Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | JAH | ||
Entity Registrant Name | JARDEN CORP | ||
Entity Central Index Key | 895655 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 192,914,000 | ||
Entity Public Float | $7,200,000,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net sales | $8,287.10 | $7,355.90 | $6,696.10 |
Cost of sales | 5,654.20 | 5,241.20 | 4,771.70 |
Gross profit | 2,632.90 | 2,114.70 | 1,924.40 |
Selling, general and administrative expenses | 1,960 | 1,519.80 | 1,320.50 |
Restructuring Costs, net | 7.7 | 22 | 27.1 |
Impairment of goodwill, intangibles and other assets | 25.4 | ||
Operating earnings | 639.8 | 572.9 | 576.8 |
Interest expense, net | 210.3 | 195.4 | 185.3 |
Loss on early extinguishment of debt | 56.7 | 25.9 | |
Income before taxes | 372.8 | 351.6 | 391.5 |
Income tax provision | 130.3 | 147.7 | 147.6 |
Net income (loss) | $242.50 | $203.90 | $243.90 |
Earnings per share: | |||
Basic | $1.31 | $1.20 | $1.39 |
Diluted | $1.28 | $1.18 | $1.38 |
Weighted average shares outstanding: | |||
Basic | 185.3 | 170.6 | 176.1 |
Diluted | 189.8 | 172.5 | 177.3 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Comprehensive income: | |||
Net income (loss) | $242.50 | $203.90 | $243.90 |
Other comprehensive income, before tax: | |||
Cumulative translation adjustment | -113.4 | -31.3 | 13.7 |
Derivative financial instruments | 18.4 | 4.6 | -3.1 |
Accrued benefit cost | -12.5 | 38.3 | -11.6 |
Unrealized gain (loss) on investment | -0.4 | 0.5 | |
Total other comprehensive income (loss), before tax | -107.9 | 11.6 | -0.5 |
Income tax (provision) benefit related to other comprehensive income (loss) | -14.2 | -16.8 | 3.8 |
Comprehensive income (loss) | $120.40 | $198.70 | $247.20 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ||
Cash and cash equivalents | $1,164.80 | $1,128.50 |
Accounts receivable, net of allowances of $119.7 in 2014, $97.0 in 2013 | 1,277.90 | 1,196.10 |
Inventories | 1,504.70 | 1,411.90 |
Deferred taxes on income | 166.2 | 185.7 |
Prepaid expenses and other current assets | 204.4 | 161.3 |
Total current assets | 4,318 | 4,083.50 |
Property, plant and equipment, net | 849.9 | 852.6 |
Goodwill | 2,880.20 | 2,620.30 |
Intangibles, net | 2,598.50 | 2,393 |
Other assets | 152.7 | 146.7 |
Total assets | 10,799.30 | 10,096.10 |
Liabilities: | ||
Short-term debt and current portion of long-term debt | 594.9 | 655.1 |
Accounts payable | 809.9 | 664.2 |
Accrued salaries, wages and employee benefits | 195.1 | 192.6 |
Other current liabilities | 477.3 | 527.5 |
Total current liabilities | 2,077.20 | 2,039.40 |
Long-term debt | 4,464 | 4,087.30 |
Deferred taxes on income | 1,222.10 | 1,065.30 |
Other non-current liabilities | 426.7 | 354.4 |
Total liabilities | 8,190 | 7,546.40 |
Commitments and contingencies (see Note 11) | ||
Stockholders' equity: | ||
Preferred stock ($0.01 par value, 5.0 shares authorized, no shares issued and outstanding at December 31, 2014 and 2013) | ||
Common stock ($0.01 par value, 300 shares authorized at December 31, 2014 and December 31, 2013, 233.3 shares issued at December 31, 2014 and 2013, respectively) | 2.3 | 2.3 |
Additional paid-in capital | 2,515.50 | 2,380.90 |
Retained earnings | 1,284.70 | 1,042.20 |
Accumulated other comprehensive income (loss) | -180.7 | -58.6 |
Less: Treasury stock (41.3 and 39.9 shares, at cost, at December 31, 2014 and 2013, respectively) | -1,012.50 | -817.1 |
Total stockholders' equity | 2,609.30 | 2,549.70 |
Total liabilities and stockholders' equity | $10,799.30 | $10,096.10 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $119.70 | $97 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 233,300,000 | 233,300,000 |
Treasury stock, shares | 41,300,000 | 39,900,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $242.50 | $203.90 | $243.90 |
Reconciliation of net income to net cash provided by operating activities: | |||
Depreciation and amortization | 191.1 | 165.9 | 152.8 |
Impairment of goodwill, intangibles and other assets | 25.4 | ||
Venezuela foreign exchange-related charges | 150.9 | 27.4 | |
Deferred income taxes | -53.5 | -10.7 | 19.7 |
Stock-based compensation | 49.7 | 95.8 | 67.1 |
Excess tax benefits from stock-based compensation | -38 | -11.6 | -43 |
Other | 43.5 | 10.7 | 10 |
Changes in operating assets and liabilities, net of effects from acquisitions: | |||
Accounts receivable | -109.1 | 16.9 | -23.6 |
Inventory | -75.6 | 103.9 | 30 |
Accounts payable | 160 | 4.5 | 34.5 |
Accrued salaries, wages and employee benefits | 1.8 | -17.4 | 20.6 |
Other assets and liabilities | 38.3 | 79.2 | -31.7 |
Net cash provided by operating activities | 627 | 668.5 | 480.3 |
Cash flows from financing activities: | |||
Net change in short-term debt | 25.4 | 102 | 74.7 |
Proceeds from issuance of long-term debt | 1,764.80 | 1,273.40 | 802.5 |
Payments on long-term debt | -1,248 | -407.7 | -172.7 |
Proceeds from issuance of stock, net of transaction fees | 748.3 | 24.8 | |
Repurchase of common stock and shares tendered for taxes | -285.3 | -297.8 | -582.7 |
Debt issuance costs | -21.4 | -19.8 | -17.4 |
Dividends paid | -7.5 | ||
Excess tax benefits from stock-based compensation | 38 | 11.6 | 43 |
Other, net | -8 | -4.4 | |
Net cash provided by (used in) financing activities | 265.5 | 1,405.60 | 164.7 |
Cash flows from investing activities: | |||
Additions to property, plant and equipment | -202.1 | -211 | -154.5 |
Acquisition of businesses, net of cash acquired | -517.4 | -1,820.10 | -286.3 |
Other | 8 | 73.7 | 13.3 |
Net cash provided by (used in) investing activities | -711.5 | -1,957.40 | -427.5 |
Effect of exchange rate changes on cash and cash equivalents | -144.7 | -22.3 | 8.3 |
Net increase (decrease) in cash and cash equivalents | 36.3 | 94.4 | 225.8 |
Cash and cash equivalents at beginning of period | 1,128.50 | 1,034.10 | 808.3 |
Cash and cash equivalents at end of period | 1,164.80 | 1,128.50 | 1,034.10 |
Supplemental cash disclosures: | |||
Taxes paid | 126.1 | 74.7 | 93.9 |
Make-whole interest | 42.3 | 12.3 | |
Interest paid | $182.80 | $181.70 | $178 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Millions | ||||||
Beginning balance at Dec. 31, 2011 | $1,912 | $2.10 | ($51.20) | $1,423.40 | $594.40 | ($56.70) |
Beginning balance (in shares) at Dec. 31, 2011 | 208.6 | -4 | ||||
Comprehensive income | 247.2 | 243.9 | 3.3 | |||
Restricted stock awards, stock options exercised and stock plan purchases (in shares) | 5.5 | |||||
Restricted stock awards, stock options exercised and stock plan purchases | 68.2 | 74.7 | -6.5 | |||
Restricted stock awards cancelled and shares tendered (in shares) | -1.7 | |||||
Restricted stock awards cancelled and shares tendered | -28 | -29.7 | 1.7 | |||
Stock-based compensation | 67.1 | 67.1 | ||||
Shares repurchased (in shares) | -32.3 | |||||
Shares repurchased | -556.2 | -556.2 | ||||
Equity component of convertible notes, net of tax and other | 49.3 | 49.3 | ||||
Ending balance at Dec. 31, 2012 | 1,759.60 | 2.1 | -562.4 | 1,535 | 838.3 | -53.4 |
Ending balance (in shares) at Dec. 31, 2012 | 208.6 | -32.5 | ||||
Comprehensive income | 198.7 | 203.9 | -5.2 | |||
Proceeds from issuance of common stock, net | 744.9 | 0.2 | 744.7 | |||
Proceeds from issuance of common stock, net, shares | 24.7 | |||||
Restricted stock awards, stock options exercised and stock plan purchases (in shares) | 3 | |||||
Restricted stock awards, stock options exercised and stock plan purchases | 17.3 | 48 | -30.7 | |||
Restricted stock awards cancelled and shares tendered (in shares) | -2 | |||||
Restricted stock awards cancelled and shares tendered | -47.8 | -52.7 | 4.9 | |||
Stock-based compensation | 95.8 | 95.8 | ||||
Shares repurchased (in shares) | -8.4 | |||||
Shares repurchased | -250 | -250 | ||||
Equity component of convertible notes, net of tax and other | 31.2 | 31.2 | ||||
Ending balance at Dec. 31, 2013 | 2,549.70 | 2.3 | -817.1 | 2,380.90 | 1,042.20 | -58.6 |
Ending balance (in shares) at Dec. 31, 2013 | 233.3 | -39.9 | ||||
Comprehensive income | 120.4 | 242.5 | -122.1 | |||
Restricted stock awards, stock options exercised and stock plan purchases (in shares) | 5.9 | |||||
Restricted stock awards, stock options exercised and stock plan purchases | 6.7 | 94.7 | -88 | |||
Restricted stock awards cancelled and shares tendered (in shares) | -2.1 | |||||
Restricted stock awards cancelled and shares tendered | -41.8 | -82.3 | 40.5 | |||
Stock-based compensation | 49.7 | 49.7 | ||||
Shares repurchased (in shares) | -5.2 | |||||
Shares repurchased | -207.8 | -207.8 | ||||
Equity component of convertible notes, net of tax and other | 132.4 | 132.4 | ||||
Ending balance at Dec. 31, 2014 | $2,609.30 | $2.30 | ($1,012.50) | $2,515.50 | $1,284.70 | ($180.70) |
Ending balance (in shares) at Dec. 31, 2014 | 233.3 | -41.3 |
Business_and_Significant_Accou
Business and Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Business and Significant Accounting Policies | 1. Business and Significant Accounting Policies | ||||||||||||||||
Business | |||||||||||||||||
Jarden Corporation and its subsidiaries (hereinafter referred to as the “Company” or “Jarden”) is a leading provider of a diverse range of consumer products with a portfolio of over 120 trusted, quality brands sold globally. Jarden operates in three primary business segments through a number of well recognized brands, including: Branded Consumables: Ball®, Bee®, Bernardin®, Bicycle®, Billy Boy®, Crawford®, Diamond®, Fiona®, First Alert®, First Essentials®, Hoyle®, Kerr®, Lehigh®, Lifoam®, Lillo®, Loew-Cornell®, Mapa®, NUK®, Pine Mountain®, ProPak®, Quickie®, Spontex®, Tigex® and Yankee Candle®; Consumer Solutions: Bionaire®, Breville®, Crock-Pot®, FoodSaver®, Health o meter®, Holmes®, Mr. Coffee®, Oster®, Patton®, Rival®, Seal-a-Meal®, Sunbeam®, VillaWare® and White Mountain®; and Outdoor Solutions: Abu Garcia®, AeroBed®, Berkley®, Campingaz®, Coleman®, ExOfficio®, Fenwick®, Greys®, Gulp!®, Hardy®, Invicta®, K2®, Madshus®, Marker®, Marmot®, Mitchell®, PENN®, Rawlings®, Ride®, Sevylor®, Shakespeare®, Stearns®, Stren®, Trilene®, Völkl®, Worth® and Zoot®. The Company’s growth strategy is based on introducing new products, as well as on expanding existing product categories, which is supplemented through opportunistically acquiring businesses that reflect our core strategy, often with highly-recognized brands within the categories they serve, innovative products and multi-channel distribution. | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The consolidated financial statements include the consolidated accounts of the Company and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). | |||||||||||||||||
All significant intercompany transactions and balances have been eliminated upon consolidation. Unless otherwise indicated, references in the consolidated financial statements to 2014, 2013 and 2012 are to the Company’s calendar years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Certain reclassifications have been made in the Company’s consolidated financial statements of prior years to conform to the current year presentation. These reclassifications have no impact on previously reported net income. | |||||||||||||||||
Stock Split | |||||||||||||||||
On November 24, 2014, the Company consummated a 3-for-2 stock split in the form of a stock dividend of one additional share of common stock for every two shares of common stock. The Company retained the current par value of $0.01 per share for all shares of common stock. All references to the number of shares outstanding, issued shares, per share amounts and restricted stock and stock option data of the Company’s shares of common stock have been restated to reflect the effect of the stock split for all periods presented in the Company’s accompanying consolidated financial statements and footnotes thereto. Stockholders’ equity has been retroactively restated to reflect the effect of the stock split by reclassifying from additional paid-in capital to common stock, an amount equal to the par value of the additional shares resulting from the stock split. | |||||||||||||||||
Supplemental Information | |||||||||||||||||
Stock-based compensation costs, which are included in selling, general and administrative expenses (“SG&A”), were $49.7, $95.8 and $67.1 for 2014, 2013 and 2012, respectively. | |||||||||||||||||
Interest expense is net of interest income of $7.2, $6.0 and $6.7 for 2014, 2013 and 2012, respectively. | |||||||||||||||||
Foreign Operations | |||||||||||||||||
The functional currency for most of the Company’s consolidated foreign operations is the local currency. Assets and liabilities are translated at year-end exchange rates, and income and expenses are translated at average exchange rates during the year. Net unrealized exchange adjustments arising on the translation of foreign currency financial statements are reported as cumulative translation adjustments within accumulated other comprehensive income. Foreign currency transaction gains and losses are included in the results of operations and are generally classified in SG&A. Foreign currency transaction gains/(losses) for 2014, 2013 and 2012 were ($2.0), ($6.4) and $1.9, respectively. | |||||||||||||||||
The U.S. dollar is the functional currency for certain foreign subsidiaries that conduct their business primarily in U.S. dollars. As such, monetary items are translated at current exchange rates, and non-monetary items are translated at historical exchange rates. | |||||||||||||||||
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. | |||||||||||||||||
Up until December 31, 2014, the financial statements of the Company’s subsidiaries operating in Venezuela were 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. | |||||||||||||||||
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. At December 31, 2014, the exchange rates for SICAD and SICAD-II were 12.0 and 50.0 Bolivars per U.S. dollar, respectively. Historically, the majority of the Company’s purchases have qualified for the official exchange rate and the Company has been able to convert Bolivars at the official exchange rate. Due to the evolving foreign exchange control environment in Venezuela and additional experience with the with the various foreign exchange mechanisms, as of December 31, 2014, the Company determined it would be most appropriate for it to remeasure the financial statements of the Company’s subsidiaries operating in Venezuela at the SICAD-II exchange rate. As a result of the change to the SICAD-II exchange rate, the results of operations for 2014 includes a foreign exchange-related charge of $151 related to the write-down of net monetary assets due to this remeasurement. This charge is included in SG&A. At December 31, 2014, the Company’s Bolivar-denominated net assets were approximately $22. | |||||||||||||||||
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 were remeasured at the official exchange rate. During 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. | |||||||||||||||||
Subsequent Event | |||||||||||||||||
On February 10, 2015, the Venezuelan government established a new foreign exchange system, the Marginal Currency System (“SIMADI”). Furthermore, in February 2015 shortly after establishment of SIMADI, the SICAD-II program was eliminated. The Company is evaluating the impact of these events to determine the potential charge that could result from remeasuring the Bolivar-denominated net monetary assets of the Company’s Venezuela operations, as well as the ongoing operational and financial impact. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of the consolidated financial statements in accordance with GAAP requires estimates and assumptions that affect amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Significant accounting estimates and assumptions are used for, but not limited to, the allowance for doubtful accounts; asset impairments; useful lives of tangible and intangible assets; pension and postretirement liabilities; tax valuation allowances and unrecognized tax benefits; reserves for sales returns and allowances; product warranty; product liability; excess and obsolete inventory valuation; stock-based compensation; and litigation and environmental liabilities. These accounting estimates may be adjusted or refined due to changes in the facts and circumstances supporting these accounting estimates. Such changes and refinements are reflected in the consolidated financial statements in the period in which they are made and, if material, their effects are disclosed in the consolidated financial statements. | |||||||||||||||||
Concentrations of Credit Risk | |||||||||||||||||
Substantially all of the Company’s trade receivables are due from retailers and distributors located throughout Asia, Canada, Europe, Latin America and the United States. Approximately 15%, 17% and 20% of the Company’s consolidated net sales in 2014, 2013 and 2012, respectively, were to a single customer who purchased product from all of the Company’s business segments. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
The Company considers highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||||||
Accounts Receivable | |||||||||||||||||
The Company provides credit, in the normal course of business, to its customers. The Company maintains an allowance for doubtful customer accounts for estimated losses that may result from the inability of the Company’s customers to make required payments. That estimate is based on a variety of factors, including historical collection experience, current economic and market conditions, and a review of the current status of each customer’s trade accounts receivable. The Company charges actual losses when incurred to this allowance. | |||||||||||||||||
Leasehold Improvements | |||||||||||||||||
Leasehold improvements are recorded at cost less accumulated amortization. Improvements are amortized over the shorter of the remaining lease term (and any renewal period if such a renewal is reasonably assured at inception) or the estimated useful lives of the assets. | |||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||
Property, plant and equipment are recorded at cost less accumulated depreciation. Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. The Company reviews property, plant and equipment for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable through future undiscounted cash flows. If the Company concludes that impairment exists, the carrying amount is reduced to fair value. | |||||||||||||||||
The Company provides for depreciation primarily using the straight-line method in amounts that allocate the cost of property, plant and equipment over the following ranges of useful lives: | |||||||||||||||||
Buildings and improvements | 5 to 45 years | ||||||||||||||||
Machinery, equipment and tooling (includes capitalized software) | 3 to 25 years | ||||||||||||||||
Furniture and fixtures | 3 to 10 years | ||||||||||||||||
Land is not depreciated. | |||||||||||||||||
Goodwill and Intangible Assets | |||||||||||||||||
Goodwill and certain intangibles (primarily trademarks and tradenames) are not amortized; however, they are subject to evaluation for impairment using a fair value based test. This evaluation is performed annually, during the fourth quarter or more frequently if facts and circumstances warrant. The Company uses a qualitative approach to test goodwill for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The Company applied this qualitative approach to select reporting units. For other reporting units, the Company proceeded directly to the first step of goodwill impairment testing. The first step in the goodwill impairment test involves comparing the fair value of each of its reporting units to the carrying value of those reporting units. If the carrying value of a reporting unit exceeds the fair value of the reporting unit, the Company is required to proceed to the second step. In the second step, the fair value of the reporting unit would be allocated to the assets (including unrecognized intangibles) and liabilities of the reporting unit, with any residual representing the implied fair value of goodwill. An impairment loss would be recognized if, and to the extent that, the carrying value of goodwill exceeded the implied value (see Note 6). The Company uses a qualitative approach to test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform quantitative impairment testing. The Company applied this qualitative approach to select indefinite-lived intangible assets. For other indefinite-lived intangible assets, the Company proceeded directly to quantitative impairment testing. The Company reviews amortizable intangible assets for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable. If the Company concludes that impairment exists, the carrying amount is reduced to fair value. | |||||||||||||||||
Amortization | |||||||||||||||||
Deferred debt issue costs are amortized over the term of the related debt. Identifiable intangible assets are recognized apart from goodwill and are amortized over their estimated, useful lives, except for identifiable intangible assets with indefinite lives, which are not amortized. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
The Company recognizes revenues at the time of product shipment or delivery, depending upon when title and risk of loss passes, to unaffiliated customers, and when all of the following have occurred: a firm sales agreement is in place, pricing is fixed or determinable and collection is reasonably assured. Revenue is recognized as the net amount estimated to be received after deducting estimated amounts for product returns, discounts and allowances. The Company estimates future product returns, discounts and allowances based upon historical return rates and its reasonable judgment. | |||||||||||||||||
The Company sells gift cards to customers in its retail stores, third-party retail stores and through consumer direct operations. Gift cards do not have an expiration date. At the point of sale of a gift card, the Company records deferred revenue. Gift card revenue is recognized when the gift card is redeemed by the customer or the likelihood of the gift card being redeemed by the customer is remote (“gift card breakage”). Gift card breakage income is recognized in proportion to the actual redemption of gift cards based on the Company’s historical redemption pattern and is included in net sales in the Company’s consolidated statements of operations. | |||||||||||||||||
Cost of Sales | |||||||||||||||||
The Company’s cost of sales includes the costs of raw materials and finished goods purchases, manufacturing costs and warehouse and distribution costs. | |||||||||||||||||
Advertising Costs | |||||||||||||||||
Advertising costs consist primarily of ad demo, media placement and promotions, and are expensed as incurred. The amounts charged to advertising and included in SG&A in the consolidated statements of operations for 2014, 2013 and 2012 were $189, $172 and $156, respectively. | |||||||||||||||||
Product Liability Reserves | |||||||||||||||||
The Company has a self-insurance program for product liability that includes reserves for self-retained losses and certain excess and aggregate risk transfer insurance. The estimated product liability reserve incorporates historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs. The Company’s actuarial evaluation methods consider claims incurred, but not reported when determining the product liability reserve. | |||||||||||||||||
Product Warranty Costs | |||||||||||||||||
The Company recognizes warranty costs based on an estimate of amounts required to meet future warranty obligations arising as a cost of the sale of its products. The Company accrues an estimated liability at the time of a product sale based on historical claim rates applied to current period sales, as well as any information applicable to current product sales that may indicate a deviation from such historical claim rate trends. Warranty reserves are included within “Other current liabilities” and “Other non-current liabilities” in the Company’s consolidated balance sheets. | |||||||||||||||||
Sales Incentives and Trade Promotion Allowances | |||||||||||||||||
The Company offers various sales incentives and trade promotional programs to its reseller customers from time to time in the normal course of business. These sales incentives and trade promotion programs typically include arrangements known as slotting fees, cooperative advertising and buydowns. These arrangements are recorded as a reduction to net sales in the Company’s consolidated statements of operations. | |||||||||||||||||
Income Taxes | |||||||||||||||||
Deferred taxes are provided for differences between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company established a valuation allowance against a portion of the net tax benefit associated with all carryforwards and temporary differences in a prior year, as it was more likely than not that these would not be fully utilized in the available carryforward period. A portion of this valuation allowance remained as of December 31, 2014 and 2013 (see Note 12). | |||||||||||||||||
The Company recognizes tax benefits for certain tax positions based upon judgments as to whether it is more likely than not that a tax position will be sustained upon examination. The measurement of tax positions that meet the more-likely-than-not recognition threshold are based in part on estimates and assumptions as to be the probability of an outcome, along with estimated amounts to be realized upon any settlement. | |||||||||||||||||
Components of accumulated other comprehensive income (loss) (“AOCI”) are presented net of tax at the applicable statutory rates and are primarily generated domestically. | |||||||||||||||||
Disclosures about Fair Value of Financial Instruments and Credit Risk | |||||||||||||||||
The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair market values due to the short-term maturities of these instruments. The fair market value (Level 1 measurement) of the Company’s senior notes and senior subordinated notes are based upon quoted market prices. The fair market value (Level 2 measurement) of the Company’s other long-term debt is estimated using interest rates currently available to the Company for debt with similar terms and maturities (see Note 9). | |||||||||||||||||
Unless otherwise disclosed in the notes to the consolidated financial statements, the estimated fair value of financial assets and liabilities approximates carrying value. | |||||||||||||||||
Financial instruments that potentially subject the Company to credit risk consist primarily of trade receivables and interest-bearing investments. Trade receivable credit risk is limited due to the diversity of the Company’s customers and the Company’s ongoing credit review procedures. Collateral for trade receivables is generally not required. The Company places its interest-bearing cash equivalents with major financial institutions. | |||||||||||||||||
The Company is exposed to credit loss in the event of non-performance by the counterparties to its derivative financial instruments, all of which are highly rated financial institutions; however, the Company does not anticipate non-performance by such counterparties. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
GAAP defines three levels of inputs that may be used to measure fair value and requires that the assets or liabilities carried at fair value be disclosed by the input level under which they were valued. The input levels are defined as follows: | |||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets and liabilities. | |||||||||||||||||
Level 2: Observable inputs other than defined in Level 1, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by observable market data. | |||||||||||||||||
The following table summarizes assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014 and 2013: | |||||||||||||||||
2014 | |||||||||||||||||
Fair Value Asset (Liability) | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivatives: | |||||||||||||||||
Assets | $ | — | $ | 29.3 | $ | — | $ | 29.3 | |||||||||
Liabilities | — | (23.5 | ) | — | (23.5 | ) | |||||||||||
Available-for-sale securities | — | 1.5 | — | 1.5 | |||||||||||||
Contingent consideration | — | — | (32.6 | ) | (32.6 | ) | |||||||||||
2013 | |||||||||||||||||
Fair Value Asset (Liability) | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivatives: | |||||||||||||||||
Assets | $ | — | $ | 19.5 | $ | — | $ | 19.5 | |||||||||
Liabilities | — | (19.7 | ) | — | (19.7 | ) | |||||||||||
Available-for-sale securities | — | 12 | — | 12 | |||||||||||||
Contingent consideration | — | — | (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 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. | |||||||||||||||||
Changes in the fair value of the contingent consideration obligations for 2014 and 2013 were as follows: | |||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Contingent consideration at January 1, | $ | 43 | $ | 33.5 | |||||||||||||
Acquisitions | 1.4 | 27.5 | |||||||||||||||
Payments | (9.2 | ) | (4.5 | ) | |||||||||||||
Adjustments and foreign exchange | (2.6 | ) | (13.5 | ) | |||||||||||||
Contingent consideration at December 31, | $ | 32.6 | $ | 43 | |||||||||||||
Stock-Based Compensation | |||||||||||||||||
The Company estimates the fair value of share-based awards on the date of grant, which is generally the date the award is approved by the Board of Directors of the Company (the “Board”) or committee thereof. The fair value of stock options is determined using the Black-Scholes option-pricing model. The fair value of the market-based restricted stock awards is determined using a Monte Carlo simulation embedded in a lattice model, and for all other restricted stock awards, based on the closing price of the Company’s common stock on the date of grant. The determination of the fair value of the Company’s stock option awards and restricted stock awards is based on a variety of factors including, but not limited to, the Company’s common stock price, expected stock price volatility over the expected life of awards, and actual and projected exercise behavior (see Note 13). Additionally, the Company has estimated forfeitures for share-based awards at the dates of grant based on historical experience. The forfeiture estimate is revised as necessary if actual forfeitures differ from these estimates. | |||||||||||||||||
The Company issues restricted stock awards whose restrictions lapse upon either the passage of time (service vesting), achieving performance targets, attaining Company common stock price thresholds, or some combination of these restrictions. For those restricted stock awards with only service conditions, the Company recognizes compensation cost on a straight-line basis over the explicit service period. For those restricted stock awards with market conditions, the Company recognizes compensation cost on a straight-line basis over the derived service period unless the market condition is satisfied prior to the end of the derived service period. For performance only awards, the Company recognizes compensation cost on a straight-line basis over the implicit service period which represents the Company’s best estimates for when the target will be achieved. If it becomes apparent that the original service periods are no longer accurate, the remaining unrecognized compensation cost will be recognized over the revised remaining service periods. For restricted stock awards that contain both service and market or performance vesting conditions, compensation cost is recognized over the shorter of the two conditions if only one of the conditions must be met or the longer of the two conditions if both conditions must be met. | |||||||||||||||||
Compensation costs for stock-based awards reflects the number of awards expected to vest and is ultimately adjusted in future periods to reflect the actual number of vested awards. Compensation costs for awards with performance conditions is only recognized if and when it becomes probable that the performance condition will be achieved. The probability of vesting is reassessed each reporting period and the compensation costs is adjusted based on this probability assessment. The cumulative effect on current and prior periods of a change in the estimated number of shares for which the requisite service is expected to be or has been rendered is recognized in compensation cost in the period of the change. | |||||||||||||||||
For restricted stock awards that contain performance or market vesting conditions, the Company excludes these awards from diluted earnings per share computations until the end of the reporting period that the contingency is met. | |||||||||||||||||
Pension and Postretirement Benefit Plans | |||||||||||||||||
The Company records annual amounts relating to its pension and postretirement benefit plans based on calculations which include various actuarial assumptions, including discount rates, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effect of modifications is generally recorded or amortized over future service periods. The assumptions utilized in recording its obligations under its pension and postretirement benefit plans are based on its experience, market conditions and input from its actuaries and investment advisors. | |||||||||||||||||
Restructuring Costs | |||||||||||||||||
Restructuring costs include costs associated with exit or disposal activities, including costs for employee and lease terminations, facility closings or other exit activities. |
New_Accounting_Guidance_and_Ad
New Accounting Guidance and Adoption of New Accounting Guidance | 12 Months Ended |
Dec. 31, 2014 | |
