FOR THE FISCAL YEAR ENDED DECEMBER 31, 2015 | COMMISSION FILE NUMBER 1-9608 |
DELAWARE | 36-3514169 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
Three Glenlake Parkway | 30328 | |
Atlanta, Georgia | (Zip Code) | |
(Address of principal executive offices) |
TITLE OF EACH CLASS Common Stock, $1 par value per share | NAME OF EACH EXCHANGE ON WHICH REGISTERED New York Stock Exchange |
Large Accelerated Filer þ | Accelerated Filer o | |
Non-Accelerated Filer o | Smaller Reporting Company o | |
(Do not check if a smaller reporting company) |
Statement of Computation of Earnings to Fixed Charges | ||
Significant Subsidiaries | ||
Consent of Independent Registered Public Accounting Firm | ||
302 Certification of Chief Executive Officer | ||
302 Certification of Chief Financial Officer | ||
906 Certification of Chief Executive Officer | ||
906 Certification of Chief Financial Officer |
• | Writing: Sharpie®, Paper Mate®, Expo®, Prismacolor®, Mr. Sketch®, Elmer’s®, X-Acto®, Parker®, Waterman® and Dymo® Office |
• | Home Solutions: Rubbermaid®, Contigo®, bubba®, Calphalon®, Levolor® and Goody® |
• | Tools: Irwin®, Lenox®, hilmorTM and Dymo® Industrial |
• | Commercial Products: Rubbermaid Commercial Products® |
• | Baby & Parenting: Graco®, Baby Jogger®, Aprica® and Teutonia® |
• | Make Our Brands Really Matter — Building an innovation engine, developing outstanding brand communications and winning with superior product design and performance. |
• | Build An Execution Powerhouse — Transforming our supply chain and becoming a partner of choice to our customers. |
• | Unlock Trapped Capacity For Growth — Eliminating complexity and establishing and developing an operating rhythm and information strategy to support growth. |
• | Develop The Team For Growth — Building a community of leaders and focusing the organization on a performance-based culture and learning and development. |
• | Extend Beyond Our Borders — Create and develop local teams in developing markets to build consumer insights and build the business locally. |
• | Delivery Phase — Execution during this phase included implementing structural changes in the organization while ensuring consistent execution and delivery. |
• | Strategic Phase — Continued consistent execution and delivery while simultaneously shaping the future through increased brand investment and bringing capabilities to speed in order to propel the Growth Game Plan into action. |
• | Acceleration Phase — Expand investments behind Win Bigger businesses to drive increased sales and margin expansion, which creates additional resources for further brand investment, while also remaining focused on consistent execution and delivery. |
• | Organizational Simplification: The Company has de-layered its top structure and further consolidated its businesses from nine global business units (“GBUs”) to three operating groups that manage five operating segments. |
• | EMEA Simplification: The Company is focusing its resources on fewer products and countries, while simplifying go-to-market, delivery and back office support structures. |
• | Best Cost Finance: The Company is delivering a simplified approach to decision support, transaction processing and information management by leveraging SAP and the streamlined business segments to align resources with the Growth Game Plan. |
• | Best Cost Back Office: The Company is driving “One Newell Rubbermaid” efficiencies in customer and consumer services and sourcing functions. |
• | Supply Chain Footprint: The Company is further optimizing manufacturing and distribution facilities across its global supply chain. |
Segment | Key Brands | Description of Primary Products | ||
Writing | Sharpie®, Paper Mate®, Expo®, Prismacolor®, Mr. Sketch®, Elmer's®, X-Acto®, Parker®, Waterman®, Dymo® Office | Writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products; fine writing instruments; labeling solutions | ||
Home Solutions | Rubbermaid®, Contigo®, bubba®, Calphalon®, Levolor®, Goody® | Indoor/outdoor organization, food storage and home storage products; durable beverage containers; gourmet cookware, bakeware and cutlery; window treatments; hair care accessories | ||
Tools | Irwin®, Lenox®, hilmor™, Dymo® Industrial | Hand tools and power tool accessories; industrial bandsaw blades; tools for HVAC systems; label makers and printers for industrial use | ||
Commercial Products | Rubbermaid Commercial Products® | Cleaning and refuse products; hygiene systems; material handling solutions | ||
Baby & Parenting | Graco®, Baby Jogger®, Aprica®, Teutonia® | Infant and juvenile products such as car seats, strollers, highchairs and playards |
2015 | % of Total | 2014 | % of Total | 2013 | % of Total | ||||||||||||||||
Writing | $ | 1,763.5 | 29.8 | % | $ | 1,708.9 | 29.8 | % | $ | 1,653.6 | 29.5 | % | |||||||||
Home Solutions | 1,704.2 | 28.8 | % | 1,575.4 | 27.5 | % | 1,560.3 | 27.8 | % | ||||||||||||
Tools | 790.0 | 13.4 | % | 852.2 | 14.9 | % | 817.9 | 14.6 | % | ||||||||||||
Commercial Products | 809.7 | 13.7 | % | 837.1 | 14.6 | % | 785.9 | 14.0 | % | ||||||||||||
Baby & Parenting | 848.3 | 14.3 | % | 753.4 | 13.2 | % | 789.3 | 14.1 | % | ||||||||||||
Total Company | $ | 5,915.7 | 100.0 | % | $ | 5,727.0 | 100.0 | % | $ | 5,607.0 | 100.0 | % |
• | difficulties in the separation of operations, services, products and personnel; |
• | the diversion of management's attention from other business concerns; |
• | the retention of certain current or future liabilities in order to induce a buyer to complete a divestiture; |
• | the disruption of the Company’s business; and |
• | the potential loss of key employees. |
• | ordering and managing materials from suppliers; |
• | converting materials to finished products; |
• | shipping products to customers; |
• | marketing and selling products to consumers; |
• | collecting and storing customer, consumer, employee, investor and other stakeholder information and personal data; |
• | processing transactions; |
• | summarizing and reporting results of operations; |
• | hosting, processing and sharing confidential and proprietary research, business plans and financial information; |
• | complying with regulatory, legal or tax requirements; |
• | providing data security; and |
• | handling other processes necessary to manage the Company’s business. |
• | the failure to obtain necessary regulatory or other approvals for the Proposed Merger Transactions, which could result in a material delay in, or the abandonment of, the Proposed Merger Transactions or otherwise have a material adverse effect on Newell Rubbermaid or Jarden, or if obtained, the possibility of Newell Rubbermaid being subjected to conditions that could reduce or delay the expected cost savings and other benefits of the Proposed Merger Transactions; |
• | the failure to obtain necessary stockholder approvals for the share issuance and the adoption of the Merger Agreement; |
• | the obligation of Newell Rubbermaid to complete the Proposed Merger Transactions even if financing is not available or is available only on terms other than those currently anticipated; |
• | the failure to satisfy required closing conditions or complete the Proposed Merger Transactions in a timely manner or at all; |
• | the effect of the announcement of the Proposed Merger Transactions on each company’s ability to retain and hire key personnel, maintain business relationships, and on operating results and the businesses generally; |
• | the effect of restrictions placed on Newell Rubbermaid’s and Jarden’s respective subsidiaries’ business activities and ability to pursue alternatives to the Proposed Merger Transactions pursuant to the Merger Agreement; |
• | the terms and availability of indebtedness planned to be incurred in connection with the Proposed Merger Transactions; |
• | the risk that the Company may not be able to maintain its investment grade rating; |
• | the potential impact of the Proposed Merger Transactions on the stock price of the Company, and the dividends expected to be paid to Company stockholders in the future; |
• | the failure to realize projected cost savings and other benefits from the Proposed Merger Transactions; |
• | the incurrence of significant pre- and post-transaction related costs in connection with the Proposed Merger Transactions that are, and will be, incurred regardless of whether the Proposed Merger Transactions are completed; and |
• | the occurrence of any event giving rise to the right of a party to terminate the Merger Agreement. |
• | approval of the share issuance by Newell Rubbermaid stockholders; |
• | adoption of the Merger Agreement by Jarden stockholders; |
• | effectiveness under the Securities Act of Newell Rubbermaid’s Form S-4 registration statement relating to the offer, sale and issuance of the Newell Rubbermaid common stock in connection with the share issuance and the absence of any stop order in respect thereof or proceedings by the SEC for that purpose; |
• | expiration or termination of the applicable HSR Act waiting period and the affirmative approval of antitrust and competition authorities or expiration of waiting periods in certain other specified jurisdictions; |
• | the absence of laws, orders, judgments and injunctions that restrain, enjoin or otherwise prohibit completion of the Proposed Merger Transactions; |
• | subject to certain exceptions, the accuracy of representations and warranties with respect to the businesses of Newell Rubbermaid and Jarden and compliance by Newell Rubbermaid and Jarden with their respective covenants contained in the Merger Agreement; and |
• | the absence of a material adverse effect relating to Newell Rubbermaid or Jarden. |
• | Newell Rubbermaid and Jarden may experience negative reactions from the financial markets, including negative impacts on their respective stock prices; |
• | Newell Rubbermaid and Jarden and their respective subsidiaries may experience negative reactions from their respective customers, distributors, regulators, vendors and employees; |
• | Newell Rubbermaid and Jarden will still be required to pay certain significant costs relating to the Proposed Merger Transactions, such as legal, accounting, financial advisor and printing fees; |
• | Newell Rubbermaid or Jarden may be required to pay one or more cash termination fees as required by the Merger Agreement; |
• | the Merger Agreement places certain restrictions on the conduct of the respective businesses pursuant to the terms of the Merger Agreement, which may have delayed or prevented the respective companies from undertaking business opportunities that, absent the Merger Agreement, may have been pursued; |
• | matters relating to the Proposed Merger Transactions (including integration planning) require substantial commitments of time and resources by each company’s management, which could have resulted in the distraction of each company’s management from ongoing business operations and pursing other opportunities that could have been beneficial to the companies; and |
• | litigation related to any failure to complete the Proposed Merger Transactions or related to any enforcement proceeding commenced against Newell Rubbermaid or Jarden to perform their respective obligations under the Merger Agreement. |
BUSINESS SEGMENT | LOCATION | CITY | OWNED OR LEASED | GENERAL CHARACTER | ||||
WRITING | IL | Downers Grove | L | Writing Instruments | ||||
TN | Shelbyville | O | Writing Instruments | |||||
TN | Maryville | O | Writing Instruments | |||||
TN | Manchester | O | Writing Instruments | |||||
Thailand | Bangkok | O | Writing Instruments | |||||
India | Chennai | L | Writing Instruments | |||||
China | Shanghai | L | Writing Instruments | |||||
Colombia | Bogota | O | Writing Instruments | |||||
Mexico | Mexicali | L | Writing Instruments | |||||
France | Nantes | O | Writing Instruments | |||||
UK | London | L | Fine Writing | |||||
NC | Statesville | L/O | Adhesives | |||||
OH | Columbus | L/O | Adhesives | |||||
Canada | Toronto | L | Adhesives | |||||
Belgium | Sint Niklaas | O | Labeling Technology | |||||
HOME SOLUTIONS | OH | Mogadore | L/O | Home Products | ||||
KS | Winfield | L/O | Home Products | |||||
Canada | Calgary | L | Home Products | |||||
IL | Chicago | L | Beverage | |||||
MO | Jackson | O | Home Storage Systems | |||||
OH | Perrysburg | O | Cookware | |||||
OH | Bowling Green | L | Cookware | |||||
Mexico | Agua Prieta | L | Window Treatments | |||||
UT | Ogden | L | Window Treatments | |||||
Canada | Etobicoke | L | Window Furnishings | |||||
TOOLS | MA | East Longmeadow | O | Tools | ||||
China | Shanghai | L | Tools | |||||
China | Shenzhen | L | Tools | |||||
ME | Gorham | O | Tools | |||||
Brazil | Sao Paulo | L | Tools | |||||
Brazil | Carlos Barbosa | O | Tools | |||||
Poland | Zerniki | L | Tools | |||||
COMMERCIAL PRODUCTS | TN | Cleveland | O | Commercial Products | ||||
VA | Winchester | O | Commercial Products | |||||
WV | Martinsburg | L | Commercial Products | |||||
Brazil | Rio Grande Do Sul | L | Commercial Products | |||||
Brazil | Cachoeirinha | O | Commercial Products | |||||
Netherlands | Bentfield | O | Commercial Products | |||||
BUSINESS SEGMENT | LOCATION | CITY | OWNED OR LEASED | GENERAL CHARACTER | ||||
BABY & PARENTING | PA | Exton | L | Infant Products | ||||
Japan | Nara | O | Infant Products | |||||
Japan | Osaka | O | Infant Products | |||||
Germany | Hiddenhausen | O | Infant Products | |||||
Poland | Wloclawek | O | Infant Products | |||||
China | Zhongshan | L | Infant Products | |||||
CORPORATE | GA | Atlanta | L | Office | ||||
Canada | Oakville | L | Office | |||||
NY | Manhattan | L | Office | |||||
Switzerland | Geneva | L | Office | |||||
Japan | Tokyo | L | Shared | |||||
Australia | Scores | L | Office | |||||
MI | Kalamazoo | L | Research & Development | |||||
SHARED FACILITIES | AR | Bentonville | L | Shared Services | ||||
CA | Victorville | L | Shared Services | |||||
GA | Union City | L | Shared Services | |||||
IL | Freeport | L/O | Shared Services | |||||
NC | Huntersville | L | Shared Services | |||||
NC | High Point | L | Shared Services | |||||
Canada | Bolton | L | Shared Services | |||||
UK | Lichfield | L | Shared Services | |||||
Netherlands | Goirle | O | Shared Services | |||||
France | Malissard | L/O | Shared Services | |||||
France | Paris | L | Shared Services | |||||
Italy | Milan | L | Shared Services | |||||
Poland | Poznan | L | Shared Services | |||||
Poland | Zerniki | L | Shared Services |
SUPPLEMENTARY ITEM — EXECUTIVE OFFICERS OF THE REGISTRANT | ||||
Name | Age | Present Position with the Company | ||
Michael B. Polk | 55 | President and Chief Executive Officer | ||
Joseph A. Arcuri | 52 | Executive Vice President, Chief Commercial Officer | ||
William A. Burke | 55 | Executive Vice President | ||
Richard B. Davies | 53 | Executive Vice President, Chief Development Officer | ||
Paula S. Larson | 53 | Executive Vice President, Chief Human Resources Officer | ||
John K. Stipancich | 47 | Executive Vice President, Chief Financial Officer | ||
Mark S. Tarchetti | 40 | Executive Vice President | ||
Bradford R. Turner | 43 | Senior Vice President, General Counsel and Corporate Secretary |
2015 | 2014 | |||||||||||||||
Quarters | High | Low | High | Low | ||||||||||||
First | $ | 40.37 | $ | 36.33 | $ | 32.54 | $ | 29.14 | ||||||||
Second | 42.00 | 37.95 | 31.61 | 28.27 | ||||||||||||
Third | 44.51 | 38.17 | 35.25 | 30.85 | ||||||||||||
Fourth | 50.90 | 39.39 | 38.73 | 31.14 |
Calendar Month | Total Number of Shares Purchased(1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2) | |||||||||
October 2015 | 301,380 | $ | 41.66 | 298,500 | $ | 257,571,604 | |||||||
November 2015 | 58,249 | 43.78 | 38,500 | 255,912,171 | |||||||||
December 2015 | 12,115 | 47.79 | — | 255,912,171 | |||||||||
Total | 371,744 | $ | 42.19 | 337,000 |
(1) | During 2015, all share purchases other than those pursuant to the Company’s share repurchase program (the “SRP”) were made to satisfy employees’ tax withholding and payment obligations in connection with the vesting of awards of restricted stock units, which are repurchased by the Company based on their fair market value on the vesting date. In October, November and December, in addition to the shares purchased under the SRP, the Company purchased 2,880 shares (average price: $44.11), 19,749 shares (average price: $45.10), and 12,115 shares (average price: $47.79), respectively, in connection with the vesting of employees’ stock-based awards. |
(2) | Under the SRP, the Company may repurchase its own shares of common stock through a combination of 10b5-1 automatic trading plans, discretionary market purchases or in privately negotiated transactions. The average per share price of shares purchased in October and November 2015 relating to the SRP was $41.63 and $43.10, respectively. |
2015(1) | 2014(1) | 2013(1), (2) | 2012(2) | 2011(2) | ||||||||||||||||
STATEMENTS OF OPERATIONS DATA | ||||||||||||||||||||
Net sales | $ | 5,915.7 | $ | 5,727.0 | $ | 5,607.0 | $ | 5,508.5 | $ | 5,451.5 | ||||||||||
Cost of products sold | 3,611.1 | 3,523.6 | 3,482.1 | 3,414.4 | 3,388.3 | |||||||||||||||
Gross margin | 2,304.6 | 2,203.4 | 2,124.9 | 2,094.1 | 2,063.2 | |||||||||||||||
Selling, general and administrative expenses | 1,573.9 | 1,480.5 | 1,399.5 | 1,403.5 | 1,390.6 | |||||||||||||||
Pension settlement charge | 52.1 | 65.4 | — | — | — | |||||||||||||||
Impairment charges | — | — | — | — | 317.9 | |||||||||||||||
Restructuring costs(3) | 77.2 | 52.8 | 110.3 | 52.9 | 47.9 | |||||||||||||||
Operating income | 601.4 | 604.7 | 615.1 | 637.7 | 306.8 | |||||||||||||||
Nonoperating expenses: | ||||||||||||||||||||
Interest expense, net | 79.9 | 60.4 | 60.3 | 76.1 | 86.2 | |||||||||||||||
Losses related to extinguishments of debt | — | 33.2 | — | 10.9 | 4.8 | |||||||||||||||
Venezuela deconsolidation charge | 172.7 | — | — | — | — | |||||||||||||||
Other expense (income), net | 11.3 | 49.0 | 18.5 | (1.3 | ) | 13.5 | ||||||||||||||
Net nonoperating expenses | 263.9 | 142.6 | 78.8 | 85.7 | 104.5 | |||||||||||||||
Income before income taxes | 337.5 | 462.1 | 536.3 | 552.0 | 202.3 | |||||||||||||||
Income taxes | 78.2 | 89.1 | 120.0 | 161.5 | 19.1 | |||||||||||||||
Income from continuing operations | 259.3 | 373.0 | 416.3 | 390.5 | 183.2 | |||||||||||||||
Income (loss) from discontinued operations, net of tax | 90.7 | 4.8 | 58.3 | 10.8 | (58.0 | ) | ||||||||||||||
Net income | $ | 350.0 | $ | 377.8 | $ | 474.6 | $ | 401.3 | $ | 125.2 | ||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||
Basic | 269.3 | 276.1 | 288.6 | 291.2 | 293.6 | |||||||||||||||
Diluted | 271.5 | 278.9 | 291.8 | 293.6 | 296.2 | |||||||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic: | ||||||||||||||||||||
Income from continuing operations | $ | 0.96 | $ | 1.35 | $ | 1.44 | $ | 1.34 | $ | 0.62 | ||||||||||
Income (loss) from discontinued operations | $ | 0.34 | $ | 0.02 | $ | 0.20 | $ | 0.04 | $ | (0.20 | ) | |||||||||
Net income | $ | 1.30 | $ | 1.37 | $ | 1.64 | $ | 1.38 | $ | 0.43 | ||||||||||
Diluted: | ||||||||||||||||||||
Income from continuing operations | $ | 0.96 | $ | 1.34 | $ | 1.43 | $ | 1.33 | $ | 0.62 | ||||||||||
Income (loss) from discontinued operations | $ | 0.33 | $ | 0.02 | $ | 0.20 | $ | 0.04 | $ | (0.20 | ) | |||||||||
Net income | $ | 1.29 | $ | 1.35 | $ | 1.63 | $ | 1.37 | $ | 0.42 | ||||||||||
Dividends | $ | 0.76 | $ | 0.66 | $ | 0.60 | $ | 0.43 | $ | 0.29 | ||||||||||
BALANCE SHEET DATA | ||||||||||||||||||||
Inventories, net | $ | 721.8 | $ | 708.5 | $ | 684.4 | $ | 696.4 | $ | 699.9 | ||||||||||
Working capital (4), (5) | 504.9 | 403.6 | 551.9 | 568.3 | 366.7 | |||||||||||||||
Total assets (4) | 7,278.0 | 6,564.3 | 5,967.8 | 6,215.6 | 6,154.7 | |||||||||||||||
Short-term debt, including current portion of long-term debt | 388.8 | 397.4 | 174.8 | 211.9 | 367.5 | |||||||||||||||
Long-term debt, net of current portion | 2,687.6 | 2,084.5 | 1,661.6 | 1,706.5 | 1,809.3 | |||||||||||||||
Total stockholders’ equity | $ | 1,826.4 | $ | 1,854.9 | $ | 2,075.0 | $ | 2,000.2 | $ | 1,852.6 |
(1) | Supplemental data regarding 2015, 2014 and 2013 is provided in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
(2) | Statement of Operations data for 2013, 2012, and 2011 has been adjusted to reclassify the results of operations of the Endicia and Culinary electrics and retail businesses to discontinued operations. Statement of Operations data for 2012 and 2011 has been adjusted to reclassify the results of operations of the Hardware and Teach businesses to discontinued operations. |
(3) | Restructuring costs include asset impairment charges, employee severance and termination benefits, employee relocation costs, and costs associated with exited contractual commitments and other restructuring costs. |
(4) | In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2015-17, Income Taxes (Topic 740), requiring deferred tax assets and liabilities to be classified as noncurrent assets and liabilities in the balance sheet. ASU 2015-17 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted as of the beginning of an interim or annual reporting period. The Company adopted ASU 2015-17 retrospectively as of December 31, 2015. Accordingly, working capital and total assets in the Selected Financial Data have been adjusted to give effect to the retrospective adoption of ASU-17. See Note 16 of the Notes to Consolidated Financial Statements for additional information. |
(5) | Working capital is defined as Current Assets less Current Liabilities. |
Calendar Year | 1st | 2nd | 3rd | 4th | Year | |||||||||||||||
2015 | ||||||||||||||||||||
Net sales | $ | 1,264.0 | $ | 1,560.9 | $ | 1,530.0 | $ | 1,560.8 | $ | 5,915.7 | ||||||||||
Gross margin | $ | 487.5 | $ | 621.0 | $ | 598.9 | $ | 597.2 | $ | 2,304.6 | ||||||||||
Income (loss) from continuing operations | $ | 56.9 | $ | 148.1 | $ | 134.0 | $ | (79.7 | ) | $ | 259.3 | |||||||||
(Loss) income from discontinued operations | $ | (2.8 | ) | $ | 0.4 | $ | 0.2 | $ | 92.9 | $ | 90.7 | |||||||||
Net income | $ | 54.1 | $ | 148.5 | $ | 134.2 | $ | 13.2 | $ | 350.0 | ||||||||||
Earnings (loss) per share: | ||||||||||||||||||||
Basic | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.21 | $ | 0.55 | $ | 0.50 | $ | (0.30 | ) | $ | 0.96 | |||||||||
(Loss) income from discontinued operations | $ | (0.01 | ) | $ | — | $ | — | $ | 0.35 | $ | 0.34 | |||||||||
Net income | $ | 0.20 | $ | 0.55 | $ | 0.50 | $ | 0.05 | $ | 1.30 | ||||||||||
Diluted | ||||||||||||||||||||
Income (loss) from continuing operations | $ | 0.21 | $ | 0.55 | $ | 0.49 | $ | (0.30 | ) | $ | 0.96 | |||||||||
(Loss) income from discontinued operations | $ | (0.01 | ) | $ | — | $ | — | $ | 0.35 | $ | 0.33 | |||||||||
Net income | $ | 0.20 | $ | 0.55 | $ | 0.50 | $ | 0.05 | $ | 1.29 | ||||||||||
Calendar Year | 1st | 2nd | 3rd | 4th | Year | |||||||||||||||
2014 | ||||||||||||||||||||
Net sales | $ | 1,214.3 | $ | 1,502.2 | $ | 1,484.5 | $ | 1,526.0 | $ | 5,727.0 | ||||||||||
Gross margin | $ | 457.0 | $ | 595.6 | $ | 576.7 | $ | 574.1 | $ | 2,203.4 | ||||||||||
Income from continuing operations | $ | 51.8 | $ | 149.0 | $ | 122.9 | $ | 49.3 | $ | 373.0 | ||||||||||
Income (loss) from discontinued operations | $ | 1.1 | $ | 1.6 | $ | (0.6 | ) | $ | 2.7 | $ | 4.8 | |||||||||
Net income | $ | 52.9 | $ | 150.6 | $ | 122.3 | $ | 52.0 | $ | 377.8 | ||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | ||||||||||||||||||||
Income from continuing operations | $ | 0.18 | $ | 0.54 | $ | 0.45 | $ | 0.18 | $ | 1.35 | ||||||||||
Income (loss) from discontinued operations | $ | — | $ | 0.01 | $ | — | $ | 0.01 | $ | 0.02 | ||||||||||
Net income | $ | 0.19 | $ | 0.54 | $ | 0.45 | $ | 0.19 | $ | 1.37 | ||||||||||
Diluted | ||||||||||||||||||||
Income from continuing operations | $ | 0.18 | $ | 0.53 | $ | 0.44 | $ | 0.18 | $ | 1.34 | ||||||||||
Income (loss) from discontinued operations | $ | — | $ | 0.01 | $ | — | $ | 0.01 | $ | 0.02 | ||||||||||
Net income | $ | 0.19 | $ | 0.54 | $ | 0.44 | $ | 0.19 | $ | 1.35 |
Segment | Key Brands | Description of Primary Products | ||
Writing | Sharpie®, Paper Mate®, Expo®, Prismacolor®, Mr. Sketch®, Elmer's®, X-Acto®, Parker®, Waterman®, Dymo® Office | Writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products; fine writing instruments; labeling solutions | ||
Home Solutions | Rubbermaid®, Contigo®, bubba®, Calphalon®, Levolor®, Goody® | Indoor/outdoor organization, food storage and home storage products; durable beverage containers; gourmet cookware, bakeware and cutlery; window treatments; hair care accessories | ||
Tools | Irwin®, Lenox®, hilmor™, Dymo® Industrial | Hand tools and power tool accessories; industrial bandsaw blades; tools for HVAC systems; label makers and printers for industrial use | ||
Commercial Products | Rubbermaid Commercial Products® | Cleaning and refuse products; hygiene systems; material handling solutions | ||
Baby & Parenting | Graco®, Baby Jogger®, Aprica®, Teutonia® | Infant and juvenile products such as car seats, strollers, highchairs and playards |
• | Core sales, which excludes the impact of changes in foreign currency, acquisitions and planned and completed divestitures, increased 5.5% in 2015, excluding a 580 basis point adverse impact from foreign currency, a 470 basis point contribution from acquisitions and a 110 basis point decline associated with planned and completed divestitures. Reported sales increased 3.3%. Core sales grew across all four regions led by North America core growth of 3.8% and Latin America core growth of 30.5%. Asia Pacific core sales increased 3.4% and EMEA 1.5%. |
• | Core sales increased 9.4% in the Company’s Win Bigger businesses, which includes Writing & Creative Expression in the Writing segment, Food & Beverage in the Home Solutions segment, and the Tools and Commercial Products segments. Net sales in the Company’s Win Bigger businesses increased 7.2%, which includes a 490 basis point contribution from acquisitions and a 710 basis point adverse impact from foreign currency. |
• | Gross margin was 39.0%, up 50 basis points compared to the prior year. The improvement was driven by productivity, pricing, lower input costs (including resin) and the comparison to the prior year period which reflected the impacts of the Graco harness buckle recall, which more than offset unfavorable foreign currency and sourced product, labor and other input cost inflation. Unfavorable foreign currency resulted in a 150 basis point decrease in gross margin, and the adverse impact of the cost of products sold associated with the Graco product recall in the prior year’s results contributed 20 basis points of improvement. |
• | Selling, general and administrative expenses (“SG&A”) increased $93.4 million to $1,573.9 million, due primarily to increased advertising and promotion in support of the Company’s brands and innovation, costs associated with the Graco product recall, SG&A of acquired businesses (Ignite, bubba and Baby Jogger), costs associated with due diligence for the Jarden transaction, increased annual incentive compensation and increased costs associated with Project Renewal transformation initiatives, partially offset by a reduction in overhead costs due to Project Renewal initiatives and the impacts of foreign currency. |
• | continued advertising campaigns supporting the new line of Sharpie® highlighters called Sharpie Clear View®, which have a unique, see-through tip for more precise highlighting; |
• | continued investment in InkJoy® advertising in the North America, Europe and Latin America markets; |
• | continued advertising for Mr. Sketch® scented markers in the U.S. market; |
• | advertising support for Parker® in China, Japan, Hong Kong and the United Kingdom; |
• | advertising support behind Dymo® Office, supporting the Why Write campaign in the Europe and U.S. markets; |
• | advertising campaigns supporting Easy Find Lids® and LunchBlox® Kids, making it easier for parents to pack healthy lunches for kids’ lunch bags; |
• | advertising for Calphalon® Self-Sharpening Cutlery with SharpINTM technology in North America; |
• | advertising support behind Irwin Brazil’s 240 Cart Tool Box campaign; |
• | advertising for Irwin’s Vise-Grip® family of hand tools; |
• | continued advertising in North America, China and Brazil for Brute®, Slim Jim® Step-On, RUBBERMAID HYGENTM disposable microfiber, WaveBrake® mop buckets and Maximizer® mops in the Commercial Products segment; |
• | advertising for Graco 4Ever® All-in-One convertible car seat; and |
• | advertising for the Graco Nautilus® Plus 3-in-1 car seat. |
• | Settled U.S. pension liabilities with plan assets for certain participants which resulted in a $52.1 million non-cash settlement charge in the fourth quarter of 2015. |
• | Continued execution of Project Renewal to simplify the business, reduce structural costs and increase investment in the most significant growth platforms within the business by taking significant steps in implementing activities centered around Project Renewal’s five workstreams, resulting in $74.0 million of restructuring costs in 2015. |
• | Realized a $9.2 million foreign exchange loss during 2015 for the Company’s Venezuelan operations associated with declines in the SICAD exchange rate for the Venezuela Bolivar throughout the year and recognized a $172.7 million pretax charge ($165.1 million after tax) upon deconsolidation of the Company’s Venezuela subsidiary on December 31, 2015. |
• | Reported a 23.2% effective tax rate for 2015, compared to an effective tax rate of 19.3% for 2014. During 2015, the Company’s effective tax rate was adversely impacted by the geographical mix of earnings, the strengthening of the U.S. Dollar against foreign currencies and the implied tax rate associated with the $7.6 million income tax benefit on the $172.7 million Venezuela deconsolidation charge, which were partially offset by benefits from the impact of increased foreign tax credits. During 2014, the Company recognized discrete income tax benefits of $15.5 million related to the resolution of certain tax contingencies and $18.4 million of income tax benefits associated with the net reduction of valuation allowances on certain international deferred tax assets. |
• | The Company repurchased and retired 4.5 million shares of its common stock for $180.4 million during 2015. |
• | The Company sold its Endicia® on-line postage business for $208.7 million of net proceeds, resulting in a net gain from sale of $95.6 million included in discontinued operations. |
• | The Company initiated a process to divest its Levolor® and Kirsch® window coverings brands (“Décor”). Décor will continue to be reported in results from continuing operations in the Home Solutions segment until the business is sold. |
• | In October 2015, the Company completed the offering and sale of $600.0 million of medium-term notes, consisting of $300.0 million aggregate principal amount of 2.15% notes due 2018 (the “2018 Notes”) and $300.0 million aggregate principal amount of 3.90% notes due 2025 (the “2025 Notes” and, together with the 2018 Notes, the “Notes”). The aggregate net proceeds from the issuance of the Notes were $594.5 million, which were used for the acquisition of Elmer’s Products, Inc. (“Elmer’s”) and for general corporate purposes. |
• | On September 4, 2014, the Company acquired Ignite for $313.1 million, which is net of $7.2 million of cash acquired. A portion of the purchase price was used to repay Ignite’s outstanding debt obligations at closing. Ignite is a designer and marketer of durable beverage containers in North America sold under the Contigo®and Avex®brands. |
• | On October 22, 2014, the Company acquired the assets of bubba for $82.4 million. bubba is a designer and marketer of durable beverage containers in North America. |
• | On December 15, 2014, the Company acquired Baby Jogger, a designer and marketer of premium infant and juvenile products focused on activity strollers and related accessories, for $210.1 million. Baby Jogger is headquartered in the U.S. and markets and sells its products in North America, Europe and Asia under the Baby Jogger brand and its City Mini® and City Select® sub-brands. |
• | Organizational Simplification: The Company has de-layered its top structure and further consolidated its businesses from nine Global Business Units (“GBUs”) to three operating groups that manage five operating segments. |
• | EMEA Simplification: The Company is focusing its resources on fewer products and countries, while simplifying go-to-market, delivery and back office support structures. |
• | Best Cost Finance: The Company is delivering a simplified approach to decision support, transaction processing and information management by leveraging SAP and the streamlined business segments to align resources with the Growth Game Plan. |
• | Best Cost Back Office: The Company is driving “One Newell Rubbermaid” efficiencies in customer and consumer services and sourcing functions. |
• | Supply Chain Footprint: The Company is further optimizing manufacturing and distribution facilities across its global supply chain. |
Total Project | Through December 31, 2015 | Remaining through December 31, 2017* | |||
Cost | $690 - $725 | $469 | $221- $256 | ||
Savings | $620 - $675 | $360 | $260 - $315 |
• | Initiated plans to relocate the Company’s corporate headquarters from 3 Glenlake Parkway in Atlanta, Georgia, to 6655 Peachtree Dunwoody Road in Atlanta, Georgia in early 2016. The new space will reflect a brand-led, innovative company with headquarters purpose-fit for how employees work today and into the future. |
• | The ongoing implementation of the EMEA Simplification workstream, which includes projects focused on profitable growth in the region, including the closure, consolidation and/or relocation of certain manufacturing facilities, distribution centers, customer support and sales and administrative offices. During 2015, the Company initiated a project focused on aligning the sales and marketing capabilities in the region, a project in the Best Cost Finance workstream and a project focused on optimizing the region’s activities and relationships with its sourcing partners. |
• | Ongoing evaluations of the Company’s overhead structure, supply chain organization and processes, customer development organization alignment, and pricing structure to optimize and transform processes, simplify the organization and reduce costs. During 2015, the Company initiated a project focused on optimizing the sales and marketing overhead cost structure in North America and Latin America. |
• | The continued execution of projects to streamline the three business partnering functions, Human Resources, Finance/IT and Legal, and to align these functions with the new operating structure, including the ongoing execution of projects to reduce the Company’s IT footprint and centralize and optimize Human Resources support activities. |
• | The ongoing reconfiguration and consolidation of the Company’s manufacturing footprint and distribution centers to reduce overhead, improve operational efficiencies and better utilize existing assets, including the initiation of projects to reduce the Home Solutions and Tools segments’ manufacturing footprint in North America, to reduce the Baby & Parenting segment’s manufacturing footprint in Asia Pacific and to better align the Writing segment’s worldwide supply chain footprint. |
• | The creation of a Transformation Office to lead and manage the various workstreams that are integral to the expanded Project Renewal initiatives, including investing in value analysis and value engineering efforts to reduce product and packaging costs and reducing operational and manufacturing complexity in the Writing segment. |
2015 | 2014 | 2013 | ||||||||||||||||||
Net sales | $ | 5,915.7 | 100.0 | % | $ | 5,727.0 | 100.0 | % | $ | 5,607.0 | 100.0 | % | ||||||||
Cost of products sold | 3,611.1 | 61.0 | 3,523.6 | 61.5 | 3,482.1 | 62.1 | ||||||||||||||
Gross margin | 2,304.6 | 39.0 | 2,203.4 | 38.5 | 2,124.9 | 37.9 | ||||||||||||||
Selling, general and administrative expenses | 1,573.9 | 26.6 | 1,480.5 | 25.9 | 1,399.5 | 25.0 | ||||||||||||||
Pension settlement charge | 52.1 | 0.9 | 65.4 | 1.1 | — | — | ||||||||||||||
Restructuring costs | 77.2 | 1.3 | 52.8 | 0.9 | 110.3 | 2.0 | ||||||||||||||
Operating income | 601.4 | 10.2 | 604.7 | 10.6 | 615.1 | 11.0 | ||||||||||||||
Nonoperating expenses: | ||||||||||||||||||||
Interest expense, net | 79.9 | 1.4 | 60.4 | 1.1 | 60.3 | 1.1 | ||||||||||||||
Losses related to extinguishments of debt | — | — | 33.2 | 0.6 | — | — | ||||||||||||||
Venezuela deconsolidation charge | 172.7 | 2.9 | — | — | — | — | ||||||||||||||
Other expense, net | 11.3 | 0.2 | 49.0 | 0.9 | 18.5 | 0.3 | ||||||||||||||
Net nonoperating expenses | 263.9 | 4.5 | 142.6 | 2.5 | 78.8 | 1.4 | ||||||||||||||
Income before income taxes | 337.5 | 5.7 | 462.1 | 8.1 | 536.3 | 9.6 | ||||||||||||||
Income tax expense | 78.2 | 1.3 | 89.1 | 1.6 | 120.0 | 2.1 | ||||||||||||||
Income from continuing operations | 259.3 | 4.4 | 373.0 | 6.5 | 416.3 | 7.4 | ||||||||||||||
Income from discontinued operations | 90.7 | 1.5 | 4.8 | 0.1 | 58.3 | 1.0 | ||||||||||||||
Net income | $ | 350.0 | 5.9 | % | $ | 377.8 | 6.6 | % | $ | 474.6 | 8.5 | % |
Core sales | $ | 302.6 | 5.5 | % | ||
Acquisitions | 272.1 | 4.7 | ||||
Planned and completed divestitures | (55.0 | ) | (1.1 | ) | ||
Foreign currency | (331.0 | ) | (5.8 | ) | ||
Total change in net sales | $ | 188.7 | 3.3 | % |
Core sales | $ | 166.4 | 3.0 | % | ||
Acquisitions | 68.9 | 1.2 | ||||
Foreign currency | (115.3 | ) | (2.1 | ) | ||
Total change in net sales | $ | 120.0 | 2.1 | % |
2015 | 2014 | % Change | ||||||||
Writing | $ | 1,763.5 | $ | 1,708.9 | 3.2 | % | ||||
Home Solutions | 1,704.2 | 1,575.4 | 8.2 | |||||||
Tools | 790.0 | 852.2 | (7.3 | ) | ||||||
Commercial Products | 809.7 | 837.1 | (3.3 | ) | ||||||
Baby & Parenting | 848.3 | 753.4 | 12.6 | |||||||
Total net sales | $ | 5,915.7 | $ | 5,727.0 | 3.3 | % |
Writing | Home Solutions | Tools | Commercial Products | Baby & Parenting | ||||||||||
Core sales | 10.9 | % | 0.8 | % | 2.2 | % | 4.8 | % | 6.4 | % | ||||
Acquisitions | 2.2 | 9.9 | — | — | 10.5 | |||||||||
Planned and completed divestitures | — | (1.1 | ) | — | (5.1 | ) | — | |||||||
Foreign currency | (9.9 | ) | (1.4 | ) | (9.5 | ) | (3.0 | ) | (4.3 | ) | ||||
Total change in net sales | 3.2 | % | 8.2 | % | (7.3 | )% | (3.3 | )% | 12.6 | % |
2015 | 2014 | % Change | ||||||||
Writing(1) | $ | 430.8 | $ | 416.6 | 3.4 | % | ||||
Home Solutions(2) | 238.4 | 196.0 | 21.6 | |||||||
Tools(3) | 85.1 | 94.6 | (10.0 | ) | ||||||
Commercial Products(4) | 100.8 | 101.3 | (0.5 | ) | ||||||
Baby & Parenting(5) | 55.2 | 40.6 | 36.0 | |||||||
Restructuring costs | (77.2 | ) | (52.8 | ) | (46.2 | ) | ||||
Corporate(6) | (231.7 | ) | (191.6 | ) | (20.9 | ) | ||||
Total operating income | $ | 601.4 | $ | 604.7 | (0.5 | )% |
(1) | For 2015, includes $3.5 million of project-related costs associated with Project Renewal, $2.6 million of costs associated with Venezuelan inventory resulting from changes in the exchange rate for the Venezuelan Bolivar, and $1.2 million of acquisition and integration costs. For 2014, includes $5.2 million of costs associated with Venezuelan inventory resulting from changes in the exchange rate for the Venezuelan Bolivar. |
(2) | For 2015, includes $2.3 million of project-related costs associated with Project Renewal and $1.5 million of acquisition, integration and divestiture costs. For 2014, includes $4.2 million of acquisition and integration costs associated with the Ignite and bubba acquisitions. |
(3) | Includes $0.5 million and $1.7 million for 2015 and 2014, respectively, of project-related costs associated with Project Renewal. |
(4) | Includes $4.7 million and $0.4 million for 2015 and 2014, respectively, of project-related costs associated with Project Renewal. |
(5) | Includes $1.7 million and $1.3 million for 2015 and 2014, respectively, of acquisition and integration costs associated with the Baby Jogger acquisition and $10.2 million and $15.0 million of charges relating to the Graco harness buckle recall for 2015 and 2014, respectively. |
(6) | For 2015, includes $78.9 million of project-related costs associated with Project Renewal, $10.8 million of costs associated with the Proposed Merger Transactions and a $52.1 million non-cash charge associated with the settlement of U.S. pension liabilities for certain participants with plan assets, For 2014, includes $31.7 million of project-related costs associated with Project Renewal, $10.2 million of advisory costs for process transformation and optimization initiatives and a $65.4 million non-cash charge associated with the settlement of U.S. pension liabilities for certain participants with plan assets, . |
2014 | 2013 | % Change | |||||||||
Writing | $ | 1,708.9 | $ | 1,653.6 | 3.3 | % | |||||
Home Solutions | 1,575.4 | 1,560.3 | 1.0 | ||||||||
Tools | 852.2 | 817.9 | 4.2 | ||||||||
Commercial Products | 837.1 | 785.9 | 6.5 | ||||||||
Baby & Parenting | 753.4 | 789.3 | (4.5 | ) | |||||||
Total net sales | $ | 5,727.0 | $ | 5,607.0 | 2.1 | % |
Writing | Home Solutions | Tools | Commercial Products | Baby & Parenting | ||||||||||
Core sales | 7.8 | % | (2.5 | )% | 6.3 | % | 7.2 | % | (4.0 | )% | ||||
Acquisitions | — | 4.1 | — | — | 0.6 | |||||||||
Foreign currency | (4.5 | ) | (0.6 | ) | (2.1 | ) | (0.7 | ) | (1.1 | ) | ||||
Total change in net sales | 3.3 | % | 1.0 | % | 4.2 | % | 6.5 | % | (4.5 | )% |
2014 | 2013 | % Change | |||||||||
Writing(1) | $ | 416.6 | $ | 382.2 | 9.0 | % | |||||
Home Solutions(2) | 196.0 | 213.1 | (8.0 | ) | |||||||
Tools(3) | 94.6 | 68.3 | 38.5 | ||||||||
Commercial Products(4) | 101.3 | 82.5 | 22.8 | ||||||||
Baby & Parenting(5) | 40.6 | 91.2 | (55.5 | ) | |||||||
Restructuring costs | (52.8 | ) | (110.3 | ) | 52.1 | ||||||
Corporate(6) | (191.6 | ) | (111.9 | ) | (71.2 | ) | |||||
Total operating income | $ | 604.7 | $ | 615.1 | (1.7 | )% |
(1) | For 2014, includes charges of $5.2 million associated with Venezuelan inventory resulting from changes in the exchange rate for the Venezuelan Bolivar. For 2013, includes $0.3 million of organizational change implementation and restructuring-related costs associated with Project Renewal. |
(2) | For 2014, includes $4.2 million of acquisition and integration costs associated with the Ignite and bubba acquisitions. |
(3) | For 2014, includes $1.7 million of organizational change implementation and restructuring-related costs associated with Project Renewal. |
(4) | For 2014, includes $0.4 million of organizational change implementation and restructuring-related costs associated with Project Renewal. |
(5) | For 2014, includes $15.0 million of charges relating to the Graco harness buckle recall and $1.3 million of acquisition and integration costs associated with the Baby Jogger acquisition. For 2013, includes $0.8 million of organizational change implementation and restructuring-related costs associated with Project Renewal. |
(6) | For 2014, includes a $65.4 million non-cash charge associated with the settlement of U.S. pension liabilities for certain participants with plan assets, $31.7 million of organizational change implementation and restructuring-related costs associated with Project Renewal, and $10.2 million of advisory costs for process transformation and optimization initiatives. For 2013, includes $23.8 million of organizational change implementation and restructuring-related costs associated with Project Renewal. |
Year Ended December 31, 2015 | |||||||||||||||||
North America | Europe, Middle East and Africa | Latin America | Asia Pacific | Total International | Total Company | ||||||||||||
Core sales | 3.8 | % | 1.5 | % | 30.5 | % | 3.4 | % | 10.0 | % | 5.5 | % | |||||
Acquisitions | 6.0 | 2.6 | — | — | 1.2 | 4.7 | |||||||||||
Planned and completed divestitures | (1.5 | ) | — | — | — | — | (1.1 | ) | |||||||||
Foreign currency | (0.9 | ) | (17.6 | ) | (30.8 | ) | (10.7 | ) | (19.4 | ) | (5.8 | ) | |||||
Total change in net sales | 7.4 | % | (13.5 | )% | (0.3 | )% | (7.3 | )% | (8.2 | )% | 3.3 | % |
Year Ended December 31, 2014 | |||||||||||||||||
North America | Europe, Middle East and Africa | Latin America | Asia Pacific | Total International | Total Company | ||||||||||||
Core sales | 2.1 | % | (1.3 | )% | 22.6 | % | 0.4 | % | 5.4 | % | 3.0 | % | |||||
Acquisitions | 1.7 | — | — | — | — | 1.2 | |||||||||||
Foreign currency | (0.5 | ) | (0.8 | ) | (18.2 | ) | (4.6 | ) | (6.4 | ) | (2.1 | ) | |||||
Total change in net sales | 3.3 | % | (2.1 | )% | 4.4 | % | (4.2 | )% | (1.0 | )% | 2.1 | % |
2015 | 2014 | 2013 | |||||||||
Cash provided by operating activities | $ | 565.8 | $ | 634.1 | $ | 605.2 | |||||
Cash (used in) provided by investing activities | (649.9 | ) | (751.9 | ) | 53.4 | ||||||
Cash provided by (used in) financing activities | 172.3 | 119.0 | (613.5 | ) | |||||||
Currency effect on cash and cash equivalents | (12.8 | ) | (28.1 | ) | (2.6 | ) | |||||
Increase (decrease) in cash and cash equivalents | $ | 75.4 | $ | (26.9 | ) | $ | 42.5 |
• | a $70.0 million voluntary contribution to the Company’s primary U.S. pension plan during 2015, which is included in accrued liabilities and other in the Consolidated Statements of Cash Flows; |
• | a $69.6 million year-over-year increase in cash used to build inventories in 2015 compared to 2014, partially attributable to inventory builds in 2015 to support new product launches; |
• | a $45.9 million year-over-year increase in project-related costs associated with Project Renewal and advisory costs for process transformation and optimization, including advisory and consulting costs and personnel costs associated with employees dedicated to Project Renewal initiatives; |
• | a $67.0 million year-over-year decrease in cash provided by accounts payable, primarily attributable to the timing and management of purchases and payments; |
• | a $107.1 million year-over-year decrease in cash used for increases in accounts receivable due to the timing of sales in the fourth quarter of 2015 compared to the fourth quarter of 2014; and |
• | a $60.6 million increase in the Company’s income tax liability during 2015, which is included in accrued liabilities and other in the Consolidated Statements of Cash Flows, primarily associated with an estimated $60.0 million income tax payment due in the first quarter of 2016 associated with the gain realized on the sale of the Endicia business. |
• | a $100.0 million contribution to the Company’s primary U.S. pension plan made in 2013; |
• | a $33.4 million year-over-year decrease in cash used to build inventories in 2014 compared to 2013, partially attributable to the higher inventory builds in 2013 to support back-half 2013 promotions; |
• | a $28.3 million year-over-year increase in cash provided by accounts payable primarily attributable to the later timing of purchases in the fourth quarter of 2014 compared to the fourth quarter of 2013; and |
• | a $21.5 million year-over-year decline in cash paid for income taxes; |
• | a $121.9 million year-over-year increase in cash used for accounts receivable due to the later timing of sales in the fourth quarter of 2014 compared to the fourth quarter of 2013; |
• | a $19.1 million year-over-year increase in organizational change implementation and restructuring-related costs incurred in connection with Project Renewal and advisory costs for process transformation and optimization initiatives; and |
• | $15.0 million of costs in 2014 associated with the harness buckle recall. |
2015 | 2014 | 2013 | ||||||
Accounts receivable | 73 | 74 | 68 | |||||
Inventory | 71 | 67 | 67 | |||||
Accounts payable | (64 | ) | (64 | ) | (55 | ) | ||
Cash conversion cycle | 80 | 77 | 80 |
• | Cash and cash equivalents at December 31, 2015 were $274.8 million, and the Company had the full $800.0 million of borrowing capacity available under its unsecured syndicated revolving credit facility and $50.0 million of borrowing capacity available under the $400.0 million receivables facility as of December 31, 2015. |
• | Working capital at December 31, 2015 was $504.9 million compared to $403.6 million at December 31, 2014, and the current ratio at December 31, 2015 was 1.25:1 compared to 1.21:1 at December 31, 2014. The increase in working capital is primarily a result of the reclassification of $61.1 million of long-term assets of the Décor business, including property, plant and equipment, intangible assets and goodwill, to current assets as assets held for sale. |
• | The Company monitors its overall capitalization by evaluating net debt to total capitalization. Net debt to total capitalization is defined as the sum of short- and long-term debt, less cash, divided by the sum of total debt and stockholders’ equity, less cash. Net debt to total capitalization was 0.61:1 and 0.55:1 at December 31, 2015 and December 31, 2014, respectively. The increase in net debt to total capitalization is attributable to the issuance of the 2018 Notes and 2025 Notes to finance the acquisition of Elmer’s. |
2015 | 2014 | ||||||||||||||
Short-term Borrowing Arrangement | Maximum | Average | Maximum | Average | |||||||||||
Commercial paper | $ | 551.2 | $ | 336.7 | $ | 239.7 | $ | 114.4 | |||||||
Receivables facility | 400.0 | 332.5 | 350.0 | 213.8 |
2015 | 2014 | 2013 | |||||||||
Average outstanding debt | $ | 2,887.6 | $ | 2,085.2 | $ | 1,980.7 | |||||
Average interest rate(1) | 2.8 | % | 3.0 | % | 3.0 | % |
Senior Debt Credit Rating | Short-term Debt Credit Rating | Outlook | |||
Moody’s Investors Service | Baa3 | P-3 | Stable | ||
Standard & Poor’s | BBB- | A-3 | Negative | ||
Fitch Ratings | BBB+ | F-2 | Negative |
• | up to approximately $1.5 billion from borrowings under the Term Loan Credit Agreement; |
• | up to approximately $8.6 billion newly issued Newell Rubbermaid medium-term notes; |
• | available balance sheet cash and the net cash proceeds, if any, from the intended sale of the Décor business; and |
• | to the extent necessary, borrowings under the Jarden Bridge Facility or from borrowings under other permanent or alternative financing. |
Payments Due by Period | |||||||||||||||
Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||
Debt(1) | $ | 3,076.4 | $ | 388.8 | $ | 907.8 | $ | 726.1 | $ | 1,053.7 | |||||
Interest on debt(2) | 568.3 | 101.6 | 183.0 | 129.5 | 154.2 | ||||||||||
Operating lease obligations(3) | 340.4 | 97.2 | 133.5 | 67.6 | 42.1 | ||||||||||
Purchase obligations(4) | 787.5 | 664.2 | 118.0 | 5.3 | — | ||||||||||
Total contractual obligations(5) | $ | 4,772.6 | $ | 1,251.8 | $ | 1,342.3 | $ | 928.5 | $ | 1,250.0 |
(1) | Amounts represent contractual obligations based on the earliest date that the obligation may become due, excluding interest, based on borrowings outstanding as of December 31, 2015. Includes $350.0 million in borrowings under the receivables facility that the Company intends to repay or refinance before maturity. For further information relating to these obligations, see Footnote 10 of the Notes to Consolidated Financial Statements. |
(2) | Amounts represent estimated interest payable on borrowings outstanding as of December 31, 2015, excluding the impact of interest rate swaps that adjust the fixed rate to a floating rate for $596.0 million of medium-term notes. Interest on floating-rate debt was estimated using the rate in effect as of December 31, 2015. For further information, see Footnote 10 of the Notes to Consolidated Financial Statements. |
(3) | Amounts represent contractual minimum lease obligations on operating leases as of December 31, 2015. For further information relating to these obligations, see Footnote 12 of the Notes to Consolidated Financial Statements. |
