Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 23, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ACCO BRANDS CORP | ' |
Entity Central Index Key | '0000712034 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 113,650,184 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $70.80 | $50 |
Accounts receivable, net | 394.5 | 498.7 |
Inventories | 291 | 265.5 |
Deferred income taxes | 30.7 | 31.1 |
Other current assets | 32.2 | 29 |
Total current assets | 819.2 | 874.3 |
Total property, plant and equipment | 550.7 | 591.4 |
Less accumulated depreciation | -292.3 | -317.8 |
Property, plant and equipment, net | 258.4 | 273.6 |
Deferred income taxes | 41.4 | 36.4 |
Goodwill | 575.5 | 589.4 |
Identifiable intangibles, net | 616.9 | 646.6 |
Other non-current assets | 78.2 | 87.4 |
Total assets | 2,389.60 | 2,507.70 |
Current liabilities: | ' | ' |
Notes payable to banks | 1.8 | 1.2 |
Current portion of long-term debt | 7.8 | 0.1 |
Accounts payable | 169.5 | 152.4 |
Accrued compensation | 30.8 | 38 |
Accrued customer program liabilities | 100.5 | 119 |
Accrued interest | 15.4 | 6.3 |
Other current liabilities | 86.3 | 112.4 |
Total current liabilities | 412.1 | 429.4 |
Long-term debt | 991.1 | 1,070.80 |
Deferred income taxes | 159.1 | 165 |
Pension and post-retirement benefit obligations | 103.7 | 119.8 |
Other non-current liabilities | 85.4 | 83.5 |
Total liabilities | 1,751.40 | 1,868.50 |
Stockholders' equity: | ' | ' |
Common stock | 1.1 | 1.1 |
Treasury stock | -3.5 | -2.5 |
Paid-in capital | 2,030.60 | 2,018.50 |
Accumulated other comprehensive loss | -195.1 | -156.1 |
Accumulated deficit | -1,194.90 | -1,221.80 |
Total stockholders' equity | 638.2 | 639.2 |
Total liabilities and stockholders' equity | $2,389.60 | $2,507.70 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net sales | $469.20 | $501.20 | $1,261.40 | $1,228.80 | ||||
Cost of products sold | 328.1 | 350 | 886.5 | 873.5 | ||||
Gross profit | 141.1 | 151.2 | 374.9 | 355.3 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Advertising, selling, general and administrative expenses | 82.6 | 87.1 | 259.3 | 248.2 | ||||
Amortization of intangibles | 5.9 | 6.9 | 18.7 | 13.5 | ||||
Restructuring charges | 2.3 | 0.8 | 17.9 | 21.6 | ||||
Total operating costs and expenses | 90.8 | 94.8 | 295.9 | 283.3 | ||||
Operating income | 50.3 | [1] | 56.4 | [1] | 79 | [1] | 72 | [1] |
Non-operating expense (income): | ' | ' | ' | ' | ||||
Interest expense, net | 12.5 | 18.1 | 41.7 | 70 | ||||
Equity in earnings of joint ventures | -3.3 | -3.6 | -5.9 | -6.3 | ||||
Other expense, net | 0.1 | 0.3 | 9.6 | 61.4 | ||||
Income (loss) from continuing operations before income tax | 41 | 41.6 | 33.6 | -53.1 | ||||
Income tax expense (benefit) | 14.6 | -13.6 | 6.6 | -185.2 | ||||
Income from continuing operations | 26.4 | 55.2 | 27 | 132.1 | ||||
Loss from discontinued operations, net of income taxes | 0 | 0 | -0.1 | -0.1 | ||||
Net income | $26.40 | $55.20 | $26.90 | $132 | ||||
Basic income per share: | ' | ' | ' | ' | ||||
Income from continuing operations | $0.23 | $0.49 | $0.24 | $1.51 | ||||
Loss from discontinued operations | $0 | $0 | $0 | $0 | ||||
Basic income per share | $0.23 | $0.49 | $0.24 | $1.51 | ||||
Diluted income per share: | ' | ' | ' | ' | ||||
Income from continuing operations | $0.23 | $0.48 | $0.23 | $1.47 | ||||
Loss from discontinued operations | $0 | $0 | $0 | $0 | ||||
Diluted income per share | $0.23 | $0.48 | $0.23 | $1.47 | ||||
Weighted average number of shares outstanding: | ' | ' | ' | ' | ||||
Basic | 113.6 | 113.1 | 113.5 | 87.7 | ||||
Diluted | 115.8 | 115 | 115.6 | 89.8 | ||||
[1] | Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less advertising, selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges. |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $26.40 | $55.20 | $26.90 | $132 |
Unrealized gain on derivative financial instruments: | ' | ' | ' | ' |
Gain (loss) arising during period | -1.6 | -2.1 | 3.1 | -1 |
Reclassification of gain included in net income | -1.6 | -0.9 | -3.3 | -2.3 |
Foreign currency translation: | ' | ' | ' | ' |
Foreign currency translation adjustments | 0.2 | 40.1 | -44.4 | 5.1 |
Pension and other post-retirement plans: | ' | ' | ' | ' |
Amortization of actuarial loss and prior service cost included in net income | 2.8 | 1.9 | 8.5 | 5.9 |
Other | -4.7 | -3.7 | 0 | -3.2 |
Other comprehensive income (loss), before tax | -4.9 | 35.3 | -36.1 | 4.5 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | 1.1 | -0.8 | -2.9 | -1.9 |
Comprehensive income (loss) | $22.60 | $89.70 | ($12.10) | $134.60 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ' | ' |
Net income | $26.90 | $132 |
Amortization of inventory step-up | 0 | 13.3 |
(Gain) loss on disposal of assets | -2.3 | 0.1 |
Release of tax valuation allowance | -7 | -130.9 |
Depreciation | 30.4 | 24.6 |
Other non-cash charges | -0.9 | 0 |
Amortization of debt issuance costs and bond discount | 4.3 | 5.2 |
Amortization of intangibles | 18.7 | 13.5 |
Stock-based compensation | 11.7 | 5.5 |
Loss on debt extinguishment | -9.4 | -15.5 |
Changes in balance sheet items: | ' | ' |
Accounts receivable | 85.5 | -66 |
Inventories | -30.9 | -0.1 |
Other assets | -5.8 | -1.9 |
Accounts payable | 20.7 | -16.9 |
Accrued expenses and other liabilities | -27.3 | 0.5 |
Accrued income taxes | -9.1 | -79.7 |
Equity in earnings of joint ventures, net of dividends received | -0.9 | 5 |
Net cash provided (used) by operating activities | 125.2 | -80.3 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -30.2 | -18 |
(Payments) proceeds related to the sale of discontinued operations | -1.4 | 2.1 |
Proceeds from the disposition of assets | 4.2 | 3 |
Cost of acquisition, net of cash acquired | 0 | 401.4 |
Net cash used by investing activities | -27.4 | -414.3 |
Financing activities | ' | ' |
Proceeds from long-term borrowings | 530 | 1,270 |
Repayments of long-term debt | -601.5 | -733.9 |
Borrowings of short-term debt, net | 1.1 | 0.9 |
Payments for debt issuance costs | -4.3 | -37.9 |
Other | -0.6 | -0.4 |
Net cash (used) provided by financing activities | -75.3 | 498.7 |
Effect of foreign exchange rate changes on cash | -1.7 | -0.3 |
Net increase in cash and cash equivalents | 20.8 | 3.8 |
Cash and cash equivalents | ' | ' |
Beginning of period | 50 | 121.2 |
End of period | 70.8 | 125 |
Significant non-cash transactions | ' | ' |
Common stock issued in conjunction with the acquisition of Mead C&OP | $0 | $602.30 |
Acquisitions
Acquisitions | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
On May 1, 2012, the Company completed the Merger of Mead C&OP with a wholly-owned subsidiary of the Company. Mead C&OP was a leading manufacturer and marketer of school supplies, office products, and planning and organizing tools - including the Mead®, Five Star®, Trapper Keeper®, AT-A-GLANCE®, Cambridge®, Day Runner®, Hilroy, Tilibra and Grafons brands in the U.S., Canada and Brazil. | ||||
In the Merger, MWV shareholders received 57.1 million shares of the Company's common stock, or 50.5% of the combined company, valued at $602.3 million on the date of the Merger. After the transaction was completed the Company had 113.1 million common shares outstanding. | ||||
The purchase price, net of working capital adjustments and cash acquired, was $999.8 million. The consideration given included 57.1 million shares of ACCO Brands common stock, which were issued to MWV shareholders with a fair value of $602.3 million and a $460.0 million dividend paid to MWV. The calculation of consideration given for Mead C&OP was finalized during the fourth quarter of 2012 and is described in the following table: | ||||
(in millions, except per share price) | At May 1, 2012 | |||
Calculated consideration for Mead C&OP: | ||||
Outstanding shares of ACCO Brands common stock (1) | 56 | |||
Multiplier needed to calculate shares to be issued (2) | 1.02020202 | |||
Number of shares issued to MWV shareholders | 57.1 | |||
Closing price per share of ACCO Brands common stock (3) | $ | 10.55 | ||
Value of common shares issued | $ | 602.3 | ||
Plus: | ||||
Dividend paid to MWV | 460 | |||
Less: | ||||
Working capital adjustment (4) | (30.5 | ) | ||
Consideration for Mead C&OP | $ | 1,031.80 | ||
(1) Represents the number of shares of the Company's common stock as of May 1, 2012. | ||||
(2) Represents MWV shareholders' negotiated ownership percentage in ACCO Brands of 50.5% divided by the 49.5% that was owned by ACCO Brands shareholders upon completion of the Merger. | ||||
(3) Represents the closing price per share of the Company's stock as of April 30, 2012. | ||||
(4) Represents the difference between the target net working capital and the closing net working capital as of April 30, 2012. | ||||
The following table presents the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition: | ||||
(in millions of dollars) | At May 1, 2012 | |||
Calculation of Goodwill: | ||||
Consideration given for Mead C&OP | $ | 1,031.80 | ||
Cash acquired | (32.0 | ) | ||
Net purchase price | $ | 999.8 | ||
Plus fair value of liabilities assumed: | ||||
Accounts payable and accrued liabilities | 103.9 | |||
Current and non-current deferred tax liabilities | 209.6 | |||
Other non-current liabilities | 72.9 | |||
Fair value of liabilities assumed | $ | 386.4 | ||
Less fair value of assets acquired: | ||||
Accounts receivable | 73.3 | |||
Inventory | 143.5 | |||
Property, plant and equipment | 136.6 | |||
Identifiable intangibles | 543.2 | |||
Other assets | 24.3 | |||
Fair value of assets acquired | $ | 920.9 | ||
Goodwill | $ | 465.3 | ||
In the first quarter of 2013 we finalized our fair value estimate of assets acquired and liabilities assumed as of the acquisition date. The final excess of the purchase price over the fair value of net assets acquired has been allocated to goodwill in the amount of $465.3 million. As the allowable one-year evaluation period since the date of acquisition has expired, no additional adjustments to the goodwill related to the acquisition of Mead C&OP will be recognized. | ||||
Cumulative acquisition-related costs of $20.1 million were incurred during the years 2011 and 2012 and were classified as Selling, General and Administrative expenses. Acquisition-related costs of $1.3 million and $14.4 million were incurred during the three and nine months ended September 30, 2012. |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
As used in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, the terms "ACCO Brands," "ACCO," the "Company," "we," "us," and "our" refer to ACCO Brands Corporation and its consolidated domestic and international subsidiaries. | |
The management of ACCO Brands is responsible for the accuracy and internal consistency of the condensed consolidated financial statements and notes contained in this Quarterly Report on Form 10-Q. | |
The condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Although the Company believes the disclosures are adequate to make the information presented not misleading, certain information and note disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted pursuant to those rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
The Condensed Consolidated Balance Sheet as of September 30, 2013, the related Condensed Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2013 and 2012 and Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2013 and 2012 are unaudited. The December 31, 2012 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all annual disclosures required by accounting principles generally accepted in the U.S. The above referenced financial statements included herein were prepared by management on the same basis as the Company's audited consolidated financial statements for the year ended December 31, 2012 and reflect all adjustments (consisting solely of normal recurring items unless otherwise noted) which are, in the opinion of management, necessary for the fair presentation of results of operations and cash flows for the interim periods ended September 30, 2013 and 2012, and the financial position of the Company as of September 30, 2013. Interim results may not be indicative of results for a full year. | |
On May 1, 2012, the Company completed the merger of the Consumer and Office Products Business of MeadWestvaco Corporation ("MWV") (“Mead C&OP”) with a wholly-owned subsidiary of the Company (the "Merger"). Accordingly, the results of Mead C&OP are included in the Company's condensed consolidated financial statements from the date of the Merger. | |
As part of the inclusion of Mead C&OP financial results with those of the Company, in the second quarter of 2012, certain information technology costs associated with the manufacturing, procurement and distribution operations have been reclassified from advertising, selling, general and administrative expenses (SG&A) to cost of products sold. This reclassification was done to enable the financial results of the two businesses to be consistent and to better reflect those costs associated with the cost of products sold. All prior periods have been reclassified to make the results comparable. For the nine months ended September 30, 2012 reclassified costs totaled $4.0 million. These historical reclassifications were not material and have had no effect on net income. | |
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make certain estimates and assumptions that affect the reported assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
There were no new accounting pronouncements issued in the third quarter of 2013 that would have a material impact on the Company’s consolidated financial statements. |
LongTerm_Debt_And_ShortTerm_Bo
Long-Term Debt And Short-Term Borrowings | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt And Short-Term Borrowings | ' | |||||||
Long-term Debt and Short-term Borrowings | ||||||||
Notes payable and long-term debt, listed in order of their security interests, consisted of the following at September 30, 2013 and December 31, 2012: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
U.S. Dollar Senior Secured Term Loan A, due May 2018 (floating interest rate of 2.51% at September 30, 2013) | $ | 498 | $ | — | ||||
U.S. Dollar Senior Secured Term Loan B, due May 2019 (floating interest rate of 4.25% at December 31, 2012) | — | 326.8 | ||||||
U.S. Dollar Senior Secured Term Loan A, due May 2017 (floating interest rate of 3.32% at December 31, 2012) | — | 220.8 | ||||||
Canadian Dollar Senior Secured Term Loan A, due May 2017 (floating interest rate of 4.26% at December 31, 2012) | — | 21.8 | ||||||
Senior Secured Revolving Credit Facility, due May 2018 (floating interest rate of 4.50% at September 30, 2013) | 1.7 | — | ||||||
Senior Unsecured Notes, due May 2020 (fixed interest rate of 6.75%) | 500 | 500 | ||||||
Other borrowings | 1 | 2.7 | ||||||
Total debt | 1,000.70 | 1,072.10 | ||||||
Less: current portion | (9.6 | ) | (1.3 | ) | ||||
Total long-term debt | $ | 991.1 | $ | 1,070.80 | ||||
Effective May 13, 2013 (the “Effective Date”), the Company entered into an Amended and Restated Credit Agreement (the “Restated Credit Agreement”) among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other agents and lenders party thereto. The Restated Credit Agreement amended and restated the Company's existing credit agreement, dated as of March 26, 2012, as amended (the “2012 Credit Agreement”), that had been entered into in connection with the Company's acquisition of Mead C&OP. In addition, immediately prior to the effectiveness of the Restated Credit Agreement, the Company entered into a Second Amendment, dated as of May 13, 2013 (the “Second Amendment ”), to the 2012 Credit Agreement in order to facilitate the entry into and obtain certain lender consents for the Restated Credit Agreement. | ||||||||
The Restated Credit Agreement provides for a $780 million, five-year senior secured credit facility, which consists of a $250.0 million multi-currency revolving credit facility, due May 2018 (the “Revolving Facility”) and a $530.0 million U.S. dollar denominated Senior Secured Term Loan A, due May 2018 (the “Restated Term Loan A"). Specifically, in connection with the Restated Credit Agreement, the Company: | ||||||||
• | replaced the Company's then-existing U.S.-dollar denominated Senior Secured Term Loan A, due May 2017, under the 2012 Credit Agreement, which had an aggregate principal amount of $220.8 million outstanding immediately prior to the Effective Date, with the Restated Term Loan A, due May 2018, in an aggregate original principal amount of $530.0 million; | |||||||
• | prepaid in full the Company's then-existing U.S.-dollar denominated Senior Secured Term Loan B, due May 2019, under the 2012 Credit Agreement, which had an aggregate principal amount of $310.2 million outstanding immediately prior to the Effective Date, using a portion of the proceeds from the Restated Term A Loan; | |||||||
• | replaced the $250.0 million revolving credit facility under the 2012 Credit Agreement with the Revolving Facility, under which $47.3 million was outstanding immediately following the Effective Date; and | |||||||
• | prior to the Effective Date, the Company's Canadian-dollar denominated Senior Secured Term Loan A, due May 2017 that had been drawn under the 2012 Credit Agreement was fully repaid. | |||||||
As of September 30, 2013, there were borrowings of $1.7 million under our $250.0 million Revolving Facility. The amount available for borrowings was $237.8 million (allowing for $10.5 million of letters of credit outstanding on that date). | ||||||||
For the nine months ended September 30, 2013, included in Other expense, net is a $9.4 million charge for the write-off of debt origination costs associated with the refinancing. Additionally, the Company incurred approximately $4.5 million in bank, legal and other fees associated with the Restated Credit Agreement. Of these fees, $4.2 million were capitalized and will be amortized over the life of the Restated Term Loan A and the Revolving Facility. | ||||||||
Loan Covenants | ||||||||
As of and for the period ended September 30, 2013, the Company was in compliance with all applicable loan covenants. | ||||||||
Guarantees and Security | ||||||||
Generally, obligations under the Restated Credit Agreement are guaranteed by certain of the Company's existing and future domestic subsidiaries, and are secured by substantially all of the Company's and certain guarantor subsidiaries' assets, subject to certain exclusions and limitations. |
Pension_And_Other_Retiree_Bene
Pension And Other Retiree Benefits | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension And Other Retiree Benefits | ' | |||||||||||||||||||||||
Pension and Other Retiree Benefits | ||||||||||||||||||||||||
The components of net periodic benefit cost for pension and post-retirement plans for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | |||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 0.5 | $ | 0.2 | $ | 0.4 | $ | 0.7 | $ | — | $ | 0.1 | ||||||||||||
Interest cost | 2 | 2.4 | 3.7 | 3.7 | 0.2 | 0.2 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (2.6 | ) | (5.1 | ) | (4.2 | ) | — | — | ||||||||||||||
Amortization of net loss (gain) | 2.4 | 1.5 | 0.6 | 0.5 | (0.2 | ) | (0.1 | ) | ||||||||||||||||
Net periodic benefit cost | $ | 2.3 | $ | 1.5 | $ | (0.4 | ) | $ | 0.7 | $ | — | $ | 0.2 | |||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | |||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 1.5 | $ | 0.5 | $ | 1.2 | $ | 1.8 | $ | 0.2 | $ | 0.2 | ||||||||||||
Interest cost | 6 | 6.6 | 11 | 10.6 | 0.5 | 0.5 | ||||||||||||||||||
Expected return on plan assets | (8.0 | ) | (7.8 | ) | (15.2 | ) | (12.0 | ) | — | — | ||||||||||||||
Amortization of prior service cost | — | — | — | 0.1 | — | — | ||||||||||||||||||
Amortization of net loss (gain) | 7.2 | 4.6 | 1.8 | 1.6 | (0.6 | ) | (0.4 | ) | ||||||||||||||||
Settlement loss | — | 0.7 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 6.7 | $ | 4.6 | $ | (1.2 | ) | $ | 2.1 | $ | 0.1 | $ | 0.3 | |||||||||||
