DEI_Document
DEI Document (USD $) | 12 Months Ended | ||
In Billions, except Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document Information [Line Items] | |||
Entity Registrant Name | NEWELL RUBBERMAID INC | ||
Trading Symbol | nwl | ||
Entity Central Index Key | 814453 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Current Fiscal Year End Date | -19 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 268.5 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $8.40 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $5,727 | $5,607 | $5,508.50 |
Cost of products sold | 3,523.60 | 3,482.10 | 3,414.40 |
GROSS MARGIN | 2,203.40 | 2,124.90 | 2,094.10 |
Selling, general and administrative expenses | 1,480.50 | 1,399.50 | 1,403.50 |
Defined Benefit Plan, Recognized Net Loss Due to Settlements | 65.4 | 0 | 0 |
Restructuring Costs | 52.8 | 110.3 | 52.9 |
OPERATING INCOME | 604.7 | 615.1 | 637.7 |
Nonoperating expenses: | |||
Interest expense, net of interest income | 60.4 | 60.3 | 76.1 |
Losses related to extinguishments of debt | 33.2 | 0 | 10.9 |
Other expense (income), net | 49 | 18.5 | -1.3 |
Net nonoperating expenses | 142.6 | 78.8 | 85.7 |
INCOME BEFORE INCOME TAXES | 462.1 | 536.3 | 552 |
Income tax expense | 89.1 | 120 | 161.5 |
Income from continuing operations | 373 | 416.3 | 390.5 |
Income from discontinued operations, net of tax | 4.8 | 58.3 | 10.8 |
Net Income | $377.80 | $474.60 | $401.30 |
Weighted average shares outstanding: | |||
Basic | 276.1 | 288.6 | 291.2 |
Diluted | 278.9 | 291.8 | 293.6 |
Earnings per share: | |||
Income from Continuing Operations | $1.35 | $1.44 | $1.34 |
Income from Discontinued Operations | $0.02 | $0.20 | $0.04 |
Earnings Per Share, Basic | $1.37 | $1.64 | $1.38 |
Income from Continuing Operations | $1.34 | $1.43 | $1.33 |
Income from Discontinued Operations | $0.02 | $0.20 | $0.04 |
Earnings Per Share, Diluted | $1.35 | $1.63 | $1.37 |
Dividends per share | $0.66 | $0.60 | $0.43 |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Income, Nonoperating | $3.90 | $2 | $4.30 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net Income | $377.80 | $474.60 | $401.30 | |||
Other Comprehensive (Loss) Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax | -126.3 | 5 | 40.6 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -28.4 | 137.8 | -119.8 | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 5.5 | 1 | -2.8 | |||
Other Comprehensive (Loss) Income, Net of Tax | -149.2 | 143.8 | -82 | |||
Comprehensive Income, Net of Tax, Attributable to Parent | $228.60 | [1] | $618.40 | [1] | $319.30 | [1] |
[1] | Comprehensive income attributable to noncontrolling interests was not material. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $199.40 | $226.30 |
Accounts receivable, net | 1,248.20 | 1,105.10 |
Inventories, net | 708.5 | 684.4 |
Deferred income taxes | 134.4 | 134.4 |
Prepaid expenses and other | 136.1 | 135.4 |
Total Current Assets | 2,426.60 | 2,285.60 |
Property, plant and equipment, net | 559.1 | 539.6 |
Goodwill | 2,546 | 2,361.10 |
Other intangible assets, net | 887.2 | 614.5 |
Other assets | 262.2 | 268.9 |
Total Assets | 6,681.10 | 6,069.70 |
CURRENT LIABILITIES: | ||
Accounts payable | 674.1 | 558.9 |
Accrued compensation | 159.9 | 167.3 |
Other accrued liabilities | 659.3 | 703.5 |
Short-term debt | 390.7 | 174 |
Current portion of long-term debt | 6.7 | 0.8 |
Total Current Liabilities | 1,890.70 | 1,604.50 |
Long-term debt | 2,084.50 | 1,661.60 |
Deferred Tax Liabilities, Net, Noncurrent | 220.4 | 108.3 |
Other noncurrent liabilities | 630.6 | 620.3 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock | 0 | 0 |
Common stock | 288.7 | 297.5 |
Treasury stock | -493.1 | -477.2 |
Additional paid-in capital | 739 | 654.3 |
Retained earnings | 2,111.20 | 2,242.10 |
Accumulated other comprehensive loss | -794.4 | -645.2 |
Stockholders' Equity Attributable to Parent | 1,851.40 | 2,071.50 |
Stockholders' Equity Attributable to Noncontrolling Interests | 3.5 | 3.5 |
Total Stockholders' Equity | 1,854.90 | 2,075 |
Total Liabilities and Stockholders' Equity | $6,681.10 | $6,069.70 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $25.30 | $38 |
Common Stock, Par or Stated Value Per Share | $1 | $1 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Issued | 288,700,000 | 297,500,000 |
Preferred Stock, Par or Stated Value Per Share | $1 | $1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 19,500,000 | 18,900,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING ACTIVITIES: | |||
Net Income | $377,800,000 | $474,600,000 | $401,300,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 156,100,000 | 158,900,000 | 163,700,000 |
Discontinued Operation, (Gain) Loss from Disposal of Discontinued Operation, before Income Tax | -2,200,000 | -87,400,000 | -5,200,000 |
Losses related to extinguishments of debt | 33,200,000 | 0 | 10,900,000 |
Non-cash restructuring costs | 7,200,000 | 4,200,000 | 300,000 |
Deferred income taxes | 39,300,000 | 88,600,000 | 71,200,000 |
Stock-based compensation expense | 29,900,000 | 37,200,000 | 32,900,000 |
Defined Benefit Plan, Recognized Net Loss Due to Settlements | 65,400,000 | 0 | 0 |
Other, net | 69,100,000 | 32,300,000 | 12,000,000 |
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures: | |||
Accounts receivable | -140,900,000 | -19,000,000 | -101,200,000 |
Inventories | -28,200,000 | -61,600,000 | 7,700,000 |
Accounts payable | 87,300,000 | 59,000,000 | 56,300,000 |
Accrued liabilities and other | -59,900,000 | -81,600,000 | -31,400,000 |
Net Cash Provided by Operating Activities | 634,100,000 | 605,200,000 | 618,500,000 |
INVESTING ACTIVITIES: | |||
Proceeds from sales of businesses and other noncurrent assets | 19,000,000 | 189,800,000 | 43,500,000 |
Acquisitions and acquisition-related activity | -602,300,000 | 0 | -26,500,000 |
Capital expenditures | -161,900,000 | -138,200,000 | -177,200,000 |
Other | -6,700,000 | 1,800,000 | -2,800,000 |
Net Cash (Used in) Provided by Investing Activities | -751,900,000 | 53,400,000 | -163,000,000 |
FINANCING ACTIVITIES: | |||
Short-term borrowings, net | 217,300,000 | -35,800,000 | 106,000,000 |
Proceeds from issuance of debt, net of debt issuance costs | 841,800,000 | 0 | 841,900,000 |
Payments on and for the settlement of notes payable and debt | -465,200,000 | 0 | -1,203,400,000 |
Repurchase of shares of common stock | -363,200,000 | -470,000,000 | -91,500,000 |
Cash dividends | -182,500,000 | -174,100,000 | -125,900,000 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | 10,600,000 | 15,800,000 | 12,700,000 |
Proceeds from Stock Options Exercised | 76,600,000 | 81,000,000 | 15,600,000 |
Payments for Repurchase of Common Stock - stock-based compensation related | -15,900,000 | -29,200,000 | -16,400,000 |
Other, net | -500,000 | -1,200,000 | 15,000,000 |
Net Cash Provided by (Used in) Financing Activities | 119,000,000 | -613,500,000 | -446,000,000 |
Currency rate effect on cash and cash equivalents | -28,100,000 | -2,600,000 | 4,100,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | -26,900,000 | 42,500,000 | 13,600,000 |
Cash and Cash Equivalents at Beginning of Year | 226,300,000 | 183,800,000 | 170,200,000 |
Cash and Cash Equivalents at End of Year | 199,400,000 | 226,300,000 | 183,800,000 |
Supplemental Cash Flow Information [Abstract] | |||
Income taxes, net of refunds | 33,800,000 | 55,300,000 | 56,600,000 |
Interest | 56,700,000 | 57,700,000 | 101,300,000 |
Retained Earnings [Member] | |||
OPERATING ACTIVITIES: | |||
Net Income | $377,800,000 | $474,600,000 | $401,300,000 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Stockholders' Equity Attributable to Parent [Member] | Noncontrolling Interest [Member] | Accelerated Stock Buyback Program [Member] | Accelerated Stock Buyback Program [Member] | Accelerated Stock Buyback Program [Member] | Accelerated Stock Buyback Program [Member] | Accelerated Stock Buyback Program [Member] | Accelerated Stock Buyback Program [Member] | Accelerated Stock Buyback Program [Member] | Accelerated Stock Buyback Program [Member] |
In Millions, unless otherwise specified | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Stockholders' Equity Attributable to Parent [Member] | Noncontrolling Interest [Member] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2011 | $1,852.60 | $305.30 | ($432.80) | $586.30 | $2,097.30 | ($707) | $1,849.10 | $3.50 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net Income | 401.3 | 0 | 0 | 0 | 401.3 | 0 | 401.3 | 0 | ||||||||
Foreign Currency Translation | 40.6 | 0 | 0 | 0 | 0 | 40.6 | 40.6 | 0 | ||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | -119.8 | 0 | 0 | 0 | 0 | -119.8 | -119.8 | 0 | ||||||||
Gain (Loss) Derivatives Instruments, Net of Tax | -2.8 | 0 | 0 | 0 | 0 | -2.8 | -2.8 | 0 | ||||||||
Cash dividends on common stock | -125.2 | 0 | 0 | 0 | -125.2 | 0 | -125.2 | 0 | ||||||||
Stock-based compensation and other | 45 | 4.3 | -15.2 | 57.8 | -1.9 | 0 | 45 | 0 | ||||||||
Stock Repurchased and Retired During Period, Value | -91.5 | -4.9 | 0 | -10 | -76.6 | 0 | -91.5 | 0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012 | 2,000.20 | 304.7 | -448 | 634.1 | 2,294.90 | -789 | 1,996.70 | 3.5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net Income | 474.6 | 0 | 0 | 0 | 474.6 | 0 | 474.6 | 0 | ||||||||
Foreign Currency Translation | 5 | 0 | 0 | 0 | 0 | 5 | 5 | 0 | ||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | 137.8 | 0 | 0 | 0 | 0 | 137.8 | 137.8 | 0 | ||||||||
Gain (Loss) Derivatives Instruments, Net of Tax | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | ||||||||
Cash dividends on common stock | -174.1 | 0 | 0 | 0 | -174.1 | 0 | -174.1 | 0 | ||||||||
Stock-based compensation and other | 100.5 | 6.9 | -29.2 | 123 | -0.2 | 0 | 100.5 | 0 | ||||||||
Stock Repurchased and Retired During Period, Value | -119.5 | -4.7 | 0 | -10.5 | -104.3 | 0 | -119.5 | 0 | -350.5 | -9.4 | 0 | -92.3 | -248.8 | 0 | -350.5 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013 | 2,075 | 297.5 | -477.2 | 654.3 | 2,242.10 | -645.2 | 2,071.50 | 3.5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net Income | 377.8 | 0 | 0 | 0 | 377.8 | 0 | 377.8 | 0 | ||||||||
Foreign Currency Translation | -126.3 | 0 | 0 | 0 | 0 | -126.3 | -126.3 | 0 | ||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | -28.4 | 0 | 0 | 0 | -28.4 | -28.4 | 0 | |||||||||
Gain (Loss) Derivatives Instruments, Net of Tax | 5.5 | 0 | 0 | 0 | 0 | 5.5 | 5.5 | 0 | ||||||||
Cash dividends on common stock | -182.5 | 0 | 0 | 0 | -182.5 | 0 | -182.5 | 0 | ||||||||
Stock-based compensation and other | 97 | 4.5 | -15.9 | 109.7 | -1.3 | 0 | 97 | 0 | ||||||||
Stock Repurchased and Retired During Period, Value | -363.2 | -11.3 | 0 | -27 | -324.9 | 0 | -363.2 | 0 | 0 | -2 | 0 | 2 | 0 | 0 | 0 | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014 | $1,854.90 | $288.70 | ($493.10) | $739 | $2,111.20 | ($794.40) | $1,851.40 | $3.50 |
Basis_Of_Presentation_And_Sign
Basis Of Presentation And Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Description of Business and Significant Accounting Policies |
Description of Business | |
Newell Rubbermaid (the “Company”) is a global marketer of consumer and commercial products that help people get more out of life every day, where they live, learn, work and play. The Company’s products are marketed under a strong portfolio of brands, including Sharpie®, Paper Mate®, Parker®, Waterman®, Dymo®, Rubbermaid®, Contigo®, Levolor®, Goody®, Calphalon®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Graco®, Aprica®and Baby Jogger®. The Company’s multi-product offering consists of well-known, name brand consumer and commercial products in five business segments: Writing, Home Solutions, Tools, Commercial Products and Baby & Parenting. | |
During 2014, the Company’s Endicia® and Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment to sell the businesses. Accordingly, the results of operations of these businesses have been classified as discontinued operations for all periods presented. The Endicia business was included in the Writing segment, and the Culinary businesses were included in the Home Solutions segment. | |
During 2013, the Company divested its Hardware and Teach businesses, which were primarily included in the former Specialty segment. Accordingly, the results of operations of these businesses have been classified as discontinued operations for all periods presented. The remaining businesses in the former Specialty segment, specifically Dymo Office and Endicia, were combined with the Writing segment given the significant channel and operating synergies. | |
Principles of Consolidation | |
The Consolidated Financial Statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities where the Company is the primary beneficiary, after elimination of intercompany transactions. | |
Use of Estimates | |
The preparation of these consolidated financial statements requires the use of certain estimates by management in determining the Company’s assets, liabilities, sales and expenses, and related disclosures. Actual results could differ from those estimates. | |
Reclassifications | |
Certain 2013 and 2012 amounts have been reclassified to conform to the 2014 presentation. | |
Concentration of Credit Risk | |
The Company sells products to customers in diversified industries and geographic regions and, therefore, has no significant concentrations of credit risk. The Company continuously evaluates the creditworthiness of its customers and generally does not require collateral. | |
The Company evaluates the collectibility of accounts receivable based on a combination of factors. When aware of a specific customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due and historical collection experience. Accounts are also reviewed for potential write-off on a case-by-case basis. Accounts deemed uncollectible are written off, net of expected recoveries. If circumstances related to specific customers change, the Company’s estimates of the recoverability of receivables could be further adjusted. | |
The Company’s forward exchange contracts do not subject the Company to risk due to foreign exchange rate movement, because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. The Company is exposed to credit-related losses in the event of non-performance by counterparties to certain derivative financial instruments. The Company does not obtain collateral or other security to support derivative financial instruments subject to credit risk, but monitors the credit standing of the counterparties. | |
The credit exposure that results from commodity, interest rate, foreign exchange and other derivatives is the fair value of contracts with a positive fair value as of the reporting date. The credit exposure on the Company’s foreign currency derivatives at December 31, 2014 was $7.7 million, and the Company had no credit exposure with respect to its interest rate derivatives at December 31, 2014. | |
Sales Recognition and Customer Programs | |
Sales of merchandise and freight billed to customers are recognized when title passes and all substantial risks of ownership change, which generally occurs either upon shipment or upon delivery based upon contractual terms. Sales are net of provisions for cash discounts, returns, customer discounts (such as volume or trade discounts), cooperative advertising and other sales-related discounts and programs. | |
Under customer programs and arrangements that require sales incentives to be paid in advance, the Company amortizes the amount paid over the period of benefit or contractual sales volume. When incentives are paid in arrears, the Company accrues the estimated amount to be paid based on the program’s contractual terms, expected customer performance and/or estimated sales volume. The aggregate cost of customer discounts (primarily volume discounts) and cooperative advertising, which are included as a reduction in net sales, was $594.2 million, $527.8 million and $486.8 million in 2014, 2013 and 2012, respectively. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash on hand and highly liquid investments that have a maturity of three months or less when purchased. | |
Inventories | |
Inventories are stated at the lower of cost or market value using the last-in, first-out (LIFO) or first-in, first-out (FIFO) methods (see Footnote 6 for additional information). The Company reduces its inventory value for estimated obsolete and slow-moving inventory in an amount equal to the difference between the cost of inventory and the net realizable value based upon estimates about future demand and market conditions. As of December 31, 2014 and 2013, the Company’s reserves for excess and obsolete inventory and shrink totaled $32.6 million and $37.8 million, respectively. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the Company are as follows: buildings and improvements (20-40 years) and machinery and equipment (3-15 years). | |
Goodwill and Other Indefinite-Lived Intangible Assets | |
The Company conducts its annual test for impairment of goodwill and indefinite-lived intangible assets in the third quarter because it coincides with its annual strategic planning process. | |
The Company evaluates goodwill for impairment annually at the reporting unit level. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. If the carrying amount of the reporting unit is greater than the fair value, impairment may be present. The Company assesses the fair value of each reporting unit for its goodwill impairment test based on a discounted cash flow model, an earnings multiple or an actual sales offer received from a prospective buyer, if available. Estimates critical to the Company’s fair value estimates using earnings multiples include the projected financial performance of the reporting unit and the applicable earnings multiple. Estimates critical to the Company’s fair value estimates under the discounted cash flow model include projected financial performance and cash flows of the reporting unit, the discount rate, long-term sales growth rate, product costs and the working capital investment required. | |
The Company measures the amount of any goodwill impairment based upon the estimated fair value of the underlying assets and liabilities of the reporting unit, including any unrecognized intangible assets, and estimates the implied fair value of goodwill. An impairment charge is recognized to the extent the recorded goodwill exceeds the implied fair value of goodwill. | |
The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected average revenue growth and projected long-term growth rates in the determination of terminal values. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. | |
See Footnote 8 for additional detail on goodwill and other intangible assets. | |
Other Long-Lived Assets | |
The Company tests its other long-lived assets for impairment in accordance with relevant authoritative guidance. The Company evaluates if impairment indicators related to its property, plant and equipment and other long-lived assets are present. These impairment indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If impairment indicators are present, the Company estimates the future cash flows for the asset or group of assets. The sum of the undiscounted future cash flows attributable to the asset or group of assets is compared to their carrying amount. The cash flows are estimated utilizing various projections of sales and expenses, working capital and proceeds from asset disposals on a basis consistent with the strategic plan. If the carrying amount exceeds the sum of the undiscounted future cash flows, the Company determines the assets’ fair value by discounting the future cash flows using a discount rate required for a similar investment of like risk and records an impairment charge as the difference between the fair value and the carrying value of the asset group. Generally, the Company performs its testing of the asset group at the product-line level, as this is the lowest level for which identifiable cash flows are available. | |
Shipping and Handling Costs | |
The Company records shipping and handling costs as a component of cost of products sold. | |
Product Liability Reserves | |
The Company has a self-insurance program for product liability that includes reserves for self-retained losses and certain excess and aggregate risk transfer insurance. The Company uses historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs in determining required product liability reserves. The Company’s actuarial evaluation methods take into account claims incurred but not reported when determining the Company’s product liability reserve. While the Company believes that it has adequately reserved for these claims, the ultimate outcome of these matters may exceed the amounts recorded by the Company, and such additional losses may be material to the Company’s Consolidated Financial Statements. | |
Product Warranties | |
In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience. | |
Advertising Costs | |
The Company expenses advertising costs as incurred. Cooperative advertising with customers is recorded in the Consolidated Financial Statements as a reduction of net sales and totaled $136.3 million, $117.7 million and $117.6 million for 2014, 2013 and 2012, respectively. All other advertising and promotion costs are recorded in selling, general and administrative expenses and totaled $188.5 million, $149.3 million and $140.0 million in 2014, 2013 and 2012, respectively. | |
Research and Development Costs | |
Research and development costs relating to both future and current products are charged to selling, general and administrative expenses as incurred. These costs totaled $107.5 million, $102.9 million and $109.6 million in 2014, 2013 and 2012, respectively. | |
Derivative Financial Instruments | |
Derivative financial instruments are generally used to manage certain commodity, interest rate and foreign currency risks. These instruments primarily include interest rate swaps, forward exchange contracts and options. The Company’s forward exchange contracts and options do not subject the Company to exchange rate risk because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. However, these instruments, when settled, impact the Company’s cash flows from operations to the extent the underlying transaction being hedged is not simultaneously settled due to an extension, a renewal or otherwise. | |
On the date when the Company enters into a derivative, the derivative is designated as a hedge of the identified exposure. The Company measures effectiveness of its hedging relationships both at hedge inception and on an ongoing basis. | |
Interest Rate Risk Management | |
Gains and losses on interest rate swaps designated as cash flow hedges, to the extent that the hedge relationship has been effective, are deferred in other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt instrument. The fair value of interest rate swaps on long-term debt designated as fair value hedges, to the extent the hedge relationship is effective, are recorded as an asset or liability with a corresponding adjustment to the carrying value of the debt. Any ineffectiveness on these instruments is immediately recognized in interest expense in the period that the ineffectiveness occurs. | |
Gains or losses resulting from the early termination of interest rate swaps previously designated as fair value hedges are deferred as an increase or decrease to the carrying value of the related debt and amortized as an adjustment to the yield of the related debt instrument over the remaining period originally covered by the swap. The cash received or paid relating to the termination of interest rate swaps is included in accrued liabilities and other as an operating activity in the Consolidated Statements of Cash Flows. | |
Foreign Currency Management | |
The Company utilizes forward exchange contracts and options to manage foreign exchange risk related to both known and anticipated intercompany transactions and third-party commercial transaction exposures of approximately one year in duration or less. For instruments designated as cash flow hedges, the effective portion of the changes in fair value of these instruments is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transactions affect earnings. Any ineffective portion is immediately recognized in earnings. For instruments designated as fair value hedges, the changes in fair value are reported in earnings, generally offsetting the change in value of the underlying instrument being hedged. | |
Gains and losses related to qualifying forward exchange contracts, which hedge certain anticipated transactions, are recognized in other comprehensive income (loss) until the underlying transaction occurs. | |
The fair values of foreign currency hedging instruments are recorded within Prepaid expenses and other and Other accrued liabilities in the Consolidated Balance Sheets based on the maturity of the Company’s forward contracts at December 31, 2014 and 2013. The earnings impact of cash flow hedges relating to forecasted purchases of inventory is generally reported in cost of products sold to match the underlying transaction being hedged. For hedged forecasted transactions, hedge accounting is discontinued if the forecasted transaction is no longer probable of occurring, in which case previously deferred hedging gains or losses would be recorded to earnings immediately. | |
Foreign Currency Translation | |
Assets and liabilities of foreign subsidiaries are translated into U.S. Dollars at the rates of exchange in effect at year-end. The related translation adjustments are made directly to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income (loss). International subsidiaries operating in highly inflationary economies remeasure nonmonetary assets at historical rates, while net monetary assets are remeasured at current rates, with the resulting remeasurement adjustment included in net income (loss) as other expense, net. | |
The Company designates certain foreign currency denominated, long-term intercompany financing transactions as being of a long-term investment nature and records gains and losses on the transactions arising from changes in exchange rates as translation adjustments. | |
Venezuelan Operations | |
The Company accounts for its Venezuelan operations using highly inflationary accounting, and therefore, the Company remeasures assets, liabilities, sales and expenses denominated in Bolivar Fuertes (“Bolivars”) into U.S. Dollars using the applicable exchange rate, and the resulting translation adjustments are included in earnings. In February 2013, the exchange rate for Bolivars declined to 6.3 Bolivars per U.S. Dollar. Prior thereto, the Company remeasured its operations denominated in Bolivars at the rate of exchange used by the Transaction System for Foreign Currency Denominated Securities (“SITME”) of 5.3 Bolivars per U.S. Dollar. As a result, the Company recorded a charge of $11.1 million in the first quarter of 2013, based on the decline in value of the net monetary assets of its Venezuelan operations that are denominated in Bolivars. | |
Beginning in July 2013, the Venezuelan government authorized certain companies that operate in designated industry sectors to exchange a limited volume of Bolivars for U.S. Dollars at a bid rate established via weekly auctions under a system referred to as “SICAD I.” During the first quarter of 2014, the government expanded the types of transactions that may be subject to the weekly SICAD I auction process while retaining the official rate of 6.3 Bolivars per U.S. Dollar and introduced another currency exchange mechanism (“SICAD II”). The SICAD II rate was intended to more closely resemble a market-driven exchange rate than the official rate and SICAD I, but was no longer being quoted beginning February 2015. As a result of these changes, an entity may be able to convert Bolivars to U.S. Dollars at one or more of three legal exchange rates, which as of December 31, 2014, were 6.3 (official rate), 12.0 (SICAD I) and 50.0 (SICAD II). The Company analyzed the multiple rates currently available and the Company’s estimates of the applicable rate at which future transactions could be settled and dividends can be paid. Based on this analysis, as of March 31, 2014 the Company adopted the SICAD I rate as the appropriate rate to use for remeasurement prospectively. Therefore, as of December 31, 2014, the Company remeasured the net monetary assets of its Venezuelan operations using an exchange rate of 12.0 Bolivars per U.S. Dollar, which was the SICAD I rate on that date. The Company recorded charges of $45.6 million in 2014, based on the decline in value of the net monetary assets of its Venezuelan operations that are denominated in Bolivars, which includes a $38.7 million charge upon adoption of the SICAD I rate in the first quarter of 2014. The Company will continue to monitor developments over the coming quarters and expects to continue to use the SICAD I rate to remeasure the net monetary assets of its Venezuelan subsidiary unless facts and circumstances change. The results of the Company’s Venezuelan operations have been included in the Company’s consolidated financial statements for all periods presented, as the Company has been able to exchange Bolivars for a sufficient amount of U.S. Dollars to fund its Venezuelan operations and has had the ability to exercise control over a majority of the operating decisions of its Venezuelan business. | |
As of December 31, 2014, the Company’s Venezuelan operations had approximately $55.8 million in Bolivar-denominated net monetary assets, including $53.3 million of cash and cash equivalents. The $53.3 million is subject to currency exchange controls in Venezuela, which limits the amount of cash available to support the Company’s worldwide operations. In future periods, foreign exchange gains (losses) arising due to the appreciation (depreciation) of the Bolivar versus the U.S. Dollar will result in benefits (charges) based on the change in value of the Bolivar-denominated net monetary assets. During the years ended December 31, 2014, 2013 and 2012, the Company’s Venezuelan operations generated 1.4% or less of consolidated net sales. | |
The Company is unable to predict with certainty whether future devaluations will occur because of economic and political uncertainty in Venezuela. If the Bolivar devalues further or if the Company is able to access currency at different rates that are reasonable to the Company, it could result in additional foreign currency exchange losses, and such devaluations could adversely affect the Company’s future financial results. Despite the additional currency conversion mechanisms, the Company’s ability to pay dividends from Venezuela is still restricted due to the low volume of U.S. Dollars available for conversion. | |
The Company is also unable to predict how any pricing regulations will impact the Company’s Venezuelan operations, as the regulations may require the Company to reduce prices in the future and/or limit its ability to increase prices in the future to offset inflation or other increases in costs. | |
Income Taxes | |
The Company accounts for deferred income taxes using the asset and liability approach. Under this approach, deferred income taxes are recognized based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized. No provision is made for the U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries that are considered to be permanently invested. | |
The Company’s income tax provisions are based on calculations and assumptions that are subject to examination by various worldwide tax authorities. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax, interest and penalty reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes, interest and penalties. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. | |
The authoritative guidance requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate, as well as impact operating results. | |
Stock-Based Compensation | |
Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the award, which is generally three to five years for stock options and one to three years for restricted stock units and performance-based restricted stock units. The Company estimates future forfeiture rates based on its historical experience. See Footnote 15 for additional information. | |
Recent Accounting Pronouncements | |
Changes to U.S. Generally Accepted Accounting Principles (“US GAAP”) are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. | |
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The Company adopted the provisions of ASU 2013-11 beginning January 1, 2014, and the adoption did not have a material impact on the Company’s financial statements or disclosures. | |
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals representing a strategic shift in operations would be presented as discontinued operations. This guidance requires expanded disclosure that provides information about the assets, liabilities, income and expenses of discontinued operations. Additionally, the guidance requires additional disclosure for a disposal of a significant part of an entity that does not qualify for discontinued operations reporting. This guidance will be effective for reporting periods beginning on or after December 15, 2014, with early adoption permitted for disposals or classifications of assets as held-for-sale that have not been reported in financial statements previously issued or available for issuance. The Company adopted ASU 2014-08 on January 1, 2015, and the adoption did not impact the Company’s financial statements and disclosures. As required by ASU 2014-08, the businesses currently classified as discontinued operations will continue to be classified as such after January 1, 2015. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Accounting Standard Codification 605 — Revenue Recognition” and most industry-specific guidance. ASU 2014-09 requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2016. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is currently assessing the impact ASU 2014-09 will have on its financial position and results of operations. | |
Other recently issued ASUs were assessed and determined to be either not applicable or are expected to have a minimal impact on the Company’s consolidated financial position, results of operations and disclosures. |
Acquisitions_Notes
Acquisitions (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | FOOTNOTE 2 |
Acquisitions | |
Ignite | |
On September 4, 2014, the Company acquired 100% of Ignite Holdings, LLC (“Ignite”) for $312.9 million, which is net of $7.2 million of cash acquired. A portion of the purchase price was used to repay Ignite’s outstanding debt obligations at closing. Ignite is a designer and marketer of durable beverage containers sold under the Contigo® and Avex® brands. The Ignite acquisition gives the Company’s Home Solutions segment access to additional channels in the on-the-go hydration and thermal bottle market in North America and fits with the Company’s strategy of accelerating growth by leveraging its capabilities across additional product categories, geographies and channels. | |
This acquisition was accounted for using the purchase method of accounting and, accordingly, the Company allocated the total purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Based on the preliminary purchase price allocation, which is subject to change while the Company obtains final third-party valuations, the Company allocated $18.5 million of the purchase price to identified tangible and monetary net assets and $151.6 million to identified intangible assets. Approximately $57.6 million was allocated to an indefinite-lived intangible asset and approximately $94.0 million was allocated to definite-lived intangible assets with a weighted-average life of 7.5 years. The indefinite-lived intangible asset represents the acquired Contigo® trade name. The Company recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $142.8 million as goodwill, which is included in the Consolidated Balance Sheet at December 31, 2014. Approximately $105.5 million of the goodwill is expected to be tax deductible. The final purchase price is subject to post-closing adjustments for working capital and other matters. Ignite’s results of operations are included in the Company’s Consolidated Statements of Operations since the acquisition date, including net sales of $51.1 million since the acquisition date. Pro forma results of operations of the Company would not be materially different as a result of the acquisition and therefore are not presented. | |
bubba | |
On October 22, 2014, the Company acquired 100% of the assets of bubba brands, inc. (“bubba”) for $82.9 million. bubba is a designer and marketer of durable beverage containers in North America. The bubba acquisition expands the presence and distribution of the Company’s Home Solutions segment in the on-the-go thermal and hydration beverageware market. | |
The bubba acquisition was accounted for using the purchase method of accounting and, accordingly, the Company allocated the total purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Based on the preliminary purchase price allocation, which is subject to change while the Company obtains final third-party valuations, the Company allocated $11.1 million of the purchase price to identified tangible and monetary net assets and $41.0 million to identified intangible assets. Approximately $41.0 million was allocated to definite-lived intangible assets with a weighted-average life of 10 years. The Company recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $30.8 million as goodwill, which is included in the Consolidated Balance Sheet at December 31, 2014. All of the goodwill is expected to be tax deductible. The final purchase price is subject to post-closing adjustments for working capital and other matters. bubba’s results of operations are included in the Company’s Consolidated Statements of Operations since the acquisition date, including net sales of $13.4 million since the acquisition date. Pro forma results of operations of the Company would not be materially different as a result of the acquisition and therefore are not presented. | |
Baby Jogger | |
On December 15, 2014, the Company acquired 100% of Baby Jogger Holdings, Inc. (“Baby Jogger”), a designer and marketer of premium infant and juvenile products focused on activity strollers and related accessories. Baby Jogger is headquartered in the U.S. and markets and sells its products in North America, Europe and Asia. The Baby Jogger acquisition gives the Baby & Parenting segment a premium brand and the opportunity to expand its geographic footprint. The Company acquired Baby Jogger for net cash consideration of $206.5 million, a portion of which was used to repay Baby Jogger’s outstanding debt obligations at closing. | |
The Baby Jogger acquisition was accounted for using the purchase method of accounting and, accordingly, the Company allocated the total purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Based on the preliminary purchase price allocation, which is subject to change while the Company obtains final third-party valuations, the Company allocated $12.3 million of the purchase price to identified tangible and monetary net liabilities and $127.0 million to identified intangible assets. Approximately $104.0 million was allocated to an indefinite-lived intangible asset, and approximately $23.0 million was allocated to definite-lived intangible assets with a weighted-average life of 5 years. The indefinite-lived intangible asset represents the acquired Baby Jogger trade name and the acquired City Mini® and City Select® sub-brands. The Company recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $91.8 million as goodwill, which is included in the Consolidated Balance Sheet at December 31, 2014. Approximately $27.9 million of the goodwill is expected to be tax deductible. The final purchase price is subject to post-closing adjustments for working capital and other matters. Baby Jogger’s results of operations are included in the Company’s Consolidated Statements of Operations since the acquisition date, including net sales of $4.4 million since the acquisition date. Pro forma results of operations of the Company would not be materially different as a result of the acquisition and therefore are not presented. | |
The goodwill associated with the acquisitions is primarily attributable to synergies expected to arise after the acquisitions. The Company incurred $5.5 million of acquisition and integration costs associated with the Ignite, bubba and Baby Jogger acquisitions, which are included in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations for 2014. | |
The pro forma net sales for the year ended December 31, 2014 as if the Ignite, bubba and Baby Jogger acquisitions occurred on January 1, 2014 are $5.94 billion (unaudited). The pro forma net income and earnings per share for 2014 reflecting the inclusion of the acquisitions, individually and in the aggregate, as if such acquisitions occurred on January 1, 2014 would not be materially different than reported results for 2014 and therefore are not presented. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations [Abstract] | ||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations | |||||||||||
During 2014, the Company’s Endicia and Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment to sell the businesses. The Endicia business was included in the Writing segment, and the Culinary businesses were included in the Home Solutions segment. The Endicia business provides on-line postage solutions. The Culinary electrics business sells kitchen electrics and accessories to retailers, and the retail business sells cookware products and accessories through outlet stores. Based on the Company’s strategy to allocate resources to its businesses relative to their growth potential and those with the greater right to win in the marketplace, the Company determined that these businesses did not align with the Company’s long-term growth plans and has initiated plans to sell these businesses. The net assets of these businesses at December 31, 2014 were $43.3 million, primarily representing goodwill. | ||||||||||||
On September 10, 2013, the Company sold its Hardware business, including the Levolor®-branded and private label drapery hardware business, for net cash consideration of $182.9 million, of which $2.5 million was received in January 2014. The products sold by the Hardware business included convenience and window hardware, manual paint applicators, and drapery and cabinet hardware. The proceeds are net of $3.9 million of transaction expenses and $2.6 million of cash included in the assets sold. The net assets of the Hardware business were $72.8 million, including $21.2 million of goodwill, resulting in a pretax gain of $110.1 million. In addition, the Company retained approximately $27.0 million of accounts receivable, net of customer-related liabilities, associated with the Hardware business. | ||||||||||||
On July 12, 2013, the Company completed the sale of its Teach business, which provided interactive teaching technology solutions. The Company recorded $22.7 million of pretax losses during 2013 relating to the impairments of goodwill, intangibles and other long-lived assets and write-downs of working capital associated with the Teach business. | ||||||||||||
The following table provides a summary of amounts included in discontinued operations, which primarily relate to the Hardware, Teach, Endicia and Culinary electrics and retail businesses (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 83.4 | $ | 280.2 | $ | 394.2 | ||||||
Income from discontinued operations before income taxes | $ | 2.2 | $ | 0.5 | $ | 13.9 | ||||||
Income tax expense | 0.8 | 1.1 | 4.8 | |||||||||
Income (loss) from discontinued operations | 1.4 | (0.6 | ) | 9.1 | ||||||||
Net gain on disposal(1) | 3.4 | 58.9 | 1.7 | |||||||||
Income from discontinued operations, net of tax | $ | 4.8 | $ | 58.3 | $ | 10.8 | ||||||
-1 | 2014 includes pretax gains of $2.2 million (related tax benefit of $1.2 million) relating to the recognition of $4.8 million of previously deferred gains on the sale of the international Hardware businesses, offset by $2.6 million of impairments relating to the Culinary businesses. 2013 includes pretax gains of $87.4 million (related tax expense of $28.5 million) relating to net gains from sale; impairments and write-offs of goodwill, intangibles and other long-lived assets; and write-downs and write-offs of net working capital. For 2012, net gain on disposal includes pretax gains of $5.2 million (related tax expense of $3.4 million) relating to the sale of the hand torch and solder business. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||||||||
In October 2013, the Company entered into agreements with Goldman, Sachs & Co. (“Goldman Sachs”) to effect an accelerated stock buyback (the “ASB Agreement”) of the Company’s common stock. Under the ASB Agreement, the Company paid Goldman Sachs an initial purchase price of $350.0 million, and Goldman Sachs delivered to the Company 9.4 million shares of the Company’s common stock based on an initial per share amount of $29.69, representing a substantial majority of the shares expected to be delivered under the ASB Agreement. The number of shares that the Company ultimately purchased under the ASB Agreement was determined based on the average of the daily volume-weighted average share prices of the Company’s common stock over the course of a calculation period, less a discount, and was subject to certain adjustments under the ASB Agreement. Upon settlement following the end of the calculation period in March 2014, Goldman Sachs delivered 2.0 million additional shares to the Company so that the aggregate value of the shares initially delivered plus such additional shares, based on the final price, was $350.0 million. Such shares were immediately retired. | ||||||||||||||||
