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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Summary of Cash Dividends Paid
The following table shows our total cash dividends paid in the years ended December 31:
(In millions, except per share amounts)
 
Total Cash
Dividends Paid
 
Total Cash Dividends
Paid Per Common Share
2015
 
$
106.8

 
$
0.52

2016
 
121.6

 
0.61

2017
 
119.7

 
0.64

Total
 
$
348.1

 
 
Summary of Changes in Common Stock and Common Stock in Treasury
The following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:
 
 
2017
 
2016
 
2015
Changes in common stock:
 
 
 
 
 
 
Number of shares, beginning of year
 
227,638,738

 
225,625,636

 
224,683,653

Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan
 
480,283

 
481,834

 
419,844

Restricted stock shares, forfeited
 
(184,235
)
 
(89,699
)
 
(185,056
)
Shares issued for vested restricted stock units
 
607,231

 
179,826

 
172,071

Shares issued for 2012 President and Chief Operating Officer (COO) Four-Year Award
 
—

 
325,000

 
—

Shares issued for 2014 Special PSU Awards
 
749,653

 
—

 
—

Shares issued for 2014 Three-Year PSU Awards
 
636,723

 
—

 
—

Shares issued for 2013 Three-Year PSU Awards
 
—

 
1,074,017

 
—

Shares issued for 2012 Three-Year PSU Awards
 
—

 
—

 
442,985

Shares issued for SLO Awards
 
136,783

 
20,587

 
71,893

Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors
 
15,768

 
21,537

 
20,246

Number of shares issued, end of year
 
230,080,944

 
227,638,738

 
225,625,636

Changes in common stock in treasury:
 
 

 
 

 
 

Number of shares held, beginning of year
 
34,156,355

 
29,612,337

 
14,151,759

Repurchase of common stock
 
27,320,816

 
4,680,313

 
16,123,111

Profit sharing contribution paid in stock
 
(502,519
)
 
(830,613
)
 
(787,463
)
Restricted stock shares forfeitures transferred to Omnibus Incentive Plan Reserve
 
—

 
—

 
(75,638
)
Restricted stock shares, forfeited
 
—

 
(1,813
)
 
—

Shares withheld for taxes
 
510,771

 
696,131

 
200,568

Number of shares held, end of year
 
61,485,423

 
34,156,355

 
29,612,337

Number of common stock outstanding, end of year
 
168,595,521

 
193,482,383

 
196,013,299
Summary of Changes in Common Shares Available for Awards under Omnibus Plan and Predecessor Plans
A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows:
 
 
 
2017
 
2016
 
2015
Number of shares available, beginning of year
 
5,385,870

 
7,694,739

 
8,775,994

Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan
 
(480,283
)
 
(481,834
)
 
(419,844
)
Restricted stock shares forfeited
 
184,235

 
87,886

 
185,056

Restricted stock units awarded
 
(351,946
)
 
(428,595
)
 
(300,085
)
Restricted stock units forfeited
 
288,801

 
29,774

 
38,100

Shares issued for 2012 President and COO Four-Year Award
 
—

 
(325,000
)
 
—

Shares issued for 2014 Special PSU Awards
 
(749,653
)
 
—

 
—

Shares issued for 2014 Three-Year PSU Awards
 
(636,723
)
 
—

 
—

Shares issued for 2013 Three-Year PSU Awards
 
—

 
(1,074,017
)
 
—

Shares issued for 2012 Three-year PSU Awards
 
—

 
—

 
(442,985
)
Restricted stock units awarded for SLO Awards
 
(44,254
)
 
(81,614
)
 
(134,078
)
SLO units forfeited
 
3,639

 
—

 
13,752

Director shares granted and issued
 
(15,491
)
 
(18,022
)
 
(20,246
)
Director units granted and deferred(1)
 
(17,008
)
 
(17,447
)
 
(925
)
Shares withheld for taxes(2)
 
101,767

 
—

 
—

Number of shares available, end of year(3)
 
3,668,954

 
5,385,870

 
7,694,739

 
       
(1) 
Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares.
(2) 
The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit “minimum” withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards.
(3) 
The above table excludes approximately 2.2 million of contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2017.
Summarizes the Company's Pre-tax Share-based Incentive Compensation Expense and Income Tax Benefit
The following table summarizes the Company’s pre-tax share-based incentive compensation expense and related income tax benefit for the years ended December 31, 2017, 2016 and 2015 related to the Company’s PSU awards, SLO awards and restricted stock awards.
(In millions)
 
