Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | POLYONE CORP | ||
Entity Central Index Key | 1122976 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $3,726,683,516 | ||
Entity Common Stock, Shares Outstanding | 89,100,439 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Sales | $3,835.50 | $3,771.20 | $2,860.80 |
Cost of sales | 3,127.60 | 3,109 | 2,329.70 |
Gross margin | 707.9 | 662.2 | 531.1 |
Selling and administrative expense | 552.8 | 457.6 | 417 |
Income related to previously owned equity affiliates | 0 | 26.9 | 23.4 |
Operating income | 155.1 | 231.5 | 137.5 |
Interest expense, net | -62.2 | -63.5 | -50.8 |
Debt extinguishment costs | 0 | -15.8 | 0 |
Other expense, net | -4.5 | -1.2 | -3.4 |
Income from continuing operations, before income taxes | 88.4 | 151 | 83.3 |
Income tax expense | -11.2 | -58.1 | -30.1 |
Net income from continuing operations | 77.2 | 92.9 | 53.2 |
Income from discontinued operations, net of income taxes | 1.2 | 149.8 | 18.6 |
Net income | 78.4 | 242.7 | 71.8 |
Net loss attributable to noncontrolling interests | 0.8 | 1.1 | 0.1 |
Net income attributable to PolyOne common shareholders | $79.20 | $243.80 | $71.90 |
Earnings per share attributable to PolyOne common shareholders - basic: | |||
Continuing operations | $0.85 | $0.98 | $0.60 |
Discontinued operations | $0.01 | $1.57 | $0.21 |
Total | $0.86 | $2.55 | $0.81 |
Continuing operations | $0.83 | $0.97 | $0.59 |
Discontinued operations | $0.02 | $1.56 | $0.21 |
Total | $0.85 | $2.53 | $0.80 |
Cash dividends declared per common share | $0.34 | $0.26 | $0.20 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 92.3 | 95.5 | 89.1 |
Diluted (in shares) | 93.5 | 96.5 | 89.8 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $78.40 | $242.70 | $71.80 |
Other comprehensive loss: | |||
Translation adjustments | -27.5 | -3.7 | 1.1 |
Amortization of prior service credits, net of tax of $6.5 - 2012 | 0 | 0 | -10.9 |
Total other comprehensive loss | -27.5 | -3.7 | -9.8 |
Total comprehensive income | 50.9 | 239 | 62 |
Comprehensive loss attributable to noncontrolling interests | 0.8 | 1.1 | 0.1 |
Comprehensive income attributable to PolyOne common shareholders | $51.70 | $240.10 | $62.10 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Amortization of prior service costs tax | $0 | $0 | $6.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $238.60 | $365.20 |
Accounts receivable, net | 396.8 | 428 |
Inventories, net | 309 | 342.5 |
Other current assets | 98.3 | 117.9 |
Total current assets | 1,042.70 | 1,253.60 |
Property, net | 596.7 | 646.2 |
Goodwill | 590.6 | 559 |
Intangible assets, net | 362.7 | 365.8 |
Other non-current assets | 118.5 | 119.5 |
Total assets | 2,711.20 | 2,944.10 |
Current liabilities: | ||
Short-term and current portion of long-term debt | 61.8 | 12.7 |
Accounts payable | 365.9 | 386.9 |
Accrued expenses and other liabilities | 173.5 | 209.3 |
Total current liabilities | 601.2 | 608.9 |
Long-term debt | 962 | 976.2 |
Pension and other post-retirement benefits | 103.7 | 77.3 |
Deferred income taxes | 88.8 | 133.8 |
Other non-current liabilities | 178.3 | 169.4 |
Total non-current liabilities | 1,332.80 | 1,356.70 |
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 | 1,155.40 | 1,149.80 |
Retained earnings | 259.7 | 211.6 |
Common shares held in treasury, at cost, 32.9 shares in 2014 and 27.1 shares in 2013 | -597.7 | -371 |
Accumulated other comprehensive loss | -42.3 | -14.8 |
Total PolyOne shareholders' equity | 776.3 | 976.8 |
Noncontrolling interest | 0.9 | 1.7 |
Total equity | 777.2 | 978.5 |
Total liabilities and equity | $2,711.20 | $2,944.10 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, authorized | 40,000,000 | 40,000,000 |
Preferred stock, issued | 0 | 0 |
common shares, par value | $0.01 | $0.01 |
common shares, authorized | 400,000,000 | 400,000,000 |
common shares, issued | 122,200,000 | 122,200,000 |
Treasury stock, shares | 32,900,000 | 27,100,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net income | $78.40 | $242.70 | $71.80 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 123.9 | 109.8 | 69.8 |
Deferred income tax provision | -45.2 | 12.9 | 13.4 |
Debt extinguishment costs | 0 | 15.8 | 0 |
Provision for doubtful accounts | 0.4 | 0.2 | 0.3 |
Stock compensation expense | 14.2 | 16.5 | 10.4 |
Gain on sale of Business | -1.2 | -223.7 | 0 |
Income related to previously owned equity affiliates | 0 | -26.9 | -23.4 |
Changes in assets and liabilities, net of the effect of acquisitions and divestitures: | |||
Decrease in accounts receivable | 24.4 | 26.9 | 1.2 |
Decrease (increase) in inventories | 28.4 | 20.4 | -3 |
(Decrease) increase in accounts payable | -15.2 | -16.6 | 16.8 |
Increase (decrease) in pension and other post-retirement benefits | 30 | -124.5 | -41.7 |
(Decrease) increase in accrued expenses and other assets and liabilities | -29.7 | 55.5 | -8.7 |
Net cash provided by operating activities | 208.4 | 109 | 106.9 |
Investing activities | |||
Capital expenditures | -92.8 | -76.4 | -57.4 |
Business acquisitions, net of cash acquired | -47.2 | -259.4 | -33.8 |
Proceeds from sale of businesses and other assets | 28.2 | 275.7 | 18.9 |
Net cash used by investing activities | -111.8 | -60.1 | -72.3 |
Financing activities | |||
Repayments of Long-term Debt | -8 | -343.3 | -3 |
Premium on early extinguishment of long-term debt | 0 | -4.6 | 0 |
Proceeds from Long-term Debt | 0 | 600 | 0 |
Debt financing Costs | 0 | -13 | 0 |
Borrowings under credit facilities | 168.6 | 129 | 0.8 |
Repayments under credit facilities | -122.8 | -117.5 | 0 |
Purchase of common shares for treasury | -233.2 | -131.6 | -15.9 |
Exercise of stock awards | 6.9 | 7.3 | 15.1 |
Cash dividends paid | -29.9 | -21.5 | -16.9 |
Proceeds from noncontrolling interests | 0 | 0 | 2.4 |
Net cash (used) provided by financing activities | -218.4 | 104.8 | -17.5 |
Effect of exchange rate changes on cash | -4.8 | 1.5 | 1 |
(Decrease) increase in cash and cash equivalents | -126.6 | 155.2 | 18.1 |
Cash and cash equivalents at beginning of year | 365.2 | 210 | 191.9 |
Cash and cash equivalents at end of year | $238.60 | $365.20 | $210 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | 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 |
In Millions, unless otherwise specified | |||||||||
Balance at Dec. 31, 2011 | $588.30 | $1.20 | ($369.40) | $1,042.70 | ($84.90) | ($1.30) | $0 | $588.30 | |
Balance, Common shares at Dec. 31, 2011 | 122.2 | ||||||||
Balance, Treasury shares at Dec. 31, 2011 | -33.4 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 71.8 | 71.9 | 71.9 | -0.1 | 71.8 | ||||
Other comprehensive income (loss) | -9.8 | -9.8 | -9.8 | -9.8 | |||||
Noncontrolling interest activity | 2.4 | 2.4 | |||||||
Cash dividends declared | -17.8 | -17.8 | -17.8 | ||||||
Repurchase of common shares | -15.9 | -15.9 | -15.9 | ||||||
Repurchase of common shares, shares | -1.2 | ||||||||
Stock-based compensation and exercise of awards | 12.4 | 21.2 | -8.8 | 12.4 | |||||
Stock-based compensation and exercise of awards, shares | 1.9 | ||||||||
Balance at Dec. 31, 2012 | 629.1 | 1.2 | -364.1 | 1,016.10 | -13 | -11.1 | 2.3 | 631.4 | |
Balance, Common shares at Dec. 31, 2012 | 122.2 | ||||||||
Balance, Treasury shares at Dec. 31, 2012 | -32.7 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 242.7 | 243.8 | 243.8 | -1.1 | 242.7 | ||||
Other comprehensive income (loss) | -3.7 | -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 | 10 | ||||||||
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, shares | -5 | ||||||||
Stock-based compensation and exercise of awards | 10 | 7.5 | 2.5 | 10 | |||||
Stock-based compensation and exercise of awards, shares | 0.6 | ||||||||
Balance at Dec. 31, 2013 | 978.5 | 976.8 | 1.2 | -371 | 1,149.80 | 211.6 | -14.8 | 1.7 | 978.5 |
Balance, Common shares at Dec. 31, 2013 | 122.2 | ||||||||
Balance, Treasury shares at Dec. 31, 2013 | -27.1 | -27.1 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 78.4 | 79.2 | 79.2 | -0.8 | 78.4 | ||||
Other comprehensive income (loss) | -27.5 | -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, shares | -6.3 | ||||||||
Stock-based compensation and exercise of awards | 12.1 | 6.5 | 5.6 | 12.1 | |||||
Stock-based compensation and exercise of awards, shares | 0.5 | ||||||||
Balance at Dec. 31, 2014 | $777.20 | $776.30 | $1.20 | ($597.70) | $1,155.40 | $259.70 | ($42.30) | $0.90 | $777.20 |
Balance, Common shares at Dec. 31, 2014 | 122.2 | ||||||||
Balance, Treasury shares at Dec. 31, 2014 | -32.9 | -32.9 |
Description_Of_Business_And_Su
Description Of Business And Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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 this Annual Report on Form 10-K, the terms “we,” “us,” “our”, "PolyOne" and the “Company” mean PolyOne Corporation and its consolidated subsidiaries. | |||||||||||||||||
Our operations are located primarily in North America, Europe, Asia and Brazil. Our operations are reported in five reportable segments: Global Color, Additives and Inks; Global Specialty Engineered Materials; Designed Structures and Solutions; Performance Products and Solutions; and PolyOne Distribution. See Note 16, Segment Information, for more information. | |||||||||||||||||
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. The Accella acquisition expands PolyOne's specialty portfolio and provides specialty coatings solutions and value-added services in a wide range of applications, including consumer products, interior and under-the-hood automotive parts, outdoor recreational equipment and food packaging. | |||||||||||||||||
Accounting Standards Not Yet Adopted | |||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment," which revises what qualifies as a discontinued operation, changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This ASU will be effective for the Company for applicable transactions occurring after January 1, 2015. We will prospectively apply the guidance to applicable transactions. | |||||||||||||||||
In May 2014, the Financial Accounting Standards Board 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, 2017, 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. | |||||||||||||||||
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 2013 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 Financial Accounting Standards Board (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 22 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. | |||||||||||||||||
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 other indefinite-lived intangibles is October 1st. We completed our testing of impairment as of October 1, noting no impairment in 2014, 2013 or 2012. 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, 2015. Refer to Note 19, 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. This standard requires us to (1) recognize the funded status of the benefit plans in our Consolidated Balance Sheet, (2) recognize, as a component of other comprehensive income or net periodic benefit cost, the gains or losses and prior service costs or credits that arise during the period and (3) measure defined benefit plan assets and obligations as of December 31. 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 2014, 2013 and 2012 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, 2012 | $ | (17.6 | ) | $ | 16.1 | $ | 0.2 | $ | (1.3 | ) | |||||||
Translation adjustments | 1.1 | — | — | 1.1 | |||||||||||||
Prior service credits recognized during the year, net of tax of $6.5 | — | (10.9 | ) | — | (10.9 | ) | |||||||||||
Balance at December 31, 2012 | (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 | ) | |||||||
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 19, 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 $53.4 million in 2014, $52.6 million in 2013 and $41.3 million in 2012, 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, 2014, 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, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Combinations | Note 2 — BUSINESS COMBINATIONS | |||||||
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 in cash, 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 Global Color, Additives and Inks segment. The acquisition resulted in preliminary goodwill and intangible assets of $40.5 million. Goodwill recognized as a result of this acquisition is deductible for tax purposes. As of December 31, 2014, the entire purchase price allocation is preliminary. | ||||||||
Spartech Corporation | ||||||||
On March 13, 2013, PolyOne acquired Spartech Corporation (Spartech), a supplier of sustainable plastic sheet, color and engineered materials, and packaging solutions, based in Clayton, Missouri, with fiscal 2012 sales of $1,149.4 million and net income from continuing operations of $2.7 million. | ||||||||
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. PolyOne paid $83.4 million in cash and issued approximately 10.0 million shares of its common shares to Spartech's stockholders. 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 acquisition of Spartech has provided substantial 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 Global Specialty Engineered Materials, Global Color, Additives and Inks and Performance Products and Solutions segments since the date of acquisition. | ||||||||
Based on the closing price of PolyOne's common stock on March 13, 2013, the purchase price was comprised of the following: | ||||||||
(In millions, except stock price and share data) | ||||||||
Spartech shares outstanding | 31.2 | |||||||
Spartech restricted stock units | 0.2 | |||||||
Spartech shares converted | 31.4 | |||||||
Exchange ratio | 0.3167 | |||||||
PolyOne shares issued | 10 | |||||||
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 been accounted for using the acquisition method of accounting, which requires, among other things, the assets acquired and liabilities assumed be recognized at their respective fair values as of the acquisition date. The purchase price allocation was finalized in the first quarter of 2014, following the completion of our assessment of contingencies and income taxes, which resulted in an increase to goodwill of $9.4 million. The 2013 consolidated financial statements have not been retroactively adjusted as these measurement period adjustments did not have a material impact on such statements. | ||||||||
The following table summarizes PolyOne's final fair value estimates at the acquisition date: | ||||||||
(In millions) | Final allocation | |||||||
Accounts receivable | $ | 139.7 | ||||||
Inventories | 114.4 | |||||||
Other current assets | 18.6 | |||||||
Property | 280.3 | |||||||
Other non-current assets | 19.6 | |||||||
Intangible assets | 44.6 | |||||||
Goodwill | 162.6 | |||||||
Total assets acquired | 779.8 | |||||||
Short-term and current portion of long-term debt | 0.5 | |||||||
Accounts payable | 105 | |||||||
Accrued expenses and other liabilities | 43.1 | |||||||
Long-term debt | 11 | |||||||
Other non-current liabilities | 109.1 | |||||||
Total liabilities assumed | 268.7 | |||||||
Net assets acquired | $ | 511.1 | ||||||
Goodwill is calculated as the excess of the consideration transferred over the assets acquired, and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. Goodwill has been allocated to the Designed Structures and Solutions, Global Color, Additives and Inks and Performance Products and Solutions segments. Goodwill recognized as a result of this acquisition is not deductible for tax purposes. See Note 3, Goodwill and Intangible Assets, for information about goodwill and intangible assets. | ||||||||
The following unaudited pro forma information of PolyOne for the years ended December 31, 2013 and 2012 includes Spartech's operating results for the respective periods, as if the acquisition and related financing occurred on January 1, 2012. The following pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transaction occurred on the assumed date, nor is it necessarily an indication of trends in future results for a number of reasons, including, but not limited to, differences between the assumptions used to prepare the pro forma information, cost savings from operating efficiencies, potential synergies, and the impact of incremental costs incurred in integrating the businesses. | ||||||||
Year Ended December 31, | ||||||||
(In millions) | Pro Forma 2013 | Pro Forma 2012 | ||||||
Sales | $ | 3,989.20 | $ | 4,006.90 | ||||
Net income from continuing operations | $ | 94.7 | $ | 56.5 | ||||
The unaudited pro forma financial information presented in the table above has been adjusted to give effect to adjustments that are: (1) directly related to the business combination; (2) factually supportable; and (3) expected to have a continuing impact. These adjustments include, but are not limited to, depreciation and amortization related to fair value adjustments to property, plant and equipment and intangible assets, and interest expense on acquisition-related debt. | ||||||||
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. | ||||||||
Glasforms | ||||||||
On December 19, 2012, PolyOne acquired all of the outstanding equity of Glasforms Inc. (Glasforms), a leading manufacturer of glass and carbon fiber reinforced polymers and advanced composite products, with 2012 annual sales of $51.1 million. The purchase marks PolyOne's entry into advanced composite technology, an adjacency consistent with the Company's strategy of providing specialty solutions that deliver high value to customers. The acquisition date fair value of the consideration transferred was $34.3 million, net of cash acquired of $1.2 million. Glasforms results have been reflected within our Consolidated Statement of Income and within our Global Specialty Engineered Materials Segment since the date of acquisition. The acquisition resulted in goodwill of $12.4 million and $10.7 million of identifiable intangible assets. | ||||||||
In 2012, we incurred acquisition-related costs totaling of $3.9 million which have been included within Selling and administrative expense in our Consolidated Statement of Income. |
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
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, 2014 and 2013, and changes in the carrying amount of goodwill by segment were as follows: | |||||||||||||||||||||||||
(In millions) | Global | Global | Designed Structures and Solutions | Performance | PolyOne | Total | |||||||||||||||||||
Specialty | Color, | Products | Distribution | ||||||||||||||||||||||
Engineered | Additives | and | |||||||||||||||||||||||
Materials | and Inks | Solutions | |||||||||||||||||||||||
Goodwill, gross at January 1, 2013 | $ | 110.8 | $ | 314 | $ | — | $ | 182.4 | $ | 1.6 | $ | 608.8 | |||||||||||||
Accumulated impairment losses | (12.2 | ) | (16.1 | ) | — | (175.0 | ) | — | (203.3 | ) | |||||||||||||||
Goodwill, net at January 1, 2013 | 98.6 | 297.9 | — | 7.4 | 1.6 | 405.5 | |||||||||||||||||||
Acquisitions of businesses | 1.8 | 12.4 | 136.3 | 3.6 | — | 154.1 | |||||||||||||||||||
Currency translation | (0.5 | ) | (0.1 | ) | — | — | — | (0.6 | ) | ||||||||||||||||
Balance at December 31, 2013 | 99.9 | 310.2 | 136.3 | 11 | 1.6 | 559 | |||||||||||||||||||
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 | |||||||||||||
At December 31, 2014, PolyOne had $99.7 million of indefinite-lived other intangible assets that are not subject to amortization, consisting of a trade name of $33.2 million acquired as part of the 2008 acquisition of GLS Corporation (GLS), trade names of $63.1 million acquired as part of the acquisition of ColorMatrix and $3.4 million of in-process research and development (IPR&D) acquired as part of the ColorMatrix acquisition. Acquired IPR&D is accounted for as an indefinite-lived intangible asset until the project is complete. Upon completion, projects are reclassified to technology and amortized over their useful lives. IPR&D consists of one project that we expect to complete during 2015. | |||||||||||||||||||||||||
Indefinite and finite-lived intangible assets consisted of the following: | |||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
(In millions) | Acquisition | Accumulated | Currency | Impairment | Net | ||||||||||||||||||||
Cost | Amortization | Translation | |||||||||||||||||||||||
Customer relationships | $ | 199.4 | $ | (32.6 | ) | $ | — | $ | (1.3 | ) | $ | 165.5 | |||||||||||||
Patents, technology and other | 133.4 | (35.3 | ) | (0.1 | ) | (0.5 | ) | 97.5 | |||||||||||||||||
Indefinite-lived trade names | 96.3 | — | — | — | 96.3 | ||||||||||||||||||||
In-process research and development | 3.4 | — | — | — | 3.4 | ||||||||||||||||||||
Total | $ | 432.5 | $ | (67.9 | ) | $ | (0.1 | ) | $ | (1.8 | ) | $ | 362.7 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(In millions) | Acquisition | Accumulated | Currency | Net | |||||||||||||||||||||
Cost | Amortization | Translation | |||||||||||||||||||||||
Customer relationships | $ | 181.5 | $ | (24.1 | ) | $ | 0.1 | $ | 157.5 | ||||||||||||||||
Patents, technology and other | 134.3 | (25.8 | ) | 0.1 | 108.6 | ||||||||||||||||||||
