Document and Entity Information
Document and Entity Information - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | NWL | |
Entity Registrant Name | NEWELL BRANDS INC | |
Entity Central Index Key | 814,453 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 490.1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 4,054.6 | $ 3,858.6 | $ 7,320.9 | $ 5,173.5 |
Cost of products sold | 2,579.3 | 2,762.9 | 4,728.4 | 3,572.2 |
Gross margin | 1,475.3 | 1,095.7 | 2,592.5 | 1,601.3 |
Selling, general and administrative expenses | 955.5 | 947 | 1,885 | 1,309.5 |
Restructuring costs | 30.5 | 11 | 43.8 | 28.7 |
Impairment of goodwill, intangibles and other assets | 66.2 | 84.6 | ||
Operating income | 423.1 | 137.7 | 579.1 | 263.1 |
Non-operating expenses: | ||||
Interest expense, net | 114.6 | 126.7 | 236.8 | 156.1 |
Loss on extinguishment of debt | 4.5 | 1.2 | 32.3 | 47.1 |
Other expense (income), net | 33.4 | (160.5) | (750.7) | (162) |
Income before income taxes | 270.6 | 170.3 | 1,060.7 | 221.9 |
Income tax expense | 47.6 | 34.5 | 199.2 | 45.8 |
Income from continuing operations | 223 | 135.8 | 861.5 | 176.1 |
Income (loss) from discontinued operations, net of tax | (0.6) | (0.4) | ||
Net income | $ 223 | $ 135.2 | $ 861.5 | $ 175.7 |
Weighted average shares outstanding: | ||||
Basic | 484.3 | 448.3 | 484.2 | 358.5 |
Diluted | 485.9 | 450.2 | 485.8 | 360.1 |
Basic: | ||||
Income from continuing operations | $ 0.46 | $ 0.30 | $ 1.78 | $ 0.49 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | 0.46 | 0.30 | 1.78 | 0.49 |
Diluted: | ||||
Income from continuing operations | 0.46 | 0.30 | 1.78 | 0.49 |
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 |
Net income | 0.46 | 0.30 | 1.78 | 0.49 |
Dividends per share | $ 0.23 | $ 0.19 | $ 0.42 | $ 0.38 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 223 | $ 135.2 | $ 861.5 | $ 175.7 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 135.9 | (26.7) | 241.9 | (15.8) |
Unrecognized pension and other postretirement costs | (2.2) | 9.1 | (1.4) | 15.8 |
Derivative financial instruments | (10) | 10.6 | (20.7) | (47.4) |
Total other comprehensive income (loss), net of tax | 123.7 | (7) | 219.8 | (47.4) |
Comprehensive income | $ 346.7 | $ 128.2 | $ 1,081.3 | $ 128.3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Cash and cash equivalents | $ 780.2 | $ 587.5 |
Accounts receivable, net | 2,988.7 | 2,746.9 |
Inventories, net | 2,649.5 | 2,116 |
Prepaid expenses and other | 353.3 | 288.4 |
Assets held for sale | 359.2 | 1,745.7 |
Total current assets | 7,130.9 | 7,484.5 |
Property, plant and equipment, net | 1,653.2 | 1,543.4 |
Goodwill | 10,461.9 | 10,218.9 |
Other intangible assets, net | 14,266.6 | 14,111.8 |
Deferred income taxes | 39.3 | 95.3 |
Other assets | 398.1 | 383.6 |
Total assets | 33,950 | 33,837.5 |
Liabilities: | ||
Accounts payable | 1,719 | 1,518.9 |
Accrued compensation | 226.9 | 365.8 |
Other accrued liabilities | 1,507.1 | 1,464.9 |
Short-term debt and current portion of long-term debt | 1,221 | 601.9 |
Liabilities held for sale | 117.3 | 340.5 |
Total current liabilities | 4,791.3 | 4,292 |
Long-term debt | 10,172.8 | 11,290.9 |
Deferred income taxes | 4,930.3 | 5,082.8 |
Other noncurrent liabilities | 1,777.4 | 1,787.4 |
Total liabilities | 21,671.8 | 22,453.1 |
Commitments and contingencies (footnote 18) | ||
Stockholders' equity: | ||
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at June 30, 2017 and December 31, 2016) | ||
Common stock (800 authorized shares, $1.00 par value 506.3 shares and 504.8 shares issued at June 30, 2017 and December 31, 2016, respectively) | 506.3 | 504.8 |
Treasury stock, at cost (22.9 and 22.3 shares at June 30, 2017 and December 31, 2016, respectively): | (572.8) | (545.3) |
Additional paid-in capital | 10,189.2 | 10,144.2 |
Retained earnings | 2,946.7 | 2,289.9 |
Accumulated other comprehensive loss | (825) | (1,044.8) |
Stockholders' equity attributable to parent | 12,244.4 | 11,348.8 |
Stockholders' equity attributable to noncontrolling interests | 33.8 | 35.6 |
Total stockholders' equity | 12,278.2 | 11,384.4 |
Total liabilities and stockholders' equity | $ 33,950 | $ 33,837.5 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
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 |
Common stock, par or stated value per share | $ 1 | $ 1 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 506,300,000 | 504,800,000 |
Treasury stock, shares | 22,900,000 | 22,300,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 861.5 | $ 175.7 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 320 | 169.2 |
Impairment of goodwill, intangibles and other assets | 84.6 | |
Net gain from sale of businesses | (758.1) | (161.9) |
Loss on extinguishment of debt | (1.9) | 47.1 |
Deferred income taxes | (60.9) | 60.1 |
Stock-based compensation expense | 39.7 | 29.1 |
Other, net | 6.2 | 11.3 |
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures: | ||
Accounts receivable | (49.4) | (255.8) |
Inventories | (498.8) | 314.6 |
Accounts payable | 177.2 | 243.3 |
Accrued liabilities and other | (361.1) | (296.8) |
Net cash provided by (used) in operating activities | (241) | 335.9 |
Cash flows from investing activities: | ||
Proceeds from sale of divested businesses | 1,901.7 | 236.4 |
Acquisitions and acquisition-related activities | (557.6) | (8,597.7) |
Capital expenditures | (191.2) | (163.9) |
Other investing activities | 5.4 | 6.5 |
Net cash provided by (used in) investing activities | 1,158.3 | (8,518.7) |
Cash flows from financing activities:: | ||
Net short-term debt | 620.1 | 47.2 |
Proceeds from issuance of debt, net of debt issuance costs | 9,414.6 | |
Payments on long-term debt | (1,159.5) | (750) |
Cash dividends | (204.3) | (145) |
Equity compensation activity and other, net | (19.8) | (17.9) |
Net cash provided by (used in) financing activities | (763.5) | 8,548.9 |
Exchange rate effect on cash and cash equivalents | 38.9 | (13.6) |
Increase in cash and cash equivalents | 192.7 | 352.5 |
Cash and cash equivalents at beginning of period | 587.5 | 274.8 |
Cash and cash equivalents at end of period | $ 780.2 | 627.3 |
Supplemental non-cash disclosures: | ||
Common stock issued for Jarden Acquisition | 9,480.3 | |
Debt assumed, at fair value, in the Jarden Acquisition | $ 1,124 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Footnote 1 — 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 (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair presentation of the financial position and the results of operations of the Company. It is recommended that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow 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. 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 tends to generate the majority of its operating cash flow in the third and fourth quarters 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 of operations for the three months ended June 30, 2017 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2017. 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 606 — Revenue Recognition,” Revenue from Contracts with Customers” In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, 2014-09. 2016-12 ASU 2014-09 2016-12 The standard permits two methods of adoption, either retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company has decided to use the modified retrospective transition method for ASC 606 adoption on January 1, 2018. The Company is currently evaluating the effect that the updated standard will have on the Company’s financial statements and related disclosures. To that end, the Company has identified a project manager as well as an implementation project team. The Company has completed the assessment process for all of its business units and is currently in the design phase and expects to complete this process during the third quarter of 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use 2016-02 2016-02 In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” 2017-07 2017-07 2017-07 2017-07 2017-17 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. Adoption of New Accounting Guidance In March 2016, the FASB issued ASU No. 2016-09, 2016-09 mark-to-market In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, first-in, first-out 2015-11 Other Items The Company holds a 23.4% investment in Sprue Aegis (“Sprue”). During the three and six months ended June 30, 2017 and 2016, the Company’s related party sales to Sprue were $8.7 million and $7.3 million, respectively, and $15.4 million and $7.3 million, respectively. During the six months ended June 30, 2017, the Company provided notification to Sprue of its election to terminate the distribution agreement on March 31, 2018. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Footnote 2 — Acquisitions 2017 Activity In January 2017, the Company acquired Smith Mountain Industries (“Smith Mountain”), a leading provider of premium home fragrance products, sold primarily under the WoodWick ® In April 2017, the Company acquired Sistema Plastics (“Sistema”), a leading New Zealand based manufacturer and marketer of innovative food storage containers with strong market shares and presence in Australia, New Zealand, U.K. and parts of continental Europe for a cash purchase price of approximately $472 million. Based on the Company’s preliminary independent valuation, which is subject to further refinement, the Company allocated the total purchase price, net of cash acquired, to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. Based on the purchase price allocation, net of cash acquired, the Company allocated approximately $39 million to identified net assets, $286 million to identified intangible assets and $147 million to goodwill. Net sales and operating income related to Sistema for the three and six months ended June 30, 2017 were not material. Sistema is included in the Live segment from the date of acquisition. 2016 Activity On April 15, 2016, 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”), among the Company, Jarden and two wholly-owned subsidiaries of the Company. Following the Jarden Acquisition, the Company was renamed Newell Brands Inc. Jarden was a leading, global consumer products company with leading brands, such as Yankee Candle ® Crock-Pot ® ® ® ® ® ® ® ® ® Pursuant to the Merger Agreement, each share of Jarden common stock was exchanged for 0.862 of a share of the Company’s common stock plus $21.00 in cash. The total merger consideration, including debt assumed, was approximately $18.7 billion. The aggregate consideration paid or payable to the Jarden shareholders and convertible note holders was approximately $15.3 billion and was comprised of a cash payment of approximately $5.4 billion, the issuance of 213.9 million common shares of the Company with a fair value of approximately $9.9 billion and accrued merger consideration of $627 million. The accrued merger consideration relates to approximately 9.1 million shares of the Company’s common stock that had not been issued and $222 million in cash that had not been paid as of June 30, 2017 for shares of Jarden common stock held by dissenting Jarden shareholders who exercised their dissenters’ appraisal rights and are seeking an appraisal of such shares. In July 2017, approximately 6.6 million shares of the Company’s common stock (representing the stock component of the merger consideration) were issued and approximately $162 million (representing the cash component of the merger consideration) was paid to certain dissenting shareholders pursuant to settlement agreements (see Footnote 18). The following unaudited pro forma financial information presents the combined results of operations of Newell Rubbermaid and Jarden for the three and six months ended June 30, 2016 as if the Jarden Acquisition had occurred on January 1, 2015. The unaudited pro forma financial information is not intended to represent or be indicative of the Company’s consolidated results of operations that would have been reported had the Jarden Acquisition been completed as of January 1, 2015 and should not be taken as indicative of the Company’s future consolidated results of operations. The Company expects to incur restructuring and other integration costs that are not included in the pro forma results of operations presented below. Pro forma adjustments are tax-effected (in millions, except per share data) Three Months June 30, 2016 Six Months June 30, 2016 Net sales $ 4,236.9 $ 7,567.1 Net income 374.2 315.6 Income loss per share: Basic $ 0.78 $ 0.66 Diluted $ 0.77 $ 0.65 The unaudited pro forma financial information for the three and six months ended June 30, 2016 includes $51.9 million and $104 million, respectively, for the amortization of acquired intangibles from the Jarden Acquisition based on the purchase price allocation, which was finalized during the second quarter of 2017. |
Discontinued Operations and Div
Discontinued Operations and Divestitures | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations and Divestitures | Footnote 3 — Discontinued Operations and Divestitures Discontinued Operations The following table provides a summary of amounts included in discontinued operations for the periods indicated (in millions): Three Months June 30, 2016 Six Months June 30, 2016 Net sales $ — $ — Loss from discontinued operations before income taxes (0.7 ) (1.3 ) Income tax benefit (0.1 ) (0.3 ) Loss from discontinued operations (0.6 ) (1.0 ) Net gain from sale of discontinued operations, net of tax — 0.6 Income (loss) from discontinued operations, net of tax $ (0.6 ) $ (0.4 ) The discontinued operations for 2016 relate to the Company’s Endicia business whose operations were ceased in 2015. The consolidated results of operations for 2017 do not include discontinued operations. Divestitures During 2017, the Company sold its Rubbermaid ® ® ® ® ® On March 9, 2017 the Company completed the sale of its Tools business, including the Irwin ® ® ® In June 2016, the Company sold its Décor business, including Levolor ® ® Held for Sale During 2016, the Company committed to plans to divest several businesses and brands, some of which were disposed of during the six months ended June 30, 2017, to strengthen the portfolio to better align with the long-term growth plan. As of June 30, 2017 the remaining businesses and brands that were held for sale were as follows: the Winter Sports business, including the Völkl ® ® The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 (in millions): June 30, 2017 December 31, 2016 Accounts receivable, net $ 41.8 $ 164.4 Inventories, net 144.8 311.6 Prepaid expenses and other 23.0 24.3 Property, plant and equipment, net 84.8 224.9 Goodwill 23.7 762.5 Other intangible assets, net 28.0 244.5 Other assets 13.1 13.5 Total Assets $ 359.2 $ 1,745.7 Accounts payable $ 24.6 $ 88.2 Accrued compensation 21.6 35.3 Other accrued liabilities 56.7 81.6 Short-term debt and current portion long-term debt — 4.3 Other noncurrent liabilities 14.4 131.1 Total Liabilities $ 117.3 $ 340.5 Subsequent Event On July 14, 2017, the Company sold its Winter Sports business for a selling price of approximately $240 million, subject to working capital adjustments. For the three and six months ended June 30, 2017 and 2016, net sales from the Winter Sports business were not material. During the three and six months ended June 30, 2017, the Company recorded an impairment charge of $59.1 million related to the writedown of the carrying value of the net assets of the Winter Sports business based on the expected proceeds to be received. Of this impairment charge, $12.6 million related to the impairment of goodwill and $46.5 million related to the impairment of other intangible assets (see Footnote 8). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Footnote 4 — Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss The following tables display the changes in accumulated other comprehensive loss (“AOCI”) by component net of tax for the six months ended June 30, 2017 (in millions): Cumulative Pension and Postretirement Costs Derivative AOCI Balance at December 31, 2016 $ (607.9 ) $ (400.0 ) $ (36.9 ) $ (1,044.8 ) Other comprehensive (loss) income before reclassifications 177.5 (7.1 ) (18.3 ) 152.1 Amounts reclassified to earnings 64.4 5.7 (2.4 ) 67.7 Net current period other comprehensive income (loss) 241.9 (1.4 ) (20.7 ) 219.8 Balance at June 30, 2017 $ (366.0 ) $ (401.4 ) $ (57.6 ) $ (825.0 ) For the three and six months ended June 30, 2017 and 2016, reclassifications from AOCI to the results of operations for the Company’s pension and postretirement benefit plans were a pre-tax pre-tax The income tax (provision) benefit allocated to the components of other comprehensive income (loss) (“OCI”) for the periods indicated are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Foreign currency translation adjustments $ 2.9 $ — $ 1.1 $ — Unrecognized pension and postretirement costs (1.4 ) (1.0 ) (2.7 ) (2.3 ) Derivative financial instruments 2.2 (3.0 ) 6.6 31.9 Income tax (provision) benefit related to OCI $ 3.7 $ (4.0 ) $ 5.0 $ 29.6 |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Footnote 5 — Restructuring Costs Restructuring Costs 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. As part of the Jarden Acquisition, the Company initiated a comprehensive strategic assessment of the business and launched a new corporate strategy that focuses the portfolio, prioritizes investment in the categories with the greatest potential for growth, and extends the Company’s advantaged capabilities in insights, product design, innovation, and e-commerce to the broadened portfolio. The investments in new capabilities are designed to unlock the growth potential of the portfolio and will be funded by a commitment to release cost savings from 2016 to 2021 of approximately $1.3 billion through the combination of the completion of Project Renewal (approximately $300 million) and delivery of cost synergies associated with the Jarden integration (approximately $1 billion). This new corporate strategy is called the New Growth Game Plan and builds on the successful track record of growth acceleration, margin development, and value creation associated with the transformation of Newell Rubbermaid Inc. from 2011 through 2016. Project Renewal In April 2015, the Company committed to a further expansion of Project Renewal (the “April 2015 Expansion”). Project Renewal was initially launched in October 2011 to reduce the complexity of the organization and increase investment in growth platforms within the business. Under Project Renewal, the Company is simplifying and aligning its businesses around two key activities - Brand & Category Development and Market Execution & Delivery. Pursuant to an expansion of Project Renewal in October 2014, the Company is: (i) further streamlining its supply chain function, including reducing overhead and realigning the supply chain management structure; (ii) investing in value analysis and value engineering efforts to reduce product and packaging costs; (iii) reducing operational and manufacturing complexity in its Learn segment; and (iv) further streamlining its distribution and transportation functions. Under the April 2015 Expansion, the Company is further implementing additional activities designed to further streamline business partnering functions (e.g., Finance/IT, Legal and Human Resources), optimize global selling and trade marketing functions and rationalize the Company’s real estate portfolio. Project Renewal is expected to be complete by the end of 2017, and as a result, additional cash payments and savings will be realized thereafter. Restructuring costs incurred in connection with Project Renewal for the periods indicated are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Employee severance, termination benefits and relocation costs $ 1.0 $ (3.9 ) $ 1.6 $ (5.4 ) Exited contractual commitments and other 7.9 6.0 8.8 18.6 $ 8.9 $ 2.1 $ 10.4 $ 13.2 Accrued restructuring costs activity for Project Renewal for the six months ended June 30, 2017 is as follows (in millions): Balance at Restructuring Payments Balance at 2017 Employee severance, termination benefits and relocation costs $ 15.8 $ 1.6 $ (4.7 ) $ 12.7 Exited contractual commitments and other 17.4 8.8 (4.3 ) 21.9 $ 33.2 $ 10.4 $ (9.0 ) $ 34.6 Jarden Integration The Company currently expects to incur up to approximately $1.0 billion of restructuring and other costs through 2021 to integrate the legacy Newell Rubbermaid and Jarden businesses (the “Jarden Integration”). Initially, integration projects will primarily be focused on driving cost synergies in procurement, overhead functions and organizational changes designed to redefine the operating model of the Company from a holding company to an operating company. Restructuring costs associated with integration projects are expected to include employee-related cash costs, including severance, retirement and other termination benefits, and contract termination and other costs. In addition, other costs associated with the Jarden Integration are expected to include advisory and personnel costs for managing and implementing integration projects. Other Restructuring In addition to Project Renewal and the Jarden Integration the Company has incurred restructuring costs for various other restructuring activities. Accrued restructuring cost activity for the Jarden Integration and other restructuring for the six months ended June 30, 2017 is as follows (in millions): Balance at Restructuring Payments Balance at 2017 Employee severance, termination benefits and relocation costs $ 38.2 $ 30.4 $ (33.6 ) $ 35.0 Exited contractual commitments and other 0.5 3.0 (0.6 ) 2.9 $ 38.7 $ 33.4 $ (34.2 ) $ 37.9 Restructuring Costs Restructuring costs incurred by reportable business segment for all restructuring activities in continuing operations for the periods indicated are as follows (in millions): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Live $ 6.7 $ 0.9 $ 7.7 $ (0.6 ) Learn 1.7 3.5 5.8 5.1 Work 2.6 — 5.4 2.6 Play 6.3 — 9.0 0.3 Other 1.5 1.5 3.6 5.1 Corporate 11.7 5.1 12.3 16.2 $ 30.5 $ 11.0 $ 43.8 $ 28.7 |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Footnote 6 — Inventories, Net Inventories are stated at the lower of cost or market value and are comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, Raw materials and supplies $ 431.0 $ 350.7 Work-in-process 238.7 236.1 Finished products 1,979.8 1,529.2 Total inventories $ 2,649.5 $ 2,116.0 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Footnote 7 — Property, Plant and Equipment, Net Property, plant and equipment, net, is comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, Land $ 107.3 $ 108.4 Buildings and improvements 711.6 653.0 Machinery and equipment 2,632.5 2,454.6 3,451.4 3,216.0 Less: Accumulated depreciation (1,798.2 ) (1,672.6 ) $ 1,653.2 $ 1,543.4 Depreciation expense for continuing operations was $70.0 million and $67.0 million for the three months ended June 30, 2017 and 2016, respectively, and $139 million and $90.1 million for the six months ended June 30, 2017 and 2016, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Footnote 8 — Goodwill and Other Intangible Assets, Net Goodwill activity for the six months ended June 30, 2017 is as follows (in millions): Segment Balance at December 31, 2016 Acquisitions Other Impairment Foreign Balance at June 30, 2017 Live $ 3,639.9 $ 172.1 $ 22.1 $ — $ 19.6 $ 3,853.7 Learn 2,785.4 — 3.9 — 37.5 2,826.8 Work 1,871.0 — (16.9 ) — 16.2 1,870.3 Play 1,161.4 — (7.6 ) — 3.9 1,157.7 Other 761.2 — 7.4 (17.1 ) 1.9 753.4 $ 10,218.9 $ 172.1 $ 8.9 $ (17.1 ) $ 79.1 $ 10,461.9 (1) Comprised primarily of adjustments related to the Jarden Acquisition, whose purchase price allocation was finalized during the second quarter of 2017 (see Footnote 2). Other intangible assets, net are comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, 2016 Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Value Trade names — indefinite life $ 10,165.5 $ — $ 10,165.5 $ 9,935.1 $ — $ 9,935.1 Trade names — other 321.8 (46.0 ) 275.8 286.3 (34.2 ) 252.1 Capitalized software 535.9 (315.4 ) 220.5 482.0 (252.9 ) 229.1 Patents and intellectual property 248.4 (123.8 ) 124.6 227.9 (105.0 ) 122.9 Customer relationships and distributor channels 3,680.9 (288.1 ) 3,392.8 3,761.7 (204.0 ) 3,557.7 Other 134.9 (47.5 ) 87.4 25.9 (11.0 ) 14.9 $ 15,087.4 $ (820.8 ) $ 14,266.6 $ 14,718.9 $ (607.1 ) $ 14,111.8 (1) At June 30, 2017 the amount attributable to the Jarden Acquisition are as follows: trade names - indefinite life - $9.4 billion; trade names - other - $247 million; capitalized software - $63.0 million; patents and intellectual property - $99.1 million; customer relationships and distributor channels - $3.5 billion; and, other intangible assets - $124 million. The table below summarizes the Company’s amortization periods for other intangible assets, including capitalized software, as of June 30, 2017: Amortization Periods (in years) Trade names — indefinite life N/A Trade names — other 3–30 years Capitalized software 3–12 years Patents and intellectual property 3–14 years Customer relationships & distributor channels 3–30 years Other 3–5 years Amortization expense for intangible assets for continuing operations was $79.4 million and $59.4 million for the three months ended June 30, 2017 and 2016, respectively, and $181 million and $79.2 million for the six months ended June 30, 2017 and 2016, respectively. Amortization expense for the three and six months ended June 30, 2017 includes a measurement period expense (income) adjustment of ($2.8 million) and $13.6 million, respectively, related to the valuation of non-compete |
Other Accrued Liabilities
