x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 36-4062333 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
14901 South Orange Blossom Trail, Orlando, Florida | 32837 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | o | |
Non-accelerated filer | o | (Do not check if a smaller reporting company) | Smaller reporting company | o |
TABLE OF CONTENTS | ||
Page Number | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Financial Statements (Unaudited) | |
Consolidated Statements of Income 13 weeks ended June 30, 2012 and July 2, 2011, 26 weeks ended June 30, 2012 and 27 weeks ended July 2, 2011 | ||
Consolidated Statements of Comprehensive Income 13 weeks ended June 30, 2012 and July 2, 2011, 26 weeks ended June 30, 2012 and 27 weeks ended July 2, 2011 | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. OTHER INFORMATION | ||
Item 2. | ||
Item 6. | ||
Item 1. | Financial Statements (Unaudited) |
13 weeks ended | 13 weeks ended | 26 weeks ended | 27 weeks ended | ||||||||||||
(Dollars in millions, except per share amounts) | June 30, 2012 | July 2, 2011 | June 30, 2012 | July 2, 2011 | |||||||||||
Net sales | $ | 638.9 | $ | 669.9 | $ | 1,278.4 | $ | 1,306.3 | |||||||
Cost of products sold | 206.7 | 219.6 | 419.8 | 434.5 | |||||||||||
Gross margin | 432.2 | 450.3 | 858.6 | 871.8 | |||||||||||
Delivery, sales and administrative expense | 328.5 | 344.2 | 668.1 | 683.6 | |||||||||||
Re-engineering and impairment charges | 1.1 | 1.1 | 2.0 | 2.5 | |||||||||||
Impairment of goodwill and intangible assets | 76.9 | — | 76.9 | — | |||||||||||
Gains on disposal of assets, including insurance recoveries | 7.5 | 0.7 | 7.7 | 0.7 | |||||||||||
Operating income | 33.2 | 105.7 | 119.3 | 186.4 | |||||||||||
Interest income | 0.6 | 0.8 | 1.3 | 1.7 | |||||||||||
Interest expense | 8.7 | 25.6 | 18.5 | 33.1 | |||||||||||
Other expense (income) | 0.4 | (0.2 | ) | 0.1 | (0.1 | ) | |||||||||
Income before income taxes | 24.7 | 81.1 | 102.0 | 155.1 | |||||||||||
Provision for income taxes | 12.0 | 16.0 | 31.0 | 34.2 | |||||||||||
Net income | $ | 12.7 | $ | 65.1 | $ | 71.0 | $ | 120.9 | |||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.23 | $ | 1.05 | $ | 1.28 | $ | 1.95 | |||||||
Diluted | 0.22 | 1.03 | 1.25 | 1.91 | |||||||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 55.5 | 61.7 | 55.7 | 62.0 | |||||||||||
Diluted | 56.5 | 63.1 | 56.8 | 63.3 | |||||||||||
Dividends declared per common share | $ | 0.36 | $ | 0.30 | $ | 0.72 | $ | 0.60 |
13 weeks ended | 13 weeks ended | 26 weeks ended | 27 weeks ended | ||||||||||||
(Dollars in millions, except per share amounts) | June 30, 2012 | July 2, 2011 | June 30, 2012 | July 2, 2011 | |||||||||||
Net income | $ | 12.7 | $ | 65.1 | $ | 71.0 | $ | 120.9 | |||||||
Foreign currency translation adjustments | (59.0 | ) | 11.3 | (18.0 | ) | 45.6 | |||||||||
Deferred gain on cash flow hedges, net of tax provision of $0.8 and $7.4 million for the second quarters of 2012 and 2011, respectively, and $0.3 and $8.1 million for the year-to-date periods, respectively. | 2.9 | 13.8 | 1.3 | 13.9 | |||||||||||
Pension and other post-retirement costs, net of tax provision of $0.5 and $0.1 million for the second quarters of 2012 and 2011, respectively, and $0.2 and $0.8 million for the year-to-date periods, respectively. | 1.8 | (0.3 | ) | 2.1 | 0.3 | ||||||||||
Comprehensive (loss) income | $ | (41.6 | ) | $ | 89.9 | $ | 56.4 | $ | 180.7 |
(Dollars in millions, except share amounts) | June 30, 2012 | December 31, 2011 | |||||
ASSETS | |||||||
Cash and cash equivalents | $ | 98.0 | $ | 138.2 | |||
Accounts receivable, less allowances of $28.6 million in 2012 and $26.8 million in 2011 | 176.7 | 163.7 | |||||
Inventories | 321.1 | 302.5 | |||||
Deferred income tax benefits, net | 97.0 | 94.2 | |||||
Non-trade amounts receivable, net | 53.8 | 47.5 | |||||
Prepaid expenses and other current assets | 33.9 | 23.3 | |||||
Total current assets | 780.5 | 769.4 | |||||
Deferred income tax benefits, net | 317.6 | 339.2 | |||||
Property, plant and equipment, net | 276.7 | 273.1 | |||||
Long-term receivables, less allowances of $23.2 million in 2012 and $23.3 million in 2011 | 23.3 | 23.2 | |||||
Trademarks and tradenames | 132.5 | 157.1 | |||||
Other intangible assets, net | 5.7 | 7.2 | |||||
Goodwill | 185.2 | 241.4 | |||||
Other assets, net | 34.5 | 33.6 | |||||
Total assets | $ | 1,756.0 | $ | 1,844.2 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Accounts payable | $ | 115.6 | $ | 157.2 | |||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 227.7 | 195.7 | |||||
Accrued liabilities | 309.0 | 320.5 | |||||
Total current liabilities | 652.3 | 673.4 | |||||
Long-term debt and capital lease obligations | 414.3 | 415.2 | |||||
Other liabilities | 228.7 | 254.8 | |||||
Shareholders' equity: | |||||||
Preferred stock, $0.01 par value, 200,000,000 shares authorized; none issued | — | — | |||||
Common stock, $0.01 par value, 600,000,000 shares authorized; 63,607,090 shares issued | 0.6 | 0.6 | |||||
Paid-in capital | 137.3 | 126.8 | |||||
Retained earnings | 1,098.9 | 1,091.7 | |||||
Treasury stock 7,797,559 and 7,099,345 shares in 2012 and 2011, respectively, at cost | (466.0 | ) | (422.8 | ) | |||
Accumulated other comprehensive loss | (310.1 | ) | (295.5 | ) | |||
Total shareholders' equity | 460.7 | 500.8 | |||||
Total liabilities and shareholders' equity | $ | 1,756.0 | $ | 1,844.2 |
26 weeks ended | 27 weeks ended | ||||||
(In millions) | June 30, 2012 | July 2, 2011 | |||||
Operating Activities: | |||||||
Net income | $ | 71.0 | $ | 120.9 | |||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||
Depreciation and amortization | 24.0 | 25.8 | |||||
Equity compensation | 7.2 | 6.8 | |||||
Amortization of deferred debt costs | 0.6 | 1.2 | |||||
Interest rate swap impairment | — | 18.9 | |||||
Net gains on disposal of assets, including insurance recoveries | (7.6 | ) | (0.2 | ) | |||
Provision for bad debts | 5.7 | 5.9 | |||||
Write-down of inventories | 8.4 | 7.4 | |||||
Non-cash impact of re-engineering and impairment costs | 76.9 | — | |||||
Net change in deferred income taxes | (2.6 | ) | (17.0 | ) | |||
Excess tax benefits from share-based payment arrangements | (8.5 | ) | (7.6 | ) | |||
Changes in assets and liabilities: | |||||||
Accounts and notes receivable | (25.5 | ) | (17.3 | ) | |||
Inventories | (35.8 | ) | (41.3 | ) | |||
Non-trade amounts receivable | (3.1 | ) | 1.8 | ||||
Prepaid expenses | (11.2 | ) | (8.8 | ) | |||
Other assets | (2.4 | ) | (4.1 | ) | |||
Accounts payable and accrued liabilities | (24.9 | ) | (34.5 | ) | |||
Income taxes payable | (21.9 | ) | (8.2 | ) | |||
Other liabilities | (0.3 | ) | (3.1 | ) | |||
Proceeds from insurance recoveries, net of costs | 0.2 | — | |||||
Net cash impact from hedging activity | 0.8 | 3.2 | |||||
Other | (0.3 | ) | (0.2 | ) | |||
Net cash provided by operating activities | 50.7 | 49.6 | |||||
Investing Activities: | |||||||
Capital expenditures | (33.7 | ) | (25.7 | ) | |||
Proceeds from disposal of property, plant and equipment | 8.8 | 2.6 | |||||
Net cash used in investing activities | (24.9 | ) | (23.1 | ) | |||
Financing Activities: | |||||||
Dividend payments to shareholders | (37.5 | ) | (37.6 | ) | |||
Net proceeds from issuance of senior notes(1) | — | 393.3 | |||||
Proceeds from exercise of stock options | 7.4 | 13.9 | |||||
