Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
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-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 112,109,369 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $72.50 | $53.50 |
Accounts receivable, net | 386.8 | 471.9 |
Inventories | 286.2 | 254.7 |
Deferred income taxes | 37.3 | 33.5 |
Other current assets | 41.6 | 28.1 |
Total current assets | 824.4 | 841.7 |
Total property, plant and equipment | 552.1 | 548.5 |
Less accumulated depreciation | -309.4 | -295.2 |
Property, plant and equipment, net | 242.7 | 253.3 |
Deferred income taxes | 30.9 | 37.3 |
Goodwill | 558.2 | 568.3 |
Identifiable intangibles, net | 584.7 | 607 |
Other non-current assets | 68.6 | 75.3 |
Total assets | 2,309.50 | 2,382.90 |
Current liabilities: | ' | ' |
Notes payable | 0.8 | 0 |
Current portion of long-term debt | 0.2 | 0.1 |
Accounts payable | 150.9 | 177.9 |
Accrued compensation | 34.2 | 32 |
Accrued customer program liabilities | 96.9 | 123.6 |
Accrued interest | 15.2 | 7 |
Other current liabilities | 74.9 | 104.5 |
Total current liabilities | 373.1 | 445.1 |
Long-term debt | 895.6 | 920.8 |
Deferred income taxes | 185.1 | 169.1 |
Pension and post-retirement benefit obligations | 45 | 61.7 |
Other non-current liabilities | 82.7 | 83.9 |
Total liabilities | 1,581.50 | 1,680.60 |
Stockholders' equity: | ' | ' |
Common stock | 1.1 | 1.1 |
Treasury stock | -5.4 | -3.5 |
Paid-in capital | 2,040.80 | 2,035 |
Accumulated other comprehensive loss | -211.5 | -185.6 |
Accumulated deficit | -1,097 | -1,144.70 |
Total stockholders' equity | 728 | 702.3 |
Total liabilities and stockholders' equity | $2,309.50 | $2,382.90 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Net sales | $472.20 | $469.20 | $1,229.30 | $1,261.40 | ||||
Cost of products sold | 320.3 | 328.1 | 858.5 | 886.5 | ||||
Gross profit | 151.9 | 141.1 | 370.8 | 374.9 | ||||
Operating costs and expenses: | ' | ' | ' | ' | ||||
Advertising, selling, general and administrative expenses | 84.2 | 82.6 | 247.2 | 259.3 | ||||
Amortization of intangibles | 5.4 | 5.9 | 16.9 | 18.7 | ||||
Restructuring charges | 0.5 | 2.3 | 1.6 | 17.9 | ||||
Total operating costs and expenses | 90.1 | 90.8 | 265.7 | 295.9 | ||||
Operating income | 61.8 | [1] | 50.3 | [1] | 105.1 | [1] | 79 | [1] |
Non-operating expense (income): | ' | ' | ' | ' | ||||
Interest expense | 12.5 | 13.9 | 37 | 45.3 | ||||
Interest income | -1.6 | -1.4 | -4.7 | -3.6 | ||||
Equity in earnings of joint ventures | -2.9 | -3.3 | -5.3 | -5.9 | ||||
Other expense, net | 0.2 | 0.1 | 0.3 | 9.6 | ||||
Income from continuing operations before income tax | 53.6 | 41 | 77.8 | 33.6 | ||||
Income tax expense | 19.4 | 14.6 | 30.1 | 6.6 | ||||
Income from continuing operations | 34.2 | 26.4 | 47.7 | 27 | ||||
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | -0.1 | ||||
Net income | $34.20 | $26.40 | $47.70 | $26.90 | ||||
Basic income per share: | ' | ' | ' | ' | ||||
Income from continuing operations | $0.30 | $0.23 | $0.42 | $0.24 | ||||
Loss from discontinued operations | $0 | $0 | $0 | $0 | ||||
Basic income per share | $0.30 | $0.23 | $0.42 | $0.24 | ||||
Diluted income per share: | ' | ' | ' | ' | ||||
Income from continuing operations | $0.29 | $0.23 | $0.41 | $0.23 | ||||
Loss from discontinued operations | $0 | $0 | $0 | $0 | ||||
Diluted income per share | $0.29 | $0.23 | $0.41 | $0.23 | ||||
Weighted average number of shares outstanding: | ' | ' | ' | ' | ||||
Basic | 114.4 | 113.6 | 114.2 | 113.5 | ||||
Diluted | 117 | 115.8 | 116.7 | 115.6 | ||||
[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 Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $34.20 | $26.40 | $47.70 | $26.90 |
Unrealized gain (loss) on derivative financial instruments: | ' | ' | ' | ' |
Gain (loss) arising during period | 4 | -1.6 | 3.7 | 3.1 |
Reclassification of gain included in net income | -0.3 | -1.6 | -1.2 | -3.3 |
Foreign currency translation: | ' | ' | ' | ' |
Foreign currency translation adjustments | -60 | 0.2 | -32.2 | -44.4 |
Pension and other post-retirement plans: | ' | ' | ' | ' |
Amortization of actuarial loss included in net income | 1.6 | 2.8 | 4.7 | 8.5 |
Amortization of prior service cost included in net income | 0.1 | 0 | 0.3 | 0 |
Other | 3.9 | -4.7 | 1.5 | 0 |
Other comprehensive loss, before tax | -50.7 | -4.9 | -23.2 | -36.1 |
Income tax benefit (expense) related to items of other comprehensive loss | -2.7 | 1.1 | -2.7 | -2.9 |
Comprehensive income (loss) | ($19.20) | $22.60 | $21.80 | ($12.10) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income | $47.70 | $26.90 |
Loss (gain) disposal of assets | 0.6 | -2.3 |
Release of tax valuation allowance | 0 | -7 |
Depreciation | 26.8 | 30.4 |
Other non-cash charges | 0.6 | 0.9 |
Amortization of debt issuance costs | 2.9 | 4.3 |
Amortization of intangibles | 16.9 | 18.7 |
Stock-based compensation | 11.6 | 11.7 |
Loss on debt extinguishment | 0 | 9.4 |
Equity in earnings of joint ventures, net of dividends received | -0.4 | -0.9 |
Changes in balance sheet items: | ' | ' |
Accounts receivable | 72.3 | 85.5 |
Inventories | -37.5 | -30.9 |
Other assets | -10.1 | -5.8 |
Accounts payable | -23.2 | 20.7 |
Accrued expenses and other liabilities | -49 | -27.3 |
Accrued income taxes | 8.3 | -9.1 |
Net cash provided by operating activities | 67.5 | 125.2 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -21.1 | -30.2 |
Payments related to the sale of discontinued operations | 0 | -1.4 |
Proceeds from the disposition of assets | 3.8 | 4.2 |
Net cash (used) provided by investing activities | -17.3 | -27.4 |
Financing activities | ' | ' |
Proceeds from long-term borrowings | 0 | 530 |
Repayments of long-term debt | -25.1 | -601.5 |
Borrowings of notes payable, net | 0.8 | 1.1 |
Payments for debt issuance costs | -0.3 | -4.3 |
Repurchase of common stock | -2.9 | 0 |
Other | -1.9 | -0.6 |
Net cash used by financing activities | -29.4 | -75.3 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1.8 | -1.7 |
Net increase in cash and cash equivalents | 19 | 20.8 |
Cash and cash equivalents | ' | ' |
Beginning of the period | 53.5 | 50 |
End of the period | $72.50 | $70.80 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014, the terms "ACCO Brands," "ACCO," the "Company," "we," "us," and "our" refer to ACCO Brands Corporation and its consolidated 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 SEC. 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. ("U.S. GAAP") 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, 2013. | |
The Condensed Consolidated Balance Sheet as of September 30, 2014, the related Condensed Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2014 and 2013 and Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2014 and 2013 are unaudited. The December 31, 2013 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all annual disclosures required by U.S. GAAP. 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, 2013 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, 2014 and 2013, and the financial position of the Company as of September 30, 2014. Interim results may not be indicative of results for a full year. | |
The preparation of financial statements in conformity with U.S. GAAP 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, 2014 | |
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 2014 that are expected to 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, 2014 | ||||||||
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 as of September 30, 2014 and December 31, 2013: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
U.S. Dollar Senior Secured Term Loan A, due May 2018 (floating interest rate of 2.24% at September 30, 2014 and 2.49% at December 31, 2013) | $ | 395 | $ | 420 | ||||
Senior Unsecured Notes, due April 2020 (fixed interest rate of 6.75%) | 500 | 500 | ||||||
Other borrowings | 1.6 | 0.9 | ||||||
Total debt | 896.6 | 920.9 | ||||||
Less: current portion | (1.0 | ) | (0.1 | ) | ||||
Total long-term debt | $ | 895.6 | $ | 920.8 | ||||
As of September 30, 2014, there were no borrowings under our $250.0 million Senior Secured Revolving Credit Facility, due May 2018 ("Revolving Facility"). The amount available for borrowings was $239.1 million (allowing for $10.9 million of letters of credit outstanding on that date). | ||||||||
As more fully described in the Company's 2013 Annual Report on Form 10-K, we must meet certain restrictive debt covenants under the senior secured credit facilities. The indenture governing the senior unsecured notes also contains certain covenants. As of and for the periods ended September 30, 2014 and December 31, 2013, the Company was in compliance with all applicable covenants. |
Pension_And_Other_Retiree_Bene
Pension And Other Retiree Benefits | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension And Other Retiree Benefits | ' | |||||||||||||||||||||||
Pension and Other Retiree Benefits | ||||||||||||||||||||||||
The components of net periodic benefit cost (income) for pension and post-retirement plans for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | |||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 0.5 | $ | 0.5 | $ | 0.2 | $ | 0.4 | $ | — | $ | — | ||||||||||||
Interest cost | 2.2 | 2 | 4 | 3.7 | 0.2 | 0.2 | ||||||||||||||||||
Expected return on plan assets | (3.0 | ) | (2.6 | ) | (5.8 | ) | (5.1 | ) | — | — | ||||||||||||||
Amortization of net loss (gain) | 1.3 | 2.4 | 0.5 | 0.6 | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Amortization of prior service cost | 0.1 | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | 1.1 | $ | 2.3 | $ | (1.1 | ) | $ | (0.4 | ) | $ | — | $ | — | ||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | |||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 1.5 | $ | 1.5 | $ | 0.6 | $ | 1.2 | $ | 0.1 | $ | 0.2 | ||||||||||||
Interest cost | 6.5 | 6 | 11.9 | 11 | 0.4 | 0.5 | ||||||||||||||||||
Expected return on plan assets | (9.0 | ) | (8.0 | ) | (17.3 | ) | (15.2 | ) | — | — | ||||||||||||||
Amortization of net loss (gain) | 3.9 | 7.2 | 1.5 | 1.8 | (0.7 | ) | (0.6 | ) | ||||||||||||||||
Amortization of prior service cost | 0.3 | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | 3.2 | $ | 6.7 | $ | (3.3 | ) | $ | (1.2 | ) | $ | (0.2 | ) | $ | 0.1 | |||||||||
We expect to contribute approximately $12.5 million to our defined benefit plans in 2014. For the nine months ended September 30, 2014, we have contributed $11.2 million to these plans. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Stock option compensation expense | $ | 0.9 | $ | 0.8 | $ | 2.8 | $ | 2.2 | ||||||||
RSU compensation expense | 1.4 | 1.3 | 5 | 4.4 | ||||||||||||
PSU compensation expense | 1.6 | 2.2 | 3.8 | 5.1 | ||||||||||||
Total stock-based compensation | $ | 3.9 | $ | 4.3 | $ | 11.6 | $ | 11.7 | ||||||||
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, 2014 and 2013 includes $0.8 million and $0.9 million, respectively, 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, 2014: | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Unrecognized | Weighted Average | |||||||||||||||
Compensation | Years Expense To Be | |||||||||||||||
(in millions of dollars, except weighted average years) | Expense | Recognized Over | ||||||||||||||
Stock options | $5.50 | 2 | ||||||||||||||
RSUs | $6.20 | 1.9 | ||||||||||||||
PSUs | $9.80 | 1.8 |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or market value. The components of inventories were as follows: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Raw materials | $ | 39.6 | $ | 36.1 | ||||
Work in process | 3 | 2.4 | ||||||
Finished goods | 243.6 | 216.2 | ||||||
Total inventories | $ | 286.2 | $ | 254.7 | ||||
Goodwill_And_Identifiable_Inta
Goodwill And Identifiable Intangibles | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill And Identifiable Intangibles | ' | |||||||||||||||||||||||
Goodwill and Identifiable Intangibles | ||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
As more fully described in the Company’s 2013 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 2014 and concluded that no impairment existed. | ||||||||||||||||||||||||
Changes in the net carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||||||
(in millions of dollars) | ACCO | ACCO | Computer | Total | ||||||||||||||||||||
Brands | Brands | Products | ||||||||||||||||||||||
North America | International | Group | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 393.1 | $ | 168.4 | $ | 6.8 | $ | 568.3 | ||||||||||||||||
Translation | (3.1 | ) | (7.0 | ) | — | (10.1 | ) | |||||||||||||||||
Balance at September 30, 2014 | $ | 390 | $ | 161.4 | $ | 6.8 | $ | 558.2 | ||||||||||||||||
Goodwill | $ | 520.9 | $ | 245.6 | $ | 6.8 | $ | 773.3 | ||||||||||||||||
Accumulated impairment losses | (130.9 | ) | (84.2 | ) | — | (215.1 | ) | |||||||||||||||||
Balance at September 30, 2014 | $ | 390 | $ | 161.4 | $ | 6.8 | $ | 558.2 | ||||||||||||||||
Identifiable Intangible Assets | ||||||||||||||||||||||||
The gross carrying value and accumulated amortization by class of identifiable intangible assets as of September 30, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(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 | $ | 506.3 | $ | (44.5 | ) | (1) | $ | 461.8 | $ | 510.5 | $ | (44.5 | ) | (1) | $ | 466 | ||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||
Trade names | 129.7 | (54.2 | ) | 75.5 | 131.3 | (47.5 | ) | 83.8 | ||||||||||||||||
Customer and contractual relationships | 101.4 | (55.0 | ) | 46.4 | 102.7 | (46.4 | ) | 56.3 | ||||||||||||||||
Patents/proprietary technology | 10.3 | (9.3 | ) | 1 | 10.3 | (9.4 | ) | 0.9 | ||||||||||||||||
Subtotal | 241.4 | (118.5 | ) | 122.9 | 244.3 | (103.3 | ) | 141 | ||||||||||||||||
Total identifiable intangibles | $ | 747.7 | $ | (163.0 | ) | $ | 584.7 | $ | 754.8 | $ | (147.8 | ) | $ | 607 | ||||||||||
