||||
Accelerated Share Repurchases [Line Items] | |||||||
Stock purchases, shares | 500 | ||||||
Payment for share repurchase | $ 47 | $ 41.2 | |||||
2015 Repurchase Program | |||||||
Accelerated Share Repurchases [Line Items] | |||||||
Stock purchases, shares | 83 | 2,600 | |||||
Payment for share repurchase | $ 7 | $ 168 | |||||
Common stock issued | 83 | ||||||
Accelerated share repurchase contract | $ 7 |
Carrying Amounts and Estimated
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ 25 | $ 146.7 |
Senior Notes | 956 | 948.5 |
Fair Value, Inputs, Level 2 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 121.6 | 298 |
Short-term borrowings | 25 | 146.7 |
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument | 6.4 | (0.9) |
Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument | 6.4 | (0.9) |
Cash equivalents | 121.6 | 298 |
Short-term borrowings | 25 | 146.7 |
2.875% Senior notes due October 1, 2022 | Fair Value, Inputs, Level 2 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 399.7 | 399.7 |
2.875% Senior notes due October 1, 2022 | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 393.9 | 393.3 |
3.35% Senior notes due December 15, 2015 | Fair Value, Inputs, Level 2 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 250 | 249.9 |
3.35% Senior notes due December 15, 2015 | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 249.7 | 255.6 |
2.45% Senior notes due December 15, 2019 | Fair Value, Inputs, Level 2 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 299.9 | 299.8 |
2.45% Senior notes due December 15, 2019 | Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | $ 302 | $ 298.6 |
Carrying Amounts and Estimate52
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Parenthetical) (Details) | Sep. 30, 2015 | Dec. 31, 2014 |
2.875% Senior notes due October 1, 2022 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 2.875% | 2.875% |
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 | 2.875% | 2.875% |
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% |
2.45% Senior notes due December 15, 2019 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 2.45% | 2.45% |
2.45% Senior notes due December 15, 2019 | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Interest rate of debt | 2.45% | 2.45% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | Sep. 30, 2015 | Dec. 31, 2014 |
2.45% Senior notes due December 15, 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate of debt | 2.45% | 2.45% |
Fair Value of Derivative Instru
Fair Value of Derivative Instruments and Effect of Such Derivative Instruments on Consolidated Statements of Income and on Other Comprehensive Income (Details) gal in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)gal | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)gal | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Designated as Hedging Instrument | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Asset Derivatives, Fair Value | $ 12.4 | $ 12.4 | $ 2.8 | ||
Liability Derivatives, Fair Value | 2.7 | 2.7 | 5.3 | ||
Amount of Gains (Loss) Recognized in OCI | 2.3 | $ 0.9 | 3.7 | $ 0 | |
Designated as Hedging Instrument | Foreign Exchange Contract | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Amount of Gains (Loss) Recognized in OCI | 2.5 | 1.7 | 2.7 | 1 | |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Asset Derivatives, Notional Amount | 123.6 | 123.6 | |||
Asset Derivatives, Fair Value | 6 | 6 | 2.8 | ||
Designated as Hedging Instrument | Interest Rate Swap | Other Assets | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Asset Derivatives, Notional Amount | 300 | 300 | |||
Asset Derivatives, Fair Value | 6.4 | 6.4 | 0 | ||
Designated as Hedging Instrument | Interest Rate Swap | Deferred And Other Long Term Liabilities | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Liability Derivatives, Fair Value | 0 | 0 | 0.9 | ||
