View Filing Data

Trade receivables, net of allowance for doubtful accounts of $6.5 in 2017 and $8.4 in 2016

$ 594.0

$ 333.7

552.4

460.5

Income tax receivables

85.1

11.5

Other receivables

90.2

72.7

Inventories, net of inventory reserves of $15.5 in 2017 and $13.4 in 2016

506.8

456.7

Assets held for sale

4.0

825.7

Prepaid expenses and other current assets

33.9

54.5

Total current assets

1,866.4

2,215.3

998.4

889.6

Identifiable intangible assets, net

1,939.8

1,882.9

83.6

40.1

Non-current assets held for sale

^[1]

176.2

197.1

^[1]

0.0

2,015.1

Other non-current assets

215.9

175.4

Total assets

5,280.3

7,415.5

Current liabilities:

Short-term borrowings

25.3

83.0

Current portion of long-term debt

2.2

297.0

Current liabilities held for sale

723.8

539.2

2.2

683.3

Accrued restructuring costs

15.4

44.8

Income tax payable

47.3

48.3

Other current liabilities

562.0

423.4

Total current liabilities

1,378.2

2,119.0

Long-term debt, less current portion

3,230.5

3,762.6

Non-current liabilities held for sale

28.5

4.9

^[1]

0.0

517.2

Other non-current liabilities

490.8

402.1

Total liabilities

5,128.0

6,805.8

Commitments and Contingencies - Note 17

Stockholders’ equity:

Preferred stock, $0.10 par value per share, 50,000,000 shares authorized; no shares issued in 2017 and 2016

0.0

Common stock, $0.10 par value per share, 400,000,000 shares authorized; shares issued: 230,080,944 in 2017 and 227,638,738 in 2016; shares outstanding: 168,595,521 in 2017 and 193,482,383 in 2016

23.0

22.8

Additional paid-in capital

1,939.6

1,974.1

Retained earnings

1,735.2

1,040.0

Common stock in treasury, 61,485,423 shares in 2017 and 34,156,355 shares in 2016

(2,700.6)

(1,478.1)

Accumulated other comprehensive loss, net of taxes:

Unrecognized pension items

(103.4)

(276.7)

Cumulative translation adjustment

(694.4)

(701.9)

Unrealized net (loss) gain on derivative instruments for net investment hedge

(46.8)

21.0

Unrealized net (loss) gain on derivative instruments for cash flow hedge

(0.3)

8.5

Total accumulated other comprehensive loss, net of taxes

(844.9)

(949.1)

Total stockholders’ equity

152.3

609.7

Total liabilities and stockholders’ equity

$ 5,280.3

$ 7,415.5

[1]

As of December 31, 2016, $27.2 million of amounts which were previously classified as $10.9 million of non-current assets held for sale and $16.3 million of non-current liabilities held for sale were reclassified to deferred tax assets since the amounts were not transferred as part of the sale of Diversey.

Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions

Dec. 31, 2017

Dec. 31, 2016

Non-current assets held for sale

^[1]

$ 0.0

$ 2,015.1

Non-current liabilities held for sale

^[1]

0.0

517.2

Allowance for doubtful accounts

6.5

8.4

Inventory reserves

$ 15.5

$ 13.4

Preferred stock, par value per share (in dollars per share)

$ 0.10

Preferred stock, shares authorized

50,000,000

Preferred stock, shares issued

Common stock, par value per share (in dollars per share)

$ 0.10

Common stock, shares authorized

400,000,000

Common stock, shares issued

230,080,944

227,638,738

Common stock, shares outstanding

168,595,521

193,482,383

Common stock in treasury, shares

61,485,423

34,156,355

Restatement Adjustment

Non-current assets held for sale

^[1]

$ (10.9)

Non-current liabilities held for sale

(16.3)

Diversey Care | Discontinued Operations, Held-for-sale

Diversey Care | Discontinued Operations, Held-for-sale | Restatement Adjustment

72.5

Selling, general and administrative expenses

$ 27.2

[1]

Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions

9 Months Ended

12 Months Ended

Sep. 30, 2017

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Net sales

$ 4,461.6

$ 4,211.3

$ 4,410.3

Cost of sales

3,044.4

^[1]

2,806.4

^[1]

2,955.1

^[2]

Gross profit

1,417.2

1,404.9

1,455.2

^[2]

796.0

755.7

778.0

Amortization expense of intangible assets acquired

13.1

15.0

11.1

Foreign currency exchange loss related to Venezuelan subsidiaries

^[2]

12.1

2.8

48.7

Operating profit

596.0

631.4

617.4

Interest expense

(201.8)

(199.4)

(211.0)

Interest income

17.6

7.5

6.8

0.0

(1.7)

(27.2)

^[2]

0.0

(47.3)

0.0

0.0

(0.1)

(110.0)

^[1]

Other (expense) income, net

0.0

(1.8)

13.4

(18.5)

(0.7)

2.0

Earnings before income tax provision

393.3

387.9

291.4

Net earnings from continuing operations

330.5

95.6

132.6

62.8

292.3

158.8

Gain on sale of discontinued operations, net of taxes

640.7

0.0

Net earnings from discontinued operations, net of tax

^[3]

111.4

194.1

176.6

$ 814.9

$ 486.4

$ 335.4

^[1]

Basic:

$ 0.34

$ 1.50

$ 0.78

Net earnings per common share - basic (in dollars per share)

^[3]

3.99

0.99

0.85

4.33

2.49

1.63

Diluted:

0.33

1.48

0.77

Net earnings per common share - diluted (in dollars per share)

^[3]

3.96

0.98

0.85

4.29

2.46

1.62

Dividends per common share (in dollars per share)

$ 0.64

$ 0.61

$ 0.52

Weighted Average Number of Shares Outstanding, Diluted [Abstract]

Basic (in shares)

186.9

194.3

203.9

Diluted (in shares)

188.9

197.2

206.7

Scenario, Adjustment

Weighted Average Number of Shares Outstanding, Diluted [Abstract]

Increase basic and diluted (in dollars per shares)

$ 0.09

Scenario, Adjustment | Adjustment To Prior Period Discontinued Operations, Depreciation And Amortization

Net earnings from discontinued operations, net of tax

$ 16.4

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.
[2]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards” under the “Impact of Inflation and Currency Fluctuation” section of the Notes to the Consolidated Financial Statements for further details.
[3]	For the year ended December 31, 2017, there was a revision to net earnings from discontinued operations, net of tax, on the Consolidated Statement of Operations related to depreciation and amortization on Diversey assets held for sale. As a result, net earnings from discontinued operations, net of tax, increased $16.4 million and increased net earnings per basic and diluted shares by $0.09 per share.

Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Statement of Comprehensive Income [Abstract]

Other comprehensive income (loss), net of taxes:

$ 814.9

$ 486.4

$ 335.4

^[1]

Unrecognized pension items, net of taxes of $(45.8) for 2017, $2.4 for 2016 and $5.4 for 2015

173.3

(10.7)

(15.9)

Foreign currency translation adjustments, net of tax of $5.3 for 2017, $(19.8) for 2016 and $16.9 for 2015

7.5

(137.9)

(194.1)

Other comprehensive income (loss), net of taxes

104.2

(129.1)

(206.2)

Comprehensive income, net of taxes

919.1

357.3

129.2

Net Investment Hedge

Other comprehensive income (loss), net of taxes:

Unrealized gain (losses) on derivative instruments, net of taxes

(67.8)

19.3

1.7

Cash Flow Hedge

Other comprehensive income (loss), net of taxes:

Unrealized gain (losses) on derivative instruments, net of taxes

$ (8.8)

$ 0.2

$ 2.1

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Recognition of deferred pension items, taxes	$ (45.8)	$ 2.4	$ 5.4
Foreign currency translation adjustments, tax	5.3	(19.8)	16.9
Net Investment Hedge
Unrealized losses on derivative instruments, taxes	42.0	(12.0)	(1.1)
Cash Flow Hedge
Unrealized losses on derivative instruments, taxes	$ 2.4	$ (0.1)	$ 0.3

Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions

Total

Common Stock

Additional Paid-in Capital

Retained Earnings

Common Stock in Treasury

Accumulated Other Comprehensive Loss, Net of Taxes

Beginning Balance at Dec. 31, 2014

$ 1,162.8

$ 22.5

$ 1,787.0

$ 448.5

$ (481.4)

$ (613.8)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Effect of contingent stock transactions

49.3

0.1

58.6

(9.4)

Stock issued for share-based incentive compensation

50.3

23.2

27.1

Unrecognized pension items, net of taxes

(802.0)

(15.9)

Foreign currency translation adjustments

(194.1)

Unrealized gain (loss) on derivative instruments, net of taxes

3.8

^[1]

46.2

335.4

^[2]

335.4

Ending Balance at Dec. 31, 2015

(108.7)

527.1

22.6

1,915.0

675.2

(1,265.7)

(820.0)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Effect of contingent stock transactions

29.4

0.2

59.9

0.0

(30.7)

0.0

Stock issued for share-based incentive compensation

37.4

0.0

2.1

35.3

Unrecognized pension items, net of taxes

(217.0)

(10.7)

Foreign currency translation adjustments

(137.9)

Unrealized gain (loss) on derivative instruments, net of taxes

19.5

(2.9)

486.4

Ending Balance at Dec. 31, 2016

(121.6)

609.7

22.8

1,974.1

1,040.0

(1,478.1)

(949.1)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Effect of contingent stock transactions

23.0

0.2

45.0

0.0

(22.2)

0.0

Stock issued for share-based incentive compensation

22.3

0.5

21.8

Unrecognized pension items, net of taxes

(1,302.1)

(80.0)

(1,222.1)

0.0

173.3

Foreign currency translation adjustments

7.5

Unrealized gain (loss) on derivative instruments, net of taxes

(76.6)

0.0

(76.6)

0.0

814.9

Ending Balance at Dec. 31, 2017

(119.7)

0.0

(119.7)

0.0

$ 152.3

$ 23.0

$ 1,939.6

$ 1,735.2

$ (2,700.6)

$ (844.9)

[1]	In 2015, we recorded an out-of-period adjustment of $46.2 million related to excess tax benefits from the Settlement agreement. Refer to Note 16, “Income Taxes” of the Notes to Consolidated Financial Statements for further details.
[2]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Statement of Stockholders' Equity [Abstract]

Dividends per share on common stock

$ 0.64

$ 0.61

$ 0.52

$ 0.0

$ (2.9)

$ 46.2

^[1]

[1]	In 2015, we recorded an out-of-period adjustment of $46.2 million related to excess tax benefits from the Settlement agreement. Refer to Note 16, “Income Taxes” of the Notes to Consolidated Financial Statements for further details.

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Statement of Cash Flows [Abstract]

Adjustments to reconcile net earnings to net cash provided by operating activities

$ 814.9

$ 486.4

$ 335.4

^[1]

Share-based incentive compensation

149.3

214.0

213.3

^[1]

44.9

59.9

61.2

^[1]

Profit sharing expense

23.2

24.6

36.0

^[1]

Remeasurement loss related to Venezuelan subsidiaries

0.0

0.1

110.0

^[1]

0.0

3.4

33.1

^[1],[2]

0.0

46.0

0.0

^[1]

Provisions for bad debt

2.9

4.3

5.8

^[1]

Provisions for inventory obsolescence

3.6

6.4

(0.2)

^[1]

Deferred taxes, net

121.0

(61.7)

(22.6)

^[1]

Excess tax benefit from common stock issued in the Settlement agreement

^[1]

0.0

(46.2)

Net (gain) loss on sale of businesses

(641.2)

1.9

(24.6)

^[1]

Foreign currency gains (losses)

29.9

(4.9)

9.8

^[1],[2]

Other non-cash items

11.1

(2.6)

(8.2)

^[1]

Changes in operating assets and liabilities:

Trade receivables, net

(81.4)

(33.9)

36.7

^[1],[2]

(55.4)

(17.1)

(38.3)

^[1],[2]

Income tax receivable/payable

154.1

228.0

81.4

^[1],[2]

(207.1)

7.3

32.2

^[1]

Settlement agreement and related items

^[1]

0.0

235.2

Other assets and liabilities

54.6

(55.2)

(67.9)

^[1],[2]

Net cash provided by operating activities

424.4

906.9

982.1

^[1]

Cash flows from investing activities:

Capital expenditures

(183.8)

(275.7)

(184.0)

^[1]

Proceeds from sale of business

1.0

7.8

94.6

^[1],[2]

Businesses acquired in purchase transactions, net of cash acquired

(119.2)

(5.8)

(27.5)

^[1],[2]

Proceeds from sales of property, equipment and other assets

1.7

4.9

32.9

^[1],[2]

Loss from settlement of cross currency swaps

(61.8)

0.0

^[1]

Impact of sale of Diversey

2,184.4

0.0

^[1],[2]

Settlement of foreign currency forward contracts

(8.7)

(46.0)

24.0

^[1],[2]

Net cash provided by (used in) investing activities

1,813.6

(314.8)

(60.0)

^[1],[2]

Cash flows from financing activities:

Net (payments) proceeds from short-term borrowings

(93.7)

(154.2)

111.2

^[1],[2]

Cash used as collateral on borrowing arrangements

25.4

3.6

(20.5)

^[1]

Proceeds from cross currency swap

17.4

0.0

^[1]

Proceeds from long-term debt

0.0

855.0

^[1]

Payments of long-term debt

^[2]

(369.5)

(27.1)

(754.3)

^[1]

Excess tax benefit from common stock issued in the Settlement agreement

^[1]

0.0

46.2

Dividends paid on common stock

(119.7)

(121.6)

(106.8)

^[1]

Payments for debt issuance costs

^[3]

(1,302.1)

(217.0)

(802.0)

^[1]

0.0

(8.8)

^[1]

Payments for debt extinguishment costs

0.0

(0.1)

(99.4)

^[1]

Acquisition of common stock for tax withholding

(22.1)

(30.7)

(9.3)

^[1]

Other financing activities

0.0

6.2

0.0

^[1]

Net cash used in financing activities

1,864.3

540.9

788.7

^[1]

Effect of foreign currency exchange rate changes on cash and cash equivalents

(113.4)

(39.2)

(60.4)

^[1]

Net change during the period

260.3

12.0

73.0

^[1]

Balance, beginning of period

333.7

321.7

^[1]

248.7

^[1]

Balance, end of period

594.0

333.7

321.7

^[1]

Supplemental Cash Flow Information:

Interest payments, net of amounts capitalized

210.8

215.1

229.7

^[1]

Income tax payments

161.7

125.8

101.6

^[1]

Payments related to sale of Diversey

180.8

0.0

SARs payments (less amounts included in restructuring payments)

0.0

1.9

20.7

^[1]

Restructuring payments including associated costs

49.3

66.1

98.3

^[1]

Non-cash items:

Transfers of shares of our common stock from treasury for our 2016, 2015 and 2014 profit-sharing plan contributions

$ 22.3

$ 37.6

$ 36.7

^[1]

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.
[2]	Payments of borrowings included in financing activities excludes amounts which were paid using cash proceeds from the sale of Diversey. As a result, $755.2 million of payments of borrowings is included within investing activities for a total payment of borrowings of $1.1 billion through the year ended December 31, 2017.
[3]	The Company entered into an accelerated share repurchase agreement with a third-party financial institution to repurchase $400.0 million of the Company’s common stock. The full amount was paid as of December 31, 2017; however, only $320.0 million was used to repurchase shares at that point in time. The ASR program concluded in February 2018.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2017
Tax refund related to settlement agreement payment	$ 235,200,000
Payments of borrowings included in investing activities		$ 755,200,000
Total payment of borrowings		1,100,000,000
Value, shares repurchased		1,302,100,000
ASR Program
Stock repurchase program, authorized amount		400,000,000.0
Value, shares repurchased		$ 320,000,000

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations We are a global leader in food safety and security and product protection. We serve an array of end markets including food and beverage processing, food service, retail, healthcare and industrial, and commercial and consumer applications. Our focus is on achieving quality sales growth through leveraging our geographic footprint, technological know-how and leading market positions to bring measurable, sustainable value to our customers, employees and investors. We conduct substantially all of our business through two wholly-owned subsidiaries, Cryovac, Inc. and Sealed Air Corporation (US). Throughout this report, when we refer to “Sealed Air,” the “Company,” “we,” “our,” or “us,” we are referring to Sealed Air Corporation and all of our subsidiaries, except where the context indicates otherwise.

Summary of Significant Accounting Policies and Recently Issued Accounting Standards

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Recently Issued Accounting Standards

Summary of Significant Accounting Policies

Basis of Presentation

Our Consolidated Financial Statements include all of the accounts of the Company and our subsidiaries. We have eliminated all significant intercompany transactions and balances in consolidation. All amounts are in millions, except per share amounts, and are approximate due to rounding.

Reclassification

The Consolidated Balance Sheet as of December 31, 2016 has been revised to properly reflect the reclassification of deferred tax assets which were not transferred as a part of the sale of Diversey. The result is that $10.9 million of non-current assets held for sale and $16.3 million of non-current liabilities held for sale were reclassified to deferred tax assets.

Use of Estimates

The preparation of our Consolidated Financial Statements and related disclosures in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the period reported. These estimates include, among other items, assessing the collectability of receivables, the use and recoverability of inventory, the estimation of fair value of financial instruments, assumptions used in the calculation of income taxes, useful lives and recoverability of tangible assets and goodwill and other intangible assets, assumptions used in our defined benefit pension plans and other post-employment benefit plans, estimates related to self-insurance such as the aggregate liability for uninsured claims using historical experience, insurance and actuarial estimates and estimated trends in claim values, fair value measurement of assets, costs for incentive compensation and accruals for commitments and contingencies. We review these estimates and assumptions periodically using historical experience and other factors and reflect the effects of any revisions in the Consolidated Financial Statements in the period we determine any revisions to be necessary. Actual results could differ from these estimates.

Financial Instruments

We may use financial instruments, such as cross-currency swaps, interest rate swaps, caps and collars, U.S. Treasury lock agreements and foreign currency exchange forward contracts and options relating to our borrowing and trade activities. We may use these financial instruments from time to time to manage our exposure to fluctuations in interest rates and foreign currency exchange rates. We do not purchase, hold or sell derivative financial instruments for trading purposes. We face credit risk if the counterparties to these transactions are unable to perform their obligations. Our policy is to have counterparties to these contracts that have at least an investment grade rating.

We report derivative instruments at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes. Before entering into any derivative transaction, we identify our specific financial risk, the appropriate hedging instrument to use to reduce this risk, and the correlation between the financial risk and the hedging instrument. We use forecasts and historical data as the basis for determining the anticipated values of the transactions to be hedged. We do not enter into derivative transactions that do not have a high correlation with the underlying financial risk we are trying to reduce. We regularly review our hedge positions and the correlation between the transaction risks and the hedging instruments.

We account for derivative instruments as hedges of the related underlying risks if we designate these derivative instruments as hedges and the derivative instruments are effective as hedges of recognized assets or liabilities, forecasted transactions, unrecognized firm commitments or forecasted intercompany transactions.

We record gains and losses on derivatives qualifying as cash flow hedges in accumulated other comprehensive income, to the extent that hedges are effective and until the underlying transactions are recognized on the Consolidated Statements of Operations, at which time we recognize the gains and losses on the Consolidated Statements of Operations. We recognize gains and losses on qualifying fair value hedges and the related loss or gain on the hedged item attributable to the hedged risk on the Consolidated Statements of Operations.

Generally, our practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if we determine the underlying forecasted transaction is no longer probable of occurring. Any deferred gains or losses associated with derivative instruments are recognized on the Consolidated Statements of Operations over the period in which the income or expense on the underlying hedged transaction is recognized.

See Note 12, “Derivatives and Hedging Activities,” of the Notes to Consolidated Financial Statements for further details.

Fair Value Measurements of Financial Instruments

In determining fair value of financial instruments, we utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and consider counterparty credit risk in our assessment of fair value. We determine fair value of our financial instruments based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:


•	Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.


•	Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.


•	Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

Our fair value measurements for our financial instruments are subjective and involve uncertainties and matters of significant judgment. Changes in assumptions could significantly affect our estimates. See Note 13, “Fair Value Measurements and Other Financial Instruments,” of the Notes to Consolidated Financial Statements for further details on our fair value measurements.

Foreign Currency Translation

In non-U.S. locations that are not considered highly inflationary, we translate the balance sheets at the end of period exchange rates with translation adjustments accumulated in stockholders’ equity on our Consolidated Balance Sheets. We translate the statements of operations at the average exchange rates during the applicable period.

We translate assets and liabilities of our operations in countries with highly inflationary economies at the end of period exchange rates, except that nonmonetary asset and liability amounts are translated at historical exchange rates. In countries with highly inflationary economies, we translate items reflected in the statements of operations at average rates of exchange prevailing during the period, except that nonmonetary amounts are translated at historical exchange rates.

Impact of Inflation and Currency Fluctuation

Venezuela

Economic and political events in Venezuela have continued to expose us to heightened levels of foreign currency exchange risk. Accordingly, Venezuela has been designated a highly inflationary economy under U.S. GAAP, and the U.S. dollar replaced the bolivar fuerte as the functional currency for our subsidiaries in Venezuela. All bolivar-denominated monetary assets and liabilities are re-measured into U.S. dollars using the current exchange rate available to us, and any changes in the exchange rate are reflected in foreign currency exchange gains and losses related to our Venezuelan subsidiaries on the Consolidated Statements of Operations.

2015 Activity

In February 2015, the Venezuelan government announced a new foreign exchange platform called the Marginal Currency System or SIMADI. The SIMADI basically replaced the SICAD 2 rate as noted above. When this market opened on February 12, 2015 the rate was 170.0390 and then at December 31, 2015 it was 198.6986. The SICAD 1 and the SICAD 2 were merged into the SICAD. The opening rate was 12.0 for the SICAD and at December 31, 2015 it was 13.5. In addition, the CENCOEX will continue and provide preferential treatment for certain import operations such as food and medicines.

Since these changes were announced by the Venezuelan government, the new SIMADI market had very little activity and companies have not been able to access this market to obtain U.S. dollars. In addition, the SICAD rate which is established via auctions had no auctions held since October 2014. However, in June 2015 an auction was held for the automotive parts and school supplies industries.

Therefore, in 2015 there were three legal mechanisms to exchange bolivars for U.S. dollars:


•	CENCOEX at the official rate of 6.3;


•	SICAD auction process at the awarded exchange rate (opening rate at 12.0 and at December 31, 2015 it was 13.5); and


•	SIMADI at the negotiated rate (rate of 198.6986 at December 31, 2015).

At December 31, 2015, we evaluated which legal mechanisms were available to our Venezuelan subsidiaries to access U.S. dollars. Starting June 2015 and at December 31, 2015, we concluded that we would use the SIMADI rate to remeasure our bolivar-denominated monetary assets and liabilities since it was our only legally available option and our intent on a go-forward basis to utilize this market to settle any future transactions based on then current facts and circumstances. During 2015, the Company did not receive U.S. dollars via the CENCOEX official rate of 6.3. We were only able to access the SIMADI market and only received minimal amounts of U.S. dollars. As a result of this evaluation, the Company reported a remeasurement loss of $33.1 million (of which $5.9 million was allocated to net earnings from discontinued operations, net of taxes) for the year ended December 31, 2015.

2016 Activity

On February 17, 2016, the Venezuelan government made further changes to the exchange rates including a further devaluation and on March 9, 2016 published in Exchange Agreement No. 35 further rules governing foreign exchange transactions which were effective March 10, 2016. This includes the following key changes:


•	The preferential rate for essential goods and services was changed from 6.3 to 10.0 bolivars per U.S. dollar and is no longer called CENCOEX but was called the DIPRO;


•	The SICAD rate was eliminated which reduced the number of legal mechanisms from three down to only two; and


•	Eliminated the SIMADI rate which was replaced by the DICOM rate which will be allowed to float freely beginning at a rate of approximately 203.0 bolivars to U.S. dollar.

At December 31, 2016, we evaluated which legal mechanisms were available to our Venezuelan subsidiaries to access U.S. dollars. As noted above, the SIMADI rate was replaced with the DICOM rate. Consistent with our evaluation completed in the first, second and third quarters of 2016, we concluded that we will continue to use the DICOM rate to remeasure our bolivar-denominated monetary assets and liabilities since it is our only legally available option and our intent on a go-forward basis to utilize this market if needed, to settle any future transactions based on current facts and circumstances. The DICOM rate as of December 31, 2016 was 673.7617.

During 2016, we were only able to access the SIMADI market (during the period the market was available) and only received minimal amounts of U.S. dollars during the first three months of 2016. We did not receive any U.S. dollars via the CENCOEX (at an official rate of 6.3) or the DIPRO (at an official rate of 10.0). We expect that we will only have limited access to the DIPRO market to settle certain past transactions. However, if the option becomes available to us to use the DIPRO in the future, the Company will consider this further, as needed. For any U.S. dollar-denominated monetary asset or liability, such amounts do not get remeasured at month-end since it is already an asset or liability denominated in U.S. dollars. As a result of this evaluation, the Company reported a remeasurement loss of $3.4 million (of which $1.7 million was recorded to net earnings from discontinued operations, net of taxes) for the year ended December 31, 2016.

Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Foreign exchange control regulations have affected our Venezuelan subsidiaries’ ability to obtain inventory and maintain normal production. This resulted in total costs of $49.4 million being incurred which included the following (i) a voluntary reduction in headcount including severance and termination benefits for employees of $0.3 million, (ii) depreciation and amortization expense related to fixed assets and intangibles of $0.5 million, (iii) inventory reserves of $0.4 million, (iv) income tax expense of $0.9 million and (v) the reclassification of $47.3 million of cumulative translation adjustment resulting in a charge to Net income as the Company’s decision to cease operations is similar to a substantially complete liquidation.

2017 Activity

On May 19, 2017, the Venezuelan government published in Exchange Agreement No. 38 that the DICOM system would now operate through an auction process which is referred to as the new DICOM. This became effective on May 23, 2017.

At December 31, 2017, we concluded that we would continue to use the DICOM rate to remeasure our remaining bolivar-denominated monetary assets and liabilities since it was our only legally available option and our intent on a go-forward basis to utilize this market if needed, to settle any future transactions based on current facts and circumstances. During 2017, we did not receive any U.S dollars via any of the legal mechanisms noted above. The new DICOM rate as of December 31, 2017 was 3,345.0 which reflects the last auction in June 2017. As a result of this evaluation, the Company reported a remeasurement loss of less than $1.0 million for the year ended December 31, 2017 (which included less than $0.1 million of income related to continuing operations).

We will continue to evaluate each reporting period the appropriate exchange rate to remeasure our financial statements based on the facts and circumstances as applicable.

Commitments and Contingencies — Litigation

On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of these actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of these matters and whether a reasonable estimation of the probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that disputed matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. We expense legal costs, including those legal costs expected to be incurred in connection with a loss contingency, as incurred.

Revenue Recognition

Our revenue earning activities primarily involve manufacturing and selling products, and we consider revenues to be earned when we have completed the process by which we are entitled to receive consideration. The following criteria are used for revenue recognition: persuasive evidence that an arrangement exists, shipment has occurred, selling price is fixed or determinable, and collection is reasonably assured.

Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales on the Consolidated Statements of Operations.

Charges for rebates and other allowances are recognized as a deduction from revenue on an accrual basis in the period in which the associated revenue is recorded. When we estimate our rebate accruals, we consider customer-specific contractual commitments including stated rebate rates and history of actual rebates paid. Our rebate accruals are reviewed at each reporting period and adjusted to reflect data available at that time. We adjust the accruals to reflect any differences between estimated and actual amounts. These adjustments impact the amount of net sales recognized by us in the period of adjustment. Charges for rebates and other allowances were approximately 5% of gross sales in 2017, approximately 5% of gross sales in 2016 and 4% of gross sales in 2015. We expect 2018 rebates and other allowances to be approximately the same percentage of gross sales as in 2017.

Shipping and Handling Costs

Costs incurred for the transfer and delivery of goods to customers are recorded as a component of cost of sales.

Research and Development

We expense research and development costs as incurred. Research and development costs were $91.8 million in 2017, $88.0 million in 2016 and $85.0 million in 2015.

Share-Based Incentive Compensation

At the 2014 Annual Meeting, the 2014 Omnibus Incentive Plan (the “Omnibus Plan”), was approved by our stockholders. The Omnibus Plan replaced the 2005 Contingent Stock Plan, and no new awards were granted under that plan. Any awards outstanding under the 2005 Contingent Stock Plan on the date of stockholder approval of the Omnibus Plan will remain subject to and be paid under the 2005 Contingent Stock Plan. See Note 18, “Stockholders’ Equity,” of the Notes to the Consolidated Financial Statements for further information on this plan.

We record share-based compensation awards exchanged for employee services at fair value on the date of grant and record the expense for these awards in cost of sales and in selling, general and administrative expense, as applicable, on our Consolidated Statements of Operations over the requisite employee service period. Share-based incentive compensation expense includes an estimate for forfeitures and anticipated achievement levels and is generally recognized over the expected term of the award on a straight-line basis. The Company accelerates expense using a graded vesting schedule for employees who meet retirement eligibility requirements prior to the end of the award’s service period. For performance-based awards, the Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable. For market based awards, the fair value of the award is determined at the grant date and is recognized at 100% over the performance period regardless of actual market condition performance.

Environmental Expenditures

We expense or capitalize environmental expenditures that relate to ongoing business activities, as appropriate. We expense costs that relate to an existing condition caused by previous operations and which do not contribute to current or future net sales. We record liabilities when we determine that environmental assessments or remediation expenditures are probable and that we can reasonably estimate the associated cost or a range of costs.

Income Taxes

We file a consolidated U.S. federal income tax return and our non-U.S. subsidiaries file income tax returns in their respective local jurisdictions. We provide for U.S. income taxes on those portions of our foreign subsidiaries’ accumulated earnings that we believe are not reinvested indefinitely in our businesses.

We account for income taxes under the asset and liability method to provide for income taxes on all transactions recorded in the Consolidated Financial Statements. We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. We determine deferred tax assets and liabilities at the end of each period using enacted tax rates.

We recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon settlement with tax authorities. We recognize interest and penalties related to unrecognized tax benefits in income tax expense on our Consolidated Statements of Operations.

See Note 16, “Income Taxes,” of the Notes to Consolidated Financial Statements for further discussion.

Cash and Cash Equivalents

We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Our policy is to invest cash in excess of short-term operating and debt service requirements in cash equivalents. Cash equivalents are stated at cost, which approximates fair value because of the short-term maturity of the instruments. Our policy is to transact with counterparties that are rated at least A- by Standard & Poor’s and A3 by Moody’s. Some of our operations are located in countries that are rated below A- or A3. In this case, we try to minimize our risk by holding cash and cash equivalents at financial institutions with which we have existing global relationships whenever possible, diversifying counterparty exposures and minimizing the amount held by each counterparty and within the country in total.

Accounts Receivable Securitization Programs

We and a group of our U.S. operating subsidiaries maintain an accounts receivable securitization program under which they sell eligible U.S. accounts receivable to an indirectly wholly-owned subsidiary that was formed for the sole purpose of entering into this program. The wholly-owned subsidiary in turn may sell an undivided fractional ownership interest in these receivables with two banks and an issuer of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of undivided fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and an issuer of commercial paper administered by these banks are considered secured borrowings with pledge of collateral and will be classified as short-term borrowings on our Consolidated Balance Sheets. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the Consolidated Balance Sheets.

In February 2013, we entered into a European accounts receivable securitization and purchase program with a special purpose vehicle, or SPV, two banks and a group of our European subsidiaries. The European program is structured to be a securitization of certain trade receivables that are originated by certain of our European subsidiaries. The SPV borrows funds from the banks to fund its acquisition of the receivables and provides the banks with a first priority perfected security interest in the accounts receivable. We do not have an equity interest in the SPV. We concluded the SPV is a variable interest entity because its total equity investment at risk is not sufficient to permit the SPV to finance its activities without additional subordinated financial support from the bank via loans or via the collections from accounts receivable already purchased. Additionally, we are considered the primary beneficiary of the SPV since we control the activities of the SPV, and are exposed to the risk of uncollectable receivables held by the SPV. Therefore, the SPV is consolidated in our Consolidated Financial Statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. Loans from the banks to the SPV will be classified as short-term borrowings on our Consolidated Balance Sheets. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the Consolidated Balance Sheets.

See Note 8, “Accounts Receivable Securitization Programs” of the Notes to Consolidated Financial Statements for further details.

Trade Receivables, Net

In the normal course of business, we extend credit to customers that satisfy pre-defined credit criteria. Trade receivables, which are included on the Consolidated Balance Sheets, are net of allowances for doubtful accounts. We maintain trade receivable allowances for estimated losses resulting from the likelihood of failure of our customers to make required payments. An additional allowance may be required if the financial condition of our customers deteriorate.

Inventories

During the fourth quarter of 2014, we changed the method of valuing our inventories that used the LIFO method to the FIFO method, so that all of our inventories are now determined using the FIFO method. We state inventories at the lower of cost or market. Costs related to inventories include raw materials, direct labor and manufacturing overhead which are included in cost of sales on the Consolidated Statements of Operations.

Property and Equipment, Net

We state property and equipment at cost, except for the fair value of acquired property and equipment and property and equipment that have been impaired, for which we reduce the carrying amount to the estimated fair value at the impairment date. We capitalize significant improvements and charge repairs and maintenance costs that do not extend the lives of the assets to expense as incurred. We remove the cost and accumulated depreciation of assets sold or otherwise disposed of from the accounts and recognize any resulting gain or loss upon the disposition of the assets.

We depreciate the cost of property and equipment over their estimated useful lives on a straight-line basis as follows: buildings — 20 to 40 years; machinery and equipment — 5 to 10 years; and other property and equipment — 2 to 10 years.

Asset Retirement Obligations

The company records asset retirement obligations at fair value at the time the liability is incurred if a reasonable estimate of fair value can be made. Accretion expense is recognized as an operating expense using the credit-adjusted risk-free interest rate in effect when the liability was recognized. The associated asset retirement obligations are capitalized as part of the carrying amount of the long-lived asset and depreciated over the estimated remaining useful life of the asset. The useful lives of property and equipment are discussed previously in the Property and Equipment, net section.

Goodwill and Identifiable Intangible Assets

Goodwill represents the excess of the aggregate of the following (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree and, (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.

Identifiable intangible assets consist primarily of patents, licenses, trademarks, trade names, customer lists and relationships, non-compete agreements and technology based intangibles and other contractual agreements. We amortize finite lived identifiable intangible assets over the shorter of their stated or statutory duration or their estimated useful lives, generally ranging from 3 to 15 years, on a straight-line basis to their estimated residual values and periodically review them for impairment. Total identifiable intangible assets comprise 1.6% and 0.5% in 2017 and 2016, respectively, of our consolidated total assets.

We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired.

Long-Lived Assets

Impairment and Disposal of Long-Lived Assets

For finite-lived intangible assets, such as customer relationships, contracts, intellectual property, and for other long-lived assets, such as property, plant and equipment, whenever impairment indicators are present, we perform a review for impairment. We calculate the undiscounted value of the projected cash flows associated with the asset, or asset group, and compare this estimated amount to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over the fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate.

For indefinite-lived intangible assets, such as trademarks and trade names, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over the fair value, if any. In addition, in all cases of an impairment review we re-evaluate whether continuing to characterize the asset as indefinite-lived is appropriate. See Note 7, “Goodwill and Identifiable Intangible Assets” of the Notes to Consolidated Financial Statements for additional details.

Self-Insurance

We retain the obligation for specified claims and losses related to property, casualty, workers’ compensation and employee benefit claims. We accrue for outstanding reported claims and claims that have been incurred but not reported based upon management’s estimates of the aggregate liability for retained losses using historical experience, insurance company estimates and the estimated trends in claim values. Our estimates include management’s and independent insurance companies’ assumptions regarding economic conditions, the frequency and severity of claims and claim development patterns and settlement practices. These estimates and assumptions are monitored and evaluated on a periodic basis by management and are adjusted when warranted by changing circumstances. Although management believes it has the ability to adequately project and record estimated claim payments, actual results could differ significantly from the recorded liabilities.

Pensions

For a number of our U.S. and international employees, we maintain defined benefit pension plans. We are required to make assumptions regarding the valuation of projected benefit obligations and the performance of plan assets for our defined benefit pension plans.

We review and approve the assumptions made by our third-party actuaries regarding the valuation of benefit obligations and performance of plan assets. The principal assumptions concern the discount rate used to measure future obligations, the expected future rate of return on plan assets, the expected rate of future compensation increases and various other actuarial assumptions. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans (November 30 for non-material plans). In general, significant changes to these assumptions could have a material impact on the costs and liabilities recorded in our Consolidated Financial Statements.

See Note 14, “Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans,” of the Notes to Consolidated Financial Statements for information about the Company’s benefit plans.

Net Earnings per Common Share

Basic earnings per common share is calculated by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding for the period. Non-vested share-based payment awards that contain non-forfeitable rights to dividends are treated as participating securities and therefore included in computing earnings per common share using the “two-class method.” The two-class method is an earnings allocation formula that calculates basic and diluted net earnings per common share for each class of common stock separately based on dividends declared and participation rights in undistributed earnings. The non-vested restricted stock issued under our Omnibus Plan and our 2005 Contingent Stock Plan are considered participating securities since these securities have non-forfeitable rights to dividends when we declare a dividend during the contractual vesting period of the share-based payment award and therefore included in our earnings allocation formula using the two-class method.

When calculating diluted net earnings per common share, the more dilutive effect of applying either of the following is presented: (a) the two-class method (described above) assuming that the participating security is not exercised or converted, or, (b) the treasury stock method for the participating security. Our diluted net earnings per common share for all periods presented was calculated using the two-class method since such method was more dilutive.

See Note 21, “Net Earnings Per Common Share,” of the Notes to Consolidated Financial Statements for further discussion.

Recently Issued Accounting Standards

In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"). This update intends to align the financial statements with an entity's risk management activities. ASU 2017-12 will allow for changes in the designation and measurement of hedges as well as expand the disclosures of hedge results. The amendments in ASU 2017-12 are effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. We are currently in the process of evaluating this new standard update.

In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). ASU 2017-09 amends the considerations for determining if a modification should be accounted for. This new guidance requires an entity to consider the fair value of an award before and after modification, the vesting conditions of the modified award and the classification of the modified award as an equity instrument. The amendments in ASU 2017-09 are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. We are currently in the process of evaluating this new standard update.

In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Benefit Postretirement Benefit Cost (“ASU 2017-07”). ASU 2017-07 changes how employers that sponsor defined benefit pension or other postretirement benefit plans present the net periodic benefit cost in the income statement. This new guidance requires entities to report the service cost component in the same line item or items as other compensation costs. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component outside of income from operations. The amendments in ASU 2017-07 are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. We are currently in the process of evaluating this new standard update.

In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 eliminates Step 2 as part of the goodwill impairment test. The amount of the impairment charge to be recognized would now be the amount by which the carrying value exceeds the reporting unit’s fair value. The loss to be recognized cannot exceed the amount of goodwill allocated to that reporting unit. The amendments in ASU 2017-04 are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim and annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently in the process of evaluating this new standard update.

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-1 provides a screen to determine when a set is not a business. This screen states that when substantially all of the fair value of the group assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The amendments in ASU 2017-01 are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. Early application is permitted for transactions for which the acquisition date occurs before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued. We are currently in the process of evaluating this new standard update.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that entities include restricted cash and restricted cash equivalents with cash and cash equivalents in the beginning-of-period and end-of-period total amounts shown on the Statement of Cash Flows. The amendments in ASU 2016-18 are effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. Early adoption, including adoption in interim periods, is permitted for all entities. Retrospective transition method is to be applied to each period presented. We are currently in the process of evaluating this new standard update.

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 requires entities to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in ASU 2016-16 are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements have not been issued or made available for issuance. We are currently in the process of evaluating this new standard update.

In August 2015, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 provides guidance on eight specific cash flow issues in regard to how cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 are effective for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted. We are currently in the process of evaluating this new standard update.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires entities to measure all expected credit losses for most financial assets held at the reporting date based on an expected loss model which includes historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. The ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal periods. Entities may adopt earlier as of the fiscal year beginning after December 15, 2018, including interim periods within those fiscal years. We are currently in the process of evaluating this new standard update.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), (“ASU 2016-02”). This ASU requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. We are currently in the process of evaluating this new standard update.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). This ASU requires equity investments except those under the equity method of accounting to be measured at fair value with the changes in fair value recognized in net income. The amendment simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. In addition, it also requires enhanced disclosures about investments. The amendments in ASU 2016-01 are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application for certain provisions is allowed but early adoption of the amendments is not permitted. An entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. We are currently in the process of evaluating this new standard update.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”) and issued subsequent amendments to the initial guidance within ASU 2015-04, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2017-05, ASU 2017-10 and ASU 2017-13 (collectively, Topic 606). Previous revenue recognition guidance in U.S. GAAP comprised broad revenue recognition concepts together with numerous revenue requirements for particular industries or transactions, which sometimes resulted in different accounting for economically similar transactions. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, ASU 2014-09 expands and enhances disclosure requirements which require disclosing sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. This includes both qualitative and quantitative information. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, (“ASU 2015-14”). The amendments in ASU 2015-14 delay the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2018 and allow early adoption as of the original public entity effective date. The amendments in ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2017-05, ASU 2017-10 and ASU 2017-13 are effective in conjunction with ASU 2015-14.

