Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 129,725,220 | ||
Entity Public Float | $ 10.6 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Income Statement [Abstract] | ||||||
Net Sales | $ 3,394.8 | $ 3,297.6 | $ 3,194.3 | |||
Cost of sales | 1,883 | 1,844.7 | 1,756.3 | |||
Gross Profit | 1,511.8 | 1,452.9 | 1,438 | |||
Marketing expenses | 417.5 | 416.9 | 399.8 | |||
Selling, general and administrative expenses | 420.1 | 394.8 | 416 | |||
Income from Operations | 674.2 | [1] | 641.2 | [2] | 622.2 | |
Equity in earnings (losses) of affiliates | (5.8) | 11.6 | 2.8 | |||
Investment earnings | [3] | 1.5 | 2.3 | 2.6 | ||
Other income (expense), net | [3] | (4) | (2.8) | (2.1) | ||
Interest expense | [3] | (30.5) | (27.4) | (27.7) | ||
Income before Income Taxes | 635.4 | 624.9 | 597.8 | |||
Income taxes | 225 | 211 | 203.4 | |||
Net Income | $ 410.4 | $ 413.9 | $ 394.4 | |||
Weighted average shares outstanding - Basic | 131.1 | 135.1 | 138.6 | |||
Weighted average shares outstanding - Diluted | 133.6 | 137.5 | 141.2 | |||
Net income per share - Basic | $ 3.13 | [1],[4] | $ 3.06 | $ 2.85 | ||
Net income per share - Diluted | 3.07 | [1],[4] | 3.01 | 2.79 | ||
Cash dividends per share | $ 1.34 | $ 1.24 | $ 1.12 | |||
[1] | The second quarter of 2015 Income from Operations includes an $8.9 pre-tax charge or $0.05 per share to terminate an international defined benefit pension plan. | |||||
[2] | The second quarter of 2014 Income from Operations includes $5.0 of intangible asset impairment charges. | |||||
[3] | In determining Income before Income Taxes, interest expense, investment earnings, and other income, net, were allocated to the segments based upon each segment's relative Income from Operations. | |||||
[4] | The second quarter of 2015 Net Income includes a $17.0 or $0.13 per share impairment charge to write-off the remaining investment in Natronx. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income | $ 410.4 | $ 413.9 | $ 394.4 |
Other comprehensive income, net of tax: | |||
Foreign exchange translation adjustments | (22.1) | (29.1) | (10.1) |
Defined benefit plan adjustments gain (loss) | 6.2 | (4.7) | 7.5 |
Income (loss) from derivative agreements | 4.7 | (1.1) | 0.3 |
Other comprehensive income (loss) | (11.2) | (34.9) | (2.3) |
Comprehensive income | $ 399.2 | $ 379 | $ 392.1 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Assets | |||
Cash and cash equivalents | $ 330 | $ 423 | |
Accounts receivable, less allowances of $1.0 and $1.9 | 276.2 | 322.9 | |
Inventories | 274 | 245.9 | |
Other current assets | 25.8 | 26.3 | |
Total Current Assets | 906 | 1,018.1 | |
Property, Plant and Equipment, Net | 609.6 | 616.2 | |
Equity Investment in Affiliates | 8.4 | 24.8 | |
Trade Names and Other Intangibles, Net | 1,269.5 | 1,272.4 | |
Goodwill | 1,354.9 | 1,325 | |
Other Assets | 108.5 | 102.7 | |
Total Assets | [1] | 4,256.9 | 4,359.2 |
Current Liabilities | |||
Short-term borrowings | 357.2 | 146.7 | |
Current portion of long-term debt | 0 | 249.9 | |
Accounts payable and accrued expenses | 508.3 | 507.7 | |
Income taxes payable | 7.2 | 1 | |
Total Current Liabilities | 872.7 | 905.3 | |
Long-term Debt | 692.8 | 690 | |
Deferred Income Taxes | [2] | 484.8 | 470.6 |
Deferred and Other Long-term Liabilities | 158.3 | 163.1 | |
Pension, Postretirement and Postemployment Benefits | 25.1 | 28.3 | |
Total Liabilities | $ 2,233.7 | $ 2,257.3 | |
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 | 376.4 | 364.8 | |
Retained earnings | 2,650 | 2,414.9 | |
Accumulated other comprehensive loss | (45.9) | (34.7) | |
Common stock in treasury, at cost: 16,473,506 shares in 2015 and 13,075,944 shares in 2014 | (1,103.7) | (789.5) | |
Total Stockholders' Equity | 2,023.2 | 2,101.9 | |
Total Liabilities and Stockholders’ Equity | $ 4,256.9 | $ 4,359.2 | |
[1] | Identifiable Assets have been retrospectively adjusted to reflect new accounting guidance adopted during the fourth quarter of 2015. See Note 1 for further details. | ||
[2] | The Company retrospectively adopted new accounting guidance requiring all deferred tax assets to be classified as noncurrent. See Note 1 for further details |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 1 | $ 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 | 16,473,506 | 13,075,944 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flow From Operating Activities | |||
Net Income | $ 410.4 | $ 413.9 | $ 394.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 58.3 | 57.1 | 59.7 |
Amortization expense | 42.7 | 34.1 | 30.8 |
Deferred income taxes | 24 | 12.7 | 11.1 |
Equity in net earnings of affiliates | (11.6) | (11.6) | (2.8) |
Distributions from unconsolidated affiliates | 12 | 12.5 | 7.7 |
Non-cash pension settlement charge | 8.4 | 0 | 0 |
Non-cash compensation expense | 16.1 | 17 | 17 |
Asset impairment charge and other asset write-offs | 19.2 | 6.4 | 8.4 |
Other | 5.7 | 3.2 | 2.5 |
Change in assets and liabilities: | |||
Accounts receivable | 33.5 | (1.8) | (31.2) |
Inventories | (38.5) | 1.8 | (7.3) |
Other current assets | (2) | (0.6) | (1.5) |
Accounts payable and accrued expenses | 21.8 | 2.4 | 67.9 |
Income taxes payable | 29.7 | 17.5 | (23.8) |
Excess tax benefit on stock options exercised | (15.8) | (18.5) | (13.1) |
Other operating assets and liabilities, net | (7.8) | (5.8) | (20.2) |
Net Cash Provided By Operating Activities | 606.1 | 540.3 | 499.6 |
Cash Flow From Investing Activities | |||
Additions to property, plant and equipment | (61.8) | (70.5) | (67.1) |
Acquisitions | (74.9) | (215.7) | 0 |
Other | (4.5) | (2.2) | (10) |
Net Cash Used In Investing Activities | (141.2) | (288.4) | (77.1) |
Cash Flow From Financing Activities | |||
Long-term debt borrowings | 0 | 299.8 | 0 |
Long-term debt repayments | (250) | 0 | 0 |
Short-term debt borrowings (repayments) | 211.7 | (6.7) | (99.4) |
Proceeds from stock options exercised | 28.5 | 32.7 | 22 |
Excess tax benefit on stock options exercised | 15.8 | 18.5 | 13.1 |
Payment of cash dividends | (175.3) | (167.5) | (155.2) |
Purchase of treasury stock | (363.1) | (478.8) | (50.1) |
Deferred financing costs | (1.4) | (4.2) | 0 |
Other | (1.2) | (0.4) | 9.8 |
Net Cash Used In Financing Activities | (535) | (306.6) | (259.8) |
Effect of exchange rate changes on cash and cash equivalents | (22.9) | (19.2) | (8.8) |
Net Change In Cash and Cash Equivalents | (93) | (73.9) | 153.9 |
Cash and Cash Equivalents at Beginning of Period | 423 | 496.9 | 343 |
Cash and Cash Equivalents at End of Period | 330 | 423 | 496.9 |
Cash paid during the year for: | |||
Interest (net of amounts capitalized) | 29 | 25.7 | 26.4 |
Income taxes | 174.8 | 181.5 | 219.2 |
Supplemental disclosure of non-cash investing activities: | |||
Property, plant and equipment expenditures included in Accounts Payable | $ 5.3 | $ 14.5 | $ 1.9 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 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, 2012 | $ 2,061.1 | $ 146.4 | $ (336.1) | $ 318.8 | $ 1,929.3 | $ 2.5 | $ 2,060.9 | $ 0.2 |
Beginning Balance (in shares) at Dec. 31, 2012 | 146.4 | (7.6) | ||||||
Net Income | 394.4 | $ 0 | $ 0 | 0 | 394.4 | 0 | 394.4 | 0 |
Other comprehensive income (loss) | (2.3) | 0 | 0 | 0 | 0 | (2.3) | (2.3) | 0 |
Cash dividends | (155.2) | 0 | 0 | 0 | (155.2) | 0 | (155.2) | 0 |
Stock purchases | (50.1) | $ 0 | $ (50.1) | 0 | 0 | 0 | (50.1) | 0 |
Stock purchases (in shares) | 0 | (0.9) | ||||||
Stock based compensation expense and stock option plan transactions, including related income tax benefits | 52.2 | $ 0 | $ 18.1 | 34.1 | 0 | 0 | 52.2 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares) | 0 | 1 | ||||||
Other stock issuances | (0.1) | $ 0 | $ 0 | 0 | 0 | 0 | 0 | (0.1) |
Other stock issuances (in shares) | 0 | 0 | ||||||
Ending Balance at Dec. 31, 2013 | 2,300 | $ 146.4 | $ (368.1) | 352.9 | 2,168.5 | 0.2 | 2,299.9 | 0.1 |
Ending Balance (in shares) at Dec. 31, 2013 | 146.4 | (7.5) | ||||||
Net Income | 413.9 | $ 0 | $ 0 | 0 | 413.9 | 0 | 413.9 | 0 |
Other comprehensive income (loss) | (34.9) | 0 | 0 | 0 | 0 | (34.9) | (34.9) | 0 |
Cash dividends | (167.5) | 0 | 0 | 0 | (167.5) | 0 | (167.5) | 0 |
Stock purchases | (478.8) | $ 0 | $ (478.8) | 0 | 0 | 0 | (478.8) | 0 |
Stock purchases (in shares) | 0 | (6.9) | ||||||
Stock based compensation expense and stock option plan transactions, including related income tax benefits | 67.6 | $ 0 | $ 56.3 | 11.3 | 0 | 0 | 67.6 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares) | 0 | 1.3 | ||||||
Other stock issuances | 1.6 | $ 0 | $ 1.1 | 0.6 | 0 | 0 | 1.7 | (0.1) |
Other stock issuances (in shares) | 0 | 0 | ||||||
Ending Balance at Dec. 31, 2014 | 2,101.9 | $ 146.4 | $ (789.5) | 364.8 | 2,414.9 | (34.7) | 2,101.9 | 0 |
Ending Balance (in shares) at Dec. 31, 2014 | 146.4 | (13.1) | ||||||
Net Income | 410.4 | $ 0 | $ 0 | 0 | 410.4 | 0 | 410.4 | 0 |
Other comprehensive income (loss) | (11.2) | 0 | 0 | 0 | 0 | (11.2) | (11.2) | 0 |
Cash dividends | (175.3) | 0 | 0 | 0 | (175.3) | 0 | (175.3) | 0 |
Stock purchases | $ (363.1) | $ 0 | $ (363.1) | 0 | 0 | 0 | (363.1) | 0 |
Stock purchases (in shares) | (4.4) | 0 | (4.4) | |||||
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 | 0.1 | ||||||
Stock based compensation expense and stock option plan transactions, including related income tax benefits | 60.5 | $ 0 | $ 44.8 | 15.7 | 0 | 0 | 60.5 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares) | 0 | 1 | ||||||
Ending Balance at Dec. 31, 2015 | $ 2,023.2 | $ 146.4 | $ (1,103.7) | $ 376.4 | $ 2,650 | $ (45.9) | $ 2,023.2 | $ 0 |
Ending Balance (in shares) at Dec. 31, 2015 | 146.4 | (16.4) |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement Of Stockholders Equity [Abstract] | |||
Stock based compensation expense and stock option plan transactions, income tax benefits | $ 15.8 | $ 18.8 | $ 13.4 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Business The Company, founded in 1846, develops, manufactures and markets a broad range of household, personal care and specialty products. The Company sells its consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar, pet and other specialty stores and websites, all of which sell the products to consumers. The Company also sells specialty products to industrial customers and distributors. Basis of Presentation The accompanying Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. and include the accounts of the Company and its majority‑owned subsidiaries. For equity investments in which the Company does not control or have the ability to exert significant influence over the investee, which generally is when the Company has less than a 20% ownership interest, the investments are accounted for under the cost method. In circumstances where the Company has greater than a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee, the investment is accounted for under the equity method. As a result, the Company accounts for its 50% interest in its Armand Products Company (“Armand”) joint venture and its 50% interest in The ArmaKleen Company (“ArmaKleen”) joint venture under the equity method. The Company’s one-third interest in its Natronx Technologies, LLC (“Natronx”) joint venture was accounted for under the equity method until the remaining investment in it was fully impaired in the second quarter of 2015. Armand, ArmaKleen and Natronx are specialty chemical businesses, and the Company’s equity earnings (losses) in them are reported in the Company’s corporate segment, as described in Note 17. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Management makes estimates regarding inventory valuation, promotional and sales returns reserves, the carrying amount of goodwill and other intangible assets, the realization of deferred tax assets, tax reserves, liabilities related to pensions and other postretirement benefit obligations and other matters that affect the reported amounts and other disclosures in the financial statements. These estimates are based on judgment and available information. Actual results could differ materially from those estimates, and it is possible that changes in such estimates could occur in the near term. R ev Revenue is recognized when finished goods are delivered to the Company’s customers or when finished goods are picked up by a customer or a customer’s carrier. Promotional and Sales Returns Reserves The Company conducts extensive promotional activities, primarily through the use of off-list discounts, slotting, coupons, cooperative advertising, periodic price reduction arrangements, and end-aisle and other in-store displays. The costs of such activities are netted against sales. Slotting costs are recorded when the product is delivered to the customer. Costs associated with coupon redemption are recorded when coupons are circulated. Cooperative advertising costs are recorded when the customer places the advertisement for the Company’s products. Discounts relating to price reduction arrangements are recorded when the related sale takes place. Costs associated with end-aisle or other in-store displays are recorded when the revenue from the product that is subject to the promotion is recognized. The reserves for sales returns and consumer and trade promotion liabilities are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses historical trend experience and coupon redemption provider input in arriving at coupon reserve requirements, and uses forecasted appropriations, customer and sales organization inputs, and historical trend analysis in determining the reserves for other promotional activities and sales returns. Sales of Accounts Receivable The Company entered into a factoring agreement with a financial institution to sell certain customer receivables at discounted rates in 2015. Transactions under this agreement are accounted for as sales of accounts receivable and were removed from the Consolidated Balance Sheet at the time of the sales transaction. The Company factored $37.8 in 2015. Cost of Sales, Marketing and Selling, General and Administrative Expenses Cost of sales include costs related to the manufacture of the Company’s products, including raw material, inbound freight, direct labor (including employee compensation benefits) and indirect plant costs such as plant supervision, receiving, inspection, maintenance labor and materials, depreciation, taxes and insurance, purchasing, production planning, operations management, logistics, freight to customers, warehousing costs, internal transfer freight costs and plant impairment charges. Marketing expenses include costs for advertising (excluding the costs of cooperative advertising programs, which are reflected in net sales), costs for coupon insertion (mainly the cost of printing and distribution), consumer promotion costs (such as on-shelf advertisements and floor ads), public relations, package design expense and market research costs. SG&A expenses include, among others, costs related to functions such as sales, corporate management, research and development, marketing administration, information technology and legal. Such costs include salary compensation related costs (such as benefits, incentive compensation and profit sharing), stock option costs, depreciation, travel and entertainment related expenses, professional and other consulting fees and amortization of intangible assets. Foreign Currency Translation Unrealized gains and losses related to currency translation are recorded in Accumulated Other Comprehensive Income (Loss). Gains and losses on foreign currency transactions are recorded in the Consolidated Statements of Income. Cash Equivalents Cash equivalents consist of highly liquid short-term investments and term bank deposits, which mature within three months of their original maturity date. Inventories Inventories are valued at the lower of cost or market. Approximately 19% and 20% of the inventory at December 31, 2015 and 2014, respectively, including substantially all inventory in the Company’s Specialty Products Division (“SPD”) segment as well as domestic inventory sold primarily under the ARM & HAMMER trademark in the Consumer Domestic segment, was determined utilizing the last-in, first-out (“LIFO”) method. The cost of the remaining inventory was determined using the first-in, first-out (“FIFO”) method. The Company identifies any slow moving, obsolete or excess inventory to determine whether an adjustment is required to establish a new carrying value. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates and assumptions about the future demand for the Company’s products, technological changes, and new product introductions. Estimates as to the future demand used in the valuation of inventory involve judgments regarding the ongoing success of the Company’s products. The Company evaluates its inventory levels and expected usage on a periodic basis and records adjustments as required. Adjustments to reflect inventory at net realizable value were $12.6 at December 31, 2015, and $8.3 at December 31, 2014. Property, Plant and Equipment Property, Plant and Equipment (“PP&E”) are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for building and improvements, machinery and equipment, and office equipment range from 9-40, 3-20 and 3-10 years, respectively. Routine repairs and maintenance are expensed when incurred. Leasehold improvements are depreciated over a period no longer than the respective lease term, except where a lease renewal has been determined to be reasonably assured and failure to renew the lease results in a significant penalty to the Company. PP&E are reviewed annually and whenever events or changes in circumstances indicate that possible impairment exists. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of Company assets and liabilities. The analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews to identify idle and underutilized equipment, and reviews business plans for possible impairment. Impairment occurs when the carrying value of the asset exceeds the future undiscounted cash flows. When an impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset and an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows. Software The Company capitalizes certain costs of developing computer software. Amortization is recorded using the straight‑line method over the estimated useful life of the software, which is estimated to be no longer than 10 years. Fair Value of Financial Instruments Certain financial instruments are required to be recorded at fair value. The estimated fair values of such financial instruments (including investment securities and other derivatives) have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments, including cash equivalents and short-term debt, are recorded at cost, which approximates fair value. Additional information regarding the Company’s risk management activities, including derivative instruments and hedging activities, are separately disclosed. See Notes 2 and 3. Goodwill and Other Intangible Assets Carrying values of goodwill, trade names and other indefinite lived intangible assets are reviewed periodically for possible impairment. The Company’s impairment analysis is based on a discounted cash flow approach that requires significant judgment with respect to unit volume, revenue and expense growth rates, and the selection of an appropriate discount rate. Management uses estimates based on expected trends in making these assumptions. With respect to goodwill, impairment occurs when the carrying value of the reporting unit exceeds the discounted present value of cash flows for that reporting unit. For trade names and other intangible assets, an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows, which represents the estimated fair value of the asset. Judgment is required in assessing whether assets may have become impaired between annual valuations. Indicators such as unexpected adverse economic factors, unanticipated technological change, distribution losses, or competitive activities and acts by governments and courts may indicate that an asset has become impaired. Intangible assets with finite lives are amortized over their estimated useful lives, which range from 3-20 years, using the straight-line method, and reviewed for impairment when changes in market circumstances occur. It is possible that the Company’s conclusions regarding impairment or recoverability of goodwill or other intangible assets could change in future periods if, for example, (i) the businesses or brands do not perform as projected, (ii) overall economic conditions in 2016 or future years vary from current assumptions (including changes in discount rates), (iii) business conditions or strategies change from current assumptions, (iv) investors require higher rates of return on equity investments in the marketplace or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA. A future impairment charge for goodwill or intangible assets could have a material effect on the Company’s consolidated financial position or results of operations. Research and Development The Company incurred research and development expenses in the amount of $64.7, $59.8 and $61.8 in 2015, 2014 and 2013, respectively. These expenses are included in SG&A expenses and are expensed as incurred. 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: 2015 2014 2013 Weighted average common shares outstanding - basic 131.1 135.1 138.6 Dilutive effect of stock options 2.5 2.4 2.6 Weighted average common shares outstanding - diluted 133.6 137.5 141.2 Antidilutive stock options outstanding 1.1 1.2 1.6 Employee and Director Stock Option Based Compensation The fair value of share-based compensation is determined at the grant date and the related expense is recognized over the required employee service period in which the share-based compensation vests. In 2015, the Company recorded pre-tax expense of $16.1 associated with the fair-value of unvested stock options and restricted stock awards, of which $14.5 was included in SG&A expenses and $1.6 was included in cost of sales. In 2014, the Company recorded pre-tax expense of $17.0 associated with the fair-value of unvested stock options and restricted stock awards, of which $15.4 was included in SG&A expenses and $1.6 was included in cost of sales. In 2013, the Company recorded pre-tax expense of $17.0 associated with the fair-value of unvested stock options and restricted stock awards, of which $15.5 was included in SG&A expenses and $1.5 was included in cost of sales. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the differences are expected to be recovered or settled. Management provides a valuation allowance against deferred tax assets for amounts which are not considered “more likely than not” to be realized. The Company records liabilities for potential assessments in various tax jurisdictions in accordance with accounting principles generally accepted in the U.S. (GAAP). The liabilities relate to tax return positions that, although supportable by the Company, may be challenged by the tax authorities and do not meet the minimum recognition threshold required under applicable accounting guidance for the related tax benefit to be recognized in the income statement. The Company adjusts this liability as a result of changes in tax legislation, interpretations of laws by courts, rulings by tax authorities, changes in estimates and the expiration of the statute of limitations. Many of the judgments involved in adjusting the liability involve assumptions and estimates that are highly uncertain and subject to change. In this regard, settlement of any issue with, or an adverse determination in litigation against, a taxing authority could require the use of cash and result in an increase in the Company’s annual tax rate. Conversely, favorable resolution of an issue with a taxing authority would be recognized as a reduction to the Company’s annual tax rate. New Accounting Pronouncements Adopted In November 2015, the Financial Accounting Standards Board (“FASB”) issued guidance intended to simplify the presentation of deferred income taxes. Under the new guidance, deferred tax liabilities and deferred tax assets are to be classified as noncurrent in the statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this update. The Company elected to retrospectively adopt the new requirements in the fourth quarter of 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 Company elected to retrospectively adopt the new requirements in the fourth quarter of 2015. Adoption resulted in a decrease in Other Assets of $8.6 with a corresponding decrease in Long-term Debt in the Company’s financial position as of December 31, 2014. The new requirements had no impact on the Company’s results of operations or cash flows. New Accounting Pronouncements Issued In May 2014, the 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 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 is required to be applied 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 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 other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements Fair Value Hierarchy Accounting guidance on fair value measurements and disclosures establishes a hierarchy that prioritizes the inputs used to measure fair value (generally, assumptions that market participants would use in pricing an asset or liability) based on the quality and reliability of the information provided by the inputs, as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Fair Values of Other Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Input Carrying Fair Carrying Fair Level Amount Value Amount Value Financial Assets: Cash equivalents Level 1 $ 89.3 $ 89.3 $ 298.0 $ 298.0 Financial Liabilities: Short-term borrowings Level 2 357.2 357.2 146.7 146.7 2.875% Senior notes Level 2 399.7 390.5 399.7 393.3 3.35% Senior notes Level 2 0.0 0.0 249.9 255.6 2.45% Senior notes Level 2 299.9 296.0 299.8 298.6 Fair value adjustment asset (liability) related to hedged fixed rate debt instrument Level 2 1.3 1.3 (0.9 ) (0.9 ) The Company recognizes transfers between input levels as of the actual date of the event. There were no transfers between input levels during the twelve months ended December 31, 2015. 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 convert the fixed interest rate 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 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 December 31, 2015 and 2014. |