-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 $5.4 million and $5.9 million for the three months ended September 30, 2014 and 2013, respectively, and $16.9 million and $18.7 million for the nine months ended September 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Estimated amortization expense for amortizable intangible assets as of September 30, 2014 for the current year and the next five years are as follows: | ||||||||||||||||||||||||
(in millions of dollars) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||
Estimated amortization expense | $ | 22.2 | $ | 19.8 | $ | 17.4 | $ | 14.2 | $ | 12 | $ | 9.9 | ||||||||||||
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. | ||||||||||||||||||||||||
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 2014 and concluded that no impairment existed. |
Restructuring
Restructuring | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||||||
Restructuring | ' | |||||||||||||||||||
Restructuring | ||||||||||||||||||||
During the fourth quarter of 2013, in light of current economic and industry conditions and in anticipation of an uncertain demand environment as well as the expected impact of industry consolidation in 2014, we committed to restructuring actions that were primarily focused on streamlining our North American school, office and computer products workforce, impacting all operational, supply chain and administrative functions. Such efforts began in early 2014, and are expected to be substantially completed by the end of 2014. | ||||||||||||||||||||
Also during 2013, we committed to incremental cost savings plans intended to improve the efficiency and effectiveness of our businesses. These plans related to cost-reduction initiatives within our North American and International segments, and were primarily associated with post-merger integration activities of the North American operations following the Merger 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 related to the closure of our Brampton, Canada distribution and manufacturing facility and relocation of its activities to other facilities within the Company. | ||||||||||||||||||||
We recorded $0.5 million and $2.3 million of restructuring charges for the three months ended September 30, 2014 and 2013, as well as $1.6 million and $17.9 million for the nine months ended September 30, 2014 and 2013, respectively. The charges recorded during 2014 relate to those actions announced during the fourth quarter of 2013 and include one additional cost-reduction initiative for $0.9 million that was recorded during the third quarter of 2014. | ||||||||||||||||||||
A summary of the activity in the restructuring accounts for the nine months ended September 30, 2014 was as follows: | ||||||||||||||||||||
(in millions of dollars) | Balance at December 31, 2013 | Provision | Cash | Non-cash | Balance at September 30, 2014 | |||||||||||||||
Expenditures | Items/ | |||||||||||||||||||
Currency Change | ||||||||||||||||||||
Employee termination costs | $ | 19.1 | $ | 0.7 | $ | (13.7 | ) | $ | (0.2 | ) | $ | 5.9 | ||||||||
Termination of lease agreements | 1.4 | 0.6 | (1.4 | ) | — | 0.6 | ||||||||||||||
Asset impairments/net loss on disposal of assets resulting from restructuring activities | — | 0.2 | 0.1 | (0.3 | ) | — | ||||||||||||||
Other | — | 0.1 | (0.1 | ) | — | — | ||||||||||||||
Total restructuring liability | $ | 20.5 | $ | 1.6 | $ | (15.1 | ) | $ | (0.5 | ) | $ | 6.5 | ||||||||
We expect the remaining $5.9 million of employee termination costs to be substantially paid within the next 12 months. Cash payments associated with lease termination costs of $0.6 million are expected to be paid within the next 12 months. |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
The reconciliation of income taxes for the three and nine month periods ended September 30, 2014 and 2013, computed at the U.S. federal statutory income tax rate, compared to our effective income tax rate for continuing operations, was as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income tax expense computed at U.S. statutory income tax rate (35%) | $ | 18.8 | $ | 14.4 | $ | 27.3 | $ | 11.8 | ||||||||
Decrease of valuation allowances, net | — | — | — | (7.0 | ) | |||||||||||
Miscellaneous | 0.6 | 0.2 | 2.8 | 1.8 | ||||||||||||
Income tax expense as reported | $ | 19.4 | $ | 14.6 | $ | 30.1 | $ | 6.6 | ||||||||
Effective tax rate | 36.2 | % | 35.6 | % | 38.7 | % | 19.6 | % | ||||||||
For the nine months ended September 30, 2014, we recorded an income tax expense from continuing operations of $30.1 million on income before taxes of $77.8 million. For the nine months ended September 30, 2013, we reported an income tax expense from continuing operations of $6.6 million on income before taxes of $33.6 million. The low effective tax rate in 2013 was primarily due to the release of valuation allowances for certain foreign jurisdictions in the amount of $7.0 million. | ||||||||||||||||
The U.S. federal statute of limitations remains open for the year 2011 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 (2010 forward), Brazil (2009 forward), Canada (2006 forward) and the U.K. (2011 forward). We are currently under examination in various foreign jurisdictions. | ||||||||||||||||
Income Tax Assessment | ||||||||||||||||
In connection with our May 1, 2012 acquisition of Mead Consumer and Office Products Business ("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 against our acquired indirect subsidiary, Tilibra Produtos de Papelaria Ltda. ("Tilibra"), which challenged the deduction of goodwill from Tilibra's taxable income for the year 2007. A second assessment challenging the deduction of goodwill from Tilibra's taxable income for the years 2008, 2009 and 2010 was issued by FRD in October 2013. The assessments seek payment of approximately R100.7 million ($41.0 million based on current exchange rates) of tax, penalties and interest. | ||||||||||||||||
Tilibra is disputing both of the tax assessments through established administrative procedures. We believe we have meritorious defenses and intend to vigorously contest these matters; however, there can be no assurances that we will ultimately prevail. We are in the early stages of the process to challenge the FRD's tax assessments, and the ultimate outcome will not be determined until the Brazilian tax appeal process is complete, which is expected to take a number of years. In addition, Tilibra's 2011-2012 tax years remain open and subject to audit, and there can be no assurances that we will not receive additional tax assessments regarding the goodwill deducted for the Tilibra acquisition for one or more of those years. If the FRD's initial position is ultimately sustained, the amount assessed would adversely affect our cash flow in the year of settlement. | ||||||||||||||||
Because there is no settled legal precedent on which to base a definitive opinion as to whether we will ultimately prevail, the Company considers the outcome of this dispute to be uncertain. Since it is not more likely than not that we will prevail, in the fourth quarter of 2012, we recorded a reserve in the amount of $44.5 million in consideration of this contingency, of which $43.3 million was recorded as an adjustment to the purchase price and included the 2008-2012 tax years plus interest and penalties through December 2012. In addition, the Company will continue to accrue interest related to this contingency 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, 2014, the Company accrued additional interest as a charge to current tax expense of $0.8 million and $2.4 million respectively, and $0.3 million and $1.0 million for the same periods in 2013. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
Earnings per Share | |||||||||||
Total outstanding shares as of September 30, 2014 and 2013 were 114.1 million and 113.6 million, respectively. 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) | 2014 | 2013 | 2014 | 2013 | |||||||
Weighted-average number of common shares outstanding — basic | 114.4 | 113.6 | 114.2 | 113.5 | |||||||
Stock-settled stock appreciation rights | 0.6 | 0.8 | 0.6 | 0.8 | |||||||
Restricted stock units | 2 | 1.4 | 1.9 | 1.3 | |||||||
Adjusted weighted-average shares and assumed conversions — diluted | 117 | 115.8 | 116.7 | 115.6 | |||||||
Awards of potentially dilutive shares of common stock pursuant to 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. For the three and nine months ended September 30, 2014 these shares were approximately 7.3 million and 6.6 million, respectively. For the three and nine months ended September 30, 2013 these shares were approximately 6.3 million and 5.5 million, respectively. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
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 and British pound. 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 Income. As of September 30, 2014 and December 31, 2013, we had cash-flow-designated foreign exchange contracts outstanding with a U.S. dollar equivalent notional value of $80.4 million and $88.7 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 Income and are largely offset by the change in the current translated 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 2015. As of September 30, 2014 and December 31, 2013, we had undesignated foreign exchange contracts outstanding with a U.S. dollar equivalent notional value of $73.1 million and $55.5 million, respectively. | ||||||||||||||||||||
The following table summarizes the fair value of our derivative financial instruments as of September 30, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||
(in millions of dollars) | Balance Sheet | 30-Sep-14 | December 31, | Balance Sheet | 30-Sep-14 | December 31, | ||||||||||||||
Location | 2013 | Location | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 3.6 | $ | 1.4 | Other current liabilities | $ | — | $ | 0.8 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | 0.5 | 0.4 | Other current liabilities | 0.7 | 0.1 | ||||||||||||||
Total derivatives | $ | 4.1 | $ | 1.8 | $ | 0.7 | $ | 0.9 | ||||||||||||
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, 2014 and 2013: | ||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign exchange contracts | $ | 4 | $ | (1.6 | ) | Cost of products sold | $ | (0.3 | ) | $ | (1.6 | ) | ||||||||
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, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign exchange contracts | $ | 3.7 | $ | 3.1 | Cost of products sold | $ | (1.2 | ) | $ | (3.3 | ) | |||||||||
The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income | ||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Foreign exchange contracts | Other expense, net | $ | — | $ | — | $ | 1.4 | $ | (0.4 | ) | ||||||||||
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, 2014 and December 31, 2013: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Assets: | ||||||||
Forward currency contracts | $ | 4.1 | $ | 1.8 | ||||
Liabilities: | ||||||||
Forward currency contracts | $ | 0.7 | $ | 0.9 | ||||
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 $896.6 million and $920.9 million and the estimated fair value of total debt was $915.4 million and $912.2 million at September 30, 2014 and December 31, 2013, respectively. The fair values are determined from quoted market prices, where available, and unadjusted quoted prices in active markets for similar assets or liabilities. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
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, 2013 | $ | 0.3 | $ | (89.6 | ) | $ | (96.3 | ) | $ | (185.6 | ) | ||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 2.8 | (32.2 | ) | 1.3 | (28.1 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (1.0 | ) | — | 3.2 | 2.2 | ||||||||||||||
Balance at September 30, 2014 | $ | 2.1 | $ | (121.8 | ) | $ | (91.8 | ) | $ | (211.5 | ) | ||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(in millions of dollars) | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Income | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | |||||||||||||||||||
Gain on cash flow hedges: | |||||||||||||||||||
Foreign exchange contracts | $ | (0.3 | ) | $ | (1.6 | ) | Cost of products sold | $ | (1.2 | ) | $ | (3.3 | ) | ||||||
— | 0.7 | Tax benefit | 0.2 | 1.1 | |||||||||||||||
$ | (0.3 | ) | $ | (0.9 | ) | Net of tax | $ | (1.0 | ) | $ | (2.2 | ) | |||||||
Defined benefit plan items: | |||||||||||||||||||
Amortization of actuarial loss | $ | 1.6 | $ | 2.8 | -1 | $ | 4.7 | $ | 8.5 | ||||||||||
Amortization of prior service cost | 0.1 | — | -1 | 0.3 | — | ||||||||||||||
1.7 | 2.8 | Total before tax | 5 | 8.5 | |||||||||||||||
(0.6 | ) | $ | (1.0 | ) | Tax expense | (1.8 | ) | $ | (3.0 | ) | |||||||||
$ | 1.1 | $ | 1.8 | Net of tax | $ | 3.2 | $ | 5.5 | |||||||||||
Total reclassifications for the period | $ | 0.8 | $ | 0.9 | Net of tax | $ | 2.2 | $ | 3.3 | ||||||||||
-1 | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost for pension and post-retirement plans (See "Note 4. Pension and Other Retiree Benefits" for additional details). |
Information_On_Business_Segmen
Information On Business Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Information on Business Segments | ' | |||||||||||||||
Information on Business Segments | ||||||||||||||||
The Company’s three business segments are described below. | ||||||||||||||||
ACCO Brands North America and ACCO Brands International | ||||||||||||||||
ACCO Brands North America and ACCO Brands International manufacture, source and sell traditional office products, school supplies and calendar products. ACCO Brands North America comprises the U.S. and Canada, and ACCO Brands International comprises the rest of the world, principally Europe, Latin America, Australia, and Asia-Pacific. | ||||||||||||||||
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. | ||||||||||||||||