Repurchase of common stock | (79.0 | ) | (130.8 | ) | |||
Repayment of long-term debt and capital lease obligations | (1.3 | ) | (406.4 | ) | |||
Net change in short-term debt | 40.4 | 0.1 | |||||
Debt issuance costs | — | (2.9 | ) | ||||
Excess tax benefits from share-based payment arrangements | 8.5 | 7.6 | |||||
Net cash used in financing activities | (61.5 | ) | (162.8 | ) | |||
Effect of exchange rate changes on cash and cash equivalents | (4.5 | ) | 3.7 | ||||
Net change in cash and cash equivalents | (40.2 | ) | (132.6 | ) | |||
Cash and cash equivalents at beginning of year | 138.2 | 248.7 | |||||
Cash and cash equivalents at end of period | $ | 98.0 | $ | 116.1 |
Note 1: | Summary of Significant Accounting Policies |
Note 2: | Shipping and Handling Costs |
Note 3: | Promotional Accruals |
Note 4: | Inventories |
June 30, 2012 | December 31, 2011 | ||||||
(in millions) | |||||||
Finished goods | $ | 254.4 | $ | 241.0 | |||
Work in process | 23.9 | 22.0 | |||||
Raw materials and supplies | 42.8 | 39.5 | |||||
Total inventories | $ | 321.1 | $ | 302.5 |
Note 5: | Net Income Per Common Share |
13 weeks ended | 13 weeks ended | 26 weeks ended | 27 weeks ended | ||||||||||||
June 30, 2012 | July 2, 2011 | June 30, 2012 | July 2, 2011 | ||||||||||||
Net income | $ | 12.7 | $ | 65.1 | $ | 71.0 | $ | 120.9 | |||||||
Weighted-average shares of common stock outstanding | 55.5 | 61.7 | 55.7 | 62.0 | |||||||||||
Common equivalent shares: | |||||||||||||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 1.0 | 1.4 | 1.1 | 1.3 | |||||||||||
Weighted-average common and common equivalent shares outstanding | 56.5 | 63.1 | 56.8 | 63.3 | |||||||||||
Basic earnings per share | $ | 0.23 | $ | 1.05 | $ | 1.28 | $ | 1.95 | |||||||
Diluted earnings per share | $ | 0.22 | $ | 1.03 | $ | 1.25 | $ | 1.91 | |||||||
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 0.2 | 0.1 | 0.2 | 0.3 |
Note 6: | Re-engineering Costs |
June 30, 2012 | December 31, 2011 | ||||||
Beginning of the year balance | $ | 3.0 | $ | 2.4 | |||
Provision | 2.0 | 7.9 | |||||
Cash expenditures: | |||||||
Severance | (2.0 | ) | (5.7 | ) | |||
Other | (1.1 | ) | (1.1 | ) | |||
Non-cash asset impairments | — | (0.5 | ) | ||||
End of period balance | $ | 1.9 | $ | 3.0 |
Note 7: | Goodwill and Intangible Assets |
Goodwill | Tradenames | ||||||
Balance at December 31, 2011 | $ | 241.4 | $ | 157.1 | |||
Impairments | (53.8 | ) | (22.8 | ) | |||
Effect of changes in exchange rates | (2.4 | ) | (1.8 | ) | |||
Balance at June 30, 2012 | $ | 185.2 | $ | 132.5 |
Note 8: | Segment Information |
Europe | Primarily design-centric preparation, storage and serving solutions for the kitchen and home through the Tupperware® brand. Europe also includes Avroy Shlain® and Nutrimetics® units that sell beauty and personal care products. Asia Pacific also sells beauty and personal care products in some of its units under the NaturCare®, Nutrimetics® and Fuller® brands. |
Asia Pacific | |
Tupperware North America | |
Beauty North America | Premium cosmetics, skin care and personal care products marketed under the BeautiControl® and Armand Dupree® brands in the United States, Canada and Puerto Rico and the Fuller Cosmetics® brand in Mexico and Central America. |
South America | Both housewares and beauty products under the Fuller®, Nuvo® and Tupperware® brands. |
13 weeks ended | 13 weeks ended | 26 weeks ended | 27 weeks ended | ||||||||||||
(In millions) | June 30, 2012 | July 2, 2011 | June 30, 2012 | July 2, 2011 | |||||||||||
Net sales: | |||||||||||||||
Europe | $ | 194.2 | $ | 223.5 | $ | 412.4 | $ | 454.8 | |||||||
Asia Pacific | 186.2 | 175.5 | 364.0 | 335.6 | |||||||||||
Tupperware North America | 89.8 | 97.4 | 174.4 | 184.8 | |||||||||||
Beauty North America | 85.8 | 103.6 | 173.2 | 203.6 | |||||||||||
South America | 82.9 | 69.9 | 154.4 | 127.5 | |||||||||||
Total net sales | $ | 638.9 | $ | 669.9 | $ | 1,278.4 | $ | 1,306.3 | |||||||
Segment profit: | |||||||||||||||
Europe | $ | 32.1 | $ | 42.2 | $ | 68.2 | $ | 81.9 | |||||||
Asia Pacific | 40.8 | 33.3 | 74.7 | 61.4 | |||||||||||
Tupperware North America | 17.9 | 16.8 | 31.2 | 29.0 | |||||||||||
Beauty North America | 10.1 | 14.4 | 17.0 | 22.6 | |||||||||||
South America | 16.6 | 12.2 | 26.6 | 20.4 | |||||||||||
Total segment profit | $ | 117.5 | $ | 118.9 | $ | 217.7 | $ | 215.3 | |||||||
Unallocated expenses | (14.2 | ) | (12.6 | ) | (27.3 | ) | (27.0 | ) | |||||||
Re-engineering and impairment charges (a) | (1.1 | ) | (1.1 | ) | (2.0 | ) | (2.5 | ) | |||||||
Impairment of goodwill and intangible assets (b) | (76.9 | ) | — | (76.9 | ) | — | |||||||||
Gains on disposal of assets, including insurance recoveries | 7.5 | 0.7 | 7.7 | 0.7 | |||||||||||
Interest expense, net | (8.1 | ) | (24.8 | ) | (17.2 | ) | (31.4 | ) | |||||||
Income before taxes | $ | 24.7 | $ | 81.1 | $ | 102.0 | $ | 155.1 |
Identifiable assets: | June 30, 2012 | December 31, 2011 | |||||
Europe | $ | 378.2 | $ | 395.9 | |||
Asia Pacific | 323.6 | 330.6 | |||||
Tupperware North America | 148.0 | 130.4 | |||||
Beauty North America | 322.9 | 373.7 | |||||
South America | 113.9 | 105.4 | |||||
Corporate | 469.4 | 508.2 | |||||
Total identifiable assets | $ | 1,756.0 | $ | 1,844.2 |
(a) | See Note 6 to the Consolidated Financial Statements for a discussion of re-engineering and impairment charges. |
(b) | See Note 7 to the Consolidated Financial Statements for a discussion of the impairment of goodwill and intangible assets. |
Note 9: | Debt |
Note 10: | Derivative Instruments and Hedging Activities |
Forward Contracts | June 30, 2012 | December 31, 2011 | ||||||||||||||
(in millions) | Buy | Sell | Buy | Sell | ||||||||||||
Euro | $ | 49.1 | $ | 61.4 | ||||||||||||
U.S. dollar | 30.9 | 48.5 | ||||||||||||||
Malaysian ringgit | 12.1 | 5.0 | ||||||||||||||
Philippine peso | 8.3 | 4.2 | ||||||||||||||
Indonesian rupiah | 4.8 | 6.6 | ||||||||||||||
New Zealand dollar | 2.4 | 4.6 | ||||||||||||||
Singapore Dollar | 0.9 | $ | 1.3 | |||||||||||||
Brazilian real | 0.7 | 6.3 | ||||||||||||||
Japanese yen | $ | 27.4 | 28.4 | |||||||||||||
Swiss franc | 21.3 | 39.2 | ||||||||||||||
Turkish lira | 9.8 | 14.4 | ||||||||||||||
Canadian dollar | 6.2 | 8.6 | ||||||||||||||
Russian ruble | 6.0 | 9.3 | ||||||||||||||
Mexican peso | 5.2 | 1.8 | ||||||||||||||
Australian dollar | 4.3 | 17.5 | ||||||||||||||
British pound | 4.1 | 3.8 | ||||||||||||||
South Korean won | 3.0 | 6.8 | ||||||||||||||
Thai baht | 3.0 | 2.6 | ||||||||||||||
Argentine peso | 2.7 | 4.3 | ||||||||||||||
Croatian kuna | 2.4 | 2.5 | ||||||||||||||
Hungarian forint | 2.3 | 2.0 | ||||||||||||||
South African rand | 2.1 | 0.5 | ||||||||||||||
Indian Rupee | 2.1 | 2.0 | ||||||||||||||
Czech koruna | 1.7 | 1.9 | ||||||||||||||
Polish zloty | 1.5 | 1.5 | ||||||||||||||
Norwegian krone | 1.4 | 2.0 | ||||||||||||||
Swedish krona | 1.2 | 1.5 | ||||||||||||||
Ukraine hryvnia | 0.5 | 1.3 | ||||||||||||||
Kazakhstan tenge | — | 0.3 | ||||||||||||||
Other currencies (net) | 2.4 | 0.6 | ||||||||||||||
$ | 109.2 | $ | 110.6 | $ | 145.7 | $ | 145.0 |
June 30, 2012 | |||||||||||
Asset derivatives | Liability derivatives | ||||||||||
Derivatives not designated as hedging instruments (in millions) | Balance sheet location | Fair value | Balance sheet location | Fair value | |||||||