We expect to contribute approximately $14.9 million to our defined benefit plans in 2013. For the nine months ended September 30, 2013, we have contributed $12.9 million to those plans. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
The following table summarizes the Company’s stock-based compensation expense (including stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”)) for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Stock option compensation expense | $ | 0.8 | $ | 0.5 | $ | 2.2 | $ | 1.3 | ||||||||
RSU compensation expense | 1.3 | 0.9 | 4.4 | 3.4 | ||||||||||||
PSU compensation expense | 2.2 | — | 5.1 | 0.8 | ||||||||||||
Total stock-based compensation | $ | 4.3 | $ | 1.4 | $ | 11.7 | $ | 5.5 | ||||||||
During the third quarter of 2013, the Company's Board of Directors approved a stock compensation grant, which consisted of 32,040 stock options, 11,592 RSUs and 28,660s PSUs. | ||||||||||||||||
The Company generally recognizes compensation expense for its stock-based awards ratably over the vesting period. Stock-based compensation expense for the nine months ended September 30, 2013 and 2012 includes $0.9 million of expense related to stock awards granted to non-employee directors, which became fully vested on the grant date. | ||||||||||||||||
The following table summarizes the Company's unrecognized compensation expense and the weighted-average period over which the expense will be recognized as of September 30, 2013: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Unrecognized | Weighted Average | |||||||||||||||
Compensation | Years Expense To Be | |||||||||||||||
(in millions of dollars, except weighted average years) | Expense | Recognized Over | ||||||||||||||
Stock options | $5.50 | 2.1 | ||||||||||||||
RSUs | $7.70 | 1.9 | ||||||||||||||
PSUs | $10.20 | 1.8 |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or market value. The components of inventories are as follows: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Raw materials | $ | 36.1 | $ | 40.1 | ||||
Work in process | 2.7 | 5.4 | ||||||
Finished goods | 252.2 | 220 | ||||||
Total inventories | $ | 291 | $ | 265.5 | ||||
Goodwill_And_Identifiable_Inta
Goodwill And Identifiable Intangibles | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill And Identifiable Intangibles | ' | |||||||||||||||||||||||
Goodwill and Identifiable Intangibles | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
As more fully described in the Company’s 2012 Annual Report on Form 10-K, we test goodwill for impairment at least annually and on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company performed this annual assessment in the second quarter of 2013 and concluded that no impairment exists. | ||||||||||||||||||||||||
Goodwill has been recorded on the Company's balance sheet related to the Merger and represents the excess of the cost of the acquisition when compared to the fair value estimate of the net assets acquired on May 1, 2012 (the date of the Merger). See Note 3, Acquisitions, to these condensed consolidated financial statements for details on the calculation of the goodwill acquired in the Merger. | ||||||||||||||||||||||||
Changes in the net carrying amount of goodwill by segment are as follows: | ||||||||||||||||||||||||
(in millions of dollars) | ACCO | ACCO | Computer | Total | ||||||||||||||||||||
Brands | Brands | Products | ||||||||||||||||||||||
North America | International | Group | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 396.3 | $ | 186.3 | $ | 6.8 | $ | 589.4 | ||||||||||||||||
Mead C&OP acquisition | 1.4 | 0.5 | — | 1.9 | ||||||||||||||||||||
Translation | (2.4 | ) | (13.4 | ) | — | (15.8 | ) | |||||||||||||||||
Balance at September 30, 2013 | $ | 395.3 | $ | 173.4 | $ | 6.8 | $ | 575.5 | ||||||||||||||||
Goodwill | $ | 526.2 | $ | 257.6 | $ | 6.8 | $ | 790.6 | ||||||||||||||||
Accumulated impairment losses | (130.9 | ) | (84.2 | ) | — | (215.1 | ) | |||||||||||||||||
Balance at September 30, 2013 | $ | 395.3 | $ | 173.4 | $ | 6.8 | $ | 575.5 | ||||||||||||||||
Identifiable Intangible Assets | ||||||||||||||||||||||||
The gross carrying value and accumulated amortization by class of identifiable intangible assets as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in millions of dollars) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Book | Carrying | Amortization | Book | |||||||||||||||||||
Amounts | Value | Amounts | Value | |||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||
Trade names | $ | 514.8 | $ | (44.5 | ) | (1) | $ | 470.3 | $ | 524.9 | $ | (44.5 | ) | (1) | $ | 480.4 | ||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||
Trade names | 130.4 | (44.5 | ) | 85.9 | 130.9 | (36.7 | ) | 94.2 | ||||||||||||||||
Customer and contractual relationships | 103 | (43.2 | ) | 59.8 | 103.7 | (32.7 | ) | 71 | ||||||||||||||||
Patents/proprietary technology | 10.3 | (9.4 | ) | 0.9 | 10.4 | (9.4 | ) | 1 | ||||||||||||||||
Subtotal | 243.7 | (97.1 | ) | 146.6 | 245 | (78.8 | ) | 166.2 | ||||||||||||||||
Total identifiable intangibles | $ | 758.5 | $ | (141.6 | ) | $ | 616.9 | $ | 769.9 | $ | (123.3 | ) | $ | 646.6 | ||||||||||
-1 | Accumulated amortization prior to the adoption of authoritative guidance on goodwill and other intangible assets, at which time further amortization ceased. | |||||||||||||||||||||||
The Company’s intangible amortization expense was $5.9 million and $6.9 million for the three months ended September 30, 2013 and 2012, respectively, and $18.7 million and $13.5 million for the nine months ended September 30, 2013 and 2012, respectively. The increase in the nine month period of intangible amortization expense was driven by incremental amortization related to the Merger. | ||||||||||||||||||||||||
As of September 30, 2013, estimated amortization expense for amortizable intangible assets as of September 30, 2013 for the current year and the next five years are as follows: | ||||||||||||||||||||||||
(in millions of dollars) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||
Estimated amortization expense | $ | 24.8 | $ | 22.3 | $ | 19.9 | $ | 17.6 | $ | 14.3 | $ | 12.1 | ||||||||||||
Actual amounts of amortization expense may differ from estimated amounts due to changes in foreign currency exchange rates, additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events. | ||||||||||||||||||||||||
The identifiable intangible assets of $543.2 million acquired in the Merger include trade names and customer relationships and were recorded at their fair values. The values assigned were based on the estimated future discounted cash flows attributable to the respective assets. These future cash flows were estimated based on the historical cash flows and then adjusted for anticipated future changes, primarily expected changes in sales volume or price. We have assigned an indefinite life to certain trade names, which include the Five Star®, Mead®, Tilibra and Hilroy brands, based on the Company's intention to use these trade names for an indefinite period of time and the expected sustainability of brands and the product categories and cash flows with which they are associated. Each of the named brands has a long history of high brand recognition in the markets that it serves, has significant market share in the product categories in which it competes and has demonstrated strong historical financial performance. | ||||||||||||||||||||||||
We test indefinite-lived intangibles for impairment at least annually and on an interim basis if an event or circumstance indicates that it is more likely than not that an impairment loss has been incurred. The Company performed this annual assessment in the second quarter of 2013 and concluded that no impairment exists. However, due to the recent acquisition of Mead C&OP, the fair values of certain indefinite-lived trade names are not substantially above their carrying values. |
Restructuring
Restructuring | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring | ' | |||||||||||||||||||
Restructuring | ||||||||||||||||||||
During the nine months ended September 30, 2013, the Company committed to new cost savings plans intended to improve the efficiency and effectiveness of our businesses. These plans relate to cost-reduction initiatives within the Company's North American and International segments, and are primarily associated with post-merger integration activities of the North American operations following the acquisition of Mead C&OP and changes in the European business model and manufacturing footprint. The most significant of these plans was finalized during the second quarter of 2013, and relates to the closure of our Brampton, Canada distribution and manufacturing facility and relocation of its activities to other facilities within the Company. The Company recorded $2.3 million and $0.8 million of restructuring charges for the three months ended September 30, 2013 and 2012, respectively, and $17.9 million and $21.6 million of restructuring charges for the nine months ended September 30, 2013 and 2012, respectively. The Company expects approximately $7 million of additional restructuring charges to be incurred in 2013 associated primarily with other initiatives which are currently under development. | ||||||||||||||||||||
In fiscal year 2012, we initiated cost savings plans related to the consolidation and integration of our recently acquired Mead C&OP business. The most significant of these plans related to our dated goods business and included closure of a manufacturing and distribution facility in East Texas, Pennsylvania and relocation of its activities to other facilities within the Company, which was completed during the second quarter of 2013. We also committed to certain cost savings plans that are expected to improve the efficiency and effectiveness of our U.S. and European businesses, which were independent of any plans related to our acquisition of Mead C&OP. | ||||||||||||||||||||
A summary of the activity in the restructuring accounts for the nine months ended September 30, 2013 is as follows: | ||||||||||||||||||||
(in millions of dollars) | Balance at December 31, 2012 | Provision | Cash | Non-cash | Balance at September 30, 2013 | |||||||||||||||
Expenditures | Items/ | |||||||||||||||||||
Currency Change | ||||||||||||||||||||
Employee termination costs | $ | 15.2 | $ | 16.3 | $ | (16.4 | ) | $ | 0.1 | $ | 15.2 | |||||||||
Termination of lease agreements | 0.2 | 0.3 | (0.5 | ) | — | — | ||||||||||||||
Asset impairments/net loss on disposal of assets resulting from restructuring activities | — | 0.9 | — | (0.9 | ) | — | ||||||||||||||
Other | — | 0.4 | (0.4 | ) | — | — | ||||||||||||||
Total restructuring liability | $ | 15.4 | $ | 17.9 | $ | (17.3 | ) | $ | (0.8 | ) | $ | 15.2 | ||||||||
Management expects the $15.2 million of employee termination costs to be substantially paid within the next 12 months. | ||||||||||||||||||||
Gain on Sale | ||||||||||||||||||||
Not included in the restructuring table above is a net gain of $2.5 million from the sale of the Company's Ireland distribution facility. The sale, which occurred during the second quarter of 2013, generated net cash proceeds of $3.8 million. The gain on sale has been recognized in our Consolidated Statements of Operations in selling, general and administrative expenses. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
For the three months ended September 30, 2013, the Company recorded an income tax expense from continuing operations of $14.6 million on income before taxes of $41.0 million. For the prior-year period, we reported an income tax benefit from continuing operations of $13.6 million on income before taxes of $41.6 million. The low tax rate for 2012 was primarily due to a change in the effective tax rate for foreign earnings resulting in a cumulative period adjustment during the third quarter of 2012 and the release of certain valuation allowances, as further discussed below. | ||||||||||||||||
We continually review the need for establishing or releasing valuation allowances on our deferred tax attributes. Following the acquisition of Mead C&OP, in the second quarter of 2012, the Company analyzed its need for maintaining valuation reserves against the expected U.S. future tax benefits. Based on that analysis, the Company determined that as of June 30, 2012, there existed sufficient evidence in the form of future taxable income from the combined operations to release $112.7 million of the valuation allowance that had been previously recorded against the U.S. deferred income tax assets. Also in the second quarter of 2012 valuation allowances in the amount of $17.7 million were released in certain foreign jurisdictions and an additional $0.5 million was released in the third quarter 2012, for a total release of foreign valuation allowances of $18.2 million. The 2013 year-to-date period benefited from the release of foreign valuation allowances in certain foreign jurisdictions in the amount of $7.0 million. The resulting deferred tax assets are comprised principally of net operating loss carryforwards that are expected to be fully realized within the expiration period and other temporary differences. | ||||||||||||||||
For the nine months ended September 30, 2013, the Company recorded an income tax expense from continuing operations of $6.6 million on income before taxes of $33.6 million, which included the valuation release discussed above. For the prior-year period, we reported an income tax benefit from continuing operations of $185.2 million on a loss before taxes of $53.1 million, primarily due to the release of certain valuation allowances, also as discussed above. | ||||||||||||||||
The reconciliation of income taxes for the three and nine month periods ended September 30, 2013 and 2012, computed at the U.S. federal statutory income tax rate, compared to our effective income tax rate for continuing operations, is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Income tax benefit computed at U.S. statutory income tax rate (35%) | $ | 14.4 | $ | 14.5 | $ | 11.8 | $ | (18.6 | ) | |||||||
Decrease of valuation allowances, net | — | (0.9 | ) | (7.0 | ) | (132.2 | ) | |||||||||
Foreign income taxed at a lower effective rate | (3.1 | ) | (26.8 | ) | (4.1 | ) | (36.9 | ) | ||||||||
Miscellaneous | 3.3 | (0.4 | ) | 5.9 | 2.5 | |||||||||||
Income taxes as reported | $ | 14.6 | $ | (13.6 | ) | $ | 6.6 | $ | (185.2 | ) | ||||||
Effective tax rate | 35.6 | % | NM | 19.6 | % | NM | ||||||||||
The U.S. federal statute of limitations remains open for the year 2010 and forward. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from 3 to 5 years. Years still open to examination by foreign tax authorities in major jurisdictions include Australia (2008 forward), Brazil (2007 forward), Canada (2006 forward) and the U.K. (2010 forward). We are currently under examination in various foreign jurisdictions. | ||||||||||||||||
In connection with our May 1, 2012 acquisition of Mead C&OP we assumed all of the tax liabilities for the acquired foreign operations. In December of 2012, the Federal Revenue Department of the Ministry of Finance of Brazil ("FRD") issued a tax assessment for the 2007 tax year against Tilibra Produtos de Papelaria Ltda. ("Tilibra"), which challenged the deductibility of goodwill recorded in connection with Mead's 2004 acquisition of Tilibra. In the fourth quarter of 2012, the Company recorded a reserve in the amount of $44.5 million (based on December 2012 exchange rates) in consideration of the 2007 assessment and the expected assessment to be received for the open tax years. In October 2013, the Company received the assessment from FRD for the 2008-2010 tax years. The Company has filed a protest disputing the assessment for the 2007 tax year and it intends to likewise challenge the new assessment. The assessment was as expected, and already reserved for in the 2012 financial statements. In addition, the Company will continue to accrue interest related to this matter until such time as the outcome is known or until evidence is presented that we are more likely than not to prevail. During the three and nine month periods ended September 30, 2013, we accrued additional interest of $0.3 million and $1.0 million, respectively, which was recorded in income tax expense. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings per Share | ||||||||||||
Total outstanding shares as of September 30, 2013 and 2012 were 113.6 million and 113.1 million, respectively. On May 1, 2012 the Company issued 57.1 million shares of stock related to the Merger. The calculation of basic earnings per common share is based on the weighted average number of common shares outstanding in the year, or period, over which they were outstanding. Our calculation of diluted earnings per common share assumes that any common shares outstanding were increased by shares that would be issued upon exercise of those stock units for which the average market price for the period exceeds the exercise price less the shares that could have been purchased by the Company with the related proceeds, including compensation expense measured but not yet recognized, net of tax. | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Weighted-average number of common shares outstanding — basic | 113.6 | 113.1 | 113.5 | 87.7 | ||||||||
Stock options | — | 0.1 | — | 0.1 | ||||||||
Stock-settled stock appreciation rights | 0.8 | 0.9 | 0.8 | 1 | ||||||||
Restricted stock units | 1.4 | 0.9 | 1.3 | 1 | ||||||||
Adjusted weighted-average shares and assumed conversions — diluted | 115.8 | 115 | 115.6 | 89.8 | ||||||||
Awards of potentially dilutive shares of common stock options which have exercise prices that were higher than the average market price during the period are not included in the computation of dilutive earnings per share as their effect would have been anti-dilutive. These shares totaled approximately 6.1 million and 7.0 million as of September 30, 2013 and 2012, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Derivative Financial Instruments | ' | |||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||
We are exposed to various market risks, including changes in foreign currency exchange rates and interest rate changes. We enter into financial instruments to manage and reduce the impact of these risks, not for trading or speculative purposes. The counterparties to these financial instruments are major financial institutions. We continually monitor our foreign currency exposures in order to maximize the overall effectiveness of our foreign currency hedge positions. Principal currencies hedged include the U.S. dollar, Euro, Australian dollar, Canadian dollar, Pound sterling and Japanese yen. We are subject to credit risk, which relates to the ability of counterparties to meet their contractual payment obligations or the potential non-performance by counterparties to financial instrument contracts. Management continues to monitor the status of our counterparties and will take action, as appropriate, to further manage our counterparty credit risk. There are no credit contingency features in our derivative financial instruments. | ||||||||||||||||||||
On the date in which we enter into a derivative, the derivative is designated as a hedge of the identified exposure. We measure the effectiveness of our hedging relationships both at hedge inception and on an ongoing basis. | ||||||||||||||||||||
Forward Currency Contracts | ||||||||||||||||||||
We enter into forward foreign currency contracts to reduce the effect of fluctuating foreign currencies, primarily on foreign denominated inventory purchases and intercompany loans. The majority of the Company’s exposure to local currency movements is in Europe, Australia, Canada, Brazil, Mexico and Japan. | ||||||||||||||||||||
Forward currency contracts are used to hedge foreign denominated inventory purchases for Europe, Australia, Canada and Japan and are designated as cash flow hedges. Unrealized gains and losses on these contracts for inventory purchases are deferred in other comprehensive income (loss) until the contracts are settled and the underlying hedged transactions are recognized, at which time the deferred gains or losses will be reported in the “Cost of products sold” line in the Condensed Consolidated Statements of Operations. As of September 30, 2013 and December 31, 2012, we had cash-flow-designated foreign exchange contracts outstanding with a U.S. dollar equivalent notional value of $95.7 million and $85.0 million, respectively. | ||||||||||||||||||||