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, e-tailers, club stores and dealers. We also supply some of our products directly to large commercial and industrial end-users and provide business 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 merchandisers, grocery, drug and office superstore channels. We also supply private label products within the school products sector. | ||||||||||||||||
Our calendar products are sold throughout all channels where we sell office or school products, as well as direct to consumers. | ||||||||||||||||
The customer base to which we sell our products is primarily made up of large global and regional resellers of our products. Mass and retail channels primarily sell to individual consumers but also to small businesses. Office superstores primarily sell to commercial customers but also to individual consumers and small businesses 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, e-tailers 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 binding and laminating equipment products are sold directly to high-volume end-users and commercial reprographic centers. | ||||||||||||||||
Computer Products Group | ||||||||||||||||
Our Computer Products Group designs, sources, distributes, markets and sells accessories for laptop and desktop computers and tablets and smartphones. These accessories primarily include security products, tablet covers and keypads, smartphone accessories, power adapters, input devices such as mice, laptop computer carrying cases, hubs, docking stations and ergonomic devices. We sell these products mostly under the Kensington®, Microsaver® and ClickSafe® brand names, with the majority of our revenue coming from the U.S. and Western Europe. Our computer products are manufactured by third-party suppliers, principally in Asia, 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. | ||||||||||||||||
Net sales by business segment for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
ACCO Brands North America | $ | 297.4 | $ | 295.9 | $ | 752.5 | $ | 771.8 | ||||||||
ACCO Brands International | 140.7 | 136 | 376.3 | 378.3 | ||||||||||||
Computer Products Group | 34.1 | 37.3 | 100.5 | 111.3 | ||||||||||||
Net sales | $ | 472.2 | $ | 469.2 | $ | 1,229.30 | $ | 1,261.40 | ||||||||
Operating income by business segment for the three and nine months ended September 30, 2014 and 2013 was as | ||||||||||||||||
follows (a): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
ACCO Brands North America | $ | 50.5 | $ | 36.1 | $ | 98 | $ | 61.6 | ||||||||
ACCO Brands International | 19.1 | 17.8 | 31.9 | 32.3 | ||||||||||||
Computer Products Group | 2.7 | 3.4 | 5 | 9.1 | ||||||||||||
Segment operating income | 72.3 | 57.3 | 134.9 | 103 | ||||||||||||
Corporate(b) | (10.5 | ) | (7.0 | ) | (29.8 | ) | (24.0 | ) | ||||||||
Operating income | 61.8 | 50.3 | 105.1 | 79 | ||||||||||||
Interest expense | 12.5 | 13.9 | 37 | 45.3 | ||||||||||||
Interest income | (1.6 | ) | (1.4 | ) | (4.7 | ) | (3.6 | ) | ||||||||
Equity in earnings of joint ventures | (2.9 | ) | (3.3 | ) | (5.3 | ) | (5.9 | ) | ||||||||
Other expense, net | 0.2 | 0.1 | 0.3 | 9.6 | ||||||||||||
Income from continuing operations before income tax | $ | 53.6 | $ | 41 | $ | 77.8 | $ | 33.6 | ||||||||
(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. | |||||||||||||||
(b) | The increase in corporate expense was the result of various strategic initiatives and higher management incentives. |
Joint_Venture_Investments
Joint Venture Investments | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Joint Venture Investments | ' | |||||||||||||||
Joint Venture Investments | ||||||||||||||||
Summarized below is the financial information for the Company’s joint venture, Pelikan-Artline Pty Ltd., in which we own a 50% interest and which is 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 Income. Our share of the net assets of the joint venture 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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | 32.4 | $ | 25.6 | $ | 80.9 | $ | 76.2 | ||||||||
Gross profit | 14.1 | 13.9 | 32 | 33.2 | ||||||||||||
Net income | 5.7 | 6.6 | 10.5 | 11.8 | ||||||||||||
(in millions of dollars) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Current assets | $ | 78.8 | $ | 71.8 | ||||||||||||
Non-current assets | 50 | 32.5 | ||||||||||||||
Current liabilities | 37.9 | 32.1 | ||||||||||||||
Non-current liabilities | 24.3 | 4.9 | ||||||||||||||
The Company had previously announced its intention to pursue an exit strategy related to its Neschen GBC Graphics Films, LLC joint venture ("Neschen"). In October 2013 we purchased the 50% of Neschen that we did not already own, and with effect from February 12, 2014, we sold all of our interest related to Neschen. As a result we have restated the historical presentation in this note to include only our one remaining joint venture. |
Commitments_And_Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
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. See "Note 9. Income Taxes - Income Tax Assessment" for details on tax assessments issued by the FRD against our acquired indirect subsidiary, Tilibra, which challenged the tax deduction of goodwill from Tilibra's taxable income for the years 2007 through 2010. | |
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 condition, 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 federal, state and local laws and regulations concerning the discharge of materials into the environment and the handling, disposal and clean-up of waste materials and otherwise relating to the protection of the environment. It is not possible to quantify with certainty the potential impact of actions regarding environmental matters, particularly remediation and other compliance efforts that we may undertake in the future. In the opinion of our management, compliance with the present environmental protection laws, before taking into account estimated recoveries from third parties, will not have a material adverse effect upon our capital expenditures, financial condition or results of operations. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||
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 SEC, the Company has elected to present the following condensed consolidating financial statements, which includes the condensed consolidating statements of comprehensive income and results of operations for the three and nine months ended September 30, 2014 and 2013, cash flows for the nine months ended September 30, 2014, and 2013, and financial position as of September 30, 2014 and December 31, 2013 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. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets (Unaudited) | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 4.8 | $ | — | $ | 67.7 | $ | — | $ | 72.5 | ||||||||||
Accounts receivable, net | — | 179.4 | 207.4 | — | 386.8 | |||||||||||||||
Inventories | — | 157.6 | 128.6 | — | 286.2 | |||||||||||||||
Receivables from affiliates | 18 | 166.8 | 62.1 | (246.9 | ) | — | ||||||||||||||
Deferred income taxes | 27 | — | 10.3 | — | 37.3 | |||||||||||||||
Other current assets | 1.3 | 14.3 | 26 | — | 41.6 | |||||||||||||||
Total current assets | 51.1 | 518.1 | 502.1 | (246.9 | ) | 824.4 | ||||||||||||||
Property, plant and equipment, net | 4.2 | 119.6 | 118.9 | — | 242.7 | |||||||||||||||
Deferred income taxes | 0.9 | — | 30 | — | 30.9 | |||||||||||||||
Goodwill | — | 330.8 | 227.4 | — | 558.2 | |||||||||||||||
Identifiable intangibles, net | 57.5 | 402.2 | 125 | — | 584.7 | |||||||||||||||
Other non-current assets | 17.6 | 1.2 | 49.8 | — | 68.6 | |||||||||||||||
Investment in, long term receivable from affiliates | 1,831.50 | 871.7 | 441 | (3,144.2 | ) | — | ||||||||||||||
Total assets | $ | 1,962.80 | $ | 2,243.60 | $ | 1,494.20 | $ | (3,391.1 | ) | $ | 2,309.50 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable | $ | — | $ | — | $ | 0.8 | $ | — | $ | 0.8 | ||||||||||
Current portion of long-term debt | 0.1 | 0.1 | — | — | 0.2 | |||||||||||||||
Accounts payable | — | 80 | 70.9 | — | 150.9 | |||||||||||||||
Accrued compensation | 2.7 | 15.9 | 15.6 | — | 34.2 | |||||||||||||||
Accrued customer programs liabilities | — | 51.2 | 45.7 | — | 96.9 | |||||||||||||||
Accrued interest | 15.2 | — | — | — | 15.2 | |||||||||||||||
Other current liabilities | 5.1 | 27.6 | 42.2 | — | 74.9 | |||||||||||||||
Payables to affiliates | 5.9 | 207.7 | 250.7 | (464.3 | ) | — | ||||||||||||||
Total current liabilities | 29 | 382.5 | 425.9 | (464.3 | ) | 373.1 | ||||||||||||||
Long-term debt | 895.6 | — | — | — | 895.6 | |||||||||||||||
Long-term notes payable to affiliates | 178.2 | 26.7 | 33.8 | (238.7 | ) | — | ||||||||||||||
Deferred income taxes | 127.4 | — | 57.7 | — | 185.1 | |||||||||||||||
Pension and post-retirement benefit obligations | 1.3 | 17.1 | 26.6 | — | 45 | |||||||||||||||
Other non-current liabilities | 3.3 | 19.4 | 60 | — | 82.7 | |||||||||||||||
Total liabilities | 1,234.80 | 445.7 | 604 | (703.0 | ) | 1,581.50 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1.1 | 448 | 252.4 | (700.4 | ) | 1.1 | ||||||||||||||
Treasury stock | (5.4 | ) | — | — | — | (5.4 | ) | |||||||||||||
Paid-in capital | 2,040.80 | 1,551.10 | 743.3 | (2,294.4 | ) | 2,040.80 | ||||||||||||||
Accumulated other comprehensive loss | (211.5 | ) | (43.6 | ) | (126.2 | ) | 169.8 | (211.5 | ) | |||||||||||
(Accumulated deficit) retained earnings | (1,097.0 | ) | (157.6 | ) | 20.7 | 136.9 | (1,097.0 | ) | ||||||||||||
Total stockholders’ equity | 728 | 1,797.90 | 890.2 | (2,688.1 | ) | 728 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,962.80 | $ | 2,243.60 | $ | 1,494.20 | $ | (3,391.1 | ) | $ | 2,309.50 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | 1 | $ | 45.5 | $ | — | $ | 53.5 | ||||||||||
Accounts receivable, net | — | 177.3 | 294.6 | — | 471.9 | |||||||||||||||
Inventories | — | 124.8 | 129.9 | — | 254.7 | |||||||||||||||
Receivables from affiliates | 8.2 | 101.5 | 65 | (174.7 | ) | — | ||||||||||||||
Deferred income taxes | 20.9 | — | 12.6 | — | 33.5 | |||||||||||||||
Other current assets | 0.6 | 8.8 | 18.7 | — | 28.1 | |||||||||||||||
Total current assets | 36.7 | 413.4 | 566.3 | (174.7 | ) | 841.7 | ||||||||||||||
Property, plant and equipment, net | 4.1 | 130.3 | 118.9 | — | 253.3 | |||||||||||||||
Deferred income taxes | — | — | 37.3 | — | 37.3 | |||||||||||||||
Goodwill | — | 330.9 | 237.4 | — | 568.3 | |||||||||||||||
Identifiable intangibles, net | 57.6 | 415.4 | 134 | — | 607 | |||||||||||||||
Other non-current assets | 20 | 6.2 | 49.1 | — | 75.3 | |||||||||||||||
Investment in, long term receivable from affiliates | 1,818.20 | 868.4 | 441 | (3,127.6 | ) | — | ||||||||||||||
Total assets | $ | 1,936.60 | $ | 2,164.60 | $ | 1,584.00 | $ | (3,302.3 | ) | $ | 2,382.90 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 0.1 | $ | — | $ | — | $ | 0.1 | ||||||||||
Accounts payable | — | 81.4 | 96.5 | — | 177.9 | |||||||||||||||
Accrued compensation | 4.6 | 12.3 | 15.1 | — | 32 | |||||||||||||||
Accrued customer programs liabilities | — | 65.5 | 58.1 | — | 123.6 | |||||||||||||||
Accrued interest | 7 | — | — | — | 7 | |||||||||||||||
Other current liabilities | 3 | 39.1 | 62.4 | — | 104.5 | |||||||||||||||
Payables to affiliates | 9.5 | 206.4 | 244 | (459.9 | ) | — | ||||||||||||||
Total current liabilities | 24.1 | 404.8 | 476.1 | (459.9 | ) | 445.1 | ||||||||||||||
Long-term debt | 920.7 | 0.1 | — | — | 920.8 | |||||||||||||||
Long-term notes payable to affiliates | 178.3 | 26.7 | 35.2 | (240.2 | ) | — | ||||||||||||||
Deferred income taxes | 109.2 | — | 59.9 | — | 169.1 | |||||||||||||||
Pension and post-retirement benefit obligations | 1.5 | 24.2 | 36 | — | 61.7 | |||||||||||||||
Other non-current liabilities | 0.5 | 22 | 61.4 | — | 83.9 | |||||||||||||||
Total liabilities | 1,234.30 | 477.8 | 668.6 | (700.1 | ) | 1,680.60 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1.1 | 448.1 | 267.4 | (715.5 | ) | 1.1 | ||||||||||||||
Treasury stock | (3.5 | ) | — | — | — | (3.5 | ) | |||||||||||||
Paid-in capital | 2,035.00 | 1,551.20 | 743 | (2,294.2 | ) | 2,035.00 | ||||||||||||||
Accumulated other comprehensive loss | (185.6 | ) | (45.6 | ) | (99.7 | ) | 145.3 | (185.6 | ) | |||||||||||
(Accumulated deficit) retained earnings | (1,144.7 | ) | (266.9 | ) | 4.7 | 262.2 | (1,144.7 | ) | ||||||||||||
Total stockholders’ equity | 702.3 | 1,686.80 | 915.4 | (2,602.2 | ) | 702.3 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,936.60 | $ | 2,164.60 | $ | 1,584.00 | $ | (3,302.3 | ) | $ | 2,382.90 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 682.3 | $ | 547 | $ | — | $ | 1,229.30 | ||||||||||
Affiliated sales | — | 12.3 | 3 | (15.3 | ) | — | ||||||||||||||
Net sales | — | 694.6 | 550 | (15.3 | ) | 1,229.30 | ||||||||||||||
Cost of products sold | — | 486.3 | 387.5 | (15.3 | ) | 858.5 | ||||||||||||||
Gross profit | — | 208.3 | 162.5 | — | 370.8 | |||||||||||||||
Advertising, selling, general and administrative expenses | 35.6 | 115.3 | 96.3 | — | 247.2 | |||||||||||||||
Amortization of intangibles | 0.1 | 13.5 | 3.3 | — | 16.9 | |||||||||||||||
Restructuring charges (income) | (0.2 | ) | (0.2 | ) | 2 | — | 1.6 | |||||||||||||
Operating income (loss) | (35.5 | ) | 79.7 | 60.9 | — | 105.1 | ||||||||||||||
Expense (income) from affiliates | (1.2 | ) | (20.0 | ) | 21.2 | — | — | |||||||||||||
Interest expense | 37.3 | — | (0.3 | ) | — | 37 | ||||||||||||||
Interest income | — | — | (4.7 | ) | — | (4.7 | ) | |||||||||||||
Equity in earnings of joint ventures | — | — | (5.3 | ) | — | (5.3 | ) | |||||||||||||
Other expense (income), net | 1.1 | (0.6 | ) | (0.2 | ) | — | 0.3 | |||||||||||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (72.7 | ) | 100.3 | 50.2 | — | 77.8 | ||||||||||||||
Income tax expense | 10.6 | — | 19.5 | — | 30.1 | |||||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | (83.3 | ) | 100.3 | 30.7 | — | 47.7 | ||||||||||||||
Earnings of wholly owned subsidiaries | 131 | 30.7 | — | (161.7 | ) | — | ||||||||||||||
Net income | $ | 47.7 | $ | 131 | $ | 30.7 | $ | (161.7 | ) | $ | 47.7 | |||||||||
