Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 01, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | POLYONE CORP | ||
Entity Central Index Key | 1,122,976 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 85,306,587 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.3 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Sales | $ 3,377.6 | $ 3,835.5 | $ 3,771.2 |
Cost of sales | 2,696.1 | 3,127.6 | 3,109 |
Gross margin | 681.5 | 707.9 | 662.2 |
Selling and administrative expense | 430.6 | 552.8 | 457.6 |
Income related to previously owned equity affiliates | 0 | 0 | 26.9 |
Operating income | 250.9 | 155.1 | 231.5 |
Interest expense, net | (64.1) | (62.2) | (63.5) |
Debt extinguishment costs | (16.4) | 0 | (15.8) |
Other expense, net | (2.7) | (4.5) | (1.2) |
Income from continuing operations, before income taxes | 167.7 | 88.4 | 151 |
Income tax expense | (23) | (11.2) | (58.1) |
Net income from continuing operations | 144.7 | 77.2 | 92.9 |
Income from discontinued operations, net of income taxes | 0 | 1.2 | 149.8 |
Net income | 144.7 | 78.4 | 242.7 |
Net (income) loss attributable to noncontrolling interests | (0.1) | 0.8 | 1.1 |
Net income attributable to PolyOne common shareholders | $ 144.6 | $ 79.2 | $ 243.8 |
Earnings per share attributable to PolyOne common shareholders - basic: | |||
Continuing operations (in usd per share) | $ 1.65 | $ 0.85 | $ 0.98 |
Discontinued operations (in usd per share) | 0 | 0.01 | 1.57 |
Total (in usd per share) | 1.65 | 0.86 | 2.55 |
Earnings per share attributable to PolyOne common shareholders - diluted: | |||
Continuing operations (in usd per share) | 1.63 | 0.83 | 0.97 |
Discontinued operations (in usd per share) | 0 | 0.02 | 1.56 |
Total (in usd per share) | 1.63 | 0.85 | 2.53 |
Cash dividends declared per common share (in usd per share) | $ 0.42 | $ 0.34 | $ 0.26 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 87.8 | 92.3 | 95.5 |
Diluted (in shares) | 88.7 | 93.5 | 96.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 144.7 | $ 78.4 | $ 242.7 |
Other comprehensive loss: | |||
Translation adjustments | (29.1) | (27.5) | (3.7) |
Unrealized gain on available-for-sale securities | 0.1 | 0 | 0 |
Total other comprehensive loss | (29) | (27.5) | (3.7) |
Total comprehensive income | 115.7 | 50.9 | 239 |
Comprehensive (income) loss attributable to noncontrolling interests | (0.1) | 0.8 | 1.1 |
Comprehensive income attributable to PolyOne common shareholders | $ 115.6 | $ 51.7 | $ 240.1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 279.8 | $ 238.6 |
Accounts receivable, net | 347 | 396.8 |
Inventories, net | 287 | 309 |
Other current assets | 47 | 54 |
Total current assets | 960.8 | 998.4 |
Property, net | 583.5 | 596.7 |
Goodwill | 597.7 | 590.6 |
Intangible assets, net | 344.6 | 362.7 |
Other non-current assets | 108.5 | 117.9 |
Total assets | 2,595.1 | 2,666.3 |
Current liabilities: | ||
Short-term and current portion of long-term debt | 18.6 | 61.7 |
Accounts payable | 351.6 | 365.9 |
Accrued expenses and other liabilities | 127.9 | 172.9 |
Total current liabilities | 498.1 | 600.5 |
Long-term debt | 1,128 | 948.9 |
Pension and other post-retirement benefits | 77.5 | 103.7 |
Deferred income taxes | 33.8 | 57.7 |
Other non-current liabilities | 152.5 | 178.3 |
Total non-current liabilities | 1,391.8 | 1,288.6 |
SHAREHOLDERS' EQUITY | ||
Preferred stock, 40.0 shares authorized, no shares issued | 0 | 0 |
Common Shares, $0.01 par, 400.0 shares authorized, 122.2 shares issued | 1.2 | 1.2 |
Additional paid-in capital | 1,155.6 | 1,155.4 |
Retained earnings | 367.1 | 259.7 |
Common shares held in treasury, at cost, 36.9 shares in 2015 and 32.9 shares in 2014 | (748.4) | (597.7) |
Accumulated other comprehensive loss | (71.3) | (42.3) |
Total PolyOne shareholders' equity | 704.2 | 776.3 |
Noncontrolling interest | 1 | 0.9 |
Total equity | 705.2 | 777.2 |
Total liabilities and equity | $ 2,595.1 | $ 2,666.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, authorized (in shares) | 40,000,000 | 40,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
common shares, par value (in usd per share) | $ 0.01 | $ 0.01 |
common shares, authorized (in shares) | 400,000,000 | 400,000,000 |
common shares, issued (in shares) | 122,200,000 | 122,200,000 |
Treasury stock, shares (in shares) | 36,900,000 | 32,900,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net income | $ 144.7 | $ 78.4 | $ 242.7 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 98.1 | 100.8 | 97.1 |
Accelerated depreciation and fixed asset charges associated with restructuring activities | 17.6 | 33 | 13.6 |
Deferred income tax (benefit) expense | (27.4) | (45.2) | 12.9 |
Debt extinguishment costs | 16.4 | 0 | 15.8 |
Share-based compensation expense | 9.1 | 14.2 | 16.5 |
Gain on sale of business | 0 | (1.2) | (223.7) |
Income related to previously owned equity affiliates | 0 | 0 | (26.9) |
Changes in assets and liabilities, net of the effect of acquisitions and divestitures: | |||
Decrease in accounts receivable | 42.6 | 24.4 | 26.9 |
Decrease in inventories | 21.4 | 28.4 | 20.4 |
Decrease in accounts payable | (8.3) | (15.2) | (16.6) |
(Decrease) increase in pension and other post-retirement benefits | (24.6) | 30 | (124.5) |
(Decrease) increase in accrued expenses and other assets and liabilities - net | (62.4) | (39.2) | 54.8 |
Net cash provided by operating activities | 227.2 | 208.4 | 109 |
Investing activities | |||
Capital expenditures | (91.2) | (92.8) | (76.4) |
Business acquisitions, net of cash acquired | (18.3) | (47.2) | (259.4) |
Proceeds from sale of businesses and other assets | 3 | 28.2 | 275.7 |
Net cash used by investing activities | (106.5) | (111.8) | (60.1) |
Financing activities | |||
Repayment of long-term debt | (365.3) | (8) | (343.3) |
Payments of Debt Extinguishment Costs | (13.4) | 0 | (4.6) |
Net proceeds from long-term debt | 547.3 | 0 | 600 |
Debt financing costs | (6) | 0 | (13) |
Borrowing under credit facilities | 891.3 | 168.6 | 129 |
Repayment under credit facilities | (936.8) | (122.8) | (117.5) |
Purchase of common shares for treasury | (156.1) | (233.2) | (131.6) |
Exercise of stock awards | 4.3 | 6.9 | 7.3 |
Cash dividends paid | (35.7) | (29.9) | (21.5) |
Net cash (used) provided by financing activities | (70.4) | (218.4) | 104.8 |
Effect of exchange rate changes on cash | (9.1) | (4.8) | 1.5 |
Increase (decrease) in cash and cash equivalents | 41.2 | (126.6) | 155.2 |
Cash and cash equivalents at beginning of year | 238.6 | 365.2 | 210 |
Cash and cash equivalents at end of year | $ 279.8 | $ 238.6 | $ 365.2 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions | Total | Total PolyOne shareholders' equity | Common Shares | Common Shares Held in Treasury | Additional Paid-in Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Loss | Non-controlling Interests | Total equity |
Beginning Balance at Dec. 31, 2012 | $ 629.1 | $ 1.2 | $ (364.1) | $ 1,016.1 | $ (13) | $ (11.1) | $ 2.3 | $ 631.4 | |
Beginning Balance, Treasury shares (in shares) at Dec. 31, 2012 | (32,700,000) | ||||||||
Beginning Balance, Common shares (in shares) at Dec. 31, 2012 | 122,200,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ 242.7 | 243.8 | 243.8 | (1.1) | 242.7 | ||||
Other comprehensive loss | (3.7) | (3.7) | (3.7) | ||||||
Noncontrolling interest activity | 0.5 | 0.5 | |||||||
Shares issued in connection with acquisitions | 253.8 | $ 117.2 | 136.6 | 253.8 | |||||
Shares issued in connection with acquisitions (in shares) | 10,000,000 | ||||||||
Cash dividends declared | (24.6) | (5.4) | (19.2) | (24.6) | |||||
Repurchase of common shares | (131.6) | $ (131.6) | (131.6) | ||||||
Repurchase of common shares (in shares) | (5,000,000) | ||||||||
Stock-based compensation and exercise of awards | 10 | $ 7.5 | 2.5 | 10 | |||||
Stock-based compensation and exercise of awards (in shares) | 600,000 | ||||||||
Ending Balance at Dec. 31, 2013 | 976.8 | $ 1.2 | $ (371) | $ 1,149.8 | 211.6 | (14.8) | 1.7 | 978.5 | |
Ending Balance, Treasury shares (in shares) at Dec. 31, 2013 | (27,100,000) | ||||||||
Ending Balance, Common shares (in shares) at Dec. 31, 2013 | 122,200,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 78.4 | 79.2 | 79.2 | (0.8) | 78.4 | ||||
Other comprehensive loss | (27.5) | (27.5) | (27.5) | ||||||
Cash dividends declared | (31.1) | (31.1) | (31.1) | ||||||
Repurchase of common shares | (233.2) | $ (233.2) | (233.2) | ||||||
Repurchase of common shares (in shares) | (6,300,000) | ||||||||
Stock-based compensation and exercise of awards | 12.1 | $ 6.5 | $ 5.6 | 12.1 | |||||
Stock-based compensation and exercise of awards (in shares) | 500,000 | ||||||||
Ending Balance at Dec. 31, 2014 | $ 777.2 | 776.3 | $ 1.2 | $ (597.7) | 1,155.4 | 259.7 | (42.3) | 0.9 | 777.2 |
Ending Balance, Treasury shares (in shares) at Dec. 31, 2014 | (32,900,000) | (32,900,000) | |||||||
Ending Balance, Common shares (in shares) at Dec. 31, 2014 | 122,200,000 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | $ 144.7 | 144.6 | 144.6 | 0.1 | 144.7 | ||||
Other comprehensive loss | (29) | (29) | (29) | ||||||
Cash dividends declared | (37.2) | (37.2) | (37.2) | ||||||
Repurchase of common shares | (156.1) | $ (156.1) | (156.1) | ||||||
Repurchase of common shares (in shares) | (4,500,000) | ||||||||
Stock-based compensation and exercise of awards | 5.6 | $ 5.4 | 0.2 | 5.6 | |||||
Stock-based compensation and exercise of awards (in shares) | 500,000 | ||||||||
Ending Balance at Dec. 31, 2015 | $ 705.2 | $ 704.2 | $ 1.2 | $ (748.4) | $ 1,155.6 | $ 367.1 | $ (71.3) | $ 1 | $ 705.2 |
Ending Balance, Treasury shares (in shares) at Dec. 31, 2015 | (36,900,000) | (36,900,000) | |||||||
Ending Balance, Common shares (in shares) at Dec. 31, 2015 | 122,200,000 |
Description Of Business And Sum
Description Of Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description Of Business And Summary Of Significant Accounting Policies | Note 1 — DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business We are a premier provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, plastic sheet and packaging solutions, and polymer distribution. We are also a highly specialized developer and manufacturer of performance enhancing additives, liquid colorants, and fluoropolymer and silicone colorants. Headquartered in Avon Lake, Ohio, we have employees at manufacturing sites and distribution facilities in North America, South America, Europe, Asia and Africa. We provide value to our customers through our ability to link our knowledge of polymers and formulation technology with our manufacturing and supply chain to provide value added solutions to designers, assemblers and processors of plastics (our customers). When used in these notes to the consolidated financial statements, the terms “we,” “us,” “our”, "PolyOne" and the “Company” mean PolyOne Corporation and its consolidated subsidiaries. Our operations are located primarily in North America, South America, Europe and Asia. Our operations are reported in five reportable segments: Color, Additives and Inks; Specialty Engineered Materials; Designed Structures and Solutions; Performance Products and Solutions; and PolyOne Distribution. See Note 16, Segment Information , for more information. Accounting Standards Adopted In April 2015, the Financial Accounting Standards Board ("FASB") issued Auditing Standards Update 2015-03, "Interest-Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs" (ASU 2015-03), which requires unamortized debt issuance costs to be presented as a reduction of the corresponding debt liability rather than a separate asset. The Company adopted ASU 2015-03 during the fourth quarter of 2015 and applied this standard retrospective to 2014. Refer to Note 6, Financial Arrangements , for the impact on our Consolidated Balance Sheets. In August 2015, the FASB issued Auditing Standards Update 2015-15, "Interest-Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" (ASU 2015-15), which added clarification to ASU 2015-03 in allowing debt issuance costs related to line-of-credit arrangements to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit agreement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-15 during the fourth quarter of 2015 and applied this standard retrospective to 2014. Debt issuance costs related to our revolving credit facility due 2018 of $2.3 million and $3.2 million for 2015 and 2014, respectively, are reflected in the Consolidated Balance Sheets as other non-current assets. In September 2015, the FASB issued Accounting Standards Update 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments" (ASU 2015-16). Measurement period adjustments are changes to provisional amounts recorded when the accounting for a business combination is incomplete as of the end of a reporting period. The measurement period can extend for up to a year following the transaction date. The new guidance requires companies to recognize these adjustments, including any related impacts to net income, in the reporting period in which the adjustments are determined. Companies are no longer required to retroactively apply measurement period adjustments to the prior period. This update is effective for annual and interim periods beginning after December 15, 2016. We have early adopted this standard beginning in fiscal 2015. There was no material impact to the Consolidated Financial Statements. In November 2015, the FASB issued Accounting Standards Update 2015-17, "Balance Sheet Classification of Deferred Taxes" (ASU 2015-17). The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This update is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We have early adopted this standard, as permitted, beginning with fiscal 2015, and applied this standard retrospectively to 2014. The retrospective adoption resulted in the following impact to the Consolidated Balance Sheet as of December 31, 2014: a decrease to other current assets of $41.4 million , an increase to other non-current assets of $9.6 million , a decrease in accrued expenses and other liabilities of $0.7 million and a decrease in deferred income taxes of $31.1 million . Accounting Standards Not Yet Adopted In May 2014, the FASB issued Auditing Standards Update 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09). Under this standard, a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard implements a five-step process for customer contract revenue recognition that focuses on transfer of control. It will be effective for us beginning January 1, 2018, with early adoption not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the impact this standard will have on our consolidated financial statements as well as the method by which we will adopt the new standard. In July 2015, the FASB issued Accounting Standards Update 2015-11, "Inventory (Topic 300): Simplifying the Measurement of Inventory" (ASU 2015-11), which applies to inventory measured using first-in, first out (FIFO) or average cost. This update proscribes that an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This update is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. We are currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements, but do not expect this standard to have a material impact on our Consolidated Financial Statements. Consolidation and Basis of Presentation The consolidated financial statements include the accounts of PolyOne and its subsidiaries. All majority-owned affiliates over which we have control are consolidated. Transactions with related parties, including joint ventures, are in the ordinary course of business. Reclassifications Certain reclassifications of the prior period amounts and presentation have been made to conform to the presentation for the current period. Use of Estimates Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates. Cash and Cash Equivalents We consider all highly liquid investments purchased with a maturity of less than three months to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. Allowance for Doubtful Accounts We evaluate the collectability of receivables based on a combination of factors. We regularly analyze significant customer accounts and, when we become aware of a specific customer’s inability to meet its financial obligations to us, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position, we record a specific allowance for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record bad debt allowances for all other customers based on a variety of factors including the length of time the receivables are past due, the financial health of the customer, economic conditions and historical experience. In estimating the allowances, we take into consideration the existence of credit insurance. If circumstances related to specific customers change, our estimates of the recoverability of receivables could be adjusted further. Accounts receivable balances are written off against the allowance for doubtful accounts after a final determination of uncollectability has been made. Inventories External purchases of raw materials and finished goods are valued at weighted average cost. Manufactured finished goods are stated at the lower of cost or market using the first-in, first-out (FIFO) method. Long-lived Assets Property, plant and equipment is carried at cost, net of depreciation and amortization that is computed using the straight-line method over the estimated useful lives of the assets, which generally ranges from 3 to 15 years for machinery and equipment and up to 40 years for buildings. During 2015 and 2014, we depreciated certain assets associated with closing manufacturing locations over a shortened life (through a cease-use date). Software is amortized over periods not exceeding 10 years. Property, plant and equipment is generally depreciated on accelerated methods for income tax purposes. We expense repair and maintenance costs as incurred. We capitalize replacements and betterments that increase the estimated useful life of an asset. We retain fully depreciated assets in property and accumulated depreciation accounts until we remove them from service. In the case of sale, retirement or disposal, the asset cost and related accumulated depreciation balance is removed from the respective account, and the resulting net amount, less any proceeds, is included as a component of income from continuing operations in the accompanying Consolidated Statements of Income. We account for operating leases under the provisions of FASB Accounting Standards Codification (ASC) Topic 840, Leases. Finite-lived intangible assets, which consist primarily of customer relationships, patents and technology are amortized over their estimated useful lives. The remaining useful lives range up to 21 years. We assess the recoverability of long-lived assets when events or changes in circumstances indicate that we may not be able to recover the assets’ carrying amount. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of the asset to the expected future undiscounted cash flows associated with the asset. We measure the amount of impairment of long-lived assets as the amount by which the carrying value of the asset exceeds the fair value of the asset, which is generally determined based on projected discounted future cash flows or appraised values. No such impairments were recognized during 2015, 2014 or 2013. Goodwill and Indefinite Lived Intangible Assets Goodwill is the excess of the purchase price paid over the fair value of the net assets of the acquired business. Goodwill is tested for impairment at the reporting unit level. Our reporting units have been identified at the operating segment level, or in some cases, one level below the operating segment level. Goodwill is allocated to the reporting units based on the estimated fair value at the date of acquisition. Our annual measurement date for testing impairment of goodwill and indefinite-lived intangibles is October 1st. We completed our testing of impairment as of October 1, noting no impairment in 2015, 2014 or 2013. Additionally, as noted within our "Critical Accounting Policies and Estimates" section of Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations", we completed an interim goodwill impairment assessment as of December 31, 2015 for our Customer Engineered Services reporting unit, which is included in our Designed Structures and Solutions segment, and concluded there was no impairment. The future occurrence of a potential indicator of impairment would require an interim assessment for some or all of the reporting units prior to the next required annual assessment on October 1, 2016. Refer to Note 18, Fair Value , for further discussion of our approach for assessing the fair value of goodwill. Litigation Reserves FASB ASC Topic 450, Contingencies, requires that we accrue for loss contingencies associated with outstanding litigation, claims and assessments for which management has determined it is probable that a loss contingency exists and the amount of loss can be reasonably estimated. We record expense associated with professional fees related to litigation claims and assessments as incurred. Refer to Note 13, Commitments and Contingencies , for further information. Derivative Financial Instruments FASB ASC Topic 815, Derivative and Hedging , requires that all derivative financial instruments, such as foreign exchange contracts, be recognized in the financial statements and measured at fair value, regardless of the purpose or intent in holding them. We are exposed to foreign currency changes in the normal course of business. We have established policies and procedures that manage this exposure through the use of financial instruments. By policy, we do not enter into these instruments for trading purposes or speculation. These instruments are not designated as hedges and, as a result, are adjusted to fair value, with the resulting gains and losses recognized in the accompanying Consolidated Statements of Income immediately. Pension and Other Post-retirement Plans We account for our pensions and other post-retirement benefits in accordance with FASB ASC Topic 715, Compensation — Retirement Benefits . We immediately recognize actuarial gains and losses in our operating results in the year in which the gains or losses occur. Refer to Note 12, Employee Benefit Plans , for more information. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss in 2015 , 2014 and 2013 were as follows: (In millions) Cumulative Translation Adjustment Pension and other post-retirement benefits Unrealized gain in available-for-sale securities Total Balance at January 1, 2013 $ (16.5 ) $ 5.2 $ 0.2 $ (11.1 ) Translation adjustments (3.7 ) — — (3.7 ) Balance at December 31, 2013 (20.2 ) 5.2 0.2 (14.8 ) Translation adjustments (27.5 ) — — (27.5 ) Balance at December 31, 2014 (47.7 ) 5.2 0.2 (42.3 ) Translation adjustments (29.1 ) — — (29.1 ) Unrecognized gain on available-for-sale securities — — 0.1 0.1 Balance at December 31, 2015 $ (76.8 ) $ 5.2 $ 0.3 $ (71.3 ) Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosures of the fair value of financial instruments. The estimated fair values of financial instruments were principally based on market prices where such prices were available and, where unavailable, fair values were estimated based on market prices of similar instruments. See Note 18, Fair Value , for further discussion. Foreign Currency Translation Revenues and expenses are translated at average currency exchange rates during the related period. Assets and liabilities of foreign subsidiaries are translated using the exchange rate at the end of the period. The resulting translation adjustments are recorded as accumulated other comprehensive income or loss. Gains and losses resulting from foreign currency transactions, including intercompany transactions that are not considered permanent investments, are included in Other expense, net in the accompanying Consolidated Statements of Income. Revenue Recognition We recognize revenue when the revenue is realized or realizable and has been earned. We recognize revenue when a firm sales agreement is in place, shipment has occurred and collectability is reasonably assured. Shipping and Handling Costs Shipping and handling costs are included in cost of sales. Research and Development Expense Research and development costs from continuing operations, which were $53.0 million in 2015 , $53.4 million in 2014 and $52.6 million in 2013 , are charged to expense as incurred. Environmental Costs We expense costs that are associated with managing hazardous substances and pollution in ongoing operations on a current basis. Costs associated with environmental contamination are accrued when it becomes probable that a liability has been incurred and our proportionate share of the cost can be reasonably estimated. Any such provision is recognized using the Company's best estimate of the amount of loss incurred, or at the lower end of an estimated range, when a single best estimate is not determinable. In some cases, the Company may be able to recover a portion of the costs relating to these obligations from insurers or other third parties; however, the Company records such amounts only when it is probable that they will be collected. Share-Based Compensation We account for share-based compensation under the provisions of FASB ASC Topic 718, Compensation — Stock Compensation , which requires us to estimate the fair value of share-based awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the accompanying Consolidated Statements of Income. As of December 31, 2015 , we had one active share-based employee compensation plan, which is described more fully in Note 15, Share-Based Compensation . Income Taxes Deferred income tax liabilities and assets are determined based upon the differences between the financial reporting and tax basis of assets and liabilities and are measured using the tax rate and laws currently in effect. In accordance with FASB ASC Topic 740, Income Taxes , we evaluate our deferred income taxes to determine whether a valuation allowance should be established against the deferred tax assets or whether the valuation allowance should be reduced based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2 — BUSINESS COMBINATIONS Magenta Master Fibers On December 9, 2015, the Company completed the acquisition of Magenta Master Fibers (Magenta), a leading innovative developer of specialty color concentrates for the global fiber industry, for approximately $18.3 million , net of cash acquired. The results of operations of Magenta since the date of acquisition are immaterial. These results are reported in the Color, Additives and Inks segment. The acquisition resulted in preliminary goodwill of $6.6 million , which is not deductible for tax purposes. Accella Performance Materials On December 1, 2014, the Company completed the acquisition of specialty assets of Accella Performance Materials (Accella), a leading North American manufacturer of liquid polymer formulations, for approximately $47.2 million , net of cash acquired. The results of operations of Accella were included in the Company’s Consolidated Statements of Income for the period subsequent to the date of the acquisition and are reported in the Color, Additives and Inks segment. The final purchase price allocation resulted in goodwill of $24.7 million and intangible assets of $16.0 million . The goodwill and intangible assets are deductible for tax purposes. Spartech Corporation On March 13, 2013, PolyOne acquired Spartech, a supplier of sustainable plastic sheet, color and engineered materials and packaging solutions. At the effective time of the merger, each issued and outstanding share of Spartech common shares was canceled and converted into the right to receive consideration equal to $2.67 in cash and 0.3167 shares of PolyOne common shares for a purchase price of $511.1 million . PolyOne funded the cash portion of the consideration, and the repayment of certain portions of Spartech's debt, with a portion of the net proceeds of its issuance of 5.25% senior notes due 2023, discussed in Note 6, Financing Arrangements. The table below summarizes the components of the purchase price. (In millions, except stock price and share data) PolyOne shares issued 10.0 PolyOne closing stock price on March 13, 2013 $ 25.05 Total value of PolyOne shares issued $ 249.9 Cash consideration transferred to Spartech shareholders 83.4 Fair value of Spartech equity awards, net of deferred tax benefits (1) 2.4 Total consideration transferred to Spartech equity holders 335.7 Spartech revolving credit facilities repaid at close (2) 77.2 Spartech senior notes repaid at close (2) 102.3 Total consideration transferred to debt and equity holders 515.2 Cash acquired (4.1 ) Total consideration transferred to debt and equity holders, net of cash acquired $ 511.1 (1) In accordance with ASC 718, Compensation — Stock Compensation , the fair value of replacement awards attributable to pre-combination service is recognized as part of purchase consideration. The $2.4 million represents the fair value of Spartech replacement equity awards of $3.9 million net of deferred income tax benefits of $1.5 million . The fair value of awards attributable to post-combination service amounted to $2.7 million and are being recognized as stock compensation over their requisite service periods within PolyOne's Consolidated Statements of Income. (2) In accordance with the provisions of Spartech's 7.08% senior notes due 2016 and revolving credit facilities, at the time of closing, PolyOne repaid all borrowings under Spartech's revolving credit facilities, which amounted to $77.2 million . Additionally, PolyOne repaid $102.3 million related to Spartech's 7.08% senior notes due 2016, including $88.9 million of aggregated principal, $10.3 million make-whole provisions, and $3.1 million of interest payable. The acquisition of Spartech has provided synergies through enhanced operational cost efficiencies and has expanded PolyOne's specialty portfolio. By combining Spartech's leading market positions in sheet, rigid barrier packaging and specialty cast acrylics with PolyOne's capabilities, we have been better able serve our customers and accelerate growth. Spartech's results have been reflected within our Consolidated Statements of Income and within the Designed Structures and Solutions segment, as well as our existing Specialty Engineered Materials, Color, Additives and Inks and Performance Products and Solutions segments since the date of acquisition. In 2013, we incurred acquisition-related costs totaling of $7.6 million which have been included within selling and administrative expense in our Consolidated Statements of Income. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | Note 3 — GOODWILL AND INTANGIBLE ASSETS The total purchase price associated with acquisitions is allocated to the fair value of assets acquired and liabilities assumed based on their fair values at the acquisition date, with excess amounts recorded as goodwill. Goodwill as of December 31, 2015 and 2014 , and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Engineered Materials Color, Additives and Inks Designed Structures and Solutions Performance Products and Solutions PolyOne Distribution Total Goodwill, gross at January 1, 2014 $ 112.1 $ 326.3 $ 136.3 $ 186.0 $ 1.6 $ 762.3 Accumulated impairment losses (12.2 ) (16.1 ) — (175.0 ) — (203.3 ) Goodwill, net at January 1, 2014 99.9 310.2 136.3 11.0 1.6 559.0 Acquisitions of businesses — 23.5 8.4 0.2 — 32.1 Currency translation (0.5 ) — — — — (0.5 ) Balance at December 31, 2014 99.4 333.7 144.7 11.2 1.6 590.6 Acquisitions of businesses — 8.6 — — — 8.6 Currency translation (1.4 ) (0.1 ) — — — (1.5 ) Balance at December 31, 2015 $ 98.0 $ 342.2 $ 144.7 $ 11.2 $ 1.6 $ 597.7 At December 31, 2015 , PolyOne had $96.3 million of indefinite-lived intangible assets that are not subject to amortization, consisting of a trade name of $33.2 million acquired as part of the acquisition of GLS Corporation (GLS) and trade names of $63.1 million acquired as part of the acquisition of ColorMatrix Group, Inc. (ColorMatrix). Indefinite and finite-lived intangible assets consisted of the following: As of December 31, 2015 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 199.4 $ (42.1 ) $ — $ 157.3 Patents, technology and other 137.0 (45.7 ) (0.3 ) 91.0 Indefinite-lived trade names 96.3 — — 96.3 Total $ 432.7 $ (87.8 ) $ (0.3 ) $ 344.6 As of December 31, 2014 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 198.1 $ (32.6 ) $ — $ 165.5 Patents, technology and other 132.9 (35.3 ) (0.1 ) 97.5 Indefinite-lived trade names 96.3 — — 96.3 In-process research and development 3.4 — — 3.4 Total $ 430.7 $ (67.9 ) $ (0.1 ) $ 362.7 Amortization of finite-lived intangible assets for the years ended December 31, 2015 , 2014 and 2013 was $19.9 million , $19.2 million and $17.8 million , respectively. We expect finite-lived intangibles amortization expense for the next five years as follows: 2016 2017 2018 2019 2020 Expected amortization expense $20.2 $20.2 $20.2 $20.2 $16.7 |
Employee Separation and Restruc
Employee Separation and Restructuring Costs | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Employee Separation and Restructuring Costs | Note 4 — EMPLOYEE SEPARATION AND RESTRUCTURING COSTS In 2015, PolyOne determined it would close two manufacturing facilities within the Designed Structures and Solutions segment and take other corporate actions to reduce administrative costs. These actions were taken as a result of Designed Structures and Solutions' declining results and near term outlook. We recognized $6.2 million of severance costs, $10.0 million of asset related charges, including accelerated depreciation, and $0.9 million of other ongoing costs associated with exiting these plants and transferring equipment. We anticipate these actions to result in $10.0 million of additional charges, primarily incurred in the first half of 2016. Of the additional charges to be incurred, $3.0 million will be accelerated depreciation. In June 2014, PolyOne determined it would close its Diadema and Joinville, Brazil facilities that were acquired in 2011 with the acquisition of Uniplen Industria de Polimeros Ltda. These actions were taken to streamline operations and improve our financial performance in Brazil. We recognized $1.3 million and $17.0 million related to these actions in 2015 and 2014, respectively. Total costs of $18.3 million in connection with these actions include $11.2 million of asset-related charges, including accelerated depreciation, $2.7 million of severance and $4.4 million of other associated costs. Of the total charges, approximately $7.0 million were cash costs. In 2013, PolyOne determined it would close seven former Spartech manufacturing facilities and one administrative office and relocate operations to other PolyOne facilities. The closure of these manufacturing facilities was part of the Company’s efforts to improve service, on time delivery and quality as we align assets with our customers' needs. In addition to these actions, PolyOne incurred severance costs related to former Spartech executives and other employees, as well as fixed asset-related charges and other ongoing costs associated with restructuring actions that were underway prior to PolyOne's acquisition of Spartech. Since the date of the Spartech acquisition, the Company has incurred $123.4 million of charges in connection with the 2013 Spartech actions. Costs include $47.2 million of asset-related charges, including accelerated depreciation and asset write-offs, and total cash charges of $76.2 million , including $25.9 million for severance and $50.3 million of other associated costs. Of the total cash charges, approximately $64.0 million relates to manufacturing realignment actions initiated by PolyOne. The following table summarizes restructuring activity related to the Spartech actions initiated in 2013. These actions are complete as of December 31, 2015. (In millions) Long-Lived Asset Charges Employee Separation Other Ongoing Costs Total Accrual balance at December 31, 2012 $ — $ — $ — $ — Charged to expense 13.6 21.1 9.4 44.1 Cash payments — (6.0 ) (9.4 ) (15.4 ) Non-cash utilization (13.6 ) — — (13.6 ) Accrual balance at December 31, 2013 $ — $ 15.1 $ — $ 15.1 Charged to expense 27.3 5.1 27.3 59.7 Cash payments — (17.5 ) (27.3 ) (44.8 ) Non-cash utilization (27.3 ) — — (27.3 ) Accrual balance at December 31, 2014 $ — $ 2.7 $ — $ 2.7 Charged to expense 6.3 (0.3 ) 13.6 19.6 Cash payments — (2.3 ) (13.6 ) (15.9 ) Non-cash utilization (6.3 ) — — (6.3 ) Accrual balance at December 31, 2015 $ — $ 0.1 $ — $ 0.1 During 2014, in addition to the actions noted above, we recognized $17.4 million of employee separation and restructuring costs primarily in Europe related to the closure of our Bendorf, Germany manufacturing plant along with other reductions in force across Europe. In 2015 , we recognized total employee separation and restructuring charges of $41.9 million , which included $27.0 million recognized within Cost of goods sold and $14.9 million recognized in Selling and administrative expenses . In 2014 , we recognized total employee separation and restructuring charges of $94.1 million , which included $54.0 million recognized within Cost of goods sold and $40.1 million recognized in Selling and administrative expenses. In 2013, we recognized total employee separation and restructuring charges of $52.0 million , which included $16.1 million recognized within Cost of goods sold and $35.9 million recognized in Selling and administrative expenses. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 5 — DISCONTINUED OPERATIONS On May 30, 2013, PolyOne sold its Resin Business to Mexichem Specialty Resins Inc. for $ 250.0 million cash consideration. This sale resulted in the recognition of a pre-tax gain of $223.7 million ( $139.7 million , net of tax). PolyOne has classified the Resin Business operating results as a discontinued operation in the accompanying Consolidated Statements of Income for all periods presented. The Resin Business' sales, income before income taxes and net income were as follows: Year Ended December 31, (In millions) 2014 2013* Sales $ — $ 55.3 Gain on sale $ — $ 223.7 Income from operations — 12.2 Income before taxes — 235.9 Income tax benefit (expense) 1.2 (86.1 ) Income from discontinued operations, net of income taxes $ 1.2 $ 149.8 * Includes the Resin Business' operating results through May 29, 2013. |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Financing Arrangements | Note 6 — FINANCING ARRANGEMENTS Total debt as of December 31 consisted of the following: As of December 31, 2015 (In millions) Principal Amount Unamortized discount and debt issuance cost Net debt Senior term loan due 2022 $ 550.0 $ 8.6 $ 541.4 5.250% senior notes due 2023 600.0 8.3 591.7 Other debt 13.5 — 13.5 Total debt $ 1,163.5 $ 16.9 $ 1,146.6 Less short-term and current portion of long-term debt 18.6 — 18.6 Long-term debt $ 1,144.9 $ 16.9 $ 1,128.0 As of December 31, 2014 (In millions) Principal Amount Unamortized discount and debt issuance cost (1) Net debt 7.500% debentures due 2015 $ 48.7 $ 0.1 $ 48.6 Revolving credit facility due 2018 45.0 — 45.0 7.375% senior notes due 2020 316.6 3.6 313.0 5.250% senior notes due 2023 600.0 9.5 590.5 Other debt 13.5 — 13.5 Total debt $ 1,023.8 $ 13.2 $ 1,010.6 Less short-term and current portion of long-term debt 61.8 0.1 61.7 Long-term debt $ 962.0 $ 13.1 $ 948.9 (1) Prior to the adoption of ASU 2015-03, debt issuance costs of $0.1 million and $13.1 million were previously reflected in the Consolidated Balance Sheets as other current assets and other non-current assets, respectively. On November 12, 2015, PolyOne entered into a senior secured term loan having an aggregate principal amount of $550.0 million . Net proceeds of $547.3 million reflected a $2.7 million issuance discount. $5.5 million is payable annually while the remaining balance matures on November 12, 2022. The interest rate associated with the term loan is 300 basis points plus the greater of (i) the 1-, 2-, 3- or 6-month LIBOR, at the Company's discretion, or (ii) 75 basis points. The proceeds from the term loan were used to repay in full $316.6 million aggregate principal amount of our 7.375% senior notes due 2020, repay in full $48.7 million aggregate principal amount of our 7.50% debentures due 2015 and repay $106.6 million of the outstanding balance on our revolving credit facility. We recognized $16.4 million of debt extinguishment costs within Debt extinguishment costs in our Consolidated Statements of Income in connection with these repurchases. On February 28, 2013, PolyOne issued $600.0 million aggregate principal amount of senior notes, which mature on March 15, 2023. The senior notes bear an interest rate of 5.25% per year, payable semi-annually, in arrears, on March 15 and September 15 of each year, which commenced on September 15, 2013. We used a portion of the net proceeds of the offering to pay the cash portion of the Spartech acquisition, and to repay certain Spartech debt, including the $88.9 million aggregate principal amount of its senior notes due 2016 and related interest and make-whole payments totaling $13.4 million and all outstanding amounts under its revolving credit facility. We also used a portion of these net proceeds to make a voluntary $50.0 million contribution to our U.S. qualified defined benefit plan and to repay the outstanding principal amount of $297.0 million under our senior secured term loan. We incurred debt extinguishment costs of $10.6 million related to the early retirement of our senior secured term loan, including $8.2 million of deferred financing cost write-offs and $2.4 million of discounts that were written off. These costs are presented within Debt extinguishment costs in our Consolidated Statements of Income. The Company maintains a revolving credit facility, which matures on March 1, 2018, with a maximum borrowing facility size of $400.0 million , subject to a borrowing base with advances against certain U.S. and Canadian accounts receivable, inventory and other assets as specified in the agreement. We have the option to increase the availability under the facility to $450.0 million , subject to meeting certain requirements and obtaining commitments for such increase. The revolving credit facility has a U.S. and a Canadian line of credit. Currently there are no borrowings on the U.S. or Canadian portion of the facility. Advances under the U.S. portion of our revolving credit facility bear interest, at the Company’s option, at a Base Rate or a LIBOR Rate plus an applicable margin. The Base Rate is a fluctuating rate equal to the greater of (i) the Federal Funds Rate plus one-half percent, (ii) the prevailing LIBOR Rate plus one percent, and (iii) the prevailing Prime Rate. The applicable margins vary based on the Company’s daily average excess availability during the previous quarter. The weighted average annual interest rate under this facility for the year ended December 31, 2015 and 2014 were 2.46% and 2.84% , respectively. As of December 31, 2015, we had no borrowings under our revolving credit facility, which had availability of $338.7 million . Borrowings under this facility as of December 31, 2014 were $45.0 million . The agreements governing our revolving credit facility and our secured term loan, and the indentures and credit agreements governing other debt, contain a number of customary restrictive covenants that, among other things, limit our ability to: consummate asset sales, incur additional debt or liens, consolidate or merge with any entity or transfer or sell all or substantially all of our assets, pay dividends or make certain other restricted payments, make investments, enter into transactions with affiliates, create dividend or other payment restrictions with respect to subsidiaries, make capital investments and alter the business we conduct. In addition, these agreements require us to comply with specific financial tests, under which we are required to achieve certain or specific financial and operating results. As of December 31, 2015, we were in compliance with all covenants. The Company maintains a credit line with Saudi Hollandi Bank for $16.0 million . The credit line has an interest rate equal to the Saudi Arabia Interbank Offered Rate plus a fixed rate of 0.85% and is subject to annual renewal. The credit line is being used to fund capital expenditures related to the manufacturing facility in Jeddah, Saudi Arabia. As of December 31, 2015, letters of credit under the credit line were $0.2 million and borrowings were $12.6 million with an interest rate of 1.78% . As of December 31, 2014, letters of credit under the credit line were $0.2 million and borrowings were $13.1 million with an interest rate of 1.85% . As of December 31, 2015 and 2014, there was remaining availability on the credit line of $3.2 million and $2.7 million , respectively. Aggregate maturities of the principal amount of debt for the next five years and thereafter are as follows: (In millions) 2016 $ 18.6 2017 5.5 2018 5.6 2019 5.6 2020 5.6 Thereafter 1,122.6 Aggregate maturities $ 1,163.5 Included in Interest expense, net for the years ended December 31, 2015 , 2014 and 2013 was interest income of $1.0 million , $1.1 million and $1.3 million , respectively. Total interest paid on debt was $65.9 million in 2015 , $59.8 million in 2014 and $50.4 million in 2013 . |
Leasing Arrangements
Leasing Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leasing Arrangements | Note 7 — LEASING ARRANGEMENTS We lease certain manufacturing facilities, warehouse space, machinery and equipment, automobiles, railcars, computers and software under operating leases. Rent expense from continuing operations was $27.1 million in 2015 , $30.4 million in 2014 and $24.5 million in 2013 . Future minimum lease payments under non-cancelable operating leases with initial lease terms longer than one year as of December 31, 2015 are as follows: (In millions) 2016 $ 21.0 2017 17.2 2018 12.2 2019 8.3 2020 6.8 Thereafter 19.1 Total $ 84.6 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 8 — ACCOUNTS RECEIVABLE, NET Accounts receivable, net as of December 31 consist of the following: (In millions) 2015 2014 Trade accounts receivable $ 350.0 $ 399.9 Allowance for doubtful accounts (3.0 ) (3.1 ) Accounts receivable, net $ 347.0 $ 396.8 The following table details the changes in allowance for doubtful accounts: (In millions) 2015 2014 2013 Balance at beginning of the year $ (3.1 ) $ (5.2 ) $ (4.3 ) Provision for doubtful accounts (0.2 ) (0.4 ) (0.2 ) Accounts written off — 2.2 0.2 Currency translation and other adjustments 0.3 0.3 (0.9 ) Balance at end of year $ (3.0 ) $ (3.1 ) $ (5.2 ) |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Note 9 — INVENTORIES, NET Components of Inventories, net are as follows: (In millions) December 31, 2015 December 31, 2014 Finished products $ 172.7 $ 187.8 Work in process 5.0 4.1 Raw materials and supplies 109.3 117.1 Inventories, net $ 287.0 $ 309.0 |
Property, Net
Property, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Net | Note 10 — PROPERTY, NET Components of Property, net are as follows: (In millions) December 31, 2015 December 31, 2014 Land and land improvements $ 46.9 $ 49.2 Buildings 318.3 309.2 Machinery and equipment 1,104.7 1,077.2 Property, gross 1,469.9 1,435.6 Less accumulated depreciation and amortization (886.4 ) (838.9 ) Property, net $ 583.5 $ 596.7 Depreciation expense from continuing operations was $84.4 million in 2015 , $104.7 million in 2014 and $91.0 million in 2013 . Included in depreciation expense from continuing operations was accelerated depreciation of $6.2 million , $23.1 million and $12.7 million during 2015, 2014 and 2013, respectively, related to restructuring actions. |
Other Balance Sheet Liabilities
Other Balance Sheet Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Balance Sheet Liabilities | Note 11 — OTHER BALANCE SHEET LIABILITIES Other liabilities at December 31, 2015 and 2014 consist of the following: Accrued expenses and other liabilities Other non-current liabilities December 31, December 31, (In millions) 2015 2014 2015 2014 Employment costs $ 76.8 $ 112.2 $ 21.7 $ 23.4 Environmental liabilities 10.2 11.5 109.7 109.6 Accrued taxes 4.2 10.3 — — Pension and other post-employment benefits 5.7 5.7 — — Accrued interest 12.1 16.1 — — Dividends payable 10.3 8.8 — — Unrecognized tax benefits 1.5 2.1 14.2 26.0 Other 7.1 6.2 6.9 19.3 Total $ 127.9 $ 172.9 $ 152.5 $ 178.3 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | Note 12 — EMPLOYEE BENEFIT PLANS We recognize actuarial gains and losses in our operating results in the year in which the gains or losses occur. These gains and losses are generally only measured annually as of December 31 and, accordingly, are recorded during the fourth quarter of each year. We recognized a charge of $11.6 million and $56.5 million in the fourth quarter of 2015 and 2014, respectively, related to the actuarial losses during the year. In the fourth quarter of 2013 , we recognized a benefit of $44.0 million . All U.S. qualified defined benefit pension plans are frozen, no longer accrue benefits and are closed to new participants. We have foreign pension plans that accrue benefits. The plans generally provide benefit payments using a formula that is based upon employee compensation and length of service. The following tables present the change in benefit obligation, change in plan assets and components of funded status for defined benefit pension and post-retirement health care benefit plans. Pension Benefits Health Care Benefits (In millions) 2015 2014 2015 2014 Change in benefit obligation: Projected benefit obligation — beginning of year $ 576.8 $ 537.0 $ 16.6 $ 16.4 Service cost 1.7 1.6 — — Interest cost 21.3 24.9 0.6 0.7 Actuarial (gain) loss (18.3 ) 70.9 (3.6 ) 1.3 Benefits paid (51.9 ) (54.8 ) (1.2 ) (1.7 ) Other (2.2 ) (2.8 ) (0.6 ) (0.1 ) Projected benefit obligation — end of year $ 527.4 $ 576.8 $ 11.8 $ 16.6 Projected salary increases (1.7 ) (3.5 ) — — Accumulated benefit obligation $ 525.7 $ 573.3 $ 11.8 $ 16.6 Change in plan assets: Plan assets — beginning of year $ 484.0 $ 472.2 $ — $ — Actual return on plan assets (1.2 ) 47.8 — — Company contributions 25.8 20.1 1.2 1.5 Benefits paid (51.9 ) (54.8 ) (1.2 ) (1.7 ) Other (0.7 ) (1.3 ) — 0.2 Plan assets — end of year $ 456.0 $ 484.0 $ — $ — Unfunded status at end of year $ (71.4 ) $ (92.8 ) $ (11.8 ) $ (16.6 ) Amounts included in the accompanying Consolidated Balance Sheets as of December 31 are as follows: Pension Benefits Health Care Benefits (In millions) 2015 2014 2015 2014 Accrued expenses and other liabilities $ 4.4 $ 4.1 $ 1.3 $ 1.6 Other non-current liabilities 67.0 88.7 10.5 15.0 As of December 31, 2015 and 2014 , we had plans with total projected and accumulated benefit obligations in excess of the related plan assets as follows: Pension Benefits Health Care Benefits (In millions) 2015 2014 2015 2014 Projected benefit obligation $ 527.4 $ 566.3 $ 11.8 $ 16.6 Accumulated benefit obligation 525.7 562.8 11.8 16.6 Fair value of plan assets 456.0 473.5 — — Weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Health Care Benefits 2015 2014 2015 2014 Discount rate 4.11 % 3.88 % 4.12 % 3.75 % Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year N/A N/A 6.69 % 6.88 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate N/A N/A 2027 2027 The following table summarizes the components of net periodic benefit cost or gain that was recognized during each of the years in the three-year period ended December 31, 2015 . Pension Benefits Health Care Benefits (In millions) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit costs (gains): Service cost $ 1.7 $ 1.6 $ 1.7 $ — $ — $ — Interest cost 21.3 24.9 23.9 0.6 0.7 0.6 Expected return on plan assets (32.7 ) (32.2 ) (37.4 ) — — — Mark-to-market actuarial net losses (gains) 15.2 55.2 (43.0 ) (3.6 ) 1.3 (1.0 ) Net periodic benefit cost (gain) $ 5.5 $ 49.5 $ (54.8 ) $ (3.0 ) $ 2.0 $ (0.4 ) In 2015, we recognized an $11.6 million mark-to-market charge that was primarily a result of actual asset returns that were $33.9 million lower than our assumed returns. Partially offsetting the lower asset returns was the increase in our year end discount rates, from 3.88% to 4.11% , and updated mortality assumptions. In 2014, we recognized a $56.5 million mark-to-market charge that was primarily a result of the decrease in year end discount rates, from 4.83% to 3.88% , and updated mortality assumptions. During 2014, we adopted the RP-2014 mortality table which was issued by the Society of Actuaries in October 2014. Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Pension Benefits Health Care Benefits 2015 2014 2013 2015 2014 2013 Discount rate* 3.88 % 4.83 % 4.12 % 3.75 % 4.38 % 3.71 % Expected long-term return on plan assets* 6.87 % 6.86 % 8.41 % — % — % — % Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year N/A N/A N/A 6.88 % 7.02 % 7.39 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A N/A 4.50 % 4.50 % 4.63 % Year that the rate reaches the ultimate trend rate N/A N/A N/A 2027 2027 2025 * The mark-to-market component of net periodic costs is determined based on discount rates as of year end and actual asset returns during the year. The expected long-term rate of return on pension assets was determined after considering the historical and forward looking long-term asset returns by asset category and the expected investment portfolio mix. Our pension investment strategy is to diversify the portfolio among asset categories to enhance the portfolio’s risk-adjusted return as well as insulate it from exposure to changes in interest rates. Our asset mix considers the duration of plan liabilities, historical and expected returns of the investments, and the funded status of the plan. The pension asset allocation is reviewed and actively managed based on the funded status of the plan. As the funded status of the plan increases, the asset allocation is adjusted to increase the mix of fixed income investments and match the duration of those investments with the duration of the plan liabilities. Based on the current funded status of the plan, our pension asset investment allocation guidelines are to invest 60% to 70% in fixed income securities, 30% to 40% in equity securities and 0% to 10% in alternative investments and cash. These alternative investments may include funds of multiple asset investment strategies and funds of hedge funds. The fair values of pension plan assets at December 31, 2015 and 2014 , by asset category, are as follows: Fair Value of Plan Assets at December 31, 2015 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Asset category Cash $ 3.6 $ — $ — $ 3.6 Equities 15.8 — — 15.8 Registered investment companies: Non-U.S. equity 38.8 — — 38.8 Common collective funds: Short-term investments — 3.4 — 3.4 United States equity — 53.1 — 53.1 Fixed income — 76.4 — 76.4 United States treasuries 87.3 — — 87.3 Fixed income securities 137.9 34.9 — 172.8 Other — — 4.8 4.8 Totals $ 283.4 $ 167.8 $ 4.8 $ 456.0 Fair Value of Plan Assets at December 31, 2014 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Asset category Cash $ 6.7 $ — $ — $ 6.7 Equities 19.2 — — 19.2 Registered investment companies: Non-U.S. equity 44.3 — — 44.3 Floating rate income 35.7 — — 35.7 Common collective funds: Short-term investments — 18.8 — 18.8 United States equity — 62.6 — 62.6 Fixed income — 77.0 — 77.0 United States treasuries 74.6 — — 74.6 Fixed income securities 124.7 5.2 — 129.9 Other — — 15.2 15.2 Totals $ 305.2 $ 163.6 $ 15.2 $ 484.0 Equities represent U.S. publicly-traded equity securities of companies with a market capitalization typically between than $1 billion and $6 billion with a focus on growth or value. International equities primarily represent publicly-traded equity securities of developed international countries and emerging markets with a focus on growth or value. The registered investment company fixed income funds invest primarily in investment grade fixed income securities. The registered investment company non-US equity funds invest in underlying securities that are actively traded in public, non-US markets. The registered investment company floating rate income fund strategy is to invest primarily in a diversified portfolio of first and second lien high-yield senior floating rate loans and other floating rate debt securities. Common collective funds are valued at the net value of units held by the fund at year end. The unit value is determined by the total value of fund assets divided by the total number of units of the fund owned. Short-term investments in common collective funds represent cash and other short-term investments. The equity investments in common collective funds are predominately in equity or investment grade fixed income securities actively traded in public markets based upon readily measurable prices. The United States treasuries and fixed income securities consist of publicly traded United States and non-United States fixed interest obligations (principally corporate and government bonds and debentures). Other assets are primarily insurance contracts for international plans. Level 1 assets are valued based on quoted market prices. Level 2 investments included within the respective common collective trust funds are valued using a net asset value per share that is based on quoted market prices and/or other market data for the same or comparable instruments and transactions of the underlying equity or fixed income investments. The insurance contracts included in the other asset category are valued at the transacted price. The estimated future benefit payments for our pension and health care plans are as follows: (In millions) Pension Benefits Health Care Benefits 2016 $ 39.8 $ 1.2 2017 39.2 1.2 2018 39.1 1.2 2019 38.3 1.1 2020 38.3 1.0 2021 through 2025 180.8 4.3 We currently estimate that 2016 employer contributions will be $24.6 million to all qualified and non-qualified pension plans and $1.2 million to all healthcare benefit plans. PolyOne sponsors various voluntary retirement savings plans (RSP). Under the provisions of the plans, eligible employees receive defined Company contributions and are eligible for Company matching contributions based on their eligible earnings contributed to the plan. In addition, we may make discretionary contributions to the plans for eligible employees based on a specific percentage of each employee’s compensation. Following are our contributions to the RSP: (In millions) 2015 2014 2013 Retirement savings match $ 9.9 $ 9.7 $ 9.8 Retirement benefit contribution 4.1 4.0 4.0 Total contributions $ 14.0 $ 13.7 $ 13.8 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Note 13 — COMMITMENTS AND CONTINGENCIES Environmental — We have been notified by federal and state environmental agencies and by private parties that we may be a potentially responsible party (PRP) in connection with the environmental investigation and remediation of certain sites. While government agencies frequently assert that PRPs are jointly and severally liable at these sites, in our experience, the interim and final allocations of liability costs are generally made based on the relative contribution of waste. We may also initiate corrective and preventive environmental projects of our own to ensure safe and lawful activities at our operations. We believe that compliance with current governmental regulations at all levels will not have a material adverse effect on our financial position, results of operations or cash flows. In September 2007, we were informed of rulings by the United States District Court for the Western District of Kentucky on several pending motions in the case of Westlake Vinyls, Inc. v. Goodrich Corporation, et al., which had been pending since 2003. The Court held that PolyOne must pay the remediation costs at the former Goodrich Corporation Calvert City facility (now largely owned and operated by Westlake Vinyls), together with certain defense costs of Goodrich Corporation. The rulings also provided that PolyOne can seek indemnification for contamination attributable to Westlake Vinyls. The environmental obligation at the site arose as a result of an agreement between The B.F.Goodrich Company (n/k/a Goodrich Corporation) and our predecessor, The Geon Company, at the time of the initial public offering in 1993, by which the Geon Company became a public company, to indemnify Goodrich Corporation for environmental costs at the site. At the time, neither PolyOne nor The Geon Company ever owned or operated the facility. Following the Court rulings, the parties to the litigation entered into settlement negotiations and agreed to settle all claims regarding past environmental costs incurred at the site. The settlement agreement provides a mechanism to pursue allocation of future remediation costs at the Calvert City site to Westlake Vinyls. While we do not currently assume any allocation of costs in our current reserve, we will adjust our reserve, in the future, consistent with any such future allocation of costs. A remedial investigation and feasibility study (RIFS) is underway at the Calvert City site. During the third quarter of 2013, we submitted a remedial investigation report to the United States Environmental Protection Agency (USEPA). Utilizing the preliminary results of a ground water modeling study that we obtained in the fourth quarter of 2013, we were able to develop estimates for potential remedies at Calvert City. Based upon this information, we recorded a $47.0 million charge in the fourth quarter of 2013 associated with the anticipated remedy. The EPA provided a final remedial investigation report in the third quarter of 2015. Additionally, in the third quarter of 2015, the USEPA assumed responsibility for the completion of the feasibility study. We continue to pursue available insurance coverage related to this matter and recognize gains as we receive reimbursement. No receivable has been recognized for future recoveries. On March 13, 2013, PolyOne acquired Spartech. One of Spartech's subsidiaries, Franklin-Burlington Plastics, Inc. (Franklin-Burlington), operated a plastic resin compounding facility in Kearny, New Jersey, located adjacent to the Passaic River. The USEPA has requested that companies located in the area of the lower Passaic River, including Franklin-Burlington, cooperate in an investigation of contamination of the lower Passaic River. In response, Franklin-Burlington and approximately 70 other companies (collectively, the Cooperating Parties) agreed, pursuant to an Administrative Order of Consent with the USEPA, to assume responsibility for development of a RIFS of the lower Passaic River. The RIFS costs are exclusive of any costs that may ultimately be required to remediate the lower Passaic River area being studied or costs associated with natural resource damages that may be assessed. By agreeing to bear a portion of the cost of the RIFS, Franklin-Burlington did not admit to any liability or agree to bear any such remediation or natural resource damage costs. In April 2014, the USEPA released a Focused Feasibility Study for public comment for a portion of the lower Passaic River. The Cooperating Parties, along with other interested parties, have submitted comments, and the USEPA is currently reviewing the comments. In February 2015, the Cooperating Parties submitted to the USEPA a remedial investigation report for the lower Passaic River. In March 2015, Franklin-Burlington, along with nine other PRPs, submitted a de minimis settlement petition to the USEPA, asserting the ten entities contributed little or no impact to the lower Passaic River and seeking a meeting to commence settlement discussions. The USEPA has stated that it views the issuance of a Record of Decision as the appropriate time for de minimis discussions. It is uncertain when such discussions will take place. In April 2015, the Cooperating Parties submitted a feasibility study to the USEPA. The feasibility study does not contemplate who is responsible for remediation nor does it determine how such costs will be allocated to PRPs. The CPG is currently revising its RIFS, which has not yet been approved by the USEPA, as part of continuing technical discussions with the USEPA. As of December 31, 2015, we have not accrued for remedial costs related to the lower Passaic River. We believe Franklin-Burlington, based on the currently available information, contributed little to no contamination to the lower Passaic River. We are unable to estimate a liability, if any, given the uncertainties related to this matter, including the fact that the final remedial actions and scope, an allocation to Franklin-Burlington, if any, and a final resolution of the de minimis petition or the appropriate legal actions, have not been determined. Based on our estimates, we had accruals totaling $119.9 million and $121.1 million as of December 31, 2015 and 2014 , respectively, for probable future environmental expenditures relating to previously contaminated sites. These accruals are undiscounted and included in Accrued expenses and other liabilities and Other non-current liabilities on the accompanying Consolidated Balance Sheets. The accruals represent our best estimate of probable future costs that we can reasonably estimate, based upon information and technology that is currently available and our view of the most likely remedy. Depending upon the results of future testing, completion and results of remedial investigation and feasibility studies, the ultimate remediation alternatives undertaken, changes in regulations, new information, newly discovered conditions and other factors, it is reasonably possible that we could incur additional costs in excess of the amount accrued at December 31, 2015 . However, such additional costs, if any, cannot be currently estimated. We believe that the probability is remote that losses in excess of amounts we have accrued would be materially adverse to our financial position, results of operations or cash flows. The following table details the changes in the environmental accrued liabilities: (In millions) 2015 2014 2013 Balance at beginning of the year $ 121.1 $ 125.9 $ 75.4 Environmental expenses 9.3 10.3 61.2 Net cash payments (9.8 ) (14.7 ) (14.3 ) Currency translation and other (0.7 ) (0.4 ) 3.6 Balance at end of year $ 119.9 $ 121.1 $ 125.9 Included in Cost of sales in the accompanying Consolidated Statements of Income are insurance recoveries received for previously incurred environmental costs of $3.5 million , $3.7 million and $23.5 million in 2015 , 2014 and 2013, respectively. Such insurance recoveries are recognized as a gain when received. Other Litigation — We are involved in various pending or threatened claims, lawsuits and administrative proceedings, all arising from the ordinary course of business concerning commercial, product liability, employment and environmental matters that seek remedies or damages. We believe that the probability is remote that losses in excess of the amounts we have accrued would be materially adverse to our financial position, results of operations or cash flows. Guarantees — On February 28, 2011, we sold our 50% equity interest in SunBelt Chlor Alkali Partnership (Sunbelt) to Olin Corporation (Olin). As a result of the sale, Olin assumed our obligations under our guarantee of senior secured notes issued by SunBelt which are $12.2 million as of December 31, 2015. Unless the guarantee is formally assigned to Olin, we remain obligated under the guarantee, although Olin has agreed to indemnify us for amounts that we may be obligated to pay under the guarantee. The senior secured notes mature in December 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14 — INCOME TAXES Income from continuing operations, before income taxes is summarized below based on the geographic location of the operation to which such earnings are attributable. Income from continuing operations, before income taxes consists of the following: (In millions) 2015 2014 2013 Domestic $ 93.8 $ 53.5 $ 109.1 Foreign 73.9 34.9 41.9 Income from continuing operations, before income taxes $ 167.7 $ 88.4 $ 151.0 A summary of income tax expense (benefit) from continuing operations is as follows: (In millions) 2015 2014 2013 Current income tax expense (benefit): Federal $ 21.6 $ 36.1 $ 18.2 State 2.2 3.1 2.8 Foreign 26.6 17.2 22.5 Total current income tax expense (benefit): $ 50.4 $ 56.4 $ 43.5 Deferred income tax expense (benefit): Federal $ (33.1 ) $ (36.7 ) $ 11.9 State 4.5 (4.6 ) 2.8 Foreign 1.2 (3.9 ) (0.1 ) Total deferred income tax (benefit) expense $ (27.4 ) $ (45.2 ) $ 14.6 Total income tax expense (benefit) $ 23.0 $ 11.2 $ 58.1 Refer to Note 5, Discontinued Operations , for income tax expense allocated to discontinued operations. A reconciliation of the U.S. federal statutory tax rate to the consolidated effective income tax rate along with a description of significant reconciling items is included below. 2015 2014 2013 Income tax expense at 35% 35.0 % 35.0 % 35.0 % Amended prior period tax returns (18.3 ) (2.3 ) — Foreign tax rate differential (5.0 ) (5.7 ) (3.3 ) State and local tax, net 2.7 2.8 2.6 Domestic production activities deduction (2.0 ) (2.5 ) (1.0 ) Permanent tax differences 1.8 (2.1 ) 4.9 U.S. credit for research activities (0.7 ) (1.2 ) (1.4 ) Tax benefits on certain foreign investments (0.7 ) (17.0 ) — Uncertain tax positions 0.6 1.0 (0.3 ) Changes in valuation allowances 0.3 7.8 2.0 Settlements — (3.1 ) — Effective income tax rate 13.7 % 12.7 % 38.5 % The effective tax rates for all periods differed from the U.S. federal statutory tax rate as a result of permanent items, state and local income taxes and foreign tax rates differences. Permanent items primarily consist of income or expense not taxable or deductible. Significant or unusual items impacting the effective income tax rate are described below. 2015 Significant items Amending U.S. federal income tax returns for 2004 through 2012 to use foreign tax credits decreased the effective tax rate by 18.3% ( $30.7 million ). Uncertain tax positions increased the effective tax rate by 0.6% ( $1.0 million ). The reversal of an uncertain tax position due to the expiration of the statute of limitations decreased the effective tax rate by 5.9% ( $9.9 million ). A foreign court ruling, which settled an uncertain position taken in a prior year, increased the effective tax rate by 4.7% ( $7.9 million ). Other unfavorable uncertain tax positions more than offset the net decrease in the effective tax rate of these two items. 2014 Significant items Tax benefits on certain foreign investments decreased the effective tax rate by 17.0% ( $15.0 million ) related to the write-off of our investment in certain Brazil subsidiaries for tax purposes and operating losses primarily as a result of restructuring actions to close certain Brazil facilities discussed in Note 4, Employee Separation and Restructuring Costs . Permanent tax differences decreased the effective tax rate by 2.1% ( $1.9 million ) primarily related to foreign tax law changes and the utilization of foreign tax credits. Changes in valuation allowances increased the effective tax rate by 7.8% ( $6.9 million ) primarily related to certain Brazilian subsidiaries as a result of cumulative operating losses. 2013 Significant items Permanent tax differences increased the effective tax rate by 4.9% ( $7.4 million ) primarily related to foreign tax law changes and the tax effect of statutory foreign exchange gains. The U.S. credit for research activities benefit decreased the effective tax rate by 1.4% ( $2.1 million ), which included the benefit of two years of the U.S. research and experimentation tax credit due to the extension of the credit in the American Taxpayer Relief Act of 2012 (the Act) as signed into law in January 2013. The Act extended certain tax benefits retroactively to January 1, 2012. Components of our deferred tax assets (liabilities) as of December 31, 2015 and 2014 were as follows: (In millions) 2015 2014 Deferred tax assets: Pension and other post-retirement benefits $ 29.7 $ 39.1 Employment costs 34.7 47.2 Environmental reserves 45.8 46.5 Net operating loss carryforwards 33.3 42.0 Foreign tax credit carryforwards 37.4 8.7 Other, net 22.3 21.9 Gross deferred tax assets $ 203.2 $ 205.4 Valuation allowances (19.3 ) (23.6 ) Total deferred tax assets, net of valuation allowances $ 183.9 $ 181.8 Deferred tax liabilities: Tax and book basis differences associated with property, plant and equipment $ (60.3 ) $ (76.9 ) Tax and book basis differences associated with intangibles (135.8 ) (135.2 ) Other, net (7.2 ) (9.1 ) Total deferred tax liabilities $ (203.3 ) $ (221.2 ) Net deferred tax liabilities $ (19.4 ) $ (39.4 ) As of December 31, 2015 , the Company had $37.4 million of U.S. foreign tax credit carryforwards that expire between 2016 and 2025. The Company plans to utilize all U.S. foreign tax credits prior to the expiration period. As of December 31, 2015 , we had gross state net operating loss carryforwards of $203.8 million that expire at various dates from 2016 through 2032. Various foreign subsidiaries have gross net operating loss carryforwards totaling $102.6 million that expire between 2016 and 2035 with limited exceptions that have indefinite carryforward periods. We have provided valuation allowances of $18.9 million against certain foreign and state net operating loss carryforwards that are expected to expire prior to utilization. The valuation allowances decreased by $4.3 million from 2014 to 2015 primarily related to foreign exchange rate changes. No provision has been made for income taxes on undistributed earnings of consolidated non-U.S. subsidiaries of $293.5 million as of December 31, 2015 , because our intention is to reinvest indefinitely undistributed earnings of our foreign subsidiaries. It is not practicable to estimate the additional income taxes and applicable foreign withholding taxes that would be payable on the remittance of such undistributed earnings. We made worldwide income tax payments of $57.7 million and received refunds of $2.6 million in 2015. We made worldwide income tax payments of $70.0 million and $120.3 million in 2014 and 2013, respectively, and received refunds of $4.2 million and $2.9 million in 2014 and 2013, respectively. Payments made in 2014 included U.S. federal tax payments related to 2013 U.S. federal income of $9.7 million . Higher income tax payments made in 2013 primarily related to higher 2013 earnings and the gain recognized related to the divestiture of the Resin Business. The Company records provisions for uncertain tax positions in accordance with ASC Topic 740, Income Taxes. A reconciliation of unrecognized tax benefits is as follows: Unrecognized Tax Benefits (In millions) 2015 2014 2013 Balance as of January 1, $ 28.6 $ 15.2 $ 14.5 Increases as a result of positions taken during current year 0.5 1.2 — Increases as a result of positions taken for prior years 12.6 3.8 — Balance related to acquired businesses — 14.2 1.1 Reductions for tax positions of prior years — (2.3 ) — Decreases as a result of lapse of statute of limitations (13.1 ) — (0.6 ) Decreases relating to settlements with taxing authorities (15.3 ) (2.3 ) (0.3 ) Other, net (0.8 ) (1.2 ) 0.5 Balance as of December 31 $ 12.5 $ 28.6 $ 15.2 We recognize interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2015 and 2014 , we had $4.5 million and $8.6 million accrued for interest and penalties, respectively. Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next twelve months a reduction in unrecognized tax benefits may occur up to $4.7 million based on the outcome of tax examinations and the expiration of statutes of limitations. If all unrecognized tax benefits were recognized, the net impact on the provision for income tax expense would be a benefit of $9.8 million . The Company is currently being audited by several state and foreign taxing jurisdictions. With the exception of amended tax returns for 2004 to 2010 which are limited in scope to foreign tax credits, we are no longer subject to U.S. federal income tax examinations for periods preceding 2012. With limited exceptions, we are no longer subject to state tax on foreign tax examinations for periods preceding 2010. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Note 15 — SHARE-BASED COMPENSATION Share-based compensation cost is based on the value of the portion of share-based payment awards that are ultimately expected to vest during the period. Share-based compensation cost recognized in the accompanying Consolidated Statements of Income includes compensation cost for share-based payment awards based on the grant date fair value estimated in accordance with the provision of FASB ASC Topic 718, Compensation — Stock Compensation . Share-based compensation expense is based on awards expected to vest and therefore has been reduced for estimated forfeitures. Equity and Performance Incentive Plans The PolyOne Corporation 2010 Equity and Performance Incentive Plan (2010 EPIP), as amended and restated in 2015, reserved 6.2 million common shares for the award of a variety of share-based compensation alternatives, including non-qualified stock options, incentive stock options, restricted stock, restricted stock units (RSUs), performance shares, performance units and stock appreciation rights (SARs). It is anticipated that all share-based grants and awards that are earned and exercised will be issued from PolyOne common shares that are held in treasury. Share-based compensation is included in Selling and administrative expense in the accompanying Consolidated Statements of Income. A summary of compensation expense by type of award follows: (In millions) 2015 2014 2013 Stock appreciation rights $ 4.4 $ 5.5 $ 6.1 Performance shares 0.5 0.7 0.3 Restricted stock units 4.2 8.0 10.1 Total share-based compensation $ 9.1 $ 14.2 $ 16.5 Stock Appreciation Rights During the years ended December 31, 2015 , 2014 and 2013 , the total number of SARs granted were 0.3 million , 0.3 million and 0.5 million , respectively. Awards vest in one-third increments upon the later of the attainment of stock price targets and time-based vesting over a three -year service period. Awards granted in 2015 and 2014 are subject to an appreciation cap of 200% of the base price. Outstanding SARs have contractual terms ranging from seven to ten years from the date of the grant. The SARs were valued using a Monte Carlo simulation method as the vesting is dependent on the achievement of certain stock price targets. The SARs have time and market-based vesting conditions but vest no earlier than their three year graded vesting schedule. The expected term is an output from the Monte Carlo model, and are derived from employee exercise assumptions that are based on PolyOne historical exercise experience. The expected volatility was determined based on the average weekly volatility for our common shares for the contractual life of the awards. The expected dividend assumption was determined based upon PolyOne's dividend yield at the time of grant. The risk-free rate of return was based on available yields on U.S. Treasury bills of the same duration as the contractual life of the awards. Forfeitures were estimated at 3% per year based on our historical experience. The following is a summary of the weighted average assumptions related to the grants issued during 2015 , 2014 and 2013 : 2015 2014 2013 Expected volatility 43.0% 48.0% 50.0% Expected dividends 1.05% 0.91% 1.04% Expected term (in years) 6.5 6.4 7.4 Risk-free rate 1.95% 2.94% 2.12% Value of SARs granted $13.94 $14.05 $10.83 A summary of SAR activity for 2015 is presented below: Stock Appreciation Rights In millions, except per share data) Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2015 1.6 $ 20.13 6.63 $ 28.9 Granted 0.3 38.36 — Exercised (0.4 ) 13.10 — Outstanding as of December 31, 2015 1.5 $ 25.49 6.75 $ 13.1 Vested and exercisable as of December 31, 2015 0.9 $ 18.98 5.52 $ 12.0 The total intrinsic value of SARs exercised during 2015 , 2014 and 2013 was $9.7 million , $15.0 million and $14.9 million , respectively. As of December 31, 2015 , there was $2.4 million of total unrecognized compensation cost related to SARs, which is expected to be recognized over the weighted average remaining vesting period of 17 months. Restricted Stock Units RSUs represent contingent rights to receive one common share at a future date provided certain vesting criteria are met. During 2015 , 2014 and 2013 , the total number of RSUs granted were 0.1 million , 0.2 million and 0.5 million , respectively. These RSUs, which vest on the third anniversary of the grant date, were granted to executives and other key employees. Compensation expense is measured on the grant date using the quoted market price of our common shares and is recognized on a straight-line basis over the requisite service period. As of December 31, 2015 , 0.7 million RSUs remain unvested with a weighted-average grant date fair value of $ 29.94 . Unrecognized compensation cost for RSUs at December 31, 2015 was $5.5 million , which is expected to be recognized over the weighted average remaining vesting period of 10 months. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Note 16 — SEGMENT INFORMATION A segment is a component of an enterprise whose operating results are regularly reviewed by the enterprise’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Operating income is the primary measure that is reported to our chief operating decision maker for purposes of allocating resources to the segments and assessing their performance. Operating income at the segment level does not include: corporate general and administrative expenses that are not allocated to segments; intersegment sales and profit eliminations; charges related to specific strategic initiatives such as the consolidation of operations; restructuring activities, including employee separation costs resulting from personnel reduction programs, plant closure and phase-in costs; executive separation agreements; share-based compensation costs; asset impairments; environmental remediation costs and other liabilities for facilities no longer owned or closed in prior years; gains and losses on the divestiture of joint ventures and equity investments; actuarial gains and losses associated with our pension and other post-retirement benefit plans; and certain other items that are not included in the measure of segment profit or loss that is reported to and reviewed by our chief operating decision maker. These costs are included in Corporate and eliminations . Segment assets are primarily customer receivables, inventories, net property, plant and equipment, intangible assets and goodwill. Intersegment sales are generally accounted for at prices that approximate those for similar transactions with unaffiliated customers. Corporate and eliminations assets and liabilities primarily include cash, debt, pension and other employee benefits, environmental liabilities, retained assets and liabilities of discontinued operations, and other unallocated corporate assets and liabilities. The accounting policies of each segment are consistent with those described in Note 1, Description of Business and Summary of Significant Accounting Policies . On December 9, 2015, the Company completed the acquisition of specialty color concentrates of Magenta, a leading innovative developer in the global fiber industry, for approximately $18.3 million in cash, net of cash acquired. Magenta results are included within the Color, Additives and Inks segment. On December 1, 2014, the Company completed the acquisition of specialty assets of Accella, a leading North American manufacturer of liquid polymer formulations, for $47.2 million in cash, net of cash acquired. Accella results were included within the Color, Additives and Inks segment. The following is a description of each of our five reportable segments. Color, Additives and Inks Color, Additives and Inks is a leading provider of specialized custom color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets, as well as specialty inks, plastisols, and vinyl slush molding solutions. Color and additive solutions include an innovative array of colors, special effects and performance-enhancing and eco-friendly solutions. When combined with a non-base resin, our solutions help customers achieve differentiated specialized colors and effects targeted at the demands of today’s highly design-oriented consumer and industrial end markets. Our additive concentrates encompass a wide variety of performance and process enhancing characteristics and are commonly categorized by the function that they perform, such as UV stabilization, antimicrobial, anti-static, blowing or foaming, antioxidant, lubricant, and productivity enhancement. Our colorant and additives concentrates are used in a broad range of polymers, including those used in medical and pharmaceutical devices, food packaging, personal care and cosmetics, transportation, building products, wire and cable markets. We also provide custom-formulated liquid systems that meet a variety of customer needs and chemistries, including vinyl, natural rubber and latex, polyurethane and silicone. Our offerings also include proprietary inks and latexes for diversified markets such as recreational and athletic apparel, construction and filtration, outdoor furniture and healthcare. Our liquid polymer coatings and additives are largely based on vinyl and are used in a variety of markets, including building and construction, consumer, healthcare, industrial, packaging, textiles, appliances, transportation, and wire and cable. Color, Additives and Inks has manufacturing, sales and service facilities located throughout North America, South America, Europe, Asia and Africa. Specialty Engineered Materials Specialty Engineered Materials is a leading provider of specialty polymer formulations, services and solutions for designers, assemblers and processors of thermoplastic materials across a wide variety of markets and end-use applications. Our product portfolio, which we believe to be one of the most diverse in our industry, includes specialty formulated high-performance polymer materials that are manufactured using thermoplastic resins and elastomers, which are then combined with advanced polymer additives, reinforcement, filler, colorant and/or biomaterial technologies. Our technical and market expertise enables us to expand the performance range and structural properties of traditional engineering-grade thermoplastic resins to meet evolving customer needs. Specialty Engineered Materials has manufacturing, sales and service facilities located throughout North America, Europe, Asia and South America. Our product development and application reach is further enhanced by the capabilities of our Innovation Centers in the United States, Germany and China, which produce and evaluate prototype and sample parts to help assess end-use performance and guide product development. Our manufacturing capabilities are targeted at meeting our customers’ demand for speed, flexibility and critical quality. Designed Structures and Solutions On March 13, 2013, the Company completed the acquisition of Spartech, a supplier of plastic sheet, color and engineered materials, and packaging solutions. As a result of the acquisition, a new reportable segment, "Designed Structures and Solutions", was created. We believe PolyOne's Designed Structures and Solutions segment is a market leader in providing specialized, full service and innovative solutions in engineered polymer structures, rigid barrier packaging and specialty cast acrylics. We utilize a variety of polymers, specialty additives and processing technologies to produce a complete portfolio of sheet, custom rollstock and specialty film, laminate and acrylic solutions. Our solutions can be engineered to provide structural or functional performance in an application or design and visual aesthetics to meet our customers’ needs. Our offerings also include a wide range of sustainable, cost-effective stock and custom packaging solutions for various industry processes used in the food, medical, and consumer markets. In addition to packaging, we also work closely with customers to provide solutions for transportation, building and construction, healthcare and consumer markets. Designed Structures and Solutions has manufacturing, sales and service facilities located throughout North America. Performance Products and Solutions Performance Products and Solutions is comprised of the Geon Performance Materials (Geon) and Producer Services business units. The Geon business delivers an array of products and services for vinyl molding and extrusion processors located in North America and Asia. The Geon TM brand name carries strong recognition globally. Geon's products are sold to manufacturers of durable plastic parts and consumer-oriented products. We also offer a wide range of services including materials testing, component analysis, custom formulation development, colorant and additive services, part design assistance, structural analysis, process simulations, mold design and flow analysis and extruder screw design. Vinyl is used across a broad range of markets and applications, including, but not limited to: healthcare, wire and cable, building and construction, consumer and recreational products and transportation and packaging. The Producer Services business unit offers contract manufacturing and outsourced polymer manufacturing services to resin producers and polymer marketers, primarily in the United States and Mexico, as well as its own proprietary compounds for pressure pipe and drip irrigation applications. As a strategic and integrated supply chain partner, Producer Services offers resin producers a capital-efficient way to effectively develop custom products for niche markets by leveraging its extensive process technology expertise, broad manufacturing capabilities and geographic locations. PolyOne Distribution The PolyOne Distribution business distributes more than 3,500 grades of engineering and commodity grade resins, including PolyOne-produced solutions, principally to the North American and Asian markets. These products are sold to over 6,000 custom injection molders and extruders who, in turn, convert them into plastic parts that are sold to end-users in a wide range of industries. Representing over 25 major suppliers, we offer our customers a broad product portfolio, just-in-time delivery from multiple stocking locations and local technical support. Recent expansion in Central America and Asia have bolstered PolyOne Distribution's ability to serve the specialized needs of customers globally. Financial information by reportable segment is as follows: Year Ended December 31, 2015 (In millions) Sales to External Customers Intersegment Sales Total Sales Operating Income Depreciation and (1) Capital Total Assets Color, Additives and Inks 801.2 9.5 810.7 135.4 42.4 27.3 939.5 Specialty Engineered Materials 493.1 49.7 542.8 79.6 15.9 17.7 353.4 Designed Structures and Solutions 448.8 4.7 453.5 13.8 16.9 18.4 449.5 Performance Products and Solutions 615.8 78.3 694.1 57.4 16.2 9.8 237.4 PolyOne Distribution 1,018.7 15.4 1,034.1 68.0 0.7 0.4 200.0 Corporate and eliminations — (157.6 ) (157.6 ) (103.3 ) 12.2 17.6 415.3 Total $ 3,377.6 $ — $ 3,377.6 $ 250.9 $ 104.3 $ 91.2 $ 2,595.1 (1) Corporate and eliminations includes accelerated depreciation associated with restructuring actions of $6.2 million . Year Ended December 31, 2014 (In millions) Sales to External Customers Intersegment Sales Total Sales Operating Income Depreciation and (1) Capital Total Assets Color, Additives and Inks 835.0 15.8 850.8 124.9 41.4 28.1 934.2 Specialty Engineered Materials 555.2 43.1 598.3 72.4 16.7 15.2 370.1 Designed Structures and Solutions 616.5 1.0 617.5 45.1 19.8 25.6 490.1 Performance Products and Solutions 728.2 88.4 816.6 63.1 17.7 15.2 265.5 PolyOne Distribution 1,100.6 13.8 1,114.4 68.2 0.6 0.1 214.2 Corporate and eliminations — (162.1 ) (162.1 ) (218.6 ) 27.7 8.6 392.2 Total $ 3,835.5 $ — $ 3,835.5 $ 155.1 $ 123.9 $ 92.8 $ 2,666.3 (1) Corporate and eliminations includes accelerated depreciation associated with restructuring actions of $23.1 million . Year Ended December 31, 2013 (In millions) Sales to External Customers Intersegment Sales Total Sales Operating Income Depreciation and (1) Capital (1a) Total Assets Color, Additives and Inks 844.6 7.7 852.3 104.0 38.8 29.3 960.7 Specialty Engineered Materials 571.9 43.6 615.5 57.2 18.8 14.3 378.4 Designed Structures and Solutions 597.3 0.1 597.4 33.4 21.2 13.4 523.1 Performance Products and Solutions 690.9 82.3 773.2 56.0 15.5 12.4 276.3 PolyOne Distribution 1,066.5 8.7 1,075.2 63.3 0.6 0.3 216.7 Corporate and eliminations — (142.4 ) (142.4 ) (82.4 ) 13.9 6.5 541.4 Total $ 3,771.2 $ — $ 3,771.2 $ 231.5 $ 108.8 $ 76.2 $ 2,896.6 (1) Excludes $1.0 million of depreciation expense associated with the Resin Business. Corporate and eliminations includes accelerated depreciation associated with restructuring actions of $12.7 million . (1a) Excludes $0.2 million of capital expenditures associated with the Resin Business. Our sales are primarily to customers in the United States, Canada, Mexico, Europe, South America and Asia, and the majority of our assets are located in these same geographic areas. Following is a summary of sales and long-lived assets based on the geographic areas where the sales originated and where the assets are located: (In millions) 2015 2014 2013 Sales: United States $ 2,244.9 $ 2,590.4 $ 2,538.2 Europe 430.1 511.8 519.7 Canada 241.3 277.4 267.8 Asia 235.9 246.2 239.0 Mexico 209.7 178.4 158.1 South America 15.7 31.3 48.4 Total Sales $ 3,377.6 $ 3,835.5 $ 3,771.2 Long-lived assets: United States $ 418.1 $ 421.1 $ 444.4 Europe 94.0 95.7 103.0 Canada 6.9 12.8 13.2 Asia 40.2 39.5 51.8 Mexico 19.4 19.7 20.5 South America 4.9 7.9 13.3 Total Long-lived assets $ 583.5 $ 596.7 $ 646.2 |
Common Share Data
Common Share Data | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Common Share Data | Note 17 — COMMON SHARE DATA Weighted-average shares used in computing net income per share are as follows: (In millions) 2015 2014 2013 Weighted-average shares — basic: 87.8 92.3 95.5 Plus dilutive impact of share-based compensation 0.9 1.2 1.0 Weighted-average shares — diluted: 88.7 93.5 96.5 Outstanding share-based awards with exercise prices greater than the average price of the common shares are anti-dilutive and are not included in the computation of diluted net income per share. The number of anti-dilutive options and awards was 0.4 million and 0.3 million at December 31, 2014 and 2013 , respectively. Less than 0.1 million options and awards were anti-dilutive for the computation of diluted earnings per common share at December 31, 2015. We purchased 4.5 million , 6.3 million and 5.0 million shares in 2015 , 2014 and 2013 , respectively, at an aggregate cost of $156.1 million , $233.2 million and $131.6 million , respectively, under these authorizations. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 18 — FAIR VALUE Fair value is measured based on an exit price, representing the amount that would be received to sell an asset or paid to satisfy a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a fair value hierarchy is established, which categorizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial instruments accounted for at fair value on a recurring basis as of December 31, 2015 and 2014 include cash of $279.8 million and $238.6 million , respectively, and are classified as level 1 assets within the fair value hierarchy. The estimated fair value of PolyOne’s debt instruments at December 31, 2015 and 2014 was $1,136.2 million and $1,031.9 million , respectively, compared to carrying values of $1,146.6 million and $1,010.6 million as of December 31, 2015 and 2014 , respectively. The fair value of PolyOne’s debt instruments was estimated using prevailing market interest rates on debt with similar creditworthiness, terms and maturities and represent Level 2 measurements within the fair value hierarchy. In accordance with the provisions of FASB ASC Topic 350, Intangibles — Goodwill and Other , we assess the fair value of goodwill on an annual basis or at an interim date if potential impairment indicators are present. The implied fair value of goodwill is determined based on significant unobservable inputs. Accordingly, these inputs fall within Level 3 of the fair value hierarchy. We use an income approach to estimate the fair value of our reporting units. The income approach uses a reporting unit’s projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that is determined based on current market conditions. The projection uses management’s best estimates of economic and market conditions over the projected period including growth rates in sales, costs and number of units, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, terminal value margin rates, future capital expenditures and changes in future working capital requirements. We validate our estimates of fair value under the income approach by considering the implied control premium and conclude whether the implied control premium is reasonable based on other recent market transactions. No impairment charges were required in 2015 , 2014 or 2013 . Indefinite-lived intangible assets primarily consist of the GLS and ColorMatrix trade names. Indefinite-lived intangible assets are tested for impairment annually at the same time we test goodwill for impairment. The implied fair value of indefinite-lived intangible assets is determined based on significant unobservable inputs, as summarized below. Accordingly, these inputs fall within Level 3 of the fair value hierarchy. The fair value of the trade names is calculated using a “relief from royalty” methodology. This approach involves two steps (1) estimating reasonable royalty rates for the trade name and (2) applying this royalty rate to a net sales stream and discounting the resulting cash flows to determine fair value. This fair value is then compared with the carrying value of the trade name. No impairment charges were required in 2015 , 2014 or 2013 . |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 19 — SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) 2015 Quarters 2014 Quarters (In millions, except per share data) Fourth (2) Third (3) Second (4) First (5) Fourth (6) Third (7) Second (8) First (9) Sales $ 775.8 $ 841.6 $ 887.1 $ 873.1 $ 869.3 $ 958.4 $ 1,005.5 $ 1,002.3 Gross Margin 156.9 169.1 185.7 169.8 152.6 182.6 184.5 188.2 Operating income (loss) 31.3 69.2 80.3 70.1 (14.3 ) 63.6 49.4 56.4 Net income (loss) from continuing operations 3.0 44.5 67.0 30.2 (15.0 ) 32.3 30.7 29.2 Net income (loss) from continuing operations attributable to PolyOne shareholders $ 3.1 $ 44.5 $ 66.8 $ 30.2 $ (14.6 ) $ 32.3 $ 30.9 $ 29.4 Net income from continuing operations per common share attributable to PolyOne common shareholders: (1) Basic earnings (loss) per share $ 0.04 $ 0.51 $ 0.75 $ 0.34 $ (0.16 ) $ 0.35 $ 0.33 $ 0.31 Diluted earnings (loss) per share $ 0.04 $ 0.50 $ 0.74 $ 0.34 $ (0.16 ) $ 0.35 $ 0.33 $ 0.31 (1) Per share amounts for the quarter and the full year have been computed separately. The sum of the quarterly amounts may not equal the annual amounts presented because of differences in the average shares outstanding during each period. (2) Included for the fourth quarter 2015 are: 1) a mark-to-market pension and other post-retirement charge of $11.6 million , 2) employee separation and restructuring costs of $10.1 million and 3) $16.4 million of debt extinguishment costs primarily due to the repayment in full of $316.6 million aggregate principal amount of our 7.375% senior notes due 2020. (3) Included for the third quarter 2015 are: 1) employee separation and restructuring costs of $13.7 million and 2) a $7.5 million benefit related to the reversal of an uncertain tax position due to the expiration of the statute of limitations. (4) Included for the second quarter 2015 are: 1) employee separation and restructuring costs of $7.5 million and 2) a $26.0 million tax benefit as a result of amending U.S. federal income tax returns from 2005 to 2012 to use foreign tax credits. (5) Included for the first quarter 2015 are employee separation and restructuring costs of $10.6 million . (6) Included for the fourth quarter 2014 are: 1) a mark-to-market pension and other post-retirement charge of $56.5 million , 2) employee separation and restructuring costs of $23.2 million , 3) environmental remediation costs of $2.6 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $2.1 million . (7) Included for the third quarter 2014 are: 1) employee separation and restructuring costs of $17.9 million , 2) environmental remediation costs of $5.9 million and 3) a gain related to the reimbursement of previously incurred environmental costs of $1.6 million . (8) Included for the second quarter 2014 are: 1) employee separation and restructuring costs of $35.1 million and 2) a $5.4 million tax benefit associated with our investments in certain foreign affiliates. (9) Included for the first quarter 2014 are employee separation and restructuring costs of $17.9 million . |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20 — SUBSEQUENT EVENTS On January 29, 2016, the Company completed the acquisition of certain technologies and assets from Kraton Performance Polymers, Inc (Kraton), to expand its global footprint and expertise in the thermoplastic elastomer (TPE) innovation and design, for $72.0 million in cash. The results will be reported in the Specialty Engineered Materials segment. |
Description Of Business And S28
Description Of Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Standards Adopted and Accounting Standards Not Yet Adopted | Accounting Standards Adopted In April 2015, the Financial Accounting Standards Board ("FASB") issued Auditing Standards Update 2015-03, "Interest-Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs" (ASU 2015-03), which requires unamortized debt issuance costs to be presented as a reduction of the corresponding debt liability rather than a separate asset. The Company adopted ASU 2015-03 during the fourth quarter of 2015 and applied this standard retrospective to 2014. Refer to Note 6, Financial Arrangements , for the impact on our Consolidated Balance Sheets. In August 2015, the FASB issued Auditing Standards Update 2015-15, "Interest-Imputation of Interest (Subtopic 835-30) - Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" (ASU 2015-15), which added clarification to ASU 2015-03 in allowing debt issuance costs related to line-of-credit arrangements to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit agreement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted ASU 2015-15 during the fourth quarter of 2015 and applied this standard retrospective to 2014. Debt issuance costs related to our revolving credit facility due 2018 of $2.3 million and $3.2 million for 2015 and 2014, respectively, are reflected in the Consolidated Balance Sheets as other non-current assets. In September 2015, the FASB issued Accounting Standards Update 2015-16, "Simplifying the Accounting for Measurement-Period Adjustments" (ASU 2015-16). Measurement period adjustments are changes to provisional amounts recorded when the accounting for a business combination is incomplete as of the end of a reporting period. The measurement period can extend for up to a year following the transaction date. The new guidance requires companies to recognize these adjustments, including any related impacts to net income, in the reporting period in which the adjustments are determined. Companies are no longer required to retroactively apply measurement period adjustments to the prior period. This update is effective for annual and interim periods beginning after December 15, 2016. We have early adopted this standard beginning in fiscal 2015. There was no material impact to the Consolidated Financial Statements. In November 2015, the FASB issued Accounting Standards Update 2015-17, "Balance Sheet Classification of Deferred Taxes" (ASU 2015-17). The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. This update is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. We have early adopted this standard, as permitted, beginning with fiscal 2015, and applied this standard retrospectively to 2014. The retrospective adoption resulted in the following impact to the Consolidated Balance Sheet as of December 31, 2014: a decrease to other current assets of $41.4 million , an increase to other non-current assets of $9.6 million , a decrease in accrued expenses and other liabilities of $0.7 million and a decrease in deferred income taxes of $31.1 million . Accounting Standards Not Yet Adopted In May 2014, the FASB issued Auditing Standards Update 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09). Under this standard, a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The standard implements a five-step process for customer contract revenue recognition that focuses on transfer of control. It will be effective for us beginning January 1, 2018, with early adoption not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. We are currently assessing the impact this standard will have on our consolidated financial statements as well as the method by which we will adopt the new standard. In July 2015, the FASB issued Accounting Standards Update 2015-11, "Inventory (Topic 300): Simplifying the Measurement of Inventory" (ASU 2015-11), which applies to inventory measured using first-in, first out (FIFO) or average cost. This update proscribes that an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This update is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. We are currently evaluating the impact of the adoption of this guidance on the Consolidated Financial Statements, but do not expect this standard to have a material impact on our Consolidated Financial Statements. |