Derivative Instruments and Risk
Derivative Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Risk Management | 3. Derivative Instruments and Risk Management Changes in interest rates, foreign exchange rates, the price of the Common Stock and commodity prices expose the Company to market risk. The Company manages these risks by the use of derivative instruments, such as cash flow and fair value hedges, diesel hedge contracts, equity derivatives and foreign exchange forward contracts. The Company does not use derivatives for trading or speculative purposes. The Company formally designates and documents qualifying instruments as hedges of underlying exposures when it enters into derivative arrangements. Changes in the fair value of derivatives designated as hedges and qualifying for hedge accounting are recorded in other comprehensive income and reclassified into earnings during the period in which the hedged exposure affects earnings. The Company reviews the effectiveness of its hedging instruments on a quarterly basis. If the Company determines that a derivative instrument is no longer highly effective in offsetting changes in fair values or cash flows, it recognizes the hedge ineffectiveness in current period earnings and discontinues hedge accounting with respect to the derivative instrument. Changes in the fair value of derivatives not designated as hedges or those not qualifying for hedge accounting are recognized in current period earnings. Upon termination of cash flow hedges, the Company reclassifies gains and losses from other comprehensive income based on the timing of the underlying cash flows, unless the termination results from the failure of the intended transaction to occur in the expected timeframe. Such untimely transactions require immediate recognition in earnings of gains and losses previously recorded in other comprehensive income. During 2015 and 2014, the Company used derivative instruments to mitigate risk, some of which were designated as hedging instruments. The tables following the discussion of the derivative instruments below summarize the fair value of the Company’s derivative instruments and the effect of derivative instruments on the Company’s consolidated statements of income and on other comprehensive income. Derivatives Designated as Hedging Instruments Diesel Fuel Hedges The Company uses independent freight carriers to deliver its products. These carriers currently charge the Company a basic rate per mile for diesel fuel price increases. During 2015 and 2014, the Company entered into hedge agreements with counterparties to mitigate the volatility of diesel fuel prices, and not to speculate in the future price of diesel fuel. Under the hedge agreements, the Company agreed to pay a fixed price per gallon of diesel fuel determined at the time the agreements were executed and to receive a floating rate payment that is determined on a monthly basis based on the average price of the Department of Energy’s Diesel Fuel Index during the applicable month and is designed to offset any increase or decrease in fuel costs that the Company pays to it common carriers. The agreements covered approximately 63% of the Company’s 2015 diesel fuel requirements and are expected to cover approximately 32% of the Company’s estimated diesel fuel requirements for 2016. These diesel fuel hedge agreements qualify for hedge accounting. Therefore, changes in the fair value of such agreements are recorded under Accumulated Other Comprehensive Income (Loss) on the balance sheet. Foreign Currency The Company is subject to exposure from fluctuations in foreign currency exchange rates, primarily U.S. Dollar/Euro, U.S. Dollar/ Pound, U.S. Dollar/Canadian Dollar, U.S. Dollar/Mexican Peso, U.S. Dollar/Australian Dollar, U.S. Dollar/Brazilian Real and U.S. Dollar/Chinese Yuan. The Company enters into forward exchange contracts to reduce the impact of foreign exchange rate fluctuations related to anticipated but not yet committed sales or purchases denominated in U.S. Dollar, Canadian Dollar, Pound and Euro. The Company entered into forward exchange contracts to protect itself from the risk that, due to fluctuations in currency exchange rates, it would be adversely affected by net cash outflows. The face value of the unexpired contracts as of December 31, 2015 totaled $151.2 in U.S. Dollars, of which $118.0 qualify as foreign currency cash flow hedges and, therefore, changes in the fair value of the contracts are recorded in Other Comprehensive Income (Loss) and reclassified to earnings when the hedged transaction affected earnings. Interest Rate Swaps On December 9, 2014, the Company entered into interest rate swap agreements that effectively convert the interest rate on the $300.0 aggregate principal amount of 2.45% senior notes, due December 15, 2019, to a floating rate of three-month LIBOR plus a fixed spread of 0.756%. These interest rate swap agreements have been designated as hedges of the changes in fair value of the underlying debt obligation attributable to changes in interest rates and are accounted as fair value hedges. The fair value of these interest rate swap agreements 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. Derivatives not Designated as Hedging Instruments Equity Derivatives The Company has entered into equity derivative contracts covering the Common Stock in order to minimize its liability under its Executive Deferred Compensation Plan resulting from changes in the quoted fair values of the Common Stock to participants who have investments under the Plan in a notional Common Stock fund. The contracts are settled in cash. Since the equity derivatives contracts do not qualify for hedge accounting, The 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 Amount December 31, Fair Value at December 31, Balance Sheet Location 2015 2015 2014 Derivatives designated as hedging instruments Asset Derivatives Foreign exchange contracts Other current assets $ 77.2 $ 5.0 $ 2.8 Foreign exchange contracts Other assets $ 29.9 1.3 0.0 Interest rate swap Other assets $ 300.0 1.3 0.0 Total assets $ 7.6 $ 2.8 Liability Derivatives Diesel fuel contracts Accounts payable and accrued expenses 2.0 gallons $ 1.9 $ 4.4 Foreign exchange contracts Deferred and other long-term liabilities $ 10.9 0.3 0.0 Interest rate swap Deferred and other long-term liabilities Not applicable 0.0 0.9 Total liabilities $ 2.2 $ 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 $ 33.2 1.8 0.0 Total assets $ 1.8 $ 2.8 Liability Derivatives Equity derivatives Other current liabilities $ 32.4 $ 0.1 $ 0.0 Total liabilities $ 0.1 $ 0.0 Amount of Gain (Loss) Recognized in OCI from Derivatives Other Comprehensive Income (Loss) For the Year Ended December 31, Location 2015 2014 2013 Derivatives designated as hedging instruments Diesel fuel contracts (net of taxes) Other comprehensive income (loss) $ 1.5 $ (3.0 ) $ 0.1 Foreign exchange contracts (net of taxes) Other comprehensive income (loss) 3.2 1.9 0.2 Total gain (loss) recognized in OCI $ 4.7 $ (1.1 ) $ 0.3 Amount of Gain (Loss) Recognized in Income For the Year Ended December 31, Income Statement Location 2015 2014 2013 Derivatives not designated as hedging instruments Equity derivatives Selling, general and administrative expenses $ 2.1 $ 4.7 $ 5.3 Foreign exchange contracts Other income (expense), net 3.4 0.0 (0.1 ) Total gain (loss) recognized in income $ 5.5 $ 4.7 $ 5.2 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). |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories consist of the following: December 31, December 31, 2015 2014 Raw materials and supplies $ 84.6 $ 70.8 Work in process 33.1 25.0 Finished goods 156.3 150.1 Total $ 274.0 $ 245.9 Inventories valued using the LIFO method totaled $53.2 and $49.3 at December 31, 2015 and 2014, respectively, and would have been approximately $3.8 and $4.3 higher, respectively, had they been valued using the FIFO method. The amount of LIFO liquidations in 2015 and 2014 were immaterial. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net ("PP&E") | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net ("PP&E") | 5. Property, Plant and Equipment, Net (“PP&E”) PP&E consist of the following: December 31, December 31, 2015 2014 Land $ 25.2 $ 25.5 Buildings and improvements 277.3 281.7 Machinery and equipment 665.2 599.3 Software 84.9 86.4 Office equipment and other assets 59.2 57.2 Construction in progress 33.2 71.5 Gross PP&E 1,145.0 1,121.6 Less accumulated depreciation and amortization 535.4 505.4 Net PP&E $ 609.6 $ 616.2 For the Year Ended December 31, 2015 2014 2013 Depreciation and amortization on PP&E $ 58.3 $ 57.1 $ 59.7 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | 6. Acquisitions On January 2, 2015, the Company acquired the assets of Varied Industries Corporation (“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. Based on 2015 operating results, the Company anticipates making a $4.9 payment in 2016. These brands are managed within the SPD segment. The fair values of the net assets acquired are set forth as follows: 2015 VI-COR Inventory and other working capital $ 1.1 Property, plant and equipment and other long-term assets 6.4 Trade names and other intangibles 42.1 Goodwill 29.9 Purchase Price 79.5 Fair value of contingent payment due in one year (4.6 ) Cash purchase price as of December 31, 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 acquired assets and the Company. Pro forma results are not presented because the impact is not material to the Company’s consolidated financial results. On September 19, 2014, the Company acquired certain feminine care brands, including REPHRESH and REPLENS, from Lil’ Drug Store Products, Inc., (“Lil’ Drug Store Brands Acquisition”) for cash consideration of $215.7. The Company paid for the acquisition with additional debt. The annual sales of the acquired brands are approximately $46.0. These feminine care brands are managed within the Consumer Domestic and Consumer International segments. The fair values of the net assets acquired are set forth as follows: 2014 Lil’ Drug Store Inventory and other working capital $ 3.2 Property, plant and equipment 0.7 Trade names and other intangibles 109.0 Goodwill 102.8 Purchase Price $ 215.7 The life of the amortizable intangible assets recognized from the Lil’ Drug Store Brands Acquisition ranges from 5 - 20 years. The goodwill is a result of expected synergies from combined operations of the acquisition and the Company. Pro forma results are not presented because the impact is not material to the Company’s consolidated financial results. |
Goodwill and Other Intangibles,
Goodwill and Other Intangibles, Net | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles, Net | 7. Goodwill and Other Intangibles, Net The following table provides information related to the carrying value of all intangible assets, other than goodwill: December 31, 2015 December 31, 2014 Gross Amortization Gross Carrying Accumulated Period Carrying Accumulated Amount Amortization Net (Years) Amount Amortization Net Amortizable intangible assets: Trade names $ 259.5 $ (96.4 ) $ 163.1 3-20 $ 255.3 $ (85.2 ) $ 170.1 Customer Relationships 372.4 (141.8 ) 230.6 15-20 347.3 (119.9 ) 227.4 Patents/Formulas 57.4 (41.9 ) 15.5 4-20 48.6 (38.3 ) 10.3 Non Compete Agreement 1.8 (1.5 ) 0.3 5-10 1.4 (1.4 ) 0.0 Total $ 691.1 $ (281.6 ) $ 409.5 $ 652.6 $ (244.8 ) $ 407.8 Indefinite lived intangible assets - Carrying value December 31, December 31, 2015 2014 Trade names $ 860.0 $ 864.6 The decrease in indefinite lived intangible assets is due to changes in foreign exchange rates. The Company recognized intangible asset impairment charges within SG&A expenses during the three year period ended December 31, 2015 as follows: For the Year Ended December 31, Segments: 2015 2014 2013 Consumer Domestic $ 0.0 $ 5.0 $ 1.9 Consumer International 0.0 0.0 4.6 Total $ 0.0 $ 5.0 $ 6.5 In 2014, the Company recorded an impairment charge of $5.0 for an intangible asset related to the Consumer Domestic segment. This charge is included in selling, general and administrative expenses in this segment and was the result of reduced sales and profitability related to the product line. The amount of the charge was determined from estimating that future cash flows would not be sufficient to recover the carrying amount of the asset. The trade name impairment charges recorded in 2013 were a result of lower forecasted sales and profitability and increased competition. The amount of the impairment charge was determined by comparing the estimated fair value of the asset to its carrying amount. Fair value was estimated based on a “relief from royalty” or “excess earnings” discounted cash flow method, which contains numerous variables that are subject to change as business conditions change, and therefore could impact fair values in the future. Consequently, the Company determined that a Consumer Domestic and a Consumer International trade name should be re-characterized from indefinite lived to finite lived assets. The carrying value of these trade names was approximately $35.7 as of December 31, 2013 and is being amortized over 15 years. The Company determined that the carrying value of all trade names as of December 31, 2015 and 2014, was recoverable based upon the forecasted cash flows and profitability of the brands. In 2014, the results of the Company’s annual impairment test for indefinite lived trade names resulted in a personal care trade name whose fair value exceeded its carrying value by 11%. In 2015, the fair value of this asset exceeded its carrying value by approximately 20%, based on improved and forecasted performance. This trade name’s carrying value is approximately $37.0 and is considered an important asset to the Company. The Company continues to monitor performance and should there be any significant change in forecasted assumptions or estimates, including sales, profitability and discount rate, the Company may be required to recognize an impairment charge. Intangible amortization expense amounted to $39.9 for 2015, $31.7 for 2014 and $28.9 for 2013, respectively. The Company estimates that intangible amortization expense will be approximately $38.4 in 2016 and approximately $38.0 in each of the next five years. The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows: Consumer Consumer Specialty Domestic International Products Total Balance at December 31, 2013 $ 1,154.8 $ 47.2 $ 20.2 $ 1,222.2 Lil' Drug Store Brands acquired goodwill 87.4 15.4 0.0 102.8 Balance at December 31, 2014 $ 1,242.2 $ 62.6 $ 20.2 $ 1,325.0 VI-COR acquired goodwill 0.0 0.0 29.9 29.9 Balance at December 31, 2015 $ 1,242.2 $ 62.6 $ 50.1 $ 1,354.9 The increase in goodwill and amortizable assets in 2015 is due to the VI-COR Acquisition and the increase in 2014 is due to the Lil’ Drug Store Brands Acquisition. These assets are deductible for U.S. tax purposes. The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2015, determined that the estimated fair value substantially exceeded the carrying values of all reporting units. The determination of fair value contains numerous variables that are subject to change as business conditions change and therefore could impact fair value in the future. The Company has never incurred a goodwill impairment charge. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 8 . Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: December 31, December 31, 2015 2014 Trade accounts payable $ 293.9 $ 284.1 Accrued marketing and promotion costs 91.5 114.8 Accrued wages and related benefit costs 59.4 54.0 Other accrued current liabilities 63.5 54.8 Total $ 508.3 $ 507.7 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Long-Term Debt | 9 . Short-Term Borrowings and Long-Term Debt Short-term borrowings and long-term debt consist of the following: December 31, December 31, 2015 2014 Short-term borrowings Commercial paper issuances $ 354.5 $ 143.3 Various debt due to international banks 2.7 3.4 Total short-term borrowings $ 357.2 $ 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 0.0 250.0 Less: Discount 0.0 (0.1 ) 2.45% Senior notes due December 15, 2019 300.0 300.0 Less: Discount (0.1 ) (0.2 ) Debt issuance costs, net (1) (8.1 ) (8.6 ) Fair value adjustment related to hedged fixed rate debt instrument 1.3 (0.9 ) Total long-term debt 692.8 939.9 Less: current maturities 0.0 (249.9 ) Net long-term debt $ 692.8 $ 690.0 (1) The Company retrospectively adopted new accounting guidance requiring debt issuance costs to be presented as a direct reduction of the associated liability. See Note 1 for further details. Revolving Credit Facility On December 4, 2015, the Company replaced its former $600.0 unsecured revolving credit facility with a $1,000.0 unsecured revolving credit facility (as amended, the “Credit Agreement”). Under the Credit Agreement, the Company has the ability to increase its borrowing up to an additional $600.0, subject to lender commitments and certain conditions as described in the Credit Agreement. Borrowings under the Credit Agreement are available for general corporate purposes, and are used to support the Company’s $500.0 commercial paper program (the “Program”). Total combined borrowing for both the Credit Agreement and the Program may not exceed $1,000.0. Unless extended, the Credit Agreement will terminate and all amounts outstanding thereunder will be due and payable on December 4, 2020. Interest on the Company’s borrowings under the Credit Agreement will accrue at a per annum rate equal to the sum of (x) either (at the Company’s option) (i) the adjusted LIBOR rate (generally, the LIBOR rate for an interest period selected by the Company and adjusted for statutory reserves) or (ii) the Base Rate (generally the highest of (a) the Federal Funds Rate plus 0.50%, (b) Bank of America’s “prime rate” and (c) the LIBOR rate for an interest period of one month plus 1.00%) plus (y) the applicable margin. The applicable margin is determined based upon the corporate credit rating of the Company and ranges from 0.875% to 1.75% per annum, in the case of any borrowing bearing interest by reference to the adjusted LIBOR rate, and 0% to 0.75%, in the case of any borrowing bearing interest by reference to the Base Rate. The Credit Agreement contains customary affirmative and negative covenants, including without limitation, restrictions on the indebtedness, liens, investments, asset dispositions, fundamental changes, changes in the nature of the business conducted, affiliate transactions, burdensome agreements and use of proceeds. Under the Credit Agreement, the Company is required to maintain its leverage ratio, defined as the ratio of Consolidated Funded Indebtedness (as defined in the Credit Agreement) to Consolidated EBITDA, at a level no greater than 3.50 to 1.00. However, if the Company consummates a material acquisition, the maximum leverage ratio increases to a level of 3.75 to 1.00 during the twelve month period commencing on the date of such acquisition. The Company was in compliance with the financial covenant in the Credit Agreement as of December 31, 2015. The Credit Agreement also contains customary events of default, including without limitation, failure to make certain payments when due, materially incorrect representations and warranties, breach of covenants, events of bankruptcy, default on other indebtedness, changes in control with respect to the Company, material adverse judgments, certain events relating to pension plans and the failure of any of the loan documents relating to the Credit Agreement to remain in full force and effect. Certain parties to the Credit Agreement, and affiliates of those parties, provide banking, investment banking and other financial services to the Company from time to time. 2.45% Senior Notes On December 9, 2014, the Company closed an underwritten public offering of $300.0 aggregate principal amount of 2.45% Senior Notes due 2019 (the “2019 Notes”). The 2019 Notes were issued under the first supplemental indenture (the “First Supplemental Indenture”), dated December 9, 2014, to the indenture dated December 9, 2014 (the “Base Indenture”), between the Company and Wells Fargo Bank, N.A., as trustee. Interest on the 2019 Notes is payable semi-annually, beginning June 15, 2015. The 2019 Notes will mature on December 15, 2019, unless earlier retired or redeemed as described below. The Company may redeem the 2019 Notes, at any time in whole or from time to time in part, prior to their maturity date at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2019 Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the First Supplemental Indenture), plus 15 basis points. In addition, at any time on or after November 15, 2019 (one month prior to the maturity date of the notes), the Company may redeem the notes in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed. The 2019 Notes are senior unsecured obligations and rank equal in right of payment to the Company’s other senior unsecured debt from time to time outstanding. The 2019 Notes are effectively subordinated to any secured debt the Company incurs to the extent of the collateral securing such secured debt, and will be structurally subordinated to all future and existing obligations of the Company’s subsidiaries. The Base Indenture and the First Supplemental Indenture contain covenants that, among other things, restrict the Company’s ability to create liens and engage in sale-leaseback transactions, consolidations, mergers and dispositions of all or substantially all of the Company's assets. These covenants are subject to a number of exceptions and qualifications. 2.875% Senior Notes On September 26, 2012, the Company closed an underwritten public offering of $400.0 aggregate principal amount of 2.875% Senior Notes due 2022 (the “2022 Notes”). The 2022 Notes were issued under the second supplemental indenture dated September 26, 2012 (the “BNY Mellon Second Supplemental Indenture”) to the indenture dated December 15, 2010 (the “BNY Mellon Base Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A. (“BNY Mellon”), as trustee. Interest on the 2022 Notes is payable semi-annually, beginning April 1, 2013. The 2022 Notes will mature on October 1, 2022, unless earlier retired or redeemed as described below. The Company may redeem the 2022 Notes, at any time in whole or from time to time in part, prior to their maturity date at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2022 Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the BNY Mellon Second Supplemental Indenture), plus 20 basis points. In addition, if the Company undergoes a “change of control” (as defined in the BNY Mellon Second Supplemental Indenture), and if, generally within 60 days thereafter, the 2022 Notes are rated below investment grade by each of the rating agencies designated in the BNY Mellon Second Supplemental Indenture, the Company will be required to offer to repurchase the 2022 Notes at 101% of par plus accrued and unpaid interest to the date of repurchase. The 2022 Notes are senior unsecured obligations and rank equal in right of payment to the Company’s other senior unsecured debt from time to time outstanding. The 2022 Notes are effectively subordinated to any secured debt the Company incurs to the extent of the collateral securing such secured debt, and will be structurally subordinated to all future and existing obligations of the Company’s subsidiaries. The BNY Mellon Base Indenture and the BNY Mellon Second Supplemental Indenture contain covenants that, among other things, restrict the Company’s ability to create liens and engage in sale-leaseback transactions, consolidations, mergers and dispositions of all or substantially all of the Company's assets. These covenants are subject to a number of exceptions and qualifications. 