Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 16, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | ARMSTRONG WORLD INDUSTRIES INC | ||
Trading Symbol | awi | ||
Entity Central Index Key | 7,431 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 55,396,836 | ||
Entity Public Float | $ 2,941 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings And Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Consolidated Statements Of Earnings And Comprehensive Income (Loss) [Abstract] | |||||
Net sales | $ 2,420 | $ 2,515.3 | $ 2,527.4 | ||
Cost of goods sold | 1,817.2 | 1,932 | 1,934.4 | ||
Gross profit | 602.8 | 583.3 | 593 | ||
Selling, general and administrative expenses | 447.2 | 398.5 | 386.9 | ||
Separation costs | 34.3 | ||||
Intangible asset impairments | 10.8 | ||||
Restructuring charges, net | (0.1) | ||||
Equity earnings from joint venture | (66.1) | (65.1) | (59.4) | ||
Operating income | 187.4 | 239.1 | 265.6 | ||
Interest expense | 45.3 | 46 | 68.7 | ||
Other non-operating expense | 23.5 | 10.5 | 2 | ||
Other non-operating (income) | (5.3) | (2.6) | (3.8) | ||
Earnings from continuing operations before income taxes | 123.9 | 185.2 | 198.7 | ||
Income tax expense | 71.3 | 83.2 | 71.4 | ||
Earnings from continuing operations | 52.6 | 102 | 127.3 | ||
Net (loss) from discontinued operations, net of tax benefit of ($-), ($-) and ($-) | (23.7) | (26.8) | |||
Gain (loss) on disposal of discontinued business, net of tax benefit of ($41.8), ($2.5) and ($3.6) | 41.6 | (14.5) | (6.4) | ||
Net gain (loss) from discontinued operations | 41.6 | (38.2) | (33.2) | ||
Net earnings | 94.2 | 63.8 | 94.1 | ||
Other comprehensive income (loss), net of tax: | |||||
Foreign currency translation adjustments | (25.5) | (29.6) | (8.8) | ||
Derivative gain (loss) | 0.7 | (3.3) | 18.5 | ||
Pension and postretirement adjustments | 32.9 | (91) | 90.1 | ||
Total other comprehensive income (loss) | 8.1 | [1] | (123.9) | [1] | 99.8 |
Total comprehensive income (loss) | $ 102.3 | $ (60.1) | $ 193.9 | ||
Earnings per share of common stock, continuing operations: | |||||
Basic | $ 0.95 | $ 1.85 | $ 2.19 | ||
Diluted | 0.94 | 1.83 | 2.17 | ||
Earnings (loss) per share of common stock, discontinued operations: | |||||
Basic | 0.74 | (0.70) | (0.57) | ||
Diluted | 0.74 | (0.69) | (0.57) | ||
Net earnings per share of common stock: | |||||
Basic | 1.69 | 1.15 | 1.62 | ||
Diluted | $ 1.68 | $ 1.14 | $ 1.60 | ||
Average number of common shares outstanding: | |||||
Basic | 55.5 | 55 | 57.8 | ||
Diluted | 55.9 | 55.4 | 58.4 | ||
[1] | Amounts are net of tax |
Consolidated Statements Of Ear3
Consolidated Statements Of Earnings And Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements Of Earnings And Comprehensive Income (Loss) [Abstract] | ||||
Loss on disposal of discontinued business, tax benefit | $ (43.4) | $ (41.8) | $ (2.5) | $ (3.6) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Current assets: | |||
Cash and cash equivalents | $ 244.8 | $ 185.3 | |
Accounts and notes receivable, net | 184.3 | 195.2 | |
Inventories, net | 344.2 | 335.5 | |
Deferred income taxes | 35.5 | 31.4 | |
Income tax receivable | 11.1 | 5.3 | |
Other current assets | 60.9 | 58.8 | |
Total current assets | 880.8 | 811.5 | |
Property, plant, and equipment, less accumulated depreciation and amortization of $718.6 and $644.3, respectively | 1,096.3 | 1,062.4 | |
Prepaid pension costs | 8.3 | 7.4 | |
Investment in joint venture | 130.8 | 129 | |
Intangible assets, net | 489.7 | 501.4 | |
Deferred income taxes | 21 | $ 26.6 | |
Income taxes receivable | 2.4 | ||
Other non-current assets | 62.6 | $ 67.9 | |
Total assets | 2,691.9 | 2,606.2 | |
Current liabilities: | |||
Current installments of long-term debt | 52.1 | 39.6 | |
Accounts payable and accrued expenses | 380.4 | 345.5 | |
Income tax payable | 3.2 | 2.5 | |
Deferred income taxes | 0.6 | 0.5 | |
Total current liabilities | 436.3 | 388.1 | |
Long-term debt, less current installments | 950.9 | 1,003 | |
Postretirement benefit liabilities | 172.4 | 201.5 | |
Pension benefit liabilities | 107.6 | 115.5 | |
Other long-term liabilities | 49.6 | 53.2 | |
Income tax payable | 92.3 | 51.1 | |
Deferred income taxes | 114 | 144.7 | |
Total noncurrent liabilities | 1,486.8 | 1,569 | |
Shareholders' equity: | |||
Common stock, $0.01 par value per share, authorized 200 million shares; issued 60,416,446 shares, outstanding 55,359,064 shares in 2015 and 60,183,535 shares issued, 55,126,153 outstanding shares in 2014 | 0.6 | 0.6 | |
Capital in excess of par value | 1,151.8 | 1,134.4 | |
Retained earnings | 365.2 | 271 | |
Treasury stock, at cost, 5,057,382 shares | (261.4) | (261.4) | |
Accumulated other comprehensive (loss) | [1] | (487.4) | (495.5) |
Total shareholders' equity | 768.8 | 649.1 | |
Total liabilities and shareholders' equity | $ 2,691.9 | $ 2,606.2 | |
[1] | Amounts are net of tax |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 718.6 | $ 644.3 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 60,416,446 | 60,183,535 |
Common stock, shares outstanding | 55,359,064 | 55,126,153 |
Treasury stock, shares | 5,057,382 | 5,057,382 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Millions | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | |
Balance at Dec. 31, 2012 | $ 0.6 | $ 1,076.8 | $ 113.1 | $ (471.4) | $ 719.1 | ||
Common stock shares, balance at Dec. 31, 2012 | 58,934,050 | ||||||
Stock issuance, net | 530,259 | ||||||
Share-based employee compensation | 21.6 | 21.6 | |||||
Net earnings | 94.1 | 94.1 | |||||
Repurchase of common stock | $ (261.4) | (261.4) | |||||
Repurchase of common stock, shares | (5,057,382) | ||||||
Repurchase of common stock, shares | 5,057,382 | ||||||
Other comprehensive income (loss) | 99.8 | 99.8 | |||||
Balance at Dec. 31, 2013 | $ 0.6 | 1,098.4 | 207.2 | $ (261.4) | (371.6) | 673.2 | |
Common stock shares, balance at Dec. 31, 2013 | 54,406,927 | ||||||
Treasury stock shares, balance at Dec. 31, 2013 | 5,057,382 | ||||||
Stock issuance, net | 719,226 | ||||||
Share-based employee compensation | 36 | 36 | |||||
Net earnings | 63.8 | 63.8 | |||||
Other comprehensive income (loss) | (123.9) | (123.9) | [1] | ||||
Balance at Dec. 31, 2014 | $ 0.6 | 1,134.4 | 271 | $ (261.4) | (495.5) | $ 649.1 | |
Common stock shares, balance at Dec. 31, 2014 | 55,126,153 | 55,126,153 | |||||
Treasury stock shares, balance at Dec. 31, 2014 | 5,057,382 | 5,057,382 | |||||
Stock issuance, net | 232,911 | ||||||
Share-based employee compensation | 17.4 | $ 17.4 | |||||
Net earnings | 94.2 | 94.2 | |||||
Other comprehensive income (loss) | 8.1 | 8.1 | [1] | ||||
Balance at Dec. 31, 2015 | $ 0.6 | $ 1,151.8 | $ 365.2 | $ (261.4) | $ (487.4) | $ 768.8 | |
Common stock shares, balance at Dec. 31, 2015 | 55,359,064 | 55,359,064 | |||||
Treasury stock shares, balance at Dec. 31, 2015 | 5,057,382 | 5,057,382 | |||||
[1] | Amounts are net of tax |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash flows from operating activities: | ||||
Net earnings | $ 94.2 | $ 63.8 | $ 94.1 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 118.3 | 129.4 | 109 | |
Write off of debt financing costs | 18.9 | |||
Loss on disposal of discontinued operations | 0.2 | 17 | 10 | |
Impairment on assets of discontinued operations | 11.9 | |||
Fixed and intangible asset impairments | [1] | 15.8 | ||
Deferred income taxes | (48.5) | 33.1 | 37 | |
Share-based compensation | 13.4 | 12.7 | 15.9 | |
Equity earnings from joint venture | (66.1) | (65.1) | (59.4) | |
U.S. pension expense (credit) | 25.2 | 0.6 | (2.1) | |
Non-cash foreign currency translation on intercompany loans | 19.8 | 37.2 | ||
Other, non-cash adjustments, net | (1.6) | (2.7) | (4.6) | |
Changes in operating assets and liabilities: | ||||
Receivables | 2.7 | (6.2) | (8.8) | |
Inventories | (15.7) | (26.8) | (11.9) | |
Other current assets | (7.3) | (9.7) | (9.2) | |
Other noncurrent assets | 9.8 | (2.9) | 7.1 | |
Accounts payable and accrued expenses | 49.3 | (6.1) | 37.4 | |
Income taxes payable | 33.6 | 24.2 | 16.3 | |
Other long-term liabilities | (22.2) | (21) | (35.3) | |
Other, net | (1.4) | 3.6 | (0.7) | |
Net cash provided by operating activities | 203.7 | 208.8 | 213.7 | |
Cash flows from investing activities: | ||||
Purchases of property, plant and equipment | (170.7) | (222.9) | (213.7) | |
Return of investment from joint venture | 64.2 | 67.9 | 61.1 | |
Proceeds from (payment of) company-owned life insurance, net | 2.2 | (0.5) | (0.4) | |
Proceeds from the sale of assets | 2.8 | 7.9 | 7.2 | |
Proceeds from settlement of note receivable | 2.4 | |||
Net cash effect from deconsolidation of subsidiary | (4.1) | |||
Net cash (used for) investing activities | (101.5) | (149.3) | (145.8) | |
Cash flows from financing activities: | ||||
Proceeds from revolving credit facility and other short-term debt | 122.8 | |||
Payments of revolving credit facility and other short-term debt | (122.8) | |||
Proceeds from long-term debt | 1,111 | |||
Payments of long-term debt | (39.5) | (23.9) | (1,115.5) | |
Financing costs | (7.2) | |||
Special dividends paid | (1.2) | (1.3) | (1.4) | |
Excess tax benefits from share-based awards | 8.4 | |||
Proceeds from exercised stock options | 6.4 | 17.8 | 8.6 | |
Proceeds from company-owned life insurance loans, net | 2 | 2.3 | 2.2 | |
Payment for treasury stock acquired | (261.4) | |||
Net cash (used for) provided by financing activities | (32.3) | 3.3 | (263.7) | |
Effect of exchange rate changes on cash and cash equivalents | (10.4) | (12.7) | (5.4) | |
Net increase (decrease) in cash and cash equivalents | 59.5 | 50.1 | (201.2) | |
Cash and cash equivalents at beginning of year | 185.3 | 135.2 | 336.4 | |
Cash and cash equivalents at end of year | 244.8 | 185.3 | 135.2 | |
Cash and cash equivalents at end of year of discontinued operations | 22.9 | |||
Cash and cash equivalents at end of year of continuing operations | 244.8 | 185.3 | 112.3 | |
Supplemental Cash Flow Disclosures: | ||||
Interest paid | 39.4 | 40.2 | 42.4 | |
Income taxes paid, net | 44.4 | 15 | 14.4 | |
Amounts in accounts payable for capital expenditures | $ 14.3 | $ 18.7 | $ 15.3 | |
[1] | Totals for 2014 and 2013 will differ from the totals on our Consolidated Statement of Cash Flow by the amounts that have been classified as discontinued operations |
Business
Business | 12 Months Ended |
Dec. 31, 2015 | |
Business [Abstract] | |
Business | NOTE 1. BUSINESS Armstrong World Industries, Inc. (“AWI”) is a Pennsylvania corporation incorporated in 1891. When we refer to "we," "our" and "us" in these notes, we are referring to AWI and its subsidiaries. We use the term “AWI” when we are referring solely to Armstrong World Industries, Inc. On February 23, 2015 , we announced that our board of directors unanimously approved a plan to separate our Resilient Flooring and Wood Flooring segments from our Building Products (Ceilings) segment . The separation will be effected by allocating the assets and liabilities related primarily to the Resilient Flooring and Wood Flooring segments to Armstrong Flooring, Inc. (“AFI”) and then distributing the common stock of AFI to AWI’s shareholders. The separation and distribution will result in AWI and AFI becoming two independent, publicly-traded companies, with AFI owning and operating the Resilient Flooring and Wood Flooring segments and AWI continuing to own and operate the Building Products (Ceilings) segment. Separation costs of $34.3 million for 2015 primarily relate to outside professional services and employee compensation and severance accruals. We expect the effective date of the separation to be near the end of the first quarter of 2016. In October 2006 , the Armstrong World Industries, Inc. Asbestos Personal Injury Settlement Trust (“Asbestos PI Trust”) was created to address AWI’s personal injury (including wrongful death) asbestos-related liability and received a distribution of 37,000,000 shares of our common stock. All present and future asbestos-related personal injury claims against AWI, including contribution claims of co-defendants but excluding certain foreign claims against subsidiaries, arising directly or indirectly out of AWI’s pre-filing use of, or other activities involving, asbestos are channeled to the Asbestos PI Trust. From the fourth quarter of 2012 through the fourth quarter of 2014, the Asbestos PI Trust sold 20,448,362 shares of our common stock. In 2015, the Asbestos Trust sold 4,281,884 shares of our common stock. We did not sell any shares and did not receive any proceeds from these transactions. As a result of these transactions, the Asbestos PI Trust currently holds approximately 9 % of our outstanding shares. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Consolidation Policy . The consolidated financial statements and accompanying data in this report include the accounts of AWI and its majority-owned subsidiaries. All significant intercompany transactions have been eliminated from the consolidated financial statements. Use of Estimates . We prepare our financial statements in conformity with U.S. generally accepted accounting principles, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. Reclassifications . Certain amounts in the prior year’s Consolidated Financial Statements and related notes and schedule thereto have been recast to conform to the 2015 presentation. Revenue Recognition . We recognize revenue from the sale of products when persuasive evidence of an arrangement exists, title and risk of loss transfers to the customers, prices are fixed and determinable, and it is reasonably assured the related accounts receivable is collectible. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. Our products are sold with normal and customary return provisions. Sales discounts are deducted immediately from the sales invoice. Provisions, which are recorded as a reduction of revenue, are made for the estimated cost of rebates, promotional programs and warranties. We defer recognizing revenue if special sales agreements, established at the time of sale, warrant this treatment. Sales Incentives . Sales incentives are reflected as a reduction of net sales. Shipping and Handling Costs . Shipping and handling costs are reflected in cost of goods sold. Advertising Costs . We recognize advertising expenses as they are incurred. Research and Development Costs . We recognize research and development costs as they are incurred. Pension and Postretirement Benefits . We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. See Note 16 to the Consolidated Financial Statements for disclosures on pension and postretirement benefits. Taxes . The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the financial statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are generally not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. Taxes collected from customers and remitted to governmental authorities are reported on a net basis. Earnings per Share . Basic earnings per share is computed by dividing the earnings attributable to common shares by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings. Cash and Cash Equivalents . Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. Concentration of Credit . We principally sell products to customers in the building products industries in various geographic regions. No one customer accounted for 10% or more of our total consolidated net sales in the years 2015, 2014, and 2013. We monitor the creditworthiness of our customers and generally do not require collateral. Receivables . We sell the vast majority of our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade receivables, customer notes receivable and miscellaneous receivables (which include supply related rebates and other), net of allowances for doubtful accounts, customer credits and warranties are reported in accounts and notes receivable, net. Cash flows from the collection of current receivables are classified as operating cash flows on the consolidated statements of cash flows. We establish credit-worthiness prior to extending credit. We estimate the recoverability of receivables each period. This estimate is based upon new information in the period, which can include the review of any available financial statements and forecasts, as well as discussions with legal counsel and the management of the debtor company. As events occur, which impact the collectability of the receivable, all or a portion of the receivable is reserved. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. Inventories . Inventories are valued at the lower of cost or market. Inventories also include certain samples used in ongoing sales and marketing activities. See Note 6 to the Consolidated Financial Statements for further information on our accounting for inventories. Property Plant and Equipment . Property plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized on a straight-line basis over the assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 3 to 15 years), computer equipment (depreciated over 3 to 5 years) and office furniture and equipment (depreciated over 5 to 7 years). Within manufacturing equipment, assets that are subject to quick obsolescence or wear out quickly, such as tooling and engraving equipment, are depreciated over shorter periods ( 3 to 7 years). Heavy production equipment, such as conveyors and production presses, are depreciated over longer periods ( 10 to 15 years). Buildings are depreciated over 15 to 30 years, depending on factors such as type of construction and use . Computer software is depreciated over 3 to 7 years. Property, plant and equipment are tested for impairment when indicators of impairment are present, such as operating losses and/or negative cash flows. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the assets. The estimate of an asset group’s fair value is based on discounted future cash flows expected to be generated by the asset group, or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants, or estimated salvage value if no sale is assumed. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. Impairments of assets related to our manufacturing operations are recorded in cost of goods sold. When assets are disposed of or retired, their costs and related depreciation are removed from the financial statements, and any resulting gains or losses normally are reflected in cost of goods sold or selling, general and administrative (“SG&A”) expenses depending on the nature of the asset. Asset Retirement Obligations . We recognize t he fair value of obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred. Upon initial recognition of a liability, the discounted cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset’s useful life. Over time, accretion of the liability is recognized as an operating expense to reflect the change in the liability’s present value. Intangible Assets . Our definite-lived intangible assets are primarily customer relationships (amortized over 20 years) and developed technology (amortized over 15 years). We review significant definite-lived intangible assets for impairment when indicators of impairment exist. We review our businesses for indicators of impairment such as operating losses and/or negative cash flows. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the assets. The estimate of an asset group’s fair value is based on discounted future cash flows expected to be generated by the asset group, or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. Our indefinite-lived intangibles are primarily trademarks and brand names, which are integral to our corporate identity and expected to contribute indefinitely to our cash flows. Accordingly, they have been assigned an indefinite life. We perform annual impairment tests during the fourth quarter on these indefinite-lived intangibles. These assets undergo more frequent tests if an indication of possible impairment exists. The principal assumption used in our impairment tests for definite-lived intangible assets is future operating profit adjusted for depreciation and amortization. The principal assumptions used in our impairment tests for indefinite-lived intangible assets include revenue growth rate, discount rate and royalty rate. Revenue growth rate and future operating profit assumptions are derived from those utilized in our operating plan and strategic planning processes. The discount rate assumption is calculated based upon an estimated weighted average cost of equity which reflects the overall level of inherent risk and the rate of return a market participant would expect to achieve. The royalty rate assumption represents the estimated contribution of the intangible asset to the overall profits of the reporting unit. Methodologies used for valuing our intangible assets did not change from prior periods. See Note 10 to the Consolidated Financial Statements for disclosure on intangible assets. Foreign Currency Transactions. Assets and liabilities of our subsidiaries operating outside the United States which account in a functional currency other than U.S. dollars are translated using the period end exchange rate. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of accumulated other comprehensive income (loss) within shareholders' equity. Gains or losses on foreign currency transactions are recognized through the statement of earnings. Financial Instruments and Derivatives . From time to time, we use derivatives and other financial instruments to offset the effect of currency, interest rate and commodity price variability. See Notes 17 and 18 to the Consolidated Financial Statements for further discussion. Share-based Employee Compensation . For awards with only service and performance conditions that have a graded vesting schedule, we recognize compensation expense on a straight-line basis over the vesting period for the entire award. See Note 21 to the Consolidated Financial Statements for additional information on share-based employee compensation. Subsequent Events . We have evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements included in the Annual Report on Form 10-K were issued. Recently Adopted Accounting Standards In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” which is part of ASC 205: Presentation of Financial Statements and ASC 360: Property, Plant and Equipment. The amendments in this guidance change the requirements for reporting discontinued operations. Under the new guidance a disposal of a component of an entity or a group of components is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance is effective prospectively for disposals that occur within annual periods beginning on or after December 15, 2014. There was no impact on our financial condition, results of operations or cash flows as a result of the adoption of this guidance. In May 2015, the FASB issued ASU 2015-07, “ Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” This standard removes the requirement to categorize investments within the fair value hierarchy when fair value is measured using the net asset value per share practical expedient. We do not hold any such investments on our Consolidated Balance Sheets, however, the assets held in trust for our defined benefit pension plan include such investments. The new guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. We early adopted this guidance as of December 31, 2015 and have applied this guidance to our disclosures of defined benefit pension plan assets as of and for the years ended December 31, 2015 and 2014. See Note 16 to the Consolidated Financial Statements for disclosures on pension and postretirement benefits. Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” . The guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to a customer. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective . In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date” which defers the effective date for ASU 2014-09 by one year to January 1, 2018, however, public business entities would be permitted to adopt the standard as of the original effective date. We have not selected a transition method and are currently evaluating the impact this guidance will have on our financial condition, results of operations and cash flows. In June 2014, the FASB issued ASU 2014-12 “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” which is part of ASC 718: Compensation-Stock Compensation. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We do not expect a material impact on our financial condition, results of operations or cash flows from the adoption of this guidance. In April 2015, the FASB issued ASU 2015-03, “ Simplifying the Presentation of Debt Issuance Costs .” This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. The new guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. In August 2015, the FASB issued ASU 2015-15, “ Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, ” which was issued to address the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. We are currently evaluating the impact the adoption of these standards will have on our financial condition and cash flows. In April 2015, the FASB issued ASU 2015-05, “ Customer's Accounting for Fees Paid in a Cloud Computing Arrangement” which provides guidance to determine when a customer's fees paid in a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for a cloud computing arrangement as a service contract. The new guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. We are currently evaluating the impact the adoption of this standard would have on our financial condition, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” which requires inventory that is measured on a first-in, first-out or average cost basis to be measured at lower of cost and net realizable value, as opposed to the lower of cost or market. For inventory that is measured under the last-in, first-out (“LIFO”) basis or the retail recovery method, there is no change to current measurement requirements. This new guidance is effective for annual reporting periods beginning after December 15, 2016, but early adoption is permitted. We are currently evaluating the impact the adoption of this standard would have on our financial condition, results of operations and cash flows. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes” which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. This new guidance is effective for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact the adoption of this standard would have on our financial condition and cash flows. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Most notably, this new guidance requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. This new guidance is effective for annual reporting periods beginning after December 15, 2017. We are currently evaluating the impact the adoption of this standard would have on our financial condition, results of operations and cash flows. |
Nature Of Operations
Nature Of Operations | 12 Months Ended |
Dec. 31, 2015 | |
Nature Of Operations [Abstract] | |
Nature Of Operations | NOTE 3. NATURE OF OPERATIONS Building Products — produces suspended mineral fiber, soft fiber and metal ceiling systems for use in commercial, institutional and residential settings. In addition, our Building Products segment sources complementary ceiling products. Our products, which are sold worldwide, are available in numerous colors, performance characteristics and designs, and offer attributes such as acoustical control, rated fire protection and aesthetic appeal. Commercial ceiling materials and accessories are sold to resale distributors and to ceiling systems contractors. Residential ceiling products are sold in North America primarily to wholesalers and retailers (including large home centers). Our Worthington Armstrong Venture (“WAVE”) joint venture with Worthington Industries, Inc. manufactures suspension system (grid) products which are sold by both us and WAVE. Resilient Flooring — designs, manufactures, sources and sells a broad range of floor coverings primarily for homes and commercial and institutional buildings. Manufactured products in this segment include vinyl sheet, vinyl tile, and luxury vinyl tile (“LVT”) flooring. In addition, our Resilient Flooring segment sources and sells laminate flooring products, vinyl tile products, vinyl sheet products, LVT products, linoleum products, adhesives, and installation and maintenance materials and accessories. Resilient Flooring products are offered in a wide variety of types, designs, colors and installation options. We sell these products to independent wholesale flooring distributors, large home centers, retailers, contractors and to the manufactured homes industry, and secure specifications for these products through architects, designers and end users. When market conditions and available capacity warrant, we also provide product on an original equipment manufacturer (“OEM”) basis to other flooring companies. Wood Flooring — designs, manufactures, sources and sells hardwood flooring products for use in new residential construction and renovation, with some commercial applications in stores, restaurants and high-end offices. The product offering includes pre-finished solid and engineered wood floors in various wood species, and related accessories. Virtually all of our Wood Flooring sales are in North America. Our Wood Flooring products are generally sold to independent wholesale flooring distributors, large home centers, retailers and flooring contractors. When market conditions and available capacity warrant, we also provide product on an OEM basis to other flooring companies Unallocated Corporate — includes assets, liabilities, income and expenses that have not been allocated to the business units. Balance sheet items classified as Unallocated Corporate are primarily income tax related accounts, cash and cash equivalents, the Armstrong brand name, the U.S. pension and long-term debt. Expenses for our corporate departments and certain benefit plans are allocated to the reportable segments based on known metrics, such as specific activity or headcount. The remaining items, which cannot be attributed to the other reportable segments without a high degree of generalization, are reported in Unallocated Corporate. Building Products Resilient Flooring Wood Flooring Unallocated Corporate Total For the year ended 2015 Net sales to external customers $1,231.3 $713.3 $475.4 - $2,420.0 Equity (earnings) from joint venture (66.1) - - - (66.1) Segment operating income (loss) 264.8 42.2 19.2 ($138.8) 187.4 Segment assets 1,068.9 510.2 337.4 775.4 2,691.9 Depreciation and amortization 67.6 26.1 12.0 12.6 118.3 Investment in joint venture 130.8 - - - 130.8 Purchases of property, plant and equipment 86.7 40.8 20.8 22.4 170.7 Building Products Resilient Flooring Wood Flooring Unallocated Corporate Total For the year ended 2014 Net sales to external customers $1,294.3 $712.9 $508.1 - $2,515.3 Equity (earnings) from joint venture (65.1) - - - (65.1) Segment operating income (loss) 264.7 61.6 (14.9) ($72.3) 239.1 Segment assets 1,079.7 492.7 329.8 704.0 2,606.2 Depreciation and amortization (1) 66.0 29.6 16.5 11.3 123.4 Asset impairment (1) 0.4 - 15.4 - 15.8 Investment in joint venture 129.0 - - - 129.0 Purchases of property, plant and equipment (1) 128.1 51.6 26.0 11.4 217.1 Building Products Resilient Flooring Wood Flooring Unallocated Corporate Total For the year ended 2013 Net sales to external customers $1,264.6 $728.8 $534.0 - $2,527.4 Equity (earnings) from joint venture (59.4) - - - (59.4) Segment operating income (loss) 263.1 69.8 6.0 ($73.3) 265.6 Segment assets 1,071.9 462.9 335.2 852.0 2,722.0 Depreciation and amortization (1) 56.3 25.8 11.4 9.0 102.5 Investment in joint venture 132.0 - - - 132.0 Purchases of property, plant and equipment (1) 134.5 50.7 8.0 15.8 209.0 (1) – Totals for 2014 and 2013 will differ from the totals on our Consolidated Statement of Cash Flow by the amounts that have been classified as discontinued operations . Segment operating income (loss) is the measure of segment profit or loss reviewed by the chief operating decision maker. The sum of the segments’ operating income (loss) equals the total consolidated operating income as reported on our income statement. The following reconciles our total consolidated operating income to earnings from continuing operations before income taxes. These items are only measured and managed on a consolidated basis: 2015 2014 2013 Segment operating income $187.4 $239.1 $265.6 Interest expense 45.3 46.0 68.7 Other non-operating expense 23.5 10.5 2.0 Other non-operating income (5.3) (2.6) (3.8) Earnings from continuing operations before income taxes $123.9 $185.2 $198.7 Accounting policies of the segments are the same as those described in the summary of significant accounting policies. The sales in the table below are allocated to geographic areas based upon the location of the customer. 2015 2014 2013 Geographic Areas Net trade sales Americas: United States $1,738.5 $1,728.3 $1,743.8 Canada 131.5 164.9 176.6 Other 31.8 33.5 33.9 Total Americas 1,901.8 1,926.7 1,954.3 Europe, Middle East & Africa: United Kingdom 85.8 80.1 82.3 France 43.6 55.9 55.6 Russia 37.9 64.9 68.0 Saudi Arabia 10.8 20.8 18.1 Other 109.8 125.0 127.3 Total Europe, Middle East & Africa 287.9 346.7 351.3 Pacific Rim: China 85.5 92.4 81.3 India 54.0 50.5 40.3 Australia 53.9 64.2 66.2 Other 36.9 34.8 34.0 Total Pacific Rim 230.3 241.9 221.8 Total net trade sales $2,420.0 $2,515.3 $2,527.4 2015 2014 Property, plant and equipment, net at December 31, Americas: United States $769.8 $715.8 Other 4.4 5.4 Total Americas 774.2 721.2 Europe, Middle East & Africa: Russia 48.3 62.7 Germany 28.5 29.9 France 27.6 18.8 United Kingdom 21.8 19.1 Other 18.8 16.2 Total Europe, Middle East & Africa 145.0 146.7 Pacific Rim: China 163.8 179.1 Other 13.3 15.4 Total Pacific Rim 177.1 194.5 Total property, plant and equipment, net $1,096.3 $1,062.4 Impairment testing of our tangible assets occurs whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. In 2014, we made the decision to dispose of certain idle equipment at five of our wood flooring manufacturing facilities and as a result we recorded a $4.4 million impairment charge in cost of goods sold. During 2014, we decided to close our resilient flooring plant in Thomastown, Australia and our engineered wood flooring plant in Kunshan, China. W e recorded $2.2 million in cost of goods sold for accelerated depreciation due to the closure of the resilient flooring plant in Australia. We sold this facility in January 2015 for a gain of approximately $ 2 million . We also recorded $4.0 million in cost of goods sold for accelerated depreciation and $0.8 million for the impairment of intangible assets due to the closure of the wood flooring plant in China in 2014. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | NOTE 4. DISCONTINUED OPERATIONS European Resilient Flooring On December 4, 2014, our Board of Directors approved the cessation of funding to our former DLW subsidiary, which was our former European flooring business. As a result, DLW management filed for insolvency in Germany on December 11, 2014. The German insolvency court subsequently appointed an administrator (the “Administrator”) to oversee DLW operations through the preliminary insolvency period. As a result of the insolvency filing, the appointment of the Administrator and our resulting loss of control of DLW’s operations to the German insolvency court and its Administrator, effective December 11, 2014, we deconsolidated DLW from our financial statements and presented DLW for all historical periods as a discontinued operation. The following is a summary of the results related to the DLW business, which are included in discontinued operations. These results were previously presented as part of the Resilient Flooring reporting segment. 2014 2013 Net sales $175.2 $192.5 (Loss) from discontinued operations before income tax ($23.7) ($26.8) Income tax benefit - - Net (loss) from discontinued operations ($23.7) ($26.8) 2015 2014 (Loss) on disposal of discontinued business before income tax ($0.8) ($13.5) Income tax benefit 42.0 1.2 Net gain (loss) on disposal of discontinued business $41.2 ($12.3) The $ 0.8 million and $ 13.5 million pre-tax losses on disposal of DLW recorded in 2015 and 2014 were comprised of the following items: 2015 2014 Recognition of pension accumulated other comprehensive income - ($14.7) Transaction related fees - (3.4) Reserve for previous intercompany receivables - (1.1) Recognition of cumulative foreign currency translation adjustments - 5.7 Other non-operating expenses ($0.8) - (Loss) on disposal of discontinued business before income tax ($0.8) ($13.5) Income tax benefit 42.0 1.2 Net gain (loss) on disposal of discontinued business $41.2 ($12.3) The DLW insolvency filing in December 2014 resulted in our disposal and presentation of DLW for all historical periods as a discontinued operation. However, the insolvency filing did not meet the U.S. tax criteria to be considered disposed of until the first quarter of 2015. In determining the U.S. tax impact of the disposition, the liabilities, including an unfunded pension liability of approximately $115 million , were considered proceeds. However, pension deductions for tax purposes result only when the benefit payments are made. Accordingly, a deferred tax asset and non-cash income tax benefit of $43.4 million were recorded in the first quarter of 2015 within discontinued operations for the tax benefit of the future pension deductions. In June 2015, the Administrator announced that the business operations of DLW, including its two German manufacturing plants, were sold to a third party investment firm. We do not believe this transaction will have a material adverse impact on our financial condition, results of operations or cash flows. The insolvency proceedings continue as the Administrator works to sell remaining assets and resolve creditor claims. At deconsolidation, DLW had a net liability of $12.9 million, representing assets of $151.9 million and liabilities of $164.8 million, which were removed from our balance sheet. This net liability was recognized as a contingent liability on our consolidated balance sheet pending the closure and results of the insolvency proceedings. Any shortfall will be recognized immediately when identified and any excess will be reflected when insolvency proceedings are finalized, all through discontinued operations. The amount of the net liability was $12.1 million at December 31, 2015. We have entered into supply agreements with DLW to continue to purchase linoleum and homogenous flooring products for sale in the Americas and the Pacific Rim, and to provide administrative support services to DLW for information technology and accounts receivables and payables for a limited transition period. These agreements are not material. Cabinets In September 2012, we entered into a definitive agreement to sell our cabinets business to American Industrial Partners (“AIP”) for $27.0 million in cash. The sale was completed in October 2012. In February 2013, we received a demand notice from the Carpenters Labor-Management Pension Fund (the “Fund”) of a deemed withdrawal relating to the sale of our cabinets business to AIP in 2012. During the third quarter of 2013, we recorded an estimated liability of $7.5 million for a potential withdrawal liability related to a multi-employer pension plan. During the second quarter of 2014, we recorded an additional $3.3 million expense to increase the total estimated remaining liability to $10.0 million. In August 2014, we entered into a settlement agreement with the Fund to resolve this matter for $10.3 million, including a complete release of all claims against us. As a result of the settlement, we recorded an additional charge of $0.3 million during the third quarter of 2014. Payment was made to the Fund in the third quarter of 2014. The following is a summary of the results related to the cabinets business, which are included in discontinued operations. 2015 2014 2013 Gain (loss) on disposal of discontinued business before income tax $0.6 ($3.5) ($10.0) Income tax (expense) benefit (0.2) 1.3 3.6 Net gain (loss) on disposal of discontinued business $0.4 ($2.2) ($6.4) The Consolidated Statement of Cash Flows does not separately report the cash flows of the discontinued operations. |
Accounts And Notes Receivable
Accounts And Notes Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Accounts And Notes Receivable [Abstract] | |
Accounts And Notes Receivable | NOTE 5. ACCOUNTS AND NOTES RECEIVABLE December 31, 2015 December 31, 2014 Customer receivables $198.8 $209.7 Customer notes 1.5 1.3 Miscellaneous receivables 8.2 9.3 Less allowance for warranties, discounts, and losses (24.2) (25.1) Accounts and notes receivable, net $184.3 $195.2 Generally, we sell our products to select, pre-approved customers whose businesses are affected by changes in economic and market conditions. We consider these factors and the financial condition of each customer when establishing our allowance for losses from doubtful accounts. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventories | NOTE 6. INVENTORIES December 31, 2015 December 31, 2014 Finished goods $202.0 $243.2 Goods in process 25.2 23.0 Raw materials and supplies 138.2 133.9 Less LIFO and other reserves (21.2) (64.6) Total inventories, net $344.2 $335.5 Approximately 77 % and 73% of our total inventory in 2015 and 2014, respectively, were valued on a LIFO (last-in, first-out) basis. LIFO reserves as of December 31, 2015 were lower in comparison to December 31, 2014, primarily due to declines in lumber costs. Inventory values were lower than would have been reported on a total FIFO (first-in, first-out) basis by $ 17.8 million and $ 52.9 million in 2015 and 2014, respectively. The distinction between the use of different methods of inventory valuation is primarily based on geographical locations and/or legal entities rather than types of inventory. The following table summarizes the amount of inventory that is not accounted for under the LIFO method. December 31, 2015 December 31, 2014 International locations $74.0 $84.6 U.S. sourced products 5.5 4.7 Total $79.5 $89.3 Substantially all of our international locations use the FIFO method of inventory valuation (or other methods which closely approximate the FIFO method) primarily because the LIFO method is not permitted for local tax and/or statutory reporting purposes. In these situations, a conversion to LIFO would be highly complex and involve excessive cost and effort to achieve under local tax and/or statutory reporting requirements. The sourced products represent certain finished goods sourced from third party manufacturers, primarily from foreign suppliers. |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Current Assets [Abstract] | |
Other Current Assets | NOTE 7. OTHER CURRENT ASSETS December 31, 2015 December 31, 2014 Prepaid expenses $41.1 $47.6 Fair value of derivative assets 6.6 5.7 Other 13.2 5.5 Total other current assets $60.9 $58.8 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | NOTE 8. PROPERTY, PLANT AND EQUIPMENT December 31, 2015 December 31, 2014 Land $72.0 $73.2 Buildings 381.3 373.3 Machinery and equipment 1,203.9 1,098.4 Computer software 23.2 18.6 Construction in progress 134.5 143.2 Less accumulated depreciation and amortization (718.6) (644.3) Net property, plant and equipment $1,096.3 $1,062.4 See Note 2 to the Consolidated Financial Statements for discussion of policies related to property and depreciation and asset retirement obligations. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2015 | |
Equity Investments [Abstract] | |
Equity Investments | NOTE 9. EQUITY INVESTMENTS Investment in joint venture at December 31, 2015 reflected the equity interest in our 50 % investment in our Worthington Armstrong Venture (“WAVE”) joint venture. The WAVE joint venture is reflected in our consolidated financial statements using the equity method of accounting. We use the equity in earnings method to determine the appropriate classification of distributions from WAVE within our cash flow statement. During 2015, 2014 and 2013, WAVE distributed amounts in excess of our capital contributions and proportionate share of retained earnings. Accordingly, the distributions in these years were reflected as a return of investment in cash flows from investing activity in our Consolidated Statement of Cash Flows. Distributions from WAVE in 2015, 2014 and 2013 were $ 64.2 million, $ 67.9 million, and $ 61.1 million, respectively. In certain markets, we sell WAVE products directly to customers pursuant to specific terms of sale. In those circumstances, we record the sales and associated costs within our consolidated financial statements. The total sales associated with these transactions were $ 97.4 million, $ 109.4 million and $ 111.7 million for the years ended 2015, 2014 and 2013, respectively. Our recorded investment in WAVE was higher than our 50 % share of the carrying values reported in WAVE’s consolidated financial statements by $ 172.1 million as of December 31, 2015 and $ 177.7 million as of December 31, 2014. These differences are due to our adoption of fresh-start reporting upon emergence from Chapter 11, while WAVE’s consolidated financial statements do not reflect fresh-start reporting. The differences are composed of the following fair value adjustments to assets: December 31, 2015 December 31, 2014 Property, plant and equipment $0.4 $0.5 Other intangibles 141.3 146.8 Goodwill 30.4 30.4 Total $172.1 $177.7 Other intangibles include customer relationships, trademarks and developed technology. Customer relationships are amortized over 20 years and developed technology is amortized over 15 years. Trademarks have an indefinite life. See Exhibit 99.1 for WAVE’s consolidated financial statements. Condensed financial data for WAVE is summarized below: December 31, 2015 December 31, 2014 Current assets $118.7 $120.2 Noncurrent assets 52.1 40.5 Current liabilities 23.3 26.3 Other noncurrent liabilities 248.9 243.4 2015 2014 2013 Net sales $374.4 $392.5 $381.8 Gross profit 187.4 185.1 172.9 Net earnings 144.4 142.2 132.4 See discussion in Note 26 to the Consolidated Financial Statements for additional information on this related party. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | NOTE 10. INTANGIBLE ASSETS We conduct our annual impairment testing of non-amortizing intangible assets during the fourth quarter. Our 2014 testing concluded there was an impairment of $10.0 million of a Wood Flooring trademark. The 2015 and 2013 reviews concluded that no impairment charges were necessary. See Note 2 to the Consolidated Financial Statements for a discussion of our accounting policy for intangible assets. The following table details amounts related to our intangible assets as of December 31, 2015 and 2014 : December 31, 2015 December 31, 2014 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 20 years $165.4 $76.7 $165.4 $68.4 Developed technology 15 years 87.2 51.0 84.9 45.1 Other Various 20.4 2.7 21.3 2.4 Total $273.0 $130.4 $271.6 $115.9 Non-amortizing intangible assets Trademarks and brand names Indefinite 347.1 345.7 Total intangible assets $620.1 $617.3 2015 2014 2013 Amortization expense $14.6 $14.5 $14.4 The expected annual amortization expense for the years 2016 through 2020 is approximately $ 14 million. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Non-Current Assets [Abstract] | |
Other Non-Current Assets | NOTE 11. OTHER NON-CURRENT ASSETS December 31, 2015 December 31, 2014 Cash surrender value of company-owned life insurance policies $52.6 $53.7 Debt financing costs 4.7 6.7 Other 5.3 7.5 Total other non-current assets $62.6 $67.9 |
Accounts Payable And Accrued Ex
Accounts Payable And Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Accounts Payable And Accrued Expenses | NOTE 12. ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2015 December 31, 2014 Payables, trade and other $234.1 $224.8 Employment costs 62.1 33.9 Current portion of pension and postretirement benefit liabilities 22.6 24.4 Contingent liability related to deconsolidated operations 12.1 12.9 Other 49.5 49.5 Total accounts payable and accrued expenses $380.4 $345.5 The increase in accrued employment costs as of December 31, 2015 in comparison to December 31, 2014 was due to increased employee compensation and severance accruals recorded in connection with our planned separation of the flooring business. |
Severance And Related Costs
Severance And Related Costs | 12 Months Ended |
Dec. 31, 2015 | |
Severance And Related Costs [Abstract] | |
Severance And Related Costs | NOTE 13. SEVERANCE AND RELATED COSTS In 2015 we recorded $ 5.3 million in Unallocated Corporate for severance and related costs to reflect approximately 25 position eliminations (including our current Chief Executive Officer) as a result of our initiative to separate our flooring business from our ceiling business. These costs are reflected within Separation costs on the income statement. In 2015 we also recorded $ 2.0 million in cost of goods sold and $ 0.9 million in SG&A for severance and related costs to reflect approximately 85 position eliminations in our Building Products business in the Pacific Rim. In response to China market conditions, we decided to idle one of our Buildings Products plants in China in the second quarter of 2016 and have eliminated other positions throughout the region. Production will be primarily transferred to our other Building Products plant in China . In 2015 we also recorded $ 2.2 million in SG&A for severance and related costs to reflect approximately 30 position eliminations in our Buildings Products business in Europe. The position eliminations are in response to poor construction market conditions in many parts of Europe. In the second and third quarters of 2014, we recorded $1.7 million and $0.2 million, respectively, in cost of goods sold for severance and related costs due to the closure of a resilient flooring plant in Australia. We also recorded $1.4 million and $0.7 million in the second and third quarters of 2014, respectively, in cost of goods sold for severance and related costs due to the closure of a wood flooring plant in China. Both plants were closed due to excess capacity and ceased operations in the third quarter of 2014. In the fourth quarter of 2013, we recorded $1.4 million in cost of goods sold for severance and related costs in our Resilient Flooring business in Australia. In the first quarter of 2013, we recorded $2.4 million in cost of goods sold for severance and related costs to reflect approximately 40 position eliminations in our Resilient Flooring business in Australia. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 14. INCOME TAXES The tax effects of principal temporary differences between the carrying amounts of assets and liabilities and their tax bases are summarized in the following table. Management believes it is more likely than not that the results of future operations will generate sufficient taxable income in the appropriate jurisdiction and foreign source income to realize deferred tax assets, net of valuation allowances. In arriving at this conclusion, we considered the profit before tax generated for the years 2013 through 2015 , as well as future reversals of existing taxable temporary differences and projections of future profit before tax and foreign source income. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard for all periods, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are not used as positive evidence related to the realization of the deferred tax assets in the assessment. As of December 31, 2015 and 2014, we had valuation allowances of $ 69 .1 million and $87.9 million, respectively. As of December 31, 2015, our valuation allowance consisted of $1 3 .8 million for state deferred tax assets, primarily operating loss carryforwards, and $55.3 million for foreign deferred tax assets, primarily foreign operating loss carryforwards. As of December 31, 2015 and 2014, we had $863.1 million and $969.6 million, respectively, of state NOL carryforwards expiring between 2016 and 2035 . In addition, as of December 31, 2015 and 2014, we had $202.9 million and $158.3 million, respectively, of foreign NOL carryforwards. As of December 31, 2015, $76.9 million of our foreign NOL carryforwards were available for carryforward indefinitely and $126.0 million expire between 2016 and 2033 . As of December 31, 2015, we also had U.S. foreign tax credit (“FTC”) carryforwards of $27.1 million on a gross basis, $12.3 million when netted with unrecognized tax benefits that expire between 2016 and 2022 . U.S. FTC carryforwards as of December 31, 2014 were $ 54.3 million on a gross basis, $12.1 million when netted with unrecognized tax benefits. Our valuation allowances as of December 31, 2015 of $ 69 .1 million decreased $1 8 .8 million from December 31, 2014. The valuation allowance for foreign deferred tax assets of $55.3 million as of December 31, 2015 increased $13.6 million in comparison to December 31, 2014. This increase was primarily a result of incurring additional foreign losses in 2015. The valuation allowance for federal statutorily limited federal losses, and corresponding equal deferred tax asset, were fully relieved as a result of the disposition of DLW. This resulted in a decrease to the valuation allowance of $31.6 million. The valuation allowance for state deferred tax assets of $1 3 .8 million as of December 31, 2015 de creased $ 0 . 8 million in comparison to December 31, 2014. We estimate we will need to generate future federal taxable income of $77.4 million, including foreign source income of $34.3 million, to fully realize the FTCs before they expire in 2022 . We estimate we will need to generate future taxable income of approximately $971.1 million for state income tax purposes during the respective realization periods (ranging from 2016 to 2035 ) in order to fully realize the net deferred income tax assets discussed above. Our ability to utilize deferred tax assets may be impacted by certain future events, such as changes in tax legislation or insufficient future taxable income prior to expiration of certain deferred tax assets. December 31, 2015 December 31, 2014 Deferred income tax assets (liabilities) Net operating losses $83.7 $113.7 Postretirement benefits 75.5 87.7 Pension benefit liabilities 74.3 34.0 Deferred compensation 33.8 23.2 Foreign exchange unrealized 18.9 13.3 Foreign tax credit carryforwards 12.3 12.1 State tax credit carryforwards 9.7 5.9 Other 43.2 41.9 Total deferred income tax assets 351.4 331.8 Valuation allowances (69.1) (87.9) Net deferred income tax assets 282.3 243.9 Intangibles (222.8) (229.1) Accumulated depreciation (84.1) (77.6) Inventories (22.6) (13.4) Other (10.9) (11.0) Total deferred income tax liabilities (340.4) (331.1) Net deferred income tax liabilities ($58.1) ($87.2) Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets - current $35.5 $31.4 Deferred income tax assets - noncurrent 21.0 26.6 Deferred income tax liabilities - current (0.6) (0.5) Deferred income tax liabilities - noncurrent (114.0) (144.7) Net deferred income tax liabilities ($58.1) ($87.2) 2015 2014 2013 Details of taxes Earnings (loss) before income taxes: Domestic $197.0 $214.9 $186.2 Foreign (15.4) (29.7) 12.5 Elimination of dividends from foreign subsidiaries (57.7) - - Total $123.9 $185.2 $198.7 Income tax expense (benefit): Current: Federal $41.8 $43.0 $18.7 Foreign 10.3 7.9 8.1 State 1.3 2.4 3.3 Total current 53.4 53.3 30.1 Deferred: Federal 9.1 19.0 40.1 Foreign (1.7) 0.8 2.3 State 10.5 10.1 (1.1) Total deferred 17.9 29.9 41.3 Total income tax expense $71.3 $83.2 $71.4 We reviewed our position with regards to foreign unremitted earnings and determined that unremitted earnings would continue to be permanently reinvested. Accordingly we have not recorded U.S. income or foreign withholding taxes on approximately $268.7 million of undistributed earnings of foreign subsidiaries that could be subject to taxation if remitted to the U.S. because we currently plan to keep these amounts permanently invested overseas. It is not practicable to calculate the residual income tax which would result if these basis differences reversed due to the complexities of the tax law and the hypothetical nature of the calculations. 2015 2014 2013 Reconciliation to U.S. statutory tax rate Continuing operations tax at statutory rate $43.4 $64.8 $69.6 Increase in valuation allowances on deferred foreign income tax assets 26.2 24.6 23.0 State income tax expense, net of federal benefit 5.9 6.0 5.9 Separation costs 2.9 - - Permanent book/tax differences 2.0 0.8 3.5 Increase (decrease) in valuation allowances on deferred domestic income tax assets 4.1 3.0 (2.9) Domestic production activities (5.1) (5.8) (9.0) Tax on foreign and foreign-source income (4.6) (5.7) (13.8) Research and development credits (2.6) (4.8) (4.4) Other (0.9) 0.3 (0.5) Tax expense at effective rate $71.3 $83.2 $71.4 As a result of our planned separation of the flooring business we have incurred costs directly related to the separation transaction. Certain costs incurred to facilitate the transaction are not deductible for federal income tax purposes and result in a permanent difference. We recognize the tax benefits of an uncertain tax position only if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. We have $ 150.6 million of Unrecognized Tax Benefits (“UTB”) as of December 31, 2015, $111.7 million ($ 109.4 million, net of federal benefit) of this amount, if recognized in future periods, would impact the reported effective tax rate. It is estimated that approximately $5 million of the UTB, if recognized, may be written off as a result of a change in ownership under Section 382 of the Internal Revenue Code. It is reasonably possible that certain UTB’s may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities. Over the next twelve months we estimate that UTB’s may decrease by $0.1 million related to state statutes expiring and increase by $5.8 million due to uncertain tax positions expected to be taken on domestic tax returns. We account for all interest and penalties on uncertain income tax positions as income tax expense. We reported $4.5 million of interest and penalty exposure as noncurrent income tax payable in the Consolidated Balance Sheet as of December 31, 2015. We had the following activity for UTB’s for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Unrecognized tax benefits balance at January 1, $142.6 $145.2 $138.4 Gross change for current year positions 10.4 10.5 8.5 Increases for prior period positions 1.9 2.9 1.4 Decrease for prior period positions (4.1) (14.1) (2.1) Decrease due to settlements and payments - (1.2) - Decrease due to statute expirations (0.2) (0.7) (1.0) Unrecognized tax benefits balance at December 31, $150.6 $142.6 $145.2 We conduct business globally, and as a result, we file income tax returns in the U.S., various states and international jurisdictions. In the normal course of business, we are subject to examination by taxing authorities throughout the world in such major jurisdictions as Australia, Canada, Germany, India, the Netherlands, the United Kingdom and the United States. Generally, we have open tax years subject to tax audit on average of between three years and six years. The audit of our 2009 U.S. income tax return was finalized by the IRS in 2015. With few exceptions, the statute of limitations is no longer open for state or non-U.S. income tax examinations for the years before 2010 . Other than the U.S., we have not significantly extended any open statutes of limitation for any major jurisdiction and have reviewed and accrued for, where necessary, tax liabilities for open periods. The tax years 2010 through 2014 are subject to future potential tax adjustments. 2015 2014 2013 Other taxes Payroll taxes $45.3 $48.0 $46.4 Property, franchise and capital stock taxes 10.7 10.9 10.2 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Debt | NOTE 15. DEBT December 31, 2015 Weighted Average Interest Rate for 2015 December 31, 2014 Weighted Average Interest Rate for 2014 Term loan A due 2018 $496.0 3.24% $530.9 3.14% Term loan B due 2020 461.9 3.50% 466.6 3.50% Tax exempt bonds due 2025 - 2041 45.1 0.87% 45.1 0.88% Subtotal 1,003.0 3.25% 1,042.6 3.20% Less current portion and short-term debt 52.1 3.26% 39.6 3.18% Total long-term debt, less current portion $950.9 3.25% $1,003.0 3.20% The average year-end interest rates are inclusive of our interest rate swaps. See Note 18 to the Consolidated Financial Statements for further information. In March 2013, we refinanced our $1.3 billion senior credit facility. The amended facility is composed of a $250 million revolving credit facility (with a $150 million sublimit for letters of credit), a $550 million Term Loan A and a $475 million Term Loan B. The terms of the facility resulted in a lower interest rate spread (2.5% vs. 3.0%) than our previous facility. We also extended the maturity of Term Loan A from November 2015 to March 2018 and of Term Loan B from March 2018 to March 2020 . The facility is secured by U.S. personal property, the capital stock of material U.S. subsidiaries, and a pledge of 65% of the stock of our material first tier foreign subsidiaries. In connection with the refinancing, we incurred $8.3 million for bank, legal, and other fees, of which $7.2 million was capitalized and is being amortized into interest expense over the life of the loans. Additionally, we wrote off $18.9 million of unamortized debt financing costs in the first quarter of 2013 related to our previous credit facility to interest expense. The primary covenant change resulting from the 2013 refinancing is related to mandatory prepayments required under the senior credit facility. If our ratio of consolidated funded indebtedness minus AWI and domestic subsidiary unrestricted cash and cash equivalents up to $100 million to consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) (“Consolidated Net Leverage Ratio”) is greater than or equal to 3.5 to 1.0 , we would be required to make a prepayment based on a computation of 50% of consolidated annual excess cash flows , as defined by the credit agreement. If our Consolidated Net Leverage Ratio is less than 3.5 to 1.0 , no prepayment would be required. These annual payments would be made in the first quarter of the following year. No payment will be required in 2016. As of December 31, 2015, we were in compliance with all covenants of the amended senior credit facility. Our debt agreements include other restrictions, including restrictions pertaining to the acquisition of additional debt, the redemption, repurchase or retirement of our capital stock, payment of dividends, and certain financial transactions as it relates to specified assets. We currently believe that default under these covenants is unlikely. Fully borrowing under our revolving credit facility would not violate these covenants. As a result of our planned separation of the flooring business, we intend to refinance our existing credit facilities, and may modify certain interest rate hedges. We intend to use cash on hand as well as a planned $50.0 million cash dividend from AFI to reduce total debt outstanding. The new credit facility is expected to be for $1,050 million, including $200.0 million of an undrawn revolving credit facility. We anticipate concluding this transaction contemporaneously with our separation of the flooring business. On December 18, 2014, we amended and increased our $75 million Accounts Receivable Securitization Facility with the Bank of Nova Scotia (the “funding entity”), under which AWI and its subsidiary, Armstrong Hardwood Flooring Company (the Originators) sell their accounts receivables to Armstrong Receivables Company, LLC (“ARC”), a Delaware entity that is consolidated in these financial statements. The facility reflects a seasonality clause that changes to $100 million from March through September, and $90 million from October through February. The maturity date has been extended from March 2016 to December 2017 . ARC is a 100% wholly owned single member LLC special purpose entity created specifically for this transaction; therefore, any receivables sold to ARC are not available to the general creditors of AWI. ARC then sells an undivided interest in the purchased accounts receivables to the funding entity. This undivided interest acts as collateral for drawings on the facility. Any borrowings under this facility are obligations of ARC and not AWI. ARC contracts with and pays a servicing fee to AWI to manage, collect and service the purchased accounts receivables. In connection with the planned separation of AFI, we intend to amend this facility, resulting in lower purchase and letter of credit commitments under the program. All new receivables under the program generated by the originators are continuously purchased by ARC with the proceeds from collections of receivables previously purchased. Ongoing changes in the amount of funding under the program, through changes in the amount of undivided interests sold by ARC, reflect seasonal variations in the level of accounts receivable, changes in collection trends and other factors such as changes in sales prices and volumes. ARC has issued subordinated notes payable to the originators for the difference between the face amount of uncollected accounts receivable purchased, less a discount, and cash paid to the originators that was funded by the sale of the undivided interests. The notes issued by ARC are subordinated to the undivided interests of the funding entity in the purchased receivables. The balance of the subordinated notes payable, which are eliminated during consolidation, totaled $97.9 million and $103.1 million as of December 31, 2015 and December 31, 2014, respectively. As of December 31, 2015 we had no borrowings under this facility but had $60.3 million of letters of credit issued under the facility. None of the remaining outstanding debt as of December 31, 2015 was secured with buildings and other assets. The credit lines at our foreign subsidiaries are subject to immaterial annual commitment fees. Scheduled payments of long-term debt: 2016 $52.1 2017 55.3 2018 402.9 2019 4.8 2020 487.9 2021 and later - We utilize lines of credit and other commercial commitments in order to ensure that adequate funds are available to meet operating requirements. On December 31, 2015, we had a $250 million revolving credit facility with a $150 million sublimit for letters of credit, of which $7.7 million was outstanding. There were no borrowings under the revolving credit facility. Availability under this facility totaled $242.3 million as of December 31, 2015. We also have the $90 million securitization facility which as of December 31, 2015 had letters of credit outstanding of $60.3 million and no borrowings against it. Maximum capacity under this facility was $67.4 million (of which $7.1 million was available), subject to accounts receivable balances and other collateral adjustments, as of December 31, 2015. As of December 31, 2015, our foreign subsidiaries had available lines of credit totaling $20.0 million of which $0.2 million was available only for letters of credit and guarantees. There were $0.2 million of letters of credit and guarantees issued under these credit lines as of December 31, 2015, leaving no additional letter of credit availability. There were no borrowings under these lines of credit as of December 31, 2015 leaving $19.8 million of unused lines of credit available for foreign borrowings . Letters of credit are issued to third party suppliers, insurance and financial institutions and typically can only be drawn upon in the event of AWI’s failure to pay its obligations to the beneficiary. |
Pension And Other Benefit Progr
Pension And Other Benefit Programs | 12 Months Ended |
Dec. 31, 2015 | |
Pension And Other Benefit Programs [Abstract] | |
