Delaware | 1-9608 | 36-3514169 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Three Glenlake Parkway | ||
Atlanta, Georgia | 30328 | |
(Address of Principal Executive Offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit Number | Description | |
99.1 | Press Release, dated October 30, 2015, issued by Newell Rubbermaid Inc., and Additional Financial Information |
NEWELL RUBBERMAID INC. | |||||
Date: October 30, 2015 | By: | /s/ John K. Stipancich | |||
John K. Stipancich | |||||
Executive Vice President, Chief Financial Officer |
Exhibit No. | Description | |
99.1 | Press Release, dated October 30, 2015, issued by Newell Rubbermaid Inc., and Additional Financial Information |
Newell Rubbermaid Reports Strong Third Quarter Results | ||||
» 5.9% Core Sales Growth and Normalized EPS of $0.62 | ||||
» 3.1% Net Sales Growth and Reported EPS of $0.50 | ||||
» Increases 2015 Core Sales Guidance and Reaffirms 2015 Normalized EPS | ||||
» Provides Initial Outlook for 2016 | ||||
Third Quarter Executive Summary | ||||
» 5.9 percent core sales growth, which excludes a 340 basis point net contribution from acquisitions and planned/completed divestitures and a 620 basis point negative impact from foreign currency; 3.1 percent net sales growth | ||||
» 39.5 percent normalized gross margin, a 30 basis point improvement compared to the prior year; 39.1 percent reported gross margin, a 30 basis point improvement compared to the prior year | ||||
» 15.2 percent normalized operating margin, a 90 basis point improvement compared to the prior year; 12.2 percent reported operating margin, a 50 basis point improvement compared to the prior year | ||||
» $0.62 normalized EPS compared to $0.58 in the prior year, a 6.9 percent increase despite a $0.14 negative impact from foreign currency; $0.50 reported EPS compared to $0.44 in the prior year, a 13.6 percent increase | ||||
» Acquisition of Elmer’s Products, Inc. was completed in October | ||||
» Repurchased 1.0 million shares at a cost of $42.3 million | ||||
» Increased core sales growth guidance to 5.0 to 5.5 percent and reaffirmed 2015 guidance for normalized earnings per share of $2.14 to $2.20 | ||||
» Provided 2016 financial outlook for core sales growth of 5 to 6 percent and normalized EPS of $2.35 to $2.44. Excluding Venezuela, core sales growth of 4 to 5 percent and normalized EPS of $2.21 to $2.30 | ||||
ATLANTA, October 30, 2015 - Newell Rubbermaid Inc. (NYSE: NWL) announced its third quarter 2015 financial results today. “We delivered another very good quarter with core sales growth of 5.9 percent driven by strengthened innovation, sustained high investment in our brands and outstanding commercial execution,” said Michael Polk, President and Chief Executive Officer. “All five segments and all four regions grew core sales, led by Writing growth of 11 percent and Baby growth of over 8 percent. Our Win Bigger businesses grew nearly 9 percent. This strong growth was complemented by good gross and operating margin expansion resulting in nearly 7 percent normalized earnings per share growth, despite unprecedented foreign exchange challenges. “We have delivered three consecutive quarters of very competitive results and our brand and innovation led operating model is working to accelerate growth while simultaneously expanding margins. In 2016, we expect to deliver another year of strong core sales and earnings growth, with core sales growth of 5 to 6 percent and normalized earnings per share of $2.35 to $2.44.” | ||||
2015 Outlook | |
Core sales growth | 5.0% to 5.5% |
Currency impact | (5.5%) to (6.0%) |
Acquisitions net of planned/completed divestitures | 3.5% to 4.0% |
Net sales growth | 3.0% to 3.5% |
Normalized EPS | $2.14 to $2.40 |
2016 Outlook | 2016 Outlook | |
Including Venezuela | Excluding Venezuela | |
Core sales growth | 5.0% to 6.0% | 4.0% to 5.0% |
Currency | (2.0%) to (3.0%) | (1.0%) to (2.0%) |
Acquisitions net of planned/completed divestitures | (0.5%) to 0.5% | (0.5%) to 0.5% |
Net sales growth | 2.5% to 3.5% | 2.5% to 3.5% |
Normalized EPS | $2.35 to $2.44 | $2.21 to $2.30 |
Nancy O’Donnell | Racquel White |
Vice President, Investor Relations | Vice President, Global Communications |
(770) 418-7723 | (770) 418-7643 |
Three Months Ended September 30, | |||||||||||
YOY | |||||||||||
2015 | 2014 | % Change | |||||||||
Net sales | $ | 1,530.0 | $ | 1,484.5 | 3.1 | % | |||||
Cost of products sold | 931.1 | 907.8 | |||||||||
GROSS MARGIN | 598.9 | 576.7 | 3.8 | % | |||||||
% of sales | 39.1 | % | 38.8 | % | |||||||
Selling, general & administrative expenses | 391.3 | 383.8 | 2.0 | % | |||||||