3.35% Senior Notes On December 15, 2010, the Company completed an underwritten public offering of $250.0 aggregate principal amount of 3.35% Senior Notes due 2015 (the “2015 Notes”). On December 15, 2015, the 2015 Commercial Paper The Company has an agreement with two banks to establish a commercial paper program (the “Program”). Under the Program, the Company may issue notes from time to time up to an aggregate principal amount outstanding at any given time of $500.0. The maturities of the notes will vary but may not exceed 397 days. The notes will be sold under customary terms in the commercial paper market and will be issued at a discount to par or, alternatively, will be sold at par and will bear varying interest rates based on a fixed or floating rate basis. The interest rates will vary based on market conditions and the ratings assigned to the notes by the rating agencies designated in the agreement at the time of issuance. Subject to market conditions, the Company intends to utilize the Program as its primary short-term borrowing facility and does not intend to sell unsecured commercial paper notes in excess of the available amount under the revolving credit agreement. If, for any reason, the Company is unable to access the commercial paper market, the revolving credit facility would be utilized to meet the Company’s short-term liquidity needs. The Company had $354.5 of commercial paper outstanding as of December 31, 2015 with a weighted-average interest rate less than 0.8% and $143.3 as of December 31, 2014 with a weighted-average interest rate less than 0.5%. Interest Rate Swaps Concurrent with the 2019 Notes offering, the Company entered into interest rate swaps to hedge changes in the fair value of the 2019 Notes. Under the terms of the swaps, the counterparties will pay the Company a fixed rate of 2.45% and the Company will pay interest at a floating rate of three-month LIBOR plus a fixed spread of 0.756%. The fair value of these interest rate swap agreements 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 Debt The Company’s Brazilian subsidiary has lines of credit that enable it to borrow in its local currency subject to various interest rates that fluctuate with the interbank interest rate. The various credit lines expire and are renewed on a regular basis. Amounts available under the lines of credit total $5.1 at current exchange rates. There were borrowings of $2.7 and $3.4 outstanding as of December 31, 2015 and 2014, respectively, under the lines of credit. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 0 . Income Taxes The components of income before taxes are as follows: 2015 2014 2013 Domestic $ 595.6 $ 574.1 $ 544.5 Foreign 39.8 50.8 53.3 Total $ 635.4 $ 624.9 $ 597.8 The following table summarizes the provision for U.S. federal, state and foreign income taxes: 2015 2014 2013 Current: U.S. federal $ 161.4 $ 159.0 $ 151.7 State 25.5 24.4 24.7 Foreign 14.1 14.9 15.9 201.0 198.3 192.3 Deferred: U.S. federal 22.8 11.5 12.6 State 3.3 1.1 (1.7 ) Foreign (2.1 ) 0.1 0.2 24.0 12.7 11.1 Total provision $ 225.0 $ 211.0 $ 203.4 Deferred tax assets (liabilities) consist of the following at December 31: 2015 2014 Deferred tax assets: Accounts receivable $ 4.6 $ 4.6 Deferred compensation 67.9 63.6 Pension, postretirement and postemployment benefits 8.7 9.9 Investment in Natronx 7.7 1.2 Other 24.4 26.0 Tax credit carryforwards/other tax attributes 14.4 1.9 International operating loss carryforwards 6.2 8.0 Total gross deferred tax assets 133.9 115.2 Valuation allowances (16.3 ) (12.0 ) Total deferred tax assets 117.6 103.2 Deferred tax liabilities: Goodwill (193.5 ) (174.7 ) Trade names and other intangibles (312.4 ) (300.6 ) Property, plant and equipment (95.6 ) (97.5 ) Total deferred tax liabilities (601.5 ) (572.8 ) Net deferred tax liability $ (483.9 ) $ (469.6 ) Long term net deferred tax asset (1) 0.9 1.0 Long term net deferred tax liability (1) (484.8 ) (470.6 ) Net deferred tax liability $ (483.9 ) $ (469.6 ) (1) The Company retrospectively adopted new accounting guidance requiring all deferred tax assets to be classified as noncurrent. See Note 1 for further details. The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows: 2015 2014 2013 Statutory rate 35 % 35 % 35 % Tax that would result from use of the federal statutory rate $ 222.4 $ 218.7 $ 209.2 State and local income tax, net of federal effect 18.7 16.5 14.9 Varying tax rates of foreign affiliates (2.6 ) (3.6 ) (3.1 ) Benefit from domestic manufacturing deduction (14.4 ) (14.3 ) (13.2 ) Resolution of tax contingencies 0.0 (1.5 ) 0.0 Valuation Allowances 8.5 0.9 0.6 Other (7.6 ) (5.7 ) (5.0 ) Recorded tax expense $ 225.0 $ 211.0 $ 203.4 Effective tax rate 35.4 % 33.8 % 34.0 % At December 31, 2015, certain foreign subsidiaries of the Company had net operating loss carryforwards of approximately $20.4. Approximately $1.0 of such net operating loss carryforwards expire on various dates through December 31, 2018. The remaining net operating loss carryforwards are not subject to expiration. The Company believes that it is more likely than not that the benefit from these net operating loss carryforwards will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $6.2 and $8.0 at December 31, 2015 and 2014, respectively, on the deferred tax asset relating to these net operating loss carryforwards. The Company also believes that it is more likely than not that the benefit from certain additional deferred tax assets of a foreign subsidiary will not be realized. In recognition of this risk, the Company maintains a valuation allowance of $2.4 and $4.0 at December 31, 2015 and 2014, respectively, on these deferred tax assets. In 2015, the Company reported an impairment charge relating to its investment in Natronx. The Company believes that it is more likely than not that a tax benefit relating to the impairment will not be realized. In recognition of this risk, the Company established a valuation allowance of $7.7 in 2015. In 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 through Accumulated Other Comprehensive Income . It is not practicable to determine the deferred tax liability on these earnings because of the large number of assumptions necessary to compute the tax. In prior years, the Company has recorded liabilities in connection with uncertain tax positions, which, although supportable by the Company, may be challenged by tax authorities. Under applicable accounting guidance, these tax positions do not meet the minimum threshold required for the related tax benefit to be recognized in the income statement. The Company has no uncertain tax positions or unrecognized tax benefits at December 31, 2015. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 2013 Unrecognized tax benefits at January 1 $ 4.0 $ 5.9 $ 9.1 Gross increases - tax positions in prior period 0.0 0.0 0.9 Gross decreases - tax positions in prior period (3.7 ) (1.5 ) 0.0 Settlements 0.0 0.0 (3.7 ) Lapse of statute of limitations (0.3 ) (0.4 ) (0.4 ) Unrecognized tax benefits at December 31 $ 0.0 $ 4.0 $ 5.9 In 2014, the Company recognized a benefit from the reversal of approximately $1.7 in income tax expense and $0.1 in interest expense associated with certain tax liabilities as the result of the settlement of an IRS audit for the years 2010, 2011 and 2012 and the lapse of applicable statutes of limitation of several state taxing authorities. The Company is subject to U.S. federal income tax as well as income tax in multiple state and international jurisdictions. The IRS has completed its audit of tax years through 2012. The Company is currently under audit by several state and international taxing authorities for the years 2011 through 2014. The Company does not anticipate that the settlement of audits within the next twelve months will result in a significant change in unrecognized tax benefits. The Company’s policy for recording interest associated with uncertain tax positions is to record interest as a component of income before income taxes. During the twelve months ended December 31, 2015, December 31, 2014 and December 31, 2013, the Company recognized a net reversal of accrued interest expense associated with uncertain tax positions of approximately $0.2, $0.1, and $0.1, respectively. As of December 31, 2015, the Company had no accrued interest expense relating to unrecognized tax benefits. As of December 31, 2014, the Company had $0.2 in accrued interest expense related to unrecognized tax benefits. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 1 1 . Benefit Plans Defined Benefit Retirement Plans The Company has defined benefit pension plans covering certain international employees. Pension benefits to retired employees are based upon the employees’ length of service and a percentage of their qualifying compensation during the final years of employment. The Company’s pension funding policy is consistent with federal/statutory funding requirements. The Company also maintains unfunded postretirement plans, which provide medical benefits for eligible U.S. retirees and their dependents and for retirees and employees in Canada. The cost of such benefits is recognized during the employees’ respective active working careers. The Company recognizes the unfunded status of a benefit plan in the balance sheet as a long-term liability and recognizes the overfunded status of any benefit plan as a long-term asset. Any previously unrecognized gains or losses are recorded in the equity section of the balance sheet within accumulated other comprehensive income. International Pension Plan Termination On December 31, 2014, the Company terminated an international defined benefit pension plan under which approximately 270 participants, including approximately 90 active employees, had 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 in SG&A 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 following table provides information on the status of the defined benefit plans at December 31: Nonpension Pension Plans Postretirement Plans 2015 2014 2015 2014 Change in Benefit Obligation: Benefit obligation at beginning of year $ 101.2 $ 100.6 $ 24.5 $ 21.8 Service cost 0.3 0.9 0.2 0.2 Interest cost 2.9 4.2 0.9 1.0 Plan participants’ contributions 0.0 0.0 0.3 0.3 Actuarial loss (gain) (2.7 ) 10.3 (2.4 ) 3.0 Settlements/curtailments (26.5 ) (3.1 ) 0.0 0.0 Effects of exchange rate changes / other (6.8 ) (7.4 ) (0.9 ) (0.5 ) Benefits paid (4.2 ) (4.3 ) (1.3 ) (1.3 ) Benefit obligation at end of year $ 64.2 $ 101.2 $ 21.3 $ 24.5 Change in Plan Assets: Fair value of plan assets at beginning of year $ 101.8 $ 100.2 0.0 0.0 Actual return on plan assets (net of expenses) 2.4 11.1 0.0 0.0 Employer contributions 3.0 3.3 1.0 1.0 Plan participants’ contributions 0.0 0.0 0.3 0.3 Settlements/curtailments (29.9 ) (1.2 ) 0.0 0.0 Effects of exchange rate changes / other (6.9 ) (7.3 ) 0.0 0.0 Benefits paid (4.2 ) (4.3 ) (1.3 ) (1.3 ) Fair value of plan assets at end of year $ 66.2 $ 101.8 $ 0.0 $ 0.0 Funded status at end of year, recorded in Pension and Postretirement Benefits $ 2.0 $ 0.6 $ (21.3 ) $ (24.5 ) Amounts Recognized in Accumulated Other Comprehensive Income: Prior Service Credit $ 0.0 $ 0.1 $ (0.2 ) $ (0.8 ) Actuarial Loss 12.0 19.8 0.9 3.5 Net Loss (Income) Recognized in Accumulated Other Comprehensive Income $ 12.0 $ 19.9 $ 0.7 $ 2.7 Amounts recognized in the statement of financial position consist of: Nonpension Pension Plans Postretirement Plans 2015 2014 2015 2014 Pension and Postretirement Benefits $ (3.1 ) $ (3.4 ) $ (21.3 ) $ (24.5 ) Other Assets 5.1 4.0 0.0 0.0 Accumulated Other Comprehensive Loss (Income) 12.0 19.9 0.7 2.7 Net amount recognized at end of year $ 14.0 $ 20.5 $ (20.6 ) $ (21.8 ) Accumulated benefit obligation $ 62.9 $ 100.0 $ 0.0 $ 0.0 In 2015, the change in accumulated other comprehensive loss (income) was a $7.9 decrease in the Company’s remaining pension plan obligations and a $2.0 decrease in postretirement benefit plan obligations. The changes are related to the change in discount rates for all plans, changes in other actuarial assumptions and the accelerated recognition of actuarial losses for the terminated international defined benefit pension plan. Weighted‑average assumptions used to determine benefit obligations as of December 31 are as follows: Nonpension Pension Plans Postretirement Plans 2015 2014 2015 2014 Discount Rate 3.73% 3.54% 4.11% 3.77% Rate of Compensation increase 4.31% 3.13% N/A N/A Net Pension and Net Postretirement Benefit Costs consisted of the following components: Pension Costs Nonpension Postretirement Costs 2015 2014 2013 2015 2014 2013 Components of Net Periodic Benefit Cost: Service cost $ 0.3 $ 0.9 $ 1.1 $ 0.2 $ 0.2 $ 0.4 Interest cost 2.9 4.2 4.0 0.9 1.0 1.1 Expected return on plan assets (4.8 ) (6.1 ) (4.2 ) 0.0 0.0 0.0 Amortization of prior service cost 0.0 0.0 0.0 (0.7 ) (1.4 ) (0.8 ) Settlements/curtailments 9.6 0.3 0.0 0.0 0.0 (0.3 ) Recognized actuarial loss (gain) 0.2 0.4 0.9 0.1 0.0 0.1 Net periodic benefit cost $ 8.2 $ (0.3 ) $ 1.8 $ 0.5 $ (0.2 ) $ 0.5 Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are as follows: Pension Costs Nonpension Postretirement Costs 2015 2014 2013 2015 2014 2013 Discount Rate 3.47% 4.28% 4.15% 3.76% 4.54% 3.92% Rate of Compensation increase 3.53% 3.13% 3.33% N/A N/A N/A Expected long-term rate of return on plan assets 5.53% 6.16% 5.45% N/A N/A N/A The Company’s pension and postretirement benefit costs are developed with the assistance of actuarial valuations. These valuations reflect key assumptions provided by the Company to its actuaries, including the discount rate and expected long-term rate of return on plan assets. Material changes in the Company’s pension and postretirement benefit costs may occur in the future due to changes in these assumptions. The discount rate is subject to change each year, consistent with changes in applicable high-quality, long-term corporate bond indices. Based on the expected duration of the benefit payments for the Company’s pension plans and postretirement plans, the Company refers to an applicable index and expected term of the benefit payments to select a discount rate at which it believes the plan benefits could be effectively settled. The expected long-term rate of return on pension plan assets is selected by taking into account the historical trend, the expected duration of the projected benefit obligation for the plans, the asset mix of the plans and known economic and market conditions at the time of valuation. A 50 basis point change in the expected long-term rate of return would result in an approximate $0.3 change in pension expense for 2016. In 2016, amounts related to defined benefit plans in accumulated other comprehensive income expected to be recognized in the income statement are estimated to be income of approximately $0.1. The Company’s investment policy is designed to provide flexibility in the asset mix based on management’s assessment of economic conditions, with an overall objective of realizing maximum rates of return appropriately balanced to minimize market risks. The Company’s long-term strategic goal is to maintain an asset mix consisting of approximately 60% equity securities and 40% debt/guaranteed investment securities. The fair values of the Company’s defined benefit pension plan assets by asset category are as follows: Quoted Prices in Active Markets for Significant Identical Observable Assets Inputs Asset Category Total (Level 1) (Level 2) Cash & Cash Equivalents $ 1.9 $ 1.9 $ 0.0 Equity Securities - Mutual Funds (a) 35.0 1.1 33.9 Money Market Funds 1.8 0.0 1.8 Bond Funds (b) 17.5 0.0 17.5 Global Multi-strategy Fund (c) 19.5 0.0 19.5 Government Fixed Income Securities (d) 22.4 0.0 22.4 Other (e) 3.7 0.2 3.5 December 31, 2014 $ 101.8 $ 3.2 $ 98.6 Cash & Cash Equivalents $ 0.4 $ 0.4 $ 0.0 Equity Securities - Mutual Funds (a) 16.8 0.9 15.9 Bond Funds (b) 6.4 0.0 6.4 Global Multi-strategy Fund (c) 19.4 0.0 19.4 Government Fixed Income Securities (d) 19.1 0.1 19.0 Other (e) 4.1 0.3 3.8 December 31, 2015 $ 66.2 $ 1.7 $ 64.5 (a) The equity securities represent mutual funds held primarily by the pension plans in the United Kingdom (U.K.) and Canada, which include both domestic and international equity securities as of December 31, 2014. Due to the termination of the Canada pension plan in the second quarter of 2015, remaining equity securities represent mutual funds held primarily by the pension plans in the U.K. as of December 31, 2015. Mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the plans as of December 31, 2015 and December 31, 2014. (b) The bond funds principally consisted of corporate and municipal or local government bonds for the pension plans in Canada and the U.K. as of December 31, 2014. Due to the termination of the Canada pension plan in the second quarter of 2015, remaining bond funds consist primarily of corporate bonds for pension plans in the U.K. as of December 31, 2015. (c) The global multi-strategy fund, which was purchased during 2014 for the pension plans in the U.K., represents a series of multiple asset diversified funds invested in equities, bonds and other investments. The global multi-strategy fund is valued at the net asset value per unit multiplied by the number of units held as of the measurement date. (d) ( e ) Other category includes other investments for pension plans in the international subsidiaries. The following benefit payments are expected to be paid from the defined benefit plans: Nonpension Pension Postretirement Plans Plans 2016 $ 2.4 $ 1.5 2017 2.4 1.6 2018 2.4 1.7 2019 2.5 1.7 2020 2.7 1.8 2021-2025 15.3 8.4 The accumulated postretirement benefit obligation has been determined by application of the provisions of the Company's medical plans, including established maximums and sharing of costs, relevant actuarial assumptions and health‑care cost trend rates projected at approximately 7.0% for 2016 and decreasing to an ultimate rate of approximately 4.5% in 2029. The Company has a maximum annual benefit based on years of service for participants over 65 years of age. The following chart shows the effect of a 1% change in healthcare cost trends: 2015 2014 Effect of 1% increase in health-care cost trend rates on: Postretirement benefit obligation $ 0.5 $ 1.5 Total of service cost and interest cost component 0.0 0.1 Effect of 1% decrease in health-care cost trend rates on: Postretirement benefit obligation (0.5 ) (1.3 ) Total of service cost and interest cost component 0.0 (0.1 ) Other Benefit Plans The Company also maintains a defined contribution profit sharing plan for domestic salaried and certain hourly employees. Amounts charged to earnings for this plan were $12.5, $12.5 and $15.8 in 2015, 2014 and 2013, respectively. The Company also has a domestic employee 401K savings plan. The Company currently matches 100% of each employee’s contribution up to a maximum of 5% of the employee’s earnings. Previously, it matched 50% of each employee’s contribution up to a maximum of 6% of the employee’s earnings. The Company’s matching contributions to the savings plan were $8.5, $4.5 and $4.5 in 2015, 2014 and 2013, respectively. Deferred Compensation Plans The Company maintains a deferred compensation plan under which certain members of management are eligible to defer a maximum of 85% of their regular compensation (i.e. salary) and incentive bonus. The amounts deferred under this plan are credited with earnings or losses based upon changes in values of notional investments elected by the plan participant. The investment options available include notional investments in various stock, bond and money market funds as well as Common Stock. Each plan participant is fully vested in the amounts the participant defers. The plan also functions as an “excess” plan whereby profit sharing contributions that cannot otherwise be contributed to the qualified savings and profit sharing plan due to limitations under Department of Treasury regulations are credited to this plan. These contributions vest under the same vesting schedule applicable to the qualified plan. The liability to plan participants for contributions designated for notional investment in Common Stock is based on the quoted fair value of the Common Stock plus any dividends credited. The Company uses cash-settled hedging instruments to minimize the cost related to the volatility of Common Stock. At December 31, 2015 and 2014, the amount of the Company’s liability under the deferred compensation plan was $95.8 and $92.2, respectively and the funded balances amounted to $70.6 and $70.1, respectively. The amounts charged to earnings, including the effect of the hedges, totaled $2.1, $1.8, and $2.8 in 2015, 2014 and 2013, respectively. Non-employee members of the Company’s Board are eligible to defer up to 100% of their directors’ compensation into a similar plan; however, the only option for investment is Common Stock. Members of the Board are fully vested in their account balance. As of December 31, 2015, there were approximately 161 thousand shares of Common Stock from shares held as Treasury Stock in a rabbi trust to protect the interest of the directors’ deferred compensation plan participants in the event of a change of control. |
Stock Based Compensation Plans
Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation Plans | 1 2 . Stock Based Compensation Plans The Company has options outstanding under four equity compensation plans. Under the Amended and Restated Omnibus Equity Plan, the Company may grant options and other stock-based awards to employees and directors. Under the 1983 Stock Option Plan and the Stock Award Plan, the Company granted options to key management employees. Under the Stock Option Plan for Directors, the Company granted options to non‑employee directors. Following adoption of the original Omnibus Equity Plan by stockholders in 2008, no further grants were permitted under the other equity compensation plans. Options outstanding under the plans are issued at market value on the date of grant, vest on the third anniversary of the date of grant and must be exercised within ten years of the date of grant. If, upon termination of a participant’s employment (other than a termination for cause), a participant is at least 55 years old, has at least five years of service, and the sum of the participant’s age and years of service is at least 65, the participant may exercise any stock options granted in 2007 or later within a period of three years from the date of termination or, if earlier, the date such stock options otherwise would have expired, subject to specified conditions. Stock option transactions for the three years ended December 31, 2015 were as follows: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding as of December 31, 2012 8.2 $ 32.81 Granted 1.7 61.89 Exercised (1.0 ) 21.47 Cancelled (0.1 ) 47.47 Outstanding as of December 31, 2013 8.8 $ 39.47 Granted 1.1 69.61 Exercised (1.3 ) 25.14 Cancelled (0.1 ) 56.31 Outstanding as of December 31, 2014 8.5 $ 45.50 Granted 1.1 83.81 Exercised (0.9 ) 31.11 Cancelled (0.1 ) 61.90 Outstanding as of December 31, 2015 8.6 $ 51.77 5.8 $ 284.1 Exercisable as of December 31, 2015 4.8 $ 37.06 4.1 $ 230.4 The following table summarizes information relating to options outstanding and exercisable as of December 31, 2015: Options Outstanding Options Exercisable Weighted Weighted Weighted Outstanding Average Average Exercisable Average Range of as of Remaining Exercise as of Exercise Exercise Prices 12/31/2015 Contractual Price 12/31/2015 Price $15.01 - $25.00 0.6 1.1 $ 22.02 0.6 $ 22.02 $25.01 - $35.00 2.1 3.4 $ 29.37 2.1 $ 29.37 $35.01 - $45.00 0.8 5.2 $ 40.57 0.8 $ 40.57 $45.01 - $55.00 1.3 5.9 $ 53.80 1.3 $ 53.80 $55.01 - $65.00 1.6 6.9 $ 61.88 0.0 $ 55.08 $65.01 - $75.00 1.1 8.2 $ 69.54 0.0 $ 0.00 $75.01 - $85.00 1.1 9.4 $ 83.82 0.0 $ 0.00 8.6 5.8 $ 51.77 4.8 $ 37.06 The table above represents the Company’s estimate of options fully vested and expected to vest. Expected forfeitures are not material and, therefore, are not reflected in the table above. The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards: 2015 2014 2013 Intrinsic Value of Stock Options Exercised $ 49.0 $ 58.0 $ 42.2 Stock Compensation Expense Related to Stock Option Awards $ 14.8 $ 15.2 $ 15.5 Issued Stock Options 1.1 1.1 1.7 Weighted Average Fair Value of Stock Options issued (per share) $ 13.70 $ 12.82 $ 10.92 Fair Value of Stock Options Issued $ 15.3 $ 15.0 $ 18.1 The following table provides a summary of the assumptions used in the valuation of issued stock options: 2015 2014 2013 Risk-free interest rate 2.0 % 2.0 % 1.4 % Expected life in years 6.3 6.2 6.2 Expected volatility 17.2 % 20.4 % 21.2 % Dividend yield 1.6 % 1.8 % 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 the historical changes in stock price and dividend payments. The risk free interest rate is based on the yield of an applicable term Treasury instrument. As of December 31, 2015, there was a fair value of $8.4 related to unamortized stock option compensation expense, which is expected to be recognized over the next three years. The Company’s Consolidated Statements of Cash Flow reflect an add back to Net Cash Provided by Operating Activities of $16.1, $17.0 and $17.0 in 2015, 2014 and 2013, respectively, for non-cash compensation expense, primarily stock option expense. Cash flow from Financing Activities includes $15.8, $18.5 and $13.1 in 2015, 2014 and 2013, respectively, of excess tax benefits on stock options exercised. The total tax benefit for 2015, 2014 and 2013 was $15.8, $18.8 and $13.4, respectively. |
