Subsequent Events (Notes)

3 Months Ended

Mar. 31, 2017

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

Dispensing Systems Business Acquisition

On April 6, 2017, we acquired the Dispensing Systems Business from WestRock Company. The Dispensing Systems Business is a leading global supplier of highly engineered triggers, pumps, sprayers and dispensing closure solutions to major branded consumer goods product companies in the home, health and beauty markets. It operates a global network of thirteen facilities in North America, Europe, South America and Asia. For the year ended December 31, 2016, the Dispensing Systems Business generated net sales of approximately $570 million. We acquired the Dispensing Systems Business for a purchase price in cash of $1.025 billion. The purchase price is subject to adjustment for working capital, indebtedness and certain other items. We funded the purchase price for this acquisition through term and revolving loan borrowings under our Credit Agreement, including a delayed draw U.S. term loan of $800 million. Information is not yet available to provide the preliminary purchase price allocation and prepare the supplemental pro forma disclosures as required under GAAP.

Partial Redemption of 5% Notes

On April 3, 2017, we redeemed $220.0 million aggregate principal amount of the 5% Notes at a redemption price of 101.25 percent of their principal amount plus accrued and unpaid interest up to the redemption date. We funded this redemption through a portion of the net proceeds from the sale of the 3¼% Notes. As a result of this partial redemption, we will record a pre-tax charge for the loss on early extinguishment of debt of approximately $4.4 million in the second quarter of 2017 for the premium paid in connection with this partial redemption and for the write-off of unamortized debt issuance costs.

Stock Split

On May 4, 2017, our Board of Directors declared a two-for-one stock split of our issued common stock.  The stock split will be effected on May 26, 2017 in the form of a stock dividend.  Stockholders of record at the close of business on May 15, 2017 will be issued one additional share of common stock for each share of common stock owned on that date.