Consolidation And Basis Of Presentation | Consolidation and Basis of Presentation The consolidated financial statements include the accounts of PolyOne and its subsidiaries. All majority-owned affiliates over which we have control are consolidated. Transactions with related parties, including joint ventures, are in the ordinary course of business. |
Reclassifications | Reclassifications Certain reclassifications of the prior period amounts and presentation have been made to conform to the presentation for the current period. |
Use Of Estimates | Use of Estimates Preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions in certain circumstances that affect amounts reported in the accompanying consolidated financial statements and notes. Actual results could differ from these estimates. |
Cash And Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with a maturity of less than three months to be cash equivalents. Cash equivalents are stated at cost, which approximates fair value. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts We evaluate the collectability of receivables based on a combination of factors. We regularly analyze significant customer accounts and, when we become aware of a specific customer’s inability to meet its financial obligations to us, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position, we record a specific allowance for bad debt to reduce the related receivable to the amount we reasonably believe is collectible. We also record bad debt allowances for all other customers based on a variety of factors including the length of time the receivables are past due, the financial health of the customer, economic conditions and historical experience. In estimating the allowances, we take into consideration the existence of credit insurance. If circumstances related to specific customers change, our estimates of the recoverability of receivables could be adjusted further. Accounts receivable balances are written off against the allowance for doubtful accounts after a final determination of uncollectability has been made. |
Inventories | Inventories External purchases of raw materials and finished goods are valued at weighted average cost. Manufactured finished goods are stated at the lower of cost or market using the first-in, first-out (FIFO) method. |
Long-lived Assets | Long-lived Assets Property, plant and equipment is carried at cost, net of depreciation and amortization that is computed using the straight-line method over the estimated useful lives of the assets, which generally ranges from 3 to 15 years for machinery and equipment and up to 40 years for buildings. During 2015 and 2014, we depreciated certain assets associated with closing manufacturing locations over a shortened life (through a cease-use date). Software is amortized over periods not exceeding 10 years. Property, plant and equipment is generally depreciated on accelerated methods for income tax purposes. We expense repair and maintenance costs as incurred. We capitalize replacements and betterments that increase the estimated useful life of an asset. |
Intangible Assets | Finite-lived intangible assets, which consist primarily of customer relationships, patents and technology are amortized over their estimated useful lives. |
Impairment or Disposal of Long-Lived Assets | We assess the recoverability of long-lived assets when events or changes in circumstances indicate that we may not be able to recover the assets’ carrying amount. We measure the recoverability of assets to be held and used by a comparison of the carrying amount of the asset to the expected future undiscounted cash flows associated with the asset. We measure the amount of impairment of long-lived assets as the amount by which the carrying value of the asset exceeds the fair value of the asset, which is generally determined based on projected discounted future cash flows or appraised values. |
Goodwill And Indefinite Lived Intangible Assets | Goodwill and Indefinite Lived Intangible Assets Goodwill is the excess of the purchase price paid over the fair value of the net assets of the acquired business. Goodwill is tested for impairment at the reporting unit level. Our reporting units have been identified at the operating segment level, or in some cases, one level below the operating segment level. Goodwill is allocated to the reporting units based on the estimated fair value at the date of acquisition. Our annual measurement date for testing impairment of goodwill and indefinite-lived intangibles is October 1st. We completed our testing of impairment as of October 1, noting no impairment in 2015, 2014 or 2013. Additionally, as noted within our "Critical Accounting Policies and Estimates" section of Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations", we completed an interim goodwill impairment assessment as of December 31, 2015 for our Customer Engineered Services reporting unit, which is included in our Designed Structures and Solutions segment, and concluded there was no impairment. The future occurrence of a potential indicator of impairment would require an interim assessment for some or all of the reporting units prior to the next required annual assessment on October 1, 2016. Refer to Note 18, Fair Value , for further discussion of our approach for assessing the fair value of goodwill. |
Litigation Reserves | Litigation Reserves FASB ASC Topic 450, Contingencies, requires that we accrue for loss contingencies associated with outstanding litigation, claims and assessments for which management has determined it is probable that a loss contingency exists and the amount of loss can be reasonably estimated. We record expense associated with professional fees related to litigation claims and assessments as incurred. Refer to Note 13, Commitments and Contingencies , for further information. |
Derivative Financial Instruments | Derivative Financial Instruments FASB ASC Topic 815, Derivative and Hedging , requires that all derivative financial instruments, such as foreign exchange contracts, be recognized in the financial statements and measured at fair value, regardless of the purpose or intent in holding them. We are exposed to foreign currency changes in the normal course of business. We have established policies and procedures that manage this exposure through the use of financial instruments. By policy, we do not enter into these instruments for trading purposes or speculation. These instruments are not designated as hedges and, as a result, are adjusted to fair value, with the resulting gains and losses recognized in the accompanying Consolidated Statements of Income immediately. |
Pension And Other Post-Retirement Plans | Pension and Other Post-retirement Plans We account for our pensions and other post-retirement benefits in accordance with FASB ASC Topic 715, Compensation — Retirement Benefits . We immediately recognize actuarial gains and losses in our operating results in the year in which the gains or losses occur. Refer to Note 12, Employee Benefit Plans , for more information. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosures of the fair value of financial instruments. The estimated fair values of financial instruments were principally based on market prices where such prices were available and, where unavailable, fair values were estimated based on market prices of similar instruments. See Note 18, Fair Value , for further discussion. |
Foreign Currency Translation | Foreign Currency Translation Revenues and expenses are translated at average currency exchange rates during the related period. Assets and liabilities of foreign subsidiaries are translated using the exchange rate at the end of the period. The resulting translation adjustments are recorded as accumulated other comprehensive income or loss. Gains and losses resulting from foreign currency transactions, including intercompany transactions that are not considered permanent investments, are included in Other expense, net in the accompanying Consolidated Statements of Income. |
Revenue Recognition | Revenue Recognition We recognize revenue when the revenue is realized or realizable and has been earned. We recognize revenue when a firm sales agreement is in place, shipment has occurred and collectability is reasonably assured. |
Shipping And Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in cost of sales. |
Research And Development Expense | Research and Development Expense Research and development costs from continuing operations, which were $53.0 million in 2015 , $53.4 million in 2014 and $52.6 million in 2013 , are charged to expense as incurred. |
Environmental Costs | Environmental Costs We expense costs that are associated with managing hazardous substances and pollution in ongoing operations on a current basis. Costs associated with environmental contamination are accrued when it becomes probable that a liability has been incurred and our proportionate share of the cost can be reasonably estimated. Any such provision is recognized using the Company's best estimate of the amount of loss incurred, or at the lower end of an estimated range, when a single best estimate is not determinable. In some cases, the Company may be able to recover a portion of the costs relating to these obligations from insurers or other third parties; however, the Company records such amounts only when it is probable that they will be collected. |
Share-Based Compensation | Share-Based Compensation We account for share-based compensation under the provisions of FASB ASC Topic 718, Compensation — Stock Compensation , which requires us to estimate the fair value of share-based awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the accompanying Consolidated Statements of Income. As of December 31, 2015 , we had one active share-based employee compensation plan, which is described more fully in Note 15, Share-Based Compensation . |
Income Taxes | Income Taxes Deferred income tax liabilities and assets are determined based upon the differences between the financial reporting and tax basis of assets and liabilities and are measured using the tax rate and laws currently in effect. In accordance with FASB ASC Topic 740, Income Taxes , we evaluate our deferred income taxes to determine whether a valuation allowance should be established against the deferred tax assets or whether the valuation allowance should be reduced based on consideration of all available evidence, both positive and negative, using a “more likely than not” standard. |
Description Of Business And S29
Description Of Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss in 2015 , 2014 and 2013 were as follows: (In millions) Cumulative Translation Adjustment Pension and other post-retirement benefits Unrealized gain in available-for-sale securities Total Balance at January 1, 2013 $ (16.5 ) $ 5.2 $ 0.2 $ (11.1 ) Translation adjustments (3.7 ) — — (3.7 ) Balance at December 31, 2013 (20.2 ) 5.2 0.2 (14.8 ) Translation adjustments (27.5 ) — — (27.5 ) Balance at December 31, 2014 (47.7 ) 5.2 0.2 (42.3 ) Translation adjustments (29.1 ) — — (29.1 ) Unrecognized gain on available-for-sale securities — — 0.1 0.1 Balance at December 31, 2015 $ (76.8 ) $ 5.2 $ 0.3 $ (71.3 ) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Spartech Corporation | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | (In millions, except stock price and share data) PolyOne shares issued 10.0 PolyOne closing stock price on March 13, 2013 $ 25.05 Total value of PolyOne shares issued $ 249.9 Cash consideration transferred to Spartech shareholders 83.4 Fair value of Spartech equity awards, net of deferred tax benefits (1) 2.4 Total consideration transferred to Spartech equity holders 335.7 Spartech revolving credit facilities repaid at close (2) 77.2 Spartech senior notes repaid at close (2) 102.3 Total consideration transferred to debt and equity holders 515.2 Cash acquired (4.1 ) Total consideration transferred to debt and equity holders, net of cash acquired $ 511.1 (1) In accordance with ASC 718, Compensation — Stock Compensation , the fair value of replacement awards attributable to pre-combination service is recognized as part of purchase consideration. The $2.4 million represents the fair value of Spartech replacement equity awards of $3.9 million net of deferred income tax benefits of $1.5 million . The fair value of awards attributable to post-combination service amounted to $2.7 million and are being recognized as stock compensation over their requisite service periods within PolyOne's Consolidated Statements of Income. (2) In accordance with the provisions of Spartech's 7.08% senior notes due 2016 and revolving credit facilities, at the time of closing, PolyOne repaid all borrowings under Spartech's revolving credit facilities, which amounted to $77.2 million . Additionally, PolyOne repaid $102.3 million related to Spartech's 7.08% senior notes due 2016, including $88.9 million of aggregated principal, $10.3 million make-whole provisions, and $3.1 million of interest payable. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill By Operating Segment | Goodwill as of December 31, 2015 and 2014 , and changes in the carrying amount of goodwill by segment were as follows: (In millions) Specialty Engineered Materials Color, Additives and Inks Designed Structures and Solutions Performance Products and Solutions PolyOne Distribution Total Goodwill, gross at January 1, 2014 $ 112.1 $ 326.3 $ 136.3 $ 186.0 $ 1.6 $ 762.3 Accumulated impairment losses (12.2 ) (16.1 ) — (175.0 ) — (203.3 ) Goodwill, net at January 1, 2014 99.9 310.2 136.3 11.0 1.6 559.0 Acquisitions of businesses — 23.5 8.4 0.2 — 32.1 Currency translation (0.5 ) — — — — (0.5 ) Balance at December 31, 2014 99.4 333.7 144.7 11.2 1.6 590.6 Acquisitions of businesses — 8.6 — — — 8.6 Currency translation (1.4 ) (0.1 ) — — — (1.5 ) Balance at December 31, 2015 $ 98.0 $ 342.2 $ 144.7 $ 11.2 $ 1.6 $ 597.7 |
Carrying Value And Accumulated Amortization Of Intangible Assets | Indefinite and finite-lived intangible assets consisted of the following: As of December 31, 2015 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 199.4 $ (42.1 ) $ — $ 157.3 Patents, technology and other 137.0 (45.7 ) (0.3 ) 91.0 Indefinite-lived trade names 96.3 — — 96.3 Total $ 432.7 $ (87.8 ) $ (0.3 ) $ 344.6 As of December 31, 2014 (In millions) Acquisition Cost Accumulated Amortization Currency Translation Net Customer relationships $ 198.1 $ (32.6 ) $ — $ 165.5 Patents, technology and other 132.9 (35.3 ) (0.1 ) 97.5 Indefinite-lived trade names 96.3 — — 96.3 In-process research and development 3.4 — — 3.4 Total $ 430.7 $ (67.9 ) $ (0.1 ) $ 362.7 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | e expect finite-lived intangibles amortization expense for the next five years as follows: 2016 2017 2018 2019 2020 Expected amortization expense $20.2 $20.2 $20.2 $20.2 $16.7 |
Employee Separation and Restr32
Employee Separation and Restructuring Costs Schedule of restructuring and related costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Spartech | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The following table summarizes restructuring activity related to the Spartech actions initiated in 2013. These actions are complete as of December 31, 2015. (In millions) Long-Lived Asset Charges Employee Separation Other Ongoing Costs Total Accrual balance at December 31, 2012 $ — $ — $ — $ — Charged to expense 13.6 21.1 9.4 44.1 Cash payments — (6.0 ) (9.4 ) (15.4 ) Non-cash utilization (13.6 ) — — (13.6 ) Accrual balance at December 31, 2013 $ — $ 15.1 $ — $ 15.1 Charged to expense 27.3 5.1 27.3 59.7 Cash payments — (17.5 ) (27.3 ) (44.8 ) Non-cash utilization (27.3 ) — — (27.3 ) Accrual balance at December 31, 2014 $ — $ 2.7 $ — $ 2.7 Charged to expense 6.3 (0.3 ) 13.6 19.6 Cash payments — (2.3 ) (13.6 ) (15.9 ) Non-cash utilization (6.3 ) — — (6.3 ) Accrual balance at December 31, 2015 $ — $ 0.1 $ — $ 0.1 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | The Resin Business' sales, income before income taxes and net income were as follows: Year Ended December 31, (In millions) 2014 2013* Sales $ — $ 55.3 Gain on sale $ — $ 223.7 Income from operations — 12.2 Income before taxes — 235.9 Income tax benefit (expense) 1.2 (86.1 ) Income from discontinued operations, net of income taxes $ 1.2 $ 149.8 * Includes the Resin Business' operating results through May 29, 2013. |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Total debt as of December 31 consisted of the following: As of December 31, 2015 (In millions) Principal Amount Unamortized discount and debt issuance cost Net debt Senior term loan due 2022 $ 550.0 $ 8.6 $ 541.4 5.250% senior notes due 2023 600.0 8.3 591.7 Other debt 13.5 — 13.5 Total debt $ 1,163.5 $ 16.9 $ 1,146.6 Less short-term and current portion of long-term debt 18.6 — 18.6 Long-term debt $ 1,144.9 $ 16.9 $ 1,128.0 As of December 31, 2014 (In millions) Principal Amount Unamortized discount and debt issuance cost (1) Net debt 7.500% debentures due 2015 $ 48.7 $ 0.1 $ 48.6 Revolving credit facility due 2018 45.0 — 45.0 7.375% senior notes due 2020 316.6 3.6 313.0 5.250% senior notes due 2023 600.0 9.5 590.5 Other debt 13.5 — 13.5 Total debt $ 1,023.8 $ 13.2 $ 1,010.6 Less short-term and current portion of long-term debt 61.8 0.1 61.7 Long-term debt $ 962.0 $ 13.1 $ 948.9 (1) Prior to the adoption of ASU 2015-03, debt issuance costs of $0.1 million and $13.1 million were previously reflected in the Consolidated Balance Sheets as other current assets and other non-current assets, respectively. |
Schedule of Maturities of Long-term Debt | Aggregate maturities of the principal amount of debt for the next five years and thereafter are as follows: (In millions) 2016 $ 18.6 2017 5.5 2018 5.6 2019 5.6 2020 5.6 Thereafter 1,122.6 Aggregate maturities $ 1,163.5 |
Leasing Arrangements (Tables)
Leasing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancelable operating leases with initial lease terms longer than one year as of December 31, 2015 are as follows: (In millions) 2016 $ 21.0 2017 17.2 2018 12.2 2019 8.3 2020 6.8 Thereafter 19.1 Total $ 84.6 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable, net as of December 31 consist of the following: (In millions) 2015 2014 Trade accounts receivable $ 350.0 $ 399.9 Allowance for doubtful accounts (3.0 ) (3.1 ) Accounts receivable, net $ 347.0 $ 396.8 The following table details the changes in allowance for doubtful accounts: (In millions) 2015 2014 2013 Balance at beginning of the year $ (3.1 ) $ (5.2 ) $ (4.3 ) Provision for doubtful accounts (0.2 ) (0.4 ) (0.2 ) Accounts written off — 2.2 0.2 Currency translation and other adjustments 0.3 0.3 (0.9 ) Balance at end of year $ (3.0 ) $ (3.1 ) $ (5.2 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | Components of Inventories, net are as follows: (In millions) December 31, 2015 December 31, 2014 Finished products $ 172.7 $ 187.8 Work in process 5.0 4.1 Raw materials and supplies 109.3 117.1 Inventories, net $ 287.0 $ 309.0 |
Property (Tables)
Property (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components Of Property, Net | Components of Property, net are as follows: (In millions) December 31, 2015 December 31, 2014 Land and land improvements $ 46.9 $ 49.2 Buildings 318.3 309.2 Machinery and equipment 1,104.7 1,077.2 Property, gross 1,469.9 1,435.6 Less accumulated depreciation and amortization (886.4 ) (838.9 ) Property, net $ 583.5 $ 596.7 |
Other Balance Sheet Liabiliti39
Other Balance Sheet Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Components Of Other Liabilities | Other liabilities at December 31, 2015 and 2014 consist of the following: Accrued expenses and other liabilities Other non-current liabilities December 31, December 31, (In millions) 2015 2014 2015 2014 Employment costs $ 76.8 $ 112.2 $ 21.7 $ 23.4 Environmental liabilities 10.2 11.5 109.7 109.6 Accrued taxes 4.2 10.3 — — Pension and other post-employment benefits 5.7 5.7 — — Accrued interest 12.1 16.1 — — Dividends payable 10.3 8.8 — — Unrecognized tax benefits 1.5 2.1 14.2 26.0 Other 7.1 6.2 6.9 19.3 Total $ 127.9 $ 172.9 $ 152.5 $ 178.3 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Change In Benefit Obligation, Change In Plan Assets And Components Of Funded Status | The following tables present the change in benefit obligation, change in plan assets and components of funded status for defined benefit pension and post-retirement health care benefit plans. Pension Benefits Health Care Benefits (In millions) 2015 2014 2015 2014 Change in benefit obligation: Projected benefit obligation — beginning of year $ 576.8 $ 537.0 $ 16.6 $ 16.4 Service cost 1.7 1.6 — — Interest cost 21.3 24.9 0.6 0.7 Actuarial (gain) loss (18.3 ) 70.9 (3.6 ) 1.3 Benefits paid (51.9 ) (54.8 ) (1.2 ) (1.7 ) Other (2.2 ) (2.8 ) (0.6 ) (0.1 ) Projected benefit obligation — end of year $ 527.4 $ 576.8 $ 11.8 $ 16.6 Projected salary increases (1.7 ) (3.5 ) — — Accumulated benefit obligation $ 525.7 $ 573.3 $ 11.8 $ 16.6 Change in plan assets: Plan assets — beginning of year $ 484.0 $ 472.2 $ — $ — Actual return on plan assets (1.2 ) 47.8 — — Company contributions 25.8 20.1 1.2 1.5 Benefits paid (51.9 ) (54.8 ) (1.2 ) (1.7 ) Other (0.7 ) (1.3 ) — 0.2 Plan assets — end of year $ 456.0 $ 484.0 $ — $ — Unfunded status at end of year $ (71.4 ) $ (92.8 ) $ (11.8 ) $ (16.6 ) |
Amounts Included In Consolidated Balance Sheets | Amounts included in the accompanying Consolidated Balance Sheets as of December 31 are as follows: Pension Benefits Health Care Benefits (In millions) 2015 2014 2015 2014 Accrued expenses and other liabilities $ 4.4 $ 4.1 $ 1.3 $ 1.6 Other non-current liabilities 67.0 88.7 10.5 15.0 |
Schedule Of Projected And Accumulated Benefit Obligations In Excess Of Plan Assets | As of December 31, 2015 and 2014 , we had plans with total projected and accumulated benefit obligations in excess of the related plan assets as follows: Pension Benefits Health Care Benefits (In millions) 2015 2014 2015 2014 Projected benefit obligation $ 527.4 $ 566.3 $ 11.8 $ 16.6 Accumulated benefit obligation 525.7 562.8 11.8 16.6 Fair value of plan assets 456.0 473.5 — — |
Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost and Benefit Obligation | Weighted-average assumptions used to determine benefit obligations at December 31: Pension Benefits Health Care Benefits 2015 2014 2015 2014 Discount rate 4.11 % 3.88 % 4.12 % 3.75 % Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year N/A N/A 6.69 % 6.88 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate N/A N/A 2027 2027 Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: Pension Benefits Health Care Benefits 2015 2014 2013 2015 2014 2013 Discount rate* 3.88 % 4.83 % 4.12 % 3.75 % 4.38 % 3.71 % Expected long-term return on plan assets* 6.87 % 6.86 % 8.41 % — % — % — % Assumed health care cost trend rates at December 31: Health care cost trend rate assumed for next year N/A N/A N/A 6.88 % 7.02 % 7.39 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) N/A N/A N/A 4.50 % 4.50 % 4.63 % Year that the rate reaches the ultimate trend rate N/A N/A N/A 2027 2027 2025 * The mark-to-market component of net periodic costs is determined based on discount rates as of year end and actual asset returns during the year. |
Components Of Net Period Benefit Cost | The following table summarizes the components of net periodic benefit cost or gain that was recognized during each of the years in the three-year period ended December 31, 2015 . Pension Benefits Health Care Benefits (In millions) 2015 2014 2013 2015 2014 2013 Components of net periodic benefit costs (gains): Service cost $ 1.7 $ 1.6 $ 1.7 $ — $ — $ — Interest cost 21.3 24.9 23.9 0.6 0.7 0.6 Expected return on plan assets (32.7 ) (32.2 ) (37.4 ) — — — Mark-to-market actuarial net losses (gains) 15.2 55.2 (43.0 ) (3.6 ) 1.3 (1.0 ) Net periodic benefit cost (gain) $ 5.5 $ 49.5 $ (54.8 ) $ (3.0 ) $ 2.0 $ (0.4 ) |
Fair Values Of Pension Plan Assets | The fair values of pension plan assets at December 31, 2015 and 2014 , by asset category, are as follows: Fair Value of Plan Assets at December 31, 2015 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Asset category Cash $ 3.6 $ — $ — $ 3.6 Equities 15.8 — — 15.8 Registered investment companies: Non-U.S. equity 38.8 — — 38.8 Common collective funds: Short-term investments — 3.4 — 3.4 United States equity — 53.1 — 53.1 Fixed income — 76.4 — 76.4 United States treasuries 87.3 — — 87.3 Fixed income securities 137.9 34.9 — 172.8 Other — — 4.8 4.8 Totals $ 283.4 $ 167.8 $ 4.8 $ 456.0 Fair Value of Plan Assets at December 31, 2014 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Asset category Cash $ 6.7 $ — $ — $ 6.7 Equities 19.2 — — 19.2 Registered investment companies: Non-U.S. equity 44.3 — — 44.3 Floating rate income 35.7 — — 35.7 Common collective funds: Short-term investments — 18.8 — 18.8 United States equity — 62.6 — 62.6 Fixed income — 77.0 — 77.0 United States treasuries 74.6 — — 74.6 Fixed income securities 124.7 5.2 — 129.9 Other — — 15.2 15.2 Totals $ 305.2 $ 163.6 $ 15.2 $ 484.0 |
Estimated Future Benefit Payments | The estimated future benefit payments for our pension and health care plans are as follows: (In millions) Pension Benefits Health Care Benefits 2016 $ 39.8 $ 1.2 2017 39.2 1.2 2018 39.1 1.2 2019 38.3 1.1 2020 38.3 1.0 2021 through 2025 180.8 4.3 |
Schedule Of Contributions To The Retirement Savings Plan | Following are our contributions to the RSP: (In millions) 2015 2014 2013 Retirement savings match $ 9.9 $ 9.7 $ 9.8 Retirement benefit contribution 4.1 4.0 4.0 Total contributions $ 14.0 $ 13.7 $ 13.8 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Changes In Environmental Accrued Liabilities | The following table details the changes in the environmental accrued liabilities: (In millions) 2015 2014 2013 Balance at beginning of the year $ 121.1 $ 125.9 $ 75.4 Environmental expenses 9.3 10.3 61.2 Net cash payments (9.8 ) (14.7 ) (14.3 ) Currency translation and other (0.7 ) (0.4 ) 3.6 Balance at end of year $ 119.9 $ 121.1 $ 125.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income (Loss) Before Income Taxes | Income from continuing operations, before income taxes consists of the following: (In millions) 2015 2014 2013 Domestic $ 93.8 $ 53.5 $ 109.1 Foreign 73.9 34.9 41.9 Income from continuing operations, before income taxes $ 167.7 $ 88.4 $ 151.0 |