New Accounting Guidance and Adoption of New Accounting Guidance | 2. New Accounting Guidance and Adoption of 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 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 | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Acquisitions | 3. Acquisitions | ||||||||
2014 Activity | |||||||||
On August 29, 2014, the Company completed the 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 primarily related to the fair valuation of certain income tax amounts, 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 $47 of the purchase price to identified tangible net liabilities excluding debt repaid, approximately $203 of the purchase price to identified intangible assets and approximately $193 of the purchase price as goodwill. | |||||||||
During 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. The Company’s 2013 consolidated statement of operations includes approximately $344 of net sales and approximately $28 of operating earnings related to Yankee Candle. | |||||||||
During 2013, the Company completed one other tuck-in acquisition that by nature was complementary to the Company’s core businesses and from an accounting standpoint was not significant. | |||||||||
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 2013 and 2012 combine the historical results of the Company and Yankee Candle for 2013 and 2012. 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) | 2013 | 2012 | |||||||
Net sales | $ | 7,893.40 | $ | 7,540.30 | |||||
Net income | 274.4 | 276.3 | |||||||
Earnings per share: | |||||||||
Basic | $ | 1.46 | $ | 1.37 | |||||
Diluted | $ | 1.45 | $ | 1.37 | |||||
The unaudited pro forma financial information for 2013 and 2012 includes $4.4 for the amortization of purchased intangibles from the YCC Acquisition based on the preliminary purchase price allocation. The unaudited pro forma financial information for 2012 also includes $82.6 of non-recurring charges related to the YCC Acquisition, which are comprised of charges for the fair market value adjustment for manufacturer’s profit in inventory and other transaction costs. | |||||||||
Other | |||||||||
For 2014 and 2013 and 2012, cost of sales includes charges of $23.4, $89.8 and $6.0, respectively, for the purchase accounting adjustment for the elimination of manufacturer’s profit in inventory related to acquisitions. | |||||||||
For 2014, 2013 and 2012, SG&A includes $7.2, $2.8 and $3.5, respectively, in transaction costs related to acquisitions. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventories | 4. Inventories | ||||||||
Inventories are stated at the lower-of-cost-or-market with cost being determined principally by the first-in, first-out method, and are comprised of the following at December 31, 2014 and 2013: | |||||||||
(in millions) | 2014 | 2013 | |||||||
Raw materials and supplies | $ | 250 | $ | 227.6 | |||||
Work-in-process | 71 | 79.6 | |||||||
Finished goods | 1,183.70 | 1,104.70 | |||||||
Total | $ | 1,504.70 | $ | 1,411.90 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment | 5. Property, Plant and Equipment | ||||||||
Property, plant and equipment, net, is comprised of the following at December 31, 2014 and 2013: | |||||||||
(in millions) | 2014 | 2013 | |||||||
Land | $ | 62.5 | $ | 62.7 | |||||
Buildings | 460.1 | 427.3 | |||||||
Machinery and equipment | 1,311.40 | 1,229.80 | |||||||
Construction-in-progress | 98.8 | 144.6 | |||||||
1,932.80 | 1,864.40 | ||||||||
Less: Accumulated depreciation | (1,082.9 | ) | (1,011.8 | ) | |||||
Total | $ | 849.9 | $ | 852.6 | |||||
Depreciation of property, plant and equipment for 2014, 2013 and 2012 was $164, $144 and $135, respectively. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangibles | 6. Goodwill and Intangibles | ||||||||||||||||||||||||
Goodwill activity for 2014 and 2013 is as follows: | |||||||||||||||||||||||||
December 31, 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 | $ | 8.3 | $ | 1,608.30 | $ | (223.2 | ) | $ | 1,385.10 | ||||||||||||
Consumer Solutions | 526.3 | 244.5 | (13.1 | ) | 757.7 | — | 757.7 | ||||||||||||||||||
Outdoor Solutions | 718.5 | — | (2.8 | ) | 734.2 | (18.5 | ) | 715.7 | |||||||||||||||||
Process Solutions | 21.7 | — | — | 21.7 | — | 21.7 | |||||||||||||||||||
$ | 2,620.30 | $ | 267.5 | $ | (7.6 | ) | $ | 3,121.90 | $ | (241.7 | ) | $ | 2,880.20 | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in millions) | Net Book | Additions | Foreign | Gross | Accumulated | Net Book | |||||||||||||||||||
Value at | Exchange | Carrying | Impairment | Value | |||||||||||||||||||||
December 31, | and Other | Amount | Charges | ||||||||||||||||||||||
2012 | Adjustments | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Branded Consumables | $ | 552.1 | $ | 802.3 | $ | (0.6 | ) | $ | 1,577.00 | $ | (223.2 | ) | $ | 1,353.80 | |||||||||||
Consumer Solutions | 527.1 | — | (0.8 | ) | 526.3 | — | 526.3 | ||||||||||||||||||
Outdoor Solutions | 723.1 | — | (4.6 | ) | 737 | (18.5 | ) | 718.5 | |||||||||||||||||
Process Solutions | 21.7 | — | — | 21.7 | — | 21.7 | |||||||||||||||||||
$ | 1,824.00 | $ | 802.3 | $ | (6.0 | ) | $ | 2,862.00 | $ | (241.7 | ) | $ | 2,620.30 | ||||||||||||
Intangibles activity for 2014 and 2013 is as follows: | |||||||||||||||||||||||||
(in millions) | Gross | Additions | Impairment | Accumulated | Net Book | Amortization | |||||||||||||||||||
Carrying | Charge | Amortization | Value at | Periods | |||||||||||||||||||||
Amount at | and Foreign | December 31, | (years) | ||||||||||||||||||||||
December 31, | Exchange | 2014 | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
Patents | $ | 9.3 | $ | — | $ | — | $ | (4.5 | ) | $ | 4.8 | 30-Dec | |||||||||||||
Manufacturing process and expertise | 56.2 | 9 | — | (45.7 | ) | 19.5 | 7-Mar | ||||||||||||||||||
Brand names | 23.3 | — | — | (10.5 | ) | 12.8 | 20-Apr | ||||||||||||||||||
Customer relationships and distributor channels | 347.4 | 202.2 | — | (100.6 | ) | 449 | Oct-35 | ||||||||||||||||||
Trademarks and tradenames | 2,080.90 | 76.2 | (25.4 | ) | (19.3 | ) | 2,112.40 | indefinite | |||||||||||||||||
$ | 2,517.10 | $ | 287.4 | $ | (25.4 | ) | $ | (180.6 | ) | $ | 2,598.50 | ||||||||||||||
(in millions) | Gross | Additions | Impairment | Accumulated | Net Book | Amortization | |||||||||||||||||||
Carrying | Charge | Amortization | Value at | Periods | |||||||||||||||||||||
Amount at | and Foreign | December 31, | (years) | ||||||||||||||||||||||
December 31, | Exchange | 2013 | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
Patents | $ | 9.3 | $ | — | $ | — | $ | (3.7 | ) | $ | 5.6 | 30-Dec | |||||||||||||
Manufacturing process and expertise | 44.2 | 12 | — | (42.3 | ) | 13.9 | 7-Mar | ||||||||||||||||||
Brand names | 18.3 | 5 | — | (8.2 | ) | 15.1 | 20-Apr | ||||||||||||||||||
Customer relationships and distributor channels | 307.8 | 39.6 | — | (69.7 | ) | 277.7 | Oct-35 | ||||||||||||||||||
Trademarks and tradenames | 980.9 | 1,100.00 | — | (0.2 | ) | 2,080.70 | indefinite | ||||||||||||||||||
$ | 1,360.50 | $ | 1,156.60 | $ | — | $ | (124.1 | ) | $ | 2,393.00 | |||||||||||||||
In the fourth quarter of 2014, the Company’s annual impairment test, in connection with certain fourth quarter triggering events, resulted in non-cash charges to reflect impairment of intangible assets related to certain of the Company’s tradenames. The impairment charges were allocated to the Company’s reporting segments as follows: | |||||||||||||||||||||||||
(in millions) | 2014 | ||||||||||||||||||||||||
Impairment of intangibles | |||||||||||||||||||||||||
Branded Consumables | $ | 13.9 | |||||||||||||||||||||||
Consumer Solutions | 0.7 | ||||||||||||||||||||||||
Outdoor Solutions | 9.9 | ||||||||||||||||||||||||
Process Solutions | 0.9 | ||||||||||||||||||||||||
$ | 25.4 | ||||||||||||||||||||||||
Impairments – 2014 | |||||||||||||||||||||||||
In the Branded Consumables segment, the impairment charge recorded relates to certain tradenames primarily associated with this segment’s home care and safety and security businesses. The impairment was due to a decrease in the fair value of forecasted cash flows, primarily resulting from the deterioration of revenues and margins related to these tradenames. In the Outdoor Solutions segment, the impairment charge recorded relates primarily to certain tradenames within this segment’s team sports and winter sports business, primarily a result of the deterioration of revenues and margins related to these tradenames. | |||||||||||||||||||||||||
The estimated future amortization expense related to amortizable intangible assets at December 31, 2014 is as follows: | |||||||||||||||||||||||||
Years Ending December 31, | Amount | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
2015 | $ | 35 | |||||||||||||||||||||||
2016 | 34.5 | ||||||||||||||||||||||||
2017 | 33.9 | ||||||||||||||||||||||||
2018 | 33.3 | ||||||||||||||||||||||||
2019 | 32.4 | ||||||||||||||||||||||||
Thereafter | 317 | ||||||||||||||||||||||||
Amortization of intangibles for 2014, 2013 and 2012 was $27.5, $21.7 and $17.8, respectively. At December 31, 2014, approximately $4 billion of the goodwill and other intangible assets recorded by the Company is not deductible for income tax purposes. |
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Current Liabilities | 7. Other Current Liabilities | ||||||||
Other current liabilities are comprised of the following at December 31, 2014 and 2013: | |||||||||
(in millions) | 2014 | 2013 | |||||||
Cooperative advertising, customer rebates and allowances | $ | 118.5 | $ | 102.1 | |||||
Warranty and product liability reserves | 102.9 | 104.9 | |||||||
Accrued environmental and other litigation | 20.4 | 20.9 | |||||||
Other | 235.5 | 299.6 | |||||||
Total | $ | 477.3 | $ | 527.5 | |||||
Warranty_Reserve
Warranty Reserve | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Warranty Reserve | 8. Warranty Reserve | ||||||||
Warranty reserve activity for 2014 and 2013 is as follows: | |||||||||
(in millions) | 2014 | 2013 | |||||||
Warranty reserve at January 1, | $ | 98 | $ | 97.1 | |||||
Provision for warranties issued | 148.2 | 152.8 | |||||||
Warranty claims paid | (148.6 | ) | (151.2 | ) | |||||
Acquisitions and other adjustments | (0.8 | ) | (0.7 | ) | |||||
Warranty reserve at December 31, | $ | 96.8 | $ | 98 | |||||
Allocation in the consolidated balance sheets: | |||||||||
Other current liabilities | $ | 84.2 | $ | 86.3 | |||||
Other non-current liabilities | 12.6 | 11.7 | |||||||
Total | $ | 96.8 | $ | 98 | |||||
Debt
Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt | 9. Debt | ||||||||
Debt is comprised of the following at December 31, 2014 and 2013: | |||||||||
(in millions) | 2014 | 2013 | |||||||
Senior Secured Credit Facility Term Loans | $ | 2,024.60 | $ | 2,127.40 | |||||
6 1⁄8% Senior Notes due 2022 (a) | 300 | 300 | |||||||
3 3⁄4% Senior Notes due 2021 (a) | 357.9 | — | |||||||
7 1⁄2% Senior Subordinated Notes due 2017 (b) | 650.6 | 654.1 | |||||||
7 1⁄2% Senior Subordinated Notes due 2020 | — | 477.1 | |||||||
17/8% Senior Subordinated Convertible Notes due 2018 (c) | 445.8 | 433 | |||||||
1 1⁄2% Senior Subordinated Convertible Notes due 2019 (c) | 226 | 218.5 | |||||||
1 1⁄8% Senior Subordinated Convertible Notes due 2034 (c) | 484.1 | — | |||||||
Securitization Facility | 479.3 | 477.9 | |||||||
Non-U.S. borrowings | 83.2 | 45.6 | |||||||
Other | 7.4 | 8.8 | |||||||
Total debt | 5,058.90 | 4,742.40 | |||||||
Less: current portion | (594.9 | ) | (655.1 | ) | |||||
Total long-term debt | $ | 4,464.00 | $ | 4,087.30 | |||||
(a) | Collectively, the “Senior Notes.” | ||||||||
(b) | The “Senior Subordinated Notes.” | ||||||||
(c) | Collectively, the “Senior Subordinated Convertible Notes.” | ||||||||
Senior Secured Credit Facility | |||||||||
In December 2014, the Company entered into an amendment to its senior secured credit facility (the “Facility”), which resulted in, among other things, lowering the spread and extending the maturity dates on the term loan A facility. | |||||||||
At December 31, 2014, the Facility is comprised of: | |||||||||
• | a $660 senior secured term loan A facility maturing in December 2019, that bears interest at LIBOR plus a basis point spread; | ||||||||
• | a $650 senior secured term loan B facility maturing in March 2018 that bears interest at LIBOR plus a basis point spread; | ||||||||
• | a $750 senior secured term loan B1 facility maturing in September 2020 that bears interest at LIBOR plus a basis point spread; and | ||||||||
• | a $250 senior secured revolving credit facility (the “Revolver”), which is comprised of a $175 U.S. dollar component and a $75 multi-currency component. The Revolver matures in December 2019 and bears interest at certain selected rates, including LIBOR plus a basis point spread. At December 31, 2014 and 2013, there was no amount outstanding under the Revolver. The Company is required to pay an annualized commitment fee of approximately 0.35% on the unused balance of the Revolver. | ||||||||
The weighted average interest rate on the Facility was approximately 2.5% at December 31, 2014. | |||||||||
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. | |||||||||
Beginning in November 2015, the Company may redeem all or part of the 6 1⁄8% senior notes due 2022 at specified redemption prices ranging from approximately 100% to 103% of the principal amount, plus accrued and unpaid interest to the date of redemption. | |||||||||
The Company has designated the principal balance of the 3 3⁄4% senior notes due 2021, as a net investment hedge of the foreign currency exposure of its net investment (the “Hedging Instrument”) in certain Euro-denominated subsidiaries. Foreign currency gains and losses on the Hedging Instrument are recorded as an adjustment to AOCI. See Note 10 for disclosures regarding the Company’s derivative financial instruments. | |||||||||
Senior Subordinated Notes | |||||||||
During 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 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, 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 was used for general corporate purposes. The conversion rate is approximately 20.0 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 $49.91 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 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. | |||||||||
The Company’s 1 1⁄2% senior subordinated convertible notes due 2019 (the “2019 Convertible Notes”), which have an aggregate principal balance of $265, have a conversion rate of approximately 25.7 shares of the Company’s common stock (subject to customary adjustments, including in connection with a fundamental change transaction) per $1 thousand principal amount, which is equivalent to a conversion price of approximately $38.97 per share. The 2019 Convertible Notes are not subject to redemption at the Company’s option prior to the maturity date. Prior to March 1, 2019, the 2019 Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date. If the Company undergoes a fundamental change (as defined in the indenture governing these convertible notes) prior to maturity, holders of the 2019 Convertible Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2019 Convertible Notes at a repurchase price equal to 100% of the principal amount being repurchased, plus accrued and unpaid interest. 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 2019 Convertible Notes with cash. The effective annual interest rate on the 2019 Convertible Notes, which is based upon the initial fair valuation, is approximately 5.6%. | |||||||||
The Company’s 17/8% senior subordinated convertible notes due 2018 (the “2018 Convertible Notes”), which have an aggregate principal balance of $500, have a conversion rate of approximately 31.8 shares of the Company’s common stock (subject to customary adjustments, including in connection with a fundamental change transaction) per $1 thousand principal amount, which is equivalent to a conversion price of approximately $31.49 per share. The 2018 Convertible Notes are not subject to redemption at the Company’s option prior to the maturity date. Prior to June 1, 2018, the 2018 Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the second scheduled trading day immediately preceding the maturity date. If the Company undergoes a fundamental change (as defined in the indenture governing these convertible notes) prior to maturity, holders of the 2018 Convertible Notes will have the right, at their option, to require the Company to repurchase for cash some or all of the 2018 Convertible Notes at a repurchase price equal to 100% of the principal amount being repurchased, plus accrued and unpaid interest. 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 2018 Convertible Notes with cash. The effective annual interest rate on the 2018 Convertible Notes, which is based upon the initial fair valuation, is approximately 5.5%. | |||||||||
Securitization Facility | |||||||||
The Company maintains a $500 receivables purchase agreement (the “Securitization Facility”) that matures in October 2016 and bears interest at a margin over the commercial paper rate. Under the Securitization Facility, substantially all of the Company’s Branded Consumables, Consumer Solutions and Outdoor Solutions domestic accounts receivable are sold to a special purpose entity, Jarden Receivables, LLC (“JRLLC”), which is a wholly-owned consolidated indirect subsidiary of the Company. JRLLC funds these purchases with borrowings under a loan agreement, which are secured by the accounts receivable. There is no recourse to the Company for the unpaid portion of any loans under this loan agreement. To the extent there is availability, the Securitization Facility will be drawn upon and repaid as needed to fund general corporate purposes. At December 31, 2014, the borrowing rate margin and the unused line fee on the securitization were 0.80% and 0.40% per annum, respectively. | |||||||||
Non-U.S. Borrowings | |||||||||
The Company’s non-U.S. borrowings are comprised of amounts borrowed under various foreign credit lines and facilities. Certain of these foreign credit lines are secured by certain non-U.S. subsidiaries’ inventory and/or accounts receivable. | |||||||||
Debt Covenants and Other | |||||||||
The Senior Notes and Senior Subordinated Notes are subject to a number of restrictive covenants that, in part, limit the ability of the Company and certain of its subsidiaries, subject to certain exceptions and qualifications, to incur additional indebtedness, to incur liens, engage in mergers and consolidations, enter into transactions with affiliates, make certain investments, transfer or sell assets, pay dividends to third parties or distributions on or repurchase the Company’s common stock, prepay debt subordinate to the Senior Notes or dispose of assets. | |||||||||
The Facility contains certain restrictions, subject to certain exceptions and qualifications, on the conduct of the Company and certain of its subsidiaries, including, among other restrictions: incurring debt, disposing of certain assets, making investments, creating or suffering liens, completing certain mergers, consolidations and sales of assets, acquisitions, declaring dividends to third parties, redeeming or prepaying other debt, and certain transactions with affiliates. The Facility also includes financial covenants that require the Company to maintain certain total leverage and interest coverage ratios. | |||||||||
The Facility contains a covenant that restricts the Company and its subsidiaries from making certain “restricted payments” (any dividend or other distribution, whether in cash, securities or other property, with respect to any stock or stock equivalents of the Company or any subsidiary), except that: | |||||||||
• | the Company may declare and make dividend payments or other distributions payable in common stock; | ||||||||
• | the Company may repurchase shares of its own stock (provided certain financial and other conditions are met); and | ||||||||
• | the Company may make restricted payments during any fiscal year not otherwise permitted, provided that certain financial and other conditions are met. | ||||||||
The Facility and the indentures related to the Senior Notes and the Senior Subordinated Notes (the “Indentures”) contain cross-default provisions pursuant to which a default in respect to certain of the Company’s other indebtedness could trigger a default by the Company under the Facility and the Indentures. If the Company defaults under the covenants (including the cross-default provisions), the Company’s lenders could foreclose on their security interest in the Company’s assets, which may have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. | |||||||||
The Company’s obligations under the Facility, Senior Subordinated Notes, Senior Notes and Senior Subordinated Convertible Notes are guaranteed, on a joint and several basis, by certain of its domestic subsidiaries, all of which are directly or indirectly wholly-owned by the Company (see Note 19). | |||||||||
The Company’s debt maturities for the five years following December 31, 2014 and thereafter are as follows: | |||||||||
Years Ending December 31, | Amount | ||||||||
(in millions) | |||||||||
2015 | $ | 594.9 | |||||||
2016 | 63.3 | ||||||||
2017 | 698.4 | ||||||||
2018 | 1,148.80 | ||||||||
2019 | 801.9 | ||||||||
Thereafter | 2,058.20 | ||||||||
Total principal payments | 5,365.50 | ||||||||
Net discount and other | (306.6 | ) | |||||||
Total | $ | 5,058.90 | |||||||
At December 31, 2014 and 2013, unamortized deferred debt issue costs were $44.9 and $47.3, respectively. These costs are included in “Other assets” on the consolidated balance sheets and are being amortized over the respective terms of the underlying debt. | |||||||||
At December 31, 2014 and 2013, the approximate fair market value of total debt is as follows: | |||||||||
(in millions) | 2014 | 2013 | |||||||
Level 1 | $ | 1,413 | $ | 1,589 | |||||
Level 2 | 3,741 | 3,344 | |||||||
Total | $ | 5,154 | $ | 4,933 | |||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 10. Derivative Financial Instruments | ||||||||||||||||||||||||||||||||||||
From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes. | |||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | |||||||||||||||||||||||||||||||||||||
The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company 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 December 31, 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 December 31, 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 December 31, 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 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 June 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 December 31, 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 December 31, 2014, the Company had approximately $369 notional amount outstanding of these foreign currency contracts 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 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 December 31, 2014, the Company had approximately $24 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. | |||||||||||||||||||||||||||||||||||||
At December 31, 2014 and 2013, the fair value of derivative financial instruments is as follows: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives | Fair Value of Derivatives | Weighted Average | |||||||||||||||||||||||||||||||||||
Remaining Term | |||||||||||||||||||||||||||||||||||||
(in millions) | Asset (a) | Liability (a) | Asset (a) | Liability (a) | (years) | ||||||||||||||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 0.6 | $ | 7.2 | $ | 4.5 | $ | 8 | 2.1 | ||||||||||||||||||||||||||||
Foreign currency contracts | 25.9 | 3.8 | 11.3 | 9.1 | 0.5 | ||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | — | 2.2 | — | — | 2.3 | ||||||||||||||||||||||||||||||||
Subtotal | 26.5 | 13.2 | 15.8 | 17.1 | |||||||||||||||||||||||||||||||||
Derivatives not designated as effective hedges: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | 2.8 | 1.3 | 3.5 | 2.4 | 0.5 | ||||||||||||||||||||||||||||||||
Commodity contracts | — | 9 | 0.2 | 0.2 | 0.6 | ||||||||||||||||||||||||||||||||
Subtotal | 2.8 | 10.3 | 3.7 | 2.6 | |||||||||||||||||||||||||||||||||
Total | $ | 29.3 | $ | 23.5 | $ | 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 table presents gain and loss activity (on a pretax basis) for 2014, 2013 and 2012 related to derivative financial instruments designated as effective hedges: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||||||||||||||||||||
(in millions) | Recognized | Reclassified | Recognized | Recognized | Reclassified | Recognized | Recognized | Reclassified | Recognized | ||||||||||||||||||||||||||||
in OCI (a) | from AOCI | in | in OCI (a) | from AOCI | in | in OCI (a) | from AOCI | in | |||||||||||||||||||||||||||||
to Income | Income (b) | to Income | Income (b) | to Income | Income (b) | ||||||||||||||||||||||||||||||||
Derivatives designated as | |||||||||||||||||||||||||||||||||||||
effective hedges: | |||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (3.0 | ) | $ | — | $ | — | $ | 8.9 | $ | — | $ | — | $ | (3.8 | ) | $ | — | $ | — | |||||||||||||||||
Foreign currency contracts | 27.7 | 6.3 | (1.9 | ) | 13.9 | 18.2 | (5.5 | ) | 6.6 | 5.9 | (5.4 | ) | |||||||||||||||||||||||||
Total | $ | 24.7 | $ | 6.3 | $ | (1.9 | ) | $ | 22.8 | $ | 18.2 | $ | (5.5 | ) | $ | 2.8 | $ | 5.9 | $ | (5.4 | ) | ||||||||||||||||
Location of gain/(loss) in the | |||||||||||||||||||||||||||||||||||||
consolidated results of operations: | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 2 | $ | — | $ | 0.1 | $ | — | $ | (1.8 | ) | $ | — | ||||||||||||||||||||||||
Cost of sales | 4.3 | — | 18.1 | — | 7.7 | — | |||||||||||||||||||||||||||||||
SG&A | — | (1.9 | ) | — | (5.5 | ) | — | (5.4 | ) | ||||||||||||||||||||||||||||
Total | $ | 6.3 | $ | (1.9 | ) | $ | 18.2 | $ | (5.5 | ) | $ | 5.9 | $ | (5.4 | ) | ||||||||||||||||||||||
(a) | Represents effective portion recognized in Other Comprehensive Income (“OCI”). | ||||||||||||||||||||||||||||||||||||
(b) | Represents portion excluded from effectiveness testing. | ||||||||||||||||||||||||||||||||||||
At December 31, 2014, deferred net gains of $24.7 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 2014, 2013 and 2012 related to derivative financial instruments not designated as effective hedges: | |||||||||||||||||||||||||||||||||||||
Gain/(Loss) Recognized in Income (a) | |||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Derivatives not designated as effective hedges: | |||||||||||||||||||||||||||||||||||||
Cash flow derivatives: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 4.3 | $ | (2.7 | ) | $ | (5.7 | ) | |||||||||||||||||||||||||||||
Commodity contracts | (8.9 | ) | 0.9 | (0.4 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (4.6 | ) | $ | (1.8 | ) | $ | (6.1 | ) | ||||||||||||||||||||||||||||
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 December 31, 2014, $28.3 of after-tax deferred gains have been recorded in AOCI. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies | 11. Commitments and Contingencies | ||||
Operating Leases | |||||
The Company conducts its operations in various leased facilities under leases that are classified as operating leases for financial statement purposes. Certain leases provide for payment of real estate taxes, common area maintenance, insurance and certain other expenses. Lease terms may have escalating rent provisions and rent holidays which are expensed on a straight-line basis over the term of the lease. Also, certain equipment used in the Company’s operations are leased under operating leases. | |||||
Operating lease commitments for the five years following December 31, 2014 and thereafter are as follows: | |||||
Years Ending December 31, | Amount | ||||
(in millions) | |||||
2015 | $ | 110 | |||
2016 | 90.5 | ||||
2017 | 72.7 | ||||
2018 | 64 | ||||
2019 | 53.1 | ||||
Thereafter | 146.3 | ||||
Total | $ | 536.6 | |||
The fixed operating lease commitments detailed above assume that the Company continues the leases through their initial lease terms. Rent expense, including equipment rentals, was $150, $120 and $103 for 2014, 2013 and 2012, respectively. | |||||
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 December 31, 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. |
Taxes_on_Income
Taxes on Income | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Taxes on Income | 12. Taxes on Income | ||||||||||||
The components of the provision for income taxes attributable to continuing operations for 2014, 2013 and 2012 are as follows: | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Current income tax expense: | |||||||||||||
U.S. federal | $ | 87.1 | $ | 63.1 | $ | 52.9 | |||||||
Foreign | 86 | 86.2 | 67.3 | ||||||||||
State and local | 10.7 | 9.1 | 7.7 | ||||||||||
Total | 183.8 | 158.4 | 127.9 | ||||||||||
Deferred income tax expense (benefit): | |||||||||||||
U.S. federal | (47.4 | ) | 7.9 | 26.8 | |||||||||
Foreign | (14.0 | ) | (15.8 | ) | (2.6 | ) | |||||||
State, local and other, net of federal tax benefit | 7.9 | (2.8 | ) | (4.5 | ) | ||||||||
Total | (53.5 | ) | (10.7 | ) | 19.7 | ||||||||
Total income tax provision | $ | 130.3 | $ | 147.7 | $ | 147.6 | |||||||
The difference between the federal statutory income tax rate and the Company’s reported income tax rate as a percentage of income from operations for 2014, 2013 and 2012 is reconciled as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Increase (decrease) in rates resulting from: | |||||||||||||
State and local taxes, net | 3 | 1.2 | 0.7 | ||||||||||
Foreign rate differences | (5.7 | ) | (2.8 | ) | (2.8 | ) | |||||||
Non-deductible compensation | 0.4 | 3.4 | 0.5 | ||||||||||
Foreign earnings not permanently reinvested | (9.7 | ) | 1.1 | 2.3 | |||||||||
Tax settlements and related adjustments | 2.2 | 0.1 | 1.5 | ||||||||||
Valuation allowance | 2.6 | 1.5 | 0.4 | ||||||||||
Venezuela devaluation and inflationary adjustments and tax exempt income | 9 | 2.2 | (1.6 | ) | |||||||||
Foreign dividends | 0.5 | 1.3 | 1.2 | ||||||||||
Non-deductible transaction costs | 0.5 | 0.5 | 0.2 | ||||||||||
Other | (2.8 | ) | (1.4 | ) | 0.3 | ||||||||
Reported income tax rate | 35 | % | 42.1 | % | 37.7 | % | |||||||
Foreign pre-tax income was approximately $146, $219, and $213 for 2014, 2013 and 2012, respectively. | |||||||||||||
Deferred tax assets (liabilities) at December 31, 2014 and 2013 are comprised of the following: | |||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Intangibles | $ | (906.4 | ) | $ | (826.9 | ) | |||||||
Goodwill | (159.7 | ) | (135.8 | ) | |||||||||
Financial reporting amount of a subsidiary in excess of tax basis | (70.4 | ) | (70.4 | ) | |||||||||
Foreign earnings not permanently reinvested | (5.6 | ) | (48.4 | ) | |||||||||
Property and equipment | (11.5 | ) | (8.8 | ) | |||||||||
Convertible debt | (110.4 | ) | (41.9 | ) | |||||||||
Other | (9.0 | ) | (0.4 | ) | |||||||||
Gross deferred tax liabilities | (1,273.0 | ) | (1,132.6 | ) | |||||||||
Net operating loss | 50.9 | 47.8 | |||||||||||
Accounts receivable allowances | 13.8 | 15 | |||||||||||
Inventory valuation | 58.9 | 58.8 | |||||||||||
Pension and postretirement | 17 | 20 | |||||||||||
Stock-based compensation | 12.6 | 23.6 | |||||||||||
Other compensation and benefits | 21.3 | 13 | |||||||||||
Operating reserves | 55.4 | 66.3 | |||||||||||
Other | 38.1 | 55.7 | |||||||||||
Gross deferred tax assets | 268 | 300.2 | |||||||||||
Valuation allowance | (40.8 | ) | (34.2 | ) | |||||||||
Net deferred tax liability | $ | (1,045.8 | ) | $ | (866.6 | ) | |||||||
Gross deferred tax liabilities as of December 31, 2013 have been revised to correct for an error in the presentation of $41.9 related to the convertible debt which was previously included within other deferred tax assets. | |||||||||||||
The Company continually reviews the adequacy of the valuation allowance. A valuation allowance is recorded if, based on the weight of available evidence, it is more likely than not that a deferred tax asset will not be realized. This assessment is based on an evaluation of the level of historical taxable income and projections for future taxable income. During 2014, the Company’s valuation allowance increased by $6.6 principally due to a provision made against the net deferred tax assets of the Company’s operations in Venezuela. During 2013, the Company’s valuation allowance increased by $6.1 principally due to the inability to recognize certain foreign losses for which a valuation allowance was previously provided. During 2012, the Company’s valuation allowance increased by $1.2 principally due to the Company’s inability to recognize the benefit of certain current year foreign losses. | |||||||||||||
The net operating losses (“NOLs”) reflected on the deferred tax asset table consist of state and foreign net operating loss carryforwards. At December 31, 2014, the Company had net U.S. federal NOLs of approximately $580, none of which are reflected in the consolidated financial statements. In 2014, the Company utilized approximately $123 of these previously unrecognized U.S. federal NOLs in its consolidated financial statements. Additionally, approximately $470 of these U.S. federal NOLs are subject to varying limitations on their use under Section 382 of the Internal Revenue Code of 1986, as amended. Included in the total NOLs reported on the financial statement are $145 of foreign NOLs which the Company has accumulated or acquired through acquisitions. Of the total foreign NOLs, approximately $1 will expire in 2015. Approximately $59 of the foreign NOLs will expire in years subsequent to 2015, and approximately $85 have an unlimited life. | |||||||||||||