Indefinite-lived trade names | 96.3 | — | — | 96.3 | |||||||||||||||||||||
In-process research and development | 3.4 | — | — | 3.4 | |||||||||||||||||||||
Total | $ | 415.5 | $ | (49.9 | ) | $ | 0.2 | $ | 365.8 | ||||||||||||||||
Amortization of other finite-lived intangible assets for the years ended December 31, 2014, 2013 and 2012 was $19.2 million, $17.8 million and $13.2 million, respectively. | |||||||||||||||||||||||||
As of December 31, 2014, we expect amortization expense on finite-lived intangibles for the next five years as follows: | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||
Expected amortization | $20.00 | $20.10 | $20.10 | $20.10 | $20.00 |
Employee_Separation_and_Restru
Employee Separation and Restructuring Costs | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Employee Separation and Restructuring Costs | Note 4 — EMPLOYEE SEPARATION AND RESTRUCTURING COSTS | |||||||||||||||
In 2013, PolyOne determined it would close seven former Spartech manufacturing facilities and one administrative office and relocate production to other PolyOne facilities. The manufacturing facilities’ closings are part of the Company’s ongoing integration of Spartech, which are designed to enable the Company to better serve customers, improve efficiency, and deliver a portion of the anticipated synergy-related cost savings in connection with the Spartech acquisition. 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. We also incurred costs associated with further asset rationalization at Spartech locations that were not part of the above actions. | ||||||||||||||||
The Company has incurred $103.8 million of charges in connection with the Spartech actions noted above. These costs include $26.2 million of severance, $40.9 million of asset-related charges, including accelerated depreciation, and $36.7 million of other ongoing costs. We expect to incur an additional $15.0 million of costs related to these actions, primarily in the first half of 2015. | ||||||||||||||||
The table below summarizes restructuring activity related to Spartech since the date of acquisition. | ||||||||||||||||
(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 | ||||||||
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 are expected to accelerate our specialty strategy in Brazil, streamline operations and improve our financial performance in the region. The table below summarizes restructuring activity related to Brazil since the date of closure. We do not expect the remaining charges related to these actions to have a material impact to our financial statements going forward. | ||||||||||||||||
(In millions) | Asset Charges | Employee Separation | Other Ongoing Costs | Total | ||||||||||||
Accrual balance at December 31, 2013 | $ | — | $ | — | $ | — | $ | — | ||||||||
Charged to expense | 10.7 | 2.9 | 3.4 | 17 | ||||||||||||
Cash payments | — | (1.8 | ) | (3.4 | ) | (5.2 | ) | |||||||||
Non-cash utilization | (10.7 | ) | — | — | (10.7 | ) | ||||||||||
Accrual balance at December 31, 2014 | $ | — | $ | 1.1 | $ | — | $ | 1.1 | ||||||||
In addition to the Spartech and Brazil actions noted above, during 2014, 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. These costs principally related to severance, which are recognized within selling and administrative expense. We do not expect the remaining charges related to these actions to have a material impact to our financial statements going forward. | ||||||||||||||||
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_Notes
Discontinued Operations (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Discontinued Operations | 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* | 2012 | |||||||||
Sales | $ | — | $ | 55.3 | $ | 131.8 | ||||||
Gain on sale | $ | — | $ | 223.7 | $ | — | ||||||
Income from operations | — | 12.2 | 29.7 | |||||||||
Income before taxes | — | 235.9 | 29.7 | |||||||||
Income tax benefit (expense) | 1.2 | (86.1 | ) | (11.1 | ) | |||||||
Income from discontinued operations, net of income taxes | $ | 1.2 | $ | 149.8 | $ | 18.6 | ||||||
* Includes the Resin Business' operating results through May 29, 2013. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Financing Arrangements | Total debt as of December 31 consisted of the following: | |||||||
(In millions) | 31-Dec-14 | December 31, | ||||||
2013 | ||||||||
7.500% debentures due 2015 | $ | 48.7 | $ | 48.7 | ||||
Revolving credit facility due 2018 | 45 | — | ||||||
7.375% senior notes due 2020 | 316.6 | 316.6 | ||||||
5.250% senior notes due 2023 | 600 | 600 | ||||||
Other debt | 13.5 | 23.6 | ||||||
Total debt | $ | 1,023.80 | $ | 988.9 | ||||
Less short-term and current portion of long-term debt | 61.8 | 12.7 | ||||||
Total long-term debt, net of current portion | $ | 962 | $ | 976.2 | ||||
During the first quarter of 2014, we repaid an $8.0 million industrial revenue bond that was assumed as a result of the Spartech acquisition. | ||||||||
In 2013, we repurchased $43.4 million aggregate principal amount of our 7.375% senior notes due 2020, $1.3 million aggregate principal amount of our 7.50% debentures due 2015 and $1.6 million of other debt. Additionally, we recognized $5.2 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. | ||||||||
On March 1, 2013, the agreement, dated December 21, 2011, governing our $300.0 million five-year senior secured revolving credit facility was amended and restated. The amendment and restatement resulted in an increase in commitments of $100.0 million for a maximum borrowing facility size of $400.0 million, subject to a borrowing base with advances against certain U.S. and Canadian accounts receivable and inventory. 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. In connection with the amendment and restatement, we also extended the maturity date to March 1, 2018. As of December 31, 2014, we were in compliance with all covenants and there were $45.0 million of outstanding borrowings under our asset-backed revolving credit facility, which had remaining availability of $233.7 million. | ||||||||
The Company maintains a credit line with Saudi Hollandi Bank for $16.0 million, with an interest rate equal to the Saudi Arabia Interbank Offered Rate plus a fixed rate of 0.85%. The credit line is being used to fund capital expenditures related to the manufacturing facility in Jeddah, Saudi Arabia and is subject to an annual renewal. 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, 2013, letters of credit under the credit line were $0.3 million and borrowings were $12.3 million with an interest rate of 1.85%. As of December 31, 2014 and 2013, there was remaining availability on the credit line of $2.7 million and $3.4 million, respectively. | ||||||||
During 2013, we incurred $13.0 million in debt financing related fees. These costs are included in Other current and Other non-current assets and are being amortized over the life of their respective agreements. | ||||||||
Aggregate maturities of debt for the next five years and thereafter are as follows: | ||||||||
(In millions) | ||||||||
2015 | $ | 61.8 | ||||||
2016 & 2017 | — | |||||||
2018 | 45.1 | |||||||
2019 | 0.1 | |||||||
Thereafter | 916.8 | |||||||
Aggregate maturities | $ | 1,023.80 | ||||||
Included in Interest expense, net for the years ended December 31, 2014, 2013 and 2012 was interest income of $1.1 million, $1.3 million and $0.8 million, respectively. Total interest paid on debt was $59.8 million in 2014, $50.4 million in 2013 and $45.8 million in 2012. |
Leasing_Arrangements
Leasing Arrangements | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
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 $30.4 million in 2014, $24.5 million in 2013 and $20.2 million in 2012. | ||||
Future minimum lease payments under non-cancelable operating leases with initial lease terms longer than one year as of December 31, 2014 are as follows (in millions): | |||||
(In millions) | |||||
2015 | $ | 25.6 | |||
2016 | 19.5 | ||||
2017 | 12.7 | ||||
2018 | 9 | ||||
2019 | 7.2 | ||||
Thereafter | 14.5 | ||||
Total | $ | 88.5 | |||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Accounts Receivable | Accounts receivable, net as of December 31 consist of the following: | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Trade accounts receivable | $ | 399.9 | $ | 433.2 | |||||||||
Allowance for doubtful accounts | (3.1 | ) | (5.2 | ) | |||||||||
Accounts receivable, net | $ | 396.8 | $ | 428 | |||||||||
The following table details the changes in allowance for doubtful accounts: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of the year | $ | (5.2 | ) | $ | (4.3 | ) | $ | (4.8 | ) | ||||
Provision for doubtful accounts | (0.4 | ) | (0.2 | ) | (0.3 | ) | |||||||
Accounts written off | 2.2 | 0.2 | 0.4 | ||||||||||
Currency translation and other adjustments | 0.3 | (0.9 | ) | 0.4 | |||||||||
Balance at end of year | $ | (3.1 | ) | $ | (5.2 | ) | $ | (4.3 | ) |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Components of Inventories, net are as follows: | ||||||||
(In millions) | December 31, 2014 | December 31, 2013 | |||||||
Finished products | $ | 187.8 | $ | 203.6 | |||||
Work in process | 4.1 | 3.9 | |||||||
Raw materials and supplies | 117.1 | 135 | |||||||
Inventories, net | $ | 309 | $ | 342.5 | |||||
Property
Property | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property | Components of Property, net are as follows: | ||||||||
(In millions) | December 31, 2014 | December 31, 2013 | |||||||
Land and land improvements | $ | 49.2 | $ | 52.5 | |||||
Buildings | 309.2 | 315.4 | |||||||
Machinery and equipment | 1,077.20 | 1,079.20 | |||||||
1,435.60 | 1,447.10 | ||||||||
Less accumulated depreciation and amortization | (838.9 | ) | (800.9 | ) | |||||
Property, net | $ | 596.7 | $ | 646.2 | |||||
Depreciation expense from continuing operations was $104.7 million in 2014, $91.0 million in 2013 and $52.6 million in 2012. Included in depreciation expense from continuing operations was accelerated depreciation of $23.1 million and $12.7 million during 2014 and 2013, respectively, related to announced restructuring actions. |
Other_Balance_Sheet_Liabilitie
Other Balance Sheet Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||
Other Balance Sheet Liabilities | Other liabilities at December 31, 2014 and 2013 consist of the following: | ||||||||||||||||
Accrued expenses and other liabilities | Other non-current liabilities | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Employment costs | $ | 112.2 | $ | 128.7 | $ | 23.4 | $ | 19.1 | |||||||||
Environmental liabilities | 11.5 | 12 | 109.6 | 113.9 | |||||||||||||
Accrued taxes | 10.3 | 34.7 | — | — | |||||||||||||
Pension and other post-employment benefits | 5.7 | 5.7 | — | — | |||||||||||||
Accrued interest | 16.1 | 16.2 | — | — | |||||||||||||
Dividends payable | 8.8 | 7.6 | — | — | |||||||||||||
Unrecognized tax benefits | 2.1 | 0.1 | 26 | 18.1 | |||||||||||||
Other | 6.8 | 4.3 | 19.3 | 18.3 | |||||||||||||
Total | $ | 173.5 | $ | 209.3 | $ | 178.3 | $ | 169.4 | |||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||
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. In the fourth quarter of 2014, we recognized a pre-tax charge of $56.5 million related to the actuarial losses during the year. We recognized a pre-tax benefit of $44.0 million and charge of $42.0 million in the fourth quarter of 2013 and 2012, respectively. | ||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
We sponsor several unfunded defined benefit post-retirement plans that provide subsidized health care and life insurance benefits to a certain closed group of retirees. In 2009, we adopted changes to our U.S. post-retirement healthcare plan whereby, effective January 1, 2010, the plan, for certain eligible retirees, was discontinued, and benefits were phased out through December 31, 2012. When this plan change was recognized in 2009, prior service cost amortization was calculated to fully amortize the prior service cost by the end of 2012, consistent with the period of continued benefits. | |||||||||||||||||||||||||
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. Actuarial assumptions that were used are also included. | |||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation — beginning of year | $ | 537 | $ | 597.2 | $ | 16.4 | $ | 18.9 | |||||||||||||||||
Service cost | 1.6 | 1.7 | — | — | |||||||||||||||||||||
Interest cost | 24.9 | 23.9 | 0.7 | 0.6 | |||||||||||||||||||||
Actuarial loss (gain) | 70.9 | (35.5 | ) | 1.3 | (1.0 | ) | |||||||||||||||||||
Benefits paid | (54.8 | ) | (51.5 | ) | (1.7 | ) | (2.0 | ) | |||||||||||||||||
Other | (2.8 | ) | 1.2 | (0.1 | ) | (0.1 | ) | ||||||||||||||||||
Projected benefit obligation — end of year | $ | 576.8 | $ | 537 | $ | 16.6 | $ | 16.4 | |||||||||||||||||
Projected salary increases | (3.5 | ) | (2.8 | ) | — | — | |||||||||||||||||||
Accumulated benefit obligation | $ | 573.3 | $ | 534.2 | $ | 16.6 | $ | 16.4 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Plan assets — beginning of year | $ | 472.2 | $ | 410.4 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 47.8 | 44.9 | — | — | |||||||||||||||||||||
Company contributions | 20.1 | 68 | 1.5 | 1.8 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 0.2 | 0.2 | |||||||||||||||||||||
Benefits paid | (54.8 | ) | (51.5 | ) | (1.7 | ) | (2.0 | ) | |||||||||||||||||
Other | (1.3 | ) | 0.4 | — | — | ||||||||||||||||||||
Plan assets — end of year | $ | 484 | $ | 472.2 | $ | — | $ | — | |||||||||||||||||
Unfunded status at end of year | $ | (92.8 | ) | $ | (64.8 | ) | $ | (16.6 | ) | $ | (16.4 | ) | |||||||||||||
Amounts included in the accompanying Consolidated Balance Sheets are as follows: | |||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Non-current assets | $ | — | $ | 1.8 | $ | — | $ | — | |||||||||||||||||
Accrued expenses and other liabilities | 4.1 | 4 | 1.6 | 1.7 | |||||||||||||||||||||
Other non-current liabilities | 88.7 | 62.6 | 15 | 14.7 | |||||||||||||||||||||
As of December 31, 2014 and 2013, 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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Projected benefit obligation | $ | 566.3 | $ | 528.5 | $ | 16.6 | $ | 16.4 | |||||||||||||||||
Accumulated benefit obligation | 562.8 | 525.6 | 16.6 | 16.4 | |||||||||||||||||||||
Fair value of plan assets | 473.5 | 461.9 | — | — | |||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate | 3.88 | % | 4.83 | % | 3.75 | % | 4.38 | % | |||||||||||||||||
Assumed health care cost trend rates at December 31: | |||||||||||||||||||||||||
Health care cost trend rate assumed for next year | N/A | N/A | 6.88 | % | 7.02 | % | |||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | 2027 | 2027 | |||||||||||||||||||||
Assumed health care cost trend rates have an effect on the amounts reported for the health care plans. A one percentage point change in assumed health care cost trend rates would have the following impact: | |||||||||||||||||||||||||
(In millions) | One Percentage | One Percentage | |||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | $ | — | $ | — | |||||||||||||||||||||
Effect on post-retirement benefit obligation | 1.1 | (1.0 | ) | ||||||||||||||||||||||
The following table summarizes the components of net period benefit cost or gain that was recognized during each of the years in the three-year period ended December 31, 2014. Actuarial assumptions that were used are also included. | |||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit costs (gains): | |||||||||||||||||||||||||
Service cost | $ | 1.6 | $ | 1.7 | $ | 1.5 | $ | — | $ | — | $ | — | |||||||||||||
Interest cost | 24.9 | 23.9 | 27.2 | 0.7 | 0.6 | 0.8 | |||||||||||||||||||
Expected return on plan assets | (32.2 | ) | (37.4 | ) | (27.6 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | — | — | — | — | — | (17.4 | ) | ||||||||||||||||||
Mark-to-market actuarial net losses (gains) | 55.2 | (43.0 | ) | 44 | 1.3 | (1.0 | ) | (2.0 | ) | ||||||||||||||||
Net periodic benefit cost (gain) | $ | 49.5 | $ | (54.8 | ) | $ | 45.1 | $ | 2 | $ | (0.4 | ) | $ | (18.6 | ) | ||||||||||
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, as shown in the tables above, 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 | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount rate* | 4.83 | % | 4.12 | % | 5.11 | % | 4.38 | % | 3.71 | % | 4.66 | % | |||||||||||||
Expected long-term return on plan assets* | 6.86 | % | 8.41 | % | 8.43 | % | — | % | — | % | — | % | |||||||||||||
Assumed health care cost trend rates at December 31: | |||||||||||||||||||||||||
Health care cost trend rate assumed for next year | N/A | N/A | N/A | 7.02 | % | 7.39 | % | 8.35 | % | ||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | N/A | N/A | N/A | 4.5 | % | 4.63 | % | 5 | % | ||||||||||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | N/A | 2027 | 2025 | 2019 | |||||||||||||||||||
*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, 2014 and 2013, by asset category, are as follows: | |||||||||||||||||||||||||
Fair Value of Plan Assets at December 31, 2014 | |||||||||||||||||||||||||
(In millions) | Quoted | Significant | Significant | Total | |||||||||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Asset category | |||||||||||||||||||||||||
Cash | $ | 6.7 | $ | — | $ | — | $ | 6.7 | |||||||||||||||||
Small-cap equity | 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 | — | 77 | |||||||||||||||||||||
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 | |||||||||||||||||
Fair Value of Plan Assets at December 31, 2013 | |||||||||||||||||||||||||
(In millions) | Quoted | Significant | Significant | Total | |||||||||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Asset category | |||||||||||||||||||||||||
Cash | $ | 6.6 | $ | — | $ | — | $ | 6.6 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Large-cap equity | 28.4 | — | — | 28.4 | |||||||||||||||||||||
Small-cap equity | 22 | — | — | 22 | |||||||||||||||||||||
International equity | 14.4 | — | — | 14.4 | |||||||||||||||||||||
Registered investment companies: | |||||||||||||||||||||||||
Fixed income | 107.7 | — | — | 107.7 | |||||||||||||||||||||
Non-U.S. equity | 45.2 | — | — | 45.2 | |||||||||||||||||||||
Floating rate income | 35.3 | — | — | 35.3 | |||||||||||||||||||||
Common collective funds: | |||||||||||||||||||||||||
Short-term investments | — | 14.8 | — | 14.8 | |||||||||||||||||||||
United States equity | — | 30 | — | 30 | |||||||||||||||||||||
United States treasuries | 42.8 | — | — | 42.8 | |||||||||||||||||||||
Fixed income securities | 125 | — | — | 125 | |||||||||||||||||||||
Totals | $ | 427.4 | $ | 44.8 | $ | — | $ | 472.2 | |||||||||||||||||
Large-cap equities represent U.S. publicly-traded equity securities of companies with a market capitalization typically in excess of $10 billion with a focus on growth or value. Small-cap equities represent U.S. publicly-traded equity securities of companies with a market capitalization typically less than $2 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 | Health | |||||||||||||||||||||||
Benefits | Care | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2015 | $ | 50 | $ | 1.6 | |||||||||||||||||||||
2016 | 39.5 | 1.6 | |||||||||||||||||||||||
2017 | 39 | 1.5 | |||||||||||||||||||||||
2018 | 39.1 | 1.5 | |||||||||||||||||||||||
2019 | 38.6 | 1.4 | |||||||||||||||||||||||
2020 through 2024 | 186.3 | 6 | |||||||||||||||||||||||
We currently estimate that 2015 employer contributions will be $24.5 million to all qualified and non-qualified pension plans and $1.6 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) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Retirement savings match | $ | 9.7 | $ | 9.8 | $ | 7.6 | |||||||||||||||||||
Retirement benefit contribution | 4 | 4 | 3.8 | ||||||||||||||||||||||
Total contributions | $ | 13.7 | $ | 13.8 | $ | 11.4 | |||||||||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments And Contingencies | Environmental — We or our subsidiaries 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 investigation and remediation of certain environmental 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 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 condition. | ||||||||||||
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 (now Westlake Vinyls, Inc.) Calvert City facility, 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 allocations of future remediation costs at the Calvert City site to Westlake Vinyls, Inc. 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 Calvert City. During the third quarter of 2013, we submitted a remedial investigation report to the United States Environmental Protection Agency (USEPA). The USEPA has required certain changes to the remedial investigation report, and development of a final report by the USEPA is ongoing. Further, we have undertaken steps to develop a feasibility study, including engaging a third party to perform ground water modeling at this site. Utilizing the preliminary results of this study, we were able to develop estimates for potential remedies at Calvert City. Based upon this information, in the fourth quarter of 2013, we adjusted our reserve by $47.0 million to reflect our best estimate of future costs. We expect the remedial investigation report and feasibility study to be finalized at the end of 2015, and we continue to pursue available insurance coverage. 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. | |||||||||||||