The guidance permits two methods of adoption: full retrospective in which the standard is applied to all of the periods presented or modified retrospective where an entity will have to recognize the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. We will adopt the modified retrospective method.

Our efforts to adopt this standard focused on contract analysis at a regional level. We have concluded our assessment and identified the most significant impact will be on the accounting for Free on Loan equipment in our Food Care division. Whereas today we do not recognize revenue on Free on Loan equipment, under the new standard, we anticipate allocating revenue to that equipment and account for the lease component under ASC 840. ASC 606-10-15-4 states that a contract can be partially in scope of ASC 606 and partially in scope of another standard, in this case ASC 840. Sealed Air determined the proper accounting treatment for contracts with lease and non-lease components would be to allocate the transaction price of the contract to the separate lease and non-lease components, account for the non-lease components of the contract under ASC 606 and account for the lease components of the contract under ASC 840. During the contract analysis we also evaluated how the transaction price would be allocated across the performance obligations. It highlighted the need to adjust our equipment accrual balance, within the Food Care division, to reflect the stand alone selling price of the equipment within our portfolio.

Based on the information we have evaluated to date, we do not anticipate that the adoption of the amendments will have a significant impact on our consolidated financial statements with the exception of new and expanded disclosures. That said we currently estimate the adjustment will result in a reduction to the opening balance of retained earnings in the range of $1 to $5 million.

Discontinued Operations, Divestitures and Acquisitions

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations Divestitures and Acquisitions

Discontinued Operations, Divestitures and Acquisitions

Discontinued Operations

On March 25, 2017, we entered into a definitive agreement to sell our Diversey Care division and the Food Hygiene and Cleaning business within our Food Care division for gross proceeds of USD equivalent of $3.2 billion, subject to customary closing conditions. The transaction was completed on September 6, 2017. We recorded a net gain on the sale of Diversey of $640.7 million, net of taxes of $197.5 million. We intend to use the cash generated from this transaction to repay debt and maintain our credit profile, repurchase shares to minimize earnings dilution, and fund core growth initiatives, including potential complementary acquisitions to our Food Care and Product Care divisions.

The sale of Diversey will allow us to enhance our strategic focus on the Food Care and Product Care divisions and simplify our operating structure. We have classified the operating results from this business, together with certain costs related to the divestiture transaction, as discontinued operations, net of tax, in the Consolidated Statements of Operations for the three years ended December 31, 2017, 2016 and 2015. Assets and liabilities of this business are classified as “held for sale” in the Consolidated Balance Sheets as of December 31, 2016.

Summary operating results of Diversey were as follows:



	Year Ended December 31,
(In millions)	2017			2016			2015
Net sales	$	1,669.0		$	2,567.0		$	2,621.2
Cost of sales	950.4			1,440.3			1,489.8
Gross profit	718.6			1,126.7			1,131.4
Selling, general and administrative expenses	538.3			859.2			907.8
Amortization expense of intangible assets acquired	23.9			79.9			77.6
Operating profit	156.4			187.6			146.0
Other expense, net	(17.0		)	(9.7		)	(11.4		)
Earnings from discontinued operations before income tax (benefit) provision	139.4			177.9			134.6
Income tax (benefit) provision from discontinued operations⁽¹⁾	28.0			(16.2		)	(42.0		)
Net earnings from discontinued operations	$	111.4		$	194.1		$	176.6

⁽¹⁾

For the year ended December 31, 2017, net earnings from discontinued operations included tax expense of $28.0 million, primarily driven by a change in our repatriation strategy and offset by a favorable earnings mix in jurisdictions with lower rates. For the year ended December 31, 2016, net earnings from discontinued operations were impacted by tax benefits of $16.2 million, primarily related to the release of reserves and favorable earnings mix in jurisdictions with lower tax rates. For the year ended December 31, 2015, net earnings from discontinued operations were impacted by tax benefits of $42.0 million, primarily related to the release of reserves and favorable earnings mix in jurisdictions with lower tax rates.

The carrying value of the major classes of assets and liabilities of Diversey were as follows:



(In millions)	December 31, 2016
Assets:
Cash and cash equivalents	$	30.0
Trade receivables, net	438.2
Inventories	203.2
Other receivables	70.3
Prepaid expenses and other current assets	80.6
Property and equipment, net	170.6
Goodwill	972.8
Intangible assets, net	669.9
Deferred taxes⁽¹⁾	39.8
Other non-current assets	162.0
Total assets held for sale	$	2,837.4
Liabilities:
Short-term borrowings	$	9.6
Current portion of long-term debt	31.1
Accounts payable	346.5
Other current liabilities	296.1
Long-term debt	175.7
Deferred taxes⁽¹⁾	72.5
Other non-current liabilities	269.0
Total liabilities held for sale	$	1,200.5


⁽¹⁾	As of December 31, 2016, $27.2 million of amounts which were previously classified as $10.9 million of non-current assets held for sale and $16.3 million of non-current liabilities held for sale were reclassified to deferred tax assets since the amounts were not transferred as part of the sale of Diversey.

The following table presents selected financial information regarding cash flows of Diversey that are included within discontinued operations in the Consolidated Statements of Cash Flows:



	Year Ended December 31,
(In millions)	2017		2016		2015
Non-cash items included in net earnings from discontinued operations:
Depreciation and amortization	$	29.3	$	111.4	$	112.5
Share-based incentive compensation	10.2		12.0		10.1
Profit sharing expense	3.0		2.9		4.5
Provision for bad debt	2.3		5.0		3.1
Capital expenditures	11.9		17.8		37.1

The amounts disclosed in the tables above have been excluded from disclosures unless otherwise noted.

On April 1, 2017, the Diversey Care division acquired the UVC disinfection portfolio of Daylight Medical, a manufacturer of innovative medical devices. The preliminary fair value of the consideration transferred was approximately $25.2 million which included $3.5 million of cash paid at closing as well as a preliminary fair value of $21.7 million related to $14.4 million of noncontingent consideration which will be paid in the future and a $7.3 million of preliminary fair value for liability-classified contingent consideration. The assets and liabilities acquired as part of the acquisition are transferred with the sale of Diversey.

Divestitures

Sale of Latin American foam trays and absorbent pads business

On August 1, 2017, we entered into an agreement to sell our polystyrene food tray business in Guarulhos, Brazil for a gross purchase price of R$24.0 million (or $7.2 million as of December 31, 2017). The closing of the transaction is expected to occur in the first quarter of 2018 after certain conditions are met. The purchase price is subject to working capital, cash and debt adjustments. As of December 31, 2017, there was $3.1 million of assets held for sale and $2.2 million of liabilities held for sale on the Consolidated Balance Sheet.

Sale of North American foam trays and absorbent pads business

On April 1, 2015, we completed the sale of our North American foam trays and absorbent pads business to NOVIPAX, a portfolio company of Atlas Holdings LLC, for net proceeds of $75.6 million, net of certain purchase price adjustments of $5.9 million and subject to final purchase price adjustment. After transaction costs of $7.0 million, we recorded a $26.5 million pre-tax gain on sale of business, which is included in (Loss) gain on sale of business, net in the Consolidated Statement of Operations for the year ended December 31, 2015. Subsequent to December 31, 2015, we recorded an additional pre-tax loss on the sale of business primarily due to additional transaction costs of $0.2 million. This resulted in cumulative transaction costs of $7.2 million. This resulted in a cumulative pre-tax gain of $26.3 million on the sale of business. The decision to sell this business was consistent with the Company's overall strategy to focus on innovation and differentiation in its portfolio of products within the flexible packaging industry. The sale included our manufacturing facilities in Paxinos and Reading, PA, Indianapolis, IN, Rockingham, NC, and Grenada, MS.

The North American foam trays and absorbent pads business was part of the Company’s Food Care division. The disposal of the North American foam trays and absorbent pads business did not qualify as a discontinued operation.

For the year ended December 31, 2015, the North American foam trays and absorbent pads businesses contributed approximately $52.9 million of net sales and $10.3 million of earnings before income taxes, which excludes certain allocated costs, including corporate support services, for which the Company would normally include in measuring its performance.

Sale of European food trays business

On November 1, 2015, we completed the sale of our European food trays business to Faerch Plast A/S, a European food packaging solutions provider, for net proceeds at that time of €17.6 million or approximately $19.0 million, net of certain purchase price adjustments of €1.7 million or approximately $1.9 million. We recorded a $13.1 million pre-tax loss on the sale of business, which is included in (Loss) gain on sale of business, net in the Consolidated Statement of Operations for the year ended December 31, 2015.

The net proceeds excluded contingent consideration which will be received if certain performance targets are met. This transaction follows the sale of our North American foam trays and absorbent pads business in April 2015 and is aligned with our continued commitment to a disciplined approach to portfolio management strategy. The European sale included the manufacturing facilities in Poole, UK and Bunol, Spain. Subsequent to December 31, 2015, we recorded an additional pre-tax loss on the sale of business primarily due to a reduction in the net proceeds of $1.6 million in 2016. This resulted in cumulative net proceeds of €16.5 million or approximately $17.7 million.

The European food trays business was part of the Company’s Food Care division. The European food trays business met the held for sale criteria in the fourth quarter of 2015 prior to its disposition. The disposal of the European food trays business did not qualify as a discontinued operation.

For the year ended December 31, 2015, the European food trays business contributed approximately $48.7 million of net sales and $6.9 million of earnings before income taxes which excludes certain allocated costs, including corporate support services for which the Company would normally include in measuring its performance.

Acquisitions

Acquisition of Fagerdala

On October 2, 2017, the Company acquired Fagerdala Singapore Pte Ltd. ("Fagerdala"), a manufacturer and fabricator of polyethylene foam based in Singapore, to join its Product Care division. We acquired 100% of Fagerdala shares for estimated consideration of S$144.7 million, or $106.6 million, net of cash acquired of $13.3 million, inclusive of purchase price adjustments which will be finalized in 2018. We plan to leverage Fagerdala’s manufacturing footprint in Asia, expertise in foam manufacturing and fabrication, and commercial organization to grow sales in the consumer electronics, medical equipment and devices, automotive, temperature assurance, and e-commerce fulfillment sectors.

The following table summarizes the consideration transferred to acquire Fagerdala and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.



	Preliminary Allocation
(In millions)	As of October 2, 2017
Total consideration transferred	$	106.6

Assets:
Cash and cash equivalents	$	13.3
Trade receivables, net	22.4
Inventory, net	10.0
Prepaid expenses and other current assets	8.4
Property and equipment, net	23.3
Intangible assets, net	41.4
Goodwill	39.3
Assets	$	158.1
Liabilities:
Short-term borrowings	$	14.0
Accounts payable	6.9
Other current liabilities	15.1
Long-term debt, less current portion	3.8
Non-current deferred taxes	11.7
Liabilities	$	51.5

The valuation of property, plant, and equipment, and intangible assets is preliminary. We expect to complete the valuation in the first half of 2018. All of the goodwill is allocated to the Product Care reporting unit. The $41.4 million value allocated to definite-lived intangible assets consists primarily of $28.7 million of customer relationships with a useful life of sixteen years, $10.8 million of trademarks and tradenames with a useful life of fifteen years and various acquired technologies of $1.9 million with useful lives of fifteen years.

Acquisition of Deltaplam

On August 1, 2017, the Company acquired Deltaplam Embalagens Indústria e Comércio Ltda ("Deltaplam"), a family owned and operated Brazilian flexible packaging manufacturer, to join its Food Care division. The preliminary fair value of the consideration transferred was approximately $25.8 million. We recorded the fair value of the assets acquired and liabilities assumed on the acquisition date, which included $10.8 million of goodwill and $6.2 million of intangible assets.

Acquisition of B+ Equipment

During the third quarter of 2015, we acquired 100% equity interest in the business of B+ Equipment, a company headquartered in France that designs, manufactures and services automated packaging equipment for order fulfillment operations. Our acquisition strategy is focused on best-in-class, disruptive technologies that extends Product Care’s leadership position. The acquisition of B+ further solidifies our position in the growing e-commerce market with a solution that focuses on reducing the cost of shipping and increasing productivity.

The fair value of the consideration transferred was $19.0 million which included an immaterial amount related to the fair value of contingent consideration. We recorded the fair value of the assets acquired and liabilities assumed on the acquisition date, which included $15.3 million of intangible assets. Goodwill of $6.4 million was recorded, which is not deductible for tax purposes.

Segments

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

Segments

As a result of the sale of Diversey, we have changed our segment reporting structure. The Food Care division now excludes the Food Hygiene and Cleaning business, which is included in discontinued operations, and includes our Medical Applications and New Ventures businesses, which were previously reported in the “Other” category. The Other category also previously included “Corporate” which is now its own category.

The Company’s segment reporting structure now consists of two reportable segments and a Corporate category as follows:


•	Food Care (including Medical Applications and New Ventures businesses); and


•	Product Care.

The Company’s Food Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products and management team. Corporate includes certain costs that are not allocated to the reportable segments, primarily consisting of unallocated corporate overhead costs, including administrative functions and cost recovery variances not allocated to the reportable segments from global functional expenses.

We allocate and disclose depreciation and amortization expense to our segments, although property and equipment, net is not allocated to the segment assets, nor is depreciation and amortization included in the segment performance metric Adjusted EBITDA. As of January 1, 2017, we modified our calculation of Adjusted EBITDA to exclude interest income. The impact in this modification was $7.5 million and $6.8 million for years ended December 31, 2016 and 2015, respectively. We also disclose restructuring and other charges by segment, although these items are not included in the segment performance metric Adjusted EBITDA since restructuring and other charges are categorized as Special Items as outlined in the table reconciling U.S. GAAP net earnings from continuing operations to Non-U.S. GAAP Total Company Adjusted EBITDA set forth below. The accounting policies of the reportable segments and Corporate are the same as those applied to the Consolidated Financial Statements.

The following tables show net sales and Adjusted EBITDA by our segment reporting structure:



	Year Ended December 31,
(In millions)	2017			2016			2015
Net Sales
Food Care	$	2,815.2		$	2,686.8		$	2,856.1
As a % of Total Company net sales	63.1		%	63.8		%	64.8		%
Product Care	1,646.4			1,524.5			1,554.2
As a % of Total Company net sales	36.9		%	36.2		%	35.2		%
Total Company Net Sales	$	4,461.6		$	4,211.3		$	4,410.3


	Year Ended December 31,
(In millions)	2017			2016			2015
Adjusted EBITDA from continuing operations
Food Care	$	608.3		$	605.4		$	643.7
Adjusted EBITDA Margin	21.6		%	22.5		%	22.5		%
Product Care	332.3			331.1			322.1
Adjusted EBITDA Margin	20.2		%	21.7		%	20.7		%
Corporate⁽¹⁾	(107.3		)	(127.3		)	(115.7		)
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations	$	833.3		$	809.2		$	850.1
Adjusted EBITDA Margin	18.7		%	19.2		%	19.3		%


⁽¹⁾	Corporate includes costs previously allocated to the Diversey Care segment and Food Hygiene and Cleaning business of our Food Care segment which are included as part of continuing operations of $13.7 million, $15.0 million and $16.3 million for December 31, 2017, 2016 and 2015 respectively.

The following table shows a reconciliation of U.S. GAAP net earnings from continuing operations to Non-U.S. GAAP Total Company Adjusted EBITDA:



	Year Ended December 31,
(In millions)	2017			2016			2015
Net earnings from continuing operations	$	62.8		$	292.3		$	158.8
Interest expense	(201.8		)	(199.4		)	(211.0		)
Interest income	17.6			7.5			6.8
Income tax provision⁽¹⁾	330.5			95.6			132.6
Depreciation and amortization⁽⁴⁾	(158.3		)	(154.0		)	(151.3		)
Depreciation and amortization adjustments⁽²⁾	—			1.7			0.1
Special Items:
Restructuring and other charges⁽¹⁾⁽⁵⁾	(12.1		)	(2.5		)	(48.7		)
Other restructuring associated costs included in cost of sales and selling, general and administrative expenses	(14.3		)	(19.8		)	(25.7		)
SARs	2.6			(0.7		)	(3.9		)
Foreign currency exchange loss related to Venezuelan subsidiaries	—			(1.7		)	(27.2		)
Charges related to ceasing operations in Venezuela⁽¹⁾	—			(48.5		)	—
Loss on debt redemption and refinancing activities	—			(0.1		)	(110.0		)
(Loss) gain on sale of North American foam trays and absorbent pads business and European food trays business	—			(1.8		)	13.4
Charges related to acquisitions and divestitures and the sale of property, plant and equipment	(15.5		)	—			—
Charges incurred related to the sale of Diversey	(68.6		)	(1.4		)	—
Settlement/curtailment benefits related to the sale of Diversey pension plans	13.5			—			—
Other Special Items⁽³⁾	(3.1		)	(0.6		)	(1.2		)
Pre-tax impact of Special Items	(97.5		)	(77.1		)	(203.3		)
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations	$	833.3		$	809.2		$	850.1


⁽¹⁾	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 2 “Summary of Significant Accounting Policies and Recently Issued Accounting Standards," of the Notes to Consolidated Financial Statements for further details.


⁽²⁾	This includes accelerated depreciation of non-strategic assets related to restructuring programs which were $1.1 million and $0.1 million for the years ended December 31, 2016 and 2015, respectively.

⁽³⁾

Other Special Items for the year ended December 31, 2017 primarily included transaction costs related to reorganizations. Other Special Items for the year ended December 31, 2016 primarily included legal fees associated with restructuring and immaterial divestitures and acquisitions partially offset by a reduction in a non-income tax reserve following the completion of a governmental audit. Other Special Items for the year ended December 31, 2015 primarily included legal fees associated with restructuring and acquisitions.


⁽⁴⁾	Depreciation and amortization by segment is as follows:



	Year Ended December 31,
(In millions)	2017		2016		2015
Food Care	$	103.8	$	92.2	$	97.1
Product Care	47.3		40.1		37.6
Corporate	7.2		21.7		16.6
Total Company depreciation and amortization⁽ⁱ⁾	$	158.3	$	154.0	$	151.3


⁽ⁱ⁾	Includes share-based incentive compensation of $38.2 million in 2017, $50.9 million in 2016 and $51.0 million in 2015.


⁽⁵⁾	Restructuring and other charges by segment were as follows:



	Year Ended December 31,
(In millions)	2017		2016		2015
Food Care	$	7.6	$	1.6	$	31.5
Product Care	4.5		0.9		17.2
Total Company restructuring and other charges⁽ⁱ⁾	$	12.1	$	2.5	$	48.7


⁽ⁱ⁾	For the year ended December 31, 2016 restructuring and other charges excludes $0.3 million related to severance and termination benefits for employees in our Venezuelan subsidiaries.

Assets by Reportable Segments

The following table shows assets allocated by our segment reporting structure. Only assets which are identifiable by segment and reviewed by our chief operating decision maker by segment are allocated to the reportable segment assets, which are trade receivables, net, and finished goods inventories, net. All other assets are included in “Assets not allocated.”



	December 31,
(In millions)	2017		2016
Assets:
Trade receivables, net, and finished goods inventories, net
Food Care	$	511.5	$	459.9
Product Care	339.1		261.5
Total segments and other	$	850.6	$	721.4
Assets not allocated
Cash and cash equivalents	594.0		333.7
Property and equipment, net	998.4		889.6
Goodwill	1,939.8		1,882.9
Intangible assets, net	83.6		40.1
Assets held for sale	4.0		2,840.8
Other	809.9		707.0
Total	$	5,280.3	$	7,415.5

Allocation of Goodwill and Identifiable Intangible Assets to Reportable Segments

Our management views goodwill and identifiable intangible assets as corporate assets, so we do not allocate their balances to the reportable segments. However, we are required to allocate their balances to each reporting unit to perform our annual impairment review, which we do during the fourth quarter of the year using a measurement date of October 1st. See Note 7, “Goodwill and Identifiable Intangible Assets, Net,” of the Notes to Consolidated Financial Statements for the allocation of goodwill and identifiable intangible assets and the changes in their balances in the year ended December 31, 2017 by our segment reporting structure, and the details of our impairment review.

Geographic Information



	Year Ended December 31,
(In millions)	2017		2016		2015
Net sales⁽¹⁾:
North America⁽³⁾	$	2,415.0	$	2,237.8	$	2,315.2
EMEA	984.7		962.7		1,033.1
Latin America	409.3		396.8		423.3
APAC	652.6		614.0		638.7
Total	$	4,461.6	$	4,211.3	$	4,410.3
Total long-lived assets⁽¹⁾⁽²⁾:
North America	$	639.6	$	633.5
EMEA	274.1		213.3
Latin America	74.6		68.7
APAC	226.0		149.5
Total	$	1,214.3	$	1,065.0


⁽¹⁾	Net sales to external customers attributed to geographic areas represent net sales to external customers based on destination. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2017, 2016 or 2015 or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2017 and 2016.


⁽²⁾	Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, intangible assets and non-current assets held for sale.


⁽³⁾	Net sales to external customers within the U.S. were $2,278.6 million for the year ended December 31, 2017, $2,112.1 million for the year ended December 31, 2016 and $2,188.8 million for the year ended December 31, 2015.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Inventories

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Property, Plant and Equipment [Abstract]

The following table details our inventories:



	December 31,
(In millions)	2017		2016
Inventories, net:
Raw materials	$	82.8	$	81.5
Work in process	125.7		114.4
Finished goods	298.3		260.8
Total	$	506.8	$	456.7

Property and Equipment, net

12 Months Ended

Dec. 31, 2017

Property and Equipment, net

The following table details our property and equipment.



	December 31,
(In millions)	2017			2016
Land and improvements	$	43.5		$	41.6
Buildings	718.9			600.2
Machinery and equipment	2,330.5			2,091.5
Other property and equipment	116.3			104.3
Construction-in-progress	114.7			210.1
Property and equipment, gross	3,323.9			3,047.7
Accumulated depreciation and amortization	(2,325.5		)	(2,158.1		)
Property and equipment, net	$	998.4		$	889.6

The following table details our interest cost capitalized and depreciation and amortization expense for property and equipment for the years ended December 31.



	Year Ended December 31,
(In millions)	2017		2016		2015
Interest cost capitalized	$	10.3	$	11.0	$	5.4
Depreciation and amortization expense for property and equipment	$	107.0	$	88.2	$	89.1

Goodwill and Identifiable Intangible Assets, Net

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets, Net

Goodwill

We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year, using a measurement date of October 1st, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. The Company performed a qualitative assessment of the goodwill by reporting unit as of October 1, 2017, during the fourth quarter of 2017, and concluded that it was more likely than not that the fair value of each of the reporting units exceeded its carrying amount. In assessing the qualitative factors, the Company considered the impact of key factors including macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity-and reporting unit-specific events. As such, it was not necessary to perform the two-step quantitative goodwill impairment test at that time. In addition, there have been no significant events or circumstances affecting the valuation of goodwill subsequent to the qualitative assessment performed in the fourth quarter of the fiscal year ended December 31, 2017. If the qualitative factors had indicated that it was more likely than not that the fair value of the reporting units was less than its carrying amount, the Company would have tested goodwill for impairment at the reporting unit level using a two-step approach.

The goodwill impairment test involves a two-step process. In step one, we compare the fair value of each of our reporting units to its carrying value, including the goodwill allocated to the reporting unit. If the fair value of the reporting unit exceeds its carrying value, there is no indication of impairment and no further testing is required. If the fair value of the reporting unit is less than the carrying value, we must perform step two of the impairment test to measure the amount of impairment loss, if any. In step two, the reporting unit’s fair value is allocated to all of the assets and liabilities of the reporting unit, including any unrecognized intangible assets, in a hypothetical analysis that calculates the implied fair value of goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of the reporting unit’s goodwill is less than the carrying value, the difference is recorded as an impairment loss.

Allocation of Goodwill to Reporting Units

The following table shows our goodwill balances by our segment reporting structure:



(In millions)	Food Care		Product Care		Total
Carrying Value at December 31, 2016	$	510.8	$	1,372.1	$	1,882.9
Acquisition and divestiture	10.1		39.3		49.4
Currency translation	6.0		1.5		7.5
Carrying Value at December 31, 2017	$	526.9	$	1,412.9	$	1,939.8

As noted above, it was determined under a qualitative assessment that it was more likely than not that the fair value of any reporting unit was less than its carrying amount. Therefore, there was no impairment of goodwill. However, if the fair value decreases in future periods, the Company may fail step one of the goodwill impairment test and be required to perform step two. In performing step two, the fair value would have to be allocated to all of the assets and liabilities of the reporting unit. Therefore, any potential goodwill impairment charge would be dependent upon the estimated fair value of the reporting unit at that time and the outcome of step two of the impairment test. The fair values of the assets and liabilities of the reporting unit, including the intangible assets could vary depending on various factors.

The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment. In the event of significant adverse changes of the nature described above, we might have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations.

Identifiable Intangible Assets, Net

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives:



	December 31, 2017							December 31, 2016
(In millions)	Gross Carrying Value		Accumulated Amortization			Net ⁽¹⁾		Gross Carrying Value		Accumulated Impairment			Net
Customer relationships	$	59.7	$	(19.7	)	$	40.0	$	25.0	$	(17.5	)	$	7.5
Trademarks and tradenames	11.6		(0.5		)	11.1		0.6		(0.2		)	0.4
Capitalized software	50.6		(40.0		)	10.6		42.6		(31.2		)	11.4
Technology	39.2		(27.5		)	11.7		34.4		(24.2		)	10.2
Contracts	10.9		(9.6		)	1.3		10.6		(8.9		)	1.7
Total intangible assets with definite lives	172.0		(97.3		)	74.7		113.2		(82.0		)	31.2
Trademarks and tradenames with indefinite lives	8.9		—			8.9		8.9		—			8.9
Total identifiable intangible assets	$	180.9	$	(97.3	)	$	83.6	$	122.1	$	(82.0	)	$	40.1


⁽¹⁾	As of December 31, 2017, amounts include intangible assets inquired as part of the Fagerdala acquisition. See Note 3, "Discontinued Operations, Divestitures and Acquisitions" to the Notes to Consolidated Financial Statements for additional information related to the Fagerdala acquisition.

The following table shows the remaining estimated future amortization expense at December 31, 2017.



Year	Amount (in millions)
2018	$	11.1
2019	8.1
2020	5.8
2021	5.3
Thereafter	44.4
Total	$	74.7

Amortization expense was $13.1 million in 2017, $15.0 million in 2016 and $11.1 million in 2015.

The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2017.



	Remaining weighted average useful lives
Customer relationships	15.3
Trademarks and trade names	14.5
Technology	3.3
Contracts	3.7
Total identifiable intangible assets, net with definite lives	11.5

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

Restructuring and Related Activities [Abstract]

Accounts Receivable Securitization Programs	12 Months Ended
Accounts Receivable Securitization Programs	Dec. 31, 2017
Transfers and Servicing [Abstract]
Accounts Receivable Securitization Programs	Accounts Receivable Securitization Programs U.S. Accounts Receivable Securitization Program We and a group of our U.S. operating subsidiaries maintain an accounts receivable securitization program under which they sell eligible U.S. accounts receivable to an indirectly wholly-owned subsidiary that was formed for the sole purpose of entering into this program. The wholly-owned subsidiary in turn may sell an undivided fractional ownership interest in these receivables with two banks and issuers of commercial paper administered by these banks. The wholly-owned subsidiary retains the receivables it purchases from the operating subsidiaries. Any transfers of fractional ownership interests of receivables under the U.S. receivables securitization program to the two banks and issuers of commercial paper administered by these banks are considered secured borrowings with pledge of collateral and will be classified as short-term borrowings on our Consolidated Balance Sheets. These banks do not have any recourse against the general credit of the Company. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the Consolidated Balance Sheets. As of December 31, 2017, the maximum purchase limit for receivable interests was $60.0 million, subject to the availability limits described below. The amounts available from time to time under this program may be less than $60.0 million due to a number of factors, including but not limited to our credit ratings, trade receivable balances, the creditworthiness of our customers and our receivables collection experience. During the year ended December 31, 2017, the level of eligible assets available under the program was lower than $60.0 million primarily due to certain required reserves against our receivables. As a result, the amount available to us under the program was $58.1 million at December 31, 2017. Although we do not believe restrictions under this program presently materially restrict our operations, if an additional event occurs that triggers one of these restrictive provisions, we could experience a further decline in the amounts available to us under the program or termination of the program. The program expires annually in August and is renewable. European Accounts Receivable Securitization Program We and a group of our European subsidiaries maintain an accounts receivable securitization program with a special purpose vehicle, or SPV, two banks and issuers of commercial paper administered by these banks. The European program is structured to be a securitization of certain trade receivables that are originated by certain of our European subsidiaries. The SPV borrows funds from the banks to fund its acquisition of the receivables and provides the banks with a first priority perfected security interest in the accounts receivable. We do not have an equity interest in the SPV. We concluded the SPV is a variable interest entity because its total equity investment at risk is not sufficient to permit the SPV to finance its activities without additional subordinated financial support from the bank via loans or via the collections from accounts receivable already purchased. Additionally, we are considered the primary beneficiary of the SPV since we control the activities of the SPV, and are exposed to the risk of uncollectable receivables held by the SPV. Therefore, the SPV is consolidated in our Consolidated Financial Statements. Any activity between the participating subsidiaries and the SPV is eliminated in consolidation. Loans from the banks to the SPV will be classified as short-term borrowings on our Consolidated Balance Sheets. The net trade receivables that served as collateral for these borrowings are reclassified from trade receivables, net to prepaid expenses and other current assets on the Consolidated Balance Sheets. As of December 31, 2017, the maximum purchase limit for receivable interests was €80.0 million, ($95.5 million equivalent at December 31, 2017) subject to availability limits. The terms and provisions of this program are similar to our U.S. program discussed above. As of December 31, 2017, the amount available under this program before utilization was €80.0 million ($95.5 million equivalent as of December 31, 2017). This program expires annually in August and is renewable. Utilization of Our Accounts Receivable Securitization Programs As of December 31, 2017, there were no amounts outstanding under our U.S. and European programs. We continue to service the trade receivables supporting the programs, and the banks are permitted to re-pledge this collateral. Total interest expense related to the use of these programs was approximately $1.0 million for the year ended December 31, 2017, $1.3 million for the year ended December 31, 2016 and less than $1.0 million for the year ended December 31, 2015. Under limited circumstances, the banks and the issuers of commercial paper can end purchases of receivables interests before the above expiration dates. A failure to comply with debt leverage or various other ratios related to our receivables collection experience could result in termination of the receivables programs. We were in compliance with these ratios at December 31, 2017. As of December 31, 2016, there were no amounts outstanding under our U.S. and European programs.

Restructuring and Relocation Activities

12 Months Ended

Dec. 31, 2017

Restructuring and Relocation Activities

Consolidation of Restructuring Programs

As reported in our 2015 Form 10-K, our December 2011 Integration and Optimization Program (“IOP”) and the May 2013 Earnings Quality Improvement Program (“EQIP”) were substantially complete and did not significantly impact 2017. The December 2014 Fusion program had significant activity in 2017.

In the first quarter of 2016, the Board of Directors agreed to consolidate the remaining activities of all restructuring programs to create a single program to be called the “Sealed Air Restructuring Program” or the “Program.”

The Program consists of a portfolio of restructuring projects across all of our divisions as part of our transformation of Sealed Air into a knowledge-based company, including reductions in headcount, and relocation of certain facilities and offices, which primarily reflects the relocation from our former corporate headquarters in Elmwood Park, New Jersey; and facilities in Saddle Brook, New Jersey; Racine, Wisconsin; and, Duncan and Greenville, South Carolina to our new global headquarters in Charlotte, North Carolina. The cost of the Charlotte campus was estimated to be approximately $120.0 million. The Program also includes costs associated with the sale of Diversey.

Program metrics are as follows:



	Sealed Air Restructuring Program
Approximate positions eliminated by the Program	1,950
Estimated Program Costs (in millions):
Costs of reduction in headcount as a result of reorganization	$260-$270
Other expenses associated with the Program	130-135
Total expense	$390-$405
Capital expenditures	250-255
Proceeds, foreign exchange and other cash items	(70)-(75)
Total estimated net cash cost	$570-$585
Program to Date Cumulative Expense (in millions):
Costs of reduction in headcount as a result of reorganization	$	237
Other expenses associated with the Program	123
Total Cumulative Expense	$	360
Cumulative capital expenditures	$	235

The following table details our restructuring activities as reflected in the Statement of Operations for the twelve months ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
(In millions)	2017		2016		2015
Continuing operations:
Other associated costs	$	14.3	$	19.8	$	25.7
Restructuring charges	12.1		2.5		48.7
Total charges from continuing operations	26.4		22.3		74.4
Charges included in discontinued operations	2.4		18.6		46.8
Total charges	$	28.8	$	40.9	$	121.2
Capital Expenditures	$	21.3	$	123.5	$	52.0

The restructuring accrual, spending and other activity for the year ended December 31, 2017 and the accrual balance remaining at December 31, 2017 related to the Program were as follows:



(In millions)
Restructuring accrual at December 31, 2016	$	47.4
Accrual and accrual adjustments	12.1
Cash payments during 2017	(36.8		)
Transfers as part of the Diversey sale	(5.5		)
Effect of changes in foreign currency exchange rates	(1.1		)
Restructuring accrual at December 31, 2017	$	16.1

We expect to pay $15.4 million of the accrual balance remaining at December 31, 2017 within the next twelve months. This amount is included in accrued restructuring costs on the Consolidated Balance Sheet at December 31, 2017. The majority of the remaining accrual of $0.7 million is expected to be paid in 2019. This amount is included in other non-current liabilities on our Consolidated Balance Sheet at December 31, 2017.

Other Current and Non-Current Liabilities

12 Months Ended

Dec. 31, 2017

Other Liabilities Disclosure [Abstract]

Other Current and Non-Current Liabilities

The following tables detail our other current liabilities and other non-current liabilities at December 31, 2017 and 2016:



	December 31,
(In millions)	2017		2016
Other current liabilities:
Accrued salaries, wages and related costs	$	194.0	$	149.4
Accrued operating expenses⁽¹⁾	237.2		156.8
Accrued customer volume rebates	87.9		76.1
Accrued interest	38.5		37.9
Accrued employee benefit liability	4.4		3.2
Total	$	562.0	$	423.4



	December 31,
(In millions)	2017		2016
Other non-current liabilities:
Accrued employee benefit liability	$	163.7	$	172.4
Other postretirement liability	46.1		51.7
Other various liabilities⁽¹⁾	281.0		178.0
Total	$	490.8	$	402.1


⁽¹⁾	As of December 31, 2017, accrued operating expenses and other various liabilities included income tax liabilities of $36.4 million and $227.6 million, respectively.

Debt and Credit Facilities

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Debt and Credit Facilities

Our total debt outstanding consisted of the amounts set forth on the following table:



	December 31,
(In millions)	2017		2016
Short-term borrowings⁽¹⁾	$	25.3	$	83.0
Current portion of long-term debt	2.2		297.0
Total current debt	27.5		380.0
Term Loan A due July 2019	222.7		818.3
6.50% Senior Notes due December 2020	423.6		423.1
4.875% Senior Notes due December 2022	420.4		419.6
5.25% Senior Notes due April 2023	420.4		419.7
4.50% Senior Notes due September 2023	474.3		416.7
5.125% Senior Notes due December 2024	420.7		420.2
5.50% Senior Notes due September 2025	396.7		396.4
6.875% Senior Notes due July 2033	445.4		445.3
Other	6.3		3.3
Total long-term debt, less current portion⁽³⁾	3,230.5		3,762.6
Total debt⁽²⁾⁽⁴⁾	$	3,258.0	$	4,142.6

⁽¹⁾

Short-term borrowings of $25.3 million at December 31, 2017 are comprised of $2.1 million of Diversey accounts payable obligations under financing arrangements which Sealed Air was fully reimbursed for as part of the sale of Diversey as well as $23.2 million of short-term borrowing from various lines of credit. Short-term borrowings at December 31, 2016 were comprised primarily of $83.0 million of short-term borrowings from various lines of credit.


⁽²⁾	As of December 31, 2017, our weighted average interest rate on our short-term borrowings outstanding was 5.4% and on our long-term debt outstanding was 5.3%. As of December 31, 2016, our weighted average interest rate on our short-term borrowings outstanding was 4.8% and on our long-term debt outstanding was 4.7%.


⁽³⁾	Amounts are net of unamortized discounts and issuance costs of $29.5 million as December 31, 2017 and $36.3 million as of December 31, 2016.


⁽⁴⁾	Long-term debt instruments are listed in order of priority.

Senior Notes

2015 Activity

In the second quarter 2015, Sealed Air issued $400 million of 5.50% Senior Notes due September 15, 2025 and €400 million of 4.50% Senior Notes due September 15, 2023. The proceeds from these notes were used to repurchase the Company’s $750 million 8.375% Notes due September 2021. The aggregate repurchase price was $866 million, which included the principal amount of $750 million, a premium of $99 million and accrued interest of $17 million. We recognized a total pre-tax loss of $110 million on the repurchase, which included the premiums mentioned above. Also included in the loss on debt redemption was $11 million of accelerated amortization of original non-lender fees related to the 8.375% Senior Notes. We also capitalized $8 million of non-lender fees incurred in connection with the 5.50% Senior Notes and 4.50% Senior Notes that are included in long-term debt, less current portion on our Consolidated Balance Sheet.

Credit Facility

2017 Activity

On July 1, 2017, we executed an amendment to the Amended Credit Facility in order to permit the sale of Diversey. The amendment primarily allowed us to take steps necessary for the legal separation of the Diversey business and release the loan security effective with the sale closing. Subsequent to the execution of the amendment, we prepaid the Brazilian tranche of our Term Loan A facility due in July 2019 in the amount of $96.3 million in connection with the anticipated Diversey transaction. An additional $755.2 million of this facility was prepaid in conjunction with the Diversey closing. As of December 31, 2017, the remaining balance of this facility was $222.7 million and no further amortization payments will be required before the maturity of the facility.

Also, in July 2017, we paid the full $250.0 million principal balance of the Term Loan A facility due in July 2017, upon its maturity.

Lines of Credit

The following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the revolving credit facility discussed above, and the amounts available under our accounts receivable securitization programs.



	December 31,
(In millions)	2017		2016
Used lines of credit ⁽¹⁾⁽²⁾	$	23.2	$	83.0
Unused lines of credit	1,108.6		1,074.4
Total available lines of credit⁽³⁾	$	1,131.8	$	1,157.4


⁽¹⁾	Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.


⁽²⁾	At the end of 2017 there was no cash held on deposit. As of December 31, 2016, there were $25.4 million of cash held on deposit as a compensating balance for certain short-term borrowings.


⁽³⁾	Of the total available lines of credit, $855.5 million were committed as of December 31, 2017.

Covenants

Each issue of our outstanding senior notes imposes limitations on our operations and those of specified subsidiaries. The Second Amended and Restated Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on our indebtedness, liens, investments, restricted payments, mergers and acquisitions, dispositions of assets, transactions with affiliates, amendment of documents and sale leasebacks, and a covenant specifying a maximum permitted ratio of Consolidated Net Debt to Consolidated EBITDA (as defined in the Second Amended and Restated Credit Agreement). We were in compliance with the above financial covenants and limitations at December 31, 2017 and 2016.

Debt Maturities

The following table summarizes the scheduled annual maturities for the next five years and thereafter of our long-term debt, including the current portion of long-term debt and capital leases. This schedule represents the principle portion of our debt, and therefore excludes debt discounts, interest rate swaps and lender and finance fees.



Year	Amount (in millions)
2018	$	2.2
2019	228.2
2020	425.9
2021	0.4
2022	425.1
Thereafter	2,180.5
Total	$	3,262.3

Derivatives and Hedging Activities

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Activities

We report all derivative instruments on our Consolidated Balance Sheets at fair value and establish criteria for designation and effectiveness of transactions entered into for hedging purposes.

As a large global organization, we face exposure to market risks, such as fluctuations in foreign currency exchange rates and interest rates. To manage the volatility relating to these exposures, we enter into various derivative instruments from time to time under our risk management policies. We designate derivative instruments as hedges on a transaction basis to support hedge accounting. The changes in fair value of these hedging instruments offset in part or in whole corresponding changes in the fair value or cash flows of the underlying exposures being hedged. We assess the initial and ongoing effectiveness of our hedging relationships in accordance with our policy. We do not purchase, hold or sell derivative financial instruments for trading purposes. Our practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if we determine the underlying forecasted transaction is no longer probable of occurring.

We record the fair value positions of all derivative financial instruments on a net basis by counterparty for which a master netting arrangement is utilized.

Foreign Currency Forward Contracts Designated as Cash Flow Hedges

The primary purpose of our cash flow hedging activities is to manage the potential changes in value associated with the amounts receivable or payable on equipment and raw material purchases that are denominated in foreign currencies in order to minimize the impact of the changes in foreign currencies. We record gains and losses on foreign currency forward contracts qualifying as cash flow hedges in AOCI to the extent that these hedges are effective and until we recognize the underlying transactions in net earnings, at which time we recognize these gains and losses in cost of sales on our Consolidated Statements of Operations. Cash flows from derivative financial instruments are classified as cash flows from operating activities on the Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

Net unrealized after-tax (losses) gains related to these contracts that were included in AOCI were $(5.0) million, $1.6 million and $5.9 million for the years ended December 31, 2017, 2016 and 2015, respectively. The unrealized amounts in AOCI will fluctuate based on changes in the fair value of open contracts during each reporting period.

We estimate that $0.3 million of net unrealized derivative gains included in AOCI will be reclassified into earnings within the next twelve months.