Certain vested and exercised employee equity compensation awards have resulted in tax deductions in excess of previously recorded tax benefits based on the value of such equity compensation awards at the time of grant (“windfalls”). The additional tax benefit associated with the windfalls is not recognized for financial statement purposes until the deduction reduces taxes payable as recorded on the Company’s financial statements with an offset to additional paid-in-capital. Windfall tax benefits of $38.0, $11.6 and $41.8 were recognized in 2014, 2013 and 2012, respectively. All previously unrecognized windfall tax benefits were recognized in 2012. | |||||||||||||
Generally, the Company intends to indefinitely reinvest undistributed earnings of certain of its foreign subsidiaries outside the U.S. in the future growth of its foreign businesses. As a result, the Company has not provided for U.S. income taxes on undistributed foreign earnings of approximately $1.2 billion at December 31, 2014. Determination of the amount of unrecognized deferred U.S. income liability is not practicable, in part, because of the complexities associated with its hypothetical calculation, which include the impact of complex foreign and domestic tax laws with respect to dividend remittances, remittance requirements imposed by certain of the Company’s debt agreements and the impact of foreign laws restricting such remittances. In 2014, 2013 and 2012, the Company recorded a deferred tax (benefit) charge of ($42.8) $1.4 and $2.2, respectively, related to profits that were deemed not to be permanently reinvested outside of the United States. The deferred benefit is principally due to the reduction of undistributed earnings attributable to the Company’s operations in Venezuela. | |||||||||||||
The following table sets forth the details and the activity related to unrecognized tax benefit as of and for the years ended December 31, 2014 and 2013: | |||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Unrecognized tax benefits, January 1, | $ | 88.9 | $ | 68.3 | |||||||||
Increases (decreases): | |||||||||||||
Acquisitions | 5.2 | 3.5 | |||||||||||
Tax positions taken during the current period | 48.1 | 27.6 | |||||||||||
Tax positions taken during a prior period | 3.7 | (2.7 | ) | ||||||||||
Settlements with taxing authorities | (0.5 | ) | (7.7 | ) | |||||||||
Other | (0.1 | ) | (0.1 | ) | |||||||||
Unrecognized tax benefits, December 31, | $ | 145.3 | $ | 88.9 | |||||||||
During 2014 and 2013, the change in the unrecognized tax benefits primarily relates to tax positions taken during the current period and tax settlements made during the year. At December 31, 2014, the amount of gross unrecognized tax benefits that, if recognized, would affect the reported tax rate is $151. The Company has indemnification for $4.7 of the gross unrecognized tax benefits from the sellers of acquired companies. | |||||||||||||
It is likely that the total amount of unrecognized tax benefits will increase in the next 12 months. Such increase will occur as a result of the Company’s tax return position with respect to the utilization of tax attributes and the conclusion of ongoing tax audits in various jurisdictions around the world. While one or more of these events is reasonably possible to occur within the next 12 months, the Company is not able to accurately estimate the range of the change in the unrecognized tax benefits that will result. The calculation of unrecognized tax benefits involves dealing with uncertainties in the application of complex global tax regulations. Management regularly assesses the Company’s tax positions in light of legislative, bilateral tax treaties, regulatory and judicial developments in the countries in which the Company does business. | |||||||||||||
The Company conducts business globally and, as a result, the Company or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and in various state, local, and foreign jurisdictions. In the normal course of business, the Company or its subsidiaries are subject to examination by tax authorities throughout the world, including such major jurisdictions as Canada, China, Columbia, France, Germany, Hong Kong, India, Italy, Japan, Malaysia, Mexico, Peru, Spain, Sweden, the U.S. (including, state and local jurisdictions) and Venezuela. As of December 31, 2014, the Company remains subject to examination by federal and state tax authorities for the tax years 2005 to 2013. At December 31, 2014, certain of the Company’s more significant foreign jurisdictions remain subject to examination for various tax years between 2000 and 2013. | |||||||||||||
The Company classifies all interest expense and penalties on uncertain tax positions as income tax expense. The provision for income taxes for 2014, 2013 and 2012 includes tax-related interest expense of $1.8, $1.7 and $2.7, respectively. As of December 31, 2014 and 2013, the liability for tax-related interest expense was $10.3 and $8.6, respectively. |
Stockholders_Equity_and_ShareB
Stockholders' Equity and Share-Based Awards | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Stockholders' Equity and Share-Based Awards | 13. Stockholders’ Equity and Share-Based Awards | ||||||||||||||||
The Company maintains the 2013 Stock Incentive Plan, which allows for grants of stock options, restricted stock and short-term cash awards. At December 31, 2014, there were approximately 4.2 million share-based awards collectively available for grant under this stock plan. | |||||||||||||||||
Stock Options | |||||||||||||||||
A summary of the Company’s stock option activity in 2014 is as follows: | |||||||||||||||||
Shares | Weighted | Weighted | Total Intrinsic | ||||||||||||||
(in thousands) | Average | Average | Value | ||||||||||||||
Exercise | Remaining Life | (in millions) | |||||||||||||||
Price | (years) | ||||||||||||||||
Options outstanding, beginning of year | 533.6 | $ | 9.65 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (232.6 | ) | 9.83 | ||||||||||||||
Cancelled | — | — | |||||||||||||||
Options outstanding, end of year (a) | 301 | $ | 9.5 | 1.4 | $ | 11.6 | |||||||||||
(a) | All options outstanding are exercisable | ||||||||||||||||
The Company does not use cash to settle any of its options or restricted stock awards and when available issues shares from its treasury stock instead of issuing new shares. Common stock options vest ratably over an explicit service period of typically 3 to 4 years and generally have a contractual term of 7 years. The total intrinsic value of options exercised was $7.2, $6.8 and $16.5 for 2014, 2013 and 2012, respectively. There were no options granted in 2014, 2013 and 2012. | |||||||||||||||||
Restricted Shares of Common Stock | |||||||||||||||||
The Company issues restricted stock awards whose restrictions lapse upon either the passage of time (service vesting), achieving performance targets, attaining Company common stock price thresholds or some combination of these restrictions. The contractual life is generally 7 years for those restricted stocks with performance targets, common stock price thresholds or some combination thereof. For those restricted stock awards with common stock price thresholds, the fair values were determined using a Monte Carlo simulation embedded in a lattice model. The fair value for all other restricted stock awards were based on the closing price of the Company’s common stock on the dates of grant. | |||||||||||||||||
A summary of the Company’s restricted stock activity for 2014 is as follows: | |||||||||||||||||
Shares | |||||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding as of December 31, 2013 | 6,009.90 | ||||||||||||||||
Granted | 5,501.40 | ||||||||||||||||
Released/Vested | (4,129.9 | ) | |||||||||||||||
Cancelled | (167.3 | ) | |||||||||||||||
Outstanding as of December 31, 2014 | 7,214.10 | ||||||||||||||||
The total fair value of restricted shares granted and total fair value of restricted shares vested for 2014, 2013 and 2012 is as follows: | |||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Total fair value of restricted shares granted | $ | 222 | $ | 75 | $ | 43.2 | |||||||||||
Total fair value of restricted shares vested | 77.1 | 85.7 | 49.6 | ||||||||||||||
For those restricted stock awards with common stock price thresholds, the weighted average grant date fair values of these awards were $36.61, $22.53 and $12.65 for 2014, 2013 and 2012, respectively, based on the following assumptions: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 32 | % | 40.7 | % | 45.8 | % | |||||||||||
Risk-free interest rates | 1.7 | % | 0.8 | % | 0.9 | % | |||||||||||
Derived service periods (in years) | 0.3 | 0.1 | 0.2 | ||||||||||||||
For all other restricted stock awards, the weighted average grant date fair values were $40.99, $36.92 and $21.74 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
As part of the restricted stock awards granted in 2014, in January 2014, the Board authorized an annual grant of approximately 0.8 million restricted stock awards to certain executive officers. These awards had an aggregate grant date fair value of $28.8 and vested during 2014 when the Company’s weighted average share price exceeded certain thresholds. In 2014, the Company also granted approximately 3.9 million restricted stock awards to certain executive officers with an aggregate grant date fair value of $161 that vest upon the achievement of performance targets, the achievement of which are currently deemed improbable. In 2014, the Company also granted approximately 0.8 million restricted stock awards with an aggregate grant date fair value of $32.3 that vest upon the achievement of the achievement of certain performance targets. | |||||||||||||||||
As of December 31, 2014, there was $28.7 of unrecognized compensation cost related to non-vested share-based awards whose costs are expected to be recognized through 2017 over a weighted-average period of approximately 20 months. | |||||||||||||||||
During the fourth quarter of 2012, the Company recognized $33.6 of cumulative stock-based compensation related to certain restricted stock awards granted in 2010 where compensation expense was not previously recognized as the achievement of the performance targets was not deemed probable. | |||||||||||||||||
Stockholders’ Equity | |||||||||||||||||
In February 2014, the Board 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 4.0 million shares of its common stock for approximately $163 at a per share price of approximately $40.43 through privately negotiated transactions. | |||||||||||||||||
In September 2013, pursuant to a public offering of its common stock, the Company completed an equity offering of approximately 24.8 million newly-issued shares of common stock at a per share price of approximately $31.33 per share. The net proceeds to the Company, after the payment of underwriting discounts and other expenses of the offering, were approximately $745. The proceeds were used to fund a portion of the YCC Acquisition. | |||||||||||||||||
Cash dividends paid to stockholders in 2012 were $7.5. In January 2012, the Company announced that the Board had decided to suspend the Company’s dividend program following the dividend paid on January 31, 2012. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share | 14. Earnings Per Share | ||||||||||||
A computation of the weighted average shares outstanding for 2014, 2013 and 2012 is as follows: | |||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Weighted average shares outstanding: | |||||||||||||
Basic | 185.3 | 170.6 | 176.1 | ||||||||||
Dilutive share-based awards | 0.8 | 1.4 | 1.2 | ||||||||||
Convertible debt | 3.7 | 0.5 | — | ||||||||||
Diluted | 189.8 | 172.5 | 177.3 | ||||||||||
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 December 31, 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 December 31, 2014. As of December 31, 2014, there were 5.6 million potentially dilutive 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. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 15. Employee Benefit Plans | ||||||||||||||||||||||||||||||||||||
The Company maintains defined benefit pension plans for certain of its employees and provides certain postretirement medical and life insurance benefits for a portion of its employees. At December 31, 2014, substantially all the domestic pension and postretirement plans are frozen to new entrants and to future benefit accruals. Benefit obligations are calculated using generally accepted actuarial methods. Actuarial gains and losses are amortized using the corridor method over the average remaining service life of its active employees. The pension and postretirement benefit obligations are measured as of December 31, for 2014 and 2013. | |||||||||||||||||||||||||||||||||||||
Net Periodic Expense | |||||||||||||||||||||||||||||||||||||
The components of net periodic pension and postretirement benefit expense for 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Domestic | Foreign | Total | Domestic | Foreign | Total | ||||||||||||||||||||||||||||
Service cost | $ | — | $ | 2.1 | $ | 2.1 | $ | — | $ | 2.2 | $ | 2.2 | $ | 0.2 | $ | 1.9 | $ | 2.1 | |||||||||||||||||||
Interest cost | 14.6 | 2.4 | 17 | 13.3 | 2.3 | 15.6 | 14.5 | 2.6 | 17.1 | ||||||||||||||||||||||||||||
Expected return on plan assets | (17.5 | ) | (1.4 | ) | (18.9 | ) | (16.9 | ) | (1.2 | ) | (18.1 | ) | (16.3 | ) | (1.4 | ) | (17.7 | ) | |||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||
Prior service credit | — | (0.9 | ) | (0.9 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net actuarial loss | 4.9 | 0.3 | 5.2 | 7.4 | 0.4 | 7.8 | 7.1 | 0.2 | 7.3 | ||||||||||||||||||||||||||||
Net periodic cost | 2 | 2.5 | 4.5 | 3.8 | 3.7 | 7.5 | 5.5 | 3.3 | 8.8 | ||||||||||||||||||||||||||||
Curtailments and settlements | 5.7 | 0.2 | 5.9 | — | (0.1 | ) | (0.1 | ) | — | — | — | ||||||||||||||||||||||||||
Total expense | $ | 7.7 | $ | 2.7 | $ | 10.4 | $ | 3.8 | $ | 3.6 | $ | 7.4 | $ | 5.5 | $ | 3.3 | $ | 8.8 | |||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted average assumption used to calculate net periodic cost: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.8 | % | 3.58 | % | 4.58 | % | 3.95 | % | 3.34 | % | 3.85 | % | 4.5 | % | 4.3 | % | 4.47 | % | |||||||||||||||||||
Expected return on plan assets | 7.5 | % | 4.2 | % | 7.11 | % | 7.75 | % | 3.98 | % | 7.32 | % | 8 | % | 4.53 | % | 7.6 | % | |||||||||||||||||||
Rate of compensation increase | — | 2.5 | % | 2.5 | % | — | 2.56 | % | 2.56 | % | — | 2.51 | % | 2.51 | % | ||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | |||||||||||||||||||||||||||||||
Interest cost | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||
Prior service credit | (0.3 | ) | (0.3 | ) | (0.4 | ) | |||||||||||||||||||||||||||||||
Net actuarial gain | (0.2 | ) | (0.1 | ) | (0.1 | ) | |||||||||||||||||||||||||||||||
Net periodic cost (credit) | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.1 | ) | ||||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted average assumption used to calculate net periodic cost: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.7 | % | 3.9 | % | 4.4 | % | |||||||||||||||||||||||||||||||
The amount of AOCI expected to be recognized in net periodic benefit cost for the year ending December 31, 2015 is as follows: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Postretirement | |||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | — | $ | (0.1 | ) | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | 5.7 | 1.2 | 6.9 | (0.2 | ) | ||||||||||||||||||||||||||||||||
$ | 5.7 | $ | 1.2 | $ | 6.9 | $ | (0.3 | ) | |||||||||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the benefit obligation, plan assets and the funded status of the pension and postretirement plans as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Domestic | Foreign | Total | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 314.4 | $ | 71 | $ | 385.4 | $ | 348.4 | $ | 71.6 | $ | 420 | $ | 6.4 | $ | 7.6 | |||||||||||||||||||||
Service cost | — | 2.1 | 2.1 | — | 2.2 | 2.2 | — | — | |||||||||||||||||||||||||||||
Interest cost | 14.6 | 2.4 | 17 | 13.3 | 2.3 | 15.6 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Curtailments and settlements | (25.2 | ) | (0.9 | ) | (26.1 | ) | — | (1.6 | ) | (1.6 | ) | — | — | ||||||||||||||||||||||||
Amendments | — | (1.1 | ) | (1.1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Actuarial loss (gain) | 24.2 | 12.6 | 36.8 | (26.1 | ) | (1.5 | ) | (27.6 | ) | 0.3 | (1.1 | ) | |||||||||||||||||||||||||
Participant contributions | — | — | — | — | — | — | 0.2 | 0.2 | |||||||||||||||||||||||||||||
Benefits paid | (19.4 | ) | (3.1 | ) | (22.5 | ) | (21.2 | ) | (2.7 | ) | (23.9 | ) | (0.4 | ) | (0.6 | ) | |||||||||||||||||||||
Foreign currency translation and other | — | (8.9 | ) | (8.9 | ) | — | 0.7 | 0.7 | — | — | |||||||||||||||||||||||||||
Benefit obligation at end of year (a) | 308.6 | 74.1 | 382.7 | 314.4 | 71 | 385.4 | 6.8 | 6.4 | |||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 270 | $ | 35.7 | $ | 305.7 | $ | 256.5 | $ | 33.5 | $ | 290 | $ | — | $ | — | |||||||||||||||||||||
Actual return on plan assets | 27.6 | 3 | 30.6 | 19.2 | 1.5 | 20.7 | — | — | |||||||||||||||||||||||||||||
Company contributions | 15.5 | 3.7 | 19.2 | 15.5 | 4.3 | 19.8 | 0.2 | 0.4 | |||||||||||||||||||||||||||||
Settlements | (25.2 | ) | (0.9 | ) | (26.1 | ) | — | (1.6 | ) | (1.6 | ) | — | — | ||||||||||||||||||||||||
Participant contributions | — | — | — | — | — | — | 0.2 | 0.2 | |||||||||||||||||||||||||||||
Benefits paid | (19.4 | ) | (3.1 | ) | (22.5 | ) | (21.2 | ) | (2.7 | ) | (23.9 | ) | (0.4 | ) | (0.6 | ) | |||||||||||||||||||||
Foreign currency translation and other | — | (3.4 | ) | (3.4 | ) | — | 0.7 | 0.7 | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | 268.5 | 35 | 303.5 | 270 | 35.7 | 305.7 | — | — | |||||||||||||||||||||||||||||
Net (liability) recognized in the consolidated balance sheet | $ | (40.1 | ) | $ | (39.1 | ) | $ | (79.2 | ) | $ | (44.4 | ) | $ | (35.3 | ) | $ | (79.7 | ) | $ | (6.8 | ) | $ | (6.4 | ) | |||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted average assumption used to calculate benefit obligation: | |||||||||||||||||||||||||||||||||||||
Discount rate | 3.9 | % | 2.23 | % | 3.58 | % | 4.8 | % | 3.58 | % | 4.58 | % | 3.9 | % | 4.7 | % | |||||||||||||||||||||
Rate of compensation increase | — | 2.44 | % | 2.44 | % | — | 2.5 | % | 2.5 | % | — | — | |||||||||||||||||||||||||
Healthcare cost trend rate: | |||||||||||||||||||||||||||||||||||||
Current | — | — | — | — | — | — | 6.45 | % | 6.6 | % | |||||||||||||||||||||||||||
Ultimate | — | — | — | — | — | — | 4.5 | % | 4.5 | % | |||||||||||||||||||||||||||
(a) | The accumulated benefit obligation for all defined benefit pension plans was $376 and $379 at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||
Amounts recognized in the Company’s consolidated balance sheets at December 31, 2014 and 2013 consist of: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Other assets | $ | 5.4 | $ | 4.5 | $ | — | $ | — | |||||||||||||||||||||||||||||
Accrued benefit cost | (84.6 | ) | (84.2 | ) | (6.8 | ) | (6.4 | ) | |||||||||||||||||||||||||||||
Net amount recognized | $ | (79.2 | ) | $ | (79.7 | ) | $ | (6.8 | ) | $ | (6.4 | ) | |||||||||||||||||||||||||
Summary of under-funded or non-funded pension benefit plans with projected benefit obligation in excess of plan assets at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 369 | $ | 368.6 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 284.5 | 284.4 | |||||||||||||||||||||||||||||||||||
Summary of pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 359.5 | $ | 362.9 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 281.2 | 284.1 | |||||||||||||||||||||||||||||||||||
The Company employs a total return investment approach for its pension plans whereby a mix of equities and fixed income investments are used to maximize the long-term return of pension plan assets. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and the Company’s financial condition. The domestic investment portfolios contain a diversified blend of equity and fixed-income investments. The domestic equity investments are diversified across geography and market capitalization through investments in U.S. large-capitalization stocks, U.S. small-capitalization stocks and international securities. The domestic fixed income investments are primarily comprised of investment-grade and high-yield securities through investments in corporate and government bonds, government agencies and asset-backed securities. The Level 1 and Level 2 investments are primarily based upon quoted market prices and the classification between Level 1 and Level 2 is based upon the valuation frequency of the investments. The domestic Level 3 investments are primarily comprised of hedge fund of funds whose assets are primarily valued based upon the net asset value per share and an insurance contract valued at contract value. The Company maintains numerous foreign defined benefit pension plans. The asset allocations for the foreign investment may vary by plan and jurisdiction and are primarily based upon the plan structure and plan participant profile. The foreign Level 3 investments are primarily comprised of insurance contracts valued at contract value. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. | |||||||||||||||||||||||||||||||||||||
The expected long-term rate of return for plan assets is based upon many factors, including expected asset allocations, historical asset returns, current and expected future market conditions, risk and active management premiums. The expected long-term rate of return is adjusted when there are fundamental changes in expected returns on the Company’s defined benefit pension plan’s investments. The Company’s target asset allocation for 2014 and 2013 is as follows: equities—approximately 25%-40%; bonds—approximately 20%-40%; and cash alternatives investments and other—approximately 25%-45%. Actual asset allocations may vary from the targeted allocations for various reasons, including market conditions and the timing of transactions. | |||||||||||||||||||||||||||||||||||||
The composition of domestic pension plan assets at December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Plan Assets – Domestic Plans | |||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Equity securities and funds: | |||||||||||||||||||||||||||||||||||||
Domestic | $ | 29 | $ | 10.2 | $ | — | $ | 39.2 | |||||||||||||||||||||||||||||
International | — | 40.4 | — | 40.4 | |||||||||||||||||||||||||||||||||
Fixed income securities and funds | 73.6 | 30.5 | — | 104.1 | |||||||||||||||||||||||||||||||||
Alternative investments | 24.5 | 48.8 | 10.2 | 83.5 | |||||||||||||||||||||||||||||||||
Cash and other | 0.2 | — | 1.1 | 1.3 | |||||||||||||||||||||||||||||||||
Total | $ | 127.3 | $ | 129.9 | $ | 11.3 | $ | 268.5 | |||||||||||||||||||||||||||||
Fair Value Measurements of Plan Assets – Domestic Plans | |||||||||||||||||||||||||||||||||||||
(in millions) | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Equity securities and funds: | |||||||||||||||||||||||||||||||||||||
Domestic | $ | 39.2 | $ | — | $ | — | $ | 39.2 | |||||||||||||||||||||||||||||
International | — | 50.2 | — | 50.2 | |||||||||||||||||||||||||||||||||
Fixed income securities and funds | 66.8 | 20.3 | — | 87.1 | |||||||||||||||||||||||||||||||||
Alternative investments | 26.2 | 50.7 | 12.7 | 89.6 | |||||||||||||||||||||||||||||||||
Cash and other | 2.8 | — | 1.1 | 3.9 | |||||||||||||||||||||||||||||||||
Total | $ | 135 | $ | 121.2 | $ | 13.8 | $ | 270 | |||||||||||||||||||||||||||||
The composition of foreign pension plan assets at December 31, 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Plan Assets – Foreign Plans | |||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Equity securities and funds | $ | 5.8 | $ | — | $ | — | $ | 5.8 | |||||||||||||||||||||||||||||
Fixed income securities and funds | 12.7 | — | — | 12.7 | |||||||||||||||||||||||||||||||||
Cash and other | 1 | — | 15.5 | 16.5 | |||||||||||||||||||||||||||||||||
Total | $ | 19.5 | $ | — | $ | 15.5 | $ | 35 | |||||||||||||||||||||||||||||
Fair Value Measurements of Plan Assets – Foreign Plans | |||||||||||||||||||||||||||||||||||||
(in millions) | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Equity securities and funds | $ | 6 | $ | — | $ | — | $ | 6 | |||||||||||||||||||||||||||||
Fixed income securities and funds | 10.9 | — | — | 10.9 | |||||||||||||||||||||||||||||||||
Cash and other | 1.5 | — | 17.3 | 18.8 | |||||||||||||||||||||||||||||||||
Total | $ | 18.4 | $ | — | $ | 17.3 | $ | 35.7 | |||||||||||||||||||||||||||||
The activity for Level 3 pension plan assets for 2014 and 2013 is as follows: | |||||||||||||||||||||||||||||||||||||
Level 3 Pension Plan Assets | |||||||||||||||||||||||||||||||||||||
(in millions) | Domestic | Foreign | |||||||||||||||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 14.1 | $ | 16.2 | |||||||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||||||
Relating to assets held at year-end | (0.2 | ) | 0.5 | ||||||||||||||||||||||||||||||||||
Purchases, sales, settlements and other, net | (0.1 | ) | 0.6 | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 13.8 | $ | 17.3 | |||||||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||||||
Relating to assets held at year-end | 0.7 | 0.4 | |||||||||||||||||||||||||||||||||||
Relating to assets sold during the period | 0.2 | — | |||||||||||||||||||||||||||||||||||
Purchases, sales, settlements and other, net | (3.4 | ) | (2.2 | ) | |||||||||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 11.3 | $ | 15.5 | |||||||||||||||||||||||||||||||||
Domestic Contributions | |||||||||||||||||||||||||||||||||||||
In 2015, the Company expects to make cash contributions of approximately $16 and $0.5 to its domestic pension and postretirement plans, respectively. These contributions are for both funded and unfunded plans and are net of participant contributions. | |||||||||||||||||||||||||||||||||||||
Foreign Contributions | |||||||||||||||||||||||||||||||||||||
The Company funds its pension plans in amounts consistent with applicable laws and regulations and expects to make cash contributions of approximately $4 in 2015. | |||||||||||||||||||||||||||||||||||||
Information about the expected benefit payments for the Company’s pension and postretirement plans are as follows: | |||||||||||||||||||||||||||||||||||||
Years Ending December 31, | Pension | Postretirement | |||||||||||||||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
2015 | $ | 25.8 | $ | 0.5 | |||||||||||||||||||||||||||||||||
2016 | 24.4 | 0.5 | |||||||||||||||||||||||||||||||||||
2017 | 24.5 | 0.5 | |||||||||||||||||||||||||||||||||||
2018 | 24.2 | 0.5 | |||||||||||||||||||||||||||||||||||
2019 | 24.7 | 0.5 | |||||||||||||||||||||||||||||||||||
Next 5 years | 123.2 | 2.2 | |||||||||||||||||||||||||||||||||||
The current healthcare cost trend rate gradually declines through 2028 to the ultimate trend rate and remains level thereafter. A one percentage point change in assumed healthcare cost trend rates would not have a material effect on the postretirement benefit obligation or the service and interest cost components of postretirement benefit costs. | |||||||||||||||||||||||||||||||||||||
The Company sponsors a defined contribution savings plan for substantially all of its U.S. employees. Under provisions for this plan, employees may contribute a percentage of eligible compensation on both a before-tax basis and after-tax basis. The Company generally matches a percentage of a participating employee’s before-tax contributions. For 2014, 2013 and 2012, the defined contribution savings plan expense was $8.9, $7.8 and $6.4, respectively. |
Restructuring_Costs
Restructuring Costs | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Restructuring Costs | 16. Restructuring Costs | ||||||||||||||||||||
Restructuring costs for 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||
2014 | |||||||||||||||||||||
(in millions) | Employee | Other | Total | ||||||||||||||||||
Terminations | Charges | ||||||||||||||||||||
Branded Consumables | $ | 3.5 | $ | 0.1 | $ | 3.6 | |||||||||||||||
Consumer Solutions | 0.7 | 1.1 | 1.8 | ||||||||||||||||||
Outdoor Solutions | 2.1 | 0.2 | 2.3 | ||||||||||||||||||
Total | $ | 6.3 | $ | 1.4 | $ | 7.7 | |||||||||||||||
2013 | |||||||||||||||||||||
(in millions) | Employee | Other | Total | ||||||||||||||||||
Terminations | Charges | ||||||||||||||||||||
Branded Consumables | $ | 4.8 | $ | 2.2 | $ | 7 | |||||||||||||||
Consumer Solutions | 2.9 | 0.4 | 3.3 | ||||||||||||||||||
Outdoor Solutions | 7.7 | 4 | 11.7 | ||||||||||||||||||
Total | $ | 15.4 | $ | 6.6 | $ | 22 | |||||||||||||||
2012 | |||||||||||||||||||||
(in millions) | Employee | Other | Total | ||||||||||||||||||
Terminations | Charges | ||||||||||||||||||||
Branded Consumables | $ | 0.4 | $ | — | $ | 0.4 | |||||||||||||||
Consumer Solutions | 12 | 2.1 | 14.1 | ||||||||||||||||||
Outdoor Solutions | 2.4 | 10.2 | 12.6 | ||||||||||||||||||
Total | $ | 14.8 | $ | 12.3 | $ | 27.1 | |||||||||||||||
Branded Consumables Segment Restructuring Costs | |||||||||||||||||||||
During 2013, the Company initiated a plan to rationalize the operating processes of certain international operations. The plan primarily consists of headcount reductions. Restructuring costs for 2013 primarily relate to this plan. For 2013, other charges are primarily comprised of lease terminations. | |||||||||||||||||||||
Consumer Solutions Segment Restructuring Costs | |||||||||||||||||||||
During 2012, the Company initiated a plan to rationalize the operating processes of certain international operations. This plan primarily consists of headcount reductions and facility consolidation and relocation. Restructuring costs for 2013 and 2012 primarily relate to this plan. For 2012, other charges are primarily comprised of lease terminations. | |||||||||||||||||||||
Outdoor Solutions Segment Restructuring Costs | |||||||||||||||||||||
During 2013, the Company initiated a plan to rationalize the operating processes of certain international operations. The plan primarily consists of headcount reductions. Restructuring costs for 2013 primarily relate to this plan. | |||||||||||||||||||||
During 2012, the Company initiated a plan to reorganize certain manufacturing facilities in the Far East within the winter sports business. Restructuring costs for 2012 primarily relate to this plan. | |||||||||||||||||||||
For 2013 and 2012, other charges are primarily comprised of lease and contract termination fees. | |||||||||||||||||||||
Accrued restructuring costs activity for 2014 and 2013 are as follows: | |||||||||||||||||||||
(in millions) | Accrual | Restructuring | Payments | Foreign | Accrual | ||||||||||||||||
Balance at | Costs, net | Currency | Balance at | ||||||||||||||||||
December 31, | and Other | December 31, | |||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Severance and other employee-related (a) | $ | 16.6 | $ | 6.3 | $ | (17.2 | ) | $ | (0.3 | ) | $ | 5.4 | |||||||||
Other costs (b) | 13.4 | 1.4 | (9.4 | ) | — | 5.4 | |||||||||||||||
Total | $ | 30 | $ | 7.7 | $ | (26.6 | ) | $ | (0.3 | ) | $ | 10.8 | |||||||||
(in millions) | Accrual | Restructuring | Payments | Foreign | Accrual | ||||||||||||||||
Balance at | Costs, net | Currency | Balance at | ||||||||||||||||||
December 31, | and Other | December 31, | |||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||
Severance and other employee-related (a) | $ | 12.9 | $ | 15.4 | $ | (11.8 | ) | $ | 0.1 | $ | 16.6 | ||||||||||
Other costs (b) | 12.8 | 6.6 | (6.0 | ) | – | 13.4 | |||||||||||||||
Total | $ | 25.7 | $ | 22 | $ | (17.8 | ) | $ | 0.1 | $ | 30 | ||||||||||
(a) | For 2014 and 2013, the total headcount underlying these costs is approximately 2,850 and 2,840, respectively. At December 31, 2014, approximately 75 employees have not been terminated under the plans. The amounts accrued at December 31, 2014 for severance and other employee-related are expected to be paid through 2015. | ||||||||||||||||||||
(b) | Amounts accrued at December 31, 2014 for other costs (principally lease and contract termination costs) are expected to be paid through 2016. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Segment Information | 17. 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 decor 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®, 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®, Cadence®, 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 and vacuum packaging machines; home environmental products, such as air purifiers, fans, heaters, humidifiers and vacuum cleaning systems; 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®. Water sports equipment, personal flotation devices and all-terrain vehicle gear are sold under brand names such as Helium®, Hodgman®, MadDog 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 years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 2,993.60 | $ | 2,211.60 | $ | 2,739.20 | $ | 427.5 | $ | (84.8 | ) | $ | 8,287.10 | $ | — | $ | 8,287.10 | ||||||||||||||||
Segment earnings (loss) | 520.6 | 358 | 302.3 | 52 | — | 1,232.90 | (128.9 | ) | 1,104.00 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (2.1 | ) | (21.3 | ) | — | — | — | (23.4 | ) | — | (23.4 | ) | |||||||||||||||||||||
Restructuring costs | (3.6 | ) | (1.8 | ) | (2.3 | ) | — | — | (7.7 | ) | — | (7.7 | ) | ||||||||||||||||||||
Acquisition-related and other costs, net (a) | (19.6 | ) | 27.8 | (41.1 | ) | — | — | (32.9 | ) | (9.1 | ) | (42.0 | ) | ||||||||||||||||||||
Venezuela foreign exchange-related charges | — | — | — | — | — | — | (174.6 | ) | (174.6 | ) | |||||||||||||||||||||||
Impairment of goodwill, intangibles and other assets | (13.9 | ) | (0.7 | ) | (9.9 | ) | (0.9 | ) | — | (25.4 | ) | — | (25.4 | ) | |||||||||||||||||||
Depreciation and amortization | (86.1 | ) | (32.4 | ) | (55.6 | ) | (11.3 | ) | — | (185.4 | ) | (5.7 | ) | (191.1 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 395.3 | $ | 329.6 | $ | 193.4 | $ | 39.8 | $ | — | $ | 958.1 | $ | (318.3 | ) | $ | 639.8 | ||||||||||||||||