Designated as Hedging Instrument | Diesel fuel contracts | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Amount of Gains (Loss) Recognized in OCI | (0.2) | (0.8) | 1 | (1) | |
Designated as Hedging Instrument | Diesel fuel contracts | Accounts Payable and Accrued Liabilities | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Liability Derivatives, Fair Value | $ 2.7 | $ 2.7 | 4.4 | ||
Liability Derivatives, Notional Amount, Volume | gal | 3.2 | 3.2 | |||
Not Designated as Hedging Instrument | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Asset Derivatives, Fair Value | $ 2.3 | $ 2.3 | 2.8 | ||
Liability Derivatives, Fair Value | 0.4 | 0.4 | 0 | ||
Amount of Gain (Loss) Recognized in Income | 3.7 | 0.1 | 5 | 1.4 | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other Income (Expense), Net | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income | 2.7 | 0 | 3.3 | 0 | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Asset Derivatives, Notional Amount | 42.1 | 42.1 | |||
Asset Derivatives, Fair Value | 2.3 | 2.3 | 0 | ||
Not Designated as Hedging Instrument | Equity derivatives | Selling, General and Administrative Expenses | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Amount of Gain (Loss) Recognized in Income | 1 | $ 0.1 | 1.7 | $ 1.4 | |
Not Designated as Hedging Instrument | Equity derivatives | Other Current Assets | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Asset Derivatives, Fair Value | 0 | 0 | 2.8 | ||
Not Designated as Hedging Instrument | Equity derivatives | Other Current Liabilities | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Liability Derivatives, Notional Amount | 32.2 | 32.2 | |||
Liability Derivatives, Fair Value | $ 0.4 | $ 0.4 | $ 0 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ in Millions | Jan. 02, 2015 | Sep. 30, 2015 | Sep. 30, 2014 |
Business Acquisition [Line Items] | |||
Cash consideration | $ 74.9 | $ 216.1 | |
VI-COR | |||
Business Acquisition [Line Items] | |||
Date of business acquisition | Jan. 2, 2015 | ||
Cash consideration | $ 74.9 | ||
Payment after one year if certain operating performance is achieved | $ 5 | $ 5 | |
VI-COR | Minimum | |||
Business Acquisition [Line Items] | |||
Average life of the amortizable intangible assets, years | 5 years | ||
VI-COR | Maximum | |||
Business Acquisition [Line Items] | |||
Average life of the amortizable intangible assets, years | 15 years |
Fair Values of Net Assets Acqui
Fair Values of Net Assets Acquired (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $ 1,354.3 | $ 1,325 |
VI-COR | ||
Business Acquisition [Line Items] | ||
Fair value of contingent payment due in one year | (4.6) | |
VI-COR | Acquisition Date Preliminary Fair Value | ||
Business Acquisition [Line Items] | ||
Inventory and other working capital | 1.1 | |
Property, plant and equipment and other long-term assets | 7.6 | |
Trade Names and other intangibles | 41.5 | |
Goodwill | 29.3 | |
Purchase Price | 79.5 | |
Fair value of contingent payment due in one year | (4.6) | |
Cash purchase price as of September 30, 2015 | $ 74.9 |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 691 | $ 652.6 |
Accumulated Amortization | (272) | (244.8) |
Net | 419 | 407.8 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 260 | 255.3 |
Accumulated Amortization | (93) | (85.2) |
Net | $ 167 | 170.1 |
Trade Names | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 3 years | |
Trade Names | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 20 years | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 371.8 | 347.3 |
Accumulated Amortization | (136.3) | (119.9) |
Net | $ 235.5 | 227.4 |
Customer Relationships | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 15 years | |