Forward currency contracts used to hedge foreign denominated intercompany loans are not designated as hedging instruments. Gains and losses on these derivative instruments are recognized within "Other expense, net" in the Condensed Consolidated Statements of Operations and are largely offset by the changes in the fair value of the hedged item. The periods of the forward foreign exchange contracts correspond to the periods of the hedged transactions, and do not extend beyond September 2014. As of September 30, 2013 and December 31, 2012, we had undesignated foreign exchange contracts outstanding with a U.S. dollar equivalent notional value of $47.9 million and $90.4 million, respectively. | ||||||||||||||||||||
The following table summarizes the fair value of our derivative financial instruments as of September 30, 2013 and December 31, 2012, respectively: | ||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||
(in millions of dollars) | Balance Sheet | Sep 30, | Dec 31, 2012 | Balance Sheet | Sep 30, | Dec 31, 2012 | ||||||||||||||
Location | 2013 | Location | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 0.9 | $ | 0.7 | Other current liabilities | $ | 1.1 | $ | 0.6 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | 0.4 | 0.5 | Other current liabilities | 0.5 | 0.2 | ||||||||||||||
Total derivatives | $ | 1.3 | $ | 1.2 | $ | 1.6 | $ | 0.8 | ||||||||||||
The following tables summarize the pre-tax effect of our derivative financial instruments on the condensed consolidated financial statements for the three and nine months ended September 30, 2013 and 2012, respectively: | ||||||||||||||||||||
The Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Condensed Consolidated Financial Statements | ||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Location of (Gain) Loss Reclassified from OCI to Income | Amount of (Gain) Loss | ||||||||||||||||||
Reclassified from AOCI to Income (Effective Portion) | ||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign exchange contracts | $ | (1.6 | ) | $ | (2.1 | ) | Cost of products sold | $ | (1.6 | ) | $ | (0.9 | ) | |||||||
The Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Condensed Consolidated Financial Statements | ||||||||||||||||||||
(in millions of dollars) | Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Location of (Gain) Loss Reclassified from OCI to Income | Amount of (Gain) Loss | |||||||||||||||||
Reclassified from AOCI to Income (Effective Portion) | ||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign exchange contracts | $ | 3.1 | $ | (1.0 | ) | Cost of products sold | $ | (3.3 | ) | $ | (2.3 | ) | ||||||||
The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Operations | ||||||||||||||||||||
Location of (Gain) Loss Recognized in | Amount of (Gain) Loss | Amount of (Gain) Loss | ||||||||||||||||||
Income on Derivatives | Recognized in Income | Recognized in Income | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Foreign exchange contracts | Other expense, net | $ | — | $ | 1.3 | $ | (0.4 | ) | $ | 3.9 | ||||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Fair Value Of Financial Instruments | ' | |||||||
Fair Value of Financial Instruments | ||||||||
In establishing a fair value, there is a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The basis of the fair value measurement is categorized in three levels, in order of priority, as described below: | ||||||||
Level 1 | Unadjusted quoted prices in active markets for identical assets or liabilities | |||||||
Level 2 | Unadjusted quoted prices in active markets for similar assets or liabilities, or | |||||||
Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or | ||||||||
Inputs other than quoted prices that are observable for the asset or liability | ||||||||
Level 3 | Unobservable inputs for the asset or liability | |||||||
We utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||
We have determined that our financial assets and liabilities are Level 2 in the fair value hierarchy. The following table sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Assets: | ||||||||
Forward currency contracts | $ | 1.3 | $ | 1.2 | ||||
Liabilities: | ||||||||
Forward currency contracts | $ | 1.6 | $ | 0.8 | ||||
Our forward currency contracts are included in "Other current assets" or "Other current liabilities" and mature within 12 months. The forward foreign currency exchange contracts are primarily valued based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. As such, these derivative instruments are classified within Level 2. | ||||||||
The fair values of cash and cash equivalents, notes payable to banks, accounts receivable and accounts payable approximate carrying amounts due principally to their short maturities. The carrying amount of total debt was $1,000.7 million and $1,072.1 million and the estimated fair value of total debt was $997.0 million and $1,097.5 million at September 30, 2013 and December 31, 2012, respectively. The fair values are determined from quoted market prices, where available, and from investment bankers using current interest rates considering credit ratings and the remaining terms of maturity. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Comprehensive income is defined as net income (loss) and other changes in stockholders’ equity from transactions and other events from sources other than stockholders. The components of, and changes in, accumulated other comprehensive income (loss), net of tax were as follows: | ||||||||||||||||
(in millions of dollars) | Derivative | Unrecognized | Accumulated | |||||||||||||
Financial | Foreign | Pension and Other | Other | |||||||||||||
Instruments | Currency | Post-retirement | Comprehensive | |||||||||||||
Adjustments | Benefit Costs | Income (Loss) | ||||||||||||||
Balance at December 31, 2012 | $ | 0.1 | $ | (28.0 | ) | $ | (128.2 | ) | $ | (156.1 | ) | |||||
Other comprehensive income (loss) before reclassifications | 2.1 | (44.4 | ) | — | (42.3 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2.2 | ) | — | 5.5 | 3.3 | |||||||||||
Balance at September 30, 2013 | $ | — | $ | (72.4 | ) | $ | (122.7 | ) | $ | (195.1 | ) | |||||
The reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2013 were as follows: | ||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||
(in millions of dollars) | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Comprehensive Income (Loss) | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Comprehensive Income (Loss) | ||||||||||||
Details about Accumulated Other Comprehensive Income Components | ||||||||||||||||
Gain on cash flow hedges: | ||||||||||||||||
Foreign exchange contracts | $ | (1.6 | ) | Cost of products sold | $ | (3.3 | ) | Cost of products sold | ||||||||
(1.6 | ) | Total before tax | (3.3 | ) | Total before tax | |||||||||||
0.7 | Tax benefit | 1.1 | Tax benefit | |||||||||||||
$ | (0.9 | ) | Net of tax | $ | (2.2 | ) | Net of tax | |||||||||
Defined benefit plan items: | ||||||||||||||||
Amortization of actuarial loss | $ | 2.8 | (a) | $ | 8.5 | (a) | ||||||||||
2.8 | Total before tax | 8.5 | Total before tax | |||||||||||||
(1.0 | ) | Tax expense | (3.0 | ) | Tax expense | |||||||||||
$ | 1.8 | Net of tax | $ | 5.5 | Net of tax | |||||||||||
Total reclassifications for the period | $ | 0.9 | Net of tax | $ | 3.3 | Net of tax | ||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and post-retirement plans (See Note 5, Pension and Other Retiree Benefits, to our condensed consolidated financial statements contained in Item 1 of this report for additional details). |
Information_On_Business_Segmen
Information On Business Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Information on Business Segments | ' | |||||||||||||||
Information on Business Segments | ||||||||||||||||
In conjunction with the Merger during the second quarter of 2012, we realigned our Americas and International segments. The pre-acquisition Latin America business has been moved into the International segment along with Mead C&OP's Brazilian operations. Our Computer Products Group was unaffected by the realignment or the Merger. | ||||||||||||||||
The Company’s three business segments are described below. | ||||||||||||||||
ACCO Brands North America and ACCO Brands International | ||||||||||||||||
Our office, school and calendar product lines use name brands such as: AT-A-GLANCE®, Day-Timer®, Five Star®, GBC®, Hilroy®, Marbig, Mead®, NOBO, Quartet®, Rexel, Swingline®, Tilibra, Wilson Jones® and many others. Products and brands are not confined to one channel or product category and are sold based on end-user preference in each geographic location. We manufacture approximately 50% of our products, and specify and source approximately 50% of our products, mainly from Asia. The majority of our office products, such as stapling, binding and laminating equipment and related consumable supplies, shredders and whiteboards, are used by businesses. Most of these end-users purchase their products from our customers, which include commercial contract stationers, mass merchandisers, retail superstores, wholesalers, resellers, mail order and internet catalogs, club stores and dealers. We also supply some of our products directly to large commercial and industrial end-users. For all of our products, historically, we have targeted the premium end of the product categories in which we compete. However, we also supply private label products for our customers and provide machine maintenance and certain repair services. Our school products include notebooks, folders, decorative calendars, and stationery products. We distribute our school products primarily through traditional and online retail mass market, grocery, drug and office superstore channels. Our calendar products are sold throughout all channels where we sell office or school products, and we also sell calendar products direct to consumers. | ||||||||||||||||
The customer base to which we sell our products is mainly made up of large global and regional resellers of our products. Mass and retail channels mainly sell to individual consumers but also to small businesses. Office superstores mainly sell to commercial customers but also to individual consumers at their retail stores. As a result, there is no clear correlation between product, consumer or distribution channel. We also sell to commercial contract stationers, wholesalers, distributors, mail order and internet catalogs, and independent dealers. Over half of our product sales by our customers are to business end-users, who generally seek premium products that have added value or ease-of-use features and a reputation for reliability, performance and professional appearance. Some of our document finishing products are sold directly to high-volume end-users and commercial reprographic centers. | ||||||||||||||||
Computer Products Group | ||||||||||||||||
The Computer Products Group designs, distributes, markets and sells accessories for laptop and desktop computers and tablets and smart phones. These accessories primarily include security products,tablet covers and keypads, smart phone accessories, power adapters, input devices such as mice, laptop computer carrying cases, hubs, docking stations and ergonomic devices. The Computer Products Group sells mostly under the Kensington®, Microsaver® and ClickSafe® brand names, with the majority of its revenue coming from the U.S. and Western Europe. | ||||||||||||||||
Our computer products are manufactured by third-party suppliers, principally in Asia, and are stored in and distributed from our regional facilities. Our computer products are sold primarily to consumer electronics retailers, information technology value-added resellers, original equipment manufacturers and office products retailers. | ||||||||||||||||
Financial information by reportable segment is set forth below. | ||||||||||||||||
Net sales by business segment are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
ACCO Brands North America | $ | 295.9 | $ | 321.4 | $ | 771.8 | $ | 737.9 | ||||||||
ACCO Brands International | 136 | 139.4 | 378.3 | 363.9 | ||||||||||||
Computer Products Group | 37.3 | 40.4 | 111.3 | 127 | ||||||||||||
Net sales | $ | 469.2 | $ | 501.2 | $ | 1,261.40 | $ | 1,228.80 | ||||||||
Operating income (loss) by business segment is as follows (a): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
ACCO Brands North America | $ | 36.1 | $ | 40 | $ | 61.6 | $ | 50.1 | ||||||||
ACCO Brands International | 17.8 | 14.7 | 32.3 | 31.9 | ||||||||||||
Computer Products Group | 3.4 | 7.7 | 9.1 | 25.2 | ||||||||||||
Segment operating income | 57.3 | 62.4 | 103 | 107.2 | ||||||||||||
Corporate | (7.0 | ) | (6.0 | ) | (24.0 | ) | (35.2 | ) | ||||||||
Operating income | 50.3 | 56.4 | 79 | 72 | ||||||||||||
Interest expense, net | 12.5 | 18.1 | 41.7 | 70 | ||||||||||||
Equity in earnings of joint ventures | (3.3 | ) | (3.6 | ) | (5.9 | ) | (6.3 | ) | ||||||||
Other expense, net | 0.1 | 0.3 | 9.6 | 61.4 | ||||||||||||
Income (loss) from continuing operations before income tax | $ | 41 | $ | 41.6 | $ | 33.6 | $ | (53.1 | ) | |||||||
(a) | Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less advertising, selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges. |
Joint_Venture_Investments
Joint Venture Investments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Joint Venture Investments | ' | |||||||||||||||
Joint Venture Investments | ||||||||||||||||
Summarized below is aggregated financial information for the Company’s joint ventures, Pelikan-Artline Pty Ltd and Neschen GBC Graphic Films LLC ("Neschen"), which are accounted for under the equity method. Accordingly, we record our proportionate share of earnings or losses on the line entitled, “Equity in earnings of joint ventures” in the Condensed Consolidated Statements of Operations. Our share of the net assets of the joint ventures is included within “Other non-current assets” in the Condensed Consolidated Balance Sheets. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | 34.2 | $ | 41.4 | $ | 106.9 | $ | 116.7 | ||||||||
Gross profit | 23.6 | 26.8 | 66.3 | 69.2 | ||||||||||||
Net income | 6.6 | 7.2 | 11.7 | 12.5 | ||||||||||||
(in millions of dollars) | September 30, | December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||||
Current assets | $ | 74 | $ | 80.7 | ||||||||||||
Non-current assets | 35 | 36.9 | ||||||||||||||
Current liabilities | 33.6 | 34.2 | ||||||||||||||
Non-current liabilities | 9.2 | 12.8 | ||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
Pending Litigation - Brazil Tax Assessment | |
In connection with our May 1, 2012 acquisition of Mead C&OP we assumed all of the tax liabilities for the acquired foreign operations. In December of 2012, the Federal Revenue Department of the Ministry of Finance of Brazil ("FRD") issued a tax assessment for the 2007 tax year against Tilibra Produtos de Papelaria Ltda. ("Tilibra"), which challenged the deductibility of goodwill recorded in connection with Mead's 2004 acquisition of Tilibra. In the fourth quarter of 2012, the Company recorded a reserve in the amount of $44.5 million (based on December 2012 exchange rates) in consideration of the 2007 assessment and the expected assessment to be received for the open tax years. In October 2013, the Company received the assessment from FRD for the 2008-2010 tax years. The Company has filed a protest disputing the assessment for the 2007 tax year and it intends to likewise challenge the new assessment. The assessment was as expected, and already reserved for in the 2012 financial statements. In addition, the Company will continue to accrue interest related to this matter until such time as the outcome is known or until evidence is presented that we are more likely than not to prevail. During the three and nine months ended September 30, 2013 we accrued additional interest of $0.3 million and $1.0 million, respectively. | |
Other Pending Litigation | |
There are various other claims, lawsuits and pending actions against us incidental to our operations. It is the opinion of management that the ultimate resolution of these matters will not have a material adverse effect on our consolidated financial position, results of operations or cash flows. However, we can make no assurances that we will ultimately be successful in our defense of any of these matters. | |
Environmental | |
We are subject to laws and regulations relating to the protection of the environment. While it is not possible to quantify with certainty the potential impact of actions regarding environmental matters, particularly remediation and other compliance efforts that our subsidiaries may undertake in the future, in the opinion of management, compliance with the present environmental protection laws, before taking into account any estimated recoveries from third parties, will not have a material adverse effect upon the results of operations, cash flows or financial condition of the Company. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Discontinued Operations | ' | |||||||||||||||
Discontinued Operations | ||||||||||||||||
Included in discontinued operations are residual costs of our commercial print finishing business, which was sold during the year 2009. In association with ongoing legal disputes related to this business, the Company recorded expenses of $0.2 million and $0.2 million for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||
The operating results and financial position of discontinued operations are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions, except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating Results: | ||||||||||||||||
Loss from operations before income taxes | — | — | (0.2 | ) | (0.2 | ) | ||||||||||
Income tax benefit | — | — | (0.1 | ) | (0.1 | ) | ||||||||||
Loss from discontinued operations | $ | — | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Per share: | ||||||||||||||||
Basic loss from discontinued operations | $ | — | $ | — | $ | — | $ | — | ||||||||
Diluted loss from discontinued operations | $ | — | $ | — | $ | — | $ | — | ||||||||
Litigation-related accruals of $1.2 million and $2.4 million for discontinued operations are included in the line "Other current liabilities" as of September 30, 2013 and December 31, 2012, respectively. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
19. Condensed Consolidating Financial Information | ||||||||||||||||||||
Certain of the Company’s 100% owned domestic subsidiaries are required to jointly and severally, fully and unconditionally guarantee the 6.75% Senior Unsecured Notes that are due in the year 2020. Rather than filing separate financial statements for each guarantor subsidiary with the Securities and Exchange Commission, the Company has elected to present the following condensed consolidating financial statements, which detail the results of operations for the three and nine months ended September 30, 2013 and 2012, cash flows for the nine months ended September 30, 2013, and 2012, and financial position as of September 30, 2013 and December 31, 2012 of the Company and its guarantor and non-guarantor subsidiaries (in each case carrying investments under the equity method), and the eliminations necessary to arrive at the reported amounts included in the condensed consolidated financial statements of the Company. Certain previously reported amounts within the December 2012 condensed consolidating balance sheet have been revised to appropriately reflect the allocation of $70.9 million of goodwill and receivables from affiliates within the Guarantor balance sheet. The revisions resulted in these line items in the condensed consolidating balance sheet moving between the guarantor and non-guarantor columns of the accompanying balance sheet presentation. Such revisions were immaterial to the previously reported guarantors’ condensed consolidating balance sheet. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets (Unaudited) | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.7 | $ | (1.4 | ) | $ | 69.5 | $ | — | $ | 70.8 | |||||||||
