Document and Entity Information
Document and Entity Information - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | NWL | |
Entity Registrant Name | NEWELL BRANDS INC | |
Entity Central Index Key | 814,453 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 466.8 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,277.2 | $ 2,466.6 | $ 6,290.3 | $ 7,062.8 |
Cost of products sold | 1,460.2 | 1,601.7 | 4,093.2 | 4,613.6 |
Gross profit | 817 | 864.9 | 2,197.1 | 2,449.2 |
Selling, general and administrative expenses | 575.7 | 687.9 | 1,815.6 | 2,052.7 |
Restructuring Costs, Net | 11.4 | 35.5 | 62.5 | 68.4 |
Impairment of goodwill, intangibles and other assets | 8,133.7 | 0.4 | 8,165.3 | 84.3 |
Operating income (loss) | (7,903.8) | 141.1 | (7,846.3) | 243.8 |
Non-operating expenses: | ||||
Interest expense, net | 105.6 | 116.4 | 342.2 | 353 |
Loss on extinguishment of debt | 32.3 | |||
Other expense (income), net | 3.9 | 44.7 | (10.7) | (713.9) |
Income (loss) before income taxes | (8,013.3) | (20) | (8,177.8) | 572.4 |
Income tax expense (benefit) | (1,218) | (131.1) | (1,251.4) | (99.6) |
Income (loss) from continuing operations | (6,795.3) | 111.1 | (6,926.4) | 672 |
Income (loss) from discontinued operations, net of tax | (515.7) | 123.3 | (199.6) | 423.9 |
Net income (loss) | $ (7,311) | $ 234.4 | $ (7,126) | $ 1,095.9 |
Weighted average shares outstanding: | ||||
Basic | 471 | 490.4 | 481.1 | 486.3 |
Diluted | 471 | 491.5 | 481.1 | 487.9 |
Basic: | ||||
Income (loss) from continuing operations | $ (14.43) | $ 0.23 | $ (14.40) | $ 1.38 |
Income (loss) from discontinued operations | (1.09) | 0.25 | (0.41) | 0.87 |
Net income (loss) | (15.52) | 0.48 | (14.81) | 2.25 |
Diluted: | ||||
Income (loss) from continuing operations | (14.43) | 0.23 | (14.40) | 1.38 |
Income (loss) from discontinued operations | (1.09) | 0.25 | (0.41) | 0.87 |
Net income (loss) | $ (15.52) | $ 0.48 | $ (14.81) | $ 2.25 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (7,311) | $ 234.4 | $ (7,126) | $ 1,095.9 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (37.8) | 62.4 | (196) | 304.3 |
Unrecognized pension and postretirement costs | (11.9) | (0.1) | (35.8) | (1.5) |
Derivative financial instruments | 2.8 | (8.9) | 20.4 | (29.6) |
Total other comprehensive income (loss), net of tax | (46.9) | 53.4 | (211.4) | 273.2 |
Comprehensive income (loss) | $ (7,357.9) | $ 287.8 | $ (7,337.4) | $ 1,369.1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and cash equivalents | $ 1,443.6 | $ 485.7 |
Accounts receivable, net | 2,015.4 | 1,879.3 |
Inventories, net | 1,857.5 | 1,662.4 |
Prepaid expenses and other | 279.6 | 327.9 |
Current assets held for sale | 6,612.4 | 6,894.3 |
Total current assets | 12,208.5 | 11,249.6 |
Property, plant and equipment, net | 916.9 | 972.4 |
Goodwill | 2,973.6 | 6,873 |
Other intangible assets, net | 5,771.4 | 10,199.6 |
Deferred income taxes | 206.1 | 141.4 |
Other assets | 321.6 | 377.8 |
Noncurrent assets held for sale | 3,321.7 | |
Total assets | 22,398.1 | 33,135.5 |
Liabilities: | ||
Accounts payable | 1,172 | 1,226.8 |
Accrued compensation | 139.6 | 85.9 |
Other accrued liabilities | 1,256.1 | 1,271.9 |
Short-term debt and current portion of long-term debt | 316.3 | 661.8 |
Current liabilities held for sale | 1,212.7 | 1,711.3 |
Total current liabilities | 4,096.7 | 4,957.7 |
Long-term debt | 9,296.8 | 9,889.2 |
Deferred income taxes | 1,563.7 | 2,736.9 |
Other noncurrent liabilities | 1,414.7 | 1,357.6 |
Noncurrent liabilities held for sale | 12.8 | |
Total liabilities | 16,371.9 | 18,954.2 |
Commitments and contingencies (Footnote 19) | ||
Stockholders' equity: | ||
Preferred stock (10.0 authorized shares, $1.00 par value, no shares issued at September 30, 2018 and December 31, 2017) | ||
Common stock (800 authorized shares, $1.00 par value 490.1 shares and 508.1 shares issued at September 30, 2018 and December 31, 2017, respectively) | 490.1 | 508.1 |
Treasury stock, at cost (23.3 and 22.9 shares at September 30, 2018 and December 31, 2017, respectively): | (584.5) | (573.5) |
Additional paid-in capital | 9,819.6 | 10,362 |
Retained earnings (deficit) | (2,694.8) | 4,611.2 |
Accumulated other comprehensive loss | (1,037.1) | (763.1) |
Stockholders' equity attributable to parent | 5,993.3 | 14,144.7 |
Stockholders' equity attributable to noncontrolling interests | 32.9 | 36.6 |
Total stockholders' equity | 6,026.2 | 14,181.3 |
Total liabilities and stockholders' equity | $ 22,398.1 | $ 33,135.5 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value per share | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par or stated value per share | $ 1 | $ 1 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 490,100,000 | 508,100,000 |
Treasury stock, shares | 23,300,000 | 22,900,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (7,126) | $ 1,095.9 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 337.6 | 475.8 |
Impairment of goodwill, intangibles and other assets | 9,248.1 | 85 |
Net gain from sale of businesses | (489.3) | (712.3) |
Loss on extinguishment of debt | (1.9) | |
Deferred income taxes | (1,193.1) | (99.1) |
Stock-based compensation expense | 57.9 | 61.2 |
Other, net | 2.9 | 8.3 |
Changes in operating assets and liabilities, excluding the effects of acquisitions and divestitures: | ||
Accounts receivable | (122.4) | 54.4 |
Inventories | (262.3) | (707) |
Accounts payable | (61.4) | 136.1 |
Accrued liabilities and other | (210.4) | (420.2) |
Net cash provided by (used in) operating activities | 181.6 | (23.8) |
Cash flows from investing activities: | ||
Proceeds from sale of divested businesses | 2,774.6 | 2,101.4 |
Acquisitions and acquisition-related activity | (634.3) | |
Capital expenditures | (273.7) | (292.9) |
Other investing activities | 58.4 | 9.2 |
Net cash provided by investing activities | 2,559.3 | 1,183.4 |
Cash flows from financing activities: | ||
Net short-term debt | (903.9) | 686.3 |
Loss on extinguishment of debt | (34.2) | |
Payments on long-term debt | (2) | (1,159.8) |
Repurchase of shares of common stock | (511.1) | |
Cash dividends | (332.3) | (317.1) |
Payments to dissenting shareholders | (161.6) | |
Equity compensation activity and other, net | (18.7) | (19.5) |
Net cash used in financing activities | (1,768) | (1,005.9) |
Exchange rate effect on cash and cash equivalents | (15) | 51.1 |
Increase in cash and cash equivalents | 957.9 | 204.8 |
Cash and cash equivalents at beginning of period | 485.7 | 587.5 |
Cash and cash equivalents at end of period | 1,443.6 | 792.3 |
Supplemental disclosures: | ||
Net cash provided by discontinued operating activities | 11.3 | 91.4 |
Net cash provided by (used in) discontinued investing activities | 2,659.8 | (97.8) |
Capital expenditures for discontinued operations | $ (118.1) | (97) |
Common stock issued for Jarden Acquisition | $ 294 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Footnote 1 — Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Newell Brands Inc. (formerly, Newell Rubbermaid Inc., and collectively with its subsidiaries, the “Company”) have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments (including normal recurring accruals) considered necessary for a fair presentation of the financial position and the results of operations of the Company. It is recommended that these unaudited condensed consolidated financial statements be read in conjunction with the financial statements, and the footnotes thereto, included in the Company’s most recent Annual Report on Form 10-K. Additionally, the Company has revised the classification of certain items, principally related to customer supply chain related payments, in its consolidated statement of operations for 2017. The impact on statements of operations for the three months ended March 31, 2017, June 30, 2017, September 30, 2017, the nine months ended September 30, 2017 and the year ended December 31, 2017, was a decrease to net sales and a corresponding decrease to cost of products sold of $1.8 million, $15.9 million, $12.9 million, $30.6 million and $40.1 million, respectively. The impact on discontinued operations for the three months ended March 31, 2017, June 30, 2017, September 30, 2017, the nine months ended September 30, 2017 and the year ended December 31, 2017, was a decrease to net sales and a corresponding decrease to cost of products sold of $1.3 million, $1.6 million, $1.7 million, $4.6 million and $7.3 million, respectively. The impact of this revision was not material to the consolidated statements of operations for any period and there was no impact to the Company’s consolidated balance sheet at December 31, 2017, or consolidated statements of cash flows and statements of stockholders’ equity for any periods in the year ended December 31, 2017. Discontinued Operations During 2018, the Company implemented the Accelerated Transformation Plan, which was designed in part, to rationalize the organization and its portfolio of products. Pursuant to the Accelerated Transformation Plan, a number of the Company’s businesses were designated for disposal. At September 30, 2018, these businesses have been classified as discontinued operations as these businesses together represent a strategic shift that has a major effect on the Company’s operations and financial results (see Footnote 4). Prior periods have been reclassified to conform with the current presentation. As of September 30, 2018, the expected form of sale for certain businesses designated for disposal has changed since the Company’s original assumptions, which has resulted in the reclassification of certain items, primarily related to income taxes. Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company tends to generate the majority of its operating cash flow in the second, third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results of operations for the three and nine months ended September 30, 2018 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2018. Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use 2016-02 2016-02 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” 2017-12 2017-12 2017-12 2017-12 In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): ASU 2018-14 ASU 2018-14 2018-14 2018-14 Adoption of New Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606) 2014-09 The cumulative effect of the changes made to the condensed consolidated balance sheet at January 1, 2018 from the adoption of Topic 606 were as follows (in millions): Balance at Adjustments Balance at Accounts receivable, net $ 1,879.3 $ 100.3 $ 1,979.6 Prepaid expenses and other 327.9 14.6 342.5 Current assets held for sale 6,894.3 21.3 6,915.6 Noncurrent assets held for sale 3,321.7 33.8 3,355.5 Other accrued liabilities 1,271.9 114.9 1,386.8 Current liabilities held for sale 1,711.3 21.3 1,732.6 Noncurrent liabilities held for sale 12.8 33.8 46.6 Retained earnings 4,611.2 — 4,611.2 As part of Topic 606, the Company reclassified items such as cash discounts, allowances for returns, and credits or incentives provided to customers from accounts receivable, net to other accrued liabilities as of the adoption date. These items are accounted for as variable consideration when estimating the amount of revenue to recognize. Also as part of the new standard, the Company recognizes right to recover assets associated with its estimated allowances for returns in prepaid expenses and other, which were previously netted against the allowance for returns included in accounts receivable, net. The impact of adoption of Topic 606 on the condensed consolidated balance sheet and condensed consolidated statement of operations as of and for the period indicated was as follows (in millions): September 30, 2018 As Reported Excluding As Adjusted Accounts receivable, net $ 2,015.4 $ (101.7 ) $ 1,913.7 Inventory, net 1,857.5 0.7 1,858.2 Prepaid expenses and other 279.6 (16.1 ) 263.5 Current assets held for sale 6,612.4 (39.6 ) 6,572.8 Other accrued liabilities 1,256.1 (116.4 ) 1,139.7 Current liabilities held for sale 1,212.7 (39.6 ) 1,173.1 Retained deficit (2,694.8 ) (0.8 ) (2,695.6 ) Three Months Ended September 30, 2018 As Reported Excluding As Adjusted Net sales $ 2,277.2 $ 50.8 $ 2,328.0 Cost of products sold 1,460.2 49.1 1,509.3 Selling, general and administrative expenses 575.7 2.2 577.9 Operating loss (7,903.8 ) (0.5 ) (7,904.3 ) Income tax benefit (1,218.0 ) (0.1 ) (1,218.1 ) Loss from continuing operations (6,795.3 ) (0.4 ) (6,795.7 ) Net loss (7,311.0 ) (0.4 ) (7,311.4 ) Nine Months Ended September 30, 2018 As Reported Excluding As Adjusted Net sales $ 6,290.3 $ 145.2 $ 6,435.5 Cost of products sold 4,093.2 139.6 4,232.8 Selling, general and administrative expenses 1,815.6 6.7 1,822.3 Operating loss (7,846.3 ) (1.1 ) (7,847.4 ) Income tax benefit (1,251.4 ) (0.3 ) (1,251.7 ) Loss from continuing operations (6,926.4 ) (0.8 ) (6,927.2 ) Net loss (7,126.0 ) (0.8 ) (7,126.8 ) Certain costs and cash payments made to customers previously recorded in costs of products sold and selling, general and administrative expenses have been reclassified against net sales as they do not meet the specific criteria to qualify as a distinct good or service under the new guidance, primarily related to payments to customers for defective products under warranty. Refer to Footnote 2 for additional information regarding the Company’s adoption of Topic 606. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” 2016-15 2016-15 2016-15 2016-15, In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) 2016-16 2016-16 2016-16, In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” 2016-18 required 2016-18 2016-18 In March 2017, the FASB issued ASU 2017-07, “Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” 2017-07 2017-07 2017-07 2017-07 In February 2018, the FASB issued ASU No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” No. 2018-02 No. 2018-02 No. 2018-02 2018-02 The Company adopted this guidance in the second quarter of 2018 and reclassified the stranded income tax effects from the Tax Cuts and Jobs Act from AOCL to retained earnings (see Footnote 5). Other recently issued ASUs were assessed and determined to be either not applicable or are expected to have a minimal impact on the Company’s consolidated financial position and results of operations. Other Items At September 30, 2018, the Company held a 23.4% investment in Sprue Aegis (“Sprue”). During the three and nine months ended September 30, 2018 and 2017, the Company’s related party sales to Sprue were nil and $8.6 million, respectively, and $7.5 million and $24.0 million, respectively. On March 31, 2018, the Company terminated its distribution agreement with Sprue. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Footnote 2 — Revenue Recognition Net sales include sales of consumer and commercial products across the Company’s four segments: Food and Appliances, Home and Outdoor Living, Learning and Development and Other. In accordance with Topic 606, the Company recognizes revenue when performance obligations under the terms of a contract with the customer are satisfied, which generally occurs either on shipment or on delivery based on contractual terms. Timing of revenue recognition for the majority of the Company’s sales remains consistent between the new and old revenue standard. However, previously under Topic 605, the Company deferred recognition of revenue for limited FOB shipping point transactions where it had a practice of providing the buyer with replacement goods at no additional cost if there was loss or damage while the goods were in transit. Under Topic 606, the Company recognizes revenue at the time of shipment for these transactions. This change did not have a material impact on the Company’s consolidated financial statement upon adoption on January 1, 2018. The Company measures revenue as the amount of consideration for which it expects to be entitled in exchange for transferring goods or providing services. Certain customers may receive cash and/or non-cash Sales taxes and other similar taxes are excluded from revenue. The Company has elected to account for shipping and handling activities as a fulfillment cost as permitted by the standard. The Company has elected not to disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which it has the right to invoice for services performed. The following table disaggregates revenue by major product grouping source and geography for the period indicated (in millions): Three Months Ended September 30, 2018 Food and Home and Learning and Other Total Appliances and Cookware $ 453.6 $ — — $ — $ 453.6 Food 267.9 — — — 267.9 Connected Home and Security — 96.4 — — 96.4 Home Fragrance — 260.9 — — 260.9 Outdoor and Recreation — 369.2 — — 369.2 Baby and Parenting — — 301.6 — 301.6 Writing — — 527.6 — 527.6 Other — — — — — Total $ 721.5 $ 726.5 829.2 $ — $ 2,277.2 North America $ 551.0 $ 532.8 $ 596.4 $ — $ 1,680.2 International 170.5 193.7 232.8 — 597.0 Total $ 721.5 $ 726.5 829.2 $ — $ 2,277.2 Nine Months Ended September 30, 2018 Food and Home and Learning and Other Total Appliances and Cookware $ 1,215.1 $ — — $ — $ 1,215.1 Food 660.4 — — — 660.4 Connected Home and Security — 273.6 — — 273.6 Home Fragrance — 648.7 — — 648.7 Outdoor and Recreation — 1,215.6 — — 1,215.6 Baby and Parenting — — 848.7 — 848.7 Writing — — 1,426.2 — 1,426.2 Other — — — 2.0 2.0 Total $ 1,875.5 $ 2,137.9 2,274.9 $ 2.0 $ 6,290.3 North America $ 1,357.7 $ 1,531.9 $ 1,606.5 $ 2.2 $ 4,498.3 International 517.8 606.0 668.4 (0.2 ) 1,792.0 Total $ 1,875.5 $ 2,137.9 2,274.9 $ 2.0 $ 6,290.3 Accounts Receivable, Net Accounts receivables, net, include amounts billed and due from customers. Payment terms vary but generally are 90 days or less. The Company evaluates the collectability of accounts receivable based on a combination of factors. When aware of a specific customer’s inability to meet its financial obligations, such as in the case of bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company records a specific reserve for bad debt to reduce the related receivable to the amount the Company reasonably believes is collectible. The Company also records reserves for bad debt for all other customers based on a variety of factors, including the length of time the receivables are past due and historical collection experience. Accounts deemed uncollectible are written off, net of expected recoveries. During the nine months ended September 30, 2018, the Company wrote-off |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Footnote 3 — Acquisitions 2017 Activity In September 2017, the Company acquired Chesapeake Bay Candle, a leading developer, manufacturer and marketer of premium candles and other home fragrance products, focused on consumer wellness and natural fragrance, for a cash purchase price of approximately $75 million. Chesapeake Bay Candle is included in the Home and Outdoor Living segment from the date of acquisition. In April 2017, the Company acquired Sistema Plastics (“Sistema”), a leading New Zealand based manufacturer and marketer of innovative food storage containers with strong market shares and presence in Australia, New Zealand, U.K. and parts of continental Europe for a cash purchase price of approximately $472 million. Sistema is included in the Food and Appliances segment from the date of acquisition. In January 2017, the Company acquired Smith Mountain Industries (“Smith Mountain”), a leading provider of premium home fragrance products, sold primarily under the WoodWick ® |