Share Repurchases
Share Repurchases | 12 Months Ended |
Dec. 31, 2015 | |
Payments For Repurchase Of Equity [Abstract] | |
Share Repurchases | 1 3 . Share Repurchases On January 28, 2015, the Board authorized a new share repurchase program, under which the Company may repurchase up to $500 million in shares of Common Stock (the “2015 Share Repurchase Program”). The 2015 Share Repurchase Program replaced the 2014 Share Repurchase Program. The Company also continued its evergreen share repurchase program, authorized by the Board on January 29, 2014, under which the Company may repurchase, from time to time, Common Stock to reduce or eliminate dilution associated with issuances of Common Stock under the Company’s incentive plans. In 2015, the Company purchased approximately 4.4 million shares of Common Stock for $363.1, of which $88.0 was purchased under the evergreen share repurchase program and $275.1 was purchased under the 2015 Share Repurchase Program, including an accelerated share repurchase contract with a commercial bank to repurchase 2.6 million shares of Common Stock at a cost of $215.0. As a result of the Company’s purchases, there remained $224.9 under the 2015 Share Repurchase Program as of December 31, 2015. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) Comprehensive income is defined as net income and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. The components of changes in accumulated other comprehensive income (“AOCI”) are as follows: Accumulated Foreign Defined Other Currency Benefit Derivative Comprehensive Adjustments Plans Agreements Income (Loss) Balance December 31, 2012 $ 22.8 $ (20.5) $ 0.2 $ 2.5 Other comprehensive income before reclassifications (10.1) 11.2 (0.8) 0.3 Amounts reclassified to consolidated statement of income (a) 0.0 0.0 1.0 1.0 Tax benefit (expense) 0.0 (3.7) 0.1 (3.6) Other comprehensive income (loss) (10.1) 7.5 0.3 (2.3) Balance December 31, 2013 $ 12.7 $ (13.0) $ 0.5 $ 0.2 Other comprehensive income before reclassifications (29.1) (7.7) (0.8) (37.6) Amounts reclassified to consolidated statement of income (a) 0.0 0.8 (1.4) (0.6) Tax benefit (expense) 0.0 2.2 1.1 3.3 Other comprehensive income (loss) (29.1) (4.7) (1.1) (34.9) Balance December 31, 2014 $ (16.4) $ (17.7) $ (0.6) $ (34.7) Other comprehensive income before reclassifications (35.8) 3.0 9.6 (23.2) Amounts reclassified to consolidated statement of income (a) 0.0 5.2 (3.0) 2.2 Tax benefit (expense) 13.7 (2.0) (1.9) 9.8 Other comprehensive income (loss) (22.1) 6.2 4.7 (11.2) Balance December 31, 2015 $ (38.5) $ (11.5) $ 4.1 $ (45.9) (a) Amounts reclassified to cost of sales and selling, general and administrative expenses. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | 15. Commitments, Contingencies and Guarantees Commitments a. Operating lease rent expense, included in income from operations, amounted to $18.5, $19.7 and $20.9 in 2015, 2014 and 2013, respectively. Beginning January 1, 2013, financing lease expense was recorded primarily for the Company’s Corporate Headquarters building. In 2015, interest expense associated with this lease amounted to $4.1 and depreciation expense amounted to $2.5. The Company is obligated to pay minimum annual rentals under different operating and financing lease agreements as follows: Operating Financing Leases Leases Total 2016 $ 19.5 $ 5.8 $ 25.3 2017 16.7 5.8 22.5 2018 14.6 6.0 20.6 2019 12.8 6.0 18.8 2020 10.0 6.1 16.1 2021 and thereafter 16.6 70.9 87.5 Total future minimum lease commitments $ 90.2 $ 100.6 $ 190.8 b. 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. c. As of December 31, 2015, the Company had commitments of approximately $265.1. These commitments include the purchase of raw materials, packaging supplies and services from its vendors at market prices to enable the Company to respond quickly to changes in customer orders or requirements, as well as costs associated with licensing and promotion agreements. d. As of December 31, 2015, the Company had the following guarantees: (i) $4.1 in outstanding letters of credit drawn on several banks which guarantee payment for such things as insurance claims in the event of the Company’s insolvency, (ii) an insolvency protection guarantee of approximately $17.2 to one of its United Kingdom pension plans effective January 1, 2011, and (iii) $2.5 worth of assets subject to guarantees for its Brazil operations for value added tax assessments and labor related cases currently under appeal, including a bank guarantee for an office lease in France. e. On November 8, 2011, the Company acquired a license for certain oral care technology for cash consideration of $4.3. In addition to this initial payment, the Company 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 had been made as of December 31, 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. 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 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 issued to QGN a notification requiring a broad range of remediation measures (the “Remediation Notification”), which included the shutdown and removal of two on-site landfills and 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 2011, IMA, following discussions with QGN, the Institute of Environment and Waste Management (“ (“Site Investigation Report”) In December 2015, QGN and INEMA entered into an agreement which reduced the fine to 3.8 million Brazilian Real, including accrued interest (approximately U.S. $1.0 million at current exchange rates) and provides that (i) QGN will execute the protective measures set forth in the Site Investigation Report, including an expansion of the trench drain (ii) the landfills will remain onsite and deactivated and (iii) QGN will continue remediation monitoring and reporting. 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 $6.1 to a current amount of $1.7, which will satisfy the remaining work to be completed and the fine. Legal proceedings g. The Company has been named as a defendant in a breach of contract action filed by Scantibodies Laboratory, Inc. (the “Plaintiff”) on April 1, 2014 in the U.S. District Court for the Southern District of New York. The complaint alleges, among other things, that the Company (i) breached two agreements for the manufacture and supply of pregnancy and ovulation test kits by switching suppliers, (ii) failed to give Plaintiff the proper notice, (iii) failed to reimburse Plaintiff for costs and expenses under the agreements and (iv) misrepresented its future requirements. The complaint seeks compensatory and punitive damages in an amount in excess of $20.0, as well as declaratory relief, statutory prejudgment interest and attorneys’ fees and costs. The Company is vigorously defending itself in this matter. On , the Company filed an answer to the complaint denying all of the Plaintiff’s material allegations . The parties have been engaged in fact discovery, which is ongoing. In connection with this matter, the Company has reserved an amount that it does not believe is material. Although any damages ultimately paid by the Company may exceed this amount, it is not currently possible to estimate the amount of any such excess; however, any such excess could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. h. In addition, in conjunction with the Company’s acquisition and divestiture activities, the Company entered into select guarantees and indemnifications of performance with respect to the fulfillment of the Company’s commitments under applicable purchase and sale agreements. The arrangements generally indemnify the buyer or seller for damages associated with breach of contract, inaccuracies in representations and warranties surviving the closing date and satisfaction of liabilities and commitments retained under the applicable contract. Representations and warranties that survive the closing date generally survive for periods up to five years or the expiration of the applicable statutes of limitations. Potential losses under the indemnifications are generally limited to a portion of the original transaction price, or to other lesser specific dollar amounts for select provisions. With respect to sale transactions, the Company also routinely enters into non-competition agreements for varying periods of time. Guarantees and indemnifications with respect to acquisition and divestiture activities, if triggered, could have a materially adverse impact on the Company’s financial condition and results of operations. i. employment matters, antitrust, environmental, health, safety and other compliance related matters. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions The following summarizes the balances and transactions between the Company and each of (i) Armand and ArmaKleen, in which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest: Armand ArmaKleen Natronx Year Ended December 31, Year Ended December 31, Year 2015 2014 2013 2015 2014 2013 2015 2014 2013 Purchases by Company $ 24.2 $ 26.4 $ 22.5 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Sales by Company $ 0.0 $ 0.0 $ 0.0 $ 1.3 $ 1.2 $ 1.3 $ 2.1 $ 2.0 $ 1.9 Outstanding Accounts Receivable $ 0.5 $ 0.6 $ 0.4 $ 0.6 $ 0.8 $ 0.8 $ 0.1 $ 0.1 $ 0.1 Outstanding Accounts Payable $ 1.8 $ 2.1 $ 1.8 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Administration & Management Oversight Services (1) $ 2.3 $ 2.1 $ 1.9 $ 2.0 $ 2.0 $ 2.1 $ 0.8 $ 0.8 $ 1.1 (1) Billed by Company and recorded as a reduction of selling, general and administrative expenses. During 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. The Company also recorded a $3.2 impairment charge associated with Natronx in 2013. The charge, recorded in Equity in Earnings (Losses) of Affiliates, is a result of the Company’s assessment of the financial impact from the delay in anticipated discounted cash flows from the affiliate. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | 17. Segments Segment Information The Company operates three reportable segments: Consumer Domestic, Consumer International and Specialty Products Division. These segments are determined based on differences in the nature of products and organizational and ownership structures. The Company also has a Corporate segment. Segment revenues are derived from the sale of the following products: Segment Products Consumer Domestic Household and personal care products Consumer International Primarily personal care products SPD Specialty chemical products The Corporate segment income consists of equity in earnings (losses) of affiliates. As of December 31 twelve December 31 Some of the subsidiaries that are included in the Consumer International segment manufacture and sell personal care products to the Consumer Domestic segment. These sales are eliminated from the Consumer International segment results set forth in the table below. The following table presents selected financial information relating to the Company’s segments for each of the three years in the period ended December 31, 2015: Consumer Consumer Domestic International SPD Corporate (1) As Net sales 2015 $ 2,581.6 $ 501.0 $ 312.2 $ 0.0 $ 3,394.8 2014 2,471.6 535.2 290.8 0.0 3,297.6 2013 2,413.5 532.8 248.0 0.0 3,194.3 Gross profit 2015 1,215.7 226.8 101.9 (32.6 ) 1,511.8 2014 1,160.9 242.1 76.6 (26.7 ) 1,452.9 2013 1,163.0 243.0 63.3 (31.3 ) 1,438.0 Marketing Expenses 2015 336.5 76.6 4.4 0.0 417.5 2014 333.2 80.5 3.2 0.0 416.9 2013 320.5 76.6 2.7 0.0 399.8 Selling, General and Administrative Expenses 2015 326.2 93.3 33.2 (32.6 ) 420.1 2014 302.0 93.9 25.6 (26.7 ) 394.8 2013 318.6 98.8 29.9 (31.3 ) 416.0 Income from Operations 2015 553.0 56.9 64.3 0.0 674.2 2014 525.7 67.6 47.9 0.0 641.2 2013 524.0 67.4 30.8 0.0 622.2 Equity in Earnings (Losses) of Affiliates 2015 0.0 0.0 0.0 (5.8 ) (5.8 ) 2014 0.0 0.0 0.0 11.6 11.6 2013 0.0 0.0 0.0 2.8 2.8 Interest Expense (2) 2015 25.0 2.5 3.0 0.0 30.5 2014 22.5 2.9 2.0 0.0 27.4 2013 23.4 3.0 1.3 0.0 27.7 Investment Earnings (2) 2015 1.2 0.1 0.2 0.0 1.5 2014 1.9 0.2 0.2 0.0 2.3 2013 2.2 0.3 0.1 0.0 2.6 Other Income (Expense), net (2) 2015 0.2 0.0 (4.2 ) 0.0 (4.0 ) 2014 (2.3 ) (0.3 ) (0.2 ) 0.0 (2.8 ) 2013 (1.8 ) (0.2 ) (0.1 ) 0.0 (2.1 ) Income Before Income Taxes 2015 529.4 54.5 57.3 (5.8 ) 635.4 2014 502.8 64.7 45.8 11.6 624.9 2013 501.0 64.5 29.5 2.8 597.8 Identifiable Assets (3) 2015 3,449.9 521.0 206.5 79.5 4,256.9 2014 3,502.9 619.8 135.1 101.4 4,359.2 2013 3,407.4 600.9 140.6 88.4 4,237.3 Capital Expenditures 2015 51.5 7.2 3.1 0.0 61.8 2014 59.2 8.4 2.9 0.0 70.5 2013 53.6 10.3 3.2 0.0 67.1 Depreciation & Amortization 2015 82.6 7.9 8.5 2.0 101.0 2014 76.7 7.6 5.2 1.7 91.2 2013 77.3 6.1 5.4 1.7 90.5 (1) The Corporate segment reflects the following: (A) (B) (C) (2) In determining Income before Income Taxes, interest expense, investment earnings, and other income, net, were allocated to the segments based upon each segment's relative Income from Operations. (3) Other than the differences noted in footnote (1) (2) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table above, were $5.3, $1.9 and $2.2 for the twelve months ended December 31, 2015, December 31, 2014 and December 31, 2013, respectively. Product line revenues from external customers for each of the three years ended December 31, 2015, December 31, 2014 and December 31, 2013 were as follows: 2015 2014 2013 Household Products $ 1,544.3 $ 1,466.2 $ 1,436.1 Personal Care Products 1,037.3 1,005.4 977.4 Total Consumer Domestic 2,581.6 2,471.6 2,413.5 Total Consumer International 501.0 535.2 532.8 Total SPD 312.2 290.8 248.0 Total Consolidated Net Sales $ 3,394.8 $ 3,297.6 $ 3,194.3 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. Geographic Information Approximately 83%, 81% and 80% of the net sales reported in the accompanying consolidated financial statements in 2015, 2014 and 2013, respectively, were to customers in the U.S. Approximately 96%, 96% and 97% of long-lived assets were located in the U.S. at December 31, 2015, 2014 and 2013, respectively. Other than the U.S., no one country accounts for more than 5% of consolidated net sales and 5% of total assets. Customers A group of three customers accounted for approximately 35%, 36% and 35% of consolidated net sales in 2015, 2014 and 2013, respectively, of which a single customer (Wal-Mart Stores, Inc. and its affiliates) accounted for approximately 24%, 25% and 24% in 2015, 2014 and 2013, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events Toppik acquisition On January 4, 2016, the Company acquired Spencer Forrest, Inc., the maker of TOPPIK, (the “ Share Repurchase In connection with the Company’s 2015 Share Repurchase Program and its evergreen repurchase program, on February 8, 2016, the Company initiated open market purchases with the objective of purchasing up to a total of $200. The Company anticipates all of the purchases will be completed during the first quarter of 2016. |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | 19. Unaudited Quarterly Financial Information The unaudited quarterly results of operations are prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results of operations for the periods presented. Adjustments are of a normal, recurring nature, except as discussed in the accompanying notes. Due to rounding differences, the sum of the quarterly amounts may not add precisely to the annual amounts. First Second Third Fourth Full Quarter Quarter Quarter Quarter Year 2015 Net Sales $ 812.3 $ 847.1 $ 861.8 $ 873.6 $ 3,394.8 Gross Profit 355.5 373.1 385.8 397.4 1,511.8 Income from Operations (2) 172.1 142.3 190.6 169.2 674.2 Net Income (1) 107.2 73.7 120.4 109.1 410.4 Net Income per Share-Basic (1) (2) $ 0.81 $ 0.56 $ 0.92 $ 0.84 $ 3.13 Net Income per Share-Diluted (1) (2) $ 0.80 $ 0.55 $ 0.90 $ 0.82 $ 3.07 2014 Net Sales $ 782.0 $ 808.3 $ 841.8 $ 865.5 $ 3,297.6 Gross Profit 339.4 356.4 367.5 389.6 1,452.9 Income from Operations (3) 162.0 138.2 177.2 163.8 641.2 Net Income 102.6 88.8 115.9 106.6 413.9 Net Income per Share-Basic $ 0.74 $ 0.66 $ 0.87 $ 0.80 $ 3.06 Net Income per Share-Diluted $ 0.73 $ 0.65 $ 0.85 $ 0.78 $ 3.01 (1) The second quarter of 2015 Net Income includes a $17.0 or $0.13 per share impairment charge to write-off the remaining investment in Natronx. (2) The second quarter of 2015 Income from Operations includes an $8.9 pre-tax charge or $0.05 per share to terminate an international defined benefit pension plan. ( 3 ) |
SCHEDULE II-Valuation and Quali
SCHEDULE II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
SCHEDULE II-Valuation and Qualifying Accounts | SCHEDULE II - Valuation and Qualifying Accounts For each of the three years in the period ended December 31, 2015 (Dollars in millions) Additions Deductions Beginning Charged to Amounts Foreign Ending Balance Expenses Acquired Written Off Exchange Balance Allowance for Doubtful Accounts 2015 $ 1.9 $ 0.3 $ 0.0 $ (1.0 ) $ (0.2 ) $ 1.0 2014 0.8 1.5 0.0 (0.2 ) (0.2 ) 1.9 2013 0.8 0.3 0.0 (0.3 ) 0.0 0.8 Allowance for Cash Discounts 2015 $ 5.2 $ 68.6 $ 0.0 $ (69.2 ) $ 0.0 $ 4.6 2014 5.1 66.9 0.0 (67.0 ) 0.2 5.2 2013 4.9 65.2 0.0 (65.1 ) 0.1 5.1 Sales Returns and Allowances 2015 $ 11.9 $ 67.4 $ 0.0 $ (67.4 ) $ 0.0 $ 11.9 2014 11.6 58.6 0.0 (58.1 ) (0.2 ) 11.9 2013 17.5 49.5 0.0 (55.2 ) (0.2 ) 11.6 |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business | Business The Company, founded in 1846, develops, manufactures and markets a broad range of household, personal care and specialty products. The Company sells its consumer products under a variety of brands through a broad distribution platform that includes supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar, pet and other specialty stores and websites, all of which sell the products to consumers. The Company also sells specialty products to industrial customers and distributors. |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the U.S. and include the accounts of the Company and its majority‑owned subsidiaries. For equity investments in which the Company does not control or have the ability to exert significant influence over the investee, which generally is when the Company has less than a 20% ownership interest, the investments are accounted for under the cost method. In circumstances where the Company has greater than a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee, the investment is accounted for under the equity method. As a result, the Company accounts for its 50% interest in its Armand Products Company (“Armand”) joint venture and its 50% interest in The ArmaKleen Company (“ArmaKleen”) joint venture under the equity method. The Company’s one-third interest in its Natronx Technologies, LLC (“Natronx”) joint venture was accounted for under the equity method until the remaining investment in it was fully impaired in the second quarter of 2015. Armand, ArmaKleen and Natronx are specialty chemical businesses, and the Company’s equity earnings (losses) in them are reported in the Company’s corporate segment, as described in Note 17. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent gains and losses at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Management makes estimates regarding inventory valuation, promotional and sales returns reserves, the carrying amount of goodwill and other intangible assets, the realization of deferred tax assets, tax reserves, liabilities related to pensions and other postretirement benefit obligations and other matters that affect the reported amounts and other disclosures in the financial statements. These estimates are based on judgment and available information. Actual results could differ materially from those estimates, and it is possible that changes in such estimates could occur in the near term. |
Revenue Recognition | R ev Revenue is recognized when finished goods are delivered to the Company’s customers or when finished goods are picked up by a customer or a customer’s carrier. |
Promotional and Sales Returns Reserves | Promotional and Sales Returns Reserves The Company conducts extensive promotional activities, primarily through the use of off-list discounts, slotting, coupons, cooperative advertising, periodic price reduction arrangements, and end-aisle and other in-store displays. The costs of such activities are netted against sales. Slotting costs are recorded when the product is delivered to the customer. Costs associated with coupon redemption are recorded when coupons are circulated. Cooperative advertising costs are recorded when the customer places the advertisement for the Company’s products. Discounts relating to price reduction arrangements are recorded when the related sale takes place. Costs associated with end-aisle or other in-store displays are recorded when the revenue from the product that is subject to the promotion is recognized. The reserves for sales returns and consumer and trade promotion liabilities are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses historical trend experience and coupon redemption provider input in arriving at coupon reserve requirements, and uses forecasted appropriations, customer and sales organization inputs, and historical trend analysis in determining the reserves for other promotional activities and sales returns. |
Sales of Accounts Receivable | Sales of Accounts Receivable The Company entered into a factoring agreement with a financial institution to sell certain customer receivables at discounted rates in 2015. Transactions under this agreement are accounted for as sales of accounts receivable and were removed from the Consolidated Balance Sheet at the time of the sales transaction. The Company factored $37.8 in 2015. |
Cost of Sales | Cost of Sales, Marketing and Selling, General and Administrative Expenses Cost of sales include costs related to the manufacture of the Company’s products, including raw material, inbound freight, direct labor (including employee compensation benefits) and indirect plant costs such as plant supervision, receiving, inspection, maintenance labor and materials, depreciation, taxes and insurance, purchasing, production planning, operations management, logistics, freight to customers, warehousing costs, internal transfer freight costs and plant impairment charges. |
Marketing | Marketing expenses include costs for advertising (excluding the costs of cooperative advertising programs, which are reflected in net sales), costs for coupon insertion (mainly the cost of printing and distribution), consumer promotion costs (such as on-shelf advertisements and floor ads), public relations, package design expense and market research costs. |
Selling, General and Administrative Expenses | SG&A expenses include, among others, costs related to functions such as sales, corporate management, research and development, marketing administration, information technology and legal. Such costs include salary compensation related costs (such as benefits, incentive compensation and profit sharing), stock option costs, depreciation, travel and entertainment related expenses, professional and other consulting fees and amortization of intangible assets. |
Foreign Currency Translation | Foreign Currency Translation Unrealized gains and losses related to currency translation are recorded in Accumulated Other Comprehensive Income (Loss). Gains and losses on foreign currency transactions are recorded in the Consolidated Statements of Income. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of highly liquid short-term investments and term bank deposits, which mature within three months of their original maturity date. |
Inventories | Inventories Inventories are valued at the lower of cost or market. Approximately 19% and 20% of the inventory at December 31, 2015 and 2014, respectively, including substantially all inventory in the Company’s Specialty Products Division (“SPD”) segment as well as domestic inventory sold primarily under the ARM & HAMMER trademark in the Consumer Domestic segment, was determined utilizing the last-in, first-out (“LIFO”) method. The cost of the remaining inventory was determined using the first-in, first-out (“FIFO”) method. The Company identifies any slow moving, obsolete or excess inventory to determine whether an adjustment is required to establish a new carrying value. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates and assumptions about the future demand for the Company’s products, technological changes, and new product introductions. Estimates as to the future demand used in the valuation of inventory involve judgments regarding the ongoing success of the Company’s products. The Company evaluates its inventory levels and expected usage on a periodic basis and records adjustments as required. Adjustments to reflect inventory at net realizable value were $12.6 at December 31, 2015, and $8.3 at December 31, 2014. |
