Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 22, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ACCO BRANDS CORP | |
Entity Central Index Key | 712,034 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 106,381,552 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 70.9 | $ 53.2 |
Accounts receivable, net | 323.8 | 420.5 |
Inventories | 251.6 | 229.9 |
Deferred income taxes | 33.3 | 39.4 |
Other current assets | 30.5 | 35.8 |
Total current assets | 710.1 | 778.8 |
Total property, plant and equipment | 529.4 | 547.7 |
Less accumulated depreciation | (318.8) | (312.2) |
Property, plant and equipment, net | 210.6 | 235.5 |
Deferred income taxes | 29.2 | 31.7 |
Goodwill | 498.1 | 544.9 |
Identifiable intangibles, net | 525.5 | 571.4 |
Other non-current assets | 53.2 | 64.1 |
Total assets | 2,026.7 | 2,226.4 |
Current liabilities: | ||
Notes payable | 47 | 0.8 |
Current portion of long-term debt | 0 | 0.8 |
Accounts payable | 132 | 159.1 |
Accrued compensation | 32.7 | 36.6 |
Accrued customer program liabilities | 87.6 | 111.8 |
Accrued interest | 14.7 | 6.5 |
Other current liabilities | 54.8 | 79.8 |
Total current liabilities | 368.8 | 395.4 |
Long-term debt | 779 | 799 |
Deferred income taxes | 168 | 172.2 |
Pension and post-retirement benefit obligations | 85.5 | 100.5 |
Other non-current liabilities | 64.4 | 78.3 |
Total liabilities | 1,465.7 | 1,545.4 |
Stockholders' equity: | ||
Common stock | 1.1 | 1.1 |
Treasury stock | (11.8) | (5.9) |
Paid-in capital | 1,994.9 | 2,031.5 |
Accumulated other comprehensive loss | (424.6) | (292.6) |
Accumulated deficit | (998.6) | (1,053.1) |
Total stockholders' equity | 561 | 681 |
Total liabilities and stockholders' equity | $ 2,026.7 | $ 2,226.4 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Net sales | $ 413.6 | $ 472.2 | $ 1,098.3 | $ 1,229.3 | |
Cost of products sold | 279.9 | 318.9 | 757.7 | 856.3 | |
Gross profit | 133.7 | 153.3 | 340.6 | 373 | |
Operating costs and expenses: | |||||
Advertising, selling, general and administrative expenses | 74.1 | 85.6 | 219.4 | 249.4 | |
Amortization of intangibles | 4.8 | 5.4 | 14.9 | 16.9 | |
Restructuring charges (credits) | 0 | 0.5 | (0.3) | 1.6 | |
Total operating costs and expenses | 78.9 | 91.5 | 234 | 267.9 | |
Operating income | [1] | 54.8 | 61.8 | 106.6 | 105.1 |
Non-operating expense (income): | |||||
Interest expense | 11 | 12.5 | 33.5 | 37 | |
Interest income | (1.9) | (1.6) | (5.3) | (4.7) | |
Equity in earnings of joint ventures | (2.5) | (2.9) | (5.1) | (5.3) | |
Other expense, net | 0.3 | 0.2 | 2.2 | 0.3 | |
Income before income tax | 47.9 | 53.6 | 81.3 | 77.8 | |
Income tax expense | 15.3 | 19.4 | 26.8 | 30.1 | |
Net income | $ 32.6 | $ 34.2 | $ 54.5 | $ 47.7 | |
Basic income per share: | |||||
Basic income per share | $ 0.30 | $ 0.30 | $ 0.50 | $ 0.42 | |
Diluted income per share: | |||||
Diluted income per share | $ 0.30 | $ 0.29 | $ 0.49 | $ 0.41 | |
Weighted average number of shares outstanding: | |||||
Basic | 108 | 114.4 | 109.7 | 114.2 | |
Diluted | 109.5 | 117 | 111.5 | 116.7 | |
[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 Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income | $ 32.6 | $ 34.2 | $ 54.5 | $ 47.7 |
Unrealized gain on derivative financial instruments: | ||||
Gain arising during the period | 3.1 | 4 | 7.3 | 3.7 |
Reclassification of gain included in net income | (1.8) | (0.3) | (9.1) | (1.2) |
Foreign currency translation: | ||||
Foreign currency translation adjustments | (74.4) | (60) | (135) | (32.2) |
Pension and other post-retirement plans: | ||||
Amortization of actuarial loss included in net income | 1 | 1.6 | 3.2 | 4.7 |
Amortization of prior service cost included in net income | 0 | 0.1 | 0.2 | 0.3 |
Other | 3.4 | 3.9 | 2.6 | 1.5 |
Other comprehensive loss, before tax | (68.7) | (50.7) | (130.8) | (23.2) |
Income tax expense related to items of other comprehensive loss | (1.7) | (2.7) | (1.2) | (2.7) |
Comprehensive income (loss) | $ (37.8) | $ (19.2) | $ (77.5) | $ 21.8 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities | ||
Net income | $ 54.5 | $ 47.7 |
(Gain) loss on disposal of assets | (0.1) | 0.6 |
Depreciation | 24.7 | 26.8 |
Other non-cash charges | 0.1 | 0.6 |
Amortization of debt issuance costs | 2.5 | 2.9 |
Amortization of intangibles | 14.9 | 16.9 |
Stock-based compensation | 10.5 | 11.6 |
Loss on debt extinguishment | 1.9 | 0 |
Equity in earnings of joint ventures, net of dividends received | (1.3) | (0.4) |
Changes in balance sheet items: | ||
Accounts receivable | 40.7 | 72.3 |
Inventories | (37.3) | (37.5) |
Other assets | (4.7) | (10.1) |
Accounts payable | (18.3) | (23.2) |
Accrued expenses and other liabilities | (36.1) | (49) |
Accrued income taxes | 17.7 | 8.3 |
Net cash provided by operating activities | 69.7 | 67.5 |
Investing activities | ||
Additions to property, plant and equipment | (21.4) | (21.1) |
Proceeds from the disposition of assets | 2.7 | 3.8 |
Net cash used by investing activities | (18.7) | (17.3) |
Financing activities | ||
Proceeds from long-term borrowings | 300 | 0 |
Repayments of long-term debt | (320.1) | (25.1) |
Borrowings of notes payable, net | 46.2 | 0.8 |
Payments for debt issuance costs | (1.7) | (0.3) |
Repurchases of common stock | (46) | (2.9) |
Payments related to tax withholding for share-based compensation | (5.9) | (1.9) |
Proceeds from the exercise of stock options | 0.5 | 0 |
Net cash used by financing activities | (27) | (29.4) |
Effect of foreign exchange rate changes on cash and cash equivalents | (6.3) | (1.8) |
Net increase in cash and cash equivalents | 17.7 | 19 |
Cash and cash equivalents | ||
Beginning of the period | 53.2 | 53.5 |
End of the period | $ 70.9 | $ 72.5 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | 1. Basis of Presentation As used in this Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 , 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, 2014 . The Condensed Consolidated Balance Sheet as of September 30, 2015 , the related Condensed Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2015 and 2014 and Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014 are unaudited. The December 31, 2014 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, 2014 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, 2015 and 2014 , and the financial position of the Company as of September 30, 2015 . Interim results may not be indicative of results for a full year. We have reclassified certain costs from cost of products sold to SG&A to align classifications of certain expenses across our businesses. All prior periods have been adjusted to make the results comparable. For the three and nine months ended September 30, 2014 , reclassified costs totaled $1.4 million and $2.2 million , respectively. These historical reclassifications are not material and have had no effect on net income. 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 Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. The guidance permits companies to either apply the requirements retrospectively to all prior periods presented, or apply the requirements in the year of adoption, through a cumulative adjustment. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (“ASU 2015-14”) deferring by one year the effective date of ASU 2014-09 until reporting periods beginning after December 15, 2017, with early adoption permitted for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. The Company is currently in the process of evaluating the impact of adoption of ASU 2014-09 on the Company’s Consolidated Financial Statements. In July 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-11, Simplifying the Measurement of Inventory ("ASU 2015-11"). The standard applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in U.S. GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is in the process of evaluating the impact of adoption of ASU 2015-11 on its consolidated financial statements. |
Long-Term Debt And Short-Term B
Long-Term Debt And Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt And Short-Term Borrowings | 3. 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, 2015 and December 31, 2014 : (in millions of dollars) September 30, December 31, U.S. Dollar Senior Secured Term Loan A, due April 2020 (floating interest rate of 1.82% at September 30, 2015) $ 279.0 $ — U.S. Dollar Senior Secured Term Loan A, due May 2018 (floating interest rate of 2.24% at December 31, 2014) — 299.0 Senior Secured Revolving Credit Facility, due April 2020 (floating interest rate of 1.70% at September 30, 2015) 47.0 — Senior Unsecured Notes, due April 2020 (fixed interest rate of 6.75%) 500.0 500.0 Other borrowings — 1.6 Total debt 826.0 800.6 Less: current portion (47.0 ) (1.6 ) Total long-term debt $ 779.0 $ 799.0 Effective April 28, 2015 (the "Effective Date"), the Company entered into a Second Amended and Restated Credit Agreement, dated as of April 28, 2015 (the "Restated Credit Agreement"), among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other agents and lenders party thereto. The Restated Credit Agreement amends and restates the Company’s existing credit agreement, dated as of May 13, 2013, as amended (the "2013 Credit Agreement"). The Company subsequently entered into a First Amendment to the Restated Credit Agreement, dated as of July 7, 2015 (the “First Amendment”), which eliminated the requirement to use commercially reasonable efforts to maintain public ratings of the Company’s senior secured debt and revised the definition of “Change of Control” in Section 1.01 of the Restated Credit Agreement to remove language that could be viewed as effectively limiting the ability of stockholders to nominate and elect new directors, commonly referred to as a “dead hand proxy put.” The revision to the definition of “Change of Control” in the First Amendment is responsive to recent developments under Delaware law. The Restated Credit Agreement provides for a $600.0 million , five -year senior secured credit facility, which consists of a $300.0 million revolving credit facility (the "Restated Revolving Facility") and a $300.0 million term loan. Specifically, in connection with the Restated Credit Agreement, the Company: • replaced the Company’s existing U.S.-dollar denominated Senior Secured Term A Loan, due May 2018, under the 2013 Credit Agreement (the "Existing Term A Loan"), which had an aggregate principal amount of $299.0 million outstanding immediately prior to the Effective Date, with a new U.S.-dollar denominated Senior Secured Term A Loan, in an aggregate original principal amount of $300.0 million (the "Restated Term A Loan"); and • replaced the $250.0 million revolving credit facility under the 2013 Credit Agreement with the Restated Revolving Facility, under which approximately $42.0 million was outstanding immediately following the Effective Date. As of September 30, 2015 , there were borrowings of $47.0 million under the Restated Revolving Facility. The amount available for borrowings was $243.9 million (allowing for $9.1 million of letters of credit outstanding on that date). We expect to repay the Restated Revolving Facility by the end of 2015. Loan Covenants As more fully described in the Company's Form 10-Q for the period ended June 30, 2015, the Company must comply with certain covenants and financial tests under the Restated Credit Agreement and the indenture governing the senior unsecured notes. As of and for the period ended September 30, 2015 , the Company was in compliance with all applicable loan covenants and financial tests. Guarantees and security Generally, obligations under the Restated Credit Agreement are guaranteed by certain of the Company’s existing and future subsidiaries, and are secured by substantially all of the Company’s and certain guarantor subsidiaries’ assets, subject to certain exclusions and limitations. |
Pension And Other Retiree Benef
Pension And Other Retiree Benefits | 9 Months Ended |
Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension And Other Retiree Benefits | 4. 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, 2015 and 2014 were as follows: Three Months Ended September 30, Pension Benefits Post-retirement U.S. International (in millions of dollars) 2015 2014 2015 2014 2015 2014 Service cost $ 0.4 $ 0.5 $ 0.3 $ 0.2 $ 0.1 $ — Interest cost 2.1 2.2 3.3 4.0 0.2 0.2 Expected return on plan assets (3.0 ) (3.0 ) (5.6 ) (5.8 ) — — Amortization of net loss (gain) 0.6 1.3 0.6 0.5 (0.2 ) (0.2 ) Amortization of prior service cost (credit) 0.1 0.1 — — (0.1 ) — Net periodic benefit cost (income) $ 0.2 $ 1.1 $ (1.4 ) $ (1.1 ) $ — $ — Nine Months Ended September 30, Pension Benefits Post-retirement U.S. International (in millions of dollars) 2015 2014 2015 2014 2015 2014 Service cost $ 1.2 $ 1.5 $ 0.7 $ 0.6 $ 0.1 $ 0.1 Interest cost 6.5 6.5 9.7 11.9 0.3 0.4 Expected return on plan assets (9.2 ) (9.0 ) (16.5 ) (17.3 ) — — Amortization of net loss (gain) 1.6 3.9 1.8 1.5 (0.2 ) (0.7 ) Amortization of prior service cost (credit) 0.3 0.3 — — (0.1 ) — Curtailment gain — — — — (0.2 ) — Settlement gain — — — — (0.3 ) — Net periodic benefit cost (income) $ 0.4 $ 3.2 $ (4.3 ) $ (3.3 ) $ (0.4 ) $ (0.2 ) We expect to contribute approximately $7.3 million to our defined benefit plans in 2015 . For the nine months ended September 30, 2015 , we have contributed $5.7 million to these plans. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 5. Stock-Based Compensation The following table summarizes the our 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, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Stock option compensation expense $ 1.0 $ 0.9 $ 2.9 $ 2.8 RSU compensation expense 1.0 1.4 3.8 5.0 PSU compensation expense 0.9 1.6 3.8 3.8 Total stock-based compensation expense $ 2.9 $ 3.9 $ 10.5 $ 11.6 We generally recognize compensation expense for stock-based awards ratably over the vesting period. Stock-based compensation expense for the nine months ended September 30, 2015 and 2014 includes $0.8 million and $0.8 million , respectively, of expense related to stock awards granted to eligible non-employee directors, which were fully vested on the grant date. The following table summarizes our unrecognized compensation expense and the weighted-average period over which the expense will be recognized as of September 30, 2015 : September 30, 2015 Unrecognized Weighted Average Compensation Years Expense To Be (in millions of dollars, except weighted average years) Expense Recognized Over Stock options $5.6 1.8 RSUs $5.3 1.9 PSUs $8.1 1.8 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. 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, Raw materials $ 33.8 $ 36.7 Work in process 2.6 2.0 Finished goods 215.2 191.2 Total inventories $ 251.6 $ 229.9 |
Goodwill And Identifiable Intan
Goodwill And Identifiable Intangibles | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Identifiable Intangibles | 7. Goodwill and Identifiable Intangibles Goodwill As more fully described in the Company’s 2014 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, on a qualitative basis, as allowed by U.S. GAAP, in the second quarter of 2015 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 Balance at December 31, 2014 $ 387.6 $ 150.5 $ 6.8 $ 544.9 Translation (8.3 ) (38.5 ) — (46.8 ) Balance at September 30, 2015 $ 379.3 $ 112.0 $ 6.8 $ 498.1 Goodwill $ 510.2 $ 196.2 $ 6.8 $ 713.2 Accumulated impairment losses (130.9 ) (84.2 ) — (215.1 ) Balance at September 30, 2015 $ 379.3 $ 112.0 $ 6.8 $ 498.1 Identifiable Intangible Assets The gross carrying value and accumulated amortization by class of identifiable intangible assets as of September 30, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 (in millions of dollars) Gross Accumulated Net Gross Accumulated Net Indefinite-lived intangible assets: Trade names $ 471.2 $ (44.5 ) (1) $ 426.7 $ 499.4 $ (44.5 ) (1) $ 454.9 Amortizable intangible assets: Trade names 124.8 (61.3 ) 63.5 127.7 (55.5 ) 72.2 Customer and contractual relationships 97.8 (63.4 ) 34.4 100.4 (57.2 ) 43.2 Patents/proprietary technology 10.0 (9.1 ) 0.9 10.2 (9.1 ) 1.1 Subtotal 232.6 (133.8 ) 98.8 238.3 (121.8 ) 116.5 Total identifiable intangibles $ 703.8 $ (178.3 ) $ 525.5 $ 737.7 $ (166.3 ) $ 571.4 (1) Accumulated amortization prior to the adoption of authoritative guidance on goodwill and indefinite-lived intangible assets, at which time further amortization ceased. The Company’s intangible amortization expense was $4.8 million and $5.4 million for the three months ended September 30, 2015 and 2014 , respectively and $14.9 million and $16.9 million for the nine months ended September 30, 2015 and 2014 , respectively. Estimated amortization expense for amortizable intangible assets as of September 30, 2015 for the current year and the next five years are as follows: (in millions of dollars) 2015 2016 2017 2018 2019 Estimated amortization expense $ 19.6 $ 17.5 $ 14.3 $ 12.1 $ 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, on a qualitative basis, as allowed by U.S. GAAP, in the second quarter of 2015 and concluded that no impairment existed. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 8. Restructuring During 2014 and in years prior, we initiated restructuring actions that further enhanced our ongoing efforts to centralize, control and streamline our global and regional operational, supply chain and administrative functions, primarily associated with our North American school, office and Computer Products Group workforce. We recorded $0.5 million of expense related to these restructuring actions for the three months ended September 30, 2014 , and $0.3 million of income and $1.6 million of expense for the nine months ended September 30, 2015 and 2014 , respectively. Employee termination income in 2015 relates to the release of reserves no longer required. A summary of the activity in the restructuring accounts for the nine months ended September 30, 2015 was as follows: (in millions of dollars) Balance at December 31, 2014 (Income)/ Provision Cash Non-cash Balance at September 30, 2015 Employee termination costs $ 7.8 $ (0.5 ) $ (5.2 ) $ (0.3 ) $ 1.8 Termination of lease agreements 0.6 0.2 (0.5 ) — 0.3 Total restructuring liability $ 8.4 $ (0.3 ) $ (5.7 ) $ (0.3 ) $ 2.1 We expect the remaining $1.8 million of employee termination and $0.3 million of lease termination costs to be substantially paid within the next nine months. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The reconciliation of income taxes for the three and nine month periods ended September 30, 2015 and 2014 , computed at the U.S. federal statutory income tax rate, compared to our effective income tax rate, was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Income tax expense computed at U.S. statutory income tax rate (35%) $ 16.7 $ 18.8 $ 28.4 $ 27.3 Interest on Brazilian Tax Assessment 0.7 0.8 2.1 2.4 Correction of deferred tax — — (1.6 ) — Miscellaneous (2.1 ) (0.2 ) (2.1 ) 0.4 Income tax expense as reported $ 15.3 $ 19.4 $ 26.8 $ 30.1 Effective tax rate 31.9 % 36.2 % 33.0 % 38.7 % For the nine months ended September 30, 2015 , we recorded an income tax expense of $26.8 million on income before taxes of $81.3 million . For the nine months ended September 30, 2014 , we reported an income tax expense of $30.1 million on income before taxes of $77.8 million . The lower effective tax rate in 2015 is due to a correction of prior-period deferred taxes in a foreign entity, the impact of foreign exchange, lower foreign earnings and dividend payments to the U.S. The Company determined that the impact of the deferred tax correction was not material to the current or prior periods, and accordingly, a restatement of the prior period tax expense was not deemed to be necessary. The U.S. federal statute of limitations remains open for the year 2012 and forward. Foreign and U.S. state jurisdictions have statutes of limitations generally ranging from 2 to 5 years. Years still open to examination by foreign tax authorities in major jurisdictions include Australia (2011 forward), Brazil (2010 forward), Canada (2007 forward) and the U.K. (2012 forward). We are currently under examination in certain 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 including Tilibra Produtos de Papelaria Ltda. ("Tilibra"). In December of 2012, the Federal Revenue Department of the Ministry of Finance of Brazil ("FRD") issued a tax assessment (the "Brazilian Tax Assessment") against Tilibra, which challenged the tax 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. 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 still 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 for one or more of those years. With respect to years 2007 to 2012 we have accrued a total of R 109.3 million ( $27.1 million based on current exchange rates) of tax, penalties and interest. If the FRD's initial position is ultimately sustained, the amount assessed would materially and 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, we consider the outcome of this dispute to be uncertain. Since it is not more likely than not that we will prevail, in 2012, we recorded a reserve in the amount of $44.5 million (at December 31, 2012 exchange rates) in consideration of this contingency, of which $43.3 million was recorded as an adjustment to the purchase price and which included the 2008-2012 tax years plus interest and penalties through December 2012. In addition, we 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, 2015 , we accrued additional interest as a charge to current tax expense of $ 0.7 million and $2.1 million , respectively, and $0.8 million and $2.4 million for the same periods in 2014 . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 10. Earnings per Share Total outstanding shares as of September 30, 2015 and 2014 were 107.4 million and 114.1 million , respectively. Under our stock repurchase program, for the three and nine months ended September 30, 2015 we repurchased and retired 1.0 million and 6.1 million shares, respectively, of common stock. In addition, for the nine months ended September 30, 2015 we acquired 0.7 million treasury shares, primarily related to tax withholding for share-based compensation. 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) 2015 2014 2015 2014 Weighted-average number of common shares outstanding — basic 108.0 114.4 109.7 114.2 Stock options 0.1 — 0.2 — Stock-settled stock appreciation rights 0.3 0.6 0.4 0.6 Restricted stock units 1.1 2.0 1.2 1.9 Adjusted weighted-average shares and assumed conversions — diluted 109.5 117.0 111.5 116.7 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, 2015 , these shares were approximately 7.0 million and 5.4 million , respectively. For the three and nine months ended September 30, 2014 , these shares were approximately 7.3 million and 6.6 million , respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. 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, British pound and Japanese Yen. We are subject to credit risk, which relates to the ability of counterparties to meet their contractual payment obligations or the potential non-performance by counterparties to financial instrument contracts. Management continues to monitor the status of our counterparties and will take action, as appropriate, to further manage our counterparty credit risk. There are no credit contingency features in our derivative financial instruments. When hedge accounting is applicable on the date 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, 2015 and December 31, 2014 , we had cash-flow-designated foreign exchange contracts outstanding with a U.S. dollar equivalent notional value of $69.4 million and $68.4 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 December 2016 . As of September 30, 2015 and December 31, 2014 , we had undesignated foreign exchange contracts outstanding with a U.S. dollar equivalent notional value of $57.3 million and $55.8 million , respectively. The following table summarizes the fair value of our derivative financial instruments as of September 30, 2015 and December 31, 2014 : Fair Value of Derivative Instruments Derivative Assets Derivative Liabilities (in millions of dollars) Balance Sheet September 30, 2015 December 31, Balance Sheet September 30, 2015 December 31, Derivatives designated as hedging instruments: Foreign exchange contracts Other current assets $ 2.9 $ 4.6 Other current liabilities $ 0.4 $ 0.1 Derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets 0.4 0.1 Other current liabilities 0.1 0.4 Total derivatives $ 3.3 $ 4.7 $ 0.5 $ 0.5 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, 2015 and 2014 : 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 Three Months Ended September 30, Three Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Cash flow hedges: Foreign exchange contracts $ 3.1 $ 4.0 Cost of products sold $ (1.8 ) $ (0.3 ) 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 Nine Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Cash flow hedges: Foreign exchange contracts $ 7.3 $ 3.7 Cost of products sold $ (9.1 ) $ (1.2 ) 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 Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Foreign exchange contracts Other expense, net $ (1.9 ) $ — $ (0.9 ) $ 1.4 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | 12. 