(4) | Primarily consists of purchase commitments entered into as of December 31, 2015, for finished goods, raw materials, components and services pursuant to legally enforceable and binding obligations, which include all significant terms. |
(5) | Total does not include contractual obligations reported on the December 31, 2015 balance sheet as current liabilities, except for current portion of long-term debt, short-term debt and accrued interest. |
• | Discount rates: The Company generally estimates the discount rate for its pension and other post-retirement benefit obligations using an iterative process based on a hypothetical investment in a portfolio of high-quality bonds that approximate each year’s estimated cash flows of the pension and other post-retirement benefit obligations. The Company believes this approach permits a matching of future cash outflows related to benefit payments with future cash inflows associated with bond coupons and maturities. |
• | Health care cost trend rate: The Company’s health care cost trend rate is based on historical retiree cost data, near-term health care outlook, and industry benchmarks and surveys. |
• | Expected return on plan assets: The Company’s expected return on plan assets is derived from reviews of asset allocation strategies and historical and anticipated future long-term performance of individual asset classes. The Company’s analysis gives consideration to historical returns and long-term, prospective rates of return. |
• | Mortality rates: Mortality rates are based on actual and projected plan experience, including consideration of the most recent mortality tables issued by the Society of Actuaries for the Company’s U.S. plans. |
• | Rate of compensation increase: The rate of compensation increases reflects the Company’s long-term actual experience and its outlook, including consideration of expected rates of inflation. |
U.S. | International | ||||||
Pension plan assets and obligations, net: | |||||||
Prepaid benefit cost | $ | — | $ | 35.9 | |||
Accrued current benefit cost | (9.6 | ) | (3.3 | ) | |||
Accrued noncurrent benefit cost | (205.2 | ) | (85.9 | ) | |||
Net liability recognized in the Consolidated Balance Sheet | $ | (214.8 | ) | $ | (53.3 | ) | |
U.S. | |||||||
Other post-retirement benefit obligations: | |||||||
Accrued current benefit cost | $ | (5.8 | ) | ||||
Accrued noncurrent benefit cost | (62.1 | ) | |||||
Liability recognized in the Consolidated Balance Sheet | $ | (67.9 | ) |
2015 | 2014 | 2013 | |||||||||
Net pension cost, excluding settlement charge | $ | 19.7 | $ | 23.5 | $ | 29.0 | |||||
U.S. pension settlement charge | 52.1 | 65.4 | — | ||||||||
Net post-retirement benefit (income) expense | (4.1 | ) | (0.6 | ) | 5.0 | ||||||
Total | $ | 67.7 | $ | 88.3 | $ | 34.0 |
Impact on 2015 Expense | |||
25 basis point decrease in discount rate | $ | 1.0 | |
25 basis point increase in discount rate | $ | (1.1 | ) |
25 basis point decrease in expected return on assets | $ | 3.4 | |
25 basis point increase in expected return on assets | $ | (3.4 | ) |
December 31, 2015 Impact on PBO | |||
25 basis point decrease in discount rate | $ | 53.5 | |
25 basis point increase in discount rate | $ | (51.6 | ) |
2015 vs. 2014 | 2014 vs. 2013 | ||||||||||||||||
2015 | 2014 | 2013 | % Change | % Change | |||||||||||||
U.S. | $ | 4,291.8 | $ | 3,945.1 | $ | 3,783.3 | 8.8 | % | 4.3 | % | |||||||
Non-U.S | 1,623.9 | 1,781.9 | 1,823.7 | (8.9 | ) | (2.3 | ) | ||||||||||
$ | 5,915.7 | $ | 5,727.0 | $ | 5,607.0 | 3.3 | % | 2.1 | % |
• | Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. |
• | Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. |
• | Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. |
Prepaid expenses and other | $ | 6.7 | |
Other assets | $ | 2.8 | |
Other accrued liabilities | $ | 3.3 | |
Other noncurrent liabilities | $ | 8.6 |
Market Risk(1) | 2015 Average | December 31, 2015 | 2014 Average | December 31, 2014 | Confidence Level | ||||||||||||||
Interest rates | $ | 6.7 | $ | 7.3 | $ | 2.3 | $ | 2.5 | 95 | % | |||||||||
Foreign exchange | $ | 6.2 | $ | 5.3 | $ | 4.9 | $ | 5.0 | 95 | % |
(1) | The Company generally does not enter into material derivative contracts for commodities; therefore, commodity price risk is not shown because the amounts are not material. |
NEWELL RUBBERMAID INC. |
Atlanta, Georgia |
February 29, 2016 |
/s/ Ernst & Young LLP | |
Atlanta, Georgia | |
February 29, 2016 |
/s/ Ernst & Young LLP | |
Atlanta, Georgia | |
February 29, 2016 |
Year Ended December 31, | 2015 | 2014 | 2013 | ||||||||
Net sales | $ | 5,915.7 | $ | 5,727.0 | $ | 5,607.0 | |||||
Cost of products sold | 3,611.1 | 3,523.6 | 3,482.1 | ||||||||
Gross margin | 2,304.6 | 2,203.4 | 2,124.9 | ||||||||
Selling, general and administrative expenses | 1,573.9 | 1,480.5 | 1,399.5 | ||||||||
Pension settlement charge | 52.1 | 65.4 | — | ||||||||
Restructuring costs | 77.2 | 52.8 | 110.3 | ||||||||
Operating income | 601.4 | 604.7 | 615.1 | ||||||||
Nonoperating expenses: | |||||||||||
Interest expense, net of interest income of $8.2, $3.9 and $2.0 in 2015, 2014 and 2013, respectively | 79.9 | 60.4 | 60.3 | ||||||||
Losses related to extinguishments of debt | — | 33.2 | — | ||||||||
Venezuela deconsolidation charge | 172.7 | — | — | ||||||||
Other expense, net | 11.3 | 49.0 | 18.5 | ||||||||
Net nonoperating expenses | 263.9 | 142.6 | 78.8 | ||||||||
Income before income taxes | 337.5 | 462.1 | 536.3 | ||||||||
Income tax expense | 78.2 | 89.1 | 120.0 | ||||||||
Income from continuing operations | 259.3 | 373.0 | 416.3 | ||||||||
Income from discontinued operations, net of tax | 90.7 | 4.8 | 58.3 | ||||||||
Net income | $ | 350.0 | $ | 377.8 | $ | 474.6 | |||||
Weighted-average shares outstanding: | |||||||||||
Basic | 269.3 | 276.1 | 288.6 | ||||||||
Diluted | 271.5 | 278.9 | 291.8 | ||||||||
Earnings per share: | |||||||||||
Basic: | |||||||||||
Income from continuing operations | $ | 0.96 | $ | 1.35 | $ | 1.44 | |||||
Income from discontinued operations | 0.34 | 0.02 | 0.20 | ||||||||
Net income | $ | 1.30 | $ | 1.37 | $ | 1.64 | |||||
Diluted: | |||||||||||
Income from continuing operations | $ | 0.96 | $ | 1.34 | $ | 1.43 | |||||
Income from discontinued operations | 0.33 | 0.02 | 0.20 | ||||||||
Net income | $ | 1.29 | $ | 1.35 | $ | 1.63 | |||||
Dividends per share | $ | 0.76 | $ | 0.66 | $ | 0.60 |
Year Ended December 31, | 2015 | 2014 | 2013 | ||||||||
Net income | $ | 350.0 | $ | 377.8 | $ | 474.6 | |||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Foreign currency translation adjustments | (123.9 | ) | (126.3 | ) | 5.0 | ||||||
Change in unrecognized pension and other post-retirement costs | 89.4 | (28.4 | ) | 137.8 | |||||||
Derivative hedging (loss) gain | (4.9 | ) | 5.5 | 1.0 | |||||||
Total other comprehensive (loss) income, net of tax | (39.4 | ) | (149.2 | ) | 143.8 | ||||||
Comprehensive income(1) | $ | 310.6 | $ | 228.6 | $ | 618.4 |
December 31, | 2015 | 2014 | |||||
Assets | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 274.8 | $ | 199.4 | |||
Accounts receivable, net of allowances of $22.0 for 2015 and $25.3 for 2014 | 1,250.7 | 1,248.2 | |||||
Inventories, net | 721.8 | 708.5 | |||||
Prepaid expenses and other | 147.8 | 136.1 | |||||
Assets held for sale | 98.4 | — | |||||
Total Current Assets | 2,493.5 | 2,292.2 | |||||
Property, plant and equipment, net | 599.2 | 559.1 | |||||
Goodwill | 2,791.2 | 2,546.0 | |||||
Other intangible assets, net | 1,063.7 | 887.2 | |||||
Deferred income taxes | 38.5 | 39.1 | |||||
Other assets | 291.9 | 240.7 | |||||
Total Assets | $ | 7,278.0 | $ | 6,564.3 | |||
Liabilities and Stockholders’ Equity | |||||||
Current Liabilities: | |||||||
Accounts payable | $ | 642.4 | $ | 674.1 | |||
Accrued compensation | 185.2 | 159.9 | |||||
Other accrued liabilities | 728.9 | 657.2 | |||||
Short-term debt | 382.9 | 390.7 | |||||
Current portion of long-term debt | 5.9 | 6.7 | |||||
Liabilities held for sale | 43.3 | — | |||||
Total Current Liabilities | 1,988.6 | 1,888.6 | |||||
Long-term debt | 2,687.6 | 2,084.5 | |||||
Deferred income taxes | 226.6 | 105.7 | |||||
Other noncurrent liabilities | 548.8 | 630.6 | |||||
Stockholders’ Equity: | |||||||
Preferred stock, authorized shares, 10.0 at $1.00 par value | — | — | |||||
None issued and outstanding | |||||||
Common stock, authorized shares, 800.0 at $1.00 par value | 287.5 | 288.7 | |||||
Outstanding shares, before treasury: | |||||||
2015 – 287.5 | |||||||
2014 – 288.7 | |||||||
Treasury stock, at cost: | (523.1 | ) | (493.1 | ) | |||
Shares held: | |||||||
2015 – 20.3 | |||||||
2014 – 19.5 | |||||||
Additional paid-in capital | 801.4 | 739.0 | |||||
Retained earnings | 2,090.9 | 2,111.2 | |||||
Accumulated other comprehensive loss | (833.8 | ) | (794.4 | ) | |||
Stockholders’ Equity Attributable to Parent | 1,822.9 | 1,851.4 | |||||
Stockholders’ Equity Attributable to Noncontrolling Interests | 3.5 | 3.5 | |||||
Total Stockholders’ Equity | 1,826.4 | 1,854.9 | |||||
Total Liabilities and Stockholders’ Equity | $ | 7,278.0 | $ | 6,564.3 |
Year Ended December 31, | 2015 | 2014 | 2013 | ||||||||
Operating Activities: | |||||||||||
Net income | $ | 350.0 | $ | 377.8 | $ | 474.6 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 171.6 | 156.1 | 158.9 | ||||||||
Net gain on sale of discontinued operations, including impairments | (154.2 | ) | (2.2 | ) | (87.4 | ) | |||||
Losses on extinguishments of debt | — | 33.2 | — | ||||||||
Non-cash restructuring costs | 6.7 | 7.2 | 4.2 | ||||||||
Deferred income taxes | (7.2 | ) | 39.3 | 88.6 | |||||||
Stock-based compensation expense | 29.2 | 29.9 | 37.2 | ||||||||
Pension settlement charge | 52.1 | 65.4 | — | ||||||||
Venezuela deconsolidation charge | 172.7 | — | — | ||||||||
Other, net | 32.5 | 69.1 | 32.3 | ||||||||
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures: | |||||||||||
Accounts receivable | (33.8 | ) | (140.9 | ) | (19.0 | ) | |||||
Inventories | (97.8 | ) | (28.2 | ) | (61.6 | ) | |||||
Accounts payable | 20.3 | 87.3 | 59.0 | ||||||||
Accrued liabilities and other | 23.7 | (59.9 | ) | (81.6 | ) | ||||||
Net Cash Provided by Operating Activities | 565.8 | 634.1 | 605.2 | ||||||||
Investing Activities: | |||||||||||
Proceeds from sales of businesses and fixed assets | 214.8 | 19.0 | 189.8 | ||||||||
Capital expenditures | (211.4 | ) | (161.9 | ) | (138.2 | ) | |||||
Acquisitions and acquisition-related activity | (573.7 | ) | (602.3 | ) | — | ||||||
Cash related to deconsolidated Venezuela operations | (97.5 | ) | — | — | |||||||
Other | 17.9 | (6.7 | ) | 1.8 | |||||||
Net Cash (Used in) Provided by Investing Activities | (649.9 | ) | (751.9 | ) | 53.4 | ||||||
Financing Activities: | |||||||||||
Net short-term borrowings and related issuance costs | (57.0 | ) | 217.3 | (35.8 | ) | ||||||
Proceeds from issuance of debt, net of debt issuance costs | 594.6 | 841.8 | — | ||||||||
Payments on debt | — | (465.2 | ) | — | |||||||
Repurchase and retirement of shares of common stock | (180.4 | ) | (363.2 | ) | (470.0 | ) | |||||
Cash dividends | (206.3 | ) | (182.5 | ) | (174.1 | ) | |||||
Excess tax benefits related to stock-based compensation | 27.1 | 10.6 | 15.8 | ||||||||
Proceeds from exercise of employee stock options | 24.3 | 76.6 | 81.0 | ||||||||
Repurchases of shares of common stock related to stock-based compensation | (30.0 | ) | (15.9 | ) | (29.2 | ) | |||||
Other, net | — | (0.5 | ) | (1.2 | ) | ||||||
Net Cash Provided by (Used in) Financing Activities | 172.3 | 119.0 | (613.5 | ) | |||||||
Currency rate effect on cash and cash equivalents | (12.8 | ) | (28.1 | ) | (2.6 | ) | |||||
Increase (Decrease) in Cash and Cash Equivalents | 75.4 | (26.9 | ) | 42.5 | |||||||
Cash and Cash Equivalents at Beginning of Year | 199.4 | 226.3 | 183.8 | ||||||||
Cash and Cash Equivalents at End of Year | $ | 274.8 | $ | 199.4 | $ | 226.3 | |||||
Supplemental cash flow disclosures — cash paid during the year for: | |||||||||||
Income taxes, net of refunds | $ | 54.7 | $ | 33.8 | $ | 55.3 | |||||
Interest | $ | 82.9 | $ | 56.7 | $ | 57.7 |
Common Stock | Treasury Stock | Additional Paid- In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Stockholders’ Equity Attributable to Parent | Non-controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 304.7 | $ | (448.0 | ) | $ | 634.1 | $ | 2,294.9 | $ | (789.0 | ) | $ | 1,996.7 | $ | 3.5 | $ | 2,000.2 | ||||||||||||||
Net income | — | — | — | 474.6 | — | 474.6 | — | 474.6 | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | 5.0 | 5.0 | — | 5.0 | ||||||||||||||||||||||||
Unrecognized pension and other post-retirement costs | — | — | — | — | 137.8 | 137.8 | — | 137.8 | ||||||||||||||||||||||||
Gain on derivative instruments | — | — | — | — | 1.0 | 1.0 | — | 1.0 | ||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | (174.1 | ) | — | (174.1 | ) | — | (174.1 | ) | |||||||||||||||||||||
Stock-based compensation and other | 6.9 | (29.2 | ) | 123.0 | (0.2 | ) | — | 100.5 | — | 100.5 | ||||||||||||||||||||||
Retirement of common stock purchased under the ASB | (9.4 | ) | — | (92.3 | ) | (248.8 | ) | — | (350.5 | ) | — | (350.5 | ) | |||||||||||||||||||
Retirement of common stock purchased under the 2011 SRP | (4.7 | ) | — | (10.5 | ) | (104.3 | ) | — | (119.5 | ) | — | (119.5 | ) | |||||||||||||||||||
Balance at December 31, 2013 | $ | 297.5 | $ | (477.2 | ) | $ | 654.3 | $ | 2,242.1 | $ | (645.2 | ) | $ | 2,071.5 | $ | 3.5 | $ | 2,075.0 | ||||||||||||||
Net income | — | — | — | 377.8 | — | 377.8 | — | 377.8 | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (126.3 | ) | (126.3 | ) | — | (126.3 | ) | |||||||||||||||||||||
Unrecognized pension and other post-retirement costs | — | — | — | — | (28.4 | ) | (28.4 | ) | — | (28.4 | ) | |||||||||||||||||||||
Gain on derivative instruments | — | — | — | — | 5.5 | 5.5 | — | 5.5 | ||||||||||||||||||||||||
Cash dividends on common stock | — | — | — | (182.5 | ) | — | (182.5 | ) | — | (182.5 | ) | |||||||||||||||||||||
Stock-based compensation and other | 4.5 | (15.9 | ) | 109.7 | (1.3 | ) | — | 97.0 | — | 97.0 | ||||||||||||||||||||||
Retirement of common stock purchased under the ASB | (2.0 | ) | — | 2.0 | — | — | — | — | — | |||||||||||||||||||||||
Retirement of common stock purchased under the 2011 SRP | (11.3 | ) | — | (27.0 | ) | (324.9 | ) | — | (363.2 | ) | — | (363.2 | ) | |||||||||||||||||||
Balance at December 31, 2014 | $ | 288.7 | $ | (493.1 | ) | $ | 739.0 | $ | 2,111.2 | $ | (794.4 | ) | $ | 1,851.4 | $ | 3.5 | $ | 1,854.9 | ||||||||||||||
Net income | — | — | — | 350.0 | — | 350.0 | — | 350.0 | ||||||||||||||||||||||||
Foreign currency translation | — | — | — | — | (123.9 | ) | (123.9 | ) | — | (123.9 | ) | |||||||||||||||||||||
Unrecognized pension and other post-retirement costs | — | — | — | — | 89.4 | 89.4 | — | 89.4 | ||||||||||||||||||||||||
Loss on derivative instruments | — | — | — | — | (4.9 | ) | (4.9 | ) | — | (4.9 | ) | |||||||||||||||||||||
Cash dividends on common stock | — | — | — | (206.3 | ) | — | (206.3 | ) | — | (206.3 | ) | |||||||||||||||||||||
Stock-based compensation and other | 3.3 | (30.0 | ) | 74.2 | 0.1 | — | 47.6 | — | 47.6 | |||||||||||||||||||||||
Retirement of common stock purchased under the 2011 SRP | (4.5 | ) | — | (11.8 | ) | (164.1 | ) | — | (180.4 | ) | — | (180.4 | ) | |||||||||||||||||||
Balance at December 31, 2015 | $ | 287.5 | $ | (523.1 | ) | $ | 801.4 | $ | 2,090.9 | $ | (833.8 | ) | $ | 1,822.9 | $ | 3.5 | $ | 1,826.4 |
2015 | 2014 | 2013 | |||||||||
Net sales | $ | 56.5 | $ | 83.4 | $ | 280.2 | |||||
(Loss) income from discontinued operations before income taxes | $ | (7.7 | ) | $ | 2.2 | $ | 0.5 | ||||
Income tax (benefit) expense | (2.8 | ) | 0.8 | 1.1 | |||||||
(Loss) income from discontinued operations | (4.9 | ) | 1.4 | (0.6 | ) | ||||||
Net gain on disposal(1) | 95.6 | 3.4 | 58.9 | ||||||||
Income from discontinued operations, net of tax | $ | 90.7 | $ | 4.8 | $ | 58.3 |
(1) | 2015 includes pretax gains of $154.2 million (related tax expense of $58.6 million) relating to the sale of the Endicia business. 2014 includes pretax gains of $2.2 million (related tax benefit of $1.2 million) relating to the recognition of $4.8 million of previously deferred gains on the sale of the international Hardware businesses, offset by $2.6 million of impairments relating to the Culinary businesses. 2013 includes pretax gains of $87.4 million (related tax expense of $28.5 million) relating to net gains from sale; impairments and write-offs of goodwill, intangibles and other long-lived assets; and write-downs and write-offs of net working capital. |
2015 | |||
Inventories, net | $ | 35.3 | |
Prepaid expenses and other | 2.0 | ||
Property, plant and equipment, net | 18.2 | ||
Goodwill | 19.2 | ||
Other intangible assets, net | 23.7 | ||
Total Assets | $ | 98.4 | |
Accounts payable | $ | 34.8 | |
Other accrued liabilities | 8.5 | ||
Total Liabilities | $ | 43.3 |
Foreign Currency Translation Loss, net of tax(1) | Unrecognized Pension & Other Post-retirement Costs, net of tax | Derivative Hedging (Loss) Income, net of tax | Accumulated Other Comprehensive Loss | ||||||||||||
Balance at December 31, 2012 | $ | (166.5 | ) | $ | (621.1 | ) | $ | (1.4 | ) | $ | (789.0 | ) | |||
Other comprehensive income (loss) before reclassifications | 4.3 | 116.3 | 3.2 | 123.8 | |||||||||||
Amounts reclassified to earnings | 0.7 | 21.5 | (2.2 | ) | 20.0 | ||||||||||
Net current period other comprehensive income | 5.0 | 137.8 | 1.0 | 143.8 | |||||||||||
Balance at December 31, 2013 | (161.5 | ) | (483.3 | ) | (0.4 | ) | (645.2 | ) | |||||||
Other comprehensive (loss) income before reclassifications | (126.3 | ) | (84.1 | ) | 9.5 | (200.9 | ) | ||||||||
Amounts reclassified to earnings | — | 55.7 | (4.0 | ) | 51.7 | ||||||||||
Net current period other comprehensive income | (126.3 | ) | (28.4 | ) | 5.5 | (149.2 | ) | ||||||||
Balance at December 31, 2014 | (287.8 | ) | (511.7 | ) | 5.1 | (794.4 | ) | ||||||||
Other comprehensive (loss) income before reclassifications | (153.3 | ) | 42.1 | 5.3 | (105.9 | ) | |||||||||
Amounts reclassified to earnings | 29.4 | 47.3 | (10.2 | ) | 66.5 | ||||||||||
Net current period other comprehensive income | (123.9 | ) | 89.4 | (4.9 | ) | (39.4 | ) | ||||||||
Balance at December 31, 2015 | $ | (411.7 | ) | $ | (422.3 | ) | $ | 0.2 | $ | (833.8 | ) |
Amount Reclassified to Earnings as Expense (Benefit) in the Statement of Operations | Affected Line Item in the Consolidated Statements of Operations | |||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Foreign currency translation loss: | ||||||||||||||
Total before tax | $ | 39.7 | $ | — | $ | 0.7 | (1) | |||||||
Tax effect | (10.3 | ) | — | — | ||||||||||
Net of tax | $ | 29.4 | $ | — | $ | 0.7 | ||||||||
Unrecognized pension and other post-retirement costs: | ||||||||||||||
Prior service benefit | $ | (6.8 | ) | $ | (6.5 | ) | $ | (1.6 | ) | (2) | ||||
Actuarial loss | 80.9 | 92.9 | 33.5 | (2) | ||||||||||
Total before tax | 74.1 | 86.4 | 31.9 | |||||||||||
Tax effect | (26.8 | ) | (30.7 | ) | (10.4 | ) | ||||||||
Net of tax | $ | 47.3 | $ | 55.7 | $ | 21.5 | ||||||||
Derivatives: | ||||||||||||||
Foreign exchange contracts on inventory-related purchases | $ | (16.2 | ) | $ | (5.9 | ) | $ | (3.8 | ) | Cost of products sold | ||||
Foreign exchange contracts on intercompany borrowings | 0.1 | (0.3 | ) | — | Other expense, net | |||||||||
Forward interest rate swaps | 0.8 | 0.7 | 0.7 | Interest expense, net | ||||||||||
Cross currency swaps | 1.0 | — | — | Other expense, net | ||||||||||
Total before tax | (14.3 | ) | (5.5 | ) | (3.1 | ) | ||||||||
Tax effect | 4.1 | 1.5 | 0.9 | |||||||||||
Net of tax | $ | (10.2 | ) | $ | (4.0 | ) | $ | (2.2 | ) |
(1) | The 2015 amount is included in the Venezuela deconsolidation charge and the 2013 amount is included in discontinued operations. |
(2) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and other post-retirement benefit costs, which are recorded in the cost of products sold and selling, general and administrative expenses line items in the Consolidated Statements of Operations for 2015, 2014 and 2013. For 2015 and 2014, $52.1 million and $65.4 million of the amount, respectively, is reflected as pension settlement charge. See Footnote 13 for further details. |
2015 | 2014 | 2013 | Since Inception Through December 31, 2015 | ||||||||||||
Facility and other exit costs, including impairments | $ | 6.7 | $ | 7.5 | $ | 5.7 | $ | 27.4 | |||||||
Employee severance, termination benefits and relocation costs | 52.4 | 25.2 | 93.4 | 218.5 | |||||||||||
Exited contractual commitments and other | 14.9 | 21.1 | 14.6 | 63.9 | |||||||||||
$ | 74.0 | $ | 53.8 | $ | 113.7 | $ | 309.8 |
December 31, 2014 | December 31, 2015 | ||||||||||||||
Balance | Provision | Costs Incurred | Balance | ||||||||||||
Facility and other exit costs, including impairments | $ | — | $ | 6.7 | $ | (6.7 | ) | $ | — | ||||||
Employee severance, termination benefits and relocation costs | 22.8 | 52.4 | (25.9 | ) | 49.3 | ||||||||||
Exited contractual commitments and other | 17.5 | 14.9 | (15.1 | ) | 17.3 | ||||||||||
$ | 40.3 | $ | 74.0 | $ | (47.7 | ) | $ | 66.6 |
December 31, 2013 | December 31, 2014 | ||||||||||||||
Balance | Provision | Costs Incurred | Balance | ||||||||||||
Facility and other exit costs, including impairments | $ | — | $ | 7.5 | $ | (7.5 | ) | $ | — | ||||||
Employee severance, termination benefits and relocation costs | 60.3 | 25.2 | (62.7 | ) | 22.8 | ||||||||||
Exited contractual commitments and other | 7.1 | 21.1 | (10.7 | ) | 17.5 | ||||||||||
$ | 67.4 | $ | 53.8 | $ | (80.9 | ) | $ | 40.3 |
December 31, 2014 | December 31, 2015 | ||||||||||||||
Segment | Balance | Provision | Costs Incurred | Balance | |||||||||||
Writing | $ | 9.7 | $ | 9.3 | $ | (5.0 | ) | $ | 14.0 | ||||||
Home Solutions | 1.0 | 5.5 | (1.4 | ) | 5.1 | ||||||||||
Tools | 0.5 | 2.9 | 0.9 | 4.3 | |||||||||||
Commercial Products | 5.1 | 2.2 | (3.5 | ) | 3.8 | ||||||||||
Baby & Parenting | 2.2 | 0.7 | (2.9 | ) | — | ||||||||||
Corporate | 21.8 | 53.4 | (35.8 | ) | 39.4 | ||||||||||
$ | 40.3 | $ | 74.0 | $ | (47.7 | ) | $ | 66.6 |
December 31, 2013 | December 31, 2014 | ||||||||||||||
Segment | Balance | Provision | Costs Incurred | Balance | |||||||||||
Writing | $ | 25.8 | $ | 9.8 | $ | (25.9 | ) | $ | 9.7 | ||||||
Home Solutions | 0.7 | 1.7 | (1.4 | ) | 1.0 | ||||||||||
Tools | 0.3 | 3.3 | (3.1 | ) | 0.5 | ||||||||||
Commercial Products | 6.8 | 3.2 | (4.9 | ) | 5.1 | ||||||||||
Baby & Parenting | 1.4 | 2.1 | (1.3 | ) | 2.2 | ||||||||||
Corporate | 32.4 | 33.7 | (44.3 | ) | 21.8 | ||||||||||
$ | 67.4 | $ | 53.8 | $ | (80.9 | ) | $ | 40.3 |
Segment | 2015 | 2014 | 2013 | ||||||||
Writing | $ | 9.3 | $ | 9.8 | $ | 34.3 | |||||
Home Solutions(1) | 5.8 | 1.6 | 3.8 | ||||||||
Tools | 2.9 | 4.5 | 6.0 | ||||||||
Commercial Products | 2.2 | 3.2 | 8.1 | ||||||||
Baby & Parenting(1) | 3.6 | 2.1 | 1.9 | ||||||||
Corporate | 53.4 | 31.6 | 56.2 | ||||||||
$ | 77.2 | $ | 52.8 | $ | 110.3 |
2015 | 2014 | ||||||
Materials and supplies | $ | 117.3 | $ | 117.9 | |||
Work in process | 108.0 | 104.5 | |||||
Finished products | 496.5 | 486.1 | |||||
$ | 721.8 | $ | 708.5 |
2015 | 2014 | ||||||
Land | $ | 20.2 | $ | 21.3 | |||
Buildings and improvements | 350.8 | 342.9 | |||||
Machinery and equipment | 1,743.7 | 1,767.3 | |||||
2,114.7 | 2,131.5 | ||||||
Accumulated depreciation | (1,515.5 | ) | (1,572.4 | ) | |||
$ | 599.2 | $ | 559.1 |
Segment | December 31, 2014 Balance | Acquisitions(1) | Other Adjustments(2) | Foreign Currency | December 31, 2015 Balance | ||||||||||
Writing | $ | 1,090.9 | $ | 373.5 | $ | (50.0 | ) | $ | (55.4 | ) | $ | 1,359.0 | |||
Home Solutions | 379.3 | 1.0 | (19.2 | ) | — | 361.1 | |||||||||
Tools | 478.6 | — | — | (4.2 | ) | 474.4 | |||||||||
Commercial Products | 387.5 | — | — | (0.2 | ) | 387.3 | |||||||||
Baby & Parenting | 209.7 | — | — | (0.3 | ) | 209.4 | |||||||||
$ | 2,546.0 | $ | 374.5 | $ | (69.2 | ) | $ | (60.1 | ) | $ | 2,791.2 |
Segment | December 31, 2013 Balance | Acquisitions(3) | Other Adjustments | Foreign Currency | December 31, 2014 Balance | ||||||||||
Writing | $ | 1,161.5 | $ | — | $ | — | $ | (70.6 | ) | $ | 1,090.9 | ||||
Home Solutions | 205.7 | 173.6 | — | — | 379.3 | ||||||||||
Tools | 484.5 | — | — | (5.9 | ) | 478.6 | |||||||||
Commercial Products | 387.8 | — | — | (0.3 | ) | 387.5 | |||||||||
Baby & Parenting | 121.6 | 91.8 | — | (3.7 | ) | 209.7 | |||||||||
$ | 2,361.1 | $ | 265.4 | $ | — | $ | (80.5 | ) | $ | 2,546.0 |
(3) | In 2014, the Company acquired Ignite for $313.1 million and the assets of bubba for $82.4 million. Both acquisitions are included in the Company’s Home Solutions segment and resulted in total goodwill of $174.6 million, of which $173.6 million was recorded in 2014 based on preliminary purchase price allocations. In 2014, the Company also acquired Baby Jogger for a net purchase price of $210.1 million, and Baby Jogger is included in the Baby & Parenting segment. The acquisition of Baby Jogger resulted in goodwill of $91.8 million. |
2015 | 2014 | ||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Book Value | Gross Carrying Amount | Accumulated Amortization | Net Book Value | ||||||||||||||
Trade names — indefinite life | $ | 653.4 | $ | — | $ | 653.4 | $ | 470.2 | $ | — | $ | 470.2 | |||||||
Trade names — other | 46.0 | (30.0 | ) | 16.0 | 48.5 | (28.6 | ) | 19.9 | |||||||||||
Capitalized software | 465.6 | (252.7 | ) | 212.9 | 462.0 | (229.7 | ) | 232.3 | |||||||||||
Patents | 142.8 | (89.9 | ) | 52.9 | 152.2 | (84.9 | ) | 67.3 | |||||||||||
Customer lists | 231.9 | (104.5 | ) | 127.4 | 184.8 | (89.0 | ) | 95.8 | |||||||||||
Other | 4.2 | (3.1 | ) | 1.1 | 4.2 | (2.5 | ) | 1.7 | |||||||||||
$ | 1,543.9 | $ | (480.2 | ) | $ | 1,063.7 | $ | 1,321.9 | $ | (434.7 | ) | $ | 887.2 |
Weighted-Average Amortization Period (in years) | Amortization Periods (in years) | |
Trade names — indefinite life | N/A | N/A |
Trade names — other | 11 | 3–20 years |
Capitalized software | 9 | 3–12 years |
Patents | 7 | 3–14 years |
Customer lists | 8 | 3–10 years |
Other | 4 | 3–5 years |
9 |
2016 | 2017 | 2018 | 2019 | 2020 |
$72.5 | $70.0 | $64.4 | $57.6 | $35.3 |
2015 | 2014 | ||||||
Customer accruals | $ | 314.8 | $ | 316.0 | |||
Accruals for manufacturing, marketing and freight expenses | 73.0 | 86.1 | |||||
Accrued self-insurance liabilities | 61.9 | 55.8 | |||||
Accrued pension, defined contribution and other post-retirement benefits | 35.2 | 36.6 | |||||
Accrued contingencies, primarily legal, environmental and warranty | 24.3 | 27.8 | |||||
Accrued restructuring (See Footnote 5) | 67.4 | 46.1 | |||||
Accrued income taxes | 67.4 | 6.8 | |||||
Other | 84.9 | 82.0 | |||||
Other accrued liabilities | $ | 728.9 | $ | 657.2 |
2015 | 2014 | ||||||
Medium-term notes | $ | 2,692.6 | $ | 2,089.5 | |||
Commercial paper | — | 28.0 | |||||
Receivables facility | 350.0 | 350.0 | |||||
Other debt | 33.8 | 14.4 | |||||
Total debt | 3,076.4 | 2,481.9 | |||||
Short-term debt | (382.9 | ) | (390.7 | ) | |||
Current portion of long-term debt | (5.9 | ) | (6.7 | ) | |||
Long-term debt | $ | 2,687.6 | $ | 2,084.5 |
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | ||||||||||||||
$ | 388.8 | $ | 355.9 | $ | 551.9 | $ | 350.1 | $ | 376.0 | $ | 1,053.7 | $ | 3,076.4 |
2015 | 2014 | ||||||
2.05% senior notes due 2017 | $ | 350.0 | $ | 350.0 | |||
6.25% senior notes due 2018 | 250.0 | 250.0 | |||||
2.15% senior notes due 2018 | 300.0 | — | |||||
2.875% senior notes due 2019 | 350.0 | 350.0 | |||||
4.70% senior notes due 2020 | 381.3 | 381.3 | |||||
4.00% senior notes due 2022 | 250.0 | 250.0 | |||||
4.00% senior notes due 2024 | 500.0 | 500.0 | |||||
3.90% senior notes due 2025 | 300.0 | — | |||||
6.11% senior notes due 2028 | 1.5 | 1.5 | |||||
Interest rate swaps | (3.1 | ) | (11.8 | ) | |||
Gain on settled interest rate swap | 12.9 | 18.5 | |||||
Total medium-term notes | $ | 2,692.6 | $ | 2,089.5 |
Assets | Liabilities | ||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Location | 2015 | 2014 | Balance Sheet Location | 2015 | 2014 | |||||||||||||||
Interest rate swaps | Other assets | $ | 2.2 | $ | — | Other noncurrent liabilities | $ | 5.3 | $ | 11.8 | |||||||||||
Forward-starting interest rate swaps | Prepaid expenses and other | 0.1 | — | — | Other accrued liabilities | 3.2 | — | ||||||||||||||
Cross-currency swaps | Other assets | 0.6 | — | Other noncurrent liabilities | 3.3 | — | |||||||||||||||
Foreign exchange contracts on inventory-related purchases | Prepaid expenses and other | 6.6 | 7.7 | Other accrued liabilities | 0.1 | 0.4 | |||||||||||||||
Foreign exchange contracts on intercompany borrowings | Prepaid expenses and other | — | — | Other accrued liabilities | 1.6 | — | |||||||||||||||
Total assets | $ | 9.5 | $ | 7.7 | Total liabilities | $ | 13.5 | $ | 12.2 |
Derivatives in fair value relationships | Location of gain (loss) recognized in income | Amount of gain (loss) recognized in income | |||||||||||
2015 | 2014 | 2013 | |||||||||||
Interest rate swaps | Interest expense, net | $ | 8.7 | $ | 13.4 | $ | (44.1 | ) | |||||
Fixed-rate debt | Interest expense, net | $ | (8.7 | ) | $ | (13.4 | ) | $ | 44.1 |
Derivatives in cash flow hedging relationships | Location of gain (loss) recognized in income | Amount of gain (loss) reclassified from AOCI into income | ||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Foreign exchange contracts on inventory-related purchases | Cost of products sold | $ | 16.2 | $ | 5.9 | $ | 3.8 | |||||||
Foreign exchange contracts on intercompany borrowings | Other expense, net | (0.1 | ) | 0.3 | — | |||||||||
Forward-starting interest rate swaps | Interest expense, net | (0.8 | ) | (0.7 | ) | (0.7 | ) | |||||||
Cross-currency swaps | Other expense, net | (1.0 | ) | — | — | |||||||||
$ | 14.3 | $ | 5.5 | $ | 3.1 |
Derivatives in cash flow hedging relationships | Amount of gain (loss) recognized in AOCI | |||||||||||
2015 | 2014 | 2013 | ||||||||||
Foreign exchange contracts on inventory-related purchases | $ | 15.5 | $ | 11.6 | $ | 5.2 | ||||||
Foreign exchange contracts on intercompany borrowings | 0.3 | 3.3 | (0.6 | ) | ||||||||
Forward-starting interest rate swaps | (3.1 | ) | — | — | ||||||||
Cross-currency swaps | (2.7 | ) | — | — | ||||||||
$ | 10.0 | $ | 14.9 | $ | 4.6 |
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total |
$97.2 | $75.9 | $57.6 | $40.1 | $27.5 | $42.1 | $340.4 |
U.S. | International | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Change in benefit obligation: | |||||||||||||||
Benefit obligation at beginning of year | $ | 1,060.7 | $ | 1,034.0 | $ | 671.7 | $ | 615.4 | |||||||
Service cost | 3.2 | 4.1 | 5.8 | 5.9 | |||||||||||
Interest cost | 41.3 | 45.1 | 19.6 | 25.3 | |||||||||||
Actuarial (gain) loss | (91.9 | ) | 139.0 | (51.8 | ) | 104.6 | |||||||||
Currency translation | — | — | (34.7 | ) | (48.4 | ) | |||||||||
Benefits paid | (140.4 | ) | (161.5 | ) | (28.7 | ) | (25.4 | ) | |||||||
Acquisitions | 64.8 | — | 11.2 | — | |||||||||||
Curtailments, settlements and other | — | — | 20.5 | (5.7 | ) | ||||||||||
Benefit obligation at end of year | $ | 937.7 | $ | 1,060.7 | $ | 613.6 | $ | 671.7 |
Change in plan assets: | |||||||||||||||
Fair value of plan assets at beginning of year | $ | 752.0 | $ | 829.5 | $ | 584.4 | $ | 533.5 | |||||||
Actual return on plan assets | (14.0 | ) | 73.8 | (7.0 | ) | 101.4 | |||||||||
Contributions | 83.1 | 10.2 | 14.5 | 16.8 | |||||||||||
Currency translation | — | — | (26.9 | ) | (37.7 | ) | |||||||||
Benefits paid | (140.4 | ) | (161.5 | ) | (28.7 | ) | (25.4 | ) | |||||||
Acquisitions | 42.2 | — | 15.0 | — | |||||||||||
Settlements and other | — | — | 9.0 | (4.2 | ) | ||||||||||
Fair value of plan assets at end of year | $ | 722.9 | $ | 752.0 | $ | 560.3 | $ | 584.4 | |||||||
Funded status at end of year | $ | (214.8 | ) | $ | (308.7 | ) | $ | (53.3 | ) | $ | (87.3 | ) | |||
Amounts recognized in the Consolidated Balance Sheets: | |||||||||||||||
Prepaid benefit cost, included in other assets | $ | — | $ | — | $ | 35.9 | $ | 2.0 | |||||||
Accrued current benefit cost, included in other accrued liabilities | (9.6 | ) | (9.8 | ) | (3.3 | ) | (3.6 | ) | |||||||
Accrued noncurrent benefit cost, included in other noncurrent liabilities | (205.2 | ) | (298.9 | ) | (85.9 | ) | (85.7 | ) | |||||||
Total | $ | (214.8 | ) | $ | (308.7 | ) | $ | (53.3 | ) | $ | (87.3 | ) | |||
Amounts recognized in AOCI: | |||||||||||||||
Prior service credit | $ | 1.2 | $ | 1.3 | $ | (10.5 | ) | $ | 0.7 | ||||||
Net loss | (556.1 | ) | (654.4 | ) | (107.8 | ) | (140.8 | ) | |||||||
AOCI, pretax | $ | (554.9 | ) | $ | (653.1 | ) | $ | (118.3 | ) | $ | (140.1 | ) | |||
Accumulated benefit obligation | $ | 937.7 | $ | 1,060.7 | $ | 604.6 | $ | 661.8 |
U.S. | International | ||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||
Weighted-average assumptions used to determine benefit obligation: | |||||||||||
Discount rate | 4.23 | % | 4.00 | % | 3.37 | % | 3.03 | % | |||
Long-term rate of compensation increase | 2.50 | % | 2.50 | % | 3.58 | % | 3.60 | % |
U.S. | International | ||||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||||||||
Service cost-benefits earned during the year | $ | 3.2 | $ | 4.1 | $ | 5.0 | $ | 5.8 | $ | 5.9 | $ | 7.4 | |||||||||||
Interest cost on projected benefit obligation | 41.3 | 45.1 | 39.7 | 19.6 | 25.3 | 23.9 | |||||||||||||||||
Expected return on plan assets | (58.0 | ) | (57.5 | ) | (58.7 | ) | (22.1 | ) | (26.6 | ) | (23.3 | ) | |||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service (credit) cost | (0.1 | ) | — | 0.3 | — | (0.1 | ) | 0.3 | |||||||||||||||
Actuarial loss | 26.2 | 24.2 | 29.7 | 3.4 | 3.2 | 3.2 | |||||||||||||||||
Curtailment, settlement and termination benefit costs | 52.1 | 65.4 | — | 0.4 | (0.1 | ) | 1.5 | ||||||||||||||||
Net pension cost | $ | 64.7 | $ | 81.3 | $ | 16.0 | $ | 7.1 | $ | 7.6 | $ | 13.0 |
U.S. | International | ||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | ||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||||||||||||||
Discount rate | 4.00 | % | 4.50 | % | 3.50 | % | 3.03 | % | 4.21 | % | 4.11 | % | |||||
Long-term rate of return on plan assets | 7.25 | % | 7.25 | % | 7.50 | % | 3.86 | % | 5.01 | % | 4.81 | % | |||||
Long-term rate of compensation increase | 2.50 | % | 2.50 | % | 2.50 | % | 3.60 | % | 4.21 | % | 3.86 | % |
U.S. | International | ||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | ||||||||||||||||||||
2015 | (Level 1) | (Level 2) | (Level 3) | 2015 | 2014 | (Level 1) | (Level 2) | (Level 3) | 2015 | 2014 | |||||||||||||||||||
Equity(1),(7) | |||||||||||||||||||||||||||||
U.S. large cap | $ | 9.1 | $ | 129.1 | $ | — | $ | 138.2 | $ | 43.7 | $ | 2.8 | $ | — | $ | 46.5 | |||||||||||||
U.S. small cap | 16.7 | — | — | 16.7 | — | — | — | — | |||||||||||||||||||||
International | 20.3 | 85.7 | — | 106.0 | 26.3 | 31.6 | — | 57.9 | |||||||||||||||||||||
Total equity | 46.1 | 214.8 | — | 260.9 | 36% | 37% | 70.0 | 34.4 | — | 104.4 | 18% | 17% | |||||||||||||||||
Fixed income(2),(7) | |||||||||||||||||||||||||||||
U.S. Treasury | 101.8 | 12.5 | — | 114.3 | — | 0.4 | — | 0.4 | |||||||||||||||||||||
Other government | 22.5 | 34.0 | — | 56.5 | — | 123.5 | — | 123.5 | |||||||||||||||||||||
Asset-backed securities | — | 4.1 | — | 4.1 | — | 0.1 | — | 0.1 | |||||||||||||||||||||
Corporate bonds | 180.9 | 46.5 | — | 227.4 | — | 53.7 | — | 53.7 | |||||||||||||||||||||
Short-term investments | 2.5 | 4.7 | — | 7.2 | — | — | — | — | |||||||||||||||||||||
Total fixed income | 307.7 | 101.8 | — | 409.5 | 57 | 51 | — | 177.7 | — | 177.7 | 32 | 22 | |||||||||||||||||
Insurance contracts(3) | — | 16.0 | — | 16.0 | 2 | 2 | — | 233.7 | — | 233.7 | 42 | 43 | |||||||||||||||||
Venture capital and partnerships(4) | — | — | 26.3 | 26.3 | 4 | 5 | — | 16.7 | — | 16.7 | 3 | 2 | |||||||||||||||||
Real estate(5) | 0.9 | — | — | 0.9 | — | 4 | — | — | 0.6 | 0.6 | — | — | |||||||||||||||||
Cash and cash equivalents(6) | 1.2 | 7.6 | — | 8.8 | 1 | 1 | 3.5 | 42.2 | — | 45.7 | 8 | 12 | |||||||||||||||||
Derivatives(8) | — | — | — | — | — | — | — | (34.9 | ) | — | (34.9 | ) | (6) | 1 | |||||||||||||||
Commodity funds | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other | 0.5 | — | — | 0.5 | — | — | — | 16.4 | — | 16.4 | 3 | 3 | |||||||||||||||||
Total | $ | 356.4 | $ | 340.2 | $ | 26.3 | $ | 722.9 | 100% | 100% | $ | 73.5 | $ | 486.2 | $ | 0.6 | $ | 560.3 | 100% | 100% |
U.S. | International | ||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | Total | % of Total Assets as of December 31, | ||||||||||||||||||||
2014 | (Level 1) | (Level 2) | (Level 3) | 2014 | 2013 | (Level 1) | (Level 2) | (Level 3) | 2014 | 2013 | |||||||||||||||||||
Equity(1),(7) | |||||||||||||||||||||||||||||
U.S. large cap | $ | 2.5 | $ | 142.6 | $ | — | $ | 145.1 | $ | 39.4 | $ | 3.3 | $ | — | $ | 42.7 | |||||||||||||
U.S. small cap | 21.6 | — | — | 21.6 | — | — | — | — | |||||||||||||||||||||
International | 18.8 | 94.6 | — | 113.4 | 28.5 | 29.1 | — | 57.6 | |||||||||||||||||||||
Total equity | 42.9 | 237.2 | — | 280.1 | 37% | 38% | 67.9 | 32.4 | — | 100.3 | 17% | 20% | |||||||||||||||||
Fixed income(2),(7) | |||||||||||||||||||||||||||||
U.S. Treasury | 83.4 | 6.5 | — | 89.9 | — | 0.4 | — | 0.4 | |||||||||||||||||||||
Other government | 36.5 | 26.1 | — | 62.6 | — | 77.4 | — | 77.4 | |||||||||||||||||||||
Asset-backed securities | — | 7.5 | — | 7.5 | — | — | — | — | |||||||||||||||||||||
Corporate bonds | 188.1 | 26.8 | — | 214.9 | — | 49.1 | — | 49.1 | |||||||||||||||||||||
Short-term investments | 1.5 | 5.9 | — | 7.4 | — | — | — | — | |||||||||||||||||||||
Total fixed income | 309.5 | 72.8 | — | 382.3 | 51 | 50 | — | 126.9 | — | 126.9 | 22 | 21 | |||||||||||||||||
Insurance contracts(3) | — | 16.0 | — | 16.0 | 2 | 2 | — | 251.5 | — | 251.5 | 43 | 44 | |||||||||||||||||
Venture capital and partnerships(4) | — | 0.1 | 35.3 | 35.4 | 5 | 6 | — | 12.6 | 0.1 | 12.7 | 2 | 3 | |||||||||||||||||
Real estate(5) | — | — | 31.1 | 31.1 | 4 | 3 | — | — | 1.8 | 1.8 | — | 1 | |||||||||||||||||
Cash and cash equivalents(6) | — | 7.1 | — | 7.1 | 1 | 1 | 4.9 | 67.3 | — | 72.2 | 12 | 11 | |||||||||||||||||
Derivatives(8) | — | — | — | — | — | — | — | 4.8 | — | 4.8 | 1 | (3) | |||||||||||||||||
Commodity funds | — | — | — | — | — | — | — | — | — | — | — | 1 | |||||||||||||||||
Other | — | — | — | — | — | — | — | 14.2 | — | 14.2 | 3 | 2 | |||||||||||||||||
Total | $ | 352.4 | $ | 333.2 | $ | 66.4 | $ | 752.0 | 100% | 100% | $ | 72.8 | $ | 509.7 | $ | 1.9 | $ | 584.4 | 100% | 100% |
(1) | Equity securities primarily comprise mutual funds and common/collective trust funds. Investments in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The investments in common/collective trust funds include both actively managed and index funds. |
(2) | Fixed-income investments primarily comprise direct holdings of fixed income securities and mutual funds and common/collective trust funds that invest in corporate and government bonds. Investments in fixed income securities are valued based on quoted market prices. Investments in mutual funds and common/collective trust funds are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date. The investments in fixed income securities include both actively managed funds and index funds. |
(3) | The fair values of insurance contracts are estimated based on the future cash flows to be received under the contracts discounted to the present using a discount rate that approximates the discount rate used to measure the associated pension plan liabilities. |
(4) | Venture capital and partnerships are valued at net asset value, which is generally calculated using the most recent partnership financial reports. |
(5) | Real estate investments are generally investments in limited partnerships, real estate investment trusts and similar vehicles that invest in real estate. The values of the investments are generally based on the most recent financial reports of the investment vehicles. The managers of each of the investment vehicles estimate the values of the real estate assets underlying the real estate investments using third-party appraisals and other valuation techniques and analysis. |
(6) | Cash and cash equivalents include investments in stable value funds. Stable value funds are generally invested in common trust funds and interest-bearing accounts. |
(7) | In the U.S. pension plan assets, certain equity and fixed-income investments are held in separately managed investment accounts. The underlying investments in these separately managed accounts are primarily publicly traded securities that are directly owned by the U.S. pension plan, and such investments have been valued using the quoted price as of December 31, 2015 and 2014. Accordingly, these investments have been classified as Level 1 as of December 31, 2015 and 2014. |
(8) | Derivatives primarily consist of interest rate and inflation swaps relating to the Company’s international plans. Included in other government fixed income investments is an amount of $38.9 million that relates to cash collateral posted with third parties for the derivatives that are in a liability position as of December 31, 2015. |
Venture Capital and Partnerships | Real Estate | Total | |||||||||
Fair value as of December 31, 2013 | $ | 47.3 | $ | 30.1 | $ | 77.4 | |||||
Realized gains | 4.5 | — | 4.5 | ||||||||
Unrealized (losses) gains | (3.2 | ) | 2.8 | (0.4 | ) | ||||||
Purchases | 1.4 | — | 1.4 | ||||||||
Sales | (14.6 | ) | — | (14.6 | ) | ||||||
Fair value as of December 31, 2014 | $ | 35.4 | $ | 32.9 | $ | 68.3 | |||||
Realized gains | 5.2 | — | 5.2 | ||||||||
Unrealized losses | (3.7 | ) | (1.2 | ) | (4.9 | ) | |||||
Sales | (10.6 | ) | (31.1 | ) | (41.7 | ) | |||||
Fair value as of December 31, 2015 | $ | 26.3 | $ | 0.6 | $ | 26.9 |
Asset Category | Target | ||
U.S. | International | ||
Equity | 31% | 12% | |
Fixed income | 63 | 20 | |
Insurance contracts | 2 | 43 | |
Cash and equivalents | — | 19 | |
Other investments(1) | 4 | 6 | |
Total | 100% | 100% |
2015 | 2014 | ||||||
Change in benefit obligation: | |||||||
Benefit obligation at beginning of year | $ | 88.1 | $ | 111.8 | |||
Service cost | 0.3 | 1.0 | |||||
Interest cost | 3.4 | 4.8 | |||||
Actuarial gain | (18.3 | ) | (17.7 | ) | |||
Benefits paid, net | (5.6 | ) | (7.9 | ) | |||
Changes in plan benefits | — | (3.9 | ) | ||||
Benefit obligation at end of year | $ | 67.9 | $ | 88.1 | |||
Funded status and net liability recognized at end of year | $ | (67.9 | ) | $ | (88.1 | ) | |
Amounts recognized in the Consolidated Balance Sheets: | |||||||
Accrued current benefit cost, included in other accrued liabilities | $ | (5.8 | ) | $ | (6.8 | ) | |
Accrued noncurrent benefit cost, included in other noncurrent liabilities | (62.1 | ) | (81.3 | ) | |||
Total | $ | (67.9 | ) | $ | (88.1 | ) | |
Amounts recognized in AOCI: | |||||||
Prior service credit | $ | 19.6 | $ | 26.2 | |||
Net gain | 34.0 | 16.9 | |||||
AOCI, pretax | $ | 53.6 | $ | 43.1 |
2015 | 2014 | ||
Weighted-average assumptions used to determine benefit obligation: | |||
Discount rate | 4.00% | 4.00% | |
Long-term health care cost trend rate | 4.50% | 4.50% |
2015 | 2014 | 2013 | |||||||||
Service cost-benefits earned during the year | $ | 0.3 | $ | 1.0 | $ | 1.3 | |||||
Interest cost on projected benefit obligation | 3.4 | 4.8 | 5.3 | ||||||||
Amortization of: | |||||||||||
Prior service benefit | (6.6 | ) | (6.4 | ) | (2.4 | ) | |||||
Actuarial (gain) loss | (1.2 | ) | — | 0.8 | |||||||
Net post-retirement benefit (income) expense | $ | (4.1 | ) | $ | (0.6 | ) | $ | 5.0 |
2015 | 2014 | 2013 | |||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||
Discount rate | 4.00% | 4.50% | 3.50% | ||
Long-term health care cost trend rate | 4.50% | 4.50% | 4.50% |
1% Increase | 1% Decrease | ||||||
Effect on total of service and interest cost components | $ | 0.3 | $ | (0.3 | ) | ||
Effect on post-retirement benefit obligations | $ | 5.8 | $ | (5.0 | ) |
2016 | 2017 | 2018 | 2019 | 2020 | 2021-2025 | |||||||||||||
Pension benefits(1) | $ | 85.5 | $ | 84.5 | $ | 84.9 | $ | 85.5 | $ | 87.6 | $ | 446.3 | ||||||
Other post-retirement benefits | $ | 5.9 | $ | 5.8 | $ | 5.6 | $ | 5.4 | $ | 5.3 | $ | 24.4 |
(1) | Certain pension benefit payments will be funded by plan assets. |
2015 | 2014 | 2013 | |||||||||
Numerator for basic and diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 259.3 | $ | 373.0 | $ | 416.3 | |||||
Income from discontinued operations | 90.7 | 4.8 | 58.3 | ||||||||
Net income | $ | 350.0 | $ | 377.8 | $ | 474.6 | |||||
Dividends and equivalents for share-based awards expected to be forfeited | 0.1 | 0.1 | 0.1 | ||||||||
Net income for basic and diluted earnings per share | $ | 350.1 | $ | 377.9 | $ | 474.7 | |||||
Denominator for basic and diluted earnings per share: | |||||||||||
Weighted-average shares outstanding | 267.9 | 274.2 | 286.1 | ||||||||
Share-based payment awards classified as participating securities | 1.4 | 1.9 | 2.5 | ||||||||
Denominator for basic earnings per share | 269.3 | 276.1 | 288.6 | ||||||||
Dilutive securities(1) | 2.2 | 2.8 | 3.2 | ||||||||
Denominator for diluted earnings per share | 271.5 | 278.9 | 291.8 | ||||||||
Basic earnings per share: | |||||||||||
Income from continuing operations | $ | 0.96 | $ | 1.35 | $ | 1.44 | |||||
Income from discontinued operations | 0.34 | 0.02 | 0.20 | ||||||||
Net income | $ | 1.30 | $ | 1.37 | $ | 1.64 | |||||
Diluted earnings per share: | |||||||||||
Income from continuing operations | $ | 0.96 | $ | 1.34 | $ | 1.43 | |||||
Income from discontinued operations | 0.33 | 0.02 | 0.20 | ||||||||
Net income | $ | 1.29 | $ | 1.35 | $ | 1.63 |
(1) | Dilutive securities include “in the money” options, non-participating restricted stock units and performance stock units. The weighted-average shares outstanding for 2015, 2014 and 2013 exclude the effect of approximately 0.2 million, 0.2 million and 2.3 million common stock equivalents, respectively, because such securities were anti-dilutive. |
2013 Plan | ||
Authorized for issuance | 62.5 | |
Effects of: | ||
Restricted stock units and Stock-Price Based RSUs (3½ times the number of awards) | 0.6 | |
Performance-Based RSUs (7 times the number of awards) | 9.1 | |
Shares available for issuance | 52.8 |
2015 | 2014 | 2013 | |||||||||
Stock options | $ | — | $ | 0.7 | $ | 1.1 | |||||
Restricted stock units | 29.2 | 29.2 | 36.1 | ||||||||
Stock-based compensation | $ | 29.2 | $ | 29.9 | $ | 37.2 | |||||
Stock-based compensation, net of income tax benefit of $12.9 million, $11.5 million and $13.3 million in 2015, 2014 and 2013, respectively | $ | 16.3 | $ | 18.4 | $ | 23.9 |
Shares | Weighted-Average Exercise Price | Aggregate Intrinsic Value | ||||||
Outstanding at December 31, 2014 | 2.6 | $ | 19 | |||||
Exercised | (1.4 | ) | $ | 18 | ||||
Outstanding at December 31, 2015 | 1.2 | $ | 20 | $ | 28.1 | |||
Exercisable at December 31, 2015 | 1.2 | $ | 20 | $ | 28.1 |
Shares | Weighted-Average Grant Date Fair Value | |||||
Outstanding at December 31, 2014 | 3.7 | $ | 26 | |||
Granted | 1.1 | $ | 41 | |||
Vested | (1.5 | ) | $ | 21 | ||
Forfeited | (0.4 | ) | $ | 30 | ||
Outstanding at December 31, 2015 | 2.9 | $ | 34 | |||
Expected to vest at December 31, 2015 | 2.8 | $ | 33 |
Unrecognized Compensation Cost | Weighted-Average Period of Expense Recognition (in years) | ||||
Restricted stock units | $ | 44.8 | 2 |
2015 | 2014 | 2013 | |||||||||
Current: | |||||||||||
Federal | $ | 103.0 | $ | 24.5 | $ | 20.7 | |||||
State | 18.8 | 5.9 | 10.5 | ||||||||
Foreign | 19.4 | 19.2 | 30.2 | ||||||||
Total current | 141.2 | 49.6 | 61.4 | ||||||||
Deferred | (7.2 | ) | 39.3 | 88.6 | |||||||
Total provision | $ | 134.0 | $ | 88.9 | $ | 150.0 | |||||
Total provision (benefit) — discontinued operations | $ | 55.8 | $ | (0.2 | ) | $ | 30.0 | ||||
Total provision — continuing operations | $ | 78.2 | $ | 89.1 | $ | 120.0 |
2015 | 2014 | 2013 | ||||||
Statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Add (deduct) effect of: | ||||||||
State income taxes, net of federal income tax effect | 3.0 | 2.1 | 1.7 | |||||
Foreign tax credit | (17.5 | ) | (5.5 | ) | (3.8 | ) | ||
Foreign rate differential | (10.5 | ) | (7.0 | ) | (2.7 | ) | ||
Increases (decreases) in tax contingencies, net of impacts of resolutions | 1.2 | (0.6 | ) | 0.9 | ||||
Valuation allowance reserve increase (decrease) | 0.2 | (2.7 | ) | (3.5 | ) | |||
Venezuela deconsolidation | 15.7 | — | — | |||||
Other, net | (3.9 | ) | (2.0 | ) | (5.2 | ) | ||
Effective rate | 23.2 | % | 19.3 | % | 22.4 | % |
2015 | 2014 | ||||||
Deferred tax assets: | |||||||
Accruals not currently deductible for tax purposes | $ | 171.7 | $ | 144.9 | |||
Post-retirement liabilities | 28.6 | 39.5 | |||||
Pension liabilities | 113.5 | 135.3 | |||||
Foreign net operating losses | 248.3 | 271.9 | |||||
Other | 78.8 | 100.8 | |||||
Total gross deferred tax assets | 640.9 | 692.4 | |||||
Less valuation allowance | (291.0 | ) | (345.3 | ) | |||
Net deferred tax assets after valuation allowance | $ | 349.9 | $ | 347.1 | |||
Deferred tax liabilities: | |||||||
Accelerated depreciation | $ | (69.7 | ) | $ | (58.3 | ) | |
Amortizable intangibles | (463.6 | ) | (352.0 | ) | |||
Other | (4.7 | ) | (3.4 | ) | |||
Total gross deferred tax liabilities | $ | (538.0 | ) | $ | (413.7 | ) | |
Net deferred tax liabilities (1) | $ | (188.1 | ) | $ | (66.6 | ) | |
Noncurrent deferred income tax assets | $ | 38.5 | $ | 39.1 | |||
Noncurrent deferred income tax liabilities | (226.6 | ) | (105.7 | ) | |||
$ | (188.1 | ) | $ | (66.6 | ) |
(1) | In accordance with ASU 2013-11, $60.0 million and $31.3 million of deferred income tax assets have been offset against other noncurrent liabilities in the Consolidated Balance Sheet as of December 31, 2015 and 2014, respectively, and are not included in the net deferred tax liabilities in the table. |
2015 | 2014 | ||||||
Unrecognized tax benefits balance at January 1, | $ | 101.4 | $ | 103.8 | |||
Increases in tax positions for prior years | 63.1 | 3.5 | |||||
Decreases in tax positions for prior years | (19.4 | ) | (11.1 | ) | |||
Increases in tax positions for current year | 21.5 | 10.1 | |||||
Settlements with taxing authorities | (2.6 | ) | (1.8 | ) | |||
Lapse of statute of limitations | (1.1 | ) | (3.1 | ) | |||
Unrecognized tax benefits balance at December 31, | $ | 162.9 | $ | 101.4 |
2015 | 2014 | 2013 | |||||||||
Investment activities, including equity in earnings | $ | (6.6 | ) | $ | — | $ | (2.7 | ) | |||
Foreign currency transaction loss | 17.9 | 48.9 | 21.0 | ||||||||
Other, net | — | 0.1 | 0.2 | ||||||||
$ | 11.3 | $ | 49.0 | $ | 18.5 |
Fair value as of December 31, 2015 | Total | Level 1 | Level 2 | Level 3 | |||||||||||
Assets | |||||||||||||||
Investment securities, including mutual funds(1) | $ | 6.9 | $ | 4.5 | $ | 2.4 | $ | — | |||||||
Interest rate swaps | 2.2 | — | 2.2 | — | |||||||||||
Forward-starting interest rate swaps | 0.1 | — | 0.1 | — | |||||||||||
Cross-currency swaps | 0.6 | — | 0.6 | — | |||||||||||
Foreign currency derivatives | 6.6 | — | 6.6 | — | |||||||||||
Total | $ | 16.4 | $ | 4.5 | $ | 11.9 | $ | — | |||||||
Liabilities | |||||||||||||||
Interest rate swaps | $ | 5.3 | $ | — | $ | 5.3 | $ | — | |||||||
Forward-starting interest rate swaps | 3.2 | — | 3.2 | — | |||||||||||
Cross-currency swaps | 3.3 | — | 3.3 | — | |||||||||||
Foreign currency derivatives | 1.7 | — | 1.7 | — | |||||||||||
Total | $ | 13.5 | $ | — | $ | 13.5 | $ | — | |||||||
Fair value as of December 31, 2014 | |||||||||||||||
Assets | |||||||||||||||
Investment securities, including mutual funds(1) | $ | 21.5 | $ | 4.6 | $ | 16.9 | $ | — | |||||||
Foreign currency derivatives | 7.7 | — | 7.7 | — | |||||||||||
Total | $ | 29.2 | $ | 4.6 | $ | 24.6 | $ | — | |||||||
Liabilities | |||||||||||||||
Interest rate swaps | $ | 11.8 | $ | — | $ | 11.8 | $ | — | |||||||
Foreign currency derivatives | 0.4 | — | 0.4 | — | |||||||||||
Total | $ | 12.2 | $ | — | $ | 12.2 | $ | — |
