Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 12, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | UNVR | ||
Entity Registrant Name | Univar Inc. | ||
Entity Central Index Key | 1,494,319 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 137,960,460 | ||
Entity Public Float | $ 1.4 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 8,981.8 | $ 10,373.9 | $ 10,324.6 |
Cost of goods sold (exclusive of depreciation) | 7,182.7 | 8,443.2 | 8,448.7 |
Gross profit | 1,799.1 | 1,930.7 | 1,875.9 |
Operating expenses: | |||
Outbound freight and handling | 324.6 | 365.5 | 326 |
Warehousing, selling and administrative | 874.4 | 923.5 | 951.7 |
Other operating expenses, net | 106.1 | 197.1 | 12 |
Depreciation | 136.5 | 133.5 | 128.1 |
Amortization | 88.5 | 96 | 100 |
Impairment charges | 0.3 | 135.6 | |
Total operating expenses | 1,530.1 | 1,715.9 | 1,653.4 |
Operating income | 269 | 214.8 | 222.5 |
Other (expense) income: | |||
Interest income | 4.3 | 8.2 | 11 |
Interest expense | (211.3) | (258.8) | (305.5) |
Loss on extinguishment of debt | (12.1) | (1.2) | (2.5) |
Other (expense) income, net | (23.2) | 1.1 | (17.6) |
Total other expense | (242.3) | (250.7) | (314.6) |
Income (loss) before income taxes | 26.7 | (35.9) | (92.1) |
Income tax expense (benefit) | 10.2 | (15.8) | (9.8) |
Net income (loss) | $ 16.5 | $ (20.1) | $ (82.3) |
Income (loss) per common share: | |||
Basic | $ 0.14 | $ (0.20) | $ (0.83) |
Diluted | $ 0.14 | $ (0.20) | $ (0.83) |
Weighted average common shares outstanding: | |||
Basic | 119.6 | 99.7 | 99.3 |
Diluted | 120.1 | 99.7 | 99.3 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 16.5 | $ (20.1) | $ (82.3) |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation | (212.6) | (118.3) | (70.5) |
Pension and other postretirement benefits adjustment | (7.3) | (7.3) | (7) |
Derivative financial instruments | 3.7 | (0.9) | (2.8) |
Total other comprehensive loss, net of tax | (216.2) | (126.5) | (80.3) |
Comprehensive loss | $ (199.7) | $ (146.6) | $ (162.6) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 188.1 | $ 206 |
Trade accounts receivable, net | 1,026.2 | 1,277.5 |
Inventories | 803.4 | 942.7 |
Prepaid expenses and other current assets | 178.6 | 158.5 |
Deferred tax assets | 37.1 | |
Total current assets | 2,196.3 | 2,621.8 |
Property, plant and equipment, net | 1,082.5 | 1,032.3 |
Goodwill | 1,745.1 | 1,767.6 |
Intangible assets, net | 518.9 | 574.9 |
Deferred tax assets | 3.5 | 15.5 |
Other assets | 66.1 | 55.6 |
Total assets | 5,612.4 | 6,067.7 |
Current liabilities: | ||
Short-term financing | 33.5 | 61.1 |
Trade accounts payable | 836 | 991.9 |
Current portion of long-term debt | 59.9 | 80.7 |
Accrued compensation | 62.8 | 73.7 |
Other accrued expenses | 301.3 | 308.1 |
Deferred tax liabilities | 3.4 | |
Total current liabilities | 1,293.5 | 1,518.9 |
Long-term debt | 3,057.4 | 3,730.6 |
Pension and other postretirement benefit liabilities | 251.8 | 304.5 |
Deferred tax liabilities | 58 | 119.7 |
Other long-term liabilities | $ 135 | $ 145.9 |
Commitment and contingencies | ||
Stockholders' equity: | ||
Preferred stock, 200.0 million shares authorized at $0.01 par value with no shares issued or outstanding as of December 31, 2015 and 2014 | ||
Common stock, 2.0 billion shares authorized at $0.01 par value with 138.0 million shares issued and outstanding at December 31, 2015; 370.2 million shares authorized at $0.000000028 par value with 100.2 million shares issued and outstanding at December 31, 2014 | $ 1.4 | |
Additional paid-in capital | 2,224.7 | $ 1,457.6 |
Accumulated deficit | (985) | (1,001.3) |
Accumulated other comprehensive loss | (424.4) | (208.2) |
Total stockholders' equity | 816.7 | 248.1 |
Total liabilities and stockholders' equity | $ 5,612.4 | $ 6,067.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, share issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 2,000,000,000 | 370,200,000 |
Common stock, par value | $ 0.010000000 | $ 0.0000 |
Common stock, shares issued | 138,000,000 | 100,200,000 |
Common stock, shares outstanding | 138,000,000 | 100,200,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ 16.5 | $ (20.1) | $ (82.3) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 225 | 229.5 | 228.1 |
Impairment charges | 0.3 | 135.6 | |
Amortization of deferred financing fees and debt discount | 12.2 | 16.5 | 22.7 |
Amortization of pension credit from accumulated other comprehensive loss | (11.9) | (11.9) | (11.6) |
Loss on extinguishment of debt | 12.1 | 1.2 | 2.5 |
Contingent consideration fair value adjustment | (1) | (24.7) | |
Deferred income taxes | (7.4) | (19.6) | (34.4) |
Recognition of previously uncertain tax benefits | (2.5) | (18.4) | |
Stock-based compensation expense | 7.5 | 12.1 | 15.1 |
Other | (2) | 3.3 | 0.5 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable, net | 198.7 | (63.2) | 9.3 |
Inventories | 82.3 | (90.9) | 41.6 |
Prepaid expenses and other current assets | (29.6) | (8.2) | 15.1 |
Trade accounts payable | (104.1) | 12.7 | 111.7 |
Pensions and other postretirement benefit liabilities | (52) | 72.8 | (133.8) |
Other, net | 8.7 | 11.2 | (6.1) |
Net cash provided by operating activities | 356 | 126.3 | 289.3 |
Investing activities: | |||
Purchases of property, plant and equipment | (145) | (113.9) | (141.3) |
Proceeds from sale of property, plant and equipment | 9.5 | 8.9 | 11.6 |
Purchases of businesses, net of cash acquired | (153.4) | (42.2) | (86) |
Other | (5.5) | (1) | |
Net cash used by investing activities | (294.4) | (148.2) | (215.7) |
Financing activities: | |||
Proceeds from sale of common stock | 765.3 | 3 | 3.3 |
Proceeds from the issuance of long-term debt | 2,806.6 | 177.5 | 519 |
Payments on long-term debt | (3,547.8) | (79.2) | (579.4) |
Short-term financing, net | (11.5) | (8.2) | (40) |
Financing fees paid | (28.7) | (5.4) | (12.5) |
Shares repurchased | (3.6) | (8) | (1.8) |
Stock option exercises | 3 | 6.2 | 0.9 |
Other | (3.1) | (1.8) | |
Net cash (used by) provided by financing activities | (19.8) | 84.1 | (110.5) |
Effect of exchange rate changes on cash and cash equivalents | (59.7) | (36.6) | (3.6) |
Net (decrease) increase in cash and cash equivalents | (17.9) | 25.6 | (40.5) |
Cash and cash equivalents at beginning of period | 206 | 180.4 | 220.9 |
Cash and cash equivalents at end of period | 188.1 | 206 | 180.4 |
Cash paid during the period for: | |||
Income taxes | 38.2 | 23.7 | 24.1 |
Interest, net of capitalized interest | 169.7 | 238.5 | 274 |
Non-cash activities: | |||
Additions of property, plant and equipment included in trade accounts payable and other accrued expenses | 10.1 | 9.3 | $ 7.2 |
Additions of property, plant and equipment under a capital lease obligation | $ 67.7 | $ 2.6 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2012 | $ 526.4 | $ 1,426.5 | $ (898.7) | $ (1.4) | |
Beginning balance, shares at Dec. 31, 2012 | 99,800,000 | ||||
Net income (loss) | (82.3) | (82.3) | |||
Foreign currency translation adjustment, net of tax | (70.5) | (70.5) | |||
Pension and other postretirement benefits adjustment, net of tax | (7) | (7) | |||
Derivative financial instruments, net of tax | (2.8) | (2.8) | |||
Share issuances | 3.3 | 3.3 | |||
Share issuances, shares | 200,000 | ||||
Share repurchases | (1.8) | (1.8) | |||
Share repurchases, shares | (100,000) | ||||
Stock option exercises | 0.9 | 0.9 | |||
Stock option exercises, shares | 100,000 | ||||
Stock-based compensation | 15.1 | 15.1 | |||
Ending balance at Dec. 31, 2013 | 381.3 | 1,444 | (981) | (81.7) | |
Ending balance, shares at Dec. 31, 2013 | 100,000,000 | ||||
Net income (loss) | (20.1) | (20.1) | |||
Foreign currency translation adjustment, net of tax | (118.3) | (118.3) | |||
Pension and other postretirement benefits adjustment, net of tax | (7.3) | (7.3) | |||
Derivative financial instruments, net of tax | (0.9) | (0.9) | |||
Share issuances | 3 | 3 | |||
Share issuances, shares | 200,000 | ||||
Share repurchases | (8) | (7.8) | (0.2) | ||
Share repurchases, shares | (400,000) | ||||
Stock option exercises | 6.2 | 6.2 | |||
Stock option exercises, shares | 300,000 | ||||
Stock-based compensation | 12.1 | 12.1 | |||
Stock-based compensation, shares | 100,000 | ||||
Excess tax benefit from stock-based compensation | 0.1 | 0.1 | |||
Ending balance at Dec. 31, 2014 | $ 248.1 | 1,457.6 | (1,001.3) | (208.2) | |
Ending balance, shares at Dec. 31, 2014 | 100,200,000 | 100,200,000 | |||
Net income (loss) | $ 16.5 | 16.5 | |||
Foreign currency translation adjustment, net of tax | (212.6) | (212.6) | |||
Pension and other postretirement benefits adjustment, net of tax | (7.3) | (7.3) | |||
Derivative financial instruments, net of tax | 3.7 | 3.7 | |||
Share issuances | 761.5 | 761.5 | |||
Share issuances, shares | 37,700,000 | ||||
Change in par value of common stock to $0.01 | $ 1.4 | (1.4) | |||
Share repurchases | (3.6) | (3.4) | (0.2) | ||
Share repurchases, shares | (200,000) | ||||
Stock option exercises | $ 3 | 3 | |||
Stock option exercises, shares | 156,128 | 200,000 | |||
Stock-based compensation | $ 7.5 | 7.5 | |||
Stock-based compensation, shares | 100,000 | ||||
Excess tax benefit from stock-based compensation | (0.1) | (0.1) | |||
Ending balance at Dec. 31, 2015 | $ 816.7 | $ 1.4 | $ 2,224.7 | $ (985) | $ (424.4) |
Ending balance, shares at Dec. 31, 2015 | 138,000,000 | 138,000,000 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Foreign currency translation adjustments tax | $ 7.4 | $ 9.3 | $ 11.4 |
Pension and post-employment benefits tax | 4.6 | 4.6 | 4.6 |
Derivative financial instruments tax | $ (2.1) | $ 0.5 | $ 1.6 |
Par value of common stock | $ 0.010000000 | $ 0.0000 | |
Common Stock [Member] | |||
Par value of common stock | $ 0.01 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | 1. Nature of operations Headquartered in Downers Grove, Illinois, Univar Inc. (“Company” or “Univar”) is a leading global distributor of commodity and specialty chemicals. The Company’s operations are structured into four operating segments that represent the geographic areas under which the Company manages its business: • Univar USA (“USA”) • Univar Canada (“Canada”) • Univar Europe, the Middle East and Africa (“EMEA”) • Rest of the World (“Rest of World”) Rest of World includes certain developing businesses in Latin America (including Brazil and Mexico) and the Asia-Pacific region. Initial public offering On June 23, 2015, the Company closed its initial public offering (“IPO”) in which the Company issued and sold 20.0 million shares of common stock at a public offering price of $22.00 per share. In addition, the Company completed a concurrent private placement of $350.0 million for shares of common stock (17.6 million shares) to Dahlia Investments Pte. Ltd., an indirect wholly owned subsidiary of Temasek Holdings (Private) Limited (“Temasek”). The Company received total net proceeds of approximately $760.0 million after deducting underwriting discounts and commissions and other offering expenses of approximately $30.0 million. These expenses were recorded against the proceeds received from the IPO. Certain selling stockholders sold an additional 25.3 million shares of common stock in the IPO and concurrent private placement. The Company did not receive any proceeds from the sale of these shares. In connection with the IPO and pursuant to Rule 424(b), the Company filed its final prospectus with the Securities and Exchange Commission on June 19, 2015. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Unless otherwise indicated, all financial data presented in these consolidated financial statements are expressed in US dollars. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are consolidated if the Company has a controlling financial interest, which may exist based on ownership of a majority of the voting interest, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity. The Company did not have any material interests in variable interest entities (“VIEs”) during the years presented in these consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. Recently issued and adopted accounting pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2014-08 “Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity,” which changes the criteria for reporting discontinued operations. This guidance is applied prospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Company adopted the standard for its year and interim periods beginning after December 15, 2014, making this change effective as of January 1, 2015. The adoption of ASU 2014-08 had no impact on our financial results or disclosures for the year ended December 31, 2015. In April 2015, the FASB issued ASU 2015-03 “Interest-Imputation of Interest (Simplifying the Presentation of Debt Issuance Costs)” (Subtopic 835-30). The core principle of the guidance is that debt issuance costs related to a recognized debt liability will no longer be presented as an asset, but rather be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the ASU. In August 2015, the FASB issued ASU 2015-15 “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” as a supplement to ASU 2015-03, which provided clarification to the presentation of debt issuance costs related to line-of-credit arrangements. The ASU permits an entity to defer and present debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortize the deferred issuance costs over the term of the line-of-credit arrangement. This guidance is effective and will be applied retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company early adopted the guidance as of December 31, 2015 and adjusted the previously reported periods. The adoption of ASU 2015-03 and ASU 2015-15 resulted in a decrease of $8.9 million in other assets and long-term debt within the December 31, 2014 consolidated balance sheet. The adoption resulted in a decrease of $12.3 million in other assets and long-term debt within the December 31, 2013 consolidated balance sheet. In September 2015, the FASB issued ASU 2015-16 “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” The core principle of the guidance is that the ASU eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. This ASU requires acquirers to recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The ASU does not change the criteria for determining whether an adjustment qualifies as a measurement-period adjustment and does not change the length of the measurement period. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early adoption is permitted and the Company has elected to adopt the ASU as of December 31, 2015. The ASU is applied prospectively to adjustments to provisional amounts that occur after the effective date. That is, the ASU applies to open measurement periods, regardless of the acquisition date. The Company believes the guidance will not have a material impact on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17 “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The core principle of the guidance is that the ASU requires all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. In addition, valuation allowances are no longer required to be allocated between current and noncurrent deferred tax assets as they will also be classified as noncurrent. The ASU does not impact the requirement to offset deferred tax asset and deferred tax liabilities for each taxpaying component within a jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted and the Company has elected to adopt the ASU on a prospective basis as of December 31, 2015. Prior periods were not retrospectively adjusted. Other than the revised balance sheet presentation of deferred tax assets and liabilities, the adoption of the ASU did not have an effect on the Company’s consolidated financial statements. Accounting pronouncements issued but not yet adopted In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” as a revision to ASU 2014-09, which revised the effective date to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted but not prior to periods beginning after December 15, 2016 (i.e. the original adoption date per ASU 2014-09). The guidance is to be applied using one of two retrospective application methods. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable. In August 2014, the FASB issued ASU 2014-15 “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The core principle of the guidance is that an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued. When management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events that will alleviate the substantial doubt are adequately disclosed in the footnotes to the financial statements. This guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company believes the guidance will not have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02 “Amendments to the Consolidation Analysis” (Topic 810). The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance, among other things, modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. This guidance is effective and will be applied for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company believes the guidance will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-04 “Compensation-Retirement Benefits (Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets)” (Topic 715). The core principle of the guidance is that it provides a practical expedient for companies to measure interim remeasurements for significant events that occur on other than a month-end date. The guidance permits entities to remeasure defined benefit plan assets and obligations using the month-end date that is closest to the date of the significant event. The decision to apply the practical expedient to interim remeasurements for significant events can be made for each significant event. This guidance is effective and will be applied prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company believes the guidance will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05 “Intangibles-Goodwill and Other-Internal-use software (Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” (Subtopic 350-40). The ASU provides customers with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective and will be applied for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company believes the guidance will not have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory” (Topic 330). The core principle of the guidance is that an entity should measure inventory at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation.” This guidance will be effective and applied prospectively for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable. In January 2016, the FASB issued ASU 2016-01 “Financial Instrument – Recognition and Measurement of Financial Assets and Financial Liabilities” (Subtopic 825-10). The core principle of the guidance is that an entity should classify equity securities with readily determinable fair values as “trading” or “available-for-sale” and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. For equity investments that do not have readily determinable fair values, remeasurement is required at fair value either upon the occurrence of an observable price change or upon identification of impairment. The ASU defines an equity investment as “investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method”. This guidance is applied as a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable. In February 2016, the FASB issued ASU 2016-02 “Leases” (Topic 842), which supersedes the lease recognition requirements in ASC Topic 840, “Leases.” The core principal of the guidance is that an entity should recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a modified retrospective transition method with the option to elect a package of practical expedients. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable. Cash and cash equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity at the time of purchase of three months or less that are readily convertible into known amounts of cash. Cash at banks earn interest at floating rates based on daily bank deposit rates. Trade accounts receivable, net Trade accounts receivable are stated at the invoiced amount, net of an allowance for doubtful accounts. In the normal course of business, the Company provides credit to its customers, performs ongoing credit evaluations of these customers and maintains reserves for potential credit losses. In certain situations, the Company will require up-front cash payment, collateral and/or personal guarantees based on the credit worthiness of the customer. The allowance for doubtful accounts was $14.4 million and $11.8 million at December 31, 2015 and 2014, respectively. The allowance for doubtful accounts is estimated based on prior experience, as well as an individual assessment of collectability based on factors that include current ability to pay, bankruptcy and payment history. Inventories Inventories consist primarily of products purchased for resale and are stated at the lower of cost or market. Inventory cost is determined by the weighted average cost method. Inventory cost includes purchase price from suppliers net of any rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product and excludes depreciation expense. The Company recognized $0.8 million, $0.8 million and $7.3 million of lower of cost or market adjustments to certain of its inventories in the year ended December 31, 2015, 2014 and 2013, respectively. The expense related to these adjustments is included in cost of goods sold (exclusive of depreciation) in the consolidated statements of operations. Supplier incentives The Company has arrangements with certain suppliers that provide cash discounts when certain measures are achieved, generally related to purchasing volume. Volume rebates are generally earned and realized when the related products are purchased during the year. The reduction in cost of goods sold (exclusive of depreciation) is recorded when the related products, on which the rebate was earned, are sold. Discretionary rebates are recorded when received. The unpaid portion of rebates from suppliers is recorded in prepaid expenses and other current assets in the consolidated balance sheets. Property, plant and equipment, net Property, plant and equipment are carried at historical cost, net of accumulated depreciation. Expenditures for improvements that increase asset values and/or extend useful lives are capitalized. The Company capitalizes interest costs on significant capital projects, as an increase to property, plant and equipment. Repair and maintenance costs are expensed as incurred. Depreciation is recorded on a straight-line basis over the estimated useful lives of each asset from the time the asset is ready for its intended purpose, with consideration of any expected residual value. The estimated useful lives of plant, property and equipment are as follows: Buildings 10-50 years Main components of tank farms 5-40 years Containers 2-15 years Machinery and equipment 5-20 years Furniture, fixtures and others 5-20 years Information technology 3-10 years The Company evaluates the carrying value of property, plant and equipment for impairment if an event occurs or circumstances change that would indicate the carrying value may not be recoverable. If an asset is tested for possible impairment, the Company compares the carrying amount of the related asset group to future undiscounted net cash flows expected to be generated by that asset group. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent that the carrying amount exceeds its estimated fair value. Leasehold improvements are capitalized and amortized over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the improvement. Assets under capital leases where ownership transfers to the Company at the end of the lease term or the lease agreement contains a bargain purchase option are depreciated over the useful life of the asset. For remaining assets under capital leases, the assets are depreciated over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the asset with consideration of any expected residual value. Refer to “Note 11: Property, plant and equipment, net” for further information. Goodwill and intangible assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. Goodwill is tested for impairment annually on October 1, or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at a reporting unit level using a two-step test. Under the first step of the goodwill impairment test, the Company’s estimate of fair value of each reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Step two of the impairment test, if necessary, would require the identification and estimation of the fair value of the reporting unit’s individual assets, including currently unrecognized intangible assets and liabilities in order to calculate the implied fair value of the reporting unit’s goodwill. Under step two, an impairment loss is recognized to the extent the carrying amount of the reporting unit’s goodwill exceeds the implied fair value. To determine fair value, the Company relies on two valuation techniques: the income approach and the market approach. The results of these two approaches are given equal weighting in determining the fair value of each reporting unit. The income approach is a valuation technique used to convert future expected cash flows to a present value. The income approach is dependent on several management assumptions, including estimates of future sales growth, gross margins, operating costs, terminal growth rates, capital expenditures, changes in working capital requirements and the weighted average cost of capital (discount rate). Expected cash flows used under the income approach are developed in conjunction with the Company’s budgeting and forecasting process and are based on the latest three-year projections approved by management. Based on the use of unobservable inputs, as described above, the fair value measurement is classified as Level 3 under the fair-value hierarchy. The discount rates used in the income approach are an estimate, based in part, on the rate of return that a market participant would expect of each reporting unit. The discount rates are based on short-term interest rates and the yields of long-term corporate and government bonds, as well as the typical capital structure of companies in the industry. The discount rates used for each reporting unit may vary depending on the risk inherent in the cash flow projections, as well as the risk level that would be perceived by a market participant. A terminal value is included at the end of the projection period used in the discounted cash flow analysis in order to reflect the remaining value that each reporting unit is expected to generate. The terminal value represents the present value subsequent to the last year of the projection period of cash flows into perpetuity. The terminal growth rate is a key assumption used in determining the terminal value as it represents the annual growth of all subsequent cash flows into perpetuity. The market approach measures fair value based on prices generated by market transactions involving identical or comparable assets or liabilities. Under the market approach, the Company estimates fair value by applying earnings before interest, taxes, depreciation and amortization (“EBITDA”) market multiples of the Company itself and other comparable companies to each reporting unit. Comparable companies are identified based on a review of publicly traded companies in the Company’s line of business. The comparable companies were selected after consideration of several factors, including whether the companies are subject to similar financial and business risks. Intangible assets consist of customer and supplier relationships and contracts, intellectual property trademarks, trade names, non-compete agreements and exclusive distribution rights. Intangible assets have finite lives and are amortized over their respective useful lives of 2 to 20 years. Amortization of intangible assets is based on the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up which is based on the undiscounted cash flows, or when not reliably determined, on a straight-line basis. Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not be recoverable. Customer relationship intangible assets represent the fair value allocated in purchase price accounting for the ongoing relationships with an existing customer base acquired in a business combination. The fair value of customer relationships is determined using the excess earnings methodology, an income based approach. The excess earnings methodology provides an estimate of the fair value of customer relationship assets by deducting economic costs, including operating expenses and contributory asset charges from revenue expected to be generated by the asset. These estimated cash flows are then discounted to the present value equivalent. Refer to “Note 12: Goodwill and intangible assets” for further information. Short-term financing Short-term financing includes bank overdrafts and short-term lines of credit. Refer to “Note 14: Debt” for further information. Long-term debt Long-term debt consists of loans with original maturities greater than one year. Fees paid in connection with the execution of line-of-credit arrangements are included in other assets and fees paid in connection with the execution of a recognized debt liability as a direct deduction from the carrying amount of that debt liability. These fees are amortized using the effective interest method over the term of the related debt or expiration of the line-of-credit arrangement. Refer to “Note 14: Debt” for further information. Income taxes The Company is subject to income taxes in the US and numerous foreign jurisdictions. Significant judgment in the forecasting of taxable income using historical and projected future operating results is required in determining the Company’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred. In the event that the actual outcome of future tax consequences differs from the Company’s estimates and assumptions due to changes or future events such as tax legislation, geographic mix of the earnings, completion of tax audits or earnings repatriation plans, the resulting change to the provision for income taxes could have a material effect on the consolidated statement of operations and consolidated balance sheet. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect on deferred taxes of changes in tax rates is recognized in the period in which the revised tax rate is enacted. The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that a portion of such assets will not be realized. In making such determinations, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and the ability to carry back losses to prior years. Realization is dependent upon generating sufficient taxable income prior to expiration of tax attribute carryforwards. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized, or if not, a valuation allowance has been recorded. The Company continues to monitor the value of its deferred tax assets, as the amount of the deferred tax assets considered realizable, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced, or current tax planning strategies are not implemented. US GAAP prescribes a recognition threshold and measurement attribute for the accounting and financial statement disclosure of tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. The second step requires the Company to recognize in the financial statements each tax position that meets the more likely than not criteria, measured at the amount of benefit that has a greater than fifty percent likelihood of being realized. The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, selling and administrative, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included within either other accrued expenses or other long-term liabilities in the consolidated balance sheets. Refer to “Note 7: Income taxes” for further information. Pension and other postretirement benefit plans The Company sponsors several defined benefit and defined contribution plans. The Company’s contributions to defined contribution plans are charged to income during the period of the employee’s service. The benefit obligation and cost of defined benefit pension plans and other postretirement benefits are calculated based upon actuarial valuations, which involves making assumptions about discount rates, expected rates of return on assets, future salary increases, future health care costs, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. The projected benefit obligation is calculated separately for each plan based on the estimated future benefit employees have earned in return for their service based on the employee’s expected date of retirement. Those benefits are discounted to determine the present value of the benefit obligations using the projected unit-credit method. A liability is recognized on the balance sheet for each plan with a projected benefit obligation in excess of plan assets at fair value. An asset is recorded for each plan with plan assets at fair value in excess of the projected benefit obligation. The Company recognizes the actuarial gains or losses that arise during the period within other operating expenses, net in the consolidated statement of operations. This “mark to market” adjustment is recognized at each December 31. This adjustment primarily includes gains and losses resulting from changes in discount rates and the difference between the expected rate of return on plan assets and actual plan asset returns. Curtailment and settlement gains and losses are recognized in other operating expenses, net in the statement of operations. Curtailment losses must be recognized in the statement of operations when it is probable that a curtailment will occur and its effects are reasonably estimable. However, a curtailment gain is recognized in the statement of operations when the related employees terminate or the plan suspension or amendment is adopted, whichever is applicable. Settlement gains and losses are recognized in the period in which the settlement occurs, regardless of how probable it is at an earlier date that the settlement will occur and despite the fact that the probable gain or loss may be reasonably estimable before the settlement actually takes place. All other components of net periodic benefit cost are classified as warehousing, selling and administrative expenses in the consolidated statements of operations. The Company recognizes prior service costs or credits that arise during the period in other comprehensive loss, and amortizes these items in subsequent periods as components of net periodic benefit cost. The fair value of plan assets is used to calculate the expected return on assets component of the net periodic benefit cost. Refer to “Note 8: Employee benefit plans” for further information. Leases All leases that are determined not to meet any of the capital lease criteria are classified as operating leases. Operating lease payments are recognized as an expense in t |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per share | 3. Earnings per share The following table presents the basic and diluted earnings per share computations: Year ended December 31, (in millions, except per share data) 2015 2014 2013 Basic: Net income (loss) $ 16.5 $ (20.1 ) $ (82.3 ) Weighted average common shares outstanding 119.6 99.7 99.3 Basic income (loss) per common share $ 0.14 $ (0.20 ) $ (0.83 ) Diluted: Net income (loss) $ 16.5 $ (20.1 ) $ (82.3 ) Weighted average common shares outstanding 119.6 99.7 99.3 Effect of dilutive securities: Stock compensation plans(1) 0.5 — — Weighted average common shares outstanding – diluted 120.1 99.7 99.3 Diluted income (loss) per common share $ 0.14 $ (0.20 ) $ (0.83 ) (1) Stock options to purchase approximately 2.0 million, 5.0 million and 5.2 million shares of common stock and restricted stock of 0.0 million, 0.4 million and 0.4 million were outstanding during the years ended December 31, 2015, 2014 and 2013, respectively, but were not included in the calculation of diluted income (loss) per share as the impact of these stock options and restricted stock would have been anti-dilutive. |
Other operating expenses, net
Other operating expenses, net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other operating expenses, net | 4. Other operating expenses, net Other operating expenses, net consisted of the following items: Year ended December 31, (in millions) 2015 2014 2013 Pension mark to market loss (gain). $ 21.1 $ 117.8 $ (73.5 ) Pension curtailment and settlement gains (4.0 ) — — Acquisition and integration related expenses 7.1 3.7 5.0 Contingent consideration fair value adjustments — (1.0 ) (24.7 ) Stock-based compensation expense 7.5 12.1 15.1 Redundancy and restructuring 33.8 46.2 65.8 Advisory fees to CVC and CD&R(1) 2.8 5.9 5.2 Contract termination fee to CVC and CD&R 26.2 — — French penalty(2) — — (4.8 ) Other 11.6 12.4 23.9 Total other operating expenses, net $ 106.1 $ 197.1 $ 12.0 (1) Significant stockholders are CVC Capital Partners (“CVC”) and Clayton, Dubilier & Rice, LLC (“CD&R”). (2) The Company’s French penalty accrual of $7.7 million at December 31, 2011 was increased during 2012 and then reduced to $0.0 million at December 31, 2013 after the fine of $19.91 million (€15.18 million) was paid. Refer to “Note 18: Commitments and contingencies” for further information on the French penalty. |
