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Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Net sales $ 1,070.3 $ 1,038.9 $ 2,102.5 $ 2,044.8
Cost of sales [1] 726.0 689.3 1,421.8 1,359.6
Gross profit 344.3 349.6 680.7 685.2
Selling, general and administrative expenses [1] 201.8 197.3 397.6 382.4
Amortization expense of intangible assets acquired 1.1 3.5 6.1 6.3
Restructuring and other charges [1] 2.0 1.2 3.9 1.0
Operating profit 139.4 147.6 273.1 295.5
Interest expense (50.9) (50.9) (99.7) (101.8)
Foreign currency exchange loss related to Venezuelan subsidiaries 0.0 (0.6) 0.0 (1.6)
Charge related to Venezuelan subsidiaries [1] 0.0 (46.0) 0.0 (46.0) [2]
Other (expense) income, net (3.9) 4.5 (6.2) 1.0
Earnings before income tax provision 84.6 54.6 167.2 147.1
Income tax provision 56.1 53.0 192.5 70.6
Net earnings (loss) from continuing operations 28.5 1.6 (25.3) 76.5
Net earnings from discontinued operations, net of tax 59.3 48.0 69.9 75.5
Net (loss) earnings available to common stockholders $ 87.8 $ 49.6 $ 44.6 $ 152.0 [2]
Basic:        
Continuing operations (in dollars per share) $ 0.14 $ 0.01 $ (0.13) $ 0.38
Discontinued operations (in dollars per share) 0.31 0.24 0.36 0.38
Net earnings (loss) per common share - basic (in dollars per share) [3] 0.45 0.25 0.23 0.76
Diluted:        
Continuing operations (in dollars per share) 0.14 0.01 (0.13) 0.38
Discontinued operations (in dollars per share) 0.31 0.24 0.36 0.38
Net earnings (loss) per common share - diluted [3] 0.45 0.25 0.23 0.76
Dividends per common share (in dollars per share) $ 0.16 $ 0.16 $ 0.32 $ 0.29
Weighted average number of common shares outstanding:        
Basic (in shares) 192.5 195.6 192.9 195.4
Diluted (in shares) [3] 194.8 198.4 195.3 198.0
[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. Refer to Note 1, "Organization and Basis of Presentation," of the Notes to the Condensed Consolidated Financial Statement for further details.
[2] Due to changes in the accounting treatment of a factoring agreement the Company reclassified amounts from cash and cash equivalents to other receivables of $7.8 million as of June 30, 2016. This reclassification resulted in an increase in cash provided by operating activities of $1.1 million for the six months ended June 30, 2016.
[3] The Company early adopted ASU 2016-09 on a prospective basis as required, related to the recognition of excess tax benefits to the income statement which were previously recorded in additional paid-in capital, effective January 1, 2016. This resulted in an additional 456,352 and 436,288 diluted weighted average number of common shares outstanding for the three and six months ended June 30, 2016, respectively, and recognition of excess tax benefits of $9.6 million in net earnings from continuing operations and $1.0 million in net earnings from discontinued operations for the six months ended June 30, 2016 (there was no impact for the three months ended June 30, 2016). As a result, net earnings per common share increased by $0.05 per share for the six months ended June 30, 2016 and no impact for the three months ended June 30, 2016. Refer to Note 2, “Recently Issued Accounting Standards” of the Notes to the Condensed Consolidated Financial Statements for further details.