XML 71 R55.htm IDEA: XBRL DOCUMENT v3.3.1.900
Summary of Significant Accounting Policies and Recently Issued Accounting Standards - Additional Information (Detail)
$ in Millions
1 Months Ended 12 Months Ended
Dec. 31, 2015
USD ($)
VEB / $
Dec. 31, 2014
USD ($)
VEB / $
Dec. 31, 2015
USD ($)
Bank
VEB / $
Dec. 31, 2014
USD ($)
VEB / $
Dec. 31, 2013
USD ($)
VEB / $
Feb. 12, 2015
VEB / $
Feb. 08, 2013
VEB / $
Feb. 07, 2013
VEB / $
Dec. 31, 2012
USD ($)
[1]
Significant Accounting Policies [Line Items]                  
Net cash provided by (used in) operating activities     $ 967.7 $ (214.7) [1],[2] $ 640.4 [1]        
Net cash (used in) provided by investing activities     (60.0) (126.3) [1],[2] (113.9) [1]        
Effect of foreign currency exchange rate changes on cash and cash equivalents     (60.4) (37.4) [1],[2] (20.8) [1]        
Reclassification of accounts payable to short term borrowings   $ 13.0   13.0          
Reclassification of cash to other current and non-current assets $ 56.0 36.2 56.0 36.2          
Net cash (used in) provided by financing activities     775.3 327.6 [1],[2] 319.9 [1]        
Unrecognized pension items 266.0 250.1 [3],[4],[5] 266.0 250.1 [3],[4],[5]          
Cumulative translation adjustment (564.0) (369.9) [3],[4],[5] (564.0) (369.9) [3],[4],[5]          
Unrealized net gain (loss) on derivative instruments for cash flow hedge 8.3 6.2 [3],[4],[5] 8.3 6.2 [3],[4],[5]          
Recognition of deferred pension items     15.9 106.8 [6] 1.1 [6]        
Foreign currency translation adjustments     (194.1) (232.2) [6] (113.6) [6]        
Excess tax benefit from settlement agreement, out of period adjustment (46.0) (38.0) 46.2 [7]            
Cash and cash equivalents 358.4 286.4 [1],[2],[3],[4],[5] $ 358.4 $ 286.4 [1],[2],[3],[4],[5] $ 992.4 [1],[2]       $ 679.6
Charges for rebates and other allowances     9.00% 9.00% 9.00%        
Research and development costs     $ 129.0 $ 135.0 $ 133.0        
Tax benefits realization percentage upon settlement     50.00%            
Number of banks involved in sale of fractional ownership interest of accounts receivable | Bank     2            
Percentage of identifiable intangible assets in consolidated total assets     11.00% 11.00%          
Decrease in current deferred tax assets   105.6   $ 105.6          
Increase in non-current deferred tax assets   17.0   17.0          
Decrease in current deferred tax liabilities   4.8   4.8          
Decrease in non-current deferred tax liabilities   83.8   83.8          
Accounting Standards Update (“ASU”) 2015-17 [Member]                  
Significant Accounting Policies [Line Items]                  
Decrease in current deferred tax assets   105.6   105.6          
Increase in non-current deferred tax assets   17.0   17.0          
Decrease in current deferred tax liabilities   4.8   4.8          
Decrease in non-current deferred tax liabilities   $ 83.8   83.8          
Minimum [Member]                  
Significant Accounting Policies [Line Items]                  
Finite lived identifiable intangible assets useful life     3 years            
Minimum [Member] | Buildings [Member]                  
Significant Accounting Policies [Line Items]                  
Useful life     20 years            
Minimum [Member] | Machinery and equipment [Member]                  
Significant Accounting Policies [Line Items]                  
Useful life     5 years            
Minimum [Member] | Other Property and Equipment [Member]                  
Significant Accounting Policies [Line Items]                  
Useful life     2 years            
Maximum [Member]                  
Significant Accounting Policies [Line Items]                  
Finite lived identifiable intangible assets useful life     15 years            
Maximum [Member] | Buildings [Member]                  
Significant Accounting Policies [Line Items]                  
Useful life     40 years            
Maximum [Member] | Machinery and equipment [Member]                  
Significant Accounting Policies [Line Items]                  
Useful life     10 years            
Maximum [Member] | Other Property and Equipment [Member]                  
Significant Accounting Policies [Line Items]                  
Useful life     10 years            
Venezuela [Member]                  
Significant Accounting Policies [Line Items]                  
Cumulative translation adjustment (46.0)   $ (46.0)            
Exchange rate, translation | VEB / $             6.3 4.3  
Exchange rate, re-measurement | VEB / $             6.3    
Pretax loss due to changes in exchange rates         $ 13.0        
Foreign currency transaction loss related to remeasurement     33.0 $ 20.0          
Net assets 5.0   5.0            
Cash and cash equivalents $ 1.0   $ 1.0            
Venezuela [Member] | Net Sales [Member] | Geographic Concentration Risk [Member]                  
Significant Accounting Policies [Line Items]                  
Concentration risk percentage     1.00%            
Venezuela [Member] | Operating Income [Member] | Geographic Concentration Risk [Member]                  
Significant Accounting Policies [Line Items]                  
Concentration risk percentage     1.00%            
Venezuela [Member] | SICAD [Member]                  
Significant Accounting Policies [Line Items]                  
Exchange rate, translation | VEB / $ 13.5 49.9883 13.5 49.9883 11.3 12      
