Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 20, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'JAH | ' |
Entity Registrant Name | 'JARDEN CORP | ' |
Entity Central Index Key | '0000895655 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 128,251,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales | $2,142.20 | $1,800.80 | $5,849.10 | $5,140.30 |
Cost of sales | 1,468.90 | 1,277.60 | 4,059.40 | 3,660.10 |
Gross profit | 673.3 | 523.2 | 1,789.70 | 1,480.20 |
Selling, general and administrative expenses | 442.7 | 325.9 | 1,303.20 | 1,045.40 |
Restructuring Costs, net | 0.5 | 3 | 3.1 | 4.4 |
Operating earnings | 230.1 | 194.3 | 483.4 | 430.4 |
Interest expense, net | 52.7 | 47.5 | 159.6 | 143.3 |
Loss on early extinguishment of debt | ' | ' | 54.4 | 25.9 |
Income before taxes | 177.4 | 146.8 | 269.4 | 261.2 |
Income tax provision | 68.8 | 51.9 | 105 | 94.3 |
Net income (loss) | $108.60 | $94.90 | $164.40 | $166.90 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.88 | $0.85 | $1.33 | $1.52 |
Diluted | $0.87 | $0.85 | $1.30 | $1.51 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 122.9 | 111.5 | 123.7 | 110.1 |
Diluted | 125.1 | 112 | 126.3 | 110.7 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Comprehensive income: | ' | ' | ' | ' |
Net income (loss) | $108.60 | $94.90 | $164.40 | $166.90 |
Other comprehensive income (loss), before tax: | ' | ' | ' | ' |
Cumulative translation adjustment | -63.4 | 27.3 | -57.7 | -21.9 |
Derivative financial instruments | 17.7 | -13 | 7.7 | 3.3 |
Accrued benefit cost | 1.8 | 1.9 | 4.1 | 5.6 |
Unrealized gain (loss) on investment | -4.4 | 0.1 | ' | 0.3 |
Total other comprehensive income (loss), before tax | -48.3 | 16.3 | -45.9 | -12.7 |
Income tax (provision) benefit related to other comprehensive income (loss) | -5.2 | 3.5 | -4.4 | -3.4 |
Comprehensive income (loss) | $55.10 | $114.70 | $114.10 | $150.80 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Cash and cash equivalents | $706.30 | $1,128.50 |
Accounts receivable, net of allowances of $119.5 and $97.0 at September 30, 2014 and December 31, 2013, respectively | 1,378.40 | 1,196.10 |
Inventories | 1,787.50 | 1,411.90 |
Deferred taxes on income | 227.9 | 185.7 |
Prepaid expenses and other current assets | 168.8 | 161.3 |
Total current assets | 4,268.90 | 4,083.50 |
Property, plant and equipment, net | 846.5 | 852.6 |
Goodwill | 2,904 | 2,620.30 |
Intangibles, net | 2,635.80 | 2,393 |
Other assets | 167.8 | 146.7 |
Total assets | 10,823 | 10,096.10 |
Liabilities: | ' | ' |
Short-term debt and current portion of long-term debt | 832.5 | 655.1 |
Accounts payable | 774.4 | 664.2 |
Accrued salaries, wages and employee benefits | 210.3 | 192.6 |
Other current liabilities | 466.4 | 527.5 |
Total current liabilities | 2,283.60 | 2,039.40 |
Long-term debt | 4,263.70 | 4,087.30 |
Deferred taxes on income | 1,237.30 | 1,065.30 |
Other non-current liabilities | 431.3 | 354.4 |
Total liabilities | 8,215.90 | 7,546.40 |
Commitments and contingencies (see Note 10) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock ($0.01 par value, 5.0 shares authorized, no shares issued at September 30, 2014 and December 31, 2013) | ' | ' |
Common stock ($0.01 par value, 300 shares authorized, 155.6 shares issued at September 30, 2014 and December 31, 2013) | 1.6 | 1.6 |
Additional paid-in capital | 2,505 | 2,381.60 |
Retained earnings | 1,206.60 | 1,042.20 |
Accumulated other comprehensive income (loss) | -108.9 | -58.6 |
Less: Treasury stock (27.3 and 26.6 shares, at cost, at September 30, 2014 and December 31, 2013, respectively) | -997.2 | -817.1 |
Total stockholders' equity | 2,607.10 | 2,549.70 |
Total liabilities and stockholders' equity | $10,823 | $10,096.10 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Accounts receivable, allowances | $119.50 | $97 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5 | 5 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300 | 300 |
Common stock, shares issued | 155.6 | 155.6 |
Treasury stock, shares | 27.3 | 26.6 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $164.40 | $166.90 |
Reconciliation of net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 140.8 | 115.8 |
Venezuela devaluation-related charges | ' | 27.4 |
Stock-based compensation | 40.7 | 49.9 |
Excess tax benefits from stock-based compensation | -35.2 | -11.4 |
Other non-cash items | 9 | 19 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ' | ' |
Accounts receivable | -165.6 | -112.8 |
Inventory | -331.6 | -286.9 |
Accounts payable | 111.6 | 53.3 |
Other assets and liabilities | 16 | 42 |
Net cash provided by (used in) operating activities | -49.9 | 63.2 |
Cash flows from financing activities: | ' | ' |
Net change in short-term debt | 52.7 | -11.3 |
Proceeds from issuance of long-term debt | 1,104.80 | 527.1 |
Payments on long-term debt | -589.6 | -376 |
Issuance (repurchase) of common stock, net | -269.5 | 469.7 |
Excess tax benefits from stock-based compensation | 35.2 | 11.4 |
Debt issuance costs | -18.1 | -12.4 |
Other | -8.2 | -4.4 |
Net cash provided by (used in) financing activities | 307.3 | 604.1 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -149.2 | -115.6 |
Acquisition of businesses, net of cash acquired | -517.7 | -12.7 |
Other | 3.5 | 7.8 |
Net cash provided by (used in) investing activities | -663.4 | -120.5 |
Effect of exchange rate changes on cash and cash equivalents | -16.2 | -20.6 |
Net increase (decrease) in cash and cash equivalents | -422.2 | 526.2 |
Cash and cash equivalents at beginning of period | 1,128.50 | 1,034.10 |
Cash and cash equivalents at end of period | $706.30 | $1,560.30 |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation and Significant Accounting Policies | ' |
1. Basis of Presentation and Significant Accounting Policies | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated interim financial statements of Jarden Corporation and its subsidiaries (hereinafter referred to as the “Company” or “Jarden”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all adjustments that are, in the opinion of management, normal, recurring and necessary for a fair presentation of the results for the interim period. The Condensed Consolidated Balance Sheet at December 31, 2013 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Certain reclassifications have been made in the Company’s financial statements of the prior year to conform to the current year presentation. These reclassifications have no impact on previously reported net income. | |
Supplemental Information | |
Stock-based compensation (income)/expense, which is included in selling, general and administrative expenses (“SG&A”), was ($0.3) and $5.4 for the three months ended September 30, 2014 and 2013, respectively, and $40.7 and $49.9 for the nine months ended September 30, 2014 and 2013, respectively. | |
Interest expense is net of interest income of $1.6 and $1.3 for the three months ended September 30, 2014 and 2013, respectively, and $4.4 and $4.2 for the nine months ended September 30, 2014 and 2013, respectively. | |
Venezuela Operations | |
The Company’s subsidiaries operating in Venezuela are considered under GAAP to be operating in a highly inflationary economy. As such, the Company’s financial statements of its subsidiaries operating in Venezuela are remeasured as if their functional currency were the U.S. dollar and gains and losses resulting from the remeasurement of monetary assets and liabilities are reflected in current earnings. The financial statements of the Company’s subsidiaries operating in Venezuela are remeasured at and are reflected in the Company’s consolidated financial statements at the CENCOEX exchange rate (“official exchange rate”) of 6.30 Bolivars per U.S. dollar, which is currently the Company’s expected settlement rate. | |
In 2013, the Venezuelan government established a new auction-based exchange rate market program, the Complementary System for Foreign Currency Administration (“SICAD”). In 2014, the Venezuelan government mandated that dividends and royalties be executed under the SICAD program and also introduced an additional currency exchange program, commonly referred to as SICAD-II. While the Company currently expects to continue to use the official exchange rate for essentially all transactions except dividends and royalties, the Company is continuing to assess the impact of changes to the currency exchange programs and recently imposed pricing restrictions. If in the future, the Company’s subsidiaries operating in Venezuela are economically or legally required to convert an increasing amount of the Bolivar cash balances into U.S. dollars using the more unfavorable exchange rates available under SICAD or SICAD-II, it could result in currency exchange losses that may be material to the Company’s results of operations. At September 30, 2014, the exchange rates for SICAD and SICAD-II were 12.0 and 50.0 Bolivars per U.S. dollar, respectively. At September 30, 2014, the Company’s Bolivar-denominated net assets were approximately $127. | |
On February 8, 2013, the Venezuelan government announced its intention to further devalue the Bolivar relative to the U.S. dollar. As a result of the devaluation, the official exchange rate changed to 6.30 Bolivars per U.S. dollar for imported goods. As such, beginning in February 2013, the financial statements of the Company’s subsidiaries operating in Venezuela have been remeasured at, and are reflected in, the Company’s consolidated financial statements at the new official exchange rate. During the nine months ended September 30, 2013, the Company recorded $29.0 of devaluation-related charges related to its Venezuela operations, which are almost entirely comprised of a non-cash charge related to the write-down of monetary assets due to the change in the official exchange rate. These charges are included in SG&A. | |
New Accounting Guidance | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09, which supersedes the most current revenue recognition guidance, is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration that an entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 also requires certain disclosures that enable users of the financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods, including interim periods within that reporting period, beginning after December 15, 2016. Early adoption is not permitted. The Company is assessing the impact that the provisions of ASU 2014-09 will have on the consolidated financial position, results of operations and cash flows of the Company. | |
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). ASU-2014-08 establishes the criteria for determining which disposals qualify as discontinued operations and also establishes disclosure requirements for both discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued. The Company does not expect the provisions of ASU 2014-08 to have a material effect on the consolidated financial position, results of operations or cash flows of the Company. | |
Adoption of New Accounting Guidance | |
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for fiscal years and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 did not have a material effect on the consolidated financial position, results of operations or cash flows of the Company. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Acquisitions | ' | ||||||||
2. Acquisitions | |||||||||
2014 Activity | |||||||||
On August 29, 2014, the Company complete the tuck-in acquisition of Rexair Holdings, Inc. (“Rexair”), a global provider of premium vacuum cleaning systems sold primarily under the Rainbow® brand name. The total value of the transaction, including debt assumed and repaid, was approximately $349, subject to certain adjustments. The acquisition of Rexair is expected to expand distribution channels, as well as expand the Company’s current product offerings. Rexair is reported in the Company’s Consumer Solutions segment and is included in the Company’s results of operations from the date of acquisition. Based on the Company’s preliminary valuations, which are 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 date of acquisition. The excess of the purchase price over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. Based on this purchase price allocation, the Company allocated approximately $44 of the purchase price to identified tangible net liabilities excluding debt repaid, approximately $192 of the purchase price to identified intangible assets and approximately $201 of the purchase price as goodwill. | |||||||||
During the nine months ended September 30, 2014, the Company completed two other tuck-in acquisitions that by nature were complementary to the Company’s core businesses and from an accounting standpoint were not significant. | |||||||||
2013 Activity | |||||||||
On October 3, 2013, the Company acquired Yankee Candle Investments LLC (“Yankee Candle”), a leading specialty-branded premium scented candle company (the “YCC Acquisition”). The total value of the YCC Acquisition, including debt assumed and/or repaid, was approximately $1.8 billion. Yankee Candle is reported in the Company’s Branded Consumables segment and was included in the Company’s results of operations from October 3, 2013. | |||||||||
Pro forma financial information (unaudited) | |||||||||
The following unaudited pro forma financial information presents the combined results of operations of the Company and Yankee Candle as if the YCC Acquisition had occurred on January 1, 2012. The pro forma results presented below for the three and nine months ended September 30, 2013 combine the historical results of the Company and Yankee Candle for the periods presented. The unaudited pro forma financial information is not intended to represent or be indicative of the Company’s consolidated results of operations or financial condition that would have been reported had the YCC Acquisition been completed as of January 1, 2012 and should not be taken as indicative of the Company’s future consolidated results of operations or financial condition. | |||||||||
(in millions, except per share data) | Three months | Nine months | |||||||
ended | ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2013 | ||||||||
Net sales | $ | 2,019.10 | $ | 5,677.70 | |||||
Net income | 110.6 | 187.3 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.89 | $ | 1.49 | |||||
Diluted | $ | 0.88 | $ | 1.48 | |||||
The unaudited pro forma financial information for the three and nine months ended September 30, 2013 include $1.1 and $3.3, respectively, for the amortization of purchased intangibles from the YCC Acquisition. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventories | ' | ||||||||
3. Inventories | |||||||||
Inventories are comprised of the following at September 30, 2014 and December 31, 2013: | |||||||||
(in millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 282.6 | $ | 227.6 | |||||
Work-in-process | 83 | 79.6 | |||||||
Finished goods | 1,421.90 | 1,104.70 | |||||||
Total inventories | $ | 1,787.50 | $ | 1,411.90 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment | ' | ||||||||
4. Property, Plant and Equipment | |||||||||
Property, plant and equipment, net, is comprised of the following at September 30, 2014 and December 31, 2013: | |||||||||
(in millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Land | $ | 64.2 | $ | 62.7 | |||||
Buildings | 446.9 | 427.3 | |||||||
Machinery and equipment | 1,297.10 | 1,229.80 | |||||||
Construction-in-progress | 104.6 | 144.6 | |||||||
1,912.80 | 1,864.40 | ||||||||
Less: Accumulated depreciation | (1,066.3 | ) | (1,011.8 | ) | |||||
Total property, plant and equipment, net | $ | 846.5 | $ | 852.6 | |||||
Depreciation of property, plant and equipment was $40.8 and $34.4 for the three months ended September 30, 2014 and 2013, respectively, and $122 and $100 for the nine months ended September 30, 2014 and 2013, respectively. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Intangibles | ' | ||||||||||||||||||||||||
5. Goodwill and Intangibles | |||||||||||||||||||||||||
Goodwill activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(in millions) | Net Book | Additions | Foreign | Gross | Accumulated | Net Book | |||||||||||||||||||
Value at | Exchange | Carrying | Impairment | Value | |||||||||||||||||||||
December 31, | and Other | Amount | Charges | ||||||||||||||||||||||
2013 | Adjustments | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Branded Consumables | $ | 1,353.80 | $ | 23.7 | $ | 10.7 | $ | 1,611.40 | $ | (223.2 | ) | $ | 1,388.20 | ||||||||||||
Consumer Solutions | 526.3 | 256.3 | (6.3 | ) | 776.3 | — | 776.3 | ||||||||||||||||||
Outdoor Solutions | 718.5 | — | (0.7 | ) | 736.3 | (18.5 | ) | 717.8 | |||||||||||||||||
Process Solutions | 21.7 | — | — | 21.7 | — | 21.7 | |||||||||||||||||||
$ | 2,620.30 | $ | 280 | $ | 3.7 | $ | 3,145.70 | $ | (241.7 | ) | $ | 2,904.00 | |||||||||||||
Intangibles activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||||||
(in millions) | Gross | Additions | Accumulated | Net Book | Amortization | ||||||||||||||||||||
Carrying | Amortization | Value at | Periods | ||||||||||||||||||||||
Amount at | and Foreign | September 30, | (years) | ||||||||||||||||||||||
December 31, | Exchange | 2014 | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
Patents | $ | 9.3 | $ | — | $ | (4.3 | ) | $ | 5 | 30-Dec | |||||||||||||||
Manufacturing process and expertise | 56.2 | 9 | (44.6 | ) | 20.6 | 7-Mar | |||||||||||||||||||
Brand names | 23.3 | — | (9.4 | ) | 13.9 | 20-Apr | |||||||||||||||||||
Customer relationships and distributor channels | 347.4 | 192.2 | (89.1 | ) | 450.5 | Oct-35 | |||||||||||||||||||
Trademarks and tradenames | 2,080.90 | 75.2 | (10.3 | ) | 2,145.80 | indefinite | |||||||||||||||||||
$ | 2,517.10 | $ | 276.4 | $ | (157.7 | ) | $ | 2,635.80 | |||||||||||||||||
Amortization of intangibles was $7.3 and $5.2 for the three months ended September 30, 2014 and 2013, respectively, and $18.8 and $15.4 for the nine months ended September 30, 2014 and 2013, respectively. |
Warranty_Reserve
Warranty Reserve | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Warranty Reserve | ' | ||||
6. Warranty Reserve | |||||
The warranty reserve activity for the nine months ended September 30, 2014 is as follows: | |||||
(in millions) | 2014 | ||||
Warranty reserve at January 1, | $ | 98 | |||
Provision for warranties issued | 105 | ||||
Warranty claims paid | (112.8 | ) | |||
Acquisitions and other adjustments | 1.2 | ||||
Warranty reserve at September 30, | $ | 91.4 | |||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt | ' | ||||||||
7. Debt | |||||||||
Debt is comprised of the following at September 30, 2014 and December 31, 2013: | |||||||||
(in millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Senior Secured Credit Facility Term Loans | $ | 2,022.10 | $ | 2,127.40 | |||||
6 1⁄8% Senior Notes due 2022 (a) | 300 | 300 | |||||||
3 3⁄4% Senior Notes due 2021 | 376.9 | — | |||||||
7 1⁄2% Senior Subordinated Notes due 2017 (b) | 648 | 654.1 | |||||||
7 1⁄2% Senior Subordinated Notes due 2020 | — | 477.1 | |||||||
1 7⁄8% Senior Subordinated Convertible Notes due 2018 (c) | 442.5 | 433 | |||||||
1 1⁄2% Senior Subordinated Convertible Notes due 2019 (c) | 224.1 | 218.5 | |||||||
1 1⁄8% Senior Subordinated Convertible Notes due 2034 (c) | 479.9 | — | |||||||
Securitization Facility | 466.6 | 477.9 | |||||||
Non-U.S. borrowings | 127.7 | 45.6 | |||||||
Other | 8.4 | 8.8 | |||||||
Total debt | 5,096.20 | 4,742.40 | |||||||
Less: current portion | (832.5 | ) | (655.1 | ) | |||||
Total long-term debt | $ | 4,263.70 | $ | 4,087.30 | |||||
(a) | The “Senior Notes.” | ||||||||
