Document and Entity Information
Document and Entity Information Document shares in Millions | 3 Months Ended |
Mar. 31, 2016shares | |
Entity Information [Line Items] | |
Document Period End Date | Mar. 31, 2016 |
Entity Registrant Name | NEWELL BRANDS 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 | 2,016 |
Document Fiscal Period Focus | Q1 |
Entity Filer Category | Large Accelerated Filer |
Amendment Flag | false |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 268.2 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales | $ 1,314.9 | $ 1,264 |
Cost of products sold | 809.3 | 776.5 |
GROSS MARGIN | 505.6 | 487.5 |
Selling, general and administrative expenses | 362.5 | 362 |
Restructuring costs | 17.7 | 27.3 |
OPERATING INCOME | 125.4 | 98.2 |
Nonoperating expenses: | ||
Interest expense, net | 29.4 | 19.2 |
Loss (Gain) on Extinguishment of Debt | 45.9 | 0 |
Other expense, net | (1.5) | 0.1 |
Net nonoperating expenses | 73.8 | 19.3 |
INCOME BEFORE INCOME TAXES | 51.6 | 78.9 |
Income Tax Expense | 11.3 | 22 |
INCOME FROM CONTINUING OPERATIONS | 40.3 | 56.9 |
Income (loss) from Discontinued Operations, Net of Tax | 0.2 | (2.8) |
NET INCOME | $ 40.5 | $ 54.1 |
Weighted average shares outstanding: | ||
Basic | 268.7 | 270.5 |
Diluted | 270.1 | 272.7 |
Earnings Per Share, Basic [Abstract] | ||
Income from Continuing Operations, Per Basic Share | $ 0.15 | $ 0.21 |
Income (loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.01) |
Net income, Per Basic Share | 0.15 | 0.20 |
Earnings Per Share, Diluted [Abstract] | ||
Income from Continuing Operations, Per Diluted Share | 0.15 | 0.21 |
Income (loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.01) |
Net income, Per Diluted Share | 0.15 | 0.20 |
Dividends per share | $ 0.19 | $ 0.19 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
NET INCOME | $ 40.5 | $ 54.1 | |
Other Comprehensive Loss, Foreign Currency Transaction and Translation Adjustment, Net of Tax | 10.9 | (105.5) | |
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 6.7 | 11.2 | |
Other Comprehensive Income (loss), Derivatives Qualifying as Hedges, Net of Tax | (58) | 1.1 | |
Other Comprehensive Loss, Net of Tax | (40.4) | (93.2) | |
COMPREHENSIVE INCOME | [1] | $ 0.1 | $ (39.1) |
[1] | Comprehensive income (loss) attributable to noncontrolling interests was not material. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 8,180.9 | $ 274.8 |
Accounts receivable, net | 1,187.7 | 1,250.7 |
Inventories, net | 871.5 | 721.8 |
Prepaid expenses and other | 146 | 147.8 |
Assets held for sale | 102.8 | 98.4 |
TOTAL CURRENT ASSETS | 10,488.9 | 2,493.5 |
PROPERTY, PLANT AND EQUIPMENT, NET | 624.5 | 599.2 |
GOODWILL | 2,801.6 | 2,791.2 |
OTHER INTANGIBLE ASSETS, NET | 1,085.9 | 1,063.7 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 38.5 | 38.5 |
OTHER ASSETS | 293.4 | 273.4 |
TOTAL ASSETS | 15,332.8 | 7,259.5 |
CURRENT LIABILITIES: | ||
Accounts payable | 657.1 | 642.4 |
Accrued compensation | 98.7 | 185.2 |
Other accrued liabilities | 625.7 | 728.9 |
Short-term debt | 762.8 | 382.9 |
Current portion of long-term debt | 5.9 | 5.9 |
Liabilities held for sale | 44.7 | 43.3 |
TOTAL CURRENT LIABILITIES | 2,194.9 | 1,988.6 |
LONG-TERM DEBT | 10,606.6 | 2,669.1 |
Deferred Tax Liabilities, Net, Noncurrent | 203.9 | 226.6 |
OTHER NONCURRENT LIABILITIES | 548.7 | 548.8 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, none issued and outstanding | 0 | 0 |
Common stock, outstanding shares, before treasury | 289.1 | 287.5 |
Treasury stock, at cost | (542.6) | (523.1) |
Additional paid-in capital | 822.3 | 801.4 |
Retained earnings | 2,080.6 | 2,090.9 |
Accumulated other comprehensive loss | (874.2) | (833.8) |
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO PARENT | 1,775.2 | 1,822.9 |
STOCKHOLDERS' EQUITY ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 3.5 | 3.5 |
TOTAL STOCKHOLDERS' EQUITY | 1,778.7 | 1,826.4 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 15,332.8 | $ 7,259.5 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets Parentheticals - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Common Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Issued | 289,100,000 | 287,500,000 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 20,900,000 | 20,300,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES: | ||
NET INCOME | $ 40.5 | $ 54.1 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 42.8 | 42.2 |
Net gain from sale of discontinued operations | (0.9) | 0 |
Loss (Gain) on Extinguishment of Debt | 45.9 | 0 |
Deferred income taxes | 7 | 17.9 |
Non-cash restructuring costs | 0.3 | 0 |
Stock-based compensation expense | 9.9 | 6.8 |
Other, net | 4.8 | 5.5 |
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures: | ||
Accounts receivable | 69.7 | 170 |
Inventories | (137.8) | (164.8) |
Accounts payable | 7.4 | (38.7) |
Accrued liabilities and other | (360.5) | (247.3) |
NET CASH USED IN OPERATING ACTIVITIES | (270.9) | (154.3) |
INVESTING ACTIVITIES: | ||
Proceeds from sales of discontinued operations and noncurrent assets | 2.6 | 4 |
Acquisitions and acquisition-related activity | (21) | (2) |
Capital expenditures | (51.6) | (50.9) |
Other | 0 | (0.2) |
NET CASH USED IN INVESTING ACTIVITES | (70) | (49.1) |
FINANCING ACTIVITIES: | ||
Short-term borrowings, net | 378.7 | 343.4 |
Proceeds from Issuance of Long-term Debt | 7,931.2 | 0 |
Payments for Repurchase and Retirement of Common Stock | 0 | (73.6) |
Cash dividends | (53.3) | (53.2) |
Excess tax benefits related to stock-based compensation | 9.5 | 15.2 |
Other, net | (18) | (13.6) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 8,248.1 | 218.2 |
Currency rate effect on cash and cash equivalents | (1.1) | 1.2 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,906.1 | 16 |
Cash and cash equivalents at beginning of period | 274.8 | 199.4 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 8,180.9 | $ 215.4 |
Basis Of Presentation And Signi
Basis Of Presentation And Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 Brands Inc. (formerly Newell Rubbermaid Inc., and collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States 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. The condensed consolidated balance sheet as of December 31, 2015 has been derived from the audited financial statements as of that date, but it does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. 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 95% 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 three months ended March 31, 2016 may not necessarily be indicative of the results that may be expected for the full year ending December 31, 2016. 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 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 was retained and expanded to include items that are both unusual and infrequently occurring. The guidance is effective for fiscal years beginning after December 15, 2015. The Company adopted ASU 2015-01 on January 1, 2016, and the adoption of ASU 2015-01 did not 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 reduction from the related debt liability rather than as an asset. Amortization of the costs continues to be reported as interest expense. The guidance is effective for fiscal years beginning after December 15, 2015. The Company restrospectively adopted ASU 2015-03 on January 1, 2016, and the adoption of ASU 2015-03 had the effect of reducing the Company’s other assets and long-term debt by $86.0 million and $18.5 million as of March 31, 2016 and December 31, 2015, respectively. In April 2015, the FASB issued ASU No. 2015-05, “ Intangibles - Goodwill and Other -Internal-Use Software (Subtopic 350-40), Customers Accounting for Fees Paid in a Cloud Computing Arrangement ,” to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license element, then the customer should account for the software license element arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The Company prospectively adopted this guidance as of January 1, 2016, and the adoption did not have a material impact on the Company’s results of operations, cash flows or financial condition. 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. In November 2015, the FASB issued ASU No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, ” which simplifies the reporting of deferred tax positions, requiring deferred tax assets and liabilities to be classified as noncurrent in the consolidated balance sheet, as opposed to the historical current and noncurrent classification. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company adopted ASU 2015-17 on a retrospective basis as of December 31, 2015. In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842), ” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. ASU 2016-02 is effective for the Company on January 1, 2019. The Company is currently assessing the impact ASU 2016-02 will have on its financial position and results of operations. In March 2016, the FASB issued ASU 2016-09, “ Compensation-Stock Compensation: Improvement to Employee Share-Based Payment Accounting. ” ASU 2016-09 provides guidance intended to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of the updated guidance on its consolidated financial statements. 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 As of December 31, 2015, the Company determined it could no longer exercise control over its Venezuelan operations because the availability of U.S. Dollars had declined significantly over the past several years in each of Venezuela’s three exchange mechanisms, and the Company concluded that an other-than-temporary lack of exchangeability between the Venezuelan Bolivar and the U.S. Dollar existed as of December 31, 2015. Furthermore, increasingly restrictive governmental regulations in Venezuela related to prices that could be charged for products, distribution channels into which products could be sold, product labeling requirements, importation of raw materials and sourced products which must be purchased in U.S. Dollars, and labor matters restricted the Company’s ability to make and execute decisions related to its Venezuelan operations. As a result, the Company concluded it could no longer make key operational and financial decisions regarding its Venezuelan operations and deconsolidated its Venezuelan operations as of December 31, 2015. Prior to the deconsolidation of the Venezuelan operations on December 31, 2015, the results of the Company’s Venezuelan operations were included in the Company’s Condensed Consolidated Statement of Operations. During the three months ended March 31, 2015, the Company’s Venezuelan operations generated $21.9 million of consolidated net sales and $7.5 million of operating income. 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) | 3 Months Ended |
Mar. 31, 2016 | |
Business Acquisitions [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Acquisitions Elmer’s During October 2015, the Company acquired Elmer’s Products, Inc. (“Elmer’s”) for a purchase price of $571.4 million , which is net of $16.8 million of cash acquired. The acquisition of Elmer’s was accounted for using the purchase method of accounting and, accordingly, the Company preliminarily allocated the total purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Based on the preliminary purchase price allocation, which is subject to change while the Company obtains final third-party valuations, the Company allocated $24.5 million of the purchase price to identified tangible and monetary net assets, $86.6 million to deferred tax liabilities and $262.0 million to identified intangible assets. Approximately $220.0 million was allocated to indefinite-lived intangible assets and approximately $42.0 million was allocated to a definite-lived intangible asset with a weighted-average life of 8 years . The indefinite-lived intangible assets represent the acquired Elmer’s ® and X-Acto ® trade names. The Company recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $371.5 million as goodwill. None of the goodwill is expected to be tax deductible. Elmer’s results of operations are included in the Company’s Condensed Consolidated Statements of Operations since the acquisition date, including net sales of $44.6 million for the three months ended March 31, 2016. 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 $6.6 million of restructuring costs during the three months ended March 31, 2016 associated with the integration of Elmer’s. The Company incurred $1.7 million of acquisition and integration costs associated with prior acquisitions during the three months ended March 31, 2015, of which $1.5 million is included in cost of products sold and $0.2 million is included in selling, general and administrative expenses in the Company’s Condensed Consolidated Statement of Operations for the three months ended March 31, 2015. Jarden Corporation On April 15, 2016, Jarden Corporation (“Jarden”) became a direct wholly-owned subsidiary of Newell Brands Inc., as a result of a series of merger transactions (the “Jarden Acquisition”). The Jarden Acquisition was effected pursuant to an Agreement and Plan of Merger, dated as of December 13, 2015 (the “Merger Agreement”) between the Company, Jarden and two wholly-owned subsidiaries of the Company. Following the Jarden Acquisition, the Company was renamed Newell Brands Inc. Jarden is a leading, global consumer products company with leading brands, such as Yankee Candle ® , Crock-Pot ® , FoodSaver ® , Mr. Coffee ® , Oster ® , Coleman ® , First Alert ® , Rawlings ® , Jostens ® , K2 ® , Marker ® , Marmot ® , Volkl ® and many others. The Jarden Acquisition enables the Company to scale the enterprise with leading brands in global markets. The scale of the Company in key categories, channels and geographies enables it to deploy its strategy, which includes advantaged development and commercial capabilities, across a larger set of opportunities to generate accelerated growth and margin expansion. The Jarden Acquisition will be accounted for using the purchase method of accounting, and Jarden’s assets, liabilities and results of operations will be included in the Company’s financial statements from the acquisition date. Jarden’s sales and operating income for the year ended December 31, 2015 were $8.6 billion and $508.0 million , respectively. Pursuant to the Merger Agreement, each share of Jarden common stock was converted into the right to receive and became exchangeable for merger consideration consisting of (1) 0.862 of a share of the Company’s common stock plus (2) $21.00 in cash. On April 15, 2016, the Company provided for the issuance of up to 189.4 million shares of common stock and the payment of up to $4.6 billion for 100% of the outstanding equity interests of Jarden, which represented 219.7 million shares of Jarden common stock outstanding and eligible to receive the merger consideration. In addition, on April 15, 2016, the Company paid $4.1 billion to settle certain of Jarden’s outstanding debt obligations, which included accrued interest and change-in-control premiums. Based on the closing price of a share of the Company’s common stock on April 15, 2016 of $44.33 per share and assuming conversion of all of Jarden’s convertible notes, the total consideration paid or payable for shares of Jarden common stock is approximately $15.3 billion , including $5.4 billion of cash and $9.9 billion of common stock. Assuming conversion of all of Jarden’s convertible notes, stockholders of Newell Rubbermaid and stockholders and convertible note holders of Jarden immediately before the merger owned 55% and 45% , respectively, of Newell Brands upon completion of the merger. The Jarden Acquisition constituted a make-whole fundamental change with respect to Jarden’s three series of outstanding convertible notes, making them eligible for conversion into shares of Jarden common stock and eligible to receive the merger consideration based on the number of Jarden shares into which the convertible notes may be converted. Jarden’s three series of convertible notes include $500.0 million principal amount of 1.875% senior subordinated convertible notes due 2018 (the “Jarden 2018 Convertible Notes”); $265.0 million principal amount of 1.5% senior subordinated convertible notes due 2019 (the “Jarden 2019 Convertible Notes”); and $690.0 million principal amount of 1.125% senior subordinated convertible notes due 2034 (the “Jarden 2034 Convertible Notes”). As of May 4, 2016, holders of 85% of the principal amount of Jarden 2018 Convertible Notes, 75% of the principal amount of Jarden 2019 Convertible Notes and 83% of the principal amount of Jarden 2034 Convertible Notes had converted their notes into shares of Jarden common stock and received the merger consideration. If holders of Jarden’s convertible notes convert all of the notes into shares of Jarden common stock, holders of Jarden’s convertible notes would receive 37.9 million shares of Jarden common stock and would be entitled to receive the merger consideration of 32.7 million shares of Newell Brands common stock and $0.8 billion of cash. The Company, with the assistance of a third-party, is undertaking a comprehensive valuation of Jarden’s property, plant and equipment and identifiable intangible assets. The estimated values of these assets are not available due to the number of physical locations where property, plant and equipment is located and the unique aspects and number of Jarden’s identifiable intangible assets, particularly its trade names, trademarks, customer relationships and distribution channels. Because preliminary results of the comprehensive valuation are not yet available and because of the practical challenges associated with quantifying working capital accounts as of the middle of a month (April 15), the initial accounting for the transaction is not complete. During the three months ended March 31, 2016, the Company incurred $12.7 million of acquisition and integration costs, which primarily relate to the acquisition and integration of Jarden and are included in selling, general and administrative expenses in the Company’s Condensed Consolidated Statement of Operations for the three months ended March 31, 2016. |
