Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 02, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CHD | |
Entity Registrant Name | CHURCH & DWIGHT CO INC /DE/ | |
Entity Central Index Key | 313,927 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 249,254,900 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Income Statement [Abstract] | |||
Net Sales | [1] | $ 877.2 | $ 849 |
Cost of sales | 477.9 | 470 | |
Gross Profit | 399.3 | 379 | |
Marketing expenses | 90.8 | 92.5 | |
Selling, general and administrative expenses | 112.4 | 107 | |
Income from Operations | 196.1 | 179.5 | |
Equity in earnings of affiliates | 2.1 | 1.7 | |
Investment earnings | 0.4 | 0.3 | |
Other income (expense), net | (0.2) | (1.7) | |
Interest expense | (8.2) | (6.8) | |
Income before Income Taxes | [2] | 190.2 | 173 |
Income taxes | 58.7 | 60 | |
Net Income | $ 131.5 | $ 113 | |
Weighted average shares outstanding - Basic | 254.1 | 258.8 | |
Weighted average shares outstanding - Diluted | 259.7 | 263.6 | |
Net income per share - Basic | $ 0.52 | $ 0.44 | |
Net income per share - Diluted | 0.51 | 0.43 | |
Cash dividends per share | $ 0.19 | $ 0.178 | |
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. | ||
[2] | In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations. |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income | $ 131.5 | $ 113 |
Other comprehensive income, net of tax: | ||
Foreign exchange translation adjustments | 7.9 | 9.9 |
Income (loss) from derivative agreements | (0.6) | (6.7) |
Other comprehensive income (loss) | 7.3 | 3.2 |
Comprehensive income | $ 138.8 | $ 116.2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 139.5 | $ 187.8 |
Accounts receivable, less allowances of $1.8 and $2.1 | 305.2 | 287 |
Inventories | 280.1 | 258.2 |
Other current assets | 29.7 | 23.8 |
Total Current Assets | 754.5 | 756.8 |
Property, Plant and Equipment, Net | 578.9 | 588.6 |
Equity Investment in Affiliates | 8.2 | 8.5 |
Trade Names and Other Intangibles, Net | 1,538.1 | 1,431.8 |
Goodwill | 1,481.3 | 1,444.1 |
Other Assets | 126.8 | 124.3 |
Total Assets | 4,487.8 | 4,354.1 |
Current Liabilities | ||
Short-term borrowings | 585.7 | 426.8 |
Accounts payable and accrued expenses | 535.6 | 568.9 |
Income taxes payable | 45.5 | 6.2 |
Total Current Liabilities | 1,166.8 | 1,001.9 |
Long-term Debt | 692.9 | 693.4 |
Deferred Income Taxes | 521 | 512.2 |
Deferred and Other Long-term Liabilities | 171.4 | 168.7 |
Total Liabilities | 2,552.1 | 2,376.2 |
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; 292,855,100 shares issued | 292.8 | 292.8 |
Additional paid-in capital | 249.4 | 251.4 |
Retained earnings | 3,009.1 | 2,926 |
Accumulated other comprehensive loss | (56.5) | (63.8) |
Common stock in treasury, at cost: 40,959,593 shares in 2017 and 38,892,165 shares in 2016 | (1,559.1) | (1,428.5) |
Total Stockholders' Equity | 1,935.7 | 1,977.9 |
Total Liabilities and Stockholders’ Equity | $ 4,487.8 | $ 4,354.1 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 1.8 | $ 2.1 |
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 | 292,855,100 | 292,855,100 |
Common stock in treasury, shares | 40,959,593 | 38,892,165 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flow From Operating Activities | ||
Net Income | $ 131.5 | $ 113 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 14.8 | 16 |
Amortization expense | 14.5 | 11.9 |
Deferred income taxes | 9.4 | 7.6 |
Equity in net earnings of affiliates | (2.1) | (1.7) |
Distributions from unconsolidated affiliates | 2.5 | 2 |
Non-cash compensation expense | 2 | 5.8 |
Other | 0.5 | 0.9 |
Change in assets and liabilities: | ||
Accounts receivable | (11.2) | 5.2 |
Inventories | (21.3) | (8.7) |
Other current assets | (3.5) | (1.7) |
Accounts payable and accrued expenses | (47.9) | (5.5) |
Income taxes payable | 39.3 | 42.4 |
Excess tax benefit on stock options exercised | 0 | (7.9) |
Other operating assets and liabilities, net | 3 | (1.5) |
Net Cash Provided By Operating Activities | 131.5 | 177.8 |
Cash Flow From Investing Activities | ||
Additions to property, plant and equipment | (2.8) | (8.5) |
Acquisitions | (160.3) | (175) |
Other | 3.8 | (0.6) |
Net Cash Used In Investing Activities | (159.3) | (184.1) |
Cash Flow From Financing Activities | ||
Short-term debt borrowings (repayments) | 158.8 | 93.8 |
Proceeds from stock options exercised | 22.7 | 13.3 |
Excess tax benefit on stock options exercised | 0 | 7.9 |
Payment of cash dividends | (48.4) | (46.1) |
Purchase of treasury stock | (157.1) | (200) |
Other | (0.4) | (5) |
Net Cash Used In Financing Activities | (24.4) | (136.1) |
Effect of exchange rate changes on cash and cash equivalents | 3.9 | 6.7 |
Net Change In Cash and Cash Equivalents | (48.3) | (135.7) |
Cash and Cash Equivalents at Beginning of Period | 187.8 | 330 |
Cash and Cash Equivalents at End of Period | 139.5 | 194.3 |
Cash paid during the year for: | ||
Interest (net of amounts capitalized) | 4 | 2.5 |
Income taxes | 9.9 | 10 |
Supplemental disclosure of non-cash investing activities: | ||
Property, plant and equipment expenditures included in Accounts Payable | $ 5.4 | $ 4.3 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2015 | $ 2,023.2 | $ 292.8 | $ (1,103.7) | $ 230 | $ 2,650 | $ (45.9) |
Beginning Balance (in shares) at Dec. 31, 2015 | 292.8 | (32.8) | ||||
Net Income | 113 | $ 0 | $ 0 | 0 | 113 | 0 |
Other comprehensive income (loss) | 3.2 | 0 | 0 | 0 | 0 | 3.2 |
Cash dividends | (46.1) | 0 | 0 | 0 | (46.1) | 0 |
Stock purchases | (200) | $ 0 | $ (200) | 0 | 0 | 0 |
Stock purchases (in shares) | 0 | (4.4) | ||||
Stock based compensation expense and stock option plan transactions, including related income tax benefits | 27 | $ 0 | $ 22.4 | 4.6 | 0 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares) | 0 | 0.6 | ||||
Ending Balance at Mar. 31, 2016 | 1,920.3 | $ 292.8 | $ (1,281.3) | 234.6 | 2,716.9 | (42.7) |
Ending Balance (in shares) at Mar. 31, 2016 | 292.8 | (36.6) | ||||
Beginning Balance at Dec. 31, 2016 | 1,977.9 | $ 292.8 | $ (1,428.5) | 251.4 | 2,926 | (63.8) |
Beginning Balance (in shares) at Dec. 31, 2016 | 292.8 | (38.9) | ||||
Net Income | 131.5 | $ 0 | $ 0 | 0 | 131.5 | 0 |
Other comprehensive income (loss) | 7.3 | 0 | 0 | 0 | 0 | 7.3 |
Cash dividends | (48.4) | 0 | 0 | 0 | (48.4) | 0 |
Stock purchases | $ (157.1) | $ 0 | $ (157.1) | 0 | 0 | 0 |
Stock purchases (in shares) | (3.1) | 0 | (3.1) | |||
Stock based compensation expense and stock option plan transactions, including related income tax benefits | $ 24.5 | $ 0 | $ 26.5 | (2) | 0 | 0 |
Stock based compensation expense and stock option plan transactions, including related income tax benefits (in shares) | 0 | 1 | ||||
Ending Balance at Mar. 31, 2017 | $ 1,935.7 | $ 292.8 | $ (1,559.1) | $ 249.4 | $ 3,009.1 | $ (56.5) |