(1) | The values of investment securities, including mutual funds, are classified as cash and cash equivalents ($2.0 million and $8.4 million as of December 31, 2015 and 2014, respectively) and other assets ($4.9 million and $13.1 million as of December 31, 2015 and 2014, respectively). For mutual funds that are publicly traded, fair value is determined on the basis of quoted market prices and, accordingly, these investments have been classified as Level 1. Other investment securities are valued at the net asset value per share or unit multiplied by the number of shares or units held as of the measurement date and have been classified as Level 2. |
2015 | 2014 | ||||||||||||||
Fair Value | Book Value | Fair Value | Book Value | ||||||||||||
Medium-term notes | $ | 2,660.7 | $ | 2,692.6 | $ | 2,154.4 | $ | 2,089.5 |
Segment | Key Brands | Description of Primary Products | ||
Writing | Sharpie®, Paper Mate®, Expo®, Prismacolor®, Mr. Sketch®, Elmer's®, X-Acto®, Parker®, Waterman®, Dymo® Office | Writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products; fine writing instruments; labeling solutions | ||
Home Solutions | Rubbermaid®, Contigo®, bubba®, Calphalon®, Levolor®, Goody® | Indoor/outdoor organization, food storage and home storage products; durable beverage containers; gourmet cookware, bakeware and cutlery; window treatments; hair care accessories | ||
Tools | Irwin®, Lenox®, hilmor™, Dymo® Industrial | Hand tools and power tool accessories; industrial bandsaw blades; tools for HVAC systems; label makers and printers for industrial use | ||
Commercial Products | Rubbermaid Commercial Products® | Cleaning and refuse products; hygiene systems; material handling solutions | ||
Baby & Parenting | Graco®, Baby Jogger®, Aprica®, Teutonia® | Infant and juvenile products such as car seats, strollers, highchairs and playards |
2015 | 2014 | 2013 | |||||||||
Net Sales(1) | |||||||||||
Writing | $ | 1,763.5 | $ | 1,708.9 | $ | 1,653.6 | |||||
Home Solutions | 1,704.2 | 1,575.4 | 1,560.3 | ||||||||
Tools | 790.0 | 852.2 | 817.9 | ||||||||
Commercial Products | 809.7 | 837.1 | 785.9 | ||||||||
Baby & Parenting | 848.3 | 753.4 | 789.3 | ||||||||
$ | 5,915.7 | $ | 5,727.0 | $ | 5,607.0 | ||||||
Operating Income(2) | |||||||||||
Writing | $ | 430.8 | $ | 416.6 | $ | 382.2 | |||||
Home Solutions | 238.4 | 196.0 | 213.1 | ||||||||
Tools | 85.1 | 94.6 | 68.3 | ||||||||
Commercial Products | 100.8 | 101.3 | 82.5 | ||||||||
Baby & Parenting | 55.2 | 40.6 | 91.2 | ||||||||
Restructuring costs | (77.2 | ) | (52.8 | ) | (110.3 | ) | |||||
Corporate | (231.7 | ) | (191.6 | ) | (111.9 | ) | |||||
$ | 601.4 | $ | 604.7 | $ | 615.1 |
2015 | 2014 | 2013 | |||||||||
Depreciation & Amortization(2) | |||||||||||
Writing | $ | 23.9 | $ | 25.9 | $ | 30.5 | |||||
Home Solutions | 45.4 | 29.7 | 25.5 | ||||||||
Tools | 16.6 | 15.3 | 15.6 | ||||||||
Commercial Products | 16.9 | 21.4 | 24.0 | ||||||||
Baby & Parenting | 15.0 | 11.1 | 9.8 | ||||||||
Corporate(2) | 52.3 | 50.4 | 49.8 | ||||||||
$ | 170.1 | $ | 153.8 | $ | 155.2 |
2015 | 2014 | 2013 | |||||||||
Capital Expenditures(3) | |||||||||||
Writing | $ | 39.5 | $ | 34.3 | $ | 25.5 | |||||
Home Solutions | 47.6 | 31.1 | 31.5 | ||||||||
Tools | 19.2 | 18.4 | 29.3 | ||||||||
Commercial Products | 31.1 | 27.6 | 16.7 | ||||||||
Baby & Parenting | 14.1 | 8.7 | 6.9 | ||||||||
Corporate(3) | 58.7 | 40.1 | 26.9 | ||||||||
$ | 210.2 | $ | 160.2 | $ | 136.8 |
2015 | 2014 | ||||||
Identifiable Assets | |||||||
Writing | $ | 1,286.5 | $ | 981.9 | |||
Home Solutions | 776.7 | 806.4 | |||||
Tools | 578.8 | 605.0 | |||||
Commercial Products | 351.7 | 375.1 | |||||
Baby & Parenting | 485.1 | 481.0 | |||||
Corporate(4) | 3,799.2 | 3,314.9 | |||||
$ | 7,278.0 | $ | 6,564.3 |
Geographic Area Information | |||||||||||
(in millions) | 2015 | 2014 | 2013 | ||||||||
Net Sales(1) (5) | |||||||||||
United States | $ | 4,291.8 | $ | 3,945.1 | $ | 3,783.3 | |||||
Canada | 249.8 | 284.3 | 310.9 | ||||||||
Total North America | 4,541.6 | 4,229.4 | 4,094.2 | ||||||||
Europe, Middle East and Africa | 591.1 | 683.5 | 698.2 | ||||||||
Latin America | 408.5 | 409.9 | 392.6 | ||||||||
Asia Pacific | 374.5 | 404.2 | 422.0 | ||||||||
Total International | 1,374.1 | 1,497.6 | 1,512.8 | ||||||||
$ | 5,915.7 | $ | 5,727.0 | $ | 5,607.0 | ||||||
Operating Income (Loss)(2) (6) | |||||||||||
United States | $ | 440.1 | $ | 405.2 | $ | 474.6 | |||||
Canada | 53.4 | 62.7 | 74.9 | ||||||||
Total North America | 493.5 | 467.9 | 549.5 | ||||||||
Europe, Middle East and Africa | 57.1 | 82.0 | (15.7 | ) | |||||||
Latin America | 43.4 | 39.1 | 29.7 | ||||||||
Asia Pacific | 7.4 | 15.7 | 51.6 | ||||||||
Total International | 107.9 | 136.8 | 65.6 | ||||||||
$ | 601.4 | $ | 604.7 | $ | 615.1 |
(1) | All intercompany transactions have been eliminated. Sales to Wal-Mart Stores, Inc. and subsidiaries amounted to approximately 10.9%, 10.6% and 11.2% of consolidated net sales in 2015, 2014 and 2013, respectively, substantially across all segments. |
(2) | Operating income (loss) by segment is net sales less cost of products sold and selling, general & administrative (“SG&A”) expenses. Operating income by geographic area is net sales less cost of products sold, SG&A expenses, impairment charges and restructuring costs. Certain headquarters expenses of an operational nature are allocated to business segments and geographic areas primarily on a net sales basis. Depreciation and amortization is allocated to the segments on a percentage of sales basis, and the allocated depreciation and amortization is included in segment operating income. |
(3) | Corporate capital expenditures includes capital expenditures related to the SAP and other software implementations and corporate property, plant and equipment. Capital expenditures exclude $1.2 million, $1.7 million and $1.4 million associated with discontinued operations in 2015, 2014 and 2013, respectively. |
(4) | Corporate assets primarily include goodwill, capitalized software, cash, deferred tax assets and assets held for sale. |
(5) | Geographic sales information is based on the region from which the products are shipped and invoiced. Long-lived assets by geography are not presented because it is impracticable to do so. |
(6) | The following table summarizes the restructuring costs by region on a continuing basis included in operating income (loss) above (in millions): |
2015 | 2014 | 2013 | |||||||||
Restructuring Costs | |||||||||||
United States | $ | (40.9 | ) | $ | (28.9 | ) | $ | (30.9 | ) | ||
Canada | (5.3 | ) | (1.4 | ) | (0.4 | ) | |||||
Total North America | (46.2 | ) | (30.3 | ) | (31.3 | ) | |||||
Europe, Middle East and Africa | (20.3 | ) | (13.7 | ) | (69.9 | ) | |||||
Latin America | (4.1 | ) | (2.8 | ) | (5.2 | ) | |||||
Asia Pacific | (6.6 | ) | (6.0 | ) | (3.9 | ) | |||||
Total International | (31.0 | ) | (22.5 | ) | (79.0 | ) | |||||
$ | (77.2 | ) | $ | (52.8 | ) | $ | (110.3 | ) |
2015 | 2014 | 2013 | |||||||||
Writing: | |||||||||||
Writing instruments | $ | 1,501.3 | $ | 1,451.3 | $ | 1,412.0 | |||||
Adhesive and cutting products | 36.3 | — | — | ||||||||
Technology solutions | 225.9 | 257.6 | 241.6 | ||||||||
1,763.5 | 1,708.9 | 1,653.6 | |||||||||
Home Solutions: | |||||||||||
Home and food storage products | 1,033.0 | 867.5 | 849.9 | ||||||||
Décor | 300.8 | 315.3 | 320.4 | ||||||||
Other | 370.4 | 392.6 | 390.0 | ||||||||
1,704.2 | 1,575.4 | 1,560.3 | |||||||||
Tools | 790.0 | 852.2 | 817.9 | ||||||||
Commercial Products | 809.7 | 837.1 | 785.9 | ||||||||
Baby & Parenting | 848.3 | 753.4 | 789.3 | ||||||||
$ | 5,915.7 | $ | 5,727.0 | $ | 5,607.0 |
(a) | Evaluation of Disclosure Controls and Procedures. As of December 31, 2015, an evaluation was performed by the Company’s management, under the supervision and with the participation of the Company’s chief executive officer and chief financial officer, of the effectiveness of the Company’s disclosure controls and procedures. Based on that evaluation, the chief executive officer and the chief financial officer concluded that the Company’s disclosure controls and procedures were effective. |
(b) | Management’s Report on Internal Control Over Financial Reporting. The Company’s management’s annual report on internal control over financial reporting is set forth under Item 8 of this annual report and is incorporated herein by reference. Management’s annual report on internal control over financial reporting did not include an assessment of and conclusion on the effectiveness of internal control over financial reporting of Elmer’s Products, Inc. (“Elmer’s”), which is included in the Company’s consolidated financial statements as of December 31, 2015 and for the period from the acquisition date through December 31, 2015. The assets, excluding goodwill, of Elmer’s constituted approximately 5.0% of the Company’s total assets as of December 31, 2015, and Elmer’s net sales represented approximately 0.6% of the Company’s net sales for the year ended December 31, 2015. |
(c) | Attestation Report of the Independent Registered Public Accounting Firm. The attestation report of Ernst & Young LLP, the Company’s independent registered public accounting firm, on the Company’s internal control over financial reporting is set forth under Item 8 of this annual report and is incorporated herein by reference. |
(d) | Changes in Internal Control Over Financial Reporting. There were no changes in the Company’s internal control over financial reporting that occurred during the quarter ended December 31, 2015 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company is in the process of replacing various business information systems worldwide with an enterprise resource planning system from SAP. Implementation will continue to occur in phases, primarily focused on geographic region and segment. This activity involves the migration of multiple legacy systems and users to a common SAP information platform. In addition, this conversion will impact certain interfaces with the Company’s customers and suppliers, resulting in changes to the tools the Company uses to take orders, procure materials, schedule production, remit billings, make payments and perform other business functions. |
2.1 | Agreement and Plan of Merger, dated as of December 13, 2015, by and among Newell Rubbermaid Inc., Jarden Corporation, NCPF Acquisition Corp. I and NCPF Acquisition Corp. II (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K dated December 13, 2015). |
3.1 | Amendment to Restated Certificate of Incorporation of Newell Rubbermaid Inc. dated May 9, 2012, and Restated Certificate of Incorporation of Newell Rubbermaid Inc., as amended as of May 6, 2008 (incorporated by reference to Exhibit 3.1 to the Company’s Report on Form 10-K for the year ended December 31, 2012). |
3.2 | By-Laws of Newell Rubbermaid Inc., as amended (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K dated February 11, 2016). |
4.1 | Amendment to Restated Certificate of Incorporation of Newell Rubbermaid Inc. dated May 9, 2012, and Restated Certificate of Incorporation of Newell Rubbermaid Inc., as amended as of May 6, 2008, is included in Exhibit 3.1. |
4.3 | Indenture dated as of November 1, 1995, between Newell Rubbermaid Inc. and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank (National Association)), as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated May 3, 1996, File No. 001-09608). |
4.4 | Indenture, dated as of June 14, 2012, between Newell Rubbermaid Inc. and The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated June 11, 2012). |
4.5 | Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 14, 2014). |
4.6 | Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.6 to the Company’s Report on Form 10-K for the year ended December 31, 2013). |
4.7 | Form of 6.25% Notes due 2018 issued pursuant to an Indenture dated as of November 1, 1995, between Newell Rubbermaid Inc. and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank (National Association)), as Trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K dated March 25, 2008, File No. 001-09608). |
4.8 | Form of 4.70% Notes due 2020 issued pursuant to an Indenture dated as of November 1, 1995, between Newell Rubbermaid Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank (National Association)), as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated August 2, 2010, File No. 001-09608). |
4.9 | Form of 4.000% Note due 2022 issued pursuant to the Indenture, dated as of June 14, 2012, between Newell Rubbermaid Inc. and The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K dated June 11, 2012). |
4.10 | Form of 2.050% Note due 2017 issued pursuant to the Indenture, dated as of June 14, 2012, between Newell Rubbermaid Inc. and The Bank of New York Mellon Trust Company, N.A. (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 29, 2012). |
4.11 | Form of 2.875% Note due 2019 issued pursuant to the Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K dated November 14, 2014). |
4.12 | Form of 4.000% Note due 2024 issued pursuant to the Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K dated November 14, 2014). |
4.13 | Form of 2.150% Note due 2018 issued pursuant to the Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated October 14, 2015). |
4.14 | Form of 3.900% Note due 2025 issued pursuant to the Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K dated October 14, 2015). |
4.15 | Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 2, 2011). |
4.16 | First Amendment dated June 8, 2012 to the Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012). |
4.17 | Second Amendment dated as of November 10, 2014 to the Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 4.15 to the Company’s Report on Form 10-K for the year ended December 31, 2014). |
4.18 | Third Amendment dated as of June 22, 2015 to the Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2015). |
4.19 | Fourth Amendment dated as of December 22, 2015 to the Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 22, 2015). |
4.20 | Memorandum of Effectiveness of Extension of the Maturity Date of the Credit Agreement dated as of December 2, 2011, from December 2, 2016 to December 1, 2017 (incorporated by reference to Exhibit 4.15 to the Company’s Report on Form 10-K for the year ended December 31, 2012). |
4.21 | Memorandum of Effectiveness of Extension of the Maturity Date of the Credit Agreement dated as of December 2, 2011, from December 1, 2017 to December 2, 2018 (incorporated by reference to Exhibit 4.15 to the Company’s Report on Form 10-K for the year ended December 31, 2013). |
4.22 | Memorandum of Effectiveness of Extension of the Maturity Date of the Credit Agreement dated as of December 2, 2011, from December 2, 2018 to December 2, 2019 (incorporated by reference to Exhibit 4.18 to the Company’s Report on Form 10-K for the year ended December 31, 2014). |
4.23 | Credit Agreement dated as of January 26, 2016 among Newell Rubbermaid Inc., the subsidiary borrowers thereto, the guarantors party thereto, the lender parties thereto and JPMorgan Chase Bank, N.A. as Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated January 27, 2016). |
4.24 | Amended and Restated Loan and Servicing Agreement, dated as of September 6, 2013, among EXPO Inc., as Borrower, Newell Rubbermaid Inc., as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, PNC Bank, National Association as the Structuring Agent, and PNC Capital Markets LLC as the Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated September 6, 2013). |
4.25 | Amendment No. 1 dated March 27, 2015 to the Amended and Restated Loan and Servicing Agreement, dated as of September 6, 2013, among EXPO Inc., as Borrower, the Company, as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, and PNC Bank, National Association, as the Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015). |
4.26 | Amendment No.2 dated as of August 7, 2015 to the Amended and Restated Loan and Servicing Agreement, dated as of September 6, 2013, among EXPO Inc., as Borrower, the Company, as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, and PNC Bank, National Association, as the Administrative Agent (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated August 7, 2015). |
4.27 | Term Loan Credit Agreement dated as of January 26, 2016 among Newell Rubbermaid Inc., the guarantors parties thereto, the lenders party thereto and JPMorgan Chase Bank N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated January 27, 2016). |
10.1* | Newell Rubbermaid Inc. 2008 Deferred Compensation Plan as amended and restated August 5, 2013 (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013). |
10.2* | Newell Rubbermaid Inc. 2002 Deferred Compensation Plan, as amended and restated as of January 1, 2004 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2004, File No. 001-09608). |
10.3* | Newell Rubbermaid Inc. Deferred Compensation Plans Trust Agreement, effective as of June 1, 2013 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013). |
10.4* | Newell Rubbermaid Inc. Supplemental Executive Retirement Plan, effective January 1, 2008 (incorporated by reference to Exhibit 10.7 to the Company’s Report on Form 10-K for the year ended December 31, 2007, File No. 001-09608). |
10.5* | First Amendment to the Newell Rubbermaid Inc. Supplemental Executive Retirement Plan dated August 5, 2013 (incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013). |
10.6* | Newell Rubbermaid Inc. Severance Plan -- Summary Plan Description for Executives in Bands 10 and above, effective July 1, 2014 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014). |
10.7* | Newell Rubbermaid Inc. 2003 Stock Plan, as amended and restated effective February 8, 2006, and as amended effective August 9, 2006 (incorporated by reference to Appendix B to the Company’s Proxy Statement, dated April 3, 2006, and Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2006, File No. 001-09608). |
10.8* | Newell Rubbermaid Inc. 2010 Stock Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated May 11, 2010, File No. 001-09608). |
10.9* | First Amendment to the Newell Rubbermaid Inc. 2010 Stock Plan dated July 1, 2011 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011). |
10.10* | Newell Rubbermaid Inc. 2013 Incentive Plan (incorporated by reference to Appendix B to the Company’s Proxy Statement dated March 28, 2013). |
10.11* | Forms of Stock Option Agreement under the Newell Rubbermaid Inc. 2003 Stock Plan (incorporated by reference to Exhibit 10.9 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, File No. 001-09608). |
10.12* | Form of Michael B. Polk Option Agreement for July 18, 2011 Award (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated July 18, 2011). |
10.13* | Form of Michael B. Polk Restricted Stock Unit Award Agreement for July 18, 2011 Award (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K dated July 18, 2011). |
10.14* | Form of Agreement for Performance-Based Restricted Stock Unit Award Granted to William A. Burke III and John K. Stipancich on November 6, 2012 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 6, 2012). |
10.15* | Form of Agreement for Performance-Based Restricted Stock Unit Award Granted to Mark S. Tarchetti on January 2, 2013 (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013). |
10.16* | Form of Agreement for Restricted Stock Unit Award Granted to Paula S. Larson on December 16, 2013 (incorporated by reference to Exhibit 10.23 to the Company’s Report on Form 10-K for the year ended December 31, 2014). |
10.17* | 2014 Restricted Stock Unit Equivalent Award Agreement dated as of December 28, 2015 between Newell Rubbermaid Inc. and Mark S. Tarchetti (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated December 22, 2015). |
10.18* | 2015 Restricted Stock Unit Equivalent Award Agreement dated as of December 28, 2015 between Newell Rubbermaid Inc. and Mark S. Tarchetti (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K dated December 22, 2015). |
10.19* | Newell Rubbermaid Inc. Long-Term Incentive Plan for 2013 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013). |
10.20* | Newell Rubbermaid Inc. Long-Term Incentive Plan for 2014 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2014). |
10.21* | Long Term Incentive Performance Pay Terms and Conditions under the Company’s 2013 Incentive Plan as updated February 10, 2015 (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K dated February 10, 2015). |
10.22* | Form of Restricted Stock Unit Award Agreement under the 2010 Stock Plan (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010, File No. 001-09608). |
10.23* | Form of Stock Option Agreement under the 2010 Stock Plan (incorporated by reference to Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010, File No. 001-09608). |
10.24* | Form of Restricted Stock Unit Award Agreement under the 2010 Stock Plan for Awards made in 2013 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2013). |
10.25* | Form of Restricted Stock Unit Award Agreement under the 2013 Incentive Plan for Employees (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013). |
10.26* | Form of Restricted Stock Unit Agreement under the 2013 Incentive Plan for 2014 Awards (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2014). |
10.27* | Form of Restricted Stock Unit Agreement under the 2013 Incentive Plan for Employees as updated February 10, 2015 (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K dated February 10, 2015). |
10.28* | Form of Non-Employee Director Restricted Stock Unit Award Agreement under the 2013 Incentive Plan for use for awards beginning May 2014 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2014). |
10.29* | Employment Security Agreement with Michael B. Polk dated July 18, 2011 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011). |
10.30* | Employment Security Agreement with John K. Stipancich dated February 11, 2015 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated February 10, 2015). |
10.31* | Form of Employment Security Agreement between the Company and the named executive officers of the Company other than the Chief Executive Officer and Chief Financial Officer (incorporated by reference to Exhibit 10.39 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014). |
10.32* | Newell Rubbermaid Inc. Employment Security Agreements Trust Agreement, effective as of June 1, 2013 (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013). |
10.33* | Written Compensation Arrangement with Michael B. Polk, dated June 23, 2011 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated June 23, 2011). |
10.34* | Amendment to Written Compensation Arrangement with Michael B. Polk, dated October 1, 2012 (incorporated by reference to Exhibit 10.34 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012). |
10.35* | Retirement Agreement and General Release between the Company and William A. Burke, III dated October 7, 2015. |
10.36 | Indenture dated as of November 1, 1995, between Newell Rubbermaid Inc. and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank (National Association)), as Trustee, is included in Exhibit 4.3. |
10.37 | Indenture, dated as of June 14, 2012, between Newell Rubbermaid Inc. and The Bank of New York Mellon Trust Company, N.A., is included in Exhibit 4.4. |
10.38 | Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association is included in Exhibit 4.5. |
10.39 | Form of 6.25% Notes due 2018 issued pursuant to an Indenture dated as of November 1, 1995, between Newell Rubbermaid Inc. and The Bank of New York Trust Company, N.A. (as successor to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank (National Association)), as Trustee is included in Exhibit 4.7. |
10.40 | Form of 4.70% Notes due 2020 issued pursuant to an Indenture dated as of November 1, 1995, between Newell Rubbermaid Inc. and The Bank of New York Mellon Trust Company, N.A. (as successor to JPMorgan Chase Bank, formerly known as The Chase Manhattan Bank (National Association)), as Trustee, is included in Exhibit 4.8. |
10.41 | Form of 4.000% Note due 2022 issued pursuant to the Indenture, dated as of June 14, 2012, between Newell Rubbermaid Inc. and The Bank of New York Mellon Trust Company, N.A., is included in Exhibit 4.9. |
10.42 | Form of 2.050% Note due 2017 issued pursuant to the Indenture, dated as of June 14, 2012, between Newell Rubbermaid Inc. and The Bank of New York Mellon Trust Company, N.A., is included in Exhibit 4.10. |
10.43 | Form of 2.875% Note due 2019 issued pursuant to the Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association, is included in Exhibit 4.11. |
10.44 | Form of 4.000% Note due 2024 issued pursuant to the Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association, is included in Exhibit 4.12. |
10.45 | Form of 2.150% Note due 2018 issued pursuant to the Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association, is included in Exhibit 4.13. |
10.46 | Form of 3.900% Note due 2025 issued pursuant to the Indenture, dated as of November 19, 2014, between Newell Rubbermaid Inc. and U.S. Bank National Association, is included in Exhibit 4.14. |
10.47 | Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent is included in Exhibit 4.15. |
10.48 | First Amendment dated June 8, 2012 to the Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent is included in Exhibit 4.16. |
10.49 | Second Amendment dated as of November 10, 2014 to the Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, is included in Exhibit 4.17. |
10.50 | Third Amendment dated as of June 22, 2015 to the Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, is included in Exhibit 4.18. |
10.51 | Fourth Amendment dated as of December 22, 2015 to the Credit Agreement dated as of December 2, 2011 among Newell Rubbermaid Inc., the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent, is included in Exhibit 4.19. |
10.52 | Memorandum of Effectiveness of Extension of the Maturity Date of the Credit Agreement dated as of December 2, 2011, from December 2, 2016 to December 1, 2017, is included in Exhibit 4.20. |
10.53 | Memorandum of Effectiveness of Extension of the Maturity Date of the Credit Agreement dated as of December 2, 2011, from December 1, 2017 to December 2, 2018, is included in Exhibit 4.21. |
10.54 | Memorandum of Effectiveness of Extension of the Maturity Date of the Credit Agreement dated as of December 2, 2011, from December 2, 2018 to December 2, 2019, is included in Exhibit 4.22. |
10.55 | Credit Agreement dated as of January 26, 2016 among Newell Rubbermaid Inc., the subsidiary borrowers thereto, the guarantors party thereto, the lender parties thereto and JPMorgan Chase Bank, N.A. as Administrative Agent, is included in Exhibit 4.23. |
10.56 | Amended and Restated Loan and Servicing Agreement, dated as of September 6, 2013, among EXPO Inc., as Borrower, Newell Rubbermaid Inc., as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, PNC Bank, National Association as the Structuring Agent and PNC Capital Markets LLC as the Administrative Agent, is included in Exhibit 4.24. |
10.57 | Amendment No. 1 dated March 27, 2015 to the Amended and Restated Loan and Servicing Agreement, dated as of September 6, 2013, among EXPO Inc., as Borrower, the Company, as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, and PNC Bank, National Association as the Administrative Agent, is included in Exhibit 4.25. |
10.58 | Amendment No.2 dated as of August 7, 2015 to the Amended and Restated Loan and Servicing Agreement, dated as of September 6, 2013, among EXPO Inc., as Borrower, the Company, as Servicer, the Conduit Lenders, the Committed Lenders and the Managing Agents named therein, and PNC Bank, National Association, as the Administrative Agent, is included in Exhibit 4.26. |
10.59 | Commitment Letter, dated December 13, 2015, by and among Newell Rubbermaid Inc., Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated December 13, 2015). |
10.60 | Term Loan Credit Agreement dated as of January 26, 2016 among Newell Rubbermaid Inc., the guarantors parties thereto, the lenders party thereto and JPMorgan Chase Bank N.A., as Administrative Agent, is included in Exhibit 4.27. |
10.61 | Advisory Services Agreement, dated as of December 13, 2015, by and among Newell Rubbermaid Inc. and Mariposa Capital, LLC (incorporated by reference to Exhibit 10.2 of the Company’s Amendment No. 1 to its Registration Statement on Form S-4 filed February 17, 2016). |
12 | Statement of Computation of Earnings to Fixed Charges. |
21 | Significant Subsidiaries of the Company. |
23.1 | Consent of Ernst & Young LLP. |
31.1 | Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Chief Financial Officer Pursuant to Rule 12a-14(a) or Rule 15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.1 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema Document |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF | XBRL Taxonomy Definition Linkbase Document |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
NEWELL RUBBERMAID INC. | ||
Registrant | ||
By | /s/ John K. Stipancich | |
John K. Stipancich | ||
Title | Executive Vice President — Chief Financial Officer | |
Date | February 29, 2016 |
Signature | Title | |
/s/ Michael B. Polk | President, Chief Executive Officer and Director | |
Michael B. Polk | ||
/s/ John K. Stipancich | Executive Vice President — Chief Financial Officer | |
John K. Stipancich | ||
/s/ Scott H. Garber | Vice President — Corporate Controller and Chief Accounting Officer | |
Scott H. Garber | ||
/s/ Michael T. Cowhig | Chairman of the Board and Director | |
Michael T. Cowhig | ||
/s/ Thomas E. Clarke | Director | |
Thomas E. Clarke | ||
/s/ Kevin C. Conroy | Director | |
Kevin C. Conroy | ||
/s/ Scott S. Cowen | Director | |
Scott S. Cowen | ||
/s/ Domenico De Sole | Director | |
Domenico De Sole | ||
/s/ Cynthia A. Montgomery | Director | |
Cynthia A. Montgomery | ||
/s/ Christopher D. O’Leary | Director | |
Christopher D. O’Leary | ||
/s/ Jose Ignacio Perez-Lizaur | Director | |
Jose Ignacio Perez-Lizaur | ||
/s/ Steven J. Strobel | Director | |
Steven J. Strobel | ||
/s/ Michael A. Todman | Director | |
Michael A. Todman | ||
/s/ Raymond G. Viault | Director | |
Raymond G. Viault |
(in millions) | Balance at Beginning of Period | Provision(1) | Charges to Other Accounts | Write-offs(2) | Balance at End of Period | ||||||||||
Reserve for Doubtful Accounts and Cash Discounts: | |||||||||||||||
Year Ended December 31, 2015 | $ | 25.3 | $ | 41.4 | $ | 0.2 | $ | (44.9 | ) | $ | 22.0 | ||||
Year Ended December 31, 2014 | 38.0 | 49.2 | (1.6 | ) | (60.3 | ) | 25.3 | ||||||||
Year Ended December 31, 2013 | 39.8 | 69.8 | 0.2 | (71.8 | ) | 38.0 |
(1) | The provision amounts include accounts receivable reserve charges included in discontinued operations of $0.6 and $3.1 for the years ended December 31, 2014 and 2013, respectively. |
(2) | Represents accounts written off during the year and cash discounts taken by customers. |
(in millions) | Balance at Beginning of Period | Net Provision(1) | Other | Write-offs/ Dispositions | Balance at End of Period | ||||||||||
Inventory Reserves (including excess, obsolescence and shrink reserves): | |||||||||||||||
Year Ended December 31, 2015 | $ | 32.6 | $ | 23.3 | $ | 0.5 | $ | (23.5 | ) | $ | 32.9 | ||||
Year Ended December 31, 2014 | 37.8 | 24.1 | (1.6 | ) | (27.7 | ) | 32.6 | ||||||||
Year Ended December 31, 2013 | 56.9 | 23.5 | (0.3 | ) | (42.3 | ) | 37.8 |
(1) | The net provision amounts include inventory reserve (benefits) charges included in discontinued operations of $(0.1) and $3.9 for the years ended December 31, 2014 and 2013, respectively. |
(a) | After the Retirement Date, you will be eligible to receive severance pay pursuant to the Newell Rubbermaid Severance Plan (effective July 1, 2014) (the “Severance Plan”), the terms of which are specifically incorporated herein by reference. As severance pay, the Company will, subject to the provisions of the Severance Plan and this Agreement, provide you with fifty-two weeks of pay at your present base salary, less ordinary and necessary payroll deductions and tax withholdings. These severance payments will continue until you find other employment, including self-employment (“Alternative Employment”) or until April 29, 2017, whichever event occurs first (the “Salary Continuation Period”). The severance payments described herein will not commence, however, until the Company’s first payroll date after the Effective Date of this Agreement and after the Retirement Date, and they will be made in connection with our normal payroll process. |
(b) | As of the Retirement Date, you shall no longer be eligible to participate in our health and dental insurance plans as an active employee participant and your Retirement Date shall be considered a “qualifying event” for purposes of triggering your right to continue your group health and dental plan coverage pursuant to federal law (commonly referred to as “COBRA”). However, as additional consideration for your acceptance of this Agreement, your monthly COBRA premiums for such continuation coverage (if elected by you and your eligible dependents who are qualified beneficiaries under COBRA) will, until January 30, 2017, be at a discounted rate equal to the same monthly cost the Company charges its active employees for group health and dental plan coverage, provided you pay the premiums in a timely manner and remain eligible for COBRA continuation coverage. Thereafter, you will have the right to continue COBRA coverage at the Company’s then established COBRA premium rates generally applicable to COBRA continuees for the duration of the applicable COBRA period, if any. You will receive, under separate cover, information regarding your rights to such continuation coverage. Notwithstanding the foregoing, if upon the future |
(c) | You will be eligible to retain your Company-issued phone and iPad. The full value of this benefit will be imputed to you as income and will be subject to all applicable tax withholdings. You agree that you will coordinate with the Company’s IT team to ensure that all Company data and confidential information is removed from the device prior to retention. You may decline this benefit if you so choose to do so. You understand and agree that you remain solely liable for any service related expenses and charges associated with operating the device. |
(d) | Subject to Section 18 of this Agreement, all vested and non-vested stock options and all non-vested restricted stock units or other awards granted under any Newell Rubbermaid employee stock plan will be forfeited as of the Retirement Date, except for those 1700 restricted stock unit grants that would have otherwise vested in May 2016, which will vest on their original vesting date as if you had continued to remain employed by the Company, subject to the approval of the Compensation Committee of the Board of Directors. Nothing herein is intended to limit your vesting rights pursuant to the Retiree provisions of the applicable stock plan, as detailed in Section 18. |
(e) | Except as stated above, all other benefits, bonuses, and compensation end on the Retirement Date. However, this Agreement does not affect any existing vested rights that you may have in the Company’s bonus, deferred compensation, pension, retirement, and/or 401(k) plans. |
(f) | Benefits provided under this Agreement are intended to be exempt from, or comply with, Section 409A of the Internal Revenue Code (the “Code”), which is the law that regulates severance pay. This Agreement shall be construed, administered, and governed in a manner that effects such intent, and the Company shall not take any action that would be inconsistent with such intent. Without limiting the foregoing, the payments and benefits provided under this Agreement may not be deferred, accelerated, extended, paid out, or modified in a manner that would result in a the imposition of additional tax under Code Section 409A. Although the Company shall use its best efforts to avoid the imposition of taxation, interest, and penalties under Code Section 409A, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed. Neither the Company nor its affiliates nor its or their directors, officers, employees, or advisers shall be held liable for any taxes, interest, penalties, or other monetary amounts owed by you or any other taxpayer as a result of this Agreement. |
William A. Burke Retirement Agreement- Appendix A | |||||
Date of Award | Type of RSU | Original Quantity | Pro-Rated Quantity* | ||
12-Feb-14 | Time-Based | 19,273 | 13,919 | ||
12-Feb-14 | Performance-Based | 28,909 | 20,879 | ||
11-Feb-15 | Time-Based | 15,356 | 5,972 | ||
11-Feb-15 | Performance-Based | 23,035 | 8,958 | ||
* Using April 30, 2016 retirement date | |||||
The original RSU amount is multiplied by a pro-rata factor that is the number of full months since grant divided by 36. This for 2014 awards the pro-rata factor is 26/36. For the 2015 awards the pro-rata factor is 14/36. |
Years Ended December 31, | |||||||||||||||
(dollars in millions) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
Earnings Available for Fixed Charges: | |||||||||||||||
Income before income taxes | $ | 337.5 | $ | 462.1 | $ | 536.3 | $ | 552.0 | $ | 202.3 | |||||
Equity in earnings of affiliates | (0.6 | ) | — | 0.2 | (0.6 | ) | 1.5 | ||||||||
Total earnings | 336.9 | 462.1 | 536.5 | 551.4 | 203.8 | ||||||||||
Fixed charges: | |||||||||||||||
Interest expense (1) | 88.1 | 64.3 | 62.3 | 80.4 | 88.4 | ||||||||||
Portion of rent determined to be interest (2) | 34.7 | 35.0 | 37.7 | 41.2 | 40.2 | ||||||||||
$ | 459.7 | $ | 561.4 | $ | 636.5 | $ | 673.0 | $ | 332.4 | ||||||
Fixed Charges: | |||||||||||||||
Interest expensed and capitalized | $ | 89.3 | $ | 64.4 | $ | 62.4 | $ | 81.3 | $ | 90.1 | |||||
Portion of rent determined to be interest (2) | 34.7 | 35.0 | 37.7 | 41.2 | 40.2 | ||||||||||
$ | 124.0 | $ | 99.4 | $ | 100.1 | $ | 122.5 | $ | 130.3 | ||||||
Ratio of Earnings to Fixed Charges | 3.71 | 5.65 | 6.36 | 5.49 | 2.55 |
(1) | Excludes interest capitalized during the year. |
(2) | A standard ratio of 33% was applied to gross rent expense to approximate the interest portion of short-term and long-term leases. |
EXHIBIT 21 | ||
NEWELL RUBBERMAID INC. AND SUBSIDIARIES | ||
SIGNIFICANT SUBSIDIARIES | ||
December 31, 2015 | ||
STATE OR JURISDICTION | ||
NAME | OF ORGANIZATION | |
Berol Corporation | Delaware | |
Calphalon Corporation | Ohio | |
Elmer's Products, Inc. | Delaware | |
Elmer's Investments LLC | Delaware | |
EXPO Inc. | Delaware | |
Goody Products, Inc. | Delaware | |
Graco Children's Products, Inc. | Delaware | |
Ignite USA, LLC | Illinois | |
Irwin Industrial Tool Company | Delaware | |
Newell Finance Company | Delaware | |
Newell Investments Inc. | Delaware | |
Newell Luxembourg Finance L.L.C. | Illinois | |
Newell Operating Company | Delaware | |
Newell Rubbermaid Development LLC | Delaware | |
Newell Rubbermaid Distribution LLC | Delaware | |
Newell Rubbermaid Europe LLC | Delaware | |
Newell Rubbermaid Inc. | Delaware | |
Newell Rubbermaid US Finance Co. | Delaware | |
Newell Sales & Marketing Group, Inc. | Delaware | |
Newell Window Furnishings, Inc. | Delaware | |
NRI Insurance Company | Vermont | |
PSI Systems, Inc. | California | |
Rubbermaid Commercial Products LLC | Delaware | |
Rubbermaid Europe Holding Inc. | Delaware | |
Rubbermaid Incorporated | Ohio | |
Rubbermaid Services Corp. | Delaware | |
Rubfinco Inc. | Delaware | |
Sanford, L.P. | Illinois | |
American Tool Companies Holding B.V. | Netherlands | |
Aprica Children's Products G.K. | Japan | |
DYMO Holdings BVBA | Belgium | |
Irwin Industrial Tool Ferramentas do Brasil Ltda. | Brazil | |
Newell Australia Pty Limited | Australia | |
Newell (Cayman) Ltd. | Cayman Islands | |
Newell Holdings Limited | United Kingdom | |
Newell Industries Canada Inc. | Canada | |
Newell International Finance Co Limited Partnership | United Kingdom |
Newell Investments France SAS | France | |
Newell Luxembourg Finance S.à r.l. | Luxembourg | |
Newell Rubbermaid Argentina S.A. | Argentina | |
Newell Rubbermaid Asia Pacific Limited | Hong Kong | |
Newell Rubbermaid Asia Services | China | |
Newell Rubbermaid Brasil Ferramentas e Equipamentos Ltda. | Brazil | |
Newell Rubbermaid Caymans Holding Co. | Cayman Islands | |
Newell Rubbermaid de Mexico S. de R.L. de C.V. | Mexico | |
Newell Europe Sàrl | Switzerland | |
Newell Rubbermaid German Holding GmbH | Germany | |
Newell Rubbermaid Japan Ltd. | Japan | |
Newell Rubbermaid (M) Sdn. Bhd. | Malaysia | |
Newell Rubbermaid Products (Shenzhen) Co., Ltd. | China | |
Newell Rubbermaid (Thailand) Co., Ltd. | Thailand | |
Newell Rubbermaid UK Holdings Limited | United Kingdom | |
Newell Rubbermaid UK Limited | United Kingdom | |
Newell Rubbermaid UK Services Limited | United Kingdom | |
NR Capital Co. | Canada | |
NR Finance Co. | Canada | |
NWL Cayman Finance Co. | Cayman Islands | |
NWL Denmark Services Aps | Denmark | |
NWL European Finance S.à r.l. | Luxembourg | |
NWL France SAS | France | |
NWL France Services SAS | France | |
NWL Luxembourg Holding S.à r.l. | Luxembourg | |
NWL Netherlands B.V. | Netherlands | |
NWL Valence Services SAS | France | |
Polyhedron Holdings Limited | United Kingdom | |
Sanford Brands Venezuela, L.L.C. | Venezuela | |
Sanford Colombia S.A. | Colombia | |
Sanford Rotring (GB) Limited | United Kingdom |
Form Number | Registration | Description |
S-8 | 33-25196 | Newell Long-Term Savings and Investment Plan |
S-8 | 33-40641 | Newell Long-Term Savings and Investment Plan |
S-8 | 33-62047 | Newell Long-Term Savings and Investment Plan |
S-8 | 333-38621 | Newell Long-Term Savings and Investment Plan |
S-8 | 333-105113 | Newell Rubbermaid Inc. 2003 Stock Plan |
S-8 | 333-105177 | Newell Rubbermaid Inc. 2002 Deferred Compensation Plan |
S-8 | 333-105178 | Newell Rubbermaid Inc. 401(k) Savings Plan |
S-8 | 333-125144 | Newell Rubbermaid Inc. 401(k) Savings Plan |
S-8 | 333-135153 | Newell Rubbermaid Inc. 2003 Stock Plan (as amended and restated effective February 8, 2006) |
S-8 | 333-149133 | Newell Rubbermaid Inc. 2008 Deferred Compensation Plan |
S-8 | 333-166946 | Newell Rubbermaid Inc. 2010 Stock Plan |
S-8 | 333-188411 | Newell Rubbermaid Inc. 2013 Incentive Plan |
S-3 | 333-194324 | Debt securities, preferred stock, common stock, warrants, stock purchase contracts and stock purchase units and in the related Prospectus |
1. | I have reviewed this annual report on Form 10-K for the year ended December 31, 2015 of Newell Rubbermaid Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Michael B. Polk |
Michael B. Polk |
Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K for the year ended December 31, 2015 of Newell Rubbermaid Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ John K. Stipancich |
John K. Stipancich |
Executive Vice President, Chief Financial Officer |
/s/ Michael B. Polk |
Michael B. Polk |
Chief Executive Officer |
February 29, 2016 |
/s/ John K. Stipancich |
John K. Stipancich |
Executive Vice President, Chief Financial Officer |
February 29, 2016 |
DEI Document - USD ($) shares in Millions, $ in Billions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Jan. 31, 2016 |
Jun. 30, 2015 |
|
Document Information [Line Items] | |||
Entity Registrant Name | NEWELL RUBBERMAID INC | ||
Trading Symbol | nwl | ||
Entity Central Index Key | 0000814453 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 267.2 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 10.9 |
Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Interest Income, Nonoperating | $ 8.2 | $ 3.9 | $ 2.0 |
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Net Income | $ 350.0 | $ 377.8 | $ 474.6 | ||
Other Comprehensive (Loss) Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax | (123.9) | (126.3) | 5.0 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 89.4 | (28.4) | 137.8 | ||
Other Comprehensive (Loss) Income, Derivatives Qualifying as Hedges, Net of Tax | (4.9) | 5.5 | 1.0 | ||
Other Comprehensive (Loss) Income, Net of Tax | (39.4) | (149.2) | 143.8 | ||
Comprehensive Income, Net of Tax, Attributable to Parent | [1] | $ 310.6 | $ 228.6 | $ 618.4 | |
|
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Allowance for Doubtful Accounts Receivable, Current | $ 22.0 | $ 25.3 |
Common Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Issued | 287,500,000 | 288,700,000 |
Preferred Stock, Par or Stated Value Per Share | $ 1.00 | $ 1.00 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 20,300,000 | 19,500,000 |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Treasury Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Stockholders' Equity Attributable to Parent [Member] |
Noncontrolling Interest [Member] |
Accelerated Stock Buyback Program [Member] |
Accelerated Stock Buyback Program [Member]
Common Stock [Member]
|
Accelerated Stock Buyback Program [Member]
Treasury Stock [Member]
|
Accelerated Stock Buyback Program [Member]
Additional Paid-in Capital [Member]
|
Accelerated Stock Buyback Program [Member]
Retained Earnings [Member]
|
Accelerated Stock Buyback Program [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
Accelerated Stock Buyback Program [Member]
Stockholders' Equity Attributable to Parent [Member]
|
Accelerated Stock Buyback Program [Member]
Noncontrolling Interest [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2012 | $ 2,000.2 | $ 304.7 | $ (448.0) | $ 634.1 | $ 2,294.9 | $ (789.0) | $ 1,996.7 | $ 3.5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net Income | 474.6 | 0.0 | 0.0 | 0.0 | 474.6 | 0.0 | 474.6 | 0.0 | ||||||||
Foreign Currency Translation | 5.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.0 | 5.0 | 0.0 | ||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | 137.8 | 0.0 | 0.0 | 0.0 | 0.0 | 137.8 | 137.8 | 0.0 | ||||||||
Gain (Loss) Derivatives Instruments, Net of Tax | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 0.0 | ||||||||
Cash dividends on common stock | (174.1) | 0.0 | 0.0 | 0.0 | (174.1) | 0.0 | (174.1) | 0.0 | ||||||||
Stock-based compensation and other | 100.5 | 6.9 | (29.2) | 123.0 | (0.2) | 0.0 | 100.5 | 0.0 | ||||||||
Stock Repurchased and Retired During Period, Value | (119.5) | (4.7) | 0.0 | (10.5) | (104.3) | 0.0 | (119.5) | 0.0 | $ (350.5) | $ (9.4) | $ 0.0 | $ (92.3) | $ (248.8) | $ 0.0 | $ (350.5) | $ 0.0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2013 | 2,075.0 | 297.5 | (477.2) | 654.3 | 2,242.1 | (645.2) | 2,071.5 | 3.5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net Income | 377.8 | 0.0 | 0.0 | 0.0 | 377.8 | 0.0 | 377.8 | 0.0 | ||||||||
Foreign Currency Translation | (126.3) | 0.0 | 0.0 | 0.0 | 0.0 | (126.3) | (126.3) | 0.0 | ||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | (28.4) | 0.0 | 0.0 | 0.0 | 0.0 | (28.4) | (28.4) | 0.0 | ||||||||
Gain (Loss) Derivatives Instruments, Net of Tax | 5.5 | 0.0 | 0.0 | 0.0 | 0.0 | 5.5 | 5.5 | 0.0 | ||||||||
Cash dividends on common stock | (182.5) | 0.0 | 0.0 | 0.0 | (182.5) | 0.0 | (182.5) | 0.0 | ||||||||
Stock-based compensation and other | 97.0 | 4.5 | (15.9) | 109.7 | (1.3) | 0.0 | 97.0 | 0.0 | ||||||||
Stock Repurchased and Retired During Period, Value | (363.2) | (11.3) | 0.0 | (27.0) | (324.9) | 0.0 | (363.2) | 0.0 | $ 0.0 | $ (2.0) | $ 0.0 | $ 2.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2014 | 1,854.9 | 288.7 | (493.1) | 739.0 | 2,111.2 | (794.4) | 1,851.4 | 3.5 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net Income | 350.0 | 0.0 | 0.0 | 0.0 | 350.0 | 0.0 | 350.0 | 0.0 | ||||||||
Foreign Currency Translation | (123.9) | 0.0 | 0.0 | 0.0 | 0.0 | (123.9) | (123.9) | 0.0 | ||||||||
Unrecognized pension and other postretirement benefit costs, net of tax | 89.4 | 0.0 | 0.0 | 0.0 | 0.0 | 89.4 | 89.4 | 0.0 | ||||||||
Gain (Loss) Derivatives Instruments, Net of Tax | (4.9) | 0.0 | 0.0 | 0.0 | 0.0 | (4.9) | (4.9) | 0.0 | ||||||||
Cash dividends on common stock | (206.3) | 0.0 | 0.0 | 0.0 | (206.3) | 0.0 | (206.3) | 0.0 | ||||||||
Stock-based compensation and other | 47.6 | 3.3 | (30.0) | 74.2 | 0.1 | 0.0 | 47.6 | 0.0 | ||||||||
Stock Repurchased and Retired During Period, Value | (180.4) | (4.5) | 0.0 | (11.8) | (164.1) | 0.0 | (180.4) | 0.0 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Dec. 31, 2015 | $ 1,826.4 | $ 287.5 | $ (523.1) | $ 801.4 | $ 2,090.9 | $ (833.8) | $ 1,822.9 | $ 3.5 |