Other Accrued Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | Footnote 9 — Other Accrued Liabilities Other accrued liabilities are comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, Customer accruals $ 399.4 $ 432.4 Accruals for manufacturing, marketing and freight expenses 110.0 89.3 Accrued self-insurance liabilities, contingencies and warranty 293.4 370.3 Accrued income taxes 183.8 64.9 Accrued interest expense 101.2 108.5 Other 419.3 399.5 Other accrued liabilities $ 1,507.1 $ 1,464.9 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Footnote 10 — Debt Debt comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, 2.05% senior notes due 2017 $ 349.7 $ 349.4 6.25% senior notes due 2018 — 249.8 2.15% senior notes due 2018 299.2 298.9 2.60% senior notes due 2019 266.4 995.0 2.875% senior notes due 2019 348.3 347.9 4.70% senior notes due 2020 304.2 380.0 3.15% senior notes due 2021 992.6 991.7 3.75% senior notes due 2021 356.9 326.9 4.00% senior notes due 2022 248.6 248.5 3.85% senior notes due 2023 1,737.9 1,737.0 5.00% senior notes due 2023 313.1 314.1 4.00% senior notes due 2024 495.5 495.2 3.90% senior notes due 2025 297.0 296.8 4.20% senior notes due 2026 1,981.8 1,981.0 5.375% senior notes due 2036 494.8 494.7 5.50% senior notes due 2046 1,725.8 1,725.7 Term loan 299.7 399.5 Commercial paper 92.0 — Receivables facilities 728.4 187.4 Other debt 61.9 73.3 Total debt 11,393.8 11,892.8 Short-term debt and current portion of long-term debt (1,221.0 ) (601.9 ) Long-term debt $ 10,172.8 $ 11,290.9 Senior Notes In March 2017, the Company commenced cash tender offers (the “Tender Offers”) totaling approximately $1.06 billion for any and all of its 6.25% senior notes due 2018 and up to a maximum aggregate principal amount of certain of its other senior notes. In March 2017, pursuant to the Tender Offers the Company repurchased approximately $63 million aggregate principal amount of its 6.25% senior notes due 2018, approximately $733 million aggregate principal amount of its 2.6% senior notes due 2019 and approximately $76 million aggregate principal amount of its 4.7% senior notes due 2020 for total consideration, excluding accrued interest, of approximately $897 million. As a result of these debt extinguishments, the Company recorded a loss on the extinguishment of debt of $27.8 million during the first quarter of 2017, primarily comprised of prepayment premiums and a non-cash write-off In April 2017, the Company redeemed the remaining approximately $187 million aggregate principal amount of its 6.25% senior notes due 2018 for total consideration, excluding accrued interest of approximately $195 million. As a result of this debt extinguishment, the Company recorded a loss on the extinguishment of debt of $4.5 million during the three months ended June 30, 2017, primarily comprised of prepayment premiums, partially offset by the write-off Net Investment Hedge The Company has designated the €300.0 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. At June 30, 2017, $2.4 million of deferred losses have been recorded in AOCI. The fair values of the Company’s senior notes are based on quoted market prices and are as follows ( in millions June 30, 2017 December 31,2016 Fair Value Book Value Fair Value Book Value Senior notes $ 11,114.9 $ 10,211.8 $ 11,979.2 $ 11,234.1 The carrying amounts of all other significant debt approximates fair value. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Footnote 11 —Derivatives From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes. Interest Rate Contracts The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company may use fixed and floating rate swaps to alter its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. Floating rate swaps would be used, depending on market conditions, to convert the fixed rates of long-term debt into short-term variable rates. Fixed rate swaps would be used to reduce the Company’s risk of the possibility of increased interest costs. Interest rate swap contracts are therefore used by the Company to separate interest rate risk management from the debt funding decision. The cash paid and received from the settlement of interest rate swaps is included in interest expense. Fair Value Hedges At June 30, 2017, the Company had approximately $527 million notional amount of interest rate swaps that exchange a fixed rate of interest for variable rate (LIBOR) of interest plus a weighted average spread. These floating rate swaps are designated as fair value hedges against $277 million of principal on the 4.7% senior notes due 2020 and $250 million of principal on the 4.0% senior notes due 2024 for the remaining life of these notes. The effective portion of the fair value gains or losses on these swaps is offset by fair value adjustments in the underlying debt. Cross-Currency Contracts The Company uses cross-currency swaps to hedge foreign currency risk on certain intercompany financing arrangements with foreign subsidiaries. As of June 30, 2017, the notional value of outstanding cross-currency interest rate swaps was approximately $161 million. 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 effective portions of the changes in fair values of these cross-currency interest rate swap agreements are reported in AOCI and an amount is reclassified out of AOCI into other (income) expense, net, which is offset in the same period by the remeasurement in the carrying value of the underlying foreign currency intercompany financing arrangements being hedged. Foreign Currency Contracts The Company uses forward foreign currency contracts to mitigate the foreign currency exchange rate exposure on the cash flows related to forecasted inventory purchases and sales and have maturity dates through September 2018. The derivatives used to hedge these forecasted transactions that meet the criteria for hedge accounting are accounted for as cash flow hedges. The effective portion of the gains or losses on these derivatives is deferred as a component of AOCI and is recognized in earnings at the same time that the hedged item affects earnings and is included in the same caption in the statements of operations as the underlying hedged item. At June 30, 2017, the Company had approximately $476 million notional amount outstanding of forward foreign currency contracts that are designated as cash flow hedges of forecasted inventory purchases and sales. The Company also uses foreign currency contracts, primarily forward foreign currency contracts, to mitigate the foreign currency exposure of certain other foreign currency transactions. At June 30, 2017, the Company had approximately $2.0 billion notional amount outstanding of these foreign currency contracts that are not designated as effective hedges for accounting purposes and have maturity dates through November 2017. Fair market value gains or losses are included in the results of operations and are classified in other (income) expense, net. The following table presents the fair value of derivative financial instruments as of June 30, 2017 and December 31, 2016 (in millions): June 30, 2017 December 31, 2016 Fair Value of Derivatives Fair Value of Derivatives Asset (a) Liability (a) Asset (a) Liability (a) Derivatives designated as effective hedges: Cash flow hedges: Cross-currency swaps $ — $ 16.8 $ 0.7 $ 16.3 Foreign currency contracts 3.0 13.7 14.2 3.4 Fair value hedges: Interest rate swaps 1.2 4.5 — 5.9 Derivatives not designated as effective hedges: Foreign currency contracts 22.1 38.8 18.2 10.9 Commodity contracts 0.1 — 0.2 0.3 Total $ 26.4 $ 73.8 $ 33.3 $ 36.8 (a) Consolidated balance sheet location: Asset: Prepaid expenses and other, and other non-current Liability:Other accrued liabilities, and current and non-current The following tables presents gain and loss activity (on a pretax basis) for the three and six months ended June 30, 2017 and 2016 related to derivative financial instruments designated or previously designated, as effective hedges (in millions): Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized Recognized in OCI (a) (effective portion) Reclassified from AOCI to Income Recognized in OCI (a) (effective portion) Reclassified from AOCI to Income Interest rate swaps Interest expense, net $ — $ (2.1 ) $ — $ (2.4 ) Foreign currency contracts Sales and cost of sales (11.2 ) 4.2 13.0 (1.2 ) Cross-currency swaps Other income (expense), net 2.4 1.3 (15.5 ) (12.7 ) Total $ (8.8 ) $ 3.4 $ (2.5 ) $ (16.3 ) Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized Recognized in OCI (a) (effective portion) Reclassified from AOCI to Income Recognized in OCI (a) (effective portion) Reclassified from AOCI to Income Interest rate swaps Interest expense, net $ — $ (4.1 ) $ (88.1 ) $ (2.6 ) Foreign currency contracts Sales and cost of sales (23.0 ) 12.8 8.0 0.5 Cross-currency swaps Other income (expense), net (1.2 ) (5.6 ) (25.6 ) (24.5 ) Total $ (24.2 ) $ 3.1 $ (105.7 ) $ (26.6 ) (a) Represents effective portion recognized in OCI. The amount of ineffectiveness related to cash flow hedges during the three and six months ended June 30, 2017 and 2016 was not material. At June 30, 2017, deferred net losses of approximately $9 million within AOCI are expected to be reclassified to earnings over the next twelve months. During the three and six months ended June 30, 2017, the Company recognized expense of $11.0 million and $32.6 million, respectively, in other (income) expense, net, related to derivatives that are not designated as hedging instruments, which is mostly offset by foreign currency movement in the underlying exposure. During the three and six months ended June 30, 2016, the Company recognized expense of $3.3 million in other (income) expense, net, related to derivatives that are not designated as hedging instruments. |
Employee Benefit and Retirement
Employee Benefit and Retirement Plans | 6 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit and Retirement Plans | Footnote 12 — Employee Benefit and Retirement Plans The components of pension and postretirement benefit expense for the periods indicated, are as follows (in millions): Pension Benefits Three Months Ended June 30, U.S. International 2017 2016 2017 2016 Service cost $ 0.7 $ 0.7 $ 1.9 $ 1.8 Interest cost 12.6 12.5 3.4 4.9 Expected return on plan assets (18.3 ) (19.2 ) (4.7 ) (5.8 ) Amortization, net 5.9 5.4 0.6 0.7 Net periodic pension cost $ 0.9 $ (0.6 ) $ 1.2 $ 1.6 Six Months Ended June 30, U.S. International 2017 2016 2017 2016 Service cost $ 1.4 $ 1.4 $ 3.7 $ 3.1 Interest cost 25.3 20.1 6.7 9.5 Expected return on plan assets (36.7 ) (30.6 ) (9.2 ) (11.3 ) Amortization, net 11.8 10.8 1.2 1.4 Net periodic pension cost $ 1.8 $ 1.7 $ 2.4 $ 2.7 Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Service cost $ 0.1 $ — $ 0.1 $ — Interest cost 0.5 0.5 1.1 $ 1.0 Amortization, net (2.3 ) (2.6 ) (4.6 ) (5.2 ) Net periodic expense $ (1.7 ) $ (2.1 ) $ (3.4 ) $ (4.2 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Footnote 13 — 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 reported tax rate for the six months ended June 30, 2017 and 2016 was 18.8% and 20.6%, respectively . During the fourth quarter of 2016, the Company recorded $164 million of deferred tax expense related to its Tools business outside basis difference. During the three months ended March 31, 2017, the Company determined the outside basis difference in a U.S. entity included goodwill attributable to certain foreign subsidiaries, the result of which, was an overstatement of approximately $18 million of deferred tax expense during the fourth quarter of 2016. During the three months ended March 31, 2017, the Company corrected this difference through current period tax expense. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Footnote 14 — Earnings Per Share The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted-average shares outstanding 483.3 446.9 483.0 357.4 Share-based payment awards classified as participating securities 1.0 1.4 1.2 1.1 Basic weighted-average shares outstanding 484.3 448.3 484.2 358.5 Dilutive securities (1) 1.6 1.9 1.6 1.6 Diluted weighted-average shares outstanding 485.9 450.2 485.8 360.1 (1) For the three and six months ended June 31, 2017 and 2016 the amount of potentially dilutive securities that are excluded because their effect would be anti-dilutive are not material. As of June 30, 2017 there were 9.1 million shares of the Company’s common stock that had not been issued to the former holders of Jarden shares who are exercising their right to judicial appraisal under Delaware law. Absent consent by the Company, these dissenting shareholders are no longer entitled to the merger consideration, but are instead entitled only to the judicially determined fair value of their shares, plus interest accruing from the date of the Jarden Acquisition, payable in cash. However, it is possible that the Company could issue a consent to or reach agreement with one or more of these shareholders resulting in the issuance of Company shares (in lieu of or along with the payment of cash) in settlement of the dissenters’ claims. In July 2017, approximately 6.6 million shares of the Company’s common stock were issued to certain dissenting shareholders pursuant to settlement agreements (see Footnote 18). |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Footnote 15 — Stock-Based Compensation During the six months ended June 30, 2017, the Company awarded 1.4 million performance-based restricted stock units (RSUs), which had had an aggregate grant date fair value of $65.1 million and entitle the recipients to shares of the Company’s common stock at the end of a three-year vesting period. The actual number of shares that will ultimately vest is dependent on the level of achievement of the specified performance conditions. During the six months ended June 30, 2017, the Company also awarded 0.5 million time-based RSUs, which had an aggregate grant date fair value of $21.4 million and entitle recipients to shares of the Company’s common stock at the end of the specified vesting period. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Footnote 16 — Fair Value Disclosures Recurring Fair Value Measurements The following table presents the Company’s non-pension June 30, 2017 December 31, 2016 Fair Value Asset (Liability) Fair Value Asset (Liability) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives: Assets $ — $ 26.4 $ — $ 26.4 $ — $ 33.3 $ — $ 33.3 Liabilities — (73.8 ) — (73.8 ) — (36.8 ) — (36.8 ) Investment securities, including mutual funds 5.1 3.5 — 8.6 4.8 9.9 — 14.7 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 that are measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill, intangible assets and certain other assets. In the absence of a definitive sales price for these and similar types of assets, the Company generally uses projected cash flows, discounted as necessary, or market multiples to estimate the fair values of the impaired assets using key inputs such as management’s projections of cash flows on a held-and-used 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 debt and derivative instruments are disclosed in Footnote 10 and Footnote 11, respectively. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Footnote 17 — Segment Information In order to align reporting with the company’s New Growth Game Plan strategy and organization structure, effective January 1, 2017 the Company is reporting its financial results in five segments as Live, Learn, Work, Play and Other. This new structure reflects the manner in which the chief operating decision maker regularly assesses information for decision-making purposes, including the allocation of resources. All prior periods have been reclassified to conform to the current reporting structure. The Company’s reportable segments are as follows: Segment Key Brands Description of Primary Products Live Aprica ® ® ® ® Crock-Pot ® ® ® ® ® ® ® ® ® ® ® Household products, including kitchen appliances, gourmet cookware, bakeware and cutlery, food storage and home storage products, fresh preserving products, home fragrance products; baby gear, infant care and health products; home environment products and durable beverage containers Learn Dymo ® ® ® ® ® ® ® ® ® ® , X-Acto ® Writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products; fine writing instruments, labeling solutions and a variety of support products for schools Work Mapa ® ® ® ® ® ® Cleaning and refuse products; hygiene systems; material handling solutions, consumer and commercial totes and commercial food service and premium tableware products Play Berkley ® ® ® ® ® ® ® Products for outdoor and outdoor-related activities Other Jarden Plastic Solutions, Jarden Applied Materials, Jarden Zinc Products, Goody ® ® ® Plastic products including closures, contact lens packaging, medical disposables, plastic cutlery and rigid packaging, beauty products and gaming products Segment information as of and for the periods indicated is as follows (in millions): Three Months Ended June 30, 2017 Live Learn Work Play Other Corporate Restructuring Consolidated Net sales (1) $ 1,277.6 $ 1,011.4 $ 737.7 $ 782.0 $ 245.9 $ — $ — $ 4,054.6 Operating income (loss) (2) 96.2 304.5 120.5 89.0 (45.5 ) (111.1 ) (30.5 ) 423.1 Other segment data: Total assets 13,840.8 5,971.3 5,357.8 4,994.8 2,535.1 1,250.2 — 33,950.0 Three Months Ended June 30, 2016 Live Learn Work Play Other Corporate Restructuring Consolidated Net sales (1) $ 1,123.0 $ 911.7 $ 646.8 $ 685.0 $ 492.1 $ — $ — $ 3,858.6 Operating income (loss) (2) 2.5 233.3 27.2 2.2 14.1 (130.6 ) (11.0 ) 137.7 Other segment data: Total assets 10,682.3 3,138.8 3,266.2 3,704.0 2,893.4 10,270.6 — 33,955.3 Six Months Ended June 30, 2017 Live Learn Work Play Other Corporate Restructuring Consolidated Net sales (1) $ 2,345.4 $ 1,580.5 $ 1,351.4 $ 1,410.0 $ 633.6 $ — $ — $ 7,320.9 Operating income (loss) (2) 153.8 392.7 183.4 145.3 (41.5 ) (210.8 ) (43.8 ) 579.1 Six Months Ended June 30, 2016 Live Learn Work Play Other Corporate Restructuring Consolidated Net sales (1) $ 1,445.1 $ 1,296.6 $ 915.4 $ 746.1 $ 770.3 $ — $ — $ 5,173.5 Operating income (loss) (2) 34.5 318.1 67.7 0.1 43.0 (171.6 ) (28.7 ) 263.1 (1) All intercompany transactions have been eliminated. (2) Operating income (loss) by segment is net sales less cost of products sold, SG&A and impairment of goodwill, intangibles and other assets for continuing operations. Certain headquarters expenses of an operational nature are allocated to business segments 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 are included in segment operating income. |
Litigation and Contingencies
Litigation and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingencies | Footnote 18 — 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. 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. In December 2014, the National Highway Traffic Safety Administration (the “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. At June 30, 2017, the amount remaining to be paid associated with the consent order was immaterial to the condensed consolidated financial statements of the Company. 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 Court of Chancery of the State of Delaware as provided under Section 262 of the DGCL. As of June 30, 2017, dissenting stockholders collectively holding approximately 10.6 million shares of Jarden common stock have delivered (and not withdrawn) to Jarden written demands for appraisal. Two separate appraisal petitions, styled Dunham Monthly Distribution Fund v. Jarden Corporation 12454-VCS Merion Capital LP v. Jarden Corporation 12456-VCS Fir Tree Value Master Fund, LP v. Jarden Corporation 12546-VCS Veritian Partners Master Fund LTP v. Jarden Corporation 12650-VCS 12456-VCS, On July 5, 2017 and July 6, 2017, Jarden and eleven of the dissenting stockholders, specifically including Merion Capital ERISA LP, Merion Capital LP, Merion Capital II LP, Dunham Monthly Distribution Fund, WCM Alternatives: Event-Driven Fund, Westchester Merger Arbitrage Strategy sleeve of the JNL Multi-Manager Alternative Fund, JNL/Westchester Capital Event Driven Fund, WCM Master Trust, The Merger Fund, The Merger Fund VL and SCA JP Morgan Westchester (collectively, the “Settling Petitioners”), entered into settlement agreements with respect to approximately 7.7 million former Jarden shares (the “Settlement Agreements”). Pursuant to the Settlement Agreements in exchange for withdrawing their respective demands for appraisal of their shares of Jarden common stock and a full and final release of all claims, among other things, the Settling Petitioners received the original merger consideration provided for under the Merger Agreement, specifically (1) 0.862 of a share of Newell common stock, and (2) $21.00 in cash, per share of Jarden common stock (collectively, the “Merger Consideration”), excluding any and all other benefits, including, without limitation, the right to accrued interest, dividends, and/or distributions. Accordingly, pursuant to the terms of the Settlement Agreements, Newell issued 6.6 million shares of Newell common stock to the Settling Petitioners (representing the stock component of the Merger Consideration), and authorized payment to the Settling Petitioners of approximately $162 million (representing the cash component of the Merger Consideration). The Court of Chancery of the State of Delaware has dismissed with prejudice the appraisal claims for the Settling Petitioners. 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 (the “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 remediation costs associated with these matters as of June 30, 2017 was $49.7 million, which is included in other accrued liabilities and other noncurrent liabilities in the condensed consolidated balance sheets. 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. Lower Passaic River Matter U.S. EPA has issued General Notice Letters (“GNLs”) to over 100 entities, including the Company and Berol Corporation, a subsidiary of the Company (“Berol”), alleging that they are PRPs at the Diamond Alkali Superfund Site, which includes a 17-mile Seventy-two U.S. EPA issued its final Record of Decision for the lower 8.3 miles of the Lower Passaic River (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 $1.4 billion. Subsequent to the release of the ROD in March 2016, U.S. EPA issued GNLs for the lower 8.3 miles of the Lower 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 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 U.S. EPA’s selected remedy for the lower 8.3 miles of the Lower Passaic River and reimburse U.S. 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 U.S. EPA for the lower 8.3 miles of the Lower Passaic River.” In September 2016, OCC and EPA entered into an Administrative Order on Consent for performance of the remedial design. On March 30, 2017, U.S. EPA sent a letter offering a cash settlement in the amount of $280,600 to twenty PRPs, not including the Company Parties, for CERCLA Liability (with reservations, such as for Natural Resource Damages) in the lower 8.3 miles of the Lower Passaic River. U.S. EPA further indicated in related correspondence that a cash out settlement might be appropriate for additional parties that are “not associated with the release of dioxins, furans, or PCBs to the Lower Passaic River.” 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. OCC has asserted that it is entitled to indemnification by Maxus Energy Corporation (“Maxus”) for its liability in connection with the Diamond Alkali Superfund Site. OCC has also asserted that Maxus’s parent company, YPF, S.A., and certain other affiliates (the “YPF Entities”) similarly must indemnify OCC, including on an “alter ego” theory. On June 17, 2016, Maxus and certain of its affiliates commenced a chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the District of Delaware. In connection with that proceeding, the YPF Entities are attempting to resolve any liability they may have to Maxus and the other Maxus entities undergoing the chapter 11 bankruptcy. An amended Chapter 11 plan of liquidation became effective in July 2017. In conjunction with that plan, Maxus and certain other parties, including the Company parties, entered into a mutual contribution release agreement pertaining to certain costs, but not costs associated with ultimate remedy. 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 Other Matters Although management of the Company cannot predict the ultimate outcome of these proceedings with certainty, it believes that the ultimate resolution of the Company’s proceedings, including any amounts it may be required to pay in excess of amounts reserved, will not have a material effect on the Company’s Consolidated Financial Statements, except as otherwise described above. In the normal course of business and as part of its acquisition and divestiture strategy, the Company may provide certain representations and indemnifications related to legal, environmental, product liability, tax or other types of issues. Based on the nature of these representations and indemnifications, it is not possible to predict the maximum potential payments under all of these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements did not have a material effect on the Company’s business, financial condition or results of operations. As of June 30, 2017, the Company had approximately $ |
Basis of Presentation and Sig25
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Seasonal Variations | Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow 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. 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 tends to generate the majority of its operating cash flow in the third and fourth quarters 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 of operations for the three months ended June 30, 2017 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2017. |
Recent Accounting Pronouncements | 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 606 — Revenue Recognition,” Revenue from Contracts with Customers” In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, 2014-09. 2016-12 ASU 2014-09 2016-12 The standard permits two methods of adoption, either retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company has decided to use the modified retrospective transition method for ASC 606 adoption on January 1, 2018. The Company is currently evaluating the effect that the updated standard will have on the Company’s financial statements and related disclosures. To that end, the Company has identified a project manager as well as an implementation project team. The Company has completed the assessment process for all of its business units and is currently in the design phase and expects to complete this process during the third quarter of 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) right-of-use 2016-02 2016-02 In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” 2017-07 2017-07 2017-07 2017-07 2017-17 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. |
Adoption of New Accounting Guidance | Adoption of New Accounting Guidance In March 2016, the FASB issued ASU No. 2016-09, 2016-09 mark-to-market In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory, first-in, first-out 2015-11 |