Property, Plant and Equipment | Property, Plant and Equipment Property, Plant and Equipment (“PP&E”) are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for building and improvements, machinery and equipment, and office equipment range from 9-40, 3-20 and 3-10 years, respectively. Routine repairs and maintenance are expensed when incurred. Leasehold improvements are depreciated over a period no longer than the respective lease term, except where a lease renewal has been determined to be reasonably assured and failure to renew the lease results in a significant penalty to the Company. PP&E are reviewed annually and whenever events or changes in circumstances indicate that possible impairment exists. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of Company assets and liabilities. The analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews to identify idle and underutilized equipment, and reviews business plans for possible impairment. Impairment occurs when the carrying value of the asset exceeds the future undiscounted cash flows. When an impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset and an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows. |
Software | Software The Company capitalizes certain costs of developing computer software. Amortization is recorded using the straight‑line method over the estimated useful life of the software, which is estimated to be no longer than 10 years. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Certain financial instruments are required to be recorded at fair value. The estimated fair values of such financial instruments (including investment securities and other derivatives) have been determined using market information and valuation methodologies. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments, including cash equivalents and short-term debt, are recorded at cost, which approximates fair value. Additional information regarding the Company’s risk management activities, including derivative instruments and hedging activities, are separately disclosed. See Notes 2 and 3. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Carrying values of goodwill, trade names and other indefinite lived intangible assets are reviewed periodically for possible impairment. The Company’s impairment analysis is based on a discounted cash flow approach that requires significant judgment with respect to unit volume, revenue and expense growth rates, and the selection of an appropriate discount rate. Management uses estimates based on expected trends in making these assumptions. With respect to goodwill, impairment occurs when the carrying value of the reporting unit exceeds the discounted present value of cash flows for that reporting unit. For trade names and other intangible assets, an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows, which represents the estimated fair value of the asset. Judgment is required in assessing whether assets may have become impaired between annual valuations. Indicators such as unexpected adverse economic factors, unanticipated technological change, distribution losses, or competitive activities and acts by governments and courts may indicate that an asset has become impaired. Intangible assets with finite lives are amortized over their estimated useful lives, which range from 3-20 years, using the straight-line method, and reviewed for impairment when changes in market circumstances occur. It is possible that the Company’s conclusions regarding impairment or recoverability of goodwill or other intangible assets could change in future periods if, for example, (i) the businesses or brands do not perform as projected, (ii) overall economic conditions in 2016 or future years vary from current assumptions (including changes in discount rates), (iii) business conditions or strategies change from current assumptions, (iv) investors require higher rates of return on equity investments in the marketplace or (v) enterprise values of comparable publicly traded companies, or actual sales transactions of comparable companies, were to decline, resulting in lower multiples of revenues and EBITDA. A future impairment charge for goodwill or intangible assets could have a material effect on the Company’s consolidated financial position or results of operations. |
Research and Development | Research and Development The Company incurred research and development expenses in the amount of $64.7, $59.8 and $61.8 in 2015, 2014 and 2013, respectively. These expenses are included in SG&A expenses and are expensed as incurred. |
Earnings Per Share ("EPS") | Earnings Per Share (“EPS”) Basic EPS is calculated based on income available to holders of the Company’s common stock (“Common Stock”) and the weighted-average number of shares outstanding during the reported period. Diluted EPS includes additional dilution from potential Common Stock issuable pursuant to the exercise of outstanding stock options. The following table sets forth a reconciliation of the weighted-average number of shares of Common Stock outstanding to the weighted-average number of shares outstanding on a diluted basis: 2015 2014 2013 Weighted average common shares outstanding - basic 131.1 135.1 138.6 Dilutive effect of stock options 2.5 2.4 2.6 Weighted average common shares outstanding - diluted 133.6 137.5 141.2 Antidilutive stock options outstanding 1.1 1.2 1.6 |
Employee and Director Stock Option Based Compensation | Employee and Director Stock Option Based Compensation The fair value of share-based compensation is determined at the grant date and the related expense is recognized over the required employee service period in which the share-based compensation vests. In 2015, the Company recorded pre-tax expense of $16.1 associated with the fair-value of unvested stock options and restricted stock awards, of which $14.5 was included in SG&A expenses and $1.6 was included in cost of sales. In 2014, the Company recorded pre-tax expense of $17.0 associated with the fair-value of unvested stock options and restricted stock awards, of which $15.4 was included in SG&A expenses and $1.6 was included in cost of sales. In 2013, the Company recorded pre-tax expense of $17.0 associated with the fair-value of unvested stock options and restricted stock awards, of which $15.5 was included in SG&A expenses and $1.5 was included in cost of sales. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the differences are expected to be recovered or settled. Management provides a valuation allowance against deferred tax assets for amounts which are not considered “more likely than not” to be realized. The Company records liabilities for potential assessments in various tax jurisdictions in accordance with accounting principles generally accepted in the U.S. (GAAP). The liabilities relate to tax return positions that, although supportable by the Company, may be challenged by the tax authorities and do not meet the minimum recognition threshold required under applicable accounting guidance for the related tax benefit to be recognized in the income statement. The Company adjusts this liability as a result of changes in tax legislation, interpretations of laws by courts, rulings by tax authorities, changes in estimates and the expiration of the statute of limitations. Many of the judgments involved in adjusting the liability involve assumptions and estimates that are highly uncertain and subject to change. In this regard, settlement of any issue with, or an adverse determination in litigation against, a taxing authority could require the use of cash and result in an increase in the Company’s annual tax rate. Conversely, favorable resolution of an issue with a taxing authority would be recognized as a reduction to the Company’s annual tax rate. |
New Accounting Pronouncements Adopted and Issued | New Accounting Pronouncements Adopted In November 2015, the Financial Accounting Standards Board (“FASB”) issued guidance intended to simplify the presentation of deferred income taxes. Under the new guidance, deferred tax liabilities and deferred tax assets are to be classified as noncurrent in the statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by this update. The Company elected to retrospectively adopt the new requirements in the fourth quarter of 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 Company elected to retrospectively adopt the new requirements in the fourth quarter of 2015. Adoption resulted in a decrease in Other Assets of $8.6 with a corresponding decrease in Long-term Debt in the Company’s financial position as of December 31, 2014. The new requirements had no impact on the Company’s results of operations or cash flows. New Accounting Pronouncements Issued In May 2014, the 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 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 is required to be applied 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 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 other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Significant Accounting Polici30
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [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: 2015 2014 2013 Weighted average common shares outstanding - basic 131.1 135.1 138.6 Dilutive effect of stock options 2.5 2.4 2.6 Weighted average common shares outstanding - diluted 133.6 137.5 141.2 Antidilutive stock options outstanding 1.1 1.2 1.6 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Input Carrying Fair Carrying Fair Level Amount Value Amount Value Financial Assets: Cash equivalents Level 1 $ 89.3 $ 89.3 $ 298.0 $ 298.0 Financial Liabilities: Short-term borrowings Level 2 357.2 357.2 146.7 146.7 2.875% Senior notes Level 2 399.7 390.5 399.7 393.3 3.35% Senior notes Level 2 0.0 0.0 249.9 255.6 2.45% Senior notes Level 2 299.9 296.0 299.8 298.6 Fair value adjustment asset (liability) related to hedged fixed rate debt instrument Level 2 1.3 1.3 (0.9 ) (0.9 ) |
Derivative Instruments and Ri32
Derivative Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 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 Amount December 31, Fair Value at December 31, Balance Sheet Location 2015 2015 2014 Derivatives designated as hedging instruments Asset Derivatives Foreign exchange contracts Other current assets $ 77.2 $ 5.0 $ 2.8 Foreign exchange contracts Other assets $ 29.9 1.3 0.0 Interest rate swap Other assets $ 300.0 1.3 0.0 Total assets $ 7.6 $ 2.8 Liability Derivatives Diesel fuel contracts Accounts payable and accrued expenses 2.0 gallons $ 1.9 $ 4.4 Foreign exchange contracts Deferred and other long-term liabilities $ 10.9 0.3 0.0 Interest rate swap Deferred and other long-term liabilities Not applicable 0.0 0.9 Total liabilities $ 2.2 $ 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 $ 33.2 1.8 0.0 Total assets $ 1.8 $ 2.8 Liability Derivatives Equity derivatives Other current liabilities $ 32.4 $ 0.1 $ 0.0 Total liabilities $ 0.1 $ 0.0 Amount of Gain (Loss) Recognized in OCI from Derivatives Other Comprehensive Income (Loss) For the Year Ended December 31, Location 2015 2014 2013 Derivatives designated as hedging instruments Diesel fuel contracts (net of taxes) Other comprehensive income (loss) $ 1.5 $ (3.0 ) $ 0.1 Foreign exchange contracts (net of taxes) Other comprehensive income (loss) 3.2 1.9 0.2 Total gain (loss) recognized in OCI $ 4.7 $ (1.1 ) $ 0.3 Amount of Gain (Loss) Recognized in Income For the Year Ended December 31, Income Statement Location 2015 2014 2013 Derivatives not designated as hedging instruments Equity derivatives Selling, general and administrative expenses $ 2.1 $ 4.7 $ 5.3 Foreign exchange contracts Other income (expense), net 3.4 0.0 (0.1 ) Total gain (loss) recognized in income $ 5.5 $ 4.7 $ 5.2 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: December 31, December 31, 2015 2014 Raw materials and supplies $ 84.6 $ 70.8 Work in process 33.1 25.0 Finished goods 156.3 150.1 Total $ 274.0 $ 245.9 |
Property, Plant and Equipment34
Property, Plant and Equipment, Net ("PP&E") (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Components of Property, Plant and Equipment | PP&E consist of the following: December 31, December 31, 2015 2014 Land $ 25.2 $ 25.5 Buildings and improvements 277.3 281.7 Machinery and equipment 665.2 599.3 Software 84.9 86.4 Office equipment and other assets 59.2 57.2 Construction in progress 33.2 71.5 Gross PP&E 1,145.0 1,121.6 Less accumulated depreciation and amortization 535.4 505.4 Net PP&E $ 609.6 $ 616.2 For the Year Ended December 31, 2015 2014 2013 Depreciation and amortization on PP&E $ 58.3 $ 57.1 $ 59.7 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
VI-COR | |
Fair Values of Assets Acquired | The fair values of the net assets acquired are set forth as follows: 2015 VI-COR Inventory and other working capital $ 1.1 Property, plant and equipment and other long-term assets 6.4 Trade names and other intangibles 42.1 Goodwill 29.9 Purchase Price 79.5 Fair value of contingent payment due in one year (4.6 ) Cash purchase price as of December 31, 2015 $ 74.9 |
Lil Drug Store Brands | |
Fair Values of Assets Acquired | The fair values of the net assets acquired are set forth as follows: 2014 Lil’ Drug Store Inventory and other working capital $ 3.2 Property, plant and equipment 0.7 Trade names and other intangibles 109.0 Goodwill 102.8 Purchase Price $ 215.7 |
Goodwill and Other Intangible36
Goodwill and Other Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 December 31, 2014 Gross Amortization Gross Carrying Accumulated Period Carrying Accumulated Amount Amortization Net (Years) Amount Amortization Net Amortizable intangible assets: Trade names $ 259.5 $ (96.4 ) $ 163.1 3-20 $ 255.3 $ (85.2 ) $ 170.1 Customer Relationships 372.4 (141.8 ) 230.6 15-20 347.3 (119.9 ) 227.4 Patents/Formulas 57.4 (41.9 ) 15.5 4-20 48.6 (38.3 ) 10.3 Non Compete Agreement 1.8 (1.5 ) 0.3 5-10 1.4 (1.4 ) 0.0 Total $ 691.1 $ (281.6 ) $ 409.5 $ 652.6 $ (244.8 ) $ 407.8 |
Indefinite Lived Intangible Assets | Indefinite lived intangible assets - Carrying value December 31, December 31, 2015 2014 Trade names $ 860.0 $ 864.6 |
Intangible Asset Impairment Charges Within Selling, General and Administrative Expenses | The Company recognized intangible asset impairment charges within SG&A expenses during the three year period ended December 31, 2015 as follows: For the Year Ended December 31, Segments: 2015 2014 2013 Consumer Domestic $ 0.0 $ 5.0 $ 1.9 Consumer International 0.0 0.0 4.6 Total $ 0.0 $ 5.0 $ 6.5 |
Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for the years ended December 31, 2015 and 2014 are as follows: Consumer Consumer Specialty Domestic International Products Total Balance at December 31, 2013 $ 1,154.8 $ 47.2 $ 20.2 $ 1,222.2 Lil' Drug Store Brands acquired goodwill 87.4 15.4 0.0 102.8 Balance at December 31, 2014 $ 1,242.2 $ 62.6 $ 20.2 $ 1,325.0 VI-COR acquired goodwill 0.0 0.0 29.9 29.9 Balance at December 31, 2015 $ 1,242.2 $ 62.6 $ 50.1 $ 1,354.9 |
Accounts Payable and Accrued 37
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following: December 31, December 31, 2015 2014 Trade accounts payable $ 293.9 $ 284.1 Accrued marketing and promotion costs 91.5 114.8 Accrued wages and related benefit costs 59.4 54.0 Other accrued current liabilities 63.5 54.8 Total $ 508.3 $ 507.7 |
Short-Term Borrowings and Lon38
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components of Short-Term Borrowings and Long-Term Debt | Short-term borrowings and long-term debt consist of the following: December 31, December 31, 2015 2014 Short-term borrowings Commercial paper issuances $ 354.5 $ 143.3 Various debt due to international banks 2.7 3.4 Total short-term borrowings $ 357.2 $ 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 0.0 250.0 Less: Discount 0.0 (0.1 ) 2.45% Senior notes due December 15, 2019 300.0 300.0 Less: Discount (0.1 ) (0.2 ) Debt issuance costs, net (1) (8.1 ) (8.6 ) Fair value adjustment related to hedged fixed rate debt instrument 1.3 (0.9 ) Total long-term debt 692.8 939.9 Less: current maturities 0.0 (249.9 ) Net long-term debt $ 692.8 $ 690.0 (1) The Company retrospectively adopted new accounting guidance requiring debt issuance costs to be presented as a direct reduction of the associated liability. See Note 1 for further details. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Taxes | The components of income before taxes are as follows: 2015 2014 2013 Domestic $ 595.6 $ 574.1 $ 544.5 Foreign 39.8 50.8 53.3 Total $ 635.4 $ 624.9 $ 597.8 |
Schedule of U.S. Federal, State and Foreign Income Taxes | The following table summarizes the provision for U.S. federal, state and foreign income taxes: 2015 2014 2013 Current: U.S. federal $ 161.4 $ 159.0 $ 151.7 State 25.5 24.4 24.7 Foreign 14.1 14.9 15.9 201.0 198.3 192.3 Deferred: U.S. federal 22.8 11.5 12.6 State 3.3 1.1 (1.7 ) Foreign (2.1 ) 0.1 0.2 24.0 12.7 11.1 Total provision $ 225.0 $ 211.0 $ 203.4 |
Components of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) consist of the following at December 31: 2015 2014 Deferred tax assets: Accounts receivable $ 4.6 $ 4.6 Deferred compensation 67.9 63.6 Pension, postretirement and postemployment benefits 8.7 9.9 Investment in Natronx 7.7 1.2 Other 24.4 26.0 Tax credit carryforwards/other tax attributes 14.4 1.9 International operating loss carryforwards 6.2 8.0 Total gross deferred tax assets 133.9 115.2 Valuation allowances (16.3 ) (12.0 ) Total deferred tax assets 117.6 103.2 Deferred tax liabilities: Goodwill (193.5 ) (174.7 ) Trade names and other intangibles (312.4 ) (300.6 ) Property, plant and equipment (95.6 ) (97.5 ) Total deferred tax liabilities (601.5 ) (572.8 ) Net deferred tax liability $ (483.9 ) $ (469.6 ) Long term net deferred tax asset (1) 0.9 1.0 Long term net deferred tax liability (1) (484.8 ) (470.6 ) Net deferred tax liability $ (483.9 ) $ (469.6 ) (1) The Company retrospectively adopted new accounting guidance requiring all deferred tax assets to be classified as noncurrent. See Note 1 for further details. |
Effective Tax Rate Reconciliation | The difference between tax expense and the tax that would result from the application of the federal statutory rate is as follows: 2015 2014 2013 Statutory rate 35 % 35 % 35 % Tax that would result from use of the federal statutory rate $ 222.4 $ 218.7 $ 209.2 State and local income tax, net of federal effect 18.7 16.5 14.9 Varying tax rates of foreign affiliates (2.6 ) (3.6 ) (3.1 ) Benefit from domestic manufacturing deduction (14.4 ) (14.3 ) (13.2 ) Resolution of tax contingencies 0.0 (1.5 ) 0.0 Valuation Allowances 8.5 0.9 0.6 Other (7.6 ) (5.7 ) (5.0 ) Recorded tax expense $ 225.0 $ 211.0 $ 203.4 Effective tax rate 35.4 % 33.8 % 34.0 % |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2015 2014 2013 Unrecognized tax benefits at January 1 $ 4.0 $ 5.9 $ 9.1 Gross increases - tax positions in prior period 0.0 0.0 0.9 Gross decreases - tax positions in prior period (3.7 ) (1.5 ) 0.0 Settlements 0.0 0.0 (3.7 ) Lapse of statute of limitations (0.3 ) (0.4 ) (0.4 ) Unrecognized tax benefits at December 31 $ 0.0 $ 4.0 $ 5.9 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Status of Defined Benefit Plans | The following table provides information on the status of the defined benefit plans at December 31: Nonpension Pension Plans Postretirement Plans 2015 2014 2015 2014 Change in Benefit Obligation: Benefit obligation at beginning of year $ 101.2 $ 100.6 $ 24.5 $ 21.8 Service cost 0.3 0.9 0.2 0.2 Interest cost 2.9 4.2 0.9 1.0 Plan participants’ contributions 0.0 0.0 0.3 0.3 Actuarial loss (gain) (2.7 ) 10.3 (2.4 ) 3.0 Settlements/curtailments (26.5 ) (3.1 ) 0.0 0.0 Effects of exchange rate changes / other (6.8 ) (7.4 ) (0.9 ) (0.5 ) Benefits paid (4.2 ) (4.3 ) (1.3 ) (1.3 ) Benefit obligation at end of year $ 64.2 $ 101.2 $ 21.3 $ 24.5 Change in Plan Assets: Fair value of plan assets at beginning of year $ 101.8 $ 100.2 0.0 0.0 Actual return on plan assets (net of expenses) 2.4 11.1 0.0 0.0 Employer contributions 3.0 3.3 1.0 1.0 Plan participants’ contributions 0.0 0.0 0.3 0.3 Settlements/curtailments (29.9 ) (1.2 ) 0.0 0.0 Effects of exchange rate changes / other (6.9 ) (7.3 ) 0.0 0.0 Benefits paid (4.2 ) (4.3 ) (1.3 ) (1.3 ) Fair value of plan assets at end of year $ 66.2 $ 101.8 $ 0.0 $ 0.0 Funded status at end of year, recorded in Pension and Postretirement Benefits $ 2.0 $ 0.6 $ (21.3 ) $ (24.5 ) Amounts Recognized in Accumulated Other Comprehensive Income: Prior Service Credit $ 0.0 $ 0.1 $ (0.2 ) $ (0.8 ) Actuarial Loss 12.0 19.8 0.9 3.5 Net Loss (Income) Recognized in Accumulated Other Comprehensive Income $ 12.0 $ 19.9 $ 0.7 $ 2.7 |
Amounts Recognized in Statement of Financial Position | Amounts recognized in the statement of financial position consist of: Nonpension Pension Plans Postretirement Plans 2015 2014 2015 2014 Pension and Postretirement Benefits $ (3.1 ) $ (3.4 ) $ (21.3 ) $ (24.5 ) Other Assets 5.1 4.0 0.0 0.0 Accumulated Other Comprehensive Loss (Income) 12.0 19.9 0.7 2.7 Net amount recognized at end of year $ 14.0 $ 20.5 $ (20.6 ) $ (21.8 ) Accumulated benefit obligation $ 62.9 $ 100.0 $ 0.0 $ 0.0 |
Components of Net Periodic Benefit Cost | Net Pension and Net Postretirement Benefit Costs consisted of the following components: Pension Costs Nonpension Postretirement Costs 2015 2014 2013 2015 2014 2013 Components of Net Periodic Benefit Cost: Service cost $ 0.3 $ 0.9 $ 1.1 $ 0.2 $ 0.2 $ 0.4 Interest cost 2.9 4.2 4.0 0.9 1.0 1.1 Expected return on plan assets (4.8 ) (6.1 ) (4.2 ) 0.0 0.0 0.0 Amortization of prior service cost 0.0 0.0 0.0 (0.7 ) (1.4 ) (0.8 ) Settlements/curtailments 9.6 0.3 0.0 0.0 0.0 (0.3 ) Recognized actuarial loss (gain) 0.2 0.4 0.9 0.1 0.0 0.1 Net periodic benefit cost $ 8.2 $ (0.3 ) $ 1.8 $ 0.5 $ (0.2 ) $ 0.5 |
Schedule of Fair Values of Pension Plan Assets by Asset Category | The fair values of the Company’s defined benefit pension plan assets by asset category are as follows: Quoted Prices in Active Markets for Significant Identical Observable Assets Inputs Asset Category Total (Level 1) (Level 2) Cash & Cash Equivalents $ 1.9 $ 1.9 $ 0.0 Equity Securities - Mutual Funds (a) 35.0 1.1 33.9 Money Market Funds 1.8 0.0 1.8 Bond Funds (b) 17.5 0.0 17.5 Global Multi-strategy Fund (c) 19.5 0.0 19.5 Government Fixed Income Securities (d) 22.4 0.0 22.4 Other (e) 3.7 0.2 3.5 December 31, 2014 $ 101.8 $ 3.2 $ 98.6 Cash & Cash Equivalents $ 0.4 $ 0.4 $ 0.0 Equity Securities - Mutual Funds (a) 16.8 0.9 15.9 Bond Funds (b) 6.4 0.0 6.4 Global Multi-strategy Fund (c) 19.4 0.0 19.4 Government Fixed Income Securities (d) 19.1 0.1 19.0 Other (e) 4.1 0.3 3.8 December 31, 2015 $ 66.2 $ 1.7 $ 64.5 (a) The equity securities represent mutual funds held primarily by the pension plans in the United Kingdom (U.K.) and Canada, which include both domestic and international equity securities as of December 31, 2014. Due to the termination of the Canada pension plan in the second quarter of 2015, remaining equity securities represent mutual funds held primarily by the pension plans in the U.K. as of December 31, 2015. Mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the plans as of December 31, 2015 and December 31, 2014. (b) The bond funds principally consisted of corporate and municipal or local government bonds for the pension plans in Canada and the U.K. as of December 31, 2014. Due to the termination of the Canada pension plan in the second quarter of 2015, remaining bond funds consist primarily of corporate bonds for pension plans in the U.K. as of December 31, 2015. (c) The global multi-strategy fund, which was purchased during 2014 for the pension plans in the U.K., represents a series of multiple asset diversified funds invested in equities, bonds and other investments. The global multi-strategy fund is valued at the net asset value per unit multiplied by the number of units held as of the measurement date. (d) |
Expected Benefit Payments | The following benefit payments are expected to be paid from the defined benefit plans: Nonpension Pension Postretirement Plans Plans 2016 $ 2.4 $ 1.5 2017 2.4 1.6 2018 2.4 1.7 2019 2.5 1.7 2020 2.7 1.8 2021-2025 15.3 8.4 |
Schedule of Health Care Cost Trends | The following chart shows the effect of a 1% change in healthcare cost trends: 2015 2014 Effect of 1% increase in health-care cost trend rates on: Postretirement benefit obligation $ 0.5 $ 1.5 Total of service cost and interest cost component 0.0 0.1 Effect of 1% decrease in health-care cost trend rates on: Postretirement benefit obligation (0.5 ) (1.3 ) Total of service cost and interest cost component 0.0 (0.1 ) |
Benefit Obligation | |
Weighted-Average Assumptions Used | Weighted‑average assumptions used to determine benefit obligations as of December 31 are as follows: Nonpension Pension Plans Postretirement Plans 2015 2014 2015 2014 Discount Rate 3.73% 3.54% 4.11% 3.77% Rate of Compensation increase 4.31% 3.13% N/A N/A |
Net Periodic Benefit Cost | |