% of sales | 25.6 | % | 25.9 | % | |||||||
Restructuring costs | 21.0 | 19.7 | |||||||||
OPERATING INCOME | 186.6 | 173.2 | 7.7 | % | |||||||
% of sales | 12.2 | % | 11.7 | % | |||||||
Nonoperating expenses: | |||||||||||
Interest expense, net | 17.5 | 14.3 | |||||||||
Other expense, net | 9.3 | 7.7 | |||||||||
26.8 | 22.0 | 21.8 | % | ||||||||
INCOME BEFORE INCOME TAXES | 159.8 | 151.2 | 5.7 | % | |||||||
% of sales | 10.4 | % | 10.2 | % | |||||||
Income taxes | 25.8 | 28.3 | (8.8 | )% | |||||||
Effective rate | 16.1 | % | 18.7 | % | |||||||
NET INCOME FROM CONTINUING OPERATIONS | 134.0 | 122.9 | 9.0 | % | |||||||
% of sales | 8.8 | % | 8.3 | % | |||||||
Income (loss) from discontinued operations, net of tax | 0.2 | (0.6 | ) | ||||||||
NET INCOME | $ | 134.2 | $ | 122.3 | 9.7 | % | |||||
8.8 | % | 8.2 | % | ||||||||
EARNINGS PER SHARE: | |||||||||||
Basic | |||||||||||
Income from continuing operations | $ | 0.50 | $ | 0.45 | |||||||
Income (loss) from discontinued operations | $ | — | $ | — | |||||||
Net income | $ | 0.50 | $ | 0.45 | |||||||
Diluted | |||||||||||
Income from continuing operations | $ | 0.49 | $ | 0.44 | |||||||
Income (loss) from discontinued operations | $ | — | $ | — | |||||||
Net income | $ | 0.50 | $ | 0.44 | |||||||
AVERAGE SHARES OUTSTANDING: | |||||||||||
Basic | 268.8 | 273.5 | |||||||||
Diluted | 271.0 | 276.4 | |||||||||
Nine Months Ended September 30, | |||||||||||
YOY | |||||||||||
2015 | 2014 | % Change | |||||||||
Net sales | $ | 4,354.9 | $ | 4,201.0 | 3.7 | % | |||||
Cost of products sold | 2,647.5 | 2,571.7 | |||||||||
GROSS MARGIN | 1,707.4 | 1,629.3 | 4.8 | % | |||||||
% of sales | 39.2 | % | 38.8 | % | |||||||
Selling, general & administrative expenses | 1,146.3 | 1,094.9 | 4.7 | % | |||||||
% of sales | 26.3 | % | 26.1 | % | |||||||
Restructuring costs | 61.6 | 43.2 | |||||||||
OPERATING INCOME | 499.5 | 491.2 | 1.7 | % | |||||||
% of sales | 11.5 | % | 11.7 | % | |||||||
Nonoperating expenses: | |||||||||||
Interest expense, net | 54.8 | 43.7 | |||||||||
Other expense, net | 14.4 | 45.1 | |||||||||
69.2 | 88.8 | (22.1 | )% | ||||||||
INCOME BEFORE INCOME TAXES | 430.3 | 402.4 | 6.9 | % | |||||||
% of sales | 9.9 | % | 9.6 | % | |||||||
Income taxes | 91.3 | 78.7 | 16.0 | % | |||||||
Effective rate | 21.2 | % | 19.6 | % | |||||||
NET INCOME FROM CONTINUING OPERATIONS | 339.0 | 323.7 | 4.7 | % | |||||||
% of sales | 7.8 | % | 7.7 | % | |||||||
(Loss) income from discontinued operations, net of tax | (2.2 | ) | 2.1 | ||||||||
NET INCOME | $ | 336.8 | $ | 325.8 | 3.4 | % | |||||
7.7 | % | 7.8 | % | ||||||||
EARNINGS PER SHARE: | |||||||||||
Basic | |||||||||||
Income from continuing operations | $ | 1.26 | $ | 1.17 | |||||||
(Loss) income from discontinued operations | $ | (0.01 | ) | $ | 0.01 | ||||||
Net income | $ | 1.25 | $ | 1.18 | |||||||
Diluted | |||||||||||
Income from continuing operations | $ | 1.25 | $ | 1.16 | |||||||
(Loss) income from discontinued operations | $ | (0.01 | ) | $ | 0.01 | ||||||
Net income | $ | 1.24 | $ | 1.16 | |||||||
AVERAGE SHARES OUTSTANDING: | |||||||||||
Basic | 269.6 | 277.2 | |||||||||
Diluted | 271.8 | 279.9 | |||||||||
September 30, | September 30, | |||||||
Assets: | 2015 | 2014 | ||||||
Cash and cash equivalents | $ | 266.2 | $ | 132.6 | ||||
Accounts receivable, net | 1,171.3 | 1,158.3 | ||||||
Inventories, net | 898.8 | 789.4 | ||||||
Deferred income taxes | 133.6 | 144.8 | ||||||
Prepaid expenses and other | 116.5 | 152.3 | ||||||
Total Current Assets | 2,586.4 | 2,377.4 | ||||||
Property, plant and equipment, net | 594.1 | 525.3 | ||||||
Goodwill | 2,495.5 | 2,439.5 | ||||||
Other intangible assets, net | 860.1 | 733.6 | ||||||
Other assets | 257.8 | 273.4 | ||||||
Total Assets | $ | 6,793.9 | $ | 6,349.2 | ||||
Liabilities and Stockholders' Equity: | ||||||||
Accounts payable | $ | 679.3 | $ | 579.1 | ||||
Accrued compensation | 164.2 | 136.9 | ||||||
Other accrued liabilities | 660.3 | 704.6 | ||||||
Short-term debt | 631.4 | 517.0 | ||||||
Current portion of long-term debt | 6.0 | 251.1 | ||||||
Total Current Liabilities | 2,141.2 | 2,188.7 | ||||||
Long-term debt | 2,097.0 | 1,418.7 | ||||||
Deferred income taxes | 256.0 | 165.6 | ||||||
Other noncurrent liabilities | 511.4 | 547.2 | ||||||
Stockholders' Equity - Parent | 1,784.8 | 2,025.5 | ||||||
Stockholders' Equity - Noncontrolling Interests | 3.5 | 3.5 | ||||||
Total Stockholders' Equity | 1,788.3 | 2,029.0 | ||||||
Total Liabilities and Stockholders' Equity | $ | 6,793.9 | $ | 6,349.2 |
Nine Months Ended September 30, | ||||||||
2015 | 2014 | |||||||