(b) | The “Senior Subordinated Notes.” | ||||||||
(c) | Collectively, the “Senior Subordinated Convertible Notes.” | ||||||||
Senior Notes | |||||||||
In July 2014, the Company completed the sale of €300 in aggregate principal amount of 3 3⁄4% senior notes that mature in October 2021, in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain persons outside of the U.S. pursuant to Regulation S under the Securities Act, and received net proceeds of approximately $400, after deducting fees and expenses. These notes are subject to similar restrictive and financial covenants as the Company’s existing 6 1⁄8% senior notes due 2022. | |||||||||
Senior Subordinated Notes | |||||||||
During April 2014, the Company redeemed the entire principal amount outstanding for both the U.S. dollar tranche and the Euro dollar tranche of the 7 1⁄2% Senior Subordinated Notes due 2020 for total consideration, excluding accrued interest, of $523 (the “Redemption”). As a result of these debt extinguishments, the Company recorded a loss on the extinguishment of debt of $54.4 during the nine months ended September 30, 2014, primarily comprised of prepayment premiums and a non-cash charge due to the write-off of deferred debt issuance costs. | |||||||||
Senior Subordinated Convertible Notes | |||||||||
In March 2014, the Company completed a private offering for the sale of $690 aggregate principal amount of 1 1⁄8% senior subordinated convertible notes due 2034 (the “2034 Convertible Notes”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, and received net proceeds of approximately $674, after deducting fees and expenses. The proceeds were used to repurchase shares of the Company’s common stock (see Note 11) and for the Redemption, and the remainder will be used for general corporate purposes. The initial conversion rate is approximately 13.36 shares of the Company’s common stock (subject to customary adjustments, including in connection with a fundamental change transaction) per $1 thousand principal amount of the 2034 Convertible Notes, which is equivalent to an initial conversion price of approximately $74.86 per share. On or after March 18, 2024, the Company may redeem any or all of the 2034 Convertible Notes, subject to certain exceptions and conditions, in cash, at a redemption price equal to the principal amount of the 2034 Convertible Notes to be redeemed, plus accrued and unpaid interest. The holders of the 2034 Convertible Notes may require the Company to repurchase for cash all or a portion of the 2034 Convertible Notes on March 15, 2024 at a repurchase price equal to the principal amount of the 2034 Convertible Notes to be repurchased, plus accrued and unpaid interest. Additionally, if the Company undergoes a fundamental change (as defined in the indenture governing the 2034 Convertible Notes) prior to maturity, holders of the 2034 Convertible Notes may require the Company to repurchase for cash some or all of their 2034 Convertible Notes at a repurchase price equal to the principal amount of the 2034 Convertible Notes being repurchased, plus accrued and unpaid interest. | |||||||||
The 2034 Convertible Notes are convertible only under the following circumstances: | |||||||||
• | prior to December 15, 2033, on any date during any calendar quarter beginning after June 30, 2014 (and only during such calendar quarter) if the closing sale price of our common stock was more than 130% of the then current conversion price for at least 20 trading days (whether or not consecutive) in the period of the 30 consecutive trading days ending on the last trading day of the previous calendar quarter; | ||||||||
• | prior to December 15, 2033, if the Company distributes to all or substantially all holders of its common stock rights, options or warrants entitling them to purchase, for a period of 60 calendar days or less from the declaration date for such distribution, shares of our common stock at a price per share less than the average closing sale price of our common stock for the ten consecutive trading days immediately preceding, but excluding, the declaration date for such distribution; | ||||||||
• | prior to December 15, 2033, if the Company distributes to all or substantially all holders of its common stock cash, other assets, securities or rights to purchase our securities, which distribution has a per share value exceeding 10% of the closing sale price of our common stock on the trading day immediately preceding the declaration date for such distribution, or if we engage in certain other corporate transactions; | ||||||||
• | prior to December 15, 2033, during the five consecutive business-day period following any ten consecutive trading-day period in which the trading price per $1 thousand principal amount of 2034 Convertible Notes for each trading day during such ten trading-day period was less than 98% of the closing sale price of our common stock for each trading day during such ten trading-day period multiplied by the then current conversion rate; | ||||||||
• | if the Company calls any 2034 Convertible Notes for redemption; or | ||||||||
• | on or after December 15, 2033, and on or prior to the close of business on the second scheduled trading day immediately preceding the maturity date, without regard to the foregoing conditions. | ||||||||
Upon conversion, holders will receive, at the Company’s discretion, cash, shares of the Company’s common stock or a combination thereof. It is the Company’s intent to settle the principal amount and accrued interest on the 2034 Convertible Notes with cash. At the date of issuance, the estimated fair values of the liability and equity components of the 2034 Convertible Notes were approximately $471 and $219, respectively, resulting in an effective annual interest rate, considering debt issuance costs, of approximately 5.5%. The amount allocated to the equity component is recorded as a discount to the original aggregate principal amount of the 2034 Convertible Notes. | |||||||||
Other | |||||||||
At September 30, 2014 and December 31, 2013, the carrying value of total debt approximates fair market value. The fair market value (Level 1 measurement) of the Senior Notes and the Senior Subordinated Notes is based upon quoted market prices. The fair market value (Level 2 measurement) for all other debt instruments is estimated using interest rates currently available to the Company for debt with similar terms and maturities. |
Derivative_and_Other_Hedging_F
Derivative and Other Hedging Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivative and Other Hedging Financial Instruments | ' | ||||||||||||||||||||||||
8. Derivative and Other Hedging Financial Instruments | |||||||||||||||||||||||||
Interest Rate Contracts | |||||||||||||||||||||||||
The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company uses 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 are used, depending on market conditions, to convert the fixed rates of long-term debt into short-term variable rates. Fixed rate swaps are 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. | |||||||||||||||||||||||||
Fair Value Hedges | |||||||||||||||||||||||||
At September 30, 2014, the Company had $650 notional amount of interest rate swaps that exchange a fixed rate of interest for variable rate of interest (LIBOR) plus a weighted average spread of approximately 605 basis points. These floating rate swaps, which were entered into during June 2014, are designated as fair value hedges against $650 of principal on the Senior Subordinated Notes 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. | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
At September 30, 2014, the Company had $850 notional amount outstanding in swap agreements, which includes $350 notional amount of forward-starting swaps that become effective commencing December 31, 2015, that exchange a variable rate of interest (LIBOR) for fixed interest rates over the terms of the agreements and are designated as cash flow hedges of the interest rate risk attributable to forecasted variable interest payments and have maturity dates through June 2020. At September 30, 2014, the weighted average fixed rate of interest on these swaps, excluding the forward-starting swaps, was approximately 1.3%. The effective portion of the after-tax fair value gains or losses on these swaps is included as a component of accumulated other comprehensive income (“AOCI”). | |||||||||||||||||||||||||
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 March 2016. 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 September 30, 2014, the Company had approximately $467 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 September 30, 2014, the Company had approximately $306 notional amount outstanding of these foreign currency contracts that are not designated as effective hedges for accounting purposes and have maturity dates through March 2015. Fair market value gains or losses are included in the results of operations and are classified in SG&A. | |||||||||||||||||||||||||
Commodity Contracts | |||||||||||||||||||||||||
The Company enters into commodity-based derivatives in order to mitigate the risk that the rising price of these commodities could have on the cost of certain of the Company’s raw materials. These commodity-based derivatives provide the Company with cost certainty, and in certain instances, allow the Company to benefit should the cost of the commodity fall below certain dollar thresholds. At September 30, 2014, the Company had approximately $18 notional amount outstanding of commodity-based derivatives that are not designated as effective hedges for accounting purposes and have maturity dates through December 2015. Fair market value gains or losses are included in the results of operations and are classified in cost of sales. | |||||||||||||||||||||||||
The following table presents the fair value of derivative financial instruments as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Fair Value of Derivatives | Fair Value of Derivatives | ||||||||||||||||||||||||
(in millions) | Asset (a) | Liability (a) | Asset (a) | Liability (a) | |||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | 2.1 | $ | 6.3 | $ | 4.5 | $ | 8 | |||||||||||||||||
Foreign currency contracts | 15.3 | 3.4 | 11.3 | 9.1 | |||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||
Interest rate swaps | — | 5.1 | — | — | |||||||||||||||||||||
Subtotal | 17.4 | 14.8 | 15.8 | 17.1 | |||||||||||||||||||||
Derivatives not designated as effective hedges: | |||||||||||||||||||||||||
Foreign currency contracts | 5.5 | 4.2 | 3.5 | 2.4 | |||||||||||||||||||||
Commodity contracts | 0.1 | 0.5 | 0.2 | 0.2 | |||||||||||||||||||||
Subtotal | 5.6 | 4.7 | 3.7 | 2.6 | |||||||||||||||||||||
Total | $ | 23 | $ | 19.5 | $ | 19.5 | $ | 19.7 | |||||||||||||||||
(a) Consolidated balance sheet location: | |||||||||||||||||||||||||
Asset: Other current and non-current assets | |||||||||||||||||||||||||
Liability: Other current and non-current liabilities | |||||||||||||||||||||||||
The following tables present gain and loss activity (on a pretax basis) for the three and nine months ended September 30, 2014 and 2013 related to derivative financial instruments designated as effective hedges: | |||||||||||||||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | ||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | ||||||||||||||||||||||||
(in millions) | Recognized | Reclassified | Recognized | Recognized | Reclassified | Recognized | |||||||||||||||||||
in OCI (a) | from AOCI | in Income (b) | in OCI (a) | from AOCI | in Income (b) | ||||||||||||||||||||
(effective portion) | to Income | (effective portion) | to Income | ||||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | 2.8 | $ | — | $ | — | $ | (1.5 | ) | $ | — | $ | — | ||||||||||||
Foreign currency contracts | 16 | 1.1 | 1 | (8.9 | ) | 2.6 | 0.3 | ||||||||||||||||||
Total | $ | 18.8 | $ | 1.1 | $ | 1 | $ | (10.4 | ) | $ | 2.6 | $ | 0.3 | ||||||||||||
Location of gain/(loss) in the consolidated results of operations: | |||||||||||||||||||||||||
Sales | $ | 0.5 | $ | — | $ | 2 | $ | — | |||||||||||||||||
Cost of sales | 0.6 | — | 0.6 | — | |||||||||||||||||||||
SG&A | — | 1 | — | 0.3 | |||||||||||||||||||||
Total | $ | 1.1 | $ | 1 | $ | 2.6 | $ | 0.3 | |||||||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | ||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | ||||||||||||||||||||||||
(in millions) | Recognized | Reclassified | Recognized | Recognized | Reclassified | Recognized | |||||||||||||||||||
in OCI (a) | from AOCI | in Income (b) | in OCI (a) | from AOCI | in Income (b) | ||||||||||||||||||||
(effective portion) | to Income | (effective portion) | to Income | ||||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | (0.7 | ) | $ | — | $ | — | $ | 6.2 | $ | — | $ | — | ||||||||||||
Foreign currency contracts | 13.7 | 5.3 | (2.9 | ) | 12 | 14.9 | (3.8 | ) | |||||||||||||||||
Total | $ | 13 | $ | 5.3 | $ | (2.9 | ) | $ | 18.2 | $ | 14.9 | $ | (3.8 | ) | |||||||||||
Location of gain/(loss) in the consolidated results of operations: | |||||||||||||||||||||||||
Sales | $ | 1.5 | $ | — | $ | (0.3 | ) | $ | — | ||||||||||||||||
Cost of sales | 3.8 | — | 15.2 | — | |||||||||||||||||||||
SG&A | — | (2.9 | ) | — | (3.8 | ) | |||||||||||||||||||
Total | $ | 5.3 | $ | (2.9 | ) | $ | 14.9 | $ | (3.8 | ) | |||||||||||||||
(a) | Represents effective portion recognized in Other Comprehensive Income (Loss) (“OCI”). | ||||||||||||||||||||||||
(b) | Represents portion excluded from effectiveness testing. | ||||||||||||||||||||||||
At September 30, 2014, deferred net gains of approximately $11 within AOCI are expected to be reclassified to earnings over the next twelve months. | |||||||||||||||||||||||||
The following table presents gain and loss activity (on a pretax basis) for the three and nine months ended September 30, 2014 and 2013 related to derivative financial instruments not designated as effective hedges: | |||||||||||||||||||||||||
Gain/(Loss) Recognized in Income | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Derivatives not designated as effective hedges: | |||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | 6.9 | $ | (3.3 | ) | $ | 0.5 | $ | 2.3 | ||||||||||||||||
Commodity contracts | (1.1 | ) | 0.4 | (0.2 | ) | 0.8 | |||||||||||||||||||
Total | $ | 5.8 | $ | (2.9 | ) | $ | 0.3 | $ | 3.1 | ||||||||||||||||
Net Investment Hedge | |||||||||||||||||||||||||
The Company has designated €300 of the principal balance of its Euro-denominated 3 3⁄4% senior notes due October 2021 (the “Hedging Instrument”) as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-denominated subsidiaries. Foreign currency gains and losses on the Hedging Instrument are included as a component of AOCI. At September 30, 2014, $26.2 of deferred gains have been recorded in AOCI. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
9. Fair Value Measurements | |||||||||||||||||||||||||||||||||
The following table summarizes assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Asset (Liability) | Fair Value Asset (Liability) | ||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Assets | $ | — | $ | 23 | $ | — | $ | 23 | $ | — | $ | 19.5 | $ | — | $ | 19.5 | |||||||||||||||||
Liabilities | — | (19.5 | ) | — | (19.5 | ) | — | (19.7 | ) | — | (19.7 | ) | |||||||||||||||||||||
Available-for-sale securities | — | 11.7 | — | 11.7 | — | 12 | — | 12 | |||||||||||||||||||||||||
Contingent consideration | — | — | (35.2 | ) | (35.2 | ) | — | — | (43.0 | ) | (43.0 | ) | |||||||||||||||||||||
Derivative assets and liabilities relate to interest rate swaps, foreign currency contracts and commodity contracts. Fair values are determined by the Company using market prices obtained from independent brokers or determined using valuation models that use as their basis readily observable market data that is actively quoted and can be validated through external sources, including independent pricing services, brokers and market transactions. Available-for-sale securities include inflation protected bonds and are valued based on quoted market prices. | |||||||||||||||||||||||||||||||||
The fair value measurement of the contingent consideration obligations arising from acquisitions is based upon Level 3 inputs including, in part, the estimate of future cash flows based upon the likelihood of achieving the various earn-out criteria. Changes in the fair value of the contingent consideration obligations are recorded in SG&A. | |||||||||||||||||||||||||||||||||
The contingent consideration activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||||||||||||||
(in millions) | 2014 | ||||||||||||||||||||||||||||||||
Contingent consideration at January 1, | $ | 43 | |||||||||||||||||||||||||||||||
Payments | (9.3 | ) | |||||||||||||||||||||||||||||||
Adjustments and foreign exchange | 1.5 | ||||||||||||||||||||||||||||||||
Contingent consideration at September 30, | $ | 35.2 | |||||||||||||||||||||||||||||||
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Contingencies | ' |
10. Contingencies | |
The Company is involved in various legal disputes and other legal proceedings that arise from time to time in the ordinary course of business. In addition, the Company and/or certain of its subsidiaries have been identified by the United States Environmental Protection Agency (“EPA”) or a state environmental agency as a Potentially Responsible Party (“PRP”) pursuant to the federal Superfund Act and/or state Superfund laws comparable to the federal law at various sites. Based on currently available information, the Company does not believe that the disposition of any of the legal or environmental disputes the Company or its subsidiaries are currently involved in will have a material adverse effect upon the consolidated financial condition, results of operations or cash flows of the Company. It is possible that, as additional information becomes available, the impact on the Company of an adverse determination could have a different effect. | |
Environmental | |
The Company’s operations are subject to certain federal, state, local and foreign environmental laws and regulations in addition to laws and regulations regarding labeling and packaging of products and the sales of products containing certain environmentally sensitive materials. In addition to ongoing environmental compliance at its operations, the Company also is actively engaged in environmental remediation activities, the majority of which relates to divested operations and sites. Various of the Company’s subsidiaries have been identified by the EPA or a state environmental agency as a PRP pursuant to the federal Superfund Act and/or state Superfund laws comparable to the federal law at various sites (collectively, the “Environmental Sites”). The Company has established reserves to cover the anticipated probable costs of investigation and remediation based upon periodic reviews of all sites for which they have, or may have, remediation responsibility. The Company accrues environmental investigation and remediation costs when it is probable that a liability has been incurred, the amount of the liability can be reasonably estimated and their responsibility for the liability is established. Generally, the timing of these accruals coincides with the earlier of a formal commitment to an investigation plan, completion of a feasibility study or a commitment to a formal plan of action. The Company accrues its best estimate of investigation and remediation costs based upon facts known at such dates, and because of the inherent difficulties in estimating the ultimate amount of environmental costs, which are further described below, these estimates may materially change in the future as a result of the uncertainties described below. Estimated costs, which are based upon experience with similar sites and technical evaluations, are judgmental in nature and are recorded at discounted amounts without considering the impact of inflation and are adjusted periodically to reflect changes in applicable laws or regulations, changes in available technologies and receipt by the Company of new information. It is difficult to estimate the ultimate level of future environmental expenditures due to a number of uncertainties surrounding environmental liabilities. These uncertainties include the applicability of laws and regulations, changes in environmental remediation requirements, the enactment of additional regulations, uncertainties surrounding remediation procedures including the development of new technology, the identification of new sites for which various of the Company’s subsidiaries could be a PRP, information relating to the exact nature and extent of the contamination at each Environmental Site and the extent of required cleanup efforts, the uncertainties with respect to the ultimate outcome of issues which may be actively contested and the varying costs of alternative remediation strategies. | |