Weighted-Average Assumptions Used | Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are as follows: Pension Costs Nonpension Postretirement Costs 2015 2014 2013 2015 2014 2013 Discount Rate 3.47% 4.28% 4.15% 3.76% 4.54% 3.92% Rate of Compensation increase 3.53% 3.13% 3.33% N/A N/A N/A Expected long-term rate of return on plan assets 5.53% 6.16% 5.45% N/A N/A N/A |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Activity | Stock option transactions for the three years ended December 31, 2015 were as follows: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding as of December 31, 2012 8.2 $ 32.81 Granted 1.7 61.89 Exercised (1.0 ) 21.47 Cancelled (0.1 ) 47.47 Outstanding as of December 31, 2013 8.8 $ 39.47 Granted 1.1 69.61 Exercised (1.3 ) 25.14 Cancelled (0.1 ) 56.31 Outstanding as of December 31, 2014 8.5 $ 45.50 Granted 1.1 83.81 Exercised (0.9 ) 31.11 Cancelled (0.1 ) 61.90 Outstanding as of December 31, 2015 8.6 $ 51.77 5.8 $ 284.1 Exercisable as of December 31, 2015 4.8 $ 37.06 4.1 $ 230.4 |
Summary of Information Relating to Options Outstanding and Exercisable | The following table summarizes information relating to options outstanding and exercisable as of December 31, 2015: Options Outstanding Options Exercisable Weighted Weighted Weighted Outstanding Average Average Exercisable Average Range of as of Remaining Exercise as of Exercise Exercise Prices 12/31/2015 Contractual Price 12/31/2015 Price $15.01 - $25.00 0.6 1.1 $ 22.02 0.6 $ 22.02 $25.01 - $35.00 2.1 3.4 $ 29.37 2.1 $ 29.37 $35.01 - $45.00 0.8 5.2 $ 40.57 0.8 $ 40.57 $45.01 - $55.00 1.3 5.9 $ 53.80 1.3 $ 53.80 $55.01 - $65.00 1.6 6.9 $ 61.88 0.0 $ 55.08 $65.01 - $75.00 1.1 8.2 $ 69.54 0.0 $ 0.00 $75.01 - $85.00 1.1 9.4 $ 83.82 0.0 $ 0.00 8.6 5.8 $ 51.77 4.8 $ 37.06 |
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: 2015 2014 2013 Intrinsic Value of Stock Options Exercised $ 49.0 $ 58.0 $ 42.2 Stock Compensation Expense Related to Stock Option Awards $ 14.8 $ 15.2 $ 15.5 Issued Stock Options 1.1 1.1 1.7 Weighted Average Fair Value of Stock Options issued (per share) $ 13.70 $ 12.82 $ 10.92 Fair Value of Stock Options Issued $ 15.3 $ 15.0 $ 18.1 |
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: 2015 2014 2013 Risk-free interest rate 2.0 % 2.0 % 1.4 % Expected life in years 6.3 6.2 6.2 Expected volatility 17.2 % 20.4 % 21.2 % Dividend yield 1.6 % 1.8 % 1.8 % |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Components of Changes in Accumulated Other Comprehensive Income | The components of changes in accumulated other comprehensive income (“AOCI”) are as follows: Accumulated Foreign Defined Other Currency Benefit Derivative Comprehensive Adjustments Plans Agreements Income (Loss) Balance December 31, 2012 $ 22.8 $ (20.5) $ 0.2 $ 2.5 Other comprehensive income before reclassifications (10.1) 11.2 (0.8) 0.3 Amounts reclassified to consolidated statement of income (a) 0.0 0.0 1.0 1.0 Tax benefit (expense) 0.0 (3.7) 0.1 (3.6) Other comprehensive income (loss) (10.1) 7.5 0.3 (2.3) Balance December 31, 2013 $ 12.7 $ (13.0) $ 0.5 $ 0.2 Other comprehensive income before reclassifications (29.1) (7.7) (0.8) (37.6) Amounts reclassified to consolidated statement of income (a) 0.0 0.8 (1.4) (0.6) Tax benefit (expense) 0.0 2.2 1.1 3.3 Other comprehensive income (loss) (29.1) (4.7) (1.1) (34.9) Balance December 31, 2014 $ (16.4) $ (17.7) $ (0.6) $ (34.7) Other comprehensive income before reclassifications (35.8) 3.0 9.6 (23.2) Amounts reclassified to consolidated statement of income (a) 0.0 5.2 (3.0) 2.2 Tax benefit (expense) 13.7 (2.0) (1.9) 9.8 Other comprehensive income (loss) (22.1) 6.2 4.7 (11.2) Balance December 31, 2015 $ (38.5) $ (11.5) $ 4.1 $ (45.9) (a) Amounts reclassified to cost of sales and selling, general and administrative expenses. |
Commitments, Contingencies an43
Commitments, Contingencies and Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Rental Commitments Under Non-Cancelable Long-Term Operating Leases And Capital Lease | The Company is obligated to pay minimum annual rentals under different operating and financing lease agreements as follows: Operating Financing Leases Leases Total 2016 $ 19.5 $ 5.8 $ 25.3 2017 16.7 5.8 22.5 2018 14.6 6.0 20.6 2019 12.8 6.0 18.8 2020 10.0 6.1 16.1 2021 and thereafter 16.6 70.9 87.5 Total future minimum lease commitments $ 90.2 $ 100.6 $ 190.8 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 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 and ArmaKleen, in which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest: Armand ArmaKleen Natronx Year Ended December 31, Year Ended December 31, Year 2015 2014 2013 2015 2014 2013 2015 2014 2013 Purchases by Company $ 24.2 $ 26.4 $ 22.5 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Sales by Company $ 0.0 $ 0.0 $ 0.0 $ 1.3 $ 1.2 $ 1.3 $ 2.1 $ 2.0 $ 1.9 Outstanding Accounts Receivable $ 0.5 $ 0.6 $ 0.4 $ 0.6 $ 0.8 $ 0.8 $ 0.1 $ 0.1 $ 0.1 Outstanding Accounts Payable $ 1.8 $ 2.1 $ 1.8 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Administration & Management Oversight Services (1) $ 2.3 $ 2.1 $ 1.9 $ 2.0 $ 2.0 $ 2.1 $ 0.8 $ 0.8 $ 1.1 (1) Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Selected Financial Information Relating To Company's Segments | The following table presents selected financial information relating to the Company’s segments for each of the three years in the period ended December 31, 2015: Consumer Consumer Domestic International SPD Corporate (1) As Net sales 2015 $ 2,581.6 $ 501.0 $ 312.2 $ 0.0 $ 3,394.8 2014 2,471.6 535.2 290.8 0.0 3,297.6 2013 2,413.5 532.8 248.0 0.0 3,194.3 Gross profit 2015 1,215.7 226.8 101.9 (32.6 ) 1,511.8 2014 1,160.9 242.1 76.6 (26.7 ) 1,452.9 2013 1,163.0 243.0 63.3 (31.3 ) 1,438.0 Marketing Expenses 2015 336.5 76.6 4.4 0.0 417.5 2014 333.2 80.5 3.2 0.0 416.9 2013 320.5 76.6 2.7 0.0 399.8 Selling, General and Administrative Expenses 2015 326.2 93.3 33.2 (32.6 ) 420.1 2014 302.0 93.9 25.6 (26.7 ) 394.8 2013 318.6 98.8 29.9 (31.3 ) 416.0 Income from Operations 2015 553.0 56.9 64.3 0.0 674.2 2014 525.7 67.6 47.9 0.0 641.2 2013 524.0 67.4 30.8 0.0 622.2 Equity in Earnings (Losses) of Affiliates 2015 0.0 0.0 0.0 (5.8 ) (5.8 ) 2014 0.0 0.0 0.0 11.6 11.6 2013 0.0 0.0 0.0 2.8 2.8 Interest Expense (2) 2015 25.0 2.5 3.0 0.0 30.5 2014 22.5 2.9 2.0 0.0 27.4 2013 23.4 3.0 1.3 0.0 27.7 Investment Earnings (2) 2015 1.2 0.1 0.2 0.0 1.5 2014 1.9 0.2 0.2 0.0 2.3 2013 2.2 0.3 0.1 0.0 2.6 Other Income (Expense), net (2) 2015 0.2 0.0 (4.2 ) 0.0 (4.0 ) 2014 (2.3 ) (0.3 ) (0.2 ) 0.0 (2.8 ) 2013 (1.8 ) (0.2 ) (0.1 ) 0.0 (2.1 ) Income Before Income Taxes 2015 529.4 54.5 57.3 (5.8 ) 635.4 2014 502.8 64.7 45.8 11.6 624.9 2013 501.0 64.5 29.5 2.8 597.8 Identifiable Assets (3) 2015 3,449.9 521.0 206.5 79.5 4,256.9 2014 3,502.9 619.8 135.1 101.4 4,359.2 2013 3,407.4 600.9 140.6 88.4 4,237.3 Capital Expenditures 2015 51.5 7.2 3.1 0.0 61.8 2014 59.2 8.4 2.9 0.0 70.5 2013 53.6 10.3 3.2 0.0 67.1 Depreciation & Amortization 2015 82.6 7.9 8.5 2.0 101.0 2014 76.7 7.6 5.2 1.7 91.2 2013 77.3 6.1 5.4 1.7 90.5 (1) The Corporate segment reflects the following: (A) (B) (C) (2) In determining Income before Income Taxes, interest expense, investment earnings, and other income, net, were allocated to the segments based upon each segment's relative Income from Operations. (3) |
Product Line Revenues From External Customers | Product line revenues from external customers for each of the three years ended December 31, 2015, December 31, 2014 and December 31, 2013 were as follows: 2015 2014 2013 Household Products $ 1,544.3 $ 1,466.2 $ 1,436.1 Personal Care Products 1,037.3 1,005.4 977.4 Total Consumer Domestic 2,581.6 2,471.6 2,413.5 Total Consumer International 501.0 535.2 532.8 Total SPD 312.2 290.8 248.0 Total Consolidated Net Sales $ 3,394.8 $ 3,297.6 $ 3,194.3 |
Unaudited Quarterly Financial46
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | First Second Third Fourth Full Quarter Quarter Quarter Quarter Year 2015 Net Sales $ 812.3 $ 847.1 $ 861.8 $ 873.6 $ 3,394.8 Gross Profit 355.5 373.1 385.8 397.4 1,511.8 Income from Operations (2) 172.1 142.3 190.6 169.2 674.2 Net Income (1) 107.2 73.7 120.4 109.1 410.4 Net Income per Share-Basic (1) (2) $ 0.81 $ 0.56 $ 0.92 $ 0.84 $ 3.13 Net Income per Share-Diluted (1) (2) $ 0.80 $ 0.55 $ 0.90 $ 0.82 $ 3.07 2014 Net Sales $ 782.0 $ 808.3 $ 841.8 $ 865.5 $ 3,297.6 Gross Profit 339.4 356.4 367.5 389.6 1,452.9 Income from Operations (3) 162.0 138.2 177.2 163.8 641.2 Net Income 102.6 88.8 115.9 106.6 413.9 Net Income per Share-Basic $ 0.74 $ 0.66 $ 0.87 $ 0.80 $ 3.06 Net Income per Share-Diluted $ 0.73 $ 0.65 $ 0.85 $ 0.78 $ 3.01 (1) The second quarter of 2015 Net Income includes a $17.0 or $0.13 per share impairment charge to write-off the remaining investment in Natronx. (2) The second quarter of 2015 Income from Operations includes an $8.9 pre-tax charge or $0.05 per share to terminate an international defined benefit pension plan. ( 3 ) |
Significant Accounting Polici47
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ||||
Proceed from sale of accounts receivable | $ 37.8 | |||
Percentage of inventory determined using LIFO | 19.00% | 19.00% | 20.00% | |
Adjustments to reflect inventory at net realizable value | $ 12.6 | $ 12.6 | $ 8.3 | |
Research and development expenses | 64.7 | 59.8 | $ 61.8 | |
Stock compensation expense | 14.8 | 15.2 | 15.5 | |
Adjustments for New Accounting Pronouncement | ||||
Significant Accounting Policies [Line Items] | ||||
Decrease in current deferred income taxes | 14.4 | |||
Increase in other assets | 0.9 | |||
Decrease in the long-term deferred income tax | 13.5 | |||
Decrease in other assets | 8.6 | |||
Decrease in long-term debt | $ 8.6 | |||
Unvested Stock Options Fair Value | ||||
Significant Accounting Policies [Line Items] | ||||
Stock compensation expense | 16.1 | 17 | 17 | |
Selling, General and Administrative Expenses | ||||
Significant Accounting Policies [Line Items] | ||||
Stock compensation expense | 14.5 | 15.4 | 15.5 | |
Cost of Sales | ||||
Significant Accounting Policies [Line Items] | ||||
Stock compensation expense | $ 1.6 | $ 1.6 | $ 1.5 | |
Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets, estimated useful life (years) | 3 years | |||
Minimum | Building and Building Improvements | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 9 years | |||
Minimum | Machinery and Equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
Minimum | Office Equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets, estimated useful life (years) | 20 years | |||
Maximum | Software | ||||
Significant Accounting Policies [Line Items] | ||||
Intangible assets, estimated useful life (years) | 10 years | |||
Maximum | Building and Building Improvements | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 40 years | |||
Maximum | Machinery and Equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 20 years | |||
Maximum | Office Equipment | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 10 years | |||
Armand Products Company | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | 50.00% |
ArmaKleen Company | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | 50.00% |
Natronx Technologies LLC | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of ownership interest | 33.33% | 33.33% | 33.33% | 33.33% |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding - basic | 131.1 | 135.1 | 138.6 |
Dilutive effect of stock options | 2.5 | 2.4 | 2.6 |
Weighted average common shares outstanding - diluted | 133.6 | 137.5 | 141.2 |
Antidilutive stock options outstanding | 1.1 | 1.2 | 1.6 |
Carrying Amounts and Estimated
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ 357.2 | $ 146.7 |
Senior Notes | 692.8 | 939.9 |
Fair Value, Inputs, Level 1 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 89.3 | 298 |
Fair Value, Inputs, Level 1 | Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 89.3 | 298 |
Fair Value, Inputs, Level 2 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Short-term borrowings | 357.2 | 146.7 |
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument | 1.3 | (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 | 1.3 | (0.9) |
Short-term borrowings | 357.2 | 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 | 390.5 | 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 | 0 | 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 | 0 | 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 | $ 296 | $ 298.6 |
Carrying Amounts and Estimate50
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Parenthetical) (Details) | Dec. 31, 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% |
Derivative Instruments and Ri51
Derivative Instruments and Risk Management - Additional Information (Details) - USD ($) $ in Millions | Dec. 09, 2014 | Dec. 31, 2015 |
2.45% Senior notes due December 15, 2019 | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate of debt | 2.45% | |
Maturity date of debt | Dec. 15, 2019 | |
Foreign Exchange Contract | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Face value of unexpired foreign currency contracts | $ 151.2 | |
Interest Rate Swaps | LIBOR-Based Rate | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate, spread | 0.756% | |
Interest Rate Swaps | 2.45% Senior notes due December 15, 2019 | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Senior notes | $ 300 | |
Interest rate of debt | 2.45% | |
Maturity date of debt | Dec. 15, 2019 | |
Interest Rate Swaps | 2.45% Senior notes due December 15, 2019 | LIBOR-Based Rate | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate, spread | 0.756% | |
Designated as Hedging Instrument | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivative hedging agreements covering diesel fuel requirements | 63.00% | |
Derivative hedging agreements covering diesel fuel requirements, year 2016 | 32.00% | |
Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Face value of unexpired foreign currency contracts | $ 118 |
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) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)gal | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Foreign Exchange Contract | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Notional Amount | $ 151.2 | ||
Designated as Hedging Instrument | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Fair Value | 7.6 | $ 2.8 | |
Liability Derivatives, Fair Value | 2.2 | 5.3 | |
Amount of Gains (Loss) Recognized in OCI | 4.7 | (1.1) | $ 0.3 |
Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Notional Amount | 118 | ||
Amount of Gains (Loss) Recognized in OCI | 3.2 | 1.9 | 0.2 |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Notional Amount | 77.2 | ||
Asset Derivatives, Fair Value | 5 | 2.8 | |
Designated as Hedging Instrument | Foreign Exchange Contract | Other Assets | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Notional Amount | 29.9 | ||
Asset Derivatives, Fair Value | 1.3 | 0 | |
Designated as Hedging Instrument | Foreign Exchange Contract | Deferred And Other Long Term Liabilities | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Liability Derivatives, Notional Amount | 10.9 | ||
Liability Derivatives, Fair Value | 0.3 | 0 | |
Designated as Hedging Instrument | Interest Rate Swaps | Other Assets | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Notional Amount | 300 | ||
Asset Derivatives, Fair Value | 1.3 | 0 | |
Designated as Hedging Instrument | Interest Rate Swaps | Deferred And Other Long Term Liabilities | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Liability Derivatives, Fair Value | 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 | $ 1.5 | (3) | 0.1 |
Designated as Hedging Instrument | Diesel fuel contracts | Accounts Payable and Accrued Liabilities | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Liability Derivatives, Notional Amount, Volume | gal | 2 | ||
Liability Derivatives, Fair Value | $ 1.9 | 4.4 | |
Not Designated as Hedging Instrument | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Fair Value | 1.8 | 2.8 | |
Liability Derivatives, Fair Value | 0.1 | 0 | |
Amount of Gain (Loss) Recognized in Income | 5.5 | 4.7 | 5.2 |
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 | 3.4 | 0 | (0.1) |
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other Current Assets | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Notional Amount | 33.2 | ||
Asset Derivatives, Fair Value | 1.8 | 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 | 2.1 | 4.7 | $ 5.3 |
Not Designated as Hedging Instrument | Equity derivatives | Other Current Assets | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Asset Derivatives, Fair Value | 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 | 32.4 | ||
Liability Derivatives, Fair Value | $ 0.1 | $ 0 |
Components of Inventories (Deta
Components of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract] | ||
Raw materials and supplies | $ 84.6 | $ 70.8 |
Work in process | 33.1 | 25 |
Finished goods | 156.3 | 150.1 |
Total | $ 274 | $ 245.9 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
LIFO inventory amount | $ 53.2 | $ 49.3 |
Excess of FIFO over LIFO amount | $ 3.8 | $ 4.3 |
Components of Property, Plant a
Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | $ 1,145 | $ 1,121.6 |
Less accumulated depreciation and amortization | 535.4 | 505.4 |
Net PP&E | 609.6 | 616.2 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 25.2 | 25.5 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 277.3 | 281.7 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 665.2 | 599.3 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 84.9 | 86.4 |
Office equipment and other assets | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 59.2 | 57.2 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | $ 33.2 | $ 71.5 |
Depreciation and Interest Charg
Depreciation and Interest Charges on Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization on PP&E | $ 58.3 | $ 57.1 | $ 59.7 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ in Millions | Jan. 02, 2015 | Sep. 19, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ||||||
Cash consideration | $ 74.9 | $ 215.7 | $ 0 | |||
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 | |||||
Business combination, anticipate payment | $ 4.9 | |||||
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 | |||||
Lil Drug Store Brands | ||||||
Business Acquisition [Line Items] | ||||||
Date of business acquisition | Sep. 19, 2014 | |||||
Cash consideration | $ 215.7 | |||||
Approximate annual sales | $ 46 | |||||
Lil Drug Store Brands | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Average life of the amortizable intangible assets, years | 5 years | |||||
Lil Drug Store Brands | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Average life of the amortizable intangible assets, years | 20 years |
Fair Values of Net Assets Acqui
Fair Values of Net Assets Acquired (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,354.9 | $ 1,325 | $ 1,222.2 |
VI-COR | |||
Business Acquisition [Line Items] | |||
Fair value of contingent payment due in one year | (4.9) | ||
VI-COR | Acquisition Date Final Fair Value | |||
Business Acquisition [Line Items] | |||
Inventory and other working capital | 1.1 | ||
Property, plant and equipment and other long-term assets | 6.4 | ||
Trade names and other intangibles | 42.1 | ||
Goodwill | 29.9 | ||
Purchase Price | 79.5 | ||
Fair value of contingent payment due in one year | (4.6) | ||
Cash purchase price as of December 31, 2015 | $ 74.9 | ||
Lil Drug Store Brands | Acquisition Date Final Fair Value | |||
Business Acquisition [Line Items] | |||
Inventory and other working capital | 3.2 | ||
Property, plant and equipment | 0.7 | ||
Trade names and other intangibles | 109 | ||
Goodwill | 102.8 | ||
Purchase Price | $ 215.7 |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 691.1 | $ 652.6 |
Accumulated Amortization | (281.6) | (244.8) |
Net | $ 409.5 | 407.8 |
Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 3 years | |
Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period (Years) | 20 years | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 259.5 | 255.3 |
Accumulated Amortization | (96.4) | (85.2) |
Net | $ 163.1 | 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 | $ 372.4 | 347.3 |
Accumulated Amortization | (141.8) | (119.9) |
Net | $ 230.6 | 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 | (41.9) | (38.3) |
Net | $ 15.5 | 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 | (1.5) | (1.4) |
Net | $ 0.3 | $ 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Trade names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value, Trade names | $ 860 | $ 864.6 |
Intangible Asset Impairment Cha
Intangible Asset Impairment Charges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired Intangible Assets [Line Items] | ||||
Impairment charges | $ 5 | |||
Selling, General and Administrative Expenses | ||||
Impaired Intangible Assets [Line Items] | ||||
Impairment charges | $ 0 | $ 5 | $ 6.5 | |
Consumer Domestic | Selling, General and Administrative Expenses | ||||
Impaired Intangible Assets [Line Items] | ||||
Impairment charges | 0 | 5 | 1.9 | |
Consumer International | Selling, General and Administrative Expenses | ||||
Impaired Intangible Assets [Line Items] | ||||
Impairment charges | $ 0 | $ 0 | $ 4.6 |
Goodwill and Other Intangible62
Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Impairment charge of intangible asset | $ 19.2 | $ 6.4 | $ 8.4 |
Net carrying value | 409.5 | 407.8 | |
Amortization expense of intangible assets | 39.9 | 31.7 | 28.9 |
Estimated amortization expense, 2016 | 38.4 | ||
Estimated amortization expense, 2017 | 38 | ||
Estimated amortization expense, 2018 | 38 | ||
Estimated amortization expense, 2019 | 38 | ||
Estimated amortization expense, 2020 | 38 | ||
Estimated amortization expense, 2021 | 38 | ||
Consumer Domestic And Consumer International Trade Names | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Net carrying value | $ 35.7 | ||
Amortization Period (Years) | 15 years | ||
Trade names | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Net carrying value | $ 163.1 | $ 170.1 | |
Trade names | Personal Care Products | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Fair value exceeds carrying value | 20.00% | 11.00% | |
Fair value of personal care trade name | $ 37 | $ 37 | |
Consumer Domestic | |||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Impairment charge of intangible asset | $ 5 |
Carrying Amount of Goodwill (De
Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Beginning balance | $ 1,325 | $ 1,222.2 |
Ending balance | 1,354.9 | 1,325 |
Lil Drug Store Brands | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | 102.8 | |
VI-COR | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | 29.9 | |
Consumer Domestic | ||
Goodwill [Line Items] | ||
Beginning balance | 1,242.2 | 1,154.8 |
Ending balance | 1,242.2 | 1,242.2 |
Consumer Domestic | Lil Drug Store Brands | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | 87.4 | |
Consumer Domestic | VI-COR | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | 0 | |
Consumer International | ||
Goodwill [Line Items] | ||
Beginning balance | 62.6 | 47.2 |
Ending balance | 62.6 | 62.6 |
Consumer International | Lil Drug Store Brands | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | 15.4 | |
Consumer International | VI-COR | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | 0 | |
Specialty Products | ||
Goodwill [Line Items] | ||
Beginning balance | 20.2 | 20.2 |
Ending balance | 50.1 | 20.2 |
Specialty Products | Lil Drug Store Brands | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | $ 0 | |
Specialty Products | VI-COR | ||
Goodwill [Line Items] | ||
Goodwill acquired during the period | $ 29.9 |
Accounts Payable and Accrued 64
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade accounts payable | $ 293.9 | $ 284.1 |
Accrued marketing and promotion costs | 91.5 | 114.8 |
Accrued wages and related benefit costs | 59.4 | 54 |
Other accrued current liabilities | 63.5 | 54.8 |
Total | $ 508.3 | $ 507.7 |
Summary of Short-Term Borrowing
Summary of Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Short-term borrowings | |||
Commercial paper issuances | $ 354.5 | $ 143.3 | |
Various debt due to international banks | 2.7 | 3.4 | |
Total short-term borrowings | 357.2 | 146.7 | |
Long-term debt | |||
Debt issuance costs, net | [1] | (8.1) | (8.6) |
Fair value adjustment related to hedged fixed rate debt instrument | 1.3 | (0.9) | |
Total long-term debt | 692.8 | 939.9 | |
Less: current maturities | 0 | (249.9) | |
Net long-term debt | 692.8 | 690 | |
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 | 0 | 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) | |
[1] | The Company retrospectively adopted new accounting guidance requiring all deferred tax assets to be classified as noncurrent. See Note 1 for further details. |
Summary of Short-Term Borrowi66
Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 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 |
Short-Term Borrowings and Lon67
Short-Term Borrowings and Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions | Dec. 15, 2015 | Dec. 09, 2014 | Sep. 26, 2012 | Sep. 30, 2011 | Dec. 31, 2015 | Dec. 04, 2015 | Dec. 31, 2014 | Dec. 15, 2010 |
Debt Instrument [Line Items] | ||||||||
Consolidated funded indebtedness to EBITDA ratio | 0.0350 | |||||||