Accounts receivable, net | — | 187.3 | 207.2 | — | 394.5 | |||||||||||||||
Inventories | — | 142.4 | 148.6 | — | 291 | |||||||||||||||
Receivables from affiliates | 14.7 | 5.5 | 64.5 | (84.7 | ) | — | ||||||||||||||
Deferred income taxes | 19.1 | — | 11.6 | — | 30.7 | |||||||||||||||
Other current assets | 0.9 | 13.9 | 17.4 | — | 32.2 | |||||||||||||||
Total current assets | 37.4 | 347.7 | 518.8 | (84.7 | ) | 819.2 | ||||||||||||||
Property, plant and equipment, net | 4.2 | 133.8 | 120.4 | — | 258.4 | |||||||||||||||
Deferred income taxes | 3.3 | — | 38.1 | — | 41.4 | |||||||||||||||
Goodwill | — | 330.9 | 244.6 | — | 575.5 | |||||||||||||||
Identifiable intangibles, net | 57.6 | 419.4 | 139.9 | — | 616.9 | |||||||||||||||
Other non-current assets | 21.9 | 5.2 | 51.1 | — | 78.2 | |||||||||||||||
Investment in, long term receivable from affiliates | 1,822.00 | 846.5 | 441 | (3,109.5 | ) | — | ||||||||||||||
Total assets | $ | 1,946.40 | $ | 2,083.50 | $ | 1,553.90 | $ | (3,194.2 | ) | $ | 2,389.60 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | 1.7 | $ | — | $ | 0.1 | $ | — | $ | 1.8 | ||||||||||
Current portion of long-term debt | 7.7 | 0.1 | — | — | 7.8 | |||||||||||||||
Accounts payable | — | 85.6 | 83.9 | — | 169.5 | |||||||||||||||
Accrued compensation | 3.7 | 10.7 | 16.4 | — | 30.8 | |||||||||||||||
Accrued customer programs liabilities | — | 52.3 | 48.2 | — | 100.5 | |||||||||||||||
Accrued interest | 15.4 | — | — | — | 15.4 | |||||||||||||||
Other current liabilities | 2.3 | 33.5 | 50.5 | — | 86.3 | |||||||||||||||
Payables to affiliates | 9.3 | 206.9 | 247 | (463.2 | ) | — | ||||||||||||||
Total current liabilities | 40.1 | 389.1 | 446.1 | (463.2 | ) | 412.1 | ||||||||||||||
Long-term debt | 991 | 0.1 | — | — | 991.1 | |||||||||||||||
Long-term notes payable to affiliates | 178.2 | 14.6 | 36.8 | (229.6 | ) | — | ||||||||||||||
Deferred income taxes | 96.4 | — | 62.7 | — | 159.1 | |||||||||||||||
Pension and post-retirement benefit obligations | 1.8 | 52.6 | 49.3 | — | 103.7 | |||||||||||||||
Other non-current liabilities | 0.7 | 22 | 62.7 | — | 85.4 | |||||||||||||||
Total liabilities | 1,308.20 | 478.4 | 657.6 | (692.8 | ) | 1,751.40 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1.1 | 448 | 273.5 | (721.5 | ) | 1.1 | ||||||||||||||
Treasury stock | (3.5 | ) | — | — | — | (3.5 | ) | |||||||||||||
Paid-in capital | 2,030.60 | 1,551.40 | 743 | (2,294.4 | ) | 2,030.60 | ||||||||||||||
Accumulated other comprehensive loss | (195.1 | ) | (64.7 | ) | (91.6 | ) | 156.3 | (195.1 | ) | |||||||||||
Accumulated deficit | (1,194.9 | ) | (329.6 | ) | (28.6 | ) | 358.2 | (1,194.9 | ) | |||||||||||
Total stockholders’ equity | 638.2 | 1,605.10 | 896.3 | (2,501.4 | ) | 638.2 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,946.40 | $ | 2,083.50 | $ | 1,553.90 | $ | (3,194.2 | ) | $ | 2,389.60 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 12.1 | $ | (3.0 | ) | $ | 40.9 | $ | — | $ | 50 | |||||||||
Accounts receivable, net | — | 193.9 | 304.8 | — | 498.7 | |||||||||||||||
Inventories | — | 133.7 | 131.8 | — | 265.5 | |||||||||||||||
Receivables from affiliates | 7.9 | 219.4 | 17.5 | (244.8 | ) | — | ||||||||||||||
Deferred income taxes | 18.1 | — | 13 | — | 31.1 | |||||||||||||||
Other current assets | 1 | 13 | 15 | — | 29 | |||||||||||||||
Total current assets | 39.1 | 557 | 523 | (244.8 | ) | 874.3 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 140.7 | 132.6 | — | 273.6 | |||||||||||||||
Deferred income taxes | — | — | 36.4 | — | 36.4 | |||||||||||||||
Goodwill | — | 329.7 | 259.7 | — | 589.4 | |||||||||||||||
Identifiable intangibles, net | 57.7 | 434.3 | 154.6 | — | 646.6 | |||||||||||||||
Other non-current assets | 16.3 | 16.6 | 54.5 | — | 87.4 | |||||||||||||||
Investment in, long term receivable from affiliates | 1,248.00 | 869 | 441 | (2,558.0 | ) | — | ||||||||||||||
Total assets | $ | 1,361.40 | $ | 2,347.30 | $ | 1,601.80 | $ | (2,802.8 | ) | $ | 2,507.70 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | — | $ | — | $ | 1.2 | $ | — | $ | 1.2 | ||||||||||
Current portion of long-term debt | — | 0.1 | — | — | 0.1 | |||||||||||||||
Accounts payable | — | 76.5 | 75.9 | — | 152.4 | |||||||||||||||
Accrued compensation | 4.7 | 16.8 | 16.5 | — | 38 | |||||||||||||||
Accrued customer programs liabilities | — | 63.8 | 55.2 | — | 119 | |||||||||||||||
Accrued interest | 0.2 | 6.1 | — | — | 6.3 | |||||||||||||||
Other current liabilities | 12.3 | 44.9 | 55.2 | — | 112.4 | |||||||||||||||
Payables to affiliates | 28.5 | 191.8 | 245 | (465.3 | ) | — | ||||||||||||||
Total current liabilities | 45.7 | 400 | 449 | (465.3 | ) | 429.4 | ||||||||||||||
Long-term debt | 401.6 | 647.4 | 21.8 | — | 1,070.80 | |||||||||||||||
Long-term notes payable to affiliates | 178.2 | 26.7 | 373 | (577.9 | ) | — | ||||||||||||||
Deferred income taxes | 93.8 | — | 71.2 | — | 165 | |||||||||||||||
Pension and post-retirement benefit obligations | 1.8 | 60.9 | 57.1 | — | 119.8 | |||||||||||||||
Other non-current liabilities | 1.1 | 13.9 | 68.5 | — | 83.5 | |||||||||||||||
Total liabilities | 722.2 | 1,148.90 | 1,040.60 | (1,043.2 | ) | 1,868.50 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1.1 | 448 | 315.5 | (763.5 | ) | 1.1 | ||||||||||||||
Treasury stock | (2.5 | ) | — | — | — | (2.5 | ) | |||||||||||||
Paid-in capital | 2,018.50 | 1,192.00 | 347.6 | (1,539.6 | ) | 2,018.50 | ||||||||||||||
Accumulated other comprehensive loss | (156.1 | ) | (68.9 | ) | (52.2 | ) | 121.1 | (156.1 | ) | |||||||||||
Accumulated deficit | (1,221.8 | ) | (372.7 | ) | (49.7 | ) | 422.4 | (1,221.8 | ) | |||||||||||
Total stockholders’ equity | 639.2 | 1,198.40 | 561.2 | (1,759.6 | ) | 639.2 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,361.40 | $ | 2,347.30 | $ | 1,601.80 | $ | (2,802.8 | ) | $ | 2,507.70 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 700 | $ | 561.4 | $ | — | $ | 1,261.40 | ||||||||||
Affiliated sales | — | 11.6 | 3.4 | (15.0 | ) | — | ||||||||||||||
Net sales | — | 711.6 | 564.8 | (15.0 | ) | 1,261.40 | ||||||||||||||
Cost of products sold | — | 504.8 | 396.7 | (15.0 | ) | 886.5 | ||||||||||||||
Gross profit | — | 206.8 | 168.1 | — | 374.9 | |||||||||||||||
Advertising, selling, general and administrative expenses | 29.8 | 137.8 | 91.7 | — | 259.3 | |||||||||||||||
Amortization of intangibles | 0.1 | 14.9 | 3.7 | — | 18.7 | |||||||||||||||
Restructuring charges | — | 5.6 | 12.3 | — | 17.9 | |||||||||||||||
Operating income (loss) | (29.9 | ) | 48.5 | 60.4 | — | 79 | ||||||||||||||
Expense (income) from affiliates | (1.2 | ) | (19.6 | ) | 20.8 | — | — | |||||||||||||
Interest expense (income), net | 44.8 | (0.1 | ) | (3.0 | ) | — | 41.7 | |||||||||||||
Equity in earnings of joint ventures | — | — | (5.9 | ) | — | (5.9 | ) | |||||||||||||
Other expense, net | 6.6 | 2.3 | 0.7 | — | 9.6 | |||||||||||||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (80.1 | ) | 65.9 | 47.8 | — | 33.6 | ||||||||||||||
Income tax expense (benefit) | (3.7 | ) | — | 10.3 | — | 6.6 | ||||||||||||||
Income (loss) from continuing operations | (76.4 | ) | 65.9 | 37.5 | — | 27 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | (76.4 | ) | 65.8 | 37.5 | — | 26.9 | ||||||||||||||
Earnings of wholly owned subsidiaries | 103.3 | 36.7 | — | (140.0 | ) | — | ||||||||||||||
Net income | $ | 26.9 | $ | 102.5 | $ | 37.5 | $ | (140.0 | ) | $ | 26.9 | |||||||||
Comprehensive income (loss) | $ | (12.1 | ) | $ | 106.7 | $ | (1.9 | ) | $ | (104.8 | ) | $ | (12.1 | ) | ||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 681.5 | $ | 547.3 | $ | — | $ | 1,228.80 | ||||||||||
Affiliated sales | — | 13.4 | 3.3 | (16.7 | ) | — | ||||||||||||||
Net sales | — | 694.9 | 550.6 | (16.7 | ) | 1,228.80 | ||||||||||||||
Cost of products sold | — | 502.5 | 387.7 | (16.7 | ) | 873.5 | ||||||||||||||
Gross profit | — | 192.4 | 162.9 | — | 355.3 | |||||||||||||||
Advertising, selling, general and administrative expenses | 35.1 | 118.2 | 94.9 | — | 248.2 | |||||||||||||||
Amortization of intangibles | 0.1 | 10.2 | 3.2 | — | 13.5 | |||||||||||||||
Restructuring charges | — | 17.5 | 4.1 | — | 21.6 | |||||||||||||||
Operating income (loss) | (35.2 | ) | 46.5 | 60.7 | — | 72 | ||||||||||||||
Expense (income) from affiliates | (0.4 | ) | (21.0 | ) | 21.4 | — | — | |||||||||||||
Interest expense (income), net | 49.2 | 21 | (0.2 | ) | — | 70 | ||||||||||||||
Equity in earnings of joint ventures | — | — | (6.3 | ) | — | (6.3 | ) | |||||||||||||
Other expense (income), net | 59.8 | 3.9 | (2.3 | ) | — | 61.4 | ||||||||||||||
(Loss) income from continuing operations before income taxes and earnings of wholly owned subsidiaries | (143.8 | ) | 42.6 | 48.1 | — | (53.1 | ) | |||||||||||||
Income tax (benefit) expense | (220.0 | ) | — | 34.8 | — | (185.2 | ) | |||||||||||||
Income from continuing operations | 76.2 | 42.6 | 13.3 | — | 132.1 | |||||||||||||||
(Loss) income from discontinued operations, net of income taxes | 0.1 | (0.2 | ) | — | — | (0.1 | ) | |||||||||||||
Income before earnings of wholly owned subsidiaries | 76.3 | 42.4 | 13.3 | — | 132 | |||||||||||||||
Earnings of wholly owned subsidiaries | 55.7 | 6.4 | — | (62.1 | ) | — | ||||||||||||||
Net income | $ | 132 | $ | 48.8 | $ | 13.3 | $ | (62.1 | ) | $ | 132 | |||||||||
Comprehensive income | $ | 134.6 | $ | 51.7 | $ | 12.1 | $ | (63.8 | ) | $ | 134.6 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 270.6 | $ | 198.6 | $ | — | $ | 469.2 | ||||||||||
Affiliated sales | — | 3.3 | 1.2 | (4.5 | ) | — | ||||||||||||||
Net sales | — | 273.9 | 199.8 | (4.5 | ) | 469.2 | ||||||||||||||
Cost of products sold | — | 195 | 137.6 | (4.5 | ) | 328.1 | ||||||||||||||
Gross profit | — | 78.9 | 62.2 | — | 141.1 | |||||||||||||||
Advertising, selling, general and administrative expenses | 9.5 | 43.1 | 30 | — | 82.6 | |||||||||||||||
Amortization of intangibles | 0.1 | 4.6 | 1.2 | — | 5.9 | |||||||||||||||
Restructuring charges | — | 0.3 | 2 | — | 2.3 | |||||||||||||||
Operating income (loss) | (9.6 | ) | 30.9 | 29 | — | 50.3 | ||||||||||||||
Expense (income) from affiliates | (0.6 | ) | (7.2 | ) | 7.8 | — | — | |||||||||||||
Interest expense (income), net | 13.9 | (0.1 | ) | (1.3 | ) | — | 12.5 | |||||||||||||
Equity in earnings of joint ventures | — | — | (3.3 | ) | — | (3.3 | ) | |||||||||||||
Other expense (income), net | (0.8 | ) | 0.5 | 0.4 | — | 0.1 | ||||||||||||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (22.1 | ) | 37.7 | 25.4 | — | 41 | ||||||||||||||
Income tax expense | 5.7 | — | 8.9 | — | 14.6 | |||||||||||||||
Income (loss) from continuing operations | (27.8 | ) | 37.7 | 16.5 | — | 26.4 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | (27.8 | ) | 37.7 | 16.5 | — | 26.4 | ||||||||||||||
Earnings of wholly owned subsidiaries | 54.2 | 15.9 | — | (70.1 | ) | — | ||||||||||||||
Net income | $ | 26.4 | $ | 53.6 | $ | 16.5 | $ | (70.1 | ) | $ | 26.4 | |||||||||
Comprehensive income | $ | 22.6 | $ | 55 | $ | 12.5 | $ | (67.5 | ) | $ | 22.6 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 290.4 | $ | 210.8 | $ | — | $ | 501.2 | ||||||||||
Affiliated sales | — | 4 | 0.9 | (4.9 | ) | — | ||||||||||||||
Net sales | — | 294.4 | 211.7 | (4.9 | ) | 501.2 | ||||||||||||||
Cost of products sold | — | 205.5 | 149.4 | (4.9 | ) | 350 | ||||||||||||||
Gross profit | — | 88.9 | 62.3 | — | 151.2 | |||||||||||||||
Advertising, selling, general and administrative expenses | 6.7 | 45.8 | 34.6 | — | 87.1 | |||||||||||||||
Amortization of intangibles | 0.1 | 5.4 | 1.4 | — | 6.9 | |||||||||||||||
Restructuring charges | — | 0.3 | 0.5 | — | 0.8 | |||||||||||||||
Operating income (loss) | (6.8 | ) | 37.4 | 25.8 | — | 56.4 | ||||||||||||||
Expense (income) from affiliates | (0.1 | ) | (9.2 | ) | 9.3 | — | — | |||||||||||||
Interest expense, net | 7.3 | 10.7 | 0.1 | — | 18.1 | |||||||||||||||
Equity in earnings of joint ventures | — | — | (3.6 | ) | — | (3.6 | ) | |||||||||||||
Other expense (income), net | (0.6 | ) | 1.4 | (0.5 | ) | — | 0.3 | |||||||||||||
(Loss) income from continuing operations before income taxes and earnings of wholly owned subsidiaries | (13.4 | ) | 34.5 | 20.5 | — | 41.6 | ||||||||||||||
Income tax (benefit) expense | (60.1 | ) | (0.3 | ) | 46.8 | — | (13.6 | ) | ||||||||||||
Income (loss) from continuing operations | 46.7 | 34.8 | (26.3 | ) | — | 55.2 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | 46.7 | 34.8 | (26.3 | ) | — | 55.2 | ||||||||||||||
Earnings (losses) of wholly owned subsidiaries | 8.5 | (28.4 | ) | — | 19.9 | — | ||||||||||||||
Net income (loss) | $ | 55.2 | $ | 6.4 | $ | (26.3 | ) | $ | 19.9 | $ | 55.2 | |||||||||
Comprehensive income | $ | 89.7 | $ | 7.3 | $ | 7.3 | $ | (14.6 | ) | $ | 89.7 | |||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Consolidated | ||||||||||||||||
Net cash used by operating activities | $ | (58.2 | ) | $ | 85.8 | $ | 97.6 | $ | 125.2 | |||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (19.6 | ) | (10.6 | ) | (30.2 | ) | |||||||||||||
Payments for (proceeds from) interest in affiliates | — | 49.3 | (49.3 | ) | — | |||||||||||||||
Payments related to the sale of discontinued operations | — | (1.4 | ) | — | (1.4 | ) | ||||||||||||||
Proceeds from the disposition of assets | — | — | 4.2 | 4.2 | ||||||||||||||||
Net cash provided (used) by investing activities. | — | 28.3 | (55.7 | ) | (27.4 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||
Intercompany financing | 43.8 | (71.1 | ) | 27.3 | — | |||||||||||||||
Net dividends | 57.8 | (41.4 | ) | (16.4 | ) | — | ||||||||||||||
Proceeds from long-term borrowings | 530 | — | 530 | |||||||||||||||||
Repayments of long-term debt | (580.1 | ) | — | (21.4 | ) | (601.5 | ) | |||||||||||||
Borrowings of short-term debt, net | 2.2 | — | (1.1 | ) | 1.1 | |||||||||||||||
Payments for debt issuance costs | (4.3 | ) | — | — | (4.3 | ) | ||||||||||||||
Other | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||
Net cash provided (used) by financing activities. | 48.8 | (112.5 | ) | (11.6 | ) | (75.3 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash | — | — | (1.7 | ) | (1.7 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (9.4 | ) | 1.6 | 28.6 | 20.8 | |||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Beginning of the period | 12.1 | (3.0 | ) | 40.9 | 50 | |||||||||||||||
End of the period | $ | 2.7 | $ | (1.4 | ) | $ | 69.5 | $ | 70.8 | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Consolidated | ||||||||||||||||
Net cash used by (provided by) operating activities | $ | (147.3 | ) | $ | 49.5 | $ | 17.5 | $ | (80.3 | ) | ||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (14.2 | ) | (3.8 | ) | (18.0 | ) | |||||||||||||
Proceeds from (payments related to) the sale of discontinued operations | — | 2.2 | (0.1 | ) | 2.1 | |||||||||||||||
Proceeds from the disposition of assets | — | — | 3 | 3 | ||||||||||||||||
Cost of acquisition, net of cash acquired | (433.4 | ) | — | 32 | (401.4 | ) | ||||||||||||||
Net cash used by (provided by) investing activities. | (433.4 | ) | (12.0 | ) | 31.1 | (414.3 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Intercompany financing | 709.8 | (700.1 | ) | (9.7 | ) | — | ||||||||||||||
Net dividends | 51.3 | 24 | (75.3 | ) | — | |||||||||||||||
Proceeds from long-term borrowings | 545 | 690 | 35 | 1,270.00 | ||||||||||||||||
Repayments of long-term debt | (691.6 | ) | (35.7 | ) | (6.6 | ) | (733.9 | ) | ||||||||||||
Borrowings of short-term debt, net | — | — | 0.9 | 0.9 | ||||||||||||||||
Payments for debt issuance costs | (21.0 | ) | (16.0 | ) | (0.9 | ) | (37.9 | ) | ||||||||||||
Other | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||||
Net cash provided (used) by financing activities. | 593.1 | (37.8 | ) | (56.6 | ) | 498.7 | ||||||||||||||
Effect of foreign exchange rate changes on cash | — | — | (0.3 | ) | (0.3 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 12.4 | (0.3 | ) | (8.3 | ) | 3.8 | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Beginning of the period | 62 | (1.2 | ) | 60.4 | 121.2 | |||||||||||||||
End of the period | $ | 74.4 | $ | (1.5 | ) | $ | 52.1 | $ | 125 | |||||||||||
Acquisitions_Tables
Acquisitions (Tables) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 18 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | 1-May-12 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | |||
ACCO shareholder ownership percentage | 49.50% | ' | ' | ' | ' | |||
Common stock, shares, outstanding | 113,100,000 | 113,100,000 | 113,600,000 | 113,100,000 | ' | |||
Acquisition related-costs classified as Selling, General, and Administrative expenses | ' | $1.30 | ' | $14.40 | $20.10 | |||
Calculation of Consideration Given for the MEAD C&OP Business Acquisition | ' | ' | ' | ' | ' | |||
The calculation of consideration given for Mead C&OP was finalized during the fourth quarter of 2012 and is described in the following table: | ||||||||
(in millions, except per share price) | At May 1, 2012 | |||||||
Calculated consideration for Mead C&OP: | ||||||||
Outstanding shares of ACCO Brands common stock (1) | 56 | |||||||
Multiplier needed to calculate shares to be issued (2) | 1.02020202 | |||||||
Number of shares issued to MWV shareholders | 57.1 | |||||||
Closing price per share of ACCO Brands common stock (3) | $ | 10.55 | ||||||
Value of common shares issued | $ | 602.3 | ||||||
Plus: | ||||||||
Dividend paid to MWV | 460 | |||||||
Less: | ||||||||
Working capital adjustment (4) | (30.5 | ) | ||||||
Consideration for Mead C&OP | $ | 1,031.80 | ||||||
(1) Represents the number of shares of the Company's common stock as of May 1, 2012. | ||||||||
(2) Represents MWV shareholders' negotiated ownership percentage in ACCO Brands of 50.5% divided by the 49.5% that was owned by ACCO Brands shareholders upon completion of the Merger. | ||||||||
(3) Represents the closing price per share of the Company's stock as of April 30, 2012. | ||||||||
(4) Represents the difference between the target net working capital and the closing net working capital as of April 30, 2012. | ||||||||
Purchase Price Allocation to the Fair Value of the Assets Acquired and Liabilities Assumed | ' | ' | ' | ' | ' | |||
The following table presents the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the date of acquisition: | ||||||||
(in millions of dollars) | At May 1, 2012 | |||||||
Calculation of Goodwill: | ||||||||
Consideration given for Mead C&OP | $ | 1,031.80 | ||||||
Cash acquired | (32.0 | ) | ||||||
Net purchase price | $ | 999.8 | ||||||
Plus fair value of liabilities assumed: | ||||||||
Accounts payable and accrued liabilities | 103.9 | |||||||
Current and non-current deferred tax liabilities | 209.6 | |||||||
Other non-current liabilities | 72.9 | |||||||
Fair value of liabilities assumed | $ | 386.4 | ||||||
Less fair value of assets acquired: | ||||||||
Accounts receivable | 73.3 | |||||||
Inventory | 143.5 | |||||||
Property, plant and equipment | 136.6 | |||||||
Identifiable intangibles | 543.2 | |||||||
Other assets | 24.3 | |||||||
Fair value of assets acquired | $ | 920.9 | ||||||
Goodwill | $ | 465.3 | ||||||
Mead C&OP | ' | ' | ' | ' | ' | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | |||
Purchase price, net of cash acquired | 999.8 | ' | ' | ' | ' | |||
Number of shares issued to MWV shareholders | 57,100,000 | ' | ' | ' | ' | |||
MWV ownership percentage of ACCO | 50.50% | ' | ' | ' | ' | |||
Value of common shares issued | 602.3 | ' | ' | ' | ' | |||
Dividend paid to MWV | 460 | ' | ' | ' | ' |
LongTerm_Debt_And_ShortTerm_Bo1
Long-Term Debt And Short-Term Borrowings (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Notes Payable and Long-Term Debt | ' | |||||||
Notes payable and long-term debt, listed in order of their security interests, consisted of the following at September 30, 2013 and December 31, 2012: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
U.S. Dollar Senior Secured Term Loan A, due May 2018 (floating interest rate of 2.51% at September 30, 2013) | $ | 498 | $ | — | ||||
U.S. Dollar Senior Secured Term Loan B, due May 2019 (floating interest rate of 4.25% at December 31, 2012) | — | 326.8 | ||||||