Due to the uncertainties described above, the Company’s ultimate future liability with respect to sites at which remediation has not been completed may vary from the amounts reserved as of September 30, 2014. | |
The Company believes that the costs of completing environmental remediation of all sites for which the Company has a remediation responsibility have been adequately reserved and that the ultimate resolution of these matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. | |
Litigation | |
The Company and/or its subsidiaries are involved in various lawsuits arising from time to time that the Company considers ordinary routine litigation incidental to its business. Amounts accrued for litigation matters represent the anticipated costs (damages and/or settlement amounts) in connection with pending litigation and claims and related anticipated legal fees for defending such actions. The costs are accrued when it is both probable that a liability has been incurred and the amount can be reasonably estimated. The accruals are based upon the Company’s assessment, after consultation with counsel (if deemed appropriate), of probable loss based on the facts and circumstances of each case, the legal issues involved, the nature of the claim made, the nature of the damages sought and any relevant information about the plaintiffs and other significant factors that vary by case. When it is not possible to estimate a specific expected cost to be incurred, the Company evaluates the range of probable loss and records the minimum end of the range. The Company believes that anticipated probable costs of litigation matters have been adequately reserved to the extent determinable. Based on current information, the Company believes that the ultimate conclusion of the various pending litigation of the Company, in the aggregate, will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. | |
Product Liability | |
As a consumer goods manufacturer and distributor, the Company and/or its subsidiaries face the risk of product liability and related lawsuits involving claims for substantial money damages, product recall actions and higher than anticipated rates of warranty returns or other returns of goods. | |
The Company and/or its subsidiaries are therefore party to various personal injury and property damage lawsuits relating to their products and incidental to their business. Annually, the Company sets its product liability insurance program, which is an occurrence-based program based on the Company and its subsidiaries’ current and historical claims experience and the availability and cost of insurance. The Company’s product liability insurance program generally includes a self-insurance retention per occurrence. | |
Cumulative amounts estimated to be payable by the Company with respect to pending and potential claims for all years in which the Company is liable under its self-insurance retention have been accrued as liabilities. Such accrued liabilities are based on estimates (which include actuarial determinations made by an independent actuarial consultant as to liability exposure, taking into account prior experience, number of claims and other relevant factors); thus, the Company’s ultimate liability may exceed or be less than the amounts accrued. The methods of making such estimates and establishing the resulting liability are reviewed on a regular basis and any adjustments resulting therefrom are reflected in current operating results. | |
Based on current information, the Company believes that the ultimate conclusion of the various pending product liability claims and lawsuits of the Company, in the aggregate, will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity | ' |
11. Stockholders’ Equity | |
In February 2014, the Company’s Board of Directors authorized an increase in the then available amount under the Company’s existing stock repurchase program (the “Stock Repurchase Program”) to allow for the repurchase of up to $500 in the aggregate of the Company’s common stock. | |
In March 2014, pursuant to the Stock Repurchase Program, the Company used proceeds from the 2034 Convertible Notes offering to repurchase approximately 2.7 million shares of its common stock for approximately $163 at a per share price of $60.65 through privately negotiated transactions. | |
During the nine months ended September 30, 2014, the Company repurchased 3.5 million shares of its common stock valued at approximately $208 under the Stock Repurchase Program. | |
Subsequent Event | |
On October 23, 2014, the Company announced that the Board approved a 3-for-2 stock split (the “Stock Split”) of its outstanding shares of common stock. Stockholders of record at the close of business on November 3, 2014 will receive one additional share of Jarden common stock for every two shares of Jarden common stock owned on that date. The additional shares are expected to be distributed on or about November 24, 2014. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||||||||
12. Earnings Per Share | |||||||||||||||||||||||
The computations of the weighted average shares outstanding for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||
Three | Nine | ||||||||||||||||||||||
months ended | months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 122.9 | 111.5 | 123.7 | 110.1 | |||||||||||||||||||
Share-based awards | 0.1 | 0.5 | 0.4 | 0.6 | |||||||||||||||||||
Convertible debt | 2.1 | — | 2.2 | — | |||||||||||||||||||
Diluted | 125.1 | 112 | 126.3 | 110.7 | |||||||||||||||||||
Because it is the Company’s intention to redeem the principal amount of the Senior Subordinated Convertible Notes in cash, the treasury stock method is used for determining potential dilution in the diluted earnings per share computation. For the three months ended September 30, 2014, the 2034 Convertible Notes have been excluded from the computation of diluted earnings per share as the effect would be antidilutive, as the initial conversion price exceeded the average market price of the Company’s common stock during the three months ended September 30, 2014. As of September 30, 2014, there were 5.2 million restricted share awards with performance-based vesting targets that were not met and as such, have been excluded from the computation of diluted earnings per share. | |||||||||||||||||||||||
Pro Forma Earnings Per Share | |||||||||||||||||||||||
The following table presents unaudited pro forma basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 after giving effect to the Stock Split (see Note 11) and assumes that the Stock Split occurred on January 1, 2013. | |||||||||||||||||||||||
Three | Nine | ||||||||||||||||||||||
months ended | months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Pro forma earnings per share (unaudited): | |||||||||||||||||||||||
Basic | $ | 0.59 | $ | 0.57 | $ | 0.89 | $ | 1.01 | |||||||||||||||
Diluted | $ | 0.58 | $ | 0.56 | $ | 0.87 | $ | 1 |
Employee_Benefit_Plans
Employee Benefit Plans | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||
13. Employee Benefit Plans | |||||||||||||||||||||||||
The components of pension and postretirement benefit expense for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
Three months ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Domestic | Foreign | Total | |||||||||||||||||||
Service cost | $ | — | $ | 0.5 | $ | 0.5 | $ | — | $ | 0.5 | $ | 0.5 | |||||||||||||
Interest cost | 3.6 | 0.6 | 4.2 | 3.4 | 0.5 | 3.9 | |||||||||||||||||||
Expected return on plan assets | (4.4 | ) | (0.3 | ) | (4.7 | ) | (4.3 | ) | (0.2 | ) | (4.5 | ) | |||||||||||||
Amortization, net | 1.3 | 0.1 | 1.4 | 1.9 | 0.1 | 2 | |||||||||||||||||||
Net periodic expense | $ | 0.5 | $ | 0.9 | $ | 1.4 | $ | 1 | $ | 0.9 | $ | 1.9 | |||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Domestic | Foreign | Total | |||||||||||||||||||
Service cost | $ | — | $ | 1.6 | $ | 1.6 | $ | — | $ | 1.6 | $ | 1.6 | |||||||||||||
Interest cost | 10.9 | 1.8 | 12.7 | 10 | 1.7 | 11.7 | |||||||||||||||||||
Expected return on plan assets | (13.1 | ) | (1.0 | ) | (14.1 | ) | (12.7 | ) | (0.8 | ) | (13.5 | ) | |||||||||||||
Amortization, net | 3.7 | 0.3 | 4 | 5.6 | 0.3 | 5.9 | |||||||||||||||||||
Net periodic expense | $ | 1.5 | $ | 2.7 | $ | 4.2 | $ | 2.9 | $ | 2.8 | $ | 5.7 | |||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Interest cost | — | 0.1 | 0.2 | 0.3 | |||||||||||||||||||||
Amortization, net | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.3 | ) | |||||||||||||||||
Net periodic expense | $ | (0.1 | ) | $ | — | $ | (0.2 | ) | $ | — | |||||||||||||||
Restructuring_Costs
Restructuring Costs | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Restructuring Costs | ' | ||||||||||||||||||||
14. Restructuring Costs | |||||||||||||||||||||
Accrued restructuring costs activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||
(in millions) | Accrual | Restructuring | Payments | Foreign | Accrual | ||||||||||||||||
Balance at | Costs, net | Currency | Balance at | ||||||||||||||||||
December 31, | and Other | September 30, | |||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Severance and other employee-related | $ | 16.6 | $ | 0.5 | $ | (15.3 | ) | $ | (0.1 | ) | $ | 1.7 | |||||||||
Other costs | 13.4 | 2.6 | (4.4 | ) | — | 11.6 | |||||||||||||||
Total | $ | 30 | $ | 3.1 | $ | (19.7 | ) | $ | (0.1 | ) | $ | 13.3 | |||||||||
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||
15. Segment Information | |||||||||||||||||||||||||||||||||
The Company reports four business segments: Branded Consumables, Consumer Solutions, Outdoor Solutions and Process Solutions. The majority of the Company’s sales are within the United States. The Company’s international operations are mainly based in Asia, Canada, Europe and Latin America. The Company and its chief operating decision maker use “segment earnings” to measure segment operating performance. | |||||||||||||||||||||||||||||||||
The Branded Consumables segment manufactures or sources, markets and distributes a broad line of branded consumer products, many of which are affordable, consumable and fundamental household staples, including arts and crafts paint brushes, air fresheners, brooms, brushes, buckets, children’s card games, clothespins, collectible tins, condoms, cord, rope and twine, dusters, dust pans, feeding bottles, fencing, fire extinguishing products, firelogs and firestarters, foam coolers, fresh preserving jars and accessories, home décor accessories, home fragrance products, kitchen matches, mops, other craft items, pacifiers, plastic cutlery, playing cards and accessories, rubber gloves and related cleaning products, safes, premium scented candles and accessories, security cameras, security doors, smoke and carbon monoxide alarms, soothers, sponges, storage organizers and workshop accessories, teats, toothpicks, travel sprays, window guards and other accessories. This segment markets our products under the Aviator®, Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, BRK®, Crawford®, Diamond®, Dicon®, Fiona®, First Alert®, First Essentials®, Hoyle®, Java-Log®, KEM®, Kerr®, Lehigh®, Lifoam® Lillo®, Loew-Cornell®, Mapa®, NUK®, Pine Mountain®, ProPak®, Quickie Green Cleaning®, Quickie Home-Pro®, Quickie Microban®, Quickie Original®, Quickie Professional®, Spontex®, Tigex®, Wellington® and Yankee Candle® brand names, among others. | |||||||||||||||||||||||||||||||||
The Consumer Solutions segment manufactures or sources, markets, and distributes a diverse line of household products, including kitchen appliances and home environment products. This segment maintains a strong portfolio of globally-recognized brands including Bionaire®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rainbow®, Rival®, Seal-a-Meal®, Sunbeam® and Villaware®. The principal products in this segment include: household kitchen appliances, such as blenders, coffeemakers, irons, mixers, slow cookers, tea kettles, toasters, toaster ovens, vacuum cleaning systems and vacuum packaging machines; home environmental products, such as air purifiers, fans, heaters and humidifiers; clippers, trimmers and other hair care products for professional use in the beauty and barber and animal categories; electric blankets, mattress pads and throws; products for the hospitality industry; and scales for consumer use. The Consumer Solutions segment also has rights to sell various small appliance products, in substantially all of Europe under the Breville® brand name. | |||||||||||||||||||||||||||||||||
The Outdoor Solutions segment manufactures or sources, markets and distributes global consumer active lifestyle products for outdoor and outdoor-related activities. For general outdoor activities, Coleman® is a leading brand for active lifestyle products, offering an array of products that include camping and outdoor equipment such as air beds, camping stoves, coolers, foldable furniture, gas grills, lanterns and flashlights, sleeping bags, tents and water recreation products such as inflatable boats, kayaks and tow-behinds. The Outdoor Solutions segment is also a leading provider of fishing equipment under brand names such as Abu Garcia®, All Star®, Berkley®, Fenwick®, Gulp!®, JRC™, Mitchell®, PENN®, Pflueger®, Sebile®, Sevenstrand®, Shakespeare®, Spiderwire®, Stren®, Trilene®, Ugly Stik® and Xtools®. Team sports equipment for baseball, softball, football, basketball and lacrosse products are sold under brand names such as deBeer®, Gait®, Miken®, Rawlings® and Worth®. Alpine and nordic skiing, snowboarding, snowshoeing and in-line skating products are sold under brand names such as Atlas®, Full Tilt®, K2®, Line®, Little Bear®, Madshus®, Marker®, Morrow®, Ride®, Tubbs®, Völkl® and 5150 Snowboards®. Water sports equipment, personal flotation devices and all-terrain vehicle gear are sold under brand names such as Helium®, Hodgman®, Mad Dog Gear®, Sevylor®, Sospenders® and Stearns®. The Company also sells high performance technical and outdoor apparel and equipment under brand names such as CAPP3L®, Ex Officio®, K2®, Marker®, Marmot®, Planet Earth®, Ride®, Völkl®and Zoot®, and premium air beds under the AeroBed® brand. The Outdoor Solutions Segment also sells a variety of products sold internationally under brand names such as Campingaz®, Esky®, Greys®, Hardy® and Invicta®. | |||||||||||||||||||||||||||||||||
The Process Solutions segment manufactures, markets and distributes a wide variety of plastic products including closures, contact lens packaging, medical disposables, plastic cutlery and rigid packaging. Many of these products are consumable in nature or represent components of consumer products. This segment’s materials business produces specialty nylon polymers, conductive fibers and monofilament used in various products, including woven mats used by paper producers and weed trimmer cutting line, as well as fiberglass radio antennas for marine, citizen band and military applications. This segment is also a leading North American producer of niche products fabricated from solid zinc strip and is the sole source supplier of copper-plated zinc penny blanks to the United States Mint and a major supplier to the Royal Canadian Mint, as well as a supplier of brass, bronze and nickel-plated finishes on steel and zinc for coinage to other international markets. In addition, the Company manufactures a line of industrial zinc products marketed globally for use in the architectural, automotive, construction, electrical component and plumbing markets. | |||||||||||||||||||||||||||||||||
Segment information as of and for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 768 | $ | 612.4 | $ | 679.1 | $ | 104.9 | $ | (22.2 | ) | $ | 2,142.20 | $ | — | $ | 2,142.20 | ||||||||||||||||
Segment earnings (loss) | 135.1 | 98.1 | 87.7 | 11.8 | — | 332.7 | (24.3 | ) | 308.4 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (1.5 | ) | (10.8 | ) | — | — | — | (12.3 | ) | — | (12.3 | ) | |||||||||||||||||||||
Restructuring costs | — | (0.5 | ) | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||||||||||
Acquisition-related and other costs | (2.7 | ) | (0.1 | ) | (7.1 | ) | — | — | (9.9 | ) | (4.2 | ) | (14.1 | ) | |||||||||||||||||||
Foreign exchange-related charges | — | — | — | — | — | — | (3.3 | ) | (3.3 | ) | |||||||||||||||||||||||
Depreciation and amortization | (21.9 | ) | (8.0 | ) | (14.2 | ) | (2.7 | ) | — | (46.8 | ) | (1.3 | ) | (48.1 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 109 | $ | 78.7 | $ | 66.4 | $ | 9.1 | $ | — | $ | 263.2 | $ | (33.1 | ) | $ | 230.1 | ||||||||||||||||
Other segment data: | |||||||||||||||||||||||||||||||||
Total assets | $ | 4,386.70 | $ | 2,817.20 | $ | 2,896.50 | $ | 202.8 | $ | — | $ | 10,303.20 | $ | 519.8 | $ | 10,823.00 | |||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 511.1 | $ | 537.4 | $ | 670.6 | $ | 102.4 | $ | (20.7 | ) | $ | 1,800.80 | $ | — | $ | 1,800.80 | ||||||||||||||||
Segment earnings (loss) | 88.4 | 81.2 | 89.7 | 11.5 | — | 270.8 | (21.2 | ) | 249.6 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | — | — | (5.9 | ) | — | — | (5.9 | ) | — | (5.9 | ) | ||||||||||||||||||||||
Restructuring costs, net | — | (1.6 | ) | (1.4 | ) | — | — | (3.0 | ) | — | (3.0 | ) | |||||||||||||||||||||
Acquisition-related and other costs | (0.9 | ) | — | (0.8 | ) | — | — | (1.7 | ) | (5.1 | ) | (6.8 | ) | ||||||||||||||||||||
Depreciation and amortization | (12.6 | ) | (8.4 | ) | (14.7 | ) | (2.8 | ) | — | (38.5 | ) | (1.1 | ) | (39.6 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 74.9 | $ | 71.2 | $ | 66.9 | $ | 8.7 | $ | — | $ | 221.7 | $ | (27.4 | ) | $ | 194.3 | ||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 2,074.20 | $ | 1,402.00 | $ | 2,118.10 | $ | 319 | $ | (64.2 | ) | $ | 5,849.10 | $ | — | $ | 5,849.10 | ||||||||||||||||
Segment earnings (loss) | 315.6 | 189.9 | 243.2 | 42.4 | — | 791.1 | (97.9 | ) | 693.2 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (1.5 | ) | (12.1 | ) | — | — | — | (13.6 | ) | — | (13.6 | ) | |||||||||||||||||||||
Restructuring costs | — | (1.5 | ) | (1.6 | ) | — | — | (3.1 | ) | — | (3.1 | ) | |||||||||||||||||||||
Acquisition-related and other costs | (9.1 | ) | (4.1 | ) | (17.5 | ) | — | — | (30.7 | ) | (4.7 | ) | (35.4 | ) | |||||||||||||||||||
Foreign exchange-related charges | — | — | — | — | — | — | (16.9 | ) | (16.9 | ) | |||||||||||||||||||||||