In August 2011, the Company announced a $300.0 million three-year share repurchase program (the “SRP”). Under the SRP, the Company may repurchase its own shares of common stock through a combination of a 10b5-1 automatic trading plan, discretionary market purchases or in privately negotiated transactions. The SRP was authorized for a period of three years ending in August 2014. In 2014, the SRP was expanded and extended such that the Company may repurchase over $750.0 million of additional shares from February 2014 through the end of 2017, and the $42.9 million availability remaining at December 31, 2013 under the initial $300.0 million authorization was canceled. During 2014, the Company repurchased 11.4 million shares pursuant to the SRP for $363.2 million, and such shares were immediately retired. From the commencement of the SRP in August 2011 through December 31, 2014, the Company has repurchased and retired a total of 24.4 million shares at an aggregate cost of $620.3 million, and the Company has $436.4 million of authorized repurchases remaining under the SRP as of December 31, 2014. The repurchase of additional shares will depend upon many factors, including the Company’s financial condition, liquidity and legal requirements. | ||||||||||||||||
The following tables display the components of accumulated other comprehensive income (loss ) (“AOCI”) as of and for the years ended December 31, 2014 and 2013 (in millions): | ||||||||||||||||
Foreign Currency | Unrecognized | Derivative Hedging | Accumulated Other | |||||||||||||
Translation | Pension & Other | (Loss) Income, net of tax | Comprehensive Loss | |||||||||||||
Loss, net of tax(1) | Postretirement | |||||||||||||||
Costs, net of tax | ||||||||||||||||
Balance at December 31, 2012 | $ | (166.5 | ) | $ | (621.1 | ) | $ | (1.4 | ) | $ | (789.0 | ) | ||||
Other comprehensive income before reclassifications | 4.3 | 116.3 | 3.2 | 123.8 | ||||||||||||
Amounts reclassified to earnings | 0.7 | 21.5 | (2.2 | ) | 20 | |||||||||||
Net current period other comprehensive income | 5 | 137.8 | 1 | 143.8 | ||||||||||||
Balance at December 31, 2013 | (161.5 | ) | (483.3 | ) | (0.4 | ) | (645.2 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (126.3 | ) | (84.1 | ) | 9.5 | (200.9 | ) | |||||||||
Amounts reclassified to earnings | — | 55.7 | (4.0 | ) | 51.7 | |||||||||||
Net current period other comprehensive income | (126.3 | ) | (28.4 | ) | 5.5 | (149.2 | ) | |||||||||
Balance at December 31, 2014 | $ | (287.8 | ) | $ | (511.7 | ) | $ | 5.1 | $ | (794.4 | ) | |||||
(1) Includes foreign exchange (losses) gains of $(29.6) million and $10.0 million during 2014 and 2013, respectively, associated with intercompany loans designated as long-term. | ||||||||||||||||
The following table depicts the components of other comprehensive income (loss) reclassified to earnings presented on a pretax basis and the associated income tax impact for the year ended December 31, (in millions): | ||||||||||||||||
Amount Reclassified to Earnings as Expense (Benefit) in the Statement of Operations | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Foreign currency translation loss: | ||||||||||||||||
Total before tax | $ | — | $ | 0.7 | $ | — | Discontinued operations | |||||||||
Tax effect | — | — | — | |||||||||||||
Net of tax | $ | — | $ | 0.7 | $ | — | ||||||||||
Unrecognized pension and other postretirement costs: | ||||||||||||||||
Prior service (benefit) cost | $ | (6.5 | ) | $ | (1.6 | ) | $ | 0.7 | (1) | |||||||
Actuarial loss | 92.9 | 33.5 | 25.6 | (1) | ||||||||||||
Total before tax | 86.4 | 31.9 | 26.3 | |||||||||||||
Tax effect | (30.7 | ) | (10.4 | ) | (8.2 | ) | ||||||||||
Net of tax | $ | 55.7 | $ | 21.5 | $ | 18.1 | ||||||||||
Derivatives: | ||||||||||||||||
Foreign exchange contracts on inventory-related purchases | $ | (5.9 | ) | $ | (3.8 | ) | $ | 0.1 | Cost of products sold | |||||||
Foreign exchange contracts on intercompany borrowings | (0.3 | ) | — | 0.1 | Interest expense, net | |||||||||||
Forward interest rate swaps | 0.7 | 0.7 | 0.1 | Interest expense, net | ||||||||||||
Commodity swaps | — | — | 2.9 | Cost of products sold | ||||||||||||
Total before tax | (5.5 | ) | (3.1 | ) | 3.2 | |||||||||||
Tax effect | 1.5 | 0.9 | (1.3 | ) | ||||||||||||
Net of tax | $ | (4.0 | ) | $ | (2.2 | ) | $ | 1.9 | ||||||||
-1 | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement benefit costs, which are recorded in the cost of products sold and selling, general and administrative expenses line items in the Consolidated Statements of Operations for 2014, 2013 and 2012. For 2014, $65.4 million of the amount is reflected as pension settlement charge. See Footnote 13 for further details. |
Restructuring_Costs
Restructuring Costs | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring Costs | Restructuring Costs | |||||||||||||||
Project Renewal | ||||||||||||||||
In October 2011, the Company announced Project Renewal, a program designed to reduce the complexity of the organization and increase investment in growth platforms within the business. Project Renewal is designed to simplify and align the business around two key activities — Brand & Category Development and Market Execution & Delivery. In connection with the program, the Company eliminated its operating groups and consolidated its 13 GBUs into five business segments. In addition, the Company is consolidating certain manufacturing facilities and distribution centers as part of the program, with the goal of increasing operational efficiency, reducing costs and improving gross margin. | ||||||||||||||||
In October 2014, the Company announced an expansion of Project Renewal, under which the Company intends to: (i) further streamline its supply chain function, including a reduction of overhead and a realignment of the supply chain management structure; (ii) invest in value analysis and value engineering efforts to reduce product and packaging costs; (iii) reduce operational and manufacturing complexity in its Writing segment; (iv) further streamline its distribution and transportation functions; and (v) further reduce its overhead costs. In connection with the expansion, the Company expects to incur incremental costs of approximately $200 million, including pretax restructuring charges in the range of $75 to $125 million. Other costs related to the expansion include advisory costs for process transformation and optimization initiatives, as well as project management, capital investment and capability building costs. | ||||||||||||||||
Cumulative pretax costs of the expanded Project Renewal are expected to be $540 to $575 million, of which $510 to $540 million are expected to be cash costs. Approximately 65% to 75% of the total costs are expected to be restructuring costs, a majority of which are expected to be employee-related cash costs, including severance, retirement and other termination benefits and costs. Project Renewal is expected to be complete by the end of 2017. | ||||||||||||||||
The following table depicts the restructuring charges, net of adjustments, incurred in connection with Project Renewal for the years ended December 31, (in millions): | ||||||||||||||||
2014 | 2013 | 2012 | Since Inception Through December 31, 2014 | |||||||||||||
Facility and other exit costs, including impairments | $ | 7.5 | $ | 5.7 | $ | (0.7 | ) | $ | 20.9 | |||||||
Employee severance, termination benefits and relocation costs | 25.2 | 93.4 | 29.2 | 166.1 | ||||||||||||
Exited contractual commitments and other | 21.1 | 14.6 | 8.8 | 49 | ||||||||||||
$ | 53.8 | $ | 113.7 | $ | 37.3 | $ | 236 | |||||||||
Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management, are periodically updated for changes and also include amounts recognized as incurred. The provision amounts in the following tables include adjustments for updates or subsequent changes to restructuring provisions. The following tables depict the activity in accrued restructuring reserves for Project Renewal for 2014 and 2013 (in millions): | ||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||
Balance | Provision | Costs Incurred | Balance | |||||||||||||
Facility and other exit costs, including impairments | $ | — | $ | 7.5 | $ | (7.5 | ) | $ | — | |||||||
Employee severance, termination benefits and relocation costs | 60.3 | 25.2 | (62.7 | ) | 22.8 | |||||||||||
Exited contractual commitments and other | 7.1 | 21.1 | (10.7 | ) | 17.5 | |||||||||||
$ | 67.4 | $ | 53.8 | $ | (80.9 | ) | $ | 40.3 | ||||||||
31-Dec-12 | 31-Dec-13 | |||||||||||||||
Balance | Provision | Costs Incurred | Balance | |||||||||||||
Facility and other exit costs, including impairments | $ | — | $ | 5.7 | $ | (5.7 | ) | $ | — | |||||||
Employee severance, termination benefits and relocation costs | 19 | 93.4 | (52.1 | ) | 60.3 | |||||||||||
Exited contractual commitments and other | 4.3 | 14.6 | (11.8 | ) | 7.1 | |||||||||||
$ | 23.3 | $ | 113.7 | $ | (69.6 | ) | $ | 67.4 | ||||||||
The following tables depict the activity in accrued restructuring reserves for Project Renewal for 2014 and 2013 aggregated by reportable business segment (in millions): | ||||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||
Segment | Balance | Provision | Costs Incurred | Balance | ||||||||||||
Writing | $ | 25.8 | $ | 9.8 | $ | (25.9 | ) | $ | 9.7 | |||||||
Home Solutions | 0.7 | 1.7 | (1.4 | ) | 1 | |||||||||||
Tools | 0.3 | 3.3 | (3.1 | ) | 0.5 | |||||||||||
Commercial Products | 6.8 | 3.2 | (4.9 | ) | 5.1 | |||||||||||
Baby & Parenting | 1.4 | 2.1 | (1.3 | ) | 2.2 | |||||||||||
Corporate (including discontinued operations) | 32.4 | 33.7 | (44.3 | ) | 21.8 | |||||||||||
$ | 67.4 | $ | 53.8 | $ | (80.9 | ) | $ | 40.3 | ||||||||
31-Dec-12 | 31-Dec-13 | |||||||||||||||
Segment | Balance | Provision | Costs Incurred | Balance | ||||||||||||
Writing | $ | 1.4 | $ | 34.3 | $ | (9.9 | ) | $ | 25.8 | |||||||
Home Solutions | 8.5 | 4.6 | (12.4 | ) | 0.7 | |||||||||||
Tools | 0.2 | 4.3 | (4.2 | ) | 0.3 | |||||||||||
Commercial Products | 1.4 | 8.1 | (2.7 | ) | 6.8 | |||||||||||
Baby & Parenting | 0.9 | 1.9 | (1.4 | ) | 1.4 | |||||||||||
Corporate (including discontinued operations) | 10.9 | 60.5 | (39.0 | ) | 32.4 | |||||||||||
$ | 23.3 | $ | 113.7 | $ | (69.6 | ) | $ | 67.4 | ||||||||
Total Restructuring Costs | ||||||||||||||||
The table below shows restructuring costs recognized in continuing operations for all restructuring activities for the periods indicated, aggregated by reportable business segment (in millions): | ||||||||||||||||
Segment | 2014(1) | 2013(1) | 2012 | |||||||||||||
Writing | $ | 9.8 | $ | 34.3 | $ | 3.7 | ||||||||||
Home Solutions | 1.6 | 3.8 | 7.6 | |||||||||||||
Tools | 4.5 | 6 | 1 | |||||||||||||
Commercial Products | 3.2 | 8.1 | 5.6 | |||||||||||||
Baby & Parenting | 2.1 | 1.9 | 0.9 | |||||||||||||
Corporate (including discontinued operations) | 31.6 | 56.2 | 34.1 | |||||||||||||
$ | 52.8 | $ | 110.3 | $ | 52.9 | |||||||||||
(1)Total restructuring costs include $1.0 million and $3.4 million of costs relating to prior restructuring projects and charges classified as discontinued operations that had the impact of decreasing the total charges for 2014 and 2013, respectively. | ||||||||||||||||
Cash paid for all restructuring activities included in operating activities was $71.8 million, $74.9 million and $48.6 million for 2014, 2013 and 2012, respectively. |
Inventories_Net
Inventories, Net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Inventories, Net | Inventories, Net | |||||||
The components of net inventories were as follows as of December 31, (in millions): | ||||||||
2014 | 2013 | |||||||
Materials and supplies | $ | 117.9 | $ | 123.5 | ||||
Work in process | 104.5 | 107 | ||||||
Finished products | 486.1 | 453.9 | ||||||
$ | 708.5 | $ | 684.4 | |||||
Inventory costs include direct materials, direct labor and manufacturing overhead, or when finished goods are sourced, the cost is the amount paid to the third party. Cost of certain domestic inventories (approximately 53.3% and 51.8% of gross inventory costs at December 31, 2014 and 2013, respectively) was determined by the LIFO method; for the balance, cost was determined using the FIFO method. As of December 31, 2014 and 2013, LIFO reserves were $30.8 million and $34.2 million, respectively. The pretax income from continuing operations recognized by the Company related to the liquidation of LIFO-based inventories in 2014, 2013 and 2012 was $7.2 million, $6.5 million and $3.2 million, respectively. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant & Equipment, Net | |||||||
Property, plant and equipment, net, consisted of the following as of December 31, (in millions): | ||||||||
2014 | 2013 | |||||||
Land | $ | 21.3 | $ | 27 | ||||
Buildings and improvements | 342.9 | 375 | ||||||
Machinery and equipment | 1,767.30 | 1,725.40 | ||||||
2,131.50 | 2,127.40 | |||||||
Accumulated depreciation | (1,572.4 | ) | (1,587.8 | ) | ||||
$ | 559.1 | $ | 539.6 | |||||
Depreciation expense for continuing operations was $93.2 million, $99.9 million and $102.9 million in 2014, 2013 and 2012, respectively. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets, Net | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets, Net | |||||||||||||||||||
A summary of changes in the Company’s goodwill by reportable business segment is as follows for 2014 and 2013 (in millions): | ||||||||||||||||||||
Segment | December 31, | Acquisitions(1) | Other Adjustments | Foreign Currency | December 31, | |||||||||||||||
2013 | 2014 | |||||||||||||||||||
Balance | Balance | |||||||||||||||||||
Writing | $ | 1,161.50 | $ | — | $ | — | $ | (70.6 | ) | $ | 1,090.90 | |||||||||
Home Solutions | 205.7 | 173.6 | — | — | 379.3 | |||||||||||||||
Tools | 484.5 | — | — | (5.9 | ) | 478.6 | ||||||||||||||
Commercial Products | 387.8 | — | — | (0.3 | ) | 387.5 | ||||||||||||||
Baby & Parenting | 121.6 | 91.8 | — | (3.7 | ) | 209.7 | ||||||||||||||
$ | 2,361.10 | $ | 265.4 | $ | — | $ | (80.5 | ) | $ | 2,546.00 | ||||||||||
Segment | December 31, | Acquisitions | Other Adjustments(2) | Foreign Currency | December 31, | |||||||||||||||
2012 | 2013 | |||||||||||||||||||
Balance | Balance | |||||||||||||||||||
Writing | $ | 1,145.40 | $ | — | $ | (7.7 | ) | $ | 23.8 | $ | 1,161.50 | |||||||||
Home Solutions | 226.9 | — | (21.2 | ) | — | 205.7 | ||||||||||||||
Tools | 482.2 | — | — | 2.3 | 484.5 | |||||||||||||||
Commercial Products | 387.7 | — | — | 0.1 | 387.8 | |||||||||||||||
Baby & Parenting | 128 | — | — | (6.4 | ) | 121.6 | ||||||||||||||
$ | 2,370.20 | $ | — | $ | (28.9 | ) | $ | 19.8 | $ | 2,361.10 | ||||||||||
-1 | On September 4, 2014, the Company acquired Ignite for $312.9 million, and on October 22, 2014, the Company acquired the assets of bubba for $82.9 million. Both acquisitions are included in the Company’s Home Solutions segment and resulted in total goodwill of $173.6 million. On December 15, 2014, the Company acquired Baby Jogger for a purchase price of $206.5 million, and Baby Jogger is included in the Baby & Parenting segment. The acquisition of Baby Jogger resulted in goodwill of $91.8 million. | |||||||||||||||||||
(2) The other adjustment for 2013 for Home Solutions includes the goodwill of the cabinet and drapery hardware business that was written off in connection with the sale of the Hardware business in 2013. The other adjustment for 2013 for Writing represents the goodwill of the Teach business that was deemed impaired in connection with plans to divest the business. | ||||||||||||||||||||
The Company performs its annual impairment tests of goodwill and indefinite-lived intangibles as of the first day of the Company’s third quarter because it coincides with the Company’s annual strategic planning process. Effective in the fourth quarter of 2012, the Company, as part of Project Renewal, implemented changes to its organizational structure that resulted in an increase in the number of reportable segments, from three to six, and reporting units, from nine to 15. Based on the Company’s plans to divest the Hardware and Teach businesses, the goodwill of these reporting units was evaluated for impairment each reporting period subsequent to the Company committing to dispose of these businesses, which occurred in the first quarter of 2013. The Company concluded that the goodwill of the Teach reporting unit was impaired in the first quarter of 2013, and the goodwill of the Hardware reporting unit was not impaired. Upon further reorganization in the first quarter of 2013 and excluding the Hardware and Teach reporting units, the number of reportable segments was reduced to five, and the number of reporting units was reduced to 13. | ||||||||||||||||||||
During 2014, the Company’s Endicia® and Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment to sell the businesses. The Endicia business was included in the Writing segment, and the Culinary businesses were included in the Home Solutions segment. The goodwill of these businesses was evaluated for impairment each reporting period subsequent to the Company committing to dispose of these businesses, which occurred in the third quarter of 2014. The Company concluded that the goodwill of these businesses was not impaired. Other than the interim tests of impairment of the Endicia and Culinary businesses in connection with the Company’s plans to divest these businesses, there were no other impairment tests of goodwill and indefinite-lived intangible assets during 2014 other than the annual impairment tests. As of December 31, 2014, the Company continued to have 13 reporting units. | ||||||||||||||||||||
Cumulative impairment charges relating to goodwill since January 1, 2002, were $1,642.4 million as of December 31, 2014. Of these amounts, $538.0 million was included in cumulative effect of accounting change, and $363.6 million was included in discontinued operations. | ||||||||||||||||||||
Other intangible assets, net consisted of the following as of December 31, (in millions): | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Gross | Accumulated | Net Book Value | Gross | Accumulated | Net Book Value | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Trade names — indefinite life | $ | 470.2 | $ | — | $ | 470.2 | $ | 312.4 | $ | — | $ | 312.4 | ||||||||
Trade names — other | 48.5 | (28.6 | ) | 19.9 | 37 | (25.9 | ) | 11.1 | ||||||||||||
Capitalized software | 462 | (229.7 | ) | 232.3 | 446.8 | (194.9 | ) | 251.9 | ||||||||||||
Patents | 152.2 | (84.9 | ) | 67.3 | 89.5 | (75.6 | ) | 13.9 | ||||||||||||
Customer lists | 184.8 | (89.0 | ) | 95.8 | 108.6 | (83.4 | ) | 25.2 | ||||||||||||
Other | 4.2 | (2.5 | ) | 1.7 | 2.3 | (2.3 | ) | — | ||||||||||||
$ | 1,321.90 | $ | (434.7 | ) | $ | 887.2 | $ | 996.6 | $ | (382.1 | ) | $ | 614.5 | |||||||
The table below summarizes the Company’s amortization periods using the straight-line method for other intangible assets, including capitalized software, as of December 31, 2014: | ||||||||||||||||||||
Weighted-Average Amortization Period (in years) | Amortization Periods (in years) | |||||||||||||||||||
Trade names — indefinite life | N/A | N/A | ||||||||||||||||||
Trade names — other | 11 | 3–20 years | ||||||||||||||||||
Capitalized software | 10 | 3–12 years | ||||||||||||||||||
Patents | 7 | 3–14 years | ||||||||||||||||||
Customer lists | 8 | 3–10 years | ||||||||||||||||||
Other | 4 | 3–5 years | ||||||||||||||||||
9 | ||||||||||||||||||||
Amortization expense for intangible assets, including capitalized software, for continuing operations was $60.6 million, $55.3 million and $54.8 million in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
As of December 31, 2014, the aggregate estimated intangible amortization amounts for the succeeding five years are as follows (in millions): | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
$74.30 | $70.00 | $66.90 | $60.70 | $54.60 | ||||||||||||||||
Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives and other relevant factors. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities [Abstract] | ||||||||
Other Accrued Liabilities | Other Accrued Liabilities | |||||||
Other accrued liabilities included the following as of December 31, (in millions): | ||||||||
2014 | 2013 | |||||||
Customer accruals | $ | 316 | $ | 292.6 | ||||
Accruals for manufacturing, marketing and freight expenses | 86.1 | 89.8 | ||||||
Accrued self-insurance liabilities | 55.8 | 58.5 | ||||||
Accrued pension, defined contribution and other postretirement benefits | 36.6 | 46.5 | ||||||
Accrued contingencies, primarily legal, environmental and warranty | 27.8 | 35 | ||||||
Accrued restructuring (See Footnote 5) | 46.1 | 76.7 | ||||||
Other | 90.9 | 104.4 | ||||||
Other accrued liabilities | $ | 659.3 | $ | 703.5 | ||||
Customer accruals are promotional allowances and rebates, including cooperative advertising, given to customers in exchange for their selling efforts and volume purchased. The self-insurance accrual is primarily casualty liabilities such as workers’ compensation, general and product liability and auto liability, and is estimated based upon historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs. |
Debt
Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||||||||||||||
Debt | Debt | ||||||||||||||||||||
The following is a summary of outstanding debt as of December 31, (in millions): | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Medium-term notes | $ | 2,089.50 | $ | 1,659.80 | |||||||||||||||||
Commercial paper | 28 | 95 | |||||||||||||||||||
Receivables facility | 350 | 75 | |||||||||||||||||||
Other debt | 14.4 | 6.6 | |||||||||||||||||||
Total debt | 2,481.90 | 1,836.40 | |||||||||||||||||||
Short-term debt | (390.7 | ) | (174.0 | ) | |||||||||||||||||
Current portion of long-term debt | (6.7 | ) | (0.8 | ) | |||||||||||||||||
Long-term debt | $ | 2,084.50 | $ | 1,661.60 | |||||||||||||||||
During 2014 and 2013, the Company’s average commercial paper obligations outstanding were $114.4 million and $122.4 million, respectively, at average interest rates, including fees and commissions, of 2.7% and 2.9%, respectively. | |||||||||||||||||||||
The aggregate maturities of debt outstanding, based on the earliest date the obligation may become due, are as follows as of December 31, 2014 (in millions): | |||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||
$ | 397.4 | $ | 5.7 | $ | 355.6 | $ | 251.6 | $ | 350 | $ | 1,121.60 | $ | 2,481.90 | ||||||||
Medium-term Notes | |||||||||||||||||||||
The Company’s outstanding medium-term notes consisted of the following principal amounts and interest rate swap values as of December 31, (in millions): | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
2.00% senior notes due 2015 | $ | — | $ | 250 | |||||||||||||||||
2.05% senior notes due 2017 | 350 | 350 | |||||||||||||||||||
6.25% senior notes due 2018 | 250 | 250 | |||||||||||||||||||
10.60% senior notes due 2019 | — | 20.7 | |||||||||||||||||||
2.875% senior notes due 2019 | 350 | — | |||||||||||||||||||
4.70% senior notes due 2020 | 381.3 | 550 | |||||||||||||||||||
4.00% senior notes due 2022 | 250 | 250 | |||||||||||||||||||
4.00% senior notes due 2024 | 500 | — | |||||||||||||||||||
6.11% senior notes due 2028 | 1.5 | 1.5 | |||||||||||||||||||
Interest rate swaps | (11.8 | ) | (12.4 | ) | |||||||||||||||||
Gain on settled interest rate swap | 18.5 | — | |||||||||||||||||||
Total medium-term notes | $ | 2,089.50 | $ | 1,659.80 | |||||||||||||||||
Average stated interest rate of all medium-term notes outstanding as of December 31, 2014 was 3.88%. | |||||||||||||||||||||
As of December 31, 2014, the Company was party to fixed-for-floating interest rate swaps designated as fair value hedges. The interest rate swaps relate to an aggregate $596.0 million principal amount of the medium-term notes and result in the Company effectively paying a floating rate of interest on the medium-term notes hedged by the interest rate swaps, which includes fixed-for-floating interest rate contracts with third-party financial institutions the Company entered into during 2012 relating to $346.0 million of the 4.70% medium-term notes due 2020 and during 2014 relating to $250.0 million of the 4.00% medium-term notes due 2024. During 2014, the Company, at its option, terminated and settled portions of interest rate swaps related to an aggregate $154.0 million principal amount of 4.70% medium-term notes with an original maturity date of August 2020 in connection with the repayment of the underlying notes. The Company paid $5.9 million to counterparties as settlement for the interest rate swaps. The Company also, at its option, terminated and settled an interest rate swap related to the $250.0 million principal amount of 6.25% medium-term notes with an original maturity of April 2018. The Company received cash proceeds of $18.7 million from the counterparty as settlement for the interest rate swap. The gain resulting from the early termination of the interest rate swap was deferred and will be amortized as an adjustment to interest expense over the remaining term of the debt originally hedged by the interest rate swap. The cash paid and received from the termination of the interest rate swaps is included in cash provided by operating activities in accrued liabilities and other in the Consolidated Statement of Cash Flows for 2014. See Footnote 11 for further details. | |||||||||||||||||||||
The medium-term note balances at December 31, 2014 and 2013 include mark-to-market adjustments of $11.8 million and $12.4 million, respectively, to record the fair value of the hedges of the fixed-rate debt, and the mark-to-market adjustments had the effect of decreasing the reported value of the medium-term notes. Compared to the stated rates of the underlying medium-term notes, the interest rate swaps, including amortization of settled interest rate swaps, had the effect of reducing interest expense by $13.9 million, $13.6 million and $21.8 million for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
In November 2014, the Company completed the offering and sale of $850.0 million of unsecured senior notes, consisting of $350.0 million aggregate principal amount of 2.875% notes due 2019 (the “2.875% 2019 Notes”) and $500.0 million aggregate principal amount of 4.00% notes due 2024 (the “2024 Notes” and, together with the 2.875% 2019 Notes, the “Notes”). The aggregate net proceeds from the issuance of the Notes were $841.8 million, which were used to redeem $168.7 million of the $550.0 million principal amount outstanding 4.70% notes due 2020 (the “2020 Notes”), redeem the $250.0 million of outstanding 2.00% notes due 2015 (the “2015 Notes”), redeem the $20.7 million of outstanding 10.60% notes due 2019 (the “10.60% 2019 Notes”), reduce borrowings under the Company’s commercial paper program and receivables facility, finance acquisitions and for general corporate purposes. The Notes are senior obligations of the Company and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The 2.875% 2019 Notes may be redeemed by the Company at any time prior to the date that is one month prior to the maturity date, and the 2024 Notes may be redeemed at any time prior to the date that is three months prior to the maturity date of the 2024 Notes, in whole or in part, at a redemption price plus accrued and unpaid interest to the date of redemption. The redemption price is equal to the greater of (1) 100% of the principal amount of the Notes being redeemed on the redemption date or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of any payments of interest accrued through the date of the redemption), discounted to the date of redemption on a semiannual basis at a specified rate. If the 2.875% 2019 Notes are redeemed on or after a date that is one month prior to the maturity date of the 2.875% 2019 Notes, then the redemption price is equal to 100% of the principal amount of the 2.875% 2019 Notes being redeemed plus accrued interest to such redemption date. If the 2024 Notes are redeemed on or after a date that is three months prior to the maturity date of the 2024 Notes, then the redemption price is equal to 100% of the principal amount of the 2024 Notes being redeemed plus accrued interest to such redemption date. The Notes also contain a provision that allows holders of the Notes to require the Company to repurchase all or any part of the Notes if a change of control triggering event occurs. Under this provision, the repurchase of the Notes will occur at a purchase price of 101% of the outstanding principal amount, plus accrued and unpaid interest, if any, on such Notes to the date of repurchase. The Notes are classified as long-term debt in the Company’s Consolidated Balance Sheet at December 31, 2014, based on their maturity dates in 2019 and 2024. | |||||||||||||||||||||
In December 2014, the Company exercised the early redemption provisions of the 2015 Notes and repaid and retired the $250.0 million outstanding principal amount of the 2015 Notes. At settlement, the Company paid $251.9 million, which included a $1.9 million premium payable pursuant to the terms of the 2015 Notes. The Company recognized a loss of $2.3 million on extinguishment of the 2015 Notes, which included the premium paid and the write-off of unamortized debt issuance costs. | |||||||||||||||||||||
In December 2014, the Company also exercised the early redemption provisions of the 10.60% 2019 Notes and repaid and retired the remaining $20.7 million outstanding principal amount of the 10.60% 2019 Notes. At settlement, the Company made a cash payment of $28.1 million, which included a $7.4 million premium payable pursuant to the terms of the 10.60% 2019 Notes. The Company recognized a loss of $7.7 million on extinguishment of the 10.60% 2019 Notes, which included the premium paid and the write-off of unamortized debt issuance costs. | |||||||||||||||||||||
In December 2014, the Company completed a tender offer for the 2020 Notes and purchased $168.7 million principal amount of the $550.0 million outstanding 2020 Notes. Pursuant to the terms of the tender offer, the Company made a cash payment of $184.7 million, which included a $16.0 million premium payable pursuant to the terms of the tender offer. The Company recognized a loss on extinguishment of debt of $23.2 million in connection with the tender offer for the 2020 Notes, which included the premium paid, the write-off of unamortized debt issuance costs, transaction expenses and the settlement of interest rate swaps designated as fair value hedges of $154.0 million of the $168.7 million 2020 Notes tendered and repaid. | |||||||||||||||||||||
In June 2012, the Company completed the offering and sale of $500.0 million of unsecured senior notes, consisting of $250.0 million aggregate principal amount 2015 Notes and $250.0 million aggregate principal amount of 4.0% notes due 2022 (the “2022 Notes”). The aggregate net proceeds from these notes were $495.1 million and were used to fund the redemption of all of the $436.7 million of junior convertible subordinated debentures, which underlie the outstanding 5.25% convertible preferred securities with an aggregate liquidation preference of $421.2 million, to reduce short-term borrowings and for general corporate purposes. The 2022 Notes are senior obligations of the Company and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding and may be redeemed at any time prior to the date that is three months prior to the maturity date of the 2022 Notes, in whole or in part, at a redemption price plus accrued and unpaid interest to the date of redemption. The redemption price is equal to the greater of (1) 100% of the principal amount of the 2022 Notes being redeemed on the redemption date and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of any payments of interest accrued through the date of the redemption), discounted to the date of redemption on a semiannual basis at a specified rate. If the 2022 Notes are redeemed on or after a date that is three months prior to the maturity date of the 2022 Notes, then the redemption price is equal to 100% of the principal amount of the 2022 Notes being redeemed plus accrued interest to such redemption date. The 2022 Notes also contain a provision that allows holders of the 2022 Notes to require the Company to repurchase all or any part of the 2022 Notes if a change of control triggering event occurs. Under this provision, the repurchase of the 2022 Notes will occur at a purchase price of 101% of the outstanding principal amount, plus accrued and unpaid interest, if any, on such Notes to the date of repurchase. The 2022 Notes are classified as long-term debt in the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013, based on their maturity date in 2022. | |||||||||||||||||||||
In December 2012, the Company completed the offering and sale of $350.0 million aggregate principal amount of 2.05% notes due 2017 (the “2017 Notes”). The net proceeds of $346.8 million from the issuance of the 2017 Notes, together with cash on hand and short-term borrowings, were used to repay the $500.0 million outstanding principal amount of 5.50% notes due 2013 (the “2013 Notes”). The 2017 Notes are senior obligations of the Company and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The 2017 Notes may be redeemed by the Company at any time prior to the maturity date, in whole or in part, at a redemption price plus accrued and unpaid interest to the date of redemption. The redemption price is equal to the greater of (1) 100% of the principal amount of the 2017 Notes being redeemed on the redemption date and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of any payments of interest accrued through the date of the redemption), discounted to the date of redemption on a semiannual basis at a specified rate. The 2017 Notes also contain a provision that allows holders of the 2017 Notes to require the Company to repurchase all or any part of the 2017 Notes if a change of control triggering event occurs. Under this provision, the repurchase of the 2017 Notes will occur at a purchase price of 101% of the outstanding principal amount, plus accrued and unpaid interest, if any, on such 2017 Notes to the date of repurchase. The 2017 Notes are classified as long-term debt in the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013, based on their maturity date in 2017. | |||||||||||||||||||||
In December 2012, the Company repaid and retired the $500.0 million outstanding principal amount of the 2013 Notes. At settlement, the Company made cash payments of $512.9 million, which included accrued interest of $5.8 million through settlement and a $7.1 million premium payable due to the early repayment pursuant to the terms of the 2013 Notes. The Company recognized a loss of $4.1 million on extinguishment of the 2013 Notes, which includes the $7.1 million premium net of the remaining $3.0 million unamortized gain on terminated interest rate swaps attributable to the 2013 Notes. During 2012, the Company repaid and retired $250.0 million principal amount of the 6.75% senior notes due March 2012 and repaid and retired $8.5 million principal amount of extant 6.11% medium-term notes due 2028. | |||||||||||||||||||||
Junior Convertible Subordinated Debentures | |||||||||||||||||||||
In 1997, a 100% owned finance subsidiary (the “Subsidiary”) of the Company issued 10.0 million shares of 5.25% convertible preferred securities (the “Preferred Securities”). Holders of the Preferred Securities were entitled to cumulative cash dividends of 5.25% of the liquidation preference of $50 per Preferred Security, or $2.625 per year. Each of these Preferred Securities was convertible into 0.9865 of a share of the Company’s common stock. During 2005 and 2004, the Company purchased an aggregate of 1.6 million shares of its Preferred Securities from holders at an average price of $45.27 per share ($71.3 million). | |||||||||||||||||||||
The proceeds received by the Subsidiary from the issuance of the Preferred Securities were invested in the Company’s 5.25% Junior Convertible Subordinated Debentures (the “Debentures”), with a scheduled maturity date of December 1, 2027. In addition, the Subsidiary received approximately $15.5 million of the Company’s Debentures as payment for $15.5 million that the Company borrowed from the Subsidiary to purchase all of the common equity interests in the Subsidiary. As a result, the Company issued an aggregate of $515.5 million of Debentures, and the Subsidiary was the sole holder of the Debentures. | |||||||||||||||||||||
During 2012, the Company redeemed the $436.7 million of remaining outstanding Debentures. Because the Preferred Securities were mandatorily redeemable upon the retirement of the Debentures at maturity or upon acceleration of the Debentures, the Preferred Securities were concurrently redeemed at 100% of the liquidation preference of $421.2 million. In conjunction with the redemption of the Debentures and the Preferred Securities, the Company received cash proceeds of $15.5 million representing liquidation of the Company’s equity interest in the Subsidiary. The Company repaid the Debentures at 100% of their face amount; therefore, substantially all of the $6.0 million loss on extinguishment of the Debentures was due to the write-off of deferred financing costs. | |||||||||||||||||||||
Receivables-Related Borrowings | |||||||||||||||||||||
In September 2013, the Company amended its receivables facility to increase available borrowings from $200.0 million to up to $350.0 million and extend the expiration date to September 2015 (the “Receivables Facility”). Under the Receivables Facility, the Company and certain operating subsidiaries (collectively, “the Originators”) sell their receivables to a financing subsidiary as the receivables are originated. The financing subsidiary is wholly owned by the Company and is the owner of the purchased receivables and the borrower under the Receivables Facility. The assets of the financing subsidiary are restricted as collateral for the payment of debt or other obligations arising under the Receivables Facility, and the financing subsidiary’s assets and credit are not available to satisfy the debts and obligations owed to the Company’s or any other Originator’s creditors. The Company includes the financing subsidiary’s assets, liabilities and results of operations in its consolidated financial statements. The Receivables Facility requires, among other things, that the Company maintain a certain interest coverage ratio, and the Company was in compliance with such requirement as of December 31, 2014. The financing subsidiary owned $774.0 million of outstanding accounts receivable as of December 31, 2014, and these amounts are included in accounts receivable, net in the Company’s Consolidated Balance Sheet at December 31, 2014. The amount that may be borrowed under the Receivables Facility is subject to various limitations based on the character of the receivables owned by the financing subsidiary. The Company had outstanding borrowings of $350.0 million under the Receivables Facility as of December 31, 2014, which have been classified as short-term borrowings and bear interest at a weighted-average rate of 0.9%. | |||||||||||||||||||||
Revolving Credit Facility and Commercial Paper | |||||||||||||||||||||
On December 2, 2011, the Company entered into a five-year credit agreement (the “Credit Agreement”) with a syndicate of banks. As extended, the Credit Agreement provides for an unsecured syndicated revolving credit facility with a maturity date of December 2019, and an aggregate commitment at any time outstanding of up to $800.0 million (the “Facility”). The Company may from time to time request increases in the aggregate commitment to up to $1.25 billion upon the satisfaction of approval requirements. The Company may request extensions of the maturity date of the Facility (subject to lender approval) for additional one-year periods. Borrowings under the Facility will be used for general corporate purposes, and the Facility provides the committed backup liquidity required to issue commercial paper. Accordingly, commercial paper may be issued only up to the amount available for borrowing under the Facility. Under the Facility, the Company may borrow funds on a variety of interest rate terms. The Facility also provides for the issuance of up to $100.0 million of letters of credit, so long as there is a sufficient amount available for borrowing under the Facility. The Company may borrow, prepay and re-borrow amounts under the Facility at any time prior to termination of the Facility. As of December 31, 2014, there were no borrowings or standby letters of credit issued or outstanding under the Facility, and there was $28.0 million of commercial paper outstanding. | |||||||||||||||||||||
In addition to the committed portion of the Facility, the Credit Agreement provides for extensions of competitive bid loans from one or more lenders (at the lenders’ discretion) of up to $500.0 million, which are not a utilization of the amount available for borrowing under the Facility. | |||||||||||||||||||||
The Credit Agreement contains customary representations and warranties, covenants and events of default. The covenants set forth in the Credit Agreement include certain affirmative and negative operational and financial covenants, including, among other things, restrictions on the Company’s ability to incur certain liens, make fundamental changes to its business or engage in transactions with affiliates, limitations on the amount of indebtedness that may be incurred by the Company’s subsidiaries and a requirement that the Company maintain certain interest coverage and total indebtedness to total capital ratios, as defined in the Credit Agreement. In addition, the Credit Agreement provides for certain events of default, the occurrence of which could result in the acceleration of the Company’s obligations under the Credit Agreement and the termination of the lenders’ obligation to extend credit pursuant to the Credit Agreement. As of December 31, 2014, the Company was in compliance with the provisions of the Credit Agreement. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||||||
The use of financial instruments, including derivatives, exposes the Company to market risk related to changes in interest rates, foreign currency exchange rates and commodity prices. The Company primarily uses derivatives to manage its interest rate exposure, to achieve a desired proportion of variable and fixed-rate debt, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and to manage changes in fair value resulting from changes in foreign currency exchange rates. | |||||||||||||||||||||
The Company enters into interest rate swaps related to existing debt obligations with initial maturities ranging from five to ten years. The Company uses interest rate swap agreements to manage its interest rate exposure and to achieve a desired proportion of variable and fixed-rate debt. These derivatives are designated as fair value hedges based on the nature of the risk being hedged. The Company also uses derivatives to hedge interest rates on anticipated issuances of debt securities occurring within one year or less of the inception date of the derivative, and the Company uses these instruments to reduce the volatility in future interest payments that would be made pursuant to the anticipated debt issuances. These derivatives are designated as cash flow hedges. | |||||||||||||||||||||
The Company uses derivative instruments, such as forward contracts, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and changes in fair value resulting from changes in foreign currency exchange rates. The Company’s foreign exchange risk management policy generally emphasizes hedging transaction exposures of one-year duration or less and hedging foreign currency intercompany financing activities with derivatives with maturity dates of one year or less. The Company uses derivative instruments to hedge various foreign exchange exposures, including the following: (i) variability in foreign currency-denominated cash flows, such as the hedges of inventory purchases for products produced in one currency and sold in another currency and (ii) currency risk associated with foreign currency-denominated operating assets and liabilities, such as forward contracts and other instruments that hedge cash flows associated with intercompany financing activities. Hedging instruments are not available for certain currencies in countries in which the Company has operations. In these cases, the Company uses alternative means in an effort to achieve an economic offset to the local currency exposure such as invoicing and/or paying intercompany and third-party transactions in U.S. Dollars. | |||||||||||||||||||||
The Company purchases certain raw materials that are subject to price volatility caused by unpredictable factors. Where practical, the Company uses derivatives as part of its commodity risk management process. | |||||||||||||||||||||
The Company reports its derivative positions in the Consolidated Balance Sheets on a gross basis and does not net asset and liability derivative positions with the same counterparty. The Company monitors its positions with, and the credit quality of, the financial institutions that are parties to its financial transactions. | |||||||||||||||||||||
Derivative instruments are accounted for at fair value. The accounting for changes in the fair value of a derivative depends on the intended use and designation of the derivative instrument. For a derivative instrument that is designated and qualifies as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in current earnings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is initially reported as a component of accumulated other comprehensive income (loss) (“AOCI”), net of tax, and is subsequently reclassified into earnings when the hedged transaction affects earnings. The ineffective portion of the gain or loss is recognized in current earnings. Gains and losses from changes in fair values of derivatives that are not designated as hedges for accounting purposes are recognized currently in earnings, and such amounts were not material for 2014, 2013 and 2012. | |||||||||||||||||||||
The following table summarizes the Company’s outstanding derivative instruments and their effects on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (in millions): | |||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | 2014 | 2013 | Balance Sheet Location | 2014 | 2013 | |||||||||||||||
Interest rate swaps | Other assets | $ | — | $ | 23.1 | Other noncurrent liabilities | $ | 11.8 | $ | 35.5 | |||||||||||
Foreign exchange contracts on inventory-related purchases | Prepaid expenses and other | 7.7 | 2.9 | Other accrued liabilities | 0.4 | 1.2 | |||||||||||||||