Operating Activities: | ||||||||
Net income | $ | 336.8 | $ | 325.8 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 128.6 | 114.4 | ||||||
Net gain from sale of discontinued operations, including impairments | — | (0.4 | ) | |||||
Non-cash restructuring costs | 5.2 | 5.6 | ||||||
Deferred income taxes | 23.7 | (0.7 | ) | |||||
Stock-based compensation expense | 22.0 | 21.3 | ||||||
Other, net | 21.7 | 63.1 | ||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures: | ||||||||
Accounts receivable | 33.4 | (40.9 | ) | |||||
Inventories | (240.3 | ) | (111.8 | ) | ||||
Accounts payable | 24.6 | 11.6 | ||||||
Accrued liabilities and other | (67.6 | ) | (44.7 | ) | ||||
Net cash provided by operating activities | $ | 288.1 | $ | 343.3 | ||||
Investing Activities: | ||||||||
Proceeds from sale of discontinued operations and noncurrent assets | $ | 4.4 | $ | 8.0 | ||||
Capital expenditures | (154.7 | ) | (101.0 | ) | ||||
Acquisitions and acquisition-related activity | (3.6 | ) | (312.9 | ) | ||||
Other | 14.2 | (2.5 | ) | |||||
Net cash used in investing activities | $ | (139.7 | ) | $ | (408.4 | ) | ||
Financing Activities: | ||||||||
Net short-term borrowings | $ | 241.5 | $ | 343.1 | ||||
Repurchase and retirement of shares of common stock | (166.3 | ) | (262.6 | ) | ||||
Cash dividends | (155.4 | ) | (136.1 | ) | ||||
Excess tax benefits related to stock-based compensation | 20.0 | 7.6 | ||||||
Other stock-based compensation activity, net | (9.4 | ) | 45.0 | |||||
Net cash used in financing activities | $ | (69.6 | ) | $ | (3.0 | ) | ||
Currency rate effect on cash and cash equivalents | $ | (12.0 | ) | $ | (25.6 | ) | ||
Increase (decrease) in cash and cash equivalents | $ | 66.8 | $ | (93.7 | ) | |||
Cash and cash equivalents at beginning of period | 199.4 | 226.3 | ||||||
Cash and cash equivalents at end of period | $ | 266.2 | $ | 132.6 |
2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation (1,2,3,4) | Reconciliation (1,2) | Year-over-year changes | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Reported OI | Excluded Items | Normalized OI | Operating Margin | Net Sales | Reported OI | Excluded Items | Normalized OI | Operating Margin | Net Sales | Normalized OI | |||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Q1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Writing | $ | 341.8 | $ | 82.4 | $ | 0.6 | $ | 83.0 | 24.3 | % | $ | 348.2 | $ | 76.1 | $ | — | $ | 76.1 | 21.9 | % | $ | (6.4 | ) | (1.8 | )% | $ | 6.9 | 9.1 | % | |||||||||||||||||||||||
Home Solutions | 364.5 | 38.5 | 0.1 | 38.6 | 10.6 | % | 316.4 | 26.8 | — | 26.8 | 8.5 | % | 48.1 | 15.2 | % | 11.8 | 44.0 | % | ||||||||||||||||||||||||||||||||||
Tools | 180.4 | 22.2 | — | 22.2 | 12.3 | % | 187.8 | 21.4 | — | 21.4 | 11.4 | % | (7.4 | ) | (3.9 | )% | 0.8 | 3.7 | % | |||||||||||||||||||||||||||||||||
Commercial Products | 185.2 | 17.0 | 0.6 | 17.6 | 9.5 | % | 182.6 | 13.8 | — | 13.8 | 7.6 | % | 2.6 | 1.4 | % | 3.8 | 27.5 | % | ||||||||||||||||||||||||||||||||||
Baby & Parenting | 192.1 | 0.5 | 11.8 | 12.3 | 6.4 | % | 179.3 | 5.4 | 11.0 | 16.4 | 9.1 | % | 12.8 | 7.1 | % | (4.1 | ) | (25.0 | )% | |||||||||||||||||||||||||||||||||
Restructuring Costs | — | (27.3 | ) | 27.3 | — | — | (12.0 | ) | 12.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Corporate | — | (35.1 | ) | 14.0 | (21.1 | ) | — | (26.8 | ) | 7.7 | (19.1 | ) | — | (2.0 | ) | (10.5 | )% | |||||||||||||||||||||||||||||||||||
Total | $ | 1,264.0 | $ | 98.2 | $ | 54.4 | $ | 152.6 | 12.1 | % | $ | 1,214.3 | $ | 104.7 | $ | 30.7 | $ | 135.4 | 11.2 | % | $ | 49.7 | 4.1 | % | $ | 17.2 | 12.7 | % | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation (1,3,4) | Reconciliation (1,2,3) | Year-over-year changes | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Reported OI | Excluded Items | Normalized OI | Operating Margin | Net Sales | Reported OI | Excluded Items | Normalized OI | Operating Margin | Net Sales | Normalized OI | |||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Q2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Writing | $ | 495.9 | $ | 132.5 | $ | 0.5 | $ | 133.0 | 26.8 | % | $ | 489.3 | $ | 129.1 | $ | 4.0 | $ | 133.1 | 27.2 | % | $ | 6.6 | 1.3 | % | $ | (0.1 | ) | (0.1 | )% | |||||||||||||||||||||||
Home Solutions | 438.5 | 68.7 | 1.2 | 69.9 | 15.9 | % | 383.4 | 48.7 | — | 48.7 | 12.7 | % | 55.1 | 14.4 | % | 21.2 | 43.5 | % | ||||||||||||||||||||||||||||||||||
Tools | 205.2 | 23.4 | — | 23.4 | 11.4 | % | 222.3 | 29.9 | — | 29.9 | 13.5 | % | (17.1 | ) | (7.7 | )% | (6.5 | ) | (21.7 | )% | ||||||||||||||||||||||||||||||||