Basis Of Presentation And Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Basis Of Presentation And Significant Accounting Policies | Description of Business and Significant Accounting Policies Description of Business Newell Rubbermaid (the “Company”) is a global marketer of consumer and commercial products that help people get more out of life every day, where they live, learn, work and play. The Company’s products are marketed under a strong portfolio of brands, including Sharpie®, Paper Mate®, Expo®, Prismacolor®, Mr. Sketch®, Elmer’s®, Parker®, Waterman®, Dymo®, Rubbermaid®, Contigo®, Goody®, Calphalon®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Graco®, Aprica®and Baby Jogger®. The Company’s multi-product offering consists of well-known, name brand consumer and commercial products in five business segments: Writing, Home Solutions, Tools, Commercial Products and Baby & Parenting. During 2014, the Company’s Endicia® and Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment in 2014 to sell the businesses. The Company completed the sale of Endicia in November 2015 and ceased operations in its Culinary electrics and retail businesses in the first quarter of 2015. During 2013, the Company divested its Hardware and Teach businesses. Accordingly, the results of operations of these businesses have been classified as discontinued operations for all periods presented. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities where the Company is the primary beneficiary, after elimination of intercompany transactions and balances. Use of Estimates The preparation of these consolidated financial statements requires the use of certain estimates by management in determining the Company’s assets, liabilities, sales and expenses, and related disclosures. Actual results could differ from those estimates. Concentration of Credit Risk The Company sells products to customers in diversified industries and geographic regions and, therefore, has no significant concentrations of credit risk. The Company continuously evaluates the creditworthiness of its customers and generally does not require collateral. The Company evaluates the collectibility of accounts receivable based on a combination of factors. When aware of a specific customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due and historical collection experience. Accounts are also reviewed for potential write-off on a case-by-case basis. Accounts deemed uncollectible are written off, net of expected recoveries. If circumstances related to specific customers change, the Company’s estimates of the recoverability of receivables could be further adjusted. The Company’s forward exchange contracts do not subject the Company to risk due to foreign exchange rate movement, because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. The Company is exposed to credit-related losses in the event of non-performance by counterparties to certain derivative financial instruments. The Company does not obtain collateral or other security to support derivative financial instruments subject to credit risk, but monitors the credit standing of the counterparties. The credit exposure that results from commodity, interest rate, foreign exchange and other derivatives is the fair value of contracts with a positive fair value as of the reporting date. The credit exposure on the Company’s foreign currency and interest rate derivatives at December 31, 2015 was $7.2 million and $2.3 million, respectively. Sales Recognition and Customer Programs Sales of merchandise and freight billed to customers are recognized when title passes and all substantial risks of ownership change, which generally occurs either upon shipment or upon delivery based upon contractual terms. Sales are net of provisions for cash discounts, returns, customer discounts (such as volume or trade discounts), cooperative advertising and other sales-related discounts and programs. Under customer programs and arrangements that require sales incentives to be paid in advance, the Company amortizes the amount paid over the period of benefit or contractual sales volume. When incentives are paid in arrears, the Company accrues the estimated amount to be paid based on the program’s contractual terms, expected customer performance and/or estimated sales volume. The aggregate cost of customer discounts (primarily volume discounts) and cooperative advertising, which are included as a reduction in net sales, was $659.3 million, $594.2 million and $527.8 million in 2015, 2014 and 2013, respectively. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments that have a maturity of three months or less when purchased. Inventories Inventories are stated at the lower of cost or market value using the last-in, first-out (LIFO) or first-in, first-out (FIFO) methods (see Footnote 6 for additional information). The Company reduces its inventory value for estimated obsolete and slow-moving inventory in an amount equal to the difference between the cost of inventory and the net realizable value based upon estimates about future demand and market conditions. As of December 31, 2015 and 2014, the Company’s reserves for excess and obsolete inventory and shrink totaled $32.9 million and $32.6 million, respectively. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the Company are as follows: buildings and improvements (20-40 years) and machinery and equipment (3-15 years). Goodwill and Other Indefinite-Lived Intangible Assets The Company conducts its annual test for impairment of goodwill and indefinite-lived intangible assets in the third quarter because it coincides with its annual strategic planning process. The Company evaluates goodwill for impairment annually at the reporting unit level. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. If the carrying amount of the reporting unit is greater than the fair value, impairment may be present. The Company assesses the fair value of each reporting unit for its goodwill impairment test based on a discounted cash flow model, an earnings multiple or an actual sales offer received from a prospective buyer, if available. Estimates critical to the Company’s fair value estimates using earnings multiples include the projected financial performance of the reporting unit and the applicable earnings multiple. Estimates critical to the Company’s fair value estimates under the discounted cash flow model include projected financial performance and cash flows of the reporting unit, the discount rate, long-term sales growth rate, product costs and the working capital investment required. The Company measures the amount of any goodwill impairment based upon the estimated fair value of the underlying assets and liabilities of the reporting unit, including any unrecognized intangible assets, and estimates the implied fair value of goodwill. An impairment charge is recognized to the extent the recorded goodwill exceeds the implied fair value of goodwill. The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected average revenue growth and projected long-term growth rates in the determination of terminal values. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. See Footnote 8 for additional detail on goodwill and other intangible assets. Other Long-Lived Assets The Company tests its other long-lived assets for impairment in accordance with relevant authoritative guidance. The Company evaluates if impairment indicators related to its property, plant and equipment and other long-lived assets are present. These impairment indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If impairment indicators are present, the Company estimates the future cash flows for the asset or group of assets. The sum of the undiscounted future cash flows attributable to the asset or group of assets is compared to their carrying amount. The cash flows are estimated utilizing various projections of sales and expenses, working capital and proceeds from asset disposals on a basis consistent with the strategic plan. If the carrying amount exceeds the sum of the undiscounted future cash flows, the Company determines the assets’ fair value by discounting the future cash flows using a discount rate required for a similar investment of like risk and records an impairment charge as the difference between the fair value and the carrying value of the asset group. Generally, the Company performs its testing of the asset group at the product-line level, as this is the lowest level for which identifiable cash flows are available. Shipping and Handling Costs The Company records shipping and handling costs as a component of cost of products sold. Product Liability Reserves The Company has a self-insurance program for product liability that includes reserves for self-retained losses and certain excess and aggregate risk transfer insurance. The Company uses historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs in determining required product liability reserves. The Company’s actuarial evaluation methods take into account claims incurred but not reported when determining the Company’s product liability reserve. While the Company believes that it has adequately reserved for these claims, the ultimate outcome of these matters may exceed the amounts recorded by the Company, and such additional losses may be material to the Company’s Consolidated Financial Statements. Product Warranties In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience. Advertising Costs The Company expenses production costs of print, radio, television and other advertisements as of the first date the advertisements take place, and the Company expenses all other advertising and marketing costs when incurred. Advertising and promotion costs are recorded in selling, general and administrative expenses and totaled $213.9 million, $188.5 million and $149.3 million in 2015, 2014 and 2013, respectively. Research and Development Costs Research and development costs relating to both future and current products are charged to selling, general and administrative expenses as incurred. These costs totaled $112.6 million, $107.5 million and $102.9 million in 2015, 2014 and 2013, respectively. Derivative Financial Instruments Derivative financial instruments are generally used to manage certain commodity, interest rate and foreign currency risks. These instruments primarily include interest rate swaps, forward starting interest rate swaps, forward exchange contracts and options. The Company’s forward exchange contracts and options do not subject the Company to exchange rate risk because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. However, these instruments, when settled, impact the Company’s cash flows from operations to the extent the underlying transaction being hedged is not simultaneously settled due to an extension, a renewal or otherwise. On the date when the Company enters into a derivative, the derivative is designated as a hedge of the identified exposure. The Company measures effectiveness of its hedging relationships both at hedge inception and on an ongoing basis. Interest Rate Risk Management Gains and losses on interest rate swaps designated as cash flow hedges, to the extent that the hedge relationship has been effective, are deferred in other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt instrument. The fair value of interest rate swaps on long-term debt designated as fair value hedges, to the extent the hedge relationship is effective, are recorded as an asset or liability with a corresponding adjustment to the carrying value of the debt. Any ineffectiveness on these instruments is immediately recognized in interest expense in the period that the ineffectiveness occurs. Gains or losses resulting from settled forward starting interest rate swaps previously designated as cash flow hedges are deferred and recognized in other comprehensive income (loss), net of tax, and amortized as an adjustment to interest expense over the period originally covered by the swap. Gains or losses resulting from the early termination of interest rate swaps previously designated as fair value hedges are deferred as an increase or decrease to the carrying value of the related debt and amortized as an adjustment to the yield of the related debt instrument over the remaining period originally covered by the swap. The cash received or paid relating to interest rate swaps is included in accrued liabilities and other as an operating activity in the Consolidated Statements of Cash Flows. Foreign Currency Management The Company’s foreign exchange risk management policy emphasizes hedging foreign currency intercompany financing activities with derivatives with maturity dates of three years or less. The Company uses derivative instruments, such as cross-currency swap agreements, to hedge currency risk associated with foreign currency-denominated assets and liabilities associated with intercompany financing activities. The Company uses the hypothetical derivative method to measure the effectiveness of its cross-currency swap agreements. The effective portions of the changes in fair values of cross-currency swap agreements are reported in accumulated other comprehensive income (loss) and an amount is reclassified out of accumulated other comprehensive income (loss) into other expense, net, in the same period that the carrying value of the underlying foreign currency intercompany financing arrangements are remeasured. The ineffective portion of the unrealized gains and losses on cross-currency swaps, if any, is recorded immediately to other expense, net. The Company evaluates the effectiveness of cross-currency swap agreements on a quarterly basis. The cash flows related to the cross-currency swap agreements, including amounts related to the periodic interest settlements and the principal balances, are included in cash flows from operating activities. The Company utilizes forward exchange contracts and options to manage foreign exchange risk related to both known and anticipated intercompany transactions and third-party commercial transaction exposures of approximately one year in duration or less. For instruments designated as cash flow hedges, the effective portion of the changes in fair value of these instruments is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transactions affect earnings. Any ineffective portion is immediately recognized in earnings. The earnings impact of cash flow hedges relating to forecasted purchases of inventory is generally reported in cost of products sold to match the underlying transaction being hedged. For instruments designated as fair value hedges, the changes in fair value are reported in earnings, generally offsetting the change in value of the underlying instrument being hedged. Gains and losses related to qualifying forward exchange contracts, which hedge certain anticipated transactions, are recognized in other comprehensive income (loss) until the underlying transaction occurs. For hedged forecasted transactions, hedge accounting is discontinued if the forecasted transaction is no longer probable of occurring, in which case previously deferred hedging gains or losses would be recorded to earnings immediately. The fair values of foreign currency hedging instruments are recorded within Prepaid expenses and other, Other assets, Other accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets based on the maturities of the derivative instruments at December 31, 2015 and 2014. Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. Dollars at the rates of exchange in effect at year-end. The related translation adjustments are made directly to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income (loss). International subsidiaries operating in highly inflationary economies remeasure nonmonetary assets at historical rates, while net monetary assets are remeasured at current rates, with the resulting remeasurement adjustment included in net income (loss) as other expense, net. The Company designates certain foreign currency denominated, long-term intercompany financing transactions as being of a long-term investment nature and records gains and losses on the transactions arising from changes in exchange rates as translation adjustments. Venezuelan Operations Until December 31, 2015, the Company accounted for its Venezuelan operations using highly inflationary accounting, and therefore, the Company remeasured assets, liabilities, sales and expenses denominated in Bolivar Fuertes (“Bolivars”) into U.S. Dollars using the applicable exchange rate, and the resulting translation adjustments were included in earnings. In February 2013, the exchange rate for Bolivars declined to 6.3 Bolivars per U.S. Dollar. Prior thereto, the Company remeasured its operations denominated in Bolivars at the rate of exchange used by the Transaction System for Foreign Currency Denominated Securities (“SITME”) of 5.3 Bolivars per U.S. Dollar. As a result, the Company recorded a charge of $11.1 million in the first quarter of 2013, based on the decline in value of the net monetary assets of its Venezuelan operations that are denominated in Bolivars. Beginning in July 2013, the Venezuelan government authorized certain companies that operate in designated industry sectors to exchange a limited volume of Bolivars for U.S. Dollars at a bid rate established via weekly auctions under a system referred to as “SICAD I.” During the first quarter of 2014, the government expanded the types of transactions that may be subject to the weekly SICAD I auction process while retaining the official rate of 6.3 Bolivars per U.S. Dollar and introduced another currency exchange mechanism (“SICAD II”). The official exchange rate for settling certain transactions through the National Center of Foreign Trade (“CENCOEX”), including imports of essential goods, remains at 6.3 Bolivars per U.S. Dollar. In March 2014, the Company analyzed the multiple rates available and the Company’s estimates of the applicable rate at which future transactions could be settled and dividends could be paid. Based on this analysis, the Company determined as of March 31, 2014 that the SICAD I rate was the most appropriate rate to use prospectively for remeasurement rather than the CENCOEX rate, which the Company used up to March 31, 2014. As a result, the Company recorded net foreign exchange losses of $45.6 million in 2014, including foreign exchange losses of $38.7 million during the first quarter of 2014, based on the adoption of and ongoing changes in the SICAD I exchange rate applicable for remeasuring the net monetary assets of the Company’s Venezuelan operations that are denominated in Bolivars. As of December 31, 2014, the SICAD I auction rate was 12.0 Bolivars per U.S. Dollar, and the SICAD II rate was 50.0 Bolivars per U.S. Dollar. In February 2015, the Venezuelan government announced changes in its foreign currency exchange system. The official rate of 6.3 Bolivars per U.S. Dollar continued to be made available for purchases of essential goods. The SICAD I exchange mechanism became known as SICAD. There were SICAD auctions during 2014 and 2015, and the exchange rate in the last SICAD auction in 2015 was 13.5 Bolivars per U.S. Dollar. The SICAD II market has been eliminated, and a new alternative currency market, the Foreign Exchange Marginal System (“SIMADI”) has been created. The SIMADI market is intended to have a floating exchange rate determined by market participants, and as of December 31, 2015, the SIMADI exchange rate was 198.7 Bolivars per U.S. Dollar. The Company last participated in a SICAD auction in the fourth quarter of 2014. The Company did not participate in the SICAD II market in 2014 or 2015 and did not participate in the SIMADI market in 2015. Based on an assessment of the rate at which future transactions could be settled and dividends could legally be paid by the Company’s Venezuelan operations throughout 2015, the Company used the SICAD rate during 2015 to remeasure its assets, liabilities, sales and expenses denominated in Bolivars, which was a rate of 13.5 Bolivars per U.S. Dollar as of December 31, 2015. As a result, the Company recorded foreign exchange losses of $9.2 million during 2015 based on the change in the SICAD exchange rate. As of December 31, 2015, the Company determined it could no longer exercise control over its Venezuela operations because the availability of U.S. Dollars had declined significantly over the past several years in each of Venezuela’s three exchange mechanisms. The Company most recently participated in a SICAD auction in the fourth quarter of 2014 and had very little access to the CENCOEX exchange mechanism during 2015. As the conditions in Venezuela have continued to deteriorate, including increasingly restrictive exchange control regulations and reduced access to U.S. Dollars through official currency exchange mechanisms, the Company concluded that an other-than-temporary lack of exchangeability between the Bolivar and the U.S. Dollar existed as of December 31, 2015. Furthermore, increasingly restrictive governmental regulations related to prices the Company can charge for its products, distribution channels into which the Company can sell its products, product labeling requirements, importation of raw materials and sourced products which must be purchased in U.S. Dollars, and labor matters have restricted the Company’s ability to make and execute decisions related to its Venezuela operations. For example, in the fourth quarter of 2015, the Venezuelan government further reduced the maximum profit margin the Company can realize from 30% to 20% for the types of goods the Company imports into the country for sale. Additionally, the exchange restrictions have prevented the Venezuela business from paying royalties and dividends, restricting the ability of the Company to benefit from the earnings from its Venezuela operations. The Company concluded it could no longer make key operational and financial decisions regarding its Venezuelan operations, such as the ability to manage the Venezuelan operations’ capital structure, material sourcing, product pricing and labor relations. As a result, the Company deconsolidated its Venezuelan operations. Prior to the deconsolidation of the Venezuela operations on December 31, 2015, the results of the Company’s Venezuelan operations have been included in the Company’s Consolidated Statements of Operations for all periods presented and have been included in the Company’s Consolidated Balance Sheet for all periods prior to December 31, 2015. As of December 31, 2015, the Company began accounting for its investment in its Venezuelan operations using the cost method of accounting, and the cost basis was adjusted to $0 as of December 31, 2015. As a result of deconsolidating its Venezuelan operations, the Company recorded a charge of $172.7 million in 2015. The charge consisted of the write-off of the Company’s Venezuelan operations’ net assets of $74.7 million, as well as $58.3 million of Venezuela receivable-related assets held by other subsidiaries, resulting in $133.0 million of total charges associated with the deconsolidation of Venezuela’s net assets. In addition, in accordance with applicable accounting standards for foreign currency and the transition to the cost method for Venezuela’s operations, the Company was required to write-off the currency translation adjustment that arose prior to the application of hyperinflationary accounting in 2010 that was included in other comprehensive loss in equity. The write-off of the currency translation adjustment resulted in a pre-tax charge of $39.7 million. During the years ended December 31, 2015, 2014 and 2013, the Venezuelan operations generated 2.2%, 1.4% and 1.4% of consolidated net sales, respectively and $51.1 million, $30.0 million and $34.4 million of the Company’s reported annual operating income, respectively. The Company plans to continue operating its business in Venezuela. Since the Company holds all of the equity interests but does not have the power to direct the activities that most significantly affect the Venezuela entity’s economic performance, the Company considers the Venezuela entity a variable interest entity for which the Company is not the primary beneficiary. The Company has determined that the Venezuela entity’s assets can only be used to settle its obligations. As of December 31, 2015, the Company has no outstanding exposures or commitments with respect to its Venezuelan operations. Income Taxes The Company accounts for deferred income taxes using the asset and liability approach. Under this approach, deferred income taxes are recognized based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized. No provision is made for the U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries that are considered to be permanently invested. The Company’s income tax provisions are based on calculations and assumptions that are subject to examination by various worldwide tax authorities. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax, interest and penalty reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes, interest and penalties. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. The authoritative guidance requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate, as well as impact operating results. Stock-Based Compensation Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the award, which is generally three years for stock options and one to three years for restricted stock units and performance-based restricted stock units. The Company estimates future forfeiture rates based on its historical experience. See Footnote 15 for additional information. Recent Accounting Pronouncements Changes to U.S. Generally Accepted Accounting Principles (“GAAP”) are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals representing a strategic shift in operations that have a major effect on the Company’s operations and financial results are presented as discontinued operations. This guidance requires expanded disclosure that provides information about the assets, liabilities, income and expenses of discontinued operations. Additionally, the guidance requires additional disclosure for a disposal of a significant part of an entity that does not qualify for discontinued operations reporting. The Company adopted ASU 2014-08 on January 1, 2015, and the adoption did not impact the Company’s financial statements and disclosures. As required by ASU 2014-08, the businesses classified as discontinued operations as of December 31, 2014 continued to be classified as such after January 1, 2015. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers. Accounting Standard Codification 605 — Revenue Recognition.” ASU 2014-09 supersedes the revenue recognition requirements in “Accounting Standard Codification 605 — Revenue Recognition” and most industry-specific guidance. ASU 2014-09 requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is currently assessing the impact ASU 2014-09 will have on its financial position and results of operations. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which simplifies income statement presentation by eliminating the concept of extraordinary items. Previously, events or transactions that were both unusual in nature and infrequent in occurrence for a business entity were considered to be extraordinary items and required separate presentation, net of tax, after income from continuing operations. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual and infrequently occurring. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-01, but the adoption of ASU 2015-01 is not expected to have a material impact on the Company’s results of operations, cash flows or financial position. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810),” which amends previous guidance surrounding the consolidation model when assessing control over a legal entity and the primary beneficiary determination. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-02, but the adoption of ASU 2015-02 is not expected to have a material impact on the Company’s results of operations, cash flows or financial position. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-03, but the adoption of ASU 2015-03 is expected to reduce the Company’s long-term assets and long-term debt by approximately $20.9 million upon adoption. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory,” which modifies existing requirements regarding measuring first-in, first-out and average cost inventory at the lower of cost or market. Under existing standards, the market amount requires consideration of replacement cost, net realizable value (“NRV”), and NRV less an approximately normal profit margin. ASU 2015-11 replaces market with NRV, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This eliminates the need to determine and consider replacement cost or NRV less an approximately normal profit margin when measuring inventory. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact ASU 2015-11 will have on its financial position and results of operations. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which requires an acquirer in a business combination to recognize measurement-period adjustments during the period in which the acquirer determines the amounts, including the effect on earnings of any amounts the acquirer would have recorded in previous periods if the accounting had been completed at the acquisition date, as opposed to retrospectively. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-16 in the third quarter of 2015, and the adoption did not have a material impact on the Company’s results of operations, cash flows or financial position. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the reporting of deferred tax positions, requiring deferred tax assets and liabilities to be classified as noncurrent in the Consolidated Balance Sheets, as opposed to current and noncurrent classification under current GAAP. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company adopted ASU 2015-17 on a retrospective basis in the fourth quarter of 2015, and the adoption resulted in deferred tax assets and liabilities being presented as noncurrent on the Company’s consolidated balance sheet as of December 31, 2015 and 2014. The adoption of ASU 2015-17 retrospectively resulted in a $134.4 million and $2.1 million reduction in current deferred tax assets and liabilities, respectively, and a $17.6 million increase and $114.7 million decrease in noncurrent deferred tax assets and liabilities, respectively, as of December 31, 2014. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. ASU 2016-02 is effective for the Company on January 1, 2019. The Company is beginning to evaluate the impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. Other recently issued ASUs were assessed and determined to be either not applicable or are expected to have a minimal impact on the Company’s consolidated financial position and results of operations. |
Acquisitions (Notes) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | FOOTNOTE 2 Acquisitions and Mergers Elmer’s During October 2015, the Company acquired Elmer’s Products, Inc. (“Elmer’s”) for a purchase price of $570.1 million, which is net of $16.8 million of cash acquired and is subject to customary working capital adjustments. Elmer’s, whose brands include Elmer’s®, Krazy Glue® (a trademark of Toagosei Co. Ltd., used with permission) and X-Acto®, is a provider of activity-based adhesive and cutting products that inspire creativity in the classroom, at home, in the office, in the workshop and at the craft table. Elmer’s is reported as part of the Company’s Writing segment. The acquisition of Elmer’s was accounted for using the purchase method of accounting and, accordingly, the Company preliminarily allocated the total purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. Based on the preliminary purchase price allocation, which is subject to change while the Company obtains final third-party valuations, the Company allocated $29.4 million of the purchase price to identified tangible and monetary net assets, $81.8 million to deferred tax liabilities and $249.0 million to identified intangible assets. Approximately $199.0 million was allocated to indefinite-lived intangible assets and approximately $50.0 million was allocated to a definite-lived intangible asset with an estimated weighted-average life of 8 years. The indefinite-lived intangible assets represent the acquired Elmer’s® and X-Acto® trade names. The Company recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $373.5 million as goodwill, which is included in the Consolidated Balance Sheet at December 31, 2015. None of the goodwill is expected to be tax deductible. Approximately $20.0 million of the $29.4 million identified tangible and monetary net assets relates to the estimated fair value of Elmer’s investment in the Krazy Glue® joint venture. Of the $20.0 million joint venture investment, approximately $18.0 million relates to Elmer’s share of the fair value of the acquired Krazy Glue® trade name, the Krazy Glue® customer base and goodwill and $2.0 million relates to Elmer’s share of the tangible and monetary net assets of the Krazy Glue® joint venture. The final purchase price is subject to post-closing adjustments for working capital and other matters. Elmer’s results of operations are included in the Company’s Consolidated Statements of Operations since the acquisition date, including net sales of $36.3 million since the acquisition date. Pro forma results of operations of the Company would not be materially different as a result of the acquisition and therefore are not presented. Jarden Corporation During December 2015, the Company entered into an agreement and plan of merger (the “Merger Agreement”) to acquire Jarden Corporation (“Jarden”). Jarden is a global consumer products company with leading brands, such as Yankee Candle, Crock-Pot, FoodSaver, Mr. Coffee, Oster, Coleman, First Alert, Rawlings, Jostens, K2, Marker, Marmot, Volkl, and many others. The combined company would be called Newell Brands Inc. In connection with the Merger Agreement, each share of Jarden common stock will be converted into the right to receive and become exchangeable for merger consideration consisting of (1) 0.862 of a share of Newell Rubbermaid common stock plus (2) $21.00 in cash. Based on the closing price of a share of Newell Rubbermaid common stock on February 24, 2016 of $37.74 per share, the implied total consideration is approximately $14.0 billion, including $5.5 billion of cash and $8.5 billion of Newell Rubbermaid common stock. Upon completion of the proposed merger, the Company estimates that stockholders of Newell Rubbermaid and stockholders and convertible noteholders of Jarden immediately before the proposed merger will own 54% and 46%, respectively, of Newell Brands upon completion of the proposed merger. The Company intends to finance the $5.5 billion cash portion of the merger consideration and related fees and expenses incurred by it in connection with the proposed merger and refinance approximately $4.5 billion of outstanding Jarden debt with up to approximately $10.1 billion of new debt expected to be incurred in the form of the term loan facility as further described in Note 10, newly issued Newell Rubbermaid debt securities, available cash balances, net proceeds from the planned divestiture of the Décor business as further described in Note 3 and borrowings under the bridge credit facility as further described in Note 10. In addition, the Company expects the combined company to assume two tranches of outstanding Jarden debt with principal amounts of $300 million and €300 million upon completion of the proposed merger. The proposed merger is subject to approvals by the Newell Rubbermaid and Jarden stockholders as well as various government and regulatory approvals. Ignite On September 4, 2014, the Company acquired 100% of Ignite Holdings, LLC (“Ignite”) for $313.1 million, which is net of $7.2 million of cash acquired. A portion of the purchase price was used to repay Ignite’s outstanding debt obligations at closing. Ignite is a designer and marketer of durable beverage containers sold under the Contigo® and Avex® brands. The Ignite acquisition gives the Company’s Home Solutions segment access to additional channels in the on-the-go hydration and thermal bottle market in North America and fits with the Company’s strategy of accelerating growth by leveraging its capabilities across additional product categories, geographies and channels. This acquisition was accounted for using the purchase method of accounting and, accordingly, the Company allocated the total purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The Company allocated $18.1 million of the purchase price to identified tangible and monetary net assets and $151.6 million to identified intangible assets. Approximately $57.6 million was allocated to an indefinite-lived intangible asset and approximately $94.0 million was allocated to definite-lived intangible assets with a weighted-average life of 7.5 years. The indefinite-lived intangible asset represents the acquired Contigo® trade name. The Company recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $143.4 million as goodwill. Approximately $105.5 million of the goodwill is expected to be tax deductible. Ignite’s results of operations are included in the Company’s Consolidated Statements of Operations since the acquisition date. bubba On October 22, 2014, the Company acquired 100% of the assets of bubba brands, inc. (“bubba”) for $82.4 million. bubba is a designer and marketer of durable beverage containers in North America. The bubba acquisition expands the presence and distribution of the Company’s Home Solutions segment in the on-the-go thermal and hydration beverageware market. The bubba acquisition was accounted for using the purchase method of accounting and, accordingly, the Company allocated the total purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The Company allocated $10.2 million of the purchase price to identified tangible and monetary net assets and $41.0 million to identified intangible assets. Approximately $41.0 million was allocated to definite-lived intangible assets with a weighted-average life of 10 years. The Company recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $31.2 million as goodwill. All of the goodwill is expected to be tax deductible. bubba’s results of operations are included in the Company’s Consolidated Statements of Operations since the acquisition date. Baby Jogger On December 15, 2014, the Company acquired 100% of Baby Jogger Holdings, Inc. (“Baby Jogger”), a designer and marketer of premium infant and juvenile products focused on activity strollers and related accessories. Baby Jogger is headquartered in the U.S. and markets and sells its products in North America, Europe and Asia. The Baby Jogger acquisition gives the Baby & Parenting segment a premium brand and the opportunity to expand its geographic footprint. The Company acquired Baby Jogger for net cash consideration of $210.1 million, a portion of which was used to repay Baby Jogger’s outstanding debt obligations at closing. The Baby Jogger acquisition was accounted for using the purchase method of accounting and, accordingly, the Company allocated the total purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The Company allocated $14.6 million of the purchase price to identified tangible and monetary net liabilities, $21.8 million to deferred tax liabilities and $125.5 million to identified intangible assets. Approximately $102.0 million was allocated to an indefinite-lived intangible asset, and approximately $23.5 million was allocated to definite-lived intangible assets with a weighted-average life of 5 years. The indefinite-lived intangible asset represents the acquired Baby Jogger trade name and the acquired City Mini® and City Select® sub-brands. The Company recorded the excess of the purchase price over the aggregate fair values of identifiable assets of $91.8 million as goodwill. Approximately $27.9 million of the goodwill is expected to be tax deductible. Baby Jogger’s results of operations are included in the Company’s Consolidated Statements of Operations since the acquisition date. Other Items The goodwill associated with the acquisitions is primarily attributable to synergies expected to arise after the acquisitions. The pro forma net sales for the year ended December 31, 2015 as if the Elmer’s acquisition occurred on January 1, 2015 is $6.12 billion (unaudited). The pro forma net income and earnings per share for 2015 reflecting the inclusion of the Elmer’s acquisition, as if such acquisition occurred on January 1, 2015 would not be materially different than reported results for 2015 and therefore are not presented. The pro forma net sales for the year ended December 31, 2014 as if the Ignite, bubba and Baby Jogger acquisitions occurred on January 1, 2014 are $5.94 billion (unaudited). The pro forma net income and earnings per share for 2014 reflecting the inclusion of the acquisitions, individually and in the aggregate, as if such acquisitions occurred on January 1, 2014 would not be materially different than reported results for 2014 and therefore are not presented. The Company incurred acquisition and integration costs of $6.5 million and $5.5 million during the years ended December 31, 2015 and 2014, respectively, associated with the Ignite, bubba and Baby Jogger acquisitions, of which $3.3 million and $5.5 million are included in selling, general and administrative expenses in the Company’s Consolidated Statements of Operations for 2015 and 2014, respectively, and $3.2 million is included in restructuring costs for 2015. During the year ended December 31, 2015, the Company incurred $0.9 million and $10.8 million of costs associated with the Elmer’s acquisition and Jarden acquisition, respectively. |
Divestitures and Planned Divestitures |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestitures and Planned Divestitures Based on the Company’s strategy to allocate resources to its businesses relative to their growth potential and those with the greater right to win in the marketplace, the Company determined that certain businesses as described below did not align with the Company’s long-term growth plans, which led to the decisions to divest or cease operations of these businesses. Discontinued Operations During 2014, the Company’s Endicia and Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment in 2014 to sell the businesses. The Endicia business was included in the Writing segment, and the Culinary businesses were included in the Home Solutions segment. The Endicia business provides on-line postage solutions. The Culinary electrics business sells kitchen electrics and accessories to retailers, and the retail business sells cookware products and accessories through outlet stores. During 2015, the Company sold Endicia for net proceeds of $208.7 million, subject to customary working capital adjustments, resulting in a pretax gain of $154.2 million. The proceeds are net of $5.2 million of transaction expenses and $5.6 million of cash included in the assets sold. The $60.1 million of Endicia assets sold (which includes the Endicia cash sold) included $50.0 million of goodwill. During 2015, the Company ceased operations in its Culinary electrics and retail businesses. On September 10, 2013, the Company sold its Hardware business, including the Levolor®-branded and private label drapery hardware business, for net cash consideration of $182.9 million, of which $2.5 million was received in January 2014. The products sold by the Hardware business included convenience and window hardware, manual paint applicators, and drapery and cabinet hardware. The proceeds are net of $3.9 million of transaction expenses and $2.6 million of cash included in the assets sold. The net assets of the Hardware business were $72.8 million, including $21.2 million of goodwill, resulting in a pretax gain of $110.1 million. In addition, the Company retained approximately $27.0 million of accounts receivable, net of customer-related liabilities, associated with the Hardware business. On July 12, 2013, the Company completed the sale of its Teach business, which provided interactive teaching technology solutions. The Company recorded $22.7 million of pretax losses during 2013 relating to the impairments of goodwill, intangibles and other long-lived assets and write-downs of working capital associated with the Teach business. The following table provides a summary of amounts included in discontinued operations, which primarily relate to the Hardware, Teach, Endicia and Culinary electrics and retail businesses (in millions):
Divestitures During 2015, the Company divested its Rubbermaid medical cart business, which focuses on optimizing nurse work flow and medical records processing in hospitals and was included in the Commercial Products segment. The Company sold substantially all of the assets of the Rubbermaid medical cart business in August 2015. The consideration exchanged was not material. The Rubbermaid medical cart business was included in the consolidated results from continuing operations (in the Commercial Products segment), including net sales of $26.5 million in 2015, until it was sold in August 2015. The Rubbermaid medical cart business generated 0.4%, 1.2% and 1.3% of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Held for Sale In October 2015, the Company determined that the Levolor® and Kirsch® window coverings brands (“Décor”) did not align with the Company’s long-term growth plans and therefore, announced its intention to divest the Décor business. The Décor business did not meet the criteria for reporting the business as discontinued operations; thus, the Company has continued to include the Décor business in continuing operations as part of the Home Solutions segment. The Company expects to complete the sale of Décor during 2016 and anticipates realizing net proceeds greater than the net assets upon sale. The Décor business generated 5.1%, 5.5% and 5.7% of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. The following table presents information related to the major classes of Décor’s assets and liabilities that were classified as assets and liabilities held for sale in the Consolidated Balance Sheet as of December 31, 2015 (in millions):
|
Stockholders' Equity |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity In October 2013, the Company entered into agreements with Goldman, Sachs & Co. (“Goldman Sachs”) to effect an accelerated stock buyback (the “ASB Agreement”) of the Company’s common stock. Under the ASB Agreement, the Company paid Goldman Sachs an initial purchase price of $350.0 million, and Goldman Sachs delivered to the Company 9.4 million shares of the Company’s common stock based on an initial per share amount of $29.69, representing a substantial majority of the shares expected to be delivered under the ASB Agreement. The number of shares that the Company ultimately purchased under the ASB Agreement was determined based on the average of the daily volume-weighted average share prices of the Company’s common stock over the course of a calculation period, less a discount, and was subject to certain adjustments under the ASB Agreement. Upon settlement following the end of the calculation period in March 2014, Goldman Sachs delivered 2.0 million additional shares to the Company so that the aggregate value of the shares initially delivered plus such additional shares, based on the final price, was $350.0 million. Such shares were immediately retired. In August 2011, the Company announced a $300.0 million three-year share repurchase program (the “SRP”). Under the SRP, the Company may repurchase its own shares of common stock through a combination of 10b5-1 automatic trading plans, discretionary market purchases or in privately negotiated transactions. The SRP was authorized for a period of three years ending in August 2014. In 2014, the SRP was expanded and extended such that the Company may repurchase over $750.0 million of additional shares from February 2014 through the end of 2017, and the $42.9 million availability remaining at December 31, 2013 under the initial $300.0 million authorization was canceled. During 2015, the Company repurchased 4.5 million shares pursuant to the SRP for $180.4 million, and such shares were immediately retired. From the commencement of the SRP in August 2011 through December 31, 2015, the Company has repurchased and retired a total of 28.9 million shares at an aggregate cost of $800.7 million, and the Company has $255.9 million of authorized repurchases remaining under the SRP as of December 31, 2015. The repurchase of additional shares will depend upon many factors, including the Company’s financial condition, liquidity and legal requirements. The following tables display the components of accumulated other comprehensive income (loss ) (“AOCI”) as of and for the years ended December 31, 2015 and 2014 (in millions):
(1) Includes foreign exchange (losses) gains of $(22.9) million, $(29.6) million and $10.0 million during 2015, 2014 and 2013, respectively, associated with intercompany loans designated as long-term. The following table depicts the components of other comprehensive income (loss) reclassified to earnings presented on a pretax basis and the associated income tax impact for the year ended December 31, (in millions):
|
Restructuring Costs |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs | Restructuring Costs Project Renewal In April 2015, the Company committed to a further expansion of Project Renewal (the “April 2015 Expansion”). Project Renewal was initially launched in October 2011 to reduce the complexity of the organization and increase investment in growth platforms within the business. Under Project Renewal, the Company is simplifying and aligning its businesses around two key activities - Brand & Category Development and Market Execution & Delivery. Pursuant to the program, the Company eliminated its operating groups and consolidated 13 global business units into three operating groups that manage five operating segments. Pursuant to an expansion of Project Renewal in October 2014, the Company is: (i) further streamlining its supply chain function, including reducing overhead and realigning the supply chain management structure; (ii) investing in value analysis and value engineering efforts to reduce product and packaging costs; (iii) reducing operational and manufacturing complexity in its Writing segment; and (iv) further streamlining its distribution and transportation functions. Under the April 2015 Expansion, the Company plans to implement additional activities designed to further streamline business partnering functions (e.g., Finance/IT, Legal and Human Resources), optimize global selling and trade marketing functions and rationalize the Company’s real estate portfolio. In connection with the April 2015 Expansion, the Company expects to incur approximately $150.0 million of additional costs, including cash costs of approximately $135.0 million. The additional costs include pretax restructuring charges in the range of approximately $125.0 million to $135.0 million, a majority of which are expected to be facility exit costs and employee-related cash costs, including severance, retirement and other termination benefits, including costs associated with relocating the Company’s headquarters within Atlanta, Georgia. Cumulative costs of the expanded Project Renewal are expected to be approximately $690.0 million to $725.0 million pretax, with cash costs of approximately $645.0 million to $675.0 million. Approximately 60% to 70% of the total costs are expected to be restructuring costs, a majority of which are expected to be employee-related cash costs, including severance, retirement and other termination benefits and costs. Project Renewal is expected to be complete by the end of 2017. The following table depicts the restructuring charges, net of adjustments, incurred in connection with Project Renewal for the years ended December 31, (in millions):
Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management and are periodically updated for changes. Restructuring amounts also include amounts recognized as incurred. The following tables depict the activity in accrued restructuring reserves for Project Renewal for 2015 and 2014 (in millions):
The following tables depict the activity in accrued restructuring reserves for Project Renewal for 2015 and 2014 aggregated by reportable business segment (in millions):
Total Restructuring Costs The table below shows restructuring costs recognized in continuing operations for all restructuring activities for the years indicated, aggregated by reportable business segment (in millions):
(1) Includes $0.3 million of restructuring costs in the Home Solutions segment associated with the integration of Ignite and bubba for 2015 and $2.9 million of restructuring costs for 2015 in the Baby & Parenting segment associated with the integration of Baby Jogger. Cash paid for all restructuring activities included in operating activities was $51.5 million, $71.8 million and $74.9 million for 2015, 2014 and 2013, respectively. |
Inventories, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, Net | Inventories, Net The components of net inventories were as follows as of December 31, (in millions):
Inventory costs include direct materials, direct labor and manufacturing overhead, or when finished goods are sourced, the cost is the amount paid to the third party. Approximately 51.3% and 53.3% of gross inventory costs at December 31, 2015 and 2014, respectively, were determined by the LIFO method; for the balance, cost was determined using the FIFO method. As of December 31, 2015 and 2014, LIFO reserves were $23.6 million and $30.8 million, respectively. The pretax income from continuing operations recognized by the Company related to the liquidation of LIFO-based inventories in 2015, 2014 and 2013 was $1.5 million, $7.2 million and $6.5 million, respectively. |
Property, Plant and Equipment, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant & Equipment, Net Property, plant and equipment, net, consisted of the following as of December 31, (in millions):
Depreciation expense for continuing operations was $93.0 million, $93.2 million and $99.9 million in 2015, 2014 and 2013, respectively. |
Goodwill and Other Intangible Assets, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets, Net A summary of changes in the Company’s goodwill by reportable business segment is as follows for 2015 and 2014 (in millions):
(1) On October 22, 2015, the Company acquired Elmer’s Products Inc. for $570.1 million, of which $373.5 million was preliminarily allocated to goodwill. (2) During the year ended December 31, 2015, the Company sold Endicia, including $50.0 million of goodwill. Endicia was included in the Company’s Writing segment. The Company also reclassified $19.2 million of Décor goodwill to assets held for sale.