Pensions And Other Benefit Programs | NOTE 16. PENSION AND OTHER BENEFIT PROGRAMS We have defined benefit pension plans and postretirement medical and insurance benefit plans covering eligible employees worldwide. We also have defined-contribution pension plans for eligible employees. Benefits from defined benefit pension plans are based primarily on an employee's compensation and years of service. We fund our pension plans when appropriate. We fund postretirement benefits on a pay-as-you-go basis, with the retiree paying a portion of the cost for health care benefits by means of deductibles and contributions. UNITED STATES PLANS The following tables summarize the balance sheet impact of the pension and postretirement benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. The pension benefits disclosures include both the qualified, funded Retirement Income Plan (“RIP”) and the Retirement Benefit Equity Plan, which is a nonqualified, unfunded plan designed to provide pension benefits in excess of the limits defined under Sections 415 and 401(a)(17) of the Internal Revenue Code. We use a December 31 measurement date for our U.S. defined benefit plans. 2015 2014 U.S. defined-benefit pension plans Change in benefit obligation: Benefit obligation as of beginning of period $2,069.9 $1,868.1 Service cost 16.3 14.4 Interest cost 80.9 85.7 Actuarial (gain) loss (130.5) 287.0 Benefits paid (118.5) (185.3) Benefit obligation as of end of period $1,918.1 $2,069.9 2015 2014 Change in plan assets: Fair value of plan assets as of beginning of period $1,986.3 $1,978.4 Actual return on plan assets (34.2) 188.9 Employer contribution 3.6 4.3 Benefits paid (118.5) (185.3) Fair value of plan assets as of end of period $1,837.2 $1,986.3 Funded status of the plans ($80.9) ($83.6) 2015 2014 U.S. defined-benefit pension plans Weighted-average assumptions used to determine benefit obligations at end of period: Discount rate 4.40% 4.05% Rate of compensation increase 3.10% 3.10% Weighted-average assumptions used to determine net periodic benefit cost for the period: Discount rate 4.05% 4.75% Expected return on plan assets 7.00% 7.00% Rate of compensation increase 3.10% 3.10% The accumulated benefit obligation for the U.S. defined benefit pension plans was $ 1,896.8 million and $ 2,051.7 million at December 31, 2015 and 2014, respectively. 2015 2014 U.S. pension plans with benefit obligations in excess of assets Projected benefit obligation, December 31 $1,918.1 $2,069.9 Accumulated benefit obligation, December 31 1,896.8 2,051.7 Fair value of plan assets, December 31 1,837.2 1,986.3 The components of the pension cost are as follows: 2015 2014 2013 U.S. defined-benefit pension plans Service cost of benefits earned during the period $16.3 $14.4 $16.9 Interest cost on projected benefit obligation 80.9 85.7 79.7 Expected return on plan assets (140.3) (139.3) (136.5) Amortization of prior service cost 1.9 1.9 1.9 Recognized net actuarial loss 72.8 42.4 40.9 Net periodic pension cost $31.6 $5.1 $2.9 Investment Policies The RIP’s primary investment objective is to maintain the funded status of the plan such that the likelihood that we will be required to make significant contributions to the plan is limited. This objective is expected to be achieved by: · Investing a substantial portion of the plan assets in high quality corporate bonds whose duration is at least equal to that of the plan’s liabilities such that there is a relatively high correlation between the movements of the plan’s liability and asset values. · Investing in publicly traded equities in order to increase the ratio of plan assets to liabilities over time. · Limiting investment return volatility by diversifying among additional asset classes with differing expected rates of return and return correlations. · Using derivatives to either implement investment positions efficiently or to hedge risk but not to create investment leverage. Each asset class utilized by the RIP has a defined asset allocation target and allowable range. The table below shows the asset allocation target and the December 31, 2015 and 2014 position for each asset class: Target Weight at Position at December 31, Asset Class December 31, 2015 2015 2014 Long duration bonds 59% 59% 58% Equities 29% 26% 27% High yield bonds and real assets 8% 8% 8% Real estate and private equity 4% 5% 4% Other fixed income 0% 2% 3% Pension plan assets are required to be reported and disclosed at fair value in the financial statements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Three levels of inputs may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by level within the fair value hierarchy a summary of the RIP’s assets measured at fair value on a recurring basis: Value at December 31, 2015 Description Level 1 Level 2 Level 3 Total Domestic equity $299.7 - - $299.7 International equity 143.3 $0.1 - 143.4 Other investments - - $2.9 2.9 Short term investments and other, net 12.8 48.0 - 60.8 Net assets measured at fair value $455.8 $48.1 $2.9 $506.8 Investments measured at net asset value 1,330.4 Net assets $1,837.2 Value at December 31, 2014 Description Level 1 Level 2 Level 3 Total Domestic equity $275.0 - - $275.0 International equity 196.9 - - 196.9 Other investments - - $3.1 3.1 Short term investments and other, net 14.2 $67.7 - 81.9 Net assets measured at fair value $486.1 $67.7 $3.1 $556.9 Investments measured at net asset value 1,429.4 Net assets $1,986.3 The table below sets forth a summary of changes in the fair value of the RIP's Other investments, measured at Level 3 of the fair value hierarchy, for the years ended December 31, 2015 and 2014: December 31, 2013 $3.2 Purchases 0.1 Settlements (0.2) December 31, 2014 $3.1 Unrealized (loss) (0.1) Purchases 0.1 Sales (0.1) Settlements (0.1) December 31, 2015 $2.9 The RIP has $1,330.4 million and $1,429.4 million of investments in alternative investment funds at December 31, 2015 and December 31, 2014, respectively, which are reported at fair value. Certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. We have concluded that the NAV reported by the underlying fund approximates the fair value of the investment. These investments are redeemable at NAV under agreements with the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the NAV of the funds and, consequently, the fair value of the RIP’s interest in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the RIP’s interest in the funds. As of December 31, 2015, there were no restrictions on redemption of these investments. The following table sets forth a summary of the RIP’s investments measured at NAV: Value at December 31, 2015 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Long duration bonds $ 1,069.9 - Daily Prior Day Domestic equity 11.0 - Daily Prior Day International equity 19.4 - Daily Prior Day Global equity 33.5 - Daily Prior Day High yield bonds 82.0 - Monthly 3 Days Real estate 79.7 $ 2.3 Quarterly 45- 90 Days Real assets 32.1 - Daily Prior Day Other investments 2.8 1.5 None None Investments measured at net asset value $ 1,330.4 $ 3.8 Value at December 31, 2014 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Long duration bonds $ 1,142.5 - Daily Prior Day Domestic equity 15.8 - Daily Prior Day International equity 25.2 - Daily Prior Day Global equity 38.7 - Daily Prior Day High yield bonds 95.6 - Monthly 3 Days Real estate 77.9 $ 2.4 Quarterly 45- 90 Days Real assets 31.1 - Daily Prior Day Other investments 2.6 1.9 None None Investments measured at net asset value $ 1,429.4 $ 4.3 Following is a description of the valuation methodologies used for assets measured at fair value and at NAV. There have been no changes in the methodologies used at December 31, 2015 and 2014. Long Duration Bonds : Consists of registered investment funds and common and collective trust funds investing in fixed income securities tailored to institutional investors. The fair values of the investments in this class have been estimated using the net asset value per share of the investments. Domestic, International and Global equity securities : Consists of investments in common and preferred stocks as well as investments in registered investment funds investing in equities tailored to institutional investors. Domestic and international equity securities totaling $443.0 million and $471.9 million as of December 31, 2015 and 2014, respectively, were measured at fair value, with common and preferred stocks valued at the closing price reported on the active market on which the individual securities are traded. Domestic, international and global equity securities totaling $63.9 million and $79.7 million as of December 31, 2015 and 2014, respectively, we re measured at fair value using the NAV practical expedient. High Yield Bonds : Consists of an investment in a registered investment fund investing in fixed income securities tailored to institutional investors. These investments we re measured at fair value using the NAV practical expedient. Real Estate : The RIP’s real estate investments are comprised of both open-end and closed-end funds. There are no readily available market quotations for these real estate funds. These investments we re measured at fair value using the NAV practical expedient. Real Assets : Consists of a fund that has underlying investments in commodity futures contracts, as well as cash and fixed income instruments used as collateral instruments against the commodity future contracts. The futures contracts are considered real assets as the underlying securities include natural resources such as oil or precious metals, livestock, or raw agricultural products such as soybeans or coffee beans. These investments we re measured at fair value using the NAV practical expedient. Other Investments : Consists of investments in a group insurance annuity contract and a limited partnership. The investments in the group insurance annuity contract, totaling $2.9 million and $3.1 million as of December 31, 2015 and 2014, respectively, were determined by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the credit-worthiness of the issuer. The investments in the limited partnership , totaling $2.8 million and $2.6 million as of December 31, 2015 and 2014, respectively, we re measured at fair value using the NAV practical expedient. Short Term Investments and other, net : Cash and short term investments consist of cash and cash equivalents and other payables and receivables (net) . The carrying amounts of cash and cash equivalents approximate fair value due to the short-term maturity of these instruments. Other payables and receivables consist primarily of margin on account for a fund, accrued fees and receivables related to investment positions liquidated for which proceeds had not been received at December 31. The carrying amounts of payables and receivables approximate fair value due to the short-term nature of these instruments. Basis of Rate-of-Return Assumption Long-term asset class return assumptions are determined based on input from investment professionals on the expected performance of the asset classes over 10 to 30 years. The forecasts were averaged to come up with consensus passive return forecasts for each asset class. Incremental components were added for the expected return from active management and asset class rebalancing based on historical information obtained from the RIP’s investment consultants. These forecasted gross returns were reduced by estimated management fees and expenses, yielding a long-term return forecast of 7.00% for the years ended December 31, 2015 and 2014. 2015 2014 U.S. defined-benefit retiree health and life insurance plans Change in benefit obligation: Benefit obligation as of beginning of period $221.4 $258.2 Service cost 0.9 0.9 Interest cost 8.1 10.9 Plan participants' contributions 4.6 5.4 Actuarial (gain) (22.7) (27.9) Benefits paid, gross (22.3) (26.6) Medicare subsidy receipts 0.3 0.5 Benefit obligation as of end of period $190.3 $221.4 2015 2014 Change in plan assets: Fair value of plan assets as of beginning of period - - Employer contribution $17.4 $20.7 Plan participants' contributions 4.6 5.4 Benefits paid, gross (22.3) (26.6) Medicare subsidy receipts 0.3 0.5 Fair value of plan assets as of end of period $ - $ - Funded status of the plans ($190.3) ($221.4) 2015 2014 U.S. defined-benefit retiree health and life insurance plans Weighted-average discount rate used to determine benefit obligations at end of period 4.25% 3.90% Weighted-average discount rate used to determine net periodic benefit cost for the period 3.90% 4.50% The components of postretirement benefits costs are as follows: 2015 2014 2013 U.S. defined-benefit retiree health and life insurance plans Service cost of benefits earned during the period $0.9 $0.9 $1.2 Interest cost on accumulated postretirement benefit obligation 8.1 10.9 9.7 Amortization of prior service (credit) (0.6) (0.6) (0.6) Amortization of net actuarial gain (7.8) (4.2) (3.5) Net periodic postretirement benefit cost $0.6 $7.0 $6.8 For measurement purposes, an average rate of annual increase in the per capita cost of covered health care benefits of 7.5 % for pre-65 retirees and 9.0 % to 11.8% for post-65 retirees (depending on plan type) was assumed for 2016, decreasing ratably to an ultimate rate of 4.5 % in 2024. Assumed health care cost trend rates can have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects: One percentage point Increase Decrease U.S. retiree health and life insurance benefits plans Effect on total service and interest cost components ($0.1) $0.1 Effect on postretirement benefit obligation (1.8) 1.3 Amounts recognized in (liabilities) on the consolidated balance sheets at year end consist of: Pension Benefits Retiree Health and Life Insurance Benefits 2015 2014 2015 2014 Accounts payable and accrued expenses ($4.0) ($4.0) ($17.9) ($19.9) Postretirement benefit liabilities - - (172.4) (201.5) Pension benefit liabilities (76.9) (79.6) - - Net amount recognized ($80.9) ($83.6) ($190.3) ($221.4) Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of: Pension Benefits Retiree Health and Life Insurance Benefits 2015 2014 2015 2014 Net actuarial (loss) gain ($775.6) ($804.3) $91.5 $77.4 Prior service (cost) credit (3.9) (5.8) 0.6 1.2 Accumulated other comprehensive (loss) income ($779.5) ($810.1) $92.1 $78.6 We expect to amortize $ 6 7 .0 million of previously unrecognized prior service cost and net actuarial losses into pension cost in 2016. We expect to amortize $ 8.6 million of previously unrecognized net actuarial gains and prior service credits into postretirement benefit cost in 2016. We expect to contribute $ 4.0 million to our U.S. defined benefit pension plans and $ 17.9 million to our U.S. postretirement benefit plans in 2016. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years for our U.S. plans: Pension Benefits Retiree Health and Life Insurance Benefits, Gross Retiree Health Medicare Subsidy Receipts 2016 $125.3 $18.3 ($0.4) 2017 125.0 17.8 (0.5) 2018 125.5 17.1 (0.6) 2019 126.8 16.1 (0.6) 2020 126.5 15.2 (0.7) 2021 - 2025 635.2 66.8 (4.3) These estimated benefit payments are based on assumptions about future events. Actual benefit payments may vary significantly from these estimates. NON-U.S. PLANS We have defined benefit pension plans covering employees in a number of foreign countries that utilize assumptions which are consistent with, but not identical to, those of the U.S. plans. The following tables summarize the balance sheet impact of foreign pension benefit plans, as well as the related benefit obligations, assets, funded status and rate assumptions. We use a December 31 measurement date for all of our non-U.S. defined benefit plans. 2015 2014 Non-U.S. defined-benefit pension plans Change in benefit obligation: Benefit obligation as of beginning of period $261.4 $251.8 Service cost 2.4 2.5 Interest cost 8.3 10.5 Plan participants' contributions 0.1 0.1 Plan amendments - 0.7 Foreign currency translation adjustment (16.5) (20.0) Actuarial (gain) loss (6.7) 28.9 Benefits paid (15.0) (13.1) Benefit obligation as of end of period $234.0 $261.4 2015 2014 Change in plan assets: Fair value of plan assets as of beginning of period $232.4 $219.9 Actual return on plan assets 3.3 37.0 Employer contribution 3.4 4.5 Plan participants' contributions 0.1 0.1 Foreign currency translation adjustment (13.3) (16.0) Benefits paid (15.0) (13.1) Fair value of plan assets as of end of period $210.9 $232.4 Funded status of the plans ($23.1) ($29.0) 2015 2014 Non-U.S. defined-benefit pension plans Weighted-average assumptions used to determine benefit obligations at end of period: Discount rate 3.40% 3.40% Rate of compensation increase 2.60% 2.60% Weighted-average assumptions used to determine net periodic benefit cost for the period: Discount rate 3.40% 4.30% Expected return on plan assets 4.50% 5.50% Rate of compensation increase 2.60% 2.80% The accumulated benefit obligation for the non-U.S. defined benefit pension plans was $ 226.1 million and $ 257.7 million at December 31, 2015 and 2014, respectively. 2015 2014 Non-U.S. pension plans with benefit obligations in excess of assets Projected benefit obligation, December 31 $58.3 $70.5 Accumulated benefit obligation, December 31 52.7 68.7 Fair value of plan assets, December 31 26.8 34.0 The components of the pension cost are as follows: 2015 2014 2013 Non-U.S. defined-benefit pension plans Service cost of benefits earned during the period $2.4 $2.5 $2.4 Interest cost on projected benefit obligation 8.3 10.5 9.8 Expected return on plan assets (9.0) (11.5) (9.6) Amortization of prior service cost - - 0.5 Amortization of net actuarial loss 2.8 2.1 2.7 Net periodic pension cost $4.5 $3.6 $5.8 Excluded from net periodic pension costs in the preceding table were $0.5 million of settlement charges recorded in 2015. Investment Policies Each of the funded non-U.S. pension plan’s primary investment objectives is to earn sufficient long-term returns on investments both to increase the ratio of the assets to liabilities in order for the plans to meet their benefits obligations and to minimize required cash contributions to the plans. This is expected to be achieved by (a) investing primarily in publicly-traded equities, (b) limiting return volatility by diversifying investments among additional asset classes with differing expected rates of return and return correlations, and (c) utilizing long duration bonds to limit the volatility of the plans’ asset/liability ratios. Each of the plans has a targeted asset allocation for each asset class. The table below shows, for each asset class, the weighted average of the several plans’ asset allocation targets and positions at December 31, 2015 and 2014: Target Weight at Position at December 31, Asset Class December 31, 2015 2015 2014 Long duration bonds 48% 46% 49% Equities 42% 42% 40% Real estate 7% 7% 6% Other 3% 5% 5% The following table sets forth by level within the fair value hierarchy a summary of our non-U.S. plan assets measured at fair value on a recurring basis: Value at December 31, 2015 Description Level 1 Level 2 Level 3 Total Bonds $1.1 $86.9 - $88.0 Equities 1.1 38.3 - 39.4 Real estate 0.1 0.7 - 0.8 Other investments - 0.9 $4.9 5.8 Cash and other short term investments 3.4 - - 3.4 Net assets measured at fair value $5.7 $126.8 $4.9 $137.4 Investments measured at net asset value 73.5 Net assets $210.9 Value at December 31, 2014 Description Level 1 Level 2 Level 3 Total Bonds - $70.6 - $70.6 Equities - 40.3 - 40.3 Other investments - - $5.6 5.6 Cash and other short term investments $5.7 - - 5.7 Net assets measured at fair value $5.7 $110.9 $5.6 $122.2 Investments measured at net asset value 110.2 Net assets $232.4 Level 3 assets decreased from December 31, 2014 to December 31, 2015 due mainly to the change in currency conversion from the Euro to the U.S. dollar. The non-U.S. pension plans have $73.5 million and $110.2 million of investments in alternative investment funds at December 31, 2015 and December 31, 2014, respectively. We have concluded that the NAV reported by the underlying fund approximates the fair value of the investment. These investments are redeemable at NAV under agreements with the underlying funds. However, it is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements. Due to the nature of the investments held by the funds, changes in market conditions and the economic environment may significantly impact the NAV of the funds and, consequently, the fair value of the plans’ interest in the funds. Furthermore, changes to the liquidity provisions of the funds may significantly impact the fair value of the plans’ interest in the funds. As of December 31, 2015, there are no restrictions on redemption of these investments. The following table sets forth a summary of the non-U.S. pension plan investments measured at NAV: Value at December 31, 2015 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Bonds $ 9.0 - Daily Same Day Equities 49.7 - Daily Prior Day - Same Day Real estate 14.8 - Monthly/Quarterly 2 - 90 Days Investments measured at net asset value $ 73.5 $ - Value at December 31, 2014 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Bonds $ 43.8 - Daily Same Day Equities 52.3 - Daily Prior Day - Same Day Real estate 14.1 - Monthly/Quarterly 2 - 90 Days Investments measured at net asset value $ 110.2 $ - Following is a description of the valuation methodologies used for non-U.S. plan assets measured at fair value and at NAV. There have been no changes in the methodologies used at December 31, 2015 and 2014. Bonds : Consists of investments in individual corporate and government bonds as well as investments in pooled funds investing in fixed income securities tailored to institutional investors. Investments in individual and pooled corporate and government bonds total ed $88.0 million and $70.6 million as of December 31, 2015 and 2014, respectively . Investments in individual bonds were measured at fair value based on the closing price reported in the active market in which the bond is traded and investments in pooled funds traded in a non-active market were valued at bid price . Investments in pooled corporate and government bonds totaling $9.0 million and $43.8 million as of December 31, 2015 and 2014, respectively, we re measured at fair value using the NAV practical expedient. Equities : Consists of investments in common and preferred stocks as well as investments in pooled funds investing in international equities tailored to institutional investors. Equity securities total ed $39.4 million and $40.3 million as of December 31, 2015 and 2014, respectively . I nvestments in common and preferred stocks were measured at fair value based on the closing price reported on the active market on which the individual securities are traded. I nvestments in pooled funds traded in a non-active market were valued at bid price Equity securities in pooled funds totaling $49.7 million and $52.3 million as of December 31, 2015 and 2014, respectively, we re measured at fair value using the NAV practical expedient. Real Estate : The plans’ real estate investments are comprised of individual and pooled real estate mutual funds. Real estate funds totaling $0.8 million as of December 31, 2015 were measured at fair value, with the funds valued at the closing price reported on the active market on which the individual funds are traded. Real estate funds totaling $14.8 million and $14.1 million as of December 31, 2015 and 2014, respectively, we re measured at fair value using the NAV practical expedient. Other Investments : Consists primarily of an investment in individual life insurance policies. These investments were measured at fair value is based on an actuarial reserve calculated using life tables and by discounting the related cash flows based on a fixed interest rate. Cash and other Short Term Investments : Cash and short term investments consist primarily of cash and cash equivalents, and plan receivables/payables. The carrying amounts of cash and cash equivalents and receivables/payables approximate fair value due to the short-term nature of these instruments. Basis of Rate-of-Return Assumption Long-term asset class return assumptions are determined based on input from investment professionals on the expected performance of the asset classes. The forecasts were averaged to come up with consensus passive return forecasts for each asset class. These forecast asset class returns were weighted by the plans’ target asset class weights, yielding a long-term return forecast of 4.5% and 5.5% for the years ended December 31, 2015 and 2014, respectively. Amounts recognized in assets and (liabilities) on the consolidated balance sheets at year end consist of: 2015 2014 Prepaid pension costs $8.3 $7.4 Accounts payable and accrued expenses (0.7) (0.5) Pension benefit liabilities (30.7) (35.9) Net amount recognized ($23.1) ($29.0) Pre-tax amounts recognized in accumulated other comprehensive (loss) at year end consist of: 2015 2014 Net actuarial (loss) ($26.6) ($33.2) Net prior service (costs) ($0.6) ($0.7) Accumulated other comprehensive (loss) ($27.2) ($33.9) We expect to amortize $ 1.5 million of previously unrecognized net actuarial losses into pension cost in 2016. We expect to contribute $ 3 .1 million to our non-U.S. defined benefit pension plans in 2016. The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid over the next ten years: Pension Benefits 2016 $9.6 2017 9.3 2018 9.3 2019 10.0 2020 10.4 2021 - 2025 57.1 Costs for other worldwide defined contribution benefit plans were $14.4 million in 2015, $ 14.7 million in 2014 and $ 14.2 million in 2013. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | NOTE 17. FINANCIAL INSTRUMENTS We do not hold or issue financial instruments for trading purposes. The estimated fair values of our financial instruments are as follows: December 31, 2015 December 31, 2014 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total debt, including current portion ($1,003.0) ($994.1) ($1,042.6) ($1,028.2) Foreign currency contracts 6.2 6.2 5.4 5.4 Natural gas contracts (0.8) (0.8) (3.0) (3.0) Interest rate swap contracts (10.6) (10.6) (9.3) (9.3) The carrying amounts of cash and cash equivalents, receivables, accounts payable, accrued expenses, and short-term debt approximate fair value because of the short-term maturity of these instruments. The fair value estimates of long-term debt were primarily based upon quotes from a major financial institution of recently observed trading levels of our Term Loan B debt. The fair value estimates of foreign currency contract obligations are estimated from market quotes provided by a well-recognized national market data provider. The fair value estimates of natural gas contracts are estimated using internal valuation models with verification by obtaining quotes from major financial institutions. For natural gas swap transactions, fair value is calculated using NYMEX market quotes provided by a well-recognized national market data provider. For natural gas option based strategies, fair value is calculated using an industry standard Black-Scholes model with market based inputs, including but not limited to, underlying asset price, strike price, implied volatility, discounted risk free rate and time to expiration, provided by a well-recognized national market data provider. The fair value estimates for interest rate swap contracts are estimated by obtaining quotes from major financial institutions with verification by internal valuation models. Refer to Note 18 for a discussion of the fair value and the related inputs used to measure fair value. The fair value measurement of assets and liabilities is summarized below: December 31, 2015 December 31, 2014 Fair value based on Fair value based on Quoted, active markets Other observable inputs Quoted, active markets Other observable inputs Level 1 Level 2 Level 1 Level 2 Assets/(Liabilities), net: Total debt, including current portion ($457.4) ($536.7) ($459.8) ($568.4) Foreign currency contracts 6.2 - 5.4 - Natural gas contracts - (0.8) - (3.0) Interest rate swap contracts - (10.6) - (9.3) We do not have any financial assets or liabilities that are valued using Level 3 (unobservable) inputs. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | NOTE 18. DERIVATIVE FINANCIAL INSTRUMENTS We are exposed to market risk from changes in foreign exchange rates, interest rates and commodity prices that could impact our results of operations, cash flows and financial condition. We use forward swaps and option contracts to hedge these exposures. Exposure to individual counterparties is controlled and derivative financial instruments are entered into with a diversified group of major financial institutions. Forward swaps and option contracts are entered into for periods consistent with underlying exposure and do not constitute positions independent of those exposures. At inception, hedges that we designate as hedging instruments are formally documented as either (1) a hedge of a forecasted transaction or “cash flow” hedge, or (2) a hedge of the fair value of a recognized liability or asset or “fair value” hedge. We also formally assess both at inception and at least quarterly thereafter, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in either the fair value or cash flows of the hedged item. If it is determined that a derivative ceases to be a highly effective hedge, or if the anticipated transaction is no longer probable of occurring, we discontinue hedge accounting, and any future mark-to-market adjustments are recognized in earnings. We use derivative financial instruments as risk management tools and not for speculative trading purposes. Counterparty Risk We only enter into derivative transactions with established counterparties having a credit rating of BBB or better. We monitor counterparty credit default swap levels and credit ratings on a regular basis. All of our derivative transactions with counterparties are governed by master International Swap and Derivatives Association agreements (“ISDAs”) with netting arrangements. These agreements can limit our exposure in situations where we have gain and loss positions outstanding with a single counterparty. We do not post nor do we receive cash collateral with any counterparty for our derivative transactions. These ISDAs do not have any credit contingent features; however, a default under our bank credit facility would trigger a default under these agreements. Exposure to individual counterparties is controlled, and thus we consider the risk of counterparty default to be negligible. Commodity Price Risk We purchase natural gas for use in the manufacturing process and to heat many of our facilities. As a result, we are exposed to fluctuations in the price of natural gas. We have a policy to reduce cost volatility for North American natural gas purchases by purchasing natural gas forward contracts and swaps, purchased call options, and zero-cost collars up to 24 months forward. The contracts are based on forecasted usage of natural gas measured in mmBtu’s. There is a high correlation between the hedged item and the hedge instrument. The gains and losses on these instruments offset gains and losses on the transactions being hedged. These instruments are designated as cash flow hedges. At December 31, 2015 and December 31, 2014, the notional amount of these hedges was $ 9.2 million and $ 14.6 million, respectively. The mark-to-market gain or loss on qualifying hedges is included in other comprehensive income to the extent effective, and reclassified into cost of goods sold in the period during which the underlying gas is consumed. The mark-to-market gains or losses on ineffective portions of hedges are recognized in cost of goods sold immediately. The earnings impact of the ineffective portion of these hedges was not material for the years ended December 31, 2015, 2014 and 2013. Currency Rate Risk – Sales and Purchases We manufacture and sell our products in a number of countries throughout the world and, as a result, we are exposed to movements in foreign currency exchange rates. To a large extent, our global manufacturing and sales provide a natural hedge of foreign currency exchange rate movement, as foreign currency expenses generally offset foreign currency revenues. We manage our cash flow exposures on a net basis and use derivatives to hedge the majority of our unmatched foreign currency cash inflows and outflows. Our major foreign currency exposures as of December 31, 2015, based on operating profits by currency, are to the Canadian dollar, the Chinese Renminbi and the Australian dollar. We use foreign currency forward exchange contracts to reduce our exposure to the risk that the eventual net cash inflows and outflows resulting from the sale of products to foreign customers and purchases from foreign suppliers will be adversely affected by changes in exchange rates. These derivative instruments are used for forecasted transactions and are classified as cash flow hedges. Cash flow hedges are executed quarterly, generally up to 15 months forward, and allow us to further reduce our overall exposure to exchange rate movements, since gains and losses on these contracts offset gains and losses on the transactions being hedged. The notional amount of these hedges was $ 73.3 million and $ 102.4 million at December 31, 2015 and December 31, 2014, respectively. Gains and losses on these instruments are recorded in other comprehensive income, to the extent effective, until the underlying transaction is recognized in earnings. The mark-to-market gains or losses on ineffective portions of hedges are recognized in SG&A expense. The earnings impact of the ineffective portion of these hedges was not material for the years ended December 31, 2015, 2014 and 2013. Currency Rate Risk - Intercompany Loans and Dividends Where efficient, reliable and liquid markets exist we may utilize foreign currency forward exchange contracts to hedge exposures created by cross-currency intercompany loans and dividends. The translation adjustments related to these loans and any offsetting gains or losses on the related derivative contracts are recorded in other non-operating income or expense. The notional amount of these hedges was $6.1 million and $ 21.2 million at December 31, 2015 and December 31, 2014, respectively. Due to the significant decline in the value of the Russian Ruble, we received $30.0 million in cash in 2014 as a result of settling Russian Ruble forward contracts utilized to hedge the currency impacts associated with intercompany loans to our Russian subsidiary. Our exposure to changes in the Ruble due to intercompany loans was unhedged at December 31, 2015 and 2014. Interest Rate Risk We utilize interest rate swaps to minimize the fluctuations in earnings caused by interest rate volatility. Interest expense on variable-rate liabilities increases or decreases as a result of interest rate fluctuations. The following table summarizes our interest rate swaps: Trade Date Notional Amount Interest Rate Paid Coverage Period Risk Coverage March 27, 2012 $250.0 1.928 % March 2012 to March 2018 Term Loan B March 27, 2012 $200.0 2.810 % November 2015 to March 2018 Term Loan B April 16, 2013 $250.0 1.398 % November 2015 to March 2018 Term Loan A Under the terms of the Term Loan A swaps we receive 3-month LIBOR and pay a fixed rate over the hedged period. Under the terms of the Term Loan B swaps, we receive the greater of 3-month LIBOR or the 1 % LIBOR Floor and pay a fixed rate over the hedged period. These swaps are designated as cash flow hedges against changes in LIBOR for a portion of our variable rate debt. Gains and losses on these instruments are recorded in other comprehensive income, to the extent effective, until the underlying transaction is recognized in earnings. The mark-to-market gains or losses on ineffective portion of hedges are recognized in interest expense. There was no earnings impact of the ineffective portion of these hedges for the years ended December 31, 2015, 2014 and 2013. Financial Statement Impacts The following tables detail amounts related to our derivatives as of December 31, 2015 and December 31, 2014. Our derivative liabilities not designated as hedging instruments were $0.1 million at December 31, 2015 and were $0.5 million at December 31, 2014. We did no t have any derivative assets not designated as hedging instruments for the years ended December 31, 2015 and 2014. The derivative asset and liability amounts below are shown in gross amounts; we have not netted assets with liabilities. Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location December 31, 2015 December 31, 2014 Balance Sheet Location December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets - - Accounts payable and accrued expenses $0.8 $3.0 Foreign exchange contracts Other current assets $6.6 $5.7 Accounts payable and accrued expenses 0.3 0.7 Foreign exchange contracts Other non-current assets - 0.9 Other long-term liabilities - 0.1 Interest rate swap contracts Other non-current assets - 1.9 Other long-term liabilities 10.6 11.2 Total derivatives designated as hedging instruments $6.6 $8.5 $11.7 $15.0 Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion)(a) Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) (Loss) Gain Reclassified from AOCI into Income (Effective Portion) 2015 2014 2013 2015 2014 2013 Derivatives in Cash Flow Hedging Relationships Natural gas commodity contracts ($2.3) ($2.9) $0.5 Cost of goods sold ($4.4) $0.7 ($2.6) Foreign exchange contracts – purchases 0.4 1.1 5.7 Cost of goods sold 1.0 1.0 1.5 Foreign exchange contracts – sales 9.3 4.6 - Net sales 8.4 5.0 - Interest rate swap contracts (2.1) (9.3) (7.9) Interest expense (0.8) - - Total $5.3 ($6.5) ($1.7) $4.2 $6.7 ($1.1) (a) (a) As of December 31, 2015, the amount of existing gains in AOCI expected to be recognized in earnings over the next twelve months is $ 5.4 million . The amount of pre-tax gain recognized in income for derivative instruments not designated as hedging instruments was $29.6 million for the year ended December 31, 2014. There was no material gain or loss recognized in 2015 or 2013. |
