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Revenue Recognition | 3 Months Ended
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Mar. 31, 2018
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Footnote 2 — Revenue Recognition Net sales include sales of consumer and commercial products across our five segments: Live, Learn, Work, Play and Other. In accordance with Topic 606, the Company recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied, which generally occurs either on shipment or on delivery based on contractual terms. Timing of revenue recognition of a majority of the Company’s sales continues to be consistent between the new and old revenue standard. However, previously under Topic 605, the Company deferred recognition of revenue for limited FOB shipping point transactions where it had a practice of providing the buyer with replacement goods at no additional cost if there was loss or damage while the goods were in transit. Under Topic 606, the Company recognizes revenue at the time of shipment for these transactions. This change did not have a material impact on the Company’s adoption on January 1, 2018. The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods or providing services. Certain customers may receive cash and/or non-cash incentives such as cash discounts, returns, customer discounts (such as volume or trade discounts), cooperative advertising and other customer-related programs, which are accounted for as variable consideration. In some cases, the Company has to apply judgment, including contractual rates and historical payment trends, when estimating variable consideration. Sales taxes and other similar taxes are excluded from revenue. The Company has elected to account for shipping and handling activities as a fulfillment cost as permitted by the standard. The Company has elected not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which it has the right to invoice for services performed. The following table disaggregates revenue by major product grouping source and geography for the period indicated (in millions):
|  | For the Three Months Ended March 31, 2018 |
|  | Live |  |  | Learn |  |  | Work |  |  | Play |  |  | Other |  |  | Total |
Appliances & Cookware |  | $ | 368.3 |  |  | $ | — |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | 368.3 |
Baby |  |  | 272.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 272.5 |
Home Fragrance |  |  | 212.3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 212.3 |
Food |  |  | 218.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 218.5 |
Writing |  |  | — |  |  |  | 334.5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 334.5 |
Jostens |  |  | — |  |  |  | 160.9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 160.9 |
Consumer & Commercial Solutions |  |  | — |  |  |  | — |  |  |  | 360.5 |  |  |  | — |  |  |  | — |  |  |  | 360.5 |
Waddington |  |  | — |  |  |  | — |  |  |  | 190.1 |  |  |  | — |  |  |  | — |  |  |  | 190.1 |
Safety & Security |  |  | — |  |  |  | — |  |  |  | 90.1 |  |  |  | — |  |  |  | — |  |  |  | 90.1 |
Outdoor & Recreation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 367.3 |  |  |  | — |  |  |  | 367.3 |
Fishing |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 130.2 |  |  |  | — |  |  |  | 130.2 |
Team Sports |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 119.3 |  |  |  |  |  |  |  | 119.3 |
Process Solutions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 143.3 |  |  |  | 143.3 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49.6 |  |  |  | 49.6 |
Total |  | $ | 1,071.6 |  |  | $ | 495.4 |  |  |  | 640.7 |  |  | $ | 616.8 |  |  | $ | 192.9 |  |  | $ | 3,017.4 |
North America |  | $ | 754.9 |  |  | $ | 366.5 |  |  | $ | 489.3 |  |  | $ | 435.4 |  |  | $ | 179.0 |  |  | $ | 2,225.1 |
International |  |  | 316.7 |  |  |  | 128.9 |  |  |  | 151.4 |  |  |  | 181.4 |  |  |  | 13.9 |  |  |  | 792.3 |
Total |  | $ | 1,071.6 |  |  | $ | 495.4 |  |  | $ | 640.7 |  |  | $ | 616.8 |  |  | $ | 192.9 |  |  | $ | 3,017.4 |
Accounts Receivable, Net Accounts receivables, net, include amounts billed and due from customers. Payment terms vary but generally are 90 days or less. The Company evaluates the collectability of accounts receivable based on a combination of factors. When aware of a specific customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due and historical collection experience. Accounts deemed uncollectible are written off, net of expected recoveries. During the three months ended March 31, 2018, the Company wrote-off $24.0 million primarily related to one of its top 10 customers in the Baby division within the Live segment, who filed for liquidation of its bankrupt operations in March. Deferred Revenues The Company records deferred revenues when cash payments are received or due in advance of its performance, including amounts which are refundable. Deferred revenue was $231 million and $180 million at March 31, 2018 and January 1, 2018, respectively. A substantial portion of the Company’s deferred revenue balance is from the Jostens business. The increase in the balance for the quarter is driven by cash payments received or due in advance of satisfying our performance obligations primarily related to yearbook and scholastic product sales, offset by $74.5 million of revenues recognized that was mostly included in the deferred revenue balance at the beginning of the period and to a lesser extent, reclasses of balances to assets to held for sale.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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