Cumulative impairment charges relating to goodwill since January 1, 2002, were $1,642.4 million as of December 31, 2015. Of these amounts, $538.0 million was included in cumulative effect of accounting change, and $363.6 million was included in discontinued operations. Other intangible assets, net consisted of the following as of December 31, (in millions):
The table below summarizes the Company’s amortization periods using the straight-line method for other intangible assets, including capitalized software, as of December 31, 2015:
Amortization expense for intangible assets, including capitalized software, for continuing operations was $76.5 million, $60.6 million and $55.3 million in 2015, 2014 and 2013, respectively. As of December 31, 2015, the aggregate estimated intangible amortization amounts for the succeeding five years are as follows (in millions):
Actual amortization expense to be reported in future periods could differ materially from these estimates as a result of acquisitions, changes in useful lives and other relevant factors. |
Other Accrued Liabilities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities included the following as of December 31, (in millions):
Customer accruals are promotional allowances and rebates, including cooperative advertising, given to customers in exchange for their selling efforts and volume purchased. The self-insurance accrual is primarily casualty liabilities such as workers’ compensation, general and product liability and auto liability, and is estimated based upon historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs. |
Debt |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt The following is a summary of outstanding debt as of December 31, (in millions):
During 2015 and 2014, the Company’s average commercial paper obligations outstanding were $336.7 million and $114.4 million, respectively, at average interest rates, including fees and commissions, of 1.7% and 2.7%, respectively. The aggregate maturities of debt outstanding, based on the earliest date the obligation may become due, are as follows as of December 31, 2015 (in millions):
Medium-term Notes The Company’s outstanding medium-term notes consisted of the following principal amounts and interest rate swap values as of December 31, (in millions):
Average stated interest rate of all medium-term notes outstanding as of December 31, 2015 was 3.69%. As of December 31, 2015, the Company was party to fixed-for-floating interest rate swaps designated as fair value hedges. The interest rate swaps relate to an aggregate $596.0 million principal amount of the medium-term notes and result in the Company effectively paying a floating rate of interest on the medium-term notes hedged by the interest rate swaps, which includes fixed-for-floating interest rate contracts with third-party financial institutions the Company entered into during 2012 relating to $346.0 million of the 4.70% medium-term notes due 2020 and during 2014 relating to $250.0 million of the 4.00% medium-term notes due 2024. During 2014, the Company, at its option, terminated and settled portions of interest rate swaps related to an aggregate $154.0 million principal amount of 4.70% medium-term notes with an original maturity date of August 2020 in connection with the repayment of the underlying notes. The Company paid $5.9 million to counterparties as settlement for the interest rate swaps. The Company also, at its option, terminated and settled an interest rate swap related to the $250.0 million principal amount of 6.25% medium-term notes with an original maturity of April 2018. The Company received cash proceeds of $18.7 million from the counterparty as settlement for the interest rate swap. The gain resulting from the early termination of the interest rate swap was deferred and is being amortized as an adjustment to interest expense over the remaining term of the debt originally hedged by the interest rate swap. The cash paid and received from the termination of the interest rate swaps is included in cash provided by operating activities in accrued liabilities and other in the Consolidated Statement of Cash Flows for 2014. See Footnote 11 for further details. The medium-term note balances at December 31, 2015 and 2014 include mark-to-market adjustments of $3.1 million and $11.8 million, respectively, to record the fair value of the hedges of the fixed-rate debt, and the mark-to-market adjustments had the effect of decreasing the reported value of the medium-term notes. Compared to the stated rates of the underlying medium-term notes, the interest rate swaps, including amortization of settled interest rate swaps, had the effect of reducing interest expense by $14.8 million, $13.9 million and $13.6 million for 2015, 2014 and 2013, respectively. In October 2015, the Company completed the offering and sale of $600.0 million of unsecured senior notes, consisting of $300.0 million aggregate principal amount of 2.15% notes due 2018 (the “2018 Notes”) and $300.0 million aggregate principal amount of 3.90% notes due 2025 (the “2025 Notes” and, together with the 2018 Notes, the “Notes”). The aggregate net proceeds from the issuance of the Notes were $594.6 million, which were used for the acquisition of Elmer’s and for general corporate purposes. The Notes are senior obligations of the Company and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. All or any portion of the 2018 Notes may be redeemed by the Company at any time, and all or any portion of the 2025 Notes may be redeemed at any time prior to August 1, 2025 (the date three months prior to the maturity date of the 2025 Notes) at a redemption price plus accrued and unpaid interest to the date of redemption. The 2018 Notes’ redemption price is equal to the greater of (1) 100% of the principal amount of the Notes being redeemed on the redemption date or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of any payments of interest accrued through the date of the redemption), discounted to the date of redemption at a specified rate. The 2025 Notes’ redemption price prior to August 1, 2025 is equal to the greater of (1) 100% of the principal amount of the Notes being redeemed on the redemption date or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon as if the 2025 Notes matured on August 1, 2025 (not including any portion of any payments of interest accrued through the date of the redemption) discounted to the date of redemption at a specified rate; and on or after August 1, 2025, at 100% of the principal; plus, in each case, accrued and unpaid interest on the notes being redeemed to the redemption date. The Notes also contain a provision that allows holders of the Notes to require the Company to repurchase all or any part of the Notes if a change of control triggering event occurs. Under this provision, the repurchase of the Notes will occur at a purchase price of 101% of the outstanding principal amount, plus accrued and unpaid interest, if any, on such Notes to the date of repurchase. The Notes are classified as long-term debt in the Company’s Consolidated Balance Sheet at December 31, 2015, based on their maturity dates in 2018 and 2025. In November 2014, the Company completed the offering and sale of $850.0 million of unsecured senior notes, consisting of $350.0 million aggregate principal amount of 2.875% notes due 2019 (the “2.875% 2019 Notes”) and $500.0 million aggregate principal amount of 4.00% notes due 2024 (the “2024 Notes”). The aggregate net proceeds from the issuance of the 2019 Notes and 2024 Notes were $841.8 million, which were used to redeem $168.7 million of the $550.0 million principal amount outstanding 4.70% notes due 2020 (the “2020 Notes”), redeem the $250.0 million of outstanding 2.00% notes due 2015 (the “2015 Notes”), redeem the $20.7 million of outstanding 10.60% notes due 2019 (the “10.60% 2019 Notes”), reduce borrowings under the Company’s commercial paper program and receivables facility, finance acquisitions and for general corporate purposes. The 2019 Notes and 2024 Notes are senior obligations of the Company and rank equally with all of its other unsecured and unsubordinated indebtedness from time to time outstanding. The 2.875% 2019 Notes may be redeemed by the Company at any time prior to the date that is one month prior to the maturity date, and the 2024 Notes may be redeemed at any time prior to the date that is three months prior to the maturity date of the 2024 Notes, in whole or in part, at a redemption price plus accrued and unpaid interest to the date of redemption. The redemption price is equal to the greater of (1) 100% of the principal amount of the 2019 Notes or 2024 Notes being redeemed on the redemption date or (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon (not including any portion of any payments of interest accrued through the date of the redemption), discounted to the date of redemption on a semiannual basis at a specified rate. If the 2.875% 2019 Notes are redeemed on or after a date that is one month prior to the maturity date of the 2.875% 2019 Notes, then the redemption price is equal to 100% of the principal amount of the 2.875% 2019 Notes being redeemed plus accrued interest to such redemption date. If the 2024 Notes are redeemed on or after a date that is three months prior to the maturity date of the 2024 Notes, then the redemption price is equal to 100% of the principal amount of the 2024 Notes being redeemed plus accrued interest to such redemption date. The 2019 Notes and 2024 Notes also contain a provision that allows holders of the 2019 Notes and 2024 Notes to require the Company to repurchase all or any part of the 2019 Notes and 2024 Notes if a change of control triggering event occurs. Under this provision, the repurchase of the 2019 Notes and 2024 Notes will occur at a purchase price of 101% of the outstanding principal amount, plus accrued and unpaid interest, if any, to the date of repurchase. The 2019 Notes and 2024 Notes are classified as long-term debt in the Company’s Consolidated Balance Sheet at December 31, 2015, based on their maturity dates in 2019 and 2024. In December 2014, the Company exercised the early redemption provisions of the 2015 Notes and repaid and retired the $250.0 million outstanding principal amount of the 2015 Notes. At settlement, the Company paid $251.9 million, which included a $1.9 million premium payable pursuant to the terms of the 2015 Notes. The Company recognized a loss of $2.3 million on extinguishment of the 2015 Notes, which included the premium paid and the write-off of unamortized debt issuance costs. In December 2014, the Company also exercised the early redemption provisions of the 10.60% 2019 Notes and repaid and retired the remaining $20.7 million outstanding principal amount of the 10.60% 2019 Notes. At settlement, the Company made a cash payment of $28.1 million, which included a $7.4 million premium payable pursuant to the terms of the 10.60% 2019 Notes. The Company recognized a loss of $7.7 million on extinguishment of the 10.60% 2019 Notes, which included the premium paid and the write-off of unamortized debt issuance costs. In December 2014, the Company completed a tender offer for the 2020 Notes and purchased $168.7 million principal amount of the $550.0 million outstanding 2020 Notes. Pursuant to the terms of the tender offer, the Company made a cash payment of $184.7 million, which included a $16.0 million premium payable pursuant to the terms of the tender offer. The Company recognized a loss on extinguishment of debt of $23.2 million in connection with the tender offer for the 2020 Notes, which included the premium paid, the write-off of unamortized debt issuance costs, transaction expenses and the settlement of interest rate swaps designated as fair value hedges of $154.0 million of the $168.7 million 2020 Notes tendered and repaid. Receivables-Related Borrowings In August 2015, the Company extended the expiration date of its receivables facility to August 2016 and expanded the available borrowings to up to $400.0 million (the “Receivables Facility”). Under the Receivables Facility, the Company and certain operating subsidiaries (collectively, “the Originators”) sell their receivables to a financing subsidiary as the receivables are originated. The financing subsidiary is wholly owned by the Company and is the owner of the purchased receivables and the borrower under the Receivables Facility. The assets of the financing subsidiary are restricted as collateral for the payment of debt or other obligations arising under the Receivables Facility, and the financing subsidiary’s assets and credit are not available to satisfy the debts and obligations owed to the Company’s or any other Originator’s creditors. The Company includes the financing subsidiary’s assets, liabilities and results of operations in its Consolidated Financial Statements. The Receivables Facility requires, among other things, that the Company maintain a certain interest coverage ratio, and the Company was in compliance with such requirements under the Receivables Facility as of December 31, 2015. The financing subsidiary owned $804.4 million of outstanding accounts receivable as of December 31, 2015 , and these amounts are included in accounts receivable, net in the Company’s Consolidated Balance Sheet at December 31, 2015. The Company had $350.0 million of outstanding borrowings under the Receivables Facility as of December 31, 2015. Revolving Credit Facility and Commercial Paper On December 2, 2011, the Company entered into a five-year credit agreement (the “Credit Agreement”) with a syndicate of banks. As extended, the Credit Agreement provided for an unsecured syndicated revolving credit facility maturing in December 2019, and an aggregate commitment at any time outstanding of up to $800.0 million. In January 2016, the Company entered into a five-year revolving credit agreement (the “Revolving Credit Agreement”) with a syndicate of banks. The Revolving Credit Agreement amends and restates in its entirety the Credit Agreement. The Revolving Credit Agreement provides for an unsecured syndicated revolving credit facility with a maturity date of January 2021, and an aggregate commitment at any time outstanding of up to $1.25 billion (the “Facility”). The Company may from time to time request increases in the aggregate commitment to up to $1.75 billion upon the satisfaction of certain conditions. The Company may request extensions of the maturity date of the Facility (subject to lender approval) for additional one-year periods. Borrowings under the Facility will be used for general corporate purposes, and the Facility provides the committed backup liquidity required to issue commercial paper. Accordingly, commercial paper may be issued only up to the amount available for borrowing under the Facility. Under the Facility, the Company may borrow funds on a variety of interest rate terms. The Facility also provides for the issuance of up to $100.0 million of letters of credit, so long as there is a sufficient amount available for borrowing under the Facility. The Company may borrow, prepay and re-borrow amounts under the Facility at any time prior to termination of the Facility. As of December 31, 2015, there were no borrowings or standby letters of credit issued or outstanding under the Facility and there was no commercial paper outstanding. In addition to the committed portion of the Facility, the Credit Agreement, and subsequently, the Revolving Credit Agreement, provides for extensions of competitive bid loans from one or more lenders (at the lenders’ discretion) of up to $500.0 million, which are not a utilization of the amount available for borrowing under the Facility. The Credit Agreement, and subsequently, the Revolving Credit Agreement, contains customary representations and warranties, covenants and events of default. The covenants set forth in both the Credit Agreement and Revolving Credit Agreement include certain affirmative and negative operational and financial covenants, including, among other things, restrictions on the Company’s ability to incur certain liens, make fundamental changes to its business or engage in transactions with affiliates, limitations on the amount of indebtedness that may be incurred by the Company’s subsidiaries and a requirement that the Company maintain certain interest coverage and total indebtedness to total capital ratios, as defined. In addition, the Credit Agreement, and subsequently, the Revolving Credit Agreement, provide for certain events of default, the occurrence of which could result in the acceleration of the Company’s obligations under the Credit Agreement or Revolving Credit Agreement, as applicable, and the termination of the lenders’ obligation to extend credit pursuant to the Credit Agreement or Revolving Credit Agreement. As of December 31, 2015, the Company was in compliance with the provisions of the Credit Agreement. Bridge Credit Facility On December 13, 2015, the Company entered into a commitment letter with a lender. The lender committed to provide financing for the Jarden transaction, consisting of a $10.5 billion senior unsecured bridge facility (the “Jarden Bridge Facility”). The availability under the Jarden Bridge Facility is subject to reduction in equivalent amounts upon the completion of any issuance of debt securities by the Company and upon other specified events. Due to the Company entering into the term loan credit agreement as described below, the availability under the Jarden Bridge facility has been reduced to $9.0 billion. Borrowings under the Jarden Bridge Facility shall not occur prior to March 31, 2016 and are subject to the satisfaction of certain conditions. Borrowings under the Jarden Bridge Facility bear interest, at the Company’s election, at (i) the eurodollar rate plus an applicable margin, or (ii) the base rate plus an applicable margin. The Company incurred $47.8 million in origination fees associated with the commitment letter contemplating the Jarden Bridge Facility, which are included in net short-term borrowings and related issuance costs in the Consolidated Statement of Cash Flows for the year ended December 31, 2015. Term Loan Credit Agreement On January 26, 2016, the Company entered into a credit agreement (the “Term Loan Credit Agreement”) for a $1.5 billion senior unsecured term loan facility (the “Term Loan Facility”) with a syndicate of banks. The Term Loan Credit Agreement provides for a maturity date of three years from the closing date of the Jarden transaction and requires the Company to repay 5% of the initial borrowings in each of the first and second years after the closing of the Jarden transaction and the remaining 90% of the initial borrowings during the third year after the closing of the Jarden transaction. At the Company’s election, borrowings under the Term Loan Credit Agreement will bear interest either at (i) the eurodollar rate plus an applicable margin, or (ii) the base rate plus an applicable margin. Borrowings pursuant to the Term Loan Credit Agreement will be used to pay a portion of the cash consideration in connection with the Jarden transaction. Borrowings under the the Term Loan Facility will be funded by the lenders upon the satisfaction of certain conditions, including the consummation of the Jarden transaction, but in no event prior to March 31, 2016. |
Derivatives |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives The use of financial instruments, including derivatives, exposes the Company to market risk related to changes in interest rates, foreign currency exchange rates and commodity prices. The Company primarily uses derivatives to manage its interest rate exposure, to achieve a desired proportion of variable and fixed-rate debt, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and to manage changes in fair value resulting from changes in foreign currency exchange rates. The Company does not use derivative instruments for speculative or trading purposes. Fair Value Hedges-Interest Rate Swap Agreements The Company enters into interest rate swap agreements related to existing debt obligations with initial maturities ranging from five to ten years. The Company’s interest rate swap agreements have the economic effect of modifying the fixed interest obligations associated with approximately $596.0 million of the medium-term notes so that the interest payable on these medium-term notes effectively became variable. The Company uses these interest rate swap agreements to manage its interest rate exposure and to achieve a desired proportion of variable- and fixed-rate debt. The critical terms of the interest rate swap agreements match the critical terms of the medium-term notes that the interest rate swap agreements pertain to, including the notional amounts and maturity dates. These transactions are characterized as fair value hedges for financial accounting purposes because they protect the Company against changes in the fair values of certain fixed-rate borrowings due to benchmark interest rate movements. The changes in fair values of these interest rate swap agreements are recognized as interest expense in the Consolidated Statements of Operations with the corresponding amounts included in other assets or other noncurrent liabilities in the Consolidated Balance Sheets. The amount of net gain (loss) attributable to the risk being hedged is recognized as interest expense in the Consolidated Statements of Operations with the corresponding amount included in Current Portion of Long-term Debt and Long-term Debt. The periodic interest settlements for the interest rate swap agreements are included as interest expense and are included as a part of cash flows from operating activities. Cash Flow Hedges-Forward-Starting Interest Rate Swaps The Company also uses derivatives to hedge interest rates on anticipated issuances of medium-term notes occurring within one year or less of the inception date of the derivative, and the Company uses these instruments to reduce the volatility in future interest payments that would be made pursuant to the anticipated issuances of medium-term notes. These derivatives are designated as cash flow hedges. The changes in fair values of these instruments are recognized in other comprehensive income (loss), and after the medium-term notes are issued and the derivative instruments are settled, the amount in other comprehensive income (loss) is amortized to interest expense in the Consolidated Statements of Operations over the term of the related medium-term notes. The cash paid or received from the settlement of forward-starting interest rate swaps is included in cash flows from operating activities. Cash Flow Hedges-Cross-Currency Swap Agreements The Company’s foreign exchange risk management policy emphasizes hedging foreign currency intercompany financing activities with derivatives with maturity dates of three years or less. The Company uses derivative instruments, such as cross-currency swap agreements, to hedge currency risk associated with foreign currency-denominated assets and liabilities associated with intercompany financing activities. In connection with intercompany financing arrangements entered into in April 2015, the Company entered into two cross-currency swap agreements to manage the related foreign currency exchange risk of the intercompany financing arrangements. As of December 31, 2015, the notional value of outstanding cross-currency interest rate swaps was $189.1 million, and the cross-currency swaps are intended to eliminate uncertainty in cash flows in U.S. Dollars and British Pounds in connection with the intercompany financing arrangements. The cross-currency swap agreements have been designated as qualifying hedging instruments and are accounted for as cash flow hedges. The critical terms of the cross-currency swap agreements correspond to the terms of the intercompany financing arrangements, including the annual principal and interest payments being hedged, and the cross-currency swap agreements mature at the same time as the intercompany financing arrangements. The Company uses the hypothetical derivative method to measure the effectiveness of its cross-currency swap agreements. The fair values of these cross-currency swap agreements are recognized as other assets or other noncurrent liabilities in the Consolidated Balance Sheets. The effective portions of the changes in fair values of these cross-currency swap agreements are reported in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and an amount is reclassified out of accumulated other comprehensive income (loss) into other expense, net, in the same period that the carrying value of the underlying foreign currency intercompany financing arrangements are remeasured. The ineffective portion of the unrealized gains and losses on these cross-currency swaps, if any, is recorded immediately to other expense, net. The Company evaluates the effectiveness of its cross-currency swap agreements on a quarterly basis, and the Company did not record any ineffectiveness for the year ended December 31, 2015. The cash flows related to the cross-currency swap agreements, including amounts related to the periodic interest settlements and the principal balances, will be included in cash flows from operating activities. Cash Flow Hedges-Foreign Currency Forward Contracts The Company’s foreign exchange risk management policy generally emphasizes hedging certain transaction exposures of 18- month durations or less. The Company transacts business in various foreign currencies and periodically enters into primarily foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures, and the Company has designated such instruments as hedges of probable forecasted foreign currency denominated sales or purchases. As of December 31, 2015, the notional amounts of the forward contracts held to purchase U.S. Dollars in exchange for other major international currencies was $185.2 million, and the notional amounts of additional forward contracts held to buy and sell international currencies were $82.6 million. The net gains (losses) related to these forward contracts are included in accumulated other comprehensive income (loss) until the hedged transaction occurs or when the hedged transaction is no longer probable of occurring. The net gains (losses) in accumulated other comprehensive income (loss) are generally reclassified to cost of products sold in the Consolidated Statements of Operations because the forward currency contracts generally hedge purchases of inventory. The cash flows related to these foreign currency contracts are included in cash flows from operating activities. Hedging instruments are not available for certain currencies in countries in which the Company has operations. In these cases, the Company uses alternative means in an effort to achieve an economic offset to the local currency exposure such as invoicing and/or paying intercompany and third party transactions in U.S. Dollars. The Company reports its derivative positions in the Consolidated Balance Sheets on a gross basis and does not net asset and liability derivative positions with the same counterparty. The Company monitors its positions with, and the credit quality of, the financial institutions that are parties to its financial transactions. Gains and losses from changes in fair values of derivatives that are not designated as hedges for accounting purposes are recognized currently in earnings, and such amounts were not material for the years ended December 31, 2015, 2014 and 2013. The following table summarizes the Company’s outstanding derivative instruments and their effects on the Consolidated Balance Sheets as of December 31, 2015 and 2014 (in millions):
The fair values of outstanding derivatives that are not designated as hedges for accounting purposes were not material as of December 31, 2015 and 2014. The Company is not a party to any derivatives that require collateral to be posted prior to settlement. During 2014, the Company settled interest rate swaps designated as fair value hedges of $154.0 million principal amount of the 2020 Notes that were repaid in 2014. In connection with the repayment of the 2020 Notes, the Company paid cash of $5.9 million to counterparties as settlement for the interest rate swaps. During 2014, the Company, at its option, terminated and settled an interest rate swap related to a $250.0 million principal amount of 6.25% medium-term notes with an original maturity of April 2018. The Company received cash proceeds of $18.7 million from the counterparty as settlement for the interest rate swap. In December 2014, the Company entered into a fixed-for-floating interest rate contract with a third-party financial institution for $250.0 million principal amount of the 2024 Notes. During the term of the contract, the Company will receive semiannual interest payments from the counterparties based on a fixed annual interest rate of 4.0%; and, concurrently, the Company will make semiannual interest payments at a rate indexed to the LIBOR. The Company has a total of $596.0 million principal amount of medium-term notes hedged with fixed-for-floating contracts with third-party financial institutions as of December 31, 2015. Gains and losses resulting from the settlement of interest rate swaps designated and effective as hedges are deferred and amortized as adjustments to interest expense over the remaining term of the debt covered by the interest rate swaps. The cash paid and received from the settlement of interest rate swaps is included in cash provided by operating activities in accrued liabilities and other in the Consolidated Statements of Cash Flows. Fair Value Hedges The pretax effects of derivative instruments designated as fair value hedges on the Company’s Consolidated Statements of Operations for 2015, 2014 and 2013 were as follows (in millions):
The Company did not realize any ineffectiveness related to fair value hedges during 2015, 2014, and 2013. Cash Flow Hedges The pretax effects of derivative instruments designated as cash flow hedges on the Company’s Consolidated Statements of Operations and AOCI for 2015, 2014 and 2013 were as follows (in millions):
During December 2015, the Company entered into forward-starting interest rate swaps for an aggregate $1.0 billion notional amount for the expected issuance of medium-term notes to finance the Jarden transaction (the “2015 Swaps”). During January 2016, the Company entered into additional forward-starting interest rate swaps for an aggregate $1.3 billion notional amount (collectively with the 2015 Swaps, the “Swaps”). The total notional amount of the Swaps relating to anticipated issuances of medium-term notes for the Jarden transaction is $2.3 billion. The pretax loss for the 2015 Swaps was $3.1 million as of December 31, 2015, which was recorded in AOCI. The Company’s net position with respect to the Swaps fluctuates based on changes in benchmark interest rates. Declines in the benchmark interest rates after the date Company enters into the Swaps generally results in amounts the Company is required to pay the counterparties to settle such Swaps. If benchmark interest rates do not increase from their current levels, the Company would be required to pay the counterparties for the value of the Swaps since benchmark interest rates have declined since the Company entered into the Swaps. During 2014, the Company entered into forward-starting interest rate swaps with certain counterparties for an aggregate $400.0 million notional amount (the “2014 Forward Swaps”) to swap floating LIBOR rates with a weighted-average fixed rate. The 2014 Forward Swaps had original maturities in November 2014. The 2014 Forward Swaps were intended to fix the “risk-free” component of the interest rate of the Company’s forecasted debt issuances that were probable of occurring at the time the 2014 Forward Swaps were entered into. In November 2014, the 2014 Forward Swaps were settled upon the issuance of the 2019 Notes and 2024 Notes. The Company received (paid) $1.9 million, $3.1 million and $(1.6) million to settle foreign exchange contracts on intercompany borrowings during 2015, 2014 and 2013, respectively. Such amounts are included in changes in accrued liabilities and other in the Consolidated Statements of Cash Flows for 2015, 2014 and 2013. The ineffectiveness related to cash flow hedges during 2015, 2014 and 2013 was not material. The Company estimates that during the next 12 months it will reclassify income of $7.4 million included in the pretax amount recorded in AOCI as of December 31, 2015 into earnings. |
Commitments |
12 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||
Commitments [Abstract] | |||||||||||||||||||||||||||||
Commitments Disclosure [Text Block] | Commitments The Company leases manufacturing, warehouse and other facilities; real estate; and transportation, data processing and other equipment under leases that expire at various dates through the year 2025. Rent expense, which is recognized on a straight-line basis over the life of the lease term, for continuing operations, was $105.1 million, $106.1 million and $114.0 million in 2015, 2014 and 2013, respectively. Future minimum rental payments for operating leases with initial or remaining terms in excess of one year are as follows as of December 31, 2015 (in millions):
|
Employee Benefit And Retirement Plans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit And Retirement Plans | Employee Benefit and Retirement Plans The Company and its subsidiaries have noncontributory pension, profit sharing and contributory 401(k) plans covering substantially all of their international and domestic employees. Plan benefits are generally based on years of service and/or compensation. The Company’s funding policy is to contribute not less than the minimum amounts required by the Employee Retirement Income Security Act of 1974, as amended, the Internal Revenue Code of 1986, as amended, or foreign statutes to ensure that plan assets will be adequate to provide retirement benefits. Included in AOCI at December 31, 2015 is $619.6 million ($422.3 million net of tax) related to net unrecognized actuarial losses and unrecognized prior service credits that have not yet been recognized in net periodic pension cost. The Company’s primary U.S. defined benefit plan has $508.5 million of unrecognized actuarial losses (pretax) in AOCI as of December 31 2015. Losses in AOCI for the Company’s primary U.S. defined benefit plan greater than 10% of the projected benefit obligation are amortized over the average remaining life expectancy of the participants of 21 years. The Company expects to recognize $14.0 million ($9.7 million net of tax) of costs in 2016 associated with amortizing net actuarial losses and prior service credits. Effective December 31, 2015, the Company changed the method used to estimate the service and interest components of net periodic benefit cost for its defined benefit pension and other post-retirement plans. The new estimation approach discounts the individual expected cash flows underlying the service cost and interest cost using the applicable spot rates derived from the yield curve used to discount the cash flows used to measure the benefit obligations. Historically, the estimated service and interest cost components utilized a single weighted-average discount rate derived from the yield curve used to measure the benefit obligations at the beginning of the period. The Company elected this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows and the corresponding spot yield curve rates. The change is accounted for as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly will be accounted for prospectively. While the Company’s projected benefit obligations measured under this approach are unchanged as of December 31, 2015 compared to the previous method, the more granular application of the spot rates will reduce the 2016 service and interest cost by $9.5 million compared to the previous method. In 2014, the Company updated its mortality estimates for its U.S. defined benefit plans, which resulted in a pretax actuarial loss of $111.9 million recorded to AOCI. The total pretax gains (losses) recognized in AOCI for all of the Company’s defined benefit plans were $56.1 million and $(120.5) million for 2015 and 2014, respectively. The Company’s tax-qualified defined benefit pension plan is frozen for the entire U.S. workforce, and the Company has replaced the defined benefit pension plan with an additional defined contribution benefit arrangement, which benefit vests after three years of employment. The Company recorded $16.5 million, $15.8 million and $16.7 million in expense for the defined contribution benefit arrangement for 2015, 2014 and 2013, respectively. The liability associated with the defined contribution benefit arrangement as of December 31, 2015 and 2014 is $16.7 million and $16.5 million, respectively, and is included in other accrued liabilities in the Consolidated Balance Sheets. In September 2015 and September 2014, the Company commenced offers to approximately 3,300 and 5,700 former employees, respectively, who have deferred vested benefits under the Company’s tax-qualified U.S. pension plan. These former employees had the opportunity to make a one-time election to receive a lump-sum distribution of the present value of their benefits by the end of the year of the offer. Cash payments of $70.6 million and $98.6 million were made from the pension plan assets in December 2015 and December 2014, respectively, to those electing the lump-sum distribution. Based on the lump-sum distributions that were paid, the Company incurred non-cash settlement charges of $52.1 million and $65.4 million in 2015 and 2014, respectively. As of December 31, 2015 and 2014, the Company maintained various nonqualified deferred compensation plans with varying terms. The total liability associated with these plans was $44.2 million and $49.1 million as of December 31, 2015 and 2014, respectively. These liabilities are included in other accrued liabilities and other noncurrent liabilities in the Consolidated Balance Sheets. The Company maintains assets to offset the impact of the market gains and losses associated with the deferred compensation liabilities, and the values of these assets were $55.3 million and $54.5 million as of December 31, 2015 and 2014, respectively. These assets are included in other assets in the Consolidated Balance Sheets. The Company has a Supplemental Executive Retirement Plan (“SERP”), which is a nonqualified defined benefit and defined contribution plan pursuant to which the Company will pay supplemental benefits to certain key employees upon retirement based upon the employees’ years of service and compensation. The SERP is partially funded through a trust agreement with the Northern Trust Company, as trustee, that owns life insurance policies on approximately 310 active and former key employees with aggregate net death benefits of $275.8 million. At December 31, 2015 and 2014, the life insurance contracts were accounted for using the investment method and had a cash surrender value of $108.4 million and $106.0 million, respectively. All premiums paid and proceeds received associated with the life insurance policies are included in accrued liabilities and other in the Consolidated Statements of Cash Flows. The SERP is also partially funded through cash and mutual fund investments, which had a combined value of $4.9 million and $8.8 million at December 31, 2015 and 2014, respectively. These assets, as well as the cash surrender value of the life insurance contracts, are included in other assets in the Consolidated Balance Sheets. The projected benefit obligation was $119.5 million and $139.3 million at December 31, 2015 and 2014, respectively. The SERP liabilities are included in the pension table below; however, the value of the Company’s investments in the life insurance contracts, cash and mutual funds are excluded from the table, as they do not qualify as plan assets. The Company’s matching contributions to the contributory 401(k) plan were $14.0 million, $13.6 million and $13.9 million for 2015, 2014 and 2013, respectively. Defined Benefit Pension Plans The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, as of December 31, (in millions, except percentages):
The international amounts as of December 31, 2015 include a projected benefit obligation of $311.3 million and plan assets of $347.2 million for plans in which the benefit obligation is less than the fair value of plan assets. Net pension cost includes the following components for the years ended December 31, (in millions, except percentages):
The Company made a voluntary cash contribution of $70.0 million to its U.S. defined benefit plan in January 2015. The Company expects to make cash contributions of approximately $9.5 million and $14.6 million to its domestic and international defined benefit plans, respectively, in 2016. Plan Assets Current Allocation The fair value of each major category of pension plan assets as of December 31, 2015 and 2014 is as follows (in millions):
A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using significant unobservable inputs (Level 3) for 2015 and 2014 is as follows (in millions):
Investment Strategy The Company has established formal investment policies for the assets associated with its pension plans. The objectives of the investment strategies generally include maximizing long-term return at acceptable risk levels, diversifying among asset classes, if appropriate, as well as establishing relevant risk parameters within each asset class. Investment policies reflect the unique circumstances of the respective plans, and risk tolerance is established through consideration of plan liabilities, plan funded status and corporate financial condition. Asset allocation targets are based on periodic asset liability and/or risk budgeting study results, which help determine the appropriate investment strategies for acceptable risk levels. The investment policies permit variances from the targets within certain parameters. The target asset allocations for the Company’s U.S. pension plan and primary international pension plans are as follows as of December 31, 2015:
(1) Other investments include private equity funds and hedge funds. Expected Long-term Rate of Return on Plan Assets The Company employs a building-block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equities and fixed income are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, are evaluated before long-term capital market assumptions are determined. The long-term portfolio return is based on the fair value of plan assets and is established giving consideration to investment diversification and rebalancing. Peer data and historical returns are reviewed to assess for reasonableness and appropriateness. The weighted-average expected long-term rates of return are based on reviews of the target investment allocation and the historical and expected rates of return of the asset classes included in the pension plans’ target asset allocations. Based on the Company’s derisking approach for its primary U.S. pension plan and the increased allocation to fixed income investments, the Company reduced its estimated return on asset assumption for its primary U.S. pension plan from 7.25% in 2015 to 6.25% in 2016, which the Company estimates will result in a $6.8 million increase in pension expense in 2016. Other Post-retirement Benefit Plans Several of the Company’s subsidiaries currently provide retiree health care and life insurance benefits for certain employee groups. The following provides a reconciliation of benefit obligations and funded status of the Company’s other post-retirement benefit plans as of December 31, (in millions, except percentages):
There are no plan assets associated with the Company’s other post-retirement benefit plans. Other post-retirement benefit costs include the following components for the years ended December 31, (in millions):
The following are the weighted-average assumptions used to determine net periodic benefit cost for the other post-retirement benefit plans for the years ended December 31,:
Assumed health care cost trends have been used in the valuation of the benefit obligations for post-retirement benefits. The trend rate used to measure the benefit obligation is 8.7% for all retirees in 2016, declining to 4.5% in 2024 and thereafter. The health care cost trend rate significantly affects the reported post-retirement benefit costs and obligations. A one-percentage-point change in the assumed rate would have the following effects (in millions):
Estimated Future Benefit Payments Estimated future benefit payments under the Company’s defined benefit pension plans and other post-retirement benefit plans are as follows as of December 31, 2015 (in millions):
|
Earnings Per Share |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings per Share The calculation of basic and diluted earnings per share is shown below for the years ended December 31, (in millions, except per share data):
Net income attributable to participating securities, which consisted of certain of the Company’s outstanding restricted stock units, was $1.7 million, $2.5 million and $4.0 million for 2015, 2014 and 2013, respectively. |
Stock-Based Compensation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation The Company offers stock-based compensation to its employees that includes stock options and time-based and performance-based restricted stock units, as follows: Stock Options The Company has issued both nonqualified and incentive stock options at exercise prices equal to the Company’s common stock price on the date of grant with contractual terms of ten years. Stock options issued by the Company generally vest and are expensed ratably over three years. For options granted prior to 2008, options become fully vested and are exercisable for one year following termination due to death, disability or retirement at age 65 or older. For options granted since the beginning of 2008, options fully vest and are exercisable for a period of time depending on the employee’s age and years of service in the case of retirement (as defined in the stock option agreement). Stock option grants are generally subject to forfeiture if employment terminates prior to vesting, except upon retirement, in which case the options may remain outstanding and exercisable for the remaining contractual term of the option. The Company has not granted stock options since 2011. Time-Based Restricted Stock Units Awards of time-based restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The awards generally cliff-vest one to three years or vest ratably over three years from the date of grant. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service. The time-based restricted stock units have rights to dividend equivalents payable in cash. The Company expenses the cost of restricted stock units ratably over the vesting period, net of estimated forfeitures. Performance-Based Restricted Stock Units Performance-based restricted stock unit awards represent the right to receive unrestricted shares of stock based on the achievement of Company performance objectives and/or individual performance goals established by the Organizational Development & Compensation Committee and the Board of Directors. The performance-based restricted stock units generally entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date, depending on the level of achievement of the specified market and performance conditions (“Performance-Based RSUs”). With respect to Performance-Based RSUs granted prior to 2015, the number of shares in which the participant vests is based on the Company’s total shareholder return relative to its peer group over a three-year period (“Relative TSR Metric”). For Performance-Based RSUs granted in 2015, the number of shares in which the participant will vest is based on three criteria, including the Relative TSR Metric, a sales growth metric and an earnings growth metric. Other performance-based restricted stock units entitle the recipient to shares of common stock if specified market and performance conditions are achieved and vest no earlier than one year from the date of grant and no later than seven years from the date of grant (“Stock-Price Based RSUs”). The grant date fair value of the Performance-Based RSUs subject to the Relative TSR Metric and certain Stock-Price Based RSUs is estimated using Monte Carlo simulation, with the primary input into such valuation being the expected future volatility of the Company’s common stock, and if applicable, the volatilities of the common stocks of the companies in the Company’s peer group, upon which the relative total shareholder return performance is measured. The fair values of these awards generally approximate the fair value of the Company’s common stock on the date of grant. For Performance-Based RSUs and Stock-Price Based RSUs whose vesting is dependent on a sales growth, earnings growth or other performance metric, the Company assesses the probability of achievement of such metrics each period and records expense for the awards based on the probable achievement of such metrics. Performance-based restricted stock units are not subject to the payment of dividend equivalents in the same manner as time-based restricted stock units. Rather, with respect to performance-based restricted stock units, dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria are met and the performance-based restricted stock units vest and the related stock is issued. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service, subject to the satisfaction of the applicable performance criteria. Stock Plans The Company’s stock plans include plans adopted in 2003, 2010 and 2013. In 2013, a plan was approved by the Company’s stockholders (the “2013 Plan”). Upon approval of the 2013 Plan, shares available for issuance of new awards under all plans other than the 2013 Plan were canceled, and all future grants are required to be made from the 2013 Plan. In addition, awards under the 2010 plan granted and forfeited after December 31, 2012 have the effect of decreasing and increasing, respectively, the availability under the 2013 Plan as if the 2013 Plan were in effect as of January 1, 2013. The total number of shares of the Company’s common stock that may be issued under the 2013 Plan may not exceed 62.5 million; however, stock awards and stock units for one share reduce availability under the 2013 Plan by 3.5 shares. The 2013 Plan generally provides for awards to vest over a minimum three-year period, except for performance-based grants, which may vest over a minimum of one year, and executive new hire grants, which have no required minimum vesting period. The following table depicts the number of shares authorized for issuance and available under the 2013 Plan (shares in millions):
As of December 31, 2015, the Company had 0.3 million and 0.9 million options outstanding under the 2010 and 2003 plans, respectively. The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the requisite service period for awards expected to vest. The table below summarizes the expense related to share-based payments for the years ended December 31, (in millions):
The following table summarizes the changes in the number of shares of common stock under option for 2015 (shares and aggregate intrinsic value in millions):
The total intrinsic value of options exercised was $32.8 million in 2015. The weighted-average remaining contractual life for options outstanding and options exercisable was three years as of December 31, 2015. The following table summarizes the changes in the number of outstanding restricted stock units for 2015 (shares in millions):
The weighted-average grant-date fair values of awards granted were $33 and $25 per share in 2014 and 2013, respectively. The fair values of awards that vested were $74.2 million, $41.0 million and $76.9 million in 2015, 2014 and 2013, respectively. In February 2016, the Company expects to repurchase 0.5 million shares to satisfy employee tax withholding obligations in connection with the vesting of restricted stock units and Performance-Based RSUs. During 2015, 2014 and 2013, the Company awarded 0.7 million , 0.7 million and 0.9 million Performance-Based RSUs, respectively, which entitle recipients to shares of the Company’s stock at the end of a three-year vesting period if specified performance or market conditions are achieved. The Performance-Based RSUs entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date, depending on the level of achievement of the specified performance, market and service conditions. As of December 31, 2015, 1.7 million Performance-Based PSUs were outstanding, and based on performance through December 31, 2015, recipients of Performance-Based RSUs would be entitled to 2.8 million shares at the vesting date. The Performance-Based RSUs are included in the preceding table as if the participants earn shares equal to 100% of the units granted. The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2015 (in millions):
|
Income Taxes |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes The provision for income taxes consists of the following for the years ended December 31, (in millions):
The non-U.S. component of income before income taxes was $186.2 million, $163.3 million and $156.3 million in 2015, 2014 and 2013, respectively. A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31,:
The components of net deferred tax assets are as follows as of December 31, (in millions):
The Company’s foreign tax credit carryforwards of $30.5 million begin to expire in 2020. The Company has $921.7 million of U.S. and foreign net operating losses, of which $746.6 million do not expire and $175.1 million expire between 2016 and 2032. As of December 31, 2015, the Company has a valuation allowance recorded against foreign net operating losses and other deferred tax assets the Company believes are not more likely than not to be realized due to the uncertainty resulting from a lack of previous taxable income within the applicable tax jurisdictions. A valuation allowance of $291.0 million and $345.3 million was recorded against certain deferred tax asset balances as of December 31, 2015 and 2014, respectively. For the year ended December 31, 2015, the Company recorded a net valuation allowance decrease of $54.3 million which is comprised of a valuation allowance reduction of $12.8 million for which the Company concluded the deferred tax assets were realizable; currency translation in foreign jurisdictions due to the strengthening of the U.S. dollar against the Euro and other currencies; and, the utilization of prior year net operating losses in the current year in certain jurisdictions that the Company previously determined were not more likely than not to be realized. The Company routinely reviews valuation allowances recorded against deferred tax assets on a more likely than not basis as to whether the Company has the ability to realize the deferred tax assets. In making such a determination, the Company takes into consideration all available and appropriate positive and negative evidence, including projected future taxable income, future reversals of existing taxable temporary differences, the ability to carryback net operating losses and available tax planning strategies. Although realization is not assured, based on this existing evidence, the Company believes it is more likely than not that the Company will realize the benefit of existing deferred tax assets, net of the valuation allowances mentioned above. As of December 31, 2015, the Company determined that there is sufficient positive evidence to conclude that it is more likely than not that additional deferred tax assets in certain operations in Europe and the U.S. are realizable. The decrease in valuation allowance was partially offset by the increase in valuation allowance related to certain operations in Asia Pacific resulting in realization of $12.8 million of additional net deferred tax assets. As of December 31, 2015, the estimated amount of total unremitted non-U.S. subsidiary earnings is $657.8 million. Such earnings and profits are considered to be indefinitely reinvested and, accordingly, no U.S. federal or state deferred income taxes have been provided thereon on this amount or any additional excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries. Earnings is the most significant component of the basis difference which is indefinitely reinvested. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to U.S. income taxes and withholding taxes payable in various non-U.S. jurisdictions, which could potentially be offset by foreign tax credits. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable because of the complexities associated with its hypothetical calculation. As of December 31, 2015 and 2014, the Company had unrecognized tax benefits of $162.9 million and $101.4 million, respectively. The Company recorded unrecognized tax benefits as a result of acquisitions of $61.9 million in 2015. If recognized, $155.4 million and $94.5 million as of December 31, 2015 and 2014, respectively, would affect the effective tax rate. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. As of December 31, 2015 and 2014, the Company had recorded accrued interest and penalties related to the unrecognized tax benefits of $6.3 million and $5.4 million, respectively. During 2015, the Company recognized an income tax benefit on interest and penalties of $0.1 million due to the resolution of certain tax contingencies partially offset by the accrual of current year interest on existing positions. During 2014, the Company recognized an income tax benefit on interest and penalties of $4.8 million due to the resolution of certain tax contingencies. The following table summarizes the changes in gross unrecognized tax benefits for the years ended December 31, (in millions):
It is reasonably possible that there would be a change in the amount of the Company’s unrecognized tax benefits within the next 12 months due to activities of various worldwide taxing authorities, including proposed assessments of additional tax, possible settlement of audit issues, or the expiration of applicable statutes of limitations. In the normal course of business, the Company is subject to audits by worldwide taxing authorities regarding various tax liabilities. The Company’s U.S. federal income tax returns for 2011, 2012 and 2013, as well as certain state and non-U.S. income tax returns for various years, are under routine examination. The Company files numerous consolidated and separate income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The statute of limitations for the Company’s U.S. federal income tax returns has expired for years prior to 2011. The Company’s Canadian tax returns are subject to examination for years after 2009. With few exceptions, the Company is no longer subject to other income tax examinations for years before 2011. |
Other (Income) Expense, Net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income) Expense, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Other Expense Disclosure [Text Block] | Other Expense, Net Other expense, net consists of the following for the years ended December 31, (in millions):
|
Fair Value Disclosures |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures | Fair Value Accounting principles generally accepted in the U.S. define fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. Recurring Fair Value Measurements The Company’s financial assets and liabilities adjusted to fair value at least annually are its money market fund investments included in cash and cash equivalents, its mutual fund investments included in other assets, and its derivative instruments, which are primarily included in prepaid expenses and other, other assets, other accrued liabilities and other noncurrent liabilities. The Company determines the fair value of its mutual fund investments based on quoted market prices (Level 1). Level 2 fair value determinations are derived from directly or indirectly observable (market-based) information. Such inputs are the basis for the fair values of the Company’s money market fund investments and derivative instruments. The money market fund investments held by the Company and included in cash and cash equivalents are not publicly traded, but the fair value is determined based on the values of the underlying investments in the money market fund (Level 2). The Company generally uses derivatives for hedging purposes, and the Company’s derivatives are primarily foreign currency forward contracts and interest rate swaps. The Company determines the fair value of its derivative instruments using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. Accordingly, the Company’s derivative instruments are classified as Level 2. The following tables present the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions):
The Company adjusts its pension asset values to fair value on an annual basis. See Footnote 13 of the Notes to Consolidated Financial Statements for information regarding the fair values of the Company’s pension assets. Nonrecurring Fair Value Measurements The Company’s nonfinancial assets which are measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill, intangible assets and certain other assets. The Company’s annual and interim impairment tests of goodwill and indefinite-lived intangible assets did not result in the Company recording any material impairment charges during 2015, 2014 and 2013. In making the assessment of goodwill impairment, management relies on a number of factors including operating results, business plans, economic projections, anticipated future cash flows, transactions and marketplace data. Accordingly, these fair value measurements fall in Level 3 of the fair value hierarchy. The factors used by management in the impairment analysis are inherently subject to uncertainty. While the Company believes it has made reasonable estimates and assumptions to determine the fair value of its reporting units, if actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may be overstated and could potentially trigger additional impairment charges. During 2015, 2014 and 2013 impairments associated with plans to dispose of certain property, plant and equipment were not material, other than those associated with the divestiture of the Teach business in 2013. During 2013, the Company recorded non-cash pretax charges of $22.7 million associated with impairments of goodwill, intangibles and other long-lived assets of the Teach business. The impairments were estimated based on the proceeds expected to be realized upon disposition of the assets. In the absence of a definitive sales price for these and similar types of assets, the Company generally uses projected cash flows, discounted as necessary, or market multiples to estimate the fair values of the impaired assets. Key inputs into the projected cash flows include management’s projections of cash flows on a held-and-used basis (if applicable), management’s projections of cash flows upon disposition and discount rates. Key inputs into the market multiple approach include identifying companies comparable to the Company’s business and estimated control premiums. Accordingly, these fair value measurements fall in the Level 3 category of the fair value hierarchy. These assets and certain liabilities are measured at fair value on a nonrecurring basis as part of the Company’s impairment assessments and as circumstances require. The Company completed the acquisitions of Elmer’s during 2015 and Ignite and Baby Jogger during 2014. The Company also acquired the assets of bubba during 2014. The Company allocates purchase consideration to the tangible assets acquired, liabilities assumed and intangible assets acquired based on their estimated fair values. Determining the fair values of assets acquired and liabilities assumed, particularly acquired intangible assets, requires the Company to make estimates and assumptions, including estimates regarding the future expected cash flows from customer relationships, trade names and trademarks and acquired patents and developed technology; royalty rates; the period of time the Company expects to use the acquired intangible asset; and discount rates. In marking these estimates, the Company considers demand, competition and other economic factors. The Company allocated $249.0 million and $318.1 million of value to intangible assets acquired in 2015 and 2014, respectively. The Company’s estimates and projections are inherently uncertain, and the estimated values of assets acquired and liabilities assumed are dependent on such estimates. Accordingly, these fair value measurements fall in the Level 3 category of the fair value hierarchy. Acquired assets and liabilities are measured at fair value on a nonrecurring basis, generally in connection with acquisitions and as circumstances require for impairment testing. Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, derivative instruments, notes payable and short- and long-term debt. The carrying values for current financial assets and liabilities, including cash and cash equivalents, accounts receivable and accounts payable, approximate fair value due to the short maturity of such instruments. The fair values of the Company’s derivative instruments are recorded in the Consolidated Balance Sheets and are disclosed in Footnote 11. The fair values of certain of the Company’s short- and long-term debt are based on quoted market prices and are as follows as of December 31, (in millions):
The carrying amounts of all other significant debt approximate fair value. |
Segment Information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Industry Segment Information On October 22, 2015, the Company acquired Elmer’s, whose brands include Elmer’s®, Krazy Glue®, and X-Acto®. Elmer’s is a provider of activity-based adhesive and cutting products and is included in the Writing segment. The segment information includes the results of operations of Elmer’s since the acquisition date. Refer to Footnote 2 for additional information about the acquisition. On September 4, 2014, the Company acquired 100% of Ignite. Ignite is a designer and marketer of durable beverage containers sold under the Contigo® and Avex® brands and is included in the Home Solutions segment. On October 22, 2014, the Company acquired the assets of bubba, a designer and marketer of durable beverage containers, which is included in the Home Solutions segment. On December 15, 2014, the Company acquired Baby Jogger, a designer and marketer of premium infant and juvenile products focused on activity strollers and related accessories, which is included in the Baby & Parenting segment. The segment information includes the results of operations of all three acquired companies since the acquisition date. Refer to Footnote 2 for additional information about the acquisitions. The Company’s reportable segments are as follows:
The Company’s segment and geographic results are as follows as of and for the years ended December 31, (in millions):
Depreciation and amortization excludes $1.5 million, $2.3 million and $3.8 million included in discontinued operations for 2015, 2014 and 2013, respectively.