Commercial Products | 210.6 | 28.9 | 0.1 | 29.0 | 13.8 | % | 223.5 | 36.2 | — | 36.2 | 16.2 | % | (12.9 | ) | (5.8 | )% | (7.2 | ) | (19.9 | )% | ||||||||||||||||||||||||||||||||
Baby & Parenting | 210.7 | 16.7 | 0.1 | 16.8 | 8.0 | % | 183.7 | 12.2 | 0.4 | 12.6 | 6.9 | % | 27.0 | 14.7 | % | 4.2 | 33.3 | % | ||||||||||||||||||||||||||||||||||
Restructuring Costs | — | (13.3 | ) | 13.3 | — | — | (11.5 | ) | 11.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Corporate | — | (42.2 | ) | 19.5 | (22.7 | ) | — | (31.3 | ) | 10.5 | (20.8 | ) | — | (1.9 | ) | (9.1 | )% | |||||||||||||||||||||||||||||||||||
Total | $ | 1,560.9 | $ | 214.7 | $ | 34.7 | $ | 249.4 | 16.0 | % | $ | 1,502.2 | $ | 213.3 | $ | 26.4 | $ | 239.7 | 16.0 | % | $ | 58.7 | 3.9 | % | $ | 9.7 | 4.0 | % | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation (1,3,4) | Reconciliation (1,2,3,4) | Year-over-year changes | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Reported OI | Excluded Items | Normalized OI | Operating Margin | Net Sales | Reported OI | Excluded Items | Normalized OI | Operating Margin | Net Sales | Normalized OI | |||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Q3: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Writing | $ | 459.5 | $ | 114.1 | $ | 2.3 | $ | 116.4 | 25.3 | % | $ | 453.2 | $ | 108.3 | $ | 1.1 | $ | 109.4 | 24.1 | % | $ | 6.3 | 1.4 | % | $ | 7.0 | 6.4 | % | ||||||||||||||||||||||||
Home Solutions | 459.4 | 76.0 | 0.5 | 76.5 | 16.7 | % | 417.0 | 60.9 | 3.1 | 64.0 | 15.3 | % | 42.4 | 10.2 | % | 12.5 | 19.5 | % | ||||||||||||||||||||||||||||||||||
Tools | 196.7 | 20.5 | — | 20.5 | 10.4 | % | 214.8 | 22.1 | 1.4 | 23.5 | 10.9 | % | (18.1 | ) | (8.4 | )% | (3.0 | ) | (12.8 | )% | ||||||||||||||||||||||||||||||||
Commercial Products | 206.8 | 29.5 | 1.9 | 31.4 | 15.2 | % | 218.0 | 27.5 | — | 27.5 | 12.6 | % | (11.2 | ) | (5.1 | )% | 3.9 | 14.2 | % | |||||||||||||||||||||||||||||||||
Baby & Parenting | 207.6 | 10.2 | — | 10.2 | 4.9 | % | 181.5 | 8.2 | 2.4 | 10.6 | 5.8 | % | 26.1 | 14.4 | % | (0.4 | ) | (3.8 | )% | |||||||||||||||||||||||||||||||||
Restructuring Costs | — | (21.0 | ) | 21.0 | — | — | (19.7 | ) | 19.7 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Corporate | — | (42.7 | ) | 20.1 | (22.6 | ) | — | (34.1 | ) | 12.0 | (22.1 | ) | — | (0.5 | ) | (2.3 | )% | |||||||||||||||||||||||||||||||||||
Total | $ | 1,530.0 | $ | 186.6 | $ | 45.8 | $ | 232.4 | 15.2 | % | $ | 1,484.5 | $ | 173.2 | $ | 39.7 | $ | 212.9 | 14.3 | % | $ | 45.5 | 3.1 | % | $ | 19.5 | 9.2 | % | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation (1,2,3,4) | Reconciliation (1,2,3,4) | Year-over-year changes | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Reported OI | Excluded Items | Normalized OI | Operating Margin | Net Sales | Reported OI | Excluded Items | Normalized OI | Operating Margin | Net Sales | Normalized OI | |||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
YTD: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Writing | $ | 1,297.2 | $ | 329.0 | $ | 3.4 | $ | 332.4 | 25.6 | % | $ | 1,290.7 | $ | 313.5 | $ | 5.1 | $ | 318.6 | 24.7 | % | $ | 6.5 | 0.5 | % | $ | 13.8 | 4.3 | % | ||||||||||||||||||||||||
Home Solutions | 1,262.4 | 183.2 | 1.8 | 185.0 | 14.7 | % | 1,116.8 | 136.4 | 3.1 | 139.5 | 12.5 | % | 145.6 | 13.0 | % | 45.5 | 32.6 | % | ||||||||||||||||||||||||||||||||||
Tools | 582.3 | 66.1 | — | 66.1 | 11.4 | % | 624.9 | 73.4 | 1.4 | 74.8 | 12.0 | % | (42.6 | ) | (6.8 | )% | (8.7 | ) | (11.6 | )% | ||||||||||||||||||||||||||||||||
Commercial Products | 602.6 | 75.4 | 2.6 | 78.0 | 12.9 | % | 624.1 | 77.5 | — | 77.5 | 12.4 | % | (21.5 | ) | (3.4 | )% | 0.5 | 0.6 | % | |||||||||||||||||||||||||||||||||
Baby & Parenting | 610.4 | 27.4 | 11.9 | 39.3 | 6.4 | % | 544.5 | 25.8 | 13.8 | 39.6 | 7.3 | % | 65.9 | 12.1 | % | (0.3 | ) | (0.8 | )% | |||||||||||||||||||||||||||||||||
Restructuring Costs | — | (61.6 | ) | 61.6 | — | — | (43.2 | ) | 43.2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Corporate | — | (120.0 | ) | 53.6 | (66.4 | ) | — | (92.2 | ) | 30.2 | (62.0 | ) | — | (4.4 | ) | (7.1 | )% | |||||||||||||||||||||||||||||||||||
Total | $ | 4,354.9 | $ | 499.5 | $ | 134.9 | $ | 634.4 | 14.6 | % | $ | 4,201.0 | $ | 491.2 | $ | 96.8 | $ | 588.0 | 14.0 | % | $ | 153.9 | 3.7 | % | $ | 46.4 | 7.9 | % |
Three Months Ended September 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||
GAAP Measure | Project Renewal Costs (1) | Inventory charge from | Acquisition | Charge resulting from | Non-GAAP Measure | ||||||||||||||||||||||||||||||||||||||
