Document and Entity Information
Document and Entity Information Document shares in Millions | 9 Months Ended |
Sep. 30, 2015shares | |
Entity Information [Line Items] | |
Document Period End Date | Sep. 30, 2015 |
Entity Registrant Name | NEWELL RUBBERMAID INC |
Trading Symbol | nwl |
Entity Central Index Key | 814,453 |
Current Fiscal Year End Date | --12-31 |
Document Type | 10-Q |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q3 |
Entity Filer Category | Large Accelerated Filer |
Amendment Flag | false |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 267.1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net sales | $ 1,530 | $ 1,484.5 | $ 4,354.9 | $ 4,201 |
Cost of products sold | 931.1 | 907.8 | 2,647.5 | 2,571.7 |
GROSS MARGIN | 598.9 | 576.7 | 1,707.4 | 1,629.3 |
Selling, general and administrative expenses | 391.3 | 383.8 | 1,146.3 | 1,094.9 |
Restructuring costs | 21 | 19.7 | 61.6 | 43.2 |
OPERATING INCOME | 186.6 | 173.2 | 499.5 | 491.2 |
Nonoperating expenses: | ||||
Interest expense, net | 17.5 | 14.3 | 54.8 | 43.7 |
Other expense, net | 9.3 | 7.7 | 14.4 | 45.1 |
Net nonoperating expenses | 26.8 | 22 | 69.2 | 88.8 |
INCOME BEFORE INCOME TAXES | 159.8 | 151.2 | 430.3 | 402.4 |
Income Tax Expense | 25.8 | 28.3 | 91.3 | 78.7 |
INCOME FROM CONTINUING OPERATIONS | 134 | 122.9 | 339 | 323.7 |
Income (loss) from Discontinued Operations, Net of Tax | 0.2 | (0.6) | (2.2) | 2.1 |
NET INCOME | $ 134.2 | $ 122.3 | $ 336.8 | $ 325.8 |
Weighted average shares outstanding: | ||||
Basic | 268.8 | 273.5 | 269.6 | 277.2 |
Diluted | 271 | 276.4 | 271.8 | 279.9 |
Earnings Per Share, Basic [Abstract] | ||||
Income from Continuing Operations, Per Basic Share | $ 0.50 | $ 0.45 | $ 1.26 | $ 1.17 |
Income (loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | (0.01) | 0.01 |
Net income, Per Basic Share | 0.50 | 0.45 | 1.25 | 1.18 |
Earnings Per Share, Diluted [Abstract] | ||||
Income from Continuing Operations, Per Diluted Share | 0.49 | 0.44 | 1.25 | 1.16 |
Income (loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | (0.01) | 0.01 |
Net income, Per Diluted Share | 0.50 | 0.44 | 1.24 | 1.16 |
Dividends per share | $ 0.19 | $ 0.17 | $ 0.57 | $ 0.49 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
NET INCOME | $ 134.2 | $ 122.3 | $ 336.8 | $ 325.8 | |
Other Comprehensive Loss, Foreign Currency Transaction and Translation Adjustment, Net of Tax | (60.3) | (84.2) | (128.6) | (60) | |
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 7.8 | 9.5 | 15.6 | 13.1 | |
Other Comprehensive Income (loss), Derivatives Qualifying as Hedges, Net of Tax | 4 | 6.3 | (1.3) | 3 | |
Other Comprehensive Loss, Net of Tax | (48.5) | (68.4) | (114.3) | (43.9) | |
COMPREHENSIVE INCOME | [1] | $ 85.7 | $ 53.9 | $ 222.5 | $ 281.9 |
[1] | Comprehensive income attributable to noncontrolling interests was not material. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 266.2 | $ 199.4 |
Accounts receivable, net | 1,171.3 | 1,248.2 |
Inventories, net | 898.8 | 708.5 |
Deferred income taxes | 133.6 | 134.4 |
Prepaid expenses and other | 116.5 | 136.1 |
TOTAL CURRENT ASSETS | 2,586.4 | 2,426.6 |
PROPERTY, PLANT AND EQUIPMENT, NET | 594.1 | 559.1 |
GOODWILL | 2,495.5 | 2,546 |
OTHER INTANGIBLE ASSETS, NET | 860.1 | 887.2 |
OTHER ASSETS | 257.8 | 262.2 |
TOTAL ASSETS | 6,793.9 | 6,681.1 |
CURRENT LIABILITIES: | ||
Accounts payable | 679.3 | 674.1 |
Accrued compensation | 164.2 | 159.9 |
Other accrued liabilities | 660.3 | 659.3 |
Short-term debt | 631.4 | 390.7 |
Current portion of long-term debt | 6 | 6.7 |
TOTAL CURRENT LIABILITIES | 2,141.2 | 1,890.7 |
LONG-TERM DEBT | 2,097 | 2,084.5 |
Deferred Tax Liabilities, Net, Noncurrent | 256 | 220.4 |
OTHER NONCURRENT LIABILITIES | 511.4 | 630.6 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, none issued and outstanding | 0 | 0 |
Common stock, outstanding shares, before treasury | 287.3 | 288.7 |
Treasury stock, at cost | (521.5) | (493.1) |
Additional paid-in capital | 786 | 739 |
Retained earnings | 2,141.7 | 2,111.2 |
Accumulated other comprehensive loss | (908.7) | (794.4) |
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO PARENT | 1,784.8 | 1,851.4 |
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 3.5 | 3.5 |
TOTAL STOCKHOLDERS' EQUITY | 1,788.3 | 1,854.9 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 6,793.9 | $ 6,681.1 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets Parentheticals - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Issued | 287,300,000 | 288,700,000 |
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 | 20,200,000 | 19,500,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES: | ||
NET INCOME | $ 336.8 | $ 325.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 128.6 | 114.4 |
Net gain from sale of discontinued operations | 0 | (0.4) |
Deferred income taxes | 14.2 | (0.7) |
Non-cash restructuring costs | 5.2 | 5.6 |
Stock-based compensation expense | 22 | 21.3 |
Other, net | 21.7 | 63.1 |
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures: | ||
Accounts receivable | 33.4 | (40.9) |
Inventories | (240.3) | (111.8) |
Accounts payable | 24.6 | 11.6 |
Accrued liabilities and other | (58.1) | (44.7) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 288.1 | 343.3 |
INVESTING ACTIVITIES: | ||
Proceeds from sales of discontinued operations and noncurrent assets | 4.4 | 8 |
Capital expenditures | (154.7) | (101) |
Acquisitions and acquisition-related activity | (3.6) | (312.9) |
Other | 14.2 | (2.5) |
NET CASH USED IN INVESTING ACTIVITES | (139.7) | (408.4) |
FINANCING ACTIVITIES: | ||
Short-term borrowings, net | 241.5 | 343.1 |
Payments for Repurchase and Retirement of Common Stock | (166.3) | (262.6) |
Cash dividends | (155.4) | (136.1) |
Excess tax benefits related to stock-based compensation | 20 | 7.6 |
Other, net | (9.4) | 45 |
NET CASH USED IN FINANCING ACTIVITIES | (69.6) | (3) |
Currency rate effect on cash and cash equivalents | (12) | (25.6) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 66.8 | (93.7) |
Cash and cash equivalents at beginning of period | 199.4 | 226.3 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 266.2 | $ 132.6 |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Newell Rubbermaid Inc. (collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair presentation of the financial position and the results of operations of the Company. It is recommended that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales and operating income in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. Historically, the Company has earned approximately 60% of its annual operating income during the second and third quarters of the year. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company has historically generated more than 90% of its operating cash flow in the second half of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results for the nine months ended September 30, 2015 may not necessarily be indicative of the results that may be expected for the full year ending December 31, 2015. Recent Accounting Pronouncements Changes to U.S. 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 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 that have a major effect on the Company’s operations and financial results are 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. 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 classified as discontinued operations as of December 31, 2014 continued to be classified as such after January 1, 2015. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers. Accounting Standard Codification 605 — Revenue Recognition.” 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. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017. 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. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which simplifies income statement presentation by eliminating the concept of extraordinary items. Previously, events or transactions that were both unusual in nature and infrequent in occurrence for a business entity were considered to be extraordinary items and required separate presentation, net of tax, after income from continuing operations. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual and infrequently occurring. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-01, but the adoption of ASU 2015-01 is not expected to have a material impact on the Company’s results of operations, cash flows or financial position. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-03, but the adoption of ASU 2015-03 is expected to reduce the Company’s long-term assets and long-term debt by approximately $16.5 million upon adoption. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory, ” which modifies existing requirements regarding measuring first-in, first-out and average cost inventory at the lower of cost or market. Under existing standards, the market amount requires consideration of replacement cost, net realizable value (“NRV”), and NRV less an approximately normal profit margin. ASU 2015-11 replaces market with NRV, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This eliminates the need to determine and consider replacement cost or NRV less an approximately normal profit margin when measuring inventory. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact ASU 2015-11 will have on its financial position and results of operations. In September 2015, the FASB issued ASU No. 2015-16, “ Simplifying the Accounting for Measurement-Period Adjustments, ” which requires an acquirer in a business combination to recognize measurement-period adjustments during the period in which the acquirer determines the amounts, including the effect on earnings of any amounts the acquirer would have recorded in previous periods if the accounting had been completed at the acquisition date, as opposed to retrospectively. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-16 in the third quarter of 2015, and the adoption did not have a material impact on the Company’s results of operations, cash flows or financial position. 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 and results of operations. 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. 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. The SICAD I and SICAD II rates were in addition to the official rate of 6.3 Bolivars to U.S. Dollar used to settle certain transactions, including the import of essential goods, through the National Center of Foreign Trade (“CENCOEX”). As a result of these changes, an entity could have converted Bolivars to U.S. Dollars at one or more of three legal exchange rates, which as of March 31, 2014, were 6.3 (official rate), 10.7 (SICAD I) and 49.8 (SICAD II). The Company analyzed the multiple rates available and the Company's estimates of the applicable rate at which future transactions could be settled and dividends could be paid. Based on this analysis, as of March 31, 2014, the Company determined that the SICAD I rate was the most appropriate rate to use for remeasurement. Therefore, as of March 31, 2014, the Company remeasured the net monetary assets of its Venezuelan operations using an exchange rate of 10.7 Bolivars per U.S. Dollar. As of September 30, 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 $6.9 million and $45.6 million for the three and nine months ended September 30, 2014, respectively, based on the decline in value of the net monetary assets of its Venezuelan operations that were denominated in Bolivars, which included a foreign exchange loss of $38.7 million upon adoption of the SICAD I rate during the first quarter of 2014. In February 2015, the Venezuelan government announced changes in its foreign currency exchange system. The official rate of 6.3 Bolivars per U.S. Dollar was expected to continue to be made available for purchases of essential goods. The SICAD I exchange mechanism became known as SICAD. There were SICAD auctions conducted during the nine months ended September 30 2015, and the exchange rate in the last SICAD auction was 13.5 Bolivars per U.S. Dollar. The SICAD II market has been eliminated, and a new alternative currency market, the Foreign Exchange Marginal System (“SIMADI”) has been created. The SIMADI market is intended to have a floating exchange rate determined by market participants, and as of September 30, 2015, the SIMADI exchange rate was 199.0 Bolivars per U.S. Dollar. The Company last participated in a SICAD auction in the fourth quarter of 2014. The Company remeasures its Venezuelan operation’s financial results at the rate at which it expects to settle future transactions and remit future dividends which, based on the advice of legal counsel, is currently the SICAD rate. As a result, the Company used the exchange rate applicable in the last SICAD auction of 13.5 Bolivars per U.S. Dollar to remeasure the balance sheet of its Venezuelan operations as of September 30, 2015. As a result, the Company recorded a foreign exchange loss of $4.5 million and $9.2 million during the three and nine months ended September 30, 2015, respectively, based on the change in the applicable exchange rate for remeasuring the net monetary assets of the Company’s Venezuelan operations that are denominated in Bolivars. 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 in the SICAD auctions to fund its Venezuelan operations. While the Company will continue to assess the impact, if any, of the changes to the Venezuela foreign currency exchange system, if the Company is unable to obtain sufficient U.S. Dollars from CENCOEX or the SICAD market to fund its requirements for imported goods and instead needs to access the SIMADI market, it would significantly impact the Company’s Venezuelan operations which would adversely impact the Company’s results of operations. 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. As of September 30, 2015 , the Company’s Venezuelan operations had $82.8 million in Bolivar-denominated net monetary assets, comprised of $78.2 million of cash and cash equivalents, $11.2 million of accounts receivable, $13.5 million of other assets and $20.1 million of trade liabilities. 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. The Company’s nonmonetary and U.S. Dollar net assets in Venezuela totaled $28.2 million , including $6.2 million of fixed assets and $23.2 million of inventory. During the nine months ended September 30, 2015 and 2014, the Company’s Venezuelan operations generated 2.4% and 1.8% of consolidated net sales, respectively, using the applicable exchange rate for each period (CENCOEX for the three months ended March 31, 2014 and SICAD for the six months ended September 30, 2014 and nine months ended September 30, 2015). 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. Income Taxes At the end of each interim period, the Company makes its best estimate of the effective tax rate expected to be applicable for the full fiscal year. This estimate reflects, among other items, the Company’s best estimate of operating results and foreign currency exchange rates. The Company’s quarterly income tax rate may differ from its estimated annual effective tax rate because accounting standards require the Company to exclude the actual results of certain entities expected to generate a pretax loss when applying the estimated annual effective tax rate to the Company’s consolidated pretax results in interim periods. In estimating the annual effective tax rate, the Company does not include the estimated impact of unusual and/or infrequent items, including the reversal of valuation allowances, which may cause significant variations in the customary relationship between income tax expense (benefit) and pretax income (loss) in quarterly periods. The income tax expense (benefit) for such unusual and/or infrequent items is recorded in the quarterly period such items are incurred. The Company routinely reviews valuation allowances recorded against deferred tax assets on a more likely than not basis in evaluating 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, available tax planning strategies and taxable income in prior carryback years, if available. Considering these factors, a possibility exists that the Company may record or release a portion of a valuation allowance against some deferred tax assets each quarterly period, which could create volatility in the Company’s future effective tax rate. |
Acquisitions (Notes)
Acquisitions (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Business Acquisitions [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions Ignite On September 4, 2014, the Company acquired 100% of Ignite Holdings, LLC (“Ignite”) for $313.1 million , which is net of $7.2 million of cash acquired. The Ignite acquisition was accounted for using the purchase method of accounting. The Company has allocated $18.1 million of the purchase price to identified tangible and monetary net assets and $151.6 million to identified intangible assets. The Company has recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $143.4 million as goodwill. Approximately $105.5 million of the goodwill is expected to be tax deductible. Ignite’s results of operations are included in the Company’s Condensed Consolidated Statements of Operations since the acquisition date, including net sales of $52.1 million and $131.6 million for the three and nine months ended September 30, 2015, respectively, and $9.0 million of net sales for the three and nine months ended September 30, 2014. 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 substantially all of the assets of bubba brands, inc. (“bubba”) for $82.4 million . The bubba acquisition was accounted for using the purchase method of accounting. The Company has allocated $10.1 million of the purchase price to identified tangible and monetary net assets and $41.0 million to identified intangible assets. The Company has recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $31.3 million as goodwill. All of the goodwill is expected to be tax deductible. The final purchase price is subject to post-closing adjustments for certain contractual obligations and other matters. bubba’s results of operations are included in the Company’s Condensed Consolidated Statements of Operations since the acquisition date, including net sales of $12.1 million and $36.2 million for the three and nine months ended September 30, 2015, respectively. 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”) for net cash consideration of $210.1 million . The Baby Jogger acquisition was accounted for using the purchase method of accounting. Based on the preliminary purchase price allocation, which is subject to change while the Company finalizes a final third-party valuation, the Company allocated $14.6 million of the purchase price to identified tangible and monetary net assets, $25.8 million to deferred tax liabilities and $136.0 million to identified intangible assets. Approximately $112.0 million was allocated to an indefinite-lived intangible asset, and approximately $24.0 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 $85.3 million as goodwill. Approximately $27.9 million of the goodwill is expected to be tax deductible. The final purchase price is subject to post-closing adjustments for certain contractual obligations and other matters. Baby Jogger’s results of operations are included in the Company’s Condensed Consolidated Statements of Operations since the acquisition date, including net sales of $19.6 million and $63.2 million for the three and nine months ended September 30, 2015, respectively. 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 Company incurred $1.7 million and $6.3 million of acquisition and integration costs associated with the Ignite, bubba and Baby Jogger acquisitions during the three and nine months ended September 30, 2015, respectively, and incurred $3.1 million of acquisition and integration costs for the Ignite acquisition during the three and nine months ended September 30, 2014. For the three months ended September 30, 2015, $0.5 million is included in selling, general and administrative expenses and $1.2 million is included in restructuring costs in the Company’s Condensed Consolidated Statement of Operations. For the nine months ended September 30, 2015, $1.6 million of the acquisition and integration costs is included in cost of products sold, $1.7 million is included in selling, general and administrative expenses and $3.0 million is included in restructuring costs in the Company’s Condensed Consolidated Statement of Operations. For the three and nine months ended September 30, 2014, the $3.1 million of acquisition and integration costs are included in selling, general and administrative expenses. The pro forma net sales for the three and nine months ended September 30, 2014 as if the Ignite, bubba and Baby Jogger acquisitions occurred on January 1, 2014 are $1.56 billion and $4.41 billion , respectively. The pro forma net income and earnings per share for the three and nine months ended September 30, 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 the three and nine months ended September 30, 2014 and therefore are not presented. |