Ending Balance (in shares) at Mar. 31, 2017 | 292.8 | (41) |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Stock based compensation expense and stock option plan transactions, income tax benefits | $ 7.9 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016, the condensed consolidated statements of income and comprehensive income, cash flow and stockholders’ equity for the three months ended March 31, 2017 and March 31, 2016 have been prepared by Church & Dwight Co., Inc. (the “Company”). In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position at March 31, 2017 and results of operations and cash flows for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 (the “Form 10-K”). The results of operations for the period ended March 31, 2017 are not necessarily indicative of the operating results for the full year. On August 4, 2016, the Company announced a two-for-one stock split of the Company’s common stock (“Common Stock”). The stock split was structured in the form of a 100% stock dividend, payable on September 1, 2016 to stockholders of record as of August 15, 2016. All applicable amounts in the condensed consolidated financial statements and related disclosures have been retroactively adjusted to reflect the stock split. In March 2016, the Financial Accounting Standards Board (“FASB”) issued new accounting guidance that makes modifications to how companies account for certain aspects of share-based payment awards to employees, including accounting for income taxes, forfeitures, and statutory withholding requirements, as well as the classification of excess tax benefits in the statement of cash flows. The Company prospectively adopted the standard in the first quarter of 2017. The adoption resulted in excess tax benefits of $8.7 or $0.03 per share recorded in the provision for income taxes rather than in the Company’s Stockholders’ Equity Section of the Balance Sheet and an increase to both net cash provided by operating activities and net cash used in financing activities of $8.7 million for the three months ended March 31, 2017. The Company excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of diluted earnings per share, which did not have a material impact on our diluted earnings per share for the three months ended March 31, 2017. The Company has also elected to continue to estimate forfeitures expected to occur to determine the amount of compensation cost to be recognized in each period. The Company incurred research and development expenses in the first quarter of 2017 and 2016 of $14.1 and $14.4, respectively. These expenses are included in selling, general and administrative expenses. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements In March 2017, the FASB issued new accounting guidance that requires employers to report the service cost component separate from the other components of net benefit pension and postretirement costs. The employer is required to report the service cost component in the same line item or items as other compensation costs arising from services rendered during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside the subtotal of income from operations. Only the service cost component is eligible for capitalization. The guidance is effective for annual and interim periods beginning after December 15, 2017, and requires retrospective adoption, with early adoption permitted. The guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In March, April, and May of 2016, the FASB issued amended guidance that clarifies the principles for recognizing revenue. The amendments clarify the guidance for identifying performance obligations, licensing arrangements and principal versus agent considerations. The amendments additionally provide clarification on how to assess collectability, present sales tax, treat noncash consideration, and account for completed and modified contracts at the time of transition. The guidance is effective for annual periods, including interim reporting periods within those 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. The new standard will be effective for the Company at the beginning of its first quarter of fiscal year 2018. The guidance is not expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued new lease accounting guidance, requiring lessees to recognize right-of-use lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases, with a term greater than a year. The new guidance also expands the required quantitative and qualitative disclosures surrounding leases. The guidance is effective for annual and interim periods beginning after December 15, 2018, and requires a modified retrospective adoption, with early adoption permitted. The Company is currently evaluating the impact that adoption of the guidance will have on the Company’s consolidated financial position, results of operations and cash flows. There have been no other accounting pronouncements issued but not yet adopted by the Company which are expected to have a material impact on the Company’s consolidated financial position, results of operations or cash flows. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories Inventories consist of the following: March 31, December 31, 2017 2016 Raw materials and supplies $ 70.2 $ 69.8 Work in process 28.0 28.8 Finished goods 181.9 159.6 Total $ 280.1 $ 258.2 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net ("PP&E") | 3 Months Ended |
Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net ("PP&E") | 4. Property, Plant and Equipment, Net (“PP&E”) PP&E consists of the following: March 31, December 31, 2017 2016 Land $ 25.1 $ 25.1 Buildings and improvements 289.5 284.7 Machinery and equipment 686.7 680.1 Software 90.5 90.4 Office equipment and other assets 61.7 60.8 Construction in progress 18.3 24.2 Gross PP&E 1,171.8 1,165.3 Less accumulated depreciation and amortization 592.9 576.7 Net PP&E $ 578.9 $ 588.6 Three Months Ended March 31, March 31, 2017 2016 Depreciation and amortization on PP&E $ 14.8 $ 16.0 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | 5. Earnings Per Share (“EPS”) Basic EPS is calculated based on income available to holders of Common Stock and the weighted average number of shares outstanding during the reported period. Diluted EPS includes additional dilution from potential Common Stock issuable pursuant to the exercise of outstanding stock options. The following table sets forth a reconciliation of the weighted average number of shares of Common Stock outstanding to the weighted average number of shares outstanding on a diluted basis: Three Months Ended March 31, March 31, 2017 2016 Weighted average common shares outstanding - basic 254.1 258.8 Dilutive effect of stock options 5.6 4.8 Weighted average common shares outstanding - diluted 259.7 263.6 Antidilutive stock options outstanding 1.3 1.6 |
Stock Based Compensation Plans
Stock Based Compensation Plans | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation Plans | 6. Stock Based Compensation Plans The following table provides a summary of option activity during the three months ended March 31, 2017: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2016 16.0 $ 30.06 Exercised (1.0 ) 22.08 Cancelled (0.1 ) 41.97 Outstanding at March 31, 2017 14.9 $ 30.54 5.8 $ 288.2 Exercisable at March 31, 2017 8.7 $ 23.01 4.3 $ 233.7 The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards. Three Months Ended March 31, March 31, 2017 2016 Intrinsic Value of Stock Options Exercised $ 27.2 $ 24.2 Stock Compensation Expense Related to Stock Option Awards $ 1.7 $ 5.5 |
Share Repurchases
Share Repurchases | 3 Months Ended |
Mar. 31, 2017 | |
Payments For Repurchase Of Equity [Abstract] | |
