Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 19, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Axalta Coating Systems LTD. | ||
Trading Symbol | AXTA | ||
Entity Central Index Key | 1,616,862 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY) | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 234,282,735 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7,646.5 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Net sales | $ 4,669.7 | $ 4,352.9 | $ 4,068.8 |
Other revenue | 26.3 | 24.1 | 23.9 |
Total revenue | 4,696 | 4,377 | 4,092.7 |
Cost of goods sold | 3,106.3 | 2,780.5 | 2,528.8 |
Selling, general and administrative expenses | 959.1 | 995.4 | 959.8 |
Venezuela asset impairment and deconsolidation charge | 0 | 70.9 | 57.9 |
Research and development expenses | 73.1 | 65.3 | 57.7 |
Amortization of acquired intangibles | 115.4 | 101.2 | 83.4 |
Income from operations | 442.1 | 363.7 | 405.1 |
Interest expense, net | 159.6 | 147 | 178.2 |
Other expense, net | 15 | 27.1 | 144.2 |
Income before income taxes | 267.5 | 189.6 | 82.7 |
Provision for income taxes | 54.2 | 141.9 | 38.1 |
Net income | 213.3 | 47.7 | 44.6 |
Less: Net income attributable to noncontrolling interests | 6.2 | 11 | 5.8 |
Net income attributable to controlling interests | $ 207.1 | $ 36.7 | $ 38.8 |
Basic net income per share (in dollars per share) | $ 0.87 | $ 0.15 | $ 0.16 |
Diluted net income per share (in dollars per share) | $ 0.85 | $ 0.15 | $ 0.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 213.3 | $ 47.7 | $ 44.6 |
Other comprehensive (loss) income, before tax: | |||
Foreign currency translation adjustments | (94.1) | 85.6 | (59.5) |
Unrealized gain on securities | 0 | 0.4 | 0.3 |
Unrealized gain on derivatives | 2.4 | 0.9 | 2 |
Unrealized (loss) gain on pension and other benefit plan obligations | (6.4) | 31.3 | (28.9) |
Other comprehensive (loss) income, before tax | (98.1) | 118.2 | (86.1) |
Income tax (benefit) provision related to items of other comprehensive income | (0.3) | 6.6 | (4.9) |
Other comprehensive (loss) income, net of tax | (97.8) | 111.6 | (81.2) |
Comprehensive income (loss) | 115.5 | 159.3 | (36.6) |
Less: Comprehensive income attributable to noncontrolling interests | 2.7 | 13.2 | 5.7 |
Comprehensive income (loss) attributable to controlling interests | $ 112.8 | $ 146.1 | $ (42.3) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 693.6 | $ 769.8 |
Restricted cash | 2.8 | 3.1 |
Accounts and notes receivable, net | 860.8 | 870.2 |
Inventories | 613 | 608.6 |
Prepaid expenses and other current assets | 139.4 | 63.9 |
Total current assets | 2,309.6 | 2,315.6 |
Property, plant and equipment, net | 1,298.2 | 1,388.6 |
Goodwill | 1,230.8 | 1,271.2 |
Identifiable intangibles, net | 1,348 | 1,428.2 |
Other assets | 489.1 | 428.6 |
Total assets | 6,675.7 | 6,832.2 |
Current liabilities: | ||
Accounts payable | 522.8 | 554.9 |
Current portion of borrowings | 42.2 | 37.7 |
Other accrued liabilities | 475.6 | 489.6 |
Total current liabilities | 1,040.6 | 1,082.2 |
Long-term borrowings | 3,821.8 | 3,877.9 |
Accrued pensions | 261.9 | 279.1 |
Deferred income taxes | 140.8 | 152.9 |
Other liabilities | 100.1 | 32.3 |
Total liabilities | 5,365.2 | 5,424.4 |
Commitments and contingent liabilities (Note 6) | ||
Shareholders’ equity | ||
Common shares, $1.00 par, 1,000.0 shares authorized, 246.7 and 243.9 shares issued at December 31, 2018 and 2017, respectively | 245.3 | 242.4 |
Capital in excess of par | 1,409.5 | 1,354.5 |
Retained earnings (Accumulated deficit) | 198.6 | (21.4) |
Treasury shares | (312.2) | (58.4) |
Accumulated other comprehensive loss | (336.1) | (241) |
Total Axalta shareholders’ equity | 1,205.1 | 1,276.1 |
Noncontrolling interests | 105.4 | 131.7 |
Total shareholders’ equity | 1,310.5 | 1,407.8 |
Total liabilities and shareholders’ equity | $ 6,675.7 | $ 6,832.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares authorized | 1,000 | 1,000 |
Common shares, shares issued | 246.7 | 243.9 |
Common shares, shares outstanding | 246.7 | 243.9 |
Treasury shares | 11.1 | 2 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss | Noncontrolling Interest [Member] |
Total stockholders' equity, beginning balance (in shares) at Dec. 31, 2015 | 237.9 | ||||||
Total stockholders’ equity, beginning balance at Dec. 31, 2015 | $ 1,133.2 | $ 237 | $ 1,238.8 | $ (140.8) | $ 0 | $ (269.3) | $ 67.5 |
Comprehensive income (loss): | |||||||
Net income | 44.6 | 38.8 | 5.8 | ||||
Net unrealized gain (loss) on securities, net of tax | 0.3 | 0.3 | |||||
Net realized and unrealized gain (loss) on derivatives, net of tax | 1.2 | 1.2 | |||||
Long-term employee benefit plans, net of tax | (23.2) | (23.2) | |||||
Foreign currency translation, net of tax of $0.0 million | (59.5) | (59.4) | (0.1) | ||||
Comprehensive income (loss) | (36.6) | 38.8 | (81.1) | 5.7 | |||
Recognition of stock-based compensation | 41.1 | 41.1 | |||||
Stock Issued During Period, Shares, Other | 2.6 | ||||||
Exercises of stock options, vesting of restricted stock and associated tax benefits | 16.7 | $ 2.3 | 14.4 | ||||
Noncontrolling interests of acquired subsidiaries | 51.3 | 51.3 | |||||
Dividends declared to noncontrolling interests | (3) | (3) | |||||
Total stockholders' equity, ending balance (in shares) at Dec. 31, 2016 | 240.5 | ||||||
Total stockholders’ equity, ending balance at Dec. 31, 2016 | 1,246.6 | $ 239.3 | 1,294.3 | (58.1) | 0 | (350.4) | 121.5 |
Comprehensive income (loss): | |||||||
Net income | 47.7 | 36.7 | 11 | ||||
Net unrealized gain (loss) on securities, net of tax | 0.4 | 0.4 | |||||
Net realized and unrealized gain (loss) on derivatives, net of tax | 0.4 | 0.4 | |||||
Long-term employee benefit plans, net of tax | 25.2 | 25.2 | |||||
Foreign currency translation, net of tax of $0.0 million | 85.6 | 83.4 | 2.2 | ||||
Comprehensive income (loss) | 159.3 | 36.7 | 109.4 | 13.2 | |||
Recognition of stock-based compensation | 38.5 | 38.5 | |||||
Stock Issued During Period, Shares, Other | 3.4 | ||||||
Exercises of stock options, vesting of restricted stock and associated tax benefits | 24.8 | $ 3.1 | 21.7 | ||||
Treasury Stock, Shares, Acquired | (2) | ||||||
Treasury share repurchases | (58.4) | (58.4) | 0 | ||||
Dividends declared to noncontrolling interests | $ (3) | (3) | |||||
Total stockholders' equity, ending balance (in shares) at Dec. 31, 2017 | 243.9 | 241.9 | |||||
Total stockholders’ equity, ending balance at Dec. 31, 2017 | $ 1,407.8 | $ 242.4 | 1,354.5 | (21.4) | (58.4) | (241) | 131.7 |
Comprehensive income (loss): | |||||||
Net income | 213.3 | 207.1 | 6.2 | ||||
Net realized and unrealized gain (loss) on derivatives, net of tax | 1.3 | 1.3 | |||||
Long-term employee benefit plans, net of tax | (5) | (5) | |||||
Foreign currency translation, net of tax of $0.0 million | (94.1) | (90.6) | (3.5) | ||||
Comprehensive income (loss) | 115.5 | 207.1 | (94.3) | 2.7 | |||
Recognition of stock-based compensation | 37.3 | 37.3 | |||||
Stock Issued During Period, Shares, Other | 2.8 | ||||||
Exercises of stock options, vesting of restricted stock and associated tax benefits | 17.7 | $ 2.9 | 14.8 | ||||
Noncontrolling interests of acquired subsidiaries | (25.2) | (2.9) | 28.1 | ||||
Treasury Stock, Shares, Acquired | (9.1) | ||||||
Treasury share repurchases | (253.8) | (253.8) | 0 | ||||
Dividends declared to noncontrolling interests | $ (1) | (1) | |||||
Total stockholders' equity, ending balance (in shares) at Dec. 31, 2018 | 246.7 | 235.6 | |||||
Total stockholders’ equity, ending balance at Dec. 31, 2018 | $ 1,310.5 | $ 245.3 | $ 1,409.5 | $ 198.6 | $ (312.2) | $ (336.1) | $ 105.4 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Available for sale securities, tax | $ 0 | $ 0 | |
Derivatives qualifying as hedges, tax | $ 1.1 | 0.5 | 0.8 |
Pension, tax | 1.4 | 6.1 | 5.7 |
Foreign currency translation adjustment, tax | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Operating activities: | |||
Net income | $ 213.3 | $ 47.7 | $ 44.6 |
Adjustment to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 369.1 | 347.5 | 322.1 |
Amortization of deferred financing costs and original issue discount | 8 | 8 | 17.8 |
Debt extinguishment and refinancing related costs | 9.5 | 13.4 | 97.6 |
Deferred income taxes | 6.1 | 91.7 | (15.9) |
Realized and unrealized foreign exchange losses (gains), net | 17.3 | (3.6) | 35.5 |
Stock-based compensation | 37.3 | 38.5 | 41.1 |
Asset impairments | 0 | 7.6 | 68.4 |
Loss on deconsolidation of Venezuela | 0 | 70.9 | 0 |
Net interest income on swaps designated as net investment hedges | (9.4) | 0 | 0 |
Other non-cash, net | (0.9) | 4.4 | (1.9) |
Changes in operating assets and liabilities: | |||
Trade accounts and notes receivable | (22.3) | (15.2) | (67.8) |
Inventories | (48.1) | (19.9) | (1.7) |
Prepaid expenses and other assets | (157.3) | (84.9) | (64.5) |
Accounts payable | 49.5 | 39.8 | 32.3 |
Other accrued liabilities | (8.4) | 6.7 | 58.7 |
Other liabilities | 32.4 | (12.6) | (7) |
Cash provided by operating activities | 496.1 | 540 | 559.3 |
Investing activities: | |||
Acquisitions, net of cash acquired | (82.8) | (564.4) | (114.8) |
Investment in non-controlling interest | (26.9) | 0 | 0 |
Purchase of property, plant and equipment | (143.4) | (125) | (136.2) |
Net interest proceeds on swaps designated as net investment hedges | 9.4 | 0 | 0 |
Proceeds from settlement of swaps designated as net investment hedges, investing activities | 22.5 | 0 | 0 |
Other investing activities, net | 5.1 | (0.2) | (6) |
Cash used for investing activities | (216.1) | (689.6) | (257) |
Financing activities: | |||
Proceeds from long-term borrowings | 468.9 | 483.6 | 1,604.3 |
Payments on short-term borrowings | (44.7) | (14.1) | (8.6) |
Payments on long-term borrowings | (511.3) | (50) | (1,755.7) |
Financing-related costs | (10.8) | (10.4) | (86.3) |
Dividends paid to noncontrolling interests | (1) | (3) | (3) |
Purchase of treasury stock | (253.8) | (58.4) | 0 |
Proceeds from option exercises | 17.4 | 24.8 | 16.7 |
Deferred acquisition-related consideration | (6) | (5.2) | 0 |
Cash (used for) provided by financing activities | (341.3) | 367.3 | (232.6) |
(Decrease) increase in cash and cash equivalents | (61.3) | 217.7 | 69.7 |
Effect of exchange rate changes on cash | (15.2) | 17.1 | (19.3) |
Cash at beginning of period | 772.9 | 538.1 | 487.7 |
Cash at end of period | 696.4 | 772.9 | 538.1 |
Cash and cash equivalents | 693.6 | 769.8 | 535.4 |
Restricted cash | 2.8 | 3.1 | 2.7 |
Cash paid during the year for: | |||
Interest, net of amounts capitalized | 152.4 | 130.1 | 169.4 |
Income taxes, net of refunds | 57.4 | 61.7 | 39.2 |
Non-cash investing activities: | |||
Accrued capital expenditures | $ 10.1 | $ 30.2 | $ 28.7 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated balance sheets of Axalta Coating Systems Ltd. (“Axalta,” the “Company,” “we,” “our” and “us”), at December 31, 2018 and 2017 and the related consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated statements of cash flows and consolidated statements of changes in shareholders' equity for the years ended December 31, 2018 , 2017 and 2016 included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are audited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position of Axalta. Venezuela Deconsolidation During the year ended December 31, 2017, we deconsolidated our Venezuelan subsidiary from our consolidated financial statements and began accounting for our investment in our 100% owned Venezuelan subsidiary using the cost method of accounting. See Note 21 for additional information. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100% , the outside shareholders’ interests are shown as noncontrolling interests. Investments in companies in which Axalta, directly or indirectly, owns 20% to 50% of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting. As a result, Axalta’s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated statements of operations and our share of these companies’ stockholders’ equity is included in the accompanying consolidated balance sheet. Certain of our joint ventures are accounted for on a one-month lag basis, the effect of which is not material. We eliminated all intercompany accounts and transactions in the preparation of the accompanying consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the period. The estimates and assumptions include, but are not limited to, receivable and inventory valuations, fixed asset valuations, valuations of goodwill and identifiable intangible assets, including analysis of impairment, valuations of long-term employee benefit obligations, income taxes, environmental matters, litigation, stock-based compensation, restructuring and allocations of costs. Our estimates are based on historical experience, facts and circumstances available at the time and various other assumptions that are believed to be reasonable. Actual results could differ materially from those estimates. Accounting for Business Combinations We account for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets and assumed liabilities at their acquisition date fair values. The method records any excess purchase price over the fair value of acquired net assets as goodwill. Included in the determination of the purchase price is the fair value of contingent consideration, if applicable, based on the terms and applicable targets described within the acquisition agreements (e.g., projected revenues or EBITDA). Subsequent to the acquisition date, the fair value of the liability, if determined to be payable in cash, is revalued at each balance sheet date with adjustments recorded within earnings. The determination of the fair value of assets acquired, liabilities assumed and noncontrolling interests involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the closing date of the acquisition. When necessary, we consult with external advisors to help determine fair value. For non-observable market values determined using Level 3 assumptions, we determine fair value using acceptable valuation principles, including most commonly the excess earnings method for customer relationships, relief from royalty method for technology and trademarks, cost method for inventory and a combination of cost and market methods for property, plant and equipment, as applicable. We included the results of operations from the acquisition date in the financial statements for all businesses acquired. Revenue Recognition See Note 2 for disclosure of our revenue recognition accounting policy. Cash and Cash Equivalents Cash equivalents represent highly liquid investments considered readily convertible to known amounts of cash within three months or less from time of purchase. They are carried at cost plus accrued interest, which approximates fair value because of the short-term maturity of these instruments. Cash balances may exceed government insured limits in certain jurisdictions. Restricted cash on our consolidated balance sheets primarily represents certain customer guarantees. Fair Value Measurements GAAP defines a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following valuation techniques are used to measure fair value for assets and liabilities: Level 1—Quoted market prices in active markets for identical assets or liabilities; Level 2—Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and Level 3—Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability. Derivatives and Hedging The Company from time to time utilizes derivatives to manage exposures to currency exchange rates and interest rate risk. The fair values of all derivatives are recognized as assets or liabilities at the balance sheet date. Changes in the fair value of these instruments are reported in income or AOCI, depending on the use of the derivative and whether it qualifies for hedge accounting treatment and is designated as such. Gains and losses on derivatives that qualify and are designated as cash flow hedging instruments are recorded in AOCI, to the extent the hedges are effective, until the underlying transactions are recognized in income. Gains and losses on derivatives that qualify and are designated as net investment hedges are recorded in AOCI, to the extent the hedges are effective, until the underlying transactions are recognized in income. Gains and losses on derivatives qualifying and designated as fair value hedging instruments, as well as the offsetting losses and gains on the hedged items, are reported in income in the same accounting period. Derivatives not designated as hedging instruments are marked-to-market at the end of each accounting period with the results included in income. Cash flows from derivatives are recognized in the consolidated statements of cash flows in a manner consistent with the underlying transactions. Receivables and Allowance for Doubtful Accounts Receivables are carried at amounts that approximate fair value. Receivables are recognized net of an allowance for doubtful accounts receivable. The allowance for doubtful accounts receivable reflects the best estimate of losses inherent in the accounts receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other available evidence. Accounts receivable are written down or off when a portion or all of such account receivable is determined to be uncollectible. Inventories Inventories are valued at the lower of cost or net realizable value with cost being determined on the weighted average cost method. Elements of cost in inventories include: • raw materials, • direct labor, and • manufacturing and indirect overhead. Stores and supplies are valued at the lower of cost or net realizable value; cost is generally determined by the weighted average cost method. Inventories deemed to have costs greater than their respective market values are reduced to net realizable value with a loss recorded in income in the period recognized. Property, Plant and Equipment Property, plant and equipment acquired in an acquisition are recorded at fair value as of the acquisition date and are depreciated over the estimated useful life using the straight-line method. Subsequent additions to property, plant and equipment, including the fair value of any asset retirement obligations upon initial recognition of the liability, are recorded at cost and are depreciated over the estimated useful life using the straight-line method. See Note 14 for a range of estimated useful lives used for each property, plant and equipment class. Software included in property, plant and equipment represents the costs of software developed or obtained for internal use. Software costs are amortized on a straight-line basis over their estimated useful lives. Upgrades and enhancements are capitalized if they result in added functionality, which enables the software to perform tasks it was previously incapable of performing. Software maintenance and training costs are expensed in the period in which they are incurred. Goodwill and Other Identifiable Intangible Assets Goodwill represents the excess of purchase price over the fair values of underlying net assets acquired in a business combination. Goodwill and indefinite-lived intangible assets are tested for impairment on an annual basis as of October 1 st ; however, these tests are performed more frequently if events or changes in circumstances indicate that the asset may be impaired. The fair value methodology is based on prices of similar assets or other valuation methodologies including discounted cash flow techniques. When testing goodwill and indefinite-lived intangible assets for impairment, we first have an option to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50% ) that an impairment exists. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If based on this qualitative assessment we determine that an impairment is more likely than not, or if we elect not to perform a qualitative assessment, we would be required to perform a quantitative impairment test. In 2018, we tested goodwill and indefinite-lived intangible assets for impairment by performing a qualitative analysis and determined that it was not more likely than not that the fair values of our reporting units and assets was less than the respective carrying amounts. If based on this qualitative assessment, we determined that an impairment was more likely than not, we would have conducted the simplified goodwill impairment test in accordance with ASU 2017-04. Under the simplified test, we compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds its carrying value, no impairment exists and no further testing is required. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Definite-lived intangible assets, such as technology, trademarks, customer relationships and non-compete agreements are amortized over their estimated useful lives, generally for periods ranging from 2 to 25 years . The reasonableness of the useful lives of these assets is regularly evaluated. Once these assets are fully amortized, they are removed from the balance sheet. We evaluate these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets might not be recoverable. Impairment of Long-Lived Assets The carrying value of long-lived assets to be held and used is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value and is based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of other than by sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived assets classified as held for sale. Research and Development Research and development costs incurred in the normal course of business consist primarily of employee-related costs and are expensed as incurred. In process research and development projects acquired in a business combination are recorded as intangible assets at their fair value as of the acquisition date, using Level 3 assumptions. Subsequent costs related to acquired in process research and development projects are expensed as incurred. In process research and development intangible assets are considered indefinite-lived until the abandonment or completion of the associated research and development efforts. These indefinite-lived intangible assets are tested for impairment consistent with the impairment testing performed on other indefinite-lived intangible assets discussed above. Upon completion of the research and development process, the carrying value of acquired in process research and development projects is reclassified as a finite-lived asset and is amortized over its useful life. Environmental Liabilities and Expenditures Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued environmental liabilities are not discounted. Claims for recovery from third parties, if any, are reflected separately as an asset. We record recoveries at the earlier of when the gain is probable and reasonably estimable or realized. For the years ending December 31, 2018 , 2017 and 2016 , we have not recognized income associated with recoveries from third parties. Costs related to environmental remediation are charged to expense in the period incurred. Other environmental costs are also charged to expense in the period incurred, unless they increase the value of the property or reduce or prevent contamination from future operations, in which case, they are capitalized and depreciated. Litigation We accrue for liabilities related to litigation matters when available information indicates that the liability is probable, and the amount can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for tax losses, interest and tax credit carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applicable in the years in which they are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in income in the period that includes the enactment date. Where we do not intend to indefinitely reinvest earnings of our subsidiaries, we provide for income taxes and withholding taxes, where applicable, on unremitted earnings. We do not provide for income taxes on unremitted earnings of our subsidiaries that are intended to be indefinitely reinvested. We recognize the benefit of an income tax position only if it is "more likely than not" that the tax position will be sustained. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized. Additionally, we recognize interest and penalties accrued related to unrecognized tax benefits as a component of provision for income taxes. The current portion of unrecognized tax benefits is included in "Other accrued liabilities" and the long-term portion is included in "Other liabilities" in the accompanying consolidated balance sheets. Foreign Currency Translation The reporting currency is the U.S. Dollar. In most cases, our non-U.S. based subsidiaries use their local currency as the functional currency for their respective business operations. Assets and liabilities of these operations are translated into U.S. Dollars at end-of-period exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Resulting cumulative translation adjustments are recorded as a component of shareholders’ equity in the accompanying consolidated balance sheets in AOCI. Gains and losses from transactions denominated in currencies other than the functional currencies are included in the consolidated statements of operations in other expense, net. Employee Benefits Defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on factors such as age, years of service and compensation. The obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of the future benefits that employees earn in return for their service in the current and prior periods. These benefits are then discounted to determine the present value of the obligations and are then adjusted for the impact of any unamortized prior service costs. The discount rate used is based upon market indicators in the region (generally, the yield on bonds that are denominated in the currency in which the benefits will be paid) and that have maturity dates approximating the terms of the obligations. The calculations are performed by qualified actuaries using the projected unit credit method. The obligation of defined benefit plans recorded on our consolidated balance sheets is net of the current fair value of assets. See Note 7 for further information. Stock-Based Compensation Our stock-based compensation is comprised of Axalta stock options, restricted stock awards, restricted stock units, performance stock awards and performance share units and are measured at fair value on the grant date or date of modification, as applicable. We recognize compensation expense on a graded-vesting attribution basis over the requisite service period, inclusive of impacts of any current period modifications of previously granted awards. Compensation expense is recorded net of forfeitures, which we have elected to record in the period they occur. Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to Axalta’s common shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per common share is computed by dividing net income attributable to Axalta’s common shareholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities; anti-dilutive securities are excluded from the calculation. These potentially dilutive securities are calculated under the treasury stock method and consist of stock options, restricted stock awards, restricted stock units, performance stock awards and performance share units. Recently Adopted Accounting Guidance On January 1, 2018, we adopted ASU 2014-09, “Revenue from Contracts with Customers,” and all related amendments comprising ASC 606 (the “new revenue standard”), electing to use the modified retrospective method. We also elected to apply certain practical expedients, including the application of the modified retrospective method to open contracts at December 31, 2017. Comparative information has not been recast and continues to be reported under historical U.S. GAAP in effect to those applicable periods. The following table summarizes the cumulative effect made to our consolidated balance sheet as a result of the adoption to this standard. December 31, 2017 Adjustments due to ASU 2014-09 January 1, 2018 Assets Inventories $ 608.6 $ (22.7 ) $ 585.9 Prepaid expenses and other current assets (1) 63.9 41.7 105.6 Other assets (2) 428.6 (1.9 ) 426.7 Liabilities Other accrued liabilities (3) $ 489.6 $ 1.9 $ 491.5 Deferred income taxes 152.9 3.0 155.9 Equity Retained earnings (Accumulated deficit) $ (21.4 ) $ 12.1 $ (9.3 ) Noncontrolling interests 131.7 0.1 131.8 (1) Includes the impact to contract assets resulting from the modified retrospective adoption of the new revenue standard. (2) Includes the impact to deferred income taxes resulting from the modified retrospective adoption of the new revenue standard. (3) Includes the impact of estimated variable consideration on certain arrangements in our refinish end-market. The impacts to the balance sheet as of the adoption date represent the acceleration of revenue for certain arrangements, primarily within our light vehicle end-market, for which we determined our performance obligation has been satisfied. Specifically, we concluded that the transfer of control to the customer, as defined under the new revenue standard, occurs at a date prior to consumption. Additionally, certain costs historically reported in selling, general and administrative expenses under historical U.S. GAAP related to on-site technical support services that are not considered material in the context of our contracts with certain customers are now reported within cost of goods sold on the consolidated statements of operations, as they represent costs incurred in satisfaction of performance obligations. See Note 2 for further discussion. On January 1, 2018 we retrospectively adopted ASU 2017-07,"Compensation—Retirement Benefits," which requires that an employer report the service cost component of net periodic pension costs in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension costs to be presented in the statement of operations separately from the service cost component and outside a subtotal of income from operations. Adoption resulted in a reclassification on the consolidated statements of operations of a benefit of $1.4 million for the year ended December 31, 2017, from income from operations to other expense, net. On January 1, 2018, we adopted ASU 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which requires equity investments in unconsolidated entities, excluding those accounted for using the equity method of accounting, to be remeasured at exit price fair value, with changes recorded in the statement of operations. This standard was adopted using the modified retrospective application resulting in a cumulative adjustment to retained earnings of $0.8 million at January 1, 2018. See Note 20 for more information. Of the accounting standards we have adopted in 2018, the below standards did not have a material impact: ASU Effective Date 2017-12 Derivatives and Hedging January 1, 2018 2017-09 Compensation—Stock Compensation January 1, 2018 2017-04 Simplifying the Test for Goodwill Impairment January 1, 2018 2017-01 Clarifying the Definition of a Business January 1, 2018 2016-15 Statement of Cash Flows January 1, 2018 Accounting Guidance Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, "Leases," which, together with amendments comprising ASC 842, requires lessees to identify arrangements that should be accounted for as leases and generally recognize, for operating and finance leases with terms exceeding twelve months, a right-of-use asset (or "ROU") and lease liability on the balance sheet. In addition to this main provision, this standard included a number of additional changes to lease accounting. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted prior to this date. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either the adoption date or the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We have elected to adopt the new standard on January 1, 2019 and use the effective date as our date of initial application. As a result, historical financial information will not be updated, and the disclosures required under the new standard will not be provided as of and for periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. We expect to elect the package of practical expedients, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also expect to elect the practical expedient pertaining to land easements which permits entities to forgo the evaluation of existing land easement arrangements in transition to determine if they contain a lease. We do not expect to elect the use-of-hindsight practical expedient. The new standard also provides practical expedients for an entity’s ongoing accounting. We currently expect to elect the short-term lease recognition exemption for all leases that qualify, meaning we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases (leases with a term of less than 12 months from lease commencement) of those assets in transition. We also currently expect to elect the practical expedient to not separate lease and non-lease components for all asset classes. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE We recognize revenue at the point our contractual performance obligations with our customers are satisfied. This occurs at the point in time when control of our products transfers to the customer based on considerations of right to payment, transfer of legal title, physical possession, risks and rewards of ownership and customer acceptance. For the majority of our revenue, control transfers upon shipment of our products to our customers. Our remaining revenue is recorded upon delivery or consumption for our product sales or as incurred for services provided and royalties earned. Revenue is measured as the amount of consideration we expect to receive in exchange for our products or services. Our contracts, including those subject to standard terms and conditions under multi-year agreements, are largely short-term in nature and each customer purchase order typically represents a contract with the delivery of coatings representing the only separate performance obligation. For certain customer arrangements within our light vehicle, industrial and commercial vehicle end-markets, revenue is recognized upon shipment, as this is the point in time we have concluded that control of our product has transferred to our customer based on our considerations of the indicators of control in the contracts, including right of use and risk and reward of ownership. For consignment arrangements, revenue is recognized upon actual consumption by our customers, as this represents the point in time that control is determined to have transferred to the customer based on the contractual arrangement. In our refinish end-market, our product sales are typically supplied through a network of distributors. Control transfers and revenue is recognized when our products are delivered to our distribution customers. Variable consideration in the form of price, less discounts and rebates, are estimated and recorded, as a reduction to net sales, upon the sale of our products based on our ability to make a reasonable estimate of the amounts expected to be received or incurred. The estimates of variable consideration involve significant assumptions based on the best estimates of inventory held by distributors, applicable pricing, as well as the use of historical actuals for sales, discounts and rebates, which may result in changes in estimates in the future. The timing of payments associated with the above arrangements may differ from the timing associated with the satisfaction of our performance obligations. The period between the satisfaction of the performance obligation and the receipt of payment is dependent on terms and conditions specific to the customers. For transactions in which we expect, at contract inception, the period between the transfer of our products or services to our customer and when the customer pays for that good or service to be greater than one year, we adjust the promised amount of consideration for the effects of any significant financing components. All costs incurred directly in satisfaction of our performance obligations associated with revenue are reported in cost of goods sold on the statements of operations. We also provide certain customers with incremental up-front consideration, including Business Incentive Plan assets ("BIPs"), which is capitalized as a component of other assets and amortized over the estimated life of the contractual arrangement as a reduction of net sales. We do not receive a distinct service or good in return for these BIPs, but rather receive volume commitments and/or sole supplier status from our customers over the life of the contractual arrangements, which approximates a five-year weighted average useful life. The termination clauses in these contractual arrangements include standard clawback provisions that enable us to collect monetary damages in the event of a customer’s failure to meet its commitments under the relevant contract. At December 31, 2018 and 2017, the total carrying value of BIPs were $190.8 million and $173.0 million , respectively, and are presented within other assets on the consolidated balance sheets. For the years ended December 31, 2018 , 2017 and 2016 $65.5 million , $65.0 million and $53.5 million , respectively, was amortized and reflected as reductions of net sales in the consolidated statements of operations. The total carrying value of BIPs exclude other upfront incentives made in conjunction with long-term customer commitments of $56.0 million and zero at December 31, 2018 and 2017, respectively, which will be repaid in future periods. We accrue for sales returns and other allowances based on our historical experience, as well as expectations based on current information relevant to our customers. We include the amounts billed to customers for shipping and handling fees in net sales and include costs incurred for the delivery of goods as cost of goods sold in the statement of operations. Recognition of licensing and royalty income occurs at the point in time when agreed upon performance obligations are satisfied, the amount is fixed or determinable, and collectability is reasonably assured. Consideration for products in which control has transferred to our customers that is conditional on something other than the passage of time is recorded as a contract asset within prepaid expenses and other current assets on the balance sheet. The contract asset balances at December 31, 2018 and January 1, 2018 were $47.2 million and $41.7 million , respectively. The arrangements discussed above that have changed under the new revenue standard have resulted in a difference in timing of revenue recognition and classification of associated costs compared with historical U.S. GAAP. In addition to the application of the modified retrospective method to open contracts at the date of adoption (discussed in Note 1), we have applied certain other policy elections upon adoption of the new revenue standard beginning January 1, 2018, including accounting for shipping and handling costs as contract fulfillment costs, as well as excluding from the transaction price any taxes imposed on and collected from customers in revenue producing transactions. Other practical expedients associated with the new revenue standard were assessed by management and concluded to be not applicable, including the application of a portfolio approach, costs to obtain a contract, existence of significant financing components, contract modifications and right to invoice. The following tables summarizes the impact to our consolidated statements of operations and balance sheets in accordance with the new revenue standard: For the year ended December 31, 2018 As reported Prior to ASU 2014-09 Increases / (Decreases) Net sales $ 4,669.7 $ 4,662.6 $ 7.1 Cost of goods sold 3,106.3 3,039.0 67.3 Selling, general and administrative expenses 959.1 1,023.1 (64.0 ) Provision for income taxes 54.2 53.2 1.0 Net income $ 213.3 $ 210.5 $ 2.8 Less: Net income attributable to noncontrolling interests 6.2 6.1 0.1 Net income attributable to controlling interests $ 207.1 $ 204.4 $ 2.7 At December 31, 2018 As reported Prior to ASU 2014-09 Increases / (Decreases) Assets Inventories $ 613.0 $ 638.0 $ (25.0 ) Prepaid expenses and other current assets 139.4 92.2 47.2 Other assets 489.1 491.7 (2.6 ) Liabilities Other accrued liabilities $ 475.6 $ 473.7 $ 1.9 Deferred income taxes 140.8 137.5 3.3 Equity Retained earnings $ 198.6 $ 183.8 $ 14.8 Accumulated other comprehensive loss (336.1 ) (335.5 ) (0.6 ) Noncontrolling interests 105.4 105.2 0.2 Revenue Streams Our revenue streams are disaggregated based on the types of products and services offered in contracts with our customers, which are depicted in each of our four end-markets. • Refinish - We develop, market and supply a complete portfolio of innovative coatings systems and color matching technologies to facilitate faster automotive collision repairs relative to competing technologies. Our refinish products and systems include a range of coatings layers required to match the vehicle’s color and appearance, producing a repair surface indistinguishable from the adjacent surface. • Industrial - The industrial end-market is comprised of liquid and powder coatings used in a broad array of end-market applications. We are also a leading global developer, manufacturer and supplier of functional and decorative liquid and powder coatings for a large number of diversified applications in the industrial end-market. We provide a full portfolio of products for applications including architectural cladding and fittings, automotive coatings, general industrial, job coaters, electrical insulation coatings, HVAC, appliances, industrial wood, coil, rebar and oil & gas pipelines. • Light Vehicle - Light vehicle OEMs select coatings providers on the basis of their global ability to deliver advanced technological solutions that improve exterior appearance and durability and provide long-term corrosion protection. Customers also look for suppliers that can enhance process efficiency to reduce overall manufacturing costs and provide on-site technical support. • Commercial Vehicle - Sales in the commercial vehicle end-market are generated from a variety of applications including non-automotive transportation (e.g., heavy duty truck, bus and rail) and Agricultural, Construction and Earthmoving, as well as related markets such as trailers, recreational vehicles and personal sport vehicles. This end-market is primarily driven by global commercial vehicle production, which is influenced by overall economic activity, government infrastructure spending, equipment replacement cycles and evolving environmental standards. Commercial vehicle OEMs select coatings providers on the basis of their ability to consistently deliver advanced technological solutions that improve exterior appearance, protection and durability and provide extensive color libraries and matching capabilities at the lowest total cost-in-use, while meeting stringent environmental requirements. We also have other revenue streams which include immaterial revenues relative to the net sales of our four end-markets, comprised of sales of royalties and services, primarily within our light vehicle and refinish end-markets. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | ACQUISITIONS Acquisition of Industrial Wood Business On June 1, 2017, the Company completed its acquisition from The Valspar Corporation ("Valspar") of certain assets constituting its North American Industrial Wood Coatings business (the "Industrial Wood" business), for a purchase price of $420.0 million , subject to working capital adjustments. Axalta and Valspar finalized the working capital adjustments to the purchase price which resulted in an increase of $10.3 million to $430.3 million (the "Industrial Wood Acquisition"). The Industrial Wood Acquisition was funded through the refinancing of our Dollar Term Loans discussed further at Note 17. The Industrial Wood business is one of the leading providers of coatings for OEM and aftermarket industrial wood markets, including building products, cabinets, flooring and furniture, in North America. The Industrial Wood Acquisition was recorded as a business combination under ASC 805, Business Combinations, with identifiable assets acquired and liabilities assumed recorded at their estimated fair values as of the acquisition date. After preliminary working capital adjustments, the Company paid an aggregate purchase price of $430.3 million , which was comprised of the following: June 1, 2017 (As Initially Reported) Measurement Period Adjustments June 1, 2017 (As Adjusted) Accounts and notes receivable—trade $ 23.3 $ — $ 23.3 Inventories 24.9 (0.2 ) 24.7 Prepaid expenses and other current assets 0.2 — 0.2 Property, plant and equipment 23.0 0.1 23.1 Identifiable intangibles 254.2 4.9 259.1 Accounts payable (22.4 ) 0.2 (22.2 ) Other accrued liabilities (5.1 ) 0.4 (4.7 ) Net assets acquired before goodwill on acquisition $ 298.1 $ 5.4 $ 303.5 Goodwill on acquisition 132.6 (5.8 ) 126.8 Net assets acquired $ 430.7 $ (0.4 ) $ 430.3 Goodwill was recognized as the excess of the purchase price over the net identifiable assets recognized. The goodwill is primarily attributed to our assembled workforce and the anticipated future economic benefits and is recorded within our industrial end-market in our Performance Coatings segment. The goodwill recognized at December 31, 2018 that is expected to be deductible for income tax purposes is $126.8 million . The Company incurred and expensed acquisition-related transaction costs on the Industrial Wood Acquisition of $5.3 million , included within selling, general and administrative expense on the consolidated statements of operations for the year ended December 31, 2017. The fair value associated with identifiable intangible assets was $259.1 million , comprised of $34.6 million in technology (inclusive of in-process research and development), $8.0 million in trademarks, $203.0 million in customer relationships and $13.5 million associated with favorable contractual arrangements which have been determined to have a fair value. The definite-lived intangible assets will be amortized over an average term of approximately 19 years . Supplemental Pro Forma Information The Company's net sales and income before income taxes for the year ended December 31, 2017 include net sales of $146.1 million and pre-tax income of $2.4 million related to the Industrial Wood business. The following supplemental pro forma information represents the results of operations as if the Company had acquired Industrial Wood on January 1, 2016: For the years ended (in millions, except per share data) December 31, 2017 December 31, 2016 Net sales $ 4,454.2 $ 4,293.1 Net income $ 55.0 $ 45.9 Net income attributable to controlling interests $ 44.0 $ 40.1 Net income per share (Basic) $ 0.18 $ 0.17 Net income per share (Diluted) $ 0.18 $ 0.16 The 2017 supplemental pro forma net income was adjusted to exclude $5.3 million ( $3.3 million , net of pro forma income tax impact) of acquisition-related costs incurred in 2017 and $2.8 million ( $1.8 million , net of pro forma income tax impact) of non-recurring expense related to the fair market value adjustment to acquisition date inventory. The unaudited pro forma consolidated information does not necessarily reflect the actual results that would have occurred had the acquisition taken place on January 1, 2016, nor is it meant to be indicative of future results of operations of the combined companies under the ownership and operation of the Company. Other Acquisitions During the year ended December 31, 2018 , we successfully completed seven strategic acquisitions, including two based in Asia Pacific, two based in North America, and three based in Europe all of which operate within our Performance Coatings segment ("2018 Acquisitions"). Our aggregate spending for these acquisitions for the year ended December 31, 2018 was $79.9 million . The overall impacts to our consolidated financial statements were not considered to be material, either individually or in the aggregate. The fair value associated with identifiable intangible assets from the 2018 Acquisitions was $64.6 million , comprised primarily of technology and customer relationship assets, which will be amortized over a weighted average term of approximately nine years . At December 31, 2018 , for the 2018 Acquisitions treated as business combinations we have not finalized the related purchase accounting and the amounts recorded represent preliminary values. We expect to finalize our purchase accounting during the respective measurement periods which will be no later than one year following the closing dates. In addition, during the year ended December 31, 2018 , pursuant to the stock purchase agreement for a joint venture acquired during the year ended December 31, 2016, we purchased an additional 24.5% interest for $26.9 million , increasing our total ownership percentage to 75.5% |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS Goodwill The following table shows changes in the carrying amount of goodwill from December 31, 2016 to December 31, 2018 by reportable segment: Performance Coatings Transportation Coatings Total December 31, 2016 $ 889.4 $ 74.7 $ 964.1 Goodwill from acquisitions 207.2 — 207.2 Purchase accounting adjustments (15.2 ) — (15.2 ) Foreign currency translation 107.8 7.3 115.1 December 31, 2017 $ 1,189.2 $ 82.0 $ 1,271.2 Goodwill from acquisitions 2.9 — 2.9 Purchase accounting adjustments (0.2 ) — (0.2 ) Foreign currency translation (40.4 ) (2.7 ) (43.1 ) December 31, 2018 $ 1,151.5 $ 79.3 $ 1,230.8 Identifiable Intangible Assets The following table summarizes the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class: December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average amortization periods (years) Technology $ 545.7 $ (260.7 ) $ 285.0 10.4 Trademarks—indefinite-lived 269.0 — 269.0 Indefinite Trademarks—definite-lived 100.6 (24.0 ) 76.6 15.8 Customer relationships 929.9 (222.9 ) 707.0 19.1 Other 15.7 (5.3 ) 10.4 5.1 Total $ 1,860.9 $ (512.9 ) $ 1,348.0 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average amortization periods (years) Technology $ 498.0 $ (213.6 ) $ 284.4 10.5 Trademarks—indefinite-lived 277.2 — 277.2 Indefinite Trademarks—definite-lived 102.6 (17.7 ) 84.9 15.9 Customer relationships 945.1 (176.8 ) 768.3 19.0 Other 16.6 (3.2 ) 13.4 4.8 Total $ 1,839.5 $ (411.3 ) $ 1,428.2 During the year ended December 31, 2017, we changed certain indefinite-lived trademark intangibles to definite-lived intangible assets. The change was made as a result of decisions regarding our anticipated future use of these trademarks. During this period, we commenced amortizing the assets on a straight-line basis over a 20 -year useful life. In-process research and development projects, classified within technology assets were $2.3 million at December 31, 2018 and 2017, respectively. The estimated amortization expense related to the fair value of acquired intangible assets for each of the succeeding five years is: 2019 $ 114.2 2020 $ 113.9 2021 $ 113.3 2022 $ 111.1 2023 $ 71.3 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | RESTRUCTURING In accordance with the applicable guidance for ASC 712, Nonretirement Postemployment Benefits , we accounted for termination benefits and recognized liabilities when the loss was considered probable that employees were entitled to benefits and the amounts could be reasonably estimated. We have incurred costs in connection with involuntary termination benefits associated with our corporate-related initiatives and cost-saving opportunities associated with our Fit For Growth and Axalta Way initiatives. These amounts are recorded within selling, general and administrative expenses in the consolidated statements of operations. The payments associated with these actions are expected to be completed within 12 to 24 months from the balance sheet date. The following table summarizes the activity related to the restructuring reserves and expenses for the years ended December 31, 2018 , 2017 and 2016 : Balance at January 1, 2016 $ 41.3 Expense recorded 58.5 Payments made (31.0 ) Foreign currency translation (2.7 ) Balance at December 31, 2016 $ 66.1 Expense recorded 36.2 Payments made (36.1 ) Foreign currency translation 6.8 Venezuela deconsolidation impact (1.5 ) Balance at December 31, 2017 $ 71.5 Expense recorded 79.8 Payments made (46.4 ) Foreign currency translation (2.2 ) Balance at December 31, 2018 $ 102.7 Restructuring charges incurred during 2018 and 2017 included actions to reduce operational costs through activities to rationalize our manufacturing footprint, including the impacts from the announced closure of our Mechelen, Belgium manufacturing facility announced during the year ended December 31, 2018 . We are projecting to incur aggregate pre-tax charges of approximately $120 - 130 million , subject to future changes in estimates, in connection with the announced closure and transfer of production to other Axalta facilities. Components of the pre-tax charges include estimated non-cash accelerated depreciation costs of approximately $50 - 60 million associated with the reduced useful lives of the impacted manufacturing assets. Also included in these projections were $70.6 million in severance costs incurred during the year ended December 31, 2018 , as previously communicated. No impairments to the associated long-lived assets were recorded. Manufacturing assets were also assessed, including assessment of assets totaling $55.8 million ( €47.7 million ) at our Mechelen, Belgium manufacturing facility, and as a result, useful lives of the assets were truncated. The impacts to pre-tax earnings from incremental accelerated depreciation resulting from our manufacturing footprint assessments, including our Mechelen, Belgium site, for the years ended December 31, 2018 and 2017 were $10.3 million and $4.3 million , respectively, and were recorded to cost of goods sold. During the year ended December 31, 2017, we also recorded impairment losses of $7.6 million |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Liabilities | COMMITMENTS AND CONTINGENCIES Leases - Sales Leaseback Obligations We have three lease arrangements that are treated as sale-leaseback financing transactions. The lessors' building costs are depreciated over an estimated useful life beginning at the commencement of the rental terms, at which point such lease assets recorded in property, plant and equipment had a corresponding offset within long-term borrowings. The table below reflects the total remaining cash payments related to all transactions during the rental term at December 31, 2018 : Sale-leaseback obligations 2019 $ 5.3 2020 5.4 2021 5.4 2022 5.7 2023 5.7 Thereafter 77.1 Total minimum payments $ 104.6 Leases - Other We use various leased facilities and equipment in our operations. The terms for these leased assets vary depending on the lease agreement. Net rental expense under operating leases were $49.7 million , $52.7 million and $48.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. At December 31, 2018 , future minimum payments under non-cancelable operating leases were as follows: Operating Leases 2019 $ 34.6 2020 23.5 2021 17.1 2022 13.2 2023 11.5 Thereafter 16.6 Total minimum payments $ 116.5 Guarantees We guarantee certain of our customers’ obligations to third parties, whereby any default by our customers on their obligations could force us to make payments to the applicable creditors. At December 31, 2018 and 2017 , we had outstanding bank guarantees of $12.7 million and $15.2 million , respectively, which expire between 2019 and 2022. We monitor the obligations to evaluate whether we have a liability at the balance sheet date, for which no ne existed as of December 31, 2018 and 2017 . Other |
Long-term Employee Benefits
Long-term Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Long-term Employee Benefits | LONG-TERM EMPLOYEE BENEFITS Defined Benefit Pensions Axalta has defined benefit plans that cover certain employees worldwide, with over 85% of the projected benefit obligation within the European region as of December 31, 2018 . Obligations and Funded Status The measurement date used to determine defined benefit obligations was December 31. The following table sets forth the changes to the projected benefit obligations ("PBO") and plan assets for the years ended December 31, 2018 and 2017 and the funded status and amounts recognized in the accompanying consolidated balance sheets at December 31, 2018 and 2017 for our defined benefit pension plans: Year Ended December 31, 2018 2017 Change in benefit obligation: Projected benefit obligation at beginning of year $ 636.9 $ 547.6 Service cost 8.8 9.0 Interest cost 13.1 13.8 Participant contributions 1.3 1.3 Actuarial gains, net (3.3 ) (13.8 ) Plan curtailments, settlements and special termination benefits (19.4 ) (12.9 ) Benefits paid (25.6 ) (23.3 ) Business combinations and other adjustments 0.7 51.2 Foreign currency translation (28.8 ) 64.0 Projected benefit obligation at end of year $ 583.7 $ 636.9 Change in plan assets: Fair value of plan assets at beginning of year $ 365.0 $ 288.7 Actual return on plan assets (1.4 ) 22.2 Employer contributions 24.6 27.4 Participant contributions 1.3 1.3 Benefits paid (25.6 ) (23.3 ) Settlements (12.5 ) (13.9 ) Business combinations and other adjustments (0.1 ) 32.4 Foreign currency translation (19.0 ) 30.2 Fair value of plan assets at end of year $ 332.3 $ 365.0 Funded status, net $ (251.4 ) $ (271.9 ) Amounts recognized in the consolidated balance sheets consist of: Other assets $ 22.0 $ 19.2 Other accrued liabilities (11.5 ) (12.0 ) Accrued pensions (261.9 ) (279.1 ) Net amount recognized $ (251.4 ) $ (271.9 ) The PBO is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation ("ABO") is the actuarial present value of benefits attributable to employee service rendered to date but does not include the effects of estimated future pay increases. The following table reflects the ABO for all defined benefit pension plans as of December 31, 2018 and 2017 . Further, the table reflects the aggregate PBO, ABO and fair value of plan assets for pension plans with PBO in excess of plan assets and for pension plans with ABO in excess of plan assets. Year Ended December 31, 2018 2017 ABO $ 559.9 $ 605.4 Plans with PBO in excess of plan assets: PBO $ 375.6 $ 401.2 ABO $ 352.0 $ 370.0 Fair value plan assets $ 102.2 $ 110.1 Plans with ABO in excess of plan assets: PBO $ 370.2 $ 393.3 ABO $ 349.1 $ 364.9 Fair value plan assets $ 99.3 $ 104.7 The pre-tax amounts not yet reflected in net periodic benefit cost and included in AOCI include the following related to defined benefit plans: Year Ended December 31, 2018 2017 Accumulated net actuarial losses $ (51.8 ) $ (46.4 ) Accumulated prior service credit 1.6 2.6 Total $ (50.2 ) $ (43.8 ) The accumulated net actuarial losses for pensions relate primarily to differences between the actual net periodic expense and the expected net periodic expense resulting from differences in the significant assumptions, including return on assets, discount rates and compensation trends, used in these estimates. For individual plans in which the accumulated net actuarial gains or losses exceed 10% of the higher of the fair value of plan assets or the PBO at the beginning of the year, amortization of such excess has been included in net periodic benefit costs. The amortization period is the average remaining service period of active employees expected to receive benefits unless a plan is mostly inactive in which case the amortization period is the average remaining life expectancy of the plan participants. Accumulated prior service credit is amortized over the future service periods of those employees who are active at the dates of the plan amendments and who are expected to receive benefits. The estimated pre-tax amounts that are expected to be amortized from AOCI into net periodic benefit cost during 2019 for the defined benefit plans is as follows: 2019 Amortization of net actuarial losses, net $ (2.0 ) Amortization of prior service credit, net 0.1 Total $ (1.9 ) Components of Net Periodic Benefit Cost The following table sets forth the pre-tax components of net periodic benefit costs for our defined benefit plans for the years ended December 31, 2018 , 2017 and 2016 . Year Ended December 31, 2018 2017 2016 Components of net periodic benefit cost and amounts recognized in comprehensive (income) loss: Net periodic benefit cost: Service cost $ 8.8 $ 9.0 $ 10.7 Interest cost 13.1 13.8 15.1 Expected return on plan assets (16.1 ) (15.0 ) (12.6 ) Amortization of actuarial loss, net 1.3 1.4 0.4 Amortization of prior service credit (0.1 ) — — Curtailment gain (0.7 ) — (1.1 ) Settlement (gain) loss 0.6 0.2 (0.5 ) Special termination benefit loss — 1.0 0.2 Net periodic benefit cost $ 6.9 $ 10.4 $ 12.2 Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net actuarial (gain) loss, net $ 6.7 $ (20.6 ) $ 27.7 Amortization of actuarial loss, net (1.3 ) (1.4 ) (0.4 ) Prior service (credit) cost 0.8 (1.2 ) — Amortization of prior service credit 0.1 — — Curtailment gain 0.7 — 1.1 Settlement gain (loss) (0.6 ) (0.2 ) 0.5 Other adjustments — (7.9 ) — Total (gain) loss recognized in other comprehensive (income) loss $ 6.4 $ (31.3 ) $ 28.9 Total recognized in net periodic benefit cost and comprehensive (income) loss $ 13.3 $ (20.9 ) $ 41.1 Included in the other adjustments recognized in other comprehensive (income) loss for the year ended December 31, 2017 was a pension plan adjustment related to the deconsolidation of our Venezuelan subsidiary and the corresponding write-off of the accumulated actuarial loss on our Venezuela pension plan. This resulted in a decrease of $8.5 million in AOCI ( $5.9 million , net of tax), as discussed further in Note 21. Assumptions We used the following assumptions in determining the benefit obligations and net periodic benefit cost of our defined benefit plans: 2018 2017 2016 Weighted-average assumptions: Discount rate to determine benefit obligation 2.27 % 2.13 % 2.52 % Discount rate to determine net cost 2.13 % 2.52 % 3.05 % Rate of future compensation increases to determine benefit obligation 2.68 % 2.69 % 3.07 % Rate of future compensation increases to determine net cost 2.69 % 3.07 % 3.03 % Rate of return on plan assets to determine net cost 4.47 % 4.73 % 4.75 % The rate of future compensation increases to determine benefit obligation in 2016 includes the impacts of inflationary assumptions of our now deconsolidated Venezuelan subsidiary, which are absent in the 2017-2018 assumptions. The discount rates used reflect the expected future cash flow based on plan provisions, participant data and the currencies in which the expected future cash flows will occur. For the majority of our defined benefit pension obligations, we utilize prevailing long-term high quality corporate bond indices applicable to the respective country at the measurement date. In countries where established corporate bond markets do not exist, we utilize other index movement and duration analysis to determine discount rates. The long-term rate of return on plan assets assumptions reflect economic assumptions applicable to each country and assumptions related to the preliminary assessments regarding the type of investments to be held by the respective plans. Estimated future benefit payments The following reflects the total benefit payments expected to be paid for defined benefits: Year ended December 31, Benefits 2019 $ 28.5 2020 $ 31.2 2021 $ 29.8 2022 $ 30.8 2023 $ 30.7 2024—2028 $ 184.4 Plan Assets The defined benefit pension plans for our subsidiaries represent single-employer plans and the related plan assets are invested within separate trusts. Each of the single-employer plans is managed in accordance with the requirements of local laws and regulations governing defined benefit pension plans for the exclusive purpose of providing pension benefits to participants and their beneficiaries. Pension plan assets are typically held in a trust by financial institutions. Our asset allocation targets established are intended to achieve the plan’s investment strategies. Equity securities include varying market capitalization levels. U.S. equity securities are primarily large-cap companies. Fixed income investments include corporate issued, government issued, and asset backed securities. Corporate debt securities include a range of credit risk and industry diversification. Other investments include real estate and private market securities such as insurance contracts, interests in private equity, and venture capital partnerships. Pension trust liabilities relate to an over funding by DuPont into a pension trust managed by Axalta in conjunction with the Acquisition. The assets continue to be invested and managed by Axalta until required regulatory approvals are received, at which time the over-funded assets will be transferred back to the trust managed by DuPont. Assets measured using NAV as a practical expedient include debt asset backed securities and hedge funds. Debt asset backed securities primarily consist of collateralized debt obligations. The market values for these assets are based on the net asset values multiplied by the number of shares owned. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The Company’s investment strategy in pension plan assets is to generate earnings over an extended time to help fund the cost of benefits while maintaining an adequate level of diversification for a prudent level of risk. The table below summarizes the weighted average actual and target pension plan asset allocations at December 31 st for all funded Axalta defined benefit plans. Asset Category 2018 2017 Target Allocation Equity securities 15-20% 25-30% 15-20% Debt securities 25-30% 20-25% 25-30% Real estate 0-5% 0-5% 0-5% Other 45-50% 45-50% 45-50% The table below presents the fair values of the defined benefit pension plan assets by level within the fair value hierarchy, as described in Note 1, at December 31, 2018 and 2017 , respectively. Fair value measurements at 12/31/2018 Total Level 1 Level 2 Level 3 Asset Category: Cash and cash equivalents $ 4.5 $ 4.4 $ 0.1 $ — U.S. equity securities 23.7 23.4 — 0.3 Non-U.S. equity securities 42.9 39.9 1.0 2.0 Debt securities—government issued 70.9 41.1 23.3 6.5 Debt securities—corporate issued 29.1 19.7 7.0 2.4 Private market securities and other 129.6 1.2 1.5 126.9 Real estate investments 13.6 — — 13.6 Total $ 314.3 $ 129.7 $ 32.9 $ 151.7 Debt asset backed securities at NAV 11.0 Hedge funds at NAV 8.5 Pension trust liability (1.5 ) $ 332.3 Fair value measurements at 12/31/2017 Total Level 1 Level 2 Level 3 Asset Category: Cash and cash equivalents $ 3.7 $ 3.7 $ — $ — U.S. equity securities 33.3 33.0 — 0.3 Non-U.S. equity securities 76.4 73.4 1.2 1.8 Debt—government issued 44.6 33.1 7.3 4.2 Debt—corporate issued 32.8 17.2 13.1 2.5 Private market securities and other 141.2 2.7 2.8 135.7 Real estate investments 13.5 — — 13.5 Total $ 345.5 $ 163.1 $ 24.4 $ 158.0 Debt asset backed securities at NAV 10.9 Hedge funds at NAV 8.6 $ 365.0 Level 3 assets are primarily insurance contracts pledged on behalf of employees with benefits in certain countries, ownership interests in investment partnerships, trusts that own private market securities, real estate investments, and other debt and equity investments. The fair values of our insurance contracts are determined based on the cash surrender value or the present value of the expected future benefits to be paid under the contract, discounted at a rate consistent with the related benefit obligation. Our real estate investments are primarily comprised of investments in commercial property funds externally valued using third party pricing methodologies, which are not actively traded on public exchanges. Debt and equity securities consist primarily of small investments in other investments that are valued at different frequencies based on the value of the underlying investments. The table below presents a roll forward of activity for these assets for the years ended December 31, 2018 and 2017 . Level 3 assets Total Private market securities Debt and equity Real estate investments Ending balance at December 31, 2016 $ 77.5 $ 64.1 $ 2.2 $ 11.2 Realized (loss) — — — — Change in unrealized gain 9.9 8.3 0.4 1.2 Purchases, sales, issues and settlements 70.6 63.3 6.2 1.1 Transfers in/(out) of Level 3 — — — — Ending balance at December 31, 2017 $ 158.0 $ 135.7 $ 8.8 $ 13.5 Realized (loss) — — — — Change in unrealized gain (4.2 ) (4.4 ) (0.2 ) 0.4 Purchases, sales, issues and settlements (2.1 ) (4.4 ) 2.6 (0.3 ) Transfers in/(out) of Level 3 — — — — Ending balance at December 31, 2018 $ 151.7 $ 126.9 $ 11.2 $ 13.6 Assumptions and Sensitivities The discount rate is determined as of each measurement date, based on a review of yield rates associated with long-term, high-quality corporate bonds. The calculation separately discounts benefit payments using the spot rates from a long-term, high-quality corporate bond yield curve. The long-term rate of return assumption represents the expected average rate of earnings on the funds invested to provide for the benefits included in the benefit obligations. The long-term rate of return assumption is determined based on a number of factors, including historical market index returns, the anticipated long-term asset allocation of the plans, historical plan return data, plan expenses and the potential to outperform market index returns. For 2019 , the expected long-term rate of return is 4.21% . Anticipated Contributions to Defined Benefit Plan For funded pension plans, our funding policy is to fund amounts for pension plans sufficient to meet minimum requirements set forth in applicable benefit laws and local tax laws. Based on the same assumptions used to measure our benefit obligations at December 31, 2018 , we expect to contribute $6.7 million to our defined benefit plans during 2019 . No plan assets are expected to be returned to the Company in 2019 . Defined Contribution Plans The Company sponsors defined contribution plans in both its U.S. and non-U.S. subsidiaries, under which salaried and certain hourly employees may defer a portion of their compensation. Eligible participants may contribute to the plan up to the allowable amount as determined by the plan of their regular compensation before taxes. All contributions and Company matches are invested at the direction of the employee. Company matching contributions vest immediately and aggregated to $43.8 million , $45.1 million and $43.3 million for the years ended December 31, 2018 , 2017 and 2016 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | STOCK-BASED COMPENSATION During the years ended December 31, 2018 , 2017 and 2016 , we recogni zed $37.3 million , $38.5 million and $41.1 million , respectively, in stock-based compensation expense, which was allocated between costs of goods sold and selling, general and administrative expenses on the consolidated statements of operations. We recognized tax benefits on stock-based compensation of $6.7 million , $12.1 million and $14.0 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Description of Equity Incentive Plan In 2013, Axalta’s Board of Directors approved the Axalta Coating Systems Ltd. 2013 Incentive Award Plan (the "2013 Plan") which reserved shares of common stock of the Company for issuance to employees, directors and consultants. The 2013 Plan provided for the issuance of stock options, restricted stock or other stock-based awards. No further awards may be granted pursuant to the 2013 Plan. In 2014, Axalta's Board of Directors approved the Axalta Coating Systems Ltd. 2014 Incentive Award Plan, as amended and restated (the "2014 Plan"), which reserved additional shares of common stock of the Company for issuance to employees, directors and consultants. The 2014 Plan provides for the issuance of stock options, restricted stock or other stock-based awards. All awards granted pursuant to the 2014 Plan must be authorized by the Board of Directors of Axalta or a designated committee thereof. Our Board of Directors has generally delegated responsibility for administering the 2014 Plan to our Compensation Committee. The terms of the stock options may vary with each grant and are determined by the Compensation Committee within the guidelines of the 2013 and 2014 Plans. Option life cannot exceed ten years and the Company may settle option exercises by issuing new shares, treasury shares or shares purchased on the open market. Stock Options The Black-Scholes option pricing model was used to estimate fair values of the options as of the date of the grant. The weighted average fair values of options granted in 2018 , 2017 and 2016 were $6.78 , $7.69 and $5.69 per share, respectively. Options granted have a 3 -year vesting period. Principal weighted average assumptions used in applying the Black-Scholes model were as follows: 2018 Grants 2017 Grants 2016 Grants Expected Term 6.0 years 6.0 years 6.0 years Volatility 20.27 % 21.75 % 21.63 % Dividend Yield — — — Discount Rate 2.66 % 2.03 % 1.45 % The expected term assumptions used for the grants mentioned in the above table were determined using the simplified method. We do not anticipate paying cash dividends in the foreseeable future and, therefore, use an expected dividend yield of zero . Volatility for outstanding grants was based upon our industry peer group since we have a limited history as a public company. The discount rate was derived from the U.S. Treasury yield curve. A summary of stock option award activity as of and for the year ended December 31, 2018 is presented below: Awards (in millions) Weighted- Average Exercise Price Aggregate Intrinsic Value (in millions) Weighted Average Remaining Contractual Life (years) Outstanding at December 31, 2017 8.1 $ 16.54 Granted 1.1 $ 29.74 Exercised (1.7 ) $ 10.52 Forfeited (0.3 ) $ 29.59 Outstanding at December 31, 2018 7.2 $ 19.32 Vested and expected to vest at December 31, 2018 7.2 $ 19.32 $ 48.0 5.76 Exercisable at December 31, 2018 5.6 $ 16.80 $ 48.0 5.08 Cash received by the Company upon exercise of options in 2018 was $17.4 million . Tax benefits on these exercises were $6.6 million . For the years ended December 31, 2018 , 2017 and 2016 , the intrinsic value of options exercised was $33.6 million , $42.2 million and $42.5 million , respectively. The fair value of shares vested during 2018 , 2017 and 2016 was $6.8 million , $5.2 million and $3.4 million , respectively. At December 31, 2018 , there was $3.6 million of unrecognized compensation cost relating to outstanding unvested stock options expected to be recognized over the weighted average period of 1.4 years . Restricted Stock Awards and Restricted Stock Units During the year ended December 31, 2018 , we issued 1.1 million shares of restricted stock awards and restricted stock units. A majority of these awards vests ratably over three years . The other awards granted cliff vest over one , two , three or four year periods. A summary of restricted stock and restricted stock unit award activity as of December 31, 2018 is presented below: Awards (in millions) Weighted-Average Fair Value Outstanding at December 31, 2017 1.9 $ 29.32 Granted 1.1 $ 29.61 Vested (1.2 ) $ 29.84 Forfeited (0.2 ) $ 29.33 Outstanding at December 31, 2018 1.6 $ 29.12 At December 31, 2018 , there was $19.3 million of unamortized expense relating to unvested restricted stock awards and restricted stock units that is expected to be amortized over a weighted average period of 1.6 years. The intrinsic value of awards vested during 2018 , 2017 and 2016 was $36.2 million , $30.1 million and $5.5 million , respectively. The total fair value of awards vested during 2018 , 2017 and 2016 was $35.3 million , $29.4 million and $6.2 million , respectively. Performance Stock Awards and Performance Share Units During the year ended December 31, 2018 , the Company granted performance stock awards and performance share units (collectively referred to as "PSAs") to certain employees of the Company as part of their annual equity compensation award. PSAs are tied to the Company’s total shareholder return ("TSR") relative to the TSR of a selected industry peer group or S&P 500. Each award vests over a period of three years and covers a performance cycle of three years starting at the beginning of the fiscal year in which the shares were granted. Awards will cliff vest upon meeting the applicable TSR thresholds and the service requirement of three years . The actual number of shares awarded is adjusted to between zero and 200% of the target award amount based upon achievement of pre-determined objectives. TSR relative to peers is considered a market condition under applicable authoritative guidance. A summary of PSA activity as of December 31, 2018 is presented below: Awards (in millions) Weighted-Average Fair Value Outstanding at December 31, 2017 0.6 $ 31.17 Granted 0.3 $ 33.81 Vested — $ — Forfeited (0.1 ) $ 33.65 Outstanding at December 31, 2018 0.8 $ 31.82 At December 31, 2018 , there was $10.5 million of unamortized expense relating to unvested PSAs that is expected to be amortized over a weighted average period of 1.7 years |