Divestitures and Held for Sale
Divestitures and Held for Sale | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures and Held for Sale | Footnote 4 — Divestitures and Held for Sale Discontinued Operations As part of the Company’s Accelerated Transformation Plan, during 2018, the Company announced it is exploring strategic options for its industrial and commercial product assets, including Process Solutions, Rubbermaid Commercial Products and Mapa businesses, as well as non-core The following table provides a summary of amounts included in discontinued operations for the periods indicated (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net sales (1) $ 859.3 $ 1,197.0 $ 3,592.4 $ 3,901.1 Cost of products sold (1) 552.8 794.2 2,293.1 2,490.1 Selling, general and administrative expenses 155.3 219.7 669.4 743.9 Restructuring costs, net 2.8 2.9 7.8 13.8 Impairment of goodwill, intangibles and other assets 628.8 — 1,082.8 0.7 Operating income (loss) (480.4 ) 180.2 (460.7 ) 652.6 Non-operating (27.3 ) (5.4 ) (488.3 ) (1.3 ) Income before income taxes (453.1 ) 185.6 27.6 653.9 Income tax expense (benefit) 62.6 62.3 227.2 230.0 Net income (loss) $ (515.7 ) $ 123.3 $ (199.6 ) $ 423.9 (1) The three and nine months ended September 30, 2018, include a reclassification from cost of products sold to net sales of $16.0 million and $39.3 million, respectively, related to the adoption of Topic 606. See Footnotes 1 and 2 for additional information regarding the Company’s adoption of Topic 606. (2) The three and nine months ended September 30, 2018, include a gain on sale of discontinued operations of $27.5 million and $489 million, respectively. Held for Sale The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheets as of the dates indicated (in millions): September 30, 2018 December 31, 2017 Accounts receivable, net $ 648.0 $ 794.7 Inventories, net 620.3 836.4 Prepaid expenses and other 85.4 87.6 Property, plant and equipment, net (1) (2) 635.3 310.1 Goodwill (1) 1,700.0 2,189.6 Other intangible assets, net (1) 2,892.5 2,652.1 Other assets (1) 30.9 23.8 Current assets held-for-sale $ 6,612.4 $ 6,894.3 Property, plant and equipment, net — 429.0 Goodwill — 1,497.5 Other intangible assets, net — 1,384.3 Other assets — 10.9 Noncurrent assets held-for-sale $ — $ 3,321.7 Accounts payable $ 421.5 $ 534.8 Accrued compensation 79.0 101.6 Other accrued liabilities 265.5 433.0 Deferred income taxes (1) 372.3 570.1 Other liabilities (1) 74.4 71.8 Current liabilities held-for-sale $ 1,212.7 $ 1,711.3 Deferred income taxes — — Other liabilities — 12.8 Noncurrent liabilities held-for-sale $ — $ 12.8 (1) Classification as current or long-term based on management’s best estimate as to the timing of the disposal of the underlying asset or liability as of the respective dates indicated. (2) Balance at December 31, 2017, includes a $4.0 million building held for sale that is not included in discontinued operations. This building was sold during the second quarter of 2018. Divestitures 2018 Activity On August 31, 2018, the Company sold its Goody business, to a fund managed by ACON Investments, L.L.C. for approximately $110 million, subject to customary working capital and transaction adjustments. As a result, during the three and nine months ended September 30, 2018, the Company recorded a pretax gain of $20.4 million, which is included in the income (loss) from discontinued operations. On June 29, 2018, the Company sold Rawlings, its Team Sports business, to a fund managed by Seidler Equity Partners with a co-investment On June 29, 2018, the Company sold Waddington to Novolex Holdings LLC for approximately $2.3 billion, subject to adjustments for working capital and other items. As a result, during the nine months ended September 30, 2018, the Company recorded a pretax gain of $599 million, which is included in the income (loss) from discontinued operations. During the three and nine months ended September 30, 2018, the Company recorded an impairment charge primarily related to goodwill totaling $629 million and $1.1 billion, respectively, which is included in the income (loss) from discontinued operations, primarily related to the write-down of the carrying value of the net assets of certain held for sale businesses based on their estimated fair value. 2017 Activity On July 14, 2017, the Company sold its Winter Sports business for a selling price of approximately $240 million, subject to working capital and other transaction adjustments. For the three and nine months ended September 30, 2017, net sales from the Winter Sports business were not material. During the nine months ended September 30, 2017, the Company recorded an impairment charge of $59.1 million related to the write-down of the carrying value of the net assets of the Winter Sports business to their estimated fair market value. During 2017, the Company sold its Rubbermaid ® ® ® ® ® In March 2017, the Company sold its Tools business, including the Irwin ® ® ® Subsequent Event On November 7, 2018, the Company announced that it had entered into a definitive agreement to sell its Jostens business to Platinum Equity Advisors, LLC for approximately $1.3 billion, subject to customary working capital and transaction adjustments. The Company expects the transaction to be completed in the fourth quarter of 2018, subject to certain customary conditions including regulatory approvals. The Company anticipates that the proceeds will be applied to deleveraging and share repurchase. On November 7, 2018, the Company announced that it had entered into a definitive agreement to sell its Pure Fishing business to Sycamore Partners for approximately $1.3 billion, subject to customary working capital and transaction adjustments. The Company expects the transaction to be completed in the fourth quarter of 2018, subject to certain customary conditions including regulatory approvals. The Company anticipates that the proceeds will be applied to deleveraging and share repurchase. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Footnote 5 — Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss The following tables display the changes in AOCL by component net of tax for the nine months ended September 30, 2018 (in millions): Cumulative Pension and Postretirement Costs Derivative AOCL Balance at December 31, 2017 $ (318.8 ) $ (385.5 ) $ (58.8 ) $ (763.1 ) Other comprehensive (loss) income before reclassifications (212.8 ) (43.6 ) 6.0 (250.4 ) Amounts reclassified to earnings 16.8 7.8 14.4 39.0 Net current period other comprehensive income (loss) (196.0 ) (35.8 ) 20.4 (211.4 ) Reclassification to retained earnings (1) — (54.5 ) (8.1 ) (62.6 ) Balance at September 30, 2018 $ (514.8 ) $ (475.8 ) $ (46.5 ) $ (1,037.1 ) (1) Reclassification is due to the adoption of ASU 2018-02 For the three and nine months ended September 30, 2018 and 2017, reclassifications from AOCL to the results of operations for the Company’s pension and postretirement benefit plans were a pre-tax pre-tax The income tax (provision) benefit allocated to the components of other comprehensive income (loss) (“OCI”) for the periods indicated are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Foreign currency translation adjustments $ (0.1 ) $ 1.9 $ (0.6 ) $ 0.8 Unrecognized pension and postretirement costs 3.9 1.5 11.9 4.2 Derivative financial instruments (3.8 ) (1.1 ) (13.8 ) (7.7 ) Income tax (provision) benefit related to OCI $ — $ 2.3 $ (2.5 ) $ (2.7 ) |
Restructuring Costs
Restructuring Costs | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Costs | Footnote 6 — Restructuring Costs Restructuring Costs Restructuring provisions were determined based on estimates prepared at the time the restructuring actions were approved by management and are periodically updated for changes. Restructuring amounts also include amounts recognized as incurred. As part of acquisition of Jarden Corporation (“Jarden”) in 2016, the Company initiated a comprehensive strategic assessment of the business and launched a new corporate strategy that focuses the portfolio, prioritizes investment in the categories with the greatest potential for growth, and extends the Company’s advantaged capabilities in insights, product design, innovation, and E-commerce Accelerated Transformation Plan The Company began restructuring and other actions in 2016 to integrate the legacy Newell Rubbermaid and Jarden businesses (the “Jarden Integration”). Initially, integration projects were primarily focused on driving cost synergies in procurement, overhead functions and organizational changes designed to redefine the operating model of the Company from a holding company to an operating company. Subsequently, the Company announced its Accelerated Transformation Plan during the first quarter of 2018 to divest the Company’s industrial and commercial product assets and non-core Project Renewal The Company’s Project Renewal restructuring plan was completed during 2017. Project Renewal was designed, in part, to simplify and align the Company’s businesses, streamline and realign the supply chain functions, reduce operational and manufacturing complexity, streamline the distribution and transportation functions, optimize global selling and trade marketing functions and rationalize the Company’s real estate portfolio. Other Restructuring In addition to Project Renewal and the Jarden Integration the Company has incurred restructuring costs for various other restructuring activities. Restructuring Costs Restructuring costs incurred by reportable business segment for all restructuring activities in continuing operations for the periods indicated are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Food and Appliances $ 2.1 $ 2.7 $ 6.0 $ 6.8 Home and Outdoor Living 3.9 1.1 24.4 8.6 Learning and Development — 2.7 3.9 10.3 Other — 1.2 — 2.6 Corporate 5.4 27.8 28.2 40.1 $ 11.4 $ 35.5 $ 62.5 $ 68.4 Restructuring costs incurred during the three and nine months ended September 30, 2018 and 2017 primarily relate to the Accelerated Transformation Plan and Jarden Integration. Accrued restructuring costs activity for the nine months ended September 30, 2018 are as follows (in millions): Balance at Restructuring Payments Foreign Balance at 2018 Employee severance, termination benefits and relocation costs $ 47.2 $ 41.1 $ (40.3 ) $ (21.4 ) $ 26.6 Exited contractual commitments and other 32.1 21.4 (10.8 ) 1.2 43.9 $ 79.3 $ 62.5 $ (51.1 ) $ (20.2 ) $ 70.5 |
Inventories, Net
Inventories, Net | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | Footnote 7 — Inventories, Net Inventories are stated at the lower of cost or market value and are comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, Raw materials and supplies $ 234.2 $ 208.9 Work-in-process 131.0 147.9 Finished products 1,492.3 1,305.6 $ 1,857.5 $ 1,662.4 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Net | Footnote 8 — Property, Plant and Equipment, Net Property, plant and equipment, net, is comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, Land $ 68.5 $ 72.4 Buildings and improvements 475.5 491.4 Machinery and equipment 1,556.4 1,523.0 2,100.4 2,086.8 Less: Accumulated depreciation (1,183.5 ) (1,114.4 ) $ 916.9 $ 972.4 Depreciation expense for continuing operations was $37.0 million and $39.8 million for the three months ended September 30, 2018 and 2017, respectively, and $119 million and $116 million for the nine months ended September 30, 2018 and 2017, respectively. Depreciation expense for discontinued operations was $0.9 million and $32.0 million for the three months ended September 30, 2018 and 2017, respectively, and $33.9 million and $94.3 million for the nine months ended September 30, 2018 and 2017, respectively. During the nine months ended September 30, 2018, the Company recorded $37.3 million of impairment charges on certain other assets, the majority of which relate to the Home Fragrance business in the Home and Outdoor Living segment. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets, Net | Footnote 9 — Goodwill and Other Intangible Assets, Net Goodwill activity for the nine months ended September 30, 2018 is as follows (in millions): September 30, 2018 Segment Net Book Value at December 31, 2017 Other Adjustments Impairment Charges (1) Foreign Exchange Gross Carrying Amount Accumulated Impairment Charges Net Book Value Food and Appliances $ 1,990.0 $ — $ (1,766.9 ) $ (14.2 ) $ 2,095.1 $ (1,886.2 ) $ 208.9 Home and Outdoor Living 2,148.0 — (1,985.0 ) (2.0 ) 2,146.0 (1,985.0 ) 161.0 Learning and Development 2,735.0 — (105.3 ) (26.0 ) 3,449.7 (846.0 ) 2,603.7 $ 6,873.0 $ — $ (3,857.2 ) $ (42.2 ) $ 7,690.8 $ (4,717.2 ) $ 2,973.6 (1) The impairment charge was recorded as a result of the Company’s annual impairment testing, and resulted primarily from a decrease in the future forecasted cash flows, and a decrease in the Company’s market capitalization during the three months ended September 30, 2018. In the Food and Appliances segment, the impairment charge of $1.3 billion and $420 million was recorded within the Food and Appliances and Cookware reporting units, respectively. In the Home and Outdoor Living segment, the impairment charge of $875 million, $787 million and $323 million was recorded within the Home Fragrance, Outdoor and Recreation and Connected Home and Security reporting units, respectively. In the Learning and Development segment, the impairment charge was attributable to the Baby reporting unit. Other intangible assets, net are comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, 2017 Gross Accumulated Net Book Gross Accumulated Net Book Value Amortization Trade names — indefinite life $ 4,252.2 $ — $ 4,252.2 $ 8,563.6 $ — $ 8,563.6 N/A Trade names — other 169.6 (32.8 ) 136.8 190.7 (35.7 ) 155.0 2–15 Capitalized software 510.0 (336.2 ) 173.8 485.8 (302.9 ) 182.9 3–12 Patents and intellectual property 136.4 (72.8 ) 63.6 152.0 (81.4 ) 70.6 3–14 Customer relationships and distributor channels 1,268.5 (165.1 ) 1,103.4 1,324.7 (159.6 ) 1,165.1 3–30 Other 109.0 (67.4 ) 41.6 112.8 (50.4 ) 62.4 3–5 $ 6,445.7 $ (674.3 ) $ 5,771.4 $ 10,829.6 $ (630.0 ) $ 10,199.6 Amortization expense for intangible assets for continuing operations was $41.7 million and $44.2 million for the three months ended September 30, 2018 and 2017, respectively, and $140 million and $149 million for the nine months ended September 30, 2018 and 2017, respectively. Amortization expense for intangible assets for discontinued operations was $3.1 million and $39.8 million for the three months ended September 30, 2018 and 2017, respectively, and $44.6 million and $116 million for the nine months ended September 30, 2018 and 2017, respectively. Amortization expense for the nine months ended September 30, 2017 includes a measurement period expense adjustment of $13.6 million related to the valuation of non-compete During the third quarter management performs its annual goodwill and intangible impairment testing. The Company’s testing date is July 1st, however, the Company concluded that a triggering event had occurred as of September 30, as a result of (1) the decline in the Company’s stock price during the third quarter such that the Company’s market capitalization was well below book value (net shareholders’ equity) and (2) updated cash flow projections for its businesses. During the three and nine months ended September 30, 2018, as a result of the Company’s impairment testing, the Company recorded impairment charges to reflect impairment of intangible assets related to certain of the Company’s tradenames. The impairment charges were allocated to the Company’s reporting segments as follows (in millions): Three and Nine Impairment of intangibles (1) Food and Appliances $ 1,639.7 Home and Outdoor Living 2,385.1 Learning and Development 246.0 $ 4,270.8 (1) In the Food and Appliances segment, impairment charges of $1.2 billion and $455 million were recorded within the Appliances and Cookware and Food reporting units, respectively. In the Home and Outdoor Living segment, impairment charges of $1.7 billion, $630 million and $75 million were recorded within the Home Fragrance, Outdoor and Recreation and Connected Home and Security reporting units, respectively. In the Learning and Development segment, the impairment charge recorded was attributable to the Baby reporting unit. These impairment charges were recorded as a result of the Company’s impairment testing, and resulted primarily from a decrease in the Company’s market capitalization during the three months ended September 30, 2018 and a deterioration of expected future revenues and margins related to certain tradenames within these segments. |
Other Accrued Liabilities