Foreign exchange contracts on intercompany borrowings | Prepaid expenses and other | — | — | Other accrued liabilities | — | 0.2 | |||||||||||||||
Total assets | $ | 7.7 | $ | 26 | Total liabilities | $ | 12.2 | $ | 36.9 | ||||||||||||
The fair values of outstanding derivatives that are not designated as hedges for accounting purposes were not material as of December 31, 2014 and 2013. | |||||||||||||||||||||
The Company is not a party to any derivatives that require collateral to be posted prior to settlement. | |||||||||||||||||||||
During 2014, the Company settled interest rate swaps designated as fair value hedges of $154.0 million principal amount of the 2020 Notes that were repaid in 2014. In connection with the repayment of the 2020 Notes, the Company paid cash of $5.9 million to counterparties as settlement for the interest rate swaps. During 2014, the Company, at its option, terminated and settled an interest rate swap related to a $250.0 million principal amount of 6.25% medium-term notes with an original maturity of April 2018. The Company received cash proceeds of $18.7 million from the counterparty as settlement for the interest rate swap. In December 2014, the Company entered into a fixed-for-floating interest rate contract with a third-party financial institution for $250.0 million principal amount of the 2024 Notes. During the term of the contract, the Company will receive semiannual interest payments from the counterparties based on a fixed annual interest rate of 4.0%; and, concurrently, the Company will make semiannual interest payments at a rate indexed to the LIBOR. The Company has a total of $596.0 million principal amount of medium-term notes hedged with fixed-for-floating contracts with third-party financial institutions as of December 31, 2014. | |||||||||||||||||||||
Gains and losses resulting from the settlement of interest rate swaps designated and effective as hedges are deferred and amortized as adjustments to interest expense over the remaining term of the debt covered by the interest rate swaps. The cash paid and received from the settlement of interest rate swaps is included in cash provided by operating activities in accrued liabilities and other in the Consolidated Statements of Cash Flows. | |||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||
The pretax effects of derivative instruments designated as fair value hedges on the Company’s Consolidated Statements of Operations for 2014, 2013 and 2012 were as follows (in millions): | |||||||||||||||||||||
Derivatives in fair value relationships | Location of gain (loss) | Amount of gain (loss) recognized in income | |||||||||||||||||||
recognized in income | 2014 | 2013 | 2012 | ||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | 13.4 | $ | (44.1 | ) | $ | (4.0 | ) | ||||||||||||
Fixed-rate debt | Interest expense, net | $ | (13.4 | ) | $ | 44.1 | $ | 4 | |||||||||||||
The Company did not realize any ineffectiveness related to fair value hedges during 2014, 2013 and 2012. | |||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||
The pretax effects of derivative instruments designated as cash flow hedges on the Company’s Consolidated Statements of Operations and AOCI for 2014, 2013 and 2012 were as follows (in millions): | |||||||||||||||||||||
Derivatives in cash flow hedging relationships | Location of gain (loss) | Amount of gain (loss) reclassified from AOCI into income | |||||||||||||||||||
recognized in income | 2014 | 2013 | 2012 | ||||||||||||||||||
Foreign exchange contracts on inventory-related purchases | Cost of products sold | $ | 5.9 | $ | 3.8 | $ | (0.1 | ) | |||||||||||||
Foreign exchange contracts on intercompany borrowings | Interest expense, net | 0.3 | — | (0.1 | ) | ||||||||||||||||
Forward interest rate swaps | Interest expense, net | (0.7 | ) | (0.7 | ) | (0.1 | ) | ||||||||||||||
Commodity swap | Cost of products sold | — | — | (2.9 | ) | ||||||||||||||||
$ | 5.5 | $ | 3.1 | $ | (3.2 | ) | |||||||||||||||
Derivatives in cash flow hedging relationships | Amount of gain (loss) recognized in AOCI | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Foreign exchange contracts on inventory-related purchases | $ | 11.6 | $ | 5.2 | $ | (1.7 | ) | ||||||||||||||
Foreign exchange contracts on intercompany borrowings | 3.3 | (0.6 | ) | (2.1 | ) | ||||||||||||||||
Forward interest rate swaps | — | — | (2.5 | ) | |||||||||||||||||
Commodity swap | — | — | (2.9 | ) | |||||||||||||||||
$ | 14.9 | $ | 4.6 | $ | (9.2 | ) | |||||||||||||||
During 2014, the Company entered into forward interest rate swap contracts with certain counterparties for an aggregate $400.0 million notional amount (the “2014 Forward Swaps”) to swap floating LIBOR rates with a weighted-average fixed rate. The 2014 Forward Swaps had original maturities in November 2014. The 2014 Forward Swaps were intended to fix the “risk-free” component of the interest rate of the Company’s forecasted debt issuances that were probable of occurring at the time the 2014 Forward Swaps were entered into. In November 2014, the 2014 Forward Swaps were settled upon the issuance of the Notes. | |||||||||||||||||||||
During 2012, the Company entered into forward interest rate swap contracts with certain counterparties for an aggregate $250.0 million notional amount (the “2012 Forward Swaps”) to swap floating LIBOR rates with a weighted-average fixed rate of 1.8%. The 2012 Forward Swaps had original maturities in March 2013. The 2012 Forward Swaps were intended to fix the “risk-free” component of the interest rate of the Company’s forecasted debt issuances that were probable of occurring at the time the 2012 Forward Swaps were entered into. In November 2012, the Forward Swaps were settled upon the issuance of the $350.0 million principal amount of 2.05% medium-term notes due 2017 (the “2017 Notes”). The Company determined that the 2012 Forward Swaps met the hedge accounting criteria under the relevant authoritative guidance, and accordingly, the 2012 Forward Swaps are accounted for as cash flow hedges. Upon the settlement of the 2012 Forward Swaps, the Company recognized pretax losses of $2.5 million in AOCI, and the Company will reclassify these losses into earnings as interest expense over the term of the instruments that the 2012 Forward Swaps were intended to hedge. | |||||||||||||||||||||
In May 2012, the Company entered into a commodity swap contract with a counterparty for an aggregate $14.0 million notional amount (the “Commodity Swap”) relating to forecasted monthly purchases of resin. The Commodity Swap expired on December 31, 2012, with cash settlement occurring monthly through the expiration date. The Company determined that the Commodity Swap met the hedge accounting criteria under the relevant authoritative guidance, and accordingly, the Commodity Swap was accounted for as a cash flow hedge. | |||||||||||||||||||||
The Company received (paid) $3.1 million, $(1.6) million and $(0.5) million to settle foreign exchange contracts on intercompany borrowings during 2014, 2013 and 2012, respectively. Such amounts are included in changes in accrued liabilities and other in the Consolidated Statements of Cash Flows for 2014, 2013 and 2012. | |||||||||||||||||||||
The ineffectiveness related to cash flow hedges during 2014, 2013 and 2012 was not material. The Company estimates that during the next 12 months it will reclassify income of $6.6 million included in the pretax amount recorded in AOCI as of December 31, 2014 into earnings. |
Commitments
Commitments | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Commitments [Abstract] | |||||||
Commitments Disclosure [Text Block] | Commitments | ||||||
Lease Commitments | |||||||
The Company leases manufacturing, warehouse and other facilities; real estate; and transportation, data processing and other equipment under leases that expire at various dates through the year 2024. Rent expense, which is recognized on a straight-line basis over the life of the lease term, for continuing operations, was $106.1 million, $114.0 million and $124.9 million in 2014, 2013 and 2012, respectively. | |||||||
Future minimum rental payments for operating leases with initial or remaining terms in excess of one year are as follows as of December 31, 2014 (in millions): | |||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |
$105.80 | $80.40 | $62.70 | $44.80 | $35.50 | $55.10 | $384.30 |
Employee_Benefit_And_Retiremen
Employee Benefit And Retirement Plans | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Employee Benefit And Retirement Plans | Employee Benefit and Retirement Plans | |||||||||||||||||||||||||||||
The Company and its subsidiaries have noncontributory pension, profit sharing and contributory 401(k) plans covering substantially all of their international and domestic employees. Plan benefits are generally based on years of service and/or compensation. The Company’s funding policy is to contribute not less than the minimum amounts required by the Employee Retirement Income Security Act of 1974, as amended, the Internal Revenue Code of 1986, as amended, or foreign statutes to ensure that plan assets will be adequate to provide retirement benefits. | ||||||||||||||||||||||||||||||
Included in AOCI at December 31, 2014 is $750.0 million ($511.7 million net of tax) related to net unrecognized actuarial losses and unrecognized prior service credit that have not yet been recognized in net periodic pension cost. The Company’s primary U.S. defined benefit plan has $589.9 million of unrecognized actuarial losses (pretax) in AOCI as of December 31 2014. Losses in AOCI for the Company’s primary U.S. defined benefit plan greater than 10% of the projected benefit obligation are amortized over the average remaining life expectancy of the participants of 23 years. The Company expects to recognize $22.8 million ($14.9 million net of tax) of costs in 2015 associated with amortizing net actuarial losses and prior service credit. | ||||||||||||||||||||||||||||||
In 2014, the Company updated its mortality estimates for its U.S. defined benefit plans, which resulted in a pretax actuarial loss of $111.9 million recorded to AOCI. The total pretax (losses) gains recognized in AOCI for all of the Company’s defined benefit plans were $(120.5) million and $183.2 million for 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
The Company’s tax-qualified defined benefit pension plan is frozen for the entire U.S. workforce, and the Company has replaced the defined benefit pension plan with an additional defined contribution benefit arrangement, which benefit vests after three years of employment. The Company recorded $15.8 million, $16.7 million and $19.0 million in expense for the defined contribution benefit arrangement for 2014, 2013 and 2012, respectively. The liability associated with the defined contribution benefit arrangement as of December 31, 2014 and 2013 is $16.5 million and $17.2 million, respectively, and is included in other accrued liabilities in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
In September 2014, the Company commenced an offer to approximately 5,700 former employees with deferred vested benefits under the Company’s tax-qualified U.S. pension plan. These former employees had the opportunity to make a one-time election to receive a lump-sum distribution of the present value of their benefits by the end of 2014. The benefit obligations associated with these former employees is approximately $200.0 million, equivalent to approximately 20% of the Company’s benefit obligation for its U.S. tax-qualified pension plan. Cash payments of $98.6 million were made from plan assets in December 2014 to those electing the lump-sum distribution. Based on the lump-sum distributions that were paid, the Company incurred a non-cash settlement charge of $65.4 million in the fourth quarter of 2014. | ||||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company maintained various nonqualified deferred compensation plans with varying terms. The total liability associated with these plans was $49.1 million and $55.5 million as of December 31, 2014 and 2013, respectively. These liabilities are included in other accrued liabilities and other noncurrent liabilities in the Consolidated Balance Sheets. The Company maintains assets to offset the impact of the market gains and losses associated with the deferred compensation liabilities, and the values of these assets were $54.5 million and $52.3 million as of December 31, 2014 and 2013, respectively. These assets are included in other assets in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||
The Company has a Supplemental Executive Retirement Plan (“SERP”), which is a nonqualified defined benefit and defined contribution plan pursuant to which the Company will pay supplemental benefits to certain key employees upon retirement based upon the employees’ years of service and compensation. The SERP is partially funded through a trust agreement with the Northern Trust Company, as trustee, that owns life insurance policies on approximately 310 active and former key employees with aggregate net death benefits of $275.4 million. At December 31, 2014 and 2013, the life insurance contracts were accounted for using the investment method and had a cash surrender value of $106.0 million and $102.5 million, respectively. All premiums paid and proceeds received associated with the life insurance policies are included in accrued liabilities and other in the Consolidated Statements of Cash Flows. The SERP is also partially funded through cash and mutual fund investments, which had a combined value of $8.8 million and $10.3 million at December 31, 2014 and 2013, respectively. These assets, as well as the cash surrender value of the life insurance contracts, are included in other assets in the Consolidated Balance Sheets. The projected benefit obligation was $139.3 million and $110.2 million at December 31, 2014 and 2013, respectively. The SERP liabilities are included in the pension table below; however, the value of the Company’s investments in the life insurance contracts, cash and mutual funds are excluded from the table, as they do not qualify as plan assets. | ||||||||||||||||||||||||||||||
The Company’s matching contributions to the contributory 401(k) plan were $13.6 million, $13.9 million and $14.2 million for 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||||
Defined Benefit Pension Plans | ||||||||||||||||||||||||||||||
The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, as of December 31, (in millions, except percentages): | ||||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,034.00 | $ | 1,170.50 | $ | 615.4 | $ | 602.6 | ||||||||||||||||||||||
Service cost | 4.1 | 5 | 5.9 | 7.4 | ||||||||||||||||||||||||||
Interest cost | 45.1 | 39.7 | 25.3 | 23.9 | ||||||||||||||||||||||||||
Actuarial loss (gain) | 139 | (110.6 | ) | 104.6 | (3.7 | ) | ||||||||||||||||||||||||
Currency translation | — | — | (48.4 | ) | 13 | |||||||||||||||||||||||||
Benefits paid | (161.5 | ) | (61.8 | ) | (25.4 | ) | (24.6 | ) | ||||||||||||||||||||||
Curtailments, settlements and other | — | (8.8 | ) | (5.7 | ) | (3.2 | ) | |||||||||||||||||||||||
Benefit obligation at end of year | $ | 1,060.70 | $ | 1,034.00 | $ | 671.7 | $ | 615.4 | ||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 829.5 | $ | 707.1 | $ | 533.5 | $ | 501.9 | ||||||||||||||||||||||
Actual return on plan assets | 73.8 | 74.7 | 101.4 | 26.9 | ||||||||||||||||||||||||||
Contributions | 10.2 | 109.5 | 16.8 | 22.1 | ||||||||||||||||||||||||||
Currency translation | — | — | (37.7 | ) | 10.3 | |||||||||||||||||||||||||
Benefits paid | (161.5 | ) | (61.8 | ) | (25.4 | ) | (24.6 | ) | ||||||||||||||||||||||
Settlements and other | — | — | (4.2 | ) | (3.1 | ) | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 752 | $ | 829.5 | $ | 584.4 | $ | 533.5 | ||||||||||||||||||||||
Funded status at end of year | $ | (308.7 | ) | $ | (204.5 | ) | $ | (87.3 | ) | $ | (81.9 | ) | ||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||
Prepaid benefit cost, included in other assets | $ | — | $ | — | $ | 2 | $ | 7 | ||||||||||||||||||||||
Accrued current benefit cost, included in other accrued liabilities | (9.8 | ) | (9.5 | ) | (3.6 | ) | (4.1 | ) | ||||||||||||||||||||||
Accrued noncurrent benefit cost, included in other noncurrent liabilities | (298.9 | ) | (195.0 | ) | (85.7 | ) | (84.8 | ) | ||||||||||||||||||||||
Total | $ | (308.7 | ) | $ | (204.5 | ) | $ | (87.3 | ) | $ | (81.9 | ) | ||||||||||||||||||
Amounts recognized in AOCI: | ||||||||||||||||||||||||||||||
Prior service credit | $ | 1.3 | $ | 1.4 | $ | 0.7 | $ | 0.7 | ||||||||||||||||||||||
Net loss | (654.4 | ) | (621.4 | ) | (140.8 | ) | (124.5 | ) | ||||||||||||||||||||||
AOCI, pretax | $ | (653.1 | ) | $ | (620.0 | ) | $ | (140.1 | ) | $ | (123.8 | ) | ||||||||||||||||||
Accumulated benefit obligation | $ | 1,060.70 | $ | 1,034.00 | $ | 661.8 | $ | 607.6 | ||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation: | ||||||||||||||||||||||||||||||
Discount rate | 4 | % | 4.5 | % | 3.03 | % | 4.21 | % | ||||||||||||||||||||||
Long-term rate of compensation increase | 2.5 | % | 2.5 | % | 3.6 | % | 4.16 | % | ||||||||||||||||||||||
The international amounts as of December 31, 2014 include a projected benefit obligation of $10.8 million and plan assets of $12.8 million for plans in which the benefit obligation is less than the fair value of plan assets. | ||||||||||||||||||||||||||||||
Net pension cost includes the following components for the years ended December 31, (in millions, except percentages): | ||||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Service cost-benefits earned during the year | $ | 4.1 | $ | 5 | $ | 3 | $ | 5.9 | $ | 7.4 | $ | 7.9 | ||||||||||||||||||
Interest cost on projected benefit obligation | 45.1 | 39.7 | 45.9 | 25.3 | 23.9 | 25.2 | ||||||||||||||||||||||||
Expected return on plan assets | (57.5 | ) | (58.7 | ) | (59.7 | ) | (26.6 | ) | (23.3 | ) | (25.6 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||
Prior service cost | — | 0.3 | 1.3 | (0.1 | ) | 0.3 | 1.9 | |||||||||||||||||||||||
Actuarial loss | 24.2 | 29.7 | 21.5 | 3.2 | 3.2 | 1.3 | ||||||||||||||||||||||||
Curtailment, settlement and termination benefit costs | 65.4 | — | 1.1 | (0.1 | ) | 1.5 | 1.6 | |||||||||||||||||||||||
Net pension cost | $ | 81.3 | $ | 16 | $ | 13.1 | $ | 7.6 | $ | 13 | $ | 12.3 | ||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 3.5 | % | 4.5 | % | 4.21 | % | 4.11 | % | 4.65 | % | ||||||||||||||||||
Long-term rate of return on plan assets | 7.25 | % | 7.5 | % | 8.25 | % | 5.01 | % | 4.81 | % | 5.12 | % | ||||||||||||||||||
Long-term rate of compensation increase | 2.5 | % | 2.5 | % | 2.8 | % | 4.21 | % | 3.86 | % | 3.74 | % | ||||||||||||||||||
The Company made a voluntary cash contribution of $70.0 million to its U.S. defined benefit plan in January 2015. The Company expects to make additional cash contributions of approximately $9.8 million and $15.7 million to its domestic and international defined benefit plans, respectively, in 2015. | ||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||
Current Allocation | ||||||||||||||||||||||||||||||
The fair value of each major category of pension plan assets as of December 31, 2014 and 2013 is as follows (in millions): | ||||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | |||||||||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | 2014 | 2013 | (Level 1) | (Level 2) | (Level 3) | 2014 | 2013 | ||||||||||||||||||||
Equity(1),(7) | ||||||||||||||||||||||||||||||
U.S. large cap | $ | 2.5 | $ | 142.6 | $ | — | $ | 145.1 | $ | 39.4 | $ | 3.3 | $ | — | $ | 42.7 | ||||||||||||||
U.S. small cap | 21.6 | — | — | 21.6 | — | — | — | — | ||||||||||||||||||||||
International | 18.8 | 94.6 | — | 113.4 | 28.5 | 29.1 | — | 57.6 | ||||||||||||||||||||||
Total equity | 42.9 | 237.2 | — | 280.1 | 37% | 38% | 67.9 | 32.4 | — | 100.3 | 17% | 20% | ||||||||||||||||||
Fixed income(2),(7) | ||||||||||||||||||||||||||||||
U.S. Treasury | 83.4 | 6.5 | — | 89.9 | — | 0.4 | — | 0.4 | ||||||||||||||||||||||
Other government | 36.5 | 26.1 | — | 62.6 | — | 77.4 | — | 77.4 | ||||||||||||||||||||||
Asset-backed securities | — | 7.5 | — | 7.5 | — | — | — | — | ||||||||||||||||||||||
Corporate bonds | 188.1 | 26.8 | — | 214.9 | — | 49.1 | — | 49.1 | ||||||||||||||||||||||
Short-term investments | 1.5 | 5.9 | — | 7.4 | — | — | — | — | ||||||||||||||||||||||
Total fixed income | 309.5 | 72.8 | — | 382.3 | 51 | 50 | — | 126.9 | — | 126.9 | 22 | 21 | ||||||||||||||||||
Insurance contracts(3) | — | 16 | — | 16 | 2 | 2 | — | 251.5 | — | 251.5 | 43 | 44 | ||||||||||||||||||
Venture capital and partnerships(4) | — | 0.1 | 35.3 | 35.4 | 5 | 6 | — | 12.6 | 0.1 | 12.7 | 2 | 3 | ||||||||||||||||||
Real estate(5) | — | — | 31.1 | 31.1 | 4 | 3 | — | — | 1.8 | 1.8 | — | 1 | ||||||||||||||||||
Cash and cash equivalents(6) | — | 7.1 | — | 7.1 | 1 | 1 | 4.9 | 67.3 | — | 72.2 | 12 | 11 | ||||||||||||||||||
Derivatives(8) | — | — | — | — | — | — | — | 4.8 | — | 4.8 | 1 | -3 | ||||||||||||||||||
Commodity funds | — | — | — | — | — | — | — | — | — | — | — | 1 | ||||||||||||||||||
Other | — | — | — | — | — | — | — | 14.2 | — | 14.2 | 3 | 2 | ||||||||||||||||||
Total | $ | 352.4 | $ | 333.2 | $ | 66.4 | $ | 752 | 100% | 100% | $ | 72.8 | $ | 509.7 | $ | 1.9 | $ | 584.4 | 100% | 100% | ||||||||||
U.S. | International | |||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | |||||||||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | 2013 | 2012 | (Level 1) | (Level 2) | (Level 3) | 2013 | 2012 | ||||||||||||||||||||
Equity(1),(7) | ||||||||||||||||||||||||||||||
U.S. large cap | $ | 1.6 | $ | 153.8 | $ | — | $ | 155.4 | $ | 34.6 | $ | 5.7 | $ | — | $ | 40.3 | ||||||||||||||
U.S. small cap | 27 | — | — | 27 | 7.1 | — | — | 7.1 | ||||||||||||||||||||||
International | 23.8 | 110.7 | — | 134.5 | 27.5 | 30.5 | — | 58 | ||||||||||||||||||||||
Total equity | 52.4 | 264.5 | — | 316.9 | 38% | 44% | 69.2 | 36.2 | — | 105.4 | 20% | 12% | ||||||||||||||||||
Fixed income(2),(7) | ||||||||||||||||||||||||||||||
U.S. Treasury | 91.5 | 15.5 | — | 107 | — | — | — | — | ||||||||||||||||||||||
Other government | 34.5 | 22.4 | — | 56.9 | — | 83.1 | — | 83.1 | ||||||||||||||||||||||
Asset-backed securities | — | 15.8 | — | 15.8 | — | — | — | — | ||||||||||||||||||||||
Corporate bonds | 186.7 | 33.6 | — | 220.3 | — | 30.7 | — | 30.7 | ||||||||||||||||||||||
Short-term investments | 10.2 | 7.4 | — | 17.6 | — | — | — | — | ||||||||||||||||||||||
Total fixed income | 322.9 | 94.7 | — | 417.6 | 50 | 42 | — | 113.8 | — | 113.8 | 21 | 20 | ||||||||||||||||||
Insurance contracts(3) | — | 16.3 | — | 16.3 | 2 | 2 | — | 235 | — | 235 | 44 | 46 | ||||||||||||||||||
Venture capital and partnerships(4) | — | 0.2 | 45.7 | 45.9 | 6 | 7 | — | 14.1 | 1.6 | 15.7 | 3 | 5 | ||||||||||||||||||
Real estate(5) | — | — | 28 | 28 | 3 | 4 | — | 1.8 | 2.1 | 3.9 | 1 | 1 | ||||||||||||||||||
Cash and cash equivalents(6) | — | 4.8 | — | 4.8 | 1 | 1 | 17.7 | 42.1 | — | 59.8 | 11 | 13 | ||||||||||||||||||
Derivatives(8) | — | — | — | — | — | — | — | (18.2 | ) | — | (18.2 | ) | -3 | -6 | ||||||||||||||||
Commodity funds | — | — | — | — | — | — | — | 4.6 | — | 4.6 | 1 | 5 | ||||||||||||||||||
Other | — | — | — | — | — | — | — | 13.5 | — | 13.5 | 2 | 4 | ||||||||||||||||||
Total | $ | 375.3 | $ | 380.5 | $ | 73.7 | $ | 829.5 | 100% | 100% | $ | 86.9 | $ | 442.9 | $ | 3.7 | $ | 533.5 | 100% | 100% | ||||||||||
-1 | Equity securities primarily comprise mutual funds and common/collective trust funds. Investments in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The investments in common/collective trust funds include both actively managed and index funds. | |||||||||||||||||||||||||||||
-2 | Fixed-income investments primarily comprise mutual funds and common/collective trust funds that invest in corporate and government bonds. Investments in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The investments in fixed income securities include both actively managed funds and index funds. | |||||||||||||||||||||||||||||
-3 | The fair values of insurance contracts are estimated based on the future cash flows to be received under the contracts discounted to the present using a discount rate that approximates the discount rate used to measure the associated pension plan liabilities. | |||||||||||||||||||||||||||||
-4 | Venture capital and partnerships are valued at net asset value, which is generally calculated using the most recent partnership financial reports. | |||||||||||||||||||||||||||||
-5 | Real estate investments are generally investments in limited partnerships, real estate investment trusts and similar vehicles that invest in real estate. The values of the investments are generally based on the most recent financial reports of the investment vehicles. The managers of each of the investment vehicles estimate the values of the real estate assets underlying the real estate investments using third-party appraisals and other valuation techniques and analysis. | |||||||||||||||||||||||||||||
-6 | Cash and cash equivalents include investments in stable value funds. Stable value funds are generally invested in common trust funds and interest-bearing accounts. | |||||||||||||||||||||||||||||
-7 | In the U.S. pension plan assets, certain equity and fixed-income investments are held in separately managed investment accounts. The underlying investments in these separately managed accounts are primarily publicly traded securities that are directly owned by the U.S. pension plan, and such investments have been valued using the quoted price as of December 31, 2014 and 2013. Accordingly, these investments have been classified as Level 1 as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
-8 | Derivatives primarily consist of interest rate and inflation swaps relating to the Company’s international plans. Included in other government fixed income investments is an amount of $1.1 million that relates to cash collateral posted with third parties for the derivatives that are in a liability position as of December 31, 2014. | |||||||||||||||||||||||||||||
A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using significant unobservable inputs (Level 3) for 2014 and 2013 is as follows (in millions): | ||||||||||||||||||||||||||||||
Venture Capital and Partnerships | Real Estate | Total | ||||||||||||||||||||||||||||
Fair value as of December 31, 2012 | $ | 47.8 | $ | 27.7 | $ | 75.5 | ||||||||||||||||||||||||
Realized gains | 3.5 | — | 3.5 | |||||||||||||||||||||||||||
Unrealized gains | 1.7 | 2.4 | 4.1 | |||||||||||||||||||||||||||
Purchases | 3.7 | — | 3.7 | |||||||||||||||||||||||||||
Sales | (9.4 | ) | — | (9.4 | ) | |||||||||||||||||||||||||
Fair value as of December 31, 2013 | $ | 47.3 | $ | 30.1 | $ | 77.4 | ||||||||||||||||||||||||
Realized gains | 4.5 | — | 4.5 | |||||||||||||||||||||||||||
Unrealized (losses) gains | (3.2 | ) | 2.8 | (0.4 | ) | |||||||||||||||||||||||||
Purchases | 1.4 | — | 1.4 | |||||||||||||||||||||||||||
Sales | (14.6 | ) | — | (14.6 | ) | |||||||||||||||||||||||||
Fair value as of December 31, 2014 | $ | 35.4 | $ | 32.9 | $ | 68.3 | ||||||||||||||||||||||||
Investment Strategy | ||||||||||||||||||||||||||||||
The Company has established formal investment policies for the assets associated with its pension plans. The objectives of the investment strategies generally include maximizing long-term return at acceptable risk levels, diversifying among asset classes, if appropriate, as well as establishing relevant risk parameters within each asset class. Investment policies reflect the unique circumstances of the respective plans, and risk tolerance is established through consideration of plan liabilities, plan funded status and corporate financial condition. Asset allocation targets are based on periodic asset liability and/or risk budgeting study results, which help determine the appropriate investment strategies for acceptable risk levels. The investment policies permit variances from the targets within certain parameters. | ||||||||||||||||||||||||||||||
The target asset allocations for the Company’s U.S. pension plan and primary international pension plans are as follows as of December 31, 2014: | ||||||||||||||||||||||||||||||
Asset Category | Target | |||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
Equity | 38% | 12% | ||||||||||||||||||||||||||||
Fixed income | 52 | 25 | ||||||||||||||||||||||||||||
Insurance contracts | 2 | 43 | ||||||||||||||||||||||||||||
Cash and equivalents | — | 8 | ||||||||||||||||||||||||||||
Other investments(1) | 8 | 12 | ||||||||||||||||||||||||||||
Total | 100% | 100% | ||||||||||||||||||||||||||||
(1) Other investments include private equity funds, hedge funds and real estate funds. | ||||||||||||||||||||||||||||||
Expected Long-term Rate of Return on Plan Assets | ||||||||||||||||||||||||||||||
The Company employs a building-block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equities and fixed income are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is based on the fair value of plan assets and is established giving consideration to investment diversification and rebalancing. Peer data and historical returns are reviewed to assess for reasonableness and appropriateness. The weighted-average expected long-term rates of return are based on reviews of the target investment allocation and the historical and expected rates of return of the asset classes included in the pension plans’ target asset allocations. | ||||||||||||||||||||||||||||||
Other Postretirement Benefit Plans | ||||||||||||||||||||||||||||||
Several of the Company’s subsidiaries currently provide retiree health care and life insurance benefits for certain employee groups. | ||||||||||||||||||||||||||||||
The following provides a reconciliation of benefit obligations and funded status of the Company’s other postretirement benefit plans as of December 31, (in millions, except percentages): | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 111.8 | $ | 158.8 | ||||||||||||||||||||||||||
Service cost | 1 | 1.3 | ||||||||||||||||||||||||||||
Interest cost | 4.8 | 5.3 | ||||||||||||||||||||||||||||
Actuarial gain | (17.7 | ) | (21.0 | ) | ||||||||||||||||||||||||||
Benefits paid, net | (7.9 | ) | (10.0 | ) | ||||||||||||||||||||||||||
Changes in plan benefits | (3.9 | ) | (22.6 | ) | ||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 88.1 | $ | 111.8 | ||||||||||||||||||||||||||
Funded status and net liability recognized at end of year | $ | (88.1 | ) | $ | (111.8 | ) | ||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||
Accrued current benefit cost, included in other accrued liabilities | $ | (6.8 | ) | $ | (10.3 | ) | ||||||||||||||||||||||||
Accrued noncurrent benefit cost, included in other noncurrent liabilities | (81.3 | ) | (101.5 | ) | ||||||||||||||||||||||||||
Total | $ | (88.1 | ) | $ | (111.8 | ) | ||||||||||||||||||||||||
Amounts recognized in AOCI: | ||||||||||||||||||||||||||||||
Prior service credit | $ | 26.2 | $ | 28.7 | ||||||||||||||||||||||||||
Net gain (loss) | 16.9 | (0.8 | ) | |||||||||||||||||||||||||||
AOCI, pretax | $ | 43.1 | $ | 27.9 | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation: | ||||||||||||||||||||||||||||||
Discount rate | 4.00% | 4.50% | ||||||||||||||||||||||||||||
Long-term health care cost trend rate | 4.50% | 4.50% | ||||||||||||||||||||||||||||
There are no plan assets associated with the Company’s other postretirement benefit plans. | ||||||||||||||||||||||||||||||
Other postretirement benefit costs include the following components for the years ended December 31, (in millions): | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost-benefits earned during the year | $ | 1 | $ | 1.3 | $ | 1.3 | ||||||||||||||||||||||||
Interest cost on projected benefit obligation | 4.8 | 5.3 | 7.1 | |||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||
Prior service benefit | (6.4 | ) | (2.4 | ) | (2.4 | ) | ||||||||||||||||||||||||
Actuarial loss | — | 0.8 | 1.2 | |||||||||||||||||||||||||||
Net postretirement benefit costs | $ | (0.6 | ) | $ | 5 | $ | 7.2 | |||||||||||||||||||||||
The following are the weighted-average assumptions used to determine net periodic benefit cost for the other postretirement benefit plans for the years ended December 31,: | ||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||
Discount rate | 4.50% | 3.50% | 4.50% | |||||||||||||||||||||||||||
Long-term health care cost trend rate | 4.50% | 4.50% | 4.50% | |||||||||||||||||||||||||||
Assumed health care cost trends have been used in the valuation of the benefit obligations for postretirement benefits. The trend rate used to measure the benefit obligation is 7.2% for all retirees in 2015, declining to 4.5% in 2028 and thereafter. | ||||||||||||||||||||||||||||||
The health care cost trend rate significantly affects the reported postretirement benefit costs and obligations. A one-percentage-point change in the assumed rate would have the following effects (in millions): | ||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.5 | $ | (0.5 | ) | |||||||||||||||||||||||||
Effect on postretirement benefit obligations | $ | 8 | $ | (7.0 | ) | |||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||||||
Estimated future benefit payments under the Company’s defined benefit pension plans and other postretirement benefit plans are as follows as of December 31, 2014 (in millions): | ||||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||||||||||||||||
Pension benefits(1) | $ | 83.3 | $ | 81.6 | $ | 82.3 | $ | 83.5 | $ | 85.1 | $ | 452.6 | ||||||||||||||||||
Other postretirement benefits | $ | 6.8 | $ | 6.7 | $ | 6.6 | $ | 6.5 | $ | 6.5 | $ | 32 | ||||||||||||||||||
-1 | Certain pension benefit payments will be funded by plan assets. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings per Share | |||||||||||
The calculation of basic and diluted earnings per share is shown below for the years ended December 31, (in millions, except per share data): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||
Income from continuing operations | $ | 373 | $ | 416.3 | $ | 390.5 | ||||||
Income from discontinued operations | 4.8 | 58.3 | 10.8 | |||||||||
Net income | $ | 377.8 | $ | 474.6 | $ | 401.3 | ||||||
Dividends and equivalents for share-based awards expected to be forfeited | 0.1 | 0.1 | 0.1 | |||||||||
Net income for basic earnings per share | $ | 377.9 | $ | 474.7 | $ | 401.4 | ||||||
Effect of Preferred Securities(1) | — | — | — | |||||||||
Net income for diluted earnings per share | $ | 377.9 | $ | 474.7 | $ | 401.4 | ||||||
Denominator for basic and diluted earnings per share: | ||||||||||||
Weighted-average shares outstanding | 274.2 | 286.1 | 288.5 | |||||||||
Share-based payment awards classified as participating securities | 1.9 | 2.5 | 2.7 | |||||||||
Denominator for basic earnings per share | 276.1 | 288.6 | 291.2 | |||||||||
Dilutive securities(2) | 2.8 | 3.2 | 2.4 | |||||||||
Preferred Securities(1) | — | — | — | |||||||||
Denominator for diluted earnings per share | 278.9 | 291.8 | 293.6 | |||||||||
Basic earnings per share: | ||||||||||||
Income from continuing operations | $ | 1.35 | $ | 1.44 | $ | 1.34 | ||||||
Income from discontinued operations | 0.02 | 0.2 | 0.04 | |||||||||
Net income | $ | 1.37 | $ | 1.64 | $ | 1.38 | ||||||
Diluted earnings per share: | ||||||||||||
Income from continuing operations | $ | 1.34 | $ | 1.43 | $ | 1.33 | ||||||
Income from discontinued operations | 0.02 | 0.2 | 0.04 | |||||||||
Net income | $ | 1.35 | $ | 1.63 | $ | 1.37 | ||||||
-1 | The Preferred Securities were anti-dilutive during 2012. They were redeemed on July 16, 2012, and therefore, have been excluded from diluted earnings per share. Had the Preferred Securities been included in the diluted earnings per share calculation, net income for 2012 would be increased by $7.7 million, and weighted-average shares outstanding would be increased by 4.5 million. | |||||||||||
-2 | Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding for 2014, 2013 and 2012 exclude the effect of approximately 0.2 million, 2.3 million and 9.4 million stock options and other securities, respectively, because such securities were anti-dilutive. | |||||||||||
Net income attributable to participating securities, which consisted of certain of the Company’s outstanding restricted stock units, was $2.5 million, $4.0 million and $3.5 million for 2014, 2013 and 2012, respectively. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation | |||||||||||
The Company offers stock-based compensation to its employees that includes stock options and time-based and performance-based restricted stock units, as follows: | ||||||||||||
Stock Options | ||||||||||||
The Company has issued both nonqualified and incentive stock options at exercise prices equal to the Company’s common stock price on the date of grant with contractual terms of ten years. Stock options issued by the Company generally vest and are expensed ratably over three to five years. For options granted prior to 2008, options became fully vested and were exercisable for one year following termination due to death, disability or retirement at age 65 or older. For options granted since the beginning of 2008, options fully vest and are exercisable for a period of time depending on the employee’s age and years of service in the case of retirement (as defined in the stock option agreement). Stock option grants are generally subject to forfeiture if employment terminates prior to vesting, except upon retirement, in which case the options may remain outstanding and exercisable for the remaining contractual term of the option. The Company has not granted stock options since 2011. | ||||||||||||
Time-Based Restricted Stock Units | ||||||||||||
Awards of time-based restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The awards cliff-vest one to three years or vest ratably over three years from the date of grant. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service. The time-based restricted stock units have rights to dividend equivalents payable in cash. The Company expenses the cost of restricted stock units ratably over the vesting period. | ||||||||||||
Performance-Based Restricted Stock Units | ||||||||||||
Performance-based restricted stock unit awards represent the right to receive unrestricted shares of stock based on the achievement of Company performance objectives and/or individual performance goals established by the Organizational Development & Compensation Committee and the Board of Directors. The performance-based restricted stock units generally entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date, depending on the level of achievement of the specified conditions (“TSR Performance-Based RSUs”). Other performance-based restricted stock units entitle the recipient to shares of common stock if specified market and service conditions are achieved and vest no earlier than one year from the date of grant and no later than seven years from the date of grant (“Stock Price Based RSUs”). | ||||||||||||
Performance-based restricted stock units are not subject to the payment of dividend equivalents in the same manner as time-based restricted stock units. Rather, with respect to performance-based restricted stock units, dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria are met and the performance-based restricted stock units vest and the related stock is issued. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service, subject to the satisfaction of the applicable performance criteria. | ||||||||||||
Stock Plans | ||||||||||||
The Company’s stock plans include plans adopted in 2003, 2010 and 2013. In 2013, a plan was approved by the Company’s stockholders (the “2013 Plan”). Upon approval of the 2013 Plan, shares available for issuance of new awards under all plans other than the 2013 Plan were canceled, and all future grants are required to be made from the 2013 Plan. In addition, awards under the 2010 plan granted and forfeited after December 31, 2012 have the effect of decreasing and increasing, respectively, the availability under the 2013 Plan as if the 2013 Plan were in effect as of January 1, 2013. The total number of shares of the Company’s common stock that may be issued under the 2013 Plan may not exceed 62.5 million; however, stock awards and stock units for one share reduce availability under the 2013 Plan by 3.5 shares. The 2013 Plan generally provides for awards to vest over a minimum three-year period, except for performance-based grants, which may vest over a minimum of one year, and executive new hire grants, which have no required minimum vesting period. | ||||||||||||
The following table depicts the number of shares authorized for issuance and available under the 2013 Plan (shares in millions): | ||||||||||||
2013 Plan | ||||||||||||
Authorized for issuance | 62.5 | |||||||||||
Effects of: | ||||||||||||
Restricted stock units and Stock Price Based RSUs (3½ times the number of awards) | 1.2 | |||||||||||
TSR Performance-Based RSUs (7 times the number of awards) | 7.6 | |||||||||||
Shares available for issuance | 53.7 | |||||||||||
As of December 31, 2014, the Company had 0.3 million and 2.3 million options outstanding under the 2010 and 2003 plans, respectively. In addition, the Company had 1.2 million time-based and performance-based restricted stock units outstanding under the 2010 plan as of December 31, 2014 that were granted prior to January 1, 2013, and any forfeitures of such awards in the future will have the effect of increasing availability under the 2013 Plan. | ||||||||||||
The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the requisite service period for awards expected to vest. | ||||||||||||
The table below summarizes the expense related to share-based payments for the years ended December 31, (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock options | $ | 0.7 | $ | 1.1 | $ | 4.3 | ||||||
Restricted stock and restricted stock units | 29.2 | 36.1 | 28.6 | |||||||||
Stock-based compensation | $ | 29.9 | $ | 37.2 | $ | 32.9 | ||||||
Stock-based compensation, net of income tax benefit of $11.5 million, $13.3 million and $11.7 million in 2014, 2013 and 2012, respectively | $ | 18.4 | $ | 23.9 | $ | 21.2 | ||||||
The following table summarizes the changes in the number of shares of common stock under option for 2014 (shares and aggregate intrinsic value in millions): | ||||||||||||
Shares | Weighted-Average Exercise Price | Aggregate | ||||||||||
Intrinsic | ||||||||||||
Value | ||||||||||||
Outstanding at December 31, 2013 | 5.9 | $ | 22 | |||||||||
Exercised | (3.1 | ) | $ | 24 | ||||||||
Forfeited/expired | (0.2 | ) | $ | 27 | ||||||||
Outstanding at December 31, 2014 | 2.6 | $ | 19 | $ | 49.1 | |||||||
Exercisable at December 31, 2014 | 2.6 | $ | 19 | $ | 49.1 | |||||||
The total intrinsic value of options exercised was $27.9 million in 2014. The weighted-average remaining contractual life for options outstanding and options exercisable was four years as of December 31, 2014. | ||||||||||||
The following table summarizes the changes in the number of shares of restricted stock, restricted stock units and performance-based restricted stock units for 2014 (shares in millions): | ||||||||||||
Shares | Weighted-Average Grant Date Fair Value | |||||||||||
Outstanding at December 31, 2013 | 4.2 | $ | 22 | |||||||||
Granted | 1.3 | $ | 33 | |||||||||
Vested | (1.2 | ) | $ | 21 | ||||||||
Forfeited | (0.6 | ) | $ | 25 | ||||||||
Outstanding at December 31, 2014 | 3.7 | $ | 26 | |||||||||
Expected to vest at December 31, 2014 | 3.6 | $ | 25 | |||||||||
The weighted-average grant-date fair values of awards granted were $25 and $19 per share in 2013 and 2012, respectively. The fair values of awards that vested were $41.0 million, $76.9 million and $41.1 million in 2014, 2013 and 2012, respectively. In February 2015, the Company expects to repurchase 0.5 million shares to satisfy employees’ tax withholding obligations in connection with the vesting of restricted stock units and performance-based restricted stock units. | ||||||||||||
During 2014, 2013 and 2012, the Company awarded 0.7 million, 0.9 million and 1.0 million TSR Performance-Based RSUs, respectively, which entitle recipients to shares of the Company’s stock at the end of a three-year vesting period if specified market conditions are achieved. The TSR Performance-Based RSUs entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date, depending on the level of achievement of the specified market and service conditions. As of December 31, 2014, 1.8 million TSR Performance-Based RSUs were outstanding, and based on performance through December 31, 2014, recipients of TSR Performance-Based RSUs would be entitled to 2.9 million shares at the vesting date. The TSR Performance-Based RSUs are included in the preceding table as if the participants earn shares equal to 100% of the units granted. | ||||||||||||
The Company did not award any Stock Price Based RSUs in 2014. During 2013 and 2012, the Company granted 0.2 million and 0.1 million Stock Price Based RSUs, respectively, and the awards vest no earlier than one year to two years from the grant date. During 2014 and 2013, 0.1 million and 0.7 million Stock Price Based RSUs granted to various executive officers of the Company vested, respectively, as the specified market and service conditions were achieved. The 0.2 million of outstanding Stock Price Based RSUs at December 31, 2014 vest no earlier than one year from the date of grant and no later than seven years from the date of grant. Based on performance through December 31, 2014, the market conditions have been achieved for substantially all of the 0.2 million of outstanding Stock Price Based RSUs. Accordingly, these Stock Price Based RSUs will vest when the service conditions are achieved. The 0.2 million Stock Price Based RSUs are included in the preceding table as outstanding as of December 31, 2014. | ||||||||||||
The grant date fair value of the TSR Performance-Based RSUs and Stock Price Based RSUs is estimated using Monte Carlo simulation, with the primary input into such valuation being the expected future volatility of the Company’s common stock, and if applicable, the volatilities of the common stocks of the companies in the Company’s peer group, upon which the relative total shareholder return performance is measured. The fair values of these awards generally approximate the fair value of the Company’s common stock on the date of grant. | ||||||||||||