Foreign Currency Forward Contracts Not Designated as Hedges

Our subsidiaries have foreign currency exchange exposure from buying and selling in currencies other than their functional currencies. The primary purposes of our foreign currency hedging activities are to manage the potential changes in value associated with the amounts receivable or payable on transactions denominated in foreign currencies and to minimize the impact of the changes in foreign currencies related to foreign currency-denominated interest-bearing intercompany loans and receivables and payables. The changes in fair value of these derivative contracts are recognized in other income, net, on our Consolidated Statements of Operations and are largely offset by the remeasurement of the underlying foreign currency-denominated items indicated above. Cash flows from derivative financial instruments not classified as cash flows from investing activities on the Consolidated Statements of Cash Flows. These contracts generally have original maturities of less than 12 months.

Interest Rate Swaps

From time to time, we may use interest rate swaps to manage our mix of fixed and floating interest rates on our outstanding indebtedness.

At December 31, 2017 and 2016, we had no outstanding interest rate swaps.

Interest Rate and Currency Swaps

In 2014, in connection with exercising the $100.0 million delayed draw under the senior secured credit facility, we entered into a series of interest rate and currency swaps in a notional amount of $100.0 million. On September 30, 2016, the first $20.0 million swap contract matured and was settled. As a result of the settlement, the Company received $4.9 million. For the year ended December 31, 2017, net cash received for these swaps was $14.6 million. In July 2017, we prepaid the Brazilian tranche of our Term Loan A facility due in July 2019 in the amount of $96.3 million in connection with the anticipated Diversey transaction. In anticipation of this loan prepayment, we terminated all the swaps used to convert the related U.S. dollar-denominated variable rate obligation into a fixed Brazilian real-denominated obligation. The related activity has been classified as net earnings from discontinued operations, net of tax on the Consolidated Statement of Operations.

Net Investment Hedge

During the second quarter of 2015, we entered into a series of foreign currency exchange forwards totaling €270 million. These foreign currency exchange forwards hedged a portion of the net investment in a certain European subsidiary against fluctuations in foreign exchange rates and expired in June 2015. The loss of $3.5 million ($2.2 million after tax) is recorded in AOCI on our Consolidated Balance Sheet.

The €400 million 4.50% notes issued in June 2015 are designated as a net investment hedge, hedging a portion of our net investment in a certain European subsidiary against fluctuations in foreign exchange rates. The change in the fair value of the debt was $27.8 million ($17.2 million after tax) as of December 31, 2017, and is reflected in long-term debt on our Consolidated Balance Sheet.

In March 2015, we entered into a series of cross-currency swaps with a combined notional amount of $425 million, hedging a portion of the net investment in a certain European subsidiary against fluctuations in foreign exchange rates. As a result of the sale of Diversey, we terminated these cross-currency swaps in September 2017 and settled these swaps in October 2017. The fair value of the swaps on the date of termination was a liability of $61.8 million which was partially offset by semi-annual interest settlements of $17.7 million. This resulted in a net impact of $(44.1) million recorded in AOCI.

For derivative instruments that are designated and qualify as hedges of net investments in foreign operations, settlements and changes in fair values of the derivative instruments are recognized in unrealized net gains or loss on derivative instruments for net investment hedge, a component of AOCI, net of taxes, to offset the changes in the values of the net investments being hedged. Any portion of the net investment hedge that is determined to be ineffective is recorded in other income, net on the Consolidated Statements of Operations

Other Derivative Instruments

We may use other derivative instruments from time to time to manage exposure to foreign exchange rates and to access to international financing transactions. These instruments can potentially limit foreign exchange exposure by swapping borrowings denominated in one currency for borrowings denominated in another currency.

Fair Value of Derivative Instruments

See Note 13, “Fair Value Measurements and Other Financial Instruments,” of the Notes to Consolidated Financial Statements for a discussion of the inputs and valuation techniques used to determine the fair value of our outstanding derivative instruments.

The following table details the fair value of our derivative instruments included on our Consolidated Balance Sheets.



	Cash Flow Hedge						Net Investment Hedge					Non-Designated as Hedging Instruments						Total
	December 31,						December 31,					December 31,						December 31,
(In millions)	2017			2016			2017		2016			2017			2016			2017			2016
Derivative Assets
Foreign currency forward contracts	$	0.5		$	4.9		$	—	$	—		$	3.6		$	11.4		$	4.1		$	16.3
Interest rate and currency swaps	—			23.9			—		—			—			—			—			23.9
Total Derivative Assets	$	0.5		$	28.8		$	—	$	—		$	3.6		$	11.4		$	4.1		$	40.2
Derivative Liabilities
Foreign currency forward contracts	$	(2.4	)	$	(0.1	)	$	—	$	—		$	(3.3	)	$	(11.5	)	$	(5.7	)	$	(11.6	)
Cross-currency swaps	—			—			—		(5.3		)	—			—			—			(5.3		)
Total Derivative Liabilities⁽¹⁾	$	(2.4	)	$	(0.1	)	$	—	$	(5.3	)	$	(3.3	)	$	(11.5	)	$	(5.7	)	$	(16.9	)
Net Derivatives⁽²⁾	$	(1.9	)	$	28.7		$	—	$	(5.3	)	$	0.3		$	(0.1	)	$	(1.6	)	$	23.3


⁽¹⁾	Excludes €400.0 million of euro-denominated debt ($474.3 million equivalent at December 31, 2017 and $416.7 million equivalent at December 31, 2016), designated as a net investment hedge.


⁽²⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:



	Other Current Assets						Other Current Liabilities						Other Non-current Assets					Other Non-current Liabilities
	December 31,						December 31,						December 31,					December 31,
(In millions)	2017			2016			2017			2016			2017		2016			2017		2016
Gross position	$	4.1		$	22.6		$	(5.7	)	$	(11.6	)	$	—	$	17.6		$	—	$	(5.3	)
Reclassified to held for sale	—			(7.3		)	—			2.3			—		(17.6		)	—		—
Impact of master netting agreements	(0.4		)	(0.2		)	0.4			0.2			—		—			—		—
Net amounts recognized on the Consolidated Balance Sheet	$	3.7		$	15.1		$	(5.3	)	$	(9.1	)	$	—	$	—		$	—	$	(5.3	)

The following table details the effect of our derivative instruments on our Consolidated Statements of Operations.



	Amount of Gain (Loss) Recognized in Earnings on Derivatives
	Year Ended December 31,
(In millions)	2017			2016			2015
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts⁽¹⁾⁽⁴⁾	$	0.9		$	0.6		$	9.6
Interest rate and currency swaps⁽²⁾⁽⁴⁾	(3.4		)	(25.9		)	25.7
Treasury locks⁽³⁾	0.1			0.1			0.1
Sub-total cash flow hedges	(2.4		)	(25.2		)	35.4
Fair Value Hedges:
Interest rate swaps	0.5			0.5			0.4
Derivatives not designated as hedging instruments:
Foreign currency forward contracts⁽⁴⁾	(8.4		)	(27.6		)	32.0
Total	$	(10.3	)	$	(52.3	)	$	67.8


⁽¹⁾	Amounts recognized on the foreign currency forward contracts were included in cost of sales during the years ended December 31, 2017 and 2016 and other income (expense), net during the year ended December 31, 2015.

⁽²⁾

As of December 31, 2017, amounts recognized on the interest rate and currency swaps included a $1.0 million loss on the remeasurement of the hedged debt, which is included in other (expense) income, net and interest expense of $2.5 million related to the hedge of the interest payments. As of December 31, 2016, amounts recognized on the interest rate and currency swaps included a $20.8 million loss which offset a loss on remeasurement of the hedged debt, which is included in other (expense) income, net and interest expense of $5.1 million related to the hedge of interest payments. As of December 31, 2015, amounts recognized on the interest rate and currency swaps included a $31.6 million gain which offset a loss on remeasurement of the hedged debt, which is included in other (expense) income, net and interest expense of $5.9 million related to the hedge of interest payments.


⁽³⁾	Amounts recognized on the treasury locks were included in interest expense which is related to amortization of terminated interest rate swaps.


⁽⁴⁾	Amounts related to Diversey have been reclassified to earnings from discontinued operations, net of tax on the Consolidated Statement of Operations. For the years ended December 31, 2017, 2016 and 2015 there was $0.8 million, $(32.2) million and $22.4 million reclassified, respectively.

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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Fair Value Measurements and Other Financial Instruments

Fair Value Measurements and Other Financial Instruments

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair value of our financial instruments, using the fair value hierarchy under U.S. GAAP detailed in “Fair Value Measurements,” of Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards,” of the Notes to the Consolidated Financial Statements are included in the table below.



	December 31, 2017
(In millions)	Total Fair Value			Level 1		Level 2			Level 3
Cash equivalents	$	297.5		$	297.5	$	—		$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward and option contracts	$	(1.6	)	$	—	$	(1.6	)	$	—



	December 31, 2016
(In millions)	Total Fair Value			Level 1		Level 2			Level 3
Cash equivalents	$	71.3		$	71.3	$	—		$	—
Compensating balance deposits	$	52.9		$	52.9	$	—		$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	4.7		$	—	$	4.7		$	—
Interest rate and currency swaps	$	23.9		$	—	$	23.9		$	—
Cross-currency swaps	$	(5.3	)	$	—	$	(5.3	)	$	—

Cash Equivalents

Our cash equivalents consist of commercial paper (fair value determined using Level 2 inputs) and bank time deposits (Level 1). Since these are short-term highly liquid investments with original maturities of 3 months or less at the date of purchase, they present negligible risk of changes in fair value due to changes in interest rates. The amount of cash equivalents increased during 2017, primarily as a result of the cash proceeds received from the sale of Diversey.

Compensating Balance Deposits

In 2016, we had compensating balance deposits related to certain short-term borrowings. These represent bank certificates of deposits that will mature within the next 3 months.

Derivative Financial Instruments

Our foreign currency forward contracts, foreign currency options, euro-denominated debt, interest rate and currency swaps and cross-currency swaps are recorded at fair value on our Consolidated Balance Sheets using a discounted cash flow analysis that incorporates observable market inputs. These market inputs include foreign currency spot and forward rates, and various interest rate curves, and are obtained from pricing data quoted by various banks, third party sources and foreign currency dealers involving identical or comparable instruments (Level 2).

Counterparties to these foreign currency forward contracts have at least an investment grade rating. Credit ratings on some of our counterparties may change during the term of our financial instruments. We closely monitor our counterparties’ credit ratings and, if necessary, will make any appropriate changes to our financial instruments. The fair value generally reflects the estimated amounts that we would receive or pay to terminate the contracts at the reporting date.

Other Financial Instruments

The following financial instruments are recorded at fair value or at amounts that approximate fair value: (1) trade receivables, net, (2) certain other current assets, (3) accounts payable and (4) other current liabilities. The carrying amounts reported on our Consolidated Balance Sheets for the above financial instruments closely approximate their fair value due to the short-term nature of these assets and liabilities.

Other liabilities that are recorded at carrying value on our Consolidated Balance Sheets include our senior notes. We utilize a market approach to calculate the fair value of our senior notes. Due to their limited investor base and the face value of some of our senior notes, they may not be actively traded on the date we calculate their fair value. Therefore, we may utilize prices and other relevant information generated by market transactions involving similar securities, reflecting U.S. Treasury yields to calculate the yield to maturity and the price on some of our senior notes. These inputs are provided by an independent third party and are considered to be Level 2 inputs.

We derive our fair value estimates of our various other debt instruments by evaluating the nature and terms of each instrument, considering prevailing economic and market conditions, and examining the cost of similar debt offered at the balance sheet date. We also incorporated our credit default swap rates and currency specific swap rates in the valuation of each debt instrument, as applicable.

These estimates are subjective and involve uncertainties and matters of significant judgment, and therefore we cannot determine them with precision. Changes in assumptions could significantly affect our estimates.

The table below shows the carrying amounts and estimated fair values of our total debt:



	December 31, 2017				December 31, 2016
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan A Facility due July 2017	$	—	$	—	$	249.9	$	249.9
Term Loan A Facility due July 2019⁽¹⁾	222.7		222.7		1,067.8		1,067.8
6.50% Senior Notes due December 2020	423.6		465.1		423.1		477.3
4.875% Senior Notes due December 2022	420.4		451.0		419.6		437.6
5.25% Senior Notes due April 2023	420.4		455.6		419.7		441.1
4.50% Senior Notes due September 2023⁽¹⁾	474.3		544.4		416.7		453.4
5.125% Senior Notes due December 2024	420.7		456.2		420.2		437.3
5.50% Senior Notes due September 2025	396.7		439.9		396.4		418.8
6.875% Senior Notes due July 2033	445.4		527.3		445.3		462.7
Other foreign loans⁽¹⁾	30.2		30.4		78.9		79.2
Other domestic loans	3.6		3.6		21.4		21.3
Total debt	$	3,258.0	$	3,596.2	$	4,359.0	$	4,546.4
Less amounts included as liabilities held for sale	—		—		216.4		216.4
Total debt from continuing operations	$	3,258.0	$	3,596.2	$	4,142.6	$	4,330.0


⁽¹⁾	Includes borrowings denominated in currencies other than U.S. dollars.

In addition to the table above, the Company remeasures amounts related to contingent consideration liabilities related to acquisitions and certain equity compensation, that were carried at fair value on a recurring basis in the Consolidated Financial Statements or for which a fair value measurement was required. Refer to Note 3 “Discontinued Operations, Divestitures and Acquisitions” of the Notes to Consolidated Financial Statements for information regarding contingent consideration and Note 18 “Stockholders’ Equity” of the Notes to Consolidated Financial Statements for share based compensation in the Notes to Consolidated Financial Statements. Included among our non-financial assets and liabilities that are not required to be measured at fair value on a recurring basis are inventories, net property and equipment, goodwill, intangible assets and asset retirement obligations.

Credit and Market Risk

Financial instruments, including derivatives, expose us to counterparty credit risk for nonperformance and to market risk related to changes in interest or currency exchange rates. We manage our exposure to counterparty credit risk through specific minimum credit standards, establishing credit limits, diversification of counterparties, and procedures to monitor concentrations of credit risk.

We do not expect any of our counterparties in derivative transactions to fail to perform as it is our policy to have counterparties to these contracts that have at least an investment grade rating. Nevertheless, there is a risk that our exposure to losses arising out of derivative contracts could be material if the counterparties to these agreements fail to perform their obligations. We will replace counterparties if a credit downgrade is deemed to increase our risk to unacceptable levels.

We regularly monitor the impact of market risk on the fair value and cash flows of our derivative and other financial instruments considering reasonably possible changes in interest and currency exchange rates and restrict the use of derivative financial instruments to hedging activities. We do not use derivative financial instruments for trading or other speculative purposes and do not use leveraged derivative financial instruments.

We continually monitor the creditworthiness of our diverse base of customers to which we grant credit terms in the normal course of business and generally do not require collateral. We consider the concentrations of credit risk associated with our trade accounts receivable to be commercially reasonable and believe that such concentrations do not leave us vulnerable to significant risks of near-term severe adverse impacts. The terms and conditions of our credit sales are designed to mitigate concentrations of credit risk with any single customer. Our sales are not materially dependent on a single customer or a small group of customers.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Compensation and Retirement Disclosure [Abstract]

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2017

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans

Profit Sharing and Retirement Savings Plans

We have a qualified non-contributory profit sharing plan covering most of our U.S. employees. Contributions to this plan, which are made at the discretion of our Board of Directors, may be made in cash, shares of our common stock, or in a combination of cash and shares of our common stock. We also maintain qualified contributory retirement savings plans in which most of our U.S. employees are eligible to participate. The qualified contributory retirement savings plans generally provide for our contributions in cash based upon the amount contributed to the plans by the participants.

Our contributions to our provisions for the profit sharing plan and retirement savings plans are charged to operations and amounted to $39.9 million in 2017, $42.9 million in 2016 and $55.3 million in 2015. In 2017, 502,519 shares were contributed as part of our contribution to the profit sharing plan related to 2016; in 2016, 830,600 shares were contributed as part of our contribution to the profit sharing plan related to 2015, and in 2015, 787,500 shares were contributed as part of our contribution to the profit sharing plan related to 2014. These shares were issued out of treasury stock.

We have various international defined contribution benefit plans which cover certain employees. We have expanded use of these plans in select countries where they have been used to supplement or replace defined benefit plans.

Defined Benefit Pension Plans

We recognize the funded status of each defined pension benefit plan as the difference between the fair value of plan assets and the projected benefit obligation of the employee benefit plans in the Consolidated Balance Sheet, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability on our Consolidated Balance Sheet. Subsequent changes in the funded status are reflected on the Consolidated Balance Sheet in unrecognized pension items, a component of accumulated other comprehensive loss, which are included in total stockholders’ equity. The amount of unamortized pension items is recorded net of tax. The measurement date used to determine the projected benefit obligation and the fair value of plan assets is December 31.

We have amortized actuarial gains or losses over the average future working lifetime (or remaining lifetime of inactive participants if there are no active participants). We have used the corridor method, where the corridor is the greater of ten percent of the projected benefit obligation or fair value of assets at year end. If actuarial gains or losses do not exceed the corridor, then there is no amortization of gain or loss.

During the year ended December 31, 2017, several of our pension plans transferred in the sale of Diversey. Two international plans were split between Diversey and Sealed Air at the close of the sale. Unless noted, the tables in this disclosure show only activity related to plans retained by Sealed Air as of December 31, 2017. The impact of the divestiture on the plans that were split is shown in the lines labeled “Business divestiture”, as applicable below.

The following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations:



	Year Ended December 31,
(In millions)	2017		2016		2015
Net periodic benefit cost:
U.S. and international net periodic benefit cost (income) included in cost of sales	$	0.2	$	1.7	$	1.7
U.S. and international net periodic benefit cost included in selling, general and administrative expenses	0.8		10.2		9.2
Total benefit cost	$	1.0	$	11.9	$	10.9

The amount recorded in inventory for the years ended December 31, 2017, 2016 and 2015 was not material.

A number of our U.S. employees, including some employees who are covered by collective bargaining agreements, participate in defined benefit pension plans. Some of our international employees participate in defined benefit pension plans in their respective countries. The following table presents our funded status for 2017 and 2016 for our U.S. and international pension plans. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans.



	December 31, 2017									December 31, 2016
(In millions)	U.S.			International			Total			U.S.			International			Total
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	213.1		$	765.8		$	978.9		$	215.0		$	748.0		$	963.0
Service cost	0.1			6.9			7.0			0.6			10.0			10.6
Interest cost	6.8			16.1			22.9			7.8			18.3			26.1
Actuarial loss (gain)	11.3			16.5			27.8			8.9			72.6			81.5
Settlement/curtailment	(13.8		)	(21.2		)	(35.0		)	(11.4		)	(0.6		)	(12.0		)
Benefits paid	(12.9		)	(22.6		)	(35.5		)	(12.7		)	(27.2		)	(39.9		)
Employee contributions	—			2.2			2.2			—			2.8			2.8
Business divestiture	—			(120.2		)	(120.2		)	—			—			—
Other	0.1			1.1			1.2			4.9			(1.7		)	3.2
Foreign exchange impact	—			57.6			57.6			—			(56.4		)	(56.4		)
Projected benefit obligation at end of period	$	204.7		$	702.2		$	906.9		$	213.1		$	765.8		$	978.9
Change in plan assets:
Fair value of plan assets at beginning of period	$	150.3		$	621.5		$	771.8		$	156.7		$	603.6		$	760.3
Actual return on plan assets	19.3			50.8			70.1			9.1			80.5			89.6
Employer contributions	6.3			21.8			28.1			0.2			17.7			17.9
Employee contributions	—			2.2			2.2			—			2.8			2.8
Benefits paid	(12.9		)	(22.6		)	(35.5		)	(12.7		)	(27.2		)	(39.9		)
Settlement/curtailment	(14.3		)	(16.1		)	(30.4		)	(5.1		)	(0.5		)	(5.6		)
Business divestiture	—			(74.2		)	(74.2		)	—			—			—
Other	—			(0.5		)	(0.5		)	2.1			—			2.1
Foreign exchange impact	—			44.6			44.6			—			(55.4		)	(55.4		)
Fair value of plan assets at end of period	$	148.7		$	627.5		$	776.2		$	150.3		$	621.5		$	771.8
Underfunded status at end of year	$	(56.0	)	$	(74.7	)	$	(130.7	)	$	(62.8	)	$	(144.3	)	$	(207.1	)
Accumulated benefit obligation at end of year	$	204.8		$	688.9		$	893.7		$	213.1		$	720.6		$	933.7

Amounts included in the Consolidated Balance Sheet, excluding amounts held for sale and including plans which were deemed immaterial and not included above, consisted of:



	December 31, 2017									December 31, 2016
(In millions)	U.S.			International			Total			U.S.			International			Total
Other assets	$	—		$	39.1		$	39.1		$	—		$	17.8		$	17.8
Other current liabilities	—			(2.4		)	(2.4		)	—			(2.5		)	(2.5		)
Other liabilities	(56.1		)	(113.3		)	(169.4		)	(61.1		)	(120.9		)	(182.0		)
Net amount recognized	$	(56.1	)	$	(76.6	)	$	(132.7	)	$	(61.1	)	$	(105.6	)	$	(166.7	)

The following table shows the components of our net periodic benefit cost (income) for the years ended December 31, for our pension plans charged to operations:



	December 31, 2017									December 31, 2016									December 31, 2015
(In millions)	U.S.			International			Total			U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost (income):
Service cost	$	0.1		$	6.9		$	7.0		$	0.6		$	10.0		$	10.6		$	0.7		$	10.7		$	11.4
Interest cost	6.8			16.1			22.9			7.8			18.3			26.1			8.6			21.8			30.4
Expected return on plan assets	(9.8		)	(30.6		)	(40.4		)	(10.0		)	(24.3		)	(34.3		)	(11.4		)	(28.3		)	(39.7		)
Other adjustments	—			—			—			1.3			—			1.3			—			—			—
Amortization of net prior service cost	—			(0.1		)	(0.1		)	—			—			—			—			—			—
Amortization of net actuarial loss	0.8			5.7			6.5			2.2			5.3			7.5			1.8			6.0			7.8
Net periodic benefit (income) cost	$	(2.1	)	$	(2.0	)	$	(4.1	)	$	1.9		$	9.3		$	11.2		$	(0.3	)	$	10.2		$	9.9
Cost (income) of settlement/curtailment	2.1			3.0			5.1			0.6			0.1			0.7			1.6			(0.6		)	1.0
Total benefit cost	$	—		$	1.0		$	1.0		$	2.5		$	9.4		$	11.9		$	1.3		$	9.6		$	10.9

The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2017 and 2016 are:



	December 31, 2017						December 31, 2016
(In millions)	U.S.		International		Total		U.S.		International			Total
Unrecognized prior service costs	$	0.1	$	0.6	$	0.7	$	—	$	(1.2	)	$	(1.2	)
Unrecognized net actuarial loss	41.4		104.7		146.1		42.0		163.0			205.0
Total	$	41.5	$	105.3	$	146.8	$	42.0	$	161.8		$	203.8

Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss at December 31, 2017 and 2016 were as follows:



	December 31, 2017									December 31, 2016
(In millions)	U.S.			International			Total			U.S.			International			Total
Current year actuarial loss (gain)	$	2.3		$	(8.7	)	$	(6.4	)	$	3.6		$	16.2		$	19.8
Amortization of actuarial loss	(0.8		)	(5.7		)	(6.5		)	(2.3		)	(5.3		)	(7.6		)
Business divestiture	—			(42.6		)	(42.6		)	—			—			—
Other adjustments	—			1.3			1.3			0.3			(0.1		)	0.2
Settlement/curtailment gain	(2.1		)	(2.3		)	(4.4		)	(0.6		)	(0.1		)	(0.7		)
Total	$	(0.6	)	$	(58.0	)	$	(58.6	)	$	1.0		$	10.7		$	11.7

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the year ending December 31, 2018 are as follows:



	Year Ended 2018
(In millions)	U.S.		International		Total
Unrecognized prior service costs	$	—	$	—	$	—
Unrecognized net actuarial loss	1.0		2.5		3.5
Total	$	1.0	$	2.5	$	3.5

Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2017 and 2016 are as follows:



	December 31, 2017						December 31, 2016
(In millions)	U.S.		International		Total		U.S.		International		Total
Accumulated benefit obligation	$	204.8	$	338.7	$	543.5	$	213.1	$	412.0	$	625.1
Fair value of plan assets	148.7		236.2		384.9		150.3		283.3		433.6

Actuarial Assumptions

Weighted average assumptions used to determine benefit obligations at December 31, 2017 and 2016 were as follows:



	December 31, 2017				December 31, 2016
(In millions)	U.S.		International		U.S.		International
Benefit obligations
Discount rate	3.6	%	2.5	%	4.0	%	2.4	%
Rate of compensation increase	N/A		2.3	%	N/A		2.4	%

Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were as follows:



	December 31, 2017				December 31, 2016				December 31, 2015
(In millions)	U.S.		International		U.S.		International		U.S.		International
Net periodic benefit cost
Discount rate	4.0	%	2.4	%	4.3	%	2.8	%	3.9	%	3.0	%
Expected long-term rate of return	6.7	%	5.0	%	6.7	%	4.3	%	6.5	%	4.7	%
Rate of compensation increase	N/A		2.4	%	3.0	%	2.5	%	3.0	%	2.4	%

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:



	Amount
(In millions)	U.S.		International		Total
Year
2018	$	13.4	$	29.8	$	43.2
2019	12.5		25.9		38.4
2020	12.0		26.8		38.8
2021	12.5		29.7		42.2
2022	13.5		30.7		44.2
Thereafter	62.3		158.2		220.5
Total	$	126.2	$	301.1	$	427.3

Plan Assets

We review the expected long-term rate of return on plan assets annually, taking into consideration our asset allocation, historical returns, and the current economic environment. The expected return on plan assets is calculated based on the fair value of plan assets at year end. To determine the expected return on plan assets, expected cash flows have been taken into account.

Our long-term objectives for plan investments are to ensure that (a) there is an adequate level of assets to support benefit obligations to participants over the life of the plans, (b) there is sufficient liquidity in plan assets to cover current benefit obligations, and (c) there is a high level of investment return consistent with a prudent level of investment risk. The investment strategy is focused on a long-term total return in excess of a pure fixed income strategy with short-term volatility less than that of a pure equity strategy. To accomplish this objective, we invest assets primarily in a diversified mix of equity and fixed income investments. For U.S. plans, the target asset allocation will typically be 40-50% in equity securities, with a maximum equity allocation of 65%, and 50-60% in fixed income securities, with a minimum fixed income allocation of 35% including cash.

The fair values of our U.S. and international pension plan assets, by asset category and by the level of fair values are as follows:



	December 31, 2017								December 31, 2016
	Total								Total
(In millions)	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents⁽¹⁾	$	7.5	$	5.6	$	1.9	$	—	$	5.8	$	4.3	$	1.5	$	—
Fixed income funds⁽²⁾	385.9		—		385.9		—		371.9		—		371.9		—
Equity funds⁽³⁾	257.6		—		257.6		—		258.8		—		258.8		—
Other⁽⁴⁾	125.2		—		35.7		89.5		135.3		—		34.6		100.7
Total	$	776.2	$	5.6	$	681.1	$	89.5	$	771.8	$	4.3	$	666.8	$	100.7


⁽¹⁾	Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, government securities, commercial paper, and time deposits.


⁽²⁾	Fixed income funds that invest in a diversified portfolio primarily consisting of publicly traded government bonds and corporate bonds. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.


⁽³⁾	Equity funds that invest in a diversified portfolio of publicly traded domestic and international common stock, with an emphasis in European equities. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.


⁽⁴⁾	The majority of these assets are invested in real estate funds and other alternative investments. Also includes guaranteed insurance contracts, which consists of Company and employee contributions and accumulated interest income at guaranteed stated interest rates and provides for benefit payments and plan expenses.

The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs.



	December 31,
(In millions)	2017			2016
Balance at beginning of period	$	100.7		$	79.5
Gains on assets still held at end of year	2.3			4.8
Purchases, sales, issuance, and settlements	1.3			2.7
Transfers in and/or out of Level 3	(21.2		)	22.9
Foreign exchange gain (loss)	6.4			(9.2		)
Balance at end of period	$	89.5		$	100.7

Other Post-Employment Benefits and Other Employee Benefit Plans

12 Months Ended

Dec. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Other Post-Employment Benefits and Other Employee Benefit Plans

In addition to providing pension benefits, we provide for a portion of healthcare, dental, vision and life insurance benefits for certain retired legacy Diversey employees, primarily in North America. Covered employees retiring on or after attaining age 55 and who have rendered at least 10 years of service are entitled to post-retirement healthcare, dental and life insurance benefits. These benefits are subject to deductibles, co-payment provisions and other limitations.

Contributions made by us, net of Medicare Part D subsidies received in the U.S., are reported below as benefits paid. We may change the benefits at any time. The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:



	December 31,
(In millions)	2017			2016
Change in benefit obligations:
Benefit obligation at beginning of period	$	54.0		$	64.4
Service cost	0.1			0.2
Interest cost	1.6			1.9
Actuarial loss (gain)	1.0			(6.3		)
Benefits paid, net	(4.3		)	(4.3		)
Settlement/curtailment	(1.2		)	—
Loss due to exchange rate movements	0.1			—
Plan amendments	—			(1.9		)
Benefit obligation at end of period	$	51.3		$	54.0
Change in plan assets:
Fair value of plan assets at beginning of period	$	—		$	—
Employer contribution	4.3			4.3
Benefits paid, net	(4.3		)	(4.3		)
Fair value of plan assets at end of period	$	—		$	—
Net amount recognized:
Underfunded status	$	(51.3	)	$	(54.0	)
Accumulated benefit obligation at end of year	$	51.3		$	54.0
Net amount recognized in consolidated balance sheets consists of:
Current liability	$	(5.2	)	$	(3.0	)
Non-current liability	(46.1		)	(51.0		)
Net amount recognized	$	(51.3	)	$	(54.0	)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	2.0		$	2.0
Prior service credit	(3.1		)	(17.9		)
Total	$	(1.1	)	$	(15.9	)

The accumulated post-retirement benefit obligations were determined using a weighted-average discount rate of 3.4% at December 31, 2017 and 3.9% at December 31, 2016. The components of net periodic benefit cost for the years ended December 31 were as follows:



(In millions)	2017			2016			2015
Components of net periodic benefit cost:
Service cost	$	0.1		$	0.2		$	0.8
Interest cost	1.6			1.9			2.9
Amortization of net loss	(0.2		)	—			0.4
Amortization of prior service credit	(1.2		)	(1.6		)	(0.8		)
Net periodic benefit cost	$	0.3		$	0.5		$	3.3
Income of settlement/curtailment	(13.5		)	—			(1.2		)
Total benefit (income) cost for fiscal year	$	(13.2	)	$	0.5		$	2.1

The amounts in accumulated other comprehensive loss at December 31, 2017 that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows:




(In millions)	December 31, 2017
Unrecognized prior service costs	$	(0.3	)
Unrecognized net actuarial loss	(0.2		)
Total	$	(0.5	)

Healthcare Cost Trend Rates

For the year ended December 31, 2017, healthcare cost trend rates were assumed to be 6.8% for the U.S. plan in 2017 and decreasing to 5.0% by 2022, and 5.0% for the Canada plan in 2017, and unchanged in future years. The assumed healthcare cost trend rate has an effect on the amounts reported for the healthcare plans. A one percentage point change on assumed healthcare cost trend rates would have the following effect for the year ended December 31, 2017:



(In millions)	1% Increase		1% Decrease
Effect on total of service and interest cost components	$	—	$	—
Effect on post-retirement benefit obligation	0.4		(0.4		)

The amortization of any prior service cost is determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plan.

Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:



(In millions)
Year	Amount
2018	$	5.3
2019	5.3
2020	5.1
2021	4.9
2022	4.4
Thereafter	16.5
Total	$	41.5

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

For the three years ended December 31, 2017 we recorded net tax provisions of $330.5 million, $95.6 million and $132.6 million, respectively.

On December 22, 2017, U.S. federal legislation, commonly referred to as the Tax Cuts and Jobs Act (the "TCJA"), was signed into law, significantly reforming tax law by changing how the U.S. imposes income tax on multinational corporations. The TCJA, among other things, reduces the U.S. corporate income tax rate from 35% to 21%, creates a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of U.S. subsidiaries, and creates new taxes on certain foreign earnings. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) allowing for a 12 month window to finalize the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the TCJA. We have not completed our determination of the accounting implications of the 2017 TCJA on our tax accruals. However, as a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the TCJA, and consideration of executive compensation items, the Company revalued its ending net deferred tax assets at December 31, 2017 and recognized a provisional $41.1 million tax expense in the Company’s consolidated statement of income for the year ended December 31, 2017. The one-time mandatory tax is based on our total post-1986 earnings and profits (E&P) deferred from U.S. income taxes, cash and cash equivalents and foreign tax pools. In addition, the sale of Diversey on September 6, 2017, created significant adjustments in tax attributes mentioned above in measuring the transition tax. We are in the process of quantifying these attributes and therefore are not able to make a provisional estimate at this time.

The ultimate impact of the TCJA may differ from the provisional amount due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the TCJA. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018.

The components of earnings before income tax provision were as follows:



	Year Ended December 31,
(In millions)	2017		2016		2015
Domestic	$	192.1	$	175.9	$	115.8
Foreign	201.2		212.0		175.6
Total	$	393.3	$	387.9	$	291.4

The components of our income tax provision (benefit) were as follows:



	Year Ended December 31,
(In millions)	2017			2016			2015
Current tax expense:
Federal	$	79.6		$	57.6		$	44.7
State and local	14.3			1.2			8.4
Foreign	106.0			67.3			49.0
Total current expense	$	199.9		$	126.1		$	102.1
Deferred tax expense (benefit):
Federal	$	130.1		$	(15.8	)	$	10.7
State and local	5.3			3.6			10.9
Foreign	(4.8		)	(18.3		)	8.9
Total deferred tax expense (benefit)	130.6			(30.5		)	30.5
Total income tax provision	$	330.5		$	95.6		$	132.6

Deferred tax assets (liabilities) consist of the following:



	December 31,
(In millions)	2017			2016
Restructuring reserves	$	2.7		$	6.6
Accruals not yet deductible for tax purposes	10.7			8.4
Net operating loss carryforwards	199.4			188.4
Foreign, federal and state credits	69.2			51.5
Employee benefit items	69.6			132.1
Capitalized expenses	10.8			45.7
Derivatives and other	23.7			—
Sub-total deferred tax assets	386.1			432.7
Valuation allowance	(189.2		)	(167.7		)
Total deferred tax assets	$	196.9		$	265.0

Depreciation and amortization	$	(13.9	)	$	(24.7	)
Unremitted foreign earnings	(9.0		)	(22.2		)
Intangibles	(26.3		)	(23.6		)
Other	—			(2.2		)
Total deferred tax liabilities	(49.2		)	(72.7		)
Net deferred tax assets	$	147.7		$	192.3

The decrease in net deferred tax assets is primarily attributable to the revaluation associated with U.S. Tax Reform and the deduction of research and development expenses formerly capitalized, offset by a decrease in the liability for unremitted earnings based on a change in our repatriation strategy.

In assessing the need for a valuation allowance, we estimate future reversals of existing temporary differences, future taxable earnings, taxable income in carryback periods and tax planning strategies to determine which deferred tax assets are more likely than not to be realized in the future. Changes to tax laws, statutory tax rates and future taxable earnings can have an impact on valuation allowances related to deferred tax assets.

A valuation allowance has been provided based on the uncertainty of utilizing the tax benefits primarily related to the following deferred tax assets:


•	$151.2 million of foreign items, primarily net operating losses;


•	$21.9 million of state net operating loss carryforwards; and


•	$12.1 million of state tax credits.

For the year ended December 31, 2017, the valuation allowance increased by $21.5 million. This is primarily driven by currency translation adjustments.

As of December 31, 2017, we have foreign net operating loss carryforwards of $650.3 million expiring in years beginning in 2018 with the majority of losses having an unlimited carryover. The state net operating loss carryforwards totaling $738.6 million expire in various amounts over one to 20 years.

As of December 31, 2017, we have foreign and federal foreign tax credit carryforwards totaling $98.8 million that expire in calendar year 2018 through 2025 including $2.6 million of foreign tax credits that will expire in 2018 if not utilized. We have $15.4 million of state credit carryovers expiring in 2018 – 2029. We have provided a full valuation allowance on the state credits.

The Company has not recorded a deferred tax liability related to the federal and state income taxes and foreign withholding taxes on approximately $3.5 billion of undistributed earnings of certain foreign subsidiaries indefinitely reinvested. Upon repatriation of those earnings the Company could be subject to both U.S. income taxes and withholding taxes payable to the various foreign countries. Determination of the amount of unrecognized deferred U.S. income tax liability is not practicable due to the complexities associated with its hypothetical calculation; however, unrecognized foreign tax credits would be available to reduce a portion of the U.S. tax liability.

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory federal income tax rate (35%) to income before provision for income taxes, is as follows (dollars in millions):



	Year Ended December 31,
	2017					2016					2015
Computed expected tax	$	137.7		35.0	%	$	135.9		35.0	%	$	102.0		35.0	%
State income taxes, net of federal tax benefit	7.6			1.9	%	4.8			1.2	%	12.5			4.3	%
Foreign earnings taxed at lower rates	(22.3		)	(5.7	)%	(22.4		)	(5.8	)%	(22.6		)	(7.8	)%
U.S. tax on foreign earnings	72.3			18.4	%	10.7			2.8	%	(0.5		)	(0.2	)%
Foreign tax credits	(12.1		)	(3.1	)%	(30.3		)	(7.8	)%	(5.3		)	(1.8	)%
Unremitted foreign earnings	—			—	%	(9.4		)	(2.4	)%	(86.0		)	(29.5	)%
Reorganization and divestitures	75.9			19.3	%	—			—	%	67.9			23.3	%
Net change in valuation allowance	(2.0		)	(0.5	)%	(47.8		)	(12.3	)%	47.8			16.4	%
Net change in unrecognized tax benefits	33.4			8.5	%	16.0			4.1	%	75.3			25.8	%
U.S. Tax Reform	41.1			10.4	%	—			—	%	—			—	%
Deferred tax adjustments	14.1			3.6	%	47.1			12.1	%	(75.6		)	(25.9	)%
Other	(15.2		)	(3.8	)%	(9.0		)	(2.3	)%	17.1			5.9	%
Income tax expense and rate	$	330.5		84.0	%	$	95.6		24.6	%	$	132.6		45.5	%

The primary adjustments to the statutory rate in 2017 were the following items:


•	increase in tax on items related to the sale of Diversey recognized in continuing operations;


•	increase related to U.S. tax on foreign income offset by benefit of foreign tax credits;


•	increase in tax expense due to the provisional impacts of the U.S. Tax Reform including revaluation of U.S. deferred tax assets; and


•	increase in tax expense for unrecognized tax benefits in foreign jurisdictions.

Unrecognized Tax Benefits

We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized (in millions):



	Year Ended December 31,
	2017			2016			2015
Beginning balance of unrecognized tax benefits	$	162.6		$	131.3		$	18.9
Additions for tax positions of current year	7.3			11.1			1.2
Additions for tax positions of prior years	49.3			23.4			111.8
Reductions for tax positions of prior years	(4.3		)	(1.4		)	(0.6		)
Reductions for lapses of statutes of limitation and settlements	(0.6		)	(1.8		)	—
Ending balance of unrecognized tax benefits	$	214.3		$	162.6		$	131.3

In 2017, our unrecognized tax benefit increased by $51.7 million, related to an increase in unrecognized tax benefits in North America. In 2016, we increased our unrecognized tax benefit by $31.3 million primarily related to an increase for taxation of foreign income.

If the unrecognized tax benefits at December 31, 2017 were recognized, our income tax provision would decrease by $187.7 million, resulting in a substantially lower effective tax rate. Based on the potential outcome of the Company’s global tax examinations and the expiration of the statute of limitations for specific jurisdictions, it is reasonably possible that the unrecognized tax benefits will change within the next 12 months. The associated impact on the reserve balance is estimated to be a decrease in the range of $0 to $53.0 million.

We recognize interest and penalties related to unrecognized tax benefits in income tax provision in the Consolidated Statements of Operations. We had a liability of approximately of $14.8 million (of which $4.5 million represents penalties) at December 31, 2017 for the payment of interest and penalties (before any tax benefit), a liability of $12.0 million (of which $3.7 million represents penalties) at December 31, 2016 and a liability of approximately $4.0 million (of which $0.7 million represents penalties) at December 31, 2015. In 2017, there was a $4.0 million increase in interest and penalties in the tax accruals for uncertainties in prior years. In 2016, there was a $5.6 million increase in interest and penalties in the tax accruals for uncertainties in prior years. In 2015, there was a $0.6 million increase in interest and penalties in the tax accruals for uncertainties in prior years.

Income Tax Returns

The Internal Revenue Service (the “Service”) has concluded its examination of the legacy Sealed Air U.S. federal income tax returns for all years through 2008, except 2007 which remains open to the extent of a capital loss carryback. The Service is currently auditing 2011 U.S. federal income tax returns of legacy Sealed Air. We are also under examination by the IRS for the years 2012-2014. The outcome of the negotiations for this exam period may affect the utilization of certain tax attributes and require us to make a significant payment.