U.S. Dollar Senior Secured Term Loan A, due May 2017 (floating interest rate of 3.32% at December 31, 2012) | — | 220.8 | ||||||
Canadian Dollar Senior Secured Term Loan A, due May 2017 (floating interest rate of 4.26% at December 31, 2012) | — | 21.8 | ||||||
Senior Secured Revolving Credit Facility, due May 2018 (floating interest rate of 4.50% at September 30, 2013) | 1.7 | — | ||||||
Senior Unsecured Notes, due May 2020 (fixed interest rate of 6.75%) | 500 | 500 | ||||||
Other borrowings | 1 | 2.7 | ||||||
Total debt | 1,000.70 | 1,072.10 | ||||||
Less: current portion | (9.6 | ) | (1.3 | ) | ||||
Total long-term debt | $ | 991.1 | $ | 1,070.80 | ||||
Pension_And_Other_Retiree_Bene1
Pension And Other Retiree Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Components of Net Periodic Benefit Cost for Pension and Post-Retirement Plans | ' | |||||||||||||||||||||||
The components of net periodic benefit cost for pension and post-retirement plans for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | |||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 0.5 | $ | 0.2 | $ | 0.4 | $ | 0.7 | $ | — | $ | 0.1 | ||||||||||||
Interest cost | 2 | 2.4 | 3.7 | 3.7 | 0.2 | 0.2 | ||||||||||||||||||
Expected return on plan assets | (2.6 | ) | (2.6 | ) | (5.1 | ) | (4.2 | ) | — | — | ||||||||||||||
Amortization of net loss (gain) | 2.4 | 1.5 | 0.6 | 0.5 | (0.2 | ) | (0.1 | ) | ||||||||||||||||
Net periodic benefit cost | $ | 2.3 | $ | 1.5 | $ | (0.4 | ) | $ | 0.7 | $ | — | $ | 0.2 | |||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | |||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Service cost | $ | 1.5 | $ | 0.5 | $ | 1.2 | $ | 1.8 | $ | 0.2 | $ | 0.2 | ||||||||||||
Interest cost | 6 | 6.6 | 11 | 10.6 | 0.5 | 0.5 | ||||||||||||||||||
Expected return on plan assets | (8.0 | ) | (7.8 | ) | (15.2 | ) | (12.0 | ) | — | — | ||||||||||||||
Amortization of prior service cost | — | — | — | 0.1 | — | — | ||||||||||||||||||
Amortization of net loss (gain) | 7.2 | 4.6 | 1.8 | 1.6 | (0.6 | ) | (0.4 | ) | ||||||||||||||||
Settlement loss | — | 0.7 | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost | $ | 6.7 | $ | 4.6 | $ | (1.2 | ) | $ | 2.1 | $ | 0.1 | $ | 0.3 | |||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | ' | |||||||||||||||
The following table summarizes the Company’s stock-based compensation expense (including stock options, restricted stock units (“RSUs”) and performance stock units (“PSUs”)) for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Stock option compensation expense | $ | 0.8 | $ | 0.5 | $ | 2.2 | $ | 1.3 | ||||||||
RSU compensation expense | 1.3 | 0.9 | 4.4 | 3.4 | ||||||||||||
PSU compensation expense | 2.2 | — | 5.1 | 0.8 | ||||||||||||
Total stock-based compensation | $ | 4.3 | $ | 1.4 | $ | 11.7 | $ | 5.5 | ||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | |||||||||||||||
The following table summarizes the Company's unrecognized compensation expense and the weighted-average period over which the expense will be recognized as of September 30, 2013: | ||||||||||||||||
September 30, 2013 | ||||||||||||||||
Unrecognized | Weighted Average | |||||||||||||||
Compensation | Years Expense To Be | |||||||||||||||
(in millions of dollars, except weighted average years) | Expense | Recognized Over | ||||||||||||||
Stock options | $5.50 | 2.1 | ||||||||||||||
RSUs | $7.70 | 1.9 | ||||||||||||||
PSUs | $10.20 | 1.8 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of Inventory | ' | |||||||
Inventories are stated at the lower of cost or market value. The components of inventories are as follows: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Raw materials | $ | 36.1 | $ | 40.1 | ||||
Work in process | 2.7 | 5.4 | ||||||
Finished goods | 252.2 | 220 | ||||||
Total inventories | $ | 291 | $ | 265.5 | ||||
Goodwill_And_Identifiable_Inta1
Goodwill And Identifiable Intangibles (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Changes in Net Carrying Amount of Goodwill by Segment | ' | |||||||||||||||||||||||
Changes in the net carrying amount of goodwill by segment are as follows: | ||||||||||||||||||||||||
(in millions of dollars) | ACCO | ACCO | Computer | Total | ||||||||||||||||||||
Brands | Brands | Products | ||||||||||||||||||||||
North America | International | Group | ||||||||||||||||||||||
Balance at December 31, 2012 | $ | 396.3 | $ | 186.3 | $ | 6.8 | $ | 589.4 | ||||||||||||||||
Mead C&OP acquisition | 1.4 | 0.5 | — | 1.9 | ||||||||||||||||||||
Translation | (2.4 | ) | (13.4 | ) | — | (15.8 | ) | |||||||||||||||||
Balance at September 30, 2013 | $ | 395.3 | $ | 173.4 | $ | 6.8 | $ | 575.5 | ||||||||||||||||
Goodwill | $ | 526.2 | $ | 257.6 | $ | 6.8 | $ | 790.6 | ||||||||||||||||
Accumulated impairment losses | (130.9 | ) | (84.2 | ) | — | (215.1 | ) | |||||||||||||||||
Balance at September 30, 2013 | $ | 395.3 | $ | 173.4 | $ | 6.8 | $ | 575.5 | ||||||||||||||||
Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets | ' | |||||||||||||||||||||||
The gross carrying value and accumulated amortization by class of identifiable intangible assets as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
(in millions of dollars) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Book | Carrying | Amortization | Book | |||||||||||||||||||
Amounts | Value | Amounts | Value | |||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||
Trade names | $ | 514.8 | $ | (44.5 | ) | (1) | $ | 470.3 | $ | 524.9 | $ | (44.5 | ) | (1) | $ | 480.4 | ||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||
Trade names | 130.4 | (44.5 | ) | 85.9 | 130.9 | (36.7 | ) | 94.2 | ||||||||||||||||
Customer and contractual relationships | 103 | (43.2 | ) | 59.8 | 103.7 | (32.7 | ) | 71 | ||||||||||||||||
Patents/proprietary technology | 10.3 | (9.4 | ) | 0.9 | 10.4 | (9.4 | ) | 1 | ||||||||||||||||
Subtotal | 243.7 | (97.1 | ) | 146.6 | 245 | (78.8 | ) | 166.2 | ||||||||||||||||
Total identifiable intangibles | $ | 758.5 | $ | (141.6 | ) | $ | 616.9 | $ | 769.9 | $ | (123.3 | ) | $ | 646.6 | ||||||||||
-1 | Accumulated amortization prior to the adoption of authoritative guidance on goodwill and other intangible assets, at which time further amortization ceased. | |||||||||||||||||||||||
Estimated Amortization Expense for Future Periods | ' | |||||||||||||||||||||||
As of September 30, 2013, estimated amortization expense for amortizable intangible assets as of September 30, 2013 for the current year and the next five years are as follows: | ||||||||||||||||||||||||
(in millions of dollars) | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||||||
Estimated amortization expense | $ | 24.8 | $ | 22.3 | $ | 19.9 | $ | 17.6 | $ | 14.3 | $ | 12.1 | ||||||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Summary of Activity in Restructuring Accounts | ' | |||||||||||||||||||
A summary of the activity in the restructuring accounts for the nine months ended September 30, 2013 is as follows: | ||||||||||||||||||||
(in millions of dollars) | Balance at December 31, 2012 | Provision | Cash | Non-cash | Balance at September 30, 2013 | |||||||||||||||
Expenditures | Items/ | |||||||||||||||||||
Currency Change | ||||||||||||||||||||
Employee termination costs | $ | 15.2 | $ | 16.3 | $ | (16.4 | ) | $ | 0.1 | $ | 15.2 | |||||||||
Termination of lease agreements | 0.2 | 0.3 | (0.5 | ) | — | — | ||||||||||||||
Asset impairments/net loss on disposal of assets resulting from restructuring activities | — | 0.9 | — | (0.9 | ) | — | ||||||||||||||
Other | — | 0.4 | (0.4 | ) | — | — | ||||||||||||||
Total restructuring liability | $ | 15.4 | $ | 17.9 | $ | (17.3 | ) | $ | (0.8 | ) | $ | 15.2 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||||
The reconciliation of income taxes for the three and nine month periods ended September 30, 2013 and 2012, computed at the U.S. federal statutory income tax rate, compared to our effective income tax rate for continuing operations, is as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Income tax benefit computed at U.S. statutory income tax rate (35%) | $ | 14.4 | $ | 14.5 | $ | 11.8 | $ | (18.6 | ) | |||||||
Decrease of valuation allowances, net | — | (0.9 | ) | (7.0 | ) | (132.2 | ) | |||||||||
Foreign income taxed at a lower effective rate | (3.1 | ) | (26.8 | ) | (4.1 | ) | (36.9 | ) | ||||||||
Miscellaneous | 3.3 | (0.4 | ) | 5.9 | 2.5 | |||||||||||
Income taxes as reported | $ | 14.6 | $ | (13.6 | ) | $ | 6.6 | $ | (185.2 | ) | ||||||
Effective tax rate | 35.6 | % | NM | 19.6 | % | NM | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Weighted Average Number of Shares | ' | |||||||||||
Our calculation of diluted earnings per common share assumes that any common shares outstanding were increased by shares that would be issued upon exercise of those stock units for which the average market price for the period exceeds the exercise price less the shares that could have been purchased by the Company with the related proceeds, including compensation expense measured but not yet recognized, net of tax. | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Weighted-average number of common shares outstanding — basic | 113.6 | 113.1 | 113.5 | 87.7 | ||||||||
Stock options | — | 0.1 | — | 0.1 | ||||||||
Stock-settled stock appreciation rights | 0.8 | 0.9 | 0.8 | 1 | ||||||||
Restricted stock units | 1.4 | 0.9 | 1.3 | 1 | ||||||||
Adjusted weighted-average shares and assumed conversions — diluted | 115.8 | 115 | 115.6 | 89.8 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||||||||
The following table summarizes the fair value of our derivative financial instruments as of September 30, 2013 and December 31, 2012, respectively: | ||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||
(in millions of dollars) | Balance Sheet | Sep 30, | Dec 31, 2012 | Balance Sheet | Sep 30, | Dec 31, 2012 | ||||||||||||||
Location | 2013 | Location | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 0.9 | $ | 0.7 | Other current liabilities | $ | 1.1 | $ | 0.6 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | 0.4 | 0.5 | Other current liabilities | 0.5 | 0.2 | ||||||||||||||
Total derivatives | $ | 1.3 | $ | 1.2 | $ | 1.6 | $ | 0.8 | ||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ' | |||||||||||||||||||
The following tables summarize the pre-tax effect of our derivative financial instruments on the condensed consolidated financial statements for the three and nine months ended September 30, 2013 and 2012, respectively: | ||||||||||||||||||||
The Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Condensed Consolidated Financial Statements | ||||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Location of (Gain) Loss Reclassified from OCI to Income | Amount of (Gain) Loss | ||||||||||||||||||
Reclassified from AOCI to Income (Effective Portion) | ||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign exchange contracts | $ | (1.6 | ) | $ | (2.1 | ) | Cost of products sold | $ | (1.6 | ) | $ | (0.9 | ) | |||||||
The Effect of Derivative Instruments in Cash Flow Hedging Relationships on the Condensed Consolidated Financial Statements | ||||||||||||||||||||
(in millions of dollars) | Amount of Gain (Loss) Recognized in OCI (Effective Portion) | Location of (Gain) Loss Reclassified from OCI to Income | Amount of (Gain) Loss | |||||||||||||||||
Reclassified from AOCI to Income (Effective Portion) | ||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign exchange contracts | $ | 3.1 | $ | (1.0 | ) | Cost of products sold | $ | (3.3 | ) | $ | (2.3 | ) | ||||||||
The Effect of Derivatives Not Designated as Hedging Instruments on the Condensed Consolidated Statements of Operations | ||||||||||||||||||||
Location of (Gain) Loss Recognized in | Amount of (Gain) Loss | Amount of (Gain) Loss | ||||||||||||||||||
Income on Derivatives | Recognized in Income | Recognized in Income | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Foreign exchange contracts | Other expense, net | $ | — | $ | 1.3 | $ | (0.4 | ) | $ | 3.9 | ||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||
The following table sets forth our financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2013 | 2012 | |||||||
Assets: | ||||||||
Forward currency contracts | $ | 1.3 | $ | 1.2 | ||||
Liabilities: | ||||||||
Forward currency contracts | $ | 1.6 | $ | 0.8 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The components of, and changes in, accumulated other comprehensive income (loss), net of tax were as follows: | ||||||||||||||||
(in millions of dollars) | Derivative | Unrecognized | Accumulated | |||||||||||||
Financial | Foreign | Pension and Other | Other | |||||||||||||
Instruments | Currency | Post-retirement | Comprehensive | |||||||||||||
Adjustments | Benefit Costs | Income (Loss) | ||||||||||||||
Balance at December 31, 2012 | $ | 0.1 | $ | (28.0 | ) | $ | (128.2 | ) | $ | (156.1 | ) | |||||
Other comprehensive income (loss) before reclassifications | 2.1 | (44.4 | ) | — | (42.3 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2.2 | ) | — | 5.5 | 3.3 | |||||||||||
Balance at September 30, 2013 | $ | — | $ | (72.4 | ) | $ | (122.7 | ) | $ | (195.1 | ) | |||||
Schedule of Reclassifications Out of Accumlated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2013 were as follows: | ||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||
(in millions of dollars) | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Comprehensive Income (Loss) | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Comprehensive Income (Loss) | ||||||||||||
Details about Accumulated Other Comprehensive Income Components | ||||||||||||||||
Gain on cash flow hedges: | ||||||||||||||||
Foreign exchange contracts | $ | (1.6 | ) | Cost of products sold | $ | (3.3 | ) | Cost of products sold | ||||||||
(1.6 | ) | Total before tax | (3.3 | ) | Total before tax | |||||||||||
0.7 | Tax benefit | 1.1 | Tax benefit | |||||||||||||
$ | (0.9 | ) | Net of tax | $ | (2.2 | ) | Net of tax | |||||||||
Defined benefit plan items: | ||||||||||||||||
Amortization of actuarial loss | $ | 2.8 | (a) | $ | 8.5 | (a) | ||||||||||
2.8 | Total before tax | 8.5 | Total before tax | |||||||||||||
(1.0 | ) | Tax expense | (3.0 | ) | Tax expense | |||||||||||
$ | 1.8 | Net of tax | $ | 5.5 | Net of tax | |||||||||||
Total reclassifications for the period | $ | 0.9 | Net of tax | $ | 3.3 | Net of tax | ||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and post-retirement plans (See Note 5, Pension and Other Retiree Benefits, to our condensed consolidated financial statements contained in Item 1 of this report for additional details). |
Information_On_Business_Segmen1
Information On Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Net Sales by Reporting Segments | ' | |||||||||||||||
Net sales by business segment are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
ACCO Brands North America | $ | 295.9 | $ | 321.4 | $ | 771.8 | $ | 737.9 | ||||||||
ACCO Brands International | 136 | 139.4 | 378.3 | 363.9 | ||||||||||||
Computer Products Group | 37.3 | 40.4 | 111.3 | 127 | ||||||||||||
Net sales | $ | 469.2 | $ | 501.2 | $ | 1,261.40 | $ | 1,228.80 | ||||||||
Schedule of Operating Income by Reporting Segment | ' | |||||||||||||||
Operating income (loss) by business segment is as follows (a): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
ACCO Brands North America | $ | 36.1 | $ | 40 | $ | 61.6 | $ | 50.1 | ||||||||
ACCO Brands International | 17.8 | 14.7 | 32.3 | 31.9 | ||||||||||||
Computer Products Group | 3.4 | 7.7 | 9.1 | 25.2 | ||||||||||||
Segment operating income | 57.3 | 62.4 | 103 | 107.2 | ||||||||||||
Corporate | (7.0 | ) | (6.0 | ) | (24.0 | ) | (35.2 | ) | ||||||||
Operating income | 50.3 | 56.4 | 79 | 72 | ||||||||||||
Interest expense, net | 12.5 | 18.1 | 41.7 | 70 | ||||||||||||
Equity in earnings of joint ventures | (3.3 | ) | (3.6 | ) | (5.9 | ) | (6.3 | ) | ||||||||
Other expense, net | 0.1 | 0.3 | 9.6 | 61.4 | ||||||||||||
Income (loss) from continuing operations before income tax | $ | 41 | $ | 41.6 | $ | 33.6 | $ | (53.1 | ) | |||||||
(a) | Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less advertising, selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges. |
Joint_Venture_Investments_Tabl
Joint Venture Investments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||||
Summarized below is aggregated financial information for the Company’s joint ventures, Pelikan-Artline Pty Ltd and Neschen GBC Graphic Films LLC ("Neschen"), which are accounted for under the equity method. Accordingly, we record our proportionate share of earnings or losses on the line entitled, “Equity in earnings of joint ventures” in the Condensed Consolidated Statements of Operations. Our share of the net assets of the joint ventures is included within “Other non-current assets” in the Condensed Consolidated Balance Sheets. | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net sales | $ | 34.2 | $ | 41.4 | $ | 106.9 | $ | 116.7 | ||||||||
Gross profit | 23.6 | 26.8 | 66.3 | 69.2 | ||||||||||||
Net income | 6.6 | 7.2 | 11.7 | 12.5 | ||||||||||||
(in millions of dollars) | September 30, | December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||||
Current assets | $ | 74 | $ | 80.7 | ||||||||||||
Non-current assets | 35 | 36.9 | ||||||||||||||
Current liabilities | 33.6 | 34.2 | ||||||||||||||
Non-current liabilities | 9.2 | 12.8 | ||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||
Schedule of Operating Results and Financial Position of Discontinued Operations | ' | |||||||||||||||
The operating results and financial position of discontinued operations are as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions, except per share data) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Operating Results: | ||||||||||||||||
Loss from operations before income taxes | — | — | (0.2 | ) | (0.2 | ) | ||||||||||
Income tax benefit | — | — | (0.1 | ) | (0.1 | ) | ||||||||||
Loss from discontinued operations | $ | — | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Per share: | ||||||||||||||||
Basic loss from discontinued operations | $ | — | $ | — | $ | — | $ | — | ||||||||
Diluted loss from discontinued operations | $ | — | $ | — | $ | — | $ | — | ||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 700 | $ | 561.4 | $ | — | $ | 1,261.40 | ||||||||||
Affiliated sales | — | 11.6 | 3.4 | (15.0 | ) | — | ||||||||||||||
Net sales | — | 711.6 | 564.8 | (15.0 | ) | 1,261.40 | ||||||||||||||
Cost of products sold | — | 504.8 | 396.7 | (15.0 | ) | 886.5 | ||||||||||||||
Gross profit | — | 206.8 | 168.1 | — | 374.9 | |||||||||||||||
Advertising, selling, general and administrative expenses | 29.8 | 137.8 | 91.7 | — | 259.3 | |||||||||||||||
Amortization of intangibles | 0.1 | 14.9 | 3.7 | — | 18.7 | |||||||||||||||
Restructuring charges | — | 5.6 | 12.3 | — | 17.9 | |||||||||||||||
Operating income (loss) | (29.9 | ) | 48.5 | 60.4 | — | 79 | ||||||||||||||
Expense (income) from affiliates | (1.2 | ) | (19.6 | ) | 20.8 | — | — | |||||||||||||
Interest expense (income), net | 44.8 | (0.1 | ) | (3.0 | ) | — | 41.7 | |||||||||||||
Equity in earnings of joint ventures | — | — | (5.9 | ) | — | (5.9 | ) | |||||||||||||
Other expense, net | 6.6 | 2.3 | 0.7 | — | 9.6 | |||||||||||||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (80.1 | ) | 65.9 | 47.8 | — | 33.6 | ||||||||||||||
Income tax expense (benefit) | (3.7 | ) | — | 10.3 | — | 6.6 | ||||||||||||||
Income (loss) from continuing operations | (76.4 | ) | 65.9 | 37.5 | — | 27 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | (76.4 | ) | 65.8 | 37.5 | — | 26.9 | ||||||||||||||
Earnings of wholly owned subsidiaries | 103.3 | 36.7 | — | (140.0 | ) | — | ||||||||||||||
Net income | $ | 26.9 | $ | 102.5 | $ | 37.5 | $ | (140.0 | ) | $ | 26.9 | |||||||||
Comprehensive income (loss) | $ | (12.1 | ) | $ | 106.7 | $ | (1.9 | ) | $ | (104.8 | ) | $ | (12.1 | ) | ||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 681.5 | $ | 547.3 | $ | — | $ | 1,228.80 | ||||||||||
Affiliated sales | — | 13.4 | 3.3 | (16.7 | ) | — | ||||||||||||||
Net sales | — | 694.9 | 550.6 | (16.7 | ) | 1,228.80 | ||||||||||||||