Comprehensive income | $ | 21.8 | $ | 133 | $ | 4.2 | $ | (137.2 | ) | $ | 21.8 | |||||||||
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 | 44.8 | — | 0.5 | — | 45.3 | |||||||||||||||
Interest income | — | (0.1 | ) | (3.5 | ) | — | (3.6 | ) | ||||||||||||
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 (benefit) expense | (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 (loss) income | $ | (12.1 | ) | $ | 106.7 | $ | (1.9 | ) | $ | (104.8 | ) | $ | (12.1 | ) | ||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 270.6 | $ | 201.6 | $ | — | $ | 472.2 | ||||||||||
Affiliated sales | — | 2.6 | 1.1 | (3.7 | ) | — | ||||||||||||||
Net sales | — | 273.2 | 202.7 | (3.7 | ) | 472.2 | ||||||||||||||
Cost of products sold | — | 186.8 | 137.2 | (3.7 | ) | 320.3 | ||||||||||||||
Gross profit | — | 86.4 | 65.5 | — | 151.9 | |||||||||||||||
Advertising, selling, general and administrative expenses | 12.5 | 39.8 | 31.9 | — | 84.2 | |||||||||||||||
Amortization of intangibles | 0.1 | 4.3 | 1 | — | 5.4 | |||||||||||||||
Restructuring charges (income) | — | (0.3 | ) | 0.8 | — | 0.5 | ||||||||||||||
Operating income (loss) | (12.6 | ) | 42.6 | 31.8 | — | 61.8 | ||||||||||||||
Expense (income) from affiliates | (0.5 | ) | (6.5 | ) | 7 | — | — | |||||||||||||
Interest expense | 12.6 | — | (0.1 | ) | — | 12.5 | ||||||||||||||
Interest income | — | — | (1.6 | ) | — | (1.6 | ) | |||||||||||||
Equity in earnings of joint ventures | — | — | (2.9 | ) | — | (2.9 | ) | |||||||||||||
Other expense (income), net | — | (0.9 | ) | 1.1 | — | 0.2 | ||||||||||||||
Income (loss) income from continuing operations before income taxes and earnings of wholly owned subsidiaries | (24.7 | ) | 50 | 28.3 | — | 53.6 | ||||||||||||||
Income tax expense | 8.6 | — | 10.8 | — | 19.4 | |||||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | (33.3 | ) | 50 | 17.5 | — | 34.2 | ||||||||||||||
Earnings of wholly owned subsidiaries | 67.5 | 16.4 | — | (83.9 | ) | — | ||||||||||||||
Net income | $ | 34.2 | $ | 66.4 | $ | 17.5 | $ | (83.9 | ) | $ | 34.2 | |||||||||
Comprehensive income | $ | (19.2 | ) | $ | 66.9 | $ | (32.5 | ) | $ | (34.4 | ) | $ | (19.2 | ) | ||||||
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 | 13.9 | — | — | — | 13.9 | |||||||||||||||
Interest income | — | (0.1 | ) | (1.3 | ) | — | (1.4 | ) | ||||||||||||
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) 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 Cash Flows (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Consolidated | ||||||||||||||||
Net cash provided (used) by operating activities | $ | (52.3 | ) | $ | 62 | $ | 57.8 | $ | 67.5 | |||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (0.2 | ) | (6.7 | ) | (14.2 | ) | (21.1 | ) | ||||||||||||
Payments for (proceeds from) interest in affiliates | — | 15.1 | (15.1 | ) | — | |||||||||||||||
Proceeds from the disposition of assets | — | 3.6 | 0.2 | 3.8 | ||||||||||||||||
Net cash (used) provided by investing activities | (0.2 | ) | 12 | (29.1 | ) | (17.3 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Intercompany financing | 55.7 | (64.9 | ) | 9.2 | — | |||||||||||||||
Net dividends | 24.7 | (10.0 | ) | (14.7 | ) | — | ||||||||||||||
Repayments of long-term debt | (25.0 | ) | (0.1 | ) | — | (25.1 | ) | |||||||||||||
Borrowings of notes payable, net | — | — | 0.8 | 0.8 | ||||||||||||||||
Payments for debt issuance costs | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||
Repurchase of common stock | (2.9 | ) | — | — | (2.9 | ) | ||||||||||||||
Other | (1.9 | ) | — | — | (1.9 | ) | ||||||||||||||
Net cash (used) provided by financing activities | 50.3 | (75.0 | ) | (4.7 | ) | (29.4 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (1.8 | ) | (1.8 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (2.2 | ) | (1.0 | ) | 22.2 | 19 | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Beginning of the period | 7 | 1 | 45.5 | 53.5 | ||||||||||||||||
End of the period | $ | 4.8 | $ | — | $ | 67.7 | $ | 72.5 | ||||||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Consolidated | ||||||||||||||||
Net cash provided (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 (used) provided 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 (repayments) of notes payable, net | 2.2 | — | (1.1 | ) | 1.1 | |||||||||||||||
Payments for debt issuance costs | (4.3 | ) | — | — | (4.3 | ) | ||||||||||||||
Other | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||
Net cash (used) provided by financing activities | 48.8 | (112.5 | ) | (11.6 | ) | (75.3 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (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 | |||||||||||
LongTerm_Debt_And_ShortTerm_Bo1
Long-Term Debt And Short-Term Borrowings (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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 as of September 30, 2014 and December 31, 2013: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
U.S. Dollar Senior Secured Term Loan A, due May 2018 (floating interest rate of 2.24% at September 30, 2014 and 2.49% at December 31, 2013) | $ | 395 | $ | 420 | ||||
Senior Unsecured Notes, due April 2020 (fixed interest rate of 6.75%) | 500 | 500 | ||||||
Other borrowings | 1.6 | 0.9 | ||||||
Total debt | 896.6 | 920.9 | ||||||
Less: current portion | (1.0 | ) | (0.1 | ) | ||||
Total long-term debt | $ | 895.6 | $ | 920.8 | ||||
Pension_And_Other_Retiree_Bene1
Pension And Other Retiree Benefits (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Components of Net Periodic Benefit Cost for Pension and Post-Retirement Plans | ' | |||||||||||||||||||||||
The components of net periodic benefit cost (income) for pension and post-retirement plans for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | |||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 0.5 | $ | 0.5 | $ | 0.2 | $ | 0.4 | $ | — | $ | — | ||||||||||||
Interest cost | 2.2 | 2 | 4 | 3.7 | 0.2 | 0.2 | ||||||||||||||||||
Expected return on plan assets | (3.0 | ) | (2.6 | ) | (5.8 | ) | (5.1 | ) | — | — | ||||||||||||||
Amortization of net loss (gain) | 1.3 | 2.4 | 0.5 | 0.6 | (0.2 | ) | (0.2 | ) | ||||||||||||||||
Amortization of prior service cost | 0.1 | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | 1.1 | $ | 2.3 | $ | (1.1 | ) | $ | (0.4 | ) | $ | — | $ | — | ||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||
Pension Benefits | Post-retirement | |||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 1.5 | $ | 1.5 | $ | 0.6 | $ | 1.2 | $ | 0.1 | $ | 0.2 | ||||||||||||
Interest cost | 6.5 | 6 | 11.9 | 11 | 0.4 | 0.5 | ||||||||||||||||||
Expected return on plan assets | (9.0 | ) | (8.0 | ) | (17.3 | ) | (15.2 | ) | — | — | ||||||||||||||
Amortization of net loss (gain) | 3.9 | 7.2 | 1.5 | 1.8 | (0.7 | ) | (0.6 | ) | ||||||||||||||||
Amortization of prior service cost | 0.3 | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | 3.2 | $ | 6.7 | $ | (3.3 | ) | $ | (1.2 | ) | $ | (0.2 | ) | $ | 0.1 | |||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Stock option compensation expense | $ | 0.9 | $ | 0.8 | $ | 2.8 | $ | 2.2 | ||||||||
RSU compensation expense | 1.4 | 1.3 | 5 | 4.4 | ||||||||||||
PSU compensation expense | 1.6 | 2.2 | 3.8 | 5.1 | ||||||||||||
Total stock-based compensation | $ | 3.9 | $ | 4.3 | $ | 11.6 | $ | 11.7 | ||||||||
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, 2014: | ||||||||||||||||
September 30, 2014 | ||||||||||||||||
Unrecognized | Weighted Average | |||||||||||||||
Compensation | Years Expense To Be | |||||||||||||||
(in millions of dollars, except weighted average years) | Expense | Recognized Over | ||||||||||||||
Stock options | $5.50 | 2 | ||||||||||||||
RSUs | $6.20 | 1.9 | ||||||||||||||
PSUs | $9.80 | 1.8 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of Inventory | ' | |||||||
Inventories are stated at the lower of cost or market value. The components of inventories were as follows: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Raw materials | $ | 39.6 | $ | 36.1 | ||||
Work in process | 3 | 2.4 | ||||||
Finished goods | 243.6 | 216.2 | ||||||
Total inventories | $ | 286.2 | $ | 254.7 | ||||
Goodwill_And_Identifiable_Inta1
Goodwill And Identifiable Intangibles (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
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 were as follows: | ||||||||||||||||||||||||
(in millions of dollars) | ACCO | ACCO | Computer | Total | ||||||||||||||||||||
Brands | Brands | Products | ||||||||||||||||||||||
North America | International | Group | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | 393.1 | $ | 168.4 | $ | 6.8 | $ | 568.3 | ||||||||||||||||
Translation | (3.1 | ) | (7.0 | ) | — | (10.1 | ) | |||||||||||||||||
Balance at September 30, 2014 | $ | 390 | $ | 161.4 | $ | 6.8 | $ | 558.2 | ||||||||||||||||
Goodwill | $ | 520.9 | $ | 245.6 | $ | 6.8 | $ | 773.3 | ||||||||||||||||
Accumulated impairment losses | (130.9 | ) | (84.2 | ) | — | (215.1 | ) | |||||||||||||||||
Balance at September 30, 2014 | $ | 390 | $ | 161.4 | $ | 6.8 | $ | 558.2 | ||||||||||||||||
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, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
(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 | $ | 506.3 | $ | (44.5 | ) | (1) | $ | 461.8 | $ | 510.5 | $ | (44.5 | ) | (1) | $ | 466 | ||||||||
Amortizable intangible assets: | ||||||||||||||||||||||||
Trade names | 129.7 | (54.2 | ) | 75.5 | 131.3 | (47.5 | ) | 83.8 | ||||||||||||||||
Customer and contractual relationships | 101.4 | (55.0 | ) | 46.4 | 102.7 | (46.4 | ) | 56.3 | ||||||||||||||||
Patents/proprietary technology | 10.3 | (9.3 | ) | 1 | 10.3 | (9.4 | ) | 0.9 | ||||||||||||||||
Subtotal | 241.4 | (118.5 | ) | 122.9 | 244.3 | (103.3 | ) | 141 | ||||||||||||||||
Total identifiable intangibles | $ | 747.7 | $ | (163.0 | ) | $ | 584.7 | $ | 754.8 | $ | (147.8 | ) | $ | 607 | ||||||||||
-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 | ' | |||||||||||||||||||||||
Estimated amortization expense for amortizable intangible assets as of September 30, 2014 for the current year and the next five years are as follows: | ||||||||||||||||||||||||
(in millions of dollars) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||||
Estimated amortization expense | $ | 22.2 | $ | 19.8 | $ | 17.4 | $ | 14.2 | $ | 12 | $ | 9.9 | ||||||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
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, 2014 was as follows: | ||||||||||||||||||||
(in millions of dollars) | Balance at December 31, 2013 | Provision | Cash | Non-cash | Balance at September 30, 2014 | |||||||||||||||
Expenditures | Items/ | |||||||||||||||||||
Currency Change | ||||||||||||||||||||
Employee termination costs | $ | 19.1 | $ | 0.7 | $ | (13.7 | ) | $ | (0.2 | ) | $ | 5.9 | ||||||||
Termination of lease agreements | 1.4 | 0.6 | (1.4 | ) | — | 0.6 | ||||||||||||||
Asset impairments/net loss on disposal of assets resulting from restructuring activities | — | 0.2 | 0.1 | (0.3 | ) | — | ||||||||||||||
Other | — | 0.1 | (0.1 | ) | — | — | ||||||||||||||
Total restructuring liability | $ | 20.5 | $ | 1.6 | $ | (15.1 | ) | $ | (0.5 | ) | $ | 6.5 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 and 2013, computed at the U.S. federal statutory income tax rate, compared to our effective income tax rate for continuing operations, was as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Income tax expense computed at U.S. statutory income tax rate (35%) | $ | 18.8 | $ | 14.4 | $ | 27.3 | $ | 11.8 | ||||||||
Decrease of valuation allowances, net | — | — | — | (7.0 | ) | |||||||||||
Miscellaneous | 0.6 | 0.2 | 2.8 | 1.8 | ||||||||||||
Income tax expense as reported | $ | 19.4 | $ | 14.6 | $ | 30.1 | $ | 6.6 | ||||||||
Effective tax rate | 36.2 | % | 35.6 | % | 38.7 | % | 19.6 | % |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||
Weighted-average number of common shares outstanding — basic | 114.4 | 113.6 | 114.2 | 113.5 | |||||||
Stock-settled stock appreciation rights | 0.6 | 0.8 | 0.6 | 0.8 | |||||||
Restricted stock units | 2 | 1.4 | 1.9 | 1.3 | |||||||
Adjusted weighted-average shares and assumed conversions — diluted | 117 | 115.8 | 116.7 | 115.6 | |||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
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, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value of Derivative Instruments | ||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||
(in millions of dollars) | Balance Sheet | 30-Sep-14 | December 31, | Balance Sheet | 30-Sep-14 | December 31, | ||||||||||||||
Location | 2013 | Location | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 3.6 | $ | 1.4 | Other current liabilities | $ | — | $ | 0.8 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | Other current assets | 0.5 | 0.4 | Other current liabilities | 0.7 | 0.1 | ||||||||||||||
Total derivatives | $ | 4.1 | $ | 1.8 | $ | 0.7 | $ | 0.9 | ||||||||||||
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, 2014 and 2013: | ||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign exchange contracts | $ | 4 | $ | (1.6 | ) | Cost of products sold | $ | (0.3 | ) | $ | (1.6 | ) | ||||||||
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, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||
Foreign exchange contracts | $ | 3.7 | $ | 3.1 | Cost of products sold | $ | (1.2 | ) | $ | (3.3 | ) | |||||||||
The Effect of Derivatives Not Designated as Hedging Instruments on the Consolidated Statements of Income | ||||||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Foreign exchange contracts | Other expense, net | $ | — | $ | — | $ | 1.4 | $ | (0.4 | ) | ||||||||||
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
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, 2014 and December 31, 2013: | ||||||||
(in millions of dollars) | September 30, | December 31, | ||||||
2014 | 2013 | |||||||
Assets: | ||||||||