State income tax returns are generally subject to examination for a period of 3 to 5 years after their filing date. We have various state income tax returns in the process of examination, and are open to examination for periods after 2002.

Our foreign income tax returns are under examination in various jurisdictions in which we conduct business. Income tax returns in foreign jurisdictions have statutes of limitations generally ranging from 3 to 5 years after their filing date and except where still under examination. Of the unrecognized tax benefit amount of $214.3 million, $204.7 million relates to North America, most of which is either being disputed or litigated. We have largely concluded all other income tax matters for years prior to 2008.

Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Cryovac Transaction Commitments and Contingencies

Settlement Agreement and Related Costs

As discussed below, on February 3, 2014 (the “Effective Date”), the PI Settlement Plan (as defined below) implementing the Settlement agreement (as defined below) became effective with W. R. Grace & Co., or Grace, emerging from bankruptcy and the injunctions and releases provided by the PI Settlement Plan becoming effective. The Settlement agreement provided for resolution of current and future asbestos-related claims, fraudulent transfer claims, and successor liability claims made against the Company and our affiliates in connection with the Cryovac transaction described below, as well as indemnification claims by Fresenius Medical Care Holdings, Inc. and affiliated companies in connection with the Cryovac transaction. On the Effective Date, the Company’s subsidiary, Cryovac, Inc., made the payments contemplated by the Settlement agreement, consisting of aggregate cash payments in the amount of $929.7 million to the WRG Asbestos PI Trust (the “PI Trust”) and the WRG Asbestos PD Trust (the “PD Trust”) and the transfer of 18 million shares of Sealed Air common stock (the “Settlement Shares”) to the PI Trust, in each case reflecting adjustments made in accordance with the Settlement agreement. To fund the cash payment, we used $555 million of cash and cash equivalents and utilized borrowings of $260 million from our revolving credit facility and $115 million from our accounts receivable securitization programs. In connection with the issuance of the Settlement Shares and their transfer to the PI Trust by Cryovac, the Company entered into a Registration Rights Agreement, dated as of February 3, 2014 (the “Registration Rights Agreement”), with the PI Trust as initial holder of the Settlement Shares. In accordance with the Registration Rights Agreement, the Company filed with the SEC a shelf registration statement covering resales of the Settlement Shares on April 4, 2014, and the shelf registration statement became effective on such date. On June 13, 2014, we repurchased $130 million, or 3,932,244 shares, of common stock at a price of $33.06 per share from the PI Trust (See Note 18, ‘Stockholders’ Equity” of the Notes to Consolidated Financial Statements for further details).

We are currently under examination by the IRS with respect to the deduction of the approximately $1.49 billion for the 2014 taxable year for the payments made pursuant to the Settlement agreement. The IRS has indicated that it intends to disallow this deduction in full. We strongly disagree with the IRS position and are protesting this finding with the IRS. The resolution of the IRS's challenge could take several years and the outcome cannot be predicted. Nevertheless, we believe that we have meritorious defenses for the deduction of the payments made pursuant to the Settlement agreement. If the IRS's disallowance of the deduction were sustained, in whole or in part, we would have to remit all or a portion of the refund of taxes previously received and such disallowance could have a material adverse effect on our consolidated financial condition and results of operations.

For a description of the Cryovac transaction, asbestos-related claims and the parties involved, see “Cryovac Transaction,” “Discussion of Cryovac Transaction Commitments and Contingencies,” “Fresenius Claims,” “Canadian Claims” and “Additional Matters Related to the Cryovac Transaction” below.

Cryovac Transaction

On June 30, 1998, we completed a multi-step transaction that brought the Cryovac packaging business and the former Sealed Air Corporation’s business under the common ownership of the Company. These businesses operated as subsidiaries of the Company, and the Company acted as a holding company. As part of that transaction, the parties separated the Cryovac packaging business, which previously had been held by various direct and indirect subsidiaries of the Company, from the remaining businesses previously held by the Company. The parties then arranged for the contribution of these remaining businesses to a company now known as W. R. Grace & Co., and the Company distributed the Grace shares to the Company’s stockholders. As a result, W. R. Grace & Co. became a separate publicly owned company. The Company recapitalized its outstanding shares of common stock into a new common stock and a new convertible preferred stock. A subsidiary of the Company then merged into the former Sealed Air Corporation, which became a subsidiary of the Company and changed its name to Sealed Air Corporation (US).

Discussion of Cryovac Transaction Commitments and Contingencies

In connection with the Cryovac transaction, Grace and its subsidiaries retained all liabilities arising out of their operations before the Cryovac transaction, whether accruing or occurring before or after the Cryovac transaction, other than liabilities arising from or relating to Cryovac’s operations. Among the liabilities retained by Grace are liabilities relating to asbestos-containing products previously manufactured or sold by Grace’s subsidiaries prior to the Cryovac transaction, including its primary U.S. operating subsidiary, W. R. Grace & Co. — Conn., which has operated for decades and has been a subsidiary of Grace since the Cryovac transaction. The Cryovac transaction agreements provided that, should any claimant seek to hold the Company or any of its subsidiaries responsible for liabilities retained by Grace or its subsidiaries, including the asbestos-related liabilities, Grace and its subsidiaries would indemnify and defend us.

Since the beginning of 2000, we have been served with a number of lawsuits alleging that, as a result of the Cryovac transaction, we were responsible for alleged asbestos liabilities of Grace and its subsidiaries, some of which were also named as co-defendants in some of these actions. Among these lawsuits were several purported class actions and a number of personal injury lawsuits. Some plaintiffs sought damages for personal injury or wrongful death, while others sought medical monitoring, environmental remediation or remedies related to an attic insulation product. Neither the former Sealed Air Corporation nor Cryovac, Inc. ever produced or sold any of the asbestos-containing materials that were the subjects of these cases. While the allegations in these actions directed to us varied, these actions all appeared to allege that the transfer of the Cryovac business as part of the Cryovac transaction was a fraudulent transfer or gave rise to successor liability. In the Joint Proxy Statement furnished to their respective stockholders in connection with the Cryovac transaction, both parties to the transaction stated their belief that none of the transfers contemplated to occur in the Cryovac transaction would be fraudulent transfers and the parties’ belief that the Cryovac transaction complied with other relevant laws. However, if a court applying the relevant legal standards had reached conclusions adverse to us, these determinations could have had a materially adverse effect on our consolidated financial condition and results of operations, and we could have been required to return the property or its value to the transferor or to fund liabilities of Grace or its subsidiaries for the benefit of their creditors, including asbestos claimants. None of these cases reached resolution through judgment, settlement or otherwise. We signed the Settlement agreement, described below, that provided for the resolution of these claims. Moreover, as discussed below, Grace’s Chapter 11bankruptcy proceeding stayed all of these cases and the orders confirming Grace’s plan of reorganization enjoined parties from prosecuting Grace-related asbestos claims against the Company. We signed the Settlement agreement, described below, that provided for the resolution of these claims.

On April 2, 2001, Grace and a number of its subsidiaries filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court in the District of Delaware (the “Bankruptcy Court”). In connection with Grace’s Chapter 11 filing and at Grace’s request, the court issued an order dated May 3, 2001, which was modified on January 22, 2002, under which the court stayed all the filed or pending asbestos actions against us and, upon filing and service on us, all future asbestos actions (collectively, the “Preliminary Injunction”). Pursuant to the Preliminary Injunction, no further proceedings involving us could occur in the actions that were stayed except upon further order of the Bankruptcy Court. Committees appointed to represent asbestos claimants in Grace’s bankruptcy case received the court’s permission to pursue fraudulent transfer and other claims against the Company and its subsidiary Cryovac, Inc., and against Fresenius. This proceeding was brought in the U.S. District Court for the District of Delaware (the “District Court”) (Adv. No. 2-2210). The claims against Fresenius were based upon a 1996 transaction between Fresenius and W. R. Grace & Co. — Conn. Fresenius is not affiliated with us. In June 2002, the court permitted the U.S. government to intervene as a plaintiff in the fraudulent transfer proceeding, so that the U.S. government could pursue allegations that environmental remediation expenses were underestimated or omitted in the solvency analysis of Grace conducted at the time of the Cryovac transaction.

On November 27, 2002, we reached an agreement in principle with the Committees prosecuting the claims against the Company and Cryovac, Inc., to resolve all current and future asbestos-related claims arising from the Cryovac transaction (as memorialized by the parties and approved by the Bankruptcy Court, the “Settlement agreement”). The parties subsequently signed the definitive Settlement agreement as of November 10, 2003 consistent with the terms of the agreement in principle, and the Settlement agreement was approved by order of the Bankruptcy Court dated June 27, 2005. The Settlement agreement called for payment of nine million shares of our common stock and $513 million in cash, plus interest on the cash payment at a 5.5% annual rate starting on December 21, 2002 and ending on the effective date of an appropriate plan of reorganization in the Grace bankruptcy, when we would be required to make the payment. These shares were subject to customary anti-dilution provisions that adjust for the effects of stock splits, stock dividends and other events affecting our common stock, and as a result, the number of shares of our common stock issued under the Settlement agreement increased to eighteen million shares upon the two-for-one stock split in March 2007. The Settlement agreement provided that, upon the effective date of the final plan of reorganization and payment of the shares and cash, all present and future asbestos-related claims against us that arise from alleged asbestos liabilities of Grace and its affiliates (including former affiliates that became our affiliates through the Cryovac transaction) would be channeled to and become the responsibility of one or more trusts established under Section 524(g) of the Bankruptcy Code. The Settlement agreement also provided for resolution of all fraudulent transfer claims against us arising from the Cryovac transaction as well as the Fresenius claims described below. The Settlement agreement provided for releases of all those claims upon payment. Under the Settlement agreement, we cannot seek indemnity from Grace for our payments required by the Settlement agreement. The order approving the Settlement agreement also provided that the Preliminary Injunction stay of proceedings involving us described above continued through the effective date of the final plan of reorganization, after which, upon implementation of the Settlement agreement, we have been released from the Grace asbestos liabilities asserted in those proceedings and their continued prosecution against us are enjoined. As more fully discussed below, the Settlement agreement became effective upon Grace’s emergence from bankruptcy pursuant to the PI Settlement Plan. Following the Effective Date, the Bankruptcy Court issued an order dismissing the proceedings pursuant to which the Preliminary Injunction was issued.

On September 19, 2008, Grace, the Official Committee of Asbestos Personal Injury Claimants, the Asbestos PI Future Claimants’ Representative, and the Official Committee of Equity Security Holders filed, as co-proponents, a plan of reorganization that incorporated a settlement of all present and future asbestos-related personal injury claims against Grace (as filed and amended from time to time, the “PI Settlement Plan”). Amended versions of the PI Settlement Plan and related exhibits and documents were filed with the Bankruptcy Court from time to time. The PI Settlement Plan provides for the establishment of two asbestos trusts under Section 524(g) of the United States Bankruptcy Code to which present and future asbestos-related personal injury and property damage claims are channeled. The PI Settlement Plan also incorporates the Settlement agreement, including our payment of the amounts contemplated by the Settlement agreement. The Bankruptcy Court entered a memorandum opinion overruling certain objections to the PI Settlement Plan on January 31, 2011, and entered orders on January 31, 2011 and February 15, 2011 (collectively with the opinion, the “Bankruptcy Court Confirmation Orders”) confirming the PI Settlement Plan and requesting that the District Court issue and affirm the Bankruptcy Court Confirmation Order, including the injunction under Section 524(g) of the Bankruptcy Code. Various parties appealed or otherwise challenged the Bankruptcy Court Confirmation Orders. On January 30, 2012 and June 11, 2012 , the District Court issued memorandum opinions and orders (collectively with the Bankruptcy Court Confirmation Orders, the “Confirmation Orders”) overruling all objections to the PI Settlement Plan and confirming the PI Settlement Plan in its entirety, including the approval and issuance of the injunctions under Section 524(g) of the Bankruptcy Code and the other injunctions, releases, and indemnifications set forth in the PI Settlement Plan and the Bankruptcy Court Confirmation Order. Five appeals to the Confirmation Orders were filed with the United States Court of Appeals for the Third Circuit (the “Third Circuit Court of Appeals”). The Third Circuit Court of Appeals dismissed or denied the appeals in separate opinions, with the final dismissal occurring on the Effective Date. On January 29, 2014, by agreement of the parties, the Bankruptcy Court dismissed with prejudice the fraudulent transfer action brought against the Company by the Committees appointed to represent asbestos claimants in Grace’s bankruptcy. Also on the Effective Date, the remaining conditions to the effectiveness of the PI Settlement Plan and the Settlement agreement were satisfied or waived by the relevant parties (including the Company), and the PI Settlement Plan implementing the Settlement agreement became effective and Grace emerged from bankruptcy on the Effective Date. In addition, under the PI Settlement Plan, the Confirmation Orders, and the Settlement agreement, Grace is required to indemnify us with respect to asbestos and certain other liabilities. Although we believe the possibility to be remote, if any courts were to refuse to enforce the injunctions or releases contained in the PI Settlement Plan and the Settlement agreement with respect to any claims, and if, in addition, Grace were unwilling or unable to defend and indemnify the Company and its subsidiaries for such claims, then we could be required to pay substantial damages, which could have a material adverse effect on our consolidated financial condition and results of operations.

Fresenius Claims

In January 2002, we filed a declaratory judgment action against Fresenius Medical Care Holdings, Inc., its parent, Fresenius AG, a German company, and specified affiliates in New York State court asking the court to resolve a contract dispute between the parties. The Fresenius parties contended that we were obligated to indemnify them for liabilities that they might incur as a result of the 1996 Fresenius transaction mentioned above. The Fresenius parties’ contention was based on their interpretation of the agreements between them and W. R. Grace & Co. — Conn. in connection with the 1996 Fresenius transaction. In February 2002, the Fresenius parties announced that they had accrued a charge of $172 million for these potential liabilities, which included pre-transaction tax liabilities of Grace and the costs of defense of litigation arising from Grace’s Chapter 11 filing. We believe that we were not responsible to indemnify the Fresenius parties under the 1996 agreements and filed the action to proceed to a resolution of the Fresenius parties’ claims. In April 2002, the Fresenius parties filed a motion to dismiss the action and for entry of declaratory relief in its favor. We opposed the motion, and in July 2003, the court denied the motion without prejudice in view of the November 27, 2002 agreement in principle referred to above. On the Effective Date, and in connection with the PI Settlement Plan and the Settlement agreement, we and the Fresenius parties exchanged mutual releases, releasing us from any and all claims related to the 1996 Fresenius transaction.

Canadian Claims

In November 2004, the Company’s Canadian subsidiary Sealed Air (Canada) Co./Cie learned that it had been named a defendant in the case of Thundersky v. The Attorney General of Canada, et al. (File No. CI4-1-39818), pending in the Manitoba Court of Queen’s Bench. Grace and W. R. Grace & Co. — Conn. were also named as defendants. The plaintiff brought the claim as a putative class proceeding and sought recovery for alleged injuries suffered by any Canadian resident, other than in the course of employment, as a result of Grace’s marketing, selling, processing, manufacturing, distributing and/or delivering asbestos or asbestos-containing products in Canada prior to the Cryovac Transaction. A plaintiff filed another proceeding in January 2005 in the Manitoba Court of Queen’s Bench naming the Company and specified subsidiaries as defendants. The latter proceeding, Her Majesty the Queen in Right of the Province of Manitoba v. The Attorney General of Canada, et al. (File No. CI5-1-41069), sought the recovery of the cost of insured health services allegedly provided by the Government of Manitoba to the members of the class of plaintiffs in the Thundersky proceeding. In October 2005, we learned that six additional putative class proceedings had been brought in various provincial and federal courts in Canada seeking recovery from the Company and its subsidiaries Cryovac, Inc. and Sealed Air (Canada) Co./Cie, as well as other defendants including W. R. Grace & Co. and W. R. Grace & Co. — Conn., for alleged injuries suffered by any Canadian resident, other than in the course of employment (except with respect to one of these six claims), as a result of Grace’s marketing, selling, manufacturing, processing, distributing and/or delivering asbestos or asbestos-containing products in Canada prior to the Cryovac transaction. Grace and W. R. Grace & Co. — Conn. agreed to defend, indemnify and hold harmless the Company and its affiliates in respect of any liability and expense, including legal fees and costs, in these actions.

In April 2001, Grace Canada, Inc. had obtained an order of the Superior Court of Justice, Commercial List, Toronto (the “Canadian Court”), recognizing the Chapter 11 actions in the United States of America involving Grace Canada, Inc.’s U.S. parent corporation and other affiliates of Grace Canada, Inc., and enjoining all new actions and staying all current proceedings against Grace Canada, Inc. related to asbestos under the Companies’ Creditors Arrangement Act. That order was renewed repeatedly. In November 2005, upon motion by Grace Canada, Inc., the Canadian Court ordered an extension of the injunction and stay to actions involving asbestos against the Company and its Canadian affiliate and the Attorney General of Canada, which had the effect of staying all of the Canadian actions referred to above. The parties finalized a global settlement of these Canadian actions (except for claims against the Canadian government). That settlement, which has subsequently been amended (the “Canadian Settlement”), will be entirely funded by Grace. The Canadian Court issued an Order on December 13, 2009 approving the Canadian Settlement. We do not have any positive obligations under the Canadian Settlement, but we are a beneficiary of the release of claims. The release in favor of the Grace parties (including us) became operative upon the effective date of a plan of reorganization in Grace’s United States Chapter 11bankruptcy proceeding. As filed, the PI Settlement Plan contemplates that the claims released under the Canadian Settlement will be subject to injunctions under Section 524(g) of the Bankruptcy Code. As indicated above, the Bankruptcy Court entered the Bankruptcy Court Confirmation Order on January 31, 2011 and the Clarifying Order on February 15, 2011 and the District Court entered the Original District Court Confirmation Order on January 30, 2012 and the Amended District Court Confirmation Order on June 11, 2012. The Canadian Court issued an Order on April 8, 2011 recognizing and giving full effect to the Bankruptcy Court’s Confirmation Order in all provinces and territories of Canada in accordance with the Bankruptcy Court Confirmation Order’s terms.

As described above, the PI Settlement Plan became effective on February 3, 2014. In accordance with the above-mentioned December 13, 2009 order of the Canadian court, on the Effective Date the actions became permanently stayed until they were amended to remove the Grace parties as named defendants. The above-mentioned actions in the Manitoba Court of Queen’s Bench were dismissed by the Manitoba court as against the Grace parties on February 19, 2014. The remaining actions were either dismissed or discontinued with prejudice by the Canadian courts as against the Grace parties in May and June 2015, but for two actions in the Province of Quebec, which were discontinued by order of the Quebec court in February 2016. Although we believe the possibility to be remote, if the Canadian courts refuse to enforce the final plan of reorganization in the Canadian courts, and if in addition Grace is unwilling or unable to defend and indemnify the Company and its subsidiaries in these cases, then we could be required to pay substantial damages, which we cannot estimate at this time and which could have a material adverse effect on our consolidated financial condition and results of operations.

Additional Matters Related to the Cryovac Transaction

In view of Grace’s Chapter 11 filing, we may receive additional claims asserting that we are liable for obligations that Grace had agreed to retain in the Cryovac transaction and for which we may be contingently liable. To date, we are not aware of any material claims having been asserted or threatened against us.

Final determinations and accountings under the Cryovac transaction agreements with respect to matters pertaining to the transaction had not been completed at the time of Grace’s Chapter 11 filing in 2001. We filed claims in the bankruptcy proceeding that reflect the costs and liabilities that we have incurred or may incur and that Grace and its affiliates agreed to retain or that are subject to indemnification by Grace and its affiliates under the Cryovac transaction agreements, other than payments to be made under the Settlement agreement. Grace has alleged that we are responsible for specified amounts under the Cryovac transaction agreements. On February 3, 2014, following Grace’s emergence from bankruptcy, the Company (for itself and its affiliates, collectively, the “Sealed Air Parties”) and Grace (for itself and its affiliates, collectively, the “Grace Parties”) entered into a claims settlement agreement (the “Claims Settlement”) to resolve certain of the parties’ claims against one another arising under the Cryovac transaction agreements (the “Transaction Claims”). Under the Claims Settlement, the Sealed Air Parties released and waived Transaction Claims against the Grace Parties other than asbestos-related claims, Fresenius-related claims, environmental claims, insurance claims, mass tort claims, non-monetary tax sharing agreement claims, certain claims listed in annexes to proofs of claim filed by the Sealed Air Companies in connection with the Grace bankruptcy, claims relating to certain matters described in the PI Settlement Plan, certain executory contract claims relating to certain leased sites or sites that were divided as part of the Cryovac transaction, and certain indemnification claims. Under the Claims Settlement, the Grace Parties released and waived Transaction Claims against the Sealed Air Companies other than non-monetary tax sharing agreement claims, certain executory contract claims relating to certain leased sites or sites that were divided as part of the Cryovac transaction, and certain indemnification claims. The Claims Settlement also provides that the Sealed Air Parties and the Grace Parties will share equally all fees and expenses relating to certain litigation brought by former Cryovac employees. Except to the extent that a claim is specifically referenced, the Claims Settlement does not supersede or affect the obligations of the parties under the PI Settlement Plan or our Settlement agreement.

Environmental Matters

We are subject to loss contingencies resulting from environmental laws and regulations, and we accrue for anticipated costs associated with investigatory and remediation efforts when an assessment has indicated that a loss is probable and can be reasonably estimated. These accruals are not reduced by potential insurance recoveries, if any. We do not believe that it is reasonably possible that our liability in excess of the amounts that we have accrued for environmental matters will be material to our consolidated financial condition or results of operations. Environmental liabilities are reassessed whenever circumstances become better defined or remediation efforts and their costs can be better estimated.

We evaluate these liabilities periodically based on available information, including the progress of remedial investigations at each site, the current status of discussions with regulatory authorities regarding the methods and extent of remediation and the apportionment of costs among potentially responsible parties. As some of these issues are decided (the outcomes of which are subject to uncertainties) or new sites are assessed and costs can be reasonably estimated, we adjust the recorded accruals, as necessary. We believe that these exposures are not material to our consolidated financial condition or results of operations. We believe that we have adequately reserved for all probable and estimable environmental exposures.

Guarantees and Indemnification Obligations

We are a party to many contracts containing guarantees and indemnification obligations. These contracts primarily consist of:

•

product warranties with respect to certain products sold to customers in the ordinary course of business. These warranties typically provide that products will conform to specifications. We generally do not establish a liability for product warranty based on a percentage of sales or other formula. We accrue a warranty liability on a transaction-specific basis depending on the individual facts and circumstances related to each sale. Both the liability and annual expense related to product warranties are immaterial to our consolidated financial position and results of operations; and


•	licenses of intellectual property by us to third parties in which we have agreed to indemnify the licensee against third party infringement claims.

Development Grant Matter

On May 25, 2010, one of our Italian subsidiaries received a demand from the Italian Ministry of Economic Development (the “Ministry”) for the total repayment of grant monies paid to two of our former subsidiaries in the amount of €5 million plus interest. The grant monies had previously been certified as payable by the Italian authorities and the grant process was finalized and closed in 2006. We acquired the former subsidiaries in September 2001 as part of an acquisition. The substance of the repayment demand is that the former owners of the subsidiaries made fraudulent claims and used fraudulent documents to support their grant application prior to our acquisition. There is no suggestion that we or our Italian subsidiary were directly involved in the grant process, but the Ministry is seeking repayment from our Italian subsidiary given our capacity as purchaser of the two companies. Our Italian subsidiary submitted a total denial of liability in regard to this matter on June 30, 2010. A hearing on the merits was held on July 3, 2014 and in mid-September; our subsidiary was advised that the demand for repayment of €10 million was upheld. Accordingly, we recorded a current liability and corresponding charge of $14 million related to this matter in 2014. The liability ($13 million equivalent at December 31, 2017 with accrued interest) is included in other current liabilities in the Consolidated Balance Sheet. In mid-December, 2014 we learned our application to suspend enforcement of the judgment pending appeal had been declined. A final hearing on the merits is expected to occur in 2018.

Other Principal Contractual Obligations

At December 31, 2017, we had other principal contractual obligations, which included agreements to purchase an estimated amount of goods, including raw materials, or services in the normal course of business, aggregating to approximately $67.8 million. The estimated future cash outlays are as follows:



Year	Amount (in millions)
2018⁽¹⁾	$	62.9
2019	2.5
2020	2.4
Thereafter	—
Total	$	67.8


⁽¹⁾	Contractual obligations in 2018 include an agreement of a one-time $45.0 million payment in lieu of certain future royalty payments to aid in expediting our organizational efficiency initiatives.

Asset Retirement Obligations

The Company has recorded asset retirement obligations primarily associated with asbestos abatement, lease restitution and the removal of underground tanks. The Company's asset retirement obligation liabilities were $11.0 million and $10.0 million at December 31, 2017 and 2016. The Company also recorded assets within property and equipment, net which included $3.7 million and $3.5 million related to buildings and $7.3 million and $6.5 million related to leasehold improvements as of December 31, 2017 and 2016, respectively. For the years ended December 31, 2017 and 2016 accretion expense was $0.3 million.

Leases

We are obligated under the terms of various leases covering primarily warehouse and office facilities and production equipment, as well as smaller manufacturing sites that we occupy. We account for the majority of our leases as operating leases, which may include purchase or renewal options. At December 31, 2017, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:



Year	Amount (in millions)
2018	$	10.6
2019	7.9
2020	6.0
2021	3.4
2022	1.3
Thereafter	1.9
Total	$	31.1

Net rental expense was $12.1 million in 2017, $27.5 million in 2016 and $28.7 million in 2015.

Stockholders' Equity

12 Months Ended

Dec. 31, 2017

Stockholders' Equity

Stockholders’ Equity

Repurchase of Common Stock

In July 2015, our Board of Directors authorized a repurchase program of up to $1.5 billion of the Company’s common stock, reflecting its commitment to return value to shareholders. The repurchase program has no expiration date and replaced the previously authorized program, which was terminated. In March 2017, our Board of Directors authorized an increase to the existing share repurchase program by up to an additional $1.5 billion of the Company’s common stock. Refer to Part II, Item 5., "Issuer Purchases of Equity Securities" for further information.

During the year ended December 31, 2017, we repurchased 27,320,816 shares for a total of approximately $1.2 billion with an average share price of $45.44. During the year ended December 31, 2016, we repurchased 4,680,313 shares, for approximately $217.0 million with an average share price of $46.36. These repurchases were made under privately negotiated, accelerated share repurchase programs or open market transactions in accordance with Rule 10b5-1 of the Securities Act of 1933, as amended, and pursuant to the share repurchase program previously approved by our Board of Directors.

During the current year, share purchases under open market transactions were 8,169,390 shares, for approximately $370.5 million with an average share price of $45.35.

In May 2017, the Company entered into an accelerated share repurchase agreement with a third-party financial institution to repurchase up to $150.0 million of the Company’s common stock. At the conclusion of the program in August 2017, the Company received a total of 2,914,955 shares with an average price of $44.47 for a total cost of $129.6 million.

In September 2017, the Company entered into an accelerated share repurchase agreement with a third-party financial institution to repurchase $400.0 million of the Company’s common stock. At the conclusion of the program, the Company received a total of 9,147,415 shares with an average price of $43.73.

In November 2017, the Company entered into an accelerated share repurchase agreement with a third-party financial institution to repurchase $400.0 million of the Company’s common stock. Through December 31, 2017, the Company had received a total of 7,089,056 shares under this agreement. At the conclusion of the program in February 2018, the Company received a total of 8,308,692 shares with an average price of $48.14.

Dividends

The following table shows our total cash dividends paid in the years ended December 31:



(In millions, except per share amounts)	Total Cash Dividends Paid		Total Cash Dividends Paid Per Common Share
2015	$	106.8	$	0.52
2016	121.6		0.61
2017	119.7		0.64
Total	$	348.1

On February 14, 2018, our Board of Directors declared a quarterly cash dividend of $0.16 per common share payable on March 16, 2018 to stockholders of record at the close of business on March 2, 2018. The estimated amount of this dividend payment is $26.8 million based on 167 million shares of our common stock issued and outstanding as of February 9, 2018.

The dividend payments discussed above are recorded as reductions to cash and cash equivalents and retained earnings on our Consolidated Balance Sheet. Our credit facility and our notes contain covenants that restrict our ability to declare or pay dividends. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our consolidated financial condition and results of operations. There is no guarantee that our Board of Directors will declare any further dividends.

Common Stock

The following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:



	2017		2016		2015
Changes in common stock:
Number of shares, beginning of year	227,638,738		225,625,636		224,683,653
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	480,283		481,834		419,844
Restricted stock shares, forfeited	(184,235	)	(89,699	)	(185,056	)
Shares issued for vested restricted stock units	607,231		179,826		172,071
Shares issued for 2012 President and Chief Operating Officer (COO) Four-Year Award	—		325,000		—
Shares issued for 2014 Special PSU Awards	749,653		—		—
Shares issued for 2014 Three-Year PSU Awards	636,723		—		—
Shares issued for 2013 Three-Year PSU Awards	—		1,074,017		—
Shares issued for 2012 Three-Year PSU Awards	—		—		442,985
Shares issued for SLO Awards	136,783		20,587		71,893
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors	15,768		21,537		20,246
Number of shares issued, end of year	230,080,944		227,638,738		225,625,636
Changes in common stock in treasury:
Number of shares held, beginning of year	34,156,355		29,612,337		14,151,759
Repurchase of common stock	27,320,816		4,680,313		16,123,111
Profit sharing contribution paid in stock	(502,519	)	(830,613	)	(787,463	)
Restricted stock shares forfeitures transferred to Omnibus Incentive Plan Reserve	—		—		(75,638	)
Restricted stock shares, forfeited	—		(1,813	)	—
Shares withheld for taxes	510,771		696,131		200,568
Number of shares held, end of year	61,485,423		34,156,355		29,612,337
Number of common stock outstanding, end of year	168,595,521		193,482,383		196,013,299

Share-Based Compensation

In 2014, the Board of Directors adopted, and its stockholders approved, the 2014 Omnibus Incentive Plan (“Omnibus Incentive Plan”). Under the Omnibus Incentive Plan, the maximum number of shares of Common Stock authorized was 4,250,000, plus total shares available to be issued as of May 22, 2014 under the 2002 Directors Stock Plan and the 2005 Contingent Stock Plan (collectively, the “Predecessor Plans”). The Omnibus Incentive Plan replaced the Predecessor Plans and no further awards were granted under the Predecessor Plans. The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, performance share units known as PSU awards, other stock awards and cash awards to officers, non-employee directors, key employees, consultants and advisors.

Prior to the Omnibus Incentive Plan, the 2005 Contingent Stock Plan represented our sole long-term equity compensation program for officers and employees. The 2005 Contingent Stock Plan provided for awards of equity-based compensation, including restricted stock, restricted stock units, PSU awards and cash awards measured by share price, to our executive officers and other key employees, as well as U.S.-based key consultants. Prior to the Omnibus Incentive Plan, the 2002 Directors Stock Plan provided for annual grants of shares to non-employee directors, and interim grants of shares to eligible directors elected at times other than at an annual meeting, as all or part of the annual or interim retainer fees for non-employee directors. During 2002, we adopted a plan that permitted non-employee directors to elect to defer all or part of their annual retainer until the non-employee director retires from the Board of Directors. The non-employee director could elect to defer the portion of the annual retainer payable in shares of stock, as well as the portion, if any, payable in cash. Cash dividends on deferred shares are reinvested into additional deferred units in each non-employee director’s account.

A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows:



	2017		2016		2015
Number of shares available, beginning of year	5,385,870		7,694,739		8,775,994
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	(480,283	)	(481,834	)	(419,844	)
Restricted stock shares forfeited	184,235		87,886		185,056
Restricted stock units awarded	(351,946	)	(428,595	)	(300,085	)
Restricted stock units forfeited	288,801		29,774		38,100
Shares issued for 2012 President and COO Four-Year Award	—		(325,000	)	—
Shares issued for 2014 Special PSU Awards	(749,653	)	—		—
Shares issued for 2014 Three-Year PSU Awards	(636,723	)	—		—
Shares issued for 2013 Three-Year PSU Awards	—		(1,074,017	)	—
Shares issued for 2012 Three-year PSU Awards	—		—		(442,985	)
Restricted stock units awarded for SLO Awards	(44,254	)	(81,614	)	(134,078	)
SLO units forfeited	3,639		—		13,752
Director shares granted and issued	(15,491	)	(18,022	)	(20,246	)
Director units granted and deferred⁽¹⁾	(17,008	)	(17,447	)	(925	)
Shares withheld for taxes⁽²⁾	101,767		—		—
Number of shares available, end of year⁽³⁾	3,668,954		5,385,870		7,694,739


⁽¹⁾	Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares.


⁽²⁾	The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit “minimum” withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards.


⁽³⁾	The above table excludes approximately 2.2 million of contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2017.

We record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Consolidated Statements of Operations for both equity-classified awards and liability-classified awards. We record corresponding credit to additional paid-in capital within stockholders’ equity for equity-classified awards, and to either current or non-current liability for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. The number of PSUs earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met.

The following table summarizes the Company’s pre-tax share-based incentive compensation expense and related income tax benefit for the years ended December 31, 2017, 2016 and 2015 related to the Company’s PSU awards, SLO awards and restricted stock awards.



(In millions)	2017			2016		2015
2017 Three-year PSU Awards⁽¹⁾	$	9.8		$	—	$	—
2017 COO and Chief Executive Officer-Designate 2017 New Hire Equity Awards	0.1			—		—
2016 Three-year PSU Awards⁽¹⁾	2.0			6.3		—
2016 President & CEO Inducement Award	0.5			0.5		—
2015 Three-year PSU Awards	(0.8		)	3.5		4.7
2014 Special PSU Awards⁽²⁾⁽³⁾	3.2			8.8		15.7
2014 Three-year PSU Awards	—			4.9		7.0
2013 Three-year PSU Awards	—			—		4.7
2012 President & COO Four-year Incentive Compensation	—			0.2		0.3
SLO Awards	1.1			2.5		3.7
Other long-term share-based incentive compensation programs⁽⁴⁾⁽⁶⁾	32.6			36.2		25.1
Total share-based incentive compensation expense⁽⁵⁾	$	48.5		$	62.9	$	61.2
Associated tax benefits recognized	$	11.8		$	19.7	$	18.6

⁽¹⁾

On May 18, 2017, The Organization and Compensation Committee of our Board of Directors (“O&C Committee”) approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The approved change will result in a pro-rata share of vesting calculated on the close date of the sale of Diversey. Dr. Kadri’s awards will still be subject to the performance metrics stipulated in the plan documents, and will be paid out in accordance with the original planned timing.


⁽²⁾	The amount does not include expense related to the 2014 Special PSU awards that will be settled in cash of $1.0 million in the year ended December 31, 2017.


⁽³⁾	The amount includes only the two initial performance-based equity awards. See below for further detail.


⁽⁴⁾	The amount includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units and cash-settled restricted stock unit awards.


⁽⁵⁾	The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as these contributions are not considered share-based incentive compensation.

⁽⁶⁾

On August 4, 2017, the Equity Award Committee approved a change in the vesting condition regarding the existing long-term share based compensation programs transferring to Diversey as part of the sale of Diversey. The approved change will result in a pro-rata share of vesting calculated on the close date of the sale of Diversey. We recorded the cumulative expense of the higher fair value of the impacted awards at modification approval.

Restricted Stock, Restricted Stock Units and Cash-Settled Restricted Stock Unit Awards

Restricted stock, restricted stock units and cash-settled restricted stock unit awards (cash payment in an amount equal to the value of the shares on the vesting date) provide for a vesting period. Awards vest earlier in the event of the participant’s death or disability. If a participant terminates employment prior to vesting, then the award of restricted stock, restricted stock units or cash-settled restricted stock unit awards is forfeited, except for certain circumstances following a change in control. The O&C Committee may waive the forfeiture of all or a portion of an award. During the vesting period, holders of unvested shares of restricted stock (but not holders of unvested shares of restricted stock units or cash-settled restricted stock unit awards) are entitled to receive dividends on the same basis as dividends are paid to other stockholders and are entitled to vote the unvested shares.

The following table summarizes activity for unvested restricted stock and restricted stock units for 2017:



	Restricted stock shares						Restricted stock units
	Shares		Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)		Shares		Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)
Non-vested at December 31, 2016	1,317,138		$	40.13			1,101,444		$	40.11
Granted	480,283		47.00				351,946		46.75
Vested	(567,770	)	34.33		$	26.6	(607,231	)	36.96		$	28.3
Forfeited or expired	(184,235	)	45.54				(288,737	)	43.66
Non-vested at December 31, 2017	1,045,416		$	45.21			557,422		$	45.34

A summary of the Company’s fair values of its vested restricted stock shares and restricted stock units are shown in the following table:



(In millions)	2017		2016		2015
Fair value of restricted stock shares vested	$	19.5	$	10.0	$	10.2
Fair value of restricted stock units vested	$	22.4	$	5.2	$	3.0

A summary of the Company’s unrecognized compensation cost and weighted average periods over which the compensation cost is expected to be recognized for its non-vested restricted stock shares and restricted stock units are shown in the following table:



(In millions)	Unrecognized Compensation Costs		Weighted Average to be recognized (in years)
Restricted Stock shares	$	21.0	1.3
Restricted Stock units	$	11.3	1.3

The non-vested cash awards excluded from table above had $1.2 million unrecognized compensation costs and weighted-average remaining contractual life of approximately 1.2 years. We have recognized a liability of $1.0 million and $1.0 million in current and other non-current liabilities on our Consolidated Balance Sheet.

PSU Awards

Three-year PSU awards for 2015, 2016 and 2017

During the first 90 days of each year, the O&C Committee of our Board of Directors approves PSU awards for our executive officers and other selected key executives, which include for each officer or executive a target number of shares of common stock and performance goals and measures that will determine the percentage of the target award that is earned following the end of the three-year performance period. Following the end of the performance period, in addition to shares, participants will also receive a cash payment in the amount of the dividends (without interest) that would have been paid during the performance period on the number of shares that they have earned. Each PSU is subject to forfeiture if the recipient terminates employment with the Company prior to the end of the three-year award performance period for any reason other than death, disability or retirement. In the event of death, disability or retirement, a participant will receive a prorated payment based on such participant’s number of full months of service during the award performance period, further adjusted based on the achievement of the performance goals during the award performance period. All of these PSUs are classified as equity in the Consolidated Balance Sheet.

The O&C Committee established principal performance goals, which are (i) total shareholder return for three-year performance period weighted at 35% for the 2015 awards, 50% for 2016 awards and 34% for the 2017 awards; (ii) consolidated Adjusted EBITDA margin measured in the final year of the award weighted at 65% for the 2015, 50% for 2016 awards and 33% for the 2017 awards; and (iii) three-year compound annual growth rate of net trade sales weighted at 33% for the 2017 awards. The total number of shares to be issued for these awards can range from zero to 200% of the target number of shares.

PSUs – Adjusted EBITDA

The PSUs granted based on Adjusted EBITDA are contingently awarded and will be payable in shares of the Company’s common stock based on the Company’s Adjusted EBITDA during the three years of the performance period compared a target set at the time of the grant by the O&C Committee. The fair value of the PSUs based on Adjusted EBITDA is based on grant date fair value which is equivalent to the closing price of one share of the Company’s common stock on the date of grant. The number of PSUs based on Adjusted EBITDA varies based on the probable outcome of the performance condition. The Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable.

The number of PSUs granted based on Adjusted EBITDA and the grant date fair value are shown in the following table:



	2017		2016		2015
Number of units granted	99,522		165,391		158,964
Weighted average fair value on grant date⁽¹⁾	$	45.21	$	43.09	$	46.05


⁽¹⁾	On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.

PSUs – Total Shareholder Return (TSR)

The PSUs granted based on TSR are contingently awarded and will be payable in shares of the Company’s common stock subject to the condition that the number of PSUs, if any, earned by the employees upon the expiration of a three-year award performance period is dependent on the Company’s TSR ranking relative to a peer group of companies. The fair value of the PSUs based on TSR was estimated on the grant date using a Monte Carlo Simulation model that incorporates predictive modeling techniques using Geometric Brownian Motion and Crystal Ball’s random number generation. Other assumptions include the expected volatility of all companies included in the TSR, the historical share price returns analysis of all companies included in the TSR and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period. Compensation expense for the PSUs based on TSR (which is considered a market condition) is a fixed amount determined at the grant date fair value and is recognized 100% over the three-year award performance period regardless of whether PSUs are awarded at the end of the award performance period.

The number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table:



	2017			2016			2015
Number of units granted	100,958			124,755			65,796
Weighted average fair value on grant date⁽¹⁾	$	44.24		$	54.94		$	59.91
Expected Price volatility⁽¹⁾	25.31		%	26.69		%	29.90		%
Risk-free interest rate⁽¹⁾	1.56		%	0.98		%	1.05		%


⁽¹⁾	On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.

PSUs - Net Trade Sales Compound Annual Growth Rate

The PSUs granted based on Net Trade Sales Compound Annual Growth Rate (CAGR) are contingently awarded and will be payable in shares of the Company’s common stock based on the Company’s Net Trade Sales growth over a three-year award performance period compared to a target set at the time of the grant by the O&C Committee. The fair value of the PSUs based on Net Trade Sales Growth is based on grant date fair value which is equivalent to the closing price of one share of the Company’s common stock on the date of grant. The number of PSUs based on Net Trade Sales Growth varies based on the probable outcome of the performance condition. The Company reassesses at each reporting date whether achievement of the performance condition is probable and accrues compensation expense if and when achievement of the performance condition is probable.