Given the uncertainties related to the lower Passaic River, including the fact that the final remedial actions and scope, and the ultimate allocation to Franklin-Burlington, have not yet been determined, we are not able to assess or estimate our remedial liability, if any, related to this matter. | |||||||||||||
Based on our estimates we had accruals totaling $121.1 million and $125.9 million as of December 31, 2014 and 2013, 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, 2014. 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) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of the year | $ | 125.9 | $ | 75.4 | $ | 76.2 | |||||||
Environmental expenses | 10.3 | 61.2 | 12.8 | ||||||||||
Net cash payments | (14.7 | ) | (14.3 | ) | (13.7 | ) | |||||||
Currency translation and other | (0.4 | ) | 3.6 | 0.1 | |||||||||
Balance at end of year | $ | 121.1 | $ | 125.9 | $ | 75.4 | |||||||
Included in Cost of sales in the accompanying Consolidated Statements of Income are insurance reimbursements received for previously incurred environmental costs of $3.7 million and $23.5 million in 2014 and 2013, respectively. | |||||||||||||
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 for $132.3 million in cash and the assumption by Olin of the obligations under our guarantee of senior secured notes issued by SunBelt of $42.7 million at the time of sale, $18.3 million as of December 31, 2014. 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, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
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. Certain foreign operations are branches of PolyOne and are, therefore, subject to United States as well as foreign income tax regulations. As a result, pre-tax income by location and the components of income tax expense by taxing jurisdiction are not directly related. | ||||||||||||
Income from continuing operations, before income taxes consists of the following: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 54.1 | $ | 105.2 | $ | 46.2 | |||||||
Foreign | 34.3 | 45.8 | 37.1 | ||||||||||
Income from continuing operations, before income taxes | $ | 88.4 | $ | 151 | $ | 83.3 | |||||||
A summary of income tax expense from continuing operations is as follows: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | (33.5 | ) | $ | (17.4 | ) | $ | (1.7 | ) | ||||
State | (3.1 | ) | (2.8 | ) | (0.9 | ) | |||||||
Foreign | (19.8 | ) | (23.3 | ) | (14.7 | ) | |||||||
Total current | $ | (56.4 | ) | $ | (43.5 | ) | $ | (17.3 | ) | ||||
Deferred: | |||||||||||||
Federal | $ | 36.7 | $ | (12.9 | ) | $ | (15.8 | ) | |||||
State | 4.6 | (1.8 | ) | 0.1 | |||||||||
Foreign | 3.9 | 0.1 | 2.9 | ||||||||||
Total deferred | $ | 45.2 | $ | (14.6 | ) | $ | (12.8 | ) | |||||
Total income tax expense | $ | (11.2 | ) | $ | (58.1 | ) | $ | (30.1 | ) | ||||
Refer to Note 5, Discontinued Operations, for income tax expense allocated to discontinued operations. | |||||||||||||
Reconciliation of income taxes from continuing operations at the U.S. statutory rate of 35% to the consolidated effective tax rate is as follows: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Income tax expense at 35% of income from continuing operations, before income taxes | $ | (30.9 | ) | $ | (52.8 | ) | $ | (29.2 | ) | ||||
State tax, net of federal benefit | 1.1 | (3.9 | ) | (1.3 | ) | ||||||||
Differences in rates of foreign operations | 5.4 | (1.2 | ) | 3.3 | |||||||||
Changes in valuation allowances | (6.9 | ) | (3.1 | ) | (0.9 | ) | |||||||
U.S. research and development credit | 1 | 2.1 | — | ||||||||||
Tax benefits on certain foreign investments | 13.4 | — | — | ||||||||||
Uncertain tax positions | (0.9 | ) | 0.5 | 0.1 | |||||||||
U.S. tax settlements | 2.8 | — | — | ||||||||||
Domestic manufacturing deduction | 2.2 | 1.5 | — | ||||||||||
Other, net | 1.6 | (1.2 | ) | (2.1 | ) | ||||||||
Income tax expense | $ | (11.2 | ) | $ | (58.1 | ) | $ | (30.1 | ) | ||||
Components of our deferred tax liabilities and assets as of December 31, 2014 and 2013 were as follows: | |||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Tax over book depreciation | $ | (76.9 | ) | $ | (87.1 | ) | |||||||
Intangibles | (135.2 | ) | (132.4 | ) | |||||||||
Other, net | (9.1 | ) | (13.6 | ) | |||||||||
Total deferred tax liabilities | $ | (221.2 | ) | $ | (233.1 | ) | |||||||
Deferred tax assets: | |||||||||||||
Pension and other post-retirement benefits | $ | 39.1 | $ | 20.6 | |||||||||
Employment costs | 47.2 | 36.8 | |||||||||||
Environmental | 46.5 | 49.3 | |||||||||||
Net operating loss carryforwards | 42 | 38 | |||||||||||
Other, net | 30.6 | 32.6 | |||||||||||
Total deferred tax assets | $ | 205.4 | $ | 177.3 | |||||||||
Valuation allowances | (23.6 | ) | (29.3 | ) | |||||||||
Net deferred tax liabilities | $ | (39.4 | ) | $ | (85.1 | ) | |||||||
As of December 31, 2014, we have combined state net operating loss carryforwards of $223.4 million that expire at various dates from 2015 through 2033. Various foreign subsidiaries have net operating loss carryforwards totaling $108.5 million that expire at various dates from 2015 through 2033. We have provided valuation allowances of $21.5 million against certain foreign and state loss carryforwards. | |||||||||||||
No provision has been made for income taxes on undistributed earnings of consolidated non-U.S. subsidiaries of $281.7 million at December 31, 2014, 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 $70.0 million and received refunds of $4.2 million in 2014. We made worldwide income tax payments of $120.3 million and $30.8 million in 2013 and 2012, respectively, and received refunds of $2.9 million and $13.0 million in 2013 and 2012, respectively. The increase in income tax payments made in 2013 is 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) | 2014 | 2013 | 2012 | ||||||||||
Balance as of January 1 | $ | 15.2 | $ | 14.5 | $ | 15.1 | |||||||
Additions based on tax positions related to the current year | 4.8 | — | 0.2 | ||||||||||
Additions for tax positions of prior years | 0.1 | — | — | ||||||||||
Reductions for tax positions of prior years | (2.3 | ) | (0.9 | ) | (0.4 | ) | |||||||
Balances related to acquired businesses | 14.2 | 1.1 | — | ||||||||||
Settlements and other | (3.4 | ) | 0.5 | (0.4 | ) | ||||||||
Balance as of December 31 | $ | 28.6 | $ | 15.2 | $ | 14.5 | |||||||
We recognize interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2014 and 2013, we had $8.6 million and $3.0 million accrued for interest and penalties, respectively. The increase during 2014 is primarily associated with purchase accounting adjustments. | |||||||||||||
Although the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months a reduction in unrecognized tax benefits may occur up to $19.2 million based on the outcome of tax examinations and as a result of the expiration of various statues of limitations. | |||||||||||||
If all unrecognized tax benefits were recognized, the net impact on the provision for income tax expense would be $25.0 million. | |||||||||||||
The Company is currently being audited by multiple state and foreign taxing jurisdictions. We are no longer subject to U.S. federal income tax examinations for periods preceding 2010 and, with limited exceptions, for periods preceding 2007 for state and 2002 for foreign tax examinations. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||
Share-Based Compensation | 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. We estimate forfeitures at the time of grant and revise that estimate, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||||
Equity and Performance Incentive Plans | |||||||||||||||
The PolyOne Corporation 2010 Equity and Performance Incentive Plan (2010 EPIP), as amended in 2012, reserved 5.0 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) | 2014 | 2013 | 2012 | ||||||||||||
Stock appreciation rights | $ | 5.5 | $ | 6.1 | $ | 5.1 | |||||||||
Performance shares | 0.7 | 0.3 | — | ||||||||||||
Restricted stock units | 8 | 10.1 | 5.3 | ||||||||||||
Total share-based compensation | $ | 14.2 | $ | 16.5 | $ | 10.4 | |||||||||
Stock Appreciation Rights | |||||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the total number of SARs granted were 0.3 million, 0.5 million and 0.8 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 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 below expected term assumption for fiscal 2014 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 2014, 2013 and 2012: | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Expected volatility (weighted-average) | 48.00% | 50.00% | 53.00% | ||||||||||||
Expected dividends | 0.91% | 1.04% | 1.37% | ||||||||||||
Expected term (in years) | 6.4 | 7.4 | 8 | ||||||||||||
Risk-free rate | 2.94% | 2.12% | 2.05% | ||||||||||||
Value of SARs granted | $14.05 | $10.83 | $6.92 | ||||||||||||
A summary of SAR activity for 2014 is presented below: | |||||||||||||||
Stock Appreciation Rights | Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||||
Per Share | Contractual Term | Value | |||||||||||||
In millions, except per share data) | |||||||||||||||
Outstanding as of January 1, 2014 | 2.1 | $ | 16.63 | 6.33 | $ | 39.3 | |||||||||
Granted | 0.3 | 35.19 | — | ||||||||||||
Exercised | (0.7 | ) | 15.55 | — | |||||||||||
Forfeited or expired | (0.1 | ) | 32 | — | |||||||||||
Outstanding as of December 31, 2014 | 1.6 | $ | 20.13 | 6.63 | $ | 28.9 | |||||||||
Vested and exercisable as of December 31, 2014 | 0.8 | $ | 14.81 | 5.02 | $ | 19 | |||||||||
The total intrinsic value of SARs exercised during 2014, 2013 and 2012 was $15.0 million, $14.9 million and $25.5 million, respectively. As of December 31, 2014, there was $2.1 million of total unrecognized compensation cost related to SARs, which is expected to be recognized over the weighted average remaining vesting period of 15 months. | |||||||||||||||
Restricted Stock Units | |||||||||||||||
Restricted stock units (RSUs) represent contingent rights to receive one common share at a future date provided certain vesting criteria are met. | |||||||||||||||
During 2014, 2013 and 2012, the total number of RSUs granted were 0.2 million, 0.5 million and 0.6 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, 2014, 1.0 million RSUs remain unvested with a weighted-average grant date fair value of $23.49. Unrecognized compensation cost for RSUs at December 31, 2014 was $6.1 million, which is expected to be recognized over the weighted average remaining vesting period of 12 months. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
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, intangibles 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, 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. | |||||||||||||||||||||||||||||
The following is a description of each of our five reportable segments. | |||||||||||||||||||||||||||||
Global Color, Additives and Inks | |||||||||||||||||||||||||||||
Global 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 offering also includes 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. Global Color, Additives and Inks has manufacturing, sales and service facilities located throughout North America, South America, Europe, Asia and Africa. | |||||||||||||||||||||||||||||
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 are included within the Global Color, Additives and Inks segment. | |||||||||||||||||||||||||||||
Global Specialty Engineered Materials | |||||||||||||||||||||||||||||
Global 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. Global 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. Designed Structures and Solutions is comprised of the former Spartech Custom Sheet and Rollstock and Packaging Technologies businesses. 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 deliver 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, consumer and graphic arts 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 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 way to develop custom products for niche markets by using our process technology expertise and multiple manufacturing platforms. | |||||||||||||||||||||||||||||
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, 2014 | Sales to | Intersegment | Total Sales | Operating | Depreciation and | Capital | Total | ||||||||||||||||||||||
(In millions) | External | Sales | Income | Amortization | Expenditures | Assets | |||||||||||||||||||||||
Customers | |||||||||||||||||||||||||||||
Global Color, Additives and Inks | 835 | 15.8 | 850.8 | 124.9 | 41.4 | 28.1 | 937.7 | ||||||||||||||||||||||
Global Specialty Engineered Materials | 555.2 | 43.1 | 598.3 | 72.4 | 16.7 | 15.2 | 370.5 | ||||||||||||||||||||||
Designed Structures and Solutions | 616.5 | 1 | 617.5 | 45.1 | 24.4 | 25.6 | 490.2 | ||||||||||||||||||||||
Performance Products and Solutions | 728.2 | 88.4 | 816.6 | 63.1 | 17.7 | 15.2 | 265.5 | ||||||||||||||||||||||
PolyOne Distribution | 1,100.60 | 13.8 | 1,114.40 | 68.2 | 0.6 | 0.1 | 214.2 | ||||||||||||||||||||||
Corporate and eliminations | — | (162.1 | ) | (162.1 | ) | (218.6 | ) | 23.1 | 8.6 | 433.1 | |||||||||||||||||||
Total | $ | 3,835.50 | $ | — | $ | 3,835.50 | $ | 155.1 | $ | 123.9 | $ | 92.8 | $ | 2,711.20 | |||||||||||||||
Year Ended December 31, 2013 | Sales to | Intersegment | Total Sales | Operating | Depreciation and | Capital | Total | ||||||||||||||||||||||
(In millions) | External | Sales | Income | Amortization (1) | Expenditures (1a) | Assets | |||||||||||||||||||||||
Customers | |||||||||||||||||||||||||||||
Global Color, Additives and Inks | 844.6 | 7.7 | 852.3 | 104 | 38.8 | 29.3 | 962 | ||||||||||||||||||||||
Global Specialty Engineered Materials | 571.9 | 43.6 | 615.5 | 57.2 | 18.8 | 14.3 | 379.6 | ||||||||||||||||||||||
Designed Structures and Solutions | 597.3 | 0.1 | 597.4 | 33.4 | 21.2 | 13.4 | 549.4 | ||||||||||||||||||||||
Performance Products and Solutions | 690.9 | 82.3 | 773.2 | 56 | 15.5 | 12.4 | 278.7 | ||||||||||||||||||||||
PolyOne Distribution | 1,066.50 | 8.7 | 1,075.20 | 63.3 | 0.6 | 0.3 | 216.7 | ||||||||||||||||||||||
Corporate and eliminations | — | (142.4 | ) | (142.4 | ) | (82.4 | ) | 13.9 | 6.5 | 557.7 | |||||||||||||||||||
Total | $ | 3,771.20 | $ | — | $ | 3,771.20 | $ | 231.5 | $ | 108.8 | $ | 76.2 | $ | 2,944.10 | |||||||||||||||
(1) Excludes $1.0 million of depreciation expense associated with the Resin Business. | |||||||||||||||||||||||||||||
(1a) Excludes $0.2 million of capital expenditures associated with the Resin Business. | |||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Sales to | Intersegment | Total Sales | Operating | Depreciation and | Capital | Total | ||||||||||||||||||||||
(In millions) | External | Sales | Income | Amortization (2) | Expenditures (2a) | Assets | |||||||||||||||||||||||
Customers | |||||||||||||||||||||||||||||
Global Color, Additives and Inks | 776.1 | 2.1 | 778.2 | 75.3 | 32.9 | 28.2 | 901.7 | ||||||||||||||||||||||
Global Specialty Engineered Materials | 504.9 | 38.7 | 543.6 | 47 | 14.3 | 12.9 | 396.6 | ||||||||||||||||||||||
Performance Products and Solutions | 554.9 | 75.4 | 630.3 | 38.8 | 13.7 | 4.6 | 205.4 | ||||||||||||||||||||||
PolyOne Distribution | 1,024.90 | 5.4 | 1,030.30 | 66 | 0.7 | 0.6 | 212.9 | ||||||||||||||||||||||
Corporate and eliminations | — | (121.6 | ) | (121.6 | ) | (89.6 | ) | 4.2 | 8.5 | 411.4 | |||||||||||||||||||
Total | $ | 2,860.80 | $ | — | $ | 2,860.80 | $ | 137.5 | $ | 65.8 | $ | 54.8 | $ | 2,128.00 | |||||||||||||||
(2) Excludes $4.0 million of depreciation expense associated with the Resin Business. | |||||||||||||||||||||||||||||
(2a) Excludes $2.6 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) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
United States | $ | 2,590.40 | $ | 2,538.20 | $ | 1,724.10 | |||||||||||||||||||||||
Europe | 511.8 | 519.7 | 488.1 | ||||||||||||||||||||||||||
Canada | 277.4 | 267.8 | 248.1 | ||||||||||||||||||||||||||
Asia | 246.2 | 239 | 221.2 | ||||||||||||||||||||||||||
Mexico | 178.4 | 158.1 | 141.8 | ||||||||||||||||||||||||||
South America | 31.3 | 48.4 | 37.5 | ||||||||||||||||||||||||||
Total Sales | $ | 3,835.50 | $ | 3,771.20 | $ | 2,860.80 | |||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||
United States | $ | 421.1 | $ | 444.4 | $ | 240.9 | |||||||||||||||||||||||
Europe | 95.7 | 103 | 82.2 | ||||||||||||||||||||||||||
Canada | 12.8 | 13.2 | 5.7 | ||||||||||||||||||||||||||
Asia | 39.5 | 51.8 | 45.1 | ||||||||||||||||||||||||||
Mexico | 19.7 | 20.5 | 3.5 | ||||||||||||||||||||||||||
South America | 7.9 | 13.3 | 8.4 | ||||||||||||||||||||||||||
Total Long-lived assets | $ | 596.7 | $ | 646.2 | $ | 385.8 | |||||||||||||||||||||||
Common_Share_Data
Common Share Data | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Common Share Data | Weighted-average shares used in computing net income per share are as follows: | |||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
Weighted-average shares — basic: | 92.3 | 95.5 | 89.1 | |||||||
Plus dilutive impact of share-based compensation | 1.2 | 1 | 0.7 | |||||||
Weighted-average shares — diluted: | 93.5 | 96.5 | 89.8 | |||||||
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, 0.3 million and 1.2 million at December 31, 2014, 2013 and 2012, respectively. | ||||||||||
In August 2008, our Board of Directors approved a stock repurchase program authorizing us to repurchase up to 10.0 million of our common shares, in the open market or in privately negotiated transactions. On October 11, 2011, PolyOne’s Board of Directors increased the common share repurchase authorization amount by 5.3 million and on October 23, 2012 increased the authorization an additional 13.2 million. As of December 31, 2014, the total common shares available for repurchase is 8.7 million. PolyOne may make all or part of any repurchases pursuant to accelerated share repurchases or Rule 10b5-1 plans. | ||||||||||
We purchased 6.3 million, 5.0 million and 1.2 million shares in 2014, 2013 and 2012, respectively, at an aggregate price of $233.2 million, $131.6 million and $15.9 million, respectively, under these authorizations. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||
Derivative Instruments | When translating results from foreign operations into U.S. dollars, we are subject to foreign exchange related risks in our operating results. We are also exposed to foreign exchange risk arising from intercompany lending transactions denominated in various foreign currencies that are subject to foreign exchange rate movement over the term of the loans. To mitigate these risks we enter into foreign exchange option and forward contracts. The counterparties to these instruments are financial institutions with strong credit ratings. PolyOne maintains control over the size of positions entered into with any one counterparty and regularly monitors the credit ratings of these institutions. | |||||||||||||
Derivative financial instruments are accounted for at fair value and recognized as assets or liabilities in the Consolidated Balance Sheets. These instruments are not designated as a hedge, and therefore, any gain or loss is immediately recognized in income. | ||||||||||||||
The fair values of derivative financial instruments recorded in the Consolidated Balance Sheets are as follows: | ||||||||||||||
December 31, 2014 | ||||||||||||||
(In millions) | Notional | Other current assets | ||||||||||||
Foreign currency forwards | $ | 5.1 | $ | — | ||||||||||
December 31, 2013 | ||||||||||||||
(In millions) | Notional | Other current assets | ||||||||||||
Foreign currency forwards | $ | 12.8 | $ | — | ||||||||||
The effects of derivative instruments on our Consolidated Statements of Income are as follows: | ||||||||||||||
(In millions) | 2014 | 2013 | 2012 | Location | ||||||||||
Foreign currency options - (losses) | $ | — | $ | (0.4 | ) | $ | (1.4 | ) | Selling and administrative expense | |||||
Foreign currency forwards - gains/(losses) | 1.1 | (0.6 | ) | (0.4 | ) | Other expense, net | ||||||||
Fair_Value
Fair Value | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
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, 2014 and 2013 are as follows: | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
(In millions) | Total | Quoted prices | Other | Unobservable | ||||||||||||
in active | observable | inputs | ||||||||||||||
markets for | inputs | (Level 3) | ||||||||||||||
identical assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Cash and cash equivalents | $ | 238.6 | $ | 238.6 | $ | — | $ | — | ||||||||
December 31, 2013 | ||||||||||||||||
(In millions) | Total | Quoted prices | Other | Unobservable | ||||||||||||
in active | observable | inputs | ||||||||||||||
markets for | inputs | (Level 3) | ||||||||||||||