Depreciation and amortization | (63.8 | ) | (22.4 | ) | (42.3 | ) | (8.3 | ) | — | (136.8 | ) | (4.0 | ) | (140.8 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 241.2 | $ | 149.8 | $ | 181.8 | $ | 34.1 | $ | — | $ | 606.9 | $ | (123.5 | ) | $ | 483.4 | ||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 1,443.10 | $ | 1,343.20 | $ | 2,106.60 | $ | 307.2 | $ | (59.8 | ) | $ | 5,140.30 | $ | — | $ | 5,140.30 | ||||||||||||||||
Segment earnings (loss) | 222.4 | 188 | 249.7 | 43.1 | — | 703.2 | (105.9 | ) | 597.3 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (3.5 | ) | — | (7.4 | ) | — | — | (10.9 | ) | — | (10.9 | ) | |||||||||||||||||||||
Restructuring costs, net | — | (3.0 | ) | (1.4 | ) | — | — | (4.4 | ) | — | (4.4 | ) | |||||||||||||||||||||
Acquisition-related and other costs | (0.9 | ) | — | (0.8 | ) | — | (1.7 | ) | (5.1 | ) | (6.8 | ) | |||||||||||||||||||||
Foreign exchange-related charges | — | — | — | — | — | — | (29.0 | ) | (29.0 | ) | |||||||||||||||||||||||
Depreciation and amortization | (38.5 | ) | (23.7 | ) | (42.1 | ) | (8.4 | ) | — | (112.7 | ) | (3.1 | ) | (115.8 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 179.5 | $ | 161.3 | $ | 198 | $ | 34.7 | $ | — | $ | 573.5 | $ | (143.1 | ) | $ | 430.4 | ||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
16. Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
AOCI activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||
(in millions) | Cumulative | Derivative | Accrued | Unrealized | AOCI | ||||||||||||||||
Translation | Financial | Benefit Cost | Gain On | ||||||||||||||||||
Adjustment | Instruments | Investment | |||||||||||||||||||
AOCI balance at December 31, 2013 | $ | (13.6 | ) | $ | 1 | $ | (46.3 | ) | $ | 0.3 | $ | (58.6 | ) | ||||||||
AOCI activity, net of tax: | |||||||||||||||||||||
OCI excluding reclassifications | (57.7 | ) | 8.1 | 0.3 | — | (49.3 | ) | ||||||||||||||
Reclassifications to earnings | — | (3.3 | ) | 2.3 | — | (1.0 | ) | ||||||||||||||
Subtotal OCI, net of tax | (57.7 | ) | 4.8 | 2.6 | — | (50.3 | ) | ||||||||||||||
AOCI balance at September 30, 2014 | $ | (71.3 | ) | $ | 5.8 | $ | (43.7 | ) | $ | 0.3 | $ | (108.9 | ) | ||||||||
For the three and nine months ended September 30, 2014 and 2013, reclassifications from AOCI to the results of operations for the Company’s pension and postretirement benefit plans were an expense of $1.3 and $1.9, respectively, and $3.6 and $5.6, respectively, and primarily represent the amortization of net actuarial losses (see Note 13). For the three and nine months ended September 30, 2014 and 2013, reclassifications from AOCI to the results of operations for the Company’s derivative financial instruments for effective cash flow hedges were income of $1.1 and $2.6, respectively, and $5.3 and $14.9, respectively (see Note 8). | |||||||||||||||||||||
The income tax (provision) benefit allocated to the components of OCI for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Cumulative translation adjustment | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Derivative financial instruments | (6.0 | ) | 4.2 | (2.9 | ) | (1.2 | ) | ||||||||||||||
Accrued benefit cost | (0.7 | ) | (0.7 | ) | (1.5 | ) | (2.1 | ) | |||||||||||||
Unrealized gain on investment | 1.5 | — | — | (0.1 | ) | ||||||||||||||||
Income tax (provision) benefit related to OCI | $ | (5.2 | ) | $ | 3.5 | $ | (4.4 | ) | $ | (3.4 | ) | ||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Data | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Condensed Consolidating Financial Data | ' | ||||||||||||||||||||
17. Condensed Consolidating Financial Data | |||||||||||||||||||||
The Company provides condensed consolidating financial data for its subsidiaries that are guarantors of its registered public debt. The Company’s Senior Notes and Senior Subordinated Notes (see Note 7) are fully guaranteed, jointly and severally, by certain of the Company’s domestic subsidiaries (the “Guarantor Subsidiaries”). The guarantees of the Guarantor Subsidiaries are subject to release only in certain limited circumstances. The Company’s non-United States subsidiaries and those domestic subsidiaries who are not guarantors (the “Non-Guarantor Subsidiaries”) are not guaranteeing these notes. Presented below is the condensed consolidating financial data of the Company (the “Parent”), the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis, using the equity method of accounting for subsidiaries as of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||
Condensed Consolidating Results of Operations | |||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 1,487.70 | $ | 873.8 | $ | (219.3 | ) | $ | 2,142.20 | ||||||||||
Cost of sales | — | 1,057.50 | 630.7 | (219.3 | ) | 1,468.90 | |||||||||||||||
Gross profit | — | 430.2 | 243.1 | — | 673.3 | ||||||||||||||||
Selling, general and administrative expenses | 28.6 | 268.6 | 145.5 | — | 442.7 | ||||||||||||||||
Restructuring costs, net | — | — | 0.5 | — | 0.5 | ||||||||||||||||
Operating earnings (loss) | (28.6 | ) | 161.6 | 97.1 | — | 230.1 | |||||||||||||||
Interest expense, net | 33.7 | 16.6 | 2.4 | — | 52.7 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (62.3 | ) | 145 | 94.7 | — | 177.4 | |||||||||||||||
Income tax provision (benefit) | (23.5 | ) | 54.9 | 37.4 | — | 68.8 | |||||||||||||||
Equity earnings of subsidiaries | 147.4 | 50.9 | — | (198.3 | ) | — | |||||||||||||||
Net income (loss) | 108.6 | 141 | 57.3 | (198.3 | ) | 108.6 | |||||||||||||||
Other comprehensive income (loss), net of tax | (53.5 | ) | (92.7 | ) | (112.3 | ) | 205 | (53.5 | ) | ||||||||||||
Comprehensive income (loss) | $ | 55.1 | $ | 48.3 | $ | (55.0 | ) | $ | 6.7 | $ | 55.1 | ||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 1,225.60 | $ | 815.4 | $ | (240.2 | ) | $ | 1,800.80 | ||||||||||
Cost of sales | — | 928.9 | 588.9 | (240.2 | ) | 1,277.60 | |||||||||||||||
Gross profit | — | 296.7 | 226.5 | — | 523.2 | ||||||||||||||||
Selling, general and administrative expenses | 31.6 | 164.9 | 129.4 | — | 325.9 | ||||||||||||||||
Restructuring costs, net | — | 1.6 | 1.4 | — | 3 | ||||||||||||||||
Operating earnings (loss) | (31.6 | ) | 130.2 | 95.7 | — | 194.3 | |||||||||||||||
Interest expense, net | 45.3 | 0.3 | 1.9 | — | 47.5 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (76.9 | ) | 129.9 | 93.8 | — | 146.8 | |||||||||||||||
Income tax provision (benefit) | (26.7 | ) | 49 | 29.6 | — | 51.9 | |||||||||||||||
Equity earnings of subsidiaries | 145.1 | 55.8 | — | (200.9 | ) | — | |||||||||||||||
Net income (loss) | 94.9 | 136.7 | 64.2 | (200.9 | ) | 94.9 | |||||||||||||||
Other comprehensive income (loss), net of tax | 19.8 | 18.9 | 25.6 | (44.5 | ) | 19.8 | |||||||||||||||
Comprehensive income (loss) | $ | 114.7 | $ | 155.6 | $ | 89.8 | $ | (245.4 | ) | $ | 114.7 | ||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 4,037.90 | $ | 2,428.40 | $ | (617.2 | ) | $ | 5,849.10 | ||||||||||
Cost of sales | — | 2,914.90 | 1,761.70 | (617.2 | ) | 4,059.40 | |||||||||||||||
Gross profit | — | 1,123.00 | 666.7 | — | 1,789.70 | ||||||||||||||||
Selling, general and administrative expenses | 93.4 | 774.2 | 435.6 | — | 1,303.20 | ||||||||||||||||
Restructuring costs, net | — | — | 3.1 | — | 3.1 | ||||||||||||||||
Operating earnings (loss) | (93.4 | ) | 348.8 | 228 | — | 483.4 | |||||||||||||||
Interest expense, net | 104.3 | 49.1 | 6.2 | — | 159.6 | ||||||||||||||||
Loss on early extinguishment of debt | 54.4 | — | — | — | 54.4 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (252.1 | ) | 299.7 | 221.8 | — | 269.4 | |||||||||||||||
Income tax provision (benefit) | (94.8 | ) | 113.4 | 86.4 | — | 105 | |||||||||||||||
Equity earnings of subsidiaries | 321.7 | 112.7 | — | (434.4 | ) | — | |||||||||||||||
Net income (loss) | 164.4 | 299 | 135.4 | (434.4 | ) | 164.4 | |||||||||||||||
Other comprehensive income (loss), net of tax | (50.3 | ) | (86.0 | ) | (106.2 | ) | 192.2 | (50.3 | ) | ||||||||||||
Comprehensive income (loss) | $ | 114.1 | $ | 213 | $ | 29.2 | $ | (242.2 | ) | $ | 114.1 | ||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 3,449.00 | $ | 2,271.90 | $ | (580.6 | ) | $ | 5,140.30 | ||||||||||
Cost of sales | — | 2,611.80 | 1,628.90 | (580.6 | ) | 3,660.10 | |||||||||||||||
Gross profit | — | 837.2 | 643 | — | 1,480.20 | ||||||||||||||||
Selling, general and administrative expenses | 110 | 479.2 | 456.2 | — | 1,045.40 | ||||||||||||||||
Restructuring costs, net | — | 2.3 | 2.1 | — | 4.4 | ||||||||||||||||
Operating earnings (loss) | (110.0 | ) | 355.7 | 184.7 | — | 430.4 | |||||||||||||||
Interest expense, net | 134.9 | 0.8 | 7.6 | — | 143.3 | ||||||||||||||||
Loss on early extinguishment of debt | 25.9 | — | — | — | 25.9 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (270.8 | ) | 354.9 | 177.1 | — | 261.2 | |||||||||||||||
Income tax provision (benefit) | (99.3 | ) | 125.3 | 68.3 | — | 94.3 | |||||||||||||||
Equity earnings of subsidiaries | 338.4 | 87.7 | — | (426.1 | ) | — | |||||||||||||||
Net income (loss) | 166.9 | 317.3 | 108.8 | (426.1 | ) | 166.9 | |||||||||||||||
Other comprehensive income (loss), net of tax | (16.1 | ) | (17.7 | ) | (19.8 | ) | 37.5 | (16.1 | ) | ||||||||||||
Comprehensive income (loss) | $ | 150.8 | $ | 299.6 | $ | 89 | $ | (388.6 | ) | $ | 150.8 | ||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 297.2 | $ | 24.4 | $ | 384.7 | $ | — | $ | 706.3 | |||||||||||
Accounts receivable | — | 4.2 | 1,374.20 | — | 1,378.40 | ||||||||||||||||
Inventories | — | 1,069.70 | 717.8 | — | 1,787.50 | ||||||||||||||||
Other current assets | 35.4 | 201.7 | 159.6 | — | 396.7 | ||||||||||||||||
Total current assets | 332.6 | 1,300.00 | 2,636.30 | — | 4,268.90 | ||||||||||||||||
Property, plant and equipment, net | 45.7 | 436.8 | 364 | — | 846.5 | ||||||||||||||||
Goodwill | — | 2,581.60 | 322.4 | — | 2,904.00 | ||||||||||||||||
Intangibles, net | — | 2,369.60 | 266.2 | — | 2,635.80 | ||||||||||||||||
Intercompany receivables | 3,637.10 | 3,567.00 | 3,079.60 | (10,283.7 | ) | — | |||||||||||||||
Investment in subsidiaries | 7,075.20 | 2,117.40 | — | (9,192.6 | ) | — | |||||||||||||||
Other non-current assets | 67.1 | 17.2 | 83.5 | — | 167.8 | ||||||||||||||||
Total assets | $ | 11,157.70 | $ | 12,389.60 | $ | 6,752.00 | $ | (19,476.3 | ) | $ | 10,823.00 | ||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 254.8 | $ | 1 | $ | 576.7 | $ | — | $ | 832.5 | |||||||||||
Accounts payable | 4.9 | 496.8 | 272.7 | — | 774.4 | ||||||||||||||||
Other current liabilities | 91.1 | 262.3 | 323.3 | — | 676.7 | ||||||||||||||||
Total current liabilities | 350.8 | 760.1 | 1,172.70 | — | 2,283.60 | ||||||||||||||||
Long-term debt | 4,238.70 | 5.3 | 19.7 | — | 4,263.70 | ||||||||||||||||
Intercompany payables | 3,762.10 | 3,175.40 | 3,346.20 | (10,283.7 | ) | — | |||||||||||||||
Deferred taxes on income | 89.2 | 1,071.70 | 76.4 | — | 1,237.30 | ||||||||||||||||
Other non-current liabilities | 109.8 | 203.6 | 117.9 | — | 431.3 | ||||||||||||||||
Total stockholders’ equity | 2,607.10 | 7,173.50 | 2,019.10 | (9,192.6 | ) | 2,607.10 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 11,157.70 | $ | 12,389.60 | $ | 6,752.00 | $ | (19,476.3 | ) | $ | 10,823.00 | ||||||||||
As of December 31, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 630.8 | $ | 13.5 | $ | 484.2 | $ | — | $ | 1,128.50 | |||||||||||
Accounts receivable | — | 1.4 | 1,194.70 | — | 1,196.10 | ||||||||||||||||
Inventories | — | 839.7 | 572.2 | — | 1,411.90 | ||||||||||||||||
Other current assets | 23 | 174.3 | 149.7 | — | 347 | ||||||||||||||||
Total current assets | 653.8 | 1,028.90 | 2,400.80 | — | 4,083.50 | ||||||||||||||||
Property, plant and equipment, net | 46.7 | 404.1 | 401.8 | — | 852.6 | ||||||||||||||||
Goodwill | — | 2,365.50 | 254.8 | — | 2,620.30 | ||||||||||||||||
Intangibles, net | — | 2,190.80 | 202.2 | — | 2,393.00 | ||||||||||||||||
Intercompany receivables | 3,850.20 | 4,211.00 | 3,838.60 | (11,899.8 | ) | — | |||||||||||||||
Investment in subsidiaries | 6,812.40 | 2,031.80 | — | (8,844.2 | ) | — | |||||||||||||||
Other non-current assets | 68.7 | 18.1 | 59.9 | — | 146.7 | ||||||||||||||||
Total assets | $ | 11,431.80 | $ | 12,250.20 | $ | 7,158.10 | $ | (20,744.0 | ) | $ | 10,096.10 | ||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 144.2 | $ | 1.4 | $ | 509.5 | $ | — | $ | 655.1 | |||||||||||
Accounts payable | 11.4 | 390 | 262.8 | — | 664.2 | ||||||||||||||||
Other current liabilities | 121.6 | 299 | 299.5 | — | 720.1 | ||||||||||||||||
Total current liabilities | 277.2 | 690.4 | 1,071.80 | — | 2,039.40 | ||||||||||||||||
Long-term debt | 4,065.90 | 4.3 | 17.1 | — | 4,087.30 | ||||||||||||||||
Intercompany payables | 4,415.00 | 3,494.90 | 3,989.90 | (11,899.8 | ) | — | |||||||||||||||
Deferred taxes on income | 19 | 974.4 | 71.9 | — | 1,065.30 | ||||||||||||||||
Other non-current liabilities | 105 | 156.9 | 92.5 | — | 354.4 | ||||||||||||||||
Total stockholders’ equity | 2,549.70 | 6,929.30 | 1,914.90 | (8,844.2 | ) | 2,549.70 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 11,431.80 | $ | 12,250.20 | $ | 7,158.10 | $ | (20,744.0 | ) | $ | 10,096.10 | ||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash provided by (used in) operating activities, net | $ | (173.5 | ) | $ | 204.8 | $ | (76.1 | ) | $ | (5.1 | ) | $ | (49.9 | ) | |||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | — | 52.7 | — | 52.7 | ||||||||||||||||
(Payments on) proceeds from intercompany transactions | (409.0 | ) | 249.2 | 154.7 | 5.1 | — | |||||||||||||||
Proceeds from issuance of long-term debt | 1,092.50 | 1.6 | 10.7 | — | 1,104.80 | ||||||||||||||||
Payments on long-term debt | (588.0 | ) | (1.0 | ) | (0.6 | ) | — | (589.6 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | (269.5 | ) | — | — | — | (269.5 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 35.2 | — | — | — | 35.2 | ||||||||||||||||
Other | (18.1 | ) | (7.6 | ) | (0.6 | ) | — | (26.3 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (156.9 | ) | 242.2 | 216.9 | 5.1 | 307.3 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (3.2 | ) | (94.7 | ) | (51.3 | ) | — | (149.2 | ) | ||||||||||||
Acquisition of businesses, net of cash acquired | — | (340.4 | ) | (177.3 | ) | — | (517.7 | ) | |||||||||||||
Other | — | (1.0 | ) | 4.5 | — | 3.5 | |||||||||||||||
Net cash used in investing activities | (3.2 | ) | (436.1 | ) | (224.1 | ) | — | (663.4 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (16.2 | ) | — | (16.2 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (333.6 | ) | 10.9 | (99.5 | ) | — | (422.2 | ) | |||||||||||||
Cash and cash equivalents at beginning of year | 630.8 | 13.5 | 484.2 | — | 1,128.50 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 297.2 | $ | 24.4 | $ | 384.7 | $ | — | $ | 706.3 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities, net | $ | (53.2 | ) | $ | 122 | $ | 2.7 | $ | (8.3 | ) | $ | 63.2 | |||||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | (0.1 | ) | (11.2 | ) | — | (11.3 | ) | |||||||||||||
(Payments on) proceeds from intercompany transactions | 44.9 | (55.8 | ) | 18.9 | (8.0 | ) | — | ||||||||||||||
Proceeds from issuance of long-term debt | 515.2 | — | 11.9 | — | 527.1 | ||||||||||||||||
Payments on long-term debt | (374.8 | ) | (0.3 | ) | (0.9 | ) | — | (376.0 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | 469.7 | — | — | — | 469.7 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 11.4 | — | — | — | 11.4 | ||||||||||||||||
Other | (12.4 | ) | (4.4 | ) | — | — | (16.8 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 654 | (60.6 | ) | 18.7 | (8.0 | ) | 604.1 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (4.7 | ) | (48.9 | ) | (62.0 | ) | — | (115.6 | ) | ||||||||||||
Acquisition of businesses, net of cash acquired | (1.0 | ) | — | (11.7 | ) | — | (12.7 | ) | |||||||||||||
Intercompany investing activities, net | — | (16.3 | ) | — | 16.3 | — | |||||||||||||||
Other | 7.1 | 0.6 | 0.1 | — | 7.8 | ||||||||||||||||
Net cash provided by (used in) investing activities | 1.4 | (64.6 | ) | (73.6 | ) | 16.3 | (120.5 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | — | (20.6 | ) | — | (20.6 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 602.2 | (3.2 | ) | (72.8 | ) | — | 526.2 | ||||||||||||||
Cash and cash equivalents at beginning of year | 560.2 | 5 | 468.9 | — | 1,034.10 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 1,162.40 | $ | 1.8 | $ | 396.1 | $ | — | $ | 1,560.30 | |||||||||||
The amounts reflected as proceeds (payments) from (to) intercompany transactions represent cash flows originating from transactions conducted among the Guarantor Subsidiaries, the Non-Guarantor Subsidiaries and the Parent in the normal course of business operations. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated interim financial statements of Jarden Corporation and its subsidiaries (hereinafter referred to as the “Company” or “Jarden”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements reflect all adjustments that are, in the opinion of management, normal, recurring and necessary for a fair presentation of the results for the interim period. The Condensed Consolidated Balance Sheet at December 31, 2013 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Certain reclassifications have been made in the Company’s financial statements of the prior year to conform to the current year presentation. These reclassifications have no impact on previously reported net income. | |
Supplemental Information | ' |
Supplemental Information | |
Stock-based compensation (income)/expense, which is included in selling, general and administrative expenses (“SG&A”), was ($0.3) and $5.4 for the three months ended September 30, 2014 and 2013, respectively, and $40.7 and $49.9 for the nine months ended September 30, 2014 and 2013, respectively. | |
Interest expense is net of interest income of $1.6 and $1.3 for the three months ended September 30, 2014 and 2013, respectively, and $4.4 and $4.2 for the nine months ended September 30, 2014 and 2013, respectively. | |
Venezuela Operations | ' |
Venezuela Operations | |
The Company’s subsidiaries operating in Venezuela are considered under GAAP to be operating in a highly inflationary economy. As such, the Company’s financial statements of its subsidiaries operating in Venezuela are remeasured as if their functional currency were the U.S. dollar and gains and losses resulting from the remeasurement of monetary assets and liabilities are reflected in current earnings. The financial statements of the Company’s subsidiaries operating in Venezuela are remeasured at and are reflected in the Company’s consolidated financial statements at the CENCOEX exchange rate (“official exchange rate”) of 6.30 Bolivars per U.S. dollar, which is currently the Company’s expected settlement rate. | |
In 2013, the Venezuelan government established a new auction-based exchange rate market program, the Complementary System for Foreign Currency Administration (“SICAD”). In 2014, the Venezuelan government mandated that dividends and royalties be executed under the SICAD program and also introduced an additional currency exchange program, commonly referred to as SICAD-II. While the Company currently expects to continue to use the official exchange rate for essentially all transactions except dividends and royalties, the Company is continuing to assess the impact of changes to the currency exchange programs and recently imposed pricing restrictions. If in the future, the Company’s subsidiaries operating in Venezuela are economically or legally required to convert an increasing amount of the Bolivar cash balances into U.S. dollars using the more unfavorable exchange rates available under SICAD or SICAD-II, it could result in currency exchange losses that may be material to the Company’s results of operations. At September 30, 2014, the exchange rates for SICAD and SICAD-II were 12.0 and 50.0 Bolivars per U.S. dollar, respectively. At September 30, 2014, the Company’s Bolivar-denominated net assets were approximately $127. | |