Interest rate contracts | Non-trade amounts receivable | $ | — | Accrued liabilities | $ | 3.6 | |||||
Derivatives designated as hedging instruments (in millions) | |||||||||||
Foreign exchange contracts | Non-trade amounts receivable | 25.0 | Accrued liabilities | 26.0 | |||||||
Total derivatives instruments | $ | 25.0 | $ | 29.6 | |||||||
December 31, 2011 | |||||||||||
Asset derivatives | Liability derivatives | ||||||||||
Derivatives not designated as hedging instruments (in millions) | Balance sheet location | Fair value | Balance sheet location | Fair value | |||||||
Interest rate contracts | Non-trade amounts receivable | $ | — | Accrued liabilities | $ | 10.2 | |||||
Derivatives designated as hedging instruments (in millions) | |||||||||||
Foreign exchange contracts | Non-trade amounts receivable | 21.4 | Accrued liabilities | 18.7 | |||||||
Total derivatives designated as hedging instruments | $ | 21.4 | $ | 28.9 |
Derivatives designated as fair value hedges (in millions) | Location of gain or (loss) recognized in income on derivatives | Amount of gain or (loss) recognized in income on derivatives | Location of gain or (loss) recognized in income on related hedged items | Amount of gain or (loss) recognized in income on related hedged items | ||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
Foreign exchange contracts | Other expense | $ | (30.1 | ) | $ | 8.5 | Other expense | $ | 29.9 | $ | (8.3 | ) |
Derivatives designated as cash flow and net equity hedges (in millions) | Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||||||||||
Cash flow hedging relationships | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
Interest rate contracts | $ | — | $ | 1.2 | Interest expense | $ | — | $ | — | Interest expense | $ | — | $ | (18.9 | ) | ||||||||||
Foreign exchange contracts | 4.3 | (0.4 | ) | Cost of products sold and DS&A | (0.6 | ) | (0.9 | ) | Interest expense | (0.4 | ) | (0.6 | ) | ||||||||||||
Net equity hedging relationships | |||||||||||||||||||||||||
Foreign exchange contracts | 29.7 | (6.8 | ) | Other expense | — | — | Interest expense | (3.4 | ) | (2.8 | ) |
Derivatives designated as fair value hedges (in millions) | Location of gain or (loss) recognized in income on derivatives | Amount of gain or (loss) recognized in income on derivatives | Location of gain or (loss) recognized in income on related hedged items | Amount of gain or (loss) recognized in income on related hedged items | ||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||
Foreign exchange contracts | Other expense | $ | (10.1 | ) | $ | 20.8 | Other expense | $ | 10.1 | $ | (20.6 | ) |
Derivatives designated as cash flow and net equity hedges (in millions) | Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Location of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | Amount of gain or (loss) recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) | ||||||||||||||||||||
Cash flow hedging relationships | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
Interest rate contracts | $ | — | $ | 4.1 | Interest expense | $ | — | $ | — | Interest expense | $ | — | $ | (18.9 | ) | ||||||||||
Foreign exchange contracts | 1.4 | (2.9 | ) | Cost of products sold and DS&A | 0.3 | (1.6 | ) | Interest expense | (1.3 | ) | (1.2 | ) | |||||||||||||
Net equity hedging relationships | |||||||||||||||||||||||||
Foreign exchange contracts | 7.4 | (17.3 | ) | Other expense | — | — | Interest expense | (7.2 | ) | (5.4 | ) |
Note 11: | Fair Value Measurements |
Description of Assets (in millions) | June 30, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Money market funds | $ | 2.0 | $ | 2.0 | $ | — | $ | — | ||||||||
Foreign currency derivative contracts | 25.0 | — | 25.0 | — | ||||||||||||
Total | $ | 27.0 | $ | 2.0 | $ | 25.0 | $ | — | ||||||||
Description of Liabilities (in millions) | ||||||||||||||||
Interest rate swaps | $ | 3.6 | $ | — | $ | 3.6 | $ | — | ||||||||
Foreign currency derivative contracts | 26.0 | — | 26.0 | — | ||||||||||||
Total | $ | 29.6 | $ | — | $ | 29.6 | $ | — | ||||||||
Description of Assets (in millions) | December 31, 2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Money market funds | $ | 9.5 | $ | 9.5 | $ | — | $ | — | ||||||||
Foreign currency derivative contracts | 21.4 | — | 21.4 | — | ||||||||||||
Total | $ | 30.9 | $ | 9.5 | $ | 21.4 | $ | — | ||||||||
Description of Liabilities (in millions) | ||||||||||||||||
Interest rate swaps | $ | 10.2 | $ | — | $ | 10.2 | $ | — | ||||||||
Foreign currency derivative contracts | 18.7 | — | 18.7 | — | ||||||||||||
Total | $ | 28.9 | $ | — | $ | 28.9 | $ | — |
Description of Assets (in millions) | Quarter ended June 30, 2012 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Intangible Assets | $ | 23.0 | $ | — | $ | — | $ | 23.0 |
Note 12: | Retirement Benefit Plans |
Second Quarter | Year-to-Date | ||||||||||||||||||||||||||
Pension benefits | Postretirement benefits | Pension benefits | Postretirement benefits | ||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||
Service cost | $ | 2.1 | $ | 2.7 | $ | — | $ | 0.1 | $ | 4.8 | $ | 5.2 | $ | 0.1 | $ | 0.1 | |||||||||||
Interest cost | 1.8 | 2.7 | 0.3 | 0.4 | 4.5 | 5.2 | 0.7 | 0.9 | |||||||||||||||||||
Expected return on plan assets | (1.1 | ) | (1.7 | ) | — | — | (2.8 | ) | (3.3 | ) | — | — | |||||||||||||||
Settlement/Curtailment | — | — | — | — | — | 1.0 | — | — | |||||||||||||||||||
Net amortization | 1.2 | 0.9 | 0.1 | (0.1 | ) | 2.1 | 1.8 | — | (0.2 | ) | |||||||||||||||||
Net periodic benefit cost | $ | 4.0 | $ | 4.6 | $ | 0.4 | $ | 0.4 | $ | 8.6 | $ | 9.9 | $ | 0.8 | $ | 0.8 |
Note 13: | Income Taxes |
Note 14: | Statement of Cash Flow Supplemental Disclosure |
Note 15: | Stock Based Compensation |
Outstanding | Exercisable | ||||||||||||
Stock options | Shares subject to option | Weighted average exercise price per share | Options exercisable at end of period | Weighted average exercise price per share | |||||||||
December 31, 2011 | 3,153,506 | $31.43 | 2,405,638 | $25.85 | |||||||||
Granted | 24,300 | 62.20 | |||||||||||
Expired / Forfeited | — | — | |||||||||||
Exercised | (360,052 | ) | 20.47 | ||||||||||
June 30, 2012 | 2,817,754 | $33.09 | 2,084,870 | $26.64 |
Shares outstanding | Weighted average grant date fair value | |||||
December 31, 2011 | 945,265 | $34.93 | ||||
Granted | 85,600 | 60.51 | ||||
Performance share adjustments | (5,467 | ) | 54.60 | |||
Vested | (232,303 | ) | 21.69 | |||
Forfeited | (2,394 | ) | 48.18 | |||
June 30, 2012 | 790,701 | $41.66 |
Note 16: | Allowance for Long-Term Receivables |
December 31, 2011 | $ | 23.3 | |
Write-offs | (0.7 | ) | |
Provision | 1.4 | ||
Currency translation adjustment | (0.8 | ) | |
June 30, 2012 | $ | 23.2 |
Note 17: | Guarantor Information |
June 30, 2012 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 0.7 | $ | 97.3 | $ | — | $ | 98.0 | |||||||||
Accounts receivable, net | — | — | 176.7 | — | 176.7 | ||||||||||||||
Inventories | — | — | 321.1 | — | 321.1 | ||||||||||||||
Deferred income tax benefits, net | 5.5 | 42.7 | 49.1 | (0.3 | ) | 97.0 | |||||||||||||
Non-trade amounts receivable, net | — | 16.1 | 37.7 | — | 53.8 | ||||||||||||||
Intercompany receivables | 1,953.4 | 3,935.3 | 730.7 | (6,619.4 | ) | — | |||||||||||||
Prepaid expenses and other current assets | 0.7 | 113.9 | 107.4 | (188.1 | ) | 33.9 | |||||||||||||
Total current assets | 1,959.6 | 4,108.7 | 1,520.0 | (6,807.8 | ) | 780.5 | |||||||||||||
Deferred income tax benefits, net | 77.3 | 128.7 | 112.2 | (0.6 | ) | 317.6 | |||||||||||||
Property, plant and equipment, net | — | 28.7 | 248.0 | — | 276.7 | ||||||||||||||
Long-term receivables, net | — | 0.1 | 23.2 | — | 23.3 | ||||||||||||||
Trademarks and tradenames | — | — | 132.5 | — | 132.5 | ||||||||||||||
Other intangible assets, net | — | — | 5.7 | — | 5.7 | ||||||||||||||
Goodwill | — | 2.9 | 182.3 | — | 185.2 | ||||||||||||||
Investments in subsidiaries | 2,778.8 | 2,178.0 | — | (4,956.8 | ) | — | |||||||||||||
Intercompany notes receivable | 64.1 | 524.1 | 1,730.4 | (2,318.6 | ) | — | |||||||||||||
Other assets, net | 4.8 | 8.1 | 91.1 | (69.5 | ) | 34.5 | |||||||||||||
Total assets | $ | 4,884.6 | $ | 6,979.3 | $ | 4,045.4 | $ | (14,153.3 | ) | $ | 1,756.0 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | 115.6 | $ | — | $ | 115.6 | |||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | 54.0 | — | 173.7 | — | 227.7 | ||||||||||||||
Intercompany payables | 3,473.4 | 2,669.9 | 476.1 | (6,619.4 | ) | — | |||||||||||||
Accrued liabilities | 135.7 | 79.3 | 282.4 | (188.4 | ) | 309.0 | |||||||||||||
Total current liabilities | 3,663.1 | 2,749.2 | 1,047.8 | (6,807.8 | ) | 652.3 | |||||||||||||
Long-term debt and capital lease obligations | 396.3 | — | 18.0 | — | 414.3 | ||||||||||||||
Intercompany notes payable | 345.0 | 1,385.4 | 588.2 | (2,318.6 | ) | — | |||||||||||||
Other liabilities | 19.5 | 85.9 | 193.4 | (70.1 | ) | 228.7 | |||||||||||||
Shareholders' equity | 460.7 | 2,758.8 | 2,198.0 | (4,956.8 | ) | 460.7 | |||||||||||||
Total liabilities and shareholders' equity | $ | 4,884.6 | $ | 6,979.3 | $ | 4,045.4 | $ | (14,153.3 | ) | $ | 1,756.0 |
December 31, 2011 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 1.9 | $ | 136.3 | $ | — | $ | 138.2 | |||||||||
Accounts receivable, net | — | — | 163.7 | — | 163.7 | ||||||||||||||
Inventories | — | — | 302.5 | — | 302.5 | ||||||||||||||
Deferred income tax benefits, net | 5.5 | 44.6 | 44.1 | — | 94.2 | ||||||||||||||
Non-trade amounts receivable, net | 0.4 | 10.1 | 37.0 | — | 47.5 | ||||||||||||||
Intercompany receivables | 1,674.7 | 3,757.3 | 257.7 | (5,689.7 | ) | — | |||||||||||||
Prepaid expenses and other current assets | 31.1 | 1.6 | 92.1 | (101.5 | ) | 23.3 | |||||||||||||
Total current assets | 1,711.7 | 3,815.5 | 1,033.4 | (5,791.2 | ) | 769.4 | |||||||||||||
Deferred income tax benefits, net | 68.7 | 128.7 | 141.8 | — | 339.2 | ||||||||||||||
Property, plant and equipment, net | — | 28.7 | 244.4 | — | 273.1 | ||||||||||||||
Long-term receivables, net | — | 0.1 | 23.1 | — | 23.2 | ||||||||||||||
Trademarks and tradenames | — | — | 157.1 | — | 157.1 | ||||||||||||||
Other intangible assets, net | — | — | 7.2 | — | 7.2 | ||||||||||||||
Goodwill | — | 2.9 | 238.5 | — | 241.4 | ||||||||||||||
Investments in subsidiaries | 2,695.0 | 1,734.6 | — | (4,429.6 | ) | — | |||||||||||||
Intercompany notes receivable | 85.9 | 506.0 | 1,088.5 | (1,680.4 | ) | — | |||||||||||||
Other assets, net | 4.7 | 7.9 | 120.9 | (99.9 | ) | 33.6 | |||||||||||||
Total assets | $ | 4,566.0 | $ | 6,224.4 | $ | 3,054.9 | $ | (12,001.1 | ) | $ | 1,844.2 | ||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | 157.2 | $ | — | $ | 157.2 | |||||||||
Short-term borrowings and current portion of long-term debt and capital lease obligations | — | — | 195.7 | — | 195.7 | ||||||||||||||
Intercompany payables | 3,270.0 | 2,415.5 | 4.2 | (5,689.7 | ) | — | |||||||||||||
Accrued liabilities | 35.5 | 116.1 | 270.4 | (101.5 | ) | 320.5 | |||||||||||||
Total current liabilities | 3,305.5 | 2,531.6 | 627.5 | (5,791.2 | ) | 673.4 | |||||||||||||
Long-term debt and capital lease obligations | 396.1 | — | 19.1 | — | 415.2 | ||||||||||||||
Intercompany notes payable | 342.9 | 1,337.5 | — | (1,680.4 | ) | — | |||||||||||||
Other liabilities | 20.7 | 112.9 | 221.1 | (99.9 | ) | 254.8 | |||||||||||||
Shareholders' equity | 500.8 | 2,242.4 | 2,187.2 | (4,429.6 | ) | 500.8 | |||||||||||||
Total liabilities and shareholders' equity | $ | 4,566.0 | $ | 6,224.4 | $ | 3,054.9 | $ | (12,001.1 | ) | $ | 1,844.2 |
13 Weeks Ended June 30, 2012 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | — | $ | 641.0 | $ | (2.1 | ) | $ | 638.9 | ||||||||
Other revenue | — | 25.8 | 4.7 | (30.5 | ) | — | |||||||||||||
Cost of products sold | — | 4.1 | 235.2 | (32.6 | ) | 206.7 | |||||||||||||
Gross margin | — | 21.7 | 410.5 | — | 432.2 | ||||||||||||||
Delivery, sales and administrative expense | 3.6 | 14.3 | 310.6 | — | 328.5 | ||||||||||||||
Re-engineering and impairment charges | — | — | 1.1 | — | 1.1 | ||||||||||||||
Impairment of goodwill and intangible assets | — | — | 76.9 | — | 76.9 | ||||||||||||||
Gains on disposal of assets, including insurance recoveries | — | — | 7.5 | — | 7.5 | ||||||||||||||
Operating (loss) income | (3.6 | ) | 7.4 | 29.4 | — | 33.2 | |||||||||||||
Interest income | 0.4 | 7.5 | 1.2 | (8.5 | ) | 0.6 | |||||||||||||
Interest expense | 6.5 | 5.2 | 5.5 | (8.5 | ) | 8.7 | |||||||||||||
Income from equity investments in subsidiaries | 19.0 | 13.2 | — | (32.2 | ) | — | |||||||||||||
Other expense | 0.1 | 0.1 | 0.2 | — | 0.4 | ||||||||||||||
Income before income taxes | 9.2 | 22.8 | 24.9 | (32.2 | ) | 24.7 | |||||||||||||
(Benefit) provision for income taxes | (3.5 | ) | 3.6 | 11.9 | — | 12.0 | |||||||||||||
Net income | $ | 12.7 | $ | 19.2 | $ | 13.0 | $ | (32.2 | ) | $ | 12.7 | ||||||||
Comprehensive loss | $ | (41.6 | ) | $ | (34.9 | ) | $ | (13.1 | ) | $ | 48.0 | $ | (41.6 | ) |
13 Weeks Ended July 2, 2011 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | — | $ | 670.4 | $ | (0.5 | ) | $ | 669.9 | ||||||||
Other revenue | — | 16.4 | 3.0 | (19.4 | ) | — | |||||||||||||
Cost of products sold | — | 3.0 | 236.5 | (19.9 | ) | 219.6 | |||||||||||||
Gross margin | — | 13.4 | 436.9 | — | 450.3 | ||||||||||||||
Delivery, sales and administrative expense | 3.4 | 13.1 | 327.7 | — | 344.2 | ||||||||||||||
Re-engineering and impairment charges | — | — | 1.1 | — | 1.1 | ||||||||||||||
Gains on disposal of assets, including insurance recoveries | — | — | 0.7 | — | 0.7 | ||||||||||||||
Operating (loss) income | (3.4 | ) | 0.3 | 108.8 | — | 105.7 | |||||||||||||
Interest income | 0.4 | 8.6 | 3.7 | (11.9 | ) | 0.8 | |||||||||||||
Interest expense | 26.1 | 3.4 | 8.0 | (11.9 | ) | 25.6 | |||||||||||||
Income from equity investments in subsidiaries | 83.8 | 79.3 | — | (163.1 | ) | — | |||||||||||||
Other income | — | — | 0.2 | — | 0.2 | ||||||||||||||
Income before income taxes | 54.7 | 84.8 | 104.7 | (163.1 | ) | 81.1 | |||||||||||||
(Benefit) provision for income taxes | (10.4 | ) | 1.2 | 25.2 | — | 16.0 | |||||||||||||
Net income | $ | 65.1 | $ | 83.6 | $ | 79.5 | $ | (163.1 | ) | $ | 65.1 | ||||||||
Comprehensive income | $ | 89.9 | $ | 95.5 | $ | 88.4 | $ | (183.9 | ) | $ | 89.9 |
26 Weeks Ended June 30, 2012 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | — | $ | 1,281.2 | $ | (2.8 | ) | $ | 1,278.4 | ||||||||
Other revenue | — | 52.0 | 8.5 | (60.5 | ) | — | |||||||||||||
Cost of products sold | — | 8.5 | 474.6 | (63.3 | ) | 419.8 | |||||||||||||
Gross margin | — | 43.5 | 815.1 | — | 858.6 | ||||||||||||||
Delivery, sales and administrative expense | 6.9 | 27.1 | 634.1 | — | 668.1 | ||||||||||||||