Redundancy and restructuring
Redundancy and restructuring | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Redundancy and restructuring | 5. Redundancy and restructuring Redundancy and restructuring charges relate to the implementation of several regional strategic initiatives aimed at streamlining the Company’s cost structure and improving its operations primarily within the USA and EMEA operating segments. These actions primarily resulted in workforce reductions, lease termination costs and other facility rationalization costs. The redundancy and restructuring charges are included in other operating expenses, net within the consolidated statement of operations. The following tables summarize activity related to accrued liabilities associated with redundancy and restructuring: (in millions) January 1, Charge to Cash paid Non-cash December 31, Employee termination costs $ 27.8 $ 28.3 $ (22.9 ) $ (2.2 ) $ 31.0 Facility exit costs 20.4 2.4 (7.2 ) (0.1 ) 15.5 Other exit costs 0.3 3.0 (3.2 ) — 0.1 Total $ 48.5 $ 33.7 $ (33.3 ) $ (2.3 ) $ 46.6 (in millions) January 1, Charge to Cash paid Non-cash December 31, Employee termination costs $ 26.7 $ 25.1 $ (21.7 ) $ (2.3 ) $ 27.8 Facility exit costs(1) 7.8 14.9 (2.1 ) (0.2 ) 20.4 Other exit costs 0.3 6.2 (5.9 ) (0.3 ) 0.3 Total $ 34.8 $ 46.2 $ (29.7 ) $ (2.8 ) $ 48.5 (1) During the year ended December 31, 2014, facility exit costs were revised by $8.8 million due to changes in estimated sub-lease income and were included in other operating expenses, net in the consolidated statement of operations. Redundancy and restructuring liabilities of $34.6 million and $32.3 million were classified as current in other accrued expenses in the consolidated balance sheet as of December 31, 2015 and 2014, respectively. The long-term portion of redundancy and restructuring liabilities of $12.1 million and $16.2 million were recorded in other long-term liabilities in the consolidated balance sheet as of December 31, 2015 and 2014, respectively and primarily consists of facility exit costs that are expected to be paid within the next five years. While the Company believes the recorded redundancy and restructuring liabilities are adequate, revisions to current estimates may be recorded in future periods based on new information as it becomes available. |
Other (expense) income, net
Other (expense) income, net | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other (expense) income, net | 6. Other (expense) income, net Other (expense) income, net consisted of the following gains (losses): Year ended December 31, (in millions) 2015 2014 2013 Foreign currency transactions $ (0.8 ) $ (0.6 ) $ (0.9 ) Foreign currency denominated loans revaluation 8.9 8.3 (10.1 ) Undesignated foreign currency derivative instruments(1) (4.8 ) (3.9 ) (0.2 ) Undesignated interest rate swap contracts(1) 2.0 — — Ineffective portion of cash flow hedges(1) (0.4 ) 0.2 (0.2 ) Loss due to discontinuance of cash flow hedges(1) (7.5 ) — — Debt refinancing costs(2) (16.5 ) — (6.2 ) Other (4.1 ) (2.9 ) — Total other (expense) income, net $ (23.2 ) $ 1.1 $ (17.6 ) (1) Refer to “Note 16: Derivatives” for more information. (2) Refer to “Note 14: Debt” for more information. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 7. Income taxes For financial reporting purposes, income (loss) before income taxes includes the following components: Year ended December 31, (in millions) 2015 2014 2013 Income (loss) before income taxes United States $ (13.0 ) $ (6.4 ) $ 5.5 Foreign 39.7 (29.5 ) (97.6 ) Total income (loss) before income taxes $ 26.7 $ (35.9 ) $ (92.1 ) The expense (benefit) for income taxes is summarized as follows: Year ended December 31, (in millions) 2015 2014 2013 Current: Federal $ 0.6 $ (18.6 ) $ 1.0 State 2.5 5.4 7.0 Foreign 14.5 17.0 16.6 Total current 17.6 3.8 24.6 Deferred: Federal (12.3 ) (11.3 ) (34.0 ) State 1.7 (1.0 ) (0.4 ) Foreign 3.2 (7.3 ) — Total deferred (7.4 ) (19.6 ) (34.4 ) Total income tax expense (benefit) $ 10.2 $ (15.8 ) $ (9.8 ) The reconciliation between the US statutory tax rate and the Company’s effective tax rate is presented as follows: Year ended December 31, (in millions) 2015 2014 2013 US federal statutory income tax expense (benefit) applied to income (loss) before income taxes $ 9.3 $ (12.6 ) $ (32.2 ) State income taxes, net of federal benefit 3.3 1.8 4.8 Foreign tax rate differential (6.5 ) (4.2 ) (7.0 ) Non-taxable interest income (14.1 ) (13.8 ) (14.7 ) Valuation allowance release on expired or utilized tax attributes (9.0 ) (0.2 ) (0.3 ) Expiration of tax attributes 8.1 0.2 0.3 Foreign losses not benefited 7.5 21.7 33.3 Effect of flow-through entities 4.2 3.6 (10.8 ) Non-deductible stock-based compensation 3.5 0.3 0.8 Non-deductible expense 3.5 2.9 7.2 Recognition of previously uncertain tax benefits (2.5 ) (18.4 ) — Adjustment to prior year tax due to changes in estimates 1.6 0.2 (7.7 ) Change in statutory income tax rates 1.1 0.4 3.8 Deemed dividends from foreign subsidiaries 0.6 0.4 0.3 Non-deductible interest expense 0.5 1.1 2.2 Withholding and other taxes based on income 0.5 0.9 0.8 Foreign exchange rate remeasurement (0.4 ) 0.7 — Goodwill impairment — — 26.0 Tax deductible goodwill — — (6.7 ) French indirect tax penalty — — (1.8 ) Changes in contingent consideration — (0.3 ) (8.6 ) Other (1.0 ) (0.5 ) 0.5 Total income tax expense (benefit) $ 10.2 $ (15.8 ) $ (9.8 ) The consolidated deferred tax assets and liabilities are detailed as follows: December 31, (in millions) 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 122.1 $ 107.2 Environmental reserves 46.4 47.5 Interest 95.1 87.2 Tax credit and capital loss carryforwards 10.1 16.6 Pension 95.9 106.5 Flow-through entities 39.4 39.5 Stock options 11.7 13.3 Inventory 5.0 7.3 Other temporary differences 33.8 44.4 Gross deferred tax assets 459.5 469.5 Valuation allowance (193.0 ) (204.1 ) Deferred tax assets, net of valuation allowance 266.5 265.4 Deferred tax liabilities: Property, plant and equipment, net (179.0 ) (176.6 ) Intangible assets (138.1 ) (155.5 ) Other temporary differences (3.9 ) (3.8 ) Deferred tax liabilities (321.0 ) (335.9 ) Net deferred tax liability $ (54.5 ) $ (70.5 ) The changes in the valuation allowance were as follows: December 31, (in millions) 2015 2014 Beginning balance $ 204.1 $ 201.1 Increase related to foreign net operating loss carryforwards 5.5 15.0 Decrease related to expiration of tax attributes (7.0 ) (0.2 ) Foreign currency (9.8 ) (12.6 ) Increase (decrease) related to other items 0.2 0.8 Ending balance $ 193.0 $ 204.1 As of December 31, 2015, the total remaining tax benefit of available federal, state and foreign net operating loss carryforwards recognized on the balance sheet amounted to $33.0 million (tax benefit of operating losses of $122.1 million reduced by a valuation allowance of $89.1 million). Total net operating losses at December 31, 2015 and 2014 amounted to $428.3 million and $393.9 million, respectively. If not utilized, $115.3 million of the available loss carryforwards will expire between 2016 and 2020; subsequent to 2020, $98.0 million will expire. The remaining losses of $215.0 million have an unlimited life. The US federal and certain state net operating loss carryforwards are subject to limitations under Section 382 of the Internal Revenue Code and applicable state tax law. In certain foreign jurisdictions, net operating loss carryforwards may be subject to certain restrictions due to direct or indirect changes in control of the Company. As the result of intercompany dividend payments from Canada to the US in prior years, the Company has carryforward foreign tax credits. These unused foreign tax credits are subject to a ten-year carryforward life. As of December 31, 2015, the amount of unused foreign tax credits total $3.9 million. If the unused credits are not utilized, $3.9 million of the unused foreign tax credits will expire in 2016. No benefit relating to the future utilization of the unused foreign tax credits was recorded during the period ended December 31, 2015. Except as required under US tax law, the Company does not provide for US taxes on approximately $583.3 million of cumulative undistributed earnings of foreign subsidiaries that have not been previously taxed since the Company intends to invest such undistributed earnings indefinitely outside of the US. Determination of the unrecognized deferred tax liability that would be incurred if such amounts were not indefinitely reinvested is not practicable. The changes in unrecognized tax benefits included in other long-term liabilities, excluding interest and penalties, are as follows: Year ended (in millions) 2015 2014 Beginning balance $ 8.5 $ 40.3 Reductions for tax positions of prior years — (0.2 ) Reductions due to the statute of limitations expiration (2.3 ) (30.7 ) Foreign exchange (1.0 ) (0.9 ) Ending balance $ 5.2 $ 8.5 The Company’s unrecognized tax benefit consists largely of foreign interest expense liabilities as of December 31, 2015. The Company believes that it is reasonably possible that approximately $1.3 million of its currently remaining unrecognized tax benefits may be recognized by the end of 2016 as a result of an audit or a lapse of the statute of limitations. The Company has net $5.2 million and $8.5 million of unrecognized tax benefits at December 31, 2015 and 2014, respectively. As of December 31, 2015, the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate for continuing and discontinued operations was $5.2 million. No remaining unrecognized tax benefits relate to tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty as to the timing of such deductibility. Recognition of these tax benefits, if any, would not have an impact on the effective tax rate. The total liability included in other long-term liabilities associated with the interest and penalties was $0.0 million and $0.6 million at December 31, 2015 and 2014, respectively. The Company recorded $(0.6) million, $0.1 million and $0.5 million in interest expense related to unrecognized tax benefits in the consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013, respectively. The Company files income tax returns in the US and various state and foreign jurisdictions. As of December 31, 2015, the Company’s tax years for 2012 through 2014 are subject to examination by the tax authorities. With limited exceptions or limitations on adjustment due to net operating loss carrybacks or utilization, as of December 31, 2015, the Company generally is no longer subject to US federal, state, local or foreign examinations by tax authorities for years before 2012. In 2007, the outstanding shares of Univar N.V., the ultimate parent of the Univar group, were acquired by investment funds advised by CVC. To facilitate the acquisition of Univar N.V. by CVC, a Canadian restructuring was completed. In February 2013, the Canada Revenue Agency (“CRA”) issued a Notice of Assessment for withholding tax of $29.4 million (Canadian). The Company filed its Notice of Objection to the Assessment in April 2013 and its Notice of Appeal of the Assessment in July 2013. In November 2013, the CRA’s Reply to the Company’s Notice of Appeal was filed with the Tax Court of Canada and litigated in June 2015. The Company has not yet received the Tax Court of Canada’s decision on the matter. In September 2014, the CRA issued the 2008 and 2009 Notice of Reassessments for federal corporate income tax liabilities of $11.9 million (Canadian) and $11.0 million (Canadian), respectively, and a departure tax liability of $9.0 million (Canadian). The Company filed its Notice of Objection to the Reassessments in September 2014. In April 2015 the Company received the 2008 and 2009 Alberta Notice of Reassessments of $6.0 million (Canadian) and $5.8 million (Canadian), respectively. The Company filed its Notice of Objection to the Alberta Reassessments in June 2015. The Reassessments reflect the additional tax liability and interest relating to those tax years should the CRA be successful in its assertion of the General Anti-Avoidance Rule relating to the Canadian restructuring described above. At December 31, 2015, the total federal and provincial tax liability assessed to date, including interest of $33.4 million (Canadian), is $106.5 million (Canadian). In August 2014, the Company remitted a required deposit on the February 2013 Notice of Assessment relating to the Company’s 2007 tax year by issuing a Letter of Credit in the amount of $44.7 million (Canadian). The Letter of Credit amount reflects the proposed assessment of $29.4 million (Canadian) and accrued interest, and will expire in August 2016. In February 2015, the CRA notified the Company it would be required to remit a cash deposit of approximately $21.5 million (Canadian) in March 2015, representing one-half of the September 2014 Notice of Assessment tax liability relating to tax years 2008 and 2009, plus interest. In March 2015, the Company requested a judicial review of this additional cash deposit requirement at the Federal Court (Canada). The CRA subsequently advised that its decision was not final and requested the Company to withdraw its request for judicial review. The Company subsequently withdrew its request and provided the CRA with its submission to hold the collection of the assessments relating to tax years 2008 and 2009 in abeyance pending the outcome of the Tax Court of Canada’s decision on the General Anti-Avoidance Rule matter. To date, the Company has not received a response to its submission from the CRA. The Company has not recorded any liabilities for these matters in its financial statements, as it believes it is more likely than not that the Company’s position will be sustained. |
Employee benefit plans
Employee benefit plans | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee benefit plans | 8. Employee benefit plans Defined benefit pension plans The Company sponsors defined benefit plans that provide pension benefits for employees upon retirement in certain jurisdictions including the US, Canada, United Kingdom and several other European countries. On July 1, 2015, the defined benefit plan in Canada was amended, such that the remaining members accruing benefits under the defined benefit provisions will cease future accrual of credited service under the defined benefit provision. These members will commence participation under a defined contribution benefit plan for service as of July 1, 2015. Future salary increases will continue to be reflected in their legacy defined pension benefits for the foreseeable future. The US, Canada and United Kingdom defined benefit pension plans are closed to new entrants. Benefits accrued by participants in the United Kingdom plan were frozen as of December 1, 2010. Benefits accrued by participants in the US plans were frozen as of December 31, 2009. These amendments to freeze benefits were made in conjunction with a benefit plan review which provides for enhanced benefits under defined contribution plans available to all employees in the United Kingdom and the US. The following summarizes the Company’s defined benefit pension plans’ projected benefit obligations, plan assets and funded status: Domestic Foreign Total Year ended Year ended Year ended (in millions) 2015 2014 2015 2014 2015 2014 Change in projected benefit obligations: Actuarial present value of benefit obligations at beginning of year $ 728.8 $ 615.0 $ 614.1 $ 567.0 $ 1,342.9 $ 1,182.0 Service cost — — 5.4 7.0 5.4 7.0 Interest cost 30.8 31.6 20.1 23.2 50.9 54.8 Benefits paid (30.1 ) (28.0 ) (29.6 ) (21.5 ) (59.7 ) (49.5 ) Settlement — — (19.0 ) — (19.0 ) — Curtailment — — (2.6 ) — (2.6 ) — Actuarial (gain) loss (37.6 ) 110.2 (5.1 ) 85.7 (42.7 ) 195.9 Foreign exchange and other — — (51.6 ) (47.3 ) (51.6 ) (47.3 ) Actuarial present value of benefit obligations at end of year $ 691.9 $ 728.8 $ 531.7 $ 614.1 $ 1,233.6 $ 1,342.9 Change in the fair value of plan assets: Plan assets at beginning of year $ 522.1 $ 476.6 $ 516.6 $ 466.3 $ 1,038.7 $ 942.9 Actual return on plan assets (13.9 ) 58.0 12.6 78.6 (1.3 ) 136.6 Contributions by employer 19.5 15.5 40.1 31.3 59.6 46.8 Benefits paid (30.1 ) (28.0 ) (29.6 ) (21.5 ) (59.7 ) (49.5 ) Settlement — — (17.6 ) — (17.6 ) — Foreign exchange and other — — (40.6 ) (38.1 ) (40.6 ) (38.1 ) Plan assets at end of year 497.6 522.1 481.5 516.6 979.1 1,038.7 Funded status at end of year $ (194.3 ) $ (206.7 ) $ (50.2 ) $ (97.5 ) $ (244.5 ) $ (304.2 ) Net amounts related to the Company’s defined benefit pension plans recognized in the consolidated balance sheets consist of: Domestic Foreign Total December 31, December 31, December 31, (in millions) 2015 2014 2015 2014 2015 2014 Overfunded net benefit obligation in other assets $ — $ — $ 9.5 $ — $ 9.5 $ — Current portion of net benefit obligation in other accrued expenses (3.3 ) (3.3 ) (1.9 ) (2.2 ) (5.2 ) (5.5 ) Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities (191.0 ) (203.4 ) (57.8 ) (95.3 ) (248.8 ) (298.7 ) Net liability recognized at end of year $ (194.3 ) $ (206.7 ) $ (50.2 ) $ (97.5 ) $ (244.5 ) $ (304.2 ) The following table summarizes defined benefit pension plans with accumulated benefit obligations in excess of plan assets: Domestic Foreign Total December 31, December 31, December 31, (in millions) 2015 2014 2015 2014 2015 2014 Accumulated benefit obligation $ 691.9 $ 728.8 $ 71.4 $ 580.3 $ 763.3 $ 1,309.1 Fair value of plan assets 497.6 522.1 36.3 516.6 533.9 1,038.7 The following table summarizes defined benefit pension plans with projected benefit obligations in excess of plan assets: Domestic Foreign Total December 31, December 31, December 31, (in millions) 2015 2014 2015 2014 2015 2014 Projected benefit obligation $ 691.9 $ 728.8 $ 207.7 $ 614.1 $ 899.6 $ 1,342.9 Fair value of plan assets 497.6 522.1 148.0 516.6 645.6 1,038.7 The total accumulated benefit obligation for domestic defined benefit pension plans as of December 31, 2015 and 2014 was $691.9 million and $728.8 million, respectively, and for foreign defined benefit pension benefit plans as of December 31, 2015 and 2014 was $505.2 million and $580.3 million, respectively. The following table summarizes the components of net periodic benefit cost (credit) recognized in the consolidated statements of operations related to defined benefit pension plans: Domestic Foreign Total Year ended December 31, Year ended December 31, Year ended December 31, (in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Service cost $ — $ — $ — $ 5.4 $ 7.0 $ 9.0 $ 5.4 $ 7.0 $ 9.0 Interest cost 30.8 31.6 28.6 20.1 23.2 21.8 50.9 54.8 50.4 Expected return on plan assets (35.8 ) (32.1 ) (30.7 ) (30.2 ) (28.1 ) (25.7 ) (66.0 ) (60.2 ) (56.4 ) Amortization of unrecognized prior service costs — — — — — 0.2 — — 0.2 Settlement(1) — — — (1.4 ) — — (1.4 ) — — Curtailment(1) — — — (2.6 ) — — (2.6 ) — — Actuarial (gain) loss 12.1 84.3 (66.2 ) 12.5 35.2 (6.3 ) 24.6 119.5 (72.5 ) Net periodic benefit (credit) cost $ 7.1 $ 83.8 $ (68.3 ) $ 3.8 $ 37.3 $ (1.0 ) $ 10.9 $ 121.1 $ (69.3 ) (1) The settlement and curtailment gains are a result of the restructuring activities in the EMEA segment. Other postretirement benefit plan Other postretirement benefits relate to a health care plan for retired employees in the US. In 2009, the Company approved a plan to phase out the benefits provided under this plan by 2020. As a result of this change, the benefit obligation was reduced by $76.8 million and a curtailment gain of $73.1 million was recognized in accumulated other comprehensive loss and is being amortized to the consolidated statements of operations over the average future service period, which has approximately three months remaining as of December 31, 2015. The following summarizes the Company’s other postretirement benefit plan’s accumulated postretirement benefit obligation, plan assets and funded status: Other postretirement Year ended December 31, (in millions) 2015 2014 Change in accumulated postretirement benefit obligations: Actuarial present value of benefit obligations at beginning of year $ 6.7 $ 7.9 Service cost 0.1 0.1 Interest cost 0.2 0.4 Contributions by participants 0.5 1.0 Benefits paid (0.6 ) (1.0 ) Actuarial gain (3.5 ) (1.7 ) Actuarial present value of benefit obligations at end of year $ 3.4 $ 6.7 Change in the fair value of plan assets: Plan assets at beginning of year $ — $ — Contributions by employer 0.1 — Contributions by participants 0.5 1.0 Benefits paid (0.6 ) (1.0 ) Plan assets at end of year — — Funded status at end of year $ (3.4 ) $ (6.7 ) Net amounts related to the Company’s other postretirement benefit plan recognized in the consolidated balance sheets consist of: Other postretirement December 31, (in millions) 2015 2014 Current portion of net benefit obligation in other accrued expenses $ (0.4 ) $ (0.9 ) Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities (3.0 ) (5.8 ) Net liability recognized at end of year $ (3.4 ) $ (6.7 ) The following table summarizes the components of net periodic benefit credit recognized in the consolidated statements of operations related to other postretirement benefit plans: Other postretirement Year ended December 31, (in millions) 2015 2014 2013 Service cost $ (0.1 ) $ (0.1 ) $ (0.1 ) Interest cost (0.2 ) (0.4 ) (0.3 ) Amortization of unrecognized prior service credits 11.9 11.9 12.0 Actuarial gain 3.5 1.7 1.0 Net periodic benefit credit $ 15.1 $ 13.1 $ 12.6 The following summarizes pre-tax amounts included in accumulated other comprehensive loss related to other postretirement benefit plans: Other postretirement December 31, (in millions) 2015 2014 Net prior service credit $ 3.9 $ 15.8 The following table summarizes the amounts in accumulated other comprehensive loss at December 31, 2015 that are expected to be amortized as components of net periodic benefit credit during the next fiscal year related to other postretirement benefit plans: (in millions) Other Prior service credit $ 3.9 Actuarial assumptions Defined benefit pension plans The significant weighted average actuarial assumptions used in determining the benefit obligations and net periodic benefit cost (credit) for the Company’s defined benefit plans are as follows: Domestic Foreign December 31, December 31, 2015 2014 2015 2014 Actuarial assumptions used to determine benefit obligations at end of period: Discount rate 4.74 % 4.31 % 4.25 % 3.51 % Expected annual rate of compensation increase N/A N/A 2.86 % 2.80 % Domestic Foreign Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 Actuarial assumptions used to determine net periodic benefit cost (credit) for the period: Discount rate 4.31 % 5.25 % 4.33 % 3.51 % 4.29 % 3.93 % Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % 6.07 % 6.06 % 6.13 % Expected annual rate of compensation increase N/A N/A N/A 2.80 % 2.82 % 3.04 % Discount rates are used to measure benefit obligations and the interest cost component of net periodic benefit cost (credit). The Company selects its discount rates based on the consideration of equivalent yields on high-quality fixed income investments at each measurement date. Discount rates are based on a benefit cash flow-matching approach and represent the rates at which the Company’s benefit obligations could effectively be settled as of the measurement date. For domestic defined benefit plans, the discount rates are based on a hypothetical bond portfolio approach. The hypothetical bond portfolio is constructed to comprise AA-rated corporate bonds whose cash flow from coupons and maturities match the expected future plan benefit payments. The discount rate for the foreign defined benefit plans are based on a yield curve approach. For plans in countries with a sufficient corporate bond market, the expected future benefit payments are matched with a yield curve derived from AA-rated corporate bonds, subject to minimum amounts outstanding and meeting other selection criteria. For plans in countries without a sufficient corporate bond market, the yield curve is constructed based on prevailing government yields and an estimated credit spread to reflect a corporate risk premium. The expected long-term rate of return on plan assets reflects management’s expectations on long-term average rates of return on funds invested to provide for benefits included in the benefit obligations. The long-term rate of return assumptions are based on the outlook for equity and fixed income returns, with consideration of historical returns, asset allocations, investment strategies and premiums for active management when appropriate. Assumptions reflect the expected rates of return at the beginning of the year. The Company adopted new US mortality tables in the year ended December 31, 2014 for purposes of determining the Company’s mortality assumption used in the US defined benefit plans’ liability calculation. The new assumptions considered the Society of Actuary’s recent mortality experience study and reflect a version of the table and future improvements produced. The updated mortality assumption resulted in an increase of approximately $32.0 million or 4.5% to the benefit obligation as of December 31, 2014 after reflecting the discount rate change. Other postretirement benefit plan For the other postretirement benefit plan, the discount rate used to determine the benefit obligation at December 31, 2015 and 2014 was 4.54% and 3.80%, respectively. The discount rate used to determine net periodic benefit credit for the year ended December 31, 2015, 2014 and 2013 was 3.80%, 4.02% and 3.23%, respectively. Health care cost increases did not have a significant impact on the Company’s postretirement benefit obligations in the years presented as a result of the 2009 plan to phase out the health care benefits provided under the US plan. Plan assets Plan assets for defined benefit plans are invested in global equity and debt securities through professional investment managers with the objective to achieve targeted risk adjusted returns and to maintain liquidity sufficient to fund current benefit payments. Each funded defined benefit plan has an investment policy that is administered by plan trustees with the objective of meeting targeted asset allocations based on the circumstances of that particular plan. The investment strategy followed by the Company varies by country depending on the circumstances of the underlying plan. Less mature plan benefit obligations are funded by using more equity securities as they are expected to achieve long-term growth while exceeding inflation. More mature plan benefit obligations are funded using a higher allocation of fixed income securities as they are expected to produce current income with limited volatility. The Company has adopted a dynamic investment strategy whereby as the plan funded status improves, the investment strategy is migrated to more liability matching assets, and return seeking assets are reduced. Risk management practices include the use of multiple asset classes for diversification purposes. Specific guidelines for each asset class and investment manager are implemented and monitored. The weighted average target asset allocation for defined benefit pension plans in the year ended December 31, 2015 is as follows: Domestic Foreign Asset category: Equity securities 50.0 % 39.3 % Debt securities 45.0 % 45.7 % Other 5.0 % 15.0 % Total 100.0 % 100.0 % Plan asset valuation methodologies are described below: Fair value methodology Description Cash This represents cash at banks. The amount of cash in the bank account represents the fair value. Investment funds Values are based on the net asset value of the units held at year end. The net asset values are based on the fair value of the underlying assets of the funds, minus their liabilities, and then divided by the number of units outstanding at the valuation date. The funds are traded on private markets that are not active; however, the unit price is based primarily on observable market data of the fund’s underlying assets. Insurance contracts The fair value is based on the present value of the accrued benefit. Domestic defined benefit plan assets The Company classified its domestic plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of domestic plan assets by asset category and level within the fair value hierarchy. December 31, 2015 (in millions) Total Level 1 Level 2 Cash $ 2.3 $ 2.3 $ — Investments funds(1) 495.3 — 495.3 Total $ 497.6 $ 2.3 $ 495.3 (1) This category includes investments in 30.3% in US equities, 19.6% in non-US equities, 45.1% in US corporate bonds and 5.0% in other investments. December 31, 2014 (in millions) Total Level 1 Level 2 Cash $ 2.1 $ 2.1 $ — Investments funds(1) 520.0 — 520.0 Total $ 522.1 $ 2.1 $ 520.0 (1) This category includes investments in 31.0% in US equities, 18.1% in non-US equities, 45.9% in US corporate bonds and 5.0% in other investments. Foreign defined benefit plan assets The Company classified its foreign plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy: December 31, 2015 (in millions) Total Level 1 Level 2 Level 3 Cash $ 7.6 $ 7.6 $ — $ — Investments: Investment funds(1) 460.1 — 460.1 — Insurance contracts 13.8 — — 13.8 Total investments 473.9 — 460.1 13.8 Total $ 481.5 $ 7.6 $ 460.1 $ 13.8 (1) This category includes investments in 11.6% in US equities, 29.7% in non-US equities, 4.1% in US corporate bonds, 24.2% in non-US corporate bonds, 0.3% in US government bonds, 17.7% in non-US government bonds and 12.4% in other investments. The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3): (in millions) Insurance Balance at January 1, 2015 $ 14.8 Actual return to plan assets: Related to assets still held at year end 0.6 Purchases, sales and settlements, net (0.1 ) Foreign exchange (1.5 ) Balance at December 31, 2015 $ 13.8 The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy: December 31, 2014 (in millions) Total Level 1 Level 2 Level 3 Cash $ 1.9 $ 1.9 $ — $ — Investments: Investment funds(1) 499.9 — 499.9 — Insurance contracts 14.8 — — 14.8 Total investments 514.7 — 499.9 14.8 Total $ 516.6 $ 1.9 $ 499.9 $ 14.8 (1) This category includes investments in 11.1% in US equities, 35.9% in non-US equities, 3.6% in US corporate bonds, 9.5% in non-US corporate bonds, 0.7% in US government bonds, 28.8% in non-US government bonds and 10.4% in other investments. The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3): (in millions) Insurance Balance at January 1, 2014 $ 14.2 Actual return on plan assets: Related to assets still held at year end 2.0 Purchases, sales and settlements, net 0.6 Foreign exchange (2.0 ) Balance at December 31, 2014 $ 14.8 Contributions The Company expects to contribute approximately $0.0 million and $28.1 million to its domestic and foreign defined benefit pension plan funds in 2016, respectively, including direct payments to plan participants in unfunded plans. The Company does not plan on making any discretionary contributions in 2016. In many countries, local pension protection laws have been put in place, which have introduced minimum funding requirements for qualified pension plans. As a result, the Company’s required funding of contributions to its pension plans may vary in the future. Benefit payments The following table shows benefit payments that are projected to be paid from plan assets in each of the next five years and in aggregate for five years thereafter: Defined benefit pension plans Other (in millions) Domestic Foreign Total 2016 $ 32.4 $ 17.5 $ 49.9 $ 0.5 2017 34.0 19.3 53.3 0.5 2018 35.5 19.3 54.8 0.6 2019 37.2 22.8 60.0 0.6 2020 38.4 21.0 59.4 0.1 2021 through 2025 210.5 114.9 325.4 0.4 Defined contribution plans The Company provides defined contribution plans to assist eligible employees in providing for retirement or other future needs. Under such plans, company contribution expense amounted to $31.4 million, $30.8 million and $28.9 million in the years ended December 31, 2015, 2014 and 2013, respectively. Multi-employer plans The Company has 18 union bargaining agreements in the US that stipulate contributions to one of three union pension trusts. These bargaining agreements are generally negotiated on three-year cycles and cover employees in driver and material handler positions at 16 represented locations. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: a. Assets contributed to the multi-employer plan by the Company may be used to provide benefits to employees of other participating employers. b. If the Company stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. c. If the Company chooses to stop participating in some of its multi-employer plans, it may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. The Company’s participation in these plans for the annual period ended December 31, 2015 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employee Identification Number (EIN) and the three-digit plan number. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2015 and 2014 is for the plan’s year end at December 31, 2014 and December 31, 2013, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the “red zone” are less than 65 percent funded, plans in the “yellow zone” are less than 80 percent funded and plans in the “green zone” are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration dates of the collective-bargaining agreement(s) to which the plans are subject. There are no minimum contributions required for future periods by the collective-bargaining agreements, statutory obligations or other contractual obligations. Pension fund EIN/Pension PPA zone status FIP/RP Contributions(1) Surcharge Expiration Year ended 2015 2014 2015 2014 2013 Western Conference of Teamsters Pension Plan 91-6145047/001 Green Green No $ 1.4 $ 1.4 $ 1.4 No January 31, 2016 to September 30, 2018 Central States, Southeast and Southwest Areas Pension Plan 36-6044243/001 Red as of Red Implemented 1.1 1.1 1.1 No February 28, 2016 March 31, 2019 New England Teamsters and Trucking Industry Pension Fund 04-6372430/001 Red as of Red as of Implemented 0.1 0.1 0.1 No June 30, 2017 Total $ 2.6 $ 2.6 $ 2.6 (1) The plan contributions by the Company did not represent more than five percent of total contributions to the plans as indicated in the plans’ most recently available annual report. |
Stock-based compensation