Discontinued Operations and Div
Discontinued Operations and Divestitures | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations and Divestitures The following table provides a summary of amounts included in discontinued operations ( in millions ): Three Months Ended March 31, 2016 2015 Net sales $ — $ 17.3 Loss from discontinued operations before income taxes $ (0.6 ) $ (4.4 ) Income tax benefit (0.2 ) (1.6 ) Loss from discontinued operations (0.4 ) (2.8 ) Net gain from sale of discontinued operations, net of tax 0.6 — Income (loss) from discontinued operations, net of tax $ 0.2 $ (2.8 ) Held for Sale In October 2015, the Company announced its intention to divest the Levolor ® and Kirsch ® window coverings brands (“Décor”). The Décor business continues to be reported in continuing operations as part of the Home Solutions segment. During March 2016, the Company entered into an agreement to sell the Décor business for an estimated price of $270.0 million , subject to working capital adjustments. The transaction is expected to close in 2016, subject to certain customary conditions, including regulatory approvals. The Décor business generated 5.7% and 5.9% of the Company’s consolidated net sales for the three months ended March 31, 2016 and 2015 , respectively. The following table presents information related to the major classes of Décor’s assets and liabilities that were classified as assets and liabilities held for sale in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 ( in millions ): March 31, 2016 December 31, 2015 Inventories, net $ 32.2 $ 35.3 Prepaid expenses and other 7.2 2.0 Property, plant and equipment, net 20.5 18.2 Goodwill 19.2 19.2 Other intangible assets, net 23.7 23.7 Total Assets $ 102.8 $ 98.4 Accounts payable $ 36.1 $ 34.8 Other accrued liabilities 8.6 8.5 Total Liabilities $ 44.7 $ 43.3 |
Stockholders' Equity And Accumu
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2016 | |
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 10b5-1 automatic trading plans, 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. As of March 31, 2016 , the Company had $255.9 million available under the SRP for future repurchases. The following tables display the changes in accumulated other comprehensive loss by component for the three months ended March 31, 2016 and 2015 ( 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, 2015 $ (411.7 ) $ (422.3 ) $ 0.2 $ (833.8 ) Other comprehensive income (loss) before reclassifications 10.9 4.3 (68.7 ) (53.5 ) Amounts reclassified to earnings — 2.4 10.7 13.1 Net current period other comprehensive income (loss) 10.9 6.7 (58.0 ) (40.4 ) Balance at March 31, 2016 $ (400.8 ) $ (415.6 ) $ (57.8 ) $ (874.2 ) (1) Includes foreign exchange gains of $0.5 million arising during the three months ended March 31, 2016 associated with intercompany loans designated as long-term. Foreign Currency Translation Loss (2) 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 (105.5 ) 7.2 4.2 (94.1 ) Amounts reclassified to earnings — 4.0 (3.1 ) 0.9 Net current period other comprehensive (loss) income (105.5 ) 11.2 1.1 (93.2 ) Balance at March 31, 2015 $ (393.3 ) $ (500.5 ) $ 6.2 $ (887.6 ) (2) Includes foreign exchange losses of $24.2 million arising during the three months ended March 31, 2015 associated with intercompany loans designated as long-term. The following table depicts reclassifications out of accumulated other comprehensive loss to earnings for the periods indicated ( 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 March 31, 2016 2015 Unrecognized pension and other postretirement costs: Prior service benefit $ (1.2 ) $ (1.7 ) (1) Actuarial loss 4.7 7.4 (1) Total before tax 3.5 5.7 Tax effect (1.1 ) (1.7 ) Net of tax $ 2.4 $ 4.0 Derivatives: Foreign exchange contracts on inventory-related purchases $ (1.7 ) $ (4.3 ) Cost of products sold Cross-currency interest rate swaps on intercompany borrowings 11.8 — Other expense, net Forward-starting interest rate swaps 0.2 0.2 Interest expense, net Total before tax 10.3 (4.1 ) Tax effect 0.4 1.0 Net of tax $ 10.7 $ (3.1 ) (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 months ended March 31, 2016 and 2015 . See Footnote 9 for further details. |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Costs | Restructuring Costs Project Renewal Project Renewal was 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; simplifying and streamlining the supply chain and overhead and partnering functions to align with the new structure; and optimizing its selling and trade marketing functions. Cumulative costs of Project Renewal are 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 for the periods indicated ( in millions ): Three Months Ended March 31, Since Inception Through 2016 2015 March 31, 2016 Facility and other exit costs, including impairments $ 0.3 $ 0.3 $ 27.7 Employee severance, termination benefits and relocation costs (1.5 ) 18.9 217.0 Exited contractual commitments and other 12.3 8.1 76.2 $ 11.1 $ 27.3 $ 320.9 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 three months ended March 31, 2016 ( in millions ): December 31, 2015 March 31, 2016 Balance Provision Costs Incurred Balance Facility and other exit costs, including impairments $ — $ 0.3 $ (0.3 ) $ — Employee severance, termination benefits and relocation costs 49.3 (1.5 ) (11.9 ) 35.9 Exited contractual commitments and other 17.3 12.3 (2.5 ) 27.1 $ 66.6 $ 11.1 $ (14.7 ) $ 63.0 The following table depicts the activity in accrued restructuring reserves for Project Renewal for the three months ended March 31, 2016 aggregated by reportable business segment ( in millions ): December 31, 2015 March 31, 2016 Segment Balance Provision Costs Incurred Balance Writing $ 14.0 $ 4.8 $ (0.5 ) $ 18.3 Home Solutions 5.1 0.3 (0.9 ) 4.5 Tools 4.3 1.4 (1.0 ) 4.7 Commercial Products 3.8 — (2.1 ) 1.7 Baby & Parenting — 4.1 (0.1 ) 4.0 Corporate (including discontinued operations) 39.4 0.5 (10.1 ) 29.8 $ 66.6 $ 11.1 $ (14.7 ) $ 63.0 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 March 31, Segment 2016 2015 Writing $ 11.1 $ 2.8 Home Solutions 0.6 4.8 Tools 1.4 — Commercial Products — 0.5 Baby & Parenting 4.1 — Corporate 0.5 19.2 $ 17.7 $ 27.3 Cash paid for all restructuring activities was $15.0 million and $14.7 million for the three months ended March 31, 2016 and 2015 , respectively. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2016 | |
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 ): March 31, 2016 December 31, 2015 Materials and supplies $ 122.9 $ 117.3 Work in process 131.8 108.0 Finished products 616.8 496.5 $ 871.5 $ 721.8 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Other Disclosures [Abstract] | |
Debt | Debt The following is a summary of outstanding debt (in millions) : March 31, 2016 December 31, 2015 Medium-term notes (original maturities up to 10 years) $ 8,388.1 $ 2,674.1 Long-term notes (original maturities more than 10 years) 2,223.5 — Commercial paper 433.5 — Receivables facility 300.0 350.0 Other debt 30.2 33.8 Total debt 11,375.3 3,057.9 Short-term debt (762.8 ) (382.9 ) Current portion of long-term debt (5.9 ) (5.9 ) Long-term debt $ 10,606.6 $ 2,669.1 As a result of the adoption of of ASU 2015-03, the reported values of the medium-term notes and long-term notes are net of unamortized debt issuance costs totaling $86.0 million and $18.5 million as of March 31, 2016 and December 31, 2015, respectively. Interest Rate Swaps As of March 31, 2016 , 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 March 31, 2016 and December 31, 2015 include mark-to-market adjustments of $16.2 million and $(3.1) 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 (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 borrowings, had the effect of reducing interest expense by $3.2 million and $3.4 million during the three months ended March 31, 2016 and 2015 , respectively. Medium-term and Long-term Notes In March 2016, the Company completed the offering and sale of $8.0 billion principal amount of unsecured senior notes, consisting of $1.0 billion of aggregate principal amount of 2.60% notes due 2019 (the “2019 Notes”), $1.0 billion of aggregate principal amount of 3.15% notes due 2021 (the “2021 Notes”), $1.75 billion of aggregate principal amount of 3.85% notes due 2023 (the “2023 Notes”), $2.0 billion of aggregate principal amount of 4.20% notes due 2026 (the “2026 Notes”), $500.0 million of aggregate principal amount of 5.375% notes due 2036 (the “2036 Notes”) and $1.75 billion of aggregate principal amount of 5.50% notes due 2046 (the “2046 Notes” and together with the 2019 notes, the 2021 notes, the 2023 notes, the 2026 notes and the 2036 notes, the “Notes”). The aggregate net proceeds from the issuance of the Notes were $7.9 billion , which were used to pay the cash portion of the merger consideration in the Jarden Acquisition and to repay Jarden’s outstanding debt at closing. 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. At the Company’s option, all or any portion of the 2019 Notes may be redeemed at any time, all or any portion of the 2021 Notes may be redeemed at any time prior to March 1, 2021 (the date that is one month prior to the maturity date), all or any portion of the 2023 Notes may be redeemed at any time prior to February 1, 2023 (the date that is two months prior to the maturity date), all or any portion of the 2026 Notes may be redeemed at any time prior to January 1, 2026 (the date that is three months prior to the maturity date), all or any portion of the 2036 notes may be redeemed at any time prior to October 1, 2035 (the date that is six months prior to the maturity date), and all or any portion of the 2046 notes may be redeemed at any time prior to October 1, 2045 (the date that is six months prior to the maturity date) (each such date the applicable “par call date”). The redemption price for the Notes 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 on the Notes being redeemed (in the case of the 2026 Notes, assuming that the 2026 Notes matured on the par call date) (not including any portion of any payments of interest accrued to the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate, plus an applicable premium; plus in each case, accrued and unpaid interest on the Notes being redeemed to the redemption date. If the 2021 Notes are redeemed on or after a date that is one month prior to the maturity date of the 2021 Notes, the 2023 Notes are redeemed on or after a date that is two months prior to the maturity date of the 2023 Notes, the 2026 Notes are redeemed on or after a date that is three months prior to the maturity date of the 2026 Notes, or the 2036 Notes or the 2046 Notes are redeemed on or after a date that is six months prior to the maturity date of such notes, then the redemption price of such notes will be equal to 100% of the principal amount of the notes so redeemed plus accrued interest to such redemption date. The interest rate payable on each series of Notes will be subject to adjustment if either of two credit rating agencies downgrade (or subsequently upgrade) its rating assigned to the Notes, but in no event shall the interest rate payable on each series of Notes be less than the stated interest rate or more than 200 basis points greater than the stated interest rate on each series of Notes as a result of such credit rating agencies downgrades or upgrades. 