The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2014 (in millions): | ||||||||||||
Unrecognized | Weighted-Average Period | |||||||||||
Compensation Cost | of Expense Recognition | |||||||||||
(in years) | ||||||||||||
Restricted stock units | $ | 42 | 2 | |||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes | |||||||||||
The provision for income taxes consists of the following for the years ended December 31, (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 24.5 | $ | 20.7 | $ | 45.3 | ||||||
State | 5.9 | 10.5 | (3.8 | ) | ||||||||
Foreign | 19.2 | 30.2 | 57.1 | |||||||||
Total current | 49.6 | 61.4 | 98.6 | |||||||||
Deferred | 39.3 | 88.6 | 71.2 | |||||||||
Total provision | $ | 88.9 | $ | 150 | $ | 169.8 | ||||||
Total (benefit) provision — discontinued operations | $ | (0.2 | ) | $ | 30 | $ | 8.3 | |||||
Total provision — continuing operations | $ | 89.1 | $ | 120 | $ | 161.5 | ||||||
The non-U.S. component of income before income taxes was $163.3 million, $156.3 million and $228.8 million in 2014, 2013 and 2012, respectively. | ||||||||||||
A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31,: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Add (deduct) effect of: | ||||||||||||
State income taxes, net of federal income tax effect | 2.1 | 1.7 | 0.6 | |||||||||
Foreign tax credit | (5.5 | ) | (3.8 | ) | (3.9 | ) | ||||||
Foreign rate differential | (7.0 | ) | (2.7 | ) | (4.1 | ) | ||||||
Resolution of tax contingencies, net of increases | (0.6 | ) | 0.9 | 2.2 | ||||||||
Valuation allowance reserve (decrease) increase | (2.7 | ) | (3.5 | ) | 1.3 | |||||||
Other | (2.0 | ) | (5.2 | ) | (1.8 | ) | ||||||
Effective rate | 19.3 | % | 22.4 | % | 29.3 | % | ||||||
The components of net deferred tax assets are as follows as of December 31, (in millions): | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Accruals not currently deductible for tax purposes | $ | 144.9 | $ | 137.6 | ||||||||
Postretirement liabilities | 39.5 | 45.4 | ||||||||||
Pension liabilities | 135.3 | 112.9 | ||||||||||
Foreign tax credit carryforward | 31.3 | 54.4 | ||||||||||
Foreign net operating losses | 271.9 | 297.9 | ||||||||||
Other | 100.8 | 112.6 | ||||||||||
Total gross deferred tax assets | 723.7 | 760.8 | ||||||||||
Less valuation allowance | (345.3 | ) | (375.5 | ) | ||||||||
Net deferred tax assets after valuation allowance | $ | 378.4 | $ | 385.3 | ||||||||
Deferred tax liabilities: | ||||||||||||
Accelerated depreciation | $ | (58.3 | ) | $ | (59.6 | ) | ||||||
Amortizable intangibles | (352.0 | ) | (286.8 | ) | ||||||||
Other | (3.3 | ) | (5.7 | ) | ||||||||
Total gross deferred tax liabilities | $ | (413.6 | ) | $ | (352.1 | ) | ||||||
Net deferred tax (liabilities) assets | $ | (35.2 | ) | $ | 33.2 | |||||||
Current deferred income tax assets | $ | 134.4 | $ | 134.4 | ||||||||
Current deferred income tax liabilities | (2.1 | ) | (5.2 | ) | ||||||||
Noncurrent deferred income tax assets | 21.5 | 12.3 | ||||||||||
Noncurrent deferred income tax liabilities(1) | (189.0 | ) | (108.3 | ) | ||||||||
$ | (35.2 | ) | $ | 33.2 | ||||||||
-1 | In accordance with ASU 2013-11, $31.3 million of noncurrent deferred income tax assets netted against the noncurrent deferred income tax liabilities amount above as of December 31, 2014, have been recorded as a reduction of the Company’s liability for unrecognized tax benefits, which is included in other noncurrent liabilities in the Consolidated Balance Sheet as of December 31, 2014. | |||||||||||
The foreign tax credit carryforwards begin to expire in 2020. The Company has $890.0 million of foreign net operating losses, of which $783.6 million do not expire and $106.4 million expire between 2015 and 2031. | ||||||||||||
As of December 31, 2014, the Company has a valuation allowance recorded against foreign net operating losses and other deferred tax assets the Company believes are not more likely than not to be realized due to the uncertainty resulting from a lack of previous taxable income within the applicable tax jurisdictions. A valuation allowance of $345.3 million and $375.5 million was recorded against certain deferred tax asset balances as of December 31, 2014 and 2013, respectively. For the year ended December 31, 2014, the Company recorded a net valuation allowance decrease of $30.2 million which comprised a valuation allowance reduction of $18.4 million related to various foreign jurisdictions in which the Company concluded the deferred tax assets were realizable; currency translation in foreign jurisdictions due to the strengthening of the U.S. dollar against the Euro, Yen, and other currencies; and the utilization of prior year net operating losses in the current year in certain jurisdictions that the Company previously determined were not more likely than not to be realized. | ||||||||||||
The Company routinely reviews valuation allowances recorded against deferred tax assets on a more likely than not basis as to whether the Company has the ability to realize the deferred tax assets. In making such a determination, the Company takes into consideration all available and appropriate positive and negative evidence, including projected future taxable income, future reversals of existing taxable temporary differences, the ability to carryback net operating losses and available tax planning strategies. Although realization is not assured, based on this existing evidence, the Company believes it is more likely than not that the Company will realize the benefit of existing deferred tax assets, net of the valuation allowances mentioned above. As of December 31, 2014, in part because in the current year the Company achieved cumulative pretax income in certain foreign jurisdictions, the Company determined that there is sufficient positive evidence to conclude that it is more likely than not that additional deferred tax assets in Japan and certain operations in Europe are realizable. The decrease in valuation allowance was partially offset by the increase in valuation allowance related to operations in Asia Pacific and Latin America resulting in a net recognition of $18.4 million of additional deferred tax assets. | ||||||||||||
As of December 31, 2014, the estimated amount of total unremitted non-U.S. subsidiary earnings is $601.8 million. Such earnings are considered to be indefinitely reinvested and, accordingly, no U.S. federal or state deferred income taxes have been provided on this amount or any additional excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries. Earnings is the most significant component of the basis difference which is indefinitely reinvested. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to U.S. income taxes and withholding taxes payable in various non-U.S. jurisdictions, which could potentially be offset by foreign tax credits. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation. | ||||||||||||
As of December 31, 2014 and 2013, the Company had unrecognized tax benefits of $101.4 million and $103.8 million, respectively. If recognized, $94.5 million and $97.9 million as of December 31, 2014 and 2013, respectively, would affect the effective tax rate. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2014 and 2013, the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of $5.4 million and $11.7 million, respectively. During 2014 the Company recognized an income tax benefit on interest and penalties of $4.8 million due to the resolution of certain tax contingencies. In 2013, the Company recorded income tax expense of $0.7 million for interest and penalties accrued. | ||||||||||||
The following table summarizes the changes in gross unrecognized tax benefits for the years ended December 31, (in millions): | ||||||||||||
2014 | 2013 | |||||||||||
Unrecognized tax benefits balance at January 1, | $ | 103.8 | $ | 101.5 | ||||||||
Increases in tax positions for prior years | 3.5 | 3.3 | ||||||||||
Decreases in tax positions for prior years | (11.1 | ) | (7.1 | ) | ||||||||
Increases in tax positions for current year | 10.1 | 12.8 | ||||||||||
Settlements with taxing authorities | (1.8 | ) | (0.2 | ) | ||||||||
Lapse of statute of limitations | (3.1 | ) | (6.5 | ) | ||||||||
Unrecognized tax benefits balance at December 31, | $ | 101.4 | $ | 103.8 | ||||||||
It is reasonably possible that there could be a change in the amount of the Company’s unrecognized tax benefits within the next 12 months due to activities of various worldwide taxing authorities, including proposed assessments of additional tax, possible settlement of audit issues, or the expiration of applicable statutes of limitations. The Company does not expect any significant increases or decreases to its uncertain tax liabilities within the next 12 months. In the normal course of business, the Company is subject to audits by worldwide taxing authorities regarding various tax liabilities. The Company’s U.S. federal income tax returns for 2011 and 2012, as well as certain state and non-U.S. income tax returns for various years, are under routine examination. | ||||||||||||
The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations for the Company’s U.S. federal income tax returns has expired for years prior to 2010. The Company’s Canadian tax returns are subject to examination for years after 2009. With few exceptions, the Company is no longer subject to other income tax examinations for years before 2010. |
Other_Income_Expense_Net
Other (Income) Expense, Net | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other (Income) Expense, Net [Abstract] | ||||||||||||
Other Income and Other Expense Disclosure [Text Block] | Other Expense (Income), Net | |||||||||||
Other expense (income), net consists of the following for the years ended December 31, (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Investment activities, including equity in earnings | $ | — | $ | (2.7 | ) | $ | 1.4 | |||||
Foreign currency transaction loss (gain) | 48.9 | 21 | (2.6 | ) | ||||||||
Other, net | 0.1 | 0.2 | (0.1 | ) | ||||||||
$ | 49 | $ | 18.5 | $ | (1.3 | ) | ||||||
Fair_Value_Disclosures
Fair Value Disclosures | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Disclosures | Fair Value | |||||||||||||||
Accounting principles generally accepted in the U.S. define fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||
Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. | ||||||||||||||||
Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | ||||||||||||||||
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
The Company’s financial assets and liabilities adjusted to fair value at least annually are its money market fund investments included in cash and cash equivalents, its mutual fund investments included in other assets, and its derivative instruments, which are primarily included in prepaid expenses and other, other assets, other accrued liabilities and other noncurrent liabilities. | ||||||||||||||||
The Company determines the fair value of its mutual fund investments based on quoted market prices (Level 1). | ||||||||||||||||
Level 2 fair value determinations are derived from directly or indirectly observable (market-based) information. Such inputs are the basis for the fair values of the Company’s money market fund investments and derivative instruments. The money market fund investments held by the Company and included in cash and cash equivalents are not publicly traded, but the fair value is determined based on the values of the underlying investments in the money market fund (Level 2). The Company generally uses derivatives for hedging purposes, and the Company’s derivatives are primarily foreign currency forward contracts and interest rate swaps. The Company determines the fair value of its derivative instruments using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. Accordingly, the Company’s derivative instruments are classified as Level 2. | ||||||||||||||||
The following tables present the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions): | ||||||||||||||||
Fair value as of December 31, 2014 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Investment securities, including mutual funds(1) | $ | 21.5 | $ | 4.6 | $ | 16.9 | $ | — | ||||||||
Foreign currency derivatives | 7.7 | — | 7.7 | — | ||||||||||||
Total | $ | 29.2 | $ | 4.6 | $ | 24.6 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Interest rate swaps | $ | 11.8 | $ | — | $ | 11.8 | $ | — | ||||||||
Foreign currency derivatives | 0.4 | — | 0.4 | — | ||||||||||||
Total | $ | 12.2 | $ | — | $ | 12.2 | $ | — | ||||||||
Fair value as of December 31, 2013 | ||||||||||||||||
Assets | ||||||||||||||||
Investment securities, including mutual funds(1) | $ | 21.3 | $ | 8.7 | $ | 12.6 | $ | — | ||||||||
Interest rate swaps | 23.1 | — | 23.1 | — | ||||||||||||
Foreign currency derivatives | 2.9 | — | 2.9 | — | ||||||||||||
Total | $ | 47.3 | $ | 8.7 | $ | 38.6 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Interest rate swaps | $ | 35.5 | $ | — | $ | 35.5 | $ | — | ||||||||
Foreign currency derivatives | 1.4 | — | 1.4 | — | ||||||||||||
Total | $ | 36.9 | $ | — | $ | 36.9 | $ | — | ||||||||
-1 | The values of investment securities, including mutual funds, are classified as cash and cash equivalents ($8.4 million and $10.9 million as of December 31, 2014 and 2013, respectively) and other assets ($13.1 million and $10.3 million as of December 31, 2014 and 2013, respectively). For mutual funds that are publicly traded, fair value is determined on the basis of quoted market prices and, accordingly, these investments have been classified as Level 1. Other investment securities are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date and have been classified as Level 2. | |||||||||||||||
The Company adjusts its pension asset values to fair value on an annual basis. See Footnote 13 of the Notes to Consolidated Financial Statements for information regarding the fair values of the Company’s pension assets. | ||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||
The Company’s nonfinancial assets which are measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill, intangible assets and certain other assets. | ||||||||||||||||
The Company’s annual impairment tests of goodwill and indefinite-lived intangible assets did not result in the Company recording any impairment charges during 2014, 2013 and 2012. In making the assessment of goodwill impairment each year, management relies on a number of factors including operating results, business plans, economic projections, anticipated future cash flows, transactions and marketplace data. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy. The factors used by management in the impairment analysis are inherently subject to uncertainty. While the Company believes it has made reasonable estimates and assumptions to determine the fair value of its reporting units, if actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may be overstated and could potentially trigger additional impairment charges. | ||||||||||||||||
During 2014, 2013 and 2012, impairments associated with plans to dispose of certain property, plant and equipment were not material, other than those associated with the divestiture of the Teach business in 2013. During 2013, the Company recorded non-cash pretax charges of $22.7 million associated with impairments of goodwill, intangibles and other long-lived assets of the Teach business. The impairments were estimated based on the proceeds expected to be realized upon disposition of the assets. In the absence of a definitive sales price for these and similar types of assets, the Company generally uses projected cash flows, discounted as necessary, or market multiples to estimate the fair values of the impaired assets. Key inputs into the projected cash flows include management’s projections of cash flows on a held-and-used basis (if applicable), management’s projections of cash flows upon disposition and discount rates. Key inputs into the market multiple approach include identifying companies comparable to the Company’s business and estimated control premiums. Accordingly, these fair value measurements fall in the Level 3 category of the fair value hierarchy. These assets and certain liabilities are measured at fair value on a nonrecurring basis as part of the Company’s impairment assessments and as circumstances require. | ||||||||||||||||
During 2014, the Company completed the acquisitions of Ignite and Baby Jogger and acquired the assets of bubba. The Company allocates purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. Determining the fair values of assets acquired and liabilities assumed, particularly acquired intangible assets, requires the Company to make estimates and assumptions, including estimates regarding the future expected cash flows from customer relationships, trade names and trademarks and acquired patents and developed technology; royalty rates; the period of time the Company expects to use the acquired intangible asset; and, discount rates. In marking these estimates, the Company considers demand, competition and other economic factors. The Company allocated $319.6 million of value to acquired intangible assets in 2014. The Company’s estimates and projections are inherently uncertain, and the estimated values of assets acquired and liabilities assumed are dependent on such estimates. Accordingly, these fair value measurements fall in the Level 3 category of the fair value hierarchy. Acquired assets and liabilities are measured at fair value on a nonrecurring basis, generally in connection with acquisitions and as circumstances require for impairment testing. | ||||||||||||||||
Financial Instruments | ||||||||||||||||
The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, derivative instruments, notes payable and short- and long-term debt. The carrying values for current financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to the short maturity of such instruments. The fair values of the Company’s derivative instruments are recorded in the Consolidated Balance Sheets and are disclosed in Footnote 11. The fair values of certain of the Company’s short- and long-term debt are based on quoted market prices and are as follows (in millions): | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Fair Value | Book Value | Fair Value | Book Value | |||||||||||||
Medium-term notes | $ | 2,154.40 | $ | 2,089.50 | $ | 1,753.00 | $ | 1,659.80 | ||||||||
The carrying amounts of all other significant debt approximate fair value. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||
Segment Information | Industry Segment Information | |||||||||||
On September 4, 2014, the Company acquired 100% of Ignite. Ignite is a designer and marketer of durable beverage containers sold under the Contigo® and Avex® brands and is included in the Company’s Home Solutions segment. On October 22, 2014, the Company acquired the assets of bubba, a designer and marketer of durable beverage containers, which is included in the Company’s Home Solutions segment. On December 15, 2014, the Company acquired Baby Jogger, a designer and marketer of premium infant and juvenile products focused on activity strollers and related accessories, which is included in the Company’s Baby & Parenting segment. The 2014 segment information includes the results of operations of all three acquired companies since the acquisition date. Refer to Footnote 2 for additional information about the acquisitions. | ||||||||||||
During 2014, the Company’s Endicia® and Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment to sell the businesses. Accordingly, the results of operations of these businesses have been classified as discontinued operations for all periods presented. The Endicia business was included in the Writing segment, and the Culinary businesses were included in the Home Solutions segment. | ||||||||||||
During 2013, the Company divested its Hardware and Teach businesses, which were primarily included in the former Specialty segment. Accordingly, the results of operations of these businesses were classified as discontinued operations. The remaining businesses in the former Specialty segment, specifically Dymo® Office and Endicia, were combined with the Writing segment given the significant channel and operating synergies. | ||||||||||||
As a result of these changes, the segment information in this footnote, Footnote 5 pertaining to restructuring and Footnote 8 pertaining to goodwill have been presented to reflect five business segments, including the impacts of classifying the Hardware, Teach, Endicia and Culinary electrics and retail businesses as discontinued operations. | ||||||||||||
The Company’s reportable segments are as follows: | ||||||||||||
Segment | Key Brands | Description of Primary Products | ||||||||||
Writing | Sharpie®, Paper Mate®, Expo®, Parker®, Waterman®, Dymo® Office | Writing instruments, including markers and highlighters, pens and pencils; art products; fine writing instruments; labeling solutions | ||||||||||
Home Solutions | Rubbermaid®, Contigo®, bubba®, Calphalon®, Levolor®, Goody® | Indoor/outdoor organization, food storage and home storage products; durable beverage containers; gourmet cookware, bakeware and cutlery; window treatments; hair care accessories | ||||||||||
Tools | Irwin®, Lenox®, hilmor™, Dymo® Industrial | Hand tools and power tool accessories; industrial bandsaw blades; tools for HVAC systems; label makers and printers for industrial use | ||||||||||
Commercial Products | Rubbermaid Commercial Products®, Rubbermaid® Healthcare | Cleaning and refuse products, hygiene systems, material handling solutions; medical and computer carts and wall-mounted workstations | ||||||||||
Baby & Parenting | Graco®, Baby Jogger®, Aprica®, Teutonia® | Infant and juvenile products such as car seats, strollers, highchairs and playards | ||||||||||
The Company’s segment and geographic results are as follows as of and for the years ended December 31, (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net Sales(1) | ||||||||||||
Writing | $ | 1,708.90 | $ | 1,653.60 | $ | 1,682.00 | ||||||
Home Solutions | 1,575.40 | 1,560.30 | 1,524.60 | |||||||||
Tools | 852.2 | 817.9 | 806.1 | |||||||||
Commercial Products | 837.1 | 785.9 | 759.7 | |||||||||
Baby & Parenting | 753.4 | 789.3 | 736.1 | |||||||||
$ | 5,727.00 | $ | 5,607.00 | $ | 5,508.50 | |||||||
Operating Income(2) | ||||||||||||
Writing | $ | 416.6 | $ | 382.2 | $ | 331.6 | ||||||
Home Solutions | 196 | 213.1 | 198.3 | |||||||||
Tools | 94.6 | 68.3 | 109.8 | |||||||||
Commercial Products | 101.3 | 82.5 | 92.9 | |||||||||
Baby & Parenting | 40.6 | 91.2 | 72.7 | |||||||||
Restructuring costs | (52.8 | ) | (110.3 | ) | (52.9 | ) | ||||||
Corporate | (191.6 | ) | (111.9 | ) | (114.7 | ) | ||||||
$ | 604.7 | $ | 615.1 | $ | 637.7 | |||||||
2014 | 2013 | 2012 | ||||||||||
Depreciation & Amortization(2) | ||||||||||||
Writing | $ | 25.9 | $ | 30.5 | $ | 30.8 | ||||||
Home Solutions | 29.7 | 25.5 | 29.8 | |||||||||
Tools | 15.3 | 15.6 | 15.3 | |||||||||
Commercial Products | 21.4 | 24 | 25.1 | |||||||||
Baby & Parenting | 11.1 | 9.8 | 9.9 | |||||||||
Corporate | 50.4 | 49.8 | 46.8 | |||||||||
$ | 153.8 | $ | 155.2 | $ | 157.7 | |||||||
2014 | 2013 | 2012 | ||||||||||
Capital Expenditures(3) | ||||||||||||
Writing | $ | 34.3 | $ | 25.5 | $ | 23.3 | ||||||
Home Solutions | 31.1 | 31.5 | 34.4 | |||||||||
Tools | 18.4 | 29.3 | 33 | |||||||||
Commercial Products | 27.6 | 16.7 | 20.7 | |||||||||
Baby & Parenting | 8.7 | 6.9 | 15.6 | |||||||||
Corporate(3) | 40.1 | 26.9 | 47 | |||||||||
$ | 160.2 | $ | 136.8 | $ | 174 | |||||||
2014 | 2013 | |||||||||||
Identifiable Assets | ||||||||||||
Writing | $ | 981.9 | $ | 931.2 | ||||||||
Home Solutions | 806.4 | 559.4 | ||||||||||
Tools | 605 | 595.7 | ||||||||||
Commercial Products | 375.1 | 343.3 | ||||||||||
Baby & Parenting | 481 | 321.9 | ||||||||||
Corporate(4) | 3,431.70 | 3,318.20 | ||||||||||
$ | 6,681.10 | $ | 6,069.70 | |||||||||
Geographic Area Information | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net Sales(1) (5) | ||||||||||||
United States | $ | 3,945.10 | $ | 3,783.30 | $ | 3,668.40 | ||||||
Canada | 284.3 | 310.9 | 325.4 | |||||||||
Total North America | 4,229.40 | 4,094.20 | 3,993.80 | |||||||||
Europe, Middle East and Africa | 683.5 | 698.2 | 706.9 | |||||||||
Latin America | 409.9 | 392.6 | 335.5 | |||||||||
Asia Pacific | 404.2 | 422 | 472.3 | |||||||||
Total International | 1,497.60 | 1,512.80 | 1,514.70 | |||||||||
$ | 5,727.00 | $ | 5,607.00 | $ | 5,508.50 | |||||||
Operating Income (Loss)(2) (6) | ||||||||||||
United States | $ | 405.2 | $ | 474.6 | $ | 462.8 | ||||||
Canada | 62.7 | 74.9 | 66.8 | |||||||||
Total North America | 467.9 | 549.5 | 529.6 | |||||||||
Europe, Middle East and Africa | 82 | (15.7 | ) | 6.8 | ||||||||
Latin America | 39.1 | 29.7 | 14.9 | |||||||||
Asia Pacific | 15.7 | 51.6 | 86.4 | |||||||||
Total International | 136.8 | 65.6 | 108.1 | |||||||||
$ | 604.7 | $ | 615.1 | $ | 637.7 | |||||||
-1 | All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 10.6%, 11.2% and 10.3% of consolidated trade sales in 2014, 2013 and 2012, respectively, substantially across all segments. | |||||||||||
-2 | Operating income (loss) by segment is net sales less cost of products sold and selling, general & administrative (“SG&A”) expenses. Operating income by geographic area is net sales less cost of products sold, SG&A expenses, impairment charges and restructuring costs. Certain headquarters expenses of an operational nature are allocated to business segments and geographic areas primarily on a net sales basis. Depreciation and amortization is allocated to the segments on a percentage of sales basis, and the allocated depreciation and amortization is included in segment operating income. | |||||||||||
Depreciation and amortization excludes $2.3 million, $3.8 million and $6.0 million included in discontinued operations for 2014, 2013 and 2012, respectively. | ||||||||||||
-3 | Corporate capital expenditures includes capital expenditures related to the SAP implementation. Capital expenditures exclude $1.7 million, $1.4 million and $3.2 million associated with discontinued operations in 2014, 2013 and 2012, respectively. | |||||||||||
-4 | Corporate assets primarily include goodwill, capitalized software, cash, deferred tax assets and assets held for sale. | |||||||||||
-5 | Geographic sales information is based on the region from which the products are shipped and invoiced. Long-lived assets by geography are not presented because it is impracticable to do so. | |||||||||||
-6 | The following table summarizes the restructuring costs by region on a continuing basis included in operating income (loss) above (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Restructuring Costs | ||||||||||||
United States | $ | (28.9 | ) | $ | (30.9 | ) | $ | (28.9 | ) | |||
Canada | (1.4 | ) | (0.4 | ) | (0.8 | ) | ||||||
Total North America | (30.3 | ) | (31.3 | ) | (29.7 | ) | ||||||
Europe, Middle East and Africa | (13.7 | ) | (69.9 | ) | (19.5 | ) | ||||||
Latin America | (2.8 | ) | (5.2 | ) | (2.7 | ) | ||||||
Asia Pacific | (6.0 | ) | (3.9 | ) | (1.0 | ) | ||||||
Total International | (22.5 | ) | (79.0 | ) | (23.2 | ) | ||||||
$ | (52.8 | ) | $ | (110.3 | ) | $ | (52.9 | ) | ||||
The following table summarizes the net sales by product grouping for the years ended December 31, (in millions): | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Writing | ||||||||||||
Writing instruments | $ | 1,451.30 | $ | 1,412.00 | $ | 1,416.20 | ||||||
Technology solutions | 257.6 | 241.6 | 265.8 | |||||||||
1,708.90 | 1,653.60 | 1,682.00 | ||||||||||
Home Solutions: | ||||||||||||
Rubbermaid Consumer | 867.5 | 849.9 | 822.8 | |||||||||
Décor | 315.3 | 320.4 | 318.5 | |||||||||
Other | 392.6 | 390 | 383.3 | |||||||||
1,575.40 | 1,560.30 | 1,524.60 | ||||||||||
Tools | 852.2 | 817.9 | 806.1 | |||||||||
Commercial Products | 837.1 | 785.9 | 759.7 | |||||||||
Baby & Parenting | 753.4 | 789.3 | 736.1 | |||||||||
$ | 5,727.00 | $ | 5,607.00 | $ | 5,508.50 | |||||||
Litigation_And_Contingencies
Litigation And Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Litigation And Contingencies [Abstract] | |
Litigation And Contingencies | Litigation and Contingencies |
The Company is involved in legal proceedings in the ordinary course of its business. These proceedings include claims for damages arising out of use of the Company’s products, allegations of infringement of intellectual property, commercial disputes and employment matters, as well as environmental matters. Some of the legal proceedings include claims for punitive as well as compensatory damages, and certain proceedings may purport to be class actions. | |
The Company, using current product sales data and historical trends, actuarially calculates the estimate of its exposure for product liability. The Company had product liability reserves of $33.6 million and $34.4 million as of December 31, 2014 and 2013, respectively. The Company is insured for product liability claims for amounts in excess of established deductibles and accrues for the estimated liability as described up to the limits of the deductibles. All other claims and lawsuits are handled on a case-by-case basis. | |
Recall of Harness Buckles on Select Car Seats | |
In February 2014, Graco, a subsidiary of the Company, announced a voluntary recall in the U.S. of harness buckles used on approximately 4 million toddler car seats manufactured between 2006 and 2013. As a result of the recall, substantially all affected car seats which were at retail locations or in customer warehouses have been reworked in the field or returned to the Company for rework. In July 2014, Graco announced that it had agreed to expand the recall to include certain infant car seats manufactured between July 2010 and May 2013. There have been no reported injuries associated with the recalled harness buckles used on these toddler or infant car seats. In December 2014, the National Highway Traffic Safety Administration announced that it opened an investigation into the timeliness of the recall. | |
The Company recorded $15.0 million of costs during the year ended December 31, 2014 for the cost of the above recalls. The Company believes that any additional costs of executing the recall will not be significant. However, the amount recorded does not include any fines or penalties that may result from any governmental investigation into the circumstances related to the recalls. | |
Environmental Matters | |
The Company is involved in various matters concerning federal and state environmental laws and regulations, including matters in which the Company has been identified by the U.S. Environmental Protection Agency (“U.S. EPA”) and certain state environmental agencies as a potentially responsible party (“PRP”) at contaminated sites under the Federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and equivalent state laws. | |
In assessing its environmental response costs, the Company has considered several factors, including the extent of the Company’s volumetric contribution at each site relative to that of other PRPs; the kind of waste; the terms of existing cost sharing and other applicable agreements; the financial ability of other PRPs to share in the payment of requisite costs; the Company’s prior experience with similar sites; environmental studies and cost estimates available to the Company; the effects of inflation on cost estimates; and the extent to which the Company’s, and other parties’, status as PRPs is disputed. | |
The Company’s estimate of environmental response costs associated with these matters as of December 31, 2014 ranged between $23.0 million and $28.3 million. As of December 31, 2014, the Company had a reserve of $24.1 million for such environmental remediation and response costs in the aggregate, which is included in other accrued liabilities and other noncurrent liabilities in the Consolidated Balance Sheet. No insurance recovery was taken into account in determining the Company’s cost estimates or reserve, nor do the Company’s cost estimates or reserves reflect any discounting for present value purposes, except with respect to certain long-term operations and maintenance CERCLA matters, which are estimated at their present value of $17.0 million by applying a 5% discount rate to undiscounted obligations of $24.1 million. The Company expects to pay these liabilities over various periods ranging from one to 30 years. | |
Two of the Company’s subsidiaries, Goody Products, Inc. and Berol Corporation (the “Company Parties”), were among over 300 entities named by Maxus Energy Corporation (“Maxus”) and Tierra Solutions, Inc. (“Tierra”) as third-party defendants in New Jersey Department of Environmental Protection, et al. (collectively “DEP”) v. Occidental Chemical Corporation, et al., pending in the Superior Court of New Jersey, Law Division — Essex County. In the third-party complaint, Maxus and Tierra alleged that releases from two facilities formerly operated by the Company Parties contributed to contamination in the Passaic River and other bodies of water and seek contribution for certain clean-up and removal costs, as well as other damages for which they may be found liable to DEP. The Company Parties and other third-party defendants as well as all of the direct defendants have completed settlements with the state, which are final and no longer subject to appeal. These settlements resulted in dismissal of all third-party defendants and all of the state’s claims against the direct defendants. The finalized settlements further resulted in the state’s recovery of all of its past costs, as well as some funding for natural resources restoration and redevelopment, subject to certain reopeners. | |
In addition, U.S. EPA has issued General Notice Letters (“GNLs”) to over 100 entities, including the Company and Berol Corporation, alleging that they are PRPs at the Diamond Alkali Superfund Site, which includes a 17-mile stretch of the Lower Passaic River and its tributaries. 72 of the GNL recipients, including the Company on behalf of itself and the Company Parties, have taken over the performance of the remedial investigation and feasibility study (“RI/FS”) for the Lower Passaic River. The RI/FS work remains underway and is scheduled for completion within months. On April 11, 2014, U.S. EPA issued a Source Control Early Action Focused Feasibility Study (“FFS”), which proposes four alternatives for remediation of the lower 8 miles of the Lower Passaic River. U.S. EPA’s cost estimates for its cleanup alternatives range from $315 million to approximately $3.2 billion in capital costs plus from $0.5 million to $1.8 million in annual maintenance costs for 30 years, with its preferred alternative carrying an estimated cost of approximately $1.7 billion plus an additional $1.6 million in annual maintenance costs for 30 years. The public comment period concluded August 2014, and the U.S. EPA is expected to issue its final Record of Decision in 2015. U.S. EPA has indicated that it will seek to have the parties fund the cleanup, but at this time, it is unclear how the cost of any cleanup would be allocated among any of the parties, including the Company Parties, or any other entities. The site is also subject to a Natural Resource Damage Assessment. | |
Given the uncertainties pertaining to this matter, including that the RI/FS is ongoing, the potential for further litigation regarding costs and cost sharing, the ultimate remediation has not yet been determined, the parties have not agreed upon a final allocation for the investigation and any ultimate remediation, the extent to which the Company Parties may be held liable or responsible is not yet known. Accordingly, it is not possible at this time for the Company to estimate its ultimate liability related to this matter. Based on currently known facts and circumstances, the Company does not believe that this matter is reasonably likely to have a material impact on the Company’s results of operations because the Company Parties’ facilities are not alleged to have discharged the contaminants which are of the greatest concern in the river sediments, and because there are numerous other parties who will likely share in any costs of remediation and/or damages. However, in the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material. | |
Because of the uncertainties associated with environmental investigations and response activities, the possibility that the Company could be identified as a PRP at sites identified in the future that require the incurrence of environmental response costs and the possibility that sites acquired in business combinations may require environmental response costs, actual costs to be incurred by the Company may vary from the Company’s estimates. | |
Other Matters | |
Although management of the Company cannot predict the ultimate outcome of these proceedings with certainty, it believes that the ultimate resolution of the Company’s proceedings, including any amounts it may be required to pay in excess of amounts reserved, will not have a material effect on the Company’s consolidated financial statements, except as otherwise described above. | |
In the normal course of business and as part of its acquisition and divestiture strategy, the Company may provide certain representations and indemnifications related to legal, environmental, product liability, tax or other types of issues. Based on the nature of these representations and indemnifications, it is not possible to predict the maximum potential payments under all of these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements did not have a material effect on the Company’s business, financial condition or results of operations. | |
As of December 31, 2014, the Company had $40.0 million in standby letters of credit primarily related to the Company’s self-insurance programs, including workers’ compensation, product liability and medical. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event |
On February 12, 2015, the Company announced that its Board of Directors approved a 12% increase in its quarterly dividend from $0.17 per share to $0.19 per share, effective with the quarterly dividend payable in March 2015. |
Schedule_II
Schedule II | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
SCHEDULE II [Abstract] | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Newell Rubbermaid Inc. and subsidiaries | |||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||
(in millions) | Balance at Beginning of Period | Provision(1) | Charges to Other Accounts | Write-offs(2) | Balance at End of Period | |||||||||||
Reserve for Doubtful Accounts and Cash Discounts: | ||||||||||||||||
Year Ended December 31, 2014 | $ | 38 | $ | 49.2 | $ | (1.6 | ) | $ | (60.3 | ) | $ | 25.3 | ||||
Year Ended December 31, 2013 | 39.8 | 69.8 | 0.2 | (71.8 | ) | 38 | ||||||||||
Year Ended December 31, 2012 | 36 | 70.6 | 0.4 | (67.2 | ) | 39.8 | ||||||||||
-1 | The provision amounts include accounts receivable reserve charges included in discontinued operations of $0.6, $3.1 and $6.4 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||
-2 | Represents accounts written off during the year and cash discounts taken by customers. | |||||||||||||||
(in millions) | Balance at Beginning of Period | Net Provision(1) | Other | Write-offs/ Dispositions | Balance at End of Period | |||||||||||
Inventory Reserves (including excess, obsolescence and shrink reserves): | ||||||||||||||||
Year Ended December 31, 2014 | $ | 37.8 | $ | 24.1 | $ | (1.6 | ) | $ | (27.7 | ) | $ | 32.6 | ||||
Year Ended December 31, 2013 | 56.9 | 23.5 | (0.3 | ) | (42.3 | ) | 37.8 | |||||||||
Year Ended December 31, 2012 | 59.3 | 38.3 | 0.4 | (41.1 | ) | 56.9 | ||||||||||
-1 | The net provision amounts include inventory reserve (benefits) charges included in discontinued operations of $(0.1), $3.9 and $2.4 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Basis_Of_Presentation_And_Sign1
Basis Of Presentation And Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Description of Business |
Newell Rubbermaid (the “Company”) is a global marketer of consumer and commercial products that help people get more out of life every day, where they live, learn, work and play. The Company’s products are marketed under a strong portfolio of brands, including Sharpie®, Paper Mate®, Parker®, Waterman®, Dymo®, Rubbermaid®, Contigo®, Levolor®, Goody®, Calphalon®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Graco®, Aprica®and Baby Jogger®. The Company’s multi-product offering consists of well-known, name brand consumer and commercial products in five business segments: Writing, Home Solutions, Tools, Commercial Products and Baby & Parenting. | |
During 2014, the Company’s Endicia® and Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment to sell the businesses. Accordingly, the results of operations of these businesses have been classified as discontinued operations for all periods presented. The Endicia business was included in the Writing segment, and the Culinary businesses were included in the Home Solutions segment. | |
During 2013, the Company divested its Hardware and Teach businesses, which were primarily included in the former Specialty segment. Accordingly, the results of operations of these businesses have been classified as discontinued operations for all periods presented. The remaining businesses in the former Specialty segment, specifically Dymo Office and Endicia, were combined with the Writing segment given the significant channel and operating synergies. | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
The Consolidated Financial Statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities where the Company is the primary beneficiary, after elimination of intercompany transactions. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of these consolidated financial statements requires the use of certain estimates by management in determining the Company’s assets, liabilities, sales and expenses, and related disclosures. Actual results could differ from those estimates. | |
Concentration Risk Disclosure [Text Block] | Concentration of Credit Risk |
The Company sells products to customers in diversified industries and geographic regions and, therefore, has no significant concentrations of credit risk. The Company continuously evaluates the creditworthiness of its customers and generally does not require collateral. | |
The Company evaluates the collectibility of accounts receivable based on a combination of factors. When aware of a specific customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due and historical collection experience. Accounts are also reviewed for potential write-off on a case-by-case basis. Accounts deemed uncollectible are written off, net of expected recoveries. If circumstances related to specific customers change, the Company’s estimates of the recoverability of receivables could be further adjusted. | |
The Company’s forward exchange contracts do not subject the Company to risk due to foreign exchange rate movement, because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. The Company is exposed to credit-related losses in the event of non-performance by counterparties to certain derivative financial instruments. The Company does not obtain collateral or other security to support derivative financial instruments subject to credit risk, but monitors the credit standing of the counterparties. | |
The credit exposure that results from commodity, interest rate, foreign exchange and other derivatives is the fair value of contracts with a positive fair value as of the reporting date. The credit exposure on the Company’s foreign currency derivatives at December 31, 2014 was $7.7 million, and the Company had no credit exposure with respect to its interest rate derivatives at December 31, 2014. | |
Revenue Recognition, Policy [Policy Text Block] | Sales Recognition and Customer Programs |
Sales of merchandise and freight billed to customers are recognized when title passes and all substantial risks of ownership change, which generally occurs either upon shipment or upon delivery based upon contractual terms. Sales are net of provisions for cash discounts, returns, customer discounts (such as volume or trade discounts), cooperative advertising and other sales-related discounts and programs. | |
Under customer programs and arrangements that require sales incentives to be paid in advance, the Company amortizes the amount paid over the period of benefit or contractual sales volume. When incentives are paid in arrears, the Company accrues the estimated amount to be paid based on the program’s contractual terms, expected customer performance and/or estimated sales volume. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Cash and cash equivalents include cash on hand and highly liquid investments that have a maturity of three months or less when purchased. | |
Inventory, Policy [Policy Text Block] | Inventories |
Inventories are stated at the lower of cost or market value using the last-in, first-out (LIFO) or first-in, first-out (FIFO) methods (see Footnote 6 for additional information). The Company reduces its inventory value for estimated obsolete and slow-moving inventory in an amount equal to the difference between the cost of inventory and the net realizable value based upon estimates about future demand and market conditions. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment |
Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the Company are as follows: buildings and improvements (20-40 years) and machinery and equipment (3-15 years). | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Indefinite-Lived Intangible Assets |
The Company conducts its annual test for impairment of goodwill and indefinite-lived intangible assets in the third quarter because it coincides with its annual strategic planning process. | |
The Company evaluates goodwill for impairment annually at the reporting unit level. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. If the carrying amount of the reporting unit is greater than the fair value, impairment may be present. The Company assesses the fair value of each reporting unit for its goodwill impairment test based on a discounted cash flow model, an earnings multiple or an actual sales offer received from a prospective buyer, if available. Estimates critical to the Company’s fair value estimates using earnings multiples include the projected financial performance of the reporting unit and the applicable earnings multiple. Estimates critical to the Company’s fair value estimates under the discounted cash flow model include projected financial performance and cash flows of the reporting unit, the discount rate, long-term sales growth rate, product costs and the working capital investment required. | |