Other segment data: | |||||||||||||||||||||||||||||||||
Total assets | $ | 4,223.10 | $ | 2,516.50 | $ | 2,829.40 | $ | 194.1 | $ | — | $ | 9,763.10 | $ | 1,036.20 | $ | 10,799.30 | |||||||||||||||||
Capital expenditures | 92.3 | 28.6 | 57.3 | 17.6 | — | 195.8 | 6.3 | 202.1 | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 2,266.60 | $ | 2,040.00 | $ | 2,724.40 | $ | 403.6 | $ | (78.7 | ) | $ | 7,355.90 | $ | — | $ | 7,355.90 | ||||||||||||||||
Segment earnings (loss) | 411.1 | 307.2 | 298.4 | 51.7 | — | 1,068.40 | (132.4 | ) | 936 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (82.4 | ) | — | (7.4 | ) | — | — | (89.8 | ) | — | (89.8 | ) | |||||||||||||||||||||
Restructuring costs, net | (7.0 | ) | (3.3 | ) | (11.7 | ) | — | — | (22.0 | ) | — | (22.0 | ) | ||||||||||||||||||||
Acquisition-related and other costs, net (b) | (7.4 | ) | (1.4 | ) | (25.9 | ) | — | — | (34.7 | ) | 17.1 | (17.6 | ) | ||||||||||||||||||||
Venezuela foreign exchange-related charges | — | — | — | — | — | — | (29.0 | ) | (29.0 | ) | |||||||||||||||||||||||
Other (c) | — | — | — | — | — | — | (38.8 | ) | (38.8 | ) | |||||||||||||||||||||||
Depreciation and amortization | (60.8 | ) | (32.5 | ) | (57.3 | ) | (11.3 | ) | — | (161.9 | ) | (4.0 | ) | (165.9 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 253.5 | $ | 270 | $ | 196.1 | $ | 40.4 | $ | — | $ | 760 | $ | (187.1 | ) | $ | 572.9 | ||||||||||||||||
Other segment data: | |||||||||||||||||||||||||||||||||
Total assets | $ | 4,131.60 | $ | 2,055.60 | $ | 2,892.70 | $ | 183 | $ | — | $ | 9,262.90 | $ | 833.2 | $ | 10,096.10 | |||||||||||||||||
Capital expenditures | 39 | 39 | 87.2 | 8.4 | — | 173.6 | 37.4 | 211 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 1,753.10 | $ | 1,940.90 | $ | 2,692.90 | $ | 377.1 | $ | (67.9 | ) | $ | 6,696.10 | $ | — | $ | 6,696.10 | ||||||||||||||||
Segment earnings (loss) | 259.2 | 285.9 | 325.2 | 47.1 | — | 917.4 | (103.6 | ) | 813.8 | ||||||||||||||||||||||||
Adjustments to reconcile to reported | |||||||||||||||||||||||||||||||||
operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | — | (3.2 | ) | (2.8 | ) | — | — | (6.0 | ) | — | (6.0 | ) | |||||||||||||||||||||
Restructuring costs | (0.4 | ) | (14.1 | ) | (12.6 | ) | — | — | (27.1 | ) | — | (27.1 | ) | ||||||||||||||||||||
Acquisition-related and other costs, net | (3.8 | ) | (1.6 | ) | (3.9 | ) | — | — | (9.3 | ) | (8.2 | ) | (17.5 | ) | |||||||||||||||||||
Other (d) | — | — | — | — | — | — | (33.6 | ) | (33.6 | ) | |||||||||||||||||||||||
Depreciation and amortization | (46.0 | ) | (34.7 | ) | (55.2 | ) | (13.5 | ) | — | (149.4 | ) | (3.4 | ) | (152.8 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 209 | $ | 232.3 | $ | 250.7 | $ | 33.6 | $ | — | $ | 725.6 | $ | (148.8 | ) | $ | 576.8 | ||||||||||||||||
Other segment data: | |||||||||||||||||||||||||||||||||
Capital expenditures | $ | 30.9 | $ | 53.6 | $ | 55 | $ | 9.9 | $ | — | $ | 149.4 | $ | 5.1 | $ | 154.5 | |||||||||||||||||
(a) | Consolidated amount includes a gain of $38.7 on the sale of an Asian manufacturing facility recorded in the Consumer Solutions segment. | ||||||||||||||||||||||||||||||||
(b) | Consolidated amount includes a net gain on the sale of certain domestic assets recorded in the Corporate segment. | ||||||||||||||||||||||||||||||||
(c) | Represents stock-based compensation related to a grant of common stock to certain executive officers (see Note 13). | ||||||||||||||||||||||||||||||||
(d) | Represents cumulative stock-based compensation related to certain restricted share awards where compensation expense was not previously recognized as the achievement of the performance targets was not deemed probable (see Note 13). | ||||||||||||||||||||||||||||||||
Note: Intersegment sales are recorded at cost plus an agreed upon profit. | |||||||||||||||||||||||||||||||||
Geographic Information | |||||||||||||||||||||||||||||||||
Geographic information as of and for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||
(in millions) | Domestic | International | Total | ||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Net sales | $ | 5,085.20 | $ | 3,201.90 | $ | 8,287.10 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 516 | 333.9 | 849.9 | ||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Net sales | $ | 4,482.70 | $ | 2,873.20 | $ | 7,355.90 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 464.7 | 387.9 | 852.6 | ||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Net sales | $ | 4,078.50 | $ | 2,617.60 | $ | 6,696.10 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 18. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
AOCI activity for 2014 is as follows: | |||||||||||||||||||||
(in millions) | Cumulative | Derivative | Accrued | Unrealized | AOCI | ||||||||||||||||
Translation | Financial | Benefit Cost | Gain On | ||||||||||||||||||
Adjustment | Instruments | Investment | |||||||||||||||||||
AOCI at December 31, 2013 | $ | (13.6 | ) | $ | 1 | $ | (46.3 | ) | $ | 0.3 | $ | (58.6 | ) | ||||||||
AOCI activity, net of tax: | |||||||||||||||||||||
OCI excluding reclassifications | (125.9 | ) | 16.6 | (10.8 | ) | (0.3 | ) | (120.4 | ) | ||||||||||||
Reclassifications to earnings | — | (4.2 | ) | 2.5 | — | (1.7 | ) | ||||||||||||||
OCI, net of tax | (125.9 | ) | 12.4 | (8.3 | ) | (0.3 | ) | (122.1 | ) | ||||||||||||
AOCI at December 31, 2014 | $ | (139.5 | ) | $ | 13.4 | $ | (54.6 | ) | $ | — | $ | (180.7 | ) | ||||||||
For 2014, 2013 and 2012 reclassifications from AOCI to the results of operations for the Company’s pension and postretirement benefit plans were an expense of $3.8, $7.4 and $6.8, respectively, and primarily represent the amortization of net actuarial losses (see Note 15). For 2014, 2013 and 2012, reclassifications from AOCI to the results of operations for the Company’s derivative financial instruments for effective cash flow hedges were income of $6.3, $18.2 and $5.9, respectively (see Note 10). | |||||||||||||||||||||
The income tax (provision) benefit allocated to the components of OCI for 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Cumulative translation adjustment | $ | (12.5 | ) | $ | — | $ | — | ||||||||||||||
Derivative financial instruments | (6.0 | ) | (2.3 | ) | 0.7 | ||||||||||||||||
Accrued benefit cost | 4.2 | (14.5 | ) | 3.3 | |||||||||||||||||
Unrealized gain on investment | 0.1 | — | (0.2 | ) | |||||||||||||||||
Income tax (provision) benefit related to OCI | $ | (14.2 | ) | $ | (16.8 | ) | $ | 3.8 | |||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Data | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Consolidating Financial Data | 19. 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 6 1⁄8% Senior Notes due 2022 and Senior Subordinated Notes (see Note 9) are fully guaranteed, jointly and severally, by certain of the Company’s domestic subsidiaries (“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 (“Non-Guarantor Subsidiaries”) are not guaranteeing these notes. Presented below is the condensed consolidating financial data of the Company (“Parent”), the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis, using the equity method of accounting for subsidiaries, as of and for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Condensed Consolidating Results of Operations | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 5,678.90 | $ | 3,407.10 | $ | (798.9 | ) | $ | 8,287.10 | ||||||||||
Cost of sales | — | 4,064.80 | 2,388.30 | (798.9 | ) | 5,654.20 | |||||||||||||||
Gross profit | — | 1,614.10 | 1,018.80 | — | 2,632.90 | ||||||||||||||||
Selling, general and administrative expenses | 104.8 | 1,130.30 | 724.9 | — | 1,960.00 | ||||||||||||||||
Restructuring costs, net | — | — | 7.7 | — | 7.7 | ||||||||||||||||
Impairment of goodwill, intangibles and other assets | — | 23.2 | 2.2 | — | 25.4 | ||||||||||||||||
Operating earnings (loss) | (104.8 | ) | 460.6 | 284 | — | 639.8 | |||||||||||||||
Interest expense, net | 171.9 | 31.3 | 7.1 | — | 210.3 | ||||||||||||||||
Loss on early extinguishment of debt | 56.7 | — | — | — | 56.7 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (333.4 | ) | 429.3 | 276.9 | — | 372.8 | |||||||||||||||
Income tax provision (benefit) | (126.1 | ) | 162.4 | 94 | — | 130.3 | |||||||||||||||
Equity earnings of subsidiaries | 449.8 | 156.1 | — | (605.9 | ) | — | |||||||||||||||
Net income (loss) | 242.5 | 423 | 182.9 | (605.9 | ) | 242.5 | |||||||||||||||
Other comprehensive income (loss), net of tax | (122.1 | ) | (160.9 | ) | (191.8 | ) | 352.7 | (122.1 | ) | ||||||||||||
Comprehensive income (loss) | $ | 120.4 | $ | 262.1 | $ | (8.9 | ) | $ | (253.2 | ) | $ | 120.4 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 4,930.50 | $ | 3,191.70 | $ | (766.3 | ) | $ | 7,355.90 | ||||||||||
Cost of sales | — | 3,732.30 | 2,275.20 | (766.3 | ) | 5,241.20 | |||||||||||||||
Gross profit | — | 1,198.20 | 916.5 | — | 2,114.70 | ||||||||||||||||
Selling, general and administrative expenses | 133.8 | 804.6 | 581.4 | — | 1,519.80 | ||||||||||||||||
Restructuring costs, net | — | 5.8 | 16.2 | — | 22 | ||||||||||||||||
Operating earnings (loss) | (133.8 | ) | 387.8 | 318.9 | — | 572.9 | |||||||||||||||
Interest expense, net | 199.3 | (21.8 | ) | 17.9 | — | 195.4 | |||||||||||||||
Loss on early extinguishment of debt | 25.9 | — | — | — | 25.9 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (359.0 | ) | 409.6 | 301 | — | 351.6 | |||||||||||||||
Income tax provision (benefit) | (124.9 | ) | 165.9 | 106.7 | — | 147.7 | |||||||||||||||
Equity earnings of subsidiaries | 438 | 145 | — | (583.0 | ) | — | |||||||||||||||
Net income (loss) | 203.9 | 388.7 | 194.3 | (583.0 | ) | 203.9 | |||||||||||||||
Other comprehensive income (loss), net of tax | (5.2 | ) | (2.0 | ) | (26.1 | ) | 28.1 | (5.2 | ) | ||||||||||||
Comprehensive income (loss) | $ | 198.7 | $ | 386.7 | $ | 168.2 | $ | (554.9 | ) | $ | 198.7 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 4,448.10 | $ | 2,952.20 | $ | (704.2 | ) | $ | 6,696.10 | ||||||||||
Cost of sales | — | 3,354.80 | 2,121.10 | (704.2 | ) | 4,771.70 | |||||||||||||||
Gross profit | — | 1,093.30 | 831.1 | — | 1,924.40 | ||||||||||||||||
Selling, general and administrative expenses | 84.6 | 688.3 | 547.6 | — | 1,320.50 | ||||||||||||||||
Restructuring cost, net | — | 12.4 | 14.7 | — | 27.1 | ||||||||||||||||
Operating earnings (loss) | (84.6 | ) | 392.6 | 268.8 | — | 576.8 | |||||||||||||||
Interest expense, net | 213.3 | (53.7 | ) | 25.7 | — | 185.3 | |||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (297.9 | ) | 446.3 | 243.1 | — | 391.5 | |||||||||||||||
Income tax provision (benefit) | (113.6 | ) | 194.9 | 66.3 | — | 147.6 | |||||||||||||||
Equity earnings of subsidiaries | 428.2 | 163.1 | — | (591.3 | ) | — | |||||||||||||||
Net income (loss) | 243.9 | 414.5 | 176.8 | (591.3 | ) | 243.9 | |||||||||||||||
Other comprehensive income (loss), net of tax | 3.3 | 12.4 | 9.1 | (21.5 | ) | 3.3 | |||||||||||||||
Comprehensive income (loss) | $ | 247.2 | $ | 426.9 | $ | 185.9 | $ | (612.8 | ) | $ | 247.2 | ||||||||||
Condensed Consolidating Balance Sheets | |||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 728.8 | $ | 9.3 | $ | 426.7 | $ | — | $ | 1,164.80 | |||||||||||
Accounts receivable | — | 1.2 | 1,276.70 | — | 1,277.90 | ||||||||||||||||
Inventories | — | 919.4 | 585.3 | — | 1,504.70 | ||||||||||||||||
Other current assets | 38.3 | 161.7 | 170.6 | — | 370.6 | ||||||||||||||||
Total current assets | 767.1 | 1,091.60 | 2,459.30 | — | 4,318.00 | ||||||||||||||||
Property, plant and equipment, net | 47 | 456.5 | 346.4 | — | 849.9 | ||||||||||||||||
Goodwill | — | 2,572.00 | 308.2 | — | 2,880.20 | ||||||||||||||||
Intangibles, net | — | 2,350.70 | 247.8 | — | 2,598.50 | ||||||||||||||||
Intercompany receivables | 4,641.20 | 4,758.60 | 4,547.70 | (13,947.5 | ) | — | |||||||||||||||
Investment in subsidiaries | 7,111.30 | 2,029.10 | — | (9,140.4 | ) | — | |||||||||||||||
Other non-current assets | 56.4 | 26.9 | 69.4 | — | 152.7 | ||||||||||||||||
Total assets | $ | 12,623.00 | $ | 13,285.40 | $ | 7,978.80 | $ | (23,087.9 | ) | $ | 10,799.30 | ||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 47 | $ | 1.6 | $ | 546.3 | $ | — | $ | 594.9 | |||||||||||
Accounts payable | 8.7 | 529.8 | 271.4 | — | 809.9 | ||||||||||||||||
Other current liabilities | 63.6 | 337.4 | 271.4 | — | 672.4 | ||||||||||||||||
Total current liabilities | 119.3 | 868.8 | 1,089.10 | — | 2,077.20 | ||||||||||||||||
Long-term debt | 4,442.00 | 4.2 | 17.8 | — | 4,464.00 | ||||||||||||||||
Intercompany payables | 5,197.40 | 4,044.00 | 4,706.10 | (13,947.5 | ) | — | |||||||||||||||
Deferred taxes on income | 100.4 | 1,039.30 | 82.4 | — | 1,222.10 | ||||||||||||||||
Other non-current liabilities | 154.6 | 160.5 | 111.6 | — | 426.7 | ||||||||||||||||
Total stockholders’ equity | 2,609.30 | 7,168.60 | 1,971.80 | (9,140.4 | ) | 2,609.30 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,623.00 | $ | 13,285.40 | $ | 7,978.80 | $ | (23,087.9 | ) | $ | 10,799.30 | ||||||||||
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 | |||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash provided by (used in) operating activities: | $ | (145.5 | ) | $ | 555.1 | $ | 236.5 | $ | (19.1 | ) | $ | 627 | |||||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | — | 25.4 | — | 25.4 | ||||||||||||||||
(Payments on) proceeds from intercompany transactions | 11.8 | (74.9 | ) | 44 | 19.1 | — | |||||||||||||||
Proceeds from issuance of long-term debt | 1,752.50 | 1.6 | 10.7 | — | 1,764.80 | ||||||||||||||||
Payments on long-term debt | (1,245.7 | ) | (1.5 | ) | (0.8 | ) | — | (1,248.0 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | (285.3 | ) | — | — | — | (285.3 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 38 | — | — | — | 38 | ||||||||||||||||
Other | (21.4 | ) | (7.6 | ) | (0.4 | ) | — | (29.4 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 249.9 | (82.4 | ) | 78.9 | 19.1 | 265.5 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (6.2 | ) | (129.0 | ) | (66.9 | ) | — | (202.1 | ) | ||||||||||||
Acquisition of business, net of cash acquired | — | (340.5 | ) | (176.9 | ) | — | (517.4 | ) | |||||||||||||
Other | (0.2 | ) | (7.4 | ) | 15.6 | — | 8 | ||||||||||||||
Net cash used in investing activities | (6.4 | ) | (476.9 | ) | (228.2 | ) | — | (711.5 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (144.7 | ) | — | (144.7 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 98 | (4.2 | ) | (57.5 | ) | — | 36.3 | ||||||||||||||
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 | $ | 728.8 | $ | 9.3 | $ | 426.7 | $ | — | $ | 1,164.80 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash provided by (used in) operating activities: | $ | (180.6 | ) | $ | 675.2 | $ | 182.8 | $ | (8.9 | ) | $ | 668.5 | |||||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | (0.1 | ) | 102.1 | — | 102 | |||||||||||||||
(Payments on) proceeds from intercompany transactions | 775.4 | (567.5 | ) | (200.5 | ) | (7.4 | ) | — | |||||||||||||
Proceeds from issuance of long-term debt | 1,261.50 | — | 11.9 | — | 1,273.40 | ||||||||||||||||
Payments on long-term debt | (404.5 | ) | (1.8 | ) | (1.4 | ) | — | (407.7 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | 450.5 | — | — | — | 450.5 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 11.6 | — | — | — | 11.6 | ||||||||||||||||
Other | (19.2 | ) | (4.4 | ) | (0.6 | ) | — | (24.2 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 2,075.30 | (573.8 | ) | (88.5 | ) | (7.4 | ) | 1,405.60 | |||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (37.5 | ) | (77.7 | ) | (95.8 | ) | — | (211.0 | ) | ||||||||||||
Acquisition of business, net of cash acquired | (1,807.4 | ) | — | (12.7 | ) | — | (1,820.1 | ) | |||||||||||||
Intercompany investing activities, net | — | (16.3 | ) | — | 16.3 | — | |||||||||||||||
Other | 20.8 | 1.2 | 51.7 | — | 73.7 | ||||||||||||||||
Net cash used in investing activities | (1,824.1 | ) | (92.8 | ) | (56.8 | ) | 16.3 | (1,957.4 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (22.3 | ) | — | (22.3 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 70.6 | 8.6 | 15.2 | — | 94.4 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 560.2 | 4.9 | 469 | — | 1,034.10 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 630.8 | $ | 13.5 | $ | 484.2 | $ | — | $ | 1,128.50 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash provided by (used in) operating activities: | $ | (171.4 | ) | $ | 463.5 | $ | 207.9 | $ | (19.7 | ) | $ | 480.3 | |||||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | — | 74.7 | — | 74.7 | ||||||||||||||||
(Payments on) proceeds from intercompany transactions | 409.6 | (421.3 | ) | (8.0 | ) | 19.7 | — | ||||||||||||||
Proceeds from issuance of long-term debt | 800 | 0.5 | 2 | — | 802.5 | ||||||||||||||||
Payments on long-term debt | (166.0 | ) | (0.4 | ) | (6.3 | ) | — | (172.7 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | (557.9 | ) | — | — | — | (557.9 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 43 | — | — | — | 43 | ||||||||||||||||
Other | (24.4 | ) | — | (0.5 | ) | — | (24.9 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 504.3 | (421.2 | ) | 61.9 | 19.7 | 164.7 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (5.2 | ) | (67.0 | ) | (82.3 | ) | — | (154.5 | ) | ||||||||||||
Acquisition of business, net of cash acquired | (104.2 | ) | (3.0 | ) | (179.1 | ) | — | (286.3 | ) | ||||||||||||
Other | 1.3 | 4.2 | 7.8 | — | 13.3 | ||||||||||||||||
Net cash used in investing activities | (108.1 | ) | (65.8 | ) | (253.6 | ) | — | (427.5 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | 8.3 | — | 8.3 | ||||||||||||||||
Net decrease in cash and cash equivalents | 224.8 | (23.5 | ) | 24.5 | — | 225.8 | |||||||||||||||
Cash and cash equivalents at beginning of year | 335.4 | 28.4 | 444.5 | — | 808.3 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 560.2 | $ | 4.9 | $ | 469 | $ | — | $ | 1,034.10 | |||||||||||
The amounts reflected as proceeds (payments) from (to) intercompany transactions represent cash flows originating from transactions conducted between guarantor subsidiaries, non-guarantor subsidiaries and parent in the normal course of business operations. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts and Reserves | Schedule II | ||||||||||||||||||||
JARDEN CORPORATION | |||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Balance at | Charges to | Deductions | Other (2) | Balance at | |||||||||||||||||
beginning of | costs and | from | end of period | ||||||||||||||||||
period | expense | reserves | |||||||||||||||||||
Reserves against accounts receivable (1): | |||||||||||||||||||||
2014 | $ | (97.0 | ) | $ | (93.1 | ) | $ | 67.4 | $ | 3 | $ | (119.7 | ) | ||||||||
2013 | (79.7 | ) | (92.5 | ) | 74.9 | 0.3 | (97.0 | ) | |||||||||||||
2012 | (83.9 | ) | (70.7 | ) | 76.1 | (1.2 | ) | (79.7 | ) | ||||||||||||
-1 | Principally consisting of reserves for uncollectable accounts and sales returns and allowances. | ||||||||||||||||||||
-2 | Principally consisting of foreign currency translation. |
Business_and_Significant_Accou1
Business and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||||||
The consolidated financial statements include the consolidated accounts of the Company and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). | |||||||||||||||||
All significant intercompany transactions and balances have been eliminated upon consolidation. Unless otherwise indicated, references in the consolidated financial statements to 2014, 2013 and 2012 are to the Company’s calendar years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Certain reclassifications have been made in the Company’s consolidated financial statements of prior years to conform to the current year presentation. These reclassifications have no impact on previously reported net income. | |||||||||||||||||
Stock Split | Stock Split | ||||||||||||||||
On November 24, 2014, the Company consummated a 3-for-2 stock split in the form of a stock dividend of one additional share of common stock for every two shares of common stock. The Company retained the current par value of $0.01 per share for all shares of common stock. All references to the number of shares outstanding, issued shares, per share amounts and restricted stock and stock option data of the Company’s shares of common stock have been restated to reflect the effect of the stock split for all periods presented in the Company’s accompanying consolidated financial statements and footnotes thereto. Stockholders’ equity has been retroactively restated to reflect the effect of the stock split by reclassifying from additional paid-in capital to common stock, an amount equal to the par value of the additional shares resulting from the stock split. | |||||||||||||||||
Supplemental Information | Supplemental Information | ||||||||||||||||
Stock-based compensation costs, which are included in selling, general and administrative expenses (“SG&A”), were $49.7, $95.8 and $67.1 for 2014, 2013 and 2012, respectively. | |||||||||||||||||
Interest expense is net of interest income of $7.2, $6.0 and $6.7 for 2014, 2013 and 2012, respectively. | |||||||||||||||||
Foreign Operations | Foreign Operations | ||||||||||||||||
The functional currency for most of the Company’s consolidated foreign operations is the local currency. Assets and liabilities are translated at year-end exchange rates, and income and expenses are translated at average exchange rates during the year. Net unrealized exchange adjustments arising on the translation of foreign currency financial statements are reported as cumulative translation adjustments within accumulated other comprehensive income. Foreign currency transaction gains and losses are included in the results of operations and are generally classified in SG&A. Foreign currency transaction gains/(losses) for 2014, 2013 and 2012 were ($2.0), ($6.4) and $1.9, respectively. | |||||||||||||||||
The U.S. dollar is the functional currency for certain foreign subsidiaries that conduct their business primarily in U.S. dollars. As such, monetary items are translated at current exchange rates, and non-monetary items are translated at historical exchange rates. | |||||||||||||||||
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. | |||||||||||||||||
Up until December 31, 2014, the financial statements of the Company’s subsidiaries operating in Venezuela were 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. | |||||||||||||||||
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. At December 31, 2014, the exchange rates for SICAD and SICAD-II were 12.0 and 50.0 Bolivars per U.S. dollar, respectively. Historically, the majority of the Company’s purchases have qualified for the official exchange rate and the Company has been able to convert Bolivars at the official exchange rate. Due to the evolving foreign exchange control environment in Venezuela and additional experience with the with the various foreign exchange mechanisms, as of December 31, 2014, the Company determined it would be most appropriate for it to remeasure the financial statements of the Company’s subsidiaries operating in Venezuela at the SICAD-II exchange rate. As a result of the change to the SICAD-II exchange rate, the results of operations for 2014 includes a foreign exchange-related charge of $151 related to the write-down of net monetary assets due to this remeasurement. This charge is included in SG&A. At December 31, 2014, the Company’s Bolivar-denominated net assets were approximately $22. | |||||||||||||||||
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 were remeasured at the official exchange rate. During 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. | |||||||||||||||||
Subsequent Event | Subsequent Event | ||||||||||||||||
On February 10, 2015, the Venezuelan government established a new foreign exchange system, the Marginal Currency System (“SIMADI”). Furthermore, in February 2015 shortly after establishment of SIMADI, the SICAD-II program was eliminated. The Company is evaluating the impact of these events to determine the potential charge that could result from remeasuring the Bolivar-denominated net monetary assets of the Company’s Venezuela operations, as well as the ongoing operational and financial impact. | |||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||
The preparation of the consolidated financial statements in accordance with GAAP requires estimates and assumptions that affect amounts reported and disclosed in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Significant accounting estimates and assumptions are used for, but not limited to, the allowance for doubtful accounts; asset impairments; useful lives of tangible and intangible assets; pension and postretirement liabilities; tax valuation allowances and unrecognized tax benefits; reserves for sales returns and allowances; product warranty; product liability; excess and obsolete inventory valuation; stock-based compensation; and litigation and environmental liabilities. These accounting estimates may be adjusted or refined due to changes in the facts and circumstances supporting these accounting estimates. Such changes and refinements are reflected in the consolidated financial statements in the period in which they are made and, if material, their effects are disclosed in the consolidated financial statements. | |||||||||||||||||
Concentrations of Credit Risk | Concentrations of Credit Risk | ||||||||||||||||
Substantially all of the Company’s trade receivables are due from retailers and distributors located throughout Asia, Canada, Europe, Latin America and the United States. Approximately 15%, 17% and 20% of the Company’s consolidated net sales in 2014, 2013 and 2012, respectively, were to a single customer who purchased product from all of the Company’s business segments. | |||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||
The Company considers highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||||||
Accounts Receivable | Accounts Receivable | ||||||||||||||||
The Company provides credit, in the normal course of business, to its customers. The Company maintains an allowance for doubtful customer accounts for estimated losses that may result from the inability of the Company’s customers to make required payments. That estimate is based on a variety of factors, including historical collection experience, current economic and market conditions, and a review of the current status of each customer’s trade accounts receivable. The Company charges actual losses when incurred to this allowance. | |||||||||||||||||
Leasehold Improvements | Leasehold Improvements | ||||||||||||||||
Leasehold improvements are recorded at cost less accumulated amortization. Improvements are amortized over the shorter of the remaining lease term (and any renewal period if such a renewal is reasonably assured at inception) or the estimated useful lives of the assets. | |||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||||||||||
Property, plant and equipment are recorded at cost less accumulated depreciation. Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. The Company reviews property, plant and equipment for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable through future undiscounted cash flows. If the Company concludes that impairment exists, the carrying amount is reduced to fair value. | |||||||||||||||||
The Company provides for depreciation primarily using the straight-line method in amounts that allocate the cost of property, plant and equipment over the following ranges of useful lives: | |||||||||||||||||
Buildings and improvements | 5 to 45 years | ||||||||||||||||
Machinery, equipment and tooling (includes capitalized software) | 3 to 25 years | ||||||||||||||||
Furniture and fixtures | 3 to 10 years | ||||||||||||||||
Land is not depreciated. | |||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets | ||||||||||||||||
Goodwill and certain intangibles (primarily trademarks and tradenames) are not amortized; however, they are subject to evaluation for impairment using a fair value based test. This evaluation is performed annually, during the fourth quarter or more frequently if facts and circumstances warrant. The Company uses a qualitative approach to test goodwill for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. The Company applied this qualitative approach to select reporting units. For other reporting units, the Company proceeded directly to the first step of goodwill impairment testing. The first step in the goodwill impairment test involves comparing the fair value of each of its reporting units to the carrying value of those reporting units. If the carrying value of a reporting unit exceeds the fair value of the reporting unit, the Company is required to proceed to the second step. In the second step, the fair value of the reporting unit would be allocated to the assets (including unrecognized intangibles) and liabilities of the reporting unit, with any residual representing the implied fair value of goodwill. An impairment loss would be recognized if, and to the extent that, the carrying value of goodwill exceeded the implied value (see Note 6). The Company uses a qualitative approach to test indefinite-lived intangible assets for impairment by first assessing qualitative factors to determine whether it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform quantitative impairment testing. The Company applied this qualitative approach to select indefinite-lived intangible assets. For other indefinite-lived intangible assets, the Company proceeded directly to quantitative impairment testing. The Company reviews amortizable intangible assets for impairment whenever events or circumstances indicate that carrying amounts may not be recoverable. If the Company concludes that impairment exists, the carrying amount is reduced to fair value. | |||||||||||||||||
Amortization | Amortization | ||||||||||||||||
Deferred debt issue costs are amortized over the term of the related debt. Identifiable intangible assets are recognized apart from goodwill and are amortized over their estimated, useful lives, except for identifiable intangible assets with indefinite lives, which are not amortized. | |||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||
The Company recognizes revenues at the time of product shipment or delivery, depending upon when title and risk of loss passes, to unaffiliated customers, and when all of the following have occurred: a firm sales agreement is in place, pricing is fixed or determinable and collection is reasonably assured. Revenue is recognized as the net amount estimated to be received after deducting estimated amounts for product returns, discounts and allowances. The Company estimates future product returns, discounts and allowances based upon historical return rates and its reasonable judgment. | |||||||||||||||||
The Company sells gift cards to customers in its retail stores, third-party retail stores and through consumer direct operations. Gift cards do not have an expiration date. At the point of sale of a gift card, the Company records deferred revenue. Gift card revenue is recognized when the gift card is redeemed by the customer or the likelihood of the gift card being redeemed by the customer is remote (“gift card breakage”). Gift card breakage income is recognized in proportion to the actual redemption of gift cards based on the Company’s historical redemption pattern and is included in net sales in the Company’s consolidated statements of operations. | |||||||||||||||||
Cost of Sales | Cost of Sales | ||||||||||||||||
The Company’s cost of sales includes the costs of raw materials and finished goods purchases, manufacturing costs and warehouse and distribution costs. | |||||||||||||||||
Advertising Costs | Advertising Costs | ||||||||||||||||
Advertising costs consist primarily of ad demo, media placement and promotions, and are expensed as incurred. The amounts charged to advertising and included in SG&A in the consolidated statements of operations for 2014, 2013 and 2012 were $189, $172 and $156, respectively. | |||||||||||||||||
Product Liability Reserves | Product Liability Reserves | ||||||||||||||||
The Company has a self-insurance program for product liability that includes reserves for self-retained losses and certain excess and aggregate risk transfer insurance. The estimated product liability reserve incorporates historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs. The Company’s actuarial evaluation methods consider claims incurred, but not reported when determining the product liability reserve. | |||||||||||||||||
Product Warranty Costs | Product Warranty Costs | ||||||||||||||||
The Company recognizes warranty costs based on an estimate of amounts required to meet future warranty obligations arising as a cost of the sale of its products. The Company accrues an estimated liability at the time of a product sale based on historical claim rates applied to current period sales, as well as any information applicable to current product sales that may indicate a deviation from such historical claim rate trends. Warranty reserves are included within “Other current liabilities” and “Other non-current liabilities” in the Company’s consolidated balance sheets. | |||||||||||||||||
Sales Incentives and Trade Promotion Allowances | Sales Incentives and Trade Promotion Allowances | ||||||||||||||||
The Company offers various sales incentives and trade promotional programs to its reseller customers from time to time in the normal course of business. These sales incentives and trade promotion programs typically include arrangements known as slotting fees, cooperative advertising and buydowns. These arrangements are recorded as a reduction to net sales in the Company’s consolidated statements of operations. | |||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||