Other Expense, Net
Other Expense, Net | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Other Expense, Net | OTHER EXPENSE, NET Year Ended December 31, 2018 2017 2016 Foreign exchange losses, net $ 9.2 $ 7.4 $ 30.6 Impairments — 7.6 10.5 Debt extinguishment and refinancing related costs 9.5 13.4 97.6 Other miscellaneous (income) expense, net (3.7 ) (1.3 ) 5.5 Total $ 15.0 $ 27.1 $ 144.2 Prior to deconsolidation, during the years ended December 31, 2017 and 2016, our Venezuelan subsidiary, which is a U.S. dollar functional entity, contributed $1.8 million and $23.5 million to the foreign exchange losses, respectively. During the years ended December 31, 2017 and 2016 , we recorded non-operational impairment losses of $7.6 million and $10.5 million , respectively. These impairment losses related to actions to reduce operational costs through activities to rationalize our manufacturing footprint resulting in write-downs of manufacturing facilities identified for closure, as well as a write-down of the carrying value of a real estate investment, which were based on market price estimates. Debt extinguishment and refinancing related costs include third-party fees incurred and the loss on extinguishment associated with the write-off of unamortized deferred financing costs and original issue discounts in conjunction with the restructuring and refinancing of the Term Loans and Senior Notes during the years ended December 31, 2018 and 2017 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES On December 22, 2017, the U.S. TCJA legislation, as defined herein, was enacted into law, which significantly revised the Internal Revenue Code of 1986, as amended. The U.S. TCJA included, among other items, (1) permanent reduction of the corporate tax rate from a top marginal rate of 35% to a flat rate of 21%; (2) limitations on the tax deduction for net interest expense to 30% of adjusted earnings; (3) a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (4) a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a territorial system (along with certain rules designed to prevent erosion of the U.S. income tax base); and (5) modifying or repealing many other business deductions and credits (including modifications to annual foreign tax credit limitations). For the year-ended December 31, 2017 we recorded a provisional non-cash net tax charge of $107.8 million related to the impacts of the U.S. TCJA. This provisional tax charge included a one-time $81.1 million remeasurement of the net U.S. deferred tax assets to the lower enacted U.S. corporate tax rate of 21%, the establishment of a valuation allowance of $26.1 million on certain interest and foreign tax credit carryforwards and $0.6 million of withholding tax on unremitted earnings. December 22, 2018 marked the end of the measurement period for purposes of SAB 118. As such, the Company has completed the analysis based on legislative updates relating to the U.S. TCJA currently available and recorded an additional tax benefit of $12.5 million for the year ended December 31, 2018. While we have completed our accounting of the income tax effects of the U.S. TCJA under SAB 118, the related tax impacts may differ, possibly materially, due to changes in interpretations and assumptions that we have made, additional guidance that may be issued by regulatory bodies, and actions and related accounting policy decisions we may take as a result of the new legislation. Domestic and Foreign Components of Income Before Income Taxes Year Ended December 31, 2018 2017 2016 Domestic $ 194.8 $ 41.8 $ 27.9 Foreign 72.7 147.8 54.8 Total $ 267.5 $ 189.6 $ 82.7 Provision (Benefit) for Income Taxes Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Current Deferred Total Current Deferred Total Current Deferred Total U.S. federal $ 7.2 $ 6.8 $ 14.0 $ 4.6 $ 102.8 $ 107.4 $ 0.9 $ (1.3 ) $ (0.4 ) U.S. state and local 2.7 12.8 15.5 1.7 0.4 2.1 3.7 8.2 11.9 Foreign 38.2 (13.5 ) 24.7 43.9 (11.5 ) 32.4 49.4 (22.8 ) 26.6 Total $ 48.1 $ 6.1 $ 54.2 $ 50.2 $ 91.7 $ 141.9 $ 54.0 $ (15.9 ) $ 38.1 Reconciliation to U.S. Statutory Rate Year Ended December 31, 2018 2017 2016 Statutory U.S. federal income tax rate (1) $ 56.2 21.0 % $ 66.4 35.0 % $ 29.0 35.0 % Foreign income taxed at rates other than U.S. statutory rate (24.8 ) (9.3 ) (56.2 ) (29.6 ) (45.6 ) (55.1 ) Changes in valuation allowances (37.5 ) (14.0 ) 45.3 23.9 9.6 11.6 Foreign exchange gain (loss), net 24.7 9.2 (17.7 ) (9.3 ) 3.1 3.7 Unrecognized tax benefits 18.9 7.1 3.1 1.6 7.1 8.6 Foreign taxes 6.7 2.5 4.1 2.2 4.5 5.4 Non-deductible interest 4.8 1.8 9.8 5.2 6.7 8.1 Non-deductible expenses 3.8 1.4 4.6 2.4 4.7 5.7 Tax credits (6.6 ) (2.4 ) (4.2 ) (2.2 ) (6.7 ) (8.1 ) Excess tax benefits relating to stock-based compensation (6.6 ) (2.4 ) (13.1 ) (6.9 ) (13.4 ) (16.2 ) U.S. tax reform (2) (12.5 ) (4.7 ) 107.8 56.8 — — Venezuela deconsolidation and impairment — — (2.0 ) (1.0 ) 23.8 28.8 U.S. state and local taxes, net 1.8 0.7 1.3 0.7 7.8 9.4 Other - net (3) 25.3 9.4 (7.3 ) (4.0 ) 7.5 9.2 Total income tax provision / effective tax rate $ 54.2 20.3 % $ 141.9 74.8 % $ 38.1 46.1 % (1) The U.S. statutory rate has been used as management believes it is more meaningful to the Company. (2) Tax effect of the U.S. TCJA recorded under SAB 118. (3) In 2018, the Company recorded a tax charge of $17.6 million related to the remeasurement of net deferred tax assets in Netherlands due to the corporate tax rate reduction enacted into law, which is fully offset by a tax benefit of $17.6 million for the decrease to the valuation allowance. Deferred Tax Balances Year Ended December 31, 2018 2017 Deferred tax asset Tax loss, credit and interest carryforwards $ 238.5 $ 265.3 Compensation and employee benefits 80.1 86.0 Accruals and other reserves 25.5 33.9 Research and development capitalization 7.7 8.9 Equity investment and other securities 20.1 26.4 Other 3.0 10.9 Total deferred tax assets $ 374.9 431.4 Less: valuation allowance (159.0 ) $ (214.2 ) Total deferred tax assets, net of valuation allowance $ 215.9 $ 217.2 Deferred tax liabilities Goodwill and intangibles (17.4 ) (15.2 ) Property, plant and equipment (144.7 ) (146.9 ) Unremitted earnings (7.4 ) (7.4 ) Long-term debt (2.4 ) (2.2 ) Total deferred tax liabilities $ (171.9 ) $ (171.7 ) Net deferred tax asset $ 44.0 $ 45.5 Non-current assets 184.8 198.4 Non-current liability (140.8 ) (152.9 ) Net deferred tax asset $ 44.0 $ 45.5 Tax loss, tax credit and interest carryforwards Year Ended December 31, 2018 2017 Tax loss carryforwards (tax effected) (1) Expire within 10 years $ 53.3 $ 92.3 Expire after 10 years or indefinite carryforward 121.6 124.0 Tax credit carryforwards Expire within 10 years 17.3 20.5 Expire after 10 years or indefinite carryforward 20.9 16.1 Interest carryforwards Expire within 10 years 2.2 — Expire after 10 years or indefinite carryforward 23.2 12.4 Total tax loss, tax credit and interest carryforwards $ 238.5 265.3 (1) Net of unrecognized tax benefits Utilization of our tax loss, tax credit and interest carryforwards may be subject to annual limitations due to the ownership change limitations provided by the Internal Revenue Code and similar state and foreign provisions. Such annual limitations could result in the expiration of the tax loss, tax credit and interest carryforwards before their utilization. Valuation allowance Year Ended December 31, 2018 2017 Non-U.S. 133.8 188.1 U.S. 25.2 26.1 Total valuation allowance 159.0 214.2 Valuation allowances relate primarily to the tax loss and tax credit carryforwards, as well as equity investment in foreign jurisdictions, where the Company does not believe the associated net deferred tax assets will be realized, due to expiration, limitation or insufficient future taxable income. The non-U.S. valuation allowance primarily relates to tax loss carryforwards from operations in Luxembourg and Netherlands, of $113.6 million and $155.7 million at December 31, 2018 and 2017, respectively. The U.S. valuation allowance relates to certain U.S. foreign tax credit carryforwards that were impacted by the enactment of the U.S. TCJA and other state net deferred tax assets. Total Gross Unrecognized Tax Benefits Year Ended December 31, 2018 2017 2016 Total gross unrecognized tax benefits at January 1 $17.2 $12.3 $4.7 Increases related to positions taken on items from prior years 3.4 1.9 — Decreases related to positions taken on items from prior years (1.8 ) — (0.2 ) Increases related to positions taken in the current year (1) 18.2 3.0 7.8 Total gross unrecognized tax benefits at December 31 $37.0 $17.2 $12.3 Total accrual for interest and penalties associated with unrecognized tax benefits (2) 3.1 1.2 1.1 Total gross unrecognized tax benefits at December 31, including interest and penalties $40.1 $18.4 $13.4 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate 25.2 9.7 8.5 Interest and penalties included as components of the "Provision (benefit) for income taxes" 1.9 0.1 0.3 (1) Of the $18.2 million 2018 increase related to positions taken in the current year, $10.6 million is the unrecognized tax benefit related to the announced closure of our manufacturing facility at our Mechelen, Belgium site. (2) Accrued interest and penalties are included within the related tax liability line in the balance sheet. The Company is subject to income tax in approximately 45 jurisdictions outside the U.S. The Company’s significant operations outside the U.S. are located in Belgium, China, Germany, Mexico and Switzerland. The statute of limitations varies by jurisdiction with 2008 being the oldest tax year still open in the material jurisdictions. Certain of our German subsidiaries are under tax examination for calendar years 2010 to 2013. The Company is also under audit in other jurisdictions outside of Germany for tax years under responsibility of the predecessor, as well as tax periods under the Company's ownership. Pursuant to the acquisition agreement, all tax liabilities related to tax years prior to 2013 will be indemnified by DuPont. The result of all open examinations may lead to ordinary course adjustments or proposed adjustments to our taxes or our net operating losses with respect to years under examination as well as subsequent periods that could be material. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NET INCOME PER COMMON SHARE Basic net income per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted net income per common share includes the effect of potential dilution from the hypothetical exercise of outstanding stock options and vesting of restricted shares and performance shares. A reconciliation of our basic and diluted net income per common share is as follows: Year Ended December 31, (In millions, except per share data) 2018 2017 2016 Net income to common shareholders $ 207.1 $ 36.7 $ 38.8 Basic weighted average shares outstanding 239.0 240.4 238.1 Diluted weighted average shares outstanding 242.9 246.1 244.4 Net income per common share: Basic net income per share $ 0.87 $ 0.15 $ 0.16 Diluted net income per share $ 0.85 $ 0.15 $ 0.16 The number of anti-dilutive shares that have been excluded in the computation of diluted net income per share for the years ended December 31, 2018 , 2017 and 2016 were 2.6 million , 1.8 million and 1.3 million |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Accounts and Notes Receivable, Net | ACCOUNTS AND NOTES RECEIVABLE, NET Year Ended December 31, 2018 2017 Accounts receivable—trade, net (1) $ 739.9 $ 748.2 Notes receivable 36.1 29.4 Other 84.8 92.6 Total $ 860.8 $ 870.2 (1) Allowance for doubtful accounts was $15.4 million and $15.9 million at December 31, 2018 and 2017 , respectively. Bad debt expense of $2.3 million , $3.5 million and $3.4 million was included within selling, general and administrative expenses for the years ended December 31, 2018 , 2017 and 2016 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Year Ended December 31, 2018 2017 Finished products $ 334.0 $ 347.5 Semi-finished products 108.0 95.5 Raw materials 149.9 144.8 Stores and supplies 21.1 20.8 Total $ 613.0 $ 608.6 |
Net Property, Plant and Equipme
Net Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Year Ended December 31, Useful Lives (years) 2018 2017 Land $ 85.7 $ 87.6 Buildings and improvements 5 - 25 522.4 516.3 Machinery and equipment 3 - 25 1,333.2 1,244.0 Software 5 - 7 159.5 155.3 Other 3 - 20 45.7 41.7 Construction in progress 72.3 148.7 Total $ 2,218.8 $ 2,193.6 Accumulated depreciation (920.6 ) (805.0 ) Property, plant and equipment, net $ 1,298.2 $ 1,388.6 Depreciation expense was $183.4 million , $176.6 million and $176.8 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. We capitalized interest of $4.0 million , $3.7 million and $4.3 million for the years ended December 31, 2018 , 2017 and 2016 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | OTHER ASSETS Year Ended December 31, 2018 2017 Available for sale securities $ 1.7 $ 5.2 Deferred income taxes—non-current 184.8 198.4 Business incentive plan assets 190.8 173.0 Other assets (1) 111.8 52.0 Total $ 489.1 $ 428.6 (1) Include other upfront incentives made in conjunction with long-term customer commitments of $49.8 million and zero at December 31, 2018 |
Accounts Payable and Other Accr
Accounts Payable and Other Accrued Liabilities Accounts Payable and Accrued Liabilities (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (16) ACCOUNTS PAYABLE AND OTHER ACCRUED LIABILITIES Year Ended December 31, 2018 2017 Accounts Payable Trade payables $ 477.8 $ 510.7 Non-income taxes 21.4 27.0 Other 23.6 17.2 Total $ 522.8 $ 554.9 Other Accrued Liabilities Compensation and other employee-related costs $ 163.2 $ 153.3 Restructuring 60.3 71.5 Discounts, rebates, and warranties 157.8 138.8 Income taxes payable 15.2 22.2 Other 79.1 103.8 Total $ 475.6 $ 489.6 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Borrowings are summarized as follows: Year Ended December 31, 2018 2017 2024 Dollar Term Loans $ 2,411.8 $ 1,960.0 2023 Euro Term Loans — 472.5 2024 Dollar Senior Notes 500.0 500.0 2024 Euro Senior Notes 383.3 399.7 2025 Euro Senior Notes 514.9 536.9 Short-term and other borrowings 103.8 94.8 Unamortized original issue discount (12.6 ) (9.1 ) Unamortized deferred financing costs (37.2 ) (39.2 ) $ 3,864.0 $ 3,915.6 Less: Short-term borrowings $ 17.9 $ 12.9 Current portion of long-term borrowings 24.3 24.8 Long-term debt $ 3,821.8 $ 3,877.9 Senior Secured Credit Facilities, as amended On December 15, 2016 (the "Fourth Amendment Effective Date"), Axalta Coating Systems Dutch Holdings B B.V. ("Dutch B B.V.") and its indirect 100% owned subsidiary, Axalta Coating Systems U.S. Holdings, Inc. ("Axalta US Holdings") executed the fourth amendment (the "Fourth Amendment") to the credit agreement (the “Credit Agreement”) governing our Senior Secured Credit Facilities. The Fourth Amendment (i) converted all of the outstanding U.S. Dollar term loans ( $1,775.3 million ) (the “2020 Dollar Term Loans”) into a new tranche of term loans issued at par with principal of $1,545.0 million (the "2023 Dollar Term Loans"), (ii) converted all of the outstanding Euro term loans ( €199.0 million ) (the “2020 Euro Term Loans” and, together with the 2020 Dollar Term Loans, the “2020 Term Loans”) into a new tranche of term loans issued at par with principal of €400.0 million (the "2023 Euro Term Loans" and, together with the 2023 Dollar Term Loans, the "2023 Term Loans"). On June 1, 2017 (the "Fifth Amendment Effective Date"), Dutch B B.V. and Axalta US Holdings executed the fifth amendment to the Credit Agreement (the "Fifth Amendment"). The Fifth Amendment converted all of the outstanding 2023 Dollar Term Loans ( $1,541.1 million ) into a new tranche of term loans with principal of $2,000.0 million (the "2024 Dollar Term Loans"). The 2024 Dollar Term Loans were issued at 99.875% of par, or a $2.5 million discount. On April 11, 2018 (the "Sixth Amendment Effective Date"), Dutch B B.V. and Axalta US Holdings executed the sixth amendment to the Credit Agreement (the "Sixth Amendment"). The Sixth Amendment repriced the 2024 Dollar Term Loans and increased the aggregate principal balance by $475.0 million to $2,430.0 million . The increased principal balance of the 2024 Dollar Term Loans under the Sixth Amendment was issued at 99.75% of par or a $6.0 million discount. Proceeds from the Sixth Amendment, along with cash on the balance sheet, were used to extinguish the existing 2023 Euro Term Loans. The 2024 Dollar Term Loans together with the Revolving Credit Facility, as defined herein, are referred to as the "Senior Secured Credit Facilities." On October 31, 2018 (the "Seventh Amendment Effective Date"), Dutch B B.V. and Axalta US Holdings, the Company, and certain other subsidiaries of the Company as guarantors entered into the seventh amendment to the Credit Agreement (the "Seventh Amendment"). The Seventh Amendment amended the Credit Agreement to, among other things, (i) allow for the Company and certain wholly owned subsidiaries of the Company to be added as guarantors under the Credit Agreement, (ii) provide that (A) the covenants in the Credit Agreement generally apply to the Company and its restricted subsidiaries and (B) upon election at any time thereafter, a successor holdings guarantor may be designated and, upon the effectiveness of the guarantee of such successor parent guarantor, the covenants in the Credit Agreement will generally apply to such successor holdings guarantor and its restricted subsidiaries, (iii) otherwise amend the Credit Agreement in order to effect certain corporate transactions as part of a potential internal reorganization of certain of the Company's subsidiaries (the "Proposed Restructuring") and certain potential future reorganizations involving the Company and (iv) update guarantee limitations for certain of the guarantors. Interest was and is payable quarterly on the 2023 Term Loans and the 2024 Dollar Term Loans. The 2024 Dollar Term Loans are subject to a floor of zero plus an applicable rate of 1.75% per annum for Eurocurrency Rate Loans as defined in the Credit Agreement and 0.75% per annum for Base Rate Loans as defined in the Credit Agreement. Prior to the Sixth Amendment, interest on the 2024 Dollar Term Loans was subject to a floor of zero , plus an applicable rate. The applicable rate for such 2024 Dollar Term Loans was 2.00% per annum for Eurocurrency Rate Loans as defined in the Credit Agreement and 1.00% per annum for Base Rate Loans as defined in the Credit Agreement. Prior to the Fifth Amendment, interest on the 2023 Dollar Term Loans was subject to a floor of 0.75% , plus an applicable rate after the Fourth Amendment Effective Date. The applicable rate for such 2023 Dollar Term Loans was 2.50% per annum for Eurocurrency Rate Loans as defined in the Credit Agreement and 1.50% per annum for Base Rate Loans as defined in the Credit Agreement. The 2023 Euro Term Loans were also subject to a floor of 0.75% , plus an applicable rate after the Fourth Amendment Effective Date of 2.25% per annum for Eurocurrency Rate Loans. The 2023 Euro Term Loans may not have been Base Rate Loans. Prior to the Fourth Amendment, interest on the 2020 Dollar Term Loans was subject to a floor of 1.00% , plus an applicable rate after February 3, 2014 (the effective date of the second amendment to the Credit Agreement). The applicable rate for such 2020 Dollar Term Loans was 3.00% per annum for Eurocurrency Rate Loans and 2.00% per annum for Base Rate Loans. The 2020 Euro Term Loans were also subject to a floor of 1.00% , plus an applicable rate. The applicable rate for such 2020 Euro Term Loans was 3.25% per annum for Eurocurrency Rate Loans. The 2020 Euro Term Loans were not to be Base Rate Loans. The applicable rate for both Eurocurrency Rate Loans as well as Base Rate Loans was subject to a further 25 basis point reduction if the Total Net Leverage Ratio as defined in the Credit Agreement governing the Senior Secured Credit Facilities was less than or equal to 4.50 :1.00. During the third quarter of 2014, our Total Net Leverage Ratio was less than 4.50 :1.00. Consequently, the applicable rates were changed to 2.75% for the 2020 Dollar Term Loans and 3.00% for the 2020 Euro Term Loans through the Fourth Amendment Effective Date. Any indebtedness under the Senior Secured Credit Facilities may be voluntarily prepaid in whole or in part, in minimum amounts, subject to the provisions set forth in the Credit Agreement. Such indebtedness is subject to mandatory prepayments amounting to the proceeds of asset sales over $75.0 million annually, proceeds from certain debt issuances not otherwise permitted under the Credit Agreement and 50% (subject to a step-down to 25.0% or 0% if the First Lien Leverage Ratio falls below 4.25 :1.00 or 3.50 :1.00, respectively) of Excess Cash Flow. The Senior Secured Credit Facilities are secured by substantially all assets of the Company and the other guarantors. The 2024 Dollar Term Loans mature on June 1, 2024. Principal is paid quarterly based on 1% per annum of the original principal amount outstanding on the most recent amendment date with the unpaid balance due at maturity. We are subject to customary negative covenants in addition to the First Lien Leverage Ratio financial covenant for purposes of determining any Excess Cash Flow mandatory payment. Further, the Senior Secured Credit Facilities, among other things, include customary restrictions (subject to certain exceptions) on the Company's ability to incur certain indebtedness, grant certain liens, make certain investments, declare or pay certain dividends, or repurchase shares of the Company's common stock. As of December 31, 2018 , the Company is in compliance with all covenants under the Senior Secured Credit Facilities. Revolving Credit Facility On August 1, 2016 (the "Third Amendment Effective Date"), Dutch B B.V. and Axalta US Holdings executed the third amendment to the Credit Agreement (the "Third Amendment"). The Third Amendment impacted the revolving credit facility under the Senior Secured Credit Facilities (the "Revolving Credit Facility") by (i) extending the maturity of the Revolving Credit Facility to five years from the Third Amendment Effective Date, or August 1, 2021, provided that such date will be accelerated to the date that is 91 days prior to the maturity of the term loans borrowed under the Credit Agreement if the maturity of such term loans precedes the maturity of the Revolving Credit Facility, (ii) decreasing the applicable interest margins, and (iii) amending the financial covenant applicable to the Revolving Credit Facility to be applicable only when greater than 30% (previously 25% ) of the Revolving Credit Facility (including letters of credit not cash collateralized to at least 103% ) is outstanding at the end of the fiscal quarter. If such conditions are met, the First Lien Net Leverage Ratio (as defined by the Credit Agreement) at the end of the quarter is required to be greater than 5.50 :1.00. At December 31, 2018 , the financial covenant is not applicable as there were no borrowings. Under the Third Amendment, interest on any outstanding borrowings under the Revolving Credit Facility is subject to a floor of zero for Adjusted Eurocurrency Rate Loans (as defined in the Credit Agreement) plus an applicable rate of 2.75% (previously 3.50% ) subject to an additional step-down to 2.50% or 2.25% , if the First Lien Net Leverage Ratio falls below 3.00 :1.00 or 2.50 :1.00, respectively. For Base Rate Loans, the interest is subject to a floor of the greater of the federal funds rate plus 0.50% , the Prime Lending Rate or an Adjusted Eurocurrency Rate plus 1% , plus an applicable rate of 1.75% (previously 2.50% ), subject to an additional step-down to 1.50% or 1.25% , if the First Lien Net Leverage Ratio falls below 3.00 :1.00 and 2.50 :1.00, respectively. Under circumstances described in the Credit Agreement, we may increase available revolving or term facility borrowings by up to $400.0 million plus an additional amount subject to the Company not exceeding a maximum first lien leverage ratio described in the Credit Agreement. There have been no borrowings outstanding on the Revolving Credit Facility since the issuance of the Senior Secured Credit Facilities. At December 31, 2018 and December 31, 2017 , letters of credit issued under the Revolving Credit Facility totaled $44.8 million and $35.5 million , respectively, which reduced the availability under the Revolving Credit Facility. Availability under the Revolving Credit Facility was $355.2 million and $364.5 million at December 31, 2018 and December 31, 2017 , respectively. Significant Transactions During the year ended December 31, 2018 , in connection with the Sixth Amendment discussed above, we recorded a loss on extinguishment and other financing-related costs of $8.4 million , of which $2.9 million related to the 2023 Euro Term Loan and $5.5 million related to the 2024 Dollar Term Loans. The loss was comprised of the write off of unamortized deferred financing costs and original issue discounts of $3.1 million and $0.7 million , respectively, and other fees directly associated with the Sixth Amendment of $4.6 million . In addition, in connection with the Seventh Amendment discussed above, we recorded a loss of $0.7 million . During the year ended December 31, 2017, in connection with the Fifth Amendment discussed above, we recorded a loss on extinguishment of $13.0 million . In addition, we voluntarily prepaid $30.0 million in principal of the outstanding 2024 Dollar Term Loans, resulting in a loss of $0.4 million , consisting of the write-off of unamortized deferred financing costs and original issue discounts. During the year ended December 31, 2016, in connection with the Third Amendment discussed above, we recorded a loss on extinguishment of $2.3 million . In addition, in connection with the Fourth Amendment discussed above, we recorded a $10.4 million loss on extinguishment and other financing-related costs for the year ended December 31, 2016. The loss was comprised of the write-off of unamortized deferred financing costs and original issue discounts attributable to the 2020 Term Loans of $4.7 million and $1.5 million , respectively, and other fees directly associated with the Fourth Amendment of $4.2 million . Prior to the Fourth Amendment, in April and October of 2016, we voluntarily prepaid $100.0 million and $150.0 million in principal of the outstanding 2020 Dollar Term Loans, respectively, and €200.0 million in principal of the outstanding 2020 Euro Term Loans. As a result, we recorded losses on extinguishment for the year ended December 31, 2016 of $9.6 million , consisting of the write-off of $9.1 million and $0.5 million of unamortized deferred financing costs and original issue discounts, respectively. Significant Terms of the 2021 Senior Notes On February 1, 2013, Dutch B B.V, as the “Dutch Issuer”, an indirect, wholly owned subsidiary of the Company, and Axalta US Holdings, as the “U.S. Issuer” (collectively the "Issuers") issued $750.0 million aggregate principal amount of 7.375% senior unsecured notes due 2021 (the "2021 Dollar Senior Notes") and related guarantees thereof. Additionally, the Issuers issued € 250.0 million aggregate principal amount of 5.750% senior secured notes due 2021 (the "2021 Euro Senior Notes" and, together with the Dollar Senior Notes, the "2021 Senior Notes") and related guarantees thereof. The 2021 Senior Notes were unconditionally guaranteed on a senior basis by Dutch A B.V. and certain of the Issuers’ subsidiaries. Issuance of New Senior Notes and Redemption of 2021 Senior Notes On August 16, 2016, Axalta Coating Systems, LLC ("U.S. Issuer"), issued $500.0 million in aggregate principal amount of 4.875% senior unsecured notes (the “2024 Dollar Senior Notes”) and €335.0 million in aggregate principal amount of 4.250% senior unsecured notes (the “2024 Euro Senior Notes”), each due August 2024 (collectively, the “2024 Senior Notes” and with the 2025 Euro Senior Notes, as defined herein, “New Senior Notes”, each of which is described in detail below), for the primary purpose of redeeming the 2021 Dollar Senior Notes (the “August 2016 Refinancing”). Consistent with the terms of the 2021 Dollar Senior Notes, we extinguished the principal at a redemption price equal to 105.531% . In connection with the August 2016 Refinancing, we recorded a $56.9 million loss on extinguishment and other financing-related costs for the year ended December 31, 2016. The loss was comprised of the redemption premium of $41.5 million , write-off of unamortized deferred financing costs attributable to the 2021 Dollar Senior Notes of $13.0 million and other fees directly associated with the transaction of $2.4 million . On September 27, 2016, the Dutch Issuer issued €450.0 million in aggregate principal amount of 3.750% Euro senior unsecured notes due January 2025 (the “2025 Euro Senior Notes”) for the primary purpose of redeeming the 2021 Euro Senior Notes and the partial prepayment of the 2020 Euro Term Loans (the “September 2016 Refinancing”). Consistent with the original terms of the 2021 Euro Senior Notes, we extinguished the principal at a redemption price equal to 104.313% . In connection with the September 2016 Refinancing, we recorded an $18.4 million loss on extinguishment and other financing-related costs for the year ended December 31, 2016. The loss was comprised of the redemption premium of $12.1 million , write-off of unamortized deferred financing costs attributable to the 2021 Euro Senior Notes of $5.6 million and other fees directly associated with the transaction of $0.7 million . The indentures governing the New Senior Notes contain covenants that restrict the ability of the Issuers and their subsidiaries to, among other things, incur additional debt, make certain payments including payment of dividends or repurchase equity interest of the Issuers, make loans or acquisitions or capital contributions and certain investments, incur certain liens, sell assets, merge or consolidate or liquidate other entities, and enter into transactions with affiliates. On October 26, 2018, the U.S. Issuer and the party thereto entered into a seventh supplemental indenture (the “2024 Seventh Supplemental Indenture”) to the 2024 Senior Notes. In addition, on October 26, 2018, the Dutch Issuer and the new guarantors party thereto entered into a seventh supplemental indenture (the “2025 Seventh Supplemental Indenture” and, together with the 2024 Seventh Supplemental Indenture, the “October 2018 Supplemental Indentures”) to the 2025 Euro Senior Notes. The October 2018 Supplemental Indentures permit the Company and its subsidiaries to effect certain corporate transactions as part of a potential internal reorganization of certain of the Company's subsidiaries (the "Proposed Restructuring") and certain potential future reorganizations involving the Company. Each of the October 2018 Supplemental Indentures amended the applicable indenture in order to, among other things, (i) add the Company and certain wholly owned subsidiaries of the Company as guarantors of the applicable New Senior Notes, (ii) provide that (A) the covenants of the applicable Indenture generally apply to the Company and its restricted subsidiaries and (B) upon an election by the relevant Issuer at any time thereafter, a