2017
 
2016
 
2015
2017 Three-year PSU Awards(1)
 
$
9.8

 
$
—

 
$
—

2017 COO and Chief Executive Officer-Designate 2017 New Hire Equity Awards
 
0.1

 
—

 
—

2016 Three-year PSU Awards(1)
 
2.0

 
6.3

 
—

2016 President & CEO Inducement Award
 
0.5

 
0.5

 
—

2015 Three-year PSU Awards
 
(0.8
)
 
3.5

 
4.7

2014 Special PSU Awards(2)(3)
 
3.2

 
8.8

 
15.7

2014 Three-year PSU Awards
 
—

 
4.9

 
7.0

2013 Three-year PSU Awards
 
—

 
—

 
4.7

2012 President & COO Four-year Incentive Compensation
 
—

 
0.2

 
0.3

SLO Awards
 
1.1

 
2.5

 
3.7

Other long-term share-based incentive compensation programs(4)(6)
 
32.6

 
36.2

 
25.1

Total share-based incentive compensation expense(5)
 
$
48.5

 
$
62.9

 
$
61.2

Associated tax benefits recognized
 
$
11.8

 
$
19.7

 
$
18.6

 
(1) 
On May 18, 2017, The Organization and Compensation Committee of our Board of Directors (“O&C Committee”) approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The approved change will result in a pro-rata share of vesting calculated on the close date of the sale of Diversey. Dr. Kadri’s awards will still be subject to the performance metrics stipulated in the plan documents, and will be paid out in accordance with the original planned timing.
(2) 
The amount does not include expense related to the 2014 Special PSU awards that will be settled in cash of $1.0 million in the year ended December 31, 2017.
(3) 
The amount includes only the two initial performance-based equity awards. See below for further detail.
(4) 
The amount includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units and cash-settled restricted stock unit awards.
(5) 
The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as these contributions are not considered share-based incentive compensation.
(6) 
On August 4, 2017, the Equity Award Committee approved a change in the vesting condition regarding the existing long-term share based compensation programs transferring to Diversey as part of the sale of Diversey. The approved change will result in a pro-rata share of vesting calculated on the close date of the sale of Diversey. We recorded the cumulative expense of the higher fair value of the impacted awards at modification approval.
Schedule of Unvested Restricted Stock and Restricted Stock Unit
The following table summarizes activity for unvested restricted stock and restricted stock units for 2017:
 
 
Restricted stock shares
 
Restricted stock units
 
 
Shares
 
Weighted-Average per Share Fair Value on Grant Date
 
Aggregate
Intrinsic
Value (in millions)
 
Shares
 
Weighted-Average per Share Fair Value on Grant Date
 
Aggregate
Intrinsic
Value (in millions)
Non-vested at December 31, 2016
 
1,317,138

 
$
40.13

 
 

 
1,101,444

 
$
40.11

 
 

Granted
 
480,283

 
47.00

 
 

 
351,946

 
46.75

 
 

Vested
 
(567,770
)
 
34.33

 
$
26.6

 
(607,231
)
 
36.96

 
$
28.3

Forfeited or expired
 
(184,235
)
 
45.54

 
 
 
(288,737
)
 
43.66

 
 
Non-vested at December 31, 2017
 
1,045,416

 
$
45.21

 
 

 
557,422

 
$
45.34

 
 
Schedule of Vested Restricted Stock
A summary of the Company’s fair values of its vested restricted stock shares and restricted stock units are shown in the following table:
 
(In millions)
 
2017
 
2016
 
2015
Fair value of restricted stock shares vested
 
$
19.5

 
$
10.0

 
$
10.2

Fair value of restricted stock units vested
 
$
22.4

 
$
5.2

 
$
3.0
Schedule of Unrecognized Compensation Cost
A summary of the Company’s unrecognized compensation cost and weighted average periods over which the compensation cost is expected to be recognized for its non-vested restricted stock shares and restricted stock units are shown in the following table:
(In millions)
 
Unrecognized Compensation Costs
 
Weighted Average to be recognized (in years)
Restricted Stock shares
 
$
21.0

 
1.3
Restricted Stock units
 
$
11.3

 
1.3
A summary of the Company’s unrecognized compensation cost for three-year PSU awards at the current estimated earned payout based on the probable outcome of the performance condition and weighted average periods over which the compensation cost is expected to be recognized as shown in the following table:
 
(In millions)
 