Other Accrued Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | Footnote 10 — Other Accrued Liabilities Other accrued liabilities are comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, Customer accruals $ 543.3 $ 356.5 Accruals for manufacturing, marketing and freight expenses 38.6 35.2 Accrued self-insurance liabilities, contingencies and warranty 142.2 220.5 Derivative liabilities 6.1 27.4 Accrued income taxes 94.7 221.1 Accrued interest expense 185.6 100.1 Other 245.6 311.1 $ 1,256.1 $ 1,271.9 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Footnote 11 — Debt Debt comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, 2.15% senior notes due 2018 $ — $ 299.5 2.60% senior notes due 2019 267.2 266.7 2.875% senior notes due 2019 349.2 348.6 4.70% senior notes due 2020 304.5 304.3 3.15% senior notes due 2021 995.0 993.6 3.75% senior notes due 2021 358.2 373.2 4.00% senior notes due 2022 249.0 248.8 3.85% senior notes due 2023 1,740.3 1,738.8 5.00% senior notes due 2023 310.5 312.1 4.00% senior notes due 2024 496.3 495.8 3.90% senior notes due 2025 297.4 297.2 4.20% senior notes due 2026 1,984.0 1,982.7 5.375% senior notes due 2036 495.2 495.0 5.50% senior notes due 2046 1,726.3 1,726.0 Term loan — 299.8 Commercial paper — — Receivables facilities — 298.3 Other debt 40.0 70.6 Total debt 9,613.1 10,551.0 Short-term debt and current portion of long-term debt (316.3 ) (661.8 ) Long-term debt $ 9,296.8 $ 9,889.2 In September 2018, the Company redeemed the entire principal amount of its 2.15% senior notes due 2018 at a price approximating par value. The Company has designated the €300 million principal balance of the 3.75% senior notes due October 2021 as a net investment hedge of the foreign currency exposure of its net investment in certain Euro-functional currency subsidiaries with Euro-denominated net assets. At September 30, 2018, $7.7 million of deferred losses have been recorded in AOCL. See Footnote 12 for disclosures regarding the Company’s derivative financial instruments. The fair values of the Company’s senior notes are based on quoted market prices and are as follows ( in millions September 30, 2018 December 31, 2017 Fair Value Book Value Fair Value Book Value Senior notes $ 9,392.1 $ 9,573.1 $ 10,688.5 $ 9,882.3 The carrying amounts of all other significant debt approximates fair value. Subsequent Event In October 2018, the Company commenced cash tender offers (the “Tender Offers”) totaling approximately $1.0 billion for any and all of its 2.875% senior notes due 2019 (the “2.875% Notes”) and up to a maximum aggregate principal amount of its 3.15% senior notes due 2021 (the “3.15% Notes”), 3.85% senior notes due 2023 (the “3.85% Notes”) and 4.20% senior notes due 2026 (the “4.20% Notes”). In October 2018, pursuant to the Tender Offers, the Company repurchased approximately $249 million aggregate principal amount of its 2.875% Notes and approximately $650 million aggregate principal amount of its 3.15% Notes due 2021 for total consideration, excluding accrued interest, of approximately $893 million. As a result of these debt extinguishments, the Company expects to record a gain on the extinguishment of debt of $0.4 million, net of fees and write-off of deferred debt issue costs, during the fourth quarter of 2018. In October 2018, the Company also instructed the trustee for the 2.875% Notes to deliver an irrevocable notice of redemption to the holders of the 2.875% Notes for any and all of the 2.875% Notes not tendered in the Tender Offers. Pursuant to the notice of redemption, the Company redeemed the entire aggregate principal amount of the 2.875% Notes outstanding on November 9, 2018, at the redemption price determined in accordance with the terms for redemption set forth in the 2.875% Notes and the indenture governing the 2.875% Notes. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Footnote 12 — Derivatives From time to time, the Company enters into derivative transactions to hedge its exposures to interest rate, foreign currency rate and commodity price fluctuations. The Company does not enter into derivative transactions for trading purposes. Interest Rate Contracts The Company manages its fixed and floating rate debt mix using interest rate swaps. The Company may use fixed and floating rate swaps to alter its exposure to the impact of changing interest rates on its consolidated results of operations and future cash outflows for interest. Floating rate swaps would be used, depending on market conditions, to convert the fixed rates of long-term debt into short-term variable rates. Fixed rate swaps would be used to reduce the Company’s risk of the possibility of increased interest costs. Interest rate swap contracts are therefore used by the Company to separate interest rate risk management from the debt funding decision. The cash paid and received from the settlement of interest rate swaps is included in interest expense. Fair Value Hedges At September 30, 2018, the Company had approximately $527 million notional amount of interest rate swaps that exchange a fixed rate of interest for variable rate (LIBOR) of interest plus a weighted average spread. These floating rate swaps are designated as fair value hedges against $277 million of principal on the 4.7% senior notes due 2020 and $250 million of principal on the 4.0% senior notes due 2024 for the remaining life of these notes. The effective portion of the fair value gains or losses on these swaps is offset by fair value adjustments in the underlying debt. Cross-Currency Contracts The Company uses cross-currency swaps to hedge foreign currency risk on certain intercompany financing arrangements with foreign subsidiaries. During 2018, all the Company’s cross-currency interest rate swaps matured. The cross-currency interest rate swaps were intended to eliminate uncertainty in cash flows in U.S. Dollars and British Pounds in connection with the intercompany financing arrangements. Foreign Currency Contracts The Company uses forward foreign currency contracts to mitigate the foreign currency exchange rate exposure on the cash flows related to forecasted inventory purchases and sales and have maturity dates through December 2019. The derivatives used to hedge these forecasted transactions that meet the criteria for hedge accounting are accounted for as cash flow hedges. The effective portion of the gains or losses on these derivatives is deferred as a component of AOCL and is recognized in earnings at the same time that the hedged item affects earnings and is included in the same caption in the statements of operations as the underlying hedged item. At September 30, 2018, the Company had approximately $501 million notional amount outstanding of forward foreign currency contracts that are designated as cash flow hedges of forecasted inventory purchases and sales. The Company also uses foreign currency contracts, primarily forward foreign currency contracts, to mitigate the foreign currency exposure of certain other foreign currency transactions. At September 30, 2018, the Company had approximately $723 million notional amount outstanding of these foreign currency contracts that are not designated as effective hedges for accounting purposes and have maturity dates through July 2019. Fair market value gains or losses are included in the results of operations and are classified in other (income) expense, net. The following table presents the fair value of derivative financial instruments as of the dates indicated (in millions): September 30, 2018 December 31, 2017 Fair Value of Derivatives Fair Value of Derivatives Asset (a) Liability (a) Asset (a) Liability (a) Derivatives designated as effective hedges: Cash flow hedges: Cross-currency swaps $ — $ — $ — $ 21.5 Foreign currency contracts 4.8 1.5 2.0 6.6 Fair value hedges: Interest rate swaps — 20.5 — 7.8 Derivatives not designated as effective hedges: Foreign currency contracts 10.8 4.9 12.7 20.8 Commodity contracts 0.1 — 0.2 — Total $ 15.7 $ 26.9 $ 14.9 $ 56.7 (a) Consolidated balance sheet location: Asset: Prepaid expenses and other, and other non-current Liability: Other accrued liabilities, and current and non-current The following tables presents gain and loss activity (on a pretax basis) for the three and nine months ended September 30, 2018 and 2017 related to derivative financial instruments designated or previously designated, as effective hedges (in millions): Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized in income Recognized in OCI (a) (effective portion) Reclassified from AOCL to Income Recognized in OCI (a) (effective portion) Reclassified from AOCL to Income Interest rate swaps Interest expense, net $ — $ (1.9 ) $ — $ (2.1 ) Foreign currency contracts Sales and cost of sales 1.7 (3.0 ) (12.8 ) (0.4 ) Cross-currency swaps Other income (expense), — — (0.4 ) (0.7 ) Total $ 1.7 $ (4.9 ) $ (13.2 ) $ (3.2 ) Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized in income Recognized in OCI (a) (effective portion) Reclassified from AOCL to Income Recognized in OCI (a) (effective portion) Reclassified from AOCL to Income Interest rate swaps Interest expense, net $ — $ (5.7 ) $ — $ (6.2 ) Foreign currency contracts Sales and cost of sales 11.7 (15.5 ) (35.8 ) 12.4 Cross-currency swaps Other income (expense), (1.7 ) (3.0 ) (1.6 ) (6.3 ) Total $ 10.0 $ (24.2 ) $ (37.4 ) $ (0.1 ) (a) Represents effective portion recognized in OCI. The amount of ineffectiveness related to cash flow hedges during the three and nine months ended September 30, 2018 and 2017 was not material. At September 30, 2018, deferred net gains of approximately $10 million within AOCL are expected to be reclassified to earnings over the next twelve months. During the three and nine months ended September 30, 2018 and 2017, the Company recognized expense (income) of $8.1 million and $12.7 million, respectively, and $11.1 million and $45.3 million, respectively, in other (income) expense, net, related to derivatives that are not designated as hedging instruments, which is mostly offset by foreign currency movement in the underlying exposure. |
Employee Benefit and Retirement
Employee Benefit and Retirement Plans | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit and Retirement Plans | Footnote 13 — Employee Benefit and Retirement Plans The components of pension and postretirement benefit expense for continuing operations for the periods indicated, are as follows (in millions): Pension Benefits Three Months Ended September 30, U.S. International 2018 2017 2018 2017 Service cost $ 0.2 $ 0.6 $ 1.3 $ 1.6 Interest cost 11.6 12.4 2.9 3.2 Expected return on plan assets (16.9 ) (18.4 ) (3.6 ) (4.5 ) Amortization, net 5.4 6.0 0.6 0.6 Net periodic pension cost $ 0.3 $ 0.6 $ 1.2 $ 0.9 Nine Months Ended September 30, U.S. International 2018 2017 2018 2017 Service cost $ 0.6 $ 2.0 $ 3.9 $ 4.7 Interest cost 34.7 37.1 9.4 9.7 Expected return on plan assets (50.6 ) (55.0 ) (11.5 ) (13.6 ) Amortization, net 16.1 17.8 1.9 1.8 Curtailment, settlement and termination (benefit) costs — — 0.3 — Net periodic pension cost $ 0.8 $ 1.9 $ 4.0 $ 2.6 Postretirement Benefits Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Service cost $ 0.1 $ — $ 0.2 $ 0.1 Interest cost 0.5 0.5 1.4 $ 1.6 Amortization, net (2.6 ) (2.2 ) (7.7 ) (6.8 ) Net periodic expense $ (2.0 ) $ (1.7 ) $ (6.1 ) $ (5.1 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Footnote 14 — Income Taxes The Company’s income tax expense and resulting effective tax rate are based upon the respective estimated annual effective tax rates applicable for the respective periods adjusted for the effects of items required to be treated as discrete to the period, including changes in tax laws, changes in estimated exposures for uncertain tax positions and other items. The Company’s reported tax rate for the nine months ended September 30, 2018 and 2017 was a benefit of 15.3% and (17.4)%, respectively. The difference from the statutory tax rate to the reported tax rate for the nine months ended September 30, 2018 is primarily due to one-time On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Reform”) was enacted which significantly changed U.S. tax law by lowering the federal corporate tax rate from 35.0% to 21.0%, modifying the foreign earnings deferral provisions, and imposing a one-time low-taxed The Company is continuing to apply the guidance in Staff Accounting Bulletin No. 118 (“SAB 118”) and as of September 30, 2018, the Company has not completed its accounting for all the tax effects enacted under Tax Reform. The Company made reasonable estimates of those effects during 2018 and 2017. The Company will continue to refine its estimates as additional guidance and information becomes available. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Footnote 15 — Earnings Per Share The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Weighted-average shares outstanding 470.7 489.6 480.6 485.2 Share-based payment awards classified as participating securities (1) 0.3 0.8 0.5 1.1 Basic weighted-average shares outstanding 471.0 490.4 481.1 486.3 Dilutive securities (2) — 1.1 — 1.6 Diluted weighted-average shares outstanding 471.0 491.5 481.1 487.9 (1) For the three and nine months ended September 30, 2018 and 2017 dividends and equivalents for share-based awards that are expected to be forfeited do not have a material effect on net income for basic and diluted earnings per share. (2) The three and nine months ended September 30, 2018 excludes 0.3 million and 0.7 million potentially dilutive share-based awards as their effect would be anti-dilutive. As of September 30, 2018, there were 1.7 million potentially dilutive restricted share awards with performance-based vesting targets that were not met and as such, have been excluded from the computation of diluted earnings per share. At September 30, 2018, there were approximately 2.5 million shares of the Company’s common stock that had not been issued to the former holders of Jarden shares who are exercising their right to judicial appraisal under Delaware law. Absent consent by the Company, these dissenting shareholders are no longer entitled to the merger consideration, but are instead entitled only to the judicially determined fair value of their shares, plus interest accruing from the date of the acquisition of Jarden, payable in cash (see Footnote 19). For the three and nine months ended September 30, 2018 and 2017 dividends per share were $0.23 and $0.23, respectively, and $0.69 and $0.65, respectively. |
Stockholders' Equity and Share-
Stockholders' Equity and Share-Based Awards | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity and Share-Based Awards | Footnote 16 — Stockholders’ Equity and Share-Based Awards During the nine months ended September 30, 2018, the Company awarded 1.1 million performance-based restricted stock units (RSUs), which had an aggregate grant date fair value of $35.1 million and entitle the recipients to shares of the Company’s common stock primarily at the end of a three-year vesting period. The actual number of shares that will ultimately vest is dependent on the level of achievement of the specified performance conditions. During the nine months ended September 30, 2018, the Company also awarded 1.6 million time-based RSUs with an aggregate grant date fair value of $42.3 million, of which, 0.1 million time-based RSUs with a grant date fair value of $3.3 million were awarded to employees within businesses classified as discontinued operations. These time-based RSU’s entitle recipients to shares of the Company’s common stock and primarily vest in equal installments over a three-year period. On June 11, 2018, the Company announced that its Board of Directors authorized a $2.5 billion increase in the then available amount under its existing Stock Repurchase Program (“SRP”). Under the updated SRP, the Company is authorized to repurchase up to approximately $3.6 billion of its outstanding shares through the end of 2019. The repurchase of additional shares in the future will depend upon many factors, including the Company’s financial condition, liquidity and legal requirements. During the nine months ended September 30, 2018, the Company repurchased 19.3 million shares of its common stock valued at approximately $511 million under the SRP. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Footnote 17 — Fair Value Disclosures Recurring Fair Value Measurements The following table presents the Company’s non-pension September 30, 2018 December 31, 2017 Fair Value Asset (Liability) Fair Value Asset (Liability) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives: Assets $ — $ 15.7 $ — $ 15.7 $ — $ 14.9 $ — $ 14.9 Liabilities — (26.9 ) — (26.9 ) — (56.7 ) — (56.7 ) Investment securities, including mutual funds 5.2 3.4 — 8.6 5.2 3.5 — 8.7 For publicly-traded mutual funds, fair value is determined on the basis of quoted market prices and, accordingly, such investments have been classified as Level 1. Other investment securities are primarily comprised of money market accounts that are classified as Level 2. The Company determines the fair value of its derivative instruments using standard pricing models and market-based assumptions for all significant inputs, such as yield curves and quoted spot and forward exchange rates. Accordingly, the Company’s derivative instruments are classified as Level 2. Nonrecurring Fair Value Measurements The Company’s nonfinancial assets that are measured at fair value on a nonrecurring basis include property, plant and equipment, goodwill, intangible assets and certain other assets. In the absence of a definitive sales price for these and similar types of assets, the Company generally uses projected cash flows, discounted as necessary, or market multiples to estimate the fair values of the impaired assets using key inputs such as management’s projections of cash flows on a held-and-used Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, derivative instruments, notes payable and short and long-term debt. The carrying values for current financial assets and liabilities, including cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate fair value due to the short maturity of such instruments. The fair values of the Company’s debt and derivative instruments are disclosed in Footnote 11 and Footnote 12, respectively. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | Footnote 18 — Segment Information In order to align reporting with the company’s Accelerated Transformation Plan, effective January 1, 2018 the Company is reporting its financial results in four segments as Food and Appliances, Home and Outdoor Living, Learning and Development and Other. This new structure reflects the manner in which the chief operating decision maker regularly assesses information for decision-making purposes, including the allocation of resources. All prior periods have been reclassified to conform to the current reporting structure. The Company’s three primary operating segments are as follows: Segment Key Brands Description of Primary Products Food and Appliances Ball ® ® Crock-Pot ® ® ® ® ® ® ® Household products, including kitchen appliances, gourmet cookware, bakeware and cutlery, food storage and home storage products and fresh preserving products Home and Outdoor Living Chesapeake Bay Candle ® ® ® ® ® ® ® ® Products for outdoor and outdoor-related activities, home fragrance products and connected home and security Learning and Development Aprica ® ® ® ® ® ® ® ® ® ® ® ® ® ® X-Acto ® Writing instruments, including markers and highlighters, pens and pencils; art products; activity-based adhesive and cutting products; labeling solutions; baby gear and infant care; and health products Segment information as of and for the periods indicated is as follows (in millions): Three Months Ended September 30, 2018 Food and Home and Learning Other Corporate Restructuring Consolidated Net sales (1) $ 721.5 $ 726.5 $ 829.2 $ — $ — $ — $ 2,277.2 Operating income (loss) (2) (3,323.6 ) (4,300.4 ) (159.2 ) 1.0 (110.2 ) (11.4 ) (7,903.8 ) Other segment data: Total segment assets 4,308.0 4,206.7 5,015.1 26.4 2,229.5 — 15,785.7 Three Months Ended September 30, 2017 Food and Home and Learning Other Corporate Restructuring Consolidated Net sales (1) $ 814.6 $ 779.5 $ 862.8 $ 9.7 $ — $ — $ 2,466.6 Operating income (loss) (2) 105.1 95.5 108.9 (4.9 ) (128.0 ) (35.5 ) 141.1 Other segment data: Total segment assets 7,919.2 8,584.0 5,620.4 28.8 1,458.9 — 23,611.3 Nine Months Ended September 30, 2018 Food and Home and Learning Other Corporate Restructuring Consolidated Net sales (1) $ 1,875.5 $ 2,137.9 $ 2,274.9 $ 2.0 $ — $ — $ 6,290.3 Operating income (loss) (2) (3,270.7 ) (4,283.2 ) 102.5 3.4 (335.8 ) (62.5 ) (7,846.3 ) Nine Months Ended September 30, 2017 Food and Home and Learning Other Corporate Restructuring Consolidated Net sales (1) $ 2,033.2 $ 2,242.5 $ 2,539.4 $ 247.7 $ — $ — $ 7,062.8 Operating income (loss) (2) 205.9 165.6 442.6 (90.4 ) (411.5 ) (68.4 ) 243.8 (1) All intercompany transactions have been eliminated. (2) Operating income (loss) by segment is net sales less cost of products sold, SG&A and impairment of goodwill, intangibles and other assets for continuing operations. Certain headquarters expenses of an operational nature are allocated to business segments primarily on a net sales basis. Corporate depreciation and amortization is allocated to the segments on a percentage of sales basis, and the allocated depreciation and amortization are included in segment operating income. |
Litigation and Contingencies
Litigation and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation and Contingencies | Footnote 19 — Litigation and Contingencies The Company is involved in legal proceedings in the ordinary course of its business. These proceedings include claims for damages arising out of use of the Company’s products, allegations of infringement of intellectual property, commercial disputes and employment matters, as well as environmental matters. Some of the legal proceedings include claims for punitive as well as compensatory damages, and certain proceedings may purport to be class actions. Securities Litigation Certain of the Company’s current and former officers and directors have been named in shareholder derivative lawsuits. On October 29, 2018, a shareholder filed a putative derivative complaint, Streicher v. Polk, et al Streicher Martindale v. Polk, et al Martindale In re Newell Brands, Inc. Securities Litigation The Company and certain of its current and former officers and directors have been named as defendants in a putative securities class action lawsuit filed in the Superior Court of New Jersey, Hudson County, on behalf of all persons who acquired Company common stock pursuant or traceable to the S-4 Oklahoma Firefighters Pension and Retirement System v. Newell Brands Inc., et al. HUD-L-003492-18. The Company and certain of its officers have been named as defendants in two putative securities class action lawsuits, each filed in the United States District Court for the District of New Jersey, on behalf of all persons who purchased or otherwise acquired our common stock between February 6, 2017 and January 24, 2018. The first lawsuit was filed on June 21, 2018 and is captioned Bucks County Employees Retirement Fund, Individually and on behalf of All Others Similarly Situated v. Newell Brands Inc., Michael B. Polk, Ralph J. Nicoletti, and James L. Cunningham, III 2:18-cv-10878. Matthew Barnett, Individually and on Behalf of All Others Similarly Situated v. Newell Brands Inc., Michael B. Polk, Ralph J. Nicoletti, and James L. Cunningham, III 2:18-cv-11132. 18-cv-10878 In re Newell Brands, Inc. Securities Litigation Recall of Harness Buckles on Select Car Seats In February 2014, Graco Children’s Products, Inc. (“Graco”), a subsidiary of the Company, announced a voluntary recall in the U.S. of harness buckles used on approximately 4 million toddler car seats manufactured between 2006 and 2013. In July 2014, Graco announced that it had agreed to expand the recall to include certain infant car seats manufactured between July 2010 and May 2013. In December 2014, the National Highway Traffic Safety Administration (the “NHTSA”) announced an investigation into the timeliness of the recall, and in March 2015, the investigation concluded with Graco entering into a consent order with NHTSA pursuant to which Graco committed to spend $7.0 million in total over a five-year period to enhance child passenger safety and make a $3.0 million payment to NHTSA. At September 30, 2018, the amount remaining to be paid associated with the consent order was immaterial to the consolidated financial statements of the Company. Jarden Acquisition Under the Delaware General Corporation Law (“DGCL”), any Jarden stockholder who did not vote in favor of adoption of the Merger Agreement, and otherwise complies with the provisions of Section 262 of the DGCL, is entitled to seek an appraisal of his or her shares of Jarden common stock by the Court of Chancery of the State of Delaware as provided under Section 262 of the DGCL. As of September 30, 2018, dissenting stockholders collectively holding approximately 2.9 million shares of Jarden common stock have delivered (and not withdrawn) to Jarden written demands for appraisal. Two separate appraisal petitions, styled as Dunham Monthly Distribution Fund v. Jarden Corporation No. 12454-VCS Merion Capital LP v. Jarden Corporation No. 12456-VCS Fir Tree Value Master Fund, LP v. Jarden Corporation No. 12546-VCS Veritian Partners Master Fund LTP v. Jarden Corporation No. 12650-VCS No. 12456-VCS, On July 5, 2017 and July 6, 2017, Jarden and eleven of the dissenting stockholders, specifically including Merion Capital ERISA LP, Merion Capital LP, Merion Capital II LP, Dunham Monthly Distribution Fund, WCM Alternatives: Event-Driven Fund, Westchester Merger Arbitrage Strategy sleeve of the JNL Multi-Manager Alternative Fund, JNL/Westchester Capital Event Driven Fund, WCM Master Trust, The Merger Fund, The Merger Fund VL and SCA JP Morgan Westchester (collectively, the “Settling Petitioners”), entered into settlement agreements with respect to approximately 7.7 million former Jarden shares (collectively, the “Settlement Agreements”). Pursuant to the Settlement Agreements in exchange for withdrawing their respective demands for appraisal of their shares of Jarden common stock and a full and final release of all claims, among other things, the Settling Petitioners received the original merger consideration provided for under the Merger Agreement, specifically (1) 0.862 of a share of Newell common stock, and (2) $21.00 in cash, per share of Jarden common stock (collectively, the “Merger Consideration”), excluding any and all other benefits, including, without limitation, the right to accrued interest, dividends, and/or distributions. Accordingly, pursuant to the terms of the Settlement Agreements, Newell issued 6.6 million shares of Newell common stock to the Settling Petitioners (representing the stock component of the Merger Consideration), and authorized payment to the Settling Petitioners of approximately $162 million (representing the cash component of the Merger Consideration). The Court of Chancery of the State of Delaware has dismissed with prejudice the appraisal claims for the Settling Petitioners. Following the settlements, claims from the holders of approximately 2.9 million former Jarden shares remain outstanding in the proceedings. The value of the merger consideration attributable to such shares based on the Company’s stock price on the closing date of the Jarden acquisition would have been approximately $171 million in the aggregate. The fair value of the shares of Jarden common stock held by these dissenting stockholders, as determined by the court, would be payable in cash and could be lower or higher than the Merger Consideration to which such Jarden stockholders would have been entitled under the Merger Agreement. The evidentiary trial was held from June 26 through June 29, 2018. Post-trial briefing is expected to be completed in the fourth quarter of 2018. Environmental Matters The Company is involved in various matters concerning federal and state environmental laws and regulations, including matters in which the Company has been identified by the U.S. Environmental Protection Agency (“U.S. EPA”) and certain state environmental agencies as a potentially responsible party (“PRP”) at contaminated sites under the Federal Comprehensive Environmental Response, Compensation and Liability Act (the “CERCLA”) and equivalent state laws. In assessing its environmental response costs, the Company has considered several factors, including the extent of the Company’s volumetric contribution at each site relative to that of other PRPs; the kind of waste; the terms of existing cost sharing and other applicable agreements; the financial ability of other PRPs to share in the payment of requisite costs; the Company’s prior experience with similar sites; environmental studies and cost estimates available to the Company; the effects of inflation on cost estimates; and the extent to which the Company’s, and other parties’, status as PRPs is disputed. The Company’s estimate of environmental remediation costs associated with these matters as of September 30, 2018, was $42.3 million, which is included in other accrued liabilities and other noncurrent liabilities in the consolidated balance sheets. No insurance recovery was taken into account in determining the Company’s cost estimates or reserves, nor do the Company’s cost estimates or reserves reflect any discounting for present value purposes, except with respect to certain long-term operations and maintenance CERCLA matters. Lower Passaic River Matter U.S. EPA has issued General Notice Letters (“GNLs”) to over 100 entities, including the Company and Berol Corporation, a subsidiary of the Company (“Berol”), alleging that they are PRPs at the Diamond Alkali Superfund Site, which includes a 17-mile Seventy-two U.S. EPA issued its final Record of Decision for the lower 8.3 miles of the Lower Passaic River (the “ROD”) in March 2016, which, in the language of the document, finalizes as the selected remedy the preferred alternative set forth in the FFS, which U.S. EPA estimates will cost $1.4 billion. Subsequent to the release of the ROD in March 2016, U.S. EPA issued GNLs for the lower 8.3 miles of the Lower Passaic River (the “2016 GNL”) to numerous entities, apparently including all previous recipients of the initial GNL as well as several additional entities. As with the initial GNL, the Company Parties were among the recipients of the 2016 GNL. The 2016 GNL states that U.S. EPA would like to determine whether one entity, Occidental Chemical Corporation (“OCC”), will voluntarily perform the remedial design for the selected remedy for the lower 8.3 miles, and that following execution of an agreement for the remedial design, U.S. EPA plans to begin negotiation of a remedial action consent decree “under which OCC and the other major PRPs will implement and/or pay for U.S. EPA’s selected remedy for the lower 8.3 miles of the Lower Passaic River and reimburse U.S. EPA’s costs incurred for the Lower Passaic River.” The letter “encourage[s] the major PRPs to meet and discuss a workable approach to sharing responsibility for implementation and funding of the remedy” without indicating who may be the “major PRPs.” Finally, U.S. EPA states that it “believes that some of the parties that have been identified as PRPs under CERCLA, and some parties not yet named as PRPs, may be eligible for a cash out settlement with U.S. EPA for the lower 8.3 miles of the Lower Passaic River.” In September 2016, OCC and EPA entered into an Administrative Order on Consent for performance of the remedial design. On March 30, 2017, U.S. EPA sent a letter offering a cash settlement in the amount of $0.3 million to twenty PRPs, not including the Company Parties, for CERCLA Liability (with reservations, such as for Natural Resource Damages) in the lower 8.3 miles of the Lower Passaic River. U.S. EPA further indicated in related correspondence that a cash out settlement might be appropriate for additional parties that are “not associated with the release of dioxins, furans, or PCBs to the Lower Passaic River.” Then, by letter dated September 18, 2017, U.S. EPA announced an allocation process involving all GNL recipients except those participating in the first-round cash-out cash-out OCC has asserted that it is entitled to indemnification by Maxus Energy Corporation (“Maxus”) for its liability in connection with the Diamond Alkali Superfund Site. OCC has also asserted that Maxus’s parent company, YPF, S.A., and certain other affiliates (the “YPF Entities”) similarly must indemnify OCC, including on an “alter ego” theory. On June 17, 2016, Maxus and certain of its affiliates commenced a chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the District of Delaware. In connection with that proceeding, the YPF Entities are attempting to resolve any liability they may have to Maxus and the other Maxus entities undergoing the chapter 11 bankruptcy. An amended Chapter 11 plan of liquidation became effective in July 2017. In conjunction with that plan, Maxus and certain other parties, including the Company, entered into a mutual contribution release agreement (“Passaic Release”) pertaining to certain costs, but not costs associated with ultimate remedy. On June 30, 2018, OCC sued 120 parties, including the Company and Berol, in the U.S. District Court in New Jersey (“OCC Lawsuit”). OCC subsequently filed a separate, related complaint against 5 additional defendants. The OCC Lawsuit includes claims for cost recovery, contribution, and declaratory judgement under CERCLA. The current, primary focus of the claims is on certain past and future costs for investigation, design and remediation of the lower 8.3 miles of the Passaic River, other than those subject to the Passaic Release. The complaint notes, however, that OCC may broaden its claims in the future if and when EPA selects remedial actions for other portions of the Site or completes a Natural Resource Damage Assessment. Given the uncertainties pertaining to this matter, including that U.S. EPA is still reviewing the draft RI and FS, that no framework for or agreement on allocation for the investigation and ultimate remediation has been developed, and that there exists the potential for further litigation regarding costs and cost sharing, the extent to which the Company Parties may be held liable or responsible is not yet known. Based on currently known facts and circumstances, the Company does not believe that this matter is reasonably likely to have a material impact on the Company’s results of operations, including, among other factors, because there are numerous other parties who will likely share in any costs of remediation and/or damages. However, in the event of one or more adverse determinations related to this matter, it is possible that the ultimate liability resulting from this matter and the impact on the Company’s results of operations could be material. Because of the uncertainties associated with environmental investigations and response activities, the possibility that the Company could be identified as a PRP at sites identified in the future that require the incurrence of environmental response costs and the possibility that sites acquired in business combinations may require environmental response costs, actual costs to be incurred by the Company may vary from the Company’s estimates. Other Matters Although management of the Company cannot predict the ultimate outcome of these proceedings with certainty, it believes that the ultimate resolution of the Company’s proceedings, including any amounts it may be required to pay in excess of amounts reserved, will not have a material effect on the Company’s Consolidated Financial Statements, except as otherwise described above. In the normal course of business and as part of its acquisition and divestiture strategy, the Company may provide certain representations and indemnifications related to legal, environmental, product liability, tax or other types of issues. Based on the nature of these representations and indemnifications, it is not possible to predict the maximum potential payments under all of these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements did not have a material effect on the Company’s business, financial condition or results of operations. As of September 30, 2018, the Company had approximately $74 million in standby letters of credit primarily related to the Company’s self-insurance programs, including workers’ compensation, product liability and medical expenses. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Discontinued Operations | Discontinued Operations During 2018, the Company implemented the Accelerated Transformation Plan, which was designed in part, to rationalize the organization and its portfolio of products. Pursuant to the Accelerated Transformation Plan, a number of the Company’s businesses were designated for disposal. At September 30, 2018, these businesses have been classified as discontinued operations as these businesses together represent a strategic shift that has a major effect on the Company’s operations and financial results (see Footnote 4). Prior periods have been reclassified to conform with the current presentation. As of September 30, 2018, the expected form of sale for certain businesses designated for disposal has changed since the Company’s original assumptions, which has resulted in the reclassification of certain items, primarily related to income taxes. |