The Company measures the amount of any goodwill impairment based upon the estimated fair value of the underlying assets and liabilities of the reporting unit, including any unrecognized intangible assets, and estimates the implied fair value of goodwill. An impairment charge is recognized to the extent the recorded goodwill exceeds the implied fair value of goodwill. | |
The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected average revenue growth and projected long-term growth rates in the determination of terminal values. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. | |
See Footnote 8 for additional detail on goodwill and other intangible assets. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Other Long-Lived Assets |
The Company tests its other long-lived assets for impairment in accordance with relevant authoritative guidance. The Company evaluates if impairment indicators related to its property, plant and equipment and other long-lived assets are present. These impairment indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If impairment indicators are present, the Company estimates the future cash flows for the asset or group of assets. The sum of the undiscounted future cash flows attributable to the asset or group of assets is compared to their carrying amount. The cash flows are estimated utilizing various projections of sales and expenses, working capital and proceeds from asset disposals on a basis consistent with the strategic plan. If the carrying amount exceeds the sum of the undiscounted future cash flows, the Company determines the assets’ fair value by discounting the future cash flows using a discount rate required for a similar investment of like risk and records an impairment charge as the difference between the fair value and the carrying value of the asset group. Generally, the Company performs its testing of the asset group at the product-line level, as this is the lowest level for which identifiable cash flows are available. | |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs |
The Company records shipping and handling costs as a component of cost of products sold. | |
Product Liability Reserve [Policy Text Block] | Product Liability Reserves |
The Company has a self-insurance program for product liability that includes reserves for self-retained losses and certain excess and aggregate risk transfer insurance. The Company uses historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs in determining required product liability reserves. The Company’s actuarial evaluation methods take into account claims incurred but not reported when determining the Company’s product liability reserve. While the Company believes that it has adequately reserved for these claims, the ultimate outcome of these matters may exceed the amounts recorded by the Company, and such additional losses may be material to the Company’s Consolidated Financial Statements. | |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties |
In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience. | |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs |
The Company expenses advertising costs as incurred. | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs |
Research and development costs relating to both future and current products are charged to selling, general and administrative expenses as incurred. | |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments |
Derivative financial instruments are generally used to manage certain commodity, interest rate and foreign currency risks. These instruments primarily include interest rate swaps, forward exchange contracts and options. The Company’s forward exchange contracts and options do not subject the Company to exchange rate risk because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. However, these instruments, when settled, impact the Company’s cash flows from operations to the extent the underlying transaction being hedged is not simultaneously settled due to an extension, a renewal or otherwise. | |
On the date when the Company enters into a derivative, the derivative is designated as a hedge of the identified exposure. The Company measures effectiveness of its hedging relationships both at hedge inception and on an ongoing basis. | |
Gains and losses resulting from the settlement of interest rate swaps designated and effective as hedges are deferred and amortized as adjustments to interest expense over the remaining term of the debt covered by the interest rate swaps. The cash paid and received from the settlement of interest rate swaps is included in cash provided by operating activities in accrued liabilities and other in the Consolidated Statements of Cash Flows. | |
Derivatives | |
The use of financial instruments, including derivatives, exposes the Company to market risk related to changes in interest rates, foreign currency exchange rates and commodity prices. The Company primarily uses derivatives to manage its interest rate exposure, to achieve a desired proportion of variable and fixed-rate debt, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and to manage changes in fair value resulting from changes in foreign currency exchange rates. | |
The Company enters into interest rate swaps related to existing debt obligations with initial maturities ranging from five to ten years. The Company uses interest rate swap agreements to manage its interest rate exposure and to achieve a desired proportion of variable and fixed-rate debt. These derivatives are designated as fair value hedges based on the nature of the risk being hedged. The Company also uses derivatives to hedge interest rates on anticipated issuances of debt securities occurring within one year or less of the inception date of the derivative, and the Company uses these instruments to reduce the volatility in future interest payments that would be made pursuant to the anticipated debt issuances. These derivatives are designated as cash flow hedges. | |
The Company uses derivative instruments, such as forward contracts, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and changes in fair value resulting from changes in foreign currency exchange rates. The Company’s foreign exchange risk management policy generally emphasizes hedging transaction exposures of one-year duration or less and hedging foreign currency intercompany financing activities with derivatives with maturity dates of one year or less. The Company uses derivative instruments to hedge various foreign exchange exposures, including the following: (i) variability in foreign currency-denominated cash flows, such as the hedges of inventory purchases for products produced in one currency and sold in another currency and (ii) currency risk associated with foreign currency-denominated operating assets and liabilities, such as forward contracts and other instruments that hedge cash flows associated with intercompany financing activities. Hedging instruments are not available for certain currencies in countries in which the Company has operations. In these cases, the Company uses alternative means in an effort to achieve an economic offset to the local currency exposure such as invoicing and/or paying intercompany and third-party transactions in U.S. Dollars. | |
The Company purchases certain raw materials that are subject to price volatility caused by unpredictable factors. Where practical, the Company uses derivatives as part of its commodity risk management process. | |
The Company reports its derivative positions in the Consolidated Balance Sheets on a gross basis and does not net asset and liability derivative positions with the same counterparty. The Company monitors its positions with, and the credit quality of, the financial institutions that are parties to its financial transactions. | |
Derivative instruments are accounted for at fair value. The accounting for changes in the fair value of a derivative depends on the intended use and designation of the derivative instrument. For a derivative instrument that is designated and qualifies as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in current earnings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is initially reported as a component of accumulated other comprehensive income (loss) (“AOCI”), net of tax, and is subsequently reclassified into earnings when the hedged transaction affects earnings. The ineffective portion of the gain or loss is recognized in current earnings. | |
Interest Rate Risk Management [Policy Text Block] | Interest Rate Risk Management |
Gains and losses on interest rate swaps designated as cash flow hedges, to the extent that the hedge relationship has been effective, are deferred in other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt instrument. The fair value of interest rate swaps on long-term debt designated as fair value hedges, to the extent the hedge relationship is effective, are recorded as an asset or liability with a corresponding adjustment to the carrying value of the debt. Any ineffectiveness on these instruments is immediately recognized in interest expense in the period that the ineffectiveness occurs. | |
Gains or losses resulting from the early termination of interest rate swaps previously designated as fair value hedges are deferred as an increase or decrease to the carrying value of the related debt and amortized as an adjustment to the yield of the related debt instrument over the remaining period originally covered by the swap. The cash received or paid relating to the termination of interest rate swaps is included in accrued liabilities and other as an operating activity in the Consolidated Statements of Cash Flows. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Management |
The Company utilizes forward exchange contracts and options to manage foreign exchange risk related to both known and anticipated intercompany transactions and third-party commercial transaction exposures of approximately one year in duration or less. For instruments designated as cash flow hedges, the effective portion of the changes in fair value of these instruments is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transactions affect earnings. Any ineffective portion is immediately recognized in earnings. For instruments designated as fair value hedges, the changes in fair value are reported in earnings, generally offsetting the change in value of the underlying instrument being hedged. | |
Gains and losses related to qualifying forward exchange contracts, which hedge certain anticipated transactions, are recognized in other comprehensive income (loss) until the underlying transaction occurs. | |
The fair values of foreign currency hedging instruments are recorded within Prepaid expenses and other and Other accrued liabilities in the Consolidated Balance Sheets based on the maturity of the Company’s forward contracts at December 31, 2014 and 2013. The earnings impact of cash flow hedges relating to forecasted purchases of inventory is generally reported in cost of products sold to match the underlying transaction being hedged. For hedged forecasted transactions, hedge accounting is discontinued if the forecasted transaction is no longer probable of occurring, in which case previously deferred hedging gains or losses would be recorded to earnings immediately. | |
Foreign Currency Translation | |
Assets and liabilities of foreign subsidiaries are translated into U.S. Dollars at the rates of exchange in effect at year-end. The related translation adjustments are made directly to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income (loss). International subsidiaries operating in highly inflationary economies remeasure nonmonetary assets at historical rates, while net monetary assets are remeasured at current rates, with the resulting remeasurement adjustment included in net income (loss) as other expense, net. | |
The Company designates certain foreign currency denominated, long-term intercompany financing transactions as being of a long-term investment nature and records gains and losses on the transactions arising from changes in exchange rates as translation adjustments. | |
Inflationary Accounting, Policy [Policy Text Block] | Venezuelan Operations |
The Company accounts for its Venezuelan operations using highly inflationary accounting, and therefore, the Company remeasures assets, liabilities, sales and expenses denominated in Bolivar Fuertes (“Bolivars”) into U.S. Dollars using the applicable exchange rate, and the resulting translation adjustments are included in earnings. | |
The Company will continue to monitor developments over the coming quarters and expects to continue to use the SICAD I rate to remeasure the net monetary assets of its Venezuelan subsidiary unless facts and circumstances change. The results of the Company’s Venezuelan operations have been included in the Company’s consolidated financial statements for all periods presented, as the Company has been able to exchange Bolivars for a sufficient amount of U.S. Dollars to fund its Venezuelan operations and has had the ability to exercise control over a majority of the operating decisions of its Venezuelan business. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
The Company accounts for deferred income taxes using the asset and liability approach. Under this approach, deferred income taxes are recognized based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized. No provision is made for the U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries that are considered to be permanently invested. | |
The Company’s income tax provisions are based on calculations and assumptions that are subject to examination by various worldwide tax authorities. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax, interest and penalty reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes, interest and penalties. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. | |
The authoritative guidance requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate, as well as impact operating results. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the award, which is generally three to five years for stock options and one to three years for restricted stock units and performance-based restricted stock units. The Company estimates future forfeiture rates based on its historical experience. See Footnote 15 for additional information. | |
Stock Options | |
The Company has issued both nonqualified and incentive stock options at exercise prices equal to the Company’s common stock price on the date of grant with contractual terms of ten years. Stock options issued by the Company generally vest and are expensed ratably over three to five years. For options granted prior to 2008, options became fully vested and were exercisable for one year following termination due to death, disability or retirement at age 65 or older. For options granted since the beginning of 2008, options fully vest and are exercisable for a period of time depending on the employee’s age and years of service in the case of retirement (as defined in the stock option agreement). Stock option grants are generally subject to forfeiture if employment terminates prior to vesting, except upon retirement, in which case the options may remain outstanding and exercisable for the remaining contractual term of the option. The Company has not granted stock options since 2011. | |
Time-Based Restricted Stock Units | |
Awards of time-based restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The awards cliff-vest one to three years or vest ratably over three years from the date of grant. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service. The time-based restricted stock units have rights to dividend equivalents payable in cash. The Company expenses the cost of restricted stock units ratably over the vesting period. | |
Performance-Based Restricted Stock Units | |
Performance-based restricted stock unit awards represent the right to receive unrestricted shares of stock based on the achievement of Company performance objectives and/or individual performance goals established by the Organizational Development & Compensation Committee and the Board of Directors. The performance-based restricted stock units generally entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date, depending on the level of achievement of the specified conditions (“TSR Performance-Based RSUs”). Other performance-based restricted stock units entitle the recipient to shares of common stock if specified market and service conditions are achieved and vest no earlier than one year from the date of grant and no later than seven years from the date of grant (“Stock Price Based RSUs”). | |
Performance-based restricted stock units are not subject to the payment of dividend equivalents in the same manner as time-based restricted stock units. Rather, with respect to performance-based restricted stock units, dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria are met and the performance-based restricted stock units vest and the related stock is issued. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service, subject to the satisfaction of the applicable performance criteria. | |
Recent Accounting Pronouncements Policy | Recent Accounting Pronouncements |
Changes to U.S. Generally Accepted Accounting Principles (“US GAAP”) are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. | |
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” ASU 2013-11 requires an entity to net its liability for unrecognized tax positions against a net operating loss carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the tax law. The Company adopted the provisions of ASU 2013-11 beginning January 1, 2014, and the adoption did not have a material impact on the Company’s financial statements or disclosures. | |
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals representing a strategic shift in operations would be presented as discontinued operations. This guidance requires expanded disclosure that provides information about the assets, liabilities, income and expenses of discontinued operations. Additionally, the guidance requires additional disclosure for a disposal of a significant part of an entity that does not qualify for discontinued operations reporting. This guidance will be effective for reporting periods beginning on or after December 15, 2014, with early adoption permitted for disposals or classifications of assets as held-for-sale that have not been reported in financial statements previously issued or available for issuance. The Company adopted ASU 2014-08 on January 1, 2015, and the adoption did not impact the Company’s financial statements and disclosures. As required by ASU 2014-08, the businesses currently classified as discontinued operations will continue to be classified as such after January 1, 2015. | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Accounting Standard Codification 605 — Revenue Recognition” and most industry-specific guidance. ASU 2014-09 requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. This ASU is effective for fiscal years beginning after December 15, 2016. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is currently assessing the impact ASU 2014-09 will have on its financial position and results of operations. | |
Other recently issued ASUs were assessed and determined to be either not applicable or are expected to have a minimal impact on the Company’s consolidated financial position, results of operations and disclosures. |
Derivatives_Derivatives_Polici
Derivatives Derivatives (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Derivatives [Abstract] | |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments |
Derivative financial instruments are generally used to manage certain commodity, interest rate and foreign currency risks. These instruments primarily include interest rate swaps, forward exchange contracts and options. The Company’s forward exchange contracts and options do not subject the Company to exchange rate risk because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. However, these instruments, when settled, impact the Company’s cash flows from operations to the extent the underlying transaction being hedged is not simultaneously settled due to an extension, a renewal or otherwise. | |
On the date when the Company enters into a derivative, the derivative is designated as a hedge of the identified exposure. The Company measures effectiveness of its hedging relationships both at hedge inception and on an ongoing basis. | |
Gains and losses resulting from the settlement of interest rate swaps designated and effective as hedges are deferred and amortized as adjustments to interest expense over the remaining term of the debt covered by the interest rate swaps. The cash paid and received from the settlement of interest rate swaps is included in cash provided by operating activities in accrued liabilities and other in the Consolidated Statements of Cash Flows. | |
Derivatives | |
The use of financial instruments, including derivatives, exposes the Company to market risk related to changes in interest rates, foreign currency exchange rates and commodity prices. The Company primarily uses derivatives to manage its interest rate exposure, to achieve a desired proportion of variable and fixed-rate debt, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and to manage changes in fair value resulting from changes in foreign currency exchange rates. | |
The Company enters into interest rate swaps related to existing debt obligations with initial maturities ranging from five to ten years. The Company uses interest rate swap agreements to manage its interest rate exposure and to achieve a desired proportion of variable and fixed-rate debt. These derivatives are designated as fair value hedges based on the nature of the risk being hedged. The Company also uses derivatives to hedge interest rates on anticipated issuances of debt securities occurring within one year or less of the inception date of the derivative, and the Company uses these instruments to reduce the volatility in future interest payments that would be made pursuant to the anticipated debt issuances. These derivatives are designated as cash flow hedges. | |
The Company uses derivative instruments, such as forward contracts, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and changes in fair value resulting from changes in foreign currency exchange rates. The Company’s foreign exchange risk management policy generally emphasizes hedging transaction exposures of one-year duration or less and hedging foreign currency intercompany financing activities with derivatives with maturity dates of one year or less. The Company uses derivative instruments to hedge various foreign exchange exposures, including the following: (i) variability in foreign currency-denominated cash flows, such as the hedges of inventory purchases for products produced in one currency and sold in another currency and (ii) currency risk associated with foreign currency-denominated operating assets and liabilities, such as forward contracts and other instruments that hedge cash flows associated with intercompany financing activities. Hedging instruments are not available for certain currencies in countries in which the Company has operations. In these cases, the Company uses alternative means in an effort to achieve an economic offset to the local currency exposure such as invoicing and/or paying intercompany and third-party transactions in U.S. Dollars. | |
The Company purchases certain raw materials that are subject to price volatility caused by unpredictable factors. Where practical, the Company uses derivatives as part of its commodity risk management process. | |
The Company reports its derivative positions in the Consolidated Balance Sheets on a gross basis and does not net asset and liability derivative positions with the same counterparty. The Company monitors its positions with, and the credit quality of, the financial institutions that are parties to its financial transactions. | |
Derivative instruments are accounted for at fair value. The accounting for changes in the fair value of a derivative depends on the intended use and designation of the derivative instrument. For a derivative instrument that is designated and qualifies as a fair value hedge, the gain or loss on the derivative, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in current earnings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is initially reported as a component of accumulated other comprehensive income (loss) (“AOCI”), net of tax, and is subsequently reclassified into earnings when the hedged transaction affects earnings. The ineffective portion of the gain or loss is recognized in current earnings. |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Stock-Based Compensation [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the award, which is generally three to five years for stock options and one to three years for restricted stock units and performance-based restricted stock units. The Company estimates future forfeiture rates based on its historical experience. See Footnote 15 for additional information. | |
Stock Options | |
The Company has issued both nonqualified and incentive stock options at exercise prices equal to the Company’s common stock price on the date of grant with contractual terms of ten years. Stock options issued by the Company generally vest and are expensed ratably over three to five years. For options granted prior to 2008, options became fully vested and were exercisable for one year following termination due to death, disability or retirement at age 65 or older. For options granted since the beginning of 2008, options fully vest and are exercisable for a period of time depending on the employee’s age and years of service in the case of retirement (as defined in the stock option agreement). Stock option grants are generally subject to forfeiture if employment terminates prior to vesting, except upon retirement, in which case the options may remain outstanding and exercisable for the remaining contractual term of the option. The Company has not granted stock options since 2011. | |
Time-Based Restricted Stock Units | |
Awards of time-based restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The awards cliff-vest one to three years or vest ratably over three years from the date of grant. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service. The time-based restricted stock units have rights to dividend equivalents payable in cash. The Company expenses the cost of restricted stock units ratably over the vesting period. | |
Performance-Based Restricted Stock Units | |
Performance-based restricted stock unit awards represent the right to receive unrestricted shares of stock based on the achievement of Company performance objectives and/or individual performance goals established by the Organizational Development & Compensation Committee and the Board of Directors. The performance-based restricted stock units generally entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date, depending on the level of achievement of the specified conditions (“TSR Performance-Based RSUs”). Other performance-based restricted stock units entitle the recipient to shares of common stock if specified market and service conditions are achieved and vest no earlier than one year from the date of grant and no later than seven years from the date of grant (“Stock Price Based RSUs”). | |
Performance-based restricted stock units are not subject to the payment of dividend equivalents in the same manner as time-based restricted stock units. Rather, with respect to performance-based restricted stock units, dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria are met and the performance-based restricted stock units vest and the related stock is issued. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service, subject to the satisfaction of the applicable performance criteria. |
Fair_Value_Disclosures_Policie
Fair Value Disclosures (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value |
Accounting principles generally accepted in the U.S. define fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: | |
Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. | |
Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. | |
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following table provides a summary of amounts included in discontinued operations, which primarily relate to the Hardware, Teach, Endicia and Culinary electrics and retail businesses (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales | $ | 83.4 | $ | 280.2 | $ | 394.2 | ||||||
Income from discontinued operations before income taxes | $ | 2.2 | $ | 0.5 | $ | 13.9 | ||||||
Income tax expense | 0.8 | 1.1 | 4.8 | |||||||||
Income (loss) from discontinued operations | 1.4 | (0.6 | ) | 9.1 | ||||||||
Net gain on disposal(1) | 3.4 | 58.9 | 1.7 | |||||||||
Income from discontinued operations, net of tax | $ | 4.8 | $ | 58.3 | $ | 10.8 | ||||||
-1 | 2014 includes pretax gains of $2.2 million (related tax benefit of $1.2 million) relating to the recognition of $4.8 million of previously deferred gains on the sale of the international Hardware businesses, offset by $2.6 million of impairments relating to the Culinary businesses. 2013 includes pretax gains of $87.4 million (related tax expense of $28.5 million) relating to net gains from sale; impairments and write-offs of goodwill, intangibles and other long-lived assets; and write-downs and write-offs of net working capital. For 2012, net gain on disposal includes pretax gains of $5.2 million (related tax expense of $3.4 million) relating to the sale of the hand torch and solder business. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Components Of Accumulated Other Comprehensive Loss | The following tables display the components of accumulated other comprehensive income (loss ) (“AOCI”) as of and for the years ended December 31, 2014 and 2013 (in millions): | |||||||||||||||
Foreign Currency | Unrecognized | Derivative Hedging | Accumulated Other | |||||||||||||
Translation | Pension & Other | (Loss) Income, net of tax | Comprehensive Loss | |||||||||||||
Loss, net of tax(1) | Postretirement | |||||||||||||||
Costs, net of tax | ||||||||||||||||
Balance at December 31, 2012 | $ | (166.5 | ) | $ | (621.1 | ) | $ | (1.4 | ) | $ | (789.0 | ) | ||||
Other comprehensive income before reclassifications | 4.3 | 116.3 | 3.2 | 123.8 | ||||||||||||
Amounts reclassified to earnings | 0.7 | 21.5 | (2.2 | ) | 20 | |||||||||||
Net current period other comprehensive income | 5 | 137.8 | 1 | 143.8 | ||||||||||||
Balance at December 31, 2013 | (161.5 | ) | (483.3 | ) | (0.4 | ) | (645.2 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (126.3 | ) | (84.1 | ) | 9.5 | (200.9 | ) | |||||||||
Amounts reclassified to earnings | — | 55.7 | (4.0 | ) | 51.7 | |||||||||||
Net current period other comprehensive income | (126.3 | ) | (28.4 | ) | 5.5 | (149.2 | ) | |||||||||
Balance at December 31, 2014 | $ | (287.8 | ) | $ | (511.7 | ) | $ | 5.1 | $ | (794.4 | ) | |||||
(1) Includes foreign exchange (losses) gains of $(29.6) million and $10.0 million during 2014 and 2013, respectively, associated with intercompany loans designated as long-term. | ||||||||||||||||
Statement [Line Items] | ||||||||||||||||
Schedule Of Other Comprehensive Income, Reclassifications [Table Text Block] | The following table depicts the components of other comprehensive income (loss) reclassified to earnings presented on a pretax basis and the associated income tax impact for the year ended December 31, (in millions): | |||||||||||||||
Amount Reclassified to Earnings as Expense (Benefit) in the Statement of Operations | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Foreign currency translation loss: | ||||||||||||||||
Total before tax | $ | — | $ | 0.7 | $ | — | Discontinued operations | |||||||||
Tax effect | — | — | — | |||||||||||||
Net of tax | $ | — | $ | 0.7 | $ | — | ||||||||||
Unrecognized pension and other postretirement costs: | ||||||||||||||||
Prior service (benefit) cost | $ | (6.5 | ) | $ | (1.6 | ) | $ | 0.7 | (1) | |||||||
Actuarial loss | 92.9 | 33.5 | 25.6 | (1) | ||||||||||||
Total before tax | 86.4 | 31.9 | 26.3 | |||||||||||||
Tax effect | (30.7 | ) | (10.4 | ) | (8.2 | ) | ||||||||||
Net of tax | $ | 55.7 | $ | 21.5 | $ | 18.1 | ||||||||||
Derivatives: | ||||||||||||||||
Foreign exchange contracts on inventory-related purchases | $ | (5.9 | ) | $ | (3.8 | ) | $ | 0.1 | Cost of products sold | |||||||
Foreign exchange contracts on intercompany borrowings | (0.3 | ) | — | 0.1 | Interest expense, net | |||||||||||
Forward interest rate swaps | 0.7 | 0.7 | 0.1 | Interest expense, net | ||||||||||||
Commodity swaps | — | — | 2.9 | Cost of products sold | ||||||||||||
Total before tax | (5.5 | ) | (3.1 | ) | 3.2 | |||||||||||
Tax effect | 1.5 | 0.9 | (1.3 | ) | ||||||||||||
Net of tax | $ | (4.0 | ) | $ | (2.2 | ) | $ | 1.9 | ||||||||
-1 | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement benefit costs, which are recorded in the cost of products sold and selling, general and administrative expenses line items in the Consolidated Statements of Operations for 2014, 2013 and 2012. For 2014, $65.4 million of the amount is reflected as pension settlement charge. See Footnote 13 for further details. |
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Project Renewal [Member] | ||||||||||||||||
Summary Of Restructuring Costs by Type | The following table depicts the restructuring charges, net of adjustments, incurred in connection with Project Renewal for the years ended December 31, (in millions): | |||||||||||||||
2014 | 2013 | 2012 | Since Inception Through December 31, 2014 | |||||||||||||
Facility and other exit costs, including impairments | $ | 7.5 | $ | 5.7 | $ | (0.7 | ) | $ | 20.9 | |||||||
Employee severance, termination benefits and relocation costs | 25.2 | 93.4 | 29.2 | 166.1 | ||||||||||||
Exited contractual commitments and other | 21.1 | 14.6 | 8.8 | 49 | ||||||||||||
$ | 53.8 | $ | 113.7 | $ | 37.3 | $ | 236 | |||||||||
Changes In Accrued Restructuring Reserves | Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management, are periodically updated for changes and also include amounts recognized as incurred. The provision amounts in the following tables include adjustments for updates or subsequent changes to restructuring provisions. The following tables depict the activity in accrued restructuring reserves for Project Renewal for 2014 and 2013 (in millions): | |||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||
Balance | Provision | Costs Incurred | Balance | |||||||||||||
Facility and other exit costs, including impairments | $ | — | $ | 7.5 | $ | (7.5 | ) | $ | — | |||||||
Employee severance, termination benefits and relocation costs | 60.3 | 25.2 | (62.7 | ) | 22.8 | |||||||||||
Exited contractual commitments and other | 7.1 | 21.1 | (10.7 | ) | 17.5 | |||||||||||
$ | 67.4 | $ | 53.8 | $ | (80.9 | ) | $ | 40.3 | ||||||||
31-Dec-12 | 31-Dec-13 | |||||||||||||||
Balance | Provision | Costs Incurred | Balance | |||||||||||||
Facility and other exit costs, including impairments | $ | — | $ | 5.7 | $ | (5.7 | ) | $ | — | |||||||
Employee severance, termination benefits and relocation costs | 19 | 93.4 | (52.1 | ) | 60.3 | |||||||||||
Exited contractual commitments and other | 4.3 | 14.6 | (11.8 | ) | 7.1 | |||||||||||
$ | 23.3 | $ | 113.7 | $ | (69.6 | ) | $ | 67.4 | ||||||||
Schedule Of Restructuring Reserve by Segment | The following tables depict the activity in accrued restructuring reserves for Project Renewal for 2014 and 2013 aggregated by reportable business segment (in millions): | |||||||||||||||
31-Dec-13 | 31-Dec-14 | |||||||||||||||
Segment | Balance | Provision | Costs Incurred | Balance | ||||||||||||
Writing | $ | 25.8 | $ | 9.8 | $ | (25.9 | ) | $ | 9.7 | |||||||
Home Solutions | 0.7 | 1.7 | (1.4 | ) | 1 | |||||||||||
Tools | 0.3 | 3.3 | (3.1 | ) | 0.5 | |||||||||||
Commercial Products | 6.8 | 3.2 | (4.9 | ) | 5.1 | |||||||||||
Baby & Parenting | 1.4 | 2.1 | (1.3 | ) | 2.2 | |||||||||||
Corporate (including discontinued operations) | 32.4 | 33.7 | (44.3 | ) | 21.8 | |||||||||||
$ | 67.4 | $ | 53.8 | $ | (80.9 | ) | $ | 40.3 | ||||||||
31-Dec-12 | 31-Dec-13 | |||||||||||||||
Segment | Balance | Provision | Costs Incurred | Balance | ||||||||||||
Writing | $ | 1.4 | $ | 34.3 | $ | (9.9 | ) | $ | 25.8 | |||||||
Home Solutions | 8.5 | 4.6 | (12.4 | ) | 0.7 | |||||||||||
Tools | 0.2 | 4.3 | (4.2 | ) | 0.3 | |||||||||||
Commercial Products | 1.4 | 8.1 | (2.7 | ) | 6.8 | |||||||||||
Baby & Parenting | 0.9 | 1.9 | (1.4 | ) | 1.4 | |||||||||||
Corporate (including discontinued operations) | 10.9 | 60.5 | (39.0 | ) | 32.4 | |||||||||||
$ | 23.3 | $ | 113.7 | $ | (69.6 | ) | $ | 67.4 | ||||||||
Reportable Business Segment [Member] | ||||||||||||||||
Schedule of Restructuring Charges by Segment [Table Text Block] | The table below shows restructuring costs recognized in continuing operations for all restructuring activities for the periods indicated, aggregated by reportable business segment (in millions): | |||||||||||||||
Segment | 2014(1) | 2013(1) | 2012 | |||||||||||||
Writing | $ | 9.8 | $ | 34.3 | $ | 3.7 | ||||||||||
Home Solutions | 1.6 | 3.8 | 7.6 | |||||||||||||
Tools | 4.5 | 6 | 1 | |||||||||||||
Commercial Products | 3.2 | 8.1 | 5.6 | |||||||||||||
Baby & Parenting | 2.1 | 1.9 | 0.9 | |||||||||||||
Corporate (including discontinued operations) | 31.6 | 56.2 | 34.1 | |||||||||||||
$ | 52.8 | $ | 110.3 | $ | 52.9 | |||||||||||
(1)Total restructuring costs include $1.0 million and $3.4 million of costs relating to prior restructuring projects and charges classified as discontinued operations that had the impact of decreasing the total charges for 2014 and 2013, respectively. |
Inventories_Net_Tables
Inventories, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Components Of Net Inventories | The components of net inventories were as follows as of December 31, (in millions): | |||||||
2014 | 2013 | |||||||
Materials and supplies | $ | 117.9 | $ | 123.5 | ||||
Work in process | 104.5 | 107 | ||||||
Finished products | 486.1 | 453.9 | ||||||
$ | 708.5 | $ | 684.4 | |||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net, consisted of the following as of December 31, (in millions): | |||||||
2014 | 2013 | |||||||
Land | $ | 21.3 | $ | 27 | ||||
Buildings and improvements | 342.9 | 375 | ||||||
Machinery and equipment | 1,767.30 | 1,725.40 | ||||||
2,131.50 | 2,127.40 | |||||||
Accumulated depreciation | (1,572.4 | ) | (1,587.8 | ) | ||||
$ | 559.1 | $ | 539.6 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | A summary of changes in the Company’s goodwill by reportable business segment is as follows for 2014 and 2013 (in millions): | |||||||||||||||||||
Segment | December 31, | Acquisitions(1) | Other Adjustments | Foreign Currency | December 31, | |||||||||||||||
2013 | 2014 | |||||||||||||||||||
Balance | Balance | |||||||||||||||||||
Writing | $ | 1,161.50 | $ | — | $ | — | $ | (70.6 | ) | $ | 1,090.90 | |||||||||
Home Solutions | 205.7 | 173.6 | — | — | 379.3 | |||||||||||||||
Tools | 484.5 | — | — | (5.9 | ) | 478.6 | ||||||||||||||
Commercial Products | 387.8 | — | — | (0.3 | ) | 387.5 | ||||||||||||||
Baby & Parenting | 121.6 | 91.8 | — | (3.7 | ) | 209.7 | ||||||||||||||
$ | 2,361.10 | $ | 265.4 | $ | — | $ | (80.5 | ) | $ | 2,546.00 | ||||||||||
Segment | December 31, | Acquisitions | Other Adjustments(2) | Foreign Currency | December 31, | |||||||||||||||
2012 | 2013 | |||||||||||||||||||
Balance | Balance | |||||||||||||||||||
Writing | $ | 1,145.40 | $ | — | $ | (7.7 | ) | $ | 23.8 | $ | 1,161.50 | |||||||||
Home Solutions | 226.9 | — | (21.2 | ) | — | 205.7 | ||||||||||||||
Tools | 482.2 | — | — | 2.3 | 484.5 | |||||||||||||||
Commercial Products | 387.7 | — | — | 0.1 | 387.8 | |||||||||||||||
Baby & Parenting | 128 | — | — | (6.4 | ) | 121.6 | ||||||||||||||
$ | 2,370.20 | $ | — | $ | (28.9 | ) | $ | 19.8 | $ | 2,361.10 | ||||||||||
-1 | On September 4, 2014, the Company acquired Ignite for $312.9 million, and on October 22, 2014, the Company acquired the assets of bubba for $82.9 million. Both acquisitions are included in the Company’s Home Solutions segment and resulted in total goodwill of $173.6 million. On December 15, 2014, the Company acquired Baby Jogger for a purchase price of $206.5 million, and Baby Jogger is included in the Baby & Parenting segment. The acquisition of Baby Jogger resulted in goodwill of $91.8 million. | |||||||||||||||||||
(2) The other adjustment for 2013 for Home Solutions includes the goodwill of the cabinet and drapery hardware business that was written off in connection with the sale of the Hardware business in 2013. The other adjustment for 2013 for Writing represents the goodwill of the Teach business that was deemed impaired in connection with plans to divest the business. | ||||||||||||||||||||
Schedule of Indefinite and Finite-lived Intangible Assets [Table Text Block] | Other intangible assets, net consisted of the following as of December 31, (in millions): | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Gross | Accumulated | Net Book Value | Gross | Accumulated | Net Book Value | |||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Trade names — indefinite life | $ | 470.2 | $ | — | $ | 470.2 | $ | 312.4 | $ | — | $ | 312.4 | ||||||||
Trade names — other | 48.5 | (28.6 | ) | 19.9 | 37 | (25.9 | ) | 11.1 | ||||||||||||
Capitalized software | 462 | (229.7 | ) | 232.3 | 446.8 | (194.9 | ) | 251.9 | ||||||||||||
Patents | 152.2 | (84.9 | ) | 67.3 | 89.5 | (75.6 | ) | 13.9 | ||||||||||||
Customer lists | 184.8 | (89.0 | ) | 95.8 | 108.6 | (83.4 | ) | 25.2 | ||||||||||||
Other | 4.2 | (2.5 | ) | 1.7 | 2.3 | (2.3 | ) | — | ||||||||||||
$ | 1,321.90 | $ | (434.7 | ) | $ | 887.2 | $ | 996.6 | $ | (382.1 | ) | $ | 614.5 | |||||||
The table below summarizes the Company’s amortization periods using the straight-line method for other intangible assets, including capitalized software, as of December 31, 2014: | ||||||||||||||||||||
Weighted-Average Amortization Period (in years) | Amortization Periods (in years) | |||||||||||||||||||
Trade names — indefinite life | N/A | N/A | ||||||||||||||||||
Trade names — other | 11 | 3–20 years | ||||||||||||||||||
Capitalized software | 10 | 3–12 years | ||||||||||||||||||
Patents | 7 | 3–14 years | ||||||||||||||||||
Customer lists | 8 | 3–10 years | ||||||||||||||||||
Other | 4 | 3–5 years | ||||||||||||||||||
9 | ||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2014, the aggregate estimated intangible amortization amounts for the succeeding five years are as follows (in millions): | |||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
$74.30 | $70.00 | $66.90 | $60.70 | $54.60 |
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities [Abstract] | ||||||||
Other Accrued Liabilities | Other accrued liabilities included the following as of December 31, (in millions): | |||||||
2014 | 2013 | |||||||
Customer accruals | $ | 316 | $ | 292.6 | ||||
Accruals for manufacturing, marketing and freight expenses | 86.1 | 89.8 | ||||||
Accrued self-insurance liabilities | 55.8 | 58.5 | ||||||
Accrued pension, defined contribution and other postretirement benefits | 36.6 | 46.5 | ||||||
Accrued contingencies, primarily legal, environmental and warranty | 27.8 | 35 | ||||||
Accrued restructuring (See Footnote 5) | 46.1 | 76.7 | ||||||
Other | 90.9 | 104.4 | ||||||
Other accrued liabilities | $ | 659.3 | $ | 703.5 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||||||||||||||
Schedule Of Debt Disclosure Text Block | The following is a summary of outstanding debt as of December 31, (in millions): | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Medium-term notes | $ | 2,089.50 | $ | 1,659.80 | |||||||||||||||||
Commercial paper | 28 | 95 | |||||||||||||||||||
Receivables facility | 350 | 75 | |||||||||||||||||||
Other debt | 14.4 | 6.6 | |||||||||||||||||||
Total debt | 2,481.90 | 1,836.40 | |||||||||||||||||||
Short-term debt | (390.7 | ) | (174.0 | ) | |||||||||||||||||
Current portion of long-term debt | (6.7 | ) | (0.8 | ) | |||||||||||||||||
Long-term debt | $ | 2,084.50 | $ | 1,661.60 | |||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Medium-term Notes | ||||||||||||||||||||
The Company’s outstanding medium-term notes consisted of the following principal amounts and interest rate swap values as of December 31, (in millions): | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
2.00% senior notes due 2015 | $ | — | $ | 250 | |||||||||||||||||
2.05% senior notes due 2017 | 350 | 350 | |||||||||||||||||||
6.25% senior notes due 2018 | 250 | 250 | |||||||||||||||||||
10.60% senior notes due 2019 | — | 20.7 | |||||||||||||||||||
2.875% senior notes due 2019 | 350 | — | |||||||||||||||||||
4.70% senior notes due 2020 | 381.3 | 550 | |||||||||||||||||||
4.00% senior notes due 2022 | 250 | 250 | |||||||||||||||||||
4.00% senior notes due 2024 | 500 | — | |||||||||||||||||||
6.11% senior notes due 2028 | 1.5 | 1.5 | |||||||||||||||||||
Interest rate swaps | (11.8 | ) | (12.4 | ) | |||||||||||||||||
Gain on settled interest rate swap | 18.5 | — | |||||||||||||||||||
Total medium-term notes | $ | 2,089.50 | $ | 1,659.80 | |||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate maturities of debt outstanding, based on the earliest date the obligation may become due, are as follows as of December 31, 2014 (in millions): | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||
$ | 397.4 | $ | 5.7 | $ | 355.6 | $ | 251.6 | $ | 350 | $ | 1,121.60 | $ | 2,481.90 | ||||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||
Schedule Of Derivative Instruments | The following table summarizes the Company’s outstanding derivative instruments and their effects on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (in millions): | ||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | 2014 | 2013 | Balance Sheet Location | 2014 | 2013 | |||||||||||||||