On February 8, 2013, the Venezuelan government announced its intention to further devalue the Bolivar relative to the U.S. dollar. As a result of the devaluation, the official exchange rate changed to 6.30 Bolivars per U.S. dollar for imported goods. As such, beginning in February 2013, the financial statements of the Company’s subsidiaries operating in Venezuela have been remeasured at, and are reflected in, the Company’s consolidated financial statements at the new official exchange rate. During the nine months ended September 30, 2013, the Company recorded $29.0 of devaluation-related charges related to its Venezuela operations, which are almost entirely comprised of a non-cash charge related to the write-down of monetary assets due to the change in the official exchange rate. These charges are included in SG&A. | |
New Accounting Guidance | ' |
New Accounting Guidance | |
In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09, which supersedes the most current revenue recognition guidance, is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration that an entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 also requires certain disclosures that enable users of the financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods, including interim periods within that reporting period, beginning after December 15, 2016. Early adoption is not permitted. The Company is assessing the impact that the provisions of ASU 2014-09 will have on the consolidated financial position, results of operations and cash flows of the Company. | |
In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”). ASU-2014-08 establishes the criteria for determining which disposals qualify as discontinued operations and also establishes disclosure requirements for both discontinued operations, as well as material disposals that do not meet the definition of discontinued operations. ASU 2014-08 is effective for annual periods beginning on or after December 15, 2014. Early adoption is permitted, but only for disposals that have not been reported in financial statements previously issued. The Company does not expect the provisions of ASU 2014-08 to have a material effect on the consolidated financial position, results of operations or cash flows of the Company. | |
Adoption of New Accounting Guidance | ' |
Adoption of New Accounting Guidance | |
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” (“ASU 2013-11”). ASU 2013-11 provides explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for fiscal years and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 did not have a material effect on the consolidated financial position, results of operations or cash flows of the Company. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Unaudited Proforma Financial Information | ' | ||||||||
The following unaudited pro forma financial information presents the combined results of operations of the Company and Yankee Candle as if the YCC Acquisition had occurred on January 1, 2012. The pro forma results presented below for the three and nine months ended September 30, 2013 combine the historical results of the Company and Yankee Candle for the periods presented. The unaudited pro forma financial information is not intended to represent or be indicative of the Company’s consolidated results of operations or financial condition that would have been reported had the YCC Acquisition been completed as of January 1, 2012 and should not be taken as indicative of the Company’s future consolidated results of operations or financial condition. | |||||||||
(in millions, except per share data) | Three months | Nine months | |||||||
ended | ended | ||||||||
September 30, | September 30, | ||||||||
2013 | 2013 | ||||||||
Net sales | $ | 2,019.10 | $ | 5,677.70 | |||||
Net income | 110.6 | 187.3 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.89 | $ | 1.49 | |||||
Diluted | $ | 0.88 | $ | 1.48 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventories | ' | ||||||||
Inventories are comprised of the following at September 30, 2014 and December 31, 2013: | |||||||||
(in millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials and supplies | $ | 282.6 | $ | 227.6 | |||||
Work-in-process | 83 | 79.6 | |||||||
Finished goods | 1,421.90 | 1,104.70 | |||||||
Total inventories | $ | 1,787.50 | $ | 1,411.90 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property Plant and Equipment Net | ' | ||||||||
Property, plant and equipment, net, is comprised of the following at September 30, 2014 and December 31, 2013: | |||||||||
(in millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Land | $ | 64.2 | $ | 62.7 | |||||
Buildings | 446.9 | 427.3 | |||||||
Machinery and equipment | 1,297.10 | 1,229.80 | |||||||
Construction-in-progress | 104.6 | 144.6 | |||||||
1,912.80 | 1,864.40 | ||||||||
Less: Accumulated depreciation | (1,066.3 | ) | (1,011.8 | ) | |||||
Total property, plant and equipment, net | $ | 846.5 | $ | 852.6 | |||||
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill Activity | ' | ||||||||||||||||||||||||
Goodwill activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||
(in millions) | Net Book | Additions | Foreign | Gross | Accumulated | Net Book | |||||||||||||||||||
Value at | Exchange | Carrying | Impairment | Value | |||||||||||||||||||||
December 31, | and Other | Amount | Charges | ||||||||||||||||||||||
2013 | Adjustments | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Branded Consumables | $ | 1,353.80 | $ | 23.7 | $ | 10.7 | $ | 1,611.40 | $ | (223.2 | ) | $ | 1,388.20 | ||||||||||||
Consumer Solutions | 526.3 | 256.3 | (6.3 | ) | 776.3 | — | 776.3 | ||||||||||||||||||
Outdoor Solutions | 718.5 | — | (0.7 | ) | 736.3 | (18.5 | ) | 717.8 | |||||||||||||||||
Process Solutions | 21.7 | — | — | 21.7 | — | 21.7 | |||||||||||||||||||
$ | 2,620.30 | $ | 280 | $ | 3.7 | $ | 3,145.70 | $ | (241.7 | ) | $ | 2,904.00 | |||||||||||||
Intangibles Activity | ' | ||||||||||||||||||||||||
Intangibles activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||||||
(in millions) | Gross | Additions | Accumulated | Net Book | Amortization | ||||||||||||||||||||
Carrying | Amortization | Value at | Periods | ||||||||||||||||||||||
Amount at | and Foreign | September 30, | (years) | ||||||||||||||||||||||
December 31, | Exchange | 2014 | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
Patents | $ | 9.3 | $ | — | $ | (4.3 | ) | $ | 5 | 30-Dec | |||||||||||||||
Manufacturing process and expertise | 56.2 | 9 | (44.6 | ) | 20.6 | 7-Mar | |||||||||||||||||||
Brand names | 23.3 | — | (9.4 | ) | 13.9 | 20-Apr | |||||||||||||||||||
Customer relationships and distributor channels | 347.4 | 192.2 | (89.1 | ) | 450.5 | Oct-35 | |||||||||||||||||||
Trademarks and tradenames | 2,080.90 | 75.2 | (10.3 | ) | 2,145.80 | indefinite | |||||||||||||||||||
$ | 2,517.10 | $ | 276.4 | $ | (157.7 | ) | $ | 2,635.80 | |||||||||||||||||
Warranty_Reserve_Tables
Warranty Reserve (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Warranty Reserve Activity | ' | ||||
The warranty reserve activity for the nine months ended September 30, 2014 is as follows: | |||||
(in millions) | 2014 | ||||
Warranty reserve at January 1, | $ | 98 | |||
Provision for warranties issued | 105 | ||||
Warranty claims paid | (112.8 | ) | |||
Acquisitions and other adjustments | 1.2 | ||||
Warranty reserve at September 30, | $ | 91.4 | |||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Debt | ' | ||||||||
Debt is comprised of the following at September 30, 2014 and December 31, 2013: | |||||||||
(in millions) | September 30, | December 31, | |||||||
2014 | 2013 | ||||||||
Senior Secured Credit Facility Term Loans | $ | 2,022.10 | $ | 2,127.40 | |||||
6 1⁄8% Senior Notes due 2022 (a) | 300 | 300 | |||||||
3 3⁄4% Senior Notes due 2021 | 376.9 | — | |||||||
7 1⁄2% Senior Subordinated Notes due 2017 (b) | 648 | 654.1 | |||||||
7 1⁄2% Senior Subordinated Notes due 2020 | — | 477.1 | |||||||
1 7⁄8% Senior Subordinated Convertible Notes due 2018 (c) | 442.5 | 433 | |||||||
1 1⁄2% Senior Subordinated Convertible Notes due 2019 (c) | 224.1 | 218.5 | |||||||
1 1⁄8% Senior Subordinated Convertible Notes due 2034 (c) | 479.9 | — | |||||||
Securitization Facility | 466.6 | 477.9 | |||||||
Non-U.S. borrowings | 127.7 | 45.6 | |||||||
Other | 8.4 | 8.8 | |||||||
Total debt | 5,096.20 | 4,742.40 | |||||||
Less: current portion | (832.5 | ) | (655.1 | ) | |||||
Total long-term debt | $ | 4,263.70 | $ | 4,087.30 | |||||
(a) | The “Senior Notes.” | ||||||||
(b) | The “Senior Subordinated Notes.” | ||||||||
(c) | Collectively, the “Senior Subordinated Convertible Notes.” |
Derivative_and_Other_Hedging_F1
Derivative and Other Hedging Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Fair Value of Derivative Financial Instruments | ' | ||||||||||||||||||||||||
The following table presents the fair value of derivative financial instruments as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Fair Value of Derivatives | Fair Value of Derivatives | ||||||||||||||||||||||||
(in millions) | Asset (a) | Liability (a) | Asset (a) | Liability (a) | |||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | 2.1 | $ | 6.3 | $ | 4.5 | $ | 8 | |||||||||||||||||
Foreign currency contracts | 15.3 | 3.4 | 11.3 | 9.1 | |||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||
Interest rate swaps | — | 5.1 | — | — | |||||||||||||||||||||
Subtotal | 17.4 | 14.8 | 15.8 | 17.1 | |||||||||||||||||||||
Derivatives not designated as effective hedges: | |||||||||||||||||||||||||
Foreign currency contracts | 5.5 | 4.2 | 3.5 | 2.4 | |||||||||||||||||||||
Commodity contracts | 0.1 | 0.5 | 0.2 | 0.2 | |||||||||||||||||||||
Subtotal | 5.6 | 4.7 | 3.7 | 2.6 | |||||||||||||||||||||
Total | $ | 23 | $ | 19.5 | $ | 19.5 | $ | 19.7 | |||||||||||||||||
(a) Consolidated balance sheet location: | |||||||||||||||||||||||||
Asset: Other current and non-current assets | |||||||||||||||||||||||||
Liability: Other current and non-current liabilities | |||||||||||||||||||||||||
Gain and Loss Activity Related to Derivative Financial Instruments Designated as Effective Hedges | ' | ||||||||||||||||||||||||
The following tables present gain and loss activity (on a pretax basis) for the three and nine months ended September 30, 2014 and 2013 related to derivative financial instruments designated as effective hedges: | |||||||||||||||||||||||||
Three months ended September 30, 2014 | Three months ended September 30, 2013 | ||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | ||||||||||||||||||||||||
(in millions) | Recognized | Reclassified | Recognized | Recognized | Reclassified | Recognized | |||||||||||||||||||
in OCI (a) | from AOCI | in Income (b) | in OCI (a) | from AOCI | in Income (b) | ||||||||||||||||||||
(effective portion) | to Income | (effective portion) | to Income | ||||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | 2.8 | $ | — | $ | — | $ | (1.5 | ) | $ | — | $ | — | ||||||||||||
Foreign currency contracts | 16 | 1.1 | 1 | (8.9 | ) | 2.6 | 0.3 | ||||||||||||||||||
Total | $ | 18.8 | $ | 1.1 | $ | 1 | $ | (10.4 | ) | $ | 2.6 | $ | 0.3 | ||||||||||||
Location of gain/(loss) in the consolidated results of operations: | |||||||||||||||||||||||||
Sales | $ | 0.5 | $ | — | $ | 2 | $ | — | |||||||||||||||||
Cost of sales | 0.6 | — | 0.6 | — | |||||||||||||||||||||
SG&A | — | 1 | — | 0.3 | |||||||||||||||||||||
Total | $ | 1.1 | $ | 1 | $ | 2.6 | $ | 0.3 | |||||||||||||||||
Nine months ended September 30, 2014 | Nine months ended September 30, 2013 | ||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | ||||||||||||||||||||||||
(in millions) | Recognized | Reclassified | Recognized | Recognized | Reclassified | Recognized | |||||||||||||||||||
in OCI (a) | from AOCI | in Income (b) | in OCI (a) | from AOCI | in Income (b) | ||||||||||||||||||||
(effective portion) | to Income | (effective portion) | to Income | ||||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Interest rate swaps | $ | (0.7 | ) | $ | — | $ | — | $ | 6.2 | $ | — | $ | — | ||||||||||||
Foreign currency contracts | 13.7 | 5.3 | (2.9 | ) | 12 | 14.9 | (3.8 | ) | |||||||||||||||||
Total | $ | 13 | $ | 5.3 | $ | (2.9 | ) | $ | 18.2 | $ | 14.9 | $ | (3.8 | ) | |||||||||||
Location of gain/(loss) in the consolidated results of operations: | |||||||||||||||||||||||||
Sales | $ | 1.5 | $ | — | $ | (0.3 | ) | $ | — | ||||||||||||||||
Cost of sales | 3.8 | — | 15.2 | — | |||||||||||||||||||||
SG&A | — | (2.9 | ) | — | (3.8 | ) | |||||||||||||||||||
Total | $ | 5.3 | $ | (2.9 | ) | $ | 14.9 | $ | (3.8 | ) | |||||||||||||||
(a) | Represents effective portion recognized in Other Comprehensive Income (Loss) (“OCI”). | ||||||||||||||||||||||||
(b) | Represents portion excluded from effectiveness testing. | ||||||||||||||||||||||||
Gain and Loss Activity Related to Derivative Financial Instruments Not Designated as Effective Hedges | ' | ||||||||||||||||||||||||
The following table presents gain and loss activity (on a pretax basis) for the three and nine months ended September 30, 2014 and 2013 related to derivative financial instruments not designated as effective hedges: | |||||||||||||||||||||||||
Gain/(Loss) Recognized in Income | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Derivatives not designated as effective hedges: | |||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | 6.9 | $ | (3.3 | ) | $ | 0.5 | $ | 2.3 | ||||||||||||||||
Commodity contracts | (1.1 | ) | 0.4 | (0.2 | ) | 0.8 | |||||||||||||||||||
Total | $ | 5.8 | $ | (2.9 | ) | $ | 0.3 | $ | 3.1 | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
The following table summarizes assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Asset (Liability) | Fair Value Asset (Liability) | ||||||||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Assets | $ | — | $ | 23 | $ | — | $ | 23 | $ | — | $ | 19.5 | $ | — | $ | 19.5 | |||||||||||||||||
Liabilities | — | (19.5 | ) | — | (19.5 | ) | — | (19.7 | ) | — | (19.7 | ) | |||||||||||||||||||||
Available-for-sale securities | — | 11.7 | — | 11.7 | — | 12 | — | 12 | |||||||||||||||||||||||||
Contingent consideration | — | — | (35.2 | ) | (35.2 | ) | — | — | (43.0 | ) | (43.0 | ) | |||||||||||||||||||||
Contingent Consideration Activity | ' | ||||||||||||||||||||||||||||||||
The contingent consideration activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||||||||||||||
(in millions) | 2014 | ||||||||||||||||||||||||||||||||
Contingent consideration at January 1, | $ | 43 | |||||||||||||||||||||||||||||||
Payments | (9.3 | ) | |||||||||||||||||||||||||||||||
Adjustments and foreign exchange | 1.5 | ||||||||||||||||||||||||||||||||
Contingent consideration at September 30, | $ | 35.2 | |||||||||||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Computations of Weighted Average Shares Outstanding | ' | ||||||||||||||||||||||
The computations of the weighted average shares outstanding for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||
Three | Nine | ||||||||||||||||||||||
months ended | months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 122.9 | 111.5 | 123.7 | 110.1 | |||||||||||||||||||
Share-based awards | 0.1 | 0.5 | 0.4 | 0.6 | |||||||||||||||||||
Convertible debt | 2.1 | — | 2.2 | — | |||||||||||||||||||
Diluted | 125.1 | 112 | 126.3 | 110.7 | |||||||||||||||||||
Unaudited Pro Forma Basic and Diluted Earnings Per Share | ' | ||||||||||||||||||||||
The following table presents unaudited pro forma basic and diluted earnings per share for the three and nine months ended September 30, 2014 and 2013 after giving effect to the Stock Split (see Note 11) and assumes that the Stock Split occurred on January 1, 2013. | |||||||||||||||||||||||
Three | Nine | ||||||||||||||||||||||
months ended | months ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Pro forma earnings per share (unaudited): | |||||||||||||||||||||||
Basic | $ | 0.59 | $ | 0.57 | $ | 0.89 | $ | 1.01 | |||||||||||||||
Diluted | $ | 0.58 | $ | 0.56 | $ | 0.87 | $ | 1 |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Components of Net Periodic Pension and Postretirement Benefit Expense | ' | ||||||||||||||||||||||||
The components of pension and postretirement benefit expense for the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
Three months ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Domestic | Foreign | Total | |||||||||||||||||||
Service cost | $ | — | $ | 0.5 | $ | 0.5 | $ | — | $ | 0.5 | $ | 0.5 | |||||||||||||
Interest cost | 3.6 | 0.6 | 4.2 | 3.4 | 0.5 | 3.9 | |||||||||||||||||||
Expected return on plan assets | (4.4 | ) | (0.3 | ) | (4.7 | ) | (4.3 | ) | (0.2 | ) | (4.5 | ) | |||||||||||||
Amortization, net | 1.3 | 0.1 | 1.4 | 1.9 | 0.1 | 2 | |||||||||||||||||||
Net periodic expense | $ | 0.5 | $ | 0.9 | $ | 1.4 | $ | 1 | $ | 0.9 | $ | 1.9 | |||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Domestic | Foreign | Total | |||||||||||||||||||
Service cost | $ | — | $ | 1.6 | $ | 1.6 | $ | — | $ | 1.6 | $ | 1.6 | |||||||||||||
Interest cost | 10.9 | 1.8 | 12.7 | 10 | 1.7 | 11.7 | |||||||||||||||||||
Expected return on plan assets | (13.1 | ) | (1.0 | ) | (14.1 | ) | (12.7 | ) | (0.8 | ) | (13.5 | ) | |||||||||||||
Amortization, net | 3.7 | 0.3 | 4 | 5.6 | 0.3 | 5.9 | |||||||||||||||||||
Net periodic expense | $ | 1.5 | $ | 2.7 | $ | 4.2 | $ | 2.9 | $ | 2.8 | $ | 5.7 | |||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Interest cost | — | 0.1 | 0.2 | 0.3 | |||||||||||||||||||||
Amortization, net | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.3 | ) | |||||||||||||||||
Net periodic expense | $ | (0.1 | ) | $ | — | $ | (0.2 | ) | $ | — | |||||||||||||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Accrued Restructuring Costs Activity | ' | ||||||||||||||||||||
Accrued restructuring costs activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||
(in millions) | Accrual | Restructuring | Payments | Foreign | Accrual | ||||||||||||||||
Balance at | Costs, net | Currency | Balance at | ||||||||||||||||||
December 31, | and Other | September 30, | |||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Severance and other employee-related | $ | 16.6 | $ | 0.5 | $ | (15.3 | ) | $ | (0.1 | ) | $ | 1.7 | |||||||||
Other costs | 13.4 | 2.6 | (4.4 | ) | — | 11.6 | |||||||||||||||
Total | $ | 30 | $ | 3.1 | $ | (19.7 | ) | $ | (0.1 | ) | $ | 13.3 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||
Segment information as of and for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 768 | $ | 612.4 | $ | 679.1 | $ | 104.9 | $ | (22.2 | ) | $ | 2,142.20 | $ | — | $ | 2,142.20 | ||||||||||||||||
Segment earnings (loss) | 135.1 | 98.1 | 87.7 | 11.8 | — | 332.7 | (24.3 | ) | 308.4 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (1.5 | ) | (10.8 | ) | — | — | — | (12.3 | ) | — | (12.3 | ) | |||||||||||||||||||||
Restructuring costs | — | (0.5 | ) | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||||||||||||||
Acquisition-related and other costs | (2.7 | ) | (0.1 | ) | (7.1 | ) | — | — | (9.9 | ) | (4.2 | ) | (14.1 | ) | |||||||||||||||||||
Foreign exchange-related charges | — | — | — | — | — | — | (3.3 | ) | (3.3 | ) | |||||||||||||||||||||||
Depreciation and amortization | (21.9 | ) | (8.0 | ) | (14.2 | ) | (2.7 | ) | — | (46.8 | ) | (1.3 | ) | (48.1 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 109 | $ | 78.7 | $ | 66.4 | $ | 9.1 | $ | — | $ | 263.2 | $ | (33.1 | ) | $ | 230.1 | ||||||||||||||||
Other segment data: | |||||||||||||||||||||||||||||||||