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”). The aggregate net proceeds from the issuance of the 2018 Notes and 2025 Notes were $594.6 million , which were used for the acquisition of Elmer’s and for general corporate purposes. Receivables-Related Borrowings As extended and expanded, the Company’s receivables facility expires in August 2016 and provides for available borrowings of 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, as amended, 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 March 31, 2016 . The financing subsidiary owned $796.0 million of outstanding accounts receivable as of March 31, 2016 , and these amounts are included in accounts receivable, net in the Company’s Condensed Consolidated Balance Sheet at March 31, 2016 . The Company had $300.0 million of outstanding borrowings under the Receivables Facility as of March 31, 2016 . Prior to completion of the Jarden Acquisition in April 2016, Jarden maintained a $500.0 million receivables purchase agreement (the “Securitization Facility”) that matures in October 2016 pursuant to which a substantial portion of Jarden’s U.S. accounts receivable were sold to a wholly-owned subsidiary of Jarden. Jarden’s wholly-owned subsidiary funded these purchases with borrowings under a loan agreement, and such borrowings were secured by the purchased accounts receivable. Upon completion of the Jarden Acquisition in April 2016, Jarden’s Securitization Facility was amended to provide for borrowings to a subsidiary of the Company on terms substantially similar to those under Jarden’s Securitization Facility, and borrowings by the Company’s subsidiary under the Securitization Facility are collateralized by a portion of the Company’s U.S. accounts receivable. Revolving Credit Facility and Commercial Paper In January 2016, the Company entered into a five-year revolving credit agreement (the “Revolving Credit Agreement”) with a syndicate of banks. The Revolving Credit Agreement amends and restates in its entirety the Company’s previous revolving credit facility. The Revolving Credit Agreement provides for an unsecured syndicated revolving credit facility with a maturity date of January 2021 , and an aggregate commitment at any time outstanding of up to $1.25 billion (the “Facility”). The Company may from time to time request increases in the aggregate commitment to up to $1.75 billion upon the satisfaction of certain conditions. The Company may request extensions of the maturity date of the Facility (subject to lender approval) for additional one-year periods. Borrowings under the Facility will be used for general corporate purposes, and the Facility provides the committed backup liquidity required to issue commercial paper. Accordingly, commercial paper may be issued only up to the amount available for borrowing under the Facility. Under the Facility, the Company may borrow funds on a variety of interest rate terms. The Revolving Credit Agreement, as amended, requires, among other things, that the Company maintain certain interest coverage and debt-to-total capitalization ratios, and the Company was in compliance with such requirements under the Revolving Credit Agreement as of March 31, 2016. The Facility also provides for the issuance of up to $100.0 million of letters of credit, so long as there is a sufficient amount available for borrowing under the Facility. The Company may borrow, prepay and re-borrow amounts under the Facility at any time prior to termination of the Facility. As of March 31, 2016 , there were no borrowings or standby letters of credit issued or outstanding under the Facility. As of March 31, 2016 , the Company had outstanding commercial paper obligations of $433.5 million , resulting in $816.5 million of borrowing capacity under the Facility. In addition to the committed portion of the Facility, the Revolving 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. Bridge Credit Facility On December 13, 2015, the Company entered into a commitment letter with a lender. The lender committed to provide financing for the Jarden transaction, consisting of a $10.5 billion senior unsecured bridge facility (the “Jarden Bridge Facility”). The availability under the Jarden Bridge Facility was subject to reduction in equivalent amounts upon the completion of any issuance of debt securities by the Company and upon other specified events. Due to the Company entering into the term loan credit agreement as described below, completing the issuance of the Notes in March 2016 and other considerations, the Jarden Bridge Facility was terminated. Other current assets as of December 31, 2015 included $45.9 million of unamortized origination fees associated with the commitment letter contemplating the Jarden Bridge Facility. Upon cancellation of the Jarden Bridge Facility, the $45.9 million of issuance costs were written off and recorded as a loss related to termination of credit facility in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2016. Term Loan Credit Agreement On January 26, 2016, the Company entered into a credit agreement (the “Term Loan Credit Agreement”) for a $1.5 billion senior unsecured term loan facility with a syndicate of banks. In April 2016, the Company borrowed $1.5 billion pursuant to the Term Loan Credit Agreement, and the borrowings were used to pay a portion of the cash portion of the merger consideration in connection with the Jarden Acquisition. The Term Loan Credit Agreement provides for a maturity date of three years from the closing date of the Jarden Acquisition and requires the Company to repay 5% of the initial borrowings by each of April 2017 and April 2018 , 45% of the borrowings by October 2018 and the remaining 45% of the borrowings by April 2019 . At the Company’s election, borrowings under the Term Loan Credit Agreement bear interest either at (i) the eurodollar rate plus an applicable margin, or (ii) the base rate plus an applicable margin. At issuance, borrowings under the Term Loan Credit Agreement bear interest at 2.0% . Notes Exchange In March 2016, the Company commenced exchange offers (the “Exchange Offers”) pursuant to which the Company offered to issue new senior notes (the “Newell Notes”) in exchange for €300 million aggregate principal amount of the outstanding 3.75% senior notes due October 2021 issued by Jarden and of the $300 million aggregate principal amount of the outstanding 5.00% senior notes due November 2023 issued by Jarden (collectively, the “Existing Jarden Notes”) and concurrently solicited consents (the “Consent Solicitations”) from the eligible holders of the Existing Jarden Notes to amend the related indentures. The Exchange Offers and Consent Solicitations expired and were settled in April 2016. The aggregate principal amount of each series of Newell Notes issued in the Exchange Offers totaled €271.9 million of 3.75% senior notes due October 2021 and $295.1 million 5.00% senior notes due November 2023 . The Newell Notes are senior unsecured obligations of the Company and rank equally in right of payment with all of its other existing or future senior unsecured debt, and are structurally subordinated to the secured and unsecured debt of the Company’s subsidiaries, including any debt of Jarden that remains outstanding. The Exchange Offers were not registered under the Securities Act of 1933, and as a result, the Newell Notes may not be offered or sold in the U.S. absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933 and applicable state laws. In connection with the completion of the Exchange Offers, the Company entered into a registration rights agreement pursuant to which the Company agreed to use its commercially reasonable efforts to file a registration statement before January 2017 relating to an offer to exchange the Newell Notes for registered notes of the Company having substantially the same terms as the Newell Notes. The interest rates on the Newell Notes are subject to increases if the Company does not fulfill its obligation to timely offer to exchange the Newell Notes for registered notes of the Company having substantially the same terms as the Newell Notes. Following the consummation of the Exchange Offers, Jarden had outstanding approximately (i) €28.1 million in aggregate principal amount of its 3.75% senior notes due October 2021 and (ii) $4.9 million in aggregate principal amount of its 5.00% senior notes due November 2023 (the “Remaining Existing Jarden Notes”). In April 2016, Jarden entered into supplemental indentures related to the Remaining Existing Jarden Notes that eliminated substantially all of the restrictive covenants, eliminated the cross-default under Jarden’s indebtedness as an event of default, released the guarantees of any guarantors on the Remaining Existing Jarden Notes and evidenced the assumption of the obligations of the Remaining Existing Jarden Notes by a wholly-owned subsidiary of the Company. The Remaining Existing Jarden Notes are the senior unsecured obligations of a wholly-owned subsidiary of the Company. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2016 | |
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 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-Starting Interest Rate Swaps The Company also uses derivatives to hedge interest rates on anticipated issuances of medium-term and long-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 the 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 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 notes. The cash paid or received from the settlement of forward-starting interest rate swaps is included in cash flows from operating activities. Cash Flow Hedges-Cross-Currency Interest Rate 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 interest rate 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 interest rate swap agreements to manage the related foreign currency exchange risk of the intercompany financing arrangements. As of March 31, 2016 , the notional value of outstanding cross-currency interest rate swaps was $185.2 million , and the cross-currency interest rate 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 interest rate swap agreements have been designated as qualifying hedging instruments and are accounted for as cash flow hedges. The critical terms of the cross-currency interest rate swap agreements correspond to the terms of the intercompany financing arrangements, including the annual principal and interest payments being hedged, and the cross-currency interest rate 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 interest rate swap agreements. The fair values of these cross-currency interest rate 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 interest rate 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 interest rate 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 three months ended March 31, 2016 . The cash flows related to the cross-currency interest rate swap agreements, including amounts related to the periodic interest settlements and the principal balances, are 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 March 31, 2016 , the notional amounts of the forward contracts held to purchase U.S. Dollars in exchange for other major international currencies was $179.5 million , and the notional amounts of additional forward contracts held to buy and sell international currencies were $5.9 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 three months ended March 31, 2016 and 2015 . The following table summarizes the Company’s outstanding derivative instruments and their effects on the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 ( in millions ): Assets Liabilities Derivatives designated as hedging instruments Balance Sheet Location March 31, 2016 December 31, 2015 Balance Sheet Location March 31, 2016 December 31, 2015 Interest rate swaps Other assets $ 16.2 $ 2.2 Other noncurrent liabilities $ — $ 5.3 Forward-starting interest rate swaps Prepaid expenses and other — 0.1 Other accrued liabilities — 3.2 Cross-currency interest rate swaps Other assets — 0.6 Other noncurrent liabilities 12.8 3.3 Foreign exchange contracts on inventory-related purchases Prepaid expenses and other and other assets 1.3 6.6 Other accrued liabilities 1.6 0.1 Foreign exchange contracts on intercompany borrowings Prepaid expenses and other 0.1 — Other accrued liabilities — 1.6 Total assets $ 17.6 $ 9.5 Total liabilities $ 14.4 $ 13.5 The fair values of outstanding derivatives that are not designated as hedges for accounting purposes were not material as of March 31, 2016 and December 31, 2015 . 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 March 31, 2016 2015 Interest rate swaps Interest expense, net $ 19.3 $ 11.2 Fixed-rate debt Interest expense, net $ (19.3 ) $ (11.2 ) The Company did not realize any ineffectiveness related to fair value hedges during the three months ended March 31, 2016 and 2015 . 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 March 31, 2016 2015 Forward-starting interest rate swaps Interest expense, net $ (0.2 ) $ (0.2 ) Cross-currency interest rate swaps on intercompany borrowings Other expense, net (11.8 ) — Foreign exchange contracts on inventory-related purchases Cost of products sold 1.7 4.3 $ (10.3 ) $ 4.1 Derivatives in cash flow hedging relationships Amount of gain (loss) recognized in AOCI Three Months Ended March 31, 2016 2015 Forward-starting interest rate swaps $ (88.1 ) $ — Cross-currency interest rate swaps on intercompany borrowings (10.1 ) — Foreign exchange contracts on inventory-related purchases (5.2 ) 5.8 Foreign exchange contracts on intercompany borrowings 0.2 2.6 $ (103.2 ) $ 8.4 During December 2015, the Company entered into forward-starting interest rate swaps for an aggregate $1.0 billion notional amount for the aniticipated issuance of notes to finance the Jarden Acquisition (the “ 2015 Swaps”). During January 2016, the Company entered into additional forward-starting interest rate swaps for an aggregate $1.3 billion notional amount (collectively with the 2015 Swaps, the “Swaps”). The total notional amount of the Swaps relating to the anticipated issuance of medium-term and long-term notes for the Jarden Acquisition was $2.3 billion . In March 2016, the Company completed the offering and sale of the notes (see Footnote 7 for additional information) and settled the Swaps. The net pretax loss and net amount paid upon settlement of the Swaps was $91.2 million , which was recorded in AOCI net of tax and is included in cash used in operating activities in the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2016 . As the Swaps hedged the benchmark rates associated with the anticipated issuances of notes, the losses associated with the Swaps will be reclassified from AOCI to interest expense over the terms of the Notes the Swaps were designated to hedge. The Company did not realize any ineffectiveness related to cash flow hedges during the three months ended March 31, 2016 and 2015 . As of March 31, 2016 , the Company expects to reclassify net pretax losses of $10.0 million from AOCI into earnings during the next 12 months, which primarily relate to the Swaps. |
Employee Benefit And Retirement
Employee Benefit And Retirement Plans | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, ( in millions ): U.S. International 2016 2015 2016 2015 Service cost-benefits earned during the period $ 0.7 $ 0.8 $ 1.3 $ 1.5 Interest cost on projected benefit obligation 7.6 10.3 4.6 5.0 Expected return on plan assets (11.4 ) (14.4 ) (5.5 ) (5.7 ) Amortization of prior service cost, actuarial loss and other 5.4 6.8 0.7 0.9 Net periodic pension cost $ 2.3 $ 3.5 $ 1.1 $ 1.7 The following table presents the components of the Company’s other postretirement benefit costs for the three months ended March 31, ( in millions ): 2016 2015 Service cost-benefits earned during the period $ — $ 0.1 Interest cost on projected benefit obligation 0.5 0.8 Amortization of prior service benefit and actuarial gains (2.6 ) (1.9 ) Net other postretirement benefit cost (benefit) $ (2.1 ) $ (1.0 ) The Company made cash contributions to the Company-sponsored profit sharing plan of $16.4 million during each of the three months ended March 31, 2016 and 2015 . The Company made a voluntary cash contribution of $70.0 million to its U.S. defined benefit plan in January 2015. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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 rates for the three months ended March 31, 2016 and 2015 are impacted by the geographical mix of earnings and the tax benefit related to costs associated with the termination of the Jarden Bridge Facility. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Numerator for basic and diluted earnings per share: Income from continuing operations $ 40.3 $ 56.9 Income (loss) from discontinued operations 0.2 (2.8 ) Net income $ 40.5 $ 54.1 Dividends and equivalents for share-based awards expected to be forfeited — — Net income for basic and diluted earnings per share $ 40.5 $ 54.1 Denominator for basic and diluted earnings per share: Weighted-average shares outstanding 267.7 268.9 Share-based payment awards classified as participating securities 1.0 1.6 Denominator for basic earnings per share 268.7 270.5 Dilutive securities (1) 1.4 2.2 Denominator for diluted earnings per share 270.1 272.7 Basic earnings per share: Income from continuing operations $ 0.15 $ 0.21 Income (loss) from discontinued operations $ — $ (0.01 ) Net income $ 0.15 $ 0.20 Diluted earnings per share: Income from continuing operations $ 0.15 $ 0.21 Income (loss) from discontinued operations $ — $ (0.01 ) Net income $ 0.15 $ 0.20 (1) Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding for the three months ended March 31, 2016 and 2015 exclude the weighted average effect of 0.1 million and 0.6 million outstanding restricted stock units, respectively, because the securities were anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