Forward currency contracts | $ | 4.1 | $ | 1.8 | ||||
Liabilities: | ||||||||
Forward currency contracts | $ | 0.7 | $ | 0.9 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
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, 2013 | $ | 0.3 | $ | (89.6 | ) | $ | (96.3 | ) | $ | (185.6 | ) | ||||||||
Other comprehensive income (loss) before reclassifications, net of tax | 2.8 | (32.2 | ) | 1.3 | (28.1 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (1.0 | ) | — | 3.2 | 2.2 | ||||||||||||||
Balance at September 30, 2014 | $ | 2.1 | $ | (121.8 | ) | $ | (91.8 | ) | $ | (211.5 | ) | ||||||||
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2014 and 2013 were as follows: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
(in millions of dollars) | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement of Income | Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | |||||||||||||||||||
Gain on cash flow hedges: | |||||||||||||||||||
Foreign exchange contracts | $ | (0.3 | ) | $ | (1.6 | ) | Cost of products sold | $ | (1.2 | ) | $ | (3.3 | ) | ||||||
— | 0.7 | Tax benefit | 0.2 | 1.1 | |||||||||||||||
$ | (0.3 | ) | $ | (0.9 | ) | Net of tax | $ | (1.0 | ) | $ | (2.2 | ) | |||||||
Defined benefit plan items: | |||||||||||||||||||
Amortization of actuarial loss | $ | 1.6 | $ | 2.8 | -1 | $ | 4.7 | $ | 8.5 | ||||||||||
Amortization of prior service cost | 0.1 | — | -1 | 0.3 | — | ||||||||||||||
1.7 | 2.8 | Total before tax | 5 | 8.5 | |||||||||||||||
(0.6 | ) | $ | (1.0 | ) | Tax expense | (1.8 | ) | $ | (3.0 | ) | |||||||||
$ | 1.1 | $ | 1.8 | Net of tax | $ | 3.2 | $ | 5.5 | |||||||||||
Total reclassifications for the period | $ | 0.8 | $ | 0.9 | Net of tax | $ | 2.2 | $ | 3.3 | ||||||||||
-1 | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost for pension and post-retirement plans (See "Note 4. Pension and Other Retiree Benefits" for additional details). |
Information_On_Business_Segmen1
Information On Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Net Sales by Reporting Segments | ' | |||||||||||||||
Net sales by business segment for the three and nine months ended September 30, 2014 and 2013 were as follows: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
ACCO Brands North America | $ | 297.4 | $ | 295.9 | $ | 752.5 | $ | 771.8 | ||||||||
ACCO Brands International | 140.7 | 136 | 376.3 | 378.3 | ||||||||||||
Computer Products Group | 34.1 | 37.3 | 100.5 | 111.3 | ||||||||||||
Net sales | $ | 472.2 | $ | 469.2 | $ | 1,229.30 | $ | 1,261.40 | ||||||||
Schedule of Operating Income by Reporting Segment | ' | |||||||||||||||
Operating income by business segment for the three and nine months ended September 30, 2014 and 2013 was as | ||||||||||||||||
follows (a): | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(in millions of dollars) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
ACCO Brands North America | $ | 50.5 | $ | 36.1 | $ | 98 | $ | 61.6 | ||||||||
ACCO Brands International | 19.1 | 17.8 | 31.9 | 32.3 | ||||||||||||
Computer Products Group | 2.7 | 3.4 | 5 | 9.1 | ||||||||||||
Segment operating income | 72.3 | 57.3 | 134.9 | 103 | ||||||||||||
Corporate(b) | (10.5 | ) | (7.0 | ) | (29.8 | ) | (24.0 | ) | ||||||||
Operating income | 61.8 | 50.3 | 105.1 | 79 | ||||||||||||
Interest expense | 12.5 | 13.9 | 37 | 45.3 | ||||||||||||
Interest income | (1.6 | ) | (1.4 | ) | (4.7 | ) | (3.6 | ) | ||||||||
Equity in earnings of joint ventures | (2.9 | ) | (3.3 | ) | (5.3 | ) | (5.9 | ) | ||||||||
Other expense, net | 0.2 | 0.1 | 0.3 | 9.6 | ||||||||||||
Income from continuing operations before income tax | $ | 53.6 | $ | 41 | $ | 77.8 | $ | 33.6 | ||||||||
(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. | |||||||||||||||
(b) | The increase in corporate expense was the result of various strategic initiatives and higher management incentives. |
Joint_Venture_Investments_Tabl
Joint Venture Investments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||||
Summarized below is the financial information for the Company’s joint venture, Pelikan-Artline Pty Ltd., in which we own a 50% interest and which is 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 Income. Our share of the net assets of the joint venture 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) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net sales | $ | 32.4 | $ | 25.6 | $ | 80.9 | $ | 76.2 | ||||||||
Gross profit | 14.1 | 13.9 | 32 | 33.2 | ||||||||||||
Net income | 5.7 | 6.6 | 10.5 | 11.8 | ||||||||||||
(in millions of dollars) | September 30, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Current assets | $ | 78.8 | $ | 71.8 | ||||||||||||
Non-current assets | 50 | 32.5 | ||||||||||||||
Current liabilities | 37.9 | 32.1 | ||||||||||||||
Non-current liabilities | 24.3 | 4.9 | ||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets | ' | |||||||||||||||||||
Condensed Consolidating Balance Sheets (Unaudited) | ||||||||||||||||||||
September 30, 2014 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 4.8 | $ | — | $ | 67.7 | $ | — | $ | 72.5 | ||||||||||
Accounts receivable, net | — | 179.4 | 207.4 | — | 386.8 | |||||||||||||||
Inventories | — | 157.6 | 128.6 | — | 286.2 | |||||||||||||||
Receivables from affiliates | 18 | 166.8 | 62.1 | (246.9 | ) | — | ||||||||||||||
Deferred income taxes | 27 | — | 10.3 | — | 37.3 | |||||||||||||||
Other current assets | 1.3 | 14.3 | 26 | — | 41.6 | |||||||||||||||
Total current assets | 51.1 | 518.1 | 502.1 | (246.9 | ) | 824.4 | ||||||||||||||
Property, plant and equipment, net | 4.2 | 119.6 | 118.9 | — | 242.7 | |||||||||||||||
Deferred income taxes | 0.9 | — | 30 | — | 30.9 | |||||||||||||||
Goodwill | — | 330.8 | 227.4 | — | 558.2 | |||||||||||||||
Identifiable intangibles, net | 57.5 | 402.2 | 125 | — | 584.7 | |||||||||||||||
Other non-current assets | 17.6 | 1.2 | 49.8 | — | 68.6 | |||||||||||||||
Investment in, long term receivable from affiliates | 1,831.50 | 871.7 | 441 | (3,144.2 | ) | — | ||||||||||||||
Total assets | $ | 1,962.80 | $ | 2,243.60 | $ | 1,494.20 | $ | (3,391.1 | ) | $ | 2,309.50 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Notes payable | $ | — | $ | — | $ | 0.8 | $ | — | $ | 0.8 | ||||||||||
Current portion of long-term debt | 0.1 | 0.1 | — | — | 0.2 | |||||||||||||||
Accounts payable | — | 80 | 70.9 | — | 150.9 | |||||||||||||||
Accrued compensation | 2.7 | 15.9 | 15.6 | — | 34.2 | |||||||||||||||
Accrued customer programs liabilities | — | 51.2 | 45.7 | — | 96.9 | |||||||||||||||
Accrued interest | 15.2 | — | — | — | 15.2 | |||||||||||||||
Other current liabilities | 5.1 | 27.6 | 42.2 | — | 74.9 | |||||||||||||||
Payables to affiliates | 5.9 | 207.7 | 250.7 | (464.3 | ) | — | ||||||||||||||
Total current liabilities | 29 | 382.5 | 425.9 | (464.3 | ) | 373.1 | ||||||||||||||
Long-term debt | 895.6 | — | — | — | 895.6 | |||||||||||||||
Long-term notes payable to affiliates | 178.2 | 26.7 | 33.8 | (238.7 | ) | — | ||||||||||||||
Deferred income taxes | 127.4 | — | 57.7 | — | 185.1 | |||||||||||||||
Pension and post-retirement benefit obligations | 1.3 | 17.1 | 26.6 | — | 45 | |||||||||||||||
Other non-current liabilities | 3.3 | 19.4 | 60 | — | 82.7 | |||||||||||||||
Total liabilities | 1,234.80 | 445.7 | 604 | (703.0 | ) | 1,581.50 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1.1 | 448 | 252.4 | (700.4 | ) | 1.1 | ||||||||||||||
Treasury stock | (5.4 | ) | — | — | — | (5.4 | ) | |||||||||||||
Paid-in capital | 2,040.80 | 1,551.10 | 743.3 | (2,294.4 | ) | 2,040.80 | ||||||||||||||
Accumulated other comprehensive loss | (211.5 | ) | (43.6 | ) | (126.2 | ) | 169.8 | (211.5 | ) | |||||||||||
(Accumulated deficit) retained earnings | (1,097.0 | ) | (157.6 | ) | 20.7 | 136.9 | (1,097.0 | ) | ||||||||||||
Total stockholders’ equity | 728 | 1,797.90 | 890.2 | (2,688.1 | ) | 728 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,962.80 | $ | 2,243.60 | $ | 1,494.20 | $ | (3,391.1 | ) | $ | 2,309.50 | |||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | ||||||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 7 | $ | 1 | $ | 45.5 | $ | — | $ | 53.5 | ||||||||||
Accounts receivable, net | — | 177.3 | 294.6 | — | 471.9 | |||||||||||||||
Inventories | — | 124.8 | 129.9 | — | 254.7 | |||||||||||||||
Receivables from affiliates | 8.2 | 101.5 | 65 | (174.7 | ) | — | ||||||||||||||
Deferred income taxes | 20.9 | — | 12.6 | — | 33.5 | |||||||||||||||
Other current assets | 0.6 | 8.8 | 18.7 | — | 28.1 | |||||||||||||||
Total current assets | 36.7 | 413.4 | 566.3 | (174.7 | ) | 841.7 | ||||||||||||||
Property, plant and equipment, net | 4.1 | 130.3 | 118.9 | — | 253.3 | |||||||||||||||
Deferred income taxes | — | — | 37.3 | — | 37.3 | |||||||||||||||
Goodwill | — | 330.9 | 237.4 | — | 568.3 | |||||||||||||||
Identifiable intangibles, net | 57.6 | 415.4 | 134 | — | 607 | |||||||||||||||
Other non-current assets | 20 | 6.2 | 49.1 | — | 75.3 | |||||||||||||||
Investment in, long term receivable from affiliates | 1,818.20 | 868.4 | 441 | (3,127.6 | ) | — | ||||||||||||||
Total assets | $ | 1,936.60 | $ | 2,164.60 | $ | 1,584.00 | $ | (3,302.3 | ) | $ | 2,382.90 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 0.1 | $ | — | $ | — | $ | 0.1 | ||||||||||
Accounts payable | — | 81.4 | 96.5 | — | 177.9 | |||||||||||||||
Accrued compensation | 4.6 | 12.3 | 15.1 | — | 32 | |||||||||||||||
Accrued customer programs liabilities | — | 65.5 | 58.1 | — | 123.6 | |||||||||||||||
Accrued interest | 7 | — | — | — | 7 | |||||||||||||||
Other current liabilities | 3 | 39.1 | 62.4 | — | 104.5 | |||||||||||||||
Payables to affiliates | 9.5 | 206.4 | 244 | (459.9 | ) | — | ||||||||||||||
Total current liabilities | 24.1 | 404.8 | 476.1 | (459.9 | ) | 445.1 | ||||||||||||||
Long-term debt | 920.7 | 0.1 | — | — | 920.8 | |||||||||||||||
Long-term notes payable to affiliates | 178.3 | 26.7 | 35.2 | (240.2 | ) | — | ||||||||||||||
Deferred income taxes | 109.2 | — | 59.9 | — | 169.1 | |||||||||||||||
Pension and post-retirement benefit obligations | 1.5 | 24.2 | 36 | — | 61.7 | |||||||||||||||
Other non-current liabilities | 0.5 | 22 | 61.4 | — | 83.9 | |||||||||||||||
Total liabilities | 1,234.30 | 477.8 | 668.6 | (700.1 | ) | 1,680.60 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 1.1 | 448.1 | 267.4 | (715.5 | ) | 1.1 | ||||||||||||||
Treasury stock | (3.5 | ) | — | — | — | (3.5 | ) | |||||||||||||
Paid-in capital | 2,035.00 | 1,551.20 | 743 | (2,294.2 | ) | 2,035.00 | ||||||||||||||
Accumulated other comprehensive loss | (185.6 | ) | (45.6 | ) | (99.7 | ) | 145.3 | (185.6 | ) | |||||||||||
(Accumulated deficit) retained earnings | (1,144.7 | ) | (266.9 | ) | 4.7 | 262.2 | (1,144.7 | ) | ||||||||||||
Total stockholders’ equity | 702.3 | 1,686.80 | 915.4 | (2,602.2 | ) | 702.3 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,936.60 | $ | 2,164.60 | $ | 1,584.00 | $ | (3,302.3 | ) | $ | 2,382.90 | |||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ' | |||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 682.3 | $ | 547 | $ | — | $ | 1,229.30 | ||||||||||
Affiliated sales | — | 12.3 | 3 | (15.3 | ) | — | ||||||||||||||
Net sales | — | 694.6 | 550 | (15.3 | ) | 1,229.30 | ||||||||||||||
Cost of products sold | — | 486.3 | 387.5 | (15.3 | ) | 858.5 | ||||||||||||||
Gross profit | — | 208.3 | 162.5 | — | 370.8 | |||||||||||||||
Advertising, selling, general and administrative expenses | 35.6 | 115.3 | 96.3 | — | 247.2 | |||||||||||||||
Amortization of intangibles | 0.1 | 13.5 | 3.3 | — | 16.9 | |||||||||||||||
Restructuring charges (income) | (0.2 | ) | (0.2 | ) | 2 | — | 1.6 | |||||||||||||
Operating income (loss) | (35.5 | ) | 79.7 | 60.9 | — | 105.1 | ||||||||||||||
Expense (income) from affiliates | (1.2 | ) | (20.0 | ) | 21.2 | — | — | |||||||||||||
Interest expense | 37.3 | — | (0.3 | ) | — | 37 | ||||||||||||||
Interest income | — | — | (4.7 | ) | — | (4.7 | ) | |||||||||||||
Equity in earnings of joint ventures | — | — | (5.3 | ) | — | (5.3 | ) | |||||||||||||
Other expense (income), net | 1.1 | (0.6 | ) | (0.2 | ) | — | 0.3 | |||||||||||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | (72.7 | ) | 100.3 | 50.2 | — | 77.8 | ||||||||||||||
Income tax expense | 10.6 | — | 19.5 | — | 30.1 | |||||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | (83.3 | ) | 100.3 | 30.7 | — | 47.7 | ||||||||||||||
Earnings of wholly owned subsidiaries | 131 | 30.7 | — | (161.7 | ) | — | ||||||||||||||
Net income | $ | 47.7 | $ | 131 | $ | 30.7 | $ | (161.7 | ) | $ | 47.7 | |||||||||
Comprehensive income | $ | 21.8 | $ | 133 | $ | 4.2 | $ | (137.2 | ) | $ | 21.8 | |||||||||
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 | 44.8 | — | 0.5 | — | 45.3 | |||||||||||||||
Interest income | — | (0.1 | ) | (3.5 | ) | — | (3.6 | ) | ||||||||||||
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 (benefit) expense | (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 (loss) income | $ | (12.1 | ) | $ | 106.7 | $ | (1.9 | ) | $ | (104.8 | ) | $ | (12.1 | ) | ||||||
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | ||||||||||||||||||||
Three Months Ended September 30, 2014 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | ||||||||||||||||||||
Unaffiliated sales | $ | — | $ | 270.6 | $ | 201.6 | $ | — | $ | 472.2 | ||||||||||
Affiliated sales | — | 2.6 | 1.1 | (3.7 | ) | — | ||||||||||||||
Net sales | — | 273.2 | 202.7 | (3.7 | ) | 472.2 | ||||||||||||||
Cost of products sold | — | 186.8 | 137.2 | (3.7 | ) | 320.3 | ||||||||||||||
Gross profit | — | 86.4 | 65.5 | — | 151.9 | |||||||||||||||
Advertising, selling, general and administrative expenses | 12.5 | 39.8 | 31.9 | — | 84.2 | |||||||||||||||
Amortization of intangibles | 0.1 | 4.3 | 1 | — | 5.4 | |||||||||||||||
Restructuring charges (income) | — | (0.3 | ) | 0.8 | — | 0.5 | ||||||||||||||
Operating income (loss) | (12.6 | ) | 42.6 | 31.8 | — | 61.8 | ||||||||||||||
Expense (income) from affiliates | (0.5 | ) | (6.5 | ) | 7 | — | — | |||||||||||||