Stock-based compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation | 9. Stock-based compensation In June 2015, the Company replaced and succeeded the Univar Inc. 2011 Stock Incentive Plan (the “2011 Plan”) with the Univar Inc. 2015 Omnibus Equity Incentive Plan (the “2015 Plan”). The 2011 Plan will have no further awards granted and any available reserves under the 2011 Plan were terminated and not transferred to the 2015 Plan. There were no changes to the outstanding awards related to the 2011 Plan. The 2015 Plan allows the Company to issue awards to employees, consultants, and directors of the Company and its subsidiaries. Awards may be made in the form of stock options, stock purchase rights, restricted stock, restricted stock units, performance shares, performance units, stock appreciation rights, dividend equivalents, deferred share units or other stock-based awards. As of December 31, 2015, under the 2011 Plan there were 5.0 million shares authorized related to outstanding stock options and restricted stock and under the 2015 plan there were 4.0 million shares authorized. For the years ended December 31, 2015, 2014 and 2013, respectively, the Company recognized total stock-based compensation expense within other operating expenses, net of $7.5 million, $12.1 million and $15.1 million, and a net tax benefit relating to stock-based compensation expense of $2.6 million, $4.2 million and $4.1 million. Stock options Stock options granted under the 2011 and 2015 Plans expire ten years after the grant date and generally become exercisable over a four-year period or less, based on continued employment, with annual vesting. The exercise price of a stock option is determined at the time of each grant and in no case will the exercise price be less than the fair value of the underlying common stock on the date of grant. Participants have no stockholder rights until the time of exercise. The Company will issue new shares upon exercise of stock options granted under the Plan. The following reflects stock option activity under the 2011 and 2015 Plans: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2015 4,883,752 $ 19.57 Granted 950,505 21.45 Exercised (156,128 ) 19.28 Forfeited (590,103 ) 20.64 Outstanding at December 31, 2015 5,088,026 19.81 Exercisable at December 31, 2015 3,409,317 19.59 6.3 $ 1.3 Expected to vest after December 31, 2015(1) 1,510,838 20.24 8.3 0.6 (1) The expected to vest stock options are the result of applying the pre-vesting forfeiture rate assumptions to nonvested stock options outstanding. As of December 31, 2015, the Company has unrecognized stock-based compensation expense related to nonvested stock options of approximately $4.6 million, which will be recognized over a weighted-average period of 1.9 years. Restricted stock Restricted stock awarded to employees vests over a four-year period, based on continued employment, with annual vesting. Restricted stock awarded to members of the Company’s Board of Directors vests over 12 months. The price of restricted stock is determined at the time of each grant and in no case will be less than the fair value of the underlying common stock on the date of grant. Nonvested shares of restricted stock may not be sold or transferred and are subject to forfeiture. Both vested and nonvested shares of restricted stock are included in the Company’s shares outstanding. Dividend equivalents are available for nonvested shares of restricted stock if dividends are declared by the Company during the vesting period. The following table reflects restricted stock activity under the 2011 and 2015 Plans: Restricted Weighted grant-date Nonvested at January 1, 2015 352,737 $ 20.35 Granted 54,552 27.00 Vested (151,173 ) 20.66 Forfeited (18,897 ) 18.54 Nonvested at December 31, 2015 237,219 21.83 As of December 31, 2015, the Company has unrecognized stock-based compensation expense related to nonvested restricted stock awards of approximately $1.6 million, which will be recognized over a weighted-average period of 0.8 years. The weighted-average grant-date fair value of restricted stock was $18.54 in 2014. In 2013, there were no grants of restricted stock. Stock-based compensation fair value assumptions The fair value of the Company’s common stock was used to establish the exercise price of stock options granted, grant date fair value of restricted stock awards and as an input in the valuation of stock option awards at each grant date. Prior to the Company’s IPO, as discussed in Note 1, the Company obtained contemporaneous quarterly valuations performed by an unrelated valuation specialist in support of each award. The fair value of the Company’s common stock was determined utilizing both income and market approaches, discounted for the lack of marketability. A discounted cash flow analysis was used to estimate fair value under the income approach. The market approach consisted of an analysis of multiples of comparable companies whose securities are traded publicly as well as other indicated market values of the Company by third parties. After the IPO, the fair value of the Company’s stock that is factored into the fair value of stock options and utilized for restricted stock is based on the grant date closing price on the New York Stock Exchange. The Black-Scholes-Merton option valuation model was used to calculate the fair value of stock options. The weighted average grant-date fair value of stock options was $6.78, $7.21 and $5.87 for the years ended December 31, 2015, 2014 and 2013, respectively. The weighted-average assumptions used under the Black-Scholes-Merton option valuation model were as follows: Year ended December 31, 2015 2014 2013 Risk-free interest rate(1) 1.7 % 1.8 % 1.5 % Expected dividend yield(2) — % — % — % Expected volatility(3) 28.3 % 34.5 % 35.7 % Expected term (years)(4) 6.2 6.0 6.1 (1) The risk-free interest rate is based on the US Treasury yield for a term consistent with the expected term of the stock options at the time of grant. (2) The Company currently has no expectation of paying cash dividends on its common stock. (3) As the Company does not have sufficient historical volatility data, the expected volatility is based on the average historical data of a peer group of public companies over a period equal to the expected term of the stock options. (4) As the Company does not have sufficient historical exercise data under the 2011 and 2015 Plans, the expected term is based on the average of the vesting period of each tranche and the original contract term of 10 years. Additional stock-based compensation information The following table provides additional stock-based compensation information: Year ended December 31, (in millions) 2015 2014 2013 Total intrinsic value of stock options exercised $ 0.4 $ 1.1 $ 0.1 Fair value of restricted stock vested 2.9 3.0 1.8 |
Accumulated other comprehensive
Accumulated other comprehensive loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | 10. Accumulated other comprehensive loss The following table presents the changes in accumulated other comprehensive loss by component, net of tax. (in millions) Losses on Defined Currency Total Balance as of December 31, 2013 $ (2.8 ) $ 17.6 $ (96.5 ) $ (81.7 ) Other comprehensive loss before reclassifications (4.7 ) — (118.3 ) (123.0 ) Amounts reclassified from accumulated other comprehensive loss 3.8 (7.3 ) — (3.5 ) Net current period other comprehensive loss (0.9 ) (7.3 ) (118.3 ) (126.5 ) Balance as of December 31, 2014 $ (3.7 ) $ 10.3 $ (214.8 ) $ (208.2 ) Other comprehensive loss before reclassifications (3.0 ) — (212.6 ) (215.6 ) Amounts reclassified from accumulated other comprehensive loss 6.7 (7.3 ) — (0.6 ) Net current period other comprehensive (loss) income 3.7 (7.3 ) (212.6 ) (216.2 ) Balance as of December 31, 2015 $ — $ 3.0 $ (427.4 ) $ (424.4 ) The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income (loss). (in millions) Year ended Year ended Location of impact on Amortization of defined benefit pension items: Prior service credits $ (11.9 ) $ (11.9 ) Warehousing, selling and administrative Tax expense 4.6 4.6 Income tax expense (benefit) Net of tax (7.3 ) (7.3 ) Cash flow hedges: Interest rate swap contracts 3.1 5.9 Interest expense Interest rate swap contracts – loss due to discontinuance of hedge accounting 7.5 — Other (expense) income, net Tax benefit (3.9 ) (2.1 ) Income tax expense (benefit) Net of tax 6.7 3.8 Total reclassifications for the period $ (0.6 ) $ (3.5 ) (1) Amounts in parentheses indicate credits to net income (loss). Refer to “Note 8: Employee benefit plans” for additional information regarding the amortization of defined benefit pension items, “Note 16: Derivatives” for cash flow hedging activity and “Note 2: Significant accounting policies” for foreign currency gains and losses relating to intercompany borrowings of a long-term nature that are reflected in currency translation items. |
Property, plant and equipment,
Property, plant and equipment, net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment, net | 11. Property, plant and equipment, net Property, plant and equipment, net consisted of the following: December 31, (in millions) 2015 2014 Land and buildings $ 778.0 $ 784.2 Tank farms 239.9 212.2 Machinery, equipment and other 716.1 626.3 Less: Accumulated depreciation (723.5 ) (644.8 ) Subtotal 1,010.5 977.9 Work in progress 72.0 54.4 Property, plant and equipment, net $ 1,082.5 $ 1,032.3 Included within property, plant and equipment, net are assets related to capital leases where the Company is the lessee. The below table summarizes the cost and accumulated depreciation related to these assets: (in millions) December 31, December 31, Capital lease assets, at cost $ 63.5 $ 2.6 Less: accumulated depreciation (7.5 ) — Capital lease assets, net $ 56.0 $ 2.6 During 2013, an impairment charge of $58.0 million was recorded which related to the write-off of capitalized software costs, previously included in work in progress, in connection with the Company’s decision to abandon the implementation of a global enterprise resource planning system. Capitalized interest on capital projects was $0.9 million, $0.5 million and $2.4 million in the years ended December 31, 2015, 2014 and 2013, respectively. |
Goodwill and intangible assets
Goodwill and intangible assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and intangible assets | 12. Goodwill and intangible assets Goodwill The following is a summary of the activity in goodwill by segment. (in millions) USA Canada EMEA Rest of Total Balance, January 1, 2014 $ 1,254.0 $ 534.4 $ — $ — $ 1,788.4 Additions — — — 26.6 26.6 Foreign exchange — (45.7 ) — (1.7 ) (47.4 ) Balance, December 31, 2014 1,254.0 488.7 — 24.9 1,767.6 Additions 52.1 10.9 2.2 — 65.2 Purchase price adjustments — — — (0.6 ) (0.6 ) Foreign exchange — (78.9 ) (0.1 ) (8.1 ) (87.1 ) Balance, December 31, 2015 $ 1,306.1 $ 420.7 $ 2.1 $ 16.2 $ 1,745.1 Additions to goodwill in 2015 related to various acquisitions. Additions to goodwill in 2014 related to the acquisition of D’Altomare Quimica Ltda. The purchase price adjustments in 2015 relate to the D’Altomare acquisition. Refer to “Note 17: Business Combinations” for further information. Accumulated impairment losses on goodwill were $331.9 million at January 1, 2014. Accumulated impairment losses on goodwill were $261.4 million and $296.6 million at December 31, 2015 and 2014, respectively. As of October 1, 2015, the Company performed its annual impairment review and concluded the fair value substantially exceeded the carrying value for all reporting units with goodwill balances. There were no events or circumstances from the date of the assessment through December 31, 2015 that would affect this conclusion. Determining the fair value of a reporting unit requires judgment and involves the use of significant estimates and assumptions by management. The Company can provide no assurance that a material impairment charge will not occur in a future period. The Company’s estimates of future cash flows may differ from actual cash flows that are subsequently realized due to many factors, including future worldwide economic conditions and the expected benefits of the Company’s initiatives. Any of these potential factors, or other unexpected factors, may cause the Company to re-evaluate the carrying value of goodwill. On September 1, 2013, the Company determined it was more likely than not that the fair value of the Rest of World reporting unit was less than its carrying amount based on the deterioration in general economic conditions within some of the reporting unit’s significant locations and revised financial projections. As a result, the Company performed step one of the goodwill impairment test for the Rest of World reporting unit as of September 1, 2013. The reporting unit’s carrying value exceeded its fair value in the step one test. Thus, the Company performed step two of the goodwill impairment test in order to calculate the implied fair value of the reporting unit’s goodwill and recorded an impairment charge of $73.3 million. Intangible assets, net The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows: December 31, 2015 December 31, 2014 (in millions) Gross Accumulated Net Gross Accumulated Net Intangible assets (subject to amortization): Customer relationships $ 930.1 $ (446.6 ) $ 483.5 $ 930.7 $ (390.8 ) $ 539.9 Other 170.5 (135.1 ) 35.4 161.6 (126.6 ) 35.0 Total intangible assets $ 1,100.6 $ (581.7 ) $ 518.9 $ 1,092.3 $ (517.4 ) $ 574.9 Other intangible assets consist of intellectual property trademarks, trade names, supplier relationships and contracts, non-compete agreements and exclusive distribution rights. The estimated annual amortization expense in each of the next five years is as follows: (in millions) 2016 $ 88.5 2017 79.3 2018 66.4 2019 60.2 2020 56.1 |
Other accrued expenses
Other accrued expenses | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Other accrued expenses | 13. Other accrued expenses Other accrued expenses that were greater than five percent of total current liabilities consisted of customer prepayments and deposits, which were $60.1 million and $83.2 million as of December 31, 2015 and 2014, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 14. Debt Short-term financing Short-term financing consisted of the following: December 31, (in millions) 2015 2014 Amounts drawn under credit facilities $ 13.4 $ 32.7 Bank overdrafts 20.1 28.4 Total $ 33.5 $ 61.1 The weighted average interest rate on short-term financing was 2.4% and 2.7% as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, the Company had $172.4 million and $184.7 million, respectively, in outstanding letters of credit and guarantees. Long-term debt Long-term debt consisted of the following: (in millions) December 31, 2015 December 31, As Adjusted* Senior Term Loan Facilities: Term B Loan due 2022, variable interest rate of 4.25% at December 31, 2015 $ 2,044.9 $ — Euro Tranche Term Loan due 2022, variable interest rate of 4.25% at December 31, 2015 270.8 — Term B Loan due 2017, variable interest rate of 5.00% at December 31, 2014 (terminated July 2015) — 2,683.2 Euro Tranche Term Loan due 2017, variable interest rate of 5.25% at December 31, 2014 (terminated July 2015) — 154.6 Asset Backed Loan (ABL) Facilities: North American ABL Facility due 2020, variable interest rate of 2.13% at December 31, 2015 278.0 — North American ABL Term Loan due 2018, variable interest rate of 3.36% at December 31, 2015 100.0 — European ABL Facility due 2019 (“Euro ABL due 2019”), variable interest rate of 2.01% at December 31, 2014 — 36.3 North American ABL Facility due 2018, variable interest rate of 2.10% at December 31, 2014 (terminated July 2015) — 266.0 North American ABL Term Loan due 2016, variable interest rate of 3.51% at December 31, 2014 (terminated July 2015) — 50.0 Unsecured Notes: Unsecured Notes due 2023, fixed interest rate of 6.75% 400.0 — Senior Subordinated Notes: Senior Subordinated Notes due 2017, fixed interest rate of 10.50% (terminated June 2015) — 600.0 Senior Subordinated Notes due 2018, fixed interest rate of 10.50% (terminated June 2015) — 50.0 Capital lease obligations 57.3 2.6 Total long-term debt before discount 3,151.0 3,842.7 Less: unamortized debt issuance costs and discount on debt (33.7 ) (31.4 ) Total long-term debt 3,117.3 3,811.3 Less: current maturities (59.9 ) (80.7 ) Total long-term debt, excluding current maturities $ 3,057.4 $ 3,730.6 * Adjusted due to the adoption of ASU 2015-03 and ASU 2015-15. Refer to “Note 2: Significant accounting policies” for additional information. As of December 31, 2015, future contractual maturities of long-term debt excluding capital lease obligations are as follows: (in millions) 2016 $ 39.9 2017 89.9 2018 40.0 2019 23.2 2020 301.2 Long-term debt restructurings On July 28, 2015, the Company entered into a new five year $1.4 billion North American Asset Backed Loan Facility (“new NA ABL Facility”) and terminated its existing $1.4 billion North American ABL Facility including the repayment of the existing North American ABL Term Loan. The new NA ABL Facility has a $1.0 billion revolving loan tranche available to certain US subsidiaries, a $300.0 million revolving loan tranche for certain Canadian subsidiaries and a $100.0 million ABL Term Loan (“new ABL Term Loan”). The Company may elect to allocate the total $1.3 billion in revolving tranches between the US and Canadian borrowers. Under the two revolving tranches, the borrowers may request loan advances and make loan repayments until the maturity date of July 28, 2020. The new ABL Term Loan and each revolving loan advance under the facility have a variable interest rate based on the current benchmark rate elected by the borrower plus a credit spread. The credit spread is determined by the elected benchmark rate and the average availability of the facility. The unused line fee for the revolver tranches under the new NA ABL Facility ranges from 0.25% to 0.375% per annum for the US and Canadian borrowers depending on the average daily outstanding amount. The new NA ABL Term Loan is payable in installments of $16.7 million per quarter commencing December 31, 2016 with a final maturity date of July 28, 2018. On July 1, 2015, the Company entered into a new Senior Term B loan agreement with a US dollar denominated tranche of $2,050.0 million and a new euro denominated tranche of €250.0 million. In addition, on July 1, 2015, the Company issued $400.0 million in unsecured notes (“Unsecured Notes”). The proceeds from the new Senior Term B loan agreement and Unsecured Notes as well as additional borrowings under the Company’s North American ABL Facility were used to repay in full the existing $2,669.2 million US dollar denominated Term B Loan and €126.8 million ($141.2 million) euro denominated Term B Loan. The new Senior Term B loan agreement has a $2,050.0 million US dollar loan tranche and a €250.0 million euro loan tranche. Both tranches have a variable interest rate based on LIBOR with a LIBOR floor of 1.00% and a credit spread of 3.25%. The US dollar tranche and euro tranche are payable in installments of $5.1 million and €0.6 million per quarter, respectively, commencing December 31, 2015 with the remaining balances due on the maturity date of July 1, 2022. The Company can prepay either loan tranche in whole or part without penalty after January 1, 2016. The new $400.0 million issuance of Unsecured Notes has a fixed interest rate of 6.75% payable semi-annually. Principal is due upon the maturity date of July 15, 2023. The Company can prepay the Unsecured Notes in whole or part at a premium above par on or after July 15, 2018 and without a premium on or after July 15, 2020. As a result of the July 2015 debt refinancing activity, the Company recognized debt refinancing costs of $16.5 million in other (expense) income, net in the consolidated statements of operations during the year ended December 31, 2015. Refer to “Note 6: Other (expense) income, net” for further information. In addition, the Company recognized a loss on extinguishment of debt of $4.8 million in the year ended December 31, 2015. On June 23, 2015, as part of the use of proceeds from the IPO and concurrent private placement discussed in Note 1, the Company paid the remaining principal balance of $650.0 million related to the Senior Subordinated Notes. As a result, the Company recognized a loss on extinguishment of debt of $7.3 million related to the unamortized debt discount and debt issuance costs in the consolidated statements of operations in the year ended December 31 2015. On March 24, 2014, certain of the Company’s European subsidiaries (the “Borrowers”) entered into a five year €200 million Euro ABL Credit facility. The Euro ABL is a revolving credit facility pursuant to which the Borrowers may request loan advances and make loan repayments until the maturity date of March 22, 2019. Loan advances may be made in multiple currencies. Each loan advance under this facility has a variable interest rate based on the current benchmark rate (IBOR) for that currency plus a credit spread. The credit spread is determined by a pricing grid that is based on average availability of the facility. The unused line fee ranges from 0.25% to 0.50% per annum depending on the average unused commitment as a percentage of the total commitment. Simultaneously with the execution of the Euro ABL due 2019, certain of the Company’s European subsidiaries terminated a €68 million secured asset-based lending credit facility maturing December 31, 2016. As a result of this termination, the Company recognized a loss on extinguishment of $1.2 million in the consolidated statement of operations in the year ended December 31, 2014. On March 27, 2013, the Company made a $350.0 million prepayment on the $400.0 million principal balance of the Senior Subordinated Notes due 2018. As a result of this prepayment, the Company wrote off a total of $6.1 million of unamortized deferred financing fees and discount, and paid a $21.0 million prepayment premium, both of which are included in interest expense. The interest rate on the remaining $650.0 million Senior Subordinated Notes was reduced from a 12.00% to a 10.50% per annum fixed rate. On March 25, 2013, the Company modified its North American ABL Facility to increase the committed amount from $1.1 billion to $1.3 billion and extend the maturity date of the revolving credit lines from November 30, 2015 to March 23, 2018. As a result of this refinancing, the Company recognized a loss on extinguishment of debt of $2.5 million in the year ended December 31, 2013. In addition, on March 25, 2013, the Company entered into a $100.0 million North American ABL Term Loan which matures on March 25, 2016. On February 22, 2013, the Company amended terms of the Term B Loan to borrow an additional $250.0 million on the existing Term B Loan, which is payable in installments of $7.0 million per quarter, with the remaining principal balance due on June 30, 2017. In addition, the Company issued a new Euro-denominated tranche in the amount of €130.0 million. The Euro Tranche Term Loan is payable in installments of €0.3 million per quarter, with the remaining principal balance due on June 30, 2017. As a result of this refinancing, the Company recognized expenses of $6.2 million for third party and arranger fees in other income (expenses), net in the consolidated statement of operations in the year ended December 31, 2013. Borrowing availability and assets pledged as collateral As of December 31, 2015, availability of the entire $1.3 billion in North American ABL Facility credit commitments is determined based on the periodic reporting of available qualifying collateral, as defined in the North American ABL Facility credit agreement. At December 31, 2015 and 2014, $375.0 million and $577.4 million were available under the North American ABL Facility, respectively. An unused line fee of 0.375% and 0.50% was in effect at December 31, 2015 and 2014, respectively. As of December 31, 2015, availability of the entire €200 million Euro ABL due 2019 is determined based on the periodic reporting of available qualifying collateral, as defined in the Euro ABL credit agreement. The Euro ABL due 2019 is secured by the accounts receivable and inventory of the Borrowers and certain additional collateral. At December 31, 2015 and 2014, $114.0 million and $99.2 million were available under the Euro ABL, respectively. An unused line fee of 0.50% was in effect at December 31, 2015 and 2014. The North American ABL Facility and North American ABL Term Loan are secured by substantially all of the assets of the US and Canadian operating subsidiaries of the Company. The Senior Term Loan Facilities are also secured by substantially all of the assets of the US operating and management subsidiaries. With respect to shared collateral, the North American ABL Facility, North American ABL Term Loan and the Senior Term Loan Facilities are secured by accounts receivable and inventories of the US operating subsidiaries of the Company. The obligations under the North American ABL Facility and North American ABL Term Loan are secured by a first priority lien on such accounts receivable and inventory, and the obligations under the Senior Term Loan Facilities are secured by a second priority lien on such accounts receivable and inventory. Under the North American ABL Facility, Canadian entities secure the obligations of the Canadian borrower. In addition, 65% of the shares of all first-tier foreign subsidiaries owned by the US subsidiaries have been pledged as security to the lenders in respect of all obligations. The Euro ABL is primarily secured by accounts receivable and inventories of the Company’s subsidiaries in Belgium, France, Germany, the Netherlands, Switzerland and United Kingdom. Assets pledged under the North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and the Euro ABL are as follows: December 31, (in millions) 2015 2014 Cash $ 68.1 $ 91.1 Trade accounts receivable, net 857.8 1,054.6 Inventories 691.9 805.7 Prepaids and other current assets 105.0 142.1 Property, plant and equipment, net 894.6 821.9 Total $ 2,617.4 $ 2,915.4 Debt covenants Under certain limited circumstances, the Company’s subsidiaries noted as borrowers and guarantors under the new NA ABL Facility and NA ABL Term Loan are subject to comply with a fixed charge coverage ratio maintenance covenant. Such covenant is calculated based on the consolidated financial results of the Company. As of December 31, 2015 and 2014, such covenant was not in effect but the Company would have been in compliance if it was then in effect. The Company and its subsidiaries are also subject to a significant number of non-financial covenants in each of the credit facilities and the Senior Subordinated Notes that restrict the operations of the Company and its subsidiaries, including, without limitation, requiring that the net proceeds from certain dispositions and capital market debt issuances must be used as mandatory prepayments and restrictions on the incurrence of financial indebtedness outside of these facilities (including restrictions on secured indebtedness), prepaying subordinated debt, making dividend payments, making certain investments, making certain asset dispositions, certain transactions with affiliates and certain mergers and acquisitions. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 15. Fair value measurements The Company classifies its financial instruments according to the fair value hierarchy described in “Note 2: Significant accounting policies.” Items measured at fair value on a recurring basis The following table presents the Company’s assets and liabilities measured on a recurring basis on a gross basis: Level 2 Level 3 December 31, December 31, (in millions) 2015 2014 2015 2014 Financial current assets: Forward currency contracts $ 0.2 $ 0.5 $ — $ — Financial noncurrent assets: Interest rate swap contracts — 1.6 — — Financial current liabilities: Forward currency contracts 0.2 0.9 — — Interest rate swap contracts 5.3 7.3 — — Financial noncurrent liabilities: Interest rate swap contracts 0.5 — — — Contingent consideration — — 8.7 — The net amounts included in prepaid and other current assets were $0.2 million and $0.1 million as of December 31, 2015 and 2014, respectively. The net amounts included in other accrued expenses were $0.2 million and $0.5 million as of December 31, 2015 and 2014, respectively. The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which are contingent consideration liabilities (i.e. earn-outs) related to prior acquisitions. Refer to “Note 17: Business Combinations” for further information discussing the business acquisitions resulting in contingent consideration liabilities, the terms of the earn-outs, the unobservable inputs factored into the fair value determination and the estimated impact on the consolidated financial statements related to changes in the unobservable inputs. (in millions) 2015 2014 Fair value as of January 1 $ — $ 1.0 Additions 8.8 — Fair value adjustments — (1.0 ) Foreign currency (0.1 ) — Fair value as of December 31 $ 8.7 $ — The fair value adjustment in 2014 related to the reduction of the contingent consideration liability associated with the 2012 Magnablend acquisition. The reduction was based on actual 2014 financial performance, which resulted in no payout. The fair value adjustment is recorded within other operating expenses, net in the consolidated statement of operations. Financial instruments not carried at fair value The estimated fair value of financial instruments not carried at fair value in the consolidated balance sheets were as follows: December 31, 2015 December 31, 2014 (in millions) Carrying Fair Carrying As Fair Financial liabilities: Long-term debt including current portion (Level 2) $ 3,117.3 $ 3,056.5 $ 3,811.3 $ 3,780.4 * Adjusted due to the adoption of ASU 2015-03 and ASU 2015-15. “Refer to Note 2: Significant accounting policies” for additional information. The fair values of the long-term debt, including the current portions, were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins, and amortization, as necessary. Fair value of other financial instruments The carrying value of cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term financing included in the consolidated balance sheets approximates fair value due to their short-term nature. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 16. Derivatives Interest rate swaps At December 31, 2015 and 2014, the Company had interest rate swap contracts in place with a total notional amount of $2.0 billion, whereby a fixed rate of interest (weighted average of 1.64%) is paid and a variable rate of interest (greater of 1.25% or three-month LIBOR) is received on the notional amount. The objective of the interest rate swap contracts was to offset the variability of cash flows in three-month LIBOR indexed debt interest payments, subject to a 1.50% floor, attributable to changes in the aforementioned benchmark interest rate related to the Term B Loan due 2017. The interest rate floor related to the Term B Loan due 2017 (1.50%) is not identical to the interest rate floor of the interest rate swap contracts (1.25%), which resulted in hedge ineffectiveness. Upon initiation of the interest rate swap contracts, changes in the cash flows of each interest rate swap were expected to be highly effective in offsetting the changes in interest payments on a principal balance equal to the notional amount of the derivative, attributable to the hedged risk. The effective portion of the gains and losses related to the interest rate swap contracts were initially recorded in accumulated other comprehensive loss and then reclassified into earnings consistent with the underlying hedged item (interest payments). As of December 31, 2015, the interest rate swap contracts no longer qualify for hedge accounting because the forecasted transactions as originally contemplated are not probable of occurring due to the July 1, 2015 Senior Term Loan Facility refinancing transactions. The forecasted transactions represented debt with interest payments with a variable interest rate based on three-month LIBOR and a credit spread of 3.50%, with a LIBOR floor of 1.50% whereas the new debt has interest payments with a variable interest rate based on LIBOR and a credit spread of 3.25% with a LIBOR floor of 1.00%. Refer to “Note 14: Debt” for more information related to the refinancing transactions. As a result of discontinuing hedge accounting, a net loss of $4.7 million, net of tax of $2.8 million, related to the interest rate swaps included in accumulated other comprehensive loss was recognized in other (expense) income, net and income tax expense (benefit) in the consolidated statements of operations for the year ended December 31, 2015. Future changes in fair value of the interest rate swap contracts are recognized directly in other (expense) income, net in the consolidated statement of operations. Refer to “Note 6: Other (expense) income, net” for additional information. The fair value of interest rate swaps is recorded in prepaids and other current assets, other assets, other accrued expenses or other long-term liabilities in the consolidated balance sheets. Refer to “Note 15: Fair value measurements” for further information. Interest rate caps During 2013, the Company had two interest rate caps in place, each with a notional amount of $250.0 million. To the extent the quarterly LIBOR exceeded 2.25%, the Company would have received payment based on the notional amount and the interest rate spread. The Company did not apply hedge accounting for the interest rate caps, which expired on December 31, 2013. The fair value adjustments were included in other (expense) income, net in the statements of operations. Refer to “Note 6: Other (expense) income, net” for more information. Foreign currency derivatives The Company uses forward currency contracts to hedge earnings from the effects of foreign exchange relating to certain of the Company’s intercompany and third-party receivables and payables denominated in a foreign currency. These derivative instruments are not formally designated as hedges by the Company and the terms of these instruments range from one to three months. Forward currency contracts are recorded at fair value in either prepaid expenses and other current assets or other accrued expenses in the consolidated balance sheets, reflecting their short-term nature. Refer to “Note 15: Fair value measurements” for additional information. The fair value adjustments and gains and losses are included in other (expense) income, net within the consolidated statements of operations. Refer to “Note 6: Other (expense) income, net” for more information. The total notional amount of undesignated forward currency contracts were $107.5 million and $127.4 million as of December 31, 2015 and 2014, respectively. |
Business combinations