Seasonal Variations | Seasonal Variations Sales of the Company’s products tend to be seasonal, with sales, operating income and operating cash flow in the first quarter generally lower than any other quarter during the year, driven principally by reduced volume and the mix of products sold in the first quarter. The seasonality of the Company’s sales volume combined with the accounting for fixed costs, such as depreciation, amortization, rent, personnel costs and interest expense, impacts the Company’s results on a quarterly basis. In addition, the Company tends to generate the majority of its operating cash flow in the second, third and fourth quarters of the year due to seasonal variations in operating results, the timing of annual performance-based compensation payments, customer program payments, working capital requirements and credit terms provided to customers. Accordingly, the Company’s results of operations for the three and nine months ended September 30, 2018 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2018. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use 2016-02 2016-02 In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” 2017-12 2017-12 2017-12 2017-12 In August 2018, the FASB issued ASU 2018-14, “Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): ASU 2018-14 ASU 2018-14 2018-14 2018-14 |
Adoption of New Accounting Guidance | Adoption of New Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606) 2014-09 The cumulative effect of the changes made to the condensed consolidated balance sheet at January 1, 2018 from the adoption of Topic 606 were as follows (in millions): Balance at Adjustments Balance at Accounts receivable, net $ 1,879.3 $ 100.3 $ 1,979.6 Prepaid expenses and other 327.9 14.6 342.5 Current assets held for sale 6,894.3 21.3 6,915.6 Noncurrent assets held for sale 3,321.7 33.8 3,355.5 Other accrued liabilities 1,271.9 114.9 1,386.8 Current liabilities held for sale 1,711.3 21.3 1,732.6 Noncurrent liabilities held for sale 12.8 33.8 46.6 Retained earnings 4,611.2 — 4,611.2 As part of Topic 606, the Company reclassified items such as cash discounts, allowances for returns, and credits or incentives provided to customers from accounts receivable, net to other accrued liabilities as of the adoption date. These items are accounted for as variable consideration when estimating the amount of revenue to recognize. Also as part of the new standard, the Company recognizes right to recover assets associated with its estimated allowances for returns in prepaid expenses and other, which were previously netted against the allowance for returns included in accounts receivable, net. The impact of adoption of Topic 606 on the condensed consolidated balance sheet and condensed consolidated statement of operations as of and for the period indicated was as follows (in millions): September 30, 2018 As Reported Excluding As Adjusted Accounts receivable, net $ 2,015.4 $ (101.7 ) $ 1,913.7 Inventory, net 1,857.5 0.7 1,858.2 Prepaid expenses and other 279.6 (16.1 ) 263.5 Current assets held for sale 6,612.4 (39.6 ) 6,572.8 Other accrued liabilities 1,256.1 (116.4 ) 1,139.7 Current liabilities held for sale 1,212.7 (39.6 ) 1,173.1 Retained deficit (2,694.8 ) (0.8 ) (2,695.6 ) Three Months Ended September 30, 2018 As Reported Excluding As Adjusted Net sales $ 2,277.2 $ 50.8 $ 2,328.0 Cost of products sold 1,460.2 49.1 1,509.3 Selling, general and administrative expenses 575.7 2.2 577.9 Operating loss (7,903.8 ) (0.5 ) (7,904.3 ) Income tax benefit (1,218.0 ) (0.1 ) (1,218.1 ) Loss from continuing operations (6,795.3 ) (0.4 ) (6,795.7 ) Net loss (7,311.0 ) (0.4 ) (7,311.4 ) Nine Months Ended September 30, 2018 As Reported Excluding As Adjusted Net sales $ 6,290.3 $ 145.2 $ 6,435.5 Cost of products sold 4,093.2 139.6 4,232.8 Selling, general and administrative expenses 1,815.6 6.7 1,822.3 Operating loss (7,846.3 ) (1.1 ) (7,847.4 ) Income tax benefit (1,251.4 ) (0.3 ) (1,251.7 ) Loss from continuing operations (6,926.4 ) (0.8 ) (6,927.2 ) Net loss (7,126.0 ) (0.8 ) (7,126.8 ) Certain costs and cash payments made to customers previously recorded in costs of products sold and selling, general and administrative expenses have been reclassified against net sales as they do not meet the specific criteria to qualify as a distinct good or service under the new guidance, primarily related to payments to customers for defective products under warranty. Refer to Footnote 2 for additional information regarding the Company’s adoption of Topic 606. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” 2016-15 2016-15 2016-15 2016-15, In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (Topic 740) 2016-16 2016-16 2016-16, In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash.” 2016-18 required 2016-18 2016-18 In March 2017, the FASB issued ASU 2017-07, “Compensation — Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” 2017-07 2017-07 2017-07 2017-07 In February 2018, the FASB issued ASU No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” No. 2018-02 No. 2018-02 No. 2018-02 2018-02 The Company adopted this guidance in the second quarter of 2018 and reclassified the stranded income tax effects from the Tax Cuts and Jobs Act from AOCL to retained earnings (see Footnote 5). Other recently issued ASUs were assessed and determined to be either not applicable or are expected to have a minimal impact on the Company’s consolidated financial position and results of operations. |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Standards Update 2014-09 [Member] | |
Summary of Impact of Adoption of Topic 606 on Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet | The cumulative effect of the changes made to the condensed consolidated balance sheet at January 1, 2018 from the adoption of Topic 606 were as follows (in millions): Balance at Adjustments Balance at Accounts receivable, net $ 1,879.3 $ 100.3 $ 1,979.6 Prepaid expenses and other 327.9 14.6 342.5 Current assets held for sale 6,894.3 21.3 6,915.6 Noncurrent assets held for sale 3,321.7 33.8 3,355.5 Other accrued liabilities 1,271.9 114.9 1,386.8 Current liabilities held for sale 1,711.3 21.3 1,732.6 Noncurrent liabilities held for sale 12.8 33.8 46.6 Retained earnings 4,611.2 — 4,611.2 As part of Topic 606, the Company reclassified items such as cash discounts, allowances for returns, and credits or incentives provided to customers from accounts receivable, net to other accrued liabilities as of the adoption date. These items are accounted for as variable consideration when estimating the amount of revenue to recognize. Also as part of the new standard, the Company recognizes right to recover assets associated with its estimated allowances for returns in prepaid expenses and other, which were previously netted against the allowance for returns included in accounts receivable, net. The impact of adoption of Topic 606 on the condensed consolidated balance sheet and condensed consolidated statement of operations as of and for the period indicated was as follows (in millions): September 30, 2018 As Reported Excluding As Adjusted Accounts receivable, net $ 2,015.4 $ (101.7 ) $ 1,913.7 Inventory, net 1,857.5 0.7 1,858.2 Prepaid expenses and other 279.6 (16.1 ) 263.5 Current assets held for sale 6,612.4 (39.6 ) 6,572.8 Other accrued liabilities 1,256.1 (116.4 ) 1,139.7 Current liabilities held for sale 1,212.7 (39.6 ) 1,173.1 Retained deficit (2,694.8 ) (0.8 ) (2,695.6 ) Three Months Ended September 30, 2018 As Reported Excluding As Adjusted Net sales $ 2,277.2 $ 50.8 $ 2,328.0 Cost of products sold 1,460.2 49.1 1,509.3 Selling, general and administrative expenses 575.7 2.2 577.9 Operating loss (7,903.8 ) (0.5 ) (7,904.3 ) Income tax benefit (1,218.0 ) (0.1 ) (1,218.1 ) Loss from continuing operations (6,795.3 ) (0.4 ) (6,795.7 ) Net loss (7,311.0 ) (0.4 ) (7,311.4 ) Nine Months Ended September 30, 2018 As Reported Excluding As Adjusted Net sales $ 6,290.3 $ 145.2 $ 6,435.5 Cost of products sold 4,093.2 139.6 4,232.8 Selling, general and administrative expenses 1,815.6 6.7 1,822.3 Operating loss (7,846.3 ) (1.1 ) (7,847.4 ) Income tax benefit (1,251.4 ) (0.3 ) (1,251.7 ) Loss from continuing operations (6,926.4 ) (0.8 ) (6,927.2 ) Net loss (7,126.0 ) (0.8 ) (7,126.8 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue by Major Product Grouping Source and Geography | The following table disaggregates revenue by major product grouping source and geography for the period indicated (in millions): Three Months Ended September 30, 2018 Food and Home and Learning and Other Total Appliances and Cookware $ 453.6 $ — — $ — $ 453.6 Food 267.9 — — — 267.9 Connected Home and Security — 96.4 — — 96.4 Home Fragrance — 260.9 — — 260.9 Outdoor and Recreation — 369.2 — — 369.2 Baby and Parenting — — 301.6 — 301.6 Writing — — 527.6 — 527.6 Other — — — — — Total $ 721.5 $ 726.5 829.2 $ — $ 2,277.2 North America $ 551.0 $ 532.8 $ 596.4 $ — $ 1,680.2 International 170.5 193.7 232.8 — 597.0 Total $ 721.5 $ 726.5 829.2 $ — $ 2,277.2 Nine Months Ended September 30, 2018 Food and Home and Learning and Other Total Appliances and Cookware $ 1,215.1 $ — — $ — $ 1,215.1 Food 660.4 — — — 660.4 Connected Home and Security — 273.6 — — 273.6 Home Fragrance — 648.7 — — 648.7 Outdoor and Recreation — 1,215.6 — — 1,215.6 Baby and Parenting — — 848.7 — 848.7 Writing — — 1,426.2 — 1,426.2 Other — — — 2.0 2.0 Total $ 1,875.5 $ 2,137.9 2,274.9 $ 2.0 $ 6,290.3 North America $ 1,357.7 $ 1,531.9 $ 1,606.5 $ 2.2 $ 4,498.3 International 517.8 606.0 668.4 (0.2 ) 1,792.0 Total $ 1,875.5 $ 2,137.9 2,274.9 $ 2.0 $ 6,290.3 |
Divestitures and Held for Sale
Divestitures and Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Amounts Included in Discontinued Operations | The following table provides a summary of amounts included in discontinued operations for the periods indicated (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Net sales (1) $ 859.3 $ 1,197.0 $ 3,592.4 $ 3,901.1 Cost of products sold (1) 552.8 794.2 2,293.1 2,490.1 Selling, general and administrative expenses 155.3 219.7 669.4 743.9 Restructuring costs, net 2.8 2.9 7.8 13.8 Impairment of goodwill, intangibles and other assets 628.8 — 1,082.8 0.7 Operating income (loss) (480.4 ) 180.2 (460.7 ) 652.6 Non-operating (27.3 ) (5.4 ) (488.3 ) (1.3 ) Income before income taxes (453.1 ) 185.6 27.6 653.9 Income tax expense (benefit) 62.6 62.3 227.2 230.0 Net income (loss) $ (515.7 ) $ 123.3 $ (199.6 ) $ 423.9 (1) The three and nine months ended September 30, 2018, include a reclassification from cost of products sold to net sales of $16.0 million and $39.3 million, respectively, related to the adoption of Topic 606. See Footnotes 1 and 2 for additional information regarding the Company’s adoption of Topic 606. (2) The three and nine months ended September 30, 2018, include a gain on sale of discontinued operations of $27.5 million and $489 million, respectively. |
Schedule of Major Classes of Assets and Liabilities Held for Sale | The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities held for sale in the condensed consolidated balance sheets as of the dates indicated (in millions): September 30, 2018 December 31, 2017 Accounts receivable, net $ 648.0 $ 794.7 Inventories, net 620.3 836.4 Prepaid expenses and other 85.4 87.6 Property, plant and equipment, net (1) (2) 635.3 310.1 Goodwill (1) 1,700.0 2,189.6 Other intangible assets, net (1) 2,892.5 2,652.1 Other assets (1) 30.9 23.8 Current assets held-for-sale $ 6,612.4 $ 6,894.3 Property, plant and equipment, net — 429.0 Goodwill — 1,497.5 Other intangible assets, net — 1,384.3 Other assets — 10.9 Noncurrent assets held-for-sale $ — $ 3,321.7 Accounts payable $ 421.5 $ 534.8 Accrued compensation 79.0 101.6 Other accrued liabilities 265.5 433.0 Deferred income taxes (1) 372.3 570.1 Other liabilities (1) 74.4 71.8 Current liabilities held-for-sale $ 1,212.7 $ 1,711.3 Deferred income taxes — — Other liabilities — 12.8 Noncurrent liabilities held-for-sale $ — $ 12.8 (1) Classification as current or long-term based on management’s best estimate as to the timing of the disposal of the underlying asset or liability as of the respective dates indicated. (2) Balance at December 31, 2017, includes a $4.0 million building held for sale that is not included in discontinued operations. This building was sold during the second quarter of 2018. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following tables display the changes in AOCL by component net of tax for the nine months ended September 30, 2018 (in millions): Cumulative Pension and Postretirement Costs Derivative AOCL Balance at December 31, 2017 $ (318.8 ) $ (385.5 ) $ (58.8 ) $ (763.1 ) Other comprehensive (loss) income before reclassifications (212.8 ) (43.6 ) 6.0 (250.4 ) Amounts reclassified to earnings 16.8 7.8 14.4 39.0 Net current period other comprehensive income (loss) (196.0 ) (35.8 ) 20.4 (211.4 ) Reclassification to retained earnings (1) — (54.5 ) (8.1 ) (62.6 ) Balance at September 30, 2018 $ (514.8 ) $ (475.8 ) $ (46.5 ) $ (1,037.1 ) (1) Reclassification is due to the adoption of ASU 2018-02 |
Schedule of Income Tax (Provision) Benefit Allocated to Components of OCI | The income tax (provision) benefit allocated to the components of other comprehensive income (loss) (“OCI”) for the periods indicated are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Foreign currency translation adjustments $ (0.1 ) $ 1.9 $ (0.6 ) $ 0.8 Unrecognized pension and postretirement costs 3.9 1.5 11.9 4.2 Derivative financial instruments (3.8 ) (1.1 ) (13.8 ) (7.7 ) Income tax (provision) benefit related to OCI $ — $ 2.3 $ (2.5 ) $ (2.7 ) |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Costs Incurred by Reportable Business Segment | Restructuring costs incurred by reportable business segment for all restructuring activities in continuing operations for the periods indicated are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Food and Appliances $ 2.1 $ 2.7 $ 6.0 $ 6.8 Home and Outdoor Living 3.9 1.1 24.4 8.6 Learning and Development — 2.7 3.9 10.3 Other — 1.2 — 2.6 Corporate 5.4 27.8 28.2 40.1 $ 11.4 $ 35.5 $ 62.5 $ 68.4 |
Schedule of Accrued Restructuring Costs Activity | Accrued restructuring costs activity for the nine months ended September 30, 2018 are as follows (in millions): Balance at Restructuring Payments Foreign Balance at 2018 Employee severance, termination benefits and relocation costs $ 47.2 $ 41.1 $ (40.3 ) $ (21.4 ) $ 26.6 Exited contractual commitments and other 32.1 21.4 (10.8 ) 1.2 43.9 $ 79.3 $ 62.5 $ (51.1 ) $ (20.2 ) $ 70.5 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Components of Net Inventories | Inventories are stated at the lower of cost or market value and are comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, Raw materials and supplies $ 234.2 $ 208.9 Work-in-process 131.0 147.9 Finished products 1,492.3 1,305.6 $ 1,857.5 $ 1,662.4 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net, is comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, Land $ 68.5 $ 72.4 Buildings and improvements 475.5 491.4 Machinery and equipment 1,556.4 1,523.0 2,100.4 2,086.8 Less: Accumulated depreciation (1,183.5 ) (1,114.4 ) $ 916.9 $ 972.4 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill Activity | Goodwill activity for the nine months ended September 30, 2018 is as follows (in millions): September 30, 2018 Segment Net Book Value at December 31, 2017 Other Adjustments Impairment Charges (1) Foreign Exchange Gross Carrying Amount Accumulated Impairment Charges Net Book Value Food and Appliances $ 1,990.0 $ — $ (1,766.9 ) $ (14.2 ) $ 2,095.1 $ (1,886.2 ) $ 208.9 Home and Outdoor Living 2,148.0 — (1,985.0 ) (2.0 ) 2,146.0 (1,985.0 ) 161.0 Learning and Development 2,735.0 — (105.3 ) (26.0 ) 3,449.7 (846.0 ) 2,603.7 $ 6,873.0 $ — $ (3,857.2 ) $ (42.2 ) $ 7,690.8 $ (4,717.2 ) $ 2,973.6 (1) The impairment charge was recorded as a result of the Company’s annual impairment testing, and resulted primarily from a decrease in the future forecasted cash flows, and a decrease in the Company’s market capitalization during the three months ended September 30, 2018. In the Food and Appliances segment, the impairment charge of $1.3 billion and $420 million was recorded within the Food and Appliances and Cookware reporting units, respectively. In the Home and Outdoor Living segment, the impairment charge of $875 million, $787 million and $323 million was recorded within the Home Fragrance, Outdoor and Recreation and Connected Home and Security reporting units, respectively. In the Learning and Development segment, the impairment charge was attributable to the Baby reporting unit. |
Schedule of Other Intangible Assets and Related Amortization Periods | Other intangible assets, net are comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, 2017 Gross Accumulated Net Book Gross Accumulated Net Book Value Amortization Trade names — indefinite life $ 4,252.2 $ — $ 4,252.2 $ 8,563.6 $ — $ 8,563.6 N/A Trade names — other 169.6 (32.8 ) 136.8 190.7 (35.7 ) 155.0 2–15 Capitalized software 510.0 (336.2 ) 173.8 485.8 (302.9 ) 182.9 3–12 Patents and intellectual property 136.4 (72.8 ) 63.6 152.0 (81.4 ) 70.6 3–14 Customer relationships and distributor channels 1,268.5 (165.1 ) 1,103.4 1,324.7 (159.6 ) 1,165.1 3–30 Other 109.0 (67.4 ) 41.6 112.8 (50.4 ) 62.4 3–5 $ 6,445.7 $ (674.3 ) $ 5,771.4 $ 10,829.6 $ (630.0 ) $ 10,199.6 |