Discontinued Operations and Div
Discontinued Operations and Divestitures | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations and Divestitures 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 electrics and retail businesses were included in the Home Solutions segment. During the three months ended March 31, 2015, the Company entered into an agreement to sell Endicia for an estimated sale price of $215.0 million , subject to customary working capital adjustments. The closing of the transaction is expected to occur in November 2015. The net assets of the Endicia business at September 30, 2015 were $44.6 million , primarily representing goodwill of Endicia. During the three months ended March 31, 2015, the Company ceased operations in its Culinary electrics and retail businesses. The following table provides a summary of amounts included in discontinued operations ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net sales $ 16.2 $ 19.3 $ 48.5 $ 60.1 Income (loss) from discontinued operations before income taxes $ 0.4 $ 0.3 $ (3.5 ) $ 0.3 Income tax expense (benefit) 0.2 (0.1 ) (1.3 ) 0.3 Income (loss) from discontinued operations 0.2 0.4 (2.2 ) — Net (loss) gain from sale of discontinued operations, net of tax — (1.0 ) — 2.1 Income (loss) from discontinued operations, net of tax $ 0.2 $ (0.6 ) $ (2.2 ) $ 2.1 In May 2015, the Company announced its intention to divest the Rubbermaid medical cart business, which is focused on optimizing nurse work flow and medical records processing in hospitals and was included in the Commercial Products segment. The Company sold substantially all of the assets of the Rubbermaid medical cart business in August 2015. The Company retained the accounts receivable of the business. The consideration exchanged was not material. The Rubbermaid medical cart business did not qualify as discontinued operations, so the Company continued to include the business in continuing operations until the business was sold. The Rubbermaid medical cart business generated approximately 1% of the Company’s consolidated net sales for the year ended December 31, 2014 and net sales of $3.8 million and $26.5 million for the three and nine months ended September 30, 2015, respectively. In October 2015, the Company announced its intention to divest the Levolor ® and Kirsch ® window coverings brands (“Décor”). The Décor business does not qualify as discontinued operations pursuant to the guidance in ASU 2014-08, so the Company has continued to report the Décor business in continuing operations as part of the Home Solutions segment. The Décor business generated approximately 5.5% of the Company’s consolidated net sales for the year ended December 31, 2014 and net sales of $82.7 million and $233.3 million for the three and nine months ended September 30, 2015, respectively. |
Stockholders' Equity And Accumu
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) | Stockholders’ Equity and Accumulated Other Comprehensive Loss In August 2011, the Company announced a 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. As expanded and extended in November 2014, the Company may repurchase a total of up to $1.1 billion of its own stock through the end of 2017 pursuant to the SRP. During the nine months ended September 30, 2015 , the Company repurchased 4.2 million shares pursuant to the SRP for $166.3 million , and such shares were immediately retired. Since the commencement of the SRP through September 30, 2015 , the Company has repurchased and retired 28.6 million shares at an aggregate cost of $786.7 million . As of September 30, 2015 , the Company had $270.0 million available under the SRP for future repurchases. The following tables display the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2015 and 2014 ( in millions ): Foreign Currency Translation Loss (1) Unrecognized Pension & Other Postretirement Costs, Net of Tax Derivative Hedging Gain (Loss), Net of Tax Accumulated Other Comprehensive Loss Balance at December 31, 2014 $ (287.8 ) $ (511.7 ) $ 5.1 $ (794.4 ) Other comprehensive (loss) income before reclassifications (2) (128.6 ) 3.5 5.6 (119.5 ) Amounts reclassified to earnings — 12.1 (6.9 ) 5.2 Net current period other comprehensive (loss) income (128.6 ) 15.6 (1.3 ) (114.3 ) Balance at September 30, 2015 $ (416.4 ) $ (496.1 ) $ 3.8 $ (908.7 ) (1) Includes foreign exchange losses of $16.9 million arising during the nine months ended September 30, 2015 associated with intercompany loans designated as long-term. (2) Other comprehensive (loss) income before reclassifications for derivatives is net of tax effects of $3.7 million that had the effect of reducing equity. Foreign Currency Translation Loss (3) Unrecognized Pension & Other Postretirement Costs, Net of Tax Derivative Hedging (Loss) Gain, Net of Tax Accumulated Other Comprehensive Loss Balance at December 31, 2013 $ (161.5 ) $ (483.3 ) $ (0.4 ) $ (645.2 ) Other comprehensive (loss) income before reclassifications (4) (60.0 ) 2.0 4.0 (54.0 ) Amounts reclassified to earnings — 11.1 (1.0 ) 10.1 Net current period other comprehensive (loss) income (60.0 ) 13.1 3.0 (43.9 ) Balance at September 30, 2014 $ (221.5 ) $ (470.2 ) $ 2.6 $ (689.1 ) (3) Includes foreign exchange losses of $18.1 million arising during the nine months ended September 30, 2014 associated with intercompany loans designated as long-term. (4) Other comprehensive (loss) income before reclassifications for derivatives is net of tax effects of $1.6 million that had the effect of reducing equity. The following table depicts reclassifications out of accumulated other comprehensive loss to earnings for the three and nine months ended September 30, 2015 and 2014 ( in millions ): Amount Reclassified to Earnings as Expense (Benefit) in the Statements of Operations Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Unrecognized pension and other postretirement costs: Prior service benefit $ (1.7 ) $ (1.6 ) $ (5.1 ) $ (4.8 ) (1) Actuarial loss 7.4 6.8 22.2 20.7 (1) Total before tax 5.7 5.2 17.1 15.9 Tax effect (1.5 ) (1.6 ) (5.0 ) (4.8 ) Net of tax $ 4.2 $ 3.6 $ 12.1 $ 11.1 Derivatives: Foreign exchange contracts on inventory-related purchases $ (4.8 ) $ (0.2 ) $ (13.1 ) $ (2.6 ) Cost of products sold Cross-currency interest rate swaps on intercompany borrowings 2.0 — 2.0 — Other expense, net Forward exchange contracts on intercompany borrowings 0.2 — 0.2 — Other expense, net Forward interest rate swaps 0.2 0.1 0.6 0.5 Interest expense, net Total before tax (2.4 ) (0.1 ) (10.3 ) (2.1 ) Tax effect 1.3 — 3.4 1.1 Net of tax $ (1.1 ) $ (0.1 ) $ (6.9 ) $ (1.0 ) (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 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014. See Footnote 9 for further details. |
Restructuring Costs
Restructuring Costs | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Costs | Restructuring Costs Project Renewal On April 29, 2015, the Company committed to a further expansion of Project Renewal (the “April 2015 Expansion”), a program initially launched in October 2011 to reduce the complexity of the organization and increase investment in growth platforms within the business. Under Project Renewal, the Company is simplifying and aligning its businesses around two key activities - Brand & Category Development and Market Execution & Delivery. Pursuant to the program, the Company eliminated its operating groups and consolidated 13 global business units into three operating groups that manage five operating segments. Pursuant to an expansion of Project Renewal in October 2014, the Company is: (i) further streamlining its supply chain function, including reducing overhead and realigning the supply chain management structure; (ii) investing in value analysis and value engineering efforts to reduce product and packaging costs; (iii) reducing operational and manufacturing complexity in its Writing segment; and (iv) further streamlining its distribution and transportation functions. Under the April 2015 Expansion, the Company plans to implement additional activities designed to further streamline business partnering functions (e.g., Finance/IT, Legal and Human Resources), optimize global selling and trade marketing functions, and rationalize the Company’s real estate portfolio. In connection with the April 2015 Expansion, the Company expects to incur approximately $150.0 million of additional costs, including cash costs of approximately $135.0 million . The additional costs include pretax restructuring charges in the range of approximately $125.0 million to $135.0 million , a majority of which are expected to be facility exit costs and employee-related cash costs, including severance, retirement and other termination benefits, including costs associated with relocating the Company’s headquarters within Atlanta, Georgia. Cumulative costs of the expanded Project Renewal are now expected to be approximately $690.0 million to $725.0 million pretax, with cash costs of approximately $645.0 million to $675.0 million . Approximately 60% to 70% 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 incurred in connection with Project Renewal ( in millions ): Three Months Ended September 30, Nine Months Ended September 30, Since Inception Through 2015 2014 2015 2014 September 30, 2015 Facility and other exit costs, including impairments $ 5.5 $ 1.9 $ 5.2 $ 4.7 $ 26.1 Employee severance, termination benefits and relocation costs 11.8 10.3 40.0 27.4 206.1 Exited contractual commitments and other 2.5 7.5 13.4 12.4 62.4 $ 19.8 $ 19.7 $ 58.6 $ 44.5 $ 294.6 Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management and are periodically updated for changes. Restructuring amounts also include amounts recognized as incurred. The following table depicts the activity in accrued restructuring reserves for Project Renewal for the nine months ended September 30, 2015 ( in millions ): December 31, 2014 September 30, 2015 Balance Provision Costs Incurred Balance Facility and other exit costs, including impairments $ — $ 5.2 $ (5.2 ) $ — Employee severance, termination benefits and relocation costs 22.8 40.0 (19.8 ) 43.0 Exited contractual commitments and other 17.5 13.4 (15.1 ) 15.8 $ 40.3 $ 58.6 $ (40.1 ) $ 58.8 The following table depicts the activity in accrued restructuring reserves for Project Renewal for the nine months ended September 30, 2015 aggregated by reportable business segment ( in millions ): December 31, 2014 September 30, 2015 Segment Balance Provision Costs Incurred Balance Writing $ 9.7 $ 10.4 $ (5.1 ) $ 15.0 Home Solutions 1.0 4.3 (1.0 ) 4.3 Tools 0.5 2.9 (1.8 ) 1.6 Commercial Products 5.1 1.9 (3.0 ) 4.0 Baby & Parenting 2.2 0.6 (2.6 ) 0.2 Corporate (including discontinued operations) 21.8 38.5 (26.6 ) 33.7 $ 40.3 $ 58.6 $ (40.1 ) $ 58.8 The table below shows restructuring costs recognized for all restructuring activities in continuing operations for the periods indicated, aggregated by reportable business segment ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, Segment 2015 2014 2015 2014 Writing $ 6.8 $ 6.3 $ 10.4 $ 8.1 Home Solutions (1) (0.6 ) — 4.5 1.0 Tools 2.1 1.6 2.9 3.2 Commercial Products 0.8 0.7 1.9 3.4 Baby & Parenting (1) 1.3 — 3.4 0.2 Corporate (2) 10.6 11.1 38.5 27.3 $ 21.0 $ 19.7 $ 61.6 $ 43.2 (1) Includes $0.2 million of restructuring costs in the Home Solutions segment associated with the integration of Ignite and bubba for the nine months ended September 30, 2015 and $1.2 million and $2.8 million of restructuring costs for the three and nine months ended September 30, 2015, respectively, in the Baby & Parenting segment associated with the integration of Baby Jogger. (2) Includes adjustments of $1.3 million in Corporate for the nine months ended September 30, 2014 relating to previous restructuring projects that had the impact of decreasing restructuring costs. Cash paid for all restructuring activities (including discontinued operations) was $11.2 million and $41.4 million for the three and nine months ended September 30, 2015 , respectively, and $12.2 million and $61.7 million for the three and nine months ended September 30, 2014 , respectively. |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2015 | |
Inventory, Net [Abstract] | |
Inventories, Net | Inventories, Net Inventories are stated at the lower of cost or market value. The components of net inventories were as follows ( in millions ): September 30, 2015 December 31, 2014 Materials and supplies $ 121.9 $ 117.9 Work in process 129.5 104.5 Finished products 647.4 486.1 $ 898.8 $ 708.5 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Long-term Debt, Other Disclosures [Abstract] | |
Debt | Debt The following is a summary of outstanding debt (in millions) : September 30, 2015 December 31, 2014 Medium-term notes $ 2,101.9 $ 2,089.5 Commercial paper 236.9 28.0 Receivables facility 375.0 350.0 Other debt 20.6 14.4 Total debt 2,734.4 2,481.9 Short-term debt (631.4 ) (390.7 ) Current portion of long-term debt (6.0 ) (6.7 ) Long-term debt $ 2,097.0 $ 2,084.5 Interest Rate Swaps As of September 30, 2015 , 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. The medium-term note balances at September 30, 2015 and December 31, 2014 include mark-to-market adjustments of $4.8 million and $11.8 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 increasing and decreasing the reported values of the medium-term notes, respectively. Compared to the stated rates of the underlying medium-term notes, the effect of interest rate swaps, including amortization of settled interest rate swaps and outstanding cross-currency interest rate swaps on intercompany financing arrangements, had the effect of reducing interest expense by $4.3 million and $3.4 million during the three months ended September 30, 2015 and 2014 , respectively, and by $10.9 million and $10.5 million for the nine months ended September 30, 2015 and 2014 , respectively. Medium-term Notes In October 2015, the Company completed the offering and sale of $600.0 million of unsecured senior notes, consisting of $300.0 million aggregate principal amount of 2.15% notes due 2018 (the “2018 Notes”) and $300.0 million aggregate principal amount of 3.90% notes due 2025 (the “2025 Notes” and, together with the 2018 Notes, the “Notes”). The aggregate net proceeds from the issuance of the Notes were $594.5 million , which were used for the acquisition of Elmer’s Products, Inc. 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. All or any portion of the 2018 Notes may be redeemed by the Company at any time, and all or any portion of the 2025 Notes may be redeemed at any time prior to August 1, 2025 (the date three months prior to the maturity date of the 2025 Notes) at a redemption price plus accrued and unpaid interest to the date of redemption. The 2018 Notes’ 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 at a specified rate. The 2025 Notes’ redemption price prior to August 1, 2025 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 as if the 2025 Notes matured on August 1, 2025 (not including any portion of any payments of interest accrued through the date of the redemption) discounted to the date of redemption at a specified rate; and on or after August 1, 2025, at 100% of the principal; plus, in each case, accrued and unpaid interest on the notes being redeemed to the 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. Receivables-Related Borrowings In August 2015, the Company extended the expiration date of its receivables facility to August 2016 and expanded the available borrowings to up to $400.0 million (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 Condensed 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 requirements under the Receivables Facility as of September 30, 2015 . The financing subsidiary owned $745.3 million of outstanding accounts receivable as of September 30, 2015 , and these amounts are included in accounts receivable, net in the Company’s Condensed Consolidated Balance Sheet at September 30, 2015 . The Company had $375.0 million of outstanding borrowings under the Receivables Facility as of September 30, 2015 . Revolving Credit Facility and Commercial Paper On December 2, 2011, the Company entered into a 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 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 Credit Agreement contains customary representations and warranties, covenants and events of default. As of September 30, 2015 , there were no borrowings outstanding or standby letters of credit issued under the Facility, and the Company was in compliance with the covenants under the Credit Agreement. 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. In lieu of borrowings under the Facility, the Company may issue up to $800.0 million of commercial paper. 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. As of September 30, 2015 and December 31, 2014 , the Company had outstanding commercial paper obligations of $236.9 million and $28.0 million , respectively. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2015 | |