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, 2015 and December 31, 2014 : (in millions of dollars) September 30, December 31, Assets: Forward currency contracts $ 3.3 $ 4.7 Liabilities: Forward currency contracts $ 0.5 $ 0.5 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 $826.0 million and $800.6 million and the estimated fair value of total debt was $848.5 million and $831.9 million at September 30, 2015 and December 31, 2014 , respectively. The fair values are determined from quoted market prices, where available, and from investment bankers using current interest rates considering credit ratings and the remaining time to maturity. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 13. 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 Balance at December 31, 2014 $ 2.7 $ (166.0 ) $ (129.3 ) $ (292.6 ) Other comprehensive income (loss) before reclassifications, net of tax 5.1 (135.0 ) 2.3 (127.6 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (6.4 ) — 2.0 (4.4 ) Balance at September 30, 2015 $ 1.4 $ (301.0 ) $ (125.0 ) $ (424.6 ) The reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in millions of dollars) Amount Reclassified from Accumulated Other Comprehensive Income Amount Reclassified from Accumulated Other Comprehensive Income Location on Income Statement Details about Accumulated Other Comprehensive Income Components Gain on cash flow hedges: Foreign exchange contracts $ 1.8 $ 0.3 $ 9.1 $ 1.2 Cost of products sold Tax expense (0.6 ) — (2.7 ) (0.2 ) Income tax expense Net of tax $ 1.2 $ 0.3 $ 6.4 $ 1.0 Defined benefit plan items: Amortization of actuarial loss $ (1.0 ) $ (1.6 ) $ (3.2 ) $ (4.7 ) (1) Amortization of prior service cost — (0.1 ) (0.2 ) (0.3 ) (1) Total before tax (1.0 ) (1.7 ) (3.4 ) (5.0 ) Tax benefit 0.2 0.6 1.4 1.8 Income tax expense Net of tax $ (0.8 ) $ (1.1 ) $ (2.0 ) $ (3.2 ) Total reclassifications for the period, net of tax $ 0.4 $ (0.8 ) $ 4.4 $ (2.2 ) (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and post-retirement plans (See " Note 4. Pension and Other Retiree Benefits " for additional details). |
Information On Business Segment
Information On Business Segments | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Information on Business Segments | 14. 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, primarily Northern Europe, Brazil, Australia and Mexico. 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 traditional office supply resellers, wholesalers and other retailers, including on-line retailers. We also supply some of our products directly to large commercial and industrial end-users, and provide business machine maintenance and certain repair services. We also supply private label products within the office products sector. Our school products include notebooks, folders, decorative calendars and stationery products. We distribute our school products primarily through mass merchandisers, and other retailers, such as grocery, drug and office superstores as well as on-line retailers. 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 directly to consumers both on-line and through direct mail. The customer base to which we sell our products is primarily made up of large global and regional resellers of our products including traditional office supply resellers, wholesalers and other retailers, including on-line retailers. Mass merchandisers and retail channels primarily sell to individual consumers but also to small businesses. We also sell to commercial contract dealers, wholesalers, distributors and independent dealers who primarily serve business end-users. 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. We also sell calendar and computer products directly to consumers. Computer Products Group Our Computer Products Group designs, sources, distributes, markets and sells accessories for laptop and desktop computers and tablets. These accessories primarily include security products, input devices such as mice, laptop computer carrying cases, hubs, docking stations, power adapters, tablet accessories and charging racks and ergonomic devices. We sell these products mostly under the Kensington ® , Microsaver ® and ClickSafe ® brand names, with the majority of revenue coming from the U.S. and Northern Europe. Our computer products are manufactured by third-party suppliers, principally in Asia, and are 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, as well as directly to consumers on-line. Net sales by business segment for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 ACCO Brands North America $ 279.8 $ 297.4 $ 715.1 $ 752.5 ACCO Brands International 104.3 140.7 295.6 376.3 Computer Products Group 29.5 34.1 87.6 100.5 Net sales $ 413.6 $ 472.2 $ 1,098.3 $ 1,229.3 Operating income by business segment for the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 ACCO Brands North America $ 48.4 $ 50.5 $ 104.1 $ 98.0 ACCO Brands International 11.3 19.1 20.8 31.9 Computer Products Group 2.7 2.7 6.9 5.0 Segment operating income 62.4 72.3 131.8 134.9 Corporate (7.6 ) (10.5 ) (25.2 ) (29.8 ) Operating income (a) 54.8 61.8 106.6 105.1 Interest expense 11.0 12.5 33.5 37.0 Interest income (1.9 ) (1.6 ) (5.3 ) (4.7 ) Equity in earnings of joint ventures (2.5 ) (2.9 ) (5.1 ) (5.3 ) Other expense, net 0.3 0.2 2.2 0.3 Income before income tax $ 47.9 $ 53.6 $ 81.3 $ 77.8 (a) Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less advertising, selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges. |
Joint Venture Investments
Joint Venture Investments | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture Investments | 15. 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) 2015 2014 2015 2014 Net sales $ 26.2 $ 32.4 $ 74.6 $ 80.9 Gross profit 12.7 14.1 31.8 32.0 Net income 5.1 5.7 10.3 10.5 (in millions of dollars) September 30, December 31, Current assets $ 67.8 $ 83.4 Non-current assets 41.9 47.3 Current liabilities 34.9 40.7 Non-current liabilities 13.5 22.0 |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 16. 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 Financi
Condensed Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Financial Information | 17. 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, 2015 and 2014 , cash flows for the nine months ended September 30, 2015 , and 2014 , and financial position as of September 30, 2015 and December 31, 2014 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, 2015 (in millions of dollars) Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 5.8 $ — $ 65.1 $ — $ 70.9 Accounts receivable, net — 171.2 152.6 — 323.8 Inventories — 152.2 99.4 — 251.6 Receivables from affiliates 17.2 356.5 55.9 (429.6 ) — Deferred income taxes 26.7 — 6.6 — 33.3 Other current assets 0.8 13.6 16.1 — 30.5 Total current assets 50.5 693.5 395.7 (429.6 ) 710.1 Property, plant and equipment, net 3.9 110.8 95.9 — 210.6 Deferred income taxes 0.8 — 28.4 — 29.2 Goodwill — 330.8 167.3 — 498.1 Identifiable intangibles, net 57.5 385.7 82.3 — 525.5 Other non-current assets 12.6 1.8 38.8 — 53.2 Investment in, long term receivable from affiliates 1,604.3 899.5 441.0 (2,944.8 ) — Total assets $ 1,729.6 $ 2,422.1 $ 1,249.4 $ (3,374.4 ) $ 2,026.7 Liabilities and Stockholders’ Equity Current liabilities: Notes payable $ 47.0 $ — $ — $ — $ 47.0 Accounts payable — 75.2 56.8 — 132.0 Accrued compensation 3.1 16.6 13.0 — 32.7 Accrued customer programs liabilities — 51.4 36.2 — 87.6 Accrued interest 14.7 — — — 14.7 Other current liabilities 2.7 23.6 28.5 — 54.8 Payables to affiliates 5.7 209.6 239.8 (455.1 ) — Total current liabilities 73.2 376.4 374.3 (455.1 ) 368.8 Long-term debt 779.0 — — — 779.0 Long-term notes payable to affiliates 178.2 26.7 20.6 (225.5 ) — Deferred income taxes 133.4 — 34.6 — 168.0 Pension and post-retirement benefit obligations 1.5 49.7 34.3 — 85.5 Other non-current liabilities 3.3 20.9 40.2 — 64.4 Total liabilities 1,168.6 473.7 504.0 (680.6 ) 1,465.7 Stockholders’ equity: Common stock 1.1 448.0 232.1 (680.1 ) 1.1 Treasury stock (11.8 ) — — — (11.8 ) Paid-in capital 1,994.9 1,551.1 743.0 (2,294.1 ) 1,994.9 Accumulated other comprehensive loss (424.6 ) (65.3 ) (304.3 ) 369.6 (424.6 ) (Accumulated deficit) retained earnings (998.6 ) 14.6 74.6 (89.2 ) (998.6 ) Total stockholders’ equity 561.0 1,948.4 745.4 (2,693.8 ) 561.0 Total liabilities and stockholders’ equity $ 1,729.6 $ 2,422.1 $ 1,249.4 $ (3,374.4 ) $ 2,026.7 Condensed Consolidating Balance Sheets December 31, 2014 (in millions of dollars) Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 9.7 $ 0.1 $ 43.4 $ — $ 53.2 Accounts receivable, net — 156.1 264.4 — 420.5 Inventories — 129.9 100.0 — 229.9 Receivables from affiliates 4.8 302.7 68.0 (375.5 ) — Deferred income taxes 27.2 — 12.2 — 39.4 Other current assets 1.4 15.1 19.3 — 35.8 Total current assets 43.1 603.9 507.3 (375.5 ) 778.8 Property, plant and equipment, net 4.2 117.8 113.5 — 235.5 Deferred income taxes 0.9 — 30.8 — 31.7 Goodwill — 330.9 214.0 — 544.9 Identifiable intangibles, net 57.5 397.9 116.0 — 571.4 Other non-current assets 15.2 1.0 47.9 — 64.1 Investment in, long term receivable from affiliates 1,680.0 890.8 441.0 (3,011.8 ) — Total assets $ 1,800.9 $ 2,342.3 $ 1,470.5 $ (3,387.3 ) $ 2,226.4 Liabilities and Stockholders’ Equity Current liabilities: Notes payable $ — $ — $ 0.8 $ — $ 0.8 Current portion of long-term debt 0.7 0.1 — — 0.8 Accounts payable — 84.8 74.3 — 159.1 Accrued compensation 3.3 20.1 13.2 — 36.6 Accrued customer programs liabilities — 60.1 51.7 — 111.8 Accrued interest 6.5 — — — 6.5 Other current liabilities 1.9 31.0 46.9 — 79.8 Payables to affiliates 5.6 214.1 240.5 (460.2 ) — Total current liabilities 18.0 410.2 427.4 (460.2 ) 395.4 Long-term debt 799.0 — — — 799.0 Long-term notes payable to affiliates 178.2 26.7 31.2 (236.1 ) — Deferred income taxes 120.0 — 52.2 — 172.2 Pension and post-retirement benefit obligations 1.5 52.3 46.7 — 100.5 Other non-current liabilities 3.2 19.9 55.2 — 78.3 Total liabilities 1,119.9 509.1 612.7 (696.3 ) 1,545.4 Stockholders’ equity: Common stock 1.1 448.0 247.0 (695.0 ) 1.1 Treasury stock (5.9 ) — — — (5.9 ) Paid-in capital 2,031.5 1,551.1 743.0 (2,294.1 ) 2,031.5 Accumulated other comprehensive loss (292.6 ) (65.2 ) (183.0 ) 248.2 (292.6 ) (Accumulated deficit) retained earnings (1,053.1 ) (100.7 ) 50.8 49.9 (1,053.1 ) Total stockholders’ equity 681.0 1,833.2 857.8 (2,691.0 ) 681.0 Total liabilities and stockholders’ equity $ 1,800.9 $ 2,342.3 $ 1,470.5 $ (3,387.3 ) $ 2,226.4 Condensed Consolidating Statement of Comprehensive Income (Unaudited) Three Months Ended September 30, 2015 (in millions of dollars) Parent Guarantors Non- Eliminations Consolidated Net sales $ — $ 271.6 $ 152.6 $ (10.6 ) $ 413.6 Cost of products sold — 182.6 107.9 (10.6 ) 279.9 Gross profit — 89.0 44.7 — 133.7 Advertising, selling, general and administrative expenses 9.3 40.6 24.2 — 74.1 Amortization of intangibles 0.1 3.9 0.8 — 4.8 Operating income (loss) (9.4 ) 44.5 19.7 — 54.8 Expense (income) from affiliates (0.4 ) (5.1 ) 5.5 — — Interest expense 11.2 — (0.2 ) — 11.0 Interest income — — (1.9 ) — (1.9 ) Equity in earnings of joint ventures — — (2.5 ) — (2.5 ) Other expense (income), net (0.6 ) 2.5 (1.6 ) — 0.3 Income (loss) before income taxes and earnings of wholly owned subsidiaries (19.6 ) 47.1 20.4 — 47.9 Income tax expense 8.4 — 6.9 — 15.3 Income (loss) before earnings of wholly owned subsidiaries (28.0 ) 47.1 13.5 — 32.6 Earnings of wholly owned subsidiaries 60.6 11.1 — (71.7 ) — Net income $ 32.6 $ 58.2 $ 13.5 $ (71.7 ) $ 32.6 Comprehensive (loss) income $ (37.8 ) $ 58.2 $ (51.0 ) $ (7.2 ) $ (37.8 ) Three Months Ended September 30, 2014 (in millions of dollars) Parent Guarantors Non- Eliminations Consolidated Net sales $ — $ 273.2 $ 202.7 $ (3.7 ) $ 472.2 Cost of products sold — 185.4 137.2 (3.7 ) 318.9 Gross profit — 87.8 65.5 — 153.3 Advertising, selling, general and administrative expenses 12.5 41.2 31.9 — 85.6 Amortization of intangibles 0.1 4.3 1.0 — 5.4 Restructuring charges (credits) — (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 ) 7.0 — — 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) before income taxes and earnings of wholly owned subsidiaries (24.7 ) 50.0 28.3 — 53.6 Income tax expense 8.6 — 10.8 — 19.4 Income (loss) before earnings of wholly owned subsidiaries (33.3 ) 50.0 