Interest rate swaps | Other assets | $ | — | $ | 23.1 | Other noncurrent liabilities | $ | 11.8 | $ | 35.5 | |||||||||||
Foreign exchange contracts on inventory-related purchases | Prepaid expenses and other | 7.7 | 2.9 | Other accrued liabilities | 0.4 | 1.2 | |||||||||||||||
Foreign exchange contracts on intercompany borrowings | Prepaid expenses and other | — | — | Other accrued liabilities | — | 0.2 | |||||||||||||||
Total assets | $ | 7.7 | $ | 26 | Total liabilities | $ | 12.2 | $ | 36.9 | ||||||||||||
Schedule Of Pretax Effects Of Derivative Instruments Designated As Fair Value Hedges | The pretax effects of derivative instruments designated as fair value hedges on the Company’s Consolidated Statements of Operations for 2014, 2013 and 2012 were as follows (in millions): | ||||||||||||||||||||
Derivatives in fair value relationships | Location of gain (loss) | Amount of gain (loss) recognized in income | |||||||||||||||||||
recognized in income | 2014 | 2013 | 2012 | ||||||||||||||||||
Interest rate swaps | Interest expense, net | $ | 13.4 | $ | (44.1 | ) | $ | (4.0 | ) | ||||||||||||
Fixed-rate debt | Interest expense, net | $ | (13.4 | ) | $ | 44.1 | $ | 4 | |||||||||||||
Schedule Of Cash Flow Hedges Recognized In Accumulated Other Comprehensive Income | The pretax effects of derivative instruments designated as cash flow hedges on the Company’s Consolidated Statements of Operations and AOCI for 2014, 2013 and 2012 were as follows (in millions): | ||||||||||||||||||||
Derivatives in cash flow hedging relationships | Location of gain (loss) | Amount of gain (loss) reclassified from AOCI into income | |||||||||||||||||||
recognized in income | 2014 | 2013 | 2012 | ||||||||||||||||||
Foreign exchange contracts on inventory-related purchases | Cost of products sold | $ | 5.9 | $ | 3.8 | $ | (0.1 | ) | |||||||||||||
Foreign exchange contracts on intercompany borrowings | Interest expense, net | 0.3 | — | (0.1 | ) | ||||||||||||||||
Forward interest rate swaps | Interest expense, net | (0.7 | ) | (0.7 | ) | (0.1 | ) | ||||||||||||||
Commodity swap | Cost of products sold | — | — | (2.9 | ) | ||||||||||||||||
$ | 5.5 | $ | 3.1 | $ | (3.2 | ) | |||||||||||||||
Derivatives in cash flow hedging relationships | Amount of gain (loss) recognized in AOCI | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Foreign exchange contracts on inventory-related purchases | $ | 11.6 | $ | 5.2 | $ | (1.7 | ) | ||||||||||||||
Foreign exchange contracts on intercompany borrowings | 3.3 | (0.6 | ) | (2.1 | ) | ||||||||||||||||
Forward interest rate swaps | — | — | (2.5 | ) | |||||||||||||||||
Commodity swap | — | — | (2.9 | ) | |||||||||||||||||
$ | 14.9 | $ | 4.6 | $ | (9.2 | ) | |||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Commitments [Abstract] | |||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental payments for operating leases with initial or remaining terms in excess of one year are as follows as of December 31, 2014 (in millions): | ||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |
$105.80 | $80.40 | $62.70 | $44.80 | $35.50 | $55.10 | $384.30 |
Employee_Benefit_And_Retiremen1
Employee Benefit And Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments under the Company’s defined benefit pension plans and other postretirement benefit plans are as follows as of December 31, 2014 (in millions): | |||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||||||||||||||||
Pension benefits(1) | $ | 83.3 | $ | 81.6 | $ | 82.3 | $ | 83.5 | $ | 85.1 | $ | 452.6 | ||||||||||||||||||
Other postretirement benefits | $ | 6.8 | $ | 6.7 | $ | 6.6 | $ | 6.5 | $ | 6.5 | $ | 32 | ||||||||||||||||||
-1 | Certain pension benefit payments will be funded by plan assets. | |||||||||||||||||||||||||||||
Defined Benefit Pension [Member] | ||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, as of December 31, (in millions, except percentages): | |||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,034.00 | $ | 1,170.50 | $ | 615.4 | $ | 602.6 | ||||||||||||||||||||||
Service cost | 4.1 | 5 | 5.9 | 7.4 | ||||||||||||||||||||||||||
Interest cost | 45.1 | 39.7 | 25.3 | 23.9 | ||||||||||||||||||||||||||
Actuarial loss (gain) | 139 | (110.6 | ) | 104.6 | (3.7 | ) | ||||||||||||||||||||||||
Currency translation | — | — | (48.4 | ) | 13 | |||||||||||||||||||||||||
Benefits paid | (161.5 | ) | (61.8 | ) | (25.4 | ) | (24.6 | ) | ||||||||||||||||||||||
Curtailments, settlements and other | — | (8.8 | ) | (5.7 | ) | (3.2 | ) | |||||||||||||||||||||||
Benefit obligation at end of year | $ | 1,060.70 | $ | 1,034.00 | $ | 671.7 | $ | 615.4 | ||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | ||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 829.5 | $ | 707.1 | $ | 533.5 | $ | 501.9 | ||||||||||||||||||||||
Actual return on plan assets | 73.8 | 74.7 | 101.4 | 26.9 | ||||||||||||||||||||||||||
Contributions | 10.2 | 109.5 | 16.8 | 22.1 | ||||||||||||||||||||||||||
Currency translation | — | — | (37.7 | ) | 10.3 | |||||||||||||||||||||||||
Benefits paid | (161.5 | ) | (61.8 | ) | (25.4 | ) | (24.6 | ) | ||||||||||||||||||||||
Settlements and other | — | — | (4.2 | ) | (3.1 | ) | ||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 752 | $ | 829.5 | $ | 584.4 | $ | 533.5 | ||||||||||||||||||||||
Funded status at end of year | $ | (308.7 | ) | $ | (204.5 | ) | $ | (87.3 | ) | $ | (81.9 | ) | ||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||
Prepaid benefit cost, included in other assets | $ | — | $ | — | $ | 2 | $ | 7 | ||||||||||||||||||||||
Accrued current benefit cost, included in other accrued liabilities | (9.8 | ) | (9.5 | ) | (3.6 | ) | (4.1 | ) | ||||||||||||||||||||||
Accrued noncurrent benefit cost, included in other noncurrent liabilities | (298.9 | ) | (195.0 | ) | (85.7 | ) | (84.8 | ) | ||||||||||||||||||||||
Total | $ | (308.7 | ) | $ | (204.5 | ) | $ | (87.3 | ) | $ | (81.9 | ) | ||||||||||||||||||
Amounts recognized in AOCI: | ||||||||||||||||||||||||||||||
Prior service credit | $ | 1.3 | $ | 1.4 | $ | 0.7 | $ | 0.7 | ||||||||||||||||||||||
Net loss | (654.4 | ) | (621.4 | ) | (140.8 | ) | (124.5 | ) | ||||||||||||||||||||||
AOCI, pretax | $ | (653.1 | ) | $ | (620.0 | ) | $ | (140.1 | ) | $ | (123.8 | ) | ||||||||||||||||||
Accumulated benefit obligation | $ | 1,060.70 | $ | 1,034.00 | $ | 661.8 | $ | 607.6 | ||||||||||||||||||||||
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | Net pension cost includes the following components for the years ended December 31, (in millions, except percentages): | |||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Service cost-benefits earned during the year | $ | 4.1 | $ | 5 | $ | 3 | $ | 5.9 | $ | 7.4 | $ | 7.9 | ||||||||||||||||||
Interest cost on projected benefit obligation | 45.1 | 39.7 | 45.9 | 25.3 | 23.9 | 25.2 | ||||||||||||||||||||||||
Expected return on plan assets | (57.5 | ) | (58.7 | ) | (59.7 | ) | (26.6 | ) | (23.3 | ) | (25.6 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||
Prior service cost | — | 0.3 | 1.3 | (0.1 | ) | 0.3 | 1.9 | |||||||||||||||||||||||
Actuarial loss | 24.2 | 29.7 | 21.5 | 3.2 | 3.2 | 1.3 | ||||||||||||||||||||||||
Curtailment, settlement and termination benefit costs | 65.4 | — | 1.1 | (0.1 | ) | 1.5 | 1.6 | |||||||||||||||||||||||
Net pension cost | $ | 81.3 | $ | 16 | $ | 13.1 | $ | 7.6 | $ | 13 | $ | 12.3 | ||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ||||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation: | ||||||||||||||||||||||||||||||
Discount rate | 4 | % | 4.5 | % | 3.03 | % | 4.21 | % | ||||||||||||||||||||||
Long-term rate of compensation increase | 2.5 | % | 2.5 | % | 3.6 | % | 4.16 | % | ||||||||||||||||||||||
Schedule of Assumptions Used, Periodic Benefit Cost [Table Text Block] | ||||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||
Discount rate | 4.5 | % | 3.5 | % | 4.5 | % | 4.21 | % | 4.11 | % | 4.65 | % | ||||||||||||||||||
Long-term rate of return on plan assets | 7.25 | % | 7.5 | % | 8.25 | % | 5.01 | % | 4.81 | % | 5.12 | % | ||||||||||||||||||
Long-term rate of compensation increase | 2.5 | % | 2.5 | % | 2.8 | % | 4.21 | % | 3.86 | % | 3.74 | % | ||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | Plan Assets | |||||||||||||||||||||||||||||
Current Allocation | ||||||||||||||||||||||||||||||
The fair value of each major category of pension plan assets as of December 31, 2014 and 2013 is as follows (in millions): | ||||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | |||||||||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | 2014 | 2013 | (Level 1) | (Level 2) | (Level 3) | 2014 | 2013 | ||||||||||||||||||||
Equity(1),(7) | ||||||||||||||||||||||||||||||
U.S. large cap | $ | 2.5 | $ | 142.6 | $ | — | $ | 145.1 | $ | 39.4 | $ | 3.3 | $ | — | $ | 42.7 | ||||||||||||||
U.S. small cap | 21.6 | — | — | 21.6 | — | — | — | — | ||||||||||||||||||||||
International | 18.8 | 94.6 | — | 113.4 | 28.5 | 29.1 | — | 57.6 | ||||||||||||||||||||||
Total equity | 42.9 | 237.2 | — | 280.1 | 37% | 38% | 67.9 | 32.4 | — | 100.3 | 17% | 20% | ||||||||||||||||||
Fixed income(2),(7) | ||||||||||||||||||||||||||||||
U.S. Treasury | 83.4 | 6.5 | — | 89.9 | — | 0.4 | — | 0.4 | ||||||||||||||||||||||
Other government | 36.5 | 26.1 | — | 62.6 | — | 77.4 | — | 77.4 | ||||||||||||||||||||||
Asset-backed securities | — | 7.5 | — | 7.5 | — | — | — | — | ||||||||||||||||||||||
Corporate bonds | 188.1 | 26.8 | — | 214.9 | — | 49.1 | — | 49.1 | ||||||||||||||||||||||
Short-term investments | 1.5 | 5.9 | — | 7.4 | — | — | — | — | ||||||||||||||||||||||
Total fixed income | 309.5 | 72.8 | — | 382.3 | 51 | 50 | — | 126.9 | — | 126.9 | 22 | 21 | ||||||||||||||||||
Insurance contracts(3) | — | 16 | — | 16 | 2 | 2 | — | 251.5 | — | 251.5 | 43 | 44 | ||||||||||||||||||
Venture capital and partnerships(4) | — | 0.1 | 35.3 | 35.4 | 5 | 6 | — | 12.6 | 0.1 | 12.7 | 2 | 3 | ||||||||||||||||||
Real estate(5) | — | — | 31.1 | 31.1 | 4 | 3 | — | — | 1.8 | 1.8 | — | 1 | ||||||||||||||||||
Cash and cash equivalents(6) | — | 7.1 | — | 7.1 | 1 | 1 | 4.9 | 67.3 | — | 72.2 | 12 | 11 | ||||||||||||||||||
Derivatives(8) | — | — | — | — | — | — | — | 4.8 | — | 4.8 | 1 | -3 | ||||||||||||||||||
Commodity funds | — | — | — | — | — | — | — | — | — | — | — | 1 | ||||||||||||||||||
Other | — | — | — | — | — | — | — | 14.2 | — | 14.2 | 3 | 2 | ||||||||||||||||||
Total | $ | 352.4 | $ | 333.2 | $ | 66.4 | $ | 752 | 100% | 100% | $ | 72.8 | $ | 509.7 | $ | 1.9 | $ | 584.4 | 100% | 100% | ||||||||||
U.S. | International | |||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | |||||||||||||||||||||
2013 | (Level 1) | (Level 2) | (Level 3) | 2013 | 2012 | (Level 1) | (Level 2) | (Level 3) | 2013 | 2012 | ||||||||||||||||||||
Equity(1),(7) | ||||||||||||||||||||||||||||||
U.S. large cap | $ | 1.6 | $ | 153.8 | $ | — | $ | 155.4 | $ | 34.6 | $ | 5.7 | $ | — | $ | 40.3 | ||||||||||||||
U.S. small cap | 27 | — | — | 27 | 7.1 | — | — | 7.1 | ||||||||||||||||||||||
International | 23.8 | 110.7 | — | 134.5 | 27.5 | 30.5 | — | 58 | ||||||||||||||||||||||
Total equity | 52.4 | 264.5 | — | 316.9 | 38% | 44% | 69.2 | 36.2 | — | 105.4 | 20% | 12% | ||||||||||||||||||
Fixed income(2),(7) | ||||||||||||||||||||||||||||||
U.S. Treasury | 91.5 | 15.5 | — | 107 | — | — | — | — | ||||||||||||||||||||||
Other government | 34.5 | 22.4 | — | 56.9 | — | 83.1 | — | 83.1 | ||||||||||||||||||||||
Asset-backed securities | — | 15.8 | — | 15.8 | — | — | — | — | ||||||||||||||||||||||
Corporate bonds | 186.7 | 33.6 | — | 220.3 | — | 30.7 | — | 30.7 | ||||||||||||||||||||||
Short-term investments | 10.2 | 7.4 | — | 17.6 | — | — | — | — | ||||||||||||||||||||||
Total fixed income | 322.9 | 94.7 | — | 417.6 | 50 | 42 | — | 113.8 | — | 113.8 | 21 | 20 | ||||||||||||||||||
Insurance contracts(3) | — | 16.3 | — | 16.3 | 2 | 2 | — | 235 | — | 235 | 44 | 46 | ||||||||||||||||||
Venture capital and partnerships(4) | — | 0.2 | 45.7 | 45.9 | 6 | 7 | — | 14.1 | 1.6 | 15.7 | 3 | 5 | ||||||||||||||||||
Real estate(5) | — | — | 28 | 28 | 3 | 4 | — | 1.8 | 2.1 | 3.9 | 1 | 1 | ||||||||||||||||||
Cash and cash equivalents(6) | — | 4.8 | — | 4.8 | 1 | 1 | 17.7 | 42.1 | — | 59.8 | 11 | 13 | ||||||||||||||||||
Derivatives(8) | — | — | — | — | — | — | — | (18.2 | ) | — | (18.2 | ) | -3 | -6 | ||||||||||||||||
Commodity funds | — | — | — | — | — | — | — | 4.6 | — | 4.6 | 1 | 5 | ||||||||||||||||||
Other | — | — | — | — | — | — | — | 13.5 | — | 13.5 | 2 | 4 | ||||||||||||||||||
Total | $ | 375.3 | $ | 380.5 | $ | 73.7 | $ | 829.5 | 100% | 100% | $ | 86.9 | $ | 442.9 | $ | 3.7 | $ | 533.5 | 100% | 100% | ||||||||||
-1 | Equity securities primarily comprise mutual funds and common/collective trust funds. Investments in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The investments in common/collective trust funds include both actively managed and index funds. | |||||||||||||||||||||||||||||
-2 | Fixed-income investments primarily comprise mutual funds and common/collective trust funds that invest in corporate and government bonds. Investments in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The investments in fixed income securities include both actively managed funds and index funds. | |||||||||||||||||||||||||||||
-3 | The fair values of insurance contracts are estimated based on the future cash flows to be received under the contracts discounted to the present using a discount rate that approximates the discount rate used to measure the associated pension plan liabilities. | |||||||||||||||||||||||||||||
-4 | Venture capital and partnerships are valued at net asset value, which is generally calculated using the most recent partnership financial reports. | |||||||||||||||||||||||||||||
-5 | Real estate investments are generally investments in limited partnerships, real estate investment trusts and similar vehicles that invest in real estate. The values of the investments are generally based on the most recent financial reports of the investment vehicles. The managers of each of the investment vehicles estimate the values of the real estate assets underlying the real estate investments using third-party appraisals and other valuation techniques and analysis. | |||||||||||||||||||||||||||||
-6 | Cash and cash equivalents include investments in stable value funds. Stable value funds are generally invested in common trust funds and interest-bearing accounts. | |||||||||||||||||||||||||||||
-7 | In the U.S. pension plan assets, certain equity and fixed-income investments are held in separately managed investment accounts. The underlying investments in these separately managed accounts are primarily publicly traded securities that are directly owned by the U.S. pension plan, and such investments have been valued using the quoted price as of December 31, 2014 and 2013. Accordingly, these investments have been classified as Level 1 as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||
-8 | Derivatives primarily consist of interest rate and inflation swaps relating to the Company’s international plans. Included in other government fixed income investments is an amount of $1.1 million that relates to cash collateral posted with third parties for the derivatives that are in a liability position as of December 31, 2014. | |||||||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using significant unobservable inputs (Level 3) for 2014 and 2013 is as follows (in millions): | |||||||||||||||||||||||||||||
Venture Capital and Partnerships | Real Estate | Total | ||||||||||||||||||||||||||||
Fair value as of December 31, 2012 | $ | 47.8 | $ | 27.7 | $ | 75.5 | ||||||||||||||||||||||||
Realized gains | 3.5 | — | 3.5 | |||||||||||||||||||||||||||
Unrealized gains | 1.7 | 2.4 | 4.1 | |||||||||||||||||||||||||||
Purchases | 3.7 | — | 3.7 | |||||||||||||||||||||||||||
Sales | (9.4 | ) | — | (9.4 | ) | |||||||||||||||||||||||||
Fair value as of December 31, 2013 | $ | 47.3 | $ | 30.1 | $ | 77.4 | ||||||||||||||||||||||||
Realized gains | 4.5 | — | 4.5 | |||||||||||||||||||||||||||
Unrealized (losses) gains | (3.2 | ) | 2.8 | (0.4 | ) | |||||||||||||||||||||||||
Purchases | 1.4 | — | 1.4 | |||||||||||||||||||||||||||
Sales | (14.6 | ) | — | (14.6 | ) | |||||||||||||||||||||||||
Fair value as of December 31, 2014 | $ | 35.4 | $ | 32.9 | $ | 68.3 | ||||||||||||||||||||||||
Defined Benefit Pension Assets, Target Allocation [Table Text Block] | The target asset allocations for the Company’s U.S. pension plan and primary international pension plans are as follows as of December 31, 2014: | |||||||||||||||||||||||||||||
Asset Category | Target | |||||||||||||||||||||||||||||
U.S. | International | |||||||||||||||||||||||||||||
Equity | 38% | 12% | ||||||||||||||||||||||||||||
Fixed income | 52 | 25 | ||||||||||||||||||||||||||||
Insurance contracts | 2 | 43 | ||||||||||||||||||||||||||||
Cash and equivalents | — | 8 | ||||||||||||||||||||||||||||
Other investments(1) | 8 | 12 | ||||||||||||||||||||||||||||
Total | 100% | 100% | ||||||||||||||||||||||||||||
(1) Other investments include private equity funds, hedge funds and real estate funds. | ||||||||||||||||||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following provides a reconciliation of benefit obligations and funded status of the Company’s other postretirement benefit plans as of December 31, (in millions, except percentages): | |||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 111.8 | $ | 158.8 | ||||||||||||||||||||||||||
Service cost | 1 | 1.3 | ||||||||||||||||||||||||||||
Interest cost | 4.8 | 5.3 | ||||||||||||||||||||||||||||
Actuarial gain | (17.7 | ) | (21.0 | ) | ||||||||||||||||||||||||||
Benefits paid, net | (7.9 | ) | (10.0 | ) | ||||||||||||||||||||||||||
Changes in plan benefits | (3.9 | ) | (22.6 | ) | ||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 88.1 | $ | 111.8 | ||||||||||||||||||||||||||
Funded status and net liability recognized at end of year | $ | (88.1 | ) | $ | (111.8 | ) | ||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | ||||||||||||||||||||||||||||||
Accrued current benefit cost, included in other accrued liabilities | $ | (6.8 | ) | $ | (10.3 | ) | ||||||||||||||||||||||||
Accrued noncurrent benefit cost, included in other noncurrent liabilities | (81.3 | ) | (101.5 | ) | ||||||||||||||||||||||||||
Total | $ | (88.1 | ) | $ | (111.8 | ) | ||||||||||||||||||||||||
Amounts recognized in AOCI: | ||||||||||||||||||||||||||||||
Prior service credit | $ | 26.2 | $ | 28.7 | ||||||||||||||||||||||||||
Net gain (loss) | 16.9 | (0.8 | ) | |||||||||||||||||||||||||||
AOCI, pretax | $ | 43.1 | $ | 27.9 | ||||||||||||||||||||||||||
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | Other postretirement benefit costs include the following components for the years ended December 31, (in millions): | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Service cost-benefits earned during the year | $ | 1 | $ | 1.3 | $ | 1.3 | ||||||||||||||||||||||||
Interest cost on projected benefit obligation | 4.8 | 5.3 | 7.1 | |||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||
Prior service benefit | (6.4 | ) | (2.4 | ) | (2.4 | ) | ||||||||||||||||||||||||
Actuarial loss | — | 0.8 | 1.2 | |||||||||||||||||||||||||||
Net postretirement benefit costs | $ | (0.6 | ) | $ | 5 | $ | 7.2 | |||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | ||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligation: | ||||||||||||||||||||||||||||||
Discount rate | 4.00% | 4.50% | ||||||||||||||||||||||||||||
Long-term health care cost trend rate | 4.50% | 4.50% | ||||||||||||||||||||||||||||
Schedule of Assumptions Used, Periodic Benefit Cost [Table Text Block] | The following are the weighted-average assumptions used to determine net periodic benefit cost for the other postretirement benefit plans for the years ended December 31,: | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | ||||||||||||||||||||||||||||||
Discount rate | 4.50% | 3.50% | 4.50% | |||||||||||||||||||||||||||
Long-term health care cost trend rate | 4.50% | 4.50% | 4.50% | |||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The health care cost trend rate significantly affects the reported postretirement benefit costs and obligations. A one-percentage-point change in the assumed rate would have the following effects (in millions): | |||||||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 0.5 | $ | (0.5 | ) | |||||||||||||||||||||||||
Effect on postretirement benefit obligations | $ | 8 | $ | (7.0 | ) | |||||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | The calculation of basic and diluted earnings per share is shown below for the years ended December 31, (in millions, except per share data): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for basic and diluted earnings per share: | ||||||||||||
Income from continuing operations | $ | 373 | $ | 416.3 | $ | 390.5 | ||||||
Income from discontinued operations | 4.8 | 58.3 | 10.8 | |||||||||
Net income | $ | 377.8 | $ | 474.6 | $ | 401.3 | ||||||
Dividends and equivalents for share-based awards expected to be forfeited | 0.1 | 0.1 | 0.1 | |||||||||
Net income for basic earnings per share | $ | 377.9 | $ | 474.7 | $ | 401.4 | ||||||
Effect of Preferred Securities(1) | — | — | — | |||||||||
Net income for diluted earnings per share | $ | 377.9 | $ | 474.7 | $ | 401.4 | ||||||
Denominator for basic and diluted earnings per share: | ||||||||||||
Weighted-average shares outstanding | 274.2 | 286.1 | 288.5 | |||||||||
Share-based payment awards classified as participating securities | 1.9 | 2.5 | 2.7 | |||||||||
Denominator for basic earnings per share | 276.1 | 288.6 | 291.2 | |||||||||
Dilutive securities(2) | 2.8 | 3.2 | 2.4 | |||||||||
Preferred Securities(1) | — | — | — | |||||||||
Denominator for diluted earnings per share | 278.9 | 291.8 | 293.6 | |||||||||
Basic earnings per share: | ||||||||||||
Income from continuing operations | $ | 1.35 | $ | 1.44 | $ | 1.34 | ||||||
Income from discontinued operations | 0.02 | 0.2 | 0.04 | |||||||||
Net income | $ | 1.37 | $ | 1.64 | $ | 1.38 | ||||||
Diluted earnings per share: | ||||||||||||
Income from continuing operations | $ | 1.34 | $ | 1.43 | $ | 1.33 | ||||||
Income from discontinued operations | 0.02 | 0.2 | 0.04 | |||||||||
Net income | $ | 1.35 | $ | 1.63 | $ | 1.37 | ||||||
-1 | The Preferred Securities were anti-dilutive during 2012. They were redeemed on July 16, 2012, and therefore, have been excluded from diluted earnings per share. Had the Preferred Securities been included in the diluted earnings per share calculation, net income for 2012 would be increased by $7.7 million, and weighted-average shares outstanding would be increased by 4.5 million. | |||||||||||
-2 | Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding for 2014, 2013 and 2012 exclude the effect of approximately 0.2 million, 2.3 million and 9.4 million stock options and other securities, respectively, because such securities were anti-dilutive. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation [Abstract] | ||||||||||||
2013 Stock Plan [Table Text Block] | The following table depicts the number of shares authorized for issuance and available under the 2013 Plan (shares in millions): | |||||||||||
2013 Plan | ||||||||||||
Authorized for issuance | 62.5 | |||||||||||
Effects of: | ||||||||||||
Restricted stock units and Stock Price Based RSUs (3½ times the number of awards) | 1.2 | |||||||||||
TSR Performance-Based RSUs (7 times the number of awards) | 7.6 | |||||||||||
Shares available for issuance | 53.7 | |||||||||||
Share-based Compensation Expense Recognized [Table Text Block] | The table below summarizes the expense related to share-based payments for the years ended December 31, (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Stock options | $ | 0.7 | $ | 1.1 | $ | 4.3 | ||||||
Restricted stock and restricted stock units | 29.2 | 36.1 | 28.6 | |||||||||
Stock-based compensation | $ | 29.9 | $ | 37.2 | $ | 32.9 | ||||||
Stock-based compensation, net of income tax benefit of $11.5 million, $13.3 million and $11.7 million in 2014, 2013 and 2012, respectively | $ | 18.4 | $ | 23.9 | $ | 21.2 | ||||||
Summary Of Changes In Stock Options | The following table summarizes the changes in the number of shares of common stock under option for 2014 (shares and aggregate intrinsic value in millions): | |||||||||||
Shares | Weighted-Average Exercise Price | Aggregate | ||||||||||
Intrinsic | ||||||||||||
Value | ||||||||||||
Outstanding at December 31, 2013 | 5.9 | $ | 22 | |||||||||
Exercised | (3.1 | ) | $ | 24 | ||||||||
Forfeited/expired | (0.2 | ) | $ | 27 | ||||||||
Outstanding at December 31, 2014 | 2.6 | $ | 19 | $ | 49.1 | |||||||
Exercisable at December 31, 2014 | 2.6 | $ | 19 | $ | 49.1 | |||||||
Summary Of Changes Of Restricted Stock And Restricted Stock Units | The following table summarizes the changes in the number of shares of restricted stock, restricted stock units and performance-based restricted stock units for 2014 (shares in millions): | |||||||||||
Shares | Weighted-Average Grant Date Fair Value | |||||||||||
Outstanding at December 31, 2013 | 4.2 | $ | 22 | |||||||||
Granted | 1.3 | $ | 33 | |||||||||
Vested | (1.2 | ) | $ | 21 | ||||||||
Forfeited | (0.6 | ) | $ | 25 | ||||||||
Outstanding at December 31, 2014 | 3.7 | $ | 26 | |||||||||
Expected to vest at December 31, 2014 | 3.6 | $ | 25 | |||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2014 (in millions): | |||||||||||
Unrecognized | Weighted-Average Period | |||||||||||
Compensation Cost | of Expense Recognition | |||||||||||
(in years) | ||||||||||||
Restricted stock units | $ | 42 | 2 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consists of the following for the years ended December 31, (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 24.5 | $ | 20.7 | $ | 45.3 | ||||||
State | 5.9 | 10.5 | (3.8 | ) | ||||||||
Foreign | 19.2 | 30.2 | 57.1 | |||||||||
Total current | 49.6 | 61.4 | 98.6 | |||||||||
Deferred | 39.3 | 88.6 | 71.2 | |||||||||
Total provision | $ | 88.9 | $ | 150 | $ | 169.8 | ||||||
Total (benefit) provision — discontinued operations | $ | (0.2 | ) | $ | 30 | $ | 8.3 | |||||
Total provision — continuing operations | $ | 89.1 | $ | 120 | $ | 161.5 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31,: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
Add (deduct) effect of: | ||||||||||||
State income taxes, net of federal income tax effect | 2.1 | 1.7 | 0.6 | |||||||||
Foreign tax credit | (5.5 | ) | (3.8 | ) | (3.9 | ) | ||||||
Foreign rate differential | (7.0 | ) | (2.7 | ) | (4.1 | ) | ||||||
Resolution of tax contingencies, net of increases | (0.6 | ) | 0.9 | 2.2 | ||||||||
Valuation allowance reserve (decrease) increase | (2.7 | ) | (3.5 | ) | 1.3 | |||||||
Other | (2.0 | ) | (5.2 | ) | (1.8 | ) | ||||||
Effective rate | 19.3 | % | 22.4 | % | 29.3 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of net deferred tax assets are as follows as of December 31, (in millions): | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets: | ||||||||||||
Accruals not currently deductible for tax purposes | $ | 144.9 | $ | 137.6 | ||||||||
Postretirement liabilities | 39.5 | 45.4 | ||||||||||
Pension liabilities | 135.3 | 112.9 | ||||||||||
Foreign tax credit carryforward | 31.3 | 54.4 | ||||||||||
Foreign net operating losses | 271.9 | 297.9 | ||||||||||
Other | 100.8 | 112.6 | ||||||||||
Total gross deferred tax assets | 723.7 | 760.8 | ||||||||||
Less valuation allowance | (345.3 | ) | (375.5 | ) | ||||||||
Net deferred tax assets after valuation allowance | $ | 378.4 | $ | 385.3 | ||||||||
Deferred tax liabilities: | ||||||||||||
Accelerated depreciation | $ | (58.3 | ) | $ | (59.6 | ) | ||||||
Amortizable intangibles | (352.0 | ) | (286.8 | ) | ||||||||
Other | (3.3 | ) | (5.7 | ) | ||||||||
Total gross deferred tax liabilities | $ | (413.6 | ) | $ | (352.1 | ) | ||||||
Net deferred tax (liabilities) assets | $ | (35.2 | ) | $ | 33.2 | |||||||
Current deferred income tax assets | $ | 134.4 | $ | 134.4 | ||||||||
Current deferred income tax liabilities | (2.1 | ) | (5.2 | ) | ||||||||
Noncurrent deferred income tax assets | 21.5 | 12.3 | ||||||||||
Noncurrent deferred income tax liabilities(1) | (189.0 | ) | (108.3 | ) | ||||||||
$ | (35.2 | ) | $ | 33.2 | ||||||||
Summary of Income Tax Contingencies [Table Text Block] | The following table summarizes the changes in gross unrecognized tax benefits for the years ended December 31, (in millions): | |||||||||||
2014 | 2013 | |||||||||||
Unrecognized tax benefits balance at January 1, | $ | 103.8 | $ | 101.5 | ||||||||
Increases in tax positions for prior years | 3.5 | 3.3 | ||||||||||
Decreases in tax positions for prior years | (11.1 | ) | (7.1 | ) | ||||||||
Increases in tax positions for current year | 10.1 | 12.8 | ||||||||||
Settlements with taxing authorities | (1.8 | ) | (0.2 | ) | ||||||||
Lapse of statute of limitations | (3.1 | ) | (6.5 | ) | ||||||||
Unrecognized tax benefits balance at December 31, | $ | 101.4 | $ | 103.8 | ||||||||
Other_Income_Expense_Net_Table
Other (Income) Expense, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Other (Income) Expense, Net [Abstract] | ||||||||||||
Components Of Other (Income) Expense, Net Nonoperating [Table Text Block] | Other expense (income), net consists of the following for the years ended December 31, (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Investment activities, including equity in earnings | $ | — | $ | (2.7 | ) | $ | 1.4 | |||||
Foreign currency transaction loss (gain) | 48.9 | 21 | (2.6 | ) | ||||||||
Other, net | 0.1 | 0.2 | (0.1 | ) | ||||||||
$ | 49 | $ | 18.5 | $ | (1.3 | ) | ||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Non-Pension Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following tables present the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions): | |||||||||||||||
Fair value as of December 31, 2014 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | ||||||||||||||||
Investment securities, including mutual funds(1) | $ | 21.5 | $ | 4.6 | $ | 16.9 | $ | — | ||||||||
Foreign currency derivatives | 7.7 | — | 7.7 | — | ||||||||||||
Total | $ | 29.2 | $ | 4.6 | $ | 24.6 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Interest rate swaps | $ | 11.8 | $ | — | $ | 11.8 | $ | — | ||||||||
Foreign currency derivatives | 0.4 | — | 0.4 | — | ||||||||||||
Total | $ | 12.2 | $ | — | $ | 12.2 | $ | — | ||||||||
Fair value as of December 31, 2013 | ||||||||||||||||
Assets | ||||||||||||||||
Investment securities, including mutual funds(1) | $ | 21.3 | $ | 8.7 | $ | 12.6 | $ | — | ||||||||
Interest rate swaps | 23.1 | — | 23.1 | — | ||||||||||||
Foreign currency derivatives | 2.9 | — | 2.9 | — | ||||||||||||
Total | $ | 47.3 | $ | 8.7 | $ | 38.6 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Interest rate swaps | $ | 35.5 | $ | — | $ | 35.5 | $ | — | ||||||||
Foreign currency derivatives | 1.4 | — | 1.4 | — | ||||||||||||
Total | $ | 36.9 | $ | — | $ | 36.9 | $ | — | ||||||||
Fair Value Of Certain Short And Long-Term Debt, Based On Market Prices | The fair values of certain of the Company’s short- and long-term debt are based on quoted market prices and are as follows (in millions): | |||||||||||||||
2014 | 2013 | |||||||||||||||
Fair Value | Book Value | Fair Value | Book Value | |||||||||||||
Medium-term notes | $ | 2,154.40 | $ | 2,089.50 | $ | 1,753.00 | $ | 1,659.80 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||||||||
Schedule Of Company's Reportable Segments | The Company’s reportable segments are as follows: | |||||||||||
Segment | Key Brands | Description of Primary Products | ||||||||||
Writing | Sharpie®, Paper Mate®, Expo®, Parker®, Waterman®, Dymo® Office | Writing instruments, including markers and highlighters, pens and pencils; art products; fine writing instruments; labeling solutions | ||||||||||
Home Solutions | Rubbermaid®, Contigo®, bubba®, Calphalon®, Levolor®, Goody® | Indoor/outdoor organization, food storage and home storage products; durable beverage containers; gourmet cookware, bakeware and cutlery; window treatments; hair care accessories | ||||||||||
Tools | Irwin®, Lenox®, hilmor™, Dymo® Industrial | Hand tools and power tool accessories; industrial bandsaw blades; tools for HVAC systems; label makers and printers for industrial use | ||||||||||
Commercial Products | Rubbermaid Commercial Products®, Rubbermaid® Healthcare | Cleaning and refuse products, hygiene systems, material handling solutions; medical and computer carts and wall-mounted workstations | ||||||||||
Baby & Parenting | Graco®, Baby Jogger®, Aprica®, Teutonia® | Infant and juvenile products such as car seats, strollers, highchairs and playards | ||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company’s segment and geographic results are as follows as of and for the years ended December 31, (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Net Sales(1) | ||||||||||||
Writing | $ | 1,708.90 | $ | 1,653.60 | $ | 1,682.00 | ||||||
Home Solutions | 1,575.40 | 1,560.30 | 1,524.60 | |||||||||
Tools | 852.2 | 817.9 | 806.1 | |||||||||
Commercial Products | 837.1 | 785.9 | 759.7 | |||||||||
Baby & Parenting | 753.4 | 789.3 | 736.1 | |||||||||
$ | 5,727.00 | $ | 5,607.00 | $ | 5,508.50 | |||||||
Operating Income(2) | ||||||||||||
Writing | $ | 416.6 | $ | 382.2 | $ | 331.6 | ||||||
Home Solutions | 196 | 213.1 | 198.3 | |||||||||
Tools | 94.6 | 68.3 | 109.8 | |||||||||
Commercial Products | 101.3 | 82.5 | 92.9 | |||||||||
Baby & Parenting | 40.6 | 91.2 | 72.7 | |||||||||
Restructuring costs | (52.8 | ) | (110.3 | ) | (52.9 | ) | ||||||
Corporate | (191.6 | ) | (111.9 | ) | (114.7 | ) | ||||||
$ | 604.7 | $ | 615.1 | $ | 637.7 | |||||||
Schedule Of Geographic Area Information | ||||||||||||
Geographic Area Information | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||
Net Sales(1) (5) | ||||||||||||
United States | $ | 3,945.10 | $ | 3,783.30 | $ | 3,668.40 | ||||||
Canada | 284.3 | 310.9 | 325.4 | |||||||||
Total North America | 4,229.40 | 4,094.20 | 3,993.80 | |||||||||
Europe, Middle East and Africa | 683.5 | 698.2 | 706.9 | |||||||||
Latin America | 409.9 | 392.6 | 335.5 | |||||||||
Asia Pacific | 404.2 | 422 | 472.3 | |||||||||
Total International | 1,497.60 | 1,512.80 | 1,514.70 | |||||||||
$ | 5,727.00 | $ | 5,607.00 | $ | 5,508.50 | |||||||
Operating Income (Loss)(2) (6) | ||||||||||||
United States | $ | 405.2 | $ | 474.6 | $ | 462.8 | ||||||
Canada | 62.7 | 74.9 | 66.8 | |||||||||
Total North America | 467.9 | 549.5 | 529.6 | |||||||||
Europe, Middle East and Africa | 82 | (15.7 | ) | 6.8 | ||||||||
Latin America | 39.1 | 29.7 | 14.9 | |||||||||
Asia Pacific | 15.7 | 51.6 | 86.4 | |||||||||
Total International | 136.8 | 65.6 | 108.1 | |||||||||
$ | 604.7 | $ | 615.1 | $ | 637.7 | |||||||
Summary Of Restructuring Cost By Region Included In Operating Income (Loss) | The following table summarizes the restructuring costs by region on a continuing basis included in operating income (loss) above (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Restructuring Costs | ||||||||||||
United States | $ | (28.9 | ) | $ | (30.9 | ) | $ | (28.9 | ) | |||
Canada | (1.4 | ) | (0.4 | ) | (0.8 | ) | ||||||
Total North America | (30.3 | ) | (31.3 | ) | (29.7 | ) | ||||||
Europe, Middle East and Africa | (13.7 | ) | (69.9 | ) | (19.5 | ) | ||||||
Latin America | (2.8 | ) | (5.2 | ) | (2.7 | ) | ||||||
Asia Pacific | (6.0 | ) | (3.9 | ) | (1.0 | ) | ||||||
Total International | (22.5 | ) | (79.0 | ) | (23.2 | ) | ||||||
$ | (52.8 | ) | $ | (110.3 | ) | $ | (52.9 | ) | ||||
Revenue from External Customer [Line Items] | ||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | The following table summarizes the net sales by product grouping for the years ended December 31, (in millions): | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Writing | ||||||||||||
Writing instruments | $ | 1,451.30 | $ | 1,412.00 | $ | 1,416.20 | ||||||
Technology solutions | 257.6 | 241.6 | 265.8 | |||||||||
1,708.90 | 1,653.60 | 1,682.00 | ||||||||||
Home Solutions: | ||||||||||||
Rubbermaid Consumer | 867.5 | 849.9 | 822.8 | |||||||||
Décor | 315.3 | 320.4 | 318.5 | |||||||||
Other | 392.6 | 390 | 383.3 | |||||||||
1,575.40 | 1,560.30 | 1,524.60 | ||||||||||
Tools | 852.2 | 817.9 | 806.1 | |||||||||
Commercial Products | 837.1 | 785.9 | 759.7 | |||||||||
Baby & Parenting | 753.4 | 789.3 | 736.1 | |||||||||
$ | 5,727.00 | $ | 5,607.00 | $ | 5,508.50 | |||||||
Segment_Information_Segment_As
Segment Information Segment Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Depreciation And Amortization By Segment [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Depreciation & Amortization(2) | ||||||||||||
Writing | $ | 25.9 | $ | 30.5 | $ | 30.8 | ||||||
Home Solutions | 29.7 | 25.5 | 29.8 | |||||||||
Tools | 15.3 | 15.6 | 15.3 | |||||||||
Commercial Products | 21.4 | 24 | 25.1 | |||||||||
Baby & Parenting | 11.1 | 9.8 | 9.9 | |||||||||
Corporate | 50.4 | 49.8 | 46.8 | |||||||||
$ | 153.8 | $ | 155.2 | $ | 157.7 | |||||||
Capital Expenditure By Segment [Table Text Block] | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Capital Expenditures(3) | ||||||||||||
Writing | $ | 34.3 | $ | 25.5 | $ | 23.3 | ||||||
Home Solutions | 31.1 | 31.5 | 34.4 | |||||||||
Tools | 18.4 | 29.3 | 33 | |||||||||
Commercial Products | 27.6 | 16.7 | 20.7 | |||||||||
Baby & Parenting | 8.7 | 6.9 | 15.6 | |||||||||
Corporate(3) | 40.1 | 26.9 | 47 | |||||||||
$ | 160.2 | $ | 136.8 | $ | 174 | |||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ||||||||||||
2014 | 2013 | |||||||||||
Identifiable Assets | ||||||||||||
Writing | $ | 981.9 | $ | 931.2 | ||||||||
Home Solutions | 806.4 | 559.4 | ||||||||||
Tools | 605 | 595.7 | ||||||||||
Commercial Products | 375.1 | 343.3 | ||||||||||
Baby & Parenting | 481 | 321.9 | ||||||||||
Corporate(4) | 3,431.70 | 3,318.20 | ||||||||||
$ | 6,681.10 | $ | 6,069.70 | |||||||||
Basis_Of_Presentation_And_Sign2
Basis Of Presentation And Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customer related programs | $594.20 | $527.80 | $486.80 | ||
Research and Development Expense | 107.5 | 102.9 | 109.6 | ||
Cooperative Advertising | 136.3 | 117.7 | 117.6 | ||
Advertising Expense | 188.5 | 149.3 | 140 | ||
Inventory Valuation Reserves | 32.6 | 37.8 | |||
Derivative Asset, Fair Value, Gross Asset | 7.7 | 26 | |||
Foreign Currency Exchange Rate | 5.3 | ||||
Venezuela Pretax Exchange Loss Upon Adoption of SICAD I Rate | 38.7 | ||||
Venezuela Pretax Exchange Loss Due To Devaluation | 11.1 | 45.6 | |||
Venezuela cash on hand | 53.3 | ||||
Percentage of net sales generated by Venezuela, less than | 1.40% | ||||
Venezuelan Subsidiary Bolivar Denominated [Member] | |||||
Net monetary assets | $55.80 | ||||
Minimum [Member] | Land, Buildings and Improvements [Member] | |||||
Property, Plant and Equipment, Useful Life | 20 years | ||||
Minimum [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Maximum [Member] | Land, Buildings and Improvements [Member] | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Maximum [Member] | Machinery and Equipment [Member] | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Stock Options [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Stock Options [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||
Restricted Stock Units (RSU) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Restricted Stock Units (RSU) [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Restricted Stock Units (RSU) [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Foreign Currency Rate Effective February 2013 [Member] | |||||
Foreign Currency Exchange Rate | 6.3 | ||||
Venezuela Foreign Currency Rate (SICAD I) [Member] | |||||
Foreign Currency Exchange Rate | 12 | ||||
Venezuela Foreign Currency Rate (SICAD II) [Member] | |||||
Foreign Currency Exchange Rate | 50 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | 0 Months Ended | 4 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 04, 2014 | Dec. 31, 2014 | Oct. 22, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 15, 2014 | |
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $602,300,000 | $0 | $26,500,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 319,600,000 | 319,600,000 | 319,600,000 | 319,600,000 | |||||
Business Acquisition, Transaction Costs | 5,500,000 | 5,500,000 | 5,500,000 | 5,500,000 | |||||
Business Acquisition, Pro Forma Revenue | 5,940,000,000 | ||||||||
Ignite [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 312,900,000 | ||||||||
Cash Acquired from Acquisition | 7,200,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 18,500,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 151,600,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 94,000,000 | ||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 57,600,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 6 months | ||||||||
Goodwill, Gross | 142,800,000 | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 105,500,000 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 51,100,000 | ||||||||
bubba [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 82,900,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 11,100,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 41,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 41,000,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||||
Goodwill, Gross | 30,800,000 | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 30,800,000 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 13,400,000 | ||||||||
Baby Jogger [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 206,500,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 12,300,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 127,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 23,000,000 | ||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 104,000,000 | ||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | ||||||||
Goodwill, Gross | 91,800,000 | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 27,900,000 | ||||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $4,400,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Revenue | $83.40 | $280.20 | $394.20 | ||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, before Income Tax | 2.2 | 0.5 | 13.9 | ||||
Discontinued Operation, Tax Effect of Income (Loss) from Discontinued Operation During Phase-out Period | 0.8 | 1.1 | 4.8 | ||||
Income (Loss) from Operations of Discontinued Operations, Net of Tax | 1.4 | -0.6 | 9.1 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 3.4 | [1] | 58.9 | [1] | 1.7 | [1] | |
Income from discontinued operations, net of tax | 4.8 | 58.3 | 10.8 | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 2.2 | 87.4 | 5.2 | ||||
Discontinued Operation, Tax Effect of Income (Loss) from Disposal of Discontinued Operation | -1.2 | 28.5 | 3.4 | ||||
Impairment of Goodwill, Intangibles And Other Long-Lived Assets Of Discontinued Operations, Pretax | 22.7 | ||||||
Endicia and Culinary [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Disposal Group, Including Discontinued Operations, Net Assets of Disposal Group | 43.3 | ||||||
Hardware [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Transaction Costs Incurred Related to Sale of Discontinued Operations | 3.9 | ||||||
Disposal Group, Including Discontinued Operations, Cash of Disposal Group | 2.6 | ||||||
Disposal Group, Including Discontinued Operations, Net Assets of Disposal Group | 72.8 | ||||||
Cash consideration on sale of business | 182.9 | 2.5 | |||||
Goodwill, Written off Related to Sale of Business Unit | 21.2 | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 110.1 | ||||||
Discontinued Operation, Nature of Adjustment to Prior Period Gain (Loss) on Disposal | 4.8 | ||||||
Accounts Receivable Divested Business | 27 | ||||||
Culinary [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Goodwill, Intangibles And Other Long-Lived Assets Of Discontinued Operations, Pretax | 2.6 | ||||||
TeachGroup [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of Goodwill, Intangibles And Other Long-Lived Assets Of Discontinued Operations, Pretax | $22.70 | ||||||
[1] | 2014 includes pretax gains of $2.2 million (related tax benefit of $1.2 million) relating to the recognition of $4.8 million of previously deferred gains on the sale of the international Hardware businesses, offset by $2.6 million of impairments relating to the Culinary businesses. 2013 includes pretax gains of $87.4 million (related tax expense of $28.5 million) relating to net gains from sale; impairments and write-offs of goodwill, intangibles and other long-lived assets; and write-downs and write-offs of net working capital. For 2012, net gain on disposal includes pretax gains of $5.2 million (related tax expense of $3.4 million) relating to the sale of the hand torch and solder business. |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 41 Months Ended | 47 Months Ended | 29 Months Ended | 36 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 01, 2011 | Dec. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2013 | Dec. 31, 2017 | Mar. 31, 2014 |
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $350 | |||||||||
Accelerated Share Repurchases, Shares Repurchased | 9.4 | |||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $29.69 | |||||||||
Accelerated Share Repurchases, Final Shares Received | 2 | |||||||||
Accelerated Share Repurchases, Final Price Paid | 350 | |||||||||
Stock Repurchased and Retired During Period, Value | -363.2 | -119.5 | -91.5 | |||||||
Share Repurchase Plan [Member] | ||||||||||
Stock Repurchase Program, Authorized Amount | 750 | 300 | 750 | |||||||
Stock Repurchase Program, Period in Force | 3 years | 3 years 11 months | ||||||||
Stock Repurchased and Retired During Period, Shares | 11.4 | 24.4 | ||||||||
Stock Repurchased and Retired During Period, Value | 363.2 | 620.3 | ||||||||
Share Repurchase Plan (Remaining) [Member] | ||||||||||
Stock Repurchased and Retired During Period, Value | $42.90 | $436.40 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan, Recognized Net Loss Due to Settlements | $65.40 | $0 | $0 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Accumulated Other Comprehensive Loss | -645.2 | -789 | ||||
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | -200.9 | 123.8 | ||||
Other Comprehensive Income (Loss), Reclassifications To Earnings, Net Of Tax | 51.7 | 20 | ||||
Current period change, Accumulated Other Comprehensive Loss | -149.2 | 143.8 | -82 | |||