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 does not use derivative instruments for speculative or trading purposes. Fair Value Hedges-Interest Rate Swap Agreements The Company enters into interest rate swap agreements related to existing debt obligations with initial maturities ranging from five to ten years. The Company’s interest rate swap agreements have the economic effect of modifying the fixed interest obligations associated with approximately $596.0 million of the medium-term notes so that the interest payable on these medium-term notes effectively became variable. The Company uses these interest rate swap agreements to manage its interest rate exposure and to achieve a desired proportion of variable and fixed-rate debt. The critical terms of the interest rate swap agreements match the critical terms of the medium-term notes that the interest rate swap agreements pertain to, including the notional amounts and maturity dates. These transactions are characterized as fair value hedges for financial accounting purposes because they protect the Company against changes in the fair values of certain fixed-rate borrowings due to benchmark interest rate movements. The changes in fair values of these interest rate swap agreements are recognized as interest expense in the Condensed Consolidated Statements of Operations with the corresponding amounts included in other assets or other noncurrent liabilities in the Condensed Consolidated Balance Sheets. The amount of net gain (loss) attributable to the risk being hedged is recognized as interest expense in the Condensed Consolidated Statements of Operations with the corresponding amount included in Current Portion of Long-term Debt and Long-term Debt. The periodic interest settlements for the interest rate swap agreements are recorded as interest expense and are included as a part of cash flows from operating activities. Cash Flow Hedges-Forward Interest Rate Swaps The Company also uses derivatives to hedge interest rates on anticipated issuances of medium-term notes 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 issuances of medium-term notes. These derivatives are designated as cash flow hedges. The changes in fair values of these instruments are recognized in other comprehensive income (loss), and after the medium-term notes are issued and the derivative instruments are settled, the amount in other comprehensive income (loss) is amortized to interest expense in the Condensed Consolidated Statements of Operations over the term of the related medium-term notes. The cash paid or received from the settlement of forward interest rate swaps is included in cash flows from operating activities. Cash Flow Hedges-Cross-Currency Swap Agreements The Company’s foreign exchange risk management policy emphasizes hedging foreign currency intercompany financing activities with derivatives with maturity dates of three years or less. The Company uses derivative instruments, such as cross-currency swap agreements, to hedge currency risk associated with foreign currency-denominated assets and liabilities associated with intercompany financing activities. In connection with intercompany financing arrangements entered into in April 2015, the Company entered into two cross-currency swap agreements to manage the related foreign currency exchange risk of the intercompany financing arrangements. As of September 30, 2015, the notional value of outstanding cross-currency interest rate swaps was $191.6 million , and the cross-currency swaps are intended to eliminate uncertainty in cash flows in U.S. Dollars and British Pounds in connection with the intercompany financing arrangements. The cross-currency swap agreements have been designated as qualifying hedging instruments and are accounted for as cash flow hedges. The critical terms of the cross-currency swap agreements correspond to the terms of the intercompany financing arrangements, including the annual principal and interest payments being hedged, and the cross-currency swap agreements mature at the same time as the intercompany financing arrangements. The Company uses the hypothetical derivative method to measure the effectiveness of its cross-currency swap agreements. The fair values of these cross-currency swap agreements are recognized as other assets or other noncurrent liabilities in the Condensed Consolidated Balance Sheets. The effective portions of the changes in fair values of these cross-currency swap agreements are reported in accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets and an amount is reclassified out of accumulated other comprehensive income (loss) into other expense, net, in the same period that the carrying value of the underlying foreign currency intercompany financing arrangements are remeasured. The ineffective portion of the unrealized gains and losses on these cross-currency swaps, if any, is recorded immediately to other expense, net. The Company evaluates the effectiveness of its cross-currency swap agreements on a quarterly basis, and the Company did not record any ineffectiveness for the nine months ended September 30, 2015. The cash flows related to the cross-currency swap agreements, including amounts related to the periodic interest settlements and the principal balances, will be included in cash flows from operating activities. Cash Flow Hedges-Foreign Currency Forward Contracts The Company’s foreign exchange risk management policy generally emphasizes hedging certain transaction exposures of 18 -month durations or less. The Company transacts business in various foreign currencies and periodically enters into primarily foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures, and the Company has designated such instruments as hedges of probable forecasted foreign currency denominated sales or purchases. As of September 30, 2015, the notional amounts of the forward contracts held to purchase U.S. Dollars in exchange for other major international currencies was $174.4 million , and the notional amounts of additional forward contracts held to buy and sell international currencies were $41.3 million . The net gains (losses) related to these forward contracts are included in accumulated other comprehensive income (loss) until the hedged transaction occurs or when the hedged transaction is no longer probable of occurring. The net gains (losses) in accumulated other comprehensive income (loss) are generally reclassified to cost of products sold in the Condensed Consolidated Statements of Operations because the forward currency contracts generally hedge purchases of inventory. The cash flows related to these foreign currency contracts are included in cash flows from operating 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 reports its derivative positions in the Condensed 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. 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 the nine months ended September 30, 2015 and 2014 . The following table summarizes the Company’s outstanding derivative instruments and their effects on the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 ( in millions ): Assets Liabilities Derivatives designated as hedging instruments Balance Sheet Location September 30, 2015 December 31, 2014 Balance Sheet Location September 30, 2015 December 31, 2014 Interest rate swaps Other assets $ 6.0 $ — Other noncurrent liabilities $ 1.2 $ 11.8 Cross-currency interest rate swaps Other assets 2.2 — Other noncurrent liabilities 5.1 — Foreign exchange contracts on inventory-related purchases Prepaid expenses and other and other assets 7.2 7.7 Other accrued liabilities 0.7 0.4 Foreign exchange contracts on intercompany borrowings Prepaid expenses and other 0.2 — Other accrued liabilities 0.4 — Total assets $ 15.6 $ 7.7 Total liabilities $ 7.4 $ 12.2 The fair values of outstanding derivatives that are not designated as hedges for accounting purposes were not material as of September 30, 2015 and December 31, 2014 . The Company is not a party to any derivatives that require collateral to be posted prior to settlement. Fair Value Hedges The following table presents the pretax effects of derivative instruments designated as fair value hedges on the Company’s Condensed Consolidated Statements of Operations ( in millions ): Derivatives in fair value hedging relationships Location of gain (loss) recognized in income Amount of gain (loss) recognized in income Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Interest rate swaps Interest expense, net $ 17.5 $ (5.3 ) $ 16.6 $ 8.2 Fixed-rate debt Interest expense, net $ (17.5 ) $ 5.3 $ (16.6 ) $ (8.2 ) The Company did not realize any ineffectiveness related to fair value hedges during the three and nine months ended September 30, 2015 and 2014 . Cash Flow Hedges The following table presents the pretax effects of derivative instruments designated as cash flow hedges on the Company’s Condensed Consolidated Statements of Operations and accumulated other comprehensive income (loss) (“AOCI”) ( in millions ): Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income Amount of gain (loss) reclassified from AOCI into income Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Foreign exchange contracts on inventory-related purchases Cost of products sold $ 4.8 $ 0.2 $ 13.1 $ 2.6 Cross-currency interest rate swaps on intercompany borrowings Other expense, net (2.0 ) — (2.0 ) — Foreign exchange contracts on intercompany borrowings Other expense, net (0.2 ) — (0.2 ) 0.1 Forward interest rate swaps Interest expense, net (0.2 ) (0.1 ) (0.6 ) (0.5 ) $ 2.4 $ 0.1 $ 10.3 $ 2.2 Derivatives in cash flow hedging relationships Amount of gain (loss) recognized in AOCI Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Foreign exchange contracts on inventory-related purchases $ 8.3 $ 7.9 $ 12.3 $ 5.5 Cross-currency interest rate swaps on intercompany borrowings (6.0 ) — (2.9 ) — Foreign exchange contracts on intercompany borrowings (1.4 ) 2.2 0.5 2.3 $ 0.9 $ 10.1 $ 9.9 $ 7.8 The Company did not realize any ineffectiveness related to cash flow hedges during the nine months ended September 30, 2015 and 2014 . As of September 30, 2015 , the Company expects to reclassify net pretax gains of $5.6 million from AOCI into earnings during the next 12 months. |
Employee Benefit And Retirement
Employee Benefit And Retirement Plans | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit And Retirement Plans | Employee Benefit and Retirement Plans The following table presents the components of the Company’s pension cost, including supplemental retirement plans, for the three months ended September 30, ( in millions ): U.S. International 2015 2014 2015 2014 Service cost-benefits earned during the period $ 0.8 $ 1.0 $ 1.5 $ 1.5 Interest cost on projected benefit obligation 10.3 11.3 5.0 6.4 Expected return on plan assets (14.4 ) (14.4 ) (5.7 ) (6.7 ) Amortization of prior service cost, actuarial loss and other 6.8 6.1 0.9 0.8 Net periodic pension cost $ 3.5 $ 4.0 $ 1.7 $ 2.0 The following table presents the components of the Company’s pension cost, including supplemental retirement plans, for the nine months end September 30, ( in millions ): U.S. International 2015 2014 2015 2014 Service cost-benefits earned during the period $ 2.4 $ 3.0 $ 4.5 $ 4.5 Interest cost on projected benefit obligation 30.9 33.8 15.0 19.2 Expected return on plan assets (43.2 ) (43.1 ) (17.1 ) (20.1 ) Amortization of prior service cost, actuarial loss and other 20.4 18.3 2.7 2.4 Net periodic pension cost $ 10.5 $ 12.0 $ 5.1 $ 6.0 The following table presents the components of the Company’s other postretirement benefit costs for the three and nine months ended September 30, ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service cost-benefits earned during the period $ 0.1 $ 0.2 $ 0.3 $ 0.8 Interest cost on projected benefit obligation 0.8 1.2 2.4 3.6 Amortization of prior service benefit and actuarial gains (1.9 ) (1.6 ) (5.7 ) (4.8 ) Net other postretirement benefit cost (benefit) $ (1.0 ) $ (0.2 ) $ (3.0 ) $ (0.4 ) The Company made cash contributions to the Company-sponsored profit sharing plan of $16.4 million and $16.1 million during the nine months ended September 30, 2015 and 2014, respectively. The Company made a voluntary cash contribution of $70.0 million to its U.S. defined benefit plan in January 2015. In September 2015, the Company commenced an offer to approximately 3,300 former employees who have deferred vested benefits under the Company’s tax-qualified U.S. pension plan. These former employees have 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 2015. The benefit obligation associated with these former employees is approximately $120 million , equivalent to approximately 13% of the Company’s benefit obligation for its U.S. tax-qualified pension plan. The cash payments to those electing the lump sum distribution will be made from the pension plan assets. Therefore, the lump sum payment offer will not impact the Company’s cash flow. Based on the acceptance rate of the offer to date, the Company will be required to recognize a non-cash settlement charge in the fourth quarter of 2015. The Company will not be able to determine the precise amount of the fourth quarter charge until the offer is completed. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax (Benefit) Expense [Abstract] | |
Income Taxes | Income Taxes The Company’s income tax expense and resulting effective tax rate are based upon the respective estimated annual effective tax rates applicable for the respective periods adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions and other items. The Company’s effective tax rate for the nine months ended September 30, 2015 is impacted by the geographical mix of earnings, the strengthening of the U.S. Dollar against foreign currencies and tax benefits from the impact of increased foreign tax credits. The Company’s effective tax rate for the nine months ended September 30, 2014 included tax benefits of $17.1 million related to the reduction of the valuation allowance related to certain net deferred tax assets of its international operations and $11.2 million related to the resolution of certain tax contingencies. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share The calculation of basic and diluted earnings per share is as follows ( in millions, except per share data ): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Income from continuing operations $ 134.0 $ 122.9 $ 339.0 $ 323.7 Income (loss) from discontinued operations 0.2 (0.6 ) (2.2 ) 2.1 Net income $ 134.2 $ 122.3 $ 336.8 $ 325.8 Dividends and equivalents for share-based awards expected to be forfeited 0.1 0.1 0.1 0.1 Net income for basic and diluted earnings per share $ 134.3 $ 122.4 $ 336.9 $ 325.9 Denominator for basic and diluted earnings per share: Weighted-average shares outstanding 267.5 271.7 268.2 275.3 Share-based payment awards classified as participating securities 1.3 1.8 1.4 1.9 Denominator for basic earnings per share 268.8 273.5 269.6 277.2 Dilutive securities (1) 2.2 2.9 2.2 2.7 Denominator for diluted earnings per share 271.0 276.4 271.8 279.9 Basic earnings per share: Income from continuing operations $ 0.50 $ 0.45 $ 1.26 $ 1.17 Income (loss) from discontinued operations $ — $ — $ (0.01 ) $ 0.01 Net income $ 0.50 $ 0.45 $ 1.25 $ 1.18 Diluted earnings per share: Income from continuing operations $ 0.49 $ 0.44 $ 1.25 $ 1.16 Income (loss) from discontinued operations $ — $ — $ (0.01 ) $ 0.01 Net income $ 0.50 $ 0.44 $ 1.24 $ 1.16 (1) Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding exclude the effect of 0.3 million stock options for the nine months ended September 30, 2014, because such options were anti-dilutive. The weighted-average shares outstanding for the nine months ended September 30, 2015 exclude the weighted average effect of 0.2 million performance stock units outstanding because the securities were anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company measures compensation cost for all stock awards at fair value on the date of grant and recognizes compensation cost, net of estimated forfeitures, over the requisite service period for awards expected to vest. The Company recognized $7.9 million and $6.8 million of pretax stock-based compensation expense during the three months ended September 30, 2015 and 2014 , respectively, and $22.0 million and $21.3 million during the nine months ended September 30, 2015 and 2014 , respectively. The following table summarizes the changes in the number of shares of common stock underlying outstanding stock options for the nine months ended September 30, 2015 ( in millions, except weighted-average exercise prices ): Options Outstanding and Exercisable Weighted-Average Exercise Price Aggregate Intrinsic Value Exercisable Outstanding at December 31, 2014 2.6 $ 19 $ 49.1 Exercised (0.9 ) 20 Outstanding at September 30, 2015 1.7 $ 18 $ 34.6 The following table summarizes the changes in the number of outstanding restricted stock units for the nine months ended September 30, 2015 ( shares in millions ): Restricted Stock Units Weighted- Average Grant Date Fair Value Outstanding at December 31, 2014 3.7 $ 26 Granted 1.0 40 Vested (1.4 ) 20 Forfeited (0.4 ) 30 Outstanding at September 30, 2015 2.9 $ 33 During the nine months ended September 30, 2015 , the Company awarded 0.6 million performance stock units which entitle recipients to shares of the Company’s stock at the end of a three -year vesting period, if specified performance or market conditions are achieved (“PSUs”). The PSUs 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 performance, market and service conditions. As of September 30, 2015 , 1.7 million PSUs were outstanding, and based on performance through September 30, 2015 , recipients of PSUs would be entitled to approximately 2.8 million shares at the vesting date. The PSUs are included in the preceding table as if the participants earn shares equal to 100% of the units granted |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value Disclosures Recurring Fair Value Measurements 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 September 30, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investment securities, including mutual funds (1) $ 9.9 $ 4.4 $ 5.5 $ — Interest rate swaps 6.0 — 6.0 — Cross-currency interest rate swaps 2.2 — 2.2 — Foreign currency derivatives 7.4 — 7.4 — Total $ 25.5 $ 4.4 $ 21.1 $ — Liabilities Interest rate swaps $ 1.2 $ — $ 1.2 $ — Cross-currency interest rate swaps 5.1 — 5.1 — Foreign currency derivatives 1.1 — 1.1 — Total $ 7.4 $ — $ 7.4 $ — Fair Value as of December 31, 2014 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 $ — (1) The values of investment securities, including mutual funds, are classified as cash and cash equivalents ( $0.5 million and $8.4 million as of September 30, 2015 and December 31, 2014, respectively) and other assets ( $9.4 million and $13.1 million as of September 30, 2015 and December 31, 2014, respectively). For publicly-traded mutual funds, fair value is determined on the basis of quoted market prices and, accordingly, such 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 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. 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. During the three months ended September 30, 2015, the Company performed the annual impairment tests of goodwill and indefinite-lived intangible assets and concluded that no material impairment charges were necessary. In testing goodwill and indefinite-lived intangible assets for impairment, management relies on a number of factors including operating results, business plans, economic projections, anticipated future cash flows, transactions and market place data. Accordingly, these fair value measurements fall in the Level 3 category 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 and indefinite-lived intangible assets, if actual results are not consistent with management's estimates and assumptions, goodwill and other intangible assets may be overstated and could potentially trigger impairment charges. During the nine months ended September 30, 2015 , impairments associated with plans to dispose of certain property, plant and equipment were not material. 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 using key inputs such as 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 Level 3 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. 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, accounts payable and short-term debt approximate fair value due to the short maturity of such instruments. The fair values of the Company’s derivative instruments are recorded in the Condensed Consolidated Balance Sheets and are disclosed in Footnote 8. The fair values of the Company’s medium-term notes are based on quoted market prices (Level 1) and are as follows ( in millions ): September 30, 2015 December 31, 2014 Fair Value Book Value Fair Value Book Value Medium-term notes $ 2,169.9 $ 2,101.9 $ 2,154.4 $ 2,089.5 The carrying amounts of all other significant debt approximate fair value. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information, Additional Information [Abstract] | |