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 (loss) income $ (19.2 ) $ 66.9 $ (32.5 ) $ (34.4 ) $ (19.2 ) Condensed Consolidating Statement of Comprehensive Income (Unaudited) Nine Months Ended September 30, 2015 (in millions of dollars) Parent Guarantors Non- Eliminations Consolidated Net sales $ — $ 699.4 $ 435.3 $ (36.4 ) $ 1,098.3 Cost of products sold — 481.5 312.6 (36.4 ) 757.7 Gross profit — 217.9 122.7 — 340.6 Advertising, selling, general and administrative expenses 30.2 113.7 75.5 — 219.4 Amortization of intangibles 0.1 12.1 2.7 — 14.9 Restructuring credits — (0.3 ) — — (0.3 ) Operating income (loss) (30.3 ) 92.4 44.5 — 106.6 Expense (income) from affiliates (1.0 ) (16.2 ) 17.2 — — Interest expense 34.1 — (0.6 ) — 33.5 Interest income — — (5.3 ) — (5.3 ) Equity in earnings of joint ventures — — (5.1 ) — (5.1 ) Other expense (income), net 1.4 2.0 (1.2 ) — 2.2 Income (loss) before income taxes and earnings of wholly owned subsidiaries (64.8 ) 106.6 39.5 — 81.3 Income tax expense 14.0 — 12.8 — 26.8 Income (loss) before earnings of wholly owned subsidiaries (78.8 ) 106.6 26.7 — 54.5 Earnings of wholly owned subsidiaries 133.3 26.2 — (159.5 ) — Net income $ 54.5 $ 132.8 $ 26.7 $ (159.5 ) $ 54.5 Comprehensive (loss) income $ (77.5 ) $ 132.7 $ (94.6 ) $ (38.1 ) $ (77.5 ) Nine Months Ended September 30, 2014 (in millions of dollars) Parent Guarantors Non- Eliminations Consolidated Net sales $ — $ 694.6 $ 550.0 $ (15.3 ) $ 1,229.3 Cost of products sold — 484.1 387.5 (15.3 ) 856.3 Gross profit — 210.5 162.5 — 373.0 Advertising, selling, general and administrative expenses 35.6 117.5 96.3 — 249.4 Amortization of intangibles 0.1 13.5 3.3 — 16.9 Restructuring charges (credits) (0.2 ) (0.2 ) 2.0 — 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 ) — 37.0 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) 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 131.0 30.7 — (161.7 ) — Net income $ 47.7 $ 131.0 $ 30.7 $ (161.7 ) $ 47.7 Comprehensive income $ 21.8 $ 133.0 $ 4.2 $ (137.2 ) $ 21.8 Condensed Consolidating Statement of Cash Flows (Unaudited) Nine Months Ended September 30, 2015 (in millions of dollars) Parent Guarantors Non-Guarantors Consolidated Net cash provided (used) by operating activities $ (43.7 ) $ 69.2 $ 44.2 $ 69.7 Investing activities: Additions to property, plant and equipment — (9.7 ) (11.7 ) (21.4 ) Payments for (proceeds from) interest in affiliates — 14.9 (14.9 ) — Proceeds from the disposition of assets — — 2.7 2.7 Net cash (used) provided by investing activities — 5.2 (23.9 ) (18.7 ) Financing activities: Intercompany financing 48.0 (59.6 ) 11.6 — Net dividends 18.0 (14.9 ) (3.1 ) — Proceeds from long-term borrowings 300.0 — — 300.0 Repayments of long-term debt (320.1 ) — — (320.1 ) Borrowings (repayments) of notes payable, net 47.0 — (0.8 ) 46.2 Payments for debt issuance costs (1.7 ) — — (1.7 ) Repurchases of common stock (46.0 ) — — (46.0 ) Payments related to tax withholding for share-based compensation (5.9 ) — — (5.9 ) Proceeds from the exercise of stock options 0.5 — — 0.5 Net cash (used) provided by financing activities 39.8 (74.5 ) 7.7 (27.0 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (6.3 ) (6.3 ) Net increase (decrease) in cash and cash equivalents (3.9 ) (0.1 ) 21.7 17.7 Cash and cash equivalents: Beginning of the period 9.7 0.1 43.4 53.2 End of the period $ 5.8 $ — $ 65.1 $ 70.9 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 ) $ 62.0 $ 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 ) 12.0 (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 ) Payments related to tax withholding for share-based compensation (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 19.0 Cash and cash equivalents: Beginning of the period 7.0 1.0 45.5 53.5 End of the period $ 4.8 $ — $ 67.7 $ 72.5 |
Long-Term Debt And Short-Term23
Long-Term Debt And Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and December 31, 2014 : (in millions of dollars) September 30, December 31, U.S. Dollar Senior Secured Term Loan A, due April 2020 (floating interest rate of 1.82% at September 30, 2015) $ 279.0 $ — U.S. Dollar Senior Secured Term Loan A, due May 2018 (floating interest rate of 2.24% at December 31, 2014) — 299.0 Senior Secured Revolving Credit Facility, due April 2020 (floating interest rate of 1.70% at September 30, 2015) 47.0 — Senior Unsecured Notes, due April 2020 (fixed interest rate of 6.75%) 500.0 500.0 Other borrowings — 1.6 Total debt 826.0 800.6 Less: current portion (47.0 ) (1.6 ) Total long-term debt $ 779.0 $ 799.0 |
Pension And Other Retiree Ben24
Pension And Other Retiree Benefits (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 were as follows: Three Months Ended September 30, Pension Benefits Post-retirement U.S. International (in millions of dollars) 2015 2014 2015 2014 2015 2014 Service cost $ 0.4 $ 0.5 $ 0.3 $ 0.2 $ 0.1 $ — Interest cost 2.1 2.2 3.3 4.0 0.2 0.2 Expected return on plan assets (3.0 ) (3.0 ) (5.6 ) (5.8 ) — — Amortization of net loss (gain) 0.6 1.3 0.6 0.5 (0.2 ) (0.2 ) Amortization of prior service cost (credit) 0.1 0.1 — — (0.1 ) — Net periodic benefit cost (income) $ 0.2 $ 1.1 $ (1.4 ) $ (1.1 ) $ — $ — Nine Months Ended September 30, Pension Benefits Post-retirement U.S. International (in millions of dollars) 2015 2014 2015 2014 2015 2014 Service cost $ 1.2 $ 1.5 $ 0.7 $ 0.6 $ 0.1 $ 0.1 Interest cost 6.5 6.5 9.7 11.9 0.3 0.4 Expected return on plan assets (9.2 ) (9.0 ) (16.5 ) (17.3 ) — — Amortization of net loss (gain) 1.6 3.9 1.8 1.5 (0.2 ) (0.7 ) Amortization of prior service cost (credit) 0.3 0.3 — — (0.1 ) — Curtailment gain — — — — (0.2 ) — Settlement gain — — — — (0.3 ) — Net periodic benefit cost (income) $ 0.4 $ 3.2 $ (4.3 ) $ (3.3 ) $ (0.4 ) $ (0.2 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 our 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, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Stock option compensation expense $ 1.0 $ 0.9 $ 2.9 $ 2.8 RSU compensation expense 1.0 1.4 3.8 5.0 PSU compensation expense 0.9 1.6 3.8 3.8 Total stock-based compensation expense $ 2.9 $ 3.9 $ 10.5 $ 11.6 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table summarizes our unrecognized compensation expense and the weighted-average period over which the expense will be recognized as of September 30, 2015 : September 30, 2015 Unrecognized Weighted Average Compensation Years Expense To Be (in millions of dollars, except weighted average years) Expense Recognized Over Stock options $5.6 1.8 RSUs $5.3 1.9 PSUs $8.1 1.8 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, Raw materials $ 33.8 $ 36.7 Work in process 2.6 2.0 Finished goods 215.2 191.2 Total inventories $ 251.6 $ 229.9 |
Goodwill And Identifiable Int27
Goodwill And Identifiable Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 Balance at December 31, 2014 $ 387.6 $ 150.5 $ 6.8 $ 544.9 Translation (8.3 ) (38.5 ) — (46.8 ) Balance at September 30, 2015 $ 379.3 $ 112.0 $ 6.8 $ 498.1 Goodwill $ 510.2 $ 196.2 $ 6.8 $ 713.2 Accumulated impairment losses (130.9 ) (84.2 ) — (215.1 ) Balance at September 30, 2015 $ 379.3 $ 112.0 $ 6.8 $ 498.1 |
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, 2015 and December 31, 2014 were as follows: September 30, 2015 December 31, 2014 (in millions of dollars) Gross Accumulated Net Gross Accumulated Net Indefinite-lived intangible assets: Trade names $ 471.2 $ (44.5 ) (1) $ 426.7 $ 499.4 $ (44.5 ) (1) $ 454.9 Amortizable intangible assets: Trade names 124.8 (61.3 ) 63.5 127.7 (55.5 ) 72.2 Customer and contractual relationships 97.8 (63.4 ) 34.4 100.4 (57.2 ) 43.2 Patents/proprietary technology 10.0 (9.1 ) 0.9 10.2 (9.1 ) 1.1 Subtotal 232.6 (133.8 ) 98.8 238.3 (121.8 ) 116.5 Total identifiable intangibles $ 703.8 $ (178.3 ) $ 525.5 $ 737.7 $ (166.3 ) $ 571.4 (1) Accumulated amortization prior to the adoption of authoritative guidance on goodwill and indefinite-lived 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, 2015 for the current year and the next five years are as follows: (in millions of dollars) 2015 2016 2017 2018 2019 Estimated amortization expense $ 19.6 $ 17.5 $ 14.3 $ 12.1 $ 9.9 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 was as follows: (in millions of dollars) Balance at December 31, 2014 (Income)/ Provision Cash Non-cash Balance at September 30, 2015 Employee termination costs $ 7.8 $ (0.5 ) $ (5.2 ) $ (0.3 ) $ 1.8 Termination of lease agreements 0.6 0.2 (0.5 ) — 0.3 Total restructuring liability $ 8.4 $ (0.3 ) $ (5.7 ) $ (0.3 ) $ 2.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 , computed at the U.S. federal statutory income tax rate, compared to our effective income tax rate, was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Income tax expense computed at U.S. statutory income tax rate (35%) $ 16.7 $ 18.8 $ 28.4 $ 27.3 Interest on Brazilian Tax Assessment 0.7 0.8 2.1 2.4 Correction of deferred tax — — (1.6 ) — Miscellaneous (2.1 ) (0.2 ) (2.1 ) 0.4 Income tax expense as reported $ 15.3 $ 19.4 $ 26.8 $ 30.1 Effective tax rate 31.9 % 36.2 % 33.0 % 38.7 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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) 2015 2014 2015 2014 Weighted-average number of common shares outstanding — basic 108.0 114.4 109.7 114.2 Stock options 0.1 — 0.2 — Stock-settled stock appreciation rights 0.3 0.6 0.4 0.6 Restricted stock units 1.1 2.0 1.2 1.9 Adjusted weighted-average shares and assumed conversions — diluted 109.5 117.0 111.5 116.7 |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and December 31, 2014 : Fair Value of Derivative Instruments Derivative Assets Derivative Liabilities (in millions of dollars) Balance Sheet September 30, 2015 December 31, Balance Sheet September 30, 2015 December 31, Derivatives designated as hedging instruments: Foreign exchange contracts Other current assets $ 2.9 $ 4.6 Other current liabilities $ 0.4 $ 0.1 Derivatives not designated as hedging instruments: Foreign exchange contracts Other current assets 0.4 0.1 Other current liabilities 0.1 0.4 Total derivatives $ 3.3 $ 4.7 $ 0.5 $ 0.5 |
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, 2015 and 2014 : 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 Three Months Ended September 30, Three Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Cash flow hedges: Foreign exchange contracts $ 3.1 $ 4.0 Cost of products sold $ (1.8 ) $ (0.3 ) 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 Nine Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Cash flow hedges: Foreign exchange contracts $ 7.3 $ 3.7 Cost of products sold $ (9.1 ) $ (1.2 ) 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 Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 Foreign exchange contracts Other expense, net $ (1.9 ) $ — $ (0.9 ) $ 1.4 |
Fair Value Of Financial Instr32
Fair Value Of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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, 2015 and December 31, 2014 : (in millions of dollars) September 30, December 31, Assets: Forward currency contracts $ 3.3 $ 4.7 Liabilities: Forward currency contracts $ 0.5 $ 0.5 |
Accumulated Other Comprehensi33
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 Balance at December 31, 2014 $ 2.7 $ (166.0 ) $ (129.3 ) $ (292.6 ) Other comprehensive income (loss) before reclassifications, net of tax 5.1 (135.0 ) 2.3 (127.6 ) Amounts reclassified from accumulated other comprehensive income (loss), net of tax (6.4 ) — 2.0 (4.4 ) Balance at September 30, 2015 $ 1.4 $ (301.0 ) $ (125.0 ) $ (424.6 ) |
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, 2015 and 2014 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in millions of dollars) Amount Reclassified from Accumulated Other Comprehensive Income Amount Reclassified from Accumulated Other Comprehensive Income Location on Income Statement Details about Accumulated Other Comprehensive Income Components Gain on cash flow hedges: Foreign exchange contracts $ 1.8 $ 0.3 $ 9.1 $ 1.2 Cost of products sold Tax expense (0.6 ) — (2.7 ) (0.2 ) Income tax expense Net of tax $ 1.2 $ 0.3 $ 6.4 $ 1.0 Defined benefit plan items: Amortization of actuarial loss $ (1.0 ) $ (1.6 ) $ (3.2 ) $ (4.7 ) (1) Amortization of prior service cost — (0.1 ) (0.2 ) (0.3 ) (1) Total before tax (1.0 ) (1.7 ) (3.4 ) (5.0 ) Tax benefit 0.2 0.6 1.4 1.8 Income tax expense Net of tax $ (0.8 ) $ (1.1 ) $ (2.0 ) $ (3.2 ) Total reclassifications for the period, net of tax $ 0.4 $ (0.8 ) $ 4.4 $ (2.2 ) (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and post-retirement plans (See " Note 4. Pension and Other Retiree Benefits " for additional details). |