Business combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business combinations | 17. Business combinations Year ended December 31, 2015 In the year ended December 31, 2015, the Company completed six acquisitions for a total purchase price of $171.1 million. On April 10, 2015, the Company completed an acquisition of 100% of the equity interest in Key Chemical, Inc., (“Key”), one of the largest distributors of fluoride to municipalities in the US, which the Company expects to help expand the Company’s offerings into municipal and other industrial markets. On July 16, 2015, the Company entered into a definitive asset purchase agreement with Chemical Associates, Inc. (“Chemical Associates”) to sell the Chemical Associates business to the Company. Chemical Associates specializes in blending, mixing, and packaging of formulated oleochemical products and serves customers throughout the US and can supply packaged and bulk quantities. On October 2, 2015, the Company completed an acquisition of 100% of the equity interest in Future Transfer Co., Inc.; BlueStar Distribution Inc.; and BDI Distribution West Inc. (“Future/BlueStar”). Future/BlueStar specializes in logistics, warehousing, packaging, and formulation services to the agriculture industry in Canada. On November 3, 2015, the Company completed an acquisition of 100% of the equity interest in Arrow Chemical, Inc. (“Arrow Chemical”), an importer and distributor of active pharmaceutical ingredients (API) and other specialty chemistries in the US market. On December 1, 2015, the Company completed an acquisition of 100% of the equity interest in Weaver Town Oil Services, Inc., and Weavertown Transport Leasing, Inc., operating as the Weavertown Environmental Group (“WEG”), a premier provider of environmental and facilities maintenance services in the US. The Company plans to integrate the WEG business with its ChemCare waste management service. On December 16, 2015, the Company completed an acquisition of 100% of the equity interest in Polymer Technologies Ltd. (“Polymer”), a UK-based distributor of specialty chemicals for use in the radiation cured coatings industry. Polymer develops and markets chemicals which are used to formulate environmentally friendly paints, inks and adhesives. Summarized financial information The initial accounting for these acquisitions has only been preliminarily determined subject to final working capital adjustments and valuations of intangible assets and property, plant and equipment. As of December 31, 2015, the purchase price allocation for the acquisitions is as follows: (in millions) WEG Other Total Purchase price: Cash consideration $ 66.5 $ 95.0 $ 161.5 Contingent consideration 3.0 5.8 8.8 Other liability consideration — 0.8 0.8 69.5 101.6 171.1 Allocation: Cash and cash equivalents 1.1 7.0 8.1 Trade accounts receivable, net 7.7 12.1 19.8 Inventories 0.5 6.3 6.8 Prepaid expenses and other current assets 0.4 1.4 1.8 Property, plant and equipment, net 13.3 14.1 27.4 Definite-lived intangible assets 25.1 31.1 56.2 Deferred tax assets, net — 0.2 0.2 Goodwill 23.4 41.8 65.2 Trade accounts payable (1.5 ) (7.6 ) (9.1 ) Other accrued expenses (0.5 ) (1.7 ) (2.2 ) Deferred tax liabilities — (3.1 ) (3.1 ) $ 69.5 $ 101.6 $ 171.1 The consolidated financial statements include the results of acquired companies from the acquisition date. Net sales and net income of acquired companies included in the consolidated statement of operations for the year ended December 31, 2015, were $38.3 million and $1.9 million, respectively. Transaction costs Costs of approximately $2.0 million directly attributable to the acquisitions, consisting primarily of legal and consultancy fees, were expensed as incurred in other operating expenses, net in the consolidated statements of operations. Goodwill and intangible assets Substantially all of the goodwill recognized above was attributed to the expected synergies from combining the assets and activities of the acquisitions with those of the Company’s USA, Canada and EMEA segments. The goodwill arising on the Future/BlueStar and Polymer acquisitions is not tax-deductible and the goodwill arising on the Key, Chemical Associates, Arrow Chemical and WEG acquisitions is tax-deductible. The intangible assets subject to amortization recognized consisted of the following: (in millions) Fair value Weighted average amortization WEG Customer relationships $ 24.2 12.0 Other 0.9 3.0 Other acquisitions Customer relationships 17.8 10.2 Other 13.3 8.9 Total $ 56.2 Contingent consideration liabilities Pursuant to the terms of the purchase agreements related to the Future/BlueStar, Arrow Chemical, WEG and Polymer acquisitions, the Company is conditionally obligated to make earn-out payments based on the acquired companies’ performance in fiscal years subsequent to the acquisition year (earn-out period). The earn-out period for these acquisitions ranges from 2 to 3 years. As part of the allocation of the purchase price, the Company recognized $3.0 million and $5.8 million for WEG and the remaining acquisitions, respectively, in other long-term liabilities related to the fair value of the contingent considerations on the date of acquisition. With the exception of Polymer, the earn-out payment formulas are based on measures of gross profit. Polymer’s earn-out formula is based on a measure of sales. The maximum amount that the Company is contractually obligated to pay under these earn-out arrangements is $10.0 million for WEG and $4.4 million for Arrow Chemical and Polymer. There is no maximum for the earn-out payable to Future/BlueStar, which was deemed to have a fair value of $2.8 million as of the acquisition date. The contingent consideration arrangements were recognized at their fair value based on a real options approach, which took into account management’s best estimate of the acquired companies’ performance during the earn-out periods, as well as achievement risk. Since the acquisitions including continent consideration arrangements had closed within 3 months prior to December 31, 2015, there were no significant changes in the fair value measurements of these liabilities. As of December 31, 2015, noncurrent liability was $8.8 million. Supplemental pro forma information (unaudited) The following table presents summarized pro forma results of the Company and the acquired entities had the acquisition dates of all 2015 business combinations been January 1, 2014: (in millions, except per share data) 2015 2014 Net sales $ 9,078.3 $ 10,524.4 Net income (loss) 23.6 (7.7 ) Income (loss) per common share – diluted $ 0.20 $ (0.08 ) The supplemental pro forma information presents the combined operating results of the Company and the businesses acquired, adjusted to exclude acquisition-related costs, to include the additional depreciation and amortization expense associated with the effect of fair value adjustments recognized, and to include interest expense and amortization of debt issuance costs related to the Company’s borrowings used to fund the acquisitions. Year ended December 31, 2014 Acquisition of D’Altomare Quimica Ltda. On November 3, 2014, the Company completed an acquisition of 100% of the equity interest in D’Altomare, a Brazilian distributor of specialty chemicals and ingredients. This acquisition expands the Company’s geographic footprint and market presence in Brazil and across Latin America. The acquisition purchase price and operating results subsequent to the acquisition date did not have a significant impact on the consolidated financial statements of the Company. Year ended December 31, 2013 Acquisition of Quimicompuestos On May 16, 2013, the Company completed an acquisition of 100% of the equity interest in Quimicompuestos, a leading distributor of commodity chemicals in Mexico. The acquisition provides the Company with a strong platform for future growth in Mexico and enables the Company to offer its customers and suppliers the complete end to end value proposition with both specialty chemical and commodity offerings. The final fair values of assets acquired and liabilities assumed for Quimicompuestos are as follows: (in millions) Purchase price: Cash consideration $ 92.2 Fair value of contingent consideration 0.2 92.4 Allocation: Cash and cash equivalents 3.5 Trade accounts receivable 31.2 Inventories 12.9 Prepaid expenses and other current assets 9.0 Property, plant and equipment, net 18.6 Definite lived intangible assets 30.6 Deferred tax assets 0.7 Goodwill 35.0 Trade accounts payable (25.3 ) Accrued compensation and other accrued expenses (15.0 ) Deferred tax liabilities (8.8 ) $ 92.4 Pursuant to the terms of the purchase agreement, the Company was conditionally obligated to make an earnout payment of $5.0 million based on Quimicompuestos’ performance in 2013. As part of the allocation of the purchase price, the Company recognized $0.2 million in other accrued expenses related to the fair value of Quimicompuestos’ contingent consideration on the date of acquisition. The contingent consideration was recognized at fair value based on a real options approach, which took into account management’s best estimate of Quimicompuestos’ performance in 2013, as well as achievement risk. For the year ended December 31, 2013, Quimicompuestos did not achieve the required performance target, which resulted in no earnout payment. Costs of $7.5 million directly attributable to the acquisition, consisting of legal and consultancy fees, were expensed as incurred in other operating expenses, net within the consolidated statements of operations. Substantially all of the goodwill recognized above was attributed to the expected synergies from combining the assets and activities of Quimicompuestos with those of the Company’s Rest of World segment. The goodwill arising on the Quimicompuestos acquisition is not tax-deductible. The intangible assets recognized primarily consisted of customer relationships of $19.9 million, which are being amortized on an accelerated basis over a period of 11 years, and non-compete agreements of $10.0 million, which are being amortized on a straight line basis over a period of 3 years. The weighted average amortization period for intangibles related to the acquisition is 8.2 years. The consolidated financial statements include the results of Quimicompuestos from the acquisition date. Had the acquisition occurred on January 1, 2012, there would not have been a significant change to the Company’s net sales and net loss. Additionally, net sales and net income contributed by Quimicompuestos to the Company post-acquisition were not significant in the year ended December 31, 2013. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 18. Commitments and contingencies Lease commitments Rental and lease commitments primarily relate to land, buildings and fleet. Operating lease expense for the years ended December 31, 2015, 2014 and 2013 were $93.7 million, $107.4 million and $104.4 million, respectively. As of December 31, 2015, minimum rental commitments under non-cancelable operating leases with lease terms in excess of one year and capital lease obligations are as follows: (in millions) Minimum rental Capital lease 2016 $ 62.8 $ 20.0 2017 50.6 9.0 2018 41.1 7.3 2019 37.1 6.3 2020 30.4 5.4 More than five years 63.4 9.3 Total $ 285.4 $ 57.3 Litigation In the ordinary course of business the Company is subject to pending or threatened claims, lawsuits, regulatory matters and administrative proceedings from time to time. Where appropriate the Company has recorded provisions in the consolidated financial statements for these matters. The liabilities for injuries to persons or property are in some instances covered by liability insurance, subject to various deductibles and self-insured retentions. The Company is not aware of any claims, lawsuits, regulatory matters or administrative proceedings, pending or threatened, that are likely to have a material effect on its overall financial position, results of operations, or cash flows. However, the Company cannot predict the outcome of any claims or litigation or the potential for future claims or litigation. The Company is subject to liabilities from claims alleging personal injury from exposure to asbestos. The claims result primarily from an indemnification obligation related to Univar USA Inc.’s 1986 purchase of McKesson Chemical Company from McKesson Corporation (“McKesson”). Univar USA’s obligation to indemnify McKesson for settlements and judgments arising from asbestos claims is the amount which is in excess of applicable insurance coverage, if any, which may be available under McKesson’s historical insurance coverage. Univar USA is also a defendant in a small number of asbestos claims. As of December 31, 2015, there were fewer than 185 asbestos-related claims for which the Company has liability for defense and indemnity pursuant to the indemnification obligation. Historically, the vast majority of the claims against both McKesson and Univar USA have been dismissed without payment. While the Company is unable to predict the outcome of these matters, it does not believe, based upon current available facts, that the ultimate resolution of any of these matters will have a material effect on its overall financial position, results of operations, or cash flows. However, the Company cannot predict the outcome of any present or future claims or litigation and adverse developments could negatively impact earnings or cash flows in a particular future period. Environmental The Company is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively “environmental remediation work”) at approximately 130 locations, some that are now or were previously Company-owned/occupied and some that were never Company-owned/occupied (“non-owned sites”). The Company’s environmental remediation work at some sites is being conducted pursuant to governmental proceedings or investigations, while the Company, with appropriate state or federal agency oversight and approval, is conducting the environmental remediation work at other sites voluntarily. The Company is currently undergoing remediation efforts or is in the process of active review of the need for potential remediation efforts at approximately 103 current or formerly Company-owned/occupied sites. In addition, the Company may be liable for a share of the clean-up of approximately 27 non-owned sites. These non-owned sites are typically (a) locations of independent waste disposal or recycling operations with alleged or confirmed contaminated soil and/or groundwater to which the Company may have shipped waste products or drums for re-conditioning, or (b) contaminated non-owned sites near historical sites owned or operated by the Company or its predecessors from which contamination is alleged to have arisen. In determining the appropriate level of environmental reserves, the Company considers several factors such as information obtained from investigatory studies; changes in the scope of remediation; the interpretation, application and enforcement of laws and regulations; changes in the costs of remediation programs; the development of alternative cleanup technologies and methods; and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. The level of annual expenditures for remedial, monitoring and investigatory activities will change in the future as major components of planned remediation activities are completed and the scope, timing and costs of existing activities are changed. Project lives, and therefore cash flows, range from 2 to 30 years, depending on the specific site and type of remediation project. On December 9, 2014, the Company was issued a violation notice from the Pollution Control Services Department of Harris County, Texas (“PCS”). The notice relates to claims that the Company’s facility on Luthe Road in Houston, Texas operated with inadequate air emissions controls and improperly discharged certain waste without authorization. On March 6, 2015, PCS notified the Company that the matter was forwarded to the Harris County District Attorney’s Office with a request for an enforcement action. No such action has commenced. The Company continues to investigate and evaluate the claims. In April 2015, the Company’s subsidiary Magnablend Inc. (“Magnablend”) was advised that the United States Environmental Protection Agency (“EPA”) was considering bringing an enforcement action against Magnablend. The matter relates to a January 26, 2015 incident at Magnablend’s Waxahachie, Texas facility at which a 300 gallon plastic container of sodium chlorite burst as a result of a chemical reaction. This matter has now been resolved by Magnablend making a payment of $37,500 to the EPA. As of December 31, 2015, the Company has not recorded a liability related to the PCS investigation described above as any potential loss is neither probable nor estimable at this stage in either investigation. Although the Company believes that its reserves are adequate for environmental contingencies, it is possible, due to the uncertainties noted above, that additional reserves could be required in the future that could have a material effect on the overall financial position, results of operations, or cash flows in a particular period. This additional loss or range of losses cannot be recorded at this time, as it is not reasonably estimable. Changes in total environmental liabilities are as follows: (in millions) 2015 2014 Environmental liabilities at January 1 $ 120.3 $ 137.0 Revised obligation estimates 11.3 1.9 Environmental payments (17.8 ) (17.5 ) Foreign exchange (0.6 ) (1.1 ) Environmental liabilities at December 31 $ 113.2 $ 120.3 Environmental liabilities of $35.5 million and $31.1 million were classified as current in other accrued expenses in the consolidated balance sheets as of December 31, 2015 and 2014, respectively. The long-term portion of environmental liabilities is recorded in other long-term liabilities in the consolidated balance sheets. The total discount on environmental liabilities was $2.3 million and $2.2 million at December 31, 2015 and 2014, respectively. The discount rate used in the present value calculation was 2.3% and 2.2% as of December 31, 2015 and 2014, respectively, which represent risk-free rates. The Company manages estimated cash flows by project. These estimates are subject to change if there are modifications to the scope of the remediation plan or if other factors, both external and internal, change the timing of the remediation activities. The Company periodically reviews the status of all existing or potential environmental liabilities and adjusts its accruals based on all available, relevant information. Based on current estimates, the expected payments for environmental remediation for the next five years and thereafter at December 31, 2015 are as follows, with projects for which timing is uncertain included in the 2016 estimated amount of $14.3 million: (in millions) 2016 $ 35.5 2017 15.4 2018 10.7 2019 9.1 2020 8.4 Thereafter 36.4 Total $ 115.5 Competition At the end of May 2013, the Autorité de la concurrence, France’s competition authority, fined the Company $19.91 million (€15.18 million) for alleged price fixing. The price fixing was alleged to have occurred prior to 2006. The Company will not appeal the fine which was paid in full during the year ended December 31, 2013. Customs and International Trade Laws In April 2012, the US Department of Justice (“DOJ”) issued a civil investigative demand to the Company in connection with an investigation into the Company’s compliance with applicable customs and international trade laws and regulations relating to the importation of saccharin from 2002 through 2012. The Company also became aware in 2010 of an investigation being conducted by US Customs and Border Patrol (“CBP”) into the Company’s importation of saccharin. Finally, the Company learned that a civil plaintiff had sued the Company and two other defendants in a Qui Tam proceeding, such filing having been made under seal in 2012, and this plaintiff had requested that the DOJ intervene in its lawsuit. The US government, through the DOJ, declined to intervene in the Qui Tam proceeding in November 2013 and, as a result, the DOJ’s inquiry related to the Qui Tam lawsuit and its initial investigation demand are now finished. On February 26, 2014, the Qui Tam plaintiff also voluntarily dismissed its lawsuit against the Company. CBP, however, continued its investigation on the importation of saccharin by the Company’s subsidiary, Univar USA Inc. On July 21, 2014, CBP sent the Company a “Pre-Penalty Notice” indicating the imposition of a penalty against Univar USA Inc. in the amount of approximately $84.0 million. Univar USA Inc. responded to CBP that the proposed penalty was not justified. On October 1, 2014, the CBP issued a penalty notice to Univar USA Inc. for $84.0 million and has reaffirmed this penalty notice. On August 6, 2015, the DOJ filed a complaint on CBP’s behalf against Univar USA Inc. in the Court of International Trade seeking approximately $84.0 million in allegedly unpaid duties, penalties, interest, costs and attorneys’ fees. The Company continues to defend this matter vigorously. Univar USA Inc. has not recorded a liability related to this investigation as the Company believes a loss is not probable. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related party transactions | 19. Related party transactions CD&R and CVC charged the Company a total of $2.8 million, $5.9 million and $5.2 million in the years ended December 31, 2015, 2014 and 2013, respectively, for advisory services provided to the Company pertaining strategic consulting. In addition, during the year ended December 31, 2015, there was a contract termination fee of $26.2 million related to terminating consulting agreements between the Company and CVC and CD&R as a result of the IPO. Refer to Note 1 for additional information. These amounts were recorded in other operating expenses, net. Refer to “Note 4: Other operating expenses, net” for additional information. The following table summarizes the Company’s sales and purchases with related parties within the ordinary course of business: Year ended December 31, (in millions) 2015 2014 2013 CVC: Sales to affiliate companies $ 1.9 $ 9.1 $ 10.5 Purchases from affiliate companies 8.8 10.2 19.0 CD&R: Sales to affiliate companies 29.7 20.9 3.5 Purchases from affiliate companies 19.9 21.6 0.4 Temasek: Sales to affiliate companies 19.8 — — Purchases from affiliate companies 0.1 — — The following table summarizes the Company’s receivables due from and payables due to related parties: December 31, (in millions) 2015 2014 Due from affiliates $ 4.1 $ 3.9 Due to affiliates 6.6 1.7 The Senior Subordinated Notes were held by indirect stockholders of the Company and were therefore considered due to related parties. Refer to “Note 14: Debt” for further information regarding the Senior Subordinated Notes. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments | 20. Segments Management monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Management evaluates performance on the basis of Adjusted EBITDA. Adjusted EBITDA is defined as consolidated net income (loss), plus the sum of: interest expense, net of interest income; income tax expense (benefit); depreciation; amortization; other operating expenses, net; impairment charges; loss on extinguishment of debt; and other (expense) income, net. Transfer prices between operating segments are set on an arms-length basis in a similar manner to transactions with third parties. Corporate operating expenses that directly benefit segments have been allocated to the operating segments. Allocable operating expenses are identified through a review process by management. These costs are allocated to the operating segments on a basis that reasonably approximates the use of services. This is typically measured on a weighted distribution of margin, asset, headcount or time spent. Other/Eliminations represents the elimination of inter-segment transactions as well as unallocated corporate costs consisting of costs specifically related to parent company operations that do not directly benefit segments, either individually or collectively. Financial information for the Company’s segments is as follows: (in millions) USA Canada EMEA Rest of Other/ Consolidated Year ended December 31, 2015 Net sales External customers $ 5,351.5 $ 1,376.6 $ 1,780.1 $ 473.6 $ — $ 8,981.8 Inter-segment 112.7 8.6 4.0 0.1 (125.4 ) — Total net sales 5,464.2 1,385.2 1,784.1 473.7 (125.4 ) 8,981.8 Cost of goods sold (exclusive of depreciation) 4,365.9 1,161.0 1,398.6 382.6 (125.4 ) 7,182.7 Gross profit 1,098.3 224.2 385.5 91.1 — 1,799.1 Outbound freight and handling 216.9 39.3 59.6 8.8 — 324.6 Warehousing, selling and administrative 492.6 87.8 226.0 54.1 13.9 874.4 Adjusted EBITDA $ 388.8 $ 97.1 $ 99.9 $ 28.2 $ (13.9 ) $ 600.1 Other operating expenses, net 106.1 Depreciation 136.5 Amortization 88.5 Loss on extinguishment of debt 12.1 Interest expense, net 207.0 Other expense, net 23.2 Income tax expense 10.2 Net income $ 16.5 Total assets $ 3.962.0 $ 1,709.7 $ 947.2 $ 233.6 $ (1,240.1 ) $ 5,612.4 Property, plant and equipment, net 714.9 133.3 167.7 20.3 46.3 1,082.5 Capital expenditures 106.8 16.1 17.2 3.4 1.5 145.0 (in millions) USA Canada EMEA Rest of Other/ Consolidated Year ended December 31, 2014 Net sales: External customers $ 6,081.4 $ 1,512.1 $ 2,230.1 $ 550.3 $ — $ 10,373.9 Inter-segment 121.8 10.0 4.5 — (136.3 ) — Total net sales 6,203.2 1,522.1 2,234.6 550.3 (136.3 ) 10,373.9 Cost of goods sold (exclusive of depreciation) 5,041.0 1,271.5 1,797.9 469.1 (136.3 ) 8,443.2 Gross profit 1,162.2 250.6 436.7 81.2 — 1,930.7 Outbound freight and handling 233.3 46.4 75.5 10.3 — 365.5 Warehousing, selling and administrative 490.9 97.4 276.2 53.3 5.7 923.5 Adjusted EBITDA $ 438.0 $ 106.8 $ 85.0 $ 17.6 $ (5.7 ) $ 641.7 Other operating expenses, net 197.1 Depreciation 133.5 Amortization 96.0 Impairment charges 0.3 Loss on extinguishment of debt 1.2 Interest expense, net 250.6 Other income, net (1.1 ) Income tax benefit (15.8 ) Net loss $ (20.1 ) Total assets (as adjusted*) $ 4,130.4 $ 1,986.5 $ 1,059.2 $ 310.8 $ (1,419.2 ) $ 6,067.7 Property, plant and equipment, net 621.6 135.8 189.4 25.1 60.4 1,032.3 Capital expenditures 73.1 9.3 24.9 5.1 1.5 113.9 (in millions) USA Canada EMEA Rest of Other/ Consolidated Year ended December 31, 2013 Net sales: External customers $ 5,964.5 $ 1,558.7 $ 2,326.8 $ 474.6 $ — $ 10,324.6 Inter-segment 116.5 8.0 4.0 — (128.5 ) — Total net sales 6,081.0 1,566.7 2,330.8 474.6 (128.5 ) 10,324.6 Cost of goods sold (exclusive of depreciation) 4,953.4 1,316.6 1,902.9 404.3 (128.5 ) 8,448.7 Gross profit 1,127.6 250.1 427.9 70.3 — 1,875.9 Outbound freight and handling 201.3 41.6 76.1 7.0 — 326.0 Warehousing, selling and administrative 492.6 102.4 299.3 48.3 9.1 951.7 Adjusted EBITDA $ 433.7 $ 106.1 $ 52.5 $ 15.0 $ (9.1 ) $ 598.2 Other operating expenses, net 12.0 Depreciation 128.1 Amortization 100.0 Impairment charges 135.6 Loss on extinguishment of debt 2.5 Interest expense, net 294.5 Other expense, net 17.6 Income tax benefit (9.8 ) Net loss $ (82.3 ) Total assets (as adjusted*) $ 4,127.2 $ 1,780.2 $ 1,441.6 $ 268.9 $ (1,413.2 ) $ 6,204.7 Property, plant and equipment, net 621.9 147.6 226.7 26.0 74.9 1,097.1 Capital expenditures 59.9 15.8 23.8 3.0 38.8 141.3 * Adjusted due to the adoption of ASU 2015-03 and ASU 2015-15. Refer to “Note 2: Significant accounting policies” for additional information. Business line information Over 95% of the Company’s net sales from external customers relate to its industrial chemical business. Other sales to external customers relate to pest control products and equipment related to the pest management industry and services for collecting and arranging for the transportation of hazardous and nonhazardous waste. Risks and concentrations No single customer accounted for more than 10% of net sales in any of the years presented. The Company is exposed to credit loss and loss of liquidity availability if the financial institutions or counterparties issuing us debt securities fail to perform. We minimize exposure to these credit risks by dealing with a diversified group of investment grade financial institutions. We manage credit risk by monitoring the credit ratings and market indicators of credit risk of our lending counterparties. We do not anticipate any nonperformance by any of the counterparties. The Company has portions of its labor force that are a part of collective bargaining agreements. A work stoppage or other limitation on operations could occur as a result of disputes under existing collective bargaining agreements with labor unions or government based work counsels or in connection with negotiation of new collective bargaining agreements. As of December 31, 2015 and 2014, approximately 25 percent and 26 percent of the Company’s labor force is covered by a collective bargaining agreement, respectively. As of December 31, 2015, approximately 3 percent of the Company’s labor force is covered by a collective bargaining agreement that will expire within one year. |
Quarterly financial information
Quarterly financial information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information (unaudited) | 21. Quarterly financial information (unaudited) The following tables contain selected unaudited statement of operations information for each quarter of the year ended December 31, 2015 and 2014. The tables include all adjustments, consisting only of normal recurring adjustments, that is necessary for fair presentation of the consolidated financial position and operating results for the quarters presented. Our business is affected by seasonality, which historically has resulted in higher sales volume during our second and third quarter. Unaudited quarterly results for the year ended December 31, 2015 are as follows: Year ended December 31, 2015 (in millions, except per share data) March 31 June 30 1 September 30 2 December 31 3 Net sales $ 2,299.1 $ 2,510.1 $ 2,206.3 $ 1,966.3 Gross profit 461.6 467.2 450.5 419.8 Net income (loss) 19.7 (12.4 ) 12.1 (2.9 ) Income (loss) per share: Basic and diluted $ 0.20 $ (0.12 ) $ 0.09 $ (0.02 ) Shares used in computation of income (loss) per share: Basic 99.9 102.8 137.6 137.6 Diluted. 100.4 102.8 138.4 137.6 (1) Included in the second quarter of 2015 was a contract termination fee of $26.2 million related to terminating consulting agreements between the Company and CVC and CD&R as a result of the IPO. In addition, there was a loss on extinguishment of debt of $7.3 million related to the write-off of unamortized debt issuance costs and debt discount related to the Company paying the remaining principal balance related to the Senior Subordinated Notes. Refer to “Note 14: Debt” for further information. Also, there was a loss due to discontinuance of cash flow hedges of $7.5 million related to the interest rate swap contracts. Refer to “Note 16: Derivatives” for further information. (2) Included in the third quarter of 2015 was a loss on extinguishment of $4.8 million and debt refinancing expenses of $16.5 million related to the July 2015 debt refinancing transactions. Refer to “Note 14: Debt” for further information. (3) Included in the fourth quarter of 2015 was a loss of $21.1 million relating to the annual mark to market adjustment on the defined benefit pension and postretirement plans. Refer to “Note 8: Employee benefit plans” for further information. Unaudited quarterly results for the year ended December 31, 2014 are as follows: Year ended December 31, 2014 (in millions, except share and per share data) March 31 June 30 September 30 December 31 1 Net sales $ 2,516.4 $ 2,861.4 $ 2,608.9 $ 2,387.2 Gross profit 472.4 500.5 493.1 464.7 Net income (loss) (2.8 ) 19.5 45.8 (82.6 ) Income (loss) per share: Basic and diluted $ (0.02 ) $ 0.20 $ 0.46 $ (0.83 ) Shares used in computation of income (loss) per share: Basic 99.6 99.7 99.7 99.8 Diluted 99.6 100.4 100.5 99.8 (1) Included in the fourth quarter of 2014 was a loss of $117.8 million relating to the annual mark to market adjustment on the defined benefit pension and postretirement plans. Refer to the “Note 8: Employee benefit plans” for further information. Also, included in the fourth quarter of 2014 was a net gain of $18.4 million relating to the release of unrealized tax benefits due to the statute of limitations expiration. Refer to “Note 7: Income taxes” for further information. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent events | 22. Subsequent events On March 1, 2016, the Company completed an acquisition of 100% of the equity interest in Bodine Services of Decatur, Inc.; Bodine Environmental Services, Inc.; and affiliated entities, operating as Bodine Services of the Midwest (“Bodine”), a regional provider of environmental and facilities maintenance services for an estimated purchase price of $45.5 million. The acquisition is not expected to have a significant impact on the consolidated financial statements of the Company. |
Significant accounting polici31
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Unless otherwise indicated, all financial data presented in these consolidated financial statements are expressed in US dollars. |
Basis of consolidation | Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are consolidated if the Company has a controlling financial interest, which may exist based on ownership of a majority of the voting interest, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity. The Company did not have any material interests in variable interest entities (“VIEs”) during the years presented in these consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. |
Recently issued and adopted accounting pronouncements | Recently issued and adopted accounting pronouncements In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) 2014-08 “Reporting Discontinued Operations and Disclosure of Disposals of Components of an Entity,” which changes the criteria for reporting discontinued operations. This guidance is applied prospectively and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. The Company adopted the standard for its year and interim periods beginning after December 15, 2014, making this change effective as of January 1, 2015. The adoption of ASU 2014-08 had no impact on our financial results or disclosures for the year ended December 31, 2015. In April 2015, the FASB issued ASU 2015-03 “Interest-Imputation of Interest (Simplifying the Presentation of Debt Issuance Costs)” (Subtopic 835-30). The core principle of the guidance is that debt issuance costs related to a recognized debt liability will no longer be presented as an asset, but rather be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs is not affected by the ASU. In August 2015, the FASB issued ASU 2015-15 “Interest—Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements—Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting” as a supplement to ASU 2015-03, which provided clarification to the presentation of debt issuance costs related to line-of-credit arrangements. The ASU permits an entity to defer and present debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortize the deferred issuance costs over the term of the line-of-credit arrangement. This guidance is effective and will be applied retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company early adopted the guidance as of December 31, 2015 and adjusted the previously reported periods. The adoption of ASU 2015-03 and ASU 2015-15 resulted in a decrease of $8.9 million in other assets and long-term debt within the December 31, 2014 consolidated balance sheet. The adoption resulted in a decrease of $12.3 million in other assets and long-term debt within the December 31, 2013 consolidated balance sheet. In September 2015, the FASB issued ASU 2015-16 “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” The core principle of the guidance is that the ASU eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. This ASU requires acquirers to recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The ASU does not change the criteria for determining whether an adjustment qualifies as a measurement-period adjustment and does not change the length of the measurement period. This guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. Early adoption is permitted and the Company has elected to adopt the ASU as of December 31, 2015. The ASU is applied prospectively to adjustments to provisional amounts that occur after the effective date. That is, the ASU applies to open measurement periods, regardless of the acquisition date. The Company believes the guidance will not have a material impact on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17 “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes.” The core principle of the guidance is that the ASU requires all deferred tax assets and liabilities to be classified as noncurrent on the balance sheet instead of separating deferred taxes into current and noncurrent amounts. In addition, valuation allowances are no longer required to be allocated between current and noncurrent deferred tax assets as they will also be classified as noncurrent. The ASU does not impact the requirement to offset deferred tax asset and deferred tax liabilities for each taxpaying component within a jurisdiction. This guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted and the Company has elected to adopt the ASU on a prospective basis as of December 31, 2015. Prior periods were not retrospectively adjusted. Other than the revised balance sheet presentation of deferred tax assets and liabilities, the adoption of the ASU did not have an effect on the Company’s consolidated financial statements. |
Accounting pronouncements issued but not yet adopted | Accounting pronouncements issued but not yet adopted In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In August 2015, the FASB issued ASU 2015-14 “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date” as a revision to ASU 2014-09, which revised the effective date to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted but not prior to periods beginning after December 15, 2016 (i.e. the original adoption date per ASU 2014-09). The guidance is to be applied using one of two retrospective application methods. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable. In August 2014, the FASB issued ASU 2014-15 “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The core principle of the guidance is that an entity’s management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are available to be issued. When management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events that will alleviate the substantial doubt are adequately disclosed in the footnotes to the financial statements. This guidance will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company believes the guidance will not have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02 “Amendments to the Consolidation Analysis” (Topic 810). The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance, among other things, modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. This guidance is effective and will be applied for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company believes the guidance will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-04 “Compensation-Retirement Benefits (Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets)” (Topic 715). The core principle of the guidance is that it provides a practical expedient for companies to measure interim remeasurements for significant events that occur on other than a month-end date. The guidance permits entities to remeasure defined benefit plan assets and obligations using the month-end date that is closest to the date of the significant event. The decision to apply the practical expedient to interim remeasurements for significant events can be made for each significant event. This guidance is effective and will be applied prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. The Company believes the guidance will not have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05 “Intangibles-Goodwill and Other-Internal-use software (Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” (Subtopic 350-40). The ASU provides customers with guidance on determining whether a cloud computing arrangement contains a software license that should be accounted for as internal-use software. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective and will be applied for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. An entity can elect to adopt the amendments either prospectively to all arrangements entered into or materially modified after the effective date or retrospectively. The Company believes the guidance will not have a material impact on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11 “Simplifying the Measurement of Inventory” (Topic 330). The core principle of the guidance is that an entity should measure inventory at the “lower of cost and net realizable value” and options that currently exist for “market value” will be eliminated. The ASU defines net realizable value as the “estimated selling prices in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation.” This guidance will be effective and applied prospectively for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable. In January 2016, the FASB issued ASU 2016-01 “Financial Instrument – Recognition and Measurement of Financial Assets and Financial Liabilities” (Subtopic 825-10). The core principle of the guidance is that an entity should classify equity securities with readily determinable fair values as “trading” or “available-for-sale” and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. For equity investments that do not have readily determinable fair values, remeasurement is required at fair value either upon the occurrence of an observable price change or upon identification of impairment. The ASU defines an equity investment as “investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method”. This guidance is applied as a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable. In February 2016, the FASB issued ASU 2016-02 “Leases” (Topic 842), which supersedes the lease recognition requirements in ASC Topic 840, “Leases.” The core principal of the guidance is that an entity should recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a modified retrospective transition method with the option to elect a package of practical expedients. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The impact is currently not known or reasonably estimable. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include all highly-liquid investments with an original maturity at the time of purchase of three months or less that are readily convertible into known amounts of cash. Cash at banks earn interest at floating rates based on daily bank deposit rates. |