Advisory | Personnel | Other | Restructuring | the devaluation of the Venezuelan | and integration | the devaluation of the Venezuelan | Discontinued | Percentage | |||||||||||||||||||||||||||||||||||
Reported | Cost | Costs | Costs | Costs | Bolivar (2) | costs (3) | Bolivar (4) | operations (5) | Normalized* | of Sales | |||||||||||||||||||||||||||||||||
Cost of products sold | $ | 931.1 | $ | — | $ | (1.9 | ) | $ | (2.2 | ) | $ | — | $ | (1.4 | ) | $ | — | $ | — | $ | — | $ | 925.6 | 60.5 | % | ||||||||||||||||||
Gross margin | $ | 598.9 | $ | — | $ | 1.9 | $ | 2.2 | $ | — | $ | 1.4 | $ | — | $ | — | $ | — | $ | 604.4 | 39.5 | % | |||||||||||||||||||||
Selling, general & administrative expenses | $ | 391.3 | $ | (9.8 | ) | $ | (6.9 | ) | $ | (2.1 | ) | $ | — | $ | — | $ | (0.5 | ) | $ | — | $ | — | $ | 372.0 | 24.3 | % | |||||||||||||||||
Operating income | $ | 186.6 | $ | 9.8 | $ | 8.8 | $ | 4.3 | $ | 19.8 | $ | 1.4 | $ | 1.7 | $ | — | $ | — | $ | 232.4 | 15.2 | % | |||||||||||||||||||||
Nonoperating expenses | $ | 26.8 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (4.5 | ) | $ | — | $ | 22.3 | ||||||||||||||||||||||
Income before income taxes | $ | 159.8 | $ | 9.8 | $ | 8.8 | $ | 4.3 | $ | 19.8 | $ | 1.4 | $ | 1.7 | $ | 4.5 | $ | — | $ | 210.1 | |||||||||||||||||||||||
Income taxes (8) | $ | 25.8 | $ | 3.1 | $ | 2.8 | $ | 1.4 | $ | 6.2 | $ | 0.5 | $ | 0.6 | $ | 1.6 | $ | — | $ | 42.0 | |||||||||||||||||||||||
Net income from continuing operations | $ | 134.0 | $ | 6.7 | $ | 6.0 | $ | 2.9 | $ | 13.6 | $ | 0.9 | $ | 1.1 | $ | 2.9 | $ | — | $ | 168.1 | |||||||||||||||||||||||
Net income | $ | 134.2 | $ | 6.7 | $ | 6.0 | $ | 2.9 | $ | 13.6 | $ | 0.9 | $ | 1.1 | $ | 2.9 | $ | (0.2 | ) | $ | 168.1 | ||||||||||||||||||||||
Diluted earnings per share** | $ | 0.50 | $ | 0.02 | $ | 0.02 | $ | 0.01 | $ | 0.05 | $ | — | $ | — | $ | 0.01 | $ | — | $ | 0.62 | |||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||
GAAP Measure | Restructuring and | Inventory charge from the | Advisory costs for process | Acquisition | Charge resulting | Non-GAAP Measure | |||||||||||||||||||||||||||||||||||||
Product recall | restructuring-related | devaluation of the Venezuelan | transformation and | and integration | from the devaluation of the | Discontinued | Percentage | ||||||||||||||||||||||||||||||||||||
Reported | costs (6) | costs (1) | Bolivar (2) | optimization (7) | costs (3) | Venezuelan Bolivar (4) | Operations (5) | Normalized* | of Sales | ||||||||||||||||||||||||||||||||||
Cost of products sold | $ | 907.8 | $ | (2.7 | ) | $ | (1.4 | ) | $ | (1.1 | ) | $ | — | $ | — | $ | — | $ | — | $ | 902.6 | 60.8 | % | ||||||||||||||||||||
Gross margin | $ | 576.7 | $ | 2.7 | $ | 1.4 | $ | 1.1 | $ | — | $ | — | $ | — | $ | — | $ | 581.9 | 39.2 | % | |||||||||||||||||||||||
Selling, general & administrative expenses | $ | 383.8 | $ | 0.3 | $ | (6.1 | ) | $ | — | $ | (5.9 | ) | $ | (3.1 | ) | $ | — | $ | — | $ | 369.0 | 24.9 | % | ||||||||||||||||||||
Operating income | $ | 173.2 | $ | 2.4 | $ | 27.2 | $ | 1.1 | $ | 5.9 | $ | 3.1 | $ | — | $ | — | $ | 212.9 | 14.3 | % | |||||||||||||||||||||||
Nonoperating expenses | $ | 22.0 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (6.9 | ) | $ | — | $ | 15.1 | ||||||||||||||||||||||||
Income before income taxes | $ | 151.2 | $ | 2.4 | $ | 27.2 | $ | 1.1 | $ | 5.9 | $ | 3.1 | $ | 6.9 | $ | — | $ | 197.8 | |||||||||||||||||||||||||
Income taxes (8) | $ | 28.3 | $ | 0.9 | $ | 6.7 | $ | (0.1 | ) | $ | 2.2 | $ | 0.9 | $ | (0.3 | ) | $ | — | $ | 38.6 | |||||||||||||||||||||||
Net income from continuing operations | $ | 122.9 | $ | 1.5 | $ | 20.5 | $ | 1.2 | $ | 3.7 | $ | 2.2 | $ | 7.2 | $ | — | $ | 159.2 | |||||||||||||||||||||||||
Net income | $ | 122.3 | $ | 1.5 | $ | 20.5 | $ | 1.2 | $ | 3.7 | $ | 2.2 | $ | 7.2 | $ | 0.6 | $ | 159.2 | |||||||||||||||||||||||||
Diluted earnings per share** | $ | 0.44 | $ | 0.01 | $ | 0.07 | $ | — | $ | 0.01 | $ | 0.01 | $ | 0.03 | $ | — | $ | 0.58 |
Nine Months Ended September 30, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP Measure | Project Renewal Costs (2) | Inventory charge from | Acquisition | Charge resulting | Non-GAAP Measure | ||||||||||||||||||||||||||||||||||||||||||
Product recall | Advisory | Personnel | Other | Restructuring | the devaluation of the | and integration | the devaluation of the | Discont- inued | Percent- age | ||||||||||||||||||||||||||||||||||||||
Reported | costs (1) | Costs | Costs | Costs | Costs | Venezuelan Bolivar (3) | cost (4) | Venezuelan Bolivar (5) | Operat- ions (6) | Normal- ized* | of Sales | ||||||||||||||||||||||||||||||||||||