Segment Information | Segment Information 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 ® Cleaning and refuse products, hygiene systems, material handling solutions Baby & Parenting Graco ® , Baby Jogger ® , Aprica ® , Teutonia ® Infant and juvenile products such as car seats, strollers, highchairs and playards 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. As a result of these changes, the segment information in this footnote and Footnote 5 pertaining to restructuring have been presented to reflect the impacts of classifying Endicia and the Culinary electrics and retail businesses as discontinued operations. The Company’s segment and geographic results are as follows for the periods indicated ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net Sales (1) Writing $ 459.5 $ 453.2 $ 1,297.2 $ 1,290.7 Home Solutions 459.4 417.0 1,262.4 1,116.8 Tools 196.7 214.8 582.3 624.9 Commercial Products 206.8 218.0 602.6 624.1 Baby & Parenting 207.6 181.5 610.4 544.5 $ 1,530.0 $ 1,484.5 $ 4,354.9 $ 4,201.0 Operating Income (Loss) (2) Writing $ 114.1 $ 108.3 $ 329.0 $ 313.5 Home Solutions 76.0 60.9 183.2 136.4 Tools 20.5 22.1 66.1 73.4 Commercial Products 29.5 27.5 75.4 77.5 Baby & Parenting 10.2 8.2 27.4 25.8 Restructuring costs (21.0 ) (19.7 ) (61.6 ) (43.2 ) Corporate (42.7 ) (34.1 ) (120.0 ) (92.2 ) $ 186.6 $ 173.2 $ 499.5 $ 491.2 September 30, 2015 December 31, 2014 Identifiable Assets Writing $ 988.3 $ 981.9 Home Solutions 900.3 806.4 Tools 610.4 605.0 Commercial Products 350.0 375.1 Baby & Parenting 497.9 481.0 Corporate (3) 3,447.0 3,431.7 $ 6,793.9 $ 6,681.1 Geographic Area Information Three Months Ended Nine Months Ended September 30, September 30, ( in millions ) 2015 2014 2015 2014 Net Sales (1), (4) United States $ 1,118.5 $ 1,034.3 $ 3,153.2 $ 2,884.1 Canada 65.9 79.0 180.5 208.9 Total North America 1,184.4 1,113.3 3,333.7 3,093.0 Europe, Middle East and Africa 143.1 156.1 437.7 508.3 Latin America 109.6 116.0 313.6 310.8 Asia Pacific 92.9 99.1 269.9 288.9 Total International 345.6 371.2 1,021.2 1,108.0 $ 1,530.0 $ 1,484.5 $ 4,354.9 $ 4,201.0 Operating Income (2), (5) United States $ 143.0 $ 127.3 $ 373.0 $ 350.8 Canada 16.9 16.6 37.4 45.9 Total North America 159.9 143.9 410.4 396.7 Europe, Middle East and Africa 11.3 13.8 46.2 51.1 Latin America 11.9 13.6 36.2 33.6 Asia Pacific 3.5 1.9 6.7 9.8 Total International 26.7 29.3 89.1 94.5 $ 186.6 $ 173.2 $ 499.5 $ 491.2 (1) All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 12.6% and 12.7% of consolidated net sales in the three months ended September 30, 2015 and 2014, respectively, and approximately 11.5% and 11.0% of consolidated net sales in the nine months ended September 30, 2015 and 2014, respectively. (2) Operating income (loss) by segment is net sales less cost of products sold and selling, general & administrative (“SG&A”) expenses for continuing operations. Operating income by geographic area is net sales less cost of products sold, SG&A expenses, restructuring costs and impairment charges, if any, for continuing operations. Certain headquarters expenses of an operational nature are allocated to business segments and geographic areas primarily on a net sales basis. Corporate 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. (3) Corporate assets primarily include goodwill, capitalized software, cash, benefit plan assets and deferred tax assets. (4) Geographic sales information is based on the region from which the products are shipped and invoiced. (5) The following table summarizes the restructuring costs by region included in operating income (loss) above ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Restructuring Costs United States $ 16.4 $ 9.9 $ 34.1 $ 22.7 Canada (0.6 ) 1.8 3.9 1.9 Total North America 15.8 11.7 38.0 24.6 Europe, Middle East and Africa 3.1 4.8 17.8 13.5 Latin America 0.2 0.6 0.8 0.9 Asia Pacific 1.9 2.6 5.0 4.2 Total International 5.2 8.0 23.6 18.6 $ 21.0 $ 19.7 $ 61.6 $ 43.2 |
Other Accrued Liabilities
Other Accrued Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Accrued Liabilities [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities included the following ( in millions ): September 30, 2015 December 31, 2014 Customer accruals $ 283.9 $ 316.0 Accruals for manufacturing, marketing and freight expenses 88.2 86.1 Accrued self-insurance liabilities 59.0 55.8 Accrued pension, defined contribution and other postretirement benefits 33.4 36.6 Accrued contingencies, primarily legal, environmental and warranty 24.4 27.8 Accrued restructuring (See Footnote 5) 64.3 46.1 Other 107.1 90.9 Other accrued liabilities $ 660.3 $ 659.3 Customer accruals are promotional allowances and rebates, including cooperative advertising, given to customers in exchange for their selling efforts and volume purchased as well as allowances for returns. Payments for annual rebates and other customer programs are generally made in the first quarter of the year. 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. |
Litigation And Contingencies
Litigation And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
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 $37.2 million and $33.6 million as of September 30, 2015 and December 31, 2014, 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 (“NHTSA”) announced an investigation into the timeliness of the recall, and in March 2015, the investigation concluded with Graco entering into a consent order with NHTSA pursuant to which Graco committed to spend $7.0 million in total over a five-year period to enhance child passenger safety and make a $3.0 million payment to NHTSA, which was paid in the three months ended June 30, 2015. With respect to the $7.0 million required to be spent over five years, the Company has spent approximately $0.2 million to date. The Company recorded the $10.0 million of costs associated with the consent order in the three months ended March 31, 2015. 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 September 30, 2015 ranged between $22.8 million and $28.4 million . As of September 30, 2015 , the Company had a reserve of $23.6 million for such environmental remediation and response costs in the aggregate, which is included in other accrued liabilities and other noncurrent liabilities in the Condensed Consolidated Balance Sheet. No insurance recovery was taken into account in determining the Company’s cost estimates or reserves, 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 $17.4 million by applying a 5% discount rate to undiscounted obligations of $24.4 million . 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 its subsidiaries, Goody Products, Inc. and Berol Corporation (the “Company Parties”), have taken over the performance of the remedial investigation (“RI”) and feasibility study (“FS”) for the Lower Passaic River. On April 11, 2014, while work on the RI/FS remained underway, 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. In February 2015, the participating parties submitted to the U.S. EPA a draft RI, followed by submission of a draft FS in April 2015. The draft FS sets forth various alternatives for remediating the lower 17 miles of the Passaic River, ranging from a “no action” alternative, to targeted remediation of locations along the entire lower 17 mile stretch of the river, to remedial actions consistent with the U.S. EPA’s preferred alternative as set forth in the FFS for the lower 8 miles coupled with monitored natural recovery and targeted remediation in the upper 9 miles. The estimated cost estimates for these alternatives range from approximately $28 million to $2.7 billion , including related operation maintenance and monitoring costs. 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 U.S. EPA is still reviewing the draft RI and FS, that the ultimate remediation has not yet been determined, that the parties have not agreed upon a final allocation for the investigation and any ultimate remediation, and that there exists the potential for further litigation regarding costs and cost sharing, 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, including, among other factors, because the Company Parties’ facilities are not even 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. 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. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Event On October 5, 2015, the Company entered into a definitive agreement to acquire Elmer’s Products, Inc. (“Elmer’s”) from an affiliate of Berwind Corporation, a family owned investment company, for a purchase price of $600.0 million , subject to customary working capital adjustments. The acquisition closed on October 22, 2015, and the purchase price was financed through the issuance of $600.0 million of unsecured senior medium-term notes (see Footnote 7 of the Notes to Condensed Consolidated Financial Statements for further information regarding the issuance of the notes). Elmer’s is a provider of activity-based adhesive and cutting products and will be included in the Writing segment. |
Basis Of Presentation And Sig24
Basis Of Presentation And Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Seasonal Variations | Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales and operating income in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. Historically, the Company has earned approximately 60% of its annual operating income during the second and third quarters of the year. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company has historically generated more than 90% of its operating cash flow in the second half of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results for the nine months ended September 30, 2015 may not necessarily be indicative of the results that may be expected for the full year ending December 31, 2015. |
Recent Accounting Pronouncements Policy | Recent Accounting Pronouncements Changes to U.S. 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 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 that have a major effect on the Company’s operations and financial results are 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. 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 classified as discontinued operations as of December 31, 2014 continued to be classified as such after January 1, 2015. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers. Accounting Standard Codification 605 — Revenue Recognition.” 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. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017. 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. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which simplifies income statement presentation by eliminating the concept of extraordinary items. Previously, events or transactions that were both unusual in nature and infrequent in occurrence for a business entity were considered to be extraordinary items and required separate presentation, net of tax, after income from continuing operations. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual and infrequently occurring. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-01, but the adoption of ASU 2015-01 is not expected to have a material impact on the Company’s results of operations, cash flows or financial position. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-03, but the adoption of ASU 2015-03 is expected to reduce the Company’s long-term assets and long-term debt by approximately $16.5 million upon adoption. In July 2015, the FASB issued ASU No. 2015-11, “ Simplifying the Measurement of Inventory, ” which modifies existing requirements regarding measuring first-in, first-out and average cost inventory at the lower of cost or market. Under existing standards, the market amount requires consideration of replacement cost, net realizable value (“NRV”), and NRV less an approximately normal profit margin. ASU 2015-11 replaces market with NRV, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This eliminates the need to determine and consider replacement cost or NRV less an approximately normal profit margin when measuring inventory. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact ASU 2015-11 will have on its financial position and results of operations. In September 2015, the FASB issued ASU No. 2015-16, “ Simplifying the Accounting for Measurement-Period Adjustments, ” which requires an acquirer in a business combination to recognize measurement-period adjustments during the period in which the acquirer determines the amounts, including the effect on earnings of any amounts the acquirer would have recorded in previous periods if the accounting had been completed at the acquisition date, as opposed to retrospectively. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-16 in the third quarter of 2015, and the adoption did not have a material impact on the Company’s results of operations, cash flows or financial position. 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 and results of operations. |
Venezuelan Operations | 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. 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. The SICAD I and SICAD II rates were in addition to the official rate of 6.3 Bolivars to U.S. Dollar used to settle certain transactions, including the import of essential goods, through the National Center of Foreign Trade (“CENCOEX”). As a result of these changes, an entity could have converted Bolivars to U.S. Dollars at one or more of three legal exchange rates, which as of March 31, 2014, were 6.3 (official rate), 10.7 (SICAD I) and 49.8 (SICAD II). The Company analyzed the multiple rates available and the Company's estimates of the applicable rate at which future transactions could be settled and dividends could be paid. Based on this analysis, as of March 31, 2014, the Company determined that the SICAD I rate was the most appropriate rate to use for remeasurement. Therefore, as of March 31, 2014, the Company remeasured the net monetary assets of its Venezuelan operations using an exchange rate of 10.7 Bolivars per U.S. Dollar. As of September 30, 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 $6.9 million and $45.6 million for the three and nine months ended September 30, 2014, respectively, based on the decline in value of the net monetary assets of its Venezuelan operations that were denominated in Bolivars, which included a foreign exchange loss of $38.7 million upon adoption of the SICAD I rate during the first quarter of 2014. In February 2015, the Venezuelan government announced changes in its foreign currency exchange system. The official rate of 6.3 Bolivars per U.S. Dollar was expected to continue to be made available for purchases of essential goods. The SICAD I exchange mechanism became known as SICAD. There were SICAD auctions conducted during the nine months ended September 30 2015, and the exchange rate in the last SICAD auction was 13.5 Bolivars per U.S. Dollar. The SICAD II market has been eliminated, and a new alternative currency market, the Foreign Exchange Marginal System (“SIMADI”) has been created. The SIMADI market is intended to have a floating exchange rate determined by market participants, and as of September 30, 2015, the SIMADI exchange rate was 199.0 Bolivars per U.S. Dollar. The Company last participated in a SICAD auction in the fourth quarter of 2014. The Company remeasures its Venezuelan operation’s financial results at the rate at which it expects to settle future transactions and remit future dividends which, based on the advice of legal counsel, is currently the SICAD rate. As a result, the Company used the exchange rate applicable in the last SICAD auction of 13.5 Bolivars per U.S. Dollar to remeasure the balance sheet of its Venezuelan operations as of September 30, 2015. As a result, the Company recorded a foreign exchange loss of $4.5 million and $9.2 million during the three and nine months ended September 30, 2015, respectively, based on the change in the applicable exchange rate for remeasuring the net monetary assets of the Company’s Venezuelan operations that are denominated in Bolivars. 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 in the SICAD auctions to fund its Venezuelan operations. While the Company will continue to assess the impact, if any, of the changes to the Venezuela foreign currency exchange system, if the Company is unable to obtain sufficient U.S. Dollars from CENCOEX or the SICAD market to fund its requirements for imported goods and instead needs to access the SIMADI market, it would significantly impact the Company’s Venezuelan operations which would adversely impact the Company’s results of operations. 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. As of September 30, 2015 , the Company’s Venezuelan operations had $82.8 million in Bolivar-denominated net monetary assets, comprised of $78.2 million of cash and cash equivalents, $11.2 million of accounts receivable, $13.5 million of other assets and $20.1 million of trade liabilities. 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. The Company’s nonmonetary and U.S. Dollar net assets in Venezuela totaled $28.2 million , including $6.2 million of fixed assets and $23.2 million of inventory. During the nine months ended September 30, 2015 and 2014, the Company’s Venezuelan operations generated 2.4% and 1.8% of consolidated net sales, respectively, using the applicable exchange rate for each period (CENCOEX for the three months ended March 31, 2014 and SICAD for the six months ended September 30, 2014 and nine months ended September 30, 2015). 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. |