Trade accounts receivable, net | Trade accounts receivable, net Trade accounts receivable are stated at the invoiced amount, net of an allowance for doubtful accounts. In the normal course of business, the Company provides credit to its customers, performs ongoing credit evaluations of these customers and maintains reserves for potential credit losses. In certain situations, the Company will require up-front cash payment, collateral and/or personal guarantees based on the credit worthiness of the customer. The allowance for doubtful accounts was $14.4 million and $11.8 million at December 31, 2015 and 2014, respectively. The allowance for doubtful accounts is estimated based on prior experience, as well as an individual assessment of collectability based on factors that include current ability to pay, bankruptcy and payment history. |
Inventories | Inventories Inventories consist primarily of products purchased for resale and are stated at the lower of cost or market. Inventory cost is determined by the weighted average cost method. Inventory cost includes purchase price from suppliers net of any rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product and excludes depreciation expense. The Company recognized $0.8 million, $0.8 million and $7.3 million of lower of cost or market adjustments to certain of its inventories in the year ended December 31, 2015, 2014 and 2013, respectively. The expense related to these adjustments is included in cost of goods sold (exclusive of depreciation) in the consolidated statements of operations. |
Supplier incentives | Supplier incentives The Company has arrangements with certain suppliers that provide cash discounts when certain measures are achieved, generally related to purchasing volume. Volume rebates are generally earned and realized when the related products are purchased during the year. The reduction in cost of goods sold (exclusive of depreciation) is recorded when the related products, on which the rebate was earned, are sold. Discretionary rebates are recorded when received. The unpaid portion of rebates from suppliers is recorded in prepaid expenses and other current assets in the consolidated balance sheets. |
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment are carried at historical cost, net of accumulated depreciation. Expenditures for improvements that increase asset values and/or extend useful lives are capitalized. The Company capitalizes interest costs on significant capital projects, as an increase to property, plant and equipment. Repair and maintenance costs are expensed as incurred. Depreciation is recorded on a straight-line basis over the estimated useful lives of each asset from the time the asset is ready for its intended purpose, with consideration of any expected residual value. The estimated useful lives of plant, property and equipment are as follows: Buildings 10-50 years Main components of tank farms 5-40 years Containers 2-15 years Machinery and equipment 5-20 years Furniture, fixtures and others 5-20 years Information technology 3-10 years The Company evaluates the carrying value of property, plant and equipment for impairment if an event occurs or circumstances change that would indicate the carrying value may not be recoverable. If an asset is tested for possible impairment, the Company compares the carrying amount of the related asset group to future undiscounted net cash flows expected to be generated by that asset group. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent that the carrying amount exceeds its estimated fair value. Leasehold improvements are capitalized and amortized over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the improvement. Assets under capital leases where ownership transfers to the Company at the end of the lease term or the lease agreement contains a bargain purchase option are depreciated over the useful life of the asset. For remaining assets under capital leases, the assets are depreciated over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the asset with consideration of any expected residual value. Refer to “Note 11: Property, plant and equipment, net” for further information. |
Goodwill and intangible assets | Goodwill and intangible assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. Goodwill is tested for impairment annually on October 1, or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Goodwill is tested for impairment at a reporting unit level using a two-step test. Under the first step of the goodwill impairment test, the Company’s estimate of fair value of each reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Step two of the impairment test, if necessary, would require the identification and estimation of the fair value of the reporting unit’s individual assets, including currently unrecognized intangible assets and liabilities in order to calculate the implied fair value of the reporting unit’s goodwill. Under step two, an impairment loss is recognized to the extent the carrying amount of the reporting unit’s goodwill exceeds the implied fair value. To determine fair value, the Company relies on two valuation techniques: the income approach and the market approach. The results of these two approaches are given equal weighting in determining the fair value of each reporting unit. The income approach is a valuation technique used to convert future expected cash flows to a present value. The income approach is dependent on several management assumptions, including estimates of future sales growth, gross margins, operating costs, terminal growth rates, capital expenditures, changes in working capital requirements and the weighted average cost of capital (discount rate). Expected cash flows used under the income approach are developed in conjunction with the Company’s budgeting and forecasting process and are based on the latest three-year projections approved by management. Based on the use of unobservable inputs, as described above, the fair value measurement is classified as Level 3 under the fair-value hierarchy. The discount rates used in the income approach are an estimate, based in part, on the rate of return that a market participant would expect of each reporting unit. The discount rates are based on short-term interest rates and the yields of long-term corporate and government bonds, as well as the typical capital structure of companies in the industry. The discount rates used for each reporting unit may vary depending on the risk inherent in the cash flow projections, as well as the risk level that would be perceived by a market participant. A terminal value is included at the end of the projection period used in the discounted cash flow analysis in order to reflect the remaining value that each reporting unit is expected to generate. The terminal value represents the present value subsequent to the last year of the projection period of cash flows into perpetuity. The terminal growth rate is a key assumption used in determining the terminal value as it represents the annual growth of all subsequent cash flows into perpetuity. The market approach measures fair value based on prices generated by market transactions involving identical or comparable assets or liabilities. Under the market approach, the Company estimates fair value by applying earnings before interest, taxes, depreciation and amortization (“EBITDA”) market multiples of the Company itself and other comparable companies to each reporting unit. Comparable companies are identified based on a review of publicly traded companies in the Company’s line of business. The comparable companies were selected after consideration of several factors, including whether the companies are subject to similar financial and business risks. Intangible assets consist of customer and supplier relationships and contracts, intellectual property trademarks, trade names, non-compete agreements and exclusive distribution rights. Intangible assets have finite lives and are amortized over their respective useful lives of 2 to 20 years. Amortization of intangible assets is based on the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up which is based on the undiscounted cash flows, or when not reliably determined, on a straight-line basis. Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not be recoverable. Customer relationship intangible assets represent the fair value allocated in purchase price accounting for the ongoing relationships with an existing customer base acquired in a business combination. The fair value of customer relationships is determined using the excess earnings methodology, an income based approach. The excess earnings methodology provides an estimate of the fair value of customer relationship assets by deducting economic costs, including operating expenses and contributory asset charges from revenue expected to be generated by the asset. These estimated cash flows are then discounted to the present value equivalent. Refer to “Note 12: Goodwill and intangible assets” for further information. |
Short-term and Long-term debt financing | Short-term financing Short-term financing includes bank overdrafts and short-term lines of credit. Refer to “Note 14: Debt” for further information. Long-term debt Long-term debt consists of loans with original maturities greater than one year. Fees paid in connection with the execution of line-of-credit arrangements are included in other assets and fees paid in connection with the execution of a recognized debt liability as a direct deduction from the carrying amount of that debt liability. These fees are amortized using the effective interest method over the term of the related debt or expiration of the line-of-credit arrangement. Refer to “Note 14: Debt” for further information. |
Income taxes | Income taxes The Company is subject to income taxes in the US and numerous foreign jurisdictions. Significant judgment in the forecasting of taxable income using historical and projected future operating results is required in determining the Company’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred. In the event that the actual outcome of future tax consequences differs from the Company’s estimates and assumptions due to changes or future events such as tax legislation, geographic mix of the earnings, completion of tax audits or earnings repatriation plans, the resulting change to the provision for income taxes could have a material effect on the consolidated statement of operations and consolidated balance sheet. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect on deferred taxes of changes in tax rates is recognized in the period in which the revised tax rate is enacted. The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that a portion of such assets will not be realized. In making such determinations, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and the ability to carry back losses to prior years. Realization is dependent upon generating sufficient taxable income prior to expiration of tax attribute carryforwards. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized, or if not, a valuation allowance has been recorded. The Company continues to monitor the value of its deferred tax assets, as the amount of the deferred tax assets considered realizable, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced, or current tax planning strategies are not implemented. US GAAP prescribes a recognition threshold and measurement attribute for the accounting and financial statement disclosure of tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. The second step requires the Company to recognize in the financial statements each tax position that meets the more likely than not criteria, measured at the amount of benefit that has a greater than fifty percent likelihood of being realized. The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, selling and administrative, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included within either other accrued expenses or other long-term liabilities in the consolidated balance sheets. Refer to “Note 7: Income taxes” for further information. |
Pension and other postretirement benefit plans | Pension and other postretirement benefit plans The Company sponsors several defined benefit and defined contribution plans. The Company’s contributions to defined contribution plans are charged to income during the period of the employee’s service. The benefit obligation and cost of defined benefit pension plans and other postretirement benefits are calculated based upon actuarial valuations, which involves making assumptions about discount rates, expected rates of return on assets, future salary increases, future health care costs, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. The projected benefit obligation is calculated separately for each plan based on the estimated future benefit employees have earned in return for their service based on the employee’s expected date of retirement. Those benefits are discounted to determine the present value of the benefit obligations using the projected unit-credit method. A liability is recognized on the balance sheet for each plan with a projected benefit obligation in excess of plan assets at fair value. An asset is recorded for each plan with plan assets at fair value in excess of the projected benefit obligation. The Company recognizes the actuarial gains or losses that arise during the period within other operating expenses, net in the consolidated statement of operations. This “mark to market” adjustment is recognized at each December 31. This adjustment primarily includes gains and losses resulting from changes in discount rates and the difference between the expected rate of return on plan assets and actual plan asset returns. Curtailment and settlement gains and losses are recognized in other operating expenses, net in the statement of operations. Curtailment losses must be recognized in the statement of operations when it is probable that a curtailment will occur and its effects are reasonably estimable. However, a curtailment gain is recognized in the statement of operations when the related employees terminate or the plan suspension or amendment is adopted, whichever is applicable. Settlement gains and losses are recognized in the period in which the settlement occurs, regardless of how probable it is at an earlier date that the settlement will occur and despite the fact that the probable gain or loss may be reasonably estimable before the settlement actually takes place. All other components of net periodic benefit cost are classified as warehousing, selling and administrative expenses in the consolidated statements of operations. The Company recognizes prior service costs or credits that arise during the period in other comprehensive loss, and amortizes these items in subsequent periods as components of net periodic benefit cost. The fair value of plan assets is used to calculate the expected return on assets component of the net periodic benefit cost. Refer to “Note 8: Employee benefit plans” for further information. |
Leases | Leases All leases that are determined not to meet any of the capital lease criteria are classified as operating leases. Operating lease payments are recognized as an expense in the statement of operations on a straight-line basis over the lease term. The Company leases certain vehicles and equipment that qualify for capital lease classification. Assets under capital leases are carried at historical cost, net of accumulated depreciation and are included in property, plant and equipment, net in the consolidated balance sheet. Depreciation expense related to the capital lease assets is included in depreciation expense in the consolidated statement of operations. Refer to “Note 11: Property, plant and equipment, net” for further information. The present value of minimum lease payments under a capital lease is included in current portion of long-term debt and long-term debt in the consolidated balance sheet. The capital lease obligation is amortized utilizing the effective interest method and interest expense related to the capital lease obligation is included in interest expense in the consolidated statement of operations. Refer to “Note 18: Commitments and contingencies” for further information. |
Contingencies | Contingencies A loss contingency is recorded if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the ultimate loss. Changes in these factors and related estimates could materially affect the Company’s financial position and results of operations. Legal expenses are recorded as legal services are provided. Refer to “Note 18: Commitments and contingencies” for further information. |
Environmental liabilities | Environmental liabilities Environmental contingencies are recognized for probable and reasonably estimable losses associated with environmental remediation. Incremental direct costs of the investigation, remediation effort and post-remediation monitoring are included in the estimated environmental contingencies. Expected cash outflows related to environmental remediation for the next 12 months and amounts for which the timing is uncertain are reported as current within other accrued expenses in the consolidated balance sheets. The long-term portion of environmental liabilities is reported within other long-term liabilities in the consolidated balance sheets on an undiscounted basis, except for sites for which the amount and timing of future cash payments are fixed or reliably determinable. Environmental remediation expenses are included within warehousing, selling and administrative expenses in the consolidated statements of operations, unless associated with disposed operations, in which case such expenses are included in other operating expenses, net. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity and/or mitigate or prevent contamination from future operations. Refer to “Note 18: Commitments and contingencies” for further information. |
Revenue recognition | Revenue recognition The Company recognizes net sales when persuasive evidence of an arrangement exists, delivery of products has occurred or services are provided to customers, the sales price is fixed or determinable and collectability is reasonably assured. Net sales includes product sales, billings for freight and handling charges and fees earned for services provided, net of any discounts, returns, customer rebates and sales or other revenue-based tax. The Company recognizes product sales and billings for freight and handling charges when products are considered delivered to the customer under the terms of the sale. Fee revenues are recognized when services are completed. The Company’s sales to customers in the agriculture end-market, principally in Canada, often provide for a form of inventory protection through credit and re-bill as well as understandings pursuant to which certain price changes from chemical producers may be passed through to the customer. These arrangements require us to make estimates of potential returns of unused chemicals as well as revenue deferral to the extent the sales price is not considered determinable. The estimates used to determine the amount of revenue associated with product likely to be returned are based on past experience adjusted for any current market conditions. |
Foreign currency translation | Foreign currency translation The functional currency of the Company’s subsidiaries is the local currency, unless the primary economic environment requires the use of another currency. Transactions denominated in foreign currencies are translated into the functional currency of each subsidiary at the rate of exchange on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency of each subsidiary at period-end exchange rates. These foreign currency transaction gains and losses are recognized in other (expense) income, net in the consolidated statements of operations. Foreign currency gains and losses relating to intercompany borrowings that are considered a part of the Company’s investment in a foreign subsidiary are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity. In the years ended December 31, 2015, 2014 and 2013, total foreign currency (losses) gains related to such intercompany borrowings were $(11.2) million, $(7.1) million and $7.5 million, respectively. Assets and liabilities of foreign subsidiaries are translated into US dollars at period-end exchange rates. Income and expense accounts of foreign subsidiaries are translated at the average exchange rates for the period. The net exchange gains and losses arising on this translation are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity. |
Stock-based compensation plans | Stock-based compensation plans The Company measures the total amount of employee stock-based compensation expense for a grant based on the grant date fair value of each award and recognizes the stock-based compensation expense on a straight-line basis over the requisite service period for each separately vesting tranche of an award. Stock-based compensation is based on awards expected to vest and, therefore, has been reduced by estimated forfeitures. Stock-based compensation expense is classified within other operating expenses, net in the consolidated statements of operations. Refer to “Note 9: Stock-based compensation” for further information. |
Share repurchases | Share repurchases The Company does not hold any treasury shares as all shares of common stock are retired upon repurchase. Furthermore, when share repurchases occur and the common stock is retired, the excess of repurchase price over par is allocated between additional paid-in capital and accumulated deficit such that the portion allocated to additional paid-in-capital being limited to the additional paid-in-capital created from that particular share issuance (i.e. the book value of those shares) plus any resulting leftover additional paid-in-capital from previous share repurchases in instances where the repurchase price was lower than the original issuance price. |
Fair value | Fair value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. US GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy: Level 1 Quoted prices for identical Level 2 Quoted prices for similar Level 3 Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable When available, the Company uses quoted market prices to determine fair value and classifies such items as Level 1. In cases where a market price is not available, the Company will make use of observable market-based inputs to calculate fair value, in which case the items are classified as Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market information. Items valued using internally generated valuation techniques are classified according to the lowest level input that is significant to the valuation, and may be classified as Level 3 even though there may be significant inputs that are readily observable. Refer to “Note 15: Fair value measurements” for further information. Certain financial instruments, such as derivative financial instruments, are required to be measured at fair value on a recurring basis. Other financial instruments, such as the Company’s own debt, are not required to be measured at fair value on a recurring basis. The Company elected to not make an irrevocable election to measure financial instruments and certain other items at fair value. |
Derivatives | Derivatives The Company uses derivative financial instruments, such as foreign currency contracts, interest rate swaps and interest rate caps to manage its risks associated with foreign currency and interest rate fluctuations. Derivative financial instruments are recorded in either prepaids and other current assets, other assets, other accrued expenses or other long-term liabilities in the condensed consolidated balance sheets at fair value. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of interest rate swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net present value of the expected cash inflows based on market rates and associated yield curves. For derivative contracts with the same counterparty where the Company has a master netting arrangement with the counterparty, the fair value of the asset/liability is presented on a net basis within the consolidated balance sheets. Refer to “Note 15: Fair value measurements” for additional information relating to the gross and net balances of derivative contracts. Changes in the fair value of derivative financial instruments are recognized in the consolidated statements of operations unless specific hedge accounting criteria are met. Cash flows associated with derivative financial instruments are recognized in the operating section of the consolidated statements of cash flows. For the purpose of hedge accounting, derivatives are classified as either fair value hedges, where the instrument hedges the exposure to changes in the fair value of a recognized asset or liability, or cash flow hedges, where the instrument hedges the exposure to variability in cash flows that are either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction. Gains and losses on derivatives that meet the conditions for fair value hedge accounting are recognized immediately in the consolidated statements of operations, along with the offsetting gain or loss on the related hedged item. For derivatives that meet the conditions for cash flow hedge accounting, the effective portion of the gain or loss on the derivative is recognized in accumulated other comprehensive loss on the consolidated balance sheet and the ineffective portion is recognized immediately in other (expense) income, net within the consolidated statement of operations. Amounts in accumulated other comprehensive loss are reclassified to the consolidated statement of operations in the same period in which the hedged transactions affect earnings. For derivative instruments designated as hedges, the Company formally documents the hedging relationship to the hedged item and its risk management strategy. The Company assesses the effectiveness of its hedging instruments at inception and on an ongoing basis. Hedge accounting is discontinued when the hedging instrument is sold, expired, terminated or exercised, or no longer qualifies for hedge accounting. Refer to “Note 16: Derivatives” for further information. |
Earnings per share | Earnings per share Basic earnings per share is based on the weighted average number of common shares outstanding during each period, which excludes nonvested restricted stock and stock options. Diluted earnings per share is based on the weighted average number of common shares and dilutive common share equivalents outstanding during each period. The Company reflects common share equivalents relating to stock options and nonvested restricted stock in its computation of diluted weighted average shares outstanding unless the effect of inclusion is anti-dilutive. The effect of dilutive securities is calculated using the treasury stock method. Refer to “Note 3: Earnings per share” for further information. |
Significant accounting polici32
Significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Plant, Property and Equipment | The estimated useful lives of plant, property and equipment are as follows: Buildings 10-50 years Main components of tank farms 5-40 years Containers 2-15 years Machinery and equipment 5-20 years Furniture, fixtures and others 5-20 years Information technology 3-10 years |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Summary of Computations of Basic and Diluted Earnings Per Share | The following table presents the basic and diluted earnings per share computations: Year ended December 31, (in millions, except per share data) 2015 2014 2013 Basic: Net income (loss) $ 16.5 $ (20.1 ) $ (82.3 ) Weighted average common shares outstanding 119.6 99.7 99.3 Basic income (loss) per common share $ 0.14 $ (0.20 ) $ (0.83 ) Diluted: Net income (loss) $ 16.5 $ (20.1 ) $ (82.3 ) Weighted average common shares outstanding 119.6 99.7 99.3 Effect of dilutive securities: Stock compensation plans(1) 0.5 — — Weighted average common shares outstanding – diluted 120.1 99.7 99.3 Diluted income (loss) per common share $ 0.14 $ (0.20 ) $ (0.83 ) (1) Stock options to purchase approximately 2.0 million, 5.0 million and 5.2 million shares of common stock and restricted stock of 0.0 million, 0.4 million and 0.4 million were outstanding during the years ended December 31, 2015, 2014 and 2013, respectively, but were not included in the calculation of diluted income (loss) per share as the impact of these stock options and restricted stock would have been anti-dilutive. |
Other operating expenses, net (
Other operating expenses, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Expenses | Other operating expenses, net consisted of the following items: Year ended December 31, (in millions) 2015 2014 2013 Pension mark to market loss (gain). $ 21.1 $ 117.8 $ (73.5 ) Pension curtailment and settlement gains (4.0 ) — — Acquisition and integration related expenses 7.1 3.7 5.0 Contingent consideration fair value adjustments — (1.0 ) (24.7 ) Stock-based compensation expense 7.5 12.1 15.1 Redundancy and restructuring 33.8 46.2 65.8 Advisory fees to CVC and CD&R(1) 2.8 5.9 5.2 Contract termination fee to CVC and CD&R 26.2 — — French penalty(2) — — (4.8 ) Other 11.6 12.4 23.9 Total other operating expenses, net $ 106.1 $ 197.1 $ 12.0 (1) Significant stockholders are CVC Capital Partners (“CVC”) and Clayton, Dubilier & Rice, LLC (“CD&R”). (2) The Company’s French penalty accrual of $7.7 million at December 31, 2011 was increased during 2012 and then reduced to $0.0 million at December 31, 2013 after the fine of $19.91 million (€15.18 million) was paid. Refer to “Note 18: Commitments and contingencies” for further information on the French penalty. |
Redundancy and restructuring (T
Redundancy and restructuring (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring | The following tables summarize activity related to accrued liabilities associated with redundancy and restructuring: (in millions) January 1, Charge to Cash paid Non-cash December 31, Employee termination costs $ 27.8 $ 28.3 $ (22.9 ) $ (2.2 ) $ 31.0 Facility exit costs 20.4 2.4 (7.2 ) (0.1 ) 15.5 Other exit costs 0.3 3.0 (3.2 ) — 0.1 Total $ 48.5 $ 33.7 $ (33.3 ) $ (2.3 ) $ 46.6 (in millions) January 1, Charge to Cash paid Non-cash December 31, Employee termination costs $ 26.7 $ 25.1 $ (21.7 ) $ (2.3 ) $ 27.8 Facility exit costs(1) 7.8 14.9 (2.1 ) (0.2 ) 20.4 Other exit costs 0.3 6.2 (5.9 ) (0.3 ) 0.3 Total $ 34.8 $ 46.2 $ (29.7 ) $ (2.8 ) $ 48.5 (1) During the year ended December 31, 2014, facility exit costs were revised by $8.8 million due to changes in estimated sub-lease income and were included in other operating expenses, net in the consolidated statement of operations. |
Other (expense) income, net (Ta
Other (expense) income, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Expense) Income, Net | Other (expense) income, net consisted of the following gains (losses): Year ended December 31, (in millions) 2015 2014 2013 Foreign currency transactions $ (0.8 ) $ (0.6 ) $ (0.9 ) Foreign currency denominated loans revaluation 8.9 8.3 (10.1 ) Undesignated foreign currency derivative instruments(1) (4.8 ) (3.9 ) (0.2 ) Undesignated interest rate swap contracts(1) 2.0 — — Ineffective portion of cash flow hedges(1) (0.4 ) 0.2 (0.2 ) Loss due to discontinuance of cash flow hedges(1) (7.5 ) — — Debt refinancing costs(2) (16.5 ) — (6.2 ) Other (4.1 ) (2.9 ) — Total other (expense) income, net $ (23.2 ) $ 1.1 $ (17.6 ) (1) Refer to “Note 16: Derivatives” for more information. (2) Refer to “Note 14: Debt” for more information. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Summary of Income (Loss) Before Income Taxes | For financial reporting purposes, income (loss) before income taxes includes the following components: Year ended December 31, (in millions) 2015 2014 2013 Income (loss) before income taxes United States $ (13.0 ) $ (6.4 ) $ 5.5 Foreign 39.7 (29.5 ) (97.6 ) Total income (loss) before income taxes $ 26.7 $ (35.9 ) $ (92.1 ) |
Summary of Expense (Benefit) for Income Taxes | The expense (benefit) for income taxes is summarized as follows: Year ended December 31, (in millions) 2015 2014 2013 Current: Federal $ 0.6 $ (18.6 ) $ 1.0 State 2.5 5.4 7.0 Foreign 14.5 17.0 16.6 Total current 17.6 3.8 24.6 Deferred: Federal (12.3 ) (11.3 ) (34.0 ) State 1.7 (1.0 ) (0.4 ) Foreign 3.2 (7.3 ) — Total deferred (7.4 ) (19.6 ) (34.4 ) Total income tax expense (benefit) $ 10.2 $ (15.8 ) $ (9.8 ) |
Reconciliation Between Statutory Tax Rate and Effective Tax Rate | The reconciliation between the US statutory tax rate and the Company’s effective tax rate is presented as follows: Year ended December 31, (in millions) 2015 2014 2013 US federal statutory income tax expense (benefit) applied to income (loss) before income taxes $ 9.3 $ (12.6 ) $ (32.2 ) State income taxes, net of federal benefit 3.3 1.8 4.8 Foreign tax rate differential (6.5 ) (4.2 ) (7.0 ) Non-taxable interest income (14.1 ) (13.8 ) (14.7 ) Valuation allowance release on expired or utilized tax attributes (9.0 ) (0.2 ) (0.3 ) Expiration of tax attributes 8.1 0.2 0.3 Foreign losses not benefited 7.5 21.7 33.3 Effect of flow-through entities 4.2 3.6 (10.8 ) Non-deductible stock-based compensation 3.5 0.3 0.8 Non-deductible expense 3.5 2.9 7.2 Recognition of previously uncertain tax benefits (2.5 ) (18.4 ) — Adjustment to prior year tax due to changes in estimates 1.6 0.2 (7.7 ) Change in statutory income tax rates 1.1 0.4 3.8 Deemed dividends from foreign subsidiaries 0.6 0.4 0.3 Non-deductible interest expense 0.5 1.1 2.2 Withholding and other taxes based on income 0.5 0.9 0.8 Foreign exchange rate remeasurement (0.4 ) 0.7 — Goodwill impairment — — 26.0 Tax deductible goodwill — — (6.7 ) French indirect tax penalty — — (1.8 ) Changes in contingent consideration — (0.3 ) (8.6 ) Other (1.0 ) (0.5 ) 0.5 Total income tax expense (benefit) $ 10.2 $ (15.8 ) $ (9.8 ) |
Consolidated Deferred Tax Assets and Liabilities | The consolidated deferred tax assets and liabilities are detailed as follows: December 31, (in millions) 2015 2014 Deferred tax assets: Net operating loss carryforwards $ 122.1 $ 107.2 Environmental reserves 46.4 47.5 Interest 95.1 87.2 Tax credit and capital loss carryforwards 10.1 16.6 Pension 95.9 106.5 Flow-through entities 39.4 39.5 Stock options 11.7 13.3 Inventory 5.0 7.3 Other temporary differences 33.8 44.4 Gross deferred tax assets 459.5 469.5 Valuation allowance (193.0 ) (204.1 ) Deferred tax assets, net of valuation allowance 266.5 265.4 Deferred tax liabilities: Property, plant and equipment, net (179.0 ) (176.6 ) Intangible assets (138.1 ) (155.5 ) Other temporary differences (3.9 ) (3.8 ) Deferred tax liabilities (321.0 ) (335.9 ) Net deferred tax liability $ (54.5 ) $ (70.5 ) |
Schedule of Changes in Valuation Allowance | The changes in the valuation allowance were as follows: December 31, (in millions) 2015 2014 Beginning balance $ 204.1 $ 201.1 Increase related to foreign net operating loss carryforwards 5.5 15.0 Decrease related to expiration of tax attributes (7.0 ) (0.2 ) Foreign currency (9.8 ) (12.6 ) Increase (decrease) related to other items 0.2 0.8 Ending balance $ 193.0 $ 204.1 |
Schedule of Changes in Unrecognized Tax Benefits Included in Other Long-Term Liabilities, Excluding Interest and Penalties | The changes in unrecognized tax benefits included in other long-term liabilities, excluding interest and penalties, are as follows: Year ended (in millions) 2015 2014 Beginning balance $ 8.5 $ 40.3 Reductions for tax positions of prior years — (0.2 ) Reductions due to the statute of limitations expiration (2.3 ) (30.7 ) Foreign exchange (1.0 ) (0.9 ) Ending balance $ 5.2 $ 8.5 |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Benefit Payments | The following table shows benefit payments that are projected to be paid from plan assets in each of the next five years and in aggregate for five years thereafter: Defined benefit pension plans Other (in millions) Domestic Foreign Total 2016 $ 32.4 $ 17.5 $ 49.9 $ 0.5 2017 34.0 19.3 53.3 0.5 2018 35.5 19.3 54.8 0.6 2019 37.2 22.8 60.0 0.6 2020 38.4 21.0 59.4 0.1 2021 through 2025 210.5 114.9 325.4 0.4 |
Schedule of Company's Participation in Multi Employer Plans | Pension fund EIN/Pension PPA zone status FIP/RP Contributions(1) Surcharge Expiration Year ended 2015 2014 2015 2014 2013 Western Conference of Teamsters Pension Plan 91-6145047/001 Green Green No $ 1.4 $ 1.4 $ 1.4 No January 31, 2016 to September 30, 2018 Central States, Southeast and Southwest Areas Pension Plan 36-6044243/001 Red as of Red Implemented 1.1 1.1 1.1 No February 28, 2016 March 31, 2019 New England Teamsters and Trucking Industry Pension Fund 04-6372430/001 Red as of Red as of Implemented 0.1 0.1 0.1 No June 30, 2017 Total $ 2.6 $ 2.6 $ 2.6 (1) The plan contributions by the Company did not represent more than five percent of total contributions to the plans as indicated in the plans’ most recently available annual report. |
Other Postretirement Benefits [Member] | |