Derivatives | From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes. Interest Rate Contracts The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company may use fixed and floating rate swaps to alter its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. Floating rate swaps would be used, depending on market conditions, to convert the fixed rates of long-term debt into short-term variable rates. Fixed rate swaps would be used to reduce the Company’s risk of the possibility of increased interest costs. Interest rate swap contracts are therefore used by the Company to separate interest rate risk management from the debt funding decision. The cash paid and received from the settlement of interest rate swaps is included in interest expense. Fair Value Hedges At June 30, 2017, the Company had approximately $527 million notional amount of interest rate swaps that exchange a fixed rate of interest for variable rate (LIBOR) of interest plus a weighted average spread. These floating rate swaps are designated as fair value hedges against $277 million of principal on the 4.7% senior notes due 2020 and $250 million of principal on the 4.0% senior notes due 2024 for the remaining life of these notes. The effective portion of the fair value gains or losses on these swaps is offset by fair value adjustments in the underlying debt. Cross-Currency Contracts The Company uses cross-currency swaps to hedge foreign currency risk on certain intercompany financing arrangements with foreign subsidiaries. As of June 30, 2017, the notional value of outstanding cross-currency interest rate swaps was approximately $161 million. 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 effective portions of the changes in fair values of these cross-currency interest rate swap agreements are reported in AOCI and an amount is reclassified out of AOCI into other (income) expense, net, which is offset in the same period by the remeasurement in the carrying value of the underlying foreign currency intercompany financing arrangements being hedged. Foreign Currency Contracts The Company uses forward foreign currency contracts to mitigate the foreign currency exchange rate exposure on the cash flows related to forecasted inventory purchases and sales and have maturity dates through September 2018. The derivatives used to hedge these forecasted transactions that meet the criteria for hedge accounting are accounted for as cash flow hedges. The effective portion of the gains or losses on these derivatives is deferred as a component of AOCI and is recognized in earnings at the same time that the hedged item affects earnings and is included in the same caption in the statements of operations as the underlying hedged item. At June 30, 2017, the Company had approximately $476 million notional amount outstanding of forward foreign currency contracts that are designated as cash flow hedges of forecasted inventory purchases and sales. The Company also uses foreign currency contracts, primarily forward foreign currency contracts, to mitigate the foreign currency exposure of certain other foreign currency transactions. At June 30, 2017, the Company had approximately $2.0 billion notional amount outstanding of these foreign currency contracts that are not designated as effective hedges for accounting purposes and have maturity dates through November 2017. Fair market value gains or losses are included in the results of operations and are classified in other (income) expense, net. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information presents the combined results of operations of Newell Rubbermaid and Jarden for the three and six months ended June 30, 2016 as if the Jarden Acquisition had occurred on January 1, 2015. The unaudited pro forma financial information is not intended to represent or be indicative of the Company’s consolidated results of operations that would have been reported had the Jarden Acquisition been completed as of January 1, 2015 and should not be taken as indicative of the Company’s future consolidated results of operations. The Company expects to incur restructuring and other integration costs that are not included in the pro forma results of operations presented below. Pro forma adjustments are tax-effected (in millions, except per share data) Three Months June 30, 2016 Six Months June 30, 2016 Net sales $ 4,236.9 $ 7,567.1 Net income 374.2 315.6 Income loss per share: Basic $ 0.78 $ 0.66 Diluted $ 0.77 $ 0.65 |
Discontinued Operations and D27
Discontinued Operations and Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Amounts Included in Discontinued Operations | The following table provides a summary of amounts included in discontinued operations for the periods indicated (in millions): Three Months June 30, 2016 Six Months June 30, 2016 Net sales $ — $ — Loss from discontinued operations before income taxes (0.7 ) (1.3 ) Income tax benefit (0.1 ) (0.3 ) Loss from discontinued operations (0.6 ) (1.0 ) Net gain from sale of discontinued operations, net of tax — 0.6 Income (loss) from discontinued operations, net of tax $ (0.6 ) $ (0.4 ) |
Schedule of Major Classes of Assets and Liabilities Held for Sale | The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 (in millions): June 30, 2017 December 31, 2016 Accounts receivable, net $ 41.8 $ 164.4 Inventories, net 144.8 311.6 Prepaid expenses and other 23.0 24.3 Property, plant and equipment, net 84.8 224.9 Goodwill 23.7 762.5 Other intangible assets, net 28.0 244.5 Other assets 13.1 13.5 Total Assets $ 359.2 $ 1,745.7 Accounts payable $ 24.6 $ 88.2 Accrued compensation 21.6 35.3 Other accrued liabilities 56.7 81.6 Short-term debt and current portion long-term debt — 4.3 Other noncurrent liabilities 14.4 131.1 Total Liabilities $ 117.3 $ 340.5 |
Accumulated Other Comprehensi28
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following tables display the changes in accumulated other comprehensive loss (“AOCI”) by component net of tax for the six months ended June 30, 2017 (in millions): Cumulative Pension and Postretirement Costs Derivative AOCI Balance at December 31, 2016 $ (607.9 ) $ (400.0 ) $ (36.9 ) $ (1,044.8 ) Other comprehensive (loss) income before reclassifications 177.5 (7.1 ) (18.3 ) 152.1 Amounts reclassified to earnings 64.4 5.7 (2.4 ) 67.7 Net current period other comprehensive income (loss) 241.9 (1.4 ) (20.7 ) 219.8 Balance at June 30, 2017 $ (366.0 ) $ (401.4 ) $ (57.6 ) $ (825.0 ) |
Schedule of Income Tax Allocated to Components of Other Comprehensive Oncome (Loss) | The income tax (provision) benefit allocated to the components of other comprehensive income (loss) (“OCI”) for the periods indicated are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Foreign currency translation adjustments $ 2.9 $ — $ 1.1 $ — Unrecognized pension and postretirement costs (1.4 ) (1.0 ) (2.7 ) (2.3 ) Derivative financial instruments 2.2 (3.0 ) 6.6 31.9 Income tax (provision) benefit related to OCI $ 3.7 $ (4.0 ) $ 5.0 $ 29.6 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Schedule of Restructuring Costs Incurred by Reportable Business Segment | Restructuring costs incurred by reportable business segment for all restructuring activities in continuing operations for the periods indicated are as follows (in millions): Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Live $ 6.7 $ 0.9 $ 7.7 $ (0.6 ) Learn 1.7 3.5 5.8 5.1 Work 2.6 — 5.4 2.6 Play 6.3 — 9.0 0.3 Other 1.5 1.5 3.6 5.1 Corporate 11.7 5.1 12.3 16.2 $ 30.5 $ 11.0 $ 43.8 $ 28.7 |
Project Renewal [Member] | |
Schedule of Restructuring costs | Restructuring costs incurred in connection with Project Renewal for the periods indicated are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Employee severance, termination benefits and relocation costs $ 1.0 $ (3.9 ) $ 1.6 $ (5.4 ) Exited contractual commitments and other 7.9 6.0 8.8 18.6 $ 8.9 $ 2.1 $ 10.4 $ 13.2 |
Schedule of Accrued Restructuring Costs Activity | Accrued restructuring costs activity for Project Renewal for the six months ended June 30, 2017 is as follows (in millions): Balance at Restructuring Payments Balance at 2017 Employee severance, termination benefits and relocation costs $ 15.8 $ 1.6 $ (4.7 ) $ 12.7 Exited contractual commitments and other 17.4 8.8 (4.3 ) 21.9 $ 33.2 $ 10.4 $ (9.0 ) $ 34.6 |
Jarden Integration [Member] | |
Schedule of Accrued Restructuring Costs Activity | Accrued restructuring cost activity for the Jarden Integration and other restructuring for the six months ended June 30, 2017 is as follows (in millions): Balance at Restructuring Payments Balance at 2017 Employee severance, termination benefits and relocation costs $ 38.2 $ 30.4 $ (33.6 ) $ 35.0 Exited contractual commitments and other 0.5 3.0 (0.6 ) 2.9 $ 38.7 $ 33.4 $ (34.2 ) $ 37.9 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Net Inventories | Inventories are stated at the lower of cost or market value and are comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, Raw materials and supplies $ 431.0 $ 350.7 Work-in-process 238.7 236.1 Finished products 1,979.8 1,529.2 Total inventories $ 2,649.5 $ 2,116.0 |
Property, Plant and Equipment31
Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net, is comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, Land $ 107.3 $ 108.4 Buildings and improvements 711.6 653.0 Machinery and equipment 2,632.5 2,454.6 3,451.4 3,216.0 Less: Accumulated depreciation (1,798.2 ) (1,672.6 ) $ 1,653.2 $ 1,543.4 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill Activity | Goodwill activity for the six months ended June 30, 2017 is as follows (in millions): Segment Balance at December 31, 2016 Acquisitions Other Impairment Foreign Balance at June 30, 2017 Live $ 3,639.9 $ 172.1 $ 22.1 $ — $ 19.6 $ 3,853.7 Learn 2,785.4 — 3.9 — 37.5 2,826.8 Work 1,871.0 — (16.9 ) — 16.2 1,870.3 Play 1,161.4 — (7.6 ) — 3.9 1,157.7 Other 761.2 — 7.4 (17.1 ) 1.9 753.4 $ 10,218.9 $ 172.1 $ 8.9 $ (17.1 ) $ 79.1 $ 10,461.9 (1) Comprised primarily of adjustments related to the Jarden Acquisition, whose purchase price allocation was finalized during the second quarter of 2017 (see Footnote 2). |
Schedule of Other Intangible Assets, Net | Other intangible assets, net are comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, 2016 Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Value Trade names — indefinite life $ 10,165.5 $ — $ 10,165.5 $ 9,935.1 $ — $ 9,935.1 Trade names — other 321.8 (46.0 ) 275.8 286.3 (34.2 ) 252.1 Capitalized software 535.9 (315.4 ) 220.5 482.0 (252.9 ) 229.1 Patents and intellectual property 248.4 (123.8 ) 124.6 227.9 (105.0 ) 122.9 Customer relationships and distributor channels 3,680.9 (288.1 ) 3,392.8 3,761.7 (204.0 ) 3,557.7 Other 134.9 (47.5 ) 87.4 25.9 (11.0 ) 14.9 $ 15,087.4 $ (820.8 ) $ 14,266.6 $ 14,718.9 $ (607.1 ) $ 14,111.8 (1) At June 30, 2017 the amount attributable to the Jarden Acquisition are as follows: trade names - indefinite life - $9.4 billion; trade names - other - $247 million; capitalized software - $63.0 million; patents and intellectual property - $99.1 million; customer relationships and distributor channels - $3.5 billion; and, other intangible assets - $124 million. |
Summary of Amortization Periods for Other Intangible Assets, Including Capitalized Software | The table below summarizes the Company’s amortization periods for other intangible assets, including capitalized software, as of June 30, 2017: Amortization Periods (in years) Trade names — indefinite life N/A Trade names — other 3–30 years Capitalized software 3–12 years Patents and intellectual property 3–14 years Customer relationships & distributor channels 3–30 years Other 3–5 years |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities are comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, Customer accruals $ 399.4 $ 432.4 Accruals for manufacturing, marketing and freight expenses 110.0 89.3 Accrued self-insurance liabilities, contingencies and warranty 293.4 370.3 Accrued income taxes 183.8 64.9 Accrued interest expense 101.2 108.5 Other 419.3 399.5 Other accrued liabilities $ 1,507.1 $ 1,464.9 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt comprised of the following as of the dates indicated (in millions): June 30, 2017 December 31, 2.05% senior notes due 2017 $ 349.7 $ 349.4 6.25% senior notes due 2018 — 249.8 2.15% senior notes due 2018 299.2 298.9 2.60% senior notes due 2019 266.4 995.0 2.875% senior notes due 2019 348.3 347.9 4.70% senior notes due 2020 304.2 380.0 3.15% senior notes due 2021 992.6 991.7 3.75% senior notes due 2021 356.9 326.9 4.00% senior notes due 2022 248.6 248.5 3.85% senior notes due 2023 1,737.9 1,737.0 5.00% senior notes due 2023 313.1 314.1 4.00% senior notes due 2024 495.5 495.2 3.90% senior notes due 2025 297.0 296.8 4.20% senior notes due 2026 1,981.8 1,981.0 5.375% senior notes due 2036 494.8 494.7 5.50% senior notes due 2046 1,725.8 1,725.7 Term loan 299.7 399.5 Commercial paper 92.0 — Receivables facilities 728.4 187.4 Other debt 61.9 73.3 Total debt 11,393.8 11,892.8 Short-term debt and current portion of long-term debt (1,221.0 ) (601.9 ) Long-term debt $ 10,172.8 $ 11,290.9 |
Schedule of Fair Value of Senior Notes | The fair values of the Company’s senior notes are based on quoted market prices and are as follows ( in millions June 30, 2017 December 31,2016 Fair Value Book Value Fair Value Book Value Senior notes $ 11,114.9 $ 10,211.8 $ 11,979.2 $ 11,234.1 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of derivative financial instruments as of June 30, 2017 and December 31, 2016 (in millions): June 30, 2017 December 31, 2016 Fair Value of Derivatives Fair Value of Derivatives Asset (a) Liability (a) Asset (a) Liability (a) Derivatives designated as effective hedges: Cash flow hedges: Cross-currency swaps $ — $ 16.8 $ 0.7 $ 16.3 Foreign currency contracts 3.0 13.7 14.2 3.4 Fair value hedges: Interest rate swaps 1.2 4.5 — 5.9 Derivatives not designated as effective hedges: Foreign currency contracts 22.1 38.8 18.2 10.9 Commodity contracts 0.1 — 0.2 0.3 Total $ 26.4 $ 73.8 $ 33.3 $ 36.8 (a) Consolidated balance sheet location: Asset: Prepaid expenses and other, and other non-current Liability:Other accrued liabilities, and current and non-current |
Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges | The following tables presents gain and loss activity (on a pretax basis) for the three and six months ended June 30, 2017 and 2016 related to derivative financial instruments designated or previously designated, as effective hedges (in millions): Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized Recognized in OCI (a) (effective portion) Reclassified from AOCI to Income Recognized in OCI (a) (effective portion) Reclassified from AOCI to Income Interest rate swaps Interest expense, net $ — $ (2.1 ) $ — $ (2.4 ) Foreign currency contracts Sales and cost of sales (11.2 ) 4.2 13.0 (1.2 ) Cross-currency swaps Other income (expense), net 2.4 1.3 (15.5 ) (12.7 ) Total $ (8.8 ) $ 3.4 $ (2.5 ) $ (16.3 ) Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized Recognized in OCI (a) (effective portion) Reclassified from AOCI to Income Recognized in OCI (a) (effective portion) Reclassified from AOCI to Income Interest rate swaps Interest expense, net $ — $ (4.1 ) $ (88.1 ) $ (2.6 ) Foreign currency contracts Sales and cost of sales (23.0 ) 12.8 8.0 0.5 Cross-currency swaps Other income (expense), net (1.2 ) (5.6 ) (25.6 ) (24.5 ) Total $ (24.2 ) $ 3.1 $ (105.7 ) $ (26.6 ) (a) Represents effective portion recognized in OCI. |
Employee Benefit and Retireme36
Employee Benefit and Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Pension Benefits [Member] | |
Summary of Components of Pension and Postretirement Benefit Expense | The components of pension and postretirement benefit expense for the periods indicated, are as follows (in millions): Pension Benefits Three Months Ended June 30, U.S. International 2017 2016 2017 2016 Service cost $ 0.7 $ 0.7 $ 1.9 $ 1.8 Interest cost 12.6 12.5 3.4 4.9 Expected return on plan assets (18.3 ) (19.2 ) (4.7 ) (5.8 ) Amortization, net 5.9 5.4 0.6 0.7 Net periodic pension cost $ 0.9 $ (0.6 ) $ 1.2 $ 1.6 Six Months Ended June 30, U.S. International 2017 2016 2017 2016 Service cost $ 1.4 $ 1.4 $ 3.7 $ 3.1 Interest cost 25.3 20.1 6.7 9.5 Expected return on plan assets (36.7 ) (30.6 ) (9.2 ) (11.3 ) Amortization, net 11.8 10.8 1.2 1.4 Net periodic pension cost $ 1.8 $ 1.7 $ 2.4 $ 2.7 |
Postretirement Benefits [Member] | |
Summary of Components of Pension and Postretirement Benefit Expense | Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Service cost $ 0.1 $ — $ 0.1 $ — Interest cost 0.5 0.5 1.1 $ 1.0 Amortization, net (2.3 ) (2.6 ) (4.6 ) (5.2 ) Net periodic expense $ (1.7 ) $ (2.1 ) $ (3.4 ) $ (4.2 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Weighted Average Shares Outstanding | The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Weighted-average shares outstanding 483.3 446.9 483.0 357.4 Share-based payment awards classified as participating securities 1.0 1.4 1.2 1.1 Basic weighted-average shares outstanding 484.3 448.3 484.2 358.5 Dilutive securities (1) 1.6 1.9 1.6 1.6 Diluted weighted-average shares outstanding 485.9 450.2 485.8 360.1 (1) For the three and six months ended June 31, 2017 and 2016 the amount of potentially dilutive securities that are excluded because their effect would be anti-dilutive are not material. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s non-pension June 30, 2017 December 31, 2016 Fair Value Asset (Liability) Fair Value Asset (Liability) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives: Assets $ — $ 26.4 $ — $ 26.4 $ — $ 33.3 $ — $ 33.3 Liabilities — (73.8 ) — (73.8 ) — (36.8 ) — (36.8 ) Investment securities, including mutual funds 5.1 3.5 — 8.6 4.8 9.9 — 14.7 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Company's Reportable Segments | The Company’s reportable segments are as follows: Segment Key Brands Description of Primary Products Live Aprica ® ® ® ® Crock-Pot ® ® ® ® ® ® ® ® ® ® ® Household products, including kitchen appliances, gourmet cookware, bakeware and cutlery, food storage and home storage products, fresh preserving products, home fragrance products; baby gear, infant care and health products; home environment products and durable beverage containers Learn Dymo ® ® ® ® ® ® ® ® ® ® X-Acto ® Writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products; fine writing instruments, labeling solutions and a variety of support products for schools Work Mapa ® ® ® ® ® ® Cleaning and refuse products; hygiene systems; material handling solutions, consumer and commercial totes and commercial food service and premium tableware products Play Berkley ® ® ® ® ® ® ® Products for outdoor and outdoor-related activities Other Jarden Plastic Solutions, Jarden Applied Materials, Jarden Zinc Products, Goody ® ® ® Plastic products including closures, contact lens packaging, medical disposables, plastic cutlery and rigid packaging, beauty products and gaming products |
Schedule of Segment Reporting Information, by Segment | Segment information as of and for the periods indicated is as follows (in millions): Three Months Ended June 30, 2017 Live Learn Work Play Other Corporate Restructuring Consolidated Net sales (1) $ 1,277.6 $ 1,011.4 $ 737.7 $ 782.0 $ 245.9 $ — $ — $ 4,054.6 Operating income (loss) (2) 96.2 304.5 120.5 89.0 (45.5 ) (111.1 ) (30.5 ) 423.1 Other segment data: Total assets 13,840.8 5,971.3 5,357.8 4,994.8 2,535.1 1,250.2 — 33,950.0 Three Months Ended June 30, 2016 Live Learn Work Play Other Corporate Restructuring Consolidated Net sales (1) $ 1,123.0 $ 911.7 $ 646.8 $ 685.0 $ 492.1 $ — $ — $ 3,858.6 Operating income (loss) (2) 2.5 233.3 27.2 2.2 14.1 (130.6 ) (11.0 ) 137.7 Other segment data: Total assets 10,682.3 3,138.8 3,266.2 3,704.0 2,893.4 10,270.6 — 33,955.3 Six Months Ended June 30, 2017 Live Learn Work Play Other Corporate Restructuring Consolidated Net sales (1) $ 2,345.4 $ 1,580.5 $ 1,351.4 $ 1,410.0 $ 633.6 $ — $ — $ 7,320.9 Operating income (loss) (2) 153.8 392.7 183.4 145.3 (41.5 ) (210.8 ) (43.8 ) 579.1 Six Months Ended June 30, 2016 Live Learn Work Play Other Corporate Restructuring Consolidated Net sales (1) $ 1,445.1 $ 1,296.6 $ 915.4 $ 746.1 $ 770.3 $ — $ — $ 5,173.5 Operating income (loss) (2) 34.5 318.1 67.7 0.1 43.0 (171.6 ) (28.7 ) 263.1 (1) All intercompany transactions have been eliminated. (2) Operating income (loss) by segment is net sales less cost of products sold, SG&A and impairment of goodwill, intangibles and other assets for continuing operations. Certain headquarters expenses of an operational nature are allocated to business segments 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 are included in segment operating income. |
Basis of Presentation and Sig40
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - Sprue Aegis [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||
Investment owned, percentage | 23.40% | 23.40% | 23.40% | 23.40% |
Revenue from related parties | $ 8.7 | $ 7.3 | $ 15.4 | $ 7.3 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jul. 06, 2017 | Apr. 03, 2017 | Apr. 15, 2016 | Jul. 31, 2017 | Jan. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, cash | $ 557.6 | $ 8,597.7 | ||||||||
Goodwill | $ 10,461.9 | 10,461.9 | $ 10,218.9 | |||||||
Amortization of intangible assets | 79.4 | $ 59.4 | 181 | 79.2 | ||||||
Subsequent Event [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Share conversion ratio upon merger | 86.20% | |||||||||
Business acquisition, equity interest issued or issuable, number of shares | 6.6 | |||||||||
Issue of common stock to settling petitioners , Value | $ 162 | |||||||||
Smith Mountain Industries [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, cash | $ 100 | |||||||||
Jarden Acquisition [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, cash | $ 5,400 | |||||||||
Share conversion ratio upon merger | 86.20% | |||||||||
Business combination, cash consideration transferred per share | $ 21 | |||||||||
Business combination cash merger consideration payable to dissenting shareholders | $ 222 | $ 222 | ||||||||
Shares issuable to Dissenting Shareholders | 9.1 | |||||||||
Business combination, consideration transferred, liabilities incurred | $ 627 | |||||||||
Merger consideration including debt assumed | $ 18,700 | |||||||||
Business combination consideration issuable or payable | $ 15,300 | |||||||||
Business acquisition, equity interest issued or issuable, number of shares | 213.9 | |||||||||
Equity issued in business combination, fair value | $ 9,900 | |||||||||
Jarden Acquisition [Member] | Subsequent Event [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, cash consideration transferred per share | $ 21 | |||||||||
Business acquisition, equity interest issued or issuable, number of shares | 6.6 | |||||||||
Issue of common stock to settling petitioners , Value | $ 162 | |||||||||
Jarden Acquisition [Member] | Pro Forma [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Amortization of intangible assets | $ 51.9 | $ 104 | ||||||||
Sistema Plastics [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses, cash | $ 472 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 39 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 286 | |||||||||
Goodwill | $ 147 |
Acquisitions - Business Acquisi
Acquisitions - Business Acquisition, Pro Forma Information (Detail) - Jarden Acquisition [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Business Acquisition [Line Items] | ||
Net sales | $ 4,236.9 | $ 7,567.1 |
Net income | $ 374.2 | $ 315.6 |
Basic | $ 0.78 | $ 0.66 |
Diluted | $ 0.77 | $ 0.65 |
Discontinued Operations and D43
Discontinued Operations and Divestitures - Summary of Amounts Included in Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Net sales | $ 0 | $ 0 |
Loss from discontinued operations before income taxes | (0.7) | (1.3) |
Income tax benefit | (0.1) | (0.3) |
Loss from discontinued operations | (0.6) | (1) |
Net gain from sale of discontinued operations, net of tax | 0.6 | |
Income (loss) from discontinued operations, net of tax | $ (0.6) | $ (0.4) |
Discontinued Operations and D44
Discontinued Operations and Divestitures - Additional Information (Detail) - USD ($) | Jul. 14, 2017 | Mar. 09, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash consideration on sale of business | $ 1,901,700,000 | $ 236,400,000 | ||||||
Goodwill impairment | 17,100,000 | |||||||
Winter Sport Business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Write down of carrying value of net asset | $ 59,100,000 | 59,100,000 | ||||||
Goodwill impairment | 12.6 | 12.6 | ||||||
Impairment of other intangible assets | 46.5 | 46.5 | ||||||
Subsequent Event [Member] | Winter Sport Business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Selling price of business | $ 240,000,000 | |||||||
Fire Building Business [Member] | Royal Oak [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Write down of carrying value of net asset | $ 14,900,000 | $ 14,900,000 | ||||||
Tools [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash consideration on sale of business | $ 1,950,000,000 | |||||||
Disposal group, including discontinued operations, net assets of disposal group | 1,100,000,000 | |||||||
Goodwill, written off related to sale of business unit | $ 711,000,000 | |||||||
Disposal group, not discontinued operation, gain (loss) on disposal | $ 771,000,000 | |||||||
Tools [Member] | Net Sales [Member] | Product Concentration [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Concentration percentage | 0.00% | 5.00% | 1.50% | 7.10% | ||||
Decor [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Disposal group, not discontinued operation, gain (loss) on disposal | $ 160,000,000 | |||||||
Selling price of business | $ 270,000,000 | |||||||
Decor [Member] | Net Sales [Member] | Product Concentration [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Concentration percentage | 1.70% | 2.70% |
Discontinued Operations and D45
Discontinued Operations and Divestitures - Schedule of Major Classes of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accounts receivable, net | $ 41.8 | $ 164.4 |
Inventories, net | 144.8 | 311.6 |
Prepaid expenses and other | 23 | 24.3 |
Property, plant and equipment, net | 84.8 | 224.9 |
Goodwill | 23.7 | 762.5 |
Other intangible assets | 28 | 244.5 |
Other assets | 13.1 | 13.5 |
Total Assets | 359.2 | 1,745.7 |
Accounts payable | 24.6 | 88.2 |
Accrued compensation | 21.6 | 35.3 |
Other accrued liabilities | 56.7 | 81.6 |
Short-term debt and current portion long-term debt | 4.3 | |
Other noncurrent liabilities | 14.4 | 131.1 |
Total Liabilities | $ 117.3 | $ 340.5 |
Accumulated Other Comprehensi46
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 11,384.4 | |||
Total other comprehensive income (loss), net of tax | $ 123.7 | $ (7) | 219.8 | $ (47.4) |
Ending balance | 12,278.2 | 12,278.2 | ||
Cumulative Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (607.9) | |||
Other comprehensive (loss) income before reclassifications | 177.5 | |||
Amounts reclassified to earnings | 64.4 | |||
Total other comprehensive income (loss), net of tax | 241.9 | |||
Ending balance | (366) | (366) | ||
Pension and Postretirement Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (400) | |||
Other comprehensive (loss) income before reclassifications | (7.1) | |||
Amounts reclassified to earnings | 5.7 | |||
Total other comprehensive income (loss), net of tax | (1.4) | |||
Ending balance | (401.4) | (401.4) | ||
Derivative Financial Instruments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (36.9) | |||
Other comprehensive (loss) income before reclassifications | (18.3) | |||
Amounts reclassified to earnings | (2.4) | |||
Total other comprehensive income (loss), net of tax | (20.7) | |||
Ending balance | (57.6) | (57.6) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (1,044.8) | |||
Other comprehensive (loss) income before reclassifications | 152.1 | |||
Amounts reclassified to earnings | 67.7 | |||