Income Tax Policy | Income Taxes At the end of each interim period, the Company makes its best estimate of the effective tax rate expected to be applicable for the full fiscal year. This estimate reflects, among other items, the Company’s best estimate of operating results and foreign currency exchange rates. The Company’s quarterly income tax rate may differ from its estimated annual effective tax rate because accounting standards require the Company to exclude the actual results of certain entities expected to generate a pretax loss when applying the estimated annual effective tax rate to the Company’s consolidated pretax results in interim periods. In estimating the annual effective tax rate, the Company does not include the estimated impact of unusual and/or infrequent items, including the reversal of valuation allowances, which may cause significant variations in the customary relationship between income tax expense (benefit) and pretax income (loss) in quarterly periods. The income tax expense (benefit) for such unusual and/or infrequent items is recorded in the quarterly period such items are incurred. The Company routinely reviews valuation allowances recorded against deferred tax assets on a more likely than not basis in evaluating 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, available tax planning strategies and taxable income in prior carryback years, if available. Considering these factors, a possibility exists that the Company may record or release a portion of a valuation allowance against some deferred tax assets each quarterly period, which could create volatility in the Company’s future effective tax rate. |
Derivatives (Policies)
Derivatives (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative [Line Items] | |
Derivatives, Policy [Policy Text Block] | 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 does not use derivative instruments for speculative or trading purposes. Fair Value Hedges-Interest Rate Swap Agreements The Company enters into interest rate swap agreements related to existing debt obligations with initial maturities ranging from five to ten years. The Company’s interest rate swap agreements have the economic effect of modifying the fixed interest obligations associated with approximately $596.0 million of the medium-term notes so that the interest payable on these medium-term notes effectively became variable. The Company uses these interest rate swap agreements to manage its interest rate exposure and to achieve a desired proportion of variable and fixed-rate debt. The critical terms of the interest rate swap agreements match the critical terms of the medium-term notes that the interest rate swap agreements pertain to, including the notional amounts and maturity dates. These transactions are characterized as fair value hedges for financial accounting purposes because they protect the Company against changes in the fair values of certain fixed-rate borrowings due to benchmark interest rate movements. The changes in fair values of these interest rate swap agreements are recognized as interest expense in the Condensed Consolidated Statements of Operations with the corresponding amounts included in other assets or other noncurrent liabilities in the Condensed Consolidated Balance Sheets. The amount of net gain (loss) attributable to the risk being hedged is recognized as interest expense in the Condensed Consolidated Statements of Operations with the corresponding amount included in Current Portion of Long-term Debt and Long-term Debt. The periodic interest settlements for the interest rate swap agreements are recorded as interest expense and are included as a part of cash flows from operating activities. Cash Flow Hedges-Forward Interest Rate Swaps The Company also uses derivatives to hedge interest rates on anticipated issuances of medium-term notes 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 issuances of medium-term notes. These derivatives are designated as cash flow hedges. The changes in fair values of these instruments are recognized in other comprehensive income (loss), and after the medium-term notes are issued and the derivative instruments are settled, the amount in other comprehensive income (loss) is amortized to interest expense in the Condensed Consolidated Statements of Operations over the term of the related medium-term notes. The cash paid or received from the settlement of forward interest rate swaps is included in cash flows from operating activities. Cash Flow Hedges-Cross-Currency Swap Agreements The Company’s foreign exchange risk management policy emphasizes hedging foreign currency intercompany financing activities with derivatives with maturity dates of three years or less. The Company uses derivative instruments, such as cross-currency swap agreements, to hedge currency risk associated with foreign currency-denominated assets and liabilities associated with intercompany financing activities. In connection with intercompany financing arrangements entered into in April 2015, the Company entered into two cross-currency swap agreements to manage the related foreign currency exchange risk of the intercompany financing arrangements. As of September 30, 2015, the notional value of outstanding cross-currency interest rate swaps was $191.6 million , and the cross-currency swaps are intended to eliminate uncertainty in cash flows in U.S. Dollars and British Pounds in connection with the intercompany financing arrangements. The cross-currency swap agreements have been designated as qualifying hedging instruments and are accounted for as cash flow hedges. The critical terms of the cross-currency swap agreements correspond to the terms of the intercompany financing arrangements, including the annual principal and interest payments being hedged, and the cross-currency swap agreements mature at the same time as the intercompany financing arrangements. The Company uses the hypothetical derivative method to measure the effectiveness of its cross-currency swap agreements. The fair values of these cross-currency swap agreements are recognized as other assets or other noncurrent liabilities in the Condensed Consolidated Balance Sheets. The effective portions of the changes in fair values of these cross-currency swap agreements are reported in accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets and an amount is reclassified out of accumulated other comprehensive income (loss) into other expense, net, in the same period that the carrying value of the underlying foreign currency intercompany financing arrangements are remeasured. The ineffective portion of the unrealized gains and losses on these cross-currency swaps, if any, is recorded immediately to other expense, net. The Company evaluates the effectiveness of its cross-currency swap agreements on a quarterly basis, and the Company did not record any ineffectiveness for the nine months ended September 30, 2015. The cash flows related to the cross-currency swap agreements, including amounts related to the periodic interest settlements and the principal balances, will be included in cash flows from operating activities. Cash Flow Hedges-Foreign Currency Forward Contracts The Company’s foreign exchange risk management policy generally emphasizes hedging certain transaction exposures of 18 -month durations or less. The Company transacts business in various foreign currencies and periodically enters into primarily foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures, and the Company has designated such instruments as hedges of probable forecasted foreign currency denominated sales or purchases. As of September 30, 2015, the notional amounts of the forward contracts held to purchase U.S. Dollars in exchange for other major international currencies was $174.4 million , and the notional amounts of additional forward contracts held to buy and sell international currencies were $41.3 million . The net gains (losses) related to these forward contracts are included in accumulated other comprehensive income (loss) until the hedged transaction occurs or when the hedged transaction is no longer probable of occurring. The net gains (losses) in accumulated other comprehensive income (loss) are generally reclassified to cost of products sold in the Condensed Consolidated Statements of Operations because the forward currency contracts generally hedge purchases of inventory. The cash flows related to these foreign currency contracts are included in cash flows from operating 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 reports its derivative positions in the Condensed 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. |
Discontinued Operations and D26
Discontinued Operations and Divestitures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net sales $ 16.2 $ 19.3 $ 48.5 $ 60.1 Income (loss) from discontinued operations before income taxes $ 0.4 $ 0.3 $ (3.5 ) $ 0.3 Income tax expense (benefit) 0.2 (0.1 ) (1.3 ) 0.3 Income (loss) from discontinued operations 0.2 0.4 (2.2 ) — Net (loss) gain from sale of discontinued operations, net of tax — (1.0 ) — 2.1 Income (loss) from discontinued operations, net of tax $ 0.2 $ (0.6 ) $ (2.2 ) $ 2.1 |
Stockholders' Equity And Accu27
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Components Of Accumulated Other Comprehensive Loss | The following tables display the changes in accumulated other comprehensive loss by component for the nine months ended September 30, 2015 and 2014 ( in millions ): Foreign Currency Translation Loss (1) Unrecognized Pension & Other Postretirement Costs, Net of Tax Derivative Hedging Gain (Loss), Net of Tax Accumulated Other Comprehensive Loss Balance at December 31, 2014 $ (287.8 ) $ (511.7 ) $ 5.1 $ (794.4 ) Other comprehensive (loss) income before reclassifications (2) (128.6 ) 3.5 5.6 (119.5 ) Amounts reclassified to earnings — 12.1 (6.9 ) 5.2 Net current period other comprehensive (loss) income (128.6 ) 15.6 (1.3 ) (114.3 ) Balance at September 30, 2015 $ (416.4 ) $ (496.1 ) $ 3.8 $ (908.7 ) (1) Includes foreign exchange losses of $16.9 million arising during the nine months ended September 30, 2015 associated with intercompany loans designated as long-term. (2) Other comprehensive (loss) income before reclassifications for derivatives is net of tax effects of $3.7 million that had the effect of reducing equity. Foreign Currency Translation Loss (3) Unrecognized Pension & Other Postretirement Costs, Net of Tax Derivative Hedging (Loss) Gain, Net of Tax Accumulated Other Comprehensive Loss Balance at December 31, 2013 $ (161.5 ) $ (483.3 ) $ (0.4 ) $ (645.2 ) Other comprehensive (loss) income before reclassifications (4) (60.0 ) 2.0 4.0 (54.0 ) Amounts reclassified to earnings — 11.1 (1.0 ) 10.1 Net current period other comprehensive (loss) income (60.0 ) 13.1 3.0 (43.9 ) Balance at September 30, 2014 $ (221.5 ) $ (470.2 ) $ 2.6 $ (689.1 ) (3) Includes foreign exchange losses of $18.1 million arising during the nine months ended September 30, 2014 associated with intercompany loans designated as long-term. (4) Other comprehensive (loss) income before reclassifications for derivatives is net of tax effects of $1.6 million that had the effect of reducing equity. |
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table depicts reclassifications out of accumulated other comprehensive loss to earnings for the three and nine months ended September 30, 2015 and 2014 ( in millions ): Amount Reclassified to Earnings as Expense (Benefit) in the Statements of Operations Affected Line Item in the Condensed Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Unrecognized pension and other postretirement costs: Prior service benefit $ (1.7 ) $ (1.6 ) $ (5.1 ) $ (4.8 ) (1) Actuarial loss 7.4 6.8 22.2 20.7 (1) Total before tax 5.7 5.2 17.1 15.9 Tax effect (1.5 ) (1.6 ) (5.0 ) (4.8 ) Net of tax $ 4.2 $ 3.6 $ 12.1 $ 11.1 Derivatives: Foreign exchange contracts on inventory-related purchases $ (4.8 ) $ (0.2 ) $ (13.1 ) $ (2.6 ) Cost of products sold Cross-currency interest rate swaps on intercompany borrowings 2.0 — 2.0 — Other expense, net Forward exchange contracts on intercompany borrowings 0.2 — 0.2 — Other expense, net Forward interest rate swaps 0.2 0.1 0.6 0.5 Interest expense, net Total before tax (2.4 ) (0.1 ) (10.3 ) (2.1 ) Tax effect 1.3 — 3.4 1.1 Net of tax $ (1.1 ) $ (0.1 ) $ (6.9 ) $ (1.0 ) (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 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014. See Footnote 9 for further details. |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Project Renewal [Member] | |
Summary Of Restructuring Costs | The following table depicts the restructuring charges incurred in connection with Project Renewal ( in millions ): Three Months Ended September 30, Nine Months Ended September 30, Since Inception Through 2015 2014 2015 2014 September 30, 2015 Facility and other exit costs, including impairments $ 5.5 $ 1.9 $ 5.2 $ 4.7 $ 26.1 Employee severance, termination benefits and relocation costs 11.8 10.3 40.0 27.4 206.1 Exited contractual commitments and other 2.5 7.5 13.4 12.4 62.4 $ 19.8 $ 19.7 $ 58.6 $ 44.5 $ 294.6 |
Schedule of Changes In Accrued Restructuring Reserves | The following table depicts the activity in accrued restructuring reserves for Project Renewal for the nine months ended September 30, 2015 ( in millions ): December 31, 2014 September 30, 2015 Balance Provision Costs Incurred Balance Facility and other exit costs, including impairments $ — $ 5.2 $ (5.2 ) $ — Employee severance, termination benefits and relocation costs 22.8 40.0 (19.8 ) 43.0 Exited contractual commitments and other 17.5 13.4 (15.1 ) 15.8 $ 40.3 $ 58.6 $ (40.1 ) $ 58.8 |
Schedule Of Restructuring Costs By Segment | The following table depicts the activity in accrued restructuring reserves for Project Renewal for the nine months ended September 30, 2015 aggregated by reportable business segment ( in millions ): December 31, 2014 September 30, 2015 Segment Balance Provision Costs Incurred Balance Writing $ 9.7 $ 10.4 $ (5.1 ) $ 15.0 Home Solutions 1.0 4.3 (1.0 ) 4.3 Tools 0.5 2.9 (1.8 ) 1.6 Commercial Products 5.1 1.9 (3.0 ) 4.0 Baby & Parenting 2.2 0.6 (2.6 ) 0.2 Corporate (including discontinued operations) 21.8 38.5 (26.6 ) 33.7 $ 40.3 $ 58.6 $ (40.1 ) $ 58.8 |
Reportable Business Segment [Member] | |
Schedule of Restructuring Charges by Segment [Table Text Block] | The table below shows restructuring costs recognized for all restructuring activities in continuing operations for the periods indicated, aggregated by reportable business segment ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, Segment 2015 2014 2015 2014 Writing $ 6.8 $ 6.3 $ 10.4 $ 8.1 Home Solutions (1) (0.6 ) — 4.5 1.0 Tools 2.1 1.6 2.9 3.2 Commercial Products 0.8 0.7 1.9 3.4 Baby & Parenting (1) 1.3 — 3.4 0.2 Corporate (2) 10.6 11.1 38.5 27.3 $ 21.0 $ 19.7 $ 61.6 $ 43.2 (1) Includes $0.2 million of restructuring costs in the Home Solutions segment associated with the integration of Ignite and bubba for the nine months ended September 30, 2015 and $1.2 million and $2.8 million of restructuring costs for the three and nine months ended September 30, 2015, respectively, in the Baby & Parenting segment associated with the integration of Baby Jogger. (2) Includes adjustments of $1.3 million in Corporate for the nine months ended September 30, 2014 relating to previous restructuring projects that had the impact of decreasing restructuring costs. |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory, Net [Abstract] | |
Components Of Net Inventories | Inventories are stated at the lower of cost or market value. The components of net inventories were as follows ( in millions ): September 30, 2015 December 31, 2014 Materials and supplies $ 121.9 $ 117.9 Work in process 129.5 104.5 Finished products 647.4 486.1 $ 898.8 $ 708.5 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Long-term Debt, Other Disclosures [Abstract] | |
Summary Of Outstanding Debt | The following is a summary of outstanding debt (in millions) : September 30, 2015 December 31, 2014 Medium-term notes $ 2,101.9 $ 2,089.5 Commercial paper 236.9 28.0 Receivables facility 375.0 350.0 Other debt 20.6 14.4 Total debt 2,734.4 2,481.9 Short-term debt (631.4 ) (390.7 ) Current portion of long-term debt (6.0 ) (6.7 ) Long-term debt $ 2,097.0 $ 2,084.5 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule Of Derivative Instruments | The following table summarizes the Company’s outstanding derivative instruments and their effects on the Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 ( in millions ): Assets Liabilities Derivatives designated as hedging instruments Balance Sheet Location September 30, 2015 December 31, 2014 Balance Sheet Location September 30, 2015 December 31, 2014 Interest rate swaps Other assets $ 6.0 $ — Other noncurrent liabilities $ 1.2 $ 11.8 Cross-currency interest rate swaps Other assets 2.2 — Other noncurrent liabilities 5.1 — Foreign exchange contracts on inventory-related purchases Prepaid expenses and other and other assets 7.2 7.7 Other accrued liabilities 0.7 0.4 Foreign exchange contracts on intercompany borrowings Prepaid expenses and other 0.2 — Other accrued liabilities 0.4 — Total assets $ 15.6 $ 7.7 Total liabilities $ 7.4 $ 12.2 |
Fair Value Hedging [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule Of Pretax Effects Of Derivative Instruments Designated As Hedges | The following table presents the pretax effects of derivative instruments designated as fair value hedges on the Company’s Condensed Consolidated Statements of Operations ( in millions ): Derivatives in fair value hedging relationships Location of gain (loss) recognized in income Amount of gain (loss) recognized in income Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Interest rate swaps Interest expense, net $ 17.5 $ (5.3 ) $ 16.6 $ 8.2 Fixed-rate debt Interest expense, net $ (17.5 ) $ 5.3 $ (16.6 ) $ (8.2 ) |
Cash Flow Hedging [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the pretax effects of derivative instruments designated as cash flow hedges on the Company’s Condensed Consolidated Statements of Operations and accumulated other comprehensive income (loss) (“AOCI”) ( in millions ): Derivatives in cash flow hedging relationships Location of gain (loss) recognized in income Amount of gain (loss) reclassified from AOCI into income Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Foreign exchange contracts on inventory-related purchases Cost of products sold $ 4.8 $ 0.2 $ 13.1 $ 2.6 Cross-currency interest rate swaps on intercompany borrowings Other expense, net (2.0 ) — (2.0 ) — Foreign exchange contracts on intercompany borrowings Other expense, net (0.2 ) — (0.2 ) 0.1 Forward interest rate swaps Interest expense, net (0.2 ) (0.1 ) (0.6 ) (0.5 ) $ 2.4 $ 0.1 $ 10.3 $ 2.2 Derivatives in cash flow hedging relationships Amount of gain (loss) recognized in AOCI Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Foreign exchange contracts on inventory-related purchases $ 8.3 $ 7.9 $ 12.3 $ 5.5 Cross-currency interest rate swaps on intercompany borrowings (6.0 ) — (2.9 ) — Foreign exchange contracts on intercompany borrowings (1.4 ) 2.2 0.5 2.3 $ 0.9 $ 10.1 $ 9.9 $ 7.8 |
Employee Benefit And Retireme32
Employee Benefit And Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | The following table presents the components of the Company’s pension cost, including supplemental retirement plans, for the three months ended September 30, ( in millions ): U.S. International 2015 2014 2015 2014 Service cost-benefits earned during the period $ 0.8 $ 1.0 $ 1.5 $ 1.5 Interest cost on projected benefit obligation 10.3 11.3 5.0 6.4 Expected return on plan assets (14.4 ) (14.4 ) (5.7 ) (6.7 ) Amortization of prior service cost, actuarial loss and other 6.8 6.1 0.9 0.8 Net periodic pension cost $ 3.5 $ 4.0 $ 1.7 $ 2.0 The following table presents the components of the Company’s pension cost, including supplemental retirement plans, for the nine months end September 30, ( in millions ): U.S. International 2015 2014 2015 2014 Service cost-benefits earned during the period $ 2.4 $ 3.0 $ 4.5 $ 4.5 Interest cost on projected benefit obligation 30.9 33.8 15.0 19.2 Expected return on plan assets (43.2 ) (43.1 ) (17.1 ) (20.1 ) Amortization of prior service cost, actuarial loss and other 20.4 18.3 2.7 2.4 Net periodic pension cost $ 10.5 $ 12.0 $ 5.1 $ 6.0 The following table presents the components of the Company’s other postretirement benefit costs for the three and nine months ended September 30, ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Service cost-benefits earned during the period $ 0.1 $ 0.2 $ 0.3 $ 0.8 Interest cost on projected benefit obligation 0.8 1.2 2.4 3.6 Amortization of prior service benefit and actuarial gains (1.9 ) (1.6 ) (5.7 ) (4.8 ) Net other postretirement benefit cost (benefit) $ (1.0 ) $ (0.2 ) $ (3.0 ) $ (0.4 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | The calculation of basic and diluted earnings per share is as follows ( in millions, except per share data ): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share: Income from continuing operations $ 134.0 $ 122.9 $ 339.0 $ 323.7 Income (loss) from discontinued operations 0.2 (0.6 ) (2.2 ) 2.1 Net income $ 134.2 $ 122.3 $ 336.8 $ 325.8 Dividends and equivalents for share-based awards expected to be forfeited 0.1 0.1 0.1 0.1 Net income for basic and diluted earnings per share $ 134.3 $ 122.4 $ 336.9 $ 325.9 Denominator for basic and diluted earnings per share: Weighted-average shares outstanding 267.5 271.7 268.2 275.3 Share-based payment awards classified as participating securities 1.3 1.8 1.4 1.9 Denominator for basic earnings per share 268.8 273.5 269.6 277.2 Dilutive securities (1) 2.2 2.9 2.2 2.7 Denominator for diluted earnings per share 271.0 276.4 271.8 279.9 Basic earnings per share: Income from continuing operations $ 0.50 $ 0.45 $ 1.26 $ 1.17 Income (loss) from discontinued operations $ — $ — $ (0.01 ) $ 0.01 Net income $ 0.50 $ 0.45 $ 1.25 $ 1.18 Diluted earnings per share: Income from continuing operations $ 0.49 $ 0.44 $ 1.25 $ 1.16 Income (loss) from discontinued operations $ — $ — $ (0.01 ) $ 0.01 Net income $ 0.50 $ 0.44 $ 1.24 $ 1.16 (1) Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding exclude the effect of 0.3 million stock options for the nine months ended September 30, 2014, because such options were anti-dilutive. The weighted-average shares outstanding for the nine months ended September 30, 2015 exclude the weighted average effect of 0.2 million performance stock units outstanding because the securities were anti-dilutive. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Share-based Compensation [Abstract] | |
Summary Of Changes In Stock Options | The following table summarizes the changes in the number of shares of common stock underlying outstanding stock options for the nine months ended September 30, 2015 ( in millions, except weighted-average exercise prices ): Options Outstanding and Exercisable Weighted-Average Exercise Price Aggregate Intrinsic Value Exercisable Outstanding at December 31, 2014 2.6 $ 19 $ 49.1 Exercised (0.9 ) 20 Outstanding at September 30, 2015 1.7 $ 18 $ 34.6 |
Summary Of Changes in Restricted Stock And Restricted Stock Units | The following table summarizes the changes in the number of outstanding restricted stock units for the nine months ended September 30, 2015 ( shares in millions ): Restricted Stock Units Weighted- Average Grant Date Fair Value Outstanding at December 31, 2014 3.7 $ 26 Granted 1.0 40 Vested (1.4 ) 20 Forfeited (0.4 ) 30 Outstanding at September 30, 2015 2.9 $ 33 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Investment securities, including mutual funds (1) $ 9.9 $ 4.4 $ 5.5 $ — Interest rate swaps 6.0 — 6.0 — Cross-currency interest rate swaps 2.2 — 2.2 — Foreign currency derivatives 7.4 — 7.4 — Total $ 25.5 $ 4.4 $ 21.1 $ — Liabilities Interest rate swaps $ 1.2 $ — $ 1.2 $ — Cross-currency interest rate swaps 5.1 — 5.1 — Foreign currency derivatives 1.1 — 1.1 — Total $ 7.4 $ — $ 7.4 $ — Fair Value as of December 31, 2014 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 $ — (1) The values of investment securities, including mutual funds, are classified as cash and cash equivalents ( $0.5 million and $8.4 million as of September 30, 2015 and December 31, 2014, respectively) and other assets ( $9.4 million and $13.1 million as of September 30, 2015 and December 31, 2014, respectively). |
Fair Value Of Certain Short And Long-Term Debt, Based On Market Prices | The fair values of the Company’s medium-term notes are based on quoted market prices (Level 1) and are as follows ( in millions ): September 30, 2015 December 31, 2014 Fair Value Book Value Fair Value Book Value Medium-term notes $ 2,169.9 $ 2,101.9 $ 2,154.4 $ 2,089.5 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |
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 ® Cleaning and refuse products, hygiene systems, material handling solutions Baby & Parenting Graco ® , Baby Jogger ® , Aprica ® , Teutonia ® Infant and juvenile products such as car seats, strollers, highchairs and playards 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. As a result of these changes, the segment information in this footnote and Footnote 5 pertaining to restructuring have been presented to reflect the impacts of classifying Endicia and the Culinary electrics and retail businesses as discontinued operations. |
Schedule of Segment Reporting Information, by Segment | The Company’s segment and geographic results are as follows for the periods indicated ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net Sales (1) Writing $ 459.5 $ 453.2 $ 1,297.2 $ 1,290.7 Home Solutions 459.4 417.0 1,262.4 1,116.8 Tools 196.7 214.8 582.3 624.9 Commercial Products 206.8 218.0 602.6 624.1 Baby & Parenting 207.6 181.5 610.4 544.5 $ 1,530.0 $ 1,484.5 $ 4,354.9 $ 4,201.0 Operating Income (Loss) (2) Writing $ 114.1 $ 108.3 $ 329.0 $ 313.5 Home Solutions 76.0 60.9 183.2 136.4 Tools 20.5 22.1 66.1 73.4 Commercial Products 29.5 27.5 75.4 77.5 Baby & Parenting 10.2 8.2 27.4 25.8 Restructuring costs (21.0 ) (19.7 ) (61.6 ) (43.2 ) Corporate (42.7 ) (34.1 ) (120.0 ) (92.2 ) $ 186.6 $ 173.2 $ 499.5 $ 491.2 |
Schedule of Assets by Reportable Segment [Table Text Block] | September 30, 2015 December 31, 2014 Identifiable Assets Writing $ 988.3 $ 981.9 Home Solutions 900.3 806.4 Tools 610.4 605.0 Commercial Products 350.0 375.1 Baby & Parenting 497.9 481.0 Corporate (3) 3,447.0 3,431.7 $ 6,793.9 $ 6,681.1 |
Schedule Of Geographic Area Information | Geographic Area Information Three Months Ended Nine Months Ended September 30, September 30, ( in millions ) 2015 2014 2015 2014 Net Sales (1), (4) United States $ 1,118.5 $ 1,034.3 $ 3,153.2 $ 2,884.1 Canada 65.9 79.0 180.5 208.9 Total North America 1,184.4 1,113.3 3,333.7 3,093.0 Europe, Middle East and Africa 143.1 156.1 437.7 508.3 Latin America 109.6 116.0 313.6 310.8 Asia Pacific 92.9 99.1 269.9 288.9 Total International 345.6 371.2 1,021.2 1,108.0 $ 1,530.0 $ 1,484.5 $ 4,354.9 $ 4,201.0 Operating Income (2), (5) United States $ 143.0 $ 127.3 $ 373.0 $ 350.8 Canada 16.9 16.6 37.4 45.9 Total North America 159.9 143.9 410.4 396.7 Europe, Middle East and Africa 11.3 13.8 46.2 51.1 Latin America 11.9 13.6 36.2 33.6 Asia Pacific 3.5 1.9 6.7 9.8 Total International 26.7 29.3 89.1 94.5 $ 186.6 $ 173.2 $ 499.5 $ 491.2 (1) All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 12.6% and 12.7% of consolidated net sales in the three months ended September 30, 2015 and 2014, respectively, and approximately 11.5% and 11.0% of consolidated net sales in the nine months ended September 30, 2015 and 2014, respectively. (2) Operating income (loss) by segment is net sales less cost of products sold and selling, general & administrative (“SG&A”) expenses for continuing operations. Operating income by geographic area is net sales less cost of products sold, SG&A expenses, restructuring costs and impairment charges, if any, for continuing operations. Certain headquarters expenses of an operational nature are allocated to business segments and geographic areas primarily on a net sales basis. Corporate 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. (3) Corporate assets primarily include goodwill, capitalized software, cash, benefit plan assets and deferred tax assets. (4) Geographic sales information is based on the region from which the products are shipped and invoiced. (5) The following table summarizes the restructuring costs by region included in operating income (loss) above ( in millions ): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Restructuring Costs United States $ 16.4 $ 9.9 $ 34.1 $ 22.7 Canada (0.6 ) 1.8 3.9 1.9 Total North America 15.8 11.7 38.0 24.6 Europe, Middle East and Africa 3.1 4.8 17.8 13.5 Latin America 0.2 0.6 0.8 0.9 Asia Pacific 1.9 2.6 5.0 4.2 Total International 5.2 8.0 23.6 18.6 $ 21.0 $ 19.7 $ 61.6 $ 43.2 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accrued Liabilities [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities included the following ( in millions ): September 30, 2015 December 31, 2014 Customer accruals $ 283.9 $ 316.0 Accruals for manufacturing, marketing and freight expenses 88.2 86.1 Accrued self-insurance liabilities 59.0 55.8 Accrued pension, defined contribution and other postretirement benefits 33.4 36.6 Accrued contingencies, primarily legal, environmental and warranty 24.4 27.8 Accrued restructuring (See Footnote 5) 64.3 46.1 Other 107.1 90.9 Other accrued liabilities $ 660.3 $ 659.3 |
Basis Of Presentation And Sig38
Basis Of Presentation And Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jan. 01, 2016USD ($) | Dec. 31, 2014USD ($) | |
Estimated Impact upon adoption - ASU 2015-03 | $ 16.5 | ||||||
Seasonal percentage of operating income | 60.00% | ||||||
Seasonal percentage of operating cash flows | 90.00% | ||||||
Venezuela Pretax Exchange Loss Due To Devaluation | $ 4.5 | $ 6.9 | $ 9.2 | $ 45.6 | |||
Venezuela Pretax Exchange Loss Upon Adoption of SICAD I Rate | $ 38.7 | ||||||
Accounts receivable, net | 1,171.3 | 1,171.3 | $ 1,248.2 | ||||
PROPERTY, PLANT AND EQUIPMENT, NET | 594.1 | 594.1 | 559.1 | ||||
Inventories, net | $ 898.8 | $ 898.8 | $ 708.5 | ||||
Percentage of net sales generated by Venezuela, equal to or less than | 2.40% | 1.80% | |||||
Venezuelan SIMADI Exchange Rate [Member] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 199 | 199 | |||||
Venezuelan SICAD II rate [Member] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 49.8 | ||||||
Venezuelan SICAD rate [Member] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 13.5 | 13.5 | |||||
Venezuelan SICAD I rate [Member] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 12 | 10.7 | 12 | ||||
Official Currency Exchange Rate In Venezuela After February 2013 Devaluation [Member] | |||||||
Foreign Currency Exchange Rate, Remeasurement | 6.3 | ||||||
Venezuelan Balance Sheet [Member] | |||||||
Venezuela Net Monetary Assets | $ 82.8 | $ 82.8 | |||||
Cash and cash equivalents | 78.2 | 78.2 | |||||
Accounts receivable, net | 11.2 | 11.2 | |||||
Other assets | 13.5 | 13.5 | |||||
Trade liabilities | 20.1 | 20.1 | |||||
Venezuelan non-monetary assets | 28.2 | 28.2 | |||||
PROPERTY, PLANT AND EQUIPMENT, NET | 6.2 | 6.2 | |||||
Inventories, net | $ 23.2 | $ 23.2 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | Dec. 15, 2014 | Oct. 22, 2014 | Sep. 04, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 2,495,500,000 | $ 2,495,500,000 | $ 2,546,000,000 | |||||
Acquisitions and acquisition-related activity | 3,600,000 | $ 312,900,000 | ||||||
Acquisition related costs | 1,700,000 | $ 3,100,000 | 6,300,000 | 3,100,000 | ||||
Business Acquisition, Pro Forma Revenue | 1,560,000,000 | 4,410,000,000 | ||||||
Ignite [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 105,500,000 | |||||||
Goodwill | 143,400,000 | |||||||
Acquisitions and acquisition-related activity | (313,100,000) | |||||||
Cash Acquired from Acquisition | 7,200,000 | |||||||
Net Monetary Assets Acquired | 18,100,000 | |||||||
Intangible Assets Acquired | $ 151,600,000 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 52,100,000 | 9,000,000 | 131,600,000 | 9,000,000 | ||||
bubba [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 31,300,000 | |||||||
Acquisitions and acquisition-related activity | (82,400,000) | |||||||
Net Monetary Assets Acquired | 10,100,000 | |||||||
Intangible Assets Acquired | 41,000,000 | |||||||
Goodwill, Gross | $ 31,300,000 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 12,100,000 | 36,200,000 | ||||||
Baby Jogger [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 27,900,000 | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||||||
Acquisitions and acquisition-related activity | $ (210,100,000) | |||||||
Net Monetary Assets Acquired | 14,600,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets Noncurrent | (25,800,000) | |||||||
Intangible Assets Acquired | 136,000,000 | |||||||
Goodwill, Gross | 85,300,000 | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 19,600,000 | 63,200,000 | ||||||
Indefinite-lived Intangible Assets Acquired | 112,000,000 | |||||||
Finite-lived Intangible Assets Acquired | $ 24,000,000 | |||||||
Cost of Goods, Total [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition related costs | 1,600,000 | |||||||
Selling, General and Administrative Expenses [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition related costs | 500,000 | $ 3,100,000 | 1,700,000 | $ 3,100,000 | ||||
Restructuring Charges [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition related costs | $ 1,200,000 | $ 3,000,000 |
Discontinued Operations and D40
Discontinued Operations and Divestitures (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Assets of Disposal Group, Including Discontinued Operation | $ 44,600,000 | $ 44,600,000 | ||||
Net sales | 16,200,000 | $ 19,300,000 | 48,500,000 | $ 60,100,000 | ||
(Loss) income from discontinued operations before income taxes | 400,000 | 300,000 | (3,500,000) | 300,000 | ||
Income tax (benefit) expense | 200,000 | (100,000) | (1,300,000) | 300,000 | ||
(Loss) income from discontinued operations | 200,000 | 400,000 | (2,200,000) | 0 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | (1,000,000) | 0 | 2,100,000 | ||
Income (loss) from Discontinued Operations, Net of Tax | 200,000 | (600,000) | (2,200,000) | 2,100,000 | ||
Medical Cart Business percentage of net sales to Total Company | 1.00% | |||||
Net sales | 1,530,000,000 | $ 1,484,500,000 | 4,354,900,000 | $ 4,201,000,000 | ||
Decor business percentage of net sales to total company | 5.50% | |||||
Medical Cart Business net sales [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net sales | 3,800,000 | 26,500,000 | ||||
Decor business net sales [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net sales | $ 82,700,000 | $ 233,300,000 | ||||
Endicia [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Estimated sales price, business held for sale | $ 215,000,000 |
Stockholders' Equity and Accu41
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 9 Months Ended | 30 Months Ended | 50 Months Ended |
Sep. 30, 2015 | Jan. 31, 2014 | Sep. 30, 2015 | |
Stock Repurchase Program, Period in Force | 3 years | ||
Share Repurchase Plan [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 1,100 | $ 1,100 | |
Stock Repurchased and Retired During Period, Shares | 4.2 | 28.6 | |
Stock Repurchased and Retired During Period, Value | $ 166.3 | $ 786.7 | |
Stock Repurchase Program, Remaining Value Authorized to be Repurchased | $ 270 | $ 270 |
Stockholders' Equity And Accu42
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |||
Balance at Beginning of Period, Foreign Currency Translation Loss | $ (287.8) | $ (161.5) | ||||
Other Comprehensive Loss, Foreign Currency Transaction and Translation (Loss) Gain Arising During Period, Net of Tax | (128.6) | [1] | (60) | [2] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | ||||
Other Comprehensive Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | $ 4.2 | $ 3.6 | 12.1 | 11.1 | ||
