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Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 334.3 $ 322.6 [1]
Trade receivables, net of allowance for doubtful accounts of $26.1 in 2015 and $28.8 in 2014 898.6 1,002.2 [1]
Income tax receivables 55.8 277.0 [1]
Other receivables 127.2 127.0 [1]
Inventories 765.5 695.3 [1],[2]
Deferred taxes 99.4 105.6 [1]
Assets held for sale 5.5 69.3 [1]
Prepaid expenses and other current assets 199.3 122.1 [1]
Total current assets 2,485.6 2,721.1 [1]
Property and equipment, net 905.9 970.6 [1],[3]
Goodwill 2,917.0 2,998.6 [1],[4]
Intangible assets, net 812.8 872.2 [1],[5]
Non-current deferred taxes 102.7 105.9 [1]
Other non-current assets 362.3 373.3 [1]
Total assets 7,586.3 8,041.7 [1]
Current liabilities:    
Short-term borrowings 280.5 130.4 [1]
Current portion of long-term debt 34.7 1.1 [1]
Accounts payable 716.6 638.7 [1]
Deferred taxes 8.6 4.8 [1]
Liabilities held for sale [1]   6.1
Accrued restructuring costs 65.7 55.8 [1]
Other current liabilities 877.1 894.0 [1]
Total current liabilities 1,983.2 1,730.9 [1]
Long-term debt, less current portion 4,334.9 4,282.5 [1]
Non-current deferred taxes 146.3 161.5 [1]
Other non-current liabilities 679.9 704.0 [1]
Total liabilities $ 7,144.3 $ 6,878.9 [1]
Commitments and contingencies [1]
Stockholders’ equity:    
Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2015 and 2014 [1]
Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 225,612,687 in 2015 and 224,683,653 in 2014; shares outstanding: 197,651,615 in 2015 and 210,531,894 in 2014 $ 22.6 $ 22.5 [1]
Additional paid-in capital 1,843.6 1,787.0 [1]
Retained earnings 577.9 448.5 [1]
Common stock in treasury, 27,961,072 shares in 2015 and 14,151,759 shares in 2014 (1,188.9) (481.4) [1]
Accumulated other comprehensive loss, net of taxes [6] (813.2) (613.8) [1]
Total stockholders’ equity 442.0 1,162.8 [1]
Total liabilities and stockholders’ equity $ 7,586.3 $ 8,041.7 [1]
[1] During the second quarter of 2015, we completed the sale of our North American foam trays and absorbent pads business. During the first quarter of 2015, the assets and liabilities met the criteria of held for sale classification. Accordingly, we reclassified $42 million of assets and $6 million of liabilities as held for sale as of December 31, 2014. Refer to Note 3, “Divestitures and Acquisitions” of the notes to condensed consolidated financial statements for further details.
[2] Excludes North American foam trays and absorbent pads business inventory. Refer to Note 3, “Divestitures and Acquisitions” of the notes to condensed consolidated financial statements for further details.
[3] Excludes North American foam trays and absorbent pads business property and equipment, net. Refer to Note 3, “Divestitures and Acquisitions” of the notes to condensed consolidated financial statements for further details.
[4] Excludes North American foam trays and absorbent pads business goodwill. Refer to Note 3, “Divestitures and Acquisitions” of the notes to condensed consolidated financial statements for further details.
[5] Excludes North American foam trays and absorbent pads business intangible assets. Refer to Note 3, “Divestitures and Acquisitions” of the notes to condensed consolidated financial statements for further details.
[6] For the six months ended June 30, 2015 and the twelve months ended December 31, 2014 and December 31, 2013, foreign currency translation adjustments were misclassified within Accumulated Other Comprehensive Loss (“AOCI”) within the Condensed Consolidated Balance Sheet. The reclassification of these items within AOCI for the six months ended June 30, 2015 resulted in a decrease in unrecognized pension items of $21.8 million, an increase in unrecognized gains (losses) on derivative instruments for cash flow hedge of $2.0 million, and an increase in the cumulative translation adjustment of $19.8 million. For the twelve months ended December 31, 2014, these reclassifications resulted in a decrease in unrecognized pension items of $13.6 million, an increase in unrecognized gains (losses) on derivative instruments for cash flow hedge of $1.0 million, and an increase in the cumulative translation adjustment of $12.6 million. For the twelve months ended December 31, 2013, these reclassifications resulted in an increase in unrecognized pension items of $2.9 million, an increase in unrecognized gains (losses) on derivative instruments for cash flow hedge of $0.4 million, and a decrease in the cumulative translation adjustment of $3.3 million