Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 15, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
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 | IFF | ||
Entity Registrant Name | INTERNATIONAL FLAVORS & FRAGRANCES INC | ||
Entity Central Index Key | 51,253 | ||
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 | 79,867,884 | ||
Entity Public Float | $ 8,921,565,803 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 3,023,189 | $ 3,088,533 | $ 2,952,896 |
Cost of goods sold | 1,671,590 | 1,726,383 | 1,668,691 |
Gross profit | 1,351,599 | 1,362,150 | 1,284,205 |
Research and development expenses | 246,101 | 253,640 | 259,838 |
Selling and administrative expenses | 509,557 | 514,891 | 505,877 |
Restructuring and other charges, net | 7,594 | 1,298 | 2,151 |
Operating profit | 588,347 | 592,321 | 516,339 |
Interest expense | 46,062 | 46,067 | 46,767 |
Other expense (income), net | 3,184 | (2,807) | (15,638) |
Income before taxes | 539,101 | 549,061 | 485,210 |
Taxes on income | 119,854 | 134,518 | 131,666 |
Net income | 419,247 | 414,543 | 353,544 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (124,156) | (69,064) | (10,556) |
(Losses) gains on derivatives qualifying as hedges | (2,970) | 16,383 | (3,794) |
Pension and postretirement liability adjustment | 54,117 | (95,038) | 25,264 |
Comprehensive income | $ 346,238 | $ 266,824 | $ 364,458 |
Net income per share - basic (in dollars per share) | $ 5.19 | $ 5.09 | $ 4.32 |
Net income per share - diluted (in dollars per share) | $ 5.16 | $ 5.06 | $ 4.29 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 181,988 | $ 478,573 |
Receivables: | ||
Trade | 546,125 | 502,915 |
Allowance for doubtful accounts | (8,229) | (9,147) |
Inventories | 589,019 | 568,729 |
Deferred income taxes | 0 | 27,709 |
Prepaid expenses and other current assets | 146,981 | 141,248 |
Total Current Assets | 1,455,884 | 1,710,027 |
Property, plant and equipment, net | 732,794 | 720,268 |
Goodwill | 941,389 | 675,484 |
Other intangible assets, net | 306,004 | 76,557 |
Deferred income taxes | 166,323 | 183,047 |
Other assets | 119,060 | 129,238 |
Total Assets | 3,721,454 | 3,494,621 |
Current Liabilities: | ||
Bank borrowings, overdrafts and current portion of long-term debt | 132,349 | 8,090 |
Accounts payable | 302,473 | 216,038 |
Dividends payable | 44,824 | 37,968 |
Other current liabilities | 262,482 | 256,712 |
Total Current Liabilities | 742,128 | 518,808 |
Other Liabilities: | ||
Long-term debt | 937,844 | 934,232 |
Deferred gains | 43,260 | 46,535 |
Retirement liabilities | 242,383 | 354,333 |
Other liabilities | 160,849 | 118,024 |
Total Other Liabilities | $ 1,384,336 | $ 1,453,124 |
Commitments and Contingencies (Note 18) | ||
Shareholders’ Equity: | ||
Common stock 12 1/2¢ par value; authorized 500,000,000 shares; issued 115,858,190 shares as of December 31, 2015 and 2014; and outstanding 80,022,291 and 80,777,590 shares as of December 31, 2015 and 2014 | $ 14,470 | $ 14,470 |
Capital in excess of par value | 140,802 | 140,008 |
Retained earnings | 3,604,254 | 3,350,734 |
Accumulated other comprehensive loss: | ||
Cumulative translation adjustments | (297,498) | (173,342) |
Accumulated gains on derivatives qualifying as hedges | 9,401 | 12,371 |
Pension and postretirement liability adjustment | (325,342) | (379,459) |
Treasury stock, at cost - 35,835,899 and 35,080,600 shares as of December 31, 2015 and 2014 | (1,555,769) | (1,446,221) |
Total Shareholders’ Equity | 1,590,318 | 1,518,561 |
Noncontrolling interest | 4,672 | 4,128 |
Total Shareholders’ Equity including noncontrolling interest | 1,594,990 | 1,522,689 |
Total Liabilities and Shareholders’ Equity | $ 3,721,454 | $ 3,494,621 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.125 | $ 0.125 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 115,858,190 | 115,858,190 |
Common stock, shares outstanding | 80,022,291 | 80,777,590 |
Treasury stock, shares at cost | 35,835,899 | 35,080,600 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 419,247 | $ 414,543 | $ 353,544 |
Adjustments to reconcile to net cash provided by operating activities: | |||
Depreciation and amortization | 89,597 | 89,354 | 83,227 |
Deferred income taxes | 13,043 | 23,350 | (484) |
Gain on disposal of assets | (622) | (3,768) | (17,841) |
Stock-based compensation | 23,160 | 22,648 | 23,736 |
Pension contributions | (67,897) | (43,982) | (52,897) |
Pension contributions | |||
Changes in assets and liabilities, net of acquisitions: | (91,712) | (2,635) | (53,156) |
Trade receivables | (37,628) | (40,042) | 4,822 |
Inventories | 89,273 | 19,403 | 21,313 |
Accounts payable | (17,399) | (30,947) | 24,518 |
Accruals for incentive compensation | 29,124 | (30,982) | (1,244) |
Other assets/liabilities, net | (14,608) | 101,448 | 22,024 |
Net cash provided by operating activities | 433,578 | 518,390 | 407,562 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash received (including $15 million of contingent consideration related to the Aromor acquisition in 2014) | (493,424) | (102,500) | 0 |
Additions to property, plant and equipment | (101,030) | (143,182) | (134,157) |
Proceeds from disposal of assets | 4,302 | 3,295 | 27,312 |
Maturity of net investment hedges | 12,128 | 3,304 | 646 |
Proceeds from life insurance contracts | 868 | 17,750 | 793 |
Net cash used in investing activities | (577,156) | (221,333) | (105,406) |
Cash flows from financing activities: | |||
Cash dividends paid to shareholders | (158,870) | (133,239) | (87,347) |
Net change in revolving credit facility borrowings and overdrafts | 136,826 | 8,332 | (283,225) |
Deferred financing costs | 0 | (1,023) | (2,800) |
Repayments of debt | 0 | 0 | (100,000) |
Proceeds from issuance or drawdown of long-term debt | 0 | 3,609 | 297,786 |
Proceeds from issuance of stock under stock plans | 886 | 1,864 | 3,799 |
Excess tax benefits on stock-based payments | 12,055 | 6,330 | 6,112 |
Purchase of treasury stock | (122,193) | (88,203) | (51,363) |
Net cash used in financing activities | (131,296) | (202,330) | (217,038) |
Effect of exchange rate changes on cash and cash equivalents | (21,711) | (21,659) | (4,035) |
Net change in cash and cash equivalents | (296,585) | 73,068 | 81,083 |
Cash and cash equivalents at beginning of year | 478,573 | 405,505 | 324,422 |
Cash and cash equivalents at end of year | 181,988 | 478,573 | 405,505 |
Cash paid for: | |||
Interest, net of amounts capitalized | 46,760 | 46,106 | 48,165 |
Income taxes | 102,734 | 92,087 | 138,940 |
Noncash investing activities: | |||
Accrued capital expenditures | $ 26,030 | $ 14,376 | $ 21,744 |
CONSOLIDATED STATEMENT OF CASH6
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Statement of Cash Flows [Abstract] | |
Business acquisition contingent consideration | $ 15 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY - USD ($) $ in Thousands | Total | Common stock [Member] | Capital in excess of par value [Member] | Retained earnings [Member] | Accumulated other comprehensive (loss) income [Member] | Treasury stock [Member] | Noncontrolling interest [Member] |
Balance at Dec. 31, 2012 | $ 14,470 | $ 127,504 | $ 2,841,166 | $ (403,625) | $ (1,330,707) | $ 3,747 | |
Balance, Shares at Dec. 31, 2012 | (34,134,966) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 353,544 | 353,544 | 232 | ||||
Cumulative translation adjustment | (10,556) | (10,556) | |||||
Gains (losses) on derivatives qualifying as hedges; net of tax | (3,794) | (3,794) | |||||
Pension liability and postretirement adjustment; net of tax | 25,264 | 25,264 | |||||
Cash dividends declared | (119,053) | ||||||
Stock options/SSAR's, value | 10,395 | $ 6,196 | |||||
Stock options/SSAR's, shares | 157,403 | ||||||
Treasury share repurchases, shares | (655,907) | ||||||
Treasury share repurchases, value | $ (51,363) | ||||||
Vested restricted stock units and awards, value | (26,735) | $ 6,277 | |||||
Vested restricted stock units and awards, shares | 159,559 | ||||||
Stock-based compensation, value | 20,297 | $ 3,792 | |||||
Stock-based compensation, shares | 96,317 | ||||||
Balance at Dec. 31, 2013 | 14,470 | 131,461 | 3,075,657 | (392,711) | $ (1,365,805) | 3,979 | |
Balance, shares at Dec. 31, 2013 | (34,377,594) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 414,543 | 414,543 | 149 | ||||
Cumulative translation adjustment | (69,064) | (69,064) | |||||
Gains (losses) on derivatives qualifying as hedges; net of tax | 16,383 | 16,383 | |||||
Pension liability and postretirement adjustment; net of tax | (95,038) | (95,038) | |||||
Cash dividends declared | (139,466) | ||||||
Stock options/SSAR's, value | 9,770 | $ 3,590 | |||||
Stock options/SSAR's, shares | 87,706 | ||||||
Treasury share repurchases, shares | (927,339) | ||||||
Treasury share repurchases, value | $ (88,959) | ||||||
Vested restricted stock units and awards, value | (23,871) | $ 4,953 | |||||
Vested restricted stock units and awards, shares | 136,627 | ||||||
Stock-based compensation, value | 22,648 | ||||||
Stock-based compensation, shares | |||||||
Balance at Dec. 31, 2014 | $ 1,522,689 | 14,470 | 140,008 | 3,350,734 | (540,430) | $ (1,446,221) | 4,128 |
Balance, shares at Dec. 31, 2014 | (35,080,600) | (35,080,600) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 419,247 | 419,247 | 544 | ||||
Cumulative translation adjustment | (124,156) | (124,156) | |||||
Gains (losses) on derivatives qualifying as hedges; net of tax | (2,970) | (2,970) | |||||
Pension liability and postretirement adjustment; net of tax | 54,117 | 54,117 | |||||
Cash dividends declared | (165,727) | ||||||
Stock options/SSAR's, value | 6,099 | $ 7,085 | |||||
Stock options/SSAR's, shares | 194,016 | ||||||
Treasury share repurchases, shares | (1,074,210) | ||||||
Treasury share repurchases, value | $ (121,193) | ||||||
Vested restricted stock units and awards, value | 28,465 | $ 4,560 | |||||
Vested restricted stock units and awards, shares | 124,895 | ||||||
Stock-based compensation, value | 23,160 | $ 0 | |||||
Stock-based compensation, shares | 0 | ||||||
Balance at Dec. 31, 2015 | $ 1,594,990 | $ 14,470 | $ 140,802 | $ 3,604,254 | $ (613,439) | $ (1,555,769) | $ 4,672 |
Balance, shares at Dec. 31, 2015 | (35,835,899) | (35,835,899) |
CONSOLIDATED STATEMENT OF SHAR8
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Tax effect of gain (losses) on derivatives qualifying as hedges | $ 463 | $ (2,526) | $ 429 |
Tax effect of pension liability and postretirement adjustment | $ 28,709 | $ 36,554 | $ 22,778 |
Cash dividends declared, per share | $ 2.06 | $ 1.72 | $ 1.46 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations International Flavors & Fragrances Inc. and its subsidiaries (the “Registrant,” “IFF,” “the Company,” “we,” “us” and “our”) is a leading creator and manufacturer of flavors and fragrances (including cosmetic active ingredients) used to impart or improve flavor or fragrance in a wide variety of consumer products. Our products are sold principally to manufacturers of perfumes and cosmetics, hair and other personal care products, soaps and detergents, cleaning products, dairy, meat and other processed foods, beverages, snacks and savory foods, sweet and baked goods, and pharmaceutical and oral care products. Fiscal Year End The Company has historically operated on a 52/53 week fiscal year generally ending on the Friday closest to the last day of the year. For ease of presentation, December 31 is used consistently throughout the financial statements and notes to represent the period-end date. The 2015 and 2013 fiscal years were 52 week periods and the 2014 fiscal year was a 53 week period. For the 2015 , 2014 and 2013 fiscal years, the actual closing dates were January 1, January 2 and December 27, respectively. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from estimates. Principles of Consolidation The consolidated financial statements include the accounts of International Flavors & Fragrances Inc. and those of its subsidiaries. Significant intercompany balances and transactions have been eliminated. To the extent a subsidiary is not wholly-owned, any related noncontrolling interest is included as a separate component of Shareholders’ Equity. Any applicable expense (income) attributable to the noncontrolling interest is included in Other expense, net in the accompanying Consolidated Statement of Income and Comprehensive Income due to its immateriality and, as such, is not presented separately. Revenue Recognition The Company recognizes revenue when the earnings process is complete. This generally occurs when (i) title and risk of loss have been transferred to the customer in accordance with the terms of sale and (ii) collection is reasonably assured. Sales are reduced, at the time revenue is recognized, for applicable discounts, rebates and sales allowances based on historical experience. Related accruals are included in Other current liabilities in the accompanying Consolidated Balance Sheet. Foreign Currency Translation The Company translates the assets and liabilities of non-U.S. subsidiaries into U.S. dollars at year-end exchange rates. Income and expense items are translated at average exchange rates during the year. Cumulative translation adjustments are shown as a separate component of Shareholders’ Equity. Research and Development Research and development (“R&D”) expenses relate to the development of new and improved flavors or fragrances, technical product support and compliance with governmental regulation. All research and development costs are expensed as incurred. Cash Equivalents Cash equivalents include highly liquid investments with maturities of three months or less at date of purchase. Accounts Receivable The Company sells certain accounts receivable on a non-recourse basis to unrelated financial institutions under “factoring” agreements that are sponsored, solely and individually, by certain customers. The Company accounts for these transactions as sale of receivables, removes the receivables sold from its financial statements, and records cash proceeds when received by the Company. The increase in cash from operations was $3.4 million , $33.1 million and $6.5 million in 2015 , 2014 and 2013 , respectively. The cost of participating in these programs was immaterial to our results in all periods. Inventories Inventories are stated at the lower of cost (on a weighted average basis) or market. Our inventories consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Raw materials $ 282,181 $ 275,161 Work in process 17,450 17,705 Finished goods 289,388 275,863 Total $ 589,019 $ 568,729 Long-Lived Assets Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is calculated on a straight-line basis, principally over the following estimated useful lives: buildings and improvements, 10 to 40 years; machinery and equipment, 3 to 20 years; information technology hardware and software, 3 to 7 years; and leasehold improvements which are included in buildings and improvements, the estimated life of the improvements or the remaining term of the lease, whichever is shorter. Finite-Lived Intangible Assets Finite-lived intangible assets include customer relationships, patents, trade names, technological know-how and other intellectual property valued at acquisition, and amortized on a straight-line basis over periods ranging from 6 to 30 years. The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their full carrying value may not be recovered. An estimate of undiscounted future cash flows produced by an asset or group of assets is compared to the carrying value to determine whether impairment exists. If assets are determined to be impaired, the loss is measured based on an estimate of fair value using various valuation techniques, including a discounted estimate of future cash flows. Goodwill Goodwill represents the difference between the total purchase price and the fair value of identifiable assets and liabilities acquired in business acquisitions. In assessing the potential for impairment of goodwill, management uses the most current actual and forecasted operating data available and current market based assumptions in accordance with the criteria in ASC 350. The Company has identified four reporting units: (1) Flavors, (2) Fragrance Compounds, (3) Fragrance Ingredients and (4) Cosmetic Actives Ingredients. These reporting units were determined based on the level at which the performance is measured and reviewed by segment management. The Company performed the annual goodwill impairment test utilizing the two-step approach for the Flavors, Fragrance Compounds and Fragrance Ingredients reporting units, by assessing the fair value of the reporting units based on discounted cash flows. The Company completed its annual goodwill impairment test as of November 30, 2015, which indicated no impairment of goodwill, as the estimated fair values substantially exceeded the carrying values of each of these reporting units. Given the recent date of the acquisition of Lucas Meyer, the Company utilized the qualitative approach for the Cosmetic Active Ingredients reporting unit, which indicated no impairment of goodwill. Income Taxes The Company accounts for taxes under the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized. The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. Pursuant to accounting requirements, the Company first determines whether it is “more likely than not” its tax position will be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts and other information. For those tax positions that meet this threshold, the Company measures the amount of tax benefit based on the largest amount of tax benefit that it has a greater than 50% chance of realizing in a final settlement with the relevant authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard. The Company maintains a cumulative risk portfolio relating to all of its uncertainties in income taxes in order to perform this analysis, but the evaluation of its tax positions requires significant judgment and estimation in part because, in certain cases, tax law is subject to varied interpretation, and whether a tax position will ultimately be sustained may be uncertain. The Company regularly repatriates a portion of current year earnings from select non–U.S. subsidiaries. No provision has been made for additional taxes on undistributed earnings of subsidiary companies that are intended and planned to be indefinitely invested in such subsidiaries. The Company intends to, and has plans to, reinvest these earnings indefinitely in its foreign subsidiaries to fund local operations and/or capital projects. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. Retirement Benefits Current service costs of retirement plans and postretirement health care and life insurance benefits are accrued. Prior service costs resulting from plan improvements are amortized over periods ranging from 10 to 20 years. Financial Instruments Derivative financial instruments are used to manage interest and foreign currency exposures. The gain or loss on the hedging instrument is recorded in earnings at the same time as the transaction being hedged is recorded in earnings. The associated asset or liability related to the open hedge instrument is recorded in Prepaid expenses and other current assets or Other current liabilities, as applicable. The Company records all derivative financial instruments on the balance sheet at fair value. Changes in a derivative’s fair value are recognized in earnings unless specific hedge criteria are met. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in Net income. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income ("AOCI") in the accompanying Consolidated Balance Sheet and are subsequently recognized in Net income when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges, if any, are recognized as a charge or credit to earnings. Software Costs The Company capitalizes direct internal and external development costs for certain significant projects associated with internal-use software and amortizes these costs over 7 years. Neither preliminary evaluation costs nor costs associated with the software after implementation are capitalized. Costs related to projects that are not significant are expensed as incurred. Shipping and Handling Costs Net sales include shipping and handling charges billed to customers. Cost of goods sold includes all costs incurred in connection with shipping and handling. Net Income Per Share Net income per share is based on the weighted average number of shares outstanding. A reconciliation of shares used in the computations of basic and diluted net income per share is as follows: Number of Shares (SHARES IN THOUSANDS) 2015 2014 2013 Basic 80,449 80,936 81,322 Assumed dilution under stock plans 442 558 608 Diluted 80,891 81,494 81,930 An immaterial amount of Stock Settled Appreciation Rights (“SSARs”) were excluded from the computation of diluted net income per share at December 31, 2015 . There were no stock options or SSARs excluded from the computation in 2014 and 2013 . The Company has issued shares of Purchased Restricted Stock (“PRS”) which contain nonforfeitable rights to dividends and thus are considered participating securities which are required to be included in the computation of basic and diluted earnings per share pursuant to the two-class method. The two-class method was not presented since the difference between basic and diluted net income per share for both common shareholders and PRS shareholders was approximately $0.01 per share for each year and the number of PRS outstanding as of December 31, 2015 , 2014 and 2013 was immaterial. Net income allocated to such PRS during 2015 , 2014 and 2013 was approximately $2.0 million , $2.4 million and $2.3 million , respectively. Stock-Based Compensation Compensation cost of all share-based awards is measured at fair value on the date of grant and recognized over the service period for which awards are expected to vest. The cost of such share-based awards is principally recognized on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures. New Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued authoritative guidance which requires changes to the accounting for leases. The new guidance establishes a new lease accounting model, that, for many companies, eliminates the concept of operating leases and requires entities to record assets and liabilities related to leases on the balance sheet for certain types of leases. The guidance will be effective for annual and interim periods beginning after December 31, 2018. Early adoption will be permitted for all entities. The Company is currently evaluating the impact that this new standard will have on its consolidated financial statements. In November 2015, the FASB issued authoritative guidance which requires entities to present all deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. This guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of this guidance is permitted. The Company elected to adopt this guidance as of December 31, 2015 and accordingly has classified all deferred tax assets and liabilities as noncurrent in the consolidated balance sheet as of December 31, 2015. This guidance has been applied prospectively and prior amounts have not been adjusted retrospectively. Had it been applied retroactively, the amounts in the consolidated balance sheet as of December 31, 2014, would have been as follows: (DOLLARS IN THOUSANDS) December 31, 2014 Deferred Tax: As Presented Presentation if adoption were retroactive Assets Current $ 27,709 $ — Noncurrent 183,047 208,455 Liabilities Current (882 ) — Noncurrent (11,882 ) (10,463 ) Total Net Deferred Tax Asset $ 197,992 $ 197,992 In September 2015, the FASB issued authoritative guidance relating to the adjustments made during the measurement period for items in a business combination. Specifically, the new guidance would require adjustments related to the finalization of estimates to be recorded in the period when they are determined and to provide certain additional disclosures. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In July 2015, the FASB issued authoritative guidance relating to the measurement of inventory costs, which more closely aligns the measurement of inventory in Generally Accepted Accounting Principles with the measurement of inventory in International Financial Reporting Standards. This guidance is effective for years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a significant impact on its consolidated financial statements. In May 2014, the FASB issued authoritative guidance to clarify the principles to be used to recognize revenue and, in August 2015, issued authoritative guidance delaying the effective adoption date of that guidance by one year. The guidance is applicable to all entities and, based on the revised adoption date, is effective for annual and interim periods beginning after December 15, 2017. Adoption as of the original effective date is permitted. The Company is currently evaluating the impact that this new standard will have on its consolidated financial statements. In April 2015, the FASB issued authoritative guidance which provides a practical expedient related to the measurement date of defined benefit plan assets and obligations. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company adopted this guidance as of December 31, 2015 and it did not have a significant impact on its consolidated financial statements. In April 2015, the FASB issued authoritative guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In February 2015, the FASB issued authoritative guidance related to accounting for the consolidation of certain legal entities. The guidance will change the analysis that a reporting entity must perform to determine the criteria for consolidating certain types of entities. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. Reclassifications and Revisions Certain reclassifications have been made to the prior years' financial statements to conform with the 2015 presentation. Additionally, an adjustment has been made to accounts payable and accrued liabilities to correct the classification of certain amounts included in the accompanying December 31, 2014 consolidated balance sheet and a corresponding adjustment has been made to the December 31, 2014 and 2013 consolidated statements of cash flows. These revisions are not considered material to the previously issued financial statements. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Charges | RESTRUCTURING AND OTHER CHARGES Restructuring and other charges primarily consist of separation costs for employees including severance, outplacement and other benefit costs. 2015 Severance and Contingent Consideration Charges During the fourth quarter of 2015, the Company established a series of initiatives that are intended to streamline its management structure, simplify decision-making and accountability, better leverage and align its capabilities across the organization and improve efficiency of its global manufacturing and operations network. As a result, the Company recorded a pre-tax charge of $7.6 million , included in restructuring and other charges, net, related to severance and related costs pertaining to approximately 150 positions that will be affected. The total cost of the plan is expected to be approximately $10 million with the remaining charges relating principally to accelerated depreciation. The Company expects the plan to be fully implemented in the second half of 2017. Separately, the Company recorded a charge of $7.2 million , included in Selling and administrative expenses, associated with the acceleration from 2016 to 2015 of contingent consideration payments from the Aromor acquisition, that were triggered by certain of the management structure changes noted above. Fragrance Ingredients Rationalization - 2014 In 2014, the Company closed its fragrance ingredients manufacturing facility in Augusta, Georgia and consolidated production into other Company facilities. In connection with this closure, the Company incurred charges of $13.8 million , consisting primarily of $10.3 million in accelerated depreciation of fixed assets, $2.2 million in personnel-related costs and $1.3 million in plant shutdown and other related costs. The Company recorded total charges of $7.4 million during 2013, consisting of $2.2 million of pre-tax charges related to severance included in Restructuring and other charges, net and $5.2 million of non-cash charges related to accelerated depreciation included in Cost of goods sold. During 2014, the Company recorded $1.3 million of plant shutdown and other related costs included in Restructuring and other charges, net as well as an additional $5.1 million of non-cash charges related to accelerated depreciation included in Cost of goods sold. As a result of this closure, 43 positions have been eliminated. During 2015, the Company recorded a net credit of $0.5 million principally related to the reversal of severance accruals. Other During 2013, the Company recorded $1.1 million net expense related to prior year restructuring plans. Rollforward of Liability Movements in related accruals during 2013 , 2014 and 2015 are as follows: (DOLLARS IN THOUSANDS) Employee- Related Asset - Related/and Other Total Balance at January 1, 2013 $ 3,149 $ — $ 3,149 Additional charges (reversals), net 2,151 5,250 7,401 Non-cash charges — (5,250 ) (5,250 ) Payments and other costs (3,184 ) — (3,184 ) Balance at December 31, 2013 2,116 — 2,116 Additional charges (reversals), net (46 ) 6,444 6,398 Non-cash charges (5,100 ) (5,100 ) Payments and other costs (1,311 ) (1,344 ) (2,655 ) Balance at December 31, 2014 759 — 759 Additional charges (reversals), net 7,594 — 7,594 Non-cash charges — — — Payments and other costs (471 ) — (471 ) Balance at December 31, 2015 $ 7,882 $ — $ 7,882 |
Acquisitions (Notes)