Current period change, Foreign Currency Translation loss | (60.3) | (84.2) | (128.6) | (60) | ||
Balance at End of Period, Foreign Currency Translation Loss | (416.4) | (221.5) | (416.4) | (221.5) | ||
Balance at Beginning of Period, Unrecognized Pension & Other Postretirement Costs, net of tax | (511.7) | (483.3) | ||||
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 3.5 | 2 | ||||
Other Comprehensive Loss, Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 11.1 | |||||
Current period change, Unrecognized Pension & Other Postretirement Costs, net of tax | 7.8 | 9.5 | 15.6 | 13.1 | ||
Balance at End of Period, Unrecognized Pension & Other Postretirement Costs, net of tax | (496.1) | (470.2) | (496.1) | (470.2) | ||
Balance at Beginning of Period, Derivative Hedging Gain, net of tax | 5.1 | (0.4) | ||||
Other Comprehensive Income, Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 5.6 | [3] | 4 | [4] | ||
Other Comprehensive Income, Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | (1.1) | (0.1) | (6.9) | (1) | ||
Current period change, Derivative Hedging Income (Loss), net of tax | 4 | 6.3 | (1.3) | 3 | ||
Balance at End of Period, Derivative Hedging Gain, net of tax | 3.8 | 2.6 | 3.8 | 2.6 | ||
Balance at Beginning of Period, Accumulated Other Comprehensive Loss | (794.4) | (645.2) | ||||
Other Comprehensive Loss, Before Reclassifications, Net of Tax | (119.5) | (54) | ||||
Other Comprehensive Income, Reclassifications To Earnings, Net Of Tax | 5.2 | 10.1 | ||||
Current period change, Accumulated Other Comprehensive Loss | (48.5) | (68.4) | (114.3) | (43.9) | ||
Balance at End of Period, Accumulated Other Comprehensive Loss | $ (908.7) | $ (689.1) | (908.7) | (689.1) | ||
Other Comprehensive Loss, Foreign Currency Translation Adjustment Long Term Intercompany Loans, Net Of Tax | (16.9) | (18.1) | ||||
Tax effect derivative on OCI prior to reclassification to P&L | $ 3.7 | $ 1.6 | ||||
[1] | Includes foreign exchange losses of $16.9 million arising during the nine months ended September 30, 2015 associated with intercompany loans designated as long-term. | |||||
[2] | Includes foreign exchange losses of $18.1 million arising during the nine months ended September 30, 2014 associated with intercompany loans designated as long-term. | |||||
[3] | Other comprehensive (loss) income before reclassifications for derivatives is net of tax effects of $3.7 million that had the effect of reducing equity. | |||||
[4] | Other comprehensive (loss) income before reclassifications for derivatives is net of tax effects of $1.6 million that had the effect of reducing equity. |
Stockholders' Equity And Accu43
Stockholders' Equity And Accumulated Other Comprehensive Income Schedule of Reclassifications Out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Other Comprehensive Income, Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | [1] | $ (1.7) | $ (1.6) | $ (5.1) | $ (4.8) |
Other Comprehensive Loss, Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | [1] | 7.4 | 6.8 | 22.2 | 20.7 |
Other Comprehensive Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 5.7 | 5.2 | 17.1 | 15.9 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | (1.5) | (1.6) | (5) | (4.8) | |
Other Comprehensive Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 4.2 | 3.6 | 12.1 | 11.1 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | (2.4) | (0.1) | (10.3) | (2.1) | |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 1.3 | 0 | 3.4 | 1.1 | |
Other Comprehensive Income, Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | (1.1) | (0.1) | (6.9) | (1) | |
Foreign Exchange Contract [Member] | Cost of Products Sold [Member] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | (4.8) | (0.2) | (13.1) | (2.6) | |
Cross Currency Interest Rate Swap [Member] | Other Expense [Member] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | 2 | 0 | 2 | 0 | |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Other Expense [Member] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | 0.2 | 0 | 0.2 | 0 | |
Forward Interest Rate Swaps [Member] | Interest Expense [Member] | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | $ 0.2 | $ 0.1 | $ 0.6 | $ 0.5 | |
[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 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014. See Footnote 9 for further details. |
Restructuring Costs (Narrative)
Restructuring Costs (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | 75 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2011 | Dec. 31, 2017 | |
Cash paid for restructuring activities | $ 11.2 | $ 12.2 | $ 41.4 | $ 61.7 | ||
Project Renewal [Member] | ||||||
Number of Global Business Units in 2011 | 13 | |||||
Number of Operating Groups | 3 | |||||
Number of Business Segments | 5 | |||||
Expected completion year | Dec. 31, 2017 | |||||
Project Renewal 2015 Expansion [Member] | ||||||
Expected cumulative restructuring and other costs | 150 | $ 150 | ||||
Restructuring and Restructuring Related Cost, Expected Cash Cost | 135 | 135 | ||||
Minimum [Member] | Project Renewal [Member] | ||||||
Expected cumulative restructuring and other costs | 690 | 690 | ||||
Restructuring and Restructuring Related Cost, Expected Cash Cost | $ 645 | $ 645 | ||||
Restructuring Costs as a percentage of total costs | 60.00% | 60.00% | ||||
Minimum [Member] | Project Renewal 2015 Expansion [Member] | ||||||
Restructuring Costs | $ 125 | |||||
Maximum [Member] | Project Renewal [Member] | ||||||
Expected cumulative restructuring and other costs | 725 | $ 725 | ||||
Restructuring and Restructuring Related Cost, Expected Cash Cost | $ 675 | $ 675 | ||||
Restructuring Costs as a percentage of total costs | 70.00% | 70.00% | ||||
Maximum [Member] | Project Renewal 2015 Expansion [Member] | ||||||
Restructuring Costs | $ 135 |
Restructuring Costs (Schedule O
Restructuring Costs (Schedule Of Restructuring Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 48 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | |
Restructuring costs | $ 21 | $ 19.7 | $ 61.6 | $ 43.2 | |
Project Renewal [Member] | |||||
Restructuring costs | 19.8 | 19.7 | 58.6 | 44.5 | $ 294.6 |
Project Renewal [Member] | Facility Exit Costs and Other [Member] | |||||
Restructuring costs | 5.5 | 1.9 | 5.2 | 4.7 | 26.1 |
Project Renewal [Member] | Employee Severance, Termination Benefits And Relocation Costs [Member] | |||||
Restructuring costs | 11.8 | 10.3 | 40 | 27.4 | 206.1 |
Project Renewal [Member] | Contract Termination [Member] | |||||
Restructuring costs | $ 2.5 | $ 7.5 | $ 13.4 | $ 12.4 | $ 62.4 |
Restructuring Costs (Restructur
Restructuring Costs (Restructuring Reserves By Cost Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 48 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | |
Restructuring costs | $ 21 | $ 19.7 | $ 61.6 | $ 43.2 | |
Project Renewal [Member] | |||||
Beginning Balance | 40.3 | ||||
Restructuring costs | 19.8 | 19.7 | 58.6 | 44.5 | $ 294.6 |
Costs Incurred | (40.1) | ||||
Ending Balance | 58.8 | 58.8 | 58.8 | ||
Project Renewal [Member] | Facility Exit Costs and Other [Member] | |||||
Beginning Balance | 0 | ||||
Restructuring costs | 5.5 | 1.9 | 5.2 | 4.7 | 26.1 |
Costs Incurred | (5.2) | ||||
Ending Balance | 0 | 0 | 0 | ||
Project Renewal [Member] | Employee Severance, Termination Benefits And Relocation Costs [Member] | |||||
Beginning Balance | 22.8 | ||||
Restructuring costs | 11.8 | 10.3 | 40 | 27.4 | 206.1 |
Costs Incurred | (19.8) | ||||
Ending Balance | 43 | 43 | 43 | ||
Project Renewal [Member] | Contract Termination [Member] | |||||
Beginning Balance | 17.5 | ||||
Restructuring costs | 2.5 | $ 7.5 | 13.4 | $ 12.4 | 62.4 |
Costs Incurred | (15.1) | ||||
Ending Balance | $ 15.8 | $ 15.8 | $ 15.8 |
Restructuring Costs (Restruct47
Restructuring Costs (Restructuring Reserves By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 48 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | ||||
Restructuring costs | $ 21 | $ 19.7 | $ 61.6 | $ 43.2 | ||||
Writing [Member] | ||||||||
Restructuring costs | 6.8 | 6.3 | 10.4 | 8.1 | ||||
Home Solutions [Member] | ||||||||
Restructuring costs | (0.6) | 0 | 4.5 | [1] | 1 | |||
Tools [Member] | ||||||||
Restructuring costs | 2.1 | 1.6 | 2.9 | 3.2 | ||||
Commercial Products [Member] | ||||||||
Restructuring costs | 0.8 | 0.7 | 1.9 | 3.4 | ||||
Baby & Parenting Segment [Member] | ||||||||
Restructuring costs | 1.3 | [1] | 0 | 3.4 | [1] | 0.2 | ||
Corporate [Member] | ||||||||
Restructuring costs | 10.6 | 11.1 | 38.5 | 27.3 | [2] | |||
Project Renewal [Member] | ||||||||
Beginning Balance | 40.3 | |||||||
Restructuring costs | 19.8 | $ 19.7 | 58.6 | $ 44.5 | $ 294.6 | |||
Restructuring Reserve Settled | (40.1) | |||||||
Ending Balance | 58.8 | 58.8 | 58.8 | |||||
Project Renewal [Member] | Writing [Member] | ||||||||
Beginning Balance | 9.7 | |||||||
Restructuring costs | 10.4 | |||||||
Restructuring Reserve Settled | (5.1) | |||||||
Ending Balance | 15 | 15 | 15 | |||||
Project Renewal [Member] | Home Solutions [Member] | ||||||||
Beginning Balance | 1 | |||||||
Restructuring costs | 4.3 | |||||||
Restructuring Reserve Settled | (1) | |||||||
Ending Balance | 4.3 | 4.3 | 4.3 | |||||
Project Renewal [Member] | Tools [Member] | ||||||||
Beginning Balance | 0.5 | |||||||
Restructuring costs | 2.9 | |||||||
Restructuring Reserve Settled | (1.8) | |||||||
Ending Balance | 1.6 | 1.6 | 1.6 | |||||
Project Renewal [Member] | Commercial Products [Member] | ||||||||
Beginning Balance | 5.1 | |||||||
Restructuring costs | 1.9 | |||||||
Restructuring Reserve Settled | (3) | |||||||
Ending Balance | 4 | 4 | 4 | |||||
Project Renewal [Member] | Baby & Parenting Segment [Member] | ||||||||
Beginning Balance | 2.2 | |||||||
Restructuring costs | 0.6 | |||||||
Restructuring Reserve Settled | (2.6) | |||||||
Ending Balance | 0.2 | 0.2 | 0.2 | |||||
Project Renewal [Member] | Corporate [Member] | ||||||||
Beginning Balance | 21.8 | |||||||
Restructuring costs | 38.5 | |||||||
Restructuring Reserve Settled | (26.6) | |||||||
Ending Balance | $ 33.7 | $ 33.7 | $ 33.7 | |||||
[1] | Includes $0.2 million of restructuring costs in the Home Solutions segment associated with the integration of Ignite and bubba for the nine months ended September 30, 2015 and $1.2 million and $2.8 million of restructuring costs for the three and nine months ended September 30, 2015, respectively, in the Baby & Parenting segment associated with the integration of Baby Jogger. | |||||||
[2] | Includes adjustments of $1.3 million in Corporate for the nine months ended September 30, 2014 relating to previous restructuring projects that had the impact of decreasing restructuring costs. |
Restructuring Costs (Schedule48
Restructuring Costs (Schedule Of Restructuring Costs Recognized By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Restructuring costs | $ 21 | $ 19.7 | $ 61.6 | $ 43.2 | |||
Writing [Member] | |||||||
Restructuring costs | 6.8 | 6.3 | 10.4 | 8.1 | |||
Home Solutions [Member] | |||||||
Restructuring costs | (0.6) | 0 | 4.5 | [1] | 1 | ||
Tools [Member] | |||||||
Restructuring costs | 2.1 | 1.6 | 2.9 | 3.2 | |||
Commercial Products [Member] | |||||||
Restructuring costs | 0.8 | 0.7 | 1.9 | 3.4 | |||
Baby & Parenting Segment [Member] | |||||||
Restructuring costs | 1.3 | [1] | 0 | 3.4 | [1] | 0.2 | |
Corporate Segment [Member] | |||||||
Restructuring costs | 10.6 | $ 11.1 | 38.5 | 27.3 | [2] | ||
Acquisition costs - Home Solutions [Member] | |||||||
Restructuring costs | 0.2 | ||||||
Acquisition costs - Baby & Parenting Segment [Member] | |||||||
Restructuring costs | $ 1.2 | $ 2.8 | |||||
Restructuring adjustments - Corporate segment [Member] | |||||||
Restructuring costs | $ (1.3) | ||||||
[1] | Includes $0.2 million of restructuring costs in the Home Solutions segment associated with the integration of Ignite and bubba for the nine months ended September 30, 2015 and $1.2 million and $2.8 million of restructuring costs for the three and nine months ended September 30, 2015, respectively, in the Baby & Parenting segment associated with the integration of Baby Jogger. | ||||||
[2] | Includes adjustments of $1.3 million in Corporate for the nine months ended September 30, 2014 relating to previous restructuring projects that had the impact of decreasing restructuring costs. |
Inventories, Net (Components Of
Inventories, Net (Components Of Net Inventories) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory, Net [Abstract] | ||
Inventory, Raw Materials and Supplies, Net of Reserves | $ 121.9 | $ 117.9 |
Inventory, Work in Process, Net of Reserves | 129.5 | 104.5 |
Inventory, Finished Goods, Net of Reserves | 647.4 | 486.1 |
Inventories, net | $ 898.8 | $ 708.5 |
Debt (Summary Of Outstanding De
Debt (Summary Of Outstanding Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Medium-term notes | $ 2,101.9 | $ 2,089.5 |
Commercial paper | 236.9 | 28 |
Receivables facility | 375 | 350 |
Other debt | 20.6 | 14.4 |
Total debt | 2,734.4 | 2,481.9 |
Short-term debt | (631.4) | (390.7) |
Current portion of long-term debt | (6) | (6.7) |
Long-term debt | $ 2,097 | $ 2,084.5 |
Debt (Interest Rate Swaps) (Det
Debt (Interest Rate Swaps) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Mark-to-market adjustments | $ 4.8 | $ 4.8 | $ 11.8 | ||
Reduction of interest expense | 4.3 | $ 3.4 | 10.9 | $ 10.5 | |
Interest Rate Swaps [Member] | |||||
Principal amount of note | $ 596 | $ 596 |
Debt (Medium-Term Notes) (Detai
Debt (Medium-Term Notes) (Details) - Subsequent Event [Member] - USD ($) | Oct. 15, 2015 | Dec. 31, 2015 |
2.15% 2018 Note and 3.9% 2025 Note [Member] | ||
Principal amount of note | $ 600,000,000 | |
Proceeds from Issuance of Long-term Debt | $ 594,500,000 | |
2.15% 2018 Note due 2018 [Member] | ||
Principal amount of note | $ 300,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.15% | |
Maturity date | Oct. 15, 2018 | |
3.9% 2025 Note due 2025 [Member] | ||
Principal amount of note | $ 300,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |
Maturity date | Nov. 1, 2025 |
Debt (Receivables-Related Borro
Debt (Receivables-Related Borrowings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Receivables facility | $ 375 | $ 350 |
Receivables Facility [Member] | ||
Accounts receivable as collateral for receivables facility | 745.3 | |
August 2015 Expanded Receivables Facility [Member] | ||
Maximum borrowing capacity | $ 400 | |
Debt Instrument, Maturity Date | Aug. 1, 2016 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility And Commercial Paper) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Revolving credit facility expiration date | Dec. 2, 2019 | |
Outstanding commercial paper obligations | $ 236.9 | $ 28 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | 800 | |
Letter Of Credit Maximum Capacity Value | 100 | |
Line of Credit Facility, Competitive Bid Loans, Max | 500 | |
Outstanding commercial paper obligations | $ 236.9 | $ 28 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Changes in Fair Value of Derivatives Not Designated As Hedges, Immaterial Assertion | not material |
Fair Value Of Non Hedge Derivatives Immaterial Assertion | 0 |
Fair value hedge ineffectiveness | 0 |
Cash flow hedge ineffectiveness | 0 |
Cash Flow Hedge Income to be Reclassified within Twelve Months | $ 5.6 |
Cross Currency Interest Rate Swap [Member] | |
Derivative, Notional Amount | 191.6 |
Interest Rate Swaps [Member] | |
Derivative, Notional Amount | $ 596 |
Minimum [Member] | Interest Rate Swaps [Member] | |
Derivative, Term of Contract | 5 years |
Maximum [Member] | Cash Flow Hedging [Member] | |
Derivative, Term of Contract | 1 year |
Maximum [Member] | Cross Currency Interest Rate Contract [Member] | |
Derivative, Term of Contract | 3 years |
Maximum [Member] | Foreign Exchange Forward [Member] | |
Derivative, Term of Contract | 18 months |
Maximum [Member] | Interest Rate Swaps [Member] | |
Derivative, Term of Contract | 10 years |
United States [Member] | Foreign Exchange Contract [Member] | |
Derivative, Notional Amount | $ 174.4 |
Total International [Member] | Foreign Exchange Contract [Member] | |
Derivative, Notional Amount | $ 41.3 |
Derivatives (Schedule Of Outsta
Derivatives (Schedule Of Outstanding Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative Asset, Fair Value, Gross Asset | $ 15.6 | $ 7.7 |
Derivative Liability, Fair Value, Gross Liability | 7.4 | 12.2 |
Cross Currency Interest Rate Contract [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 2.2 | 0 |
Cross Currency Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 5.1 | 0 |
Foreign Exchange Contract [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 7.2 | 7.7 |
Foreign Exchange Contract [Member] | Other Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 0.7 | 0.4 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0.2 | 0 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Other Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 0.4 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 6 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | $ 1.2 | $ 11.8 |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - Interest Expense, Net [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Interest Rate Swaps [Member] | ||||
Amount of gain (loss) recognized in income | $ 17.5 | $ (5.3) | $ 16.6 | $ 8.2 |
Fixed Rate Debt [Member] | ||||
Amount of gain (loss) recognized in income | $ (17.5) | $ 5.3 | $ (16.6) | $ (8.2) |
Derivatives (Cash Flow Hedges R
Derivatives (Cash Flow Hedges Reclassified From AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ 2.4 | $ 0.1 | $ 10.3 | $ 2.1 |
Total Cash Flow Hedge activity [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 2.4 | 0.1 | 10.3 | 2.2 |
Foreign Exchange Contracts-Intercompany Borrowings [Member] | Other Expense [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (0.2) | 0 | (0.2) | 0.1 |
Cross Currency Interest Rate Swap [Member] | Other Expense [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (2) | 0 | (2) | 0 |
Foreign Exchange Contract on Inventory-Related Purchases [Member] | Cost of Products Sold [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 4.8 | 0.2 | 13.1 | 2.6 |
Forward Interest Rate Swaps [Member] | Interest Expense, Net [Member] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ (0.2) | $ (0.1) | $ (0.6) | $ (0.5) |
Derivatives Derivatives (Cash F
Derivatives Derivatives (Cash Flow Hedges Recognized In AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 0.9 | $ 10.1 | $ 9.9 | $ 7.8 |
Cross Currency Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (6) | 0 | (2.9) | 0 |
Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 8.3 | 7.9 | 12.3 | 5.5 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (1.4) | $ 2.2 | $ 0.5 | $ 2.3 |
Employee Benefit And Retireme60