Venezuela [Member] | C E N C O E X                  
Significant Accounting Policies [Line Items]                  
Exchange rate, translation | VEB / $ 6.3 6.3 6.3 6.3          
Venezuela [Member] | SIMADI [Member]                  
Significant Accounting Policies [Line Items]                  
Exchange rate, translation | VEB / $ 198.6986   198.6986     170.0390      
Cash Flow Hedge [Member]                  
Significant Accounting Policies [Line Items]                  
Unrealized losses on derivative instruments, net of taxes     $ 2.1 $ 2.6 [6] $ 2.2 [6]        
Restatement Adjustment                  
Significant Accounting Policies [Line Items]                  
Net cash provided by (used in) operating activities       (12.8)          
Net cash (used in) provided by investing activities       (15.2) (8.5)        
Effect of foreign currency exchange rate changes on cash and cash equivalents       (15.2) 7.1        
Reclassification of accounts payable to short term borrowings   $ 12.8   12.8          
Reclassification of cash to other current and non-current assets   36.2   36.2          
Reclassification of cash to other current assets   9.7   9.7          
Reclassification of cash to other non-current assets   26.5   26.5          
Net cash (used in) provided by financing activities       23.3          
Unrecognized pension items   (13.6)   (13.6)          
Cumulative translation adjustment   12.6   12.6          
Unrealized net gain (loss) on derivative instruments for cash flow hedge   $ 1.0   1.0          
Recognition of deferred pension items       (16.5) 2.8        
Foreign currency translation adjustments       15.9 (3.3)        
Restatement Adjustment | Cash Flow Hedge [Member]                  
Significant Accounting Policies [Line Items]                  
Unrealized losses on derivative instruments, net of taxes       0.6 0.5        
Restatement Adjustment | Foreign Currency Gain (Loss) [Member]                  
Significant Accounting Policies [Line Items]                  
Net cash provided by (used in) operating activities       $ 0.0 $ 15.6        
[1] For the years ended December 31, 2014 and 2013, certain amounts related to foreign currency gains and losses, including the remeasurement loss related to Venezuelan subsidiaries in 2014 and 2013, and the settlement of foreign currency forward contracts were misclassified. Additional revisions were made to the Consolidated Balance Sheets for the years ended December 31, 2014 and 2013. As a result, corresponding changes were made on the Consolidated Statement of Cash Flows. See Note 2 “Summary of Significant Accounting Policies and Recently Issued Accounting Standards” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[2] Interest payments in 2014 include $417 million related to the Settlement agreement
[3] As of December 31, 2015, we have adopted ASU 2015-17 which resulted in a decrease in deferred tax assets of $105.6 million, an increase in non-current deferred tax assets of $17.0 million, a decrease in current deferred tax liabilities of $4.8 million and a decrease in non-current deferred tax liabilities of $83.8 million as of December 31, 2014.
[4] During the fourth quarter of 2015, we completed the sale of our European food trays business. During the fourth quarter of 2015, the assets and liabilities met the criteria of held for sale classification. Accordingly, we reclassified $37 million of assets and $7 million of liabilities as held for sale as of December 31, 2014. Refer to Note 3, “Divestitures and Acquisitions” of the notes to Consolidated Financial Statements for further details. Certain foreign currency translation adjustments were misclassified within the components of Accumulated Other Comprehensive Income on the Consolidated Balance Sheets. Additionally, we reclassified $13 million from accounts payable to short-term borrowings related to extended payment terms on a vendor agreement and $36 million from cash to other assets related to cash used as collateral for borrowing agreements. See Note 2 “Summary of Significant Accounting Policies and Recently Issued Accounting Standards” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[5] During the second quarter of 2015, we completed the sale of our North American foam trays and absorbent pads business. During the first quarter of 2015, the assets and liabilities met the criteria of held for sale classification. Accordingly, we reclassified $42 million of assets and $6 million of liabilities as held for sale as of December 31, 2014. Refer to Note 3, “Divestitures and Acquisitions” of the notes to Consolidated Financial Statements for further details.
[6] For the years ended December 31, 2014 and December 31, 2013, certain foreign currency translation adjustments were misclassified on the Consolidated Statements of Comprehensive Income (Loss) in deferred pension items and unrealized losses on cash flow hedge derivative instruments. See Note 2 “Summary of Significant Accounting Policies and Recently Issued Accounting Standards” under the heading “Reclassifications and Revisions” for further discussion of the revisions.
[7] In 2015, we recorded an out of period adjustment of $46 million related to excess tax benefits from the Settlement agreement. Refer to Note 16, “Income Taxes” of the notes to Consolidated Financial Statements for further details.