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 $9.9 million and $6.8 million of pretax stock-based compensation expense during the three months ended March 31, 2016 and 2015 , respectively. The following table summarizes the changes in the number of shares of common stock underlying outstanding stock options for the three months ended March 31, 2016 ( in millions, except weighted-average exercise prices ): Options Outstanding and Exercisable Weighted-Average Exercise Price Aggregate Intrinsic Value Exercisable Outstanding at December 31, 2015 1.2 $ 20 $ 28.1 Exercised (0.2 ) 17 Outstanding at March 31, 2016 1.0 $ 21 $ 22.0 The following table summarizes the changes in the number of outstanding restricted stock units for the three months ended March 31, 2016 ( shares in millions ): Restricted Stock Units Weighted- Average Grant Date Fair Value Outstanding at December 31, 2015 2.9 $ 34 Vested (0.9 ) 26 Outstanding at March 31, 2016 2.0 $ 37 During 2014 and 2015, the Company awarded 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 generally entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date depending on the level of achievement of the specified performance, market and service conditions. As of March 31, 2016 , 1.1 million PSUs were outstanding. Based on performance through March 31, 2016 , holders of unvested PSUs would be entitled to approximately 1.2 million shares at the vesting date. The PSUs are included in the preceding table as if the holders of PSUs earn shares equal to 100% of the units granted |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 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) $ 7.9 $ 4.6 $ 3.3 $ — Interest rate swaps 16.2 — 16.2 — Foreign currency derivatives 1.4 — 1.4 — Total $ 25.5 $ 4.6 $ 20.9 $ — Liabilities Cross-currency interest rate swaps 12.8 — 12.8 — Foreign currency derivatives 1.6 — 1.6 — Total $ 14.4 $ — $ 14.4 $ — Fair Value as of December 31, 2015 Assets Investment securities, including mutual funds (1) $ 6.9 $ 4.5 $ 2.4 $ — Interest rate swaps 2.2 — 2.2 — Forward-starting interest rate swaps 0.1 — 0.1 — Cross-currency interest rate swaps 0.6 — 0.6 — Foreign currency derivatives 6.6 — 6.6 — Total $ 16.4 $ 4.5 $ 11.9 $ — Liabilities Interest rate swaps $ 5.3 $ — $ 5.3 $ — Forward-starting interest rate swaps 3.2 — 3.2 — Cross-currency interest rate swaps 3.3 — 3.3 — Foreign currency derivatives 1.7 — 1.7 — Total $ 13.5 $ — $ 13.5 $ — (1) The values of investment securities, including mutual funds, are classified as cash and cash equivalents ( $2.9 million and $2.0 million as of March 31, 2016 and December 31, 2015 , respectively) and other assets ( $5.0 million and $4.9 million as of March 31, 2016 and December 31, 2015 , 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 March 31, 2016 , 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. During the three months ended March 31, 2016, no material nonrecurring fair value measurements were required for testing assets for impairment. 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 and long-term notes are based on quoted market prices (Level 1) and are as follows ( in millions ): March 31, 2016 December 31, 2015 Fair Value Book Value Fair Value Book Value Medium-term and long-term notes $ 11,140.0 $ 10,611.6 $ 2,660.7 $ 2,674.1 The carrying amounts of all other significant debt approximate fair value. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting Information, Additional Information [Abstract] | |
Segment Information | Segment Information The Company’s reportable segments as of March 31, 2016 are as follows: Segment Key Brands Description of Primary Products Writing Sharpie ® , Paper Mate ® , Expo ® , Prismacolor ® , Mr. Sketch ® , Elmer’s ® , X-Acto ® , Parker ® , Waterman ® , Dymo ® Office Writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting 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 The Company’s segment and geographic results are as follows for the periods indicated ( in millions ): Three Months Ended March 31, 2016 2015 Net Sales (1) Writing $ 378.8 $ 341.8 Home Solutions 372.1 364.5 Tools 179.7 180.4 Commercial Products 174.5 185.2 Baby & Parenting 209.8 192.1 $ 1,314.9 $ 1,264.0 Operating Income (Loss) (2) Writing $ 83.8 $ 82.4 Home Solutions 36.1 38.5 Tools 18.7 22.2 Commercial Products 22.4 17.0 Baby & Parenting 23.1 0.5 Restructuring costs (17.7 ) (27.3 ) Corporate (41.0 ) (35.1 ) $ 125.4 $ 98.2 March 31, 2016 December 31, 2015 Identifiable Assets Writing $ 1,382.7 $ 1,286.5 Home Solutions 816.4 776.7 Tools 596.7 578.8 Commercial Products 344.3 351.7 Baby & Parenting 474.4 485.1 Corporate (3) 11,718.3 3,780.7 $ 15,332.8 $ 7,259.5 Geographic Area Information Three Months Ended March 31, ( in millions ) 2016 2015 Net Sales (1), (4) United States $ 995.9 $ 917.2 Canada 48.2 46.2 Total North America 1,044.1 963.4 Europe, Middle East and Africa 127.6 127.6 Latin America 55.8 89.4 Asia Pacific 87.4 83.6 Total International 270.8 300.6 $ 1,314.9 $ 1,264.0 Operating Income (2), (5) United States $ 98.7 $ 76.5 Canada 6.5 5.3 Total North America 105.2 81.8 Europe, Middle East and Africa 17.4 8.6 Latin America 1.1 4.7 Asia Pacific 1.7 3.1 Total International 20.2 16.4 $ 125.4 $ 98.2 (1) All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 12.7% and 9.6% of consolidated net sales in the three months ended March 31, 2016 and 2015 , 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, deferred tax assets and assets held for sale. (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 March 31, 2016 2015 Restructuring Costs United States $ 16.9 $ 10.4 Canada 0.9 3.0 Total North America 17.8 13.4 Europe, Middle East and Africa 0.4 11.7 Latin America (0.7 ) 0.6 Asia Pacific 0.2 1.6 Total International (0.1 ) 13.9 $ 17.7 $ 27.3 |
Other Accrued Liabilities
Other Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities included the following ( in millions ): March 31, 2016 December 31, 2015 Customer accruals $ 266.7 $ 314.8 Accruals for manufacturing, marketing and freight expenses 65.1 73.0 Accrued self-insurance liabilities 60.5 61.9 Accrued pension, defined contribution and other postretirement benefits 23.6 35.2 Accrued contingencies, primarily legal, environmental and warranty 24.8 24.3 Accrued restructuring (See Footnote 5) 70.0 67.4 Accrued income taxes 6.7 67.4 Other 108.3 84.9 Other accrued liabilities $ 625.7 $ 728.9 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 $40.9 million and $41.2 million as of March 31, 2016 and December 31, 2015 , 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. 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 $1.1 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. Legal Matters A putative class action lawsuit ( Vincent A. Hirsch v. James E. Lillie, Martin E. Franklin, Ian G.H. Ashken, Michael S. Gross, Robert L. Wood, Irwin D. Simon, William P. Lauder, Ros L’esperance, Peter A. Hochfelder, Newell Rubbermaid Inc., NCPF Acquisition Corp. I and NCPF Acquisition Corp. II , Case No. 9:16-CV-80258 (United States District Court for the Southern District of Florida)) was filed on February 24, 2016, purportedly on behalf of Jarden shareholders against the individually named director defendants, who are directors of Jarden. The Company and its subsidiaries NCPF Acquisition Corp. I and NCPF Acquisition Corp. II are also named as defendants. The Complaint alleges claims under § 14(a) of the Securities Exchange Act of 1934 (the “Exchange Act”); SEC Rule 14a-9 against all defendants; and Section 20(a) of the Exchange Act against the individual director defendants. Plaintiff alleges that the joint proxy/prospectus of the Company and Jarden concerning the proposed merger contemplated by the Merger Agreement omitted certain information. The parties have entered into a settlement term sheet, pursuant to which the Company added certain disclosures to its Registration Statement on Form S-4. Subject to court approval of the settlement agreement and the lead plaintiff and lead counsel, the shareholder claims will be released, and the defendants will reimburse up to $0.6 million in attorney fees. A second putative class action lawsuit ( Jessica Paree v. Martin E. Franklin, et al (Circuit Court of the Fifteenth Judicial District in and for Palm Beach County, Florida)) was filed on March 10, 2016, purportedly on behalf of Jarden stockholders, against the individually named director defendants, all of whom are directors of Jarden. The Company and two of its subsidiaries are also named as defendants. The complaint generally alleges that the director defendants breached their fiduciary duties owed to Jarden stockholders regarding the merger consideration agreed to and the process undertaken by the director defendants in connection with the Jarden transaction, and that the Company and two of its subsidiaries aided and abetted such breaches. Plaintiff further alleges that defendants have (i) solicited stockholder action pursuant to a materially false and misleading joint proxy statement/prospectus, (ii) failed to include all material information concerning the unfair sales process that resulted in the merger transactions, and (iii) materially omitted certain information related to the financial analyses performed by Jarden’s financial advisor. Plaintiff seeks, among other things, preliminary and permanent injunctive relief enjoining the merger transactions, rescission or rescissory damages in the event the Jarden transaction is consummated, an award of attorneys’ and experts’ fees and costs, and a direction from the court that Jarden’s individual board members account for all damages allegedly suffered as a result of their alleged wrongdoing. On March 28, 2016, the parties filed an Agreed Joint Motion to Stay Proceedings, seeking a stay of the litigation, pending the outcome of the above described Hirsch v. Lillie action. The court entered an order staying the proceedings on March 31, 2016, and ordered the parties to provide an update to the court on the status of the federal action by June 30, 2016. Jarden Acquisition Under the Delaware General Corporation Law (“DGCL”), any Jarden stockholder who did not vote in favor of adoption of the Merger Agreement, and otherwise complies with the provisions of Section 262 of the DGCL, is entitled to seek an appraisal of its shares of Jarden common stock by the Delaware Chancery Court as provided under Section 262 of the DGCL. As of April 15, 2016 (the date of the Jarden stockholder meeting), dissenting stockholders collectively holding approximately 11.5 million shares of Jarden common stock have delivered to Jarden a written demand for appraisal. The fair value of the Jarden common shares, as determined by the court, could be lower or higher than and/or may include a greater amount of cash than the merger consideration to which such Jarden stockholder would have been entitled under the Merger Agreement. 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 March 31, 2016 ranged between $23.2 million and $29.1 million . As of March 31, 2016 , the Company had a reserve of $24.9 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 $17.6 million by applying a 5% discount rate to undiscounted obligations of $24.7 million . U.S. EPA has issued General Notice Letters (“GNLs”) to over 100 entities, including the Company and Berol Corporation, a subsidiary of the Company, 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 proposed four alternatives for remediation of the lower 8.3 miles of the Lower Passaic River. U.S. EPA’s cost estimates for its cleanup alternatives ranged from $315.0 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. 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 U.S. EPA’s preferred alternative as set forth in the FFS for the lower 8.3 miles coupled with monitored natural recovery and targeted remediation in the upper 9 miles.The estimated cost estimates for these alternatives range from approximately $28.0 million to $2.7 billion , including related operation maintenance and monitoring costs. The draft RI/FS remains under review by U.S. EPA. U.S. EPA issued its final Record of Decision for the lower 8.3 miles of the Lower Passaic (the “ROD”) in March 2016, which, in the language of the document, finalizes as the selected remedy the preferred alternative set forth in the FFS, which U.S. EPA estimates will cost $1.38 billion . Subsequent to the release of the ROD in March 2016, U.S. EPA issued GNLs for the lower 8.3 miles of the Passaic River (the “2016 GNL”) to numerous entities, apparently including all previous recipients of the initial GNL as well as several additional entities. As with the initial GNL, the Company and Berol Corporation were among the recipients of the 2016 GNL. The 2016 GNL states that U.S. EPA would like to determine whether one entity, Occidental Chemical Corporation (“OCC”), will voluntarily perform the remedial design for the selected remedy for the lower 8.3 miles, and that following execution of an agreement for the remedial design, U.S. EPA plans to begin negotiation of a remedial action consent decree, “under which OCC and the other major PRPs will implement and/or pay for EPA’s selected remedy for the lower 8.3 miles of the Lower Passaic River and reimburse EPA’s costs incurred for the Lower Passaic River.” The letter “encourage[s] the major PRPs to meet and discuss a workable approach to sharing responsibility for implementation and funding of the remedy" without indicating who may be the “major PRPs.” Finally, U.S. EPA states that it “believes that some of the parties that have been identified as PRPs under CERCLA, and some parties not yet named as PRPs, may be eligible for a cash out settlement with EPA for the lower 8.3 miles of the Lower Passaic River. EPA intends to provide separate notice of the opportunity to discuss a cash out settlement at a later date.” Thus, 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 no framework for or agreement on allocation for the investigation and ultimate remediation has been developed, 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. Clean Air Act Labeling Matter In April 2015, the Company became aware that two beverage container products, one product of its recently acquired bubba brands business and one product of its recently acquired Ignite business, contained closed cell rigid polyurethane foam insulation that was blown with HCFC-141b, which is listed as a Class II ozone-depleting substance under the Montreal Protocol on Substances that Deplete the Ozone Layer. Under the Clean Air Act and U.S. EPA’s regulations promulgated thereunder, as of January 1, 2015, certain products made with or containing ozone depleting substances, including HCFC-141b, must bear a specific warning label. The Company discovered that the affected products imported in early 2015 did not display the required label. While the affected product lines were not compliant with applicable environmental regulations regarding ozone depleting substances, use of the products is safe and poses no risk to consumers. Upon discovery, the Company self-reported the violations to the U.S. EPA and replaced the blowing agent in the products. The Company is in the process of negotiating a settlement with U.S. EPA which would include payment of a penalty; although settlement negotiations are at an early stage, the Company does not expect that the penalty will exceed $110,000 . Other Matters Although management of the Company cannot predict the ultimate outcome of these proceedings with certainty, it believes that the ultimate resolution of the Company’s proceedings, including any amounts it may be required to pay in excess of amounts reserved, will not have a material effect on the Company’s Consolidated Financial Statements, except as otherwise described above. In the normal course of business and as part of its acquisition and divestiture strategy, the Company may provide certain representations and indemnifications related to legal, environmental, product liability, tax or other types of issues. Based on the nature of these representations and indemnifications, it is not possible to predict the maximum potential payments under all of these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements did not have a material effect on the Company’s business, financial condition or results of operations. |
Basis Of Presentation And Sig23