Summary of Impairment Charges Allocated to Reporting Segments | The impairment charges were allocated to the Company’s reporting segments as follows (in millions): Three and Nine Impairment of intangibles (1) Food and Appliances $ 1,639.7 Home and Outdoor Living 2,385.1 Learning and Development 246.0 $ 4,270.8 (1) In the Food and Appliances segment, impairment charges of $1.2 billion and $455 million were recorded within the Appliances and Cookware and Food reporting units, respectively. In the Home and Outdoor Living segment, impairment charges of $1.7 billion, $630 million and $75 million were recorded within the Home Fragrance, Outdoor and Recreation and Connected Home and Security reporting units, respectively. In the Learning and Development segment, the impairment charge recorded was attributable to the Baby reporting unit. These impairment charges were recorded as a result of the Company’s impairment testing, and resulted primarily from a decrease in the Company’s market capitalization during the three months ended September 30, 2018 and a deterioration of expected future revenues and margins related to certain tradenames within these segments. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | Other accrued liabilities are comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, Customer accruals $ 543.3 $ 356.5 Accruals for manufacturing, marketing and freight expenses 38.6 35.2 Accrued self-insurance liabilities, contingencies and warranty 142.2 220.5 Derivative liabilities 6.1 27.4 Accrued income taxes 94.7 221.1 Accrued interest expense 185.6 100.1 Other 245.6 311.1 $ 1,256.1 $ 1,271.9 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt comprised of the following as of the dates indicated (in millions): September 30, 2018 December 31, 2.15% senior notes due 2018 $ — $ 299.5 2.60% senior notes due 2019 267.2 266.7 2.875% senior notes due 2019 349.2 348.6 4.70% senior notes due 2020 304.5 304.3 3.15% senior notes due 2021 995.0 993.6 3.75% senior notes due 2021 358.2 373.2 4.00% senior notes due 2022 249.0 248.8 3.85% senior notes due 2023 1,740.3 1,738.8 5.00% senior notes due 2023 310.5 312.1 4.00% senior notes due 2024 496.3 495.8 3.90% senior notes due 2025 297.4 297.2 4.20% senior notes due 2026 1,984.0 1,982.7 5.375% senior notes due 2036 495.2 495.0 5.50% senior notes due 2046 1,726.3 1,726.0 Term loan — 299.8 Commercial paper — — Receivables facilities — 298.3 Other debt 40.0 70.6 Total debt 9,613.1 10,551.0 Short-term debt and current portion of long-term debt (316.3 ) (661.8 ) Long-term debt $ 9,296.8 $ 9,889.2 |
Schedule of Fair Value of Senior Notes | The fair values of the Company’s senior notes are based on quoted market prices and are as follows ( in millions September 30, 2018 December 31, 2017 Fair Value Book Value Fair Value Book Value Senior notes $ 9,392.1 $ 9,573.1 $ 10,688.5 $ 9,882.3 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments | The following table presents the fair value of derivative financial instruments as of the dates indicated (in millions): September 30, 2018 December 31, 2017 Fair Value of Derivatives Fair Value of Derivatives Asset (a) Liability (a) Asset (a) Liability (a) Derivatives designated as effective hedges: Cash flow hedges: Cross-currency swaps $ — $ — $ — $ 21.5 Foreign currency contracts 4.8 1.5 2.0 6.6 Fair value hedges: Interest rate swaps — 20.5 — 7.8 Derivatives not designated as effective hedges: Foreign currency contracts 10.8 4.9 12.7 20.8 Commodity contracts 0.1 — 0.2 — Total $ 15.7 $ 26.9 $ 14.9 $ 56.7 (a) Consolidated balance sheet location: Asset: Prepaid expenses and other, and other non-current Liability: Other accrued liabilities, and current and non-current |
Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges | The following tables presents gain and loss activity (on a pretax basis) for the three and nine months ended September 30, 2018 and 2017 related to derivative financial instruments designated or previously designated, as effective hedges (in millions): Three Months Ended September 30, 2018 Three Months Ended September 30, 2017 Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized in income Recognized in OCI (a) (effective portion) Reclassified from AOCL to Income Recognized in OCI (a) (effective portion) Reclassified from AOCL to Income Interest rate swaps Interest expense, net $ — $ (1.9 ) $ — $ (2.1 ) Foreign currency contracts Sales and cost of sales 1.7 (3.0 ) (12.8 ) (0.4 ) Cross-currency swaps Other income (expense), — — (0.4 ) (0.7 ) Total $ 1.7 $ (4.9 ) $ (13.2 ) $ (3.2 ) Nine Months Ended September 30, 2018 Nine Months Ended September 30, 2017 Gain/(Loss) Gain/(Loss) Location of gain/(loss) recognized in income Recognized in OCI (a) (effective portion) Reclassified from AOCL to Income Recognized in OCI (a) (effective portion) Reclassified from AOCL to Income Interest rate swaps Interest expense, net $ — $ (5.7 ) $ — $ (6.2 ) Foreign currency contracts Sales and cost of sales 11.7 (15.5 ) (35.8 ) 12.4 Cross-currency swaps Other income (expense), (1.7 ) (3.0 ) (1.6 ) (6.3 ) Total $ 10.0 $ (24.2 ) $ (37.4 ) $ (0.1 ) (a) Represents effective portion recognized in OCI. |
Employee Benefit and Retireme_2
Employee Benefit and Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Pension Benefits [Member] | |
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | The components of pension and postretirement benefit expense for continuing operations for the periods indicated, are as follows (in millions): Pension Benefits Three Months Ended September 30, U.S. International 2018 2017 2018 2017 Service cost $ 0.2 $ 0.6 $ 1.3 $ 1.6 Interest cost 11.6 12.4 2.9 3.2 Expected return on plan assets (16.9 ) (18.4 ) (3.6 ) (4.5 ) Amortization, net 5.4 6.0 0.6 0.6 Net periodic pension cost $ 0.3 $ 0.6 $ 1.2 $ 0.9 Nine Months Ended September 30, U.S. International 2018 2017 2018 2017 Service cost $ 0.6 $ 2.0 $ 3.9 $ 4.7 Interest cost 34.7 37.1 9.4 9.7 Expected return on plan assets (50.6 ) (55.0 ) (11.5 ) (13.6 ) Amortization, net 16.1 17.8 1.9 1.8 Curtailment, settlement and termination (benefit) costs — — 0.3 — Net periodic pension cost $ 0.8 $ 1.9 $ 4.0 $ 2.6 |
Postretirement Benefits [Member] | |
Schedule Of Company's Pension Cost And Supplemental Retirement Plans | Pension Benefits Three Months Ended September 30, U.S. International 2018 2017 2018 2017 Service cost $ 0.2 $ 0.6 $ 1.3 $ 1.6 Interest cost 11.6 12.4 2.9 3.2 Expected return on plan assets (16.9 ) (18.4 ) (3.6 ) (4.5 ) Amortization, net 5.4 6.0 0.6 0.6 Net periodic pension cost $ 0.3 $ 0.6 $ 1.2 $ 0.9 Nine Months Ended September 30, U.S. International 2018 2017 2018 2017 Service cost $ 0.6 $ 2.0 $ 3.9 $ 4.7 Interest cost 34.7 37.1 9.4 9.7 Expected return on plan assets (50.6 ) (55.0 ) (11.5 ) (13.6 ) Amortization, net 16.1 17.8 1.9 1.8 Curtailment, settlement and termination (benefit) costs — — 0.3 — Net periodic pension cost $ 0.8 $ 1.9 $ 4.0 $ 2.6 Postretirement Benefits Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Service cost $ 0.1 $ — $ 0.2 $ 0.1 Interest cost 0.5 0.5 1.4 $ 1.6 Amortization, net (2.6 ) (2.2 ) (7.7 ) (6.8 ) Net periodic expense $ (2.0 ) $ (1.7 ) $ (6.1 ) $ (5.1 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Computations of Weighted Average Shares Outstanding | The computations of the weighted average shares outstanding for the periods indicated are as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Weighted-average shares outstanding 470.7 489.6 480.6 485.2 Share-based payment awards classified as participating securities (1) 0.3 0.8 0.5 1.1 Basic weighted-average shares outstanding 471.0 490.4 481.1 486.3 Dilutive securities (2) — 1.1 — 1.6 Diluted weighted-average shares outstanding 471.0 491.5 481.1 487.9 (1) For the three and nine months ended September 30, 2018 and 2017 dividends and equivalents for share-based awards that are expected to be forfeited do not have a material effect on net income for basic and diluted earnings per share. (2) The three and nine months ended September 30, 2018 excludes 0.3 million and 0.7 million potentially dilutive share-based awards as their effect would be anti-dilutive. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s non-pension September 30, 2018 December 31, 2017 Fair Value Asset (Liability) Fair Value Asset (Liability) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Derivatives: Assets $ — $ 15.7 $ — $ 15.7 $ — $ 14.9 $ — $ 14.9 Liabilities — (26.9 ) — (26.9 ) — (56.7 ) — (56.7 ) Investment securities, including mutual funds 5.2 3.4 — 8.6 5.2 3.5 — 8.7 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Segment information as of and for the periods indicated is as follows (in millions): Three Months Ended September 30, 2018 Food and Home and Learning Other Corporate Restructuring Consolidated Net sales (1) $ 721.5 $ 726.5 $ 829.2 $ — $ — $ — $ 2,277.2 Operating income (loss) (2) (3,323.6 ) (4,300.4 ) (159.2 ) 1.0 (110.2 ) (11.4 ) (7,903.8 ) Other segment data: Total segment assets 4,308.0 4,206.7 5,015.1 26.4 2,229.5 — 15,785.7 Three Months Ended September 30, 2017 Food and Home and Learning Other Corporate Restructuring Consolidated Net sales (1) $ 814.6 $ 779.5 $ 862.8 $ 9.7 $ — $ — $ 2,466.6 Operating income (loss) (2) 105.1 95.5 108.9 (4.9 ) (128.0 ) (35.5 ) 141.1 Other segment data: Total segment assets 7,919.2 8,584.0 5,620.4 28.8 1,458.9 — 23,611.3 Nine Months Ended September 30, 2018 Food and Home and Learning Other Corporate Restructuring Consolidated Net sales (1) $ 1,875.5 $ 2,137.9 $ 2,274.9 $ 2.0 $ — $ — $ 6,290.3 Operating income (loss) (2) (3,270.7 ) (4,283.2 ) 102.5 3.4 (335.8 ) (62.5 ) (7,846.3 ) Nine Months Ended September 30, 2017 Food and Home and Learning Other Corporate Restructuring Consolidated Net sales (1) $ 2,033.2 $ 2,242.5 $ 2,539.4 $ 247.7 $ — $ — $ 7,062.8 Operating income (loss) (2) 205.9 165.6 442.6 (90.4 ) (411.5 ) (68.4 ) 243.8 (1) All intercompany transactions have been eliminated. (2) Operating income (loss) by segment is net sales less cost of products sold, SG&A and impairment of goodwill, intangibles and other assets for continuing operations. Certain headquarters expenses of an operational nature are allocated to business segments primarily on a net sales basis. Corporate depreciation and amortization is allocated to the segments on a percentage of sales basis, and the allocated depreciation and amortization are included in segment operating income. |
Basis of Presentation and Sig_4
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||||||
Net cash used in operating activities | $ 181.6 | $ (23.8) | ||||||
Net cash used in financing activities | (1,768) | (1,005.9) | ||||||
Customer Supply Chain [Member] | ||||||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||||||
Cost of products sold | $ 12.9 | $ 15.9 | $ 1.8 | 30.6 | $ 40.1 | |||
Customer Supply Chain [Member] | Discontinued Operations [Member] | ||||||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||||||
Cost of products sold | 1.7 | $ 1.6 | $ 1.3 | 4.6 | $ 7.3 | |||
ASU 2017-07 [Member] | ||||||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||||||
Income reclassified from selling, general and administrative expenses ("SG&A") to other expense (income), net | 2.4 | 7.4 | ||||||
Accounting Standards Update 2016-15 [Member] | ||||||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||||||
Net cash used in operating activities | (34.2) | |||||||
Net cash used in financing activities | 34.2 | |||||||
Accounting Standards Update 2016-16 [Member] | Retained Earnings And Prepaid Expenses And Other [Member] | ||||||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||||||
Retained earnings and prepaid expenses | $ 17.8 | |||||||
Sprue Aegis [Member] | ||||||||
Basis of Presentation and Significant Accounting Policies [Line Items] | ||||||||
Revenue from related parties | $ 0 | $ 8.6 | $ 7.5 | $ 24 | ||||
Investment owned, percentage | 23.40% | 23.40% |
Basis of Presentation and Sig_5
Basis of Presentation and Significant Accounting Policies - Summary of Impact of Adoption of Topic 606 on Condensed Consolidated Statement of Operations and Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Item Effected [Line Items] | ||||||
Accounts receivable, net | $ 2,015.4 | $ 2,015.4 | $ 1,879.3 | |||
Inventory, net | 1,857.5 | 1,857.5 | 1,662.4 | |||
Prepaid expenses and other | 279.6 | 279.6 | 327.9 | |||
Current assets held for sale | 6,612.4 | 6,612.4 | 6,894.3 | |||
Noncurrent assets held for sale | 3,321.7 | |||||
Other accrued liabilities | 1,256.1 | 1,256.1 | 1,271.9 | |||
Current liabilities held for sale | 1,212.7 | 1,212.7 | 1,711.3 | |||
Noncurrent liabilities held for sale | 12.8 | |||||
Retained earnings (deficit) | (2,694.8) | (2,694.8) | 4,611.2 | |||
Net sales | 2,277.2 | $ 2,466.6 | 6,290.3 | $ 7,062.8 | ||
Cost of products sold | 1,460.2 | 1,601.7 | 4,093.2 | 4,613.6 | ||
Selling, general and administrative expenses | 575.7 | 687.9 | 1,815.6 | 2,052.7 | ||
Operating income (loss) | (7,903.8) | 141.1 | (7,846.3) | 243.8 | ||
Income tax benefit | (1,218) | (131.1) | (1,251.4) | (99.6) | ||
Loss from continuing operations | (6,795.3) | 111.1 | (6,926.4) | 672 | ||
Net income (loss) | (7,311) | $ 234.4 | (7,126) | $ 1,095.9 | ||
Accounting Standards Update 2014-09 [Member] | ||||||
Item Effected [Line Items] | ||||||
Accounts receivable, net | 2,015.4 | 2,015.4 | $ 1,979.6 | 1,879.3 | ||
Inventory, net | 1,857.5 | 1,857.5 | ||||
Prepaid expenses and other | 279.6 | 279.6 | 342.5 | 327.9 | ||
Current assets held for sale | 6,612.4 | 6,612.4 | 6,915.6 | 6,894.3 | ||
Noncurrent assets held for sale | 3,355.5 | 3,321.7 | ||||
Other accrued liabilities | 1,256.1 | 1,256.1 | 1,386.8 | 1,271.9 | ||
Current liabilities held for sale | 1,212.7 | 1,212.7 | 1,732.6 | 1,711.3 | ||
Noncurrent liabilities held for sale | 46.6 | 12.8 | ||||
Retained earnings (deficit) | (2,694.8) | (2,694.8) | $ 4,611.2 | 4,611.2 | ||
Net sales | 2,277.2 | 6,290.3 | ||||
Cost of products sold | 1,460.2 | 4,093.2 | ||||
Selling, general and administrative expenses | 575.7 | 1,815.6 | ||||
Operating income (loss) | (7,903.8) | (7,846.3) | ||||
Income tax benefit | (1,218) | (1,251.4) | ||||
Loss from continuing operations | (6,795.3) | (6,926.4) | ||||
Net income (loss) | (7,311) | (7,126) | ||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Item Effected [Line Items] | ||||||
Accounts receivable, net | (101.7) | (101.7) | 100.3 | |||
Inventory, net | 0.7 | 0.7 | ||||
Prepaid expenses and other | (16.1) | (16.1) | 14.6 | |||
Current assets held for sale | (39.6) | (39.6) | 21.3 | |||
Noncurrent assets held for sale | 33.8 | |||||
Other accrued liabilities | (116.4) | (116.4) | 114.9 | |||
Current liabilities held for sale | (39.6) | (39.6) | 21.3 | |||
Noncurrent liabilities held for sale | $ 33.8 | |||||
Retained earnings (deficit) | (0.8) | (0.8) | ||||
Net sales | 50.8 | 145.2 | ||||
Cost of products sold | 49.1 | 139.6 | ||||
Selling, general and administrative expenses | 2.2 | 6.7 | ||||
Operating income (loss) | (0.5) | (1.1) | ||||
Income tax benefit | 0.1 | 0.3 | ||||
Loss from continuing operations | (0.4) | (0.8) | ||||
Net income (loss) | (0.4) | (0.8) | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Item Effected [Line Items] | ||||||
Accounts receivable, net | 1,913.7 | 1,913.7 | ||||
Inventory, net | 1,858.2 | 1,858.2 | ||||
Prepaid expenses and other | 263.5 | 263.5 | ||||
Current assets held for sale | 6,572.8 | 6,572.8 | ||||
Other accrued liabilities | 1,139.7 | 1,139.7 | ||||
Current liabilities held for sale | 1,173.1 | 1,173.1 | ||||
Retained earnings (deficit) | (2,695.6) | (2,695.6) | ||||
Net sales | 2,328 | 6,435.5 | ||||
Cost of products sold | 1,509.3 | 4,232.8 | ||||
Selling, general and administrative expenses | 577.9 | 1,822.3 | ||||
Operating income (loss) | (7,904.3) | (7,847.4) | ||||
Income tax benefit | (1,218.1) | (1,251.7) | ||||
Loss from continuing operations | (6,795.7) | (6,927.2) | ||||
Net income (loss) | $ (7,311.4) | $ (7,126.8) |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue by Major Product Grouping Source and Geography (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 2,277.2 | $ 6,290.3 |
Appliances and Cookware [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 453.6 | 1,215.1 |
Food [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 267.9 | 660.4 |
Connected Home and Security [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 96.4 | 273.6 |
Home Fragrance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 260.9 | 648.7 |
Outdoor and Recreation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 369.2 | 1,215.6 |
Baby and Parenting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 301.6 | 848.7 |
Writing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 527.6 | 1,426.2 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2 | |
North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 1,680.2 | 4,498.3 |
International [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 597 | 1,792 |
Food and Appliances Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 721.5 | 1,875.5 |
Food and Appliances Segment [Member] | Appliances and Cookware [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 453.6 | 1,215.1 |
Food and Appliances Segment [Member] | Food [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 267.9 | 660.4 |
Food and Appliances Segment [Member] | North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 551 | 1,357.7 |
Food and Appliances Segment [Member] | International [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 170.5 | 517.8 |
Home and Outdoor Living Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 726.5 | 2,137.9 |
Home and Outdoor Living Segment [Member] | Connected Home and Security [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 96.4 | 273.6 |
Home and Outdoor Living Segment [Member] | Home Fragrance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 260.9 | 648.7 |
Home and Outdoor Living Segment [Member] | Outdoor and Recreation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 369.2 | 1,215.6 |
Home and Outdoor Living Segment [Member] | North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 532.8 | 1,531.9 |
Home and Outdoor Living Segment [Member] | International [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 193.7 | 606 |
