XML 89 R10.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Divestiture | 3 Months Ended
--- | ---
Mar. 31, 2015
Business Combinations [Abstract] |
Divestiture | Note 3 Divestiture On February 11, 2015, we entered into an Asset Purchase Agreement with NOVIPAX, a portfolio company of Atlas Holdings LLC, to sell our North American foam trays and absorbent pads business for gross proceeds of $82 million, subject to purchase price adjustments. The decision to sell this business was based on managements' assessment that the business was becoming quickly commoditized and faced significant competitive pricing pressure and declining profit margins. The transaction closed on April 1, 2015; see Note 19, “Subsequent Events” for further information. During the three months ended March 31, 2015, the North American foam trays and absorbent pads business met the held for sale criteria and has been included as such in all periods presented in our condensed consolidated balance sheets. The disposal of the North American foam trays and absorbent pads business did not qualify as a discontinued operation. The carrying value of the major classes of assets and liabilities for the business was as follows:
|  | March 31, |  |  | December 31, |
(In millions) |  | 2015 |  |  | 2014 |
Assets: |  |  |  |  |  |  |  |
Other receivables |  | $ | - |  |  | $ | 0.1 |
Inventories |  |  | 14.1 |  |  |  | 12.3 |
Prepaid expenses |  |  | 0.1 |  |  |  | 0.1 |
Property and equipment, net |  |  | 22.4 |  |  |  | 22.6 |
Goodwill |  |  | 6.9 |  |  |  | 6.9 |
Assets held for sale |  | 43.5 |  |  |  | 42.0 |
Liabilities: |  |  |  |  |  |  |  |
Accrued liabilities |  | 2.4 |  |  | 6.1 |
Liabilities held for sale |  | $ | 2.4 |  |  | $ | 6.1 |
For the three months ended March 31, 2015 and March 31, 2014, the North American foam trays and absorbent pads businesses contributed approximately $53 million of net sales in each period; and $10 million and $9 million of pre-tax income, respectively, which excludes certain allocated costs, including corporate support services, for which the Company would normally include in measuring its performance. The North American foam trays and absorbent pads business was part of the Company’s Food Care division.

X
- Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration