finance report
Emily09
Fin350ComparableFirmTwo.xlsxIncome Statement
| CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||||
| Year t | Year t-1 | Year t-2 | % of year t | % of year t-1 | % of year t-2 | ||
| Income Statement | |||||||
| Net Sales | $ 3,493.1 | $ 3,394.8 | $ 3,297.6 | 100.00% | 100.00% | 100.00% | |
| Cost of sales | 1,902.5 | 1,883 | 1,844.7 | 54.46% | 55.47% | 55.94% | |
| Gross Profit | 1,590.6 | 1,511.8 | 1,452.9 | 45.54% | 44.53% | 44.06% | |
| Marketing expenses | 427.2 | 417.5 | 416.9 | 12.23% | 12.30% | 12.64% | |
| Selling, general and administrative expenses | 439.2 | 420.1 | 394.8 | 12.57% | 12.37% | 11.97% | |
| Income from Operations | 724.2 | 674.2 | 641.2 | 20.73% | 19.86% | 19.44% | |
| Equity in earnings (losses) of affiliates | 9.2 | (5.8) | 11.6 | 0.26% | -0.17% | 0.35% | |
| Investment earnings | 1.7 | 1.5 | 2.3 | 0.05% | 0.04% | 0.07% | |
| Other income (expense), net | (1.5) | (4) | (2.8) | -0.04% | -0.12% | -0.08% | |
| Interest expense | (27.7) | (30.5) | (27.4) | -0.79% | -0.90% | -0.83% | |
| Income before Income Taxes | 705.9 | 635.4 | 624.9 | 20.21% | 18.72% | 18.95% | |
| Income taxes | 246.9 | 225 | 211 | 7.07% | 6.63% | 6.40% | |
| Net Income | $ 459 | $ 410.4 | $ 413.9 | 13.14% | 12.09% | 12.55% | |
| Weighted average shares outstanding - Basic | 257.6 | 262.2 | 270.2 | 7.37% | 7.72% | 8.19% | |
| Weighted average shares outstanding - Diluted | 262.1 | 267.2 | 275 | 7.50% | 7.87% | 8.34% | |
| Net income per share - Basic | $ 1.78 | $ 1.57 | [1],[2] | $ 1.53 | 0.05% | 0.05% | 0.05% |
| Net income per share - Diluted | 1.75 | 1.54 | [1],[2] | 1.51 | 0.05% | 0.05% | 0.05% |
| Cash dividends per share | $ 0.71 | $ 0.67 | $ 0.62 | 0.02% | 0.02% | 0.02% | |
| [1] | The second quarter Income from Operations includes an $8.9 pre-tax charge or $0.03 per share to terminate an international defined benefit pension plan. | ||||||
| [2] | The second quarter Net Income includes a $17.0 or $0.06 per share impairment charge. | ||||||
| Beacon Roofing Supply, INC. | |||||||
| Consolidataed Balance Sheets | |||||||
| (In thousands, except share and per share amount ) | |||||||
| 2017 | 2016 | 2015 | % of 2017 | % of 2016 | % of 2015 | ||
| Net sales | 4,376,670 | 4,127,109 | 2,515,169 | 100.00% | 100.00% | 100.00% | |
| Cost of products sold | 3,300,731 | 3,114,040 | 1,919,804 | 75.42% | 75.45% | 76.33% | |
| Gross profit | 1,075,939 | 1,013,069 | 595,365 | 24.58% | 24.55% | 23.67% | |
| Operating expense | 859,843 | 808,085 | 478,284 | 19.65% | 19.58% | 19.02% | |
| Income from operations | 216,096 | 204,984 | 117,081 | 4.94% | 4.97% | 4.65% | |
| Interest expense, financing costs, and other | 52,751 | 58,452 | 11,037 | 1.21% | 1.42% | 0.44% | |
| Income before provision for income taxes | 163,345 | 146,532 | 106,044 | 3.73% | 3.55% | 4.22% | |
| Provision for income taxes | 62,481 | 56,615 | 43,767 | 1.43% | 1.37% | 1.74% | |
| Net income | 100,864 | 89,917 | 62,277 | 2.30% | 2.18% | 2.48% | |
| Weighted-average common stock outstanding: | |||||||
| Basic | 60,315,648 | 59,424,372 | 49,578,130 | 1378.12% | 1439.85% | 1971.16% | |
| Diluted | 61,344,263 | 60,418,067 | 50,173,478 | 1401.62% | 1463.93% | 1994.84% | |
| Net income per share | |||||||
| Basic | 1.67 | 1.51 | 1.26 | 0.00% | 0.00% | 0.00% | |
| Diluted | 1.64 | 1.49 | 1.24 | 0.00% | 0.00% | 0.00% | |
| Other comprehensive income (loss): | |||||||
| Foreign currency translation adjustment | 3,706 | 1,024 | (14,003) | 0.08% | 0.02% | -0.56% | |
| Unrealized loss due to change in fair value of derivatives, net of tax | (138) | 0.00% | 0.00% | -0.01% | |||