Learning and Development Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 829.2 | 2,274.9 |
Learning and Development Segment [Member] | Baby and Parenting [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 301.6 | 848.7 |
Learning and Development Segment [Member] | Writing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 527.6 | 1,426.2 |
Learning and Development Segment [Member] | North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 596.4 | 1,606.5 |
Learning and Development Segment [Member] | International [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 232.8 | 668.4 |
Other Segment [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2 | |
Other Segment [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2 | |
Other Segment [Member] | North America [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 2.2 | |
Other Segment [Member] | International [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ (0.2) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Write of off accounts receivable | $ 28.7 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | Apr. 03, 2017 | Sep. 30, 2017 | Jan. 31, 2017 | Sep. 30, 2017 |
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, cash | $ 634.3 | |||
Sistema Plastics [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, cash | $ 472 | |||
Chesapeake Bay Candle [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, cash | $ 75 | |||
Smith Mountain Industries [Member] | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, cash | $ 100 |
Divestitures and Held for Sal_2
Divestitures and Held for Sale - Summary of Amounts Included in Discontinued Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Net sales | $ 859.3 | $ 1,197 | $ 3,592.4 | $ 3,901.1 |
Cost of products sold | 552.8 | 794.2 | 2,293.1 | 2,490.1 |
Selling, general and administrative expenses | 155.3 | 219.7 | 669.4 | 743.9 |
Restructuring costs, net | 2.8 | 2.9 | 7.8 | 13.8 |
Impairment of goodwill, intangibles and other assets | 628.8 | 1,082.8 | 0.7 | |
Operating income (loss) | (480.4) | 180.2 | (460.7) | 652.6 |
Non-operating expense (income) | (27.3) | (5.4) | (488.3) | (1.3) |
Income before income taxes | (453.1) | 185.6 | 27.6 | 653.9 |
Income tax expense (benefit) | (62.6) | 62.3 | 227.2 | 230 |
Net income (loss) | $ (515.7) | $ 123.3 | $ (199.6) | $ 423.9 |
Divestitures and Held for Sal_3
Divestitures and Held for Sale - Summary of Amounts Included in Discontinued Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain on sale of discontinued operations | $ 27.5 | $ 489 |
Accounting Standards Update 2014-09 [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Amount reclassified from cost of product sold to net sales | $ 16 | $ 39.3 |
Divestitures and Held for Sal_4
Divestitures and Held for Sale - Schedule of Major Classes of Assets and Liabilities Held for Sale (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accounts receivable, net | $ 648 | $ 794.7 |
Inventories, net | 620.3 | 836.4 |
Prepaid expenses and other | 85.4 | 87.6 |
Property, plant and equipment, net | 635.3 | 310.1 |
Goodwill | 1,700 | 2,189.6 |
Other intangible assets, net | 2,892.5 | 2,652.1 |
Other assets | 30.9 | 23.8 |
Current assets held-for-sale | 6,612.4 | 6,894.3 |
Property, plant and equipment, net | 429 | |
Goodwill | 1,497.5 | |
Other intangible assets, net | 1,384.3 | |
Other assets | 10.9 | |
Noncurrent assets held-for-sale | 3,321.7 | |
Accounts payable | 421.5 | 534.8 |
Accrued compensation | 79 | 101.6 |
Other accrued liabilities | 265.5 | 433 |
Deferred income taxes | 372.3 | 570.1 |
Other liabilities | 74.4 | 71.8 |
Current liabilities held-for-sale | 1,212.7 | 1,711.3 |
Deferred income taxes | $ 0 | 0 |
Other liabilities | 12.8 | |
Noncurrent liabilities held-for-sale | $ 12.8 |
Divestitures and Held for Sal_5
Divestitures and Held for Sale - Schedule of Major Classes of Assets and Liabilities Held for Sale (Parenthetical) (Detail) $ in Millions | Dec. 31, 2017USD ($) |
Discontinued Operations and Disposal Groups [Abstract] | |
Building held for sale | $ 4 |
Divestitures and Held for Sal_6
Divestitures and Held for Sale - Additional Information (Detail) - USD ($) $ in Millions | Jun. 29, 2018 | Jul. 01, 2017 | Mar. 09, 2017 | Aug. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Nov. 07, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Impairment charge primarily related to goodwill | $ 3,857.2 | |||||||
Disposal group, not discontinued operation, gain (loss) on disposal | 489.3 | $ 712.3 | ||||||
Subsequent Event [Member] | Jostens [Member] | Platinum Equity Advisors LLC [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Amount of consideration to be received or receivable in asset disposal | $ 1,300 | |||||||
Subsequent Event [Member] | Pure Fishing [Member] | Sycamore Partners [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Amount of consideration to be received or receivable in asset disposal | $ 1,300 | |||||||
Team Sports Business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash consideration on sale of business | $ 395 | |||||||
Discontinued operation, gain (loss) on disposal | 131 | |||||||
Winter Sport Business [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash consideration on sale of business | $ 240 | |||||||
Write down of carrying value of net asset | 59.1 | |||||||
Goody [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash consideration on sale of business | $ 110 | |||||||
Discontinued operation, gain (loss) on disposal | $ 20.4 | 20.4 | ||||||
Fire Building and Teutonia Stroller Businesses [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Write down of carrying value of net asset | 15.3 | |||||||
Tools [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash consideration on sale of business | $ 1,950 | |||||||
Disposal group, not discontinued operation, gain (loss) on disposal | $ 771 | |||||||
Waddington [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Cash consideration on sale of business | $ 2,300 | |||||||
Discontinued operation, gain (loss) on disposal | 599 | |||||||
Impairment charge primarily related to goodwill | $ 629 | $ 1,100 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ 14,181.3 | |||
Total other comprehensive income (loss), net of tax | $ (46.9) | $ 53.4 | (211.4) | $ 273.2 |
Ending balance | 6,026.2 | 6,026.2 | ||
Cumulative Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (318.8) | |||
Other comprehensive (loss) income before reclassifications | (212.8) | |||
Amounts reclassified to earnings | 16.8 | |||
Total other comprehensive income (loss), net of tax | (196) | |||
Ending balance | (514.8) | (514.8) | ||
Pension and Postretirement Costs [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (385.5) | |||
Other comprehensive (loss) income before reclassifications | (43.6) | |||
Amounts reclassified to earnings | 7.8 | |||
Total other comprehensive income (loss), net of tax | (35.8) | |||
Reclassification to retained earnings | (54.5) | |||
Ending balance | (475.8) | (475.8) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (58.8) | |||
Other comprehensive (loss) income before reclassifications | 6 | |||
Amounts reclassified to earnings | 14.4 | |||
Total other comprehensive income (loss), net of tax | 20.4 | |||
Reclassification to retained earnings | (8.1) | |||
Ending balance | (46.5) | (46.5) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (763.1) | |||
Other comprehensive (loss) income before reclassifications | (250.4) | |||
Amounts reclassified to earnings | 39 | |||
Total other comprehensive income (loss), net of tax | (211.4) | |||
Reclassification to retained earnings | (62.6) | |||
Ending balance | $ (1,037.1) | $ (1,037.1) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Equity [Abstract] | ||||
Reclassification adjustment from AOCL, Pension and other postretirement benefit plans, pre-tax | $ 3.5 | $ 4.5 | $ 10.4 | $ 12.9 |
Reclassification adjustment from AOCL, Derivative financial instruments, pre-tax expense | $ 4.9 | $ 3.2 | $ 24.2 | $ 0.1 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Schedule of Income Tax (Provision) Benefit Allocated to Components of OCI (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Equity [Abstract] | ||||
Foreign currency translation adjustments | $ (0.1) | $ 1.9 | $ (0.6) | $ 0.8 |
Unrecognized pension and postretirement costs | 3.9 | 1.5 | 11.9 | 4.2 |
Derivative financial instruments | $ (3.8) | (1.1) | (13.8) | (7.7) |
Income tax (provision) benefit related to OCI | $ 2.3 | $ (2.5) | $ (2.7) |
Restructuring Costs - Schedule
Restructuring Costs - Schedule of Restructuring Costs Incurred by Reportable Business Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 11.4 | $ 35.5 | $ 62.5 | $ 68.4 |
Corporate [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 5.4 | 27.8 | 28.2 | 40.1 |
Food and Appliances Segment [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 2.1 | 2.7 | 6 | 6.8 |
Home and Outdoor Living Segment [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 3.9 | 1.1 | 24.4 | 8.6 |
Learning and Development Segment [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 2.7 | $ 3.9 | 10.3 | |
Other Segment [Member] | Operating Segments [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | $ 1.2 | $ 2.6 |
Restructuring Costs - Schedul_2
Restructuring Costs - Schedule of Accrued Restructuring Costs Activity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | $ 79.3 | |||
Restructuring Costs, Net | $ 11.4 | $ 35.5 | 62.5 | $ 68.4 |
Payments | (51.1) | |||
Foreign Currency and Other | (20.2) | |||
Ending balance | 70.5 | 70.5 | ||
Employee Severance, Termination Benefits and Relocation Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 47.2 | |||
Restructuring Costs, Net | 41.1 | |||
Payments | (40.3) | |||
Foreign Currency and Other | (21.4) | |||
Ending balance | 26.6 | 26.6 | ||
Exited Contractual Commitments and Other [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Beginning balance | 32.1 | |||
Restructuring Costs, Net | 21.4 | |||
Payments | (10.8) | |||
Foreign Currency and Other | 1.2 | |||
Ending balance | $ 43.9 | $ 43.9 |
Inventories, Net - Components o
Inventories, Net - Components of Net Inventories (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory, Net [Abstract] | ||
Raw materials and supplies | $ 234.2 | $ 208.9 |
Work-in-process | 131 | 147.9 |
Finished products | 1,492.3 | 1,305.6 |
Total inventories | $ 1,857.5 | $ 1,662.4 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 68.5 | $ 72.4 |
Buildings and improvements | 475.5 | 491.4 |
Machinery and equipment | 1,556.4 | 1,523 |
Property, plant and equipment, gross | 2,100.4 | 2,086.8 |
Less: Accumulated depreciation | (1,183.5) | (1,114.4) |
Property, plant and equipment, net | $ 916.9 | $ 972.4 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Home Fragrance [Member] | Home and Outdoor Living Segment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charges on other assets | $ 37.3 | |||
Continuing Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 37 | $ 39.8 | 119 | $ 116 |
Discontinued Operations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 0.9 | $ 32 | $ 33.9 | $ 94.3 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Net - Summary of Goodwill Activity (Detail) - USD ($) $ in Millions | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill [Line Items] | |
Net Book Value, Beginning balance | $ 6,873 |
Other Adjustments | 0 |
Impairment Charges | (3,857.2) |
Foreign Exchange | (42.2) |
Gross Carrying Amount | 7,690.8 |
Accumulated Impairment Charges | (4,717.2) |
Net Book Value, Ending balance | 2,973.6 |
Food and Appliances Segment [Member] | |
Goodwill [Line Items] | |
Net Book Value, Beginning balance | 1,990 |
Other Adjustments | 0 |
Impairment Charges | (1,766.9) |
Foreign Exchange | (14.2) |
Gross Carrying Amount | 2,095.1 |
Accumulated Impairment Charges | (1,886.2) |
Net Book Value, Ending balance | 208.9 |
Home and Outdoor Living Segment [Member] | |
Goodwill [Line Items] | |
Net Book Value, Beginning balance | 2,148 |
Other Adjustments | 0 |
Impairment Charges | (1,985) |
Foreign Exchange | (2) |
Gross Carrying Amount | 2,146 |
Accumulated Impairment Charges | (1,985) |
Net Book Value, Ending balance | 161 |
Learning and Development Segment [Member] | |
Goodwill [Line Items] | |
Net Book Value, Beginning balance | 2,735 |
Other Adjustments | 0 |
Impairment Charges | (105.3) |
Foreign Exchange | (26) |
Gross Carrying Amount | 3,449.7 |
Accumulated Impairment Charges | (846) |
Net Book Value, Ending balance | $ 2,603.7 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Net - Summary of Goodwill Activity (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Home Fragrance [Member] | Home and Outdoor Living Segment [Member] | |
Goodwill [Line Items] | |
Write down of carrying value of net asset | $ 1,700 |
Outdoor and Recreation [Member] | Home and Outdoor Living Segment [Member] | |
Goodwill [Line Items] | |
Write down of carrying value of net asset | 630 |
Connected Home and Security [Member] | Home and Outdoor Living Segment [Member] | |
Goodwill [Line Items] | |
Write down of carrying value of net asset | 75 |
Goodwill [Member] | Food and Appliances Segment [Member] | |
Goodwill [Line Items] | |
Write down of carrying value of net asset | 1,300 |
Goodwill [Member] | Cookware [Member] | Food and Appliances Segment [Member] | |
Goodwill [Line Items] | |
Write down of carrying value of net asset | 420 |
Goodwill [Member] | Home Fragrance [Member] | Home and Outdoor Living Segment [Member] | |
Goodwill [Line Items] | |
Write down of carrying value of net asset | 875 |
Goodwill [Member] | Outdoor and Recreation [Member] | Home and Outdoor Living Segment [Member] | |
Goodwill [Line Items] | |
Write down of carrying value of net asset | 787 |
Goodwill [Member] | Connected Home and Security [Member] | Home and Outdoor Living Segment [Member] | |
Goodwill [Line Items] | |
Write down of carrying value of net asset | $ 323 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Net - Schedule of Other Intangible Assets and Related Amortization Periods (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2018 | |
Intangible Assets [Line Items] | ||
Intangible assets, Gross Carrying Amount | $ 10,829.6 | $ 6,445.7 |
Accumulated Amortization | (630) | (674.3) |
Intangible assets, Net Book value | 10,199.6 | 5,771.4 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Indefinite life, Net Book Value | 8,563.6 | 4,252.2 |
Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 190.7 | 169.6 |
Accumulated Amortization | (35.7) | (32.8) |
Net Book Value | $ 155 | 136.8 |
Trade Names [Member] | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 2 years | |
Trade Names [Member] | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 15 years | |
Capitalized Software [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 485.8 | 510 |
Accumulated Amortization | (302.9) | (336.2) |
Net Book Value | $ 182.9 | 173.8 |
Capitalized Software [Member] | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 3 years | |
Capitalized Software [Member] | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 12 years | |
Patents and Intellectual Property [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 152 | 136.4 |
Accumulated Amortization | (81.4) | (72.8) |
Net Book Value | $ 70.6 | 63.6 |
Patents and Intellectual Property [Member] | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 3 years | |
Patents and Intellectual Property [Member] | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 14 years | |
Customer Relationships & Distributor Channels [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,324.7 | 1,268.5 |
Accumulated Amortization | (159.6) | (165.1) |
Net Book Value | $ 1,165.1 | 1,103.4 |
Customer Relationships & Distributor Channels [Member] | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 3 years | |
Customer Relationships & Distributor Channels [Member] | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 30 years | |
Other [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 112.8 | 109 |
Accumulated Amortization | (50.4) | (67.4) |
Net Book Value | $ 62.4 | $ 41.6 |
Other [Member] | Minimum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 3 years | |
Other [Member] | Maximum [Member] | ||
Intangible Assets [Line Items] | ||
Amortization periods | 5 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Noncompete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Expense (income) adjustment for amortization | $ 13.6 | |||
Continuing Operations [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense for intangible assets | $ 41.7 | $ 44.2 | $ 140 | 149 |
Discontinued Operations [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense for intangible assets | $ 3.1 | $ 39.8 | $ 44.6 | $ 116 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets, Net - Summary of Impairment Charges Allocated to Reporting Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of intangible assets | $ 4,270.8 | $ 4,270.8 |
Food and Appliances Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of intangible assets | 1,639.7 | 1,639.7 |
Home and Outdoor Living Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of intangible assets | 2,385.1 | 2,385.1 |
Learning and Development Segment [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of intangible assets | $ 246 | $ 246 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets, Net - Summary of Impairment Charges Allocated to Reporting Segments (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Appliances and Cookware [Member] | Food and Appliances Segment [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Write down of carrying value of net asset | $ 1,200 |
Food [Member] | Food and Appliances Segment [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Write down of carrying value of net asset | 455 |
Home Fragrance [Member] | Home and Outdoor Living Segment [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Write down of carrying value of net asset | 1,700 |
Outdoor and Recreation [Member] | Home and Outdoor Living Segment [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Write down of carrying value of net asset | 630 |
Connected Home and Security [Member] | Home and Outdoor Living Segment [Member] | |