Cost of products sold | — | 502.5 | 387.7 | (16.7 | ) | 873.5 | ||||||||||||||
Gross profit | — | 192.4 | 162.9 | — | 355.3 | |||||||||||||||
Advertising, selling, general and administrative expenses | 35.1 | 118.2 | 94.9 | — | 248.2 | |||||||||||||||
Amortization of intangibles | 0.1 | 10.2 | 3.2 | — | 13.5 | |||||||||||||||
Restructuring charges | — | 17.5 | 4.1 | — | 21.6 | |||||||||||||||
Operating income (loss) | (35.2 | ) | 46.5 | 60.7 | — | 72 | ||||||||||||||
Expense (income) from affiliates | (0.4 | ) | (21.0 | ) | 21.4 | — | — | |||||||||||||
Interest expense (income), net | 49.2 | 21 | (0.2 | ) | — | 70 | ||||||||||||||
Equity in earnings of joint ventures | — | — | (6.3 | ) | — | (6.3 | ) | |||||||||||||
Other expense (income), net | 59.8 | 3.9 | (2.3 | ) | — | 61.4 | ||||||||||||||
(Loss) income from continuing operations before income taxes and earnings of wholly owned subsidiaries | (143.8 | ) | 42.6 | 48.1 | — | (53.1 | ) | |||||||||||||
Income tax (benefit) expense | (220.0 | ) | — | 34.8 | — | (185.2 | ) | |||||||||||||
Income from continuing operations | 76.2 | 42.6 | 13.3 | — | 132.1 | |||||||||||||||
(Loss) income from discontinued operations, net of income taxes | 0.1 | (0.2 | ) | — | — | (0.1 | ) | |||||||||||||
Income before earnings of wholly owned subsidiaries | 76.3 | 42.4 | 13.3 | — | 132 | |||||||||||||||
Earnings of wholly owned subsidiaries | 55.7 | 6.4 | — | (62.1 | ) | — | ||||||||||||||
Net income | $ | 132 | $ | 48.8 | $ | 13.3 | $ | (62.1 | ) | $ | 132 | |||||||||
Comprehensive income | $ | 134.6 | $ | 51.7 | $ | 12.1 | $ | (63.8 | ) | $ | 134.6 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 270.6 | $ | 198.6 | $ | — | $ | 469.2 | ||||||||||
Affiliated sales | — | 3.3 | 1.2 | (4.5 | ) | — | ||||||||||||||
Net sales | — | 273.9 | 199.8 | (4.5 | ) | 469.2 | ||||||||||||||
Cost of products sold | — | 195 | 137.6 | (4.5 | ) | 328.1 | ||||||||||||||
Gross profit | — | 78.9 | 62.2 | — | 141.1 | |||||||||||||||
Advertising, selling, general and administrative expenses | 9.5 | 43.1 | 30 | — | 82.6 | |||||||||||||||
Amortization of intangibles | 0.1 | 4.6 | 1.2 | — | 5.9 | |||||||||||||||
Restructuring charges | — | 0.3 | 2 | — | 2.3 | |||||||||||||||
Operating income (loss) | (9.6 | ) | 30.9 | 29 | — | 50.3 | ||||||||||||||
Expense (income) from affiliates | (0.6 | ) | (7.2 | ) | 7.8 | — | — | |||||||||||||
Interest expense (income), net | 13.9 | (0.1 | ) | (1.3 | ) | — | 12.5 | |||||||||||||
Equity in earnings of joint ventures | — | — | (3.3 | ) | — | (3.3 | ) | |||||||||||||
Other expense (income), net | (0.8 | ) | 0.5 | 0.4 | — | 0.1 | ||||||||||||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (22.1 | ) | 37.7 | 25.4 | — | 41 | ||||||||||||||
Income tax expense | 5.7 | — | 8.9 | — | 14.6 | |||||||||||||||
Income (loss) from continuing operations | (27.8 | ) | 37.7 | 16.5 | — | 26.4 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | (27.8 | ) | 37.7 | 16.5 | — | 26.4 | ||||||||||||||
Earnings of wholly owned subsidiaries | 54.2 | 15.9 | — | (70.1 | ) | — | ||||||||||||||
Net income | $ | 26.4 | $ | 53.6 | $ | 16.5 | $ | (70.1 | ) | $ | 26.4 | |||||||||
Comprehensive income | $ | 22.6 | $ | 55 | $ | 12.5 | $ | (67.5 | ) | $ | 22.6 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 290.4 | $ | 210.8 | $ | — | $ | 501.2 | ||||||||||
Affiliated sales | — | 4 | 0.9 | (4.9 | ) | — | ||||||||||||||
Net sales | — | 294.4 | 211.7 | (4.9 | ) | 501.2 | ||||||||||||||
Cost of products sold | — | 205.5 | 149.4 | (4.9 | ) | 350 | ||||||||||||||
Gross profit | — | 88.9 | 62.3 | — | 151.2 | |||||||||||||||
Advertising, selling, general and administrative expenses | 6.7 | 45.8 | 34.6 | — | 87.1 | |||||||||||||||
Amortization of intangibles | 0.1 | 5.4 | 1.4 | — | 6.9 | |||||||||||||||
Restructuring charges | — | 0.3 | 0.5 | — | 0.8 | |||||||||||||||
Operating income (loss) | (6.8 | ) | 37.4 | 25.8 | — | 56.4 | ||||||||||||||
Expense (income) from affiliates | (0.1 | ) | (9.2 | ) | 9.3 | — | — | |||||||||||||
Interest expense, net | 7.3 | 10.7 | 0.1 | — | 18.1 | |||||||||||||||
Equity in earnings of joint ventures | — | — | (3.6 | ) | — | (3.6 | ) | |||||||||||||
Other expense (income), net | (0.6 | ) | 1.4 | (0.5 | ) | — | 0.3 | |||||||||||||
(Loss) income from continuing operations before income taxes and earnings of wholly owned subsidiaries | (13.4 | ) | 34.5 | 20.5 | — | 41.6 | ||||||||||||||
Income tax (benefit) expense | (60.1 | ) | (0.3 | ) | 46.8 | — | (13.6 | ) | ||||||||||||
Income (loss) from continuing operations | 46.7 | 34.8 | (26.3 | ) | — | 55.2 | ||||||||||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | — | |||||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | 46.7 | 34.8 | (26.3 | ) | — | 55.2 | ||||||||||||||
Earnings (losses) of wholly owned subsidiaries | 8.5 | (28.4 | ) | — | 19.9 | — | ||||||||||||||
Net income (loss) | $ | 55.2 | $ | 6.4 | $ | (26.3 | ) | $ | 19.9 | $ | 55.2 | |||||||||
Comprehensive income | $ | 89.7 | $ | 7.3 | $ | 7.3 | $ | (14.6 | ) | $ | 89.7 | |||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets (Unaudited) | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 2.7 | $ | (1.4 | ) | $ | 69.5 | $ | — | $ | 70.8 | |||||||||
Accounts receivable, net | — | 187.3 | 207.2 | — | 394.5 | |||||||||||||||
Inventories | — | 142.4 | 148.6 | — | 291 | |||||||||||||||
Receivables from affiliates | 14.7 | 5.5 | 64.5 | (84.7 | ) | — | ||||||||||||||
Deferred income taxes | 19.1 | — | 11.6 | — | 30.7 | |||||||||||||||
Other current assets | 0.9 | 13.9 | 17.4 | — | 32.2 | |||||||||||||||
Total current assets | 37.4 | 347.7 | 518.8 | (84.7 | ) | 819.2 | ||||||||||||||
Property, plant and equipment, net | 4.2 | 133.8 | 120.4 | — | 258.4 | |||||||||||||||
Deferred income taxes | 3.3 | — | 38.1 | — | 41.4 | |||||||||||||||
Goodwill | — | 330.9 | 244.6 | — | 575.5 | |||||||||||||||
Identifiable intangibles, net | 57.6 | 419.4 | 139.9 | — | 616.9 | |||||||||||||||
Other non-current assets | 21.9 | 5.2 | 51.1 | — | 78.2 | |||||||||||||||
Investment in, long term receivable from affiliates | 1,822.00 | 846.5 | 441 | (3,109.5 | ) | — | ||||||||||||||
Total assets | $ | 1,946.40 | $ | 2,083.50 | $ | 1,553.90 | $ | (3,194.2 | ) | $ | 2,389.60 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | 1.7 | $ | — | $ | 0.1 | $ | — | $ | 1.8 | ||||||||||
Current portion of long-term debt | 7.7 | 0.1 | — | — | 7.8 | |||||||||||||||
Accounts payable | — | 85.6 | 83.9 | — | 169.5 | |||||||||||||||
Accrued compensation | 3.7 | 10.7 | 16.4 | — | 30.8 | |||||||||||||||
Accrued customer programs liabilities | — | 52.3 | 48.2 | — | 100.5 | |||||||||||||||
Accrued interest | 15.4 | — | — | — | 15.4 | |||||||||||||||
Other current liabilities | 2.3 | 33.5 | 50.5 | — | 86.3 | |||||||||||||||
Payables to affiliates | 9.3 | 206.9 | 247 | (463.2 | ) | — | ||||||||||||||
Total current liabilities | 40.1 | 389.1 | 446.1 | (463.2 | ) | 412.1 | ||||||||||||||
Long-term debt | 991 | 0.1 | — | — | 991.1 | |||||||||||||||
Long-term notes payable to affiliates | 178.2 | 14.6 | 36.8 | (229.6 | ) | — | ||||||||||||||
Deferred income taxes | 96.4 | — | 62.7 | — | 159.1 | |||||||||||||||
Pension and post-retirement benefit obligations | 1.8 | 52.6 | 49.3 | — | 103.7 | |||||||||||||||
Other non-current liabilities | 0.7 | 22 | 62.7 | — | 85.4 | |||||||||||||||
Total liabilities | 1,308.20 | 478.4 | 657.6 | (692.8 | ) | 1,751.40 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1.1 | 448 | 273.5 | (721.5 | ) | 1.1 | ||||||||||||||
Treasury stock | (3.5 | ) | — | — | — | (3.5 | ) | |||||||||||||
Paid-in capital | 2,030.60 | 1,551.40 | 743 | (2,294.4 | ) | 2,030.60 | ||||||||||||||
Accumulated other comprehensive loss | (195.1 | ) | (64.7 | ) | (91.6 | ) | 156.3 | (195.1 | ) | |||||||||||
Accumulated deficit | (1,194.9 | ) | (329.6 | ) | (28.6 | ) | 358.2 | (1,194.9 | ) | |||||||||||
Total stockholders’ equity | 638.2 | 1,605.10 | 896.3 | (2,501.4 | ) | 638.2 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,946.40 | $ | 2,083.50 | $ | 1,553.90 | $ | (3,194.2 | ) | $ | 2,389.60 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 12.1 | $ | (3.0 | ) | $ | 40.9 | $ | — | $ | 50 | |||||||||
Accounts receivable, net | — | 193.9 | 304.8 | — | 498.7 | |||||||||||||||
Inventories | — | 133.7 | 131.8 | — | 265.5 | |||||||||||||||
Receivables from affiliates | 7.9 | 219.4 | 17.5 | (244.8 | ) | — | ||||||||||||||
Deferred income taxes | 18.1 | — | 13 | — | 31.1 | |||||||||||||||
Other current assets | 1 | 13 | 15 | — | 29 | |||||||||||||||
Total current assets | 39.1 | 557 | 523 | (244.8 | ) | 874.3 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 140.7 | 132.6 | — | 273.6 | |||||||||||||||
Deferred income taxes | — | — | 36.4 | — | 36.4 | |||||||||||||||
Goodwill | — | 329.7 | 259.7 | — | 589.4 | |||||||||||||||
Identifiable intangibles, net | 57.7 | 434.3 | 154.6 | — | 646.6 | |||||||||||||||
Other non-current assets | 16.3 | 16.6 | 54.5 | — | 87.4 | |||||||||||||||
Investment in, long term receivable from affiliates | 1,248.00 | 869 | 441 | (2,558.0 | ) | — | ||||||||||||||
Total assets | $ | 1,361.40 | $ | 2,347.30 | $ | 1,601.80 | $ | (2,802.8 | ) | $ | 2,507.70 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable to banks | $ | — | $ | — | $ | 1.2 | $ | — | $ | 1.2 | ||||||||||
Current portion of long-term debt | — | 0.1 | — | — | 0.1 | |||||||||||||||
Accounts payable | — | 76.5 | 75.9 | — | 152.4 | |||||||||||||||
Accrued compensation | 4.7 | 16.8 | 16.5 | — | 38 | |||||||||||||||
Accrued customer programs liabilities | — | 63.8 | 55.2 | — | 119 | |||||||||||||||
Accrued interest | 0.2 | 6.1 | — | — | 6.3 | |||||||||||||||
Other current liabilities | 12.3 | 44.9 | 55.2 | — | 112.4 | |||||||||||||||
Payables to affiliates | 28.5 | 191.8 | 245 | (465.3 | ) | — | ||||||||||||||
Total current liabilities | 45.7 | 400 | 449 | (465.3 | ) | 429.4 | ||||||||||||||
Long-term debt | 401.6 | 647.4 | 21.8 | — | 1,070.80 | |||||||||||||||
Long-term notes payable to affiliates | 178.2 | 26.7 | 373 | (577.9 | ) | — | ||||||||||||||
Deferred income taxes | 93.8 | — | 71.2 | — | 165 | |||||||||||||||
Pension and post-retirement benefit obligations | 1.8 | 60.9 | 57.1 | — | 119.8 | |||||||||||||||
Other non-current liabilities | 1.1 | 13.9 | 68.5 | — | 83.5 | |||||||||||||||
Total liabilities | 722.2 | 1,148.90 | 1,040.60 | (1,043.2 | ) | 1,868.50 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1.1 | 448 | 315.5 | (763.5 | ) | 1.1 | ||||||||||||||
Treasury stock | (2.5 | ) | — | — | — | (2.5 | ) | |||||||||||||
Paid-in capital | 2,018.50 | 1,192.00 | 347.6 | (1,539.6 | ) | 2,018.50 | ||||||||||||||
Accumulated other comprehensive loss | (156.1 | ) | (68.9 | ) | (52.2 | ) | 121.1 | (156.1 | ) | |||||||||||
Accumulated deficit | (1,221.8 | ) | (372.7 | ) | (49.7 | ) | 422.4 | (1,221.8 | ) | |||||||||||
Total stockholders’ equity | 639.2 | 1,198.40 | 561.2 | (1,759.6 | ) | 639.2 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,361.40 | $ | 2,347.30 | $ | 1,601.80 | $ | (2,802.8 | ) | $ | 2,507.70 | |||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Consolidated | ||||||||||||||||
Net cash used by operating activities | $ | (58.2 | ) | $ | 85.8 | $ | 97.6 | $ | 125.2 | |||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (19.6 | ) | (10.6 | ) | (30.2 | ) | |||||||||||||
Payments for (proceeds from) interest in affiliates | — | 49.3 | (49.3 | ) | — | |||||||||||||||
Payments related to the sale of discontinued operations | — | (1.4 | ) | — | (1.4 | ) | ||||||||||||||
Proceeds from the disposition of assets | — | — | 4.2 | 4.2 | ||||||||||||||||
Net cash provided (used) by investing activities. | — | 28.3 | (55.7 | ) | (27.4 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||
Intercompany financing | 43.8 | (71.1 | ) | 27.3 | — | |||||||||||||||
Net dividends | 57.8 | (41.4 | ) | (16.4 | ) | — | ||||||||||||||
Proceeds from long-term borrowings | 530 | — | 530 | |||||||||||||||||
Repayments of long-term debt | (580.1 | ) | — | (21.4 | ) | (601.5 | ) | |||||||||||||
Borrowings of short-term debt, net | 2.2 | — | (1.1 | ) | 1.1 | |||||||||||||||
Payments for debt issuance costs | (4.3 | ) | — | — | (4.3 | ) | ||||||||||||||
Other | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||
Net cash provided (used) by financing activities. | 48.8 | (112.5 | ) | (11.6 | ) | (75.3 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash | — | — | (1.7 | ) | (1.7 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (9.4 | ) | 1.6 | 28.6 | 20.8 | |||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Beginning of the period | 12.1 | (3.0 | ) | 40.9 | 50 | |||||||||||||||
End of the period | $ | 2.7 | $ | (1.4 | ) | $ | 69.5 | $ | 70.8 | |||||||||||
Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Consolidated | ||||||||||||||||
Net cash used by (provided by) operating activities | $ | (147.3 | ) | $ | 49.5 | $ | 17.5 | $ | (80.3 | ) | ||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | — | (14.2 | ) | (3.8 | ) | (18.0 | ) | |||||||||||||
Proceeds from (payments related to) the sale of discontinued operations | — | 2.2 | (0.1 | ) | 2.1 | |||||||||||||||
Proceeds from the disposition of assets | — | — | 3 | 3 | ||||||||||||||||
Cost of acquisition, net of cash acquired | (433.4 | ) | — | 32 | (401.4 | ) | ||||||||||||||
Net cash used by (provided by) investing activities. | (433.4 | ) | (12.0 | ) | 31.1 | (414.3 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Intercompany financing | 709.8 | (700.1 | ) | (9.7 | ) | — | ||||||||||||||
Net dividends | 51.3 | 24 | (75.3 | ) | — | |||||||||||||||
Proceeds from long-term borrowings | 545 | 690 | 35 | 1,270.00 | ||||||||||||||||
Repayments of long-term debt | (691.6 | ) | (35.7 | ) | (6.6 | ) | (733.9 | ) | ||||||||||||
Borrowings of short-term debt, net | — | — | 0.9 | 0.9 | ||||||||||||||||
Payments for debt issuance costs | (21.0 | ) | (16.0 | ) | (0.9 | ) | (37.9 | ) | ||||||||||||
Other | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||||
Net cash provided (used) by financing activities. | 593.1 | (37.8 | ) | (56.6 | ) | 498.7 | ||||||||||||||
Effect of foreign exchange rate changes on cash | — | — | (0.3 | ) | (0.3 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 12.4 | (0.3 | ) | (8.3 | ) | 3.8 | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Beginning of the period | 62 | (1.2 | ) | 60.4 | 121.2 | |||||||||||||||
End of the period | $ | 74.4 | $ | (1.5 | ) | $ | 52.1 | $ | 125 | |||||||||||
Basis_Of_Presentation_Basis_of
Basis Of Presentation Basis of Presentation (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 |
Organization, Consolidation and Presentation of Financial Statement [Abstract] | ' |
Reclassified costs | $4 |
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 18 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ' | ' | ' |
Acquisition related-costs classified as Selling, General, and Administrative expenses | $1.30 | $14.40 | $20.10 |
Acquisitions_Consideration_Giv
Acquisitions (Consideration Given for Acquisition of MEAD C&OP) (Details) (USD $) | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 1-May-12 | |
Business Acquisition [Line Items] | ' | |
Outstanding shares of ACCO Brands common stock | 56 | [1] |
Multiplier needed to calculate shares to be issued | 1.02020202 | [2] |
Closing price per share of ACCO Brands common stock | $10.55 | [3] |
Working capital adjustment | ($30.50) | [4] |
Mead C&OP | ' | |
Business Acquisition [Line Items] | ' | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 920.9 | |
Number of shares issued to MWV shareholders | 57.1 | |
Value of common shares issued | 602.3 | |
Dividend paid to MWV | 460 | |
Consideration for MEAD C&OP | $1,031.80 | |
[1] | Represents the number of shares of the Company's common stock as of May 1, 2012. | |
[2] | Represents MWV shareholders' negotiated ownership percentage in ACCO Brands of 50.5% divided by the 49.5% that was owned by ACCO Brands shareholders upon completion of the Merger. | |
[3] | Represents the closing price per share of the Company's stock as of April 30, 2012. | |
[4] | Represents the difference between the target net working capital and the closing net working capital as of April 30, 2012. |
Acquisitions_Purchase_Price_Al
Acquisitions (Purchase Price Allocation) (Details) (Mead C&OP, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | 1-May-12 |
Mead C&OP | ' |
Business Acquisition [Line Items] | ' |
Consideration given for Mead C&OP | $1,031.80 |
Cash acquired | -32 |
Purchase price, net of cash acquired | 999.8 |
Plus fair value of liabilities assumed: | ' |
Accounts payable and accrued liabilities | 103.9 |
Current and non-current deferred tax liabilities | 209.6 |
Other non-current liabilities | 72.9 |
Fair value of liabilities assumed | 386.4 |
Less fair value of assets acquired: | ' |
Accounts receivable | 73.3 |
Inventory | 143.5 |
Property, plant and equipment | 136.6 |
Identifiable intangibles | 543.2 |
Other assets | 24.3 |
Fair value of assets acquired | 920.9 |
Goodwill | $465.30 |
LongTerm_Debt_And_ShortTerm_Bo2
Long-Term Debt And Short-Term Borrowings (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
In Millions, unless otherwise specified | 13-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | 13-May-13 | 13-May-13 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | 13-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 13-May-13 | Dec. 31, 2012 | Sep. 30, 2013 | 13-May-13 | 13-May-13 | Sep. 30, 2013 | Dec. 31, 2012 |
Secured Secured Notes | Secured Secured Notes | Senior Notes | Senior Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Senior Secured Notes | Other borrowings | Other borrowings | ||||
Senior Unsecured Note May 2020 6 point 75 | Senior Unsecured Note May 2020 6 point 75 | CAD Senior Secured Term Loan A, due May 2017 | CAD Senior Secured Term Loan A, due May 2017 | Restated Credit Agreement | Restated Credit Agreement | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.70 | $47.30 | $0 | ' | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | 9.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | 780 | 250 | ' | ' |
Senior Secured Term Loans | ' | ' | ' | ' | ' | ' | ' | ' | 498 | 530 | 0 | 0 | 326.8 | 0 | 220.8 | 0 | 21.8 | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Long-term Debt, Noncurrent | ' | ' | ' | ' | ' | 500 | 500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2.7 |
Total debt | ' | 1,000.70 | 1,072.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current portion | ' | -9.6 | -1.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | ' | 991.1 | 1,070.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' |
Amount Available for borrowings under Senior Secured Revolving Credit Facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237.8 | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | 10.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | 2.51% | ' | ' | ' | ' | 4.25% | ' | 3.32% | ' | 4.26% | 4.50% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 6.75% | 6.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | 220.8 | 310.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Costs Capitalized | ' | $4.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_And_Other_Retiree_Bene2
Pension And Other Retiree Benefits (Net Periodic Benefit Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Expected contributions to defined benefit plans for 2013 | ' | ' | $14.90 | ' |
Contributions by company to date | ' | ' | 12.9 | ' |
U.S. | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.5 | 0.2 | 1.5 | 0.5 |
Interest cost | 2 | 2.4 | 6 | 6.6 |
Expected return on plan assets | -2.6 | -2.6 | -8 | -7.8 |
Amortization of prior serivce cost | ' | ' | 0 | 0 |
Amortization of net loss (gain) | 2.4 | 1.5 | 7.2 | 4.6 |
Settlement Loss | ' | ' | 0 | 0.7 |
Net periodic benefit cost | 2.3 | 1.5 | 6.7 | 4.6 |
International | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.4 | 0.7 | 1.2 | 1.8 |
Interest cost | 3.7 | 3.7 | 11 | 10.6 |
Expected return on plan assets | -5.1 | -4.2 | -15.2 | -12 |
Amortization of prior serivce cost | ' | ' | 0 | 0.1 |
Amortization of net loss (gain) | 0.6 | 0.5 | 1.8 | 1.6 |
Settlement Loss | ' | ' | 0 | 0 |
Net periodic benefit cost | -0.4 | 0.7 | -1.2 | 2.1 |