Information On Business Segme34
Information On Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Reporting Segments | Net sales by business segment for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 ACCO Brands North America $ 279.8 $ 297.4 $ 715.1 $ 752.5 ACCO Brands International 104.3 140.7 295.6 376.3 Computer Products Group 29.5 34.1 87.6 100.5 Net sales $ 413.6 $ 472.2 $ 1,098.3 $ 1,229.3 |
Schedule of Operating Income by Reporting Segment | Operating income by business segment for the three and nine months ended September 30, 2015 and 2014 was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in millions of dollars) 2015 2014 2015 2014 ACCO Brands North America $ 48.4 $ 50.5 $ 104.1 $ 98.0 ACCO Brands International 11.3 19.1 20.8 31.9 Computer Products Group 2.7 2.7 6.9 5.0 Segment operating income 62.4 72.3 131.8 134.9 Corporate (7.6 ) (10.5 ) (25.2 ) (29.8 ) Operating income (a) 54.8 61.8 106.6 105.1 Interest expense 11.0 12.5 33.5 37.0 Interest income (1.9 ) (1.6 ) (5.3 ) (4.7 ) Equity in earnings of joint ventures (2.5 ) (2.9 ) (5.1 ) (5.3 ) Other expense, net 0.3 0.2 2.2 0.3 Income before income tax $ 47.9 $ 53.6 $ 81.3 $ 77.8 (a) Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less advertising, selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges. |
Joint Venture Investments (Tabl
Joint Venture Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | 15. 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) 2015 2014 2015 2014 Net sales $ 26.2 $ 32.4 $ 74.6 $ 80.9 Gross profit 12.7 14.1 31.8 32.0 Net income 5.1 5.7 10.3 10.5 (in millions of dollars) September 30, December 31, Current assets $ 67.8 $ 83.4 Non-current assets 41.9 47.3 Current liabilities 34.9 40.7 Non-current liabilities 13.5 22.0 |
Condensed Consolidating Finan36
Condensed Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets (Unaudited) September 30, 2015 (in millions of dollars) Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 5.8 $ — $ 65.1 $ — $ 70.9 Accounts receivable, net — 171.2 152.6 — 323.8 Inventories — 152.2 99.4 — 251.6 Receivables from affiliates 17.2 356.5 55.9 (429.6 ) — Deferred income taxes 26.7 — 6.6 — 33.3 Other current assets 0.8 13.6 16.1 — 30.5 Total current assets 50.5 693.5 395.7 (429.6 ) 710.1 Property, plant and equipment, net 3.9 110.8 95.9 — 210.6 Deferred income taxes 0.8 — 28.4 — 29.2 Goodwill — 330.8 167.3 — 498.1 Identifiable intangibles, net 57.5 385.7 82.3 — 525.5 Other non-current assets 12.6 1.8 38.8 — 53.2 Investment in, long term receivable from affiliates 1,604.3 899.5 441.0 (2,944.8 ) — Total assets $ 1,729.6 $ 2,422.1 $ 1,249.4 $ (3,374.4 ) $ 2,026.7 Liabilities and Stockholders’ Equity Current liabilities: Notes payable $ 47.0 $ — $ — $ — $ 47.0 Accounts payable — 75.2 56.8 — 132.0 Accrued compensation 3.1 16.6 13.0 — 32.7 Accrued customer programs liabilities — 51.4 36.2 — 87.6 Accrued interest 14.7 — — — 14.7 Other current liabilities 2.7 23.6 28.5 — 54.8 Payables to affiliates 5.7 209.6 239.8 (455.1 ) — Total current liabilities 73.2 376.4 374.3 (455.1 ) 368.8 Long-term debt 779.0 — — — 779.0 Long-term notes payable to affiliates 178.2 26.7 20.6 (225.5 ) — Deferred income taxes 133.4 — 34.6 — 168.0 Pension and post-retirement benefit obligations 1.5 49.7 34.3 — 85.5 Other non-current liabilities 3.3 20.9 40.2 — 64.4 Total liabilities 1,168.6 473.7 504.0 (680.6 ) 1,465.7 Stockholders’ equity: Common stock 1.1 448.0 232.1 (680.1 ) 1.1 Treasury stock (11.8 ) — — — (11.8 ) Paid-in capital 1,994.9 1,551.1 743.0 (2,294.1 ) 1,994.9 Accumulated other comprehensive loss (424.6 ) (65.3 ) (304.3 ) 369.6 (424.6 ) (Accumulated deficit) retained earnings (998.6 ) 14.6 74.6 (89.2 ) (998.6 ) Total stockholders’ equity 561.0 1,948.4 745.4 (2,693.8 ) 561.0 Total liabilities and stockholders’ equity $ 1,729.6 $ 2,422.1 $ 1,249.4 $ (3,374.4 ) $ 2,026.7 Condensed Consolidating Balance Sheets December 31, 2014 (in millions of dollars) Parent Guarantors Non-Guarantors Eliminations Consolidated Assets Current assets: Cash and cash equivalents $ 9.7 $ 0.1 $ 43.4 $ — $ 53.2 Accounts receivable, net — 156.1 264.4 — 420.5 Inventories — 129.9 100.0 — 229.9 Receivables from affiliates 4.8 302.7 68.0 (375.5 ) — Deferred income taxes 27.2 — 12.2 — 39.4 Other current assets 1.4 15.1 19.3 — 35.8 Total current assets 43.1 603.9 507.3 (375.5 ) 778.8 Property, plant and equipment, net 4.2 117.8 113.5 — 235.5 Deferred income taxes 0.9 — 30.8 — 31.7 Goodwill — 330.9 214.0 — 544.9 Identifiable intangibles, net 57.5 397.9 116.0 — 571.4 Other non-current assets 15.2 1.0 47.9 — 64.1 Investment in, long term receivable from affiliates 1,680.0 890.8 441.0 (3,011.8 ) — Total assets $ 1,800.9 $ 2,342.3 $ 1,470.5 $ (3,387.3 ) $ 2,226.4 Liabilities and Stockholders’ Equity Current liabilities: Notes payable $ — $ — $ 0.8 $ — $ 0.8 Current portion of long-term debt 0.7 0.1 — — 0.8 Accounts payable — 84.8 74.3 — 159.1 Accrued compensation 3.3 20.1 13.2 — 36.6 Accrued customer programs liabilities — 60.1 51.7 — 111.8 Accrued interest 6.5 — — — 6.5 Other current liabilities 1.9 31.0 46.9 — 79.8 Payables to affiliates 5.6 214.1 240.5 (460.2 ) — Total current liabilities 18.0 410.2 427.4 (460.2 ) 395.4 Long-term debt 799.0 — — — 799.0 Long-term notes payable to affiliates 178.2 26.7 31.2 (236.1 ) — Deferred income taxes 120.0 — 52.2 — 172.2 Pension and post-retirement benefit obligations 1.5 52.3 46.7 — 100.5 Other non-current liabilities 3.2 19.9 55.2 — 78.3 Total liabilities 1,119.9 509.1 612.7 (696.3 ) 1,545.4 Stockholders’ equity: Common stock 1.1 448.0 247.0 (695.0 ) 1.1 Treasury stock (5.9 ) — — — (5.9 ) Paid-in capital 2,031.5 1,551.1 743.0 (2,294.1 ) 2,031.5 Accumulated other comprehensive loss (292.6 ) (65.2 ) (183.0 ) 248.2 (292.6 ) (Accumulated deficit) retained earnings (1,053.1 ) (100.7 ) 50.8 49.9 (1,053.1 ) Total stockholders’ equity 681.0 1,833.2 857.8 (2,691.0 ) 681.0 Total liabilities and stockholders’ equity $ 1,800.9 $ 2,342.3 $ 1,470.5 $ (3,387.3 ) $ 2,226.4 |
Condensed Consolidating Statement of Comprehensive Income (Unaudited) | Condensed Consolidating Statement of Comprehensive Income (Unaudited) Three Months Ended September 30, 2015 (in millions of dollars) Parent Guarantors Non- Eliminations Consolidated Net sales $ — $ 271.6 $ 152.6 $ (10.6 ) $ 413.6 Cost of products sold — 182.6 107.9 (10.6 ) 279.9 Gross profit — 89.0 44.7 — 133.7 Advertising, selling, general and administrative expenses 9.3 40.6 24.2 — 74.1 Amortization of intangibles 0.1 3.9 0.8 — 4.8 Operating income (loss) (9.4 ) 44.5 19.7 — 54.8 Expense (income) from affiliates (0.4 ) (5.1 ) 5.5 — — Interest expense 11.2 — (0.2 ) — 11.0 Interest income — — (1.9 ) — (1.9 ) Equity in earnings of joint ventures — — (2.5 ) — (2.5 ) Other expense (income), net (0.6 ) 2.5 (1.6 ) — 0.3 Income (loss) before income taxes and earnings of wholly owned subsidiaries (19.6 ) 47.1 20.4 — 47.9 Income tax expense 8.4 — 6.9 — 15.3 Income (loss) before earnings of wholly owned subsidiaries (28.0 ) 47.1 13.5 — 32.6 Earnings of wholly owned subsidiaries 60.6 11.1 — (71.7 ) — Net income $ 32.6 $ 58.2 $ 13.5 $ (71.7 ) $ 32.6 Comprehensive (loss) income $ (37.8 ) $ 58.2 $ (51.0 ) $ (7.2 ) $ (37.8 ) Three Months Ended September 30, 2014 (in millions of dollars) Parent Guarantors Non- Eliminations Consolidated Net sales $ — $ 273.2 $ 202.7 $ (3.7 ) $ 472.2 Cost of products sold — 185.4 137.2 (3.7 ) 318.9 Gross profit — 87.8 65.5 — 153.3 Advertising, selling, general and administrative expenses 12.5 41.2 31.9 — 85.6 Amortization of intangibles 0.1 4.3 1.0 — 5.4 Restructuring charges (credits) — (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 ) 7.0 — — 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) before income taxes and earnings of wholly owned subsidiaries (24.7 ) 50.0 28.3 — 53.6 Income tax expense 8.6 — 10.8 — 19.4 Income (loss) before earnings of wholly owned subsidiaries (33.3 ) 50.0 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 (loss) income $ (19.2 ) $ 66.9 $ (32.5 ) $ (34.4 ) $ (19.2 ) Condensed Consolidating Statement of Comprehensive Income (Unaudited) Nine Months Ended September 30, 2015 (in millions of dollars) Parent Guarantors Non- Eliminations Consolidated Net sales $ — $ 699.4 $ 435.3 $ (36.4 ) $ 1,098.3 Cost of products sold — 481.5 312.6 (36.4 ) 757.7 Gross profit — 217.9 122.7 — 340.6 Advertising, selling, general and administrative expenses 30.2 113.7 75.5 — 219.4 Amortization of intangibles 0.1 12.1 2.7 — 14.9 Restructuring credits — (0.3 ) — — (0.3 ) Operating income (loss) (30.3 ) 92.4 44.5 — 106.6 Expense (income) from affiliates (1.0 ) (16.2 ) 17.2 — — Interest expense 34.1 — (0.6 ) — 33.5 Interest income — — (5.3 ) — (5.3 ) Equity in earnings of joint ventures — — (5.1 ) — (5.1 ) Other expense (income), net 1.4 2.0 (1.2 ) — 2.2 Income (loss) before income taxes and earnings of wholly owned subsidiaries (64.8 ) 106.6 39.5 — 81.3 Income tax expense 14.0 — 12.8 — 26.8 Income (loss) before earnings of wholly owned subsidiaries (78.8 ) 106.6 26.7 — 54.5 Earnings of wholly owned subsidiaries 133.3 26.2 — (159.5 ) — Net income $ 54.5 $ 132.8 $ 26.7 $ (159.5 ) $ 54.5 Comprehensive (loss) income $ (77.5 ) $ 132.7 $ (94.6 ) $ (38.1 ) $ (77.5 ) Nine Months Ended September 30, 2014 (in millions of dollars) Parent Guarantors Non- Eliminations Consolidated Net sales $ — $ 694.6 $ 550.0 $ (15.3 ) $ 1,229.3 Cost of products sold — 484.1 387.5 (15.3 ) 856.3 Gross profit — 210.5 162.5 — 373.0 Advertising, selling, general and administrative expenses 35.6 117.5 96.3 — 249.4 Amortization of intangibles 0.1 13.5 3.3 — 16.9 Restructuring charges (credits) (0.2 ) (0.2 ) 2.0 — 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 ) — 37.0 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) 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 131.0 30.7 — (161.7 ) — Net income $ 47.7 $ 131.0 $ 30.7 $ (161.7 ) $ 47.7 Comprehensive income $ 21.8 $ 133.0 $ 4.2 $ (137.2 ) $ 21.8 |
Condensed Consolidating Statement of Cash Flows (Unaudited) | Condensed Consolidating Statement of Cash Flows (Unaudited) Nine Months Ended September 30, 2015 (in millions of dollars) Parent Guarantors Non-Guarantors Consolidated Net cash provided (used) by operating activities $ (43.7 ) $ 69.2 $ 44.2 $ 69.7 Investing activities: Additions to property, plant and equipment — (9.7 ) (11.7 ) (21.4 ) Payments for (proceeds from) interest in affiliates — 14.9 (14.9 ) — Proceeds from the disposition of assets — — 2.7 2.7 Net cash (used) provided by investing activities — 5.2 (23.9 ) (18.7 ) Financing activities: Intercompany financing 48.0 (59.6 ) 11.6 — Net dividends 18.0 (14.9 ) (3.1 ) — Proceeds from long-term borrowings 300.0 — — 300.0 Repayments of long-term debt (320.1 ) — — (320.1 ) Borrowings (repayments) of notes payable, net 47.0 — (0.8 ) 46.2 Payments for debt issuance costs (1.7 ) — — (1.7 ) Repurchases of common stock (46.0 ) — — (46.0 ) Payments related to tax withholding for share-based compensation (5.9 ) — — (5.9 ) Proceeds from the exercise of stock options 0.5 — — 0.5 Net cash (used) provided by financing activities 39.8 (74.5 ) 7.7 (27.0 ) Effect of foreign exchange rate changes on cash and cash equivalents — — (6.3 ) (6.3 ) Net increase (decrease) in cash and cash equivalents (3.9 ) (0.1 ) 21.7 17.7 Cash and cash equivalents: Beginning of the period 9.7 0.1 43.4 53.2 End of the period $ 5.8 $ — $ 65.1 $ 70.9 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 ) $ 62.0 $ 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 ) 12.0 (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 ) Payments related to tax withholding for share-based compensation (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 19.0 Cash and cash equivalents: Beginning of the period 7.0 1.0 45.5 53.5 End of the period $ 4.8 $ — $ 67.7 $ 72.5 |
Basis Of Presentation Basis of
Basis Of Presentation Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prior Period Reclassification Adjustment | $ 1.4 | $ 2.2 |
Long-Term Debt And Short-Term38
Long-Term Debt And Short-Term Borrowings (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Apr. 28, 2015 | Apr. 27, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Total debt | $ 826 | $ 800.6 | ||
Less: current portion | (47) | (1.6) | ||
Total long-term debt | 779 | 799 | ||
Senior Secured Revolving Credit Facility, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | 9.1 | |||
Senior Secured Notes | USD Senior Secured Term Loan A, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Senior Secured Term Loan | $ 279 | 0 | ||