successor parent guarantor may be designated and, upon the effectiveness of the guarantee of such successor parent guarantor, the covenants of the applicable Indenture will generally apply to such successor parent guarantor and its restricted subsidiaries, (iii) otherwise amend the applicable Indenture in order to effect the Proposed Restructuring (as defined below) and (iv) update guarantee limitations for certain of the guarantors. In connection with the October 2018 Supplemental Indentures above, the Company became the parent guarantor of the New Senior Notes. Additionally, we recorded a loss of $0.4 million compromised of fees directly associated with the indentures. No deferred financing costs or original issue discounts were written off as a result of the October 2018 Supplemental Indentures. i) 2024 Dollar Senior Notes The 2024 Dollar Senior Notes were issued at 99.951% of par, or $2.0 million discount, and are due August 15, 2024. The 2024 Dollar Senior Notes bear interest at 4.875% and are payable semi-annually on February 15 th and August 15 th . We have the option to redeem all or part of the 2024 Dollar Senior Notes at the following redemption prices (expressed as percentages of principal amount) on or after August 15 th of the years indicated: Period 2024 Dollar Notes Percentage 2019 103.656 % 2020 102.438 % 2021 101.219 % 2022 and thereafter 100.000 % Notwithstanding the foregoing, at any time and from time to time prior to August 15, 2019, we may at our option redeem in the aggregate up to 40% of the original aggregate principal amount of the 2024 Dollar Senior Notes with the net cash proceeds of one or more Equity Offerings (as defined in the indenture governing the 2024 Dollar Senior Notes) at a redemption price of 104.875% plus accrued and unpaid interest, if any, to the redemption date. At least 50% of the original aggregate principal of the notes must remain outstanding after each such redemption. Upon the occurrence of certain events constituting a change of control, holders of the 2024 Dollar Senior Notes have the right to require us to repurchase all or any part of the 2024 Dollar Senior Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the repurchase date. The 2024 Dollar Senior Notes, subject to local law limitations, are jointly and severally guaranteed on a senior unsecured basis by each of the Company’s existing and future direct and indirect subsidiaries that is a borrower under or that guarantees the Senior Secured Credit Facilities. Under certain circumstances, the guarantors may be released from their guarantees without the consent of the holders of the applicable series of notes. The indebtedness issued through the 2024 Dollar Senior Notes is senior unsecured indebtedness of the U.S. Issuer, is senior in right of payment to all future subordinated indebtedness of the U.S. Issuer and guarantors and is equal in right of payment to all existing and future senior indebtedness of the U.S. Issuer and guarantors. The 2024 Dollar Senior Notes are effectively subordinated to any secured indebtedness of the U.S. Issuer and guarantors (including indebtedness outstanding under the Senior Secured Credit Facilities) to the extent of the value of the assets securing such indebtedness. (ii) 2024 Euro Senior Notes The 2024 Euro Senior Notes were issued at par and are due August 15, 2024. The 2024 Euro Senior Notes bear interest at 4.250% and are payable semi-annually on February 15 th and August 15 th . We have the option to redeem all or part of the 2024 Euro Senior Notes at the following redemption prices (expressed as percentages of principal amount) on or after August 15 th of the years indicated: Period 2024 Euro Notes Percentage 2019 103.188 % 2020 102.125 % 2021 101.063 % 2022 and thereafter 100.000 % Notwithstanding the foregoing, at any time and from time to time prior to August 15, 2019, we may at our option redeem in the aggregate up to 40% of the original aggregate principal amount of the 2024 Euro Senior Notes with the net cash proceeds of one or more Equity Offerings (as defined in the indenture governing the 2024 Euro Senior Notes) at a redemption price of 104.250% plus accrued and unpaid interest, if any, to the redemption date. At least 50% of the original aggregate principal of the notes must remain outstanding after each such redemption. Upon the occurrence of certain events constituting a change of control, holders of the 2024 Euro Senior Notes have the right to require us to repurchase all or any part of the 2024 Euro Senior Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the repurchase date. The 2024 Euro Senior Notes, subject to local law limitations, will initially be jointly and severally guaranteed on a senior unsecured basis by each of the Company’s existing and future direct and indirect subsidiaries that is a borrower under or that guarantees the Senior Secured Credit Facilities. Under certain circumstances, the guarantors may be released from their guarantees without the consent of the holders of the applicable series of notes. The indebtedness issued through the 2024 Euro Senior Notes is senior unsecured indebtedness of the U.S. Issuer, is senior in right of payment to all future subordinated indebtedness of the U.S. Issuer and guarantors and is equal in right of payment to all existing and future senior indebtedness of the U.S. Issuer and guarantors. The 2024 Euro Senior Notes are effectively subordinated to any secured indebtedness of the U.S. Issuer and guarantors (including indebtedness outstanding under the Senior Secured Credit Facilities) to the extent of the value of the assets securing such indebtedness. (iii) 2025 Euro Senior Notes The 2025 Euro Senior Notes were issued at par and are due January 15, 2025. The 2025 Euro Senior Notes bear interest at 3.750% and are payable semi-annually on January 15 th and July 15 th . We have the option to redeem all or part of the 2025 Euro Senior Notes at the following redemption prices (expressed as percentages of principal amount) on or after January 15 th of the years indicated: Period 2025 Euro Notes Percentage 2019 102.813 % 2020 101.875 % 2021 100.938 % 2022 and thereafter 100.000 % Notwithstanding the foregoing, at any time and from time to time prior to January 15, 2020, we may at our option redeem in the aggregate up to 40% of the original aggregate principal amount of the 2025 Euro Senior Notes with the net cash proceeds of one or more Equity Offerings (as defined in the indenture governing the 2025 Euro Senior Notes) at a redemption price of 103.750% plus accrued and unpaid interest, if any, to the redemption date. At least 50% of the original aggregate principal of the notes must remain outstanding after each such redemption. Upon the occurrence of certain events constituting a change of control, holders of the 2025 Euro Senior Notes have the right to require us to repurchase all or any part of the 2025 Euro Senior Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the repurchase date. The 2025 Euro Senior Notes, subject to local law limitations, are jointly and severally guaranteed on a senior unsecured basis by the Company and each of its subsidiaries that is a borrower under or that guarantees the Senior Secured Credit Facilities (other than the Dutch Issuer). Under certain circumstances, the guarantors may be released from their guarantees without the consent of the holders of the applicable series of notes. The indebtedness issued through the 2025 Euro Senior Notes is senior unsecured indebtedness of the Dutch Issuer, is senior in right of payment to all future subordinated indebtedness of the Dutch Issuer and guarantors and is equal in right of payment to all existing and future senior indebtedness of the Dutch Issuer and guarantors. The 2025 Euro Senior Notes are effectively subordinated to any secured indebtedness of the Dutch Issuer and guarantors (including indebtedness outstanding under the Senior Secured Credit Facilities) to the extent of the value of the assets securing such indebtedness. Future repayments Below is a schedule of required future repayments of all borrowings outstanding at December 31, 2018 . 2019 $ 42.2 2020 26.0 2021 25.3 2022 52.7 2023 25.4 Thereafter 3,722.2 $ 3,893.8 The table above excludes $20.0 million |
Financial Instruments, Hedging
Financial Instruments, Hedging Activities and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value [Text Block] | FINANCIAL INSTRUMENTS, HEDGING ACTIVITIES AND FAIR VALUE MEASUREMENTS Fair value of financial instruments Equity securities with readily determinable fair values - Balances of equity securities are recorded within other assets, with any changes in fair value recorded within other expense, net. The fair values of available for sale securities are based upon Level 1 inputs when the securities are actively traded with quoted market prices. Long-term borrowings - The estimated fair values of these notes are based on recent trades, as reported by a third-party pricing service. Due to the infrequency of trades, these inputs are considered to be Level 2 inputs. Derivative instruments - The Company’s interest rate caps, interest rate swaps and cross-currency swaps are valued using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are considered to be Level 2 inputs. Fair value of contingent consideration The fair value of contingent consideration associated with acquisitions completed in current and prior years are valued at each balance sheet date, until amounts become payable, with adjustments recorded within selling, general and administrative expenses on the consolidated statement of operations. During the year ended December 31, 2017 , the Company recorded gains of $3.0 million associated with the changes to fair value. The Company paid the remaining $8.9 million contingent consideration in the year ended December 31, 2018 . Due to the significant unobservable inputs used in the valuations, these liabilities are categorized within Level 3 of the fair value hierarchy. The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at December 31, 2018 and December 31, 2017 . December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Prepaid expenses and other current assets: Interest rate caps (1) $ — $ 4.5 $ — $ 4.5 $ — $ — $ — $ — Cross-currency swaps (2) — 14.1 — 14.1 — — — — Foreign currency forward contracts (3) — — — — — — — — Other assets: Interest rate caps (1) — 1.4 — 1.4 — 1.2 — 1.2 Interest rate swaps (1) — — — — — — — — Cross-currency swaps (2) — — — — — — — — Investment in equity securities 0.7 — — 0.7 4.3 — — 4.3 Liabilities: Other accrued liabilities: Interest rate caps (1) — — — — — 2.6 — 2.6 Foreign currency forward contracts (3) — — — — — 0.7 — 0.7 Other liabilities: Interest rate swaps (1) — 2.9 — 2.9 — — — — Cross-currency swaps (2) — 8.8 — 8.8 — — — — Contingent consideration — — — — — — 8.9 8.9 Long-term borrowings: (4) 2024 Dollar Senior Notes — 474.9 — 474.9 — 524.4 — 524.4 2024 Euro Senior Notes — 381.1 — 381.1 — 427.7 — 427.7 2025 Euro Senior Notes — 497.5 — 497.5 — 571.8 — 571.8 2024 Dollar Term Loans — 2,276.1 — 2,276.1 — 1,967.4 — 1,967.4 2023 Euro Term Loans — — — — — 475.5 — 475.5 (1) Cash flow hedge (2) Net investment hedge (3) Derivatives not designated as hedging instruments (4) Amounts not reflected on the Consolidated Balance Sheet We selectively use derivative instruments to reduce market risk associated with changes in foreign currency exchange rates and interest rates. The use of derivatives is intended for hedging purposes only, and we do not enter into derivative instruments for speculative purposes. A description of each type of derivative used to manage risk is included in the following paragraphs. Derivative Instruments Qualifying and Designated as Cash Flow and Net Investment Hedges Interest Rate Caps Designated as Cash Flow Hedges During the year ended December 31, 2017, we entered into four 1.5% interest rate caps with aggregate notional amounts totaling $850.0 million to hedge the variable interest rate exposures on our 2024 Dollar Term Loans. Three of these interest rate caps, comprising $600.0 million of the notional value, expire December 31, 2019 and had a deferred premium of $8.6 million at inception. The fourth interest rate cap, comprising the remaining $250.0 million of the notional value, expires December 31, 2021 and had a deferred premium of $8.1 million at inception. All deferred premiums are paid quarterly over the term of the respective interest rate caps. These interest rate caps are marked to market at each reporting date and any unrealized gains or losses are included in AOCI and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings. Interest Rate Swaps Designated as Cash Flow Hedges During the three months ended June 30, 2018, we entered into three interest rate swaps with aggregate notional amounts totaling $475.0 million to hedge interest rate exposures related to variable rate borrowings under the Senior Secured Credit Facilities. Under the terms of the interest rate swap agreements, the Company is required to pay the counter-parties a stream of fixed interest payments at a rate of 2.72% and in turn, receives variable interest payments based on 3-month LIBOR from the counter-parties. The interest rate swaps are designated as cash flow hedges and expire on March 31, 2023. These interest rate swaps are marked to market at each reporting date and any unrealized gains or losses are included in AOCI and reclassified to interest expense in the same period or periods during which the hedged transactions affect earnings. Cross-Currency Swaps Designated as Net Investment Hedges During the three months ended June 30, 2018, we entered into three fixed-for-fixed cross-currency swaps with aggregate notional amounts totaling $475.0 million to hedge the variability of exchange rate impacts between the U.S. Dollar and Euro. Under the terms of the cross-currency swap agreements, we notionally exchanged $475.0 million at a weighted average interest rate of 4.47% for €387.2 million at a weighted average interest rate of 1.95% . The cross-currency swaps were designated as net investment hedges and were set to expire on March 31, 2023. These cross-currency swaps were marked to market at each reporting date and any unrealized gains or losses are included in unrealized currency translation adjustments, within AOCI. During the three months ended December 31, 2018, we settled three fixed-for-fixed cross-currency swaps previously executed in 2018 resulting in cash proceeds of $22.5 million . Concurrently, we notionally exchanged $475.0 million at a weighted average interest rate of 4.47% for €416.6 million at a weighted average interest rate of 1.44% . The cross-currency swaps are designated as net investment hedges and expire on March 31, 2023. These cross-currency swaps are marked to market at each reporting date and any unrealized gains or losses are included in unrealized currency translation adjustments, within AOCI. The following table presents the location and fair values using Level 2 inputs of derivative instruments that qualify and have been designated as cash flow and net investment hedges included in accumulated other comprehensive (loss) income: Year Ended December 31, 2018 2017 Accumulated other comprehensive (loss) income: Interest rate caps (cash flow hedges) $ (3.4 ) $ 2.0 Interest rate swaps (cash flow hedges) 3.0 — Cross-currency swaps (net investment hedges) (27.7 ) — Total accumulated other comprehensive (loss) income $ (28.1 ) $ 2.0 Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis. The following tables set forth the locations and amounts recognized during the year ended December 31, 2018 , 2017 and 2016 for these cash flow and net investment hedges. For the Year Ended December 31, 2018 2017 2016 Derivatives in Cash Flow and Net Investment Hedges Location of (Gain) Loss Recognized in Income on Derivatives Net Amount of (Gain) Loss Recognized in OCI on Derivatives Amount of (Gain) Loss Recognized in Income Net Amount of (Gain) Loss Recognized in OCI on Derivatives Amount of (Gain) Loss Recognized in Income Net Amount of (Gain) Loss Recognized in OCI on Derivatives Amount of (Gain) Loss Recognized in Income Interest rate caps Interest expense, net $ (7.3 ) $ (1.9 ) $ 1.8 $ (2.7 ) $ 2.0 $ 7.1 Interest rate swaps Interest expense, net 4.3 1.3 — — — — Cross-currency swaps Interest expense, net (37.1 ) (9.4 ) — — — — Over the next 12 months, we expect gains of $0.1 million pertaining to cash flow hedges to be reclassified from accumulated other comprehensive income into earnings, related to our interest rate caps and interest rate swaps. Derivative Instruments Not Designated as Cash Flow Hedges We periodically enter into foreign currency forward and option contracts to reduce market risk and hedge our balance sheet exposures and cash flows for subsidiaries with exposures denominated in currencies different from the functional currency of the relevant subsidiary. These contracts have not been designated as hedges and all gains and losses are marked to market through other (income) expense, net in the consolidated statement of operations. During the year ended December 31, 2013, we purchased a € 300.0 million 1.5% interest rate cap on our Euro Term Loans for a premium of $3.1 million . The interest rate cap was not designated as a hedge and the changes in the fair value of the derivative instrument were recorded in current period earnings in interest expense. The hedge matured on September 29, 2017. During the year ended December 31, 2017, we purchased a 1.25% interest rate cap with a notional amount of €388.0 million to hedge the variable interest rate exposures on our 2023 Euro Term Loans. We paid a premium equal to $0.6 million for the interest rate cap which is effective beginning September 30, 2017 through December 31, 2019. Changes in the fair value of the derivative instrument are recorded in current period earnings and are included in interest expense. Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment are recorded in earnings as follows: Derivatives Not Designated as Hedging Instruments under ASC 815 Location of (Gain) Loss Recognized in Income on Derivatives Year Ended December 31, 2018 2017 2016 Foreign currency forward contracts Other expense, net $ (7.9 ) $ 11.2 $ 4.3 Interest rate cap Interest expense, net — 0.6 — $ (7.9 ) $ 11.8 $ 4.3 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments | SEGMENTS The Company identifies an operating segment as a component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance; and (iii) that has available discrete financial information. We have two operating segments, which are also our reportable segments: Performance Coatings and Transportation Coatings. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Our CODM is identified as the Chief Executive Officer because he has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines. Through our Performance Coatings segment, we provide high-quality liquid and powder coatings solutions to a fragmented and local customer base. We are one of only a few suppliers with the technology to provide precise color matching and highly durable coatings systems. The end-markets within this segment are refinish and industrial. Through our Transportation Coatings segment, we provide advanced coating technologies to OEMs of light and commercial vehicles. These increasingly global customers require a high level of technical support coupled with cost-effective, environmentally responsible coatings systems that can be applied with a high degree of precision, consistency and speed. The end-markets within this segment are light vehicle and commercial vehicle. Our business serves four end-markets globally as follows: Year Ended December 31, 2018 2017 2016 Performance Coatings Refinish $ 1,754.2 $ 1,645.2 $ 1,679.7 Industrial 1,271.5 1,029.9 718.8 Total Net sales Performance Coatings $ 3,025.7 $ 2,675.1 $ 2,398.5 Transportation Coatings Light Vehicle $ 1,290.2 $ 1,322.8 $ 1,337.7 Commercial Vehicle 353.8 355.0 332.6 Total Net sales Transportation Coatings $ 1,644.0 $ 1,677.8 $ 1,670.3 Total Net sales $ 4,669.7 $ 4,352.9 $ 4,068.8 Asset information is not reviewed or included with our internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment. Performance Coatings Transportation Coatings Total For the Year ended December 31, 2018 Net sales (1) $ 3,025.7 $ 1,644.0 $ 4,669.7 Equity in earnings in unconsolidated affiliates 0.4 (0.1 ) 0.3 Adjusted EBITDA (2) 668.3 268.9 937.2 Investment in unconsolidated affiliates 2.7 12.7 15.4 Performance Coatings Transportation Coatings Total For the Year ended December 31, 2017 Net sales (1) $ 2,675.1 $ 1,677.8 $ 4,352.9 Equity in earnings (losses) in unconsolidated affiliates 0.3 0.7 1.0 Adjusted EBITDA (2) 564.2 321.0 885.2 Investment in unconsolidated affiliates 2.9 12.6 15.5 Performance Coatings Transportation Coatings Total For the Year ended December 31, 2016 Net sales (1) $ 2,398.5 $ 1,670.3 $ 4,068.8 Equity in earnings in unconsolidated affiliates (0.2 ) 0.4 0.2 Adjusted EBITDA (2) 549.7 352.7 902.4 Investment in unconsolidated affiliates 2.5 11.1 13.6 (1) The Company has no intercompany sales between segments. (2) The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation and amortization and select other items impacting operating results. These other items impacting operating results are items that management has concluded are (i) non-cash items included within net income, (ii) items the Company does not believe are indicative of ongoing operating performance or (iii) nonrecurring, unusual or infrequent items that have not occurred within the last two years or we believe are not reasonably likely to recur within the next two years. Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts and prior year financial results, providing a measure that management believes reflects the Company’s core operating performance, which represents EBITDA adjusted for the select items referred to above. Reconciliation of Adjusted EBITDA to income before income taxes follows: Year Ended December 31, 2018 2017 2016 Income before income taxes $ 267.5 $ 189.6 $ 82.7 Interest expense, net 159.6 147.0 178.2 Depreciation and amortization 369.1 347.5 322.1 EBITDA $ 796.2 $ 684.1 $ 583.0 Debt extinguishment and refinancing related costs (a) 9.5 13.4 97.6 Foreign exchange remeasurement losses (b) 9.2 7.4 30.6 Long-term employee benefit plan adjustments (c) (1.9 ) 1.4 1.5 Termination benefits and other employee related costs (d) 81.7 35.3 61.8 Consulting and advisory fees (e) — (0.1 ) 10.4 Transition-related costs (f) (0.2 ) 7.7 — Offering and transactional costs (g) 1.2 18.4 6.0 Stock-based compensation (h) 37.3 38.5 41.1 Other adjustments (i) 5.2 3.6 5.0 Dividends in respect of noncontrolling interest (j) (1.0 ) (3.0 ) (3.0 ) Deconsolidation and site closure related impacts (k) — 78.5 68.4 Adjusted EBITDA $ 937.2 $ 885.2 $ 902.4 (a) During the years ended December 31, 2018, 2017 and 2016 we refinanced and restructured our term loans and senior notes, which resulted in losses of $9.5 million, $13.0 million and $88.0 million, respectively. In addition, during the years ended December 31, 2017 and 2016 we prepaid outstanding principal on our term loans, resulting in non-cash losses on extinguishment of $0.4 million and $9.6 million, respectively. We do not consider these items to be indicative of our ongoing operating performance. (b) Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures. Exchange effects attributable to the remeasurement of our Venezuelan subsidiary represented losses of $1.8 million and $23.5 million for the years ended December 31, 2017 and 2016, respectively. (c) Eliminates the non-cash, non-service components of long-term employee benefit plans. (d) Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs, which includes Axalta CEO recruitment fees. Employee termination benefits are associated with Axalta Way initiatives. These amounts are not considered indicative of our ongoing operating performance. (e) Represents fees paid to consultants, and associated true-ups to estimates, for professional services primarily related to our Axalta Way initiatives, which are not considered indicative of our ongoing operating performance. (f) Represents integration costs and associated changes to estimates related to the 2017 acquisition of the Industrial Wood business that was a carve-out business from Valspar. We do not consider these items to be indicative of our ongoing operating performance. (g) Represents acquisition-related expenses, including changes in the fair value of contingent consideration, as well as $10.0 million of costs associated with contemplated merger activities during the three months ended December 31, 2017 and costs associated with the 2016 secondary offerings of our common shares by Carlyle, all of which are not considered indicative of our ongoing operating performance. (h) Represents non-cash costs associated with stock-based compensation. (i) Represents certain non-operational or non-cash gains and losses unrelated to our core business and which we do not consider indicative of ongoing operations, including indemnity losses associated with the Acquisition, gains and losses from the sale and disposal of property, plant and equipment, gains and losses from the remaining foreign currency derivative instruments and from non-cash fair value inventory adjustments associated with our business combinations. (j) Represents the payment of dividends to our joint venture partners by our consolidated entities that are not 100% owned, which are reflected to show the cash operating performance of these entities on Axalta's financial statements. (k) During the year ended December 31, 2017, we recorded a loss in conjunction with the deconsolidation of our Venezuelan subsidiary of $70.9 million. During the year ended December 31, 2016 we recorded non-cash impairments at our Venezuelan subsidiary of $68.4 million associated with our operational long-lived assets and a real estate investment (See Note 21). Additionally, during the year ended December 31, 2017, we recorded non-cash impairment charges related to certain manufacturing facilities previously announced for closure of $7.6 million. We do not consider these to be indicative of our ongoing operating performance. Geographic Area Information: The information within the following tables provides disaggregated information related to our net sales and long-lived assets. Net sales by region were as follows: Year Ended December 31, 2018 2017 2016 North America $ 1,783.6 $ 1,607.7 $ 1,426.7 EMEA 1,658.1 1,538.3 1,455.3 Asia Pacific 758.2 748.1 723.9 Latin America (a) 469.8 458.8 462.9 Total (b) $ 4,669.7 $ 4,352.9 $ 4,068.8 Net long-lived assets by region were as follows: Year Ended December 31, 2018 2017 North America $ 477.4 $ 457.9 EMEA 439.1 507.4 Asia Pacific 246.1 258.9 Latin America (a) 135.6 164.4 Total (c) $ 1,298.2 $ 1,388.6 (a) Includes Mexico (b) Net Sales are attributed to countries based on location of the customer. Sales to external customers in China represented approximately 11% , 12% and 13% of the total for the years ended December 31, 2018 , 2017 and 2016 , respectively. Sales to external customers in Germany represented approximately 8% , 8% and 9% of the total for the years ended December 31, 2018 , 2017 and 2016 , respectively. Mexico represented 6% of the total for the years ended December 31, 2018 , 2017 and 2016 . Canada, which is included in the North America region, represents approximately 4% of total net sales for the years ended December 31, 2018 , 2017 and 2016 , respectively. (c) Long-lived assets consist of property, plant and equipment, net. Germany long-lived assets amounted to approximately $243.6 million and $279.0 million in the years ended December 31, 2018 and 2017 , respectively. China long-lived assets amounted to $203.8 million and $217.2 million in the years ended December 31, 2018 and 2017 , respectively. Brazil long-lived assets amounted to approximately $58.0 million and $78.6 million in the years ended December 31, 2018 and 2017 , respectively. Canada long-lived assets, which are included in the North America region, amounted to approximately $25.1 million and 25.8 million in the years ended December 31, 2018 and 2017 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | ACCUMULATED OTHER COMPREHENSIVE LOSS Unrealized Currency Translation Adjustments Pension Plan Adjustments Unrealized Gain on Securities Unrealized Gain (Loss) on Derivatives Accumulated Other Comprehensive Loss Balance, December 31, 2017 $ (208.8 ) $ (31.4 ) $ 0.8 $ (1.6 ) $ (241.0 ) Cumulative effect of an accounting change — — (0.8 ) — (0.8 ) Balance at January 1, 2018 $ (208.8 ) $ (31.4 ) $ — $ (1.6 ) $ (241.8 ) Current year deferrals to AOCI (90.6 ) (5.8 ) — 1.7 (94.7 ) Reclassifications from AOCI to Net income — 0.8 — (0.4 ) 0.4 Net Change $ (90.6 ) $ (5.0 ) $ — $ 1.3 $ (94.3 ) Balance, December 31, 2018 $ (299.4 ) $ (36.4 ) $ — $ (0.3 ) $ (336.1 ) The cumulative income tax benefit related to the adjustments for pension benefits at December 31, 2018 was $14.4 million . The cumulative income tax expense related to the adjustments for unrealized gain on derivatives at December 31, 2018 was $0.5 million . Unrealized Currency Translation Adjustments Pension Plan Unrealized Gain on Securities Unrealized Accumulated Other Comprehensive Loss Balance, December 31, 2016 $ (292.2 ) $ (56.6 ) $ 0.4 $ (2.0 ) $ (350.4 ) Current year deferrals to AOCI 83.4 17.1 0.4 (1.6 ) 99.3 Reclassifications from AOCI to Net income — 8.1 — 2.0 10.1 Net Change $ 83.4 $ 25.2 $ 0.4 $ 0.4 $ 109.4 Balance, December 31, 2017 $ (208.8 ) $ (31.4 ) $ 0.8 $ (1.6 ) $ (241.0 ) Included in the reclassification from AOCI to net income was a pension plan adjustment related to the deconsolidation of our Venezuelan subsidiary and the corresponding write-off of the accumulated actuarial loss on our Venezuela pension plan. This resulted in a decrease of $5.9 million in AOCI, inclusive of $2.6 million of tax benefits, and is discussed further in Note 21. The cumulative income tax benefit related to the adjustments for pension benefits at December 31, 2017 was $13.0 million . The cumulative income tax benefit related to the adjustments for unrealized gain on derivatives at December 31, 2017 was $0.6 million . Unrealized Currency Translation Adjustments Pension Plan Unrealized Unrealized Gain (Loss) on Derivatives Accumulated Other Comprehensive Loss Balance, December 31, 2015 $ (232.8 ) $ (33.4 ) $ 0.1 $ (3.2 ) $ (269.3 ) Current year deferrals to AOCI (59.4 ) (22.3 ) 0.3 (2.5 ) (83.9 ) Reclassifications from AOCI to Net income — (0.9 ) — 3.7 2.8 Net Change $ (59.4 ) $ (23.2 ) $ 0.3 $ 1.2 $ (81.1 ) Balance, December 31, 2016 $ (292.2 ) $ (56.6 ) $ 0.4 $ (2.0 ) $ (350.4 ) The cumulative income tax benefit related to pension plan adjustments at December 31, 2016 was $19.1 million . The cumulative income tax benefit related to the adjustments for unrealized gain on derivatives at December 31, 2016 were $1.1 million |
Venezuela
Venezuela | 12 Months Ended |
Dec. 31, 2018 | |
Foreign Currency [Abstract] | |
Venezuela | VENEZUELA Due to the challenging economic conditions and political unrest in Venezuela, which have resulted in increasingly restrictive foreign exchange control regulations and reduced access to U.S. dollars through official currency exchange markets, during the year ended December 31, 2017, we concluded there was an other-than-temporary lack of exchangeability between the Venezuelan bolivar and the U.S. dollar. This lack of exchangeability restricted our Venezuelan subsidiary's ability to pay dividends or settle intercompany obligations, which severely limited our ability to realize the benefits from earnings of our Venezuelan operations and access the resulting liquidity provided by those earnings. Based on this lack of exchangeability, the continued political unrest, the recent drop in demand for our business and the losses incurred, we concluded that we no longer met the accounting criteria of control in order to continue consolidating our Venezuelan operations and accounted for our investments in our Venezuelan subsidiary under the cost method of accounting. As a result of this change, we recorded a loss of $70.9 million on our consolidated statement of operations during the year ended December 31, 2017. This loss was comprised of the subsidiary's net assets for $30.0 million , counterparty intercompany receivables with our Venezuela subsidiary for $35.0 million and unrealized actuarial losses associated with pension plans in accumulated other comprehensive income of $5.9 million . The value of the cost investment and all previous intercompany balances were recorded at zero as of December 31, 2017 and remain as such as of December 31, 2018 . Further, our consolidated balance sheet and statement of operations excludes the results of our Venezuelan operations. We will recognize income only to the extent that we are paid for inventory we sell or receive cash dividends from our Venezuelan legal entity. Prior to deconsolidation, for the years ended December 31, 2017 and 2016, our Venezuelan subsidiary's net sales represented $2.5 million and $50.8 million of our consolidated net sales, respectively. For the years ended December 31, 2017 and 2016, our Venezuelan subsidiary represented a loss of $2.8 million and $36.5 million of our consolidated income from operations, respectively. For the years ended December 31, 2017 and 2016 our Venezuelan subsidiary represented net losses of $5.8 million and $68.5 million of our consolidated net income, respectively. During the year ended December 31, 2016, the Company recorded an impairment charge on operating assets of $57.9 million , comprised of a $49.3 million write-down to customer relationship intangibles and an $8.6 million write-down to the net book value of our property, plant and equipment. The impairment charge was recorded within income from operations on the consolidated statement of operations, with $30.6 million and $27.3 million allocated to our Performance Coatings and Transportation Coatings operating segments, respectively. In addition, during the year ended December 31, 2016, we recorded non-operational impairment losses of $10.5 million |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017 , respectively (in millions, except per share data): 2018 March 31 June 30 September 30 (1) December 31 Full Year Total revenue $ 1,172.0 $ 1,212.2 $ 1,146.0 $ 1,165.8 $ 4,696.0 Cost of goods sold 776.0 793.8 759.1 777.4 3,106.3 Income from operations 120.0 146.5 47.8 127.8 442.1 Net income (loss) 71.0 77.1 (11.6 ) 76.8 213.3 Net income (loss) attributable to controlling interests 69.9 74.9 (13.1 ) 75.4 207.1 Basic net income (loss) per share $ 0.29 $ 0.31 $ (0.05 ) $ 0.32 $ 0.87 Diluted net income (loss) per share $ 0.28 $ 0.31 $ (0.05 ) $ 0.32 $ 0.85 2017 March 31 June 30 (2) September 30 December 31 (3) Full Year Total revenue $ 1,013.7 $ 1,094.6 $ 1,096.3 $ 1,172.4 $ 4,377.0 Cost of goods sold 641.4 690.0 702.5 746.6 2,780.5 Income from operations 110.4 47.5 103.9 101.9 363.7 Net income (loss) 65.9 (18.9 ) 56.3 (55.6 ) 47.7 Net income (loss) attributable to controlling interests 64.1 (20.8 ) 54.9 (61.5 ) 36.7 Basic net income (loss) per share $ 0.27 $ (0.09 ) $ 0.23 $ (0.26 ) $ 0.15 Diluted net income (loss) per share $ 0.26 $ (0.09 ) $ 0.22 $ (0.26 ) $ 0.15 (1) During the three months ended September 30, 2018, the Company announced the closure of the Mechelen, Belgium manufacturing facility and recorded severance costs of $70.6 million . See further discussion in Note 5. (2) During the three months ended June 30, 2017, the Company recorded a loss in conjunction with the deconsolidation of its Venezuelan subsidiary of $70.9 million , based on its evaluation of the carrying value associated with our real estate investment in Venezuela. See further discussion in Note 21. (3) During the three months ended December 31, 2017, the Company recorded a provisional net tax charge of $107.8 million ( $112.5 million of net loss attributable to controlling interests) associated with the U.S. Tax Cuts and Jobs Act legislation, resulting primarily from the write-down of net deferred tax assets to the lower enacted U.S. corporate tax rate of 21.0% |