Customer Relationships | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 20 years | |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 57.4 | 48.6 |
Accumulated Amortization | (41.3) | (38.3) |
Net | $ 16.1 | 10.3 |
Patents | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 4 years | |
Patents | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 20 years | |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1.8 | 1.4 |
Accumulated Amortization | (1.4) | (1.4) |
Net | $ 0.4 | $ 0 |
Noncompete Agreements | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 5 years | |
Noncompete Agreements | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 10 years |
Indefinite Lived Intangible Ass
Indefinite Lived Intangible Assets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Trade Names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value, Trade names | $ 860.5 | $ 864.6 |
Goodwill and Other Intangible59
Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Amortization expense of intangible assets | $ 9.7 | $ 7.5 | $ 30.1 | $ 22.7 |
Estimated amortization expense, 2015 | 40 | 40 | ||
Estimated amortization expense, 2016 | 38 | 38 | ||
Estimated amortization expense, 2017 | 38 | 38 | ||
Estimated amortization expense, 2018 | 38 | 38 | ||
Estimated amortization expense, 2019 | 38 | 38 | ||
Estimated amortization expense, 2020 | $ 38 | $ 38 |
Carrying Amount of Goodwill (De
Carrying Amount of Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 1,325 |
VI-COR Acquisition | 29.3 |
Ending balance | 1,354.3 |
Consumer Domestic | |
Goodwill [Line Items] | |
Beginning balance | 1,242.2 |
VI-COR Acquisition | 0 |
Ending balance | 1,242.2 |
Consumer International | |
Goodwill [Line Items] | |
Beginning balance | 62.6 |
VI-COR Acquisition | 0 |
Ending balance | 62.6 |
Specialty Products | |
Goodwill [Line Items] | |
Beginning balance | 20.2 |
VI-COR Acquisition | 29.3 |
Ending balance | $ 49.5 |
Accounts Payable and Accrued 61
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade accounts payable | $ 283.2 | $ 284.1 |
Accrued marketing and promotion costs | 87.7 | 114.8 |
Accrued wages and related benefit costs | 47 | 54 |
Other accrued current liabilities | 68.4 | 54.8 |
Total | $ 486.3 | $ 507.7 |
Summary of Short-Term Borrowing
Summary of Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Short-term borrowings | ||
Commercial paper issuances | $ 25 | $ 143.3 |
Various debt due to international banks | 0 | 3.4 |
Total short-term borrowings | 25 | 146.7 |
Long-term debt | ||
Fair value adjustment related to hedged fixed rate debt instrument | 6.4 | (0.9) |
Total long-term debt | 956 | 948.5 |
Less: current maturities | (250) | (249.9) |
Long-term Debt | 706 | 698.6 |
2.875% Senior notes due October 1, 2022 | ||
Long-term debt | ||
Senior notes | 400 | 400 |
Less: Discount | (0.3) | (0.3) |
3.35% Senior notes due December 15, 2015 | ||
Long-term debt | ||
Senior notes | 250 | 250 |
Less: Discount | 0 | (0.1) |
2.45% Senior notes due December 15, 2019 | ||
Long-term debt | ||
Senior notes | 300 | 300 |
Less: Discount | $ (0.1) | $ (0.2) |
Summary of Short-Term Borrowi63
Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
2.875% Senior notes due October 1, 2022 | ||
Debt Instrument [Line Items] | ||
Interest rate of debt | 2.875% | 2.875% |
Maturity date of debt | Oct. 1, 2022 | Oct. 1, 2022 |
3.35% Senior notes due December 15, 2015 | ||
Debt Instrument [Line Items] | ||
Interest rate of debt | 3.35% | 3.35% |
Maturity date of debt | Dec. 15, 2015 | Dec. 15, 2015 |
2.45% Senior notes due December 15, 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate of debt | 2.45% | 2.45% |
Maturity date of debt | Dec. 15, 2019 | Dec. 15, 2019 |
Components of Changes in Accumu
Components of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | $ (34.7) | $ 0.2 | |||||
Other comprehensive income (loss) before reclassifications | (17.8) | (13.4) | |||||