Product Warranties
Product Warranties | 12 Months Ended |
Dec. 31, 2015 | |
Product Warranties [Abstract] | |
Product Warranties | NOTE 19. PRODUCT WARRANTIES On certain products, we provide the original retail purchaser limited warranties which may cover structural integrity, wear, fade and certain other pre-installation manufacturing related defects. Our product warranties place certain requirements on the retail purchaser, including evidence of original purchase and require installation in accordance with our instructions. All of our warranties are non-transferrable. Warranty claims are most commonly experienced in the periods immediately following retail purchase and decline with the passage of time. In addition to our warranty program, under certain limited circumstances, we will occasionally and at our sole discretion, provide a customer accommodation repair or replacement. Warranty repairs and replacements are most commonly made by professional installers employed by or affiliated with our independent distributors. Reimbursement for cost associated with warranty repairs are provided to our independent distributors through a credit against accounts receivable from the distributor to us. The following table summarizes the activity for the accrual of product warranties for December 31, 2015 and 2014: 2015 2014 Balance at beginning of period $7.9 $7.4 Reductions for payments (12.1) (14.9) Current year warranty accruals 11.9 15.4 Balance at end of period $7.7 $7.9 |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Long-Term Liabilities [Abstract] | |
Other Long-Term Liabilities | NOTE 20. OTHER LONG-TERM LIABILITIES December 31, 2015 December 31, 2014 Long-term deferred compensation arrangements $18.7 $21.0 Long-term portion of derivative liabilities 10.6 11.3 U.S. workers' compensation 4.0 5.0 Postemployment benefit liabilities 3.8 4.8 Environmental liabilities 6.0 4.4 Other 6.5 6.7 Total other long-term liabilities $49.6 $53.2 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation Plans [Abstract] | |
Share-Based Compensation Plans | NOTE 21. SHARE-BASED COMPENSATION PLANS The 2006 Long-Term Incentive Plan (“2006 Plan”) authorized us to issue stock options, stock appreciation rights, restricted stock awards, stock units, performance-based awards and cash awards to officers and key employees, and was scheduled to terminate on October 2, 2016. On June 24, 2011 our shareholders approved an amendment and restatement of the 2006 Plan, resulting in the 2011 Long-Term Incentive Plan (the “LTIP”). The 2006 Plan originally authorized up to 5,349,000 shares of common stock for issuance, and the amendment authorized an additional 1,600,000 shares of common stock for issuance, for a total of 6,949,000 , which includes all shares that have been issued under the 2006 Plan. The amendment also extended the expiration date of the LTIP to June 24, 2021, after which time no further awards may be made. As of December 31, 2015, 1,516,166 shares were available for future grants under the LTIP. Year Ended December 31, 2015 Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value (millions) Option shares outstanding at beginning of period 1,601.2 $40.33 Option shares exercised (173.9) (36.45) $3.5 Options forfeited (17.0) (53.08) Option shares outstanding at end of period 1,410.3 $40.66 6.1 $10.9 Option shares exercisable at end of period 1,144.5 37.75 5.7 $10.9 Option shares vested and expected to vest 1,393.9 40.52 6.1 $10.9 Year Ended December 31, 2014 Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value (millions) Option shares outstanding at beginning of period 2,204.6 $35.60 Options granted 318.9 53.93 Option shares exercised (640.8) (27.80) $17.1 Options forfeited (228.8) (48.03) Options expired (52.7) (43.49) Option shares outstanding at end of period 1,601.2 $40.33 6.9 $18.2 Option shares exercisable at end of period 1,015.3 34.12 6.0 $17.3 Option shares vested and expected to vest 1,579.6 40.17 6.9 $18.2 We have reserved sufficient authorized shares to allow us to issue new shares upon exercise of all outstanding options. Options generally become exercisable in three years and expire 10 years from the date of grant. When options are exercised, we may issue new shares, use treasury shares (if available), acquire shares held by investors, or a combination of these alternatives in order to satisfy the option exercises. The aggregate intrinsic value of options exercised during the year ended December 31, 2013 was $ 15.1 million. Cash proceeds received from options exercised for the years ended December 31, 2015, 2014 and 2013 were $ 6. 4 million, $17.8 million and $8.6 million, respectively. The fair value of option grants was estimated on the date of grant using the Black-Scholes option pricing model. There were no option grants in 2015. The weighted average assumptions for the years 2014 and 2013 are presented in the table below. 2014 2013 Weighted-average grant date fair value of options granted (dollars per option) $24.93 $21.62 Assumptions Risk free rate of return 1.9% 1.2% Expected volatility 46.5% 42.4% Expected term (in years) 6.0 6.0 Expected dividend yield 0.0% 0.0% The risk free rate of return is determined based on the implied yield available on zero coupon U.S. Treasury bills at the time of grant with a remaining term equal to the expected term of the option. During 2014 we established the expected volatility based on Armstrong’s stock since it had traded a sufficient amount of time since our emergence from bankruptcy in October 2006 to produce valid results. Prior to 2014, we established the expected volatility based on an average of the actual historical volatilities of the stock prices of a peer group of companies. The expected life represented the midpoint of the average vesting period and the contractual life of the grant. We used an allowable simplified method to determine an appropriate expected term for our option valuation assumptions. The expected dividend yield was assumed to be zero because, at the time of each grant, we had no plans to declare a dividend. The assumptions outlined above were applicable to all option grants. We have also granted restricted stock and restricted stock units. The restricted stock awards entitle the recipient to a specified number of shares of Armstrong’s common stock provided the prescribed service period is fulfilled. These awards generally had vesting periods of three years at the grant date. A summary of the 2015 and 2014 activity related to these awards follows: Non-Vested Stock Awards Number of shares Weighted-average fair value at grant date December 31, 2013 153,577 $47.34 Granted 93,711 52.57 Vested (61,902) (41.61) Forfeited (9,784) (52.08) December 31, 2014 175,602 $51.89 Granted 308,528 55.62 Vested (42,503) (51.04) Forfeited (28,361) (54.52) December 31, 2015 413,266 $54.66 The table above contains 17,545 and 18,925 restricted stock units at December 31, 2015 and 2014, respectively, that are accounted for as liability awards as they are able to be settled in cash. We have also granted performance restricted stock and performance restricted stock units. The performance based stock awards entitle the recipient to a specified number of shares of Armstrong’s common stock provided the defined financial targets are achieved at the end of the performance period. These awards generally had vesting periods of three years at the grant date. A summary of the 2015 and 2014 activity related to these awards follows: Non-Vested Performance Stock Awards Number of shares Weighted-average fair value at grant date December 31, 2013 390,681 $47.81 Granted 129,858 53.88 Vested (78,125) (41.69) Forfeited (108,051) (46.37) December 31, 2014 334,363 $52.07 Vested (70,381) (50.38) Forfeited (47,048) (51.26) December 31, 2015 216,934 $52.84 The table above contains 6,537 and 12,207 performance stock units at December 31, 2015 and 2014, respectively, that are accounted for as liability awards as they are able to be settled in cash. In addition to the equity awards described above, as of December 31, 2015 we had 20,616 fully-vested phantom shares outstanding for non-employee directors under the 2006 Phantom Stock Unit Plan. These awards are settled in cash and had vesting periods of one to three years. The awards are generally payable six months following the director’s separation from service on the Board of Directors. The total liability recorded for these shares as of December 31, 2015 was $ 1.7 million which includes associated dividends. The awards under the 2006 Phantom Stock Unit Plan are not reflected in the Non-Vested Stock Awards tables above. The 2006 Phantom Stock Unit Plan is still in place; however, no additional shares will be granted under the plan. During 2008, we adopted the 2008 Directors Stock Unit Plan. At December 31, 2015 and 2014, there were 197,475 and 174,478 restricted units, respectively, outstanding under the 2008 Directors Stock Unit Plan. In 2015 and 2014, we granted 22,997 and 21,262 restricted stock units, respectively, to non-employee directors. These awards generally have a vesting period of one year, and as of December 31, 2015 and 2014, 174,478 and 153,216 shares, respectively, were vested but not yet delivered. The awards are generally payable six months following the director’s separation from service on the Board of Directors. The awards granted under the 2008 Directors Stock Unit Plan are not reflected in the Non-Vested Stock Awards table above. We recognize share-based compensation expense on a straight-line basis over the vesting period. Share-based compensation cost was $13.3 million ($8.7 million net of tax benefit) in 2015; $12.8 million ($8.5 million net of tax benefit) in 2014, and $16.5 million ($11.1 million net of tax benefit) in 2013. Share-based compensation expense is recorded within the Corporate Unallocated segment as a component of SG&A expenses. The benefits of tax deductions in excess of grant date fair value from the exercise of stock options and vesting of share-based awards for the years ended December 31, 2015 and 2014 was $0.5 million and $3.3 million, respectively. To the extent the vesting date value is greater than the grant date value, the excess tax benefit is a credit to additional paid in capital (“APIC”), but only if it reduces income tax currently payable. During 2015, we did not recognize any credits to APIC as a result of excess tax benefits reducing income tax currently payable. As of December 31, 2015, there was $ 11.7 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of 1.7 years. |
Employee Costs
Employee Costs | 12 Months Ended |
Dec. 31, 2015 | |
Employee Costs [Abstract] | |
Employee Costs | NOTE 22. EMPLOYEE COSTS 2015 2014 2013 Wages, salaries and incentive compensation $483.2 $478.4 $471.4 Payroll taxes 45.3 48.0 46.4 Pension expense, net 51.0 23.3 22.9 Insurance and other benefit costs 44.6 49.1 51.8 Share-based compensation 13.3 12.8 16.5 Total $637.4 $611.6 $609.0 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | NOTE 23. LEASES We rent certain real estate and equipment. Several leases include options for renewal or purchase, and contain clauses for payment of real estate taxes and insurance. In most cases, management expects that in the normal course of business, leases will be renewed or replaced by other leases. 2015 2014 2013 Rent expense $22.7 $21.7 $20.6 Sublease (income) (0.4) (0.4) (0.3) Net rent expense $22.3 $21.3 $20.3 Future minimum payments at December 31, 2015 by year and in the aggregate, having non-cancelable lease terms in excess of one year are as follows: Total Minimum Lease Payments Sublease (Income) Net Minimum Lease Payments Scheduled minimum lease payments 2016 $7.9 ($0.4) $7.5 2017 5.3 (0.2) 5.1 2018 3.4 - 3.4 2019 2.6 - 2.6 2020 1.6 - 1.6 Thereafter 3.2 - 3.2 Total $24.0 ($0.6) $23.4 Assets under capital leases at December 31, 2015 and 2014 are not material. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | NOTE 24. SHAREHOLDERS' EQUITY There were 5,057,382 treasury shares at December 31, 2015 and December 31, 2014. The balance of each component of accumulated other comprehensive (loss), net of tax as of December 31, 2015 and 2014 is presented in the table below. December 31, 2015 December 31, 2014 Foreign currency translation adjustments ($33.8) ($8.3) Derivative (loss), net (3.3) (4.0) Pension and postretirement adjustments (450.3) (483.2) Accumulated other comprehensive (loss) ($487.4) ($495.5) The amounts and related tax effects allocated to each component of other comprehensive income (loss) for 2015, 2014, and 2013 are presented in the table below. Pre-tax Amount Tax Benefit After-tax Amount 2015 Foreign currency translation adjustments ($25.5) - ($25.5) Derivative gain, net 1.1 ($0.4) 0.7 Pension and postretirement adjustments 50.7 (17.8) 32.9 Total other comprehensive income $26.3 ($18.2) $8.1 Pre-tax Amount Tax Expense After-tax Amount 2014 Foreign currency translation adjustments ($29.6) - ($29.6) Derivative (loss), net (4.9) $1.6 (3.3) Pension and postretirement adjustments (153.6) 62.6 (91.0) Total other comprehensive (loss) ($188.1) $64.2 ($123.9) Pre-tax Amount Tax Benefit After-tax Amount 2013 Foreign currency translation adjustments ($8.8) - ($8.8) Derivative gain, net 28.4 ($9.9) 18.5 Pension and postretirement adjustments 139.4 (49.3) 90.1 Total other comprehensive income $159.0 ($59.2) $99.8 The following table summarizes the activity, by component, related to the change in AOCI for December 31, 2015 and 2014: Foreign Currency Translation Adjustments (1) Derivative (Loss) Gain (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, December 31, 2013 $21.3 ($0.7) ($392.2) ($371.6) Other comprehensive income before reclassifications, net of tax (expense) benefit of $ -, ( $0.8 ), $77.2 , and $76.4 (29.6) 1.1 (118.0) (146.5) Amounts reclassified from accumulated other comprehensive income - (4.4) 27.0 22.6 Net current period other comprehensive (loss) income (29.6) (3.3) (91.0) (123.9) Balance, December 31, 2014 ($8.3) ($4.0) ($483.2) ($495.5) Other comprehensive income before reclassifications, net of tax (expense) benefit of $ -, ( $1.8 ), $6.4 , and $4.6 (25.5) 3.5 (12.0) (34.0) Amounts reclassified from accumulated other comprehensive income - (2.8) 44.9 42.1 Net current period other comprehensive (loss) (25.5) 0.7 32.9 8.1 Balance, December 31, 2015 ($33.8) ($3.3) ($450.3) ($487.4) (1) Amounts are net of tax The amounts reclassified from AOCI and the affected line item of the Consolidated Statement of Earnings and Comprehensive Income are presented in the table below. Amounts Reclassified from AOCI Affected Line Item in the Consolidated Statement of Earnings and Comprehensive Income 2015 2014 Derivative Adjustments: Natural gas commodity contracts $4.4 ($0.7) Cost of goods sold Foreign exchange contracts - purchases (1.0) (1.0) Cost of goods sold Foreign exchange contracts - sales (8.4) (5.0) Net sales Interest rate swap contracts 0.8 - Interest expense Total expense, before tax (4.2) (6.7) Tax impact 1.4 2.3 Income tax expense Total expense, net of tax (2.8) (4.4) Pension and Postretirement Adjustments: Prior service cost amortization 0.6 0.6 Cost of goods sold Prior service cost amortization 0.7 0.7 SG&A expense Amortization of net actuarial loss 35.5 21.7 Cost of goods sold Amortization of net actuarial loss 32.3 18.6 SG&A expense Total expense, before tax 69.1 41.6 Tax impact (24.2) (14.6) Income tax expense Total expense, net of tax 44.9 27.0 Total reclassifications for the period $42.1 $22.6 Amounts reported above for 2014 and 2013 include amounts that have been classified as discontinued operations. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | NOTE 25. SUPPLEMENTAL FINANCIAL INFORMATION 2015 2014 2013 Selected operating expense Maintenance and repair costs $92.6 $89.0 $89.7 Research and development costs 31.1 30.6 29.3 Advertising costs 10.6 10.9 12.2 Other non-operating expense Foreign currency transaction loss, net of hedging activity $22.8 $8.4 $1.6 Other 0.7 2.1 0.4 Total $23.5 $10.5 $2.0 Other non-operating income Interest income $2.2 $2.5 $3.3 Foreign currency transaction gain, net of hedging activity 3.0 - 0.1 Other 0.1 0.1 0.4 Total $5.3 $2.6 $3.8 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Related Parties [Abstract] | |
Related Parties | NOTE 26. RELATED PARTIES We purchase grid products from WAVE, our 50 %-owned joint venture with Worthington Industries. The total amount of these purchases was $ 73.7 million in 2015, $ 85.4 million in 2014 and $88.9 million in 2013. We also provide certain selling, promotional and administrative processing services to WAVE for which we receive reimbursement. Those services amounted to $15.2 million in 2015, $ 14.7 million in 2014, and $ 14.9 million in 2013. The net amount due to WAVE from us for all of our relationships was $5.4 million as of December 31, 2015 and $8.5 million as of December 31, 2014. See Note 9 to the Consolidated Financial Statements for additional information. |
Litigation And Related Matters
Litigation And Related Matters | 12 Months Ended |
Dec. 31, 2015 | |
Litigation And Related Matters [Abstract] | |
Litigation And Related Matters | NOTE 27. LITIGATION AND RELATED MATTERS ENVIRONMENTAL MATTERS Environmental Compliance Our manufacturing and research facilities are affected by various federal, state and local requirements relating to the discharge of materials and the protection of the environment. We make expenditures necessary for compliance with applicable environmental requirements at each of our operating facilities. These regulatory requirements continually change, therefore we cannot predict with certainty future expenditures associated with compliance with environmental requirements. Environmental Sites Summary We are actively involved in the investigation, closure and/or remediation of existing or potential environmental contamination under the Comprehensive Environmental Response, Compensation and Liability Act, and state or international Superfund and similar type environmental laws at several domestically- and internationally-owned, formerly owned and non-owned locations allegedly resulting from past industrial activity. In a few cases, we are one of several potentially responsible parties and have agreed to jointly fund the required investigation and remediation, while preserving our defenses to the liability. We may also have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. We are currently pursuing coverage and recoveries under those policies with respect to certain of the sites, but we are unable to predict the outcome or costs of these proceedings. Estimates of our future liability at the environmental sites are based on evaluations of currently available facts regarding each individual site. We consider factors such as our activities associated with the site, existing technology, presently enacted laws and regulations and prior company experience in remediating contaminated sites. Although current law imposes joint and several liability on all parties at Superfund sites, our contribution to the remediation of these sites is expected to be limited by the number of other companies potentially liable for site remediation. As a result, our estimated liability reflects only our expected share. In determining the probability of contribution, we consider the solvency of other parties, the site activities of other parties, whether liability is being disputed, the terms of any existing agreements and experience with similar matters, and the effect of our Chapter 11 reorganization upon the validity of the claim. Specific Material Events St Helens, OR In August 2010, we entered into a Consent Order (the “Consent Order”) with the Oregon Department of Environmental Quality (“ODEQ”), along with Kaiser Gypsum Company, Inc. (“Kaiser”), and Owens Corning Sales LLC (“OC”), with respect to our St. Helens, OR Building Products facility, which was previously owned by Kaiser and then OC. The Consent Order, which replaces a previous order of the ODEQ requiring us to investigate and remediate hazardous substances present at the facility, requires that we and Kaiser complete a remedial investigation and feasibility study (“RI/FS”) on the portion of the site owned by us (“Owned Property”), which is comprised of Upland and Lowland areas. The Consent Order further requires us, Kaiser and OC to conduct an RI/FS in the In-Water area of the adjacent Scappoose Bay. We are currently in an investigation phase for both the Owned Property and the Scappoose Bay and are working with ODEQ, Kaiser and OC to finalize the reports to move to the Feasibility Study phase. We have determined that it is probable that remedial action for certain portions of both the Upland and Lowland areas of the Owned Property will be required. The current estimate of our future liability at the site includes any remaining known investigation work required by the Consent Order and the current projected cost of possible remedies for certain portions of the Owned Property. At this time, we are unable to reasonably estimate any remediation costs that we may ultimately incur with respect to other portions of the Owned Property or the Scappoose Bay or whether the projected costs for the areas we have included in our current estimate will increase . Additional investigative or remedial action required by ODEQ could result in additional costs greater than the amounts currently estimated. We believe that our ongoing work with ODEQ and Kaiser may enable us to reasonably estimate costs in 2016, and those costs may be material. Costs and responsibilities for investigation, including the current RI/FS for the Owned Property continue to be shared with Kaiser pursuant to a cost sharing agreement with Kaiser. Contemporaneously with the execution of the Consent Order, we, Kaiser and OC also entered into a separate cost sharing agreement for both the investigation and possible remediation of the Scappoose Bay. Kaiser’s shares under the cost sharing agreements are being funded by certain insurance policies, which comprise substantially all of Kaiser’s assets. If Kaiser and OC are unwilling or unable to fulfill their obligations under the cost sharing agreements, or seek to contest or challenge the allocations, or if Kaiser’s insurance policies are unable to fund Kaiser’s shares, it could result in additional cost to us greater than the amounts currently estimated and those costs may be material. The principal contaminants at the St. Helens site are arsenic and dioxin compounds from historic operations by prior owners of the plant. As part of the investigation on the site pursuant to the Consent Order, we conducted an analysis of the raw materials used in our manufacturing processes at the St. Helens facility to identify possible sources of these same contaminants. Our testing found low levels of naturally occurring dioxin in sourced clay, known as ball clay, used in the production of some of our fire-retardant products at our St. Helens manufacturing facility. Based on the data from the soil and sediment samples from our St. Helens property and the data from the ball clay, we do not believe that the presence of dioxin in our raw material will have a material impact on our ultimate liability at the site. In addition, consistent with our health and safety policies, we tested employee exposure levels at two facilities representative of our handling procedures at all plants that use this ball clay and, as a result of such testing, do not believe that the ball clay poses a hazard to our employees based on applicable regulatory standards. Based on the manufacturing process and the amount of raw material utilized, we also believe that the dioxin levels in our finished products do not pose a hazard to installers or consumers. While we have not received any claims related to this raw material or our fire-retardant products, there can be no assurance that the raw material or the finished products will not become the subject of legal claims or regulatory actions or that such claims or actions will not have a material adverse effect on our financial condition or results of operations. Macon, GA The U.S. Environmental Protection Agency (“EPA”) has listed two landfills located on a portion of our Building Products facility in Macon, GA, along with the former Macon Naval Ordnance Plant landfill adjacent to our property, and portions of Rocky Creek (collectively, the “Macon Site”) as a Superfund site on the National Priorities List due to the presence of contaminants, most notably PCBs. In September 2010, we entered into an Administrative Order on Consent for a Removal Action with the EPA to investigate PCB contamination in one of the landfills on our property, the Wastewater Treatment Plant Landfill (the “WWTP Landfill”). We concluded the investigative phase of the Removal Action for the WWTP Landfill and submitted our final Engineering Evaluation/Cost Analysis (“EE/CA”) to the EPA in 2013. The EPA subsequently approved the EE/CA and issued an Action Memorandum in July 2013 selecting our recommended remedy for the Removal Action. In July 2014, we entered into an Administrative Order on Consent for Removal Action with the EPA for the WWTP Landfill. The EPA approved the Removal Action Work Plan on March 30, 2015 and the removal work commenced in the third quarter of 2015. We expect this work to be completed by the end of the first quarter of 2016. Our estimate of future liability includes costs for the remedial work for the WWTP Landfill. It is probable that we will incur field investigation, engineering and oversight costs associated with a RI/FS with respect to the remainder of the Superfund site, which includes the other landfill on our property, as well as areas on and adjacent to Armstrong’s property and Rocky Creek (the “Remaining Site”). On September 25, 2015, AWI and six other Potentially Responsible Parties (“PRPs”) received a Special Notice Letter from the EPA under CERCLA inviting AWI and the PRPs to enter into the negotiation of a Settlement Agreement (formerly known as an Administrative Order on Consent) to conduct an RI/FS of Operable Unit 2, which is the Remaining Site. We have not yet entered into an Order with the EPA for the Remaining Site and have not yet commenced an investigation of this portion of the site. We anticipate that the EPA will require significant investigative work for the Remaining Site and that we may ultimately incur costs in remediating any contamination discovered during the RI/FS. The current estimate of future liability at this site includes our estimated share of the costs of the investigative work that, at this time, we anticipate the EPA will require the PRP team to perform. We are unable to reasonably estimate AWI’s final share of the costs or the total costs associated with the investigation work or any resulting remediation therefrom, although such amounts may be material. Elizabeth City, NC This site is a former cabinet manufacturing facility that was operated by Triangle Pacific Corporation, now known as Armstrong Wood Products, Inc. (“Triangle Pacific”) from 1977 until 1996. The site was formerly owned by the U.S. Navy (“Navy”) and Westinghouse, now CBS Corporation (“CBS”). We assumed ownership of the site when we acquired the stock of Triangle Pacific in 1998. Prior to our acquisition, the NC Department of Environment and Natural Resources listed the site as a hazardous waste site. In 1997, Triangle Pacific entered into a cost sharing agreement with Westinghouse whereby the parties agreed to share equally in costs associated with investigation and potential remediation. In 2000, Triangle Pacific and CBS entered into an RI/FS with the EPA for the site. In 2007, we and CBS entered into an agreement with the Navy whereby the Navy agreed to pay one third of defined past and future investigative costs up to a certain amount, which has now been exhausted. Although the parties initially submitted the RI/FS work plan to the EPA in 2004, the EPA did not approve the RI/FS work plan until August 2011. In January 2014, we submitted the draft Remedial Investigation and Risk Assessment reports and conducted supplemental investigative work based upon agency comments to those reports. The supplemental reports were submitted to the agency in January 2015 and the agency has not yet responded to those reports. We are unable to reasonably estimate any additional investigative costs or determine whether remediation will be required. If remediation is required, the related costs may be material, although we expect these costs to be shared with CBS and the Navy. Summary of Financial Position Liabilities of $6.0 million at December 31, 2015 and $4.4 million at December 31, 2014 were recorded for potential environmental liabilities, on a global basis, that we consider probable and for which a reasonable estimate of the probable liability could be made. Where existing data is sufficient to estimate the liability, that estimate has been used; where only a range of probable liabilities is available and no amount within that range is more likely than any other, the lower end of the range has been used. As assessments and remediation activities progress at each site, these liabilities are reviewed to reflect new information as it becomes available. These liabilities are undiscounted. The estimated liabilities above do not take into account any claims for recoveries from insurance or third parties. It is our policy to record probable recoveries that are either available through settlement or anticipated to be recovered through negotiation or litigation as assets in the Consolidated Balance Sheets. No material amounts were recorded for probable recoveries at December 31, 2015 or December 31, 2014. Actual costs to be incurred at identified sites may vary from our estimates. Based on our knowledge of the identified sites, it is not possible to reasonably estimate future costs in excess of amounts already recognized. ANTIDUMPING AND COUNTERVAILING DUTY CASES In October 2010, a coalition of U.S. producers of multilayered wood flooring (not including AWI and its subsidiaries) filed petitions seeking antidumping duties (“AD”) and countervailing duties (“CVD”) with the United States Department of Commerce (“DOC”) and the United States International Trade Commission (“ITC”) against imports of multilayered wood flooring from China. The AD and CVD petitions ultimately resulted in DOC issuing AD and CVD orders (the “Orders”) against multilayered wood flooring imported into the U.S. from China. These Orders and the associated additional duties they have imposed have been the subject of extensive litigation, both at DOC and in the U.S. courts. We produce multilayered wood flooring domestically and import multilayered wood flooring from third party suppliers in China. Until October 2014, we also operated a plant in Kunshan, China (“Armstrong Kunshan”) that manufactured multilayered wood flooring for export to the U.S. As a result, we have been directly involved in the multilayered wood flooring-related litigation at DOC and in the U.S. courts. Our consistent view through the course of this matter has been, and remains, that our imports are neither dumped nor subsidized. In 2013, in the sole DOC investigation of AWI and its subsidiaries (as a mandatory respondent in connection with the first annual administrative review), Armstrong Kunshan received a final AD rate of 0.00% and a final CVD rate of 0.98% . Litigation regarding this matter has continued in the U.S. courts. The most recent court decision, on July 6, 2015, upheld certain DOC calculations on remand. Armstrong Kunshan as well as other respondents have appealed the DOC’s original decision to apply an AD rate to us and other “separate rate” respondents in the original investigation (for which we received a final initial AD rate of 3.31% ) to the Court of Appeals for the Federal Circuit. DOC