Interest expense | 12.6 | — | (0.1 | ) | — | 12.5 | ||||||||||||||
Interest income | — | — | (1.6 | ) | — | (1.6 | ) | |||||||||||||
Equity in earnings of joint ventures | — | — | (2.9 | ) | — | (2.9 | ) | |||||||||||||
Other expense (income), net | — | (0.9 | ) | 1.1 | — | 0.2 | ||||||||||||||
Income (loss) income from continuing operations before income taxes and earnings of wholly owned subsidiaries | (24.7 | ) | 50 | 28.3 | — | 53.6 | ||||||||||||||
Income tax expense | 8.6 | — | 10.8 | — | 19.4 | |||||||||||||||
Income (loss) before earnings of wholly owned subsidiaries | (33.3 | ) | 50 | 17.5 | — | 34.2 | ||||||||||||||
Earnings of wholly owned subsidiaries | 67.5 | 16.4 | — | (83.9 | ) | — | ||||||||||||||
Net income | $ | 34.2 | $ | 66.4 | $ | 17.5 | $ | (83.9 | ) | $ | 34.2 | |||||||||
Comprehensive income | $ | (19.2 | ) | $ | 66.9 | $ | (32.5 | ) | $ | (34.4 | ) | $ | (19.2 | ) | ||||||
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 | 13.9 | — | — | — | 13.9 | |||||||||||||||
Interest income | — | (0.1 | ) | (1.3 | ) | — | (1.4 | ) | ||||||||||||
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) 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 Cash Flows (Unaudited) | ' | |||||||||||||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2014 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Consolidated | ||||||||||||||||
Net cash provided (used) by operating activities | $ | (52.3 | ) | $ | 62 | $ | 57.8 | $ | 67.5 | |||||||||||
Investing activities: | ||||||||||||||||||||
Additions to property, plant and equipment | (0.2 | ) | (6.7 | ) | (14.2 | ) | (21.1 | ) | ||||||||||||
Payments for (proceeds from) interest in affiliates | — | 15.1 | (15.1 | ) | — | |||||||||||||||
Proceeds from the disposition of assets | — | 3.6 | 0.2 | 3.8 | ||||||||||||||||
Net cash (used) provided by investing activities | (0.2 | ) | 12 | (29.1 | ) | (17.3 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Intercompany financing | 55.7 | (64.9 | ) | 9.2 | — | |||||||||||||||
Net dividends | 24.7 | (10.0 | ) | (14.7 | ) | — | ||||||||||||||
Repayments of long-term debt | (25.0 | ) | (0.1 | ) | — | (25.1 | ) | |||||||||||||
Borrowings of notes payable, net | — | — | 0.8 | 0.8 | ||||||||||||||||
Payments for debt issuance costs | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||
Repurchase of common stock | (2.9 | ) | — | — | (2.9 | ) | ||||||||||||||
Other | (1.9 | ) | — | — | (1.9 | ) | ||||||||||||||
Net cash (used) provided by financing activities | 50.3 | (75.0 | ) | (4.7 | ) | (29.4 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (1.8 | ) | (1.8 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (2.2 | ) | (1.0 | ) | 22.2 | 19 | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||
Beginning of the period | 7 | 1 | 45.5 | 53.5 | ||||||||||||||||
End of the period | $ | 4.8 | $ | — | $ | 67.7 | $ | 72.5 | ||||||||||||
Condensed Consolidating Statement of Cash Flows (Unaudited) | ||||||||||||||||||||
Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in millions of dollars) | Parent | Guarantors | Non-Guarantors | Consolidated | ||||||||||||||||
Net cash provided (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 (used) provided 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 (repayments) of notes payable, net | 2.2 | — | (1.1 | ) | 1.1 | |||||||||||||||
Payments for debt issuance costs | (4.3 | ) | — | — | (4.3 | ) | ||||||||||||||
Other | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||
Net cash (used) provided by financing activities | 48.8 | (112.5 | ) | (11.6 | ) | (75.3 | ) | |||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (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 | |||||||||||
LongTerm_Debt_And_ShortTerm_Bo2
Long-Term Debt And Short-Term Borrowings (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total Debt | $896.60 | $920.90 |
Less: current portion | -1 | -0.1 |
Total long-term debt | 895.6 | 920.8 |
Senior Secured Notes | USD Senior Secured Term Loan A, due May 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Term Loan | 395 | 420 |
Debt Instrument, Interest Rate at Period End | 2.24% | 2.49% |
Senior Secured Notes | USD Senior Secured Revolving Credit Facility, due May 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Revolving Credit Facility | 0 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 250 | ' |
Amount Available for borrowings under Senior Secured Revolving Credit Facilities | 239.1 | ' |
Letters of credit outstanding | 10.9 | ' |
Senior Notes | Senior Unsecured Note, due April 2020 6 point 75 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Unsecured Note | 500 | 500 |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% |
Other borrowings | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Other borrowings | $1.60 | $0.90 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Expected contributions to defined benefit plans for 2014 | ' | ' | $12.50 | ' |
Contributions by company to date | ' | ' | 11.2 | ' |
U.S. | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.5 | 0.5 | 1.5 | 1.5 |
Interest cost | 2.2 | 2 | 6.5 | 6 |
Expected return on plan assets | -3 | -2.6 | -9 | -8 |
Amortization of net loss (gain) | 1.3 | 2.4 | 3.9 | 7.2 |
Amortization of prior service cost | 0.1 | 0 | 0.3 | 0 |
Net periodic benefit cost (income) | 1.1 | 2.3 | 3.2 | 6.7 |
International | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.2 | 0.4 | 0.6 | 1.2 |
Interest cost | 4 | 3.7 | 11.9 | 11 |
Expected return on plan assets | -5.8 | -5.1 | -17.3 | -15.2 |
Amortization of net loss (gain) | 0.5 | 0.6 | 1.5 | 1.8 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Net periodic benefit cost (income) | -1.1 | -0.4 | -3.3 | -1.2 |
Post-retirement | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0.1 | 0.2 |
Interest cost | 0.2 | 0.2 | 0.4 | 0.5 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net loss (gain) | -0.2 | -0.2 | -0.7 | -0.6 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Net periodic benefit cost (income) | $0 | $0 | ($0.20) | $0.10 |
StockBased_Compensation_Shareb
Stock-Based Compensation (Share-based Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $3.90 | $4.30 | $11.60 | $11.70 |
Stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 0.9 | 0.8 | 2.8 | 2.2 |
Restricted stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1.4 | 1.3 | 5 | 4.4 |
Performance stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $1.60 | $2.20 | $3.80 | $5.10 |
StockBased_Compensation_Unreco
Stock-Based Compensation (Unrecognized Compensation Expense) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Stock options | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense | $5.50 |
Weighted Average Years Expense To Be Recognized Over | '2 years 0 months 3 days |
Restricted stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense | 6.2 |
Weighted Average Years Expense To Be Recognized Over | '1 year 10 months 7 days |
Performance stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense | $9.80 |
Weighted Average Years Expense To Be Recognized Over | '1 year 9 months 12 days |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $3.90 | $4.30 | $11.60 | $11.70 |
Stock options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 0.9 | 0.8 | 2.8 | 2.2 |
Restricted stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1.4 | 1.3 | 5 | 4.4 |
Performance stock units | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 1.6 | 2.2 | 3.8 | 5.1 |
Director [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | $0.80 | $0.90 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $39.60 | $36.10 |
Work in process | 3 | 2.4 |
Finished goods | 243.6 | 216.2 |
Total inventories | $286.20 | $254.70 |
Goodwill_And_Identifiable_Inta2
Goodwill And Identifiable Intangibles (Goodwill) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Goodwill [Roll Forward] | ' |
Balance at December 31, 2013 | $568.30 |
Translation | -10.1 |
Balance at September 30, 2014 | 558.2 |
Goodwill, Impaired, Accumulated Impairment Loss | ' |
Goodwill | 773.3 |
Accumulated impairment losses | -215.1 |
Balance at September 30, 2014 | 558.2 |
ACCO Brands North America | ' |
Goodwill [Roll Forward] | ' |
Balance at December 31, 2013 | 393.1 |
Translation | -3.1 |
Balance at September 30, 2014 | 390 |
Goodwill, Impaired, Accumulated Impairment Loss | ' |
Goodwill | 520.9 |
Accumulated impairment losses | -130.9 |
Balance at September 30, 2014 | 390 |
ACCO Brands International | ' |
Goodwill [Roll Forward] | ' |
Balance at December 31, 2013 | 168.4 |
Translation | -7 |
Balance at September 30, 2014 | 161.4 |
Goodwill, Impaired, Accumulated Impairment Loss | ' |
Goodwill | 245.6 |
Accumulated impairment losses | -84.2 |
Balance at September 30, 2014 | 161.4 |
Computer Products Group | ' |
Goodwill [Roll Forward] | ' |
Balance at December 31, 2013 | 6.8 |
Translation | 0 |
Balance at September 30, 2014 | 6.8 |
Goodwill, Impaired, Accumulated Impairment Loss | ' |
Goodwill | 6.8 |
Accumulated impairment losses | 0 |
Balance at September 30, 2014 | $6.80 |
Goodwill_And_Identifiable_Inta3
Goodwill And Identifiable Intangibles (Intangible Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Intangible Assets [Line Items] | ' | ' | ||
Amortizable intangible assets, Gross Carrying Amounts | $241.40 | $244.30 | ||
Amortizable intangible assets, Accumulated Amortization | -118.5 | -103.3 | ||
Amortizable intangible assets, Net Book Value | 122.9 | 141 | ||
Total identifiable intangibles, Gross Carrying Amounts | 747.7 | 754.8 | ||
Total identifiable intangibles, Accumulated Amortization | -163 | -147.8 | ||
Total identifiable intangibles, Net Book Value | 584.7 | 607 | ||
Trade Names | ' | ' | ||
Intangible Assets [Line Items] | ' | ' | ||
Amortizable intangible assets, Gross Carrying Amounts | 129.7 | 131.3 | ||
Amortizable intangible assets, Accumulated Amortization | -54.2 | -47.5 | ||
Amortizable intangible assets, Net Book Value | 75.5 | 83.8 | ||
Customer and contractual relationships | ' | ' | ||
Intangible Assets [Line Items] | ' | ' | ||
Amortizable intangible assets, Gross Carrying Amounts | 101.4 | 102.7 | ||
Amortizable intangible assets, Accumulated Amortization | -55 | -46.4 | ||
Amortizable intangible assets, Net Book Value | 46.4 | 56.3 | ||
Patents/proprietary technology | ' | ' | ||
Intangible Assets [Line Items] | ' | ' | ||
Amortizable intangible assets, Gross Carrying Amounts | 10.3 | 10.3 | ||
Amortizable intangible assets, Accumulated Amortization | -9.3 | -9.4 | ||
Amortizable intangible assets, Net Book Value | 1 | 0.9 | ||
Trade Names | ' | ' | ||
Intangible Assets [Line Items] | ' | ' | ||
Indefinite-lived intangible assets, gross carrying amount | 506.3 | 510.5 | ||
Indefinite lived intangible asset accumulated amortization prior to the adoption of authoritative guidance | -44.5 | [1] | -44.5 | [1] |
Indefinite-lived intangible assets, Net Book Value | $461.80 | $466 | ||
[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_Inta4
Goodwill And Identifiable Intangibles (Estimated Amortization Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization of intangibles | $5.40 | $5.90 | $16.90 | $18.70 |
Estimated amortization expense, 2014 | 22.2 | ' | 22.2 | ' |
Estimated amortization expense, 2015 | 19.8 | ' | 19.8 | ' |
Estimated amortization expense, 2016 | 17.4 | ' | 17.4 | ' |
Estimated amortization expense, 2017 | 14.2 | ' | 14.2 | ' |
Estimated amortization expense, 2018 | 12 | ' | 12 | ' |
Estimated amortization expense, 2019 | $9.90 | ' | $9.90 | ' |
Restructuring_Restructuring_Ch
Restructuring (Restructuring Charges and Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | $20.50 | ' |
Provision | 0.5 | 2.3 | 1.6 | 17.9 |
Cash Expenditures | ' | ' | -15.1 | ' |
Non-Cash Items/Currency Change | ' | ' | -0.5 | ' |
Balance at September 30, 2014 | 6.5 | ' | 6.5 | ' |
Employee termination costs | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 19.1 | ' |
Provision | ' | ' | 0.7 | ' |
Cash Expenditures | ' | ' | -13.7 | ' |
Non-Cash Items/Currency Change | ' | ' | -0.2 | ' |
Balance at September 30, 2014 | 5.9 | ' | 5.9 | ' |
Restructuring and Related Costs, Payment Period | ' | ' | '12 months | ' |
Termination of lease agreements | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 1.4 | ' |
Provision | ' | ' | 0.6 | ' |
Cash Expenditures | ' | ' | -1.4 | ' |
Non-Cash Items/Currency Change | ' | ' | 0 | ' |
Balance at September 30, 2014 | 0.6 | ' | 0.6 | ' |
Restructuring and Related Costs, Payment Period | ' | ' | '12 months | ' |
Asset Impairments | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 0 | ' |
Provision | ' | ' | 0.2 | ' |
Cash Expenditures | ' | ' | 0.1 | ' |
Non-Cash Items/Currency Change | ' | ' | -0.3 | ' |
Balance at September 30, 2014 | 0 | ' | 0 | ' |
Other | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' |
Balance at December 31, 2013 | ' | ' | 0 | ' |
Provision | ' | ' | 0.1 | ' |
Cash Expenditures | ' | ' | -0.1 | ' |
Non-Cash Items/Currency Change | ' | ' | 0 | ' |
Balance at September 30, 2014 | $0 | ' | $0 | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' |
Income tax benefit computed at U.S. statutory income tax rate (35%) | $18.80 | $14.40 | $27.30 | $11.80 |
Decrease of valuation allowances, net | 0 | 0 | 0 | -7 |
Miscellaneous | 0.6 | 0.2 | 2.8 | 1.8 |
Income tax expense | $19.40 | $14.60 | $30.10 | $6.60 |
Effective tax rate | 36.20% | 35.60% | 38.70% | 19.60% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 |
USD ($) | USD ($) | USD ($) | USD ($) | Foreign Tax Authority | Foreign Tax Authority | Foreign Tax Authority | Foreign Tax Authority | Foreign Tax Authority | Foreign Tax Authority | Minimum | Maximum | Tax Year 2007 to 2012 [Member] | |
USD ($) | BRL | USD ($) | USD ($) | USD ($) | USD ($) | Foreign Tax Authority | |||||||
USD ($) | |||||||||||||
Valuation Allowance [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7 | ' | ' | ' |
Statutes of limitation, period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years | ' |