Share Repurchases | 7. Share Repurchases On November 2, 2016, the Board authorized a new share repurchase program, under which the Company may repurchase up to $500 million in shares of Common Stock (the “2016 Share Repurchase Program”). The 2016 Share Repurchase Program does not have an expiration and replaced the 2015 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 the first quarter of 2017, the Company purchased approximately 3.1 million shares of Common Stock for $157.1, of which approximately $125.0 was purchased under the evergreen share repurchase program and $32.1 was purchased under the 2016 Share Repurchase Program. As a result of the Company’s purchases, there remained $267.9 under the 2016 Share Repurchase Program as of March 31, 2017. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements Fair Value Hierarchy Accounting guidance on fair value measurements and disclosures establishes a hierarchy that prioritizes the inputs used to measure fair value (generally, assumptions that market participants would use in pricing an asset or liability) based on the quality and reliability of the information provided by the inputs, as follows: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. Fair Values of Other Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s other financial instruments at March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Input Carrying Fair Carrying Fair Level Amount Value Amount Value Financial Assets: Cash equivalents Level 1 $ 75.7 $ 75.7 $ 72.4 $ 72.4 Financial Liabilities: Short-term borrowings Level 2 585.7 585.7 426.8 426.8 2.875% Senior notes due October 1, 2022 Level 2 399.8 397.8 399.8 396.9 2.45% Senior notes due December 15, 2019 Level 2 299.9 302.6 299.9 302.0 Fair value adjustment asset (liability) related to hedged fixed rate debt instrument Level 2 (0.7 ) (0.7 ) 0.2 0.2 The Company recognizes transfers between input levels as of the actual date of the event. There were no transfers between input levels during the three months ended March 31, 2017. Refer to Note 2 in the Form 10-K for the year ended December 31, 2016 for a description of the methods and assumptions used to estimate the fair value of each class of financial instruments reflected in the condensed Consolidated Balance Sheets. The carrying amounts of accounts receivable, and accounts payable and accrued expenses, approximated estimated fair values as of March 31, 2017 and December 31, 2016. |
Derivative Instruments and Risk
Derivative Instruments and Risk Management | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Risk Management | 9. Derivative Instruments and Risk Management Changes in interest rates, foreign exchange rates, the price of Common Stock and commodity prices expose the Company to market risk. The Company manages these risks through 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. Refer to Note 3 in the Form 10-K for a discussion of each of the Company’s derivative instruments. The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument. Notional amounts are presented in the following table: Notional Notional Amount Amount March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments Foreign exchange contracts $ 107.0 $ 94.1 Interest rate swap $ 300.0 $ 300.0 Diesel fuel contracts 2.5 gallons 2.0 gallons Derivatives not designated as hedging instruments Foreign exchange contracts $ 76.7 $ 1.8 Equity derivatives $ 22.9 $ 34.4 The fair values and amount of gain (loss) recognized in income and other comprehensive income associated with the derivative instruments disclosed above did not have a material impact on the Company’s condensed consolidated financial statements. |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition | 10. Acquisition On January 17, 2017, the Company acquired the VIVISCAL business from Lifes2Good Holdings Limited for approximately $160 (“Viviscal Acquisition”). VIVISCAL is a leading hair care supplement brand both in the U.S. and the U.K. with global annual sales of $44 in 2016. This brand is complementary to the Company’s global BATISTE dry shampoo and TOPPIK hair care business. The acquisition was funded with short-term borrowings and will be managed in the Consumer Domestic and Consumer International segments. The preliminary fair values of the net assets acquired are set forth as follows: Acquisition Date Preliminary Fair Value Inventory and other working capital $ 10.3 Trade names and other intangibles 119.6 Goodwill 36.9 Current liabilities (6.5 ) Cash purchase price (net of cash acquired) $ 160.3 The life of the amortizable intangible assets recognized from the Viviscal Acquisition ranges from |
Goodwill and Other Intangibles,
Goodwill and Other Intangibles, Net | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles, Net | 11. Goodwill and Other Intangibles, Net The following table provides information related to the carrying value of all intangible assets, other than goodwill: March 31, 2017 December 31, 2016 Gross Amortization Gross Carrying Accumulated Period Carrying Accumulated Amount Amortization Net (Years) Amount Amortization Net Amortizable intangible assets: Trade Names $ 550.8 $ (122.3 ) $ 428.5 3-20 $ 442.6 $ (115.0 ) $ 327.6 Customer Relationships 396.1 (170.1 ) 226.0 15-20 384.4 (164.2 ) 220.2 Patents/Formulas 68.7 (46.2 ) 22.5 4-20 68.7 (45.4 ) 23.3 Non Compete Agreement 1.8 (1.6 ) 0.2 5-10 1.8 (1.6 ) 0.2 Total $ 1,017.4 $ (340.2 ) $ 677.2 $ 897.5 $ (326.2 ) $ 571.3 Indefinite lived intangible assets - Carrying value March 31, December 31, 2017 2016 Trade Names $ 860.9 $ 860.5 Intangible amortization expense amounted to $13.9 and $11.3 for the first three months of 2017 and 2016, respectively. The Company estimates that intangible amortization expense will be approximately $56.0 in 2017 and approximately $49.0 to $56.0 annually over the next five years. The carrying amount of goodwill as of March 31, 2017 and December 31, 2016, respectively, is as follows: Consumer Consumer Specialty Domestic International Products Total Balance at December 31, 2016 $ 1,280.1 $ 113.9 $ 50.1 $ 1,444.1 VIVISCAL acquired goodwill 25.8 11.1 0.0 $ 36.9 Other 0.0 0.3 0.0 0.3 Balance at March 31, 2017 $ 1,305.9 $ 125.3 $ 50.1 $ 1,481.3 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | 12. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following: March 31, December 31, 2017 2016 Trade accounts payable $ 346.3 $ 331.6 Accrued marketing and promotion costs 94.3 82.0 Accrued wages and related benefit costs 29.9 73.2 Other accrued current liabilities 65.1 82.1 Total $ 535.6 $ 568.9 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Long-Term Debt | 13. Short-Term Borrowings and Long-Term Debt Short-term borrowings and long-term debt consist of the following: March 31, December 31, 2017 2016 Short-term borrowings Commercial paper issuances $ 582.2 $ 420.0 Various debt due to international banks 3.5 6.8 Total short-term borrowings $ 585.7 $ 426.8 Long-term debt 2.875% Senior notes due October 1, 2022 $ 400.0 $ 400.0 Less: Discount (0.2 ) (0.2 ) 2.45% Senior notes due December 15, 2019 300.0 300.0 Less: Discount (0.1 ) (0.1 ) Debt issuance costs, net (6.1 ) (6.5 ) Fair value adjustment related to hedged fixed rate debt instrument (0.7 ) 0.2 Net long-term debt $ 692.9 $ 693.4 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 14. Accumulated Other Comprehensive Income (Loss) The components of changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2017 and March 31, 2016 are as follows: Accumulated Foreign Defined Other Currency Benefit Derivative Comprehensive Adjustments Plans Agreements Income (Loss) Balance at December 31, 2015 $ (38.5 ) $ (11.5 ) $ 4.1 $ (45.9 ) Other comprehensive income (loss) before reclassifications 9.9 0.0 (8.6 ) 1.3 Amounts reclassified to consolidated statement of income (a) 0.0 0.0 (0.5 ) (0.5 ) Tax benefit (expense) 0.0 0.0 2.4 2.4 Other comprehensive income (loss) 9.9 0.0 (6.7 ) 3.2 Balance at March 31, 2016 $ (28.6 ) $ (11.5 ) $ (2.6 ) $ (42.7 ) Balance at December 31, 2016 $ (50.0 ) $ (13.2 ) $ (0.6 ) $ (63.8 ) Other comprehensive income (loss) before reclassifications 7.9 0.0 (0.9 ) 7.0 Amounts reclassified to consolidated statement of income (a) 0.0 0.0 0.1 0.1 Tax benefit (expense) 0.0 0.0 0.2 0.2 Other comprehensive income (loss) 7.9 0.0 (0.6 ) 7.3 Balance at March 31, 2017 $ (42.1 ) $ (13.2 ) $ (1.2 ) $ (56.5 ) (a) Amounts classified to cost of sales and selling, general and administrative expenses. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 15. Benefit Plans In 2016 the Company authorized the termination of international defined benefit pension plans under which approximately 336 participants, including 53 active employees, have accrued benefits. The Company anticipates completing the termination of this plan by the end of the second quarter of 2017, once regulatory approvals are obtained. In addition to plan assets, the Company estimates it will need to make a one-time payment of $14.0 to $20.0 ($9.0 to $14.0 after tax) to purchase annuities for participants. The Company estimates that it will incur a one-time expense of $44.0 to $50.0 ($36.0 to $41.0 after tax) in 2017 when the plan settlement is completed. This expense primarily includes the effect of the additional cash payment required at settlement and pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants. The estimated expense is subject to change based on valuations at the actual date of settlement. Upon the termination of these plans in 2017, the Company will have no further obligations with respect to material defined benefit pension plans. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | 16 . Commitments, Contingencies and Guarantees Commitments a. The Company has a partnership with a supplier of raw materials that mines and processes sodium-based mineral deposits. The Company purchases the majority of its sodium-based raw material requirements from the partnership. The partnership agreement for the partnership terminates upon two years’ written notice by either partner. Under the partnership agreement, the Company has an annual commitment to purchase 240,000 tons of sodium-based raw materials at the prevailing market price. With the exception of the Natronx Technologies LLC (“Natronx”) joint venture, in which the Company and the partner supplier are each one-third owners, the Company is not engaged in any other material transactions with the partnership or the partner supplier. b. As of March 31, 2017, the Company had commitments of approximately $ 236.5 . c. As of March 31, 2017, the Company had various guarantees and letters of credit of approximately $21.9. d. On November 8, 2011, the Company acquired a license for certain oral care technology for cash consideration of $4.3. In addition to this initial payment, the Company was required to make advance royalty payments of up to $5.5 upon the launch of a product utilizing the licensed technology, of which the entire $5.5 has been paid as of December 31, 2015. As of March 31, 2017, no additional payments are required under the license agreement. However, upon the approval of certain New Drug Applications by the U.S. Food and Drug Administration for products incorporating the acquired technology, the Company would be required to make an additional $7.0 license payment. Legal proceedings e. 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 of 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 is immaterial. However, it is reasonably possible that the Company may ultimately be required to pay all or substantially all of the damages and other amounts sought by Plaintiff. It is not currently possible to more precisely estimate the amount or range of any amounts that the Company may be required to pay in excess of the reserved amount because expert discovery with respect to damages is not sufficiently advanced and the outcome thereof is uncertain. f. 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, results of operations and cash flows. g. In addition to the matters described above, from time to time in the ordinary course of its business the Company is the subject of, or party to, various pending or threatened legal, regulatory or governmental actions or other proceedings , including, without limitation, those relating to, intellectual property, commercial transactions, product liability, purported consumer class actions, employment matters, antitrust, environmental, health, safety and other compliance related matters. Such proceedings are generally subject to considerable uncertainty and their outcomes, and any related damages, may not be reasonably predictable or estimable. While any such proceedings could result in an adverse outcome for the Company, any such adverse outcome is not expected to have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17 . Related Party Transactions The following summarizes the balances and transactions between the Company and each of (i) Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), in each of which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest: Armand ArmaKleen Natronx Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, March 31, March 31, 2017 2016 2017 2016 2017 2016 Purchases by Company $ 4.7 $ 4.4 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Sales by Company $ 0.0 $ 0.0 $ 0.3 $ 0.3 $ 0.0 $ 0.5 Outstanding Accounts Receivable $ 0.5 $ 0.4 $ 0.9 $ 0.7 $ 0.0 $ 0.1 Outstanding Accounts Payable $ 1.8 $ 1.7 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Administration & Management Oversight Services (1) $ 0.6 $ 0.6 $ 0.5 $ 0.5 $ 0.0 $ 0.2 (1) |
Segments
Segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments | 18 . Segments Segment Information The Company operates three reportable segments: Consumer Domestic, Consumer International and SPD. These segments are determined based on differences in the nature of products and organizational and ownership structures. The Company also has a Corporate segment. Segment revenues are derived from the sale of the following products: Segment Products Consumer Domestic Household and personal care products Consumer International Primarily personal care products SPD Specialty chemical products The Corporate segment income consists of equity in earnings (losses) of affiliates. As of March 31, 2017, the Company held 50% ownership interests in each of Armand and ArmaKleen, respectively, and a one-third ownership interest in Natronx. The Company’s equity in earnings (losses) of Armand and ArmaKleen for the three months ended March 31, 2017 and 2016 are included in the Corporate segment. Some of the subsidiaries that are included in the Consumer International segment manufacture and sell personal care products to the Consumer Domestic segment. These sales are eliminated from the Consumer International segment results set forth in the table below. Segment Net Sales and Income before Income Taxes for the three months ended March 31, 2017 and March 31, 2016 respectively, are as follows: Consumer Consumer Domestic International SPD Corporate Total Net Sales (1) First Quarter 2017 $ 659.7 $ 143.1 $ 74.4 $ 0.0 $ 877.2 First Quarter 2016 647.8 127.4 73.8 0.0 849.0 Income before Income Taxes (2) First Quarter 2017 $ 160.9 $ 19.4 $ 7.8 $ 2.1 $ 190.2 First Quarter 2016 139.9 18.1 13.3 1.7 173.0 (1) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. (2) In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations. Product line revenues from external customers are as follows: Three Months Ended March 31, March 31, 2017 2016 Household Products $ 394.5 $ 388.3 Personal Care Products 265.2 259.5 Total Consumer Domestic 659.7 647.8 Total Consumer International 143.1 127.4 Total SPD 74.4 73.8 Total Consolidated Net Sales $ 877.2 $ 849.0 Household Products include laundry, deodorizing and cleaning products. Personal Care Products include condoms, pregnancy kits, oral care products, skin care and hair care products and gummy dietary supplements. |
Brazilian Chemical Business
Brazilian Chemical Business | 3 Months Ended |