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | ACQUISITIONS 2015 Activity Lucas Meyer During the third quarter of 2015, the Company completed the acquisition of 100% of the outstanding shares of Lucas Meyer Cosmetics, a business of Unipex Group ("Lucas Meyer"). (The total shares acquired include shares effectively acquired pursuant to put and call option agreements). The acquisition was accounted for under the purchase method. Lucas Meyer was acquired in order to strengthen and expand Fragrance Ingredients. Total consideration was approximately Euro 284.0 million ( $312.0 million ), including approximately $4.8 million of cash acquired. The Company paid Euro 282.0 million (approximately $309.7 million ) for this acquisition, which was funded from existing resources, and recorded a liability of approximately Euro 2.0 million (approximately $2.2 million ). The purchase price exceeded the fair value of existing net assets by approximately $289.5 million . The excess was allocated principally to identifiable intangible assets (approximately $164.5 million ), goodwill (approximately $184.7 million ) and approximately $52.0 million to deferred taxes. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Separately identifiable intangible assets are principally related to customer relationships and proprietary technology. The intangible assets are being amortized using lives ranging from 10 - 30 years. The purchase price allocation is preliminary pending final valuations of intangible assets, principally related to the valuation of customer relationships, allocation of asset values by legal entity and determination of useful lives. The purchase price allocation is expected to be completed by the first half of 2016. No pro forma financial information for 2015 is presented as the impact of the acquisition was immaterial to the Consolidated Statement of Comprehensive Income. Ottens Flavors During the second quarter of 2015, the Company completed the acquisition of 100% of the outstanding shares of Henry H. Ottens Manufacturing Co., Inc. ("Ottens Flavors"). The acquisition was accounted for under the purchase method. Ottens Flavors was acquired in order to strengthen the IFF Flavors business in North America. The Company paid $198.9 million (including $10.4 million of cash acquired) for this acquisition, which was funded from existing resources. The purchase price exceeded the fair value of existing net assets by $162.1 million . The excess was allocated principally to identifiable intangible assets ( $80.0 million ) and goodwill ( $82.1 million , which is deductible for tax purposes). Goodwill represents synergies from the addition of Ottens Flavors to the Company's existing Flavors business. Separately identifiable intangible assets are principally related to customer relationships and proprietary flavors technology. The intangible assets are being amortized using lives ranging from 5 - 17 years. The purchase price allocation was completed during the fourth quarter of 2015. No pro forma financial information for 2015 is presented as the impact of the acquisition is immaterial. 2014 Activity Aromor During the first quarter of 2014, the Company completed the acquisition of 100% of the equity of Aromor Flavors and Fragrances Ltd. ("Aromor"). The acquisition was accounted for under the purchase method. Aromor is part of the IFF Fragrances Ingredients business and was acquired in order to strengthen this business and provide cost-effective quality materials for use in our formula creations. The Company paid $102.6 million (including $0.1 million of cash acquired) for this acquisition, which was funded out of existing cash resources. The purchase price exceeded the carrying value of existing net assets by $54.7 million . The excess was allocated principally to identifiable intangible assets ( $53.3 million ), goodwill ( $9.9 million ) and $8.5 million to deferred tax liabilities. Separately identifiable intangible assets are principally related to technological know-how. The intangible assets are being amortized using lives ranging from 13 - 19 years. Additionally, the consideration included $15.0 million related to post-combination contingent consideration, held in escrow, which was being expensed as earned by the selling shareholders. During the fourth quarter of 2015, the Company recorded a charge of $7.2 million associated with the acceleration from 2016 to 2015 of contingent consideration payments which was triggered by the change in management structure as disclosed in Note 2. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consists of the following amounts: (DOLLARS IN THOUSANDS) December 31, 2015 2014 Asset Type Land $ 22,896 $ 16,448 Buildings and improvements 538,096 411,157 Machinery and equipment 991,746 935,340 Information technology 183,759 257,092 Construction in process 75,786 146,709 1,812,283 1,766,746 Accumulated depreciation (1,079,489 ) (1,046,478 ) $ 732,794 $ 720,268 Depreciation expense was $74.8 million for the year ended December 31, 2015 , and $82.0 million and $77.0 million for the years ended December 31, 2014 and 2013 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill Movements in goodwill during 2013 , 2014 and 2015 are as follows: (DOLLARS IN THOUSANDS) Goodwill Balance at January 1, 2013 $ 665,582 Acquisitions — Balance at December 31, 2013 665,582 Acquisitions 9,902 Balance at December 31, 2014 675,484 Acquisitions 265,905 Balance at December 31, 2015 $ 941,389 Goodwill by segment is as follows: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Flavors $ 401,494 $ 319,479 Fragrances 539,895 356,005 Total $ 941,389 $ 675,484 Other Intangible Assets Other intangible assets, net consist of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Asset Type Customer relationships $ 293,799 $ 82,155 Trade names & patents 34,182 11,460 Technological know-how 112,393 107,691 Other 22,711 17,370 Total carrying value 463,085 218,676 Customer relationships (66,324 ) (56,235 ) Trade names & patents (10,282 ) (8,686 ) Technological know-how (65,258 ) (62,699 ) Other (15,217 ) (14,499 ) Total accumulated amortization (157,081 ) (142,119 ) Other intangible assets, net $ 306,004 $ 76,557 Amortization expense was $15.0 million for the year ended December 31, 2015 , and $7.3 million and $6.1 million for the years ended December 31, 2014 and 2013 , respectively. Estimated annual amortization is $21.3 million for the years 2016 through 2018, $20.5 million for the year 2019 and $19.8 million for 2020 . |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Other Assets | OTHER ASSETS Other assets consist of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Overfunded pension plans $ 4,906 $ 1,338 Cash surrender value of life insurance contracts 41,957 42,378 Other 72,197 85,522 Total $ 119,060 $ 129,238 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | OTHER CURRENT LIABILITIES Other current liabilities consist of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Accrued payrolls and bonuses $ 48,843 $ 71,264 VAT payable 10,241 15,125 Interest payable 12,515 12,974 Current pension and other postretirement benefit obligation 10,620 11,902 Accrued insurance (including workers’ compensation) 10,857 10,718 Restructuring and other charges 7,882 759 Other 161,524 133,970 Total $ 262,482 $ 256,712 |
Sale and Leaseback Transactions
Sale and Leaseback Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Sale and Leaseback Transactions [Abstract] | |
Sale and Leaseback Transactions | SALE AND LEASEBACK TRANSACTIONS In connection with the disposition of certain real estate in prior years, the Company entered into long-term operating leases. The leases are classified as operating leases and the gains realized on these leases have been deferred and are being credited to income over the initial lease term. Such deferred gains totaled $38.4 million and $41.6 million at December 31, 2015 and 2014 , respectively, of which $35.2 million and $38.4 million , respectively, are reflected in the accompanying Consolidated Balance Sheet under the caption Deferred gains, with the remainder included as a component of Other current liabilities. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Debt consists of the following at December 31: (DOLLARS IN THOUSANDS) Rate Maturities 2015 2014 Senior notes — 2006 6.14 % 2016 125,000 125,000 Senior notes — 2007 6.40 % 2017-27 $ 500,000 $ 500,000 Senior notes — 2013 3.20 % 2023 299,809 299,782 Credit facilities 1.13 % 2019 131,196 — Bank overdrafts and other 10,909 12,335 Deferred realized gains on interest rate swaps 3,279 5,205 1,070,193 942,322 Less: Current portion of long-term debt (132,349 ) (8,090 ) $ 937,844 $ 934,232 Commercial Paper Commercial paper issued by the Company generally has terms of 30 days or less. There were no outstanding commercial paper borrowings at December 31, 2015 or 2014 . Senior Notes - 2013 On April 4, 2013, the Company issued $300.0 million face amount of 3.20% Senior Notes (“Senior Notes - 2013”) due 2023 at a discount of $0.3 million . The Company received proceeds related to the issuance of these Senior Notes - 2013 of $297.8 million which was net of the $0.3 million discount and a $1.9 million underwriting discount (recorded as deferred financing costs). In addition, the Company incurred $0.9 million of other deferred financing costs in connection with the debt issuance. The discount and deferred financing costs are being amortized as interest expense over the term of the Senior Notes - 2013. The Senior Notes - 2013 bear interest at a rate of 3.20% per year, with interest payable on May 1 and November 1 of each year , commencing on November 1, 2013. The Senior Notes - 2013 mature on May 1, 2023 . Upon 30 days’ notice to holders of the Senior Notes - 2013, the Company may redeem the Senior Notes - 2013 for cash in whole , at any time, or in part, from time to time, prior to maturity, at redemption prices that include accrued and unpaid interest and a make-whole premium. However, no make-whole premium will be paid for redemptions of the Senior Notes - 2013 on or after February 1, 2023 . The Indenture provides for customary events of default and contains certain negative covenants that limit the ability of the Company and its subsidiaries to grant liens on assets, to enter into sale-leaseback transactions or to consolidate with or merge into any other entity or convey, transfer or lease all or substantially all of the Company’s properties and assets. In addition, subject to certain limitations, in the event of the occurrence of both (1) a change of control of the Company and (2) a downgrade of the Senior Notes - 2013 below investment grade rating by both Moody’s Investors Services, Inc. and Standard & Poor’s Ratings Services within a specified time period, the Company will be required to make an offer to repurchase the Senior Notes - 2013 at a price equal to 101% of the principal amount of the Senior Notes - 2013, plus accrued and unpaid interest to the date of repurchase. Senior Notes - 2007 On September 27, 2007, the Company issued $500 million of Senior Unsecured Notes (“Senior Notes — 2007”) in four series under the Note Purchase Agreement (“NPA”): (i) $250 million in aggregate principal amount of 6.25% Series A Senior Notes due September 27, 2017 , (ii) $100 million in aggregate principal amount of 6.35% Series B Notes due September 27, 2019 , (iii) $50 million in aggregate principal amount of 6.50% Series C Notes due September 27, 2022 , and (iv) $100 million in aggregate principal amount of 6.79% Series D Notes due September 27, 2027 . Senior Notes - 2006 In 2006, the Company issued $375 million of Senior Unsecured Notes (“Senior Notes - 2006”) in four series under another NPA: (i) $50 million in aggregate principal amount of 5.89% Series A Senior Notes due July 12, 2009 , (ii) $100 million in aggregate principal amount of 5.96% Series B Notes due July 12, 2011 , (iii) $100 million in aggregate principal amount of 6.05% Series C Notes due July 12, 2013 , and (iv) $125 million in aggregate principal amount of 6.14% Series D Notes due July 12, 2016 . In 2009, 2011 and 2013, the Company repaid $50 million , $100 million and $100 million , respectively, upon maturity of the first three series of the Senior Notes - 2006. Maturities on our outstanding Senior Notes - 2006, Senior Notes - 2007 and Senior Notes - 2013 at December 31, 2015 were: 2016, $125 million ; 2017, $250 million ; 2019, $100 million ; 2022 and thereafter, $450 million . There is no debt maturing in 2018, 2020 or 2021. Credit Facility On April 4, 2014, the Company and certain of its subsidiaries amended and restated the Company’s existing credit agreement with Citibank, N.A., as administrative agent. The credit agreement, as amended, provides for a revolving loan facility in an aggregate amount up to an equivalent of $950 million (the "Credit Facility"). Under the Credit Facility, Tranche A is available to borrowers in U.S. dollars, euros, Swiss francs, Japanese yen and British sterling in an aggregate amount up to an equivalent of approximately $456 million , with a sublimit of $25 million for swing line borrowings. Tranche B of the Credit Facility is available to borrowers in euros, Swiss francs, Japanese yen and British sterling in an aggregate amount up to an equivalent of approximately $494 million . The Credit Facility is available for general corporate purposes of each borrower and its subsidiaries. The obligations under the Credit Facility are unsecured and the Company has guaranteed the obligations of each other borrower under the Credit Facility. The 2014 amendment to the Credit Facility extended the maturity date of the facility to April 4, 2019. Borrowings under the Credit Facility bear interest at an annual rate of LIBOR plus a margin, currently 112.5 bps, linked to our credit rating. The Company pays a commitment fee on the aggregate unused commitments; such fee is not material. The Credit Facility contains various affirmative and negative covenants, including the requirement for the Company to maintain, at the end of each fiscal quarter, a ratio of net debt for borrowed money to adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) in respect of the previous 12 -month period of not more than 3.25 to 1 . As of December 31, 2015 , the Company was in compliance with all covenants under this Credit Facility. The Company had $131.2 million borrowings outstanding under the Credit Facility as of December 31, 2015 , with $790.7 million still available for additional borrowings. As the Credit Facility is a multi-year revolving credit agreement, the Company classifies as long-term debt the portion that it has the intent and ability to maintain outstanding longer than 12 months . Short term borrowings, including the current portion of the Senior Notes - 2006, the Credit facility borrowings and bank overdrafts, were outstanding in several countries and averaged $203.0 million in 2015 and $3.0 million in 2014 . The highest levels were $415.4 million in 2015 , $8.8 million in 2014 , and $295.8 million in 2013 . The 2015 weighted average interest rate of these borrowings, based on balances outstanding at the end of each month, was 2.67% . These rates compare with 4.13% and 0.35% , respectively, in 2014 and 2013 . Other The estimated fair value at December 31, 2015 of our Senior Notes - 2006, Senior Notes - 2007 and Senior Notes - 2013 was approximately $127.7 million , $563.9 million and $290.8 million , respectively, and is discussed in further detail in Note 15. During 2013, the Company entered into multiple interest rate swap agreements effectively converting the fixed rate on a portion of our long-term Senior Notes to a variable short-term rate based on the LIBOR plus an interest markup. In March 2008, the Company realized an $18 million gain on the termination of an interest rate swap, which has been deferred and is being amortized as a reduction to interest expense over the remaining term of the related debt. The balance of this deferred gain was $3.3 million at December 31, 2015 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Earnings before income taxes consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 U.S. income (loss) before taxes $ 29,792 $ 17,650 $ (20,727 ) Foreign income before taxes 509,309 531,411 505,937 Total income before taxes $ 539,101 $ 549,061 $ 485,210 The income tax provision consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Current Federal $ 7,648 $ 1,175 $ 8,658 State and local 199 264 1,246 Foreign 98,964 109,729 122,246 106,811 111,168 132,150 Deferred Federal 14,379 20,795 (4,686 ) State and local 399 113 262 Foreign (1,735 ) 2,442 3,940 13,043 23,350 (484 ) Total income taxes $ 119,854 $ 134,518 $ 131,666 Effective Tax Rate Reconciliation A reconciliation between the U.S. federal statutory income tax rate to our actual effective tax rate is as follows: December 31, 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % Difference in effective tax rate on foreign earnings and remittances (10.7 ) (9.9 ) (10.2 ) Unrecognized tax benefit, net of reversals (0.8 ) 0.8 1.0 Spanish tax charges (0.4 ) — 1.3 Spanish dividend withholdings — (0.7 ) — State and local taxes 0.1 0.1 0.2 Other, net (1.0 ) (0.8 ) (0.2 ) Effective tax rate 22.2 % 24.5 % 27.1 % Our effective tax rate reflects the benefit from having significant operations outside the U.S. that are taxed at rates that are lower than the U.S. federal rate of 35% . Included in the 2015 effective tax rate was a $10.5 million benefit related to favorable tax rulings in Spain and another jurisdiction for which reserves were previously recorded. Included in the 2014 effective tax rate is a $3.8 million tax benefit related to the reserve reversal for the 2001 Spanish dividend withholding tax case. Included in the 2013 effective tax rate is a $6.2 million tax charge related to the 2002-2003 Spanish income tax cases as discussed below. The 2015 , 2014 and 2013 effective tax rates were also favorably impacted by the reversals of liabilities for uncertain tax positions of $2.8 million , $2.3 million and $4.9 million , respectively, principally due to statutory expiry and effective settlement. Deferred Taxes The deferred tax assets consist of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Employee and retiree benefits $ 128,429 $ 164,542 Credit and net operating loss carryforwards (1) 183,594 180,296 Trademarks and other 143,727 169,088 Amortizable R&D expenses 56,091 48,982 Other, net 14,026 17,320 Gross deferred tax assets 525,867 580,228 Property, plant and equipment, net (11,337 ) (7,275 ) Trademarks and other (72,710 ) (19,393 ) Gross deferred tax liabilities (84,047 ) (26,668 ) Valuation allowance (1) (339,395 ) (355,568 ) Total net deferred tax assets $ 102,425 $ 197,992 _______________________ (1) During 2015 and 2014 , the Company increased its deferred tax assets by $10.0 million and decreased its deferred tax assets by $81.0 million , respectively, relating to an adjustment to the 2014 and 2013 foreign net operating loss carryforwards, respectively. The entire adjustments of $10.0 million and $81.0 million were offset by corresponding adjustments in valuation allowances. These adjustments are not considered material to the previously issued financial statements. Net operating loss carryforwards were $144.1 million and $140.6 million at December 31, 2015 and 2014 , respectively. If unused, $4.2 million will expire between 2016 and 2035 . The remainder, totaling $139.9 million , may be carried forward indefinitely. Tax credit carryforwards were $42.0 million and $40.0 million at December 31, 2015 and 2014 , respectively. If unused, the credit carryforwards will expire between 2016 and 2035. The U.S. consolidated group has historically generated taxable income after the inclusion of foreign dividends. As such, the Company is not in a federal net operating loss position. This allows IFF and its U.S. subsidiaries to realize tax benefits from the reversal of temporary differences and the utilization of its federal tax credits before the expiration of the applicable carryforward periods. The Company has not factored any future trends, other than inflation, in its U.S. taxable income projections. The corresponding U.S. federal taxable income is sufficient to realize $128.7 million in deferred tax assets as of December 31, 2015 . The majority of states in the U.S. where IFF and its subsidiaries file income tax returns allow a 100% foreign dividend exclusion, effectively converting the domestic companies’ reversing temporary differences into net operating losses. As there is significant doubt with respect to realizability of these net operating losses, the Company has established a full valuation allowance against these deferred tax assets. Of the $186.1 million deferred tax asset for net operating loss carryforwards and credits at December 31, 2015 , the Company considers it unlikely that a portion of the tax benefit will be realized. Accordingly, a valuation allowance of $136.8 million of net operating loss carryforwards and $9.5 million of tax credits has been established against these deferred tax assets, respectively. In addition, due to realizability concerns, the Company established a valuation allowance against certain other net deferred tax assets of $193.1 million . Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Balance of unrecognized tax benefits at beginning of year $ 23,055 $ 21,553 $ 41,153 Gross amount of increases in unrecognized tax benefits as a result of positions taken during a prior year 18 1,795 7,364 Gross amount of decreases in unrecognized tax benefits as a result of positions taken during a prior year (43 ) (823 ) (993 ) Gross amount of increases in unrecognized tax benefits as a result of positions taken during the current year 12,011 5,378 4,951 The amounts of decreases in unrecognized benefits relating to settlements with taxing authorities (10,221 ) — (26,712 ) Reduction in unrecognized tax benefits due to the lapse of applicable statute of limitation (622 ) (4,848 ) (4,210 ) Balance of unrecognized tax benefits at end of year $ 24,198 $ 23,055 $ 21,553 At December 31, 2015 , 2014 and 2013 , there are $24.2 million , $22.3 million , and $21.6 million , respectively, of unrecognized tax benefits recorded to Other liabilities and $0.7 million recorded to Other current liabilities for 2014. If these unrecognized tax benefits were recognized, all the benefits and related interest would be recorded as a benefit to income tax expense. For the year ended December 31, 2015 , the Company reduced its liabilities for interest and penalties by $1.4 million , net, and $0.1 million , net, and $5.2 million , net for the years ended 2014 and 2013 , respectively, principally due to payments made pursuant to the Spanish tax settlement, as discussed below. At December 31, 2015 , 2014 and 2013 , the Company had accrued $0.8 million , $1.7 million and $2.3 million , respectively, of interest and penalties classified as Other liabilities and $0.5 million in 2014 recorded to Other current liabilities. As of December 31, 2015 , the Company’s aggregate provisions for uncertain tax positions, including interest and penalties, was $25.0 million , associated with various tax positions asserted in foreign jurisdictions, none of which is individually material. Other Tax benefits credited to Shareholders’ equity totaled $0.2 million , $0.2 million and $0.6 million for 2015 , 2014 and 2013 , respectively, associated with stock option exercises and Purchased Restricted Stock ("PRS") dividends. U.S. income taxes and foreign withholding taxes associated with the repatriation of earnings of its foreign subsidiaries were not provided on a cumulative total of $1.6 billion of undistributed earnings of foreign subsidiaries. The Company intends to, and has plans to, reinvest these earnings indefinitely in our foreign subsidiaries to fund local operations and/or capital projects. The unrecognized deferred tax liability on these undistributed earnings approximates $233.6 million . The Company has ongoing income tax audits and legal proceedings which are at various stages of administrative or judicial review, of which the material items are discussed below. In addition, the Company has other ongoing tax audits and legal proceedings that relate to indirect taxes, such as value-added taxes, capital tax, sales and use and property taxes, which are discussed in Note 18. Spanish Tax Items During 2013, the Company reached a settlement with the Spanish tax authorities with respect to assesments imposed in connection with the 2011 fiscal year audit, and paid Euro 3.9 million ( $5.2 million based on the exchange rate at the payment date). With respect to the audits of 2002-2003 fiscal years, the Spanish tax authorities imposed assessments aggregating Euro 22.4 million ( $28.6 million ), including aggregate estimated interest. The Company appealed these assessments, however, in February 2013, the Appellate Court upheld the administrative ruling with respect to the 2003 tax assessment and the related tax avoidance claims. The Company decided not to pursue the appeals process with respect to the 2003 tax assessment and paid Euro 20.8 million ( $27.3 million based on the exchange rate at the respective payment dates) in connection with the 2003 tax assessment in 2013. In June 2013, the Appellate Court ruled against us on our appeal of the 2002 income tax assessment and related claims, which the Company also decided not to appeal. However, this case did not have a related tax exposure associated with it. In an unrelated matter, there was a remaining aggregate assessment related to the 2002 fiscal year of Euro 1.9 million ( $2.3 million ) as of December 31, 2014. During the first quarter of 2015, the Company received a favorable ruling on this appeal and accordingly, reversed the total reserve related to the 2002 fiscal year (with a value of Euro 1.9 million or $2.3 million ). In addition to the above, the Company was also a party to four dividend withholding tax controversies in Spain in which the Spanish tax authorities alleged that the Company’s Spanish subsidiaries underpaid withholding taxes during the 1995-2001 fiscal years. The Company had previously appealed each of these controversies. During 2012, the Company received unfavorable decisions on the first three cases. As a result of these rulings, during 2012 the Company (i) recorded charges (including estimated interest) of approximately $12.0 million after-tax and (ii) made payments of Euro 9.8 million ( $12.8 million based on exchange rate at the respective payment dates). The fourth case was heard by the Spanish National High Court in October, 2014 and we received a favorable ruling. Accordingly, during the fourth quarter of 2014, we reversed the total reserve related to the 2001 fiscal year (with a value of Euro 3.6 million or $4.3 million ). As of December 31, 2015 , the three dividend withholding tax controversies in Spain have now been resolved. The Company made total payments of Euro 4.5 million ( $4.9 million ) during the second quarter of 2015 related to the resolution of these three controversies. In addition, the Company has several other tax audits in process and has open tax years with various taxing jurisdictions that range primarily from 2005 to 2014 . Based on currently available information, the Company does not believe the ultimate outcome of any of these tax audits and other tax positions related to open tax years, when finalized, will have a material impact on its financial position. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Dividends Cash dividends declared per share were $2.06 , $1.72 and $1.46 in 2015 , 2014 and 2013 , respectively. The Consolidated Balance Sheet reflects $44.8 million of dividends payable at December 31, 2015 . This amount relates to a cash dividend of $0.56 per share declared in December 2015 and paid in January 2016. Dividends declared, but not paid as of December 31, 2014 and December 31, 2013 were $38.0 million ( $0.47 per share) and $31.7 million ( $0.39 per share), respectively. Share Repurchases In December 2012, the Board of Directors authorized a $250 million share repurchase program, which commenced in the first quarter of 2013. In August 2015, the Board of Directors approved an additional $250 million share repurchase authorization and extension through December 31, 2017. Based on the total remaining amount of $236.7 million available under the repurchase program, approximately 2.0 million shares, or 2.5% of shares outstanding (based on the market price and shares outstanding as of December 31, 2015 ) could be repurchased under the program as of December 31, 2015 . The purchases will be made from time to time on the open market or through private transactions as market and business conditions warrant. Repurchased shares will be placed into treasury stock. The ultimate level of purchases will be a function of the daily purchase limits established in the pre-approved program according to the share price at that time. This plan expires on December 31, 2017. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Plans | STOCK COMPENSATION PLANS The Company has various equity plans under which its officers, senior management, other key employees and directors may be granted options to purchase IFF common stock or other forms of stock-based awards. Beginning in 2004, the Company granted Restricted Stock Units (“RSUs”) as the principal element of its equity compensation for all eligible U.S. based employees and a majority of eligible overseas employees. Vesting of the RSUs is solely time based; the vesting period is primarily 3 years from date of grant. For a small group of employees, primarily overseas, the Company granted stock options prior to 2008. The cost of all employee stock-based awards are principally recognized on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures. Total stock-based compensation expense included in our Consolidated Statement of Income and Comprehensive Income was as follows: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Equity-based awards $ 23,160 $ 22,648 $ 23,736 Liability-based awards 4,784 4,354 4,042 Total stock-based compensation 27,944 27,002 27,778 Less tax benefit (8,348 ) (8,018 ) (8,456 ) Total stock-based compensation, net of tax $ 19,596 $ 18,984 $ 19,322 The shareholders of the Company approved the Company’s 2015 Stock Award and Incentive Plan (the “2015 Plan”) at the Annual Meeting of Shareholders held on May 6, 2015. The 2015 Plan replaced the Company’s 2010 Stock Award and Incentive Plan (the “2010 Plan”) and provides the source for future deferrals of cash into deferred stock under the Company’s Deferred Compensation Plan (with the Deferred Compensation Plan being deemed a subplan under the 2010 Plan for the sole purpose of funding deferrals under the IFF Share Fund). Under the 2015 Plan, a total of 1,500,000 shares are authorized for issuance, including 1,552,694 shares remaining available under a previous plan that was rolled into the 2015 Plan. At December 31, 2015 , 1,047,759 shares were subject to outstanding awards and 2,777,127 shares remained available for future awards under all of the Company’s equity award plans, including the 2015 Plan (excluding shares not yet issued under open cycles of the Company’s Long-Term Incentive Plan). The Company offers a Long-Term Incentive Plan (“LTIP”) for senior management. The targeted payout is 50% cash and 50% IFF stock at the end of the three -year cycle and provides for segmentation in which one-fourth of the award vests during each twelve-month period, with the final one-fourth segment vesting over the full three-year period. The 2011 grant was earned based on the achievement of defined EPS targets and our performance ranking of total shareholder return as a percentile of the S&P 500. Commencing with the 2012-2014 LTIP cycle, the Company used Economic Profit (“EP”), rather than EPS, as one of the two financial metrics of Company performance. EP measures operating profitability after considering (i) all our operating costs, (ii) income taxes and (iii) a charge for the capital employed in the business. When the award is granted, 50% of the target dollar value of the award is converted to a number of “notional” shares based on the closing price at the beginning of the cycle. For those shares whose payout is based on shareholder return as a percentile of the S&P 500, compensation expense is recognized using a graded-vesting attribution method, while compensation expense for the remainder of the performance shares (e.g., EPS targets) is recognized on a straight-line basis over the vesting period based on the probable outcome of the performance condition. The 2011-2013 cycle concluded at the end of 2013 and an aggregate 65,735 shares of our common stock were issued in March 2014. The 2012-2014 cycle concluded at the end of 2014 and an aggregate 90,062 shares of our common stock were issued in March 2015. The 2013-2015 cycle concluded at the end of 2015 and an aggregate 73,134 shares of our common stock will be issued in March 2016. In 2006, our Board approved the Equity Choice Program (the “Program”) for senior management. This program continues under the 2010 Plan. Eligible employees can choose from among three equity alternatives and will be granted such equity awards up to certain dollar awards depending on the participant’s grade level. A participant may choose among (1) Stock Settled Appreciation Rights ("SSARs"), (2) RSUs or (3) PRS. No stock options were granted in 2015 , 2014 or 2013 . SSARs SSARs granted become exercisable on the third anniversary of the grant date and have a maximum term of 7 years . An immaterial amount of SSARS was granted in 2015 . No SSARs were granted in 2014 or 2013 . SSARs and options activity were as follows: (SHARE AMOUNTS IN THOUSANDS) Shares Subject to SSARs/Options Weighted Average Exercise Price SSARs/ Options Exercisable Balance at December 31, 2014 151 $ 51.13 116 Exercised (113 ) 64.66 Balance at December 31, 2015 38 $ 52.10 38 The weighted average exercise price of our SSARs and options exercisable at December 31, 2015 , 2014 and 2013 were $52.10 , $47.92 and $41.70 , respectively. The following tables summarize information concerning currently outstanding and exercisable SSARs and options. SSARs and options outstanding at December 31, 2015 were as follows: Price Range Number Outstanding (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) $26 – $30 1 0.4 $ 30.48 $31 – $35 — 0.0 — $36 – $40 5 0.4 36.00 $41 – $50 — 0.0 — $51 – $60 24 1.4 52.80 $61 – $65 8 2.4 62.13 38 $ 52.59 $ 2,566 SSARs and options exercisable as of December 31, 2015 were as follows: Price Range Number Exercisable (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) $26 – $30 1 0.4 $ 30.48 $31 – $35 — 0.0 — $36 – $40 5 0.4 36.00 $41 – $50 — 0.0 — $51 – $60 24 1.4 52.80 $61 - $65 8 2.4 62.13 38 $ 52.10 $ 2,565 The total intrinsic value of options/SSARs exercised during 2015 , 2014 and 2013 totaled $7.3 million , $7.5 million and $11.3 million , respectively. As of December 31, 2015 , there was less than $0.1 million of total unrecognized compensation cost related to non-vested SSARs granted; such cost is expected to be recognized over a period of 2.34 years. Restricted Stock Units The Company has granted RSUs to eligible employees and directors. Such RSUs are subject to forfeiture if certain employment conditions are not met. RSUs principally vest 100% at the end of 3 years and contain no performance criteria provisions. An RSU’s fair value is calculated based on the market price of our stock at date of grant, with an adjustment to reflect the fact that such awards do not participate in dividend rights. The aggregate fair value is amortized to expense ratably over the vesting period. RSU activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Number of Shares Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2014 522 $ 74.83 Granted 189 112.02 Vested (196 ) 60.50 Forfeited (20 ) 93.20 Balance at December 31, 2015 495 $ 93.88 The total fair value of RSUs which vested during the year ended December 31, 2015 was $22.9 million . As of December 31, 2015 , there was $19.7 million of total unrecognized compensation cost related to non-vested RSUs granted under the equity incentive plans; such cost is expected to be recognized over a weighted average period of 1.9 years. Purchased Restricted Stock For PRS awards granted in 2013 and 2014, the grant provides for eligible employees to purchase restricted shares of IFF stock and put into an escrow account. For each share put in escrow by the eligible employee, the Company matches with a grant of a share of restricted stock or, for non-U.S. participants, a restricted stock unit. The shares generally vest on the third anniversary of the grant date, are subject to continued employment and other specified conditions and pay dividends if and when paid by us. Holders of PRS have, in most instances, all of the rights of stockholders, except that they may not sell, assign, pledge or otherwise encumber such shares. RSUs provide no such rights. During 2015, the Company made a change to the PRS awards granted to U.S. participants. Prior to the change, U.S. participants received a share of restricted stock. Subsequent to the change, on a prospective basis U.S. participants began to receive a restricted stock unit instead of a share of restricted stock. Restricted stock units pay dividend equivalents and do not have voting rights. The Company issued 52,577 shares of PRS in 2015 for an aggregate purchase price of $6.2 million covering 26,288 purchased shares, 99,091 shares of PRS in 2014 for $9.7 million covering 49,545 purchased shares and 101,326 shares in 2013 for $7.8 million covering 50,633 purchased shares. PRS activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Number of Shares Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2014 380 $ 57.36 Granted 53 118.10 Vested (206 ) 32.18 Forfeited (8 ) 96.46 Balance at December 31, 2015 219 $ 94.03 The total fair value of PRS which vested during the year ended December 31, 2015 was $24.1 million . As of December 31, 2015 , there was $7.2 million of total unrecognized compensation cost related to non-vested PRS granted under the equity incentive plans; such cost is expected to be recognized over a weighted average period of 2.0 years. Liability Awards The Company has granted Cash RSUs to eligible employees that are paid out 100% in cash upon vesting. Such RSUs are subject to forfeiture if certain employment conditions are not met. Cash RSUs principally vest 100% at the end of three years and contain no performance criteria provisions. A Cash RSU's fair value is calculated based on the market price of our stock at date of our closing period and is accounted for as a liability award. The aggregate fair value is amortized to expense ratably over the vesting period. Cash RSU activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Cash RSUs Weighted Average Fair Value Per Share Balance at December 31, 2014 106 $ 100.85 Granted 34 119.64 Vested (38 ) 117.17 Forfeited (3 ) 115.24 Balance at December 31, 2015 99 $ 119.64 The total fair value of Cash RSUs which vested during the year ended December 31, 2015 was $4.5 million . As of December 31, 2015 , there was $5.0 million of total unrecognized compensation cost related to non-vested Cash RSUs granted under the equity incentive plans; such cost is expected to be recognized over a weighted average period of 1.8 years. The aggregate compensation cost will be adjusted based on changes in the Company’s stock price. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company is organized into two operating segments, Flavors and Fragrances; these segments align with the internal structure used to manage these businesses. Flavor compounds are sold to the food and beverage industries for use in consumer products such as prepared foods, beverages, dairy, food and sweet products. Fragrances is comprised of (1) Fragrance Compounds, which are ultimately used by our customers in two broad categories: Fine Fragrances, including perfumes and colognes and Consumer Fragrances, including fragrance compounds for personal care (e.g., soaps), household products (e.g., detergents and cleaning agents) and beauty care, including toiletries; (2) Fragrance Ingredients, consisting of synthetic and natural ingredients that can be combined with other materials to create unique fine fragrance and consumer compounds; and (3) Cosmetic Active Ingredients, consisting of active and functional ingredients, botanicals and delivery systems to support our customers’ cosmetic and personal care product lines. Major fragrance customers include the cosmetics industry, including perfume and toiletries manufacturers, and the household products industry, including manufacturers of soaps, detergents, fabric care, household cleaners and air fresheners. Our Chief Operating Decision Maker evaluates the performance of these operating segments based on segment profit which is defined as operating profit before Restructuring, global expenses (as discussed below) and certain non-recurring items, Interest expense, Other income (expense), net and Taxes on income. The Global expenses caption represents corporate and headquarters-related expenses which include legal, finance, human resources, certain incentive compensation expenses and other R&D and administrative expenses that are not allocated to individual operating segments. Unallocated assets are principally cash and cash equivalents and other corporate and headquarters-related assets. Our reportable segment information is as follows: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Net sales Flavors $ 1,442,951 $ 1,457,055 $ 1,422,739 Fragrances 1,580,238 1,631,478 1,530,157 Consolidated $ 3,023,189 $ 3,088,533 $ 2,952,896 December 31, (DOLLARS IN THOUSANDS) 2015 2014 Segment assets Flavors $ 1,607,577 $ 1,539,254 Fragrances 1,989,020 1,753,477 Global assets 124,857 201,890 Consolidated $ 3,721,454 $ 3,494,621 December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Segment profit: Flavors $ 318,476 $ 331,257 $ 323,562 Fragrances 321,764 335,447 283,651 Global expenses (28,180 ) (65,443 ) (66,942 ) Restructuring and other charges, net (7,594 ) (1,298 ) (2,151 ) Spanish capital tax charge/reversal (1) 10,530 — (13,011 ) Acquisition related costs (2) (18,342 ) — — Operational improvement initiative costs (3) (1,115 ) (7,642 ) (8,770 ) Accelerated contingent consideration (4) (7,192 ) — — Operating Profit 588,347 592,321 516,339 Interest expense (46,062 ) (46,067 ) (46,767 ) Other income (expense), net (5) (3,184 ) 2,807 15,638 Income before taxes $ 539,101 $ 549,061 $ 485,210 Profit margin Flavors 22.1 % 22.7 % 22.7 % Fragrances 20.4 % 20.6 % 18.5 % Consolidated 19.5 % 19.2 % 17.5 % (1) The Spanish capital tax charge/reversal represents the charge recorded during the year ended December 31, 2013 as a result of the unfavorable ruling of the Spanish capital tax case from 2002, which was reversed during the year ended December 31, 2015. (2) Acquisition related costs relate to the acquisitions of Ottens Flavors and Lucas Meyer during the year ended December 31, 2015. (3) Operational improvement initiative costs relate to the closing of a smaller facility in Europe and certain manufacturing activities in Asia, while transferring production to larger facilities in each respective region. (4) Acceleration of contingent consideration payments related to the Aromor acquisition. (5) Other income (expense), net includes a $14.2 million gain on the sale of non-operating assets for the year ended December 31, 2013. The Company has not disclosed revenues at a lower level than provided herein, such as revenues from external customers by product, as it is impracticable for it to do so. The Company had one customer that accounted for more than 10% of our consolidated net sales in each year for all periods presented and related net sales were $358.9 million , $368.2 million and $354.6 million in 2015 , 2014 and 2013 , respectively. The majority of these sales were in the Fragrances operating segment. Total long-lived assets consist of net property, plant and equipment and amounted to $732.8 million and $720.3 million at December 31, 2015 and 2014 , respectively. Of this total $170.2 million and $158.5 million was located in the United States at December 31, 2015 and 2014 , respectively, and $98.9 million and $105.4 million were located in the Netherlands at December 31, 2015 and 2014 , respectively. Capital Expenditures Depreciation and Amortization (DOLLARS IN THOUSANDS) 2015 2014 2013 2015 2014 2013 Flavors $ 39,416 $ 91,104 $ 108,215 $ 45,228 $ 36,008 $ 33,662 Fragrances 50,597 43,948 17,616 39,614 43,790 39,716 Unallocated assets 11,017 8,130 8,326 4,755 9,556 9,849 Consolidated $ 101,030 $ 143,182 $ 134,157 $ 89,597 $ 89,354 $ 83,227 Net Sales by Geographic Area (DOLLARS IN THOUSANDS) 2015 2014 2013 Europe, Africa and Middle East $ 945,675 $ 1,041,585 $ 971,921 Greater Asia 839,120 856,217 823,504 North America 718,614 690,214 680,840 Latin America 519,780 500,517 476,631 Consolidated $ 3,023,189 $ 3,088,533 $ 2,952,896 Net sales are attributed to individual regions based upon the destination of product delivery. Net sales related to the U.S. for the years ended December 31, 2015 , 2014 and 2013 were $644.5 million , $652.6 million and $653.3 million , respectively. Net sales attributed to all foreign countries in total for the years ended December 31, 2015 , 2014 and 2013 were $2.4 billion , $2.4 billion and $2.3 billion , respectively. No non-U.S. country had net sales in any period presented greater than 10.0% of total consolidated net sales. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | EMPLOYEE BENEFITS The Company has pension and/or other retirement benefit plans covering approximately one-fourth of active employees. In 2007 the Company amended its U.S. qualified and non-qualified pension plans under which accrual of future benefits was suspended for all participants that did not meet the rule of 70 (age plus years of service equal to at least 70 at December 31, 2007). Pension benefits are generally based on years of service and on compensation during the final years of employment. Plan assets consist primarily of equity securities and corporate and government fixed income securities. Substantially all pension benefit costs are funded as accrued; such funding is limited, where applicable, to amounts deductible for income tax purposes. Certain other retirement benefits are provided by general corporate assets. The Company sponsors a qualified defined contribution plan covering substantially all U.S. employees. Under this plan, the Company matches 100% of participants’ contributions up to 4% of compensation and 75% of participants’ contributions from over 4% to 8% . Employees that are still eligible to accrue benefits under the defined benefit plan are limited to a 50% match up to 6% of the participants’ compensation. In addition to pension benefits, certain health care and life insurance benefits are provided to qualifying United States employees upon retirement from IFF. Such coverage is provided through insurance plans with premiums based on benefits paid. The Company does not generally provide health care or life insurance coverage for retired employees of foreign subsidiaries; such benefits are provided in most foreign countries by government-sponsored plans, and the cost of these programs is not material. The Company offers a non-qualified Deferred Compensation Plan ("DCP") for certain key employees and non-employee directors. Eligible employees and non-employee directors may elect to defer receipt of salary, incentive payments and Board of Directors’ fees into participant directed investments, which are generally invested by the Company in individual variable life insurance contracts it owns that are designed to informally fund savings plans of this nature. The cash surrender value of life insurance is based on the net asset values of the underlying funds available to plan participants. At December 31, 2015 and December 31, 2014 , the Consolidated Balance Sheet reflects liabilities of $34.6 million and $33.9 million , respectively, related to the DCP in Other liabilities and $13.9 million and $19.0 million , respectively, included in Capital in excess of par value related to the portion of the DCP that will be paid out in IFF shares. The total cash surrender value of life insurance contracts the Company owns in relation to the DCP and post-retirement life insurance benefits amounted to $42.0 million and $42.4 million at December 31, 2015 and 2014 , respectively, and are recorded in Other assets in the Consolidated Balance Sheet. The plan assets and benefit obligations of our defined benefit pension plans are measured at December 31 of each year. U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost Service cost for benefits earned $ 3,144 $ 3,057 $ 3,644 $ 15,866 $ 14,142 $ 16,423 Interest cost on projected benefit obligation 23,705 25,090 23,284 25,389 33,360 31,103 Expected return on plan assets (32,405 ) (27,647 ) (26,320 ) (50,437 ) (49,861 ) (47,793 ) Net amortization of deferrals 21,390 17,656 24,600 12,864 10,584 9,337 Settlements and curtailments — — — — 43 215 Net periodic benefit cost 15,834 18,156 25,208 3,682 8,268 9,285 Defined contribution and other retirement plans 7,104 7,854 7,326 7,028 6,323 4,094 Total expense $ 22,938 $ 26,010 $ 32,534 $ 10,710 $ 14,591 $ 13,379 Changes in plan assets and benefit obligations recognized in OCI Net actuarial loss $ 7,623 $ 50,918 $ 3,848 $ 138,652 Recognized actuarial loss (21,207 ) (17,345 ) (13,629 ) (10,874 ) Prior service cost — 216 459 (10,814 ) Recognized prior service cost (183 ) (311 ) 765 248 Currency translation adjustment — — (25,230 ) (30,441 ) Total recognized in OCI (before tax effects) $ (13,767 ) $ 33,478 $ (33,787 ) $ 86,771 Postretirement Benefits (DOLLARS IN THOUSANDS) 2015 2014 2013 Components of net periodic benefit cost Service cost for benefits earned $ 966 $ 1,295 $ 1,526 Interest cost on projected benefit obligation 3,904 4,896 4,503 Net amortization and deferrals (4,476 ) (4,109 ) (3,040 ) Expense $ 394 $ 2,082 $ 2,989 Changes in plan assets and benefit obligations recognized in OCI Net actuarial (gain) $ (1,557 ) $ 7,706 Recognized actuarial loss (1,331 ) (540 ) Prior service credit (33,902 ) — Recognized prior service credit 5,807 4,649 Total recognized in OCI (before tax effects) $ (30,983 ) $ 11,815 The amounts expected to be recognized in net periodic cost in 2016 are: (DOLLARS IN THOUSANDS) U.S. Plans Non-U.S. Plans Postretirement Benefits Actuarial loss recognition $ 5,484 $ 13,863 $ 1,369 Prior service cost (credit) recognition 62 (729 ) (6,789 ) Weighted-average actuarial assumption used to determine expense U.S. Plans Non-U.S. Plans 2015 2014 2013 2015 2014 2013 Discount rate 3.90 % 4.70 % 4.10 % 2.74 % 4.18 % 4.14 % Expected return on plan assets 7.30 % 7.30 % 7.30 % 6.24 % 6.27 % 6.26 % Rate of compensation increase 3.25 % 3.25 % 3.25 % 2.00 % 2.66 % 2.73 % Changes in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table: U.S. Plans Non-U.S. Plans Postretirement Benefits (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 2015 2014 Benefit obligation at beginning of year $ 625,479 $ 544,602 $ 965,266 $ 818,578 $ 113,497 $ 105,521 Service cost for benefits earned 3,144 3,057 15,866 14,142 966 1,295 Interest cost on projected benefit obligation 23,705 25,090 25,389 33,360 3,904 4,896 Actuarial (gain) loss (36,338 ) 79,855 (47,883 ) 236,096 (1,557 ) 7,706 Plan amendments — 216 459 (10,814 ) (33,902 ) — Adjustments for expense/tax contained in service cost — — (1,976 ) (2,087 ) — — Plan participants’ contributions — — 1,790 2,096 809 1,024 Benefits paid (28,479 ) (27,341 ) (29,121 ) (32,134 ) (6,569 ) (6,945 ) Curtailments / settlements — — — (9,270 ) — — Translation adjustments — — (69,550 ) (86,413 ) — — Acquisitions/Transferred Liabilities — — — 1,712 — — Benefit obligation at end of year $ 587,511 $ 625,479 $ 860,240 $ 965,266 $ 77,148 $ 113,497 Fair value of plan assets at beginning of year $ 501,801 $ 448,851 $ 852,893 $ 799,670 Actual return on plan assets (11,556 ) 56,584 (3,271 ) 135,947 Employer contributions 38,545 23,707 29,352 20,282 Participants’ contributions — — 1,790 2,096 Benefits paid (28,479 ) (27,341 ) (29,121 ) (32,134 ) Settlements — — — — Translation adjustments — — (61,029 ) (74,680 ) Acquisitions/Transferred Assets — — — 1,712 Fair value of plan assets at end of year $ 500,311 $ 501,801 $ 790,614 $ 852,893 Funded status at end of year $ (87,200 ) $ (123,678 ) $ (69,626 ) $ (112,373 ) U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Amounts recognized in the balance sheet: Other assets $ — $ — $ 4,096 $ 1,338 Other current liabilities (3,866 ) (3,887 ) (613 ) (608 ) Retirement liabilities (83,334 ) (119,791 ) (73,109 ) (113,103 ) Net amount recognized $ (87,200 ) $ (123,678 ) $ (69,626 ) $ (112,373 ) U.S. Plans Non-U.S. Plans Postretirement Benefits (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 2015 2014 Amounts recognized in AOCI consist of: Net actuarial loss $ 165,093 $ 178,677 $ 324,068 $ 360,070 $ 18,169 $ 21,057 Prior service cost (credit) 203 387 (8,482 ) (10,697 ) (38,453 ) (10,358 ) Total AOCI (before tax effects) $ 165,296 $ 179,064 $ 315,586 $ 349,373 $ (20,284 ) $ 10,699 U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Accumulated Benefit Obligation — end of year $ 583,346 $ 616,004 $ 837,272 $ 942,103 Information for Pension Plans with an ABO in excess of Plan Assets: Projected benefit obligation $ 587,511 $ 625,479 $ 609,922 $ 695,552 Accumulated benefit obligation 583,346 616,004 586,954 672,389 Fair value of plan assets 500,311 501,801 536,200 581,841 Weighted-average assumptions used to determine obligations at December 31 Discount rate 4.20 % 3.90 % 3.03 % 2.74 % Rate of compensation increase 3.25 % 3.25 % 1.98 % 2.00 % (DOLLARS IN THOUSANDS) U.S. Plans Non-U.S. Plans Postretirement Benefits Estimated Future Benefit Payments 2016 31,284 26,660 4,470 2017 32,583 26,806 4,516 2018 33,850 28,996 4,638 2019 35,262 29,709 4,732 2020 36,132 28,931 4,840 2021 - 2025 187,429 160,179 23,997 Contributions Required Company Contributions in the Following Year (2016) $ 3,947 $ 24,331 $ 4,470 The Company considers a number of factors in determining and selecting assumptions for the overall expected long-term rate of return on plan assets. The Company considers the historical long-term return experience of our assets, the current and expected allocation of our plan assets and expected long-term rates of return. The Company derives these expected long-term rates of return with the assistance of our investment advisors. The Company bases its expected allocation of plan assets on a diversified portfolio consisting of domestic and international equity securities, fixed income, real estate and alternative asset classes. The asset allocation is monitored on an ongoing basis. The Company considers a variety of factors in determining and selecting our assumptions for the discount rate at December 31. For the U.S. plans, the discount rate was based on the internal rate of return for a portfolio of Moody’s Aaa, Aa and Merrill Lynch AAA-AA high quality bonds with maturities that are consistent with the projected future benefit payment obligations of the plan. The rate of compensation increase for all plans and the medical cost trend rate for the applicable U.S. plans are based on plan experience. U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Percentage of assets invested in: Cash and cash equivalents 1 % 1 % 2 % 1 % Equities 41 % 40 % 27 % 26 % Fixed income 58 % 59 % 55 % 62 % Property 0 % 0 % 7 % 7 % Alternative and other investments 0 % 0 % 9 % 4 % With respect to the U.S. plans, the expected return on plan assets was determined based on an asset allocation model using the current target allocation, real rates of return by asset class and an anticipated inflation rate. The target investment allocation is 40% equity securities and 60% fixed income securities. The expected annual rate of return for the non-U.S. plans employs a similar set of criteria adapted for local investments, inflation rates and in certain cases specific government requirements. The target asset allocation, for the non-U.S. plans, consists of approximately: 40% – 70% in fixed income securities; 15% – 40% in equity securities; 5% – 20% in real estate; and 5% – 10% in alternative investments. The following tables present our plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2015 and 2014 . Our plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 15. U.S. Plans for the year ended December 31, 2015 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash Equivalents $ — $ 4,767 $ — $ 4,767 Equity Securities U.S. Common Stock 37,024 — — 37,024 Non-U.S. Common Stock — — — — Balanced Funds — 8,845 — 8,845 Pooled Funds — 159,800 — 159,800 Fixed Income Securities Government & Government Agency Bonds — 11,070 — 11,070 Mutual Funds — 190,274 — 190,274 Corporate Bonds — 77,754 — 77,754 Municipal Bonds — 10,006 — 10,006 Total $ 37,024 $ 462,516 $ — $ 499,540 Receivables $ 771 Total $ 500,311 U.S. Plans for the year ended December 31, 2014 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash Equivalents $ — $ 3,829 $ — $ 3,829 Equity Securities U.S. Common Stock 37,278 — — 37,278 Non-U.S. Common Stock 1,635 — — 1,635 Balanced Funds — 9,270 — 9,270 Pooled Funds — 154,559 — 154,559 Fixed Income Securities Government & Government Agency Bonds — 10,620 — 10,620 Mutual Funds — 212,007 — 212,007 Corporate Bonds — 63,057 — 63,057 Municipal Bonds — 9,100 — 9,100 Total $ 38,913 $ 462,442 $ — $ 501,355 Receivables $ 446 Total $ 501,801 Non-U.S. Plans for the year ended December 31, 2015 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash $ 13,239 $ — $ — $ 13,239 Equity Securities U.S. Large Cap 74,306 17,118 — 91,424 U.S. Mid Cap 262 — — 262 U.S. Small Cap 230 — — 230 Non-U.S. Large Cap 73,578 12,372 — 85,950 Non-U.S. Mid Cap 2,175 — — 2,175 Non-U.S. Small Cap 226 — — 226 Emerging Markets 33,291 2,152 — 35,443 Fixed Income Securities U.S. Treasuries/Government Bonds 67 — — 67 Non-U.S. Treasuries/Government Bonds 121,552 55,184 — 176,736 Non-U.S. Corporate Bonds 56,238 174,626 — 230,864 Non-U.S. Asset-Backed Securities — 26,132 — 26,132 Non-U.S. Other Fixed Income 1,625 — — 1,625 Alternative Types of Investments Insurance Contracts 299 36,447 — 36,746 Hedge Funds — — 17,034 17,034 Absolute Return Funds 2,566 16,603 — 19,169 Real Estate Non-U.S. Real Estate — 13,985 39,307 53,292 Total $ 379,654 $ 354,619 $ 56,341 $ 790,614 Non-U.S. Plans for the year ended December 31, 2014 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash $ 10,792 $ — $ — $ 10,792 Equity Securities U.S. Large Cap 64,852 8,295 — 73,147 Non-U.S. Large Cap 83,671 5,853 — 89,524 Non-U.S. Mid Cap 145 — — 145 Non-U.S. Small Cap 33 — — 33 Emerging Markets 52,664 1,214 — 53,878 Fixed Income Securities U.S. Treasuries/Government Bonds 47 — — 47 Non-U.S. Treasuries/Government Bonds 163,143 100,544 — 263,687 Non-U.S. Corporate Bonds 62,630 186,837 — 249,467 Non-U.S. Asset-Backed Securities — 16,375 — 16,375 Non-U.S. Other Fixed Income 1,409 — — 1,409 Alternative Types of Investments Insurance Contracts 316 — — 316 Hedge Funds — — 14,775 14,775 Other 904 — — 904 Absolute Return Funds — 17,135 — 17,135 Private Equity Funds — — 6 6 Real Estate Non-U.S. Real Estate (1) — 11,697 49,556 61,253 Total $ 440,606 $ 347,950 $ 64,337 $ 852,893 (1) The 2014 presentation was revised by $44.6 million to correctly present assets as level 3 instead of level 2. Cash and cash equivalents are primarily held in registered money market funds which are valued using a market approach based on the quoted market prices of identical instruments. Other cash and cash equivalents are valued daily by the fund using a market approach with inputs that include quoted market prices for similar instruments. Equity securities are primarily valued using a market approach based on the quoted market prices of identical instruments. Pooled funds are typically common or collective trusts valued at their net asset values (NAVs). Fixed income securities are primarily valued using a market approach with inputs that include broker quotes and benchmark yields. Derivative instruments are valued by the custodian using closing market swap curves and market derived inputs. Real estate values are primarily based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market comparable data. Hedge funds are valued based on valuation of the underlying securities and instruments within the funds. Quoted market prices are used when available and NAVs are used for unquoted securities within the funds. Absolute return funds are actively managed funds mainly invested in debt and equity securities and are valued at their NAVs. The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2015 : Non-U.S. Plans (DOLLARS IN THOUSANDS) Real Estate Private Equity Hedge Funds Total Ending balance as of December 31, 2014 $ 49,556 $ 6 $ 14,775 $ 64,337 Actual return on plan assets (10,249 ) (6 ) 2,259 (7,996 ) Ending balance as of December 31, 2015 $ 39,307 $ — $ 17,034 $ 56,341 The following weighted average assumptions were used to determine our postretirement benefit expense and obligation for the years ended December 31: Expense Liability 2015 2014 2015 2014 Discount rate 3.90 % 4.80 % 4.20 % 3.90 % Current medical cost trend rate 5.80 % 6.50 % 7.15 % 5.80 % Ultimate medical cost trend rate 4.75 % 4.75 % 4.75 % 4.75 % Medical cost trend rate decreases to ultimate rate in year 2023 2021 2023 2023 Sensitivity of Disclosures to Changes in Selected Assumptions 25 BP Decrease in Discount Rate 25 BP Decrease in Discount Rate 25 BP Decrease in Long-Term Rate of Return (DOLLARS IN THOUSANDS) Change in PBO Change in ABO Change in pension expense Change in pension expense U.S. Pension Plans $ 17,519 $ 17,359 $ (5 ) $ 1,186 Non-U.S. Pension Plans 39,727 37,661 2,478 1,963 Postretirement Benefit Plan N/A 2,376 85 N/A The effect of a 1% increase in the medical cost trend rate would increase the accumulated postretirement benefit obligation and the annual postretirement expense by approximately $0.6 million and $0.1 million , respectively; a 1% decrease in the rate would decrease the obligation and expense by approximately $0.6 million and $0.1 million , respectively. The Company contributed $35.1 million and $29.4 million to its qualified U.S. pension plans and non-U.S. pension plans in 2015 , respectively. The Company made $3.5 million in benefit payments with respect to its non-qualified U.S. pension plan. In addition, $6.6 million of payments were made with respect to the Company's other postretirement plans. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | FINANCIAL INSTRUMENTS Fair Value Accounting guidance on fair value measurements specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1 — Quoted prices for identical instruments in active markets. • Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. • Level 3 — Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable . This hierarchy requires us to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The Company determines the fair value of structured liabilities (where performance is linked to structured interest rates, inflation or currency risks) using the London InterBank Offer Rate (“LIBOR”) swap curve and forward interest and exchange rates at period end. Such instruments are classified as Level 2 based on the observability of significant inputs to the model. The Company does not have any instruments classified as Level 1 or Level 3, other than those included in pension asset trusts included in Note 14. These valuations take into consideration the Company's credit risk and its counterparties’ credit risk. The estimated change in the fair value of these instruments due to such changes in its own credit risk (or instrument-specific credit risk) was immaterial as of December 31, 2015 . The amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at December 31 consisted of the following: 2015 2014 (DOLLARS IN THOUSANDS) Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (1) $ 181,988 $ 181,988 $ 478,573 $ 478,573 Credit facilities and bank overdrafts (2) 142,105 142,105 12,335 12,335 Long-term debt: (3) Senior notes — 2006 125,000 127,717 125,000 133,137 Senior notes — 2007 500,000 563,855 500,000 587,650 Senior notes — 2013 299,809 290,830 299,782 296,290 _______________________ (1) The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments. (2) The carrying amount of our credit facilities and bank overdrafts approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments. (3) The fair value of our long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on our own credit risk. Derivatives The Company periodically enters into foreign currency forward contracts with the objective of reducing exposure to cash flow volatility associated with its intercompany loans, foreign currency receivables and payables and anticipated purchases of certain raw materials used in operations. These contracts generally involve the exchange of one currency for a second currency at a future date, have maturities not exceeding twelve months and are with counterparties which are major international financial institutions. In 2003, the Company executed a 10 -year Yen - U.S. dollar currency swap related to the monthly sale and purchase of products between the U.S. and Japan which has been designated as a cash flow hedge. This swap matured in January 2013. During the years ended December 31, 2015 and 2014 , the Company entered into several forward currency contracts which qualified as net investment hedges, in order to mitigate a portion of our net European investments from foreign currency risk. The effective portions of net investment hedges are recorded in other comprehensive income ("OCI") as a component of Foreign currency translation adjustments in the accompanying Consolidated Statement of Income and Comprehensive Income. Realized gains/(losses) are deferred in AOCI where they will remain until the net investments in our European subsidiaries are divested. Ten of these forward currency contracts matured during the year ended December 31, 2015 . The outstanding forward currency contacts have remaining maturities of less than one year. During the year ended December 31, 2015 and 2014 , the Company continued to enter into several forward currency contracts which qualified as cash flow hedges. The objective of these hedges is to protect against the currency risk associated with forecasted U.S. dollar (USD) denominated raw material purchases made by Euro (EUR) functional currency entities which result from changes in the EUR/USD exchange rate. The effective portions of cash flow hedges are recorded in OCI as a component of Gains/(Losses) on derivatives qualifying as hedges in the accompanying Consolidated Statement of Income and Comprehensive Income. Realized gains/(losses) in AOCI related to cash flow hedges of raw material purchases are recognized as a component of Cost of goods sold in the accompanying Consolidated Statement of Income and Comprehensive Income in the same period as the related costs are recognized. During 2014 and 2013, the Company entered into interest rate swap agreements that effectively converted the fixed rate on a portion of our long-term borrowings to a variable short-term rate based on the LIBOR plus an interest markup. These swaps are designated as fair value hedges. Amounts recognized in Interest expense were immaterial for the year ended December 31, 2014. During Q1 2013, the Company entered into three interest rate swaps to hedge the anticipated issuance of fixed-rate debt, which are designated as cash flow hedges. The effective portions of cash flow hedges are recorded in OCI as a component of Losses/gains on derivatives qualifying as hedges in the accompanying Consolidated Statement of Income and Comprehensive Income. During the second quarter of 2013, the Company terminated these swaps and incurred a loss of $2.7 million , which it will amortize as Interest expense over the life of the Senior Notes - 2013 (discussed in Note 9). The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2015 and December 31, 2014 : (DOLLARS IN THOUSANDS) December 31, 2015 December 31, 2014 Forward currency contracts $ 256,200 $ 191,150 Interest rate swaps $ 775,000 $ 425,000 The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy) as reflected in the Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 Fair Value of Derivatives Designated as Hedging Instruments Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value Derivative assets (a) Foreign currency contracts $ 6,560 $ 3,700 $ 10,260 Interest rate swaps 1,210 — 1,210 $ 7,770 $ 3,700 $ 11,470 Derivative liabilities (b) Foreign currency contracts $ 2,106 $ 3,022 $ 5,128 December 31, 2014 Fair Value of Derivatives Designated as Hedging Instruments Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value Derivative assets (a) Foreign currency contracts $ 16,637 $ 4,398 $ 21,035 Interest rate swaps 683 — 683 $ 17,320 $ 4,398 $ 21,718 Derivative liabilities (b) Foreign currency contracts $ 6 $ 1,055 $ 1,061 _______________________ (a) Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheet. (b) Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheet. The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2015 and December 31, 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Amount of Gain For the years ended December 31, Location of Gain Recognized in Income on Derivative 2015 2014 Foreign currency contract $ 8,644 $ 25,678 Other (income) expense, net Most of these net gains (losses) offset any recognized gains (losses) arising from the revaluation of the related intercompany loans during the same respective periods. The following table shows the effect of the Company’s derivative instruments designated as cash flow and net investment hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2015 and December 31, 2014 (in thousands): Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) For the years ended December 31, For the years ended December 31, 2015 2014 2015 2014 Derivatives in Cash Flow Hedging Relationships: Forward currency contract (3,244 ) 16,109 Cost of goods sold 16,250 (3,675 ) Interest rate swaps (2) 274 274 Interest expense (274 ) (274 ) Derivatives in Net Investment Hedging Relationships: Forward currency contract 5,231 7,415 N/A — — Total $ 2,261 $ 23,798 $ 15,976 $ (3,949 ) _______________________ (1) Ten year swap executed in 2003, matured in January 2013. (2) Interest rate swaps were entered into as pre-issuance hedges for the $300 million bond offering. The ineffective portion of the above noted cash flow hedges and net investment hedges was not material for the years ended December 31, 2015 and 2014 . The Company expects approximately $8.2 million (net of tax), of derivative gains included in AOCI at December 31, 2015 , based on current market rates, will be reclassified into earnings within the next twelve months. The majority of this amount will vary due to fluctuations in foreign currency exchange rates. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total (DOLLARS IN THOUSANDS) Accumulated other comprehensive loss, net of tax, as of December 31, 2014 $ (173,342 ) $ 12,371 $ (379,459 ) $ (540,430 ) OCI before reclassifications (124,156 ) 13,006 33,410 (77,740 ) Amounts reclassified from AOCI — (15,976 ) 20,707 4,731 Net current period other comprehensive income (loss) (124,156 ) (2,970 ) 54,117 (73,009 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2015 $ (297,498 ) $ 9,401 $ (325,342 ) $ (613,439 ) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total (DOLLARS IN THOUSANDS) Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2013 $ (104,278 ) $ (4,012 ) $ (284,421 ) $ (392,711 ) OCI before reclassifications (69,064 ) 12,434 (111,915 ) (168,545 ) Amounts reclassified from AOCI — 3,949 16,877 20,826 Net current period other comprehensive income (loss) (69,064 ) 16,383 (95,038 ) (147,719 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2014 $ (173,342 ) $ 12,371 $ (379,459 ) $ (540,430 ) The following table provides details about reclassifications out of accumulated other comprehensive income to the Consolidated Statement of Comprehensive Income: December 31, 2015 December 31, 2014 Affected Line Item in the (DOLLARS IN THOUSANDS) (Losses) gains on derivatives qualifying as hedges Foreign currency contracts 18,571 (4,426 ) Cost of goods sold Interest rate swaps (274 ) (274 ) Interest expense (2,321 ) 751 Provision for income taxes $ 15,976 $ (3,949 ) Total, net of income taxes (Losses) gains on pension and postretirement liability adjustments Settlements / Curtailments $ — $ (43 ) (a) Prior service cost 6,389 (63 ) (a) Actuarial losses (36,167 ) (28,219 ) (a) 9,071 11,448 Provision for income taxes $ (20,707 ) $ (16,877 ) Total, net of income taxes (a) The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 14 to the Consolidated Financial Statements - Employee Benefits for additional information regarding net periodic benefit cost. |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit Risk | CONCENTRATIONS OF CREDIT RISK The Company does not have significant concentrations of risk in financial instruments. Temporary investments are made in a well-diversified portfolio of high-quality, liquid obligations of government, corporate and financial institutions. There are also limited concentrations of credit risk with respect to trade receivables because the Company has a large number of customers who are spread across many industries and geographic regions. The Company’s larger customers are each spread across many sub-categories of its segments and geographical regions. The Company had one customer that accounted for more than 10% of its consolidated net sales in each year for all periods presented. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Lease Commitments Minimum rental payments under non-cancelable operating leases are $33.4 million in 2016 , $28.5 million in 2017 , $23.3 million in 2018 , and from 2019 and thereafter through 2041, the aggregate lease obligations are $171.3 million . The corresponding rental expense amounted to $33.6 million , $34.4 million and $32.4 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. None of our leases contain escalation clauses and they do not require capital improvement funding. Guarantees and Letters of Credit The Company has various bank guarantees and letters of credit which are available for use to support its ongoing business operations and to satisfy governmental requirements associated with pending litigation in various jurisdictions. At December 31, 2015 , the Company had total bank guarantees and standby letters of credit of approximately $36.2 million with various financial institutions. Included in the above aggregate amount is a total of $13.1 million for other assessments in Brazil for various income tax and indirect tax disputes related to fiscal years 1998-2011. There were no material amounts utilized under the standby letters of credit as of December 31, 2015 . In order to challenge the assessments in these cases in Brazil, the Company has been required to and has separately pledged assets, principally property, plant and equipment to cover assessments in the amount of approximately $12.0 million as of December 31, 2015 . Lines of Credit The Company has various lines of credit which are available to support its ongoing business operations. As of December 31, 2015 , the Company had available lines of credit (in addition to the Credit Facility as discussed in Note 9) of approximately $70.7 million with various financial institutions. There were no material amounts drawn down pursuant to these lines of credit as of December 31, 2015 . Litigation The Company assesses contingencies related to litigation and/or other matters to determine the degree of probability and range of possible loss. A loss contingency is accrued in the Company’s consolidated financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly sensitive and requires judgments about future events. On at least a quarterly basis, the Company reviews contingencies related to litigation to determine the adequacy of accruals. The amount of ultimate loss may differ from these estimates and further events may require the Company to increase or decrease the amounts it has accrued on any matter. Periodically, the Company assesses its insurance coverage for all known claims, where applicable, taking into account aggregate coverage by occurrence, limits of coverage, self-insured retentions and deductibles, historical claims experience and claims experience with its insurance carriers. The liabilities are recorded at management’s best estimate of the probable outcome of the lawsuits and claims, taking into consideration the facts and circumstances of the individual matters as well as past experience on similar matters. At each balance sheet date, the key issues that management assesses are whether it is probable that a loss as to asserted or unasserted claims has been incurred and if so, whether the amount of loss can be reasonably estimated. The Company records the expected liability with respect to claims in Other liabilities and expected recoveries from its insurance carriers in Other assets. The Company recognizes a receivable when it believes that realization of the insurance receivable is probable under the terms of the insurance policies and its payment experience to date. Environmental Over the past 20 years, various federal and state authorities and private parties have claimed that we are a Potentially Responsible Party (“PRP”) as a generator of waste materials for alleged pollution at a number of waste sites operated by third parties located principally in New Jersey and have sought to recover costs incurred and to be incurred to clean up the sites. The Company has been identified as a PRP at eight facilities operated by third parties at which investigation and/or remediation activities may be ongoing. The Company analyzes its potential liability on at least a quarterly basis and accrues for environmental liabilities when they are probable and estimable. The Company estimates its share of the total future cost for these sites to be less than $5 million . While joint and several liability is authorized under federal and state environmental laws, the Company believes the amounts it has paid and anticipates paying in the future for clean-up costs and damages at all sites are not and will not have a material adverse effect on its financial condition, results of operations or liquidity. This assessment is based upon, among other things, the involvement of other PRPs at most of the sites, the status of the proceedings, including various settlement agreements and consent decrees and the extended time period over which payments will likely be made. There can be no assurance, however, that future events will not require the Company to materially increase the amounts it anticipates paying for clean-up costs and damages at these sites, and that such increased amounts will not have a material adverse effect on its financial condition, results of operations or cash flows. China Odor Matter During 2015, the Company was notified by Chinese authorities of compliance issues pertaining to the emission of odors from several of its plants in China. As a result, the Company's Flavors facility in China was temporarily idled and another facility was required to modify its production schedule. Accordingly, the Company invested approximately $6.5 million in odor-abatement equipment at these facilities to address these issues. If the Company is required to close a plant, or operate one at significantly reduced production levels on a permanent basis, the Company may be required to record charges that could have a material impact on its consolidated financial results of operations, financial position and cash flows in future periods. Other Contingencies The Company has contingencies involving third parties (such as labor, contract, technology or product-related claims or litigation) as well as government-related items in various jurisdictions in which it operates pertaining to such items as value-added taxes, other indirect taxes, customs and duties and sales and use taxes. It is possible that cash flows or results of operations, in any period, could be materially affected by the unfavorable resolution of one or more of these contingencies. The most significant government-related contingencies exist in Brazil. With regard to the Brazilian matters, the Company believes they have valid defenses for the underlying positions under dispute; however, in order to pursue these defenses, the Company is required to, and have provided, bank guarantees and pledged assets in the aggregate amount of $25.1 million . The Brazilian matters take an extended period of time to proceed through the judicial process and there are a limited number of rulings to date. In March 2012, ZoomEssence, Inc. filed a complaint against the Company in the U.S. District Court of New Jersey alleging trade secret misappropriation, breach of contract and unjust enrichment in connection with certain spray dry technology disclosed to the Company. In connection with the claims, ZoomEssence is seeking an injunction and monetary damages. ZoomEssence initially sought a temporary restraining order and preliminary injunction, but the Court denied these applications in an order entered on September 27, 2013, finding that ZoomEssence had not demonstrated a likelihood of success on the merits of its claims. The Court subsequently referred the matter to mediation, however the private mediation session did not result in a resolution of the dispute. On November 3, 2014, ZoomEssence amended its complaint against the Company to include allegations of breach of the duty of good faith and fair dealing, fraud in the inducement, and misappropriation of confidential and proprietary information. On November 13, 2014, the Company filed a counterclaim against ZoomEssence alleging trade secret misappropriation, breach of contract, breach of the implied covenant of good faith and fair dealing, unjust enrichment, misappropriation of confidential and proprietary information, common law unfair competition, tortious interference with contractual relations, and conversion. The case is currently proceeding through discovery with a trial on the merits anticipated in early 2017. The Company denies the allegations and will vigorously defend and pursue its position in Court. At this stage of the litigation, based on the information currently available to the Company, management does not believe that this matter represents a material loss contingency. Based on the information available as of December 31, 2015 , the Company estimates a range of reasonably possible loss related to all of the matters above of $0 - $31 million . Separately, the Spanish tax authorities alleged claims for a capital tax in a case arising from similar allegations as the income tax cases (discussed in further detail in Note 10). In connection with the 2002 income tax assessment ruling discussed in Note 10, the Appellate Court rejected one of the two bases upon which we based our capital tax position. On January 22, 2014, we filed an appeal and in order to avoid future interest costs in the event our appeal was unsuccessful, we paid Euro 9.8 million ( $11.2 million , representing the principal amount) during the first quarter of 2014. On February 24, 2016, we received a favorable ruling on our appeal from the Spanish Supreme Court which overruled a lower court ruling. As a result of this decision, we have reversed the previously recorded provision of Euro 9.8 million ( $10.5 million ) for the year ended December 31, 2015. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS AND RESERVES (IN THOUSANDS) For the Year Ended December 31, 2015 Balance at beginning of period Additions (deductions) charged to costs and expenses Accounts written off Translation adjustments Balance at end of period Allowance for doubtful accounts $ 9,147 $ 590 $ 60 $ (1,568 ) $ 8,229 Valuation allowance on credit and operating loss carryforwards and other net deferred tax assets 355,568 16,445 (1) — (32,618 ) 339,395 For the Year Ended December 31, 2014 Balance at beginning of period Additions (deductions) charged to costs and expenses Accounts written off Translation adjustments Balance at end of period Allowance for doubtful accounts $ 10,493 $ 222 $ (554 ) $ (1,014 ) $ 9,147 Valuation allowance on credit and operating loss carryforwards and other net deferred tax assets 503,990 (92,204 ) (2) — (56,218 ) 355,568 For the Year Ended December 31, 2013 Balance at beginning of period Additions (deductions) charged to costs and expenses Accounts written off Translation adjustments Balance at end of period Allowance for doubtful accounts $ 9,293 $ 1,984 $ (1,059 ) $ 275 $ 10,493 Valuation allowance on credit and operating loss carryforwards and other net deferred tax assets 450,733 38,360 (3) — 14,897 503,990 _______________________ (1) The 2015 amount includes an adjustment to the 2014 foreign net operating loss carryforwards in the amount of $10.0 million , as discussed in Note 10 of the Consolidated Financial Statements. (2) The 2014 amount includes an adjustment to the 2013 foreign net operating loss carryforwards in the amount of $81.0 million , as discussed in Note 10 of the Consolidated Financial Statements. (3) The 2013 amount includes an adjustment to the 2012 foreign net operating loss carryforwards in the amount of $29.9 million , as discussed in Note 10 of the Consolidated Financial Statements. |
Nature of Operations and Summ28
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Year End | The Company has historically operated on a 52/53 week fiscal year generally ending on the Friday closest to the last day of the year. For ease of presentation, December 31 is used consistently throughout the financial statements and notes to represent the period-end date. The 2015 and 2013 fiscal years were 52 week periods and the 2014 fiscal year was a 53 week period. For the 2015 , 2014 and 2013 fiscal years, the actual closing dates were January 1, January 2 and December 27, respectively. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Actual results may ultimately differ from estimates. |
Principles of Consolidation | The consolidated financial statements include the accounts of International Flavors & Fragrances Inc. and those of its subsidiaries. Significant intercompany balances and transactions have been eliminated. To the extent a subsidiary is not wholly-owned, any related noncontrolling interest is included as a separate component of Shareholders’ Equity. Any applicable expense (income) attributable to the noncontrolling interest is included in Other expense, net in the accompanying Consolidated Statement of Income and Comprehensive Income due to its immateriality and, as such, is not presented separately. |
Revenue Recognition | The Company recognizes revenue when the earnings process is complete. This generally occurs when (i) title and risk of loss have been transferred to the customer in accordance with the terms of sale and (ii) collection is reasonably assured. Sales are reduced, at the time revenue is recognized, for applicable discounts, rebates and sales allowances based on historical experience. Related accruals are included in Other current liabilities in the accompanying Consolidated Balance Sheet. |
Foreign Currency Translation | The Company translates the assets and liabilities of non-U.S. subsidiaries into U.S. dollars at year-end exchange rates. Income and expense items are translated at average exchange rates during the year. Cumulative translation adjustments are shown as a separate component of Shareholders’ Equity. |
Research and Development | Research and development (“R&D”) expenses relate to the development of new and improved flavors or fragrances, technical product support and compliance with governmental regulation. All research and development costs are expensed as incurred. |
Cash Equivalents | Cash equivalents include highly liquid investments with maturities of three months or less at date of purchase. |
Accounts Receivable | The Company sells certain accounts receivable on a non-recourse basis to unrelated financial institutions under “factoring” agreements that are sponsored, solely and individually, by certain customers. The Company accounts for these transactions as sale of receivables, removes the receivables sold from its financial statements, and records cash proceeds when received by the Company. |
Inventories | Inventories are stated at the lower of cost (on a weighted average basis) or market. |
Property, Plant and Equipment | Property, plant and equipment are recorded at cost. Depreciation is calculated on a straight-line basis, principally over the following estimated useful lives: buildings and improvements, 10 to 40 years; machinery and equipment, 3 to 20 years; information technology hardware and software, 3 to 7 years; and leasehold improvements which are included in buildings and improvements, the estimated life of the improvements or the remaining term of the lease, whichever is shorter. |
Finite-Lived Intangible Assets | Finite-lived intangible assets include customer relationships, patents, trade names, technological know-how and other intellectual property valued at acquisition, and amortized on a straight-line basis over periods ranging from 6 to 30 years. The Company reviews long-lived assets for impairment when events or changes in business conditions indicate that their full carrying value may not be recovered. An estimate of undiscounted future cash flows produced by an asset or group of assets is compared to the carrying value to determine whether impairment exists. If assets are determined to be impaired, the loss is measured based on an estimate of fair value using various valuation techniques, including a discounted estimate of future cash flows. |
Goodwill | Goodwill represents the difference between the total purchase price and the fair value of identifiable assets and liabilities acquired in business acquisitions. In assessing the potential for impairment of goodwill, management uses the most current actual and forecasted operating data available and current market based assumptions in accordance with the criteria in ASC 350. The Company has identified four reporting units: (1) Flavors, (2) Fragrance Compounds, (3) Fragrance Ingredients and (4) Cosmetic Actives Ingredients. These reporting units were determined based on the level at which the performance is measured and reviewed by segment management. The Company performed the annual goodwill impairment test utilizing the two-step approach for the Flavors, Fragrance Compounds and Fragrance Ingredients reporting units, by assessing the fair value of the reporting units based on discounted cash flows. The Company completed its annual goodwill impairment test as of November 30, 2015, which indicated no impairment of goodwill, as the estimated fair values substantially exceeded the carrying values of each of these reporting units. Given the recent date of the acquisition of Lucas Meyer, the Company utilized the qualitative approach for the Cosmetic Active Ingredients reporting unit, which indicated no impairment of goodwill. |
Income Taxes | The Company accounts for taxes under the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized. The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. Pursuant to accounting requirements, the Company first determines whether it is “more likely than not” its tax position will be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant facts and other information. For those tax positions that meet this threshold, the Company measures the amount of tax benefit based on the largest amount of tax benefit that it has a greater than 50% chance of realizing in a final settlement with the relevant authority. Those tax positions failing to qualify for initial recognition are recognized in the first interim period in which they meet the more likely than not standard. The Company maintains a cumulative risk portfolio relating to all of its uncertainties in income taxes in order to perform this analysis, but the evaluation of its tax positions requires significant judgment and estimation in part because, in certain cases, tax law is subject to varied interpretation, and whether a tax position will ultimately be sustained may be uncertain. The Company regularly repatriates a portion of current year earnings from select non–U.S. subsidiaries. No provision has been made for additional taxes on undistributed earnings of subsidiary companies that are intended and planned to be indefinitely invested in such subsidiaries. The Company intends to, and has plans to, reinvest these earnings indefinitely in its foreign subsidiaries to fund local operations and/or capital projects. Interest and penalties related to unrecognized tax benefits are recognized as a component of income tax expense. |
Retirement Benefits | Current service costs of retirement plans and postretirement health care and life insurance benefits are accrued. Prior service costs resulting from plan improvements are amortized over periods ranging from 10 to 20 years. |