identical assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Cash and cash equivalents | $ | 365.2 | $ | 365.2 | $ | — | $ | — | ||||||||
The fair value of derivative instruments are classified as Level 2 and are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and spot and forward foreign currency rates as well as option volatility and non-performance risk. | ||||||||||||||||
Other Fair Value Measurements | ||||||||||||||||
The estimated fair value of PolyOne’s debt instruments at December 31, 2014 and 2013 was $1,045.4 million and $1,010.3 million, respectively, compared to carrying values of $1,023.8 million and $988.9 million as of December 31, 2014 and 2013, 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. The implied fair value of goodwill is determined based on significant unobservable inputs, as summarized below. Accordingly, these inputs fall within Level 3 of the fair value hierarchy. No impairment charges were included in 2014, 2013 or 2012. 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. | ||||||||||||||||
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. No impairment charges were included in 2014, 2013 or 2012. | ||||||||||||||||
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. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | |||||||||||||||||||||||||||||||||
2014 Quarters | 2013 Quarters | ||||||||||||||||||||||||||||||||
(In millions, except per share data) | Fourth (2) | Third (3) | Second (4) | First (5) | Fourth(6) | Third (7) | Second (8) | First (9) | |||||||||||||||||||||||||
Sales | $ | 869.3 | $ | 958.4 | $ | 1,005.50 | $ | 1,002.30 | $ | 923.6 | $ | 1,008.90 | $ | 1,037.60 | $ | 801.1 | |||||||||||||||||
Gross Margin | 152.6 | 182.6 | 184.5 | 188.2 | 114.9 | 181.3 | 203.7 | 162.3 | |||||||||||||||||||||||||
Operating (loss)/income | (14.3 | ) | 63.6 | 49.4 | 56.4 | 48.7 | 61.6 | 80.7 | 40.5 | ||||||||||||||||||||||||
Net (loss)/income from continuing operations | (15.0 | ) | 32.3 | 30.7 | 29.2 | 20.6 | 23 | 38.3 | 11 | ||||||||||||||||||||||||
Net (loss)/income from continuing operations attributable to PolyOne shareholders | $ | (14.6 | ) | $ | 32.3 | $ | 30.9 | $ | 29.4 | $ | 21 | $ | 23.2 | $ | 38.6 | $ | 11.2 | ||||||||||||||||
Net income from continuing operations per common share attributable to PolyOne common shareholders: (1) | |||||||||||||||||||||||||||||||||
Basic net (loss)/income - continuing operations | $ | (0.16 | ) | $ | 0.35 | $ | 0.33 | $ | 0.31 | $ | 0.22 | $ | 0.24 | $ | 0.39 | $ | 0.12 | ||||||||||||||||
Diluted net (loss)/income - continuing operations | $ | (0.16 | ) | $ | 0.35 | $ | 0.33 | $ | 0.31 | $ | 0.22 | $ | 0.24 | $ | 0.39 | $ | 0.12 | ||||||||||||||||
-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 2014 are: 1) 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. | ||||||||||||||||||||||||||||||||
-3 | Included for the third quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs, 2) $5.9 million in environmental remediation costs and 3) a gain related to the reimbursement of previously incurred environmental costs of $1.6 million. | ||||||||||||||||||||||||||||||||
-4 | Included for the second quarter 2014 are: 1) $35.1 million in employee separation and restructuring costs and 2) $5.4 million tax benefit associated with our investments in certain foreign affiliates. | ||||||||||||||||||||||||||||||||
-5 | Included for the first quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs. | ||||||||||||||||||||||||||||||||
-6 | Included for the fourth quarter 2013 are: 1) gains from the SunBelt earn-out of $26.8 million, 2) mark-to-market pension and other post-retirement benefit gains of $44.0 million, 3) environmental remediation costs of $52.6 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $3.4 million and 5) employee separation and restructuring costs of $28.3 million. | ||||||||||||||||||||||||||||||||
-7 | Included for the third quarter 2013 are: 1) $5.3 million in environmental remediation costs, 2) $10.9 million in employee separation and restructuring costs, 3) $7.0 million gain on commercial litigation, 4) $5.2 million in debt extinguishment costs associated with our outstanding debt repurchases and 5) $1.2 million of acquisition and divestiture-related costs. | ||||||||||||||||||||||||||||||||
-8 | Included for the second quarter 2013 are: 1) pre-tax gain of $223.7 million related to the sale of the Resin Business, 2) $2.9 million in employee separation and restructuring costs, 3) acquisition and divestiture-related costs of $4.9 million, 4) environmental remediation costs of $1.3 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $14.9 million. | ||||||||||||||||||||||||||||||||
-9 | Included for the first quarter 2013 are: 1) $9.9 million in employee separation and restructuring costs 2) acquisition and divestiture-related costs of $8.7 million, 3) environmental remediation costs of $2.0 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $5.2 million and 5) $10.6 million in debt extinguishment costs related to the early retirement of our senior secured term loan. |
Description_Of_Business_And_Su1
Description Of Business And Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted | Accounting Standards Not Yet Adopted |
In April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment," which revises what qualifies as a discontinued operation, changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This ASU will be effective for the Company for applicable transactions occurring after January 1, 2015. We will prospectively apply the guidance to applicable transactions. | |
In May 2014, the Financial Accounting Standards Board 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, 2017, 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. | |
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. | |
Reclassification | 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 2013 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 Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 840, Leases. | |
Intangible Assets | 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 22 years. |
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 other indefinite-lived intangibles is October 1st. We completed our testing of impairment as of October 1, noting no impairment in 2014, 2013 or 2012. 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, 2015. Refer to Note 19, 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. This standard requires us to (1) recognize the funded status of the benefit plans in our Consolidated Balance Sheet, (2) recognize, as a component of other comprehensive income or net periodic benefit cost, the gains or losses and prior service costs or credits that arise during the period and (3) measure defined benefit plan assets and obligations as of December 31. 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 19, 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 $53.4 million in 2014, $52.6 million in 2013 and $41.3 million in 2012, 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, 2014, 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_Su2
Description Of Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||||||||||
Changes in accumulated other comprehensive loss in 2014, 2013 and 2012 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, 2012 | $ | (17.6 | ) | $ | 16.1 | $ | 0.2 | $ | (1.3 | ) | |||||||
Translation adjustments | 1.1 | — | — | 1.1 | |||||||||||||
Prior service credits recognized during the year, net of tax of $6.5 | — | (10.9 | ) | — | (10.9 | ) | |||||||||||
Balance at December 31, 2012 | (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 | ) | |||||||
Business_Combinations_Tables
Business Combinations (Tables) (Spartech Corporation) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Spartech Corporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Based on the closing price of PolyOne's common stock on March 13, 2013, the purchase price was comprised of the following: | |||||||
(In millions, except stock price and share data) | ||||||||
Spartech shares outstanding | 31.2 | |||||||
Spartech restricted stock units | 0.2 | |||||||
Spartech shares converted | 31.4 | |||||||
Exchange ratio | 0.3167 | |||||||
PolyOne shares issued | 10 | |||||||
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 following table summarizes PolyOne's final fair value estimates at the acquisition date: | ||||||||
(In millions) | Final allocation | |||||||
Accounts receivable | $ | 139.7 | ||||||
Inventories | 114.4 | |||||||
Other current assets | 18.6 | |||||||
Property | 280.3 | |||||||
Other non-current assets | 19.6 | |||||||
Intangible assets | 44.6 | |||||||
Goodwill | 162.6 | |||||||
Total assets acquired | 779.8 | |||||||
Short-term and current portion of long-term debt | 0.5 | |||||||
Accounts payable | 105 | |||||||
Accrued expenses and other liabilities | 43.1 | |||||||
Long-term debt | 11 | |||||||
Other non-current liabilities | 109.1 | |||||||
Total liabilities assumed | 268.7 | |||||||
Net assets acquired | $ | 511.1 | ||||||
Business Acquisition, Pro Forma Information | ||||||||
Year Ended December 31, | ||||||||
(In millions) | Pro Forma 2013 | Pro Forma 2012 | ||||||
Sales | $ | 3,989.20 | $ | 4,006.90 | ||||
Net income from continuing operations | $ | 94.7 | $ | 56.5 | ||||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill By Operating Segment | Goodwill as of December 31, 2014 and 2013, and changes in the carrying amount of goodwill by segment were as follows: | ||||||||||||||||||||||||
(In millions) | Global | Global | Designed Structures and Solutions | Performance | PolyOne | Total | |||||||||||||||||||
Specialty | Color, | Products | Distribution | ||||||||||||||||||||||
Engineered | Additives | and | |||||||||||||||||||||||
Materials | and Inks | Solutions | |||||||||||||||||||||||
Goodwill, gross at January 1, 2013 | $ | 110.8 | $ | 314 | $ | — | $ | 182.4 | $ | 1.6 | $ | 608.8 | |||||||||||||
Accumulated impairment losses | (12.2 | ) | (16.1 | ) | — | (175.0 | ) | — | (203.3 | ) | |||||||||||||||
Goodwill, net at January 1, 2013 | 98.6 | 297.9 | — | 7.4 | 1.6 | 405.5 | |||||||||||||||||||
Acquisitions of businesses | 1.8 | 12.4 | 136.3 | 3.6 | — | 154.1 | |||||||||||||||||||
Currency translation | (0.5 | ) | (0.1 | ) | — | — | — | (0.6 | ) | ||||||||||||||||
Balance at December 31, 2013 | 99.9 | 310.2 | 136.3 | 11 | 1.6 | 559 | |||||||||||||||||||
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 | |||||||||||||
Carrying Value And Accumulated Amortization Of Intangible Assets | Indefinite and finite-lived intangible assets consisted of the following: | ||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
(In millions) | Acquisition | Accumulated | Currency | Impairment | Net | ||||||||||||||||||||
Cost | Amortization | Translation | |||||||||||||||||||||||
Customer relationships | $ | 199.4 | $ | (32.6 | ) | $ | — | $ | (1.3 | ) | $ | 165.5 | |||||||||||||
Patents, technology and other | 133.4 | (35.3 | ) | (0.1 | ) | (0.5 | ) | 97.5 | |||||||||||||||||
Indefinite-lived trade names | 96.3 | — | — | — | 96.3 | ||||||||||||||||||||
In-process research and development | 3.4 | — | — | — | 3.4 | ||||||||||||||||||||
Total | $ | 432.5 | $ | (67.9 | ) | $ | (0.1 | ) | $ | (1.8 | ) | $ | 362.7 | ||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(In millions) | Acquisition | Accumulated | Currency | Net | |||||||||||||||||||||
Cost | Amortization | Translation | |||||||||||||||||||||||
Customer relationships | $ | 181.5 | $ | (24.1 | ) | $ | 0.1 | $ | 157.5 | ||||||||||||||||
Patents, technology and other | 134.3 | (25.8 | ) | 0.1 | 108.6 | ||||||||||||||||||||
Indefinite-lived trade names | 96.3 | — | — | 96.3 | |||||||||||||||||||||
In-process research and development | 3.4 | — | — | 3.4 | |||||||||||||||||||||
Total | $ | 415.5 | $ | (49.9 | ) | $ | 0.2 | $ | 365.8 | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | As of December 31, 2014, we expect amortization expense on finite-lived intangibles for the next five years as follows: | ||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||||||||
Expected amortization | $20.00 | $20.10 | $20.10 | $20.10 | $20.00 |
Employee_Separation_and_Restru1
Employee Separation and Restructuring Costs Schedule of restructuring and related costs (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Spartech [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and Related Costs | The table below summarizes restructuring activity related to Spartech since the date of acquisition. | |||||||||||||||
(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 | ||||||||
Brazil [Member] | ||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||
Restructuring and Related Costs | ||||||||||||||||
(In millions) | Asset Charges | Employee Separation | Other Ongoing Costs | Total | ||||||||||||
Accrual balance at December 31, 2013 | $ | — | $ | — | $ | — | $ | — | ||||||||
Charged to expense | 10.7 | 2.9 | 3.4 | 17 | ||||||||||||
Cash payments | — | (1.8 | ) | (3.4 | ) | (5.2 | ) | |||||||||
Non-cash utilization | (10.7 | ) | — | — | (10.7 | ) | ||||||||||
Accrual balance at December 31, 2014 | $ | — | $ | 1.1 | $ | — | $ | 1.1 | ||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The Resin Business' sales, income before income taxes and net income were as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013* | 2012 | |||||||||
Sales | $ | — | $ | 55.3 | $ | 131.8 | ||||||
Gain on sale | $ | — | $ | 223.7 | $ | — | ||||||
Income from operations | — | 12.2 | 29.7 | |||||||||
Income before taxes | — | 235.9 | 29.7 | |||||||||
Income tax benefit (expense) | 1.2 | (86.1 | ) | (11.1 | ) | |||||||
Income from discontinued operations, net of income taxes | $ | 1.2 | $ | 149.8 | $ | 18.6 | ||||||
* Includes the Resin Business' operating results through May 29, 2013. |
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments | Total debt as of December 31 consisted of the following: | |||||||
(In millions) | 31-Dec-14 | December 31, | ||||||
2013 | ||||||||
7.500% debentures due 2015 | $ | 48.7 | $ | 48.7 | ||||
Revolving credit facility due 2018 | 45 | — | ||||||
7.375% senior notes due 2020 | 316.6 | 316.6 | ||||||
5.250% senior notes due 2023 | 600 | 600 | ||||||
Other debt | 13.5 | 23.6 | ||||||
Total debt | $ | 1,023.80 | $ | 988.9 | ||||
Less short-term and current portion of long-term debt | 61.8 | 12.7 | ||||||
Total long-term debt, net of current portion | $ | 962 | $ | 976.2 | ||||
Schedule of Maturities of Long-term Debt | Aggregate maturities of debt for the next five years and thereafter are as follows: | |||||||
(In millions) | ||||||||
2015 | $ | 61.8 | ||||||
2016 & 2017 | — | |||||||
2018 | 45.1 | |||||||
2019 | 0.1 | |||||||
Thereafter | 916.8 | |||||||
Aggregate maturities | $ | 1,023.80 | ||||||
Leasing_Arrangements_Tables
Leasing Arrangements (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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, 2014 are as follows (in millions): | ||||
(In millions) | |||||
2015 | $ | 25.6 | |||
2016 | 19.5 | ||||
2017 | 12.7 | ||||
2018 | 9 | ||||
2019 | 7.2 | ||||
Thereafter | 14.5 | ||||
Total | $ | 88.5 | |||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Receivables [Abstract] | |||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable, net as of December 31 consist of the following: | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Trade accounts receivable | $ | 399.9 | $ | 433.2 | |||||||||
Allowance for doubtful accounts | (3.1 | ) | (5.2 | ) | |||||||||
Accounts receivable, net | $ | 396.8 | $ | 428 | |||||||||
The following table details the changes in allowance for doubtful accounts: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of the year | $ | (5.2 | ) | $ | (4.3 | ) | $ | (4.8 | ) | ||||
Provision for doubtful accounts | (0.4 | ) | (0.2 | ) | (0.3 | ) | |||||||
Accounts written off | 2.2 | 0.2 | 0.4 | ||||||||||
Currency translation and other adjustments | 0.3 | (0.9 | ) | 0.4 | |||||||||
Balance at end of year | $ | (3.1 | ) | $ | (5.2 | ) | $ | (4.3 | ) |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Components Of Inventories | Components of Inventories, net are as follows: | ||||||||
(In millions) | December 31, 2014 | December 31, 2013 | |||||||
Finished products | $ | 187.8 | $ | 203.6 | |||||
Work in process | 4.1 | 3.9 | |||||||
Raw materials and supplies | 117.1 | 135 | |||||||
Inventories, net | $ | 309 | $ | 342.5 | |||||
Property_Tables
Property (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components Of Property, Net | Components of Property, net are as follows: | ||||||||
(In millions) | December 31, 2014 | December 31, 2013 | |||||||
Land and land improvements | $ | 49.2 | $ | 52.5 | |||||
Buildings | 309.2 | 315.4 | |||||||
Machinery and equipment | 1,077.20 | 1,079.20 | |||||||
1,435.60 | 1,447.10 | ||||||||
Less accumulated depreciation and amortization | (838.9 | ) | (800.9 | ) | |||||
Property, net | $ | 596.7 | $ | 646.2 | |||||
Other_Balance_Sheet_Liabilitie1
Other Balance Sheet Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||
Components Of Other Liabilities | Other liabilities at December 31, 2014 and 2013 consist of the following: | ||||||||||||||||
Accrued expenses and other liabilities | Other non-current liabilities | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Employment costs | $ | 112.2 | $ | 128.7 | $ | 23.4 | $ | 19.1 | |||||||||
Environmental liabilities | 11.5 | 12 | 109.6 | 113.9 | |||||||||||||
Accrued taxes | 10.3 | 34.7 | — | — | |||||||||||||
Pension and other post-employment benefits | 5.7 | 5.7 | — | — | |||||||||||||
Accrued interest | 16.1 | 16.2 | — | — | |||||||||||||
Dividends payable | 8.8 | 7.6 | — | — | |||||||||||||
Unrecognized tax benefits | 2.1 | 0.1 | 26 | 18.1 | |||||||||||||
Other | 6.8 | 4.3 | 19.3 | 18.3 | |||||||||||||
Total | $ | 173.5 | $ | 209.3 | $ | 178.3 | $ | 169.4 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
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. Actuarial assumptions that were used are also included. | ||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Projected benefit obligation — beginning of year | $ | 537 | $ | 597.2 | $ | 16.4 | $ | 18.9 | |||||||||||||||||
Service cost | 1.6 | 1.7 | — | — | |||||||||||||||||||||
Interest cost | 24.9 | 23.9 | 0.7 | 0.6 | |||||||||||||||||||||
Actuarial loss (gain) | 70.9 | (35.5 | ) | 1.3 | (1.0 | ) | |||||||||||||||||||
Benefits paid | (54.8 | ) | (51.5 | ) | (1.7 | ) | (2.0 | ) | |||||||||||||||||
Other | (2.8 | ) | 1.2 | (0.1 | ) | (0.1 | ) | ||||||||||||||||||
Projected benefit obligation — end of year | $ | 576.8 | $ | 537 | $ | 16.6 | $ | 16.4 | |||||||||||||||||
Projected salary increases | (3.5 | ) | (2.8 | ) | — | — | |||||||||||||||||||
Accumulated benefit obligation | $ | 573.3 | $ | 534.2 | $ | 16.6 | $ | 16.4 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Plan assets — beginning of year | $ | 472.2 | $ | 410.4 | $ | — | $ | — | |||||||||||||||||
Actual return on plan assets | 47.8 | 44.9 | — | — | |||||||||||||||||||||
Company contributions | 20.1 | 68 | 1.5 | 1.8 | |||||||||||||||||||||
Plan participants’ contributions | — | — | 0.2 | 0.2 | |||||||||||||||||||||
Benefits paid | (54.8 | ) | (51.5 | ) | (1.7 | ) | (2.0 | ) | |||||||||||||||||
Other | (1.3 | ) | 0.4 | — | — | ||||||||||||||||||||
Plan assets — end of year | $ | 484 | $ | 472.2 | $ | — | $ | — | |||||||||||||||||
Unfunded status at end of year | $ | (92.8 | ) | $ | (64.8 | ) | $ | (16.6 | ) | $ | (16.4 | ) | |||||||||||||
Amounts Included In Consolidated Balance Sheets | Amounts included in the accompanying Consolidated Balance Sheets are as follows: | ||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Non-current assets | $ | — | $ | 1.8 | $ | — | $ | — | |||||||||||||||||
Accrued expenses and other liabilities | 4.1 | 4 | 1.6 | 1.7 | |||||||||||||||||||||
Other non-current liabilities | 88.7 | 62.6 | 15 | 14.7 | |||||||||||||||||||||
Schedule Of Projected And Accumulated Benefit Obligations In Excess Of Plan Assets | As of December 31, 2014 and 2013, 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) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Projected benefit obligation | $ | 566.3 | $ | 528.5 | $ | 16.6 | $ | 16.4 | |||||||||||||||||
Accumulated benefit obligation | 562.8 | 525.6 | 16.6 | 16.4 | |||||||||||||||||||||
Fair value of plan assets | 473.5 | 461.9 | — | — | |||||||||||||||||||||
Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost and Benefit Obligation | Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31: | ||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount rate* | 4.83 | % | 4.12 | % | 5.11 | % | 4.38 | % | 3.71 | % | 4.66 | % | |||||||||||||
Expected long-term return on plan assets* | 6.86 | % | 8.41 | % | 8.43 | % | — | % | — | % | — | % | |||||||||||||
Assumed health care cost trend rates at December 31: | |||||||||||||||||||||||||
Health care cost trend rate assumed for next year | N/A | N/A | N/A | 7.02 | % | 7.39 | % | 8.35 | % | ||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | N/A | N/A | N/A | 4.5 | % | 4.63 | % | 5 | % | ||||||||||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | N/A | 2027 | 2025 | 2019 | |||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Discount rate | 3.88 | % | 4.83 | % | 3.75 | % | 4.38 | % | |||||||||||||||||