Interest rate at period end | 1.82% | |||
Senior Secured Notes | USD Senior Secured Term Loan A, due May 2018 | ||||
Debt Instrument [Line Items] | ||||
Senior Secured Term Loan | $ 0 | $ 299 | $ 299 | |
Interest rate at period end | 2.24% | |||
Senior Secured Notes | Senior Secured Revolving Credit Facility, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Senior Secured Revolving Credit Facility | $ 47 | $ 42 | $ 0 | |
Interest rate at period end | 1.70% | |||
Senior Unsecured Notes | Senior Unsecured Note, due April 2020 6 point 75 | ||||
Debt Instrument [Line Items] | ||||
Senior Unsecured Note | $ 500 | $ 500 | ||
Stated Percentage | 6.75% | 6.75% | ||
Other borrowings | ||||
Debt Instrument [Line Items] | ||||
Other borrowings | $ 0 | $ 1.6 |
Long-Term Debt And Short-Term39
Long-Term Debt And Short-Term Borrowings (Narrative) (Details) - USD ($) | Apr. 28, 2015 | Sep. 30, 2015 | Apr. 27, 2015 | Dec. 31, 2014 |
FIve Year Senior Secured Credit Facility, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Term | 5 years | |||
Senior Secured Revolving Credit Facility, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Letters of credit outstanding | $ 9,100,000 | |||
Secured Debt | FIve Year Senior Secured Credit Facility, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 600,000,000 | |||
Secured Debt | Senior Secured Revolving Credit Facility, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Senior Secured Revolving Credit Facility | 42,000,000 | 47,000,000 | $ 0 | |
Secured Debt | USD Senior Secured Term Loan A, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 300,000,000 | |||
Senior Secured Term Loan | 279,000,000 | 0 | ||
Secured Debt | USD Senior Secured Term Loan A, due May 2018 | ||||
Debt Instrument [Line Items] | ||||
Senior Secured Term Loan | 0 | $ 299,000,000 | $ 299,000,000 | |
Revolving Credit Facility | Secured Debt | Senior Secured Revolving Credit Facility, due April 2020 | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | |||
Amount Available for borrowings under Senior Secured Revolving Credit Facilities | $ 243,900,000 | |||
Revolving Credit Facility | Secured Debt | USD Senior Secured Revolving Credit Facility, due May 2018 | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000,000 |
Pension And Other Retiree Ben40
Pension And Other Retiree Benefits (Net Periodic Benefit Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected contributions to defined benefit plans for 2015 | $ 7.3 | |||
Contributions by company to date | 5.7 | |||
U.S. | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.4 | $ 0.5 | 1.2 | $ 1.5 |
Interest cost | 2.1 | 2.2 | 6.5 | 6.5 |
Expected return on plan assets | (3) | (3) | (9.2) | (9) |
Amortization of net loss (gain) | 0.6 | 1.3 | 1.6 | 3.9 |
Amortization of prior service cost (credit) | 0.1 | 0.1 | 0.3 | 0.3 |
Curtailment gain | 0 | 0 | ||
Settlement gain | 0 | 0 | ||
Net periodic benefit cost (income) | 0.2 | 1.1 | 0.4 | 3.2 |
International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.3 | 0.2 | 0.7 | 0.6 |
Interest cost | 3.3 | 4 | 9.7 | 11.9 |
Expected return on plan assets | (5.6) | (5.8) | (16.5) | (17.3) |
Amortization of net loss (gain) | 0.6 | 0.5 | 1.8 | 1.5 |
Amortization of prior service cost (credit) | 0 | 0 | 0 | 0 |
Curtailment gain | 0 | 0 | ||
Settlement gain | 0 | 0 | ||
Net periodic benefit cost (income) | (1.4) | (1.1) | (4.3) | (3.3) |
Post-retirement | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.1 | 0 | 0.1 | 0.1 |
Interest cost | 0.2 | 0.2 | 0.3 | 0.4 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of net loss (gain) | (0.2) | (0.2) | (0.2) | (0.7) |
Amortization of prior service cost (credit) | (0.1) | 0 | (0.1) | 0 |
Curtailment gain | (0.2) | 0 | ||
Settlement gain | (0.3) | 0 | ||
Net periodic benefit cost (income) | $ 0 | $ 0 | $ (0.4) | $ (0.2) |
Stock-Based Compensation (Share
Stock-Based Compensation (Share-based Compensation Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 2.9 | $ 3.9 | $ 10.5 | $ 11.6 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1 | 0.9 | 2.9 | 2.8 |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1 | 1.4 | 3.8 | 5 |
Performance stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0.9 | $ 1.6 | $ 3.8 | $ 3.8 |
Stock-Based Compensation (Unrec
Stock-Based Compensation (Unrecognized Compensation Expense) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 5.6 |
Weighted Average Years Expense To Be Recognized Over | 1 year 9 months 15 days |
Restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 5.3 |
Weighted Average Years Expense To Be Recognized Over | 1 year 10 months 11 days |
Performance stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Expense | $ 8.1 |
Weighted Average Years Expense To Be Recognized Over | 1 year 9 months 27 days |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Director [Member] | Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards that vested immediately | $ 0.8 | $ 0.8 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 33.8 | $ 36.7 |
Work in process | 2.6 | 2 |
Finished goods | 215.2 | 191.2 |
Total inventories | $ 251.6 | $ 229.9 |
Goodwill And Identifiable Int45
Goodwill And Identifiable Intangibles (Goodwill) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2015 | |
Goodwill [Roll Forward] | ||
Balance at December 31, 2014 | $ 544.9 | |
Translation | (46.8) | |
Balance at September 30, 2015 | 498.1 | |
Goodwill, Impaired, Accumulated Impairment Loss | ||
Goodwill | $ 713.2 | |
Accumulated impairment losses | (215.1) | |
Balance at September 30, 2015 | 544.9 | 498.1 |
ACCO Brands North America | ||
Goodwill [Roll Forward] | ||
Balance at December 31, 2014 | 387.6 | |
Translation | (8.3) | |
Balance at September 30, 2015 | 379.3 | |
Goodwill, Impaired, Accumulated Impairment Loss | ||
Goodwill | 510.2 | |
Accumulated impairment losses | (130.9) | |
Balance at September 30, 2015 | 387.6 | 379.3 |
ACCO Brands International | ||
Goodwill [Roll Forward] | ||
Balance at December 31, 2014 | 150.5 | |
Translation | (38.5) | |
Balance at September 30, 2015 | 112 | |
Goodwill, Impaired, Accumulated Impairment Loss | ||
Goodwill | 196.2 | |
Accumulated impairment losses | (84.2) | |
Balance at September 30, 2015 | 150.5 | 112 |
Computer Products Group | ||
Goodwill [Roll Forward] | ||
Balance at December 31, 2014 | 6.8 | |
Translation | 0 | |
Balance at September 30, 2015 | 6.8 | |
Goodwill, Impaired, Accumulated Impairment Loss | ||
Goodwill | 6.8 | |
Accumulated impairment losses | 0 | |
Balance at September 30, 2015 | $ 6.8 | $ 6.8 |
Goodwill And Identifiable Int46
Goodwill And Identifiable Intangibles (Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Intangible Assets [Line Items] | |||
Amortizable intangible assets, Gross Carrying Amounts | $ 232.6 | $ 238.3 | |
Amortizable intangible assets, Accumulated Amortization | (133.8) | (121.8) | |
Amortizable intangible assets, Net Book Value | 98.8 | 116.5 | |
Total identifiable intangibles, Gross Carrying Amounts | 703.8 | 737.7 | |
Total identifiable intangibles, Accumulated Amortization | (178.3) | (166.3) | |
Total identifiable intangibles, Net Book Value | 525.5 | 571.4 | |
Trade Names | |||
Intangible Assets [Line Items] | |||
Amortizable intangible assets, Gross Carrying Amounts | 124.8 | 127.7 | |
Amortizable intangible assets, Accumulated Amortization | (61.3) | (55.5) | |
Amortizable intangible assets, Net Book Value | 63.5 | 72.2 | |
Customer and contractual relationships | |||
Intangible Assets [Line Items] | |||
Amortizable intangible assets, Gross Carrying Amounts | 97.8 | 100.4 | |
Amortizable intangible assets, Accumulated Amortization | (63.4) | (57.2) | |
Amortizable intangible assets, Net Book Value | 34.4 | 43.2 | |
Patents/proprietary technology | |||
Intangible Assets [Line Items] | |||
Amortizable intangible assets, Gross Carrying Amounts | 10 | 10.2 | |
Amortizable intangible assets, Accumulated Amortization | (9.1) | (9.1) | |
Amortizable intangible assets, Net Book Value | 0.9 | 1.1 | |
Trade Names | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible assets, gross carrying amount | 471.2 | 499.4 | |
Indefinite lived intangible asset accumulated amortization prior to the adoption of authoritative guidance | [1] | (44.5) | (44.5) |
Indefinite-lived intangible assets, Net Book Value | $ 426.7 | $ 454.9 | |
[1] | Accumulated amortization prior to the adoption of authoritative guidance on goodwill and indefinite-lived intangible assets, at which time further amortization ceased. |
Goodwill And Identifiable Int47
Goodwill And Identifiable Intangibles (Estimated Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangibles | $ 4.8 | $ 5.4 | $ 14.9 | $ 16.9 |
Estimated amortization expense, 2015 | 19.6 | 19.6 | ||
Estimated amortization expense, 2016 | 17.5 | 17.5 | ||
Estimated amortization expense, 2017 | 14.3 | 14.3 | ||
Estimated amortization expense, 2018 | 12.1 | 12.1 | ||
Estimated amortization expense, 2019 | $ 9.9 | $ 9.9 |
Restructuring (Restructuring Ch
Restructuring (Restructuring Charges and Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Restructuring Reserve [Roll Forward] | ||||
Balance at December 31, 2014 | $ 8.4 | |||
(Income)/ Provision | $ 0 | $ 0.5 | (0.3) | $ 1.6 |
Cash Expenditures | (5.7) | |||
Non-Cash Items/Currency Change | (0.3) | |||
Balance at September 30, 2015 | 2.1 | $ 2.1 | ||
Restructuring and Related Costs, Payment Period | 9 months | |||
Employee termination costs | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at December 31, 2014 | $ 7.8 | |||
(Income)/ Provision | (0.5) | |||
Cash Expenditures | (5.2) | |||
Non-Cash Items/Currency Change | (0.3) | |||
Balance at September 30, 2015 | 1.8 | 1.8 | ||
Termination of lease agreements | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at December 31, 2014 | 0.6 | |||
(Income)/ Provision | 0.2 | |||
Cash Expenditures | (0.5) | |||
Non-Cash Items/Currency Change | 0 | |||
Balance at September 30, 2015 | $ 0.3 | $ 0.3 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ||||
Income tax benefit computed at U.S. statutory income tax rate (35%) | $ 16.7 | $ 18.8 | $ 28.4 | $ 27.3 |
Interest on Brazilian Tax Assessment | 0.7 | 0.8 | 2.1 | 2.4 |
Correction of deferred tax | 0 | 0 | (1.6) | 0 |
Miscellaneous | (2.1) | (0.2) | (2.1) | 0.4 |
Income tax expense as reported | $ 15.3 | $ 19.4 | $ 26.8 | $ 30.1 |
Effective tax rate | 31.90% | 36.20% | 33.00% | 38.70% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) BRL in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015BRL | Sep. 30, 2015USD ($) | Dec. 31, 2012USD ($) | |
Valuation Allowance [Line Items] | |||||||
Interest on Brazilian Tax Assessment | $ 0.7 | $ 0.8 | $ 2.1 | $ 2.4 | |||
Income tax expense | 15.3 | 19.4 | 26.8 | 30.1 | |||
Income before income tax | $ 47.9 | $ 53.6 | $ 81.3 | $ 77.8 | |||
Minimum | |||||||
Valuation Allowance [Line Items] | |||||||
Statutes of limitation, period | 2 years | ||||||
Maximum | |||||||
Valuation Allowance [Line Items] | |||||||
Statutes of limitation, period | 5 years | ||||||
Tax Year 2007 to 2012 [Member] | Foreign Tax Authority | |||||||
Valuation Allowance [Line Items] | |||||||
Income Tax Contingency, Potential Brazilian Assessment | BRL 109.3 | $ 27.1 | $ 44.5 | ||||
Income Tax Contingency, Potential Assessment, Acquisition, Fair Value of Liabilities Accrued | $ 43.3 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Weighted Average Number of Shares Outstanding Basic and Diluted [Line Items] | ||||
Common Stock, Shares, Outstanding | 107,391,365 | 114,093,054 | 107,391,365 | 114,093,054 |
Repurchased and retired common stock | 1,000,000 | 6,100,000 | ||
Treasury Stock, Shares, Acquired | 700,000 | |||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted-average number of common shares outstanding - basic | 108,000,000 | 114,400,000 | 109,700,000 | 114,200,000 |
Weighted-average number of common shares outstanding - diluted | 109,500,000 | 117,000,000 | 111,500,000 | 116,700,000 |
Potentially dilutive shares excluded from computation of dilutive earnings per share | 7,000,000 | 7,300,000 | 5,400,000 | 6,600,000 |
Stock options | ||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 100,000 | 0 | 200,000 | 0 |
Stock-settled stock appreciation rights | ||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 300,000 | 600,000 | 400,000 | 600,000 |
Restricted stock units | ||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 1,100,000 | 2,000,000 | 1,200,000 | 1,900,000 |
Derivative Financial Instrume52