Amounts reclassified to consolidated statement of income | $ (2.7) | $ (0.2) | (1.1) | [1],[2] | (0.6) | [1],[2] | |
Tax benefit (expense) | 8.7 | [3] | (0.1) | ||||
Other comprehensive income (loss) | (10.8) | (18.4) | (10.2) | (14.1) | |||
Ending balance | (44.9) | (13.9) | (44.9) | (13.9) | |||
Foreign Currency Adjustments | |||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | (16.4) | 12.7 | |||||
Other comprehensive income (loss) before reclassifications | (29.4) | (14.8) | |||||
Amounts reclassified to consolidated statement of income | [1],[2] | 0 | 0 | ||||
Tax benefit (expense) | 11.6 | [3] | 0 | ||||
Other comprehensive income (loss) | (17.8) | (14.8) | |||||
Ending balance | (34.2) | (2.1) | (34.2) | (2.1) | |||
Defined Benefit Plans | |||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | (17.7) | (13) | |||||
Other comprehensive income (loss) before reclassifications | 0 | 1 | |||||
Amounts reclassified to consolidated statement of income | [1],[2] | 5.2 | 0 | ||||
Tax benefit (expense) | (1.3) | [3] | (0.3) | ||||
Other comprehensive income (loss) | 3.9 | 0.7 | |||||
Ending balance | (13.8) | (12.3) | (13.8) | (12.3) | |||
Derivative Agreements | |||||||
Accumulated Other Comprehensive Income Loss [Line Items] | |||||||
Beginning balance | (0.6) | 0.5 | |||||
Other comprehensive income (loss) before reclassifications | 11.6 | 0.4 | |||||
Amounts reclassified to consolidated statement of income | [1],[2] | (6.3) | (0.6) | ||||
Tax benefit (expense) | (1.6) | [3] | 0.2 | ||||
Other comprehensive income (loss) | 3.7 | 0 | |||||
Ending balance | $ 3.1 | $ 0.5 | $ 3.1 | $ 0.5 | |||
[1] | Amounts classified to cost of sales and selling, general and administrative expenses. | ||||||
[2] | The Company reclassified gains of $2.7 and $0.2 to the consolidated statements of income during the three months ended September 30, 2015 and 2014, respectively. | ||||||
[3] | See Note 18 for a discussion of the tax impact of foreign cash repatriation. |
Components of Changes in Accu65
Components of Changes in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Statement Of Stockholders Equity [Abstract] | ||||||
Amounts of gain reclassified to consolidated statement of income | $ 2.7 | $ 0.2 | $ 1.1 | [1],[2] | $ 0.6 | [1],[2] |
[1] | Amounts classified to cost of sales and selling, general and administrative expenses. | |||||
[2] | The Company reclassified gains of $2.7 and $0.2 to the consolidated statements of income during the three months ended September 30, 2015 and 2014, respectively. |
Components Of Net Periodic Bene
Components Of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Costs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.1 | $ 0.2 | $ 0.2 | $ 0.6 |
Interest cost | 0.6 | 1.1 | 2.2 | 3.3 |
Expected return on plan assets | (0.9) | (1.6) | (3.6) | (4.6) |
Settlement loss | 0 | 0 | 8.9 | 0 |
Amortization of prior service cost | 0 | 0.6 | 0.2 | 0.8 |
Net periodic benefit cost (income) | (0.2) | 0.3 | 7.9 | 0.1 |
Nonpension Postretirement Costs | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.1 | 0.1 | 0.2 | 0.2 |
Interest cost | 0.3 | 0.3 | 0.8 | 0.8 |
Amortization of prior service cost | 0 | (0.4) | (0.6) | (1.1) |
Net periodic benefit cost (income) | $ 0.4 | $ 0 | $ 0.4 | $ (0.1) |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) $ in Millions | Dec. 31, 2014USD ($) | Sep. 30, 2015USD ($)Participants | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Participants | Sep. 30, 2014USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated cash contributions by employer in 2015 | $ 0.6 | ||||
Foreign Pension Plan, Defined Benefit | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, number of plan participants | Participants | 270 | 270 | |||
Defined benefit plan, plan participants, number of active employees | Participants | 90 | 90 | |||