Income Tax Contingency, Potential Assessment | ' | ' | ' | ' | 41 | 100.7 | ' | ' | ' | ' | ' | ' | 44.5 |
Income Tax Contingency, Potential Assessment, Acquisition, Fair Value of Liabilities Accrued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43.3 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | ' | ' | ' | ' | ' | ' | 0.8 | 0.3 | 2.4 | 1 | ' | ' | ' |
Income tax expense | 19.4 | 14.6 | 30.1 | 6.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before income tax | $53.60 | $41 | $77.80 | $33.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Weighted Average Number of Shares Outstanding Basic and Diluted [Line Items] | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 114,093,054 | 113,639,428 | 114,093,054 | 113,639,428 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' |
Weighted-average number of common shares outstanding - basic | 114,400,000 | 113,600,000 | 114,200,000 | 113,500,000 |
Weighted-average number of common shares outstanding - diluted | 117,000,000 | 115,800,000 | 116,700,000 | 115,600,000 |
Potentially dilutive shares excluded from computation of dilutive earnings per share | 7,300,000 | 6,300,000 | 6,600,000 | 5,500,000 |
Stock-settled stock appreciation rights | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 600,000 | 800,000 | 600,000 | 800,000 |
Restricted stock units | ' | ' | ' | ' |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 2,000,000 | 1,400,000 | 1,900,000 | 1,300,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (Foreign exchange contracts, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives not designated as hedging instruments | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $73.10 | $55.50 |
Cash Flow Hedging [Member] | Derivatives designated as hedging instruments | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative, Notional Amount | $80.40 | $88.70 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Fair Value of Derivative Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $4.10 | $1.80 |
Derivative Liabilities | 0.7 | 0.9 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 3.6 | 1.4 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 0 | 0.8 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 0.5 | 0.4 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | $0.70 | $0.10 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | $4 | ($1.60) | $3.70 | $3.10 |
Cost of products sold | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss Reclassified from AOCI to Income (Effective Portion) | -0.3 | -1.6 | -1.2 | -3.3 |
Other expense, net | Derivatives not designated as hedging instruments | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Amount of (Gain) Loss Recognized in Income | $0 | $0 | $1.40 | ($0.40) |
Fair_Value_Of_Financial_Instru2
Fair Value Of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Forward currency contracts | $4.10 | $1.80 |
Liabilities: | ' | ' |
Forward currency contracts | 0.7 | 0.9 |
Total debt | 896.6 | 920.9 |
Estimated fair value of total debt | $915.40 | $912.20 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance at December 31, 2013 | ' | ' | ($185.60) | ' | ||||
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -28.1 | ' | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | 2.2 | ' | ||||
Balance at September 30, 2014 | -211.5 | ' | -211.5 | ' | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Cost of products sold | -320.3 | -328.1 | -858.5 | -886.5 | ||||
Amortization of actuarial loss included in net income | 1.6 | 2.8 | 4.7 | 8.5 | ||||
Amortization of prior service cost included in net income | 0.1 | 0 | 0.3 | 0 | ||||
Income tax (expense) benefit | 19.4 | 14.6 | 30.1 | 6.6 | ||||
Derivative Financial Instruments | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance at December 31, 2013 | ' | ' | 0.3 | ' | ||||
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 2.8 | ' | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | -1 | ' | ||||
Balance at September 30, 2014 | 2.1 | ' | 2.1 | ' | ||||
Foreign Currency Adjustments | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance at December 31, 2013 | ' | ' | -89.6 | ' | ||||
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | -32.2 | ' | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | 0 | ' | ||||
Balance at September 30, 2014 | -121.8 | ' | -121.8 | ' | ||||
Unrecognized Pension and Other Post-retirement Benefit Costs | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance at December 31, 2013 | ' | ' | -96.3 | ' | ||||
Other comprehensive income (loss) before reclassifications, net of tax | ' | ' | 1.3 | ' | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | ' | ' | 3.2 | ' | ||||
Balance at September 30, 2014 | -91.8 | ' | -91.8 | ' | ||||
Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Income (Loss) | ' | ' | ' | ' | ||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' | ||||
Net of tax | 0.8 | 0.9 | 2.2 | 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] | ' | ' | ' | ' | ||||
Income tax (expense) benefit | 0 | 0.7 | 0.2 | 1.1 | ||||
Net of tax | -0.3 | -0.9 | -1 | -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 included in net income | 1.6 | [1] | 2.8 | [1] | 4.7 | [1] | 8.5 | [1] |
Amortization of prior service cost included in net income | 0.1 | [1] | 0 | [1] | 0.3 | [1] | 0 | [1] |
Total before tax | 1.7 | 2.8 | 5 | 8.5 | ||||
Income tax (expense) benefit | -0.6 | -1 | -1.8 | -3 | ||||
Net of tax | 1.1 | 1.8 | 3.2 | 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 | ($0.30) | ($1.60) | ($1.20) | ($3.30) | ||||
[1] | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost for pension and post-retirement plans (See "Note 4. Pension and Other Retiree Benefits" 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $472.20 | $469.20 | $1,229.30 | $1,261.40 |
Number of business segments | ' | ' | 3 | ' |
ACCO Brands North America | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 297.4 | 295.9 | 752.5 | 771.8 |
ACCO Brands International | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 140.7 | 136 | 376.3 | 378.3 |
Computer Products Group | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $34.10 | $37.30 | $100.50 | $111.30 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | $61.80 | [1] | $50.30 | [1] | $105.10 | [1] | $79 | [1] |
Interest expense | 12.5 | 13.9 | 37 | 45.3 | ||||
Interest income | -1.6 | -1.4 | -4.7 | -3.6 | ||||
Equity in earnings of joint ventures | -2.9 | -3.3 | -5.3 | -5.9 | ||||
Other expense, net | 0.2 | 0.1 | 0.3 | 9.6 | ||||
Income from continuing operations before income tax | 53.6 | 41 | 77.8 | 33.6 | ||||
Corporate | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | -10.5 | [1],[2] | -7 | [1],[2] | -29.8 | [1],[2] | -24 | [1],[2] |
Segment operating income | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 72.3 | [1] | 57.3 | [1] | 134.9 | [1] | 103 | [1] |
ACCO Brands North America | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 50.5 | [1] | 36.1 | [1] | 98 | [1] | 61.6 | [1] |
ACCO Brands International | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | 19.1 | [1] | 17.8 | [1] | 31.9 | [1] | 32.3 | [1] |
Computer Products Group | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Operating income | $2.70 | [1] | $3.40 | [1] | $5 | [1] | $9.10 | [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. | |||||||
[2] | The increase in corporate expense was the result of various strategic initiatives and higher management incentives. |
Joint_Venture_Investments_Deta
Joint Venture Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 31, 2013 |
Pelikan Artline Pty Ltd [Member] | Pelikan Artline Pty Ltd [Member] | Pelikan Artline Pty Ltd [Member] | Pelikan Artline Pty Ltd [Member] | Pelikan Artline Pty Ltd [Member] | Neschen GBC Graphic Films, LLC [Member] | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Net sales | $32.40 | $25.60 | $80.90 | $76.20 | ' | ' |
Gross profit | 14.1 | 13.9 | 32 | 33.2 | ' | ' |
Net income | 5.7 | 6.6 | 10.5 | 11.8 | ' | ' |
Current assets | 78.8 | ' | 78.8 | ' | 71.8 | ' |
Non-current assets | 50 | ' | 50 | ' | 32.5 | ' |
Current liabilities | 37.9 | ' | 37.9 | ' | 32.1 | ' |
Non-current liabilities | $24.30 | ' | $24.30 | ' | $4.90 | ' |
Acquisition of 50% of Neschen we did not already own | ' | ' | ' | ' | ' | 50.00% |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $72.50 | $53.50 | $70.80 | $50 |
Accounts receivable, net | 386.8 | 471.9 | ' | ' |
Inventories | 286.2 | 254.7 | ' | ' |
Receivables from affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 37.3 | 33.5 | ' | ' |
Other current assets | 41.6 | 28.1 | ' | ' |
Total current assets | 824.4 | 841.7 | ' | ' |
Property, plant and equipment, net | 242.7 | 253.3 | ' | ' |
Deferred income taxes | 30.9 | 37.3 | ' | ' |
Goodwill | 558.2 | 568.3 | ' | ' |
Identifiable intangibles, net | 584.7 | 607 | ' | ' |
Other non-current assets | 68.6 | 75.3 | ' | ' |
Investment in, long term receivable from affiliates | 0 | 0 | ' | ' |
Total assets | 2,309.50 | 2,382.90 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable | 0.8 | 0 | ' | ' |
Current portion of long-term debt | 0.2 | 0.1 | ' | ' |
Accounts payable | 150.9 | 177.9 | ' | ' |
Accrued compensation | 34.2 | 32 | ' | ' |
Accrued customer program liabilities | 96.9 | 123.6 | ' | ' |
Accrued interest | 15.2 | 7 | ' | ' |
Other current liabilities | 74.9 | 104.5 | ' | ' |
Payables to affiliates | 0 | 0 | ' | ' |
Total current liabilities | 373.1 | 445.1 | ' | ' |
Long-term debt | 895.6 | 920.8 | ' | ' |
Long-term notes payable to affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 185.1 | 169.1 | ' | ' |
Pension and post-retirement benefit obligations | 45 | 61.7 | ' | ' |
Other non-current liabilities | 82.7 | 83.9 | ' | ' |
Total liabilities | 1,581.50 | 1,680.60 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 1.1 | 1.1 | ' | ' |
Treasury stock | -5.4 | -3.5 | ' | ' |
Paid-in capital | 2,040.80 | 2,035 | ' | ' |
Accumulated other comprehensive loss | -211.5 | -185.6 | ' | ' |
(Accumulated deficit) retained earnings | -1,097 | -1,144.70 | ' | ' |
Total stockholders' equity | 728 | 702.3 | ' | ' |
Total liabilities and stockholders' equity | 2,309.50 | 2,382.90 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Receivables from affiliates | -246.9 | -174.7 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Total current assets | -246.9 | -174.7 | ' | ' |
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 | -3,144.20 | -3,127.60 | ' | ' |
Total assets | -3,391.10 | -3,302.30 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable | 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 | -464.3 | -459.9 | ' | ' |
Total current liabilities | -464.3 | -459.9 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Long-term notes payable to affiliates | -238.7 | -240.2 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Pension and post-retirement benefit obligations | 0 | 0 | ' | ' |
Other non-current liabilities | 0 | 0 | ' | ' |
Total liabilities | -703 | -700.1 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | -700.4 | -715.5 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Paid-in capital | -2,294.40 | -2,294.20 | ' | ' |
Accumulated other comprehensive loss | 169.8 | 145.3 | ' | ' |
(Accumulated deficit) retained earnings | 136.9 | 262.2 | ' | ' |
Total stockholders' equity | -2,688.10 | -2,602.20 | ' | ' |
Total liabilities and stockholders' equity | -3,391.10 | -3,302.30 | ' | ' |
Parent | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 4.8 | 7 | 2.7 | 12.1 |
Accounts receivable, net | 0 | 0 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Receivables from affiliates | 18 | 8.2 | ' | ' |
Deferred income taxes | 27 | 20.9 | ' | ' |
Other current assets | 1.3 | 0.6 | ' | ' |
Total current assets | 51.1 | 36.7 | ' | ' |
Property, plant and equipment, net | 4.2 | 4.1 | ' | ' |
Deferred income taxes | 0.9 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Identifiable intangibles, net | 57.5 | 57.6 | ' | ' |
Other non-current assets | 17.6 | 20 | ' | ' |
Investment in, long term receivable from affiliates | 1,831.50 | 1,818.20 | ' | ' |
Total assets | 1,962.80 | 1,936.60 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable | 0 | ' | ' | ' |
Current portion of long-term debt | 0.1 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued compensation | 2.7 | 4.6 | ' | ' |
Accrued customer program liabilities | 0 | 0 | ' | ' |
Accrued interest | 15.2 | 7 | ' | ' |
Other current liabilities | 5.1 | 3 | ' | ' |
Payables to affiliates | 5.9 | 9.5 | ' | ' |
Total current liabilities | 29 | 24.1 | ' | ' |
Long-term debt | 895.6 | 920.7 | ' | ' |
Long-term notes payable to affiliates | 178.2 | 178.3 | ' | ' |
Deferred income taxes | 127.4 | 109.2 | ' | ' |
Pension and post-retirement benefit obligations | 1.3 | 1.5 | ' | ' |
Other non-current liabilities | 3.3 | 0.5 | ' | ' |
Total liabilities | 1,234.80 | 1,234.30 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 1.1 | 1.1 | ' | ' |
Treasury stock | -5.4 | -3.5 | ' | ' |
Paid-in capital | 2,040.80 | 2,035 | ' | ' |
Accumulated other comprehensive loss | -211.5 | -185.6 | ' | ' |
(Accumulated deficit) retained earnings | -1,097 | -1,144.70 | ' | ' |
Total stockholders' equity | 728 | 702.3 | ' | ' |
Total liabilities and stockholders' equity | 1,962.80 | 1,936.60 | ' | ' |
Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 1 | -1.4 | -3 |
Accounts receivable, net | 179.4 | 177.3 | ' | ' |
Inventories | 157.6 | 124.8 | ' | ' |
Receivables from affiliates | 166.8 | 101.5 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other current assets | 14.3 | 8.8 | ' | ' |
Total current assets | 518.1 | 413.4 | ' | ' |
Property, plant and equipment, net | 119.6 | 130.3 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Goodwill | 330.8 | 330.9 | ' | ' |
Identifiable intangibles, net | 402.2 | 415.4 | ' | ' |
Other non-current assets | 1.2 | 6.2 | ' | ' |