also continues to conduct annual administrative reviews of the AD and CVD final duty rates under the Orders. In July 2015, DOC issued its final AD and CVD rates for the second administrative review, which applies to imports of multilayered wood flooring made between December 1, 2012 and November 30, 2013 (AD) and between January 1, 2012 and December 31, 2012 (CVD). Armstrong Kunshan was not selected as a mandatory respondent for the second AD review and, therefore, was not subject to individual review, but we are subject to the rates applicable to importers that were not individually reviewed (the “separate rate” or “all others” respondents). On July 7, 2015, the DOC issued a final “All Others” CVD rate of 0.99% that also applies to Armstrong Kunshan as part of the second CVD administrative review. On July 9, 2015, DOC issued a final AD determination for the second administrative review. DOC imposed a 13.74% AD rate determined solely on the basis of the AD duty rate assigned to the only mandatory respondent that did not receive a de minimis rate. DOC assigned this rate to all separate rate respondents that were not individually investigated, including Armstrong Kunshan. AWI and its subsidiaries , Armstrong Kunshan, and other respondents have filed complaints against DOC challenging the rate in the U.S. Court of International Trade with a decision expected in 2016. If such rates are ultimately upheld after any court appeals are exhausted, the estimated additional liability to us for the relevant period is approximately $4 million. This estimated additional liability was reflected in our second quarter 2015 results . We continue to accrue and make cash deposits for duties when we are the importer of record at the rates established by the DOC based on the second administrative review process. DOC is also currently conducting its third annual administrative review. Armstrong Kunshan was not selected as a mandatory respondent for the third AD review and therefore, is not subject to individual mandatory review. As part of these reviews, Armstrong Kunshan’s individual AD and CVD assessment rates may be changed and the revised rates applicable to participants that were not individually reviewed will apply to all multilayer wood flooring imports between December 1, 2013 and November 30, 2014 (AD) and between January 1, 2013 and December 31, 2013 (CVD). The DOC issued a preliminary AD rate of 13.34% and a preliminary CVD rate of 1.43% for the third administrative review. We do not anticipate final AD and CVD rates for the third administrative reviews until mid-2016. We are unable to predict the final AD and CVD rates for the pending reviews at this time, but plan to continue to defend our import practices and pursue our available legal rights and remedies, including litigation at DOC and in the U.S . courts. Armstrong Kunshan is not a respondent in the DOC fourth AD and CVD administrative reviews. OTHER CLAIMS We are involved in various lawsuits, claims, investigations and other legal matters from time to time that arise in the ordinary course of conducting business, including matters involving our products, intellectual property, relationships with suppliers, relationships with distributors, relationships with competitors, employees and other matters. For example, we are currently a party to various litigation matters that involve product liability, tort liability and other claims under a wide range of allegations, including illness due to exposure to certain chemicals used in the workplace; or medical conditions arising from exposure to product ingredients or the presence of trace contaminants. In some cases, these allegations involve multiple defendants and relate to legacy products that we and other defendants purportedly manufactured or sold. We believe these claims and allegations to be without merit and intend to defend them vigorously. For these matters, we also may have rights of contribution or reimbursement from other parties or coverage under applicable insurance policies. We are currently pursuing coverage and recoveries under those policies, but are unable to predict the outcome or those demands. While complete assurance cannot be given to the outcome of these proceedings, we do not believe that any of these matters, individually or in the aggregate, will have a material adverse effect on our financial condition, liquidity or results of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 28. EARNINGS PER SHARE Earnings per share components may not add due to rounding. The following table is a reconciliation of net earnings to net earnings attributable to common shares used in our basic and diluted EPS calculations for the years ended December 31, 2015, 2014, and 2013: 2015 2014 2013 Earnings from continuing operations $52.6 $102.0 $127.3 Earnings allocated to participating non-vested share awards (0.1) (0.5) (0.7) Earnings from continuing operations attributable to common shares $52.5 $101.5 $126.6 2015 2014 2013 (in millions) Basic shares outstanding 55.5 55.0 57.8 Dilutive effect of common stock equivalents 0.4 0.4 0.6 Diluted shares outstanding 55.9 55.4 58.4 Options to purchase 203,527 , 142,038 and 181,041 shares of common stock were outstanding as of December 31, 2015, 2014, and 2013, respectively, but not included in the computation of diluted earnings per share, because the options were anti-dilutive. |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2015 | |
Schedule II [Abstract] | |
Schedule II | SCHEDULE II Armstrong World Industries, Inc., and Subsidiaries Valuation and Qualifying Reserves (amounts in millions) Balance at beginning of year Additions charged to earnings Deductions Balance at end of year 2013 Provision for bad debts $3.9 $0.9 ($1.6) $3.2 Provision for discounts 19.7 113.8 (119.1) 14.4 Provision for warranties 8.7 15.7 (17.0) 7.4 Reserves for inventory 1.6 1.0 (0.4) 2.2 2014 Provision for bad debts $3.2 $2.1 ($1.1) $4.2 Provision for discounts 14.4 97.2 (98.6) 13.0 Provision for warranties 7.4 15.4 (14.9) 7.9 Reserves for inventory 2.2 1.8 (1.6) 2.4 2015 Provision for bad debts $4.2 $0.8 ($1.0) $4.0 Provision for discounts 13.0 105.4 (105.9) 12.5 Provision for warranties 7.9 11.9 (12.1) 7.7 Reserves for inventory 2.4 2.8 (2.0) 3.2 |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Abstract] | |
Consolidation Policy | Consolidation Policy . The consolidated financial statements and accompanying data in this report include the accounts of AWI and its majority-owned subsidiaries. All significant intercompany transactions have been eliminated from the consolidated financial statements. |
Use Of Estimates | Use of Estimates . We prepare our financial statements in conformity with U.S. generally accepted accounting principles, which requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. When preparing an estimate, management determines the amount based upon the consideration of relevant internal and external information. Actual results may differ from these estimates. |
Reclassifications | Reclassifications . Certain amounts in the prior year’s Consolidated Financial Statements and related notes and schedule thereto have been recast to conform to the 2015 presentation. |
Revenue Recognition | Revenue Recognition . We recognize revenue from the sale of products when persuasive evidence of an arrangement exists, title and risk of loss transfers to the customers, prices are fixed and determinable, and it is reasonably assured the related accounts receivable is collectible. Our standard sales terms are Free On Board (“FOB”) shipping point. We have some sales terms that are FOB destination. Our products are sold with normal and customary return provisions. Sales discounts are deducted immediately from the sales invoice. Provisions, which are recorded as a reduction of revenue, are made for the estimated cost of rebates, promotional programs and warranties. We defer recognizing revenue if special sales agreements, established at the time of sale, warrant this treatment. |
Sales Incentives | Sales Incentives . Sales incentives are reflected as a reduction of net sales. |
Shipping And Handling Costs | Shipping and Handling Costs . Shipping and handling costs are reflected in cost of goods sold. |
Advertising Costs | Advertising Costs . We recognize advertising expenses as they are incurred. |
Research And Development Costs | Research and Development Costs . We recognize research and development costs as they are incurred. |
Pension And Postretirement Benefits | Pension and Postretirement Benefits . We have benefit plans that provide for pension, medical and life insurance benefits to certain eligible employees when they retire from active service. See Note 16 to the Consolidated Financial Statements for disclosures on pension and postretirement benefits. |
Taxes | Taxes . The provision for income taxes has been determined using the asset and liability approach of accounting for income taxes to reflect the expected future tax consequences of events recognized in the financial statements. Deferred income tax assets and liabilities are recognized by applying enacted tax rates to temporary differences that exist as of the balance sheet date which result from differences in the timing of reported taxable income between tax and financial reporting. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. The need to establish valuation allowances for deferred tax assets is assessed quarterly. In assessing the requirement for, and amount of, a valuation allowance in accordance with the more likely than not standard, we give appropriate consideration to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability and foreign source income, the duration of statutory carryforward periods, and our experience with operating loss and tax credit carryforward expirations. A history of cumulative losses is a significant piece of negative evidence used in our assessment. If a history of cumulative losses is incurred for a tax jurisdiction, forecasts of future profitability are generally not used as positive evidence related to the realization of the deferred tax assets in the assessment. We recognize the tax benefits of an uncertain tax position if those benefits are more likely than not to be sustained based on existing tax law. Additionally, we establish a reserve for tax positions that are more likely than not to be sustained based on existing tax law, but uncertain in the ultimate benefit to be sustained upon examination by the relevant taxing authorities. Unrecognized tax benefits are subsequently recognized at the time the more likely than not recognition threshold is met, the tax matter is effectively settled or the statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired, whichever is earlier. Taxes collected from customers and remitted to governmental authorities are reported on a net basis. |
Earnings Per Share | Earnings per Share . Basic earnings per share is computed by dividing the earnings attributable to common shares by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution of securities that could share in the earnings. |
Cash And Cash Equivalents | Cash and Cash Equivalents . Cash and cash equivalents include cash on hand and short-term investments that have maturities of three months or less when purchased. |
Concentration Of Credit | Concentration of Credit . We principally sell products to customers in the building products industries in various geographic regions. No one customer accounted for 10% or more of our total consolidated net sales in the years 2015, 2014, and 2013. We monitor the creditworthiness of our customers and generally do not require collateral. |
Receivables | Receivables . We sell the vast majority of our products to select, pre-approved customers using customary trade terms that allow for payment in the future. Customer trade receivables, customer notes receivable and miscellaneous receivables (which include supply related rebates and other), net of allowances for doubtful accounts, customer credits and warranties are reported in accounts and notes receivable, net. Cash flows from the collection of current receivables are classified as operating cash flows on the consolidated statements of cash flows. We establish credit-worthiness prior to extending credit. We estimate the recoverability of receivables each period. This estimate is based upon new information in the period, which can include the review of any available financial statements and forecasts, as well as discussions with legal counsel and the management of the debtor company. As events occur, which impact the collectability of the receivable, all or a portion of the receivable is reserved. Account balances are charged off against the allowance when the potential for recovery is considered remote. We do not have any off-balance-sheet credit exposure related to our customers. |
Inventories | Inventories . Inventories are valued at the lower of cost or market. Inventories also include certain samples used in ongoing sales and marketing activities. See Note 6 to the Consolidated Financial Statements for further information on our accounting for inventories. |
Property Plant And Equipment | Property Plant and Equipment . Property plant and equipment is recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized on a straight-line basis over the assets’ estimated useful lives. Machinery and equipment includes manufacturing equipment (depreciated over 3 to 15 years), computer equipment (depreciated over 3 to 5 years) and office furniture and equipment (depreciated over 5 to 7 years). Within manufacturing equipment, assets that are subject to quick obsolescence or wear out quickly, such as tooling and engraving equipment, are depreciated over shorter periods ( 3 to 7 years). Heavy production equipment, such as conveyors and production presses, are depreciated over longer periods ( 10 to 15 years). Buildings are depreciated over 15 to 30 years, depending on factors such as type of construction and use . Computer software is depreciated over 3 to 7 years. Property, plant and equipment are tested for impairment when indicators of impairment are present, such as operating losses and/or negative cash flows. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the assets. The estimate of an asset group’s fair value is based on discounted future cash flows expected to be generated by the asset group, or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants, or estimated salvage value if no sale is assumed. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. Impairments of assets related to our manufacturing operations are recorded in cost of goods sold. When assets are disposed of or retired, their costs and related depreciation are removed from the financial statements, and any resulting gains or losses normally are reflected in cost of goods sold or selling, general and administrative (“SG&A”) expenses depending on the nature of the asset. |
Asset Retirement Obligations | Asset Retirement Obligations . We recognize t he fair value of obligations associated with the retirement of tangible long-lived assets in the period in which they are incurred. Upon initial recognition of a liability, the discounted cost is capitalized as part of the related long-lived asset and depreciated over the corresponding asset’s useful life. Over time, accretion of the liability is recognized as an operating expense to reflect the change in the liability’s present value. |
Intangible Assets | Intangible Assets . Our definite-lived intangible assets are primarily customer relationships (amortized over 20 years) and developed technology (amortized over 15 years). We review significant definite-lived intangible assets for impairment when indicators of impairment exist. We review our businesses for indicators of impairment such as operating losses and/or negative cash flows. If an indication of impairment exists, we compare the carrying amount of the asset group to the estimated undiscounted future cash flows expected to be generated by the assets. The estimate of an asset group’s fair value is based on discounted future cash flows expected to be generated by the asset group, or based on management’s estimated exit price assuming the assets could be sold in an orderly transaction between market participants. If the fair value is less than the carrying value of the asset group, we record an impairment charge equal to the difference between the fair value and carrying value of the asset group. Our indefinite-lived intangibles are primarily trademarks and brand names, which are integral to our corporate identity and expected to contribute indefinitely to our cash flows. Accordingly, they have been assigned an indefinite life. We perform annual impairment tests during the fourth quarter on these indefinite-lived intangibles. These assets undergo more frequent tests if an indication of possible impairment exists. The principal assumption used in our impairment tests for definite-lived intangible assets is future operating profit adjusted for depreciation and amortization. The principal assumptions used in our impairment tests for indefinite-lived intangible assets include revenue growth rate, discount rate and royalty rate. Revenue growth rate and future operating profit assumptions are derived from those utilized in our operating plan and strategic planning processes. The discount rate assumption is calculated based upon an estimated weighted average cost of equity which reflects the overall level of inherent risk and the rate of return a market participant would expect to achieve. The royalty rate assumption represents the estimated contribution of the intangible asset to the overall profits of the reporting unit. Methodologies used for valuing our intangible assets did not change from prior periods. See Note 10 to the Consolidated Financial Statements for disclosure on intangible assets. |
Foreign Currency Transactions | Foreign Currency Transactions. Assets and liabilities of our subsidiaries operating outside the United States which account in a functional currency other than U.S. dollars are translated using the period end exchange rate. Revenues and expenses are translated at exchange rates effective during each month. Foreign currency translation gains or losses are included as a component of accumulated other comprehensive income (loss) within shareholders' equity. Gains or losses on foreign currency transactions are recognized through the statement of earnings. |
Financial Instruments And Derivatives | Financial Instruments and Derivatives . From time to time, we use derivatives and other financial instruments to offset the effect of currency, interest rate and commodity price variability. See Notes 17 and 18 to the Consolidated Financial Statements for further discussion. |
Share-Based Employee Compensation | Share-based Employee Compensation . For awards with only service and performance conditions that have a graded vesting schedule, we recognize compensation expense on a straight-line basis over the vesting period for the entire award. See Note 21 to the Consolidated Financial Statements for additional information on share-based employee compensation. |
Subsequent Events | Subsequent Events . We have evaluated subsequent events for potential recognition and disclosure through the date the consolidated financial statements included in the Annual Report on Form 10-K were issued. |
Recently Adopted And Recently Issued Accounting Standards | Recently Adopted Accounting Standards In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” which is part of ASC 205: Presentation of Financial Statements and ASC 360: Property, Plant and Equipment. The amendments in this guidance change the requirements for reporting discontinued operations. Under the new guidance a disposal of a component of an entity or a group of components is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The guidance is effective prospectively for disposals that occur within annual periods beginning on or after December 15, 2014. There was no impact on our financial condition, results of operations or cash flows as a result of the adoption of this guidance. In May 2015, the FASB issued ASU 2015-07, “ Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” This standard removes the requirement to categorize investments within the fair value hierarchy when fair value is measured using the net asset value per share practical expedient. We do not hold any such investments on our Consolidated Balance Sheets, however, the assets held in trust for our defined benefit pension plan include such investments. The new guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. We early adopted this guidance as of December 31, 2015 and have applied this guidance to our disclosures of defined benefit pension plan assets as of and for the years ended December 31, 2015 and 2014. See Note 16 to the Consolidated Financial Statements for disclosures on pension and postretirement benefits. Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” . The guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to a customer. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective . In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date” which defers the effective date for ASU 2014-09 by one year to January 1, 2018, however, public business entities would be permitted to adopt the standard as of the original effective date. We have not selected a transition method and are currently evaluating the impact this guidance will have on our financial condition, results of operations and cash flows. In June 2014, the FASB issued ASU 2014-12 “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period” which is part of ASC 718: Compensation-Stock Compensation. The guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in the estimate of the grant-date fair value of the award. The guidance is effective for annual periods beginning after December 15, 2015. The guidance can be applied prospectively for all awards granted or modified after the effective date or retrospectively to all awards with performance targets outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We do not expect a material impact on our financial condition, results of operations or cash flows from the adoption of this guidance. In April 2015, the FASB issued ASU 2015-03, “ Simplifying the Presentation of Debt Issuance Costs .” This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. The new guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. In August 2015, the FASB issued ASU 2015-15, “ Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, ” which was issued to address the presentation and subsequent measurement of debt issuance costs related to line-of-credit arrangements. We are currently evaluating the impact the adoption of these standards will have on our financial condition and cash flows. In April 2015, the FASB issued ASU 2015-05, “ Customer's Accounting for Fees Paid in a Cloud Computing Arrangement” which provides guidance to determine when a customer's fees paid in a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for a cloud computing arrangement as a service contract. The new guidance is effective for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. We are currently evaluating the impact the adoption of this standard would have on our financial condition, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11, “Simplifying the Measurement of Inventory” which requires inventory that is measured on a first-in, first-out or average cost basis to be measured at lower of cost and net realizable value, as opposed to the lower of cost or market. For inventory that is measured under the last-in, first-out (“LIFO”) basis or the retail recovery method, there is no change to current measurement requirements. This new guidance is effective for annual reporting periods beginning after December 15, 2016, but early adoption is permitted. We are currently evaluating the impact the adoption of this standard would have on our financial condition, results of operations and cash flows. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes” which requires entities with a classified balance sheet to present all deferred tax assets and liabilities as noncurrent. This new guidance is effective for annual reporting periods beginning after December 15, 2016. We are currently evaluating the impact the adoption of this standard would have on our financial condition and cash flows. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Most notably, this new guidance requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. This new guidance is effective for annual reporting periods beginning after December 15, 2017. We are currently evaluating the impact the adoption of this standard would have on our financial condition, results of operations and cash flows. |
Nature Of Operations (Tables)
Nature Of Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Nature Of Operations [Abstract] | |
Schedule Of Segment Reporting Information | Building Products Resilient Flooring Wood Flooring Unallocated Corporate Total For the year ended 2015 Net sales to external customers $1,231.3 $713.3 $475.4 - $2,420.0 Equity (earnings) from joint venture (66.1) - - - (66.1) Segment operating income (loss) 264.8 42.2 19.2 ($138.8) 187.4 Segment assets 1,068.9 510.2 337.4 775.4 2,691.9 Depreciation and amortization 67.6 26.1 12.0 12.6 118.3 Investment in joint venture 130.8 - - - 130.8 Purchases of property, plant and equipment 86.7 40.8 20.8 22.4 170.7 Building Products Resilient Flooring Wood Flooring Unallocated Corporate Total For the year ended 2014 Net sales to external customers $1,294.3 $712.9 $508.1 - $2,515.3 Equity (earnings) from joint venture (65.1) - - - (65.1) Segment operating income (loss) 264.7 61.6 (14.9) ($72.3) 239.1 Segment assets 1,079.7 492.7 329.8 704.0 2,606.2 Depreciation and amortization (1) 66.0 29.6 16.5 11.3 123.4 Asset impairment (1) 0.4 - 15.4 - 15.8 Investment in joint venture 129.0 - - - 129.0 Purchases of property, plant and equipment (1) 128.1 51.6 26.0 11.4 217.1 Building Products Resilient Flooring Wood Flooring Unallocated Corporate Total For the year ended 2013 Net sales to external customers $1,264.6 $728.8 $534.0 - $2,527.4 Equity (earnings) from joint venture (59.4) - - - (59.4) Segment operating income (loss) 263.1 69.8 6.0 ($73.3) 265.6 Segment assets 1,071.9 462.9 335.2 852.0 2,722.0 Depreciation and amortization (1) 56.3 25.8 11.4 9.0 102.5 Investment in joint venture 132.0 - - - 132.0 Purchases of property, plant and equipment (1) 134.5 50.7 8.0 15.8 209.0 (1) – Totals for 2014 and 2013 will differ from the totals on our Consolidated Statement of Cash Flow by the amounts that have been classified as discontinued operations . |
Reconciliation Of Total Consolidated Operating Income To Earnings Before Income Taxes | 2015 2014 2013 Segment operating income $187.4 $239.1 $265.6 Interest expense 45.3 46.0 68.7 Other non-operating expense 23.5 10.5 2.0 Other non-operating income (5.3) (2.6) (3.8) Earnings from continuing operations before income taxes $123.9 $185.2 $198.7 |
Schedule Of Sales Allocated To Geographic Area | 2015 2014 2013 Geographic Areas Net trade sales Americas: United States $1,738.5 $1,728.3 $1,743.8 Canada 131.5 164.9 176.6 Other 31.8 33.5 33.9 Total Americas 1,901.8 1,926.7 1,954.3 Europe, Middle East & Africa: United Kingdom 85.8 80.1 82.3 France 43.6 55.9 55.6 Russia 37.9 64.9 68.0 Saudi Arabia 10.8 20.8 18.1 Other 109.8 125.0 127.3 Total Europe, Middle East & Africa 287.9 346.7 351.3 Pacific Rim: China 85.5 92.4 81.3 India 54.0 50.5 40.3 Australia 53.9 64.2 66.2 Other 36.9 34.8 34.0 Total Pacific Rim 230.3 241.9 221.8 Total net trade sales $2,420.0 $2,515.3 $2,527.4 |
Schedule Of Property, Plant And Equipment Allocated To Geographic Area | 2015 2014 Property, plant and equipment, net at December 31, Americas: United States $769.8 $715.8 Other 4.4 5.4 Total Americas 774.2 721.2 Europe, Middle East & Africa: Russia 48.3 62.7 Germany 28.5 29.9 France 27.6 18.8 United Kingdom 21.8 19.1 Other 18.8 16.2 Total Europe, Middle East & Africa 145.0 146.7 Pacific Rim: China 163.8 179.1 Other 13.3 15.4 Total Pacific Rim 177.1 194.5 Total property, plant and equipment, net $1,096.3 $1,062.4 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DLW [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Summary Of Results Of Discontinued Operations | 2014 2013 Net sales $175.2 $192.5 (Loss) from discontinued operations before income tax ($23.7) ($26.8) Income tax benefit - - Net (loss) from discontinued operations ($23.7) ($26.8) 2015 2014 (Loss) on disposal of discontinued business before income tax ($0.8) ($13.5) Income tax benefit 42.0 1.2 Net gain (loss) on disposal of discontinued business $41.2 ($12.3) |
Schedule Of Pre-Tax Loss on Discontinued Operations | 2015 2014 Recognition of pension accumulated other comprehensive income - ($14.7) Transaction related fees - (3.4) Reserve for previous intercompany receivables - (1.1) Recognition of cumulative foreign currency translation adjustments - 5.7 Other non-operating expenses ($0.8) - (Loss) on disposal of discontinued business before income tax ($0.8) ($13.5) Income tax benefit 42.0 1.2 Net gain (loss) on disposal of discontinued business $41.2 ($12.3) |
AIP [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Summary Of Results Of Discontinued Operations | 2015 2014 2013 Gain (loss) on disposal of discontinued business before income tax $0.6 ($3.5) ($10.0) Income tax (expense) benefit (0.2) 1.3 3.6 Net gain (loss) on disposal of discontinued business $0.4 ($2.2) ($6.4) |
Accounts And Notes Receivable (
Accounts And Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts And Notes Receivable [Abstract] | |
Schedule Of Accounts And Notes Receivable | December 31, 2015 December 31, 2014 Customer receivables $198.8 $209.7 Customer notes 1.5 1.3 Miscellaneous receivables 8.2 9.3 Less allowance for warranties, discounts, and losses (24.2) (25.1) Accounts and notes receivable, net $184.3 $195.2 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Schedule Of Inventories | December 31, 2015 December 31, 2014 Finished goods $202.0 $243.2 Goods in process 25.2 23.0 Raw materials and supplies 138.2 133.9 Less LIFO and other reserves (21.2) (64.6) Total inventories, net $344.2 $335.5 |
Summary Of Inventory Not Accounted For Under FIFO | December 31, 2015 December 31, 2014 International locations $74.0 $84.6 U.S. sourced products 5.5 4.7 Total $79.5 $89.3 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Current Assets [Abstract] | |
Schedule Of Other Current Assets | December 31, 2015 December 31, 2014 Prepaid expenses $41.1 $47.6 Fair value of derivative assets 6.6 5.7 Other 13.2 5.5 Total other current assets $60.9 $58.8 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | December 31, 2015 December 31, 2014 Land $72.0 $73.2 Buildings 381.3 373.3 Machinery and equipment 1,203.9 1,098.4 Computer software 23.2 18.6 Construction in progress 134.5 143.2 Less accumulated depreciation and amortization (718.6) (644.3) Net property, plant and equipment $1,096.3 $1,062.4 |
Equity Investments (Tables)
Equity Investments (Tables) - WAVE [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Summary Of The Difference Between Carrying Amount And Underlying Equity OF Equity Method Investment | December 31, 2015 December 31, 2014 Property, plant and equipment $0.4 $0.5 Other intangibles 141.3 146.8 Goodwill 30.4 30.4 Total $172.1 $177.7 |
Summary Of Investment In Joint Venture, Balance Sheet Data | December 31, 2015 December 31, 2014 Current assets $118.7 $120.2 Noncurrent assets 52.1 40.5 Current liabilities 23.3 26.3 Other noncurrent liabilities 248.9 243.4 |
Summary Of Investment In Joint Venture, Income Statement Data | 2015 2014 2013 Net sales $374.4 $392.5 $381.8 Gross profit 187.4 185.1 172.9 Net earnings 144.4 142.2 132.4 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets [Abstract] | |
Schedule Of Intangible Assets | December 31, 2015 December 31, 2014 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangible assets Customer relationships 20 years $165.4 $76.7 $165.4 $68.4 Developed technology 15 years 87.2 51.0 84.9 45.1 Other Various 20.4 2.7 21.3 2.4 Total $273.0 $130.4 $271.6 $115.9 Non-amortizing intangible assets Trademarks and brand names Indefinite 347.1 345.7 Total intangible assets $620.1 $617.3 |
Schedule Of Amortization Expense | 2015 2014 2013 Amortization expense $14.6 $14.5 $14.4 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Non-Current Assets [Abstract] | |
Schedule Of Other Non-Current Assets | December 31, 2015 December 31, 2014 Cash surrender value of company-owned life insurance policies $52.6 $53.7 Debt financing costs 4.7 6.7 Other 5.3 7.5 Total other non-current assets $62.6 $67.9 |
Accounts Payable And Accrued 47
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable And Accrued Expenses [Abstract] | |
Schedule Of Accounts Payable And Accrued Expenses | December 31, 2015 December 31, 2014 Payables, trade and other $234.1 $224.8 Employment costs 62.1 33.9 Current portion of pension and postretirement benefit liabilities 22.6 24.4 Contingent liability related to deconsolidated operations 12.1 12.9 Other 49.5 49.5 Total accounts payable and accrued expenses $380.4 $345.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Deferred Tax Assets and Liabilities | December 31, 2015 December 31, 2014 Deferred income tax assets (liabilities) Net operating losses $83.7 $113.7 Postretirement benefits 75.5 87.7 Pension benefit liabilities 74.3 34.0 Deferred compensation 33.8 23.2 Foreign exchange unrealized 18.9 13.3 Foreign tax credit carryforwards 12.3 12.1 State tax credit carryforwards 9.7 5.9 Other 43.2 41.9 Total deferred income tax assets 351.4 331.8 Valuation allowances (69.1) (87.9) Net deferred income tax assets 282.3 243.9 Intangibles (222.8) (229.1) Accumulated depreciation (84.1) (77.6) Inventories (22.6) (13.4) Other (10.9) (11.0) Total deferred income tax liabilities (340.4) (331.1) Net deferred income tax liabilities ($58.1) ($87.2) Deferred income taxes have been classified in the Consolidated Balance Sheet as: Deferred income tax assets - current $35.5 $31.4 Deferred income tax assets - noncurrent 21.0 26.6 Deferred income tax liabilities - current (0.6) (0.5) Deferred income tax liabilities - noncurrent (114.0) (144.7) Net deferred income tax liabilities ($58.1) ($87.2) |