Financial Instruments | Derivative financial instruments are used to manage interest and foreign currency exposures. The gain or loss on the hedging instrument is recorded in earnings at the same time as the transaction being hedged is recorded in earnings. The associated asset or liability related to the open hedge instrument is recorded in Prepaid expenses and other current assets or Other current liabilities, as applicable. The Company records all derivative financial instruments on the balance sheet at fair value. Changes in a derivative’s fair value are recognized in earnings unless specific hedge criteria are met. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized in Net income. If the derivative is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income ("AOCI") in the accompanying Consolidated Balance Sheet and are subsequently recognized in Net income when the hedged item affects earnings. Ineffective portions of changes in the fair value of cash flow hedges, if any, are recognized as a charge or credit to earnings. |
Software Costs | The Company capitalizes direct internal and external development costs for certain significant projects associated with internal-use software and amortizes these costs over 7 years. Neither preliminary evaluation costs nor costs associated with the software after implementation are capitalized. Costs related to projects that are not significant are expensed as incurred. |
Shipping and Handling Costs | Net sales include shipping and handling charges billed to customers. Cost of goods sold includes all costs incurred in connection with shipping and handling. |
Net Income Per Share | Net income per share is based on the weighted average number of shares outstanding. A reconciliation of shares used in the computations of basic and diluted net income per share is as follows: Number of Shares (SHARES IN THOUSANDS) 2015 2014 2013 Basic 80,449 80,936 81,322 Assumed dilution under stock plans 442 558 608 Diluted 80,891 81,494 81,930 An immaterial amount of Stock Settled Appreciation Rights (“SSARs”) were excluded from the computation of diluted net income per share at December 31, 2015 . There were no stock options or SSARs excluded from the computation in 2014 and 2013 . The Company has issued shares of Purchased Restricted Stock (“PRS”) which contain nonforfeitable rights to dividends and thus are considered participating securities which are required to be included in the computation of basic and diluted earnings per share pursuant to the two-class method. The two-class method was not presented since the difference between basic and diluted net income per share for both common shareholders and PRS shareholders was approximately $0.01 per share for each year and the number of PRS outstanding as of December 31, 2015 , 2014 and 2013 was immaterial. Net income allocated to such PRS during 2015 , 2014 and 2013 was approximately $2.0 million , $2.4 million and $2.3 million , respectively. |
Stock-Based Compensation | Compensation cost of all share-based awards is measured at fair value on the date of grant and recognized over the service period for which awards are expected to vest. The cost of such share-based awards is principally recognized on a straight-line attribution basis over their respective vesting periods, net of estimated forfeitures. |
New Accounting Standards | In November 2015, the FASB issued authoritative guidance which requires entities to present all deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. This guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of this guidance is permitted. The Company elected to adopt this guidance as of December 31, 2015 and accordingly has classified all deferred tax assets and liabilities as noncurrent in the consolidated balance sheet as of December 31, 2015. This guidance has been applied prospectively and prior amounts have not been adjusted retrospectively. Had it been applied retroactively, the amounts in the consolidated balance sheet as of December 31, 2014, would have been as follows: (DOLLARS IN THOUSANDS) December 31, 2014 Deferred Tax: As Presented Presentation if adoption were retroactive Assets Current $ 27,709 $ — Noncurrent 183,047 208,455 Liabilities Current (882 ) — Noncurrent (11,882 ) (10,463 ) Total Net Deferred Tax Asset $ 197,992 $ 197,992 In September 2015, the FASB issued authoritative guidance relating to the adjustments made during the measurement period for items in a business combination. Specifically, the new guidance would require adjustments related to the finalization of estimates to be recorded in the period when they are determined and to provide certain additional disclosures. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In July 2015, the FASB issued authoritative guidance relating to the measurement of inventory costs, which more closely aligns the measurement of inventory in Generally Accepted Accounting Principles with the measurement of inventory in International Financial Reporting Standards. This guidance is effective for years beginning after December 15, 2016, including interim periods within those fiscal years. The Company does not expect that the adoption of this guidance will have a significant impact on its consolidated financial statements. In May 2014, the FASB issued authoritative guidance to clarify the principles to be used to recognize revenue and, in August 2015, issued authoritative guidance delaying the effective adoption date of that guidance by one year. The guidance is applicable to all entities and, based on the revised adoption date, is effective for annual and interim periods beginning after December 15, 2017. Adoption as of the original effective date is permitted. The Company is currently evaluating the impact that this new standard will have on its consolidated financial statements. In April 2015, the FASB issued authoritative guidance which provides a practical expedient related to the measurement date of defined benefit plan assets and obligations. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company adopted this guidance as of December 31, 2015 and it did not have a significant impact on its consolidated financial statements. In April 2015, the FASB issued authoritative guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. In February 2015, the FASB issued authoritative guidance related to accounting for the consolidation of certain legal entities. The guidance will change the analysis that a reporting entity must perform to determine the criteria for consolidating certain types of entities. This guidance is effective for annual and interim periods beginning after December 15, 2015. The Company has determined that the adoption of this guidance will not have a significant impact on its consolidated financial statements. |
Reclassifications and Revisions | Certain reclassifications have been made to the prior years' financial statements to conform with the 2015 presentation. Additionally, an adjustment has been made to accounts payable and accrued liabilities to correct the classification of certain amounts included in the accompanying December 31, 2014 consolidated balance sheet and a corresponding adjustment has been made to the December 31, 2014 and 2013 consolidated statements of cash flows. These revisions are not considered material to the previously issued financial statements. |
Nature of Operations and Summ29
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Inventory | Our inventories consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Raw materials $ 282,181 $ 275,161 Work in process 17,450 17,705 Finished goods 289,388 275,863 Total $ 589,019 $ 568,729 |
Reconciliation of Shares Used in Computations of Basic and Diluted Net Income Per Share | A reconciliation of shares used in the computations of basic and diluted net income per share is as follows: Number of Shares (SHARES IN THOUSANDS) 2015 2014 2013 Basic 80,449 80,936 81,322 Assumed dilution under stock plans 442 558 608 Diluted 80,891 81,494 81,930 |
New Accounting Pronouncement, Effect of Early Adoption | Had it been applied retroactively, the amounts in the consolidated balance sheet as of December 31, 2014, would have been as follows: (DOLLARS IN THOUSANDS) December 31, 2014 Deferred Tax: As Presented Presentation if adoption were retroactive Assets Current $ 27,709 $ — Noncurrent 183,047 208,455 Liabilities Current (882 ) — Noncurrent (11,882 ) (10,463 ) Total Net Deferred Tax Asset $ 197,992 $ 197,992 |
Restructuring and Other Charg30
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Movements in Restructuring and Related Accruals | Movements in related accruals during 2013 , 2014 and 2015 are as follows: (DOLLARS IN THOUSANDS) Employee- Related Asset - Related/and Other Total Balance at January 1, 2013 $ 3,149 $ — $ 3,149 Additional charges (reversals), net 2,151 5,250 7,401 Non-cash charges — (5,250 ) (5,250 ) Payments and other costs (3,184 ) — (3,184 ) Balance at December 31, 2013 2,116 — 2,116 Additional charges (reversals), net (46 ) 6,444 6,398 Non-cash charges (5,100 ) (5,100 ) Payments and other costs (1,311 ) (1,344 ) (2,655 ) Balance at December 31, 2014 759 — 759 Additional charges (reversals), net 7,594 — 7,594 Non-cash charges — — — Payments and other costs (471 ) — (471 ) Balance at December 31, 2015 $ 7,882 $ — $ 7,882 |
Property, Plant and Equipment31
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment, Net [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following amounts: (DOLLARS IN THOUSANDS) December 31, 2015 2014 Asset Type Land $ 22,896 $ 16,448 Buildings and improvements 538,096 411,157 Machinery and equipment 991,746 935,340 Information technology 183,759 257,092 Construction in process 75,786 146,709 1,812,283 1,766,746 Accumulated depreciation (1,079,489 ) (1,046,478 ) $ 732,794 $ 720,268 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Operating Segment | Movements in goodwill during 2013 , 2014 and 2015 are as follows: (DOLLARS IN THOUSANDS) Goodwill Balance at January 1, 2013 $ 665,582 Acquisitions — Balance at December 31, 2013 665,582 Acquisitions 9,902 Balance at December 31, 2014 675,484 Acquisitions 265,905 Balance at December 31, 2015 $ 941,389 Goodwill by segment is as follows: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Flavors $ 401,494 $ 319,479 Fragrances 539,895 356,005 Total $ 941,389 $ 675,484 |
Trademark and Other Intangible Assets | Other intangible assets, net consist of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Asset Type Customer relationships $ 293,799 $ 82,155 Trade names & patents 34,182 11,460 Technological know-how 112,393 107,691 Other 22,711 17,370 Total carrying value 463,085 218,676 Customer relationships (66,324 ) (56,235 ) Trade names & patents (10,282 ) (8,686 ) Technological know-how (65,258 ) (62,699 ) Other (15,217 ) (14,499 ) Total accumulated amortization (157,081 ) (142,119 ) Other intangible assets, net $ 306,004 $ 76,557 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other assets consist of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Overfunded pension plans $ 4,906 $ 1,338 Cash surrender value of life insurance contracts 41,957 42,378 Other 72,197 85,522 Total $ 119,060 $ 129,238 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities, Current [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consist of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Accrued payrolls and bonuses $ 48,843 $ 71,264 VAT payable 10,241 15,125 Interest payable 12,515 12,974 Current pension and other postretirement benefit obligation 10,620 11,902 Accrued insurance (including workers’ compensation) 10,857 10,718 Restructuring and other charges 7,882 759 Other 161,524 133,970 Total $ 262,482 $ 256,712 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Components of Debt | Debt consists of the following at December 31: (DOLLARS IN THOUSANDS) Rate Maturities 2015 2014 Senior notes — 2006 6.14 % 2016 125,000 125,000 Senior notes — 2007 6.40 % 2017-27 $ 500,000 $ 500,000 Senior notes — 2013 3.20 % 2023 299,809 299,782 Credit facilities 1.13 % 2019 131,196 — Bank overdrafts and other 10,909 12,335 Deferred realized gains on interest rate swaps 3,279 5,205 1,070,193 942,322 Less: Current portion of long-term debt (132,349 ) (8,090 ) $ 937,844 $ 934,232 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Earnings before Income Taxes | Earnings before income taxes consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 U.S. income (loss) before taxes $ 29,792 $ 17,650 $ (20,727 ) Foreign income before taxes 509,309 531,411 505,937 Total income before taxes $ 539,101 $ 549,061 $ 485,210 |
Schedule of Income Tax Provision | The income tax provision consisted of the following: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Current Federal $ 7,648 $ 1,175 $ 8,658 State and local 199 264 1,246 Foreign 98,964 109,729 122,246 106,811 111,168 132,150 Deferred Federal 14,379 20,795 (4,686 ) State and local 399 113 262 Foreign (1,735 ) 2,442 3,940 13,043 23,350 (484 ) Total income taxes $ 119,854 $ 134,518 $ 131,666 |
Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate to Actual Effective Tax Rate | A reconciliation between the U.S. federal statutory income tax rate to our actual effective tax rate is as follows: December 31, 2015 2014 2013 Statutory tax rate 35.0 % 35.0 % 35.0 % Difference in effective tax rate on foreign earnings and remittances (10.7 ) (9.9 ) (10.2 ) Unrecognized tax benefit, net of reversals (0.8 ) 0.8 1.0 Spanish tax charges (0.4 ) — 1.3 Spanish dividend withholdings — (0.7 ) — State and local taxes 0.1 0.1 0.2 Other, net (1.0 ) (0.8 ) (0.2 ) Effective tax rate 22.2 % 24.5 % 27.1 % |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets consist of the following amounts: December 31, (DOLLARS IN THOUSANDS) 2015 2014 Employee and retiree benefits $ 128,429 $ 164,542 Credit and net operating loss carryforwards (1) 183,594 180,296 Trademarks and other 143,727 169,088 Amortizable R&D expenses 56,091 48,982 Other, net 14,026 17,320 Gross deferred tax assets 525,867 580,228 Property, plant and equipment, net (11,337 ) (7,275 ) Trademarks and other (72,710 ) (19,393 ) Gross deferred tax liabilities (84,047 ) (26,668 ) Valuation allowance (1) (339,395 ) (355,568 ) Total net deferred tax assets $ 102,425 $ 197,992 _______________________ (1) During 2015 and 2014 , the Company increased its deferred tax assets by $10.0 million and decreased its deferred tax assets by $81.0 million , respectively, relating to an adjustment to the 2014 and 2013 foreign net operating loss carryforwards, respectively. The entire adjustments of $10.0 million and $81.0 million were offset by corresponding adjustments in valuation allowances. These adjustments are not considered material to the previously issued financial statements. |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Balance of unrecognized tax benefits at beginning of year $ 23,055 $ 21,553 $ 41,153 Gross amount of increases in unrecognized tax benefits as a result of positions taken during a prior year 18 1,795 7,364 Gross amount of decreases in unrecognized tax benefits as a result of positions taken during a prior year (43 ) (823 ) (993 ) Gross amount of increases in unrecognized tax benefits as a result of positions taken during the current year 12,011 5,378 4,951 The amounts of decreases in unrecognized benefits relating to settlements with taxing authorities (10,221 ) — (26,712 ) Reduction in unrecognized tax benefits due to the lapse of applicable statute of limitation (622 ) (4,848 ) (4,210 ) Balance of unrecognized tax benefits at end of year $ 24,198 $ 23,055 $ 21,553 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock-Based Compensation Expense Included in Consolidated Statement of Income and Comprehensive Income | Total stock-based compensation expense included in our Consolidated Statement of Income and Comprehensive Income was as follows: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Equity-based awards $ 23,160 $ 22,648 $ 23,736 Liability-based awards 4,784 4,354 4,042 Total stock-based compensation 27,944 27,002 27,778 Less tax benefit (8,348 ) (8,018 ) (8,456 ) Total stock-based compensation, net of tax $ 19,596 $ 18,984 $ 19,322 |
SSAR's and Stock Option Activity | SSARs and options activity were as follows: (SHARE AMOUNTS IN THOUSANDS) Shares Subject to SSARs/Options Weighted Average Exercise Price SSARs/ Options Exercisable Balance at December 31, 2014 151 $ 51.13 116 Exercised (113 ) 64.66 Balance at December 31, 2015 38 $ 52.10 38 |
SSAR's and Stock Option Outstanding | SSARs and options outstanding at December 31, 2015 were as follows: Price Range Number Outstanding (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) $26 – $30 1 0.4 $ 30.48 $31 – $35 — 0.0 — $36 – $40 5 0.4 36.00 $41 – $50 — 0.0 — $51 – $60 24 1.4 52.80 $61 – $65 8 2.4 62.13 38 $ 52.59 $ 2,566 |
SSAR's and Stock Option Exercisable | SSARs and options exercisable as of December 31, 2015 were as follows: Price Range Number Exercisable (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Aggregate Intrinsic Value (in thousands) $26 – $30 1 0.4 $ 30.48 $31 – $35 — 0.0 — $36 – $40 5 0.4 36.00 $41 – $50 — 0.0 — $51 – $60 24 1.4 52.80 $61 - $65 8 2.4 62.13 38 $ 52.10 $ 2,565 |
RSU's [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU, PRS and Cash RSU Activity | RSU activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Number of Shares Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2014 522 $ 74.83 Granted 189 112.02 Vested (196 ) 60.50 Forfeited (20 ) 93.20 Balance at December 31, 2015 495 $ 93.88 |
PRS [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU, PRS and Cash RSU Activity | PRS activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Number of Shares Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2014 380 $ 57.36 Granted 53 118.10 Vested (206 ) 32.18 Forfeited (8 ) 96.46 Balance at December 31, 2015 219 $ 94.03 |
Cash RSU's [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU, PRS and Cash RSU Activity | Cash RSU activity was as follows: (SHARE AMOUNTS IN THOUSANDS) Cash RSUs Weighted Average Fair Value Per Share Balance at December 31, 2014 106 $ 100.85 Granted 34 119.64 Vested (38 ) 117.17 Forfeited (3 ) 115.24 Balance at December 31, 2015 99 $ 119.64 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | Our reportable segment information is as follows: December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Net sales Flavors $ 1,442,951 $ 1,457,055 $ 1,422,739 Fragrances 1,580,238 1,631,478 1,530,157 Consolidated $ 3,023,189 $ 3,088,533 $ 2,952,896 December 31, (DOLLARS IN THOUSANDS) 2015 2014 Segment assets Flavors $ 1,607,577 $ 1,539,254 Fragrances 1,989,020 1,753,477 Global assets 124,857 201,890 Consolidated $ 3,721,454 $ 3,494,621 December 31, (DOLLARS IN THOUSANDS) 2015 2014 2013 Segment profit: Flavors $ 318,476 $ 331,257 $ 323,562 Fragrances 321,764 335,447 283,651 Global expenses (28,180 ) (65,443 ) (66,942 ) Restructuring and other charges, net (7,594 ) (1,298 ) (2,151 ) Spanish capital tax charge/reversal (1) 10,530 — (13,011 ) Acquisition related costs (2) (18,342 ) — — Operational improvement initiative costs (3) (1,115 ) (7,642 ) (8,770 ) Accelerated contingent consideration (4) (7,192 ) — — Operating Profit 588,347 592,321 516,339 Interest expense (46,062 ) (46,067 ) (46,767 ) Other income (expense), net (5) (3,184 ) 2,807 15,638 Income before taxes $ 539,101 $ 549,061 $ 485,210 Profit margin Flavors 22.1 % 22.7 % 22.7 % Fragrances 20.4 % 20.6 % 18.5 % Consolidated 19.5 % 19.2 % 17.5 % (1) The Spanish capital tax charge/reversal represents the charge recorded during the year ended December 31, 2013 as a result of the unfavorable ruling of the Spanish capital tax case from 2002, which was reversed during the year ended December 31, 2015. (2) Acquisition related costs relate to the acquisitions of Ottens Flavors and Lucas Meyer during the year ended December 31, 2015. (3) Operational improvement initiative costs relate to the closing of a smaller facility in Europe and certain manufacturing activities in Asia, while transferring production to larger facilities in each respective region. (4) Acceleration of contingent consideration payments related to the Aromor acquisition. (5) Other income (expense), net includes a $14.2 million gain on the sale of non-operating assets for the year ended December 31, 2013. |
Capital Expenditure and Depreciation and Amortization by Segment | Capital Expenditures Depreciation and Amortization (DOLLARS IN THOUSANDS) 2015 2014 2013 2015 2014 2013 Flavors $ 39,416 $ 91,104 $ 108,215 $ 45,228 $ 36,008 $ 33,662 Fragrances 50,597 43,948 17,616 39,614 43,790 39,716 Unallocated assets 11,017 8,130 8,326 4,755 9,556 9,849 Consolidated $ 101,030 $ 143,182 $ 134,157 $ 89,597 $ 89,354 $ 83,227 |
Net Sales by Geographic Area | Net Sales by Geographic Area (DOLLARS IN THOUSANDS) 2015 2014 2013 Europe, Africa and Middle East $ 945,675 $ 1,041,585 $ 971,921 Greater Asia 839,120 856,217 823,504 North America 718,614 690,214 680,840 Latin America 519,780 500,517 476,631 Consolidated $ 3,023,189 $ 3,088,533 $ 2,952,896 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Plan Assets and Benefit Obligations of Defined Benefit Pension Plans | The plan assets and benefit obligations of our defined benefit pension plans are measured at December 31 of each year. U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit cost Service cost for benefits earned $ 3,144 $ 3,057 $ 3,644 $ 15,866 $ 14,142 $ 16,423 Interest cost on projected benefit obligation 23,705 25,090 23,284 25,389 33,360 31,103 Expected return on plan assets (32,405 ) (27,647 ) (26,320 ) (50,437 ) (49,861 ) (47,793 ) Net amortization of deferrals 21,390 17,656 24,600 12,864 10,584 9,337 Settlements and curtailments — — — — 43 215 Net periodic benefit cost 15,834 18,156 25,208 3,682 8,268 9,285 Defined contribution and other retirement plans 7,104 7,854 7,326 7,028 6,323 4,094 Total expense $ 22,938 $ 26,010 $ 32,534 $ 10,710 $ 14,591 $ 13,379 Changes in plan assets and benefit obligations recognized in OCI Net actuarial loss $ 7,623 $ 50,918 $ 3,848 $ 138,652 Recognized actuarial loss (21,207 ) (17,345 ) (13,629 ) (10,874 ) Prior service cost — 216 459 (10,814 ) Recognized prior service cost (183 ) (311 ) 765 248 Currency translation adjustment — — (25,230 ) (30,441 ) Total recognized in OCI (before tax effects) $ (13,767 ) $ 33,478 $ (33,787 ) $ 86,771 |
Components of Net Periodic Benefit Cost and Changes in Plan Assets and Benefit Obligations Recognized in OCI | Postretirement Benefits (DOLLARS IN THOUSANDS) 2015 2014 2013 Components of net periodic benefit cost Service cost for benefits earned $ 966 $ 1,295 $ 1,526 Interest cost on projected benefit obligation 3,904 4,896 4,503 Net amortization and deferrals (4,476 ) (4,109 ) (3,040 ) Expense $ 394 $ 2,082 $ 2,989 Changes in plan assets and benefit obligations recognized in OCI Net actuarial (gain) $ (1,557 ) $ 7,706 Recognized actuarial loss (1,331 ) (540 ) Prior service credit (33,902 ) — Recognized prior service credit 5,807 4,649 Total recognized in OCI (before tax effects) $ (30,983 ) $ 11,815 |
Amounts Expected to be Recognized in Net Periodic Cost | The amounts expected to be recognized in net periodic cost in 2016 are: (DOLLARS IN THOUSANDS) U.S. Plans Non-U.S. Plans Postretirement Benefits Actuarial loss recognition $ 5,484 $ 13,863 $ 1,369 Prior service cost (credit) recognition 62 (729 ) (6,789 ) |
Weighted-Average Actuarial Assumption Used to Determine Expense | Weighted-average actuarial assumption used to determine expense U.S. Plans Non-U.S. Plans 2015 2014 2013 2015 2014 2013 Discount rate 3.90 % 4.70 % 4.10 % 2.74 % 4.18 % 4.14 % Expected return on plan assets 7.30 % 7.30 % 7.30 % 6.24 % 6.27 % 6.26 % Rate of compensation increase 3.25 % 3.25 % 3.25 % 2.00 % 2.66 % 2.73 % |
Changes in Postretirement Benefit Obligation and Plan Assets | Changes in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table: U.S. Plans Non-U.S. Plans Postretirement Benefits (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 2015 2014 Benefit obligation at beginning of year $ 625,479 $ 544,602 $ 965,266 $ 818,578 $ 113,497 $ 105,521 Service cost for benefits earned 3,144 3,057 15,866 14,142 966 1,295 Interest cost on projected benefit obligation 23,705 25,090 25,389 33,360 3,904 4,896 Actuarial (gain) loss (36,338 ) 79,855 (47,883 ) 236,096 (1,557 ) 7,706 Plan amendments — 216 459 (10,814 ) (33,902 ) — Adjustments for expense/tax contained in service cost — — (1,976 ) (2,087 ) — — Plan participants’ contributions — — 1,790 2,096 809 1,024 Benefits paid (28,479 ) (27,341 ) (29,121 ) (32,134 ) (6,569 ) (6,945 ) Curtailments / settlements — — — (9,270 ) — — Translation adjustments — — (69,550 ) (86,413 ) — — Acquisitions/Transferred Liabilities — — — 1,712 — — Benefit obligation at end of year $ 587,511 $ 625,479 $ 860,240 $ 965,266 $ 77,148 $ 113,497 Fair value of plan assets at beginning of year $ 501,801 $ 448,851 $ 852,893 $ 799,670 Actual return on plan assets (11,556 ) 56,584 (3,271 ) 135,947 Employer contributions 38,545 23,707 29,352 20,282 Participants’ contributions — — 1,790 2,096 Benefits paid (28,479 ) (27,341 ) (29,121 ) (32,134 ) Settlements — — — — Translation adjustments — — (61,029 ) (74,680 ) Acquisitions/Transferred Assets — — — 1,712 Fair value of plan assets at end of year $ 500,311 $ 501,801 $ 790,614 $ 852,893 Funded status at end of year $ (87,200 ) $ (123,678 ) $ (69,626 ) $ (112,373 ) |
Amounts Recognized in Balance Sheet | U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Amounts recognized in the balance sheet: Other assets $ — $ — $ 4,096 $ 1,338 Other current liabilities (3,866 ) (3,887 ) (613 ) (608 ) Retirement liabilities (83,334 ) (119,791 ) (73,109 ) (113,103 ) Net amount recognized $ (87,200 ) $ (123,678 ) $ (69,626 ) $ (112,373 ) |
Amounts Recognized in Accumulated Other Comprehensive Income | U.S. Plans Non-U.S. Plans Postretirement Benefits (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 2015 2014 Amounts recognized in AOCI consist of: Net actuarial loss $ 165,093 $ 178,677 $ 324,068 $ 360,070 $ 18,169 $ 21,057 Prior service cost (credit) 203 387 (8,482 ) (10,697 ) (38,453 ) (10,358 ) Total AOCI (before tax effects) $ 165,296 $ 179,064 $ 315,586 $ 349,373 $ (20,284 ) $ 10,699 |
Accumulated Benefit Obligation | U.S. Plans Non-U.S. Plans (DOLLARS IN THOUSANDS) 2015 2014 2015 2014 Accumulated Benefit Obligation — end of year $ 583,346 $ 616,004 $ 837,272 $ 942,103 Information for Pension Plans with an ABO in excess of Plan Assets: Projected benefit obligation $ 587,511 $ 625,479 $ 609,922 $ 695,552 Accumulated benefit obligation 583,346 616,004 586,954 672,389 Fair value of plan assets 500,311 501,801 536,200 581,841 Weighted-average assumptions used to determine obligations at December 31 Discount rate 4.20 % 3.90 % 3.03 % 2.74 % Rate of compensation increase 3.25 % 3.25 % 1.98 % 2.00 % |
Estimated Future Benefit Payments | (DOLLARS IN THOUSANDS) U.S. Plans Non-U.S. Plans Postretirement Benefits Estimated Future Benefit Payments 2016 31,284 26,660 4,470 2017 32,583 26,806 4,516 2018 33,850 28,996 4,638 2019 35,262 29,709 4,732 2020 36,132 28,931 4,840 2021 - 2025 187,429 160,179 23,997 Contributions Required Company Contributions in the Following Year (2016) $ 3,947 $ 24,331 $ 4,470 |
Percentage of Assets Invested | U.S. Plans Non-U.S. Plans 2015 2014 2015 2014 Percentage of assets invested in: Cash and cash equivalents 1 % 1 % 2 % 1 % Equities 41 % 40 % 27 % 26 % Fixed income 58 % 59 % 55 % 62 % Property 0 % 0 % 7 % 7 % Alternative and other investments 0 % 0 % 9 % 4 % |
Fair Value Hierarchy of Plan Assets | The following tables present our plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2015 and 2014 . Our plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 15. U.S. Plans for the year ended December 31, 2015 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash Equivalents $ — $ 4,767 $ — $ 4,767 Equity Securities U.S. Common Stock 37,024 — — 37,024 Non-U.S. Common Stock — — — — Balanced Funds — 8,845 — 8,845 Pooled Funds — 159,800 — 159,800 Fixed Income Securities Government & Government Agency Bonds — 11,070 — 11,070 Mutual Funds — 190,274 — 190,274 Corporate Bonds — 77,754 — 77,754 Municipal Bonds — 10,006 — 10,006 Total $ 37,024 $ 462,516 $ — $ 499,540 Receivables $ 771 Total $ 500,311 U.S. Plans for the year ended December 31, 2014 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash Equivalents $ — $ 3,829 $ — $ 3,829 Equity Securities U.S. Common Stock 37,278 — — 37,278 Non-U.S. Common Stock 1,635 — — 1,635 Balanced Funds — 9,270 — 9,270 Pooled Funds — 154,559 — 154,559 Fixed Income Securities Government & Government Agency Bonds — 10,620 — 10,620 Mutual Funds — 212,007 — 212,007 Corporate Bonds — 63,057 — 63,057 Municipal Bonds — 9,100 — 9,100 Total $ 38,913 $ 462,442 $ — $ 501,355 Receivables $ 446 Total $ 501,801 Non-U.S. Plans for the year ended December 31, 2015 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash $ 13,239 $ — $ — $ 13,239 Equity Securities U.S. Large Cap 74,306 17,118 — 91,424 U.S. Mid Cap 262 — — 262 U.S. Small Cap 230 — — 230 Non-U.S. Large Cap 73,578 12,372 — 85,950 Non-U.S. Mid Cap 2,175 — — 2,175 Non-U.S. Small Cap 226 — — 226 Emerging Markets 33,291 2,152 — 35,443 Fixed Income Securities U.S. Treasuries/Government Bonds 67 — — 67 Non-U.S. Treasuries/Government Bonds 121,552 55,184 — 176,736 Non-U.S. Corporate Bonds 56,238 174,626 — 230,864 Non-U.S. Asset-Backed Securities — 26,132 — 26,132 Non-U.S. Other Fixed Income 1,625 — — 1,625 Alternative Types of Investments Insurance Contracts 299 36,447 — 36,746 Hedge Funds — — 17,034 17,034 Absolute Return Funds 2,566 16,603 — 19,169 Real Estate Non-U.S. Real Estate — 13,985 39,307 53,292 Total $ 379,654 $ 354,619 $ 56,341 $ 790,614 Non-U.S. Plans for the year ended December 31, 2014 (DOLLARS IN THOUSANDS) Level 1 Level 2 Level 3 Total Cash $ 10,792 $ — $ — $ 10,792 Equity Securities U.S. Large Cap 64,852 8,295 — 73,147 Non-U.S. Large Cap 83,671 5,853 — 89,524 Non-U.S. Mid Cap 145 — — 145 Non-U.S. Small Cap 33 — — 33 Emerging Markets 52,664 1,214 — 53,878 Fixed Income Securities U.S. Treasuries/Government Bonds 47 — — 47 Non-U.S. Treasuries/Government Bonds 163,143 100,544 — 263,687 Non-U.S. Corporate Bonds 62,630 186,837 — 249,467 Non-U.S. Asset-Backed Securities — 16,375 — 16,375 Non-U.S. Other Fixed Income 1,409 — — 1,409 Alternative Types of Investments Insurance Contracts 316 — — 316 Hedge Funds — — 14,775 14,775 Other 904 — — 904 Absolute Return Funds — 17,135 — 17,135 Private Equity Funds — — 6 6 Real Estate Non-U.S. Real Estate (1) — 11,697 49,556 61,253 Total $ 440,606 $ 347,950 $ 64,337 $ 852,893 |