Assumed health care cost trend rates at December 31: | |||||||||||||||||||||||||
Health care cost trend rate assumed for next year | N/A | N/A | 6.88 | % | 7.02 | % | |||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | N/A | N/A | 4.5 | % | 4.5 | % | |||||||||||||||||||
Year that the rate reaches the ultimate trend rate | N/A | N/A | 2027 | 2027 | |||||||||||||||||||||
Impact Of One Percentage Point Change In Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates have an effect on the amounts reported for the health care plans. A one percentage point change in assumed health care cost trend rates would have the following impact: | ||||||||||||||||||||||||
(In millions) | One Percentage | One Percentage | |||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | $ | — | $ | — | |||||||||||||||||||||
Effect on post-retirement benefit obligation | 1.1 | (1.0 | ) | ||||||||||||||||||||||
Components Of Net Period Benefit Cost | The following table summarizes the components of net period benefit cost or gain that was recognized during each of the years in the three-year period ended December 31, 2014. Actuarial assumptions that were used are also included. | ||||||||||||||||||||||||
Pension Benefits | Health Care Benefits | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Components of net periodic benefit costs (gains): | |||||||||||||||||||||||||
Service cost | $ | 1.6 | $ | 1.7 | $ | 1.5 | $ | — | $ | — | $ | — | |||||||||||||
Interest cost | 24.9 | 23.9 | 27.2 | 0.7 | 0.6 | 0.8 | |||||||||||||||||||
Expected return on plan assets | (32.2 | ) | (37.4 | ) | (27.6 | ) | — | — | — | ||||||||||||||||
Amortization of prior service cost | — | — | — | — | — | (17.4 | ) | ||||||||||||||||||
Mark-to-market actuarial net losses (gains) | 55.2 | (43.0 | ) | 44 | 1.3 | (1.0 | ) | (2.0 | ) | ||||||||||||||||
Net periodic benefit cost (gain) | $ | 49.5 | $ | (54.8 | ) | $ | 45.1 | $ | 2 | $ | (0.4 | ) | $ | (18.6 | ) | ||||||||||
Fair Values Of Pension Plan Assets | The fair values of pension plan assets at December 31, 2014 and 2013, by asset category, are as follows: | ||||||||||||||||||||||||
Fair Value of Plan Assets at December 31, 2014 | |||||||||||||||||||||||||
(In millions) | Quoted | Significant | Significant | Total | |||||||||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Asset category | |||||||||||||||||||||||||
Cash | $ | 6.7 | $ | — | $ | — | $ | 6.7 | |||||||||||||||||
Small-cap equity | 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 | — | 77 | |||||||||||||||||||||
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 | |||||||||||||||||
Fair Value of Plan Assets at December 31, 2013 | |||||||||||||||||||||||||
(In millions) | Quoted | Significant | Significant | Total | |||||||||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||||||||||
Active | Observable | Inputs | |||||||||||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||||||
Asset category | |||||||||||||||||||||||||
Cash | $ | 6.6 | $ | — | $ | — | $ | 6.6 | |||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Large-cap equity | 28.4 | — | — | 28.4 | |||||||||||||||||||||
Small-cap equity | 22 | — | — | 22 | |||||||||||||||||||||
International equity | 14.4 | — | — | 14.4 | |||||||||||||||||||||
Registered investment companies: | |||||||||||||||||||||||||
Fixed income | 107.7 | — | — | 107.7 | |||||||||||||||||||||
Non-U.S. equity | 45.2 | — | — | 45.2 | |||||||||||||||||||||
Floating rate income | 35.3 | — | — | 35.3 | |||||||||||||||||||||
Common collective funds: | |||||||||||||||||||||||||
Short-term investments | — | 14.8 | — | 14.8 | |||||||||||||||||||||
United States equity | — | 30 | — | 30 | |||||||||||||||||||||
United States treasuries | 42.8 | — | — | 42.8 | |||||||||||||||||||||
Fixed income securities | 125 | — | — | 125 | |||||||||||||||||||||
Totals | $ | 427.4 | $ | 44.8 | $ | — | $ | 472.2 | |||||||||||||||||
Estimated Future Benefit Payments | The estimated future benefit payments for our pension and health care plans are as follows: | ||||||||||||||||||||||||
(In millions) | Pension | Health | |||||||||||||||||||||||
Benefits | Care | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2015 | $ | 50 | $ | 1.6 | |||||||||||||||||||||
2016 | 39.5 | 1.6 | |||||||||||||||||||||||
2017 | 39 | 1.5 | |||||||||||||||||||||||
2018 | 39.1 | 1.5 | |||||||||||||||||||||||
2019 | 38.6 | 1.4 | |||||||||||||||||||||||
2020 through 2024 | 186.3 | 6 | |||||||||||||||||||||||
Schedule Of Contributions To The Retirement Savings Plan | Following are our contributions to the RSP: | ||||||||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Retirement savings match | $ | 9.7 | $ | 9.8 | $ | 7.6 | |||||||||||||||||||
Retirement benefit contribution | 4 | 4 | 3.8 | ||||||||||||||||||||||
Total contributions | $ | 13.7 | $ | 13.8 | $ | 11.4 | |||||||||||||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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) | 2014 | 2013 | 2012 | ||||||||||
Balance at beginning of the year | $ | 125.9 | $ | 75.4 | $ | 76.2 | |||||||
Environmental expenses | 10.3 | 61.2 | 12.8 | ||||||||||
Net cash payments | (14.7 | ) | (14.3 | ) | (13.7 | ) | |||||||
Currency translation and other | (0.4 | ) | 3.6 | 0.1 | |||||||||
Balance at end of year | $ | 121.1 | $ | 125.9 | $ | 75.4 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule Of Income (Loss) Before Income Taxes | Income from continuing operations, before income taxes consists of the following: | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Domestic | $ | 54.1 | $ | 105.2 | $ | 46.2 | |||||||
Foreign | 34.3 | 45.8 | 37.1 | ||||||||||
Income from continuing operations, before income taxes | $ | 88.4 | $ | 151 | $ | 83.3 | |||||||
Summary Of Income Tax (Expense) Benefit | A summary of income tax expense from continuing operations is as follows: | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | (33.5 | ) | $ | (17.4 | ) | $ | (1.7 | ) | ||||
State | (3.1 | ) | (2.8 | ) | (0.9 | ) | |||||||
Foreign | (19.8 | ) | (23.3 | ) | (14.7 | ) | |||||||
Total current | $ | (56.4 | ) | $ | (43.5 | ) | $ | (17.3 | ) | ||||
Deferred: | |||||||||||||
Federal | $ | 36.7 | $ | (12.9 | ) | $ | (15.8 | ) | |||||
State | 4.6 | (1.8 | ) | 0.1 | |||||||||
Foreign | 3.9 | 0.1 | 2.9 | ||||||||||
Total deferred | $ | 45.2 | $ | (14.6 | ) | $ | (12.8 | ) | |||||
Total income tax expense | $ | (11.2 | ) | $ | (58.1 | ) | $ | (30.1 | ) | ||||
Difference Between Effective Income Tax Rate And U.S. Statutory Rate | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Income tax expense at 35% of income from continuing operations, before income taxes | $ | (30.9 | ) | $ | (52.8 | ) | $ | (29.2 | ) | ||||
State tax, net of federal benefit | 1.1 | (3.9 | ) | (1.3 | ) | ||||||||
Differences in rates of foreign operations | 5.4 | (1.2 | ) | 3.3 | |||||||||
Changes in valuation allowances | (6.9 | ) | (3.1 | ) | (0.9 | ) | |||||||
U.S. research and development credit | 1 | 2.1 | — | ||||||||||
Tax benefits on certain foreign investments | 13.4 | — | — | ||||||||||
Uncertain tax positions | (0.9 | ) | 0.5 | 0.1 | |||||||||
U.S. tax settlements | 2.8 | — | — | ||||||||||
Domestic manufacturing deduction | 2.2 | 1.5 | — | ||||||||||
Other, net | 1.6 | (1.2 | ) | (2.1 | ) | ||||||||
Income tax expense | $ | (11.2 | ) | $ | (58.1 | ) | $ | (30.1 | ) | ||||
Components Of Deferred Tax Liabilities And Assets | Components of our deferred tax liabilities and assets as of December 31, 2014 and 2013 were as follows: | ||||||||||||
(In millions) | 2014 | 2013 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Tax over book depreciation | $ | (76.9 | ) | $ | (87.1 | ) | |||||||
Intangibles | (135.2 | ) | (132.4 | ) | |||||||||
Other, net | (9.1 | ) | (13.6 | ) | |||||||||
Total deferred tax liabilities | $ | (221.2 | ) | $ | (233.1 | ) | |||||||
Deferred tax assets: | |||||||||||||
Pension and other post-retirement benefits | $ | 39.1 | $ | 20.6 | |||||||||
Employment costs | 47.2 | 36.8 | |||||||||||
Environmental | 46.5 | 49.3 | |||||||||||
Net operating loss carryforwards | 42 | 38 | |||||||||||
Other, net | 30.6 | 32.6 | |||||||||||
Total deferred tax assets | $ | 205.4 | $ | 177.3 | |||||||||
Valuation allowances | (23.6 | ) | (29.3 | ) | |||||||||
Net deferred tax liabilities | $ | (39.4 | ) | $ | (85.1 | ) | |||||||
Changes In Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows: | ||||||||||||
Unrecognized Tax Benefits | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||
Balance as of January 1 | $ | 15.2 | $ | 14.5 | $ | 15.1 | |||||||
Additions based on tax positions related to the current year | 4.8 | — | 0.2 | ||||||||||
Additions for tax positions of prior years | 0.1 | — | — | ||||||||||
Reductions for tax positions of prior years | (2.3 | ) | (0.9 | ) | (0.4 | ) | |||||||
Balances related to acquired businesses | 14.2 | 1.1 | — | ||||||||||
Settlements and other | (3.4 | ) | 0.5 | (0.4 | ) | ||||||||
Balance as of December 31 | $ | 28.6 | $ | 15.2 | $ | 14.5 | |||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
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) | 2014 | 2013 | 2012 | ||||||||||||
Stock appreciation rights | $ | 5.5 | $ | 6.1 | $ | 5.1 | |||||||||
Performance shares | 0.7 | 0.3 | — | ||||||||||||
Restricted stock units | 8 | 10.1 | 5.3 | ||||||||||||
Total share-based compensation | $ | 14.2 | $ | 16.5 | $ | 10.4 | |||||||||
Summary Of Stock Appreciation Rights | A summary of SAR activity for 2014 is presented below: | ||||||||||||||
Stock Appreciation Rights | Shares | Weighted-Average | Weighted-Average | Aggregate | |||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||||
Per Share | Contractual Term | Value | |||||||||||||
In millions, except per share data) | |||||||||||||||
Outstanding as of January 1, 2014 | 2.1 | $ | 16.63 | 6.33 | $ | 39.3 | |||||||||
Granted | 0.3 | 35.19 | — | ||||||||||||
Exercised | (0.7 | ) | 15.55 | — | |||||||||||
Forfeited or expired | (0.1 | ) | 32 | — | |||||||||||
Outstanding as of December 31, 2014 | 1.6 | $ | 20.13 | 6.63 | $ | 28.9 | |||||||||
Vested and exercisable as of December 31, 2014 | 0.8 | $ | 14.81 | 5.02 | $ | 19 | |||||||||
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 2014, 2013 and 2012: | ||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Expected volatility (weighted-average) | 48.00% | 50.00% | 53.00% | ||||||||||||
Expected dividends | 0.91% | 1.04% | 1.37% | ||||||||||||
Expected term (in years) | 6.4 | 7.4 | 8 | ||||||||||||
Risk-free rate | 2.94% | 2.12% | 2.05% | ||||||||||||
Value of SARs granted | $14.05 | $10.83 | $6.92 |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Financial information by reportable segment is as follows: | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | Sales to | Intersegment | Total Sales | Operating | Depreciation and | Capital | Total | ||||||||||||||||||||||
(In millions) | External | Sales | Income | Amortization | Expenditures | Assets | |||||||||||||||||||||||
Customers | |||||||||||||||||||||||||||||
Global Color, Additives and Inks | 835 | 15.8 | 850.8 | 124.9 | 41.4 | 28.1 | 937.7 | ||||||||||||||||||||||
Global Specialty Engineered Materials | 555.2 | 43.1 | 598.3 | 72.4 | 16.7 | 15.2 | 370.5 | ||||||||||||||||||||||
Designed Structures and Solutions | 616.5 | 1 | 617.5 | 45.1 | 24.4 | 25.6 | 490.2 | ||||||||||||||||||||||
Performance Products and Solutions | 728.2 | 88.4 | 816.6 | 63.1 | 17.7 | 15.2 | 265.5 | ||||||||||||||||||||||
PolyOne Distribution | 1,100.60 | 13.8 | 1,114.40 | 68.2 | 0.6 | 0.1 | 214.2 | ||||||||||||||||||||||
Corporate and eliminations | — | (162.1 | ) | (162.1 | ) | (218.6 | ) | 23.1 | 8.6 | 433.1 | |||||||||||||||||||
Total | $ | 3,835.50 | $ | — | $ | 3,835.50 | $ | 155.1 | $ | 123.9 | $ | 92.8 | $ | 2,711.20 | |||||||||||||||
Year Ended December 31, 2013 | Sales to | Intersegment | Total Sales | Operating | Depreciation and | Capital | Total | ||||||||||||||||||||||
(In millions) | External | Sales | Income | Amortization (1) | Expenditures (1a) | Assets | |||||||||||||||||||||||
Customers | |||||||||||||||||||||||||||||
Global Color, Additives and Inks | 844.6 | 7.7 | 852.3 | 104 | 38.8 | 29.3 | 962 | ||||||||||||||||||||||
Global Specialty Engineered Materials | 571.9 | 43.6 | 615.5 | 57.2 | 18.8 | 14.3 | 379.6 | ||||||||||||||||||||||
Designed Structures and Solutions | 597.3 | 0.1 | 597.4 | 33.4 | 21.2 | 13.4 | 549.4 | ||||||||||||||||||||||
Performance Products and Solutions | 690.9 | 82.3 | 773.2 | 56 | 15.5 | 12.4 | 278.7 | ||||||||||||||||||||||
PolyOne Distribution | 1,066.50 | 8.7 | 1,075.20 | 63.3 | 0.6 | 0.3 | 216.7 | ||||||||||||||||||||||
Corporate and eliminations | — | (142.4 | ) | (142.4 | ) | (82.4 | ) | 13.9 | 6.5 | 557.7 | |||||||||||||||||||
Total | $ | 3,771.20 | $ | — | $ | 3,771.20 | $ | 231.5 | $ | 108.8 | $ | 76.2 | $ | 2,944.10 | |||||||||||||||
(1) Excludes $1.0 million of depreciation expense associated with the Resin Business. | |||||||||||||||||||||||||||||
(1a) Excludes $0.2 million of capital expenditures associated with the Resin Business. | |||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Sales to | Intersegment | Total Sales | Operating | Depreciation and | Capital | Total | ||||||||||||||||||||||
(In millions) | External | Sales | Income | Amortization (2) | Expenditures (2a) | Assets | |||||||||||||||||||||||
Customers | |||||||||||||||||||||||||||||
Global Color, Additives and Inks | 776.1 | 2.1 | 778.2 | 75.3 | 32.9 | 28.2 | 901.7 | ||||||||||||||||||||||
Global Specialty Engineered Materials | 504.9 | 38.7 | 543.6 | 47 | 14.3 | 12.9 | 396.6 | ||||||||||||||||||||||
Performance Products and Solutions | 554.9 | 75.4 | 630.3 | 38.8 | 13.7 | 4.6 | 205.4 | ||||||||||||||||||||||
PolyOne Distribution | 1,024.90 | 5.4 | 1,030.30 | 66 | 0.7 | 0.6 | 212.9 | ||||||||||||||||||||||
Corporate and eliminations | — | (121.6 | ) | (121.6 | ) | (89.6 | ) | 4.2 | 8.5 | 411.4 | |||||||||||||||||||
Total | $ | 2,860.80 | $ | — | $ | 2,860.80 | $ | 137.5 | $ | 65.8 | $ | 54.8 | $ | 2,128.00 | |||||||||||||||
(2) Excludes $4.0 million of depreciation expense associated with the Resin Business. | |||||||||||||||||||||||||||||
(2a) Excludes $2.6 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) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
United States | $ | 2,590.40 | $ | 2,538.20 | $ | 1,724.10 | |||||||||||||||||||||||
Europe | 511.8 | 519.7 | 488.1 | ||||||||||||||||||||||||||
Canada | 277.4 | 267.8 | 248.1 | ||||||||||||||||||||||||||
Asia | 246.2 | 239 | 221.2 | ||||||||||||||||||||||||||
Mexico | 178.4 | 158.1 | 141.8 | ||||||||||||||||||||||||||
South America | 31.3 | 48.4 | 37.5 | ||||||||||||||||||||||||||
Total Sales | $ | 3,835.50 | $ | 3,771.20 | $ | 2,860.80 | |||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||
United States | $ | 421.1 | $ | 444.4 | $ | 240.9 | |||||||||||||||||||||||
Europe | 95.7 | 103 | 82.2 | ||||||||||||||||||||||||||
Canada | 12.8 | 13.2 | 5.7 | ||||||||||||||||||||||||||
Asia | 39.5 | 51.8 | 45.1 | ||||||||||||||||||||||||||
Mexico | 19.7 | 20.5 | 3.5 | ||||||||||||||||||||||||||
South America | 7.9 | 13.3 | 8.4 | ||||||||||||||||||||||||||
Total Long-lived assets | $ | 596.7 | $ | 646.2 | $ | 385.8 | |||||||||||||||||||||||
Common_Share_Data_Tables
Common Share Data (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
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) | 2014 | 2013 | 2012 | |||||||
Weighted-average shares — basic: | 92.3 | 95.5 | 89.1 | |||||||
Plus dilutive impact of share-based compensation | 1.2 | 1 | 0.7 | |||||||
Weighted-average shares — diluted: | 93.5 | 96.5 | 89.8 | |||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Derivatives, Fair Value [Line Items] | ||||||||||||||
Derivatives and Fair Value [Text Block] | The fair values of derivative financial instruments recorded in the Consolidated Balance Sheets are as follows: | |||||||||||||
December 31, 2014 | ||||||||||||||
(In millions) | Notional | Other current assets | ||||||||||||
Foreign currency forwards | $ | 5.1 | $ | — | ||||||||||
December 31, 2013 | ||||||||||||||
(In millions) | Notional | Other current assets | ||||||||||||
Foreign currency forwards | $ | 12.8 | $ | — | ||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The effects of derivative instruments on our Consolidated Statements of Income are as follows: | |||||||||||||
(In millions) | 2014 | 2013 | 2012 | Location | ||||||||||
Foreign currency options - (losses) | $ | — | $ | (0.4 | ) | $ | (1.4 | ) | Selling and administrative expense | |||||
Foreign currency forwards - gains/(losses) | 1.1 | (0.6 | ) | (0.4 | ) | Other expense, net | ||||||||
Fair_Value_Fair_Value_Tables
Fair Value Fair Value (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value, by Balance Sheet Grouping | Financial instruments accounted for at fair value on a recurring basis as of December 31, 2014 and 2013 are as follows: | |||||||||||||||
December 31, 2014 | ||||||||||||||||
(In millions) | Total | Quoted prices | Other | Unobservable | ||||||||||||
in active | observable | inputs | ||||||||||||||
markets for | inputs | (Level 3) | ||||||||||||||
identical assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Cash and cash equivalents | $ | 238.6 | $ | 238.6 | $ | — | $ | — | ||||||||
December 31, 2013 | ||||||||||||||||
(In millions) | Total | Quoted prices | Other | Unobservable | ||||||||||||
in active | observable | inputs | ||||||||||||||
markets for | inputs | (Level 3) | ||||||||||||||
identical assets | (Level 2) | |||||||||||||||
(Level 1) | ||||||||||||||||
Cash and cash equivalents | $ | 365.2 | $ | 365.2 | $ | — | $ | — | ||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||
Schedule Of Quarterly Financial Data | |||||||||||||||||||||||||||||||||
2014 Quarters | 2013 Quarters | ||||||||||||||||||||||||||||||||
(In millions, except per share data) | Fourth (2) | Third (3) | Second (4) | First (5) | Fourth(6) | Third (7) | Second (8) | First (9) | |||||||||||||||||||||||||
Sales | $ | 869.3 | $ | 958.4 | $ | 1,005.50 | $ | 1,002.30 | $ | 923.6 | $ | 1,008.90 | $ | 1,037.60 | $ | 801.1 | |||||||||||||||||
Gross Margin | 152.6 | 182.6 | 184.5 | 188.2 | 114.9 | 181.3 | 203.7 | 162.3 | |||||||||||||||||||||||||
Operating (loss)/income | (14.3 | ) | 63.6 | 49.4 | 56.4 | 48.7 | 61.6 | 80.7 | 40.5 | ||||||||||||||||||||||||
Net (loss)/income from continuing operations | (15.0 | ) | 32.3 | 30.7 | 29.2 | 20.6 | 23 | 38.3 | 11 | ||||||||||||||||||||||||
Net (loss)/income from continuing operations attributable to PolyOne shareholders | $ | (14.6 | ) | $ | 32.3 | $ | 30.9 | $ | 29.4 | $ | 21 | $ | 23.2 | $ | 38.6 | $ | 11.2 | ||||||||||||||||
Net income from continuing operations per common share attributable to PolyOne common shareholders: (1) | |||||||||||||||||||||||||||||||||
Basic net (loss)/income - continuing operations | $ | (0.16 | ) | $ | 0.35 | $ | 0.33 | $ | 0.31 | $ | 0.22 | $ | 0.24 | $ | 0.39 | $ | 0.12 | ||||||||||||||||
Diluted net (loss)/income - continuing operations | $ | (0.16 | ) | $ | 0.35 | $ | 0.33 | $ | 0.31 | $ | 0.22 | $ | 0.24 | $ | 0.39 | $ | 0.12 | ||||||||||||||||
-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 2014 are: 1) 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. | ||||||||||||||||||||||||||||||||
-3 | Included for the third quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs, 2) $5.9 million in environmental remediation costs and 3) a gain related to the reimbursement of previously incurred environmental costs of $1.6 million. | ||||||||||||||||||||||||||||||||
-4 | Included for the second quarter 2014 are: 1) $35.1 million in employee separation and restructuring costs and 2) $5.4 million tax benefit associated with our investments in certain foreign affiliates. | ||||||||||||||||||||||||||||||||
-5 | Included for the first quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs. | ||||||||||||||||||||||||||||||||
-6 | Included for the fourth quarter 2013 are: 1) gains from the SunBelt earn-out of $26.8 million, 2) mark-to-market pension and other post-retirement benefit gains of $44.0 million, 3) environmental remediation costs of $52.6 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $3.4 million and 5) employee separation and restructuring costs of $28.3 million. | ||||||||||||||||||||||||||||||||
-7 | Included for the third quarter 2013 are: 1) $5.3 million in environmental remediation costs, 2) $10.9 million in employee separation and restructuring costs, 3) $7.0 million gain on commercial litigation, 4) $5.2 million in debt extinguishment costs associated with our outstanding debt repurchases and 5) $1.2 million of acquisition and divestiture-related costs. | ||||||||||||||||||||||||||||||||
-8 | Included for the second quarter 2013 are: 1) pre-tax gain of $223.7 million related to the sale of the Resin Business, 2) $2.9 million in employee separation and restructuring costs, 3) acquisition and divestiture-related costs of $4.9 million, 4) environmental remediation costs of $1.3 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $14.9 million. | ||||||||||||||||||||||||||||||||