Cost of products sold | $ | 2,647.5 | $ | — | $ | — | $ | (3.7 | ) | $ | (4.5 | ) | $ | — | $ | (2.0 | ) | $ | (1.6 | ) | $ | — | $ | — | $ | 2,635.7 | 60.5 | % | |||||||||||||||||||
Gross margin | $ | 1,707.4 | $ | — | $ | — | $ | 3.7 | $ | 4.5 | $ | — | $ | 2.0 | $ | 1.6 | $ | — | $ | — | $ | 1,719.2 | 39.5 | % | |||||||||||||||||||||||
Selling, general & administrative expenses | $ | 1,146.3 | $ | (10.2 | ) | $ | (31.8 | ) | $ | (13.6 | ) | $ | (4.2 | ) | $ | — | $ | — | $ | (1.7 | ) | $ | — | $ | — | $ | 1,084.8 | 24.9 | % | ||||||||||||||||||
Operating income | $ | 499.5 | $ | 10.2 | $ | 31.8 | $ | 17.3 | $ | 8.7 | $ | 58.6 | $ | 2.0 | $ | 6.3 | $ | — | $ | — | $ | 634.4 | 14.6 | % | |||||||||||||||||||||||
Nonoperating expenses | $ | 69.2 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (9.2 | ) | $ | — | $ | 60.0 | ||||||||||||||||||||||||
Income before income taxes | $ | 430.3 | $ | 10.2 | $ | 31.8 | $ | 17.3 | $ | 8.7 | $ | 58.6 | $ | 2.0 | $ | 6.3 | $ | 9.2 | $ | — | $ | 574.4 | |||||||||||||||||||||||||
Income taxes (9) | $ | 91.3 | $ | 3.3 | $ | 10.8 | $ | 5.9 | $ | 2.9 | $ | 14.5 | $ | 0.7 | $ | 2.3 | $ | 3.1 | $ | — | $ | 134.8 | |||||||||||||||||||||||||
Net income from continuing operations | $ | 339.0 | $ | 6.9 | $ | 21.0 | $ | 11.4 | $ | 5.8 | $ | 44.1 | $ | 1.3 | $ | 4.0 | $ | 6.1 | $ | — | $ | 439.6 | |||||||||||||||||||||||||
Net income | $ | 336.8 | $ | 6.9 | $ | 21.0 | $ | 11.4 | $ | 5.8 | $ | 44.1 | $ | 1.3 | $ | 4.0 | $ | 6.1 | $ | 2.2 | $ | 439.6 | |||||||||||||||||||||||||
Diluted earnings per share** | $ | 1.24 | $ | 0.03 | $ | 0.08 | $ | 0.04 | $ | 0.02 | $ | 0.16 | $ | — | $ | 0.01 | $ | 0.02 | $ | 0.01 | $ | 1.62 | |||||||||||||||||||||||||
Nine Months Ended September 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
GAAP Measure | Restructur-ing | Inventory charge from the | Charge resulting from the | Advisory costs for | Acquisition | Non-GAAP Measure | |||||||||||||||||||||||||||||||||||||||||
Product recall | restructur- ing-related | devaluation of the | devaluation of the | process transformation | and integration | Discontinued | Non-recurring | Percent- age | |||||||||||||||||||||||||||||||||||||||
Reported | costs (1) | costs (2) | Venezuelan Bolivar (3) | Venezuelan Bolivar (5) | and optimization (7) | costs (4) | Operations (6) | tax items (8) | Normalized* | of Sales | |||||||||||||||||||||||||||||||||||||
Cost of products sold | $ | 2,571.7 | $ | (11.3 | ) | $ | (1.6 | ) | $ | (5.1 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,553.7 | 60.8 | % | ||||||||||||||||||||||
Gross margin | $ | 1,629.3 | $ | 11.3 | $ | 1.6 | $ | 5.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,647.3 | 39.2 | % | |||||||||||||||||||||||||
Selling, general & administrative expenses | $ | 1,094.9 | $ | (2.5 | ) | $ | (24.1 | ) | $ | — | $ | — | $ | (5.9 | ) | $ | (3.1 | ) | $ | — | $ | — | $ | 1,059.3 | 25.2 | % | |||||||||||||||||||||
Operating income | $ | 491.2 | $ | 13.8 | $ | 68.9 | $ | 5.1 | $ | — | $ | 5.9 | $ | 3.1 | $ | — | $ | — | $ | 588.0 | 14.0 | % | |||||||||||||||||||||||||
Nonoperating expenses | $ | 88.8 | $ | — | $ | — | $ | — | $ | (45.6 | ) | $ | — | $ | — | $ | — | $ | — | $ | 43.2 | ||||||||||||||||||||||||||
Income before income taxes | $ | 402.4 | $ | 13.8 | $ | 68.9 | $ | 5.1 | $ | 45.6 | $ | 5.9 | $ | 3.1 | $ | — | $ | — | $ | 544.8 | |||||||||||||||||||||||||||
Income taxes (9) | $ | 78.7 | $ | 5.1 | $ | 17.2 | $ | 1.3 | $ | 13.6 | $ | 2.2 | $ | 0.9 | $ | — | $ | 3.3 | $ | 122.3 | |||||||||||||||||||||||||||
Net income from continuing operations | $ | 323.7 | $ | 8.7 | $ | 51.7 | $ | 3.8 | $ | 32.0 | $ | 3.7 | $ | 2.2 | $ | — | $ | (3.3 | ) | $ | 422.5 | ||||||||||||||||||||||||||
Net income | $ | 325.8 | $ | 8.7 | $ | 51.7 | $ | 3.8 | $ | 32.0 | $ | 3.7 | $ | 2.2 | $ | (2.1 | ) | $ | (3.3 | ) | $ | 422.5 | |||||||||||||||||||||||||
Diluted earnings per share** | $ | 1.16 | $ | 0.03 | $ | 0.18 | $ | 0.01 | $ | 0.11 | $ | 0.01 | $ | 0.01 | $ | (0.01 | ) | $ | (0.01 | ) | $ | 1.51 |
By Segment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales, As Reported | Core Sales (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less | Less | Inc. (Dec.) | Year-Over-Year Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase | Planned Divest- | Less Acquis- | 2015 Core | Planned Divest- | 2014 | Constant Currency | Excl. Planned Divest. & | Currency | Exclud-ing | Includ-ing | Currency | Acquisit- | Planned Divest- | Core Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | (Decrease) | 2015 | itures (2) | itions | Sales | 2014 | itures (2) | Core Sales | Inc. (Dec.) | Acquisitions | Impact | Currency | Currency | Impact | ions | itures (2) | Growth (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Writing | $ | 459.5 | $ | 453.2 | $ | 6.3 | $ | 508.2 | $ | — | $ | — | $ | 508.2 | $ | 457.9 | $ | — | $ | 457.9 | $ | 50.3 | $ | 50.3 | $ | (44.0 | ) | 11.0 | % | 1.4 | % | (9.6 | )% | — | % | — | % | 11.0 | % | ||||||||||||||||||||||||||||||