Maximum leverage ratio related to material acquisition | 0.0375 | |||||||
Commercial paper issuances | $ 354.5 | $ 143.3 | ||||||
Various debt due to international banks | $ 2.7 | $ 3.4 | ||||||
Interest Rate Swaps | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, swap | 2.45% | |||||||
2.45% Senior notes due December 15, 2019 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date of debt | Dec. 15, 2019 | |||||||
Aggregate principal amount | $ 300 | |||||||
Interest rate of debt | 2.45% | |||||||
Interest payment frequency | Semi-annually | |||||||
Interest payment, beginning date | Jun. 15, 2015 | |||||||
Debt repayment terms | The Company may redeem the 2019 Notes, at any time in whole or from time to time in part, prior to their maturity date at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2019 Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the First Supplemental Indenture), plus 15 basis points. In addition, at any time on or after November 15, 2019 (one month prior to the maturity date of the notes), the Company may redeem the notes in whole or in part, at a redemption price equal to 100% of the principal amount of the notes to be redeemed. In addition, if the Company undergoes a “change of control” (as defined in the First Supplemental Indenture), and if, generally within 60 days thereafter, the 2019 Notes are rated below investment grade by each of the rating agencies designated in the First Supplemental Indenture, the Company will be required to offer to repurchase the 2019 Notes at 101% of par plus accrued and unpaid interest to the date of repurchase. | |||||||
2.45% Senior notes due December 15, 2019 | Interest Rate Swaps | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date of debt | Dec. 15, 2019 | |||||||
Interest rate of debt | 2.45% | |||||||
2.45% Senior notes due December 15, 2019 | Repayment Terms | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of principal amount of notes being redeemed | 100.00% | |||||||
Percentage of principal amount of notes required if rated below investment grade | 101.00% | |||||||
2.875% Senior notes due October 1, 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date of debt | Oct. 1, 2022 | |||||||
Aggregate principal amount | $ 400 | |||||||
Interest rate of debt | 2.875% | |||||||
Interest payment frequency | semi-annually | |||||||
Interest payment, beginning date | Apr. 1, 2013 | |||||||
Debt repayment terms | The Company may redeem the 2022 Notes, at any time in whole or from time to time in part, prior to their maturity date at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2022 Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the BNY Mellon Second Supplemental Indenture), plus 20 basis points. In addition, if the Company undergoes a “change of control” (as defined in the BNY Mellon Second Supplemental Indenture), and if, generally within 60 days thereafter, the 2022 Notes are rated below investment grade by each of the rating agencies designated in the BNY Mellon Second Supplemental Indenture, the Company will be required to offer to repurchase the 2022 Notes at 101% of par plus accrued and unpaid interest to the date of repurchase. | |||||||
2.875% Senior notes due October 1, 2022 | Repayment Terms | ||||||||
Debt Instrument [Line Items] | ||||||||
Percentage of principal amount of notes being redeemed | 100.00% | |||||||
Percentage of principal amount of notes required if rated below investment grade | 101.00% | |||||||
3.35% Senior notes due December 15, 2015 | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date of debt | Dec. 15, 2015 | |||||||
Aggregate principal amount | $ 250 | |||||||
Interest rate of debt | 3.35% | |||||||
Federal Funds Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, variable interest rate | 0.50% | |||||||
LIBOR-Based Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, variable interest rate | 1.00% | |||||||
LIBOR-Based Rate | Interest Rate Swaps | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, spread | 0.756% | |||||||
LIBOR-Based Rate | 2.45% Senior notes due December 15, 2019 | Interest Rate Swaps | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, spread | 0.756% | |||||||
Treasury Rate | 2.45% Senior notes due December 15, 2019 | Repayment Terms | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, variable interest rate | 0.15% | |||||||
Treasury Rate | 2.875% Senior notes due October 1, 2022 | Repayment Terms | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, variable interest rate | 0.20% | |||||||
Maximum | LIBOR-Based Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, variable interest rate | 1.75% | |||||||
Maximum | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, variable interest rate | 0.75% | |||||||
Minimum | LIBOR-Based Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, variable interest rate | 0.875% | |||||||
Minimum | Base Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, variable interest rate | 0.00% | |||||||
Unsecured Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 600 | |||||||
Line of credit facility, current borrowing capacity | 1,000 | |||||||
Additional borrowing capacity | $ 600 | |||||||
Maturity date of debt | Dec. 4, 2020 | |||||||
Commercial Paper | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 500 | |||||||
Notes maximum maturity days | 397 days | |||||||
Commercial Paper | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Weighted average interest rate | 0.80% | 0.50% | ||||||
Commercial Paper And Credit Agreement | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,000 | |||||||
Other Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Remaining borrowing capacity | 5.1 | |||||||
Various debt due to international banks | $ 2.7 | $ 3.4 |
Components of Income Before Tax
Components of Income Before Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 595.6 | $ 574.1 | $ 544.5 |
Foreign | 39.8 | 50.8 | 53.3 |
Income before Income Taxes | $ 635.4 | $ 624.9 | $ 597.8 |
Schedule of U.S. Federal, State
Schedule of U.S. Federal, State and Foreign Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal | $ 161.4 | $ 159 | $ 151.7 |
State, Current | 25.5 | 24.4 | 24.7 |
Foreign, Current | 14.1 | 14.9 | 15.9 |
Current income tax expense (benefit) | 201 | 198.3 | 192.3 |
U.S. federal, Deferred | 22.8 | 11.5 | 12.6 |
State, Deferred | 3.3 | 1.1 | (1.7) |
Foreign, Deferred | (2.1) | 0.1 | 0.2 |
Deferred income tax expense (benefit) | 24 | 12.7 | 11.1 |
Recorded tax expense | $ 225 | $ 211 | $ 203.4 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Accounts receivable | $ 4.6 | $ 4.6 | |
Deferred compensation | 67.9 | 63.6 | |
Pension, postretirement and postemployment benefits | 8.7 | 9.9 | |
Investment in Natronx | 7.7 | 1.2 | |
Other | 24.4 | 26 | |
Tax credit carryforwards/other tax attributes | 14.4 | 1.9 | |
International operating loss carryforwards | 6.2 | 8 | |
Total gross deferred tax assets | 133.9 | 115.2 | |
Valuation allowances | (16.3) | (12) | |
Total deferred tax assets | 117.6 | 103.2 | |
Goodwill | (193.5) | (174.7) | |
Trade names and other intangibles | (312.4) | (300.6) | |
Property, plant and equipment | (95.6) | (97.5) | |
Total deferred tax liabilities | (601.5) | (572.8) | |
Net deferred tax liability | (483.9) | (469.6) | |
Long term net deferred tax asset | [1] | 0.9 | 1 |
Long term net deferred tax liability | [1] | $ (484.8) | $ (470.6) |
[1] | The Company retrospectively adopted new accounting guidance requiring all deferred tax assets to be classified as noncurrent. See Note 1 for further details |
Effective Tax Rate Reconciliati
Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
Tax that would result from use of the federal statutory rate | $ 222.4 | $ 218.7 | $ 209.2 |
State and local income tax, net of federal effect | 18.7 | 16.5 | 14.9 |
Varying tax rates of foreign affiliates | (2.6) | (3.6) | (3.1) |
Benefit from domestic manufacturing deduction | (14.4) | (14.3) | (13.2) |
Resolution of tax contingencies | 0 | (1.5) | 0 |
Valuation Allowances | 8.5 | 0.9 | 0.6 |
Other | (7.6) | (5.7) | (5) |
Recorded tax expense | $ 225 | $ 211 | $ 203.4 |
Effective tax rate | 35.40% | 33.80% | 34.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax [Line Items] | ||||
Valuation allowance | $ 6.2 | $ 8 | ||
Deferred tax assets, valuation allowances | 16.3 | 12 | ||
Repatriation of foreign cash | 93 | |||
Income taxes | 225 | 211 | $ 203.4 | |
Deferred tax benefit | (9.8) | (3.3) | 3.6 | |
Undistributed earnings of foreign subsidiaries | 135.7 | |||
Uncertain tax positions or unrecognized tax benefits | 0 | 4 | 5.9 | $ 9.1 |
Interest expense associated with uncertain tax positions | 0.2 | 0.1 | $ 0.1 | |
Accrued interest expense associated with uncertain tax positions | 0 | 0.2 | ||
Reversal Of Income Tax Expense | ||||
Income Tax [Line Items] | ||||
Tax adjustments from settlement and lapse of applicable statutes of limitation | 1.7 | |||
Reversal Of Pretax Interest Expense | ||||
Income Tax [Line Items] | ||||
Tax adjustments from settlement and lapse of applicable statutes of limitation | 0.1 | |||
Foreign Cash Repatriated | ||||
Income Tax [Line Items] | ||||
Income taxes | 2.7 | |||
Deferred tax benefit | 11.6 | |||
Natronx Technologies LLC | ||||
Income Tax [Line Items] | ||||
Deferred tax assets, valuation allowances | 7.7 | |||
Quimica Geral Do Nordeste Sa | ||||
Income Tax [Line Items] | ||||
Deferred tax assets, valuation allowances | 2.4 | $ 4 | ||
Foreign Tax Authority | ||||
Income Tax [Line Items] | ||||
Loss carryforward | 20.4 | |||
Loss carryforward subject to expiration | $ 1 | |||
Loss carryforward expiration date | Dec. 31, 2018 |
Reconciliation of Unrecognized
Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at January 1 | $ 4 | $ 5.9 | $ 9.1 |
Gross increases - tax positions in prior period | 0 | 0 | 0.9 |
Gross decreases - tax positions in prior period | (3.7) | (1.5) | 0 |
Settlements | 0 | 0 | (3.7) |
Lapse of statute of limitations | (0.3) | (0.4) | (0.4) |
Unrecognized tax benefits at December 31 | $ 0 | $ 4 | $ 5.9 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) shares in Thousands, $ in Millions | Dec. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)ParticipantsEmployeeshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |||||
Decrease in pension plan obligations | $ 7.9 | ||||
Decrease in postretirement benefit plan obligations | 2 | ||||
Result of 50 basis point change in the expected long-term rate of return | 0.3 | ||||
Defined benefit plans in accumulated other comprehensive income expected to be recognized in 2016 | 0.1 | ||||
Estimated cash contributions by employer in 2016 | $ 2.3 | ||||
Projected health-care cost trend rate in 2016 | 7.00% | ||||
Ultimate health-care cost trend rate in 2029 | 4.50% | ||||
Year that rate reaches Ultimate health-care cost trend rate | 2,029 | ||||
Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Asset mix of securities | 60.00% | ||||
Debt Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Asset mix of securities | 40.00% | ||||
Foreign Pension Plan, Defined Benefit | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, number of plan participants | Participants | 270 | ||||
Defined benefit plan, plan participants, number of active employees | Employee | 90 | ||||
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 | $ 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] | |||||
Defined benefit plan, one-time termination benefits in current fiscal year, net of tax | $ (9.6) | $ (0.3) | $ 0 | ||
Amount of basis point change | 0.50% | ||||
Employer contributions | $ 3 | 3.3 | |||
Amounts charged to earnings for defined contribution profit sharing plan | $ 8.5 | $ 4.5 | 4.5 | ||
Percentage of employer matching | 100.00% | 50.00% | |||
Percentage of employee gross pay employer contributes 50% | 5.00% | 6.00% | |||
Employer contribution description | The Company currently matches 100% of each employee’s contribution up to a maximum of 5% of the employee’s earnings. Previously, it matched 50% of each employee’s contribution up to a maximum of 6% of the employee’s earnings. | ||||
Funded status at end of year, recorded in Pension and Postretirement Benefits | 0.6 | $ 2 | $ 0.6 | ||
Deferred Profit Sharing | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amounts charged to earnings for defined contribution profit sharing plan | 12.5 | 12.5 | 15.8 | ||
Deferred Compensation Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Deferred compensation liability | 92.2 | 95.8 | 92.2 | ||
Funded status at end of year, recorded in Pension and Postretirement Benefits | $ 70.1 | 70.6 | 70.1 | ||
Amounts charged to earnings | $ 2.1 | $ 1.8 | $ 2.8 | ||
Shares held in rabbi trust | shares | 161 | ||||
Deferred Compensation Plans | Management | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Eligible percentage of regular compensation, maximum | 85.00% | ||||
Deferred Compensation Plans | Director | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Vesting percentage | 100.00% |
Status of Defined Benefit Plans
Status of Defined Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | $ 101.8 | ||
Fair value of plan assets at end of year | 66.2 | $ 101.8 | |
Pension Costs | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 101.2 | 100.6 | |
Service cost | 0.3 | 0.9 | $ 1.1 |
Interest cost | 2.9 | 4.2 | 4 |
Plan participants’ contributions | 0 | 0 | |
Actuarial loss (gain) | (2.7) | 10.3 | |
Settlements/curtailments | (26.5) | (3.1) | |
Effects of exchange rate changes / other | (6.8) | (7.4) | |
Benefits paid | (4.2) | (4.3) | |
Benefit obligation at end of year | 64.2 | 101.2 | 100.6 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 101.8 | 100.2 | |
Actual return on plan assets (net of expenses) | 2.4 | 11.1 | |
Employer contributions | 3 | 3.3 | |
Plan participants’ contributions | 0 | 0 | |
Settlements/curtailments | (29.9) | (1.2) | |
Effects of exchange rate changes / other | (6.9) | (7.3) | |
Benefits paid | (4.2) | (4.3) | |
Fair value of plan assets at end of year | 66.2 | 101.8 | 100.2 |
Funded status at end of year, recorded in Pension and Postretirement Benefits | 2 | 0.6 | |
Amounts Recognized in Accumulated Other Comprehensive Income: | |||
Prior Service Credit | 0 | 0.1 | |
Actuarial Loss | 12 | 19.8 | |
Net Loss (Income) Recognized in Accumulated Other Comprehensive Income | 12 | 19.9 | |
Nonpension Postretirement Costs | |||
Change in Benefit Obligation: | |||
Benefit obligation at beginning of year | 24.5 | 21.8 | |
Service cost | 0.2 | 0.2 | 0.4 |
Interest cost | 0.9 | 1 | 1.1 |
Plan participants’ contributions | 0.3 | 0.3 | |
Actuarial loss (gain) | (2.4) | 3 | |
Settlements/curtailments | 0 | 0 | |
Effects of exchange rate changes / other | (0.9) | (0.5) | |
Benefits paid | (1.3) | (1.3) | |
Benefit obligation at end of year | 21.3 | 24.5 | 21.8 |
Change in Plan Assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets (net of expenses) | 0 | 0 | |
Employer contributions | 1 | 1 | |
Plan participants’ contributions | 0.3 | 0.3 | |
Settlements/curtailments | 0 | 0 | |
Effects of exchange rate changes / other | 0 | 0 | |
Benefits paid | (1.3) | (1.3) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Funded status at end of year, recorded in Pension and Postretirement Benefits | (21.3) | (24.5) | |
Amounts Recognized in Accumulated Other Comprehensive Income: | |||
Prior Service Credit | (0.2) | (0.8) | |
Actuarial Loss | 0.9 | 3.5 | |
Net Loss (Income) Recognized in Accumulated Other Comprehensive Income | $ 0.7 | $ 2.7 |
Amounts Recognized in Statement
Amounts Recognized in Statement of Financial Position (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Costs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Postretirement Benefits | $ (3.1) | $ (3.4) |
Other Assets | 5.1 | 4 |
Accumulated Other Comprehensive Loss (Income) | 12 | 19.9 |
Net amount recognized at end of year | 14 | 20.5 |
Accumulated benefit obligation | 62.9 | 100 |
Nonpension Postretirement Costs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Postretirement Benefits | (21.3) | (24.5) |
Other Assets | 0 | 0 |
Accumulated Other Comprehensive Loss (Income) | 0.7 | 2.7 |
Net amount recognized at end of year | (20.6) | (21.8) |
Accumulated benefit obligation | $ 0 | $ 0 |
Weighted Average Assumptions Us
Weighted Average Assumptions Used to Determine Benefit Obligations (Details) | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Costs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.73% | 3.54% |
Rate of Compensation increase | 4.31% | 3.13% |
Nonpension Postretirement Costs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 4.11% | 3.77% |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0.3 | $ 0.9 | $ 1.1 |
Interest cost | 2.9 | 4.2 | 4 |
Expected return on plan assets | (4.8) | (6.1) | (4.2) |
Amortization of prior service cost | 0 | 0 | 0 |
Settlements/curtailments | 9.6 | 0.3 | 0 |
Recognized actuarial loss (gain) | 0.2 | 0.4 | 0.9 |
Net periodic benefit cost | 8.2 | (0.3) | 1.8 |
Nonpension Postretirement Costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.2 | 0.2 | 0.4 |
Interest cost | 0.9 | 1 | 1.1 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | (0.7) | (1.4) | (0.8) |
Settlements/curtailments | 0 | 0 | (0.3) |
Recognized actuarial loss (gain) | 0.1 | 0 | 0.1 |
Net periodic benefit cost | $ 0.5 | $ (0.2) | $ 0.5 |
Weighted Average Assumptions 79
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.47% | 4.28% | 4.15% |
Rate of Compensation increase | 3.53% | 3.13% | 3.33% |
Expected long-term rate of return on plan assets | 5.53% | 6.16% | 5.45% |
Nonpension Postretirement Costs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount Rate | 3.76% | 4.54% | 3.92% |
Schedule of Fair Values of Pens
Schedule of Fair Values of Pension Plan Assets by Asset Category (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 66.2 | $ 101.8 | |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.4 | 1.9 | |
Equity Securities - Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [1] | 16.8 | 35 |
Money Market Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.8 | ||
Bond Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [2] | 6.4 | 17.5 |
Global Multi-Strategy Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [3] | 19.4 | 19.5 |
Government Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [4] | 19.1 | 22.4 |
Pension Plan Investments, Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [5] | 4.1 | 3.7 |
Fair Value, Inputs, Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.7 | 3.2 | |
Fair Value, Inputs, Level 1 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.4 | 1.9 | |
Fair Value, Inputs, Level 1 | Equity Securities - Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [1] | 0.9 | 1.1 |
Fair Value, Inputs, Level 1 | Money Market Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fair Value, Inputs, Level 1 | Bond Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [2] | 0 | 0 |
Fair Value, Inputs, Level 1 | Global Multi-Strategy Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [3] | 0 | 0 |
Fair Value, Inputs, Level 1 | Government Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [4] | 0.1 | 0 |
Fair Value, Inputs, Level 1 | Pension Plan Investments, Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [5] | 0.3 | 0.2 |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 64.5 | 98.6 | |
Fair Value, Inputs, Level 2 | Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair Value, Inputs, Level 2 | Equity Securities - Mutual Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [1] | 15.9 | 33.9 |
Fair Value, Inputs, Level 2 | Money Market Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.8 | ||
Fair Value, Inputs, Level 2 | Bond Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [2] | 6.4 | 17.5 |
Fair Value, Inputs, Level 2 | Global Multi-Strategy Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [3] | 19.4 | 19.5 |
Fair Value, Inputs, Level 2 | Government Fixed Income Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [4] | 19 | 22.4 |
Fair Value, Inputs, Level 2 | Pension Plan Investments, Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | [5] | $ 3.8 | $ 3.5 |
[1] | The equity securities represent mutual funds held primarily by the pension plans in the United Kingdom (U.K.) and Canada, which include both domestic and international equity securities as of December 31, 2014. Due to the termination of the Canada pension plan in the second quarter of 2015, remaining equity securities represent mutual funds held primarily by the pension plans in the U.K. as of December 31, 2015. Mutual funds are valued at quoted market prices, which represent the net asset values of shares held by the plans as of December 31, 2015 and December 31, 2014. | ||
[2] | The bond funds principally consisted of corporate and municipal or local government bonds for the pension plans in Canada and the U.K. as of December 31, 2014. Due to the termination of the Canada pension plan in the second quarter of 2015, remaining bond funds consist primarily of corporate bonds for pension plans in the U.K. as of December 31, 2015. | ||
[3] | The global multi-strategy fund, which was purchased during 2014 for the pension plans in the U.K., represents a series of multiple asset diversified funds invested in equities, bonds and other investments. The global multi-strategy fund is valued at the net asset value per unit multiplied by the number of units held as of the measurement date. | ||
[4] | Government fixed income securities held by pension plans in the U.K. are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||
[5] | Other category includes other investments for pension plans in the international subsidiaries. |
Expected Benefit Payments (Deta
Expected Benefit Payments (Details) $ in Millions | Dec. 31, 2015USD ($) |
Pension Costs | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 2.4 |
2,017 | 2.4 |
2,018 | 2.4 |
2,019 | 2.5 |
2,020 | 2.7 |
2021-2025 | 15.3 |
Nonpension Postretirement Costs | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 1.5 |
2,017 | 1.6 |
2,018 | 1.7 |
2,019 | 1.7 |
2,020 | 1.8 |
2021-2025 | $ 8.4 |
Schedule of Health Care Cost Tr
Schedule of Health Care Cost Trends (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | ||
Effect of 1% increase in health-care cost trend rates, Postretirement benefit obligation | $ 0.5 | $ 1.5 |
Effect of 1% increase in health-care cost trend rates, Total of service cost and interest cost component | 0 | 0.1 |
Effect of 1% decrease in health-care cost trend rates, Postretirement benefit obligation | (0.5) | (1.3) |
Effect of 1% decrease in health-care cost trend rates, Total of service cost and interest cost component | $ 0 | $ (0.1) |
Stock Based Compensation Plan83
Stock Based Compensation Plans - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)CompensationPlan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of compensation plans | CompensationPlan | 4 | ||
Compensation cost not yet recognized | $ 8.4 | ||
Period of amortization expected to be recognized | 3 years | ||
Non-cash compensation expense | $ 16.1 | $ 17 | $ 17 |
Excess tax benefit on stock options exercised | 15.8 | 18.5 | 13.1 |
Tax benefit from stock options exercised | $ 15.8 | 18.8 | 13.4 |
Exercise Options Granted In Two Thousand Seven Or Latter Within Three Year From Date Of Termination | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Minimum required participant age and years of service | 65 years | ||
Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock exercise period, years | 10 years | ||
Vesting period | 3 years | ||
Minimum service period, years | 5 years | ||
Minimum required participant age with five years of service | 55 years | ||
Non-cash compensation expense | $ 16.1 | 17 | 17 |
Excess tax benefit on stock options exercised | $ 15.8 | $ 18.5 | $ 13.1 |
Summary of Option Activity (Det
Summary of Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Beginning Balance, Options | 8.5 | 8.8 | 8.2 |
Granted, Options | 1.1 | 1.1 | 1.7 |
Exercised, Options | (0.9) | (1.3) | (1) |
Cancelled, Options | (0.1) | (0.1) | (0.1) |
Ending Balance, Options | 8.6 | 8.5 | 8.8 |
Exercisable as of December 31, 2015, Options | 4.8 | ||
Beginning Balance, Weighted-Average Exercise Price | $ 45.50 | $ 39.47 | $ 32.81 |
Granted, Weighted-Average Exercise Price | 83.81 | 69.61 | 61.89 |
Exercised, Weighted-Average Exercise Price | 31.11 | 25.14 | 21.47 |
Cancelled, Weighted-Average Exercise Price | 61.90 | 56.31 | 47.47 |
Ending Balance, Weighted-Average Exercise Price | 51.77 | $ 45.50 | $ 39.47 |
Exercisable as of December 31, 2015, Weighted-Average Exercise Price | $ 37.06 | ||
Outstanding as of December 31, 2015, Weighted-Average Remaining Contractual Term, years | 5 years 9 months 18 days | ||
Exercisable as of December 31, 2015, Weighted-Average Remaining Contractual Term, years | 4 years 1 month 6 days | ||
Outstanding as of December 31, 2015, Aggregate Intrinsic Value | $ 284.1 | ||
Exercisable as of December 31, 2015, Aggregate Intrinsic Value | $ 230.4 |
Summary of Information Relating
