XML 107 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Statement [Abstract]      
Net sales $ 1,941.0us-gaap_SalesRevenueNet $ 1,494.7us-gaap_SalesRevenueNet $ 1,396.4us-gaap_SalesRevenueNet
Cost of sales 668.3us-gaap_CostOfGoodsSold 545.1us-gaap_CostOfGoodsSold 493.8us-gaap_CostOfGoodsSold
Gross profit 1,272.7us-gaap_GrossProfit 949.6us-gaap_GrossProfit 902.6us-gaap_GrossProfit
Selling, general and administrative expenses 1,009.5us-gaap_SellingGeneralAndAdministrativeExpense 731.7us-gaap_SellingGeneralAndAdministrativeExpense 682.6us-gaap_SellingGeneralAndAdministrativeExpense
Acquisition and integration costs 6.4rev_BusinessCombinationAcquisitionandIntegrationRelatedCosts 25.4rev_BusinessCombinationAcquisitionandIntegrationRelatedCosts 0rev_BusinessCombinationAcquisitionandIntegrationRelatedCosts
Restructuring charges and other, net 21.3us-gaap_RestructuringCharges 3.5us-gaap_RestructuringCharges 20.5us-gaap_RestructuringCharges
Operating income 235.5us-gaap_OperatingIncomeLoss 189.0us-gaap_OperatingIncomeLoss 199.5us-gaap_OperatingIncomeLoss
Other expenses, net:      
Interest expense 84.4us-gaap_InterestExpense 73.8us-gaap_InterestExpense 79.1us-gaap_InterestExpense
Interest expense – preferred stock dividends 0us-gaap_InterestExpenseOther 5.0us-gaap_InterestExpenseOther 6.5us-gaap_InterestExpenseOther
Amortization of debt issuance costs 5.5us-gaap_OtherAmortizationOfDeferredCharges 5.2us-gaap_OtherAmortizationOfDeferredCharges 5.3us-gaap_OtherAmortizationOfDeferredCharges
Loss on early extinguishment of debt 2.0us-gaap_GainsLossesOnExtinguishmentOfDebt 29.7us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt
Foreign currency losses, net 25.0us-gaap_ForeignCurrencyTransactionGainLossBeforeTax 3.7us-gaap_ForeignCurrencyTransactionGainLossBeforeTax 2.8us-gaap_ForeignCurrencyTransactionGainLossBeforeTax
Miscellaneous, net 1.2us-gaap_OtherNonoperatingIncomeExpense 1.0us-gaap_OtherNonoperatingIncomeExpense 0.9us-gaap_OtherNonoperatingIncomeExpense
Other expenses, net 118.1us-gaap_NonoperatingIncomeExpense 118.4us-gaap_NonoperatingIncomeExpense 94.6us-gaap_NonoperatingIncomeExpense
Income from continuing operations before income taxes 117.4us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 70.6us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest 104.9us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Provision for income taxes 77.8us-gaap_IncomeTaxExpenseBenefit 46.0us-gaap_IncomeTaxExpenseBenefit 43.7us-gaap_IncomeTaxExpenseBenefit
Income from continuing operations, net of taxes 39.6us-gaap_IncomeLossFromContinuingOperations 24.6us-gaap_IncomeLossFromContinuingOperations 61.2us-gaap_IncomeLossFromContinuingOperations
Income (loss) from discontinued operations, net of taxes 1.3us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity (30.4)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity (10.1)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
Net income (loss) 40.9us-gaap_NetIncomeLoss (5.8)us-gaap_NetIncomeLoss 51.1us-gaap_NetIncomeLoss
Other comprehensive (loss) income :      
Currency translation adjustment, net of tax (24.6)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax [1] (4.1)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax [1] (1.5)us-gaap_OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax [1]
Amortization of pension related costs, net of tax 4.5us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax [2],[3],[4] 7.7us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax [2],[3],[4] 9.4us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax [2],[3],[4],[5]
Pension re-measurement, net of tax (69.6)us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax [6] 53.3us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax [6] (15.4)us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax [6]
Pension curtailment gain 0us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax 0us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax 0.2us-gaap_OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax [5]
Revaluation of derivative financial instruments, net of tax (3.7)us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax [7],[8] 1.5us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax [7],[8] 0us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax [7]
Other comprehensive (loss) income (93.4)us-gaap_OtherComprehensiveIncomeLossNetOfTax [9] 58.4us-gaap_OtherComprehensiveIncomeLossNetOfTax [9] (7.3)us-gaap_OtherComprehensiveIncomeLossNetOfTax [9]
Total comprehensive (loss) income $ (52.5)us-gaap_ComprehensiveIncomeNetOfTax $ 52.6us-gaap_ComprehensiveIncomeNetOfTax $ 43.8us-gaap_ComprehensiveIncomeNetOfTax
Basic earnings (loss) per common share:      
Continuing operations (usd per share) $ 0.76us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.47us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 1.17us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations (usd per share) $ 0.02us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ (0.58)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $ (0.19)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Basic earnings per share (usd per share) $ 0.78us-gaap_EarningsPerShareBasic $ (0.11)us-gaap_EarningsPerShareBasic $ 0.98us-gaap_EarningsPerShareBasic
Diluted earnings (loss) per common share:      
Continuing operations (usd per share) $ 0.76us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.47us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 1.17us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations (usd per share) $ 0.02us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ (0.58)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $ (0.19)us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Diluted earnings per share (usd per share) $ 0.78us-gaap_EarningsPerShareDiluted $ (0.11)us-gaap_EarningsPerShareDiluted $ 0.98us-gaap_EarningsPerShareDiluted
Weighted average number of common shares outstanding:      
Basic (shares) 52,359,897us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 52,356,798us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 52,348,636us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (shares) 52,423,939us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 52,357,729us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 52,356,882us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
[1] Net of tax benefit of $2.1 million, $3.3 million and $1.0 million for 2014, 2013 and 2012, respectively.
[2] Net of tax expense of $0.1 million, $1.2 million and $1.0 million for 2014, 2013 and 2012, respectively.
[3] This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 14, “Savings, Pension and Post-Retirement Benefits,” for additional information regarding net periodic benefit (income) costs.
[4] Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.
[5] (c) As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans.
[6] Net of tax (benefit) expense of $(42.0) million, $33.5 million and $(7.2) million for 2014, 2013 and 2012, respectively.
[7] Net of tax (benefit) expense of $(2.3) million and $1.0 million for 2014 and 2013, respectively.
[8] (d) For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap.
[9] See Note 17, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012.