-9 | Included for the first quarter 2013 are: 1) $9.9 million in employee separation and restructuring costs 2) acquisition and divestiture-related costs of $8.7 million, 3) environmental remediation costs of $2.0 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $5.2 million and 5) $10.6 million in debt extinguishment costs related to the early retirement of our senior secured term loan. |
Description_Of_Business_And_Su3
Description Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||
Accounting Policies [Line Items] | |||
Number of reportable segments | 5 | ||
Research and development costs | $53.40 | $52.60 | $41.30 |
Maximum | |||
Accounting Policies [Line Items] | |||
Finite-lived intangible asset useful life | 22 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 |
Description_Of_Business_And_Su4
Description Of Business And Summary Of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Changes in Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Cumulative Translation Adjustment, balance at beginning of period | ($20.20) | ($16.50) | ($17.60) |
Translation adjustments | -27.5 | -3.7 | 1.1 |
Cumulative Translation Adjustment, balance at end of period | -47.7 | -20.2 | -16.5 |
Pension and other post-retirement benefits, Balance at beginning of period | 5.2 | 5.2 | 16.1 |
Amortization of prior service credits, net of tax of $6.5 - 2012 | 0 | 0 | -10.9 |
Pension and other post-retirement benefits, Balance at end of period | 5.2 | 5.2 | 5.2 |
Unrealized gain in available-for-sale securities, Balance at beginning of period | 0.2 | 0.2 | 0.2 |
Unrealized gain in available-for-sale securities, Balance at end of period | 0.2 | 0.2 | 0.2 |
Total, Balance at beginning of period | -14.8 | -11.1 | -1.3 |
Total, Balance at end of period | -42.3 | -14.8 | -11.1 |
Amortization of prior service costs tax | $0 | $0 | $6.50 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2013 | Dec. 01, 2014 | Mar. 13, 2013 | Mar. 13, 2013 | Mar. 13, 2014 | Dec. 19, 2012 | ||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | $47.20 | $259.40 | $33.80 | ||||||||||||||||||||||||
Spartech revolving credit facilities repaid at close | 122.8 | 117.5 | 0 | ||||||||||||||||||||||||
Acquisition costs related to this acquisition | 1.2 | 4.9 | 8.7 | ||||||||||||||||||||||||
Sales | 869.3 | [1] | 958.4 | [2] | 1,005.50 | [3] | 1,002.30 | [4] | 923.6 | [5] | 1,008.90 | [6] | 1,037.60 | [7] | 801.1 | [8] | 3,835.50 | 3,771.20 | 2,860.80 | ||||||||
Goodwill | 590.6 | 559 | 590.6 | 559 | 405.5 | ||||||||||||||||||||||
Selling and administrative expense | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Acquisition costs related to this acquisition | 7.6 | 3.9 | |||||||||||||||||||||||||
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% | 5.25% | |||||||||||||||||||||||
Accella [Member] | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 47.2 | ||||||||||||||||||||||||||
Intangible Assets, Net (Including Goodwill) | 40.5 | ||||||||||||||||||||||||||
Spartech Corporation | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | 511.1 | ||||||||||||||||||||||||||
Revenue reported by acquired entity for last annual period | 1,149.40 | ||||||||||||||||||||||||||
Net income from continuing operations by acquired entity for last annual period | 2.7 | ||||||||||||||||||||||||||
Cash consideration transferred for each common share | $2.67 | $2.67 | |||||||||||||||||||||||||
Exchange ratio | 31.67% | ||||||||||||||||||||||||||
Cash consideration transferred to shareholders | 83.4 | ||||||||||||||||||||||||||
PolyOne shares issued | 10,000,000 | 10,000,000 | |||||||||||||||||||||||||
Fair value of Spartech equity awards, net of deferred tax benefits | 2.4 | [9] | 2.4 | [9] | |||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Spartech revolving credit facilities repaid at close | 77.2 | [10] | |||||||||||||||||||||||||
Spartech senior notes repaid at close | 102.3 | [10] | |||||||||||||||||||||||||
Principal repayments of senior notes of business acquisition | 88.9 | ||||||||||||||||||||||||||
Make whole costs | 10.3 | ||||||||||||||||||||||||||
Interest payable | 3.1 | 3.1 | |||||||||||||||||||||||||
Consideration transferred | 515.2 | ||||||||||||||||||||||||||
Cash acquired | 4.1 | ||||||||||||||||||||||||||
Goodwill | 162.6 | ||||||||||||||||||||||||||
Finalized purchase price allocation, Goodwill | 9.4 | ||||||||||||||||||||||||||
Spartech Corporation | Senior Notes | Senior Notes Due 2016 | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Stated interest rate | 7.08% | 7.08% | |||||||||||||||||||||||||
Glasforms, Inc. | |||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||
Sales | 51.1 | ||||||||||||||||||||||||||
Consideration transferred | 34.3 | ||||||||||||||||||||||||||
Cash acquired | 1.2 | ||||||||||||||||||||||||||
Goodwill | 12.4 | ||||||||||||||||||||||||||
Identifiable intangible assets | $10.70 | ||||||||||||||||||||||||||
[1] | Included for the fourth quarter 2014 are: 1) 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. | ||||||||||||||||||||||||||
[2] | Included for the third quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs, 2) $5.9 million in environmental remediation costs and 3) a gain related to the reimbursement of previously incurred environmental costs of $1.6 million. | ||||||||||||||||||||||||||
[3] | Included for the second quarter 2014 are: 1) $35.1 million in employee separation and restructuring costs and 2) $5.4 million tax benefit associated with our investments in certain foreign affiliates. | ||||||||||||||||||||||||||
[4] | Included for the first quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs. | ||||||||||||||||||||||||||
[5] | Included for the fourth quarter 2013 are: 1) gains from the SunBelt earn-out of $26.8 million, 2) mark-to-market pension and other post-retirement benefit gains of $44.0 million, 3) environmental remediation costs of $52.6 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $3.4 million and 5) employee separation and restructuring costs of $28.3 million. | ||||||||||||||||||||||||||
[6] | Included for the third quarter 2013 are: 1) $5.3 million in environmental remediation costs, 2) $10.9 million in employee separation and restructuring costs, 3) $7.0 million gain on commercial litigation, 4) $5.2 million in debt extinguishment costs associated with our outstanding debt repurchases and 5) $1.2 million of acquisition and divestiture-related costs. | ||||||||||||||||||||||||||
[7] | Included for the second quarter 2013 are: 1) pre-tax gain of $223.7 million related to the sale of the Resin Business, 2) $2.9 million in employee separation and restructuring costs, 3) acquisition and divestiture-related costs of $4.9 million, 4) environmental remediation costs of $1.3 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $14.9 million. | ||||||||||||||||||||||||||
[8] | Included for the first quarter 2013 are: 1) $9.9 million in employee separation and restructuring costs 2) acquisition and divestiture-related costs of $8.7 million, 3) environmental remediation costs of $2.0 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $5.2 million and 5) $10.6 million in debt extinguishment costs related to the early retirement of our senior secured term loan. | ||||||||||||||||||||||||||
[9] | In accordance with ASC 718, Compensation b 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. | ||||||||||||||||||||||||||
[10] | 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 $) | 12 Months Ended | 0 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 13, 2013 | Mar. 13, 2013 | ||
Business Acquisition [Line Items] | |||||||
Spartech revolving credit facilities repaid at close | $122.80 | $117.50 | $0 | ||||
Total consideration transferred to debt and equity holders, net of cash acquired | 47.2 | 259.4 | 33.8 | ||||
Spartech Corporation | |||||||
Business Acquisition [Line Items] | |||||||
Spartech shares outstanding | 31,200,000 | 31,200,000 | |||||
Spartech shares converted | 31,400,000 | ||||||
Exchange ratio | 31.67% | ||||||
PolyOne shares issued | 10,000,000 | 10,000,000 | |||||
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 shareholders | 83.4 | ||||||
Fair value of Spartech equity awards, net of deferred tax benefits | 2.4 | [1] | 2.4 | [1] | |||
Total consideration transferred to Spartech equity holders | 335.7 | ||||||
Spartech revolving credit facilities repaid at close | 77.2 | [2] | |||||
Spartech senior notes repaid at close | 102.3 | [2] | |||||
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 | $511.10 | ||||||
Spartech Corporation | Restricted stock units | |||||||
Business Acquisition [Line Items] | |||||||
Spartech restricted stock units | 200,000 | ||||||
[1] | In accordance with ASC 718, Compensation b 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_Combinations_Allocati
Business Combinations (Allocation Of Purchase Price) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 13, 2014 |
In Millions, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $590.60 | $559 | $405.50 | |
Spartech Corporation | ||||
Business Acquisition [Line Items] | ||||
Accounts receivable | 139.7 | |||
Inventories | 114.4 | |||
Other current assets | 18.6 | |||
Property | 280.3 | |||
Other non-current assets | 19.6 | |||
Intangible assets | 44.6 | |||
Goodwill | 162.6 | |||
Total assets acquired | 779.8 | |||
Short-term and current portion of long-term debt | 0.5 | |||
Accounts payable | 105 | |||
Accrued expenses and other liabilities | 43.1 | |||
Long-term debt | 11 | |||
Other non-current liabilities | 109.1 | |||
Total liabilities assumed | 268.7 | |||
Net assets acquired | $511.10 |
Business_Combinations_Pro_Form
Business Combinations - Pro Forma (Details) (Spartech Corporation, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Spartech Corporation | ||
Business Acquisition [Line Items] | ||
Sales | $3,989.20 | $4,006.90 |
Net income from continuing operations | $94.70 | $56.50 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 13, 2014 | Dec. 19, 2012 |
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | $590.60 | $559 | $405.50 | ||
Indefinite-lived other intangible assets | 99.7 | ||||
Number of R&D in process projects | 1 | ||||
Amortization of other finite-lived intangible assets | 19.2 | 17.8 | 13.2 | ||
Spartech Corporation [Member] | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | 162.6 | ||||
Glasforms, Inc. | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Goodwill | 12.4 | ||||
ColorMatrix | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Trade names acquired | 63.1 | ||||
In-process R&D acquired | 3.4 | ||||
GLS Corporation | |||||
Goodwill and Intangible Assets [Line Items] | |||||
Trade names acquired | $33.20 |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets (Goodwill By Operating Segment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | |||
Goodwill, gross at January 1, 2013 | $608.80 | ||
Accumulated impairment losses | -203.3 | ||
Balance, beginning of period | 559 | 405.5 | |
Acquisitions of businesses | 32.1 | 154.1 | |
Balance, end of period | 590.6 | 559 | 405.5 |
Currency translation | -0.5 | -0.6 | |
Global Specialty Engineered Materials | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at January 1, 2013 | 110.8 | ||
Accumulated impairment losses | -12.2 | ||
Balance, beginning of period | 99.9 | 98.6 | |
Acquisitions of businesses | 0 | 1.8 | |
Balance, end of period | 99.4 | 99.9 | 98.6 |
Currency translation | -0.5 | -0.5 | |
Global Color, Additives and Inks | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at January 1, 2013 | 314 | ||
Accumulated impairment losses | -16.1 | ||
Balance, beginning of period | 310.2 | 297.9 | |
Acquisitions of businesses | 23.5 | 12.4 | |
Balance, end of period | 333.7 | 310.2 | 297.9 |
Currency translation | 0 | -0.1 | |
Designed Structures and Solutions [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at January 1, 2013 | 0 | ||
Accumulated impairment losses | 0 | ||
Balance, beginning of period | 136.3 | 0 | |
Acquisitions of businesses | 8.4 | 136.3 | |
Balance, end of period | 144.7 | 136.3 | 0 |
Currency translation | 0 | 0 | |
Performance Products and Solutions | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at January 1, 2013 | 182.4 | ||
Accumulated impairment losses | -175 | ||
Balance, beginning of period | 11 | 7.4 | |
Acquisitions of businesses | 0.2 | 3.6 | |
Balance, end of period | 11.2 | 11 | 7.4 |
Currency translation | 0 | 0 | |
PolyOne Distribution | |||
Goodwill [Roll Forward] | |||
Goodwill, gross at January 1, 2013 | 1.6 | ||
Accumulated impairment losses | 0 | ||
Balance, beginning of period | 1.6 | 1.6 | |
Acquisitions of businesses | 0 | 0 | |
Balance, end of period | 1.6 | 1.6 | 1.6 |
Currency translation | $0 | $0 |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets (Carrying Value And Accumulated Amortization Of Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | $432.50 | $415.50 |
Accumulated Amortization | -67.9 | -49.9 |
Currency Translation | -0.1 | 0.2 |
Impairment | -1.8 | |
Net | 362.7 | 365.8 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 199.4 | 181.5 |
Accumulated Amortization | -32.6 | -24.1 |
Currency Translation | 0 | 0.1 |
Impairment | -1.3 | |
Net | 165.5 | 157.5 |
Patents, technology and other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 133.4 | 134.3 |
Accumulated Amortization | -35.3 | -25.8 |
Currency Translation | -0.1 | 0.1 |
Impairment | -0.5 | |
Net | 97.5 | 108.6 |
Indefinite-lived trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 96.3 | 96.3 |
Accumulated Amortization | 0 | 0 |
Currency Translation | 0 | 0 |
Impairment | 0 | |
Net | 96.3 | 96.3 |
In-process research and development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquisition Cost | 3.4 | 3.4 |
Accumulated Amortization | 0 | 0 |
Currency Translation | 0 | 0 |
Impairment | 0 | |
Net | $3.40 | $3.40 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets Schedule of Future Amortization (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $20 |
2016 | 20.1 |
2017 | 20.1 |
2018 | 20.1 |
2019 | $20 |
Employee_Separation_and_Restru2
Employee Separation and Restructuring Costs Employee Separation and Restructuring Costs (Details) (USD $) | 6 Months Ended | 12 Months Ended | 24 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $94.10 | $52 | |||
Spartech [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Other Restructuring Costs | 36.7 | ||||
Restructuring Reserve, Accrual Adjustment | 2.7 | 15.1 | 2.7 | 0 | |
Restructuring and Related Cost, Expected Cost | 15 | ||||
Restructuring charges | 59.7 | 44.1 | 103.8 | ||
Payments for Restructuring | -44.8 | -15.4 | |||
Restructuring Reserve, Settled without Cash | -27.3 | -13.6 | |||
Severance Costs | 26.2 | ||||
Brazil [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Accrual Adjustment | 1.1 | 0 | 1.1 | ||
Restructuring charges | 17 | ||||
Payments for Restructuring | -5.2 | ||||
Restructuring Reserve, Settled without Cash | -10.7 | ||||
Europe | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 17.4 | ||||
Cost of Sales [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 54 | 16.1 | |||
Selling and administrative expense | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 40.1 | 35.9 | |||
Assets [Member] | Spartech [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | 0 | 0 | |
Restructuring charges | 27.3 | 13.6 | 40.9 | ||
Payments for Restructuring | 0 | 0 | |||
Restructuring Reserve, Settled without Cash | -27.3 | -13.6 | |||
Assets [Member] | Brazil [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | 0 | ||
Restructuring charges | 10.7 | ||||
Payments for Restructuring | 0 | ||||
Restructuring Reserve, Settled without Cash | -10.7 | ||||
Employee Severance [Member] | Spartech [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Accrual Adjustment | 2.7 | 15.1 | 2.7 | 0 | |
Restructuring charges | 5.1 | 21.1 | |||
Payments for Restructuring | -17.5 | -6 | |||
Restructuring Reserve, Settled without Cash | 0 | 0 | |||
Employee Severance [Member] | Brazil [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Accrual Adjustment | 1.1 | 0 | 1.1 | ||
Restructuring charges | 2.9 | ||||
Payments for Restructuring | -1.8 | ||||
Restructuring Reserve, Settled without Cash | 0 | ||||
Other Restructuring [Member] | Spartech [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | 0 | 0 | |
Restructuring charges | 27.3 | 9.4 | |||
Payments for Restructuring | -27.3 | -9.4 | |||
Restructuring Reserve, Settled without Cash | 0 | 0 | |||
Other Restructuring [Member] | Brazil [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Accrual Adjustment | 0 | 0 | 0 | ||
Restructuring charges | 3.4 | ||||
Payments for Restructuring | -3.4 | ||||
Restructuring Reserve, Settled without Cash | $0 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-13 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Sales | $0 | $55.30 | $131.80 | |
Gain on sale | 0 | 223.7 | 0 | |
Income from operations | 0 | 12.2 | 29.7 | |
Income before taxes | 0 | 235.9 | 29.7 | |
Income tax benefit (expense) | 1.2 | -86.1 | -11.1 | |
Income from discontinued operations, net of income taxes | 1.2 | 149.8 | 18.6 | |
Resin Business [Member] | ||||
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 | $223.70 |
Financing_Arrangements_Narrati
Financing Arrangements (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2013 | Feb. 28, 2013 | Mar. 13, 2013 | Mar. 31, 2014 | Dec. 21, 2011 | Nov. 04, 2013 | |
Debt Instrument [Line Items] | ||||||||||||
Payments of Debt Extinguishment Costs | $5.20 | $10.60 | ||||||||||
Company contributions | 50 | |||||||||||
Proceeds from Long-term Debt | 0 | 600 | 0 | |||||||||
Interest income | 1.1 | 1.3 | 0.8 | |||||||||
Total interest paid on long-term and short-term borrowings | 59.8 | 50.4 | 45.8 | |||||||||
Other Debt [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Repurchased Face Amount | 8 | |||||||||||
Debt Instrument, Repurchase Amount | 1.6 | |||||||||||
Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 400 | 300 | ||||||||||
Line of credit term | 5 years | |||||||||||
Line of Credit Facility, Increase (Decrease), Other, Net | 100 | |||||||||||
Potential maximum borrowing capacity | 450 | |||||||||||
Revolving Credit Facility | Various Banks | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | 233.7 | |||||||||||
Amount oustanding | 45 | |||||||||||
Saudi Hollandi Bank [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum borrowing capacity | 16 | |||||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 0.85% | |||||||||||
Letters of Credit Outstanding, Amount | 0.2 | 0.3 | ||||||||||
Amount oustanding | 13.1 | 12.3 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2.7 | 3.4 | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 1.85% | 1.85% | ||||||||||
7.500% debentures due 2015 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Repurchase Amount | 1.3 | |||||||||||
7.500% debentures due 2015 | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 7.50% | |||||||||||
Revolving credit facility due 2018 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payments of Debt Extinguishment Costs | 10.6 | |||||||||||
Early Repayment of Senior Debt | 297 | |||||||||||
Write-off of deferred note issuance costs | 8.2 | |||||||||||
Write-off of Debt Discounts | 2.4 | |||||||||||
7.375% senior notes due 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Repurchase Amount | 43.4 | |||||||||||
7.375% senior notes due 2020 | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 7.38% | 7.38% | ||||||||||
5.250% senior notes due 2023 | Senior Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 5.25% | 5.25% | ||||||||||
Proceeds from Long-term Debt | 600 | |||||||||||
Other assets | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt financing related costs | 13 | |||||||||||
Debt extinguishment costs | Line of Credit [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Payments of Debt Extinguishment Costs | 5.2 | |||||||||||
Spartech Corporation | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal repayments of senior notes of business acquisition | 88.9 | |||||||||||
Business Acquisition, Senior Note Repayment, Interest and Make Whole Costs | 13.4 | |||||||||||
Early Repayment of Senior Debt | $102.30 | [1] | ||||||||||
Senior Notes | 7.500% debentures due 2015 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated interest rate | 7.50% | |||||||||||
[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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $1,023.80 | $988.90 |
Less short-term and current portion of long-term debt | 61.8 | 12.7 |
Total long-term debt, net of current portion | 962 | 976.2 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Total before unamortized discount | 13.5 | 23.6 |
7.500% debentures due 2015 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Total before unamortized discount | 48.7 | |
Stated interest rate | 7.50% | |
5.250% senior notes due 2023 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Total before unamortized discount | 600 | 600 |