Post-retirement | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0.1 | 0.2 | 0.2 |
Interest cost | 0.2 | 0.2 | 0.5 | 0.5 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior serivce cost | ' | ' | 0 | 0 |
Amortization of net loss (gain) | -0.2 | -0.1 | -0.6 | -0.4 |
Settlement Loss | ' | ' | 0 | 0 |
Net periodic benefit cost | $0 | $0.20 | $0.10 | $0.30 |
StockBased_Compensation_Shareb
Stock-Based Compensation (Share-based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $4.30 | $1.40 | $11.70 | $5.50 |
Stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized Compensation Expense | 5.5 | ' | 5.5 | ' |
Stock compensation grant | 32,040 | ' | ' | ' |
Stock-based compensation expense | 0.8 | 0.5 | 2.2 | 1.3 |
Restricted stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized Compensation Expense | 7.7 | ' | 7.7 | ' |
Stock compensation grant | 11,592 | ' | ' | ' |
Stock-based compensation expense | 1.3 | 0.9 | 4.4 | 3.4 |
Performance stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized Compensation Expense | 10.2 | ' | 10.2 | ' |
Stock compensation grant | 28,660 | ' | ' | ' |
Stock-based compensation expense | $2.20 | $0 | $5.10 | $0.80 |
StockBased_Compensation_Unreco
Stock-Based Compensation (Unrecognized Compensation Expense) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Stock options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense | $5.50 |
Weighted Average Years Expense To Be Recognzed Over | '2 years 0 months 24 days |
Restricted stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense | 7.7 |
Weighted Average Years Expense To Be Recognzed Over | '1 year 10 months 19 days |
Performance stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense | $10.20 |
Weighted Average Years Expense To Be Recognzed Over | '1 year 9 months 3 days |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $4.30 | $1.40 | $11.70 | $5.50 |
Stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation grant | 32,040 | ' | ' | ' |
Stock-based compensation expense | 0.8 | 0.5 | 2.2 | 1.3 |
Restricted stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation grant | 11,592 | ' | ' | ' |
Stock-based compensation expense | 1.3 | 0.9 | 4.4 | 3.4 |
Performance stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock compensation grant | 28,660 | ' | ' | ' |
Stock-based compensation expense | 2.2 | 0 | 5.1 | 0.8 |
Director [Member] | Restricted stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | $0.90 | ' |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $36.10 | $40.10 |
Work in process | 2.7 | 5.4 |
Finished goods | 252.2 | 220 |
Total inventories | $291 | $265.50 |
Goodwill_And_Identifiable_Inta2
Goodwill And Identifiable Intangibles (Goodwill) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Roll Forward] | ' |
Balance at December 31, 2012 | $589.40 |
Mead C&OP Acquisition | 1.9 |
Translation | -15.8 |
Balance at September 30, 2013 | 575.5 |
Goodwill, Impaired, Accumulated Impairment Loss | ' |
Goodwill | 790.6 |
Accumulated impairment losses | -215.1 |
Balance at September 30, 2013 | 575.5 |
ACCO Brands North America | ' |
Goodwill [Roll Forward] | ' |
Balance at December 31, 2012 | 396.3 |
Mead C&OP Acquisition | 1.4 |
Translation | -2.4 |
Balance at September 30, 2013 | 395.3 |
Goodwill, Impaired, Accumulated Impairment Loss | ' |
Goodwill | 526.2 |
Accumulated impairment losses | -130.9 |
Balance at September 30, 2013 | 395.3 |
ACCO Brands International | ' |
Goodwill [Roll Forward] | ' |
Balance at December 31, 2012 | 186.3 |
Mead C&OP Acquisition | 0.5 |
Translation | -13.4 |
Balance at September 30, 2013 | 173.4 |
Goodwill, Impaired, Accumulated Impairment Loss | ' |
Goodwill | 257.6 |
Accumulated impairment losses | -84.2 |
Balance at September 30, 2013 | 173.4 |
Computer Products Group | ' |
Goodwill [Roll Forward] | ' |
Balance at December 31, 2012 | 6.8 |
Mead C&OP Acquisition | 0 |
Translation | 0 |
Balance at September 30, 2013 | 6.8 |
Goodwill, Impaired, Accumulated Impairment Loss | ' |
Goodwill | 6.8 |
Accumulated impairment losses | 0 |
Balance at September 30, 2013 | $6.80 |
Goodwill_And_Identifiable_Inta3
Goodwill And Identifiable Intangibles (Intangible Assets Acquired) (Details) (Mead C&OP, USD $) | 1-May-12 |
In Millions, unless otherwise specified | |
Mead C&OP | ' |
Acquired Intangible Assets [Line Items] | ' |
Identifiable intangibles | $543.20 |
Goodwill_And_Identifiable_Inta4
Goodwill And Identifiable Intangibles (Intangible Assets) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |||
Amortization of intangibles | $5.90 | $6.90 | $18.70 | $13.50 | ' | |||
Amortizable intangible assets, Gross Carrying Amounts | 243.7 | ' | 243.7 | ' | 245 | |||
Amortizable intangible assets, Accumulated Amortization | -97.1 | ' | -97.1 | ' | -78.8 | |||
Amortizable intangible assets, Net Book Value | 146.6 | ' | 146.6 | ' | 166.2 | |||
Total identifiable intangibles, Gross Carrying Amounts | 758.5 | ' | 758.5 | ' | 769.9 | |||
Total identifiable intangibles, Accumulated Amortization | -141.6 | ' | -141.6 | ' | -123.3 | |||
Total identifiable intangibles, Net Book Value | 616.9 | ' | 616.9 | ' | 646.6 | |||
Trade Names | ' | ' | ' | ' | ' | |||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |||
Amortizable intangible assets, Gross Carrying Amounts | 130.4 | ' | 130.4 | ' | 130.9 | |||
Amortizable intangible assets, Accumulated Amortization | -44.5 | ' | -44.5 | ' | -36.7 | |||
Amortizable intangible assets, Net Book Value | 85.9 | ' | 85.9 | ' | 94.2 | |||
Customer and contractual relationships | ' | ' | ' | ' | ' | |||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |||
Amortizable intangible assets, Gross Carrying Amounts | 103 | ' | 103 | ' | 103.7 | |||
Amortizable intangible assets, Accumulated Amortization | -43.2 | ' | -43.2 | ' | -32.7 | |||
Amortizable intangible assets, Net Book Value | 59.8 | ' | 59.8 | ' | 71 | |||
Patents/proprietary technology | ' | ' | ' | ' | ' | |||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |||
Amortizable intangible assets, Gross Carrying Amounts | 10.3 | ' | 10.3 | ' | 10.4 | |||
Amortizable intangible assets, Accumulated Amortization | -9.4 | ' | -9.4 | ' | -9.4 | |||
Amortizable intangible assets, Net Book Value | 0.9 | ' | 0.9 | ' | 1 | |||
Trade Names | ' | ' | ' | ' | ' | |||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | |||
Indefinite-lived intangible assets, gross carrying amount | 514.8 | ' | 514.8 | ' | 524.9 | |||
Indefinite-lived intangible assets, Accumulated Amortization | -44.5 | [1] | ' | -44.5 | [1] | ' | -44.5 | [1] |
Indefinite-lived intangible assets, Net Book Value | $470.30 | ' | $470.30 | ' | $480.40 | |||
[1] | Accumulated amortization prior to the adoption of authoritative guidance on goodwill and other intangible assets, at which time further amortization ceased. |
Goodwill_And_Identifiable_Inta5
Goodwill And Identifiable Intangibles (Estimated Amortization Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization of intangibles | $5.90 | $6.90 | $18.70 | $13.50 |
Estimated amortization expense, 2013 | 24.8 | ' | 24.8 | ' |
Estimated amortization expense, 2014 | 22.3 | ' | 22.3 | ' |
Estimated amortization expense, 2015 | 19.9 | ' | 19.9 | ' |
Estimated amortization expense, 2016 | 17.6 | ' | 17.6 | ' |
Estimated amortization expense, 2017 | 14.3 | ' | 14.3 | ' |
Estimated amortization expense, 2018 | $12.10 | ' | $12.10 | ' |
Restructuring_Restructuring_Ch
Restructuring (Restructuring Charges and Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Effect on Future Earnings, Amount | ' | ' | $7 | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 15.4 | ' |
Provision | 2.3 | 0.8 | 17.9 | 21.6 |
Cash Expenditures | ' | ' | -17.3 | ' |
Non-Cash Items Currency Change | ' | ' | -0.8 | ' |
Balance at September 30, 2013 | 15.2 | ' | 15.2 | ' |
Period over which employee termination costs expected to be paid | ' | ' | '12 months | ' |
Employee termination costs | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 15.2 | ' |
Provision | ' | ' | 16.3 | ' |
Cash Expenditures | ' | ' | -16.4 | ' |
Non-Cash Items Currency Change | ' | ' | -0.1 | ' |
Balance at September 30, 2013 | 15.2 | ' | 15.2 | ' |
Termination of lease agreements | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 0.2 | ' |
Provision | ' | ' | 0.3 | ' |
Cash Expenditures | ' | ' | -0.5 | ' |
Non-Cash Items Currency Change | ' | ' | 0 | ' |
Balance at September 30, 2013 | 0 | ' | 0 | ' |
Other | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 0 | ' |
Provision | ' | ' | 0.4 | ' |
Cash Expenditures | ' | ' | -0.4 | ' |
Non-Cash Items Currency Change | ' | ' | 0 | ' |
Balance at September 30, 2013 | 0 | ' | 0 | ' |
Asset Impairments | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 0 | ' |
Provision | ' | ' | 0.9 | ' |
Cash Expenditures | ' | ' | 0 | ' |
Non-Cash Items Currency Change | ' | ' | 0.9 | ' |
Balance at September 30, 2013 | 0 | ' | 0 | ' |
Building [Member] | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Gain (Loss) on Sale of Property Plant Equipment | ' | ' | 2.5 | ' |
Net Proceeds from Sale of Property, Plant and Equipment | ' | ' | $3.80 | ' |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' |
Income tax benefit computed at U.S. statutory income tax rate (35%) | $14.40 | $14.50 | $11.80 | ($18.60) |
Decrease of valuation allowances, net | 0 | -0.9 | -7 | -132.2 |
Foreign income taxed at a lower effective rate | -3.1 | -26.8 | -4.1 | -36.9 |
Miscellaneous | 3.3 | -0.4 | 5.9 | 2.5 |
Income tax expense (benefit) | $14.60 | ($13.60) | $6.60 | ($185.20) |
Effective tax rate | 35.60% | ' | 19.60% | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Domestic Tax Authority [Member] | Foreign Tax Authority | Foreign Tax Authority | Foreign Tax Authority | Foreign Tax Authority | Minimum | Maximum | Tax Year 2007 to 2012 [Member] | Tax Year 2013 [Member] | Tax Year 2013 [Member] | |||||
Foreign Tax Authority | Foreign Tax Authority | Foreign Tax Authority | ||||||||||||
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | ' | ' | $112.70 | $0.50 | $17.70 | $7 | $18.20 | ' | ' | ' | ' | ' |
Foreign income taxed at a lower effective rate | -3.1 | -26.8 | -4.1 | -36.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutes of limitation, period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' | ' | ' |
Income Tax Contingency, Potential Assessment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.5 | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 1 |
Income tax expense (benefit) | 14.6 | -13.6 | 6.6 | -185.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations before income tax | $41 | $41.60 | $33.60 | ($53.10) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective tax rate | 35.60% | ' | 19.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 1-May-12 | 1-May-12 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Mead C&OP | Stock options | Stock options | Stock options | Stock options | Stock-settled stock appreciation rights | Stock-settled stock appreciation rights | Stock-settled stock appreciation rights | Stock-settled stock appreciation rights | Restricted stock units | Restricted stock units | Restricted stock units | Restricted stock units | ||||||
Weighted Average Number of Shares Outstanding Basic and Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 113,600,000 | 113,100,000 | 113,600,000 | 113,100,000 | 113,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, equity interest issued or issuable, number of shares | ' | ' | ' | ' | ' | 57,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average number of common shares outstanding - basic | 113,600,000 | 113,100,000 | 113,500,000 | 87,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | ' | ' | ' | ' | ' | ' | 0 | 100,000 | 0 | 100,000 | 800,000 | 900,000 | 800,000 | 1,000,000 | 1,400,000 | 900,000 | 1,300,000 | 1,000,000 |
Adjusted weighted average shares and assumed conversions - diluted | 115,800,000 | 115,000,000 | 115,600,000 | 89,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potentially dilutive shares excluded from computation of dilutive earnings per share | ' | ' | 6,100,000 | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (Foreign exchange contracts, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives not designated as hedging instruments | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $47.90 | $90.40 |
Cash Flow Hedging [Member] | Derivatives designated as hedging instruments | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $95.70 | $85 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Fair Value of Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $1.30 | $1.20 |
Derivative Liabilities | 1.6 | 0.8 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 0.9 | 0.7 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 1.1 | 0.6 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 0.4 | 0.5 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | $0.50 | $0.20 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Effect of Derivative Instruments) (Details) (Foreign exchange contracts, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | ($1.60) | ($2.10) | $3.10 | ($1) |
Cost of products sold | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss Reclassified from AOCI to Income (Effective Portion) | -1.6 | -0.9 | -3.3 | -2.3 |
Other expense, net | Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss Recognized in Income | $0 | $1.30 | ($0.40) | $3.90 |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Forward currency contracts | $1.30 | $1.20 |
Liabilities: | ' | ' |
Forward currency contracts | 1.6 | 0.8 |
Total debt | 1,000.70 | 1,072.10 |
Estimated fair value of total debt | $997 | $1,097.50 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at December 31, 2012 | ' | ' | ($156.10) | ' | ||
Other comprehensive income (loss) before reclassifications | ' | ' | -42.3 | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 3.3 | ' | ||
Balance at September 30, 2013 | -195.1 | ' | -195.1 | ' | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||
Cost of products sold | 328.1 | 350 | 886.5 | 873.5 | ||
Amortization of actuarial loss and prior service cost included in net income | -2.8 | -1.9 | -8.5 | -5.9 | ||
Income tax expense (benefit) | 14.6 | -13.6 | 6.6 | -185.2 | ||
Derivative Financial Instruments | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at December 31, 2012 | ' | ' | 0.1 | ' | ||
Other comprehensive income (loss) before reclassifications | ' | ' | 2.1 | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | -2.2 | ' | ||
Balance at September 30, 2013 | 0 | ' | 0 | ' | ||
Foreign Currency Adjustments | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at December 31, 2012 | ' | ' | -28 | ' | ||
Other comprehensive income (loss) before reclassifications | ' | ' | -44.4 | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 0 | ' | ||
Balance at September 30, 2013 | -72.4 | ' | -72.4 | ' | ||
Unrecognized Pension and Other Post-retirement Benefit Costs | ' | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||
Balance at December 31, 2012 | ' | ' | 128.2 | ' | ||
Other comprehensive income (loss) before reclassifications | ' | ' | 0 | ' | ||
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 5.5 | ' | ||
Balance at September 30, 2013 | 122.7 | ' | 122.7 | ' | ||
Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||
Net of tax | 0.9 | ' | 3.3 | ' | ||
Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Derivative Financial Instruments | ' | ' | ' | ' | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||
Total before tax | -1.6 | ' | -3.3 | ' | ||
Income tax expense (benefit) | 0.7 | ' | 1.1 | ' | ||
Net of tax | -0.9 | ' | -2.2 | ' | ||
Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Unrecognized Pension and Other Post-retirement Benefit Costs | ' | ' | ' | ' | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||
Amortization of actuarial loss and prior service cost included in net income | 2.8 | [1] | ' | 8.5 | [1] | ' |
Total before tax | 2.8 | ' | 8.5 | ' | ||
Income tax expense (benefit) | -1 | ' | -3 | ' | ||
Net of tax | 1.8 | ' | 5.5 | ' | ||
Foreign exchange contracts | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Derivative Financial Instruments | ' | ' | ' | ' | ||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||
Cost of products sold | ($1.60) | ' | ($3.30) | ' | ||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and post-retirement plans (See Note 5, Pension and Other Retiree Benefits, to our condensed consolidated financial statements contained in ItemB 1 of this report for additional details). |
Information_On_Business_Segmen2
Information On Business Segments (Net Sales by Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $469.20 | $501.20 | $1,261.40 | $1,228.80 |
Number of business segments | ' | ' | 3 | ' |
Products manufactured by company | ' | ' | 50.00% | ' |
Products sourced outside of company | ' | ' | 50.00% | ' |
ACCO Brands North America | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 295.9 | 321.4 | 771.8 | 737.9 |
ACCO Brands International | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 136 | 139.4 | 378.3 | 363.9 |
Computer Products Group | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $37.30 | $40.40 | $111.30 | $127 |
Information_On_Business_Segmen3
Information On Business Segments (Operating Income by Segment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | $50.30 | [1] | $56.40 | [1] | $79 | [1] | $72 | [1] |
Interest expense, net | 12.5 | 18.1 | 41.7 | 70 | ||||
Equity in earnings of joint ventures | -3.3 | -3.6 | -5.9 | -6.3 | ||||
Other expense, net | 0.1 | 0.3 | 9.6 | 61.4 | ||||
Income (loss) from continuing operations before income tax | 41 | 41.6 | 33.6 | -53.1 | ||||
Segment operating income | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 57.3 | [1] | 62.4 | [1] | 103 | [1] | 107.2 | [1] |
ACCO Brands North America | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 36.1 | [1] | 40 | [1] | 61.6 | [1] | 50.1 | [1] |
ACCO Brands International | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 17.8 | [1] | 14.7 | [1] | 32.3 | [1] | 31.9 | [1] |
Computer Products Group | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 3.4 | [1] | 7.7 | [1] | 9.1 | [1] | 25.2 | [1] |
Corporate | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | ($7) | [1] | ($6) | [1] | ($24) | [1] | ($35.20) | [1] |
[1] | Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less advertising, selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges. |
Joint_Venture_Investments_Deta
Joint Venture Investments (Details) (Pelikan-Artline Pty Ltd and Neschen GBC Graphic Films LLC, USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Pelikan-Artline Pty Ltd and Neschen GBC Graphic Films LLC | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Net sales | $34.20 | $41.40 | $106.90 | $116.70 | ' |
Gross profit | 23.6 | 26.8 | 66.3 | 69.2 | ' |
Net income | 6.6 | 7.2 | 11.7 | 12.5 | ' |
Current assets | 74 | ' | 74 | ' | 80.7 |
Non-current assets | 35 | ' | 35 | ' | 36.9 |
Current liabilities | 33.6 | ' | 33.6 | ' | 34.2 |
Non-current liabilities | $9.20 | ' | $9.20 | ' | $12.80 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (Foreign Tax Authority, USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Tax Year 2007 to 2012 [Member] | Tax Year 2013 [Member] | Tax Year 2013 [Member] | |
Loss Contingencies [Line Items] | ' | ' | ' |
Income Tax Contingency, Potential Assessment | $44.50 | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | ' | $0.30 | $1 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Loss from operations before income tax | $0 | $0 | ($0.20) | ($0.20) | ' |
Income tax benefit | 0 | 0 | -0.1 | -0.1 | ' |
Loss from discontinued operations | 0 | 0 | -0.1 | -0.1 | ' |
Basic loss from discontinued operations | $0 | $0 | $0 | $0 | ' |
Diluted loss from discontinued operations | $0 | $0 | $0 | $0 | ' |
Liabilities of discontinued operations | 1.2 | ' | 1.2 | ' | 2.4 |
Commercial Print Finishing Business | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Discontinued Operations, Legal Settlement Costs | ' | ' | $0.20 | $0.20 | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $70.80 | $50 | $125 | $121.20 |