Deferred taxes are provided for differences between the financial statement and tax basis of assets and liabilities using enacted tax rates. The Company established a valuation allowance against a portion of the net tax benefit associated with all carryforwards and temporary differences in a prior year, as it was more likely than not that these would not be fully utilized in the available carryforward period. A portion of this valuation allowance remained as of December 31, 2014 and 2013 (see Note 12). | |||||||||||||||||
The Company recognizes tax benefits for certain tax positions based upon judgments as to whether it is more likely than not that a tax position will be sustained upon examination. The measurement of tax positions that meet the more-likely-than-not recognition threshold are based in part on estimates and assumptions as to be the probability of an outcome, along with estimated amounts to be realized upon any settlement. | |||||||||||||||||
Components of accumulated other comprehensive income (loss) (“AOCI”) are presented net of tax at the applicable statutory rates and are primarily generated domestically. | |||||||||||||||||
Disclosures about Fair Value of Financial Instruments and Credit Risk | Disclosures about Fair Value of Financial Instruments and Credit Risk | ||||||||||||||||
The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair market values due to the short-term maturities of these instruments. The fair market value (Level 1 measurement) of the Company’s senior notes and senior subordinated notes are based upon quoted market prices. The fair market value (Level 2 measurement) of the Company’s other long-term debt is estimated using interest rates currently available to the Company for debt with similar terms and maturities (see Note 9). | |||||||||||||||||
Unless otherwise disclosed in the notes to the consolidated financial statements, the estimated fair value of financial assets and liabilities approximates carrying value. | |||||||||||||||||
Financial instruments that potentially subject the Company to credit risk consist primarily of trade receivables and interest-bearing investments. Trade receivable credit risk is limited due to the diversity of the Company’s customers and the Company’s ongoing credit review procedures. Collateral for trade receivables is generally not required. The Company places its interest-bearing cash equivalents with major financial institutions. | |||||||||||||||||
The Company is exposed to credit loss in the event of non-performance by the counterparties to its derivative financial instruments, all of which are highly rated financial institutions; however, the Company does not anticipate non-performance by such counterparties. | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
GAAP defines three levels of inputs that may be used to measure fair value and requires that the assets or liabilities carried at fair value be disclosed by the input level under which they were valued. The input levels are defined as follows: | |||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets and liabilities. | |||||||||||||||||
Level 2: Observable inputs other than defined in Level 1, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by observable market data. | |||||||||||||||||
The following table summarizes assets and liabilities that are measured at fair value on a recurring basis at December 31, 2014 and 2013: | |||||||||||||||||
2014 | |||||||||||||||||
Fair Value Asset (Liability) | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivatives: | |||||||||||||||||
Assets | $ | — | $ | 29.3 | $ | — | $ | 29.3 | |||||||||
Liabilities | — | (23.5 | ) | — | (23.5 | ) | |||||||||||
Available-for-sale securities | — | 1.5 | — | 1.5 | |||||||||||||
Contingent consideration | — | — | (32.6 | ) | (32.6 | ) | |||||||||||
2013 | |||||||||||||||||
Fair Value Asset (Liability) | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivatives: | |||||||||||||||||
Assets | $ | — | $ | 19.5 | $ | — | $ | 19.5 | |||||||||
Liabilities | — | (19.7 | ) | — | (19.7 | ) | |||||||||||
Available-for-sale securities | — | 12 | — | 12 | |||||||||||||
Contingent consideration | — | — | (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 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. | |||||||||||||||||
Changes in the fair value of the contingent consideration obligations for 2014 and 2013 were as follows: | |||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Contingent consideration at January 1, | $ | 43 | $ | 33.5 | |||||||||||||
Acquisitions | 1.4 | 27.5 | |||||||||||||||
Payments | (9.2 | ) | (4.5 | ) | |||||||||||||
Adjustments and foreign exchange | (2.6 | ) | (13.5 | ) | |||||||||||||
Contingent consideration at December 31, | $ | 32.6 | $ | 43 | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||
The Company estimates the fair value of share-based awards on the date of grant, which is generally the date the award is approved by the Board of Directors of the Company (the “Board”) or committee thereof. The fair value of stock options is determined using the Black-Scholes option-pricing model. The fair value of the market-based restricted stock awards is determined using a Monte Carlo simulation embedded in a lattice model, and for all other restricted stock awards, based on the closing price of the Company’s common stock on the date of grant. The determination of the fair value of the Company’s stock option awards and restricted stock awards is based on a variety of factors including, but not limited to, the Company’s common stock price, expected stock price volatility over the expected life of awards, and actual and projected exercise behavior (see Note 13). Additionally, the Company has estimated forfeitures for share-based awards at the dates of grant based on historical experience. The forfeiture estimate is revised as necessary if actual forfeitures differ from these estimates. | |||||||||||||||||
The Company issues restricted stock awards whose restrictions lapse upon either the passage of time (service vesting), achieving performance targets, attaining Company common stock price thresholds, or some combination of these restrictions. For those restricted stock awards with only service conditions, the Company recognizes compensation cost on a straight-line basis over the explicit service period. For those restricted stock awards with market conditions, the Company recognizes compensation cost on a straight-line basis over the derived service period unless the market condition is satisfied prior to the end of the derived service period. For performance only awards, the Company recognizes compensation cost on a straight-line basis over the implicit service period which represents the Company’s best estimates for when the target will be achieved. If it becomes apparent that the original service periods are no longer accurate, the remaining unrecognized compensation cost will be recognized over the revised remaining service periods. For restricted stock awards that contain both service and market or performance vesting conditions, compensation cost is recognized over the shorter of the two conditions if only one of the conditions must be met or the longer of the two conditions if both conditions must be met. | |||||||||||||||||
Compensation costs for stock-based awards reflects the number of awards expected to vest and is ultimately adjusted in future periods to reflect the actual number of vested awards. Compensation costs for awards with performance conditions is only recognized if and when it becomes probable that the performance condition will be achieved. The probability of vesting is reassessed each reporting period and the compensation costs is adjusted based on this probability assessment. The cumulative effect on current and prior periods of a change in the estimated number of shares for which the requisite service is expected to be or has been rendered is recognized in compensation cost in the period of the change. | |||||||||||||||||
For restricted stock awards that contain performance or market vesting conditions, the Company excludes these awards from diluted earnings per share computations until the end of the reporting period that the contingency is met. | |||||||||||||||||
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans | ||||||||||||||||
The Company records annual amounts relating to its pension and postretirement benefit plans based on calculations which include various actuarial assumptions, including discount rates, assumed rates of return, compensation increases, turnover rates and healthcare cost trend rates. The Company reviews its actuarial assumptions on an annual basis and makes modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so. The effect of modifications is generally recorded or amortized over future service periods. The assumptions utilized in recording its obligations under its pension and postretirement benefit plans are based on its experience, market conditions and input from its actuaries and investment advisors. | |||||||||||||||||
Restructuring Costs | Restructuring Costs | ||||||||||||||||
Restructuring costs include costs associated with exit or disposal activities, including costs for employee and lease terminations, facility closings or other exit activities. |
Business_and_Significant_Accou2
Business and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Useful Lives of Property Plant and Equipment | The Company provides for depreciation primarily using the straight-line method in amounts that allocate the cost of property, plant and equipment over the following ranges of useful lives: | ||||||||||||||||
Buildings and improvements | 5 to 45 years | ||||||||||||||||
Machinery, equipment and tooling (includes capitalized software) | 3 to 25 years | ||||||||||||||||
Furniture and fixtures | 3 to 10 years | ||||||||||||||||
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 at December 31, 2014 and 2013: | ||||||||||||||||
2014 | |||||||||||||||||
Fair Value Asset (Liability) | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivatives: | |||||||||||||||||
Assets | $ | — | $ | 29.3 | $ | — | $ | 29.3 | |||||||||
Liabilities | — | (23.5 | ) | — | (23.5 | ) | |||||||||||
Available-for-sale securities | — | 1.5 | — | 1.5 | |||||||||||||
Contingent consideration | — | — | (32.6 | ) | (32.6 | ) | |||||||||||
2013 | |||||||||||||||||
Fair Value Asset (Liability) | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivatives: | |||||||||||||||||
Assets | $ | — | $ | 19.5 | $ | — | $ | 19.5 | |||||||||
Liabilities | — | (19.7 | ) | — | (19.7 | ) | |||||||||||
Available-for-sale securities | — | 12 | — | 12 | |||||||||||||
Contingent consideration | — | — | (43.0 | ) | (43.0 | ) | |||||||||||
Changes in Fair Value of Contingent Consideration Obligations | Changes in the fair value of the contingent consideration obligations for 2014 and 2013 were as follows: | ||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||
Contingent consideration at January 1, | $ | 43 | $ | 33.5 | |||||||||||||
Acquisitions | 1.4 | 27.5 | |||||||||||||||
Payments | (9.2 | ) | (4.5 | ) | |||||||||||||
Adjustments and foreign exchange | (2.6 | ) | (13.5 | ) | |||||||||||||
Contingent consideration at December 31, | $ | 32.6 | $ | 43 | |||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 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 2013 and 2012 combine the historical results of the Company and Yankee Candle for 2013 and 2012. 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) | 2013 | 2012 | |||||||
Net sales | $ | 7,893.40 | $ | 7,540.30 | |||||
Net income | 274.4 | 276.3 | |||||||
Earnings per share: | |||||||||
Basic | $ | 1.46 | $ | 1.37 | |||||
Diluted | $ | 1.45 | $ | 1.37 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventories | Inventories are stated at the lower-of-cost-or-market with cost being determined principally by the first-in, first-out method, and are comprised of the following at December 31, 2014 and 2013: | ||||||||
(in millions) | 2014 | 2013 | |||||||
Raw materials and supplies | $ | 250 | $ | 227.6 | |||||
Work-in-process | 71 | 79.6 | |||||||
Finished goods | 1,183.70 | 1,104.70 | |||||||
Total | $ | 1,504.70 | $ | 1,411.90 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property Plant and Equipment Net | Property, plant and equipment, net, is comprised of the following at December 31, 2014 and 2013: | ||||||||
(in millions) | 2014 | 2013 | |||||||
Land | $ | 62.5 | $ | 62.7 | |||||
Buildings | 460.1 | 427.3 | |||||||
Machinery and equipment | 1,311.40 | 1,229.80 | |||||||
Construction-in-progress | 98.8 | 144.6 | |||||||
1,932.80 | 1,864.40 | ||||||||
Less: Accumulated depreciation | (1,082.9 | ) | (1,011.8 | ) | |||||
Total | $ | 849.9 | $ | 852.6 | |||||
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill Activity | Goodwill activity for 2014 and 2013 is as follows: | ||||||||||||||||||||||||
December 31, 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 | $ | 8.3 | $ | 1,608.30 | $ | (223.2 | ) | $ | 1,385.10 | ||||||||||||
Consumer Solutions | 526.3 | 244.5 | (13.1 | ) | 757.7 | — | 757.7 | ||||||||||||||||||
Outdoor Solutions | 718.5 | — | (2.8 | ) | 734.2 | (18.5 | ) | 715.7 | |||||||||||||||||
Process Solutions | 21.7 | — | — | 21.7 | — | 21.7 | |||||||||||||||||||
$ | 2,620.30 | $ | 267.5 | $ | (7.6 | ) | $ | 3,121.90 | $ | (241.7 | ) | $ | 2,880.20 | ||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(in millions) | Net Book | Additions | Foreign | Gross | Accumulated | Net Book | |||||||||||||||||||
Value at | Exchange | Carrying | Impairment | Value | |||||||||||||||||||||
December 31, | and Other | Amount | Charges | ||||||||||||||||||||||
2012 | Adjustments | ||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Branded Consumables | $ | 552.1 | $ | 802.3 | $ | (0.6 | ) | $ | 1,577.00 | $ | (223.2 | ) | $ | 1,353.80 | |||||||||||
Consumer Solutions | 527.1 | — | (0.8 | ) | 526.3 | — | 526.3 | ||||||||||||||||||
Outdoor Solutions | 723.1 | — | (4.6 | ) | 737 | (18.5 | ) | 718.5 | |||||||||||||||||
Process Solutions | 21.7 | — | — | 21.7 | — | 21.7 | |||||||||||||||||||
$ | 1,824.00 | $ | 802.3 | $ | (6.0 | ) | $ | 2,862.00 | $ | (241.7 | ) | $ | 2,620.30 | ||||||||||||
Intangibles Activity | Intangibles activity for 2014 and 2013 is as follows: | ||||||||||||||||||||||||
(in millions) | Gross | Additions | Impairment | Accumulated | Net Book | Amortization | |||||||||||||||||||
Carrying | Charge | Amortization | Value at | Periods | |||||||||||||||||||||
Amount at | and Foreign | December 31, | (years) | ||||||||||||||||||||||
December 31, | Exchange | 2014 | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
Patents | $ | 9.3 | $ | — | $ | — | $ | (4.5 | ) | $ | 4.8 | 30-Dec | |||||||||||||
Manufacturing process and expertise | 56.2 | 9 | — | (45.7 | ) | 19.5 | 7-Mar | ||||||||||||||||||
Brand names | 23.3 | — | — | (10.5 | ) | 12.8 | 20-Apr | ||||||||||||||||||
Customer relationships and distributor channels | 347.4 | 202.2 | — | (100.6 | ) | 449 | Oct-35 | ||||||||||||||||||
Trademarks and tradenames | 2,080.90 | 76.2 | (25.4 | ) | (19.3 | ) | 2,112.40 | indefinite | |||||||||||||||||
$ | 2,517.10 | $ | 287.4 | $ | (25.4 | ) | $ | (180.6 | ) | $ | 2,598.50 | ||||||||||||||
(in millions) | Gross | Additions | Impairment | Accumulated | Net Book | Amortization | |||||||||||||||||||
Carrying | Charge | Amortization | Value at | Periods | |||||||||||||||||||||
Amount at | and Foreign | December 31, | (years) | ||||||||||||||||||||||
December 31, | Exchange | 2013 | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
Patents | $ | 9.3 | $ | — | $ | — | $ | (3.7 | ) | $ | 5.6 | 30-Dec | |||||||||||||
Manufacturing process and expertise | 44.2 | 12 | — | (42.3 | ) | 13.9 | 7-Mar | ||||||||||||||||||
Brand names | 18.3 | 5 | — | (8.2 | ) | 15.1 | 20-Apr | ||||||||||||||||||
Customer relationships and distributor channels | 307.8 | 39.6 | — | (69.7 | ) | 277.7 | Oct-35 | ||||||||||||||||||
Trademarks and tradenames | 980.9 | 1,100.00 | — | (0.2 | ) | 2,080.70 | indefinite | ||||||||||||||||||
$ | 1,360.50 | $ | 1,156.60 | $ | — | $ | (124.1 | ) | $ | 2,393.00 | |||||||||||||||
Impairment Charges Allocated to Company's Reporting Segments | The impairment charges were allocated to the Company’s reporting segments as follows: | ||||||||||||||||||||||||
(in millions) | 2014 | ||||||||||||||||||||||||
Impairment of intangibles | |||||||||||||||||||||||||
Branded Consumables | $ | 13.9 | |||||||||||||||||||||||
Consumer Solutions | 0.7 | ||||||||||||||||||||||||
Outdoor Solutions | 9.9 | ||||||||||||||||||||||||
Process Solutions | 0.9 | ||||||||||||||||||||||||
$ | 25.4 | ||||||||||||||||||||||||
Estimated Future Amortization Expense Related to Amortizable Intangible Assets | The estimated future amortization expense related to amortizable intangible assets at December 31, 2014 is as follows: | ||||||||||||||||||||||||
Years Ending December 31, | Amount | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||
2015 | $ | 35 | |||||||||||||||||||||||
2016 | 34.5 | ||||||||||||||||||||||||
2017 | 33.9 | ||||||||||||||||||||||||
2018 | 33.3 | ||||||||||||||||||||||||
2019 | 32.4 | ||||||||||||||||||||||||
Thereafter | 317 |
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Other Current Liabilities | Other current liabilities are comprised of the following at December 31, 2014 and 2013: | ||||||||
(in millions) | 2014 | 2013 | |||||||
Cooperative advertising, customer rebates and allowances | $ | 118.5 | $ | 102.1 | |||||
Warranty and product liability reserves | 102.9 | 104.9 | |||||||
Accrued environmental and other litigation | 20.4 | 20.9 | |||||||
Other | 235.5 | 299.6 | |||||||
Total | $ | 477.3 | $ | 527.5 | |||||
Warranty_Reserve_Tables
Warranty Reserve (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Warranty Reserve Activity | Warranty reserve activity for 2014 and 2013 is as follows: | ||||||||
(in millions) | 2014 | 2013 | |||||||
Warranty reserve at January 1, | $ | 98 | $ | 97.1 | |||||
Provision for warranties issued | 148.2 | 152.8 | |||||||
Warranty claims paid | (148.6 | ) | (151.2 | ) | |||||
Acquisitions and other adjustments | (0.8 | ) | (0.7 | ) | |||||
Warranty reserve at December 31, | $ | 96.8 | $ | 98 | |||||
Allocation in the consolidated balance sheets: | |||||||||
Other current liabilities | $ | 84.2 | $ | 86.3 | |||||
Other non-current liabilities | 12.6 | 11.7 | |||||||
Total | $ | 96.8 | $ | 98 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt | Debt is comprised of the following at December 31, 2014 and 2013: | ||||||||
(in millions) | 2014 | 2013 | |||||||
Senior Secured Credit Facility Term Loans | $ | 2,024.60 | $ | 2,127.40 | |||||
6 1⁄8% Senior Notes due 2022 (a) | 300 | 300 | |||||||
3 3⁄4% Senior Notes due 2021 (a) | 357.9 | — | |||||||
7 1⁄2% Senior Subordinated Notes due 2017 (b) | 650.6 | 654.1 | |||||||
7 1⁄2% Senior Subordinated Notes due 2020 | — | 477.1 | |||||||
17/8% Senior Subordinated Convertible Notes due 2018 (c) | 445.8 | 433 | |||||||
1 1⁄2% Senior Subordinated Convertible Notes due 2019 (c) | 226 | 218.5 | |||||||
1 1⁄8% Senior Subordinated Convertible Notes due 2034 (c) | 484.1 | — | |||||||
Securitization Facility | 479.3 | 477.9 | |||||||
Non-U.S. borrowings | 83.2 | 45.6 | |||||||
Other | 7.4 | 8.8 | |||||||
Total debt | 5,058.90 | 4,742.40 | |||||||
Less: current portion | (594.9 | ) | (655.1 | ) | |||||
Total long-term debt | $ | 4,464.00 | $ | 4,087.30 | |||||
(a) | Collectively, the “Senior Notes.” | ||||||||
(b) | The “Senior Subordinated Notes.” | ||||||||
(c) | Collectively, the “Senior Subordinated Convertible Notes.” | ||||||||
Debt Maturities | The Company’s debt maturities for the five years following December 31, 2014 and thereafter are as follows: | ||||||||
Years Ending December 31, | Amount | ||||||||
(in millions) | |||||||||
2015 | $ | 594.9 | |||||||
2016 | 63.3 | ||||||||
2017 | 698.4 | ||||||||
2018 | 1,148.80 | ||||||||
2019 | 801.9 | ||||||||
Thereafter | 2,058.20 | ||||||||
Total principal payments | 5,365.50 | ||||||||
Net discount and other | (306.6 | ) | |||||||
Total | $ | 5,058.90 | |||||||
Fair Market Value of Total Debt | At December 31, 2014 and 2013, the approximate fair market value of total debt is as follows: | ||||||||
(in millions) | 2014 | 2013 | |||||||
Level 1 | $ | 1,413 | $ | 1,589 | |||||
Level 2 | 3,741 | 3,344 | |||||||
Total | $ | 5,154 | $ | 4,933 | |||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Financial Instruments | At December 31, 2014 and 2013, the fair value of derivative financial instruments is as follows: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value of Derivatives | Fair Value of Derivatives | Weighted Average | |||||||||||||||||||||||||||||||||||
Remaining Term | |||||||||||||||||||||||||||||||||||||
(in millions) | Asset (a) | Liability (a) | Asset (a) | Liability (a) | (years) | ||||||||||||||||||||||||||||||||
Derivatives designated as effective hedges: | |||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 0.6 | $ | 7.2 | $ | 4.5 | $ | 8 | 2.1 | ||||||||||||||||||||||||||||
Foreign currency contracts | 25.9 | 3.8 | 11.3 | 9.1 | 0.5 | ||||||||||||||||||||||||||||||||
Fair value hedges: | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | — | 2.2 | — | — | 2.3 | ||||||||||||||||||||||||||||||||
Subtotal | 26.5 | 13.2 | 15.8 | 17.1 | |||||||||||||||||||||||||||||||||
Derivatives not designated as effective hedges: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | 2.8 | 1.3 | 3.5 | 2.4 | 0.5 | ||||||||||||||||||||||||||||||||
Commodity contracts | — | 9 | 0.2 | 0.2 | 0.6 | ||||||||||||||||||||||||||||||||
Subtotal | 2.8 | 10.3 | 3.7 | 2.6 | |||||||||||||||||||||||||||||||||
Total | $ | 29.3 | $ | 23.5 | $ | 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 table presents gain and loss activity (on a pretax basis) for 2014, 2013 and 2012 related to derivative financial instruments designated as effective hedges: | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | Gain/(Loss) | |||||||||||||||||||||||||||||||||||
(in millions) | Recognized | Reclassified | Recognized | Recognized | Reclassified | Recognized | Recognized | Reclassified | Recognized | ||||||||||||||||||||||||||||
in OCI (a) | from AOCI | in | in OCI (a) | from AOCI | in | in OCI (a) | from AOCI | in | |||||||||||||||||||||||||||||
to Income | Income (b) | to Income | Income (b) | to Income | Income (b) | ||||||||||||||||||||||||||||||||
Derivatives designated as | |||||||||||||||||||||||||||||||||||||
effective hedges: | |||||||||||||||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | (3.0 | ) | $ | — | $ | — | $ | 8.9 | $ | — | $ | — | $ | (3.8 | ) | $ | — | $ | — | |||||||||||||||||
Foreign currency contracts | 27.7 | 6.3 | (1.9 | ) | 13.9 | 18.2 | (5.5 | ) | 6.6 | 5.9 | (5.4 | ) | |||||||||||||||||||||||||
Total | $ | 24.7 | $ | 6.3 | $ | (1.9 | ) | $ | 22.8 | $ | 18.2 | $ | (5.5 | ) | $ | 2.8 | $ | 5.9 | $ | (5.4 | ) | ||||||||||||||||
Location of gain/(loss) in the | |||||||||||||||||||||||||||||||||||||
consolidated results of operations: | |||||||||||||||||||||||||||||||||||||
Net sales | $ | 2 | $ | — | $ | 0.1 | $ | — | $ | (1.8 | ) | $ | — | ||||||||||||||||||||||||
Cost of sales | 4.3 | — | 18.1 | — | 7.7 | — | |||||||||||||||||||||||||||||||
SG&A | — | (1.9 | ) | — | (5.5 | ) | — | (5.4 | ) | ||||||||||||||||||||||||||||
Total | $ | 6.3 | $ | (1.9 | ) | $ | 18.2 | $ | (5.5 | ) | $ | 5.9 | $ | (5.4 | ) | ||||||||||||||||||||||
(a) | Represents effective portion recognized in Other Comprehensive Income (“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 2014, 2013 and 2012 related to derivative financial instruments not designated as effective hedges: | ||||||||||||||||||||||||||||||||||||
Gain/(Loss) Recognized in Income (a) | |||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Derivatives not designated as effective hedges: | |||||||||||||||||||||||||||||||||||||
Cash flow derivatives: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | 4.3 | $ | (2.7 | ) | $ | (5.7 | ) | |||||||||||||||||||||||||||||
Commodity contracts | (8.9 | ) | 0.9 | (0.4 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (4.6 | ) | $ | (1.8 | ) | $ | (6.1 | ) | ||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Operating Lease Commitments | Operating lease commitments for the five years following December 31, 2014 and thereafter are as follows: | ||||
Years Ending December 31, | Amount | ||||
(in millions) | |||||
2015 | $ | 110 | |||
2016 | 90.5 | ||||
2017 | 72.7 | ||||
2018 | 64 | ||||
2019 | 53.1 | ||||
Thereafter | 146.3 | ||||
Total | $ | 536.6 | |||
Taxes_on_Income_Tables
Taxes on Income (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Components of Provision for Income Taxes Attributable to Continuing Operations | The components of the provision for income taxes attributable to continuing operations for 2014, 2013 and 2012 are as follows: | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Current income tax expense: | |||||||||||||
U.S. federal | $ | 87.1 | $ | 63.1 | $ | 52.9 | |||||||
Foreign | 86 | 86.2 | 67.3 | ||||||||||
State and local | 10.7 | 9.1 | 7.7 | ||||||||||
Total | 183.8 | 158.4 | 127.9 | ||||||||||
Deferred income tax expense (benefit): | |||||||||||||
U.S. federal | (47.4 | ) | 7.9 | 26.8 | |||||||||
Foreign | (14.0 | ) | (15.8 | ) | (2.6 | ) | |||||||
State, local and other, net of federal tax benefit | 7.9 | (2.8 | ) | (4.5 | ) | ||||||||
Total | (53.5 | ) | (10.7 | ) | 19.7 | ||||||||
Total income tax provision | $ | 130.3 | $ | 147.7 | $ | 147.6 | |||||||
Difference between Federal Statutory Income Tax Rate and Reported Income Tax Rate | The difference between the federal statutory income tax rate and the Company’s reported income tax rate as a percentage of income from operations for 2014, 2013 and 2012 is reconciled as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
Increase (decrease) in rates resulting from: | |||||||||||||
State and local taxes, net | 3 | 1.2 | 0.7 | ||||||||||
Foreign rate differences | (5.7 | ) | (2.8 | ) | (2.8 | ) | |||||||
Non-deductible compensation | 0.4 | 3.4 | 0.5 | ||||||||||
Foreign earnings not permanently reinvested | (9.7 | ) | 1.1 | 2.3 | |||||||||
Tax settlements and related adjustments | 2.2 | 0.1 | 1.5 | ||||||||||
Valuation allowance | 2.6 | 1.5 | 0.4 | ||||||||||
Venezuela devaluation and inflationary adjustments and tax exempt income | 9 | 2.2 | (1.6 | ) | |||||||||
Foreign dividends | 0.5 | 1.3 | 1.2 | ||||||||||
Non-deductible transaction costs | 0.5 | 0.5 | 0.2 | ||||||||||
Other | (2.8 | ) | (1.4 | ) | 0.3 | ||||||||
Reported income tax rate | 35 | % | 42.1 | % | 37.7 | % | |||||||
Deferred Tax Assets Liabilities | Deferred tax assets (liabilities) at December 31, 2014 and 2013 are comprised of the following: | ||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Intangibles | $ | (906.4 | ) | $ | (826.9 | ) | |||||||
Goodwill | (159.7 | ) | (135.8 | ) | |||||||||
Financial reporting amount of a subsidiary in excess of tax basis | (70.4 | ) | (70.4 | ) | |||||||||
Foreign earnings not permanently reinvested | (5.6 | ) | (48.4 | ) | |||||||||
Property and equipment | (11.5 | ) | (8.8 | ) | |||||||||
Convertible debt | (110.4 | ) | (41.9 | ) | |||||||||
Other | (9.0 | ) | (0.4 | ) | |||||||||
Gross deferred tax liabilities | (1,273.0 | ) | (1,132.6 | ) | |||||||||
Net operating loss | 50.9 | 47.8 | |||||||||||
Accounts receivable allowances | 13.8 | 15 | |||||||||||
Inventory valuation | 58.9 | 58.8 | |||||||||||
Pension and postretirement | 17 | 20 | |||||||||||
Stock-based compensation | 12.6 | 23.6 | |||||||||||
Other compensation and benefits | 21.3 | 13 | |||||||||||
Operating reserves | 55.4 | 66.3 | |||||||||||
Other | 38.1 | 55.7 | |||||||||||
Gross deferred tax assets | 268 | 300.2 | |||||||||||
Valuation allowance | (40.8 | ) | (34.2 | ) | |||||||||
Net deferred tax liability | $ | (1,045.8 | ) | $ | (866.6 | ) | |||||||
Activity Related to Unrecognized Tax Benefit | The following table sets forth the details and the activity related to unrecognized tax benefit as of and for the years ended December 31, 2014 and 2013: | ||||||||||||
(in millions) | 2014 | 2013 | |||||||||||
Unrecognized tax benefits, January 1, | $ | 88.9 | $ | 68.3 | |||||||||
Increases (decreases): | |||||||||||||
Acquisitions | 5.2 | 3.5 | |||||||||||
Tax positions taken during the current period | 48.1 | 27.6 | |||||||||||
Tax positions taken during a prior period | 3.7 | (2.7 | ) | ||||||||||
Settlements with taxing authorities | (0.5 | ) | (7.7 | ) | |||||||||
Other | (0.1 | ) | (0.1 | ) | |||||||||
Unrecognized tax benefits, December 31, | $ | 145.3 | $ | 88.9 | |||||||||
Stockholders_Equity_and_ShareB1
Stockholders' Equity and Share-Based Awards (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Summary of Stock Option Activity | A summary of the Company’s stock option activity in 2014 is as follows: | ||||||||||||||||
Shares | Weighted | Weighted | Total Intrinsic | ||||||||||||||
(in thousands) | Average | Average | Value | ||||||||||||||
Exercise | Remaining Life | (in millions) | |||||||||||||||
Price | (years) | ||||||||||||||||
Options outstanding, beginning of year | 533.6 | $ | 9.65 | ||||||||||||||
Granted | — | — | |||||||||||||||
Exercised | (232.6 | ) | 9.83 | ||||||||||||||
Cancelled | — | — | |||||||||||||||
Options outstanding, end of year (a) | 301 | $ | 9.5 | 1.4 | $ | 11.6 | |||||||||||
(a) | All options outstanding are exercisable | ||||||||||||||||
Summary of Restricted Stock Activity | A summary of the Company’s restricted stock activity for 2014 is as follows: | ||||||||||||||||
Shares | |||||||||||||||||
(in thousands) | |||||||||||||||||
Outstanding as of December 31, 2013 | 6,009.90 | ||||||||||||||||
Granted | 5,501.40 | ||||||||||||||||
Released/Vested | (4,129.9 | ) | |||||||||||||||
Cancelled | (167.3 | ) | |||||||||||||||
Outstanding as of December 31, 2014 | 7,214.10 | ||||||||||||||||
Total Fair Value of Restricted Shares Granted and Vested | The total fair value of restricted shares granted and total fair value of restricted shares vested for 2014, 2013 and 2012 is as follows: | ||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||
Total fair value of restricted shares granted | $ | 222 | $ | 75 | $ | 43.2 | |||||||||||
Total fair value of restricted shares vested | 77.1 | 85.7 | 49.6 | ||||||||||||||
Restricted Shares With Common Stock Price Thresholds | |||||||||||||||||
Assumptions Used to Determine Weighted Average Grant Date Fair Value | For those restricted stock awards with common stock price thresholds, the weighted average grant date fair values of these awards were $36.61, $22.53 and $12.65 for 2014, 2013 and 2012, respectively, based on the following assumptions: | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 32 | % | 40.7 | % | 45.8 | % | |||||||||||
Risk-free interest rates | 1.7 | % | 0.8 | % | 0.9 | % | |||||||||||
Derived service periods (in years) | 0.3 | 0.1 | 0.2 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Computations of Weighted Average Shares Outstanding | A computation of the weighted average shares outstanding for 2014, 2013 and 2012 is as follows: | ||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||
Weighted average shares outstanding: | |||||||||||||
Basic | 185.3 | 170.6 | 176.1 | ||||||||||
Dilutive share-based awards | 0.8 | 1.4 | 1.2 | ||||||||||
Convertible debt | 3.7 | 0.5 | — | ||||||||||
Diluted | 189.8 | 172.5 | 177.3 | ||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Components of Net Periodic Pension and Postretirement Benefit Expense | The components of net periodic pension and postretirement benefit expense for 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Domestic | Foreign | Total | Domestic | Foreign | Total | ||||||||||||||||||||||||||||
Service cost | $ | — | $ | 2.1 | $ | 2.1 | $ | — | $ | 2.2 | $ | 2.2 | $ | 0.2 | $ | 1.9 | $ | 2.1 | |||||||||||||||||||
Interest cost | 14.6 | 2.4 | 17 | 13.3 | 2.3 | 15.6 | 14.5 | 2.6 | 17.1 | ||||||||||||||||||||||||||||
Expected return on plan assets | (17.5 | ) | (1.4 | ) | (18.9 | ) | (16.9 | ) | (1.2 | ) | (18.1 | ) | (16.3 | ) | (1.4 | ) | (17.7 | ) | |||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||
Prior service credit | — | (0.9 | ) | (0.9 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net actuarial loss | 4.9 | 0.3 | 5.2 | 7.4 | 0.4 | 7.8 | 7.1 | 0.2 | 7.3 | ||||||||||||||||||||||||||||
Net periodic cost | 2 | 2.5 | 4.5 | 3.8 | 3.7 | 7.5 | 5.5 | 3.3 | 8.8 | ||||||||||||||||||||||||||||
Curtailments and settlements | 5.7 | 0.2 | 5.9 | — | (0.1 | ) | (0.1 | ) | — | — | — | ||||||||||||||||||||||||||
Total expense | $ | 7.7 | $ | 2.7 | $ | 10.4 | $ | 3.8 | $ | 3.6 | $ | 7.4 | $ | 5.5 | $ | 3.3 | $ | 8.8 | |||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted average assumption used to calculate net periodic cost: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.8 | % | 3.58 | % | 4.58 | % | 3.95 | % | 3.34 | % | 3.85 | % | 4.5 | % | 4.3 | % | 4.47 | % | |||||||||||||||||||
Expected return on plan assets | 7.5 | % | 4.2 | % | 7.11 | % | 7.75 | % | 3.98 | % | 7.32 | % | 8 | % | 4.53 | % | 7.6 | % | |||||||||||||||||||
Rate of compensation increase | — | 2.5 | % | 2.5 | % | — | 2.56 | % | 2.56 | % | — | 2.51 | % | 2.51 | % | ||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | 0.1 | |||||||||||||||||||||||||||||||
Interest cost | 0.3 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||
Prior service credit | (0.3 | ) | (0.3 | ) | (0.4 | ) | |||||||||||||||||||||||||||||||
Net actuarial gain | (0.2 | ) | (0.1 | ) | (0.1 | ) | |||||||||||||||||||||||||||||||
Net periodic cost (credit) | $ | (0.2 | ) | $ | (0.1 | ) | $ | (0.1 | ) | ||||||||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted average assumption used to calculate net periodic cost: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.7 | % | 3.9 | % | 4.4 | % | |||||||||||||||||||||||||||||||