Investment in, long term receivable from affiliates | 871.7 | 868.4 | ' | ' |
Total assets | 2,243.60 | 2,164.60 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable | 0 | ' | ' | ' |
Current portion of long-term debt | 0.1 | 0.1 | ' | ' |
Accounts payable | 80 | 81.4 | ' | ' |
Accrued compensation | 15.9 | 12.3 | ' | ' |
Accrued customer program liabilities | 51.2 | 65.5 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Other current liabilities | 27.6 | 39.1 | ' | ' |
Payables to affiliates | 207.7 | 206.4 | ' | ' |
Total current liabilities | 382.5 | 404.8 | ' | ' |
Long-term debt | 0 | 0.1 | ' | ' |
Long-term notes payable to affiliates | 26.7 | 26.7 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Pension and post-retirement benefit obligations | 17.1 | 24.2 | ' | ' |
Other non-current liabilities | 19.4 | 22 | ' | ' |
Total liabilities | 445.7 | 477.8 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 448 | 448.1 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Paid-in capital | 1,551.10 | 1,551.20 | ' | ' |
Accumulated other comprehensive loss | -43.6 | -45.6 | ' | ' |
(Accumulated deficit) retained earnings | -157.6 | -266.9 | ' | ' |
Total stockholders' equity | 1,797.90 | 1,686.80 | ' | ' |
Total liabilities and stockholders' equity | 2,243.60 | 2,164.60 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 67.7 | 45.5 | 69.5 | 40.9 |
Accounts receivable, net | 207.4 | 294.6 | ' | ' |
Inventories | 128.6 | 129.9 | ' | ' |
Receivables from affiliates | 62.1 | 65 | ' | ' |
Deferred income taxes | 10.3 | 12.6 | ' | ' |
Other current assets | 26 | 18.7 | ' | ' |
Total current assets | 502.1 | 566.3 | ' | ' |
Property, plant and equipment, net | 118.9 | 118.9 | ' | ' |
Deferred income taxes | 30 | 37.3 | ' | ' |
Goodwill | 227.4 | 237.4 | ' | ' |
Identifiable intangibles, net | 125 | 134 | ' | ' |
Other non-current assets | 49.8 | 49.1 | ' | ' |
Investment in, long term receivable from affiliates | 441 | 441 | ' | ' |
Total assets | 1,494.20 | 1,584 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Notes payable | 0.8 | ' | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 70.9 | 96.5 | ' | ' |
Accrued compensation | 15.6 | 15.1 | ' | ' |
Accrued customer program liabilities | 45.7 | 58.1 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Other current liabilities | 42.2 | 62.4 | ' | ' |
Payables to affiliates | 250.7 | 244 | ' | ' |
Total current liabilities | 425.9 | 476.1 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Long-term notes payable to affiliates | 33.8 | 35.2 | ' | ' |
Deferred income taxes | 57.7 | 59.9 | ' | ' |
Pension and post-retirement benefit obligations | 26.6 | 36 | ' | ' |
Other non-current liabilities | 60 | 61.4 | ' | ' |
Total liabilities | 604 | 668.6 | ' | ' |
Stockholders' equity: | ' | ' | ' | ' |
Common stock | 252.4 | 267.4 | ' | ' |
Treasury stock | 0 | 0 | ' | ' |
Paid-in capital | 743.3 | 743 | ' | ' |
Accumulated other comprehensive loss | -126.2 | -99.7 | ' | ' |
(Accumulated deficit) retained earnings | 20.7 | 4.7 | ' | ' |
Total stockholders' equity | 890.2 | 915.4 | ' | ' |
Total liabilities and stockholders' equity | $1,494.20 | $1,584 | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | $472.20 | $469.20 | $1,229.30 | $1,261.40 | ||||
Affiliated sales | 0 | 0 | 0 | 0 | ||||
Net sales | 472.2 | 469.2 | 1,229.30 | 1,261.40 | ||||
Cost of products sold | 320.3 | 328.1 | 858.5 | 886.5 | ||||
Gross profit | 151.9 | 141.1 | 370.8 | 374.9 | ||||
Advertising, selling, general and administrative expenses | 84.2 | 82.6 | 247.2 | 259.3 | ||||
Amortization of intangibles | 5.4 | 5.9 | 16.9 | 18.7 | ||||
Restructuring charges | 0.5 | 2.3 | 1.6 | 17.9 | ||||
Operating income | 61.8 | [1] | 50.3 | [1] | 105.1 | [1] | 79 | [1] |
Expense (income) from affiliates | 0 | 0 | 0 | 0 | ||||
Interest expense | 12.5 | 13.9 | 37 | 45.3 | ||||
Interest income | -1.6 | -1.4 | -4.7 | -3.6 | ||||
Equity in earnings of joint ventures | -2.9 | -3.3 | -5.3 | -5.9 | ||||
Other expense (income), net | 0.2 | 0.1 | 0.3 | 9.6 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | 53.6 | 41 | 77.8 | 33.6 | ||||
Income tax expense | 19.4 | 14.6 | 30.1 | 6.6 | ||||
Income from continuing operations | 34.2 | 26.4 | 47.7 | 27 | ||||
Loss from discontinued operations, net of income taxes | 0 | 0 | 0 | -0.1 | ||||
Income (loss) before earnings of wholly owned subsidiaries | 34.2 | 26.4 | 47.7 | 26.9 | ||||
Earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | ||||
Net income | 34.2 | 26.4 | 47.7 | 26.9 | ||||
Comprehensive income (loss) | -19.2 | 22.6 | 21.8 | -12.1 | ||||
Eliminations | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | 0 | 0 | 0 | 0 | ||||
Affiliated sales | -3.7 | -4.5 | -15.3 | -15 | ||||
Net sales | -3.7 | -4.5 | -15.3 | -15 | ||||
Cost of products sold | -3.7 | -4.5 | -15.3 | -15 | ||||
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 | 0 | 0 | 0 | 0 | ||||
Interest income | 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 | 0 | 0 | 0 | 0 | ||||
Income from continuing operations | ' | ' | ' | 0 | ||||
Loss from discontinued operations, net of income taxes | ' | ' | ' | 0 | ||||
Income (loss) before earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | ||||
Earnings of wholly owned subsidiaries | -83.9 | -70.1 | -161.7 | -140 | ||||
Net income | -83.9 | -70.1 | -161.7 | -140 | ||||
Comprehensive income (loss) | -34.4 | -67.5 | -137.2 | -104.8 | ||||
Parent | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | 0 | 0 | 0 | 0 | ||||
Affiliated sales | 0 | 0 | 0 | 0 | ||||
Net sales | 0 | 0 | 0 | 0 | ||||
Cost of products sold | 0 | 0 | 0 | 0 | ||||
Gross profit | 0 | 0 | 0 | 0 | ||||
Advertising, selling, general and administrative expenses | 12.5 | 9.5 | 35.6 | 29.8 | ||||
Amortization of intangibles | 0.1 | 0.1 | 0.1 | 0.1 | ||||
Restructuring charges | 0 | 0 | -0.2 | 0 | ||||
Operating income | -12.6 | -9.6 | -35.5 | -29.9 | ||||
Expense (income) from affiliates | -0.5 | -0.6 | -1.2 | -1.2 | ||||
Interest expense | 12.6 | 13.9 | 37.3 | 44.8 | ||||
Interest income | 0 | 0 | 0 | 0 | ||||
Equity in earnings of joint ventures | 0 | 0 | 0 | 0 | ||||
Other expense (income), net | 0 | -0.8 | 1.1 | 6.6 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | -24.7 | -22.1 | -72.7 | -80.1 | ||||
Income tax expense | 8.6 | 5.7 | 10.6 | -3.7 | ||||
Income from continuing operations | ' | ' | ' | -76.4 | ||||
Loss from discontinued operations, net of income taxes | ' | ' | ' | 0 | ||||
Income (loss) before earnings of wholly owned subsidiaries | -33.3 | -27.8 | -83.3 | -76.4 | ||||
Earnings of wholly owned subsidiaries | 67.5 | 54.2 | 131 | 103.3 | ||||
Net income | 34.2 | 26.4 | 47.7 | 26.9 | ||||
Comprehensive income (loss) | ' | 22.6 | ' | -12.1 | ||||
Guarantors | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | 270.6 | 270.6 | 682.3 | 700 | ||||
Affiliated sales | 2.6 | 3.3 | 12.3 | 11.6 | ||||
Net sales | 273.2 | 273.9 | 694.6 | 711.6 | ||||
Cost of products sold | 186.8 | 195 | 486.3 | 504.8 | ||||
Gross profit | 86.4 | 78.9 | 208.3 | 206.8 | ||||
Advertising, selling, general and administrative expenses | 39.8 | 43.1 | 115.3 | 137.8 | ||||
Amortization of intangibles | 4.3 | 4.6 | 13.5 | 14.9 | ||||
Restructuring charges | -0.3 | 0.3 | -0.2 | 5.6 | ||||
Operating income | 42.6 | 30.9 | 79.7 | 48.5 | ||||
Expense (income) from affiliates | -6.5 | -7.2 | -20 | -19.6 | ||||
Interest expense | 0 | 0 | 0 | 0 | ||||
Interest income | 0 | -0.1 | 0 | -0.1 | ||||
Equity in earnings of joint ventures | 0 | 0 | 0 | 0 | ||||
Other expense (income), net | -0.9 | 0.5 | -0.6 | 2.3 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | 50 | 37.7 | 100.3 | 65.9 | ||||
Income tax expense | 0 | 0 | 0 | 0 | ||||
Income from continuing operations | ' | ' | ' | 65.9 | ||||
Loss from discontinued operations, net of income taxes | ' | ' | ' | -0.1 | ||||
Income (loss) before earnings of wholly owned subsidiaries | 50 | 37.7 | 100.3 | 65.8 | ||||
Earnings of wholly owned subsidiaries | 16.4 | 15.9 | 30.7 | 36.7 | ||||
Net income | 66.4 | 53.6 | 131 | 102.5 | ||||
Comprehensive income (loss) | 66.9 | 55 | 133 | 106.7 | ||||
Non-Guarantors | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Unaffiliated sales | 201.6 | 198.6 | 547 | 561.4 | ||||
Affiliated sales | 1.1 | 1.2 | 3 | 3.4 | ||||
Net sales | 202.7 | 199.8 | 550 | 564.8 | ||||
Cost of products sold | 137.2 | 137.6 | 387.5 | 396.7 | ||||
Gross profit | 65.5 | 62.2 | 162.5 | 168.1 | ||||
Advertising, selling, general and administrative expenses | 31.9 | 30 | 96.3 | 91.7 | ||||
Amortization of intangibles | 1 | 1.2 | 3.3 | 3.7 | ||||
Restructuring charges | 0.8 | 2 | 2 | 12.3 | ||||
Operating income | 31.8 | 29 | 60.9 | 60.4 | ||||
Expense (income) from affiliates | 7 | 7.8 | 21.2 | 20.8 | ||||
Interest expense | -0.1 | 0 | -0.3 | 0.5 | ||||
Interest income | -1.6 | -1.3 | -4.7 | -3.5 | ||||
Equity in earnings of joint ventures | -2.9 | -3.3 | -5.3 | -5.9 | ||||
Other expense (income), net | 1.1 | 0.4 | -0.2 | 0.7 | ||||
Income (loss) from continuing operations before income taxes and earnings of wholly owned subsidiaries | 28.3 | 25.4 | 50.2 | 47.8 | ||||
Income tax expense | 10.8 | 8.9 | 19.5 | 10.3 | ||||
Income from continuing operations | ' | ' | ' | 37.5 | ||||
Loss from discontinued operations, net of income taxes | ' | ' | ' | 0 | ||||
Income (loss) before earnings of wholly owned subsidiaries | 17.5 | 16.5 | 30.7 | 37.5 | ||||
Earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | ||||
Net income | 17.5 | 16.5 | 30.7 | 37.5 | ||||
Comprehensive income (loss) | ($32.50) | $12.50 | $4.20 | ($1.90) | ||||
[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, 2014 | Sep. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | $67.50 | $125.20 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -21.1 | -30.2 |
Payments for (proceeds from) interest in affiliates | 0 | 0 |
Payments related to the sale of discontinued operations | 0 | -1.4 |
Proceeds from the disposition of assets | 3.8 | 4.2 |
Net cash (used) provided by investing activities | -17.3 | -27.4 |
Financing activities | ' | ' |
Intercompany financing | 0 | 0 |
Net dividends | 0 | 0 |
Proceeds from long-term borrowings | 0 | 530 |
Repayments of long-term debt | -25.1 | -601.5 |
Borrowings of notes payable, net | 0.8 | 1.1 |
Payments for debt issuance costs | -0.3 | -4.3 |
Repurchase of common stock | -2.9 | 0 |
Other | -1.9 | -0.6 |
Net cash used by financing activities | -29.4 | -75.3 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1.8 | -1.7 |
Net increase in cash and cash equivalents | 19 | 20.8 |
Cash and cash equivalents: | ' | ' |
Beginning of the period | 53.5 | 50 |
End of the period | 72.5 | 70.8 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | -52.3 | -58.2 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -0.2 | 0 |
Payments for (proceeds from) interest in affiliates | 0 | 0 |
Payments related to the sale of discontinued operations | ' | 0 |
Proceeds from the disposition of assets | 0 | 0 |
Net cash (used) provided by investing activities | -0.2 | 0 |
Financing activities | ' | ' |
Intercompany financing | 55.7 | 43.8 |
Net dividends | 24.7 | 57.8 |
Proceeds from long-term borrowings | ' | 530 |
Repayments of long-term debt | -25 | -580.1 |
Borrowings of notes payable, net | 0 | 2.2 |
Payments for debt issuance costs | -0.3 | -4.3 |
Repurchase of common stock | -2.9 | ' |
Other | -1.9 | -0.6 |
Net cash used by financing activities | 50.3 | 48.8 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | -2.2 | -9.4 |
Cash and cash equivalents: | ' | ' |
Beginning of the period | 7 | 12.1 |
End of the period | 4.8 | 2.7 |
Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 62 | 85.8 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -6.7 | -19.6 |
Payments for (proceeds from) interest in affiliates | 15.1 | 49.3 |
Payments related to the sale of discontinued operations | ' | -1.4 |
Proceeds from the disposition of assets | 3.6 | 0 |
Net cash (used) provided by investing activities | 12 | 28.3 |
Financing activities | ' | ' |
Intercompany financing | -64.9 | -71.1 |
Net dividends | -10 | -41.4 |
Proceeds from long-term borrowings | ' | 0 |
Repayments of long-term debt | -0.1 | 0 |
Borrowings of notes payable, net | 0 | 0 |
Payments for debt issuance costs | 0 | 0 |
Repurchase of common stock | 0 | ' |
Other | 0 | 0 |
Net cash used by financing activities | -75 | -112.5 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | -1 | 1.6 |
Cash and cash equivalents: | ' | ' |
Beginning of the period | 1 | -3 |
End of the period | 0 | -1.4 |
Non-Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash provided by operating activities | 57.8 | 97.6 |
Investing activities | ' | ' |
Additions to property, plant and equipment | -14.2 | -10.6 |
Payments for (proceeds from) interest in affiliates | -15.1 | -49.3 |
Payments related to the sale of discontinued operations | ' | 0 |
Proceeds from the disposition of assets | 0.2 | 4.2 |
Net cash (used) provided by investing activities | -29.1 | -55.7 |
Financing activities | ' | ' |
Intercompany financing | 9.2 | 27.3 |
Net dividends | -14.7 | -16.4 |
Proceeds from long-term borrowings | ' | 0 |
Repayments of long-term debt | 0 | -21.4 |
Borrowings of notes payable, net | 0.8 | -1.1 |
Payments for debt issuance costs | 0 | 0 |
Repurchase of common stock | 0 | ' |
Other | 0 | 0 |
Net cash used by financing activities | -4.7 | -11.6 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1.8 | -1.7 |
Net increase in cash and cash equivalents | 22.2 | 28.6 |
Cash and cash equivalents: | ' | ' |
Beginning of the period | 45.5 | 40.9 |
End of the period | $67.70 | $69.50 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information Condensed Consolidating Financial Information Narrative (Details) (Senior Unsecured Note, due April 2020 6 point 75, Senior Notes) | Sep. 30, 2014 | Dec. 31, 2013 |
Senior Unsecured Note, due April 2020 6 point 75 | Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | 6.75% |