| Total other comprehensive income (loss) | 3,706 | 1,024 | (14,141) | 0.08% | 0.02% | -0.56% | |
| Comprehensive income | 104,570 | 90,941 | 48,136 | 2.39% | 2.20% | 1.91% |
Balance Sheet
| CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Year t | Year t-1 | Year t-2 | % of year t | % of year t-1 | % of year t-2 |
| Current Assets | ||||||
| Cash and cash equivalents | $ 187.8 | $ 330 | $423 | 4.31% | 7.75% | 9.70% |
| Accounts receivable, less allowances of $2.1, $1.0 and $1.9 respectively | 287 | 276.2 | 322.9 | 6.59% | 6.49% | 7.41% |
| Inventories | 258.2 | 274 | 245.9 | 5.93% | 6.44% | 5.64% |
| Other current assets | 23.8 | 25.8 | 26.3 | 0.55% | 0.61% | 0.60% |
| Total Current Assets | 756.8 | 906 | 1,018.10 | 17.38% | 21.28% | 23.36% |
| Property, Plant and Equipment, Net | 588.6 | 609.6 | 616.2 | 13.52% | 14.32% | 14.14% |
| Equity Investment in Affiliates | 8.5 | 8.4 | 24.8 | 0.20% | 0.20% | 0.57% |
| Trade Names and Other Intangibles, Net | 1,431.8 | 1,269.5 | 1,272.40 | 32.88% | 29.82% | 29.19% |
| Goodwill | 1,444.1 | 1,354.9 | 1,325 | 33.17% | 31.83% | 30.40% |
| Other Assets | 124.3 | 108.5 | 102.7 | 2.85% | 2.55% | 2.36% |
| Total Assets | 4,354.1 | 4,256.9 | 4,359.20 | 100.00% | 100.00% | 100.00% |
| Current Liabilities | ||||||
| Short-term borrowings | 426.8 | 357.2 | 146.7 | 9.80% | 8.39% | 3.37% |
| Current portion of long-term debt | 0.0 | 0.0 | 249.9 | 0.00% | 0.00% | 5.73% |
| Accounts payable and accrued expenses | 568.9 | 508.3 | 507.7 | 13.07% | 11.94% | 11.65% |
| Income taxes payable | 6.2 | 7.2 | 1 | 0.14% | 0.17% | 0.02% |
| Total Current Liabilities | 1,001.9 | 872.7 | 905.3 | 23.01% | 20.50% | 20.77% |
| Long-term Debt | 693.4 | 692.8 | 690 | 15.93% | 16.27% | 15.83% |
| Deferred Income Taxes | 512.2 | 484.8 | 470.6 | 11.76% | 11.39% | 10.80% |
| Deferred and Other Long-term Liabilities | 168.7 | 183.4 | 191.4 | 3.87% | 4.31% | 4.39% |
| Total Liabilities | 2,376.2 | 2,233.7 | 2,257.30 | 54.57% | 52.47% | 51.78% |
| Commitments and Contingencies | ||||||
| Stockholders' Equity | ||||||
| Preferred Stock, $1.00 par value, Authorized 2,500,000 shares; none issued | 0 | 0 | 0 | 0.00% | 0.00% | 0.00% |
| Common Stock, $1.00 par value, Authorized 300,000,000 shares; 292,855,100 shares issued in Year t and Year t-1, 146,427,550 in Year t-2 | 292.8 | 292.8 | 146.4 | 6.72% | 6.88% | 3.36% |
| Additional paid-in capital | 251.4 | 230 | 364.8 | 5.77% | 5.40% | 8.37% |
| Retained earnings | 2,926 | 2,650 | 2,414.90 | 67.20% | 62.25% | 55.40% |
| Accumulated other comprehensive loss | (63.8) | (45.9) | (34.70) | -1.47% | -1.08% | -0.80% |
| Common stock in treasury, at cost: 38,892,165 shares in Year t and 32,947,012 shares in Year t-1, 13,075,944 shares in Year t-2 | (1,428.5) | (1,103.7) | (789.50) | -32.81% | -25.93% | -18.11% |
| Total Stockholders' Equity | 1,977.9 | 2,023.2 | 2,101.90 | 45.43% | 47.53% | 48.22% |
| Total Liabilities and Stockholders’ Equity | $ 4,354.1 | $ 4,256.9 | $4,359.20 | 100.00% | 100.00% | 100.00% |
| Beacon Roofing Supply, INC. | ||||||
| Consolidataed Balance Sheets | ||||||
| (In thousands, except share and per share amount ) | ||||||
| 2017 | 2016 | 2015 | % of 2017 | % of 2016 | % of 2015 | |
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | 138,250 | 31,386 | 45,661 | 4.01% | 1.01% | 2.97% |
| Accounts receivable | 704,527 | 626,965 | 399,732 | 20.42% | 20.13% | 25.97% |
| Inventories, net | 551,924 | 480,736 | 320,999 | 16.00% | 15.44% | 20.85% |
| Prepaid expenses and other current assets | 209,138 | 163,103 | 97,928 | 6.06% | 5.24% | 6.36% |
| Total current assets | 1,603,839 | 1,302,190 | 864,320 | 46.49% | 41.82% | 56.15% |