Home Solutions | 459.4 | 417.0 | 42.4 | 466.0 | 83.3 | 47.7 | 335.0 | 416.2 | 83.9 | 332.3 | 49.8 | 2.7 | (7.4 | ) | 12.0 | % | 10.2 | % | (1.8 | )% | 11.5 | % | (0.3 | )% | 0.8 | % | |||||||||||||||||||||||||||||||||||||||||||
Tools | 196.7 | 214.8 | (18.1 | ) | 220.2 | — | — | 220.2 | 213.6 | — | 213.6 | 6.6 | 6.6 | (24.7 | ) | 3.1 | % | (8.4 | )% | (11.5 | )% | — | % | — | % | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial Products | 206.8 | 218.0 | (11.2 | ) | 213.5 | 3.8 | — | 209.7 | 217.5 | 15.2 | 202.3 | (4.0 | ) | 7.4 | (7.2 | ) | (1.8 | )% | (5.1 | )% | (3.3 | )% | — | % | (5.5 | )% | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||
Baby & Parenting | 207.6 | 181.5 | 26.1 | 216.4 | — | 20.7 | 195.7 | 181.1 | — | 181.1 | 35.3 | 14.6 | (9.2 | ) | 19.5 | % | 14.4 | % | (5.1 | )% | 11.4 | % | — | % | 8.1 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Company | $ | 1,530.0 | $ | 1,484.5 | $ | 45.5 | $ | 1,624.3 | $ | 87.1 | $ | 68.4 | $ | 1,468.8 | $ | 1,486.3 | $ | 99.1 | $ | 1,387.2 | $ | 138.0 | $ | 81.6 | $ | (92.5 | ) | 9.3 | % | 3.1 | % | (6.2 | )% | 4.6 | % | (1.2 | )% | 5.9 | % | ||||||||||||||||||||||||||||||
Win Bigger Businesses Core Sales Growth (3) | $ | 908.3 | $ | 850.9 | $ | 57.4 | $ | 983.4 | $ | — | $ | 47.7 | $ | 935.7 | $ | 860.4 | $ | — | $ | 860.4 | $ | 123.0 | $ | 75.3 | $ | (65.6 | ) | 14.3 | % | 6.7 | % | (7.6 | )% | 5.5 | % | — | % | 8.8 | % | ||||||||||||||||||||||||||||||
By Geography | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 1,118.5 | $ | 1,034.3 | $ | 84.2 | $ | 1,118.5 | $ | 82.7 | $ | 59.7 | $ | 976.1 | $ | 1,034.3 | $ | 93.3 | $ | 941.0 | $ | 84.2 | $ | 35.1 | $ | — | 8.1 | % | 8.1 | % | — | % | 5.8 | % | (1.4 | )% | 3.7 | % | |||||||||||||||||||||||||||||||
Canada | 65.9 | 79.0 | (13.1 | ) | 76.4 | 4.4 | 1.2 | 70.8 | 77.4 | 5.8 | 71.6 | (1.0 | ) | (0.8 | ) | (12.1 | ) | (1.3 | )% | (16.6 | )% | (15.3 | )% | 1.6 | % | (1.7 | )% | (1.1 | )% | ||||||||||||||||||||||||||||||||||||||||
Total North America | 1,184.4 | 1,113.3 | 71.1 | 1,194.9 | 87.1 | 60.9 | 1,046.9 | 1,111.7 | 99.1 | 1,012.6 | 83.2 | 34.3 | (12.1 | ) | 7.5 | % | 6.4 | % | (1.1 | )% | 5.5 | % | (1.4 | )% | 3.4 | % | |||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East and Africa | 143.1 | 156.1 | (13.0 | ) | 171.8 | — | 7.5 | 164.3 | 156.9 | — | 156.9 | 14.9 | 7.4 | (27.9 | ) | 9.5 | % | (8.3 | )% | (17.8 | )% | 4.8 | % | — | % | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 109.6 | 116.0 | (6.4 | ) | 152.1 | — | — | 152.1 | 120.2 | — | 120.2 | 31.9 | 31.9 | (38.3 | ) | 26.5 | % | (5.5 | )% | (32.0 | )% | — | % | — | % | 26.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | 92.9 | 99.1 | (6.2 | ) | 105.5 | — | — | 105.5 | 97.5 | — | 97.5 | 8.0 | 8.0 | (14.2 | ) | 8.2 | % | (6.3 | )% | (14.5 | )% | — | % | — | % | 8.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Total International | 345.6 | 371.2 | (25.6 | ) | 429.4 | — | 7.5 | 421.9 | 374.6 | — | 374.6 | 54.8 | 47.3 | (80.4 | ) | 14.6 | % | (6.9 | )% | (21.5 | )% | 2.0 | % | — | % | 12.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Total Company | $ | 1,530.0 | $ | 1,484.5 | $ | 45.5 | $ | 1,624.3 | $ | 87.1 | $ | 68.4 | $ | 1,468.8 | $ | 1,486.3 | $ | 99.1 | $ | 1,387.2 | $ | 138.0 | $ | 81.6 | $ | (92.5 | ) | 9.3 | % | 3.1 | % | (6.2 | )% | 4.6 | % | (1.2 | )% | 5.9 | % | ||||||||||||||||||||||||||||||
By Segment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales, As Reported | Core Sales (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less | Less | Inc. (Dec.) | Year-Over-Year Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase | Planned Divest- | Less Acquis- | 2015 Core | Planned Divest- | 2014 | Constant Currency | Excl. Planned Divest. & | Currency | Exclud-ing | Including | Currency | Acquisit- | Planned Divest- | Core Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 2014 | (Decrease) | 2015 | itures (2) | itions | Sales | 2014 | itures (2) | Core Sales | Inc. (Dec.) | Acquisitions | Impact | Currency | Currency | Impact | ions | itures (2) | Growth (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Writing | $ | 1,297.2 | $ | 1,290.7 | $ | 6.5 | $ | 1,418.0 | $ | — | $ | — | $ | 1,418.0 | $ | 1,284.5 | $ | — | $ | 1,284.5 | $ | 133.5 | $ | 133.5 | $ | (127.0 | ) | 10.4 | % | 0.5 | % | (9.9 | )% | — | % | — | % | 10.4 | % | ||||||||||||||||||||||||||||||
