XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Net sales $ 1,131.3 $ 1,065.1 $ 3,233.8 $ 3,109.9
Cost of sales [1] 769.2 708.4 2,191.0 2,068.0
Gross profit 362.1 356.7 1,042.8 1,041.9
Selling, general and administrative expenses [1] 192.7 184.2 590.2 566.7
Amortization expense of intangible assets acquired 3.1 4.1 9.2 10.4
Restructuring and other charges [1] 6.2 1.3 9.2 1.4
Operating profit 160.1 167.1 434.2 463.4
Interest expense (54.0) (49.6) (153.7) (151.4)
Foreign currency exchange loss related to Venezuelan subsidiaries 0.0 0.0 0.0 (1.6)
Charge related to Venezuelan subsidiaries [1] 0.0 0.0 0.0 (46.0) [2]
Other (expense) income, net 0.0 0.4 (6.2) 1.4
Earnings before income tax provision 106.1 117.9 274.3 265.8
Income tax provision 43.7 54.1 236.5 124.7
Net earnings from continuing operations 62.4 63.8 37.8 141.1
Gain on sale of discontinued operations, net of tax 699.3 0.0 699.3 0.0
Net earnings from discontinued operations, net of tax [3] 25.7 99.5 111.3 174.2
Net earnings available to common stockholders $ 787.4 $ 163.3 $ 848.4 $ 315.3 [2]
Basic:        
Continuing operations (in dollars per share) $ 0.33 $ 0.33 $ 0.20 $ 0.71
Discontinued operations (in dollars per share) [3] 3.86 0.51 4.22 0.89
Net earnings per common share - basic (in dollars per share) 4.19 0.84 4.42 1.60
Diluted:        
Continuing operations (in dollars per share) 0.33 0.32 0.19 0.71
Discontinued operations (in dollars per share) [3] 3.82 0.51 4.18 0.88
Net earnings per common share - diluted (in dollars per share) 4.15 0.83 4.37 1.59
Dividends per common share (in dollars per share) $ 0.16 $ 0.16 $ 0.48 $ 0.45
Weighted average number of common shares outstanding:        
Basic (in shares) 186.9 194.1 190.9 195.0
Diluted (in shares) 188.9 196.7 192.9 197.5
Scenario, Adjustment        
Weighted average number of common shares outstanding:        
Increase basic and diluted (in dollars per share)     $ 0.09  
[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 $8.7 million as of September 30, 2016. This reclassification resulted in an increase in cash provided by operating activities of $2.0 million for the nine months ended September 30, 2016.
[3] (2) For the nine months ended September 30, 2017, there was a revision to net earnings from discontinued operations, net of tax, on the Condensed Consolidated Statement of Operations related to depreciation and amortization on Diversey assets held for sale. As a result, net earnings from discontinued operations, net of tax, increased $16.4 million and increased basic and diluted shares by $0.09 per share.