Total assets | $ | 4,386.70 | $ | 2,817.20 | $ | 2,896.50 | $ | 202.8 | $ | — | $ | 10,303.20 | $ | 519.8 | $ | 10,823.00 | |||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 511.1 | $ | 537.4 | $ | 670.6 | $ | 102.4 | $ | (20.7 | ) | $ | 1,800.80 | $ | — | $ | 1,800.80 | ||||||||||||||||
Segment earnings (loss) | 88.4 | 81.2 | 89.7 | 11.5 | — | 270.8 | (21.2 | ) | 249.6 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | — | — | (5.9 | ) | — | — | (5.9 | ) | — | (5.9 | ) | ||||||||||||||||||||||
Restructuring costs, net | — | (1.6 | ) | (1.4 | ) | — | — | (3.0 | ) | — | (3.0 | ) | |||||||||||||||||||||
Acquisition-related and other costs | (0.9 | ) | — | (0.8 | ) | — | — | (1.7 | ) | (5.1 | ) | (6.8 | ) | ||||||||||||||||||||
Depreciation and amortization | (12.6 | ) | (8.4 | ) | (14.7 | ) | (2.8 | ) | — | (38.5 | ) | (1.1 | ) | (39.6 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 74.9 | $ | 71.2 | $ | 66.9 | $ | 8.7 | $ | — | $ | 221.7 | $ | (27.4 | ) | $ | 194.3 | ||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 2,074.20 | $ | 1,402.00 | $ | 2,118.10 | $ | 319 | $ | (64.2 | ) | $ | 5,849.10 | $ | — | $ | 5,849.10 | ||||||||||||||||
Segment earnings (loss) | 315.6 | 189.9 | 243.2 | 42.4 | — | 791.1 | (97.9 | ) | 693.2 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (1.5 | ) | (12.1 | ) | — | — | — | (13.6 | ) | — | (13.6 | ) | |||||||||||||||||||||
Restructuring costs | — | (1.5 | ) | (1.6 | ) | — | — | (3.1 | ) | — | (3.1 | ) | |||||||||||||||||||||
Acquisition-related and other costs | (9.1 | ) | (4.1 | ) | (17.5 | ) | — | — | (30.7 | ) | (4.7 | ) | (35.4 | ) | |||||||||||||||||||
Foreign exchange-related charges | — | — | — | — | — | — | (16.9 | ) | (16.9 | ) | |||||||||||||||||||||||
Depreciation and amortization | (63.8 | ) | (22.4 | ) | (42.3 | ) | (8.3 | ) | — | (136.8 | ) | (4.0 | ) | (140.8 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 241.2 | $ | 149.8 | $ | 181.8 | $ | 34.1 | $ | — | $ | 606.9 | $ | (123.5 | ) | $ | 483.4 | ||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 1,443.10 | $ | 1,343.20 | $ | 2,106.60 | $ | 307.2 | $ | (59.8 | ) | $ | 5,140.30 | $ | — | $ | 5,140.30 | ||||||||||||||||
Segment earnings (loss) | 222.4 | 188 | 249.7 | 43.1 | — | 703.2 | (105.9 | ) | 597.3 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (3.5 | ) | — | (7.4 | ) | — | — | (10.9 | ) | — | (10.9 | ) | |||||||||||||||||||||
Restructuring costs, net | — | (3.0 | ) | (1.4 | ) | — | — | (4.4 | ) | — | (4.4 | ) | |||||||||||||||||||||
Acquisition-related and other costs | (0.9 | ) | — | (0.8 | ) | — | (1.7 | ) | (5.1 | ) | (6.8 | ) | |||||||||||||||||||||
Foreign exchange-related charges | — | — | — | — | — | — | (29.0 | ) | (29.0 | ) | |||||||||||||||||||||||
Depreciation and amortization | (38.5 | ) | (23.7 | ) | (42.1 | ) | (8.4 | ) | — | (112.7 | ) | (3.1 | ) | (115.8 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 179.5 | $ | 161.3 | $ | 198 | $ | 34.7 | $ | — | $ | 573.5 | $ | (143.1 | ) | $ | 430.4 | ||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income Activity | ' | ||||||||||||||||||||
AOCI activity for the nine months ended September 30, 2014 is as follows: | |||||||||||||||||||||
(in millions) | Cumulative | Derivative | Accrued | Unrealized | AOCI | ||||||||||||||||
Translation | Financial | Benefit Cost | Gain On | ||||||||||||||||||
Adjustment | Instruments | Investment | |||||||||||||||||||
AOCI balance at December 31, 2013 | $ | (13.6 | ) | $ | 1 | $ | (46.3 | ) | $ | 0.3 | $ | (58.6 | ) | ||||||||
AOCI activity, net of tax: | |||||||||||||||||||||
OCI excluding reclassifications | (57.7 | ) | 8.1 | 0.3 | — | (49.3 | ) | ||||||||||||||
Reclassifications to earnings | — | (3.3 | ) | 2.3 | — | (1.0 | ) | ||||||||||||||
Subtotal OCI, net of tax | (57.7 | ) | 4.8 | 2.6 | — | (50.3 | ) | ||||||||||||||
AOCI balance at September 30, 2014 | $ | (71.3 | ) | $ | 5.8 | $ | (43.7 | ) | $ | 0.3 | $ | (108.9 | ) | ||||||||
Income Tax (Provision) Benefit Allocated to Components of Other Comprehensive Income | ' | ||||||||||||||||||||
The income tax (provision) benefit allocated to the components of OCI for the three and nine months ended September 30, 2014 and 2013 is as follows: | |||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Cumulative translation adjustment | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Derivative financial instruments | (6.0 | ) | 4.2 | (2.9 | ) | (1.2 | ) | ||||||||||||||
Accrued benefit cost | (0.7 | ) | (0.7 | ) | (1.5 | ) | (2.1 | ) | |||||||||||||
Unrealized gain on investment | 1.5 | — | — | (0.1 | ) | ||||||||||||||||
Income tax (provision) benefit related to OCI | $ | (5.2 | ) | $ | 3.5 | $ | (4.4 | ) | $ | (3.4 | ) | ||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Data (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Condensed Consolidating Results of Operations | ' | ||||||||||||||||||||
Condensed Consolidating Results of Operations | |||||||||||||||||||||
Three months ended September 30, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 1,487.70 | $ | 873.8 | $ | (219.3 | ) | $ | 2,142.20 | ||||||||||
Cost of sales | — | 1,057.50 | 630.7 | (219.3 | ) | 1,468.90 | |||||||||||||||
Gross profit | — | 430.2 | 243.1 | — | 673.3 | ||||||||||||||||
Selling, general and administrative expenses | 28.6 | 268.6 | 145.5 | — | 442.7 | ||||||||||||||||
Restructuring costs, net | — | — | 0.5 | — | 0.5 | ||||||||||||||||
Operating earnings (loss) | (28.6 | ) | 161.6 | 97.1 | — | 230.1 | |||||||||||||||
Interest expense, net | 33.7 | 16.6 | 2.4 | — | 52.7 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (62.3 | ) | 145 | 94.7 | — | 177.4 | |||||||||||||||
Income tax provision (benefit) | (23.5 | ) | 54.9 | 37.4 | — | 68.8 | |||||||||||||||
Equity earnings of subsidiaries | 147.4 | 50.9 | — | (198.3 | ) | — | |||||||||||||||
Net income (loss) | 108.6 | 141 | 57.3 | (198.3 | ) | 108.6 | |||||||||||||||
Other comprehensive income (loss), net of tax | (53.5 | ) | (92.7 | ) | (112.3 | ) | 205 | (53.5 | ) | ||||||||||||
Comprehensive income (loss) | $ | 55.1 | $ | 48.3 | $ | (55.0 | ) | $ | 6.7 | $ | 55.1 | ||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 1,225.60 | $ | 815.4 | $ | (240.2 | ) | $ | 1,800.80 | ||||||||||
Cost of sales | — | 928.9 | 588.9 | (240.2 | ) | 1,277.60 | |||||||||||||||
Gross profit | — | 296.7 | 226.5 | — | 523.2 | ||||||||||||||||
Selling, general and administrative expenses | 31.6 | 164.9 | 129.4 | — | 325.9 | ||||||||||||||||
Restructuring costs, net | — | 1.6 | 1.4 | — | 3 | ||||||||||||||||
Operating earnings (loss) | (31.6 | ) | 130.2 | 95.7 | — | 194.3 | |||||||||||||||
Interest expense, net | 45.3 | 0.3 | 1.9 | — | 47.5 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (76.9 | ) | 129.9 | 93.8 | — | 146.8 | |||||||||||||||
Income tax provision (benefit) | (26.7 | ) | 49 | 29.6 | — | 51.9 | |||||||||||||||
Equity earnings of subsidiaries | 145.1 | 55.8 | — | (200.9 | ) | — | |||||||||||||||
Net income (loss) | 94.9 | 136.7 | 64.2 | (200.9 | ) | 94.9 | |||||||||||||||
Other comprehensive income (loss), net of tax | 19.8 | 18.9 | 25.6 | (44.5 | ) | 19.8 | |||||||||||||||
Comprehensive income (loss) | $ | 114.7 | $ | 155.6 | $ | 89.8 | $ | (245.4 | ) | $ | 114.7 | ||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 4,037.90 | $ | 2,428.40 | $ | (617.2 | ) | $ | 5,849.10 | ||||||||||
Cost of sales | — | 2,914.90 | 1,761.70 | (617.2 | ) | 4,059.40 | |||||||||||||||
Gross profit | — | 1,123.00 | 666.7 | — | 1,789.70 | ||||||||||||||||
Selling, general and administrative expenses | 93.4 | 774.2 | 435.6 | — | 1,303.20 | ||||||||||||||||
Restructuring costs, net | — | — | 3.1 | — | 3.1 | ||||||||||||||||
Operating earnings (loss) | (93.4 | ) | 348.8 | 228 | — | 483.4 | |||||||||||||||
Interest expense, net | 104.3 | 49.1 | 6.2 | — | 159.6 | ||||||||||||||||
Loss on early extinguishment of debt | 54.4 | — | — | — | 54.4 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (252.1 | ) | 299.7 | 221.8 | — | 269.4 | |||||||||||||||
Income tax provision (benefit) | (94.8 | ) | 113.4 | 86.4 | — | 105 | |||||||||||||||
Equity earnings of subsidiaries | 321.7 | 112.7 | — | (434.4 | ) | — | |||||||||||||||
Net income (loss) | 164.4 | 299 | 135.4 | (434.4 | ) | 164.4 | |||||||||||||||
Other comprehensive income (loss), net of tax | (50.3 | ) | (86.0 | ) | (106.2 | ) | 192.2 | (50.3 | ) | ||||||||||||
Comprehensive income (loss) | $ | 114.1 | $ | 213 | $ | 29.2 | $ | (242.2 | ) | $ | 114.1 | ||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net sales | $ | — | $ | 3,449.00 | $ | 2,271.90 | $ | (580.6 | ) | $ | 5,140.30 | ||||||||||
Cost of sales | — | 2,611.80 | 1,628.90 | (580.6 | ) | 3,660.10 | |||||||||||||||
Gross profit | — | 837.2 | 643 | — | 1,480.20 | ||||||||||||||||
Selling, general and administrative expenses | 110 | 479.2 | 456.2 | — | 1,045.40 | ||||||||||||||||
Restructuring costs, net | — | 2.3 | 2.1 | — | 4.4 | ||||||||||||||||
Operating earnings (loss) | (110.0 | ) | 355.7 | 184.7 | — | 430.4 | |||||||||||||||
Interest expense, net | 134.9 | 0.8 | 7.6 | — | 143.3 | ||||||||||||||||
Loss on early extinguishment of debt | 25.9 | — | — | — | 25.9 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (270.8 | ) | 354.9 | 177.1 | — | 261.2 | |||||||||||||||
Income tax provision (benefit) | (99.3 | ) | 125.3 | 68.3 | — | 94.3 | |||||||||||||||
Equity earnings of subsidiaries | 338.4 | 87.7 | — | (426.1 | ) | — | |||||||||||||||
Net income (loss) | 166.9 | 317.3 | 108.8 | (426.1 | ) | 166.9 | |||||||||||||||
Other comprehensive income (loss), net of tax | (16.1 | ) | (17.7 | ) | (19.8 | ) | 37.5 | (16.1 | ) | ||||||||||||
Comprehensive income (loss) | $ | 150.8 | $ | 299.6 | $ | 89 | $ | (388.6 | ) | $ | 150.8 | ||||||||||
Condensed Consolidating Balance Sheets | ' | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 297.2 | $ | 24.4 | $ | 384.7 | $ | — | $ | 706.3 | |||||||||||
Accounts receivable | — | 4.2 | 1,374.20 | — | 1,378.40 | ||||||||||||||||
Inventories | — | 1,069.70 | 717.8 | — | 1,787.50 | ||||||||||||||||
Other current assets | 35.4 | 201.7 | 159.6 | — | 396.7 | ||||||||||||||||
Total current assets | 332.6 | 1,300.00 | 2,636.30 | — | 4,268.90 | ||||||||||||||||
Property, plant and equipment, net | 45.7 | 436.8 | 364 | — | 846.5 | ||||||||||||||||
Goodwill | — | 2,581.60 | 322.4 | — | 2,904.00 | ||||||||||||||||
Intangibles, net | — | 2,369.60 | 266.2 | — | 2,635.80 | ||||||||||||||||
Intercompany receivables | 3,637.10 | 3,567.00 | 3,079.60 | (10,283.7 | ) | — | |||||||||||||||
Investment in subsidiaries | 7,075.20 | 2,117.40 | — | (9,192.6 | ) | — | |||||||||||||||
Other non-current assets | 67.1 | 17.2 | 83.5 | — | 167.8 | ||||||||||||||||
Total assets | $ | 11,157.70 | $ | 12,389.60 | $ | 6,752.00 | $ | (19,476.3 | ) | $ | 10,823.00 | ||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 254.8 | $ | 1 | $ | 576.7 | $ | — | $ | 832.5 | |||||||||||
Accounts payable | 4.9 | 496.8 | 272.7 | — | 774.4 | ||||||||||||||||
Other current liabilities | 91.1 | 262.3 | 323.3 | — | 676.7 | ||||||||||||||||
Total current liabilities | 350.8 | 760.1 | 1,172.70 | — | 2,283.60 | ||||||||||||||||
Long-term debt | 4,238.70 | 5.3 | 19.7 | — | 4,263.70 | ||||||||||||||||
Intercompany payables | 3,762.10 | 3,175.40 | 3,346.20 | (10,283.7 | ) | — | |||||||||||||||
Deferred taxes on income | 89.2 | 1,071.70 | 76.4 | — | 1,237.30 | ||||||||||||||||
Other non-current liabilities | 109.8 | 203.6 | 117.9 | — | 431.3 | ||||||||||||||||
Total stockholders’ equity | 2,607.10 | 7,173.50 | 2,019.10 | (9,192.6 | ) | 2,607.10 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 11,157.70 | $ | 12,389.60 | $ | 6,752.00 | $ | (19,476.3 | ) | $ | 10,823.00 | ||||||||||
As of December 31, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 630.8 | $ | 13.5 | $ | 484.2 | $ | — | $ | 1,128.50 | |||||||||||
Accounts receivable | — | 1.4 | 1,194.70 | — | 1,196.10 | ||||||||||||||||
Inventories | — | 839.7 | 572.2 | — | 1,411.90 | ||||||||||||||||
Other current assets | 23 | 174.3 | 149.7 | — | 347 | ||||||||||||||||
Total current assets | 653.8 | 1,028.90 | 2,400.80 | — | 4,083.50 | ||||||||||||||||
Property, plant and equipment, net | 46.7 | 404.1 | 401.8 | — | 852.6 | ||||||||||||||||
Goodwill | — | 2,365.50 | 254.8 | — | 2,620.30 | ||||||||||||||||
Intangibles, net | — | 2,190.80 | 202.2 | — | 2,393.00 | ||||||||||||||||
Intercompany receivables | 3,850.20 | 4,211.00 | 3,838.60 | (11,899.8 | ) | — | |||||||||||||||
Investment in subsidiaries | 6,812.40 | 2,031.80 | — | (8,844.2 | ) | — | |||||||||||||||
Other non-current assets | 68.7 | 18.1 | 59.9 | — | 146.7 | ||||||||||||||||
Total assets | $ | 11,431.80 | $ | 12,250.20 | $ | 7,158.10 | $ | (20,744.0 | ) | $ | 10,096.10 | ||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 144.2 | $ | 1.4 | $ | 509.5 | $ | — | $ | 655.1 | |||||||||||
Accounts payable | 11.4 | 390 | 262.8 | — | 664.2 | ||||||||||||||||
Other current liabilities | 121.6 | 299 | 299.5 | — | 720.1 | ||||||||||||||||
Total current liabilities | 277.2 | 690.4 | 1,071.80 | — | 2,039.40 | ||||||||||||||||
Long-term debt | 4,065.90 | 4.3 | 17.1 | — | 4,087.30 | ||||||||||||||||
Intercompany payables | 4,415.00 | 3,494.90 | 3,989.90 | (11,899.8 | ) | — | |||||||||||||||
Deferred taxes on income | 19 | 974.4 | 71.9 | — | 1,065.30 | ||||||||||||||||
Other non-current liabilities | 105 | 156.9 | 92.5 | — | 354.4 | ||||||||||||||||
Total stockholders’ equity | 2,549.70 | 6,929.30 | 1,914.90 | (8,844.2 | ) | 2,549.70 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 11,431.80 | $ | 12,250.20 | $ | 7,158.10 | $ | (20,744.0 | ) | $ | 10,096.10 | ||||||||||
Condensed Consolidating Statements of Cash Flows | ' | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash provided by (used in) operating activities, net | $ | (173.5 | ) | $ | 204.8 | $ | (76.1 | ) | $ | (5.1 | ) | $ | (49.9 | ) | |||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | — | 52.7 | — | 52.7 | ||||||||||||||||
(Payments on) proceeds from intercompany transactions | (409.0 | ) | 249.2 | 154.7 | 5.1 | — | |||||||||||||||
Proceeds from issuance of long-term debt | 1,092.50 | 1.6 | 10.7 | — | 1,104.80 | ||||||||||||||||
Payments on long-term debt | (588.0 | ) | (1.0 | ) | (0.6 | ) | — | (589.6 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | (269.5 | ) | — | — | — | (269.5 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 35.2 | — | — | — | 35.2 | ||||||||||||||||
Other | (18.1 | ) | (7.6 | ) | (0.6 | ) | — | (26.3 | ) | ||||||||||||
Net cash provided by (used in) financing activities | (156.9 | ) | 242.2 | 216.9 | 5.1 | 307.3 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (3.2 | ) | (94.7 | ) | (51.3 | ) | — | (149.2 | ) | ||||||||||||
Acquisition of businesses, net of cash acquired | — | (340.4 | ) | (177.3 | ) | — | (517.7 | ) | |||||||||||||
Other | — | (1.0 | ) | 4.5 | — | 3.5 | |||||||||||||||
Net cash used in investing activities | (3.2 | ) | (436.1 | ) | (224.1 | ) | — | (663.4 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (16.2 | ) | — | (16.2 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (333.6 | ) | 10.9 | (99.5 | ) | — | (422.2 | ) | |||||||||||||
Cash and cash equivalents at beginning of year | 630.8 | 13.5 | 484.2 | — | 1,128.50 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 297.2 | $ | 24.4 | $ | 384.7 | $ | — | $ | 706.3 | |||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Guarantor | ||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Net cash provided by (used in) operating activities, net | $ | (53.2 | ) | $ | 122 | $ | 2.7 | $ | (8.3 | ) | $ | 63.2 | |||||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | (0.1 | ) | (11.2 | ) | — | (11.3 | ) | |||||||||||||
(Payments on) proceeds from intercompany transactions | 44.9 | (55.8 | ) | 18.9 | (8.0 | ) | — | ||||||||||||||
Proceeds from issuance of long-term debt | 515.2 | — | 11.9 | — | 527.1 | ||||||||||||||||
Payments on long-term debt | (374.8 | ) | (0.3 | ) | (0.9 | ) | — | (376.0 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | 469.7 | — | — | — | 469.7 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 11.4 | — | — | — | 11.4 | ||||||||||||||||
Other | (12.4 | ) | (4.4 | ) | — | — | (16.8 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 654 | (60.6 | ) | 18.7 | (8.0 | ) | 604.1 | ||||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (4.7 | ) | (48.9 | ) | (62.0 | ) | — | (115.6 | ) | ||||||||||||
Acquisition of businesses, net of cash acquired | (1.0 | ) | — | (11.7 | ) | — | (12.7 | ) | |||||||||||||
Intercompany investing activities, net | — | (16.3 | ) | — | 16.3 | — | |||||||||||||||
Other | 7.1 | 0.6 | 0.1 | — | 7.8 | ||||||||||||||||
Net cash provided by (used in) investing activities | 1.4 | (64.6 | ) | (73.6 | ) | 16.3 | (120.5 | ) | |||||||||||||
Effect of exchange rate changes on cash | — | — | (20.6 | ) | — | (20.6 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 602.2 | (3.2 | ) | (72.8 | ) | — | 526.2 | ||||||||||||||
Cash and cash equivalents at beginning of year | 560.2 | 5 | 468.9 | — | 1,034.10 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 1,162.40 | $ | 1.8 | $ | 396.1 | $ | — | $ | 1,560.30 | |||||||||||
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Supplementary Information [Line Items] | ' | ' | ' | ' |
Stock-based compensation (income)/expense | ($0.30) | $5.40 | $40.70 | $49.90 |
Interest income | 1.6 | 1.3 | 4.4 | 4.2 |
Venezuela foreign exchange-related charges | 3.3 | ' | 16.9 | 29 |
Venezuela | ' | ' | ' | ' |
Supplementary Information [Line Items] | ' | ' | ' | ' |
Foreign currency exchange for remeasuring Venezuela financial statements | 6.3 | ' | 6.3 | ' |
Net monetary assets | $127 | ' | $127 | ' |
Venezuela | SICAD | ' | ' | ' | ' |
Supplementary Information [Line Items] | ' | ' | ' | ' |
Foreign currency exchange rate | ' | ' | 12 | ' |
Venezuela | SICAD-II | ' | ' | ' | ' |
Supplementary Information [Line Items] | ' | ' | ' | ' |
Foreign currency exchange rate | ' | ' | 50 | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 03, 2013 | Aug. 29, 2014 | Aug. 29, 2014 |
Entity | Yankee Candle | Rexair Holdings Inc | Rexair Holdings Inc | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Total value of the transaction of businesses acquisition | ' | ' | ' | ' | $1,800 | $349 | ' |
Purchase price allocation, identifiable tangible net liabilities excluding debt repaid | ' | ' | ' | ' | ' | ' | 44 |
Purchase price allocation, identifiable intangible assets | ' | ' | ' | ' | ' | ' | 192 |
Purchase price allocation, goodwill | ' | 2,904 | ' | 2,620.30 | ' | ' | 201 |
Number of other tuck-in acquisitions | ' | 2 | ' | ' | ' | ' | ' |
Amortization of purchased intangible assets from acquisition | $1.10 | ' | $3.30 | ' | ' | ' | ' |
Unaudited_Proforma_Financial_I
Unaudited Proforma Financial Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' |
Net sales | $2,019.10 | $5,677.70 |
Net income | $110.60 | $187.30 |
Earnings per share: | ' | ' |
Basic | $0.89 | $1.49 |
Diluted | $0.88 | $1.48 |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and supplies | $282.60 | $227.60 |
Work-in-process | 83 | 79.6 |
Finished goods | 1,421.90 | 1,104.70 |
Total | $1,787.50 | $1,411.90 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | $1,912.80 | $1,864.40 |
Less: Accumulated depreciation | -1,066.30 | -1,011.80 |
Total property, plant and equipment, net | 846.5 | 852.6 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 64.2 | 62.7 |
Building | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 446.9 | 427.3 |
Machinery and Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | 1,297.10 | 1,229.80 |