Schedule Of Income Tax Expense (Benefit) | 2015 2014 2013 Details of taxes Earnings (loss) before income taxes: Domestic $197.0 $214.9 $186.2 Foreign (15.4) (29.7) 12.5 Elimination of dividends from foreign subsidiaries (57.7) - - Total $123.9 $185.2 $198.7 Income tax expense (benefit): Current: Federal $41.8 $43.0 $18.7 Foreign 10.3 7.9 8.1 State 1.3 2.4 3.3 Total current 53.4 53.3 30.1 Deferred: Federal 9.1 19.0 40.1 Foreign (1.7) 0.8 2.3 State 10.5 10.1 (1.1) Total deferred 17.9 29.9 41.3 Total income tax expense $71.3 $83.2 $71.4 |
Schedule Of The Reconciliation To U.S. Statutory Tax Rate | 2015 2014 2013 Reconciliation to U.S. statutory tax rate Continuing operations tax at statutory rate $43.4 $64.8 $69.6 Increase in valuation allowances on deferred foreign income tax assets 26.2 24.6 23.0 State income tax expense, net of federal benefit 5.9 6.0 5.9 Separation costs 2.9 - - Permanent book/tax differences 2.0 0.8 3.5 Increase (decrease) in valuation allowances on deferred domestic income tax assets 4.1 3.0 (2.9) Domestic production activities (5.1) (5.8) (9.0) Tax on foreign and foreign-source income (4.6) (5.7) (13.8) Research and development credits (2.6) (4.8) (4.4) Other (0.9) 0.3 (0.5) Tax expense at effective rate $71.3 $83.2 $71.4 |
Schedule Of Unrecognized Tax Benefits | 2015 2014 2013 Unrecognized tax benefits balance at January 1, $142.6 $145.2 $138.4 Gross change for current year positions 10.4 10.5 8.5 Increases for prior period positions 1.9 2.9 1.4 Decrease for prior period positions (4.1) (14.1) (2.1) Decrease due to settlements and payments - (1.2) - Decrease due to statute expirations (0.2) (0.7) (1.0) Unrecognized tax benefits balance at December 31, $150.6 $142.6 $145.2 |
Schedule Of Other Taxes | 2015 2014 2013 Other taxes Payroll taxes $45.3 $48.0 $46.4 Property, franchise and capital stock taxes 10.7 10.9 10.2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt [Abstract] | |
Schedule Of Debt | December 31, 2015 Weighted Average Interest Rate for 2015 December 31, 2014 Weighted Average Interest Rate for 2014 Term loan A due 2018 $496.0 3.24% $530.9 3.14% Term loan B due 2020 461.9 3.50% 466.6 3.50% Tax exempt bonds due 2025 - 2041 45.1 0.87% 45.1 0.88% Subtotal 1,003.0 3.25% 1,042.6 3.20% Less current portion and short-term debt 52.1 3.26% 39.6 3.18% Total long-term debt, less current portion $950.9 3.25% $1,003.0 3.20% |
Scheduled Payments Of Long-Term Debt | Scheduled payments of long-term debt: 2016 $52.1 2017 55.3 2018 402.9 2019 4.8 2020 487.9 2021 and later - |
Pension And Other Benefit Pro50
Pension And Other Benefit Programs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Amounts Recognized In Assets And Liabilities | Amounts recognized in (liabilities) on the consolidated balance sheets at year end consist of: Pension Benefits Retiree Health and Life Insurance Benefits 2015 2014 2015 2014 Accounts payable and accrued expenses ($4.0) ($4.0) ($17.9) ($19.9) Postretirement benefit liabilities - - (172.4) (201.5) Pension benefit liabilities (76.9) (79.6) - - Net amount recognized ($80.9) ($83.6) ($190.3) ($221.4) |
Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End | Pre-tax amounts recognized in accumulated other comprehensive (loss) income at year end consist of: Pension Benefits Retiree Health and Life Insurance Benefits 2015 2014 2015 2014 Net actuarial (loss) gain ($775.6) ($804.3) $91.5 $77.4 Prior service (cost) credit (3.9) (5.8) 0.6 1.2 Accumulated other comprehensive (loss) income ($779.5) ($810.1) $92.1 $78.6 |
U.S. Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Funded Status | 2015 2014 U.S. defined-benefit pension plans Change in benefit obligation: Benefit obligation as of beginning of period $2,069.9 $1,868.1 Service cost 16.3 14.4 Interest cost 80.9 85.7 Actuarial (gain) loss (130.5) 287.0 Benefits paid (118.5) (185.3) Benefit obligation as of end of period $1,918.1 $2,069.9 2015 2014 Change in plan assets: Fair value of plan assets as of beginning of period $1,986.3 $1,978.4 Actual return on plan assets (34.2) 188.9 Employer contribution 3.6 4.3 Benefits paid (118.5) (185.3) Fair value of plan assets as of end of period $1,837.2 $1,986.3 Funded status of the plans ($80.9) ($83.6) |
Schedule Of Assumptions Used | 2015 2014 U.S. defined-benefit pension plans Weighted-average assumptions used to determine benefit obligations at end of period: Discount rate 4.40% 4.05% Rate of compensation increase 3.10% 3.10% Weighted-average assumptions used to determine net periodic benefit cost for the period: Discount rate 4.05% 4.75% Expected return on plan assets 7.00% 7.00% Rate of compensation increase 3.10% 3.10% |
Schedule Of Benefit Obligations In Excess Of Assets | 2015 2014 U.S. pension plans with benefit obligations in excess of assets Projected benefit obligation, December 31 $1,918.1 $2,069.9 Accumulated benefit obligation, December 31 1,896.8 2,051.7 Fair value of plan assets, December 31 1,837.2 1,986.3 |
Schedule Of Periodic Benefit Costs (Credits) | The components of the pension cost are as follows: 2015 2014 2013 U.S. defined-benefit pension plans Service cost of benefits earned during the period $16.3 $14.4 $16.9 Interest cost on projected benefit obligation 80.9 85.7 79.7 Expected return on plan assets (140.3) (139.3) (136.5) Amortization of prior service cost 1.9 1.9 1.9 Recognized net actuarial loss 72.8 42.4 40.9 Net periodic pension cost $31.6 $5.1 $2.9 |
Schedule Of Defined Asset Allocation | Target Weight at Position at December 31, Asset Class December 31, 2015 2015 2014 Long duration bonds 59% 59% 58% Equities 29% 26% 27% High yield bonds and real assets 8% 8% 8% Real estate and private equity 4% 5% 4% Other fixed income 0% 2% 3% |
Summary Of Fair Value Of Assets Plan | Value at December 31, 2015 Description Level 1 Level 2 Level 3 Total Domestic equity $299.7 - - $299.7 International equity 143.3 $0.1 - 143.4 Other investments - - $2.9 2.9 Short term investments and other, net 12.8 48.0 - 60.8 Net assets measured at fair value $455.8 $48.1 $2.9 $506.8 Investments measured at net asset value 1,330.4 Net assets $1,837.2 Value at December 31, 2014 Description Level 1 Level 2 Level 3 Total Domestic equity $275.0 - - $275.0 International equity 196.9 - - 196.9 Other investments - - $3.1 3.1 Short term investments and other, net 14.2 $67.7 - 81.9 Net assets measured at fair value $486.1 $67.7 $3.1 $556.9 Investments measured at net asset value 1,429.4 Net assets $1,986.3 |
Summary Of Changes In Level 3 Plan Assets | December 31, 2013 $3.2 Purchases 0.1 Settlements (0.2) December 31, 2014 $3.1 Unrealized (loss) (0.1) Purchases 0.1 Sales (0.1) Settlements (0.1) December 31, 2015 $2.9 |
Summary Of Assets Measured At NAV | Value at December 31, 2015 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Long duration bonds $ 1,069.9 - Daily Prior Day Domestic equity 11.0 - Daily Prior Day International equity 19.4 - Daily Prior Day Global equity 33.5 - Daily Prior Day High yield bonds 82.0 - Monthly 3 Days Real estate 79.7 $ 2.3 Quarterly 45- 90 Days Real assets 32.1 - Daily Prior Day Other investments 2.8 1.5 None None Investments measured at net asset value $ 1,330.4 $ 3.8 Value at December 31, 2014 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Long duration bonds $ 1,142.5 - Daily Prior Day Domestic equity 15.8 - Daily Prior Day International equity 25.2 - Daily Prior Day Global equity 38.7 - Daily Prior Day High yield bonds 95.6 - Monthly 3 Days Real estate 77.9 $ 2.4 Quarterly 45- 90 Days Real assets 31.1 - Daily Prior Day Other investments 2.6 1.9 None None Investments measured at net asset value $ 1,429.4 $ 4.3 |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Funded Status | 2015 2014 U.S. defined-benefit retiree health and life insurance plans Change in benefit obligation: Benefit obligation as of beginning of period $221.4 $258.2 Service cost 0.9 0.9 Interest cost 8.1 10.9 Plan participants' contributions 4.6 5.4 Actuarial (gain) (22.7) (27.9) Benefits paid, gross (22.3) (26.6) Medicare subsidy receipts 0.3 0.5 Benefit obligation as of end of period $190.3 $221.4 2015 2014 Change in plan assets: Fair value of plan assets as of beginning of period - - Employer contribution $17.4 $20.7 Plan participants' contributions 4.6 5.4 Benefits paid, gross (22.3) (26.6) Medicare subsidy receipts 0.3 0.5 Fair value of plan assets as of end of period $ - $ - Funded status of the plans ($190.3) ($221.4) |
Schedule Of Assumptions Used | 2015 2014 U.S. defined-benefit retiree health and life insurance plans Weighted-average discount rate used to determine benefit obligations at end of period 4.25% 3.90% Weighted-average discount rate used to determine net periodic benefit cost for the period 3.90% 4.50% |
Schedule Of Periodic Benefit Costs (Credits) | The components of postretirement benefits costs are as follows: 2015 2014 2013 U.S. defined-benefit retiree health and life insurance plans Service cost of benefits earned during the period $0.9 $0.9 $1.2 Interest cost on accumulated postretirement benefit obligation 8.1 10.9 9.7 Amortization of prior service (credit) (0.6) (0.6) (0.6) Amortization of net actuarial gain (7.8) (4.2) (3.5) Net periodic postretirement benefit cost $0.6 $7.0 $6.8 |
Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates | One percentage point Increase Decrease U.S. retiree health and life insurance benefits plans Effect on total service and interest cost components ($0.1) $0.1 Effect on postretirement benefit obligation (1.8) 1.3 |
Schedule Of Expected Benefit Payments | Pension Benefits Retiree Health and Life Insurance Benefits, Gross Retiree Health Medicare Subsidy Receipts 2016 $125.3 $18.3 ($0.4) 2017 125.0 17.8 (0.5) 2018 125.5 17.1 (0.6) 2019 126.8 16.1 (0.6) 2020 126.5 15.2 (0.7) 2021 - 2025 635.2 66.8 (4.3) |
Non-U.S. Plans [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule Of Net Funded Status | 2015 2014 Non-U.S. defined-benefit pension plans Change in benefit obligation: Benefit obligation as of beginning of period $261.4 $251.8 Service cost 2.4 2.5 Interest cost 8.3 10.5 Plan participants' contributions 0.1 0.1 Plan amendments - 0.7 Foreign currency translation adjustment (16.5) (20.0) Actuarial (gain) loss (6.7) 28.9 Benefits paid (15.0) (13.1) Benefit obligation as of end of period $234.0 $261.4 2015 2014 Change in plan assets: Fair value of plan assets as of beginning of period $232.4 $219.9 Actual return on plan assets 3.3 37.0 Employer contribution 3.4 4.5 Plan participants' contributions 0.1 0.1 Foreign currency translation adjustment (13.3) (16.0) Benefits paid (15.0) (13.1) Fair value of plan assets as of end of period $210.9 $232.4 Funded status of the plans ($23.1) ($29.0) |
Schedule Of Assumptions Used | 2015 2014 Non-U.S. defined-benefit pension plans Weighted-average assumptions used to determine benefit obligations at end of period: Discount rate 3.40% 3.40% Rate of compensation increase 2.60% 2.60% Weighted-average assumptions used to determine net periodic benefit cost for the period: Discount rate 3.40% 4.30% Expected return on plan assets 4.50% 5.50% Rate of compensation increase 2.60% 2.80% |
Schedule Of Benefit Obligations In Excess Of Assets | 2015 2014 Non-U.S. pension plans with benefit obligations in excess of assets Projected benefit obligation, December 31 $58.3 $70.5 Accumulated benefit obligation, December 31 52.7 68.7 Fair value of plan assets, December 31 26.8 34.0 |
Schedule Of Periodic Benefit Costs (Credits) | The components of the pension cost are as follows: 2015 2014 2013 Non-U.S. defined-benefit pension plans Service cost of benefits earned during the period $2.4 $2.5 $2.4 Interest cost on projected benefit obligation 8.3 10.5 9.8 Expected return on plan assets (9.0) (11.5) (9.6) Amortization of prior service cost - - 0.5 Amortization of net actuarial loss 2.8 2.1 2.7 Net periodic pension cost $4.5 $3.6 $5.8 |
Schedule Of Defined Asset Allocation | Target Weight at Position at December 31, Asset Class December 31, 2015 2015 2014 Long duration bonds 48% 46% 49% Equities 42% 42% 40% Real estate 7% 7% 6% Other 3% 5% 5% |
Summary Of Fair Value Of Assets Plan | Value at December 31, 2015 Description Level 1 Level 2 Level 3 Total Bonds $1.1 $86.9 - $88.0 Equities 1.1 38.3 - 39.4 Real estate 0.1 0.7 - 0.8 Other investments - 0.9 $4.9 5.8 Cash and other short term investments 3.4 - - 3.4 Net assets measured at fair value $5.7 $126.8 $4.9 $137.4 Investments measured at net asset value 73.5 Net assets $210.9 Value at December 31, 2014 Description Level 1 Level 2 Level 3 Total Bonds - $70.6 - $70.6 Equities - 40.3 - 40.3 Other investments - - $5.6 5.6 Cash and other short term investments $5.7 - - 5.7 Net assets measured at fair value $5.7 $110.9 $5.6 $122.2 Investments measured at net asset value 110.2 Net assets $232.4 |
Summary Of Assets Measured At NAV | Value at December 31, 2015 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Bonds $ 9.0 - Daily Same Day Equities 49.7 - Daily Prior Day - Same Day Real estate 14.8 - Monthly/Quarterly 2 - 90 Days Investments measured at net asset value $ 73.5 $ - Value at December 31, 2014 Description Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Bonds $ 43.8 - Daily Same Day Equities 52.3 - Daily Prior Day - Same Day Real estate 14.1 - Monthly/Quarterly 2 - 90 Days Investments measured at net asset value $ 110.2 $ - |
Schedule Of Amounts Recognized In Assets And Liabilities | Amounts recognized in assets and (liabilities) on the consolidated balance sheets at year end consist of: 2015 2014 Prepaid pension costs $8.3 $7.4 Accounts payable and accrued expenses (0.7) (0.5) Pension benefit liabilities (30.7) (35.9) Net amount recognized ($23.1) ($29.0) |
Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) At Year End | Pre-tax amounts recognized in accumulated other comprehensive (loss) at year end consist of: 2015 2014 Net actuarial (loss) ($26.6) ($33.2) Net prior service (costs) ($0.6) ($0.7) Accumulated other comprehensive (loss) ($27.2) ($33.9) |
Schedule Of Expected Benefit Payments | Pension Benefits 2016 $9.6 2017 9.3 2018 9.3 2019 10.0 2020 10.4 2021 - 2025 57.1 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Estimated Fair Value Of Financial Instruments | December 31, 2015 December 31, 2014 Carrying amount Estimated fair value Carrying amount Estimated fair value Assets/(Liabilities), net: Total debt, including current portion ($1,003.0) ($994.1) ($1,042.6) ($1,028.2) Foreign currency contracts 6.2 6.2 5.4 5.4 Natural gas contracts (0.8) (0.8) (3.0) (3.0) Interest rate swap contracts (10.6) (10.6) (9.3) (9.3) |
Fair Value Measurement Of Assets And Liabilities | December 31, 2015 December 31, 2014 Fair value based on Fair value based on Quoted, active markets Other observable inputs Quoted, active markets Other observable inputs Level 1 Level 2 Level 1 Level 2 Assets/(Liabilities), net: Total debt, including current portion ($457.4) ($536.7) ($459.8) ($568.4) Foreign currency contracts 6.2 - 5.4 - Natural gas contracts - (0.8) - (3.0) Interest rate swap contracts - (10.6) - (9.3) |
Derivative Financial Instrume52
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Financial Instruments [Abstract] | |
Summary Of Interest Rate Swaps | Trade Date Notional Amount Interest Rate Paid Coverage Period Risk Coverage March 27, 2012 $250.0 1.928 % March 2012 to March 2018 Term Loan B March 27, 2012 $200.0 2.810 % November 2015 to March 2018 Term Loan B April 16, 2013 $250.0 1.398 % November 2015 to March 2018 Term Loan A |
Summary Of The Fair Value Of Derivative Instruments On The Consolidated Balance Sheet | Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet Location December 31, 2015 December 31, 2014 Balance Sheet Location December 31, 2015 December 31, 2014 Derivatives designated as hedging instruments Natural gas commodity contracts Other current assets - - Accounts payable and accrued expenses $0.8 $3.0 Foreign exchange contracts Other current assets $6.6 $5.7 Accounts payable and accrued expenses 0.3 0.7 Foreign exchange contracts Other non-current assets - 0.9 Other long-term liabilities - 0.1 Interest rate swap contracts Other non-current assets - 1.9 Other long-term liabilities 10.6 11.2 Total derivatives designated as hedging instruments $6.6 $8.5 $11.7 $15.0 |
Summary Of The Amount Of (Loss) Gain Recognized In Accumulated Other Comprehensive Income | Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income (“AOCI”) (Effective Portion)(a) Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) (Loss) Gain Reclassified from AOCI into Income (Effective Portion) 2015 2014 2013 2015 2014 2013 Derivatives in Cash Flow Hedging Relationships Natural gas commodity contracts ($2.3) ($2.9) $0.5 Cost of goods sold ($4.4) $0.7 ($2.6) Foreign exchange contracts – purchases 0.4 1.1 5.7 Cost of goods sold 1.0 1.0 1.5 Foreign exchange contracts – sales 9.3 4.6 - Net sales 8.4 5.0 - Interest rate swap contracts (2.1) (9.3) (7.9) Interest expense (0.8) - - Total $5.3 ($6.5) ($1.7) $4.2 $6.7 ($1.1) (a) As of December 31, 2015, the amount of existing gains in AOCI expected to be recognized in earnings over the next twelve months is $ 5.4 million . |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Product Warranties [Abstract] | |
Summary Of Activity For The Accrual Of Product Warranties | 2015 2014 Balance at beginning of period $7.9 $7.4 Reductions for payments (12.1) (14.9) Current year warranty accruals 11.9 15.4 Balance at end of period $7.7 $7.9 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Long-Term Liabilities [Abstract] | |
Schedule Of Other Long-Term Liabilities | December 31, 2015 December 31, 2014 Long-term deferred compensation arrangements $18.7 $21.0 Long-term portion of derivative liabilities 10.6 11.3 U.S. workers' compensation 4.0 5.0 Postemployment benefit liabilities 3.8 4.8 Environmental liabilities 6.0 4.4 Other 6.5 6.7 Total other long-term liabilities $49.6 $53.2 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-Based Compensation Plans [Abstract] | |
Schedule Of Changes In Stock Options | Year Ended December 31, 2015 Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value (millions) Option shares outstanding at beginning of period 1,601.2 $40.33 Option shares exercised (173.9) (36.45) $3.5 Options forfeited (17.0) (53.08) Option shares outstanding at end of period 1,410.3 $40.66 6.1 $10.9 Option shares exercisable at end of period 1,144.5 37.75 5.7 $10.9 Option shares vested and expected to vest 1,393.9 40.52 6.1 $10.9 Year Ended December 31, 2014 Number of shares (thousands) Weighted-average exercise price Weighted-average remaining contractual term (years) Aggregate intrinsic value (millions) Option shares outstanding at beginning of period 2,204.6 $35.60 Options granted 318.9 53.93 Option shares exercised (640.8) (27.80) $17.1 Options forfeited (228.8) (48.03) Options expired (52.7) (43.49) Option shares outstanding at end of period 1,601.2 $40.33 6.9 $18.2 Option shares exercisable at end of period 1,015.3 34.12 6.0 $17.3 Option shares vested and expected to vest 1,579.6 40.17 6.9 $18.2 |
Schedule Of Weighted-Average Assumptions | 2014 2013 Weighted-average grant date fair value of options granted (dollars per option) $24.93 $21.62 Assumptions Risk free rate of return 1.9% 1.2% Expected volatility 46.5% 42.4% Expected term (in years) 6.0 6.0 Expected dividend yield 0.0% 0.0% |
Schedule Of Restricted Stock And Restricted Stock Units Activity | Non-Vested Stock Awards Number of shares Weighted-average fair value at grant date December 31, 2013 153,577 $47.34 Granted 93,711 52.57 Vested (61,902) (41.61) Forfeited (9,784) (52.08) December 31, 2014 175,602 $51.89 Granted 308,528 55.62 Vested (42,503) (51.04) Forfeited (28,361) (54.52) December 31, 2015 413,266 $54.66 |
Schedule Of Performance Award Activity | Non-Vested Performance Stock Awards Number of shares Weighted-average fair value at grant date December 31, 2013 390,681 $47.81 Granted 129,858 53.88 Vested (78,125) (41.69) Forfeited (108,051) (46.37) December 31, 2014 334,363 $52.07 Vested (70,381) (50.38) Forfeited (47,048) (51.26) December 31, 2015 216,934 $52.84 |
Employee Costs (Tables)
Employee Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Employee Costs [Abstract] | |
Schedule Of Employee Costs | 2015 2014 2013 Wages, salaries and incentive compensation $483.2 $478.4 $471.4 Payroll taxes 45.3 48.0 46.4 Pension expense, net 51.0 23.3 22.9 Insurance and other benefit costs 44.6 49.1 51.8 Share-based compensation 13.3 12.8 16.5 Total $637.4 $611.6 $609.0 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule Of Rent Expense | 2015 2014 2013 Rent expense $22.7 $21.7 $20.6 Sublease (income) (0.4) (0.4) (0.3) Net rent expense $22.3 $21.3 $20.3 |
Schedule Of Future Minimum Payments | Total Minimum Lease Payments Sublease (Income) Net Minimum Lease Payments Scheduled minimum lease payments 2016 $7.9 ($0.4) $7.5 2017 5.3 (0.2) 5.1 2018 3.4 - 3.4 2019 2.6 - 2.6 2020 1.6 - 1.6 Thereafter 3.2 - 3.2 Total $24.0 ($0.6) $23.4 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders' Equity [Abstract] | |
Components Of Accumulated Other Comprehensive Income (Loss) | December 31, 2015 December 31, 2014 Foreign currency translation adjustments ($33.8) ($8.3) Derivative (loss), net (3.3) (4.0) Pension and postretirement adjustments (450.3) (483.2) Accumulated other comprehensive (loss) ($487.4) ($495.5) |
Schedule Of Other Comprehensive Income (Loss) | Pre-tax Amount Tax Benefit After-tax Amount 2015 Foreign currency translation adjustments ($25.5) - ($25.5) Derivative gain, net 1.1 ($0.4) 0.7 Pension and postretirement adjustments 50.7 (17.8) 32.9 Total other comprehensive income $26.3 ($18.2) $8.1 Pre-tax Amount Tax Expense After-tax Amount 2014 Foreign currency translation adjustments ($29.6) - ($29.6) Derivative (loss), net (4.9) $1.6 (3.3) Pension and postretirement adjustments (153.6) 62.6 (91.0) Total other comprehensive (loss) ($188.1) $64.2 ($123.9) Pre-tax Amount Tax Benefit After-tax Amount 2013 Foreign currency translation adjustments ($8.8) - ($8.8) Derivative gain, net 28.4 ($9.9) 18.5 Pension and postretirement adjustments 139.4 (49.3) 90.1 Total other comprehensive income $159.0 ($59.2) $99.8 |
Schedule Of Accumulated Other Comprehensive Income Activity | Foreign Currency Translation Adjustments (1) Derivative (Loss) Gain (1) Pension and Postretirement Adjustments (1) Total Accumulated Other Comprehensive (Loss) (1) Balance, December 31, 2013 $21.3 ($0.7) ($392.2) ($371.6) Other comprehensive income before reclassifications, net of tax (expense) benefit of $ -, ( $0.8 ), $77.2 , and $76.4 (29.6) 1.1 (118.0) (146.5) Amounts reclassified from accumulated other comprehensive income - (4.4) 27.0 22.6 Net current period other comprehensive (loss) income (29.6) (3.3) (91.0) (123.9) Balance, December 31, 2014 ($8.3) ($4.0) ($483.2) ($495.5) Other comprehensive income before reclassifications, net of tax (expense) benefit of $ -, ( $1.8 ), $6.4 , and $4.6 (25.5) 3.5 (12.0) (34.0) Amounts reclassified from accumulated other comprehensive income - (2.8) 44.9 42.1 Net current period other comprehensive (loss) (25.5) 0.7 32.9 8.1 Balance, December 31, 2015 ($33.8) ($3.3) ($450.3) ($487.4) (1) Amounts are net of tax |
Reclassification Out Of Accumulated Other Comprehensive Income | Amounts Reclassified from AOCI Affected Line Item in the Consolidated Statement of Earnings and Comprehensive Income 2015 2014 Derivative Adjustments: Natural gas commodity contracts $4.4 ($0.7) Cost of goods sold Foreign exchange contracts - purchases (1.0) (1.0) Cost of goods sold Foreign exchange contracts - sales (8.4) (5.0) Net sales Interest rate swap contracts 0.8 - Interest expense Total expense, before tax (4.2) (6.7) Tax impact 1.4 2.3 Income tax expense Total expense, net of tax (2.8) (4.4) Pension and Postretirement Adjustments: Prior service cost amortization 0.6 0.6 Cost of goods sold Prior service cost amortization 0.7 0.7 SG&A expense Amortization of net actuarial loss 35.5 21.7 Cost of goods sold Amortization of net actuarial loss 32.3 18.6 SG&A expense Total expense, before tax 69.1 41.6 Tax impact (24.2) (14.6) Income tax expense Total expense, net of tax 44.9 27.0 Total reclassifications for the period $42.1 $22.6 |
Supplemental Financial Inform59
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |
Schedule Of Supplemental Financial Information | 2015 2014 2013 Selected operating expense Maintenance and repair costs $92.6 $89.0 $89.7 Research and development costs 31.1 30.6 29.3 Advertising costs 10.6 10.9 12.2 Other non-operating expense Foreign currency transaction loss, net of hedging activity $22.8 $8.4 $1.6 Other 0.7 2.1 0.4 Total $23.5 $10.5 $2.0 Other non-operating income Interest income $2.2 $2.5 $3.3 Foreign currency transaction gain, net of hedging activity 3.0 - 0.1 Other 0.1 0.1 0.4 Total $5.3 $2.6 $3.8 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Net Earnings To Net Earnings Attributable To Common Shares Used In Basic And Diluted Calculation | 2015 2014 2013 Earnings from continuing operations $52.6 $102.0 $127.3 Earnings allocated to participating non-vested share awards (0.1) (0.5) (0.7) Earnings from continuing operations attributable to common shares $52.5 $101.5 $126.6 |
Reconciliation Of Basic Shares Outstanding To Diluted Shares Outstanding | 2015 2014 2013 (in millions) Basic shares outstanding 55.5 55.0 57.8 Dilutive effect of common stock equivalents 0.4 0.4 0.6 Diluted shares outstanding 55.9 55.4 58.4 |
Business (Details)
Business (Details) $ in Millions | Feb. 23, 2015entity | Sep. 30, 2015shares | Dec. 31, 2015USD ($) | Dec. 31, 2014shares | Oct. 01, 2006shares |
Business And Basis Of Presentation [Line Items] | |||||
Number of independent publicly-traded companies from separation | entity | 2 | ||||
Separation costs | $ | $ 34.3 | ||||
Plan of reorganization approved date | Feb. 23, 2015 | ||||
Creation of settlement trust date | October 2,006 | ||||
Name of the settlement trust | Asbestos Personal Injury Settlement Trust ("Asbestos PI Trust") | ||||
Asbestos PI Trust [Member] | |||||
Business And Basis Of Presentation [Line Items] | |||||
Common stock shares issued to Asbestos PI Trust | 37,000,000 | ||||
Sale of stock by investee | 4,281,884 | 20,448,362 | |||
Holding percentage in Armstrong World Industries, Inc. | 9.00% |
Summary Of Significant Accoun62
Summary Of Significant Accounting Policies (Details) - customer | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Sales [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of customers accounted for significant percentage of net sales | 0 | 0 | 0 |
Minimum [Member] | Net Sales [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Machinery And Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 3 years | ||
Machinery And Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 15 years | ||
Computer Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 3 years | ||
Computer Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 5 years | ||
Office Furniture And Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 5 years | ||
Office Furniture And Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 7 years | ||
Tooling And Engraving Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 3 years | ||
Tooling And Engraving Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 7 years | ||
Heavy Production Equipment [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 10 years | ||
Heavy Production Equipment [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 15 years | ||
Buildings [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 15 years | ||
Buildings [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 30 years | ||
Computer Software [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 3 years | ||
Computer Software [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Useful Life | 7 years | ||
Customer Relationships [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 20 years | ||
Developed Technology [Member] | |||
Significant Accounting Policies [Line Items] | |||
Definite-lived intangible assets, useful life | 15 years |
Nature Of Operations (Narrative
Nature Of Operations (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Jan. 31, 2015USD ($) | Dec. 31, 2014USD ($)item | |
Wood Flooring [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of manufacturing facilities relating to the disposal of idle equipment | item | 5 | |
Asset impairment charge in COGS | $ 4.4 | |
Australia [Member] | Resilient Flooring [Member] | ||
Segment Reporting Information [Line Items] | ||
COGS for accelerated depreciation | 2.2 | |
Gain on sale of facility | $ 2 | |
China [Member] | Wood Flooring [Member] | ||
Segment Reporting Information [Line Items] | ||
Impairment of goodwill | 0.8 | |
COGS for accelerated depreciation | $ 4 |
Nature Of Operations (Schedule
Nature Of Operations (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Segment Reporting Information [Line Items] | ||||||
Net sales to external customers | $ 2,420 | $ 2,515.3 | $ 2,527.4 | |||
Equity (earnings) from joint venture | (66.1) | (65.1) | (59.4) | |||
Segment operating income (loss) | 187.4 | 239.1 | 265.6 | |||
Segment assets | 2,691.9 | 2,606.2 | 2,722 | |||
Depreciation and amortization | 118.3 | 123.4 | [1] | 102.5 | [1] | |
Asset impairment | [1] | 15.8 | ||||
Investment in joint venture | 130.8 | 129 | 132 | [1] | ||
Purchases of property, plant and equipment | 170.7 | 217.1 | [1] | 209 | [1] | |
Building Products [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales to external customers | 1,231.3 | 1,294.3 | 1,264.6 | |||
Equity (earnings) from joint venture | (66.1) | (65.1) | (59.4) | |||
Segment operating income (loss) | 264.8 | 264.7 | 263.1 | |||
Segment assets | 1,068.9 | 1,079.7 | 1,071.9 | |||
Depreciation and amortization | 67.6 | 66 | [1] | 56.3 | [1] | |
Asset impairment | [1] | 0.4 | ||||
Investment in joint venture | 130.8 | 129 | 132 | [1] | ||
Purchases of property, plant and equipment | 86.7 | 128.1 | [1] | 134.5 | [1] | |
Resilient Flooring [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales to external customers | 713.3 | 712.9 | 728.8 | |||
Segment operating income (loss) | 42.2 | 61.6 | 69.8 | |||
Segment assets | 510.2 | 492.7 | 462.9 | |||
Depreciation and amortization | 26.1 | 29.6 | [1] | 25.8 | [1] | |
Purchases of property, plant and equipment | 40.8 | 51.6 | [1] | 50.7 | [1] | |
Wood Flooring [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales to external customers | 475.4 | 508.1 | 534 | |||
Segment operating income (loss) | 19.2 | (14.9) | 6 | |||
Segment assets | 337.4 | 329.8 | 335.2 | |||
Depreciation and amortization | 12 | 16.5 | [1] | 11.4 | [1] | |
Asset impairment | [1] | 15.4 | ||||
Purchases of property, plant and equipment | 20.8 | 26 | [1] | 8 | [1] | |
Unallocated Corporate [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment operating income (loss) | (138.8) | (72.3) | (73.3) | |||
Segment assets | 775.4 | 704 | 852 | |||
Depreciation and amortization | 12.6 | 11.3 | [1] | 9 | [1] | |
Purchases of property, plant and equipment | $ 22.4 | $ 11.4 | [1] | $ 15.8 | [1] | |
[1] | Totals for 2014 and 2013 will differ from the totals on our Consolidated Statement of Cash Flow by the amounts that have been classified as discontinued operations |
Nature Of Operations (Reconcili
Nature Of Operations (Reconciliation Of Total Consolidated Operating Income To Earnings Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment operating income | $ 187.4 | $ 239.1 | $ 265.6 |
Interest expense | 45.3 | 46 | 68.7 |
Other non-operating expense | (23.5) | (10.5) | (2) |
Other non-operating income | (5.3) | (2.6) | (3.8) |
Earnings from continuing operations before income taxes | 123.9 | 185.2 | 198.7 |
Operating Segments [Member] | |||
Segment operating income | 187.4 | 239.1 | 265.6 |
Segment Reconciling Items [Member] | |||
Interest expense | 45.3 | 46 | 68.7 |
Other non-operating expense | (23.5) | (10.5) | (2) |
Other non-operating income | $ (5.3) | $ (2.6) | $ (3.8) |
Nature Of Operations (Schedul66
Nature Of Operations (Schedule Of Sales Allocated To Geographic Area) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | $ 2,420 | $ 2,515.3 | $ 2,527.4 |
Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 1,901.8 | 1,926.7 | 1,954.3 |
Europe, Middle East & Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 287.9 | 346.7 | 351.3 |
Pacific Rim [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 230.3 | 241.9 | 221.8 |
United States [Member] | Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 1,738.5 | 1,728.3 | 1,743.8 |
Canada [Member] | Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 131.5 | 164.9 | 176.6 |
United Kingdom [Member] | Europe, Middle East & Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 85.8 | 80.1 | 82.3 |
France [Member] | Europe, Middle East & Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 43.6 | 55.9 | 55.6 |
Russia [Member] | Europe, Middle East & Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 37.9 | 64.9 | 68 |
Saudi Arabia [Member] | Europe, Middle East & Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 10.8 | 20.8 | 18.1 |
China [Member] | Pacific Rim [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 85.5 | 92.4 | 81.3 |
India [Member] | Pacific Rim [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 54 | 50.5 | 40.3 |
Australia [Member] | Pacific Rim [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 53.9 | 64.2 | 66.2 |
Other [Member] | Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 31.8 | 33.5 | 33.9 |
Other [Member] | Europe, Middle East & Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | 109.8 | 125 | 127.3 |
Other [Member] | Pacific Rim [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net trade sales | $ 36.9 | $ 34.8 | $ 34 |
Nature Of Operations (Schedul67
Nature Of Operations (Schedule Of Property, Plant And Equipment Allocated To Geographic Area) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 1,096.3 | $ 1,062.4 |
Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 774.2 | 721.2 |
Europe, Middle East & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 145 | 146.7 |
Pacific Rim [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 177.1 | 194.5 |
United States [Member] | Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 769.8 | 715.8 |
Russia [Member] | Europe, Middle East & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 48.3 | 62.7 |
Germany [Member] | Europe, Middle East & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 28.5 | 29.9 |
France [Member] | Europe, Middle East & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 27.6 | 18.8 |
United Kingdom [Member] | Europe, Middle East & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 21.8 | 19.1 |