Summary Of Income Tax (Expense) Benefit | A summary of income tax expense (benefit) from continuing operations is as follows: (In millions) 2015 2014 2013 Current income tax expense (benefit): Federal $ 21.6 $ 36.1 $ 18.2 State 2.2 3.1 2.8 Foreign 26.6 17.2 22.5 Total current income tax expense (benefit): $ 50.4 $ 56.4 $ 43.5 Deferred income tax expense (benefit): Federal $ (33.1 ) $ (36.7 ) $ 11.9 State 4.5 (4.6 ) 2.8 Foreign 1.2 (3.9 ) (0.1 ) Total deferred income tax (benefit) expense $ (27.4 ) $ (45.2 ) $ 14.6 Total income tax expense (benefit) $ 23.0 $ 11.2 $ 58.1 |
Difference Between Effective Income Tax Rate And U.S. Statutory Rate | A reconciliation of the U.S. federal statutory tax rate to the consolidated effective income tax rate along with a description of significant reconciling items is included below. 2015 2014 2013 Income tax expense at 35% 35.0 % 35.0 % 35.0 % Amended prior period tax returns (18.3 ) (2.3 ) — Foreign tax rate differential (5.0 ) (5.7 ) (3.3 ) State and local tax, net 2.7 2.8 2.6 Domestic production activities deduction (2.0 ) (2.5 ) (1.0 ) Permanent tax differences 1.8 (2.1 ) 4.9 U.S. credit for research activities (0.7 ) (1.2 ) (1.4 ) Tax benefits on certain foreign investments (0.7 ) (17.0 ) — Uncertain tax positions 0.6 1.0 (0.3 ) Changes in valuation allowances 0.3 7.8 2.0 Settlements — (3.1 ) — Effective income tax rate 13.7 % 12.7 % 38.5 % |
Components Of Deferred Tax Liabilities And Assets | Components of our deferred tax assets (liabilities) as of December 31, 2015 and 2014 were as follows: (In millions) 2015 2014 Deferred tax assets: Pension and other post-retirement benefits $ 29.7 $ 39.1 Employment costs 34.7 47.2 Environmental reserves 45.8 46.5 Net operating loss carryforwards 33.3 42.0 Foreign tax credit carryforwards 37.4 8.7 Other, net 22.3 21.9 Gross deferred tax assets $ 203.2 $ 205.4 Valuation allowances (19.3 ) (23.6 ) Total deferred tax assets, net of valuation allowances $ 183.9 $ 181.8 Deferred tax liabilities: Tax and book basis differences associated with property, plant and equipment $ (60.3 ) $ (76.9 ) Tax and book basis differences associated with intangibles (135.8 ) (135.2 ) Other, net (7.2 ) (9.1 ) Total deferred tax liabilities $ (203.3 ) $ (221.2 ) Net deferred tax liabilities $ (19.4 ) $ (39.4 ) |
Changes In Unrecognized Tax Benefits | The Company records provisions for uncertain tax positions in accordance with ASC Topic 740, Income Taxes. A reconciliation of unrecognized tax benefits is as follows: Unrecognized Tax Benefits (In millions) 2015 2014 2013 Balance as of January 1, $ 28.6 $ 15.2 $ 14.5 Increases as a result of positions taken during current year 0.5 1.2 — Increases as a result of positions taken for prior years 12.6 3.8 — Balance related to acquired businesses — 14.2 1.1 Reductions for tax positions of prior years — (2.3 ) — Decreases as a result of lapse of statute of limitations (13.1 ) — (0.6 ) Decreases relating to settlements with taxing authorities (15.3 ) (2.3 ) (0.3 ) Other, net (0.8 ) (1.2 ) 0.5 Balance as of December 31 $ 12.5 $ 28.6 $ 15.2 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Compensation Expense | Share-based compensation is included in Selling and administrative expense in the accompanying Consolidated Statements of Income. A summary of compensation expense by type of award follows: (In millions) 2015 2014 2013 Stock appreciation rights $ 4.4 $ 5.5 $ 6.1 Performance shares 0.5 0.7 0.3 Restricted stock units 4.2 8.0 10.1 Total share-based compensation $ 9.1 $ 14.2 $ 16.5 |
Summary Of Stock Appreciation Rights | A summary of SAR activity for 2015 is presented below: Stock Appreciation Rights In millions, except per share data) Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding as of January 1, 2015 1.6 $ 20.13 6.63 $ 28.9 Granted 0.3 38.36 — Exercised (0.4 ) 13.10 — Outstanding as of December 31, 2015 1.5 $ 25.49 6.75 $ 13.1 Vested and exercisable as of December 31, 2015 0.9 $ 18.98 5.52 $ 12.0 |
Stock Appreciation Rights | |
Summary Of Assumptions Related To Grants | The following is a summary of the weighted average assumptions related to the grants issued during 2015 , 2014 and 2013 : 2015 2014 2013 Expected volatility 43.0% 48.0% 50.0% Expected dividends 1.05% 0.91% 1.04% Expected term (in years) 6.5 6.4 7.4 Risk-free rate 1.95% 2.94% 2.12% Value of SARs granted $13.94 $14.05 $10.83 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information by reportable segment is as follows: Year Ended December 31, 2015 (In millions) Sales to External Customers Intersegment Sales Total Sales Operating Income Depreciation and (1) Capital Total Assets Color, Additives and Inks 801.2 9.5 810.7 135.4 42.4 27.3 939.5 Specialty Engineered Materials 493.1 49.7 542.8 79.6 15.9 17.7 353.4 Designed Structures and Solutions 448.8 4.7 453.5 13.8 16.9 18.4 449.5 Performance Products and Solutions 615.8 78.3 694.1 57.4 16.2 9.8 237.4 PolyOne Distribution 1,018.7 15.4 1,034.1 68.0 0.7 0.4 200.0 Corporate and eliminations — (157.6 ) (157.6 ) (103.3 ) 12.2 17.6 415.3 Total $ 3,377.6 $ — $ 3,377.6 $ 250.9 $ 104.3 $ 91.2 $ 2,595.1 (1) Corporate and eliminations includes accelerated depreciation associated with restructuring actions of $6.2 million . Year Ended December 31, 2014 (In millions) Sales to External Customers Intersegment Sales Total Sales Operating Income Depreciation and (1) Capital Total Assets Color, Additives and Inks 835.0 15.8 850.8 124.9 41.4 28.1 934.2 Specialty Engineered Materials 555.2 43.1 598.3 72.4 16.7 15.2 370.1 Designed Structures and Solutions 616.5 1.0 617.5 45.1 19.8 25.6 490.1 Performance Products and Solutions 728.2 88.4 816.6 63.1 17.7 15.2 265.5 PolyOne Distribution 1,100.6 13.8 1,114.4 68.2 0.6 0.1 214.2 Corporate and eliminations — (162.1 ) (162.1 ) (218.6 ) 27.7 8.6 392.2 Total $ 3,835.5 $ — $ 3,835.5 $ 155.1 $ 123.9 $ 92.8 $ 2,666.3 (1) Corporate and eliminations includes accelerated depreciation associated with restructuring actions of $23.1 million . Year Ended December 31, 2013 (In millions) Sales to External Customers Intersegment Sales Total Sales Operating Income Depreciation and (1) Capital (1a) Total Assets Color, Additives and Inks 844.6 7.7 852.3 104.0 38.8 29.3 960.7 Specialty Engineered Materials 571.9 43.6 615.5 57.2 18.8 14.3 378.4 Designed Structures and Solutions 597.3 0.1 597.4 33.4 21.2 13.4 523.1 Performance Products and Solutions 690.9 82.3 773.2 56.0 15.5 12.4 276.3 PolyOne Distribution 1,066.5 8.7 1,075.2 63.3 0.6 0.3 216.7 Corporate and eliminations — (142.4 ) (142.4 ) (82.4 ) 13.9 6.5 541.4 Total $ 3,771.2 $ — $ 3,771.2 $ 231.5 $ 108.8 $ 76.2 $ 2,896.6 (1) Excludes $1.0 million of depreciation expense associated with the Resin Business. Corporate and eliminations includes accelerated depreciation associated with restructuring actions of $12.7 million . (1a) Excludes $0.2 million of capital expenditures associated with the Resin Business. |
Schedule Of Revenue And Long-Lived Assets | Our sales are primarily to customers in the United States, Canada, Mexico, Europe, South America and Asia, and the majority of our assets are located in these same geographic areas. Following is a summary of sales and long-lived assets based on the geographic areas where the sales originated and where the assets are located: (In millions) 2015 2014 2013 Sales: United States $ 2,244.9 $ 2,590.4 $ 2,538.2 Europe 430.1 511.8 519.7 Canada 241.3 277.4 267.8 Asia 235.9 246.2 239.0 Mexico 209.7 178.4 158.1 South America 15.7 31.3 48.4 Total Sales $ 3,377.6 $ 3,835.5 $ 3,771.2 Long-lived assets: United States $ 418.1 $ 421.1 $ 444.4 Europe 94.0 95.7 103.0 Canada 6.9 12.8 13.2 Asia 40.2 39.5 51.8 Mexico 19.4 19.7 20.5 South America 4.9 7.9 13.3 Total Long-lived assets $ 583.5 $ 596.7 $ 646.2 |
Common Share Data (Tables)
Common Share Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Weighted-average shares used in computing net income per share are as follows: (In millions) 2015 2014 2013 Weighted-average shares — basic: 87.8 92.3 95.5 Plus dilutive impact of share-based compensation 0.9 1.2 1.0 Weighted-average shares — diluted: 88.7 93.5 96.5 |
Selected Quarterly Financial 46
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule Of Quarterly Financial Data | 2015 Quarters 2014 Quarters (In millions, except per share data) Fourth (2) Third (3) Second (4) First (5) Fourth (6) Third (7) Second (8) First (9) Sales $ 775.8 $ 841.6 $ 887.1 $ 873.1 $ 869.3 $ 958.4 $ 1,005.5 $ 1,002.3 Gross Margin 156.9 169.1 185.7 169.8 152.6 182.6 184.5 188.2 Operating income (loss) 31.3 69.2 80.3 70.1 (14.3 ) 63.6 49.4 56.4 Net income (loss) from continuing operations 3.0 44.5 67.0 30.2 (15.0 ) 32.3 30.7 29.2 Net income (loss) from continuing operations attributable to PolyOne shareholders $ 3.1 $ 44.5 $ 66.8 $ 30.2 $ (14.6 ) $ 32.3 $ 30.9 $ 29.4 Net income from continuing operations per common share attributable to PolyOne common shareholders: (1) Basic earnings (loss) per share $ 0.04 $ 0.51 $ 0.75 $ 0.34 $ (0.16 ) $ 0.35 $ 0.33 $ 0.31 Diluted earnings (loss) per share $ 0.04 $ 0.50 $ 0.74 $ 0.34 $ (0.16 ) $ 0.35 $ 0.33 $ 0.31 (1) Per share amounts for the quarter and the full year have been computed separately. The sum of the quarterly amounts may not equal the annual amounts presented because of differences in the average shares outstanding during each period. (2) Included for the fourth quarter 2015 are: 1) a mark-to-market pension and other post-retirement charge of $11.6 million , 2) employee separation and restructuring costs of $10.1 million and 3) $16.4 million of debt extinguishment costs primarily due to the repayment in full of $316.6 million aggregate principal amount of our 7.375% senior notes due 2020. (3) Included for the third quarter 2015 are: 1) employee separation and restructuring costs of $13.7 million and 2) a $7.5 million benefit related to the reversal of an uncertain tax position due to the expiration of the statute of limitations. (4) Included for the second quarter 2015 are: 1) employee separation and restructuring costs of $7.5 million and 2) a $26.0 million tax benefit as a result of amending U.S. federal income tax returns from 2005 to 2012 to use foreign tax credits. (5) Included for the first quarter 2015 are employee separation and restructuring costs of $10.6 million . (6) Included for the fourth quarter 2014 are: 1) a mark-to-market pension and other post-retirement charge of $56.5 million , 2) employee separation and restructuring costs of $23.2 million , 3) environmental remediation costs of $2.6 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $2.1 million . (7) Included for the third quarter 2014 are: 1) employee separation and restructuring costs of $17.9 million , 2) environmental remediation costs of $5.9 million and 3) a gain related to the reimbursement of previously incurred environmental costs of $1.6 million . (8) Included for the second quarter 2014 are: 1) employee separation and restructuring costs of $35.1 million and 2) a $5.4 million tax benefit associated with our investments in certain foreign affiliates. (9) Included for the first quarter 2014 are employee separation and restructuring costs of $17.9 million . |
Description Of Business And S47
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounting Policies [Line Items] | ||||
Number of reportable segments | segment | 5 | |||
Research and development costs | $ 53 | $ 53.4 | $ 52.6 | |
Maximum | ||||
Accounting Policies [Line Items] | ||||
Finite-lived intangible asset useful life | 21 years | |||
Maximum | Machinery and equipment | ||||
Accounting Policies [Line Items] | ||||
Property and equipment useful lives | 15 years | |||
Maximum | Computer Software | ||||
Accounting Policies [Line Items] | ||||
Property and equipment useful lives | 10 years | |||
Maximum | Buildings | ||||
Accounting Policies [Line Items] | ||||
Property and equipment useful lives | 40 years | |||
Minimum | Machinery and equipment | ||||
Accounting Policies [Line Items] | ||||
Property and equipment useful lives | 3 years | |||
Other Noncurrent Assets | ||||
Accounting Policies [Line Items] | ||||
Debt issuance cost | $ 13.1 | $ 2.3 | 3.2 | |
Other Current Assets | ||||
Accounting Policies [Line Items] | ||||
Debt issuance cost | $ 0.1 | |||
Adjustments for New Accounting Principle, Early Adoption | Other Noncurrent Assets | ||||
Accounting Policies [Line Items] | ||||
Prior period reclassification adjustment | 9.6 | |||
Adjustments for New Accounting Principle, Early Adoption | Other Current Assets | ||||
Accounting Policies [Line Items] | ||||
Prior period reclassification adjustment | (41.4) | |||
Adjustments for New Accounting Principle, Early Adoption | Accrued Expenses And Other Liabilities | ||||
Accounting Policies [Line Items] | ||||
Prior period reclassification adjustment | (0.7) | |||
Adjustments for New Accounting Principle, Early Adoption | Deferred Income Taxes | ||||
Accounting Policies [Line Items] | ||||
Prior period reclassification adjustment | $ (31.1) |
Description Of Business And S48
Description Of Business And Summary Of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ 777.2 | |||
Translation adjustments | (29.1) | $ (27.5) | $ (3.7) | |
Accumulated other comprehensive loss | (71.3) | (42.3) | ||
Ending Balance | 705.2 | 777.2 | ||
Accumulated Foreign Currency Adjustment Attributable to Parent | ||||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Translation adjustments | (29.1) | (27.5) | (3.7) | |
Accumulated other comprehensive loss | (47.7) | (20.2) | $ (16.5) | |
Unrecognized gain on available-for-sale securities | 0 | |||
Ending Balance | (76.8) | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Translation adjustments | 0 | 0 | 0 | |
Accumulated other comprehensive loss | 5.2 | 5.2 | 5.2 | |
Unrecognized gain on available-for-sale securities | 0 | |||
Ending Balance | (5.2) | |||
Accumulated Net Investment Gain (Loss) Attributable to Parent | ||||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Translation adjustments | 0 | 0 | 0 | |
Accumulated other comprehensive loss | 0.2 | 0.2 | 0.2 | |
Unrecognized gain on available-for-sale securities | 0.1 | |||
Ending Balance | 0.3 | |||
Accumulated Other Comprehensive Loss | ||||
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (42.3) | (14.8) | (11.1) | |
Translation adjustments | (29.1) | (27.5) | (3.7) | |
Accumulated other comprehensive loss | (42.3) | (14.8) | $ (11.1) | |
Unrecognized gain on available-for-sale securities | 0.1 | |||
Ending Balance | $ (71.3) | $ (42.3) | $ (14.8) |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 09, 2015 | Dec. 01, 2014 | Mar. 13, 2013 | Mar. 13, 2013 | Feb. 28, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | ||||||||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 18.3 | $ 47.2 | $ 259.4 | |||||||
Revolving credit facilities repaid at close | 936.8 | 122.8 | 117.5 | |||||||
Goodwill | $ 597.7 | $ 590.6 | 559 | |||||||
Selling and administrative expense | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition costs related to this acquisition | $ 7.6 | |||||||||
Senior Notes | 5.250% senior notes due 2023 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Debt Instrument, Interest Rate During Period | 5.25% | |||||||||
Stated interest rate | 5.25% | 5.25% | 5.25% | |||||||
Magenta | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 18.3 | |||||||||
Preliminary goodwill acquired | $ 6.6 | |||||||||
Accella | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 47.2 | |||||||||
Goodwill | 24.7 | |||||||||
Intangible assets | $ 16 | |||||||||
Spartech Corporation | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 511.1 | |||||||||
Cash consideration transferred for each common share | $ 2.67 | $ 2.67 | ||||||||
Exchange ratio | 31.67% | |||||||||
Revolving credit facilities repaid at close | $ 77.2 | $ 77.2 | ||||||||
Fair value of Spartech equity awards, net of deferred tax benefits | [1] | 2.4 | 2.4 | |||||||
Fair value Of equity awards before deferred tax benefits | 3.9 | |||||||||
Deferred tax benefit | 1.5 | 1.5 | ||||||||
Vested in period, total fair value | 2.7 | |||||||||
Senior notes repaid at close | 102.3 | [2] | 102.3 | |||||||
Principal repayments of senior notes of business acquisition | 88.9 | $ 88.9 | ||||||||
Make whole costs | 10.3 | |||||||||
Interest payable | $ 3.1 | $ 3.1 | ||||||||
Spartech Corporation | Senior Notes | Senior Notes Due 2016 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Stated interest rate | 7.08% | 7.08% | ||||||||
[1] | In accordance with ASC 718, Compensation — Stock Compensation, the fair value of replacement awards attributable to pre-combination service is recognized as part of purchase consideration. The $2.4 million represents the fair value of Spartech replacement equity awards of $3.9 million net of deferred income tax benefits of $1.5 million. The fair value of awards attributable to post-combination service amounted to $2.7 million and are being recognized as stock compensation over their requisite service periods within PolyOne's Consolidated Statements of Income. | |||||||||
[2] | In accordance with the provisions of Spartech's 7.08% senior notes due 2016 and revolving credit facilities, at the time of closing, PolyOne repaid all borrowings under Spartech's revolving credit facilities, which amounted to $77.2 million. Additionally, PolyOne repaid $102.3 million related to Spartech's 7.08% senior notes due 2016, including $88.9 million of aggregated principal, $10.3 million make-whole provisions, and $3.1 million of interest payable. |
Business Combination (Purchase
Business Combination (Purchase Price Allocation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Mar. 13, 2013 | Mar. 13, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | |||||||
Revolving credit facilities repaid at close | $ 936.8 | $ 122.8 | $ 117.5 | ||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 18.3 | $ 47.2 | $ 259.4 | ||||
Spartech Corporation | |||||||
Business Acquisition [Line Items] | |||||||
PolyOne shares issued | 10 | 10 | |||||
PolyOne closing stock price on March 13, 2013 | $ 25.05 | $ 25.05 | |||||
Total value of PolyOne shares issued | $ 249.9 | $ 249.9 | |||||
Cash consideration transferred to Spartech shareholders | 83.4 | ||||||
Fair value of Spartech equity awards, net of deferred tax benefits | [1] | 2.4 | 2.4 | ||||
Total consideration transferred to Spartech equity holders | 335.7 | ||||||
Revolving credit facilities repaid at close | 77.2 | 77.2 | |||||
Senior notes repaid at close | 102.3 | [2] | $ 102.3 | ||||
Total consideration transferred to debt and equity holders | 515.2 | ||||||
Cash acquired | (4.1) | ||||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 511.1 | ||||||
[1] | In accordance with ASC 718, Compensation — Stock Compensation, the fair value of replacement awards attributable to pre-combination service is recognized as part of purchase consideration. The $2.4 million represents the fair value of Spartech replacement equity awards of $3.9 million net of deferred income tax benefits of $1.5 million. The fair value of awards attributable to post-combination service amounted to $2.7 million and are being recognized as stock compensation over their requisite service periods within PolyOne's Consolidated Statements of Income. | ||||||
[2] | In accordance with the provisions of Spartech's 7.08% senior notes due 2016 and revolving credit facilities, at the time of closing, PolyOne repaid all borrowings under Spartech's revolving credit facilities, which amounted to $77.2 million. Additionally, PolyOne repaid $102.3 million related to Spartech's 7.08% senior notes due 2016, including $88.9 million of aggregated principal, $10.3 million make-whole provisions, and $3.1 million of interest payable. |
Goodwill And Intangible Asset51
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets [Line Items] | |||
Indefinite-lived other intangible assets | $ 96.3 | ||
Amortization of other finite-lived intangible assets | 19.9 | $ 19.2 | $ 17.8 |
ColorMatrix | |||
Goodwill and Intangible Assets [Line Items] | |||
Trade names acquired | 63.1 | ||
GLS Corporation | |||
Goodwill and Intangible Assets [Line Items] | |||
Trade names acquired | $ 33.2 |
Goodwill And Intangible Asset52
Goodwill And Intangible Assets (Goodwill By Operating Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill, gross at beginning of period | $ 762.3 | ||
Accumulated impairment losses | (203.3) | ||
Balance, beginning of period | $ 590.6 | $ 559 | |
Acquisitions of businesses | 8.6 | 32.1 | |
Goodwill, Translation and Purchase Accounting Adjustments | (1.5) | (0.5) | |
Balance, end of period | 597.7 | 590.6 | 559 |
Specialty Engineered Materials | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at beginning of period | 112.1 | ||
Accumulated impairment losses | (12.2) | ||
Balance, beginning of period | 99.4 | 99.9 | |
Acquisitions of businesses | 0 | 0 | |
Goodwill, Translation and Purchase Accounting Adjustments | (1.4) | (0.5) | |
Balance, end of period | 98 | 99.4 | 99.9 |
Color, Additives and Inks | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at beginning of period | 326.3 | ||
Accumulated impairment losses | (16.1) | ||
Balance, beginning of period | 333.7 | 310.2 | |
Acquisitions of businesses | 8.6 | 23.5 | |
Goodwill, Translation and Purchase Accounting Adjustments | (0.1) | 0 | |
Balance, end of period | 342.2 | 333.7 | 310.2 |
Designed Structures and Solutions | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at beginning of period | 136.3 | ||
Accumulated impairment losses | 0 | ||
Balance, beginning of period | 144.7 | 136.3 | |
Acquisitions of businesses | 0 | 8.4 | |
Goodwill, Translation and Purchase Accounting Adjustments | 0 | 0 | |
Balance, end of period | 144.7 | 144.7 | 136.3 |
Performance Products and Solutions | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at beginning of period | 186 | ||
Accumulated impairment losses | (175) | ||
Balance, beginning of period | 11.2 | 11 | |
Acquisitions of businesses | 0 | 0.2 | |
Goodwill, Translation and Purchase Accounting Adjustments | 0 | 0 | |
Balance, end of period | 11.2 | 11.2 | 11 |
PolyOne Distribution | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at beginning of period | 1.6 | ||
Accumulated impairment losses | 0 | ||
Balance, beginning of period | 1.6 | 1.6 | |
Acquisitions of businesses | 0 | 0 | |
Goodwill, Translation and Purchase Accounting Adjustments | 0 | 0 | |
Balance, end of period | $ 1.6 | $ 1.6 | $ 1.6 |
Goodwill And Intangible Asset53
Goodwill And Intangible Assets (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | $ 432.7 | $ 430.7 |
Indefinite-lived other intangible assets | 96.3 | |
Accumulated Amortization | (87.8) | (67.9) |
Finite-Lived Intangible Assets, Currency Translation | (0.3) | (0.1) |
Net | 344.6 | 362.7 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 199.4 | 198.1 |
Accumulated Amortization | (42.1) | (32.6) |
Finite-Lived Intangible Assets, Currency Translation | 0 | 0 |
Net | 157.3 | 165.5 |
Patents, technology and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 137 | 132.9 |
Accumulated Amortization | (45.7) | (35.3) |
Finite-Lived Intangible Assets, Currency Translation | (0.3) | (0.1) |
Net | 91 | 97.5 |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived other intangible assets | 3.4 | |
Indefinite-lived trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 96.3 | |
Indefinite-lived other intangible assets | $ 96.3 | |
Net | $ 96.3 |
Goodwill And Intangible Asset54
Goodwill And Intangible Assets Schedule of Future Amortization (Details) $ in Millions | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 20.2 |
2,017 | 20.2 |
2,018 | 20.2 |
2,019 | 20.2 |
2,020 | $ 16.7 |
Employee Separation and Restr55
Employee Separation and Restructuring Costs Employee Separation and Restructuring Costs (Details) $ in Millions | 7 Months Ended | 12 Months Ended | 19 Months Ended | 36 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)facility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)officefacility | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring related cost, accelerated depreciation | $ 6.2 | $ 23.1 | $ 12.7 | |||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 41.9 | 94.1 | 52 | |||
Brazil Facility Closure | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other associated costs | $ 4.4 | |||||
Severance costs | 2.7 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Payments for Restructuring | (7) | |||||
Spartech | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other associated costs | $ 50.3 | |||||
Severance costs | 25.9 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Accrual, beginning balance | 2.7 | 15.1 | 0 | 0 | ||
Restructuring charges | 19.6 | 59.7 | 44.1 | 123.4 | ||
Payments for Restructuring | (15.9) | (44.8) | (15.4) | (76.2) | ||
Restructuring Reserve, Settled without Cash | (6.3) | (27.3) | (13.6) | |||
Restructuring Accrual, ending balance | $ 2.7 | 0.1 | 2.7 | 15.1 | 0.1 | 0.1 |
Europe | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 17.4 | |||||
Cost of Sales | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 27 | 54 | 16.1 | |||
Selling and administrative expense | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | $ 14.9 | 40.1 | $ 35.9 | |||
Facility Closing | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facility closure | facility | 7 | |||||
Facility Closing | DSS Manufacturing Facility Closure | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facility closure | facility | 2 | |||||
Other associated costs | $ 0.9 | |||||
Expected remaining costs | 10 | 10 | 10 | |||
Expected accelerated depreciation cost remaining | 3 | 3 | 3 | |||
Severance costs | 6.2 | |||||
Facility Closing | Selling and administrative expense | Brazil Facility Closure | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 17 | 1.3 | 18.3 | |||
Long-Lived Asset Charges | Spartech | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Accrual, beginning balance | 0 | 0 | $ 0 | 0 | ||
Restructuring charges | 6.3 | 27.3 | 13.6 | |||
Payments for Restructuring | 0 | 0 | 0 | |||
Restructuring Reserve, Settled without Cash | (6.3) | (27.3) | (13.6) | |||
Restructuring Accrual, ending balance | 0 | 0 | 0 | $ 0 | 0 | 0 |
Administrative Office Closing | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Number of facility closure | office | 1 | |||||