The following table summarizes the net sales by product grouping for the years ended December 31, (in millions):
|
Litigation And Contingencies |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Litigation And Contingencies [Abstract] | |
Litigation And Contingencies | Litigation and Contingencies The Company is involved in legal proceedings in the ordinary course of its business. These proceedings include claims for damages arising out of use of the Company’s products, allegations of infringement of intellectual property, commercial disputes and employment matters, as well as environmental matters. Some of the legal proceedings include claims for punitive as well as compensatory damages, and certain proceedings may purport to be class actions. The Company, using current product sales data and historical trends, actuarially calculates the estimate of its exposure for product liability. The Company had product liability reserves of $41.2 million and $33.6 million as of December 31, 2015 and 2014, respectively. The Company is insured for product liability claims for amounts in excess of established deductibles and accrues for the estimated liability as described up to the limits of the deductibles. All other claims and lawsuits are handled on a case-by-case basis. Recall of Harness Buckles on Select Car Seats In February 2014, Graco, a subsidiary of the Company, announced a voluntary recall in the U.S. of harness buckles used on approximately 4 million toddler car seats manufactured between 2006 and 2013. As a result of the recall, substantially all affected car seats which were at retail locations or in customer warehouses have been reworked in the field or returned to the Company for rework. In July 2014, Graco announced that it had agreed to expand the recall to include certain infant car seats manufactured between July 2010 and May 2013. The Company recorded $15.0 million of costs during 2014 for the cost of the recalls. There have been no reported injuries associated with the recalled harness buckles used on these toddler or infant car seats. In December 2014, the National Highway Traffic Safety Administration (“NHTSA”) announced an investigation into the timeliness of the recall, and in March 2015, the investigation concluded with Graco entering into a consent order with NHTSA pursuant to which Graco committed to spend $7.0 million in total over a five-year period to enhance child passenger safety and make a $3.0 million payment to NHTSA, which was paid in the second quarter of 2015. With respect to the $7.0 million required to be spent over five years, the Company has spent approximately $0.9 million to date. The Company recorded the $10.0 million of costs associated with the consent order in the first quarter of 2015. Legal Matters A putative class action lawsuit (Vincent A. Hirsch v. James E. Lillie, Martin E. Franklin, Ian G.H. Ashken, Michael S. Gross, Robert L. Wood, Irwin D. Simon, William P. Lauder, Ros L’esperance, Peter A. Hochfelder, Newell Rubbermaid Inc., NCPF Acquisition Corp. I and NCPF Acquisition Corp. II, Case No. 9:16-CV-80258 (United States District Court for the Southern District of Florida)) was filed on February 24, 2016, purportedly on behalf of Jarden Corporation shareholders against the individually named director defendants, who are directors of Jarden Corporation. Newell Rubbermaid Inc. and its subsidiaries, NCPF Acquisition Corp. I and NCPF Acquisition Corp. II, are also named as defendants. The Complaint alleges claims under § 14(a) of the Securities Exchange Act of 1934; SEC Rule 14a-9 against all defendants; and Section 20(a) of the Securities Exchange Act against the individual director defendants. Plaintiff alleges that the joint proxy/prospectus of Newell Rubbermaid and Jarden concerning the proposed merger contemplated by the Merger Agreement omitted certain information. Plaintiff seeks to enjoin the proposed merger, rescission in the event the merger is consummated, and the award of attorneys’ fees and costs. The Company denies the allegations and intends to vigorously defend the action. Environmental Matters The Company is involved in various matters concerning federal and state environmental laws and regulations, including matters in which the Company has been identified by the U.S. Environmental Protection Agency (“U.S. EPA”) and certain state environmental agencies as a potentially responsible party (“PRP”) at contaminated sites under the Federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and equivalent state laws. In assessing its environmental response costs, the Company has considered several factors, including the extent of the Company’s volumetric contribution at each site relative to that of other PRPs; the kind of waste; the terms of existing cost sharing and other applicable agreements; the financial ability of other PRPs to share in the payment of requisite costs; the Company’s prior experience with similar sites; environmental studies and cost estimates available to the Company; the effects of inflation on cost estimates; and the extent to which the Company’s, and other parties’, status as PRPs is disputed. The Company’s estimate of environmental response costs associated with these matters as of December 31, 2015 ranged between $22.9 million and $28.8 million. As of December 31, 2015, the Company had a reserve of $23.5 million for such environmental remediation and response costs in the aggregate, which is included in other accrued liabilities and other noncurrent liabilities in the Consolidated Balance Sheet. No insurance recovery was taken into account in determining the Company’s cost estimates or reserves, nor do the Company’s cost estimates or reserves reflect any discounting for present value purposes, except with respect to certain long-term operations and maintenance CERCLA matters, which are estimated at their present value of $16.8 million by applying a 5% discount rate to undiscounted obligations of $24.2 million. U.S. EPA has issued General Notice Letters (“GNLs”) to over 100 entities, including the Company and Berol Corporation, a subsidiary of the Company, alleging that they are PRPs at the Diamond Alkali Superfund Site, which includes a 17-mile stretch of the Lower Passaic River and its tributaries. 72 of the GNL recipients, including the Company on behalf of itself and its subsidiaries, Goody Products, Inc. and Berol Corporation (the “Company Parties”), have taken over the performance of the remedial investigation (“RI”) and feasibility study (“FS”) for the Lower Passaic River. On April 11, 2014, while work on the RI/FS remained underway, U.S. EPA issued a Source Control Early Action Focused Feasibility Study (“FFS”), which proposes four alternatives for remediation of the lower 8 miles of the Lower Passaic River. U.S. EPA’s cost estimates for its cleanup alternatives range from $315 million to approximately $3.2 billion in capital costs plus from $0.5 million to $1.8 million in annual maintenance costs for 30 years, with its preferred alternative carrying an estimated cost of approximately $1.7 billion plus an additional $1.6 million in annual maintenance costs for 30 years. The public comment period concluded August 2014, and the U.S. EPA is expected to issue its final Record of Decision in 2016. In February 2015, the participating parties submitted to the U.S. EPA a draft RI, followed by submission of a draft FS in April 2015. The draft FS sets forth various alternatives for remediating the lower 17 miles of the Passaic River, ranging from a “no action” alternative, to targeted remediation of locations along the entire lower 17 mile stretch of the river, to remedial actions consistent with the U.S. EPA’s preferred alternative as set forth in the FFS for the lower 8 miles coupled with monitored natural recovery and targeted remediation in the upper 9 miles. The estimated cost estimates for these alternatives range from approximately $28 million to $2.7 billion, including related operation maintenance and monitoring costs. U.S. EPA has indicated that it will seek to have the parties fund the cleanup, but at this time, it is unclear how the cost of any cleanup would be allocated among any of the parties, including the Company Parties, or any other entities. The site is also subject to a Natural Resource Damage Assessment. Given the uncertainties pertaining to this matter, including that U.S. EPA is still reviewing the draft RI and FS, that the ultimate remediation has not yet been determined, that the parties have not agreed upon a final allocation for the investigation and any ultimate remediation, and that there exists the potential for further litigation regarding costs and cost sharing, the extent to which the Company Parties may be held liable or responsible is not yet known. Accordingly, it is not possible at this time for the Company to estimate its ultimate liability related to this matter. Based on currently known facts and circumstances, the Company does not believe that this matter is reasonably likely to have a material impact on the Company’s results of operations, including, among other factors, because the Company Parties’ facilities are not even alleged to have discharged the contaminants which are of the greatest concern in the river sediments, and because there are numerous other parties who will likely share in any costs of remediation and/or damages. However, in the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material. Because of the uncertainties associated with environmental investigations and response activities, the possibility that the Company could be identified as a PRP at sites identified in the future that require the incurrence of environmental response costs and the possibility that sites acquired in business combinations may require environmental response costs, actual costs to be incurred by the Company may vary from the Company’s estimates. Although management of the Company cannot predict the ultimate outcome of these proceedings with certainty, it believes that the ultimate resolution of the Company’s proceedings, including any amounts it may be required to pay in excess of amounts reserved, will not have a material effect on the Company’s Consolidated Financial Statements, except as otherwise described above. Other Matters Although management of the Company cannot predict the ultimate outcome of these proceedings with certainty, it believes that the ultimate resolution of the Company’s proceedings, including any amounts it may be required to pay in excess of amounts reserved, will not have a material effect on the Company’s consolidated financial statements, except as otherwise described above. In the normal course of business and as part of its acquisition and divestiture strategy, the Company may provide certain representations and indemnifications related to legal, environmental, product liability, tax or other types of issues. Based on the nature of these representations and indemnifications, it is not possible to predict the maximum potential payments under all of these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements did not have a material effect on the Company’s business, financial condition or results of operations. As of December 31, 2015, the Company had $32.9 million in standby letters of credit primarily related to the Company’s self-insurance programs, including workers’ compensation, product liability and medical. |
Schedule II |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE II [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Newell Rubbermaid Inc. and subsidiaries Valuation and Qualifying Accounts
|
Basis Of Presentation And Significant Accounting Policies (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Description of Business Newell Rubbermaid (the “Company”) is a global marketer of consumer and commercial products that help people get more out of life every day, where they live, learn, work and play. The Company’s products are marketed under a strong portfolio of brands, including Sharpie®, Paper Mate®, Expo®, Prismacolor®, Mr. Sketch®, Elmer’s®, Parker®, Waterman®, Dymo®, Rubbermaid®, Contigo®, Goody®, Calphalon®, Irwin®, Lenox®, Rubbermaid Commercial Products®, Graco®, Aprica®and Baby Jogger®. The Company’s multi-product offering consists of well-known, name brand consumer and commercial products in five business segments: Writing, Home Solutions, Tools, Commercial Products and Baby & Parenting. During 2014, the Company’s Endicia® and Culinary electrics and retail businesses were classified as discontinued operations based on the Company’s commitment in 2014 to sell the businesses. The Company completed the sale of Endicia in November 2015 and ceased operations in its Culinary electrics and retail businesses in the first quarter of 2015. During 2013, the Company divested its Hardware and Teach businesses. Accordingly, the results of operations of these businesses have been classified as discontinued operations for all periods presented. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company, its majority-owned subsidiaries and variable interest entities where the Company is the primary beneficiary, after elimination of intercompany transactions and balances. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of these consolidated financial statements requires the use of certain estimates by management in determining the Company’s assets, liabilities, sales and expenses, and related disclosures. Actual results could differ from those estimates. |
Concentration Risk Disclosure [Text Block] | Concentration of Credit Risk The Company sells products to customers in diversified industries and geographic regions and, therefore, has no significant concentrations of credit risk. The Company continuously evaluates the creditworthiness of its customers and generally does not require collateral. The Company evaluates the collectibility of accounts receivable based on a combination of factors. When aware of a specific customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due and historical collection experience. Accounts are also reviewed for potential write-off on a case-by-case basis. Accounts deemed uncollectible are written off, net of expected recoveries. If circumstances related to specific customers change, the Company’s estimates of the recoverability of receivables could be further adjusted. The Company’s forward exchange contracts do not subject the Company to risk due to foreign exchange rate movement, because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. The Company is exposed to credit-related losses in the event of non-performance by counterparties to certain derivative financial instruments. The Company does not obtain collateral or other security to support derivative financial instruments subject to credit risk, but monitors the credit standing of the counterparties. The credit exposure that results from commodity, interest rate, foreign exchange and other derivatives is the fair value of contracts with a positive fair value as of the reporting date. The credit exposure on the Company’s foreign currency and interest rate derivatives at December 31, 2015 was $7.2 million and $2.3 million, respectively. |
Revenue Recognition, Policy [Policy Text Block] | Sales Recognition and Customer Programs Sales of merchandise and freight billed to customers are recognized when title passes and all substantial risks of ownership change, which generally occurs either upon shipment or upon delivery based upon contractual terms. Sales are net of provisions for cash discounts, returns, customer discounts (such as volume or trade discounts), cooperative advertising and other sales-related discounts and programs. Under customer programs and arrangements that require sales incentives to be paid in advance, the Company amortizes the amount paid over the period of benefit or contractual sales volume. When incentives are paid in arrears, the Company accrues the estimated amount to be paid based on the program’s contractual terms, expected customer performance and/or estimated sales volume. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and highly liquid investments that have a maturity of three months or less when purchased. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market value using the last-in, first-out (LIFO) or first-in, first-out (FIFO) methods (see Footnote 6 for additional information). The Company reduces its inventory value for estimated obsolete and slow-moving inventory in an amount equal to the difference between the cost of inventory and the net realizable value based upon estimates about future demand and market conditions. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the Company are as follows: buildings and improvements (20-40 years) and machinery and equipment (3-15 years). |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Indefinite-Lived Intangible Assets The Company conducts its annual test for impairment of goodwill and indefinite-lived intangible assets in the third quarter because it coincides with its annual strategic planning process. The Company evaluates goodwill for impairment annually at the reporting unit level. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of a reporting unit is below its carrying amount. If the carrying amount of the reporting unit is greater than the fair value, impairment may be present. The Company assesses the fair value of each reporting unit for its goodwill impairment test based on a discounted cash flow model, an earnings multiple or an actual sales offer received from a prospective buyer, if available. Estimates critical to the Company’s fair value estimates using earnings multiples include the projected financial performance of the reporting unit and the applicable earnings multiple. Estimates critical to the Company’s fair value estimates under the discounted cash flow model include projected financial performance and cash flows of the reporting unit, the discount rate, long-term sales growth rate, product costs and the working capital investment required. The Company measures the amount of any goodwill impairment based upon the estimated fair value of the underlying assets and liabilities of the reporting unit, including any unrecognized intangible assets, and estimates the implied fair value of goodwill. An impairment charge is recognized to the extent the recorded goodwill exceeds the implied fair value of goodwill. The Company evaluates indefinite-lived intangible assets (primarily trademarks and trade names) for impairment annually. The Company also tests for impairment if events and circumstances indicate that it is more likely than not that the fair value of an indefinite-lived intangible asset is below its carrying amount. Estimates critical to the Company’s evaluation of indefinite-lived intangible assets for impairment include the discount rate, royalty rates used in its evaluation of trade names, projected average revenue growth and projected long-term growth rates in the determination of terminal values. An impairment charge is recorded if the carrying amount of an indefinite-lived intangible asset exceeds the estimated fair value on the measurement date. See Footnote 8 for additional detail on goodwill and other intangible assets. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Other Long-Lived Assets The Company tests its other long-lived assets for impairment in accordance with relevant authoritative guidance. The Company evaluates if impairment indicators related to its property, plant and equipment and other long-lived assets are present. These impairment indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If impairment indicators are present, the Company estimates the future cash flows for the asset or group of assets. The sum of the undiscounted future cash flows attributable to the asset or group of assets is compared to their carrying amount. The cash flows are estimated utilizing various projections of sales and expenses, working capital and proceeds from asset disposals on a basis consistent with the strategic plan. If the carrying amount exceeds the sum of the undiscounted future cash flows, the Company determines the assets’ fair value by discounting the future cash flows using a discount rate required for a similar investment of like risk and records an impairment charge as the difference between the fair value and the carrying value of the asset group. Generally, the Company performs its testing of the asset group at the product-line level, as this is the lowest level for which identifiable cash flows are available. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs The Company records shipping and handling costs as a component of cost of products sold. |
Product Liability Reserve [Policy Text Block] | Product Liability Reserves The Company has a self-insurance program for product liability that includes reserves for self-retained losses and certain excess and aggregate risk transfer insurance. The Company uses historical loss experience combined with actuarial evaluation methods, review of significant individual files and the application of risk transfer programs in determining required product liability reserves. The Company’s actuarial evaluation methods take into account claims incurred but not reported when determining the Company’s product liability reserve. While the Company believes that it has adequately reserved for these claims, the ultimate outcome of these matters may exceed the amounts recorded by the Company, and such additional losses may be material to the Company’s Consolidated Financial Statements. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties In the normal course of business, the Company offers warranties for a variety of its products. The specific terms and conditions of the warranties vary depending upon the specific product and markets in which the products were sold. The Company accrues for the estimated cost of product warranty at the time of sale based on historical experience. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs The Company expenses production costs of print, radio, television and other advertisements as of the first date the advertisements take place, and the Company expenses all other advertising and marketing costs when incurred. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs relating to both future and current products are charged to selling, general and administrative expenses as incurred. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments Derivative financial instruments are generally used to manage certain commodity, interest rate and foreign currency risks. These instruments primarily include interest rate swaps, forward starting interest rate swaps, forward exchange contracts and options. The Company’s forward exchange contracts and options do not subject the Company to exchange rate risk because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. However, these instruments, when settled, impact the Company’s cash flows from operations to the extent the underlying transaction being hedged is not simultaneously settled due to an extension, a renewal or otherwise. On the date when the Company enters into a derivative, the derivative is designated as a hedge of the identified exposure. The Company measures effectiveness of its hedging relationships both at hedge inception and on an ongoing basis. Derivatives The use of financial instruments, including derivatives, exposes the Company to market risk related to changes in interest rates, foreign currency exchange rates and commodity prices. The Company primarily uses derivatives to manage its interest rate exposure, to achieve a desired proportion of variable and fixed-rate debt, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and to manage changes in fair value resulting from changes in foreign currency exchange rates. The Company does not use derivative instruments for speculative or trading purposes. Fair Value Hedges-Interest Rate Swap Agreements The Company enters into interest rate swap agreements related to existing debt obligations with initial maturities ranging from five to ten years. The Company’s interest rate swap agreements have the economic effect of modifying the fixed interest obligations associated with approximately $596.0 million of the medium-term notes so that the interest payable on these medium-term notes effectively became variable. The Company uses these interest rate swap agreements to manage its interest rate exposure and to achieve a desired proportion of variable- and fixed-rate debt. The critical terms of the interest rate swap agreements match the critical terms of the medium-term notes that the interest rate swap agreements pertain to, including the notional amounts and maturity dates. These transactions are characterized as fair value hedges for financial accounting purposes because they protect the Company against changes in the fair values of certain fixed-rate borrowings due to benchmark interest rate movements. The changes in fair values of these interest rate swap agreements are recognized as interest expense in the Consolidated Statements of Operations with the corresponding amounts included in other assets or other noncurrent liabilities in the Consolidated Balance Sheets. The amount of net gain (loss) attributable to the risk being hedged is recognized as interest expense in the Consolidated Statements of Operations with the corresponding amount included in Current Portion of Long-term Debt and Long-term Debt. The periodic interest settlements for the interest rate swap agreements are included as interest expense and are included as a part of cash flows from operating activities. Cash Flow Hedges-Forward-Starting Interest Rate Swaps The Company also uses derivatives to hedge interest rates on anticipated issuances of medium-term notes occurring within one year or less of the inception date of the derivative, and the Company uses these instruments to reduce the volatility in future interest payments that would be made pursuant to the anticipated issuances of medium-term notes. These derivatives are designated as cash flow hedges. The changes in fair values of these instruments are recognized in other comprehensive income (loss), and after the medium-term notes are issued and the derivative instruments are settled, the amount in other comprehensive income (loss) is amortized to interest expense in the Consolidated Statements of Operations over the term of the related medium-term notes. The cash paid or received from the settlement of forward-starting interest rate swaps is included in cash flows from operating activities. Cash Flow Hedges-Cross-Currency Swap Agreements The Company’s foreign exchange risk management policy emphasizes hedging foreign currency intercompany financing activities with derivatives with maturity dates of three years or less. The Company uses derivative instruments, such as cross-currency swap agreements, to hedge currency risk associated with foreign currency-denominated assets and liabilities associated with intercompany financing activities. In connection with intercompany financing arrangements entered into in April 2015, the Company entered into two cross-currency swap agreements to manage the related foreign currency exchange risk of the intercompany financing arrangements. As of December 31, 2015, the notional value of outstanding cross-currency interest rate swaps was $189.1 million, and the cross-currency swaps are intended to eliminate uncertainty in cash flows in U.S. Dollars and British Pounds in connection with the intercompany financing arrangements. The cross-currency swap agreements have been designated as qualifying hedging instruments and are accounted for as cash flow hedges. The critical terms of the cross-currency swap agreements correspond to the terms of the intercompany financing arrangements, including the annual principal and interest payments being hedged, and the cross-currency swap agreements mature at the same time as the intercompany financing arrangements. The Company uses the hypothetical derivative method to measure the effectiveness of its cross-currency swap agreements. The fair values of these cross-currency swap agreements are recognized as other assets or other noncurrent liabilities in the Consolidated Balance Sheets. The effective portions of the changes in fair values of these cross-currency swap agreements are reported in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and an amount is reclassified out of accumulated other comprehensive income (loss) into other expense, net, in the same period that the carrying value of the underlying foreign currency intercompany financing arrangements are remeasured. The ineffective portion of the unrealized gains and losses on these cross-currency swaps, if any, is recorded immediately to other expense, net. The Company evaluates the effectiveness of its cross-currency swap agreements on a quarterly basis, and the Company did not record any ineffectiveness for the year ended December 31, 2015. The cash flows related to the cross-currency swap agreements, including amounts related to the periodic interest settlements and the principal balances, will be included in cash flows from operating activities. Cash Flow Hedges-Foreign Currency Forward Contracts The Company’s foreign exchange risk management policy generally emphasizes hedging certain transaction exposures of 18- month durations or less. The Company transacts business in various foreign currencies and periodically enters into primarily foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures, and the Company has designated such instruments as hedges of probable forecasted foreign currency denominated sales or purchases. As of December 31, 2015, the notional amounts of the forward contracts held to purchase U.S. Dollars in exchange for other major international currencies was $185.2 million, and the notional amounts of additional forward contracts held to buy and sell international currencies were $82.6 million. The net gains (losses) related to these forward contracts are included in accumulated other comprehensive income (loss) until the hedged transaction occurs or when the hedged transaction is no longer probable of occurring. The net gains (losses) in accumulated other comprehensive income (loss) are generally reclassified to cost of products sold in the Consolidated Statements of Operations because the forward currency contracts generally hedge purchases of inventory. The cash flows related to these foreign currency contracts are included in cash flows from operating activities. Hedging instruments are not available for certain currencies in countries in which the Company has operations. In these cases, the Company uses alternative means in an effort to achieve an economic offset to the local currency exposure such as invoicing and/or paying intercompany and third party transactions in U.S. Dollars. The Company reports its derivative positions in the Consolidated Balance Sheets on a gross basis and does not net asset and liability derivative positions with the same counterparty. The Company monitors its positions with, and the credit quality of, the financial institutions that are parties to its financial transactions. Gains and losses from changes in fair values of derivatives that are not designated as hedges for accounting purposes are recognized currently in earnings, and such amounts were not material for the years ended December 31, 2015, 2014 and 2013. Gains and losses resulting from the settlement of interest rate swaps designated and effective as hedges are deferred and amortized as adjustments to interest expense over the remaining term of the debt covered by the interest rate swaps. The cash paid and received from the settlement of interest rate swaps is included in cash provided by operating activities in accrued liabilities and other in the Consolidated Statements of Cash Flows. |
Interest Rate Risk Management [Policy Text Block] | Interest Rate Risk Management Gains and losses on interest rate swaps designated as cash flow hedges, to the extent that the hedge relationship has been effective, are deferred in other comprehensive income (loss) and recognized in interest expense over the period in which the Company recognizes interest expense on the related debt instrument. The fair value of interest rate swaps on long-term debt designated as fair value hedges, to the extent the hedge relationship is effective, are recorded as an asset or liability with a corresponding adjustment to the carrying value of the debt. Any ineffectiveness on these instruments is immediately recognized in interest expense in the period that the ineffectiveness occurs. Gains or losses resulting from settled forward starting interest rate swaps previously designated as cash flow hedges are deferred and recognized in other comprehensive income (loss), net of tax, and amortized as an adjustment to interest expense over the period originally covered by the swap. Gains or losses resulting from the early termination of interest rate swaps previously designated as fair value hedges are deferred as an increase or decrease to the carrying value of the related debt and amortized as an adjustment to the yield of the related debt instrument over the remaining period originally covered by the swap. The cash received or paid relating to interest rate swaps is included in accrued liabilities and other as an operating activity in the Consolidated Statements of Cash Flows. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Management The Company’s foreign exchange risk management policy emphasizes hedging foreign currency intercompany financing activities with derivatives with maturity dates of three years or less. The Company uses derivative instruments, such as cross-currency swap agreements, to hedge currency risk associated with foreign currency-denominated assets and liabilities associated with intercompany financing activities. The Company uses the hypothetical derivative method to measure the effectiveness of its cross-currency swap agreements. The effective portions of the changes in fair values of cross-currency swap agreements are reported in accumulated other comprehensive income (loss) and an amount is reclassified out of accumulated other comprehensive income (loss) into other expense, net, in the same period that the carrying value of the underlying foreign currency intercompany financing arrangements are remeasured. The ineffective portion of the unrealized gains and losses on cross-currency swaps, if any, is recorded immediately to other expense, net. The Company evaluates the effectiveness of cross-currency swap agreements on a quarterly basis. The cash flows related to the cross-currency swap agreements, including amounts related to the periodic interest settlements and the principal balances, are included in cash flows from operating activities. The Company utilizes forward exchange contracts and options to manage foreign exchange risk related to both known and anticipated intercompany transactions and third-party commercial transaction exposures of approximately one year in duration or less. For instruments designated as cash flow hedges, the effective portion of the changes in fair value of these instruments is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods in which the hedged transactions affect earnings. Any ineffective portion is immediately recognized in earnings. The earnings impact of cash flow hedges relating to forecasted purchases of inventory is generally reported in cost of products sold to match the underlying transaction being hedged. For instruments designated as fair value hedges, the changes in fair value are reported in earnings, generally offsetting the change in value of the underlying instrument being hedged. Gains and losses related to qualifying forward exchange contracts, which hedge certain anticipated transactions, are recognized in other comprehensive income (loss) until the underlying transaction occurs. For hedged forecasted transactions, hedge accounting is discontinued if the forecasted transaction is no longer probable of occurring, in which case previously deferred hedging gains or losses would be recorded to earnings immediately. The fair values of foreign currency hedging instruments are recorded within Prepaid expenses and other, Other assets, Other accrued liabilities and Other noncurrent liabilities in the Consolidated Balance Sheets based on the maturities of the derivative instruments at December 31, 2015 and 2014. Foreign Currency Translation Assets and liabilities of foreign subsidiaries are translated into U.S. Dollars at the rates of exchange in effect at year-end. The related translation adjustments are made directly to accumulated other comprehensive income (loss). Income and expenses are translated at the average monthly rates of exchange in effect during the year. Gains and losses from foreign currency transactions of these subsidiaries are included in net income (loss). International subsidiaries operating in highly inflationary economies remeasure nonmonetary assets at historical rates, while net monetary assets are remeasured at current rates, with the resulting remeasurement adjustment included in net income (loss) as other expense, net. The Company designates certain foreign currency denominated, long-term intercompany financing transactions as being of a long-term investment nature and records gains and losses on the transactions arising from changes in exchange rates as translation adjustments. |
Inflationary Accounting, Policy [Policy Text Block] | Venezuelan Operations Until December 31, 2015, the Company accounted for its Venezuelan operations using highly inflationary accounting, and therefore, the Company remeasured assets, liabilities, sales and expenses denominated in Bolivar Fuertes (“Bolivars”) into U.S. Dollars using the applicable exchange rate, and the resulting translation adjustments were included in earnings. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for deferred income taxes using the asset and liability approach. Under this approach, deferred income taxes are recognized based on the tax effects of temporary differences between the financial statement and tax bases of assets and liabilities, as measured by current enacted tax rates. Valuation allowances are recorded to reduce the deferred tax assets to an amount that will more likely than not be realized. No provision is made for the U.S. income taxes on the undistributed earnings of non-U.S. subsidiaries that are considered to be permanently invested. The Company’s income tax provisions are based on calculations and assumptions that are subject to examination by various worldwide tax authorities. Although the Company believes that the positions taken on previously filed tax returns are reasonable, it has established tax, interest and penalty reserves in recognition that various taxing authorities may challenge the positions taken, which could result in additional liabilities for taxes, interest and penalties. The Company regularly reviews its deferred tax assets for recoverability considering historical profitability, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. The authoritative guidance requires application of a “more likely than not” threshold to the recognition and derecognition of tax positions. The Company’s ongoing assessments of the more likely than not outcomes of tax authority examinations and related tax positions require significant judgment and can increase or decrease the Company’s effective tax rate, as well as impact operating results. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the award, which is generally three years for stock options and one to three years for restricted stock units and performance-based restricted stock units. The Company estimates future forfeiture rates based on its historical experience. See Footnote 15 for additional information. Stock Options The Company has issued both nonqualified and incentive stock options at exercise prices equal to the Company’s common stock price on the date of grant with contractual terms of ten years. Stock options issued by the Company generally vest and are expensed ratably over three years. For options granted prior to 2008, options become fully vested and are exercisable for one year following termination due to death, disability or retirement at age 65 or older. For options granted since the beginning of 2008, options fully vest and are exercisable for a period of time depending on the employee’s age and years of service in the case of retirement (as defined in the stock option agreement). Stock option grants are generally subject to forfeiture if employment terminates prior to vesting, except upon retirement, in which case the options may remain outstanding and exercisable for the remaining contractual term of the option. The Company has not granted stock options since 2011. Time-Based Restricted Stock Units Awards of time-based restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The awards generally cliff-vest one to three years or vest ratably over three years from the date of grant. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service. The time-based restricted stock units have rights to dividend equivalents payable in cash. The Company expenses the cost of restricted stock units ratably over the vesting period, net of estimated forfeitures. Performance-Based Restricted Stock Units Performance-based restricted stock unit awards represent the right to receive unrestricted shares of stock based on the achievement of Company performance objectives and/or individual performance goals established by the Organizational Development & Compensation Committee and the Board of Directors. The performance-based restricted stock units generally entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date, depending on the level of achievement of the specified market and performance conditions (“Performance-Based RSUs”). With respect to Performance-Based RSUs granted prior to 2015, the number of shares in which the participant vests is based on the Company’s total shareholder return relative to its peer group over a three-year period (“Relative TSR Metric”). For Performance-Based RSUs granted in 2015, the number of shares in which the participant will vest is based on three criteria, including the Relative TSR Metric, a sales growth metric and an earnings growth metric. Other performance-based restricted stock units entitle the recipient to shares of common stock if specified market and performance conditions are achieved and vest no earlier than one year from the date of grant and no later than seven years from the date of grant (“Stock-Price Based RSUs”). The grant date fair value of the Performance-Based RSUs subject to the Relative TSR Metric and certain Stock-Price Based RSUs is estimated using Monte Carlo simulation, with the primary input into such valuation being the expected future volatility of the Company’s common stock, and if applicable, the volatilities of the common stocks of the companies in the Company’s peer group, upon which the relative total shareholder return performance is measured. The fair values of these awards generally approximate the fair value of the Company’s common stock on the date of grant. For Performance-Based RSUs and Stock-Price Based RSUs whose vesting is dependent on a sales growth, earnings growth or other performance metric, the Company assesses the probability of achievement of such metrics each period and records expense for the awards based on the probable achievement of such metrics. Performance-based restricted stock units are not subject to the payment of dividend equivalents in the same manner as time-based restricted stock units. Rather, with respect to performance-based restricted stock units, dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria are met and the performance-based restricted stock units vest and the related stock is issued. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service, subject to the satisfaction of the applicable performance criteria. |
Recent Accounting Pronouncements Policy | Recent Accounting Pronouncements Changes to U.S. Generally Accepted Accounting Principles (“GAAP”) are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. In April 2014, the FASB issued ASU No. 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under ASU 2014-08, only disposals representing a strategic shift in operations that have a major effect on the Company’s operations and financial results are presented as discontinued operations. This guidance requires expanded disclosure that provides information about the assets, liabilities, income and expenses of discontinued operations. Additionally, the guidance requires additional disclosure for a disposal of a significant part of an entity that does not qualify for discontinued operations reporting. The Company adopted ASU 2014-08 on January 1, 2015, and the adoption did not impact the Company’s financial statements and disclosures. As required by ASU 2014-08, the businesses classified as discontinued operations as of December 31, 2014 continued to be classified as such after January 1, 2015. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers. Accounting Standard Codification 605 — Revenue Recognition.” ASU 2014-09 supersedes the revenue recognition requirements in “Accounting Standard Codification 605 — Revenue Recognition” and most industry-specific guidance. ASU 2014-09 requires that entities recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which a company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years beginning after December 15, 2017. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is currently assessing the impact ASU 2014-09 will have on its financial position and results of operations. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement—Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items,” which simplifies income statement presentation by eliminating the concept of extraordinary items. Previously, events or transactions that were both unusual in nature and infrequent in occurrence for a business entity were considered to be extraordinary items and required separate presentation, net of tax, after income from continuing operations. The presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual and infrequently occurring. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-01, but the adoption of ASU 2015-01 is not expected to have a material impact on the Company’s results of operations, cash flows or financial position. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810),” which amends previous guidance surrounding the consolidation model when assessing control over a legal entity and the primary beneficiary determination. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-02, but the adoption of ASU 2015-02 is not expected to have a material impact on the Company’s results of operations, cash flows or financial position. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. The guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company has not adopted ASU 2015-03, but the adoption of ASU 2015-03 is expected to reduce the Company’s long-term assets and long-term debt by approximately $20.9 million upon adoption. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory,” which modifies existing requirements regarding measuring first-in, first-out and average cost inventory at the lower of cost or market. Under existing standards, the market amount requires consideration of replacement cost, net realizable value (“NRV”), and NRV less an approximately normal profit margin. ASU 2015-11 replaces market with NRV, defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This eliminates the need to determine and consider replacement cost or NRV less an approximately normal profit margin when measuring inventory. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company is currently assessing the impact ASU 2015-11 will have on its financial position and results of operations. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which requires an acquirer in a business combination to recognize measurement-period adjustments during the period in which the acquirer determines the amounts, including the effect on earnings of any amounts the acquirer would have recorded in previous periods if the accounting had been completed at the acquisition date, as opposed to retrospectively. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. The Company adopted ASU 2015-16 in the third quarter of 2015, and the adoption did not have a material impact on the Company’s results of operations, cash flows or financial position. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which simplifies the reporting of deferred tax positions, requiring deferred tax assets and liabilities to be classified as noncurrent in the Consolidated Balance Sheets, as opposed to current and noncurrent classification under current GAAP. This guidance is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company adopted ASU 2015-17 on a retrospective basis in the fourth quarter of 2015, and the adoption resulted in deferred tax assets and liabilities being presented as noncurrent on the Company’s consolidated balance sheet as of December 31, 2015 and 2014. The adoption of ASU 2015-17 retrospectively resulted in a $134.4 million and $2.1 million reduction in current deferred tax assets and liabilities, respectively, and a $17.6 million increase and $114.7 million decrease in noncurrent deferred tax assets and liabilities, respectively, as of December 31, 2014. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. ASU 2016-02 is effective for the Company on January 1, 2019. The Company is beginning to evaluate the impact the adoption of ASU 2016-02 will have on the Company’s consolidated financial statements. Other recently issued ASUs were assessed and determined to be either not applicable or are expected to have a minimal impact on the Company’s consolidated financial position and results of operations. |
Derivatives Derivatives (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Derivatives [Abstract] | |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments Derivative financial instruments are generally used to manage certain commodity, interest rate and foreign currency risks. These instruments primarily include interest rate swaps, forward starting interest rate swaps, forward exchange contracts and options. The Company’s forward exchange contracts and options do not subject the Company to exchange rate risk because gains and losses on these instruments generally offset gains and losses on the assets, liabilities and other transactions being hedged. However, these instruments, when settled, impact the Company’s cash flows from operations to the extent the underlying transaction being hedged is not simultaneously settled due to an extension, a renewal or otherwise. On the date when the Company enters into a derivative, the derivative is designated as a hedge of the identified exposure. The Company measures effectiveness of its hedging relationships both at hedge inception and on an ongoing basis. Derivatives The use of financial instruments, including derivatives, exposes the Company to market risk related to changes in interest rates, foreign currency exchange rates and commodity prices. The Company primarily uses derivatives to manage its interest rate exposure, to achieve a desired proportion of variable and fixed-rate debt, to manage the risk associated with the volatility of future cash flows denominated in foreign currencies and to manage changes in fair value resulting from changes in foreign currency exchange rates. The Company does not use derivative instruments for speculative or trading purposes. Fair Value Hedges-Interest Rate Swap Agreements The Company enters into interest rate swap agreements related to existing debt obligations with initial maturities ranging from five to ten years. The Company’s interest rate swap agreements have the economic effect of modifying the fixed interest obligations associated with approximately $596.0 million of the medium-term notes so that the interest payable on these medium-term notes effectively became variable. The Company uses these interest rate swap agreements to manage its interest rate exposure and to achieve a desired proportion of variable- and fixed-rate debt. The critical terms of the interest rate swap agreements match the critical terms of the medium-term notes that the interest rate swap agreements pertain to, including the notional amounts and maturity dates. These transactions are characterized as fair value hedges for financial accounting purposes because they protect the Company against changes in the fair values of certain fixed-rate borrowings due to benchmark interest rate movements. The changes in fair values of these interest rate swap agreements are recognized as interest expense in the Consolidated Statements of Operations with the corresponding amounts included in other assets or other noncurrent liabilities in the Consolidated Balance Sheets. The amount of net gain (loss) attributable to the risk being hedged is recognized as interest expense in the Consolidated Statements of Operations with the corresponding amount included in Current Portion of Long-term Debt and Long-term Debt. The periodic interest settlements for the interest rate swap agreements are included as interest expense and are included as a part of cash flows from operating activities. Cash Flow Hedges-Forward-Starting Interest Rate Swaps The Company also uses derivatives to hedge interest rates on anticipated issuances of medium-term notes occurring within one year or less of the inception date of the derivative, and the Company uses these instruments to reduce the volatility in future interest payments that would be made pursuant to the anticipated issuances of medium-term notes. These derivatives are designated as cash flow hedges. The changes in fair values of these instruments are recognized in other comprehensive income (loss), and after the medium-term notes are issued and the derivative instruments are settled, the amount in other comprehensive income (loss) is amortized to interest expense in the Consolidated Statements of Operations over the term of the related medium-term notes. The cash paid or received from the settlement of forward-starting interest rate swaps is included in cash flows from operating activities. Cash Flow Hedges-Cross-Currency Swap Agreements The Company’s foreign exchange risk management policy emphasizes hedging foreign currency intercompany financing activities with derivatives with maturity dates of three years or less. The Company uses derivative instruments, such as cross-currency swap agreements, to hedge currency risk associated with foreign currency-denominated assets and liabilities associated with intercompany financing activities. In connection with intercompany financing arrangements entered into in April 2015, the Company entered into two cross-currency swap agreements to manage the related foreign currency exchange risk of the intercompany financing arrangements. As of December 31, 2015, the notional value of outstanding cross-currency interest rate swaps was $189.1 million, and the cross-currency swaps are intended to eliminate uncertainty in cash flows in U.S. Dollars and British Pounds in connection with the intercompany financing arrangements. The cross-currency swap agreements have been designated as qualifying hedging instruments and are accounted for as cash flow hedges. The critical terms of the cross-currency swap agreements correspond to the terms of the intercompany financing arrangements, including the annual principal and interest payments being hedged, and the cross-currency swap agreements mature at the same time as the intercompany financing arrangements. The Company uses the hypothetical derivative method to measure the effectiveness of its cross-currency swap agreements. The fair values of these cross-currency swap agreements are recognized as other assets or other noncurrent liabilities in the Consolidated Balance Sheets. The effective portions of the changes in fair values of these cross-currency swap agreements are reported in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets and an amount is reclassified out of accumulated other comprehensive income (loss) into other expense, net, in the same period that the carrying value of the underlying foreign currency intercompany financing arrangements are remeasured. The ineffective portion of the unrealized gains and losses on these cross-currency swaps, if any, is recorded immediately to other expense, net. The Company evaluates the effectiveness of its cross-currency swap agreements on a quarterly basis, and the Company did not record any ineffectiveness for the year ended December 31, 2015. The cash flows related to the cross-currency swap agreements, including amounts related to the periodic interest settlements and the principal balances, will be included in cash flows from operating activities. Cash Flow Hedges-Foreign Currency Forward Contracts The Company’s foreign exchange risk management policy generally emphasizes hedging certain transaction exposures of 18- month durations or less. The Company transacts business in various foreign currencies and periodically enters into primarily foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures, and the Company has designated such instruments as hedges of probable forecasted foreign currency denominated sales or purchases. As of December 31, 2015, the notional amounts of the forward contracts held to purchase U.S. Dollars in exchange for other major international currencies was $185.2 million, and the notional amounts of additional forward contracts held to buy and sell international currencies were $82.6 million. The net gains (losses) related to these forward contracts are included in accumulated other comprehensive income (loss) until the hedged transaction occurs or when the hedged transaction is no longer probable of occurring. The net gains (losses) in accumulated other comprehensive income (loss) are generally reclassified to cost of products sold in the Consolidated Statements of Operations because the forward currency contracts generally hedge purchases of inventory. The cash flows related to these foreign currency contracts are included in cash flows from operating activities. Hedging instruments are not available for certain currencies in countries in which the Company has operations. In these cases, the Company uses alternative means in an effort to achieve an economic offset to the local currency exposure such as invoicing and/or paying intercompany and third party transactions in U.S. Dollars. The Company reports its derivative positions in the Consolidated Balance Sheets on a gross basis and does not net asset and liability derivative positions with the same counterparty. The Company monitors its positions with, and the credit quality of, the financial institutions that are parties to its financial transactions. Gains and losses from changes in fair values of derivatives that are not designated as hedges for accounting purposes are recognized currently in earnings, and such amounts were not material for the years ended December 31, 2015, 2014 and 2013. Gains and losses resulting from the settlement of interest rate swaps designated and effective as hedges are deferred and amortized as adjustments to interest expense over the remaining term of the debt covered by the interest rate swaps. The cash paid and received from the settlement of interest rate swaps is included in cash provided by operating activities in accrued liabilities and other in the Consolidated Statements of Cash Flows. |