Reconciliation of Level 3 Non-U.S. Plan Assets Held | The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2015 : Non-U.S. Plans (DOLLARS IN THOUSANDS) Real Estate Private Equity Hedge Funds Total Ending balance as of December 31, 2014 $ 49,556 $ 6 $ 14,775 $ 64,337 Actual return on plan assets (10,249 ) (6 ) 2,259 (7,996 ) Ending balance as of December 31, 2015 $ 39,307 $ — $ 17,034 $ 56,341 |
Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation | The following weighted average assumptions were used to determine our postretirement benefit expense and obligation for the years ended December 31: Expense Liability 2015 2014 2015 2014 Discount rate 3.90 % 4.80 % 4.20 % 3.90 % Current medical cost trend rate 5.80 % 6.50 % 7.15 % 5.80 % Ultimate medical cost trend rate 4.75 % 4.75 % 4.75 % 4.75 % Medical cost trend rate decreases to ultimate rate in year 2023 2021 2023 2023 |
Sensitivity of Disclosures to Changes in Selected Assumptions | Sensitivity of Disclosures to Changes in Selected Assumptions 25 BP Decrease in Discount Rate 25 BP Decrease in Discount Rate 25 BP Decrease in Long-Term Rate of Return (DOLLARS IN THOUSANDS) Change in PBO Change in ABO Change in pension expense Change in pension expense U.S. Pension Plans $ 17,519 $ 17,359 $ (5 ) $ 1,186 Non-U.S. Pension Plans 39,727 37,661 2,478 1,963 Postretirement Benefit Plan N/A 2,376 85 N/A |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Carrying Amount and Estimated Fair Value of Financial Instruments | The amounts recorded in the balance sheet (carrying amount) and the estimated fair values of financial instruments at December 31 consisted of the following: 2015 2014 (DOLLARS IN THOUSANDS) Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents (1) $ 181,988 $ 181,988 $ 478,573 $ 478,573 Credit facilities and bank overdrafts (2) 142,105 142,105 12,335 12,335 Long-term debt: (3) Senior notes — 2006 125,000 127,717 125,000 133,137 Senior notes — 2007 500,000 563,855 500,000 587,650 Senior notes — 2013 299,809 290,830 299,782 296,290 _______________________ (1) The carrying amount of cash and cash equivalents approximates fair value due to the short maturity of those instruments. (2) The carrying amount of our credit facilities and bank overdrafts approximates fair value as the interest rate is reset frequently based on current market rates as well as the short maturity of those instruments. (3) The fair value of our long-term debt was calculated using discounted cash flows applying current interest rates and current credit spreads based on our own credit risk. |
Derivative Instruments Notional Amount Outstanding | The following table shows the notional amount of the Company’s derivative instruments outstanding as of December 31, 2015 and December 31, 2014 : (DOLLARS IN THOUSANDS) December 31, 2015 December 31, 2014 Forward currency contracts $ 256,200 $ 191,150 Interest rate swaps $ 775,000 $ 425,000 |
Derivative Instruments Measured at Fair Value | The following tables show the Company’s derivative instruments measured at fair value (Level 2 of the fair value hierarchy) as reflected in the Consolidated Balance Sheets as of December 31, 2015 and December 31, 2014 (in thousands): December 31, 2015 Fair Value of Derivatives Designated as Hedging Instruments Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value Derivative assets (a) Foreign currency contracts $ 6,560 $ 3,700 $ 10,260 Interest rate swaps 1,210 — 1,210 $ 7,770 $ 3,700 $ 11,470 Derivative liabilities (b) Foreign currency contracts $ 2,106 $ 3,022 $ 5,128 December 31, 2014 Fair Value of Derivatives Designated as Hedging Instruments Fair Value of Derivatives Not Designated as Hedging Instruments Total Fair Value Derivative assets (a) Foreign currency contracts $ 16,637 $ 4,398 $ 21,035 Interest rate swaps 683 — 683 $ 17,320 $ 4,398 $ 21,718 Derivative liabilities (b) Foreign currency contracts $ 6 $ 1,055 $ 1,061 _______________________ (a) Derivative assets are recorded to Prepaid expenses and other current assets in the Consolidated Balance Sheet. (b) Derivative liabilities are recorded as Other current liabilities in the Consolidated Balance Sheet. |
Derivative Instruments Which Were Not Designated as Hedging Instruments | The following table shows the effect of the Company’s derivative instruments which were not designated as hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2015 and December 31, 2014 (in thousands): Derivatives Not Designated as Hedging Instruments Amount of Gain For the years ended December 31, Location of Gain Recognized in Income on Derivative 2015 2014 Foreign currency contract $ 8,644 $ 25,678 Other (income) expense, net |
Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments | The following table shows the effect of the Company’s derivative instruments designated as cash flow and net investment hedging instruments in the Consolidated Statement of Income and Comprehensive Income for the years ended December 31, 2015 and December 31, 2014 (in thousands): Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) For the years ended December 31, For the years ended December 31, 2015 2014 2015 2014 Derivatives in Cash Flow Hedging Relationships: Forward currency contract (3,244 ) 16,109 Cost of goods sold 16,250 (3,675 ) Interest rate swaps (2) 274 274 Interest expense (274 ) (274 ) Derivatives in Net Investment Hedging Relationships: Forward currency contract 5,231 7,415 N/A — — Total $ 2,261 $ 23,798 $ 15,976 $ (3,949 ) _______________________ (1) Ten year swap executed in 2003, matured in January 2013. (2) Interest rate swaps were entered into as pre-issuance hedges for the $300 million bond offering. |
Accumulated Other Comprehensi41
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total (DOLLARS IN THOUSANDS) Accumulated other comprehensive loss, net of tax, as of December 31, 2014 $ (173,342 ) $ 12,371 $ (379,459 ) $ (540,430 ) OCI before reclassifications (124,156 ) 13,006 33,410 (77,740 ) Amounts reclassified from AOCI — (15,976 ) 20,707 4,731 Net current period other comprehensive income (loss) (124,156 ) (2,970 ) 54,117 (73,009 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2015 $ (297,498 ) $ 9,401 $ (325,342 ) $ (613,439 ) Foreign Currency Translation Adjustments (Losses) Gains on Derivatives Qualifying as Hedges Pension and Postretirement Liability Adjustment Total (DOLLARS IN THOUSANDS) Accumulated other comprehensive (loss) income, net of tax, as of December 31, 2013 $ (104,278 ) $ (4,012 ) $ (284,421 ) $ (392,711 ) OCI before reclassifications (69,064 ) 12,434 (111,915 ) (168,545 ) Amounts reclassified from AOCI — 3,949 16,877 20,826 Net current period other comprehensive income (loss) (69,064 ) 16,383 (95,038 ) (147,719 ) Accumulated other comprehensive loss, net of tax, as of December 31, 2014 $ (173,342 ) $ 12,371 $ (379,459 ) $ (540,430 ) |
Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income | The following table provides details about reclassifications out of accumulated other comprehensive income to the Consolidated Statement of Comprehensive Income: December 31, 2015 December 31, 2014 Affected Line Item in the (DOLLARS IN THOUSANDS) (Losses) gains on derivatives qualifying as hedges Foreign currency contracts 18,571 (4,426 ) Cost of goods sold Interest rate swaps (274 ) (274 ) Interest expense (2,321 ) 751 Provision for income taxes $ 15,976 $ (3,949 ) Total, net of income taxes (Losses) gains on pension and postretirement liability adjustments Settlements / Curtailments $ — $ (43 ) (a) Prior service cost 6,389 (63 ) (a) Actuarial losses (36,167 ) (28,219 ) (a) 9,071 11,448 Provision for income taxes $ (20,707 ) $ (16,877 ) Total, net of income taxes (a) The amortization of prior service cost and actuarial loss is included in the computation of net periodic benefit cost. Refer to Note 14 to the Consolidated Financial Statements - Employee Benefits for additional information regarding net periodic benefit cost. |
Nature of Operations and Summ42
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 282,181 | $ 275,161 |
Work in process | 17,450 | 17,705 |
Finished goods | 289,388 | 275,863 |
Total | $ 589,019 | $ 568,729 |
Nature of Operations and Summ43
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Proceeds from Sale of Finance Receivables | $ 3,400 | $ 33,100 | $ 6,500 |
Length of time financial statements and notes presented | 375 days | 365 days | 365 days |
Minimum percentage chance of tax benefit realization in final settlement | 50.00% | ||
Prior service costs from plan improvements amortization period, minimum, years | 10 years | ||
Prior service costs from plan improvements amortization period, maximum, years | 20 years | ||
Amortization period of internal and external development costs, years | 7 years | ||
Stock options and stock settled appreciation rights (SSARs) excluded from calculation of diluted shares | 0 | ||
Difference amount between basic and diluted net income per share | $ 0.01 | $ 0.01 | $ 0.01 |
Net income | $ 419,247 | $ 414,543 | $ 353,544 |
Assets | 3,721,454 | 3,494,621 | |
PRS [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Net income | $ 2,000 | 2,400 | $ 2,300 |
Machinery and equipment [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property, plant and equipment, years | 20 years | ||
Minimum [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Length of time Company historically operated | 365 days | ||
Other intangible assets amortized period, years | 6 years | ||
Minimum [Member] | Buildings And Improvements [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property, plant and equipment, years | 10 years | ||
Minimum [Member] | Machinery and equipment [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property, plant and equipment, years | 3 years | ||
Minimum [Member] | Information Technology Hardware And Software [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property, plant and equipment, years | 3 years | ||
Maximum [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Length of time Company historically operated | 372 days | ||
Other intangible assets amortized period, years | 30 years | ||
Maximum [Member] | Buildings And Improvements [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property, plant and equipment, years | 40 years | ||
Maximum [Member] | Information Technology Hardware And Software [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life of property, plant and equipment, years | 7 years | ||
Flavors [Member] | Operating Segments [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Assets | $ 1,607,577 | 1,539,254 | |
Fragrances [Member] | Operating Segments [Member] | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Assets | $ 1,989,020 | $ 1,753,477 |
Nature of Operations and Summ44
Nature of Operations and Summary of Significant Accounting Policies - Reconciliation of Shares Used in Computation of Basic and Diluted Net Income Per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Basic | 80,449 | 80,936 | 81,322 |
Assumed dilution under stock plans | 442 | 558 | 608 |
Diluted | 80,891 | 81,494 | 81,930 |
Nature of Operations and Summ45
Nature of Operations and Summary of Significant Accounting Policies Nature of Operations and Summary of Significant Accounting Policies - Effect of early Adoption of accounting Pronouncement (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred tax asset, current | $ 0 | $ 27,709 |
Deferred tax asset, noncurrent | 166,323 | 183,047 |
Deferred tax liabilities, current | (882) | |
Deferred tax liabilities, noncurrent | (11,882) | |
Total net deferred tax assets | $ 102,425 | 197,992 |
Pro Forma [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncement, Early Adoption [Line Items] | ||
Deferred tax asset, current | 0 | |
Deferred tax asset, noncurrent | 208,455 | |
Deferred tax liabilities, current | 0 | |
Deferred tax liabilities, noncurrent | (10,463) | |
Total net deferred tax assets | $ 197,992 |
Restructuring and Other Charg46
Restructuring and Other Charges, Net - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)Position | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Position | Dec. 31, 2013USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, accelerated depreciation of fixed assets | $ 5,100 | |||
Restructuring, plant shutdown and other related costs | 1,300 | |||
Restructuring charges | $ 7,594 | 6,398 | $ 7,401 | |
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 7,594 | (46) | 2,151 | |
Decrease in provision for severance costs or other employee-related liabilities | $ 500 | |||
Fragrance Ingredients Rationalization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, expected charges | 13,800 | |||
Restructuring, accelerated depreciation of fixed assets | 10,300 | 5,200 | ||
Restructuring, personnel-related costs | 2,200 | 2,200 | ||
Restructuring, plant shutdown and other related costs | $ 1,300 | |||
Restructuring charges | $ 7,400 | |||
Expected number of positions eliminated | Position | 43 | |||
European Rationalization [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 1,100 | |||
2015 Severance Initiatives [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected number of positions eliminated | Position | 150 | |||
Other Charges [Member] | 2015 Severance Initiatives [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 7,600 | |||
Aromor [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 7,200 |
Restructuring and Other Charg47
Restructuring and Other Charges - Movements in Restructuring and Related Accruals (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Restructuring Reserve [Roll Forward] | |||||
Balance | $ 759 | $ 2,116 | $ 3,149 | ||
Additional charges (reversals), net | 7,594 | 6,398 | 7,401 | ||
Non-cash charges | 0 | (5,100) | (5,250) | ||
Payments and other costs | (471) | (2,655) | (3,184) | ||
Balance | 7,882 | 759 | 2,116 | ||
Employee-Related [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance | 759 | [1] | 2,116 | 3,149 | |
Additional charges (reversals), net | 7,594 | $ (46) | 2,151 | ||
Non-cash charges | 0 | 0 | |||
Payments and other costs | (471) | $ (1,311) | (3,184) | ||
Balance | 7,882 | 759 | [1] | 2,116 | |
Asset - Related/and Other [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Balance | 0 | 0 | 0 | ||
Additional charges (reversals), net | 0 | 6,444 | 5,250 | ||
Non-cash charges | 0 | (5,100) | (5,250) | ||
Payments and other costs | 0 | (1,344) | 0 | ||
Balance | $ 0 | $ 0 | $ 0 | ||
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Acquisitions (Details)
Acquisitions (Details) $ in Thousands, € in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 493,424 | $ 102,500 | $ 0 | ||||||
Goodwill | $ 941,389 | 941,389 | 675,484 | 665,582 | $ 665,582 | ||||
Business Combination, Contingent Consideration, Held in Escrow | 15,000 | ||||||||
Additional charges (reversals), net | $ 7,594 | $ 6,398 | $ 7,401 | ||||||
Lucas Meyer [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100.00% | ||||||||
Business Combination, Consideration Transferred | € 284 | $ 312,000 | |||||||
Cash Acquired from Acquisition | 4,800 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 282 | 309,700 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | € 2 | 2,200 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 289,500 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 164,500 | ||||||||
Goodwill | 184,700 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | $ 52,000 | ||||||||
Henry H Ottens Manufacturing Co [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100.00% | ||||||||
Cash Acquired from Acquisition | $ 10,400 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 198,900 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 162,100 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 80,000 | ||||||||
Goodwill | $ 82,100 | ||||||||
Aromor [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 100.00% | ||||||||
Cash Acquired from Acquisition | $ 100 | ||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 102,600 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 54,700 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 53,300 | ||||||||
Goodwill | 9,900 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 8,500 | ||||||||
Business Combination, Contingent Consideration, Held in Escrow | $ 15,000 | ||||||||
Aromor [Member] | Selling, General and Administrative Expenses [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Additional charges (reversals), net | $ 7,200 | ||||||||
Maximum [Member] | Lucas Meyer [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 30 years | 30 years | |||||||
Maximum [Member] | Henry H Ottens Manufacturing Co [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | ||||||||
Maximum [Member] | Aromor [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 19 years | ||||||||
Minimum [Member] | Lucas Meyer [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | 10 years | |||||||
Minimum [Member] | Henry H Ottens Manufacturing Co [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||
Minimum [Member] | Aromor [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years |
Property, Plant and Equipment49
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,812,283 | $ 1,766,746 | |
Accumulated depreciation | (1,079,489) | (1,046,478) | |
Property, plant and equipment, net | 732,794 | 720,268 | |
Depreciation expense | 74,800 | 82,000 | $ 77,000 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 22,896 | 16,448 | |
Buildings and improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 538,096 | 411,157 | |
Machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 991,746 | 935,340 | |
Information technology [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 183,759 | 257,092 | |
Construction in process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 75,786 | $ 146,709 |
Goodwill and Other Intangible50
Goodwill and Other Intangible Assets, Net Goodwill and Other Intangible Assets, Net - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 675,484 | $ 665,582 | $ 665,582 |
Goodwill, Acquired During Period | 265,905 | 9,902 | 0 |
Goodwill | $ 941,389 | $ 675,484 | $ 665,582 |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets, Net - Schedule of Goodwill by Operating Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ||||
Goodwill | $ 941,389 | $ 675,484 | $ 665,582 | $ 665,582 |
Flavors [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 401,494 | 319,479 | ||
Fragrances [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 539,895 | $ 356,005 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets, Net - Trademark and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 463,085 | $ 218,676 |
Total accumulated amortization | (157,081) | (142,119) |
Other intangible assets, net | 306,004 | 76,557 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 293,799 | 82,155 |
Total accumulated amortization | (66,324) | (56,235) |
Trade Names and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 34,182 | 11,460 |
Total accumulated amortization | (10,282) | (8,686) |
Technological Know-how [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 112,393 | 107,691 |
Total accumulated amortization | (65,258) | (62,699) |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 22,711 | 17,370 |
Total accumulated amortization | $ (15,217) | $ (14,499) |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 15 | $ 7.3 | $ 6.1 |
Estimated annual amortization, 2016 | 21.3 | ||
Estimated annual amortization, 2017 | 21.3 | ||
Estimated annual amortization, 2018 | 21.3 | ||
Estimated annual amortization, 2019 | 20.5 | ||
Estimated annual amortization, 2020 | $ 19.8 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Assets [Abstract] | ||
Overfunded pension plans | $ 4,906 | $ 1,338 |
Cash surrender value of life insurance contracts | 41,957 | 42,378 |
Other | 72,197 | 85,522 |
Total | $ 119,060 | $ 129,238 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Liabilities, Current [Abstract] | ||||
Accrued payrolls and bonuses | $ 48,843 | $ 71,264 | ||
VAT payable | 10,241 | 15,125 | ||
Interest payable | 12,515 | 12,974 | ||
Current pension and other postretirement benefit obligation | 10,620 | 11,902 | ||
Accrued insurance (including workers’ compensation) | 10,857 | 10,718 | ||
Restructuring and other charges | 7,882 | 759 | $ 2,116 | $ 3,149 |
Other | 161,524 | 133,970 | ||
Total | $ 262,482 | $ 256,712 |
Sale and Leaseback Transactio56
Sale and Leaseback Transactions - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Sale Leaseback Transaction [Line Items] | ||
Deferred gain on sale of property | $ 38.4 | $ 41.6 |
Deferred Gains and Other Current Liabilities [Member] | ||
Sale Leaseback Transaction [Line Items] | ||
Deferred gain on sale of property | $ 35.2 | $ 38.4 |
Borrowings - Components of Debt
Borrowings - Components of Debt (Detail) - USD ($) $ in Thousands | Apr. 04, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||
Total debt | $ 1,070,193 | $ 942,322 | |
Less: Current portion of long-term debt | (132,349) | (8,090) | |
Long-term debt, noncurrent | $ 937,844 | 934,232 | |
Senior Notes - 2006 [Member] | |||
Debt Instrument [Line Items] | |||
Rate | 6.14% | ||
Maturities | 2,016 | ||
Credit facilities | $ 125,000 | 125,000 | |
Senior Notes - 2007 [Member] | |||
Debt Instrument [Line Items] | |||
Rate | 6.40% | ||
Credit facilities | $ 500,000 | 500,000 | |
Senior Notes - 2007 [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Maturities | 2,017 | ||
Senior Notes - 2007 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Maturities | 2,027 | ||
Senior Notes - 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Rate | 3.20% | 3.20% | |
Debt Instrument, Maturity Date | May 1, 2023 | ||
Maturities | 2,023 | ||
Credit facilities | $ 299,809 | 299,782 | |
Revolver Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Rate | 1.13% | ||
Maturities | 2,019 | ||
Credit facilities | $ 131,196 | 0 | |
Bank overdrafts and other [Member] | |||
Debt Instrument [Line Items] | |||
Bank overdrafts and other | 10,909 | 12,335 | |
Deferred realized gains on interest rate swaps [Member] | |||
Debt Instrument [Line Items] | |||
Deferred realized gains on interest rate swaps | $ 3,279 | $ 5,205 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) | Apr. 04, 2013USD ($) | Sep. 27, 2007USD ($) | Mar. 31, 2008USD ($) | Mar. 31, 2015Agreement | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2006USD ($) | Dec. 31, 2014USD ($) | Apr. 04, 2014USD ($) | Nov. 09, 2011 |
Schedule Of Borrowings [Line Items] | ||||||||||||
Revolving credit facility | $ 950,000,000 | |||||||||||
Borrowing terms under new facility | Borrowings under the Credit Facility bear interest at an annual rate of LIBOR plus a margin, currently 112.5 bps, linked to our credit rating. | |||||||||||
Covenant terms under new facility | The New Facility contains various affirmative and negative covenants, including the requirement for us to maintain, at the end of each fiscal quarter, a ratio of net debt for borrowed money to adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) in respect of the previous 12-month period of not more than 3.25 to 1. | |||||||||||
Ratio of net debt | 3.25 | |||||||||||
Amount still available for additional borrowings | $ 790,700,000 | |||||||||||
Long-term debt | 937,844,000 | $ 934,232,000 | ||||||||||
Current portion of long-term debt | 132,349,000 | 8,090,000 | ||||||||||
Bank overdrafts outstanding | $ 203,000,000 | $ 3,000,000 | ||||||||||
Weighted average interest rate of bank loans | 2.67% | 4.13% | ||||||||||
Average interest rate on outstanding borrowings | 0.35% | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | |||||||||||
Maturities on debt outstanding, 2015 | $ 0 | |||||||||||
Number of interest rate swap agreements | Agreement | 3 | |||||||||||
Realized gain on termination of interest rate swap | $ 18,000,000 | |||||||||||
Maximum [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Commercial paper term, in days | 30 days | |||||||||||
Bank overdrafts outstanding | $ 415,400,000 | $ 295,800,000 | $ 8,800,000 | |||||||||
Senior Notes - 2007 [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 500,000,000 | |||||||||||
Interest rate of debt | 6.40% | |||||||||||
Debt Instrument, Fair Value Disclosure | $ 127,700,000 | |||||||||||
Senior Notes - 2007 [Member] | Series A Senior Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 250,000,000 | |||||||||||
Interest rate of debt | 6.25% | |||||||||||
Debt Instrument, Maturity Date | Sep. 27, 2017 | |||||||||||
Senior Notes - 2007 [Member] | Series B Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 100,000,000 | |||||||||||
Interest rate of debt | 6.35% | |||||||||||
Debt Instrument, Maturity Date | Sep. 27, 2019 | |||||||||||
Senior Notes - 2007 [Member] | Series C Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 50,000,000 | |||||||||||
Interest rate of debt | 6.50% | |||||||||||
Debt Instrument, Maturity Date | Sep. 27, 2022 | |||||||||||
Senior Notes - 2007 [Member] | Series D Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 100,000,000 | |||||||||||
Interest rate of debt | 6.79% | |||||||||||
Debt Instrument, Maturity Date | Sep. 27, 2027 | |||||||||||
Senior Notes - 2006 [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 375,000,000 | |||||||||||
Interest rate of debt | 6.14% | |||||||||||
Repayment of debt | 100,000,000 | $ 100,000,000 | $ 50,000,000 | |||||||||
Debt Instrument, Fair Value Disclosure | 563,900,000 | |||||||||||
Senior Notes - 2006 [Member] | Series A Senior Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 50,000,000 | |||||||||||
Interest rate of debt | 5.89% | |||||||||||
Debt Instrument, Maturity Date | Jul. 12, 2009 | |||||||||||
Senior Notes - 2006 [Member] | Series B Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 100,000,000 | |||||||||||
Interest rate of debt | 5.96% | |||||||||||
Debt Instrument, Maturity Date | Jul. 12, 2011 | |||||||||||
Senior Notes - 2006 [Member] | Series C Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 100,000,000 | |||||||||||
Interest rate of debt | 6.05% | |||||||||||
Debt Instrument, Maturity Date | Jul. 12, 2013 | |||||||||||
Senior Notes - 2006 [Member] | Series D Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 125,000,000 | |||||||||||
Interest rate of debt | 6.14% | |||||||||||
Debt Instrument, Maturity Date | Jul. 12, 2016 | |||||||||||
Senior Notes - 2013 [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Senior notes | $ 300,000,000 | |||||||||||
Interest rate of debt | 3.20% | 3.20% | ||||||||||
Senior notes discount | $ 300,000 | |||||||||||
Proceeds related to the issuance of Senior Notes | 297,800,000 | |||||||||||
Underwriting discount | 1,900,000 | |||||||||||
Other deferred financing costs | $ 900,000 | |||||||||||
Senior notes interest payable description | interest payable on May 1 and November 1 of each year | |||||||||||
Debt Instrument, Maturity Date | May 1, 2023 | |||||||||||
Notice to holders of the Senior Notes | Upon 30 days’ notice to holders of the Senior Notes - 2013, the Company may redeem the Senior Notes - 2013 for cash in whole | |||||||||||
Redemptions of the Senior Notes | redemptions of the Senior Notes - 2013 on or after February 1, 2023 | |||||||||||
Repurchase price of principal amount of Senior Notes in percentage | 101.00% | |||||||||||
Debt Instrument, Fair Value Disclosure | $ 290,800,000 | |||||||||||
Senior Notes [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Maturities on debt outstanding, 2015 | $ 125,000,000 | |||||||||||
Maturities on debt outstanding, 2016 | 250,000,000 | |||||||||||
Maturities on debt outstanding, 2018 | 100,000,000 | |||||||||||
Maturities on debt outstanding, 2019 and thereafter | 450,000,000 | |||||||||||
Deferred realized gains on interest rate swaps [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Deferred realized gains on interest rate swaps | $ 3,279,000 | $ 5,205,000 | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Margin on variable rate | 1.25% | |||||||||||
Tranche A [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Revolving credit facility | 456,000,000 | |||||||||||
Tranche A [Member] | Letter of credit [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Revolving credit facility | 25,000,000 | |||||||||||
Tranche B [Member] | ||||||||||||
Schedule Of Borrowings [Line Items] | ||||||||||||
Revolving credit facility | $ 494,000,000 |
Income Taxes - Schedule of Earn
Income Taxes - Schedule of Earnings before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
U.S. income (loss) before taxes | $ 29,792 | $ 17,650 | $ (20,727) |
Foreign income before taxes | 509,309 | 531,411 | 505,937 |
Income before taxes | $ 539,101 | $ 549,061 | $ 485,210 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Current | ||||
Federal | $ 7,648 | $ 1,175 | $ 8,658 | |
State and local | 199 | 264 | 1,246 | |
Foreign | 98,964 | 109,729 | [1] | 122,246 |
Total current income tax provision | 106,811 | 111,168 | 132,150 | |
Deferred | ||||
Federal | 14,379 | 20,795 | (4,686) | |
State and local | 399 | 113 | 262 | |
Foreign | (1,735) | 2,442 | [1] | 3,940 |
Total deferred income tax provision | 13,043 | 23,350 | (484) | |
Total income taxes | $ 119,854 | $ 134,518 | $ 131,666 | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ5ZmViYWRlN2ZkZDRlMDViMjc2M2JmNGZlMjk0YjFhfFRleHRTZWxlY3Rpb246QkMwNDk0OUQxMEE4ODZEQ0E4NjlDRDc1RDcyQ0EzNEYM} |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate to Actual Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Difference in effective tax rate on foreign earnings and remittances | (10.70%) | (9.90%) | (10.20%) |
Unrecognized tax benefit, net of reversals | (0.80%) | 0.80% | 1.00% |
Spanish tax charges | (0.40%) | 0.00% | 1.30% |
Spanish dividend withholdings | 0.00% | (0.70%) | 0.00% |
State and local taxes | 0.10% | 0.10% | 0.20% |
Other, net | (1.00%) | (0.80%) | (0.20%) |
Effective tax rate | 22.20% | 24.50% | 27.10% |
Income Taxes - Schedule of In62
Income Taxes - Schedule of Income Tax Provision (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Tax [Line Items] | ||||
Foreign, Current | $ 98,964 | $ 109,729 | [1] | $ 122,246 |
Total deferred income tax provision | $ 13,043 | $ 23,350 | $ (484) | |
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjQ5ZmViYWRlN2ZkZDRlMDViMjc2M2JmNGZlMjk0YjFhfFRleHRTZWxlY3Rpb246QkMwNDk0OUQxMEE4ODZEQ0E4NjlDRDc1RDcyQ0EzNEYM} |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands, € in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013EUR (€) | Dec. 31, 2013USD ($) | Dec. 31, 2012EUR (€) | Dec. 31, 2012USD ($) | Mar. 31, 2015EUR (€) | Mar. 31, 2015USD ($) | Dec. 31, 2014EUR (€) | Dec. 31, 2014USD ($) | Jan. 31, 2013EUR (€) | Jan. 31, 2013USD ($) | |
Income Taxes [Line Items] | ||||||||||||||||
U.S. federal tax rate | 35.00% | 35.00% | 35.00% | 35.00% | ||||||||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Foreign, Amount | $ 10,500 | |||||||||||||||
Overall Spanish tax settlement | 3,800 | |||||||||||||||
Reversals of liabilities for uncertain tax positions | 2,800 | $ 4,900 | $ 2,300 | |||||||||||||