Re-engineering and impairment charges | — | — | 2.0 | — | 2.0 | ||||||||||||||
Impairment of goodwill and intangible assets | — | — | 76.9 | — | 76.9 | ||||||||||||||
Gains on disposal of assets, including insurance recoveries | — | 0.2 | 7.5 | — | 7.7 | ||||||||||||||
Operating (loss) income | (6.9 | ) | 16.6 | 109.6 | — | 119.3 | |||||||||||||
Interest income | 0.9 | 15.5 | 2.4 | (17.5 | ) | 1.3 | |||||||||||||
Interest expense | 14.1 | 9.8 | 12.1 | (17.5 | ) | 18.5 | |||||||||||||
Income from equity investments in subsidiaries | 83.9 | 67.8 | — | (151.7 | ) | — | |||||||||||||
Other expense | — | — | 0.1 | — | 0.1 | ||||||||||||||
Income before income taxes | 63.8 | 90.1 | 99.8 | (151.7 | ) | 102.0 | |||||||||||||
(Benefit) provision for income taxes | (7.2 | ) | 6.2 | 32.0 | — | 31.0 | |||||||||||||
Net income | $ | 71.0 | $ | 83.9 | $ | 67.8 | $ | (151.7 | ) | $ | 71.0 | ||||||||
Comprehensive income | $ | 56.4 | $ | 68.9 | $ | 51.1 | $ | (120.0 | ) | $ | 56.4 |
27 Weeks Ended July 2, 2011 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Net sales | $ | — | $ | — | $ | 1,307.9 | $ | (1.6 | ) | $ | 1,306.3 | ||||||||
Other revenue | — | 56.8 | 6.5 | (63.3 | ) | — | |||||||||||||
Cost of products sold | — | 6.5 | 492.9 | (64.9 | ) | 434.5 | |||||||||||||
Gross margin | — | 50.3 | 821.5 | — | 871.8 | ||||||||||||||
Delivery, sales and administrative expense | 7.1 | 31.6 | 644.9 | — | 683.6 | ||||||||||||||
Re-engineering and impairment charges | — | — | 2.5 | — | 2.5 | ||||||||||||||
Gains on disposal of assets, including insurance recoveries | — | — | 0.7 | — | 0.7 | ||||||||||||||
Operating (loss) income | (7.1 | ) | 18.7 | 174.8 | — | 186.4 | |||||||||||||
Interest income | 0.9 | 17.5 | 5.8 | (22.5 | ) | 1.7 | |||||||||||||
Interest expense | 32.8 | 6.9 | 15.9 | (22.5 | ) | 33.1 | |||||||||||||
Income from equity investments in subsidiaries | 146.0 | 131.8 | — | (277.8 | ) | — | |||||||||||||
Other income | — | — | 0.1 | — | 0.1 | ||||||||||||||
Income before income taxes | 107.0 | 161.1 | 164.8 | (277.8 | ) | 155.1 | |||||||||||||
(Benefit) provision for income taxes | (13.9 | ) | 18.1 | 30.0 | — | 34.2 | |||||||||||||
Net income | $ | 120.9 | $ | 143.0 | $ | 134.8 | $ | (277.8 | ) | $ | 120.9 | ||||||||
Comprehensive income | $ | 180.7 | $ | 187.3 | $ | 164.9 | $ | (352.2 | ) | $ | 180.7 |
26 Weeks Ended June 30, 2012 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Operating Activities: | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 22.7 | $ | (22.6 | ) | $ | 97.1 | $ | (46.5 | ) | $ | 50.7 | |||||||
Investing Activities: | |||||||||||||||||||
Capital expenditures | — | (3.3 | ) | (30.4 | ) | — | (33.7 | ) | |||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 8.8 | — | 8.8 | ||||||||||||||
Net cash used in investing activities | — | (3.3 | ) | (21.6 | ) | — | (24.9 | ) | |||||||||||
Financing Activities: | |||||||||||||||||||
Dividend payments to shareholders | (37.5 | ) | — | — | — | (37.5 | ) | ||||||||||||
Dividend payments to parent | — | — | (36.8 | ) | 36.8 | — | |||||||||||||
Proceeds from exercise of stock options | 7.4 | — | — | — | 7.4 | ||||||||||||||
Repurchase of common stock | (79.0 | ) | — | — | — | (79.0 | ) | ||||||||||||
Repayment of long-term debt and capital lease obligations | — | — | (1.3 | ) | — | (1.3 | ) | ||||||||||||
Net change in short-term debt | 54.0 | — | (13.6 | ) | — | 40.4 | |||||||||||||
Excess tax benefits from share-based payment arrangements | 8.5 | — | — | — | 8.5 | ||||||||||||||
Net intercompany notes payable (receivable) | 23.9 | 24.7 | (58.3 | ) | 9.7 | — | |||||||||||||
Net cash (used in) provided by financing activities | (22.7 | ) | 24.7 | (110.0 | ) | 46.5 | (61.5 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4.5 | ) | — | (4.5 | ) | ||||||||||||
Net change in cash and cash equivalents | — | (1.2 | ) | (39.0 | ) | — | (40.2 | ) | |||||||||||
Cash and cash equivalents at beginning of year | — | 1.9 | 136.3 | — | 138.2 | ||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 0.7 | $ | 97.3 | $ | — | $ | 98.0 |
27 Weeks Ended July 2, 2011 | |||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantors | Eliminations | Total | ||||||||||||||
Operating Activities: | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (118.1 | ) | $ | 87.0 | $ | 98.5 | $ | (17.8 | ) | $ | 49.6 | |||||||
Investing Activities: | |||||||||||||||||||
Capital expenditures | — | (3.2 | ) | (22.5 | ) | — | (25.7 | ) | |||||||||||
Proceeds from disposal of property, plant and equipment | — | — | 2.6 | — | 2.6 | ||||||||||||||
Net cash used in investing activities | — | (3.2 | ) | (19.9 | ) | — | (23.1 | ) | |||||||||||
Financing Activities: | |||||||||||||||||||
Dividend payments to shareholders | (37.6 | ) | — | — | — | (37.6 | ) | ||||||||||||
Dividend payments to parent | — | — | (12.0 | ) | 12.0 | — | |||||||||||||
Net proceeds from issuance of senior notes | 393.3 | — | — | — | 393.3 | ||||||||||||||
Proceeds from exercise of stock options | 13.9 | — | — | — | 13.9 | ||||||||||||||
Repurchase of common stock | (130.8 | ) | — | — | — | (130.8 | ) | ||||||||||||
Repayment of long-term debt and capital lease obligations | (405.0 | ) | — | (1.4 | ) | — | (406.4 | ) | |||||||||||
Net change in short-term debt | — | — | 0.1 | — | 0.1 | ||||||||||||||
Debt issuance costs | (2.9 | ) | — | — | — | (2.9 | ) | ||||||||||||
Excess tax benefits from share-based payment arrangements | 7.6 | — | — | — | 7.6 | ||||||||||||||
Net intercompany notes payable (receivable) | 259.6 | (131.5 | ) | (133.9 | ) | 5.8 | — | ||||||||||||
Net cash provided by (used in) financing activities | 98.1 | (131.5 | ) | (147.2 | ) | 17.8 | (162.8 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 3.7 | — | 3.7 | ||||||||||||||
Net change in cash and cash equivalents | (20.0 | ) | (47.7 | ) | (64.9 | ) | — | (132.6 | ) | ||||||||||
Cash and cash equivalents at beginning of year | 20.0 | 52.2 | 176.5 | — | 248.7 | ||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 4.5 | $ | 111.6 | $ | — | $ | 116.1 |
Note 18: | New Accounting Pronouncements |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
13 weeks ended | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | ||||||||||||||
Dollars in millions, except per share amounts | June 30, 2012 | July 2, 2011 | ||||||||||||||||
Net sales | $ | 638.9 | $ | 669.9 | (5 | )% | 5 | % | $ | (63.7 | ) | |||||||
Gross margin as percent of sales | 67.6 | % | 67.2 | % | 0.4 | pp | na | na | ||||||||||
DS&A as percent of sales | 51.4 | % | 51.4 | % | — | pp | na | na | ||||||||||
Impairment of goodwill and intangible assets | $ | 76.9 | $ | — | — | — | $ | — | ||||||||||
Operating income | $ | 33.2 | $ | 105.7 | (69 | )% | (63 | )% | $ | (14.9 | ) | |||||||
Net income | 12.7 | 65.1 | (81 | ) | (76 | ) | (11.5 | ) | ||||||||||
Net income per diluted share | 0.22 | 1.03 | (79 | ) | (74 | ) | (0.18 | ) |
26 weeks ended | 27 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | ||||||||||||||
Dollars in millions, except per share amounts | June 30, 2012 | July 2, 2011 | ||||||||||||||||
Net sales | $ | 1,278.4 | $ | 1,306.3 | (2 | )% | 4 | % | $ | (81.8 | ) | |||||||
Gross margin as percent of sales | 67.2 | % | 66.7 | % | 0.5 | pp | na | na | ||||||||||
DS&A as percent of sales | 52.3 | % | 52.3 | % | — | pp | na | na | ||||||||||