Mar. 31, 2017 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Brazilian Chemical Business | 19. Brazilian Chemical Business During fourth quarter of 2016, the Company decided to sell its Brazilian chemical business to focus on its Brazilian consumer business, resulting in a plant impairment charge of $4.9 recognized in the fourth quarter of 2016 based upon an expected sales price. During the first quarter of 2017, the Company sold the business for approximately $4.5, and recorded an approximate $3.5 expense for severance and other charges for the three months ended March 31, 2017. Sales for the Brazilian chemical business in 2016 were approximately $22.0. Future costs associated with the sale of the Brazilian chemical business are expected to be immaterial . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 20 . Subsequent Events Share repurchase The Company purchased approximately 2.9 million shares of Common Stock for $142.9 under the 2016 Share Repurchase Program after March 31, 2017. Agro BioSciences, Inc. Acquisition On May 1, 2017, the Company acquired Agro BioSciences, Inc. (“the Agro BioSciences Acquisition”), an innovator and leader in developing custom probiotic products for poultry, cattle and swine. The total purchase price was approximately $75.0, which is subject to a working capital adjustment, and includes a payment of up to $25.0 after 3 years if certain operating performance is achieved. Agro Biosciences annual sales were approximately $11.0 in 2016. The acquisition was funded with short-term borrowings and will be managed in the Specialty Products Division. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following: March 31, December 31, 2017 2016 Raw materials and supplies $ 70.2 $ 69.8 Work in process 28.0 28.8 Finished goods 181.9 159.6 Total $ 280.1 $ 258.2 |
Property, Plant and Equipment30
Property, Plant and Equipment, Net ("PP&E") (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Components of Property, Plant and Equipment | PP&E consists of the following: March 31, December 31, 2017 2016 Land $ 25.1 $ 25.1 Buildings and improvements 289.5 284.7 Machinery and equipment 686.7 680.1 Software 90.5 90.4 Office equipment and other assets 61.7 60.8 Construction in progress 18.3 24.2 Gross PP&E 1,171.8 1,165.3 Less accumulated depreciation and amortization 592.9 576.7 Net PP&E $ 578.9 $ 588.6 Three Months Ended March 31, March 31, 2017 2016 Depreciation and amortization on PP&E $ 14.8 $ 16.0 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Weighted Average Number Of Common Shares Outstanding | The following table sets forth a reconciliation of the weighted average number of shares of Common Stock outstanding to the weighted average number of shares outstanding on a diluted basis: Three Months Ended March 31, March 31, 2017 2016 Weighted average common shares outstanding - basic 254.1 258.8 Dilutive effect of stock options 5.6 4.8 Weighted average common shares outstanding - diluted 259.7 263.6 Antidilutive stock options outstanding 1.3 1.6 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Activity | The following table provides a summary of option activity during the three months ended March 31, 2017: Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value Outstanding at December 31, 2016 16.0 $ 30.06 Exercised (1.0 ) 22.08 Cancelled (0.1 ) 41.97 Outstanding at March 31, 2017 14.9 $ 30.54 5.8 $ 288.2 Exercisable at March 31, 2017 8.7 $ 23.01 4.3 $ 233.7 |
Information Regarding Intrinsic Value of Stock Options Exercised and Stock Compensation Expense Related to Stock Option Awards | The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards. Three Months Ended March 31, March 31, 2017 2016 Intrinsic Value of Stock Options Exercised $ 27.2 $ 24.2 Stock Compensation Expense Related to Stock Option Awards $ 1.7 $ 5.5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016: March 31, 2017 December 31, 2016 Input Carrying Fair Carrying Fair Level Amount Value Amount Value Financial Assets: Cash equivalents Level 1 $ 75.7 $ 75.7 $ 72.4 $ 72.4 Financial Liabilities: Short-term borrowings Level 2 585.7 585.7 426.8 426.8 2.875% Senior notes due October 1, 2022 Level 2 399.8 397.8 399.8 396.9 2.45% Senior notes due December 15, 2019 Level 2 299.9 302.6 299.9 302.0 Fair value adjustment asset (liability) related to hedged fixed rate debt instrument Level 2 (0.7 ) (0.7 ) 0.2 0.2 |
Derivative Instruments and Ri34
Derivative Instruments and Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts | The notional amount of a derivative instrument is the nominal or face amount used to calculate payments made on that instrument. Notional amounts are presented in the following table: Notional Notional Amount Amount March 31, 2017 December 31, 2016 Derivatives designated as hedging instruments Foreign exchange contracts $ 107.0 $ 94.1 Interest rate swap $ 300.0 $ 300.0 Diesel fuel contracts 2.5 gallons 2.0 gallons Derivatives not designated as hedging instruments Foreign exchange contracts $ 76.7 $ 1.8 Equity derivatives $ 22.9 $ 34.4 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
VIVISCAL | |
Fair Values of Assets Acquired | The preliminary fair values of the net assets acquired are set forth as follows: Acquisition Date Preliminary Fair Value Inventory and other working capital $ 10.3 Trade names and other intangibles 119.6 Goodwill 36.9 Current liabilities (6.5 ) Cash purchase price (net of cash acquired) $ 160.3 |
Goodwill and Other Intangible36
Goodwill and Other Intangibles, Net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 December 31, 2016 Gross Amortization Gross Carrying Accumulated Period Carrying Accumulated Amount Amortization Net (Years) Amount Amortization Net Amortizable intangible assets: Trade Names $ 550.8 $ (122.3 ) $ 428.5 3-20 $ 442.6 $ (115.0 ) $ 327.6 Customer Relationships 396.1 (170.1 ) 226.0 15-20 384.4 (164.2 ) 220.2 Patents/Formulas 68.7 (46.2 ) 22.5 4-20 68.7 (45.4 ) 23.3 Non Compete Agreement 1.8 (1.6 ) 0.2 5-10 1.8 (1.6 ) 0.2 Total $ 1,017.4 $ (340.2 ) $ 677.2 $ 897.5 $ (326.2 ) $ 571.3 |
Indefinite Lived Intangible Assets | Indefinite lived intangible assets - Carrying value March 31, December 31, 2017 2016 Trade Names $ 860.9 $ 860.5 |
Carrying Amount of Goodwill | The carrying amount of goodwill as of March 31, 2017 and December 31, 2016, respectively, is as follows: Consumer Consumer Specialty Domestic International Products Total Balance at December 31, 2016 $ 1,280.1 $ 113.9 $ 50.1 $ 1,444.1 VIVISCAL acquired goodwill 25.8 11.1 0.0 $ 36.9 Other 0.0 0.3 0.0 0.3 Balance at March 31, 2017 $ 1,305.9 $ 125.3 $ 50.1 $ 1,481.3 |
Accounts Payable and Accrued 37
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following: March 31, December 31, 2017 2016 Trade accounts payable $ 346.3 $ 331.6 Accrued marketing and promotion costs 94.3 82.0 Accrued wages and related benefit costs 29.9 73.2 Other accrued current liabilities 65.1 82.1 Total $ 535.6 $ 568.9 |
Short-Term Borrowings and Lon38
Short-Term Borrowings and Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Components of Short-Term Borrowings and Long-Term Debt | Short-term borrowings and long-term debt consist of the following: March 31, December 31, 2017 2016 Short-term borrowings Commercial paper issuances $ 582.2 $ 420.0 Various debt due to international banks 3.5 6.8 Total short-term borrowings $ 585.7 $ 426.8 Long-term debt 2.875% Senior notes due October 1, 2022 $ 400.0 $ 400.0 Less: Discount (0.2 ) (0.2 ) 2.45% Senior notes due December 15, 2019 300.0 300.0 Less: Discount (0.1 ) (0.1 ) Debt issuance costs, net (6.1 ) (6.5 ) Fair value adjustment related to hedged fixed rate debt instrument (0.7 ) 0.2 Net long-term debt $ 692.9 $ 693.4 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Components of Changes in Accumulated Other Comprehensive Income (Loss) | The components of changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2017 and March 31, 2016 are as follows: Accumulated Foreign Defined Other Currency Benefit Derivative Comprehensive Adjustments Plans Agreements Income (Loss) Balance at December 31, 2015 $ (38.5 ) $ (11.5 ) $ 4.1 $ (45.9 ) Other comprehensive income (loss) before reclassifications 9.9 0.0 (8.6 ) 1.3 Amounts reclassified to consolidated statement of income (a) 0.0 0.0 (0.5 ) (0.5 ) Tax benefit (expense) 0.0 0.0 2.4 2.4 Other comprehensive income (loss) 9.9 0.0 (6.7 ) 3.2 Balance at March 31, 2016 $ (28.6 ) $ (11.5 ) $ (2.6 ) $ (42.7 ) Balance at December 31, 2016 $ (50.0 ) $ (13.2 ) $ (0.6 ) $ (63.8 ) Other comprehensive income (loss) before reclassifications 7.9 0.0 (0.9 ) 7.0 Amounts reclassified to consolidated statement of income (a) 0.0 0.0 0.1 0.1 Tax benefit (expense) 0.0 0.0 0.2 0.2 Other comprehensive income (loss) 7.9 0.0 (0.6 ) 7.3 Balance at March 31, 2017 $ (42.1 ) $ (13.2 ) $ (1.2 ) $ (56.5 ) (a) Amounts classified to cost of sales and selling, general and administrative expenses. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The following summarizes the balances and transactions between the Company and each of (i) Armand Products Company (“Armand”) and The ArmaKleen Company (“ArmaKleen”), in each of which the Company holds a 50% ownership interest, and (ii) Natronx, in which the Company holds a one-third ownership interest: Armand ArmaKleen Natronx Three Months Ended Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, March 31, March 31, 2017 2016 2017 2016 2017 2016 Purchases by Company $ 4.7 $ 4.4 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Sales by Company $ 0.0 $ 0.0 $ 0.3 $ 0.3 $ 0.0 $ 0.5 Outstanding Accounts Receivable $ 0.5 $ 0.4 $ 0.9 $ 0.7 $ 0.0 $ 0.1 Outstanding Accounts Payable $ 1.8 $ 1.7 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Administration & Management Oversight Services (1) $ 0.6 $ 0.6 $ 0.5 $ 0.5 $ 0.0 $ 0.2 (1) |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Selected Financial Information Relating To Company's Segments | Segment Net Sales and Income before Income Taxes for the three months ended March 31, 2017 and March 31, 2016 respectively, are as follows: Consumer Consumer Domestic International SPD Corporate Total Net Sales (1) First Quarter 2017 $ 659.7 $ 143.1 $ 74.4 $ 0.0 $ 877.2 First Quarter 2016 647.8 127.4 73.8 0.0 849.0 Income before Income Taxes (2) First Quarter 2017 $ 160.9 $ 19.4 $ 7.8 $ 2.1 $ 190.2 First Quarter 2016 139.9 18.1 13.3 1.7 173.0 (1) Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. (2) In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations. |
Product Line Revenues From External Customers | Product line revenues from external customers are as follows: Three Months Ended March 31, March 31, 2017 2016 Household Products $ 394.5 $ 388.3 Personal Care Products 265.2 259.5 Total Consumer Domestic 659.7 647.8 Total Consumer International 143.1 127.4 Total SPD 74.4 73.8 Total Consolidated Net Sales $ 877.2 $ 849.0 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions | Aug. 04, 2016 | Mar. 31, 2017USD ($)$ / shares | Mar. 31, 2016USD ($) |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Common stock split ratio | 2 | ||
Stock dividend payable percentage of common stock | 100.00% | ||
Stock dividend payable date | Sep. 1, 2016 | ||
Stock dividend record date | Aug. 15, 2016 | ||
Excess tax benefit from operating activities | $ 0 | $ 7.9 | |
Excess tax benefit from financing activities | 0 | 7.9 | |
Research and development expenses | 14.1 | $ 14.4 | |
ASU 2016-09 | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Excess tax benefit from operating activities | $ 8.7 | ||
Excess tax benefit per share from operating activities | $ / shares | $ 0.03 | ||
Excess tax benefit from financing activities | $ 8.7 | ||
Excess tax benefit per share from financing activities | $ / shares | $ 0.03 |
Components of Inventories (Deta
Components of Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory, Finished Goods and Work in Process, Net of Reserves [Abstract] | ||
Raw materials and supplies | $ 70.2 | $ 69.8 |
Work in process | 28 | 28.8 |
Finished goods | 181.9 | 159.6 |
Total | $ 280.1 | $ 258.2 |
Components of Property, Plant a
Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | $ 1,171.8 | $ 1,165.3 |
Less accumulated depreciation and amortization | 592.9 | 576.7 |
Net PP&E | 578.9 | 588.6 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 25.1 | 25.1 |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 289.5 | 284.7 |
Machinery and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 686.7 | 680.1 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 90.5 | 90.4 |
Office equipment and other assets | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | 61.7 | 60.8 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross PP&E | $ 18.3 | $ 24.2 |
Depreciation and Interest Charg
Depreciation and Interest Charges on Property, Plant and Equipment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | ||
Depreciation and amortization on PP&E | $ 14.8 | $ 16 |
Reconciliation of Weighted Aver
Reconciliation of Weighted Average Number of Shares of Common Stock Outstanding (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding - basic | 254.1 | 258.8 |
Dilutive effect of stock options | 5.6 | 4.8 |
Weighted average common shares outstanding - diluted | 259.7 | 263.6 |
Antidilutive stock options outstanding | 1.3 | 1.6 |
Summary of Option Activity (Det
Summary of Option Activity (Details) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Beginning Balance, Options | shares | 16 |
Exercised, Options | shares | (1) |
Cancelled, Options | shares | (0.1) |
Ending Balance, Options | shares | 14.9 |
Exercisable at March 31, 2017, Options | shares | 8.7 |
Beginning Balance, Weighted-Average Exercise Price | $ / shares | $ 30.06 |
Exercised, Weighted-Average Exercise Price | $ / shares | 22.08 |
Cancelled, Weighted-Average Exercise Price | $ / shares | 41.97 |
Ending Balance, Weighted-Average Exercise Price | $ / shares | 30.54 |
Exercisable at March 31, 2017, Weighted-Average Exercise Price | $ / shares | $ 23.01 |
Outstanding at March 31, 2017, Weighted-Average Remaining Contractual Term, years | 5 years 9 months 18 days |
Exercisable at March 31, 2017, Weighted-Average Remaining Contractual Term, years | 4 years 3 months 18 days |
Outstanding at March 31, 2017, Aggregate Intrinsic Value | $ | $ 288.2 |
Exercisable at March 31, 2017, Aggregate Intrinsic Value | $ | $ 233.7 |
Schedule of Share Based Compens
Schedule of Share Based Compensation Stock Options (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Intrinsic Value of Stock Options Exercised | $ 27.2 | $ 24.2 |
Stock Compensation Expense Related to Stock Option Awards | $ 1.7 | $ 5.5 |
Share Repurchases - Additional
Share Repurchases - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Nov. 02, 2016 | |
Accelerated Share Repurchases [Line Items] | |||
Stock repurchase program, authorized amount | $ 500 | ||
Stock purchases, shares | 3.1 | ||
Payment for share repurchase | $ 157.1 | $ 200 | |
Evergreen Program | |||
Accelerated Share Repurchases [Line Items] | |||
Payment for share repurchase | 125 | ||
Repurchase Program | |||
Accelerated Share Repurchases [Line Items] | |||
Payment for share repurchase | 32.1 | ||
Remaining amount for share repurchase program | $ 267.9 |
Carrying Amounts and Estimated
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ 585.7 | $ 426.8 |
Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 75.7 | 72.4 |
Short-term borrowings | 585.7 | 426.8 |
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument | (0.7) | 0.2 |
Fair Value | Fair Value, Inputs, Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash equivalents | 75.7 | 72.4 |
Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Fair value adjustment asset (liability) related to hedged fixed rate debt instrument | (0.7) | 0.2 |
Short-term borrowings | 585.7 | 426.8 |
2.875% Senior notes due October 1, 2022 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 399.8 | 399.8 |
2.875% Senior notes due October 1, 2022 | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 397.8 | 396.9 |
2.45% Senior notes due December 15, 2019 | Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior Notes | 299.9 | 299.9 |