Fund required for the settlement of pension | $ 0.5 | ||||
Foreign Pension Plan, Defined Benefit | Consumer International | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fund required for the settlement of pension | $ 0.5 | ||||
Settlement loss | 8.9 | ||||
Defined benefit plan, one-time termination benefits in current fiscal year, net of tax | $ 6.7 | ||||
Pension Costs | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement loss | $ 0 | $ 0 | 8.9 | $ 0 | |
Employer contributions | $ 2.2 |
Commitments, Contingencies an68
Commitments, Contingencies and Guarantees - Additional Information (Details) BRL in Millions, $ in Millions | Nov. 08, 2011USD ($) | Sep. 30, 2015USD ($)T | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Sep. 30, 2015USD ($) | Jan. 02, 2015USD ($) | Dec. 31, 2010BRL |
Commitments And Contingencies Disclosure [Line Items] | |||||||
Annual purchase commitment, in tons | T | 240,000 | ||||||
Commitments | $ 271.6 | ||||||
Outstanding letters of credit | 4.2 | $ 4.2 | |||||
Imposition of fine | $ 1.3 | BRL 5 | |||||
Remediation and related costs | $ 4.8 | $ 3 | |||||
Accrued expenses for remediation, fines and related costs | 1.9 | 1.9 | |||||
Increase (decrease) in accrued expenses for remediation, fines and related costs | 5.9 | ||||||
Cost of landfill removal, minimum | 30 | ||||||
Cost of landfill removal, maximum | 50 | ||||||
Oral Care Technology | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Cash consideration | $ 4.3 | ||||||
Potential advance royalty payments | 5.5 | ||||||
Advance royalty payments | 5.5 | 5.5 | |||||
Potential license payment | $ 7 | ||||||
VI-COR | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Payment after one year if certain operating performance is achieved | 5 | 5 | $ 5 | ||||
Business acquisition - contingent liabilities, current | 4.6 | 4.6 | |||||
Financial Guarantee | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Guarantees | 17.7 | 17.7 | |||||
Assets Subject to Guarantees | |||||||
Commitments And Contingencies Disclosure [Line Items] | |||||||
Guarantees | $ 2.3 | $ 2.3 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
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 Technologies LLC | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership interest | 33.33% | 33.33% | |
Impairment charge on remaining investment | $ 17 |
Balance and Transactions Betwee
Balance and Transactions Between Company and Related Party (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Armand Products Company | |||
Related Party Transaction [Line Items] | |||
Purchases by Company | $ 18.9 | $ 20.3 | |
Sales by Company | 0 | 0 | |
Outstanding Accounts Receivable | 0.6 | 0.2 | |
Outstanding Accounts Payable | 2.1 | 2.8 | |
Administration & Management Oversight Services | [1] | 1.8 | 1.7 |
ArmaKleen Company | |||
Related Party Transaction [Line Items] | |||
Purchases by Company | 0 | 0 | |
Sales by Company | 1 | 0.9 | |
Outstanding Accounts Receivable | 0.7 | 0.6 | |
Outstanding Accounts Payable | 0 | 0 | |
Administration & Management Oversight Services | [1] | 1.5 | 1.5 |
Natronx Technologies LLC | |||
Related Party Transaction [Line Items] | |||
Purchases by Company | 0 | 0 | |
Sales by Company | 1.5 | 1.5 | |
Outstanding Accounts Receivable | 0.1 | 0.1 | |
Outstanding Accounts Payable | 0 | 0 | |
Administration & Management Oversight Services | [1] | $ 0.6 | $ 0.6 |
[1] | Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Tax [Line Items] | ||||||||
Repatriation of foreign cash | $ 93 | |||||||
Income taxes | $ 65.3 | $ 57.3 | $ 169.2 | $ 157.6 | ||||
Cash and cash equivalents | 210.6 | $ 370.2 | 210.6 | 370.2 | $ 423 | $ 496.9 | ||
Deferred tax benefit | (8.7) | [1] | $ 0.1 | |||||
Foreign Cash Repatriated | ||||||||
Income Tax [Line Items] | ||||||||
Income taxes | 2.7 | |||||||
Deferred tax benefit | $ 11.6 | |||||||