Amount of Accumulated Other Comprehensive Income Expected To Be Recognized In Net Periodic Benefit Cost | The amount of AOCI expected to be recognized in net periodic benefit cost for the year ending December 31, 2015 is as follows: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Postretirement | |||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | — | $ | — | $ | — | $ | (0.1 | ) | ||||||||||||||||||||||||||||
Net actuarial loss (gain) | 5.7 | 1.2 | 6.9 | (0.2 | ) | ||||||||||||||||||||||||||||||||
$ | 5.7 | $ | 1.2 | $ | 6.9 | $ | (0.3 | ) | |||||||||||||||||||||||||||||
Reconciliation of Benefit Obligation Plan Assets and Funded Status of Pension and Postretirement Plans | The following table provides a reconciliation of the benefit obligation, plan assets and the funded status of the pension and postretirement plans as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
(in millions) | Domestic | Foreign | Total | Domestic | Foreign | Total | |||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 314.4 | $ | 71 | $ | 385.4 | $ | 348.4 | $ | 71.6 | $ | 420 | $ | 6.4 | $ | 7.6 | |||||||||||||||||||||
Service cost | — | 2.1 | 2.1 | — | 2.2 | 2.2 | — | — | |||||||||||||||||||||||||||||
Interest cost | 14.6 | 2.4 | 17 | 13.3 | 2.3 | 15.6 | 0.3 | 0.3 | |||||||||||||||||||||||||||||
Curtailments and settlements | (25.2 | ) | (0.9 | ) | (26.1 | ) | — | (1.6 | ) | (1.6 | ) | — | — | ||||||||||||||||||||||||
Amendments | — | (1.1 | ) | (1.1 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Actuarial loss (gain) | 24.2 | 12.6 | 36.8 | (26.1 | ) | (1.5 | ) | (27.6 | ) | 0.3 | (1.1 | ) | |||||||||||||||||||||||||
Participant contributions | — | — | — | — | — | — | 0.2 | 0.2 | |||||||||||||||||||||||||||||
Benefits paid | (19.4 | ) | (3.1 | ) | (22.5 | ) | (21.2 | ) | (2.7 | ) | (23.9 | ) | (0.4 | ) | (0.6 | ) | |||||||||||||||||||||
Foreign currency translation and other | — | (8.9 | ) | (8.9 | ) | — | 0.7 | 0.7 | — | — | |||||||||||||||||||||||||||
Benefit obligation at end of year (a) | 308.6 | 74.1 | 382.7 | 314.4 | 71 | 385.4 | 6.8 | 6.4 | |||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 270 | $ | 35.7 | $ | 305.7 | $ | 256.5 | $ | 33.5 | $ | 290 | $ | — | $ | — | |||||||||||||||||||||
Actual return on plan assets | 27.6 | 3 | 30.6 | 19.2 | 1.5 | 20.7 | — | — | |||||||||||||||||||||||||||||
Company contributions | 15.5 | 3.7 | 19.2 | 15.5 | 4.3 | 19.8 | 0.2 | 0.4 | |||||||||||||||||||||||||||||
Settlements | (25.2 | ) | (0.9 | ) | (26.1 | ) | — | (1.6 | ) | (1.6 | ) | — | — | ||||||||||||||||||||||||
Participant contributions | — | — | — | — | — | — | 0.2 | 0.2 | |||||||||||||||||||||||||||||
Benefits paid | (19.4 | ) | (3.1 | ) | (22.5 | ) | (21.2 | ) | (2.7 | ) | (23.9 | ) | (0.4 | ) | (0.6 | ) | |||||||||||||||||||||
Foreign currency translation and other | — | (3.4 | ) | (3.4 | ) | — | 0.7 | 0.7 | — | — | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | 268.5 | 35 | 303.5 | 270 | 35.7 | 305.7 | — | — | |||||||||||||||||||||||||||||
Net (liability) recognized in the consolidated balance sheet | $ | (40.1 | ) | $ | (39.1 | ) | $ | (79.2 | ) | $ | (44.4 | ) | $ | (35.3 | ) | $ | (79.7 | ) | $ | (6.8 | ) | $ | (6.4 | ) | |||||||||||||
Assumptions | |||||||||||||||||||||||||||||||||||||
Weighted average assumption used to calculate benefit obligation: | |||||||||||||||||||||||||||||||||||||
Discount rate | 3.9 | % | 2.23 | % | 3.58 | % | 4.8 | % | 3.58 | % | 4.58 | % | 3.9 | % | 4.7 | % | |||||||||||||||||||||
Rate of compensation increase | — | 2.44 | % | 2.44 | % | — | 2.5 | % | 2.5 | % | — | — | |||||||||||||||||||||||||
Healthcare cost trend rate: | |||||||||||||||||||||||||||||||||||||
Current | — | — | — | — | — | — | 6.45 | % | 6.6 | % | |||||||||||||||||||||||||||
Ultimate | — | — | — | — | — | — | 4.5 | % | 4.5 | % | |||||||||||||||||||||||||||
(a) | The accumulated benefit obligation for all defined benefit pension plans was $376 and $379 at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Company’s consolidated balance sheets at December 31, 2014 and 2013 consist of: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Other assets | $ | 5.4 | $ | 4.5 | $ | — | $ | — | |||||||||||||||||||||||||||||
Accrued benefit cost | (84.6 | ) | (84.2 | ) | (6.8 | ) | (6.4 | ) | |||||||||||||||||||||||||||||
Net amount recognized | $ | (79.2 | ) | $ | (79.7 | ) | $ | (6.8 | ) | $ | (6.4 | ) | |||||||||||||||||||||||||
Summary of Under-Funded or Non-Funded Pension Benefit Plans with Projected Benefit Obligation In Excess of Plan Assets | Summary of under-funded or non-funded pension benefit plans with projected benefit obligation in excess of plan assets at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 369 | $ | 368.6 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 284.5 | 284.4 | |||||||||||||||||||||||||||||||||||
Summary of Pension Plans with Accumulated Benefit Obligations In Excess of Plan Assets | Summary of pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
(in millions) | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 359.5 | $ | 362.9 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | 281.2 | 284.1 | |||||||||||||||||||||||||||||||||||
Activity for Level Three Pension Plan Assets | The activity for Level 3 pension plan assets for 2014 and 2013 is as follows: | ||||||||||||||||||||||||||||||||||||
Level 3 Pension Plan Assets | |||||||||||||||||||||||||||||||||||||
(in millions) | Domestic | Foreign | |||||||||||||||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 14.1 | $ | 16.2 | |||||||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||||||
Relating to assets held at year-end | (0.2 | ) | 0.5 | ||||||||||||||||||||||||||||||||||
Purchases, sales, settlements and other, net | (0.1 | ) | 0.6 | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 13.8 | $ | 17.3 | |||||||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||||||
Relating to assets held at year-end | 0.7 | 0.4 | |||||||||||||||||||||||||||||||||||
Relating to assets sold during the period | 0.2 | — | |||||||||||||||||||||||||||||||||||
Purchases, sales, settlements and other, net | (3.4 | ) | (2.2 | ) | |||||||||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 11.3 | $ | 15.5 | |||||||||||||||||||||||||||||||||
Expected Benefit Payments for Pension and Postretirement Plans | Information about the expected benefit payments for the Company’s pension and postretirement plans are as follows: | ||||||||||||||||||||||||||||||||||||
Years Ending December 31, | Pension | Postretirement | |||||||||||||||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
2015 | $ | 25.8 | $ | 0.5 | |||||||||||||||||||||||||||||||||
2016 | 24.4 | 0.5 | |||||||||||||||||||||||||||||||||||
2017 | 24.5 | 0.5 | |||||||||||||||||||||||||||||||||||
2018 | 24.2 | 0.5 | |||||||||||||||||||||||||||||||||||
2019 | 24.7 | 0.5 | |||||||||||||||||||||||||||||||||||
Next 5 years | 123.2 | 2.2 | |||||||||||||||||||||||||||||||||||
Pension Benefits, Domestic | |||||||||||||||||||||||||||||||||||||
Composition of Pension Plan Assets | The composition of domestic pension plan assets at December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Plan Assets – Domestic Plans | |||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Equity securities and funds: | |||||||||||||||||||||||||||||||||||||
Domestic | $ | 29 | $ | 10.2 | $ | — | $ | 39.2 | |||||||||||||||||||||||||||||
International | — | 40.4 | — | 40.4 | |||||||||||||||||||||||||||||||||
Fixed income securities and funds | 73.6 | 30.5 | — | 104.1 | |||||||||||||||||||||||||||||||||
Alternative investments | 24.5 | 48.8 | 10.2 | 83.5 | |||||||||||||||||||||||||||||||||
Cash and other | 0.2 | — | 1.1 | 1.3 | |||||||||||||||||||||||||||||||||
Total | $ | 127.3 | $ | 129.9 | $ | 11.3 | $ | 268.5 | |||||||||||||||||||||||||||||
Fair Value Measurements of Plan Assets – Domestic Plans | |||||||||||||||||||||||||||||||||||||
(in millions) | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Equity securities and funds: | |||||||||||||||||||||||||||||||||||||
Domestic | $ | 39.2 | $ | — | $ | — | $ | 39.2 | |||||||||||||||||||||||||||||
International | — | 50.2 | — | 50.2 | |||||||||||||||||||||||||||||||||
Fixed income securities and funds | 66.8 | 20.3 | — | 87.1 | |||||||||||||||||||||||||||||||||
Alternative investments | 26.2 | 50.7 | 12.7 | 89.6 | |||||||||||||||||||||||||||||||||
Cash and other | 2.8 | — | 1.1 | 3.9 | |||||||||||||||||||||||||||||||||
Total | $ | 135 | $ | 121.2 | $ | 13.8 | $ | 270 | |||||||||||||||||||||||||||||
Pension Benefits, Foreign | |||||||||||||||||||||||||||||||||||||
Composition of Pension Plan Assets | The composition of foreign pension plan assets at December 31, 2014 and 2013 is as follows: | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Plan Assets – Foreign Plans | |||||||||||||||||||||||||||||||||||||
(in millions) | December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Equity securities and funds | $ | 5.8 | $ | — | $ | — | $ | 5.8 | |||||||||||||||||||||||||||||
Fixed income securities and funds | 12.7 | — | — | 12.7 | |||||||||||||||||||||||||||||||||
Cash and other | 1 | — | 15.5 | 16.5 | |||||||||||||||||||||||||||||||||
Total | $ | 19.5 | $ | — | $ | 15.5 | $ | 35 | |||||||||||||||||||||||||||||
Fair Value Measurements of Plan Assets – Foreign Plans | |||||||||||||||||||||||||||||||||||||
(in millions) | 31-Dec-13 | ||||||||||||||||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||
Equity securities and funds | $ | 6 | $ | — | $ | — | $ | 6 | |||||||||||||||||||||||||||||
Fixed income securities and funds | 10.9 | — | — | 10.9 | |||||||||||||||||||||||||||||||||
Cash and other | 1.5 | — | 17.3 | 18.8 | |||||||||||||||||||||||||||||||||
Total | $ | 18.4 | $ | — | $ | 17.3 | $ | 35.7 | |||||||||||||||||||||||||||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Restructuring Costs | Restructuring costs for 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||
2014 | |||||||||||||||||||||
(in millions) | Employee | Other | Total | ||||||||||||||||||
Terminations | Charges | ||||||||||||||||||||
Branded Consumables | $ | 3.5 | $ | 0.1 | $ | 3.6 | |||||||||||||||
Consumer Solutions | 0.7 | 1.1 | 1.8 | ||||||||||||||||||
Outdoor Solutions | 2.1 | 0.2 | 2.3 | ||||||||||||||||||
Total | $ | 6.3 | $ | 1.4 | $ | 7.7 | |||||||||||||||
2013 | |||||||||||||||||||||
(in millions) | Employee | Other | Total | ||||||||||||||||||
Terminations | Charges | ||||||||||||||||||||
Branded Consumables | $ | 4.8 | $ | 2.2 | $ | 7 | |||||||||||||||
Consumer Solutions | 2.9 | 0.4 | 3.3 | ||||||||||||||||||
Outdoor Solutions | 7.7 | 4 | 11.7 | ||||||||||||||||||
Total | $ | 15.4 | $ | 6.6 | $ | 22 | |||||||||||||||
2012 | |||||||||||||||||||||
(in millions) | Employee | Other | Total | ||||||||||||||||||
Terminations | Charges | ||||||||||||||||||||
Branded Consumables | $ | 0.4 | $ | — | $ | 0.4 | |||||||||||||||
Consumer Solutions | 12 | 2.1 | 14.1 | ||||||||||||||||||
Outdoor Solutions | 2.4 | 10.2 | 12.6 | ||||||||||||||||||
Total | $ | 14.8 | $ | 12.3 | $ | 27.1 | |||||||||||||||
Accrued Restructuring Costs Activity | Accrued restructuring costs activity for 2014 and 2013 are as follows: | ||||||||||||||||||||
(in millions) | Accrual | Restructuring | Payments | Foreign | Accrual | ||||||||||||||||
Balance at | Costs, net | Currency | Balance at | ||||||||||||||||||
December 31, | and Other | December 31, | |||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Severance and other employee-related (a) | $ | 16.6 | $ | 6.3 | $ | (17.2 | ) | $ | (0.3 | ) | $ | 5.4 | |||||||||
Other costs (b) | 13.4 | 1.4 | (9.4 | ) | — | 5.4 | |||||||||||||||
Total | $ | 30 | $ | 7.7 | $ | (26.6 | ) | $ | (0.3 | ) | $ | 10.8 | |||||||||
(in millions) | Accrual | Restructuring | Payments | Foreign | Accrual | ||||||||||||||||
Balance at | Costs, net | Currency | Balance at | ||||||||||||||||||
December 31, | and Other | December 31, | |||||||||||||||||||
2012 | 2013 | ||||||||||||||||||||
Severance and other employee-related (a) | $ | 12.9 | $ | 15.4 | $ | (11.8 | ) | $ | 0.1 | $ | 16.6 | ||||||||||
Other costs (b) | 12.8 | 6.6 | (6.0 | ) | – | 13.4 | |||||||||||||||
Total | $ | 25.7 | $ | 22 | $ | (17.8 | ) | $ | 0.1 | $ | 30 | ||||||||||
(a) | For 2014 and 2013, the total headcount underlying these costs is approximately 2,850 and 2,840, respectively. At December 31, 2014, approximately 75 employees have not been terminated under the plans. The amounts accrued at December 31, 2014 for severance and other employee-related are expected to be paid through 2015. | ||||||||||||||||||||
(b) | Amounts accrued at December 31, 2014 for other costs (principally lease and contract termination costs) are expected to be paid through 2016. |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Segment Information | Segment information as of and for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 2,993.60 | $ | 2,211.60 | $ | 2,739.20 | $ | 427.5 | $ | (84.8 | ) | $ | 8,287.10 | $ | — | $ | 8,287.10 | ||||||||||||||||
Segment earnings (loss) | 520.6 | 358 | 302.3 | 52 | — | 1,232.90 | (128.9 | ) | 1,104.00 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (2.1 | ) | (21.3 | ) | — | — | — | (23.4 | ) | — | (23.4 | ) | |||||||||||||||||||||
Restructuring costs | (3.6 | ) | (1.8 | ) | (2.3 | ) | — | — | (7.7 | ) | — | (7.7 | ) | ||||||||||||||||||||
Acquisition-related and other costs, net (a) | (19.6 | ) | 27.8 | (41.1 | ) | — | — | (32.9 | ) | (9.1 | ) | (42.0 | ) | ||||||||||||||||||||
Venezuela foreign exchange-related charges | — | — | — | — | — | — | (174.6 | ) | (174.6 | ) | |||||||||||||||||||||||
Impairment of goodwill, intangibles and other assets | (13.9 | ) | (0.7 | ) | (9.9 | ) | (0.9 | ) | — | (25.4 | ) | — | (25.4 | ) | |||||||||||||||||||
Depreciation and amortization | (86.1 | ) | (32.4 | ) | (55.6 | ) | (11.3 | ) | — | (185.4 | ) | (5.7 | ) | (191.1 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 395.3 | $ | 329.6 | $ | 193.4 | $ | 39.8 | $ | — | $ | 958.1 | $ | (318.3 | ) | $ | 639.8 | ||||||||||||||||
Other segment data: | |||||||||||||||||||||||||||||||||
Total assets | $ | 4,223.10 | $ | 2,516.50 | $ | 2,829.40 | $ | 194.1 | $ | — | $ | 9,763.10 | $ | 1,036.20 | $ | 10,799.30 | |||||||||||||||||
Capital expenditures | 92.3 | 28.6 | 57.3 | 17.6 | — | 195.8 | 6.3 | 202.1 | |||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 2,266.60 | $ | 2,040.00 | $ | 2,724.40 | $ | 403.6 | $ | (78.7 | ) | $ | 7,355.90 | $ | — | $ | 7,355.90 | ||||||||||||||||
Segment earnings (loss) | 411.1 | 307.2 | 298.4 | 51.7 | — | 1,068.40 | (132.4 | ) | 936 | ||||||||||||||||||||||||
Adjustments to reconcile to reported operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | (82.4 | ) | — | (7.4 | ) | — | — | (89.8 | ) | — | (89.8 | ) | |||||||||||||||||||||
Restructuring costs, net | (7.0 | ) | (3.3 | ) | (11.7 | ) | — | — | (22.0 | ) | — | (22.0 | ) | ||||||||||||||||||||
Acquisition-related and other costs, net (b) | (7.4 | ) | (1.4 | ) | (25.9 | ) | — | — | (34.7 | ) | 17.1 | (17.6 | ) | ||||||||||||||||||||
Venezuela foreign exchange-related charges | — | — | — | — | — | — | (29.0 | ) | (29.0 | ) | |||||||||||||||||||||||
Other (c) | — | — | — | — | — | — | (38.8 | ) | (38.8 | ) | |||||||||||||||||||||||
Depreciation and amortization | (60.8 | ) | (32.5 | ) | (57.3 | ) | (11.3 | ) | — | (161.9 | ) | (4.0 | ) | (165.9 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 253.5 | $ | 270 | $ | 196.1 | $ | 40.4 | $ | — | $ | 760 | $ | (187.1 | ) | $ | 572.9 | ||||||||||||||||
Other segment data: | |||||||||||||||||||||||||||||||||
Total assets | $ | 4,131.60 | $ | 2,055.60 | $ | 2,892.70 | $ | 183 | $ | — | $ | 9,262.90 | $ | 833.2 | $ | 10,096.10 | |||||||||||||||||
Capital expenditures | 39 | 39 | 87.2 | 8.4 | — | 173.6 | 37.4 | 211 | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
(in millions) | Branded | Consumer | Outdoor | Process | Intercompany | Total | Corporate/ | Consolidated | |||||||||||||||||||||||||
Consumables | Solutions | Solutions | Solutions | Eliminations | Operating | Unallocated | |||||||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||||||
Net sales | $ | 1,753.10 | $ | 1,940.90 | $ | 2,692.90 | $ | 377.1 | $ | (67.9 | ) | $ | 6,696.10 | $ | — | $ | 6,696.10 | ||||||||||||||||
Segment earnings (loss) | 259.2 | 285.9 | 325.2 | 47.1 | — | 917.4 | (103.6 | ) | 813.8 | ||||||||||||||||||||||||
Adjustments to reconcile to reported | |||||||||||||||||||||||||||||||||
operating earnings (loss): | |||||||||||||||||||||||||||||||||
Fair market value adjustment to inventory | — | (3.2 | ) | (2.8 | ) | — | — | (6.0 | ) | — | (6.0 | ) | |||||||||||||||||||||
Restructuring costs | (0.4 | ) | (14.1 | ) | (12.6 | ) | — | — | (27.1 | ) | — | (27.1 | ) | ||||||||||||||||||||
Acquisition-related and other costs, net | (3.8 | ) | (1.6 | ) | (3.9 | ) | — | — | (9.3 | ) | (8.2 | ) | (17.5 | ) | |||||||||||||||||||
Other (d) | — | — | — | — | — | — | (33.6 | ) | (33.6 | ) | |||||||||||||||||||||||
Depreciation and amortization | (46.0 | ) | (34.7 | ) | (55.2 | ) | (13.5 | ) | — | (149.4 | ) | (3.4 | ) | (152.8 | ) | ||||||||||||||||||
Operating earnings (loss) | $ | 209 | $ | 232.3 | $ | 250.7 | $ | 33.6 | $ | — | $ | 725.6 | $ | (148.8 | ) | $ | 576.8 | ||||||||||||||||
Other segment data: | |||||||||||||||||||||||||||||||||
Capital expenditures | $ | 30.9 | $ | 53.6 | $ | 55 | $ | 9.9 | $ | — | $ | 149.4 | $ | 5.1 | $ | 154.5 | |||||||||||||||||
(a) | Consolidated amount includes a gain of $38.7 on the sale of an Asian manufacturing facility recorded in the Consumer Solutions segment. | ||||||||||||||||||||||||||||||||
(b) | Consolidated amount includes a net gain on the sale of certain domestic assets recorded in the Corporate segment. | ||||||||||||||||||||||||||||||||
(c) | Represents stock-based compensation related to a grant of common stock to certain executive officers (see Note 13). | ||||||||||||||||||||||||||||||||
(d) | Represents cumulative stock-based compensation related to certain restricted share awards where compensation expense was not previously recognized as the achievement of the performance targets was not deemed probable (see Note 13). | ||||||||||||||||||||||||||||||||
Geographic Information | Geographic information as of and for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||
(in millions) | Domestic | International | Total | ||||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||||||
Net sales | $ | 5,085.20 | $ | 3,201.90 | $ | 8,287.10 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 516 | 333.9 | 849.9 | ||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
Net sales | $ | 4,482.70 | $ | 2,873.20 | $ | 7,355.90 | |||||||||||||||||||||||||||
Property, plant and equipment, net | 464.7 | 387.9 | 852.6 | ||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
Net sales | $ | 4,078.50 | $ | 2,617.60 | $ | 6,696.10 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accumulated Other Comprehensive Income Activity | AOCI activity for 2014 is as follows: | ||||||||||||||||||||
(in millions) | Cumulative | Derivative | Accrued | Unrealized | AOCI | ||||||||||||||||
Translation | Financial | Benefit Cost | Gain On | ||||||||||||||||||
Adjustment | Instruments | Investment | |||||||||||||||||||
AOCI at December 31, 2013 | $ | (13.6 | ) | $ | 1 | $ | (46.3 | ) | $ | 0.3 | $ | (58.6 | ) | ||||||||
AOCI activity, net of tax: | |||||||||||||||||||||
OCI excluding reclassifications | (125.9 | ) | 16.6 | (10.8 | ) | (0.3 | ) | (120.4 | ) | ||||||||||||
Reclassifications to earnings | — | (4.2 | ) | 2.5 | — | (1.7 | ) | ||||||||||||||
OCI, net of tax | (125.9 | ) | 12.4 | (8.3 | ) | (0.3 | ) | (122.1 | ) | ||||||||||||
AOCI at December 31, 2014 | $ | (139.5 | ) | $ | 13.4 | $ | (54.6 | ) | $ | — | $ | (180.7 | ) | ||||||||
Income Tax (Provision) Benefit Allocated to Components of Other Comprehensive Income | The income tax (provision) benefit allocated to the components of OCI for 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | ||||||||||||||||||
Cumulative translation adjustment | $ | (12.5 | ) | $ | — | $ | — | ||||||||||||||
Derivative financial instruments | (6.0 | ) | (2.3 | ) | 0.7 | ||||||||||||||||
Accrued benefit cost | 4.2 | (14.5 | ) | 3.3 | |||||||||||||||||
Unrealized gain on investment | 0.1 | — | (0.2 | ) | |||||||||||||||||
Income tax (provision) benefit related to OCI | $ | (14.2 | ) | $ | (16.8 | ) | $ | 3.8 | |||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Condensed Consolidating Results of Operations | Condensed Consolidating Results of Operations | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 5,678.90 | $ | 3,407.10 | $ | (798.9 | ) | $ | 8,287.10 | ||||||||||
Cost of sales | — | 4,064.80 | 2,388.30 | (798.9 | ) | 5,654.20 | |||||||||||||||
Gross profit | — | 1,614.10 | 1,018.80 | — | 2,632.90 | ||||||||||||||||
Selling, general and administrative expenses | 104.8 | 1,130.30 | 724.9 | — | 1,960.00 | ||||||||||||||||
Restructuring costs, net | — | — | 7.7 | — | 7.7 | ||||||||||||||||
Impairment of goodwill, intangibles and other assets | — | 23.2 | 2.2 | — | 25.4 | ||||||||||||||||
Operating earnings (loss) | (104.8 | ) | 460.6 | 284 | — | 639.8 | |||||||||||||||
Interest expense, net | 171.9 | 31.3 | 7.1 | — | 210.3 | ||||||||||||||||
Loss on early extinguishment of debt | 56.7 | — | — | — | 56.7 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (333.4 | ) | 429.3 | 276.9 | — | 372.8 | |||||||||||||||
Income tax provision (benefit) | (126.1 | ) | 162.4 | 94 | — | 130.3 | |||||||||||||||
Equity earnings of subsidiaries | 449.8 | 156.1 | — | (605.9 | ) | — | |||||||||||||||
Net income (loss) | 242.5 | 423 | 182.9 | (605.9 | ) | 242.5 | |||||||||||||||
Other comprehensive income (loss), net of tax | (122.1 | ) | (160.9 | ) | (191.8 | ) | 352.7 | (122.1 | ) | ||||||||||||
Comprehensive income (loss) | $ | 120.4 | $ | 262.1 | $ | (8.9 | ) | $ | (253.2 | ) | $ | 120.4 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 4,930.50 | $ | 3,191.70 | $ | (766.3 | ) | $ | 7,355.90 | ||||||||||
Cost of sales | — | 3,732.30 | 2,275.20 | (766.3 | ) | 5,241.20 | |||||||||||||||
Gross profit | — | 1,198.20 | 916.5 | — | 2,114.70 | ||||||||||||||||
Selling, general and administrative expenses | 133.8 | 804.6 | 581.4 | — | 1,519.80 | ||||||||||||||||
Restructuring costs, net | — | 5.8 | 16.2 | — | 22 | ||||||||||||||||
Operating earnings (loss) | (133.8 | ) | 387.8 | 318.9 | — | 572.9 | |||||||||||||||
Interest expense, net | 199.3 | (21.8 | ) | 17.9 | — | 195.4 | |||||||||||||||
Loss on early extinguishment of debt | 25.9 | — | — | — | 25.9 | ||||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (359.0 | ) | 409.6 | 301 | — | 351.6 | |||||||||||||||
Income tax provision (benefit) | (124.9 | ) | 165.9 | 106.7 | — | 147.7 | |||||||||||||||
Equity earnings of subsidiaries | 438 | 145 | — | (583.0 | ) | — | |||||||||||||||
Net income (loss) | 203.9 | 388.7 | 194.3 | (583.0 | ) | 203.9 | |||||||||||||||
Other comprehensive income (loss), net of tax | (5.2 | ) | (2.0 | ) | (26.1 | ) | 28.1 | (5.2 | ) | ||||||||||||
Comprehensive income (loss) | $ | 198.7 | $ | 386.7 | $ | 168.2 | $ | (554.9 | ) | $ | 198.7 | ||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net sales | $ | — | $ | 4,448.10 | $ | 2,952.20 | $ | (704.2 | ) | $ | 6,696.10 | ||||||||||
Cost of sales | — | 3,354.80 | 2,121.10 | (704.2 | ) | 4,771.70 | |||||||||||||||
Gross profit | — | 1,093.30 | 831.1 | — | 1,924.40 | ||||||||||||||||
Selling, general and administrative expenses | 84.6 | 688.3 | 547.6 | — | 1,320.50 | ||||||||||||||||
Restructuring cost, net | — | 12.4 | 14.7 | — | 27.1 | ||||||||||||||||
Operating earnings (loss) | (84.6 | ) | 392.6 | 268.8 | — | 576.8 | |||||||||||||||
Interest expense, net | 213.3 | (53.7 | ) | 25.7 | — | 185.3 | |||||||||||||||
Income (loss) before taxes and equity earnings of subsidiaries | (297.9 | ) | 446.3 | 243.1 | — | 391.5 | |||||||||||||||
Income tax provision (benefit) | (113.6 | ) | 194.9 | 66.3 | — | 147.6 | |||||||||||||||
Equity earnings of subsidiaries | 428.2 | 163.1 | — | (591.3 | ) | — | |||||||||||||||
Net income (loss) | 243.9 | 414.5 | 176.8 | (591.3 | ) | 243.9 | |||||||||||||||
Other comprehensive income (loss), net of tax | 3.3 | 12.4 | 9.1 | (21.5 | ) | 3.3 | |||||||||||||||
Comprehensive income (loss) | $ | 247.2 | $ | 426.9 | $ | 185.9 | $ | (612.8 | ) | $ | 247.2 | ||||||||||
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 728.8 | $ | 9.3 | $ | 426.7 | $ | — | $ | 1,164.80 | |||||||||||
Accounts receivable | — | 1.2 | 1,276.70 | — | 1,277.90 | ||||||||||||||||
Inventories | — | 919.4 | 585.3 | — | 1,504.70 | ||||||||||||||||
Other current assets | 38.3 | 161.7 | 170.6 | — | 370.6 | ||||||||||||||||
Total current assets | 767.1 | 1,091.60 | 2,459.30 | — | 4,318.00 | ||||||||||||||||
Property, plant and equipment, net | 47 | 456.5 | 346.4 | — | 849.9 | ||||||||||||||||
Goodwill | — | 2,572.00 | 308.2 | — | 2,880.20 | ||||||||||||||||
Intangibles, net | — | 2,350.70 | 247.8 | — | 2,598.50 | ||||||||||||||||
Intercompany receivables | 4,641.20 | 4,758.60 | 4,547.70 | (13,947.5 | ) | — | |||||||||||||||
Investment in subsidiaries | 7,111.30 | 2,029.10 | — | (9,140.4 | ) | — | |||||||||||||||
Other non-current assets | 56.4 | 26.9 | 69.4 | — | 152.7 | ||||||||||||||||
Total assets | $ | 12,623.00 | $ | 13,285.40 | $ | 7,978.80 | $ | (23,087.9 | ) | $ | 10,799.30 | ||||||||||
Liabilities and stockholders’ equity: | |||||||||||||||||||||
Short-term debt and current portion of long-term debt | $ | 47 | $ | 1.6 | $ | 546.3 | $ | — | $ | 594.9 | |||||||||||
Accounts payable | 8.7 | 529.8 | 271.4 | — | 809.9 | ||||||||||||||||
Other current liabilities | 63.6 | 337.4 | 271.4 | — | 672.4 | ||||||||||||||||
Total current liabilities | 119.3 | 868.8 | 1,089.10 | — | 2,077.20 | ||||||||||||||||
Long-term debt | 4,442.00 | 4.2 | 17.8 | — | 4,464.00 | ||||||||||||||||
Intercompany payables | 5,197.40 | 4,044.00 | 4,706.10 | (13,947.5 | ) | — | |||||||||||||||
Deferred taxes on income | 100.4 | 1,039.30 | 82.4 | — | 1,222.10 | ||||||||||||||||
Other non-current liabilities | 154.6 | 160.5 | 111.6 | — | 426.7 | ||||||||||||||||
Total stockholders’ equity | 2,609.30 | 7,168.60 | 1,971.80 | (9,140.4 | ) | 2,609.30 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 12,623.00 | $ | 13,285.40 | $ | 7,978.80 | $ | (23,087.9 | ) | $ | 10,799.30 | ||||||||||
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 | ||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash provided by (used in) operating activities: | $ | (145.5 | ) | $ | 555.1 | $ | 236.5 | $ | (19.1 | ) | $ | 627 | |||||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | — | 25.4 | — | 25.4 | ||||||||||||||||
(Payments on) proceeds from intercompany transactions | 11.8 | (74.9 | ) | 44 | 19.1 | — | |||||||||||||||
Proceeds from issuance of long-term debt | 1,752.50 | 1.6 | 10.7 | — | 1,764.80 | ||||||||||||||||
Payments on long-term debt | (1,245.7 | ) | (1.5 | ) | (0.8 | ) | — | (1,248.0 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | (285.3 | ) | — | — | — | (285.3 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 38 | — | — | — | 38 | ||||||||||||||||
Other | (21.4 | ) | (7.6 | ) | (0.4 | ) | — | (29.4 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 249.9 | (82.4 | ) | 78.9 | 19.1 | 265.5 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (6.2 | ) | (129.0 | ) | (66.9 | ) | — | (202.1 | ) | ||||||||||||
Acquisition of business, net of cash acquired | — | (340.5 | ) | (176.9 | ) | — | (517.4 | ) | |||||||||||||
Other | (0.2 | ) | (7.4 | ) | 15.6 | — | 8 | ||||||||||||||
Net cash used in investing activities | (6.4 | ) | (476.9 | ) | (228.2 | ) | — | (711.5 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (144.7 | ) | — | (144.7 | ) | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 98 | (4.2 | ) | (57.5 | ) | — | 36.3 | ||||||||||||||
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 | $ | 728.8 | $ | 9.3 | $ | 426.7 | $ | — | $ | 1,164.80 | |||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash provided by (used in) operating activities: | $ | (180.6 | ) | $ | 675.2 | $ | 182.8 | $ | (8.9 | ) | $ | 668.5 | |||||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | (0.1 | ) | 102.1 | — | 102 | |||||||||||||||
(Payments on) proceeds from intercompany transactions | 775.4 | (567.5 | ) | (200.5 | ) | (7.4 | ) | — | |||||||||||||
Proceeds from issuance of long-term debt | 1,261.50 | — | 11.9 | — | 1,273.40 | ||||||||||||||||
Payments on long-term debt | (404.5 | ) | (1.8 | ) | (1.4 | ) | — | (407.7 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | 450.5 | — | — | — | 450.5 | ||||||||||||||||
Excess tax benefits from stock-based compensation | 11.6 | — | — | — | 11.6 | ||||||||||||||||
Other | (19.2 | ) | (4.4 | ) | (0.6 | ) | — | (24.2 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 2,075.30 | (573.8 | ) | (88.5 | ) | (7.4 | ) | 1,405.60 | |||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (37.5 | ) | (77.7 | ) | (95.8 | ) | — | (211.0 | ) | ||||||||||||
Acquisition of business, net of cash acquired | (1,807.4 | ) | — | (12.7 | ) | — | (1,820.1 | ) | |||||||||||||
Intercompany investing activities, net | — | (16.3 | ) | — | 16.3 | — | |||||||||||||||
Other | 20.8 | 1.2 | 51.7 | — | 73.7 | ||||||||||||||||
Net cash used in investing activities | (1,824.1 | ) | (92.8 | ) | (56.8 | ) | 16.3 | (1,957.4 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | (22.3 | ) | — | (22.3 | ) | ||||||||||||||
Net increase in cash and cash equivalents | 70.6 | 8.6 | 15.2 | — | 94.4 | ||||||||||||||||
Cash and cash equivalents at beginning of year | 560.2 | 4.9 | 469 | — | 1,034.10 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 630.8 | $ | 13.5 | $ | 484.2 | $ | — | $ | 1,128.50 | |||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(in millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||
Net cash provided by (used in) operating activities: | $ | (171.4 | ) | $ | 463.5 | $ | 207.9 | $ | (19.7 | ) | $ | 480.3 | |||||||||
Financing activities: | |||||||||||||||||||||
Net change in short-term debt | — | — | 74.7 | — | 74.7 | ||||||||||||||||
(Payments on) proceeds from intercompany transactions | 409.6 | (421.3 | ) | (8.0 | ) | 19.7 | — | ||||||||||||||
Proceeds from issuance of long-term debt | 800 | 0.5 | 2 | — | 802.5 | ||||||||||||||||
Payments on long-term debt | (166.0 | ) | (0.4 | ) | (6.3 | ) | — | (172.7 | ) | ||||||||||||
Issuance (repurchase) of common stock, net | (557.9 | ) | — | — | — | (557.9 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 43 | — | — | — | 43 | ||||||||||||||||
Other | (24.4 | ) | — | (0.5 | ) | — | (24.9 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 504.3 | (421.2 | ) | 61.9 | 19.7 | 164.7 | |||||||||||||||
Investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (5.2 | ) | (67.0 | ) | (82.3 | ) | — | (154.5 | ) | ||||||||||||
Acquisition of business, net of cash acquired | (104.2 | ) | (3.0 | ) | (179.1 | ) | — | (286.3 | ) | ||||||||||||
Other | 1.3 | 4.2 | 7.8 | — | 13.3 | ||||||||||||||||
Net cash used in investing activities | (108.1 | ) | (65.8 | ) | (253.6 | ) | — | (427.5 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | — | 8.3 | — | 8.3 | ||||||||||||||||
Net decrease in cash and cash equivalents | 224.8 | (23.5 | ) | 24.5 | — | 225.8 | |||||||||||||||
Cash and cash equivalents at beginning of year | 335.4 | 28.4 | 444.5 | — | 808.3 | ||||||||||||||||
Cash and cash equivalents at end of year | $ | 560.2 | $ | 4.9 | $ | 469 | $ | — | $ | 1,034.10 | |||||||||||
Business_and_Significant_Accou3
Business and Significant Accounting Policies - Additional information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 24, 2014 | Feb. 08, 2013 |
Segment | |||||
Supplementary Information [Line Items] | |||||
Operating business segments | 3 | ||||
Common stock, par value | $0.01 | $0.01 | |||
Stock-based compensation costs | $49.70 | $95.80 | $67.10 | ||
Interest income | 7.2 | 6 | 6.7 | ||
Foreign currency transaction gains/(losses) | -2 | -6.4 | 1.9 | ||
Foreign exchange-related charges | 174.6 | 29 | |||
Advertising cost | 189 | 172 | 156 | ||
Customer Concentration Risk | |||||
Supplementary Information [Line Items] | |||||
Concentrations of credit risk, percentage of sales to single customer | 15.00% | 17.00% | 20.00% | ||
Stock Split | |||||
Supplementary Information [Line Items] | |||||
Stock split additional shares issuable | One additional share of common stock for every two shares of common stock. | ||||
Stock split conversion ratio | 1.5 | ||||
Common stock, par value | $0.01 | ||||
Venezuela | |||||
Supplementary Information [Line Items] | |||||
Net monetary assets | 22 | ||||
Foreign exchange-related charges | $151 | ||||
Venezuela | SICAD | |||||
Supplementary Information [Line Items] | |||||
Foreign currency exchange rate | 12 | ||||
Venezuela | SICAD-II | |||||
Supplementary Information [Line Items] | |||||
Foreign currency exchange rate | 50 | ||||
Venezuela | Official Rate | |||||
Supplementary Information [Line Items] | |||||
Foreign currency exchange rate | 6.3 | 6.3 |
Useful_Lives_of_Property_Plant
Useful Lives of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful lives | 5 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful lives | 45 years |
Machinery, equipment and tooling | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful lives | 3 years |
Machinery, equipment and tooling | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful lives | 25 years |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful lives | 3 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment useful lives | 10 years |
Assets_and_Liabilities_Measure
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivatives assets | $29.30 | [1] | $19.50 | [1] | |
Derivatives liabilities | -23.5 | [1] | -19.7 | [1] | |
Contingent consideration | 32.6 | 43 | 33.5 | ||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivatives assets | 29.3 | 19.5 | |||