The number of PSUs granted based on Net Trade Sales Growth and the grant date fair value are shown in the following table:



	2017
Number of units granted	99,522
Weighted average fair value on grant date⁽¹⁾	$	45.21


⁽¹⁾	On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.

The following table includes additional information related to estimated earned payout based on the probable outcome of the performance condition and market condition as of December 31, 2017:



	Estimated Payout %
	Net Trade Sales Growth		Adjusted EBITDA		TSR		Combined
2017 Three-year PSU Awards	100	%	100	%	100	%	100	%
2016 Three-year PSU Awards	NA		59	%	—	%	30	%
2015 Three-year PSU Awards	NA		73	%	73	%	73	%

The following table summarizes activity for outstanding Three-year PSU awards (excluding 2014 Special PSU Award) for 2017:



	Shares		Aggregate Intrinsic Value (in millions)⁽²⁾
Outstanding at December 31, 2016	827,712
Granted⁽¹⁾	300,002
Converted	(325,178	)	$	30.0
Forfeited or expired	(139,605	)
Outstanding at December 31, 2017	662,931
Fully vested at December 31, 2017	543,975		$	26.8


⁽¹⁾	This represents the target number of performance units granted. Actual number of PSUs earned, if any, is dependent upon performance and may range from 0% to 200% percent of the target.


⁽²⁾	The aggregate intrinsic value is based on the actual number of PSUs earned and vested at December 31, 2016 which were issued in February 2017.

The following table summarizes activity for non-vested Three-year PSU awards for 2017:



	Shares		Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2016	459,014		$	49.55
Granted	300,002		$	44.88
Vested	(500,455	)	$	47.89
Forfeited or expired	(139,605	)	$	46.43
Non-vested at December 31, 2017	118,956		$	48.40

A summary of the Company’s fair value for its vested three-year PSU awards is shown in the following table:



(In millions)	2017		2016		2015
Fair value of three-year PSU awards vested	$	24.0	$	14.3	$	20.1

A summary of the Company’s unrecognized compensation cost for three-year PSU awards at the current estimated earned payout based on the probable outcome of the performance condition and weighted average periods over which the compensation cost is expected to be recognized as shown in the following table:



(In millions)	Unrecognized Compensation Costs		Weighted Average to be recognized (in years)
2017 Three-year PSU Awards	$	2.1	2.0
2016 Three-year PSU Awards	0.5		1.0
2015 Three-year PSU Awards	—		0.0

Chief Operating Officer (COO) and Chief Executive Officer-Designate 2017 New Hire Equity Awards

On September 5, 2017, the Board elected Edward L. Doheny II, Chief Operating Officer and CEO-Designate and elected him as a Director of the Company effective September 18, 2017. As Chief Operating Officer and CEO-Designate, Mr. Doheny worked on transitioning with Jerome Peribere until December 31, 2017 and then assumed the role and title of President and Chief Executive Officer effective as of January 1, 2018. Additionally, on September 5, 2017, the Company entered into an offer letter agreement, effective September 18, 2017, with Mr. Doheny. The Letter Agreement provides that Mr. Doheny will be granted on his start date two new-hire equity awards, one that is time-vesting and the other that is performance-vesting (the “New Hire Awards”).

The time-vesting New Hire Award, for 30,000 shares, requires Mr. Doheny to remain in service with the Company through December 31, 2020. The grant date fair value for this award was $42.89 per share.

The performance-vesting New Hire Award, for 70,000 shares, in addition to the time-vesting requirement noted above, requires that either (i) the Company’s cumulative total stockholder return for 2018-2020 be in the top 33% of its peers (using the same peers and methodology under the Company’s performance stock unit (PSU) awards) and the Company’s stock price as of December 31, 2020 equals at least $60.00 per share, or (ii) the Company’s stock price as of December 31, 2020 equals at least $75.00 per share. The Letter Agreement provides that the stock price as of December 31, 2020 for this purpose will be determined using a 30-day arithmetic mean of closing prices. Since the award includes a market condition, compensation expense will be recognized regardless of whether the market condition is satisfied provided that the requisite service has been provided.

The grant date fair value for this award was determined using a Monte Carlo Simulation model that incorporates predictive modeling techniques using Geometric Brownian Motion and Crystal Ball’s random number generation. Other assumptions include the expected volatility of all companies included in the total shareholder return, valuation modeling of vesting payoff determination featuring both performance goals as noted above, the historical share price returns analysis of all companies included in the total shareholder return and assumes dividends are reinvested. The expected volatility was based on the historical volatility of peer companies for a period of time that approximates the duration between the beginning and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period Compensation expense for the performance-vesting Inducement Award is a fixed amount determined at the grant date fair value and is recognized 100% from the time of the award to the end of the performance period regardless of whether shares are awarded at the end of the award performance period.

The assumptions used to calculate the grant date fair value of the performance-vesting New Hire Award are shown in the following table:



	2017 Performance-vesting New Hire Award
Fair value on grant date	$	10.63
Expected price volatility	25.0		%
Risk-free interest rate	1.6		%

The awards are described in further detail in Mr. Doheny’s Offer Letter filed with the SEC as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on September 7, 2017.

President and Chief Executive Officer (CEO) 2016 Inducement Awards

On January 15, 2016, Mr. Peribere, entered into a letter agreement (the “Amendment Letter”) amending the terms of his employment letter with the Company dated August 28, 2012 to extend the term of Mr. Peribere’s employment and make certain compensation adjustments. The Amendment Letter also provides Mr. Peribere with two additional awards of restricted stock units under the Company’s 2014 Omnibus Incentive Plan (the “Inducement Awards”), one that is time-vesting and the other that is performance-vesting.

The time-vesting Inducement Award, for 75,000 shares, requires Mr. Peribere to remain in service with the Company through December 31, 2017. The grant date fair value for this award was $39.95 per share.

The performance-vesting Inducement Award, also for 75,000 shares, in addition to the time-vesting requirement noted above, requires that either (i) the Company’s cumulative TSR for 2016-2017 be in the top 25% of its peers (using the same peers and methodology under the Company’s performance stock unit (PSU) awards) and the Company’s stock price as of December 31, 2017 equals at least $43.70 per share, or (ii) the Company’s stock price as of December 31, 2017 equals at least $55.00 per share. The Amendment Letter provides that the stock price as of December 31, 2017 for this purpose will be determined using a 30-day arithmetic mean of closing prices. Since the award includes a market condition, compensation expense will be recognized regardless of whether the market condition is satisfied provided that the requisite service has been provided.

The grant date fair value for this award was determined using a Monte Carlo Simulation model that incorporates predictive modeling techniques using Geometric Brownian Motion and Crystal Ball’s random number generation. Other assumptions include the expected volatility of all companies included in the total shareholder return, valuation modeling of vesting payoff determination featuring both performance goals as noted above, the historical share price returns analysis of all companies included in the total shareholder return and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period Compensation expense for the performance-vesting Inducement Award is a fixed amount determined at the grant date fair value and is recognized 100% over the two-year award performance period regardless of whether shares are awarded at the end of the award performance period.

The assumptions used to calculate the grant date fair value of the performance-vesting Inducement Award are shown in the following table:



	2016 Performance-vesting Inducement Award
Fair value on grant date	$	12.55
Expected price volatility	24.60		%
Risk-free interest rate	0.92		%

The awards are described in further detail in Mr. Peribere’s Amendment Letter filed with the SEC as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 20, 2016. As of December 31, 2017, the requirements of the President and Chief Executive Officer (CEO) 2016 Inducement Awards were not met; as such, the projected achievement and payout of the award is 0.0%.

2014 Special PSU Award

During March 2014, the O&C Committee approved a special PSU award to the named executive officers and a broader group of other employees. The special PSU awards are earned principally based on achievement of specified levels of free cash flow, above targets established in the Company’s three-year strategic plan, over the three year performance period of 2014-2016. In addition, no portion of an award is earned unless we achieve a minimum specified level of adjusted earnings per share for 2017, in order to balance the free cash flow goal with an appropriate focus on generating earnings. To further balance the incentives, the award earned based on free cash flow performance will be reduced by 25% if our relative TSR for the performance period is below the 50th percentile of an approved peer group of companies. Any PSUs earned will be paid out in equal installments over two years, in early 2017 and, subject to an additional 2017 performance requirement, in early 2018.

This award includes both equity-classified awards which do not get remeasured and liability-classified awards which get remeasured each reporting period. For equity-classified awards, 641,480 PSUs at target payout were granted based on performance conditions and the weighted average grant date fair value was $32.10. For equity-classified awards, 213,827 at target payout of PSUs were granted based on TSR and the weighted average grant date fair value was $13.73 per share. The expected price volatility and risk-free interest rate were 32.90% and 0.68%, respectively.

In February 2017, the O&C certified performance for the first half of award payment at 200.0%. The first half of the award vested to recipients in February 2017. For the equity-settled awards, 749,653 vested with an aggregated intrinsic value of $35.3 million. The fair value of the equity settled awards that vested in February 2017 was $20.6 million.

On August 4, 2017, the Equity Award Committee approved a change in the vesting condition regarding the existing 2014 Special PSU Awards for individuals (other than Dr. Kadri) transferring to Diversey as part of the sale of Diversey. The approved change will result in a pro-rata share of vesting calculated on the close date of the sale of Diversey. The modified awards will still be subject to the performance metrics stipulated in the plan documents, and will be paid out in accordance with the original planned timing. As the second half did not contain a market condition, the fair value of the modified awards was $43.49 per share, which was the stock price on the date the Equity Award Committee approved the modification. We recorded the cumulative expense of the higher fair value of the impacted awards at modification approval.

As of December 31, 2017, the Company had met the additional performance requirement to earn the second half of the award scheduled to be paid in early 2018. The expected achievement of the second half of the award is 200.0% based on the Company’s performance on the previously achieved metrics.

We record expense associated with the liability-classified awards in selling, general and administrative expenses and cost of sales. The liability recognized for liability-classified awards was $3.9 million.

Stock Leverage Opportunity Awards

Before the start of each performance year, each of our executive officers and other selected key executives is eligible to elect to receive all or a portion of his or her annual cash bonus for that year, in increments of 25% of the annual bonus, as an award of restricted stock or restricted stock units under the Omnibus Incentive Plan in lieu of cash. The portion provided as an equity award may be given a premium to be determined by the O&C Committee each year and will be rounded up to the nearest whole share. The award will be granted following the end of the performance year and after determination by the O&C Committee of the amount of the annual bonus award for each executive officer and other selected key executive who has elected to take all or a portion of his or her annual bonus as an equity award, but no later than the March 15 following the end of the performance year.

The equity award will be made in the form of an award of restricted stock units that will vest on the second anniversary of the grant date or earlier in the event of death, disability or retirement from employment with the Company, and the shares subject to the award will not be transferable by the recipient until the later of vesting or the second anniversary of the grant date. For the “principal portion” of the award that would have otherwise been paid in cash, the award vests upon any termination of employment, other than for cause. For the “premium portion” of the award equal to the additional 25%, the award vests only in case of death, disability or retirement from the Company. Except as described above, if the recipient ceases to be employed by the Company prior to vesting, then the award is forfeited, except for certain circumstances following a change in control. SLO awards in the form of restricted stock units have no voting rights until shares are issued to them but do receive a cash payment in the amount of the dividends (without interest) on the shares they have earned at about the same time that shares are issued to them following the period of restriction.

The 2016 SLO awards comprise an aggregate of 21,490 restricted stock units as of December 31, 2017. The final number of units issued will be determined based on Annual Incentive Plan payout. During 2017, 44,254 restricted units were issued for the 2016 annual incentive plan. We recorded $1.1 million, $2.5 million and $3.7 million in expense related to the SLO program in the years ended December 31, 2017, 2016 and 2015, respectively. We record compensation expense for these awards in selling, general and administrative expenses on the Consolidated Statements of Operations with a corresponding credit to additional paid-in capital within stockholders’ equity, based on the fair value of the awards at the end of each reporting period, which reflects the effects of stock price changes. The expense is recognized over a fifteen month period on a straight-line basis.

Other Common Stock Issuances

We have historically issued shares of our common stock under our 2005 Contingent Stock Plan to selected U.S.-based consultants as compensation under consulting agreements primarily for research and development projects. We record the cost associated with these issuances on a straight-line basis based on each of the issuances’ vesting schedule. Current liability and unrecognized deferred compensation expense for these awards are not material as of December 31, 2017.

During the year we have also granted performance share unit awards to key executives based on acquisition activity. The performance metrics require the acquired business to reach certain performance based conditions over a set period of time. The fair value is determined on the grant date. During the year, we granted 30,506 units for such activity; expense incurred in the year ended December 31, 2017 was $0.1 million.

Accumulated Other Comprehensive (Loss) Income

12 Months Ended

Dec. 31, 2017

Accumulated Other Comprehensive (Loss) Income

The following table provides details of comprehensive (loss) income:



(In millions)	Unrecognized Pension Items			Cumulative Translation Adjustment			Unrecognized Gains (Losses) on Derivative Instruments for net investment hedge			Unrecognized Gains (Losses) on Derivative Instruments for cash flow hedge			Accumulated Other Comprehensive Income (Loss), Net of Taxes
Balance at December 31, 2015⁽¹⁾	$	(266.0	)	$	(564.0	)	$	1.7		$	8.3		$	(820.0	)
Other comprehensive (loss) income before reclassifications	(18.0		)	(91.9		)	19.3			(16.7		)	(107.3		)
Less: amounts reclassified from accumulated other comprehensive income (loss)	7.3			(46.0		)	—			16.9			(21.8		)
Net current period other comprehensive (loss) income	(10.7		)	(137.9		)	19.3			0.2			(129.1		)
Balance at December 31, 2016⁽¹⁾	$	(276.7	)	$	(701.9	)	$	21.0		$	8.5		$	(949.1	)
Other comprehensive income (loss) before reclassifications⁽²⁾	167.1			7.5			(67.8		)	(10.4		)	96.4
Less: amounts reclassified from accumulated other comprehensive income (loss)	6.2			—			—			1.6			7.8
Net current period other comprehensive income (loss)	173.3			7.5			(67.8		)	(8.8		)	104.2
Balance at December 31, 2017⁽¹⁾	$	(103.4	)	$	(694.4	)	$	(46.8	)	$	(0.3	)	$	(844.9	)


⁽¹⁾	The ending balance in AOCI includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $(78.2) million, $(8.3) million and $31.1 million for the years ended December 31, 2017, 2016 and 2015.


⁽²⁾	Includes $173.4 million of unrecognized pension items and $454.7 million of cumulative translation adjustments, which were written off as part of the sale of Diversey for the year ended December 31, 2017.

The following table provides detail of amounts reclassified from accumulated other comprehensive income:



(In millions)	2017⁽¹⁾			2016⁽¹⁾			2015⁽¹⁾			Location of Amount Reclassified from AOCI
Defined benefit pension plans and other post-employment benefits:
Prior service costs	$	1.3		$	1.6		$	0.7		⁽²⁾
Actuarial losses	(10.0		)	(11.2		)	(11.1		)	⁽²⁾
Total pre-tax amount⁽⁵⁾	(8.7		)	(9.6		)	(10.4		)
Tax (expense) benefit	2.5			2.3			2.3
Net of tax	(6.2		)	(7.3		)	(8.1		)
Reclassifications from cumulative translation adjustment:
Charges related to Venezuelan subsidiaries	—			46.0			—			⁽⁴⁾
Net gains (losses) on cash flow hedging derivatives:
Foreign currency forward contracts	0.9			0.6			9.6			⁽³⁾Other income, net
Interest rate and currency swaps	(3.4		)	(25.9		)	25.7			⁽³⁾ Various
Treasury locks	0.1			0.1			0.1			⁽³⁾Interest expense
Total pre-tax amount	(2.4		)	(25.2		)	35.4
Tax benefit (expense)	0.8			8.3			(11.0		)
Net of tax	(1.6		)	(16.9		)	24.4
Total reclassifications for the period	$	(7.8	)	$	21.8		$	16.3


⁽¹⁾	Amounts in parenthesis indicate changes to earnings (loss).


⁽²⁾	These accumulated other comprehensive components are included in the computation of net periodic benefit costs within cost of sales and selling, general, and administrative expenses on the Consolidated Statement of Operations.


⁽³⁾	These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 12, “Derivatives and Hedging Activities” of the Notes to Consolidated Financial Statements for additional details.

⁽⁴⁾

Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards” under the “Impact of Inflation and Currency Fluctuation” section of the Notes to the Consolidated Financial Statements for further details.


⁽⁵⁾	Amounts related to Diversey have been reclassified to earnings from discontinued operations, net of tax on the Consolidated Statement of Operations. For the years ended December 31, 2017, 2016 and 2015 there was $3.7 million, $3.8 million and $3.1 million reclassified, respectively.

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Other Income and Expenses [Abstract]

Other (Expense) Income, net

12 Months Ended

Dec. 31, 2017

Other (Expense) Income, net

The following table provides details of other (expense) income, net:



	Year Ended December 31,
(In millions)	2017			2016			2015
Net foreign exchange transaction (loss) gain	$	(5.9	)	$	8.3		$	7.3
Bank fee expense	(5.8		)	(5.4		)	(5.7		)
Net (loss) gain on disposals of property and equipment and other	(0.7		)	(1.4		)	0.1
Other, net	(6.1		)	(2.2		)	0.3
Other (expense) income, net	$	(18.5	)	$	(0.7	)	$	2.0

Net Earnings per Common Share

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Net Earnings per Common Share

The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the years ended December 31:



	Year Ended December 31,
(In millions, except per share amounts)	2017			2016			2015
Basic Net Earnings Per Common Share:
Numerator
Net earnings available to common stockholders	$	814.9		$	486.4		$	335.4
Distributed and allocated undistributed net earnings to non-vested restricted stockholders	(4.9		)	(3.4		)	(2.2		)
Distributed and allocated undistributed net earnings to common stockholders	810.0			483.0			333.2
Distributed net earnings - dividends paid to common stockholders	(118.7		)	(118.7		)	(106.2		)
Allocation of undistributed net earnings to common stockholders	$	691.3		$	364.3		$	227.0
Denominator
Weighted average number of common shares outstanding - basic	186.9			194.3			203.9
Basic net earnings per common share:
Distributed net earnings to common stockholders	$	0.64		$	0.61		$	0.52
Allocated undistributed net earnings to common stockholders	3.69			1.88			1.11
Basic net earnings per common share	$	4.33		$	2.49		$	1.63
Diluted Net Earnings Per Common Share:
Numerator
Distributed and allocated undistributed net earnings to common stockholders	$	810.0		$	483.0		$	333.2
Add: Allocated undistributed net earnings to unvested restricted stockholders	4.3			2.6			1.6
Less: Undistributed net earnings reallocated to non-vested restricted stockholders	(4.3		)	(2.6		)	(1.6		)
Net earnings available to common stockholders - diluted	$	810.0		$	483.0		$	333.2
Denominator
Weighted average number of common shares outstanding - basic	186.9			194.3			203.9
Effect of contingently issuable shares	0.7			1.2			1.3
Effect of unvested restricted stock units	0.7			0.7			0.7
Weighted average number of common shares outstanding - diluted under two-class	188.3			196.2			205.9
Effect of unvested restricted stock - participating security	0.6			1.0			0.8
Weighted average number of common shares outstanding - diluted under treasury stock	188.9			197.2			206.7
Diluted net earnings per common share	$	4.29		$	2.46		$	1.62

PSU Awards

We included contingently issuable shares using the treasury stock method for our PSU awards in the diluted weighted average number of common shares outstanding based on the number of contingently issuable shares that would be issued assuming the end of our reporting period was the end of the relevant PSU award contingency period. The calculation of diluted weighted average shares outstanding includes approximately 1 million shares related to PSUs in the years 2017, 2016 and 2015.

Stock Leverage Opportunity Awards (“SLO”)

The shares or units associated with the 2017 SLO awards are considered contingently issuable shares and therefore are not included in the basic or diluted weighted average number of common shares outstanding for the year ended December 31, 2017. These shares or units will not be included in the common shares outstanding until the final determination of the amount of annual incentive compensation is made in the first quarter of 2018. Once this determination is made, the shares or units will be included in diluted weighted average number of common shares outstanding if the impact to diluted net earnings per common share is dilutive. The numbers of shares or units associated with SLO awards for 2017, 2016 and 2015 were nominal.

Summarized Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Financial Information (Unaudited)



	2017
	First			Second		Third		Fourth
(In millions, except per share amounts)	Quarter			Quarter		Quarter		Quarter
Net sales	$	1,032.2		$	1,070.3	$	1,131.3	$	1,227.8
Gross profit	336.4			344.3		362.1		374.4
Net (loss) earnings from continuing operations	(53.7		)	29.0		62.5		25.0
Gain (loss) on sale of discontinued operations, net of taxes	—			—		699.3		(58.6		)
Net earnings from discontinued operations, net of tax⁽²⁾	10.5			75.1		25.7		0.1
Net (loss) earnings available to common stockholders⁽¹⁾	$	(43.2	)	$	104.1	$	787.5	$	(33.5	)
Basic:
Continuing operations	$	(0.27	)	$	0.14	$	0.33	$	0.14
Discontinued operations⁽²⁾	0.05			0.39		3.86		(0.33		)
Net (loss) earnings per common share - basic	$	(0.22	)	$	0.53	$	4.19	$	(0.19	)
Diluted:
Continuing operations	$	(0.27	)	$	0.14	$	0.33	$	0.14
Discontinued operations⁽²⁾	0.05			0.38		3.82		(0.33		)
Net (loss) earnings per common share - diluted	$	(0.22	)	$	0.52	$	4.15	$	(0.19	)



	2016
	First		Second		Third		Fourth
(In millions, except per share amounts)	Quarter		Quarter		Quarter		Quarter
Net sales	$	1,005.9	$	1,038.9	$	1,065.1	$	1,101.4
Gross profit	335.6		349.7		356.7		362.9
Net earnings from continuing operations	75.3		2.0		63.7		151.3
Net earnings from discontinued operations, net of tax	27.2		47.6		99.5		19.8
Net earnings available to common stockholders⁽¹⁾	$	102.5	$	49.6	$	163.2	$	171.1
Basic:
Continuing operations	$	0.38	$	0.01	$	0.33	$	0.78
Discontinued operations	0.14		0.24		0.51		0.10
Net earnings per common share - basic	$	0.52	$	0.25	$	0.84	$	0.88
Diluted:
Continuing operations	$	0.38	$	0.01	$	0.32	$	0.77
Discontinued operations	0.14		0.24		0.51		0.10
Net earnings per common share - diluted	$	0.52	$	0.25	$	0.83	$	0.87


⁽¹⁾	The sum of the quarterly per share amounts may not agree to the respective annual amounts due to rounding.

⁽²⁾

For the three months ended June 30, 2017, there was a revision to net earnings from discontinued operations, net of tax, on the Consolidated Statement of Operations related to depreciation and amortization on Diversey assets held for sale. As a result, selling, general and administrative expenses decreased $6.1 million, amortization expenses of intangible assets acquired decreased $16.5 million and income tax provision from discontinued operations increased $6.2 million.

Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2017

Valuation and Qualifying Accounts [Abstract]

Valuation and Qualifying Accounts and Reserves



Description	Balance at Beginning of Year		Charged to Costs and Expenses			Deductions				Foreign Currency Translation and Other				Balance at End of Year
(in millions)
Year ended December 31, 2017:
Allowance for doubtful accounts	$	8.4	$	0.3		$	(2.5	)	(1)	$	0.3			$	6.5
Inventory obsolescence reserve	$	13.4	$	3.5		$	(2.7	)	(2)	$	1.3			$	15.5
Valuation allowance on deferred tax assets	$	167.7	$	3.4		$	—			$	18.1			$	189.2
Year ended December 31, 2016:
Allowance for doubtful accounts	$	10.5	$	(0.1	)	$	(2.1	)	(1)	$	0.1			$	8.4
Inventory obsolescence reserve	$	12.2	$	3.8		$	(2.1	)	(2)	$	(0.5	)		$	13.4
Valuation allowance on deferred tax assets	$	208.9	$	(37.4	)	$	—			$	(3.8	)		$	167.7
Year ended December 31, 2015:
Allowance for doubtful accounts	$	12.8	$	1.1		$	(2.1	)	(1)	$	(1.3	)		$	10.5
Inventory obsolescence reserve	$	17.9	$	—		$	(3.8	)	(2)	$	(1.9	)		$	12.2
Valuation allowance on deferred tax assets	$	164.1	$	(51.4	)	$	—			$	96.2		(3)	$	208.9


⁽¹⁾	Primarily accounts receivable balances written off, net of recoveries.


⁽²⁾	Primarily items removed from inventory.


⁽³⁾	Includes an in-country foreign impairment not recorded for U.S. GAAP.

Summary of Significant Accounting Policies and Recently Issued Accounting Standards (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Financial Instruments

See Note 12, “Derivatives and Hedging Activities,” of the Notes to Consolidated Financial Statements for further details.

Fair Value Measurements of Financial Instruments


•	Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.


•	Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.


•	Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.

Foreign Currency Translation and Impact of Inflation and Currency Fluctuation

Foreign Currency Translation

Impact of Inflation and Currency Fluctuation

Venezuela

Commitments and Contingencies - Litigation

Commitments and Contingencies — Litigation

Revenue Recognition

Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales on the Consolidated Statements of Operations.

Shipping and Handling Costs

Costs incurred for the transfer and delivery of goods to customers are recorded as a component of cost of sales.

Research and Development

We expense research and development costs as incurred.

Share-Based Incentive Compensation

Environmental Expenditures

Income Taxes

See Note 16, “Income Taxes,” of the Notes to Consolidated Financial Statements for further discussion.

Cash and Cash Equivalents

Accounts Receivable Securitization Programs

See Note 8, “Accounts Receivable Securitization Programs” of the Notes to Consolidated Financial Statements for further details.

Trade Receivables, Net

Property and Equipment, Net

Asset Retirement Obligations

Goodwill and Identifiable Intangible Assets

Impairment and Disposal of Long-Lived Assets

Self-Insurance

Pensions

See Note 14, “Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans,” of the Notes to Consolidated Financial Statements for information about the Company’s benefit plans.

Net Earnings per Common Share

See Note 21, “Net Earnings Per Common Share,” of the Notes to Consolidated Financial Statements for further discussion.

Recently Adopted and Issued Accounting Standards

Recently Issued Accounting Standards

Discontinued Operations, Divestitures and Acquisitions (Tables)

12 Months Ended

Dec. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations

The following table presents selected financial information regarding cash flows of Diversey that are included within discontinued operations in the Consolidated Statements of Cash Flows:



	Year Ended December 31,
(In millions)	2017		2016		2015
Non-cash items included in net earnings from discontinued operations:
Depreciation and amortization	$	29.3	$	111.4	$	112.5
Share-based incentive compensation	10.2		12.0		10.1
Profit sharing expense	3.0		2.9		4.5
Provision for bad debt	2.3		5.0		3.1
Capital expenditures	11.9		17.8		37.1

The amounts disclosed in the tables above have been excluded from disclosures unless otherwise noted.

Summary operating results of Diversey were as follows:



	Year Ended December 31,
(In millions)	2017			2016			2015
Net sales	$	1,669.0		$	2,567.0		$	2,621.2
Cost of sales	950.4			1,440.3			1,489.8
Gross profit	718.6			1,126.7			1,131.4
Selling, general and administrative expenses	538.3			859.2			907.8
Amortization expense of intangible assets acquired	23.9			79.9			77.6
Operating profit	156.4			187.6			146.0
Other expense, net	(17.0		)	(9.7		)	(11.4		)
Earnings from discontinued operations before income tax (benefit) provision	139.4			177.9			134.6
Income tax (benefit) provision from discontinued operations⁽¹⁾	28.0			(16.2		)	(42.0		)
Net earnings from discontinued operations	$	111.4		$	194.1		$	176.6

⁽¹⁾

The carrying value of the major classes of assets and liabilities of Diversey were as follows:



(In millions)	December 31, 2016
Assets:
Cash and cash equivalents	$	30.0
Trade receivables, net	438.2
Inventories	203.2
Other receivables	70.3
Prepaid expenses and other current assets	80.6
Property and equipment, net	170.6
Goodwill	972.8
Intangible assets, net	669.9
Deferred taxes⁽¹⁾	39.8
Other non-current assets	162.0
Total assets held for sale	$	2,837.4
Liabilities:
Short-term borrowings	$	9.6
Current portion of long-term debt	31.1
Accounts payable	346.5
Other current liabilities	296.1
Long-term debt	175.7
Deferred taxes⁽¹⁾	72.5
Other non-current liabilities	269.0
Total liabilities held for sale	$	1,200.5


⁽¹⁾	As of December 31, 2016, $27.2 million of amounts which were previously classified as $10.9 million of non-current assets held for sale and $16.3 million of non-current liabilities held for sale were reclassified to deferred tax assets since the amounts were not transferred as part of the sale of Diversey.

Summary of Consideration Transferred and Preliminary Purchase Price Allocation of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table summarizes the consideration transferred to acquire Fagerdala and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed.



	Preliminary Allocation
(In millions)	As of October 2, 2017
Total consideration transferred	$	106.6

Assets:
Cash and cash equivalents	$	13.3
Trade receivables, net	22.4
Inventory, net	10.0
Prepaid expenses and other current assets	8.4
Property and equipment, net	23.3
Intangible assets, net	41.4
Goodwill	39.3
Assets	$	158.1
Liabilities:
Short-term borrowings	$	14.0
Accounts payable	6.9
Other current liabilities	15.1
Long-term debt, less current portion	3.8
Non-current deferred taxes	11.7
Liabilities	$	51.5

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Net Sales and Adjusted EBITDA of Reportable Segments

Segments (Tables)

12 Months Ended

Dec. 31, 2017

Segment Reporting [Abstract]

he following tables show net sales and Adjusted EBITDA by our segment reporting structure:



	Year Ended December 31,
(In millions)	2017			2016			2015
Net Sales
Food Care	$	2,815.2		$	2,686.8		$	2,856.1
As a % of Total Company net sales	63.1		%	63.8		%	64.8		%
Product Care	1,646.4			1,524.5			1,554.2
As a % of Total Company net sales	36.9		%	36.2		%	35.2		%
Total Company Net Sales	$	4,461.6		$	4,211.3		$	4,410.3


	Year Ended December 31,
(In millions)	2017			2016			2015
Adjusted EBITDA from continuing operations
Food Care	$	608.3		$	605.4		$	643.7
Adjusted EBITDA Margin	21.6		%	22.5		%	22.5		%
Product Care	332.3			331.1			322.1
Adjusted EBITDA Margin	20.2		%	21.7		%	20.7		%
Corporate⁽¹⁾	(107.3		)	(127.3		)	(115.7		)
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations	$	833.3		$	809.2		$	850.1
Adjusted EBITDA Margin	18.7		%	19.2		%	19.3		%


⁽¹⁾	Corporate includes costs previously allocated to the Diversey Care segment and Food Hygiene and Cleaning business of our Food Care segment which are included as part of continuing operations of $13.7 million, $15.0 million and $16.3 million for December 31, 2017, 2016 and 2015 respectively.

Reconciliation of Non-U.S. GAAP Adjusted EBITDA to U.S. GAAP Net Earnings

The following table shows a reconciliation of U.S. GAAP net earnings from continuing operations to Non-U.S. GAAP Total Company Adjusted EBITDA:



	Year Ended December 31,
(In millions)	2017			2016			2015
Net earnings from continuing operations	$	62.8		$	292.3		$	158.8
Interest expense	(201.8		)	(199.4		)	(211.0		)
Interest income	17.6			7.5			6.8
Income tax provision⁽¹⁾	330.5			95.6			132.6
Depreciation and amortization⁽⁴⁾	(158.3		)	(154.0		)	(151.3		)
Depreciation and amortization adjustments⁽²⁾	—			1.7			0.1
Special Items:
Restructuring and other charges⁽¹⁾⁽⁵⁾	(12.1		)	(2.5		)	(48.7		)
Other restructuring associated costs included in cost of sales and selling, general and administrative expenses	(14.3		)	(19.8		)	(25.7		)
SARs	2.6			(0.7		)	(3.9		)
Foreign currency exchange loss related to Venezuelan subsidiaries	—			(1.7		)	(27.2		)
Charges related to ceasing operations in Venezuela⁽¹⁾	—			(48.5		)	—
Loss on debt redemption and refinancing activities	—			(0.1		)	(110.0		)
(Loss) gain on sale of North American foam trays and absorbent pads business and European food trays business	—			(1.8		)	13.4
Charges related to acquisitions and divestitures and the sale of property, plant and equipment	(15.5		)	—			—
Charges incurred related to the sale of Diversey	(68.6		)	(1.4		)	—
Settlement/curtailment benefits related to the sale of Diversey pension plans	13.5			—			—
Other Special Items⁽³⁾	(3.1		)	(0.6		)	(1.2		)
Pre-tax impact of Special Items	(97.5		)	(77.1		)	(203.3		)
Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations	$	833.3		$	809.2		$	850.1


⁽¹⁾	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 2 “Summary of Significant Accounting Policies and Recently Issued Accounting Standards," of the Notes to Consolidated Financial Statements for further details.


⁽²⁾	This includes accelerated depreciation of non-strategic assets related to restructuring programs which were $1.1 million and $0.1 million for the years ended December 31, 2016 and 2015, respectively.

⁽³⁾


⁽⁴⁾	Depreciation and amortization by segment is as follows:



	Year Ended December 31,
(In millions)	2017		2016		2015
Food Care	$	103.8	$	92.2	$	97.1
Product Care	47.3		40.1		37.6
Corporate	7.2		21.7		16.6
Total Company depreciation and amortization⁽ⁱ⁾	$	158.3	$	154.0	$	151.3


⁽ⁱ⁾	Includes share-based incentive compensation of $38.2 million in 2017, $50.9 million in 2016 and $51.0 million in 2015.


⁽⁵⁾	Restructuring and other charges by segment were as follows:



	Year Ended December 31,
(In millions)	2017		2016		2015
Food Care	$	7.6	$	1.6	$	31.5
Product Care	4.5		0.9		17.2
Total Company restructuring and other charges⁽ⁱ⁾	$	12.1	$	2.5	$	48.7


⁽ⁱ⁾	For the year ended December 31, 2016 restructuring and other charges excludes $0.3 million related to severance and termination benefits for employees in our Venezuelan subsidiaries.

Assets by Reportable Segments



	December 31,
(In millions)	2017		2016
Assets:
Trade receivables, net, and finished goods inventories, net
Food Care	$	511.5	$	459.9
Product Care	339.1		261.5
Total segments and other	$	850.6	$	721.4
Assets not allocated
Cash and cash equivalents	594.0		333.7
Property and equipment, net	998.4		889.6
Goodwill	1,939.8		1,882.9
Intangible assets, net	83.6		40.1
Assets held for sale	4.0		2,840.8
Other	809.9		707.0
Total	$	5,280.3	$	7,415.5

Geographic Information



	Year Ended December 31,
(In millions)	2017		2016		2015
Net sales⁽¹⁾:
North America⁽³⁾	$	2,415.0	$	2,237.8	$	2,315.2
EMEA	984.7		962.7		1,033.1
Latin America	409.3		396.8		423.3
APAC	652.6		614.0		638.7
Total	$	4,461.6	$	4,211.3	$	4,410.3
Total long-lived assets⁽¹⁾⁽²⁾:
North America	$	639.6	$	633.5
EMEA	274.1		213.3
Latin America	74.6		68.7
APAC	226.0		149.5
Total	$	1,214.3	$	1,065.0


⁽¹⁾	Net sales to external customers attributed to geographic areas represent net sales to external customers based on destination. No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2017, 2016 or 2015 or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2017 and 2016.


⁽²⁾	Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, intangible assets and non-current assets held for sale.


⁽³⁾	Net sales to external customers within the U.S. were $2,278.6 million for the year ended December 31, 2017, $2,112.1 million for the year ended December 31, 2016 and $2,188.8 million for the year ended December 31, 2015.

Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Inventory Disclosure [Abstract]

Property, Plant and Equipment [Abstract]

The following table details our inventories:



	December 31,
(In millions)	2017		2016
Inventories, net:
Raw materials	$	82.8	$	81.5
Work in process	125.7		114.4
Finished goods	298.3		260.8
Total	$	506.8	$	456.7

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Property and Equipment, Net

The following table details our property and equipment.



	December 31,
(In millions)	2017			2016
Land and improvements	$	43.5		$	41.6
Buildings	718.9			600.2
Machinery and equipment	2,330.5			2,091.5
Other property and equipment	116.3			104.3
Construction-in-progress	114.7			210.1
Property and equipment, gross	3,323.9			3,047.7
Accumulated depreciation and amortization	(2,325.5		)	(2,158.1		)
Property and equipment, net	$	998.4		$	889.6

Interest Cost Capitalized And Depreciation And Amortization Expense For Property And Equipment

The following table details our interest cost capitalized and depreciation and amortization expense for property and equipment for the years ended December 31.



	Year Ended December 31,
(In millions)	2017		2016		2015
Interest cost capitalized	$	10.3	$	11.0	$	5.4
Depreciation and amortization expense for property and equipment	$	107.0	$	88.2	$	89.1

Goodwill and Identifiable Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Goodwill Balances by Segment Reporting Structure

The following table shows our goodwill balances by our segment reporting structure:



(In millions)	Food Care		Product Care		Total
Carrying Value at December 31, 2016	$	510.8	$	1,372.1	$	1,882.9
Acquisition and divestiture	10.1		39.3		49.4
Currency translation	6.0		1.5		7.5
Carrying Value at December 31, 2017	$	526.9	$	1,412.9	$	1,939.8

Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives

The following tables summarize our identifiable intangible assets, net with definite and indefinite useful lives:



	December 31, 2017							December 31, 2016
(In millions)	Gross Carrying Value		Accumulated Amortization			Net ⁽¹⁾		Gross Carrying Value		Accumulated Impairment			Net
Customer relationships	$	59.7	$	(19.7	)	$	40.0	$	25.0	$	(17.5	)	$	7.5
Trademarks and tradenames	11.6		(0.5		)	11.1		0.6		(0.2		)	0.4
Capitalized software	50.6		(40.0		)	10.6		42.6		(31.2		)	11.4
Technology	39.2		(27.5		)	11.7		34.4		(24.2		)	10.2
Contracts	10.9		(9.6		)	1.3		10.6		(8.9		)	1.7
Total intangible assets with definite lives	172.0		(97.3		)	74.7		113.2		(82.0		)	31.2
Trademarks and tradenames with indefinite lives	8.9		—			8.9		8.9		—			8.9
Total identifiable intangible assets	$	180.9	$	(97.3	)	$	83.6	$	122.1	$	(82.0	)	$	40.1


⁽¹⁾	As of December 31, 2017, amounts include intangible assets inquired as part of the Fagerdala acquisition. See Note 3, "Discontinued Operations, Divestitures and Acquisitions" to the Notes to Consolidated Financial Statements for additional information related to the Fagerdala acquisition.

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at December 31, 2017.



Year	Amount (in millions)
2018	$	11.1
2019	8.1
2020	5.8
2021	5.3
Thereafter	44.4
Total	$	74.7

Remaining Weighted Average Useful Life of Definite Lived Intangible Assets

The following table shows the remaining weighted average useful life of our definite lived intangible assets as of December 31, 2017.



	Remaining weighted average useful lives
Customer relationships	15.3
Trademarks and trade names	14.5
Technology	3.3
Contracts	3.7
Total identifiable intangible assets, net with definite lives	11.5

Restructuring and Relocation Activities (Tables)

12 Months Ended

Dec. 31, 2017

Restructuring and Related Activities [Abstract]

Schedule of Program Metrics

Program metrics are as follows:



	Sealed Air Restructuring Program
Approximate positions eliminated by the Program	1,950
Estimated Program Costs (in millions):
Costs of reduction in headcount as a result of reorganization	$260-$270
Other expenses associated with the Program	130-135
Total expense	$390-$405
Capital expenditures	250-255
Proceeds, foreign exchange and other cash items	(70)-(75)
Total estimated net cash cost	$570-$585
Program to Date Cumulative Expense (in millions):
Costs of reduction in headcount as a result of reorganization	$	237
Other expenses associated with the Program	123
Total Cumulative Expense	$	360
Cumulative capital expenditures	$	235

Restructuring and Relocation Activities

The following table details our restructuring activities as reflected in the Statement of Operations for the twelve months ended December 31, 2017, 2016 and 2015:



	Year Ended December 31,
(In millions)	2017		2016		2015
Continuing operations:
Other associated costs	$	14.3	$	19.8	$	25.7
Restructuring charges	12.1		2.5		48.7
Total charges from continuing operations	26.4		22.3		74.4
Charges included in discontinued operations	2.4		18.6		46.8
Total charges	$	28.8	$	40.9	$	121.2
Capital Expenditures	$	21.3	$	123.5	$	52.0

Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining

The restructuring accrual, spending and other activity for the year ended December 31, 2017 and the accrual balance remaining at December 31, 2017 related to the Program were as follows:



(In millions)
Restructuring accrual at December 31, 2016	$	47.4
Accrual and accrual adjustments	12.1
Cash payments during 2017	(36.8		)
Transfers as part of the Diversey sale	(5.5		)
Effect of changes in foreign currency exchange rates	(1.1		)
Restructuring accrual at December 31, 2017	$	16.1

Other Current and Non-Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Other Liabilities Disclosure [Abstract]

Components of Other Current and Other Non-Current Liabilities

The following tables detail our other current liabilities and other non-current liabilities at December 31, 2017 and 2016:



	December 31,
(In millions)	2017		2016
Other current liabilities:
Accrued salaries, wages and related costs	$	194.0	$	149.4
Accrued operating expenses⁽¹⁾	237.2		156.8
Accrued customer volume rebates	87.9		76.1
Accrued interest	38.5		37.9
Accrued employee benefit liability	4.4		3.2
Total	$	562.0	$	423.4



	December 31,
(In millions)	2017		2016
Other non-current liabilities:
Accrued employee benefit liability	$	163.7	$	172.4
Other postretirement liability	46.1		51.7
Other various liabilities⁽¹⁾	281.0		178.0
Total	$	490.8	$	402.1


⁽¹⁾	As of December 31, 2017, accrued operating expenses and other various liabilities included income tax liabilities of $36.4 million and $227.6 million, respectively.

(Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Total Debt Outstanding

Our total debt outstanding consisted of the amounts set forth on the following table:



	December 31,
(In millions)	2017		2016
Short-term borrowings⁽¹⁾	$	25.3	$	83.0
Current portion of long-term debt	2.2		297.0
Total current debt	27.5		380.0
Term Loan A due July 2019	222.7		818.3
6.50% Senior Notes due December 2020	423.6		423.1
4.875% Senior Notes due December 2022	420.4		419.6
5.25% Senior Notes due April 2023	420.4		419.7
4.50% Senior Notes due September 2023	474.3		416.7
5.125% Senior Notes due December 2024	420.7		420.2
5.50% Senior Notes due September 2025	396.7		396.4
6.875% Senior Notes due July 2033	445.4		445.3
Other	6.3		3.3
Total long-term debt, less current portion⁽³⁾	3,230.5		3,762.6
Total debt⁽²⁾⁽⁴⁾	$	3,258.0	$	4,142.6

⁽¹⁾


⁽²⁾	As of December 31, 2017, our weighted average interest rate on our short-term borrowings outstanding was 5.4% and on our long-term debt outstanding was 5.3%. As of December 31, 2016, our weighted average interest rate on our short-term borrowings outstanding was 4.8% and on our long-term debt outstanding was 4.7%.


⁽³⁾	Amounts are net of unamortized discounts and issuance costs of $29.5 million as December 31, 2017 and $36.3 million as of December 31, 2016.


⁽⁴⁾	Long-term debt instruments are listed in order of priority.

Lines of Credit



	December 31,
(In millions)	2017		2016
Used lines of credit ⁽¹⁾⁽²⁾	$	23.2	$	83.0
Unused lines of credit	1,108.6		1,074.4
Total available lines of credit⁽³⁾	$	1,131.8	$	1,157.4


⁽¹⁾	Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.


⁽²⁾	At the end of 2017 there was no cash held on deposit. As of December 31, 2016, there were $25.4 million of cash held on deposit as a compensating balance for certain short-term borrowings.


⁽³⁾	Of the total available lines of credit, $855.5 million were committed as of December 31, 2017.

Scheduled Annual Maturities for Next Five Years and Thereafter



Year	Amount (in millions)
2018	$	2.2
2019	228.2
2020	425.9
2021	0.4
2022	425.1
Thereafter	2,180.5
Total	$	3,262.3

Derivatives and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table details the fair value of our derivative instruments included on our Consolidated Balance Sheets.



	Cash Flow Hedge						Net Investment Hedge					Non-Designated as Hedging Instruments						Total
	December 31,						December 31,					December 31,						December 31,
(In millions)	2017			2016			2017		2016			2017			2016			2017			2016
Derivative Assets
Foreign currency forward contracts	$	0.5		$	4.9		$	—	$	—		$	3.6		$	11.4		$	4.1		$	16.3
Interest rate and currency swaps	—			23.9			—		—			—			—			—			23.9
Total Derivative Assets	$	0.5		$	28.8		$	—	$	—		$	3.6		$	11.4		$	4.1		$	40.2
Derivative Liabilities
Foreign currency forward contracts	$	(2.4	)	$	(0.1	)	$	—	$	—		$	(3.3	)	$	(11.5	)	$	(5.7	)	$	(11.6	)
Cross-currency swaps	—			—			—		(5.3		)	—			—			—			(5.3		)
Total Derivative Liabilities⁽¹⁾	$	(2.4	)	$	(0.1	)	$	—	$	(5.3	)	$	(3.3	)	$	(11.5	)	$	(5.7	)	$	(16.9	)
Net Derivatives⁽²⁾	$	(1.9	)	$	28.7		$	—	$	(5.3	)	$	0.3		$	(0.1	)	$	(1.6	)	$	23.3


⁽¹⁾	Excludes €400.0 million of euro-denominated debt ($474.3 million equivalent at December 31, 2017 and $416.7 million equivalent at December 31, 2016), designated as a net investment hedge.


⁽²⁾	The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:



	Other Current Assets						Other Current Liabilities						Other Non-current Assets					Other Non-current Liabilities
	December 31,						December 31,						December 31,					December 31,
(In millions)	2017			2016			2017			2016			2017		2016			2017		2016
Gross position	$	4.1		$	22.6		$	(5.7	)	$	(11.6	)	$	—	$	17.6		$	—	$	(5.3	)
Reclassified to held for sale	—			(7.3		)	—			2.3			—		(17.6		)	—		—
Impact of master netting agreements	(0.4		)	(0.2		)	0.4			0.2			—		—			—		—
Net amounts recognized on the Consolidated Balance Sheet	$	3.7		$	15.1		$	(5.3	)	$	(9.1	)	$	—	$	—		$	—	$	(5.3	)

Offsetting Assets

The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:



	Other Current Assets						Other Current Liabilities						Other Non-current Assets					Other Non-current Liabilities
	December 31,						December 31,						December 31,					December 31,
(In millions)	2017			2016			2017			2016			2017		2016			2017		2016
Gross position	$	4.1		$	22.6		$	(5.7	)	$	(11.6	)	$	—	$	17.6		$	—	$	(5.3	)
Reclassified to held for sale	—			(7.3		)	—			2.3			—		(17.6		)	—		—
Impact of master netting agreements	(0.4		)	(0.2		)	0.4			0.2			—		—			—		—
Net amounts recognized on the Consolidated Balance Sheet	$	3.7		$	15.1		$	(5.3	)	$	(9.1	)	$	—	$	—		$	—	$	(5.3	)

Offsetting Liabilities

The following table reconciles gross positions without the impact of master netting agreements to the balance sheet classification:



	Other Current Assets						Other Current Liabilities						Other Non-current Assets					Other Non-current Liabilities
	December 31,						December 31,						December 31,					December 31,
(In millions)	2017			2016			2017			2016			2017		2016			2017		2016
Gross position	$	4.1		$	22.6		$	(5.7	)	$	(11.6	)	$	—	$	17.6		$	—	$	(5.3	)
Reclassified to held for sale	—			(7.3		)	—			2.3			—		(17.6		)	—		—
Impact of master netting agreements	(0.4		)	(0.2		)	0.4			0.2			—		—			—		—
Net amounts recognized on the Consolidated Balance Sheet	$	3.7		$	15.1		$	(5.3	)	$	(9.1	)	$	—	$	—		$	—	$	(5.3	)

Effect of Derivative Instruments on Condensed Consolidated Statements of Operations

The following table details the effect of our derivative instruments on our Consolidated Statements of Operations.



	Amount of Gain (Loss) Recognized in Earnings on Derivatives
	Year Ended December 31,
(In millions)	2017			2016			2015
Derivatives designated as hedging instruments:
Cash Flow Hedges:
Foreign currency forward contracts⁽¹⁾⁽⁴⁾	$	0.9		$	0.6		$	9.6
Interest rate and currency swaps⁽²⁾⁽⁴⁾	(3.4		)	(25.9		)	25.7
Treasury locks⁽³⁾	0.1			0.1			0.1
Sub-total cash flow hedges	(2.4		)	(25.2		)	35.4
Fair Value Hedges:
Interest rate swaps	0.5			0.5			0.4
Derivatives not designated as hedging instruments:
Foreign currency forward contracts⁽⁴⁾	(8.4		)	(27.6		)	32.0
Total	$	(10.3	)	$	(52.3	)	$	67.8


⁽¹⁾	Amounts recognized on the foreign currency forward contracts were included in cost of sales during the years ended December 31, 2017 and 2016 and other income (expense), net during the year ended December 31, 2015.

⁽²⁾


⁽³⁾	Amounts recognized on the treasury locks were included in interest expense which is related to amortization of terminated interest rate swaps.


⁽⁴⁾	Amounts related to Diversey have been reclassified to earnings from discontinued operations, net of tax on the Consolidated Statement of Operations. For the years ended December 31, 2017, 2016 and 2015 there was $0.8 million, $(32.2) million and $22.4 million reclassified, respectively.

Fair Value Measurements and Other Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Hierarchy of Financial Instruments



	December 31, 2017
(In millions)	Total Fair Value			Level 1		Level 2			Level 3
Cash equivalents	$	297.5		$	297.5	$	—		$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward and option contracts	$	(1.6	)	$	—	$	(1.6	)	$	—



	December 31, 2016
(In millions)	Total Fair Value			Level 1		Level 2			Level 3
Cash equivalents	$	71.3		$	71.3	$	—		$	—
Compensating balance deposits	$	52.9		$	52.9	$	—		$	—
Derivative financial and hedging instruments net asset (liability):
Foreign currency forward contracts	$	4.7		$	—	$	4.7		$	—
Interest rate and currency swaps	$	23.9		$	—	$	23.9		$	—
Cross-currency swaps	$	(5.3	)	$	—	$	(5.3	)	$	—

Carrying Amounts and Estimated Fair Values of Debt

The table below shows the carrying amounts and estimated fair values of our total debt:



	December 31, 2017				December 31, 2016
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Term Loan A Facility due July 2017	$	—	$	—	$	249.9	$	249.9
Term Loan A Facility due July 2019⁽¹⁾	222.7		222.7		1,067.8		1,067.8
6.50% Senior Notes due December 2020	423.6		465.1		423.1		477.3
4.875% Senior Notes due December 2022	420.4		451.0		419.6		437.6
5.25% Senior Notes due April 2023	420.4		455.6		419.7		441.1
4.50% Senior Notes due September 2023⁽¹⁾	474.3		544.4		416.7		453.4
5.125% Senior Notes due December 2024	420.7		456.2		420.2		437.3
5.50% Senior Notes due September 2025	396.7		439.9		396.4		418.8
6.875% Senior Notes due July 2033	445.4		527.3		445.3		462.7
Other foreign loans⁽¹⁾	30.2		30.4		78.9		79.2
Other domestic loans	3.6		3.6		21.4		21.3
Total debt	$	3,258.0	$	3,596.2	$	4,359.0	$	4,546.4
Less amounts included as liabilities held for sale	—		—		216.4		216.4
Total debt from continuing operations	$	3,258.0	$	3,596.2	$	4,142.6	$	4,330.0


⁽¹⁾	Includes borrowings denominated in currencies other than U.S. dollars.

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

Compensation and Retirement Disclosure [Abstract]

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans (Tables)

12 Months Ended

Dec. 31, 2017

Components of Net Periodic Benefit Cost

The following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations:



	Year Ended December 31,
(In millions)	2017		2016		2015
Net periodic benefit cost:
U.S. and international net periodic benefit cost (income) included in cost of sales	$	0.2	$	1.7	$	1.7
U.S. and international net periodic benefit cost included in selling, general and administrative expenses	0.8		10.2		9.2
Total benefit cost	$	1.0	$	11.9	$	10.9

The following table shows the components of our net periodic benefit cost (income) for the years ended December 31, for our pension plans charged to operations:



	December 31, 2017									December 31, 2016									December 31, 2015
(In millions)	U.S.			International			Total			U.S.			International			Total			U.S.			International			Total
Components of net periodic benefit cost (income):
Service cost	$	0.1		$	6.9		$	7.0		$	0.6		$	10.0		$	10.6		$	0.7		$	10.7		$	11.4
Interest cost	6.8			16.1			22.9			7.8			18.3			26.1			8.6			21.8			30.4
Expected return on plan assets	(9.8		)	(30.6		)	(40.4		)	(10.0		)	(24.3		)	(34.3		)	(11.4		)	(28.3		)	(39.7		)
Other adjustments	—			—			—			1.3			—			1.3			—			—			—
Amortization of net prior service cost	—			(0.1		)	(0.1		)	—			—			—			—			—			—
Amortization of net actuarial loss	0.8			5.7			6.5			2.2			5.3			7.5			1.8			6.0			7.8
Net periodic benefit (income) cost	$	(2.1	)	$	(2.0	)	$	(4.1	)	$	1.9		$	9.3		$	11.2		$	(0.3	)	$	10.2		$	9.9
Cost (income) of settlement/curtailment	2.1			3.0			5.1			0.6			0.1			0.7			1.6			(0.6		)	1.0
Total benefit cost	$	—		$	1.0		$	1.0		$	2.5		$	9.4		$	11.9		$	1.3		$	9.6		$	10.9

Funded Status for Pension Plans

The following table presents our funded status for 2017 and 2016 for our U.S. and international pension plans. The measurement date used to determine benefit obligations and plan assets is December 31 for all material plans.



	December 31, 2017									December 31, 2016
(In millions)	U.S.			International			Total			U.S.			International			Total
Change in benefit obligation:
Projected benefit obligation at beginning of period	$	213.1		$	765.8		$	978.9		$	215.0		$	748.0		$	963.0
Service cost	0.1			6.9			7.0			0.6			10.0			10.6
Interest cost	6.8			16.1			22.9			7.8			18.3			26.1
Actuarial loss (gain)	11.3			16.5			27.8			8.9			72.6			81.5
Settlement/curtailment	(13.8		)	(21.2		)	(35.0		)	(11.4		)	(0.6		)	(12.0		)
Benefits paid	(12.9		)	(22.6		)	(35.5		)	(12.7		)	(27.2		)	(39.9		)
Employee contributions	—			2.2			2.2			—			2.8			2.8
Business divestiture	—			(120.2		)	(120.2		)	—			—			—
Other	0.1			1.1			1.2			4.9			(1.7		)	3.2
Foreign exchange impact	—			57.6			57.6			—			(56.4		)	(56.4		)
Projected benefit obligation at end of period	$	204.7		$	702.2		$	906.9		$	213.1		$	765.8		$	978.9
Change in plan assets:
Fair value of plan assets at beginning of period	$	150.3		$	621.5		$	771.8		$	156.7		$	603.6		$	760.3
Actual return on plan assets	19.3			50.8			70.1			9.1			80.5			89.6
Employer contributions	6.3			21.8			28.1			0.2			17.7			17.9
Employee contributions	—			2.2			2.2			—			2.8			2.8
Benefits paid	(12.9		)	(22.6		)	(35.5		)	(12.7		)	(27.2		)	(39.9		)
Settlement/curtailment	(14.3		)	(16.1		)	(30.4		)	(5.1		)	(0.5		)	(5.6		)
Business divestiture	—			(74.2		)	(74.2		)	—			—			—
Other	—			(0.5		)	(0.5		)	2.1			—			2.1
Foreign exchange impact	—			44.6			44.6			—			(55.4		)	(55.4		)
Fair value of plan assets at end of period	$	148.7		$	627.5		$	776.2		$	150.3		$	621.5		$	771.8
Underfunded status at end of year	$	(56.0	)	$	(74.7	)	$	(130.7	)	$	(62.8	)	$	(144.3	)	$	(207.1	)
Accumulated benefit obligation at end of year	$	204.8		$	688.9		$	893.7		$	213.1		$	720.6		$	933.7

Amounts Included in Consolidated Balance Sheets

Amounts included in the Consolidated Balance Sheet, excluding amounts held for sale and including plans which were deemed immaterial and not included above, consisted of:



	December 31, 2017									December 31, 2016
(In millions)	U.S.			International			Total			U.S.			International			Total
Other assets	$	—		$	39.1		$	39.1		$	—		$	17.8		$	17.8
Other current liabilities	—			(2.4		)	(2.4		)	—			(2.5		)	(2.5		)
Other liabilities	(56.1		)	(113.3		)	(169.4		)	(61.1		)	(120.9		)	(182.0		)
Net amount recognized	$	(56.1	)	$	(76.6	)	$	(132.7	)	$	(61.1	)	$	(105.6	)	$	(166.7	)

Amounts in Accumulated Other Comprehensive Loss, Not Yet Recognized

The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2017 and 2016 are:



	December 31, 2017						December 31, 2016
(In millions)	U.S.		International		Total		U.S.		International			Total
Unrecognized prior service costs	$	0.1	$	0.6	$	0.7	$	—	$	(1.2	)	$	(1.2	)
Unrecognized net actuarial loss	41.4		104.7		146.1		42.0		163.0			205.0
Total	$	41.5	$	105.3	$	146.8	$	42.0	$	161.8		$	203.8

Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income)

Changes in plan assets and benefit obligations recognized in accumulated other comprehensive loss at December 31, 2017 and 2016 were as follows:



	December 31, 2017									December 31, 2016
(In millions)	U.S.			International			Total			U.S.			International			Total
Current year actuarial loss (gain)	$	2.3		$	(8.7	)	$	(6.4	)	$	3.6		$	16.2		$	19.8
Amortization of actuarial loss	(0.8		)	(5.7		)	(6.5		)	(2.3		)	(5.3		)	(7.6		)
Business divestiture	—			(42.6		)	(42.6		)	—			—			—
Other adjustments	—			1.3			1.3			0.3			(0.1		)	0.2
Settlement/curtailment gain	(2.1		)	(2.3		)	(4.4		)	(0.6		)	(0.1		)	(0.7		)
Total	$	(0.6	)	$	(58.0	)	$	(58.6	)	$	1.0		$	10.7		$	11.7

Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized in Next Fiscal Year

The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the year ending December 31, 2018 are as follows:



	Year Ended 2018
(In millions)	U.S.		International		Total
Unrecognized prior service costs	$	—	$	—	$	—
Unrecognized net actuarial loss	1.0		2.5		3.5
Total	$	1.0	$	2.5	$	3.5

Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for plans with accumulated benefit obligations in excess of plan assets as of December 31, 2017 and 2016 are as follows:



	December 31, 2017						December 31, 2016
(In millions)	U.S.		International		Total		U.S.		International		Total
Accumulated benefit obligation	$	204.8	$	338.7	$	543.5	$	213.1	$	412.0	$	625.1
Fair value of plan assets	148.7		236.2		384.9		150.3		283.3		433.6

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31, 2017 and 2016 were as follows:



	December 31, 2017				December 31, 2016
(In millions)	U.S.		International		U.S.		International
Benefit obligations
Discount rate	3.6	%	2.5	%	4.0	%	2.4	%
Rate of compensation increase	N/A		2.3	%	N/A		2.4	%

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were as follows:



	December 31, 2017				December 31, 2016				December 31, 2015
(In millions)	U.S.		International		U.S.		International		U.S.		International
Net periodic benefit cost
Discount rate	4.0	%	2.4	%	4.3	%	2.8	%	3.9	%	3.0	%
Expected long-term rate of return	6.7	%	5.0	%	6.7	%	4.3	%	6.5	%	4.7	%
Rate of compensation increase	N/A		2.4	%	3.0	%	2.5	%	3.0	%	2.4	%

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:



	Amount
(In millions)	U.S.		International		Total
Year
2018	$	13.4	$	29.8	$	43.2
2019	12.5		25.9		38.4
2020	12.0		26.8		38.8
2021	12.5		29.7		42.2
2022	13.5		30.7		44.2
Thereafter	62.3		158.2		220.5
Total	$	126.2	$	301.1	$	427.3

Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:



(In millions)
Year	Amount
2018	$	5.3
2019	5.3
2020	5.1
2021	4.9
2022	4.4
Thereafter	16.5
Total	$	41.5

Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values

The fair values of our U.S. and international pension plan assets, by asset category and by the level of fair values are as follows:



	December 31, 2017								December 31, 2016
	Total								Total
(In millions)	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents⁽¹⁾	$	7.5	$	5.6	$	1.9	$	—	$	5.8	$	4.3	$	1.5	$	—
Fixed income funds⁽²⁾	385.9		—		385.9		—		371.9		—		371.9		—
Equity funds⁽³⁾	257.6		—		257.6		—		258.8		—		258.8		—
Other⁽⁴⁾	125.2		—		35.7		89.5		135.3		—		34.6		100.7
Total	$	776.2	$	5.6	$	681.1	$	89.5	$	771.8	$	4.3	$	666.8	$	100.7


⁽¹⁾	Short-term investment fund that invests in a collective trust that holds short-term highly liquid investments with principal preservation and daily liquidity as its primary objectives. Investments are primarily comprised of certificates of deposit, government securities, commercial paper, and time deposits.


⁽²⁾	Fixed income funds that invest in a diversified portfolio primarily consisting of publicly traded government bonds and corporate bonds. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.


⁽³⁾	Equity funds that invest in a diversified portfolio of publicly traded domestic and international common stock, with an emphasis in European equities. There are no restrictions on these investments, and they are valued at the net asset value of shares held at year end.


⁽⁴⁾	The majority of these assets are invested in real estate funds and other alternative investments. Also includes guaranteed insurance contracts, which consists of Company and employee contributions and accumulated interest income at guaranteed stated interest rates and provides for benefit payments and plan expenses.

Reconciliation of Plan Asset Measured Using Level 3 Inputs

The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs.



	December 31,
(In millions)	2017			2016
Balance at beginning of period	$	100.7		$	79.5
Gains on assets still held at end of year	2.3			4.8
Purchases, sales, issuance, and settlements	1.3			2.7
Transfers in and/or out of Level 3	(21.2		)	22.9
Foreign exchange gain (loss)	6.4			(9.2		)
Balance at end of period	$	89.5		$	100.7

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans -Activity in Plan Asset Measured Using Level 3 Inputs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	$ 771.8	$ 760.3
Foreign exchange gain (loss)	44.6	(55.4)
Fair value of plan assets at end of period	776.2	771.8
Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	100.7
Fair value of plan assets at end of period	89.5	100.7
U.S. and International \| Level 3
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	100.7	79.5
Gains on assets still held at end of year	2.3	4.8
Purchases, sales, issuance, and settlements	1.3	2.7
Transfers in and/or out of Level 3	(21.2)	22.9
Foreign exchange gain (loss)	6.4	(9.2)
Fair value of plan assets at end of period	$ 89.5	$ 100.7

Other Post-Employment Benefits and Other Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Compensation and Retirement Disclosure [Abstract]

Reconciliation of Benefit Obligations, Fair Value of Plan Assets and Funded Status for Pension Plans

The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:



	December 31,
(In millions)	2017			2016
Change in benefit obligations:
Benefit obligation at beginning of period	$	54.0		$	64.4
Service cost	0.1			0.2
Interest cost	1.6			1.9
Actuarial loss (gain)	1.0			(6.3		)
Benefits paid, net	(4.3		)	(4.3		)
Settlement/curtailment	(1.2		)	—
Loss due to exchange rate movements	0.1			—
Plan amendments	—			(1.9		)
Benefit obligation at end of period	$	51.3		$	54.0
Change in plan assets:
Fair value of plan assets at beginning of period	$	—		$	—
Employer contribution	4.3			4.3
Benefits paid, net	(4.3		)	(4.3		)
Fair value of plan assets at end of period	$	—		$	—
Net amount recognized:
Underfunded status	$	(51.3	)	$	(54.0	)
Accumulated benefit obligation at end of year	$	51.3		$	54.0
Net amount recognized in consolidated balance sheets consists of:
Current liability	$	(5.2	)	$	(3.0	)
Non-current liability	(46.1		)	(51.0		)
Net amount recognized	$	(51.3	)	$	(54.0	)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	$	2.0		$	2.0
Prior service credit	(3.1		)	(17.9		)
Total	$	(1.1	)	$	(15.9	)

Components Of Net Periodic Benefit Cost Other Post Employment Benefit Plans

The components of net periodic benefit cost for the years ended December 31 were as follows:



(In millions)	2017			2016			2015
Components of net periodic benefit cost:
Service cost	$	0.1		$	0.2		$	0.8
Interest cost	1.6			1.9			2.9
Amortization of net loss	(0.2		)	—			0.4
Amortization of prior service credit	(1.2		)	(1.6		)	(0.8		)
Net periodic benefit cost	$	0.3		$	0.5		$	3.3
Income of settlement/curtailment	(13.5		)	—			(1.2		)
Total benefit (income) cost for fiscal year	$	(13.2	)	$	0.5		$	2.1

Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive loss at December 31, 2017 that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows:




(In millions)	December 31, 2017
Unrecognized prior service costs	$	(0.3	)
Unrecognized net actuarial loss	(0.2		)
Total	$	(0.5	)

One Percentage Point Change on Assumed Healthcare Cost

A one percentage point change on assumed healthcare cost trend rates would have the following effect for the year ended December 31, 2017:



(In millions)	1% Increase		1% Decrease
Effect on total of service and interest cost components	$	—	$	—
Effect on post-retirement benefit obligation	0.4		(0.4		)

Estimated Future Benefit Payments

We expect the following estimated future benefit payments, which reflect expected future service as appropriate, to be paid in the years indicated:



	Amount
(In millions)	U.S.		International		Total
Year
2018	$	13.4	$	29.8	$	43.2
2019	12.5		25.9		38.4
2020	12.0		26.8		38.8
2021	12.5		29.7		42.2
2022	13.5		30.7		44.2
Thereafter	62.3		158.2		220.5
Total	$	126.2	$	301.1	$	427.3

Expected post-retirement benefits (net of Medicare Part D subsidies) for each of the next five years and succeeding five years are as follows:



(In millions)
Year	Amount
2018	$	5.3
2019	5.3
2020	5.1
2021	4.9
2022	4.4
Thereafter	16.5
Total	$	41.5

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Earnings (Loss) Before Income Tax Provision

The components of earnings before income tax provision were as follows:



	Year Ended December 31,
(In millions)	2017		2016		2015
Domestic	$	192.1	$	175.9	$	115.8
Foreign	201.2		212.0		175.6
Total	$	393.3	$	387.9	$	291.4

Schedule of Recognition of Excess Tax Benefits in Provision for Income Taxes

The components of our income tax provision (benefit) were as follows:



	Year Ended December 31,
(In millions)	2017			2016			2015
Current tax expense:
Federal	$	79.6		$	57.6		$	44.7
State and local	14.3			1.2			8.4
Foreign	106.0			67.3			49.0
Total current expense	$	199.9		$	126.1		$	102.1
Deferred tax expense (benefit):
Federal	$	130.1		$	(15.8	)	$	10.7
State and local	5.3			3.6			10.9
Foreign	(4.8		)	(18.3		)	8.9
Total deferred tax expense (benefit)	130.6			(30.5		)	30.5
Total income tax provision	$	330.5		$	95.6		$	132.6

Components of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) consist of the following:



	December 31,
(In millions)	2017			2016
Restructuring reserves	$	2.7		$	6.6
Accruals not yet deductible for tax purposes	10.7			8.4
Net operating loss carryforwards	199.4			188.4
Foreign, federal and state credits	69.2			51.5
Employee benefit items	69.6			132.1
Capitalized expenses	10.8			45.7
Derivatives and other	23.7			—
Sub-total deferred tax assets	386.1			432.7
Valuation allowance	(189.2		)	(167.7		)
Total deferred tax assets	$	196.9		$	265.0

Depreciation and amortization	$	(13.9	)	$	(24.7	)
Unremitted foreign earnings	(9.0		)	(22.2		)
Intangibles	(26.3		)	(23.6		)
Other	—			(2.2		)
Total deferred tax liabilities	(49.2		)	(72.7		)
Net deferred tax assets	$	147.7		$	192.3

Reconciliation of the Provision for Income Taxes



	Year Ended December 31,
	2017					2016					2015
Computed expected tax	$	137.7		35.0	%	$	135.9		35.0	%	$	102.0		35.0	%
State income taxes, net of federal tax benefit	7.6			1.9	%	4.8			1.2	%	12.5			4.3	%
Foreign earnings taxed at lower rates	(22.3		)	(5.7	)%	(22.4		)	(5.8	)%	(22.6		)	(7.8	)%
U.S. tax on foreign earnings	72.3			18.4	%	10.7			2.8	%	(0.5		)	(0.2	)%
Foreign tax credits	(12.1		)	(3.1	)%	(30.3		)	(7.8	)%	(5.3		)	(1.8	)%
Unremitted foreign earnings	—			—	%	(9.4		)	(2.4	)%	(86.0		)	(29.5	)%
Reorganization and divestitures	75.9			19.3	%	—			—	%	67.9			23.3	%
Net change in valuation allowance	(2.0		)	(0.5	)%	(47.8		)	(12.3	)%	47.8			16.4	%
Net change in unrecognized tax benefits	33.4			8.5	%	16.0			4.1	%	75.3			25.8	%
U.S. Tax Reform	41.1			10.4	%	—			—	%	—			—	%
Deferred tax adjustments	14.1			3.6	%	47.1			12.1	%	(75.6		)	(25.9	)%
Other	(15.2		)	(3.8	)%	(9.0		)	(2.3	)%	17.1			5.9	%
Income tax expense and rate	$	330.5		84.0	%	$	95.6		24.6	%	$	132.6		45.5	%

Unrecognized Tax Benefits and Effect on Effective Income Tax Rate

We are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized (in millions):



	Year Ended December 31,
	2017			2016			2015
Beginning balance of unrecognized tax benefits	$	162.6		$	131.3		$	18.9
Additions for tax positions of current year	7.3			11.1			1.2
Additions for tax positions of prior years	49.3			23.4			111.8
Reductions for tax positions of prior years	(4.3		)	(1.4		)	(0.6		)
Reductions for lapses of statutes of limitation and settlements	(0.6		)	(1.8		)	—
Ending balance of unrecognized tax benefits	$	214.3		$	162.6		$	131.3

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Estimated Future Cash Outlays Related to Principal Contractual Obligations



Year	Amount (in millions)
2018⁽¹⁾	$	62.9
2019	2.5
2020	2.4
Thereafter	—
Total	$	67.8


⁽¹⁾	Contractual obligations in 2018 include an agreement of a one-time $45.0 million payment in lieu of certain future royalty payments to aid in expediting our organizational efficiency initiatives.

Estimated Future Minimum Annual Rental Commitments Under Non-Cancelable Real and Personal Property Leases

At December 31, 2017, estimated future minimum annual rental commitments under non-cancelable real and personal property leases were as follows:



Year	Amount (in millions)
2018	$	10.6
2019	7.9
2020	6.0
2021	3.4
2022	1.3
Thereafter	1.9
Total	$	31.1

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Cash Dividends Paid

The following table shows our total cash dividends paid in the years ended December 31:



(In millions, except per share amounts)	Total Cash Dividends Paid		Total Cash Dividends Paid Per Common Share
2015	$	106.8	$	0.52
2016	121.6		0.61
2017	119.7		0.64
Total	$	348.1

Summary of Changes in Common Stock and Common Stock in Treasury

The following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:



	2017		2016		2015
Changes in common stock:
Number of shares, beginning of year	227,638,738		225,625,636		224,683,653
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	480,283		481,834		419,844
Restricted stock shares, forfeited	(184,235	)	(89,699	)	(185,056	)
Shares issued for vested restricted stock units	607,231		179,826		172,071
Shares issued for 2012 President and Chief Operating Officer (COO) Four-Year Award	—		325,000		—
Shares issued for 2014 Special PSU Awards	749,653		—		—
Shares issued for 2014 Three-Year PSU Awards	636,723		—		—
Shares issued for 2013 Three-Year PSU Awards	—		1,074,017		—
Shares issued for 2012 Three-Year PSU Awards	—		—		442,985
Shares issued for SLO Awards	136,783		20,587		71,893
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors	15,768		21,537		20,246
Number of shares issued, end of year	230,080,944		227,638,738		225,625,636
Changes in common stock in treasury:
Number of shares held, beginning of year	34,156,355		29,612,337		14,151,759
Repurchase of common stock	27,320,816		4,680,313		16,123,111
Profit sharing contribution paid in stock	(502,519	)	(830,613	)	(787,463	)
Restricted stock shares forfeitures transferred to Omnibus Incentive Plan Reserve	—		—		(75,638	)
Restricted stock shares, forfeited	—		(1,813	)	—
Shares withheld for taxes	510,771		696,131		200,568
Number of shares held, end of year	61,485,423		34,156,355		29,612,337
Number of common stock outstanding, end of year	168,595,521		193,482,383		196,013,299

Summary of Changes in Common Shares Available for Awards under Omnibus Plan and Predecessor Plans

A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans follows:



	2017		2016		2015
Number of shares available, beginning of year	5,385,870		7,694,739		8,775,994
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	(480,283	)	(481,834	)	(419,844	)
Restricted stock shares forfeited	184,235		87,886		185,056
Restricted stock units awarded	(351,946	)	(428,595	)	(300,085	)
Restricted stock units forfeited	288,801		29,774		38,100
Shares issued for 2012 President and COO Four-Year Award	—		(325,000	)	—
Shares issued for 2014 Special PSU Awards	(749,653	)	—		—
Shares issued for 2014 Three-Year PSU Awards	(636,723	)	—		—
Shares issued for 2013 Three-Year PSU Awards	—		(1,074,017	)	—
Shares issued for 2012 Three-year PSU Awards	—		—		(442,985	)
Restricted stock units awarded for SLO Awards	(44,254	)	(81,614	)	(134,078	)
SLO units forfeited	3,639		—		13,752
Director shares granted and issued	(15,491	)	(18,022	)	(20,246	)
Director units granted and deferred⁽¹⁾	(17,008	)	(17,447	)	(925	)
Shares withheld for taxes⁽²⁾	101,767		—		—
Number of shares available, end of year⁽³⁾	3,668,954		5,385,870		7,694,739


⁽¹⁾	Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares.


⁽²⁾	The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit “minimum” withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards.


⁽³⁾	The above table excludes approximately 2.2 million of contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2017.

Summarizes the Company's Pre-tax Share-based Incentive Compensation Expense and Income Tax Benefit



(In millions)	2017			2016		2015
2017 Three-year PSU Awards⁽¹⁾	$	9.8		$	—	$	—
2017 COO and Chief Executive Officer-Designate 2017 New Hire Equity Awards	0.1			—		—
2016 Three-year PSU Awards⁽¹⁾	2.0			6.3		—
2016 President & CEO Inducement Award	0.5			0.5		—
2015 Three-year PSU Awards	(0.8		)	3.5		4.7
2014 Special PSU Awards⁽²⁾⁽³⁾	3.2			8.8		15.7
2014 Three-year PSU Awards	—			4.9		7.0
2013 Three-year PSU Awards	—			—		4.7
2012 President & COO Four-year Incentive Compensation	—			0.2		0.3
SLO Awards	1.1			2.5		3.7
Other long-term share-based incentive compensation programs⁽⁴⁾⁽⁶⁾	32.6			36.2		25.1
Total share-based incentive compensation expense⁽⁵⁾	$	48.5		$	62.9	$	61.2
Associated tax benefits recognized	$	11.8		$	19.7	$	18.6

⁽¹⁾


⁽²⁾	The amount does not include expense related to the 2014 Special PSU awards that will be settled in cash of $1.0 million in the year ended December 31, 2017.


⁽³⁾	The amount includes only the two initial performance-based equity awards. See below for further detail.


⁽⁴⁾	The amount includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units and cash-settled restricted stock unit awards.


⁽⁵⁾	The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as these contributions are not considered share-based incentive compensation.

⁽⁶⁾

Schedule of Unvested Restricted Stock and Restricted Stock Unit

The following table summarizes activity for unvested restricted stock and restricted stock units for 2017:



	Restricted stock shares						Restricted stock units
	Shares		Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)		Shares		Weighted-Average per Share Fair Value on Grant Date		Aggregate Intrinsic Value (in millions)
Non-vested at December 31, 2016	1,317,138		$	40.13			1,101,444		$	40.11
Granted	480,283		47.00				351,946		46.75
Vested	(567,770	)	34.33		$	26.6	(607,231	)	36.96		$	28.3
Forfeited or expired	(184,235	)	45.54				(288,737	)	43.66
Non-vested at December 31, 2017	1,045,416		$	45.21			557,422		$	45.34

Schedule of Vested Restricted Stock

A summary of the Company’s fair values of its vested restricted stock shares and restricted stock units are shown in the following table:



(In millions)	2017		2016		2015
Fair value of restricted stock shares vested	$	19.5	$	10.0	$	10.2
Fair value of restricted stock units vested	$	22.4	$	5.2	$	3.0

Schedule of Unrecognized Compensation Cost



(In millions)	Unrecognized Compensation Costs		Weighted Average to be recognized (in years)
Restricted Stock shares	$	21.0	1.3
Restricted Stock units	$	11.3	1.3



(In millions)	Unrecognized Compensation Costs		Weighted Average to be recognized (in years)
2017 Three-year PSU Awards	$	2.1	2.0
2016 Three-year PSU Awards	0.5		1.0
2015 Three-year PSU Awards	—		0.0

Summary of Number of PSUs Granted Based on Adjusted EBITDA and Grant Date Fair Value

The number of PSUs granted based on Adjusted EBITDA and the grant date fair value are shown in the following table:



	2017		2016		2015
Number of units granted	99,522		165,391		158,964
Weighted average fair value on grant date⁽¹⁾	$	45.21	$	43.09	$	46.05


⁽¹⁾	On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.

Summary of Assumptions Used to Calculate the Grant Date Fair Value Based on Total Shareholder Return

The number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table:



	2017			2016			2015
Number of units granted	100,958			124,755			65,796
Weighted average fair value on grant date⁽¹⁾	$	44.24		$	54.94		$	59.91
Expected Price volatility⁽¹⁾	25.31		%	26.69		%	29.90		%
Risk-free interest rate⁽¹⁾	1.56		%	0.98		%	1.05		%


⁽¹⁾	On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.

Summary of Estimated Earned Payout

The following table includes additional information related to estimated earned payout based on the probable outcome of the performance condition and market condition as of December 31, 2017:



	Estimated Payout %
	Net Trade Sales Growth		Adjusted EBITDA		TSR		Combined
2017 Three-year PSU Awards	100	%	100	%	100	%	100	%
2016 Three-year PSU Awards	NA		59	%	—	%	30	%
2015 Three-year PSU Awards	NA		73	%	73	%	73	%

Summary of Activity for Outstanding Three-year PSU Awards

The following table summarizes activity for outstanding Three-year PSU awards (excluding 2014 Special PSU Award) for 2017:



	Shares		Aggregate Intrinsic Value (in millions)⁽²⁾
Outstanding at December 31, 2016	827,712
Granted⁽¹⁾	300,002
Converted	(325,178	)	$	30.0
Forfeited or expired	(139,605	)
Outstanding at December 31, 2017	662,931
Fully vested at December 31, 2017	543,975		$	26.8


⁽¹⁾	This represents the target number of performance units granted. Actual number of PSUs earned, if any, is dependent upon performance and may range from 0% to 200% percent of the target.


⁽²⁾	The aggregate intrinsic value is based on the actual number of PSUs earned and vested at December 31, 2016 which were issued in February 2017.

Summary of Activity for Non-Vested PSUs Awards

The following table summarizes activity for non-vested Three-year PSU awards for 2017:



	Shares		Weighted-Average per Share Fair Value on Grant Date
Non-vested at December 31, 2016	459,014		$	49.55
Granted	300,002		$	44.88
Vested	(500,455	)	$	47.89
Forfeited or expired	(139,605	)	$	46.43
Non-vested at December 31, 2017	118,956		$	48.40

Summary of Assumptions Used to Calculate Grant Date Fair Value

The assumptions used to calculate the grant date fair value of the performance-vesting New Hire Award are shown in the following table:



	2017 Performance-vesting New Hire Award
Fair value on grant date	$	10.63
Expected price volatility	25.0		%
Risk-free interest rate	1.6		%

Number of Performance Stock Units Granted Based On Net Trade Sales Growth and Grant Date Fair Value

The number of PSUs granted based on Net Trade Sales Growth and the grant date fair value are shown in the following table:



	2017
Number of units granted	99,522
Weighted average fair value on grant date⁽¹⁾	$	45.21


⁽¹⁾	On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The Weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.

Schedule of Fair Value of Vested for Three-year PSU Awards

A summary of the Company’s fair value for its vested three-year PSU awards is shown in the following table:



(In millions)	2017		2016		2015
Fair value of three-year PSU awards vested	$	24.0	$	14.3	$	20.1

Summary of Assumptions Used to Calculate the Grant Date Fair Value

The assumptions used to calculate the grant date fair value of the performance-vesting Inducement Award are shown in the following table:



	2016 Performance-vesting Inducement Award
Fair value on grant date	$	12.55
Expected price volatility	24.60		%
Risk-free interest rate	0.92		%

Accumulated Other Comprehensive (Loss) Income (Tables)

12 Months Ended

Dec. 31, 2017

Details of Comprehensive Income (Loss)

The following table provides details of comprehensive (loss) income:



(In millions)	Unrecognized Pension Items			Cumulative Translation Adjustment			Unrecognized Gains (Losses) on Derivative Instruments for net investment hedge			Unrecognized Gains (Losses) on Derivative Instruments for cash flow hedge			Accumulated Other Comprehensive Income (Loss), Net of Taxes
Balance at December 31, 2015⁽¹⁾	$	(266.0	)	$	(564.0	)	$	1.7		$	8.3		$	(820.0	)
Other comprehensive (loss) income before reclassifications	(18.0		)	(91.9		)	19.3			(16.7		)	(107.3		)
Less: amounts reclassified from accumulated other comprehensive income (loss)	7.3			(46.0		)	—			16.9			(21.8		)
Net current period other comprehensive (loss) income	(10.7		)	(137.9		)	19.3			0.2			(129.1		)
Balance at December 31, 2016⁽¹⁾	$	(276.7	)	$	(701.9	)	$	21.0		$	8.5		$	(949.1	)
Other comprehensive income (loss) before reclassifications⁽²⁾	167.1			7.5			(67.8		)	(10.4		)	96.4
Less: amounts reclassified from accumulated other comprehensive income (loss)	6.2			—			—			1.6			7.8
Net current period other comprehensive income (loss)	173.3			7.5			(67.8		)	(8.8		)	104.2
Balance at December 31, 2017⁽¹⁾	$	(103.4	)	$	(694.4	)	$	(46.8	)	$	(0.3	)	$	(844.9	)


⁽¹⁾	The ending balance in AOCI includes gains and losses on intra-entity foreign currency transactions. The intra-entity currency translation adjustment was $(78.2) million, $(8.3) million and $31.1 million for the years ended December 31, 2017, 2016 and 2015.