Accumulated Other Comprehensive Loss | -794.4 | -645.2 | -789 | |||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax [Roll Forward] | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | -126.3 | 4.3 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0.7 | 0 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 | |||
Other Comprehensive (Loss) Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax | -126.3 | 5 | 40.6 | |||
Foreign Currency Translation Loss | -287.8 | -161.5 | -166.5 | |||
foreign exchange loss, intercompany | -29.6 | 10 | ||||
Accumulated Comprehensive Income (Loss), Unrecognized Pension & OPEB Costs [Roll Forward] | ||||||
Unrecognized Pension & Other Postretirement Costs, net of tax | -483.3 | -621.1 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | -84.1 | 116.3 | ||||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Post Retirement Benefits, Prior Service Benefit and Actuarial Loss, Net of Tax | 55.7 | 21.5 | 18.1 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -28.4 | 137.8 | -119.8 | |||
Unrecognized Pension & Other Postretirement Costs, net of tax | 511.7 | -483.3 | -621.1 | |||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | -6.5 | [1] | -1.6 | [1] | 0.7 | [1] |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | 92.9 | [1] | 33.5 | [1] | 25.6 | [1] |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 86.4 | 31.9 | 26.3 | |||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Post Retirement Benefits, Prior Service Benefit and Actuarial Loss, Tax | -30.7 | -10.4 | -8.2 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5.5 | 3.1 | 3.2 | |||
Accumulated Comprehensive Income (Loss), Derivatives [Roll Forward] | ||||||
Derivative Hedging Loss, net of tax | -0.4 | -1.4 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 9.5 | 3.2 | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | -4 | -2.2 | 1.9 | |||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 5.5 | 1 | -2.8 | |||
Derivative Hedging Loss, net of tax | 5.1 | -0.4 | -1.4 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 1.5 | 0.9 | -1.3 | |||
Interest Expense [Member] | Foreign Exchange Contracts on Intercompany Borrowings [Member] | ||||||
Accumulated Comprehensive Income (Loss), Unrecognized Pension & OPEB Costs [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.3 | 0 | -0.1 | |||
Cost of Sales [Member] | Foreign Exchange Contract [Member] | ||||||
Accumulated Comprehensive Income (Loss), Unrecognized Pension & OPEB Costs [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5.9 | 3.8 | -0.1 | |||
Commodity Contract [Member] | Cost of Sales [Member] | ||||||
Accumulated Comprehensive Income (Loss), Unrecognized Pension & OPEB Costs [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 2.9 | |||
Forward Interest Rate Swaps [Member] | Interest Expense [Member] | ||||||
Accumulated Comprehensive Income (Loss), Unrecognized Pension & OPEB Costs [Roll Forward] | ||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $0.70 | $0.70 | $0.10 | |||
[1] | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other postretirement benefit costs, which are recorded in the cost of products sold and selling, general and administrative expenses line items in the Consolidated Statements of Operations for 2014, 2013 and 2012. For 2014, $65.4 million of the amount is reflected as pension settlement charge. See Footnote 13 for further details. |
Restructuring_Costs_Narrative_
Restructuring Costs (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 27 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Number of Business Segments | 5 | ||||
Restructuring Costs | ($52.80) | ($110.30) | ($52.90) | ||
Cash paid for restructuring activities | 71.8 | 74.9 | 48.6 | ||
Project Renewal [Member] | |||||
Number of Global Business Units in 2011 | 13 | ||||
Expected completion year | 31-Dec-17 | ||||
Project Renewal Expansion [Member] | |||||
Expected cumulative restructuring charges | 200 | ||||
Project Renewal [Member] | |||||
Restructuring Costs | -53.8 | -113.7 | -37.3 | -236 | |
Project Renewal [Member] | Facility Exit Costs and Other [Member] | |||||
Restructuring Costs | -7.5 | -5.7 | 0.7 | -20.9 | |
Minimum [Member] | Renewal Combined [Member] | |||||
Expected cumulative restructuring charges | 540 | ||||
Cash expected to be paid for restructuring | 510 | ||||
Percentage of total project costs expected to be restructuring costs | 65.00% | ||||
Minimum [Member] | Project Renewal Expansion [Member] | |||||
Restructuring, expected cost | 75 | ||||
Maximum [Member] | Renewal Combined [Member] | |||||
Expected cumulative restructuring charges | 575 | ||||
Cash expected to be paid for restructuring | 540 | ||||
Percentage of total project costs expected to be restructuring costs | 75.00% | ||||
Maximum [Member] | Project Renewal Expansion [Member] | |||||
Restructuring, expected cost | $125 |
Restructuring_Costs_Schedule_O
Restructuring Costs (Schedule Of Restructuring Costs Recognized) (Details) (USD $) | 12 Months Ended | 27 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Restructuring Costs | $52.80 | $110.30 | $52.90 | |
Project Renewal [Member] | ||||
Restructuring Costs | 53.8 | 113.7 | 37.3 | 236 |
Project Renewal [Member] | Facility Exit Costs and Other [Member] | ||||
Restructuring Costs | 7.5 | 5.7 | -0.7 | 20.9 |
Project Renewal [Member] | Employee Severance, Termination Benefits And Relocation Costs [Member] | ||||
Restructuring Costs | 25.2 | 93.4 | 29.2 | 166.1 |
Project Renewal [Member] | Contract Termination [Member] | ||||
Restructuring Costs | $21.10 | $14.60 | $8.80 | $49 |
Restructuring_Costs_Restructur
Restructuring Costs (Restructuring Reserves by Cost Type) (Details) (Project Renewal [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $67.40 | $23.30 |
Restructuring Reserve, Period Increase (Decrease) | 53.8 | 113.7 |
Restructuring Reserve Settled | -80.9 | -69.6 |
Ending Balance | 40.3 | 67.4 |
Facility Exit Costs and Other [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0 | 0 |
Restructuring Reserve, Period Increase (Decrease) | 7.5 | 5.7 |
Restructuring Reserve Settled | -7.5 | -5.7 |
Ending Balance | 0 | 0 |
Employee Severance, Termination Benefits And Relocation Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 60.3 | 19 |
Restructuring Reserve, Period Increase (Decrease) | 25.2 | 93.4 |
Restructuring Reserve Settled | -62.7 | -52.1 |
Ending Balance | 22.8 | 60.3 |
Contract Termination [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 7.1 | 4.3 |
Restructuring Reserve, Period Increase (Decrease) | 21.1 | 14.6 |
Restructuring Reserve Settled | -10.7 | -11.8 |
Ending Balance | $17.50 | $7.10 |
Restructuring_Costs_Restructur1
Restructuring Costs (Restructuring Reserves by Segment) (Details) (Project Renewal [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $67.40 | $23.30 |
Restructuring Reserve, Period Increase (Decrease) | 53.8 | 113.7 |
Restructuring Reserve Settled | -80.9 | -69.6 |
Ending Balance | 40.3 | 67.4 |
Writing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 25.8 | 1.4 |
Restructuring Reserve, Period Increase (Decrease) | 9.8 | 34.3 |
Restructuring Reserve Settled | -25.9 | -9.9 |
Ending Balance | 9.7 | 25.8 |
Home Solutions [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0.7 | 8.5 |
Restructuring Reserve, Period Increase (Decrease) | 1.7 | 4.6 |
Restructuring Reserve Settled | -1.4 | -12.4 |
Ending Balance | 1 | 0.7 |
Tools [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0.3 | 0.2 |
Restructuring Reserve, Period Increase (Decrease) | 3.3 | 4.3 |
Restructuring Reserve Settled | -3.1 | -4.2 |
Ending Balance | 0.5 | 0.3 |
Commercial Products [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 6.8 | 1.4 |
Restructuring Reserve, Period Increase (Decrease) | 3.2 | 8.1 |
Restructuring Reserve Settled | -4.9 | -2.7 |
Ending Balance | 5.1 | 6.8 |
Baby & Parenting [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 1.4 | 0.9 |
Restructuring Reserve, Period Increase (Decrease) | 2.1 | 1.9 |
Restructuring Reserve Settled | -1.3 | -1.4 |
Ending Balance | 2.2 | 1.4 |
Corporate [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 32.4 | 10.9 |
Restructuring Reserve, Period Increase (Decrease) | 33.7 | 60.5 |
Restructuring Reserve Settled | -44.3 | -39 |
Ending Balance | $21.80 | $32.40 |
Restructuring_Costs_Restructur2
Restructuring Costs (Restructuring Charges by Segment) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Restructuring costs, continuing operations | $52.80 | [1] | $110.30 | [1] | $52.90 |
Writing [Member] | |||||
Restructuring costs, continuing operations | 9.8 | 34.3 | 3.7 | ||
Home Solutions [Member] | |||||
Restructuring costs, continuing operations | 1.6 | 3.8 | 7.6 | ||
Tools [Member] | |||||
Restructuring costs, continuing operations | 4.5 | 6 | 1 | ||
Commercial Products [Member] | |||||
Restructuring costs, continuing operations | 3.2 | 8.1 | 5.6 | ||
Baby & Parenting [Member] | |||||
Restructuring costs, continuing operations | 2.1 | 1.9 | 0.9 | ||
Corporate [Member] | |||||
Restructuring costs, continuing operations | 31.6 | 56.2 | 34.1 | ||
Other Project [Member] | |||||
Restructuring costs, disc ops and other projects | ($1) | ($3.40) | |||
[1] | (1)Total restructuring costs include $1.0 million and $3.4 million of costs relating to prior restructuring projects and charges classified as discontinued operations that had the impact of decreasing the total charges for 2014 and 2013, respectively. |
Inventories_Net_Components_Of_
Inventories, Net (Components Of Net Inventories) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Inventory, Net [Abstract] | |||
Materials and supplies | $117.90 | $123.50 | |
Work in process | 104.5 | 107 | |
Finished products | 486.1 | 453.9 | |
Inventories, net | 708.5 | 684.4 | |
Percentage of LIFO Inventory | 53.30% | 51.80% | |
Inventory, LIFO Reserve | 30.8 | 34.2 | |
Effect of LIFO Inventory Liquidation on Income | $7.20 | $6.50 | $3.20 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Land | $21.30 | $27 | |
Buildings and Improvements, Gross | 342.9 | 375 | |
Machinery and Equipment, Gross | 1,767.30 | 1,725.40 | |
Property, Plant and Equipment, Gross | 2,131.50 | 2,127.40 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -1,572.40 | -1,587.80 | |
Property, Plant and Equipment, Net | 559.1 | 539.6 | |
Depreciation | $93.20 | $99.90 | $102.90 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets, Net (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2002 | Sep. 04, 2014 | Oct. 22, 2014 | Dec. 15, 2014 | ||
Goodwill [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $602.30 | $0 | $26.50 | |||||||
Number of Reportable Segments | 5 | 6 | 3 | |||||||
Number of Reporting Units | 13 | 15 | 9 | |||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, Beginning Balance | 2,361.10 | 2,370.20 | ||||||||
Goodwill, Acquired During Period | 265.4 | 0 | ||||||||
Goodwill, Other Adjustments | 0 | -28.9 | ||||||||
Goodwill, Translation Adjustments | -80.5 | 19.8 | ||||||||
Goodwill, Ending Balance | 2,546 | 2,361.10 | 2,370.20 | |||||||
Goodwill, Impaired, Accumulated Impairment Loss | 1,642.40 | |||||||||
Goodwill Impairment Charges Recorded Upon SFAS 142 Adoption | 538 | |||||||||
Goodwill, Impaired, Accumulated Impairment Loss Discontinued Operations | 363.6 | |||||||||
Intangible Assets, Net [Abstract] | ||||||||||
Intangible Assets, Gross (Excluding Goodwill) | 1,321.90 | 996.6 | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | -434.7 | -382.1 | ||||||||
Intangible Assets, Net (Excluding Goodwill) | 887.2 | 614.5 | ||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 9 years | |||||||||
Finite-Lived Intangible Assets, Amortization Expense | 60.6 | 55.3 | 54.8 | |||||||
Future Amortization Expense, Year One | 74.3 | |||||||||
Future Amortization Expense, Year Two | 70 | |||||||||
Future Amortization Expense, Year Three | 66.9 | |||||||||
Future Amortization Expense, Year Four | 60.7 | |||||||||
Future Amortization Expense, Year Five | 54.6 | |||||||||
Writing [Member] | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, Beginning Balance | 1,161.50 | 1,145.40 | ||||||||
Goodwill, Acquired During Period | 0 | 0 | ||||||||
Goodwill, Other Adjustments | 0 | -7.7 | [1] | |||||||
Goodwill, Translation Adjustments | -70.6 | 23.8 | ||||||||
Goodwill, Ending Balance | 1,090.90 | 1,161.50 | ||||||||
Home Solutions [Member] | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, Beginning Balance | 205.7 | 226.9 | ||||||||
Goodwill, Acquired During Period | 173.6 | [2] | 0 | |||||||
Goodwill, Other Adjustments | 0 | -21.2 | [1] | |||||||
Goodwill, Translation Adjustments | 0 | 0 | ||||||||
Goodwill, Ending Balance | 379.3 | 205.7 | ||||||||
Tools [Member] | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, Beginning Balance | 484.5 | 482.2 | ||||||||
Goodwill, Acquired During Period | 0 | 0 | ||||||||
Goodwill, Other Adjustments | 0 | 0 | ||||||||
Goodwill, Translation Adjustments | -5.9 | 2.3 | ||||||||
Goodwill, Ending Balance | 478.6 | 484.5 | ||||||||
Commercial Products [Member] | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, Beginning Balance | 387.8 | 387.7 | ||||||||
Goodwill, Acquired During Period | 0 | 0 | ||||||||
Goodwill, Other Adjustments | 0 | 0 | ||||||||
Goodwill, Translation Adjustments | -0.3 | 0.1 | ||||||||
Goodwill, Ending Balance | 387.5 | 387.8 | ||||||||
Baby & Parenting [Member] | ||||||||||
Goodwill [Roll Forward] | ||||||||||
Goodwill, Beginning Balance | 121.6 | 128 | ||||||||
Goodwill, Acquired During Period | 91.8 | [2] | 0 | |||||||
Goodwill, Other Adjustments | 0 | 0 | ||||||||
Goodwill, Translation Adjustments | -3.7 | -6.4 | ||||||||
Goodwill, Ending Balance | 209.7 | 121.6 | ||||||||
Trade Names [Member] | ||||||||||
Intangible Assets, Net [Abstract] | ||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 470.2 | 312.4 | ||||||||
Trade Names [Member] | ||||||||||
Intangible Assets, Net [Abstract] | ||||||||||
Finite-Lived Intangible Assets, Gross | 48.5 | 37 | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | -28.6 | -25.9 | ||||||||
Finite-Lived Intangible Assets, Net | 19.9 | 11.1 | ||||||||
Amortization Period, Range (In Years) | 3b20 years | |||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 11 years | |||||||||
Computer Software, Intangible Asset [Member] | ||||||||||
Intangible Assets, Net [Abstract] | ||||||||||
Finite-Lived Intangible Assets, Gross | 462 | 446.8 | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | -229.7 | -194.9 | ||||||||
Finite-Lived Intangible Assets, Net | 232.3 | 251.9 | ||||||||
Amortization Period, Range (In Years) | 3b12 years | |||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 10 years | |||||||||
Patents [Member] | ||||||||||
Intangible Assets, Net [Abstract] | ||||||||||
Finite-Lived Intangible Assets, Gross | 152.2 | 89.5 | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | -84.9 | -75.6 | ||||||||
Finite-Lived Intangible Assets, Net | 67.3 | 13.9 | ||||||||
Amortization Period, Range (In Years) | 3b14 years | |||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 7 years | |||||||||
Customer Lists [Member] | ||||||||||
Intangible Assets, Net [Abstract] | ||||||||||
Finite-Lived Intangible Assets, Gross | 184.8 | 108.6 | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | -89 | -83.4 | ||||||||
Finite-Lived Intangible Assets, Net | 95.8 | 25.2 | ||||||||
Amortization Period, Range (In Years) | 3b10 years | |||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 8 years | |||||||||
Other Intangible Assets [Member] | ||||||||||
Intangible Assets, Net [Abstract] | ||||||||||
Finite-Lived Intangible Assets, Gross | 4.2 | 2.3 | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | -2.5 | -2.3 | ||||||||
Finite-Lived Intangible Assets, Net | 1.7 | 0 | ||||||||
Amortization Period, Range (In Years) | 3b5 years | |||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 4 years | |||||||||
Ignite [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 312.9 | |||||||||
bubba [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 82.9 | |||||||||
Baby Jogger [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $206.50 | |||||||||
[1] | The other adjustment for 2013 for Home Solutions includes the goodwill of the cabinet and drapery hardware business that was written off in connection with the sale of the Hardware business in 2013. The other adjustment for 2013 for Writing represents the goodwill of the Teach business that was deemed impaired in connection with plans to divest the business. | |||||||||
[2] | On September 4, 2014, the Company acquired Ignite for $312.9 million, and on October 22, 2014, the Company acquired the assets of bubba for $82.9 million. Both acquisitions are included in the Companybs Home Solutions segment and resulted in total goodwill of $173.6 million. On December 15, 2014, the Company acquired Baby Jogger for a purchase price of $206.5 million, and Baby Jogger is included in the Baby & Parenting segment. The acquisition of Baby Jogger resulted in goodwill of $91.8 million. |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other accrued liabilities | $659.30 | $703.50 |
Customer Accuruals [Member] | ||
Other accrued liabilities | 316 | 292.6 |
Accruals For Manufacturing, Marketing And Freight Expenses [Member] | ||
Other accrued liabilities | 86.1 | 89.8 |
Accrued Self-Insurance Liabilities [Member] | ||
Other accrued liabilities | 55.8 | 58.5 |
Accrued Pension, Defined Contribution And Other Postretirement Benefits [Member] | ||
Other accrued liabilities | 36.6 | 46.5 |
Accrued Contingencies, Primarily Legal, Environmental And Warranty [Member] | ||
Other accrued liabilities | 27.8 | 35 |
Accrued Restructuring [Member] | ||
Other accrued liabilities | 46.1 | 76.7 |
Other Accrued Liabilities [Member] | ||
Other accrued liabilities | $90.90 | $104.40 |
Debt_Summary_Of_Outstanding_De
Debt (Summary Of Outstanding Debt) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Medium-term Notes | $2,089.50 | $1,659.80 |
Commercial Paper | 28 | 95 |
Receivables facility | 350 | 75 |
Other debt | 14.4 | 6.6 |
Total debt | 2,481.90 | 1,836.40 |
Short-term debt | -390.7 | -174 |
Current portion of long-term debt | -6.7 | -0.8 |
Long-term debt | 2,084.50 | 1,661.60 |
Long-term Debt, Maturities, Repayments of Principal in Year One | 397.4 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 5.7 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 355.6 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 251.6 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 350 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,121.60 | |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt, Average Outstanding Amount | $114.40 | $122.40 |
Short-term Debt, Weighted Average Interest Rate | 2.70% | 2.90% |
Debt_MediumTerm_Notes_Details
Debt (Medium-Term Notes) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 15, 2012 | Jun. 30, 2012 | |
Long-term Debt, Weighted Average Interest Rate | 3.88% | ||||
Medium-term Notes | $2,089,500,000 | $1,659,800,000 | |||
Debt Mark To Market Adjustment | -11,800,000 | -12,400,000 | |||
Repayments of Other Debt | 465,200,000 | 0 | 1,203,400,000 | ||
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 18,500,000 | 0 | |||
Proceeds from Issuance of Long-term Debt | 841,800,000 | 0 | 841,900,000 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 436,700,000 | ||||
Losses on Extinguishment of Debt | -33,200,000 | 0 | -10,900,000 | ||
6.75% Senior Notes Due March 2012 [Member] | |||||
Debt Instrument, Face Amount | 250,000,000 | ||||
Senior notes rate | 6.75% | ||||
Debt Instrument, Maturity Date | 1-Mar-12 | ||||
5.50% Senior Notes due 2013 [Member] | |||||
Accrued Interest Paid With Debt Retirement | 5,800,000 | ||||
Debt Instrument, Face Amount | 500,000,000 | ||||
Senior notes rate | 5.50% | ||||
Repayments of Other Debt | 512,900,000 | ||||
Debt Instrument, Maturity Date | 1-Dec-13 | ||||
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 3,000,000 | ||||
Premium Paid Due To Early Redemption Of Debt | 7,100,000 | ||||
Losses on Extinguishment of Debt | 4,100,000 | ||||
2.00% Senior Notes Due 2015 [Member] | |||||
Medium-term Notes | 0 | 250,000,000 | |||
Debt Instrument, Face Amount | 250,000,000 | ||||
Senior notes rate | 2.00% | ||||
Repayments of Other Debt | 251,900,000 | ||||
Debt Instrument, Maturity Date | 15-Jun-15 | ||||
Repayment of Other Debt, Face Amount | 250,000,000 | ||||
Premium Paid Due To Early Redemption Of Debt | 1,900,000 | ||||
Losses on Extinguishment of Debt | 2,300,000 | ||||
2.05% Senior Notes Due 2017 [Member] | |||||
Medium-term Notes | 350,000,000 | 350,000,000 | |||
Debt Instrument, Face Amount | 350,000,000 | 350,000,000 | |||
Senior notes rate | 2.05% | 2.05% | |||
Debt Instrument, Maturity Date | 1-Dec-17 | 1-Dec-17 | |||
Proceeds from Issuance of Long-term Debt | 346,800,000 | ||||
6.25% senior notes due 2018 [Member] | |||||
Medium-term Notes | 250,000,000 | 250,000,000 | |||
Debt Instrument, Face Amount | 250,000,000 | ||||
Cash received, interest rate swap | 18,700,000 | ||||
Senior notes rate | 6.25% | ||||
Debt Instrument, Maturity Date | 15-Apr-18 | ||||
2.875% 2019 Note and 4.00% 2024 Note [Member] | |||||
Debt Instrument, Face Amount | 850,000,000 | ||||
Proceeds from Issuance of Long-term Debt | 841,800,000 | ||||
10.60% senior notes due 2019 [Member] | |||||
Medium-term Notes | 0 | 20,700,000 | |||
Senior notes rate | 10.60% | ||||
Repayments of Other Debt | 28,100,000 | ||||
Debt Instrument, Maturity Date | 15-Apr-19 | ||||
Repayment of Other Debt, Face Amount | 20,700,000 | ||||
Premium Paid Due To Early Redemption Of Debt | 7,400,000 | ||||
Losses on Extinguishment of Debt | 7,700,000 | ||||
2.875% senior notes due 2019 [Member] | |||||
Medium-term Notes | 350,000,000 | 0 | |||
Debt Instrument, Face Amount | 350,000,000 | ||||
Senior notes rate | 2.88% | ||||
Debt Instrument, Maturity Date | 1-Dec-19 | ||||
4.70% senior notes due 2020 [Member] | |||||
Medium-term Notes | 381,300,000 | 550,000,000 | |||
Debt Instrument, Face Amount | 550,000,000 | ||||
Senior notes rate | 4.70% | ||||
Repayments of Other Debt | 184,700,000 | ||||
Debt Instrument, Maturity Date | 15-Aug-20 | ||||
Repayment of Other Debt, Face Amount | 168,700,000 | ||||
Premium Paid Due To Early Redemption Of Debt | 16,000,000 | ||||
Losses on Extinguishment of Debt | 23,200,000 | ||||
4.00% Senior Notes Due 2022 [Member] | |||||
Medium-term Notes | 250,000,000 | 250,000,000 | |||
Debt Instrument, Face Amount | 250,000,000 | ||||
Senior notes rate | 4.00% | ||||
Debt Instrument, Maturity Date | 15-Jun-22 | ||||
4.00% Senior Notes Due 2024 [Member] | |||||
Medium-term Notes | 500,000,000 | 0 | |||
Debt Instrument, Face Amount | 500,000,000 | ||||
Senior notes rate | 4.00% | ||||
Debt Instrument, Maturity Date | 1-Dec-24 | ||||
6.11% senior notes due 2028 [Member] | |||||
Medium-term Notes | 1,500,000 | 1,500,000 | |||
Senior notes rate | 6.11% | ||||
Repayments of Other Debt | 8,500,000 | ||||
Debt Instrument, Maturity Date | 1-Jul-28 | ||||
2% Notes Due 2015 And 4% Notes Due 2022 [Member] | |||||
Debt Instrument, Face Amount | 500,000,000 | ||||
Proceeds from Issuance of Long-term Debt | 495,100,000 | ||||
Convertible Preferred Stock [Member] | |||||
Senior notes rate | 5.25% | ||||
Interest Rate Swap [Member] | |||||
Debt Instrument, Face Amount | 596,000,000 | ||||
Interest Rate Swap [Member] | 4.70% senior notes due 2020 [Member] | |||||
Debt Instrument, Face Amount | 346,000,000 | ||||
Cash paid, interest rate swap | 5,900,000 | ||||
Repayments of Debt | 154,000,000 | ||||
Interest Rate Swap [Member] | 4.00% Senior Notes Due 2024 [Member] | |||||
Debt Instrument, Face Amount | 250,000,000 | ||||
Convertible Preferred Stock [Member] | |||||
Liquidation Preference On Preferred Stock | $421,200,000 |
Debt_Interest_Rate_Swaps_Detai
Debt (Interest Rate Swaps) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Mark-to-market adjustments | ($11,800,000) | ($12,400,000) | |
Reduction of interest expense | 13,900,000 | 13,600,000 | 21,800,000 |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 18,500,000 | 0 | |
Interest Rate Swap [Member] | |||
Debt Instrument, Face Amount | 596,000,000 | ||
4.70% senior notes due 2020 [Member] | |||
Debt Instrument, Face Amount | 550,000,000 | ||
4.70% senior notes due 2020 [Member] | Interest Rate Swap [Member] | |||
Cash paid, interest rate swap | 5,900,000 | ||
Debt Instrument, Face Amount | 346,000,000 | ||
6.25% senior notes due 2018 [Member] | |||
Cash received, interest rate swap | 18,700,000 | ||
Debt Instrument, Face Amount | $250,000,000 |
Debt_Junior_Convertible_Subord
Debt (Junior Convertible Subordinated Debentures) (Details) (USD $) | 12 Months Ended | 24 Months Ended | ||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 1997 | Dec. 31, 2005 | Jul. 15, 2012 |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $436,700,000 | |||||
Losses on Extinguishment of Debt | -33,200,000 | 0 | -10,900,000 | |||
Junior Subordinated Debt [Member] | ||||||
Proceeds From Liquidation Of Investment In Unconsolidated Trust | 15,500,000 | |||||
Finance subsidiary ownership percentage | 100.00% | |||||
Interest rate of junior subordinated debt | 5.25% | |||||
Incremental Debentures Issued to Unconsolidated Subsidary | 15,500,000 | |||||
Junior Subordinated Debentures Owed to Unconsolidated Subsidiary, Issued | 515,500,000 | |||||
Redemption Price As A Percentage Of Face Amount | 100.00% | |||||
Losses on Extinguishment of Debt | 6,000,000 | |||||
Convertible Preferred Stock [Member] | ||||||
Issued shares of convertible preferred securities | 10 | |||||
Preferred Stock, Dividend Rate, Percentage | 5.25% | |||||
Liquidation Preference On Preferred Stock | 421,200,000 | |||||
Convertible Preferred Securities, Par Value Per Share | $50 | |||||
Convertible Preferred Securities, Dividend Amount Per Share | 2.625 | |||||
Preferred securities convertible into common stock | 0.9865 | |||||
Convertible Preferred Securities, Shares Repurchased | 1.6 | |||||
Convertible Preferred Securities, Shares Repurchased, Price Per Share | $45.27 | |||||
Convertible Preferred Securities, Shares Repurchased, Amount | $71,300,000 | |||||
Percentage of liquidation preference payable when called | 100.00% |
Debt_ReceivablesRelated_Borrow
Debt (Receivables-Related Borrowings) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables facility | $350 | $75 | |
Receivables Facility [Member] | |||
Maximum borrowing capacity | $350 | $200 | |
Debt Instrument, Maturity Date | 1-Sep-15 | ||
Outstanding accounts receivable | 774 | ||
Weighted average interest rate | 0.90% |
Debt_Revolving_Credit_Facility
Debt (Revolving Credit Facility And Commercial Paper) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Outstanding commercial paper obligations | $28,000,000 | $95,000,000 |
$800 Million Credit Facility [Member] | ||
Amount available for borrowing | 800,000,000 | |
Amount available for borrowing | 1,250,000,000 | |
Maximum amount of letters of credit issuable under the facility | 100,000,000 | |
Revolving credit facility expiration date | 1-Dec-19 | |
Line of Credit Facility, Competitive Bid Loans, Max | $500,000,000 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $14,900,000 | $4,600,000 | ($9,200,000) |
Interest rate swap duration, minimum | 5 years | ||
Interest rate swap duration, maximum | 10 years | ||
Non-hedge derivatives immaterial | not material | not material | not material |
Intercompany Foreign Currency Derivatives, Cash (Paid) Received At Settlement | 3,100,000 | -1,600,000 | -500,000 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 6,600,000 | ||
Fair value hedge ineffectiveness | The Company did not realize any ineffectiveness related to fair value hedges during 2014, 2013 and 2012. | ||
Cash flow hedge ineffectiveness | not material | ||
Interest Rate Swap [Member] | |||
Debt Instrument, Face Amount | 596,000,000 | ||
Forward Interest Rate Swaps [Member] | |||
Derivative Asset, Notional Amount | 400,000,000 | 250,000,000 | |
Commodity Contract [Member] | |||
Derivative Asset, Notional Amount | 14,000,000 | ||
2.05% Senior Notes Due 2017 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.05% | 2.05% | |
Debt Instrument, Face Amount | 350,000,000 | 350,000,000 | |
Debt Instrument, Maturity Date | 1-Dec-17 | 1-Dec-17 | |
4.70% senior notes due 2020 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ||
Debt Instrument, Face Amount | 550,000,000 | ||
Debt Instrument, Maturity Date | 15-Aug-20 | ||
4.70% senior notes due 2020 [Member] | Interest Rate Swap [Member] | |||
Repayments of Debt | 154,000,000 | ||
Cash paid, interest rate swap | 5,900,000 | ||
Debt Instrument, Face Amount | 346,000,000 | ||
6.25% senior notes due 2018 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||
Debt Instrument, Face Amount | 250,000,000 | ||
Cash received, interest rate swap | 18,700,000 | ||
Debt Instrument, Maturity Date | 15-Apr-18 | ||
4.00% Senior Notes Due 2024 [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||
Debt Instrument, Face Amount | 500,000,000 | ||
Debt Instrument, Maturity Date | 1-Dec-24 | ||
4.00% Senior Notes Due 2024 [Member] | Interest Rate Swap [Member] | |||
Debt Instrument, Face Amount | 250,000,000 | ||
Forward Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $0 | $0 | ($2,500,000) |
Derivatives_Schedule_Of_Outsta
Derivatives (Schedule Of Outstanding Derivative Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Asset, Fair Value, Gross Asset | $7.70 | $26 |
Fair Value, Liabilities | 12.2 | 36.9 |
Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Liabilities | 11.8 | 35.5 |
Foreign Exchange Contract on Inventory-Related Purchases [Member] | Other Accrued Liabilities [Member] | ||
Fair Value, Liabilities | 0.4 | 1.2 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Other Accrued Liabilities [Member] | ||
Fair Value, Liabilities | 0 | 0.2 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Other Noncurrent Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 23.1 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract on Inventory-Related Purchases [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 2.9 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivatives [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 7.7 | 2.9 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Other Noncurrent Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | $0 | $23.10 |
Derivatives_Schedule_Of_Fair_V
Derivatives (Schedule Of Fair Value Hedges) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fixed Rate Debt [Member] | |||
Amount of gain (loss) recognized in income | ($13.40) | $44.10 | $4 |
Interest Rate Swap [Member] | |||
Amount of gain (loss) recognized in income | $13.40 | ($44.10) | ($4) |
Derivatives_Schedule_Of_Cash_F
Derivatives (Schedule Of Cash Flow Hedges) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($5.50) | ($3.10) | ($3.20) |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 14.9 | 4.6 | -9.2 |
Intercompany Foreign Currency Derivatives, Cash (Paid) Received At Settlement | 3.1 | -1.6 | -0.5 |
Cash Flow Hedge Ineffectiveness is Immaterial | not material | ||
Foreign Exchange Contract on Inventory-Related Purchases [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 11.6 | 5.2 | -1.7 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 3.3 | -0.6 | -2.1 |
Forward Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | -2.5 |
Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | 0 | -2.9 |
Cost of Products Sold [Member] | Foreign Exchange Contract on Inventory-Related Purchases [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5.9 | 3.8 | -0.1 |
Cost of Products Sold [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | -2.9 |
Interest Expense, Net [Member] | Foreign Exchange Contracts on Intercompany Borrowings [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.3 | 0 | -0.1 |
Interest Expense, Net [Member] | Forward Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -0.7 | -0.7 | -0.1 |
Forward Interest Rate Swaps [Member] | |||
Derivative Asset, Notional Amount | 400 | 250 | |
Derivative, Fixed Interest Rate | 1.80% | ||
Derivative, Maturity Date | 15-Mar-13 | ||
Commodity Contract [Member] | |||
Derivative Asset, Notional Amount | $14 |
Commitments_Details
Commitments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments [Abstract] | |||
Operating Leases, Rent Expense | $106.10 | $114 | $124.90 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Current | 105.8 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 80.4 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 62.7 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 44.8 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 35.5 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 55.1 | ||
Operating Leases, Future Minimum Payments Due | $384.30 |
Employee_Benefit_And_Retiremen2
Employee Benefit And Retirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | ($511,700,000) | $483,300,000 | $621,100,000 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -120,500,000 | 183,200,000 | ||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized From AOCI in Next Fiscal Year, Pre-Tax | 22,800,000 | |||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 14,900,000 | |||
Actuarial Loss on adoption of new mortality tables | 111,900,000 | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 15,800,000 | 16,700,000 | 19,000,000 | |
Defined Contribution Benefit Arrangement, Liability at Period End | 16,500,000 | 17,200,000 | ||
Benefit obligation associated with employees offered the one-time lump sum election | 200,000,000 | |||
Payments for Postemployment Benefits | 98,600,000 | |||
Defined Benefit Plan, Recognized Net Loss Due to Settlements | 65,400,000 | 0 | 0 | |
Deferred Compensation Liability, Current and Noncurrent | 49,100,000 | 55,500,000 | ||
Deferred Compensation Plan Assets | 54,500,000 | 52,300,000 | ||
OTHER ASSETS | 262,200,000 | 268,900,000 | ||
Defined Contribution Plan, Cost Recognized | 13,600,000 | 13,900,000 | 14,200,000 | |
Primary U.S. Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 70,000,000 | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -589,900,000 | |||
Defined Benefit Plan - Amortization Period of unrecognized actuarial losses | 23 | |||
International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 15,700,000 | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -140,800,000 | -124,500,000 | ||
Defined Benefit Plan, Benefit Obligation | 671,700,000 | 615,400,000 | 602,600,000 | |
Pension Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 83,300,000 | [1] | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 81,600,000 | [1] | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 82,300,000 | [1] | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 83,500,000 | [1] | ||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 85,100,000 | [1] | ||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 452,600,000 | [1] | ||
United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 9,800,000 | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -654,400,000 | -621,400,000 | ||
Defined Benefit Plan, Benefit Obligation | 1,060,700,000 | 1,034,000,000 | 1,170,500,000 | |
Supplemental Executive Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of Employees | 310 | |||
Net Death Benefits From Life Insurance Policies, Amount | 275,400,000 | |||
Cash Surrender Value of Life Insurance | 106,000,000 | 102,500,000 | ||
Defined Benefit Plan, Benefit Obligation | 139,300,000 | 110,200,000 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 16,900,000 | -800,000 | ||
Defined Benefit Plan, Benefit Obligation | 88,100,000 | 111,800,000 | 158,800,000 | |
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 6,800,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 6,700,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 6,600,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 6,500,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 6,500,000 | |||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 32,000,000 | |||
Other Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
OTHER ASSETS | 13,100,000 | |||
Other Assets [Member] | Supplemental Executive Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
OTHER ASSETS | $8,800,000 | $10,300,000 | ||
[1] | Certain pension benefit payments will be funded by plan assets. |
Employee_Benefit_And_Retiremen3
Employee Benefit And Retirement Plans (Schedule Of Company's Pension And Supplemental Retirement Plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | ($120.50) | $183.20 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 750 | ||
Primary U.S. Pension Plan [Member] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -589.9 | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 70 | ||
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning | 1,034 | 1,170.50 | |
Service cost-benefits earned during the period | 4.1 | 5 | 3 |
Interest cost on projected benefit obligation | 45.1 | 39.7 | 45.9 |
Defined Benefit Plan, Actuarial (Gain) Loss | 139 | -110.6 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Benefits Paid | -161.5 | -61.8 | |
Defined Benefit Plan, Settlements, Benefit Obligation | 0 | -8.8 | |
Defined Benefit Plan, Benefit Obligation, Ending | 1,060.70 | 1,034 | 1,170.50 |
Defined Benefit Plan, Accumulated Benefit Obligation | 1,060.70 | 1,034 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.50% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.50% | 2.50% | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | 829.5 | 707.1 | |
Defined Benefit Plan, Actual Return on Plan Assets | 73.8 | 74.7 | |
Defined Benefit Plan, Contributions by Employer | 10.2 | 109.5 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Benefits Paid | -161.5 | -61.8 | |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending | 752 | 829.5 | 707.1 |
Defined Benefit Plan, Funded Status of Plan | -308.7 | -204.5 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -9.8 | -9.5 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -298.9 | -195 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -308.7 | -204.5 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 1.3 | 1.4 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -654.4 | -621.4 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 653.1 | 620 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost-benefits earned during the period | 4.1 | 5 | 3 |
Interest cost on projected benefit obligation | 45.1 | 39.7 | 45.9 |
Expected return on plan assets | -57.5 | -58.7 | -59.7 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 0.3 | 1.3 |
Defined Benefit Plan, Amortization of (Gains) Losses | 24.2 | 29.7 | 21.5 |
Curtailment and settlement costs | 65.4 | 0 | 1.1 |
Net periodic pension cost | 81.3 | 16 | 13.1 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.50% | 3.50% | 4.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | 7.50% | 8.25% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.50% | 2.50% | 2.80% |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 9.8 | ||
International [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning | 615.4 | 602.6 | |
Service cost-benefits earned during the period | 5.9 | 7.4 | 7.9 |
Interest cost on projected benefit obligation | 25.3 | 23.9 | 25.2 |
Defined Benefit Plan, Actuarial (Gain) Loss | 104.6 | -3.7 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | -48.4 | 13 | |
Defined Benefit Plan, Benefits Paid | -25.4 | -24.6 | |
Defined Benefit Plan, Settlements, Benefit Obligation | -5.7 | -3.2 | |
Defined Benefit Plan, Benefit Obligation, Ending | 671.7 | 615.4 | 602.6 |
Defined Benefit Plan, Accumulated Benefit Obligation | 661.8 | 607.6 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.03% | 4.21% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.60% | 4.16% | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | 533.5 | 501.9 | |
Defined Benefit Plan, Actual Return on Plan Assets | 101.4 | 26.9 | |
Defined Benefit Plan, Contributions by Employer | 16.8 | 22.1 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -37.7 | 10.3 | |
Defined Benefit Plan, Benefits Paid | -25.4 | -24.6 | |
Defined Benefit Plan, Settlements, Plan Assets | -4.2 | -3.1 | |
Defined Benefit Plan, Fair Value of Plan Assets, Ending | 584.4 | 533.5 | 501.9 |
Defined Benefit Plan, Funded Status of Plan | -87.3 | -81.9 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 2 | 7 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -3.6 | -4.1 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -85.7 | -84.8 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -87.3 | -81.9 | |
Defined Benefit Plan, Plans with Plan Assets in Excess of Benefit Obligation, Projected Benefit Obligation | 10.8 | ||
Defined Benefit Plan, Plans with Plan Assets in Excess of Benefit Obligation, Fair Value of Plan Assets | 12.8 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss) [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0.7 | 0.7 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | -140.8 | -124.5 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -140.1 | -123.8 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost-benefits earned during the period | 5.9 | 7.4 | 7.9 |
Interest cost on projected benefit obligation | 25.3 | 23.9 | 25.2 |
Expected return on plan assets | -26.6 | -23.3 | -25.6 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -0.1 | 0.3 | 1.9 |
Defined Benefit Plan, Amortization of (Gains) Losses | 3.2 | 3.2 | 1.3 |
Curtailment and settlement costs | -0.1 | 1.5 | 1.6 |
Net periodic pension cost | 7.6 | 13 | 12.3 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.21% | 4.11% | 4.65% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.01% | 4.81% | 5.12% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.21% | 3.86% | 3.74% |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $15.70 |
Employee_Benefit_And_Retiremen4
Employee Benefit And Retirement Plans Defined Benefit Plan, Fair Value of Plan Assets Disclosures (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $68.30 | $77.40 | $75.50 | ||
Partnership Interest [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 35.4 | 47.3 | 47.8 | ||
Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 32.9 | 30.1 | 27.7 | ||
United States Pension Plan of US Entity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 752 | 829.5 | 707.1 | ||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 100.00% | 100.00% | 100.00% | ||
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 352.4 | 375.3 | |||
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 333.2 | 380.5 | |||
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 66.4 | 73.7 | |||
United States Pension Plan of US Entity [Member] | U.S. Large Cap Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 145.1 | [1],[2] | 155.4 | [1],[2] | |
United States Pension Plan of US Entity [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 2.5 | [1],[2] | 1.6 | [1],[2] | |
United States Pension Plan of US Entity [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 142.6 | [1],[2] | 153.8 | [1],[2] | |
United States Pension Plan of US Entity [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
United States Pension Plan of US Entity [Member] | U.S. Small Cap Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 21.6 | [1],[2] | 27 | [1],[2] | |
United States Pension Plan of US Entity [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 21.6 | [1],[2] | 27 | [1],[2] | |
United States Pension Plan of US Entity [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
United States Pension Plan of US Entity [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
United States Pension Plan of US Entity [Member] | International Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 113.4 | [1],[2] | 134.5 | [1],[2] | |
United States Pension Plan of US Entity [Member] | International Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 18.8 | [1],[2] | 23.8 | [1],[2] | |
United States Pension Plan of US Entity [Member] | International Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 94.6 | [1],[2] | 110.7 | [1],[2] | |
United States Pension Plan of US Entity [Member] | International Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
United States Pension Plan of US Entity [Member] | Equity Securities, Entity Size [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 38.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 280.1 | [1],[2] | 316.9 | [1],[2] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 37.00% | 38.00% | 44.00% | ||
United States Pension Plan of US Entity [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 42.9 | [1],[2] | 52.4 | [1],[2] | |
United States Pension Plan of US Entity [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 237.2 | [1],[2] | 264.5 | [1],[2] | |
United States Pension Plan of US Entity [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
United States Pension Plan of US Entity [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 89.9 | [1],[3] | 107 | [1],[3] | |
United States Pension Plan of US Entity [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 83.4 | [1],[3] | 91.5 | [1],[3] | |
United States Pension Plan of US Entity [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 6.5 | [1],[3] | 15.5 | [1],[3] | |
United States Pension Plan of US Entity [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Other Government [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 62.6 | [1],[3] | 56.9 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Other Government [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 36.5 | [1],[3] | 34.5 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Other Government [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 26.1 | [1],[3] | 22.4 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Other Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Asset-backed Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 7.5 | [1],[3] | 15.8 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 7.5 | [1],[3] | 15.8 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 214.9 | [1],[3] | 220.3 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 188.1 | [1],[3] | 186.7 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 26.8 | [1],[3] | 33.6 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 7.4 | [1],[3] | 17.6 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1.5 | [1],[3] | 10.2 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 5.9 | [1],[3] | 7.4 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Fixed Income Investments [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 52.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 382.3 | [1],[3] | 417.6 | [1],[3] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 51.00% | 50.00% | 42.00% | ||
United States Pension Plan of US Entity [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 309.5 | [1],[3] | 322.9 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 72.8 | [1],[3] | 94.7 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
United States Pension Plan of US Entity [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 2.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | [4] | 16.3 | [4] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 2.00% | 2.00% | 2.00% | ||
United States Pension Plan of US Entity [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [4] | 0 | [4] | |
United States Pension Plan of US Entity [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 16 | [4] | 16.3 | [4] | |
United States Pension Plan of US Entity [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [4] | 0 | [4] | |
United States Pension Plan of US Entity [Member] | Partnership Interest [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 35.4 | [5] | 45.9 | [5] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 5.00% | 6.00% | 7.00% | ||
United States Pension Plan of US Entity [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [5] | 0 | [5] | |
United States Pension Plan of US Entity [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.1 | [5] | 0.2 | [5] | |
United States Pension Plan of US Entity [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 35.3 | [5] | 45.7 | [5] | |
United States Pension Plan of US Entity [Member] | Real Estate Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 31.1 | [6] | 28 | [6] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 4.00% | 3.00% | 4.00% | ||
United States Pension Plan of US Entity [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [6] | 0 | [6] | |
United States Pension Plan of US Entity [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [6] | 0 | [6] | |
United States Pension Plan of US Entity [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 31.1 | [6] | 28 | [6] | |
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 7.1 | [7] | 4.8 | [7] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 1.00% | 1.00% | 1.00% | ||
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [7] | 0 | [7] | |
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 7.1 | [7] | 4.8 | [7] | |
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [7] | 0 | [7] | |
United States Pension Plan of US Entity [Member] | Derivative Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [8] | 0 | [8] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 0.00% | 0.00% | ||
United States Pension Plan of US Entity [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [8] | 0 | [8] | |
United States Pension Plan of US Entity [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [8] | 0 | [8] | |
United States Pension Plan of US Entity [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [8] | 0 | [8] | |
United States Pension Plan of US Entity [Member] | Commodity Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 0.00% | 0.00% | ||
United States Pension Plan of US Entity [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
United States Pension Plan of US Entity [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
United States Pension Plan of US Entity [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
United States Pension Plan of US Entity [Member] | Pension Assets, Other [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 8.00% | [9] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 0.00% | 0.00% | ||
United States Pension Plan of US Entity [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
United States Pension Plan of US Entity [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
United States Pension Plan of US Entity [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
International [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||||
Derivative, Collateral, Right to Reclaim Cash | 1.1 | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 584.4 | 533.5 | 501.9 | ||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 100.00% | 100.00% | 100.00% | ||
International [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 72.8 | 86.9 | |||
International [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 509.7 | 442.9 | |||
International [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1.9 | 3.7 | |||
International [Member] | U.S. Large Cap Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 42.7 | [1],[2] | 40.3 | [1],[2] | |
International [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 39.4 | [1],[2] | 34.6 | [1],[2] | |
International [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 3.3 | [1],[2] | 5.7 | [1],[2] | |
International [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
International [Member] | U.S. Small Cap Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 7.1 | [1],[2] | |
International [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 7.1 | [1],[2] | |
International [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
International [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
International [Member] | International Equity [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 57.6 | [1],[2] | 58 | [1],[2] | |
International [Member] | International Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 28.5 | [1],[2] | 27.5 | [1],[2] | |
International [Member] | International Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 29.1 | [1],[2] | 30.5 | [1],[2] | |
International [Member] | International Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
International [Member] | Equity Securities, Entity Size [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 12.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 100.3 | [1],[2] | 105.4 | [1],[2] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 17.00% | 20.00% | 12.00% | ||
International [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 67.9 | [1],[2] | 69.2 | [1],[2] | |
International [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 32.4 | [1],[2] | 36.2 | [1],[2] | |
International [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[2] | 0 | [1],[2] | |
International [Member] | US Treasury Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.4 | [1],[3] | 0 | [1],[3] | |
International [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.4 | [1],[3] | 0 | [1],[3] | |
International [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Other Government [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 77.4 | [1],[3] | 83.1 | [1],[3] | |
International [Member] | Other Government [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Other Government [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 77.4 | [1],[3] | 83.1 | [1],[3] | |
International [Member] | Other Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Asset-backed Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Corporate Bond Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 49.1 | [1],[3] | 30.7 | [1],[3] | |
International [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 49.1 | [1],[3] | 30.7 | [1],[3] | |
International [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Short-term Investments [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Fixed Income Investments [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 25.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 126.9 | [1],[3] | 113.8 | [1],[3] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 22.00% | 21.00% | 20.00% | ||
International [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 126.9 | [1],[3] | 113.8 | [1],[3] | |
International [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1],[3] | 0 | [1],[3] | |
International [Member] | Insurance Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 43.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 251.5 | [4] | 235 | [4] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 43.00% | 44.00% | 46.00% | ||
International [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [4] | 0 | [4] | |
International [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 251.5 | [4] | 235 | [4] | |
International [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [4] | 0 | [4] | |
International [Member] | Partnership Interest [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 12.7 | [5] | 15.7 | [5] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 2.00% | 3.00% | 5.00% | ||
International [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [5] | 0 | [5] | |
International [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 12.6 | [5] | 14.1 | [5] | |
International [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.1 | [5] | 1.6 | [5] | |
International [Member] | Real Estate Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1.8 | [6] | 3.9 | [6] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 1.00% | 1.00% | ||
International [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [6] | 0 | [6] | |
International [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [6] | 1.8 | [6] | |
International [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1.8 | [6] | 2.1 | [6] | |
International [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 8.00% | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 72.2 | [7] | 59.8 | [7] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 12.00% | 11.00% | 13.00% | ||
International [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 4.9 | [7] | 17.7 | [7] | |
International [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 67.3 | [7] | 42.1 | [7] | |
International [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [7] | 0 | [7] | |
International [Member] | Derivative Contracts [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 4.8 | [8] | -18.2 | [8] | |
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 1.00% | -3.00% | -6.00% | ||
International [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [8] | 0 | [8] | |
International [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 4.8 | [8] | -18.2 | [8] | |
International [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [8] | 0 | [8] | |
International [Member] | Commodity Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 4.6 | |||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 1.00% | 5.00% | ||
International [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
International [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 4.6 | |||
International [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
International [Member] | Pension Assets, Other [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 12.00% | [9] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 14.2 | 13.5 | |||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 3.00% | 2.00% | 4.00% | ||
International [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
International [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 14.2 | 13.5 | |||
International [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | |||
[1] | In the U.S. pension plan assets, certain equity and fixed-income investments are held in separately managed investment accounts. The underlying investments in these separately managed accounts are primarily publicly traded securities that are directly owned by the U.S. pension plan, and such investments have been valued using the quoted price as of December 31, 2014 and 2013. Accordingly, these investments have been classified as Level 1 as of December 31, 2014 and 2013. | ||||
[2] | Equity securities primarily comprise mutual funds and common/collective trust funds. Investments in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The investments in common/collective trust funds include both actively managed and index funds. | ||||
[3] | Fixed-income investments primarily comprise mutual funds and common/collective trust funds that invest in corporate and government bonds. Investments in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The investments in fixed income securities include both actively managed funds and index funds. | ||||
[4] | The fair values of insurance contracts are estimated based on the future cash flows to be received under the contracts discounted to the present using a discount rate that approximates the discount rate used to measure the associated pension plan liabilities. | ||||
[5] | Venture capital and partnerships are valued at net asset value, which is generally calculated using the most recent partnership financial reports. | ||||
[6] | Real estate investments are generally investments in limited partnerships, real estate investment trusts and similar vehicles that invest in real estate. The values of the investments are generally based on the most recent financial reports of the investment vehicles. The managers of each of the investment vehicles estimate the values of the real estate assets underlying the real estate investments using third-party appraisals and other valuation techniques and analysis. | ||||
[7] | Cash and cash equivalents include investments in stable value funds. Stable value funds are generally invested in common trust funds and interest-bearing accounts. | ||||
[8] | Derivatives primarily consist of interest rate and inflation swaps relating to the Companybs international plans. Included in other government fixed income investments is an amount of $1.1 million that relates to cash collateral posted with third parties for the derivatives that are in a liability position as of December 31, | ||||
[9] | Other investments include private equity funds, hedge funds and real estate funds. |
Employee_Benefit_And_Retiremen5
Employee Benefit And Retirement Plans Unobservable Inputs Roll Forward (Details) (Fair Value, Inputs, Level 3 [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | $77.40 | $75.50 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gains (Losses) | 4.5 | 3.5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gains (Losses) | -0.4 | 4.1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1.4 | 3.7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -14.6 | -9.4 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending | 68.3 | 77.4 |
Partnership Interest [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | 47.3 | 47.8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gains (Losses) | 4.5 | 3.5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gains (Losses) | -3.2 | 1.7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1.4 | 3.7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | -14.6 | -9.4 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending | 35.4 | 47.3 |
Real Estate Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | 30.1 | 27.7 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gains (Losses) | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gains (Losses) | 2.8 | 2.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | 0 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending | $32.90 | $30.10 |
Employee_Benefit_And_Retiremen6
Employee Benefit And Retirement Plans Other Postretirement Benefit Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 7.20% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | ||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2028 | ||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | ($120.50) | $183.20 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | -750 | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 0.5 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | -0.5 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 8 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | -7 | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning | 111.8 | 158.8 | |
Service cost-benefits earned during the period | 1 | 1.3 | 1.3 |
Interest cost on projected benefit obligation | 4.8 | 5.3 | 7.1 |
Defined Benefit Plan, Actuarial (Gain) Loss | -17.7 | -21 | |
Defined Benefit Plan, Benefits Paid | -7.9 | -10 | |
Change in post retirement plan benefits | -3.9 | -22.6 | |
Defined Benefit Plan, Benefit Obligation, Ending | 88.1 | 111.8 | 158.8 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.50% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Defined Benefit Plan, Funded Status of Plan | -88.1 | -111.8 | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | -6.8 | -10.3 | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -81.3 | -101.5 | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | -88.1 | -111.8 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 26.2 | 28.7 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 16.9 | -0.8 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 43.1 | 27.9 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost-benefits earned during the period | 1 | 1.3 | 1.3 |
Interest cost on projected benefit obligation | 4.8 | 5.3 | 7.1 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | -6.4 | -2.4 | -2.4 |
Defined Benefit Plan, Amortization of (Gains) Losses | 0 | 0.8 | 1.2 |
Net periodic pension cost | ($0.60) | $5 | $7.20 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.50% | 3.50% | 4.50% |
Health care cost trend rate | 4.50% | 4.50% | 4.50% |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Computation of Basic And Diluted Earnings Per Share [Line Items] | ||||||
Income (Loss) from Continuing Operations Attributable to Parent | $373 | $416.30 | $390.50 | |||
Income from Discontinued Operations, Net of Tax, Attributable to Parent | 4.8 | 58.3 | 10.8 | |||
Net Income | 377.8 | 474.6 | 401.3 | |||
Dividends and equivalents for share-based awards expected to be forfeited | 0.1 | 0.1 | 0.1 | |||
Net income for basic earnings per share | 377.9 | 474.7 | 401.4 | |||
Effect of Preferred Securities | 0 | [1] | 0 | [1] | 0 | [1] |
Net income for diluted earnings per share | 377.9 | 474.7 | 401.4 | |||
Weighted-average shares outstanding | 274.2 | 286.1 | 288.5 | |||
Share-based payment awards classified as participating securities | 1.9 | 2.5 | 2.7 | |||
Denominator for basic earnings per share | 276.1 | 288.6 | 291.2 | |||
Dilutive securities | 2.8 | [2] | 3.2 | [2] | 2.4 | [2] |
Preferred Securities | 0 | [1] | 0 | [1] | 0 | [1] |
Denominator for diluted earnings per share | 278.9 | 291.8 | 293.6 | |||
Income (Loss) from Continuing Operations, Per Basic Share | $1.35 | $1.44 | $1.34 | |||
Income from Discontinued Operations, Net of Tax, Per Basic Share | $0.02 | $0.20 | $0.04 | |||
Earnings Per Share, Basic | $1.37 | $1.64 | $1.38 | |||
Income (Loss) from Continuing Operations, Per Diluted Share | $1.34 | $1.43 | $1.33 | |||
Income from Discontinued Operations, Net of Tax, Per Diluted Share | $0.02 | $0.20 | $0.04 | |||
Earnings Per Share, Diluted | $1.35 | $1.63 | $1.37 | |||
Preferred Securities Underlying Convertible Subordinated Debt Antidilutive Disclosure | 7.7 | |||||
Antidilutive securities excluded from computation of EPS | 4.5 | |||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $2.50 | $4 | $3.50 | |||
Stock Options and Other Securities [Member] | ||||||
Computation of Basic And Diluted Earnings Per Share [Line Items] | ||||||
Antidilutive securities excluded from computation of EPS | 0.2 | 2.3 | 9.4 | |||
[1] | The Preferred Securities were anti-dilutive during 2012. They were redeemed on July 16, 2012, and therefore, have been excluded from diluted earnings per share. Had the Preferred Securities been included in the diluted earnings per share calculation, net income for 2012 would be increased by $7.7 million, and weighted-average shares outstanding would be increased by 4.5 million. | |||||
[2] | Dilutive securities include bin the moneyb options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding for 2014, 2013 and 2012 exclude the effect of approximately 0.2 million, 2.3 million and 9.4 million stock options and other securities, respectively, because such securities were anti-dilutive. |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-based compensation expense | $29.90 | $37.20 | $32.90 |
Stock compensation shares expected to be repurchased for Employee Tax Withholdings | 0.5 | ||
Stock Options [Member] | |||
Accelerated Vesting Conditions, Stock Options, Effective Period | 1 | ||
Accelerated Vesting Conditions, Stock Options, Employee Age | 65 | ||
Performance Based Restricted Stock Units [Member] | |||
Performance-based stock units awarded | 0.7 | 0.9 | 1 |
Shares entitled to recipients | 2.9 | ||
Percentage of units granted assumed | 100.00% | ||
Percentage of units that are earned, minimum | 0.00% | ||
Percentage of units that are earned, maximum | 200.00% | ||
Performance-based stock, outstanding | 1.8 | ||
Restricted Stock Units (RSU) [Member] | |||
Vesting period, years | 3 years | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $42 | ||
Share-based Compensation Not Yet Recognized, Weighted Average Period | 2 years | ||
Minimum [Member] | Stock Options [Member] | |||
Vesting period, years | 3 years | ||
Minimum [Member] | Stock Price Based RSU [Member] | |||
Vesting period, years | 1 year | ||
Minimum [Member] | Restricted Stock Units (RSU) [Member] | |||
Vesting period, years | 1 year | ||
Maximum [Member] | Stock Options [Member] | |||
Vesting period, years | 5 years | ||
Maximum [Member] | Stock Price Based RSU [Member] | |||
Vesting period, years | 7 years | ||
Maximum [Member] | Restricted Stock Units (RSU) [Member] | |||
Vesting period, years | 3 years |
StockBased_Compensation_StockB1
Stock-Based Compensation Stock-Based Compensation (Stock Plans) (Details) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2.6 | 5.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 3.7 | 4.2 |
Restricted Stock Units (RSU) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
2013 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Multiplier For Calculating Share Availability Under A Stock Plan | 3.5 | |
2010 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0.3 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1.2 | |
2003 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2.3 | |
2013 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 62.5 | |
Shares Reserved For Issuance Of Restricted Stock Units | 1.2 | |
Shares Reserved For Issuance Of Performance Based Restricted Stock Units | 7.6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 53.7 | |
2013 Stock Plan [Member] | Restricted Stock Units (RSU) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Minimum [Member] | Restricted Stock Units (RSU) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Minimum [Member] | Stock Price Based RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Recovered_Sheet1
Stock-Based Compensation Stock-based Compensation (Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock or Unit Option Plan Expense | $0.70 | $1.10 | $4.30 |
Restricted Stock or Unit Expense | 29.2 | 36.1 | 28.6 |
Stock-based compensation expense | 29.9 | 37.2 | 32.9 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 11.5 | 13.3 | 11.7 |
Allocated Share-based Compensation Expense, Net of Tax | $18.40 | $23.90 | $21.20 |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Changes Of Stock Options) (Details) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding Shares, Beginning of Period | 5.9 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -3.1 | |
Forfeited / expired, Shares | -0.2 | |
Outstanding Shares, End of Period | 2.6 | |
Weighted Average Exercise Price, Outstanding, Beginning of Period | $22 | |
Share Based Compensation Arrangement By Share Based Payment Award, Options Exercises In Period, Weighted Average Ex Price | $24 | |
Forfeited / expired, Weighted Average Exercise Price | $27 | |
Weighted Average Exercise Price, Outstanding, End of Period | $19 | |
Outstanding at period end, Aggregate Intrinsic Value Exercisable | $49.10 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 49.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $27.90 | |
Outstanding, Exercisable, Ending | 2.6 | |
2010 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding Shares, End of Period | 0.3 |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary Of Changes Of Restricted Stock And Restricted Stock Units) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Outstanding Shares, Beginning of Period | 4.2 | ||
Granted, Shares | 1.3 | ||
Vested, Shares | -1.2 | ||
Forfeited, Shares | -0.6 | ||
Outstanding Shares, End of Period | 3.7 | 4.2 | |
Share Based Compensation, Equity Instruments Other Than Options, Expected To Vest | 3.6 | ||
Share Based Compensation, Equity Instruments Other Than Options, Expected To Vest, Weighted Avg Grant Date Fair Value | $25 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $41 | $76.90 | $41.10 |
Weighted-Average Grant date Fair Value, Outstanding, Beginning of Period | $22 | ||
Granted, Weighted-Average Grant Date Fair Value | $33 | $25 | $19 |
Vested, Weighted-Average Grant Date Fair Value | $21 | ||
Forfeited, Weighted-Average Grant Date Fair Value | $25 | ||
Weighted-Average Grant date Fair Value, Outstanding, End of Period | $26 | $22 | |
Stock Price Based RSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Price Based Restricted Stock Unit Awards, Granted During Period, Number | 0.2 | 0.1 | |
Share Based Compensation Arrangement By Share Based Payment Award Stock Price Performance Share Unit Award Number Vested | 0.1 | 0.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Stock Price Based Restricted Stock Unit Awards, Outstanding At Period End | 0.2 | ||
Stock Price Based Restricted Stock Unit Awards, Outstanding At Period End, Market Condition Met | 0.2 |
Income_Tax_Provision_Details
Income Tax Provision (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Provision [Line Items] | |||
Current Federal Tax Expense (Benefit) | $24.50 | $20.70 | $45.30 |
Current State and Local Tax Expense (Benefit) | 5.9 | 10.5 | -3.8 |
Current Foreign Tax Expense (Benefit) | 19.2 | 30.2 | 57.1 |
Current Income Tax Expense (Benefit) | 49.6 | 61.4 | 98.6 |
Deferred Income Taxes and Tax Credits | 39.3 | 88.6 | 71.2 |
Income Tax Expense (Benefit) - including discontinued operations | 88.9 | 150 | 169.8 |
Income tax expense from discontinued operations | -0.2 | 30 | 8.3 |
Income Tax Expense (Benefit) | 89.1 | 120 | 161.5 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $163.30 | $156.30 | $228.80 |
Effective_Tax_Rate_Reconciliat
Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effective Tax Rate Reconciliation [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 2.10% | 1.70% | 0.60% |
Effective Income Tax Rate Reconciliation, Tax Credits, Foreign | -5.50% | -3.80% | -3.90% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | -7.00% | -2.70% | -4.10% |
Effective Income Tax Rate Reconciliation, Tax Contingencies | -0.60% | 0.90% | 2.20% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | -2.70% | -3.50% | 1.30% |
Effective Income Tax Rate Reconciliation, Other Adjustments | -2.00% | -5.20% | -1.80% |
Effective Income Tax Rate, Continuing Operations | 19.30% | 22.40% | 29.30% |
Deferred_Taxes_Details
Deferred Taxes (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Income Taxes [Line Items] | ||
Amount of Deferred Tax Assets netted in reported in noncurrenct deferred income tax | $31.30 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 144.9 | 137.6 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 135.3 | 112.9 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 31.3 | 54.4 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 271.9 | 297.9 |
Deferred Tax Assets, Other | 100.8 | 112.6 |
Deferred Tax Assets, Gross | 723.7 | 760.8 |
Deferred Tax Assets, Valuation Allowance | -345.3 | -375.5 |
Deferred Tax Assets, Net | 378.4 | 385.3 |
Deferred Tax Liabilities, Property, Plant and Equipment | -58.3 | -59.6 |
Deferred Tax Liabilities, Intangible Assets | -352 | -286.8 |
Deferred Tax Liabilities, Other | -3.3 | -5.7 |
Deferred Tax Liabilities | -413.6 | -352.1 |
Deferred Tax Assets (Liabilities), Net | -35.2 | 33.2 |
Deferred Tax Assets, Net, Current | 134.4 | 134.4 |
Deferred Tax Liabilities, Current | -2.1 | -5.2 |
Deferred income taxes | 21.5 | 12.3 |
Deferred Tax Liability (net) noncurrent | -189 | -108.3 |
Tax Credit Carryfoward, Expiration Range | 2020 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 890 | |
Deferred Tax Asset, Operating Loss Carryforwards, Foreign (do not expire) | 783.6 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 106.4 | |
Operating Loss Carryforward, Expiration Date Range | 2015 and 2031 | |
Estimated Undistributed Foreign Subsidiaries Earnings, Amount | 601.8 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | 30.2 | |
Valuation Allowance, Deferred Tax Asset, Explanation of Change | 18.4 | |
Postretirement Liabilities [Member] | ||
Deferred Income Taxes [Line Items] | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 39.5 | 45.4 |
Balance Sheet Item [Member] | ||
Deferred Income Taxes [Line Items] | ||
Deferred Tax Assets (Liabilities), Net | ($35.20) | $33.20 |
Income_Taxes_Unrecognized_Tax_
Income Taxes Unrecognized Tax Positions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits, Beginning Of Year | $103.80 | $101.50 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 3.5 | 3.3 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | -11.1 | -7.1 |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 10.1 | 12.8 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | -1.8 | -0.2 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | -3.1 | -6.5 |
Unrecognized Tax Benefits, End Of Year | 101.4 | 103.8 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 94.5 | 97.9 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 5.4 | 11.7 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ($4.80) | $0.70 |
Other_Income_Expense_Net_Detai
Other (Income) Expense, Net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other (Income) Expense, Net [Line Items] | |||
(Income) Loss From Cost And Equity Method Investments | $0 | ($2.70) | $1.40 |
Foreign Currency Transaction (Gain) Loss, before Tax | 48.9 | 21 | -2.6 |
Other Nonoperating (Gains) Losses | 0.1 | 0.2 | -0.1 |
Other Nonoperating (Income) Expense | $49 | $18.50 | ($1.30) |
Fair_Value_Disclosures_NonPens
Fair Value Disclosures (Non-Pension Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | $29.20 | $47.30 | ||||
Derivative Asset, Fair Value, Gross Asset | 7.7 | 26 | ||||
Liabilities | 12.2 | 36.9 | ||||
Cash and cash equivalents | 199.4 | 226.3 | 183.8 | 170.2 | ||
Other assets | 262.2 | 268.9 | ||||
Investment Securities, Including Mutual Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 21.5 | 21.3 | ||||
Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 23.1 | |||||
Liabilities | 11.8 | 35.5 | ||||
Foreign Currency Derivatives [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 7.7 | 2.9 | ||||
Liabilities | 0.4 | 1.4 | ||||
Cash and Cash Equivalents [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Cash and cash equivalents | 8.4 | 10.9 | ||||
Other Assets [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 13.1 | |||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 4.6 | 8.7 | ||||
Liabilities | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Investment Securities, Including Mutual Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 4.6 | [1] | 8.7 | [1] | ||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | |||||
Liabilities | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Derivatives [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | 0 | ||||
Liabilities | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 24.6 | 38.6 | ||||
Liabilities | 12.2 | 36.9 | ||||
Fair Value, Inputs, Level 2 [Member] | Investment Securities, Including Mutual Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 16.9 | [1] | 12.6 | [1] | ||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 11.8 | 35.5 | ||||
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivatives [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 0.4 | 1.4 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | 0 | ||||
Liabilities | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Investment Securities, Including Mutual Funds [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | |||||
Liabilities | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Derivatives [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | 0 | ||||
Liabilities | 0 | 0 | ||||
Supplemental Executive Retirement Plan [Member] | Other Assets [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets | 8.8 | 10.3 | ||||
Other Noncurrent Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 0 | 23.1 | ||||
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 23.1 | |||||
Prepaid Expenses And Other [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivatives [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 7.7 | 2.9 | ||||
Prepaid Expenses And Other [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $2.90 | |||||
[1] | The values of investment securities, including mutual funds, are classified as cash and cash equivalents ($8.4 million and $10.9 million as of DecemberB 31, 2014 and 2013, respectively) and other assets ($13.1 million and $10.3 million as of DecemberB 31, 2014 and 2013, respectively). For mutual funds that are publicly traded, fair value is determined on the basis of quoted market prices and, accordingly, these investments have been classified as Level 1. Other investment securities are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date and have been classified as Level 2. |
Fair_Value_Disclosures_Fair_Va
Fair Value Disclosures (Fair Value Of Certain Short And Long-term Debt, Based On Market Prices) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Medium Term Notes at Fair Value | $2,154.40 | $1,753 |
Medium-term notes at Book Value | $2,089.50 | $1,659.80 |
Fair_Value_Disclosures_Fair_Va1
Fair Value Disclosures Fair Value Disclosures (Non-recurring Fair Value Measurements) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment of Goodwill, Intangibles And Other Long-Lived Assets Of Discontinued Operations, Pretax | $22.70 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $319.60 |
Segment_Information_Companys_S
Segment Information (Company's Segments Results) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net sales | $5,727 | $5,607 | $5,508.50 | |||
Operating Profit (Loss) | 604.7 | 615.1 | 637.7 | |||
Depreciation, Depletion and Amortization | 156.1 | 158.9 | 163.7 | |||
Payments to Acquire Productive Assets | 161.9 | 138.2 | 177.2 | |||
Identifiable Assets | 6,681.10 | 6,069.70 | ||||
Restructuring Costs | -52.8 | -110.3 | -52.9 | |||
Depreciation and Amortization, Discontinued Operations | 2.3 | 3.8 | 6 | |||
Payments to Acquire Productive Assets, Discontinued Operations | 1.7 | 1.4 | 3.2 | |||
Writing [Member] | ||||||
Net sales | 1,708.90 | [1] | 1,653.60 | [1] | 1,682 | [1] |
Operating Profit (Loss) | 416.6 | [2] | 382.2 | [2] | 331.6 | [2] |
Depreciation, Depletion and Amortization | 25.9 | [2] | 30.5 | [2] | 30.8 | [2] |
Payments to Acquire Productive Assets | 34.3 | 25.5 | 23.3 | |||
Identifiable Assets | 981.9 | 931.2 | ||||
Home Solutions [Member] | ||||||
Net sales | 1,575.40 | [1] | 1,560.30 | [1] | 1,524.60 | [1] |
Operating Profit (Loss) | 196 | [2] | 213.1 | [2] | 198.3 | [2] |
Depreciation, Depletion and Amortization | 29.7 | [2] | 25.5 | [2] | 29.8 | [2] |
Payments to Acquire Productive Assets | 31.1 | 31.5 | 34.4 | |||
Identifiable Assets | 806.4 | 559.4 | ||||
Tools [Member] | ||||||
Net sales | 852.2 | [1] | 817.9 | [1] | 806.1 | [1] |
Operating Profit (Loss) | 94.6 | [2] | 68.3 | [2] | 109.8 | [2] |
Depreciation, Depletion and Amortization | 15.3 | [2] | 15.6 | [2] | 15.3 | [2] |
Payments to Acquire Productive Assets | 18.4 | 29.3 | 33 | |||
Identifiable Assets | 605 | 595.7 | ||||
Commercial Products [Member] | ||||||
Net sales | 837.1 | [1] | 785.9 | [1] | 759.7 | [1] |
Operating Profit (Loss) | 101.3 | [2] | 82.5 | [2] | 92.9 | [2] |
Depreciation, Depletion and Amortization | 21.4 | [2] | 24 | [2] | 25.1 | [2] |
Payments to Acquire Productive Assets | 27.6 | 16.7 | 20.7 | |||
Identifiable Assets | 375.1 | 343.3 | ||||
Baby & Parenting [Member] | ||||||
Net sales | 753.4 | [1] | 789.3 | [1] | 736.1 | [1] |
Operating Profit (Loss) | 40.6 | [2] | 91.2 | [2] | 72.7 | [2] |
Depreciation, Depletion and Amortization | 11.1 | [2] | 9.8 | [2] | 9.9 | [2] |
Payments to Acquire Productive Assets | 8.7 | 6.9 | 15.6 | |||
Identifiable Assets | 481 | 321.9 | ||||
Corporate [Member] | ||||||
Operating Profit (Loss) | -191.6 | [2] | -111.9 | [2] | -114.7 | [2] |
Depreciation, Depletion and Amortization | 50.4 | [2] | 49.8 | [2] | 46.8 | [2] |
Payments to Acquire Productive Assets | 40.1 | [3] | 26.9 | [3] | 47 | [3] |
Identifiable Assets | 3,431.70 | [4] | 3,318.20 | [4] | ||
Total North America [Member] | ||||||
Net sales | 4,229.40 | [1],[5] | 4,094.20 | [1],[5] | 3,993.80 | [1],[5] |
Operating Profit (Loss) | 467.9 | [2],[6] | 549.5 | [2],[6] | 529.6 | [2],[6] |
Restructuring Costs | -30.3 | -31.3 | -29.7 | |||
United States [Member] | ||||||
Net sales | 3,945.10 | [1],[5] | 3,783.30 | [1],[5] | 3,668.40 | [1],[5] |
Operating Profit (Loss) | 405.2 | [2],[6] | 474.6 | [2],[6] | 462.8 | [2],[6] |
Restructuring Costs | -28.9 | -30.9 | -28.9 | |||
Canada [Member] | ||||||
Net sales | 284.3 | [1],[5] | 310.9 | [1],[5] | 325.4 | [1],[5] |
Operating Profit (Loss) | 62.7 | [2],[6] | 74.9 | [2],[6] | 66.8 | [2],[6] |
Restructuring Costs | -1.4 | -0.4 | -0.8 | |||
Total International [Member] | ||||||
Net sales | 1,497.60 | [1],[5] | 1,512.80 | [1],[5] | 1,514.70 | [1],[5] |
Operating Profit (Loss) | 136.8 | [2],[6] | 65.6 | [2],[6] | 108.1 | [2],[6] |
Restructuring Costs | -22.5 | -79 | -23.2 | |||
Europe, Middle East and Africa [Member] | ||||||
Net sales | 683.5 | [1],[5] | 698.2 | [1],[5] | 706.9 | [1],[5] |
Operating Profit (Loss) | 82 | [2],[6] | -15.7 | [2],[6] | 6.8 | [2],[6] |
Restructuring Costs | -13.7 | -69.9 | -19.5 | |||
Latin America [Member] | ||||||
Net sales | 409.9 | [1],[5] | 392.6 | [1],[5] | 335.5 | [1],[5] |
Operating Profit (Loss) | 39.1 | [2],[6] | 29.7 | [2],[6] | 14.9 | [2],[6] |
Restructuring Costs | -2.8 | -5.2 | -2.7 | |||
Asia Pacific [Member] | ||||||
Net sales | 404.2 | [1],[5] | 422 | [1],[5] | 472.3 | [1],[5] |
Operating Profit (Loss) | 15.7 | [2],[6] | 51.6 | [2],[6] | 86.4 | [2],[6] |
Restructuring Costs | -6 | -3.9 | -1 | |||
Wal-Mart Stores Inc. and Subsidiaries [Member] | ||||||
Percentage of sales by major customer | 10.60% | 11.20% | 10.30% | |||
Segment, Continued Operations [Member] | ||||||
Depreciation, Depletion and Amortization | 153.8 | [2] | 155.2 | [2] | 157.7 | [2] |
Payments to Acquire Productive Assets | $160.20 | [3] | $136.80 | [3] | $174 | [3] |
[1] | All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 10.6%, 11.2% and 10.3% of consolidated trade sales in 2014, 2013 and 2012, respectively, substantially across all segments. | |||||
[2] | Operating income (loss) by segment is net sales less cost of products sold and selling, generalB & administrative (bSG&Ab) expenses. Operating income by geographic area is net sales less cost of products sold, SG&A expenses, impairment charges and restructuring costs. Certain headquarters expenses of an operational nature are allocated to business segments and geographic areas primarily on a net sales basis. Depreciation and amortization is allocated to the segments on a percentage of sales basis, and the allocated depreciation and amortization is included in segment operating income. Depreciation and amortization excludes $2.3 million, $3.8 million and $6.0 million included in discontinued operations for 2014, 2013 and 2012, respectively. | |||||
[3] | Corporate capital expenditures includes capital expenditures related to the SAP implementation. Capital expenditures exclude $1.7 million, $1.4 million and $3.2 million associated with discontinued operations in 2014, 2013 and 2012, respectively. | |||||
[4] | Corporate assets primarily include goodwill, capitalized software, cash, deferred tax assets and assets held for sale. | |||||
[5] | Geographic sales information is based on the region from which the products are shipped and invoiced. Long-lived assets by geography are not presented because it is impracticable to do so. | |||||
[6] | The following table summarizes the restructuring costs by region on a continuing basis included in operating income (loss) above (in millions):B 2014B 2013B 2012Restructuring Costs United States$(28.9)B $(30.9)B $(28.9)Canada(1.4)B (0.4)B (0.8)Total North America(30.3)B (31.3)B (29.7)Europe, Middle East and Africa(13.7)B (69.9)B (19.5)Latin America(2.8)B (5.2)B (2.7)Asia Pacific(6.0)B (3.9)B (1.0)Total International(22.5)B (79.0)B (23.2)B $(52.8)B $(110.3)B $(52.9) |
Segment_Information_Segment_In
Segment Information Segment Information (Entity-wide Disclosures) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenue from External Customer [Line Items] | ||||||
Net sales | $5,727 | $5,607 | $5,508.50 | |||
Writing [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 1,708.90 | [1] | 1,653.60 | [1] | 1,682 | [1] |
Writing [Member] | Writing Instruments [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 1,451.30 | [1] | 1,412 | [1] | 1,416.20 | [1] |
Writing [Member] | Technology Solutions [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 257.6 | [1] | 241.6 | [1] | 265.8 | [1] |
Home Solutions [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 1,575.40 | [1] | 1,560.30 | [1] | 1,524.60 | [1] |
Home Solutions [Member] | Rubbermaid Consumer [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 867.5 | [1] | 849.9 | [1] | 822.8 | [1] |
Home Solutions [Member] | Decor [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 315.3 | [1] | 320.4 | [1] | 318.5 | [1] |
Home Solutions [Member] | Home Solutions, Other [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 392.6 | [1] | 390 | [1] | 383.3 | [1] |
Tools [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 852.2 | [1] | 817.9 | [1] | 806.1 | [1] |
Commercial Products [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | 837.1 | [1] | 785.9 | [1] | 759.7 | [1] |
Baby & Parenting [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | $753.40 | [1] | $789.30 | [1] | $736.10 | [1] |
[1] | All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to 10.6%, 11.2% and 10.3% of consolidated trade sales in 2014, 2013 and 2012, respectively, substantially across all segments. |
Litigation_And_Contingencies_D
Litigation And Contingencies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Product liability reserves | $33,600,000 | $34,400,000 |
Costs incurred relating to harness buckle recall | 15,000,000 | |
Environmental remediation reserve | 24,100,000 | |
Estimated present value of long term operation | 17,000,000 | |
Undiscounted obligation value | 24,100,000 | |
Discount rate on obligation | 5.00% | |
Standby letters of credit outstanding | 40,000,000 | |
Environmental costs estimate - Lower Passaic River (Preferred alternative) | 1,700,000,000 | |
Environmental costs estimate - Lower Passaic River (Preferred alternative - maintenance costs) | 1,600,000 | |
Minimum [Member] | ||
Minimum estimated environmental cost | 23,000,000 | |
Expected period to pay environmental liability | 1 year | |
Environmental cost estimate - Lower Passaic River | 315,000,000 | |
Environmental costs estimate - Lower Passaic River - Maintenance costs | 500,000 | |
Maximum [Member] | ||
Maximum estimated environmental cost | 28,300,000 | |
Expected period to pay environmental liability | 30 years | |
Environmental cost estimate - Lower Passaic River | 3,200,000,000 | |
Environmental costs estimate - Lower Passaic River - Maintenance costs | $1,800,000 | |
Lower Passaic River Matter [Member] | ||
Number Of Company Subsidiaries That Are Named Defendants | 2 | |
Loss Contingency, Number of Defendants | 300 | |
Number Of Former Company Facilities Involved In Environmental Litigation Matter | 2 | |
Number of General Notice Letter Recipients Involved In Remedial Investigation and Feasibility Study | 72 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||
Dividend percentage increase | 12.00% | |
Dividends Payable, Amount Per Share | $0.19 | $0.17 |
Schedule_II_Details
Schedule II (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Inventory Valuation Reserve [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation Allowances and Reserves, Charged to Cost and Expense, Discontinued Operations | ($100,000) | [1] | $3,900,000 | [1] | $2,400,000 | [1] |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Beginning Balance | 37,800,000 | 56,900,000 | 59,300,000 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 24,100,000 | [1] | 23,500,000 | [1] | 38,300,000 | [1] |
Valuation Allowances and Reserves, Adjustments | -1,600,000 | -300,000 | 400,000 | |||
Valuation Allowances and Reserves, Deductions | -27,700,000 | -42,300,000 | -41,100,000 | |||
Valuation Allowances and Reserves, Ending Balance | 32,600,000 | 37,800,000 | 56,900,000 | |||
Reserve for Doubtful Accounts and Cash Discounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Valuation Allowances and Reserves, Charged to Cost and Expense, Discontinued Operations | 600,000 | [2] | 3,100,000 | [2] | 6,400,000 | [2] |
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Valuation Allowances and Reserves, Beginning Balance | 38,000,000 | 39,800,000 | 36,000,000 | |||
Valuation Allowances and Reserves, Charged to Cost and Expense | 49,200,000 | [2] | 69,800,000 | [2] | 70,600,000 | [2] |
Valuation Allowances and Reserves, Adjustments | -1,600,000 | 200,000 | 400,000 | |||
Valuation Allowances and Reserves, Deductions | -60,300,000 | [3] | -71,800,000 | [3] | -67,200,000 | [3] |
Valuation Allowances and Reserves, Ending Balance | $25,300,000 | $38,000,000 | $39,800,000 | |||
[1] | The net provision amounts include inventory reserve (benefits) charges included in discontinued operations of $(0.1), $3.9 and $2.4 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
[2] | The provision amounts include accounts receivable reserve charges included in discontinued operations of $0.6, $3.1 and $6.4 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
[3] | Represents accounts written off during the year and cash discounts taken by customers. |