Stated interest rate | 5.25% | 5.25% |
Revolving credit facility due 2018 | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Total before unamortized discount | 45 | 0 |
7.375% senior notes due 2020 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Total before unamortized discount | 316.6 | 316.6 |
Stated interest rate | 7.38% | 7.38% |
Senior Notes | 7.500% debentures due 2015 | ||
Debt Instrument [Line Items] | ||
Short-term Debt | $48.70 | |
Stated interest rate | 7.50% |
LongTerm_Debt_Maturity_Schedul
Long-Term Debt Maturity Schedule (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2015 | $61.80 |
2016 & 2017 | 0 |
2018 | 45.1 |
2019 | 0.1 |
Thereafter | 916.8 |
Aggregate maturities | $1,023.80 |
Leasing_Arrangements_Details
Leasing Arrangements (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Leases [Abstract] | |||
Rent expense | $30.40 | $24.50 | $20.20 |
2015 | 25.6 | ||
2016 | 19.5 | ||
2017 | 12.7 | ||
2018 | 9 | ||
2019 | 7.2 | ||
Thereafter | 14.5 | ||
Total | $88.50 |
Accounts_Receivable_Components
Accounts Receivable (Components Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Receivables [Abstract] | ||||
Trade accounts receivable | $399.90 | $433.20 | ||
Allowance for doubtful accounts | -3.1 | -5.2 | -4.3 | -4.8 |
Accounts receivable, net | $396.80 | $428 |
Accounts_Receivable_Changes_In
Accounts Receivable (Changes In Allowance For Doubtful Accounts) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance at beginning of the year | ($5.20) | ($4.30) | ($4.80) |
Provision for doubtful accounts | -0.4 | -0.2 | -0.3 |
Accounts written off | 2.2 | 0.2 | 0.4 |
Currency translation and other adjustments | 0.3 | -0.9 | 0.4 |
Balance at end of year | ($3.10) | ($5.20) | ($4.30) |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished products | $187.80 | $203.60 |
Work in process | 4.1 | 3.9 |
Raw materials and supplies | 117.1 | 135 |
Inventories, net | $309 | $342.50 |
Property_Details
Property (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Property, gross | $1,435.60 | $1,447.10 | |
Less accumulated depreciation and amortization | -838.9 | -800.9 | |
Property, net | 596.7 | 646.2 | 385.8 |
Depreciation expense | 104.7 | 91 | 52.6 |
Restructuring and Related Cost, Accelerated Depreciation | 23.1 | 12.7 | |
Land and land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, gross | 49.2 | 52.5 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, gross | 309.2 | 315.4 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, gross | $1,077.20 | $1,079.20 |
Other_Balance_Sheet_Liabilitie2
Other Balance Sheet Liabilities (Components Of Other Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Employment costs | $112.20 | $128.70 |
Environmental liabilities | 11.5 | 12 |
Accrued taxes | 10.3 | 34.7 |
Pension and other post-employment benefits | 5.7 | 5.7 |
Accrued interest | 16.1 | 16.2 |
Dividends payable | 8.8 | 7.6 |
Unrecognized tax benefits | 2.1 | 0.1 |
Other | 6.8 | 4.3 |
Accrued expenses and other liabilities, Total | 173.5 | 209.3 |
Employment costs | 23.4 | 19.1 |
Environmental liabilities | 109.6 | 113.9 |
Accrue taxes | 0 | 0 |
Pension and other post-employment benefits | 0 | 0 |
Accrued interest | 0 | 0 |
Unrecognized tax benefits | 26 | 18.1 |
Other | 19.3 | 18.3 |
Other non-current liabilities, Total | $178.30 | $169.40 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Mark-to-market actuarial net losses (gains) | $56,500,000 | ($44,000,000) | $42,000,000 | |||
Fixed Income Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of equity securities, minimum | 60.00% | |||||
Percentage of equity securities, maximum | 70.00% | |||||
Equity Securities [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of equity securities, minimum | 30.00% | |||||
Percentage of equity securities, maximum | 40.00% | |||||
Alternative Investments and Cash [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of equity securities, minimum | 0.00% | |||||
Percentage of equity securities, maximum | 10.00% | |||||
Large-cap equity | Minimum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Market capitalization | 10,000,000,000 | 10,000,000,000 | ||||
Small-cap equity | Maximum | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Market capitalization | 2,000,000,000 | 2,000,000,000 | ||||
Pension Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Mark-to-market actuarial net losses (gains) | 55,200,000 | -43,000,000 | 44,000,000 | |||
Employer contributions to defined benefit plans | 24,500,000 | |||||
Health Care Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Mark-to-market actuarial net losses (gains) | 1,300,000 | -1,000,000 | -2,000,000 | |||
Employer contributions to defined benefit plans | 1,600,000 |
Employee_Benefit_Plans_Change_
Employee Benefit Plans (Change In Benefit Obligation, Change In Plan Assets And Components Of Funded Status) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in plan assets: | |||
Company contributions | $50 | ||
Plan assets b end of year | 484 | 472.2 | |
Pension Benefits | |||
Change in benefit obligation: | |||
Projected benefit obligation b beginning of year | 537 | 597.2 | |
Service cost | 1.6 | 1.7 | 1.5 |
Interest cost | 24.9 | 23.9 | 27.2 |
Actuarial loss (gain) | 70.9 | -35.5 | |
Benefits paid | -54.8 | -51.5 | |
Other | -2.8 | 1.2 | |
Projected benefit obligation b end of year | 576.8 | 537 | 597.2 |
Projected salary increases | -3.5 | -2.8 | |
Accumulated benefit obligation | 573.3 | 534.2 | |
Change in plan assets: | |||
Plan assets b beginning of year | 472.2 | 410.4 | |
Actual return on plan assets | 47.8 | 44.9 | |
Company contributions | 20.1 | 68 | |
Plan participantsb contributions | 0 | 0 | |
Benefits paid | -54.8 | -51.5 | |
Other | -1.3 | 0.4 | |
Plan assets b end of year | 484 | 472.2 | 410.4 |
Unfunded status at end of year | -92.8 | -64.8 | |
Health Care Benefits | |||
Change in benefit obligation: | |||
Projected benefit obligation b beginning of year | 16.4 | 18.9 | |
Service cost | 0 | 0 | 0 |
Interest cost | 0.7 | 0.6 | 0.8 |
Actuarial loss (gain) | 1.3 | -1 | |
Benefits paid | -1.7 | -2 | |
Other | -0.1 | -0.1 | |
Projected benefit obligation b end of year | 16.6 | 16.4 | 18.9 |
Projected salary increases | 0 | 0 | |
Accumulated benefit obligation | 16.6 | 16.4 | |
Change in plan assets: | |||
Plan assets b beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 1.5 | 1.8 | |
Plan participantsb contributions | 0.2 | 0.2 | |
Benefits paid | -1.7 | -2 | |
Other | 0 | 0 | |
Plan assets b end of year | 0 | 0 | 0 |
Unfunded status at end of year | ($16.60) | ($16.40) |
Employee_Benefit_Plans_Amounts
Employee Benefit Plans (Amounts Included In Consolidated Balance Sheets) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $0 | $1.80 |
Accrued expenses and other liabilities | 4.1 | 4 |
Other non-current liabilities | 88.7 | 62.6 |
Health Care Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses and other liabilities | 1.6 | 1.7 |
Other non-current liabilities | $15 | $14.70 |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans (Schedule Of Projected And Accumulated Benefit Obligations In Excess Of Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $566.30 | $528.50 |
Accumulated benefit obligation | 562.8 | 525.6 |
Fair value of plan assets | 473.5 | 461.9 |
Health Care Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 16.6 | 16.4 |
Accumulated benefit obligation | 16.6 | 16.4 |
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, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 3.88% | 4.83% | |
Health Care Benefits | |||
Weighted-average assumptions used to determine benefit obligations at December 31: | |||
Discount rate | 3.75% | 4.38% | |
Net Periodic Benefit Cost [Member] | Health Care Benefits | |||
Assumed health care cost trend rates at December 31: | |||
Health care cost trend rate assumed for next year | 7.02% | 7.39% | 8.35% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.63% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2027 | 2025 | 2019 |
Benefit Obligation [Member] | 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% | |
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 | 2027 | 2027 |
Employee_Benefit_Plans_Impact_
Employee Benefit Plans (Impact Of One Percentage Point Change In Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $0 |
One Percentage Point Decrease, Effect on total of service and interest cost | 0 |
One Percentage Point Increase, Effect on post-retirement benefit obligation | 1.1 |
One Percentage Point Decrease, Effect on post-retirement benefit obligation | ($1) |
Employee_Benefit_Plans_Compone
Employee Benefit Plans (Components Of Net Period Benefit Cost) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Mark-to-market actuarial net losses (gains) | $56.50 | ($44) | $42 | |||
Pension Benefits | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 1.6 | 1.7 | 1.5 | |||
Interest cost | 24.9 | 23.9 | 27.2 | |||
Expected return on plan assets | -32.2 | -37.4 | -27.6 | |||
Amortization of prior service cost | 0 | 0 | 0 | |||
Mark-to-market actuarial net losses (gains) | 55.2 | -43 | 44 | |||
Net periodic benefit cost (gain) | 49.5 | -54.8 | 45.1 | |||
Health Care Benefits | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||||||
Service cost | 0 | 0 | 0 | |||
Interest cost | 0.7 | 0.6 | 0.8 | |||
Expected return on plan assets | 0 | 0 | 0 | |||
Amortization of prior service cost | 0 | 0 | -17.4 | |||
Mark-to-market actuarial net losses (gains) | 1.3 | -1 | -2 | |||
Net periodic benefit cost (gain) | $2 | ($0.40) | ($18.60) |
Employee_Benefit_Plans_Weighte1
Employee Benefit Plans (Weighted Average Assumptions Used To Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.83% | 4.12% | 5.11% |
Expected long-term return on plan assets | 6.86% | 8.41% | 8.43% |
Health Care Benefits | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 4.38% | 3.71% | 4.66% |
Expected long-term return on plan assets | 0.00% | 0.00% | 0.00% |
Net Periodic Benefit Cost [Member] | Health Care Benefits | |||
Assumed health care cost trend rates at December 31: | |||
Health care cost trend rate assumed for next year | 7.02% | 7.39% | 8.35% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.50% | 4.63% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2027 | 2025 | 2019 |
Employee_Benefit_Plans_Fair_Va
Employee Benefit Plans (Fair Values Of Pension Plan Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | $484 | $472.20 |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 6.7 | 6.6 |
Large-cap equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 28.4 | |
Small-cap equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 19.2 | 22 |
International equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 14.4 | |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 107.7 | |
Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 44.3 | 45.2 |
Floating rate income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 35.7 | 35.3 |
Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 18.8 | 14.8 |
United States equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 62.6 | 30 |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 77 | |
US Treasury Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 74.6 | 42.8 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 129.9 | 125 |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 15.2 | |
Quoted Prices in Active Markets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 305.2 | 427.4 |
Quoted Prices in Active Markets (Level 1) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 6.7 | 6.6 |
Quoted Prices in Active Markets (Level 1) | Large-cap equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 28.4 | |
Quoted Prices in Active Markets (Level 1) | Small-cap equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 19.2 | 22 |
Quoted Prices in Active Markets (Level 1) | International equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 14.4 | |
Quoted Prices in Active Markets (Level 1) | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 107.7 | |
Quoted Prices in Active Markets (Level 1) | Non-U.S. equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 44.3 | 45.2 |
Quoted Prices in Active Markets (Level 1) | Floating rate income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 35.7 | 35.3 |
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 | |
Quoted Prices in Active Markets (Level 1) | US Treasury Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 74.6 | 42.8 |
Quoted Prices in Active Markets (Level 1) | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 124.7 | 125 |
Quoted Prices in Active Markets (Level 1) | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 163.6 | 44.8 |
Significant Other Observable Inputs (Level 2) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Large-cap equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Significant Other Observable Inputs (Level 2) | Small-cap equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | International equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Significant Other Observable Inputs (Level 2) | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 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 | 0 |
Significant Other Observable Inputs (Level 2) | Short-term investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 18.8 | 14.8 |
Significant Other Observable Inputs (Level 2) | United States equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 62.6 | 30 |
Significant Other Observable Inputs (Level 2) | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 77 | |
Significant Other Observable Inputs (Level 2) | US Treasury Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 5.2 | 0 |
Significant Other Observable Inputs (Level 2) | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 15.2 | 0 |
Significant Unobservable Inputs (Level 3) | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Large-cap equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Small-cap equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | International equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Significant Unobservable Inputs (Level 3) | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 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 | 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 | |
Significant Unobservable Inputs (Level 3) | US Treasury Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fixed Income Securities [Member] | ||
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 | $15.20 |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans (Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $50 |
2016 | 39.5 |
2017 | 39 |
2018 | 39.1 |
2019 | 38.6 |
2020 through 2024 | 186.3 |
Health Care Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 1.6 |
2016 | 1.6 |
2017 | 1.5 |
2018 | 1.5 |
2019 | 1.4 |
2020 through 2024 | $6 |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans (Schedule Of Contributions To The Retirement Savings Plan) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||
Retirement savings match | $9.70 | $9.80 | $7.60 |
Retirement benefit contribution | 4 | 4 | 3.8 |
Total contributions | $13.70 | $13.80 | $11.40 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss Contingencies [Line Items] | ||||||
Other Increase (Decrease) in Environmental Liabilities | $47 | |||||
Insurance Recoveries | 3.7 | 23.5 | ||||
Accrued probable future environmental expenditures | 125.9 | 121.1 | 125.9 | 75.4 | 76.2 | |
Proceeds from Legal Settlements | 7 | |||||
SunBelt | ||||||
Loss Contingencies [Line Items] | ||||||
Debt Instrument Guarantee Assumed By Acquirer | $18.30 |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Changes In Environmental Accrued Liabilities) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accrual for Environmental Loss Contingencies [Roll Forward] | |||
Balance at beginning of the year | $125.90 | $75.40 | $76.20 |
Environmental expenses | 10.3 | 61.2 | 12.8 |
Net cash payments | -14.7 | -14.3 | -13.7 |
Currency translation and other | -0.4 | 3.6 | 0.1 |
Balance at end of year | $121.10 | $125.90 | $75.40 |
Commitments_And_Contingencies_3
Commitments And Contingencies (Guarantees) (Details) (SunBelt, USD $) | 1 Months Ended | |
In Millions, unless otherwise specified | Feb. 28, 2011 | Dec. 31, 2014 |
SunBelt | ||
Commitments And Related-Party Information [Line Items] | ||
Percentage of equity interest sold | 50.00% | |
Cash received from equity interest sold | $132.30 | |
Aggregate principal amount of senior secured notes | 42.7 | |
Aggregate principal amount of senior secured notes | $18.30 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | ||||
Federal tax rate | 35.00% | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $8.60 | $3 | ||
Income Tax Expense (Benefit), Continuing Operations | 11.2 | 58.1 | 30.1 | |
Undistributed earnings of non-United States subsidiaries | 281.7 | |||
Income tax payments | 70 | 120.3 | 30.8 | |
Income tax refunds | 4.2 | 2.9 | 13 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 19.2 | |||
Additions based on tax positions related to the current year | 25 | |||
Combined State | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 223.4 | |||
Foreign Subsidiaries | ||||
Income Taxes [Line Items] | ||||
Net operating loss carryforwards | 108.5 | |||
Domestic and Foreign Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Valuation allowances against these loss carryforwards | $21.50 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income (Loss) Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Domestic | $54.10 | $105.20 | $46.20 |
Foreign | 34.3 | 45.8 | 37.1 |
Income from continuing operations, before income taxes | $88.40 | $151 | $83.30 |
Income_Taxes_Summary_Of_Income
Income Taxes (Summary Of Income Tax (Expense) Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | ($33.50) | ($17.40) | ($1.70) |
State | -3.1 | -2.8 | -0.9 |
Foreign | -19.8 | -23.3 | -14.7 |
Total current | -56.4 | -43.5 | -17.3 |
Deferred: | |||
Federal | 36.7 | -12.9 | -15.8 |
State | 4.6 | -1.8 | 0.1 |
Foreign | 3.9 | 0.1 | 2.9 |
Total deferred | 45.2 | -14.6 | -12.8 |
Income tax expense | ($11.20) | ($58.10) | ($30.10) |
Income_Taxes_Difference_Betwee
Income Taxes (Difference Between Effective Income Tax Rate And U.S. Statutory Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ||||
Federal tax rate | 35.00% | |||
Income tax expense at 35% of income from continuing operations, before income taxes | ($30.90) | ($52.80) | ($29.20) | |
State tax, net of federal benefit | 1.1 | -3.9 | -1.3 | |
Differences in rates of foreign operations | 5.4 | -1.2 | 3.3 | |
Changes in valuation allowances | -6.9 | -3.1 | -0.9 | |
U.S. research and development credit | 1 | 2.1 | 0 | |
Tax benefits on certain foreign investments | -5.4 | 13.4 | 0 | 0 |
Uncertain tax positions | -0.9 | 0.5 | 0.1 | |
U.S. tax settlements | 2.8 | 0 | 0 | |
Domestic manufacturing deduction | 2.2 | 1.5 | 0 | |
Other, net | 1.6 | -1.2 | -2.1 | |
Income tax expense | ($11.20) | ($58.10) | ($30.10) |
Income_Taxes_Components_Of_Def
Income Taxes (Components Of Deferred Tax Liabilities And Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities: | ||
Tax over book depreciation | ($76.90) | ($87.10) |
Deferred Tax Liabilities, Goodwill and Intangible Assets | -135.2 | -132.4 |
Other, net | -9.1 | -13.6 |
Deferred Tax Liabilities, Gross | -221.2 | -233.1 |
Deferred tax assets: | ||
Pension and other post-retirement benefits | 39.1 | 20.6 |
Employment costs | 47.2 | 36.8 |
Environmental | 46.5 | 49.3 |
Net operating loss carryforwards | 42 | 38 |
Other, net | 30.6 | 32.6 |
Total deferred tax assets | 205.4 | 177.3 |
Valuation allowances | -23.6 | -29.3 |
Total deferred tax liabilities | ($39.40) | ($85.10) |
Income_Taxes_Changes_In_Unreco
Income Taxes (Changes In Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance as of January 1 | $15.20 | $14.50 | $15.10 |
Additions based on tax positions related to the current year | 4.8 | 0 | 0.2 |
Additions for tax positions of prior years | 0.1 | 0 | 0 |
Reductions for tax positions of prior years | -2.3 | -0.9 | -0.4 |
Balances related to acquired businessess | 14.2 | 1.1 | 0 |
Settlements and other | -3.4 | -0.4 | |
Settlements and other | 0.5 | ||
Balance as of December 31 | $28.60 | $15.20 | $14.50 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 19-May-12 |
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
Shares reserved for grant | 5,000,000 | |||
Stock appreciation rights | ||||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
SARs granted | 300,000 | 500,000 | 800,000 | |
Vesting period | 3 years | 3 years | 3 years | |
SARs granted appreciation cap percentage | 200.00% | |||
Forfeitures percentage | 3.00% | 3.00% | 3.00% | |
Intrinsic value of SARS exercised | $15 | $14.90 | $25.50 | |
Unrecognized compensation cost | 2.1 | |||
Weighted-average remaining contractual term | 15 | |||
Nonvested, balance | 1,600,000 | 2,100,000 | ||
Weighted-average grant date fair value | $20.13 | $16.63 | ||
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] | ||||