Summary of Information Relating to Options Outstanding and Exercisable (Details) - $ / shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Outstanding as of 12/31/2015 | 8.6 | |||
Weighted Average Remaining Contractual Life | 5 years 9 months 18 days | |||
Options Outstanding Weighted-Average Exercise Price | $ 51.77 | $ 45.50 | $ 39.47 | $ 32.81 |
Exercisable as of 12/31/2015 | 4.8 | |||
Options Exercisable Weighted-Average Exercise Price | $ 37.06 | |||
$15.01 - $25.00 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Limit | 15.01 | |||
Range of Exercise Prices, Upper Limit | $ 25 | |||
Outstanding as of 12/31/2015 | 0.6 | |||
Weighted Average Remaining Contractual Life | 1 year 1 month 6 days | |||
Options Outstanding Weighted-Average Exercise Price | $ 22.02 | |||
Exercisable as of 12/31/2015 | 0.6 | |||
Options Exercisable Weighted-Average Exercise Price | $ 22.02 | |||
$25.01 - $35.00 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Limit | 25.01 | |||
Range of Exercise Prices, Upper Limit | $ 35 | |||
Outstanding as of 12/31/2015 | 2.1 | |||
Weighted Average Remaining Contractual Life | 3 years 4 months 24 days | |||
Options Outstanding Weighted-Average Exercise Price | $ 29.37 | |||
Exercisable as of 12/31/2015 | 2.1 | |||
Options Exercisable Weighted-Average Exercise Price | $ 29.37 | |||
$35.01 - $45.00 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Limit | 35.01 | |||
Range of Exercise Prices, Upper Limit | $ 45 | |||
Outstanding as of 12/31/2015 | 0.8 | |||
Weighted Average Remaining Contractual Life | 5 years 2 months 12 days | |||
Options Outstanding Weighted-Average Exercise Price | $ 40.57 | |||
Exercisable as of 12/31/2015 | 0.8 | |||
Options Exercisable Weighted-Average Exercise Price | $ 40.57 | |||
$45.01 - $55.00 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Limit | 45.01 | |||
Range of Exercise Prices, Upper Limit | $ 55 | |||
Outstanding as of 12/31/2015 | 1.3 | |||
Weighted Average Remaining Contractual Life | 5 years 10 months 24 days | |||
Options Outstanding Weighted-Average Exercise Price | $ 53.80 | |||
Exercisable as of 12/31/2015 | 1.3 | |||
Options Exercisable Weighted-Average Exercise Price | $ 53.80 | |||
$55.01 - $65.00 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Limit | 55.01 | |||
Range of Exercise Prices, Upper Limit | $ 65 | |||
Outstanding as of 12/31/2015 | 1.6 | |||
Weighted Average Remaining Contractual Life | 6 years 10 months 24 days | |||
Options Outstanding Weighted-Average Exercise Price | $ 61.88 | |||
Exercisable as of 12/31/2015 | 0 | |||
Options Exercisable Weighted-Average Exercise Price | $ 55.08 | |||
$65.01 - $75.00 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Limit | 65.01 | |||
Range of Exercise Prices, Upper Limit | $ 75 | |||
Outstanding as of 12/31/2015 | 1.1 | |||
Weighted Average Remaining Contractual Life | 8 years 2 months 12 days | |||
Options Outstanding Weighted-Average Exercise Price | $ 69.54 | |||
Exercisable as of 12/31/2015 | 0 | |||
Options Exercisable Weighted-Average Exercise Price | $ 0 | |||
$75.01 - $85.00 | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Range of Exercise Prices, Lower Limit | 75.01 | |||
Range of Exercise Prices, Upper Limit | $ 85 | |||
Outstanding as of 12/31/2015 | 1.1 | |||
Weighted Average Remaining Contractual Life | 9 years 4 months 24 days | |||
Options Outstanding Weighted-Average Exercise Price | $ 83.82 | |||
Exercisable as of 12/31/2015 | 0 | |||
Options Exercisable Weighted-Average Exercise Price | $ 0 |
Schedule of Share Based Compens
Schedule of Share Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Intrinsic Value of Stock Options Exercised | $ 49 | $ 58 | $ 42.2 |
Stock Compensation Expense Related to Stock Option Awards | $ 14.8 | $ 15.2 | $ 15.5 |
Issued Stock Options | 1.1 | 1.1 | 1.7 |
Weighted Average Fair Value of Stock Options issued (per share) | $ 13.70 | $ 12.82 | $ 10.92 |
Fair Value of Stock Options Issued | $ 15.3 | $ 15 | $ 18.1 |
Assumptions Used in Valuation o
Assumptions Used in Valuation of Issued Stock Options (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk-free interest rate | 2.00% | 2.00% | 1.40% |
Expected life in years | 6 years 3 months 18 days | 6 years 2 months 12 days | 6 years 2 months 12 days |
Expected volatility | 17.20% | 20.40% | 21.20% |
Dividend yield | 1.60% | 1.80% | 1.80% |
Share Repurchase - Additional I
Share Repurchase - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 28, 2015 | |
Accelerated Share Repurchases [Line Items] | ||||
Stock repurchase program, authorized amount | $ 500 | |||
Stock purchases, shares | 4.4 | |||
Payment for share repurchase | $ 363.1 | $ 478.8 | $ 50.1 | |
accelerated share repurchase contract | ||||
Accelerated Share Repurchases [Line Items] | ||||
Stock purchases, shares | 2.6 | |||
Payment for share repurchase | $ 215 | |||
Evergreen Program | ||||
Accelerated Share Repurchases [Line Items] | ||||
Payment for share repurchase | 88 | |||
Repurchase Program | ||||
Accelerated Share Repurchases [Line Items] | ||||
Payment for share repurchase | 275.1 | |||
Remaining amount for share repurchase program | $ 224.9 |
Components of Changes in Accumu
Components of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | $ (34.7) | $ 0.2 | $ 2.5 | |
Other comprehensive income before reclassifications | (23.2) | (37.6) | 0.3 | |
Amounts reclassified to consolidated statement of income | [1] | 2.2 | (0.6) | 1 |
Tax benefit (expense) | 9.8 | 3.3 | (3.6) | |
Other comprehensive income (loss) | (11.2) | (34.9) | (2.3) | |
Ending balance | (45.9) | (34.7) | 0.2 | |
Foreign Currency Adjustments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (16.4) | 12.7 | 22.8 | |
Other comprehensive income before reclassifications | (35.8) | (29.1) | (10.1) | |
Amounts reclassified to consolidated statement of income | [1] | 0 | 0 | 0 |
Tax benefit (expense) | 13.7 | 0 | 0 | |
Other comprehensive income (loss) | (22.1) | (29.1) | (10.1) | |
Ending balance | (38.5) | (16.4) | 12.7 | |
Defined Benefit Plans | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (17.7) | (13) | (20.5) | |
Other comprehensive income before reclassifications | 3 | (7.7) | 11.2 | |
Amounts reclassified to consolidated statement of income | [1] | 5.2 | 0.8 | 0 |
Tax benefit (expense) | (2) | 2.2 | (3.7) | |
Other comprehensive income (loss) | 6.2 | (4.7) | 7.5 | |
Ending balance | (11.5) | (17.7) | (13) | |
Derivative Agreements | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning balance | (0.6) | 0.5 | 0.2 | |
Other comprehensive income before reclassifications | 9.6 | (0.8) | (0.8) | |
Amounts reclassified to consolidated statement of income | [1] | (3) | (1.4) | 1 |
Tax benefit (expense) | (1.9) | 1.1 | 0.1 | |
Other comprehensive income (loss) | 4.7 | (1.1) | 0.3 | |
Ending balance | $ 4.1 | $ (0.6) | $ 0.5 | |
[1] | Amounts reclassified to cost of sales and selling, general and administrative expenses |
Commitments, Contingencies an90
Commitments, Contingencies and Guarantees - Additional Information (Details) BRL in Millions, $ in Millions | Nov. 08, 2011USD ($) | Dec. 31, 2015USD ($)T | Dec. 31, 2015BRLT | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2014USD ($) | Nov. 30, 2010USD ($) | Nov. 30, 2010BRL |
Commitments And Contingencies Disclosure [Line Items] | ||||||||||
Rent expense | $ 18.5 | $ 19.7 | $ 20.9 | |||||||
Interest expense associated with financing lease | 4.1 | |||||||||
Depreciation expense associated with financing lease | $ 2.5 | |||||||||
Annual purchase commitment, in tons | T | 240,000 | 240,000 | ||||||||
Commitments | $ 265.1 | |||||||||
Outstanding letters of credit | 4.1 | |||||||||
Imposition of fine | $ 1.3 | BRL 5 | ||||||||
Increase (decrease) in accrued expenses for remediation, fines and related costs | 1 | BRL 3.8 | $ 6.1 | |||||||
Remediation and related costs | $ 4.8 | $ 3 | ||||||||
Accrued expenses for remediation, fines and related costs | 1.7 | |||||||||
Estimated minimum compensatory punitive damages | 20 | |||||||||
Oral Care Technology | ||||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||||
Cash consideration to acquired a license for certain oral care technology | $ 4.3 | |||||||||
Potential license payment | 7 | |||||||||
Advance royalty payments | 5.5 | |||||||||
Financial Guarantee | ||||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||||
Guarantees | 17.2 | |||||||||
Collateralized Debt Obligations | ||||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||||
Guarantees | $ 2.5 | |||||||||
Collateralized Debt Obligations | Oral Care Technology | ||||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||||
Guarantees | $ 5.5 |
Future Minimum Rental Commitmen
Future Minimum Rental Commitments Under Non-Cancelable Long-Term Operating Leases And Capital Lease (Details) $ in Millions | Dec. 31, 2015USD ($) |
Operating lease | |
2,016 | $ 19.5 |
2,017 | 16.7 |
2,018 | 14.6 |
2,019 | 12.8 |
2,020 | 10 |
2021 and thereafter | 16.6 |
Total future minimum lease commitments | 90.2 |
Financing leases | |
2,016 | 5.8 |
2,017 | 5.8 |
2,018 | 6 |
2,019 | 6 |
2,020 | 6.1 |
2021 and thereafter | 70.9 |
Total future minimum lease commitments | 100.6 |
Total | |
2,016 | 25.3 |
2,017 | 22.5 |
2,018 | 20.6 |
2,019 | 18.8 |
2,020 | 16.1 |
2021 and thereafter | 87.5 |
Total future minimum lease commitments | $ 190.8 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Armand Products Company | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% |
ArmaKleen Company | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% |
Natronx Technologies LLC | |||
Related Party Transaction [Line Items] | |||
Percentage of ownership interest | 33.33% | 33.33% | 33.33% |
Impairment charge on investment | $ 17 | $ 3.2 |
Balance and Transactions Betwee
Balance and Transactions Between Company and Related Party (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Armand Products Company | ||||
Related Party Transaction [Line Items] | ||||
Purchases by Company | $ 24.2 | $ 26.4 | $ 22.5 | |
Sales by Company | 0 | 0 | 0 | |
Outstanding Accounts Receivable | 0.5 | 0.6 | 0.4 | |
Outstanding Accounts Payable | 1.8 | 2.1 | 1.8 | |
Administration & Management Oversight Services | [1] | 2.3 | 2.1 | 1.9 |
ArmaKleen Company | ||||
Related Party Transaction [Line Items] | ||||
Purchases by Company | 0 | 0 | 0 | |
Sales by Company | 1.3 | 1.2 | 1.3 | |
Outstanding Accounts Receivable | 0.6 | 0.8 | 0.8 | |
Outstanding Accounts Payable | 0 | 0 | 0 | |
Administration & Management Oversight Services | [1] | 2 | 2 | 2.1 |
Natronx Technologies LLC | ||||
Related Party Transaction [Line Items] | ||||
Purchases by Company | 0 | 0 | 0 | |
Sales by Company | 2.1 | 2 | 1.9 | |
Outstanding Accounts Receivable | 0.1 | 0.1 | 0.1 | |
Outstanding Accounts Payable | 0 | 0 | 0 | |
Administration & Management Oversight Services | [1] | $ 0.8 | $ 0.8 | $ 1.1 |
[1] | Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Segments - Additional Informati
Segments - Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)SegmentCustomer | Dec. 31, 2014USD ($)Customer | Dec. 31, 2013USD ($)Customer | |
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | Segment | 3 | ||||||||||
Net Sales | $ 873.6 | $ 861.8 | $ 847.1 | $ 812.3 | $ 865.5 | $ 841.8 | $ 808.3 | $ 782 | $ 3,394.8 | $ 3,297.6 | $ 3,194.3 |
Geographic Concentration Risk | Sales Revenue, Goods, Net | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 5.00% | ||||||||||
Geographic Concentration Risk | Long Lived Assets | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 5.00% | ||||||||||
Customer Concentration Risk | Sales Revenue, Goods, Net | Major Customers Group | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 35.00% | 36.00% | 35.00% | ||||||||
Number of major customers | Customer | 3 | 3 | 3 | ||||||||
Customer Concentration Risk | Sales Revenue, Goods, Net | Wal-Mart Stores Inc And Affiliates | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 24.00% | 25.00% | 24.00% | ||||||||
Customer name | Wal-Mart Stores, Inc. and its affiliates | ||||||||||
UNITED STATES | Geographic Concentration Risk | Sales Revenue, Goods, Net | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 83.00% | 81.00% | 80.00% | ||||||||
UNITED STATES | Geographic Concentration Risk | Long Lived Assets | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk, percentage | 96.00% | 96.00% | 97.00% | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 5.3 | $ 1.9 | $ 2.2 | ||||||||
Armand Products Company | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
ArmaKleen Company | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of ownership interest | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||
Natronx Technologies LLC | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of ownership interest | 33.33% | 33.33% | 33.33% | 33.33% | 33.33% |
Selected Financial Information
Selected Financial Information Relating To Company's Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net Sales | $ 873.6 | $ 861.8 | $ 847.1 | $ 812.3 | $ 865.5 | $ 841.8 | $ 808.3 | $ 782 | $ 3,394.8 | $ 3,297.6 | $ 3,194.3 | |||||||||||
Gross profit | 397.4 | 385.8 | 373.1 | 355.5 | 389.6 | 367.5 | 356.4 | 339.4 | 1,511.8 | 1,452.9 | 1,438 | |||||||||||
Marketing Expenses | 417.5 | 416.9 | 399.8 | |||||||||||||||||||
Selling, General and Administrative Expenses | 420.1 | 394.8 | 416 | |||||||||||||||||||
Income from Operations | 169.2 | [1] | $ 190.6 | [1] | $ 142.3 | [1] | $ 172.1 | [1] | 163.8 | [2] | $ 177.2 | [2] | $ 138.2 | [2] | $ 162 | [2] | 674.2 | [1] | 641.2 | [2] | 622.2 | |
Equity in Earnings (Losses) of Affiliates | (5.8) | 11.6 | 2.8 | |||||||||||||||||||
Interest Expense | [3] | 30.5 | 27.4 | 27.7 | ||||||||||||||||||
Investment Earnings | [3] | 1.5 | 2.3 | 2.6 | ||||||||||||||||||
Other Income (Expense), net | [3] | (4) | (2.8) | (2.1) | ||||||||||||||||||
Income Before Income Taxes | 635.4 | 624.9 | 597.8 | |||||||||||||||||||
Identifiable Assets | [4] | 4,256.9 | 4,359.2 | 4,256.9 | 4,359.2 | 4,237.3 | ||||||||||||||||
Capital Expenditures | 61.8 | 70.5 | 67.1 | |||||||||||||||||||
Depreciation & Amortization | 101 | 91.2 | 90.5 | |||||||||||||||||||
Operating Segments | Consumer Domestic | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net Sales | 2,581.6 | 2,471.6 | 2,413.5 | |||||||||||||||||||
Gross profit | 1,215.7 | 1,160.9 | 1,163 | |||||||||||||||||||
Marketing Expenses | 336.5 | 333.2 | 320.5 | |||||||||||||||||||
Selling, General and Administrative Expenses | 326.2 | 302 | 318.6 | |||||||||||||||||||
Income from Operations | 553 | 525.7 | 524 | |||||||||||||||||||
Equity in Earnings (Losses) of Affiliates | 0 | 0 | 0 | |||||||||||||||||||
Interest Expense | [3] | 25 | 22.5 | 23.4 | ||||||||||||||||||
Investment Earnings | [3] | 1.2 | 1.9 | 2.2 | ||||||||||||||||||
Other Income (Expense), net | [3] | 0.2 | (2.3) | (1.8) | ||||||||||||||||||
Income Before Income Taxes | 529.4 | 502.8 | 501 | |||||||||||||||||||
Identifiable Assets | [4] | 3,449.9 | 3,502.9 | 3,449.9 | 3,502.9 | 3,407.4 | ||||||||||||||||
Capital Expenditures | 51.5 | 59.2 | 53.6 | |||||||||||||||||||
Depreciation & Amortization | 82.6 | 76.7 | 77.3 | |||||||||||||||||||
Operating Segments | Consumer International | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net Sales | 501 | 535.2 | 532.8 | |||||||||||||||||||
Gross profit | 226.8 | 242.1 | 243 | |||||||||||||||||||
Marketing Expenses | 76.6 | 80.5 | 76.6 | |||||||||||||||||||
Selling, General and Administrative Expenses | 93.3 | 93.9 | 98.8 | |||||||||||||||||||
Income from Operations | 56.9 | 67.6 | 67.4 | |||||||||||||||||||
Equity in Earnings (Losses) of Affiliates | 0 | 0 | 0 | |||||||||||||||||||
Interest Expense | [3] | 2.5 | 2.9 | 3 | ||||||||||||||||||
Investment Earnings | [3] | 0.1 | 0.2 | 0.3 | ||||||||||||||||||
Other Income (Expense), net | [3] | 0 | (0.3) | (0.2) | ||||||||||||||||||
Income Before Income Taxes | 54.5 | 64.7 | 64.5 | |||||||||||||||||||
Identifiable Assets | [4] | 521 | 619.8 | 521 | 619.8 | 600.9 | ||||||||||||||||
Capital Expenditures | 7.2 | 8.4 | 10.3 | |||||||||||||||||||
Depreciation & Amortization | 7.9 | 7.6 | 6.1 | |||||||||||||||||||
Operating Segments | Specialty Products | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net Sales | 312.2 | 290.8 | 248 | |||||||||||||||||||
Gross profit | 101.9 | 76.6 | 63.3 | |||||||||||||||||||
Marketing Expenses | 4.4 | 3.2 | 2.7 | |||||||||||||||||||
Selling, General and Administrative Expenses | 33.2 | 25.6 | 29.9 | |||||||||||||||||||
Income from Operations | 64.3 | 47.9 | 30.8 | |||||||||||||||||||
Equity in Earnings (Losses) of Affiliates | 0 | 0 | 0 | |||||||||||||||||||
Interest Expense | [3] | 3 | 2 | 1.3 | ||||||||||||||||||
Investment Earnings | [3] | 0.2 | 0.2 | 0.1 | ||||||||||||||||||
Other Income (Expense), net | [3] | (4.2) | (0.2) | (0.1) | ||||||||||||||||||
Income Before Income Taxes | 57.3 | 45.8 | 29.5 | |||||||||||||||||||
Identifiable Assets | [4] | 206.5 | 135.1 | 206.5 | 135.1 | 140.6 | ||||||||||||||||
Capital Expenditures | 3.1 | 2.9 | 3.2 | |||||||||||||||||||
Depreciation & Amortization | 8.5 | 5.2 | 5.4 | |||||||||||||||||||
Corporate | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Net Sales | [5] | 0 | 0 | 0 | ||||||||||||||||||
Gross profit | [5] | (32.6) | (26.7) | (31.3) | ||||||||||||||||||
Marketing Expenses | [5] | 0 | 0 | 0 | ||||||||||||||||||
Selling, General and Administrative Expenses | [5] | (32.6) | (26.7) | (31.3) | ||||||||||||||||||
Income from Operations | [5] | 0 | 0 | 0 | ||||||||||||||||||
Equity in Earnings (Losses) of Affiliates | [5] | (5.8) | 11.6 | 2.8 | ||||||||||||||||||
Interest Expense | [3],[5] | 0 | 0 | 0 | ||||||||||||||||||
Investment Earnings | [3],[5] | 0 | 0 | 0 | ||||||||||||||||||
Other Income (Expense), net | [3],[5] | 0 | 0 | 0 | ||||||||||||||||||
Income Before Income Taxes | [5] | (5.8) | 11.6 | 2.8 | ||||||||||||||||||
Identifiable Assets | [4],[5] | $ 79.5 | $ 101.4 | 79.5 | 101.4 | 88.4 | ||||||||||||||||
Capital Expenditures | [5] | 0 | 0 | 0 | ||||||||||||||||||
Depreciation & Amortization | [5] | $ 2 | $ 1.7 | $ 1.7 | ||||||||||||||||||
[1] | The second quarter of 2015 Income from Operations includes an $8.9 pre-tax charge or $0.05 per share to terminate an international defined benefit pension plan. | |||||||||||||||||||||
[2] | The second quarter of 2014 Income from Operations includes $5.0 of intangible asset impairment charges. | |||||||||||||||||||||
[3] | In determining Income before Income Taxes, interest expense, investment earnings, and other income, net, were allocated to the segments based upon each segment's relative Income from Operations. | |||||||||||||||||||||
[4] | Identifiable Assets have been retrospectively adjusted to reflect new accounting guidance adopted during the fourth quarter of 2015. See Note 1 for further details. | |||||||||||||||||||||
[5] | The Corporate segment reflects the following:(A)The administrative costs of the production planning and logistics functions are included in segment Selling, General and Administrative expenses but are elements of Cost of Sales in the Company’s Consolidated Statements of Income. Such amounts were $32.6, $26.7, and $31.3 for 2015, 2014 and 2013, respectively.(B)Equity in earnings (loss) of affiliates from Armand, ArmaKleen and Natronx.(C)Corporate assets include notes receivable, domestic deferred income taxes, deferred compensation investments and the Company's investment in unconsolidated affiliates. |
Selected Financial Informatio96
Selected Financial Information Relating To Company's Segments (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||
Selling, general and administrative expenses | $ 420.1 | $ 394.8 | $ 416 | |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Selling, general and administrative expenses | [1] | (32.6) | (26.7) | (31.3) |
Corporate | Cost of Sales | ||||
Segment Reporting Information [Line Items] | ||||
Selling, general and administrative expenses | $ 32.6 | $ 26.7 | $ 31.3 | |
[1] | The Corporate segment reflects the following:(A)The administrative costs of the production planning and logistics functions are included in segment Selling, General and Administrative expenses but are elements of Cost of Sales in the Company’s Consolidated Statements of Income. Such amounts were $32.6, $26.7, and $31.3 for 2015, 2014 and 2013, respectively.(B)Equity in earnings (loss) of affiliates from Armand, ArmaKleen and Natronx.(C)Corporate assets include notes receivable, domestic deferred income taxes, deferred compensation investments and the Company's investment in unconsolidated affiliates. |
Product Line Revenues from Exte
Product Line Revenues from External Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 873.6 | $ 861.8 | $ 847.1 | $ 812.3 | $ 865.5 | $ 841.8 | $ 808.3 | $ 782 | $ 3,394.8 | $ 3,297.6 | $ 3,194.3 |
Operating Segments | Consumer Domestic | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 2,581.6 | 2,471.6 | 2,413.5 | ||||||||
Operating Segments | Consumer Domestic | Household Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,544.3 | 1,466.2 | 1,436.1 | ||||||||
Operating Segments | Consumer Domestic | Personal Care Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,037.3 | 1,005.4 | 977.4 | ||||||||
Operating Segments | Consumer International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 501 | 535.2 | 532.8 | ||||||||
Operating Segments | Specialty Products | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 312.2 | $ 290.8 | $ 248 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - USD ($) $ in Millions | Jan. 04, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 08, 2016 | Jan. 28, 2015 |
Subsequent Event [Line Items] | ||||||||||||||
Net Sales | $ 873.6 | $ 861.8 | $ 847.1 | $ 812.3 | $ 865.5 | $ 841.8 | $ 808.3 | $ 782 | $ 3,394.8 | $ 3,297.6 | $ 3,194.3 | |||
Stock repurchase program, authorized amount | $ 500 | |||||||||||||
Subsequent Event | Share Repurchase Program and Evergreen Repurchase Program | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Stock repurchase program, authorized amount | $ 200 | |||||||||||||
Subsequent Event | Spencer Forrest, Inc | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Purchase price | $ 175 | |||||||||||||
Net Sales | $ 30 |
Schedule Of Quarterly Financial
Schedule Of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||
Net Sales | $ 873.6 | $ 861.8 | $ 847.1 | $ 812.3 | $ 865.5 | $ 841.8 | $ 808.3 | $ 782 | $ 3,394.8 | $ 3,297.6 | $ 3,194.3 | ||||||||||
Gross profit | 397.4 | 385.8 | 373.1 | 355.5 | 389.6 | 367.5 | 356.4 | 339.4 | 1,511.8 | 1,452.9 | 1,438 | ||||||||||
Income from Operations | 169.2 | [1] | 190.6 | [1] | 142.3 | [1] | 172.1 | [1] | 163.8 | [2] | 177.2 | [2] | 138.2 | [2] | 162 | [2] | 674.2 | [1] | 641.2 | [2] | $ 622.2 |
Net Income | $ 109.1 | $ 120.4 | $ 73.7 | $ 107.2 | $ 106.6 | $ 115.9 | $ 88.8 | $ 102.6 | $ 410.4 | $ 413.9 | |||||||||||
Net Income per share - Basic, Reported | $ 0.84 | [1],[3] | $ 0.92 | [1],[3] | $ 0.56 | [1],[3] | $ 0.81 | [1],[3] | $ 0.80 | $ 0.87 | $ 0.66 | $ 0.74 | $ 3.13 | [1],[3] | $ 3.06 | $ 2.85 | |||||
Net Income per share - Diluted, Reported | $ 0.82 | [1],[3] | $ 0.90 | [1],[3] | $ 0.55 | [1],[3] | $ 0.80 | [1],[3] | $ 0.78 | $ 0.85 | $ 0.65 | $ 0.73 | $ 3.07 | [1],[3] | $ 3.01 | $ 2.79 | |||||
[1] | The second quarter of 2015 Income from Operations includes an $8.9 pre-tax charge or $0.05 per share to terminate an international defined benefit pension plan. | ||||||||||||||||||||
[2] | The second quarter of 2014 Income from Operations includes $5.0 of intangible asset impairment charges. | ||||||||||||||||||||
[3] | The second quarter of 2015 Net Income includes a $17.0 or $0.13 per share impairment charge to write-off the remaining investment in Natronx. |
Schedule Of Quarterly Financ100
Schedule Of Quarterly Financial Information (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule Of Quarterly Financial Information [Line Items] | |||
Impairment charges | $ 5 | ||
Pension charges per share | $ 0.05 | ||
Natronx Technologies L L C | |||
Schedule Of Quarterly Financial Information [Line Items] | |||
Impairment charges per share | $ 0.13 | ||
Impairment charge on investment | $ 17 | ||
Foreign Pension Plan, Defined Benefit | Consumer International | |||
Schedule Of Quarterly Financial Information [Line Items] | |||
Settlement loss | $ 8.9 | $ 8.9 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 1.9 | $ 0.8 | $ 0.8 |
Additions, Charged to Expenses | 0.3 | 1.5 | 0.3 |
Additions, Acquired | 0 | 0 | 0 |
Deductions, Amounts Written Off | (1) | (0.2) | (0.3) |
Foreign Exchange | (0.2) | (0.2) | 0 |
Ending Balance | 1 | 1.9 | 0.8 |
Allowance for Cash Discounts | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 5.2 | 5.1 | 4.9 |
Additions, Charged to Expenses | 68.6 | 66.9 | 65.2 |
Additions, Acquired | 0 | 0 | 0 |
Deductions, Amounts Written Off | (69.2) | (67) | (65.1) |
Foreign Exchange | 0 | 0.2 | 0.1 |
Ending Balance | 4.6 | 5.2 | 5.1 |
Sales Returns and Allowances | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 11.9 | 11.6 | 17.5 |
Additions, Charged to Expenses | 67.4 | 58.6 | 49.5 |
Additions, Acquired | 0 | 0 | 0 |
Deductions, Amounts Written Off | (67.4) | (58.1) | (55.2) |
Foreign Exchange | 0 | (0.2) | (0.2) |
Ending Balance | $ 11.9 | $ 11.9 | $ 11.6 |