Schedule II
Schedule II | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Allowance for Doubtful Accounts for the years ended December 31: (in millions) Balance at Beginning of Year Additions Deductions (1) Balance at End of Year 2018 $ 15.9 2.3 (2.8 ) $ 15.4 2017 $ 13.7 3.5 (1.3 ) $ 15.9 2016 $ 10.7 3.4 (0.4 ) $ 13.7 (1) Deductions include uncollectible accounts written off and foreign currency translation impact. Deferred tax asset valuation allowances for the years ended December 31: (in millions) Balance at Beginning of Year Additions (1) Deductions (1) Balance at End of Year 2018 $ 214.2 11.9 (67.1 ) $ 159.0 2017 $ 135.4 78.8 — $ 214.2 2016 $ 127.8 9.6 (2.0 ) $ 135.4 (1) |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated balance sheets of Axalta Coating Systems Ltd. (“Axalta,” the “Company,” “we,” “our” and “us”), at December 31, 2018 and 2017 and the related consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated statements of cash flows and consolidated statements of changes in shareholders' equity for the years ended December 31, 2018 , 2017 and 2016 included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are audited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position of Axalta. Venezuela Deconsolidation During the year ended December 31, 2017, we deconsolidated our Venezuelan subsidiary from our consolidated financial statements and began accounting for our investment in our 100% |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100% , the outside shareholders’ interests are shown as noncontrolling interests. Investments in companies in which Axalta, directly or indirectly, owns 20% to 50% |
Use of Estimates, Policy [Policy Text Block] | Use of EstimatesThe preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of sales and expenses during the period. The estimates and assumptions include, but are not limited to, receivable and inventory valuations, fixed asset valuations, valuations of goodwill and identifiable intangible assets, including analysis of impairment, valuations of long-term employee benefit obligations, income taxes, environmental matters, litigation, stock-based compensation, restructuring and allocations of costs. Our estimates are based on historical experience, facts and circumstances available at the time and various other assumptions that are believed to be reasonable. Actual results could differ materially from those estimates. |
Business Combinations Policy [Policy Text Block] | Accounting for Business Combinations We account for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets and assumed liabilities at their acquisition date fair values. The method records any excess purchase price over the fair value of acquired net assets as goodwill. Included in the determination of the purchase price is the fair value of contingent consideration, if applicable, based on the terms and applicable targets described within the acquisition agreements (e.g., projected revenues or EBITDA). Subsequent to the acquisition date, the fair value of the liability, if determined to be payable in cash, is revalued at each balance sheet date with adjustments recorded within earnings. The determination of the fair value of assets acquired, liabilities assumed and noncontrolling interests involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the closing date of the acquisition. When necessary, we consult with external advisors to help determine fair value. For non-observable market values determined using Level 3 assumptions, we determine fair value using acceptable valuation principles, including most commonly the excess earnings method for customer relationships, relief from royalty method for technology and trademarks, cost method for inventory and a combination of cost and market methods for property, plant and equipment, as applicable. |
Revenue Recognition, Policy [Policy Text Block] | Revenue RecognitionSee Note 2 for disclosure of our revenue recognition accounting policy. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents represent highly liquid investments considered readily convertible to known amounts of cash within three months or less from time of purchase. They are carried at cost plus accrued interest, which approximates fair value because of the short-term maturity of these instruments. Cash balances may exceed government insured limits in certain jurisdictions. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements GAAP defines a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The following valuation techniques are used to measure fair value for assets and liabilities: Level 1—Quoted market prices in active markets for identical assets or liabilities; Level 2—Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging The Company from time to time utilizes derivatives to manage exposures to currency exchange rates and interest rate risk. The fair values of all derivatives are recognized as assets or liabilities at the balance sheet date. Changes in the fair value of these instruments are reported in income or AOCI, depending on the use of the derivative and whether it qualifies for hedge accounting treatment and is designated as such. Gains and losses on derivatives that qualify and are designated as cash flow hedging instruments are recorded in AOCI, to the extent the hedges are effective, until the underlying transactions are recognized in income. Gains and losses on derivatives that qualify and are designated as net investment hedges are recorded in AOCI, to the extent the hedges are effective, until the underlying transactions are recognized in income. Gains and losses on derivatives qualifying and designated as fair value hedging instruments, as well as the offsetting losses and gains on the hedged items, are reported in income in the same accounting period. Derivatives not designated as hedging instruments are marked-to-market at the end of each accounting period with the results included in income. |
Receivables, Policy [Policy Text Block] | Receivables and Allowance for Doubtful AccountsReceivables are carried at amounts that approximate fair value. Receivables are recognized net of an allowance for doubtful accounts receivable. The allowance for doubtful accounts receivable reflects the best estimate of losses inherent in the accounts receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other available evidence. Accounts receivable are written down or off when a portion or all of such account receivable is determined to be uncollectible. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or net realizable value with cost being determined on the weighted average cost method. Elements of cost in inventories include: • raw materials, • direct labor, and • manufacturing and indirect overhead. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment acquired in an acquisition are recorded at fair value as of the acquisition date and are depreciated over the estimated useful life using the straight-line method. Subsequent additions to property, plant and equipment, including the fair value of any asset retirement obligations upon initial recognition of the liability, are recorded at cost and are depreciated over the estimated useful life using the straight-line method. See Note 14 for a range of estimated useful lives used for each property, plant and equipment class. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Identifiable Intangible Assets Goodwill represents the excess of purchase price over the fair values of underlying net assets acquired in a business combination. Goodwill and indefinite-lived intangible assets are tested for impairment on an annual basis as of October 1 st ; however, these tests are performed more frequently if events or changes in circumstances indicate that the asset may be impaired. The fair value methodology is based on prices of similar assets or other valuation methodologies including discounted cash flow techniques. When testing goodwill and indefinite-lived intangible assets for impairment, we first have an option to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50% ) that an impairment exists. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. If based on this qualitative assessment we determine that an impairment is more likely than not, or if we elect not to perform a qualitative assessment, we would be required to perform a quantitative impairment test. In 2018, we tested goodwill and indefinite-lived intangible assets for impairment by performing a qualitative analysis and determined that it was not more likely than not that the fair values of our reporting units and assets was less than the respective carrying amounts. If based on this qualitative assessment, we determined that an impairment was more likely than not, we would have conducted the simplified goodwill impairment test in accordance with ASU 2017-04. Under the simplified test, we compare the fair value of each reporting unit to its carrying value. If the fair value of the reporting unit exceeds its carrying value, no impairment exists and no further testing is required. If the fair value of the reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Definite-lived intangible assets, such as technology, trademarks, customer relationships and non-compete agreements are amortized over their estimated useful lives, generally for periods ranging from 2 to 25 years |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived AssetsThe carrying value of long-lived assets to be held and used is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value and is based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of other than by sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived assets classified as held for sale. |
Research and Development, Policy [Policy Text Block] | Research and DevelopmentResearch and development costs incurred in the normal course of business consist primarily of employee-related costs and are expensed as incurred. In process research and development projects acquired in a business combination are recorded as intangible assets at their fair value as of the acquisition date, using Level 3 assumptions. Subsequent costs related to acquired in process research and development projects are expensed as incurred. In process research and development intangible assets are considered indefinite-lived until the abandonment or completion of the associated research and development efforts. These indefinite-lived intangible assets are tested for impairment consistent with the impairment testing performed on other indefinite-lived intangible assets discussed above. Upon completion of the research and development process, the carrying value of acquired in process research and development projects is reclassified as a finite-lived asset and is amortized over its useful life. |
Environmental Liabilities and Expenditures, Policy [Policy Text Block] | Environmental Liabilities and Expenditures Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued environmental liabilities are not discounted. Claims for recovery from third parties, if any, are reflected separately as an asset. We record recoveries at the earlier of when the gain is probable and reasonably estimable or realized. For the years ending December 31, 2018 , 2017 and 2016 , we have not recognized income associated with recoveries from third parties. |
Litigations [Policy Text Block] | LitigationWe accrue for liabilities related to litigation matters when available information indicates that the liability is probable, and the amount can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred. |
Income Tax, Policy [Policy Text Block] | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for tax losses, interest and tax credit carryforwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applicable in the years in which they are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in income in the period that includes the enactment date. Where we do not intend to indefinitely reinvest earnings of our subsidiaries, we provide for income taxes and withholding taxes, where applicable, on unremitted earnings. We do not provide for income taxes on unremitted earnings of our subsidiaries that are intended to be indefinitely reinvested. We recognize the benefit of an income tax position only if it is "more likely than not" that the tax position will be sustained. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The reporting currency is the U.S. Dollar. In most cases, our non-U.S. based subsidiaries use their local currency as the functional currency for their respective business operations. Assets and liabilities of these operations are translated into U.S. Dollars at end-of-period exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Resulting cumulative translation adjustments are recorded as a component of shareholders’ equity in the accompanying consolidated balance sheets in AOCI. |
Employee Benefits Policy [Policy Text Block] | Employee BenefitsDefined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on factors such as age, years of service and compensation. The obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of the future benefits that employees earn in return for their service in the current and prior periods. These benefits are then discounted to determine the present value of the obligations and are then adjusted for the impact of any unamortized prior service costs. The discount rate used is based upon market indicators in the region (generally, the yield on bonds that are denominated in the currency in which the benefits will be paid) and that have maturity dates approximating the terms of the obligations. The calculations are performed by qualified actuaries using the projected unit credit method. The obligation of defined benefit plans recorded on our consolidated balance sheets is net of the current fair value of assets. See Note 7 for further information. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation Our stock-based compensation is comprised of Axalta stock options, restricted stock awards, restricted stock units, performance stock awards and performance share units and are measured at fair value on the grant date or date of modification, as applicable. We recognize compensation expense on a graded-vesting attribution basis over the requisite service period, inclusive of impacts of any current period modifications of previously granted awards. Compensation expense is recorded net of forfeitures, which we have elected to record in the period they occur. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share Basic earnings per common share is computed by dividing net income attributable to Axalta’s common shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per common share is computed by dividing net income attributable to Axalta’s common shareholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities; anti-dilutive securities are excluded from the calculation. These potentially dilutive securities are calculated under the treasury stock method and consist of stock options, restricted stock awards, restricted stock units, performance stock awards and performance share units. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Guidance On January 1, 2018, we adopted ASU 2014-09, “Revenue from Contracts with Customers,” and all related amendments comprising ASC 606 (the “new revenue standard”), electing to use the modified retrospective method. We also elected to apply certain practical expedients, including the application of the modified retrospective method to open contracts at December 31, 2017. Comparative information has not been recast and continues to be reported under historical U.S. GAAP in effect to those applicable periods. The following table summarizes the cumulative effect made to our consolidated balance sheet as a result of the adoption to this standard. December 31, 2017 Adjustments due to ASU 2014-09 January 1, 2018 Assets Inventories $ 608.6 $ (22.7 ) $ 585.9 Prepaid expenses and other current assets (1) 63.9 41.7 105.6 Other assets (2) 428.6 (1.9 ) 426.7 Liabilities Other accrued liabilities (3) $ 489.6 $ 1.9 $ 491.5 Deferred income taxes 152.9 3.0 155.9 Equity Retained earnings (Accumulated deficit) $ (21.4 ) $ 12.1 $ (9.3 ) Noncontrolling interests 131.7 0.1 131.8 (1) Includes the impact to contract assets resulting from the modified retrospective adoption of the new revenue standard. (2) Includes the impact to deferred income taxes resulting from the modified retrospective adoption of the new revenue standard. (3) Includes the impact of estimated variable consideration on certain arrangements in our refinish end-market. The impacts to the balance sheet as of the adoption date represent the acceleration of revenue for certain arrangements, primarily within our light vehicle end-market, for which we determined our performance obligation has been satisfied. Specifically, we concluded that the transfer of control to the customer, as defined under the new revenue standard, occurs at a date prior to consumption. Additionally, certain costs historically reported in selling, general and administrative expenses under historical U.S. GAAP related to on-site technical support services that are not considered material in the context of our contracts with certain customers are now reported within cost of goods sold on the consolidated statements of operations, as they represent costs incurred in satisfaction of performance obligations. See Note 2 for further discussion. On January 1, 2018 we retrospectively adopted ASU 2017-07,"Compensation—Retirement Benefits," which requires that an employer report the service cost component of net periodic pension costs in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension costs to be presented in the statement of operations separately from the service cost component and outside a subtotal of income from operations. Adoption resulted in a reclassification on the consolidated statements of operations of a benefit of $1.4 million for the year ended December 31, 2017, from income from operations to other expense, net. On January 1, 2018, we adopted ASU 2016-01, "Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities," which requires equity investments in unconsolidated entities, excluding those accounted for using the equity method of accounting, to be remeasured at exit price fair value, with changes recorded in the statement of operations. This standard was adopted using the modified retrospective application resulting in a cumulative adjustment to retained earnings of $0.8 million at January 1, 2018. See Note 20 for more information. Of the accounting standards we have adopted in 2018, the below standards did not have a material impact: ASU Effective Date 2017-12 Derivatives and Hedging January 1, 2018 2017-09 Compensation—Stock Compensation January 1, 2018 2017-04 Simplifying the Test for Goodwill Impairment January 1, 2018 2017-01 Clarifying the Definition of a Business January 1, 2018 2016-15 Statement of Cash Flows January 1, 2018 Accounting Guidance Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, "Leases," which, together with amendments comprising ASC 842, requires lessees to identify arrangements that should be accounted for as leases and generally recognize, for operating and finance leases with terms exceeding twelve months, a right-of-use asset (or "ROU") and lease liability on the balance sheet. In addition to this main provision, this standard included a number of additional changes to lease accounting. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted prior to this date. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either the adoption date or the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We have elected to adopt the new standard on January 1, 2019 and use the effective date as our date of initial application. As a result, historical financial information will not be updated, and the disclosures required under the new standard will not be provided as of and for periods before January 1, 2019. The new standard provides a number of optional practical expedients in transition. We expect to elect the package of practical expedients, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also expect to elect the practical expedient pertaining to land easements which permits entities to forgo the evaluation of existing land easement arrangements in transition to determine if they contain a lease. We do not expect to elect the use-of-hindsight practical expedient. The new standard also provides practical expedients for an entity’s ongoing accounting. We currently expect to elect the short-term lease recognition exemption for all leases that qualify, meaning we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases (leases with a term of less than 12 months from lease commencement) of those assets in transition. We also currently expect to elect the practical expedient to not separate lease and non-lease components for all asset classes. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies Recent Accounting Guidance (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table summarizes the cumulative effect made to our consolidated balance sheet as a result of the adoption to this standard. December 31, 2017 Adjustments due to ASU 2014-09 January 1, 2018 Assets Inventories $ 608.6 $ (22.7 ) $ 585.9 Prepaid expenses and other current assets (1) 63.9 41.7 105.6 Other assets (2) 428.6 (1.9 ) 426.7 Liabilities Other accrued liabilities (3) $ 489.6 $ 1.9 $ 491.5 Deferred income taxes 152.9 3.0 155.9 Equity Retained earnings (Accumulated deficit) $ (21.4 ) $ 12.1 $ (9.3 ) Noncontrolling interests 131.7 0.1 131.8 (1) Includes the impact to contract assets resulting from the modified retrospective adoption of the new revenue standard. (2) Includes the impact to deferred income taxes resulting from the modified retrospective adoption of the new revenue standard. (3) ASU Effective Date 2017-12 Derivatives and Hedging January 1, 2018 2017-09 Compensation—Stock Compensation January 1, 2018 2017-04 Simplifying the Test for Goodwill Impairment January 1, 2018 2017-01 Clarifying the Definition of a Business January 1, 2018 2016-15 Statement of Cash Flows January 1, 2018 For the year ended December 31, 2018 As reported Prior to ASU 2014-09 Increases / (Decreases) Net sales $ 4,669.7 $ 4,662.6 $ 7.1 Cost of goods sold 3,106.3 3,039.0 67.3 Selling, general and administrative expenses 959.1 1,023.1 (64.0 ) Provision for income taxes 54.2 53.2 1.0 Net income $ 213.3 $ 210.5 $ 2.8 Less: Net income attributable to noncontrolling interests 6.2 6.1 0.1 Net income attributable to controlling interests $ 207.1 $ 204.4 $ 2.7 At December 31, 2018 As reported Prior to ASU 2014-09 Increases / (Decreases) Assets Inventories $ 613.0 $ 638.0 $ (25.0 ) Prepaid expenses and other current assets 139.4 92.2 47.2 Other assets 489.1 491.7 (2.6 ) Liabilities Other accrued liabilities $ 475.6 $ 473.7 $ 1.9 Deferred income taxes 140.8 137.5 3.3 Equity Retained earnings $ 198.6 $ 183.8 $ 14.8 Accumulated other comprehensive loss (336.1 ) (335.5 ) (0.6 ) Noncontrolling interests 105.4 105.2 0.2 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The following table summarizes the cumulative effect made to our consolidated balance sheet as a result of the adoption to this standard. December 31, 2017 Adjustments due to ASU 2014-09 January 1, 2018 Assets Inventories $ 608.6 $ (22.7 ) $ 585.9 Prepaid expenses and other current assets (1) 63.9 41.7 105.6 Other assets (2) 428.6 (1.9 ) 426.7 Liabilities Other accrued liabilities (3) $ 489.6 $ 1.9 $ 491.5 Deferred income taxes 152.9 3.0 155.9 Equity Retained earnings (Accumulated deficit) $ (21.4 ) $ 12.1 $ (9.3 ) Noncontrolling interests 131.7 0.1 131.8 (1) Includes the impact to contract assets resulting from the modified retrospective adoption of the new revenue standard. (2) Includes the impact to deferred income taxes resulting from the modified retrospective adoption of the new revenue standard. (3) ASU Effective Date 2017-12 Derivatives and Hedging January 1, 2018 2017-09 Compensation—Stock Compensation January 1, 2018 2017-04 Simplifying the Test for Goodwill Impairment January 1, 2018 2017-01 Clarifying the Definition of a Business January 1, 2018 2016-15 Statement of Cash Flows January 1, 2018 For the year ended December 31, 2018 As reported Prior to ASU 2014-09 Increases / (Decreases) Net sales $ 4,669.7 $ 4,662.6 $ 7.1 Cost of goods sold 3,106.3 3,039.0 67.3 Selling, general and administrative expenses 959.1 1,023.1 (64.0 ) Provision for income taxes 54.2 53.2 1.0 Net income $ 213.3 $ 210.5 $ 2.8 Less: Net income attributable to noncontrolling interests 6.2 6.1 0.1 Net income attributable to controlling interests $ 207.1 $ 204.4 $ 2.7 At December 31, 2018 As reported Prior to ASU 2014-09 Increases / (Decreases) Assets Inventories $ 613.0 $ 638.0 $ (25.0 ) Prepaid expenses and other current assets 139.4 92.2 47.2 Other assets 489.1 491.7 (2.6 ) Liabilities Other accrued liabilities $ 475.6 $ 473.7 $ 1.9 Deferred income taxes 140.8 137.5 3.3 Equity Retained earnings $ 198.6 $ 183.8 $ 14.8 Accumulated other comprehensive loss (336.1 ) (335.5 ) (0.6 ) Noncontrolling interests 105.4 105.2 0.2 |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | After preliminary working capital adjustments, the Company paid an aggregate purchase price of $430.3 million , which was comprised of the following: June 1, 2017 (As Initially Reported) Measurement Period Adjustments June 1, 2017 (As Adjusted) Accounts and notes receivable—trade $ 23.3 $ — $ 23.3 Inventories 24.9 (0.2 ) 24.7 Prepaid expenses and other current assets 0.2 — 0.2 Property, plant and equipment 23.0 0.1 23.1 Identifiable intangibles 254.2 4.9 259.1 Accounts payable (22.4 ) 0.2 (22.2 ) Other accrued liabilities (5.1 ) 0.4 (4.7 ) Net assets acquired before goodwill on acquisition $ 298.1 $ 5.4 $ 303.5 Goodwill on acquisition 132.6 (5.8 ) 126.8 Net assets acquired $ 430.7 $ (0.4 ) $ 430.3 |
Business Acquisition, Pro Forma Information | The following supplemental pro forma information represents the results of operations as if the Company had acquired Industrial Wood on January 1, 2016: For the years ended (in millions, except per share data) December 31, 2017 December 31, 2016 Net sales $ 4,454.2 $ 4,293.1 Net income $ 55.0 $ 45.9 Net income attributable to controlling interests $ 44.0 $ 40.1 Net income per share (Basic) $ 0.18 $ 0.17 Net income per share (Diluted) $ 0.18 $ 0.16 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table shows changes in the carrying amount of goodwill from December 31, 2016 to December 31, 2018 by reportable segment: Performance Coatings Transportation Coatings Total December 31, 2016 $ 889.4 $ 74.7 $ 964.1 Goodwill from acquisitions 207.2 — 207.2 Purchase accounting adjustments (15.2 ) — (15.2 ) Foreign currency translation 107.8 7.3 115.1 December 31, 2017 $ 1,189.2 $ 82.0 $ 1,271.2 Goodwill from acquisitions 2.9 — 2.9 Purchase accounting adjustments (0.2 ) — (0.2 ) Foreign currency translation (40.4 ) (2.7 ) (43.1 ) December 31, 2018 $ 1,151.5 $ 79.3 $ 1,230.8 |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class | The following table summarizes the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class: December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average amortization periods (years) Technology $ 545.7 $ (260.7 ) $ 285.0 10.4 Trademarks—indefinite-lived 269.0 — 269.0 Indefinite Trademarks—definite-lived 100.6 (24.0 ) 76.6 15.8 Customer relationships 929.9 (222.9 ) 707.0 19.1 Other 15.7 (5.3 ) 10.4 5.1 Total $ 1,860.9 $ (512.9 ) $ 1,348.0 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Book Value Weighted average amortization periods (years) Technology $ 498.0 $ (213.6 ) $ 284.4 10.5 Trademarks—indefinite-lived 277.2 — 277.2 Indefinite Trademarks—definite-lived 102.6 (17.7 ) 84.9 15.9 Customer relationships 945.1 (176.8 ) 768.3 19.0 Other 16.6 (3.2 ) 13.4 4.8 Total $ 1,839.5 $ (411.3 ) $ 1,428.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated amortization expense related to the fair value of acquired intangible assets for each of the succeeding five years is: 2019 $ 114.2 2020 $ 113.9 2021 $ 113.3 2022 $ 111.1 2023 $ 71.3 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table summarizes the activity related to the restructuring reserves and expenses for the years ended December 31, 2018 , 2017 and 2016 : Balance at January 1, 2016 $ 41.3 Expense recorded 58.5 Payments made (31.0 ) Foreign currency translation (2.7 ) Balance at December 31, 2016 $ 66.1 Expense recorded 36.2 Payments made (36.1 ) Foreign currency translation 6.8 Venezuela deconsolidation impact (1.5 ) Balance at December 31, 2017 $ 71.5 Expense recorded 79.8 Payments made (46.4 ) Foreign currency translation (2.2 ) Balance at December 31, 2018 $ 102.7 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Sale Leaseback Transactions [Table Text Block] | The table below reflects the total remaining cash payments related to all transactions during the rental term at December 31, 2018 : Sale-leaseback obligations 2019 $ 5.3 2020 5.4 2021 5.4 2022 5.7 2023 5.7 Thereafter 77.1 Total minimum payments $ 104.6 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2018 , future minimum payments under non-cancelable operating leases were as follows: Operating Leases 2019 $ 34.6 2020 23.5 2021 17.1 2022 13.2 2023 11.5 Thereafter 16.6 Total minimum payments $ 116.5 |
Long-term Employee Benefits (Ta
Long-term Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table sets forth the changes to the projected benefit obligations ("PBO") and plan assets for the years ended December 31, 2018 and 2017 and the funded status and amounts recognized in the accompanying consolidated balance sheets at December 31, 2018 and 2017 for our defined benefit pension plans: Year Ended December 31, 2018 2017 Change in benefit obligation: Projected benefit obligation at beginning of year $ 636.9 $ 547.6 Service cost 8.8 9.0 Interest cost 13.1 13.8 Participant contributions 1.3 1.3 Actuarial gains, net (3.3 ) (13.8 ) Plan curtailments, settlements and special termination benefits (19.4 ) (12.9 ) Benefits paid (25.6 ) (23.3 ) Business combinations and other adjustments 0.7 51.2 Foreign currency translation (28.8 ) 64.0 Projected benefit obligation at end of year $ 583.7 $ 636.9 Change in plan assets: Fair value of plan assets at beginning of year $ 365.0 $ 288.7 Actual return on plan assets (1.4 ) 22.2 Employer contributions 24.6 27.4 Participant contributions 1.3 1.3 Benefits paid (25.6 ) (23.3 ) Settlements (12.5 ) (13.9 ) Business combinations and other adjustments (0.1 ) 32.4 Foreign currency translation (19.0 ) 30.2 Fair value of plan assets at end of year $ 332.3 $ 365.0 Funded status, net $ (251.4 ) $ (271.9 ) Amounts recognized in the consolidated balance sheets consist of: Other assets $ 22.0 $ 19.2 Other accrued liabilities (11.5 ) (12.0 ) Accrued pensions (261.9 ) (279.1 ) Net amount recognized $ (251.4 ) $ (271.9 ) |
Schedule of Accumulated and Projected Benefit Obligations | The following table reflects the ABO for all defined benefit pension plans as of December 31, 2018 and 2017 . Further, the table reflects the aggregate PBO, ABO and fair value of plan assets for pension plans with PBO in excess of plan assets and for pension plans with ABO in excess of plan assets. Year Ended December 31, 2018 2017 ABO $ 559.9 $ 605.4 Plans with PBO in excess of plan assets: PBO $ 375.6 $ 401.2 ABO $ 352.0 $ 370.0 Fair value plan assets $ 102.2 $ 110.1 Plans with ABO in excess of plan assets: PBO $ 370.2 $ 393.3 ABO $ 349.1 $ 364.9 Fair value plan assets $ 99.3 $ 104.7 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The pre-tax amounts not yet reflected in net periodic benefit cost and included in AOCI include the following related to defined benefit plans: Year Ended December 31, 2018 2017 Accumulated net actuarial losses $ (51.8 ) $ (46.4 ) Accumulated prior service credit 1.6 2.6 Total $ (50.2 ) $ (43.8 ) |
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year | The estimated pre-tax amounts that are expected to be amortized from AOCI into net periodic benefit cost during 2019 for the defined benefit plans is as follows: 2019 Amortization of net actuarial losses, net $ (2.0 ) Amortization of prior service credit, net 0.1 Total $ (1.9 ) |
Schedule of Net Benefit Costs | The following table sets forth the pre-tax components of net periodic benefit costs for our defined benefit plans for the years ended December 31, 2018 , 2017 and 2016 . Year Ended December 31, 2018 2017 2016 Components of net periodic benefit cost and amounts recognized in comprehensive (income) loss: Net periodic benefit cost: Service cost $ 8.8 $ 9.0 $ 10.7 Interest cost 13.1 13.8 15.1 Expected return on plan assets (16.1 ) (15.0 ) (12.6 ) Amortization of actuarial loss, net 1.3 1.4 0.4 Amortization of prior service credit (0.1 ) — — Curtailment gain (0.7 ) — (1.1 ) Settlement (gain) loss 0.6 0.2 (0.5 ) Special termination benefit loss — 1.0 0.2 Net periodic benefit cost $ 6.9 $ 10.4 $ 12.2 Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net actuarial (gain) loss, net $ 6.7 $ (20.6 ) $ 27.7 Amortization of actuarial loss, net (1.3 ) (1.4 ) (0.4 ) Prior service (credit) cost 0.8 (1.2 ) — Amortization of prior service credit 0.1 — — Curtailment gain 0.7 — 1.1 Settlement gain (loss) (0.6 ) (0.2 ) 0.5 Other adjustments — (7.9 ) — Total (gain) loss recognized in other comprehensive (income) loss $ 6.4 $ (31.3 ) $ 28.9 Total recognized in net periodic benefit cost and comprehensive (income) loss $ 13.3 $ (20.9 ) $ 41.1 |
Schedule of Assumptions Used | We used the following assumptions in determining the benefit obligations and net periodic benefit cost of our defined benefit plans: 2018 2017 2016 Weighted-average assumptions: Discount rate to determine benefit obligation 2.27 % 2.13 % 2.52 % Discount rate to determine net cost 2.13 % 2.52 % 3.05 % Rate of future compensation increases to determine benefit obligation 2.68 % 2.69 % 3.07 % Rate of future compensation increases to determine net cost 2.69 % 3.07 % 3.03 % Rate of return on plan assets to determine net cost 4.47 % 4.73 % 4.75 % |
Schedule of Expected Benefit Payments | The following reflects the total benefit payments expected to be paid for defined benefits: Year ended December 31, Benefits 2019 $ 28.5 2020 $ 31.2 2021 $ 29.8 2022 $ 30.8 2023 $ 30.7 2024—2028 $ 184.4 |
Schedule of Allocation of Plan Assets | The table below summarizes the weighted average actual and target pension plan asset allocations at December 31 st for all funded Axalta defined benefit plans. Asset Category 2018 2017 Target Allocation Equity securities 15-20% 25-30% 15-20% Debt securities 25-30% 20-25% 25-30% Real estate 0-5% 0-5% 0-5% Other 45-50% 45-50% 45-50% The table below presents the fair values of the defined benefit pension plan assets by level within the fair value hierarchy, as described in Note 1, at December 31, 2018 and 2017 , respectively. Fair value measurements at 12/31/2018 Total Level 1 Level 2 Level 3 Asset Category: Cash and cash equivalents $ 4.5 $ 4.4 $ 0.1 $ — U.S. equity securities 23.7 23.4 — 0.3 Non-U.S. equity securities 42.9 39.9 1.0 2.0 Debt securities—government issued 70.9 41.1 23.3 6.5 Debt securities—corporate issued 29.1 19.7 7.0 2.4 Private market securities and other 129.6 1.2 1.5 126.9 Real estate investments 13.6 — — 13.6 Total $ 314.3 $ 129.7 $ 32.9 $ 151.7 Debt asset backed securities at NAV 11.0 Hedge funds at NAV 8.5 Pension trust liability (1.5 ) $ 332.3 Fair value measurements at 12/31/2017 Total Level 1 Level 2 Level 3 Asset Category: Cash and cash equivalents $ 3.7 $ 3.7 $ — $ — U.S. equity securities 33.3 33.0 — 0.3 Non-U.S. equity securities 76.4 73.4 1.2 1.8 Debt—government issued 44.6 33.1 7.3 4.2 Debt—corporate issued 32.8 17.2 13.1 2.5 Private market securities and other 141.2 2.7 2.8 135.7 Real estate investments 13.5 — — 13.5 Total $ 345.5 $ 163.1 $ 24.4 $ 158.0 Debt asset backed securities at NAV 10.9 Hedge funds at NAV 8.6 $ 365.0 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The table below presents a roll forward of activity for these assets for the years ended December 31, 2018 and 2017 . Level 3 assets Total Private market securities Debt and equity Real estate investments Ending balance at December 31, 2016 $ 77.5 $ 64.1 $ 2.2 $ 11.2 Realized (loss) — — — — Change in unrealized gain 9.9 8.3 0.4 1.2 Purchases, sales, issues and settlements 70.6 63.3 6.2 1.1 Transfers in/(out) of Level 3 — — — — Ending balance at December 31, 2017 $ 158.0 $ 135.7 $ 8.8 $ 13.5 Realized (loss) — — — — Change in unrealized gain (4.2 ) (4.4 ) (0.2 ) 0.4 Purchases, sales, issues and settlements (2.1 ) (4.4 ) 2.6 (0.3 ) Transfers in/(out) of Level 3 — — — — Ending balance at December 31, 2018 $ 151.7 $ 126.9 $ 11.2 $ 13.6 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Principal weighted average assumptions used in applying the Black-Scholes model were as follows: 2018 Grants 2017 Grants 2016 Grants Expected Term 6.0 years 6.0 years 6.0 years Volatility 20.27 % 21.75 % 21.63 % Dividend Yield — — — Discount Rate 2.66 % 2.03 % 1.45 % |