Operating loss carryforwards | 183,594 | 180,296 | ||||||||||||||
Deferred tax assets deferred income | $ 128,700 | |||||||||||||||
Percentage of foreign dividend | 100.00% | |||||||||||||||
Deferred tax asset | $ 186,100 | |||||||||||||||
Valuation allowance for net operating loss carryforwards | 136,800 | |||||||||||||||
Tax credits established against deferred tax assets | 9,500 | |||||||||||||||
Valuation allowance established against certain other net deferred tax assets | 193,100 | |||||||||||||||
Reduction in accrual for interest and penalties | 1,400 | 5,200 | 100 | |||||||||||||
Accrued interest and penalties | 800 | 2,300 | 1,700 | |||||||||||||
Tax benefits credited to Shareholders' equity | 200 | $ 200 | 600 | |||||||||||||
Undistributed earnings of foreign subsidiaries | 1,600,000 | |||||||||||||||
Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 233,600 | |||||||||||||||
Provision for uncertain tax positions | 25,000 | |||||||||||||||
Other liabilities [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Unrecognized tax benefits that would impact effective tax rate | 24,200 | 21,600 | 22,300 | |||||||||||||
Other Current Liabilities [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Unrecognized tax benefits that would impact effective tax rate | 700 | |||||||||||||||
2014 to 2033 [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Operating loss carryforwards | 144,100 | 140,600 | ||||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 4,200 | |||||||||||||||
Tax credit carryforwards | 42,000 | 40,000 | ||||||||||||||
Indefinite [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Operating loss carryforwards | 139,900 | |||||||||||||||
2002-2003 [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Overall Spanish tax settlement | $ 6,200 | |||||||||||||||
Foreign Tax Authority [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | € 3.9 | 5,200 | ||||||||||||||
Other Liabilities [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Accrued interest and penalties | $ 500 | |||||||||||||||
Tax Year 2003 [Member] | Foreign Tax Authority [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Assessment imposed | € 22.4 | $ 28,600 | ||||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | € 20.8 | $ 27,300 | ||||||||||||||
Tax Year 2002 [Member] | Foreign Tax Authority [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Assessment imposed | € 1.9 | $ 2,300 | ||||||||||||||
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | € 1.9 | $ 2,300 | ||||||||||||||
Tax Year 1995 to Tax Year 2001 [Member] | Foreign Tax Authority [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Assessment imposed | $ 12,000 | |||||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | € 4.5 | $ 4,900 | € (9.8) | $ (12,800) | ||||||||||||
Tax Year 2001 [Member] | Foreign Tax Authority [Member] | ||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | € (3.6) | $ (4,300) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Employee and retiree benefits | $ 128,429 | $ 164,542 |
Credit and net operating loss carryforwards | 183,594 | 180,296 |
Trademarks and other | 143,727 | 169,088 |
Amortizable R&D expenses | 56,091 | 48,982 |
Other, net | 14,026 | 17,320 |
Gross deferred tax assets | 525,867 | 580,228 |
Property, plant and equipment, net | (11,337) | (7,275) |
Trademarks and other | (72,710) | (19,393) |
Gross deferred tax liabilities | (84,047) | (26,668) |
Valuation allowance | (339,395) | (355,568) |
Total net deferred tax assets | $ 102,425 | $ 197,992 |
Income Taxes - Schedule of De65
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Narrative) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Increase (Decrease) in deferred tax assets | $ (10) | $ (81) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance of unrecognized tax benefits at beginning of year | $ 23,055 | $ 21,553 | $ 41,153 |
Gross amount of increases in unrecognized tax benefits as a result of positions taken during a prior year | 18 | 1,795 | 7,364 |
Gross amount of decreases in unrecognized tax benefits as a result of positions taken during a prior year | (43) | (823) | (993) |
Gross amount of increases in unrecognized tax benefits as a result of positions taken during the current year | 12,011 | 5,378 | 4,951 |
The amounts of decreases in unrecognized benefits relating to settlements with taxing authorities | (10,221) | 0 | (26,712) |
Reduction in unrecognized tax benefits due to the lapse of applicable statute of limitation | (622) | (4,848) | (4,210) |
Balance of unrecognized tax benefits at end of year | $ 24,198 | $ 23,055 | $ 21,553 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2015 | Dec. 31, 2012 | |
Equity [Abstract] | |||||
Cash dividends declared per share | $ 2.06 | $ 1.72 | $ 1.46 | ||
Dividends payable | $ 44,824,000 | $ 37,968,000 | $ 31,700,000 | ||
Dividend per share declared | $ 0.56 | $ 0.47 | $ 0.39 | ||
Shares authorized under repurchase program | $ 250,000,000 | ||||
Stock Repurchase Program, Additional Authorized Amount | $ 250,000,000 | ||||
Remaining authorized repurchase amount | $ 236,700,000 | ||||
Remaining number of shares authorized to be repurchase | 2 | ||||
Stock repurchased during period as percentage of shares outstanding | 2.50% |
Stock Compensation Plans - Addi
Stock Compensation Plans - Additional Information (Detail) - shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | |
2008-2010 Cycle (Cycle VIII) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target dollar value of the award converted to a number of notional shares | 50.00% | |||
Long-Term Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Target payout percentage, cash | 50.00% | |||
Target payout percentage, stock | 50.00% | |||
Vesting period, in years | 3 years | |||
2010-2012 Cycle [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock issued | 90,062 | 65,735 | ||
2010 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized for issuance | 1,500,000 | |||
Shares remaining available for issuance | 1,552,694 | |||
Shares subject to outstanding awards | 1,047,759 | |||
Shares remaining available for future awards | 2,777,127 | |||
RSU's [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period, in years | 3 years | |||
Each twelve-month period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Full three-year period [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 25.00% | |||
Scenario, Forecast [Member] | 2010-2012 Cycle [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock issued | 73,134 |
Stock Compensation Plans - Stoc
Stock Compensation Plans - Stock-Based Compensation Expense Included in Consolidated Statement of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 27,944 | $ 27,002 | $ 27,778 |
Less tax benefit | (8,348) | (8,018) | (8,456) |
Total stock-based compensation, net of tax | 19,596 | 18,984 | 19,322 |
Equity-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | 23,160 | 22,648 | 23,736 |
Liability-based awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation | $ 4,784 | $ 4,354 | $ 4,042 |
Stock Compensation Plans - SSAR
Stock Compensation Plans - SSAR's and Stock Option - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options/SSAR's exercised | $ 7.3 | $ 7.5 | $ 11.3 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options, granted | 0 | 0 | 0 |
SSAR's [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term, in years | 7 years | ||
Shares granted | 0 | ||
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted | $ 0.1 | ||
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted, weighted average period, in years | 2 years 4 months 2 days | ||
SSAR's and Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average exercise price, exercisable | $ 52.10 | $ 47.92 | $ 41.70 |
Stock Compensation Plans - SS71
Stock Compensation Plans - SSAR's and Stock Option Activity (Detail) - SSAR's and Stock Options [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Balance at December 31, 2013, Shares Subject to SSAR's/Options | 151 |
Exercised, Shares Subject to SSAR's/Options | (113) |
Balance at December 31, 2014, Shares Subject to SSAR's/Options | 38 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Balance at December 31, 2013, Weighted Average Exercise Price | $ / shares | $ 51.13 |
Exercised, Weighted Average Exercise Price | $ / shares | 64.66 |
Balance at December 31, 2014, Weighted Average Exercise Price | $ / shares | $ 52.10 |
Balance at December 31, 2013, SSAR's/Options Exercisable | 116 |
Balance at December 31, 2014, SSAR's/Options Exercisable | 38 |
Stock Compensation Plans - SS72
Stock Compensation Plans - SSAR's and Stock Option Outstanding (Detail) - SSAR's and Stock Options [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | shares | 38 |
Weighted Average Exercise Price | $ 52.59 |
Aggregate Intrinsic Value | $ | $ 2,566 |
$26 - $30 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | shares | 1 |
Price Range, lower limit | $ 26 |
Price Range, upper limit | $ 30 |
Weighted Average Remaining Contractual Life (in years) | 4 months 24 days |
Weighted Average Exercise Price | $ 30.48 |
$31 - $35 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | shares | 0 |
Price Range, lower limit | $ 31 |
Price Range, upper limit | $ 35 |
Weighted Average Remaining Contractual Life (in years) | 0 years |
Weighted Average Exercise Price | $ 0 |
$36 - $40 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | shares | 5 |
Price Range, lower limit | $ 36 |
Price Range, upper limit | $ 40 |
Weighted Average Remaining Contractual Life (in years) | 4 months 24 days |
Weighted Average Exercise Price | $ 36 |
$41 - $50 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | shares | 0 |
Price Range, lower limit | $ 41 |
Price Range, upper limit | $ 50 |
Weighted Average Remaining Contractual Life (in years) | 0 years |
Weighted Average Exercise Price | $ 0 |
$51 - $60 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | shares | 24 |
Price Range, lower limit | $ 51 |
Price Range, upper limit | $ 60 |
Weighted Average Remaining Contractual Life (in years) | 1 year 4 months 24 days |
Weighted Average Exercise Price | $ 52.80 |
$61 - $65 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Outstanding | shares | 8 |
Price Range, lower limit | $ 61 |
Price Range, upper limit | $ 65 |
Weighted Average Remaining Contractual Life (in years) | 2 years 4 months 24 days |
Weighted Average Exercise Price | $ 62.13 |
Stock Compensation Plans - SS73
Stock Compensation Plans - SSAR's and Stock Option Exercisable (Detail) - SSAR's and Stock Options [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Exercisable | shares | 38 |
Exercise Price | $ 52.10 |
Aggregate Intrinsic Value | $ | $ 2,565 |
$26 - $30 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Price Range, lower limit | $ 26 |
Price Range, upper limit | 30 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Lower Range Limit | 26 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Upper Range Limit | $ 30 |
Number Exercisable | shares | 1 |
Contractual Life (in years) | 4 months 24 days |
Exercise Price | $ 30.48 |
$31 - $35 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Price Range, lower limit | 31 |
Price Range, upper limit | 35 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Lower Range Limit | 31 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Upper Range Limit | $ 35 |
Number Exercisable | shares | 0 |
Contractual Life (in years) | 0 years |
Exercise Price | $ 0 |
$36 - $40 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Price Range, lower limit | 36 |
Price Range, upper limit | 40 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Lower Range Limit | 36 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Upper Range Limit | $ 40 |
Number Exercisable | shares | 5 |
Contractual Life (in years) | 4 months 24 days |
Exercise Price | $ 36 |
$41 - $50 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Price Range, lower limit | 41 |
Price Range, upper limit | 50 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Lower Range Limit | 41 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Upper Range Limit | $ 50 |
Number Exercisable | shares | 0 |
Contractual Life (in years) | 0 years |
Exercise Price | $ 0 |
$51 - $60 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Price Range, lower limit | 51 |
Price Range, upper limit | 60 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Lower Range Limit | 51 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Upper Range Limit | $ 55 |
Number Exercisable | shares | 24 |
Contractual Life (in years) | 1 year 4 months 24 days |
Exercise Price | $ 52.80 |
$61 - $65 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Price Range, lower limit | 61 |
Price Range, upper limit | 65 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Lower Range Limit | 61 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Upper Range Limit | $ 65 |
Number Exercisable | shares | 8 |
Contractual Life (in years) | 2 years 4 months 24 days |
Exercise Price | $ 62.13 |
Stock Compensation Plans - Rest
Stock Compensation Plans - Restricted Stock Units Plan - Additional Information (Detail) - RSU's [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage | 100.00% |
Vesting period, in years | 3 years |
Total fair value of vested | $ 22.9 |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted | $ 19.7 |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted, weighted average period, in years | 1 year 10 months 24 days |
Stock Compensation Plans - RSU,
Stock Compensation Plans - RSU, PRS and Cash RSU Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
RSU's [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance at December 31, 2013, Number of Shares | 522,000 | ||
Granted, Number of Shares | 189,000 | ||
Vested, Number of Shares | (196,000) | ||
Forfeited/Cancelled, Number of Shares | (20,000) | ||
Balance at December 31, 2014, Number of Shares | 495,000 | 522,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Balance at December 31, 2013, Weighted Average Grant Date Fair Value Per Share | $ 74.83 | ||
Granted, Weighted Average Grant Date Fair Value Per Share | 112.02 | ||
Vested, Weighted Average Grant Date Fair Value Per Share | 60.50 | ||
Forfeited/Cancelled, Weighted Average Grant Date Fair Value Per Share | 93.20 | ||
Balance at December 31, 2014, Weighted Average Grant Date Fair Value Per Share | $ 93.88 | $ 74.83 | |
PRS [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance at December 31, 2013, Number of Shares | 380,000 | ||
Granted, Number of Shares | 52,577 | 99,091 | 101,326 |
Vested, Number of Shares | (206,000) | ||
Forfeited/Cancelled, Number of Shares | (8,000) | ||
Balance at December 31, 2014, Number of Shares | 219,000 | 380,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Balance at December 31, 2013, Weighted Average Grant Date Fair Value Per Share | $ 57.36 | ||
Granted, Weighted Average Grant Date Fair Value Per Share | 118.10 | ||
Vested, Weighted Average Grant Date Fair Value Per Share | 32.18 | ||
Forfeited/Cancelled, Weighted Average Grant Date Fair Value Per Share | 96.46 | ||
Balance at December 31, 2014, Weighted Average Grant Date Fair Value Per Share | $ 94.03 | $ 57.36 | |
Cash RSU's [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance at December 31, 2013, Number of Shares | 106,000 | ||
Granted, Number of Shares | 34,000 | ||
Vested, Number of Shares | (38,000) | ||
Forfeited/Cancelled, Number of Shares | (3,000) | ||
Balance at December 31, 2014, Number of Shares | 99,000 | 106,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Balance at December 31, 2013, Weighted Average Grant Date Fair Value Per Share | $ 100.85 | ||
Granted, Weighted Average Grant Date Fair Value Per Share | 119.64 | ||
Vested, Weighted Average Grant Date Fair Value Per Share | 117.17 | ||
Forfeited/Cancelled, Weighted Average Grant Date Fair Value Per Share | 115.24 | ||
Balance at December 31, 2014, Weighted Average Grant Date Fair Value Per Share | $ 119.64 | $ 100.85 |
Stock Compensation Plans - Purc
Stock Compensation Plans - Purchased Restricted Stock Plan - Additional Information (Detail) - PRS [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares issued | 52,577 | 99,091 | 101,326 |
Value of shares purchased by employees | $ 6.2 | $ 9.7 | $ 7.8 |
Shares purchased by employees | 26,288 | 49,545 | 50,633 |
Total fair value of vested | $ 24.1 | ||
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted | $ 7.2 | ||
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted, weighted average period, in years | 2 years |
Stock Compensation Plans - Liab
Stock Compensation Plans - Liability Awards - Additional Information (Detail) - Cash RSU's [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage granted in cash to eligible employees | 100.00% |
Vesting percentage | 100.00% |
Vesting period, in years | 3 years |
Total fair value of vested | $ 4.5 |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted | $ 5 |
Unrecognized compensation cost related to non-vested stock options and SSAR, RSU, PRS and Cash RSU awards granted, weighted average period, in years | 1 year 9 months 18 days |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)segmentCustomerCategory | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of segments | segment | 2 | ||
Number of fragrance categories | Category | 2 | ||
Number of customers that accounted for more than 10% of consolidated net sales | Customer | 1 | ||
Property, plant and equipment | $ 732,794 | $ 720,268 | |
Maximum percentage of total consolidated net sales attributed to any non-U.S. country | 10.00% | ||
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment | $ 170,200 | 158,500 | |
Netherlands [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment | 98,900 | 105,400 | |
Customer Concentration Risk [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales related to customer that accounted for more than 10% | 358,900 | 368,200 | $ 354,600 |
Geographic Concentration Risk [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales related to customer that accounted for more than 10% | 644,500 | 652,600 | 653,300 |
Geographic Concentration Risk [Member] | All foreign countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales related to customer that accounted for more than 10% | $ 2,400,000 | $ 2,400,000 | $ 2,300,000 |
Segment Information - Reportabl
Segment Information - Reportable Segment Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,023,189 | $ 3,088,533 | $ 2,952,896 |
Consolidated segment assets | 3,721,454 | 3,494,621 | |
Operating profit | 588,347 | 592,321 | 516,339 |
Interest expense | (46,062) | (46,067) | (46,767) |
Other expense, net | (3,184) | 2,807 | 15,638 |
Income before taxes | $ 539,101 | $ 549,061 | $ 485,210 |
Operating Profit Margin | 19.50% | 19.20% | 17.50% |
Gain on the sale of non-operating asset | $ 14,200 | ||
Restructuring and Other Charges, Net [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit | $ (7,594) | (1,298) | $ (2,151) |
Spanish Capital Tax Charge [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit | 10,530 | 0 | (13,011) |
Acquisition-related Costs [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit | (18,342) | 0 | 0 |
Operational Improvement Initiative Costs [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit | (1,115) | (7,642) | (8,770) |
Accelerated Contingent Consideration [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating profit | $ (7,192) | $ 0 | $ 0 |
Flavors [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit Margin | 22.10% | 22.70% | 22.70% |
Fragrances [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating Profit Margin | 20.40% | 20.60% | 18.50% |
Operating Segments [Member] | Flavors [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 1,442,951 | $ 1,457,055 | $ 1,422,739 |
Consolidated segment assets | 1,607,577 | 1,539,254 | |
Operating profit | 318,476 | 331,257 | 323,562 |
Operating Segments [Member] | Fragrances [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,580,238 | 1,631,478 | 1,530,157 |
Consolidated segment assets | 1,989,020 | 1,753,477 | |
Operating profit | 321,764 | 335,447 | 283,651 |
Global [Member] | |||
Segment Reporting Information [Line Items] | |||
Consolidated segment assets | 124,857 | 201,890 | |
Operating profit | $ (28,180) | $ (65,443) | $ (66,942) |
Segment Information - Capital E
Segment Information - Capital Expenditure and Depreciation and Amortization by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $ 101,030 | $ 143,182 | $ 134,157 |
Depreciation and amortization | 89,597 | 89,354 | 83,227 |
Operating Segments [Member] | Flavors [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 39,416 | 91,104 | 108,215 |
Depreciation and amortization | 45,228 | 36,008 | 33,662 |
Operating Segments [Member] | Fragrances [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 50,597 | 43,948 | 17,616 |
Depreciation and amortization | 39,614 | 43,790 | 39,716 |
Unallocated assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 11,017 | 8,130 | 8,326 |
Depreciation and amortization | $ 4,755 | $ 9,556 | $ 9,849 |
Segment Information - Net Sales
Segment Information - Net Sales by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 3,023,189 | $ 3,088,533 | $ 2,952,896 |
Europe, Africa and Middle East [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 945,675 | 1,041,585 | 971,921 |
Greater Asia [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 839,120 | 856,217 | 823,504 |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 718,614 | 690,214 | 680,840 |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 519,780 | $ 500,517 | $ 476,631 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of active employees with pension and/or other retirement benefit plans covered | 33.33% | |
Percentage of matching contribution if compensation percentage below low range | 100.00% | |
Matching participant's contribution, percentage on compensation | 4.00% | |
Percentage of matching contribution if compensation percentage between high range and low range | 75.00% | |
Matching participant's contribution, percentage on compensation, range low | 4.00% | |
Matching participant's contribution, percentage on compensation, range high | 8.00% | |
Percentage of employees eligible to accrue benefits under the defined plan | 50.00% | |
Matching participant's contribution, average percentage on compensation | 6.00% | |
Retirement liabilities | $ 242,383 | $ 354,333 |
Capital in excess of par value related to Deferred Compensation Plan | 13,900 | 19,000 |
Total cash surrender value of life insurance contracts | 41,957 | 42,378 |
1% increase in accumulated postretirement benefit obligation | 600 | |
1% increase in postretirement expense | 100 | |
1% decrease in accumulated postretirement benefit obligation | 600 | |
1% decrease in postretirement expense | 100 | |
Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit payments | 6,600 | |
Defined Benefit Plan, Benefits Paid | 6,569 | 6,945 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Retirement liabilities | 83,334 | 119,791 |
Contribution to the plans | 38,545 | 23,707 |
Defined Benefit Plan, Benefits Paid | 28,479 | $ 27,341 |
U.S. Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target percentage of investment in equity securities | 40.00% | |
U.S. Pension Plans [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target percentage of investment in equity securities | 60.00% | |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Retirement liabilities | 73,109 | $ 113,103 |
Contribution to the plans | 29,352 | 20,282 |
Defined Benefit Plan, Benefits Paid | $ 29,121 | 32,134 |
Non-U.S. Pension Plans [Member] | Alternative and other investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target percentage of investment in alternative investments, minimum | 5.00% | |
Target percentage of investment in alternative investments, maximum | 10.00% | |
Non-U.S. Pension Plans [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target percentage of investment in alternative investments, minimum | 5.00% | |
Target percentage of investment in alternative investments, maximum | 20.00% | |
Non-U.S. Pension Plans [Member] | Real Estate [Member] | Non-U.S. Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Reclassified amounts from level 2 to level 3 | 44,600 | |
Non-U.S. Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target percentage of investment in alternative investments, minimum | 15.00% | |
Target percentage of investment in alternative investments, maximum | 40.00% | |
Non-U.S. Pension Plans [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target percentage of investment in alternative investments, minimum | 40.00% | |
Target percentage of investment in alternative investments, maximum | 70.00% | |
Qualified U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to the plans | $ 35,100 | |
Non-Qualified U.S. Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit payments | 3,500 | |
Deferred Compensation Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Retirement liabilities | $ 34,600 | $ 33,900 |
Employee Benefits - Plan Assets
Employee Benefits - Plan Assets and Benefit Obligations of Defined Benefit Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | $ 3,144 | $ 3,057 | $ 3,644 |
Interest cost on projected benefit obligation | 23,705 | 25,090 | 23,284 |
Expected return on plan assets | (32,405) | (27,647) | (26,320) |
Net amortization of deferrals | 21,390 | 17,656 | 24,600 |
Settlements and curtailments | 0 | 0 | 0 |
Net periodic benefit cost | 15,834 | 18,156 | 25,208 |
Defined contribution and other retirement plans | 7,104 | 7,854 | 7,326 |
Total expense | 22,938 | 26,010 | 32,534 |
Net actuarial loss (gain) | 7,623 | 50,918 | |
Recognized actuarial loss | (21,207) | (17,345) | |
Prior service cost | 0 | 216 | |
Recognized prior service cost | (183) | (311) | |
Currency translation adjustment | 0 | 0 | |
Total recognized in OCI (before tax effects) | (13,767) | 33,478 | |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | 15,866 | 14,142 | 16,423 |
Interest cost on projected benefit obligation | 25,389 | 33,360 | 31,103 |
Expected return on plan assets | (50,437) | (49,861) | (47,793) |
Net amortization of deferrals | 12,864 | 10,584 | 9,337 |
Settlements and curtailments | 0 | 43 | 215 |
Net periodic benefit cost | 3,682 | 8,268 | 9,285 |
Defined contribution and other retirement plans | 7,028 | 6,323 | 4,094 |
Total expense | 10,710 | 14,591 | $ 13,379 |
Net actuarial loss (gain) | 3,848 | 138,652 | |
Recognized actuarial loss | (13,629) | (10,874) | |
Prior service cost | 459 | (10,814) | |
Recognized prior service cost | 765 | 248 | |
Currency translation adjustment | (25,230) | (30,441) | |
Total recognized in OCI (before tax effects) | $ (33,787) | $ 86,771 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost and Changes in Plan Assets and Benefit Obligations Recognized in OCI (Detail) - Postretirement Benefit Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost for benefits earned | $ 966 | $ 1,295 | $ 1,526 |
Interest cost on projected benefit obligation | 3,904 | 4,896 | 4,503 |
Net amortization of deferrals | (4,476) | (4,109) | (3,040) |
Net periodic benefit cost | 394 | 2,082 | $ 2,989 |
Net actuarial loss (gain) | (1,557) | 7,706 | |
Recognized actuarial loss | (1,331) | (540) | |
Recognized prior service credit | 5,807 | 4,649 | |
Total recognized in OCI (before tax effects) | $ (30,983) | $ 11,815 |
Employee Benefits - Amounts Exp
Employee Benefits - Amounts Expected to be Recognized in Net Periodic Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | $ 5,484 |
Prior service cost (credit) recognition | 62 |
Non-U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | 13,863 |
Prior service cost (credit) recognition | (729) |
Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss recognition | 1,369 |
Prior service cost (credit) recognition | $ (6,789) |
Employee Benefits - Weighted-Av
Employee Benefits - Weighted-Average Actuarial Assumption Used to Determine Expense (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.90% | 4.70% | 4.10% |
Expected return on plan assets | 7.30% | 7.30% | 7.30% |
Rate of compensation increase | 3.25% | 3.25% | 3.25% |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.74% | 4.18% | 4.14% |
Expected return on plan assets | 6.24% | 6.27% | 6.26% |
Rate of compensation increase | 2.00% | 2.66% | 2.73% |
Employee Benefits - Changes in
Employee Benefits - Changes in Postretirement Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 501,801 | ||
Fair value of plan assets at end of year | 500,311 | $ 501,801 | |
U.S. Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 625,479 | 544,602 | |
Service cost for benefits earned | 3,144 | 3,057 | $ 3,644 |
Interest cost on projected benefit obligation | 23,705 | 25,090 | 23,284 |
Actuarial (gain) loss | (36,338) | 79,855 | |
Plan amendments | 0 | 216 | |
Adjustments for expense/tax contained in service cost | 0 | 0 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | (28,479) | (27,341) | |
Curtailments / settlements | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Acquisitions/Transferred Liabilities | 0 | 0 | |
Benefit obligation at end of year | 587,511 | 625,479 | 544,602 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 501,801 | 448,851 | |
Actual return on plan assets | (11,556) | 56,584 | |
Employer contributions | 38,545 | 23,707 | |
Benefits paid | (28,479) | (27,341) | |
Settlements | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Acquisitions/Transferred Liabilities | 0 | 0 | |
Fair value of plan assets at end of year | 500,311 | 501,801 | 448,851 |
Funded status at end of year | (87,200) | (123,678) | |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 965,266 | 818,578 | |
Service cost for benefits earned | 15,866 | 14,142 | 16,423 |
Interest cost on projected benefit obligation | 25,389 | 33,360 | 31,103 |
Actuarial (gain) loss | (47,883) | 236,096 | |
Plan amendments | 459 | (10,814) | |
Adjustments for expense/tax contained in service cost | (1,976) | (2,087) | |
Plan participants’ contributions | 1,790 | 2,096 | |
Benefits paid | (29,121) | (32,134) | |
Curtailments / settlements | 0 | (9,270) | |
Translation adjustments | (69,550) | (86,413) | |
Acquisitions/Transferred Liabilities | 0 | 1,712 | |
Benefit obligation at end of year | 860,240 | 965,266 | 818,578 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 852,893 | 799,670 | |
Actual return on plan assets | (3,271) | 135,947 | |
Employer contributions | 29,352 | 20,282 | |
Benefits paid | (29,121) | (32,134) | |
Settlements | 0 | 0 | |
Translation adjustments | (61,029) | (74,680) | |
Acquisitions/Transferred Liabilities | 0 | 1,712 | |
Fair value of plan assets at end of year | 790,614 | 852,893 | 799,670 |
Funded status at end of year | (69,626) | (112,373) | |
Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 113,497 | 105,521 | |