Outside U.S. | ||||||||
Income Tax [Line Items] | ||||||||
Cash and cash equivalents | $ 142.2 | $ 142.2 | ||||||
[1] | See Note 18 for a discussion of the tax impact of foreign cash repatriation. |
Segments - Additional Informati
Segments - Additional Information (Details) - Segment | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 3 | |
Armand Products Company | ||
Segment Reporting Information [Line Items] | ||
Percentage of ownership interest | 50.00% | 50.00% |
ArmaKleen Company | ||
Segment Reporting Information [Line Items] | ||
Percentage of ownership interest | 50.00% | 50.00% |
Natronx Technologies LLC | ||
Segment Reporting Information [Line Items] | ||
Percentage of ownership interest | 33.33% | 33.33% |
Selected Financial Information
Selected Financial Information Relating To Company's Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | $ 861.8 | $ 841.8 | $ 2,521.2 | $ 2,432.1 |
Income Before Income Taxes | [2] | 185.7 | 173.2 | 470.5 | 464.9 |
Operating Segments | Consumer Domestic | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | 656.4 | 627.2 | 1,909.3 | 1,819.4 |
Income Before Income Taxes | [2] | 153.5 | 141.4 | 395.8 | 376 |
Operating Segments | Consumer International | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | 124.7 | 136.2 | 376 | 396.6 |
Income Before Income Taxes | [2] | 16.3 | 15 | 40.2 | 47.5 |
Operating Segments | Specialty Products | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | 80.7 | 78.4 | 235.9 | 216.1 |
Income Before Income Taxes | [2] | 12.8 | 13.4 | 42.9 | 33.5 |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1],[3] | 0 | 0 | 0 | 0 |
Income Before Income Taxes | [2],[3] | $ 3.1 | $ 3.4 | $ (8.4) | $ 7.9 |
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $0.9 and $0.3 for the three months ended September 30, 2015 and September 30, 2014, respectively, and were $3.9 and $0.8 for the nine months ended September 30, 2015 and September 30, 2014, respectively. | ||||
[2] | In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations. | ||||
[3] | Corporate consists of equity in earnings (losses) of affiliates from Armand, ArmaKleen and Natronx. |
Selected Financial Informatio74
Selected Financial Information Relating To Company's Segments (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | $ 861.8 | $ 841.8 | $ 2,521.2 | $ 2,432.1 |
Intersegment sales | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | $ (0.9) | $ (0.3) | $ (3.9) | $ (0.8) | |
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $0.9 and $0.3 for the three months ended September 30, 2015 and September 30, 2014, respectively, and were $3.9 and $0.8 for the nine months ended September 30, 2015 and September 30, 2014, respectively. |
Product Line Revenues from Exte
Product Line Revenues from External Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | $ 861.8 | $ 841.8 | $ 2,521.2 | $ 2,432.1 |
Operating Segments | Consumer Domestic | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | 656.4 | 627.2 | 1,909.3 | 1,819.4 |
Operating Segments | Consumer Domestic | Household Products | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 391.2 | 379.5 | 1,148.6 | 1,087.2 | |
Operating Segments | Consumer Domestic | Personal Care Products | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | 265.2 | 247.7 | 760.7 | 732.2 | |
Operating Segments | Consumer International | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | 124.7 | 136.2 | 376 | 396.6 |
Operating Segments | Specialty Products | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales | [1] | $ 80.7 | $ 78.4 | $ 235.9 | $ 216.1 |
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $0.9 and $0.3 for the three months ended September 30, 2015 and September 30, 2014, respectively, and were $3.9 and $0.8 for the nine months ended September 30, 2015 and September 30, 2014, respectively. |