Schedule of Stock Options Roll Forward | A summary of stock option award activity as of and for the year ended December 31, 2018 is presented below: Awards (in millions) Weighted- Average Exercise Price Aggregate Intrinsic Value (in millions) Weighted Average Remaining Contractual Life (years) Outstanding at December 31, 2017 8.1 $ 16.54 Granted 1.1 $ 29.74 Exercised (1.7 ) $ 10.52 Forfeited (0.3 ) $ 29.59 Outstanding at December 31, 2018 7.2 $ 19.32 Vested and expected to vest at December 31, 2018 7.2 $ 19.32 $ 48.0 5.76 Exercisable at December 31, 2018 5.6 $ 16.80 $ 48.0 5.08 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of restricted stock and restricted stock unit award activity as of December 31, 2018 is presented below: Awards (in millions) Weighted-Average Fair Value Outstanding at December 31, 2017 1.9 $ 29.32 Granted 1.1 $ 29.61 Vested (1.2 ) $ 29.84 Forfeited (0.2 ) $ 29.33 Outstanding at December 31, 2018 1.6 $ 29.12 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | A summary of PSA activity as of December 31, 2018 is presented below: Awards (in millions) Weighted-Average Fair Value Outstanding at December 31, 2017 0.6 $ 31.17 Granted 0.3 $ 33.81 Vested — $ — Forfeited (0.1 ) $ 33.65 Outstanding at December 31, 2018 0.8 $ 31.82 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Year Ended December 31, 2018 2017 2016 Foreign exchange losses, net $ 9.2 $ 7.4 $ 30.6 Impairments — 7.6 10.5 Debt extinguishment and refinancing related costs 9.5 13.4 97.6 Other miscellaneous (income) expense, net (3.7 ) (1.3 ) 5.5 Total $ 15.0 $ 27.1 $ 144.2 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Valuation Allowance [Line Items] | |
Schedule of Income before Income Tax, Domestic and Foreign | Domestic and Foreign Components of Income Before Income Taxes Year Ended December 31, 2018 2017 2016 Domestic $ 194.8 $ 41.8 $ 27.9 Foreign 72.7 147.8 54.8 Total $ 267.5 $ 189.6 $ 82.7 |
Schedule of Components of Income Tax Expense (Benefit) | Provision (Benefit) for Income Taxes Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Current Deferred Total Current Deferred Total Current Deferred Total U.S. federal $ 7.2 $ 6.8 $ 14.0 $ 4.6 $ 102.8 $ 107.4 $ 0.9 $ (1.3 ) $ (0.4 ) U.S. state and local 2.7 12.8 15.5 1.7 0.4 2.1 3.7 8.2 11.9 Foreign 38.2 (13.5 ) 24.7 43.9 (11.5 ) 32.4 49.4 (22.8 ) 26.6 Total $ 48.1 $ 6.1 $ 54.2 $ 50.2 $ 91.7 $ 141.9 $ 54.0 $ (15.9 ) $ 38.1 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation to U.S. Statutory Rate Year Ended December 31, 2018 2017 2016 Statutory U.S. federal income tax rate (1) $ 56.2 21.0 % $ 66.4 35.0 % $ 29.0 35.0 % Foreign income taxed at rates other than U.S. statutory rate (24.8 ) (9.3 ) (56.2 ) (29.6 ) (45.6 ) (55.1 ) Changes in valuation allowances (37.5 ) (14.0 ) 45.3 23.9 9.6 11.6 Foreign exchange gain (loss), net 24.7 9.2 (17.7 ) (9.3 ) 3.1 3.7 Unrecognized tax benefits 18.9 7.1 3.1 1.6 7.1 8.6 Foreign taxes 6.7 2.5 4.1 2.2 4.5 5.4 Non-deductible interest 4.8 1.8 9.8 5.2 6.7 8.1 Non-deductible expenses 3.8 1.4 4.6 2.4 4.7 5.7 Tax credits (6.6 ) (2.4 ) (4.2 ) (2.2 ) (6.7 ) (8.1 ) Excess tax benefits relating to stock-based compensation (6.6 ) (2.4 ) (13.1 ) (6.9 ) (13.4 ) (16.2 ) U.S. tax reform (2) (12.5 ) (4.7 ) 107.8 56.8 — — Venezuela deconsolidation and impairment — — (2.0 ) (1.0 ) 23.8 28.8 U.S. state and local taxes, net 1.8 0.7 1.3 0.7 7.8 9.4 Other - net (3) 25.3 9.4 (7.3 ) (4.0 ) 7.5 9.2 Total income tax provision / effective tax rate $ 54.2 20.3 % $ 141.9 74.8 % $ 38.1 46.1 % (1) The U.S. statutory rate has been used as management believes it is more meaningful to the Company. (2) Tax effect of the U.S. TCJA recorded under SAB 118. (3) In 2018, the Company recorded a tax charge of $17.6 million related to the remeasurement of net deferred tax assets in Netherlands due to the corporate tax rate reduction enacted into law, which is fully offset by a tax benefit of $17.6 million |
Schedule of Deferred Tax Assets and Liabilities | Deferred Tax Balances Year Ended December 31, 2018 2017 Deferred tax asset Tax loss, credit and interest carryforwards $ 238.5 $ 265.3 Compensation and employee benefits 80.1 86.0 Accruals and other reserves 25.5 33.9 Research and development capitalization 7.7 8.9 Equity investment and other securities 20.1 26.4 Other 3.0 10.9 Total deferred tax assets $ 374.9 431.4 Less: valuation allowance (159.0 ) $ (214.2 ) Total deferred tax assets, net of valuation allowance $ 215.9 $ 217.2 Deferred tax liabilities Goodwill and intangibles (17.4 ) (15.2 ) Property, plant and equipment (144.7 ) (146.9 ) Unremitted earnings (7.4 ) (7.4 ) Long-term debt (2.4 ) (2.2 ) Total deferred tax liabilities $ (171.9 ) $ (171.7 ) Net deferred tax asset $ 44.0 $ 45.5 Non-current assets 184.8 198.4 Non-current liability (140.8 ) (152.9 ) Net deferred tax asset $ 44.0 $ 45.5 |
Summary of Tax Credit Carryforwards [Table Text Block] | Tax loss, tax credit and interest carryforwards Year Ended December 31, 2018 2017 Tax loss carryforwards (tax effected) (1) Expire within 10 years $ 53.3 $ 92.3 Expire after 10 years or indefinite carryforward 121.6 124.0 Tax credit carryforwards Expire within 10 years 17.3 20.5 Expire after 10 years or indefinite carryforward 20.9 16.1 Interest carryforwards Expire within 10 years 2.2 — Expire after 10 years or indefinite carryforward 23.2 12.4 Total tax loss, tax credit and interest carryforwards $ 238.5 265.3 (1) |
Summary of Valuation Allowance [Table Text Block] | Valuation allowance Year Ended December 31, 2018 2017 Non-U.S. 133.8 188.1 U.S. 25.2 26.1 Total valuation allowance 159.0 214.2 |
Schedule of Unrecognized Tax Benefits Roll Forward | Total Gross Unrecognized Tax Benefits Year Ended December 31, 2018 2017 2016 Total gross unrecognized tax benefits at January 1 $17.2 $12.3 $4.7 Increases related to positions taken on items from prior years 3.4 1.9 — Decreases related to positions taken on items from prior years (1.8 ) — (0.2 ) Increases related to positions taken in the current year (1) 18.2 3.0 7.8 Total gross unrecognized tax benefits at December 31 $37.0 $17.2 $12.3 Total accrual for interest and penalties associated with unrecognized tax benefits (2) 3.1 1.2 1.1 Total gross unrecognized tax benefits at December 31, including interest and penalties $40.1 $18.4 $13.4 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate 25.2 9.7 8.5 Interest and penalties included as components of the "Provision (benefit) for income taxes" 1.9 0.1 0.3 (1) Of the $18.2 million 2018 increase related to positions taken in the current year, $10.6 million is the unrecognized tax benefit related to the announced closure of our manufacturing facility at our Mechelen, Belgium site. (2) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | A reconciliation of our basic and diluted net income per common share is as follows: Year Ended December 31, (In millions, except per share data) 2018 2017 2016 Net income to common shareholders $ 207.1 $ 36.7 $ 38.8 Basic weighted average shares outstanding 239.0 240.4 238.1 Diluted weighted average shares outstanding 242.9 246.1 244.4 Net income per common share: Basic net income per share $ 0.87 $ 0.15 $ 0.16 Diluted net income per share $ 0.85 $ 0.15 $ 0.16 |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Year Ended December 31, 2018 2017 Accounts receivable—trade, net (1) $ 739.9 $ 748.2 Notes receivable 36.1 29.4 Other 84.8 92.6 Total $ 860.8 $ 870.2 (1) Allowance for doubtful accounts was $15.4 million and $15.9 million at December 31, 2018 and 2017 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Year Ended December 31, 2018 2017 Finished products $ 334.0 $ 347.5 Semi-finished products 108.0 95.5 Raw materials 149.9 144.8 Stores and supplies 21.1 20.8 Total $ 613.0 $ 608.6 |
Net Property, Plant and Equip_2
Net Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Year Ended December 31, Useful Lives (years) 2018 2017 Land $ 85.7 $ 87.6 Buildings and improvements 5 - 25 522.4 516.3 Machinery and equipment 3 - 25 1,333.2 1,244.0 Software 5 - 7 159.5 155.3 Other 3 - 20 45.7 41.7 Construction in progress 72.3 148.7 Total $ 2,218.8 $ 2,193.6 Accumulated depreciation (920.6 ) (805.0 ) Property, plant and equipment, net $ 1,298.2 $ 1,388.6 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Year Ended December 31, 2018 2017 Available for sale securities $ 1.7 $ 5.2 Deferred income taxes—non-current 184.8 198.4 Business incentive plan assets 190.8 173.0 Other assets (1) 111.8 52.0 Total $ 489.1 $ 428.6 (1) Include other upfront incentives made in conjunction with long-term customer commitments of $49.8 million and zero at December 31, 2018 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Year Ended December 31, 2018 2017 Accounts Payable Trade payables $ 477.8 $ 510.7 Non-income taxes 21.4 27.0 Other 23.6 17.2 Total $ 522.8 $ 554.9 Other Accrued Liabilities Compensation and other employee-related costs $ 163.2 $ 153.3 Restructuring 60.3 71.5 Discounts, rebates, and warranties 157.8 138.8 Income taxes payable 15.2 22.2 Other 79.1 103.8 Total $ 475.6 $ 489.6 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Debt | Borrowings are summarized as follows: Year Ended December 31, 2018 2017 2024 Dollar Term Loans $ 2,411.8 $ 1,960.0 2023 Euro Term Loans — 472.5 2024 Dollar Senior Notes 500.0 500.0 2024 Euro Senior Notes 383.3 399.7 2025 Euro Senior Notes 514.9 536.9 Short-term and other borrowings 103.8 94.8 Unamortized original issue discount (12.6 ) (9.1 ) Unamortized deferred financing costs (37.2 ) (39.2 ) $ 3,864.0 $ 3,915.6 Less: Short-term borrowings $ 17.9 $ 12.9 Current portion of long-term borrowings 24.3 24.8 Long-term debt $ 3,821.8 $ 3,877.9 |
Schedule of Maturities of Long-term Debt | Below is a schedule of required future repayments of all borrowings outstanding at December 31, 2018 . 2019 $ 42.2 2020 26.0 2021 25.3 2022 52.7 2023 25.4 Thereafter 3,722.2 $ 3,893.8 |
2024 Dollar Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument Redemption | We have the option to redeem all or part of the 2024 Dollar Senior Notes at the following redemption prices (expressed as percentages of principal amount) on or after August 15 th of the years indicated: Period 2024 Dollar Notes Percentage 2019 103.656 % 2020 102.438 % 2021 101.219 % 2022 and thereafter 100.000 % |
2024 Euro Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument Redemption | We have the option to redeem all or part of the 2024 Euro Senior Notes at the following redemption prices (expressed as percentages of principal amount) on or after August 15 th of the years indicated: Period 2024 Euro Notes Percentage 2019 103.188 % 2020 102.125 % 2021 101.063 % 2022 and thereafter 100.000 % |
2025 Euro Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument Redemption | We have the option to redeem all or part of the 2025 Euro Senior Notes at the following redemption prices (expressed as percentages of principal amount) on or after January 15 th of the years indicated: Period 2025 Euro Notes Percentage 2019 102.813 % 2020 101.875 % 2021 100.938 % 2022 and thereafter 100.000 % |
Financial Instruments, Hedgin_2
Financial Instruments, Hedging Activities and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The table below presents the fair values of our financial instruments measured on a recurring basis by level within the fair value hierarchy at December 31, 2018 and December 31, 2017 . December 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Prepaid expenses and other current assets: Interest rate caps (1) $ — $ 4.5 $ — $ 4.5 $ — $ — $ — $ — Cross-currency swaps (2) — 14.1 — 14.1 — — — — Foreign currency forward contracts (3) — — — — — — — — Other assets: Interest rate caps (1) — 1.4 — 1.4 — 1.2 — 1.2 Interest rate swaps (1) — — — — — — — — Cross-currency swaps (2) — — — — — — — — Investment in equity securities 0.7 — — 0.7 4.3 — — 4.3 Liabilities: Other accrued liabilities: Interest rate caps (1) — — — — — 2.6 — 2.6 Foreign currency forward contracts (3) — — — — — 0.7 — 0.7 Other liabilities: Interest rate swaps (1) — 2.9 — 2.9 — — — — Cross-currency swaps (2) — 8.8 — 8.8 — — — — Contingent consideration — — — — — — 8.9 8.9 Long-term borrowings: (4) 2024 Dollar Senior Notes — 474.9 — 474.9 — 524.4 — 524.4 2024 Euro Senior Notes — 381.1 — 381.1 — 427.7 — 427.7 2025 Euro Senior Notes — 497.5 — 497.5 — 571.8 — 571.8 2024 Dollar Term Loans — 2,276.1 — 2,276.1 — 1,967.4 — 1,967.4 2023 Euro Term Loans — — — — — 475.5 — 475.5 (1) Cash flow hedge (2) Net investment hedge (3) Derivatives not designated as hedging instruments |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following table presents the location and fair values using Level 2 inputs of derivative instruments that qualify and have been designated as cash flow and net investment hedges included in accumulated other comprehensive (loss) income: Year Ended December 31, 2018 2017 Accumulated other comprehensive (loss) income: Interest rate caps (cash flow hedges) $ (3.4 ) $ 2.0 Interest rate swaps (cash flow hedges) 3.0 — Cross-currency swaps (net investment hedges) (27.7 ) — Total accumulated other comprehensive (loss) income $ (28.1 ) $ 2.0 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following tables set forth the locations and amounts recognized during the year ended December 31, 2018 , 2017 and 2016 for these cash flow and net investment hedges. For the Year Ended December 31, 2018 2017 2016 Derivatives in Cash Flow and Net Investment Hedges Location of (Gain) Loss Recognized in Income on Derivatives Net Amount of (Gain) Loss Recognized in OCI on Derivatives Amount of (Gain) Loss Recognized in Income Net Amount of (Gain) Loss Recognized in OCI on Derivatives Amount of (Gain) Loss Recognized in Income Net Amount of (Gain) Loss Recognized in OCI on Derivatives Amount of (Gain) Loss Recognized in Income Interest rate caps Interest expense, net $ (7.3 ) $ (1.9 ) $ 1.8 $ (2.7 ) $ 2.0 $ 7.1 Interest rate swaps Interest expense, net 4.3 1.3 — — — — Cross-currency swaps Interest expense, net (37.1 ) (9.4 ) — — — — |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that have not been designated for hedge accounting treatment are recorded in earnings as follows: Derivatives Not Designated as Hedging Instruments under ASC 815 Location of (Gain) Loss Recognized in Income on Derivatives Year Ended December 31, 2018 2017 2016 Foreign currency forward contracts Other expense, net $ (7.9 ) $ 11.2 $ 4.3 Interest rate cap Interest expense, net — 0.6 — $ (7.9 ) $ 11.8 $ 4.3 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | Our business serves four end-markets globally as follows: Year Ended December 31, 2018 2017 2016 Performance Coatings Refinish $ 1,754.2 $ 1,645.2 $ 1,679.7 Industrial 1,271.5 1,029.9 718.8 Total Net sales Performance Coatings $ 3,025.7 $ 2,675.1 $ 2,398.5 Transportation Coatings Light Vehicle $ 1,290.2 $ 1,322.8 $ 1,337.7 Commercial Vehicle 353.8 355.0 332.6 Total Net sales Transportation Coatings $ 1,644.0 $ 1,677.8 $ 1,670.3 Total Net sales $ 4,669.7 $ 4,352.9 $ 4,068.8 |
Schedule of Segment Reporting Information, by Segment | Performance Coatings Transportation Coatings Total For the Year ended December 31, 2018 Net sales (1) $ 3,025.7 $ 1,644.0 $ 4,669.7 Equity in earnings in unconsolidated affiliates 0.4 (0.1 ) 0.3 Adjusted EBITDA (2) 668.3 268.9 937.2 Investment in unconsolidated affiliates 2.7 12.7 15.4 Performance Coatings Transportation Coatings Total For the Year ended December 31, 2017 Net sales (1) $ 2,675.1 $ 1,677.8 $ 4,352.9 Equity in earnings (losses) in unconsolidated affiliates 0.3 0.7 1.0 Adjusted EBITDA (2) 564.2 321.0 885.2 Investment in unconsolidated affiliates 2.9 12.6 15.5 Performance Coatings Transportation Coatings Total For the Year ended December 31, 2016 Net sales (1) $ 2,398.5 $ 1,670.3 $ 4,068.8 Equity in earnings in unconsolidated affiliates (0.2 ) 0.4 0.2 Adjusted EBITDA (2) 549.7 352.7 902.4 Investment in unconsolidated affiliates 2.5 11.1 13.6 (1) The Company has no intercompany sales between segments. (2) |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Year Ended December 31, 2018 2017 2016 Income before income taxes $ 267.5 $ 189.6 $ 82.7 Interest expense, net 159.6 147.0 178.2 Depreciation and amortization 369.1 347.5 322.1 EBITDA $ 796.2 $ 684.1 $ 583.0 Debt extinguishment and refinancing related costs (a) 9.5 13.4 97.6 Foreign exchange remeasurement losses (b) 9.2 7.4 30.6 Long-term employee benefit plan adjustments (c) (1.9 ) 1.4 1.5 Termination benefits and other employee related costs (d) 81.7 35.3 61.8 Consulting and advisory fees (e) — (0.1 ) 10.4 Transition-related costs (f) (0.2 ) 7.7 — Offering and transactional costs (g) 1.2 18.4 6.0 Stock-based compensation (h) 37.3 38.5 41.1 Other adjustments (i) 5.2 3.6 5.0 Dividends in respect of noncontrolling interest (j) (1.0 ) (3.0 ) (3.0 ) Deconsolidation and site closure related impacts (k) — 78.5 68.4 Adjusted EBITDA $ 937.2 $ 885.2 $ 902.4 (a) During the years ended December 31, 2018, 2017 and 2016 we refinanced and restructured our term loans and senior notes, which resulted in losses of $9.5 million, $13.0 million and $88.0 million, respectively. In addition, during the years ended December 31, 2017 and 2016 we prepaid outstanding principal on our term loans, resulting in non-cash losses on extinguishment of $0.4 million and $9.6 million, respectively. We do not consider these items to be indicative of our ongoing operating performance. (b) Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of the impacts of our foreign currency instruments used to hedge our balance sheet exposures. Exchange effects attributable to the remeasurement of our Venezuelan subsidiary represented losses of $1.8 million and $23.5 million for the years ended December 31, 2017 and 2016, respectively. (c) Eliminates the non-cash, non-service components of long-term employee benefit plans. (d) Represents expenses and associated changes to estimates related to employee termination benefits and other employee-related costs, which includes Axalta CEO recruitment fees. Employee termination benefits are associated with Axalta Way initiatives. These amounts are not considered indicative of our ongoing operating performance. (e) Represents fees paid to consultants, and associated true-ups to estimates, for professional services primarily related to our Axalta Way initiatives, which are not considered indicative of our ongoing operating performance. (f) Represents integration costs and associated changes to estimates related to the 2017 acquisition of the Industrial Wood business that was a carve-out business from Valspar. We do not consider these items to be indicative of our ongoing operating performance. (g) Represents acquisition-related expenses, including changes in the fair value of contingent consideration, as well as $10.0 million of costs associated with contemplated merger activities during the three months ended December 31, 2017 and costs associated with the 2016 secondary offerings of our common shares by Carlyle, all of which are not considered indicative of our ongoing operating performance. (h) Represents non-cash costs associated with stock-based compensation. (i) Represents certain non-operational or non-cash gains and losses unrelated to our core business and which we do not consider indicative of ongoing operations, including indemnity losses associated with the Acquisition, gains and losses from the sale and disposal of property, plant and equipment, gains and losses from the remaining foreign currency derivative instruments and from non-cash fair value inventory adjustments associated with our business combinations. (j) Represents the payment of dividends to our joint venture partners by our consolidated entities that are not 100% owned, which are reflected to show the cash operating performance of these entities on Axalta's financial statements. (k) During the year ended December 31, 2017, we recorded a loss in conjunction with the deconsolidation of our Venezuelan subsidiary of $70.9 million. During the year ended December 31, 2016 we recorded non-cash impairments at our Venezuelan subsidiary of $68.4 million associated with our operational long-lived assets and a real estate investment (See Note 21). Additionally, during the year ended December 31, 2017, we recorded non-cash impairment charges related to certain manufacturing facilities previously announced for closure of $7.6 million. We do not consider these to be indicative of our ongoing operating performance. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Net sales by region were as follows: Year Ended December 31, 2018 2017 2016 North America $ 1,783.6 $ 1,607.7 $ 1,426.7 EMEA 1,658.1 1,538.3 1,455.3 Asia Pacific 758.2 748.1 723.9 Latin America (a) 469.8 458.8 462.9 Total (b) $ 4,669.7 $ 4,352.9 $ 4,068.8 Net long-lived assets by region were as follows: Year Ended December 31, 2018 2017 North America $ 477.4 $ 457.9 EMEA 439.1 507.4 Asia Pacific 246.1 258.9 Latin America (a) 135.6 164.4 Total (c) $ 1,298.2 $ 1,388.6 (a) Includes Mexico (b) Net Sales are attributed to countries based on location of the customer. Sales to external customers in China represented approximately 11% , 12% and 13% of the total for the years ended December 31, 2018 , 2017 and 2016 , respectively. Sales to external customers in Germany represented approximately 8% , 8% and 9% of the total for the years ended December 31, 2018 , 2017 and 2016 , respectively. Mexico represented 6% of the total for the years ended December 31, 2018 , 2017 and 2016 . Canada, which is included in the North America region, represents approximately 4% of total net sales for the years ended December 31, 2018 , 2017 and 2016 , respectively. (c) Long-lived assets consist of property, plant and equipment, net. Germany long-lived assets amounted to approximately $243.6 million and $279.0 million in the years ended December 31, 2018 and 2017 , respectively. China long-lived assets amounted to $203.8 million and $217.2 million in the years ended December 31, 2018 and 2017 , respectively. Brazil long-lived assets amounted to approximately $58.0 million and $78.6 million in the years ended December 31, 2018 and 2017 , respectively. Canada long-lived assets, which are included in the North America region, amounted to approximately $25.1 million and 25.8 million in the years ended December 31, 2018 and 2017 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Unrealized Currency Translation Adjustments Pension Plan Unrealized Unrealized Gain (Loss) on Derivatives Accumulated Other Comprehensive Loss Balance, December 31, 2015 $ (232.8 ) $ (33.4 ) $ 0.1 $ (3.2 ) $ (269.3 ) Current year deferrals to AOCI (59.4 ) (22.3 ) 0.3 (2.5 ) (83.9 ) Reclassifications from AOCI to Net income — (0.9 ) — 3.7 2.8 Net Change $ (59.4 ) $ (23.2 ) $ 0.3 $ 1.2 $ (81.1 ) Balance, December 31, 2016 $ (292.2 ) $ (56.6 ) $ 0.4 $ (2.0 ) $ (350.4 ) Unrealized Currency Translation Adjustments Pension Plan Unrealized Gain on Securities Unrealized Accumulated Other Comprehensive Loss Balance, December 31, 2016 $ (292.2 ) $ (56.6 ) $ 0.4 $ (2.0 ) $ (350.4 ) Current year deferrals to AOCI 83.4 17.1 0.4 (1.6 ) 99.3 Reclassifications from AOCI to Net income — 8.1 — 2.0 10.1 Net Change $ 83.4 $ 25.2 $ 0.4 $ 0.4 $ 109.4 Balance, December 31, 2017 $ (208.8 ) $ (31.4 ) $ 0.8 $ (1.6 ) $ (241.0 ) Unrealized Currency Translation Adjustments Pension Plan Adjustments Unrealized Gain on Securities Unrealized Gain (Loss) on Derivatives Accumulated Other Comprehensive Loss Balance, December 31, 2017 $ (208.8 ) $ (31.4 ) $ 0.8 $ (1.6 ) $ (241.0 ) Cumulative effect of an accounting change — — (0.8 ) — (0.8 ) Balance at January 1, 2018 $ (208.8 ) $ (31.4 ) $ — $ (1.6 ) $ (241.8 ) Current year deferrals to AOCI (90.6 ) (5.8 ) — 1.7 (94.7 ) Reclassifications from AOCI to Net income — 0.8 — (0.4 ) 0.4 Net Change $ (90.6 ) $ (5.0 ) $ — $ 1.3 $ (94.3 ) Balance, December 31, 2018 $ (299.4 ) $ (36.4 ) $ — $ (0.3 ) $ (336.1 ) |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of the quarterly results of operations for the years ended December 31, 2018 and 2017 , respectively (in millions, except per share data): 2018 March 31 June 30 September 30 (1) December 31 Full Year Total revenue $ 1,172.0 $ 1,212.2 $ 1,146.0 $ 1,165.8 $ 4,696.0 Cost of goods sold 776.0 793.8 759.1 777.4 3,106.3 Income from operations 120.0 146.5 47.8 127.8 442.1 Net income (loss) 71.0 77.1 (11.6 ) 76.8 213.3 Net income (loss) attributable to controlling interests 69.9 74.9 (13.1 ) 75.4 207.1 Basic net income (loss) per share $ 0.29 $ 0.31 $ (0.05 ) $ 0.32 $ 0.87 Diluted net income (loss) per share $ 0.28 $ 0.31 $ (0.05 ) $ 0.32 $ 0.85 2017 March 31 June 30 (2) September 30 December 31 (3) Full Year Total revenue $ 1,013.7 $ 1,094.6 $ 1,096.3 $ 1,172.4 $ 4,377.0 Cost of goods sold 641.4 690.0 702.5 746.6 2,780.5 Income from operations 110.4 47.5 103.9 101.9 363.7 Net income (loss) 65.9 (18.9 ) 56.3 (55.6 ) 47.7 Net income (loss) attributable to controlling interests 64.1 (20.8 ) 54.9 (61.5 ) 36.7 Basic net income (loss) per share $ 0.27 $ (0.09 ) $ 0.23 $ (0.26 ) $ 0.15 Diluted net income (loss) per share $ 0.26 $ (0.09 ) $ 0.22 $ (0.26 ) $ 0.15 (1) During the three months ended September 30, 2018, the Company announced the closure of the Mechelen, Belgium manufacturing facility and recorded severance costs of $70.6 million . See further discussion in Note 5. (2) During the three months ended June 30, 2017, the Company recorded a loss in conjunction with the deconsolidation of its Venezuelan subsidiary of $70.9 million , based on its evaluation of the carrying value associated with our real estate investment in Venezuela. See further discussion in Note 21. (3) During the three months ended December 31, 2017, the Company recorded a provisional net tax charge of $107.8 million ( $112.5 million of net loss attributable to controlling interests) associated with the U.S. Tax Cuts and Jobs Act legislation, resulting primarily from the write-down of net deferred tax assets to the lower enacted U.S. corporate tax rate of 21.0% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Jan. 01, 2015 | |
Accounting Policies [Line Items] | ||||
Cumulative effect of an accounting change | $ 12.2 | $ 43.9 | ||
Unrealized Gain on Securities | ||||
Accounting Policies [Line Items] | ||||
Cumulative effect of an accounting change | $ (0.8) | |||
Other Expense [Member] | Accounting Standards Update 2017-07 [Member] | ||||
Accounting Policies [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1.4 | |||
Minimum [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||
Maximum [Member] | ||||
Accounting Policies [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 25 years | |||
Subsidiaries [Member] | ||||
Accounting Policies [Line Items] | ||||
Ownership Interest in Subsidiary | 100.00% |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Recent Accounting Guidance (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Inventory, Net | $ 613 | $ 585.9 | $ 608.6 |
Prepaid expenses and other current assets | 139.4 | 105.6 | 63.9 |
Other assets | 489.1 | 426.7 | 428.6 |
Other accrued liabilities | 475.6 | 491.5 | 489.6 |
Deferred income taxes | 140.8 | 155.9 | 152.9 |
Retained earnings (Accumulated deficit) | 198.6 | (9.3) | (21.4) |
Noncontrolling interests | 105.4 | $ 131.8 | 131.7 |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Inventory, Net | 638 | 608.6 | |
Prepaid expenses and other current assets | 92.2 | 63.9 | |
Other assets | 491.7 | 428.6 | |
Other accrued liabilities | 473.7 | 489.6 | |
Deferred income taxes | 137.5 | 152.9 | |
Retained earnings (Accumulated deficit) | 183.8 | (21.4) | |
Noncontrolling interests | 105.2 | 131.7 | |
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Inventory, Net | (25) | (22.7) | |
Prepaid expenses and other current assets | 47.2 | 41.7 | |
Other assets | (2.6) | (1.9) | |
Other accrued liabilities | 1.9 | 1.9 | |
Deferred income taxes | 3.3 | 3 | |
Retained earnings (Accumulated deficit) | 14.8 | 12.1 | |
Noncontrolling interests | $ 0.2 | $ 0.1 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Business incentive plan assets [Line Items] | ||||
Business Incentive Plan Assets | $ 190.8 | $ 173 | ||
Capitalized Contract Cost, Amortization | 65.5 | 65 | $ 53.5 | |
Upfront Incentive Payment | 56 | 0 | ||
Contract with Customer, Asset, Net | 47.2 | $ 41.7 | ||
Other Assets [Member] | ||||
Business incentive plan assets [Line Items] | ||||
Upfront Incentive Payment | $ 49.8 | $ 0 |
Revenue - Effect of ASU (Detail
Revenue - Effect of ASU (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Net sales | $ 4,669.7 | $ 4,352.9 | $ 4,068.8 | |||||||||
Cost of goods sold | $ 777.4 | $ 759.1 | $ 793.8 | $ 776 | $ 746.6 | $ 702.5 | $ 690 | $ 641.4 | 3,106.3 | 2,780.5 | 2,528.8 | |
Selling, general and administrative expenses | 959.1 | 995.4 | 959.8 | |||||||||
Provision for income taxes | 54.2 | 141.9 | 38.1 | |||||||||
Net income | 76.8 | (11.6) | 77.1 | 71 | (55.6) | 56.3 | (18.9) | 65.9 | 213.3 | 47.7 | 44.6 | |
Less: Net income attributable to noncontrolling interests | 6.2 | 11 | 5.8 | |||||||||
Net income attributable to controlling interests | 75.4 | $ (13.1) | $ 74.9 | $ 69.9 | (61.5) | $ 54.9 | $ (20.8) | $ 64.1 | 207.1 | 36.7 | $ 38.8 | |
Inventory, Net | 613 | 608.6 | 613 | 608.6 | $ 585.9 | |||||||
Prepaid expenses and other current assets | 139.4 | 63.9 | 139.4 | 63.9 | 105.6 | |||||||
Other assets | 489.1 | 428.6 | 489.1 | 428.6 | 426.7 | |||||||
Other accrued liabilities | 475.6 | 489.6 | 475.6 | 489.6 | 491.5 | |||||||
Deferred income taxes | 140.8 | 152.9 | 140.8 | 152.9 | 155.9 | |||||||
Retained earnings (Accumulated deficit) | 198.6 | (21.4) | 198.6 | (21.4) | (9.3) | |||||||
Accumulated other comprehensive loss | (336.1) | (241) | (336.1) | (241) | ||||||||
Noncontrolling interests | 105.4 | 131.7 | 105.4 | 131.7 | $ 131.8 | |||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Net sales | 4,662.6 | |||||||||||
Cost of goods sold | 3,039 | |||||||||||
Selling, general and administrative expenses | 1,023.1 | |||||||||||
Provision for income taxes | 53.2 | |||||||||||
Net income | 210.5 | |||||||||||
Less: Net income attributable to noncontrolling interests | 6.1 | |||||||||||
Net income attributable to controlling interests | 204.4 | |||||||||||
Inventory, Net | 638 | 608.6 | 638 | 608.6 | ||||||||
Prepaid expenses and other current assets | 92.2 | 63.9 | 92.2 | 63.9 | ||||||||
Other assets | 491.7 | 428.6 | 491.7 | 428.6 | ||||||||
Other accrued liabilities | 473.7 | 489.6 | 473.7 | 489.6 | ||||||||
Deferred income taxes | 137.5 | 152.9 | 137.5 | 152.9 | ||||||||
Retained earnings (Accumulated deficit) | 183.8 | (21.4) | 183.8 | (21.4) | ||||||||
Accumulated other comprehensive loss | (335.5) | (335.5) | ||||||||||
Noncontrolling interests | 105.2 | 131.7 | 105.2 | 131.7 | ||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||||
Net sales | 7.1 | |||||||||||
Cost of goods sold | 67.3 | |||||||||||
Selling, general and administrative expenses | (64) | |||||||||||
Provision for income taxes | 1 | |||||||||||
Net income | 2.8 | |||||||||||
Less: Net income attributable to noncontrolling interests | 0.1 | |||||||||||
Net income attributable to controlling interests | 2.7 | |||||||||||
Inventory, Net | (25) | (22.7) | (25) | (22.7) | ||||||||
Prepaid expenses and other current assets | 47.2 | 41.7 | 47.2 | 41.7 | ||||||||
Other assets | (2.6) | (1.9) | (2.6) | (1.9) | ||||||||
Other accrued liabilities | 1.9 | 1.9 | 1.9 | 1.9 | ||||||||
Deferred income taxes | 3.3 | 3 | 3.3 | 3 | ||||||||
Retained earnings (Accumulated deficit) | 14.8 | 12.1 | 14.8 | 12.1 | ||||||||
Accumulated other comprehensive loss | (0.6) | (0.6) | ||||||||||
Noncontrolling interests | $ 0.2 | $ 0.1 | $ 0.2 | $ 0.1 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - Industrial Wood Acquisition [Member] - USD ($) $ in Millions | Jun. 01, 2017 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ 430.3 | |
Accounts and notes receivable—trade | 23.3 | |
Inventories | 24.7 | |
Prepaid expenses and other | 0.2 | |
Property, plant and equipment | 23.1 | |
Identifiable intangibles | 259.1 | |
Accounts payable | 22.2 | |
Other accrued liabilities | 4.7 | |
Net assets acquired before goodwill on acquisition | 303.5 | |
Goodwill on acquisition | 126.8 | $ 126.8 |
Net assets acquired | 430.3 | |
Previously Reported [Member] | ||
Business Acquisition [Line Items] | ||
Accounts and notes receivable—trade | 23.3 | |
Inventories | 24.9 | |
Prepaid expenses and other | 0.2 | |
Property, plant and equipment | 23 | |
Identifiable intangibles | 254.2 | |
Accounts payable | 22.4 | |
Other accrued liabilities | 5.1 | |
Net assets acquired before goodwill on acquisition | 298.1 | |
Goodwill on acquisition | 132.6 | |
Net assets acquired | 430.7 | |
Restatement Adjustment [Member] | ||
Business Acquisition [Line Items] | ||
Accounts and notes receivable—trade | 0 | |
Inventories | (0.2) | |
Prepaid expenses and other | 0 | |
Property, plant and equipment | 0.1 | |
Identifiable intangibles | 4.9 | |
Accounts payable | (0.2) | |
Other accrued liabilities | (0.4) | |
Net assets acquired before goodwill on acquisition | 5.4 | |
Goodwill on acquisition | (5.8) | |
Net assets acquired | $ (0.4) |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - Industrial Wood Acquisition [Member] - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Net sales | $ 4,454.2 | $ 4,293.1 |
Net income | 55 | 45.9 |
Net income attributable to controlling interests | $ 44 | $ 40.1 |
Net income per share (Basic) (in dollars per share) | $ 0.18 | $ 0.17 |
Net income per share (Diluted) (in dollars per share) | $ 0.18 | $ 0.16 |
Acquisition-related Costs [Member] | ||
Business Acquisition [Line Items] | ||
Net income | $ 5.3 | |
Acquisition-related Costs, Net of Tax [Member] | ||
Business Acquisition [Line Items] | ||
Net income | 3.3 | |
Fair Value Adjustment to Inventory [Member] | ||
Business Acquisition [Line Items] | ||
Net income | $ 2.8 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) $ in Millions | Jun. 01, 2017USD ($) | Dec. 31, 2018USD ($)business | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||
Percent acquired | 24.50% | |||
Payments to Acquire Other Investments | $ 26.9 | |||
Noncontrolling Interest, Ownership Percentage by Parent | 75.50% | |||
Industrial Wood Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, gross | $ 420 | |||
Consideration transferred, working capital adjustments | 10.3 | |||
Consideration transferred | 430.3 | |||
Goodwill on acquisition | 126.8 | $ 126.8 | ||
Acquisition related costs | $ 5.3 | |||
Identifiable intangibles | $ 259.1 | |||
Weighted average amortization periods (years) | 19 years | |||
Net sales from acquired entities since acquisition date | 146.1 | |||
Pro forma earnings (loss) | 2.4 | |||
Pro forma net income (loss) | 55 | $ 45.9 | ||
Industrial Wood Acquisition [Member] | Acquisition-related Costs [Member] | ||||
Business Acquisition [Line Items] | ||||
Pro forma net income (loss) | 5.3 | |||
Industrial Wood Acquisition [Member] | Acquisition-related Costs, Net of Tax [Member] | ||||
Business Acquisition [Line Items] | ||||
Pro forma net income (loss) | 3.3 | |||
Industrial Wood Acquisition [Member] | Fair Value Adjustment to Inventory [Member] | ||||
Business Acquisition [Line Items] | ||||
Pro forma net income (loss) | 2.8 | |||