Service cost for benefits earned | 966 | 1,295 | 1,526 |
Interest cost on projected benefit obligation | 3,904 | 4,896 | 4,503 |
Actuarial (gain) loss | (1,557) | 7,706 | |
Plan amendments | (33,902) | 0 | |
Adjustments for expense/tax contained in service cost | 0 | 0 | |
Plan participants’ contributions | 809 | 1,024 | |
Benefits paid | (6,569) | (6,945) | |
Curtailments / settlements | 0 | 0 | |
Translation adjustments | 0 | 0 | |
Acquisitions/Transferred Liabilities | 0 | 0 | |
Benefit obligation at end of year | 77,148 | 113,497 | $ 105,521 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Benefits paid | (6,569) | (6,945) | |
Acquisitions/Transferred Liabilities | $ 0 | $ 0 |
Employee Benefits - Amounts Rec
Employee Benefits - Amounts Recognized in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | $ 4,906 | $ 1,338 |
Retirement liabilities | (242,383) | (354,333) |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 0 | 0 |
Other current liabilities | (3,866) | (3,887) |
Retirement liabilities | (83,334) | (119,791) |
Net amount recognized | (87,200) | (123,678) |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | 4,096 | 1,338 |
Other current liabilities | (613) | (608) |
Retirement liabilities | (73,109) | (113,103) |
Net amount recognized | $ (69,626) | $ (112,373) |
Employee Benefits - Amounts R89
Employee Benefits - Amounts Recognized in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 165,093 | $ 178,677 |
Prior service cost (credit) | 203 | 387 |
Total AOCI (before tax effects) | 165,296 | 179,064 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 324,068 | 360,070 |
Prior service cost (credit) | (8,482) | (10,697) |
Total AOCI (before tax effects) | 315,586 | 349,373 |
Postretirement Benefit Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 18,169 | 21,057 |
Prior service cost (credit) | (38,453) | (10,358) |
Total AOCI (before tax effects) | $ (20,284) | $ 10,699 |
Employee Benefits - Accumulated
Employee Benefits - Accumulated Benefit Obligation (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation — end of year | $ 583,346 | $ 616,004 |
Projected benefit obligation | 587,511 | 625,479 |
Accumulated benefit obligation | 583,346 | 616,004 |
Fair value of plan assets | $ 500,311 | $ 501,801 |
Discount rate | 4.20% | 3.90% |
Rate of compensation increase | 3.25% | 3.25% |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated Benefit Obligation — end of year | $ 837,272 | $ 942,103 |
Projected benefit obligation | 609,922 | 695,552 |
Accumulated benefit obligation | 586,954 | 672,389 |
Fair value of plan assets | $ 536,200 | $ 581,841 |
Discount rate | 3.03% | 2.74% |
Rate of compensation increase | 1.98% | 2.00% |
Employee Benefits - Estimated F
Employee Benefits - Estimated Future Benefit Payments (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,014 | $ 31,284 |
2,015 | 32,583 |
2,016 | 33,850 |
2,017 | 35,262 |
2,018 | 36,132 |
2019-2023 | 187,429 |
Required Company Contributions in the Following Year (2016) | 3,947 |
Non-U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,014 | 26,660 |
2,015 | 26,806 |
2,016 | 28,996 |
2,017 | 29,709 |
2,018 | 28,931 |
2019-2023 | 160,179 |
Required Company Contributions in the Following Year (2016) | 24,331 |
Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,014 | 4,470 |
2,015 | 4,516 |
2,016 | 4,638 |
2,017 | 4,732 |
2,018 | 4,840 |
2019-2023 | 23,997 |
Required Company Contributions in the Following Year (2016) | $ 4,470 |
Employee Benefits - Percentage
Employee Benefits - Percentage of Assets Invested (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Pension Plans [Member] | Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 1.00% | 1.00% |
U.S. Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 41.00% | 40.00% |
U.S. Pension Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 58.00% | 59.00% |
U.S. Pension Plans [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 0.00% | 0.00% |
U.S. Pension Plans [Member] | Alternative and other investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Alternative and other investments | 0.00% | 0.00% |
Non-U.S. Pension Plans [Member] | Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 2.00% | 1.00% |
Non-U.S. Pension Plans [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 27.00% | 26.00% |
Non-U.S. Pension Plans [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 55.00% | 62.00% |
Non-U.S. Pension Plans [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of assets invested | 7.00% | 7.00% |
Non-U.S. Pension Plans [Member] | Alternative and other investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Alternative and other investments | 9.00% | 4.00% |
Employee Benefits - Fair Value
Employee Benefits - Fair Value Hierarchy of Plan Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 500,311 | $ 501,801 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 500,311 | 501,801 | $ 448,851 |
U.S. Pension Plans [Member] | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,767 | 3,829 | |
U.S. Pension Plans [Member] | Receivables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 771 | 446 | |
U.S. Pension Plans [Member] | Level 1 [Member] | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Level 2 [Member] | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,767 | 3,829 | |
U.S. Pension Plans [Member] | Level 3 [Member] | Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | U.S. Common Stock [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,024 | 37,278 | |
U.S. Pension Plans [Member] | U.S. Common Stock [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,024 | 37,278 | |
U.S. Pension Plans [Member] | U.S. Common Stock [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | U.S. Common Stock [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Non-U.S. Common Stock [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1,635 | |
U.S. Pension Plans [Member] | Non-U.S. Common Stock [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1,635 | |
U.S. Pension Plans [Member] | Non-U.S. Common Stock [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Non-U.S. Common Stock [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Balanced Funds [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,845 | 9,270 | |
U.S. Pension Plans [Member] | Balanced Funds [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Balanced Funds [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,845 | 9,270 | |
U.S. Pension Plans [Member] | Balanced Funds [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Pooled Funds [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 159,800 | 154,559 | |
U.S. Pension Plans [Member] | Pooled Funds [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Pooled Funds [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 159,800 | 154,559 | |
U.S. Pension Plans [Member] | Pooled Funds [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Government & Government Agency Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,070 | 10,620 | |
U.S. Pension Plans [Member] | Government & Government Agency Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Government & Government Agency Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,070 | 10,620 | |
U.S. Pension Plans [Member] | Government & Government Agency Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Mutual Fund [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 190,274 | 212,007 | |
U.S. Pension Plans [Member] | Mutual Fund [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Mutual Fund [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 190,274 | 212,007 | |
U.S. Pension Plans [Member] | Mutual Fund [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Corporate Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77,754 | 63,057 | |
U.S. Pension Plans [Member] | Corporate Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Corporate Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 77,754 | 63,057 | |
U.S. Pension Plans [Member] | Corporate Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Municipal Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,006 | 9,100 | |
U.S. Pension Plans [Member] | Municipal Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Municipal Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10,006 | 9,100 | |
U.S. Pension Plans [Member] | Municipal Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
U.S. Pension Plans [Member] | Fair Value Of Plan Assets Before Receivables [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 499,540 | 501,355 | |
U.S. Pension Plans [Member] | Fair Value Of Plan Assets Before Receivables [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37,024 | 38,913 | |
U.S. Pension Plans [Member] | Fair Value Of Plan Assets Before Receivables [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 462,516 | 462,442 | |
Non-U.S. Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 790,614 | 852,893 | $ 799,670 |
Non-U.S. Pension Plans [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,239 | 10,792 | |
Non-U.S. Pension Plans [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 379,654 | 440,606 | |
Non-U.S. Pension Plans [Member] | Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,239 | 10,792 | |
Non-U.S. Pension Plans [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 354,619 | 347,950 | |
Non-U.S. Pension Plans [Member] | Level 2 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56,341 | 64,337 | |
Non-U.S. Pension Plans [Member] | Level 3 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Level 3 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39,307 | 49,556 | |
Non-U.S. Pension Plans [Member] | U.S. Large Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 91,424 | 73,147 | |
Non-U.S. Pension Plans [Member] | U.S. Large Cap [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 74,306 | 64,852 | |
Non-U.S. Pension Plans [Member] | U.S. Large Cap [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,118 | 8,295 | |
Non-U.S. Pension Plans [Member] | U.S. Large Cap [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Large Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 85,950 | 89,524 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Large Cap [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 73,578 | 83,671 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Large Cap [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12,372 | 5,853 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Large Cap [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Mid Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,175 | 145 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Mid Cap [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,175 | 145 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Mid Cap [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Mid Cap [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Small Cap [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 226 | 33 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Small Cap [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 226 | 33 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Small Cap [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Small Cap [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Emerging Markets [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 35,443 | 53,878 | |
Non-U.S. Pension Plans [Member] | Emerging Markets [Member] | Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 33,291 | 52,664 | |
Non-U.S. Pension Plans [Member] | Emerging Markets [Member] | Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,152 | 1,214 | |
Non-U.S. Pension Plans [Member] | Emerging Markets [Member] | Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | U.S. Treasuries/Government Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 67 | 47 | |
Non-U.S. Pension Plans [Member] | U.S. Treasuries/Government Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 67 | 47 | |
Non-U.S. Pension Plans [Member] | U.S. Treasuries/Government Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | U.S. Treasuries/Government Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Treasuries/Government Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 176,736 | 263,687 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Treasuries/Government Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 121,552 | 163,143 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Treasuries/Government Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 55,184 | 100,544 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Treasuries/Government Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Corporate Bonds [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 230,864 | 249,467 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Corporate Bonds [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 56,238 | 62,630 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Corporate Bonds [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 174,626 | 186,837 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Corporate Bonds [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Asset-Backed Securities [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,132 | 16,375 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Asset-Backed Securities [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Asset-Backed Securities [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26,132 | 16,375 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Asset-Backed Securities [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Other Fixed Income [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,625 | 1,409 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Other Fixed Income [Member] | Level 1 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,625 | 1,409 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Other Fixed Income [Member] | Level 2 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Other Fixed Income [Member] | Level 3 [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Insurance Contracts [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36,746 | 316 | |
Non-U.S. Pension Plans [Member] | Insurance Contracts [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 299 | 316 | |
Non-U.S. Pension Plans [Member] | Insurance Contracts [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 36,447 | 0 | |
Non-U.S. Pension Plans [Member] | Insurance Contracts [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Hedge Funds [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,034 | 14,775 | |
Non-U.S. Pension Plans [Member] | Hedge Funds [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Hedge Funds [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Hedge Funds [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17,034 | 14,775 | |
Non-U.S. Pension Plans [Member] | Private Equity [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | ||
Non-U.S. Pension Plans [Member] | Private Equity [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. Pension Plans [Member] | Private Equity [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. Pension Plans [Member] | Private Equity [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | ||
Non-U.S. Pension Plans [Member] | Other [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 904 | ||
Non-U.S. Pension Plans [Member] | Other [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 904 | ||
Non-U.S. Pension Plans [Member] | Other [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. Pension Plans [Member] | Other [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Non-U.S. Pension Plans [Member] | Absolute Return Funds [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,169 | 17,135 | |
Non-U.S. Pension Plans [Member] | Absolute Return Funds [Member] | Level 1 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,566 | 0 | |
Non-U.S. Pension Plans [Member] | Absolute Return Funds [Member] | Level 2 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16,603 | 17,135 | |
Non-U.S. Pension Plans [Member] | Absolute Return Funds [Member] | Level 3 [Member] | Alternative Type of Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Real Estate [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 53,292 | 61,253 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Real Estate [Member] | Level 1 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Real Estate [Member] | Level 2 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13,985 | 11,697 | |
Non-U.S. Pension Plans [Member] | Non-U.S. Real Estate [Member] | Level 3 [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 39,307 | $ 49,556 |
Employee Benefits - Reconciliat
Employee Benefits - Reconciliation of Level 3 Non-U.S. Plan Assets Held (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | $ 501,801 | |
Fair value of plan assets at end of year | 500,311 | $ 501,801 |
Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 852,893 | 799,670 |
Actual return on plan assets | (3,271) | 135,947 |
Fair value of plan assets at end of year | 790,614 | 852,893 |
Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 0 | |
Fair value of plan assets at end of year | 0 | |
Level 3 [Member] | Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 64,337 | |
Actual return on plan assets | (7,996) | |
Fair value of plan assets at end of year | 56,341 | 64,337 |
Real Estate [Member] | Level 3 [Member] | Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 49,556 | |
Actual return on plan assets | (10,249) | |
Fair value of plan assets at end of year | 39,307 | 49,556 |
Private Equity [Member] | Level 3 [Member] | Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 6 | |
Actual return on plan assets | (6) | |
Fair value of plan assets at end of year | 0 | 6 |
Hedge Funds [Member] | Level 3 [Member] | Non-U.S. Pension Plans [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 14,775 | |
Actual return on plan assets | 2,259 | |
Fair value of plan assets at end of year | $ 17,034 | $ 14,775 |
Employee Benefits - Weighted Av
Employee Benefits - Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Expense [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 3.90% | 4.80% |
Current medical cost trend rate | 5.80% | 6.50% |
Ultimate medical cost trend rate | 4.75% | 4.75% |
Medical cost trend rate decreases to ultimate rate in year | 2,023 | 2,021 |
Liability [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 4.20% | 3.90% |
Current medical cost trend rate | 7.15% | 5.80% |
Ultimate medical cost trend rate | 4.75% | 4.75% |
Medical cost trend rate decreases to ultimate rate in year | 2,023 | 2,023 |
Employee Benefits - Sensitivity
Employee Benefits - Sensitivity of Disclosures to Changes in Selected Assumptions (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
25 BP Decrease in Discount Rate, Change in PBO | $ 17,519 |
25 BP Decrease in Discount Rate, Change in ABO | 17,359 |
25 BP Decrease in Discount Rate, Change in pension expense | (5) |
25 BP Decrease in Long-Term Rate of Return, Change in pension expense | 1,186 |
Non-U.S. Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
25 BP Decrease in Discount Rate, Change in PBO | 39,727 |
25 BP Decrease in Discount Rate, Change in ABO | 37,661 |
25 BP Decrease in Discount Rate, Change in pension expense | 2,478 |
25 BP Decrease in Long-Term Rate of Return, Change in pension expense | 1,963 |
Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
25 BP Decrease in Discount Rate, Change in ABO | 2,376 |
25 BP Decrease in Discount Rate, Change in pension expense | $ 85 |
Financial Instruments - Carryin
Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 181,988 | $ 478,573 |
Credit facilities and bank overdrafts | 142,105 | 12,335 |
Carrying Amount [Member] | Senior Notes - 2007 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 500,000 | 500,000 |
Carrying Amount [Member] | Senior Notes - 2006 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 125,000 | 125,000 |
Carrying Amount [Member] | Senior Notes - 2013 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 299,809 | 299,782 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 181,988 | 478,573 |
Credit facilities and bank overdrafts | 142,105 | 12,335 |
Fair Value [Member] | Senior Notes - 2007 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 563,855 | 587,650 |
Fair Value [Member] | Senior Notes - 2006 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 127,717 | 133,137 |
Fair Value [Member] | Senior Notes - 2013 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 290,830 | $ 296,290 |
Financial Instruments - Derivat
Financial Instruments - Derivative Instruments Notional Amount Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Forward Currency Contracts [Member] | ||
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items] | ||
Derivative instruments outstanding | $ 256,200 | $ 191,150 |
Interest Rate Swaps [Member] | ||
Schedule Of Information By Major Category Of Credit Derivatives Contracts [Line Items] | ||
Derivative instruments outstanding | $ 775,000 | $ 425,000 |
Financial Instruments - Deriv99
Financial Instruments - Derivative Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | $ 11,470 | $ 21,718 |
Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 1,210 | 683 |
Foreign currency contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 10,260 | 21,035 |
Total Fair Value, Derivative Liabilities | 5,128 | 1,061 |
Fair Value of Derivatives Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 7,770 | 17,320 |
Fair Value of Derivatives Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 1,210 | 683 |
Fair Value of Derivatives Designated as Hedging Instrument [Member] | Foreign currency contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 6,560 | 16,637 |
Total Fair Value, Derivative Liabilities | 2,106 | 6 |
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 3,700 | 4,398 |
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 0 | 0 |
Fair Value of Derivatives Not Designated as Hedging Instrument [Member] | Foreign currency contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total Fair Value, Derivative Assets | 3,700 | 4,398 |
Total Fair Value, Derivative Liabilities | $ 3,022 | $ 1,055 |
Financial Instruments - Deri100
Financial Instruments - Derivative Instruments Which Were Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign currency contracts [Member] | Other (income) expense, net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivative | $ 8,644 | $ 25,678 |
Financial Instruments - Deri101
Financial Instruments - Derivative Instruments Designated as Cash Flow and Net Investment Hedging Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 2,261 | $ 23,798 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 15,976 | (3,949) |
Forward Currency Contracts [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | (3,244) | 16,109 |
Forward Currency Contracts [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 5,231 | 7,415 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 |
Forward Currency Contracts [Member] | Cost of goods sold [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 16,250 | (3,675) |
Interest Rate Swaps [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | 274 | 274 |
Interest Rate Swaps [Member] | Interest expense [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (274) | $ (274) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Mar. 31, 2015Agreement | Dec. 31, 2015USD ($)contract | Apr. 04, 2013USD ($) | |
Derivatives, Fair Value [Line Items] | ||||
Number of interest rate swap agreements | Agreement | 3 | |||
Loss incurred on termination of interest rate swaps | $ 2,700,000 | |||
Derivative gains included in AOCI | $ 8,200,000 | |||
Cross Currency Swap [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative instrument maturity period (years) | 10 years | |||
Forward Currency Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Number of multiple forward currency contracts matured | contract | 10 | |||
Senior Notes - 2013 [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Senior notes | $ 300,000,000 |
Accumulated Other Comprehens103
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax [Roll Forward] | |||
Foreign Currency Translation Adjustments, Beginning balance | $ (173,342) | $ (104,278) | |
OCI before reclassifications, Foreign Currency Translation Adjustments | (124,156) | (69,064) | |
Amounts reclassified from AOCI, Foreign Currency Translation Adjustments | 0 | 0 | |
Net current period other comprehensive income (loss), Foreign Currency Translation Adjustments | (124,156) | (69,064) | $ (10,556) |
Foreign Currency Translation Adjustments, Ending balance | (297,498) | (173,342) | (104,278) |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax [Roll Forward] | |||
(Losses) Gains on Derivatives Qualifying as Hedges, Beginning balance | 12,371 | (4,012) | |
OCI before reclassifications, (Losses) Gains on Derivatives Qualifying as Hedges | 13,006 | 12,434 | |
Amounts reclassified from AOCI, (Losses) Gains on Derivatives Qualifying as Hedges | (15,976) | 3,949 | |
Net current period other comprehensive income (loss), (Losses) Gains on Derivatives Qualifying as Hedges | (2,970) | 16,383 | (3,794) |
(Losses) Gains on Derivatives Qualifying as Hedges, Ending balance | 9,401 | 12,371 | (4,012) |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax [Roll Forward] | |||
Pension and Postretirement Liability Adjustment, Beginning balance | (379,459) | (284,421) | |
OCI before reclassifications, Pension and Postretirement Liability Adjustment | 33,410 | (111,915) | |
Amounts reclassified from AOCI, Pension and Postretirement Liability Adjustment | 20,707 | 16,877 | |
Net current period other comprehensive income (loss), Pension and Postretirement Liability Adjustment | 54,117 | (95,038) | 25,264 |
Pension and Postretirement Liability Adjustment, Ending balance | (325,342) | (379,459) | (284,421) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance, Total | (540,430) | (392,711) | |
OCI before reclassifications, Total | (77,740) | (168,545) | |
Amounts reclassified from AOCI, Total | 4,731 | 20,826 | |
Net current period other comprehensive income (loss), Total | (73,009) | (147,719) | |
Ending balance, Total | $ (613,439) | $ (540,430) | $ (392,711) |
Accumulated Other Comprehens104
Accumulated Other Comprehensive Income (Loss) - Reclassifications of Accumulated Other Comprehensive Income to Consolidated Statement of Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
(Losses) gains on derivatives qualifying as hedges, net of tax | $ 15,976 | $ (3,949) |
Settlements/Curtailments | 0 | (43) |
Prior service cost | 6,389 | (63) |
Actuarial losses | (36,167) | (28,219) |
(Losses) gains on pension and postretirement liability adjustments, net of tax | (20,707) | (16,877) |
Cost of goods sold [Member] | Foreign currency contracts [Member] | ||
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
(Losses) gains on derivatives qualifying as hedges | 18,571 | (4,426) |
Interest expense [Member] | Interest Rate Swaps [Member] | ||
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
(Losses) gains on derivatives qualifying as hedges | (274) | (274) |
Provision for income taxes [Member] | ||
Schedule Of Reclassification Of Accumulated Other Comprehensive Income Loss [Line Items] | ||
Provision for income taxes for (Losses) gains on derivatives qualifying as hedges | (2,321) | 751 |
Provision for income taxes for gains (Losses) on pension and postretirement liability adjustments | $ 9,071 | $ 11,448 |
Concentrations Of Credit Risk -
Concentrations Of Credit Risk - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Customer | |
Risks and Uncertainties [Abstract] | |
Number of customers that accounted for more than 10% of consolidated net sales | 1 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014EUR (€) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Facility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Dec. 31, 2015USD ($) | |
Commitments And Contingencies [Line Items] | |||||||
Minimum rental payments under non-cancelable operating leases, 2014 | $ 33.4 | ||||||
Minimum rental payments under non-cancelable operating leases, 2015 | 28.5 | ||||||
Minimum rental payments under non-cancelable operating leases, 2016 | 23.3 | ||||||
Minimum rental payments under non-cancelable operating leases, from 2017 and thereafter through 2031 | 171.3 | ||||||
Rental expense | $ 33.6 | $ 34.4 | $ 32.4 | ||||
Available lines of credit | 70.7 | ||||||
Duration as potentially responsible party, years | 20 years | ||||||
Number of facilities under Potentially Responsible Party investigation | Facility | 8 | ||||||
Estimated maximum future costs of environmental liabilities for identified sites (less than $5 million) | 5 | ||||||
Bank guarantees and pledged assets to pursue defenses related to other contingencies | $ 25.1 | ||||||
Payment of litigation settlement | € | € 9.8 | ||||||
Pledged assets [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
The amount of pledged assets, principally PP&E to cover income tax and indirect tax assessments | 12 | ||||||
Bank guarantees and standby letters of credit [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Bank guarantees and letters of credit outstanding | 36.2 | ||||||
Bank guarantees [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Bank guarantees related to appeals on income tax and indirect tax cases | $ 13.1 | ||||||
Brazilian matters [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Estimate range of possible loss from other contingencies, minimum | 0 | ||||||
Estimate range of possible loss from other contingencies, maximum | 31 | ||||||
Spanish Capital Tax Charge [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Payment of litigation settlement | $ 11.2 | ||||||
Reversal of previously recorded provision | € 9.8 | $ 10.5 |
Schedule II - Valuation and 107
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for doubtful accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 9,147 | $ 10,493 | $ 9,293 |
Additions (deductions) charged to costs and expenses | 590 | 222 | 1,984 |
Accounts written off | 60 | (554) | (1,059) |
Translation adjustments | (1,568) | (1,014) | 275 |
Balance at end of period | 8,229 | 9,147 | 10,493 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 355,568 | 503,990 | 450,733 |
Additions (deductions) charged to costs and expenses | 16,445 | (92,204) | 38,360 |
Accounts written off | 0 | 0 | 0 |
Translation adjustments | (32,618) | (56,218) | 14,897 |
Balance at end of period | 339,395 | 355,568 | 503,990 |
Scenario, Adjustment [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Adjustment to foreign net operating loss carryforwards | $ (10,000) | $ (81,000) | $ (29,900) |