Basis Of Presentation And Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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 95% 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 three months ended March 31, 2016 may not necessarily be indicative of the results that may be expected for the full year ending December 31, 2016. |
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 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 was retained and expanded to include items that are both unusual and infrequently occurring. The guidance is effective for fiscal years beginning after December 15, 2015. The Company adopted ASU 2015-01 on January 1, 2016, and the adoption of ASU 2015-01 did not 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 reduction from the related debt liability rather than as an asset. Amortization of the costs continues to be reported as interest expense. The guidance is effective for fiscal years beginning after December 15, 2015. The Company restrospectively adopted ASU 2015-03 on January 1, 2016, and the adoption of ASU 2015-03 had the effect of reducing the Company’s other assets and long-term debt by $86.0 million and $18.5 million as of March 31, 2016 and December 31, 2015, respectively. In April 2015, the FASB issued ASU No. 2015-05, “ Intangibles - Goodwill and Other -Internal-Use Software (Subtopic 350-40), Customers Accounting for Fees Paid in a Cloud Computing Arrangement ,” to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. The amendments provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license element, then the customer should account for the software license element arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The Company prospectively adopted this guidance as of January 1, 2016, and the adoption did not have a material impact on the Company’s results of operations, cash flows or financial condition. 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. In November 2015, the FASB issued ASU No. 2015-17, “ Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes, ” which simplifies the reporting of deferred tax positions, requiring deferred tax assets and liabilities to be classified as noncurrent in the consolidated balance sheet, as opposed to the historical current and noncurrent classification. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company adopted ASU 2015-17 on a retrospective basis as of December 31, 2015. In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842), ” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. ASU 2016-02 is effective for the Company on January 1, 2019. The Company is currently assessing the impact ASU 2016-02 will have on its financial position and results of operations. In March 2016, the FASB issued ASU 2016-09, “ Compensation-Stock Compensation: Improvement to Employee Share-Based Payment Accounting. ” ASU 2016-09 provides guidance intended to simplify accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The guidance is effective for interim and annual periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently evaluating the impact of the updated guidance on its consolidated financial statements. 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 As of December 31, 2015, the Company determined it could no longer exercise control over its Venezuelan operations because the availability of U.S. Dollars had declined significantly over the past several years in each of Venezuela’s three exchange mechanisms, and the Company concluded that an other-than-temporary lack of exchangeability between the Venezuelan Bolivar and the U.S. Dollar existed as of December 31, 2015. Furthermore, increasingly restrictive governmental regulations in Venezuela related to prices that could be charged for products, distribution channels into which products could be sold, product labeling requirements, importation of raw materials and sourced products which must be purchased in U.S. Dollars, and labor matters restricted the Company’s ability to make and execute decisions related to its Venezuelan operations. As a result, the Company concluded it could no longer make key operational and financial decisions regarding its Venezuelan operations and deconsolidated its Venezuelan operations as of December 31, 2015. Prior to the deconsolidation of the Venezuelan operations on December 31, 2015, the results of the Company’s Venezuelan operations were included in the Company’s Condensed Consolidated Statement of Operations. During the three months ended March 31, 2015, the Company’s Venezuelan operations generated $21.9 million of consolidated net sales and $7.5 million of operating income. |
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) | 3 Months Ended |
Mar. 31, 2016 | |
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 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-Starting Interest Rate Swaps The Company also uses derivatives to hedge interest rates on anticipated issuances of medium-term and long-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 the 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 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 notes. The cash paid or received from the settlement of forward-starting interest rate swaps is included in cash flows from operating activities. Cash Flow Hedges-Cross-Currency Interest Rate 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 interest rate 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 interest rate swap agreements to manage the related foreign currency exchange risk of the intercompany financing arrangements. As of March 31, 2016 , the notional value of outstanding cross-currency interest rate swaps was $185.2 million , and the cross-currency interest rate 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 interest rate swap agreements have been designated as qualifying hedging instruments and are accounted for as cash flow hedges. The critical terms of the cross-currency interest rate swap agreements correspond to the terms of the intercompany financing arrangements, including the annual principal and interest payments being hedged, and the cross-currency interest rate 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 interest rate swap agreements. The fair values of these cross-currency interest rate 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 interest rate 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 interest rate 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 three months ended March 31, 2016 . The cash flows related to the cross-currency interest rate swap agreements, including amounts related to the periodic interest settlements and the principal balances, are 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 March 31, 2016 , the notional amounts of the forward contracts held to purchase U.S. Dollars in exchange for other major international currencies was $179.5 million , and the notional amounts of additional forward contracts held to buy and sell international currencies were $5.9 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 D25
Discontinued Operations and Divestitures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Net sales $ — $ 17.3 Loss from discontinued operations before income taxes $ (0.6 ) $ (4.4 ) Income tax benefit (0.2 ) (1.6 ) Loss from discontinued operations (0.4 ) (2.8 ) Net gain from sale of discontinued operations, net of tax 0.6 — Income (loss) from discontinued operations, net of tax $ 0.2 $ (2.8 ) |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The following table presents information related to the major classes of Décor’s assets and liabilities that were classified as assets and liabilities held for sale in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 ( in millions ): March 31, 2016 December 31, 2015 Inventories, net $ 32.2 $ 35.3 Prepaid expenses and other 7.2 2.0 Property, plant and equipment, net 20.5 18.2 Goodwill 19.2 19.2 Other intangible assets, net 23.7 23.7 Total Assets $ 102.8 $ 98.4 Accounts payable $ 36.1 $ 34.8 Other accrued liabilities 8.6 8.5 Total Liabilities $ 44.7 $ 43.3 |
Stockholders' Equity And Accu26
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015 ( 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, 2015 $ (411.7 ) $ (422.3 ) $ 0.2 $ (833.8 ) Other comprehensive income (loss) before reclassifications 10.9 4.3 (68.7 ) (53.5 ) Amounts reclassified to earnings — 2.4 10.7 13.1 Net current period other comprehensive income (loss) 10.9 6.7 (58.0 ) (40.4 ) Balance at March 31, 2016 $ (400.8 ) $ (415.6 ) $ (57.8 ) $ (874.2 ) (1) Includes foreign exchange gains of $0.5 million arising during the three months ended March 31, 2016 associated with intercompany loans designated as long-term. Foreign Currency Translation Loss (2) 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 (105.5 ) 7.2 4.2 (94.1 ) Amounts reclassified to earnings — 4.0 (3.1 ) 0.9 Net current period other comprehensive (loss) income (105.5 ) 11.2 1.1 (93.2 ) Balance at March 31, 2015 $ (393.3 ) $ (500.5 ) $ 6.2 $ (887.6 ) (2) Includes foreign exchange losses of $24.2 million arising during the three months ended March 31, 2015 associated with intercompany loans designated as long-term. |
Schedule Of Amounts Reclassified Out Of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | he following table depicts reclassifications out of accumulated other comprehensive loss to earnings for the periods indicated ( 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 March 31, 2016 2015 Unrecognized pension and other postretirement costs: Prior service benefit $ (1.2 ) $ (1.7 ) (1) Actuarial loss 4.7 7.4 (1) Total before tax 3.5 5.7 Tax effect (1.1 ) (1.7 ) Net of tax $ 2.4 $ 4.0 Derivatives: Foreign exchange contracts on inventory-related purchases $ (1.7 ) $ (4.3 ) Cost of products sold Cross-currency interest rate swaps on intercompany borrowings 11.8 — Other expense, net Forward-starting interest rate swaps 0.2 0.2 Interest expense, net Total before tax 10.3 (4.1 ) Tax effect 0.4 1.0 Net of tax $ 10.7 $ (3.1 ) (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 months ended March 31, 2016 and 2015 . See Footnote 9 for further details. |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Project Renewal [Member] | |
Summary Of Restructuring Costs | The following table depicts the restructuring charges incurred in connection with Project Renewal for the periods indicated ( in millions ): Three Months Ended March 31, Since Inception Through 2016 2015 March 31, 2016 Facility and other exit costs, including impairments $ 0.3 $ 0.3 $ 27.7 Employee severance, termination benefits and relocation costs (1.5 ) 18.9 217.0 Exited contractual commitments and other 12.3 8.1 76.2 $ 11.1 $ 27.3 $ 320.9 |
Schedule of Changes In Accrued Restructuring Reserves | The following table depicts the activity in accrued restructuring reserves for Project Renewal for the three months ended March 31, 2016 ( in millions ): December 31, 2015 March 31, 2016 Balance Provision Costs Incurred Balance Facility and other exit costs, including impairments $ — $ 0.3 $ (0.3 ) $ — Employee severance, termination benefits and relocation costs 49.3 (1.5 ) (11.9 ) 35.9 Exited contractual commitments and other 17.3 12.3 (2.5 ) 27.1 $ 66.6 $ 11.1 $ (14.7 ) $ 63.0 |
Schedule Of Restructuring Costs By Segment | The following table depicts the activity in accrued restructuring reserves for Project Renewal for the three months ended March 31, 2016 aggregated by reportable business segment ( in millions ): December 31, 2015 March 31, 2016 Segment Balance Provision Costs Incurred Balance Writing $ 14.0 $ 4.8 $ (0.5 ) $ 18.3 Home Solutions 5.1 0.3 (0.9 ) 4.5 Tools 4.3 1.4 (1.0 ) 4.7 Commercial Products 3.8 — (2.1 ) 1.7 Baby & Parenting — 4.1 (0.1 ) 4.0 Corporate (including discontinued operations) 39.4 0.5 (10.1 ) 29.8 $ 66.6 $ 11.1 $ (14.7 ) $ 63.0 |
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 March 31, Segment 2016 2015 Writing $ 11.1 $ 2.8 Home Solutions 0.6 4.8 Tools 1.4 — Commercial Products — 0.5 Baby & Parenting 4.1 — Corporate 0.5 19.2 $ 17.7 $ 27.3 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 ): March 31, 2016 December 31, 2015 Materials and supplies $ 122.9 $ 117.3 Work in process 131.8 108.0 Finished products 616.8 496.5 $ 871.5 $ 721.8 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Other Disclosures [Abstract] | |
Summary Of Outstanding Debt | The following is a summary of outstanding debt (in millions) : March 31, 2016 December 31, 2015 Medium-term notes (original maturities up to 10 years) $ 8,388.1 $ 2,674.1 Long-term notes (original maturities more than 10 years) 2,223.5 — Commercial paper 433.5 — Receivables facility 300.0 350.0 Other debt 30.2 33.8 Total debt 11,375.3 3,057.9 Short-term debt (762.8 ) (382.9 ) Current portion of long-term debt (5.9 ) (5.9 ) Long-term debt $ 10,606.6 $ 2,669.1 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 ( in millions ): Assets Liabilities Derivatives designated as hedging instruments Balance Sheet Location March 31, 2016 December 31, 2015 Balance Sheet Location March 31, 2016 December 31, 2015 Interest rate swaps Other assets $ 16.2 $ 2.2 Other noncurrent liabilities $ — $ 5.3 Forward-starting interest rate swaps Prepaid expenses and other — 0.1 Other accrued liabilities — 3.2 Cross-currency interest rate swaps Other assets — 0.6 Other noncurrent liabilities 12.8 3.3 Foreign exchange contracts on inventory-related purchases Prepaid expenses and other and other assets 1.3 6.6 Other accrued liabilities 1.6 0.1 Foreign exchange contracts on intercompany borrowings Prepaid expenses and other 0.1 — Other accrued liabilities — 1.6 Total assets $ 17.6 $ 9.5 Total liabilities $ 14.4 $ 13.5 |
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 March 31, 2016 2015 Interest rate swaps Interest expense, net $ 19.3 $ 11.2 Fixed-rate debt Interest expense, net $ (19.3 ) $ (11.2 ) |
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 March 31, 2016 2015 Forward-starting interest rate swaps Interest expense, net $ (0.2 ) $ (0.2 ) Cross-currency interest rate swaps on intercompany borrowings Other expense, net (11.8 ) — Foreign exchange contracts on inventory-related purchases Cost of products sold 1.7 4.3 $ (10.3 ) $ 4.1 Derivatives in cash flow hedging relationships Amount of gain (loss) recognized in AOCI Three Months Ended March 31, 2016 2015 Forward-starting interest rate swaps $ (88.1 ) $ — Cross-currency interest rate swaps on intercompany borrowings (10.1 ) — Foreign exchange contracts on inventory-related purchases (5.2 ) 5.8 Foreign exchange contracts on intercompany borrowings 0.2 2.6 $ (103.2 ) $ 8.4 |
Employee Benefit And Retireme31
Employee Benefit And Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, ( in millions ): U.S. International 2016 2015 2016 2015 Service cost-benefits earned during the period $ 0.7 $ 0.8 $ 1.3 $ 1.5 Interest cost on projected benefit obligation 7.6 10.3 4.6 5.0 Expected return on plan assets (11.4 ) (14.4 ) (5.5 ) (5.7 ) Amortization of prior service cost, actuarial loss and other 5.4 6.8 0.7 0.9 Net periodic pension cost $ 2.3 $ 3.5 $ 1.1 $ 1.7 The following table presents the components of the Company’s other postretirement benefit costs for the three months ended March 31, ( in millions ): 2016 2015 Service cost-benefits earned during the period $ — $ 0.1 Interest cost on projected benefit obligation 0.5 0.8 Amortization of prior service benefit and actuarial gains (2.6 ) (1.9 ) Net other postretirement benefit cost (benefit) $ (2.1 ) $ (1.0 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 2015 Numerator for basic and diluted earnings per share: Income from continuing operations $ 40.3 $ 56.9 Income (loss) from discontinued operations 0.2 (2.8 ) Net income $ 40.5 $ 54.1 Dividends and equivalents for share-based awards expected to be forfeited — — Net income for basic and diluted earnings per share $ 40.5 $ 54.1 Denominator for basic and diluted earnings per share: Weighted-average shares outstanding 267.7 268.9 Share-based payment awards classified as participating securities 1.0 1.6 Denominator for basic earnings per share 268.7 270.5 Dilutive securities (1) 1.4 2.2 Denominator for diluted earnings per share 270.1 272.7 Basic earnings per share: Income from continuing operations $ 0.15 $ 0.21 Income (loss) from discontinued operations $ — $ (0.01 ) Net income $ 0.15 $ 0.20 Diluted earnings per share: Income from continuing operations $ 0.15 $ 0.21 Income (loss) from discontinued operations $ — $ (0.01 ) Net income $ 0.15 $ 0.20 (1) Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding for the three months ended March 31, 2016 and 2015 exclude the weighted average effect of 0.1 million and 0.6 million outstanding restricted stock units, respectively, because the securities were anti-dilutive. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 ( in millions, except weighted-average exercise prices ): Options Outstanding and Exercisable Weighted-Average Exercise Price Aggregate Intrinsic Value Exercisable Outstanding at December 31, 2015 1.2 $ 20 $ 28.1 Exercised (0.2 ) 17 Outstanding at March 31, 2016 1.0 $ 21 $ 22.0 |