Industrial Wood Acquisition [Member] | Fair Value Adjustment to Inventory, net of tax [Member] | ||||
Business Acquisition [Line Items] | ||||
Pro forma net income (loss) | $ 1.8 | |||
2018 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition related costs | 79.9 | |||
Definite-lived intangible assets acquired | $ 64.6 | |||
Weighted average amortization periods (years) | 9 years | |||
Number of businesses acquired | business | 7 | |||
North America [Member] | 2018 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | business | 2 | |||
Asia Pacific [Member] | 2018 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | business | 2 | |||
Europe [Member] | 2018 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | business | 3 | |||
Technology-Based Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization periods (years) | 10 years 4 months 24 days | 10 years 6 months | ||
Technology-Based Intangible Assets [Member] | Industrial Wood Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite-lived intangible assets acquired | $ 34.6 | |||
Trademarks [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization periods (years) | 15 years 9 months 18 days | 15 years 10 months 24 days | ||
Trademarks [Member] | Industrial Wood Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite-lived intangible assets acquired | 8 | |||
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Weighted average amortization periods (years) | 19 years 1 month 6 days | 19 years | ||
Customer Relationships [Member] | Industrial Wood Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite-lived intangible assets acquired | 203 | |||
Customer Contracts [Member] | Industrial Wood Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Definite-lived intangible assets acquired | $ 13.5 |
Goodwill and Identifiable Int_3
Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 1,271.2 | $ 964.1 |
Goodwill from acquisitions | 2.9 | 207.2 |
Goodwill, Purchase Accounting Adjustments | (0.2) | (15.2) |
Foreign currency translation | (43.1) | 115.1 |
Goodwill, ending balance | 1,230.8 | 1,271.2 |
Performance Coatings [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,189.2 | 889.4 |
Goodwill from acquisitions | 2.9 | 207.2 |
Goodwill, Purchase Accounting Adjustments | (0.2) | (15.2) |
Foreign currency translation | (40.4) | 107.8 |
Goodwill, ending balance | 1,151.5 | 1,189.2 |
Transportation Coatings [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 82 | 74.7 |
Goodwill from acquisitions | 0 | 0 |
Goodwill, Purchase Accounting Adjustments | 0 | 0 |
Foreign currency translation | (2.7) | 7.3 |
Goodwill, ending balance | $ 79.3 | $ 82 |
Goodwill and Identifiable Int_4
Goodwill and Identifiable Intangible Assets - Gross Carrying Amounts and Accumulated Amortization of Identifiable Intangible Assets by Major Class (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ||
Gross Carrying Amount | $ 1,860.9 | $ 1,839.5 |
Accumulated Amortization | (512.9) | (411.3) |
Net Book Value, definite-lived | 1,348 | 1,428.2 |
Trademarks [Member] | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ||
Net Book Value, indefinite-lived | (269) | (277.2) |
Technology-Based Intangible Assets [Member] | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ||
Gross Carrying Amount | 545.7 | 498 |
Accumulated Amortization | (260.7) | (213.6) |
Net Book Value, definite-lived | $ 285 | $ 284.4 |
Weighted average amortization periods (years) | 10 years 4 months 24 days | 10 years 6 months |
Trademarks [Member] | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ||
Gross Carrying Amount | $ 100.6 | $ 102.6 |
Accumulated Amortization | (24) | (17.7) |
Net Book Value, definite-lived | $ 76.6 | $ 84.9 |
Weighted average amortization periods (years) | 15 years 9 months 18 days | 15 years 10 months 24 days |
Customer Relationships [Member] | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ||
Gross Carrying Amount | $ 929.9 | $ 945.1 |
Accumulated Amortization | (222.9) | (176.8) |
Net Book Value, definite-lived | $ 707 | $ 768.3 |
Weighted average amortization periods (years) | 19 years 1 month 6 days | 19 years |
Other Intangible Assets [Member] | ||
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items] | ||
Gross Carrying Amount | $ 15.7 | $ 16.6 |
Accumulated Amortization | (5.3) | (3.2) |
Net Book Value, definite-lived | $ 10.4 | $ 13.4 |
Weighted average amortization periods (years) | 5 years 1 month 6 days | 4 years 9 months 18 days |
Goodwill and Identifiable Int_5
Goodwill and Identifiable Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Trademarks [Member] | ||
Goodwill [Line Items] | ||
Weighted average amortization periods (years) | 15 years 9 months 18 days | 15 years 10 months 24 days |
Trademarks [Member] | Indefinite-lived Intangible Assets, Major Class Name [Domain] | ||
Goodwill [Line Items] | ||
Weighted average amortization periods (years) | 20 years | |
In Process Research and Development [Member] | ||
Goodwill [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 2.3 | $ 2.3 |
Goodwill and Identifiable Int_6
Goodwill and Identifiable Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 114.2 |
2,020 | 113.9 |
2,021 | 113.3 |
2,022 | 111.1 |
2,023 | $ 71.3 |
Restructuring - Additional Inf
Restructuring - Additional Information (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||||
Expense recorded | $ 79.8 | $ 36.2 | $ 58.5 | |||
Accelerated depreciation | $ 10.3 | 4.3 | ||||
Impairment of Long-Lived Assets Held-for-use | $ 7.6 | |||||
Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring payment term | 12 months | |||||
Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring payment term | 24 months | |||||
Plant Closure Axalta Way Restructuring [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expense recorded | $ 70.6 | |||||
Plant Closure Axalta Way Restructuring [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expense recorded | $ 120 | |||||
Accelerated depreciation | 50 | |||||
Plant Closure Axalta Way Restructuring [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Expense recorded | 130 | |||||
Accelerated depreciation | $ 60 | |||||
Mechelen, Belgium [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | € 47.7 | $ 55.8 |
Restructuring - Restructuring
Restructuring - Restructuring Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning Balance | $ 71.5 | $ 66.1 | $ 41.3 |
Expense recorded | 79.8 | 36.2 | 58.5 |
Payments made | (46.4) | (36.1) | (31) |
Foreign currency translation | (2.2) | 6.8 | (2.7) |
Venezuela deconsolidation impact | (1.5) | ||
Ending Balance | $ 102.7 | $ 71.5 | $ 66.1 |
Commitments and Contingencies
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating leases, rent expense, net | $ 49.7 | $ 52.7 | $ 48 |
Outstanding bank guarantees | 12.7 | 15.2 | |
Bank guarantees liability recorded | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule if Sales Leaseback Transactions (Details) $ in Millions | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 Sales Leaseback Payments | $ 5.3 |
2020 Sales Leaseback Payments | 5.4 |
2021 Sales Leaseback Payments | 5.4 |
2022 Sales Leaseback Payments | 5.7 |
2023 Sales Leaseback Payments | 5.7 |
Thereafter Sales Leaseback Payments | 77.1 |
Sales Leaseback Total Minimum Lease Payments | $ 104.6 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Millions | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 Operating Lease Payment | $ 34.6 |
2020 Operating Lease Payment | 23.5 |
2021 Operating Lease Payment | 17.1 |
2022 Operating Lease Payment | 13.2 |
2023 Operating Lease Payment | 11.5 |
Thereafter Operating Lease Payments | 16.6 |
Operating Lease Total Minimum Payments | $ 116.5 |
Long-term Employee Benefits -
Long-term Employee Benefits - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of actuarial losses in excess of market value or PBO to be Included in periodic benefit costs (exceeding) | 10.00% | ||
Defined contribution plan, employer contribution amount | $ 43.8 | $ 45.1 | $ 43.3 |
VENEZUELA | |||
Defined Benefit Plan Disclosure [Line Items] | |||
AOCI loss due to Venezuela deconsolidation | (8.5) | ||
AOCI loss due to Venezuela deconsolidation, net of tax | (5.9) | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
AOCI loss due to Venezuela deconsolidation | $ (50.2) | $ (43.8) | |
Rate of return on plan assets to determine net cost | 4.21% | ||
Estimated future employer contribution | $ 6.7 | ||
Europe [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension benefit obligation, percentage by region | 85.00% |
Long-term Employee Benefits _2
Long-term Employee Benefits - Schedule of Defined Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Accrued pensions | $ (261.9) | $ (279.1) | |
Pension Plan [Member] | |||
Change in benefit obligation: | |||
Projected benefit obligation at beginning of year | 636.9 | 547.6 | |
Service cost | 8.8 | 9 | $ 10.7 |
Interest cost | 13.1 | 13.8 | 15.1 |
Participant contributions | 1.3 | 1.3 | |
Actuarial gains, net | (3.3) | (13.8) | |
Plan curtailments, settlements and special termination benefits | (19.4) | (12.9) | |
Benefits paid | (25.6) | (23.3) | |
Business combinations and other adjustments | 0.7 | 51.2 | |
Foreign currency translation | (28.8) | 64 | |
Projected benefit obligation at end of year | 583.7 | 636.9 | 547.6 |
Change in plan assets: | |||
Fair value of plan assets at: | 365 | 288.7 | |
Actual return on plan assets | (1.4) | 22.2 | |
Employer contributions | 24.6 | 27.4 | |
Participant contributions | 1.3 | 1.3 | |
Benefits paid | 25.6 | 23.3 | |
Settlements | (12.5) | (13.9) | |
Business combinations and other adjustments | (0.1) | (32.4) | |
Foreign currency translation | (19) | 30.2 | |
Fair value of plan assets at: | 332.3 | 365 | $ 288.7 |
Funded status, net | (251.4) | (271.9) | |
Amounts recognized in the consolidated balance sheets consist of: | |||
Other assets | 22 | 19.2 | |
Other accrued liabilities | (11.5) | (12) | |
Accrued pensions | (261.9) | (279.1) | |
Net amount recognized | $ (251.4) | $ (271.9) |
Long-term Employee Benefits _3
Long-term Employee Benefits - Schedule of Accumulated and Projected Benefit Obligations (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
ABO | $ 559.9 | $ 605.4 |
Plans with PBO in excess of plan assets: | ||
PBO | 375.6 | 401.2 |
ABO | 352 | 370 |
Fair value plan assets | 102.2 | 110.1 |
Plans with ABO in excess of plan assets: | ||
PBO | 370.2 | 393.3 |
ABO | 349.1 | 364.9 |
Fair value plan assets | $ 99.3 | $ 104.7 |
Long-term Employee Benefits _4
Long-term Employee Benefits - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated net actuarial losses | $ (51.8) | $ (46.4) |
Accumulated prior service credit | 1.6 | 2.6 |
Total | $ (50.2) | $ (43.8) |
Long-term Employee Benefits _5
Long-term Employee Benefits - Schedule of Amounts in Accumulated Other Comprehensive Income to be Amortized (Details) - Pension Plan [Member] $ in Millions | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Amortization of net actuarial losses, net | $ (2) |
Amortization of prior service credit, net | 0.1 |
Total | $ (1.9) |
Long-term Employee Benefits _6
Long-term Employee Benefits - Schedule of Net Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: | |||
Net actuarial (gain) loss, net | $ 6.4 | $ (31.3) | $ 28.9 |
Pension Plan [Member] | |||
Net periodic benefit cost: | |||
Service cost | 8.8 | 9 | 10.7 |
Interest cost | 13.1 | 13.8 | 15.1 |
Expected return on plan assets | (16.1) | (15) | (12.6) |
Amortization of actuarial loss, net | (1.3) | (1.4) | (0.4) |
Amortization of prior service credit | (0.1) | 0 | 0 |
Curtailment gain | (0.7) | 0 | (1.1) |
Settlement (gain) loss | 0.6 | 0.2 | (0.5) |
Special termination benefit loss | 0 | 1 | 0.2 |
Net periodic benefit cost | 6.9 | 10.4 | 12.2 |
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: | |||
Net actuarial (gain) loss, net | 6.7 | (20.6) | 27.7 |
Amortization of actuarial loss, net | (1.3) | (1.4) | (0.4) |
Prior service (credit) cost | 0.8 | (1.2) | 0 |
Amortization of prior service credit | 0.1 | 0 | 0 |
Curtailment gain | 0.7 | 0 | 1.1 |
Settlement gain (loss) | (0.6) | (0.2) | 0.5 |
Other adjustments | 0 | (7.9) | 0 |
Total (gain) loss recognized in other comprehensive (income) loss | 6.4 | (31.3) | 28.9 |
Total recognized in net periodic benefit cost and comprehensive (income) loss | $ 13.3 | $ (20.9) | $ 41.1 |
Long-term Employee Benefits _7
Long-term Employee Benefits - Schedule of Assumptions Used (Details) - Pension Plan [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate to determine benefit obligation | 2.27% | 2.13% | 2.52% |
Discount rate to determine net cost | 2.13% | 2.52% | 3.05% |
Rate of future compensation increases to determine benefit obligation | 2.68% | 2.69% | 3.07% |
Rate of future compensation increases to determine net cost | 2.69% | 3.07% | 3.03% |
Rate of return on plan assets to determine net cost | 4.47% | 4.73% | 4.75% |
Long-term Employee Benefits _8
Long-term Employee Benefits - Schedule of Expected Benefit Payments (Details) - Pension Plan [Member] $ in Millions | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 28.5 |
2,020 | 31.2 |
2,021 | 29.8 |
2,022 | 30.8 |
2,023 | 30.7 |
2024—2028 | $ 184.4 |
Long-term Employee Benefits _9
Long-term Employee Benefits - Schedule of Allocation of Plan Assets (Details) - Pension Plan [Member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Minimum [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 15.00% | 25.00% |
Target Allocation | .15 | |
Minimum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 25.00% | 20.00% |
Target Allocation | .25 | |
Minimum [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 0.00% | 0.00% |
Target Allocation | 0 | |
Minimum [Member] | Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 45.00% | 45.00% |
Target Allocation | .45 | |
Maximum [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 20.00% | 30.00% |
Target Allocation | .20 | |
Maximum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 30.00% | 25.00% |
Target Allocation | .30 | |
Maximum [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 5.00% | 5.00% |
Target Allocation | .05 | |
Maximum [Member] | Other Assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual plan asset allocations | 50.00% | 50.00% |
Target Allocation | .50 |
Long-term Employee Benefits - S
Long-term Employee Benefits - Schedule of Fair Value of Defined Benefit Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 151.7 | $ 158 | $ 77.5 |
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 126.9 | 135.7 | 64.1 |
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.6 | 13.5 | 11.2 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 332.3 | 365 | $ 288.7 |
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 129.7 | 163.1 | |
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32.9 | 24.4 | |
Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 151.7 | 158 | |
Pension Plan [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 314.3 | 345.5 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.5 | 3.7 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.4 | 3.7 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.1 | 0 | |
Pension Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan [Member] | US Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23.7 | 33.3 | |
Pension Plan [Member] | US Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23.4 | 33 | |
Pension Plan [Member] | US Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan [Member] | US Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.3 | 0.3 | |
Pension Plan [Member] | Foreign Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42.9 | 76.4 | |
Pension Plan [Member] | Foreign Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 39.9 | 73.4 | |
Pension Plan [Member] | Foreign Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1.2 | |
Pension Plan [Member] | Foreign Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 1.8 | |
Pension Plan [Member] | US and Foreign Government Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 70.9 | 44.6 | |
Pension Plan [Member] | US and Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 41.1 | 33.1 | |
Pension Plan [Member] | US and Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 23.3 | 7.3 | |
Pension Plan [Member] | US and Foreign Government Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6.5 | 4.2 | |
Pension Plan [Member] | Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 29.1 | 32.8 | |
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19.7 | 17.2 | |
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 13.1 | |
Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.4 | 2.5 | |
Pension Plan [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 129.6 | 141.2 | |
Pension Plan [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.2 | 2.7 | |
Pension Plan [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1.5 | 2.8 | |
Pension Plan [Member] | Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 126.9 | 135.7 | |
Pension Plan [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.6 | 13.5 | |
Pension Plan [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Pension Plan [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13.6 | 13.5 | |
Pension Plan [Member] | Asset-backed Securities [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 10.9 | |
Pension Plan [Member] | Hedge Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8.5 | $ 8.6 | |
Pension Plan [Member] | Pension Trust Liability [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ (1.5) |
Long-term Employee Benefits _10
Long-term Employee Benefits - Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets: | ||
Fair value of plan assets at: | $ 158 | $ 77.5 |
Realized (loss) | 0 | 0 |
Change in unrealized gain | (4.2) | 9.9 |
Purchases, sales, issues and settlements | (2.1) | 70.6 |
Transfers in/(out) of Level 3 | 0 | 0 |
Fair value of plan assets at: | 151.7 | 158 |
Private Equity Funds [Member] | ||
Change in plan assets: | ||
Fair value of plan assets at: | 135.7 | 64.1 |
Realized (loss) | 0 | 0 |
Change in unrealized gain | (4.4) | 8.3 |
Purchases, sales, issues and settlements | (4.4) | 63.3 |
Transfers in/(out) of Level 3 | 0 | 0 |
Fair value of plan assets at: | 126.9 | 135.7 |
Debt and Equity [Member] | ||
Change in plan assets: | ||
Fair value of plan assets at: | 8.8 | 2.2 |
Realized (loss) | 0 | 0 |
Change in unrealized gain | (0.2) | 0.4 |
Purchases, sales, issues and settlements | 2.6 | 6.2 |
Transfers in/(out) of Level 3 | 0 | 0 |
Fair value of plan assets at: | 11.2 | 8.8 |
Real Estate [Member] | ||
Change in plan assets: | ||
Fair value of plan assets at: | 13.5 | 11.2 |
Realized (loss) | 0 | 0 |
Change in unrealized gain | 0.4 | 1.2 |
Purchases, sales, issues and settlements | (0.3) | 1.1 |
Transfers in/(out) of Level 3 | 0 | 0 |
Fair value of plan assets at: | $ 13.6 | $ 13.5 |
Stock-based Compensation - Add
Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 37.3 | $ 38.5 | $ 41.1 |
Tax benefit from compensation expense | $ 6.7 | $ 12.1 | $ 14 |
Grant date fair value (in dollars per share) | $ 6.78 | $ 7.69 | $ 5.69 |
Award vesting period (in years) | 3 years | ||
Proceeds from option exercises | $ 17.4 | $ 24.8 | $ 16.7 |
Tax benefit from exercise of stock options | 6.6 | ||
Intrinsic value on options exercised | 33.6 | 42.2 | 42.5 |
Vested in period, fair value | 6.8 | 5.2 | 3.4 |
Unrecognized compensation cost | $ 3.6 | ||
Period for recognition of compensation not yet recognized (in years) | 1 year 4 months 24 days | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period (in years) | 10 years | ||
Restricted Stock and Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period for recognition of compensation not yet recognized (in years) | 1 year 7 months 6 days | ||
Restricted stock grants in period (in shares) | 1.1 | ||
Unrecognized compensation cost | $ 19.3 | ||
Aggregate intrinsic value, vested | 36.2 | 30.1 | 5.5 |
Vested in period, fair value | $ 35.3 | $ 29.4 | $ 6.2 |
Restricted Stock and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Restricted Stock and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 1 year | ||
Restricted Stock and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 2 years | ||
Restricted Stock and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Four [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Restricted Stock and Restricted Stock Units [Member] | Share-based Compensation Award, Tranche Five [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 4 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period (in years) | 3 years | ||
Period for recognition of compensation not yet recognized (in years) | 1 year 8 months 12 days | ||
Restricted stock grants in period (in shares) | 0.3 | ||
Unrecognized compensation cost | $ 10.5 | ||
Award requisite service period (in years) | 3 years | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Actual award percent | 0.00% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Actual award percent | 200.00% | ||
2014 Plan [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average dividend rate | 0.00% | 0.00% | 0.00% |
Stock-based Compensation - Sch
Stock-based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) - Employee Stock Option [Member] - 2014 Plan [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 6 years | 6 years | 6 years |
Volatility | 20.27% | 21.75% | 21.63% |
Dividend Yield | 0.00% | 0.00% | 0.00% |
Discount Rate | 2.66% | 2.03% | 1.45% |
Stock-based Compensation - S_2
Stock-based Compensation - Schedule of Stock Options Roll Forward (Details) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 8.1 |
Granted (in shares) | shares | 1.1 |
Exercised (in shares) | shares | (1.7) |
Forfeited (in shares) | shares | (0.3) |
Ending balance (in shares) | shares | 7.2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning balance (in dollars per share) | $ / shares | $ 16.54 |
Granted (in dollars per share) | $ / shares | 29.74 |
Exercised (in dollars per share) | $ / shares | 10.52 |
Forfeited (in dollars per share) | $ / shares | 29.59 |
Ending balance (in dollars per share) | $ / shares | $ 19.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Vested and expected to vest (in shares) | shares | 7.2 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ / shares | $ 19.32 |
Vested and expected to vest, aggregate intrinsic value | $ | $ 48 |
Vested and expected to vest, weighted average remaining contractual term (in years) | 5 years 9 months 3 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Exercisable (in shares) | shares | 5.6 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 16.80 |
Exercisable, aggregate intrinsic value | $ | $ 48 |
Exercisable, weighted average remaining contractual term (in years) | 5 years 29 days |
Stock-based Compensation - S_3
Stock-based Compensation - Schedule of Share-based Compensation, Restricted Stock and Restricted Units Activity (Details) - Restricted Stock and Restricted Stock Units [Member] shares in Millions | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 1.9 |
Granted (in shares) | shares | 1.1 |
Vested (in shares) | shares | (1.2) |
Forfeited (in shares) | shares | (0.2) |
Ending balance (in shares) | shares | 1.6 |
Beginning balance (in dollars per share) | $ / shares | $ 29.32 |
Granted (in dollars per share) | $ / shares | 29.61 |
Vested (in dollars per share) | $ / shares | 29.84 |
Forfeited (in dollars per share) | $ / shares | 29.33 |
Ending balance (in dollars per share) | $ / shares | $ 29.12 |
Stock-based Compensation - S_4
Stock-based Compensation - Schedule of Performance Stock Awards and PSUs (Details) - Performance Shares [Member] shares in Millions | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 0.6 |
Granted (in shares) | shares | 0.3 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (0.1) |
Ending balance (in shares) | shares | 0.8 |
Beginning balance (in dollars per share) | $ / shares | $ 31.17 |
Granted (in dollars per share) | $ / shares | 33.81 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 33.65 |
Ending balance (in dollars per share) | $ / shares | $ 31.82 |
Other Expense, Net - Schedule
Other Expense, Net - Schedule of Other Non-operating Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange losses, net | $ 9.2 | $ 7.4 | $ 30.6 |
Impairments | 0 | 7.6 | 10.5 |
Debt extinguishment and refinancing related costs | 9.5 | 13.4 | 97.6 |
Other miscellaneous (income) expense, net | (3.7) | (1.3) | 5.5 |
Total | $ 15 | $ 27.1 | $ 144.2 |
Other Expense, Net - Additiona
Other Expense, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income Expense [Line Items] | |||
Impairments | $ 0 | $ 7.6 | $ 10.5 |
Subsidiaries [Member] | |||
Other Income Expense [Line Items] | |||
Exchange gains (losses) | $ (1.8) | $ (23.5) |
Income Taxes - Additional Info
Income Taxes - Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)Jurisdiction | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | ||||
Provisional income tax expense (benefit) | $ 107.8 | |||
Deferred tax asset, provisional income tax expense | $ 81.1 | |||
Valuation allowance | 26.1 | |||
Withholding tax on unremitted earnings | 0.6 | |||
U.S. tax reform | 12.5 | $ (107.8) | $ 0 | |
Tax loss carryforwards related to the impact of the Netherlands enacted rate change | $ 113.6 | $ 155.7 | ||
Number of foreign income tax jurisdictions | Jurisdiction | 45 |
Income Taxes - Schedule of Inc
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 194.8 | $ 41.8 | $ 27.9 |
Foreign | 72.7 | 147.8 | 54.8 |
Income before income taxes | $ 267.5 | $ 189.6 | $ 82.7 |
Income Taxes - Schedule of Com
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | $ 7.2 | $ 4.6 | $ 0.9 |
U.S. state and local | 2.7 | 1.7 | 3.7 |
Foreign | 38.2 | 43.9 | 49.4 |
Total | 48.1 | 50.2 | 54 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | 6.8 | 102.8 | (1.3) |
U.S. state and local | 12.8 | 0.4 | 8.2 |
Foreign | (13.5) | (11.5) | (22.8) |
Total | 6.1 | 91.7 | (15.9) |
U.S. federal | 14 | 107.4 | (0.4) |
U.S. state and local | 15.5 | 2.1 | 11.9 |
Foreign | 24.7 | 32.4 | 26.6 |
Total | $ 54.2 | $ 141.9 | $ 38.1 |
Income Taxes - Schedule of Eff
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory U.S. federal income tax rate | $ 56.2 | $ 66.4 | $ 29 |
Foreign income taxed at rates other than U.S. statutory rate | (24.8) | (56.2) | (45.6) |
Changes in valuation allowances | (37.5) | 45.3 | 9.6 |
Foreign exchange gain (loss), net | 24.7 | (17.7) | 3.1 |
Unrecognized tax benefits | 18.9 | 3.1 | 7.1 |
Foreign taxes | 6.7 | 4.1 | 4.5 |
Non-deductible interest | 4.8 | 9.8 | 6.7 |
Non-deductible expenses | 3.8 | 4.6 | 4.7 |
Tax credits | (6.6) | (4.2) | (6.7) |
Excess tax benefits relating to stock-based compensation | (6.6) | (13.1) | (13.4) |
U.S. tax reform | (12.5) | 107.8 | 0 |
Venezuela deconsolidation and impairment | 0 | (2) | 23.8 |
U.S. state and local taxes, net | 1.8 | 1.3 | 7.8 |
Other - net | 25.3 | (7.3) | 7.5 |
Total | $ 54.2 | $ 141.9 | $ 38.1 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory U.S. federal income tax rate | 21.00% | 35.00% | 35.00% |
Foreign income taxed at rates other than U.S. statutory rate | (9.30%) | (29.60%) | (55.10%) |
Changes in valuation allowances | (14.00%) | 23.90% | 11.60% |
Foreign exchange gain (loss), net | 9.20% | (9.30%) | 3.70% |
Unrecognized tax benefits | 7.10% | 1.60% | 8.60% |
Foreign taxes | 2.50% | 2.20% | 5.40% |
Non-deductible interest | 1.80% | 5.20% | 8.10% |
Non-deductible expenses | 1.40% | 2.40% | 5.70% |
Tax credits | (2.40%) | (2.20%) | (8.10%) |
Excess tax benefits relating to stock-based compensation | (2.40%) | (6.90%) | (16.20%) |
U.S. tax reform | (4.70%) | 56.80% | 0.00% |
Venezuela deconsolidation and impairment | 0.00% | 1.00% | (28.80%) |
U.S. state and local taxes, net | 0.70% | 0.70% | 9.40% |
Other - net (3) | 9.40% | (4.00%) | 9.20% |
Total income tax provision / effective tax rate | 20.30% | 74.80% | 46.10% |
Tax expense related to the impact of the Netherlands enacted rate change on deferred tax assets | $ 17.6 | ||
Tax expense related to the impact of the Netherlands enacted rate change on deferred tax assets | $ 17.6 |
Income Taxes - Schedule of Def
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Deferred tax asset | |||
Tax loss, credit and interest carryforwards | $ 238.5 | $ 265.3 | |
Compensation and employee benefits | 80.1 | 86 | |
Accruals and other reserves | 25.5 | 33.9 | |
Research and development capitalization | 7.7 | 8.9 | |
Equity investment and other securities | 20.1 | 26.4 | |
Other | 3 | 10.9 | |
Total deferred tax assets | 374.9 | 431.4 | |
Less: valuation allowance | (159) | (214.2) | |
Total deferred tax assets, net of valuation allowance | 215.9 | 217.2 | |
Deferred tax liabilities | |||
Goodwill and intangibles | (17.4) | (15.2) | |
Property, plant and equipment | (144.7) | (146.9) | |
Unremitted earnings | (7.4) | (7.4) | |
Long-term debt | (2.4) | (2.2) | |
Total deferred tax liabilities | (171.9) | (171.7) | |
Net deferred tax asset | 44 | 45.5 | |
Deferred Tax Assets, Net, Classification [Abstract] | |||
Non-current assets | 184.8 | 198.4 | |
Non-current liability | (140.8) | $ (155.9) | (152.9) |
Net deferred tax asset | $ 44 | $ 45.5 |
Income Taxes - Tax loss, tax c
Income Taxes - Tax loss, tax credit and interest carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | ||
Total tax loss, tax credit and interest carryforwards | $ 238.5 | $ 265.3 |
Expires within 10 years | ||
Operating Loss Carryforwards [Line Items] | ||
Tax loss carryforwards (tax effected) | 53.3 | 92.3 |
Tax credit carryforwards | 17.3 | 20.5 |
Interest carryforwards | 2.2 | 0 |
Expires after 10 years or indefinite | ||
Operating Loss Carryforwards [Line Items] | ||
Tax loss carryforwards (tax effected) | 121.6 | 124 |
Tax credit carryforwards | 20.9 | 16.1 |
Interest carryforwards | $ 23.2 | $ 12.4 |
Income Taxes - Valuation Allow
Income Taxes - Valuation Allowance (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Valuation Allowance [Line Items] | ||
Total valuation allowance | $ 159 | $ 214.2 |
Geographic Distribution, Foreign [Member] | ||
Valuation Allowance [Line Items] | ||
Total valuation allowance | 133.8 | 188.1 |
Geographic Distribution, Domestic [Member] | ||
Valuation Allowance [Line Items] | ||
Total valuation allowance | $ 25.2 | $ 26.1 |
Income Taxes - Schedule of Tot
Income Taxes - Schedule of Total Gross Unrecognized Tax Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning Balance | $ 17,200,000 | $ 12,300,000 | $ 4,700,000 |
Increases related to positions taken on items from prior years | 3,400,000 | 1,900,000 | 0 |
Decreases related to positions taken on items from prior years | (1,800,000) | 0 | (200,000) |
Increases related to positions taken in the current year | 18,200,000 | 3,000,000 | 7,800,000 |
Ending Balance | 37,000,000 | 17,200,000 | 12,300,000 |
Total accrual for interest and penalties associated with unrecognized tax benefits | 3,100,000 | 1,200,000 | 1,100,000 |
Total gross unrecognized tax benefits at December 31, including interest and penalties | 40,100,000 | 18,400,000 | 13,400,000 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 25,200,000 | 9,700,000 | 8,500,000 |
Interest and penalties included as components of the Provision (benefit) for income taxes | 1,900,000 | $ 100,000 | $ 300,000 |
Increase resulting from closure of manufacturing facility | $ 10,600,000 |
Earnings Per Common Share - Sc
Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to controlling interests | $ 75.4 | $ (13.1) | $ 74.9 | $ 69.9 | $ (61.5) | $ 54.9 | $ (20.8) | $ 64.1 | $ 207.1 | $ 36.7 | $ 38.8 |
Basic weighted average shares outstanding (in dollars per share) | 239 | 240.4 | 238.1 | ||||||||
Diluted weighted average shares outstanding (in dollars per share) | 242.9 | 246.1 | 244.4 | ||||||||
Net income per common share: | |||||||||||
Basic net income per share (in dollars per share) | $ 0.32 | $ (0.05) | $ 0.31 | $ 0.29 | $ (0.26) | $ 0.23 | $ (0.09) | $ 0.27 | $ 0.87 | $ 0.15 | $ 0.16 |
Diluted net income per share (in dollars per share) | $ 0.32 | $ (0.05) | $ 0.31 | $ 0.28 | $ (0.26) | $ 0.22 | $ (0.09) | $ 0.26 | $ 0.85 | $ 0.15 | $ 0.16 |
Earnings Per Common Share - Ad
Earnings Per Common Share - Additional Information (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2.6 | 1.8 | 1.3 |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||
Accounts receivable—trade, net (1) | $ 739.9 | $ 748.2 |
Notes receivable | 36.1 | 29.4 |
Other | 84.8 | 92.6 |
Total | 860.8 | 870.2 |
Allowance for Doubtful Accounts Receivable, Current | $ 15.4 | $ 15.9 |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Bad debt expense | $ 2.3 | $ 3.5 | $ 3.4 |
Inventories - Schedule of Inve
Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | |||
Finished products | $ 334 | $ 347.5 | |
Semi-finished products | 108 | 95.5 | |
Raw materials | 149.9 | 144.8 | |
Inventory, Supplies, Net of Reserves | 21.1 | 20.8 | |
Inventories | $ 613 | $ 585.9 | $ 608.6 |
Net Property, Plant and Equip_3
Net Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |||
Depreciation | $ 183.4 | $ 176.6 | $ 176.8 |
Interest Costs Capitalized | $ 4 | $ 3.7 | $ 4.3 |
Net Property, Plant and Equip_4
Net Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 2,218.8 | $ 2,193.6 |
Accumulated depreciation | (920.6) | (805) |
Property, plant and equipment, net | 1,298.2 | 1,388.6 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 85.7 | 87.6 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 522.4 | 516.3 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,333.2 | 1,244 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 159.5 | 155.3 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 45.7 | 41.7 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 72.3 | $ 148.7 |
Minimum [Member] | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of PP&E | 5 years | |
Minimum [Member] | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of PP&E | 3 years | |
Minimum [Member] | Software | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of PP&E | 5 years | |
Minimum [Member] | Other | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of PP&E | 3 years | |
Maximum [Member] | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of PP&E | 25 years | |
Maximum [Member] | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of PP&E | 25 years | |
Maximum [Member] | Software | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of PP&E | 7 years | |
Maximum [Member] | Other | ||
Property, Plant and Equipment [Line Items] | ||
Useful life of PP&E | 20 years |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Business incentive plan assets [Line Items] | |||
Upfront Incentive Payments | $ 56 | $ 0 | |
Available for sale securities | 1.7 | 5.2 | |
Deferred income taxes—non-current | 184.8 | 198.4 | |
Business Incentive Plan Assets | 190.8 | 173 | |
Other assets | 111.8 | 52 | |
Total | 489.1 | $ 426.7 | 428.6 |
Other Assets [Member] | |||
Business incentive plan assets [Line Items] | |||
Upfront Incentive Payments | $ 49.8 | $ 0 |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | |||
Trade payables | $ 477.8 | $ 510.7 | |
Non-income taxes | 21.4 | 27 | |
Other | 23.6 | 17.2 | |
Total | 522.8 | 554.9 | |
Employee-related Liabilities, Current | 163.2 | 153.3 | |
Restructuring Reserve, Current | 60.3 | 71.5 | |
Discounts Rebates And Warranty Liabilities Current | 157.8 | 138.8 | |
Accrued Income Taxes, Current | 15.2 | 22.2 | |
Other Sundry Liabilities, Current | 79.1 | 103.8 | |
Other accrued liabilities | $ 475.6 | $ 491.5 | $ 489.6 |
Borrowings - Schedule of Debt
Borrowings - Schedule of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Apr. 11, 2018 | Dec. 31, 2017 | Jun. 01, 2017 | Aug. 16, 2016 |
Debt Instrument [Line Items] | |||||
Short-term and other borrowings | $ 103.8 | $ 94.8 | |||
Unamortized original issue discount | (12.6) | (9.1) | |||
Unamortized deferred financing costs | (37.2) | (39.2) | |||
Debt and Capital Lease Obligations | 3,864 | 3,915.6 | |||
Short-term borrowings | 17.9 | 12.9 | |||
Current portion of long-term borrowings | 24.3 | 24.8 | |||
Long-term borrowings | 3,821.8 | 3,877.9 | |||
2024 Dollar Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan | 2,411.8 | 1,960 | |||