Stock-Based Compensation Stock-Based Compensation (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Stock-based compensation expense is adjusted for estimated forfeitures and is recognized on a straight-line basis over the requisite service period of the award, which is generally three years for stock options and one to three years for restricted stock units and performance-based restricted stock units. The Company estimates future forfeiture rates based on its historical experience. See Footnote 15 for additional information. Stock Options The Company has issued both nonqualified and incentive stock options at exercise prices equal to the Company’s common stock price on the date of grant with contractual terms of ten years. Stock options issued by the Company generally vest and are expensed ratably over three years. For options granted prior to 2008, options become fully vested and are exercisable for one year following termination due to death, disability or retirement at age 65 or older. For options granted since the beginning of 2008, options fully vest and are exercisable for a period of time depending on the employee’s age and years of service in the case of retirement (as defined in the stock option agreement). Stock option grants are generally subject to forfeiture if employment terminates prior to vesting, except upon retirement, in which case the options may remain outstanding and exercisable for the remaining contractual term of the option. The Company has not granted stock options since 2011. Time-Based Restricted Stock Units Awards of time-based restricted stock units are independent of stock option grants and are generally subject to forfeiture if employment terminates prior to vesting. The awards generally cliff-vest one to three years or vest ratably over three years from the date of grant. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service. The time-based restricted stock units have rights to dividend equivalents payable in cash. The Company expenses the cost of restricted stock units ratably over the vesting period, net of estimated forfeitures. Performance-Based Restricted Stock Units Performance-based restricted stock unit awards represent the right to receive unrestricted shares of stock based on the achievement of Company performance objectives and/or individual performance goals established by the Organizational Development & Compensation Committee and the Board of Directors. The performance-based restricted stock units generally entitle recipients to shares of common stock equal to 0% up to 200% of the number of units granted at the vesting date, depending on the level of achievement of the specified market and performance conditions (“Performance-Based RSUs”). With respect to Performance-Based RSUs granted prior to 2015, the number of shares in which the participant vests is based on the Company’s total shareholder return relative to its peer group over a three-year period (“Relative TSR Metric”). For Performance-Based RSUs granted in 2015, the number of shares in which the participant will vest is based on three criteria, including the Relative TSR Metric, a sales growth metric and an earnings growth metric. Other performance-based restricted stock units entitle the recipient to shares of common stock if specified market and performance conditions are achieved and vest no earlier than one year from the date of grant and no later than seven years from the date of grant (“Stock-Price Based RSUs”). The grant date fair value of the Performance-Based RSUs subject to the Relative TSR Metric and certain Stock-Price Based RSUs is estimated using Monte Carlo simulation, with the primary input into such valuation being the expected future volatility of the Company’s common stock, and if applicable, the volatilities of the common stocks of the companies in the Company’s peer group, upon which the relative total shareholder return performance is measured. The fair values of these awards generally approximate the fair value of the Company’s common stock on the date of grant. For Performance-Based RSUs and Stock-Price Based RSUs whose vesting is dependent on a sales growth, earnings growth or other performance metric, the Company assesses the probability of achievement of such metrics each period and records expense for the awards based on the probable achievement of such metrics. Performance-based restricted stock units are not subject to the payment of dividend equivalents in the same manner as time-based restricted stock units. Rather, with respect to performance-based restricted stock units, dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria are met and the performance-based restricted stock units vest and the related stock is issued. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service, subject to the satisfaction of the applicable performance criteria. |
Fair Value Disclosures (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Accounting principles generally accepted in the U.S. define fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. As the basis for evaluating such inputs, a three-tier value hierarchy prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. Level 2: Observable inputs other than quoted prices that are directly or indirectly observable for the asset or liability, including quoted prices for similar assets or liabilities in active markets; quoted prices for similar or identical assets or liabilities in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. |
Divestitures and Planned Divestitures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The following table presents information related to the major classes of Décor’s assets and liabilities that were classified as assets and liabilities held for sale in the Consolidated Balance Sheet as of December 31, 2015 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | he following table provides a summary of amounts included in discontinued operations, which primarily relate to the Hardware, Teach, Endicia and Culinary electrics and retail businesses (in millions):
|
Stockholders' Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Accumulated Other Comprehensive Loss | The following tables display the components of accumulated other comprehensive income (loss ) (“AOCI”) as of and for the years ended December 31, 2015 and 2014 (in millions):
(1) Includes foreign exchange (losses) gains of $(22.9) million, $(29.6) million and $10.0 million during 2015, 2014 and 2013, respectively, associated with intercompany loans designated as long-term. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Other Comprehensive Income, Reclassifications [Table Text Block] | The following table depicts the components of other comprehensive income (loss) reclassified to earnings presented on a pretax basis and the associated income tax impact for the year ended December 31, (in millions):
|
Restructuring Costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project Renewal [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Restructuring Costs by Type | The following table depicts the restructuring charges, net of adjustments, incurred in connection with Project Renewal for the years ended December 31, (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes In Accrued Restructuring Reserves | Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management and are periodically updated for changes. Restructuring amounts also include amounts recognized as incurred. The following tables depict the activity in accrued restructuring reserves for Project Renewal for 2015 and 2014 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Restructuring Reserve by Segment | The following tables depict the activity in accrued restructuring reserves for Project Renewal for 2015 and 2014 aggregated by reportable business segment (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Business Segment [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Charges by Segment [Table Text Block] | The table below shows restructuring costs recognized in continuing operations for all restructuring activities for the years indicated, aggregated by reportable business segment (in millions):
(1) Includes $0.3 million of restructuring costs in the Home Solutions segment associated with the integration of Ignite and bubba for 2015 and $2.9 million of restructuring costs for 2015 in the Baby & Parenting segment associated with the integration of Baby Jogger. |
Inventories, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Net Inventories | The components of net inventories were as follows as of December 31, (in millions):
|
Property, Plant and Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net, consisted of the following as of December 31, (in millions):
|
Goodwill and Other Intangible Assets, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill [Table Text Block] | A summary of changes in the Company’s goodwill by reportable business segment is as follows for 2015 and 2014 (in millions):
(1) On October 22, 2015, the Company acquired Elmer’s Products Inc. for $570.1 million, of which $373.5 million was preliminarily allocated to goodwill. (2) During the year ended December 31, 2015, the Company sold Endicia, including $50.0 million of goodwill. Endicia was included in the Company’s Writing segment. The Company also reclassified $19.2 million of Décor goodwill to assets held for sale.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite and Finite-lived Intangible Assets [Table Text Block] | Other intangible assets, net consisted of the following as of December 31, (in millions):
The table below summarizes the Company’s amortization periods using the straight-line method for other intangible assets, including capitalized software, as of December 31, 2015:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2015, the aggregate estimated intangible amortization amounts for the succeeding five years are as follows (in millions):
|
Other Accrued Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Accrued Liabilities | Other accrued liabilities included the following as of December 31, (in millions):
|
Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Debt Disclosure Text Block | The following is a summary of outstanding debt as of December 31, (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Medium-term Notes The Company’s outstanding medium-term notes consisted of the following principal amounts and interest rate swap values as of December 31, (in millions):
Average stated interest rate of all medium-term notes outstanding as of December 31, 2015 was 3.69%. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate maturities of debt outstanding, based on the earliest date the obligation may become due, are as follows as of December 31, 2015 (in millions):
|
Derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Derivative Instruments |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Pretax Effects Of Derivative Instruments Designated As Fair Value Hedges | The pretax effects of derivative instruments designated as fair value hedges on the Company’s Consolidated Statements of Operations for 2015, 2014 and 2013 were as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Cash Flow Hedges Recognized In Accumulated Other Comprehensive Income | The pretax effects of derivative instruments designated as cash flow hedges on the Company’s Consolidated Statements of Operations and AOCI for 2015, 2014 and 2013 were as follows (in millions):
|
Commitments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||
Commitments [Abstract] | |||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental payments for operating leases with initial or remaining terms in excess of one year are as follows as of December 31, 2015 (in millions):
|
Employee Benefit And Retirement Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | Estimated future benefit payments under the Company’s defined benefit pension plans and other post-retirement benefit plans are as follows as of December 31, 2015 (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following provides a reconciliation of benefit obligations, plan assets and funded status of the Company’s noncontributory defined benefit pension plans, including the SERP, as of December 31, (in millions, except percentages):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | Net pension cost includes the following components for the years ended December 31, (in millions, except percentages):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used, Periodic Benefit Cost [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | Plan Assets Current Allocation The fair value of each major category of pension plan assets as of December 31, 2015 and 2014 is as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | A reconciliation of the change in the fair value measurement of the defined benefit plans’ consolidated assets using significant unobservable inputs (Level 3) for 2015 and 2014 is as follows (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Pension Assets, Target Allocation [Table Text Block] | The target asset allocations for the Company’s U.S. pension plan and primary international pension plans are as follows as of December 31, 2015:
(1) Other investments include private equity funds and hedge funds. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following provides a reconciliation of benefit obligations and funded status of the Company’s other post-retirement benefit plans as of December 31, (in millions, except percentages):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | Other post-retirement benefit costs include the following components for the years ended December 31, (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used, Periodic Benefit Cost [Table Text Block] | The following are the weighted-average assumptions used to determine net periodic benefit cost for the other post-retirement benefit plans for the years ended December 31,:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The health care cost trend rate significantly affects the reported post-retirement benefit costs and obligations. A one-percentage-point change in the assumed rate would have the following effects (in millions):
|
Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Calculation Of Basic And Diluted Earnings Per Share | The calculation of basic and diluted earnings per share is shown below for the years ended December 31, (in millions, except per share data):
|
Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 Stock Plan [Table Text Block] | The following table depicts the number of shares authorized for issuance and available under the 2013 Plan (shares in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Expense Recognized [Table Text Block] | The table below summarizes the expense related to share-based payments for the years ended December 31, (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Changes In Stock Options | The following table summarizes the changes in the number of shares of common stock under option for 2015 (shares and aggregate intrinsic value in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Changes Of Restricted Stock And Restricted Stock Units | The following table summarizes the changes in the number of outstanding restricted stock units for 2015 (shares in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2015 (in millions):
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes consists of the following for the years ended December 31, (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the U.S. statutory rate to the effective income tax rate on a continuing basis is as follows for the years ended December 31,:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of net deferred tax assets are as follows as of December 31, (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | The following table summarizes the changes in gross unrecognized tax benefits for the years ended December 31, (in millions):
|
Other (Income) Expense, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Income) Expense, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components Of Other (Income) Expense, Net Nonoperating [Table Text Block] | Other expense, net consists of the following for the years ended December 31, (in millions):
|
Fair Value Disclosures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Pension Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following tables present the Company’s non-pension financial assets and liabilities, which are measured at fair value on a recurring basis (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Certain Short And Long-Term Debt, Based On Market Prices | The fair values of certain of the Company’s short- and long-term debt are based on quoted market prices and are as follows as of December 31, (in millions):
|
Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, Additional Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Company's Reportable Segments | The Company’s reportable segments are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The Company’s segment and geographic results are as follows as of and for the years ended December 31, (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Geographic Area Information |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Restructuring Cost By Region Included In Operating Income (Loss) | The following table summarizes the restructuring costs by region on a continuing basis included in operating income (loss) above (in millions):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customers by Products and Services [Table Text Block] | The following table summarizes the net sales by product grouping for the years ended December 31, (in millions):
|
Segment Information Segment Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation And Amortization By Segment [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditure By Segment [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|
Stockholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | 47 Months Ended | 53 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Oct. 31, 2013 |
Aug. 01, 2011 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2017 |
Dec. 31, 2015 |
Mar. 31, 2014 |
|
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 350.0 | |||||||
Accelerated Share Repurchases, Shares Repurchased | 9.4 | |||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 29.69 | |||||||
Accelerated Share Repurchases, Final Shares Received | 2.0 | |||||||
Accelerated Share Repurchases, Final Price Paid | $ 350.0 | |||||||
Stock Repurchased and Retired During Period, Value | $ (180.4) | $ (363.2) | $ (119.5) | |||||
Share Repurchase Plan [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 300.0 | $ 750.0 | ||||||
Stock Repurchase Program, Period in Force | 3 years | 3 years 11 months | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 42.9 | |||||||
Amended Share Repurchase Plan [Member] | ||||||||
Stock repurchase program, length of period | February 2014 through the end of 2017 | |||||||
Stock Repurchased and Retired During Period, Shares | 4.5 | 28.9 | ||||||
Stock Repurchased and Retired During Period, Value | $ 180.4 | $ 800.7 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 255.9 | $ 255.9 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||
Defined Benefit Plan, Recognized Net Loss Due to Settlements | $ 52.1 | $ 65.4 | $ 0.0 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Accumulated Other Comprehensive Loss | (794.4) | (645.2) | (789.0) | |||||||||
Other Comprehensive Income (Loss), Before Reclassifications, Net of Tax | (105.9) | (200.9) | 123.8 | |||||||||
Other Comprehensive Income (Loss), Reclassifications To Earnings, Net Of Tax | 66.5 | 51.7 | 20.0 | |||||||||
Current period change, Accumulated Other Comprehensive Loss | (39.4) | (149.2) | 143.8 | |||||||||
Accumulated Other Comprehensive Loss | (833.8) | (794.4) | (645.2) | |||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 29.4 | |||||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax [Roll Forward] | ||||||||||||
Foreign Currency Translation Loss | (287.8) | (161.5) | (166.5) | |||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | [1] | (153.3) | (126.3) | 4.3 | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 29.4 | 0.0 | 0.7 | |||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 39.7 | [2] | 0.0 | 0.7 | [2] | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | (10.3) | 0.0 | 0.0 | |||||||||
Other Comprehensive (Loss) Income, Foreign Currency Transaction and Translation Adjustment, Net of Tax | (123.9) | (126.3) | 5.0 | |||||||||
Foreign Currency Translation Loss | (411.7) | (287.8) | (161.5) | |||||||||
foreign exchange loss, intercompany | (22.9) | (29.6) | 10.0 | |||||||||
Accumulated Comprehensive Income (Loss), Unrecognized Pension & OPEB Costs [Roll Forward] | ||||||||||||
Unrecognized Pension & Other Postretirement Costs, net of tax | (511.7) | (483.3) | (621.1) | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | 42.1 | (84.1) | 116.3 | |||||||||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Post Retirement Benefits, Prior Service Benefit and Actuarial Loss, Net of Tax | 47.3 | 55.7 | 21.5 | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 89.4 | (28.4) | 137.8 | |||||||||
Unrecognized Pension & Other Postretirement Costs, net of tax | (422.3) | (511.7) | (483.3) | |||||||||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | [3] | (6.8) | (6.5) | (1.6) | ||||||||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, before Tax | [3] | 80.9 | 92.9 | 33.5 | ||||||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 74.1 | 86.4 | 31.9 | |||||||||
Other Comprehensive Income (Loss), Reclassification, Pension and Other Post Retirement Benefits, Prior Service Benefit and Actuarial Loss, Tax | (26.8) | (30.7) | (10.4) | |||||||||
Accumulated Comprehensive Income (Loss), Derivatives [Roll Forward] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 14.3 | 5.5 | 3.1 | |||||||||
Derivative Hedging Loss, net of tax | 5.1 | (0.4) | (1.4) | |||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 5.3 | 9.5 | 3.2 | |||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Net of Tax | (10.2) | (4.0) | (2.2) | |||||||||
Other Comprehensive (Loss) Income, Derivatives Qualifying as Hedges, Net of Tax | (4.9) | 5.5 | 1.0 | |||||||||
Derivative Hedging Loss, net of tax | 0.2 | 5.1 | (0.4) | |||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, Tax | 4.1 | 1.5 | 0.9 | |||||||||
Cost of Sales [Member] | Foreign Exchange Contract [Member] | ||||||||||||
Accumulated Comprehensive Income (Loss), Derivatives [Roll Forward] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 16.2 | 5.9 | 3.8 | |||||||||
Other Expense [Member] | Foreign Exchange Contracts on Intercompany Borrowings [Member] | ||||||||||||
Accumulated Comprehensive Income (Loss), Derivatives [Roll Forward] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.1) | 0.3 | 0.0 | |||||||||
Cross Currency Interest Rate Swap [Member] | Other Expense [Member] | ||||||||||||
Accumulated Comprehensive Income (Loss), Derivatives [Roll Forward] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1.0) | 0.0 | 0.0 | |||||||||
Forward Interest Rate Swaps [Member] | Interest Expense [Member] | ||||||||||||
Accumulated Comprehensive Income (Loss), Derivatives [Roll Forward] | ||||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (0.8) | $ (0.7) | $ (0.7) | |||||||||
|
Restructuring Costs (Narrative) (Details) $ in Millions |
3 Months Ended | 12 Months Ended | 51 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2011 |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Number of operating groups | 3 | ||||
Number of Business Segments | 5 | ||||
Restructuring Costs | $ 77.2 | $ 52.8 | $ 110.3 | ||
Cash paid for restructuring activities | 51.5 | 71.8 | 74.9 | ||
Project Renewal [Member] | |||||
Number of Global Business Units in 2011 | 13 | ||||
Project Renewal Expansion [Member] | |||||
Expected cumulative restructuring charges | 150.0 | $ 150.0 | |||
Cash expected to be paid for restructuring | 135.0 | 135.0 | |||
Project Renewal [Member] | |||||
Restructuring Costs | 74.0 | 53.8 | 113.7 | 309.8 | |
Project Renewal [Member] | Facility Exit Costs and Other [Member] | |||||
Restructuring Costs | 6.7 | $ 7.5 | $ 5.7 | 27.4 | |
Minimum [Member] | Renewal Combined [Member] | |||||
Expected cumulative restructuring charges | 690.0 | 690.0 | |||
Cash expected to be paid for restructuring | $ 645.0 | $ 645.0 | |||
Percentage of total project costs expected to be restructuring costs | 60.00% | 60.00% | |||
Minimum [Member] | Project Renewal Expansion [Member] | |||||
Restructuring, expected cost | $ 125.0 | $ 125.0 | |||
Maximum [Member] | Renewal Combined [Member] | |||||
Expected cumulative restructuring charges | 725.0 | 725.0 | |||
Cash expected to be paid for restructuring | $ 675.0 | $ 675.0 | |||
Percentage of total project costs expected to be restructuring costs | 70.00% | 70.00% | |||
Maximum [Member] | Project Renewal Expansion [Member] | |||||
Restructuring, expected cost | $ 135.0 | $ 135.0 |
Restructuring Costs (Schedule Of Restructuring Costs Recognized) (Details) - USD ($) $ in Millions |
12 Months Ended | 51 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
|
Restructuring Costs | $ 77.2 | $ 52.8 | $ 110.3 | |
Project Renewal [Member] | ||||
Restructuring Costs | 74.0 | 53.8 | 113.7 | $ 309.8 |
Project Renewal [Member] | Facility Exit Costs and Other [Member] | ||||
Restructuring Costs | 6.7 | 7.5 | 5.7 | 27.4 |
Project Renewal [Member] | Employee Severance, Termination Benefits And Relocation Costs [Member] | ||||
Restructuring Costs | 52.4 | 25.2 | 93.4 | 218.5 |
Project Renewal [Member] | Contract Termination [Member] | ||||
Restructuring Costs | $ 14.9 | $ 21.1 | $ 14.6 | $ 63.9 |
Restructuring Costs (Restructuring Reserves by Cost Type) (Details) - USD ($) $ in Millions |
12 Months Ended | 51 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
|
Restructuring Reserve [Roll Forward] | ||||
Restructuring Charges | $ 77.2 | $ 52.8 | $ 110.3 | |
Project Renewal [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 40.3 | 67.4 | ||
Restructuring Charges | 74.0 | 53.8 | 113.7 | $ 309.8 |
Restructuring Reserve Settled | (47.7) | (80.9) | ||
Ending Balance | 66.6 | 40.3 | 67.4 | 66.6 |
Project Renewal [Member] | Facility Exit Costs and Other [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 0.0 | 0.0 | ||
Restructuring Charges | 6.7 | 7.5 | 5.7 | 27.4 |
Restructuring Reserve Settled | (6.7) | (7.5) | ||
Ending Balance | 0.0 | 0.0 | 0.0 | 0.0 |
Project Renewal [Member] | Employee Severance, Termination Benefits And Relocation Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 22.8 | 60.3 | ||
Restructuring Charges | 52.4 | 25.2 | 93.4 | 218.5 |
Restructuring Reserve Settled | (25.9) | (62.7) | ||
Ending Balance | 49.3 | 22.8 | 60.3 | 49.3 |
Project Renewal [Member] | Contract Termination [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning Balance | 17.5 | 7.1 | ||
Restructuring Charges | 14.9 | 21.1 | 14.6 | 63.9 |
Restructuring Reserve Settled | (15.1) | (10.7) | ||
Ending Balance | $ 17.3 | $ 17.5 | $ 7.1 | $ 17.3 |
Restructuring Costs (Restructuring Reserves by Segment) (Details) - Project Renewal [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | $ 40.3 | $ 67.4 |
Restructuring Reserve, Period Increase (Decrease) | 74.0 | 53.8 |
Restructuring Reserve Settled | (47.7) | (80.9) |
Ending Balance | 66.6 | 40.3 |
Writing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 9.7 | 25.8 |
Restructuring Reserve, Period Increase (Decrease) | 9.3 | 9.8 |
Restructuring Reserve Settled | (5.0) | (25.9) |
Ending Balance | 14.0 | 9.7 |
Home Solutions [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 1.0 | 0.7 |
Restructuring Reserve, Period Increase (Decrease) | 5.5 | 1.7 |
Restructuring Reserve Settled | (1.4) | (1.4) |
Ending Balance | 5.1 | 1.0 |
Tools [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 0.5 | 0.3 |
Restructuring Reserve, Period Increase (Decrease) | 2.9 | 3.3 |
Restructuring Reserve Settled | 0.9 | (3.1) |
Ending Balance | 4.3 | 0.5 |
Commercial Products [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 5.1 | 6.8 |
Restructuring Reserve, Period Increase (Decrease) | 2.2 | 3.2 |
Restructuring Reserve Settled | (3.5) | (4.9) |
Ending Balance | 3.8 | 5.1 |
Baby & Parenting [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 2.2 | 1.4 |
Restructuring Reserve, Period Increase (Decrease) | 0.7 | 2.1 |
Restructuring Reserve Settled | (2.9) | (1.3) |
Ending Balance | 0.0 | 2.2 |
Corporate [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning Balance | 21.8 | 32.4 |
Restructuring Reserve, Period Increase (Decrease) | 53.4 | 33.7 |
Restructuring Reserve Settled | (35.8) | (44.3) |
Ending Balance | $ 39.4 | $ 21.8 |
Restructuring Costs (Restructuring Charges by Segment) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Restructuring Charges | $ 77.2 | $ 52.8 | $ 110.3 | |||
Restructuring costs, continuing operations | 77.2 | 52.8 | 110.3 | |||
Acquisition costs - Home Solutions segment [Member] | ||||||
Restructuring Charges | 0.3 | |||||
Acquisition costs - Baby & Parenting Segment [Member] | ||||||
Restructuring Charges | 2.9 | |||||
Writing [Member] | ||||||
Restructuring costs, continuing operations | 9.3 | 9.8 | 34.3 | |||
Home Solutions [Member] | ||||||
Restructuring costs, continuing operations | 5.8 | [1] | 1.6 | 3.8 | ||
Tools [Member] | ||||||
Restructuring costs, continuing operations | 2.9 | 4.5 | 6.0 | |||
Commercial Products [Member] | ||||||
Restructuring costs, continuing operations | 2.2 | 3.2 | 8.1 | |||
Baby & Parenting [Member] | ||||||
Restructuring costs, continuing operations | 3.6 | [1] | 2.1 | 1.9 | ||
Corporate [Member] | ||||||
Restructuring costs, continuing operations | $ 53.4 | $ 31.6 | $ 56.2 | |||
|
Inventories, Net (Components Of Net Inventories) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Inventory, Net [Abstract] | |||
Materials and supplies | $ 117.3 | $ 117.9 | |
Work in process | 108.0 | 104.5 | |
Finished products | 496.5 | 486.1 | |
Inventories, net | $ 721.8 | $ 708.5 | |
Percentage of LIFO Inventory | 51.30% | 53.30% | |
Inventory, LIFO Reserve | $ 23.6 | $ 30.8 | |
Effect of LIFO Inventory Liquidation on Income | $ 1.5 | $ 7.2 | $ 6.5 |
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Line Items] | |||
Land | $ 20.2 | $ 21.3 | |
Buildings and Improvements, Gross | 350.8 | 342.9 | |
Machinery and Equipment, Gross | 1,743.7 | 1,767.3 | |
Property, Plant and Equipment, Gross | 2,114.7 | 2,131.5 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,515.5) | (1,572.4) | |
Property, Plant and Equipment, Net | 599.2 | 559.1 | |
Depreciation | $ 93.0 | $ 93.2 | $ 99.9 |
Goodwill and Other Intangible Assets, Net (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 22, 2015 |
Dec. 15, 2014 |
Oct. 22, 2014 |
Sep. 04, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2002 |
|||||||||
Goodwill [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 573.7 | $ 602.3 | $ 0.0 | |||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Beginning Balance | 2,546.0 | 2,361.1 | ||||||||||||||
Goodwill, Acquired During Period | 374.5 | 265.4 | ||||||||||||||
Goodwill, Other Adjustments | (69.2) | 0.0 | ||||||||||||||
Goodwill, Translation Adjustments | (60.1) | (80.5) | ||||||||||||||
Goodwill, Ending Balance | 2,791.2 | 2,546.0 | 2,361.1 | |||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss | 1,642.4 | |||||||||||||||
Goodwill Impairment Charges Recorded Upon SFAS 142 Adoption | $ 538.0 | |||||||||||||||
Goodwill, Impaired, Accumulated Impairment Loss Discontinued Operations | 363.6 | |||||||||||||||
Intangible Assets, Net [Abstract] | ||||||||||||||||
Intangible Assets, Gross (Excluding Goodwill) | 1,543.9 | 1,321.9 | ||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (480.2) | (434.7) | ||||||||||||||
Intangible Assets, Net (Excluding Goodwill) | $ 1,063.7 | 887.2 | ||||||||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 9 years | |||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense | $ 76.5 | 60.6 | 55.3 | |||||||||||||
Future Amortization Expense, Year One | 72.5 | |||||||||||||||
Future Amortization Expense, Year Two | 70.0 | |||||||||||||||
Future Amortization Expense, Year Three | 64.4 | |||||||||||||||
Future Amortization Expense, Year Four | 57.6 | |||||||||||||||
Future Amortization Expense, Year Five | 35.3 | |||||||||||||||
Writing [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Beginning Balance | 1,090.9 | 1,161.5 | ||||||||||||||
Goodwill, Acquired During Period | 373.5 | [1] | 0.0 | |||||||||||||
Goodwill, Other Adjustments | (50.0) | [2] | 0.0 | |||||||||||||
Goodwill, Translation Adjustments | (55.4) | (70.6) | ||||||||||||||
Goodwill, Ending Balance | 1,359.0 | 1,090.9 | 1,161.5 | |||||||||||||
Home Solutions [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Beginning Balance | 379.3 | 205.7 | ||||||||||||||
Goodwill, Acquired During Period | 1.0 | 173.6 | [3] | |||||||||||||
Goodwill, Other Adjustments | (19.2) | [2] | 0.0 | |||||||||||||
Goodwill, Translation Adjustments | 0.0 | 0.0 | ||||||||||||||
Goodwill, Ending Balance | 361.1 | 379.3 | 205.7 | |||||||||||||
Tools [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Beginning Balance | 478.6 | 484.5 | ||||||||||||||
Goodwill, Acquired During Period | 0.0 | 0.0 | ||||||||||||||
Goodwill, Other Adjustments | 0.0 | 0.0 | ||||||||||||||
Goodwill, Translation Adjustments | (4.2) | (5.9) | ||||||||||||||
Goodwill, Ending Balance | 474.4 | 478.6 | 484.5 | |||||||||||||
Commercial Products [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Beginning Balance | 387.5 | 387.8 | ||||||||||||||
Goodwill, Acquired During Period | 0.0 | 0.0 | ||||||||||||||
Goodwill, Other Adjustments | 0.0 | 0.0 | ||||||||||||||
Goodwill, Translation Adjustments | (0.2) | (0.3) | ||||||||||||||
Goodwill, Ending Balance | 387.3 | 387.5 | 387.8 | |||||||||||||
Baby & Parenting [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Beginning Balance | 209.7 | 121.6 | ||||||||||||||
Goodwill, Acquired During Period | 0.0 | 91.8 | [3] | |||||||||||||
Goodwill, Other Adjustments | 0.0 | 0.0 | ||||||||||||||
Goodwill, Translation Adjustments | (0.3) | (3.7) | ||||||||||||||
Goodwill, Ending Balance | 209.4 | 209.7 | $ 121.6 | |||||||||||||
Final Goodwill based off final purchase price allocation [Member] | Home Solutions [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Acquired During Period | 174.6 | |||||||||||||||
Trade Names [Member] | ||||||||||||||||
Intangible Assets, Net [Abstract] | ||||||||||||||||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 653.4 | 470.2 | ||||||||||||||
Trade Names [Member] | ||||||||||||||||
Intangible Assets, Net [Abstract] | ||||||||||||||||
Finite-Lived Intangible Assets, Gross | 46.0 | 48.5 | ||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (30.0) | (28.6) | ||||||||||||||
Finite-Lived Intangible Assets, Net | $ 16.0 | 19.9 | ||||||||||||||
Amortization Period, Range (In Years) | 3–20 years | |||||||||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 11 years | |||||||||||||||
Computer Software, Intangible Asset [Member] | ||||||||||||||||
Intangible Assets, Net [Abstract] | ||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 465.6 | 462.0 | ||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (252.7) | (229.7) | ||||||||||||||
Finite-Lived Intangible Assets, Net | $ 212.9 | 232.3 | ||||||||||||||
Amortization Period, Range (In Years) | 3–12 years | |||||||||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 9 years | |||||||||||||||
Patents [Member] | ||||||||||||||||
Intangible Assets, Net [Abstract] | ||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 142.8 | 152.2 | ||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (89.9) | (84.9) | ||||||||||||||
Finite-Lived Intangible Assets, Net | $ 52.9 | 67.3 | ||||||||||||||
Amortization Period, Range (In Years) | 3–14 years | |||||||||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 7 years | |||||||||||||||
Customer Lists [Member] | ||||||||||||||||
Intangible Assets, Net [Abstract] | ||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 231.9 | 184.8 | ||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (104.5) | (89.0) | ||||||||||||||
Finite-Lived Intangible Assets, Net | $ 127.4 | 95.8 | ||||||||||||||
Amortization Period, Range (In Years) | 3–10 years | |||||||||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 8 years | |||||||||||||||
Other Intangible Assets [Member] | ||||||||||||||||
Intangible Assets, Net [Abstract] | ||||||||||||||||
Finite-Lived Intangible Assets, Gross | $ 4.2 | 4.2 | ||||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | (3.1) | (2.5) | ||||||||||||||
Finite-Lived Intangible Assets, Net | $ 1.1 | 1.7 | ||||||||||||||
Amortization Period, Range (In Years) | 3–5 years | |||||||||||||||
Finite-Lived Intangible Assets, Weighted-Average Useful Life | 4 years | |||||||||||||||
Endicia [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Goodwill | $ 50.0 | |||||||||||||||
Decor [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Goodwill | 19.2 | |||||||||||||||
Elmer's [Member] | ||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 570.1 | |||||||||||||||
Elmer's [Member] | Writing [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Acquired During Period | $ 373.5 | |||||||||||||||
Ignite [Member] | ||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 313.1 | |||||||||||||||
bubba [Member] | ||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 82.4 | |||||||||||||||
Baby Jogger [Member] | ||||||||||||||||
Goodwill [Line Items] | ||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 210.1 | |||||||||||||||
Baby Jogger [Member] | Baby & Parenting [Member] | ||||||||||||||||
Goodwill [Roll Forward] | ||||||||||||||||
Goodwill, Acquired During Period | $ 91.8 | |||||||||||||||
|
Other Accrued Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other accrued liabilities | $ 728.9 | $ 657.2 |
Customer Accuruals [Member] | ||
Other accrued liabilities | 314.8 | 316.0 |
Accruals For Manufacturing, Marketing And Freight Expenses [Member] | ||
Other accrued liabilities | 73.0 | 86.1 |
Accrued Self-Insurance Liabilities [Member] | ||
Other accrued liabilities | 61.9 | 55.8 |
Accrued Pension, Defined Contribution And Other Postretirement Benefits [Member] | ||
Other accrued liabilities | 35.2 | 36.6 |
Accrued Contingencies, Primarily Legal, Environmental And Warranty [Member] | ||
Other accrued liabilities | 24.3 | 27.8 |
Accrued Restructuring [Member] | ||
Other accrued liabilities | 67.4 | 46.1 |
Accrued income taxes [Member] | ||
Other accrued liabilities | 67.4 | 6.8 |
Other Accrued Liabilities [Member] | ||
Other accrued liabilities | $ 84.9 | $ 82.0 |
Debt (Summary Of Outstanding Debt) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Instrument [Line Items] | ||
Medium-term Notes | $ 2,692.6 | $ 2,089.5 |
Commercial Paper | 0.0 | 28.0 |
Receivables facility | 350.0 | 350.0 |
Other debt | 33.8 | 14.4 |
Total debt | 3,076.4 | 2,481.9 |
Short-term debt | (382.9) | (390.7) |
Current portion of long-term debt | (5.9) | (6.7) |
Long-term debt | 2,687.6 | 2,084.5 |
Long-term Debt, Maturities, Repayments of Principal in Year One | 388.8 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 355.9 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 551.9 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 350.1 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 376.0 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,053.7 | |
Commercial Paper [Member] | ||
Debt Instrument [Line Items] | ||
Short-term Debt, Average Outstanding Amount | $ 336.7 | $ 114.4 |
Short-term Debt, Weighted Average Interest Rate | 1.70% | 2.70% |
Debt (Medium-Term Notes) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Long-term Debt, Weighted Average Interest Rate | 3.69% | ||
Medium-term Notes | $ 2,692.6 | $ 2,089.5 | |
Debt Mark To Market Adjustment | (3.1) | (11.8) | |
Effect Of Interest Rate Swaps Change In Interest Expense | 14.8 | 13.9 | $ 13.6 |
Repayments of Other Debt | 0.0 | 465.2 | 0.0 |
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge | 12.9 | 18.5 | |
Proceeds from Issuance of Long-term Debt | 594.6 | 841.8 | 0.0 |
Losses on Extinguishment of Debt | 0.0 | $ (33.2) | $ 0.0 |
2.00% Senior Notes Due 2015 [Member] | |||
Senior notes rate | 2.00% | ||
Repayments of Other Debt | $ 251.9 | ||
Debt Instrument, Maturity Date | Jun. 15, 2015 | ||
Repayment of Other Debt, Face Amount | $ 250.0 | ||
Premium Paid Due To Early Redemption Of Debt | 1.9 | ||
Losses on Extinguishment of Debt | $ 2.3 | ||
10.60% senior notes due 2019 [Member] | |||
Senior notes rate | 10.60% | ||
Repayments of Other Debt | $ 28.1 | ||
Debt Instrument, Maturity Date | Apr. 15, 2019 | ||
Repayment of Other Debt, Face Amount | $ 20.7 | ||
Premium Paid Due To Early Redemption Of Debt | 7.4 | ||
Losses on Extinguishment of Debt | 7.7 | ||
2.05% Senior Notes Due 2017 [Member] | |||
Medium-term Notes | 350.0 | 350.0 | |
6.25% senior notes due 2018 [Member] | |||
Medium-term Notes | 250.0 | 250.0 | |
Cash received, interest rate swap | $ 18.7 | ||
Senior notes rate | 6.25% | ||
Debt Instrument, Maturity Date | Apr. 15, 2018 | ||
Debt Instrument, Face Amount | $ 250.0 | ||
2.15% 2018 Note and 3.90% 2025 Note [Member] | |||
Proceeds from Issuance of Long-term Debt | 594.6 | ||
Debt Instrument, Face Amount | 600.0 | ||
2.15% senior notes due 2018 [Member] | |||
Medium-term Notes | $ 300.0 | 0.0 | |
Senior notes rate | 2.15% | ||
Debt Instrument, Maturity Date | Oct. 15, 2018 | ||
Debt Instrument, Face Amount | $ 300.0 | ||
2.875% 2019 Note and 4.00% 2024 Note [Member] | |||
Proceeds from Issuance of Long-term Debt | 841.8 | ||
Debt Instrument, Face Amount | 850.0 | ||
2.875% senior notes due 2019 [Member] | |||
Medium-term Notes | 350.0 | $ 350.0 | |
Senior notes rate | 2.88% | ||
Debt Instrument, Maturity Date | Dec. 01, 2019 | ||
Debt Instrument, Face Amount | $ 350.0 | ||
4.70% senior notes due 2020 [Member] | |||
Medium-term Notes | 381.3 | $ 381.3 | |
Senior notes rate | 4.70% | ||
Repayments of Other Debt | $ 184.7 | ||
Debt Instrument, Maturity Date | Aug. 15, 2020 | ||
Repayment of Other Debt, Face Amount | $ 168.7 | ||
Debt Instrument, Face Amount | 550.0 | ||
Premium Paid Due To Early Redemption Of Debt | 16.0 | ||
Losses on Extinguishment of Debt | 23.2 | ||
4.00% Senior Notes Due 2022 [Member] | |||
Medium-term Notes | 250.0 | 250.0 | |
4.00% Senior Notes Due 2024 [Member] | |||
Medium-term Notes | $ 500.0 | $ 500.0 | |
Senior notes rate | 4.00% | ||
Debt Instrument, Maturity Date | Dec. 01, 2024 | Dec. 01, 2024 | |
Debt Instrument, Face Amount | $ 500.0 | ||
3.90% Senior Notes Due 2025 [Member] | |||
Medium-term Notes | $ 300.0 | $ 0.0 | |
Senior notes rate | 3.90% | ||
Debt Instrument, Maturity Date | Oct. 15, 2025 | ||
Debt Instrument, Face Amount | $ 300.0 | ||
6.11% senior notes due 2028 [Member] | |||
Medium-term Notes | 1.5 | 1.5 | |
Interest Rate Swap [Member] | |||
Debt Instrument, Face Amount | $ 596.0 | ||
Interest Rate Swap [Member] | 4.70% senior notes due 2020 [Member] | |||
Cash paid, interest rate swap | 5.9 | ||
Repayments of Debt | 154.0 | ||
Debt Instrument, Face Amount | 346.0 | ||
Interest Rate Swap [Member] | 4.00% Senior Notes Due 2024 [Member] | |||
Debt Instrument, Face Amount | $ 250.0 |
Debt (Receivables-Related Borrowings) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Receivables facility | $ 350.0 | $ 350.0 |
August 2015 Expanded Receivables Facility [Member] | ||
Maximum borrowing capacity | 400.0 | |
Receivables Facility [Member] | ||
Receivables Facility, Collateral At Period End, Value | $ 804.4 | |
Receivables Facility [Member] | ||
Debt Instrument, Maturity Date | Aug. 15, 2016 |
Debt (Revolving Credit Facility And Commercial Paper) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Outstanding commercial paper obligations | $ 0.0 | $ 28.0 |
Revolving Credit Facility [Member] | ||
Amount available for borrowing | 800.0 | |
January 2016 Amended Revolving Credit Facility [Member] | ||
Amount available for borrowing | 1,250.0 | |
Amount available for borrowing | 1,750.0 | |
Maximum amount of letters of credit issuable under the facility | $ 100.0 | |
Revolving credit facility expiration date | Jan. 01, 2021 | |
Line of Credit Facility, Competitive Bid Loans, Max | $ 500.0 |
Debt Debt (Bridge Credit Facility) (Details) - $10.5 billion Jarden Bridge Facility [Member] - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 10,500.0 | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 9,000.0 | |
Debt Instrument, Fee Amount | $ 47.8 |
Debt Term Loan Credit Agreement (Details) - $1.5 Billion Term Loan Credit Agreement [Member] $ in Millions |
Jan. 26, 2016
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500.0 |
Percentage of debt repayment in second year | 5.00% |
Percentage of debt repayment in next twelve months | 5.00% |
Percentage of debt repayment in third year | 90.00% |
Derivatives (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Jan. 26, 2016 |
|
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 10.0 | $ 14.9 | $ 4.6 | |
Non-hedge derivatives immaterial | not material | not material | not material | |
Intercompany Foreign Currency Derivatives, Cash (Paid) Received At Settlement | $ 1.9 | $ 3.1 | $ (1.6) | |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 7.4 | |||
Cash flow hedge ineffectiveness | not material | |||
Interest Rate Swap [Member] | ||||
Debt Instrument, Face Amount | $ 596.0 | |||
Derivative, Notional Amount | 596.0 | |||
Cross Currency Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | 189.1 | |||
Forward Starting Interest Rate Swaps [Member] | ||||
Derivative Liability, Notional Amount | 1,000.0 | $ 400.0 | $ 1,300.0 | |
Unrealized Loss on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 3.1 | |||
Total 2015 and 2016 Forward Starting Interest Rate Swaps [Member] | ||||
Derivative Liability, Notional Amount | $ 2,300.0 | |||
Minimum [Member] | Interest Rate Swap [Member] | ||||
Derivative, Term of Contract | 5 years | |||
Maximum [Member] | Interest Rate Swap [Member] | ||||
Derivative, Term of Contract | 10 years | |||
Maximum [Member] | Cross Currency Interest Rate Contract [Member] | ||||
Derivative, Term of Contract | 3 years | |||
Maximum [Member] | Foreign Exchange Forward [Member] | ||||
Derivative, Term of Contract | 18 months | |||
4.70% senior notes due 2020 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |||
Debt Instrument, Face Amount | $ 550.0 | |||
Debt Instrument, Maturity Date | Aug. 15, 2020 | |||
4.70% senior notes due 2020 [Member] | Interest Rate Swap [Member] | ||||
Repayments of Debt | $ 154.0 | |||
Cash paid, interest rate swap | 5.9 | |||
Debt Instrument, Face Amount | $ 346.0 | |||
6.25% senior notes due 2018 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
Debt Instrument, Face Amount | $ 250.0 | |||
Cash received, interest rate swap | $ 18.7 | |||
Debt Instrument, Maturity Date | Apr. 15, 2018 | |||
4.00% Senior Notes Due 2024 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||
Debt Instrument, Face Amount | $ 500.0 | |||
Debt Instrument, Maturity Date | Dec. 01, 2024 | Dec. 01, 2024 | ||
4.00% Senior Notes Due 2024 [Member] | Interest Rate Swap [Member] | ||||
Debt Instrument, Face Amount | $ 250.0 | |||
Forward Interest Rate Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (3.1) | $ 0.0 | $ 0.0 | |
UNITED STATES | Foreign Exchange Contract [Member] | ||||
Derivative, Notional Amount | 185.2 | |||
Total International [Member] | Foreign Exchange Contract [Member] | ||||
Derivative, Notional Amount | $ 82.6 |
Derivatives (Schedule Of Outstanding Derivative Instruments) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivative Asset, Fair Value, Gross Asset | $ 9.5 | $ 7.7 |
Fair Value, Liabilities | 13.5 | 12.2 |
Forward Interest Rate Swaps [Member] | ||
Fair Value, Liabilities | 3.2 | |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0.0 | 0.0 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | Other Accrued Liabilities [Member] | ||
Fair Value, Liabilities | 1.6 | 0.0 |
Foreign Currency Derivatives [Member] | ||
Fair Value, Liabilities | 1.7 | 0.4 |
Interest Rate Swap [Member] | ||
Fair Value, Liabilities | 5.3 | 11.8 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Liabilities | 13.5 | 12.2 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Liabilities | 11.8 | |
Fair Value, Inputs, Level 2 [Member] | Forward Interest Rate Swaps [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0.0 |
Fair Value, Inputs, Level 2 [Member] | Forward Interest Rate Swaps [Member] | Other Accrued Liabilities [Member] | ||
Fair Value, Liabilities | 3.2 | 0.0 |
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivatives [Member] | Prepaid Expenses And Other [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 6.6 | 7.7 |
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivatives [Member] | Other Accrued Liabilities [Member] | ||
Fair Value, Liabilities | 0.1 | 0.4 |
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivatives [Member] | ||
Fair Value, Liabilities | 1.7 | 0.4 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | 2.2 | 0.0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Liabilities | 5.3 | 11.8 |
Cross Currency Interest Rate Swap [Member] | ||
Fair Value, Liabilities | 3.3 | |
Cross Currency Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Noncurrent Liabilities [Member] | ||
Fair Value, Liabilities | 3.3 | 0.0 |
Cross Currency Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||
Derivative Asset, Fair Value, Gross Asset | $ 0.6 | $ 0.0 |
Derivatives (Schedule Of Fair Value Hedges) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 10.0 | $ 14.9 | $ 4.6 |
Cross Currency Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2.7) | 0.0 | 0.0 |
Fixed Rate Debt [Member] | |||
Amount of gain (loss) recognized in income | (8.7) | (13.4) | 44.1 |
Interest Rate Swap [Member] | |||
Amount of gain (loss) recognized in income | $ 8.7 | $ 13.4 | $ (44.1) |
Derivatives (Schedule Of Cash Flow Hedges) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 14.3 | $ 5.5 | $ 3.1 |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 10.0 | 14.9 | 4.6 |
Intercompany Foreign Currency Derivatives, Cash (Paid) Received At Settlement | $ 1.9 | 3.1 | (1.6) |
Cash Flow Hedge Ineffectiveness is Immaterial | not material | ||
Foreign Exchange Contract on Inventory-Related Purchases [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 15.5 | 11.6 | 5.2 |
Foreign Exchange Contracts on Intercompany Borrowings [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0.3 | 3.3 | (0.6) |
Forward Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (3.1) | 0.0 | 0.0 |
Cross Currency Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2.7) | 0.0 | 0.0 |
Cost of Products Sold [Member] | Foreign Exchange Contract on Inventory-Related Purchases [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 16.2 | 5.9 | 3.8 |
Interest Expense, Net [Member] | Forward Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.8) | (0.7) | (0.7) |
Other Expense [Member] | Foreign Exchange Contracts on Intercompany Borrowings [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.1) | 0.3 | 0.0 |
Other Expense [Member] | Cross Currency Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (1.0) | $ 0.0 | $ 0.0 |
Commitments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Commitments [Abstract] | |||
Operating Leases, Rent Expense | $ 105.1 | $ 106.1 | $ 114.0 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Current | 97.2 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 75.9 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 57.6 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 40.1 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 27.5 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 42.1 | ||
Operating Leases, Future Minimum Payments Due | $ 340.4 |
Employee Benefit And Retirement Plans (Narrative) (Details) $ in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, Net Gains (Losses), before Tax | $ 56.1 | $ (120.5) | ||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, before Tax | (619.6) | |||||||
Accumulated Other Comprehensive (Loss) Income, Pension and Other Postretirement Benefit Plans, Net of Tax | (422.3) | (511.7) | $ (483.3) | $ (621.1) | ||||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized From AOCI in Next Fiscal Year, Pre-Tax | 14.0 | |||||||
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 9.7 | |||||||
Defined Benefit Plan, Other Changes | $ 9.5 | |||||||
Actuarial Loss on adoption of new mortality tables | 111.9 | |||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 16.5 | 15.8 | 16.7 | |||||
Defined Contribution Benefit Arrangement, Liability at Period End | 16.7 | 16.5 | ||||||
Payments for Postemployment Benefits | 70.6 | 98.6 | ||||||
Defined Benefit Plan, Recognized Net Loss Due to Settlements | 52.1 | 65.4 | 0.0 | |||||
Deferred Compensation Liability, Current and Noncurrent | 44.2 | 49.1 | ||||||
Deferred Compensation Plan Assets | 55.3 | 54.5 | ||||||
OTHER ASSETS | 291.9 | 240.7 | ||||||
Defined Contribution Plan, Cost Recognized | 14.0 | $ 13.6 | $ 13.9 | |||||
Defined Benefit Plan, expected pension expense increase due to change in estimated return on assets | 6.8 | |||||||