⁽²⁾	Includes $173.4 million of unrecognized pension items and $454.7 million of cumulative translation adjustments, which were written off as part of the sale of Diversey for the year ended December 31, 2017.

Detail of Amounts Reclassified from Accumulated Other Comprehensive Income

The following table provides detail of amounts reclassified from accumulated other comprehensive income:



(In millions)	2017⁽¹⁾			2016⁽¹⁾			2015⁽¹⁾			Location of Amount Reclassified from AOCI
Defined benefit pension plans and other post-employment benefits:
Prior service costs	$	1.3		$	1.6		$	0.7		⁽²⁾
Actuarial losses	(10.0		)	(11.2		)	(11.1		)	⁽²⁾
Total pre-tax amount⁽⁵⁾	(8.7		)	(9.6		)	(10.4		)
Tax (expense) benefit	2.5			2.3			2.3
Net of tax	(6.2		)	(7.3		)	(8.1		)
Reclassifications from cumulative translation adjustment:
Charges related to Venezuelan subsidiaries	—			46.0			—			⁽⁴⁾
Net gains (losses) on cash flow hedging derivatives:
Foreign currency forward contracts	0.9			0.6			9.6			⁽³⁾Other income, net
Interest rate and currency swaps	(3.4		)	(25.9		)	25.7			⁽³⁾ Various
Treasury locks	0.1			0.1			0.1			⁽³⁾Interest expense
Total pre-tax amount	(2.4		)	(25.2		)	35.4
Tax benefit (expense)	0.8			8.3			(11.0		)
Net of tax	(1.6		)	(16.9		)	24.4
Total reclassifications for the period	$	(7.8	)	$	21.8		$	16.3


⁽¹⁾	Amounts in parenthesis indicate changes to earnings (loss).


⁽²⁾	These accumulated other comprehensive components are included in the computation of net periodic benefit costs within cost of sales and selling, general, and administrative expenses on the Consolidated Statement of Operations.


⁽³⁾	These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 12, “Derivatives and Hedging Activities” of the Notes to Consolidated Financial Statements for additional details.

⁽⁴⁾


⁽⁵⁾	Amounts related to Diversey have been reclassified to earnings from discontinued operations, net of tax on the Consolidated Statement of Operations. For the years ended December 31, 2017, 2016 and 2015 there was $3.7 million, $3.8 million and $3.1 million reclassified, respectively.

Other (Expense) Income, net (Tables)

12 Months Ended

Dec. 31, 2017

Other Income and Expenses [Abstract]

Details of Other Income, net

The following table provides details of other (expense) income, net:



	Year Ended December 31,
(In millions)	2017			2016			2015
Net foreign exchange transaction (loss) gain	$	(5.9	)	$	8.3		$	7.3
Bank fee expense	(5.8		)	(5.4		)	(5.7		)
Net (loss) gain on disposals of property and equipment and other	(0.7		)	(1.4		)	0.1
Other, net	(6.1		)	(2.2		)	0.3
Other (expense) income, net	$	(18.5	)	$	(0.7	)	$	2.0

Net Earnings per Common Share (Tables)

12 Months Ended

Dec. 31, 2017

Earnings Per Share [Abstract]

Calculation of Basic and Diluted Net Earnings Per Common Share

The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the years ended December 31:



	Year Ended December 31,
(In millions, except per share amounts)	2017			2016			2015
Basic Net Earnings Per Common Share:
Numerator
Net earnings available to common stockholders	$	814.9		$	486.4		$	335.4
Distributed and allocated undistributed net earnings to non-vested restricted stockholders	(4.9		)	(3.4		)	(2.2		)
Distributed and allocated undistributed net earnings to common stockholders	810.0			483.0			333.2
Distributed net earnings - dividends paid to common stockholders	(118.7		)	(118.7		)	(106.2		)
Allocation of undistributed net earnings to common stockholders	$	691.3		$	364.3		$	227.0
Denominator
Weighted average number of common shares outstanding - basic	186.9			194.3			203.9
Basic net earnings per common share:
Distributed net earnings to common stockholders	$	0.64		$	0.61		$	0.52
Allocated undistributed net earnings to common stockholders	3.69			1.88			1.11
Basic net earnings per common share	$	4.33		$	2.49		$	1.63
Diluted Net Earnings Per Common Share:
Numerator
Distributed and allocated undistributed net earnings to common stockholders	$	810.0		$	483.0		$	333.2
Add: Allocated undistributed net earnings to unvested restricted stockholders	4.3			2.6			1.6
Less: Undistributed net earnings reallocated to non-vested restricted stockholders	(4.3		)	(2.6		)	(1.6		)
Net earnings available to common stockholders - diluted	$	810.0		$	483.0		$	333.2
Denominator
Weighted average number of common shares outstanding - basic	186.9			194.3			203.9
Effect of contingently issuable shares	0.7			1.2			1.3
Effect of unvested restricted stock units	0.7			0.7			0.7
Weighted average number of common shares outstanding - diluted under two-class	188.3			196.2			205.9
Effect of unvested restricted stock - participating security	0.6			1.0			0.8
Weighted average number of common shares outstanding - diluted under treasury stock	188.9			197.2			206.7
Diluted net earnings per common share	$	4.29		$	2.46		$	1.62

Summarized Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2017

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Financial Information (Unaudited, in millions, except per share data)



	2017
	First			Second		Third		Fourth
(In millions, except per share amounts)	Quarter			Quarter		Quarter		Quarter
Net sales	$	1,032.2		$	1,070.3	$	1,131.3	$	1,227.8
Gross profit	336.4			344.3		362.1		374.4
Net (loss) earnings from continuing operations	(53.7		)	29.0		62.5		25.0
Gain (loss) on sale of discontinued operations, net of taxes	—			—		699.3		(58.6		)
Net earnings from discontinued operations, net of tax⁽²⁾	10.5			75.1		25.7		0.1
Net (loss) earnings available to common stockholders⁽¹⁾	$	(43.2	)	$	104.1	$	787.5	$	(33.5	)
Basic:
Continuing operations	$	(0.27	)	$	0.14	$	0.33	$	0.14
Discontinued operations⁽²⁾	0.05			0.39		3.86		(0.33		)
Net (loss) earnings per common share - basic	$	(0.22	)	$	0.53	$	4.19	$	(0.19	)
Diluted:
Continuing operations	$	(0.27	)	$	0.14	$	0.33	$	0.14
Discontinued operations⁽²⁾	0.05			0.38		3.82		(0.33		)
Net (loss) earnings per common share - diluted	$	(0.22	)	$	0.52	$	4.15	$	(0.19	)



	2016
	First		Second		Third		Fourth
(In millions, except per share amounts)	Quarter		Quarter		Quarter		Quarter
Net sales	$	1,005.9	$	1,038.9	$	1,065.1	$	1,101.4
Gross profit	335.6		349.7		356.7		362.9
Net earnings from continuing operations	75.3		2.0		63.7		151.3
Net earnings from discontinued operations, net of tax	27.2		47.6		99.5		19.8
Net earnings available to common stockholders⁽¹⁾	$	102.5	$	49.6	$	163.2	$	171.1
Basic:
Continuing operations	$	0.38	$	0.01	$	0.33	$	0.78
Discontinued operations	0.14		0.24		0.51		0.10
Net earnings per common share - basic	$	0.52	$	0.25	$	0.84	$	0.88
Diluted:
Continuing operations	$	0.38	$	0.01	$	0.32	$	0.77
Discontinued operations	0.14		0.24		0.51		0.10
Net earnings per common share - diluted	$	0.52	$	0.25	$	0.83	$	0.87


⁽¹⁾	The sum of the quarterly per share amounts may not agree to the respective annual amounts due to rounding.

⁽²⁾

Organization and Nature of Operations - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017 subsidiary
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of wholly-owned subsidiaries	2

Summary of Significant Accounting Policies and Recently Issued Accounting Standards - (Details)
$ in Millions

3 Months Ended

12 Months Ended

Jan. 01, 2018

USD ($)

Jun. 30, 2016

USD ($)

Dec. 31, 2017

USD ($)

bank

Bs. / $

Dec. 31, 2016

USD ($)

Bs. / $

Dec. 31, 2015

USD ($)

Bs. / $

Mar. 10, 2016

Bs. / $

Feb. 12, 2015

Bs. / $

Non-current assets held for sale reclassified to deferred tax assets

^[1]

$ 0.0

$ (2,015.1)

Non-current liabilities held for sale reclassified to deferred tax assets

^[1]

0.0

(517.2)

Foreign currency transaction loss related to remeasurement

0.0

3.4

$ 33.1

^[2],[3]

Severance and termination benefits for employees

^[4]

12.1

2.8

48.7

Depreciation and amortization expenses related to fixed assets and intangible assets

0.0

1.7

0.1

Inventory reserves

3.6

6.4

(0.2)

^[2]

Charges for rebates and other allowances

$ 330.5

$ 95.6

$ 132.6

5.00%

4.00%

Research and development costs

$ 91.8

$ 88.0

$ 85.0

Target level for the determination of performance goals and measures

100.00%

Tax benefits realization percentage upon settlement

50.00%

Number of banks involved in sale of fractional ownership interest of accounts receivable | bank

Percentage of identifiable intangible assets in consolidated total assets

1.60%

0.50%

Minimum

Finite lived identifiable intangible assets useful life

3 years

Minimum | Buildings

Minimum | Machinery and equipment

20 years

Minimum | Other Property and Equipment

5 years

2 years

Maximum

Finite lived identifiable intangible assets useful life

15 years

Maximum | Buildings

Maximum | Machinery and equipment

40 years

Maximum | Other Property and Equipment

10 years

10 years

Venezuela Subsidiaries

Venezuela Subsidiaries | Selling, General and Administrative Expenses

$ 49.4

Depreciation and amortization expenses related to fixed assets and intangible assets

0.5

Venezuela | Venezuela Subsidiaries

Foreign currency transaction loss related to remeasurement

$ 1.0

$ 3.4

$ 33.1

47.3

Venezuela | SIMADI

198.6986

170.0390

Venezuela | SICAD

13.5

12.0

Venezuela | CENCOEX

6.3

Venezuela | DIPRO

10.0

Venezuela | DICOM

3,345.0

673.7617

203.0

Restatement Adjustment

Non-current assets held for sale reclassified to deferred tax assets

^[1]

$ 10.9

Non-current liabilities held for sale reclassified to deferred tax assets

16.3

Continuing Operations | Venezuela | Venezuela Subsidiaries

Foreign currency transaction loss related to remeasurement

$ 0.1

Discontinued Operations | Venezuela | Venezuela Subsidiaries

Foreign currency transaction loss related to remeasurement

$ (1.7)

$ (5.9)

Cease Venezuelan Operations | Venezuela | Venezuela Subsidiaries

Inventory reserves

0.4

Employee Severance | Cease Venezuelan Operations | Venezuela | Venezuela Subsidiaries

0.9

Severance and termination benefits for employees

$ 0.3

Accounting Standards Update 2014-09 | Scenario, Forecast | Minimum

Expected reduction effect on retained earnings

$ 1.0

Accounting Standards Update 2014-09 | Scenario, Forecast | Maximum

Expected reduction effect on retained earnings

$ 5.0

[1]	As of December 31, 2016, $27.2 million of amounts which were previously classified as $10.9 million of non-current assets held for sale and $16.3 million of non-current liabilities held for sale were reclassified to deferred tax assets since the amounts were not transferred as part of the sale of Diversey.
[2]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.
[3]	Payments of borrowings included in financing activities excludes amounts which were paid using cash proceeds from the sale of Diversey. As a result, $755.2 million of payments of borrowings is included within investing activities for a total payment of borrowings of $1.1 billion through the year ended December 31, 2017.
[4]	Due to the ongoing challenging economic situation in Venezuela, the Company approved a program in the second quarter of 2016 to cease operations in the country. Refer to Note 2, “Summary of Significant Accounting Policies and Recently Issued Accounting Standards” under the “Impact of Inflation and Currency Fluctuation” section of the Notes to the Consolidated Financial Statements for further details.

Discontinued Operations, Divestitures and Acquisitions - Additional Information (Detail) - USD ($) $ in Millions			3 Months Ended								12 Months Ended
	Sep. 06, 2017	Apr. 01, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business, net of tax	$ 640.7		$ (58.6)	$ 699.3	$ 0.0	$ 0.0	$ 19.8	$ 99.5	$ 47.6	$ 27.2	$ 640.7	$ 0.0	$ 0.0
Taxes on net gain on sale of business	197.5
Discontinued Operations, Disposed of by Sale \| Diversey Care
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	$ 3,200.0
Daylight Medical
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price of acquisition		$ 25.2
Cash paid for acquisition		3.5
Preliminary fair value of contingent consideration		21.7
Noncontingent consideration to be paid in the future		14.4
Preliminary fair value for liability-classified contingent consideration		$ 7.3

Discontinued Operations, Divestitures and Acquisitions - Summary of Operating Results (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net earnings from discontinued operations

$ 0.1

$ 25.7

$ 75.1

$ 10.5

$ 111.4

^[1]

$ 194.1

^[1]

$ 176.6

^[1]

Discontinued Operations, Disposed of by Sale | Diversey Care

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Net sales

1,669.0

2,567.0

2,621.2

Cost of sales

950.4

1,440.3

1,489.8

Gross profit

718.6

1,126.7

1,131.4

Selling, general and administrative expenses

538.3

859.2

907.8

Amortization expense of intangible assets acquired

23.9

79.9

77.6

Operating profit

156.4

187.6

146.0

Other expense, net

(17.0)

(9.7)

(11.4)

Earnings from discontinued operations before income tax (benefit) provision

139.4

177.9

134.6

Income tax (benefit) provision from discontinued operations

28.0

(16.2)

(42.0)

Net earnings from discontinued operations

$ 111.4

$ 194.1

$ 176.6

[1]

For the year ended December 31, 2017, there was a revision to net earnings from discontinued operations, net of tax, on the Consolidated Statement of Operations related to depreciation and amortization on Diversey assets held for sale. As a result, net earnings from discontinued operations, net of tax, increased $16.4 million and increased net earnings per basic and diluted shares by $0.09 per share.

Discontinued Operations, Divestitures and Acquisitions - Carrying Value of Assets and Liabilities (Detail) - USD ($)
$ in Millions

Dec. 31, 2017

Dec. 31, 2016

Non-current assets held for sale reclassified to deferred tax assets

^[1]

$ 0.0

$ (2,015.1)

Non-current liabilities held for sale reclassified to deferred tax assets

^[1]

$ 0.0

(517.2)

Restatement Adjustment

Non-current assets held for sale reclassified to deferred tax assets

^[1]

10.9

Non-current liabilities held for sale reclassified to deferred tax assets

16.3

Diversey Care | Discontinued Operations, Held-for-sale

Assets:

30.0

Trade receivables, net

438.2

Prepaid expenses and other current assets

203.2

Other receivables

70.3

80.6

170.6

972.8

669.9

Total assets held for sale

39.8

Other non-current assets

162.0

2,837.4

Current portion of long-term debt

Short-term borrowings

9.6

31.1

Other current liabilities

346.5

296.1

Long-term debt

175.7

Other non-current liabilities

72.5

269.0

Total liabilities held for sale

1,200.5

Diversey Care | Discontinued Operations, Held-for-sale | Restatement Adjustment

Payments to acquire businesses, Net of cash acquired

$ 27.2

[1]

Discontinued Operations, Divestitures and Acquisitions - Summary of Select Financial Information (Details) - Diversey Care - Discontinued Operations, Held-for-sale - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization	$ 29.3	$ 111.4	$ 112.5
Share-based incentive compensation	10.2	12.0	10.1
Profit sharing expense	3.0	2.9	4.5
Provision for bad debt	2.3	5.0	3.1
Capital expenditures	$ 11.9	$ 17.8	$ 37.1

Discontinued Operations, Divestitures and Acquisitions - Divestitures (Details) € in Millions, R$ in Millions, $ in Millions				3 Months Ended								12 Months Ended
	Nov. 01, 2015 EUR (€)	Nov. 01, 2015 USD ($)	Apr. 02, 2015 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 BRL (R$)	Dec. 31, 2017 USD ($)	Aug. 01, 2017 BRL (R$)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business													$ 0.0	$ (1.8)	$ 13.4
Net sales				$ 1,227.8	$ 1,131.3	$ 1,070.3	$ 1,032.2	$ 1,101.4	$ 1,065.1	$ 1,038.9	$ 1,005.9		4,461.6	4,211.3	4,410.3
Earnings before income tax provision													393.3	387.9	291.4
Polystyrene Food Tray Business \| Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross purchase price \| R$																R$ 7.2		R$ 24.0
Assets held for sale																	$ 3.1
Liabilities held for sale																	$ 2.2
North American Foam Trays And Absorbent Pads
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses			$ 75.6
Transaction costs													7.2	7.0
Additional transaction costs													0.2
Purchase price adjustments			$ 5.9
North American Foam Trays And Absorbent Pads \| Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business													26.3	26.5
Net sales														52.9
Earnings before income tax provision														10.3
European Food Trays
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of businesses	€ 17.6	$ 19.0										€ 16.5	$ 17.7
Purchase price adjustments	€ 1.7	$ 1.9
Net sales														48.7
Earnings before income tax provision														6.9
European Food Trays \| Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sale of business														$ (1.6)	$ (13.1)

Discontinued Operations, Divestitures and Acquisitions - Acquisition of Fagerdala Preliminary Purchase Price Allocation (Details)
$ in Millions, $ in Millions

12 Months Ended

Oct. 02, 2017

SGD ($)

Oct. 02, 2017

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

^[1],[2]

Business Acquisition [Line Items]

$ 119.2

$ 5.8

$ 27.5

Assets:

Product Care | Fagerdala Singapore Pte Ltd.

$ 1,939.8

$ 1,882.9

Business Acquisition [Line Items]

Percentage of acquired equity interest

100.00%

Consideration transferred

$ 144.7

$ 106.6

Payments to acquire businesses, Net of cash acquired

106.6

Assets:

Prepaid expenses and other current assets

13.3

Trade receivables, net

22.4

Inventory, net

10.0

8.4

23.3

41.4

39.3

Assets

158.1

Short-term borrowings

14.0

Other current liabilities

6.9

15.1

Long-term debt, less current portion

3.8

Non-current deferred taxes

11.7

Liabilities

51.5

Cash Acquired from Acquisition

13.3

Customer relationships | Product Care | Fagerdala Singapore Pte Ltd.

Assets:

$ 28.7

Definite-lived intangible asset, useful lives

16 years

Trademarks and tradenames | Product Care | Fagerdala Singapore Pte Ltd.

Assets:

$ 10.8

Definite-lived intangible asset, useful lives

15 years

Acquired Technologies, Various | Product Care | Fagerdala Singapore Pte Ltd.

Assets:

$ 1.9

Definite-lived intangible asset, useful lives

15 years

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.
[2]	Payments of borrowings included in financing activities excludes amounts which were paid using cash proceeds from the sale of Diversey. As a result, $755.2 million of payments of borrowings is included within investing activities for a total payment of borrowings of $1.1 billion through the year ended December 31, 2017.

Discontinued Operations, Divestitures and Acquisitions - Acquisitions (Details) - USD ($) $ in Millions		3 Months Ended
	Aug. 01, 2017	Sep. 30, 2015	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Goodwill			$ 1,939.8	$ 1,882.9
Deltaplam Embalagens Industria e Comercio Ltda (Deltaplam) \| Food Care
Business Acquisition [Line Items]
Consideration transferred	$ 25.8
Goodwill	10.8
Intangible assets	$ 6.2
B Equipment
Business Acquisition [Line Items]
Consideration transferred		$ 19.0
Goodwill		6.4
Intangible assets		$ 15.3
B Equipment \| Product Care
Business Acquisition [Line Items]
Percentage of acquired equity interest		100.00%

Segments - Additional Information (Details) $ in Millions	12 Months Ended
Segments - Additional Information (Details) $ in Millions	Dec. 31, 2017 USD ($) Segment	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| Segment	2
Segment Reporting Information [Line Items]
Adjusted EBITDA from continuing operations	$ 833.3	$ 809.2	$ 850.1
Restatement Adjustment \| Modified Calculation of Adjusted EBITDA to Exclude Interest Income
Segment Reporting Information [Line Items]
Adjusted EBITDA from continuing operations		$ 7.5	$ 6.8

Segments - Net Sales and Adjusted EBITDA of Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 1,227.8	$ 1,131.3	$ 1,070.3	$ 1,032.2	$ 1,101.4	$ 1,065.1	$ 1,038.9	$ 1,005.9	$ 4,461.6	$ 4,211.3	$ 4,410.3
Adjusted EBITDA from continuing operations									$ 833.3	$ 809.2	$ 850.1
Adjusted EBITDA Margin									18.70%	19.20%	19.30%
Operating Segments \| Food Care
Segment Reporting Information [Line Items]
Net sales									$ 2,815.2	$ 2,686.8	$ 2,856.1
Adjusted EBITDA from continuing operations									$ 608.3	$ 605.4	$ 643.7
Adjusted EBITDA Margin									21.60%	22.50%	22.50%
Operating Segments \| Product Care
Segment Reporting Information [Line Items]
Net sales									$ 1,646.4	$ 1,524.5	$ 1,554.2
Adjusted EBITDA from continuing operations									$ 332.3	$ 331.1	$ 322.1
Adjusted EBITDA Margin									20.20%	21.70%	20.70%
Corp
Segment Reporting Information [Line Items]
Adjusted EBITDA from continuing operations									$ (107.3)	$ (127.3)	$ (115.7)
Corp \| Diversey Care
Segment Reporting Information [Line Items]
Costs previously allocated to Diversey adjusted EBITDA									$ 13.7	$ 15.0	$ 16.3
Product Concentration Risk \| Net Sales \| Operating Segments \| Food Care
Segment Reporting Information [Line Items]
As a % of Total Company net sales									63.10%	63.80%	64.80%
Product Concentration Risk \| Net Sales \| Operating Segments \| Product Care
Segment Reporting Information [Line Items]
As a % of Total Company net sales									36.90%	36.20%	35.20%

Segments - Reconciliation of U.S. GAAP Net Earnings to Non-U.S. GAAP Total Company Adjusted EBITDA (Details) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent

$ 25.0

$ 62.5

$ 29.0

$ (53.7)

$ 151.3

$ 63.7

$ 2.0

$ 75.3

$ 62.8

$ 292.3

$ 158.8

Interest expense

(201.8)

(199.4)

(211.0)

Interest income

17.6

7.5

6.8

330.5

95.6

132.6

Depreciation and amortization adjustments

(149.3)

(214.0)

(213.3)

^[1]

0.0

(1.7)

(0.1)

Other restructuring associated costs included in cost of sales and selling, general and administrative expenses

(12.1)

(2.5)

(48.7)

(14.3)

(19.8)

(25.7)

Stock appreciation rights expense

2.6

(0.7)

(3.9)

Foreign currency exchange loss related to Venezuelan subsidiaries

0.0

(1.7)

(27.2)

0.0

(0.1)

(110.0)

^[1]

Pre-tax impact of Special Items

0.0

(1.8)

13.4

(15.5)

0.0

Other Special Items

(3.1)

(0.6)

(1.2)

(97.5)

(77.1)

(203.3)

Non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations

833.3

809.2

850.1

Accelerated depreciation of non-strategic assets related to restructuring programs

1.1

0.1

Cease Venezuelan Operations

European Food Trays Businesses

0.0

(48.5)

0.0

0.0

(1.8)

13.4

Diversey Care

Settlement/curtailment benefits related to the sale of Diversey pension plans

(68.6)

(1.4)

0.0

13.5

0.0

Share-based compensation expense

$ (158.3)

$ (154.0)

$ (151.3)

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

Segments - Reconciliation of U.S. GAAP Net Earnings to Non-U.S. GAAP Total Company Adjusted EBITDA Expenses (Details) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Share-based incentive compensation

$ 149.3

$ 214.0

$ 213.3

^[1]

48.5

62.9

61.2

12.1

2.5

48.7

Employee Severance

0.3

Corp

7.2

21.7

16.6

Food Care

Food Care | Operating Segments

7.6

1.6

31.5

103.8

92.2

97.1

Product Care

Product Care | Operating Segments

4.5

0.9

17.2

Share-based compensation expense

47.3

40.1

37.6

158.3

154.0

151.3

Share-based incentive compensation

$ 38.2

$ 50.9

$ 51.0

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

Segments - Assets by Reportable Segments (Details) - USD ($)
$ in Millions

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

^[1]

Dec. 31, 2014

^[1]

$ 594.0

$ 333.7

$ 321.7

$ 248.7

998.4

889.6

Identifiable intangible assets, net

1,939.8

1,882.9

83.6

40.1

Other

215.9

175.4

Total assets

5,280.3

7,415.5

Operating Segments

Trade receivables, net, and finished goods inventories, net

Total segments and other

850.6

721.4

Operating Segments | Food Care

Trade receivables, net, and finished goods inventories, net

Total segments and other

511.5

459.9

Operating Segments | Product Care

526.9

510.8

Trade receivables, net, and finished goods inventories, net

Total segments and other

339.1

261.5

Segment Reconciling Items

1,412.9

1,372.1

594.0

333.7

998.4

889.6

Identifiable intangible assets, net

1,939.8

1,882.9

83.6

40.1

Assets held for sale

4.0

2,840.8

Other

809.9

707.0

Total assets

$ 5,280.3

$ 7,415.5

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

Segments - Geographic Information (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net sales:
Net sales	$ 1,227.8	$ 1,131.3	$ 1,070.3	$ 1,032.2	$ 1,101.4	$ 1,065.1	$ 1,038.9	$ 1,005.9	$ 4,461.6	$ 4,211.3	$ 4,410.3
Total long-lived assets:
Long-lived assets	1,214.3				1,065.0				1,214.3	1,065.0
North America
Net sales:
Net sales									2,415.0	2,237.8	2,315.2
Total long-lived assets:
Long-lived assets	639.6				633.5				639.6	633.5
EMEA
Net sales:
Net sales									984.7	962.7	1,033.1
Total long-lived assets:
Long-lived assets	274.1				213.3				274.1	213.3
Latin America
Net sales:
Net sales									409.3	396.8	423.3
Total long-lived assets:
Long-lived assets	74.6				68.7				74.6	68.7
APAC
Net sales:
Net sales									652.6	614.0	$ 638.7
Total long-lived assets:
Long-lived assets	$ 226.0				$ 149.5				$ 226.0	$ 149.5

Segments - Geographic Information Additional (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Entity Wide Information Revenue From External Customer [Line Items]
Net sales	$ 1,227.8	$ 1,131.3	$ 1,070.3	$ 1,032.2	$ 1,101.4	$ 1,065.1	$ 1,038.9	$ 1,005.9	$ 4,461.6	$ 4,211.3	$ 4,410.3
Non-US
Entity Wide Information Revenue From External Customer [Line Items]
Maximum percentage of net sales in any one non-U.S. country	10.00%				10.00%				10.00%	10.00%	10.00%
Maximum percentage of long-lived assets in any one non-U.S. country	10.00%				10.00%				10.00%	10.00%	10.00%
U.S.program
Entity Wide Information Revenue From External Customer [Line Items]
Net sales									$ 2,278.6	$ 2,112.1	$ 2,188.8

Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 82.8	$ 81.5
Work in process	125.7	114.4
Finished goods	298.3	260.8
Total	$ 506.8	$ 456.7

Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Land and improvements	$ 43.5	$ 41.6
Buildings	718.9	600.2
Machinery and equipment	2,330.5	2,091.5
Other property and equipment	116.3	104.3
Construction-in-progress	114.7	210.1
Property and equipment, gross	3,323.9	3,047.7
Accumulated depreciation and amortization	(2,325.5)	(2,158.1)
Property and equipment, net	$ 998.4	$ 889.6

Property and Equipment, net - Interest Cost Capitalized and Depreciation and Amortization Expense for Property and Equipment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Interest cost capitalized	$ 10.3	$ 11.0	$ 5.4
Depreciation and amortization expense for property and equipment	$ 107.0	$ 88.2	$ 89.1

Goodwill and Identifiable Intangible Assets, Net - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0
Amortization expense of intangible assets acquired	$ 13,100,000	$ 15,000,000	$ 11,100,000

Goodwill and Identifiable Intangible Assets, Net - Summary of Goodwill Balances by Segment Reporting Structure (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Goodwill [Roll Forward]
Carrying Value, at beginning of period	$ 1,882.9
Acquisition and divestiture	49.4
Currency translation	7.5
Carrying Value, at end of period	1,939.8
Operating Segments \| Food Care
Goodwill [Roll Forward]
Carrying Value, at beginning of period	510.8
Acquisition and divestiture	10.1
Currency translation	6.0
Carrying Value, at end of period	526.9
Operating Segments \| Product Care
Goodwill [Roll Forward]
Carrying Value, at beginning of period	1,372.1
Acquisition and divestiture	39.3
Currency translation	1.5
Carrying Value, at end of period	$ 1,412.9

Goodwill and Identifiable Intangible Assets, Net - Summary of Identifiable Intangible Assets with Definite and Indefinite Useful Lives (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 172.0	$ 113.2
Accumulated Amortization	(97.3)	(82.0)
Net	74.7	31.2
Indefinite-lived intangible assets
Total identifiable intangible assets, Gross Carrying Value	180.9	122.1
Total identifiable intangible assets, Net	83.6	40.1
Trademarks and tradenames with indefinite lives
Indefinite-lived intangible assets
Trademarks and tradenames with indefinite lives, Gross Carrying Value	8.9	8.9
Trademarks and tradenames with indefinite lives, Net	8.9	8.9
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	59.7	25.0
Accumulated Amortization	(19.7)	(17.5)
Net	40.0	7.5
Trademarks and tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	11.6	0.6
Accumulated Amortization	(0.5)	(0.2)
Net	11.1	0.4
Capitalized Software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	50.6	42.6
Accumulated Amortization	(40.0)	(31.2)
Net	10.6	11.4
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	39.2	34.4
Accumulated Amortization	(27.5)	(24.2)
Net	11.7	10.2
Customer Contracts
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	10.9	10.6
Accumulated Amortization	(9.6)	(8.9)
Net	$ 1.3	$ 1.7

Goodwill and Identifiable Intangible Assets, Net - Remaining Estimated Future Amortization Expense (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
2018	$ 11.1
2019	8.1
2020	5.8
2021	5.3
Thereafter	44.4
Net	$ 74.7	$ 31.2

Goodwill and Identifiable Intangible Assets, Net - Remaining Weighted Average Useful Life of Definite Lived Intangible Assets (Detail)	12 Months Ended
	Dec. 31, 2017
Finite Lived Intangible Assets [Line Items]
Finite lived identifiable intangible assets, remaining weighted average useful lives	11 years 6 months
Customer relationships
Finite Lived Intangible Assets [Line Items]
Finite lived identifiable intangible assets, remaining weighted average useful lives	15 years 3 months 18 days
Trademarks and trade names
Finite Lived Intangible Assets [Line Items]
Finite lived identifiable intangible assets, remaining weighted average useful lives	14 years 6 months
Technology
Finite Lived Intangible Assets [Line Items]
Finite lived identifiable intangible assets, remaining weighted average useful lives	3 years 3 months 18 days
Customer Contracts
Finite Lived Intangible Assets [Line Items]
Finite lived identifiable intangible assets, remaining weighted average useful lives	3 years 8 months 12 days

Accounts Receivable Securitization Programs (Detail) € in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) bank	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| bank	2
Interest expenses (less than for 2015)	$ 201,800,000	$ 199,400,000	$ 211,000,000
U.S. Accounts Receivable Securitization Program [Member]
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| bank	2
Maximum purchase limit for receivable interests under accounts receivable securitization program					$ 60,000,000
Amount available for accounts receivable securitization program					58,100,000
Interest expenses (less than for 2015)	$ 1,000,000		$ 1,000,000
U.S. Accounts Receivable Securitization Program [Member] \| U.S.program
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Level of eligible assets available under accounts receivable securitization program (less than)	$ 60,000,000
Amount outstanding under accounts receivable securitization program		0			0
U.S. Accounts Receivable Securitization Program [Member] \| Maximum
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Interest expenses (less than for 2015)		$ 1,300,000.0
European Accounts Receivable Securitization Program [Member]
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Number of banks involved in sale of fractional ownership interest of accounts receivable \| bank	2
Maximum purchase limit for receivable interests under accounts receivable securitization program				€ 80.0	95,500,000
Amount available for accounts receivable securitization program				€ 80.0	95,500,000
European Accounts Receivable Securitization Program [Member] \| Europe
Qualitative And Quantitative Information Transferors Continuing Involvement [Line Items]
Amount outstanding under accounts receivable securitization program					$ 0

Restructuring and Relocation Activities - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Restructuring Cost And Reserve [Line Items]
Restructuring expected accrual to pay	$ 15.4
Restructuring expected accrual remaining to pay	$ 0.7
Program
Restructuring Cost And Reserve [Line Items]
Total estimated net cash cost		$ 120.0

Restructuring and Relocation Activities - Schedule of Program Metrics (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) employee	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Restructuring Cost And Reserve [Line Items]
Total	$ 28.8	$ 40.9	$ 121.2
Capital expenditures	21.3	123.5	$ 52.0
Maximum
Restructuring Cost And Reserve [Line Items]
Costs of reduction in headcount as a result of reorganization	270.0
Other expenses associated with the Program	135.0
Total	405.0
Capital expenditures	255.0
Proceeds, foreign exchange and other cash items	(75.0)
Total estimated net cash cost	$ 585.0
Program
Restructuring Cost And Reserve [Line Items]
Approximate positions eliminated by the Program \| employee	1,950
Costs of reduction in headcount as a result of reorganization	$ 237.0
Other expenses associated with the Program	123.0
Total estimated net cash cost		$ 120.0
Total Cumulative Expense	360.0
Cumulative capital expenditures	235.0
Program \| Minimum
Restructuring Cost And Reserve [Line Items]
Costs of reduction in headcount as a result of reorganization	260.0
Other expenses associated with the Program	130.0
Total	390.0
Capital expenditures	250.0
Proceeds, foreign exchange and other cash items	(70.0)
Total estimated net cash cost	$ 570.0

Restructuring and Relocation Activities - Restructuring Activities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 12.1	$ 2.5	$ 48.7
Total	28.8	40.9	121.2
Capital expenditures	21.3	123.5	52.0
Continuing Operations
Restructuring Cost And Reserve [Line Items]
Other associated costs	14.3	19.8	25.7
Restructuring charges	12.1	2.5	48.7
Total	26.4	22.3	74.4
Discontinued Operations
Restructuring Cost And Reserve [Line Items]
Total	$ 2.4	$ 18.6	$ 46.8

Restructuring and Relocation Activities - Components of Restructuring Accrual, Spending and Other Activity and Accrual Balance Remaining (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring accrual, beginning of period	$ 47.4
Accrual and accrual adjustments	12.1
Cash payments during 2017	(36.8)
Transfers as part of the Diversey sale	(5.5)
Effect of changes in foreign currency exchange rates	(1.1)
Restructuring accrual, end of period	$ 16.1

Other Current and Non-Current Liabilities - Components of Other Current and Other Non-Current Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Other current liabilities:
Accrued salaries, wages and related costs	$ 194.0	$ 149.4
Accrued operating expenses(1)	237.2	156.8
Accrued customer volume rebates	87.9	76.1
Accrued interest	38.5	37.9
Accrued employee benefit liability	4.4	3.2
Total	562.0	423.4
Other non-current liabilities:
Accrued employee benefit liability	163.7	172.4
Other postretirement liability	46.1	51.7
Other various liabilities(1)	281.0	178.0
Total	490.8	$ 402.1
Accrued operating expenses, related tax liabilities	36.4
Accrued various expenses, related tax liabilities	$ 227.6

Debt and Credit Facilities - Total Debt Outstanding (Detail) € in Millions, $ in Millions	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Jun. 30, 2015 EUR (€)	Jun. 30, 2015 USD ($)
Debt Instrument [Line Items]
Short-term borrowings	$ 25.3	$ 83.0
Current portion of long-term debt	2.2	297.0
Total current debt	27.5	380.0
Other	6.3	3.3
Total long-term debt, less current portion	3,230.5	3,762.6
Total debt	$ 3,258.0	$ 4,142.6
Weighted average interest rate on short-term borrowing	5.40%	4.80%
Weighted average interest rate on long-term debt	5.30%	4.70%
Unamortized discount and issuance costs	$ 29.5	$ 36.3
Accounts Payable Under Financing Arrangements
Debt Instrument [Line Items]
Short-term borrowings	2.1
Line of Credit
Debt Instrument [Line Items]
Short-term borrowings	23.2	83.0
6.50% Senior Notes due December 2020
Debt Instrument [Line Items]
Senior notes	$ 423.6	423.1
Debt interest rate	6.50%
4.875% Senior Notes due December 2022
Debt Instrument [Line Items]
Senior notes	$ 420.4	419.6
Debt interest rate	4.875%
5.25% Senior Notes due April 2023
Debt Instrument [Line Items]
Senior notes	$ 420.4	419.7
Debt interest rate	5.25%
4.50% Senior Notes due September 2023
Debt Instrument [Line Items]
Senior notes	$ 474.3	416.7	€ 400
Debt interest rate	4.50%		4.50%	4.50%
5.125% Senior Notes due December 2024
Debt Instrument [Line Items]
Senior notes	$ 420.7	420.2
Debt interest rate	5.125%
5.50% Senior Notes due September 2025
Debt Instrument [Line Items]
Senior notes	$ 396.7	396.4		$ 400.0
Debt interest rate	5.50%		5.50%	5.50%
6.875% Senior Notes due July 2033
Debt Instrument [Line Items]
Senior notes	$ 445.4	445.3
Debt interest rate	6.875%
Term Loan A Due July 2019
Debt Instrument [Line Items]
Term Loan A due July 2019	$ 222.7	$ 818.3

Debt and Credit Facilities - Narrative (Details)
€ in Millions, $ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 25, 2017

USD ($)

Jul. 31, 2017

USD ($)

Jun. 30, 2015

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

^[1]

Jun. 30, 2015

EUR (€)

Jun. 30, 2015

USD ($)

Term Loan A Due July 2019

$ 0.0

$ 0.1

$ 110.0

Prepayments of Term Loan A facility due in July 2019

$ 755.2

$ 96.3

Credit facility, remaining balance

222.7

818.3

5.50% Senior Notes due September 2025

4.50% Senior Notes due September 2023

Senior notes

$ 396.7

396.4

$ 400.0

Debt interest rate

5.50%

Non-lender fees

$ 8.0

8.375% Senior Notes Due September 2021

Senior notes

$ 474.3

$ 416.7

€ 400

Debt interest rate

4.50%

Repurchased debt principal amount

Debt interest rate

8.375%

750.0

Aggregate repurchase price of senior notes

866.0

Premium paid on redemption of debt

99.0

Accrued interest paid on redemption of debt

17.0

Amortization of non-lender fees

110.0

$ 11.0

Term Loan A Due July 2017

Repayment of Term Loan A facility due July 2017

$ 250.0

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

Debt and Credit Facilities - Lines of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Line of Credit Facility [Line Items]
Used lines of credit	$ 23.2	$ 83.0
Unused lines of credit	1,108.6	1,074.4
Total available lines of credit	1,131.8	1,157.4
Cash held on deposit as compensating balance	0.0	$ 25.4
Committed Line Of Credit Facilities
Line of Credit Facility [Line Items]
Total available lines of credit	$ 855.5

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Debt and Credit Facilities - Scheduled Annual Maturities for Next Five Years and Thereafter (Detail) $ in Millions	Dec. 31, 2017 USD ($)
Debt Disclosure [Abstract]
2018	$ 2.2
2019	228.2
2020	425.9
2021	0.4
2022	425.1
Thereafter	2,180.5
Total	$ 3,262.3