Derivatives liabilities | -23.5 | -19.7 | |||
Available-for-sale securities | 1.5 | 12 | |||
Contingent consideration | -32.6 | -43 | |||
Level 2 | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivatives assets | 29.3 | 19.5 | |||
Derivatives liabilities | -23.5 | -19.7 | |||
Available-for-sale securities | 1.5 | 12 | |||
Level 3 | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration | ($32.60) | ($43) | |||
[1] | Consolidated balance sheet location: Asset: Other current and non-current assets Liability: Other current and non-current liabilities |
Changes_in_Fair_Value_of_Conti
Changes in Fair Value of Contingent Consideration Obligations (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Changes in Fair Value of Contingent Consideration [Line Items] | ||
Contingent consideration, beginning balance | $43 | $33.50 |
Acquisitions | 1.4 | 27.5 |
Payments | -9.2 | -4.5 |
Adjustments and foreign exchange | -2.6 | -13.5 |
Contingent consideration, ending balance | $32.60 | $43 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 29, 2014 | Oct. 03, 2013 |
Entity | Entity | ||||
Business Acquisition [Line Items] | |||||
Purchase price allocation, goodwill | $2,880.20 | $2,620.30 | $1,824 | ||
Number of other tuck-in acquisitions | 2 | 1 | |||
Net sales | 8,287.10 | 7,355.90 | 6,696.10 | ||
Operating earnings (loss) | 639.8 | 572.9 | 576.8 | ||
Cost of Sales | |||||
Business Acquisition [Line Items] | |||||
Amount of acquisition-related profit in inventory included in cost of sales | 23.4 | 89.8 | 6 | ||
SG&A | |||||
Business Acquisition [Line Items] | |||||
Non-recurring charges related to acquisition | 7.2 | 2.8 | 3.5 | ||
Rexair Holdings Inc | |||||
Business Acquisition [Line Items] | |||||
Total value of the transaction of businesses acquisition | 349 | ||||
Purchase price allocation, identifiable tangible net liabilities excluding debt repaid | 47 | ||||
Purchase price allocation, identifiable intangible assets | 203 | ||||
Purchase price allocation, goodwill | 193 | ||||
Yankee Candle | |||||
Business Acquisition [Line Items] | |||||
Total value of the transaction of businesses acquisition | 1,800 | ||||
Net sales | 344 | ||||
Operating earnings (loss) | 28 | ||||
Amortization of purchased intangible assets from acquisition | 4.4 | ||||
Non-recurring charges related to acquisition | $82.60 |
Unaudited_Proforma_Financial_I
Unaudited Proforma Financial Information (Detail) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information [Line Items] | ||
Net sales | $7,893.40 | $7,540.30 |
Net income | $274.40 | $276.30 |
Earnings per share: | ||
Basic | $1.46 | $1.37 |
Diluted | $1.45 | $1.37 |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ||
Raw materials and supplies | $250 | $227.60 |
Work-in-process | 71 | 79.6 |
Finished goods | 1,183.70 | 1,104.70 |
Total | $1,504.70 | $1,411.90 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $1,932.80 | $1,864.40 |
Less: Accumulated depreciation | -1,082.90 | -1,011.80 |
Total property, plant and equipment, net | 849.9 | 852.6 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 62.5 | 62.7 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 460.1 | 427.3 |
Machinery, equipment and tooling | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | 1,311.40 | 1,229.80 |
Construction in Progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, gross | $98.80 | $144.60 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation of property, plant and equipment | $164 | $144 | $135 |
Goodwill_Activity_Detail
Goodwill Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Goodwill, Net Book Value Beginning Balance | $2,620.30 | $1,824 | |
Goodwill, Additions | 267.5 | 802.3 | |
Goodwill, Foreign Exchange and Other Adjustments | -7.6 | -6 | |
Goodwill, Gross Carrying Amount | 3,121.90 | 2,862 | |
Goodwill, Accumulated Impairment Charges | -241.7 | -241.7 | |
Goodwill, Net Book Value Ending Balance | 2,880.20 | 2,620.30 | |
Outdoor Solutions | |||
Goodwill [Line Items] | |||
Goodwill, Net Book Value Beginning Balance | 718.5 | 723.1 | |
Goodwill, Foreign Exchange and Other Adjustments | -2.8 | -4.6 | |
Goodwill, Gross Carrying Amount | 734.2 | 737 | |
Goodwill, Accumulated Impairment Charges | -18.5 | -18.5 | |
Goodwill, Net Book Value Ending Balance | 715.7 | 718.5 | |
Consumer Solutions | |||
Goodwill [Line Items] | |||
Goodwill, Net Book Value Beginning Balance | 526.3 | 527.1 | |
Goodwill, Additions | 244.5 | ||
Goodwill, Foreign Exchange and Other Adjustments | -13.1 | -0.8 | |
Goodwill, Gross Carrying Amount | 757.7 | 526.3 | |
Goodwill, Net Book Value Ending Balance | 757.7 | 526.3 | |
Branded Consumables | |||
Goodwill [Line Items] | |||
Goodwill, Net Book Value Beginning Balance | 1,353.80 | 552.1 | |
Goodwill, Additions | 23 | 802.3 | |
Goodwill, Foreign Exchange and Other Adjustments | 8.3 | -0.6 | |
Goodwill, Gross Carrying Amount | 1,608.30 | 1,577 | |
Goodwill, Accumulated Impairment Charges | -223.2 | -223.2 | |
Goodwill, Net Book Value Ending Balance | 1,385.10 | 1,353.80 | |
Process Solutions | |||
Goodwill [Line Items] | |||
Goodwill, Net Book Value Beginning Balance | 21.7 | ||
Goodwill, Gross Carrying Amount | 21.7 | 21.7 | |
Goodwill, Net Book Value Ending Balance | $21.70 | $21.70 | $21.70 |
Intangibles_Activity_Detail
Intangibles Activity (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible Assets by Major [Line Items] | ||
Intangibles, Gross Carrying Amount at beginning of period | $2,517.10 | $1,360.50 |
Intangibles, Additions | 287.4 | 1,156.60 |
Impairment Charge | -25.4 | |
Intangibles, Accumulated Amortization and Foreign Exchange | -180.6 | -124.1 |
Intangibles, Net Book Value at end of period | 2,598.50 | 2,393 |
Patents | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Gross Carrying Amount at beginning of period | 9.3 | 9.3 |
Intangibles, Accumulated Amortization and Foreign Exchange | -4.5 | -3.7 |
Intangibles, Net Book Value at end of period | 4.8 | 5.6 |
Manufacturing Process And Expertise | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Gross Carrying Amount at beginning of period | 56.2 | 44.2 |
Intangibles, Additions | 9 | 12 |
Intangibles, Accumulated Amortization and Foreign Exchange | -45.7 | -42.3 |
Intangibles, Net Book Value at end of period | 19.5 | 13.9 |
Brand Names | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Gross Carrying Amount at beginning of period | 23.3 | 18.3 |
Intangibles, Additions | 5 | |
Intangibles, Accumulated Amortization and Foreign Exchange | -10.5 | -8.2 |
Intangibles, Net Book Value at end of period | 12.8 | 15.1 |
Customer Relationships And Distributor Channels | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Gross Carrying Amount at beginning of period | 347.4 | 307.8 |
Intangibles, Additions | 202.2 | 39.6 |
Intangibles, Accumulated Amortization and Foreign Exchange | -100.6 | -69.7 |
Intangibles, Net Book Value at end of period | 449 | 277.7 |
Trademarks And Tradenames | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Gross Carrying Amount at beginning of period | 2,080.90 | 980.9 |
Intangibles, Additions | 76.2 | 1,100 |
Impairment Charge | -25.4 | |
Intangibles, Accumulated Amortization and Foreign Exchange | -19.3 | -0.2 |
Intangibles, Net Book Value at end of period | $2,112.40 | $2,080.70 |
Minimum | Patents | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Amortization Periods | 12 years | 12 years |
Minimum | Manufacturing Process And Expertise | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Amortization Periods | 3 years | 3 years |
Minimum | Brand Names | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Amortization Periods | 4 years | 4 years |
Minimum | Customer Relationships And Distributor Channels | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Amortization Periods | 10 years | 10 years |
Maximum | Patents | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Amortization Periods | 30 years | 30 years |
Maximum | Manufacturing Process And Expertise | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Amortization Periods | 7 years | 7 years |
Maximum | Brand Names | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Amortization Periods | 20 years | 20 years |
Maximum | Customer Relationships And Distributor Channels | ||
Intangible Assets by Major [Line Items] | ||
Intangibles, Amortization Periods | 35 years | 35 years |
Impairment_Charges_Allocated_t
Impairment Charges Allocated to Company's Reporting Segments (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of intangibles | $25.40 |
Trademarks And Tradenames | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of intangibles | 25.4 |
Trademarks And Tradenames | Branded Consumables | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of intangibles | 13.9 |
Trademarks And Tradenames | Consumer Solutions | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of intangibles | 0.7 |
Trademarks And Tradenames | Outdoor Solutions | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of intangibles | 9.9 |
Trademarks And Tradenames | Process Solutions | |
Indefinite-lived Intangible Assets [Line Items] | |
Impairment of intangibles | $0.90 |
Estimated_Future_Amortization_
Estimated Future Amortization Expense Related to Amortizable Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Finite Lived Intangible Assets And Liabilities Future Amortization Expense [Line Items] | |
2015 | $35 |
2016 | 34.5 |
2017 | 33.9 |
2018 | 33.3 |
2019 | 32.4 |
Thereafter | $317 |
Goodwill_and_Intangibles_Addit
Goodwill and Intangibles - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Amortization of intangibles | $27,500,000 | $21,700,000 | $17,800,000 |
Goodwill and other intangible assets recorded not deductible for income tax purposes | $4,000,000,000 |
Other_Current_Liabilities_Deta
Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Current Liabilities [Line Items] | ||
Cooperative advertising, customer rebates and allowances | $118.50 | $102.10 |
Warranty and product liability reserves | 102.9 | 104.9 |
Accrued environmental and other litigation | 20.4 | 20.9 |
Other | 235.5 | 299.6 |
Total | $477.30 | $527.50 |
Warranty_Reserve_Activity_Deta
Warranty Reserve Activity (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Product Information [Line Items] | ||
Warranty reserve at January 1, | $98 | $97.10 |
Provision for warranties issued | 148.2 | 152.8 |
Warranty claims paid | -148.6 | -151.2 |
Acquisitions and other adjustments | -0.8 | -0.7 |
Warranty reserve at December 31, | 96.8 | 98 |
Other current liabilities | 84.2 | 86.3 |
Other non-current liabilities | 12.6 | 11.7 |
Total | $96.80 | $98 |
Debt_Detail
Debt (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Debt Instrument [Line Items] | ||||
Total debt | $5,058.90 | $4,742.40 | ||
Less: current portion | -594.9 | -655.1 | ||
Total long-term debt | 4,464 | 4,087.30 | ||
Senior Secured Credit Facility Term Loans | ||||
Debt Instrument [Line Items] | ||||
Total debt | 2,024.60 | 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 | 357.9 | [1] | ||
Interest rate of debt instrument | 3.75% | |||
Debt instrument maturity year | 2021 | 2021 | ||
7 1/2% Senior Subordinated Notes Due 2017 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 650.6 | [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% | |||
Debt instrument maturity year | 2020 | 2020 | ||
1 7/8% Senior Subordinated Convertible Notes Due 2018 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 445.8 | [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 | 226 | [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 | 484.1 | [3] | ||
Interest rate of debt instrument | 1.13% | |||
Debt instrument maturity year | 2034 | 2034 | ||
Securitization Facility | ||||
Debt Instrument [Line Items] | ||||
Total debt | 479.3 | 477.9 | ||
Non-U.S. Borrowings | ||||
Debt Instrument [Line Items] | ||||
Total debt | 83.2 | 45.6 | ||
Other | ||||
Debt Instrument [Line Items] | ||||
Total debt | $7.40 | $8.80 | ||
[1] | Collectively, the "Senior Notes." | |||
[2] | The "Senior Subordinated Notes." | |||
[3] | Collectively, the "Senior Subordinated Convertible Notes." |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | Senior Subordinated Notes | 3 3/4% Senior Notes Due in October 2021 | 3 3/4% Senior Notes Due in October 2021 | 6 1/8% Senior Notes Due 2022 | 6 1/8% Senior Notes Due 2022 | Securitization Facility | 1 1/2% Senior Subordinated Convertible Notes Due 2019 | 1 1/2% Senior Subordinated Convertible Notes Due 2019 | 1 7/8% Senior Subordinated Convertible Notes Due 2018 | 1 7/8% Senior Subordinated Convertible Notes Due 2018 | Senior Subordinated Convertible Notes | Senior secured term loan B1 facility | Senior Secured Term Loan B Facility | senior secured term loan A facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | Senior Secured Revolving Credit Facility | |
USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | U.S. Dollar Component | Multi-Currency Component | |||||||
D | USD ($) | USD ($) | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount borrowed | $5,365,500,000 | $265,000,000 | $500,000,000 | $750,000,000 | $650,000,000 | $660,000,000 | |||||||||||||
Debt instrument maturity year | 2021-10 | 2016-10 | 2020-09 | 2018-03 | 2019-12 | 2019-12 | |||||||||||||
Borrowing under the credit facility | 500,000,000 | 250,000,000 | 175,000,000 | 75,000,000 | |||||||||||||||
Outstanding amount under the credit facility | 0 | ||||||||||||||||||
Annual commitment fee percentage on unused portion of credit facility | 0.35% | ||||||||||||||||||
Weighted average interest rate on facility | 2.50% | ||||||||||||||||||
Private offering senior notes, aggregate principal amount | 300,000,000 | ||||||||||||||||||
Interest rate of debt instrument | 3.75% | 6.13% | 6.13% | 1.50% | 1.50% | 1.88% | 1.88% | 1.13% | |||||||||||
Net proceeds from issuance of senior notes after deducting fees and expenses | 400,000,000 | ||||||||||||||||||
Debt instrument, redemption prices range percentage, minimum | 100.00% | ||||||||||||||||||
Debt instrument, redemption prices range percentage, maximum | 103.00% | ||||||||||||||||||
Debt instrument maturity year | 2022 | 2022 | 2019 | 2019 | 2018 | 2018 | 2034 | ||||||||||||
Debt instrument aggregate repurchase consideration | 523,000,000 | ||||||||||||||||||
Loss on the extinguishment of debt | 56,700,000 | 25,900,000 | 54,400,000 | ||||||||||||||||
Private offering senior subordinated convertible notes, aggregate principal amount | 690,000,000 | ||||||||||||||||||
Net proceeds after deducting fees and expenses | 674,000,000 | ||||||||||||||||||
Conversion rate for common stock | 25.7 | 31.8 | 20 | ||||||||||||||||
Convertible note, conversion price per share | $38.97 | $31.49 | $49.91 | ||||||||||||||||
Principal amount of convertible notes in to shares common stock | 1,000 | 1,000 | 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 | 5.60% | 5.50% | 5.50% | ||||||||||||||||
Convertible Notes, repurchase rate | 100.00% | 100.00% | |||||||||||||||||
Basis spread on variable rate | 0.80% | ||||||||||||||||||
Unused line fee for securitization facility | 0.40% | ||||||||||||||||||
Unamortized deferred debt issue costs | $44,900,000 | $47,300,000 |
Debt_Maturities_Detail
Debt Maturities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
2015 | $594.90 | |
2016 | 63.3 | |
2017 | 698.4 | |
2018 | 1,148.80 | |
2019 | 801.9 | |
Thereafter | 2,058.20 | |
Total principal payments | 5,365.50 | |
Net discount and other | -306.6 | |
Total | $5,058.90 | $4,742.40 |
Fair_Market_Value_of_Total_Deb
Fair Market Value of Total Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Fair market value of total debt | $5,154 | $4,933 |
Level 1 | ||
Debt Instrument [Line Items] | ||
Fair market value of total debt | 1,413 | 1,589 |
Level 2 | ||
Debt Instrument [Line Items] | ||
Fair market value of total debt | $3,741 | $3,344 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | 3 3/4% Senior Notes Due in October 2021 | 3 3/4% Senior Notes Due in October 2021 | Net Investment Hedging | Interest Rate Swap | Swap | Forward-Starting Swaps | Foreign Exchange Contract | Foreign Exchange Contract | Commodity Contract | |
Euro-Denominated | 3 3/4% Senior Notes Due in October 2021 | Fair value derivatives | Cash flow derivatives | Cash flow derivatives | Cash flow derivatives | Cash flow derivatives | 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 | $369 | $24 | ||||
Derivative weighted average basis spread on variable rate | 6.05% | |||||||||
Effective date of swap agreement | 31-Dec-15 | |||||||||
Derivative maturity date | Jun-20 | Jun-16 | Dec-15 | Dec-15 | ||||||
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 | 24.7 | |||||||||
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, net of tax | $28.30 |
Fair_Value_of_Derivative_Finan
Fair Value of Derivative Financial Instruments (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Derivatives, Asset | $29.30 | [1] | $19.50 | [1] |
Fair Value of Derivatives, Liability | 23.5 | [1] | 19.7 | [1] |
Designated as Hedging Instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Derivatives, Asset | 26.5 | [1] | 15.8 | [1] |
Fair Value of Derivatives, Liability | 13.2 | [1] | 17.1 | [1] |
Designated as Hedging Instrument | Cash flow derivatives | Interest Rate Swap | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Derivatives, Asset | 0.6 | [1] | 4.5 | [1] |
Fair Value of Derivatives, Liability | 7.2 | [1] | 8 | [1] |
Weighted Average Remaining Term (Years) | 2 years 1 month 6 days | |||
Designated as Hedging Instrument | Cash flow derivatives | Foreign Exchange Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Derivatives, Asset | 25.9 | [1] | 11.3 | [1] |
Fair Value of Derivatives, Liability | 3.8 | [1] | 9.1 | [1] |
Weighted Average Remaining Term (Years) | 6 months | |||
Designated as Hedging Instrument | Fair value derivatives | Interest Rate Swap | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Derivatives, Liability | 2.2 | [1] | ||
Weighted Average Remaining Term (Years) | 2 years 3 months 18 days | |||
Derivatives that are not designated as effective hedges | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Derivatives, Asset | 2.8 | [1] | 3.7 | [1] |
Fair Value of Derivatives, Liability | 10.3 | [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 | 2.8 | [1] | 3.5 | [1] |
Fair Value of Derivatives, Liability | 1.3 | [1] | 2.4 | [1] |
Weighted Average Remaining Term (Years) | 6 months | |||
Derivatives that are not designated as effective hedges | Commodity Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Fair Value of Derivatives, Asset | 0.2 | [1] | ||
Fair Value of Derivatives, Liability | $9 | [1] | $0.20 | [1] |
Weighted Average Remaining Term (Years) | 7 months 6 days | |||
[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 $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Gain/(Loss), Reclassified from AOCI to Income | $6.30 | $18.20 | $5.90 | |||
Designated as Hedging Instrument | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Gain/(Loss), Reclassified from AOCI to Income | 6.3 | 18.2 | 5.9 | |||
Gain/(Loss), Recognized in Income | -1.9 | [1] | -5.5 | [1] | -5.4 | [1] |
Designated as Hedging Instrument | Cash flow derivatives | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Gain/(Loss), Recognized in OCI | 24.7 | [2] | 22.8 | [2] | 2.8 | [2] |
Gain/(Loss), Reclassified from AOCI to Income | 6.3 | 18.2 | 5.9 | |||
Gain/(Loss), Recognized in Income | -1.9 | [1] | -5.5 | [1] | -5.4 | [1] |
Designated as Hedging Instrument | Cash flow derivatives | Foreign Exchange Contract | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Gain/(Loss), Recognized in OCI | 27.7 | [2] | 13.9 | [2] | 6.6 | [2] |
Gain/(Loss), Reclassified from AOCI to Income | 6.3 | 18.2 | 5.9 | |||
Gain/(Loss), Recognized in Income | -1.9 | [1] | -5.5 | [1] | -5.4 | [1] |
Designated as Hedging Instrument | Cash flow derivatives | Interest Rate Swap | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Gain/(Loss), Recognized in OCI | -3 | [2] | 8.9 | [2] | -3.8 | [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 | 2 | 0.1 | -1.8 | |||
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 | 4.3 | 18.1 | 7.7 | |||
Designated as Hedging Instrument | Unrealized Gain Loss On Derivatives | SG&A | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Gain/(Loss), Recognized in Income | ($1.90) | [1] | ($5.50) | [1] | ($5.40) | [1] |
[1] | Represents portion excluded from effectiveness testing. | |||||
[2] | Represents effective portion recognized in Other Comprehensive Income ("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 $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) Recognized in Income | ($4.60) | ($1.80) | ($6.10) |
Cash flow derivatives | Foreign Exchange Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) Recognized in Income | 4.3 | -2.7 | -5.7 |
Cash flow derivatives | Commodity Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain/(Loss) Recognized in Income | ($8.90) | $0.90 | ($0.40) |
Operating_Lease_Commitments_De
Operating Lease Commitments (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Schedule of Operating Leases [Line Items] | |
2015 | $110 |
2016 | 90.5 |
2017 | 72.7 |
2018 | 64 |
2019 | 53.1 |
Thereafter | 146.3 |
Total | $536.60 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies [Line Items] | |||
Rent expense, including equipment rentals | $150 | $120 | $103 |
Component_of_Provision_for_Inc
Component of Provision for Income Tax Attributable To Continuing Operation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current income tax expense: | |||
U.S. federal | $87.10 | $63.10 | $52.90 |
Foreign | 86 | 86.2 | 67.3 |
State and local | 10.7 | 9.1 | 7.7 |
Total | 183.8 | 158.4 | 127.9 |
Deferred income tax expense (benefit): | |||
U.S. federal | -47.4 | 7.9 | 26.8 |
Foreign | -14 | -15.8 | -2.6 |
State, local and other, net of federal tax benefit | 7.9 | -2.8 | -4.5 |
Total | -53.5 | -10.7 | 19.7 |
Total income tax provision | $130.30 | $147.70 | $147.60 |
Different_Between_Federal_Stat
Different Between Federal Statutory Income Tax Rate and Reported Income (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Effective Income Tax Rate [Line Items] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net | 3.00% | 1.20% | 0.70% |
Foreign rate differences | -5.70% | -2.80% | -2.80% |
Non-deductible compensation | 0.40% | 3.40% | 0.50% |
Foreign earnings not permanently reinvested | -9.70% | 1.10% | 2.30% |
Tax settlements and related adjustments | 2.20% | 0.10% | 1.50% |
Valuation allowance | 2.60% | 1.50% | 0.40% |
Venezuela devaluation and inflationary adjustments and tax exempt income | 9.00% | 2.20% | -1.60% |
Foreign dividends | 0.50% | 1.30% | 1.20% |
Non-deductible transaction costs | 0.50% | 0.50% | 0.20% |
Other | -2.80% | -1.40% | 0.30% |
Reported income tax rate | 35.00% | 42.10% | 37.70% |
Tax_on_Income_Additional_Infor
Tax on Income - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Foreign pre-tax income | $146,000,000 | $219,000,000 | $213,000,000 |
Increase (decrease) in valuation allowance | 6,600,000 | 6,100,000 | 1,200,000 |
Deferred tax (benefit) charge related to profits that were not permanently reinvested | -42,800,000 | 1,400,000 | 2,200,000 |
Unrecognized tax benefits that would impact the effective tax rate if recognized | 151,000,000 | ||
Indemnification for gross unrecognized tax benefits from sellers of acquired companies | 4,700,000 | ||
Tax related interest expense | 1,800,000 | 1,700,000 | 2,700,000 |
Liability for tax-related interest expense | 10,300,000 | 8,600,000 | |
Unrecognized Consolidated Financial Statements | |||
Income Taxes [Line Items] | |||
Net operating profits | 123,000,000 | ||
Scenario, Adjustment | |||
Income Taxes [Line Items] | |||
Other | -41,900,000 | ||
Windfall Tax Benefits Recognized | |||
Income Taxes [Line Items] | |||
Windfall tax benefits | 38,000,000 | 11,600,000 | 41,800,000 |
Domestic | |||
Income Taxes [Line Items] | |||
Net operating losses | 580,000,000 | ||
Domestic | Subject To Section 382 Limitations | |||
Income Taxes [Line Items] | |||
Net operating losses | 470,000,000 | ||
International | |||
Income Taxes [Line Items] | |||
Net operating losses | 145,000,000 | ||
Undistributed earnings | 1,200,000,000 | ||
International | Expires 2014 [Member] | |||
Income Taxes [Line Items] | |||
Net operating losses | 1,000,000 | ||
International | Expire Subsequent To Twenty Fourteen | |||
Income Taxes [Line Items] | |||
Net operating losses | 59,000,000 | ||
International | Unlimited Life | |||
Income Taxes [Line Items] | |||
Net operating losses | $85,000,000 |
Deferred_Tax_Assets_Liabilitie
Deferred Tax Assets Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Intangibles | ($906.40) | ($826.90) |
Goodwill | -159.7 | -135.8 |
Financial reporting amount of a subsidiary in excess of tax basis | -70.4 | -70.4 |
Foreign earnings not permanently reinvested | -5.6 | -48.4 |
Property and equipment | -11.5 | -8.8 |
Convertible debt | -110.4 | -41.9 |
Other | -9 | -0.4 |
Gross deferred tax liabilities | -1,273 | -1,132.60 |
Net operating loss | 50.9 | 47.8 |
Accounts receivable allowances | 13.8 | 15 |
Inventory valuation | 58.9 | 58.8 |
Pension and postretirement | 17 | 20 |
Stock-based compensation | 12.6 | 23.6 |
Other compensation and benefits | 21.3 | 13 |
Operating reserves | 55.4 | 66.3 |
Other | 38.1 | 55.7 |
Gross deferred tax assets | 268 | 300.2 |
Valuation allowance | -40.8 | -34.2 |
Net deferred tax liability | ($1,045.80) | ($866.60) |
Activity_related_to_Unrecogniz
Activity related to Unrecognized Tax Benefit (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Unrecognized Tax Benefits [Line Items] | ||
Unrecognized tax benefits | $88.90 | $68.30 |
Acquisitions | 5.2 | 3.5 |
Tax positions taken during the current period | 48.1 | 27.6 |
Tax positions taken during a prior period | 3.7 | -2.7 |
Settlements with taxing authorities | -0.5 | -7.7 |
Other | -0.1 | -0.1 |
Unrecognized tax benefits, December 31, | $145.30 | $88.90 |
Stockholders_Equity_and_ShareB2
Stockholder's Equity and Share-Base Awards - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2012 | Feb. 28, 2014 |
Stockholders' Equity [Line Items] | ||||||||
Share-based awards collectively available for grant | 4,200,000 | |||||||
Number of share options granted | 0 | |||||||
Restricted share awards granted | 5,501,400 | |||||||
Total fair value of restricted shares granted | $222 | $43.20 | $75 | $43.20 | ||||
Unrecognized compensation cost related to non-vested share-based awards | 28.7 | |||||||
Weighted average period to recognize compensation costs | 20 months | |||||||
Repurchase of common stock, shares | 4,000,000 | |||||||
Per share average price of shares repurchased | $40.43 | |||||||
Shares issued in equity offering | 24,800,000 | |||||||
Price per share received in equity offering | $31.33 | |||||||
Proceeds from issuance of common stock, net | 745 | |||||||
Cash dividends paid to stockholders | 7.5 | |||||||
Senior Subordinated Convertible Notes | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Net proceeds from senior subordinated convertible notes used for repurchase of common stock | 163 | |||||||
Stock Options | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Total intrinsic value of options exercised | 7.2 | 16.5 | 6.8 | |||||
Number of share options granted | 0 | 0 | 0 | |||||
Restricted Stock | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Weighted average grant date fair values of awards | $40.99 | $21.74 | $36.92 | |||||
Restricted Stock | Annual Grant | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Restricted share awards granted | 800,000 | |||||||
Total fair value of restricted shares granted | 28.8 | |||||||
Restricted Stock With Common Stock Price Thresholds | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Weighted average grant date fair values of awards | $36.61 | $12.65 | $22.53 | |||||
Performance Based Restricted Share Awards Annual Grant Executive Officer | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Restricted share awards granted | 3,900,000 | |||||||
Total fair value of restricted shares granted | 32.3 | |||||||
Stock Based Compensation Recognition Of Cumulative Expense Not Previously Recognized | 33.6 | |||||||
Performance Based Restricted Share Awards Annual Grant Executive Officer | Executive Officer | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Restricted share awards granted | 800,000 | |||||||
Total fair value of restricted shares granted | 161 | |||||||
Maximum | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Repurchase of common stock, authorized value | $500 | |||||||
Maximum | Stock Options | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Share-based awards explicit service period | 4 years | |||||||
Share-based awards contractual term | 7 years | |||||||
Maximum | Restricted Stock | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Share-based awards contractual term | 7 years | |||||||
Minimum | Stock Options | ||||||||
Stockholders' Equity [Line Items] | ||||||||
Share-based awards explicit service period | 3 years |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | |
Shares | ||
Options outstanding, beginning of year | 533,600 | |
Granted | 0 | |
Exercised | -232,600 | |
Cancelled | 0 | |
Options outstanding, end of year | 301,000 | [1] |
Weighted Average Exercise Price | ||
Options outstanding, beginning of year | $9.65 | |
Granted | $0 | |
Exercised | $9.83 | |
Cancelled | $0 | |
Options outstanding, end of year | $9.50 | [1] |
Weighted average remaining life | ||
Options outstanding, end of year | 1 year 4 months 24 days | [1] |
Total Intrinsic value | ||
Options outstanding, end of year | $11.60 | [1] |
[1] | All options outstanding are exercisable |
Summary_of_Restricted_Stock_Ac
Summary of Restricted Stock Activity (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2013 | 6,009,900 |
Granted | 5,501,400 |
Released/Vested | -4,129,900 |
Cancelled | -167,300 |
Outstanding as of December 31, 2014 | 7,214,100 |
Total_Fair_Value_of_Restricted
Total Fair Value of Restricted Share Granted and Vested (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Total fair value of restricted shares granted | $222 | $75 | $43.20 |
Total fair value of restricted shares vested | $77.10 | $85.70 | $49.60 |
Assumptions_Used_to_Determine_
Assumptions Used to Determine Weighted Average Grant Date Fair Value (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 32.00% | 40.70% | 45.80% |
Risk-free interest rates | 1.70% | 0.80% | 0.90% |
Derived service periods (in years) | 3 months 18 days | 1 month 6 days | 2 months 12 days |
Computation_of_Weighted_Averag
Computation of Weighted Average Shares Outstanding (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share Disclosure [Line Items] | |||
Basic | 185.3 | 170.6 | 176.1 |
Dilutive share-based awards | 0.8 | 1.4 | 1.2 |
Convertible debt | 3.7 | 0.5 | |
Diluted | 189.8 | 172.5 | 177.3 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Earnings Per Share Disclosure [Line Items] | |
Restricted share awards excluded from the computation diluted earnings per share | 5.6 |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension and Postretirement Benefit Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $0.20 | ||
Interest cost | 14.6 | 13.3 | 14.5 |
Expected return on plan assets | -17.5 | -16.9 | -16.3 |
Net actuarial gain | 4.9 | 7.4 | 7.1 |
Net periodic cost | 2 | 3.8 | 5.5 |
Curtailments and settlements | 5.7 | ||
Total expense | 7.7 | 3.8 | 5.5 |
Discount rate | 4.80% | 3.95% | 4.50% |
Expected return on plan assets | 7.50% | 7.75% | 8.00% |
Pension Benefits, Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2.1 | 2.2 | 1.9 |
Interest cost | 2.4 | 2.3 | 2.6 |
Expected return on plan assets | -1.4 | -1.2 | -1.4 |
Prior service credit | -0.9 | ||
Net actuarial gain | 0.3 | 0.4 | 0.2 |
Net periodic cost | 2.5 | 3.7 | 3.3 |
Curtailments and settlements | 0.2 | -0.1 | |
Total expense | 2.7 | 3.6 | 3.3 |
Discount rate | 3.58% | 3.34% | 4.30% |
Expected return on plan assets | 4.20% | 3.98% | 4.53% |
Rate of compensation increase | 2.50% | 2.56% | 2.51% |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2.1 | 2.2 | 2.1 |
Interest cost | 17 | 15.6 | 17.1 |
Expected return on plan assets | -18.9 | -18.1 | -17.7 |
Prior service credit | -0.9 | ||
Net actuarial gain | 5.2 | 7.8 | 7.3 |
Net periodic cost | 4.5 | 7.5 | 8.8 |
Curtailments and settlements | 5.9 | -0.1 | |
Total expense | 10.4 | 7.4 | 8.8 |
Discount rate | 4.58% | 3.85% | 4.47% |
Expected return on plan assets | 7.11% | 7.32% | 7.60% |
Rate of compensation increase | 2.50% | 2.56% | 2.51% |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.1 | ||
Interest cost | 0.3 | 0.3 | 0.3 |
Prior service credit | -0.3 | -0.3 | -0.4 |
Net actuarial gain | -0.2 | -0.1 | -0.1 |
Net periodic cost | ($0.20) | ($0.10) | ($0.10) |
Discount rate | 4.70% | 3.90% | 4.40% |
Amount_of_Accumulated_Other_Co
Amount of Accumulated Other Comprehensive Income Expected to be Recognized in Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Pension Benefits, Domestic | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss (gain) | $5.70 |
Amount of AOCI expected to be recognized in net periodic benefit cost | 5.7 |
Pension Benefits, Foreign | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss (gain) | 1.2 |
Amount of AOCI expected to be recognized in net periodic benefit cost | 1.2 |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss (gain) | 6.9 |
Amount of AOCI expected to be recognized in net periodic benefit cost | 6.9 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost (credit) | -0.1 |
Net actuarial loss (gain) | -0.2 |
Amount of AOCI expected to be recognized in net periodic benefit cost | ($0.30) |
Reconciliation_of_Benefit_Obli
