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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]        
Net sales $ 1,727.0 $ 1,785.0 $ 3,317.6 $ 3,531.4
Cost of sales [1] 1,065.6 1,121.2 2,066.9 2,218.0
Gross profit 661.4 663.8 1,250.7 1,313.4
Selling, general and administrative expenses [1] 413.5 415.3 809.5 843.1
Amortization expense of intangible assets acquired 27.5 23.0 48.9 45.6
Stock appreciation rights expense (0.1) 1.6 0.2 4.5
Restructuring and other charges [1] 1.9 16.9 1.9 29.6
Operating profit 218.6 207.0 390.2 390.6
Interest expense (54.3) (59.0) (109.0) (117.5)
Foreign currency exchange loss related to Venezuelan subsidiaries (1.1) (30.5) (2.8) (29.7)
Charge related to Venezuelan subsidiaries [1] (46.0)   (46.0)  
Loss on debt redemption and refinancing activities   (110.8)   (111.3) [2]
Gain (loss) on sale of business   29.2 (1.6) 29.2
Other income, net 5.8 7.0 4.5 12.9
Earnings before income tax provision 123.0 42.9 235.3 174.2
Income tax provision 73.4 14.8 93.8 48.9
Net earnings available to common stockholders $ 49.6 $ 28.1 [3] $ 141.5 $ 125.3 [2],[3]
Net earnings per common share:        
Basic $ 0.25 $ 0.13 $ 0.72 $ 0.60
Diluted 0.25 0.13 0.71 0.59
Dividends per common share $ 0.16 $ 0.13 $ 0.29 $ 0.26
Weighted average number of common shares outstanding:        
Basic 195.6 208.5 195.4 208.7
Diluted 197.9 211.3 197.5 211.5
[1] Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. This resulted in total costs of $52.1 million being incurred which included a voluntary reduction in headcount including severance and termination benefits for employees of approximately $0.3 million recorded in restructuring and other charges, depreciation and amortization expense related to fixed assets and intangibles of approximately $4.8 million recorded in selling, general and administrative expenses, inventory reserves of $1.0 million recorded in costs of sales and the reclassification of cumulative translation adjustment of approximately $46.0 million recorded in charges related to Venezuelan subsidiaries.
[2] For the six months ended June 30, 2015, certain amounts related to the settlement of a net investment hedge and foreign currency gains and losses were misclassified. Additional revisions were made to the Condensed Consolidated Balance Sheet as of June 30, 2015. As a result, corresponding changes were made on the Condensed Consolidated Statement of Cash Flows. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[3] For the three and six months ended June 30, 2015, certain foreign currency translation adjustments were misclassified on the Condensed Consolidated Statement of Comprehensive Income in deferred pension items and unrealized losses on cash flow hedge derivative instruments. See Note 1 “Organization and Basis of Presentation” under the heading “Reclassifications and Revisions” for further discussion of the revisions.