Accounts receivable, net | 394.5 | 498.7 | ' | ' |
Inventories | 291 | 265.5 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 30.7 | 31.1 | ' | ' |
Other current assets | 32.2 | 29 | ' | ' |
Total current assets | 819.2 | 874.3 | ' | ' |
Property, plant and equipment, net | 258.4 | 273.6 | ' | ' |
Deferred income taxes | 41.4 | 36.4 | ' | ' |
Goodwill | 575.5 | 589.4 | ' | ' |
Identifiable intangibles, net | 616.9 | 646.6 | ' | ' |
Other non-current assets | 78.2 | 87.4 | ' | ' |
Investment in, long term receivable from affiliates | 0 | 0 | ' | ' |
Total assets | 2,389.60 | 2,507.70 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable to banks | 1.8 | 1.2 | ' | ' |
Current portion of long-term debt | 7.8 | 0.1 | ' | ' |
Accounts payable | 169.5 | 152.4 | ' | ' |
Accrued compensation | 30.8 | 38 | ' | ' |
Accrued customer program liabilities | 100.5 | 119 | ' | ' |
Accrued interest | 15.4 | 6.3 | ' | ' |
Other current liabilities | 86.3 | 112.4 | ' | ' |
Payables to affiliates | 0 | 0 | ' | ' |
Total current liabilities | 412.1 | 429.4 | ' | ' |
Long-term debt | 991.1 | 1,070.80 | ' | ' |
Long-term notes payable to affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 159.1 | 165 | ' | ' |
Pension and post-retirement benefit obligations | 103.7 | 119.8 | ' | ' |
Other non-current liabilities | 85.4 | 83.5 | ' | ' |
Total liabilities | 1,751.40 | 1,868.50 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 1.1 | 1.1 | ' | ' |
Treasury stock | -3.5 | -2.5 | ' | ' |
Paid-in capital | 2,030.60 | 2,018.50 | ' | ' |
Accumulated other comprehensive loss | -195.1 | -156.1 | ' | ' |
Accumulated deficit | -1,194.90 | -1,221.80 | ' | ' |
Total stockholders' equity | 638.2 | 639.2 | ' | ' |
Total liabilities and stockholders' equity | 2,389.60 | 2,507.70 | ' | ' |
Parent | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 2.7 | 12.1 | 74.4 | 62 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Receivables from affiliates | 14.7 | 7.9 | ' | ' |
Deferred income taxes | 19.1 | 18.1 | ' | ' |
Other current assets | 0.9 | 1 | ' | ' |
Total current assets | 37.4 | 39.1 | ' | ' |
Property, plant and equipment, net | 4.2 | 0.3 | ' | ' |
Deferred income taxes | 3.3 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Identifiable intangibles, net | 57.6 | 57.7 | ' | ' |
Other non-current assets | 21.9 | 16.3 | ' | ' |
Investment in, long term receivable from affiliates | 1,822 | 1,248 | ' | ' |
Total assets | 1,946.40 | 1,361.40 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable to banks | 1.7 | 0 | ' | ' |
Current portion of long-term debt | 7.7 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued compensation | 3.7 | 4.7 | ' | ' |
Accrued customer program liabilities | 0 | 0 | ' | ' |
Accrued interest | 15.4 | 0.2 | ' | ' |
Other current liabilities | 2.3 | 12.3 | ' | ' |
Payables to affiliates | 9.3 | 28.5 | ' | ' |
Total current liabilities | 40.1 | 45.7 | ' | ' |
Long-term debt | 991 | 401.6 | ' | ' |
Long-term notes payable to affiliates | 178.2 | 178.2 | ' | ' |
Deferred income taxes | 96.4 | 93.8 | ' | ' |
Pension and post-retirement benefit obligations | 1.8 | 1.8 | ' | ' |
Other non-current liabilities | 0.7 | 1.1 | ' | ' |
Total liabilities | 1,308.20 | 722.2 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 1.1 | 1.1 | ' | ' |
Treasury stock | -3.5 | -2.5 | ' | ' |
Paid-in capital | 2,030.60 | 2,018.50 | ' | ' |
Accumulated other comprehensive loss | -195.1 | -156.1 | ' | ' |
Accumulated deficit | -1,194.90 | -1,221.80 | ' | ' |
Total stockholders' equity | 638.2 | 639.2 | ' | ' |
Total liabilities and stockholders' equity | 1,946.40 | 1,361.40 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | -1.4 | -3 | -1.5 | -1.2 |
Accounts receivable, net | 187.3 | 193.9 | ' | ' |
Inventories | 142.4 | 133.7 | ' | ' |
Receivables from affiliates | 5.5 | 219.4 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 13.9 | 13 | ' | ' |
Total current assets | 347.7 | 557 | ' | ' |
Property, plant and equipment, net | 133.8 | 140.7 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 330.9 | 329.7 | ' | ' |
Identifiable intangibles, net | 419.4 | 434.3 | ' | ' |
Other non-current assets | 5.2 | 16.6 | ' | ' |
Investment in, long term receivable from affiliates | 846.5 | 869 | ' | ' |
Total assets | 2,083.50 | 2,347.30 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable to banks | 0 | 0 | ' | ' |
Current portion of long-term debt | 0.1 | 0.1 | ' | ' |
Accounts payable | 85.6 | 76.5 | ' | ' |
Accrued compensation | 10.7 | 16.8 | ' | ' |
Accrued customer program liabilities | 52.3 | 63.8 | ' | ' |
Accrued interest | 0 | 6.1 | ' | ' |
Other current liabilities | 33.5 | 44.9 | ' | ' |
Payables to affiliates | 206.9 | 191.8 | ' | ' |
Total current liabilities | 389.1 | 400 | ' | ' |
Long-term debt | 0.1 | 647.4 | ' | ' |
Long-term notes payable to affiliates | 14.6 | 26.7 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Pension and post-retirement benefit obligations | 52.6 | 60.9 | ' | ' |
Other non-current liabilities | 22 | 13.9 | ' | ' |
Total liabilities | 478.4 | 1,148.90 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 448 | 448 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Paid-in capital | 1,551.40 | 1,192 | ' | ' |
Accumulated other comprehensive loss | -64.7 | -68.9 | ' | ' |
Accumulated deficit | -329.6 | -372.7 | ' | ' |
Total stockholders' equity | 1,605.10 | 1,198.40 | ' | ' |
Total liabilities and stockholders' equity | 2,083.50 | 2,347.30 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 69.5 | 40.9 | 52.1 | 60.4 |
Accounts receivable, net | 207.2 | 304.8 | ' | ' |
Inventories | 148.6 | 131.8 | ' | ' |
Receivables from affiliates | 64.5 | 17.5 | ' | ' |
Deferred income taxes | 11.6 | 13 | ' | ' |
Other current assets | 17.4 | 15 | ' | ' |
Total current assets | 518.8 | 523 | ' | ' |
Property, plant and equipment, net | 120.4 | 132.6 | ' | ' |
Deferred income taxes | 38.1 | 36.4 | ' | ' |
Goodwill | 244.6 | 259.7 | ' | ' |
Identifiable intangibles, net | 139.9 | 154.6 | ' | ' |
Other non-current assets | 51.1 | 54.5 | ' | ' |
Investment in, long term receivable from affiliates | 441 | 441 | ' | ' |
Total assets | 1,553.90 | 1,601.80 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable to banks | 0.1 | 1.2 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 83.9 | 75.9 | ' | ' |
Accrued compensation | 16.4 | 16.5 | ' | ' |
Accrued customer program liabilities | 48.2 | 55.2 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Other current liabilities | 50.5 | 55.2 | ' | ' |
Payables to affiliates | 247 | 245 | ' | ' |
Total current liabilities | 446.1 | 449 | ' | ' |
Long-term debt | 0 | 21.8 | ' | ' |
Long-term notes payable to affiliates | 36.8 | 373 | ' | ' |
Deferred income taxes | 62.7 | 71.2 | ' | ' |
Pension and post-retirement benefit obligations | 49.3 | 57.1 | ' | ' |
Other non-current liabilities | 62.7 | 68.5 | ' | ' |
Total liabilities | 657.6 | 1,040.60 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 273.5 | 315.5 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Paid-in capital | 743 | 347.6 | ' | ' |
Accumulated other comprehensive loss | -91.6 | -52.2 | ' | ' |
Accumulated deficit | -28.6 | -49.7 | ' | ' |
Total stockholders' equity | 896.3 | 561.2 | ' | ' |
Total liabilities and stockholders' equity | 1,553.90 | 1,601.80 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Receivables from affiliates | -84.7 | -244.8 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | -84.7 | -244.8 | ' | ' |
Property, plant and equipment, net | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Identifiable intangibles, net | 0 | 0 | ' | ' |
Other non-current assets | 0 | 0 | ' | ' |
Investment in, long term receivable from affiliates | -3,109.50 | -2,558 | ' | ' |
Total assets | -3,194.20 | -2,802.80 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable to banks | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued compensation | 0 | 0 | ' | ' |
Accrued customer program liabilities | 0 | 0 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Payables to affiliates | -463.2 | -465.3 | ' | ' |
Total current liabilities | -463.2 | -465.3 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Long-term notes payable to affiliates | -229.6 | -577.9 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Pension and post-retirement benefit obligations | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Total liabilities | -692.8 | -1,043.20 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | -721.5 | -763.5 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Paid-in capital | -2,294.40 | -1,539.60 | ' | ' |
Accumulated other comprehensive loss | 156.3 | 121.1 | ' | ' |
Accumulated deficit | 358.2 | 422.4 | ' | ' |
Total stockholders' equity | -2,501.40 | -1,759.60 | ' | ' |
Total liabilities and stockholders' equity | ($3,194.20) | ($2,802.80) | ' | ' |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | $469.20 | $501.20 | $1,261.40 | $1,228.80 | ||||
Affiliated sales | 0 | 0 | 0 | 0 | ||||
Revenue, Unaffiliated and Affiliated, Net | 469.2 | 501.2 | 1,261.40 | 1,228.80 | ||||
Cost of products sold | 328.1 | 350 | 886.5 | 873.5 | ||||
Gross profit | 141.1 | 151.2 | 374.9 | 355.3 | ||||
Advertising, selling, general and administrative expenses | 82.6 | 87.1 | 259.3 | 248.2 | ||||
Amortization of intangibles | 5.9 | 6.9 | 18.7 | 13.5 | ||||
Restructuring charges | 2.3 | 0.8 | 17.9 | 21.6 | ||||
Operating income | 50.3 | [1] | 56.4 | [1] | 79 | [1] | 72 | [1] |
Expense (income) from affiliates | 0 | 0 | 0 | 0 | ||||
Interest expense (income), net | 12.5 | 18.1 | 41.7 | 70 | ||||
Equity in earnings of joint ventures | 3.3 | 3.6 | 5.9 | 6.3 | ||||
Other expense (income), net | 0.1 | 0.3 | 9.6 | 61.4 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | 41 | 41.6 | 33.6 | -53.1 | ||||
Income tax expense (benefit) | 14.6 | -13.6 | 6.6 | -185.2 | ||||
Income from continuing operations | 26.4 | 55.2 | 27 | 132.1 | ||||
Loss from discontinued operations, net of income taxes | 0 | 0 | -0.1 | -0.1 | ||||
Income (loss) before earnings of wholly owned subsidiaries | 26.4 | 55.2 | 26.9 | 132 | ||||
Earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | ||||
Net income | 26.4 | 55.2 | 26.9 | 132 | ||||
Comprehensive income (loss) | 22.6 | 89.7 | -12.1 | 134.6 | ||||
Parent | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | 0 | 0 | 0 | 0 | ||||
Affiliated sales | 0 | 0 | 0 | 0 | ||||
Revenue, Unaffiliated and Affiliated, Net | 0 | 0 | 0 | 0 | ||||
Cost of products sold | 0 | 0 | 0 | 0 | ||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Advertising, selling, general and administrative expenses | 9.5 | 6.7 | 29.8 | 35.1 | ||||
Amortization of intangibles | 0.1 | 0.1 | 0.1 | 0.1 | ||||
Restructuring charges | 0 | 0 | 0 | 0 | ||||
Operating income | -9.6 | -6.8 | -29.9 | -35.2 | ||||
Expense (income) from affiliates | -0.6 | -0.1 | -1.2 | -0.4 | ||||
Interest expense (income), net | 13.9 | 7.3 | 44.8 | 49.2 | ||||
Equity in earnings of joint ventures | 0 | 0 | 0 | 0 | ||||
Other expense (income), net | -0.8 | -0.6 | 6.6 | 59.8 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | -22.1 | -13.4 | -80.1 | -143.8 | ||||
Income tax expense (benefit) | 5.7 | -60.1 | -3.7 | -220 | ||||
Income from continuing operations | -27.8 | 46.7 | -76.4 | 76.2 | ||||
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | 0.1 | ||||
Income (loss) before earnings of wholly owned subsidiaries | -27.8 | 46.7 | -76.4 | 76.3 | ||||
Earnings of wholly owned subsidiaries | 54.2 | 8.5 | 103.3 | 55.7 | ||||
Net income | 26.4 | 55.2 | 26.9 | 132 | ||||
Comprehensive income (loss) | 22.6 | 89.7 | -12.1 | 134.6 | ||||
Guarantors | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | 270.6 | 290.4 | 700 | 681.5 | ||||
Affiliated sales | 3.3 | 4 | 11.6 | 13.4 | ||||
Revenue, Unaffiliated and Affiliated, Net | 273.9 | 294.4 | 711.6 | 694.9 | ||||
Cost of products sold | 195 | 205.5 | 504.8 | 502.5 | ||||
Gross profit | 78.9 | 88.9 | 206.8 | 192.4 | ||||
Advertising, selling, general and administrative expenses | 43.1 | 45.8 | 137.8 | 118.2 | ||||
Amortization of intangibles | 4.6 | 5.4 | 14.9 | 10.2 | ||||
Restructuring charges | 0.3 | 0.3 | 5.6 | 17.5 | ||||
Operating income | 30.9 | 37.4 | 48.5 | 46.5 | ||||
Expense (income) from affiliates | -7.2 | -9.2 | -19.6 | -21 | ||||
Interest expense (income), net | -0.1 | 10.7 | -0.1 | 21 | ||||
Equity in earnings of joint ventures | 0 | 0 | 0 | 0 | ||||
Other expense (income), net | 0.5 | 1.4 | 2.3 | 3.9 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | 37.7 | 34.5 | 65.9 | 42.6 | ||||
Income tax expense (benefit) | 0 | -0.3 | 0 | 0 | ||||
Income from continuing operations | 37.7 | 34.8 | 65.9 | 42.6 | ||||
Loss from discontinued operations, net of income taxes | 0 | 0 | -0.1 | -0.2 | ||||
Income (loss) before earnings of wholly owned subsidiaries | 37.7 | 34.8 | 65.8 | 42.4 | ||||
Earnings of wholly owned subsidiaries | 15.9 | -28.4 | 36.7 | 6.4 | ||||
Net income | 53.6 | 6.4 | 102.5 | 48.8 | ||||
Comprehensive income (loss) | 55 | 7.3 | 106.7 | 51.7 | ||||
Non-Guarantors | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | 198.6 | 210.8 | 561.4 | 547.3 | ||||
Affiliated sales | 1.2 | 0.9 | 3.4 | 3.3 | ||||
Revenue, Unaffiliated and Affiliated, Net | 199.8 | 211.7 | 564.8 | 550.6 | ||||
Cost of products sold | 137.6 | 149.4 | 396.7 | 387.7 | ||||
Gross profit | 62.2 | 62.3 | 168.1 | 162.9 | ||||
Advertising, selling, general and administrative expenses | 30 | 34.6 | 91.7 | 94.9 | ||||
Amortization of intangibles | 1.2 | 1.4 | 3.7 | 3.2 | ||||
Restructuring charges | 2 | 0.5 | 12.3 | 4.1 | ||||
Operating income | 29 | 25.8 | 60.4 | 60.7 | ||||
Expense (income) from affiliates | 7.8 | 9.3 | 20.8 | 21.4 | ||||
Interest expense (income), net | -1.3 | 0.1 | -3 | -0.2 | ||||
Equity in earnings of joint ventures | 3.3 | 3.6 | 5.9 | 6.3 | ||||
Other expense (income), net | 0.4 | -0.5 | 0.7 | -2.3 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | 25.4 | 20.5 | 47.8 | 48.1 | ||||
Income tax expense (benefit) | 8.9 | 46.8 | 10.3 | 34.8 | ||||
Income from continuing operations | 16.5 | -26.3 | 37.5 | 13.3 | ||||
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 | ||||
Income (loss) before earnings of wholly owned subsidiaries | 16.5 | -26.3 | 37.5 | 13.3 | ||||
Earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | ||||
Net income | 16.5 | -26.3 | 37.5 | 13.3 | ||||
Comprehensive income (loss) | 12.5 | 7.3 | -1.9 | 12.1 | ||||
Eliminations | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | 0 | 0 | 0 | 0 | ||||
Affiliated sales | -4.5 | -4.9 | -15 | -16.7 | ||||
Revenue, Unaffiliated and Affiliated, Net | -4.5 | -4.9 | -15 | -16.7 | ||||
Cost of products sold | -4.5 | -4.9 | -15 | -16.7 | ||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Advertising, selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||||
Amortization of intangibles | 0 | 0 | 0 | 0 | ||||
Restructuring charges | 0 | 0 | 0 | 0 | ||||
Operating income | 0 | 0 | 0 | 0 | ||||
Expense (income) from affiliates | 0 | 0 | 0 | 0 | ||||
Interest expense (income), net | 0 | 0 | 0 | 0 | ||||
Equity in earnings of joint ventures | 0 | 0 | 0 | 0 | ||||
Other expense (income), net | 0 | 0 | 0 | 0 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | ||||
Income tax expense (benefit) | 0 | 0 | 0 | 0 | ||||
Income from continuing operations | 0 | 0 | 0 | 0 | ||||
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 | ||||
Income (loss) before earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | ||||
Earnings of wholly owned subsidiaries | -70.1 | 19.9 | -140 | -62.1 | ||||
Net income | -70.1 | 19.9 | -140 | -62.1 | ||||
Comprehensive income (loss) | ($67.50) | ($14.60) | ($104.80) | ($63.80) | ||||
[1] | Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less advertising, selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges. |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | $125.20 | ($80.30) |
Investing activities | ' | ' |
Additions to property, plant and equipment | -30.2 | -18 |
Payments for (proceeds from) interest in affiliates | 0 | ' |
Payments related to the sale of discontinued operations | -1.4 | 2.1 |
Proceeds from the disposition of assets | 4.2 | 3 |
Cost of acquisition, net of cash acquired | 0 | 401.4 |
Net cash used by investing activities | -27.4 | -414.3 |
Financing activities | ' | ' |
Intercompany financing | 0 | 0 |
Net dividends | 0 | 0 |
Proceeds from long-term borrowings | 530 | 1,270 |
Repayments of long-term debt | -601.5 | -733.9 |
Borrowings of short-term debt, net | 1.1 | 0.9 |
Cost of debt issuance | -4.3 | -37.9 |
Other | -0.6 | -0.4 |
Net cash (used) provided by financing activities | -75.3 | 498.7 |
Effect of foreign exchange rate changes on cash | -1.7 | -0.3 |
Net increase (decrease) in cash and cash equivalents | 20.8 | 3.8 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 50 | 121.2 |
End of period | 70.8 | 125 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | -58.2 | -147.3 |
Investing activities | ' | ' |
Additions to property, plant and equipment | 0 | 0 |
Payments for (proceeds from) interest in affiliates | 0 | ' |
Payments related to the sale of discontinued operations | 0 | 0 |
Proceeds from the disposition of assets | 0 | 0 |
Cost of acquisition, net of cash acquired | ' | 433.4 |
Net cash used by investing activities | 0 | -433.4 |
Financing activities | ' | ' |
Intercompany financing | 43.8 | 709.8 |
Net dividends | 57.8 | 51.3 |
Proceeds from long-term borrowings | 530 | 545 |
Repayments of long-term debt | -580.1 | -691.6 |
Borrowings of short-term debt, net | 2.2 | 0 |
Cost of debt issuance | -4.3 | -21 |
Other | -0.6 | -0.4 |
Net cash (used) provided by financing activities | 48.8 | 593.1 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -9.4 | 12.4 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 12.1 | 62 |
End of period | 2.7 | 74.4 |
Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 85.8 | 49.5 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -19.6 | -14.2 |
Payments for (proceeds from) interest in affiliates | 49.3 | ' |
Payments related to the sale of discontinued operations | -1.4 | 2.2 |
Proceeds from the disposition of assets | 0 | 0 |
Cost of acquisition, net of cash acquired | ' | 0 |
Net cash used by investing activities | 28.3 | -12 |
Financing activities | ' | ' |
Intercompany financing | -71.1 | -700.1 |
Net dividends | -41.4 | 24 |
Proceeds from long-term borrowings | ' | 690 |
Repayments of long-term debt | 0 | -35.7 |
Borrowings of short-term debt, net | 0 | 0 |
Cost of debt issuance | 0 | -16 |
Other | 0 | 0 |
Net cash (used) provided by financing activities | -112.5 | -37.8 |
Effect of foreign exchange rate changes on cash | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 1.6 | -0.3 |
Cash and cash equivalents: | ' | ' |
Beginning of period | -3 | -1.2 |
End of period | -1.4 | -1.5 |
Non-Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided (used) by operating activities | 97.6 | 17.5 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -10.6 | -3.8 |
Payments for (proceeds from) interest in affiliates | -49.3 | ' |
Payments related to the sale of discontinued operations | 0 | -0.1 |
Proceeds from the disposition of assets | 4.2 | 3 |
Cost of acquisition, net of cash acquired | ' | -32 |
Net cash used by investing activities | -55.7 | 31.1 |
Financing activities | ' | ' |
Intercompany financing | 27.3 | -9.7 |
Net dividends | -16.4 | -75.3 |
Proceeds from long-term borrowings | 0 | 35 |
Repayments of long-term debt | -21.4 | -6.6 |
Borrowings of short-term debt, net | -1.1 | 0.9 |
Cost of debt issuance | 0 | -0.9 |
Other | 0 | 0 |
Net cash (used) provided by financing activities | -11.6 | -56.6 |
Effect of foreign exchange rate changes on cash | -1.7 | -0.3 |
Net increase (decrease) in cash and cash equivalents | 28.6 | -8.3 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 40.9 | 60.4 |
End of period | $69.50 | $52.10 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information Narrative (Details) (Immaterial Error Correction, USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Immaterial Error Correction | ' |
Goodwill and receivables from affiliates | $70.90 |