2.45% Senior notes due December 15, 2019 | Fair Value | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | $ 302.6 | $ 302 |
Carrying Amounts and Estimate51
Carrying Amounts and Estimated Fair Values of Other Financial Instruments (Parenthetical) (Details) | Mar. 31, 2017 | Dec. 31, 2016 |
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% |
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% |
Schedule of Notional Amounts (D
Schedule of Notional Amounts (Details) gal in Millions, $ in Millions | Mar. 31, 2017USD ($)gal | Dec. 31, 2016USD ($)gal |
Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivatives, Notional Amount | $ 107 | $ 94.1 |
Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivatives, Notional Amount | $ 300 | $ 300 |
Designated as Hedging Instrument | Diesel fuel contracts | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivatives, Notional Amount, Volume | gal | 2.5 | 2 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivatives, Notional Amount | $ 76.7 | $ 1.8 |
Not Designated as Hedging Instrument | Equity derivatives | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Derivatives, Notional Amount | $ 22.9 | $ 34.4 |
Acquisition - Additional Inform
Acquisition - Additional Information (Details) - USD ($) $ in Millions | Jan. 17, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||||
Net Sales | [1] | $ 877.2 | $ 849 | ||
VIVISCAL | |||||
Business Acquisition [Line Items] | |||||
Date of business acquisition | Jan. 17, 2017 | ||||
Purchase price | $ 160 | ||||
Net Sales | $ 44 | ||||
VIVISCAL | Minimum | |||||
Business Acquisition [Line Items] | |||||
Average life of the amortizable intangible assets, years | 15 years | ||||
VIVISCAL | Maximum | |||||
Business Acquisition [Line Items] | |||||
Average life of the amortizable intangible assets, years | 20 years | ||||
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. |
Fair Values of Net Assets Acqui
Fair Values of Net Assets Acquired (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Goodwill | $ 1,481.3 | $ 1,444.1 |
VIVISCAL | ||
Business Acquisition [Line Items] | ||
Inventory and other working capital | 10.3 | |
Trade names and other intangibles | 119.6 | |
Goodwill | 36.9 | |
Current liabilities | (6.5) | |
Cash purchase price (net of cash acquired) | $ 160.3 |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,017.4 | $ 897.5 |
Accumulated Amortization | (340.2) | (326.2) |
Net | 677.2 | 571.3 |
Trade Names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 550.8 | 442.6 |
Accumulated Amortization | (122.3) | (115) |
Net | $ 428.5 | 327.6 |
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 | $ 396.1 | 384.4 |
Accumulated Amortization | (170.1) | (164.2) |
Net | $ 226 | 220.2 |
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 | $ 68.7 | 68.7 |
Accumulated Amortization | (46.2) | (45.4) |
Net | $ 22.5 | 23.3 |
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 | 1.8 |
Accumulated Amortization | (1.6) | (1.6) |
Net | $ 0.2 | $ 0.2 |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Trade Names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Value, Trade names | $ 860.9 | $ 860.5 |
Goodwill and Other Intangible57
Goodwill and Other Intangibles, Net - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Amortization expense of intangible assets | $ 13.9 | $ 11.3 |
Estimated amortization expense, 2017 | 56 | |
Minimum | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Estimated amortization expense, 2018 | 49 | |
Estimated amortization expense, 2019 | 49 | |
Estimated amortization expense, 2020 | 49 | |
Estimated amortization expense, 2021 | 49 | |
Estimated amortization expense, 2022 | 49 | |
Maximum | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Estimated amortization expense, 2018 | 56 | |
Estimated amortization expense, 2019 | 56 | |
Estimated amortization expense, 2020 | 56 | |
Estimated amortization expense, 2021 | 56 | |
Estimated amortization expense, 2022 | $ 56 |
Carrying Amount of Goodwill (De
Carrying Amount of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 1,444.1 |
Other | 0.3 |
Ending balance | 1,481.3 |
VIVISCAL Acquisition | |
Goodwill [Line Items] | |
Goodwill acquired during the period | 36.9 |
Consumer Domestic | |
Goodwill [Line Items] | |
Beginning balance | 1,280.1 |
Other | 0 |
Ending balance | 1,305.9 |
Consumer Domestic | VIVISCAL Acquisition | |
Goodwill [Line Items] | |
Goodwill acquired during the period | 25.8 |
Consumer International | |
Goodwill [Line Items] | |
Beginning balance | 113.9 |
Other | 0.3 |
Ending balance | 125.3 |
Consumer International | VIVISCAL Acquisition | |
Goodwill [Line Items] | |
Goodwill acquired during the period | 11.1 |
Specialty Products | |
Goodwill [Line Items] | |
Beginning balance | 50.1 |
Other | 0 |
Ending balance | 50.1 |
Specialty Products | VIVISCAL Acquisition | |
Goodwill [Line Items] | |
Goodwill acquired during the period | $ 0 |
Accounts Payable and Accrued 59
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade accounts payable | $ 346.3 | $ 331.6 |
Accrued marketing and promotion costs | 94.3 | 82 |
Accrued wages and related benefit costs | 29.9 | 73.2 |
Other accrued current liabilities | 65.1 | 82.1 |
Total | $ 535.6 | $ 568.9 |
Summary of Short-Term Borrowing
Summary of Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Short-term borrowings | ||
Commercial paper issuances | $ 582.2 | $ 420 |
Various debt due to international banks | 3.5 | 6.8 |
Total short-term borrowings | 585.7 | 426.8 |
Long-term debt | ||
Debt issuance costs, net | (6.1) | (6.5) |
Fair value adjustment related to hedged fixed rate debt instrument | (0.7) | 0.2 |
Net long-term debt | 692.9 | 693.4 |
2.875% Senior notes due October 1, 2022 | ||
Long-term debt | ||
Senior notes | 400 | 400 |
Less: Discount | (0.2) | (0.2) |
2.45% Senior notes due December 15, 2019 | ||
Long-term debt | ||
Senior notes | 300 | 300 |
Less: Discount | $ (0.1) | $ (0.1) |
Summary of Short-Term Borrowi61
Summary of Short-Term Borrowings and Long-Term Debt (Parenthetical) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
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 |
2.45% Senior notes due December 15, 2019 | ||
Debt Instrument [Line Items] | ||
Interest rate of debt | 2.45% | 2.45% |
Maturity date of debt | Dec. 15, 2019 | Dec. 15, 2019 |
Components of Changes in Accumu
Components of Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ (63.8) | $ (45.9) | |
Other comprehensive income (loss) before reclassifications | 7 | 1.3 | |
Amounts reclassified to consolidated statement of income | [1] | 0.1 | (0.5) |
Tax benefit (expense) | 0.2 | 2.4 | |
Other comprehensive income (loss) | 7.3 | 3.2 | |
Ending balance | (56.5) | (42.7) | |
Foreign Currency Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (50) | (38.5) | |
Other comprehensive income (loss) before reclassifications | 7.9 | 9.9 | |
Amounts reclassified to consolidated statement of income | [1] | 0 | 0 |
Tax benefit (expense) | 0 | 0 | |
Other comprehensive income (loss) | 7.9 | 9.9 | |
Ending balance | (42.1) | (28.6) | |
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (13.2) | (11.5) | |
Other comprehensive income (loss) before reclassifications | 0 | 0 | |
Amounts reclassified to consolidated statement of income | [1] | 0 | 0 |
Tax benefit (expense) | 0 | 0 | |
Other comprehensive income (loss) | 0 | 0 | |
Ending balance | (13.2) | (11.5) | |
Derivative Agreements | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (0.6) | 4.1 | |
Other comprehensive income (loss) before reclassifications | (0.9) | (8.6) | |
Amounts reclassified to consolidated statement of income | [1] | 0.1 | (0.5) |
Tax benefit (expense) | 0.2 | 2.4 | |
Other comprehensive income (loss) | (0.6) | (6.7) | |