Construction in Progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment, gross | $104.60 | $144.60 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (Property Plant and Equipment, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Property Plant and Equipment | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation of property, plant and equipment | $40.80 | $34.40 | $122 | $100 |
Goodwill_Activity_Detail
Goodwill Activity (Detail) (USD $) | 9 Months Ended | |||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Branded Consumables | Consumer Solutions | Outdoor Solutions | Process Solutions | Process Solutions | ||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill, Net Book Value Beginning Balance | $2,620.30 | $1,353.80 | $526.30 | $718.50 | $21.70 | $21.70 |
Goodwill, Additions | 280 | 23.7 | 256.3 | ' | ' | ' |
Goodwill, Foreign Exchange and Other Adjustments | 3.7 | 10.7 | -6.3 | -0.7 | ' | ' |
Goodwill, Gross Carrying Amount | 3,145.70 | 1,611.40 | 776.3 | 736.3 | 21.7 | ' |
Goodwill, Accumulated Impairment Charges | -241.7 | -223.2 | ' | -18.5 | ' | ' |
Goodwill, Net Book Value Ending Balance | $2,904 | $1,388.20 | $776.30 | $717.80 | $21.70 | $21.70 |
Intangibles_Activity_Detail
Intangibles Activity (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Gross Carrying Amount at beginning of period | $2,517.10 | ' |
Intangibles, Additions | 276.4 | ' |
Intangibles, Accumulated Amortization and Foreign Exchange | -157.7 | ' |
Intangibles, Net Book Value at end of period | 2,635.80 | 2,393 |
Patents | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Gross Carrying Amount at beginning of period | 9.3 | ' |
Intangibles, Accumulated Amortization and Foreign Exchange | -4.3 | ' |
Intangibles, Net Book Value at end of period | 5 | ' |
Manufacturing Process And Expertise | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Gross Carrying Amount at beginning of period | 56.2 | ' |
Intangibles, Additions | 9 | ' |
Intangibles, Accumulated Amortization and Foreign Exchange | -44.6 | ' |
Intangibles, Net Book Value at end of period | 20.6 | ' |
Brand Names | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Gross Carrying Amount at beginning of period | 23.3 | ' |
Intangibles, Accumulated Amortization and Foreign Exchange | -9.4 | ' |
Intangibles, Net Book Value at end of period | 13.9 | ' |
Customer Relationships And Distributor Channels | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Gross Carrying Amount at beginning of period | 347.4 | ' |
Intangibles, Additions | 192.2 | ' |
Intangibles, Accumulated Amortization and Foreign Exchange | -89.1 | ' |
Intangibles, Net Book Value at end of period | 450.5 | ' |
Trademarks And Tradenames | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Gross Carrying Amount at beginning of period | 2,080.90 | ' |
Intangibles, Additions | 75.2 | ' |
Intangibles, Accumulated Amortization and Foreign Exchange | -10.3 | ' |
Intangibles, Net Book Value at end of period | $2,145.80 | ' |
Minimum | Patents | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Amortization Periods | '12 years | ' |
Minimum | Manufacturing Process And Expertise | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Amortization Periods | '3 years | ' |
Minimum | Brand Names | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Amortization Periods | '4 years | ' |
Minimum | Customer Relationships And Distributor Channels | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Amortization Periods | '10 years | ' |
Maximum | Patents | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Amortization Periods | '30 years | ' |
Maximum | Manufacturing Process And Expertise | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Amortization Periods | '7 years | ' |
Maximum | Brand Names | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Amortization Periods | '20 years | ' |
Maximum | Customer Relationships And Distributor Channels | ' | ' |
Intangible Assets by Major [Line Items] | ' | ' |
Intangibles, Amortization Periods | '35 years | ' |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Amortization of intangibles | $7.30 | $5.20 | $18.80 | $15.40 |
Warranty_Reserve_Activity_Deta
Warranty Reserve Activity (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Product Information [Line Items] | ' |
Warranty reserve at January 1, | $98 |
Provision for warranties issued | 105 |
Warranty claims paid | -112.8 |
Acquisitions and other adjustments | 1.2 |
Warranty reserve at September 30, | $91.40 |
Debt_Detail
Debt (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | $5,096.20 | $4,742.40 | ||
Less: current portion | -832.5 | -655.1 | ||
Total long-term debt | 4,263.70 | 4,087.30 | ||
Senior Secured Credit Facility Term Loans | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 2,022.10 | 2,127.40 | ||
6 1/8% Senior Notes Due 2022 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 300 | [1] | 300 | [1] |
Interest rate of debt instrument | 6.13% | 6.13% | ||
Debt instrument maturity year | '2022 | '2022 | ||
3 3/4% Senior Notes Due 2021 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 376.9 | ' | ||
Interest rate of debt instrument | 3.75% | 3.75% | ||
Debt instrument maturity year | '2021 | '2021 | ||
7 1/2% Senior Subordinated Notes Due 2017 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 648 | [2] | 654.1 | [2] |
Interest rate of debt instrument | 7.50% | 7.50% | ||
Debt instrument maturity year | '2017 | '2017 | ||
7 1/2% Senior Subordinated Notes Due 2020 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | ' | 477.1 | ||
Interest rate of debt instrument | 7.50% | 7.50% | ||
Debt instrument maturity year | '2020 | '2020 | ||
1 7/8% Senior Subordinated Convertible Notes due 2018 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 442.5 | [3] | 433 | [3] |
Interest rate of debt instrument | 1.88% | 1.88% | ||
Debt instrument maturity year | '2018 | '2018 | ||
1 1/2% Senior Subordinated Convertible Notes due 2019 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 224.1 | [3] | 218.5 | [3] |
Interest rate of debt instrument | 1.50% | 1.50% | ||
Debt instrument maturity year | '2019 | '2019 | ||
1 1/8% Senior Subordinated Convertible Notes due 2034 | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 479.9 | [3] | ' | |
Interest rate of debt instrument | 1.13% | 1.13% | ||
Debt instrument maturity year | '2034 | '2034 | ||
Securitization Facility | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 466.6 | 477.9 | ||
Non-U.S. Borrowings | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | 127.7 | 45.6 | ||
Other | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Total debt | $8.40 | $8.80 | ||
[1] | The "Senior Notes." | |||
[2] | The "Senior Subordinated Notes." | |||
[3] | Collectively, the "Senior Subordinated Convertible Notes." |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Apr. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | |
USD ($) | USD ($) | Senior Subordinated Notes | Senior Subordinated Notes | Senior Subordinated Convertible Notes | Three Point Seven Five Percent Senior Notes Due October Two Thousand Twenty One | Three Point Seven Five Percent Senior Notes Due October Two Thousand Twenty One | |
USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | |||
D | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Private offering senior notes, aggregate principal amount | ' | ' | ' | ' | ' | ' | € 300,000,000 |
Interest rate of debt instrument | ' | ' | ' | ' | 1.13% | ' | 3.75% |
Senior notes, maturity period | ' | ' | ' | ' | ' | '2021-10 | ' |
Net proceeds from issuance of senior notes after deducting fees and expenses | ' | ' | ' | ' | ' | 400,000,000 | ' |
Debt instrument aggregate principal amount repurchased consideration | ' | ' | 523,000,000 | ' | ' | ' | ' |
Loss on the extinguishment of debt | 54,400,000 | 25,900,000 | ' | 54,400,000 | ' | ' | ' |
Private offering senior subordinated convertible notes, aggregate principal amount | ' | ' | ' | ' | 690,000,000 | ' | ' |
Debt instrument maturity year | ' | ' | ' | ' | '2034 | ' | ' |
Net proceeds after deducting fees and expenses | ' | ' | ' | ' | 674,000,000 | ' | ' |
Initial conversion rate for common stock | ' | ' | ' | ' | 13.36 | ' | ' |
Convertible note, initial conversion price per share | ' | ' | ' | ' | $74.86 | ' | ' |
Principal amount of convertible notes in to shares common stock | ' | ' | ' | ' | 1,000 | ' | ' |
Percentage by which closing sale price of common stock is more than the current conversion price | ' | ' | ' | ' | 130.00% | ' | ' |
Number of trading days | ' | ' | ' | ' | 20 | ' | ' |
Number of Consecutive trading days | ' | ' | ' | ' | '30 days | ' | ' |
Number Of Trading Days | ' | ' | ' | ' | '60 days | ' | ' |
Number of consecutive trading days immediately preceding, but excluding, declaration date | ' | ' | ' | ' | '10 days | ' | ' |
Percentage that distribution has per share value exceeding closing sale price of common stock | ' | ' | ' | ' | 10.00% | ' | ' |
Percentage of closing sale price of common stock in excess of convertible notes trading price | ' | ' | ' | ' | 98.00% | ' | ' |
Trading-day period | ' | ' | ' | ' | '10 days | ' | ' |
Convertible Debt Initial Liability Component | ' | ' | ' | ' | 471,000,000 | ' | ' |
Convertible Debt Equity Component | ' | ' | ' | ' | $219,000,000 | ' | ' |
Effective interest rate | ' | ' | ' | ' | 5.50% | ' | ' |
Derivative_and_Other_Hedging_F2
Derivative and Other Hedging Financial Instruments - Additional Information (Detail) | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
USD ($) | Three Point Seven Five Percent Senior Notes Due October Two Thousand Twenty One | Three Point Seven Five Percent Senior Notes Due October Two Thousand Twenty One | Net Investment Hedging | Interest Rate Swap | Swap | Forward-Starting Swaps | Foreign Exchange Contract | Foreign Exchange Contract | Commodity Contract | |
Euro-Denominated | Three Point Seven Five Percent Senior Notes Due October Two Thousand Twenty One | Fair value derivatives | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Derivatives that are not designated as effective hedges | |||
EUR (€) | USD ($) | USD ($) | USD ($) | Effective Commencing December Thirty First Two Thousand And Fifteen | USD ($) | Derivatives that are not designated as effective hedges | USD ($) | |||
USD ($) | USD ($) | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | $650 | $850 | $350 | $467 | $306 | $18 |
Derivative weighted average basis spread on variable rate | ' | ' | ' | ' | 6.05% | ' | ' | ' | ' | ' |
Effective date of swap agreement | ' | ' | ' | ' | ' | ' | 'December 31, 2015 | ' | ' | ' |
Derivative maturity date | ' | ' | ' | ' | ' | 'June 2020 | ' | 'March 2016 | 'March 2015 | 'December 2015 |
Weighted average fixed rate of interest swaps | ' | ' | ' | ' | ' | 1.30% | ' | ' | ' | ' |
Deferred net gains within AOCI expected to be reclassified to earnings over the next twelve months | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, principal balance designated as investment hedge | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' |
Interest rate of debt instrument | ' | 3.75% | 3.75% | ' | ' | ' | ' | ' | ' | ' |
Senior notes, maturity period | ' | '2021-10 | '2021-10 | ' | ' | ' | ' | ' | ' | ' |
Deferred gain (loss) on net investment hedge recorded in AOCI | ' | ' | ' | $26.20 | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair Value of Derivatives, Asset | $23 | [1] | $19.50 | [1] |
Fair Value of Derivatives, Liability | 19.5 | [1] | 19.7 | [1] |
Designated as Hedging Instrument | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair Value of Derivatives, Asset | 17.4 | [1] | 15.8 | [1] |
Fair Value of Derivatives, Liability | 14.8 | [1] | 17.1 | [1] |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair Value of Derivatives, Asset | 2.1 | [1] | 4.5 | [1] |
Fair Value of Derivatives, Liability | 6.3 | [1] | 8 | [1] |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Contract | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair Value of Derivatives, Asset | 15.3 | [1] | 11.3 | [1] |
Fair Value of Derivatives, Liability | 3.4 | [1] | 9.1 | [1] |
Designated as Hedging Instrument | Fair value derivatives | Interest Rate Swap | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair Value of Derivatives, Liability | 5.1 | [1] | ' | |
Derivatives that are not designated as effective hedges | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair Value of Derivatives, Asset | 5.6 | [1] | 3.7 | [1] |
Fair Value of Derivatives, Liability | 4.7 | [1] | 2.6 | [1] |
Derivatives that are not designated as effective hedges | Foreign Exchange Contract | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair Value of Derivatives, Asset | 5.5 | [1] | 3.5 | [1] |
Fair Value of Derivatives, Liability | 4.2 | [1] | 2.4 | [1] |
Derivatives that are not designated as effective hedges | Commodity Contract | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Fair Value of Derivatives, Asset | 0.1 | [1] | 0.2 | [1] |
Fair Value of Derivatives, Liability | $0.50 | [1] | $0.20 | [1] |
[1] | Consolidated balance sheet location: Asset: Other current and non-current assets Liability: Other current and non-current liabilities |
Gain_and_Loss_Activity_Related
Gain and Loss Activity Related to Derivative Financial Instruments Designated as Effective Hedges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain/(Loss), Reclassified from AOCI to Income | $1.10 | $2.60 | $5.30 | $14.90 | ||||
Designated as Hedging Instrument | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain/(Loss), Reclassified from AOCI to Income | 1.1 | 2.6 | 5.3 | 14.9 | ||||
Gain/(Loss), Recognized in Income | 1 | [1] | 0.3 | [1] | -2.9 | [1] | -3.8 | [1] |
Designated as Hedging Instrument | Cash Flow Hedging | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain/(Loss), Recognized in OCI (effective portion) | 18.8 | [2] | -10.4 | [2] | 13 | [2] | 18.2 | [2] |
Gain/(Loss), Reclassified from AOCI to Income | 1.1 | 2.6 | 5.3 | 14.9 | ||||
Gain/(Loss), Recognized in Income | 1 | [1] | 0.3 | [1] | -2.9 | [1] | -3.8 | [1] |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign Exchange Contract | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain/(Loss), Recognized in OCI (effective portion) | 16 | [2] | -8.9 | [2] | 13.7 | [2] | 12 | [2] |
Gain/(Loss), Reclassified from AOCI to Income | 1.1 | 2.6 | 5.3 | 14.9 | ||||
Gain/(Loss), Recognized in Income | 1 | [1] | 0.3 | [1] | -2.9 | [1] | -3.8 | [1] |
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain/(Loss), Recognized in OCI (effective portion) | 2.8 | [2] | -1.5 | [2] | -0.7 | [2] | 6.2 | [2] |
Designated as Hedging Instrument | Unrealized Gain Loss On Derivatives | Sales | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain/(Loss), Reclassified from AOCI to Income | 0.5 | 2 | 1.5 | -0.3 | ||||
Designated as Hedging Instrument | Unrealized Gain Loss On Derivatives | Cost of sales | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain/(Loss), Reclassified from AOCI to Income | 0.6 | 0.6 | 3.8 | 15.2 | ||||
Designated as Hedging Instrument | Unrealized Gain Loss On Derivatives | SG&A | ' | ' | ' | ' | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' | ||||
Gain/(Loss), Recognized in Income | $1 | [1] | $0.30 | [1] | ($2.90) | [1] | ($3.80) | [1] |
[1] | Represents portion excluded from effectiveness testing. | |||||||
[2] | Represents effective portion recognized in Other Comprehensive Income (Loss) ("OCI"). |
Gain_and_Loss_Activity_Related1
Gain and Loss Activity Related to Derivative Financial Instruments Not Designated as Effective Hedges (Detail) (Derivatives that are not designated as effective hedges, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in Income | $5.80 | ($2.90) | $0.30 | $3.10 |
Cash Flow Hedging | Foreign Exchange Contract | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in Income | 6.9 | -3.3 | 0.5 | 2.3 |
Cash Flow Hedging | Commodity Contract | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain/(Loss) Recognized in Income | ($1.10) | $0.40 | ($0.20) | $0.80 |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivatives assets | $23 | [1] | $19.50 | [1] |
Derivatives liabilities | -19.5 | [1] | -19.7 | [1] |
Contingent consideration | -35.2 | -43 | ||
Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivatives assets | 23 | 19.5 | ||
Derivatives liabilities | -19.5 | -19.7 | ||
Available-for-sale securities | 11.7 | 12 | ||
Contingent consideration | -35.2 | -43 | ||
Level 2 | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Derivatives assets | 23 | 19.5 | ||
Derivatives liabilities | -19.5 | -19.7 | ||
Available-for-sale securities | 11.7 | 12 | ||
Level 3 | Fair Value, Measurements, Recurring | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Contingent consideration | ($35.20) | ($43) | ||
[1] | Consolidated balance sheet location: Asset: Other current and non-current assets Liability: Other current and non-current liabilities |
Contingent_Consideration_Activ
Contingent Consideration Activity (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Schedule of Changes in Fair Value of Contingent Consideration [Line Items] | ' |
Contingent consideration, beginning balance | $43 |
Payments | -9.3 |
Adjustments and foreign exchange | 1.5 |
Contingent consideration, ending balance | $35.20 |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | Oct. 23, 2014 | Mar. 31, 2014 | Feb. 28, 2014 |
Subsequent Event | Senior Subordinated Convertible Notes | Maximum | |||
Stockholders' Equity [Line Items] | ' | ' | ' | ' | ' |
Repurchase of common stock, authorized value | ' | ' | ' | ' | $500 |
Net proceeds from senior subordinated convertible notes used for repurchase of common stock | ' | ' | ' | 163 | ' |
Repurchase of common stock, shares | 2.7 | 3.5 | ' | ' | ' |
Per share average price of shares repurchased | $60.65 | ' | ' | ' | ' |
Stock repurchase, amount paid | ' | $208 | ' | ' | ' |
Stock split ratio | ' | ' | 1.5 | ' | ' |
Stock split ratio description | ' | ' | '3-for-2 | ' | ' |
Computation_of_Weighted_Averag
Computation of Weighted Average Shares Outstanding (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share Disclosure [Line Items] | ' | ' | ' | ' |
Basic | 122.9 | 111.5 | 123.7 | 110.1 |
Share-based awards | 0.1 | 0.5 | 0.4 | 0.6 |
Convertible debt | 2.1 | ' | 2.2 | ' |
Diluted | 125.1 | 112 | 126.3 | 110.7 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Earnings Per Share Disclosure [Line Items] | ' |
Restricted share awards excluded from the computation diluted earnings per share | 5.2 |
Unaudited_Pro_Forma_Basic_and_
Unaudited Pro Forma Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Pro forma earnings per share (unaudited): | ' | ' | ' | ' |
Basic | $0.59 | $0.57 | $0.89 | $1.01 |
Diluted | $0.58 | $0.56 | $0.87 | $1 |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension and Postretirement Benefit Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits, Domestic | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | $3.60 | $3.40 | $10.90 | $10 |
Expected return on plan assets | -4.4 | -4.3 | -13.1 | -12.7 |
Amortization, net | 1.3 | 1.9 | 3.7 | 5.6 |
Net periodic expense | 0.5 | 1 | 1.5 | 2.9 |
Pension Benefits, Foreign | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.5 | 0.5 | 1.6 | 1.6 |
Interest cost | 0.6 | 0.5 | 1.8 | 1.7 |
Expected return on plan assets | -0.3 | -0.2 | -1 | -0.8 |
Amortization, net | 0.1 | 0.1 | 0.3 | 0.3 |
Net periodic expense | 0.9 | 0.9 | 2.7 | 2.8 |
Pension Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 0.5 | 0.5 | 1.6 | 1.6 |
Interest cost | 4.2 | 3.9 | 12.7 | 11.7 |
Expected return on plan assets | -4.7 | -4.5 | -14.1 | -13.5 |
Amortization, net | 1.4 | 2 | 4 | 5.9 |
Net periodic expense | 1.4 | 1.9 | 4.2 | 5.7 |
Postretirement Benefits | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | ' | 0.1 | 0.2 | 0.3 |
Amortization, net | -0.1 | -0.1 | -0.4 | -0.3 |
Net periodic expense | ($0.10) | ' | ($0.20) | ' |
Accrued_Restructuring_Costs_Ac
Accrued Restructuring Costs Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Accrual Balance, at Beginning of Period | ' | ' | $30 | ' |
Restructuring Costs, net | 0.5 | 3 | 3.1 | 4.4 |
Payments | ' | ' | -19.7 | ' |
Foreign Currency and Other | ' | ' | -0.1 | ' |
Accrual Balance, at End of Period | 13.3 | ' | 13.3 | ' |
Severance and Other Employee-Related | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Accrual Balance, at Beginning of Period | ' | ' | 16.6 | ' |
Restructuring Costs, net | ' | ' | 0.5 | ' |
Payments | ' | ' | -15.3 | ' |
Foreign Currency and Other | ' | ' | -0.1 | ' |
Accrual Balance, at End of Period | 1.7 | ' | 1.7 | ' |
Other Costs | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Accrual Balance, at Beginning of Period | ' | ' | 13.4 | ' |
Restructuring Costs, net | ' | ' | 2.6 | ' |
Payments | ' | ' | -4.4 | ' |
Accrual Balance, at End of Period | $11.60 | ' | $11.60 | ' |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2014 | |
Segment | |
Reportable business segments | 4 |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | $2,142.20 | $1,800.80 | $5,849.10 | $5,140.30 | ' |
Segment earnings (loss) | 308.4 | 249.6 | 693.2 | 597.3 | ' |
Fair market value adjustment to inventory | -12.3 | -5.9 | -13.6 | -10.9 | ' |
Restructuring costs | -0.5 | -3 | -3.1 | -4.4 | ' |
Acquisition-related and other costs | -14.1 | -6.8 | -35.4 | -6.8 | ' |
Foreign exchange-related charges | -3.3 | ' | -16.9 | -29 | ' |
Depreciation and amortization | -48.1 | -39.6 | -140.8 | -115.8 | ' |
Operating earnings | 230.1 | 194.3 | 483.4 | 430.4 | ' |
Total assets | 10,823 | ' | 10,823 | ' | 10,096.10 |
Total Operating Segments | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 2,142.20 | 1,800.80 | 5,849.10 | 5,140.30 | ' |
Segment earnings (loss) | 332.7 | 270.8 | 791.1 | 703.2 | ' |
Fair market value adjustment to inventory | -12.3 | -5.9 | -13.6 | -10.9 | ' |
Restructuring costs | -0.5 | -3 | -3.1 | -4.4 | ' |
Acquisition-related and other costs | -9.9 | -1.7 | -30.7 | -1.7 | ' |
Depreciation and amortization | -46.8 | -38.5 | -136.8 | -112.7 | ' |
Operating earnings | 263.2 | 221.7 | 606.9 | 573.5 | ' |
Total assets | 10,303.20 | ' | 10,303.20 | ' | ' |
Total Operating Segments | Branded Consumables | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 768 | 511.1 | 2,074.20 | 1,443.10 | ' |
Segment earnings (loss) | 135.1 | 88.4 | 315.6 | 222.4 | ' |
Fair market value adjustment to inventory | -1.5 | ' | -1.5 | -3.5 | ' |
Acquisition-related and other costs | -2.7 | -0.9 | -9.1 | -0.9 | ' |
Depreciation and amortization | -21.9 | -12.6 | -63.8 | -38.5 | ' |
Operating earnings | 109 | 74.9 | 241.2 | 179.5 | ' |
Total assets | 4,386.70 | ' | 4,386.70 | ' | ' |
Total Operating Segments | Consumer Solutions | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 612.4 | 537.4 | 1,402 | 1,343.20 | ' |
Segment earnings (loss) | 98.1 | 81.2 | 189.9 | 188 | ' |
Fair market value adjustment to inventory | -10.8 | ' | -12.1 | ' | ' |
Restructuring costs | -0.5 | -1.6 | -1.5 | -3 | ' |
Acquisition-related and other costs | -0.1 | ' | -4.1 | ' | ' |
Depreciation and amortization | -8 | -8.4 | -22.4 | -23.7 | ' |
Operating earnings | 78.7 | 71.2 | 149.8 | 161.3 | ' |
Total assets | 2,817.20 | ' | 2,817.20 | ' | ' |
Total Operating Segments | Outdoor Solutions | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 679.1 | 670.6 | 2,118.10 | 2,106.60 | ' |
Segment earnings (loss) | 87.7 | 89.7 | 243.2 | 249.7 | ' |
Fair market value adjustment to inventory | ' | -5.9 | ' | -7.4 | ' |
Restructuring costs | ' | -1.4 | -1.6 | -1.4 | ' |
Acquisition-related and other costs | -7.1 | -0.8 | -17.5 | -0.8 | ' |
Depreciation and amortization | -14.2 | -14.7 | -42.3 | -42.1 | ' |
Operating earnings | 66.4 | 66.9 | 181.8 | 198 | ' |
Total assets | 2,896.50 | ' | 2,896.50 | ' | ' |
Total Operating Segments | Process Solutions | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | 104.9 | 102.4 | 319 | 307.2 | ' |
Segment earnings (loss) | 11.8 | 11.5 | 42.4 | 43.1 | ' |
Depreciation and amortization | -2.7 | -2.8 | -8.3 | -8.4 | ' |
Operating earnings | 9.1 | 8.7 | 34.1 | 34.7 | ' |
Total assets | 202.8 | ' | 202.8 | ' | ' |
Total Operating Segments | Intercompany Eliminations | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Net sales | -22.2 | -20.7 | -64.2 | -59.8 | ' |
Corporate/ Unallocated | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment earnings (loss) | -24.3 | -21.2 | -97.9 | -105.9 | ' |
Acquisition-related and other costs | -4.2 | -5.1 | -4.7 | -5.1 | ' |
Foreign exchange-related charges | -3.3 | ' | -16.9 | -29 | ' |
Depreciation and amortization | -1.3 | -1.1 | -4 | -3.1 | ' |
Operating earnings | -33.1 | -27.4 | -123.5 | -143.1 | ' |
Total assets | $519.80 | ' | $519.80 | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ($58.60) | ' |
OCI excluding reclassifications | ' | ' | -49.3 | ' |
Reclassifications to earnings | ' | ' | -1 | ' |
Subtotal OCI, net of tax | -53.5 | 19.8 | -50.3 | -16.1 |
Ending Balance | -108.9 | ' | -108.9 | ' |
Accumulated Translation Adjustment | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -13.6 | ' |
OCI excluding reclassifications | ' | ' | -57.7 | ' |
Reclassifications to earnings | ' | ' | ' | ' |
Subtotal OCI, net of tax | ' | ' | -57.7 | ' |
Ending Balance | -71.3 | ' | -71.3 | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 1 | ' |
OCI excluding reclassifications | ' | ' | 8.1 | ' |
Reclassifications to earnings | ' | ' | -3.3 | ' |
Subtotal OCI, net of tax | ' | ' | 4.8 | ' |
Ending Balance | 5.8 | ' | 5.8 | ' |
Accumulated Defined Benefit Plans Adjustment | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | -46.3 | ' |
OCI excluding reclassifications | ' | ' | 0.3 | ' |
Reclassifications to earnings | ' | ' | 2.3 | ' |
Subtotal OCI, net of tax | ' | ' | 2.6 | ' |
Ending Balance | -43.7 | ' | -43.7 | ' |
Accumulated Net Unrealized Investment Gain (Loss) | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | 0.3 | ' |
OCI excluding reclassifications | ' | ' | ' | ' |
Reclassifications to earnings | ' | ' | ' | ' |
Subtotal OCI, net of tax | ' | ' | ' | ' |
Ending Balance | $0.30 | ' | $0.30 | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Benefit plans expenses reclassified from accumulated OCI to income | $1.30 | $1.90 | $3.60 | $5.60 |
Deferred gains and losses on derivatives reclassified from accumulated OCI to income | $1.10 | $2.60 | $5.30 | $14.90 |
Income_Tax_Provision_Benefit_A
Income Tax Provision Benefit Allocated to Components of Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Components Of Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' |
Cumulative translation adjustment | ' | ' | ' | ' |
Derivative financial instruments | -6 | 4.2 | -2.9 | -1.2 |
Accrued benefit cost | -0.7 | -0.7 | -1.5 | -2.1 |
Unrealized gain on investment | 1.5 | ' | ' | -0.1 |
Income tax (provision) benefit related to OCI | ($5.20) | $3.50 | ($4.40) | ($3.40) |
Condensed_Consolidating_Result
Condensed Consolidating Results of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Net sales | $2,142.20 | $1,800.80 | $5,849.10 | $5,140.30 |
Cost of sales | 1,468.90 | 1,277.60 | 4,059.40 | 3,660.10 |
Gross profit | 673.3 | 523.2 | 1,789.70 | 1,480.20 |
Selling, general and administrative expenses | 442.7 | 325.9 | 1,303.20 | 1,045.40 |
Restructuring Costs, net | 0.5 | 3 | 3.1 | 4.4 |
Operating earnings (loss) | 230.1 | 194.3 | 483.4 | 430.4 |
Interest expense, net | 52.7 | 47.5 | 159.6 | 143.3 |
Loss on early extinguishment of debt | ' | ' | 54.4 | 25.9 |
Income (loss) before taxes and equity earnings of subsidiaries | 177.4 | 146.8 | 269.4 | 261.2 |
Income tax provision (benefit) | 68.8 | 51.9 | 105 | 94.3 |
Net income (loss) | 108.6 | 94.9 | 164.4 | 166.9 |
Other comprehensive income (loss), net of tax | -53.5 | 19.8 | -50.3 | -16.1 |
Comprehensive income (loss) | 55.1 | 114.7 | 114.1 | 150.8 |
Parent Company | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | 28.6 | 31.6 | 93.4 | 110 |
Operating earnings (loss) | -28.6 | -31.6 | -93.4 | -110 |
Interest expense, net | 33.7 | 45.3 | 104.3 | 134.9 |
Loss on early extinguishment of debt | ' | ' | 54.4 | 25.9 |
Income (loss) before taxes and equity earnings of subsidiaries | -62.3 | -76.9 | -252.1 | -270.8 |
Income tax provision (benefit) | -23.5 | -26.7 | -94.8 | -99.3 |
Equity earnings of subsidiaries | 147.4 | 145.1 | 321.7 | 338.4 |
Net income (loss) | 108.6 | 94.9 | 164.4 | 166.9 |
Other comprehensive income (loss), net of tax | -53.5 | 19.8 | -50.3 | -16.1 |
Comprehensive income (loss) | 55.1 | 114.7 | 114.1 | 150.8 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Net sales | 1,487.70 | 1,225.60 | 4,037.90 | 3,449 |
Cost of sales | 1,057.50 | 928.9 | 2,914.90 | 2,611.80 |
Gross profit | 430.2 | 296.7 | 1,123 | 837.2 |
Selling, general and administrative expenses | 268.6 | 164.9 | 774.2 | 479.2 |
Restructuring Costs, net | ' | 1.6 | ' | 2.3 |
Operating earnings (loss) | 161.6 | 130.2 | 348.8 | 355.7 |
Interest expense, net | 16.6 | 0.3 | 49.1 | 0.8 |
Income (loss) before taxes and equity earnings of subsidiaries | 145 | 129.9 | 299.7 | 354.9 |
Income tax provision (benefit) | 54.9 | 49 | 113.4 | 125.3 |
Equity earnings of subsidiaries | 50.9 | 55.8 | 112.7 | 87.7 |
Net income (loss) | 141 | 136.7 | 299 | 317.3 |
Other comprehensive income (loss), net of tax | -92.7 | 18.9 | -86 | -17.7 |
Comprehensive income (loss) | 48.3 | 155.6 | 213 | 299.6 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Net sales | 873.8 | 815.4 | 2,428.40 | 2,271.90 |
Cost of sales | 630.7 | 588.9 | 1,761.70 | 1,628.90 |
Gross profit | 243.1 | 226.5 | 666.7 | 643 |
Selling, general and administrative expenses | 145.5 | 129.4 | 435.6 | 456.2 |
Restructuring Costs, net | 0.5 | 1.4 | 3.1 | 2.1 |
Operating earnings (loss) | 97.1 | 95.7 | 228 | 184.7 |
Interest expense, net | 2.4 | 1.9 | 6.2 | 7.6 |
Income (loss) before taxes and equity earnings of subsidiaries | 94.7 | 93.8 | 221.8 | 177.1 |
Income tax provision (benefit) | 37.4 | 29.6 | 86.4 | 68.3 |
Net income (loss) | 57.3 | 64.2 | 135.4 | 108.8 |
Other comprehensive income (loss), net of tax | -112.3 | 25.6 | -106.2 | -19.8 |
Comprehensive income (loss) | -55 | 89.8 | 29.2 | 89 |
Eliminations | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Net sales | -219.3 | -240.2 | -617.2 | -580.6 |
Cost of sales | -219.3 | -240.2 | -617.2 | -580.6 |
Equity earnings of subsidiaries | -198.3 | -200.9 | -434.4 | -426.1 |
Net income (loss) | -198.3 | -200.9 | -434.4 | -426.1 |
Other comprehensive income (loss), net of tax | 205 | -44.5 | 192.2 | 37.5 |
Comprehensive income (loss) | $6.70 | ($245.40) | ($242.20) | ($388.60) |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $706.30 | $1,128.50 | $1,560.30 | $1,034.10 |
Accounts receivable | 1,378.40 | 1,196.10 | ' | ' |
Inventories | 1,787.50 | 1,411.90 | ' | ' |
Other current assets | 396.7 | 347 | ' | ' |
Total current assets | 4,268.90 | 4,083.50 | ' | ' |
Property, plant and equipment, net | 846.5 | 852.6 | ' | ' |
Goodwill | 2,904 | 2,620.30 | ' | ' |
Intangibles, net | 2,635.80 | 2,393 | ' | ' |
Other non-current assets | 167.8 | 146.7 | ' | ' |
Total assets | 10,823 | 10,096.10 | ' | ' |
Short-term debt and current portion of long-term debt | 832.5 | 655.1 | ' | ' |
Accounts payable | 774.4 | 664.2 | ' | ' |
Other current liabilities | 676.7 | 720.1 | ' | ' |
Total current liabilities | 2,283.60 | 2,039.40 | ' | ' |
Long-term debt | 4,263.70 | 4,087.30 | ' | ' |
Deferred taxes on income | 1,237.30 | 1,065.30 | ' | ' |
Other non-current liabilities | 431.3 | 354.4 | ' | ' |
Total stockholders' equity | 2,607.10 | 2,549.70 | ' | ' |
Total liabilities and stockholders' equity | 10,823 | 10,096.10 | ' | ' |
Parent Company | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 297.2 | 630.8 | 1,162.40 | 560.2 |
Other current assets | 35.4 | 23 | ' | ' |
Total current assets | 332.6 | 653.8 | ' | ' |
Property, plant and equipment, net | 45.7 | 46.7 | ' | ' |
Intercompany receivables | 3,637.10 | 3,850.20 | ' | ' |
Investment in subsidiaries | 7,075.20 | 6,812.40 | ' | ' |
Other non-current assets | 67.1 | 68.7 | ' | ' |
Total assets | 11,157.70 | 11,431.80 | ' | ' |
Short-term debt and current portion of long-term debt | 254.8 | 144.2 | ' | ' |
Accounts payable | 4.9 | 11.4 | ' | ' |
Other current liabilities | 91.1 | 121.6 | ' | ' |
Total current liabilities | 350.8 | 277.2 | ' | ' |
Long-term debt | 4,238.70 | 4,065.90 | ' | ' |
Intercompany payables | 3,762.10 | 4,415 | ' | ' |
Deferred taxes on income | 89.2 | 19 | ' | ' |
Other non-current liabilities | 109.8 | 105 | ' | ' |
Total stockholders' equity | 2,607.10 | 2,549.70 | ' | ' |
Total liabilities and stockholders' equity | 11,157.70 | 11,431.80 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 24.4 | 13.5 | 1.8 | 5 |
Accounts receivable | 4.2 | 1.4 | ' | ' |
Inventories | 1,069.70 | 839.7 | ' | ' |
Other current assets | 201.7 | 174.3 | ' | ' |
Total current assets | 1,300 | 1,028.90 | ' | ' |
Property, plant and equipment, net | 436.8 | 404.1 | ' | ' |
Goodwill | 2,581.60 | 2,365.50 | ' | ' |
Intangibles, net | 2,369.60 | 2,190.80 | ' | ' |
Intercompany receivables | 3,567 | 4,211 | ' | ' |
Investment in subsidiaries | 2,117.40 | 2,031.80 | ' | ' |
Other non-current assets | 17.2 | 18.1 | ' | ' |
Total assets | 12,389.60 | 12,250.20 | ' | ' |
Short-term debt and current portion of long-term debt | 1 | 1.4 | ' | ' |
Accounts payable | 496.8 | 390 | ' | ' |
Other current liabilities | 262.3 | 299 | ' | ' |
Total current liabilities | 760.1 | 690.4 | ' | ' |
Long-term debt | 5.3 | 4.3 | ' | ' |
Intercompany payables | 3,175.40 | 3,494.90 | ' | ' |
Deferred taxes on income | 1,071.70 | 974.4 | ' | ' |
Other non-current liabilities | 203.6 | 156.9 | ' | ' |
Total stockholders' equity | 7,173.50 | 6,929.30 | ' | ' |
Total liabilities and stockholders' equity | 12,389.60 | 12,250.20 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 384.7 | 484.2 | 396.1 | 468.9 |
Accounts receivable | 1,374.20 | 1,194.70 | ' | ' |
Inventories | 717.8 | 572.2 | ' | ' |
Other current assets | 159.6 | 149.7 | ' | ' |
Total current assets | 2,636.30 | 2,400.80 | ' | ' |
Property, plant and equipment, net | 364 | 401.8 | ' | ' |
Goodwill | 322.4 | 254.8 | ' | ' |
Intangibles, net | 266.2 | 202.2 | ' | ' |
Intercompany receivables | 3,079.60 | 3,838.60 | ' | ' |
Other non-current assets | 83.5 | 59.9 | ' | ' |
Total assets | 6,752 | 7,158.10 | ' | ' |
Short-term debt and current portion of long-term debt | 576.7 | 509.5 | ' | ' |
Accounts payable | 272.7 | 262.8 | ' | ' |
Other current liabilities | 323.3 | 299.5 | ' | ' |
Total current liabilities | 1,172.70 | 1,071.80 | ' | ' |
Long-term debt | 19.7 | 17.1 | ' | ' |
Intercompany payables | 3,346.20 | 3,989.90 | ' | ' |
Deferred taxes on income | 76.4 | 71.9 | ' | ' |
Other non-current liabilities | 117.9 | 92.5 | ' | ' |
Total stockholders' equity | 2,019.10 | 1,914.90 | ' | ' |
Total liabilities and stockholders' equity | 6,752 | 7,158.10 | ' | ' |
Eliminations | ' | ' | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Intercompany receivables | -10,283.70 | -11,899.80 | ' | ' |
Investment in subsidiaries | -9,192.60 | -8,844.20 | ' | ' |
Total assets | -19,476.30 | -20,744 | ' | ' |
Intercompany payables | -10,283.70 | -11,899.80 | ' | ' |
Total stockholders' equity | -9,192.60 | -8,844.20 | ' | ' |
Total liabilities and stockholders' equity | ($19,476.30) | ($20,744) | ' | ' |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Net cash provided by (used in) operating activities, net | ($49.90) | $63.20 |
Net change in short-term debt | 52.7 | -11.3 |
Proceeds from issuance of long-term debt | 1,104.80 | 527.1 |
Payments on long-term debt | -589.6 | -376 |
Issuance (repurchase) of common stock, net | -269.5 | 469.7 |
Excess tax benefits from stock-based compensation | 35.2 | 11.4 |
Other | -26.3 | -16.8 |
Net cash provided by (used in) financing activities | 307.3 | 604.1 |
Additions to property, plant and equipment | -149.2 | -115.6 |
Acquisition of businesses, net of cash acquired | -517.7 | -12.7 |
Other | 3.5 | 7.8 |
Net cash provided by (used in) investing activities | -663.4 | -120.5 |
Effect of exchange rate changes on cash | -16.2 | -20.6 |
Net increase (decrease) in cash and cash equivalents | -422.2 | 526.2 |
Cash and cash equivalents at beginning of period | 1,128.50 | 1,034.10 |
Cash and cash equivalents at end of period | 706.3 | 1,560.30 |
Parent Company | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Net cash provided by (used in) operating activities, net | -173.5 | -53.2 |
(Payments on) proceeds from intercompany transactions | -409 | 44.9 |
Proceeds from issuance of long-term debt | 1,092.50 | 515.2 |
Payments on long-term debt | -588 | -374.8 |
Issuance (repurchase) of common stock, net | -269.5 | 469.7 |
Excess tax benefits from stock-based compensation | 35.2 | 11.4 |
Other | -18.1 | -12.4 |
Net cash provided by (used in) financing activities | -156.9 | 654 |
Additions to property, plant and equipment | -3.2 | -4.7 |
Acquisition of businesses, net of cash acquired | ' | -1 |
Other | ' | 7.1 |
Net cash provided by (used in) investing activities | -3.2 | 1.4 |
Net increase (decrease) in cash and cash equivalents | -333.6 | 602.2 |
Cash and cash equivalents at beginning of period | 630.8 | 560.2 |
Cash and cash equivalents at end of period | 297.2 | 1,162.40 |
Guarantor Subsidiaries | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Net cash provided by (used in) operating activities, net | 204.8 | 122 |
Net change in short-term debt | ' | -0.1 |
(Payments on) proceeds from intercompany transactions | 249.2 | -55.8 |
Proceeds from issuance of long-term debt | 1.6 | ' |
Payments on long-term debt | -1 | -0.3 |
Other | -7.6 | -4.4 |
Net cash provided by (used in) financing activities | 242.2 | -60.6 |
Additions to property, plant and equipment | -94.7 | -48.9 |
Acquisition of businesses, net of cash acquired | -340.4 | ' |
Intercompany investing activities, net | ' | -16.3 |
Other | -1 | 0.6 |
Net cash provided by (used in) investing activities | -436.1 | -64.6 |
Net increase (decrease) in cash and cash equivalents | 10.9 | -3.2 |
Cash and cash equivalents at beginning of period | 13.5 | 5 |
Cash and cash equivalents at end of period | 24.4 | 1.8 |
Non-Guarantor Subsidiaries | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Net cash provided by (used in) operating activities, net | -76.1 | 2.7 |
Net change in short-term debt | 52.7 | -11.2 |
(Payments on) proceeds from intercompany transactions | 154.7 | 18.9 |
Proceeds from issuance of long-term debt | 10.7 | 11.9 |
Payments on long-term debt | -0.6 | -0.9 |
Other | -0.6 | ' |
Net cash provided by (used in) financing activities | 216.9 | 18.7 |
Additions to property, plant and equipment | -51.3 | -62 |
Acquisition of businesses, net of cash acquired | -177.3 | -11.7 |
Other | 4.5 | 0.1 |
Net cash provided by (used in) investing activities | -224.1 | -73.6 |
Effect of exchange rate changes on cash | -16.2 | -20.6 |
Net increase (decrease) in cash and cash equivalents | -99.5 | -72.8 |
Cash and cash equivalents at beginning of period | 484.2 | 468.9 |
Cash and cash equivalents at end of period | 384.7 | 396.1 |
Eliminations | ' | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' |
Net cash provided by (used in) operating activities, net | -5.1 | -8.3 |
(Payments on) proceeds from intercompany transactions | 5.1 | -8 |
Net cash provided by (used in) financing activities | 5.1 | -8 |
Intercompany investing activities, net | ' | 16.3 |
Net cash provided by (used in) investing activities | ' | $16.30 |