Summary of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status | The following summarizes the Company’s other postretirement benefit plan’s accumulated postretirement benefit obligation, plan assets and funded status: Other postretirement Year ended December 31, (in millions) 2015 2014 Change in accumulated postretirement benefit obligations: Actuarial present value of benefit obligations at beginning of year $ 6.7 $ 7.9 Service cost 0.1 0.1 Interest cost 0.2 0.4 Contributions by participants 0.5 1.0 Benefits paid (0.6 ) (1.0 ) Actuarial gain (3.5 ) (1.7 ) Actuarial present value of benefit obligations at end of year $ 3.4 $ 6.7 Change in the fair value of plan assets: Plan assets at beginning of year $ — $ — Contributions by employer 0.1 — Contributions by participants 0.5 1.0 Benefits paid (0.6 ) (1.0 ) Plan assets at end of year — — Funded status at end of year $ (3.4 ) $ (6.7 ) |
Schedule of Defined Benefit Plans Amount Recognized in Balance Sheet | Net amounts related to the Company’s other postretirement benefit plan recognized in the consolidated balance sheets consist of: Other postretirement December 31, (in millions) 2015 2014 Current portion of net benefit obligation in other accrued expenses $ (0.4 ) $ (0.9 ) Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities (3.0 ) (5.8 ) Net liability recognized at end of year $ (3.4 ) $ (6.7 ) |
Components of Net Periodic Benefit Cost Credit Recognized Related to Benefit Pension Plans | The following table summarizes the components of net periodic benefit credit recognized in the consolidated statements of operations related to other postretirement benefit plans: Other postretirement Year ended December 31, (in millions) 2015 2014 2013 Service cost $ (0.1 ) $ (0.1 ) $ (0.1 ) Interest cost (0.2 ) (0.4 ) (0.3 ) Amortization of unrecognized prior service credits 11.9 11.9 12.0 Actuarial gain 3.5 1.7 1.0 Net periodic benefit credit $ 15.1 $ 13.1 $ 12.6 |
Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans | The following summarizes pre-tax amounts included in accumulated other comprehensive loss related to other postretirement benefit plans: Other postretirement December 31, (in millions) 2015 2014 Net prior service credit $ 3.9 $ 15.8 |
Summary of Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans | The following table summarizes the amounts in accumulated other comprehensive loss at December 31, 2015 that are expected to be amortized as components of net periodic benefit credit during the next fiscal year related to other postretirement benefit plans: (in millions) Other Prior service credit $ 3.9 |
Pension Plan [Member] | |
Summary of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status | The following summarizes the Company’s defined benefit pension plans’ projected benefit obligations, plan assets and funded status: Domestic Foreign Total Year ended Year ended Year ended (in millions) 2015 2014 2015 2014 2015 2014 Change in projected benefit obligations: Actuarial present value of benefit obligations at beginning of year $ 728.8 $ 615.0 $ 614.1 $ 567.0 $ 1,342.9 $ 1,182.0 Service cost — — 5.4 7.0 5.4 7.0 Interest cost 30.8 31.6 20.1 23.2 50.9 54.8 Benefits paid (30.1 ) (28.0 ) (29.6 ) (21.5 ) (59.7 ) (49.5 ) Settlement — — (19.0 ) — (19.0 ) — Curtailment — — (2.6 ) — (2.6 ) — Actuarial (gain) loss (37.6 ) 110.2 (5.1 ) 85.7 (42.7 ) 195.9 Foreign exchange and other — — (51.6 ) (47.3 ) (51.6 ) (47.3 ) Actuarial present value of benefit obligations at end of year $ 691.9 $ 728.8 $ 531.7 $ 614.1 $ 1,233.6 $ 1,342.9 Change in the fair value of plan assets: Plan assets at beginning of year $ 522.1 $ 476.6 $ 516.6 $ 466.3 $ 1,038.7 $ 942.9 Actual return on plan assets (13.9 ) 58.0 12.6 78.6 (1.3 ) 136.6 Contributions by employer 19.5 15.5 40.1 31.3 59.6 46.8 Benefits paid (30.1 ) (28.0 ) (29.6 ) (21.5 ) (59.7 ) (49.5 ) Settlement — — (17.6 ) — (17.6 ) — Foreign exchange and other — — (40.6 ) (38.1 ) (40.6 ) (38.1 ) Plan assets at end of year 497.6 522.1 481.5 516.6 979.1 1,038.7 Funded status at end of year $ (194.3 ) $ (206.7 ) $ (50.2 ) $ (97.5 ) $ (244.5 ) $ (304.2 ) |
Schedule of Defined Benefit Plans Amount Recognized in Balance Sheet | Net amounts related to the Company’s defined benefit pension plans recognized in the consolidated balance sheets consist of: Domestic Foreign Total December 31, December 31, December 31, (in millions) 2015 2014 2015 2014 2015 2014 Overfunded net benefit obligation in other assets $ — $ — $ 9.5 $ — $ 9.5 $ — Current portion of net benefit obligation in other accrued expenses (3.3 ) (3.3 ) (1.9 ) (2.2 ) (5.2 ) (5.5 ) Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities (191.0 ) (203.4 ) (57.8 ) (95.3 ) (248.8 ) (298.7 ) Net liability recognized at end of year $ (194.3 ) $ (206.7 ) $ (50.2 ) $ (97.5 ) $ (244.5 ) $ (304.2 ) |
Summary of Defined Benefit Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | The following table summarizes defined benefit pension plans with accumulated benefit obligations in excess of plan assets: Domestic Foreign Total December 31, December 31, December 31, (in millions) 2015 2014 2015 2014 2015 2014 Accumulated benefit obligation $ 691.9 $ 728.8 $ 71.4 $ 580.3 $ 763.3 $ 1,309.1 Fair value of plan assets 497.6 522.1 36.3 516.6 533.9 1,038.7 |
Summary of Defined Benefit Pension Plans with Projected Benefit Obligation in Excess of Plan Assets | The following table summarizes defined benefit pension plans with projected benefit obligations in excess of plan assets: Domestic Foreign Total December 31, December 31, December 31, (in millions) 2015 2014 2015 2014 2015 2014 Projected benefit obligation $ 691.9 $ 728.8 $ 207.7 $ 614.1 $ 899.6 $ 1,342.9 Fair value of plan assets 497.6 522.1 148.0 516.6 645.6 1,038.7 |
Components of Net Periodic Benefit Cost Credit Recognized Related to Benefit Pension Plans | The following table summarizes the components of net periodic benefit cost (credit) recognized in the consolidated statements of operations related to defined benefit pension plans: Domestic Foreign Total Year ended December 31, Year ended December 31, Year ended December 31, (in millions) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Service cost $ — $ — $ — $ 5.4 $ 7.0 $ 9.0 $ 5.4 $ 7.0 $ 9.0 Interest cost 30.8 31.6 28.6 20.1 23.2 21.8 50.9 54.8 50.4 Expected return on plan assets (35.8 ) (32.1 ) (30.7 ) (30.2 ) (28.1 ) (25.7 ) (66.0 ) (60.2 ) (56.4 ) Amortization of unrecognized prior service costs — — — — — 0.2 — — 0.2 Settlement(1) — — — (1.4 ) — — (1.4 ) — — Curtailment(1) — — — (2.6 ) — — (2.6 ) — — Actuarial (gain) loss 12.1 84.3 (66.2 ) 12.5 35.2 (6.3 ) 24.6 119.5 (72.5 ) Net periodic benefit (credit) cost $ 7.1 $ 83.8 $ (68.3 ) $ 3.8 $ 37.3 $ (1.0 ) $ 10.9 $ 121.1 $ (69.3 ) (1) The settlement and curtailment gains are a result of the restructuring activities in the EMEA segment. |
Schedule of Weighted Average Actuarial Assumptions Used in Defined Benefit Plans | The significant weighted average actuarial assumptions used in determining the benefit obligations and net periodic benefit cost (credit) for the Company’s defined benefit plans are as follows: Domestic Foreign December 31, December 31, 2015 2014 2015 2014 Actuarial assumptions used to determine benefit obligations at end of period: Discount rate 4.74 % 4.31 % 4.25 % 3.51 % Expected annual rate of compensation increase N/A N/A 2.86 % 2.80 % Domestic Foreign Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 Actuarial assumptions used to determine net periodic benefit cost (credit) for the period: Discount rate 4.31 % 5.25 % 4.33 % 3.51 % 4.29 % 3.93 % Expected rate of return on plan assets 7.50 % 7.50 % 7.50 % 6.07 % 6.06 % 6.13 % Expected annual rate of compensation increase N/A N/A N/A 2.80 % 2.82 % 3.04 % |
Summary of Allocation of Plan Assets | The weighted average target asset allocation for defined benefit pension plans in the year ended December 31, 2015 is as follows: Domestic Foreign Asset category: Equity securities 50.0 % 39.3 % Debt securities 45.0 % 45.7 % Other 5.0 % 15.0 % Total 100.0 % 100.0 % |
Domestic [Member] | |
Summary of Allocation of Plan Assets | The Company classified its domestic plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of domestic plan assets by asset category and level within the fair value hierarchy. December 31, 2015 (in millions) Total Level 1 Level 2 Cash $ 2.3 $ 2.3 $ — Investments funds(1) 495.3 — 495.3 Total $ 497.6 $ 2.3 $ 495.3 (1) This category includes investments in 30.3% in US equities, 19.6% in non-US equities, 45.1% in US corporate bonds and 5.0% in other investments. December 31, 2014 (in millions) Total Level 1 Level 2 Cash $ 2.1 $ 2.1 $ — Investments funds(1) 520.0 — 520.0 Total $ 522.1 $ 2.1 $ 520.0 (1) This category includes investments in 31.0% in US equities, 18.1% in non-US equities, 45.9% in US corporate bonds and 5.0% in other investments. |
Foreign [Member] | |
Summary of Allocation of Plan Assets | The Company classified its foreign plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy: December 31, 2015 (in millions) Total Level 1 Level 2 Level 3 Cash $ 7.6 $ 7.6 $ — $ — Investments: Investment funds(1) 460.1 — 460.1 — Insurance contracts 13.8 — — 13.8 Total investments 473.9 — 460.1 13.8 Total $ 481.5 $ 7.6 $ 460.1 $ 13.8 (1) This category includes investments in 11.6% in US equities, 29.7% in non-US equities, 4.1% in US corporate bonds, 24.2% in non-US corporate bonds, 0.3% in US government bonds, 17.7% in non-US government bonds and 12.4% in other investments. The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy: December 31, 2014 (in millions) Total Level 1 Level 2 Level 3 Cash $ 1.9 $ 1.9 $ — $ — Investments: Investment funds(1) 499.9 — 499.9 — Insurance contracts 14.8 — — 14.8 Total investments 514.7 — 499.9 14.8 Total $ 516.6 $ 1.9 $ 499.9 $ 14.8 (1) This category includes investments in 11.1% in US equities, 35.9% in non-US equities, 3.6% in US corporate bonds, 9.5% in non-US corporate bonds, 0.7% in US government bonds, 28.8% in non-US government bonds and 10.4% in other investments. |
Level 3 [Member] | Foreign [Member] | |
Summary of Changes in Foreign Plans Assets Valued Using Significant Unobservable Inputs | The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3): (in millions) Insurance Balance at January 1, 2015 $ 14.8 Actual return to plan assets: Related to assets still held at year end 0.6 Purchases, sales and settlements, net (0.1 ) Foreign exchange (1.5 ) Balance at December 31, 2015 $ 13.8 The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3): (in millions) Insurance Balance at January 1, 2014 $ 14.2 Actual return on plan assets: Related to assets still held at year end 2.0 Purchases, sales and settlements, net 0.6 Foreign exchange (2.0 ) Balance at December 31, 2014 $ 14.8 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation Stock Options Activity | The following reflects stock option activity under the 2011 and 2015 Plans: Number of Weighted- Weighted- Aggregate Outstanding at January 1, 2015 4,883,752 $ 19.57 Granted 950,505 21.45 Exercised (156,128 ) 19.28 Forfeited (590,103 ) 20.64 Outstanding at December 31, 2015 5,088,026 19.81 Exercisable at December 31, 2015 3,409,317 19.59 6.3 $ 1.3 Expected to vest after December 31, 2015(1) 1,510,838 20.24 8.3 0.6 (1) The expected to vest stock options are the result of applying the pre-vesting forfeiture rate assumptions to nonvested stock options outstanding. |
Summary of Restricted Stock Activity | The following table reflects restricted stock activity under the 2011 and 2015 Plans: Restricted Weighted grant-date Nonvested at January 1, 2015 352,737 $ 20.35 Granted 54,552 27.00 Vested (151,173 ) 20.66 Forfeited (18,897 ) 18.54 Nonvested at December 31, 2015 237,219 21.83 |
Summary of Weighted Average Assumptions Used Under Black Scholes Merton Option Valuation Model | The weighted-average assumptions used under the Black-Scholes-Merton option valuation model were as follows: Year ended December 31, 2015 2014 2013 Risk-free interest rate(1) 1.7 % 1.8 % 1.5 % Expected dividend yield(2) — % — % — % Expected volatility(3) 28.3 % 34.5 % 35.7 % Expected term (years)(4) 6.2 6.0 6.1 (1) The risk-free interest rate is based on the US Treasury yield for a term consistent with the expected term of the stock options at the time of grant. (2) The Company currently has no expectation of paying cash dividends on its common stock. (3) As the Company does not have sufficient historical volatility data, the expected volatility is based on the average historical data of a peer group of public companies over a period equal to the expected term of the stock options. (4) As the Company does not have sufficient historical exercise data under the 2011 and 2015 Plans, the expected term is based on the average of the vesting period of each tranche and the original contract term of 10 years. |
Summary of Additional Stock Based Compensation Information | The following table provides additional stock-based compensation information: Year ended December 31, (in millions) 2015 2014 2013 Total intrinsic value of stock options exercised $ 0.4 $ 1.1 $ 0.1 Fair value of restricted stock vested 2.9 3.0 1.8 |
Accumulated other comprehensi40
Accumulated other comprehensive loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax | The following table presents the changes in accumulated other comprehensive loss by component, net of tax. (in millions) Losses on Defined Currency Total Balance as of December 31, 2013 $ (2.8 ) $ 17.6 $ (96.5 ) $ (81.7 ) Other comprehensive loss before reclassifications (4.7 ) — (118.3 ) (123.0 ) Amounts reclassified from accumulated other comprehensive loss 3.8 (7.3 ) — (3.5 ) Net current period other comprehensive loss (0.9 ) (7.3 ) (118.3 ) (126.5 ) Balance as of December 31, 2014 $ (3.7 ) $ 10.3 $ (214.8 ) $ (208.2 ) Other comprehensive loss before reclassifications (3.0 ) — (212.6 ) (215.6 ) Amounts reclassified from accumulated other comprehensive loss 6.7 (7.3 ) — (0.6 ) Net current period other comprehensive (loss) income 3.7 (7.3 ) (212.6 ) (216.2 ) Balance as of December 31, 2015 $ — $ 3.0 $ (427.4 ) $ (424.4 ) |
Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Loss) | The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income (loss). (in millions) Year ended Year ended Location of impact on Amortization of defined benefit pension items: Prior service credits $ (11.9 ) $ (11.9 ) Warehousing, selling and administrative Tax expense 4.6 4.6 Income tax expense (benefit) Net of tax (7.3 ) (7.3 ) Cash flow hedges: Interest rate swap contracts 3.1 5.9 Interest expense Interest rate swap contracts – loss due to discontinuance of hedge accounting 7.5 — Other (expense) income, net Tax benefit (3.9 ) (2.1 ) Income tax expense (benefit) Net of tax 6.7 3.8 Total reclassifications for the period $ (0.6 ) $ (3.5 ) (1) Amounts in parentheses indicate credits to net income (loss). |
Property, plant and equipment41
Property, plant and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following: December 31, (in millions) 2015 2014 Land and buildings $ 778.0 $ 784.2 Tank farms 239.9 212.2 Machinery, equipment and other 716.1 626.3 Less: Accumulated depreciation (723.5 ) (644.8 ) Subtotal 1,010.5 977.9 Work in progress 72.0 54.4 Property, plant and equipment, net $ 1,082.5 $ 1,032.3 |
Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets | Included within property, plant and equipment, net are assets related to capital leases where the Company is the lessee. The below table summarizes the cost and accumulated depreciation related to these assets: (in millions) December 31, December 31, Capital lease assets, at cost $ 63.5 $ 2.6 Less: accumulated depreciation (7.5 ) — Capital lease assets, net $ 56.0 $ 2.6 |
Goodwill and intangible assets
Goodwill and intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Activity in Goodwill by Segment | The following is a summary of the activity in goodwill by segment. (in millions) USA Canada EMEA Rest of Total Balance, January 1, 2014 $ 1,254.0 $ 534.4 $ — $ — $ 1,788.4 Additions — — — 26.6 26.6 Foreign exchange — (45.7 ) — (1.7 ) (47.4 ) Balance, December 31, 2014 1,254.0 488.7 — 24.9 1,767.6 Additions 52.1 10.9 2.2 — 65.2 Purchase price adjustments — — — (0.6 ) (0.6 ) Foreign exchange — (78.9 ) (0.1 ) (8.1 ) (87.1 ) Balance, December 31, 2015 $ 1,306.1 $ 420.7 $ 2.1 $ 16.2 $ 1,745.1 |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets | The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows: December 31, 2015 December 31, 2014 (in millions) Gross Accumulated Net Gross Accumulated Net Intangible assets (subject to amortization): Customer relationships $ 930.1 $ (446.6 ) $ 483.5 $ 930.7 $ (390.8 ) $ 539.9 Other 170.5 (135.1 ) 35.4 161.6 (126.6 ) 35.0 Total intangible assets $ 1,100.6 $ (581.7 ) $ 518.9 $ 1,092.3 $ (517.4 ) $ 574.9 |
Summary of Estimated Annual Amortization Expense | The estimated annual amortization expense in each of the next five years is as follows: (in millions) 2016 $ 88.5 2017 79.3 2018 66.4 2019 60.2 2020 56.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Short Term Financing | Short-term financing consisted of the following: December 31, (in millions) 2015 2014 Amounts drawn under credit facilities $ 13.4 $ 32.7 Bank overdrafts 20.1 28.4 Total $ 33.5 $ 61.1 |
Schedule of Long Term Debt | Long-term debt consisted of the following: (in millions) December 31, 2015 December 31, As Adjusted* Senior Term Loan Facilities: Term B Loan due 2022, variable interest rate of 4.25% at December 31, 2015 $ 2,044.9 $ — Euro Tranche Term Loan due 2022, variable interest rate of 4.25% at December 31, 2015 270.8 — Term B Loan due 2017, variable interest rate of 5.00% at December 31, 2014 (terminated July 2015) — 2,683.2 Euro Tranche Term Loan due 2017, variable interest rate of 5.25% at December 31, 2014 (terminated July 2015) — 154.6 Asset Backed Loan (ABL) Facilities: North American ABL Facility due 2020, variable interest rate of 2.13% at December 31, 2015 278.0 — North American ABL Term Loan due 2018, variable interest rate of 3.36% at December 31, 2015 100.0 — European ABL Facility due 2019 (“Euro ABL due 2019”), variable interest rate of 2.01% at December 31, 2014 — 36.3 North American ABL Facility due 2018, variable interest rate of 2.10% at December 31, 2014 (terminated July 2015) — 266.0 North American ABL Term Loan due 2016, variable interest rate of 3.51% at December 31, 2014 (terminated July 2015) — 50.0 Unsecured Notes: Unsecured Notes due 2023, fixed interest rate of 6.75% 400.0 — Senior Subordinated Notes: Senior Subordinated Notes due 2017, fixed interest rate of 10.50% (terminated June 2015) — 600.0 Senior Subordinated Notes due 2018, fixed interest rate of 10.50% (terminated June 2015) — 50.0 Capital lease obligations 57.3 2.6 Total long-term debt before discount 3,151.0 3,842.7 Less: unamortized debt issuance costs and discount on debt (33.7 ) (31.4 ) Total long-term debt 3,117.3 3,811.3 Less: current maturities (59.9 ) (80.7 ) Total long-term debt, excluding current maturities $ 3,057.4 $ 3,730.6 * Adjusted due to the adoption of ASU 2015-03 and ASU 2015-15. Refer to “Note 2: Significant accounting policies” for additional information. |
Future Contractual Maturities of Long-term Debt Excluding Capital Lease Obligations | As of December 31, 2015, future contractual maturities of long-term debt excluding capital lease obligations are as follows: (in millions) 2016 $ 39.9 2017 89.9 2018 40.0 2019 23.2 2020 301.2 |
Summary of Assets Pledged Under North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and Euro ABL | Assets pledged under the North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and the Euro ABL are as follows: December 31, (in millions) 2015 2014 Cash $ 68.1 $ 91.1 Trade accounts receivable, net 857.8 1,054.6 Inventories 691.9 805.7 Prepaids and other current assets 105.0 142.1 Property, plant and equipment, net 894.6 821.9 Total $ 2,617.4 $ 2,915.4 |
Fair value measurements (Tables
Fair value measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s assets and liabilities measured on a recurring basis on a gross basis: Level 2 Level 3 December 31, December 31, (in millions) 2015 2014 2015 2014 Financial current assets: Forward currency contracts $ 0.2 $ 0.5 $ — $ — Financial noncurrent assets: Interest rate swap contracts — 1.6 — — Financial current liabilities: Forward currency contracts 0.2 0.9 — — Interest rate swap contracts 5.3 7.3 — — Financial noncurrent liabilities: Interest rate swap contracts 0.5 — — — Contingent consideration — — 8.7 — |
Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) | The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which are contingent consideration liabilities (i.e. earn-outs) related to prior acquisitions. Refer to “Note 17: Business Combinations” for further information discussing the business acquisitions resulting in contingent consideration liabilities, the terms of the earn-outs, the unobservable inputs factored into the fair value determination and the estimated impact on the consolidated financial statements related to changes in the unobservable inputs. (in millions) 2015 2014 Fair value as of January 1 $ — $ 1.0 Additions 8.8 — Fair value adjustments — (1.0 ) Foreign currency (0.1 ) — Fair value as of December 31 $ 8.7 $ — |
Estimated Fair Value of Financial Instruments Not Carried at Fair Value | The estimated fair value of financial instruments not carried at fair value in the consolidated balance sheets were as follows: December 31, 2015 December 31, 2014 (in millions) Carrying Fair Carrying As Fair Financial liabilities: Long-term debt including current portion (Level 2) $ 3,117.3 $ 3,056.5 $ 3,811.3 $ 3,780.4 * Adjusted due to the adoption of ASU 2015-03 and ASU 2015-15. “Refer to Note 2: Significant accounting policies” for additional information. |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Purchase Price Allocation for Acquisition | As of December 31, 2015, the purchase price allocation for the acquisitions is as follows: (in millions) WEG Other Total Purchase price: Cash consideration $ 66.5 $ 95.0 $ 161.5 Contingent consideration 3.0 5.8 8.8 Other liability consideration — 0.8 0.8 69.5 101.6 171.1 Allocation: Cash and cash equivalents 1.1 7.0 8.1 Trade accounts receivable, net 7.7 12.1 19.8 Inventories 0.5 6.3 6.8 Prepaid expenses and other current assets 0.4 1.4 1.8 Property, plant and equipment, net 13.3 14.1 27.4 Definite-lived intangible assets 25.1 31.1 56.2 Deferred tax assets, net — 0.2 0.2 Goodwill 23.4 41.8 65.2 Trade accounts payable (1.5 ) (7.6 ) (9.1 ) Other accrued expenses (0.5 ) (1.7 ) (2.2 ) Deferred tax liabilities — (3.1 ) (3.1 ) $ 69.5 $ 101.6 $ 171.1 |
Summary of Acquired Intangible Assets Subject to Amortization | The intangible assets subject to amortization recognized consisted of the following: (in millions) Fair value Weighted average amortization WEG Customer relationships $ 24.2 12.0 Other 0.9 3.0 Other acquisitions Customer relationships 17.8 10.2 Other 13.3 8.9 Total $ 56.2 |
Summary of Proforma Results | The following table presents summarized pro forma results of the Company and the acquired entities had the acquisition dates of all 2015 business combinations been January 1, 2014: (in millions, except per share data) 2015 2014 Net sales $ 9,078.3 $ 10,524.4 Net income (loss) 23.6 (7.7 ) Income (loss) per common share – diluted $ 0.20 $ (0.08 ) |
Quimicompuestos [Member] | |
Summary of Purchase Price Allocation for Acquisition | The final fair values of assets acquired and liabilities assumed for Quimicompuestos are as follows: (in millions) Purchase price: Cash consideration $ 92.2 Fair value of contingent consideration 0.2 92.4 Allocation: Cash and cash equivalents 3.5 Trade accounts receivable 31.2 Inventories 12.9 Prepaid expenses and other current assets 9.0 Property, plant and equipment, net 18.6 Definite lived intangible assets 30.6 Deferred tax assets 0.7 Goodwill 35.0 Trade accounts payable (25.3 ) Accrued compensation and other accrued expenses (15.0 ) Deferred tax liabilities (8.8 ) $ 92.4 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Minimum Rental Commitments under Non-cancelable Operating Leases and Capital Lease Obligations | As of December 31, 2015, minimum rental commitments under non-cancelable operating leases with lease terms in excess of one year and capital lease obligations are as follows: (in millions) Minimum rental Capital lease 2016 $ 62.8 $ 20.0 2017 50.6 9.0 2018 41.1 7.3 2019 37.1 6.3 2020 30.4 5.4 More than five years 63.4 9.3 Total $ 285.4 $ 57.3 |
Changes in Total Environmental Liabilities | Changes in total environmental liabilities are as follows: (in millions) 2015 2014 Environmental liabilities at January 1 $ 120.3 $ 137.0 Revised obligation estimates 11.3 1.9 Environmental payments (17.8 ) (17.5 ) Foreign exchange (0.6 ) (1.1 ) Environmental liabilities at December 31 $ 113.2 $ 120.3 |
Schedule of Expected Payments for Environmental Remediation | Based on current estimates, the expected payments for environmental remediation for the next five years and thereafter at December 31, 2015 are as follows, with projects for which timing is uncertain included in the 2016 estimated amount of $14.3 million: (in millions) 2016 $ 35.5 2017 15.4 2018 10.7 2019 9.1 2020 8.4 Thereafter 36.4 Total $ 115.5 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Summary of Sales and Purchases with Related Parties | The following table summarizes the Company’s sales and purchases with related parties within the ordinary course of business: Year ended December 31, (in millions) 2015 2014 2013 CVC: Sales to affiliate companies $ 1.9 $ 9.1 $ 10.5 Purchases from affiliate companies 8.8 10.2 19.0 CD&R: Sales to affiliate companies 29.7 20.9 3.5 Purchases from affiliate companies 19.9 21.6 0.4 Temasek: Sales to affiliate companies 19.8 — — Purchases from affiliate companies 0.1 — — |
Summary of Receivables Due from and Payables Due to Related Parties | The following table summarizes the Company’s receivables due from and payables due to related parties: December 31, (in millions) 2015 2014 Due from affiliates $ 4.1 $ 3.9 Due to affiliates 6.6 1.7 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Company's Segment Information | Financial information for the Company’s segments is as follows: (in millions) USA Canada EMEA Rest of Other/ Consolidated Year ended December 31, 2015 Net sales External customers $ 5,351.5 $ 1,376.6 $ 1,780.1 $ 473.6 $ — $ 8,981.8 Inter-segment 112.7 8.6 4.0 0.1 (125.4 ) — Total net sales 5,464.2 1,385.2 1,784.1 473.7 (125.4 ) 8,981.8 Cost of goods sold (exclusive of depreciation) 4,365.9 1,161.0 1,398.6 382.6 (125.4 ) 7,182.7 Gross profit 1,098.3 224.2 385.5 91.1 — 1,799.1 Outbound freight and handling 216.9 39.3 59.6 8.8 — 324.6 Warehousing, selling and administrative 492.6 87.8 226.0 54.1 13.9 874.4 Adjusted EBITDA $ 388.8 $ 97.1 $ 99.9 $ 28.2 $ (13.9 ) $ 600.1 Other operating expenses, net 106.1 Depreciation 136.5 Amortization 88.5 Loss on extinguishment of debt 12.1 Interest expense, net 207.0 Other expense, net 23.2 Income tax expense 10.2 Net income $ 16.5 Total assets $ 3.962.0 $ 1,709.7 $ 947.2 $ 233.6 $ (1,240.1 ) $ 5,612.4 Property, plant and equipment, net 714.9 133.3 167.7 20.3 46.3 1,082.5 Capital expenditures 106.8 16.1 17.2 3.4 1.5 145.0 (in millions) USA Canada EMEA Rest of Other/ Consolidated Year ended December 31, 2014 Net sales: External customers $ 6,081.4 $ 1,512.1 $ 2,230.1 $ 550.3 $ — $ 10,373.9 Inter-segment 121.8 10.0 4.5 — (136.3 ) — Total net sales 6,203.2 1,522.1 2,234.6 550.3 (136.3 ) 10,373.9 Cost of goods sold (exclusive of depreciation) 5,041.0 1,271.5 1,797.9 469.1 (136.3 ) 8,443.2 Gross profit 1,162.2 250.6 436.7 81.2 — 1,930.7 Outbound freight and handling 233.3 46.4 75.5 10.3 — 365.5 Warehousing, selling and administrative 490.9 97.4 276.2 53.3 5.7 923.5 Adjusted EBITDA $ 438.0 $ 106.8 $ 85.0 $ 17.6 $ (5.7 ) $ 641.7 Other operating expenses, net 197.1 Depreciation 133.5 Amortization 96.0 Impairment charges 0.3 Loss on extinguishment of debt 1.2 Interest expense, net 250.6 Other income, net (1.1 ) Income tax benefit (15.8 ) Net loss $ (20.1 ) Total assets (as adjusted*) $ 4,130.4 $ 1,986.5 $ 1,059.2 $ 310.8 $ (1,419.2 ) $ 6,067.7 Property, plant and equipment, net 621.6 135.8 189.4 25.1 60.4 1,032.3 Capital expenditures 73.1 9.3 24.9 5.1 1.5 113.9 (in millions) USA Canada EMEA Rest of Other/ Consolidated Year ended December 31, 2013 Net sales: External customers $ 5,964.5 $ 1,558.7 $ 2,326.8 $ 474.6 $ — $ 10,324.6 Inter-segment 116.5 8.0 4.0 — (128.5 ) — Total net sales 6,081.0 1,566.7 2,330.8 474.6 (128.5 ) 10,324.6 Cost of goods sold (exclusive of depreciation) 4,953.4 1,316.6 1,902.9 404.3 (128.5 ) 8,448.7 Gross profit 1,127.6 250.1 427.9 70.3 — 1,875.9 Outbound freight and handling 201.3 41.6 76.1 7.0 — 326.0 Warehousing, selling and administrative 492.6 102.4 299.3 48.3 9.1 951.7 Adjusted EBITDA $ 433.7 $ 106.1 $ 52.5 $ 15.0 $ (9.1 ) $ 598.2 Other operating expenses, net 12.0 Depreciation 128.1 Amortization 100.0 Impairment charges 135.6 Loss on extinguishment of debt 2.5 Interest expense, net 294.5 Other expense, net 17.6 Income tax benefit (9.8 ) Net loss $ (82.3 ) Total assets (as adjusted*) $ 4,127.2 $ 1,780.2 $ 1,441.6 $ 268.9 $ (1,413.2 ) $ 6,204.7 Property, plant and equipment, net 621.9 147.6 226.7 26.0 74.9 1,097.1 Capital expenditures 59.9 15.8 23.8 3.0 38.8 141.3 * Adjusted due to the adoption of ASU 2015-03 and ASU 2015-15. Refer to “Note 2: Significant accounting policies” for additional information. |
Quarterly financial informati49
Quarterly financial information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Quarterly Results | Unaudited quarterly results for the year ended December 31, 2015 are as follows: Year ended December 31, 2015 (in millions, except per share data) March 31 June 30 1 September 30 2 December 31 3 Net sales $ 2,299.1 $ 2,510.1 $ 2,206.3 $ 1,966.3 Gross profit 461.6 467.2 450.5 419.8 Net income (loss) 19.7 (12.4 ) 12.1 (2.9 ) Income (loss) per share: Basic and diluted $ 0.20 $ (0.12 ) $ 0.09 $ (0.02 ) Shares used in computation of income (loss) per share: Basic 99.9 102.8 137.6 137.6 Diluted. 100.4 102.8 138.4 137.6 (1) Included in the second quarter of 2015 was a contract termination fee of $26.2 million related to terminating consulting agreements between the Company and CVC and CD&R as a result of the IPO. In addition, there was a loss on extinguishment of debt of $7.3 million related to the write-off of unamortized debt issuance costs and debt discount related to the Company paying the remaining principal balance related to the Senior Subordinated Notes. Refer to “Note 14: Debt” for further information. Also, there was a loss due to discontinuance of cash flow hedges of $7.5 million related to the interest rate swap contracts. Refer to “Note 16: Derivatives” for further information. (2) Included in the third quarter of 2015 was a loss on extinguishment of $4.8 million and debt refinancing expenses of $16.5 million related to the July 2015 debt refinancing transactions. Refer to “Note 14: Debt” for further information. (3) Included in the fourth quarter of 2015 was a loss of $21.1 million relating to the annual mark to market adjustment on the defined benefit pension and postretirement plans. Refer to “Note 8: Employee benefit plans” for further information. Unaudited quarterly results for the year ended December 31, 2014 are as follows: Year ended December 31, 2014 (in millions, except share and per share data) March 31 June 30 September 30 December 31 1 Net sales $ 2,516.4 $ 2,861.4 $ 2,608.9 $ 2,387.2 Gross profit 472.4 500.5 493.1 464.7 Net income (loss) (2.8 ) 19.5 45.8 (82.6 ) Income (loss) per share: Basic and diluted $ (0.02 ) $ 0.20 $ 0.46 $ (0.83 ) Shares used in computation of income (loss) per share: Basic 99.6 99.7 99.7 99.8 Diluted 99.6 100.4 100.5 99.8 (1) Included in the fourth quarter of 2014 was a loss of $117.8 million relating to the annual mark to market adjustment on the defined benefit pension and postretirement plans. Refer to the “Note 8: Employee benefit plans” for further information. Also, included in the fourth quarter of 2014 was a net gain of $18.4 million relating to the release of unrealized tax benefits due to the statute of limitations expiration. Refer to “Note 7: Income taxes” for further information. |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) $ / shares in Units, shares in Millions | Jun. 23, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)Segmentsshares | Dec. 31, 2014shares |
Nature of Operations [Line Items] | |||
Number of operating segments | Segments | 4 | ||
Common stock, shares issued | shares | 138 | 100.2 | |
Common stock issued, value | $ 1,400,000 | ||
Net proceeds received from IPO | $ 760,000,000 | ||
Payment for initial public offering expenses | $ 30,000,000 | ||
IPO [Member] | |||
Nature of Operations [Line Items] | |||
Common stock, shares issued | shares | 20 | ||
Public offering price per share | $ / shares | $ 22 | ||
Private Placement [Member] | |||
Nature of Operations [Line Items] | |||
Common stock, shares issued | shares | 17.6 | ||
Common stock issued, value | $ 350,000,000 | ||
Secondary Offering [Member] | |||
Nature of Operations [Line Items] | |||
Net proceeds received from IPO | $ 0 | ||
Common stock, shares issued | shares | 25.3 |
Significant Accounting Polici51
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Description Of Business And Basis Of Presentation [Line Items] | |||
Allowance for doubtful accounts | $ 14.4 | $ 11.8 | |
Lower of cost or market adjustments | 0.8 | 0.8 | $ 7.3 |
Foreign currency gains (losses) related to intercompany borrowings | $ (11.2) | $ (7.1) | $ 7.5 |
Minimum [Member] | |||
Description Of Business And Basis Of Presentation [Line Items] | |||
Finite lived intangible assets, useful lives | 2 years | ||
Maximum [Member] | |||
Description Of Business And Basis Of Presentation [Line Items] | |||
Finite lived intangible assets, useful lives | 20 years |
Significant Accounting Polici52
Significant Accounting Policies - Summary of Estimated Useful Lives of Plant, Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P10Y |
Minimum [Member] | Main Components of Tank Farms [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P5Y |
Minimum [Member] | Containers [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P2Y |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P5Y |
Minimum [Member] | Furniture, Fixtures and Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P5Y |
Minimum [Member] | Information Technology [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P3Y |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P50Y |
Maximum [Member] | Main Components of Tank Farms [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P40Y |
Maximum [Member] | Containers [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P15Y |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P20Y |
Maximum [Member] | Furniture, Fixtures and Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P20Y |
Maximum [Member] | Information Technology [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | P10Y |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Basic: | |||||||||||
Net income (loss) | $ (2.9) | $ 12.1 | $ (12.4) | $ 19.7 | $ (82.6) | $ 45.8 | $ 19.5 | $ (2.8) | $ 16.5 | $ (20.1) | $ (82.3) |
Weighted average common shares outstanding | 137.6 | 137.6 | 102.8 | 99.9 | 99.8 | 99.7 | 99.7 | 99.6 | 119.6 | 99.7 | 99.3 |
Basic income (loss) per common share | $ 0.14 | $ (0.20) | $ (0.83) | ||||||||
Diluted: | |||||||||||
Net income (loss) | $ (2.9) | $ 12.1 | $ (12.4) | $ 19.7 | $ (82.6) | $ 45.8 | $ 19.5 | $ (2.8) | $ 16.5 | $ (20.1) | $ (82.3) |
Weighted average common shares outstanding | 137.6 | 137.6 | 102.8 | 99.9 | 99.8 | 99.7 | 99.7 | 99.6 | 119.6 | 99.7 | 99.3 |
Effect of dilutive securities: Stock compensation plans | 0.5 | ||||||||||
Weighted average common shares outstanding - diluted | 137.6 | 138.4 | 102.8 | 100.4 | 99.8 | 100.5 | 100.4 | 99.6 | 120.1 | 99.7 | 99.3 |
Diluted income (loss) per common share | $ 0.14 | $ (0.20) | $ (0.83) |
Earnings Per Share - Summary 54
Earnings Per Share - Summary of Computations of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - Employee Stock Option [Member] - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Share-based compensation awards purchased not included in calculation of diluted earnings per share | 2 | 5 | 5.2 |
Restricted Stock [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Share-based compensation awards purchased not included in calculation of diluted earnings per share | 0 | 0.4 | 0.4 |
Other Operating Expenses, Net -
Other Operating Expenses, Net - Schedule of Other Operating Expenses (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | ||||||
Pension mark to market loss (gain) | $ 21.1 | $ 117.8 | $ 21.1 | $ 117.8 | $ (73.5) | |
Pension curtailment and settlement gains | (4) | |||||
Acquisition and integration related expenses | 7.1 | 3.7 | 5 | |||
Contingent consideration fair value adjustments | (1) | (24.7) | ||||
Stock-based compensation expense | 7.5 | 12.1 | 15.1 | |||
Redundancy and restructuring | 33.8 | 46.2 | 65.8 | |||
Advisory fees to CVC and CD&R | 2.8 | 5.9 | 5.2 | |||
Contract termination fee to CVC and CD&R | $ 26.2 | 26.2 | ||||
French penalty | (4.8) | |||||
Other | 11.6 | 12.4 | 23.9 | |||
Total other operating expenses, net | $ 106.1 | $ 197.1 | $ 12 |
Other Operating Expenses, Net56
Other Operating Expenses, Net - Schedule of Other Operating Expenses (Parenthetical) (Detail) € in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2013USD ($) | Dec. 31, 2013EUR (€) | Dec. 31, 2011USD ($) | |