Unamortized original issue discount | $ (6) | $ (2.5) | |||
2023 Euro Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan | 0 | 472.5 | |||
2024 Dollar Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 500 | 500 | |||
Unamortized original issue discount | $ (2) | ||||
2024 Euro Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | 383.3 | 399.7 | |||
2025 Euro Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior Notes | $ 514.9 | $ 536.9 |
Borrowings - Senior Secured Cr
Borrowings - Senior Secured Credit Facilities (Details) € in Millions | Jun. 01, 2017USD ($) | May 31, 2017 | Dec. 15, 2016EUR (€) | Dec. 14, 2016 | Oct. 31, 2016USD ($) | Aug. 16, 2016 | Aug. 01, 2016 | Feb. 03, 2014USD ($) | Sep. 30, 2016EUR (€) | Apr. 30, 2016USD ($) | Sep. 30, 2014 | Oct. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Apr. 11, 2018USD ($) | Apr. 10, 2018USD ($) | Dec. 15, 2016USD ($) | Jul. 31, 2016 |
Debt Instrument [Line Items] | |||||||||||||||||||
Unamortized discount | $ 12,600,000 | $ 9,100,000 | |||||||||||||||||
Debt instrument covenant maximum consolidated leverage ratio | 4.50 | ||||||||||||||||||
Proceeds from maturities, prepayments and calls of other investments (more than) | $ 75,000,000 | ||||||||||||||||||
Percentage on excess cash flow for mandatory prepayments of debt | 50.00% | ||||||||||||||||||
Decrease in percentage on excess cash flow for mandatory prepayments of debt | 25.00% | ||||||||||||||||||
Percentage on first lien leverage ratio for mandatory prepayments of debt | 0.00% | ||||||||||||||||||
First lien leverage ratio upper limit | 3 | 4.25 | |||||||||||||||||
First lien leverage ratio lower limit | 2.50 | 5.50 | 3.50 | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | 400,000,000 | ||||||||||||||||||
Loss on extinguishment of debt | 9,500,000 | 13,400,000 | $ 97,600,000 | ||||||||||||||||
Repayments of Long-term Debt | 511,300,000 | 50,000,000 | 1,755,700,000 | ||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Expiration period (in years) | 5 years | ||||||||||||||||||
Accelerated period prior to expiration period (in days) | 91 days | ||||||||||||||||||
Percent of credit facility outstanding for accelerated maturity | 30.00% | 25.00% | |||||||||||||||||
Percent not cash collateralized | 103.00% | ||||||||||||||||||
Line of credit facility, maximum amount outstanding during period | 0 | 0 | |||||||||||||||||
Letters of credit outstanding, amount | 44,800,000 | 35,500,000 | |||||||||||||||||
Line of credit facility, remaining borrowing capacity | 355,200,000 | 364,500,000 | |||||||||||||||||
Loss on extinguishment of debt | 2,300,000 | ||||||||||||||||||
Dollar Term Loan Due 2020 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 1,775,300,000 | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.75% | ||||||||||||||||||
Gains (losses) on restructuring of debt | (10,400,000) | ||||||||||||||||||
Write off of deferred debt issuance cost | $ 9,100,000 | 4,700,000 | |||||||||||||||||
Debt Instrument, Fee Amount | 4,200,000 | ||||||||||||||||||
Loss on extinguishment of debt | 9,600,000 | ||||||||||||||||||
Repayments of debt | $ 150,000,000 | $ 100,000,000 | |||||||||||||||||
Dollar Term Loan Due 2020 [Member] | Write off of Original Issue Discounts [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amortization of debt discount (premium) | $ 500,000 | $ 1,500,000 | |||||||||||||||||
Dollar Term Loan Due 2020 [Member] | Base Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Basis Spread Reduced On Variable Rate | 0.25% | ||||||||||||||||||
Dollar Term Loan Due 2020 [Member] | Eurocurrency Rate Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt Instrument Basis Spread Reduced On Variable Rate | 0.25% | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||
Dollar Term Loan Due 2020 [Member] | Interest Rate Floor [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||||||||||
Dollar Term Loan Due 2020 [Member] | Base Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.00% | ||||||||||||||||||
Euro Term Loan Due 2020 [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | € | € 199 | ||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||
Debt instrument covenant maximum consolidated leverage ratio | 4.50 | ||||||||||||||||||
Repayments of debt | € | € 200 | ||||||||||||||||||
Euro Term Loan Due 2020 [Member] | Eurocurrency Rate Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.25% | ||||||||||||||||||
Euro Term Loan Due 2020 [Member] | Interest Rate Floor [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate, effective percentage | 1.00% | ||||||||||||||||||
2023 Dollar Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 1,541,100,000 | $ 1,545,000,000 | |||||||||||||||||
Loss on extinguishment of debt | 13,000,000 | ||||||||||||||||||
2023 Dollar Term Loan [Member] | Eurocurrency Rate Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||||||||||
2023 Dollar Term Loan [Member] | Interest Rate Floor [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||||||||||||||
2023 Dollar Term Loan [Member] | Base Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.50% | ||||||||||||||||||
2023 Euro Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | € | € 400 | ||||||||||||||||||
Gains (losses) on restructuring of debt | $ (2,900,000) | ||||||||||||||||||
2023 Euro Term Loan [Member] | Eurocurrency Rate Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||||||||||||
2023 Euro Term Loan [Member] | Interest Rate Floor [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | ||||||||||||||||||
2024 Dollar Term Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt, Long-term and Short-term, Combined Amount | $ 2,000,000,000 | $ 2,430,000,000 | $ 475,000,000 | ||||||||||||||||
Discount, percent of par | 99.875% | 99.75% | |||||||||||||||||
Unamortized discount | $ 2,500,000 | $ 6,000,000 | |||||||||||||||||
Debt instrument periodic payment principal percentage | 1.00% | ||||||||||||||||||
Gains (losses) on restructuring of debt | $ (5,500,000) | ||||||||||||||||||
Debt Instrument, Fee Amount | $ 700,000 | ||||||||||||||||||
Loss on extinguishment of debt | 400,000 | ||||||||||||||||||
Repayments of Long-term Debt | $ 30,000,000 | ||||||||||||||||||
2024 Dollar Term Loans [Member] | Eurocurrency Rate Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | 2.00% | |||||||||||||||||
2024 Dollar Term Loans [Member] | Interest Rate Floor [Member] | Eurocurrency Rate Loans [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.00% | 0.00% | |||||||||||||||||
2024 Dollar Term Loans [Member] | Base Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.75% | 1.00% | |||||||||||||||||
Senior Secured Credit Facilities [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.75% | 3.50% | |||||||||||||||||
Senior Secured Credit Facilities [Member] | Eurodollar [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.00% | ||||||||||||||||||
Basis spread reduced on variable rate, step-down percent for 3.00:1.00 leverage ratio | 2.50% | ||||||||||||||||||
Basis spread reduced on variable rate, step-down percent for 2.50:1.00 leverage ratio | 2.25% | ||||||||||||||||||
Senior Secured Credit Facility, Base Rate Loans [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.75% | 2.50% | |||||||||||||||||
Basis spread reduced on variable rate, step-down percent for 3.00:1.00 leverage ratio | 1.50% | ||||||||||||||||||
Basis spread reduced on variable rate, step-down percent for 2.50:1.00 leverage ratio | 1.25% | ||||||||||||||||||
Senior Secured Credit Facility, Base Rate Loans [Member] | Federal Funds Effective Swap Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.50% | ||||||||||||||||||
Senior Secured Credit Facility, Base Rate Loans [Member] | Adjusted Euro Currency Rate [Member] | Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Debt instrument, basis spread on variable rate | 1.00% | ||||||||||||||||||
2024 Dollar Term Loan and 2023 Euro Term Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Gains (losses) on restructuring of debt | $ (8,400,000) | ||||||||||||||||||
Write off of deferred debt issuance cost | 3,100,000 | ||||||||||||||||||
Amortization of debt discount (premium) | 700,000 | ||||||||||||||||||
Debt Instrument, Fee Amount | $ 4,600,000 |
Borrowings - Senior Notes (Det
Borrowings - Senior Notes (Details) € in Millions, $ in Millions | Aug. 16, 2016EUR (€) | Feb. 01, 2013EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Sep. 27, 2016EUR (€) | Aug. 16, 2016USD ($) | Feb. 01, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||
Unamortized discount | $ 12.6 | $ 9.1 | ||||||
Euro Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 104.313% | |||||||
7.375% Senior Unsecured Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity year | 2,021 | |||||||
5.750% Senior Secured Notes Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument maturity year | 2,021 | |||||||
2021 Dollar Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 105.531% | |||||||
2024 Dollar Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 101.00% | |||||||
2024 Dollar Senior Notes [Member] | Debt Instrument, Redemption, Period One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 103.656% | |||||||
2021 Dollar Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 750 | |||||||
Debt instrument, interest rate, stated percentage | 7.375% | 7.375% | ||||||
Gains (losses) on restructuring of debt | $ (56.9) | |||||||
Debt instrument redemption price monetary | 41.5 | |||||||
Write off of deferred debt issuance cost | 13 | |||||||
Debt Instrument, Fee Amount | 2.4 | |||||||
2021 Euro Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | € | € 250 | |||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | ||||||
Gains (losses) on restructuring of debt | (18.4) | |||||||
Debt instrument redemption price monetary | 12.1 | |||||||
Write off of deferred debt issuance cost | 5.6 | |||||||
Debt Instrument, Fee Amount | $ 0.7 | |||||||
2024 Dollar Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 500 | |||||||
Debt instrument, interest rate, stated percentage | 4.875% | 4.875% | ||||||
Debt instrument, redemption price, percentage | 104.875% | |||||||
Discount, percent of par | 99.951% | 99.951% | ||||||
Unamortized discount | $ 2 | |||||||
Redemption, percent of principal required to be outstanding | 50.00% | |||||||
2024 Dollar Senior Notes [Member] | Any Time Prior to August 15, 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price, percentage of principal amount redeemed | 40.00% | |||||||
2024 Euro Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | € | € 335 | |||||||
Debt instrument, interest rate, stated percentage | 4.25% | 4.25% | ||||||
Debt instrument, redemption price, percentage | 104.25% | |||||||
Redemption, percent of principal required to be outstanding | 50.00% | |||||||
Redemption price, percentage if change in control occurs | 101.00% | |||||||
2024 Euro Senior Notes [Member] | Any Time Prior to August 15, 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price, percentage of principal amount redeemed | 40.00% | |||||||
2025 Euro Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | € | € 450 | |||||||
Debt instrument, interest rate, stated percentage | 3.75% | 3.75% | ||||||
Debt instrument, redemption price, percentage | 103.75% | |||||||
Redemption, percent of principal required to be outstanding | 50.00% | |||||||
Redemption price, percentage if change in control occurs | 101.00% | |||||||
2025 Euro Senior Notes [Member] | Any Time Prior to January 15, 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price, percentage of principal amount redeemed | 40.00% | |||||||
2024 Dollar Senior Notes, 2024 Euro Senior Notes, and 2025 Euro Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off of deferred debt issuance cost | $ 0 | |||||||
Debt Instrument, Fee Amount | 0.4 | |||||||
Amortization of Debt Discount (Premium) | $ 0 |
Borrowings - Debt Instrument R
Borrowings - Debt Instrument Redemption (Details) | Feb. 01, 2013 | Dec. 31, 2018 |
2024 Dollar Senior Notes [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 101.00% | |
2024 Dollar Senior Notes [Member] | 2019 | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 103.656% | |
2024 Dollar Senior Notes [Member] | 2020 | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 102.438% | |
2024 Dollar Senior Notes [Member] | 2021 [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 101.219% | |
2024 Dollar Senior Notes [Member] | 2022 [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 100.00% | |
2024 Euro Senior Notes [Member] | 2019 | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 103.188% | |
2024 Euro Senior Notes [Member] | 2020 | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 102.125% | |
2024 Euro Senior Notes [Member] | 2021 [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 101.063% | |
2024 Euro Senior Notes [Member] | 2022 [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 100.00% | |
2025 Euro Senior Notes [Member] | 2019 | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 102.813% | |
2025 Euro Senior Notes [Member] | 2020 | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 101.875% | |
2025 Euro Senior Notes [Member] | 2021 [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 100.938% | |
2025 Euro Senior Notes [Member] | 2022 [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Debt instrument, redemption price, percentage | 100.00% |
Borrowings - Schedule of Matur
Borrowings - Schedule of Maturities of Long-term Debt (Details) $ in Millions | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 42.2 |
2,020 | 26 |
2,021 | 25.3 |
2,022 | 52.7 |
2,023 | 25.4 |
Thereafter | 3,722.2 |
Long-term debt | 3,893.8 |
Lease obligations | 116.5 |
Build-to-suit Lease and Sale-leaseback Financing [Member] | |
Debt Instrument [Line Items] | |
Lease obligations | $ 20 |
Financial Instruments, Hedgin_3
Financial Instruments, Hedging Activities and Fair Value Measurements (Details) € in Millions, $ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Jun. 30, 2018EUR (€) | Jun. 30, 2018USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2013USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Adjustments to contingent consideration | $ 3 | |||||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 8.9 | |||||||||
Number Of Interest Rate Swaps | 4 | 4 | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 2.4 | 0.9 | $ 2 | |||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0.1 | |||||||||
2023 Euro Term Loan [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, Notional Amount | € | € 388 | |||||||||
Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Available-for-sale securities | $ 0.7 | $ 4.3 | ||||||||
Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Contingent consideration, fair value | 0 | 8.9 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Available-for-sale securities | 0.7 | 4.3 | ||||||||
Fair Value, Inputs, Level 1 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Contingent consideration, fair value | 0 | 0 | ||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (28.1) | 2 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Available-for-sale securities | 0 | 0 | ||||||||
Fair Value, Inputs, Level 2 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Contingent consideration, fair value | 0 | 0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Available-for-sale securities | 0 | 0 | ||||||||
Fair Value, Inputs, Level 3 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Contingent consideration, fair value | 0 | 8.9 | ||||||||
Interest Rate Swap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, Notional Amount | $ 475 | |||||||||
Derivative, Number of Instruments Held | 3 | 3 | ||||||||
Derivative, Fixed Interest Rate | 2.72% | 2.72% | ||||||||
Currency Swap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, Notional Amount | € 416.6 | $ 475 | € 387.2 | $ 475 | ||||||
Derivative, Number of Instruments Held | 3 | 3 | 3 | 3 | ||||||
Derivative, Fixed Interest Rate | 1.44% | 1.44% | 1.95% | 1.95% | ||||||
Derivative interest rate of hedged item | 4.47% | 4.47% | 4.47% | 4.47% | ||||||
Derivative, Cost of Hedge Net of Cash Received | 22.5 | |||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | $ 4.5 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 1.4 | 1.2 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Accrued Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 2.6 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 1 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 1 [Member] | Accrued Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 4.5 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 1.4 | 1.2 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 2.6 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 3 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 3 [Member] | Accrued Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 2.9 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 2.9 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 14.1 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 8.8 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 14.1 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 8.8 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Other Assets [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Designated as Hedging Instrument [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Other Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0 | ||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Accrued Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0.7 | ||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 1 [Member] | Accrued Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0 | ||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0.7 | ||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member] | Prepaid Expenses and Other Current Assets | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Asset | 0 | 0 | ||||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Fair Value, Inputs, Level 3 [Member] | Accrued Liabilities [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Liability | 0 | 0 | ||||||||
Euro Term Loan Due 2020 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, Cap Interest Rate | 1.50% | |||||||||
Derivative, Notional Amount | $ 300 | |||||||||
Euro Term Loan Due 2020 [Member] | Interest Rate Cap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instrument, Premium Paid | $ 3.1 | |||||||||
2024 Dollar Senior Notes [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 474.9 | 524.4 | ||||||||
2024 Dollar Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 0 | 0 | ||||||||
2024 Dollar Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 474.9 | 524.4 | ||||||||
2024 Dollar Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 0 | 0 | ||||||||
2024 Euro Senior Notes [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 381.1 | 427.7 | ||||||||
2024 Euro Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 0 | 0 | ||||||||
2024 Euro Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 381.1 | 427.7 | ||||||||
2024 Euro Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 0 | 0 | ||||||||
2025 Euro Senior Notes [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 497.5 | 571.8 | ||||||||
2025 Euro Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 0 | 0 | ||||||||
2025 Euro Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 497.5 | 571.8 | ||||||||
2025 Euro Senior Notes [Member] | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Notes Payable, Fair Value Disclosure | 0 | 0 | ||||||||
2024 Dollar Term Loans [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | 2,276.1 | 1,967.4 | ||||||||
2024 Dollar Term Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | 0 | 0 | ||||||||
2024 Dollar Term Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | 2,276.1 | 1,967.4 | ||||||||
2024 Dollar Term Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | 0 | $ 0 | ||||||||
2024 Dollar Term Loans [Member] | Interest Rate Cap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, Cap Interest Rate | 1.50% | 1.50% | ||||||||
Derivative, Notional Amount | $ 850 | |||||||||
2023 Euro Term Loan [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, Cap Interest Rate | 1.25% | 1.25% | ||||||||
Derivative Instrument, Premium Paid | $ 0.6 | |||||||||
2023 Euro Term Loan [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | 0 | 475.5 | ||||||||
2023 Euro Term Loan [Member] | Fair Value, Inputs, Level 1 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | 0 | 0 | ||||||||
2023 Euro Term Loan [Member] | Fair Value, Inputs, Level 2 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | 0 | 475.5 | ||||||||
2023 Euro Term Loan [Member] | Fair Value, Inputs, Level 3 [Member] | Long-term Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Loans Payable, Fair Value Disclosure | $ 0 | 0 | ||||||||
Cash Flow Hedging [Member] | Interest Rate Cap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (7.3) | 1.8 | 2 | |||||||
Cash Flow Hedging [Member] | Interest Rate Cap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (3.4) | 2 | ||||||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 4.3 | 0 | 0 | |||||||
Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 3 | 0 | ||||||||
Cash Flow Hedging [Member] | Currency Swap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (37.1) | 0 | 0 | |||||||
Net Investment Hedging [Member] | Currency Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (27.7) | 0 | ||||||||
Interest Expense [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (7.9) | 11.8 | 4.3 | |||||||
Interest Expense [Member] | Foreign Exchange Contract [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (7.9) | 11.2 | 4.3 | |||||||
Interest Expense [Member] | Interest Rate Cap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0.6 | 0 | |||||||
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Cap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1.9) | (2.7) | 7.1 | |||||||
Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1.3 | 0 | 0 | |||||||
Interest Expense [Member] | Cash Flow Hedging [Member] | Currency Swap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (9.4) | $ 0 | $ 0 | |||||||
December 31, 2019 [Member] | 2024 Dollar Term Loans [Member] | Interest Rate Cap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, Notional Amount | 600 | |||||||||
Derivative Instrument, Deferred Premium | 8.6 | |||||||||
December 31, 2021 [Member] | 2024 Dollar Term Loans [Member] | Interest Rate Cap [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Derivative, Notional Amount | 250 | |||||||||
Derivative Instrument, Deferred Premium | $ 8.1 |
Segments - Reconciliation of R
Segments - Reconciliation of Revenue from Segments to Consolidated (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Net sales | $ 4,669.7 | $ 4,352.9 | $ 4,068.8 |
Performance Coatings [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net sales | 3,025.7 | 2,675.1 | 2,398.5 |
Performance Coatings [Member] | Refinish [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net sales | 1,754.2 | 1,645.2 | 1,679.7 |
Performance Coatings [Member] | Industrial [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net sales | 1,271.5 | 1,029.9 | 718.8 |
Transportation Coatings [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net sales | 1,644 | 1,677.8 | 1,670.3 |
Transportation Coatings [Member] | Light Vehicle [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net sales | 1,290.2 | 1,322.8 | 1,337.7 |
Transportation Coatings [Member] | Commercial Vehicle [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Net sales | $ 353.8 | $ 355 | $ 332.6 |
Segments - Schedule of Segment
Segments - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 4,669.7 | $ 4,352.9 | $ 4,068.8 |
Equity in earnings (losses) in unconsolidated affiliates | 0.3 | 1 | 0.2 |
Adjusted EBITDA | 937.2 | 885.2 | 902.4 |
Investment in unconsolidated affiliates | 15.4 | 15.5 | 13.6 |
Performance Coatings [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,025.7 | 2,675.1 | 2,398.5 |
Equity in earnings (losses) in unconsolidated affiliates | 0.4 | 0.3 | (0.2) |
Adjusted EBITDA | 668.3 | 564.2 | 549.7 |
Investment in unconsolidated affiliates | 2.7 | 2.9 | 2.5 |
Transportation Coatings [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,644 | 1,677.8 | 1,670.3 |
Equity in earnings (losses) in unconsolidated affiliates | (0.1) | 0.7 | 0.4 |
Adjusted EBITDA | 268.9 | 321 | 352.7 |
Investment in unconsolidated affiliates | $ 12.7 | $ 12.6 | $ 11.1 |
Segments - Reconciliation of O
Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Income before income taxes | $ 267.5 | $ 189.6 | $ 82.7 | |
Interest expense, net | 159.6 | 147 | 178.2 | |
Depreciation and amortization | (369.1) | (347.5) | (322.1) | |
Adjusted EBITDA | 796.2 | 684.1 | 583 | |
Debt extinguishment and refinancing related costs | 9.5 | 13.4 | 97.6 | |
Foreign exchange remeasurement losses | 9.2 | 7.4 | 30.6 | |
Long-term employee benefit plan adjustments | 1.9 | 1.4 | 1.5 | |
Termination benefits and other employee related costs | 81.7 | 35.3 | 61.8 | |
Consulting and advisory fees | 0 | 0.1 | 10.4 | |
Transition-related costs | (0.2) | (7.7) | 0 | |
Offering and transactional costs | 1.2 | 18.4 | 6 | |
Stock-based compensation | 37.3 | 38.5 | 41.1 | |
Other Adjustments | 5.2 | 3.6 | 5 | |
Dividends in respect of noncontrolling interest | (1) | (3) | (3) | |
Deconsolidation and site closure related impacts | 0 | 78.5 | 68.4 | |
Adjusted Earnings Before Interest Tax Depreciation And Amortization | 937.2 | 885.2 | 902.4 | |
Gains (losses) on extinguishment of debt | 9.5 | 13 | 88 | |
Loss on extinguishment of debt | 9.5 | 13.4 | 97.6 | |
Contemplated merger and acquisition costs | 10 | |||
Loss on deconsolidation of Venezuela | 0 | (70.9) | 0 | |
Operating asset impairment | 7.6 | |||
Impairments | $ 0 | 7.6 | 10.5 | |
Term Loan [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Loss on extinguishment of debt | (0.4) | (9.6) | ||
VENEZUELA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Exchange gains (losses) | 1.8 | 23.5 | ||
Subsidiaries [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Exchange gains (losses) | $ (1.8) | (23.5) | ||
Subsidiaries [Member] | VENEZUELA | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating asset impairment | 57.9 | |||
VENEZUELA | Subsidiaries [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Loss on deconsolidation of Venezuela | $ 70.9 | |||
Operating asset impairment | $ 68.4 |
Segments - Schedule of Revenue
Segments - Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 4,669.7 | $ 4,352.9 | $ 4,068.8 |
Long-lived assets | 1,298.2 | 1,388.6 | |
North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,783.6 | 1,607.7 | 1,426.7 |
Long-lived assets | 477.4 | 457.9 | |
EMEA [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 1,658.1 | 1,538.3 | 1,455.3 |
Long-lived assets | 439.1 | 507.4 | |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 758.2 | 748.1 | 723.9 |
Long-lived assets | 246.1 | 258.9 | |
Latin America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 469.8 | 458.8 | $ 462.9 |
Long-lived assets | 135.6 | 164.4 | |
CHINA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 203.8 | $ 217.2 | |
CHINA | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 11.00% | 12.00% | 13.00% |
GERMANY | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 243.6 | $ 279 | |
GERMANY | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 8.00% | 8.00% | 9.00% |
MEXICO | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 6.00% | 6.00% | 6.00% |
CANADA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 25.1 | $ 25.8 | |
CANADA | Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 4.00% | 4.00% | 4.00% |
BRAZIL | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 58 | $ 78.6 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Jan. 01, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning balance | $ (241) | ||||
Cumulative effect of an accounting change | $ 12.2 | $ 43.9 | |||
Other comprehensive (loss) income, net of tax | (97.8) | $ 111.6 | $ (81.2) | ||
Accumulated other comprehensive income (loss), ending balance | (336.1) | (241) | |||
Unrealized Currency Translation Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning balance | (208.8) | (292.2) | (232.8) | ||
Cumulative effect of an accounting change | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | (208.8) | ||||
Current year deferrals to AOCI | (90.6) | 83.4 | (59.4) | ||
Reclassifications from AOCI to Net income | 0 | 0 | 0 | ||
Other comprehensive (loss) income, net of tax | (90.6) | 83.4 | (59.4) | ||
Accumulated other comprehensive income (loss), ending balance | (299.4) | (208.8) | (292.2) | ||
Pension Plan Adjustments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning balance | (31.4) | (56.6) | (33.4) | ||
Cumulative effect of an accounting change | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | (31.4) | ||||
Current year deferrals to AOCI | (5.8) | 17.1 | (22.3) | ||
Reclassifications from AOCI to Net income | 0.8 | 8.1 | (0.9) | ||
Other comprehensive (loss) income, net of tax | (5) | 25.2 | (23.2) | ||
Accumulated other comprehensive income (loss), ending balance | (36.4) | (31.4) | (56.6) | ||
Unrealized Gain on Securities | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning balance | 0.8 | 0.4 | 0.1 | ||
Cumulative effect of an accounting change | (0.8) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | 0 | ||||
Current year deferrals to AOCI | 0 | 0.4 | 0.3 | ||
Reclassifications from AOCI to Net income | 0 | 0 | 0 | ||
Other comprehensive (loss) income, net of tax | 0 | 0.4 | 0.3 | ||
Accumulated other comprehensive income (loss), ending balance | 0 | 0.8 | 0.4 | ||
Unrealized Gain (Loss) on Derivatives | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning balance | (1.6) | (2) | (3.2) | ||
Cumulative effect of an accounting change | 0 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | (1.6) | ||||
Current year deferrals to AOCI | 1.7 | (1.6) | (2.5) | ||
Reclassifications from AOCI to Net income | (0.4) | 2 | 3.7 | ||
Other comprehensive (loss) income, net of tax | 1.3 | 0.4 | 1.2 | ||
Accumulated other comprehensive income (loss), ending balance | (0.3) | (1.6) | (2) | ||
Accumulated Other Comprehensive Loss | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||
Accumulated other comprehensive income (loss), beginning balance | (241) | (350.4) | (269.3) | ||
Cumulative effect of an accounting change | (0.8) | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | $ (241.8) | ||||
Current year deferrals to AOCI | (94.7) | 99.3 | (83.9) | ||
Reclassifications from AOCI to Net income | 0.4 | 10.1 | 2.8 | ||
Other comprehensive (loss) income, net of tax | (94.3) | 109.4 | (81.1) | ||
Accumulated other comprehensive income (loss), ending balance | $ (336.1) | $ (241) | $ (350.4) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cumulative Other Comprehensive Income Loss, Pension And Other Postretirement Benefit Plans, Income Tax Expense (Benefit) | $ 14.4 | $ 13 | $ 19.1 |
Cumulative Other Comprehensive Income Loss, Gain (Loss) on Derivatives, Income Tax Expense (Benefit) | (0.5) | 0.6 | 1.1 |
Tax benefit on loss due to deconsolidation of Venezuela | $ (1.4) | (6.1) | $ (5.7) |
VENEZUELA | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
AOCI loss due to Venezuela deconsolidation, net of tax | (5.9) | ||
Tax benefit on loss due to deconsolidation of Venezuela | $ 2.6 |
Venezuela (Details)
Venezuela (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Venezuela deconsolidation charge | $ 0 | $ (70.9) | $ 0 | ||||||||
Assets | $ 6,675.7 | $ 6,832.2 | 6,675.7 | 6,832.2 | |||||||
Accounts and notes receivable, net | 860.8 | 870.2 | 860.8 | 870.2 | |||||||
Net sales | 4,669.7 | 4,352.9 | 4,068.8 | ||||||||
Operating Income (Loss) | 127.8 | $ 47.8 | $ 146.5 | $ 120 | 101.9 | $ 103.9 | $ 47.5 | $ 110.4 | 442.1 | 363.7 | 405.1 |
Net income attributable to controlling interests | 75.4 | $ (13.1) | $ 74.9 | $ 69.9 | (61.5) | $ 54.9 | (20.8) | $ 64.1 | 207.1 | 36.7 | 38.8 |
Operating asset impairment | 7.6 | ||||||||||
Performance Coatings [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Net sales | 3,025.7 | 2,675.1 | 2,398.5 | ||||||||
Transportation Coatings [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Net sales | 1,644 | 1,677.8 | 1,670.3 | ||||||||
Subsidiaries [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Impairment of real estate investment | 10.5 | ||||||||||
Subsidiaries [Member] | Performance Coatings [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Operating asset impairment | 30.6 | ||||||||||
Subsidiaries [Member] | Transportation Coatings [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Operating asset impairment | 27.3 | ||||||||||
Subsidiaries [Member] | Property, Plant and Equipment [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Operating asset impairment | 8.6 | ||||||||||
Subsidiaries [Member] | Customer Lists [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Operating asset impairment | 49.3 | ||||||||||
VENEZUELA | Subsidiaries [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Venezuela deconsolidation charge | $ 70.9 | ||||||||||
Assets | 30 | 30 | |||||||||
Accounts and notes receivable, net | 35 | 35 | |||||||||
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 5.9 | ||||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 0 | $ 0 | $ 0 | 0 | |||||||
Net sales | 2.5 | 50.8 | |||||||||
Operating Income (Loss) | 2.8 | 36.5 | |||||||||
Net income attributable to controlling interests | $ 5.8 | 68.5 | |||||||||
Operating asset impairment | 68.4 | ||||||||||
VENEZUELA | Subsidiaries [Member] | |||||||||||
Intercompany Foreign Currency Balance [Line Items] | |||||||||||
Operating asset impairment | $ 57.9 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial information | |||||||||||
Total revenue | $ 1,165.8 | $ 1,146 | $ 1,212.2 | $ 1,172 | $ 1,172.4 | $ 1,096.3 | $ 1,094.6 | $ 1,013.7 | $ 4,696 | $ 4,377 | $ 4,092.7 |
Cost of goods sold | 777.4 | 759.1 | 793.8 | 776 | 746.6 | 702.5 | 690 | 641.4 | 3,106.3 | 2,780.5 | 2,528.8 |
Operating Income (Loss) | 127.8 | 47.8 | 146.5 | 120 | 101.9 | 103.9 | 47.5 | 110.4 | 442.1 | 363.7 | 405.1 |
Net income (loss) | 76.8 | (11.6) | 77.1 | 71 | (55.6) | 56.3 | (18.9) | 65.9 | 213.3 | 47.7 | 44.6 |
Net income (loss) attributable to controlling interests | $ 75.4 | $ (13.1) | $ 74.9 | $ 69.9 | $ (61.5) | $ 54.9 | $ (20.8) | $ 64.1 | $ 207.1 | $ 36.7 | $ 38.8 |
Basic net income per share (in dollars per share) | $ 0.32 | $ (0.05) | $ 0.31 | $ 0.29 | $ (0.26) | $ 0.23 | $ (0.09) | $ 0.27 | $ 0.87 | $ 0.15 | $ 0.16 |
Diluted net income per share (in dollars per share) | $ 0.32 | $ (0.05) | $ 0.31 | $ 0.28 | $ (0.26) | $ 0.22 | $ (0.09) | $ 0.26 | $ 0.85 | $ 0.15 | $ 0.16 |
Expense recorded | $ 79.8 | $ 36.2 | $ 58.5 | ||||||||
Venezuela deconsolidation charge | $ 0 | (70.9) | 0 | ||||||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 107.8 | ||||||||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) attributable to Controlling Interest | $ 112.5 | ||||||||||
Subsidiaries [Member] | VENEZUELA | |||||||||||
Quarterly Financial information | |||||||||||
Operating Income (Loss) | 2.8 | 36.5 | |||||||||
Net income (loss) attributable to controlling interests | $ 5.8 | $ 68.5 | |||||||||
Venezuela deconsolidation charge | $ 70.9 | ||||||||||
Plant Closure Axalta Way Restructuring [Member] | |||||||||||
Quarterly Financial information | |||||||||||
Expense recorded | $ 70.6 |
Schedule II (Details)
Schedule II (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 15.9 | $ 13.7 | $ 10.7 |
Additions | 2.3 | 3.5 | 3.4 |
Deductions | (2.8) | (1.3) | (0.4) |
Balance at End of Year | 15.4 | 15.9 | 13.7 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 214.2 | 135.4 | 127.8 |
Additions | 11.9 | 78.8 | 9.6 |
Deductions | (67.1) | 0 | (2) |
Balance at End of Year | $ 159 | $ 214.2 | $ 135.4 |
Uncategorized Items - a20181231
Label | Element | Value |
Noncontrolling Interest [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 100,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 12,900,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 43,900,000 |