Impairment of goodwill and intangible assets | $ | 76.9 | $ | — | — | — | $ | — | ||||||||||
Operating income | $ | 119.3 | $ | 186.4 | (36 | )% | (28 | )% | $ | (19.7 | ) | |||||||
Net income | 71.0 | 120.9 | (41 | ) | (33 | ) | (15.0 | ) | ||||||||||
Net income per diluted share | 1.25 | 1.91 | (35 | ) | (25 | ) | (0.24 | ) |
na | not applicable |
pp | percentage points |
dollars in millions | 13 weeks ended | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net sales | $ | 194.2 | $ | 223.5 | (13 | )% | — | % | $ | (29.4 | ) | 30 | 33 | ||||||||
Segment profit | 32.1 | 42.2 | (24 | ) | (12 | ) | (5.9 | ) | 27 | 36 | |||||||||||
Segment profit as percent of sales | 16.5 | % | 18.9 | % | (2.4 | ) | pp | na | na | na | na |
dollars in millions | 26 weeks ended | 27 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net Sales | $ | 412.4 | $ | 454.8 | (9 | )% | (1 | )% | $ | (39.5 | ) | 32 | 35 | ||||||||
Segment profit | 68.2 | 81.9 | (17 | ) | (8 | ) | (7.9 | ) | 31 | 38 | |||||||||||
Segment profit as percent of sales | 16.5 | % | 18.0 | % | (1.5 | ) | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
dollars in millions | 13 weeks ended | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net sales | $ | 186.2 | $ | 175.5 | 6 | % | 12 | % | $ | (8.9 | ) | 29 | 26 | ||||||||
Segment profit | 40.8 | 33.3 | 22 | 32 | (2.6 | ) | 35 | 28 | |||||||||||||
Segment profit as percent of sales | 21.9 | % | 19.0 | % | 2.9 | pp | na | na | na | na |
dollars in millions | 26 weeks ended | 27 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net Sales | $ | 364.0 | $ | 335.6 | 8 | % | 11 | % | $ | (7.9 | ) | 28 | 26 | ||||||||
Segment profit | 74.7 | 61.4 | 22 | 28 | (3.1 | ) | 35 | 29 | |||||||||||||
Segment profit as percent of sales | 20.5 | % | 18.3 | % | 2.2 | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
dollars in millions | 13 weeks ended | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net sales | $ | 89.8 | $ | 97.4 | (8 | )% | (2 | )% | $ | (5.7 | ) | 14 | 15 | ||||||||
Segment profit | 17.9 | 16.8 | 6 | 17 | (1.6 | ) | 15 | 14 | |||||||||||||
Segment profit as percent of sales | 19.9 | % | 17.2 | % | 2.7 | pp | na | na | na | na |
dollars in millions | 26 weeks ended | 27 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net Sales | $ | 174.4 | $ | 184.8 | (6 | )% | (1 | )% | $ | (8.0 | ) | 14 | 14 | ||||||||
Segment profit | 31.2 | 29.0 | 7 | 16 | (2.2 | ) | 14 | 13 | |||||||||||||
Segment profit as percent of sales | 17.9 | % | 15.7 | % | 2.2 | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
dollars in millions | 13 weeks ended | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net sales | $ | 85.8 | $ | 103.6 | (17 | )% | (8 | )% | $ | (10.8 | ) | 14 | 16 | ||||||||
Segment profit | 10.1 | 14.4 | (29 | ) | (15 | ) | (2.3 | ) | 9 | 12 | |||||||||||
Segment profit as percent of sales | 11.8 | % | 13.9 | % | (2.1 | ) | pp | na | na | na | na |
dollars in millions | 26 weeks ended | 27 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net Sales | $ | 173.2 | $ | 203.6 | (15 | )% | (8 | )% | $ | (15.1 | ) | 14 | 15 | ||||||||
Segment profit | 17.0 | 22.6 | (24 | ) | (12 | ) | (3.0 | ) | 8 | 11 | |||||||||||
Segment profit as percent of sales | 9.8 | % | 11.1 | % | (1.3 | ) | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
dollars in millions | 13 weeks ended | 13 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net sales | $ | 82.9 | $ | 69.9 | 19 | % | 36 | % | $ | (8.9 | ) | 13 | 10 | ||||||||
Segment profit | 16.6 | 12.2 | 36 | 60 | (1.9 | ) | 14 | 10 | |||||||||||||
Segment profit as percent of sales | 20.0 | % | 17.5 | % | 2.5 | pp | na | na | na | na |
dollars in millions | 26 weeks ended | 27 weeks ended | Change | Change excluding the impact of foreign exchange | Foreign exchange impact | Percent of total | |||||||||||||||
June 30, 2012 | July 2, 2011 | 2012 | 2011 | ||||||||||||||||||
Net Sales | $ | 154.4 | $ | 127.5 | 21 | % | 33 | % | $ | (11.3 | ) | 12 | 10 | ||||||||
Segment profit | 26.6 | 20.4 | 30 | 46 | (2.2 | ) | 12 | 9 | |||||||||||||
Segment profit as percent of sales | 17.2 | % | 16.0 | % | 1.2 | pp | na | na | na | na |
na | not applicable |
pp | percentage points |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk |
• | successful recruitment, retention and productivity levels of the Company's independent sales forces; |
• | disruptions caused by the introduction of new distributor operating models or sales force compensation systems; |
• | success of new products and promotional programs; |
• | the ability to implement appropriate product mix and pricing strategies; |
• | governmental regulation of materials used in products coming into contact with food (e.g. polycarbonate) as well as beauty, personal care and nutritional products; |
• | the impact of changes in consumer spending patterns and preferences, particularly given the global nature of the Company's business; |
• | the value of long-term assets, particularly goodwill and indefinite lived intangibles associated with acquisitions, and the realizability of the value of recognized tax assets; |
• | changes in plastic resin prices, other raw materials and packaging components, the cost of converting such items into finished goods and procured finished products and the cost of delivering products to customers; |
• | the introduction of Company operations in new markets outside the United States; |
• | general social, economic and political conditions in markets; |
• | issues arising out of the sovereign debt crisis in Europe, resulting in potential economic and operational challenges for the Company's European supply chain, heightened counterparty credit risk due to adverse effects on customers and suppliers, exchange controls and translation risks due to potential impairments of investments in affected markets and the potential for banks with which the Company maintains lines of credit to be unable to fulfill their commitments; |
• | disruptions resulting from either internal or external labor strikes, work stoppages, or similar difficulties; |
• | changes in cash flow resulting from changes in operating results, working capital management, debt payments, share repurchases and hedge settlements; |
• | the impact of currency fluctuations on the value of foreign operations, including their cash balances, the results of those operations and the cost of sourcing products across geographies and the success of foreign hedging and risk management strategies; |
• | the impact of natural disasters and epidemic or pandemic disease outbreaks; |
• | the ability to repatriate, or otherwise make available, cash in the United States and to do so at a favorable foreign exchange rate and with favorable tax ramifications; |
• | the ability to obtain all government approvals on, and to control the cost of infrastructure obligations associated with, land development; |
• | the ability to timely and effectively implement, transition, maintain and protect necessary information technology systems and infrastructure; |
• | the ability to attract and retain certain executive officers and key management personnel; |
• | the success of land buyers in attracting tenants for commercial and residential development and obtaining financing; |