Total other comprehensive income (loss), net of tax | 219.8 | |||
Ending balance | $ (825) | $ (825) |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||||
Reclassification adjustment from AOCI, Pension and other postretirement benefit plans, pre-tax | $ 4.2 | $ 3.5 | $ 8.4 | $ 7 |
Reclassification adjustment from AOCI, Derivative financial instruments, pre-tax | $ (3.4) | $ 16.3 | $ (3.1) | $ 26.6 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Loss - Schedule of Income Tax Allocated to Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||||
Foreign currency translation adjustments | $ 2.9 | $ 1.1 | ||
Unrecognized pension and postretirement costs | (1.4) | $ (1) | (2.7) | $ (2.3) |
Derivative financial instruments | 2.2 | (3) | 6.6 | 31.9 |
Income tax (provision) benefit related to OCI | $ 3.7 | $ (4) | $ 5 | $ 29.6 |
Restructuring Costs - Additiona
Restructuring Costs - Additional information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Renewal Combined [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Commitment to release cost savings for investment portfolio | $ 1,300 |
Jarden Integration [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Commitment to release cost savings for investment portfolio | 1,000 |
Expected cumulative restructuring charges | 1,000 |
Project Renewal [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Commitment to release cost savings for investment portfolio | $ 300 |
Restructuring Costs - Schedule
Restructuring Costs - Schedule of Restructuring Costs (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 30.5 | $ 11 | $ 43.8 | $ 28.7 |
Project Renewal [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 8.9 | 2.1 | 10.4 | 13.2 |
Employee Severance, Termination Benefits and Relocation Costs [Member] | Project Renewal [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 1 | (3.9) | 1.6 | (5.4) |
Exited Contractual Commitments and Other [Member] | Project Renewal [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 7.9 | $ 6 | $ 8.8 | $ 18.6 |
Restructuring Costs - Schedul51
Restructuring Costs - Schedule of Accrued Restructuring Costs Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 30.5 | $ 11 | $ 43.8 | $ 28.7 |
Project Renewal [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 33.2 | |||
Restructuring costs | 8.9 | 2.1 | 10.4 | 13.2 |
Payments | (9) | |||
Ending balance | 34.6 | 34.6 | ||
Jarden Integration and Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 38.7 | |||
Restructuring costs | 33.4 | |||
Payments | (34.2) | |||
Ending balance | 37.9 | 37.9 | ||
Employee Severance, Termination Benefits and Relocation Costs [Member] | Project Renewal [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 15.8 | |||
Restructuring costs | 1 | (3.9) | 1.6 | (5.4) |
Payments | (4.7) | |||
Ending balance | 12.7 | 12.7 | ||
Employee Severance, Termination Benefits and Relocation Costs [Member] | Jarden Integration and Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 38.2 | |||
Restructuring costs | 30.4 | |||
Payments | (33.6) | |||
Ending balance | 35 | 35 | ||
Exited Contractual Commitments and Other [Member] | Project Renewal [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 17.4 | |||
Restructuring costs | 7.9 | $ 6 | 8.8 | $ 18.6 |
Payments | (4.3) | |||
Ending balance | 21.9 | 21.9 | ||
Exited Contractual Commitments and Other [Member] | Jarden Integration and Other Restructuring [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 0.5 | |||
Restructuring costs | 3 | |||
Payments | (0.6) | |||
Ending balance | $ 2.9 | $ 2.9 |
Restructuring Costs - Schedul52
Restructuring Costs - Schedule of Restructuring Costs Incurred by Reportable Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 30.5 | $ 11 | $ 43.8 | $ 28.7 |
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 11.7 | 5.1 | 12.3 | 16.2 |
Live [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 6.7 | 0.9 | 7.7 | (0.6) |
Learn [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 1.7 | 3.5 | 5.8 | 5.1 |
Work [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 2.6 | 5.4 | 2.6 | |
Play [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 6.3 | 9 | 0.3 | |
Other [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 1.5 | $ 1.5 | $ 3.6 | $ 5.1 |
Inventories, Net - Components o
Inventories, Net - Components of Net Inventories (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory, Net [Abstract] | ||
Raw materials and supplies | $ 431 | $ 350.7 |
Work-in-process | 238.7 | 236.1 |
Finished products | 1,979.8 | 1,529.2 |
Total inventories | $ 2,649.5 | $ 2,116 |
Property, Plant and Equipment54
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | |||
Land | $ 107.3 | $ 108.4 | |
Buildings and improvements | 711.6 | 653 | |
Machinery and equipment | 2,632.5 | 2,454.6 | |
Property, plant and equipment, gross | 3,451.4 | 3,216 | |
Less: Accumulated depreciation | (1,798.2) | (1,672.6) | |
Property, plant and equipment, net | $ 1,653.2 | $ 1,653.2 | $ 1,543.4 |
Property, Plant and Equipment55
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 70 | $ 67 | $ 139 | $ 90.1 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets, Net - Summary of Goodwill Activity (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 10,218.9 |
Acquisitions | 172.1 |
Other Adjustments | 8.9 |
Impairment | (17.1) |
Foreign Currency | 79.1 |
Ending balance | 10,461.9 |
Live [Member] | Operating Segments [Member] | |
Goodwill [Line Items] | |
Beginning balance | 3,639.9 |
Acquisitions | 172.1 |
Other Adjustments | 22.1 |
Foreign Currency | 19.6 |
Ending balance | 3,853.7 |
Learn [Member] | Operating Segments [Member] | |
Goodwill [Line Items] | |
Beginning balance | 2,785.4 |
Other Adjustments | 3.9 |
Foreign Currency | 37.5 |
Ending balance | 2,826.8 |
Work [Member] | Operating Segments [Member] | |
Goodwill [Line Items] | |
Beginning balance | 1,871 |
Other Adjustments | (16.9) |
Foreign Currency | 16.2 |
Ending balance | 1,870.3 |
Play [Member] | Operating Segments [Member] | |
Goodwill [Line Items] | |
Beginning balance | 1,161.4 |
Other Adjustments | (7.6) |
Foreign Currency | 3.9 |
Ending balance | 1,157.7 |
Other [Member] | Operating Segments [Member] | |
Goodwill [Line Items] | |
Beginning balance | 761.2 |
Other Adjustments | 7.4 |
Impairment | (17.1) |
Foreign Currency | 1.9 |
Ending balance | $ 753.4 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (820.8) | $ (607.1) |
Intangible assets, Gross Carrying Amount | 15,087.4 | 14,718.9 |
Intangible assets, Net Book value | 14,266.6 | 14,111.8 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Indefinite life, Net Book value | 10,165.5 | 9,935.1 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 321.8 | 286.3 |
Accumulated Amortization | (46) | (34.2) |
Net Book Value | 275.8 | 252.1 |
Capitalized Software [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 535.9 | 482 |
Accumulated Amortization | (315.4) | (252.9) |
Net Book Value | 220.5 | 229.1 |
Patents and Intellectual Property [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 248.4 | 227.9 |
Accumulated Amortization | (123.8) | (105) |
Net Book Value | 124.6 | 122.9 |
Customer Relationships & Distributor Channels [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,680.9 | 3,761.7 |
Accumulated Amortization | (288.1) | (204) |
Net Book Value | 3,392.8 | 3,557.7 |
Other [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 134.9 | 25.9 |
Accumulated Amortization | (47.5) | (11) |
Net Book Value | $ 87.4 | $ 14.9 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets, Net (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Indefinite life, Net Book value | $ 10,165.5 | $ 9,935.1 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 321.8 | 286.3 |
Capitalized Software [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 535.9 | 482 |
Patents and Intellectual Property [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 248.4 | 227.9 |
Customer Relationships & Distributor Channels [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,680.9 | 3,761.7 |
Other [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 134.9 | $ 25.9 |
Jarden Acquisition [Member] | Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Indefinite life, Net Book value | 9,400 | |
Jarden Acquisition [Member] | Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 247 | |
Jarden Acquisition [Member] | Capitalized Software [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 63 | |
Jarden Acquisition [Member] | Patents and Intellectual Property [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 99.1 | |
Jarden Acquisition [Member] | Customer Relationships & Distributor Channels [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,500 | |
Jarden Acquisition [Member] | Other [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 124 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets, Net - Summary of Amortization Periods for Other Intangible Assets, including Capitalized Software (Detail) | 6 Months Ended |
Jun. 30, 2017 | |
Trade Names [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 3 years |
Trade Names [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 30 years |
Capitalized Software [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 3 years |
Capitalized Software [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 12 years |
Patents and Intellectual Property [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 3 years |
Patents and Intellectual Property [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 14 years |
Customer Relationships & Distributor Channels [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 3 years |
Customer Relationships & Distributor Channels [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 30 years |
Other [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 3 years |
Other [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Amortization periods | 5 years |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 79.4 | $ 59.4 | $ 181 | $ 79.2 |
Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Expense (income) adjustment for amortization | $ 2.8 | $ 13.6 |
Other Accrued Liabilities - Oth
Other Accrued Liabilities - Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities, Current [Abstract] | ||
Customer accruals | $ 399.4 | $ 432.4 |
Accruals for manufacturing, marketing and freight expenses | 110 | 89.3 |
Accrued self-insurance liabilities, contingencies and warranty | 293.4 | 370.3 |
Accrued income taxes | 183.8 | 64.9 |
Accrued interest expense | 101.2 | 108.5 |
Other | 419.3 | 399.5 |
Other accrued liabilities | $ 1,507.1 | $ 1,464.9 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Commercial paper | $ 92 | |
Receivables facilities | 728.4 | $ 187.4 |
Other debt | 61.9 | 73.3 |
Total debt | 11,393.8 | 11,892.8 |
Debt | ||
Total debt | 11,393.8 | 11,892.8 |
Short-term debt and current portion of long-term debt | (1,221) | (601.9) |
Long-term debt | 10,172.8 | 11,290.9 |
2.05% Senior Notes Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 349.7 | 349.4 |
6.25% Senior Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 249.8 | |
2.15% Senior Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 299.2 | 298.9 |
2.60% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 266.4 | 995 |
2.875% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 348.3 | 347.9 |
4.70% Senior Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 304.2 | 380 |
3.15% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 992.6 | 991.7 |
3.75% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 356.9 | 326.9 |
4.00% Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 248.6 | 248.5 |
3.85% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 1,737.9 | 1,737 |
5.00% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 313.1 | 314.1 |
4.00% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 495.5 | 495.2 |
3.90% Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 297 | 296.8 |
4.20% Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 1,981.8 | 1,981 |
5.375% Senior Notes Due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 494.8 | 494.7 |
5.50% Senior Notes Due 2046 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 1,725.8 | 1,725.7 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 299.7 | $ 399.5 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Apr. 30, 2017 | Mar. 31, 2017 | |
2.05% Senior Notes Due 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.05% | 2.05% | ||
Maturity year | 2,017 | 2,017 | ||
6.25% Senior Notes Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.25% | 6.25% | 6.25% | |
Maturity year | 2,018 | |||
2.15% Senior Notes Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.15% | 2.15% | ||
Maturity year | 2,018 | 2,018 | ||
2.60% Senior Notes Due 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.60% | 2.60% | 2.60% | |
Maturity year | 2,019 | 2,019 | ||
2.875% Senior Notes Due 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.875% | 2.875% | ||
Maturity year | 2,019 | 2,019 | ||
4.70% Senior Notes Due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.70% | 4.70% | 4.70% | |
Maturity year | 2,020 | 2,020 | ||
3.15% Senior Notes Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.15% | 3.15% | ||
Maturity year | 2,021 | 2,021 | ||
3.75% Senior Notes Due 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.75% | 3.75% | ||
Maturity year | 2,021 | 2,021 | ||
4.00% Senior Notes Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.00% | 4.00% | ||
Maturity year | 2,022 | 2,022 | ||