Employee Benefit And Retirement Plans (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2015USD ($) | Sep. 30, 2015USD ($)Unit | Sep. 30, 2014USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Benefit Arrangement, Employer Contributions | $ 16.4 | $ 16.1 | |
Number of Employees U.S. Pension Lump Sum Offer | Unit | 3,300 | ||
percent of benefit obligation to total obligation - lump sum offer | 13.00% | ||
Benefit obligation associated with employees offered the one-time lump sum election | $ 120 | ||
Primary U.S. Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 70 |
Employee Benefit And Retireme61
Employee Benefit And Retirement Plans (Schedule Of Company's Pension Cost And Supplemental Retirement Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
United States Pension Plan of US Entity [Member] | ||||
Service cost-benefits earned during the period | $ 0.8 | $ 1 | $ 2.4 | $ 3 |
Interest cost on projected benefit obligation | 10.3 | 11.3 | 30.9 | 33.8 |
Expected return on plan assets | (14.4) | (14.4) | (43.2) | (43.1) |
Amortization of Prior Service Cost (Benefit) and Actuarial Losses (Gains), Net | 6.8 | 6.1 | 20.4 | 18.3 |
Net periodic pension cost | 3.5 | 4 | 10.5 | 12 |
International [Member] | ||||
Service cost-benefits earned during the period | 1.5 | 1.5 | 4.5 | 4.5 |
Interest cost on projected benefit obligation | 5 | 6.4 | 15 | 19.2 |
Expected return on plan assets | (5.7) | (6.7) | (17.1) | (20.1) |
Amortization of Prior Service Cost (Benefit) and Actuarial Losses (Gains), Net | 0.9 | 0.8 | 2.7 | 2.4 |
Net periodic pension cost | $ 1.7 | $ 2 | $ 5.1 | $ 6 |
Employee Benefit And Retireme62
Employee Benefit And Retirement Plans (Schedule Of Other Postretirement Benefit Costs) (Details) - Other Postretirement Benefit Plan [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||||
Service cost-benefits earned during the period | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.8 |
Interest cost on projected benefit obligation | 0.8 | 1.2 | 2.4 | 3.6 |
Amortization of prior service benefit and actuarial loss, net | (1.9) | (1.6) | (5.7) | (4.8) |
Net periodic pension cost | $ (1) | $ (0.2) | $ (3) | $ (0.4) |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2014USD ($) | |
Income Tax Benefit related to reduction in valuation allowances | $ 17.1 |
Reduction of unrecognized tax benefits | $ 11.2 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Calculation Of Basic And Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Computation of Earnings Per Share [Line Items] | |||||
INCOME FROM CONTINUING OPERATIONS | $ 134 | $ 122.9 | $ 339 | $ 323.7 | |
Income (loss) from Discontinued Operations, Net of Tax | 0.2 | (0.6) | (2.2) | 2.1 | |
NET INCOME | 134.2 | 122.3 | 336.8 | 325.8 | |
Dividends and equivalents for share-based awards expected to be forfeited | 0.1 | 0.1 | 0.1 | 0.1 | |
Net income for basic and diluted earnings per share | $ 134.3 | $ 122.4 | $ 336.9 | $ 325.9 | |
Weighted-average shares outstanding | 267.5 | 271.7 | 268.2 | 275.3 | |
Share-based payment awards classified as participating securities | 1.3 | 1.8 | 1.4 | 1.9 | |
Denominator for basic earnings per share | 268.8 | 273.5 | 269.6 | 277.2 | |
Dilutive securities | [1] | 2.2 | 2.9 | 2.2 | 2.7 |
Denominator for diluted earnings per share | 271 | 276.4 | 271.8 | 279.9 | |
Income from Continuing Operations, Per Basic Share | $ 0.50 | $ 0.45 | $ 1.26 | $ 1.17 | |
Income (loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | 0 | (0.01) | 0.01 | |
Basic earnings per share | 0.50 | 0.45 | 1.25 | 1.18 | |
Income from Continuing Operations, Per Diluted Share | 0.49 | 0.44 | 1.25 | 1.16 | |
Income (loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0 | 0 | (0.01) | 0.01 | |
Diluted earnings per share | $ 0.50 | $ 0.44 | $ 1.24 | $ 1.16 | |
Antidilutive securities excluded from computation of EPS | 0.2 | ||||
Employee Stock Option [Member] | |||||
Computation of Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of EPS | 0.3 | ||||
[1] | Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding exclude the effect of 0.3 million stock options for the nine months ended September 30, 2014, because such options were anti-dilutive. The weighted-average shares outstanding for the nine months ended September 30, 2015 exclude the weighted average effect of 0.2 million performance stock units outstanding because the securities were anti-dilutive. |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pre-tax stock-based compensation | $ 7.9 | $ 6.8 | $ 22 | $ 21.3 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning of Period | 2.6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (0.9) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, End of Period | 1.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ 19 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 20 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period | $ 18 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 34.6 | $ 49.1 |
Restricted Stock And Restricted
Restricted Stock And Restricted Stock Units (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation [Abstract] | |
Outstanding at Beginning of Period, Shares | 3.7 |
Granted, Shares | 1 |
Vested, Shares | (1.4) |
Forfeited, Shares | (0.4) |
Outstanding at End of Period, Shares | 2.9 |
Outstanding at Beginning of Period, Weighted-Average Grant date Fair Value | $ / shares | $ 26 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 40 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 20 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 30 |
Outstanding at End of Period, Weighted-Average Grant date Fair Value | $ / shares | $ 33 |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Based Restricted Stock Units (Details) - Performance Based Restricted Stock Units [Member] shares in Millions | 9 Months Ended |
Sep. 30, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share Based Compensation Arrangement By Share Based Payment Award Performance Share Unit Award Number | 0.6 |
Share Based Payment Award, Vesting Period | 3 years |
Share Based Compensation Arrangement By Share Based Payment Award Performance Share Unit Additional Units Granted Minimum Percentage | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Performance Share Unit Additional Units Granted Maximum Percentage | 200.00% |
Share Based Compensation Arrangement By Share Based Payment Award Performance Share Unit Threshold Award Level Nonvested Number | 1.7 |
Share Based Compensation Arrangement By Share Based Payment Award Performance Share Unit Award Level Nonvested At Period End Number | 2.8 |
Share Based Compensation Arrangement By Share Based Payment Award Performance Share Unit Outstanding At Threshold | 100.00% |
Fair Value Disclosures (Recurri
Fair Value Disclosures (Recurring Fair Value Measurements) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | $ 25.5 | $ 29.2 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 7.4 | 12.2 | |||
Cash and cash equivalents | 266.2 | 199.4 | $ 132.6 | $ 226.3 | |
Other assets | 257.8 | 262.2 | |||
Investment Securities, Including Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | [1] | 9.9 | 21.5 | ||
Cross Currency Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 2.2 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5.1 | ||||
Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 6 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1.2 | 11.8 | |||
Foreign Currency Derivatives [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 7.4 | 7.7 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1.1 | 0.4 | |||
Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash and cash equivalents | 0.5 | 8.4 | |||
Other Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other assets | 9.4 | 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 | 4.4 | 4.6 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 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 | [1] | 4.4 | 4.6 | ||
Fair Value, Inputs, Level 1 [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 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 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 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 | 21.1 | 24.6 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 7.4 | 12.2 | |||
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 | [1] | 5.5 | 16.9 | ||
Fair Value, Inputs, Level 2 [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 2.2 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5.1 | ||||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 6 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1.2 | 11.8 | |||
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivatives [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 7.4 | 7.7 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1.1 | 0.4 | |||
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 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 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] | Cross Currency Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 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 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | |||
[1] | The values of investment securities, including mutual funds, are classified as cash and cash equivalents ($0.5 million and $8.4 million as of September 30, 2015 and December 31, 2014, respectively) and other assets ($9.4 million and $13.1 million as of September 30, 2015 and December 31, 2014, respectively). |
Fair Value Disclosures (Fair Va
Fair Value Disclosures (Fair Value Of Certain Financial Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Fair Value | $ 2,169.9 | $ 2,154.4 |
Medium-term notes at Book Value | $ 2,101.9 | $ 2,089.5 |
Segment Information (Company's
Segment Information (Company's Segments Results) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |||||
Net sales | $ 1,530 | $ 1,484.5 | $ 4,354.9 | $ 4,201 | |||||
Restructuring costs | (21) | (19.7) | (61.6) | (43.2) | |||||
Identifiable Assets | 6,793.9 | 6,793.9 | $ 6,681.1 | ||||||
Operating Income (Loss) | 186.6 | 173.2 | 499.5 | 491.2 | |||||
Writing [Member] | |||||||||
Net sales | [1] | 459.5 | 453.2 | 1,297.2 | 1,290.7 | ||||
Restructuring costs | (6.8) | (6.3) | (10.4) | (8.1) | |||||
Identifiable Assets | 988.3 | 988.3 | 981.9 | ||||||
Operating Income (Loss) | [2] | 114.1 | 108.3 | 329 | 313.5 | ||||
Home Solutions [Member] | |||||||||
Net sales | [1] | 459.4 | 417 | 1,262.4 | 1,116.8 | ||||
Restructuring costs | 0.6 | 0 | (4.5) | [3] | (1) | ||||
Identifiable Assets | 900.3 | 900.3 | 806.4 | ||||||
Operating Income (Loss) | [2] | 76 | 60.9 | 183.2 | 136.4 | ||||
Tools [Member] | |||||||||
Net sales | [1] | 196.7 | 214.8 | 582.3 | 624.9 | ||||
Restructuring costs | (2.1) | (1.6) | (2.9) | (3.2) | |||||
Identifiable Assets | 610.4 | 610.4 | 605 | ||||||
Operating Income (Loss) | [2] | 20.5 | 22.1 | 66.1 | 73.4 | ||||
Commercial Products [Member] | |||||||||
Net sales | [1] | 206.8 | 218 | 602.6 | 624.1 | ||||
Restructuring costs | (0.8) | (0.7) | (1.9) | (3.4) | |||||
Identifiable Assets | 350 | 350 | 375.1 | ||||||
Operating Income (Loss) | [2] | 29.5 | 27.5 | 75.4 | 77.5 | ||||
Baby & Parenting Segment [Member] | |||||||||
Net sales | [1] | 207.6 | 181.5 | 610.4 | 544.5 | ||||
Restructuring costs | (1.3) | [3] | 0 | (3.4) | [3] | (0.2) | |||
Identifiable Assets | 497.9 | 497.9 | 481 | ||||||
Operating Income (Loss) | [2] | 10.2 | 8.2 | 27.4 | 25.8 | ||||
Corporate [Member] | |||||||||
Restructuring costs | (10.6) | (11.1) | (38.5) | (27.3) | [4] | ||||
Identifiable Assets | [5] | 3,447 | 3,447 | $ 3,431.7 | |||||
Operating Income (Loss) | (42.7) | (34.1) | (120) | (92.2) | |||||
United States [Member] | |||||||||
Net sales | [1],[6] | 1,118.5 | 1,034.3 | 3,153.2 | 2,884.1 | ||||
Restructuring costs | (16.4) | (9.9) | (34.1) | (22.7) | |||||
Operating Income (Loss) | [2],[7] | 143 | 127.3 | 373 | 350.8 | ||||
CANADA | |||||||||
Net sales | [1],[6] | 65.9 | 79 | 180.5 | 208.9 | ||||
Restructuring costs | 0.6 | (1.8) | (3.9) | (1.9) | |||||
Operating Income (Loss) | [2],[7] | 16.9 | 16.6 | 37.4 | 45.9 | ||||
Total North America [Member] | |||||||||
Net sales | [1],[6] | 1,184.4 | 1,113.3 | 3,333.7 | 3,093 | ||||
Restructuring costs | (15.8) | (11.7) | (38) | (24.6) | |||||
Operating Income (Loss) | [2],[7] | 159.9 | 143.9 | 410.4 | 396.7 | ||||
Europe, Middle East and Africa [Member] | |||||||||
Net sales | [1],[6] | 143.1 | 156.1 | 437.7 | 508.3 | ||||
Restructuring costs | (3.1) | (4.8) | (17.8) | (13.5) | |||||
Operating Income (Loss) | [2],[7] | 11.3 | 13.8 | 46.2 | 51.1 | ||||
Latin America [Member] | |||||||||
Net sales | [1],[6] | 109.6 | 116 | 313.6 | 310.8 | ||||
Restructuring costs | (0.2) | (0.6) | (0.8) | (0.9) | |||||
Operating Income (Loss) | [2],[7] | 11.9 | 13.6 | 36.2 | 33.6 | ||||
Asia Pacific [Member] | |||||||||
Net sales | [1],[6] | 92.9 | 99.1 | 269.9 | 288.9 | ||||
Restructuring costs | (1.9) | (2.6) | (5) | (4.2) | |||||
Operating Income (Loss) | [2],[7] | 3.5 | 1.9 | 6.7 | 9.8 | ||||
Total International [Member] | |||||||||
Net sales | [1],[6] | 345.6 | 371.2 | 1,021.2 | 1,108 | ||||
Restructuring costs | (5.2) | (8) | (23.6) | (18.6) | |||||
Operating Income (Loss) | [2],[7] | $ 26.7 | $ 29.3 | $ 89.1 | $ 94.5 | ||||
Wal-Mart Stores Inc. and Subsidiaries [Member] | |||||||||
Percentage of net sales | 12.60% | 12.70% | 11.50% | 11.00% | |||||
[1] | All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 12.6% and 12.7% of consolidated net sales in the three months ended September 30, 2015 and 2014, respectively, and approximately 11.5% and 11.0% of consolidated net sales in the nine months ended September 30, 2015 and 2014, respectively. | ||||||||
[2] | Operating income (loss) by segment is net sales less cost of products sold and selling, general & administrative (“SG&A”) expenses for continuing operations. Operating income by geographic area is net sales less cost of products sold, SG&A expenses, restructuring costs and impairment charges, if any, for continuing operations. Certain headquarters expenses of an operational nature are allocated to business segments and geographic areas primarily on a net sales basis. Corporate 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. | ||||||||
[3] | Includes $0.2 million of restructuring costs in the Home Solutions segment associated with the integration of Ignite and bubba for the nine months ended September 30, 2015 and $1.2 million and $2.8 million of restructuring costs for the three and nine months ended September 30, 2015, respectively, in the Baby & Parenting segment associated with the integration of Baby Jogger. | ||||||||
[4] | Includes adjustments of $1.3 million in Corporate for the nine months ended September 30, 2014 relating to previous restructuring projects that had the impact of decreasing restructuring costs. | ||||||||
[5] | Corporate assets primarily include goodwill, capitalized software, cash, benefit plan assets and deferred tax assets. | ||||||||
[6] | Geographic sales information is based on the region from which the products are shipped and invoiced. | ||||||||
[7] | The following table summarizes the restructuring costs by region included in operating income (loss) above (in millions): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014Restructuring Costs United States$16.4 $9.9 $34.1 $22.7Canada(0.6) 1.8 3.9 1.9Total North America15.8 11.7 38.0 24.6Europe, Middle East and Africa3.1 4.8 17.8 13.5Latin America0.2 0.6 0.8 0.9Asia Pacific1.9 2.6 5.0 4.2Total International5.2 8.0 23.6 18.6 $21.0 $19.7 $61.6 $43.2 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Other accrued liabilities | $ 660.3 | $ 659.3 |
Customer Accruals [Member] | ||
Other accrued liabilities | 283.9 | 316 |
Accruals For Manufacturing, Marketing And Freight Expenses [Member] | ||
Other accrued liabilities | 88.2 | 86.1 |
Accrued Self-Insurance Liabilities [Member] | ||
Other accrued liabilities | 59 | 55.8 |
Accrued Pension, Defined Contribution And Other Postretirement Benefits [Member] | ||
Other accrued liabilities | 33.4 | 36.6 |
Accrued Contingencies, Primarily Legal, Environmental And Warranty [Member] | ||
Other accrued liabilities | 24.4 | 27.8 |
Accrued Restructuring [Member] | ||
Other accrued liabilities | 64.3 | 46.1 |
Other Accrued Liabilities [Member] | ||
Other accrued liabilities | $ 107.1 | $ 90.9 |
Litigation And Contingencies (D
Litigation And Contingencies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2014 | Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual, Product Liability, Net | $ 37.2 | $ 33.6 | |
Approximate Number of Defective Merchandise Recalled | 4,000,000 | ||
Accrual for Environmental Loss Contingencies | 23.6 | ||
Estimated Present Value Of Long Term Obligation | $ 17.4 | ||
Accrual for Environmental Loss Contingencies, Discount Rate | 5.00% | ||
Undiscounted obligation value | $ 24.4 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | 22.8 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Accrual for Environmental Loss Contingencies | $ 28.4 | ||
Lower Passaic River Matter [Member] | |||
Loss Contingencies [Line Items] | |||
Number of General Notice Letter Recipients Involved In Remedial Investigation and Feasibility Study | 72 | ||
Lower Passaic River Matter [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Minimum | $ 315 | ||
Lower Passaic River Matter [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Maximum | 3,200 | ||
Lower Passaic River Maintenance costs [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Minimum | 0.5 | ||
Lower Passaic River Maintenance costs [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Maximum | 1.8 | ||
Lower Passaic River Matter - Preferred Alternative [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | 1,700 | ||
Lower Passaic River Matter - Preferred Alternative Maintenance costs [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Estimate of Possible Loss | 1.6 | ||
Lower Passaic River Matter-alternative range from participating parties [Member] | Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Minimum | 28 | ||
Lower Passaic River Matter-alternative range from participating parties [Member] | Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Range of Possible Loss, Maximum | 2,700 | ||
NHTSA Safety Awareness - Total Cost [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | 10 | ||
NHTSA - Safety Awareness [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | 7 | ||
Amounts paid relating to $7M NHTSA consent order | 0.2 | ||
NHTSA - Other payments [Member] | |||
Loss Contingencies [Line Items] | |||
Payment made to NHTSA | $ 3 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Oct. 15, 2015 | Oct. 05, 2015 |
Elmer's Acquisition [Member] | ||
Subsequent Event [Line Items] | ||
Significant Acquisitions and Disposals, Acquisition Costs | $ 600,000,000 | |
2.15% 2018 Note and 3.9% 2025 Note [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Principal amount of note | $ 600,000,000 |