Assets and Depreciation Charges | DSS Manufacturing Facility Closure | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 10 | |||||
Assets and Depreciation Charges | Brazil Facility Closure | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 11.2 | |||||
Assets and Depreciation Charges | Spartech | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring charges | 47.2 | |||||
Employee Severance | Spartech | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Accrual, beginning balance | 2.7 | 15.1 | $ 0 | 0 | ||
Restructuring charges | (0.3) | 5.1 | 21.1 | |||
Payments for Restructuring | (2.3) | (17.5) | (6) | |||
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 | |||
Restructuring Accrual, ending balance | 2.7 | 0.1 | 2.7 | 15.1 | 0.1 | 0.1 |
Other Restructuring | Spartech | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Accrual, beginning balance | 0 | 0 | 0 | 0 | ||
Restructuring charges | 13.6 | 27.3 | 9.4 | |||
Payments for Restructuring | (13.6) | (27.3) | (9.4) | |||
Restructuring Reserve, Settled without Cash | 0 | 0 | 0 | |||
Restructuring Accrual, ending balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 |
Spartech Realignment | Spartech | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Payments for Restructuring | $ (64) |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | May. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | [1] |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Sales | $ 0 | $ 55.3 | ||
Gain on sale | 0 | 223.7 | ||
Income from operations | 0 | 12.2 | ||
Income before taxes | 0 | 235.9 | ||
Income tax benefit (expense) | 1.2 | (86.1) | ||
Income from discontinued operations, net of income taxes | $ 1.2 | $ 149.8 | ||
Resin Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from Divestiture of Businesses | $ 250 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 139.7 | |||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Gain on sale | $ 223.7 | |||
[1] | Includes the Resin Business' operating results through May 29, 2013. |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) - USD ($) | Nov. 12, 2015 | Mar. 13, 2013 | [1] | Mar. 13, 2013 | Feb. 28, 2013 | Dec. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||||||||||
Net proceeds from long-term debt | $ 547,300,000 | $ 0 | $ 600,000,000 | ||||||||
Payments of Debt Extinguishment Costs | 13,400,000 | 0 | 4,600,000 | ||||||||
Long-term Debt | $ 1,146,600,000 | $ 1,146,600,000 | 1,146,600,000 | 1,010,600,000 | |||||||
Company contributions | $ 50,000,000 | ||||||||||
Interest income | 1,000,000 | 1,100,000 | 1,300,000 | ||||||||
Total interest paid on long-term and short-term borrowings | 65,900,000 | 59,800,000 | $ 50,400,000 | ||||||||
Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||
Potential maximum borrowing capacity | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||
Revolving Credit Facility | Various Banks | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Current borrowing capacity | 338,700,000 | 338,700,000 | 338,700,000 | ||||||||
Saudi Hollandi Bank | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 16,000,000 | $ 16,000,000 | $ 16,000,000 | ||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 0.85% | 0.85% | 0.85% | ||||||||
Letters of Credit Outstanding, Amount | $ 200,000 | $ 200,000 | $ 200,000 | 200,000 | |||||||
Amount outstanding | $ 12,600,000 | $ 12,600,000 | $ 12,600,000 | $ 13,100,000 | |||||||
Line of Credit Facility, Interest Rate at Period End | 1.78% | 1.78% | 1.78% | 1.85% | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,200,000 | $ 3,200,000 | $ 3,200,000 | $ 2,700,000 | |||||||
Senior Term Loan Due 2022 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 550,000,000 | ||||||||||
Net proceeds from long-term debt | 547,300,000 | ||||||||||
Debt discount | 2,700,000 | ||||||||||
Annual payment | $ 5,500,000 | ||||||||||
Senior Term Loan Due 2022 | Secured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.00% | 3.00% | 3.00% | ||||||||
7.500% debentures due 2015 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt repurchase amount | $ 48,700,000 | ||||||||||
7.500% debentures due 2015 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | 48,600,000 | ||||||||||
Stated interest rate | 7.50% | 7.50% | 7.50% | ||||||||
Revolving credit facility due 2018 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payments of Debt Extinguishment Costs | 10,600,000 | ||||||||||
Long-term Debt | $ 45,000,000 | ||||||||||
Early Repayment of Senior Debt | 297,000,000 | ||||||||||
Debt repurchase amount | $ 106,600,000 | ||||||||||
Write-off of deferred note issuance costs | 8,200,000 | ||||||||||
Write-off of Debt Discounts | 2,400,000 | ||||||||||
Revolving credit facility due 2018 | Revolving Credit Facility | Various Banks | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate During Period | 2.46% | 2.84% | |||||||||
Long-term Debt | $ 45,000,000 | ||||||||||
Revolving credit facility due 2018 | Canadian Line Of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Month-end Outstanding Amount | $ 0 | ||||||||||
7.375% senior notes due 2020 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt repurchase amount | $ 316,600,000 | ||||||||||
7.375% senior notes due 2020 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 7.375% | 7.375% | 7.375% | 7.375% | |||||||
5.250% senior notes due 2023 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 600,000,000 | ||||||||||
Debt Instrument, Interest Rate During Period | 5.25% | ||||||||||
Stated interest rate | 5.25% | 5.25% | 5.25% | 5.25% | 5.25% | ||||||
Other Current Assets | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance cost | $ 100,000 | ||||||||||
Other Noncurrent Assets | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt issuance cost | $ 13,100,000 | $ 2,300,000 | $ 3,200,000 | ||||||||
Debt extinguishment costs | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Payments of Debt Extinguishment Costs | $ 16,400,000 | $ 16,400,000 | |||||||||
Spartech Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Principal repayments of senior notes of business acquisition | $ 88,900,000 | $ 88,900,000 | |||||||||
Business Acquisition, Senior Note Repayment, Interest and Make Whole Costs | $ 13,400,000 | ||||||||||
Early Repayment of Senior Debt | $ 102,300,000 | $ 102,300,000 | |||||||||
Senior Notes | 7.500% debentures due 2015 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 7.50% | 7.50% | 7.50% | 7.50% | |||||||
London Interbank Offered Rate (LIBOR) | Senior Term Loan Due 2022 | Secured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 0.75% | 0.75% | 0.75% | ||||||||
[1] | In accordance with the provisions of Spartech's 7.08% senior notes due 2016 and revolving credit facilities, at the time of closing, PolyOne repaid all borrowings under Spartech's revolving credit facilities, which amounted to $77.2 million. Additionally, PolyOne repaid $102.3 million related to Spartech's 7.08% senior notes due 2016, including $88.9 million of aggregated principal, $10.3 million make-whole provisions, and $3.1 million of interest payable. |
Financing Arrangements (Compone
Financing Arrangements (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | ||
Debt Instrument [Line Items] | ||||
Debt, excluding current, principal amount | $ 18.6 | $ 61.8 | ||
Debt, excluding current, Unamortized discount and debt issuance cost | 0 | 0.1 | [1] | |
Total debt | 1,146.6 | 1,010.6 | ||
Aggregate maturities | 1,163.5 | 1,023.8 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net | 16.9 | 13.2 | [1] | |
Total long-term debt, net of current portion | 18.6 | 61.7 | ||
Total long-term debt, net of current portion, Principal Amount | 1,144.9 | 962 | ||
Total long-term debt, net of current portion, Unamortized Discount And Debt Issuance Cost | 16.9 | 13.1 | [1] | |
Total long-term debt, net of current portion | $ 1,128 | 948.9 | ||
7.500% debentures due 2015 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | 48.6 | |||
Aggregate maturities | 48.7 | |||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net | [1] | 0.1 | ||
Stated interest rate | 7.50% | |||
Revolving credit facility due 2018 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 45 | |||
Aggregate maturities | 45 | |||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net | [1] | $ 0 | ||
7.375% senior notes due 2020 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.375% | 7.375% | ||
Senior Notes Due September Two Thousand And Twenty | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 313 | |||
Aggregate maturities | 316.6 | |||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net | [1] | 3.6 | ||
Senior Term Loan Due 2022 | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 541.4 | |||
Aggregate maturities | 550 | |||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net | 8.6 | |||
Five Point Twenty-Five Percent Senior Notes Due Two Thousand And Twenty Three | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Total debt | 591.7 | 590.5 | ||
Aggregate maturities | 600 | 600 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net | 8.3 | 9.5 | [1] | |
Other Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 13.5 | 13.5 | ||
Aggregate maturities | 13.5 | 13.5 | ||
Debt Instrument, Unamortized Discount (Premium) And Debt Issuance Costs, Net | $ 0 | $ 0 | [1] | |
Senior Notes | 7.500% debentures due 2015 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate | 7.50% | 7.50% | ||
[1] | Prior to the adoption of ASU 2015-03, debt issuance costs of $0.1 million and $13.1 million were previously reflected in the Consolidated Balance Sheets as other current assets and other non-current assets, respectively. |
Long-Term Debt Maturity Schedul
Long-Term Debt Maturity Schedule (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 18.6 | |
2,017 | 5.5 | |
2,018 | 5.6 | |
2,019 | 5.6 | |
2,020 | 5.6 | |
Thereafter | 1,122.6 | |
Aggregate maturities | $ 1,163.5 | $ 1,023.8 |
Leasing Arrangements (Details)
Leasing Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Leases [Abstract] | |||
Rent expense | $ 27.1 | $ 30.4 | $ 24.5 |
2,016 | 21 | ||
2,017 | 17.2 | ||
2,018 | 12.2 | ||
2,019 | 8.3 | ||
2,020 | 6.8 | ||
Thereafter | 19.1 | ||
Total | $ 84.6 |
Accounts Receivable (Components
Accounts Receivable (Components Of Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivables [Abstract] | ||||
Trade accounts receivable | $ 350 | $ 399.9 | ||
Allowance for doubtful accounts | (3) | (3.1) | $ (5.2) | $ (4.3) |
Accounts receivable, net | $ 347 | $ 396.8 |
Accounts Receivable (Changes In
Accounts Receivable (Changes In Allowance For Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of the year | $ (3.1) | $ (5.2) | $ (4.3) |
Provision for doubtful accounts | (0.2) | (0.4) | (0.2) |
Accounts written off | 0 | 2.2 | 0.2 |
Currency translation and other adjustments | 0.3 | 0.3 | (0.9) |
Balance at end of year | $ (3) | $ (3.1) | $ (5.2) |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 172.7 | $ 187.8 |
Work in process | 5 | 4.1 |
Raw materials and supplies | 109.3 | 117.1 |
Inventories, net | $ 287 | $ 309 |
Property (Details)
Property (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Property, gross | $ 1,469.9 | $ 1,435.6 | |
Less accumulated depreciation and amortization | (886.4) | (838.9) | |
Property, net | 583.5 | 596.7 | $ 646.2 |
Depreciation expense | 84.4 | 104.7 | 91 |
Restructuring related cost, accelerated depreciation | 6.2 | 23.1 | $ 12.7 |
Land and land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, gross | 46.9 | 49.2 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, gross | 318.3 | 309.2 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, gross | $ 1,104.7 | $ 1,077.2 |
Other Balance Sheet Liabiliti65
Other Balance Sheet Liabilities (Components Of Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Employment costs, Accrued expenses and other liabilities | $ 76.8 | $ 112.2 |
Environmental liabilities, Accrued expenses and other liabilities | 10.2 | 11.5 |
Accrued taxes, Accrued expenses and other liabilities | 4.2 | 10.3 |
Pension and other post-employment benefits, Accrued expenses and other liabilities | 5.7 | 5.7 |
Accrued interest, Accrued expenses and other liabilities | 12.1 | 16.1 |
Dividends payable, Accrued expenses and other liabilities | 10.3 | 8.8 |
Unrecognized tax benefits, Accrued expenses and other liabilities | 1.5 | 2.1 |
Other, Accrued expenses and other liabilities | 7.1 | 6.2 |
Accrued expenses and other liabilities, Total | 127.9 | 172.9 |
Employment costs, Other non-current liabilities | 21.7 | 23.4 |
Environmental liabilities, Other non-current liabilities | 109.7 | 109.6 |
Accrue taxes, Other non-current liabilities | 0 | 0 |
Pension and other post-employment benefits, Other non-current liabilities | 0 | 0 |
Accrued interest, Other non-current liabilities | 0 | 0 |
Dividends Payable, Noncurrent, Other non-current liabilities | 0 | 0 |
Unrecognized tax benefits, Other non-current liabilities | 14.2 | 26 |
Other, Other non-current liabilities | 6.9 | 19.3 |
Other non-current liabilities, Total | $ 152.5 | $ 178.3 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Mark-to-market actuarial net losses (gains) | $ 11.6 | $ 56.5 | $ (44) | $ 11.6 | $ 56.5 | |
Actual lower than expected return on plan assets | $ 33.9 | |||||
Discount rate | 4.11% | 3.88% | 4.83% | 4.11% | 3.88% | 4.83% |
Fixed Income Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of equity securities, minimum | 60.00% | |||||
Percentage of equity securities, maximum | 70.00% | |||||
Equity Securities | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of equity securities, minimum | 30.00% | |||||
Percentage of equity securities, maximum | 40.00% | |||||
Alternative Investments and Cash | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of equity securities, minimum | 0.00% | |||||
Percentage of equity securities, maximum | 10.00% | |||||
Small-cap equity | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Market capitalization | $ 6,000 | $ 6,000 | ||||
Small-cap equity | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Market capitalization | $ 1,000 | 1,000 | ||||
Pension Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Mark-to-market actuarial net losses (gains) | 15.2 | $ 55.2 | $ (43) | |||
Employer contributions to defined benefit plans | $ 24.6 | |||||
Discount rate | 4.11% | 3.88% | 4.11% | 3.88% | ||
Actual return on plan assets | $ (1.2) | $ 47.8 | ||||
Health Care Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Mark-to-market actuarial net losses (gains) | (3.6) | $ 1.3 | $ (1) | |||
Employer contributions to defined benefit plans | $ 1.2 | |||||
Discount rate | 4.12% | 3.75% | 4.12% | 3.75% | ||
Actual return on plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Change
Employee Benefit Plans (Change In Benefit Obligation, Change In Plan Assets And Components Of Funded Status) (Details) - USD ($) $ in Millions | Feb. 28, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Change in plan assets: | ||||
Plan assets — beginning of year | $ 484 | |||
Company contributions | $ 50 | |||
Plan assets — end of year | 456 | $ 484 | ||
Pension Benefits | ||||
Change in benefit obligation: | ||||
Projected benefit obligation — beginning of year | 576.8 | 537 | ||
Service cost | 1.7 | 1.6 | $ 1.7 | |
Interest cost | 21.3 | 24.9 | 23.9 | |
Actuarial (gain) loss | (18.3) | 70.9 | ||
Benefits paid | (51.9) | (54.8) | ||
Other | (2.2) | (2.8) | ||
Projected benefit obligation — end of year | 527.4 | 576.8 | 537 | |
Projected salary increases | (1.7) | (3.5) | ||
Accumulated benefit obligation | 525.7 | 573.3 | ||
Change in plan assets: | ||||
Plan assets — beginning of year | 484 | 472.2 | ||
Actual return on plan assets | (1.2) | 47.8 | ||
Company contributions | 25.8 | 20.1 | ||
Benefits paid | (51.9) | (54.8) | ||
Other | (0.7) | (1.3) | ||
Plan assets — end of year | 456 | 484 | 472.2 | |
Unfunded status at end of year | (71.4) | (92.8) | ||
Health Care Benefits | ||||
Change in benefit obligation: | ||||
Projected benefit obligation — beginning of year | 16.6 | 16.4 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 0.6 | 0.7 | 0.6 | |
Actuarial (gain) loss | (3.6) | 1.3 | ||
Benefits paid | (1.2) | (1.7) | ||
Other | (0.6) | (0.1) | ||
Projected benefit obligation — end of year | 11.8 | 16.6 | 16.4 | |
Projected salary increases | 0 | 0 | ||
Accumulated benefit obligation | 11.8 | 16.6 | ||
Change in plan assets: | ||||
Plan assets — beginning of year | 0 | 0 | ||
Actual return on plan assets | 0 | 0 | ||
Company contributions | 1.2 | 1.5 | ||
Benefits paid | (1.2) | (1.7) | ||
Other | 0 | 0.2 | ||
Plan assets — end of year | 0 | 0 | $ 0 | |
Unfunded status at end of year | $ (11.8) | $ (16.6) |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Included In Consolidated Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses and other liabilities | $ 4.4 | $ 4.1 |
Other non-current liabilities | 67 | 88.7 |
Health Care Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses and other liabilities | 1.3 | 1.6 |
Other non-current liabilities | $ 10.5 | $ 15 |
Employee Benefit Plans (Schedul
Employee Benefit Plans (Schedule Of Projected And Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 527.4 | $ 566.3 |
Accumulated benefit obligation | 525.7 | 562.8 |
Fair value of plan assets | 456 | 473.5 |
Health Care Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 11.8 | 16.6 |
Accumulated benefit obligation | 11.8 | 16.6 |
Fair value of plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Weighte
Employee Benefit Plans (Weighted Average Assumptions Used To Determine Benefit Obligation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.11% | 3.88% | 4.83% |
Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.11% | 3.88% | |
Health Care Benefits | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 4.12% | 3.75% | |
Net Periodic Benefit Cost | Health Care Benefits | |||
Assumed health care cost trend rates at December 31: | |||
Health care cost trend rate assumed for next year | 6.88% | 7.02% | 7.39% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% | 4.63% |
Year that the rate reaches the ultimate trend rate | 2,027 | 2,027 | 2,025 |
Benefit Obligation | Health Care Benefits | |||
Assumed health care cost trend rates at December 31: | |||
Health care cost trend rate assumed for next year | 6.69% | 6.88% | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% | |
Year that the rate reaches the ultimate trend rate | 2,027 | 2,027 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Net Period Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Mark-to-market actuarial net losses (gains) | $ 11.6 | $ 56.5 | $ (44) | $ 11.6 | $ 56.5 | |
Pension Benefits | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 1.7 | 1.6 | $ 1.7 | |||
Interest cost | 21.3 | 24.9 | 23.9 | |||
Expected return on plan assets | (32.7) | (32.2) | (37.4) | |||
Mark-to-market actuarial net losses (gains) | 15.2 | 55.2 | (43) | |||
Net periodic benefit cost (gain) | 5.5 | 49.5 | (54.8) | |||
Health Care Benefits | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 0 | 0 | 0 | |||
Interest cost | 0.6 | 0.7 | 0.6 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Mark-to-market actuarial net losses (gains) | (3.6) | 1.3 | (1) | |||
Net periodic benefit cost (gain) | $ (3) | $ 2 | $ (0.4) |
Employee Benefit Plans (Weigh72
Employee Benefit Plans (Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Pension Benefits | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate | [1] | 3.88% | 4.83% | 4.12% |
Expected long-term return on plan assets | [1] | 6.87% | 6.86% | 8.41% |
Health Care Benefits | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate | [1] | 3.75% | 4.38% | 3.71% |
Expected long-term return on plan assets | [1] | 0.00% | 0.00% | 0.00% |
Net Periodic Benefit Cost | Health Care Benefits | ||||
Assumed health care cost trend rates at December 31: | ||||
Health care cost trend rate assumed for next year | 6.88% | 7.02% | 7.39% | |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.50% | 4.63% | |
Year that the rate reaches the ultimate trend rate | 2,027 | 2,027 | 2,025 | |
[1] | The mark-to-market component of net periodic costs is determined based on discount rates as of year end and actual asset returns during the year. |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Values Of Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | $ 456 | $ 484 |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 3.6 | 6.7 |
Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 15.8 | 19.2 |
Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 38.8 | 44.3 |
Floating rate income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 35.7 | |
Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 3.4 | 18.8 |
United States equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 53.1 | 62.6 |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 76.4 | 77 |
US Treasury Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 87.3 | 74.6 |
Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 172.8 | 129.9 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 4.8 | 15.2 |
Quoted Prices in Active Markets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 283.4 | 305.2 |
Quoted Prices in Active Markets (Level 1) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 3.6 | 6.7 |
Quoted Prices in Active Markets (Level 1) | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 15.8 | 19.2 |
Quoted Prices in Active Markets (Level 1) | Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 38.8 | 44.3 |
Quoted Prices in Active Markets (Level 1) | Floating rate income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 35.7 | |
Quoted Prices in Active Markets (Level 1) | Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Quoted Prices in Active Markets (Level 1) | United States equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Quoted Prices in Active Markets (Level 1) | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Quoted Prices in Active Markets (Level 1) | US Treasury Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 87.3 | 74.6 |
Quoted Prices in Active Markets (Level 1) | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 137.9 | 124.7 |
Quoted Prices in Active Markets (Level 1) | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 167.8 | 163.6 |
Significant Other Observable Inputs (Level 2) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Floating rate income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Significant Other Observable Inputs (Level 2) | Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 3.4 | 18.8 |
Significant Other Observable Inputs (Level 2) | United States equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 53.1 | 62.6 |
Significant Other Observable Inputs (Level 2) | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 76.4 | 77 |
Significant Other Observable Inputs (Level 2) | US Treasury Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 34.9 | 5.2 |
Significant Other Observable Inputs (Level 2) | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 4.8 | 15.2 |
Significant Unobservable Inputs (Level 3) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Floating rate income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | United States equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | US Treasury Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | $ 4.8 | $ 15.2 |
Employee Benefit Plans (Estimat
Employee Benefit Plans (Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 39.8 |
2,017 | 39.2 |
2,018 | 39.1 |
2,019 | 38.3 |
2,020 | 38.3 |
2021 through 2025 | 180.8 |
Health Care Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 1.2 |
2,017 | 1.2 |
2,018 | 1.2 |
2,019 | 1.1 |
2,020 | 1 |
2021 through 2025 | $ 4.3 |
Employee Benefit Plans (Sched75
Employee Benefit Plans (Schedule Of Contributions To The Retirement Savings Plan) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Retirement savings match | $ 9.9 | $ 9.7 | $ 9.8 |
Retirement benefit contribution | 4.1 | 4 | 4 |
Total contributions | $ 14 | $ 13.7 | $ 13.8 |
Commitments And Contingencies76
Commitments And Contingencies (Narrative) (Details) $ in Millions | Mar. 13, 2013company | Mar. 31, 2015entityparty | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Loss Contingencies [Line Items] | |||||||
Number of entities contributing little or no impact to lower passaic river | entity | 10 | ||||||
Companies | company | 71 | ||||||
Number of potentially responsible parties | party | 10 | ||||||
Accrued probable future environmental expenditures | $ 125.9 | $ 119.9 | $ 121.1 | $ 125.9 | $ 75.4 | ||
Environmental costs | $ 3.5 | $ 3.7 | $ 23.5 | ||||
Remedial Investigation And Feasibility Study (RIFS) | Calvert City | |||||||
Loss Contingencies [Line Items] | |||||||
Remediation charge | $ 47 |
Commitments And Contingencies77
Commitments And Contingencies (Schedule Of Changes In Environmental Accrued Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Balance at beginning of the year | $ 121.1 | $ 125.9 | $ 75.4 |
Environmental expenses | 9.3 | 10.3 | 61.2 |
Net cash payments | (9.8) | (14.7) | (14.3) |
Currency translation and other | (0.7) | (0.4) | 3.6 |
Balance at end of year | $ 119.9 | $ 121.1 | $ 125.9 |
Commitments And Contingencies78
Commitments And Contingencies (Guarantees) (Details) - SunBelt - USD ($) $ in Millions | Feb. 28, 2011 | Dec. 31, 2015 |
Commitments And Related-Party Information [Line Items] | ||
Percentage of equity interest sold | 50.00% | |
Aggregate principal amount of senior secured notes | $ 12.2 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income (Loss) Before Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 93.8 | $ 53.5 | $ 109.1 |
Foreign | 73.9 | 34.9 | 41.9 |
Income from continuing operations, before income taxes | $ 167.7 | $ 88.4 | $ 151 |
Income Taxes (Summary Of Income
Income Taxes (Summary Of Income Tax (Expense) Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current income tax expense (benefit): | |||
Federal | $ (21.6) | $ (36.1) | $ (18.2) |
State | (2.2) | (3.1) | (2.8) |
Foreign | (26.6) | (17.2) | (22.5) |
Total current income tax expense (benefit): | 50.4 | 56.4 | 43.5 |
Deferred income tax expense (benefit): | |||
Federal | 33.1 | 36.7 | (11.9) |
State | (4.5) | 4.6 | (2.8) |
Foreign | (1.2) | 3.9 | 0.1 |
Total deferred income tax (benefit) expense | (27.4) | (45.2) | 14.6 |
Income tax expense | $ 23 | $ 11.2 | $ 58.1 |
Income Taxes Income Taxes (Effe
Income Taxes Income Taxes (Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at 35% | 35.00% | 35.00% | 35.00% |