3.85% Senior Notes Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.85% | 3.85% | ||
Maturity year | 2,023 | 2,023 | ||
5.00% Senior Notes Due 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.00% | 5.00% | ||
Maturity year | 2,023 | 2,023 | ||
4.00% Senior Notes Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.00% | 4.00% | ||
Maturity year | 2,024 | 2,024 | ||
3.90% Senior Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.90% | 3.90% | ||
Maturity year | 2,025 | 2,025 | ||
4.20% Senior Notes Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.20% | 4.20% | ||
Maturity year | 2,026 | 2,026 | ||
5.375% Senior Notes Due 2036 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.375% | 5.375% | ||
Maturity year | 2,036 | 2,036 | ||
5.50% Senior Notes Due 2046 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.50% | 5.50% | ||
Maturity year | 2,046 | 2,046 |
Debt - Additional Information (
Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017EUR (€) | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||
Consideration for repurchase of debt | $ 897,000,000 | |||||||
Loss related to extinguishment of debt/credit facility | $ (4,500,000) | (27,800,000) | $ (1,200,000) | $ (32,300,000) | $ (47,100,000) | |||
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax | $ (2,400,000) | |||||||
Tender Offers [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, repurchased face amount | 1,060,000,000 | |||||||
6.25% Senior Notes Due 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, repurchased face amount | $ 63,000,000 | |||||||
Senior notes rate | 6.25% | 6.25% | 6.25% | |||||
Consideration for repurchase of debt | $ 195,000,000 | |||||||
Loss related to extinguishment of debt/credit facility | $ 4,500,000 | |||||||
Debt Instrument, face amount | $ 187,000,000 | |||||||
2.60% Senior Notes Due 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, repurchased face amount | $ 733,000,000 | |||||||
Senior notes rate | 2.60% | 2.60% | 2.60% | 2.60% | 2.60% | |||
3.75% Senior Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes rate | 3.75% | 3.75% | 3.75% | 3.75% | ||||
Debt Instrument, face amount | € | € 300,000,000 | |||||||
Debt Instrument, maturity date | Oct. 1, 2021 | |||||||
4.70% Senior Notes Due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, repurchased face amount | $ 76,000,000 | |||||||
Senior notes rate | 4.70% | 4.70% | 4.70% | 4.70% | 4.70% | |||
Debt Instrument, face amount | $ 277,000,000 | $ 277,000,000 |
Debt - Schedule of Fair Value o
Debt - Schedule of Fair Value of Senior Notes (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Senior Notes, Fair Value | $ 11,114.9 | $ 11,979.2 |
Senior Notes, Book Value | $ 10,211.8 | $ 11,234.1 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||||||
Cash flow hedge losses to be reclassified within twelve months | $ (9,000,000) | |||||
Other Expense, Net [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative instruments not designated as hedging instruments, expense, net | 11,000,000 | $ 3,300,000 | $ 32,600,000 | $ 3,300,000 | ||
4.70% Senior Notes Due 2020 [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, face amount | $ 277,000,000 | $ 277,000,000 | ||||
Debt Instrument, interest rate, stated percentage | 4.70% | 4.70% | 4.70% | 4.70% | ||
4.00% Senior Notes Due 2024 [Member] | ||||||
Derivative [Line Items] | ||||||
Debt Instrument, face amount | $ 250,000,000 | $ 250,000,000 | ||||
Debt Instrument, interest rate, stated percentage | 4.00% | 4.00% | 4.00% | |||
Interest Rate Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 527,000,000 | $ 527,000,000 | ||||
Cross-currency Swaps [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | 161,000,000 | 161,000,000 | ||||
Foreign Currency Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | 476,000,000 | 476,000,000 | ||||
Foreign Currency Contracts [Member] | Derivatives Not Designated as Effective Hedges [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, notional amount | $ 2,000,000,000 | $ 2,000,000,000 |
Derivatives - Schedule of Fair
Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | $ 26.4 | $ 33.3 |
Fair Value of Derivatives, Liability | 73.8 | 36.8 |
Derivatives Designated as Effective Hedges [Member] | Cash Flow Hedges [Member] | Cross-currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | 0.7 | |
Fair Value of Derivatives, Liability | 16.8 | 16.3 |
Derivatives Designated as Effective Hedges [Member] | Cash Flow Hedges [Member] | Foreign Currency Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | 3 | 14.2 |
Fair Value of Derivatives, Liability | 13.7 | 3.4 |
Derivatives Designated as Effective Hedges [Member] | Fair Value Hedges [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | 1.2 | |
Fair Value of Derivatives, Liability | 4.5 | 5.9 |
Derivatives Not Designated as Effective Hedges [Member] | Foreign Currency Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | 22.1 | 18.2 |
Fair Value of Derivatives, Liability | 38.8 | 10.9 |
Derivatives Not Designated as Effective Hedges [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | $ 0.1 | 0.2 |
Fair Value of Derivatives, Liability | $ 0.3 |
Derivatives - Schedule of Preta
Derivatives - Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI (effective portion) | $ (24.2) | $ (105.7) | $ (8.8) | $ (2.5) |
Gain/(Loss) Reclassified from AOCI to Income | 3.1 | (26.6) | 3.4 | (16.3) |
Interest Rate Swaps [Member] | Interest Expense, Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI (effective portion) | (88.1) | |||
Gain/(Loss) Reclassified from AOCI to Income | (4.1) | (2.6) | (2.1) | (2.4) |
Foreign Currency Contracts [Member] | Sales and Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI (effective portion) | (23) | 8 | (11.2) | 13 |
Gain/(Loss) Reclassified from AOCI to Income | 12.8 | 0.5 | 4.2 | (1.2) |
Cross-currency Swaps [Member] | Other Income (Expense), Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI (effective portion) | (1.2) | (25.6) | 2.4 | (15.5) |
Gain/(Loss) Reclassified from AOCI to Income | $ (5.6) | $ (24.5) | $ 1.3 | $ (12.7) |
Employee Benefit and Retireme69
Employee Benefit and Retirement Plans - Summary of Components of Pension and Postretirement Benefit Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
U.S. [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.7 | $ 0.7 | $ 1.4 | $ 1.4 |
Interest cost | 12.6 | 12.5 | 25.3 | 20.1 |
Expected return on plan assets | (18.3) | (19.2) | (36.7) | (30.6) |
Amortization, net | 5.9 | 5.4 | 11.8 | 10.8 |
Net periodic cost | 0.9 | (0.6) | 1.8 | 1.7 |
International [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1.9 | 1.8 | 3.7 | 3.1 |
Interest cost | 3.4 | 4.9 | 6.7 | 9.5 |
Expected return on plan assets | (4.7) | (5.8) | (9.2) | (11.3) |
Amortization, net | 0.6 | 0.7 | 1.2 | 1.4 |
Net periodic cost | 1.2 | 1.6 | 2.4 | 2.7 |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.1 | 0.1 | ||
Interest cost | 0.5 | 0.5 | 1.1 | 1 |
Amortization, net | (2.3) | (2.6) | (4.6) | (5.2) |
Net periodic cost | $ (1.7) | $ (2.1) | $ (3.4) | $ (4.2) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income Tax [Line Items] | |||
Effective Income Tax rate Reconciliation, Percent | 18.80% | 20.60% | |
Valuation Allowances and Reserves, Deductions | $ 35.2 | $ 19.4 | |
Deferred tax expense overstated amount | $ 18 | ||
Tools [Member] | |||
Income Tax [Line Items] | |||
Deferred Tax Liabilities, Tax Deferred Income | $ 164 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computations of Weighted Average Shares Outstanding (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares outstanding | 483.3 | 446.9 | 483 | 357.4 |
Share-based payment awards classified as participating securities | 1 | 1.4 | 1.2 | 1.1 |
Basic weighted-average shares outstanding | 484.3 | 448.3 | 484.2 | 358.5 |
Dilutive securities | 1.6 | 1.9 | 1.6 | 1.6 |
Diluted weighted-average shares outstanding | 485.9 | 450.2 | 485.8 | 360.1 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - Jarden Acquisition [Member] - shares shares in Millions | 1 Months Ended | 6 Months Ended |
Jul. 31, 2017 | Jun. 30, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Shares issuable to Dissenting Shareholders | 9.1 | |
Subsequent Event [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Number shares issued to dissenting shareholders | 6.6 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) shares in Millions, $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
Performance-Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of stock units awarded | shares | 1.4 |
Aggregate grant date fair value | $ | $ 65.1 |
Time-Based RSU's [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of stock units awarded | shares | 0.5 |
Aggregate grant date fair value | $ | $ 21.4 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | $ 26.4 | $ 33.3 |
Derivatives, Liabilities | (73.8) | (36.8) |
Fair Value Measurements on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | 26.4 | 33.3 |
Derivatives, Liabilities | (73.8) | (36.8) |
Investment securities, including mutual funds | 8.6 | 14.7 |
Level 1 [Member] | Fair Value Measurements on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, including mutual funds | 5.1 | 4.8 |
Level 2 [Member] | Fair Value Measurements on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | 26.4 | 33.3 |
Derivatives, Liabilities | (73.8) | (36.8) |
Investment securities, including mutual funds | $ 3.5 | $ 9.9 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 4,054.6 | $ 3,858.6 | $ 7,320.9 | $ 5,173.5 | |
Operating income (loss) | 423.1 | 137.7 | 579.1 | 263.1 | |
Total assets | 33,950 | 33,955.3 | 33,950 | 33,955.3 | $ 33,837.5 |
Restructuring Costs [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (30.5) | (11) | (43.8) | (28.7) | |
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | (111.1) | (130.6) | (210.8) | (171.6) | |
Total assets | 1,250.2 | 10,270.6 | 1,250.2 | 10,270.6 | |
Live [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,277.6 | 1,123 | 2,345.4 | 1,445.1 | |
Operating income (loss) | 96.2 | 2.5 | 153.8 | 34.5 | |
Total assets | 13,840.8 | 10,682.3 | 13,840.8 | 10,682.3 | |
Learn [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 1,011.4 | 911.7 | 1,580.5 | 1,296.6 | |
Operating income (loss) | 304.5 | 233.3 | 392.7 | 318.1 | |
Total assets | 5,971.3 | 3,138.8 | 5,971.3 | 3,138.8 | |
Work [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 737.7 | 646.8 | 1,351.4 | 915.4 | |
Operating income (loss) | 120.5 | 27.2 | 183.4 | 67.7 | |
Total assets | 5,357.8 | 3,266.2 | 5,357.8 | 3,266.2 | |
Play [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 782 | 685 | 1,410 | 746.1 | |
Operating income (loss) | 89 | 2.2 | 145.3 | 0.1 | |
Total assets | 4,994.8 | 3,704 | 4,994.8 | 3,704 | |
Other [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 245.9 | 492.1 | 633.6 | 770.3 | |
Operating income (loss) | (45.5) | 14.1 | (41.5) | 43 | |
Total assets | $ 2,535.1 | $ 2,893.4 | $ 2,535.1 | $ 2,893.4 |
Litigation and Contingencies -
Litigation and Contingencies - Additional Information (Detail) $ / shares in Units, shares in Millions, Merchandise in Millions | Jul. 06, 2017USD ($)$ / sharesshares | Apr. 15, 2016$ / sharesshares | Jul. 31, 2017USD ($)shares | Mar. 31, 2014Merchandise | Jun. 30, 2017USD ($)shares | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) |
Loss Contingencies [Line Items] | |||||||
Environmental remediation reserve | $ 49,700,000 | ||||||
Standby letters of credit outstanding | 69,000,000 | ||||||
Clean Air Act Labeling Matter [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency, estimate of possible loss | $ 110,000 | ||||||
NHTSA - Safety Awareness [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency accrual | $ 7,000,000 | ||||||
NHTSA - Other payments [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss contingency payment | $ 3,000,000 | ||||||
Subsequent Event [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Share conversion ratio upon merger | 86.20% | ||||||
Business acquisition, equity interest issued or issuable, number of shares | shares | 6.6 | ||||||
Issue of common stock to settling petitioners , Value | $ 162,000,000 | ||||||
Jarden Acquisition [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of shares holding by dissenting shareholders | shares | 10.6 | ||||||
Share conversion ratio upon merger | 86.20% | ||||||
Business combination, cash consideration transferred per share | $ / shares | $ 21 | ||||||
Business acquisition, equity interest issued or issuable, number of shares | shares | 213.9 | ||||||
Jarden Acquisition [Member] | Subsequent Event [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Business combination, cash consideration transferred per share | $ / shares | $ 21 | ||||||
Business acquisition, equity interest issued or issuable, number of shares | shares | 6.6 | ||||||
Issue of common stock to settling petitioners , Value | $ 162,000,000 | ||||||
Number of common stock transferred on settlement | shares | 7.7 | ||||||
Lower Passaic River Matter [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of general notice letter recipients involved in remedial investigation and feasibility study | 72 | ||||||
Loss contingency estimated period | 30 years | ||||||
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 | 1,400,000,000 | ||||||
Settlement amount | $ 280,600 | ||||||
Graco Recall [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Approximate number of defective merchandise recalled | Merchandise | 4 |