Derivative Financial Instruments (Narrative) (Details) - Foreign exchange contracts - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 57.3 | $ 55.8 |
Cash Flow Hedging [Member] | Derivatives designated as hedging instruments | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 69.4 | $ 68.4 |
Derivative Financial Instrume53
Derivative Financial Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 3.3 | $ 4.7 |
Derivative Liabilities | 0.5 | 0.5 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 2.9 | 4.6 |
Foreign exchange contracts | Derivatives designated as hedging instruments | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 0.4 | 0.1 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0.4 | 0.1 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 0.1 | $ 0.4 |
Derivative Financial Instrume54
Derivative Financial Instruments (Effect of Derivative Instruments) (Details) - Foreign exchange contracts - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivatives not designated as hedging instruments | Other expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Recognized in Income | $ (1.9) | $ 0 | $ (0.9) | $ 1.4 |
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 3.1 | 4 | 7.3 | 3.7 |
Cash Flow Hedging [Member] | Cost of products sold | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) Loss Reclassified from AOCI to Income (Effective Portion) | $ (1.8) | $ (0.3) | $ (9.1) | $ (1.2) |
Fair Value Of Financial Instr55
Fair Value Of Financial Instruments Schedule of Fair Value Assets and Liabilities measured on a Recurring Basis (Details) - Fair Value, Inputs, Level 2 - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 3.3 | $ 4.7 |
Foreign Currency Contracts, Liability, Fair Value Disclosure | $ 0.5 | $ 0.5 |
Fair Value Of Financial Instr56
Fair Value Of Financial Instruments Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Maximum Remaining Maturity of Foreign Currency Derivatives | 12 months | |
Total debt | $ 826 | $ 800.6 |
Estimated fair value of total debt | $ 848.5 | $ 831.9 |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at December 31, 2014 | $ (292.6) | ||||
Other comprehensive income (loss) before reclassifications, net of tax | (127.6) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (4.4) | ||||
Balance at September 30, 2015 | $ (424.6) | (424.6) | |||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
Cost of products sold | (279.9) | $ (318.9) | (757.7) | $ (856.3) | |
Amortization of actuarial loss included in net income | 1 | 1.6 | 3.2 | 4.7 | |
Amortization of prior service cost | 0 | 0.1 | 0.2 | 0.3 | |
Income tax expense | (15.3) | (19.4) | (26.8) | (30.1) | |
Derivative Financial Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at December 31, 2014 | 2.7 | ||||
Other comprehensive income (loss) before reclassifications, net of tax | 5.1 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (6.4) | ||||
Balance at September 30, 2015 | 1.4 | 1.4 | |||
Foreign Currency Adjustments | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at December 31, 2014 | (166) | ||||
Other comprehensive income (loss) before reclassifications, net of tax | (135) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | ||||
Balance at September 30, 2015 | (301) | (301) | |||
Unrecognized Pension and Other Post-retirement Benefit Costs | |||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||||
Balance at December 31, 2014 | (129.3) | ||||
Other comprehensive income (loss) before reclassifications, net of tax | 2.3 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 2 | ||||
Balance at September 30, 2015 | (125) | (125) | |||
Amount Reclassified from Accumulated Other Comprehensive Income | |||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
Net of tax | 0.4 | (0.8) | 4.4 | (2.2) | |
Amount Reclassified from Accumulated Other Comprehensive Income | 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] | (1) | (1.6) | (3.2) | (4.7) |
Amortization of prior service cost | [1] | 0 | (0.1) | (0.2) | (0.3) |
Total before tax | (1) | (1.7) | (3.4) | (5) | |
Income tax expense | 0.2 | 0.6 | 1.4 | 1.8 | |
Net of tax | (0.8) | (1.1) | (2) | (3.2) | |
Foreign exchange contracts | Amount Reclassified from Accumulated Other Comprehensive Income | Derivative Financial Instruments | |||||
Amounts Reclassified from Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
Cost of products sold | 1.8 | 0.3 | 9.1 | 1.2 | |
Income tax expense | (0.6) | 0 | (2.7) | (0.2) | |
Net of tax | $ 1.2 | $ 0.3 | $ 6.4 | $ 1 | |
[1] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and post-retirement plans (See "Note 4. Pension and Other Retiree Benefits" for additional details). |
Information On Business Segme58
Information On Business Segments (Net Sales by Segment) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of business segments | 3 | |||
Net sales | $ 413.6 | $ 472.2 | $ 1,098.3 | $ 1,229.3 |
Operating Segment | ACCO Brands North America | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 279.8 | 297.4 | 715.1 | 752.5 |
Operating Segment | ACCO Brands International | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 104.3 | 140.7 | 295.6 | 376.3 |
Operating Segment | Computer Products Group | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 29.5 | $ 34.1 | $ 87.6 | $ 100.5 |
Information On Business Segme59
Information On Business Segments (Operating Income by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | [1] | $ 54.8 | $ 61.8 | $ 106.6 | $ 105.1 |
Interest expense | 11 | 12.5 | 33.5 | 37 | |
Interest income | (1.9) | (1.6) | (5.3) | (4.7) | |
Equity in earnings of joint ventures | (2.5) | (2.9) | (5.1) | (5.3) | |
Other expense, net | 0.3 | 0.2 | 2.2 | 0.3 | |
Income before income tax | 47.9 | 53.6 | 81.3 | 77.8 | |
Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | [1] | 62.4 | 72.3 | 131.8 | 134.9 |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | [1] | (7.6) | (10.5) | (25.2) | (29.8) |
ACCO Brands North America | Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | [1] | 48.4 | 50.5 | 104.1 | 98 |
ACCO Brands International | Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | [1] | 11.3 | 19.1 | 20.8 | 31.9 |
Computer Products Group | Operating Segment | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | [1] | $ 2.7 | $ 2.7 | $ 6.9 | $ 5 |
[1] | Operating income as presented in the segment table above is defined as i) net sales; ii) less cost of products sold; iii) less advertising, selling, general and administrative expenses; iv) less amortization of intangibles; and v) less restructuring charges. |
Joint Venture Investments (Deta
Joint Venture Investments (Details) - Pelikan Artline Pty Ltd [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Net sales | $ 26.2 | $ 32.4 | $ 74.6 | $ 80.9 | |
Gross profit | 12.7 | 14.1 | 31.8 | 32 | |
Net income | 5.1 | $ 5.7 | 10.3 | $ 10.5 | |
Current assets | 67.8 | 67.8 | $ 83.4 | ||
Non-current assets | 41.9 | 41.9 | 47.3 | ||
Current liabilities | 34.9 | 34.9 | 40.7 | ||
Non-current liabilities | $ 13.5 | $ 13.5 | $ 22 |
Joint Venture Investments (Narr
Joint Venture Investments (Narrative) (Details) | Sep. 30, 2015 |
Pelikan Artline Pty Ltd [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Condensed Consolidating Finan62
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 70.9 | $ 53.2 | $ 72.5 | $ 53.5 |
Accounts receivable, net | 323.8 | 420.5 | ||
Inventories | 251.6 | 229.9 | ||
Receivables from affiliates | 0 | 0 | ||
Deferred income taxes | 33.3 | 39.4 | ||
Other current assets | 30.5 | 35.8 | ||
Total current assets | 710.1 | 778.8 | ||
Property, plant and equipment, net | 210.6 | 235.5 | ||
Deferred income taxes | 29.2 | 31.7 | ||
Goodwill | 498.1 | 544.9 | ||
Identifiable intangibles, net | 525.5 | 571.4 | ||
Other non-current assets | 53.2 | 64.1 | ||
Investment in, long term receivable from affiliates | 0 | 0 | ||
Total assets | 2,026.7 | 2,226.4 | ||
Current liabilities: | ||||
Notes payable | 47 | 0.8 | ||
Current portion of long-term debt | 0 | 0.8 | ||
Accounts payable | 132 | 159.1 | ||
Accrued compensation | 32.7 | 36.6 | ||
Accrued customer program liabilities | 87.6 | 111.8 | ||
Accrued interest | 14.7 | 6.5 | ||
Other current liabilities | 54.8 | 79.8 | ||
Payables to affiliates | 0 | 0 | ||
Total current liabilities | 368.8 | 395.4 | ||
Long-term debt | 779 | 799 | ||
Long-term notes payable to affiliates | 0 | 0 | ||
Deferred income taxes | 168 | 172.2 | ||
Pension and post-retirement benefit obligations | 85.5 | 100.5 | ||
Other non-current liabilities | 64.4 | 78.3 | ||
Total liabilities | 1,465.7 | 1,545.4 | ||
Stockholders' equity: | ||||
Common stock | 1.1 | 1.1 | ||
Treasury stock | (11.8) | (5.9) | ||
Paid-in capital | 1,994.9 | 2,031.5 | ||
Accumulated other comprehensive loss | (424.6) | (292.6) | ||
(Accumulated deficit) retained earnings | (998.6) | (1,053.1) | ||
Total stockholders' equity | 561 | 681 | ||
Total liabilities and stockholders' equity | 2,026.7 | 2,226.4 | ||
Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Receivables from affiliates | (429.6) | (375.5) | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Total current assets | (429.6) | (375.5) | ||
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 | (2,944.8) | (3,011.8) | ||
Total assets | (3,374.4) | (3,387.3) | ||
Current liabilities: | ||||
Notes payable | 0 | 0 | ||
Current portion of long-term debt | 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 | (455.1) | (460.2) | ||
Total current liabilities | (455.1) | (460.2) | ||
Long-term debt | 0 | 0 | ||
Long-term notes payable to affiliates | (225.5) | (236.1) | ||
Deferred income taxes | 0 | 0 | ||
Pension and post-retirement benefit obligations | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total liabilities | (680.6) | (696.3) | ||
Stockholders' equity: | ||||
Common stock | (680.1) | (695) | ||
Treasury stock | 0 | 0 | ||
Paid-in capital | (2,294.1) | (2,294.1) | ||
Accumulated other comprehensive loss | 369.6 | 248.2 | ||
(Accumulated deficit) retained earnings | (89.2) | 49.9 | ||
Total stockholders' equity | (2,693.8) | (2,691) | ||
Total liabilities and stockholders' equity | (3,374.4) | (3,387.3) | ||
Parent | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 5.8 | 9.7 | 4.8 | 7 |
Accounts receivable, net | 0 | 0 | ||
Inventories | 0 | 0 | ||
Receivables from affiliates | 17.2 | 4.8 | ||
Deferred income taxes | 26.7 | 27.2 | ||
Other current assets | 0.8 | 1.4 | ||
Total current assets | 50.5 | 43.1 | ||
Property, plant and equipment, net | 3.9 | 4.2 | ||
Deferred income taxes | 0.8 | 0.9 | ||
Goodwill | 0 | 0 | ||
Identifiable intangibles, net | 57.5 | 57.5 | ||
Other non-current assets | 12.6 | 15.2 | ||
Investment in, long term receivable from affiliates | 1,604.3 | 1,680 | ||
Total assets | 1,729.6 | 1,800.9 | ||
Current liabilities: | ||||
Notes payable | 47 | 0 | ||
Current portion of long-term debt | 0.7 | |||
Accounts payable | 0 | 0 | ||
Accrued compensation | 3.1 | 3.3 | ||
Accrued customer program liabilities | 0 | 0 | ||
Accrued interest | 14.7 | 6.5 | ||
Other current liabilities | 2.7 | 1.9 | ||
Payables to affiliates | 5.7 | 5.6 | ||
Total current liabilities | 73.2 | 18 | ||
Long-term debt | 779 | 799 | ||
Long-term notes payable to affiliates | 178.2 | 178.2 | ||
Deferred income taxes | 133.4 | 120 | ||
Pension and post-retirement benefit obligations | 1.5 | 1.5 | ||
Other non-current liabilities | 3.3 | 3.2 | ||
Total liabilities | 1,168.6 | 1,119.9 | ||
Stockholders' equity: | ||||
Common stock | 1.1 | 1.1 | ||
Treasury stock | (11.8) | (5.9) | ||
Paid-in capital | 1,994.9 | 2,031.5 | ||
Accumulated other comprehensive loss | (424.6) | (292.6) | ||
(Accumulated deficit) retained earnings | (998.6) | (1,053.1) | ||
Total stockholders' equity | 561 | 681 | ||
Total liabilities and stockholders' equity | 1,729.6 | 1,800.9 | ||
Guarantors | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0.1 | 0 | 1 |
Accounts receivable, net | 171.2 | 156.1 | ||
Inventories | 152.2 | 129.9 | ||
Receivables from affiliates | 356.5 | 302.7 | ||
Deferred income taxes | 0 | 0 | ||
Other current assets | 13.6 | 15.1 | ||
Total current assets | 693.5 | 603.9 | ||
Property, plant and equipment, net | 110.8 | 117.8 | ||
Deferred income taxes | 0 | 0 | ||
Goodwill | 330.8 | 330.9 | ||
Identifiable intangibles, net | 385.7 | 397.9 | ||
Other non-current assets | 1.8 | 1 | ||
Investment in, long term receivable from affiliates | 899.5 | 890.8 | ||
Total assets | 2,422.1 | 2,342.3 | ||
Current liabilities: | ||||
Notes payable | 0 | 0 | ||
Current portion of long-term debt | 0.1 | |||