| Property and equipment, net | 156,129 | 148,569 | 90,405 | 4.53% | 4.77% | 5.87% |
| Good will | 1,251,986 | 1,197,565 | 496,415 | 36.29% | 38.46% | 32.25% |
| Intangibles, net | 429,069 | 464,024 | 87,055 | 12.44% | 14.90% | 5.66% |
| Other assets, net | 8,534 | 1,511 | 1,233 | 0.25% | 0.05% | 0.08% |
| Total assets | 3,449,557 | 3,113,859 | 1,539,428 | 100.00% | 100.00% | 100.00% |
| Liabilities and stockholders' equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | 503,697 | 360,915 | 244,891 | 14.60% | 11.59% | 15.91% |
| Accrued expenses | 261,297 | 161,113 | 124,794 | 7.57% | 5.17% | 8.11% |
| Borrowings under revolving lines of credit | 11,240 | 0.00% | 0.00% | 0.73% | ||
| Current portions of long-term debt | 14,141 | 14,811 | 16,320 | 0.41% | 0.48% | 1.06% |
| Total current liabilities | 779,135 | 536,839 | 397,245 | 22.59% | 17.24% | 25.80% |
| Borrowings under revolving lines of credit, net | 3,205 | 359,661 | 0.09% | 11.55% | 0.00% | |
| Long-term debt, net | 721,268 | 722,929 | 170,200 | 20.91% | 23.22% | 11.06% |
| Deferred income taxes, net | 138,383 | 135,482 | 66,500 | 4.01% | 4.35% | 4.32% |
| Long-term obligation under equipment financing and other, net | 25,760 | 35,121 | 22,367 | 0.75% | 1.13% | 1.45% |
| Total liabilities | 1,667,751 | 1,790,032 | 656,312 | 48.35% | 57.49% | 42.63% |
| Commitments and contingencies | ||||||
| Stockerholders' equity | ||||||
| Common stock (voting); $0.1 par value; 100,000,000 share authorized; 67,700,858 issued and outstanding as of September 30, 2017 and 59,890,885 issued and outstanding as of September 30, 2016 | ||||||
| 677 | 598 | 497 | 0.02% | 0.02% | 0.03% | |
| Undesignated preferred stock; 5,000,000 shares authorized, none issued or outstanding | ||||||
| Additional paid-in capital | 1,047,506 | 694,564 | 345,934 | 30.37% | 22.31% | 22.47% |
| Retained earnings | 748,186 | 647,322 | 557,405 | 21.69% | 20.79% | 36.21% |
| Accumulated other comprehensive loss | (14,563) | (18,657) | (20,720) | -0.42% | -0.60% | -1.35% |
| Total stockholders' equity | 1,781,806 | 1,323,827 | 883,116 | 51.65% | 42.51% | 57.37% |
| Total liabilities and stockholders' equity | 3,449,557 | 3,113,859 | 1,539,428 | 100.00% | 100.00% | 100.00% |
Cash Flow Statement
| CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Millions | 12 Months Ended | |||||
| Year t | Year t-1 | Year t-2 | % of year t | % of year t-1 | % of year t-2 | |
| Cash Flow From Operating Activities | ||||||
| Net Income | $ 459 | $ 410.4 | $ 413.9 | 13.14% | 12.09% | 12.55% |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation expense | 59.7 | 58.3 | 57.1 | 1.71% | 1.72% | 1.73% |
| Amortization expense | 47.9 | 42.7 | 34.1 | 1.37% | 1.26% | 1.03% |
| Deferred income taxes | 24.9 | 24 | 12.7 | 0.71% | 0.71% | 0.39% |
| Equity in net earnings of affiliates | (9.2) | (11.6) | (11.6) | -0.26% | -0.34% | -0.35% |
| Distributions from unconsolidated affiliates | 9 | 12 | 12.5 | 0.26% | 0.35% | 0.38% |
| Non-cash pension settlement charge | 0 | 8.4 | 0 | 0.00% | 0.25% | 0.00% |
| Non-cash compensation expense | 16 | 16.1 | 17 | 0.46% | 0.47% | 0.52% |
| Asset impairment charge and other asset write-offs | 5.6 | 19.2 | 6.4 | 0.16% | 0.57% | 0.19% |
| Other | (1.8) | 5.7 | 3.2 | -0.05% | 0.17% | 0.10% |
| Change in assets and liabilities: | ||||||
| Accounts receivable | (12.7) | 33.5 | (1.8) | -0.36% | 0.99% | -0.05% |
| Inventories | 19.2 | (38.5) | 1.8 | 0.55% | -1.13% | 0.05% |
| Other current assets | 2.1 | (2) | (0.6) | 0.06% | -0.06% | -0.02% |
| Accounts payable and accrued expenses | 50.5 | 21.8 | 2.4 | 1.45% | 0.64% | 0.07% |