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 three months ended March 31, 2016 ( shares in millions ): Restricted Stock Units Weighted- Average Grant Date Fair Value Outstanding at December 31, 2015 2.9 $ 34 Vested (0.9 ) 26 Outstanding at March 31, 2016 2.0 $ 37 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 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) $ 7.9 $ 4.6 $ 3.3 $ — Interest rate swaps 16.2 — 16.2 — Foreign currency derivatives 1.4 — 1.4 — Total $ 25.5 $ 4.6 $ 20.9 $ — Liabilities Cross-currency interest rate swaps 12.8 — 12.8 — Foreign currency derivatives 1.6 — 1.6 — Total $ 14.4 $ — $ 14.4 $ — Fair Value as of December 31, 2015 Assets Investment securities, including mutual funds (1) $ 6.9 $ 4.5 $ 2.4 $ — Interest rate swaps 2.2 — 2.2 — Forward-starting interest rate swaps 0.1 — 0.1 — Cross-currency interest rate swaps 0.6 — 0.6 — Foreign currency derivatives 6.6 — 6.6 — Total $ 16.4 $ 4.5 $ 11.9 $ — Liabilities Interest rate swaps $ 5.3 $ — $ 5.3 $ — Forward-starting interest rate swaps 3.2 — 3.2 — Cross-currency interest rate swaps 3.3 — 3.3 — Foreign currency derivatives 1.7 — 1.7 — Total $ 13.5 $ — $ 13.5 $ — (1) The values of investment securities, including mutual funds, are classified as cash and cash equivalents ( $2.9 million and $2.0 million as of March 31, 2016 and December 31, 2015 , respectively) and other assets ( $5.0 million and $4.9 million as of March 31, 2016 and December 31, 2015 , respectively). |
Fair Value Of Certain Short And Long-Term Debt, Based On Market Prices | The fair values of the Company’s medium-term and long-term notes are based on quoted market prices (Level 1) and are as follows ( in millions ): March 31, 2016 December 31, 2015 Fair Value Book Value Fair Value Book Value Medium-term and long-term notes $ 11,140.0 $ 10,611.6 $ 2,660.7 $ 2,674.1 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |
Schedule Of Company's Reportable Segments | The Company’s reportable segments as of March 31, 2016 are as follows: Segment Key Brands Description of Primary Products Writing Sharpie ® , Paper Mate ® , Expo ® , Prismacolor ® , Mr. Sketch ® , Elmer’s ® , X-Acto ® , Parker ® , Waterman ® , Dymo ® Office Writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting 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 |
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 March 31, 2016 2015 Net Sales (1) Writing $ 378.8 $ 341.8 Home Solutions 372.1 364.5 Tools 179.7 180.4 Commercial Products 174.5 185.2 Baby & Parenting 209.8 192.1 $ 1,314.9 $ 1,264.0 Operating Income (Loss) (2) Writing $ 83.8 $ 82.4 Home Solutions 36.1 38.5 Tools 18.7 22.2 Commercial Products 22.4 17.0 Baby & Parenting 23.1 0.5 Restructuring costs (17.7 ) (27.3 ) Corporate (41.0 ) (35.1 ) $ 125.4 $ 98.2 |
Schedule of Assets by Reportable Segment [Table Text Block] | March 31, 2016 December 31, 2015 Identifiable Assets Writing $ 1,382.7 $ 1,286.5 Home Solutions 816.4 776.7 Tools 596.7 578.8 Commercial Products 344.3 351.7 Baby & Parenting 474.4 485.1 Corporate (3) 11,718.3 3,780.7 $ 15,332.8 $ 7,259.5 |
Schedule Of Geographic Area Information | Geographic Area Information Three Months Ended March 31, ( in millions ) 2016 2015 Net Sales (1), (4) United States $ 995.9 $ 917.2 Canada 48.2 46.2 Total North America 1,044.1 963.4 Europe, Middle East and Africa 127.6 127.6 Latin America 55.8 89.4 Asia Pacific 87.4 83.6 Total International 270.8 300.6 $ 1,314.9 $ 1,264.0 Operating Income (2), (5) United States $ 98.7 $ 76.5 Canada 6.5 5.3 Total North America 105.2 81.8 Europe, Middle East and Africa 17.4 8.6 Latin America 1.1 4.7 Asia Pacific 1.7 3.1 Total International 20.2 16.4 $ 125.4 $ 98.2 (1) All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 12.7% and 9.6% of consolidated net sales in the three months ended March 31, 2016 and 2015 , 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, deferred tax assets and assets held for sale. (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 March 31, 2016 2015 Restructuring Costs United States $ 16.9 $ 10.4 Canada 0.9 3.0 Total North America 17.8 13.4 Europe, Middle East and Africa 0.4 11.7 Latin America (0.7 ) 0.6 Asia Pacific 0.2 1.6 Total International (0.1 ) 13.9 $ 17.7 $ 27.3 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities included the following ( in millions ): March 31, 2016 December 31, 2015 Customer accruals $ 266.7 $ 314.8 Accruals for manufacturing, marketing and freight expenses 65.1 73.0 Accrued self-insurance liabilities 60.5 61.9 Accrued pension, defined contribution and other postretirement benefits 23.6 35.2 Accrued contingencies, primarily legal, environmental and warranty 24.8 24.3 Accrued restructuring (See Footnote 5) 70.0 67.4 Accrued income taxes 6.7 67.4 Other 108.3 84.9 Other accrued liabilities $ 625.7 $ 728.9 |
Basis Of Presentation And Sig37
Basis Of Presentation And Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Net sales | $ 1,314.9 | $ 1,264 | |
Operating Income (Loss) | $ 125.4 | 98.2 | |
Seasonal percentage of operating income | 60.00% | ||
Seasonal percentage of operating cash flows | 95.00% | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 86 | $ 18.5 | |
Venezuelan Operations [Member] | |||
Net sales | 21.9 | ||
Operating Income (Loss) | $ 7.5 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) | Apr. 15, 2016 | Oct. 22, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Mar. 15, 2034 | Jun. 15, 2019 | Sep. 15, 2018 | May. 04, 2016 |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 2,801,600,000 | $ 2,791,200,000 | |||||||
Acquisitions and acquisition-related activity | (21,000,000) | $ (2,000,000) | |||||||
Net sales | 1,314,900,000 | 1,264,000,000 | |||||||
Restructuring costs | 17,700,000 | 27,300,000 | |||||||
Operating Income (Loss) | 125,400,000 | 98,200,000 | |||||||
Business Combination, Consideration Transferred | $ 15,300,000,000 | ||||||||
Newell Rubbermaid Stockholder's estimated initial ownership % in Newell Brands | 55.00% | ||||||||
Jarden Stockholder and Convertible Noteholder's estimated initial ownership % in Newell Brands | 45.00% | ||||||||
Business Acquisition, Share Price | $ 44.33 | ||||||||
Elmer's Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | ||||||||
Acquisitions and acquisition-related activity | $ (571,400,000) | ||||||||
Cash Acquired from Acquisition | 16,800,000 | ||||||||
Net Monetary Assets Acquired | 24,500,000 | ||||||||
Intangible Assets Acquired | 262,000,000 | ||||||||
Goodwill, Gross | 371,500,000 | ||||||||
Finite-lived Intangible Assets Acquired | 42,000,000 | ||||||||
Indefinite-lived Intangible Assets Acquired | 220,000,000 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | $ 86,600,000 | ||||||||
Net sales | 44,600,000 | ||||||||
Restructuring costs | 6,600,000 | ||||||||
Business Acquisition, Transaction Costs | 1,700,000 | ||||||||
JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Net sales | 8,600,000,000 | ||||||||
Operating Income (Loss) | $ 508,000,000 | ||||||||
Acquisition and integration costs | $ 12,700,000 | ||||||||
Cost of Goods, Total [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Transaction Costs | 1,500,000 | ||||||||
Selling, General and Administrative Expenses [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Transaction Costs | $ 200,000 | ||||||||
TotalSharesofOutstandingEquityInterestsofJarden [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Sharesacquiredbusinesscombination | 219,700,000 | ||||||||
Jarden 1.875% Convertible Notes due 2018 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Principal amount of note | $ 500,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | ||||||||
Percentage of Jarden Convertible Notes Converted | 85.00% | ||||||||
Jarden 1.5% Convertible Notes due 2019 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Principal amount of note | $ 265,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||||||
Percentage of Jarden Convertible Notes Converted | 75.00% | ||||||||
Jarden 1.125% Convertible Notes due 2034 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Principal amount of note | $ 690,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | ||||||||
Percentage of Jarden Convertible Notes Converted | 83.00% | ||||||||
TotalCashConsiderationforOutstandingEquityInterestsofJarden [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 4,600,000,000 | ||||||||
TotalCashConsiderationforOutstandingEquityInterestsofJarden [Member] | Jarden Convertible Notes [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 800,000,000 | ||||||||
SharesofNewellRubbermaidCommonStockforeachShareofJardenCommonStock [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Share Conversion Ratio Upon Merger | 0.862 | ||||||||
TotalSharesofNewellRubbermaidCommonStockforeachShareofJardenCommonStock [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 189,400,000 | ||||||||
TotalSharesofNewellRubbermaidCommonStockforeachShareofJardenCommonStock [Member] | Jarden Convertible Notes [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 32,700,000 | ||||||||
TotalSharesofOutstandingEquityInterestsofJarden [Member] | Jarden Convertible Notes [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 37,900,000 | ||||||||
CashConsiderationforEachShareofJardenCommonStock [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 21 | ||||||||
Payment of Jarden Outstanding Debt [Member] | JardenAcqisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Repayments of Debt | 4,100,000,000 | ||||||||
Cash and Cash Equivalents [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | 5,400,000,000 | ||||||||
Equity Issued in Business Combination [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Consideration Transferred | $ 9,900,000,000 |
Discontinued Operations and D39
Discontinued Operations and Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | $ 0 | $ 17.3 | |
(Loss) income from discontinued operations before income taxes | (0.6) | (4.4) | |
Income tax (benefit) expense | (0.2) | (1.6) | |
(Loss) income from discontinued operations | (0.4) | (2.8) | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0.6 | 0 | |
Income (loss) from Discontinued Operations, Net of Tax | 0.2 | (2.8) | |
Net sales | $ 1,314.9 | $ 1,264 | |
Decor [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Decor business percentage of net sales to total company | 5.70% | 5.90% | |
Disposal Group, Including Discontinued Operation, Inventory | $ 32.2 | $ 35.3 | |
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets | 7.2 | 2 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 20.5 | 18.2 | |
Disposal Group, Including Discontinued Operation, Goodwill | 19.2 | 19.2 | |
Disposal Group, Including Discontinued Operation, Intangible Assets | 23.7 | 23.7 | |
Assets of Disposal Group, Including Discontinued Operation | 102.8 | 98.4 | |
Disposal Group, Including Discontinued Operation, Accounts Payable | 36.1 | 34.8 | |
Disposal Group, Including Discontinued Operation, Other Liabilities | 8.6 | 8.5 | |
Disposal Group, Including Discontinued Operation, Liabilities | 44.7 | $ 43.3 | |
Decor [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Estimated sales price, business held for sale | $ 270 |
Stockholders' Equity and Accu40
Stockholders' Equity and Accumulated Other Comprehensive Income (Loss) (Narrative) (Details) - USD ($) $ in Millions | 30 Months Ended | |
Jan. 31, 2014 | Mar. 31, 2016 | |
Stock Repurchase Program, Period in Force | 3 years | |
Share Repurchase Plan [Member] | ||
Stock Repurchase Program, Authorized Amount | $ 1,100 | |
Stock Repurchase Program, Remaining Value Authorized to be Repurchased | $ 255.9 |
Stockholders' Equity And Accu41
Stockholders' Equity And Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Balance at Beginning of Period, Foreign Currency Translation Loss | $ (411.7) | $ (287.8) | ||
Other Comprehensive Loss, Foreign Currency Transaction and Translation (Loss) Gain Arising During Period, Net of Tax | 10.9 | [1] | (105.5) | [2] |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment Realized upon Sale or Liquidation, Net of Tax | 0 | 0 | ||
Current period change, Foreign Currency Translation loss | 10.9 | (105.5) | ||
Balance at End of Period, Foreign Currency Translation Loss | (400.8) | (393.3) | ||
Balance at Beginning of Period, Unrecognized Pension & Other Postretirement Costs, net of tax | (422.3) | (511.7) | ||
Other Comprehensive Income, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 4.3 | 7.2 | ||
Other Comprehensive Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 2.4 | 4 | ||
Current period change, Unrecognized Pension & Other Postretirement Costs, net of tax | 6.7 | 11.2 | ||
Balance at End of Period, Unrecognized Pension & Other Postretirement Costs, net of tax | (415.6) | (500.5) | ||
Balance at Beginning of Period, Derivative Hedging Gain, net of tax | 0.2 | 5.1 | ||
Other Comprehensive Income, Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (68.7) | 4.2 | ||
Other Comprehensive Income, Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 10.7 | (3.1) | ||
Current period change, Derivative Hedging Income (Loss), net of tax | (58) | 1.1 | ||
Balance at End of Period, Derivative Hedging Gain, net of tax | (57.8) | 6.2 | ||
Balance at Beginning of Period, Accumulated Other Comprehensive Loss | (833.8) | (794.4) | ||
Other Comprehensive Loss, Before Reclassifications, Net of Tax | (53.5) | (94.1) | ||
Other Comprehensive Income, Reclassifications To Earnings, Net Of Tax | 13.1 | 0.9 | ||
Current period change, Accumulated Other Comprehensive Loss | (40.4) | (93.2) | ||
Balance at End of Period, Accumulated Other Comprehensive Loss | (874.2) | (887.6) | ||
Other Comprehensive Loss, Foreign Currency Translation Adjustment Long Term Intercompany Loans, Net Of Tax | $ 0.5 | $ (24.2) | ||
[1] | Includes foreign exchange gains of $0.5 million arising during the three months ended March 31, 2016 associated with intercompany loans designated as long-term. | |||
[2] | Includes foreign exchange losses of $24.2 million arising during the three months ended March 31, 2015 associated with intercompany loans designated as long-term. |
Stockholders' Equity And Accu42
Stockholders' Equity And Accumulated Other Comprehensive Income Schedule of Reclassifications Out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Other Comprehensive Income, Amortization, Pension and Other Postretirement Benefit Plans, Net Prior Service Cost Recognized in Net Periodic Benefit Cost, before Tax | [1] | $ (1.2) | $ (1.7) |
Other Comprehensive Loss, Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | [1] | 4.7 | 7.4 |
Other Comprehensive Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 3.5 | 5.7 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | (1.1) | (1.7) | |
Other Comprehensive Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | 2.4 | 4 | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | 10.3 | (4.1) | |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 0.4 | 1 | |