• | the costs and covenant restrictions associated with the Company's credit arrangements; |
• | integration of non-traditional product lines into Company operations; |
• | the effect of legal, regulatory and tax proceedings, as well as restrictions imposed on the Company's operations or Company representatives by foreign governments, including exposure to tax responsibilities imposed on the sales force and their potential impact on the sales force's value chain and resulting disruption to the business; |
• | the effect of competitive forces in the markets in which the Company operates, particularly related to sales of beauty, personal care and nutritional products, where there are a greater number of competitors; |
• | the impact of changes in tax or other laws; |
• | the Company's access to financing; and |
• | other risks discussed in Item 1A, Risk Factors, of the Company's 2011 Annual Report on Form 10-K, as well as the Company's Consolidated Financial Statements, Notes, other financial information appearing elsewhere in this report and the Company's other filings with the United States Securities and Exchange Commission. |
Item 4. | Controls and Procedures |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May yet be Purchased Under the Plans or Programs (a) | ||||||||||
4/1/12 - 5/5/12 | 281,112 | $61.62 | 281,112 | $ | 504,965,539 | ||||||||
5/6/12 - 6/2/12 | 131,600 | 58.11 | 131,600 | 497,317,934 | |||||||||
6/3/12 - 6/30/12 | — | — | — | 497,317,934 | |||||||||
412,712 | $60.50 | 412,712 | $ | 497,317,934 |
(a) | Open market repurchases are being made under an authorization that runs until February 1, 2015 and |
Item 6. | Exhibits |
(a) | Exhibits |
31.1 | Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer |
31.2 | Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer |
32.1 | Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code by the Chief Executive Officer |
32.2 | Certification Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code by the Chief Financial Officer |
101 | The following financial statements from Tupperware Brands Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, filed on August 7, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Notes to Consolidated Financial Statements, tagged in detail. |
TUPPERWARE BRANDS CORPORATION | ||
By: | /S/ MICHAEL S. POTESHMAN | |
Executive Vice President and Chief Financial Officer | ||
By: | /S/ NICHOLAS K. POUCHER | |
Vice President and Controller |
1. | I have reviewed this quarterly report on Form 10-Q of Tupperware Brands Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 7, 2012 | /s/ E.V. Goings |
E.V. Goings | ||
Chairman and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Tupperware Brands Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 7, 2012 | /s/ Michael S. Poteshman |
Michael S. Poteshman | ||
Executive Vice President and Chief Financial Officer |
/s/ E.V. Goings | |
Chairman and Chief Executive Officer |
/s/ Michael S. Poteshman | |
Executive Vice President and Chief Financial Officer |
Shipping and Handling Costs (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jul. 02, 2011
|
Jun. 30, 2012
|
Jul. 02, 2011
|
|
Shipping and Handling Costs [Abstract] | ||||
Distribution costs | $ 37.3 | $ 39.9 | $ 74.7 | $ 77.5 |
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2012
|
Jul. 02, 2011
|
Jun. 30, 2012
|
Jul. 02, 2011
|
Dec. 31, 2011
|
|
Operating Loss Carryforwards [Line Items] | |||||
Unrecognized Tax Benefits | $ 29.8 | $ 29.8 | $ 28.6 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 24.3 | 24.3 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6.6 | 6.6 | 5.8 | ||
Significant Change in Unrecognized Tax Benefits Reasonably Possible, Amount of Unrecorded Benefit | $ 3.1 | $ 3.1 | |||
Effective Income Tax Rate, Continuing Operations | 48.60% | 19.80% | 30.40% | 22.10% |
Derivative Instruments and Hedging Activities (Company's Derivative Positions and Their Impact on Financial Position) (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 25.0 | $ 21.4 |
Derivative Liabilities | 29.6 | 28.9 |
Not Designated as Hedging Instrument [Member] | Non-Trade Amounts Receivable [Member] | Interest Rate Contracts [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Contracts [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 3.6 | |
Designated as Hedging Instrument [Member] | Non-Trade Amounts Receivable [Member] | Interest Rate Contracts [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | |
Designated as Hedging Instrument [Member] | Non-Trade Amounts Receivable [Member] | Foreign Exchange Contracts [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 25.0 | 21.4 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Contracts [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | 10.2 | |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Foreign Exchange Contracts [Member]
|
||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | $ 26.0 | $ 18.7 |
Statement of Cash Flow Supplemental Disclosure (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2012
|
Jul. 02, 2011
|
|
Other Significant Noncash Transactions [Line Items] | ||
Capital Lease Obligations Incurred | $ 1.2 | $ 0 |
Shares Paid for Tax Withholding for Share Based Compensation | 64,927 | 30,108 |
Shares Paid For Tax Withholding For Share Based Compensation, Value | $ 4.1 | $ 1.6 |
Debt (Details) (USD $)
In Millions, unless otherwise specified |
1 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Jun. 30, 2012
4.750% Senior Notes due 2021 [Member]
|
Jun. 02, 2011
4.750% Senior Notes due 2021 [Member]
|
Jul. 02, 2011
Five-Year Senior Secured Credit Agreement [Member]
|
Jun. 30, 2012
Five-Year Senior Secured Credit Agreement [Member]
|
Jun. 02, 2011
Five-Year Senior Secured Credit Agreement [Member]
|
Jun. 02, 2011
Five-Year Senior Secured Credit Agreement [Member]
Subsidiaries [Member]
|
Jun. 30, 2012
Five-Year Senior Secured Credit Agreement [Member]
Line of Credit [Member]
|
Jun. 02, 2011
Five-Year Senior Secured Credit Agreement [Member]
Letter of Credit Facility [Member]
|
Jun. 02, 2011
Five-Year Senior Secured Credit Agreement [Member]
Swingline Facility [Member]
|
Jun. 30, 2012
Other Uncommitted Lines of Credit [Member]
|
Jun. 30, 2012
Euro [Member]
Five-Year Senior Secured Credit Agreement [Member]
|
|
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 400 | |||||||||||
Stated interest rate | 4.75% | |||||||||||
Issue price as percentage of principal amount | 98.989% | |||||||||||
Facility Amount | 450 | 225 | 50 | 50 | ||||||||
Line of Credit Facility, Additional Borrowing Capacity | 200 | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 325.0 | 221.5 | 103.5 | |||||||||
Maximum aggregate Facility Amount | 650 | |||||||||||
Short-term Debt | $ 225.3 | $ 171.3 | ||||||||||
Interest rate at period end | 2.35% | |||||||||||
Variable rate basis | LIBOR | |||||||||||
Line of Credit Facility Agreement Term | 5 years | |||||||||||
Basis points spread on 3-month USD LIBOR borrowing rate | 1.75% |
Fair Value Measurements (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
|
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following table presents information about assets and liabilities measured at fair value on a non-recurring basis and indicates the placement in the fair value hierarchy of the valuation techniques utilized to determine such fair value.