China [Member] | Pacific Rim [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 163.8 | 179.1 |
Other [Member] | Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 4.4 | 5.4 |
Other [Member] | Europe, Middle East & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | 18.8 | 16.2 |
Other [Member] | Pacific Rim [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net | $ 13.3 | $ 15.4 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2012USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2015item | Dec. 11, 2014USD ($) | Aug. 31, 2014USD ($) | Sep. 30, 2013USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Pension liabilities, including an unfunded pension liability | $ 107.6 | $ 115.5 | |||||||||
Income tax (expense) benefit | $ 43.4 | 41.8 | 2.5 | $ 3.6 | |||||||
DLW [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Pre-tax losses on disposal of DLW | (0.8) | (13.5) | |||||||||
Pension liabilities, including an unfunded pension liability | $ 115 | ||||||||||
Income tax (expense) benefit | 42 | 1.2 | |||||||||
Number of manufacturing plants sold to third party | item | 2 | ||||||||||
Deconsolidation net liability | 12.1 | $ 12.9 | |||||||||
Assets removed from balance sheet | 151.9 | ||||||||||
Liabilities removed from balance sheet | $ 164.8 | ||||||||||
AIP [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Pre-tax losses on disposal of DLW | 0.6 | (3.5) | (10) | ||||||||
Income tax (expense) benefit | $ (0.2) | $ 1.3 | $ 3.6 | ||||||||
Proceeds from sale of operations | $ 27 | ||||||||||
Multi-employer pension plan withdrawal liability | $ 10 | $ 10.3 | $ 7.5 | ||||||||
Multi-employer pension plan, additional withdrawal liability | $ 0.3 | $ 3.3 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Results Of Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net gain (loss) from discontinued operations | $ 41.6 | $ (38.2) | $ (33.2) | |
Income tax (expense) benefit | $ 43.4 | 41.8 | 2.5 | 3.6 |
Net gain (loss) on disposal of discontinued business | 41.6 | (14.5) | (6.4) | |
DLW [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 175.2 | 192.5 | ||
(Loss) from discontinued operations before income tax | (23.7) | (26.8) | ||
Net gain (loss) from discontinued operations | (23.7) | (26.8) | ||
Gain (loss) on disposal of discontinued business before income tax | (0.8) | (13.5) | ||
Income tax (expense) benefit | 42 | 1.2 | ||
Net gain (loss) on disposal of discontinued business | 41.2 | (12.3) | ||
AIP [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (loss) on disposal of discontinued business before income tax | 0.6 | (3.5) | (10) | |
Income tax (expense) benefit | (0.2) | 1.3 | 3.6 | |
Net gain (loss) on disposal of discontinued business | $ 0.4 | $ (2.2) | $ (6.4) |
Discontinued Operations (Schedu
Discontinued Operations (Schedule Of Pre-Tax Loss on Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other non-operating expense | $ 23.5 | $ 10.5 | $ 2 | |
Income tax (expense) benefit | $ 43.4 | 41.8 | 2.5 | 3.6 |
Net gain (loss) on disposal of discontinued business | $ 41.6 | (14.5) | $ (6.4) | |
DLW [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Recognition of pension accumulated other comprehensive income | (14.7) | |||
Transaction related fees | (3.4) | |||
Reserve for previous intercompany receivables | (1.1) | |||
Recognition of cumulative foreign currency translation adjustments | $ 5.7 | |||
Other non-operating expense | $ 0.8 | |||
(Loss) on disposal of discontinued business before income tax | (0.8) | $ (13.5) | ||
Income tax (expense) benefit | 42 | 1.2 | ||
Net gain (loss) on disposal of discontinued business | $ 41.2 | $ (12.3) |
Accounts And Notes Receivable71
Accounts And Notes Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts And Notes Receivable [Abstract] | ||
Customer receivables | $ 198.8 | $ 209.7 |
Customer notes | 1.5 | 1.3 |
Miscellaneous receivables | 8.2 | 9.3 |
Less allowance for warranties, discounts and losses | (24.2) | (25.1) |
Accounts and notes receivable, net | $ 184.3 | $ 195.2 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Percent of inventory valued on a LIFO basis | 77.00% | 73.00% |
Inventory value less than projected value under FIFO | $ 17.8 | $ 52.9 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Finished goods | $ 202 | $ 243.2 |
Goods in process | 25.2 | 23 |
Raw materials and supplies | 138.2 | 133.9 |
Less LIFO and other reserves | (21.2) | (64.6) |
Total inventories, net | $ 344.2 | $ 335.5 |
Inventories (Summary Of Invento
Inventories (Summary Of Inventory Not Accounted For Under FIFO) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 79.5 | $ 89.3 |
International Locations [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | 74 | 84.6 |
U.S. Sourced Products [Member] | ||
Segment Reporting Information [Line Items] | ||
FIFO inventory | $ 5.5 | $ 4.7 |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Current Assets [Abstract] | ||
Prepaid expenses | $ 41.1 | $ 47.6 |
Fair value of derivative assets | 6.6 | 5.7 |
Other | 13.2 | 5.5 |
Total other current assets | $ 60.9 | $ 58.8 |
Property, Plant And Equipment76
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 72 | $ 73.2 |
Buildings | 381.3 | 373.3 |
Machinery and equipment | 1,203.9 | 1,098.4 |
Computer software | 23.2 | 18.6 |
Construction in progress | 134.5 | 143.2 |
Less accumulated depreciation and amortization | (718.6) | (644.3) |
Net property, plant and equipment | $ 1,096.3 | $ 1,062.4 |
Equity Investments (Narrative)
Equity Investments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Distributions from equity interest | $ 64.2 | $ 67.9 | $ 61.1 |
Equity method investment, sales reported on consolidated financial statements | $ 97.4 | 109.4 | 111.7 |
WAVE [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity interest percentage | 50.00% | ||
Distributions from equity interest | $ 64.2 | 67.9 | $ 61.1 |
Equity method investment, difference between carrying amount and underlying equity | $ 172.1 | $ 177.7 | |
Customer Relationships [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 20 years | ||
Customer Relationships [Member] | WAVE [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 20 years | ||
Developed Technology [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 15 years | ||
Developed Technology [Member] | WAVE [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Amortizing intangible assets, Estimated Useful Life | 15 years | ||
Trademarks [Member] | WAVE [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Non-amortizing intangible assets, estimated useful life | indefinite |
Equity Investments (Summary Of
Equity Investments (Summary Of The Difference Between Carrying Amount And Underlying Equity OF Equity Method Investment) (Details) - WAVE [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 172.1 | $ 177.7 |
Property, Plant and Equipment [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | 0.4 | 0.5 |
Other Intangibles [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | 141.3 | 146.8 |
Goodwill [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total of fair value adjustments to assets | $ 30.4 | $ 30.4 |
Equity Investments (Summary O79
Equity Investments (Summary Of Investment In Joint Venture, Balance Sheet Data) (Details) - WAVE [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Current assets | $ 118.7 | $ 120.2 |
Non-current assets | 52.1 | 40.5 |
Current liabilities | 23.3 | 26.3 |
Other non-current liabilities | $ 248.9 | $ 243.4 |
Equity Investments (Summary O80
Equity Investments (Summary Of Investment In Joint Venture, Income Statement Data) (Details) - WAVE [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Net sales | $ 374.4 | $ 392.5 | $ 381.8 |
Gross profit | 187.4 | 185.1 | 172.9 |
Net earnings | $ 144.4 | $ 142.2 | $ 132.4 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible asset impairment | $ 0 | $ 10 | $ 0 |
Amortization expense | 14.6 | $ 14.5 | $ 14.4 |
2016 Through 2020 [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 14 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Intangible Assets [Line Items] | ||
Amortizing intangible assets, Gross Carrying Amount | $ 273 | $ 271.6 |
Amortizing intangible assets, Accumulated Amortization | 130.4 | 115.9 |
Total intangible assets | $ 620.1 | 617.3 |
Trademarks And Brand Names [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Non-amortizing intangible assets, Estimated Useful Life | Indefinite | |
Non-amortizing intangible assets, Gross Carrying Amount | $ 347.1 | 345.7 |
Customer Relationships [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 20 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 165.4 | 165.4 |
Amortizing intangible assets, Accumulated Amortization | $ 76.7 | 68.4 |
Developed Technology [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | 15 years | |
Amortizing intangible assets, Gross Carrying Amount | $ 87.2 | 84.9 |
Amortizing intangible assets, Accumulated Amortization | $ 51 | 45.1 |
Other [Member] | ||
Schedule Of Intangible Assets [Line Items] | ||
Amortizing intangible assets, Estimated Useful Life | Various | |
Amortizing intangible assets, Gross Carrying Amount | $ 20.4 | 21.3 |
Amortizing intangible assets, Accumulated Amortization | $ 2.7 | $ 2.4 |
Intangible Assets (Schedule O83
Intangible Assets (Schedule Of Amortization Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Intangible Assets [Abstract] | |||
Amortization expense | $ 14.6 | $ 14.5 | $ 14.4 |
Other Non-Current Assets (Detai
Other Non-Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Non-Current Assets [Abstract] | ||
Cash surrender value of company-owned life insurance policies | $ 52.6 | $ 53.7 |
Debt financing costs | 4.7 | 6.7 |
Other | 5.3 | 7.5 |
Total other non-current assets | $ 62.6 | $ 67.9 |
Accounts Payable And Accrued 85
Accounts Payable And Accrued Expenses (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable And Accrued Expenses [Abstract] | ||
Payables, trade and other | $ 234.1 | $ 224.8 |
Employment costs | 62.1 | 33.9 |
Current portion of pension and postretirement benefit liabilities | 22.6 | 24.4 |
Contingent liability related to deconsolidated operations | 12.1 | 12.9 |
Other | 49.5 | 49.5 |
Total accounts payable and accrued expenses | $ 380.4 | $ 345.5 |
Severance And Related Costs (De
Severance And Related Costs (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2013USD ($)employee | Dec. 31, 2015USD ($)employee | |
Unallocated Corporate [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Severance and related costs | $ 5.3 | ||||
Positions eliminated | employee | 25 | ||||
Pacific Rim [Member] | Building Products [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Positions eliminated | employee | 85 | ||||
Pacific Rim [Member] | Building Products [Member] | Cost Of Goods Sold [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Severance and related costs | $ 2 | ||||
Pacific Rim [Member] | Building Products [Member] | SG&A Expense [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Severance and related costs | $ 0.9 | ||||
Europe [Member] | Building Products [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Positions eliminated | employee | 30 | ||||
Europe [Member] | Building Products [Member] | SG&A Expense [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Severance and related costs | $ 2.2 | ||||
Australia [Member] | Resilient Flooring [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Positions eliminated | employee | 40 | ||||
Australia [Member] | Resilient Flooring [Member] | Cost Of Goods Sold [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Severance and related costs | $ 0.2 | $ 1.7 | $ 1.4 | $ 2.4 | |
China [Member] | Wood Flooring [Member] | Cost Of Goods Sold [Member] | |||||
Severance and Related Costs [Line Items] | |||||
Severance and related costs | $ 0.7 | $ 1.4 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | 27 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ||||||
Total expense, before tax | $ 123.9 | $ 185.2 | $ 198.7 | |||
Income tax expense | 71.3 | 83.2 | 71.4 | |||
Unrecognized tax benefits | 150.6 | 142.6 | 145.2 | $ 142.6 | $ 138.4 | |
Interest and penalty exposure reported as accrued income tax | 4.5 | |||||
Valuation allowances | 69.1 | 87.9 | 87.9 | |||
Tax credit carryforward | 12.3 | 12.1 | $ 12.1 | |||
Estimated future taxable income to realize foreign tax credits | $ 77.4 | |||||
Estimated future taxable income to realize foreign tax credits, expiration year | 2,022 | |||||
Valuation allowance, increase (decrease) | $ (18.8) | |||||
Unremitted earnings not taxed | 268.7 | |||||
UTB if recognized, would impact the reported effective tax rate | 111.7 | |||||
UTB if recognized, would impact the reported effective tax rate, net of federal benefit | 109.4 | |||||
UTB if recognized, written off as a result of a change in ownership | 5 | |||||
UTB increase (decrease) due to uncertain tax positions | $ 10.4 | 10.5 | $ 8.5 | |||
Asbestos PI Trust [Member] | ||||||
Income Taxes [Line Items] | ||||||
Sale of stock by investee | 4,281,884 | 20,448,362 | ||||
Minimum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Number of open tax years subject to audit | 3 years | |||||
Future potential tax adjustments years | 2,010 | |||||
Maximum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Number of open tax years subject to audit | 6 years | |||||
Future potential tax adjustments years | 2,014 | |||||
Federal [Member] | ||||||
Income Taxes [Line Items] | ||||||
Valuation allowance, increase (decrease) | $ (31.6) | |||||
UTB increase (decrease) due to uncertain tax positions | 5.8 | |||||
State [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards | 863.1 | 969.6 | $ 969.6 | |||
Valuation allowances | 13.8 | |||||
Estimated future taxable income to utilize deferred tax assets | 971.1 | |||||
Valuation allowance, increase (decrease) | (0.8) | |||||
UTB increase (decrease) due to uncertain tax positions | $ (0.1) | |||||
State [Member] | Minimum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards, expiration date | 2,016 | |||||
Tax credit carryforward, expiration year | 2,016 | |||||
State [Member] | Maximum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards, expiration date | 2,035 | |||||
Tax credit carryforward, expiration year | 2,035 | |||||
Foreign [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards | $ 202.9 | 158.3 | 158.3 | |||
Operating loss carryforwards, finite | 126 | |||||
Operating loss carryforwards, indefinite | 76.9 | |||||
Valuation allowances | 55.3 | |||||
Tax credit carryforward gross | 27.1 | 54.3 | 54.3 | |||
Tax credit carryforward netted with unrecognized tax benefits | 12.3 | $ 12.1 | $ 12.1 | |||
Estimated future taxable income to realize foreign tax credits | 34.3 | |||||
Valuation allowance, increase (decrease) | $ 13.6 | |||||
Foreign [Member] | Minimum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards, expiration date | 2,016 | |||||
Tax credit carryforward, expiration year | 2,016 | |||||
Foreign [Member] | Maximum [Member] | ||||||
Income Taxes [Line Items] | ||||||
Operating loss carryforwards, expiration date | 2,033 | |||||
Tax credit carryforward, expiration year | 2,022 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Net operating losses | $ 83.7 | $ 113.7 |
Postretirement benefits | 75.5 | 87.7 |
Pension benefit liabilities | 74.3 | 34 |
Deferred compensation | 33.8 | 23.2 |
Foreign exchange unrealized | 18.9 | 13.3 |
Foreign tax credit carryforwards | 12.3 | 12.1 |
State tax credit carryforwards | 9.7 | 5.9 |
Other | 43.2 | 41.9 |
Total deferred income tax assets | 351.4 | 331.8 |
Valuation allowances | (69.1) | (87.9) |
Net deferred income tax assets | 282.3 | 243.9 |
Intangibles | (222.8) | (229.1) |
Accumulated depreciation | (84.1) | (77.6) |
Inventories | (22.6) | (13.4) |
Other | (10.9) | (11) |
Total deferred income tax liabilities | (340.4) | (331.1) |
Net deferred income tax liabilities | (58.1) | (87.2) |
Deferred income taxes have been classified in the Consolidated Balance Sheet as: | ||
Deferred income tax assets - current | 35.5 | 31.4 |
Deferred income tax assets - noncurrent | 21 | 26.6 |
Deferred income tax liabilities - current | (0.6) | (0.5) |
Deferred income tax liabilities - noncurrent | (114) | (144.7) |
Net deferred income tax liabilities | $ (58.1) | $ (87.2) |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Earnings (loss) before income taxes, Domestic | $ 197 | $ 214.9 | $ 186.2 |
Earnings (loss) before income taxes, Foreign | (15.4) | (29.7) | 12.5 |
Earnings (loss) before income taxes, Eliminations of dividends from foreign subsidiaries | (57.7) | ||
Earnings from continuing operations before income taxes | 123.9 | 185.2 | 198.7 |
Current income tax expense (benefit), Federal | 41.8 | 43 | 18.7 |
Current income tax expense (benefit), Foreign | 10.3 | 7.9 | 8.1 |
Current income tax expense (benefit), State | 1.3 | 2.4 | 3.3 |
Current income tax expense (benefit), Total | 53.4 | 53.3 | 30.1 |
Deferred income tax expense (benefit), Federal | 9.1 | 19 | 40.1 |
Deferred income tax expense (benefit), Foreign | (1.7) | 0.8 | 2.3 |
Deferred income tax expense (benefit), State | 10.5 | 10.1 | (1.1) |
Deferred income tax expense (benefit), Total | 17.9 | 29.9 | 41.3 |
Income tax expense (benefit) | $ 71.3 | $ 83.2 | $ 71.4 |
Income Taxes (Schedule Of The R
Income Taxes (Schedule Of The Reconciliation To U.S. Statutory Tax Rate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Continuing operations tax at statutory rate | $ 43.4 | $ 64.8 | $ 69.6 |
Increase in valuation allowances on deferred foreign income tax assets | 26.2 | 24.6 | 23 |
State income tax expense, net of federal benefit | 5.9 | 6 | 5.9 |
Separation costs | 2.9 | ||
Permanent book/tax differences | 2 | 0.8 | 3.5 |
Increase (decrease) in valuation allowances on deferred domestic income tax assets | 4.1 | 3 | (2.9) |
Domestic production activities | (5.1) | (5.8) | (9) |
Tax on foreign and foreign-source income | (4.6) | (5.7) | (13.8) |
Research and development credits | (2.6) | (4.8) | (4.4) |
Other | (0.9) | 0.3 | (0.5) |
Income tax expense (benefit) | $ 71.3 | $ 83.2 | $ 71.4 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Unrecognized tax benefits balance at January 1 | $ 142.6 | $ 145.2 | $ 138.4 |
Gross change for current year positions | 10.4 | 10.5 | 8.5 |
Increases for prior period positions | 1.9 | 2.9 | 1.4 |
Decrease for prior period positions | (4.1) | (14.1) | (2.1) |
Decrease due to settlements and payments | (1.2) | ||
Decrease due to statute expirations | (0.2) | (0.7) | (1) |
Unrecognized tax benefits balance at December 31 | $ 150.6 | $ 142.6 | $ 145.2 |
Income Taxes (Schedule Of Other
Income Taxes (Schedule Of Other Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Payroll Taxes | $ 45.3 | $ 48 | $ 46.4 |
Property, franchise and capital stock taxes | $ 10.7 | $ 10.9 | $ 10.2 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | Feb. 23, 2015USD ($) | Mar. 31, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 18, 2014USD ($) |
Debt Instrument [Line Items] | ||||||
Material pledge percentage | 65.00% | 65.00% | ||||
Bank, legal and other fees | $ 8.3 | $ 8.3 | ||||
Fees capitalized and amortized into interest expense | $ 7.2 | 7.2 | ||||
Maximum unrestricted cash and cash equivalents for leverage ratio calculation | $ 100 | |||||
Required prepayment amount, percent of consolidated excess cash flow | 50.00% | |||||
Required prepayment amount below leverage ratio, percent of consolidated excess cash flow | 0.00% | |||||
Unamortized debt financing costs written off | 18.9 | |||||
Subordinated notes payable | $ 97.9 | $ 103.1 | ||||
Planned Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Cash dividend from AFI planned to reduce total debt outstanding | $ 50 | |||||
Expected Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
New credit facility amount | 1,050 | |||||
Credit facility, remaining borrowing capacity | $ 200 | |||||
Senior Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on LIBOR | 3.00% | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 250 | |||||
Amount outstanding | 0 | |||||
Credit facility, remaining borrowing capacity | 242.3 | |||||
Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 150 | |||||
Letters of credit, amount outstanding | 7.7 | |||||
Subordinated Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Amount outstanding | 0 | |||||
Letters of credit, amount outstanding | $ 60.3 | |||||
Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Nov. 1, 2015 | |||||
Term Loan B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity date | Mar. 1, 2018 | |||||
Amended Senior Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 1,300 | 1,300 | ||||
Basis spread on LIBOR | 2.50% | |||||
Amended Senior Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 250 | 250 | ||||
Amended Senior Credit Facility [Member] | Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 150 | 150 | ||||
Amended Senior Credit Facility [Member] | Term Loan A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 550 | 550 | ||||
Maturity date | Mar. 1, 2018 | |||||
Amended Senior Credit Facility [Member] | Term Loan B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 475 | $ 475 | ||||
Maturity date | Mar. 1, 2020 | |||||
Securitization Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 90 | $ 75 | ||||
Credit facility, maximum borrowing capacity March through September | 100 | |||||
Credit facility, maximum borrowing capacity October through February | $ 90 | |||||
Maturity date | Dec. 1, 2017 | |||||
Securitization Facility [Member] | Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 67.4 | |||||
Amount outstanding | 60.3 | |||||
Letters of credit, amount outstanding | $ 7.1 | |||||
Securitization Facility [Member] | ARC [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Ownership interest | 100.00% | |||||
International Subsidiary Letters Of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 20 | |||||
Amount outstanding | 0 | |||||
Credit facility, remaining borrowing capacity | 19.8 | |||||
International Subsidiary Letters Of Credit [Member] | Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 0.2 | |||||
Amount outstanding | $ 0.2 | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility covenant leverage ratio, require prepayment | 3.5 | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility covenant leverage ratio, require no prepayment | 3.5 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total long-term debt, less current portion | $ 950.9 | $ 1,003 |
Long-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,003 | $ 1,042.6 |
Weighted average year- end interest rate | 3.25% | 3.20% |
Current Portion And Short-Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Less current portion and short-term debt | $ 52.1 | $ 39.6 |
Current portion and short-term debt, Weighted average year-end interest rate | 3.26% | 3.18% |
Long-Term Debt, Less Current Portion [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term debt, less current portion | $ 950.9 | $ 1,003 |
Long-term debt, Weighted average year-end interest rate | 3.25% | 3.20% |
Term Loan A Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 496 | $ 530.9 |
Weighted average year- end interest rate | 3.24% | 3.14% |
Term Loan B Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 461.9 | $ 466.6 |
Weighted average year- end interest rate | 3.50% | 3.50% |
Tax Exempt Bonds Due 2025 - 2041 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 45.1 | $ 45.1 |
Weighted average year- end interest rate | 0.87% | 0.88% |
Debt (Scheduled Payments Of Lon
Debt (Scheduled Payments Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt [Abstract] | |
2,016 | $ 52.1 |
2,017 | 55.3 |
2,018 | 402.9 |
2,019 | 4.8 |
2,020 | $ 487.9 |
2021 and later |
Pension And Other Benefit Pro96
Pension And Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. and Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Costs for worldwide defined contribution benefit plans and multiemployer pension plans | $ 14.4 | $ 14.7 | $ 14.2 | |
U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 1,896.8 | 2,051.7 | ||
Alternative investment fund | $ 1,330.4 | $ 1,429.4 | ||
Long-term return forecast | 7.00% | 7.00% | ||
U.S. Plans [Member] | Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of unrecognized net actuarial losses | $ 67 | |||
Estimated future employer contributions in 2016 | 4 | |||
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average rate of annual increase in the per capita costs, pre-65 | 7.50% | |||
Ultimate rate | 4.50% | |||
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of unrecognized net actuarial losses | 8.6 | |||
Estimated future employer contributions in 2016 | 17.9 | |||
Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | $ 226.1 | $ 257.7 | ||
Alternative investment fund | $ 73.5 | $ 110.2 | ||
Long-term return forecast | 4.50% | 5.50% | ||
Settlement charges excluded from net periodic pension costs | $ 0.5 | |||
Non-U.S. Plans [Member] | Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of unrecognized net actuarial losses | 1.5 | |||
Estimated future employer contributions in 2016 | $ 3.1 | |||
Equities [Member] | Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative investment fund | 49.7 | $ 52.3 | ||
Equities [Member] | Non-U.S. Plans [Member] | Estimated Fair Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 39.4 | 40.3 | ||
Equities [Member] | Non-U.S. Plans [Member] | Net Asset Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 49.7 | 52.3 | ||
Real Estate [Member] | U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative investment fund | 79.7 | 77.9 | ||
Real Estate [Member] | Non-U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Alternative investment fund | 14.8 | 14.1 | ||
Real Estate [Member] | Non-U.S. Plans [Member] | Estimated Fair Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 0.8 | |||
Real Estate [Member] | Non-U.S. Plans [Member] | Net Asset Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 14.8 | 14.1 | ||
Other Investments, Group Insurance Annuity Contract [Member] | U.S. Plans [Member] | Discount Cash Flows [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 2.9 | 3.1 | ||
Other Investments, Limited Partnership [Member] | U.S. Plans [Member] | Net Asset Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 2.8 | 2.6 | ||
Domestic, International And Global Equities [Member] | U.S. Plans [Member] | Estimated Fair Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 443 | 471.9 | ||
Domestic, International And Global Equities [Member] | U.S. Plans [Member] | Net Asset Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 63.9 | 79.7 | ||
Corporate And Government Bonds [Member] | Non-U.S. Plans [Member] | Estimated Fair Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | 88 | 70.6 | ||
Corporate And Government Bonds [Member] | Non-U.S. Plans [Member] | Net Asset Value [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total investments | $ 9 | $ 43.8 | ||
Minimum [Member] | U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed rate of return forecast period | 10 years | |||
Minimum [Member] | U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average rate of annual increase in the per capita costs, post-65 | 9.00% | |||
Maximum [Member] | U.S. Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed rate of return forecast period | 30 years | |||
Maximum [Member] | U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Average rate of annual increase in the per capita costs, post-65 | 11.80% |
Pension And Other Benefit Pro97
Pension And Other Benefit Programs (Schedule Of Net Funded Status) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation as of beginning of period | $ 2,069.9 | $ 1,868.1 | |
Service cost | 16.3 | 14.4 | $ 16.9 |
Interest cost | 80.9 | 85.7 | 79.7 |
Actuarial (gain) loss | (130.5) | 287 | |
Benefits paid | (118.5) | (185.3) | |
Benefit obligation as of end of period | 1,918.1 | 2,069.9 | 1,868.1 |
Fair value of plan assets as of beginning of period | 1,986.3 | 1,978.4 | |
Actual return on plan assets | 34.2 | (188.9) | |
Employer contribution | 3.6 | 4.3 | |
Fair value of plan assets as of end of period | 1,837.2 | 1,986.3 | 1,978.4 |
Funded status of the plans | (80.9) | (83.6) | |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation as of beginning of period | 221.4 | 258.2 | |
Service cost | 0.9 | 0.9 | 1.2 |
Interest cost | 8.1 | 10.9 | 9.7 |
Plan participants' contributions | 4.6 | 5.4 | |
Actuarial (gain) loss | (22.7) | (27.9) | |
Benefits paid | (22.3) | (26.6) | |
Medicare subsidy receipts | 0.3 | 0.5 | |
Benefit obligation as of end of period | $ 190.3 | $ 221.4 | $ 258.2 |
Fair value of plan assets as of beginning of period | |||
Employer contribution | $ 17.4 | $ 20.7 | |
Fair value of plan assets as of end of period | |||
Funded status of the plans | $ (190.3) | $ (221.4) | |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation as of beginning of period | 261.4 | 251.8 | |
Service cost | 2.4 | 2.5 | $ 2.4 |
Interest cost | 8.3 | 10.5 | 9.8 |
Plan participants' contributions | 0.1 | 0.1 | |
Plan amendments | 0.7 | ||
Foreign currency translation adjustment | (16.5) | (20) | |
Actuarial (gain) loss | (6.7) | 28.9 | |
Benefits paid | (15) | (13.1) | |
Benefit obligation as of end of period | 234 | 261.4 | 251.8 |
Fair value of plan assets as of beginning of period | 232.4 | 219.9 | |
Actual return on plan assets | (3.3) | (37) | |
Employer contribution | 3.4 | 4.5 | |
Foreign currency translation adjustment | (13.3) | (16) | |
Fair value of plan assets as of end of period | 210.9 | 232.4 | $ 219.9 |
Funded status of the plans | $ (23.1) | $ (29) |
Pension And Other Benefit Pro98
Pension And Other Benefit Programs (Schedule Of Assumptions Used) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 4.40% | 4.05% |
Benefit obligation rate of compensation increase | 3.10% | 3.10% |
Net periodic benefit cost discount rate | 4.05% | 4.75% |
Net periodic benefit cost expected return on plan assets | 7.00% | 7.00% |
Net periodic benefit cost rate of compensation increase | 3.10% | 3.10% |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 4.25% | 3.90% |
Net periodic benefit cost discount rate | 3.90% | 4.50% |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation discount rate | 3.40% | 3.40% |
Benefit obligation rate of compensation increase | 2.60% | 2.60% |
Net periodic benefit cost discount rate | 3.40% | 4.30% |
Net periodic benefit cost expected return on plan assets | 4.50% | 5.50% |
Net periodic benefit cost rate of compensation increase | 2.60% | 2.80% |
Pension And Other Benefit Pro99
Pension And Other Benefit Programs (Schedule Of Benefit Obligations In Excess Of Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, December 31 | $ 1,918.1 | $ 2,069.9 |
Accumulated benefit obligation, December 31 | 1,896.8 | 2,051.7 |
Fair value of plan assets, December 31 | 1,837.2 | 1,986.3 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation, December 31 | 58.3 | 70.5 |
Accumulated benefit obligation, December 31 | 52.7 | 68.7 |
Fair value of plan assets, December 31 | $ 26.8 | $ 34 |
Pension And Other Benefit Pr100
Pension And Other Benefit Programs (Schedule Of Periodic Benefit Costs (Credits)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | $ 16.3 | $ 14.4 | $ 16.9 |
Interest cost on projected benefit obligation | 80.9 | 85.7 | 79.7 |
Expected return on plan assets | (140.3) | (139.3) | (136.5) |
Amortization of prior service (credit) cost | 1.9 | 1.9 | 1.9 |
Recognized net actuarial loss | 72.8 | 42.4 | 40.9 |
Net periodic pension cost | 31.6 | 5.1 | 2.9 |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 0.9 | 0.9 | 1.2 |
Interest cost on projected benefit obligation | 8.1 | 10.9 | 9.7 |
Amortization of prior service (credit) cost | (0.6) | (0.6) | (0.6) |
Amortization of net actuarial (gain) loss | (7.8) | (4.2) | (3.5) |
Net periodic pension cost | 0.6 | 7 | 6.8 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost of benefits earned during the period | 2.4 | 2.5 | 2.4 |
Interest cost on projected benefit obligation | 8.3 | 10.5 | 9.8 |
Expected return on plan assets | (9) | (11.5) | (9.6) |
Amortization of prior service (credit) cost | 0.5 | ||
Amortization of net actuarial (gain) loss | 2.8 | 2.1 | 2.7 |
Net periodic pension cost | $ 4.5 | $ 3.6 | $ 5.8 |
Pension And Other Benefit Pr101
Pension And Other Benefit Programs (Schedule Of Defined Asset Allocation) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Long Duration Bonds [Member] | U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 59.00% | |
Position | 59.00% | 58.00% |
Long Duration Bonds [Member] | Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 48.00% | |
Position | 46.00% | 49.00% |
Equities [Member] | U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 29.00% | |
Position | 26.00% | 27.00% |
Equities [Member] | Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 42.00% | |
Position | 42.00% | 40.00% |
High Yield Bonds And Real Assets [Member] | U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 8.00% | |
Position | 8.00% | 8.00% |
Real Estate [Member] | Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 7.00% | |
Position | 7.00% | 6.00% |
Real Estate And Private Equity [Member] | U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 4.00% | |
Position | 5.00% | 4.00% |
Other Investments [Member] | Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 3.00% | |
Position | 5.00% | 5.00% |
Other Fixed Income [Member] | U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Weight | 0.00% | |
Position | 2.00% | 3.00% |
Pension And Other Benefit Pr102
Pension And Other Benefit Programs (Summary Of Fair Value Of Assets Plan) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | $ 506.8 | $ 556.9 | |
Investments measured at net asset value | 1,330.4 | 1,429.4 | |
Net assets | 1,837.2 | 1,986.3 | $ 1,978.4 |
Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 137.4 | 122.2 | |
Investments measured at net asset value | 73.5 | 110.2 | |
Net assets | 210.9 | 232.4 | $ 219.9 |
Bonds [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 88 | 70.6 | |
Investments measured at net asset value | 9 | 43.8 | |
Equities [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 39.4 | 40.3 | |
Investments measured at net asset value | 49.7 | 52.3 | |
Real Estate [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investments measured at net asset value | 79.7 | 77.9 | |
Real Estate [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0.8 | ||