Other Comprehensive Income, Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | 10.7 | (3.1) | |
Foreign Exchange Contract [Member] | Cost of Products Sold [Member] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | (1.7) | (4.3) | |
Cross Currency Interest Rate Swap [Member] | Other Expense [Member] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | 11.8 | 0 | |
Forward Interest Rate Swaps [Member] | Interest Expense [Member] | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI on Derivatives, before Tax | $ 0.2 | $ 0.2 | |
[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 months ended March 31, 2016 and 2015. See Footnote 9 for further details. |
Restructuring Costs (Narrative)
Restructuring Costs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 75 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2017 | |
Cash paid for restructuring activities | $ 15 | $ 14.7 | |
Project Renewal [Member] | |||
Expected completion year | Dec. 31, 2017 | ||
Minimum [Member] | Project Renewal [Member] | |||
Expected cumulative restructuring and other costs | 690 | ||
Restructuring and Restructuring Related Cost, Expected Cash Cost | $ 645 | ||
Restructuring Costs as a percentage of total costs | 60.00% | ||
Maximum [Member] | Project Renewal [Member] | |||
Expected cumulative restructuring and other costs | $ 725 | ||
Restructuring and Restructuring Related Cost, Expected Cash Cost | $ 675 | ||
Restructuring Costs as a percentage of total costs | 70.00% |
Restructuring Costs (Schedule O
Restructuring Costs (Schedule Of Restructuring Costs Recognized) (Details) - USD ($) $ in Millions | 3 Months Ended | 54 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | |
Restructuring costs | $ 17.7 | $ 27.3 | |
Project Renewal [Member] | |||
Restructuring costs | 11.1 | 27.3 | $ 320.9 |
Project Renewal [Member] | Facility Exit Costs and Other [Member] | |||
Restructuring costs | 0.3 | 0.3 | 27.7 |
Project Renewal [Member] | Employee Severance, Termination Benefits And Relocation Costs [Member] | |||
Restructuring costs | (1.5) | 18.9 | 217 |
Project Renewal [Member] | Contract Termination [Member] | |||
Restructuring costs | $ 12.3 | $ 8.1 | $ 76.2 |
Restructuring Costs (Restructur
Restructuring Costs (Restructuring Reserves By Cost Type) (Details) - USD ($) $ in Millions | 3 Months Ended | 54 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | |
Restructuring costs | $ 17.7 | $ 27.3 | |
Project Renewal [Member] | |||
Beginning Balance | 66.6 | ||
Restructuring costs | 11.1 | 27.3 | $ 320.9 |
Costs Incurred | (14.7) | ||
Ending Balance | 63 | 63 | |
Project Renewal [Member] | Facility Exit Costs and Other [Member] | |||
Beginning Balance | 0 | ||
Restructuring costs | 0.3 | 0.3 | 27.7 |
Costs Incurred | (0.3) | ||
Ending Balance | 0 | 0 | |
Project Renewal [Member] | Employee Severance, Termination Benefits And Relocation Costs [Member] | |||
Beginning Balance | 49.3 | ||
Restructuring costs | (1.5) | 18.9 | 217 |
Costs Incurred | (11.9) | ||
Ending Balance | 35.9 | 35.9 | |
Project Renewal [Member] | Contract Termination [Member] | |||
Beginning Balance | 17.3 | ||
Restructuring costs | 12.3 | $ 8.1 | 76.2 |
Costs Incurred | (2.5) | ||
Ending Balance | $ 27.1 | $ 27.1 |
Restructuring Costs (Restruct46
Restructuring Costs (Restructuring Reserves By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 54 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | |
Restructuring costs | $ 17.7 | $ 27.3 | |
Writing [Member] | |||
Restructuring costs | 11.1 | 2.8 | |
Home Solutions [Member] | |||
Restructuring costs | 0.6 | 4.8 | |
Tools [Member] | |||
Restructuring costs | 1.4 | 0 | |
Commercial Products [Member] | |||
Restructuring costs | 0 | 0.5 | |
Baby & Parenting Segment [Member] | |||
Restructuring costs | 4.1 | 0 | |
Corporate [Member] | |||
Restructuring costs | 0.5 | 19.2 | |
Project Renewal [Member] | |||
Beginning Balance | 66.6 | ||
Restructuring costs | 11.1 | $ 27.3 | $ 320.9 |
Restructuring Reserve Settled | (14.7) | ||
Ending Balance | 63 | 63 | |
Project Renewal [Member] | Writing [Member] | |||
Beginning Balance | 14 | ||
Restructuring costs | 4.8 | ||
Restructuring Reserve Settled | (0.5) | ||
Ending Balance | 18.3 | 18.3 | |
Project Renewal [Member] | Home Solutions [Member] | |||
Beginning Balance | 5.1 | ||
Restructuring costs | 0.3 | ||
Restructuring Reserve Settled | (0.9) | ||
Ending Balance | 4.5 | 4.5 | |
Project Renewal [Member] | Tools [Member] | |||
Beginning Balance | 4.3 | ||
Restructuring costs | 1.4 | ||
Restructuring Reserve Settled | (1) | ||
Ending Balance | 4.7 | 4.7 | |
Project Renewal [Member] | Commercial Products [Member] | |||
Beginning Balance | 3.8 | ||
Restructuring costs | 0 | ||
Restructuring Reserve Settled | (2.1) | ||
Ending Balance | 1.7 | 1.7 | |
Project Renewal [Member] | Baby & Parenting Segment [Member] | |||
Beginning Balance | 0 | ||
Restructuring costs | 4.1 | ||
Restructuring Reserve Settled | (0.1) | ||
Ending Balance | 4 | 4 | |
Project Renewal [Member] | Corporate [Member] | |||
Beginning Balance | 39.4 | ||
Restructuring costs | 0.5 | ||
Restructuring Reserve Settled | (10.1) | ||
Ending Balance | $ 29.8 | $ 29.8 |
Restructuring Costs (Schedule47
Restructuring Costs (Schedule Of Restructuring Costs Recognized By Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring costs | $ 17.7 | $ 27.3 |
Writing [Member] | ||
Restructuring costs | 11.1 | 2.8 |
Home Solutions [Member] | ||
Restructuring costs | 0.6 | 4.8 |
Tools [Member] | ||
Restructuring costs | 1.4 | 0 |
Commercial Products [Member] | ||
Restructuring costs | 0 | 0.5 |
Baby & Parenting Segment [Member] | ||
Restructuring costs | 4.1 | 0 |
Corporate Segment [Member] | ||
Restructuring costs | $ 0.5 | $ 19.2 |
Inventories, Net (Components Of
Inventories, Net (Components Of Net Inventories) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory, Net [Abstract] | ||
Inventory, Raw Materials and Supplies, Net of Reserves | $ 122.9 | $ 117.3 |
Inventory, Work in Process, Net of Reserves | 131.8 | 108 |
Inventory, Finished Goods, Net of Reserves | 616.8 | 496.5 |
Inventories, net | $ 871.5 | $ 721.8 |
Debt (Summary Of Outstanding De
Debt (Summary Of Outstanding Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Medium-term notes | $ 8,388.1 | $ 2,674.1 |
Total debt | 2,223.5 | 0 |
Commercial paper | 433.5 | 0 |
Receivables facility | 300 | 350 |
Other debt | 30.2 | 33.8 |
Debt, Long-term and Short-term, Combined Amount | 11,375.3 | 3,057.9 |
Short-term debt | 762.8 | 382.9 |
Current portion of long-term debt | 5.9 | 5.9 |
Long-term debt | 10,606.6 | 2,669.1 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 86 | $ 18.5 |
Debt (Interest Rate Swaps) (Det
Debt (Interest Rate Swaps) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Mark-to-market adjustments | $ 16.2 | $ (3.1) | |
Reduction of interest expense | 3.2 | $ 3.4 | |
Interest Rate Swaps [Member] | |||
Principal amount of note | $ 596 |
Debt (Medium-Term Notes) (Detai
Debt (Medium-Term Notes) (Details) - USD ($) | Apr. 01, 2046 | Apr. 01, 2036 | Apr. 01, 2026 | Apr. 01, 2023 | Apr. 01, 2021 | Mar. 29, 2019 | Oct. 15, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Proceeds from Issuance of Long-term Debt | $ 7,931,200,000 | $ 0 | ||||||||
$8.0 Billion Senior Unsecured Notes [Member] | ||||||||||
Principal amount of note | 8,000,000,000 | |||||||||
Proceeds from Issuance of Long-term Debt | 7,900,000,000 | |||||||||
2.60% Senior Notes due 2019 [Member] | ||||||||||
Principal amount of note | $ 1,000,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.60% | |||||||||
Maturity date | Mar. 29, 2019 | |||||||||
3.15% Senior Notes due 2021 [Member] | ||||||||||
Principal amount of note | $ 1,000,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.15% | |||||||||
Maturity date | Apr. 1, 2021 | |||||||||
3.85% Senior Notes due 2023 [Member] | ||||||||||
Principal amount of note | $ 1,750,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |||||||||
Maturity date | Apr. 1, 2023 | |||||||||
4.20% Senior Notes due 2026 [Member] | ||||||||||
Principal amount of note | $ 2,000,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.20% | |||||||||
Maturity date | Apr. 1, 2026 | |||||||||
5.375% Senior Notes due 2036 [Member] | ||||||||||
Principal amount of note | $ 500,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | |||||||||
Maturity date | Apr. 1, 2036 | |||||||||
5.5% Senior Notes due 2046 [Member] | ||||||||||
Principal amount of note | $ 1,750,000,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||
Maturity date | Apr. 1, 2046 | |||||||||
2.15% 2018 Note and 3.9% 2025 Note [Member] | ||||||||||
Principal amount of note | $ 600,000,000 | |||||||||
Proceeds from Issuance of Long-term Debt | $ 594,600,000 | |||||||||
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 | Oct. 31, 2016 | Mar. 31, 2016 | Apr. 15, 2016 | Dec. 31, 2015 |
Receivables facility | $ 300 | $ 350 | ||
Receivables Facility [Member] | ||||
Maximum borrowing capacity | $ 400 | |||
Debt Instrument, Maturity Date | Aug. 1, 2016 | |||
Accounts receivable as collateral for receivables facility | $ 796 | |||
Receivables facility | $ 300 | |||
JardenReceiablesFacility [Member] | ||||
Receivables facility | $ 500 | |||
JardenReceiablesFacility [Member] | ||||
Debt Instrument, Maturity Date | Oct. 1, 2016 |
Debt (Revolving Credit Facility
Debt (Revolving Credit Facility And Commercial Paper) (Details) - USD ($) $ in Millions | Jan. 01, 2021 | Mar. 31, 2016 | Dec. 31, 2015 |
Outstanding commercial paper obligations | $ 433.5 | $ 0 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,750 | ||
Revolving credit facility expiration date | Jan. 1, 2021 | ||
Line of Credit Facility, Current Borrowing Capacity | 1,250 | ||
Letter Of Credit Maximum Capacity Value | 100 | ||
Line of Credit Facility, Competitive Bid Loans, Max | 500 | ||
Outstanding commercial paper obligations | 433.5 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 816.5 |
Debt Debt (Bridge Credit Facili
Debt Debt (Bridge Credit Facility) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Loss (Gain) on Extinguishment of Debt | $ 45.9 | $ 0 | |
Bridge Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 10,500 | ||
Debt Instrument, Fee Amount | $ 45.9 | ||
Loss (Gain) on Extinguishment of Debt | $ 45.9 |
Debt (Term Loan) (Details)
Debt (Term Loan) (Details) - $1.5 Billion Term Loan Credit Agreement [Member] - USD ($) $ in Billions | Apr. 30, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 15, 2016 | Jan. 26, 2016 |
Loans Payable to Bank | $ 1.5 | $ 1.5 | ||||
Maturity date | Apr. 30, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |||||
Percentage of debt repayment in next twelve months | 5.00% | 5.00% | ||||
Percentage of debt repayment in third year | 45.00% | 45.00% |
Debt Debt (Notes Exchange) (Det
Debt Debt (Notes Exchange) (Details) | Nov. 01, 2023 | Oct. 01, 2021 | Apr. 15, 2016EUR (€) | Apr. 15, 2016USD ($) | Apr. 15, 2016USD ($) |
3.75% Senior Exchange Notes due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of note | € | € 300,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | |||
Debt Instrument, Maturity Date | Oct. 1, 2021 | ||||
Newell Exchange Notes | € | € 271,900,000 | ||||
5% Senior Exchange Notes due 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of note | $ | $ 300,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | 5.00% | |||
Debt Instrument, Maturity Date | Nov. 1, 2023 | ||||
Newell Exchange Notes | $ | $ 295,100,000 | ||||
3.75% Senior Exchange Remaining Jarden Notes due 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of note | € | € 28,100,000 | ||||
5% Senior Exchange Remaining Jarden Notes due 2023 [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Principal amount of note | $ | $ 4,900,000 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Jan. 26, 2016 | Dec. 31, 2015 | |
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 | $ 10 | ||
Cross Currency Interest Rate Contract [Member] | Maximum [Member] | |||
Derivative, Term of Contract | 3 years | ||
Cross Currency Interest Rate Swap [Member] | |||
Derivative, Notional Amount | $ 185.2 | ||
Foreign Exchange Forward [Member] | Maximum [Member] | |||
Derivative, Term of Contract | 18 months | ||
Interest Rate Swaps [Member] | |||
Derivative, Notional Amount | $ 596 | ||
Interest Rate Swaps [Member] | Minimum [Member] | |||
Derivative, Term of Contract | 5 years | ||
Interest Rate Swaps [Member] | Maximum [Member] | |||
Derivative, Term of Contract | 10 years | ||
Forward Starting Interest Rate Swaps [Member] | |||
Derivative Liability, Notional Amount | $ 1,300 | $ 1,000 | |
Derivative Instruments, Loss recognized in OCI, Effective Portion | $ (91.2) | ||
Total 2015 and 2016 Forward Starting Interest Rate Swaps [Member] | |||
Derivative Liability, Notional Amount | $ 2,300 | ||
United States [Member] | Foreign Exchange Contract [Member] | |||
Derivative, Notional Amount | 179.5 | ||
Total International [Member] | Foreign Exchange Contract [Member] | |||
Derivative, Notional Amount | $ 5.9 |
Derivatives (Schedule Of Outsta
Derivatives (Schedule Of Outstanding Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative Asset, Fair Value, Gross Asset | $ 17.6 | $ 9.5 |
Derivative Liability, Fair Value, Gross Liability | 14.4 | 13.5 |
Forward Starting Interest Rate Swaps [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 3.2 | |
Cross Currency Interest Rate Contract [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.6 |
Cross Currency Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 12.8 | 3.3 |
Foreign Exchange Contract [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 1.3 | 6.6 |
Foreign Exchange Contract [Member] | Other Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 1.6 | 0.1 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Other Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 1.6 |
Fair Value, Inputs, Level 2 [Member] | Forward Starting Interest Rate Swaps [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.1 |
Fair Value, Inputs, Level 2 [Member] | Forward Starting Interest Rate Swaps [Member] | Other Accrued Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | 3.2 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 16.2 | 2.2 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | Other Noncurrent Liabilities [Member] | ||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 5.3 |
Derivatives (Fair Value Hedges)
Derivatives (Fair Value Hedges) (Details) - Interest Expense, Net [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Rate Swaps [Member] | ||
Amount of gain (loss) recognized in income | $ 19.3 | $ 11.2 |
Fixed Rate Debt [Member] | ||
Amount of gain (loss) recognized in income | $ (19.3) | $ (11.2) |
Derivatives (Cash Flow Hedges R
Derivatives (Cash Flow Hedges Reclassified From AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ (10.3) | $ 4.1 |
Total Cash Flow Hedge activity [Member] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (10.3) | 4.1 |
Cross Currency Interest Rate Swap [Member] | Other Expense [Member] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (11.8) | 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 | 1.7 | 4.3 |
Forward Interest Rate Swaps [Member] | Interest Expense, Net [Member] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ (0.2) | $ (0.2) |
Derivatives Derivatives (Cash F
Derivatives Derivatives (Cash Flow Hedges Recognized In AOCI) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (103.2) | $ 8.4 |
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 | (10.1) | 0 |
Forward Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (88.1) | 0 |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (5.2) | 5.8 |
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 | $ 0.2 | $ 2.6 |
Employee Benefit And Retireme62
Employee Benefit And Retirement Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Benefit Arrangement, Employer Contributions | $ 16.4 | $ 16.4 |
Primary U.S. Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 70 |
Employee Benefit And Retireme63
Employee Benefit And Retirement Plans (Schedule Of Company's Pension Cost And Supplemental Retirement Plans) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
United States Pension Plan of US Entity [Member] | ||
Service cost-benefits earned during the period | $ 0.7 | $ 0.8 |
Interest cost on projected benefit obligation | 7.6 | 10.3 |
Expected return on plan assets | (11.4) | (14.4) |
Amortization of Prior Service Cost (Benefit) and Actuarial Losses (Gains), Net | 5.4 | 6.8 |
Net periodic pension cost | 2.3 | 3.5 |
International [Member] | ||
Service cost-benefits earned during the period | 1.3 | 1.5 |
Interest cost on projected benefit obligation | 4.6 | 5 |
Expected return on plan assets | (5.5) | (5.7) |
Amortization of Prior Service Cost (Benefit) and Actuarial Losses (Gains), Net | 0.7 | 0.9 |
Net periodic pension cost | $ 1.1 | $ 1.7 |
Employee Benefit And Retireme64
Employee Benefit And Retirement Plans (Schedule Of Other Postretirement Benefit Costs) (Details) - Other Postretirement Benefit Plan [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Service cost-benefits earned during the period | $ 0 | $ 0.1 |
Interest cost on projected benefit obligation | 0.5 | 0.8 |
Amortization of prior service benefit and actuarial loss, net | (2.6) | (1.9) |
Net periodic pension cost | $ (2.1) | $ (1) |
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 | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Computation of Earnings Per Share [Line Items] | |||
INCOME FROM CONTINUING OPERATIONS | $ 40.3 | $ 56.9 | |
Income (loss) from Discontinued Operations, Net of Tax | 0.2 | (2.8) | |
NET INCOME | 40.5 | 54.1 | |
Dividends and equivalents for share-based awards expected to be forfeited | 0 | 0 | |
Net income for basic and diluted earnings per share | $ 40.5 | $ 54.1 | |
Weighted-average shares outstanding | 267.7 | 268.9 | |
Share-based payment awards classified as participating securities | 1 | 1.6 | |
Denominator for basic earnings per share | 268.7 | 270.5 | |
Dilutive securities | [1] | 1.4 | 2.2 |
Denominator for diluted earnings per share | 270.1 | 272.7 | |
Income from Continuing Operations, Per Basic Share | $ 0.15 | $ 0.21 | |
Income (loss) from Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.01) | |
Basic earnings per share | 0.15 | 0.20 | |
Income from Continuing Operations, Per Diluted Share | 0.15 | 0.21 | |
Income (loss) from Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.01) | |
Diluted earnings per share | $ 0.15 | $ 0.20 | |
Antidilutive securities excluded from computation of EPS | 0.1 | 0.6 | |
[1] | Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding for the three months ended March 31, 2016 and 2015 exclude the weighted average effect of 0.1 million and 0.6 million outstanding restricted stock units, respectively, because the securities were anti-dilutive. |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pre-tax stock-based compensation | $ 9.9 | $ 6.8 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
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 | 1.2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (0.2) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, End of Period | 1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning of Period | $ 20 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, End of Period | $ 21 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 22 | $ 28.1 |
Restricted Stock And Restricted
Restricted Stock And Restricted Stock Units (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation [Abstract] | |
Outstanding at Beginning of Period, Shares | shares | 2.9 |
Vested, Shares | shares | (0.9) |
Outstanding at End of Period, Shares | shares | 2 |
Outstanding at Beginning of Period, Weighted-Average Grant date Fair Value | $ / shares | $ 34 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 26 |
Outstanding at End of Period, Weighted-Average Grant date Fair Value | $ / shares | $ 37 |
Stock-Based Compensation Perfor
Stock-Based Compensation Performance Based Restricted Stock Units (Details) - Performance Based Restricted Stock Units [Member] shares in Millions | 3 Months Ended |
Mar. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
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 | 1.1 |
Share Based Compensation Arrangement By Share Based Payment Award Performance Share Unit Award Level Nonvested At Period End Number | 1.2 |
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 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | $ 25.5 | $ 16.4 | |||
Derivative Asset, Fair Value, Gross Asset | 17.6 | 9.5 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 14.4 | 13.5 | |||
Derivative Liability, Fair Value, Gross Liability | 14.4 | 13.5 | |||
Cash and cash equivalents | 8,180.9 | 274.8 | $ 215.4 | $ 199.4 | |
Other assets | 293.4 | 273.4 | |||
Investment Securities, Including Mutual Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | [1] | 7.9 | 6.9 | ||
Forward Starting Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0.1 | ||||
Cross Currency Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0.6 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 12.8 | ||||
Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 16.2 | 2.2 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5.3 | ||||
Foreign Currency Derivatives [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 1.4 | 6.6 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1.6 | 1.7 | |||
Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Cash and cash equivalents | 2.9 | 2 | |||
Other Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other assets | 5 | 4.9 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 4.6 | 4.5 | |||
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] | 4.6 | 4.5 | ||
Fair Value, Inputs, Level 1 [Member] | Forward Starting Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 0 | ||||
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 | 0 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 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 | 20.9 | 11.9 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 14.4 | 13.5 | |||
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] | 3.3 | 2.4 | ||
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 | 0.6 | ||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 12.8 | ||||
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 | 16.2 | 2.2 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 5.3 | ||||
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 | 1.4 | 6.6 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1.6 | 1.7 | |||
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] | Forward Starting Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, Fair Value Disclosure | 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 | 0 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 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 | |||
Prepaid Expenses And Other [Member] | Fair Value, Inputs, Level 2 [Member] | Forward Starting Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0.1 | ||||
Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | 5.3 | |||
Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 16.2 | 2.2 | |||
Cross Currency Interest Rate Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3.3 | ||||
Cross Currency Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 12.8 | 3.3 | |||
Cross Currency Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||||
Cross Currency Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3.3 | ||||
Cross Currency Interest Rate Contract [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | ||||
Cross Currency Interest Rate Contract [Member] | Other Assets [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.6 | |||
Forward Starting Interest Rate Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 3.2 | ||||
Forward Starting Interest Rate Swaps [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||
Forward Starting Interest Rate Swaps [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | 0 | ||||
Forward Starting Interest Rate Swaps [Member] | Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Asset, Fair Value, Gross Asset | 0 | 0.1 | |||
Forward Starting Interest Rate Swaps [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative Liability, Fair Value, Gross Liability | $ 0 | $ 3.2 | |||
[1] | The values of investment securities, including mutual funds, are classified as cash and cash equivalents ($2.9 million and $2.0 million as of March 31, 2016 and December 31, 2015, respectively) and other assets ($5.0 million and $4.9 million as of March 31, 2016 and December 31, 2015, respectively). |
Fair Value Disclosures (Fair Va
Fair Value Disclosures (Fair Value Of Certain Financial Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair value of certain debt [Line Items] | ||
Long-term Debt, Fair Value | $ 2,660.7 | |
Long-term Debt | $ 2,223.5 | 0 |
Medium-term notes at Book Value | 8,388.1 | $ 2,674.1 |
Medum and Long Term Notes [Member] | ||
Fair value of certain debt [Line Items] | ||
Long-term Debt, Fair Value | 11,140 | |
Long-term Debt | $ 10,611.6 |
Segment Information (Company's
Segment Information (Company's Segments Results) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Net sales | $ 1,314.9 | $ 1,264 | ||
Restructuring costs | (17.7) | (27.3) | ||
Identifiable Assets | 15,332.8 | $ 7,259.5 | ||
Operating Income (Loss) | 125.4 | 98.2 | ||
Writing [Member] | ||||
Net sales | [1] | 378.8 | 341.8 | |
Restructuring costs | (11.1) | (2.8) | ||
Identifiable Assets | 1,382.7 | 1,286.5 | ||
Operating Income (Loss) | [2] | 83.8 | 82.4 | |
Home Solutions [Member] | ||||
Net sales | [1] | 372.1 | 364.5 | |
Restructuring costs | (0.6) | (4.8) | ||
Identifiable Assets | 816.4 | 776.7 | ||
Operating Income (Loss) | [2] | 36.1 | 38.5 | |
Tools [Member] | ||||
Net sales | [1] | 179.7 | 180.4 | |
Restructuring costs | (1.4) | 0 | ||
Identifiable Assets | 596.7 | 578.8 | ||
Operating Income (Loss) | [2] | 18.7 | 22.2 | |
Commercial Products [Member] | ||||
Net sales | [1] | 174.5 | 185.2 | |
Restructuring costs | 0 | (0.5) | ||
Identifiable Assets | 344.3 | 351.7 | ||
Operating Income (Loss) | [2] | 22.4 | 17 | |
Baby & Parenting Segment [Member] | ||||
Net sales | [1] | 209.8 | 192.1 | |
Restructuring costs | (4.1) | 0 | ||
Identifiable Assets | 474.4 | 485.1 | ||
Operating Income (Loss) | [2] | 23.1 | 0.5 | |
Corporate [Member] | ||||
Restructuring costs | (0.5) | (19.2) | ||
Identifiable Assets | [3] | 11,718.3 | $ 3,780.7 | |
Operating Income (Loss) | [2] | (41) | (35.1) | |
United States [Member] | ||||
Net sales | [1],[4] | 995.9 | 917.2 | |
Restructuring costs | (16.9) | (10.4) | ||
Operating Income (Loss) | [2],[5] | 98.7 | 76.5 | |
CANADA | ||||
Net sales | [1],[4] | 48.2 | 46.2 | |
Restructuring costs | (0.9) | (3) | ||
Operating Income (Loss) | [2],[5] | 6.5 | 5.3 | |
Total North America [Member] | ||||
Net sales | [1],[4] | 1,044.1 | 963.4 | |
Restructuring costs | (17.8) | (13.4) | ||
Operating Income (Loss) | [2],[5] | 105.2 | 81.8 | |
Europe, Middle East and Africa [Member] | ||||
Net sales | [1],[4] | 127.6 | 127.6 | |
Restructuring costs | (0.4) | (11.7) | ||
Operating Income (Loss) | [2],[5] | 17.4 | 8.6 | |
Latin America [Member] | ||||
Net sales | [1],[4] | 55.8 | 89.4 | |
Restructuring costs | 0.7 | (0.6) | ||
Operating Income (Loss) | [2],[5] | 1.1 | 4.7 | |
Asia Pacific [Member] | ||||
Net sales | [1],[4] | 87.4 | 83.6 | |
Restructuring costs | (0.2) | (1.6) | ||
Operating Income (Loss) | [2],[5] | 1.7 | 3.1 | |
Total International [Member] | ||||
Net sales | [1],[4] | 270.8 | 300.6 | |
Restructuring costs | 0.1 | (13.9) | ||
Operating Income (Loss) | [2],[5] | $ 20.2 | $ 16.4 | |
Wal-Mart Stores Inc. and Subsidiaries [Member] | ||||
Percentage of net sales | 12.70% | 9.60% | ||
[1] | All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 12.7% and 9.6% of consolidated net sales in the three months ended March 31, 2016 and 2015, 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, deferred tax assets and assets held for sale. | |||
[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 March 31, 2016 2015Restructuring Costs United States $16.9 $10.4Canada 0.9 3.0Total North America 17.8 13.4Europe, Middle East and Africa 0.4 11.7Latin America (0.7) 0.6Asia Pacific 0.2 1.6Total International (0.1) 13.9 $17.7 $27.3 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Other accrued liabilities | $ 625.7 | $ 728.9 |
Customer Accruals [Member] | ||
Other accrued liabilities | 266.7 | 314.8 |
Accruals For Manufacturing, Marketing And Freight Expenses [Member] | ||
Other accrued liabilities | 65.1 | 73 |
Accrued Self-Insurance Liabilities [Member] | ||
Other accrued liabilities | 60.5 | 61.9 |
Accrued Pension, Defined Contribution And Other Postretirement Benefits [Member] | ||
Other accrued liabilities | 23.6 | 35.2 |
Accrued Contingencies, Primarily Legal, Environmental And Warranty [Member] | ||
Other accrued liabilities | 24.8 | 24.3 |
Accrued Restructuring [Member] | ||
Other accrued liabilities | 70 | 67.4 |
Other Accrued Liabilities [Member] | ||
Other accrued liabilities | 108.3 | 84.9 |
Accrued income taxes [Member] | ||
Other accrued liabilities | $ 6.7 | $ 67.4 |
Litigation And Contingencies (D
Litigation And Contingencies (Details) shares in Millions | 3 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2014 | Apr. 15, 2016shares | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual, Product Liability, Net | $ 40,900,000 | $ 41,200,000 | ||
Approximate Number of Defective Merchandise Recalled | 4,000,000 | |||
Accrual for Environmental Loss Contingencies | 24,900,000 | |||
Estimated Present Value Of Long Term Obligation | $ 17,600,000 | |||
Accrual for Environmental Loss Contingencies, Discount Rate | 5.00% | |||
Undiscounted obligation value | $ 24,700,000 | |||
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | 23,200,000 | |||
Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | $ 29,100,000 | |||
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, Estimate of Possible Loss | $ 315,000,000 | |||
Lower Passaic River Matter [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 3,200,000,000 | |||
Lower Passaic River Maintenance costs [Member] | Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 500,000 | |||
Lower Passaic River Maintenance costs [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 1,800,000 | |||
Lower Passaic River Matter - Preferred Alternative [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 1,700,000,000 | |||
Lower Passaic River Matter - Preferred Alternative Maintenance costs [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 1,600,000 | |||
Lower Passaic River Matter-alternative range from participating parties [Member] | Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 28,000,000 | |||
Lower Passaic River Matter-alternative range from participating parties [Member] | Maximum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 2,700,000,000 | |||
Lower Passaic River Matter - Selected Remedy for the Preferred Alternative [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 1,380,000,000 | |||
NHTSA Safety Awareness - Total Cost [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 10,000,000 | |||
NHTSA - Safety Awareness [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency Accrual | 7,000,000 | |||
Amounts paid relating to $7M NHTSA consent order | 1,100,000 | |||
NHTSA - Other payments [Member] | ||||
Loss Contingencies [Line Items] | ||||
Payment made to NHTSA | 3,000,000 | |||
Jarden Merger Class Action [Member] | ||||
Loss Contingencies [Line Items] | ||||
Legal Fees | 575,000 | |||
Clean Air Act Labeling Matter [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | $ 100,000 | |||
Total Shares Jarden Dissenting Stockholders [Member] | ||||
Loss Contingencies [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | shares | 11.5 |