Amended prior period tax returns | (18.30%) | (2.30%) | (0.00%) |
Foreign tax rate differential | (5.00%) | (5.70%) | (3.30%) |
State and local tax, net | 2.70% | 2.80% | 2.60% |
Domestic production activities deduction | (2.00%) | (2.50%) | (1.00%) |
Permanent tax differences | 1.80% | (2.10%) | 4.90% |
U.S. credit for research activities | (0.70%) | (1.20%) | (1.40%) |
Tax benefits on certain foreign investments | (0.70%) | (17.00%) | 0.00% |
Uncertain tax positions | 0.60% | 1.00% | (0.30%) |
Changes in valuation allowances | 0.30% | 7.80% | 2.00% |
Settlements | 0.00% | (3.10%) | 0.00% |
Effective income tax rate | 13.70% | 12.70% | 38.50% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||||
Amended prior period tax returns | 18.30% | 2.30% | 0.00% | ||
Percentage increase in uncertain tax position | 0.60% | ||||
Uncertain tax positions | $ 1 | ||||
Percentage decrease from uncertain tax positions | 5.90% | ||||
Decrease from uncertain tax positions | $ 9.9 | ||||
Tax benefits on certain foreign investments | (0.70%) | (17.00%) | 0.00% | ||
Foreign tax rate differential | (5.00%) | (5.70%) | (3.30%) | ||
Differences in rates of foreign operations | $ (5.4) | $ (15) | |||
Permanent tax differences | 1.80% | (2.10%) | 4.90% | ||
Permanent tax differences amount | $ 1.9 | $ (7.4) | |||
Changes in valuation allowances | 0.30% | 7.80% | 2.00% | ||
Changes in valuation allowances | $ 6.9 | ||||
U.S. credit for research activities | 0.70% | 1.20% | 1.40% | ||
Tax credit research amount | $ 2.1 | ||||
Foreign tax credit carryforwards | $ 37.4 | $ 8.7 | |||
Gross state net operating loss carryforwards | 203.8 | ||||
Foreign subsidiaries gross net operating loss carryforwards | 102.6 | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (4.3) | ||||
Undistributed earnings of non-United States subsidiaries | 293.5 | ||||
Income tax payments | 57.7 | 70 | 120.3 | ||
Income tax refunds | 2.6 | 4.2 | 2.9 | ||
Income from continuing operations, before income taxes | 167.7 | 88.4 | 151 | ||
Income tax penalties and interest accrued | 4.5 | 8.6 | |||
Decreases as a result of lapse of statute of limitations | 13.1 | $ 0 | 0.6 | ||
Income tax expense if unrecognized tax benefits were recognized | $ 9.8 | ||||
Foreign Subsidiaries | |||||
Income Taxes [Line Items] | |||||
Percentage increase in uncertain tax position | 4.70% | ||||
Uncertain tax positions | $ 7.9 | ||||
Domestic and Foreign Tax Authority | |||||
Income Taxes [Line Items] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 18.9 | ||||
Domestic Tax Authority | |||||
Income Taxes [Line Items] | |||||
Income from continuing operations, before income taxes | $ 9.7 | ||||
Tax Year 2004-2012 [Member] | |||||
Income Taxes [Line Items] | |||||
Amended prior period tax returns | 18.30% | ||||
Foreign tax credit | $ 30.7 | ||||
Scenario, Forecast | |||||
Income Taxes [Line Items] | |||||
Reduction in unrecognized tax benefits on the outcome of tax examinations and the expiration of statutes of limitations | $ 4.7 |
Income Taxes (Components Of Def
Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Pension and other post-retirement benefits | $ 29.7 | $ 39.1 |
Employment costs | 34.7 | 47.2 |
Environmental reserves | 45.8 | 46.5 |
Net operating loss carryforwards | 33.3 | 42 |
Foreign tax credit carryforwards | 37.4 | 8.7 |
Other, net | 22.3 | 21.9 |
Gross deferred tax assets | 203.2 | 205.4 |
Valuation allowances | (19.3) | (23.6) |
Total deferred tax assets, net of valuation allowances | 183.9 | 181.8 |
Deferred tax liabilities: | ||
Tax and book basis differences associated with property, plant and equipment | (60.3) | (76.9) |
Tax and book basis differences associated with intangibles | (135.8) | (135.2) |
Other, net | (7.2) | (9.1) |
Total deferred tax liabilities | (203.3) | (221.2) |
Net deferred tax liabilities | $ (19.4) | $ (39.4) |
Income Taxes (Changes In Unreco
Income Taxes (Changes In Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of January 1 | $ 28.6 | $ 15.2 | $ 14.5 |
Additions based on tax positions related to the current year | 0.5 | 1.2 | 0 |
Additions for tax positions of prior years | 12.6 | 3.8 | 0 |
Balance related to acquired businesses | 0 | 14.2 | 1.1 |
Reductions for tax positions of prior years | 0 | (2.3) | 0 |
Decreases as a result of lapse of statute of limitations | (13.1) | 0 | (0.6) |
Settlements and other | (15.3) | (2.3) | (0.3) |
Other, net | (0.8) | (1.2) | 0.5 |
Balance as of December 31 | $ 12.5 | $ 28.6 | $ 15.2 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 14, 2015 | |
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
Shares reserved for grant (in shares) | 6,200,000 | |||
Stock appreciation rights | ||||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
SARs granted (in shares) | 300,000 | 300,000 | 500,000 | |
Vesting period | 3 years | |||
SARs granted appreciation cap percentage | 200.00% | |||
Forfeitures percentage | 3.00% | |||
Intrinsic value of SARS exercised | $ 9.7 | $ 15 | $ 14.9 | |
Unrecognized compensation cost | $ 2.4 | |||
Weighted average award vesting period | 17 months | |||
Nonvested, balance (in shares) | 1,500,000 | 1,600,000 | ||
Weighted-average grant date fair value (in usd per share) | $ 25.49 | $ 20.13 | ||
Stock appreciation rights | Maximum | ||||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
Stock awards expiration | 10 years | |||
Stock appreciation rights | Minimum | ||||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
Stock awards expiration | 7 years | |||
Restricted stock units | ||||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
Vesting period | 10 months | |||
Unrecognized compensation cost | $ 5.5 | |||
SAR Granted (in shares) | 100,000 | 200,000 | 500,000 | |
Nonvested, balance (in shares) | 700,000 | |||
Weighted-average grant date fair value (in usd per share) | $ 29.94 | |||
Vests Rateably over 3 Years | Stock Options | ||||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% |
Share-Based Compensation (Summa
Share-Based Compensation (Summary Of Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 9.1 | $ 14.2 | $ 16.5 |
Stock appreciation rights | |||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based compensation | 4.4 | 5.5 | 6.1 |
Performance Shares | |||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based compensation | 0.5 | 0.7 | 0.3 |
Restricted stock units | |||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 4.2 | $ 8 | $ 10.1 |
Share-Based Compensation (Sum87
Share-Based Compensation (Summary Of Assumptions Related To Grants) (Details) - Stock appreciation rights - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Expected volatility | 43.00% | 48.00% | 50.00% |
Expected dividends | 1.05% | 0.91% | 1.04% |
Expected term (in years) | 6 years 6 months 11 days | 6 years 4 months 24 days | 7 years 4 months 24 days |
Risk-free rate | 1.95% | 2.94% | 2.12% |
Value of SARs granted | $ 13.94 | $ 14.05 | $ 10.83 |
Share-Based Compensation (Sum88
Share-Based Compensation (Summary Of Stock Appreciation Rights) (Details) - Stock Appreciation Rights - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares | |||
Shares outstanding, beginning balance (in shares) | 1.6 | ||
Granted, Shares (in shares) | 0.3 | 0.3 | 0.5 |
Exercised, Shares (in shares) | (0.4) | ||
Shares outstanding, ending balance (in shares) | 1.5 | 1.6 | |
Outstanding, vested and exercisable (in shares) | 0.9 | ||
Weighted-Average Exercise Price Per Share | |||
Weighted-Average Exercise Price Per Share, beginning balance (in usd per share) | $ 20.13 | ||
Granted, Weighted-Average Exercise Price Per Share (in usd per share) | 38.36 | ||
Exercised, Weighted-Average Exercise Price Per Share (in usd per share) | 13.10 | ||
Weighted-Average Exercise Price Per Share, ending balance (in usd per share) | 25.49 | $ 20.13 | |
Outstanding, vested and exercisable, Weighted Average Exercise Price Per Share (in usd per share) | $ 18.98 | ||
Weighted-Average Remaining Contractual Term And Aggregate Intrinsic Value | |||
Outstanding, Weighted-Average Remaining Contractual Term | 6 years 9 months | 6 years 7 months 17 days | |
Vested and exercisable, Weighted-Average Remaining Contractual Term | 5 years 6 months 7 days | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Outstanding Including Vested And Nonvested, Aggregate Intrinsic Value | $ 13.1 | $ 28.9 | |
Vested and exercisable, Aggregate Intrinsic Value | $ 12 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | Dec. 09, 2015USD ($) | Dec. 01, 2014USD ($) | Dec. 31, 2015USD ($)segmentsuppliergrade_resininjection_molder_extruder | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Segment Reporting Information [Line Items] | |||||
Restructuring related cost, accelerated depreciation | $ 6.2 | $ 23.1 | $ 12.7 | ||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 18.3 | $ 47.2 | $ 259.4 | ||
Number of reportable segments | segment | 5 | ||||
Number Of Grades of Resins Sold by PolyOne Distribution | grade_resin | 3,500 | ||||
Number of products sold | injection_molder_extruder | 6,000 | ||||
Number Of Suppliers Represented by PolyOne Distribution | supplier | 25 | ||||
Accella | |||||
Segment Reporting Information [Line Items] | |||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 47.2 | ||||
Magenta | |||||
Segment Reporting Information [Line Items] | |||||
Total consideration transferred to debt and equity holders, net of cash acquired | $ 18.3 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [4] | Dec. 31, 2014 | Sep. 30, 2014 | [6] | Jun. 30, 2014 | [7] | Mar. 31, 2014 | [8] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | $ 775.8 | [1] | $ 841.6 | $ 887.1 | $ 873.1 | $ 869.3 | [5] | $ 958.4 | $ 1,005.5 | $ 1,002.3 | $ 3,377.6 | $ 3,835.5 | $ 3,771.2 | ||||||||
Intersegment Sales | 0 | 0 | 0 | ||||||||||||||||||
Operating Income | 31.3 | [1] | $ 69.2 | $ 80.3 | $ 70.1 | (14.3) | [5] | $ 63.6 | $ 49.4 | $ 56.4 | 250.9 | 155.1 | 231.5 | ||||||||
Capital Expenditures | 91.2 | 92.8 | 76.4 | ||||||||||||||||||
Total Assets | 2,595.1 | 2,666.3 | 2,595.1 | 2,666.3 | 2,896.6 | ||||||||||||||||
Color, Additives and Inks | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 801.2 | 835 | 844.6 | ||||||||||||||||||
Intersegment Sales | 9.5 | 15.8 | 7.7 | ||||||||||||||||||
Operating Income | 135.4 | 124.9 | 104 | ||||||||||||||||||
Depreciation and amortization | 42.4 | 41.4 | [9] | 38.8 | [10] | ||||||||||||||||
Capital Expenditures | 27.3 | 28.1 | 29.3 | [11] | |||||||||||||||||
Total Assets | 939.5 | 934.2 | 939.5 | 934.2 | 960.7 | ||||||||||||||||
Specialty Engineered Materials | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 493.1 | 555.2 | 571.9 | ||||||||||||||||||
Intersegment Sales | 49.7 | 43.1 | 43.6 | ||||||||||||||||||
Operating Income | 79.6 | 72.4 | 57.2 | ||||||||||||||||||
Depreciation and amortization | 15.9 | 16.7 | [9] | 18.8 | [10] | ||||||||||||||||
Capital Expenditures | 17.7 | 15.2 | 14.3 | [11] | |||||||||||||||||
Total Assets | 353.4 | 370.1 | 353.4 | 370.1 | 378.4 | ||||||||||||||||
Designed Structures and Solutions | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 448.8 | 616.5 | 597.3 | ||||||||||||||||||
Intersegment Sales | 4.7 | 1 | 0.1 | ||||||||||||||||||
Operating Income | 13.8 | 45.1 | 33.4 | ||||||||||||||||||
Depreciation and amortization | 16.9 | 19.8 | [9] | 21.2 | [10] | ||||||||||||||||
Capital Expenditures | 18.4 | 25.6 | 13.4 | [11] | |||||||||||||||||
Total Assets | 449.5 | 490.1 | 449.5 | 490.1 | 523.1 | ||||||||||||||||
Performance Products and Solutions | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 615.8 | 728.2 | 690.9 | ||||||||||||||||||
Intersegment Sales | 78.3 | 88.4 | 82.3 | ||||||||||||||||||
Operating Income | 57.4 | 63.1 | 56 | ||||||||||||||||||
Depreciation and amortization | 16.2 | 17.7 | [9] | 15.5 | [10] | ||||||||||||||||
Capital Expenditures | 9.8 | 15.2 | 12.4 | [11] | |||||||||||||||||
Total Assets | 237.4 | 265.5 | 237.4 | 265.5 | 276.3 | ||||||||||||||||
PolyOne Distribution | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 1,018.7 | 1,100.6 | 1,066.5 | ||||||||||||||||||
Intersegment Sales | 15.4 | 13.8 | 8.7 | ||||||||||||||||||
Operating Income | 68 | 68.2 | 63.3 | ||||||||||||||||||
Depreciation and amortization | 0.7 | 0.6 | [9] | 0.6 | [10] | ||||||||||||||||
Capital Expenditures | 0.4 | 0.1 | 0.3 | [11] | |||||||||||||||||
Total Assets | 200 | 214.2 | 200 | 214.2 | 216.7 | ||||||||||||||||
Resin Business | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Capital Expenditures | 0.2 | ||||||||||||||||||||
Depreciation expense | 1 | ||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Depreciation and amortization | 104.3 | 123.9 | [9] | 108.8 | [10] | ||||||||||||||||
Capital Expenditures | 91.2 | 92.8 | 76.2 | [11] | |||||||||||||||||
Operating Segments | Color, Additives and Inks | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 810.7 | 850.8 | 852.3 | ||||||||||||||||||
Operating Segments | Specialty Engineered Materials | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 542.8 | 598.3 | 615.5 | ||||||||||||||||||
Operating Segments | Designed Structures and Solutions | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 453.5 | 617.5 | 597.4 | ||||||||||||||||||
Operating Segments | Performance Products and Solutions | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 694.1 | 816.6 | 773.2 | ||||||||||||||||||
Operating Segments | PolyOne Distribution | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | 1,034.1 | 1,114.4 | 1,075.2 | ||||||||||||||||||
Corporate and eliminations | |||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||
Sales: | (157.6) | (162.1) | (142.4) | ||||||||||||||||||
Intersegment Sales | (157.6) | (162.1) | (142.4) | ||||||||||||||||||
Operating Income | (103.3) | (218.6) | (82.4) | ||||||||||||||||||
Depreciation and amortization | 12.2 | 27.7 | [9] | 13.9 | [10] | ||||||||||||||||
Capital Expenditures | 17.6 | 8.6 | 6.5 | [11] | |||||||||||||||||
Total Assets | $ 415.3 | $ 392.2 | $ 415.3 | $ 392.2 | $ 541.4 | ||||||||||||||||
[1] | Included for the fourth quarter 2015 are: 1) a mark-to-market pension and other post-retirement charge of $11.6 million, 2) employee separation and restructuring costs of $10.1 million and 3) $16.4 million of debt extinguishment costs primarily due to the repayment in full of $316.6 million aggregate principal amount of our 7.375% senior notes due 2020. | ||||||||||||||||||||
[2] | Included for the third quarter 2015 are: 1) employee separation and restructuring costs of $13.7 million and 2) a $7.5 million benefit related to the reversal of an uncertain tax position due to the expiration of the statute of limitations. | ||||||||||||||||||||
[3] | Included for the second quarter 2015 are: 1) employee separation and restructuring costs of $7.5 million and 2) a $26.0 million tax benefit as a result of amending U.S. federal income tax returns from 2005 to 2012 to use foreign tax credits. | ||||||||||||||||||||
[4] | Included for the first quarter 2015 are employee separation and restructuring costs of $10.6 million. | ||||||||||||||||||||
[5] | Included for the fourth quarter 2014 are: 1) a mark-to-market pension and other post-retirement charge of $56.5 million, 2) employee separation and restructuring costs of $23.2 million, 3) environmental remediation costs of $2.6 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $2.1 million | ||||||||||||||||||||
[6] | Included for the third quarter 2014 are: 1) employee separation and restructuring costs of $17.9 million, 2) environmental remediation costs of $5.9 million and 3) a gain related to the reimbursement of previously incurred environmental costs of | ||||||||||||||||||||
[7] | Included for the second quarter 2014 are: 1) employee separation and restructuring costs of $35.1 million and 2) a $5.4 million tax benefit associated with our investments in certain foreign affiliates. | ||||||||||||||||||||
[8] | Included for the first quarter 2014 are employee separation and restructuring costs of $17.9 million. | ||||||||||||||||||||
[9] | Corporate and eliminations includes accelerated depreciation associated with restructuring actions of $23.1 million. | ||||||||||||||||||||
[10] | Excludes $1.0 million of depreciation expense associated with the Resin Business. Corporate and eliminations includes accelerated depreciation associated with restructuring actions of $12.7 million. | ||||||||||||||||||||
[11] | Excludes $0.2 million of capital expenditures associated with the Resin Business. |
Segment Information (Schedule91
Segment Information (Schedule Of Revenue And Long-Lived Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | [2] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [4] | Dec. 31, 2014 | Sep. 30, 2014 | [6] | Jun. 30, 2014 | [7] | Mar. 31, 2014 | [8] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | $ 775.8 | [1] | $ 841.6 | $ 887.1 | $ 873.1 | $ 869.3 | [5] | $ 958.4 | $ 1,005.5 | $ 1,002.3 | $ 3,377.6 | $ 3,835.5 | $ 3,771.2 | ||||||
Long-lived assets: | 583.5 | 596.7 | 583.5 | 596.7 | 646.2 | ||||||||||||||
Europe | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 430.1 | 511.8 | 519.7 | ||||||||||||||||
Long-lived assets: | 94 | 95.7 | 94 | 95.7 | 103 | ||||||||||||||
CANADA | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 241.3 | 277.4 | 267.8 | ||||||||||||||||
Long-lived assets: | 6.9 | 12.8 | 6.9 | 12.8 | 13.2 | ||||||||||||||
Asia | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 235.9 | 246.2 | 239 | ||||||||||||||||
Long-lived assets: | 40.2 | 39.5 | 40.2 | 39.5 | 51.8 | ||||||||||||||
MEXICO | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 209.7 | 178.4 | 158.1 | ||||||||||||||||
Long-lived assets: | 19.4 | 19.7 | 19.4 | 19.7 | 20.5 | ||||||||||||||
South America | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 15.7 | 31.3 | 48.4 | ||||||||||||||||
Long-lived assets: | 4.9 | 7.9 | 4.9 | 7.9 | 13.3 | ||||||||||||||
UNITED STATES | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 2,244.9 | 2,590.4 | 2,538.2 | ||||||||||||||||
Long-lived assets: | $ 418.1 | $ 421.1 | $ 418.1 | $ 421.1 | $ 444.4 | ||||||||||||||
[1] | Included for the fourth quarter 2015 are: 1) a mark-to-market pension and other post-retirement charge of $11.6 million, 2) employee separation and restructuring costs of $10.1 million and 3) $16.4 million of debt extinguishment costs primarily due to the repayment in full of $316.6 million aggregate principal amount of our 7.375% senior notes due 2020. | ||||||||||||||||||
[2] | Included for the third quarter 2015 are: 1) employee separation and restructuring costs of $13.7 million and 2) a $7.5 million benefit related to the reversal of an uncertain tax position due to the expiration of the statute of limitations. | ||||||||||||||||||
[3] | Included for the second quarter 2015 are: 1) employee separation and restructuring costs of $7.5 million and 2) a $26.0 million tax benefit as a result of amending U.S. federal income tax returns from 2005 to 2012 to use foreign tax credits. | ||||||||||||||||||
[4] | Included for the first quarter 2015 are employee separation and restructuring costs of $10.6 million. | ||||||||||||||||||
[5] | Included for the fourth quarter 2014 are: 1) a mark-to-market pension and other post-retirement charge of $56.5 million, 2) employee separation and restructuring costs of $23.2 million, 3) environmental remediation costs of $2.6 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $2.1 million | ||||||||||||||||||
[6] | Included for the third quarter 2014 are: 1) employee separation and restructuring costs of $17.9 million, 2) environmental remediation costs of $5.9 million and 3) a gain related to the reimbursement of previously incurred environmental costs of | ||||||||||||||||||
[7] | Included for the second quarter 2014 are: 1) employee separation and restructuring costs of $35.1 million and 2) a $5.4 million tax benefit associated with our investments in certain foreign affiliates. | ||||||||||||||||||
[8] | Included for the first quarter 2014 are employee separation and restructuring costs of $17.9 million. |
Weighted-Average Shares Used In
Weighted-Average Shares Used In Computing Earnings Per Share (Schedule Of Weighted-Average Shares Used In Computing Earnings Per Share) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted-average shares - basic: (in shares) | 87.8 | 92.3 | 95.5 |
Plus dilutive impact of share-based compensation (in shares) | 0.9 | 1.2 | 1 |
Weighted-average shares - diluted: (in shares) | 88.7 | 93.5 | 96.5 |
Common Share Narrative (Details
Common Share Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive effect on computation of diluted earnings per share (less than 0.1 million for 2015) (in shares) | 100,000 | 400,000 | 300,000 |
Repurchase of common shares (in shares) | 4,500,000 | 6,300,000 | 5,000,000 |
Purchase of common shares for treasury | $ 156.1 | $ 233.2 | $ 131.6 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated fair value of PolyOne’s debt instruments | $ 1,136.2 | $ 1,031.9 |
Debt carrying value | 1,146.6 | 1,010.6 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash fair value | $ 279.8 | $ 238.6 |
Selected Quarterly Financial 95
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Sales | $ 775.8 | [1] | $ 841.6 | [2] | $ 887.1 | [3] | $ 873.1 | [4] | $ 869.3 | [5] | $ 958.4 | [6] | $ 1,005.5 | [7] | $ 1,002.3 | [8] | $ 3,377.6 | $ 3,835.5 | $ 3,771.2 | |
Gross Margin | 156.9 | [1] | 169.1 | [2] | 185.7 | [3] | 169.8 | [4] | 152.6 | [5] | 182.6 | [6] | 184.5 | [7] | 188.2 | [8] | 681.5 | 707.9 | 662.2 | |
Operating income (loss) | 31.3 | [1] | 69.2 | [2] | 80.3 | [3] | 70.1 | [4] | (14.3) | [5] | 63.6 | [6] | 49.4 | [7] | 56.4 | [8] | $ 250.9 | $ 155.1 | $ 231.5 | |
Net income (loss) from continuing operations | 3 | [1] | 44.5 | [2] | 67 | [3] | 30.2 | [4] | (15) | [5] | 32.3 | [6] | 30.7 | [7] | 29.2 | [8] | ||||
Net income (loss) from continuing operations attributable to PolyOne shareholders | $ 3.1 | [1] | $ 44.5 | [2] | $ 66.8 | [3] | $ 30.2 | [4] | $ (14.6) | [5] | $ 32.3 | [6] | $ 30.9 | [7] | $ 29.4 | [8] | ||||
Basic net income - continuing operations (in usd per share) | $ 0.04 | [1],[9] | $ 0.51 | [2],[9] | $ 0.75 | [3],[9] | $ 0.34 | [4],[9] | $ (0.16) | [5],[9] | $ 0.35 | [6],[9] | $ 0.33 | [7],[9] | $ 0.31 | [8],[9] | $ 1.65 | $ 0.85 | $ 0.98 | |
Diluted net income - continuing operations (in usd per share) | $ 0.04 | [1],[9] | $ 0.50 | [2],[9] | $ 0.74 | [3],[9] | $ 0.34 | [4],[9] | $ (0.16) | [5],[9] | $ 0.35 | [6],[9] | $ 0.33 | [7],[9] | $ 0.31 | [8],[9] | $ 1.63 | $ 0.83 | $ 0.97 | |
Mark-to-market actuarial net losses (gains) | $ 11.6 | $ 56.5 | $ (44) | $ 11.6 | $ 56.5 | |||||||||||||||
Environmental remediation expense | 2.6 | $ 5.9 | ||||||||||||||||||
Reimbursement of previously incurred environmental cost | 2.1 | 1.6 | ||||||||||||||||||
Restructuring charges | 41.9 | 94.1 | $ 52 | |||||||||||||||||
Uncertain tax positions | $ (7.5) | |||||||||||||||||||
Tax benefits on certain foreign investments | $ (5.4) | (15) | ||||||||||||||||||
Payments of Debt Extinguishment Costs | 13.4 | $ 0 | $ 4.6 | |||||||||||||||||
Plant Closure and Reductions in Force | ||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Restructuring charges | 10.1 | $ 13.7 | $ 7.5 | $ 10.6 | $ 23.2 | $ 17.9 | $ 35.1 | $ 17.9 | ||||||||||||
Debt extinguishment costs | Line of Credit | ||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Payments of Debt Extinguishment Costs | 16.4 | 16.4 | ||||||||||||||||||
7.375% senior notes due 2020 | ||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Debt repurchase amount | $ 316.6 | $ 316.6 | ||||||||||||||||||
7.375% senior notes due 2020 | Senior Notes | ||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Stated interest rate | 7.375% | 7.375% | 7.375% | 7.375% | ||||||||||||||||
Tax Year 2005-2012 [Member] | ||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Foreign tax credit | $ 26 | |||||||||||||||||||
[1] | Included for the fourth quarter 2015 are: 1) a mark-to-market pension and other post-retirement charge of $11.6 million, 2) employee separation and restructuring costs of $10.1 million and 3) $16.4 million of debt extinguishment costs primarily due to the repayment in full of $316.6 million aggregate principal amount of our 7.375% senior notes due 2020. | |||||||||||||||||||
[2] | Included for the third quarter 2015 are: 1) employee separation and restructuring costs of $13.7 million and 2) a $7.5 million benefit related to the reversal of an uncertain tax position due to the expiration of the statute of limitations. | |||||||||||||||||||
[3] | Included for the second quarter 2015 are: 1) employee separation and restructuring costs of $7.5 million and 2) a $26.0 million tax benefit as a result of amending U.S. federal income tax returns from 2005 to 2012 to use foreign tax credits. | |||||||||||||||||||
[4] | Included for the first quarter 2015 are employee separation and restructuring costs of $10.6 million. | |||||||||||||||||||
[5] | Included for the fourth quarter 2014 are: 1) a mark-to-market pension and other post-retirement charge of $56.5 million, 2) employee separation and restructuring costs of $23.2 million, 3) environmental remediation costs of $2.6 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $2.1 million | |||||||||||||||||||
[6] | Included for the third quarter 2014 are: 1) employee separation and restructuring costs of $17.9 million, 2) environmental remediation costs of $5.9 million and 3) a gain related to the reimbursement of previously incurred environmental costs of | |||||||||||||||||||
[7] | Included for the second quarter 2014 are: 1) employee separation and restructuring costs of $35.1 million and 2) a $5.4 million tax benefit associated with our investments in certain foreign affiliates. | |||||||||||||||||||
[8] | Included for the first quarter 2014 are employee separation and restructuring costs of $17.9 million. | |||||||||||||||||||
[9] | Per share amounts for the quarter and the full year have been computed separately. The sum of the quarterly amounts may not equal the annual amounts presented because of differences in the average shares outstanding during each period. |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Jan. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ||||
Acquisition of certain technologies and assets | $ 18.3 | $ 47.2 | $ 259.4 | |
Kraton Performance Polymers | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Acquisition of certain technologies and assets | $ 72 |