Other Income and Expenses [Abstract] | |||
French penalty accrual | $ 0 | $ 7,700 | |
Fine paid | $ 19,910 | € 15,180 |
Redundancy and Restructuring -
Redundancy and Restructuring - Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | $ 48.5 | $ 34.8 |
Charge to earnings | 33.7 | 46.2 |
Cash paid | (33.3) | (29.7) |
Non-cash and other | (2.3) | (2.8) |
Ending balance | 46.6 | 48.5 |
Employee Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 27.8 | 26.7 |
Charge to earnings | 28.3 | 25.1 |
Cash paid | (22.9) | (21.7) |
Non-cash and other | (2.2) | (2.3) |
Ending balance | 31 | 27.8 |
Facility Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 20.4 | 7.8 |
Charge to earnings | 2.4 | 14.9 |
Cash paid | (7.2) | (2.1) |
Non-cash and other | (0.1) | (0.2) |
Ending balance | 15.5 | 20.4 |
Other Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning balance | 0.3 | 0.3 |
Charge to earnings | 3 | 6.2 |
Cash paid | (3.2) | (5.9) |
Non-cash and other | (0.3) | |
Ending balance | $ 0.1 | $ 0.3 |
Redundancy and Restructuring 58
Redundancy and Restructuring - Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Restructuring and Related Activities [Abstract] | |
Facility exist costs | $ 8.8 |
Redundancy and Restructuring 59
Redundancy and Restructuring - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring and Related Activities [Abstract] | ||
Redundancy and restructuring liabilities, current | $ 34.6 | $ 32.3 |
Redundancy and restructuring liabilities, non-current | $ 12.1 | $ 16.2 |
Facility exit costs payment period | 5 years |
Other (Expense) Income, Net - S
Other (Expense) Income, Net - Schedule of Other (Expense) Income, Net (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Nonoperating Income (Expense) [Abstract] | |||||
Foreign currency transactions | $ (0.8) | $ (0.6) | $ (0.9) | ||
Foreign currency denominated loans revaluation | 8.9 | 8.3 | (10.1) | ||
Undesignated foreign currency derivative instruments | (4.8) | (3.9) | (0.2) | ||
Undesignated interest rate swap contracts | 2 | ||||
Ineffective portion of cash flow hedges | (0.4) | 0.2 | (0.2) | ||
Loss due to discontinuance of cash flow hedges | $ (7.5) | (7.5) | |||
Debt refinancing costs | $ (16.5) | (16.5) | (6.2) | ||
Other | (4.1) | (2.9) | |||
Total other (expense) income, net | $ (23.2) | $ 1.1 | $ (17.6) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (13) | $ (6.4) | $ 5.5 |
Foreign | 39.7 | (29.5) | (97.6) |
Income (loss) before income taxes | $ 26.7 | $ (35.9) | $ (92.1) |
Income Taxes - Summary of Expen
Income Taxes - Summary of Expense (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 0.6 | $ (18.6) | $ 1 |
State | 2.5 | 5.4 | 7 |
Foreign | 14.5 | 17 | 16.6 |
Total current | 17.6 | 3.8 | 24.6 |
Deferred: | |||
Federal | (12.3) | (11.3) | (34) |
State | 1.7 | (1) | (0.4) |
Foreign | 3.2 | (7.3) | |
Total deferred | (7.4) | (19.6) | (34.4) |
Total income tax expense (benefit) | $ 10.2 | $ (15.8) | $ (9.8) |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Statutory Tax Rate and Effective Tax Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
US federal statutory income tax expense (benefit) applied to income (loss) before income taxes | $ 9.3 | $ (12.6) | $ (32.2) |
State income taxes, net of federal benefit | 3.3 | 1.8 | 4.8 |
Foreign tax rate differential | (6.5) | (4.2) | (7) |
Non-taxable interest income | (14.1) | (13.8) | (14.7) |
Valuation allowance release on expired or utilized tax attributes | (9) | (0.2) | (0.3) |
Expiration of tax attributes | 8.1 | 0.2 | 0.3 |
Foreign losses not benefited | 7.5 | 21.7 | 33.3 |
Effect of flow-through entities | 4.2 | 3.6 | (10.8) |
Non-deductible stock-based compensation | 3.5 | 0.3 | 0.8 |
Non-deductible expense | 3.5 | 2.9 | 7.2 |
Recognition of previously uncertain tax benefits | (2.5) | (18.4) | |
Adjustment to prior year tax due to changes in estimates | 1.6 | 0.2 | (7.7) |
Change in statutory income tax rates | 1.1 | 0.4 | 3.8 |
Deemed dividends from foreign subsidiaries | 0.6 | 0.4 | 0.3 |
Non-deductible interest expense | 0.5 | 1.1 | 2.2 |
Withholding and other taxes based on income | 0.5 | 0.9 | 0.8 |
Foreign exchange rate remeasurement | (0.4) | 0.7 | |
Goodwill impairment | 26 | ||
Tax deductible goodwill | (6.7) | ||
French indirect tax penalty | (1.8) | ||
Changes in contingent consideration | (0.3) | (8.6) | |
Other | (1) | (0.5) | 0.5 |
Total income tax expense (benefit) | $ 10.2 | $ (15.8) | $ (9.8) |
Income Taxes - Consolidated Def
Income Taxes - Consolidated Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | |||
Net operating loss carryforwards | $ 122.1 | $ 107.2 | |
Environmental reserves | 46.4 | 47.5 | |
Interest | 95.1 | 87.2 | |
Tax credit and capital loss carryforwards | 10.1 | 16.6 | |
Pension | 95.9 | 106.5 | |
Flow-through entities | 39.4 | 39.5 | |
Stock options | 11.7 | 13.3 | |
Inventory | 5 | 7.3 | |
Other temporary differences | 33.8 | 44.4 | |
Gross deferred tax assets | 459.5 | 469.5 | |
Valuation allowance | (193) | (204.1) | $ (201.1) |
Deferred tax assets, net of valuation allowance | 266.5 | 265.4 | |
Deferred tax liabilities: | |||
Property, plant and equipment, net | (179) | (176.6) | |
Intangible assets | (138.1) | (155.5) | |
Other temporary differences | (3.9) | (3.8) | |
Deferred tax liabilities | (321) | (335.9) | |
Net deferred tax liability | $ (54.5) | $ (70.5) |
Income Taxes - Schedule of Chan
Income Taxes - Schedule of Changes in Valuation Allowance (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 204.1 | $ 201.1 |
Increase related to foreign net operating loss carryforwards | 5.5 | 15 |
Decrease related to expiration of tax attributes | (7) | (0.2) |
Foreign currency | (9.8) | (12.6) |
Increase (decrease) related to other items | 0.2 | 0.8 |
Ending balance | $ 193 | $ 204.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) CAD in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2015CAD | Sep. 30, 2014CAD | Feb. 28, 2013CAD | Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015CAD | Aug. 31, 2014CAD | |
Income Taxes [Line Items] | |||||||||
Net operating loss carryforwards | $ 122.1 | $ 107.2 | |||||||
Valuation allowance | 89.1 | ||||||||
Net operating loss carryforwards, valuation allowance | 33 | ||||||||
Operating loss carryforward | $ 428.3 | 393.9 | |||||||
Tax credit carryforward expiration term | Unused foreign tax credits are subject to a ten-year carryforward life. | Unused foreign tax credits are subject to a ten-year carryforward life. | |||||||
Unused foreign tax credits amount | $ 3.9 | ||||||||
Tax credit carry forward expiring prior to utilization | $ 3.9 | ||||||||
Expiry year of unused foreign tax credits | 2,016 | 2,016 | |||||||
Benefit relating to future utilization of unused foreign tax credits | $ 0 | ||||||||
Cumulative undistributed earnings of foreign subsidiaries | 583.3 | ||||||||
Remaining unrecognized tax benefits that may be recognized in 2016 | 1.3 | ||||||||
Unrecognized tax benefits net | 5.2 | 8.5 | $ 40.3 | ||||||
Amount of unrecognized tax benefits affecting effective tax rate for continuing and discontinued operations | 5.2 | ||||||||
Remaining unrecognized tax benefits that would not impact tax rate | 0 | ||||||||
Unrecognized tax benefits, income tax penalties and interest expense | 0 | 0.6 | |||||||
Interest expense related to unrecognized tax benefits | $ (0.6) | 0.1 | $ 0.5 | ||||||
Description of the status of the tax examination | As of December 31, 2015, the Company's tax years for 2012 through 2014 are subject to examination by the tax authorities. With limited exceptions or limitations on adjustment due to net operating loss carrybacks or utilization, as of December 31, 2015, the Company generally is no longer subject to US federal, state, local or foreign examinations by tax authorities for years before 2012. | As of December 31, 2015, the Company's tax years for 2012 through 2014 are subject to examination by the tax authorities. With limited exceptions or limitations on adjustment due to net operating loss carrybacks or utilization, as of December 31, 2015, the Company generally is no longer subject to US federal, state, local or foreign examinations by tax authorities for years before 2012. | |||||||
Letter of Credit amount | $ 172.4 | $ 184.7 | |||||||
Letter of Credit expiration date | 2016-08 | 2016-08 | |||||||
Tax Year Between 2016 and 2020 [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Operating loss carryforward subject to expiration | $ 115.3 | ||||||||
Tax Year Subsequent to 2020 [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Operating loss carryforward subject to expiration | 98 | ||||||||
Tax Year Unlimited Life [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Operating loss carryforward not subject to expiration | $ 215 | ||||||||
Earliest Tax Year [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Open tax years | 2,012 | 2,012 | |||||||
Latest Tax Year [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Open tax years | 2,014 | 2,014 | |||||||
Canada Revenue Agency [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Federal corporate income tax liabilities | CAD | CAD 29.4 | CAD 29.4 | |||||||
Departure tax liability | CAD | CAD 9 | ||||||||
Cash deposit amount | CAD | CAD 21.5 | ||||||||
Canada Revenue Agency [Member] | Tax Year 2007 [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Letter of Credit amount | CAD | CAD 44.7 | ||||||||
Canada Revenue Agency [Member] | 2008 Notice of Reassessments [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Federal corporate income tax liabilities | CAD | CAD 6 | 11.9 | |||||||
Canada Revenue Agency [Member] | 2009 Notice of Reassessments [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Federal corporate income tax liabilities | CAD | CAD 5.8 | CAD 11 | |||||||
Canada Revenue Agency [Member] | Foreign Tax Authority [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Tax liability assessed and related provincial tax liability | CAD | 106.5 | ||||||||
Interest on tax liability assessed and related provincial tax liability | CAD | CAD 33.4 |
Income Taxes - Schedule of Ch67
Income Taxes - Schedule of Changes in Unrecognized Tax Benefits Included in Other Long-Term Liabilities, Excluding Interest and Penalties (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 8.5 | $ 40.3 |
Reductions for tax positions of prior years | (0.2) | |
Reductions due to the statute of limitations expiration | (2.3) | (30.7) |
Foreign exchange | (1) | (0.9) |
Ending balance | $ 5.2 | $ 8.5 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Changes in Defined Benefit Pension Plan Projected Benefit Obligations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Domestic [Member] | |||
Change in projected/ accumulated postretirement benefit obligations: | |||
Actuarial present value of benefit obligations at beginning of year | $ 728.8 | $ 615 | |
Interest cost | 30.8 | 31.6 | $ 28.6 |
Benefits paid | (30.1) | (28) | |
Actuarial (gain) loss | (37.6) | 110.2 | (66.2) |
Actuarial present value of benefit obligations at end of year | 691.9 | 728.8 | 615 |
Foreign [Member] | |||
Change in projected/ accumulated postretirement benefit obligations: | |||
Actuarial present value of benefit obligations at beginning of year | 614.1 | 567 | |
Service cost | 5.4 | 7 | 9 |
Interest cost | 20.1 | 23.2 | 21.8 |
Benefits paid | (29.6) | (21.5) | |
Settlement | (19) | ||
Curtailment | (2.6) | ||
Actuarial (gain) loss | (5.1) | 85.7 | (6.3) |
Foreign exchange and other | (51.6) | (47.3) | |
Actuarial present value of benefit obligations at end of year | 531.7 | 614.1 | 567 |
Pension Plan [Member] | |||
Change in projected/ accumulated postretirement benefit obligations: | |||
Actuarial present value of benefit obligations at beginning of year | 1,342.9 | 1,182 | |
Service cost | 5.4 | 7 | 9 |
Interest cost | 50.9 | 54.8 | 50.4 |
Benefits paid | (59.7) | (49.5) | |
Settlement | (19) | ||
Curtailment | (2.6) | ||
Actuarial (gain) loss | (42.7) | 195.9 | (72.5) |
Foreign exchange and other | (51.6) | (47.3) | |
Actuarial present value of benefit obligations at end of year | 1,233.6 | 1,342.9 | 1,182 |
Other Postretirement Benefits [Member] | |||
Change in projected/ accumulated postretirement benefit obligations: | |||
Actuarial present value of benefit obligations at beginning of year | 6.7 | 7.9 | |
Service cost | 0.1 | 0.1 | 0.1 |
Interest cost | 0.2 | 0.4 | 0.3 |
Contributions by participants | 0.5 | 1 | |
Benefits paid | (0.6) | (1) | |
Actuarial (gain) loss | (3.5) | (1.7) | (1) |
Actuarial present value of benefit obligations at end of year | $ 3.4 | $ 6.7 | $ 7.9 |
Employee Benefit Plans - Summ69
Employee Benefit Plans - Summary of Changes in Defined Benefit Pension Plan Assets and Funded Status (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic [Member] | ||
Change in the fair value of plan assets: | ||
Beginning Balance | $ 522.1 | $ 476.6 |
Actual return on plan assets | (13.9) | 58 |
Contributions by employer | 19.5 | 15.5 |
Benefits paid | (30.1) | (28) |
Ending Balance | 497.6 | 522.1 |
Funded status at end of year | (194.3) | (206.7) |
Foreign [Member] | ||
Change in the fair value of plan assets: | ||
Beginning Balance | 516.6 | 466.3 |
Actual return on plan assets | 12.6 | 78.6 |
Contributions by employer | 40.1 | 31.3 |
Benefits paid | (29.6) | (21.5) |
Settlement | (17.6) | |
Foreign exchange and other | (40.6) | (38.1) |
Ending Balance | 481.5 | 516.6 |
Funded status at end of year | (50.2) | (97.5) |
Pension Plan [Member] | ||
Change in the fair value of plan assets: | ||
Beginning Balance | 1,038.7 | 942.9 |
Actual return on plan assets | (1.3) | 136.6 |
Contributions by employer | 59.6 | 46.8 |
Benefits paid | (59.7) | (49.5) |
Settlement | (17.6) | |
Foreign exchange and other | (40.6) | (38.1) |
Ending Balance | 979.1 | 1,038.7 |
Funded status at end of year | (244.5) | (304.2) |
Other Postretirement Benefits [Member] | ||
Change in the fair value of plan assets: | ||
Contributions by employer | 0.1 | |
Contributions by participants | 0.5 | 1 |
Benefits paid | (0.6) | (1) |
Funded status at end of year | $ (3.4) | $ (6.7) |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Defined Benefit Plans Amount Recognized in Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | $ (251.8) | $ (304.5) |
Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current portion of net benefit obligation in other accrued expenses | (3.3) | (3.3) |
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | (191) | (203.4) |
Net liability recognized at end of year | (194.3) | (206.7) |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded net benefit obligation in other assets | 9.5 | |
Current portion of net benefit obligation in other accrued expenses | (1.9) | (2.2) |
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | (57.8) | (95.3) |
Net liability recognized at end of year | (50.2) | (97.5) |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded net benefit obligation in other assets | 9.5 | |
Current portion of net benefit obligation in other accrued expenses | (5.2) | (5.5) |
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | (248.8) | (298.7) |
Net liability recognized at end of year | (244.5) | (304.2) |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current portion of net benefit obligation in other accrued expenses | (0.4) | (0.9) |
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | (3) | (5.8) |
Net liability recognized at end of year | $ (3.4) | $ (6.7) |
Employee Benefit Plans - Summ71
Employee Benefit Plans - Summary of Defined Benefit Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 691.9 | $ 728.8 |
Fair value of plan assets | 497.6 | 522.1 |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 71.4 | 580.3 |
Fair value of plan assets | 36.3 | 516.6 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 763.3 | 1,309.1 |
Fair value of plan assets | $ 533.9 | $ 1,038.7 |
Employee Benefit Plans - Summ72
Employee Benefit Plans - Summary of Defined Benefit Pension Plans with Projected Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 691.9 | $ 728.8 |
Fair value of plan assets | 497.6 | 522.1 |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 207.7 | 614.1 |
Fair value of plan assets | 148 | 516.6 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 899.6 | 1,342.9 |
Fair value of plan assets | $ 645.6 | $ 1,038.7 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)LocationTrustAgreement | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2009USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan contribution expense | $ 31.4 | $ 30.8 | $ 28.9 | |
Red Zone [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plans funded status description | Less than 65 percent | |||
Yellow Zone [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plans funded status description | Between 65 and less than 80 percent | |||
Green Zone [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plans funded status description | At least 80 percent | |||
Geographic Distribution Domestic [Member] | Multiemployer Plans Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of union collective bargaining agreements | Agreement | 18 | |||
Number of union pension trusts | Trust | 3 | |||
Bargaining agreements negotiation cycle | 3 years | |||
Union represented locations | Location | 16 | |||
Domestic [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | $ 691.9 | $ 728.8 | ||
Benefit obligation, discount rate | 4.74% | 4.31% | ||
Net periodic benefit, discount rate | 4.31% | 5.25% | 4.33% | |
Defined benefit plan expected contribution by employer in next 12 months | $ 0 | |||
Foreign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | $ 505.2 | $ 580.3 | ||
Benefit obligation, discount rate | 4.25% | 3.51% | ||
Net periodic benefit, discount rate | 3.51% | 4.29% | 3.93% | |
Defined benefit plan expected contribution by employer in next 12 months | $ 28.1 | |||
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (decrease) of benefit obligation, amount | $ (76.8) | |||
Curtailment gain | $ 73.1 | |||
Benefit obligation, discount rate | 4.54% | 3.80% | ||
Net periodic benefit, discount rate | 3.80% | 4.02% | 3.23% | |
Mortality Risk [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Increase (decrease) of benefit obligation, amount | $ 32 | |||
Increase of benefit obligation, percentage | 4.50% |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost Credit Recognized Related to Benefit Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 30.8 | $ 31.6 | $ 28.6 |
Expected return on plan assets | (35.8) | (32.1) | (30.7) |
Actuarial (gain) loss | (37.6) | 110.2 | (66.2) |
Net periodic benefit (credit) cost | 7.1 | 83.8 | (68.3) |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5.4 | 7 | 9 |
Interest cost | 20.1 | 23.2 | 21.8 |
Expected return on plan assets | (30.2) | (28.1) | (25.7) |
Amortization of unrecognized prior service costs | 0.2 | ||
Settlement | 19 | ||
Curtailment | (2.6) | ||
Actuarial (gain) loss | (5.1) | 85.7 | (6.3) |
Net periodic benefit (credit) cost | 3.8 | 37.3 | (1) |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 5.4 | 7 | 9 |
Interest cost | 50.9 | 54.8 | 50.4 |
Expected return on plan assets | (66) | (60.2) | (56.4) |
Amortization of unrecognized prior service costs | 0.2 | ||
Settlement | 19 | ||
Curtailment | (2.6) | ||
Actuarial (gain) loss | (42.7) | 195.9 | (72.5) |
Net periodic benefit (credit) cost | $ 10.9 | $ 121.1 | $ (69.3) |
Employee Benefit Plans - Comp75
Employee Benefit Plans - Components of Net Periodic Benefit Cost Credit Recognized Related to Other Postretirement Benefit Plans (Detail) - Other Postretirement Benefits [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ (0.1) | $ (0.1) | $ (0.1) |
Interest cost | (0.2) | (0.4) | (0.3) |
Amortization of unrecognized prior service credits | 11.9 | 11.9 | 12 |
Actuarial gain | 3.5 | 1.7 | 1 |
Net periodic benefit credit | $ 15.1 | $ 13.1 | $ 12.6 |
Employee Benefit Plans - Summ76
Employee Benefit Plans - Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net prior service credit | $ 3.9 | $ 15.8 |
Employee Benefit Plans - Summ77
Employee Benefit Plans - Summary of Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit | $ 3.9 |
Employee Benefit Plans - Sche78
Employee Benefit Plans - Schedule of Weighted Average Actuarial Assumptions Used in Defined Benefit Plans (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Domestic [Member] | |||
Actuarial assumptions used to determine benefit obligations at end of period: | |||
Discount rate | 4.74% | 4.31% | |
Actuarial assumptions used to determine net periodic benefit cost (credit) for the period: | |||
Discount rate | 4.31% | 5.25% | 4.33% |
Expected rate of return on plan assets | 7.50% | 7.50% | 7.50% |
Foreign [Member] | |||
Actuarial assumptions used to determine benefit obligations at end of period: | |||
Discount rate | 4.25% | 3.51% | |
Expected annual rate of compensation increase | 2.86% | 2.80% | |
Actuarial assumptions used to determine net periodic benefit cost (credit) for the period: | |||
Discount rate | 3.51% | 4.29% | 3.93% |
Expected rate of return on plan assets | 6.07% | 6.06% | 6.13% |
Expected annual rate of compensation increase | 2.80% | 2.82% | 3.04% |
Employee Benefit Plans - Summ79
Employee Benefit Plans - Summary of Weighted Average Target Asset Allocation for Defined Benefit Pension Plan (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Domestic [Member] | |
Asset category: | |
Defined benefit pension plans, target asset allocation percentage | 100.00% |
Domestic [Member] | Equity Securities [Member] | |
Asset category: | |
Defined benefit pension plans, target asset allocation percentage | 50.00% |
Domestic [Member] | Debt Securities [Member] | |
Asset category: | |
Defined benefit pension plans, target asset allocation percentage | 45.00% |
Domestic [Member] | Other Investments [Member] | |
Asset category: | |
Defined benefit pension plans, target asset allocation percentage | 5.00% |
Foreign [Member] | |
Asset category: | |
Defined benefit pension plans, target asset allocation percentage | 100.00% |
Foreign [Member] | Equity Securities [Member] | |
Asset category: | |
Defined benefit pension plans, target asset allocation percentage | 39.30% |
Foreign [Member] | Debt Securities [Member] | |
Asset category: | |
Defined benefit pension plans, target asset allocation percentage | 45.70% |
Foreign [Member] | Other Investments [Member] | |
Asset category: | |
Defined benefit pension plans, target asset allocation percentage | 15.00% |
Employee Benefit Plans - Summ80
Employee Benefit Plans - Summary of Fair Value of Plans Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 497.6 | $ 522.1 | $ 476.6 |
Domestic [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.3 | 2.1 | |
Domestic [Member] | Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 495.3 | 520 | |
Domestic [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.3 | 2.1 | |
Domestic [Member] | Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.3 | 2.1 | |
Domestic [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 495.3 | 520 | |
Domestic [Member] | Level 2 [Member] | Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 495.3 | 520 | |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 481.5 | 516.6 | 466.3 |
Foreign [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.6 | 1.9 | |
Foreign [Member] | Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 460.1 | 499.9 | |
Foreign [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.8 | 14.8 | |
Foreign [Member] | Total Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 473.9 | 514.7 | |
Foreign [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.6 | 1.9 | |
Foreign [Member] | Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7.6 | 1.9 | |
Foreign [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 460.1 | 499.9 | |
Foreign [Member] | Level 2 [Member] | Investment Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 460.1 | 499.9 | |
Foreign [Member] | Level 2 [Member] | Total Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 460.1 | 499.9 | |
Foreign [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.8 | 14.8 | $ 14.2 |
Foreign [Member] | Level 3 [Member] | Insurance Contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.8 | 14.8 | |
Foreign [Member] | Level 3 [Member] | Total Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 13.8 | $ 14.8 |
Employee Benefit Plans - Summ81
Employee Benefit Plans - Summary of Fair Value of Plans Assets (Parenthetical) (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Domestic [Member] | US Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 30.30% | 31.00% |
Domestic [Member] | Non-US Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 19.60% | 18.10% |
Domestic [Member] | US Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 45.10% | 45.90% |
Domestic [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 5.00% | 5.00% |
Foreign [Member] | US Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 11.60% | 11.10% |
Foreign [Member] | Non-US Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 29.70% | 35.90% |
Foreign [Member] | US Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 4.10% | 3.60% |
Foreign [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 12.40% | 10.40% |
Foreign [Member] | Non-US Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 24.20% | 9.50% |
Foreign [Member] | US Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 0.30% | 0.70% |
Foreign [Member] | Non-US Government Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Investment funds percentage | 17.70% | 28.80% |
Employee Benefit Plans - Summ82
Employee Benefit Plans - Summary of Changes in Foreign Plans Assets Valued Using Significant Unobservable Inputs (Detail) - Foreign [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning Balance | $ 516.6 | $ 466.3 |
Actual return on plan assets: | ||
Foreign exchange | (40.6) | (38.1) |
Ending Balance | 481.5 | 516.6 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning Balance | 14.8 | 14.2 |
Actual return on plan assets: | ||
Related to assets still held at year end | 0.6 | 2 |
Purchases, sales and settlements, net | (0.1) | 0.6 |
Foreign exchange | (1.5) | (2) |
Ending Balance | $ 13.8 | $ 14.8 |
Employee Benefit Plans - Sche83
Employee Benefit Plans - Schedule of Benefit Payments (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Domestic [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 32.4 |
2,017 | 34 |
2,018 | 35.5 |
2,019 | 37.2 |
2,020 | 38.4 |
2021 through 2025 | 210.5 |
Foreign [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 17.5 |
2,017 | 19.3 |
2,018 | 19.3 |
2,019 | 22.8 |
2,020 | 21 |
2021 through 2025 | 114.9 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 49.9 |
2,017 | 53.3 |
2,018 | 54.8 |
2,019 | 60 |
2,020 | 59.4 |
2021 through 2025 | 325.4 |
Other Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 0.5 |
2,017 | 0.5 |
2,018 | 0.6 |
2,019 | 0.6 |
2,020 | 0.1 |
2021 through 2025 | $ 0.4 |
Employee Benefit Plans - Sche84
Employee Benefit Plans - Schedule of Company's Participation in Multi Employer Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Multiemployer Plans [Line Items] | |||
Total contributions | $ 2.6 | $ 2.6 | $ 2.6 |
Western Conference of Teamsters Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN Number | 916,145,047 | ||
Pension Plan Number | 1 | ||
Funding improvement plan and rehabilitation plan status | No | ||
PPA zone status | Green | Green | |
Total contributions | $ 1.4 | $ 1.4 | 1.4 |
Multiemployer plan, surcharge imposed | No | ||
Collective bargaining arrangement expiration date first | Jan. 22, 2015 | ||
Collective bargaining arrangement expiration date last | Jul. 31, 2017 | ||
Central States, Southeast and Southwest Areas Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN Number | 366,044,243 | ||
Pension Plan Number | 1 | ||
Funding improvement plan and rehabilitation plan status | Implemented | ||
PPA zone status | Red | Red | |
Total contributions | $ 1.1 | $ 1.1 | 1.1 |
PPA zone status date | Jan. 1, 2014 | ||
Multiemployer plan, surcharge imposed | No | ||
Collective bargaining arrangement expiration date first | Jan. 15, 2015 | ||
Collective bargaining arrangement expiration date last | Jan. 31, 2018 | ||
New England Teamsters and Trucking Industry Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
EIN Number | 46,372,430 | ||
Pension Plan Number | 1 | ||
Funding improvement plan and rehabilitation plan status | Implemented | ||
PPA zone status | Red | Red | |
Total contributions | $ 0.1 | $ 0.1 | $ 0.1 |
PPA zone status date | Oct. 1, 2014 | Oct. 1, 2013 | |
Multiemployer plan, surcharge imposed | No | ||
Collective bargaining arrangement expiration date | Jun. 30, 2017 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 7.5 | $ 12.1 | $ 15.1 |
Tax benefit relating to stock-based compensation expense | $ 2.6 | $ 4.2 | $ 4.1 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration period | 10 years | ||
Unrecognized stock-based compensation expense, options | $ 4.6 | ||
Unrecognized stock-based compensation expense, period | 1 year 10 months 24 days | ||
Weighted-average grant-date fair value | $ 6.78 | $ 7.21 | $ 5.87 |
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Unrecognized stock-based compensation expense, period | 9 months 18 days | ||
Unrecognized stock-based compensation expense, other than options | $ 1.6 | ||
Weighted-average grant-date fair value | $ 27 | $ 18.54 | |
Number of shares granted | 54,552 | 0 | |
Restricted Stock [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 12 months | ||
2011 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 5,000,000 | ||
2015 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized | 4,000,000 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Share-based Compensation Stock Options Activity (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of stock options outstanding, beginning balance | shares | 4,883,752 |
Number of stock options, granted | shares | 950,505 |
Number of stock options, exercised | shares | (156,128) |
Number of stock options, forfeited | shares | (590,103) |
Number of stock options outstanding, ending balance | shares | 5,088,026 |
Number of stock options, exercisable | shares | 3,409,317 |
Number of stock options, expected to vest | shares | 1,510,838 |
Weighted average exercise price outstanding,beginning balance | $ / shares | $ 19.57 |
Weighted average exercise price, granted | $ / shares | 21.45 |
Weighted average exercise price, exercised | $ / shares | 19.28 |
Weighted average exercise price, forfeited | $ / shares | 20.64 |
Weighted average exercise price Outstanding,ending balance | $ / shares | 19.81 |
Weighted average exercise price, exercisable | $ / shares | 19.59 |
Weighted average exercise price, expected to vest | $ / shares | $ 20.24 |
Weighted-average remaining contractual term, exercisable (in years) | 6 years 3 months 18 days |
Weighted-average remaining contractual term, expected to vest (in years) | 8 years 3 months 18 days |
Aggregate intrinsic value,exercisable | $ | $ 1.3 |
Aggregate intrinsic value,expected to vest | $ | $ 0.6 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock, nonvested, beginning balance | 352,737 | ||
Restricted stock, granted | 54,552 | 0 | |
Restricted stock, vested | (151,173) | ||
Restricted stock, forfeited | (18,897) | ||
Restricted stock, nonvested, ending balance | 237,219 | 352,737 | |
Weighted average grant-date fair value, nonvested, beginning balance | $ 20.35 | ||
Weighted average grant-date fair value, granted | 27 | $ 18.54 | |
Weighted average grant-date fair value, vested | 20.66 | ||
Weighted average grant-date fair value, forfeited | 18.54 | ||
Weighted average grant-date fair value, nonvested, ending balance | $ 21.83 | $ 20.35 |
Stock-Based Compensation - Su88
Stock-Based Compensation - Summary of Weighted Average Assumptions Used Under Black Scholes Merton Option Valuation Model (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.70% | 1.80% | 1.50% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 28.30% | 34.50% | 35.70% |
Expected term (years) | 6 years 2 months 12 days | 6 years | 6 years 1 month 6 days |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award expiration period | 10 years |
Stock-Based Compensation - Su89
Stock-Based Compensation - Summary of Additional Stock Based Compensation Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total intrinsic value of stock options exercised | $ 0.4 | $ 1.1 | $ 0.1 |
Fair value of restricted stock vested | $ 2.9 | $ 3 | $ 1.8 |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (208.2) | $ (81.7) |
Other comprehensive loss before reclassifications | (215.6) | (123) |
Amounts reclassified from accumulated other comprehensive loss | (0.6) | (3.5) |
Net current period other comprehensive (loss) income | (216.2) | (126.5) |
Ending balance | (424.4) | (208.2) |
Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (3.7) | (2.8) |
Other comprehensive loss before reclassifications | (3) | (4.7) |
Amounts reclassified from accumulated other comprehensive loss | 6.7 | 3.8 |
Net current period other comprehensive (loss) income | 3.7 | (0.9) |
Ending balance | (3.7) | |
Defined Benefit Pension Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 10.3 | 17.6 |
Amounts reclassified from accumulated other comprehensive loss | (7.3) | (7.3) |
Net current period other comprehensive (loss) income | (7.3) | (7.3) |
Ending balance | 3 | 10.3 |
Currency Translation Items [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (214.8) | (96.5) |
Other comprehensive loss before reclassifications | (212.6) | (118.3) |
Net current period other comprehensive (loss) income | (212.6) | (118.3) |
Ending balance | $ (427.4) | $ (214.8) |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive Loss - Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | $ 211.3 | $ 258.8 | $ 305.5 | ||||||||
Warehousing, selling and administrative | (874.4) | (923.5) | (951.7) | ||||||||
Other (expense) income, net | (23.2) | 1.1 | (17.6) | ||||||||
Income tax expense (benefit) | 10.2 | (15.8) | (9.8) | ||||||||
Net of tax | $ 2.9 | $ (12.1) | $ 12.4 | $ (19.7) | $ 82.6 | $ (45.8) | $ (19.5) | $ 2.8 | (16.5) | 20.1 | $ 82.3 |
Total reclassifications for the period | (0.6) | (3.5) | |||||||||
Cash Flow Hedges [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | 6.7 | 3.8 | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Warehousing, selling and administrative | (11.9) | (11.9) | |||||||||
Income tax expense (benefit) | 4.6 | 4.6 | |||||||||
Net of tax | (7.3) | (7.3) | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Interest Rate Swap Contracts [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Interest expense | 3.1 | 5.9 | |||||||||
Other (expense) income, net | 7.5 | ||||||||||
Income tax expense (benefit) | (3.9) | (2.1) | |||||||||
Net of tax | $ 6.7 | $ 3.8 |
Property, Plant and Equipment92
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | |||
Less: Accumulated depreciation | $ (723.5) | $ (644.8) | |
Subtotal | 1,010.5 | 977.9 | |
Property, plant and equipment, net | 1,082.5 | 1,032.3 | $ 1,097.1 |
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 778 | 784.2 | |
Tank Farms [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 239.9 | 212.2 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 716.1 | 626.3 | |
Work in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 72 | $ 54.4 |
Property, Plant and Equipment93
Property, Plant and Equipment, Net - Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leases, Balance Sheet, Assets by Major Class, Net [Abstract] | ||
Capital lease assets, at cost | $ 63.5 | $ 2.6 |
Less: accumulated depreciation | (7.5) | |
Capital lease assets, net | $ 56 | $ 2.6 |
Property, Plant and Equipment94
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized interest on capital projects | $ 0.9 | $ 0.5 | $ 2.4 |
Write-off of Capitalized Software Costs [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Impairment charge | $ 58 |
Goodwill and Intangible Asset95
Goodwill and Intangible Assets - Summary of the Activity in Goodwill by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 1,767.6 | $ 1,788.4 |
Additions | 65.2 | 26.6 |
Purchase price adjustments | (0.6) | |
Foreign exchange | (87.1) | (47.4) |
Ending Balance | 1,745.1 | 1,767.6 |
USA [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,254 | 1,254 |
Additions | 52.1 | |
Ending Balance | 1,306.1 | 1,254 |
Canada [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 488.7 | 534.4 |
Additions | 10.9 | |
Foreign exchange | (78.9) | (45.7) |
Ending Balance | 420.7 | 488.7 |
EMEA [Member] | ||
Goodwill [Line Items] | ||
Additions | 2.2 | |
Foreign exchange | (0.1) | |
Ending Balance | 2.1 | |
Latin America and Asia-Pacific Region [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 24.9 | |
Additions | 26.6 | |
Purchase price adjustments | (0.6) | |
Foreign exchange | (8.1) | (1.7) |
Ending Balance | $ 16.2 | $ 24.9 |
Goodwill and Intangible Asset96
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | Sep. 01, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2014 |
Goodwill [Line Items] | ||||
Accumulated impairment losses | $ 261.4 | $ 296.6 | $ 331.9 | |
Latin America and Asia-Pacific Region [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill impairment charges | $ 73.3 |
Goodwill and Intangible Asset97
Goodwill and Intangible Assets - Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,100.6 | $ 1,092.3 |