Unrecognized compensation cost | $6.10 | |||
Weighted-average remaining contractual term | 12 | |||
SAR Granted | 200,000 | 500,000 | 600,000 | |
Nonvested, balance | 1,000,000 | |||
Weighted-average grant date fair value | $23.49 | |||
Vests Rateably over 3 Years | Stock Options | ||||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based compensation | $14.20 | $16.50 | $10.40 |
Stock appreciation rights | |||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based compensation | 5.5 | 6.1 | 5.1 |
Performance Shares [Member] | |||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based compensation | 0.7 | 0.3 | 0 |
Restricted stock units | |||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based compensation | $8 | $10.10 | $5.30 |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Assumptions Related To Grants) (Details) (Stock appreciation rights, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock appreciation rights | |||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Expected volatility (weighted-average) | 48.00% | 50.00% | 53.00% |
Expected dividends | 0.91% | 1.04% | 1.37% |
Expected term (in years) | 6 years 4 months 24 days | 7 years 4 months 24 days | 8 years |
Risk-free rate | 2.94% | 2.12% | 2.05% |
Value of SARs granted | $14.05 | $10.83 | $6.92 |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary Of Stock Appreciation Rights) (Details) (Stock Appreciation Rights, USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Appreciation Rights | |||
Share-Based Compensation Arrangement By Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Equity Instruments Other Than Options, Forfeitures Estimated Percentage | 3.00% | 3.00% | 3.00% |
Shares | |||
Shares outstanding as of January 1, 2014 | 2.1 | ||
Granted, Shares | 0.3 | 0.5 | 0.8 |
Exercised, Shares | -0.7 | ||
Forfeited or expired, Shares | -0.1 | ||
Shares outstanding as of December 31, 2014 | 1.6 | 2.1 | |
Outstanding, vested and exercisable, Shares | 0.8 | ||
Weighted-Average Exercise Price Per Share | |||
Outstanding as of January 1, 2014, Weighted-Average Exercise Price Per Share | $16.63 | ||
Granted, Weighted-Average Exercise Price Per Share | $35.19 | ||
Exercised, Weighted-Average Exercise Price Per Share | $15.55 | ||
Forfeited or expired, Weighted-Average Exercise Price Per Share | $32 | ||
Outstanding as of December 31, 2014, Weighted-Average Exercise Price Per Share | $20.13 | $16.63 | |
Outstanding, vested and exercisable as of December 31, 2014, Weighted Average Exercise Price Per Share | $14.81 | ||
Weighted-Average Remaining Contractual Term And Aggregate Intrinsic Value | |||
Outstanding as of January 1, 2014, Weighted-Average Remaining Contractual Term | 6 years 7 months 17 days | 6 years 3 months 29 days | |
Outstanding as of December 31, 2014, Weighted-Average Remaining Contractual Term | 6 years 7 months 17 days | 6 years 3 months 29 days | |
Vested and exercisable as of December 31, 2014, Weighted-Average Remaining Contractual Term | 5 years 0 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 | $28.90 | $39.30 | |
Vested and exercisable as of December 31, 2014, Aggregate Intrinsic Value | $19 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 01, 2014 |
grade_resin | ||||
supplier | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $47.20 | $259.40 | $33.80 | |
Number of products sold | 6,000 | |||
Number Of Grades of Resins Sold by PolyOne Distribution | 3,500 | |||
Number Of Suppliers Represented by PolyOne Distribution | 25 | |||
Accella [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Payments to Acquire Businesses, Net of Cash Acquired | $47.20 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Intersegment sales | $0 | $0 | $0 | ||||||||||||||||
Total Sales | 3,835.50 | 3,771.20 | 2,860.80 | ||||||||||||||||
Operating Income | -14.3 | [1] | 63.6 | [2] | 49.4 | [3] | 56.4 | [4] | 48.7 | [5] | 61.6 | [6] | 80.7 | [7] | 40.5 | [8] | 155.1 | 231.5 | 137.5 |
Depreciation and amortization | 123.9 | 109.8 | 69.8 | ||||||||||||||||
Capital Expenditures (1a) | 92.8 | 76.4 | 57.4 | ||||||||||||||||
Total Assets | 2,711.20 | 2,944.10 | 2,711.20 | 2,944.10 | 2,128 | ||||||||||||||
Global Specialty Engineered Materials | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue, Net | 555.2 | 571.9 | 504.9 | ||||||||||||||||
Intersegment sales | 43.1 | 43.6 | 38.7 | ||||||||||||||||
Total Sales | 598.3 | 615.5 | 543.6 | ||||||||||||||||
Operating Income | 72.4 | 57.2 | 47 | ||||||||||||||||
Depreciation and amortization | 16.7 | 18.8 | 14.3 | ||||||||||||||||
Capital Expenditures (1a) | 15.2 | 14.3 | 12.9 | ||||||||||||||||
Total Assets | 370.5 | 379.6 | 370.5 | 379.6 | 396.6 | ||||||||||||||
Global Color, Additives and Inks | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue, Net | 835 | 844.6 | 776.1 | ||||||||||||||||
Intersegment sales | 15.8 | 7.7 | 2.1 | ||||||||||||||||
Total Sales | 850.8 | 852.3 | 778.2 | ||||||||||||||||
Operating Income | 124.9 | 104 | 75.3 | ||||||||||||||||
Depreciation and amortization | 41.4 | 38.8 | 32.9 | ||||||||||||||||
Capital Expenditures (1a) | 28.1 | 29.3 | 28.2 | ||||||||||||||||
Total Assets | 937.7 | 962 | 937.7 | 962 | 901.7 | ||||||||||||||
Designed Structures and Solutions [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue, Net | 616.5 | 597.3 | |||||||||||||||||
Intersegment sales | 1 | 0.1 | |||||||||||||||||
Total Sales | 617.5 | 597.4 | |||||||||||||||||
Operating Income | 45.1 | 33.4 | |||||||||||||||||
Depreciation and amortization | 24.4 | 21.2 | |||||||||||||||||
Capital Expenditures (1a) | 25.6 | 13.4 | |||||||||||||||||
Total Assets | 490.2 | 549.4 | 490.2 | 549.4 | |||||||||||||||
Performance Products and Solutions | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue, Net | 728.2 | 690.9 | 554.9 | ||||||||||||||||
Intersegment sales | 88.4 | 82.3 | 75.4 | ||||||||||||||||
Total Sales | 816.6 | 773.2 | 630.3 | ||||||||||||||||
Operating Income | 63.1 | 56 | 38.8 | ||||||||||||||||
Depreciation and amortization | 17.7 | 15.5 | 13.7 | ||||||||||||||||
Capital Expenditures (1a) | 15.2 | 12.4 | 4.6 | ||||||||||||||||
Total Assets | 265.5 | 278.7 | 265.5 | 278.7 | 205.4 | ||||||||||||||
PolyOne Distribution | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue, Net | 1,100.60 | 1,066.50 | 1,024.90 | ||||||||||||||||
Intersegment sales | 13.8 | 8.7 | 5.4 | ||||||||||||||||
Total Sales | 1,114.40 | 1,075.20 | 1,030.30 | ||||||||||||||||
Operating Income | 68.2 | 63.3 | 66 | ||||||||||||||||
Depreciation and amortization | 0.6 | 0.6 | 0.7 | ||||||||||||||||
Capital Expenditures (1a) | 0.1 | 0.3 | 0.6 | ||||||||||||||||
Total Assets | 214.2 | 216.7 | 214.2 | 216.7 | 212.9 | ||||||||||||||
Corporate and eliminations | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Revenue, Net | 0 | 0 | 0 | ||||||||||||||||
Intersegment sales | -162.1 | -142.4 | -121.6 | ||||||||||||||||
Total Sales | -162.1 | -142.4 | -121.6 | ||||||||||||||||
Operating Income | -218.6 | -82.4 | -89.6 | ||||||||||||||||
Depreciation and amortization | 23.1 | 13.9 | 4.2 | ||||||||||||||||
Capital Expenditures (1a) | 8.6 | 6.5 | 8.5 | ||||||||||||||||
Total Assets | 433.1 | 557.7 | 433.1 | 557.7 | 411.4 | ||||||||||||||
Resin Business [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Capital Expenditures (1a) | 0.2 | 2.6 | |||||||||||||||||
Depreciation and Amortization, Discontinued Operations | 1 | 4 | |||||||||||||||||
Continuing Operations [Member] | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Depreciation and amortization | 123.9 | 108.8 | 65.8 | ||||||||||||||||
Capital Expenditures (1a) | $92.80 | $76.20 | $54.80 | ||||||||||||||||
[1] | Included for the fourth quarter 2014 are: 1) 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. | ||||||||||||||||||
[2] | Included for the third quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs, 2) $5.9 million in environmental remediation costs and 3) a gain related to the reimbursement of previously incurred environmental costs of $1.6 million. | ||||||||||||||||||
[3] | Included for the second quarter 2014 are: 1) $35.1 million in employee separation and restructuring costs and 2) $5.4 million tax benefit associated with our investments in certain foreign affiliates. | ||||||||||||||||||
[4] | Included for the first quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs. | ||||||||||||||||||
[5] | Included for the fourth quarter 2013 are: 1) gains from the SunBelt earn-out of $26.8 million, 2) mark-to-market pension and other post-retirement benefit gains of $44.0 million, 3) environmental remediation costs of $52.6 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $3.4 million and 5) employee separation and restructuring costs of $28.3 million. | ||||||||||||||||||
[6] | Included for the third quarter 2013 are: 1) $5.3 million in environmental remediation costs, 2) $10.9 million in employee separation and restructuring costs, 3) $7.0 million gain on commercial litigation, 4) $5.2 million in debt extinguishment costs associated with our outstanding debt repurchases and 5) $1.2 million of acquisition and divestiture-related costs. | ||||||||||||||||||
[7] | Included for the second quarter 2013 are: 1) pre-tax gain of $223.7 million related to the sale of the Resin Business, 2) $2.9 million in employee separation and restructuring costs, 3) acquisition and divestiture-related costs of $4.9 million, 4) environmental remediation costs of $1.3 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $14.9 million. | ||||||||||||||||||
[8] | Included for the first quarter 2013 are: 1) $9.9 million in employee separation and restructuring costs 2) acquisition and divestiture-related costs of $8.7 million, 3) environmental remediation costs of $2.0 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $5.2 million and 5) $10.6 million in debt extinguishment costs related to the early retirement of our senior secured term loan. |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Revenue And Long-Lived Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | $869.30 | [1] | $958.40 | [2] | $1,005.50 | [3] | $1,002.30 | [4] | $923.60 | [5] | $1,008.90 | [6] | $1,037.60 | [7] | $801.10 | [8] | $3,835.50 | $3,771.20 | $2,860.80 |
Long-lived assets: | 596.7 | 646.2 | 596.7 | 646.2 | 385.8 | ||||||||||||||
United States | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 2,590.40 | 2,538.20 | 1,724.10 | ||||||||||||||||
Long-lived assets: | 421.1 | 444.4 | 421.1 | 444.4 | 240.9 | ||||||||||||||
Europe | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 511.8 | 519.7 | 488.1 | ||||||||||||||||
Long-lived assets: | 95.7 | 103 | 95.7 | 103 | 82.2 | ||||||||||||||
Canada | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 277.4 | 267.8 | 248.1 | ||||||||||||||||
Long-lived assets: | 12.8 | 13.2 | 12.8 | 13.2 | 5.7 | ||||||||||||||
Asia | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 246.2 | 239 | 221.2 | ||||||||||||||||
Long-lived assets: | 39.5 | 51.8 | 39.5 | 51.8 | 45.1 | ||||||||||||||
Mexico | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 178.4 | 158.1 | 141.8 | ||||||||||||||||
Long-lived assets: | 19.7 | 20.5 | 19.7 | 20.5 | 3.5 | ||||||||||||||
South America | |||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||
Sales: | 31.3 | 48.4 | 37.5 | ||||||||||||||||
Long-lived assets: | $7.90 | $13.30 | $7.90 | $13.30 | $8.40 | ||||||||||||||
[1] | Included for the fourth quarter 2014 are: 1) 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. | ||||||||||||||||||
[2] | Included for the third quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs, 2) $5.9 million in environmental remediation costs and 3) a gain related to the reimbursement of previously incurred environmental costs of $1.6 million. | ||||||||||||||||||
[3] | Included for the second quarter 2014 are: 1) $35.1 million in employee separation and restructuring costs and 2) $5.4 million tax benefit associated with our investments in certain foreign affiliates. | ||||||||||||||||||
[4] | Included for the first quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs. | ||||||||||||||||||
[5] | Included for the fourth quarter 2013 are: 1) gains from the SunBelt earn-out of $26.8 million, 2) mark-to-market pension and other post-retirement benefit gains of $44.0 million, 3) environmental remediation costs of $52.6 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $3.4 million and 5) employee separation and restructuring costs of $28.3 million. | ||||||||||||||||||
[6] | Included for the third quarter 2013 are: 1) $5.3 million in environmental remediation costs, 2) $10.9 million in employee separation and restructuring costs, 3) $7.0 million gain on commercial litigation, 4) $5.2 million in debt extinguishment costs associated with our outstanding debt repurchases and 5) $1.2 million of acquisition and divestiture-related costs. | ||||||||||||||||||
[7] | Included for the second quarter 2013 are: 1) pre-tax gain of $223.7 million related to the sale of the Resin Business, 2) $2.9 million in employee separation and restructuring costs, 3) acquisition and divestiture-related costs of $4.9 million, 4) environmental remediation costs of $1.3 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $14.9 million. | ||||||||||||||||||
[8] | Included for the first quarter 2013 are: 1) $9.9 million in employee separation and restructuring costs 2) acquisition and divestiture-related costs of $8.7 million, 3) environmental remediation costs of $2.0 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $5.2 million and 5) $10.6 million in debt extinguishment costs related to the early retirement of our senior secured term loan. |
WeightedAverage_Shares_Used_In
Weighted-Average Shares Used In Computing Earnings Per Share (Schedule Of Weighted-Average Shares Used In Computing Earnings Per Share) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Weighted-average shares - basic: | 92.3 | 95.5 | 89.1 |
Plus dilutive impact of stock options and stock awards | 1.2 | 1 | 0.7 |
Weighted-average shares - diluted: | 93.5 | 96.5 | 89.8 |
Common_Share_Narrative_Details
Common Share Narrative (Details) (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 23, 2012 | Oct. 11, 2011 | Aug. 31, 2008 |
Earnings Per Share [Abstract] | ||||||
Weighted-average shares - basic: | 92,300,000 | 95,500,000 | 89,100,000 | |||
Anti-dilutive effect on computation of diluted earnings per share | 400,000 | 300,000 | 1,200,000 | |||
Common shares authorized to be repurchased | 10,000,000 | |||||
Increase in common share repurchase authorization | 13,200,000 | 5,300,000 | ||||
Remaining shares to be repurchased | 8,700,000 | |||||
Repurchase of common shares, shares | 6,300,000 | 5,000,000 | 1,200,000 | |||
Purchase of common shares for treasury | $233.20 | $131.60 | $15.90 | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,200,000 | 1,000,000 | 700,000 | |||
Weighted Average Number of Shares Outstanding, Diluted | 93,500,000 | 96,500,000 | 89,800,000 |
Derivative_Instruments_Fair_Va
Derivative Instruments (Fair Value of Derivative Instruments on Balance Sheet) (Details) (Foreign currency forwards, USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Foreign currency forwards | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency forwards at fair value | $5.10 | $12.80 |
Derivative_Instruments_Derivat
Derivative Instruments Derivative Instruments (Consolidated Income Statement Impact) (Details) (Selling and administrative expense, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Foreign currency options | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $0 | ($0.40) | ($1.40) |
Foreign currency forwards | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $1.10 | ($0.60) | ($0.40) |
Fair_Value_Carrying_Amounts_An
Fair Value (Carrying Amounts And Fair Values of Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $238.60 | $365.20 | $210 | $191.90 |
Quoted Prices in Active Markets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 238.6 | 365.2 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $0 |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Short-term and Long-term Debt, Fair Value | $1,045.40 | $1,010.30 |
Debt carrying value | $1,023.80 | $988.90 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Sales | $869.30 | [1] | $958.40 | [2] | $1,005.50 | [3] | $1,002.30 | [4] | $923.60 | [5] | $1,008.90 | [6] | $1,037.60 | [7] | $801.10 | [8] | $3,835.50 | $3,771.20 | $2,860.80 | |
Gross Margin | 152.6 | [1] | 182.6 | [2] | 184.5 | [3] | 188.2 | [4] | 114.9 | [5] | 181.3 | [6] | 203.7 | [7] | 162.3 | [8] | 707.9 | 662.2 | 531.1 | |
Operating (loss)/income | -14.3 | [1] | 63.6 | [2] | 49.4 | [3] | 56.4 | [4] | 48.7 | [5] | 61.6 | [6] | 80.7 | [7] | 40.5 | [8] | 155.1 | 231.5 | 137.5 | |
Net (loss)/income from continuing operations | -15 | [1] | 32.3 | [2] | 30.7 | [3] | 29.2 | [4] | 20.6 | [5] | 23 | [6] | 38.3 | [7] | 11 | [8] | ||||
Net (loss)/income from continuing operations attributable to PolyOne shareholders | -14.6 | [1] | 32.3 | [2] | 30.9 | [3] | 29.4 | [4] | 21 | [5] | 23.2 | [6] | 38.6 | [7] | 11.2 | [8] | ||||
Basic net income - continuing operations | ($0.16) | [1] | $0.35 | [2] | $0.33 | [3] | $0.31 | [4] | $0.22 | [5] | $0.24 | [6] | $0.39 | [7] | $0.12 | [8] | $0.85 | $0.98 | $0.60 | |
Diluted net income - continuing operations | ($0.16) | [1] | $0.35 | [2] | $0.33 | [3] | $0.31 | [4] | $0.22 | [5] | $0.24 | [6] | $0.39 | [7] | $0.12 | [8] | $0.83 | $0.97 | $0.59 | |
Mark-to-market actuarial net losses (gains) | 56.5 | -44 | 42 | |||||||||||||||||
Environmental remediation expense | 2.6 | 5.9 | 52.6 | 5.3 | 1.3 | 2 | ||||||||||||||
Reimbursement of previously incurred environmental cost | 2.1 | 1.6 | 3.4 | 14.9 | 5.2 | |||||||||||||||
Acquisition related costs | 1.2 | 4.9 | 8.7 | |||||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 223.7 | 0 | |||||||||||||||||
Restructuring charges | 94.1 | 52 | ||||||||||||||||||
Tax benefit associated with our investments in certain foreign affiliates | 5.4 | -13.4 | 0 | 0 | ||||||||||||||||
Mark-to-market actuarial net losses (gains) | 7 | |||||||||||||||||||
Payments of Debt Extinguishment Costs | 5.2 | 10.6 | ||||||||||||||||||
SunBelt | ||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Pre-tax gain associated with estimated earnout of SunBelt | 26.8 | |||||||||||||||||||
Plant Closure and Reductions in Force | ||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Restructuring charges | 23.2 | 17.9 | 35.1 | 17.9 | 28.3 | 10.9 | 2.9 | 9.9 | ||||||||||||
325211 Plastics Material and Resin Manufacturing [Member] | ||||||||||||||||||||
Selected Quarterly Financial Data [Line Items] | ||||||||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $223.70 | |||||||||||||||||||
[1] | Included for the fourth quarter 2014 are: 1) 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. | |||||||||||||||||||
[2] | Included for the third quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs, 2) $5.9 million in environmental remediation costs and 3) a gain related to the reimbursement of previously incurred environmental costs of $1.6 million. | |||||||||||||||||||
[3] | Included for the second quarter 2014 are: 1) $35.1 million in employee separation and restructuring costs and 2) $5.4 million tax benefit associated with our investments in certain foreign affiliates. | |||||||||||||||||||
[4] | Included for the first quarter 2014 are: 1) $17.9 million in employee separation and restructuring costs. | |||||||||||||||||||
[5] | Included for the fourth quarter 2013 are: 1) gains from the SunBelt earn-out of $26.8 million, 2) mark-to-market pension and other post-retirement benefit gains of $44.0 million, 3) environmental remediation costs of $52.6 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $3.4 million and 5) employee separation and restructuring costs of $28.3 million. | |||||||||||||||||||
[6] | Included for the third quarter 2013 are: 1) $5.3 million in environmental remediation costs, 2) $10.9 million in employee separation and restructuring costs, 3) $7.0 million gain on commercial litigation, 4) $5.2 million in debt extinguishment costs associated with our outstanding debt repurchases and 5) $1.2 million of acquisition and divestiture-related costs. | |||||||||||||||||||
[7] | Included for the second quarter 2013 are: 1) pre-tax gain of $223.7 million related to the sale of the Resin Business, 2) $2.9 million in employee separation and restructuring costs, 3) acquisition and divestiture-related costs of $4.9 million, 4) environmental remediation costs of $1.3 million and 5) a gain related to the reimbursement of previously incurred environmental costs of $14.9 million. | |||||||||||||||||||
[8] | Included for the first quarter 2013 are: 1) $9.9 million in employee separation and restructuring costs 2) acquisition and divestiture-related costs of $8.7 million, 3) environmental remediation costs of $2.0 million, 4) a gain related to the reimbursement of previously incurred environmental costs of $5.2 million and 5) $10.6 million in debt extinguishment costs related to the early retirement of our senior secured term loan. |