| Income taxes payable | 32.8 | 29.7 | 17.5 | 0.94% | 0.87% | 0.53% |
| Excess tax benefit on stock options exercised | (30) | (15.8) | (18.5) | -0.86% | -0.47% | -0.56% |
| Other operating assets and liabilities, net | (17.7) | (7.8) | (5.8) | -0.51% | -0.23% | -0.18% |
| Net Cash Provided By Operating Activities | 655.3 | 606.1 | 540.3 | 18.76% | 17.85% | 16.38% |
| Cash Flow From Investing Activities | ||||||
| Additions to property, plant and equipment | (49.8) | (61.8) | (70.5) | -1.43% | -1.82% | -2.14% |
| Acquisitions | (305.3) | (74.9) | (215.7) | -8.74% | -2.21% | -6.54% |
| Other | 0.5 | (4.5) | (2.2) | 0.01% | -0.13% | -0.07% |
| Net Cash Used In Investing Activities | (354.6) | (141.2) | (288.4) | -10.15% | -4.16% | -8.75% |
| Cash Flow From Financing Activities | ||||||
| Long-term debt borrowings | 0 | 0 | 299.8 | 0.00% | 0.00% | 9.09% |
| Long-term debt repayments | 0 | (250) | 0 | 0.00% | -7.36% | 0.00% |
| Short-term debt borrowings (repayments) | 68.9 | 211.7 | (6.7) | 1.97% | 6.24% | -0.20% |
| Proceeds from stock options exercised | 50.5 | 28.5 | 32.7 | 1.45% | 0.84% | 0.99% |
| Excess tax benefit on stock options exercised | 30 | 15.8 | 18.5 | 0.86% | 0.47% | 0.56% |
| Payment of cash dividends | (183) | (175.3) | (167.5) | -5.24% | -5.16% | -5.08% |
| Purchase of treasury stock | (400) | (363.1) | (478.8) | -11.45% | -10.70% | -14.52% |
| Deferred financing costs | 0 | (1.4) | (4.2) | 0.00% | -0.04% | -0.13% |
| Other | (6) | (1.2) | (0.4) | -0.17% | -0.04% | -0.01% |
| Net Cash Used In Financing Activities | (439.6) | (535) | (306.6) | -12.58% | -15.76% | -9.30% |
| Effect of exchange rate changes on cash and cash equivalents | (3.3) | (22.9) | (19.2) | -0.09% | -0.67% | -0.58% |
| Net Change In Cash and Cash Equivalents | (142.2) | (93) | (73.9) | -4.07% | -2.74% | -2.24% |
| Cash and Cash Equivalents at Beginning of Period | 330 | 423 | 496.9 | 9.45% | 12.46% | 15.07% |
| Cash and Cash Equivalents at End of Period | 187.8 | 330 | 423 | 5.38% | 9.72% | 12.83% |
| Cash paid during the year for: | ||||||
| Interest (net of amounts capitalized) | 25.6 | 29 | 25.7 | 0.73% | 0.85% | 0.78% |
| Income taxes | 188.4 | 174.8 | 181.5 | 5.39% | 5.15% | 5.50% |
| Supplemental disclosure of non-cash investing activities: | ||||||
| Property, plant and equipment expenditures included in Accounts Payable | $ 3.4 | $ 5.3 | $ 14.5 | 0.10% | 0.16% | 0.44% |
| Net Sales | $ 3,493.1 | $ 3,394.8 | $ 3,297.6 | |||
| Beacon Roofing Supply, INC. | ||||||
| Consolidataed Balance Sheets | ||||||
| (In thousands, except share and per share amount ) | ||||||
| 2017 | 2016 | 2015 | % of 2017 | % of 2016 | % of 2015 | |
| Operating Activities | ||||||
| Net Income | 100,864 | 89,917 | 62,277 | 2.30% | 2.18% | 2.48% |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation expense | 116,467 | 100,191 | 34,862 | 2.66% | 2.43% | 1.39% |
| Stock-based compensation | 15,071 | 17,749 | 9,936 | 0.34% | 0.43% | 0.40% |
| Certain interest expense and other financing costs | 10,497 | 8,329 | (1,450) | 0.24% | 0.20% | -0.06% |
| Gain on sale of fixed assets | (839) | (1,882) | (1,107) | -0.02% | -0.05% | -0.04% |
| Deferred income taxes | 393 | 25,200 | 17,634 | 0.01% | 0.61% | 0.70% |
| Other, net | 263 | 0.00% | 0.00% | 0.01% | ||
| Changes in operating assets and liabilities, net of the effects of businesses aquired | ||||||
| Accounts receivable | (60,185) | (30,408) | (33,251) | -1.38% | -0.74% | -1.32% |
| Inventories | (51,768) | 43,489 | (9,203) | -1.18% | 1.05% | -0.37% |
| Prepaid expenses and other assets | (44,208) | (12,841) | (17,119) | -1.01% | -0.31% | -0.68% |