Primary U.S. Pension Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 9.5 | |||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, Net Gains (Losses), before Tax | $ (508.5) | |||||||
Defined Benefit Plan - Amortization Period of unrecognized actuarial losses | 21 | |||||||
International [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 3.86% | 5.01% | 4.81% | |||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 14.6 | |||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | $ (10.5) | $ 0.7 | ||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, Net Gains (Losses), before Tax | (107.8) | (140.8) | ||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, before Tax | (118.3) | (140.1) | ||||||
Defined Benefit Plan, Benefit Obligation | 613.6 | $ 671.7 | $ 615.4 | |||||
Pension Plans, Defined Benefit [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | [1] | 85.5 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | [1] | 84.5 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | [1] | 84.9 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | [1] | 85.5 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | [1] | 87.6 | ||||||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | [1] | $ 446.3 | ||||||
United States Pension Plan of US Entity [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.25% | 7.25% | 7.25% | 7.50% | ||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | $ 1.2 | $ 1.3 | ||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, Net Gains (Losses), before Tax | (556.1) | (654.4) | ||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, before Tax | (554.9) | (653.1) | ||||||
Defined Benefit Plan, Benefit Obligation | $ 937.7 | 1,060.7 | $ 1,034.0 | |||||
Supplemental Executive Retirement Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Number of Employees | 310 | |||||||
Net Death Benefits From Life Insurance Policies, Amount | $ 275.8 | |||||||
Cash Surrender Value of Life Insurance | 108.4 | 106.0 | ||||||
Defined Benefit Plan, Benefit Obligation | 119.5 | 139.3 | ||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 19.6 | 26.2 | ||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, Net Gains (Losses), before Tax | 34.0 | 16.9 | ||||||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, before Tax | 53.6 | 43.1 | ||||||
Defined Benefit Plan, Benefit Obligation | 67.9 | 88.1 | $ 111.8 | |||||
Defined Benefit Plan, Expected Future Benefit Payments in Year One | 5.9 | |||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Two | 5.8 | |||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Three | 5.6 | |||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Four | 5.4 | |||||||
Defined Benefit Plan, Expected Future Benefit Payments in Year Five | 5.3 | |||||||
Defined Benefit Plan, Expected Future Benefit Payments in Five Fiscal Years Thereafter | 24.4 | |||||||
Other Assets [Member] | Supplemental Executive Retirement Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
OTHER ASSETS | $ 4.9 | $ 8.8 | ||||||
|
Employee Benefit And Retirement Plans (Schedule Of Company's Pension And Supplemental Retirement Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Primary U.S. Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Defined Benefit Plan, Contributions by Employer | $ 70.0 | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 9.5 | |||
United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Defined Benefit Plan, Benefit Obligation, Beginning | 937.7 | 1,060.7 | $ 1,034.0 | |
Service cost-benefits earned during the period | 3.2 | 4.1 | $ 5.0 | |
Interest cost on projected benefit obligation | 41.3 | 45.1 | 39.7 | |
Defined Benefit Plan, Actuarial (Gain) Loss | (91.9) | 139.0 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | 0.0 | 0.0 | ||
Defined Benefit Plan, Benefits Paid | (140.4) | (161.5) | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 64.8 | 0.0 | ||
Projected benefit obligation change other | 0.0 | 0.0 | ||
Defined Benefit Plan, Benefit Obligation, Ending | 937.7 | 1,060.7 | 1,034.0 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 937.7 | $ 1,060.7 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.23% | 4.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.50% | 2.50% | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | $ 722.9 | $ 752.0 | $ 829.5 | |
Defined Benefit Plan, Actual Return on Plan Assets | (14.0) | 73.8 | ||
Defined Benefit Plan, Contributions by Employer | 83.1 | 10.2 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0.0 | 0.0 | ||
Defined Benefit Plan, Benefits Paid | (140.4) | (161.5) | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 42.2 | 0.0 | ||
Plan Assets Other change | 0.0 | 0.0 | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending | 722.9 | 752.0 | 829.5 | |
Defined Benefit Plan, Funded Status of Plan | (214.8) | (308.7) | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 0.0 | 0.0 | ||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (9.6) | (9.8) | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (205.2) | (298.9) | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (214.8) | (308.7) | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost-benefits earned during the period | 3.2 | 4.1 | 5.0 | |
Interest cost on projected benefit obligation | 41.3 | 45.1 | 39.7 | |
Expected return on plan assets | (58.0) | (57.5) | (58.7) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (0.1) | 0.0 | 0.3 | |
Defined Benefit Plan, Amortization of (Gains) Losses | 26.2 | 24.2 | 29.7 | |
Curtailment and settlement costs | 52.1 | 65.4 | 0.0 | |
Net periodic pension cost | $ 64.7 | $ 81.3 | $ 16.0 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.50% | 3.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.25% | 7.25% | 7.25% | 7.50% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 2.50% | 2.50% | 2.50% | |
International [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Defined Benefit Plan, Benefit Obligation, Beginning | $ 613.6 | $ 671.7 | $ 615.4 | |
Service cost-benefits earned during the period | 5.8 | 5.9 | $ 7.4 | |
Interest cost on projected benefit obligation | 19.6 | 25.3 | 23.9 | |
Defined Benefit Plan, Actuarial (Gain) Loss | (51.8) | 104.6 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Benefit Obligation | (34.7) | (48.4) | ||
Defined Benefit Plan, Benefits Paid | (28.7) | (25.4) | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Benefit Obligation | 11.2 | 0.0 | ||
Projected benefit obligation change other | 20.5 | (5.7) | ||
Defined Benefit Plan, Benefit Obligation, Ending | 613.6 | 671.7 | 615.4 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 604.6 | $ 661.8 | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.37% | 3.03% | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.58% | 3.60% | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | 560.3 | $ 584.4 | $ 533.5 | |
Defined Benefit Plan, Actual Return on Plan Assets | (7.0) | 101.4 | ||
Defined Benefit Plan, Contributions by Employer | 14.5 | 16.8 | ||
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | (26.9) | (37.7) | ||
Defined Benefit Plan, Benefits Paid | (28.7) | (25.4) | ||
Defined Benefit Plan, Business Combinations and Acquisitions, Plan Assets | 15.0 | 0.0 | ||
Plan Assets Other change | 9.0 | (4.2) | ||
Defined Benefit Plan, Fair Value of Plan Assets, Ending | 560.3 | 584.4 | 533.5 | |
Defined Benefit Plan, Funded Status of Plan | (53.3) | (87.3) | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | ||||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 35.9 | 2.0 | ||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (3.3) | (3.6) | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (85.9) | (85.7) | ||
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (53.3) | (87.3) | ||
Defined Benefit Plan, Plans with Plan Assets in Excess of Benefit Obligation, Projected Benefit Obligation | 311.3 | |||
Defined Benefit Plan, Plans with Plan Assets in Excess of Benefit Obligation, Fair Value of Plan Assets | 347.2 | |||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||
Service cost-benefits earned during the period | 5.8 | 5.9 | 7.4 | |
Interest cost on projected benefit obligation | 19.6 | 25.3 | 23.9 | |
Expected return on plan assets | (22.1) | (26.6) | (23.3) | |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.0 | (0.1) | 0.3 | |
Defined Benefit Plan, Amortization of (Gains) Losses | 3.4 | 3.2 | 3.2 | |
Curtailment and settlement costs | 0.4 | (0.1) | 1.5 | |
Net periodic pension cost | $ 7.1 | $ 7.6 | $ 13.0 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.03% | 4.21% | 4.11% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 3.86% | 5.01% | 4.81% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.60% | 4.21% | 3.86% | |
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 14.6 |
Employee Benefit And Retirement Plans Defined Benefit Plan, Fair Value of Plan Assets Disclosures (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 26.9 | $ 68.3 | $ 77.4 | |||||||||||||||||||
Partnership Interest [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 26.3 | 35.4 | 47.3 | |||||||||||||||||||
Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.6 | 32.9 | 30.1 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 722.9 | $ 752.0 | $ 829.5 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 100.00% | 100.00% | 100.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 356.4 | $ 352.4 | ||||||||||||||||||||
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 340.2 | 333.2 | ||||||||||||||||||||
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 26.3 | 66.4 | ||||||||||||||||||||
United States Pension Plan of US Entity [Member] | U.S. Large Cap Equity [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 138.2 | 145.1 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 9.1 | 2.5 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 129.1 | 142.6 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | U.S. Small Cap Equity [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 16.7 | 21.6 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 16.7 | 21.6 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | International Equity [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 106.0 | 113.4 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | International Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 20.3 | 18.8 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | International Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 85.7 | 94.6 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | International Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | $ 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Equity Securities, Entity Size [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 31.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | $ 260.9 | $ 280.1 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 36.00% | 37.00% | 38.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | $ 46.1 | $ 42.9 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 214.8 | 237.2 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | US Treasury Securities [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 114.3 | 89.9 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 101.8 | 83.4 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 12.5 | 6.5 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Other Government [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 56.5 | 62.6 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Other Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 22.5 | 36.5 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Other Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 34.0 | 26.1 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Other Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Asset-backed Securities [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 4.1 | 7.5 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 4.1 | 7.5 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Corporate Bond Securities [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 227.4 | 214.9 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 180.9 | 188.1 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 46.5 | 26.8 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 7.2 | 7.4 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 2.5 | 1.5 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 4.7 | 5.9 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | $ 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Fixed Income Investments [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 63.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | $ 409.5 | $ 382.3 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 57.00% | 51.00% | 50.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | $ 307.7 | $ 309.5 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 101.8 | 72.8 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | $ 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Insurance Contracts [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 2.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | $ 16.0 | $ 16.0 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 2.00% | 2.00% | 2.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | $ 0.0 | $ 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | 16.0 | 16.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Partnership Interest [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [5] | $ 26.3 | $ 35.4 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 4.00% | 5.00% | 6.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [5] | $ 0.0 | $ 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [5] | 0.0 | 0.1 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [5] | 26.3 | 35.3 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Real Estate Funds [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [6] | $ 0.9 | $ 31.1 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 4.00% | 3.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [6] | $ 0.9 | $ 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [6] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [6] | $ 0.0 | 31.1 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [7] | $ 8.8 | $ 7.1 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 1.00% | 1.00% | 1.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [7] | $ 1.2 | $ 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [7] | 7.6 | 7.1 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [7] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Derivative Contracts [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [8] | $ 0.0 | $ 0.0 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 0.00% | 0.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [8] | $ 0.0 | $ 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [8] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [8] | 0.0 | 0.0 | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Commodity Funds [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | $ 0.0 | ||||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 0.00% | 0.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | $ 0.0 | ||||||||||||||||||||
United States Pension Plan of US Entity [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.0 | 0.0 | ||||||||||||||||||||
United States Pension Plan of US Entity [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | 0.0 | ||||||||||||||||||||
United States Pension Plan of US Entity [Member] | Pension Assets, Other [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | [9] | 4.00% | ||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.5 | $ 0.0 | ||||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 0.00% | 0.00% | |||||||||||||||||||
United States Pension Plan of US Entity [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.5 | $ 0.0 | ||||||||||||||||||||
United States Pension Plan of US Entity [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.0 | 0.0 | ||||||||||||||||||||
United States Pension Plan of US Entity [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | 0.0 | ||||||||||||||||||||
International [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | |||||||||||||||||||||
Derivative, Collateral, Right to Reclaim Cash | $ 38.9 | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 560.3 | $ 584.4 | $ 533.5 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 100.00% | 100.00% | 100.00% | |||||||||||||||||||
International [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 73.5 | $ 72.8 | ||||||||||||||||||||
International [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 486.2 | 509.7 | ||||||||||||||||||||
International [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.6 | 1.9 | ||||||||||||||||||||
International [Member] | U.S. Large Cap Equity [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 46.5 | 42.7 | |||||||||||||||||||
International [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 43.7 | 39.4 | |||||||||||||||||||
International [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 2.8 | 3.3 | |||||||||||||||||||
International [Member] | U.S. Large Cap Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | U.S. Small Cap Equity [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | U.S. Small Cap Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | International Equity [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 57.9 | 57.6 | |||||||||||||||||||
International [Member] | International Equity [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 26.3 | 28.5 | |||||||||||||||||||
International [Member] | International Equity [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 31.6 | 29.1 | |||||||||||||||||||
International [Member] | International Equity [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | $ 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Equity Securities, Entity Size [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 12.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | $ 104.4 | $ 100.3 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 18.00% | 17.00% | 20.00% | |||||||||||||||||||
International [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | $ 70.0 | $ 67.9 | |||||||||||||||||||
International [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 34.4 | 32.4 | |||||||||||||||||||
International [Member] | Equity Securities, Entity Size [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [1],[2] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | US Treasury Securities [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.4 | 0.4 | |||||||||||||||||||
International [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.4 | 0.4 | |||||||||||||||||||
International [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Other Government [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 123.5 | 77.4 | |||||||||||||||||||
International [Member] | Other Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Other Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 123.5 | 77.4 | |||||||||||||||||||
International [Member] | Other Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Asset-backed Securities [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.1 | 0.0 | |||||||||||||||||||
International [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.1 | 0.0 | |||||||||||||||||||
International [Member] | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Corporate Bond Securities [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 53.7 | 49.1 | |||||||||||||||||||
International [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 53.7 | 49.1 | |||||||||||||||||||
International [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Short-term Investments [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | $ 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Fixed Income Investments [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 20.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | $ 177.7 | $ 126.9 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 32.00% | 22.00% | 21.00% | |||||||||||||||||||
International [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | $ 0.0 | $ 0.0 | |||||||||||||||||||
International [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | 177.7 | 126.9 | |||||||||||||||||||
International [Member] | Fixed Income Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [2],[3] | $ 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Insurance Contracts [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 43.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | $ 233.7 | $ 251.5 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 42.00% | 43.00% | 44.00% | |||||||||||||||||||
International [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | $ 0.0 | $ 0.0 | |||||||||||||||||||
International [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | 233.7 | 251.5 | |||||||||||||||||||
International [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Partnership Interest [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [5] | $ 16.7 | $ 12.7 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 3.00% | 2.00% | 3.00% | |||||||||||||||||||
International [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [5] | $ 0.0 | $ 0.0 | |||||||||||||||||||
International [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [5] | 16.7 | 12.6 | |||||||||||||||||||
International [Member] | Partnership Interest [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [5] | 0.0 | 0.1 | |||||||||||||||||||
International [Member] | Real Estate Funds [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [6] | $ 0.6 | $ 1.8 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 0.00% | 1.00% | |||||||||||||||||||
International [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [6] | $ 0.0 | $ 0.0 | |||||||||||||||||||
International [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [6] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Real Estate Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [6] | $ 0.6 | 1.8 | |||||||||||||||||||
International [Member] | Cash and Cash Equivalents [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | 19.00% | |||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [7] | $ 45.7 | $ 72.2 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 8.00% | 12.00% | 11.00% | |||||||||||||||||||
International [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [7] | $ 3.5 | $ 4.9 | |||||||||||||||||||
International [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [7] | 42.2 | 67.3 | |||||||||||||||||||
International [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [7] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Derivative Contracts [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [8] | $ (34.9) | $ 4.8 | |||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | (6.00%) | 1.00% | (3.00%) | |||||||||||||||||||
International [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [8] | $ 0.0 | $ 0.0 | |||||||||||||||||||
International [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [8] | (34.9) | 4.8 | |||||||||||||||||||
International [Member] | Derivative Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | [8] | 0.0 | 0.0 | |||||||||||||||||||
International [Member] | Commodity Funds [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | $ 0.0 | ||||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 0.00% | 0.00% | 1.00% | |||||||||||||||||||
International [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | $ 0.0 | ||||||||||||||||||||
International [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 0.0 | 0.0 | ||||||||||||||||||||
International [Member] | Commodity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | 0.0 | ||||||||||||||||||||
International [Member] | Pension Assets, Other [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Target Plan Asset Allocations | [9] | 6.00% | ||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16.4 | $ 14.2 | ||||||||||||||||||||
Pension Plan Asset Category as Percent of Total Pension Assets, Percentage | 3.00% | 3.00% | 2.00% | |||||||||||||||||||
International [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | $ 0.0 | ||||||||||||||||||||
International [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | 16.4 | 14.2 | ||||||||||||||||||||
International [Member] | Pension Assets, Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0.0 | $ 0.0 | ||||||||||||||||||||
|
Employee Benefit And Retirement Plans Unobservable Inputs Roll Forward (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | $ 68.3 | $ 77.4 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gains (Losses) | 5.2 | 4.5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gains (Losses) | (4.9) | (0.4) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1.4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (41.7) | (14.6) |
Defined Benefit Plan, Fair Value of Plan Assets, Ending | 26.9 | 68.3 |
Partnership Interest [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | 35.4 | 47.3 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gains (Losses) | 5.2 | 4.5 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gains (Losses) | (3.7) | (3.2) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1.4 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (10.6) | (14.6) |
Defined Benefit Plan, Fair Value of Plan Assets, Ending | 26.3 | 35.4 |
Real Estate Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Defined Benefit Plan, Fair Value of Plan Assets, Beginning | 32.9 | 30.1 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Realized Gains (Losses) | 0.0 | 0.0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Unrealized Gains (Losses) | (1.2) | 2.8 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0.0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (31.1) | 0.0 |
Defined Benefit Plan, Fair Value of Plan Assets, Ending | $ 0.6 | $ 32.9 |
Employee Benefit And Retirement Plans Other Postretirement Benefit Plan (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.70% | ||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | ||
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2024 | ||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 56.1 | $ (120.5) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, before Tax | (619.6) | ||
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |||
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | 0.3 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | (0.3) | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 5.8 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (5.0) | ||
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Defined Benefit Plan, Benefit Obligation, Beginning | 88.1 | 111.8 | |
Service cost-benefits earned during the period | 0.3 | 1.0 | $ 1.3 |
Interest cost on projected benefit obligation | 3.4 | 4.8 | 5.3 |
Defined Benefit Plan, Actuarial (Gain) Loss | (18.3) | (17.7) | |
Defined Benefit Plan, Benefits Paid | (5.6) | (7.9) | |
Change in post retirement plan benefits | 0.0 | (3.9) | |
Defined Benefit Plan, Benefit Obligation, Ending | $ 67.9 | $ 88.1 | 111.8 |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.00% | 4.00% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 4.50% | 4.50% | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Defined Benefit Plan, Funded Status of Plan | $ (67.9) | $ (88.1) | |
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (5.8) | (6.8) | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (62.1) | (81.3) | |
Defined Benefit Plan, Amounts Recognized in Balance Sheet | (67.9) | (88.1) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 19.6 | 26.2 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 34.0 | 16.9 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive (Loss) Income, before Tax | 53.6 | 43.1 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost-benefits earned during the period | 0.3 | 1.0 | 1.3 |
Interest cost on projected benefit obligation | 3.4 | 4.8 | 5.3 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (6.6) | (6.4) | (2.4) |
Defined Benefit Plan, Amortization of (Gains) Losses | (1.2) | 0.0 | 0.8 |
Net periodic pension cost | $ (4.1) | $ (0.6) | $ 5.0 |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.00% | 4.50% | 3.50% |
Health care cost trend rate | 4.50% | 4.50% | 4.50% |
Earnings Per Share (Schedule Of Calculation Of Basic And Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Computation of Basic And Diluted Earnings Per Share [Line Items] | |||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 259.3 | $ 373.0 | $ 416.3 | ||
Income from Discontinued Operations, Net of Tax, Attributable to Parent | 90.7 | 4.8 | 58.3 | ||
Net Income | 350.0 | 377.8 | 474.6 | ||
Dividends and equivalents for share-based awards expected to be forfeited | 0.1 | 0.1 | 0.1 | ||
Net income for basic earnings per share | $ 350.1 | $ 377.9 | $ 474.7 | ||
Weighted-average shares outstanding | 267.9 | 274.2 | 286.1 | ||
Share-based payment awards classified as participating securities | 1.4 | 1.9 | 2.5 | ||
Denominator for basic earnings per share | 269.3 | 276.1 | 288.6 | ||
Dilutive securities | [1] | 2.2 | 2.8 | 3.2 | |
Denominator for diluted earnings per share | 271.5 | 278.9 | 291.8 | ||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.96 | $ 1.35 | $ 1.44 | ||
Income from Discontinued Operations, Net of Tax, Per Basic Share | 0.34 | 0.02 | 0.20 | ||
Earnings Per Share, Basic | 1.30 | 1.37 | 1.64 | ||
Income (Loss) from Continuing Operations, Per Diluted Share | 0.96 | 1.34 | 1.43 | ||
Income from Discontinued Operations, Net of Tax, Per Diluted Share | 0.33 | 0.02 | 0.20 | ||
Earnings Per Share, Diluted | $ 1.29 | $ 1.35 | $ 1.63 | ||
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted | $ 1.7 | $ 2.5 | $ 4.0 | ||
Stock Options and Other Securities [Member] | |||||
Computation of Basic And Diluted Earnings Per Share [Line Items] | |||||
Antidilutive securities excluded from computation of EPS | 0.2 | 0.2 | 2.3 | ||
|
Stock-Based Compensation (Narrative) (Details) shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2016
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
Dec. 31, 2013
USD ($)
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1.2 | 2.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares to be Repurchased Next Year | 0.5 | |||
Stock-based compensation expense | $ | $ 29.2 | $ 29.9 | $ 37.2 | |
Stock Options [Member] | ||||
Accelerated Vesting Conditions, Stock Options, Effective Period | 1 | |||
Accelerated Vesting Conditions, Stock Options, Employee Age | 65 | |||
2003 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0.9 | |||
Performance Based Restricted Stock Units [Member] | ||||
Performance-based stock units awarded | 0.7 | 0.7 | 0.9 | |
Shares entitled to recipients | 2.8 | |||
Percentage of units granted assumed | 100.00% | |||
Percentage of units that are earned, minimum | 0.00% | |||
Percentage of units that are earned, maximum | 200.00% | |||
Performance-based stock, outstanding | 1.7 | |||
Restricted Stock Units (RSU) [Member] | ||||
Vesting period, years | 3 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 44.8 | |||
Share-based Compensation Not Yet Recognized, Weighted Average Period | 2 years | |||
2010 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0.3 | |||
Minimum [Member] | Stock Options [Member] | ||||
Vesting period, years | 3 years | |||
Minimum [Member] | Stock Price Based RSU [Member] | ||||
Vesting period, years | 1 year | |||
Minimum [Member] | Restricted Stock Units (RSU) [Member] | ||||
Vesting period, years | 1 year | |||
Maximum [Member] | Stock Price Based RSU [Member] | ||||
Vesting period, years | 7 years | |||
Maximum [Member] | Restricted Stock Units (RSU) [Member] | ||||
Vesting period, years | 3 years |
Stock-Based Compensation Stock-Based Compensation (Stock Plans) (Details) shares in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
shares
|
Dec. 31, 2014
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1.2 | 2.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2.9 | 3.7 |
Restricted Stock Units (RSU) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
2013 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Multiplier For Calculating Share Availability Under A Stock Plan | 3.5 | |
2003 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 0.9 | |
2013 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 62.5 | |
Shares Reserved For Issuance Of Restricted Stock Units | 0.6 | |
Shares Reserved For Issuance Of Performance Based Restricted Stock Units | 9.1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 52.8 | |
2013 Stock Plan [Member] | Restricted Stock Units (RSU) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Minimum [Member] | Restricted Stock Units (RSU) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Minimum [Member] | Stock Price Based RSU [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Stock-Based Compensation Stock-based Compensation (Expense) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock or Unit Option Plan Expense | $ 0.0 | $ 0.7 | $ 1.1 |
Restricted Stock or Unit Expense | 29.2 | 29.2 | 36.1 |
Stock-based compensation expense | 29.2 | 29.9 | 37.2 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 12.9 | 11.5 | 13.3 |
Allocated Share-based Compensation Expense, Net of Tax | $ 16.3 | $ 18.4 | $ 23.9 |
Stock-Based Compensation (Summary Of Changes Of Stock Options) (Details) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding Shares, Beginning of Period | 2.6 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (1.4) |
Outstanding Shares, End of Period | 1.2 |
Weighted Average Exercise Price, Outstanding, Beginning of Period | $ / shares | $ 19 |
Share Based Compensation Arrangement By Share Based Payment Award, Options Exercises In Period, Weighted Average Ex Price | $ / shares | 18 |
Weighted Average Exercise Price, Outstanding, End of Period | $ / shares | $ 20 |
Outstanding at period end, Aggregate Intrinsic Value Exercisable | $ | $ 28.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 28.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ | $ 32.8 |
Outstanding, Exercisable, Ending | 1.2 |
2010 Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding Shares, End of Period | 0.3 |
Stock-Based Compensation (Summary Of Changes Of Restricted Stock And Restricted Stock Units) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | |||
Outstanding Shares, Beginning of Period | 3.7 | ||
Granted, Shares | 1.1 | ||
Vested, Shares | (1.5) | ||
Share Based Compensation, Equity Instruments Other Than Options, Expected To Vest | 2.8 | ||
Share Based Compensation, Equity Instruments Other Than Options, Expected To Vest, Weighted Avg Grant Date Fair Value | $ 33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 74.2 | $ 41.0 | $ 76.9 |
Weighted-Average Grant date Fair Value, Outstanding, Beginning of Period | $ 26 | ||
Granted, Weighted-Average Grant Date Fair Value | 41 | $ 33 | $ 25 |
Vested, Weighted-Average Grant Date Fair Value | 21 | ||
Forfeited, Weighted-Average Grant Date Fair Value | 30 | ||
Weighted-Average Grant date Fair Value, Outstanding, End of Period | $ 34 | $ 26 | |
Forfeited, Shares | (0.4) | ||
Outstanding Shares, End of Period | 2.9 | 3.7 |
Income Tax Provision (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Provision [Line Items] | |||
Current Federal Tax Expense (Benefit) | $ 103.0 | $ 24.5 | $ 20.7 |
Current State and Local Tax Expense (Benefit) | 18.8 | 5.9 | 10.5 |
Current Foreign Tax Expense (Benefit) | 19.4 | 19.2 | 30.2 |
Current Income Tax Expense (Benefit) | 141.2 | 49.6 | 61.4 |
Deferred Income Taxes and Tax Credits | (7.2) | 39.3 | 88.6 |
Income Tax Expense (Benefit) - including discontinued operations | 134.0 | 88.9 | 150.0 |
Income tax expense from discontinued operations | 55.8 | (0.2) | 30.0 |
Income Tax Expense (Benefit) | 78.2 | 89.1 | 120.0 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 186.2 | $ 163.3 | $ 156.3 |
Effective Tax Rate Reconciliation (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Effective Tax Rate Reconciliation [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 3.00% | 2.10% | 1.70% |
Effective Income Tax Rate Reconciliation, Tax Credits, Foreign | (17.50%) | (5.50%) | (3.80%) |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | (10.50%) | (7.00%) | (2.70%) |
Effective Income Tax Rate Reconciliation, Tax Contingencies | 1.20% | (0.60%) | 0.90% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 0.20% | (2.70%) | (3.50%) |
Effective Income Tax Rate Reconciliation, Other Adjustments | (3.90%) | (2.00%) | (5.20%) |
Effective Income Tax Rate, Continuing Operations | 23.20% | 19.30% | 22.40% |
Venezuelan Operations [Member] | |||
Effective Tax Rate Reconciliation [Line Items] | |||
Effective Income Tax Rate Reconciliation, Other Adjustments | 15.70% | 0.00% | 0.00% |
Deferred Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Deferred Income Taxes [Line Items] | ||
Amount of Deferred Tax Assets netted in reported noncurrent liabilities | $ 60.0 | $ 31.3 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | 171.7 | 144.9 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 113.5 | 135.3 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 248.3 | 271.9 |
Deferred Tax Assets, Other | 78.8 | 100.8 |
Deferred Tax Assets, Gross | 640.9 | 692.4 |
Deferred Tax Assets, Valuation Allowance | (291.0) | (345.3) |
Deferred Tax Assets, Net | 349.9 | 347.1 |
Deferred Tax Liabilities, Property, Plant and Equipment | (69.7) | (58.3) |
Deferred Tax Liabilities, Intangible Assets | (463.6) | (352.0) |
Deferred Tax Liabilities, Other | (4.7) | (3.4) |
Deferred Tax Liabilities, Gross | (538.0) | (413.7) |
Deferred Tax Liabilities | (188.1) | |
Deferred income taxes | 38.5 | 39.1 |
Deferred Tax Liabilities, Net, Noncurrent | 226.6 | 105.7 |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $ 30.5 | |
Tax Credit Carryfoward, Expiration Range | 2020 | |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 921.7 | |
Deferred Tax Asset, Operating Loss Carryforwards, Foreign (do not expire) | 746.6 | |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 175.1 | |
Operating Loss Carryforward, Expiration Date Range | 2016 and 2032 | |
Estimated Undistributed Foreign Subsidiaries Earnings, Amount | $ 657.8 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 54.3 | |
Valuation Allowance, Deferred Tax Asset, Explanation of Change | 12.8 | |
Postretirement Liabilities [Member] | ||
Deferred Income Taxes [Line Items] | ||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | $ 28.6 | 39.5 |
Balance Sheet Item [Member] | ||
Deferred Income Taxes [Line Items] | ||
Deferred Tax Liabilities | $ (188.1) | $ (66.6) |
Income Taxes Unrecognized Tax Positions (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Contingency [Line Items] | ||
Unrecognized Tax Benefits, Beginning Of Year | $ 101.4 | $ 103.8 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 63.1 | 3.5 |
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | (19.4) | (11.1) |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 21.5 | 10.1 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | (2.6) | (1.8) |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | (1.1) | (3.1) |
Unrecognized Tax Benefits, End Of Year | 162.9 | 101.4 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 155.4 | 94.5 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 6.3 | 5.4 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (0.1) | $ (4.8) |
Unrecognized tax benefits, acquisitions | $ 61.9 |
Other (Income) Expense, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other (Income) Expense, Net [Line Items] | |||
(Income) Loss From Cost And Equity Method Investments | $ (6.6) | $ 0.0 | $ (2.7) |
Foreign Currency Transaction (Gain) Loss, before Tax | 17.9 | 48.9 | 21.0 |
Other Nonoperating (Gains) Losses | 0.0 | 0.1 | 0.2 |
Other Nonoperating (Income) Expense | $ 11.3 | $ 49.0 | $ 18.5 |
Fair Value Disclosures (Non-Pension Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||
---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | $ 16.4 | $ 29.2 | |||||
Derivative Asset, Fair Value, Gross Asset | 9.5 | 7.7 | |||||
Derivative Liability, Fair Value, Gross Liability | 13.5 | 12.2 | |||||
Cash and cash equivalents | 274.8 | 199.4 | $ 226.3 | $ 183.8 | |||
Other assets | 291.9 | 240.7 | |||||
Forward Starting Interest Rate Swaps [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.1 | ||||||
Cross Currency Interest Rate Swap [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.6 | ||||||
Investment Securities, Including Mutual Funds [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 6.9 | 21.5 | |||||
Interest Rate Swap [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 2.2 | ||||||
Derivative Liability, Fair Value, Gross Liability | 5.3 | 11.8 | |||||
Foreign Currency Derivatives [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 6.6 | 7.7 | |||||
Derivative Liability, Fair Value, Gross Liability | 1.7 | 0.4 | |||||
Cash and Cash Equivalents [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Cash and cash equivalents | 2.0 | 8.4 | |||||
Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 4.5 | 4.6 | |||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | 0.0 | |||||
Fair Value, Inputs, Level 1 [Member] | Forward Starting Interest Rate Swaps [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.0 | ||||||
Fair Value, Inputs, Level 1 [Member] | Investment Securities, Including Mutual Funds [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | [1] | 4.5 | 4.6 | ||||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.0 | ||||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | 0.0 | |||||
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Derivatives [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.0 | 0.0 | |||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | 0.0 | |||||
Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 11.9 | 24.6 | |||||
Derivative Liability, Fair Value, Gross Liability | 13.5 | 12.2 | |||||
Fair Value, Inputs, Level 2 [Member] | Investment Securities, Including Mutual Funds [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | [1] | 2.4 | 16.9 | ||||
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Derivatives [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 1.7 | 0.4 | |||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.0 | 0.0 | |||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | 0.0 | |||||
Fair Value, Inputs, Level 3 [Member] | Forward Starting Interest Rate Swaps [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Investment Securities, Including Mutual Funds [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.0 | 0.0 | |||||
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.0 | ||||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | 0.0 | |||||
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Derivatives [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure | 0.0 | 0.0 | |||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | 0.0 | |||||
Supplemental Executive Retirement Plan [Member] | Other Assets [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Other assets | 4.9 | 13.1 | |||||
Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 2.2 | 0.0 | |||||
Prepaid Expenses And Other [Member] | Fair Value, Inputs, Level 2 [Member] | Forward Starting Interest Rate Swaps [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 0.1 | ||||||
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 11.8 | ||||||
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 5.3 | 11.8 | |||||
Foreign Currency Derivatives [Member] | Prepaid Expenses And Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 6.6 | 7.7 | |||||
Foreign Currency Derivatives [Member] | Other Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 0.1 | 0.4 | |||||
Forward Starting Interest Rate Swaps [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 3.2 | ||||||
Forward Starting Interest Rate Swaps [Member] | Prepaid Expenses And Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 0.1 | 0.0 | |||||
Forward Starting Interest Rate Swaps [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | ||||||
Forward Starting Interest Rate Swaps [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | ||||||
Forward Starting Interest Rate Swaps [Member] | Other Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 3.2 | 0.0 | |||||
Forward Starting Interest Rate Swaps [Member] | Other Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 3.2 | ||||||
Cross Currency Interest Rate Swap [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 3.3 | ||||||
Cross Currency Interest Rate Swap [Member] | Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Asset, Fair Value, Gross Asset | 0.6 | 0.0 | |||||
Cross Currency Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 0.0 | ||||||
Cross Currency Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | 3.3 | $ 0.0 | |||||
Cross Currency Interest Rate Swap [Member] | Other Noncurrent Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Derivative Liability, Fair Value, Gross Liability | $ 0.0 | ||||||
|
Fair Value Disclosures (Fair Value Of Certain Short And Long-term Debt, Based On Market Prices) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Medium Term Notes at Fair Value | $ 2,660.7 | $ 2,154.4 |
Medium-term notes at Book Value | $ 2,692.6 | $ 2,089.5 |
Fair Value Disclosures Fair Value Disclosures (Non-recurring Fair Value Measurements) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Goodwill, Intangibles And Other Long-Lived Assets Of Discontinued Operations, Pretax | $ 22.7 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 249.0 | $ 318.1 |
Segment Information (Company's Segments Results) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||||||||
Net sales | $ 5,915.7 | $ 5,727.0 | $ 5,607.0 | |||||||||||||
Operating Income (Loss) | 601.4 | 604.7 | 615.1 | |||||||||||||
Depreciation, Depletion and Amortization | 171.6 | 156.1 | 158.9 | |||||||||||||
Payments to Acquire Productive Assets | 211.4 | 161.9 | 138.2 | |||||||||||||
Identifiable Assets | 7,278.0 | 6,564.3 | ||||||||||||||
Restructuring Costs | (77.2) | (52.8) | (110.3) | |||||||||||||
Depreciation and Amortization, Discontinued Operations | 1.5 | 2.3 | 3.8 | |||||||||||||
Payments to Acquire Productive Assets, Discontinued Operations | 1.2 | 1.7 | 1.4 | |||||||||||||
Writing [Member] | ||||||||||||||||
Net sales | [1] | 1,763.5 | 1,708.9 | 1,653.6 | ||||||||||||
Operating Income (Loss) | [2] | 430.8 | 416.6 | 382.2 | ||||||||||||
Depreciation, Depletion and Amortization | [2] | 23.9 | 25.9 | 30.5 | ||||||||||||
Payments to Acquire Productive Assets | 39.5 | 34.3 | 25.5 | |||||||||||||
Identifiable Assets | 1,286.5 | 981.9 | ||||||||||||||
Home Solutions [Member] | ||||||||||||||||
Net sales | [1] | 1,704.2 | 1,575.4 | 1,560.3 | ||||||||||||
Operating Income (Loss) | [2] | 238.4 | 196.0 | 213.1 | ||||||||||||
Depreciation, Depletion and Amortization | [2] | 45.4 | 29.7 | 25.5 | ||||||||||||
Payments to Acquire Productive Assets | 47.6 | 31.1 | 31.5 | |||||||||||||
Identifiable Assets | 776.7 | 806.4 | ||||||||||||||
Tools [Member] | ||||||||||||||||
Net sales | [1] | 790.0 | 852.2 | 817.9 | ||||||||||||
Operating Income (Loss) | [2] | 85.1 | 94.6 | 68.3 | ||||||||||||
Depreciation, Depletion and Amortization | [2] | 16.6 | 15.3 | 15.6 | ||||||||||||
Payments to Acquire Productive Assets | 19.2 | 18.4 | 29.3 | |||||||||||||
Identifiable Assets | 578.8 | 605.0 | ||||||||||||||
Commercial Products [Member] | ||||||||||||||||
Net sales | [1] | 809.7 | 837.1 | 785.9 | ||||||||||||
Operating Income (Loss) | [2] | 100.8 | 101.3 | 82.5 | ||||||||||||
Depreciation, Depletion and Amortization | [2] | 16.9 | 21.4 | 24.0 | ||||||||||||
Payments to Acquire Productive Assets | 31.1 | 27.6 | 16.7 | |||||||||||||
Identifiable Assets | 351.7 | 375.1 | ||||||||||||||
Baby & Parenting [Member] | ||||||||||||||||
Net sales | [1] | 848.3 | 753.4 | 789.3 | ||||||||||||
Operating Income (Loss) | [2] | 55.2 | 40.6 | 91.2 | ||||||||||||
Depreciation, Depletion and Amortization | [2] | 15.0 | 11.1 | 9.8 | ||||||||||||
Payments to Acquire Productive Assets | 14.1 | 8.7 | 6.9 | |||||||||||||
Identifiable Assets | 485.1 | 481.0 | ||||||||||||||
Corporate [Member] | ||||||||||||||||
Operating Income (Loss) | [2] | (231.7) | (191.6) | (111.9) | ||||||||||||
Depreciation, Depletion and Amortization | [2] | 52.3 | 50.4 | 49.8 | ||||||||||||
Payments to Acquire Productive Assets | [3] | 58.7 | 40.1 | 26.9 | ||||||||||||
Identifiable Assets | [4] | 3,799.2 | 3,314.9 | |||||||||||||
Total North America [Member] | ||||||||||||||||
Net sales | [1],[5] | 4,541.6 | 4,229.4 | 4,094.2 | ||||||||||||
Operating Income (Loss) | [2],[6] | 493.5 | 467.9 | 549.5 | ||||||||||||
Restructuring Costs | (46.2) | (30.3) | (31.3) | |||||||||||||
United States [Member] | ||||||||||||||||
Net sales | [1],[5] | 4,291.8 | 3,945.1 | 3,783.3 | ||||||||||||
Operating Income (Loss) | [2],[6] | 440.1 | 405.2 | 474.6 | ||||||||||||
Restructuring Costs | (40.9) | (28.9) | (30.9) | |||||||||||||
Canada [Member] | ||||||||||||||||
Net sales | [1],[5] | 249.8 | 284.3 | 310.9 | ||||||||||||
Operating Income (Loss) | [2],[6] | 53.4 | 62.7 | 74.9 | ||||||||||||
Restructuring Costs | (5.3) | (1.4) | (0.4) | |||||||||||||
Total International [Member] | ||||||||||||||||
Net sales | [1],[5] | 1,374.1 | 1,497.6 | 1,512.8 | ||||||||||||
Operating Income (Loss) | [2],[6] | 107.9 | 136.8 | 65.6 | ||||||||||||
Restructuring Costs | (31.0) | (22.5) | (79.0) | |||||||||||||
Europe, Middle East and Africa [Member] | ||||||||||||||||
Net sales | [1],[5] | 591.1 | 683.5 | 698.2 | ||||||||||||
Operating Income (Loss) | [2],[6] | 57.1 | 82.0 | (15.7) | ||||||||||||
Restructuring Costs | (20.3) | (13.7) | (69.9) | |||||||||||||
Latin America [Member] | ||||||||||||||||
Net sales | [1],[5] | 408.5 | 409.9 | 392.6 | ||||||||||||
Operating Income (Loss) | [2],[6] | 43.4 | 39.1 | 29.7 | ||||||||||||
Restructuring Costs | (4.1) | (2.8) | (5.2) | |||||||||||||
Asia Pacific [Member] | ||||||||||||||||
Net sales | [1],[5] | 374.5 | 404.2 | 422.0 | ||||||||||||
Operating Income (Loss) | [2],[6] | 7.4 | 15.7 | 51.6 | ||||||||||||
Restructuring Costs | $ (6.6) | $ (6.0) | $ (3.9) | |||||||||||||
Wal-Mart Stores Inc. and Subsidiaries [Member] | ||||||||||||||||
Percentage of sales by major customer | 10.90% | 10.60% | 11.20% | |||||||||||||
Segment, Continued Operations [Member] | ||||||||||||||||
Depreciation, Depletion and Amortization | [2] | $ 170.1 | $ 153.8 | $ 155.2 | ||||||||||||
Payments to Acquire Productive Assets | [3] | $ 210.2 | $ 160.2 | $ 136.8 | ||||||||||||
|
Segment Information Segment Information (Entity-wide Disclosures) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||
Revenue from External Customer [Line Items] | ||||||
Net sales | $ 5,915.7 | $ 5,727.0 | $ 5,607.0 | |||
Writing [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 1,763.5 | 1,708.9 | 1,653.6 | ||
Writing [Member] | Writing Instruments [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 1,501.3 | 1,451.3 | 1,412.0 | ||
Writing [Member] | Adhesives and cutting products [Domain] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 36.3 | 0.0 | 0.0 | ||
Writing [Member] | Technology Solutions [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 225.9 | 257.6 | 241.6 | ||
Home Solutions [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 1,704.2 | 1,575.4 | 1,560.3 | ||
Home Solutions [Member] | Home and food storage products [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 1,033.0 | 867.5 | 849.9 | ||
Home Solutions [Member] | Decor [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 300.8 | 315.3 | 320.4 | ||
Home Solutions [Member] | Home Solutions, Other [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 370.4 | 392.6 | 390.0 | ||
Tools [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 790.0 | 852.2 | 817.9 | ||
Commercial Products [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | 809.7 | 837.1 | 785.9 | ||
Baby & Parenting [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Net sales | [1] | $ 848.3 | $ 753.4 | $ 789.3 | ||
|
Litigation And Contingencies (Details) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Product liability reserves | $ 41.2 | $ 33.6 |
Environmental remediation reserve | 23.5 | |
Standby letters of credit outstanding | 32.9 | |
Undiscounted obligation value | 24.2 | |
Estimated Present Value Of Long Term Obligation | $ 16.8 | |
Accrual for Environmental Loss Contingencies, Discount Rate | 5.00% | |
Loss Contingency Accrual | $ 7.0 | |
Amounts paid relating to $7M NHTSA consent order | 0.9 | |
Payment made to NHTSA | 3.0 | |
Minimum [Member] | ||
Environmental remediation reserve | 22.9 | |
Maximum [Member] | ||
Environmental remediation reserve | 28.8 | |
Lower Passaic River Matter - Preferred Alternative [Member] | ||
Loss Contingency, Estimate of Possible Loss | 1,700.0 | |
Lower Passaic River Matter - Preferred Alternative Maintenance costs [Member] | ||
Loss Contingency, Estimate of Possible Loss | 1.6 | |
Lower Passaic River Matter-alternative range from participating parties [Member] | Minimum [Member] | ||
Loss Contingency, Range of Possible Loss, Minimum | 28.0 | |
Lower Passaic River Matter-alternative range from participating parties [Member] | Maximum [Member] | ||
Range of possible loss, maximum | $ 2,700.0 | |
Lower Passaic River Matter [Member] | ||
Number of General Notice Letter Recipients Involved In Remedial Investigation and Feasibility Study | 72 | |
Lower Passaic River Matter [Member] | Minimum [Member] | ||
Loss Contingency, Range of Possible Loss, Minimum | $ 315.0 | |
Lower Passaic River Matter [Member] | Maximum [Member] | ||
Range of possible loss, maximum | 3,200.0 | |
Lower Passaic River Maintenance costs [Member] | Minimum [Member] | ||
Loss Contingency, Range of Possible Loss, Minimum | 0.5 | |
Lower Passaic River Maintenance costs [Member] | Maximum [Member] | ||
Range of possible loss, maximum | 1.8 | |
NHTSA Safety Awareness - Total Cost [Member] | ||
Loss Contingency Accrual | $ 10.0 |
Schedule II (Details) - USD ($) |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||||
Inventory Valuation Reserve [Member] | ||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||
Valuation Allowances and Reserves, Charged to Cost and Expense, Discontinued Operations | [1] | $ (100,000.0) | $ 3,900,000.0 | |||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||||
Valuation Allowances and Reserves, Beginning Balance | $ 32,600,000 | 37,800,000 | 56,900,000 | |||||||
Valuation Allowances and Reserves, Charged to Cost and Expense | [1] | 23,300,000 | 24,100,000 | 23,500,000 | ||||||
Valuation Allowances and Reserves, Adjustments | 500,000 | (1,600,000) | (300,000) | |||||||
Valuation Allowances and Reserves, Deductions | (23,500,000) | (27,700,000) | (42,300,000) | |||||||
Valuation Allowances and Reserves, Ending Balance | 32,900,000 | 32,600,000 | 37,800,000 | |||||||
Reserve for Doubtful Accounts and Cash Discounts [Member] | ||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||||
Valuation Allowances and Reserves, Charged to Cost and Expense, Discontinued Operations | [2] | 600,000.0 | 3,100,000.0 | |||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||||||
Valuation Allowances and Reserves, Beginning Balance | 25,300,000 | 38,000,000 | 39,800,000 | |||||||
Valuation Allowances and Reserves, Charged to Cost and Expense | [2] | 41,400,000 | 49,200,000 | 69,800,000 | ||||||
Valuation Allowances and Reserves, Adjustments | 200,000 | (1,600,000) | 200,000 | |||||||
Valuation Allowances and Reserves, Deductions | [3] | (44,900,000) | (60,300,000) | (71,800,000) | ||||||
Valuation Allowances and Reserves, Ending Balance | $ 22,000,000 | $ 25,300,000 | $ 38,000,000 | |||||||
|
5=0'#I3B@W 30%#A
M5=0' *I3?!#N PB*O([ZP(%2?!!N!0CJO([ZP(%2?!#N!@A*O8[ZP($2?(##
M_0!#J= \'H+CMX'6?I,L<=?W;=(]NR%D/#V^U?%LI
ME2SCMS[1)PP,F/N $>.8M<>\(^*. 4D#%E0)P!(P7N(A8.0$C8!1XYA-P.AQ
MS#9@S'R#Y.<&*=^O$A/8ST6. R;S9#T&DBSI_^8K*;*2PDHI5%""#W"X'V H]2;F
M P]*\ $.]P,,I=[$?.!!*3X(]P,,I=Y$?>! 7WU0?!KF1LH/9F85V9:=)VEG
M.;_KY^(G;(;!#WC7GLB!_B+\T$\BVS"I1DHS^>T9DU3IEP^+/#NJR=TO!KJ7
M^K52[]S.LG8AV
+6I;IC9M3 FT!2DF5)\H,I+@9:E:'VHJL2)RO% "^:
MF$DIKO\>0.*\IRE="Z^BZZTOL*ID&Z\1"@8C<" :VCU]2'>'PB,"X$W ;,YB
MXKT?$3]\\M3L:>(M@(3:>@7NEA,\@I1>R#7^LVA^M?3$\WA5_Q6F=>Z/W, C
MRG?1V-Z932AIH.63M*\X_X9EA%LO6*,TX4OJR5A4*X42Q3_C*H:PSO'/7;'0
MKA.RA9!MA/LD&(^-@LV?W/*JU#@3,W)_=NG.P;47<'T64)]3PO]S
M '&OC8\+6;B##-5? BCA/D8L<"4+=P9!'=\NW!. .'Y?PK%Q99S[K*_$!2]!
M\"E1%W( <>:C0HGK77KH/0<08UX"D;C>)6@Y)4K0#D!>)57BBI>@^!3]D31D
M9$''L8
M_R%FSUJVD [Q8UM\UF??1RWYE[+\V?[X:_TP#EL.Q:YX;=HF