|
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Fair Value Measurements of Assets and Liabilities | The following table presents those assets and liabilities recorded at fair value on a recurring basis:
|
Allowance for Long-Term Receivables (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Financing Receivable Recorded Investment Past Due | $ 31.4 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
Balance at December 31, 2011 | 23.3 |
Write-offs | (0.7) |
Provision | 1.4 |
Currency Translation Adjustment | (0.8) |
Balance at March 31, 2012 | $ 23.2 |
New Accounting Pronouncements
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | New Accounting Pronouncements In September 2011, the Financial Accounting Standards Board ("FASB") issued amendments to existing guidance regarding goodwill impairment testing. The amendments permit an entity to first make an assessment using 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 adopted this guidance as of the beginning of fiscal year 2012, and does not believe the amendments will have a significant impact on its Consolidated Financial Statements. In December 2011, the FASB issued an amendment to existing guidance regarding disclosures about offsetting assets and liabilities. The amendment requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amendment is effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. As the Company does not intend to use the right of offset in presenting its assets or liabilities, the amendment will not have an impact on its Consolidated Financial Statements. In July 2012, the FASB issued amendments to existing guidance regarding indefinite-lived intangible asset impairment testing. The amendments permit an entity to first make an assessment using qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, as a basis for determining whether it is necessary to perform the quantitative impairment test. The amendment is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, but early adoption is permitted. The Company will adopt this guidance for its annual impairment testing that will be completed during the third quarter 2012. The Company does not believe the amendment will have a significant impact on its Consolidated Financial Statements. |
Derivative Instruments and Hedging Activities (Outstanding Derivative Financial Instruments at Fair Value) (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
---|---|---|
Derivative [Line Items] | ||
Buy | $ 109.2 | $ 145.7 |
Sell | 110.6 | 145.0 |
Euro [Member]
|
||
Derivative [Line Items] | ||
Buy | 49.1 | 61.4 |
Sell | ||
Philippines, Pesos
|
||
Derivative [Line Items] | ||
Buy | 8.3 | 4.2 |
Sell | ||
Indonesian Rupiah [Member]
|
||
Derivative [Line Items] | ||
Buy | 4.8 | 6.6 |
Malaysian Ringgit [Member]
|
||
Derivative [Line Items] | ||
Buy | 12.1 | 5.0 |
Brazilian Real [Member]
|
||
Derivative [Line Items] | ||
Buy | 0.7 | 6.3 |
Sell | ||
Singapore, Dollars
|
||
Derivative [Line Items] | ||
Buy | 0.9 | |
Sell | 1.3 | |
South African Rand [Member]
|
||
Derivative [Line Items] | ||
Buy | 0.5 | |
Sell | 2.1 | |
New Zealand Dollar [Member]
|
||
Derivative [Line Items] | ||
Buy | 2.4 | 4.6 |
Sell | ||
Mexican Peso [Member]
|
||
Derivative [Line Items] | ||
Buy | 1.8 | |
Sell | 5.2 | |
U.S. Dollar [Member]
|
||
Derivative [Line Items] | ||
Buy | 30.9 | 48.5 |
Sell | ||
Japanese Yen [Member]
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | 27.4 | 28.4 |
Swiss Franc [Member]
|
||
Derivative [Line Items] | ||
Sell | 21.3 | 39.2 |
Turkish Lira [Member]
|
||
Derivative [Line Items] | ||
Sell | 9.8 | 14.4 |
Canadian Dollar [Member]
|
||
Derivative [Line Items] | ||
Sell | 6.2 | 8.6 |
Polish Zloty [Member]
|
||
Derivative [Line Items] | ||
Sell | 1.5 | 1.5 |
Argentine Peso [Member]
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | 2.7 | 4.3 |
British Pound [Member]
|
||
Derivative [Line Items] | ||
Sell | 4.1 | 3.8 |
Russian Ruble [Member]
|
||
Derivative [Line Items] | ||
Sell | 6.0 | 9.3 |
Australian Dollar [Member]
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | 4.3 | 17.5 |
Croatian Kuna [Member]
|
||
Derivative [Line Items] | ||
Sell | 2.4 | 2.5 |
India, Rupees
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | 2.1 | 2.0 |
Kazakhstan Tenge [Member]
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | 0 | 0.3 |
Thai Baht [Member]
|
||
Derivative [Line Items] | ||
Sell | 3.0 | 2.6 |
Norwegian Krone [Member]
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | 1.4 | 2.0 |
Ukraine Hryvnia [Member]
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | 0.5 | 1.3 |
South Korean Won [Member]
|
||
Derivative [Line Items] | ||
Buy | 6.8 | |
Sell | 3.0 | |
Swedish Krona [Member]
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | 1.2 | 1.5 |
Czech Koruna [Member]
|
||
Derivative [Line Items] | ||
Sell | 1.7 | 1.9 |
Hungarian Forint [Member]
|
||
Derivative [Line Items] | ||
Sell | 2.3 | 2.0 |
Other Currencies (Net) [Member]
|
||
Derivative [Line Items] | ||
Buy | ||
Sell | $ 2.4 | $ 0.6 |
Net Income Per Common Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2012
|
Jul. 02, 2011
|
Jun. 30, 2012
|
Jul. 02, 2011
|
|
Net Income Per Common Share [Line Items] | ||||
Net income | $ 12.7 | $ 65.1 | $ 71.0 | $ 120.9 |
Weighted-average shares of common stock outstanding | 55.5 | 61.7 | 55.7 | 62.0 |
Common equivalent shares: | ||||
Assumed exercise of dilutive options, restricted shares, restricted stock units and performance share units | 1.0 | 1.4 | 1.1 | 1.3 |
Weighted-average common and common equivalent shares outstanding | 56.5 | 63.1 | 56.8 | 63.3 |
Basic earnings per share | $ 0.23 | $ 1.05 | $ 1.28 | $ 1.95 |
Diluted earnings per share | $ 0.22 | $ 1.03 | $ 1.25 | $ 1.91 |
Shares excluded from the determination of potential common stock because inclusion would have been anti-dilutive | 0.2 | 0.1 | 0.2 | 0.3 |
Guarantor Information (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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Condensed Consolidating Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet
Condensed Consolidating Balance Sheet
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Consolidating Statement of Income [Table Text Block] | Consolidating Statement of Income
Consolidating Statement of Income
Consolidating Statement of Income
Consolidating Statement of Income
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Condensed Consolidating Statement of Cash Flows [Table Text Block] | Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
|
Fair Value Measurements (Fair Value Measurements of Assets and Liabilities) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Jun. 30, 2012
Significant Other Observable Inputs (Level 2)
|
Jun. 30, 2012
Significant Unobservable Inputs (Level 3)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Significant Other Observable Inputs (Level 2)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Significant Other Observable Inputs (Level 2)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Significant Unobservable Inputs (Level 3)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Significant Unobservable Inputs (Level 3)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Money Market Funds [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Money Market Funds [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Money Market Funds [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Money Market Funds [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Money Market Funds [Member]
Significant Other Observable Inputs (Level 2)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Money Market Funds [Member]
Significant Other Observable Inputs (Level 2)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Money Market Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Money Market Funds [Member]
Significant Unobservable Inputs (Level 3)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Foreign Exchange Contract [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Foreign Exchange Contract [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Foreign Exchange Contract [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Foreign Exchange Contract [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Foreign Exchange Contract [Member]
Significant Other Observable Inputs (Level 2)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Foreign Exchange Contract [Member]
Significant Other Observable Inputs (Level 2)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Foreign Exchange Contract [Member]
Significant Unobservable Inputs (Level 3)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Foreign Exchange Contract [Member]
Significant Unobservable Inputs (Level 3)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Interest Rate Swap [Member]
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Interest Rate Swap [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Interest Rate Swap [Member]
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Interest Rate Swap [Member]
Significant Other Observable Inputs (Level 2)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Interest Rate Swap [Member]
Significant Other Observable Inputs (Level 2)
|
Jun. 30, 2012
Fair Value, Measurements, Recurring [Member]
Interest Rate Swap [Member]
Significant Unobservable Inputs (Level 3)
|
Dec. 31, 2011
Fair Value, Measurements, Recurring [Member]
Interest Rate Swap [Member]
Significant Unobservable Inputs (Level 3)
|
Jun. 30, 2012
Nutrimetics [Member]
|
Jun. 30, 2012
BeautiControl United States and Canada [Member]
|
Jun. 30, 2012
NaturCare [Member]
|
Jun. 02, 2012
Nutrimetics [Member]
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 0 | $ 0 | $ 0 | $ 0 | $ 15.1 | $ 7.9 | |||||||||||||||||||||||||||||||||||
Money Market Funds, Fair Value | 2.0 | 9.5 | 2.0 | 9.5 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||
Foreign currency derivative contracts, assets, fair value | 25.0 | 21.4 | 25.0 | 21.4 | 0 | 0 | 25.0 | 21.4 | 0 | 0 | |||||||||||||||||||||||||||||||
Fair Value Assets Measured on Recurring Basis | 27.0 | 30.9 | 2.0 | 9.5 | 25.0 | 21.4 | 0 | 0 | |||||||||||||||||||||||||||||||||
Derivative, liabilities, fair value | 26.0 | 18.7 | 0 | 0 | 26.0 | 18.7 | 0 | 0 | 3.6 | 10.2 | 0 | 0 | 3.6 | 10.2 | 0 | 0 | |||||||||||||||||||||||||
Fair Value Liabilities Measured on Recurring Basis | 29.6 | 28.9 | 0 | 0 | 29.6 | 28.9 | 0 | 0 | |||||||||||||||||||||||||||||||||
Goodwill, Impairment Loss | $ 14.9 | $ 38.9 |
Shipping and Handling Costs
|
6 Months Ended |
---|---|
Jun. 30, 2012
|
|
Shipping and Handling Costs [Abstract] | |
Shipping and Handling Costs | Shipping and Handling Costs The cost of products sold line item includes costs related to the purchase and manufacture of goods sold by the Company. Among these costs are inbound freight charges, purchasing and receiving costs, inspection costs, depreciation expense, internal transfer costs and warehousing costs of raw material, work in process and packing materials. The warehousing and distribution costs of finished goods are included in delivery, selling and administrative expense (“DS&A”). Distribution costs are comprised of outbound freight and associated labor costs. Fees billed to customers associated with the distribution of products are classified as revenue. The distribution costs included in DS&A expense for the second quarters of 2012 and 2011 were $37.3 million and $39.9 million, respectively, and were $74.7 million and $77.5 million for the year-to-date periods ended June 30, 2012 and July 2, 2011, respectively. |