| Accounts payable and accrued expenses | 228,908 | (119,096) | 46,498 | 5.23% | -2.89% | 1.85% |
| Net cash provided by operating activities | 315,200 | 120,648 | 109,340 | 7.20% | 2.92% | 4.35% |
| Investing activities | ||||||
| Purchases of property and equipment | (39,828) | (26,315) | (20,802) | -0.91% | -0.64% | -0.83% |
| Acquisition of businesses, net | (129,390) | (1,018,188) | (85,301) | -2.96% | -24.67% | -3.39% |
| Proceeds from the sale of assets | 2,233 | 1,882 | 1,389 | 0.05% | 0.05% | 0.06% |
| Net cash used in investing activities | (166,985) | (1,042,621) | (104,714) | -3.82% | -25.26% | -4.16% |
| Financing activities | ||||||
| Borrowings under revolving lines of credit | 2,464,128 | 1,892,459 | 560,634 | 56.30% | 45.85% | 22.29% |
| Repayments under revolving lines of credit | (2,833,230) | (1,541,532) | (566,007) | -64.73% | -37.35% | -22.50% |
| Borrowings under term loan | 490,793 | 0.00% | 11.89% | 0.00% | ||
| Repayments under term loan | (4,500) | (230,918) | (11,250) | -0.10% | -5.60% | -0.45% |
| Borrowings under Senior Notes | 300,000 | 0.00% | 7.27% | 0.00% | ||
| Repayments under equipment financing facilities and other | (10,034) | (4,724) | (5,553) | -0.23% | -0.11% | -0.22% |
| Payment of debt issuance costs | (1,669) | (28,325) | -0.04% | -0.69% | 0.00% | |
| Proceeds from secondary offering of common stock | 345,503 | 7.89% | 0.00% | 0.00% | ||
| Payment of issuance costs from secondary offering of common stock | (14,684) | -0.34% | 0.00% | 0.00% | ||
| Proceeds from issuance of common stock related to equity awards | 11,341 | 24,160 | 7,943 | 0.26% | 0.59% | 0.32% |
| Taxes paid related to net share settlement of equity awards | (392) | (2) | -0.01% | -0.00% | 0.00% | |
| Excess tax benefit from stock-based compensation | 2,937 | 4,956 | 1,526 | 0.07% | 0.12% | 0.06% |
| Net cash provided by (used in) financing activities | (40,600) | (906,867) | (12,707) | -0.93% | -21.97% | -0.51% |
| Effect of exchange rate changes on cash and cash equivalents | (751) | 831 | (730) | -0.02% | 0.02% | -0.03% |
| Net increase (decrease in cash and cash equivalents | 106,864 | (14,275) | (8,811) | 2.44% | -0.35% | -0.35% |
| Cash and cash equivalents, beginning of period | 31,386 | 45,661 | 54,472 | 0.72% | 1.11% | 2.17% |
| Cash and cash equivalents, end of period | 138,250 | 31,386 | 45,661 | 3.16% | 0.76% | 1.82% |
| Supplemental cash flow information | ||||||
| Cash paid during the period for | ||||||
| Interest | 49,067 | 57,934 | 8,276 | 1.12% | 1.40% | 0.33% |
| Income taxes, net of tax refunds | 56,158 | 14,425 | 23,198 | 1.28% | 0.35% | 0.92% |
| Net sales | 4,376,670 | 4,127,109 | 2,515,169 | |||
ratios
| Before adjustment | After adjustment | |||||||||||
| Compared firm | BRS | Compared firm | BRS | |||||||||
| t | t-1 | t-2 | 2017 | 2016 | 2015 | t | t-1 | t-2 | 2017 | 2016 | 2015 | |
| Gross profit | 45.54% | 44.53% | 44.06% | 24.58% | 24.55% | 23.67% | ||||||
| Net profit margin | 13.14% | 12.09% | 12.55% | 2.30% | 2.18% | 2.48% | ||||||
| ROA | 10.54% | 9.64% | 9.49% | 2.92% | 2.89% | 4.05% | ||||||
| ROE | 23.21% | 20.28% | 19.69% | 5.66% | 6.79% | 7.05% |
Notes
| Inventories | ||||||