Home Solutions | 1,262.4 | 1,116.8 | 145.6 | 1,276.9 | 83.3 | 151.5 | 1,042.1 | 1,115.7 | 83.9 | 1,031.8 | 161.2 | 10.3 | (15.6 | ) | 14.4 | % | 13.0 | % | (1.4 | )% | 13.6 | % | (0.2 | )% | 1.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Tools | 582.3 | 624.9 | (42.6 | ) | 635.4 | — | — | 635.4 | 619.9 | — | 619.9 | 15.5 | 15.5 | (58.1 | ) | 2.5 | % | (6.8 | )% | (9.3 | )% | — | % | — | % | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial Products | 602.6 | 624.1 | (21.5 | ) | 619.5 | 26.5 | — | 593.0 | 621.6 | 54.1 | 567.5 | (2.1 | ) | 25.5 | (19.4 | ) | (0.3 | )% | (3.4 | )% | (3.1 | )% | — | % | (4.8 | )% | 4.5 | % | |||||||||||||||||||||||||||||||||||||||||
Baby & Parenting | 610.4 | 544.5 | 65.9 | 633.9 | — | 65.6 | 568.3 | 541.4 | — | 541.4 | 92.5 | 26.9 | (26.6 | ) | 17.1 | % | 12.1 | % | (5.0 | )% | 12.1 | % | — | % | 5.0 | % | |||||||||||||||||||||||||||||||||||||||||||
Total Company | $ | 4,354.9 | $ | 4,201.0 | $ | 153.9 | $ | 4,583.7 | $ | 109.8 | $ | 217.1 | $ | 4,256.8 | $ | 4,183.1 | $ | 138.0 | $ | 4,045.1 | $ | 400.6 | $ | 211.7 | $ | (246.7 | ) | 9.6 | % | 3.7 | % | (5.9 | )% | 5.2 | % | (0.8 | )% | 5.2 | % | ||||||||||||||||||||||||||||||
Win Bigger Businesses Core Sales Growth (3) | $ | 2,524.2 | $ | 2,336.7 | $ | 187.5 | $ | 2,702.1 | $ | — | $ | 151.5 | $ | 2,550.6 | $ | 2,347.2 | $ | — | $ | 2,347.2 | $ | 354.9 | $ | 203.4 | $ | (167.4 | ) | 15.1 | % | 8.0 | % | (7.1 | )% | 6.5 | % | — | % | 8.7 | % | ||||||||||||||||||||||||||||||
By Geography | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | $ | 3,153.2 | $ | 2,884.1 | $ | 269.1 | $ | 3,153.2 | $ | 104.2 | $ | 200.5 | $ | 2,848.5 | $ | 2,884.1 | $ | 130.8 | $ | 2,753.3 | $ | 269.1 | $ | 95.2 | $ | — | 9.3 | % | 9.3 | % | — | % | 7.0 | % | (1.1 | )% | 3.5 | % | |||||||||||||||||||||||||||||||
Canada | 180.5 | 208.9 | (28.4 | ) | 204.8 | 5.6 | 2.3 | 196.9 | 206.8 | 7.2 | 199.6 | (2.0 | ) | (2.7 | ) | (26.4 | ) | (1.0 | )% | (13.6 | )% | (12.6 | )% | 1.1 | % | (0.8 | )% | (1.4 | )% | ||||||||||||||||||||||||||||||||||||||||
Total North America | 3,333.7 | 3,093.0 | 240.7 | 3,358.0 | 109.8 | 202.8 | 3,045.4 | 3,090.9 | 138.0 | 2,952.9 | 267.1 | 92.5 | (26.4 | ) | 8.6 | % | 7.8 | % | (0.8 | )% | 6.6 | % | (1.1 | )% | 3.1 | % | |||||||||||||||||||||||||||||||||||||||||||
Europe, Middle East and Africa | 437.7 | 508.3 | (70.6 | ) | 524.3 | — | 14.3 | 510.0 | 499.0 | — | 499.0 | 25.3 | 11.0 | (95.9 | ) | 5.1 | % | (13.9 | )% | (19.0 | )% | 2.9 | % | — | % | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Latin America | 313.6 | 310.8 | 2.8 | 402.9 | — | — | 402.9 | 308.0 | — | 308.0 | 94.9 | 94.9 | (92.1 | ) | 30.8 | % | 0.9 | % | (29.9 | )% | — | % | — | % | 30.8 | % | |||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | 269.9 | 288.9 | (19.0 | ) | 298.5 | — | — | 298.5 | 285.2 | — | 285.2 | 13.3 | 13.3 | (32.3 | ) | 4.7 | % | (6.6 | )% | (11.3 | )% | — | % | — | % | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Total International | 1,021.2 | 1,108.0 | (86.8 | ) | 1,225.7 | — | 14.3 | 1,211.4 | 1,092.2 | — | 1,092.2 | 133.5 | 119.2 | (220.3 | ) | 12.2 | % | (7.8 | )% | (20.0 | )% | 1.3 | % | — | % | 10.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Total Company | $ | 4,354.9 | $ | 4,201.0 | $ | 153.9 | $ | 4,583.7 | $ | 109.8 | $ | 217.1 | $ | 4,256.8 | $ | 4,183.1 | $ | 138.0 | $ | 4,045.1 | $ | 400.6 | $ | 211.7 | $ | (246.7 | ) | 9.6 | % | 3.7 | % | (5.9 | )% | 5.2 | % | (0.8 | )% | 5.2 | % | ||||||||||||||||||||||||||||||
Year Ending December 31, 2015 | Year Ending | |
December 31, 2015 | ||
Diluted earnings per share | $1.59 to $1.65 | |
Graco product recall | $0.03 | |
Restructuring and other Project Renewal costs | $0.35 to $0.45 | |
Acquisition and integration costs | $0.01 | |
Devaluation of the Venezuelan Bolivar | $0.02 | |
Pension settlement charge | $0.08 to $0.10 | |
Discontinued operations | $(0.01) to $0.01 | |
Normalized earnings per share | $2.14 to $2.20 |
Year Ending | ||
Excluding Venezuela | December 31, 2016 | |
Diluted earnings per share | $1.81 to $1.90 | |
Restructuring and other Project Renewal costs | $0.35 to $0.45 | |
Normalized earnings per share | $2.21 to $2.30 | |
Year Ending | ||
Including Venezuela | December 31, 2016 | |
Diluted earnings per share | $1.95 to $2.04 | |
Restructuring and other Project Renewal costs | $0.35 to $0.45 | |
Normalized earnings per share | $2.35 to $2.44 |
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