XML 31 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]      
Net sales $ 2,334.0 $ 1,914.3 $ 1,941.0
Cost of sales 917.1 667.8 668.3
Gross profit 1,416.9 1,246.5 1,272.7
Selling, general and administrative expenses 1,161.0 1,002.5 1,009.5
Acquisition and integration costs 43.2 8.0 6.4
Restructuring charges and other, net 34.0 10.5 21.3
Impairment charge 23.4 9.7 [1] 0.0 [1]
Operating income 155.3 215.8 235.5
Other expenses, net:      
Interest expense 105.2 83.3 84.4
Amortization of debt issuance costs 6.8 5.7 [1] 5.5 [1]
Loss on early extinguishment of debt, net 16.9 0.0 [1] 2.0 [1]
Foreign currency losses, net 18.5 15.7 25.0
Miscellaneous, net (0.6) 0.4 1.2
Other expenses, net 146.8 105.1 118.1
Income from continuing operations before income taxes 8.5 110.7 117.4
Provision for income taxes 25.5 51.4 77.8
(Loss) income from continuing operations, net of taxes (17.0) 59.3 39.6
(Loss) income from discontinued operations, net of taxes (4.9) (3.2) 1.3
Net (loss) income (21.9) 56.1 [1] 40.9 [1]
Other comprehensive income (loss):      
Foreign currency translation adjustments, net of tax [2] (0.5) (18.1) (24.6)
Amortization of pension related costs, net of tax [3],[4] 7.6 7.2 4.5
Pension re-measurement, net of tax [5] (14.3) (6.9) (69.6)
Pension settlement, net of tax [6] 0.0 17.3 0.0
Revaluation of derivative financial instruments, net of reclassifications into earnings [7] 0.8 (1.6) (3.7)
Other comprehensive loss, net [8] (6.4) (2.1) (93.4)
Total comprehensive (loss) income $ (28.3) $ 54.0 $ (52.5)
Basic (loss) earnings per common share:      
Continuing operations (usd per share) $ (0.33) $ 1.13 $ 0.76
Discontinued operations (usd per share) (0.09) (0.06) 0.02
Net (loss) income (usd per share) (0.42) 1.07 0.78
Diluted (loss) earnings per common share:      
Continuing operations (usd per share) (0.33) 1.13 0.76
Discontinued operations (usd per share) (0.09) (0.06) 0.02
Net (loss) income (usd per share) $ (0.42) $ 1.07 $ 0.78
Weighted average number of common shares outstanding:      
Basic (shares) 52,504,196 52,431,193 52,359,897
Diluted (shares) 52,504,196 52,591,545 52,423,939
[1] Adjusted as a result of the adoption of certain accounting pronouncements beginning on January 1, 2016. See Note 1, "Description of Business and Summary of Significant Accounting Policies - Recently Adopted Accounting Pronouncements," for details of these adjustments.
[2] Net of tax expense (benefit) of $1.1 million, $(5.1) million and $(2.1) million for 2016, 2015 and 2014, respectively.
[3] Net of tax expense of $1.3 million for each of 2016 and 2015 and $0.1 million for 2014.
[4] This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 14, “Pension and Post-Retirement Benefits,” for additional information regarding net periodic benefit (income) costs.
[5] Net of tax benefit of $4.1 million, $3.3 million and $42.0 million for 2016, 2015 and 2014, respectively.
[6] Net of tax expense of $3.7 million for 2015.
[7] Net of tax expense (benefit) of $0.5 million, $(1.0) million and $(2.3) million for 2016, 2015 and 2014, respectively.
[8] See Note 17, “Accumulated Other Comprehensive Loss,” regarding the changes in the accumulated balances for each component of other comprehensive loss during 2016, 2015 and 2014.