| Inventories Inventories are valued at the lower of cost or market. Approximately 20%, 19% and 19% of the inventory at December 31, Year t, Year t - 1 and Year t-2, respectively was determined utilizing the last-in, first-out (“LIFO”) method. The cost of the remaining inventory was determined using the first-in, first-out (“FIFO”) method. The Company identifies any slow moving, obsolete or excess inventory to determine whether an adjustment is required to establish a new carrying value. The determination of whether inventory items are slow moving, obsolete or in excess of needs requires estimates and assumptions about the future demand for the Company’s products, technological changes, and new product introductions. Estimates as to the future demand used in the valuation of inventory involve judgments regarding the ongoing success of the Company’s products. The Company evaluates its inventory levels and expected usage on a periodic basis and records adjustments as required. Adjustments to reflect inventory at net realizable value were $10.5 at December 31, Year t, and $12.6 at December 31, Year t-1 and 8.3 at December 31, year t - 2. | ||||||
| *The amount of LIFO liquidation in all three years was immaterial | Components of Inventories (Details) - USD ($) $ in Millions | Year t | Year t-1 | Year t-2 | ||
| Inventory, Finished Goods and Work in Process, Net of Reserves | ||||||
| Raw materials and supplies | $ 69.8 | $ 84.6 | $70.80 | |||
| Work in process | 28.8 | 33.1 | 25 | |||
| Finished goods | 159.6 | 156.3 | 150.1 | |||
| Total | $ 258.2 | $ 274 | 245.9 | |||
| Inventories - Additional Information (Details) - USD ($) $ in Millions | Year t | Year t-1 | Year t-2 | |||
| Inventory Disclosure | ||||||
| Inventories valued using LIFO | $ 51.8 | $ 53.2 | $49.30 | |||
| Excess of FIFO over LIFO amount | $ 4.2 | $ 3.8 | $4.30 | |||
| Property, Plant and Equipment | ||||||
| Property, Plant and Equipment Property, Plant and Equipment (“PP&E”) are stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Estimated useful lives for building and improvements, machinery and equipment, and office equipment range from 9-40, 3-20 and 3-10 years, respectively. Routine repairs and maintenance are expensed when incurred. Leasehold improvements are depreciated over a period no longer than the respective lease term, except where a lease renewal has been determined to be reasonably assured and failure to renew the lease results in a significant penalty to the Company. PP&E are reviewed annually and whenever events or changes in circumstances indicate that possible impairment exists. The Company’s impairment review is based on an undiscounted cash flow analysis at the lowest level at which cash flows of the long-lived assets are largely independent of other groups of Company assets and liabilities. The analysis requires management judgment with respect to changes in technology, the continued success of product lines, and future volume, revenue and expense growth rates. The Company conducts annual reviews to identify idle and underutilized equipment, and reviews business plans for possible impairment. Impairment occurs when the carrying value of the asset exceeds the future undiscounted cash flows. When an impairment is indicated, the estimated future cash flows are then discounted to determine the estimated fair value of the asset and an impairment charge is recorded for the difference between the carrying value and the net present value of estimated future cash flows. | ||||||
| Components of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Year t | Year t-1 | Year t-2 | |||
| Property, Plant and Equipment [Line Items] | ||||||
| Gross PP&E | $ 1,165.3 | $ 1,145 | 1,121.60 | |||
| Less accumulated depreciation and amortization | 576.7 | 535.4 | 505.4 | |||
| Net PP&E | 588.6 | 609.6 | 616.2 | |||
| Land | ||||||
| Gross PP&E | 25.1 | 25.2 | 25.5 | |||
| Building and Building Improvements | ||||||
| Gross PP&E | 284.7 | 277.3 | 281.7 | |||
| Machinery and Equipment | ||||||
| Gross PP&E | 680.1 | 665.2 | 599.3 | |||