Indefinite-lived Intangible Assets [Line Items] | |
Write down of carrying value of net asset | $ 75 |
Other Accrued Liabilities - Oth
Other Accrued Liabilities - Other Accrued Liabilities (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Accrued Liabilities, Current [Abstract] | ||
Customer accruals | $ 543.3 | $ 356.5 |
Accruals for manufacturing, marketing and freight expenses | 38.6 | 35.2 |
Accrued self-insurance liabilities, contingencies and warranty | 142.2 | 220.5 |
Derivative liabilities | 6.1 | 27.4 |
Accrued income taxes | 94.7 | 221.1 |
Accrued interest expense | 185.6 | 100.1 |
Other | 245.6 | 311.1 |
Other accrued liabilities | $ 1,256.1 | $ 1,271.9 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Commercial paper | $ 0 | $ 0 |
Receivables facilities | 298.3 | |
Other debt | 40 | 70.6 |
Total debt | 9,613.1 | 10,551 |
Debt | ||
Total debt | 9,613.1 | 10,551 |
Short-term debt and current portion of long-term debt | (316.3) | (661.8) |
Long-term debt | 9,296.8 | 9,889.2 |
2.15% Senior Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 299.5 | |
2.60% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 267.2 | 266.7 |
2.875% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 349.2 | 348.6 |
4.70% Senior Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 304.5 | 304.3 |
3.15% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 995 | 993.6 |
3.75% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 358.2 | 373.2 |
4.00% Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 249 | 248.8 |
3.85% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 1,740.3 | 1,738.8 |
5.00% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 310.5 | 312.1 |
4.00% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 496.3 | 495.8 |
3.90% Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 297.4 | 297.2 |
4.20% Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 1,984 | 1,982.7 |
5.375% Senior Notes Due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | 495.2 | 495 |
5.50% Senior Notes Due 2046 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 1,726.3 | 1,726 |
Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 299.8 |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
2.15% Senior Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.15% | 2.15% |
Maturity year | 2,018 | 2,018 |
2.60% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.60% | 2.60% |
Maturity year | 2,019 | 2,019 |
2.875% Senior Notes Due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.875% | 2.875% |
Maturity year | 2,019 | 2,019 |
4.70% Senior Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.70% | 4.70% |
Maturity year | 2,020 | 2,020 |
3.15% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.15% | 3.15% |
Maturity year | 2,021 | 2,021 |
3.75% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.75% | 3.75% |
Maturity year | 2,021 | 2,021 |
4.00% Senior Notes Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.00% | 4.00% |
Maturity year | 2,022 | 2,022 |
3.85% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.85% | 3.85% |
Maturity year | 2,023 | 2,023 |
5.00% Senior Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Maturity year | 2,023 | 2,023 |
4.00% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.00% | 4.00% |
Maturity year | 2,024 | 2,024 |
3.90% Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.90% | 3.90% |
Maturity year | 2,025 | 2,025 |
4.20% Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.20% | 4.20% |
Maturity year | 2,026 | 2,026 |
5.375% Senior Notes Due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.375% | 5.375% |
Maturity year | 2,036 | 2,036 |
5.50% Senior Notes Due 2046 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.50% | 5.50% |
Maturity year | 2,046 | 2,046 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Nov. 09, 2018 | Sep. 30, 2018EUR (€) | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||||
Deferred gain (loss) on net investment hedge recorded in AOCL, net of tax | $ 7.7 | ||||||
Gain related to extinguishment of debt/credit facility | $ (32.3) | ||||||
Scenario, Forecast [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Gain related to extinguishment of debt/credit facility | $ 0.4 | ||||||
Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consideration for repurchase of debt | $ 893 | ||||||
3.75% Senior Notes Due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes rate | 3.75% | 3.75% | |||||
Debt Instrument, face amount | € | € 300,000,000 | ||||||
Tender Offers [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, repurchased face amount | $ 1,000 | ||||||
2.875% Senior Notes Due 2019 [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes rate | 2.875% | ||||||
Debt instrument, repurchased face amount | $ 249 | ||||||
Debt instrument, maturity date | 2,019 | ||||||
3.15% Senior Notes Due 2021 [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes rate | 3.15% | ||||||
Debt instrument, repurchased face amount | $ 650 | ||||||
Debt instrument, maturity date | 2,021 | ||||||
3.85% Senior Notes Due 2023 [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes rate | 3.85% | ||||||
Debt instrument, maturity date | 2,023 | ||||||
4.20% Senior Notes Due 2026 [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes rate | 4.20% | ||||||
Debt instrument, maturity date | 2,026 | ||||||
2.15% Senior Notes Due 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes rate | 2.15% | 2.15% | |||||
2.875% Senior Notes Due 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes rate | 2.875% | 2.875% | |||||
2.875% Senior Notes Due 2019 [Member] | Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior notes rate | 2.875% |
Debt - Schedule of Fair Value o
Debt - Schedule of Fair Value of Senior Notes (Detail) - Senior Notes [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Senior Notes, Fair Value | $ 9,392.1 | $ 10,688.5 |
Senior Notes, Book Value | $ 9,573.1 | $ 9,882.3 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||
Cash flow hedge gain (loss) to be reclassified within twelve months | $ 10,000,000 | ||||
Other Expense, Net [Member] | |||||
Derivative [Line Items] | |||||
Derivative instruments not designated as hedging instruments, expense (income), net | $ 8,100,000 | $ 11,100,000 | 12,700,000 | $ 45,300,000 | |
4.70% Senior Notes Due 2020 [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, face amount | $ 277,000,000 | $ 277,000,000 | |||
Debt Instrument, interest rate, stated percentage | 4.70% | 4.70% | 4.70% | ||
4.00% Senior Notes Due 2024 [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, face amount | $ 250,000,000 | $ 250,000,000 | |||
Debt Instrument, interest rate, stated percentage | 4.00% | 4.00% | 4.00% | ||
Interest Rate Swaps [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 527,000,000 | $ 527,000,000 | |||
Foreign Currency Contracts [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | 501,000,000 | 501,000,000 | |||
Foreign Currency Contracts [Member] | Derivatives Not Designated as Effective Hedges [Member] | |||||
Derivative [Line Items] | |||||
Derivative, notional amount | $ 723,000,000 | $ 723,000,000 |
Derivatives - Schedule of Fair
Derivatives - Schedule of Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | $ 15.7 | $ 14.9 |
Fair Value of Derivatives, Liability | 26.9 | 56.7 |
Derivatives Designated as Effective Hedges [Member] | Cash Flow Hedges [Member] | Cross-currency Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Liability | 21.5 | |
Derivatives Designated as Effective Hedges [Member] | Cash Flow Hedges [Member] | Foreign Currency Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | 4.8 | 2 |
Fair Value of Derivatives, Liability | 1.5 | 6.6 |
Derivatives Designated as Effective Hedges [Member] | Fair Value Hedges [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Liability | 20.5 | 7.8 |
Derivatives Not Designated as Effective Hedges [Member] | Foreign Currency Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | 10.8 | 12.7 |
Fair Value of Derivatives, Liability | 4.9 | 20.8 |
Derivatives Not Designated as Effective Hedges [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Derivatives, Asset | $ 0.1 | $ 0.2 |
Derivatives - Schedule of Preta
Derivatives - Schedule of Pretax Effects of Derivative Financial Instruments Designated or Previously Designated as Effective Hedges (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI (effective portion) | $ 1.7 | $ (13.2) | $ 10 | $ (37.4) |
Gain/(Loss) Reclassified from AOCL to Income | (4.9) | (3.2) | (24.2) | (0.1) |
Interest Rate Swaps [Member] | Interest Expense, Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Reclassified from AOCL to Income | (1.9) | (2.1) | (5.7) | (6.2) |
Foreign Currency Contracts [Member] | Sales and Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI (effective portion) | 1.7 | (12.8) | 11.7 | (35.8) |
Gain/(Loss) Reclassified from AOCL to Income | $ (3) | (0.4) | (15.5) | 12.4 |
Cross-currency Swaps [Member] | Other Income (Expense), Net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain/(Loss) Recognized in OCI (effective portion) | (0.4) | (1.7) | (1.6) | |
Gain/(Loss) Reclassified from AOCL to Income | $ (0.7) | $ (3) | $ (6.3) |
Employee Benefit and Retireme_3
Employee Benefit and Retirement Plans - Schedule of Company's Pension Cost And Supplemental Retirement Plans (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.1 | $ 0.2 | $ 0.1 | |
Interest cost | 0.5 | $ 0.5 | 1.4 | 1.6 |
Amortization, net | (2.6) | (2.2) | (7.7) | (6.8) |
Net periodic expense | (2) | (1.7) | (6.1) | (5.1) |
United States [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.2 | 0.6 | 0.6 | 2 |
Interest cost | 11.6 | 12.4 | 34.7 | 37.1 |
Expected return on plan assets | (16.9) | (18.4) | (50.6) | (55) |
Amortization, net | 5.4 | 6 | 16.1 | 17.8 |
Net periodic expense | 0.3 | 0.6 | 0.8 | 1.9 |
International [Member] | Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1.3 | 1.6 | 3.9 | 4.7 |
Interest cost | 2.9 | 3.2 | 9.4 | 9.7 |
Expected return on plan assets | (3.6) | (4.5) | (11.5) | (13.6) |
Amortization, net | 0.6 | 0.6 | 1.9 | 1.8 |
Curtailment, settlement and termination (benefit) costs | 0.3 | |||
Net periodic expense | $ 1.2 | $ 0.9 | $ 4 | $ 2.6 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax rate Reconciliation, Percent | 15.30% | (17.40%) | |
Valuation allowance, deferred tax asset, change in amount | $ 35.2 | ||
Federal corporate tax | 21.00% | 35.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computations of Weighted Average Shares Outstanding (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares outstanding | 470.7 | 489.6 | 480.6 | 485.2 |
Share-based payment awards classified as participating securities | 0.3 | 0.8 | 0.5 | 1.1 |
Basic weighted-average shares outstanding | 471 | 490.4 | 481.1 | 486.3 |
Dilutive securities | 1.1 | 1.6 | ||
Diluted weighted-average shares outstanding | 471 | 491.5 | 481.1 | 487.9 |
Earnings Per Share - Schedule_2
Earnings Per Share - Schedule of Computations of Weighted Average Shares Outstanding (Parenthetical) (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Share Based Awards [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Potentially dilutive restricted share awards excluded from computation of diluted EPS | 0.3 | 0.7 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Dividends declared, per share | $ 0.23 | $ 0.69 | $ 0.23 | $ 0.65 |
Restricted Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Potentially dilutive restricted share awards excluded from computation of diluted EPS | 1.7 | |||
Jarden Acquisition [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Shares issuable to Dissenting Shareholders | 2.5 |
Stockholders' Equity and Shar_2
Stockholders' Equity and Share-Based Awards - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Jun. 11, 2018 | Sep. 30, 2018 |
Share Repurchase Program [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increase in authorized amount | $ 2,500 | |
Stock repurchase program, authorized amount | $ 3,600 | |
Share Repurchase Program [Member] | Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock repurchase program, shares repurchased | 19.3 | |
Stock repurchase program, value repurchased | $ 511 | |
Performance Based Restricted Stock Units Rsu [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock units awarded | 1.1 | |
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | |
Aggregate grant date fair value | $ 35.1 | |
Time-Based RSU's [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock units awarded | 1.6 | |
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | |
Aggregate grant date fair value | $ 42.3 | |
Share-based awards vesting terms | Vest in equal installments over a three-year period. | |
Employees Awards [member] | Discontinued Operations [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock units awarded | 3.3 | |
Aggregate grant date fair value | $ 0.1 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Non-Pension Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | $ 15.7 | $ 14.9 |
Derivatives, Liabilities | (26.9) | (56.7) |
Investment securities, including mutual funds | 8.6 | 8.7 |
Level 1 [Member] | Fair Value Measurements on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities, including mutual funds | 5.2 | 5.2 |
Level 2 [Member] | Fair Value Measurements on Recurring Basis [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | 15.7 | 14.9 |
Derivatives, Liabilities | (26.9) | (56.7) |
Investment securities, including mutual funds | $ 3.4 | $ 3.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 2,277.2 | $ 2,466.6 | $ 6,290.3 | $ 7,062.8 |
Operating income (loss) | (7,903.8) | 141.1 | (7,846.3) | 243.8 |
Total segment assets | 15,785.7 | 23,611.3 | 15,785.7 | 23,611.3 |
Restructuring Costs [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | (11.4) | (35.5) | (62.5) | (68.4) |
Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income (loss) | (110.2) | (128) | (335.8) | (411.5) |
Total segment assets | 2,229.5 | 1,458.9 | 2,229.5 | 1,458.9 |
Food and Appliances Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 721.5 | 814.6 | 1,875.5 | 2,033.2 |
Operating income (loss) | (3,323.6) | 105.1 | (3,270.7) | 205.9 |
Total segment assets | 4,308 | 7,919.2 | 4,308 | 7,919.2 |
Home and Outdoor Living Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 726.5 | 779.5 | 2,137.9 | 2,242.5 |
Operating income (loss) | (4,300.4) | 95.5 | (4,283.2) | 165.6 |
Total segment assets | 4,206.7 | 8,584 | 4,206.7 | 8,584 |
Learning and Development Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 829.2 | 862.8 | 2,274.9 | 2,539.4 |
Operating income (loss) | (159.2) | 108.9 | 102.5 | 442.6 |
Total segment assets | 5,015.1 | 5,620.4 | 5,015.1 | 5,620.4 |
Other Segment [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 9.7 | 2 | 247.7 | |
Operating income (loss) | 1 | (4.9) | 3.4 | (90.4) |
Total segment assets | $ 26.4 | $ 28.8 | $ 26.4 | $ 28.8 |
Litigation and Contingencies -
Litigation and Contingencies - Additional Information (Detail) $ / shares in Units, shares in Millions, Merchandise in Millions | Sep. 30, 2018USD ($)shares | Jul. 06, 2017USD ($)$ / sharesshares | Oct. 03, 2016shares | Mar. 31, 2014Merchandise | Sep. 30, 2018USD ($)Lawsuits | Dec. 31, 2015USD ($) | Jun. 30, 2018Parties | Sep. 30, 2015USD ($) |
Loss Contingencies [Line Items] | ||||||||
Number of putative class action lawsuits | Lawsuits | 2 | |||||||
Share conversion ratio upon merger | 86.20% | |||||||
Business acquisition, equity interest issued or issuable, number of shares | shares | 6.6 | |||||||
Issue of common stock to settling petitioners , Value | $ 162,000,000 | |||||||
Environmental remediation reserve | $ 42,300,000 | $ 42,300,000 | ||||||
Standby letters of credit outstanding | $ 76,000,000 | $ 76,000,000 | ||||||
NHTSA - Safety Awareness [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency accrual | $ 7,000,000 | |||||||
NHTSA - Other payments [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency payment | $ 3,000,000 | |||||||
Jarden Acquisition [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of shares holding by dissenting shareholders | shares | 2.9 | 2.9 | 10.6 | |||||
Business combination, cash consideration transferred per share | $ / shares | $ 21 | |||||||
Number of common stock transferred on settlement | shares | 7.7 | |||||||
Assumed acquisition price | $ 171,000,000 | |||||||
Lower Passaic River Matter [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of general notice letter recipients involved in remedial investigation and feasibility study | 72 | |||||||
Loss contingency estimated period | 30 years | |||||||
Number of parties sued | Parties | 120 | |||||||
Lower Passaic River Matter [Member] | Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | $ 315,000,000 | $ 315,000,000 | ||||||
Lower Passaic River Matter [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 3,200,000,000 | 3,200,000,000 | ||||||
Lower Passaic River Maintenance Costs [Member] | Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 500,000 | 500,000 | ||||||
Lower Passaic River Maintenance Costs [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 1,800,000 | 1,800,000 | ||||||
Lower Passaic River Matter - Preferred Alternative [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 1,700,000,000 | 1,700,000,000 | ||||||
Lower Passaic River Matter - Preferred Alternative Maintenance Costs [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 1,600,000 | 1,600,000 | ||||||
Lower Passaic River Matter - Alternative Range from Participating Parties [Member] | Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 28,000,000 | 28,000,000 | ||||||
Lower Passaic River Matter - Alternative Range from Participating Parties [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | 2,700,000,000 | 2,700,000,000 | ||||||
Lower Passaic River Matter - Selected Remedy for the Preferred Alternative [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency, estimate of possible loss | $ 1,400,000,000 | 1,400,000,000 | ||||||
Settlement amount | $ 0.3 | |||||||
Graco Recall [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Approximate number of defective merchandise recalled | Merchandise | 4 |