Ending balance | $ (1.2) | $ (2.6) | |
[1] | Amounts classified to cost of sales and selling, general and administrative expenses. |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Details) - International Defined Benefit Pension Plans $ in Millions | 3 Months Ended | |
Mar. 31, 2017USD ($) | Dec. 31, 2016ParticipantsEmployee | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, number of plan participants | Participants | 336 | |
Defined benefit plan, plan participants, number of active employees | Employee | 53 | |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated one time termination payment to purchase annuities | $ 14 | |
Estimated one time termination payment to purchase annuities, net of tax | 9 | |
One-time settlement expense | 44 | |
One-time settlement expense, net of tax | 36 | |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated one time termination payment to purchase annuities | 20 | |
Estimated one time termination payment to purchase annuities, net of tax | 14 | |
One-time settlement expense | 50 | |
One-time settlement expense, net of tax | $ 41 |
Commitments, Contingencies an64
Commitments, Contingencies and Guarantees - Additional Information (Details) $ in Millions | Nov. 08, 2011USD ($) | Mar. 31, 2017USD ($)T | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Line Items] | |||
Annual purchase commitment, in tons | T | 240,000 | ||
Commitments | $ 236.5 | ||
Outstanding guarantees and letters of credit | 21.9 | ||
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 | ||
Royalty guarantees commitments amount | 5.5 | ||
Potential license payment | $ 7 | $ 0 | |
Advance royalty payments | $ 5.5 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | Mar. 31, 2017 | Mar. 31, 2016 |
Armand Products Company | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership interest | 50.00% | 50.00% |
ArmaKleen Company | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership interest | 50.00% | 50.00% |
Natronx Technologies LLC | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership interest | 33.33% | 33.33% |
Balance and Transactions Betwee
Balance and Transactions Between Company and Related Party (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Armand Products Company | |||
Related Party Transaction [Line Items] | |||
Purchases by Company | $ 4.7 | $ 4.4 | |
Sales by Company | 0 | 0 | |
Outstanding Accounts Receivable | 0.5 | 0.4 | |
Outstanding Accounts Payable | 1.8 | 1.7 | |
Administration & Management Oversight Services | [1] | 0.6 | 0.6 |
ArmaKleen Company | |||
Related Party Transaction [Line Items] | |||
Purchases by Company | 0 | 0 | |
Sales by Company | 0.3 | 0.3 | |
Outstanding Accounts Receivable | 0.9 | 0.7 | |
Outstanding Accounts Payable | 0 | 0 | |
Administration & Management Oversight Services | [1] | 0.5 | 0.5 |
Natronx Technologies LLC | |||
Related Party Transaction [Line Items] | |||
Purchases by Company | 0 | 0 | |
Sales by Company | 0 | 0.5 | |
Outstanding Accounts Receivable | 0 | 0.1 | |
Outstanding Accounts Payable | 0 | 0 | |
Administration & Management Oversight Services | [1] | $ 0 | $ 0.2 |
[1] | Billed by Company and recorded as a reduction of selling, general and administrative expenses. |
Segments - Additional Informati
Segments - Additional Information (Details) - Segment | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 3 | |
Armand Products Company | ||
Segment Reporting Information [Line Items] | ||
Percentage of ownership interest | 50.00% | 50.00% |
ArmaKleen Company | ||
Segment Reporting Information [Line Items] | ||
Percentage of ownership interest | 50.00% | 50.00% |
Natronx Technologies LLC | ||
Segment Reporting Information [Line Items] | ||
Percentage of ownership interest | 33.33% | 33.33% |
Selected Financial Information
Selected Financial Information Relating To Company's Segments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | $ 877.2 | $ 849 |
Income Before Income Taxes | [2] | 190.2 | 173 |
Operating Segments | Consumer Domestic | |||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | 659.7 | 647.8 |
Income Before Income Taxes | [2] | 160.9 | 139.9 |
Operating Segments | Consumer International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | 143.1 | 127.4 |
Income Before Income Taxes | [2] | 19.4 | 18.1 |
Operating Segments | Specialty Products | |||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | 74.4 | 73.8 |
Income Before Income Taxes | [2] | 7.8 | 13.3 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | 0 | 0 |
Income Before Income Taxes | [2] | $ 2.1 | $ 1.7 |
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. | ||
[2] | In determining Income before Income Taxes, interest expense and investment earnings were allocated among segments based upon each segment’s relative Income from Operations. |
Selected Financial Informatio69
Selected Financial Information Relating To Company's Segments (Parenthetical) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | $ 877.2 | $ 849 |
Intersegment sales | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 1.4 | $ 1 | |
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. |
Product Line Revenues from Exte
Product Line Revenues from External Customers (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | $ 877.2 | $ 849 |
Operating Segments | Consumer Domestic | |||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | 659.7 | 647.8 |
Operating Segments | Consumer Domestic | Household Products | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 394.5 | 388.3 | |
Operating Segments | Consumer Domestic | Personal Care Products | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 265.2 | 259.5 | |
Operating Segments | Consumer International | |||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | 143.1 | 127.4 |
Operating Segments | Specialty Products | |||
Segment Reporting Information [Line Items] | |||
Net Sales | [1] | $ 74.4 | $ 73.8 |
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. |
Brazilian Chemical Business - A
Brazilian Chemical Business - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Net Sales | [1] | $ 877.2 | $ 849 | ||
Brazilian Chemical | |||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||||
Plant impairment charge | $ 4.9 | ||||
Sale of business | 4.5 | ||||
Severance and other charges | $ 3.5 | ||||
Net Sales | $ 22 | ||||
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | May 01, 2017 | May 04, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | ||||||
Stock purchases, shares | 3.1 | |||||
Payment for share repurchase | $ 157.1 | $ 200 | ||||
Net Sales | [1] | 877.2 | $ 849 | |||
Agro Bio Sciences Inc | ||||||
Subsequent Event [Line Items] | ||||||
Net Sales | $ 11 | |||||
Repurchase Program | ||||||
Subsequent Event [Line Items] | ||||||
Payment for share repurchase | $ 32.1 | |||||
Subsequent Event | Agro Bio Sciences Inc | ||||||
Subsequent Event [Line Items] | ||||||
Purchase price subject to working capital adjustment | $ 75 | |||||
Contingent consideration arrangements, basis for amount | payment of up to $25.0 after 3 years if certain operating performance is achieved | |||||
Payment period for achieving certain operating performance target | 3 years | |||||
Subsequent Event | Agro Bio Sciences Inc | Maximum | ||||||
Subsequent Event [Line Items] | ||||||
Payment to be made if certain operating performance is achieved | $ 25 | |||||
Subsequent Event | Repurchase Program | ||||||
Subsequent Event [Line Items] | ||||||
Stock purchases, shares | 2.9 | |||||
Payment for share repurchase | $ 142.9 | |||||
[1] | Intersegment sales from Consumer International to Consumer Domestic, which are not reflected in the table, were $1.4 and $1.0 for the three months ended March 31, 2017 and March 31, 2016, respectively. |