XML 72 R56.htm IDEA: XBRL DOCUMENT v3.3.1.900
Divestitures and Acquisitions - Additional Information (Detail)
€ in Millions
3 Months Ended 12 Months Ended
Nov. 01, 2015
USD ($)
Nov. 01, 2015
EUR (€)
Apr. 02, 2015
USD ($)
Dec. 06, 2013
USD ($)
Dec. 31, 2015
USD ($)
Sep. 30, 2015
USD ($)
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Sep. 30, 2014
USD ($)
Jun. 30, 2014
USD ($)
Mar. 31, 2014
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Nov. 02, 2015
USD ($)
Divestitures And Acquisitions Disclosure [Line Items]                                
Proceeds from sale of business                         $ 94,600,000      
Net sales         $ 1,753,900,000 [1] $ 1,746,200,000 $ 1,785,000,000 $ 1,746,400,000 $ 1,973,700,000 $ 1,975,500,000 $ 1,973,600,000 $ 1,827,700,000 7,031,500,000 $ 7,750,500,000 $ 7,690,800,000  
pre-tax income                         425,900,000 267,200,000 180,200,000  
Net gain on sale of discontinued operations                             22,900,000  
Goodwill         2,909,500,000       2,996,900,000 [2],[3],[4],[5]       2,909,500,000 2,996,900,000 [2],[3],[4],[5]    
Purchase price allocated to goodwill                         19,700,000      
Intellibot Robotics Limited Liability Company [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Purchase price of acquisition               18,000,000                
Cash paid for acquisition               9,000,000                
Fair value of contingent consideration         10,000,000     9,000,000         $ 10,000,000      
Goodwill deductable for tax purpose               7,000,000                
Fair value of identifiable net assets               $ 11,000,000                
Rate of goodwill deductible for tax purpose               100.00%                
Business acquisition contingent consideration payable period                         10 years      
Intellibot Robotics Limited Liability Company [Member] | Selling, General and Administrative Expenses [Member] | Maximum [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Change in fair value recognized in selling, general and administrative expense.                         $ 1,000,000      
B+ Equipment [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Purchase price of acquisition           19,000,000                    
Fair value of identifiable net assets           $ 15,000,000                    
Rate of goodwill deductible for tax purpose           0.00%                    
Percentage of acquired equity interest           100.00%                    
Goodwill           $ 6,000,000                    
Food Care [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Purchase price allocated to goodwill         $ 7,000,000                      
European Food Trays Businesses [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Disposal date Nov. 01, 2015 Nov. 01, 2015                            
Proceeds from sale of business $ 18,000,000 € 19                            
Purchase price adjustments $ 2,000,000 € 2                            
Net sales                         49,000,000 71,000,000    
pre-tax income                         $ 7,000,000 5,000,000    
Goodwill                 1,700,000         1,700,000   $ 1,500,000
North American Foam Trays and Absorbent Pads [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Disposal date                         Apr. 01, 2015      
Proceeds from sale of business     $ 76,000,000                          
Purchase price adjustments     6,000,000                          
Rigid Medical Packaging Business [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Disposal date                         Dec. 06, 2013      
Proceeds from sale of business       $ 125,000,000                        
Proceeds from Divestiture of Businesses, Net of Cash Divested       $ 122,000,000                        
Pre-tax gain on the sale of operations                             40,200,000  
Net gain on sale of discontinued operations                             $ 22,900,000  
Disposal Group, Not Discontinued Operations [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Goodwill     $ 6,900,000           $ 6,900,000         6,900,000    
Disposal Group, Not Discontinued Operations [Member] | European Food Trays Businesses [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Gain (loss) on sale of manufacturing facilities, pre-tax                         $ (13,000,000)      
Disposal Group, Not Discontinued Operations [Member] | North American Foam Trays and Absorbent Pads [Member]                                
Divestitures And Acquisitions Disclosure [Line Items]                                
Gain (loss) on sale of manufacturing facilities, pre-tax                         27,000,000      
Net sales                         53,000,000 214,000,000    
pre-tax income                         $ 10,000,000 $ 37,000,000    
[1] During the fourth quarter of 2015, adjustments were made to prior year provisions which resulted in an increase in earnings per share. Refer to Note 16 “Income Taxes” for further information.
[2] 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.
[3] 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.
[4] 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.
[5] Excludes North American foam trays and absorbent pads and European food trays business goodwill. Refer to Note 3, “Divestitures and Acquisitions” of the notes to Consolidated Financial Statements for further details.