Reconciliation of Benefit Obligation Plan Assets and Funded Status of Pension and Postretirement Plans (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Pension Benefits, Domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation at beginning of year | $314.40 | [1] | $348.40 | ||
Service cost | 0.2 | ||||
Interest cost | 14.6 | 13.3 | 14.5 | ||
Curtailments and settlements | -25.2 | ||||
Actuarial loss (gain) | 24.2 | -26.1 | |||
Benefits paid | -19.4 | -21.2 | |||
Benefit obligation at end of year | 308.6 | [1] | 314.4 | [1] | 348.4 |
Fair value of plan assets at beginning of year | 270 | 256.5 | |||
Actual return on plan assets | 27.6 | 19.2 | |||
Company contributions | 15.5 | 15.5 | |||
Settlements | -25.2 | ||||
Benefits paid | -19.4 | -21.2 | |||
Fair value of plan assets at end of year | 268.5 | 270 | 256.5 | ||
Net (liability) recognized in the consolidated balance sheet | -40.1 | -44.4 | |||
Discount rate | 3.90% | 4.80% | |||
Pension Benefits, Foreign | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation at beginning of year | 71 | [1] | 71.6 | ||
Service cost | 2.1 | 2.2 | 1.9 | ||
Interest cost | 2.4 | 2.3 | 2.6 | ||
Curtailments and settlements | -0.9 | -1.6 | |||
Amendments | -1.1 | ||||
Actuarial loss (gain) | 12.6 | -1.5 | |||
Benefits paid | -3.1 | -2.7 | |||
Foreign currency translation and other | -8.9 | 0.7 | |||
Benefit obligation at end of year | 74.1 | [1] | 71 | [1] | 71.6 |
Fair value of plan assets at beginning of year | 35.7 | 33.5 | |||
Actual return on plan assets | 3 | 1.5 | |||
Company contributions | 3.7 | 4.3 | |||
Settlements | -0.9 | -1.6 | |||
Benefits paid | -3.1 | -2.7 | |||
Foreign currency translation and other | -3.4 | 0.7 | |||
Fair value of plan assets at end of year | 35 | 35.7 | 33.5 | ||
Net (liability) recognized in the consolidated balance sheet | -39.1 | -35.3 | |||
Discount rate | 2.23% | 3.58% | |||
Rate of compensation increase | 2.44% | 2.50% | |||
Pension Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation at beginning of year | 385.4 | [1] | 420 | ||
Service cost | 2.1 | 2.2 | 2.1 | ||
Interest cost | 17 | 15.6 | 17.1 | ||
Curtailments and settlements | -26.1 | -1.6 | |||
Amendments | -1.1 | ||||
Actuarial loss (gain) | 36.8 | -27.6 | |||
Benefits paid | -22.5 | -23.9 | |||
Foreign currency translation and other | -8.9 | 0.7 | |||
Benefit obligation at end of year | 382.7 | [1] | 385.4 | [1] | 420 |
Fair value of plan assets at beginning of year | 305.7 | 290 | |||
Actual return on plan assets | 30.6 | 20.7 | |||
Company contributions | 19.2 | 19.8 | |||
Settlements | -26.1 | -1.6 | |||
Benefits paid | -22.5 | -23.9 | |||
Foreign currency translation and other | -3.4 | 0.7 | |||
Fair value of plan assets at end of year | 303.5 | 305.7 | 290 | ||
Net (liability) recognized in the consolidated balance sheet | -79.2 | -79.7 | |||
Discount rate | 3.58% | 4.58% | |||
Rate of compensation increase | 2.44% | 2.50% | |||
Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefit obligation at beginning of year | 6.4 | [1] | 7.6 | ||
Service cost | 0.1 | ||||
Interest cost | 0.3 | 0.3 | 0.3 | ||
Actuarial loss (gain) | 0.3 | -1.1 | |||
Participant contributions | 0.2 | 0.2 | |||
Benefits paid | -0.4 | -0.6 | |||
Benefit obligation at end of year | 6.8 | [1] | 6.4 | [1] | 7.6 |
Company contributions | 0.2 | 0.4 | |||
Participant contributions | 0.2 | 0.2 | |||
Benefits paid | -0.4 | -0.6 | |||
Net (liability) recognized in the consolidated balance sheet | ($6.80) | ($6.40) | |||
Discount rate | 3.90% | 4.70% | |||
Healthcare cost trend rate, Current | 6.45% | 6.60% | |||
Healthcare cost trend rate, Ultimate | 4.50% | 4.50% | |||
[1] | The accumulated benefit obligation for all defined benefit pension plans was $376 and $379 at December 31, 2014 and 2013, respectively. |
Reconciliation_of_Benefit_Obli1
Reconciliation of Benefit Obligation Plan Assets and Funded Status of Pension and Postretirement Plans (Parenthetical) (Detail) (Pension Benefits, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation for defined benefit pension plans | $376 | $379 |
Amounts_Recognized_in_Consolid
Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other assets | $5.40 | $4.50 |
Accrued benefit cost | -84.6 | -84.2 |
Net amount recognized | -79.2 | -79.7 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit cost | -6.8 | -6.4 |
Net amount recognized | ($6.80) | ($6.40) |
Summary_of_UnderFunded_or_NonF
Summary of Under-Funded or Non-Funded Pension Benefit Plans with Projected Benefit Obligation in Excess of Plan Assets (Detail) (Non Funded Pension Benefit Plans, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Non Funded Pension Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $369 | $368.60 |
Fair value of plan assets | $284.50 | $284.40 |
Summary_of_Pension_Plans_with_
Summary of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Detail) (Pension Benefits, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $359.50 | $362.90 |
Fair value of plan assets | $281.20 | $284.10 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution saving plan expense | $8.90 | $7.80 | $6.40 |
Pension Benefits, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution for 2014 | 16 | ||
Postretirement Plans, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution for 2014 | 0.5 | ||
Pension Benefits, Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected contribution for 2014 | $4 | ||
Equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation, minimum | 25.00% | 25.00% | |
Target asset allocation, maximum | 40.00% | 40.00% | |
Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation, minimum | 20.00% | 20.00% | |
Target asset allocation, maximum | 40.00% | 40.00% | |
Cash Alternatives Investments and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target asset allocation, minimum | 25.00% | 25.00% | |
Target asset allocation, maximum | 45.00% | 45.00% |
Composition_of_Domestic_Pensio
Composition of Domestic Pension Plan Assets (Detail) (Pension Benefits, Domestic, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $268.50 | $270 | $256.50 |
Equity Securities And Funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39.2 | 39.2 | |
Equity Securities And Funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40.4 | 50.2 | |
Fixed Income Securities And Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 104.1 | 87.1 | |
Alternative investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 83.5 | 89.6 | |
Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.3 | 3.9 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 127.3 | 135 | |
Level 1 | Equity Securities And Funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29 | 39.2 | |
Level 1 | Fixed Income Securities And Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 73.6 | 66.8 | |
Level 1 | Alternative investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24.5 | 26.2 | |
Level 1 | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.2 | 2.8 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 129.9 | 121.2 | |
Level 2 | Equity Securities And Funds, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.2 | ||
Level 2 | Equity Securities And Funds, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40.4 | 50.2 | |
Level 2 | Fixed Income Securities And Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30.5 | 20.3 | |
Level 2 | Alternative investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 48.8 | 50.7 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11.3 | 13.8 | 14.1 |
Level 3 | Alternative investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10.2 | 12.7 | |
Level 3 | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $1.10 | $1.10 |
Composition_of_Foreign_Pension
Composition of Foreign Pension Plan Assets (Detail) (Pension Benefits, Foreign, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $35 | $35.70 | $33.50 |
Equity Securities And Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.8 | 6 | |
Fixed Income Securities And Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12.7 | 10.9 | |
Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 16.5 | 18.8 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19.5 | 18.4 | |
Level 1 | Equity Securities And Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5.8 | 6 | |
Level 1 | Fixed Income Securities And Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 12.7 | 10.9 | |
Level 1 | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1.5 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15.5 | 17.3 | 16.2 |
Level 3 | Cash And Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $15.50 | $17.30 |
Activity_for_Level_Three_Pensi
Activity for Level Three Pension Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Benefits, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | $256.50 | ||
Fair value of plan assets at end of year | 268.5 | 270 | 256.5 |
Pension Benefits, Domestic | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 13.8 | 14.1 | |
Relating to assets held at year-end | 0.7 | -0.2 | |
Relating to assets sold during the period | 0.2 | ||
Purchases, sales, settlements and other, net | -3.4 | -0.1 | |
Fair value of plan assets at end of year | 11.3 | 13.8 | |
Pension Benefits, Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 33.5 | ||
Fair value of plan assets at end of year | 35 | 35.7 | 33.5 |
Pension Benefits, Foreign | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets at beginning of year | 17.3 | 16.2 | |
Relating to assets held at year-end | 0.4 | 0.5 | |
Purchases, sales, settlements and other, net | -2.2 | 0.6 | |
Fair value of plan assets at end of year | $15.50 | $17.30 |
Expected_Benefit_Payments_for_
Expected Benefit Payments for Pension and Postretirement Plans (Detail) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $25.80 |
2016 | 24.4 |
2017 | 24.5 |
2018 | 24.2 |
2019 | 24.7 |
Next 5 years | 123.2 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 0.5 |
2016 | 0.5 |
2017 | 0.5 |
2018 | 0.5 |
2019 | 0.5 |
Next 5 years | $2.20 |
Restructuring_Costs_Detail
Restructuring Costs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||
Employee Terminations | $6.30 | $15.40 | $14.80 |
Other Charges | 1.4 | 6.6 | 12.3 |
Total | 7.7 | 22 | 27.1 |
Branded Consumables | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee Terminations | 3.5 | 4.8 | 0.4 |
Other Charges | 0.1 | 2.2 | |
Total | 3.6 | 7 | 0.4 |
Consumer Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee Terminations | 0.7 | 2.9 | 12 |
Other Charges | 1.1 | 0.4 | 2.1 |
Total | 1.8 | 3.3 | 14.1 |
Outdoor Solutions | |||
Restructuring Cost and Reserve [Line Items] | |||
Employee Terminations | 2.1 | 7.7 | 2.4 |
Other Charges | 0.2 | 4 | 10.2 |
Total | $2.30 | $11.70 | $12.60 |
Accrued_Restructuring_Costs_Ac
Accrued Restructuring Costs Activity (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Restructuring Cost and Reserve [Line Items] | |||||
Accrual Balance, at Beginning of Period | $30 | $25.70 | |||
Restructuring Costs, net | 7.7 | 22 | 27.1 | ||
Payments | -26.6 | -17.8 | |||
Foreign Currency and Other | -0.3 | 0.1 | |||
Accrual Balance, at End of Period | 10.8 | 30 | 25.7 | ||
Severance and Other Employee-Related | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrual Balance, at Beginning of Period | 16.6 | [1] | 12.9 | [1] | |
Restructuring Costs, net | 6.3 | [1] | 15.4 | [1] | |
Payments | -17.2 | [1] | -11.8 | [1] | |
Foreign Currency and Other | -0.3 | [1] | 0.1 | [1] | |
Accrual Balance, at End of Period | 5.4 | [1] | 16.6 | [1] | |
Other Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Accrual Balance, at Beginning of Period | 13.4 | [2] | 12.8 | [2] | |
Restructuring Costs, net | 1.4 | [2] | 6.6 | [2] | |
Payments | -9.4 | [2] | -6 | [2] | |
Accrual Balance, at End of Period | $5.40 | [2] | $13.40 | [2] | |
[1] | For 2014 and 2013, the total headcount underlying these costs is approximately 2,850 and 2,840, respectively. At December 31, 2014, approximately 75 employees have not been terminated under the plans. The amounts accrued at December 31, 2014 for severance and other employee-related are expected to be paid through 2015. | ||||
[2] | Amounts accrued at December 31, 2014 for other costs (principally lease and contract termination costs) are expected to be paid through 2016. |
Accrued_Restructuring_Costs_Ac1
Accrued Restructuring Costs Activity (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee | Employee | |
Restructuring Cost and Reserve [Line Items] | ||
Headcount underlying reorganization costs | 2,850 | 2,840 |
Headcount underlying reorganization costs not yet terminated | 75 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Reportable business segments | 4 |
Segment_Information_Detail
Segment Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||
Net sales | $8,287.10 | $7,355.90 | $6,696.10 | |||
Segment earnings (loss) | 1,104 | 936 | 813.8 | |||
Fair market value adjustment to inventory | -23.4 | -89.8 | -6 | |||
Restructuring costs | -7.7 | -22 | -27.1 | |||
Acquisition-related and other costs, net | -42 | [1] | -17.6 | [2] | -17.5 | |
Venezuela foreign exchange-related charges | -174.6 | -29 | ||||
Impairment of goodwill, intangibles and other assets | -25.4 | |||||
Depreciation and amortization | -191.1 | -165.9 | -152.8 | |||
Operating earnings | 639.8 | 572.9 | 576.8 | |||
Total assets | 10,799.30 | 10,096.10 | ||||
Capital expenditures | 202.1 | 211 | 154.5 | |||
Other | -38.8 | [3] | -33.6 | [4] | ||
Branded Consumables | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring costs | -3.6 | -7 | -0.4 | |||
Consumer Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring costs | -1.8 | -3.3 | -14.1 | |||
Outdoor Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Restructuring costs | -2.3 | -11.7 | -12.6 | |||
Total Operating Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 8,287.10 | 7,355.90 | 6,696.10 | |||
Segment earnings (loss) | 1,232.90 | 1,068.40 | 917.4 | |||
Fair market value adjustment to inventory | -23.4 | -89.8 | -6 | |||
Restructuring costs | -7.7 | -22 | -27.1 | |||
Acquisition-related and other costs, net | -32.9 | [1] | -34.7 | [2] | -9.3 | |
Impairment of goodwill, intangibles and other assets | -25.4 | |||||
Depreciation and amortization | -185.4 | -161.9 | -149.4 | |||
Operating earnings | 958.1 | 760 | 725.6 | |||
Total assets | 9,763.10 | 9,262.90 | ||||
Capital expenditures | 195.8 | 173.6 | 149.4 | |||
Total Operating Segments | Branded Consumables | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 2,993.60 | 2,266.60 | 1,753.10 | |||
Segment earnings (loss) | 520.6 | 411.1 | 259.2 | |||
Fair market value adjustment to inventory | -2.1 | -82.4 | ||||
Restructuring costs | -3.6 | -7 | -0.4 | |||
Acquisition-related and other costs, net | -19.6 | [1] | -7.4 | [2] | -3.8 | |
Impairment of goodwill, intangibles and other assets | -13.9 | |||||
Depreciation and amortization | -86.1 | -60.8 | -46 | |||
Operating earnings | 395.3 | 253.5 | 209 | |||
Total assets | 4,223.10 | 4,131.60 | ||||
Capital expenditures | 92.3 | 39 | 30.9 | |||
Total Operating Segments | Consumer Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 2,211.60 | 2,040 | 1,940.90 | |||
Segment earnings (loss) | 358 | 307.2 | 285.9 | |||
Fair market value adjustment to inventory | -21.3 | -3.2 | ||||
Restructuring costs | -1.8 | -3.3 | -14.1 | |||
Acquisition-related and other costs, net | 27.8 | [1] | -1.4 | [2] | -1.6 | |
Impairment of goodwill, intangibles and other assets | -0.7 | |||||
Depreciation and amortization | -32.4 | -32.5 | -34.7 | |||
Operating earnings | 329.6 | 270 | 232.3 | |||
Total assets | 2,516.50 | 2,055.60 | ||||
Capital expenditures | 28.6 | 39 | 53.6 | |||
Total Operating Segments | Outdoor Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 2,739.20 | 2,724.40 | 2,692.90 | |||
Segment earnings (loss) | 302.3 | 298.4 | 325.2 | |||
Fair market value adjustment to inventory | -7.4 | -2.8 | ||||
Restructuring costs | -2.3 | -11.7 | -12.6 | |||
Acquisition-related and other costs, net | -41.1 | [1] | -25.9 | [2] | -3.9 | |
Impairment of goodwill, intangibles and other assets | -9.9 | |||||
Depreciation and amortization | -55.6 | -57.3 | -55.2 | |||
Operating earnings | 193.4 | 196.1 | 250.7 | |||
Total assets | 2,829.40 | 2,892.70 | ||||
Capital expenditures | 57.3 | 87.2 | 55 | |||
Total Operating Segments | Process Solutions | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | 427.5 | 403.6 | 377.1 | |||
Segment earnings (loss) | 52 | 51.7 | 47.1 | |||
Impairment of goodwill, intangibles and other assets | -0.9 | |||||
Depreciation and amortization | -11.3 | -11.3 | -13.5 | |||
Operating earnings | 39.8 | 40.4 | 33.6 | |||
Total assets | 194.1 | 183 | ||||
Capital expenditures | 17.6 | 8.4 | 9.9 | |||
Total Operating Segments | Intercompany Eliminations | ||||||
Segment Reporting Information [Line Items] | ||||||
Net sales | -84.8 | -78.7 | -67.9 | |||
Corporate/ Unallocated | ||||||
Segment Reporting Information [Line Items] | ||||||
Segment earnings (loss) | -128.9 | -132.4 | -103.6 | |||
Acquisition-related and other costs, net | -9.1 | [1] | 17.1 | [2] | -8.2 | |
Venezuela foreign exchange-related charges | -174.6 | -29 | ||||
Depreciation and amortization | -5.7 | -4 | -3.4 | |||
Operating earnings | -318.3 | -187.1 | -148.8 | |||
Total assets | 1,036.20 | 833.2 | ||||
Capital expenditures | 6.3 | 37.4 | 5.1 | |||
Other | ($38.80) | [3] | ($33.60) | [4] | ||
[1] | Consolidated amount includes a gain of $38.7 on the sale of an Asian manufacturing facility recorded in the Consumer Solutions segment. | |||||
[2] | Consolidated amount includes a net gain on the sale of certain domestic assets recorded in the Corporate segment. | |||||
[3] | Represents stock-based compensation related to a grant of common stock to certain executive officers (see Note 13). | |||||
[4] | Represents cumulative stock-based compensation related to certain restricted share awards where compensation expense was not previously recognized as the achievement of the performance targets was not deemed probable (see Note 13). |
Segment_Information_Parentheti
Segment Information (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |
Gain of on sale of Asian manufacturing facility | $38.70 |
Geographic_Information_Detail
Geographic Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Net sales | $8,287.10 | $7,355.90 | $6,696.10 |
Property, plant and equipment, net | 849.9 | 852.6 | |
Domestic | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,085.20 | 4,482.70 | 4,078.50 |
Property, plant and equipment, net | 516 | 464.7 | |
International | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,201.90 | 2,873.20 | 2,617.60 |
Property, plant and equipment, net | $333.90 | $387.90 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Activity (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | ($58.60) | ||
OCI excluding reclassifications | -120.4 | ||
Reclassifications to earnings | -1.7 | ||
OCI, net of tax | -122.1 | -5.2 | 3.3 |
Ending Balance | -180.7 | -58.6 | |
Cumulative Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -13.6 | ||
OCI excluding reclassifications | -125.9 | ||
Reclassifications to earnings | 0 | ||
OCI, net of tax | -125.9 | ||
Ending Balance | -139.5 | ||
Derivative Financial Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1 | ||
OCI excluding reclassifications | 16.6 | ||
Reclassifications to earnings | -4.2 | ||
OCI, net of tax | 12.4 | ||
Ending Balance | 13.4 | ||
Accrued Benefit Cost | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | -46.3 | ||
OCI excluding reclassifications | -10.8 | ||
Reclassifications to earnings | 2.5 | ||
OCI, net of tax | -8.3 | ||
Ending Balance | -54.6 | ||
Unrealized Gain On Investment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 0.3 | ||
OCI excluding reclassifications | -0.3 | ||
Reclassifications to earnings | 0 | ||
OCI, net of tax | ($0.30) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Benefit plans expenses reclassified from accumulated OCI to income | $3.80 | $7.40 | $6.80 |
Deferred gains and losses on derivatives reclassified from accumulated OCI to income | $6.30 | $18.20 | $5.90 |
Income_Tax_Provision_Benefit_A
Income Tax Provision Benefit Allocated to Components of Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components Of Other Comprehensive Income Loss [Line Items] | |||
Cumulative translation adjustment | ($12.50) | ||
Derivative financial instruments | -6 | -2.3 | 0.7 |
Accrued benefit cost | 4.2 | -14.5 | 3.3 |
Unrealized gain on investment | 0.1 | -0.2 | |
Income tax (provision) benefit related to OCI | ($14.20) | ($16.80) | $3.80 |
Condensed_Consolidating_Result
Condensed Consolidating Results of Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net sales | $8,287.10 | $7,355.90 | $6,696.10 |
Cost of sales | 5,654.20 | 5,241.20 | 4,771.70 |
Gross profit | 2,632.90 | 2,114.70 | 1,924.40 |
Selling, general and administrative expenses | 1,960 | 1,519.80 | 1,320.50 |
Restructuring cost, net | 7.7 | 22 | 27.1 |
Impairment of goodwill, intangibles and other assets | 25.4 | ||
Operating earnings (loss) | 639.8 | 572.9 | 576.8 |
Interest expense, net | 210.3 | 195.4 | 185.3 |
Loss on early extinguishment of debt | 56.7 | 25.9 | |
Income (loss) before taxes and equity earnings of subsidiaries | 372.8 | 351.6 | 391.5 |
Income tax provision (benefit) | 130.3 | 147.7 | 147.6 |
Net income (loss) | 242.5 | 203.9 | 243.9 |
Other comprehensive income (loss), net of tax | -122.1 | -5.2 | 3.3 |
Comprehensive income (loss) | 120.4 | 198.7 | 247.2 |
Parent Company | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Selling, general and administrative expenses | 104.8 | 133.8 | 84.6 |
Operating earnings (loss) | -104.8 | -133.8 | -84.6 |
Interest expense, net | 171.9 | 199.3 | 213.3 |
Loss on early extinguishment of debt | 56.7 | 25.9 | |
Income (loss) before taxes and equity earnings of subsidiaries | -333.4 | -359 | -297.9 |
Income tax provision (benefit) | -126.1 | -124.9 | -113.6 |
Equity earnings of subsidiaries | 449.8 | 438 | 428.2 |
Net income (loss) | 242.5 | 203.9 | 243.9 |
Other comprehensive income (loss), net of tax | -122.1 | -5.2 | 3.3 |
Comprehensive income (loss) | 120.4 | 198.7 | 247.2 |
Guarantor Subsidiaries | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net sales | 5,678.90 | 4,930.50 | 4,448.10 |
Cost of sales | 4,064.80 | 3,732.30 | 3,354.80 |
Gross profit | 1,614.10 | 1,198.20 | 1,093.30 |
Selling, general and administrative expenses | 1,130.30 | 804.6 | 688.3 |
Restructuring cost, net | 5.8 | 12.4 | |
Impairment of goodwill, intangibles and other assets | 23.2 | ||
Operating earnings (loss) | 460.6 | 387.8 | 392.6 |
Interest expense, net | 31.3 | -21.8 | -53.7 |
Income (loss) before taxes and equity earnings of subsidiaries | 429.3 | 409.6 | 446.3 |
Income tax provision (benefit) | 162.4 | 165.9 | 194.9 |
Equity earnings of subsidiaries | 156.1 | 145 | 163.1 |
Net income (loss) | 423 | 388.7 | 414.5 |
Other comprehensive income (loss), net of tax | -160.9 | -2 | 12.4 |
Comprehensive income (loss) | 262.1 | 386.7 | 426.9 |
Non-Guarantor Subsidiaries | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net sales | 3,407.10 | 3,191.70 | 2,952.20 |
Cost of sales | 2,388.30 | 2,275.20 | 2,121.10 |
Gross profit | 1,018.80 | 916.5 | 831.1 |
Selling, general and administrative expenses | 724.9 | 581.4 | 547.6 |
Restructuring cost, net | 7.7 | 16.2 | 14.7 |
Impairment of goodwill, intangibles and other assets | 2.2 | ||
Operating earnings (loss) | 284 | 318.9 | 268.8 |
Interest expense, net | 7.1 | 17.9 | 25.7 |
Income (loss) before taxes and equity earnings of subsidiaries | 276.9 | 301 | 243.1 |
Income tax provision (benefit) | 94 | 106.7 | 66.3 |
Net income (loss) | 182.9 | 194.3 | 176.8 |
Other comprehensive income (loss), net of tax | -191.8 | -26.1 | 9.1 |
Comprehensive income (loss) | -8.9 | 168.2 | 185.9 |
Eliminations | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net sales | -798.9 | -766.3 | -704.2 |
Cost of sales | -798.9 | -766.3 | -704.2 |
Equity earnings of subsidiaries | -605.9 | -583 | -591.3 |
Net income (loss) | -605.9 | -583 | -591.3 |
Other comprehensive income (loss), net of tax | 352.7 | 28.1 | -21.5 |
Comprehensive income (loss) | ($253.20) | ($554.90) | ($612.80) |
Condensed_Consolidating_Balanc
Condensed Consolidating Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Cash and cash equivalents | $1,164.80 | $1,128.50 | $1,034.10 | $808.30 |
Accounts receivable | 1,277.90 | 1,196.10 | ||
Inventories | 1,504.70 | 1,411.90 | ||
Other current assets | 370.6 | 347 | ||
Total current assets | 4,318 | 4,083.50 | ||
Property, plant and equipment, net | 849.9 | 852.6 | ||
Goodwill | 2,880.20 | 2,620.30 | 1,824 | |
Intangibles, net | 2,598.50 | 2,393 | ||
Other non-current assets | 152.7 | 146.7 | ||
Total assets | 10,799.30 | 10,096.10 | ||
Short-term debt and current portion of long-term debt | 594.9 | 655.1 | ||
Accounts payable | 809.9 | 664.2 | ||
Other current liabilities | 672.4 | 720.1 | ||
Total current liabilities | 2,077.20 | 2,039.40 | ||
Long-term debt | 4,464 | 4,087.30 | ||
Deferred taxes on income | 1,222.10 | 1,065.30 | ||
Other non-current liabilities | 426.7 | 354.4 | ||
Total stockholders' equity | 2,609.30 | 2,549.70 | 1,759.60 | 1,912 |
Total liabilities and stockholders' equity | 10,799.30 | 10,096.10 | ||
Parent Company | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Cash and cash equivalents | 728.8 | 630.8 | 560.2 | 335.4 |
Other current assets | 38.3 | 23 | ||
Total current assets | 767.1 | 653.8 | ||
Property, plant and equipment, net | 47 | 46.7 | ||
Intercompany receivables | 4,641.20 | 3,850.20 | ||
Investment in subsidiaries | 7,111.30 | 6,812.40 | ||
Other non-current assets | 56.4 | 68.7 | ||
Total assets | 12,623 | 11,431.80 | ||
Short-term debt and current portion of long-term debt | 47 | 144.2 | ||
Accounts payable | 8.7 | 11.4 | ||
Other current liabilities | 63.6 | 121.6 | ||
Total current liabilities | 119.3 | 277.2 | ||
Long-term debt | 4,442 | 4,065.90 | ||
Intercompany payables | 5,197.40 | 4,415 | ||
Deferred taxes on income | 100.4 | 19 | ||
Other non-current liabilities | 154.6 | 105 | ||
Total stockholders' equity | 2,609.30 | 2,549.70 | ||
Total liabilities and stockholders' equity | 12,623 | 11,431.80 | ||
Guarantor Subsidiaries | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Cash and cash equivalents | 9.3 | 13.5 | 4.9 | 28.4 |
Accounts receivable | 1.2 | 1.4 | ||
Inventories | 919.4 | 839.7 | ||
Other current assets | 161.7 | 174.3 | ||
Total current assets | 1,091.60 | 1,028.90 | ||
Property, plant and equipment, net | 456.5 | 404.1 | ||
Goodwill | 2,572 | 2,365.50 | ||
Intangibles, net | 2,350.70 | 2,190.80 | ||
Intercompany receivables | 4,758.60 | 4,211 | ||
Investment in subsidiaries | 2,029.10 | 2,031.80 | ||
Other non-current assets | 26.9 | 18.1 | ||
Total assets | 13,285.40 | 12,250.20 | ||
Short-term debt and current portion of long-term debt | 1.6 | 1.4 | ||
Accounts payable | 529.8 | 390 | ||
Other current liabilities | 337.4 | 299 | ||
Total current liabilities | 868.8 | 690.4 | ||
Long-term debt | 4.2 | 4.3 | ||
Intercompany payables | 4,044 | 3,494.90 | ||
Deferred taxes on income | 1,039.30 | 974.4 | ||
Other non-current liabilities | 160.5 | 156.9 | ||
Total stockholders' equity | 7,168.60 | 6,929.30 | ||
Total liabilities and stockholders' equity | 13,285.40 | 12,250.20 | ||
Non-Guarantor Subsidiaries | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Cash and cash equivalents | 426.7 | 484.2 | 469 | 444.5 |
Accounts receivable | 1,276.70 | 1,194.70 | ||
Inventories | 585.3 | 572.2 | ||
Other current assets | 170.6 | 149.7 | ||
Total current assets | 2,459.30 | 2,400.80 | ||
Property, plant and equipment, net | 346.4 | 401.8 | ||
Goodwill | 308.2 | 254.8 | ||
Intangibles, net | 247.8 | 202.2 | ||
Intercompany receivables | 4,547.70 | 3,838.60 | ||
Other non-current assets | 69.4 | 59.9 | ||
Total assets | 7,978.80 | 7,158.10 | ||
Short-term debt and current portion of long-term debt | 546.3 | 509.5 | ||
Accounts payable | 271.4 | 262.8 | ||
Other current liabilities | 271.4 | 299.5 | ||
Total current liabilities | 1,089.10 | 1,071.80 | ||
Long-term debt | 17.8 | 17.1 | ||
Intercompany payables | 4,706.10 | 3,989.90 | ||
Deferred taxes on income | 82.4 | 71.9 | ||
Other non-current liabilities | 111.6 | 92.5 | ||
Total stockholders' equity | 1,971.80 | 1,914.90 | ||
Total liabilities and stockholders' equity | 7,978.80 | 7,158.10 | ||
Eliminations | ||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ||||
Intercompany receivables | -13,947.50 | -11,899.80 | ||
Investment in subsidiaries | -9,140.40 | -8,844.20 | ||
Total assets | -23,087.90 | -20,744 | ||
Intercompany payables | -13,947.50 | -11,899.80 | ||
Total stockholders' equity | -9,140.40 | -8,844.20 | ||
Total liabilities and stockholders' equity | ($23,087.90) | ($20,744) |
Condensed_Consolidating_Statem
Condensed Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net cash provided by (used in) operating activities: | $627 | $668.50 | $480.30 |
Net change in short-term debt | 25.4 | 102 | 74.7 |
Proceeds from issuance of long-term debt | 1,764.80 | 1,273.40 | 802.5 |
Payments on long-term debt | -1,248 | -407.7 | -172.7 |
Issuance (repurchase) of common stock, net | -285.3 | 450.5 | -557.9 |
Excess tax benefits from stock-based compensation | 38 | 11.6 | 43 |
Other | -29.4 | -24.2 | -24.9 |
Net cash provided by (used in) financing activities | 265.5 | 1,405.60 | 164.7 |
Additions to property, plant and equipment | -202.1 | -211 | -154.5 |
Acquisition of business, net of cash acquired | -517.4 | -1,820.10 | -286.3 |
Other | 8 | 73.7 | 13.3 |
Net cash provided by (used in) investing activities | -711.5 | -1,957.40 | -427.5 |
Effect of exchange rate changes on cash | -144.7 | -22.3 | 8.3 |
Net increase (decrease) in cash and cash equivalents | 36.3 | 94.4 | 225.8 |
Cash and cash equivalents at beginning of period | 1,128.50 | 1,034.10 | 808.3 |
Cash and cash equivalents at end of period | 1,164.80 | 1,128.50 | 1,034.10 |
Parent Company | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net cash provided by (used in) operating activities: | -145.5 | -180.6 | -171.4 |
(Payments on) proceeds from intercompany transactions | 11.8 | 775.4 | 409.6 |
Proceeds from issuance of long-term debt | 1,752.50 | 1,261.50 | 800 |
Payments on long-term debt | -1,245.70 | -404.5 | -166 |
Issuance (repurchase) of common stock, net | -285.3 | 450.5 | -557.9 |
Excess tax benefits from stock-based compensation | 38 | 11.6 | 43 |
Other | -21.4 | -19.2 | -24.4 |
Net cash provided by (used in) financing activities | 249.9 | 2,075.30 | 504.3 |
Additions to property, plant and equipment | -6.2 | -37.5 | -5.2 |
Acquisition of business, net of cash acquired | -1,807.40 | -104.2 | |
Other | -0.2 | 20.8 | 1.3 |
Net cash provided by (used in) investing activities | -6.4 | -1,824.10 | -108.1 |
Net increase (decrease) in cash and cash equivalents | 98 | 70.6 | 224.8 |
Cash and cash equivalents at beginning of period | 630.8 | 560.2 | 335.4 |
Cash and cash equivalents at end of period | 728.8 | 630.8 | 560.2 |
Guarantor Subsidiaries | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net cash provided by (used in) operating activities: | 555.1 | 675.2 | 463.5 |
Net change in short-term debt | -0.1 | ||
(Payments on) proceeds from intercompany transactions | -74.9 | -567.5 | -421.3 |
Proceeds from issuance of long-term debt | 1.6 | 0.5 | |
Payments on long-term debt | -1.5 | -1.8 | -0.4 |
Other | -7.6 | -4.4 | |
Net cash provided by (used in) financing activities | -82.4 | -573.8 | -421.2 |
Additions to property, plant and equipment | -129 | -77.7 | -67 |
Acquisition of business, net of cash acquired | -340.5 | -3 | |
Intercompany investing activities, net | -16.3 | ||
Other | -7.4 | 1.2 | 4.2 |
Net cash provided by (used in) investing activities | -476.9 | -92.8 | -65.8 |
Net increase (decrease) in cash and cash equivalents | -4.2 | 8.6 | -23.5 |
Cash and cash equivalents at beginning of period | 13.5 | 4.9 | 28.4 |
Cash and cash equivalents at end of period | 9.3 | 13.5 | 4.9 |
Non-Guarantor Subsidiaries | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net cash provided by (used in) operating activities: | 236.5 | 182.8 | 207.9 |
Net change in short-term debt | 25.4 | 102.1 | 74.7 |
(Payments on) proceeds from intercompany transactions | 44 | -200.5 | -8 |
Proceeds from issuance of long-term debt | 10.7 | 11.9 | 2 |
Payments on long-term debt | -0.8 | -1.4 | -6.3 |
Other | -0.4 | -0.6 | -0.5 |
Net cash provided by (used in) financing activities | 78.9 | -88.5 | 61.9 |
Additions to property, plant and equipment | -66.9 | -95.8 | -82.3 |
Acquisition of business, net of cash acquired | -176.9 | -12.7 | -179.1 |
Other | 15.6 | 51.7 | 7.8 |
Net cash provided by (used in) investing activities | -228.2 | -56.8 | -253.6 |
Effect of exchange rate changes on cash | -144.7 | -22.3 | 8.3 |
Net increase (decrease) in cash and cash equivalents | -57.5 | 15.2 | 24.5 |
Cash and cash equivalents at beginning of period | 484.2 | 469 | 444.5 |
Cash and cash equivalents at end of period | 426.7 | 484.2 | 469 |
Eliminations | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||
Net cash provided by (used in) operating activities: | -19.1 | -8.9 | -19.7 |
(Payments on) proceeds from intercompany transactions | 19.1 | -7.4 | 19.7 |
Net cash provided by (used in) financing activities | 19.1 | -7.4 | 19.7 |
Intercompany investing activities, net | 16.3 | ||
Net cash provided by (used in) investing activities | $16.30 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at beginning of period | ($97) | [1] | ($79.70) | [1] | ($83.90) | [1] |
Charges to costs and expense | -93.1 | [1] | -92.5 | [1] | -70.7 | [1] |
Deductions from reserves | 67.4 | [1] | 74.9 | [1] | 76.1 | [1] |
Other | 3 | [1],[2] | 0.3 | [1],[2] | -1.2 | [1],[2] |
Balance at end of period | ($119.70) | [1] | ($97) | [1] | ($79.70) | [1] |
[1] | Principally consisting of reserves for uncollectable accounts and sales returns and allowances. | |||||
[2] | Principally consisting of foreign currency translation. |