Investments measured at net asset value | 14.8 | 14.1 | |
Domestic Equity [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 299.7 | 275 | |
Investments measured at net asset value | 11 | 15.8 | |
International Equity [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 143.4 | 196.9 | |
Investments measured at net asset value | 19.4 | 25.2 | |
Other Investments [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 2.9 | 3.1 | |
Investments measured at net asset value | 2.8 | 2.6 | |
Other Investments [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 5.8 | 5.6 | |
Short Term Investments And Other, Net [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 60.8 | 81.9 | |
Cash And Other Short Term Investments [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 3.4 | 5.7 | |
Level 1 [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 455.8 | 486.1 | |
Level 1 [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 5.7 | 5.7 | |
Level 1 [Member] | Bonds [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 1.1 | ||
Level 1 [Member] | Equities [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 1.1 | ||
Level 1 [Member] | Real Estate [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0.1 | ||
Level 1 [Member] | Domestic Equity [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 299.7 | 275 | |
Level 1 [Member] | International Equity [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 143.3 | 196.9 | |
Level 1 [Member] | Short Term Investments And Other, Net [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 12.8 | 14.2 | |
Level 1 [Member] | Cash And Other Short Term Investments [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 3.4 | 5.7 | |
Level 2 [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 48.1 | 67.7 | |
Level 2 [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 126.8 | 110.9 | |
Level 2 [Member] | Bonds [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 86.9 | 70.6 | |
Level 2 [Member] | Equities [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 38.3 | 40.3 | |
Level 2 [Member] | Real Estate [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0.7 | ||
Level 2 [Member] | International Equity [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0.1 | ||
Level 2 [Member] | Other Investments [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 0.9 | ||
Level 2 [Member] | Short Term Investments And Other, Net [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 48 | 67.7 | |
Level 3 [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 2.9 | 3.1 | |
Level 3 [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 4.9 | 5.6 | |
Level 3 [Member] | Other Investments [Member] | U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | 2.9 | 3.1 | |
Level 3 [Member] | Other Investments [Member] | Non-U.S. Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net assets measured at fair value | $ 4.9 | $ 5.6 |
Pension And Other Benefit Pr103
Pension And Other Benefit Programs (Summary Of Changes In Level 3 Plan Assets) (Details) - Level 3 [Member] - U.S. Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net assets measured at fair value as of beginning of the year | $ 3.1 | $ 3.2 |
Unrealized (loss) | (0.1) | |
Purchases | 0.1 | 0.1 |
Sales | (0.1) | |
Settlements | (0.1) | (0.2) |
Net assets measured at fair value as of ending of the year | $ 2.9 | $ 3.1 |
Pension And Other Benefit Pr104
Pension And Other Benefit Programs (Summary Of Assets Measured At NAV) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. Plans [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 1,330.4 | $ 1,429.4 |
Unfunded commitments | 3.8 | 4.3 |
U.S. Plans [Member] | Long Duration Bonds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 1,069.9 | 1,142.5 |
Redemption frequency | Daily | |
Redemption notice period | Prior Day | |
U.S. Plans [Member] | Domestic Equity [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 11 | 15.8 |
Redemption frequency | Daily | |
Redemption notice period | Prior Day | |
U.S. Plans [Member] | International Equity [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 19.4 | 25.2 |
Redemption frequency | Daily | |
Redemption notice period | Prior Day | |
U.S. Plans [Member] | Global Equity [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 33.5 | 38.7 |
Redemption frequency | Daily | |
Redemption notice period | Prior Day | |
U.S. Plans [Member] | High Yield Bonds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 82 | 95.6 |
Redemption frequency | Monthly | |
Redemption notice period | 3 days | |
U.S. Plans [Member] | Real Estate [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 79.7 | 77.9 |
Unfunded commitments | $ 2.3 | 2.4 |
Redemption frequency | Quarterly | |
U.S. Plans [Member] | Real Estate [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 45 days | |
U.S. Plans [Member] | Real Estate [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 90 days | |
U.S. Plans [Member] | Real Assets [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 32.1 | 31.1 |
Redemption frequency | Daily | |
Redemption notice period | Prior Day | |
U.S. Plans [Member] | Other Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 2.8 | 2.6 |
Unfunded commitments | $ 1.5 | 1.9 |
Redemption frequency | None | |
Redemption notice period | None | |
Non-U.S. Plans [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 73.5 | 110.2 |
Non-U.S. Plans [Member] | Bonds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 9 | 43.8 |
Redemption frequency | Daily | |
Redemption notice period | Same Day | |
Non-U.S. Plans [Member] | Equities [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 49.7 | 52.3 |
Redemption frequency | Daily | |
Redemption notice period | Prior Day - Same Day | |
Non-U.S. Plans [Member] | Real Estate [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Investments measured at net asset value | $ 14.8 | $ 14.1 |
Redemption frequency | Monthly/Quarterly | |
Non-U.S. Plans [Member] | Real Estate [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 2 days | |
Non-U.S. Plans [Member] | Real Estate [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Redemption notice period | 90 days |
Pension And Other Benefit Pr105
Pension And Other Benefit Programs (Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates) (Details) - U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Effect on total service and interest cost components, Increase | $ (0.1) |
Effect on total service and interest cost components, Decrease | 0.1 |
Effect on postretirement benefit obligation, Increase | (1.8) |
Effect on postretirement benefit obligation, Decrease | $ 1.3 |
Pension And Other Benefit Pr106
Pension And Other Benefit Programs (Schedule Of Amounts Recognized In Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | $ (4) | $ (4) |
Pension benefit liabilities | (76.9) | (79.6) |
Net amount recognized | (80.9) | (83.6) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable and accrued expenses | (17.9) | (19.9) |
Postretirement benefit liabilities | (172.4) | (201.5) |
Net amount recognized | (190.3) | (221.4) |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prepaid pension costs | 8.3 | 7.4 |
Accounts payable and accrued expenses | (0.7) | (0.5) |
Pension benefit liabilities | (30.7) | (35.9) |
Net amount recognized | $ (23.1) | $ (29) |
Pension And Other Benefit Pr107
Pension And Other Benefit Programs (Schedule Of Amounts In Accumulated Other Comprehensive) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (775.6) | $ (804.3) |
Prior service (cost) credit | (3.9) | (5.8) |
Accumulated other comprehensive (loss) income | (779.5) | (810.1) |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 91.5 | 77.4 |
Prior service (cost) credit | 0.6 | 1.2 |
Accumulated other comprehensive (loss) income | 92.1 | 78.6 |
Non-U.S. Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (26.6) | (33.2) |
Prior service (cost) credit | (0.6) | (0.7) |
Accumulated other comprehensive (loss) income | $ (27.2) | $ (33.9) |
Pension And Other Benefit Pr108
Pension And Other Benefit Programs (Schedule Of Expected Benefit Payments) (Details) $ in Millions | Dec. 31, 2015USD ($) |
U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 125.3 |
2,017 | 125 |
2,018 | 125.5 |
2,019 | 126.8 |
2,020 | 126.5 |
2021-2025 | 635.2 |
U.S. Defined-Benefit Retiree Health And Life Insurance Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 18.3 |
2,017 | 17.8 |
2,018 | 17.1 |
2,019 | 16.1 |
2,020 | 15.2 |
2021-2025 | 66.8 |
Retiree Health Medicare Subsidy Receipts [Member] | Scenario, Adjustment [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Retiree Health Medicare Subsidy Receipts, 2016 | (0.4) |
Retiree Health Medicare Subsidy Receipts, 2017 | (0.5) |
Retiree Health Medicare Subsidy Receipts, 2018 | (0.6) |
Retiree Health Medicare Subsidy Receipts, 2019 | (0.6) |
Retiree Health Medicare Subsidy Receipts, 2020 | (0.7) |
Retiree Health Medicare Subsidy Receipts, 2021-2025 | (4.3) |
Non-U.S. Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 9.6 |
2,017 | 9.3 |
2,018 | 9.3 |
2,019 | 10 |
2,020 | 10.4 |
2021-2025 | $ 57.1 |
Financial Instruments (Estimate
Financial Instruments (Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | $ 6.6 | $ 8.5 |
Derivative liabilities | (11.7) | (15) |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt, including current portion | (1,003) | (1,042.6) |
Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt, including current portion | (994.1) | (1,028.2) |
Foreign Exchange Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 6.2 | 5.4 |
Foreign Exchange Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 6.2 | 5.4 |
Natural Gas Commodity Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (0.8) | (3) |
Natural Gas Commodity Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (0.8) | (3) |
Interest Rate Swap Contracts [Member] | Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (10.6) | (9.3) |
Interest Rate Swap Contracts [Member] | Estimated Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ (10.6) | $ (9.3) |
Financial Instruments (Fair Val
Financial Instruments (Fair Value Measurement Of Assets And Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | $ 6.6 | $ 8.5 |
Derivative liabilities | (11.7) | (15) |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt, including current portion | (457.4) | (459.8) |
Level 1 [Member] | Foreign Exchange Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 6.2 | 5.4 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total debt, including current portion | (536.7) | (568.4) |
Level 2 [Member] | Natural Gas Commodity Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (0.8) | (3) |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ (10.6) | $ (9.3) |
Derivative Financial Instrum111
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||||
Derivative Liabilities | $ 15 | $ 11.7 | $ 15 | |
Derivative Assets | 8.5 | $ 6.6 | 8.5 | |
Commodity Price Risk [Member] | ||||
Derivative [Line Items] | ||||
Maximum length of time hedged in cash flow hedge | 24 months | |||
Notional amount | 14.6 | $ 9.2 | 14.6 | |
Foreign Exchange Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) recognized in income for derivative instruments | 30 | |||
Foreign Exchange Contracts [Member] | Sales And Purchases [Member] | ||||
Derivative [Line Items] | ||||
Maximum length of time hedged in cash flow hedge | 15 months | |||
Notional amount | 102.4 | $ 73.3 | 102.4 | |
Foreign Exchange Contracts [Member] | Intercompany Loans And Dividends [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | 21.2 | $ 6.1 | 21.2 | |
Term Loan B [Member] | ||||
Derivative [Line Items] | ||||
LIBOR floor | 1.00% | |||
Not Designated As Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) recognized in income for derivative instruments | $ 0 | 29.6 | $ 0 | |
Derivative Liabilities | 0.5 | 0.1 | 0.5 | |
Derivative Assets | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrum112
Derivative Financial Instruments (Summary Of Interest Rate Swaps) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
1.928% Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 27, 2012 |
Notional Amount | $ 250 |
Interest Rate Paid | 1.928% |
Coverage Period | March 2012 to March 2018 |
Risk Coverage | Term Loan B |
2.810% Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Trade Date | Mar. 27, 2012 |
Notional Amount | $ 200 |
Interest Rate Paid | 2.81% |
Coverage Period | November 2015 to March 2018 |
Risk Coverage | Term Loan B |
1.398% Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Trade Date | Apr. 16, 2013 |
Notional Amount | $ 250 |
Interest Rate Paid | 1.398% |
Coverage Period | November 2015 to March 2018 |
Risk Coverage | Term Loan A |
Derivative Financial Instrum113
Derivative Financial Instruments (Summary Of The Fair Value Of Derivative Instruments On The Consolidated Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 6.6 | $ 8.5 |
Derivative Liabilities, Fair Value | 11.7 | 15 |
Other Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 6.6 | 5.7 |
Other Non-Current Assets [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 0.9 | |
Other Non-Current Assets [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 1.9 | |
Accounts Payable And Accrued Expenses [Member] | Natural Gas Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.8 | 3 |
Accounts Payable And Accrued Expenses [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.3 | 0.7 |
Other Long-Term Liabilities [Member] | Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | 0.1 | |
Other Long-Term Liabilities [Member] | Interest Rate Swap Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities, Fair Value | $ 10.6 | $ 11.2 |
Derivative Financial Instrum114
Derivative Financial Instruments (Summary Of The Amount Of (Loss) Gain Recognized In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income ("AOCI") (Effective Portion) | [1] | $ 5.3 | $ (6.5) | $ (1.7) | |
(Loss) Gain Reclassified from AOCI into Income (Effective Portion) | 4.2 | 6.7 | (1.1) | ||
Forecast [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain in AOCI expected to be recognized in earnings | $ 5.4 | ||||
Natural Gas Commodity Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income ("AOCI") (Effective Portion) | [1] | (2.3) | (2.9) | 0.5 | |
Foreign Exchange Contracts - Purchases [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income ("AOCI") (Effective Portion) | [1] | 0.4 | 1.1 | 5.7 | |
Foreign Exchange Contracts - Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income ("AOCI") (Effective Portion) | [1] | 9.3 | 4.6 | ||
Interest Rate Swap Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Loss) Gain Recognized in Accumulated Other Comprehensive Income ("AOCI") (Effective Portion) | [1] | (2.1) | (9.3) | (7.9) | |
Cost Of Goods Sold [Member] | Natural Gas Commodity Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Loss) Gain Reclassified from AOCI into Income (Effective Portion) | (4.4) | 0.7 | (2.6) | ||
Cost Of Goods Sold [Member] | Foreign Exchange Contracts - Purchases [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Loss) Gain Reclassified from AOCI into Income (Effective Portion) | 1 | 1 | $ 1.5 | ||
Net Sales [Member] | Foreign Exchange Contracts - Sales [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Loss) Gain Reclassified from AOCI into Income (Effective Portion) | 8.4 | $ 5 | |||
Interest Expense [Member] | Interest Rate Swap Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Loss) Gain Reclassified from AOCI into Income (Effective Portion) | $ (0.8) | ||||
[1] | As of December 31, 2015, the amount of existing gains in AOCI expected to be recognized in earnings over the next twelve months is $5.4 million |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Product Warranties [Abstract] | ||
Balance at beginning of period | $ 7.9 | $ 7.4 |
Reductions for payments | (12.1) | (14.9) |
Current year warranty accruals | 11.9 | 15.4 |
Balance at end of period | $ 7.7 | $ 7.9 |
Other Long-Term Liabilities (De
Other Long-Term Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Long-Term Liabilities [Abstract] | ||
Long-term deferred compensation arrangements | $ 18.7 | $ 21 |
Long-term portion of derivative liabilities | 10.6 | 11.3 |
U.S. workers' compensation | 4 | 5 |
Postemployment benefit liabilities | 3.8 | 4.8 |
Environmental liabilities | 6 | 4.4 |
Other | 6.5 | 6.7 |
Total other long-term liabilities | $ 49.6 | $ 53.2 |
Share-Based Compensation Pla117
Share-Based Compensation Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 23, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total grant date fair value of options exercised | $ 3,500,000 | $ 17,100,000 | |||
Cash proceeds received from options exercised | $ 6,400,000 | $ 17,800,000 | $ 8,600,000 | ||
Number of shares outstanding | 1,410,300 | 1,601,200 | 2,204,600 | ||
Number of shares granted | 318,900 | ||||
Number of shares forfeited | 17,000 | 228,800 | |||
Adjusted share-based compensation cost | $ 13,300,000 | $ 12,800,000 | $ 16,500,000 | ||
Share-based compensation cost, net of tax | 8,700,000 | 8,500,000 | 11,100,000 | ||
Benefits of tax deductions from the exercise of stock options and vesting of share-based awards | 500,000 | $ 3,300,000 | |||
Total unrecognized compensation cost | $ 11,700,000 | ||||
Total unrecognized compensation cost, weighted-average period | 1 year 8 months 12 days | ||||
2006 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 5,349,000 | ||||
Number of additional shares authorized | 1,600,000 | ||||
2011 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized | 6,949,000 | ||||
Shares available for grant | 1,516,166 | ||||
2006 Phantom Stock Unit Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant | 0 | ||||
Award payable period | 6 months | ||||
Vested phantom shares | 20,616 | ||||
Total liability recorded for shares | $ 1,700,000 | ||||
2008 Director Stock Unit Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Award payable period | 6 months | ||||
Number of shares outstanding | 197,475 | 174,478 | |||
Number of shares granted | 22,997 | 21,262 | |||
Vested director stock units | 174,478 | 153,216 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total grant date fair value of options exercised | 15,100,000 | ||||
Cash proceeds received from options exercised | $ 6,400,000 | $ 17,800,000 | $ 8,600,000 | ||
Employee Stock Option [Member] | 2011 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award expiration period | 10 years | ||||
Minimum [Member] | 2006 Phantom Stock Unit Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Minimum [Member] | Employee Stock Option [Member] | 2011 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Minimum [Member] | Restricted Stock And Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Minimum [Member] | Performance Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Maximum [Member] | 2006 Phantom Stock Unit Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total liability recorded for shares | $ 17,545 | 18,925 | |||
Performance Stock Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total liability recorded for shares | $ 6,537 | $ 12,207 |
Share-Based Compensation Pla118
Share-Based Compensation Plans (Schedule Of Changes In Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-Based Compensation Plans [Abstract] | ||
Option shares outstanding at beginning of period, Number of shares | 1,601,200 | 2,204,600 |
Options granted, Number of shares | 318,900 | |
Option shares exercised, Number of shares | (173,900) | (640,800) |
Options forfeited, Number of shares | (17,000) | (228,800) |
Options expired, Number of shares | (52,700) | |
Option shares outstanding at end of period, Number of shares | 1,410,300 | 1,601,200 |
Option shares exercisable at end of period, Number of shares | 1,144,500 | 1,015,300 |
Option shares vested and expected to vest, Number of shares | 1,393,900 | 1,579,600 |
Option shares outstanding at beginning of period, Weighted-average exercise price | $ 40.33 | $ 35.60 |
Options granted, Weighted-average exercise price | 53.93 | |
Option shares exercised, Weighted-average exercise price | (36.45) | (27.80) |
Options forfeited, Weighted-average exercise price | (53.08) | (48.03) |
Options expired, Weighted-average exercise price | (43.49) | |
Option shares outstanding at end of period, Weighted-average exercise price | 40.66 | 40.33 |
Option shares exercisable at end of period, Weighted-average exercise price | 37.75 | 34.12 |
Option shares vested and expected to vest, Weighted-average exercise price | $ 40.52 | $ 40.17 |
Option shares outstanding at end of period, Weighted-average remaining contractual term | 6 years 1 month 6 days | 6 years 10 months 24 days |
Option shares exercisable at end of period, Weighted-average remaining contractual term | 5 years 8 months 12 days | 6 years |
Option shares vested and expected to vest, Weighted-average remaining contractual term | 6 years 1 month 6 days | 6 years 10 months 24 days |
Option shares exercised, Aggregate intrinsic value | $ 3.5 | $ 17.1 |
Option shares outstanding at end of period, Aggregate intrinsic value | 10.9 | 18.2 |
Option shares exercisable at end of period, Aggregate intrinsic value | 10.9 | 17.3 |
Option shares vested and expected to vest, Aggregate intrinsic value | $ 10.9 | $ 18.2 |
Share-Based Compensation Pla119
Share-Based Compensation Plans (Schedule Of Weighted-Average Assumptions) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-Based Compensation Plans [Abstract] | ||
Weighted-average grant date fair value of options granted | $ 24.93 | $ 21.62 |
Risk free rate of return | 1.90% | 1.20% |
Expected volatility | 46.50% | 42.40% |
Expected term | 6 years | 6 years |
Expected dividend yield | 0.00% | 0.00% |
Share-Based Compensation Pla120
Share-Based Compensation Plans (Schedule Of Restricted Stock And Restricted Stock Units Activity) (Details) - Restricted Stock And Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Number of shares | 175,602 | 153,577 |
Granted, Number of shares | 308,528 | 93,711 |
Vested, Number of shares | (42,503) | (61,902) |
Forfeited, Number of shares | (28,361) | (9,784) |
Ending balance, Number of shares | 413,266 | 175,602 |
Beginning balance, Weighted-average fair value at grant date | $ 51.89 | $ 47.34 |
Granted, Weighted-average fair value at grant date | 55.62 | 52.57 |
Vested, Weighted-average fair value at grant date | (51.04) | (41.61) |
Forfeited, Weighted-average fair value at grant date | (54.52) | (52.08) |
Ending balance, Weighted-average fair value at grant date | $ 54.66 | $ 51.89 |
Share-Based Compensation Pla121
Share-Based Compensation Plans (Schedule Of Performance Award Activity) (Details) - Performance Stock Awards [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Number of shares | 334,363 | 390,681 |
Granted, Number of shares | 129,858 | |
Vested, Number of shares | (70,381) | (78,125) |
Forfeited, Number of shares | (47,048) | (108,051) |
Ending balance, Number of shares | 216,934 | 334,363 |
Beginning balance, Weighted-average fair value at grant date | $ 52.07 | $ 47.81 |
Granted, Weighted-average fair value at grant date | 53.88 | |
Vested, Weighted-average fair value at grant date | (50.38) | (41.69) |
Forfeited, Weighted-average fair value at grant date | (51.26) | (46.37) |
Ending balance, Weighted-average fair value at grant date | $ 52.84 | $ 52.07 |
Employee Costs (Schedule Of Emp
Employee Costs (Schedule Of Employee Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Costs [Abstract] | |||
Wages, salaries and incentive compensation | $ 483.2 | $ 478.4 | $ 471.4 |
Payroll taxes | 45.3 | 48 | 46.4 |
Pension expense, net | 51 | 23.3 | 22.9 |
Insurance and other benefit costs | 44.6 | 49.1 | 51.8 |
Share-based compensation | 13.3 | 12.8 | 16.5 |
Total | $ 637.4 | $ 611.6 | $ 609 |
Leases (Schedule Of Rent Expens
Leases (Schedule Of Rent Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Rent expense | $ 22.7 | $ 21.7 | $ 20.6 |
Sublease (income) | (0.4) | (0.4) | (0.3) |
Net rent expense | $ 22.3 | $ 21.3 | $ 20.3 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Payments) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
Total minimum lease payments, 2016 | $ 7.9 |
Total minimum lease payments, 2017 | 5.3 |
Total minimum lease payments, 2018 | 3.4 |
Total minimum lease payments, 2019 | 2.6 |
Total minimum lease payments, 2020 | 1.6 |
Total minimum lease payments, Thereafter | 3.2 |
Total minimum lease payments, Total | 24 |
Sublease (Income), 2016 | (0.4) |
Sublease (Income), 2017 | (0.2) |
Sublease (Income), Total | (0.6) |
Net minimum lease payments, 2016 | 7.5 |
Net minimum lease payments, 2017 | 5.1 |
Net minimum lease payments, 2018 | 3.4 |
Net minimum lease payments, 2019 | 2.6 |
Net minimum lease payments, 2020 | 1.6 |
Net minimum lease payments, Thereafter | 3.2 |
Net minimum lease payments, Total | $ 23.4 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Shareholders' Equity [Abstract] | ||
Treasury shares | 5,057,382 | 5,057,382 |
Shareholders' Equity (Component
Shareholders' Equity (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shareholders' Equity [Abstract] | ||||
Foreign currency translation adjustments | $ (33.8) | $ (8.3) | ||
Derivative (loss), net | (3.3) | (4) | ||
Pension and postretirement adjustments | (450.3) | (483.2) | ||
Accumulated other comprehensive (loss) | [1] | $ (487.4) | $ (495.5) | $ (371.6) |
[1] | Amounts are net of tax |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Shareholders' Equity [Abstract] | |||||
Foreign currency translation adjustments, Pre-tax Amount | $ (25.5) | $ (29.6) | $ (8.8) | ||
Derivative gain (loss), net, Pre-tax Amount | 1.1 | (4.9) | 28.4 | ||
Pension and postretirement adjustments, Pre-tax Amount | 50.7 | (153.6) | 139.4 | ||
Total other comprehensive (loss), Pre-tax Amount | 26.3 | (188.1) | 159 | ||
Derivative gain (loss), net, Tax Benefit | (0.4) | 1.6 | (9.9) | ||
Pension and postretirement adjustments, Tax Benefit | (17.8) | 62.6 | (49.3) | ||
Total other comprehensive (loss), Tax Benefit | (18.2) | 64.2 | (59.2) | ||
Foreign currency translation adjustments, After-tax Amount | (25.5) | (29.6) | (8.8) | ||
Derivative gain (loss), net, After-tax Amount | 0.7 | (3.3) | 18.5 | ||
Pension and postretirement adjustments, After-tax Amount | 32.9 | (91) | 90.1 | ||
Total other comprehensive income (loss) | $ 8.1 | [1] | $ (123.9) | [1] | $ 99.8 |
[1] | Amounts are net of tax |
Shareholders' Equity (Schedu128
Shareholders' Equity (Schedule Of Accumulated Other Comprehensive Income Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | [1] | $ (495.5) | $ (371.6) | |||
Other comprehensive (loss) income before reclassifications, net of tax (expense) benefit | [1] | (34) | (146.5) | |||
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | 42.1 | 22.6 | |||
Net current period other comprehensive (loss) income | 8.1 | [1] | (123.9) | [1] | $ 99.8 | |
Ending Balance | [1] | (487.4) | (495.5) | (371.6) | ||
Other comprehensive income before reclassifications, tax (expense) benefit | 4.6 | 76.4 | ||||
Foreign Currency Translation Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | [1] | (8.3) | 21.3 | |||
Other comprehensive (loss) income before reclassifications, net of tax (expense) benefit | [1] | (25.5) | (29.6) | |||
Net current period other comprehensive (loss) income | [1] | (25.5) | (29.6) | |||
Ending Balance | [1] | (33.8) | (8.3) | 21.3 | ||
Derivative Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | [1] | (4) | (0.7) | |||
Other comprehensive (loss) income before reclassifications, net of tax (expense) benefit | [1] | 3.5 | 1.1 | |||
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | (2.8) | (4.4) | |||
Net current period other comprehensive (loss) income | [1] | 0.7 | (3.3) | |||
Ending Balance | [1] | (3.3) | (4) | (0.7) | ||
Other comprehensive income before reclassifications, tax (expense) benefit | (1.8) | (0.8) | ||||
Pension And Postretirement Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | [1] | (483.2) | (392.2) | |||
Other comprehensive (loss) income before reclassifications, net of tax (expense) benefit | [1] | (12) | (118) | |||
Amounts reclassified from accumulated other comprehensive (loss) income | [1] | 44.9 | 27 | |||
Net current period other comprehensive (loss) income | [1] | 32.9 | (91) | |||
Ending Balance | [1] | (450.3) | (483.2) | $ (392.2) | ||
Other comprehensive income before reclassifications, tax (expense) benefit | $ 6.4 | $ 77.2 | ||||
[1] | Amounts are net of tax |
Shareholders' Equity (Reclassif
Shareholders' Equity (Reclassification Out Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | $ 1,817.2 | $ 1,932 | $ 1,934.4 | |
Net sales | 2,420 | 2,515.3 | 2,527.4 | |
Interest expense | 45.3 | 46 | 68.7 | |
Total expense, before tax | 123.9 | 185.2 | 198.7 | |
Tax impact | (71.3) | (83.2) | (71.4) | |
Total expense, net of tax | 52.6 | 102 | $ 127.3 | |
Total reclassifications for the period | [1] | 42.1 | 22.6 | |
Derivative Adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total expense, before tax | (4.2) | (6.7) | ||
Tax impact | 1.4 | 2.3 | ||
Total reclassifications for the period | [1] | (2.8) | (4.4) | |
Derivative Adjustments [Member] | Natural Gas Commodity Contracts [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | 4.4 | (0.7) | ||
Derivative Adjustments [Member] | Foreign Exchange Contracts - Purchases [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of goods sold | (1) | (1) | ||
Derivative Adjustments [Member] | Foreign Exchange Contracts - Sales [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net sales | (8.4) | (5) | ||
Derivative Adjustments [Member] | Interest Rate Swap Contracts [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | 0.8 | |||
Pension And Postretirement Adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total expense, before tax | 69.1 | 41.6 | ||
Tax impact | (24.2) | (14.6) | ||
Total reclassifications for the period | [1] | 44.9 | 27 | |
Pension And Postretirement Adjustments [Member] | Cost Of Goods Sold [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior service cost amortization | 0.6 | 0.6 | ||
Amortization of net actuarial loss | 35.5 | 21.7 | ||
Pension And Postretirement Adjustments [Member] | SG&A Expense [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior service cost amortization | 0.7 | 0.7 | ||
Amortization of net actuarial loss | 32.3 | 18.6 | ||
Reclassification From Accumulated Other Comprehensive Income [Member] | Derivative Adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total expense, net of tax | (2.8) | (4.4) | ||
Reclassification From Accumulated Other Comprehensive Income [Member] | Pension And Postretirement Adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total expense, net of tax | $ 44.9 | $ 27 | ||
[1] | Amounts are net of tax |
Supplemental Financial Infor130
Supplemental Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Financial Information [Abstract] | |||
Maintenance and repair costs | $ 92.6 | $ 89 | $ 89.7 |
Research and development costs | 31.1 | 30.6 | 29.3 |
Advertising costs | 10.6 | 10.9 | 12.2 |
Foreign currency transaction loss, net of hedging activity | 22.8 | 8.4 | 1.6 |
Other | 0.7 | 2.1 | 0.4 |
Total | 23.5 | 10.5 | 2 |
Interest income | 2.2 | 2.5 | 3.3 |
Foreign currency transaction gain, net of hedging activity | 3 | 0.1 | |
Other | 0.1 | 0.1 | 0.4 |
Total | $ 5.3 | $ 2.6 | $ 3.8 |
Related Parties (Details)
Related Parties (Details) - WAVE [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Percentage of ownership in joint venture | 50.00% | ||
Purchases from joint venture | $ 73.7 | $ 85.4 | $ 88.9 |
Reimbursement from joint venture | 15.2 | 14.7 | $ 14.9 |
Due from related parties | $ 5.4 | $ 8.5 |
Litigation And Related Matters
Litigation And Related Matters (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2010site | Aug. 31, 2010site | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)site | Dec. 31, 2007 | Jun. 30, 2016 | Jul. 07, 2015 | Jul. 06, 2015 | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | ||||||||||
Number of facilities tested for contamination | site | 2 | |||||||||
Number of landfills listed as superfund site | site | 1 | 2 | ||||||||
Percentage of site costs Navy agreed to pay | 33.33% | |||||||||
Potential environmental liabilities | $ 6 | $ 4.4 | ||||||||
Recorded amount for probable recoveries | $ 0 | $ 0 | ||||||||
Antidumping Duties | 13.74% | 3.31% | 0.00% | |||||||
Countervailing Duties | 0.99% | 0.98% | ||||||||
Estimated additional liability | $ 4 | |||||||||
Forecast [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Antidumping Duties | 13.34% | |||||||||
Countervailing Duties | 1.43% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Options to purchase common stock not included in the computation of diluted EPS | 203,527 | 142,038 | 181,041 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Net Earnings To Net Earnings Attributable To Common Shares Used In Basic And Diluted Calculation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Earnings from continuing operations | $ 52.6 | $ 102 | $ 127.3 |
Earnings allocated to participating non-vested share awards | (0.1) | (0.5) | (0.7) |
Earnings from continuing operations attributable to common shares | $ 52.5 | $ 101.5 | $ 126.6 |
Earnings Per Share (Reconcil135
Earnings Per Share (Reconciliation Of Basic Shares Outstanding To Diluted Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Basic shares outstanding | 55.5 | 55 | 57.8 |
Dilutive effect of common stock equivalents | 0.4 | 0.4 | 0.6 |
Diluted shares outstanding | 55.9 | 55.4 | 58.4 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Provision For Bad Debts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 4.2 | $ 3.2 | $ 3.9 |
Additions charged to earnings | 0.8 | 2.1 | 0.9 |
Deductions | (1) | (1.1) | (1.6) |
Balance at end of year | 4 | 4.2 | 3.2 |
Provision For Discounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 13 | 14.4 | 19.7 |
Additions charged to earnings | 105.4 | 97.2 | 113.8 |
Deductions | (105.9) | (98.6) | (119.1) |
Balance at end of year | 12.5 | 13 | 14.4 |
Provision For Warranties [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 7.9 | 7.4 | 8.7 |
Additions charged to earnings | 11.9 | 15.4 | 15.7 |
Deductions | (12.1) | (14.9) | (17) |
Balance at end of year | 7.7 | 7.9 | 7.4 |
Reserves For Inventory [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 2.4 | 2.2 | 1.6 |
Additions charged to earnings | 2.8 | 1.8 | 1 |
Deductions | (2) | (1.6) | (0.4) |
Balance at end of year | $ 3.2 | $ 2.4 | $ 2.2 |