Accounts payable | 75.2 | 84.8 | ||
Accrued compensation | 16.6 | 20.1 | ||
Accrued customer program liabilities | 51.4 | 60.1 | ||
Accrued interest | 0 | 0 | ||
Other current liabilities | 23.6 | 31 | ||
Payables to affiliates | 209.6 | 214.1 | ||
Total current liabilities | 376.4 | 410.2 | ||
Long-term debt | 0 | 0 | ||
Long-term notes payable to affiliates | 26.7 | 26.7 | ||
Deferred income taxes | 0 | 0 | ||
Pension and post-retirement benefit obligations | 49.7 | 52.3 | ||
Other non-current liabilities | 20.9 | 19.9 | ||
Total liabilities | 473.7 | 509.1 | ||
Stockholders' equity: | ||||
Common stock | 448 | 448 | ||
Treasury stock | 0 | 0 | ||
Paid-in capital | 1,551.1 | 1,551.1 | ||
Accumulated other comprehensive loss | (65.3) | (65.2) | ||
(Accumulated deficit) retained earnings | 14.6 | (100.7) | ||
Total stockholders' equity | 1,948.4 | 1,833.2 | ||
Total liabilities and stockholders' equity | 2,422.1 | 2,342.3 | ||
Non-Guarantors | Reportable Legal Entities [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 65.1 | 43.4 | $ 67.7 | $ 45.5 |
Accounts receivable, net | 152.6 | 264.4 | ||
Inventories | 99.4 | 100 | ||
Receivables from affiliates | 55.9 | 68 | ||
Deferred income taxes | 6.6 | 12.2 | ||
Other current assets | 16.1 | 19.3 | ||
Total current assets | 395.7 | 507.3 | ||
Property, plant and equipment, net | 95.9 | 113.5 | ||
Deferred income taxes | 28.4 | 30.8 | ||
Goodwill | 167.3 | 214 | ||
Identifiable intangibles, net | 82.3 | 116 | ||
Other non-current assets | 38.8 | 47.9 | ||
Investment in, long term receivable from affiliates | 441 | 441 | ||
Total assets | 1,249.4 | 1,470.5 | ||
Current liabilities: | ||||
Notes payable | 0 | 0.8 | ||
Current portion of long-term debt | 0 | |||
Accounts payable | 56.8 | 74.3 | ||
Accrued compensation | 13 | 13.2 | ||
Accrued customer program liabilities | 36.2 | 51.7 | ||
Accrued interest | 0 | 0 | ||
Other current liabilities | 28.5 | 46.9 | ||
Payables to affiliates | 239.8 | 240.5 | ||
Total current liabilities | 374.3 | 427.4 | ||
Long-term debt | 0 | 0 | ||
Long-term notes payable to affiliates | 20.6 | 31.2 | ||
Deferred income taxes | 34.6 | 52.2 | ||
Pension and post-retirement benefit obligations | 34.3 | 46.7 | ||
Other non-current liabilities | 40.2 | 55.2 | ||
Total liabilities | 504 | 612.7 | ||
Stockholders' equity: | ||||
Common stock | 232.1 | 247 | ||
Treasury stock | 0 | 0 | ||
Paid-in capital | 743 | 743 | ||
Accumulated other comprehensive loss | (304.3) | (183) | ||
(Accumulated deficit) retained earnings | 74.6 | 50.8 | ||
Total stockholders' equity | 745.4 | 857.8 | ||
Total liabilities and stockholders' equity | $ 1,249.4 | $ 1,470.5 |
Condensed Consolidating Finan63
Condensed Consolidating Financial Information (Condensed Consolidating Statement of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | $ 413.6 | $ 472.2 | $ 1,098.3 | $ 1,229.3 | |
Cost of products sold | 279.9 | 318.9 | 757.7 | 856.3 | |
Gross profit | 133.7 | 153.3 | 340.6 | 373 | |
Advertising, selling, general and administrative expenses | 74.1 | 85.6 | 219.4 | 249.4 | |
Amortization of intangibles | 4.8 | 5.4 | 14.9 | 16.9 | |
Restructuring charges (credits) | 0 | 0.5 | (0.3) | 1.6 | |
Operating income | [1] | 54.8 | 61.8 | 106.6 | 105.1 |
Expense (income) from affiliates | 0 | 0 | |||
Interest expense | 11 | 12.5 | 33.5 | 37 | |
Interest income | (1.9) | (1.6) | (5.3) | (4.7) | |
Equity in earnings of joint ventures | (2.5) | (2.9) | (5.1) | (5.3) | |
Other expense (income), net | 0.3 | 0.2 | 2.2 | 0.3 | |
Income (loss) before income taxes and earnings of wholly owned subsidiaries | 47.9 | 53.6 | 81.3 | 77.8 | |
Income tax expense | 15.3 | 19.4 | 26.8 | 30.1 | |
Income (loss) before earnings of wholly owned subsidiaries | 32.6 | 34.2 | 54.5 | 47.7 | |
Earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | |
Net income | 32.6 | 34.2 | 54.5 | 47.7 | |
Comprehensive (loss) income | (37.8) | (19.2) | (77.5) | 21.8 | |
Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | (10.6) | (3.7) | (36.4) | (15.3) | |
Cost of products sold | (10.6) | (3.7) | (36.4) | (15.3) | |
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 (credits) | 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) before income taxes and earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Income (loss) before earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | |
Earnings of wholly owned subsidiaries | (71.7) | (83.9) | (159.5) | (161.7) | |
Net income | (71.7) | (83.9) | (159.5) | (161.7) | |
Comprehensive (loss) income | (7.2) | (34.4) | (38.1) | (137.2) | |
Parent | Reportable Legal Entities [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
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 | 9.3 | 12.5 | 30.2 | 35.6 | |
Amortization of intangibles | 0.1 | 0.1 | 0.1 | 0.1 | |
Restructuring charges (credits) | 0 | 0 | (0.2) | ||
Operating income | (9.4) | (12.6) | (30.3) | (35.5) | |
Expense (income) from affiliates | (0.4) | (0.5) | (1) | (1.2) | |
Interest expense | 11.2 | 12.6 | 34.1 | 37.3 | |
Interest income | 0 | 0 | 0 | 0 | |
Equity in earnings of joint ventures | 0 | 0 | 0 | 0 | |
Other expense (income), net | (0.6) | 0 | 1.4 | 1.1 | |
Income (loss) before income taxes and earnings of wholly owned subsidiaries | (19.6) | (24.7) | (64.8) | (72.7) | |
Income tax expense | 8.4 | 8.6 | 14 | 10.6 | |
Income (loss) before earnings of wholly owned subsidiaries | (28) | (33.3) | (78.8) | (83.3) | |
Earnings of wholly owned subsidiaries | 60.6 | 67.5 | 133.3 | 131 | |
Net income | 32.6 | 34.2 | 54.5 | 47.7 | |
Comprehensive (loss) income | (37.8) | (19.2) | (77.5) | 21.8 | |
Guarantors | Reportable Legal Entities [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 271.6 | 273.2 | 699.4 | 694.6 | |
Cost of products sold | 182.6 | 185.4 | 481.5 | 484.1 | |
Gross profit | 89 | 87.8 | 217.9 | 210.5 | |
Advertising, selling, general and administrative expenses | 40.6 | 41.2 | 113.7 | 117.5 | |
Amortization of intangibles | 3.9 | 4.3 | 12.1 | 13.5 | |
Restructuring charges (credits) | (0.3) | (0.3) | (0.2) | ||
Operating income | 44.5 | 42.6 | 92.4 | 79.7 | |
Expense (income) from affiliates | (5.1) | (6.5) | (16.2) | (20) | |
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 | 2.5 | (0.9) | 2 | (0.6) | |
Income (loss) before income taxes and earnings of wholly owned subsidiaries | 47.1 | 50 | 106.6 | 100.3 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Income (loss) before earnings of wholly owned subsidiaries | 47.1 | 50 | 106.6 | 100.3 | |
Earnings of wholly owned subsidiaries | 11.1 | 16.4 | 26.2 | 30.7 | |
Net income | 58.2 | 66.4 | 132.8 | 131 | |
Comprehensive (loss) income | 58.2 | 66.9 | 132.7 | 133 | |
Non-Guarantors | Reportable Legal Entities [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net sales | 152.6 | 202.7 | 435.3 | 550 | |
Cost of products sold | 107.9 | 137.2 | 312.6 | 387.5 | |
Gross profit | 44.7 | 65.5 | 122.7 | 162.5 | |
Advertising, selling, general and administrative expenses | 24.2 | 31.9 | 75.5 | 96.3 | |
Amortization of intangibles | 0.8 | 1 | 2.7 | 3.3 | |
Restructuring charges (credits) | 0.8 | 0 | 2 | ||
Operating income | 19.7 | 31.8 | 44.5 | 60.9 | |
Expense (income) from affiliates | 5.5 | 7 | 17.2 | 21.2 | |
Interest expense | (0.2) | (0.1) | (0.6) | (0.3) | |
Interest income | (1.9) | (1.6) | (5.3) | (4.7) | |
Equity in earnings of joint ventures | (2.5) | (2.9) | (5.1) | (5.3) | |
Other expense (income), net | (1.6) | 1.1 | (1.2) | (0.2) | |
Income (loss) before income taxes and earnings of wholly owned subsidiaries | 20.4 | 28.3 | 39.5 | 50.2 | |
Income tax expense | 6.9 | 10.8 | 12.8 | 19.5 | |
Income (loss) before earnings of wholly owned subsidiaries | 13.5 | 17.5 | 26.7 | 30.7 | |
Earnings of wholly owned subsidiaries | 0 | 0 | 0 | 0 | |
Net income | 13.5 | 17.5 | 26.7 | 30.7 | |
Comprehensive (loss) income | $ (51) | $ (32.5) | $ (94.6) | $ 4.2 | |
[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 Finan64
Condensed Consolidating Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 69.7 | $ 67.5 |
Investing activities | ||
Additions to property, plant and equipment | (21.4) | (21.1) |
Payments for (proceeds from) interest in affiliates | 0 | 0 |
Proceeds from the disposition of assets | 2.7 | 3.8 |
Net cash used by investing activities | (18.7) | (17.3) |
Financing activities | ||
Intercompany financing | 0 | 0 |
Net dividends | 0 | 0 |
Proceeds from long-term borrowings | 300 | 0 |
Repayments of long-term debt | (320.1) | (25.1) |
Borrowings of notes payable, net | 46.2 | 0.8 |
Payments for debt issuance costs | (1.7) | (0.3) |
Repurchases of common stock | (46) | (2.9) |
Payments related to tax withholding for share-based compensation | (5.9) | (1.9) |
Proceeds from the exercise of stock options | 0.5 | 0 |
Net cash used by financing activities | (27) | (29.4) |
Effect of foreign exchange rate changes on cash and cash equivalents | (6.3) | (1.8) |
Net increase in cash and cash equivalents | 17.7 | 19 |
Cash and cash equivalents: | ||
Beginning of the period | 53.2 | 53.5 |
End of the period | 70.9 | 72.5 |
Reportable Legal Entities [Member] | Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (43.7) | (52.3) |
Investing activities | ||
Additions to property, plant and equipment | 0 | (0.2) |
Payments for (proceeds from) interest in affiliates | 0 | 0 |
Proceeds from the disposition of assets | 0 | 0 |
Net cash used by investing activities | 0 | (0.2) |
Financing activities | ||
Intercompany financing | 48 | 55.7 |
Net dividends | 18 | 24.7 |
Proceeds from long-term borrowings | 300 | |
Repayments of long-term debt | (320.1) | (25) |
Borrowings of notes payable, net | 47 | 0 |
Payments for debt issuance costs | (1.7) | (0.3) |
Repurchases of common stock | (46) | (2.9) |
Payments related to tax withholding for share-based compensation | (5.9) | (1.9) |
Proceeds from the exercise of stock options | 0.5 | |
Net cash used by financing activities | 39.8 | 50.3 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | (3.9) | (2.2) |
Cash and cash equivalents: | ||
Beginning of the period | 9.7 | 7 |
End of the period | 5.8 | 4.8 |
Reportable Legal Entities [Member] | Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 69.2 | 62 |
Investing activities | ||
Additions to property, plant and equipment | (9.7) | (6.7) |
Payments for (proceeds from) interest in affiliates | 14.9 | 15.1 |
Proceeds from the disposition of assets | 0 | 3.6 |
Net cash used by investing activities | 5.2 | 12 |
Financing activities | ||
Intercompany financing | (59.6) | (64.9) |
Net dividends | (14.9) | (10) |
Proceeds from long-term borrowings | 0 | |
Repayments of long-term debt | 0 | (0.1) |
Borrowings of notes payable, net | 0 | 0 |
Payments for debt issuance costs | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Payments related to tax withholding for share-based compensation | 0 | 0 |
Proceeds from the exercise of stock options | 0 | |
Net cash used by financing activities | (74.5) | (75) |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Net increase in cash and cash equivalents | (0.1) | (1) |
Cash and cash equivalents: | ||
Beginning of the period | 0.1 | 1 |
End of the period | 0 | 0 |
Reportable Legal Entities [Member] | Non-Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 44.2 | 57.8 |
Investing activities | ||
Additions to property, plant and equipment | (11.7) | (14.2) |
Payments for (proceeds from) interest in affiliates | (14.9) | (15.1) |
Proceeds from the disposition of assets | 2.7 | 0.2 |
Net cash used by investing activities | (23.9) | (29.1) |
Financing activities | ||
Intercompany financing | 11.6 | 9.2 |
Net dividends | (3.1) | (14.7) |
Proceeds from long-term borrowings | 0 | |
Repayments of long-term debt | 0 | 0 |
Borrowings of notes payable, net | (0.8) | 0.8 |
Payments for debt issuance costs | 0 | 0 |
Repurchases of common stock | 0 | 0 |
Payments related to tax withholding for share-based compensation | 0 | 0 |
Proceeds from the exercise of stock options | 0 | |
Net cash used by financing activities | 7.7 | (4.7) |
Effect of foreign exchange rate changes on cash and cash equivalents | (6.3) | (1.8) |
Net increase in cash and cash equivalents | 21.7 | 22.2 |
Cash and cash equivalents: | ||
Beginning of the period | 43.4 | 45.5 |
End of the period | $ 65.1 | $ 67.7 |
Condensed Consolidating Finan65
Condensed Consolidating Financial Information (Narrative) (Details) | Sep. 30, 2015 | Dec. 31, 2014 |
Senior Unsecured Note, due April 2020 6 point 75 | Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Stated Percentage | 6.75% | 6.75% |