Unrecognized Compensation Costs
 
Weighted Average to be recognized (in years)
2017 Three-year PSU Awards
 
$
2.1

 
2.0
2016 Three-year PSU Awards
 
0.5

 
1.0
2015 Three-year PSU Awards
 
—

 
0.0
Summary of Number of PSUs Granted Based on Adjusted EBITDA and Grant Date Fair Value
The number of PSUs granted based on Adjusted EBITDA and the grant date fair value are shown in the following table:
 
 
2017
 
2016
 
2015
Number of units granted
 
99,522

 
165,391

 
158,964

Weighted average fair value on grant date(1)
 
$
45.21

 
$
43.09

 
$
46.05

 
    
 (1) 
On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.
Summary of Assumptions Used to Calculate the Grant Date Fair Value Based on Total Shareholder Return
The number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table:
 
 
2017
 
2016
 
2015
Number of units granted
 
100,958

 
124,755

 
65,796

Weighted average fair value on grant date(1)
 
$
44.24

 
$
54.94

 
$
59.91

Expected Price volatility(1)
 
25.31
%
 
26.69
%
 
29.90
%
Risk-free interest rate(1)
 
1.56
%
 
0.98
%
 
1.05
%
 
    
 (1) 
On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.
Summary of Estimated Earned Payout
The following table includes additional information related to estimated earned payout based on the probable outcome of the performance condition and market condition as of December 31, 2017:
 
 
Estimated Payout %
 
 
Net Trade Sales Growth
 
Adjusted EBITDA
 
TSR
 
Combined
2017 Three-year PSU Awards
 
100
%
 
100
%
 
100
%
 
100
%
2016 Three-year PSU Awards
 
NA

 
59
%
 
—
%
 
30
%
2015 Three-year PSU Awards
 
NA

 
73
%
 
73
%
 
73
%
Summary of Activity for Outstanding Three-year PSU Awards
The following table summarizes activity for outstanding Three-year PSU awards (excluding 2014 Special PSU Award) for 2017: 
 
 
Shares
 
Aggregate Intrinsic Value
 (in millions)(2)
Outstanding at December 31, 2016
 
827,712

 
 

Granted(1)
 
300,002

 
 

Converted
 
(325,178
)
 
$
30.0

Forfeited or expired
 
(139,605
)
 
 
Outstanding at December 31, 2017
 
662,931

 
 

Fully vested at December 31, 2017
 
543,975

 
$
26.8

 
       
(1) 
This represents the target number of performance units granted.  Actual number of PSUs earned, if any, is dependent upon performance and may range from 0% to 200% percent of the target.
(2) 
The aggregate intrinsic value is based on the actual number of PSUs earned and vested at December 31, 2016 which were issued in February 2017.
Summary of Activity for Non-Vested PSUs Awards
The following table summarizes activity for non-vested Three-year PSU awards for 2017:
 
 
Shares
 
Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2016
 
459,014

 
$
49.55

Granted
 
300,002

 
$
44.88

Vested
 
(500,455
)
 
$
47.89

Forfeited or expired
 
(139,605
)
 
$
46.43

Non-vested at December 31, 2017
 
118,956

 
$
48.40
Summary of Assumptions Used to Calculate Grant Date Fair Value
The assumptions used to calculate the grant date fair value of the performance-vesting New Hire Award are shown in the following table:
 
 
2017 Performance-vesting New Hire Award
Fair value on grant date
 
$
10.63

Expected price volatility
 
25.0
%
Risk-free interest rate
 
1.6
%
Number of Performance Stock Units Granted Based On Net Trade Sales Growth and Grant Date Fair Value
The number of PSUs granted based on Net Trade Sales Growth and the grant date fair value are shown in the following table:
 
 
2017
Number of units granted
 
99,522

Weighted average fair value on grant date(1)
 
$
45.21


 
    
(1) 
On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.
Schedule of Fair Value of Vested for Three-year PSU Awards
A summary of the Company’s fair value for its vested three-year PSU awards is shown in the following table:
 
(In millions)
 
2017
 
2016
 
2015
Fair value of three-year PSU awards vested
 
$
24.0

 
$
14.3

 
$
20.1
Summary of Assumptions Used to Calculate the Grant Date Fair Value
The assumptions used to calculate the grant date fair value of the performance-vesting Inducement Award are shown in the following table:
 
 
2016 Performance-vesting Inducement Award
Fair value on grant date
 
$
12.55

Expected price volatility
 
24.60
%
Risk-free interest rate
 
0.92
%