| Software | ||||||
| Gross PP&E | 90.4 | 84.9 | 86.4 | |||
| Office equipment and other assets | ||||||
| Gross PP&E | 60.8 | 59.2 | 57.2 | |||
| Construction in progress | ||||||
| Gross PP&E | $ 24.2 | $ 33.2 | 71.5 | |||
| Depreciation/Amortization Useful Lives | Minimum | Maximum | ||||
| Finite-Lived Intangible Assets | 3 years | 20 years | ||||
| Building and building improvements | 9 years | 40 years | ||||
| Machinery and Equipment | 3 years | 20 years | ||||
| Office Equipment | 3 years | 10 years | ||||
| Depreciation and Interest Charges on Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
| Year t | Year t-1 | Year t-2 | ||||
| Property Plant And Equipment | ||||||
| Depreciation and amortization on PP&E | $ 59.7 | $ 58.3 | $ 57.1 | |||
| Interest charges capitalized (in construction in progress) | $ 0.0 | $ 0.0 | $ 0.7 | |||
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | Year t | Year t-1 | Year t-2 | |||
| Impairment charge of intangible asset | $ 5.6 | $ 19.2 | $ 6.4 | |||
| Amortization expense of intangible assets | 46 | $ 39.9 | 31.7 | |||
| Amortizable Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
| Year t | Year t-1 | Year t-2 | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||||
| Gross Carrying Amount | $ 897.5 | $ 691.1 | $ 652.6 | |||
| Accumulated Amortization | (326.2) | (281.6) | $ (244.8) | |||
| Net | $ 571.3 | 409.5 | $ 407.8 | |||
| Software | Software The Company capitalizes certain costs of developing computer software. Amortization is recorded using the straight‑line method over the estimated useful life of the software, which is estimated to be no longer than 10 years. | |||||
| Debt | Summary of Short-Term Borrowings and Long-Term Debt (Details) - USD ($) $ in Millions | Year t | Year t-1 | Year t-2 | ||
| Short-term borrowings | ||||||
| Commercial paper issuances | $ 420 | $ 354.5 | 143.3 | |||
| Various debt due to international banks | 6.8 | 2.7 | 3.4 | |||
| Total short-term borrowings | 426.8 | 357.2 | 146.7 | |||
| Long-term debt | ||||||
| Debt issuance costs, net | (6.5) | (8.1) | (8.6) | |||
| Fair value adjustment related to hedged fixed rate debt instrument | 0.2 | 1.3 | (0.9) | |||
| Net long-term debt | 693.4 | 692.8 | 690 | |||
| Long-term debt | ||||||
| 2.875% Senior notes due October 1, 2022 | 400 | 400 | 400 | |||
| Less: Discount | (0.2) | (0.3) | (0.3) | |||
| Long-term debt | ||||||
| 2.45% Senior notes due December 15, 2019 | 300 | 300 | 300 | |||
| Less: Discount | $ (0.1) | $ (0.1) | $ (0.2) | |||
| Long term debt with current maturity | ||||||
| 3.35% Senior Notes | 0 | 0 | 250 | |||
| Less: Discount | 0 | 0 | (0.1) | |||
| Taxes | Components of Income Before Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
| Year t | Year t-1 | Year t-2 | ||||
| Income Tax Disclosure [Abstract] | ||||||
| Domestic | $ 665 | $ 595.6 | $ 574.1 | |||
| Foreign | 40.9 | 39.8 | 50.8 | |||
| Income before Income Taxes | $ 705.9 | $ 635.4 | $ 624.9 | |||
| Schedule of U.S. Federal, State and Foreign Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
| Year t | Year t-1 | Year t-2 | ||||
| Income Tax Disclosure [Abstract] | ||||||
| U.S. federal | $ 183.4 | $ 161.4 | $ 159 | |||
| State, Current | 27.2 | 25.5 | 24.4 | |||
| Foreign, Current | 11.4 | 14.1 | 14.9 | |||
| Current income tax expense (benefit) | 222 | 201 | 198.3 | |||
| U.S. federal, Deferred | 19.2 | 22.8 | 11.5 | |||
| State, Deferred | 4.1 | 3.3 | 1.1 | |||
| Foreign, Deferred | 1.6 | (2.1) | 0.1 | |||
| Deferred income tax expense (benefit) | 24.9 | 24 | 12.7 | |||
| Recorded tax expense | $ 246.9 | $ 225 | $ 211 | |||
| Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Year t | Year t-1 | Year t-2 | |||
| Income Tax Disclosure [Abstract] | ||||||
| Accounts receivable | $ 4.8 | $ 4.6 | $ 4.6 | |||
| Deferred compensation | 69.7 | 67.9 | 63.6 | |||
| Pension, postretirement and postemployment benefits | 7.7 | 8.7 | 9.9 | |||
| Investment in other firm | 7.7 | 7.7 | 1.2 | |||
| Other | 30.8 | 24.4 | 26 | |||
| Tax credit carryforwards/other tax attributes | 12.8 | 14.4 | 1.9 | |||
| International operating loss carryforwards | 8 | 6.2 | 8 | |||
| Total gross deferred tax assets | 141.5 | 133.9 | 115.2 | |||
| Valuation allowances | (20.2) | (16.3) | (12) | |||
| Total deferred tax assets | 121.3 | 117.6 | 103.2 | |||
| Goodwill | (212.3) | (193.5) | (174.7) | |||
| Trade names and other intangibles | (322.9) | (312.4) | (300.6) | |||
| Property, plant and equipment | (97.1) | (95.6) | (97.5) | |||
| Total deferred tax liabilities | (632.3) | (601.5) | (572.8) | |||
| Net deferred tax liability | (511) | (483.9) | (469.6) | |||
| Long term net deferred tax asset | 1.2 | 0.9 | 1 | |||
| Long term net deferred tax liability | $ (512.2) | $ (484.8) | $ (470.6) | |||
| Effective Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
| Year t | Year t-1 | Year t-2 | ||||
| Income Tax Disclosure [Abstract] | ||||||
| Statutory rate | 35.00% | 35.00% | 35.00% | |||
| Tax that would result from use of the federal statutory rate | $ 247.1 | $ 222.4 | $ 218.7 | |||
| State and local income tax, net of federal effect | 20.3 | 18.7 | 16.5 | |||
| Varying tax rates of foreign affiliates | (4.1) | (2.6) | (3.6) | |||
| Benefit from domestic manufacturing deduction | (14.2) | (14.4) | (14.3) | |||
| Resolution of tax contingencies | 0 | 0 | (1.5) | |||
| Valuation Allowances | 2.9 | 8.5 | 0.9 | |||
| Other | (5.1) | (7.6) | (5.7) | |||
| Recorded tax expense | $ 246.9 | $ 225 | $ 211 | |||
| Effective tax rate | 35.00% | 35.40% | 33.80% | |||
| Leases | Future Minimum Rental Commitments Under Non-Cancelable Long-Term Operating Leases And Capital Lease (Details) $ in Millions | |||||
| Operating lease | ||||||
| Year t + 1 | $ 18.6 | |||||
| t + 2 | 16.9 | |||||
| t + 3 | 14.3 | |||||
| t + 4 | 10.8 | |||||
| t + 5 | 7.6 | |||||
| Year t + 6 and thereafter | 13.4 | |||||
| Total future minimum lease commitments | 81.6 | |||||
| Financing leases | ||||||
| Year t + 1 | 5.7 | |||||
| t + 2 | 6 | |||||
| t + 3 | 6 | |||||
| t + 4 | 6 | |||||
| t + 5 | 6 | |||||
| Year t + 6 and thereafter | 67.3 | |||||
| Total future minimum lease commitments | 97 | |||||
| Total | ||||||
| Year t + 1 | 24.3 | |||||
| t + 2 | 22.9 | |||||
| t + 3 | 20.3 | |||||
| t + 4 | 16.8 | |||||
| t + 5 | 13.6 | |||||
| Year t + 6 and thereafter | 80.7 | |||||
| Total future minimum lease commitments | $ 178.6 | |||||
| Allowance for Doubtful Accounts | Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
| Year t | Year t-1 | Year t-2 | ||||
| Allowance for Doubtful Accounts | ||||||
| Beginning Balance | $ 1 | $ 1.9 | $ 0.8 | |||
| Additions, Charged to Expenses | 1.3 | 0.3 | 1.5 | |||
| Additions, Acquired | 0 | 0 | 0 | |||
| Deductions, Amounts Written Off | (0.3) | (1) | (0.2) | |||
| Foreign Exchange | 0.1 | (0.2) | (0.2) | |||
| Ending Balance | 2.1 | 1 | 1.9 | |||
| Sales Returns | Sales Returns and Allowances | |||||
| Beginning Balance | 11.9 | 11.9 | 11.6 | |||
| Additions, Charged to Expenses | 56.7 | 67.4 | 58.6 | |||
| Additions, Acquired | 0 | 0 | 0 | |||
| Deductions, Amounts Written Off | (56.8) | (67.4) | (58.1) | |||
| Foreign Exchange | 0.3 | 0 | (0.2) | |||
| Ending Balance | $ 12.1 | $ 11.9 | $ 11.9 |