Accumulated Amortization | (581.7) | (517.4) |
Net | 518.9 | 574.9 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 930.1 | 930.7 |
Accumulated Amortization | (446.6) | (390.8) |
Net | 483.5 | 539.9 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 170.5 | 161.6 |
Accumulated Amortization | (135.1) | (126.6) |
Net | $ 35.4 | $ 35 |
Goodwill and Intangible Asset98
Goodwill and Intangible Assets - Summary of Estimated Annual Amortization Expense (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 88.5 |
2,017 | 79.3 |
2,018 | 66.4 |
2,019 | 60.2 |
2,020 | $ 56.1 |
Other Accrued Expenses - Additi
Other Accrued Expenses - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Customer prepayments and deposits | $ 60.1 | $ 83.2 |
Debt - Summary of Short Term Fi
Debt - Summary of Short Term Financing (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Amounts drawn under credit facilities | $ 13.4 | $ 32.7 |
Bank overdrafts | 20.1 | 28.4 |
Total | $ 33.5 | $ 61.1 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jul. 28, 2015USD ($) | Jul. 01, 2015USD ($) | Jul. 01, 2015EUR (€) | Jun. 23, 2015USD ($) | Mar. 24, 2014EUR (€) | Mar. 27, 2013USD ($) | Mar. 25, 2013USD ($) | Feb. 22, 2013USD ($) | Feb. 22, 2013EUR (€) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015EUR (€) | Jul. 01, 2015EUR (€) | Feb. 22, 2013EUR (€) |
Debt Disclosure [Line Items] | |||||||||||||||||
Weighted average interest rate on short term financing | 2.40% | 2.70% | 2.40% | ||||||||||||||
Outstanding letters of credit and guarantee | $ 172,400,000 | $ 184,700,000 | |||||||||||||||
Payment of remaining principal balance | $ 650,000,000 | 3,547,800,000 | 79,200,000 | $ 579,400,000 | |||||||||||||
Debt refinancing costs | $ 16,500,000 | 16,500,000 | 6,200,000 | ||||||||||||||
Loss on extinguishment of debt | $ 4,800,000 | $ 7,300,000 | $ 12,100,000 | 1,200,000 | 2,500,000 | ||||||||||||
Percentage of assets pledged | 65.00% | 65.00% | |||||||||||||||
Senior Term B Loan US Dollar Denominated Tranche [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, first payment date | Dec. 31, 2015 | Dec. 31, 2015 | |||||||||||||||
Debt instrument, face amount | $ 2,050,000,000 | ||||||||||||||||
Debt instrument, amount payable in installments | $ 5,100,000 | ||||||||||||||||
Debt instrument, frequency of payments | per quarter | per quarter | |||||||||||||||
Debt instrument, maturity date | Jul. 1, 2022 | Jul. 1, 2022 | |||||||||||||||
Senior Term B Loan US Dollar Denominated Tranche [Member] | LIBOR Floor Rate [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, credit spread on variable interest rate | 3.25% | 3.25% | |||||||||||||||
LIBOR floor rate | 1.00% | 1.00% | |||||||||||||||
Senior Term B Loan Euro Dollar Denominated Tranche [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, first payment date | Dec. 31, 2015 | Dec. 31, 2015 | |||||||||||||||
Debt instrument, face amount | € | € 250,000,000 | ||||||||||||||||
Debt instrument, amount payable in installments | € | € 600,000 | ||||||||||||||||
Debt instrument, frequency of payments | per quarter | per quarter | |||||||||||||||
Debt instrument, maturity date | Jul. 1, 2022 | Jul. 1, 2022 | |||||||||||||||
Senior Term B Loan Euro Dollar Denominated Tranche [Member] | LIBOR Floor Rate [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, credit spread on variable interest rate | 3.25% | 3.25% | |||||||||||||||
LIBOR floor rate | 1.00% | 1.00% | |||||||||||||||
Unsecured Notes [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||||||||||
Debt instrument, frequency of payments | semi-annually | semi-annually | |||||||||||||||
Debt instrument, maturity date | Jul. 15, 2023 | Jul. 15, 2023 | |||||||||||||||
Debt instrument, fixed interest rate | 6.75% | 6.75% | |||||||||||||||
Term B Loan Due 2017 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Payment of remaining principal balance | $ 2,669,200,000 | ||||||||||||||||
Term loan | 2,683,200,000 | ||||||||||||||||
Euro Tranche Term Loan Due 2017 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Payment of remaining principal balance | $ 141,200,000 | € 126,800,000 | |||||||||||||||
Term loan | $ 154,600,000 | ||||||||||||||||
North American ABL Term Loan [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, first payment date | Dec. 31, 2016 | ||||||||||||||||
Senior Subordinated Notes Due 2018 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Interest rate of notes payable | 10.50% | ||||||||||||||||
Term loan | $ 50,000,000 | ||||||||||||||||
North American ABL Facility Maturing November 30, 2015 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,100,000,000 | ||||||||||||||||
Line of credit facility, maturity date | Nov. 30, 2015 | ||||||||||||||||
North American ABL Facility Maturing March 23, 2018 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,300,000,000 | ||||||||||||||||
Line of credit facility, maturity date | Mar. 23, 2018 | ||||||||||||||||
Loss on extinguishment of debt | $ 2,500,000 | ||||||||||||||||
North American ABL Term Loan Maturing March 25, 2016 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, maturity date | Mar. 25, 2016 | ||||||||||||||||
Term loan | $ 100,000,000 | ||||||||||||||||
Term B Loan Due 2017 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
LIBOR floor rate | 1.50% | ||||||||||||||||
Debt instrument, amount payable in installments | $ 7,000,000 | ||||||||||||||||
Debt refinancing costs | 6,200,000 | ||||||||||||||||
Amended additional borrowings | $ 250,000,000 | ||||||||||||||||
Euro Tranche Term Loan [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, face amount | € | € 130,000,000 | ||||||||||||||||
Debt instrument, amount payable in installments | € | € 300,000 | ||||||||||||||||
July 2015 Debt Refinancing Activity [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Loss on extinguishment of debt | $ 4,800,000 | ||||||||||||||||
New NA ABL Facility [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, commencement date | Jul. 28, 2015 | ||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,300,000,000 | ||||||||||||||||
Line of credit facility, maturity date | Jul. 28, 2020 | ||||||||||||||||
Line of credit facility, unused line fee | 0.375% | ||||||||||||||||
Line of credit facility, current borrowing capacity | $ 375,000,000 | ||||||||||||||||
New NA ABL Facility [Member] | Minimum [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, unused line fee | 0.25% | ||||||||||||||||
New NA ABL Facility [Member] | Maximum [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, unused line fee | 0.375% | ||||||||||||||||
New NA ABL Facility [Member] | Revolving Loan Tranche [Member ] | US Subsidiaries [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||||||||||||||
New NA ABL Facility [Member] | Revolving Loan Tranche [Member ] | Canadian Subsidiaries [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 300,000,000 | ||||||||||||||||
New NA ABL Facility [Member] | New North American ABL Term Loan [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 100,000,000 | ||||||||||||||||
North American ABL Facility [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 1,400,000,000 | ||||||||||||||||
Line of credit facility, amount of termination | $ 1,400,000,000 | ||||||||||||||||
European ABL Facility Due 2019 (Euro ABL Due 2019) [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | € | € 200,000,000 | ||||||||||||||||
Debt instrument, maturity date | Mar. 22, 2019 | ||||||||||||||||
European ABL Facility Due 2019 (Euro ABL Due 2019) [Member] | Minimum [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, unused line fee | 0.25% | ||||||||||||||||
European ABL Facility Due 2019 (Euro ABL Due 2019) [Member] | Maximum [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, unused line fee | 0.50% | ||||||||||||||||
Subordinated Debt [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Loss on extinguishment of debt | $ 7,300,000 | ||||||||||||||||
Remaining notes payable | $ 650,000,000 | ||||||||||||||||
Interest rate of notes payable | 10.50% | ||||||||||||||||
Subordinated Debt [Member] | Scenario, Previously Reported [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Interest rate of notes payable | 12.00% | ||||||||||||||||
Subordinated Debt [Member] | Senior Subordinated Notes Due 2018 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 400,000,000 | ||||||||||||||||
Payment of remaining principal balance | 350,000,000 | ||||||||||||||||
Write off - unamortized deferred financing fees and discount | 6,100,000 | ||||||||||||||||
Prepayment premium | $ 21,000,000 | ||||||||||||||||
Euro ABL Due 2019 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | € | € 200,000,000 | ||||||||||||||||
Line of credit facility, unused line fee | 0.50% | 0.50% | |||||||||||||||
Line of credit facility, current borrowing capacity | $ 114,000,000 | $ 99,200,000 | |||||||||||||||
Old North American ABL Facility [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, unused line fee | 0.50% | ||||||||||||||||
Line of credit facility, current borrowing capacity | $ 577,400,000 | ||||||||||||||||
ABL Facility Maturing December 31, 2016 [Member] | |||||||||||||||||
Debt Disclosure [Line Items] | |||||||||||||||||
Line of credit facility, amount of termination | € | € 68,000,000 | ||||||||||||||||
Debt instrument, maturity date | Dec. 31, 2016 | ||||||||||||||||
Loss on extinguishment of debt | $ 1,200,000 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 57.3 | $ 2.6 |
Total long-term debt before discount | 3,151 | 3,842.7 |
Less: unamortized debt issuance costs and discount on debt | (33.7) | (31.4) |
Total long-term debt | 3,117.3 | 3,811.3 |
Less: current maturities | (59.9) | (80.7) |
Total long-term debt, excluding current maturities | 3,057.4 | 3,730.6 |
Term B Loan Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 2,044.9 | |
Euro Tranche Term Loan Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 270.8 | |
Term B Loan Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 2,683.2 | |
Euro Tranche Term Loan Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 154.6 | |
North American ABL Facility Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 278 | |
North American ABL Term Loan Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 100 | |
European ABL Facility Due 2019 (Euro ABL Due 2019) [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 36.3 | |
North American ABL Facility Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 266 | |
North American ABL Term Loan Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 50 | |
Unsecured Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 400 | |
Senior Subordinated Notes Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | 600 | |
Senior Subordinated Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 50 |
Debt - Schedule of Long Term103
Debt - Schedule of Long Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Term B Loan Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 4.25% | |
Year maturing | 2,022 | |
Euro Tranche Term Loan Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 4.25% | |
Year maturing | 2,022 | |
Term B Loan Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 5.00% | |
Year maturing | 2,017 | |
Termination date | 2015-07 | |
Euro Tranche Term Loan Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 5.25% | |
Year maturing | 2,017 | |
Termination date | 2015-07 | |
North American ABL Facility Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 2.13% | |
Year maturing | 2,020 | |
North American ABL Term Loan Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 3.36% | |
Year maturing | 2,018 | |
European ABL Facility Due 2019 (Euro ABL Due 2019) [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 2.01% | |
Year maturing | 2,019 | |
North American ABL Facility Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 2.10% | |
Year maturing | 2,018 | |
Termination date | 2015-07 | |
North American ABL Term Loan Due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 3.51% | |
Year maturing | 2,016 | |
Termination date | 2015-07 | |
Unsecured Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 6.75% | |
Year maturing | 2,023 | |
Senior Subordinated Notes Due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 10.50% | |
Year maturing | 2,017 | |
Termination date | 2015-06 | |
Senior Subordinated Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Fixed interest rate | 10.50% | |
Year maturing | 2,018 | |
Termination date | 2015-06 |
Debt - Future Contractual Matur
Debt - Future Contractual Maturities of Long-term Debt Excluding Capital Lease Obligations (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 39.9 |
2,017 | 89.9 |
2,018 | 40 |
2,019 | 23.2 |
2,020 | $ 301.2 |
Debt - Summary of Assets Pledge
Debt - Summary of Assets Pledged Under North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and Euro ABL (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Amount of assets pledged | $ 2,617.4 | $ 2,915.4 |
Cash [Member] | ||
Debt Instrument [Line Items] | ||
Amount of assets pledged | 68.1 | 91.1 |
Trade Accounts Receivable, Net [Member] | ||
Debt Instrument [Line Items] | ||
Amount of assets pledged | 857.8 | 1,054.6 |
Inventories [Member] | ||
Debt Instrument [Line Items] | ||
Amount of assets pledged | 691.9 | 805.7 |
Prepaids and Other Current Assets [Member] | ||
Debt Instrument [Line Items] | ||
Amount of assets pledged | 105 | 142.1 |
Property, Plant and Equipment, Net [Member] | ||
Debt Instrument [Line Items] | ||
Amount of assets pledged | $ 894.6 | $ 821.9 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial noncurrent liabilities | $ 8.8 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Currency Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial current assets | 0.2 | $ 0.5 |
Financial current liabilities | 0.2 | 0.9 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial noncurrent assets | 1.6 | |
Financial current liabilities | 5.3 | $ 7.3 |
Financial noncurrent liabilities | 0.5 | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial noncurrent liabilities | $ 8.7 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Forward Currency Contracts [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaids and Other Current Assets [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Forward currency contract asset fair value | $ 0.2 | $ 0.1 |
Other Accrued Expenses [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Forward currency contract liability fair value | $ 0.2 | $ 0.5 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) (Detail) - Contingent Consideration [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value beginning balance | $ 1 | |
Additions | $ 8.8 | |
Fair value adjustments | $ (1) | |
Foreign currency | (0.1) | |
Fair value ending balance | $ 8.7 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt including current portion, carrying amount | $ 3,117.3 | $ 3,811.3 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt including current portion, carrying amount | 3,117.3 | 3,811.3 |
Long-term debt including current portion, fair value | $ 3,056.5 | $ 3,780.4 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) | Jul. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net loss due to discontinuing hedge accounting | $ 4,700,000 | |||
Undesignated Forward Currency Contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | 107,500,000 | $ 127,400,000 | ||
Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Tax expense (benefit) allocated to other comprehensive income | $ 2,800,000 | |||
Minimum [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative instruments term | 1 month | |||
Maximum [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative instruments term | 3 months | |||
LIBOR Floor Rate [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Cap interest rate | 2.25% | |||
Term B Loan Due 2017 [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
LIBOR floor rate | 1.50% | |||
Senior Term Loan Facility [Member] | LIBOR Floor Rate [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
LIBOR floor rate | 1.00% | 1.50% | ||
Debt instrument, credit spread on variable interest rate | 3.25% | 3.50% | ||
Interest Rate Swap Contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | $ 2,000,000,000 | $ 2,000,000,000 | ||
Fixed interest rate (weighted average) | 1.64% | 1.64% | ||
Floor interest rate | 1.25% | 1.25% | ||
Variable interest rate of interest rate swap contract | Greater of 1.25% or three-month LIBOR | |||
Interest Rate Caps [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | $ 250,000,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Millions | May. 16, 2013USD ($) | Dec. 31, 2015USD ($)Business | Dec. 16, 2015 | Dec. 01, 2015 | Nov. 03, 2015 | Oct. 02, 2015 | Apr. 10, 2015 | Nov. 03, 2014 |
Business Acquisition [Line Items] | ||||||||
Number of business acquired | Business | 6 | |||||||
Total purchase price | $ 171.1 | |||||||
Business acquisition net sales | 28.1 | |||||||
Business acquisition net income | 0.9 | |||||||
Costs directly attributable to the acquisitions | 2 | |||||||
Fair value of contingent consideration | 8.8 | |||||||
Contingent consideration liability, noncurrent | 8.8 | |||||||
Net sales of acquired companies | 38.3 | |||||||
Net income of acquired companies | 1.9 | |||||||
Definite lived intangible assets | $ 56.2 | |||||||
Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets useful life | 2 years | |||||||
Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets useful life | 20 years | |||||||
Other Long-Term Liabilities [Member] | Minimum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Earn out period | 2 years | |||||||
Other Long-Term Liabilities [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Earn out period | 3 years | |||||||
Key Chemical, Inc. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
Future Transfer Co, Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
BlueStar Distribution Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
BDI Distribution West Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
Arrow Chemical, Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
Weaver Town Oil Services Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
Weavertown Transport Leasing Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
Polymer Technologies Ltd [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
D'Altomare Quimica Ltda. [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of equity interest acquired | 100.00% | |||||||
Quimicompuestos [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase price | $ 92.4 | |||||||
Percentage of equity interest acquired | 100.00% | |||||||
Costs directly attributable to the acquisitions | $ 7.5 | |||||||
Fair value of contingent consideration | 0.2 | |||||||
Earnout obligation | $ 5 | |||||||
Weighted average amortization period | 8 years 2 months 12 days | |||||||
Definite lived intangible assets | $ 30.6 | |||||||
Quimicompuestos [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Definite lived intangible assets | $ 19.9 | |||||||
Intangible assets useful life | 11 years | |||||||
Quimicompuestos [Member] | Non-compete Agreements [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Definite lived intangible assets | $ 10 | |||||||
Intangible assets useful life | 3 years | |||||||
Future Blue Star [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of contingent consideration | $ 2.8 | |||||||
Future Blue Star [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Earnout obligation | 0 | |||||||
WEG [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase price | 69.5 | |||||||
Fair value of contingent consideration | 3 | |||||||
Definite lived intangible assets | 25.1 | |||||||
WEG [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Earnout obligation | 10 | |||||||
WEG [Member] | Other Long-Term Liabilities [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of contingent consideration | $ 3 | |||||||
WEG [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Weighted average amortization period | 12 years | |||||||
Other Acquisitions [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase price | $ 101.6 | |||||||
Fair value of contingent consideration | 5.8 | |||||||
Definite lived intangible assets | 31.1 | |||||||
Other Acquisitions [Member] | Other Long-Term Liabilities [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Fair value of contingent consideration | $ 5.8 | |||||||
Other Acquisitions [Member] | Customer Relationships [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Weighted average amortization period | 10 years 2 months 12 days | |||||||
Arrow Chemical and Polymer [Member] | Maximum [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Earnout obligation | $ 4.4 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Allocation for Acquisition (Detail) - USD ($) $ in Millions | May. 16, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Purchase price: | |||
Cash consideration | $ 161.5 | ||
Contingent consideration | 8.8 | ||
Other liability consideration | 0.8 | ||
Total purchase price | 171.1 | ||
Allocation: | |||
Cash and cash equivalents | 8.1 | ||
Trade accounts receivable, net | 19.8 | ||
Inventories | 6.8 | ||
Prepaid expenses and other current assets | 1.8 | ||
Property, plant and equipment, net | 27.4 | ||
Definite lived intangible assets | 56.2 | ||
Deferred tax assets, net | 0.2 | ||
Goodwill | 65.2 | $ 26.6 | |
Trade accounts payable | (9.1) | ||
Other accrued expenses | (2.2) | ||
Deferred tax liabilities | (3.1) | ||
Total allocation | 171.1 | ||
Quimicompuestos [Member] | |||
Purchase price: | |||
Cash consideration | $ 92.2 | ||
Contingent consideration | 0.2 | ||
Total purchase price | 92.4 | ||
Allocation: | |||
Cash and cash equivalents | 3.5 | ||
Trade accounts receivable, net | 31.2 | ||
Inventories | 12.9 | ||
Prepaid expenses and other current assets | 9 | ||
Property, plant and equipment, net | 18.6 | ||
Definite lived intangible assets | 30.6 | ||
Deferred tax assets, net | 0.7 | ||
Goodwill | 35 | ||
Trade accounts payable | (25.3) | ||
Accrued compensation and other accrued expenses | (15) | ||
Deferred tax liabilities | (8.8) | ||
Total allocation | $ 92.4 | ||
WEG [Member] | |||
Purchase price: | |||
Cash consideration | 66.5 | ||
Contingent consideration | 3 | ||
Total purchase price | 69.5 | ||
Allocation: | |||
Cash and cash equivalents | 1.1 | ||
Trade accounts receivable, net | 7.7 | ||
Inventories | 0.5 | ||
Prepaid expenses and other current assets | 0.4 | ||
Property, plant and equipment, net | 13.3 | ||
Definite lived intangible assets | 25.1 | ||
Goodwill | 23.4 | ||
Trade accounts payable | (1.5) | ||
Other accrued expenses | (0.5) | ||
Total allocation | 69.5 | ||
Other Acquisitions [Member] | |||
Purchase price: | |||
Cash consideration | 95 | ||
Contingent consideration | 5.8 | ||
Other liability consideration | 0.8 | ||
Total purchase price | 101.6 | ||
Allocation: | |||
Cash and cash equivalents | 7 | ||
Trade accounts receivable, net | 12.1 | ||
Inventories | 6.3 | ||
Prepaid expenses and other current assets | 1.4 | ||
Property, plant and equipment, net | 14.1 | ||
Definite lived intangible assets | 31.1 | ||
Deferred tax assets, net | 0.2 | ||
Goodwill | 41.8 | ||
Trade accounts payable | (7.6) | ||
Other accrued expenses | (1.7) | ||
Deferred tax liabilities | (3.1) | ||
Total allocation | $ 101.6 |
Business Combinations - Summ113
Business Combinations - Summary of Acquired Intangible Assets Subject to Amortization (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 56.2 |
WEG [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 24.2 |
Weighted average amortization period in years | 12 years |
WEG [Member] | Other [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 0.9 |
Weighted average amortization period in years | 3 years |
Other Acquisitions [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 17.8 |
Weighted average amortization period in years | 10 years 2 months 12 days |
Other Acquisitions [Member] | Other [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 13.3 |
Weighted average amortization period in years | 8 years 10 months 24 days |
Business Combinations - Summ114
Business Combinations - Summary of Proforrma Results (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Net sales | $ 9,078.3 | $ 10,524.4 |
Net income (loss) | $ 23.6 | $ (7.7) |
Income (loss) per common share - diluted | $ 0.20 | $ (0.08) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands | Aug. 06, 2015USD ($) | Jul. 21, 2014USD ($) | Dec. 31, 2015USD ($)ClaimsLocationsite | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013EUR (€) | Jan. 26, 2015gal |
Other Commitments [Line Items] | |||||||
Rental and operating lease expense | $ 93,700,000 | $ 107,400,000 | $ 104,400,000 | ||||
Applicability and impact of environmental laws | The Company is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively "environmental remediation work") at approximately 0 locations, some that are now or were previously Company-owned/occupied and some that were never Company-owned/occupied ("non-owned sites"). | ||||||
Number of locations impacted by environmental laws and regulations | Location | 130 | ||||||
Number of company owned/occupied sites requiring environmental remediation work | site | 103 | ||||||
Number of non owned sites liable for a share of clean-up | site | 27 | ||||||
Estimated life of project, minimum | 2 years | ||||||
Estimated life of project, maximum | 30 years | ||||||
Capacity of plastic container | gal | 300 | ||||||
Environmental payments | $ 17,800,000 | 17,500,000 | |||||
Accrued environmental loss contingencies, current | 35,500,000 | 31,100,000 | |||||
Discount on environmental liabilities | $ 2,300,000 | $ 2,200,000 | |||||
Discount rate used in the present value calculation | 2.30% | 2.20% | |||||
Expected payments for environmental remediation in next year | $ 35,500,000 | ||||||
Fine paid | $ 19,910,000 | € 15,180 | |||||
Magnablend Inc [Member] | |||||||
Other Commitments [Line Items] | |||||||
Environmental payments | 37,500 | ||||||
DOJ [Member] | |||||||
Other Commitments [Line Items] | |||||||
Penalty sought | $ 84,000,000 | ||||||
CBP [Member] | |||||||
Other Commitments [Line Items] | |||||||
Penalty sought | $ 84,000,000 | ||||||
Projects With Uncertain Timing [Member] | |||||||
Other Commitments [Line Items] | |||||||
Expected payments for environmental remediation in next year | $ 14,300,000 | ||||||
Maximum [Member] | |||||||
Other Commitments [Line Items] | |||||||
Number of asbestos-related claims | Claims | 185 |
Commitments and Contingencie116
Commitments and Contingencies - Summary of Minimum Rental Commitments under Non-cancelable Operating Leases and Capital Lease Obligations (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 62.8 |
2,017 | 50.6 |
2,018 | 41.1 |
2,019 | 37.1 |
2,020 | 30.4 |
More than five years | 63.4 |
Total | 285.4 |
2,016 | 20 |
2,017 | 9 |
2,018 | 7.3 |
2,019 | 6.3 |
2,020 | 5.4 |
More than five years | 9.3 |
Total | $ 57.3 |
Commitments and Contingencie117
Commitments and Contingencies - Changes in Total Environmental Liabilities (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Environmental liabilities at beginning of period | $ 120.3 | $ 137 |
Revised obligation estimates | 11.3 | 1.9 |
Environmental payments | (17.8) | (17.5) |
Foreign exchange | (0.6) | (1.1) |
Environmental liabilities at end of period | $ 113.2 | $ 120.3 |
Commitments and Contingencie118
Commitments and Contingencies - Schedule of Expected Payments for Environmental Remediation (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Accrual for Environmental Loss Contingencies, Gross, Rolling Maturity [Abstract] | |
2,016 | $ 35.5 |
2,017 | 15.4 |
2,018 | 10.7 |
2,019 | 9.1 |
2,020 | 8.4 |
Thereafter | 36.4 |
Total | $ 115.5 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ||||
Advisory fees to CD&R and CVC | $ 2.8 | $ 5.9 | $ 5.2 | |
Contract termination fees to CVC and CD&R | $ 26.2 | $ 26.2 |
Related Party Transactions - Su
Related Party Transactions - Summary of Sales and Purchases with Related Parties (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CVC [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to affiliate companies | $ 1.9 | $ 9.1 | $ 10.5 |
Purchases from affiliate companies | 8.8 | 10.2 | 19 |
CD&R [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to affiliate companies | 29.7 | 20.9 | 3.5 |
Purchases from affiliate companies | 19.9 | $ 21.6 | $ 0.4 |
Temasek [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to affiliate companies | 19.8 | ||
Purchases from affiliate companies | $ 0.1 |
Related Party Transactions -121
Related Party Transactions - Summary of Receivables Due from and Payables Due to Related Parties (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ||
Due from affiliates | $ 4.1 | $ 3.9 |
Due to affiliates | $ 6.6 | $ 1.7 |
Segments - Company's Segment In
Segments - Company's Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 1,966.3 | $ 2,206.3 | $ 2,510.1 | $ 2,299.1 | $ 2,387.2 | $ 2,608.9 | $ 2,861.4 | $ 2,516.4 | $ 8,981.8 | $ 10,373.9 | $ 10,324.6 |
Cost of goods sold (exclusive of depreciation) | 7,182.7 | 8,443.2 | 8,448.7 | ||||||||
Gross profit | 419.8 | 450.5 | 467.2 | 461.6 | 464.7 | 493.1 | 500.5 | 472.4 | 1,799.1 | 1,930.7 | 1,875.9 |
Outbound freight and handling | 324.6 | 365.5 | 326 | ||||||||
Warehousing, selling and administrative | 874.4 | 923.5 | 951.7 | ||||||||
Adjusted EBITDA | 600.1 | 641.7 | 598.2 | ||||||||
Other operating expenses, net | 106.1 | 197.1 | 12 | ||||||||
Depreciation | 136.5 | 133.5 | 128.1 | ||||||||
Amortization | 88.5 | 96 | 100 | ||||||||
Impairment charges | 0.3 | 135.6 | |||||||||
Loss on extinguishment of debt | 4.8 | 7.3 | 12.1 | 1.2 | 2.5 | ||||||
Interest expense, net | 207 | 250.6 | 294.5 | ||||||||
Other expense, net | 23.2 | (1.1) | 17.6 | ||||||||
Income tax benefit | 10.2 | (15.8) | (9.8) | ||||||||
Net income (loss) | (2.9) | $ 12.1 | $ (12.4) | $ 19.7 | (82.6) | $ 45.8 | $ 19.5 | $ (2.8) | 16.5 | (20.1) | (82.3) |
Total assets | 5,612.4 | 6,067.7 | 5,612.4 | 6,067.7 | 6,204.7 | ||||||
Property, plant and equipment, net | 1,082.5 | 1,032.3 | 1,082.5 | 1,032.3 | 1,097.1 | ||||||
Capital expenditures | 145 | 113.9 | 141.3 | ||||||||
External Customers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 8,981.8 | 10,373.9 | 10,324.6 | ||||||||
Operating Segments [Member] | USA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 5,464.2 | 6,203.2 | 6,081 | ||||||||
Cost of goods sold (exclusive of depreciation) | 4,365.9 | 5,041 | 4,953.4 | ||||||||
Gross profit | 1,098.3 | 1,162.2 | 1,127.6 | ||||||||
Outbound freight and handling | 216.9 | 233.3 | 201.3 | ||||||||
Warehousing, selling and administrative | 492.6 | 490.9 | 492.6 | ||||||||
Adjusted EBITDA | 388.8 | 438 | 433.7 | ||||||||
Total assets | 4,130.4 | 4,130.4 | 4,127.2 | ||||||||
Property, plant and equipment, net | 714.9 | 621.6 | 714.9 | 621.6 | 621.9 | ||||||
Capital expenditures | 106.8 | 73.1 | 59.9 | ||||||||
Operating Segments [Member] | Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,385.2 | 1,522.1 | 1,566.7 | ||||||||
Cost of goods sold (exclusive of depreciation) | 1,161 | 1,271.5 | 1,316.6 | ||||||||
Gross profit | 224.2 | 250.6 | 250.1 | ||||||||
Outbound freight and handling | 39.3 | 46.4 | 41.6 | ||||||||
Warehousing, selling and administrative | 87.8 | 97.4 | 102.4 | ||||||||
Adjusted EBITDA | 97.1 | 106.8 | 106.1 | ||||||||
Total assets | 1,709.7 | 1,986.5 | 1,709.7 | 1,986.5 | 1,780.2 | ||||||
Property, plant and equipment, net | 133.3 | 135.8 | 133.3 | 135.8 | 147.6 | ||||||
Capital expenditures | 16.1 | 9.3 | 15.8 | ||||||||
Operating Segments [Member] | EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,784.1 | 2,234.6 | 2,330.8 | ||||||||
Cost of goods sold (exclusive of depreciation) | 1,398.6 | 1,797.9 | 1,902.9 | ||||||||
Gross profit | 385.5 | 436.7 | 427.9 | ||||||||
Outbound freight and handling | 59.6 | 75.5 | 76.1 | ||||||||
Warehousing, selling and administrative | 226 | 276.2 | 299.3 | ||||||||
Adjusted EBITDA | 99.9 | 85 | 52.5 | ||||||||
Total assets | 947.2 | 1,059.2 | 947.2 | 1,059.2 | 1,441.6 | ||||||
Property, plant and equipment, net | 167.7 | 189.4 | 167.7 | 189.4 | 226.7 | ||||||
Capital expenditures | 17.2 | 24.9 | 23.8 | ||||||||
Operating Segments [Member] | Latin America and Asia-Pacific Region [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 473.7 | 550.3 | 474.6 | ||||||||
Cost of goods sold (exclusive of depreciation) | 382.6 | 469.1 | 404.3 | ||||||||
Gross profit | 91.1 | 81.2 | 70.3 | ||||||||
Outbound freight and handling | 8.8 | 10.3 | 7 | ||||||||
Warehousing, selling and administrative | 54.1 | 53.3 | 48.3 | ||||||||
Adjusted EBITDA | 28.2 | 17.6 | 15 | ||||||||
Total assets | 233.6 | 310.8 | 233.6 | 310.8 | 268.9 | ||||||
Property, plant and equipment, net | 20.3 | 25.1 | 20.3 | 25.1 | 26 | ||||||
Capital expenditures | 3.4 | 5.1 | 3 | ||||||||
Operating Segments [Member] | External Customers [Member] | USA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 5,351.5 | 6,081.4 | 5,964.5 | ||||||||
Operating Segments [Member] | External Customers [Member] | Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,376.6 | 1,512.1 | 1,558.7 | ||||||||
Operating Segments [Member] | External Customers [Member] | EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,780.1 | 2,230.1 | 2,326.8 | ||||||||
Operating Segments [Member] | External Customers [Member] | Latin America and Asia-Pacific Region [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 473.6 | 550.3 | 474.6 | ||||||||
Operating Segments [Member] | Inter-segment [Member] | USA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 112.7 | 121.8 | 116.5 | ||||||||
Operating Segments [Member] | Inter-segment [Member] | Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 8.6 | 10 | 8 | ||||||||
Operating Segments [Member] | Inter-segment [Member] | EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 4 | 4.5 | 4 | ||||||||
Operating Segments [Member] | Inter-segment [Member] | Latin America and Asia-Pacific Region [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 0.1 | ||||||||||
Other/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | (125.4) | (136.3) | (128.5) | ||||||||
Cost of goods sold (exclusive of depreciation) | (125.4) | (136.3) | (128.5) | ||||||||
Warehousing, selling and administrative | 13.9 | 5.7 | 9.1 | ||||||||
Adjusted EBITDA | (13.9) | (5.7) | (9.1) | ||||||||
Total assets | (1,240.1) | (1,419.2) | (1,240.1) | (1,419.2) | (1,413.2) | ||||||
Property, plant and equipment, net | $ 46.3 | $ 60.4 | 46.3 | 60.4 | 74.9 | ||||||
Capital expenditures | 1.5 | 1.5 | 38.8 | ||||||||
Other/Eliminations [Member] | Inter-segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ (125.4) | $ (136.3) | $ (128.5) |
Segments - Additional Informati
Segments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Segment reporting, disclosure of major customers | No single customer accounted for more than 10% of net sales in any of the years presented. | |
Workforce Subject to Collective Bargaining Arrangements [Member] | Labor Force Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 25.00% | 26.00% |
Workforce Subject to Collective Bargaining Arrangements Expiring within One Year [Member] | Labor Force Concentration Risk [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 3.00% | |
Minimum [Member] | Sales Revenue, Net [Member] | Industrial Chemical Business [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 95.00% |
Quarterly Financial Informat124
Quarterly Financial Information - Schedule of Unaudited Quarterly Results (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 1,966.3 | $ 2,206.3 | $ 2,510.1 | $ 2,299.1 | $ 2,387.2 | $ 2,608.9 | $ 2,861.4 | $ 2,516.4 | $ 8,981.8 | $ 10,373.9 | $ 10,324.6 |
Gross profit | 419.8 | 450.5 | 467.2 | 461.6 | 464.7 | 493.1 | 500.5 | 472.4 | 1,799.1 | 1,930.7 | 1,875.9 |
Net income (loss) | $ (2.9) | $ 12.1 | $ (12.4) | $ 19.7 | $ (82.6) | $ 45.8 | $ 19.5 | $ (2.8) | $ 16.5 | $ (20.1) | $ (82.3) |
Income (loss) per share: | |||||||||||
Basic and diluted | $ (0.02) | $ 0.09 | $ (0.12) | $ 0.20 | $ (0.83) | $ 0.46 | $ 0.20 | $ (0.02) | |||
Shares used in computation of income (loss) per share: | |||||||||||
Basic | 137.6 | 137.6 | 102.8 | 99.9 | 99.8 | 99.7 | 99.7 | 99.6 | 119.6 | 99.7 | 99.3 |
Diluted | 137.6 | 138.4 | 102.8 | 100.4 | 99.8 | 100.5 | 100.4 | 99.6 | 120.1 | 99.7 | 99.3 |
Quarterly Financial Informat125
Quarterly Financial Information - Schedule of Unaudited Quarterly Results (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||
Contract termination fees to CVC and CD&R | $ 26.2 | $ 26.2 | |||||
Loss on extinguishment of debt | $ 4.8 | 7.3 | 12.1 | $ 1.2 | $ 2.5 | ||
Loss due to discontinuance of cash flow hedges | $ 7.5 | 7.5 | |||||
Debt refinancing costs | $ 16.5 | 16.5 | 6.2 | ||||
Pension mark to market gain (loss) | $ (21.1) | $ (117.8) | $ (21.1) | $ (117.8) | $ 73.5 | ||
Net gain relating to release of unrealized tax benefits due to the statute of limitations expiration | $ 18.4 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions | Mar. 01, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Estimated purchase price | $ 171.1 | |
Subsequent Event [Member] | Bodine Services Of The Midwest [Member] | ||
Subsequent Event [Line Items] | ||
Percentage of equity interest acquired | 100.00% | |
Estimated purchase price | $ 45.5 |