Derivatives and Hedging Activities - Narrative (Detail)			1 Months Ended	6 Months Ended	12 Months Ended
Derivatives and Hedging Activities - Narrative (Detail)	Mar. 25, 2017 USD ($)	Sep. 30, 2016 USD ($)	Jul. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) derivative	Dec. 31, 2017 USD ($) derivative	Dec. 31, 2016 USD ($) derivative	Dec. 31, 2015 USD ($)	Jun. 30, 2015 EUR (€)	Mar. 31, 2015 USD ($)
Derivative [Line Items]
Unrealized gain on derivative instruments, net of taxes					$ (76,600,000)	$ 19,500,000	$ 3,800,000
Cumulative translation adjustment				$ (694,400,000)	$ (694,400,000)	(701,900,000)
4.50% Senior Notes due September 2023
Derivative [Line Items]
Debt interest rate				4.50%	4.50%			4.50%
Delayed Draw Term Loan A Facility
Derivative [Line Items]
Notional amount of outstanding derivative							100,000,000
Term Loan A Due July 2019
Derivative [Line Items]
Repayments of Term Loan A facility due in 2019	$ 755,200,000		$ 96,300,000	$ 96,300,000
Foreign Currency Forward Contracts
Derivative [Line Items]
Fair Value of (liability) derivatives				(1,600,000)	$ (1,600,000)	4,700,000
Foreign Currency Forward Contracts \| Net Investment Hedge
Derivative [Line Items]
Notional amount of outstanding derivative \| €								€ 270,000,000
Cumulative translation adjustment before tax				(3,500,000)	(3,500,000)
Cumulative translation adjustment				$ (2,200,000)	$ (2,200,000)
Foreign Currency Forward Contracts \| Not Designated as Hedging Instruments
Derivative [Line Items]
Maximum original maturity period of foreign currency forward contracts					12 months
Foreign Currency Forward Contracts \| Designated as Hedging Instruments
Derivative [Line Items]
Unrealized gain on derivative instruments, net of taxes					$ (5,000,000)	$ 1,600,000	5,900,000
Net unrealized derivative gain (losses) included in AOCI to be reclassified into earnings in next twelve months					$ 300,000
Maximum original maturity period of foreign currency forward contracts					12 months
Interest Rate Swaps
Derivative [Line Items]
Number of derivative instruments outstanding \| derivative				0	0	0
Interest Rate and Currency Swap
Derivative [Line Items]
Notional amount of outstanding derivative							$ 100,000,000
Derivative notional amount settled		$ 20,000,000.0
Amount received on derivative settlement		$ 4,900,000			$ 14,600,000
Fair Value of (liability) derivatives						$ 23,900,000
EUR - Denominated debt \| Net Investment Hedge \| 4.50% Senior Notes due September 2023
Derivative [Line Items]
Debt instrument face amount \| €								€ 400,000,000
Debt interest rate								4.50%
EUR - Denominated debt \| Designated as Hedging Instruments \| Net Investment Hedge
Derivative [Line Items]
Fair Value of (liability) derivatives				$ 27,800,000	27,800,000
Fair value of (liability) derivatives, after tax				17,200,000	17,200,000
Cross-currency swaps
Derivative [Line Items]
Fair Value of (liability) derivatives						$ (5,300,000)
Cross-currency swaps \| Net Investment Hedge
Derivative [Line Items]
Notional amount of outstanding derivative									$ 425,000,000
Cross-currency swaps \| Designated as Hedging Instruments \| Net Investment Hedge
Derivative [Line Items]
Fair Value of (liability) derivatives				$ 61,800,000	61,800,000
Semi-annual interest settlement resulted in AOCI					17,700,000
Semi-annual interest settlement resulted in AOCI after tax					$ (44,100,000)

Derivatives and Hedging Activities - Fair Value of Derivative Instruments (Detail) € in Millions, $ in Millions	Dec. 31, 2017 EUR (€)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Derivatives Fair Value [Line Items]
Total Derivative Assets		$ 4.1	$ 40.2
Total Derivative Liabilities		(5.7)	(16.9)
Net Derivatives		(1.6)	23.3
Excludes debt designated as net investment hedge		3,230.5	3,762.6
Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Total Derivative Assets		4.1	16.3
Total Derivative Liabilities		(5.7)	(11.6)
Interest Rate and Currency Swap
Derivatives Fair Value [Line Items]
Total Derivative Assets		0.0	23.9
Cross-currency swaps
Derivatives Fair Value [Line Items]
Total Derivative Liabilities		0.0	(5.3)
Non-Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Total Derivative Assets		3.6	11.4
Total Derivative Liabilities		(3.3)	(11.5)
Net Derivatives		0.3	(0.1)
Non-Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Total Derivative Assets		3.6	11.4
Total Derivative Liabilities		(3.3)	(11.5)
Non-Designated as Hedging Instruments \| Interest Rate and Currency Swap
Derivatives Fair Value [Line Items]
Total Derivative Assets		0.0	0.0
Non-Designated as Hedging Instruments \| Cross-currency swaps
Derivatives Fair Value [Line Items]
Total Derivative Liabilities		0.0	0.0
Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Excludes debt designated as net investment hedge	€ 400.0	474.3	416.7
Cash Flow Hedge \| Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Total Derivative Assets		0.5	28.8
Total Derivative Liabilities		(2.4)	(0.1)
Net Derivatives		(1.9)	28.7
Cash Flow Hedge \| Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Total Derivative Assets		0.5	4.9
Total Derivative Liabilities		(2.4)	(0.1)
Cash Flow Hedge \| Designated as Hedging Instruments \| Interest Rate and Currency Swap
Derivatives Fair Value [Line Items]
Total Derivative Assets		0.0	23.9
Cash Flow Hedge \| Designated as Hedging Instruments \| Cross-currency swaps
Derivatives Fair Value [Line Items]
Total Derivative Liabilities		0.0	0.0
Net Investment Hedge \| Designated as Hedging Instruments
Derivatives Fair Value [Line Items]
Total Derivative Assets		0.0	0.0
Total Derivative Liabilities		0.0	(5.3)
Net Derivatives		0.0	(5.3)
Net Investment Hedge \| Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivatives Fair Value [Line Items]
Total Derivative Assets		0.0	0.0
Total Derivative Liabilities		0.0	0.0
Net Investment Hedge \| Designated as Hedging Instruments \| Interest Rate and Currency Swap
Derivatives Fair Value [Line Items]
Total Derivative Assets		0.0	0.0
Net Investment Hedge \| Designated as Hedging Instruments \| Cross-currency swaps
Derivatives Fair Value [Line Items]
Total Derivative Liabilities		$ 0.0	$ (5.3)

Derivatives and Hedging Activities - Offsetting Assets (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Offsetting Assets [Line Items]
Gross position	$ 4.1	$ 40.2
Other Non-current Assets
Offsetting Assets [Line Items]
Gross position	0.0	17.6
Reclassified to held for sale	0.0	(17.6)
Impact of master netting agreements	0.0	0.0
Net amounts recognized on the Consolidated Balance Sheet	0.0	0.0
Other Current Assets
Offsetting Assets [Line Items]
Gross position	4.1	22.6
Reclassified to held for sale	0.0	(7.3)
Impact of master netting agreements	(0.4)	(0.2)
Net amounts recognized on the Consolidated Balance Sheet	$ 3.7	$ 15.1

Derivatives and Hedging Activities - Offsetting Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Offsetting Liabilities [Line Items]
Gross position	$ (5.7)	$ (16.9)
Other Current Liabilities
Offsetting Liabilities [Line Items]
Gross position	(5.7)	(11.6)
Reclassified to held for sale	0.0	2.3
Impact of master netting agreements	0.4	0.2
Net amounts recognized on the Consolidated Balance Sheet	(5.3)	(9.1)
Other Noncurrent Liabilities
Offsetting Liabilities [Line Items]
Gross position	0.0	(5.3)
Reclassified to held for sale	0.0	0.0
Impact of master netting agreements	0.0	0.0
Net amounts recognized on the Consolidated Balance Sheet	$ 0.0	$ (5.3)

Derivatives and Hedging Activities - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ (10.3)	$ (52.3)	$ 67.8
Interest expenses	201.8	199.4	211.0
Designated as Hedging Instruments \| Interest Rate and Currency Swap
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	1.0	20.8	31.6
Interest expenses	2.5	5.1	5.9
Designated as Hedging Instruments \| Cash Flow Hedge
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(2.4)	(25.2)	35.4
Designated as Hedging Instruments \| Cash Flow Hedge \| Foreign Currency Forward Contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.9	0.6	9.6
Designated as Hedging Instruments \| Cash Flow Hedge \| Interest Rate and Currency Swap
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(3.4)	(25.9)	25.7
Designated as Hedging Instruments \| Cash Flow Hedge \| Treasury Lock
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.1	0.1	0.1
Designated as Hedging Instruments \| Fair Value Hedges \| Interest Rate Swaps
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	0.5	0.5	0.4
Not Designated as Hedging Instruments \| Foreign Currency Forward Contracts
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	(8.4)	(27.6)	32.0
Not Designated as Hedging Instruments \| Foreign Currency Forward Contracts \| Discontinued Operations
Derivative Instruments Gain Loss [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivatives	$ 0.8	$ (32.2)	$ 22.4

Fair Value Measurements and Other Financial Instruments - Fair Value Measurements of Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	$ 297.5	$ 71.3
Compensating balance deposits		52.9
Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	(1.6)	4.7
Interest rate and currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		23.9
Cross-currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		(5.3)
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	297.5	71.3
Compensating balance deposits		52.9
Level 1 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	0.0	0.0
Level 1 \| Interest rate and currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		0.0
Level 1 \| Cross-currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		0.0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Compensating balance deposits		0.0
Level 2 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	(1.6)	4.7
Level 2 \| Interest rate and currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		23.9
Level 2 \| Cross-currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		(5.3)
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash equivalents	0.0	0.0
Compensating balance deposits		0.0
Level 3 \| Foreign currency forward contracts
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)	$ 0.0	0.0
Level 3 \| Interest rate and currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		0.0
Level 3 \| Cross-currency swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative financial instruments net asset (liability)		$ 0.0

Fair Value Measurements and Other Financial Instruments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Certificates of deposits maturity period	3 months

Fair Value Measurements and Other Financial Instruments - Carrying Amounts and Estimated Fair Values of Debt (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2015
6.50% Senior Notes Due December 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	6.50%
4.875% Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.875%
5.25% Senior Notes Due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.25%
4.50% Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	4.50%		4.50%
5.125% Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.125%
5.50% Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	5.50%		5.50%
6.875% Senior Notes Due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt interest rate	6.875%
Carrying Amount
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other foreign loans	$ 30.2	$ 78.9
Other domestic loans	3.6	21.4
Total debt	3,258.0	4,359.0
Carrying Amount \| Discontinued Operations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	0.0	216.4
Carrying Amount \| Continuing Operations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	3,258.0	4,142.6
Carrying Amount \| 6.50% Senior Notes Due December 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	423.6	423.1
Carrying Amount \| 4.875% Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	420.4	419.6
Carrying Amount \| 5.25% Senior Notes Due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	420.4	419.7
Carrying Amount \| 4.50% Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	474.3	416.7
Carrying Amount \| 5.125% Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	420.7	420.2
Carrying Amount \| 5.50% Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	396.7	396.4
Carrying Amount \| 6.875% Senior Notes Due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	445.4	445.3
Carrying Amount \| Term Loan A Due July 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	0.0	249.9
Carrying Amount \| Term Loan A Due July 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	222.7	1,067.8
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Other foreign loans	30.4	79.2
Other domestic loans	3.6	21.3
Total debt	3,596.2	4,546.4
Fair Value \| Discontinued Operations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	0.0	216.4
Fair Value \| Continuing Operations
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total debt	3,596.2	4,330.0
Fair Value \| 6.50% Senior Notes Due December 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	465.1	477.3
Fair Value \| 4.875% Senior Notes due December 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	451.0	437.6
Fair Value \| 5.25% Senior Notes Due April 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	455.6	441.1
Fair Value \| 4.50% Senior Notes due September 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	544.4	453.4
Fair Value \| 5.125% Senior Notes due December 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	456.2	437.3
Fair Value \| 5.50% Senior Notes due September 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	439.9	418.8
Fair Value \| 6.875% Senior Notes Due July 2033
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Senior Notes	527.3	462.7
Fair Value \| Term Loan A Due July 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	0.0	249.9
Fair Value \| Term Loan A Due July 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Term Loan A Facility	$ 222.7	$ 1,067.8

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Provisions charged from operations for the profit sharing plan and retirement savings plans	$ 39.9	$ 42.9	$ 55.3
Contribution of common stock to profit sharing plan (in shares)	502,519	830,600	787,500
Defined benefit pension plan corridor rate	10.00%
Percentage of equity allocation, maximum	65.00%
Percentage of fixed income allocation, minimum	35.00%
Equity Security
Defined Benefit Plan Disclosure [Line Items]
Equity securities, minimum	40.00%
Equity securities, maximum	50.00%
Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Equity securities, minimum	50.00%
Equity securities, maximum	60.00%

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Schedule of Components of Net Periodic Benefit Cost (Income) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Total benefit cost (income)	$ 1.0	$ 11.9	$ 10.9
U.S. and International
Defined Benefit Plan Disclosure [Line Items]
Total benefit cost (income)	1.0	11.9	10.9
U.S. and International \| Cost of Sales
Defined Benefit Plan Disclosure [Line Items]
Total benefit cost (income)	0.2	1.7	1.7
U.S. and International \| Selling, General and Administrative Expenses
Defined Benefit Plan Disclosure [Line Items]
Total benefit cost (income)	$ 0.8	$ 10.2	$ 9.2

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Funded Status for Pension Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in benefit obligations:
Benefit obligation at beginning of period	$ 978.9	$ 963.0
Service cost	7.0	10.6	$ 11.4
Interest cost	22.9	26.1	30.4
Actuarial loss (gain)	27.8	81.5
Settlement/curtailment	(35.0)	(12.0)
Benefits paid	(35.5)	(39.9)
Employee contributions	2.2	2.8
Business divestiture	(120.2)	0.0
Other	1.2	3.2
Foreign exchange impact	57.6	(56.4)
Benefit obligation at end of period	906.9	978.9	963.0
Change in plan assets:
Fair value of plan assets at beginning of period	771.8	760.3
Actual return on plan assets	70.1	89.6
Employer contributions	28.1	17.9
Employee contributions	2.2	2.8
Benefits paid	(35.5)	(39.9)
Settlement/curtailment	(30.4)	(5.6)
Business divestiture	(74.2)	0.0
Other	(0.5)	2.1
Foreign exchange impact	44.6	(55.4)
Fair value of plan assets at end of period	776.2	771.8	760.3
Underfunded status at end of year	(130.7)	(207.1)
Accumulated benefit obligation at end of year	893.7	933.7
U.S.
Change in benefit obligations:
Benefit obligation at beginning of period	213.1	215.0
Service cost	0.1	0.6	0.7
Interest cost	6.8	7.8	8.6
Actuarial loss (gain)	11.3	8.9
Settlement/curtailment	(13.8)	(11.4)
Benefits paid	(12.9)	(12.7)
Employee contributions	0.0	0.0
Business divestiture	0.0	0.0
Other	0.1	4.9
Foreign exchange impact	0.0	0.0
Benefit obligation at end of period	204.7	213.1	215.0
Change in plan assets:
Fair value of plan assets at beginning of period	150.3	156.7
Actual return on plan assets	19.3	9.1
Employer contributions	6.3	0.2
Employee contributions	0.0	0.0
Benefits paid	(12.9)	(12.7)
Settlement/curtailment	(14.3)	(5.1)
Business divestiture	0.0	0.0
Other	0.0	2.1
Foreign exchange impact	0.0	0.0
Fair value of plan assets at end of period	148.7	150.3	156.7
Underfunded status at end of year	(56.0)	(62.8)
Accumulated benefit obligation at end of year	204.8	213.1
International
Change in benefit obligations:
Benefit obligation at beginning of period	765.8	748.0
Service cost	6.9	10.0	10.7
Interest cost	16.1	18.3	21.8
Actuarial loss (gain)	16.5	72.6
Settlement/curtailment	(21.2)	(0.6)
Benefits paid	(22.6)	(27.2)
Employee contributions	2.2	2.8
Business divestiture	(120.2)	0.0
Other	1.1	(1.7)
Foreign exchange impact	57.6	(56.4)
Benefit obligation at end of period	702.2	765.8	748.0
Change in plan assets:
Fair value of plan assets at beginning of period	621.5	603.6
Actual return on plan assets	50.8	80.5
Employer contributions	21.8	17.7
Employee contributions	2.2	2.8
Benefits paid	(22.6)	(27.2)
Settlement/curtailment	(16.1)	(0.5)
Business divestiture	(74.2)	0.0
Other	(0.5)	0.0
Foreign exchange impact	44.6	(55.4)
Fair value of plan assets at end of period	627.5	621.5	$ 603.6
Underfunded status at end of year	(74.7)	(144.3)
Accumulated benefit obligation at end of year	$ 688.9	$ 720.6

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Amounts Included in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Other assets	$ 39.1	$ 17.8
Other current liabilities	(2.4)	(2.5)
Other liabilities	(169.4)	(182.0)
Net amount recognized	(132.7)	(166.7)
U.S.
Defined Benefit Plan Disclosure [Line Items]
Other assets	0.0	0.0
Other current liabilities	0.0	0.0
Other liabilities	(56.1)	(61.1)
Net amount recognized	(56.1)	(61.1)
International
Defined Benefit Plan Disclosure [Line Items]
Other assets	39.1	17.8
Other current liabilities	(2.4)	(2.5)
Other liabilities	(113.3)	(120.9)
Net amount recognized	$ (76.6)	$ (105.6)

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7.0	$ 10.6	$ 11.4
Interest cost	22.9	26.1	30.4
Expected return on plan assets	(40.4)	(34.3)	(39.7)
Other adjustments	0.0	1.3	0.0
Amortization of net prior service cost	(0.1)	0.0	0.0
Amortization of net loss	6.5	7.5	7.8
Net periodic benefit (income) cost	(4.1)	11.2	9.9
Cost (income) of settlement/curtailment	5.1	0.7	1.0
Total benefit cost	1.0	11.9	10.9
U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.6	0.7
Interest cost	6.8	7.8	8.6
Expected return on plan assets	(9.8)	(10.0)	(11.4)
Other adjustments	0.0	1.3	0.0
Amortization of net prior service cost	0.0	0.0	0.0
Amortization of net loss	0.8	2.2	1.8
Net periodic benefit (income) cost	(2.1)	1.9	(0.3)
Cost (income) of settlement/curtailment	2.1	0.6	1.6
Total benefit cost	0.0	2.5	1.3
International
Defined Benefit Plan Disclosure [Line Items]
Service cost	6.9	10.0	10.7
Interest cost	16.1	18.3	21.8
Expected return on plan assets	(30.6)	(24.3)	(28.3)
Other adjustments	0.0	0.0	0.0
Amortization of net prior service cost	(0.1)	0.0	0.0
Amortization of net loss	5.7	5.3	6.0
Net periodic benefit (income) cost	(2.0)	9.3	10.2
Cost (income) of settlement/curtailment	3.0	0.1	(0.6)
Total benefit cost	$ 1.0	$ 9.4	$ 9.6

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Amounts in Accumulated Other Comprehensive Loss, Not Yet Recognized (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service costs	$ 0.7	$ (1.2)
Unrecognized net actuarial loss	146.1	205.0
Total	146.8	203.8
U.S.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service costs	0.1	0.0
Unrecognized net actuarial loss	41.4	42.0
Total	41.5	42.0
International
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service costs	0.6	(1.2)
Unrecognized net actuarial loss	104.7	163.0
Total	$ 105.3	$ 161.8

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Income) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	$ (6.4)	$ 19.8
Amortization of actuarial loss	(6.5)	(7.6)
Business divestiture	(42.6)	0.0
Current year valuation adjustments	1.3	0.2
Settlement/curtailment (gain) loss	(4.4)	(0.7)
Total recognized in other comprehensive loss	(58.6)	11.7
U.S.
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	2.3	3.6
Amortization of actuarial loss	(0.8)	(2.3)
Business divestiture	0.0	0.0
Current year valuation adjustments	0.0	0.3
Settlement/curtailment (gain) loss	(2.1)	(0.6)
Total recognized in other comprehensive loss	(0.6)	1.0
International
Defined Benefit Plan Disclosure [Line Items]
Current year actuarial (gain) loss	(8.7)	16.2
Amortization of actuarial loss	(5.7)	(5.3)
Business divestiture	(42.6)	0.0
Current year valuation adjustments	1.3	(0.1)
Settlement/curtailment (gain) loss	(2.3)	(0.1)
Total recognized in other comprehensive loss	$ (58.0)	$ 10.7

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Benefit Costs (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service costs	$ 0.0
Unrecognized net actuarial loss	3.5
Total	3.5
U.S.
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service costs	0.0
Unrecognized net actuarial loss	1.0
Total	1.0
International
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service costs	0.0
Unrecognized net actuarial loss	2.5
Total	$ 2.5

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Information for Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 543.5	$ 625.1
Fair value of plan assets	384.9	433.6
U.S.
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	204.8	213.1
Fair value of plan assets	148.7	150.3
International
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	338.7	412.0
Fair value of plan assets	$ 236.2	$ 283.3

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail)	Dec. 31, 2017	Dec. 31, 2016
U.S.
Benefit obligations
Discount rate	3.60%	4.00%
International
Benefit obligations
Discount rate	2.50%	2.40%
Rate of compensation increase	2.30%	2.40%

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
U.S.
Net periodic benefit cost
Discount rate	4.00%	4.30%	3.90%
Expected long-term rate of return	6.70%	6.70%	6.50%
Rate of compensation increase		3.00%	3.00%
International
Net periodic benefit cost
Discount rate	2.40%	2.80%	3.00%
Expected long-term rate of return	5.00%	4.30%	4.70%
Rate of compensation increase	2.40%	2.50%	2.40%

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Estimated Future Benefit Payments (Detail) $ in Millions	Dec. 31, 2017 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2018	$ 43.2
2019	38.4
2020	38.8
2021	42.2
2022	44.2
Thereafter	220.5
Total	427.3
U.S.
Defined Benefit Plan Disclosure [Line Items]
2018	13.4
2019	12.5
2020	12.0
2021	12.5
2022	13.5
Thereafter	62.3
Total	126.2
International
Defined Benefit Plan Disclosure [Line Items]
2018	29.8
2019	25.9
2020	26.8
2021	29.7
2022	30.7
Thereafter	158.2
Total	$ 301.1

Profit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans - Fair Values of Pension Plan Assets, by Asset Category and Level of Fair Values (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 776.2	$ 771.8	$ 760.3
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5.6	4.3
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	681.1	666.8
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	89.5	100.7
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	7.5	5.8
Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	5.6	4.3
Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	1.9	1.5
Cash and cash equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Fixed income funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	385.9	371.9
Fixed income funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Fixed income funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	385.9	371.9
Fixed income funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Equity funds
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	257.6	258.8
Equity funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Equity funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	257.6	258.8
Equity funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Other
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	125.2	135.3
Other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0	0.0
Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	35.7	34.6
Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 89.5	$ 100.7

Other Post-Employment Benefits and Other Employee Benefit Plans - Narrative (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Other Post-Employment Benefits and Other Employee Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Minimum age of employee for entitlement of other post retirement benefit plans	55 years
Minimum number of years of service for entitlement of other post retirement benefit plans	10 years
Accumulated post-retirement benefit obligations, weighted-average discount rate	3.40%	3.90%
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate assumed for the year	6.80%
Health care cost trend rate downgraded	5.00%
Canada Plans
Defined Benefit Plan Disclosure [Line Items]
Health care cost trend rate assumed for the year	5.00%

Other Post-Employment Benefits and Other Employee Benefit Plans - Reconciliation of Benefit Obligations, Plan Assets and Funded Status for Plans (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Change in benefit obligations:
Benefit obligation at beginning of period	$ 978.9	$ 963.0
Service cost	7.0	10.6	$ 11.4
Interest cost	22.9	26.1	30.4
Actuarial loss (gain)	27.8	81.5
Benefits paid, net	(35.5)	(39.9)
Loss due to exchange rate movements	57.6	(56.4)
Benefit obligation at end of period	906.9	978.9	963.0
Change in plan assets:
Fair value of plan assets at beginning of period	771.8	760.3
Employer contribution	28.1	17.9
Benefits paid, net	(35.5)	(39.9)
Fair value of plan assets at end of period	776.2	771.8	760.3
Net amount recognized:
Underfunded status	(130.7)	(207.1)
Accumulated benefit obligation at end of year	893.7	933.7
Net amount recognized in consolidated balance sheets consists of:
Current liability	(2.4)	(2.5)
Non-current liability	(169.4)	(182.0)
Net amount recognized	(132.7)	(166.7)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	146.1	205.0
Prior service credit	0.7	(1.2)
Total	146.8	203.8
Other Post-Employment Benefits and Other Employee Benefit Plans
Change in benefit obligations:
Benefit obligation at beginning of period	54.0	64.4
Service cost	0.1	0.2	0.8
Interest cost	1.6	1.9	2.9
Actuarial loss (gain)	1.0	(6.3)
Benefits paid, net	(4.3)	(4.3)
Settlement/curtailment	(1.2)	0.0
Loss due to exchange rate movements	0.1	0.0
Plan amendments	0.0	(1.9)
Benefit obligation at end of period	51.3	54.0	64.4
Change in plan assets:
Fair value of plan assets at beginning of period	0.0	0.0
Employer contribution	4.3	4.3
Benefits paid, net	(4.3)	(4.3)
Fair value of plan assets at end of period	0.0	0.0	$ 0.0
Net amount recognized:
Underfunded status	(51.3)	(54.0)
Accumulated benefit obligation at end of year	51.3	54.0
Net amount recognized in consolidated balance sheets consists of:
Current liability	(5.2)	(3.0)
Non-current liability	(46.1)	(51.0)
Net amount recognized	(51.3)	(54.0)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss	2.0	2.0
Prior service credit	(3.1)	(17.9)
Total	$ (1.1)	$ (15.9)

Other Post-Employment Benefits and Other Employee Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Components of net periodic benefit cost:
Service cost	$ 7.0	$ 10.6	$ 11.4
Interest cost	22.9	26.1	30.4
Amortization of net loss	6.5	7.5	7.8
Amortization of prior service credit	(0.1)	0.0	0.0
Income of settlement/curtailment	5.1	0.7	1.0
Total benefit cost	1.0	11.9	10.9
Other Post-Employment Benefits and Other Employee Benefit Plans
Components of net periodic benefit cost:
Service cost	0.1	0.2	0.8
Interest cost	1.6	1.9	2.9
Amortization of net loss	(0.2)	0.0	0.4
Amortization of prior service credit	(1.2)	(1.6)	(0.8)
Net periodic benefit cost	0.3	0.5	3.3
Income of settlement/curtailment	(13.5)	0.0	(1.2)
Total benefit cost	$ (13.2)	$ 0.5	$ 2.1

Other Post-Employment Benefits and Other Employee Benefit Plans - Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Benefit Cost (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service costs	$ 0.0
Unrecognized net actuarial loss	(3.5)
Total	(3.5)
Other Post-Employment Benefits and Other Employee Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Unrecognized prior service costs	(0.3)
Unrecognized net actuarial loss	(0.2)
Total	$ (0.5)

Other Post-Employment Benefits and Other Employee Benefit Plans - One Percentage Point Change on Assumed Healthcare Cost (Detail) - Other Post-Employment Benefits and Other Employee Benefit Plans $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Effect on total of service and interest cost components, 1% Increase	$ 0.0
Effect on post-retirement benefit obligation, 1% Increase	0.4
Effect on total of service and interest cost components, 1% Decrease	0.0
Effect on post-retirement benefit obligation, 1% Decrease	$ (0.4)

Other Post-Employment Benefits and Other Employee Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Millions	Dec. 31, 2017 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2018	$ 43.2
2019	38.4
2020	38.8
2021	42.2
2022	44.2
Thereafter	220.5
Total	427.3
Other Post-Employment Benefits and Other Employee Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
2018	5.3
2019	5.3
2020	5.1
2021	4.9
2022	4.4
Thereafter	16.5
Total	$ 41.5

Income Taxes - Narrative (Detail) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
Net tax provision	$ 330.5	$ 95.6	$ 132.6
Tax Cuts And Jobs Act Of 2017,incomplete accounting, change In tax rate, deferred tax asset, provisional income tax expense	41.1
Foreign net operating losses	151.2
State net operating loss carry forwards	21.9
State tax credits	12.1
Increase (decrease) in valuation allowance	21.5
Undistributed earnings of foreign subsidiaries	$ 3,500.0
Statutory federal tax rate	35.00%	35.00%	35.00%
Decrease in unrecognized tax benefit related to expiration of statute of limitations and settlement of audits	$ 51.7
Net increase in unrecognized tax benefit during the year		$ 31.3
Decrease in income tax provision if unrecognized tax benefits were recognized	187.7
Unrecognized interest and penalties	14.8	12.0	$ 4.0
Unrecognized penalties	4.5	3.7	0.7
Change in interest and penalties in tax accruals for uncertainties	4.0	5.6	0.6
Unrecognized tax benefits	214.3	$ 162.6	$ 131.3	$ 18.9
Minimum
Income Tax Contingency [Line Items]
Reduction in unrecognized tax benefit in the next 12 months	$ 0.0
Examination of income tax return	3 years
Income tax return in foreign jurisdictions	3 years
Maximum
Income Tax Contingency [Line Items]
Reduction in unrecognized tax benefit in the next 12 months	$ 53.0
Examination of income tax return	5 years
Income tax return in foreign jurisdictions	5 years
Federal
Income Tax Contingency [Line Items]
Tax credit carryforwards amount	$ 98.8
State And Local Jurisdiction
Income Tax Contingency [Line Items]
State net operating loss carry forwards	738.6
Tax credit carryforwards amount	$ 15.4
State And Local Jurisdiction \| Minimum
Income Tax Contingency [Line Items]
Operating loss carryforwards expiration, years	1 year
State And Local Jurisdiction \| Maximum
Income Tax Contingency [Line Items]
Operating loss carryforwards expiration, years	20 years
Foreign Country
Income Tax Contingency [Line Items]
Foreign net operating loss carryforwards	$ 650.3
Tax credit carryforwards amount	2.6
Domestic Tax Authority [Member]
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 204.7

Income Taxes - Components of Earnings Before Income Tax Provision (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Domestic	$ 192.1	$ 175.9	$ 115.8
Foreign	201.2	212.0	175.6
Earnings before income tax provision	$ 393.3	$ 387.9	$ 291.4

Income Taxes - Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current tax expense:
Federal	$ 79.6	$ 57.6	$ 44.7
State and local	14.3	1.2	8.4
Foreign	106.0	67.3	49.0
Total current expense	199.9	126.1	102.1
Deferred tax expense (benefit):
Federal	130.1	(15.8)	10.7
State and local	5.3	3.6	10.9
Foreign	(4.8)	(18.3)	8.9
Total deferred tax expense (benefit)	130.6	(30.5)	30.5
Total income tax provision	$ 330.5	$ 95.6	$ 132.6

Income Taxes - Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Restructuring reserves	$ 2.7	$ 6.6
Accruals not yet deductible for tax purposes	10.7	8.4
Net operating loss carryforwards	199.4	188.4
Foreign, federal and state credits	69.2	51.5
Employee benefit items	69.6	132.1
Capitalized expenses	10.8	45.7
Derivatives and other	23.7	0.0
Sub-total deferred tax assets	386.1	432.7
Valuation allowance	(189.2)	(167.7)
Total deferred tax assets	196.9	265.0
Depreciation and amortization	(13.9)	(24.7)
Unremitted foreign earnings	(9.0)	(22.2)
Intangibles	(26.3)	(23.6)
Other	0.0	(2.2)
Total deferred tax liabilities	(49.2)	(72.7)
Net deferred tax assets	$ 147.7	$ 192.3

Income Taxes - Federal Statutory Corporate Tax Rate Reconciles to Our Effective Income Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Computed expected tax	$ 137.7	$ 135.9	$ 102.0
State income taxes, net of federal tax benefit	7.6	4.8	12.5
Foreign earnings taxed at lower rates	(22.3)	(22.4)	(22.6)
U.S. tax on foreign earnings	72.3	10.7	(0.5)
Foreign tax credits	(12.1)	(30.3)	(5.3)
Unremitted foreign earnings	0.0	9.4	86.0
Reorganization and divestitures	75.9	0.0	67.9
Net change in valuation allowance	(2.0)	(47.8)	47.8
Net change in unrecognized tax benefits	33.4	16.0	75.3
U.S.Tax Reform	41.1	0.0	0.0
Deferred tax adjustments	14.1	47.1	(75.6)
Other	(15.2)	(9.0)	17.1
Total income tax provision	$ 330.5	$ 95.6	$ 132.6
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Computed expected tax, percentage	35.00%	35.00%	35.00%
State income taxes, net of federal tax benefit, percentage	1.90%	1.20%	4.30%
Foreign earnings taxed at lower rates, percentage	(5.70%)	(5.80%)	(7.80%)
U.S. tax on foreign earnings, percentage	18.40%	2.80%	(0.20%)
Foreign tax credits, percentage	(3.10%)	(7.80%)	(1.80%)
Unremitted foreign earnings, percentage	(0.00%)	2.40%	29.50%
Reorganization and divestitures	19.30%	0.00%	23.30%
Net change in valuation allowance	(0.50%)	(12.30%)	16.40%
Net change in unrecognized tax benefits	8.50%	4.10%	25.80%
U.S.Tax Reform	10.40%	0.00%	0.00%
Deferred tax adjustments	3.60%	12.10%	(25.90%)
Other	(3.80%)	(2.30%)	5.90%
Income tax expense and rate	84.00%	24.60%	45.50%

Income Taxes - Unrecognized Tax Benefits and Effect on Effective Income Tax Rate (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance of unrecognized tax benefits	$ 162.6	$ 131.3	$ 18.9
Additions for tax positions of current year	7.3	11.1	1.2
Additions for tax positions of prior years	49.3	23.4	111.8
Reductions for tax positions of prior years	(4.3)	(1.4)	(0.6)
Reductions for lapses of statutes of limitation	(0.6)	(1.8)	0.0
Ending balance of unrecognized tax benefits	$ 214.3	$ 162.6	$ 131.3

Commitments and Contingencies - Narrative (Detail) $ / shares in Units, € in Millions, $ in Millions				1 Months Ended		12 Months Ended
	Jun. 13, 2014 USD ($) $ / shares shares	Feb. 03, 2014 USD ($) shares	May 25, 2010 EUR (€)	Mar. 31, 2007 shares	Feb. 28, 2002 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2002 USD ($) shares	Jul. 03, 2014 EUR (€)	Sep. 19, 2008 Trust
Loss Contingencies [Line Items]
Original number of shares expected to be issued under settlement agreement, adjusted \| shares				18,000,000
Cash payment for settlements from cash and cash equivalents		$ 555.0
Cash payment for settlements from borrowings		260.0
Cash payment for settlements from receivables securitization		115.0
Common stock repurchase value						$ 2,700.6	$ 1,478.1
Settlement agreement (as defined therein) and tax deduction								$ 1,490.0
Original number of shares expect to be issued under settlement agreement \| shares									9,000,000
Charge covering a cash payment that will be required to make under settlement agreement upon the effectiveness of an appropriate plan of reorganization									$ 513.0
Percentage of annual interest that accrues on Settlement agreement charges from December 21, 2002 to the date of payment									5.50%
Stock split ratio				2
Establishment of asbestos trust under Section 524(g) \| Trust											2
Charges accrued for potential liabilities					$ 172.0
Loss contingency liability						13.0				€ 10
Charges related to development grant matter								14.0
Principal contractual obligations including agreements to purchase an estimated amount of goods, including raw materials, or services						67.8
Asset retirement obligation liabilities						11.0	10.0
Property and equipment, net						998.4	889.6
Accretion expense						0.3
Net rental expense						12.1	27.5	$ 28.7
Buildings
Loss Contingencies [Line Items]
Property and equipment, net						3.7	3.5
Leasehold Improvements
Loss Contingencies [Line Items]
Property and equipment, net						$ 7.3	$ 6.5
Italian Ministry of Economic Development \| Italy
Loss Contingencies [Line Items]
Repayment of grant monies \| €			€ 5
WRG Asbestos PI Trust and WRG Asbestos PD Trust
Loss Contingencies [Line Items]
Cash payments under settlement agreement		$ 929.7
WRG Asbestos PI Trust
Loss Contingencies [Line Items]
Original number of shares expected to be issued under settlement agreement, adjusted \| shares		18,000,000
Common stock repurchase value	$ 130.0
Number of common stock shares repurchased \| shares	3,932,244
Common stock repurchase (price per share) \| $ / shares	$ 33.06

Commitments and Contingencies - Estimated Future Cash Outlays Related to Principal Contractual Obligations (Detail) $ in Millions	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 62.9
2019	2.5
2020	2.4
Thereafter	0.0
Total	67.8
Obligations includes agreement to pay in lieu of certain future royalty paymentsAmount	$ 45.0

Commitments and Contingencies - Estimated Future Minimum Annual Rental Commitments Under Non-Cancelable Real and Personal Property Leases (Detail) $ in Millions	Dec. 31, 2017 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2018	$ 10.6
2019	7.9
2020	6.0
2021	3.4
2022	1.3
Thereafter	1.9
Total	$ 31.1

Stockholders' Equity - Repurchase of Common Stock (Detail) - USD ($)	1 Months Ended		4 Months Ended	12 Months Ended
	Feb. 20, 2018	Sep. 30, 2017	Aug. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 30, 2017	May 31, 2017	Mar. 31, 2017	Jul. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Treasury stock value				$ 1,302,100,000	$ 217,000,000	$ 802,000,000
Treasury stock value				$ 2,700,600,000	$ 1,478,100,000
Common stock in treasury, shares				61,485,423	34,156,355	29,612,337					14,151,759
July 2015 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock repurchase program, authorized amount										$ 1,500,000,000.0
Stock repurchase program, additional authorized amount									$ 1,500,000,000.0
Number of common stock shares repurchased				27,320,816
Treasury stock value				$ 1,200,000,000
Common stock repurchase (price per share)				$ 45.44
Common Stock Repurchase Set Two \| Share Trading Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of common stock shares repurchased					4,680,313
Treasury stock value					$ 217,000,000
Common stock repurchase (price per share)					$ 46.36
Common Stock Repurchase Set One \| Share Trading Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of common stock shares repurchased				8,169,390
Treasury stock value				$ 370,500,000
Common stock repurchase (price per share)				$ 45.35
Accelerated Share Repurchase Agreement
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Stock repurchase program, authorized amount		$ 400,000,000.0		$ 400,000,000.0			$ 400,000,000.0
Number of common stock shares repurchased		9,147,415	2,914,955
Treasury stock value				$ 320,000,000
Common stock repurchase (price per share)		$ 43.73	$ 44.47
Treasury stock value								$ 150,000,000
Share repurchase program, remaining authorized repurchase amount			$ 129,600,000
Common stock in treasury, shares				7,089,056
Subsequent Event \| Accelerated Share Repurchase Agreement
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Common stock repurchase (price per share)	$ 48.14
Common stock in treasury, shares	8,308,692

Stockholders' Equity - Summary of Cash Dividends Paid (Detail) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended			36 Months Ended
	Feb. 14, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Feb. 09, 2018
Equity [Abstract]
Total Cash Dividends Paid		$ 119.7	$ 121.6	$ 106.8	$ 348.1
Total Cash Dividends Paid Per Common Share (in usd per share)		$ 0.64	$ 0.61	$ 0.52
Subsequent Event [Line Items]
Dividends declared date		Feb. 14, 2018
Dividends per share on common stock		$ 0.64	$ 0.61	$ 0.52
Dividends declared payable date		Mar. 16, 2018
Dividends declared date of record		Mar. 02, 2018
Common stock, shares outstanding		168,595,521	193,482,383	196,013,299	193,482,383
Subsequent Event
Subsequent Event [Line Items]
Dividends per share on common stock	$ 0.16
Estimated dividend payment						$ 26.8
Common stock, shares outstanding						167,000,000

Stockholders' Equity - Summary of Changes in Common Stock and Common Stock in Treasury (Detail) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares, beginning of year	227,638,738	225,625,636	224,683,653
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	480,283	481,834	419,844
Forfeited or expired (in shares)	(184,235)	(89,699)	(185,056)
Shares issued for vested restricted stock units	607,231	179,826	172,071
Number of shares issued, end of year	230,080,944	227,638,738	225,625,636
Number of shares held, beginning of year	34,156,355	29,612,337	14,151,759
Number of shares held, end of year	61,485,423	34,156,355	29,612,337
Number of common stock outstanding, end of year	168,595,521	193,482,383	196,013,299
Common Stock in Treasury
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Repurchase of common stock (in shares)	27,320,816	4,680,313	16,123,111
Profit sharing contribution paid in stock (in shares)	(502,519)	(830,613)	(787,463)
Restricted stock shares forfeitures transferred to Omnibus Incentive Plan Reserve	0	0	(75,638)
Restricted stock shares, forfeited	0	(1,813)	0
Shares withheld for taxes	510,771	696,131	200,568
2002 Directors Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors	15,768	21,537	20,246
2012 President and COO Four-year Incentive Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	0	325,000	0
2014 Special PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	749,653	0	0
Number of units granted (in shares)	641,480
2014 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	636,723	0	0
2013 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	0	1,074,017	0
2012 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards under the Omnibus Incentive Plan and 2005 Contingent Stock Plan	0	0	442,985
SLO Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of units granted (in shares)	136,783	20,587	71,893

Stockholders' Equity - Summary of Changes in Common Shares Available for Awards under Omnibus Incentive Plan and Predecessor Plans (Detail) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	May 22, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares forfeited	184,235	89,699	185,056
Omnibus Incentive Plan and 2005 Contingent Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of shares available, beginning of year	5,385,870	7,694,739	8,775,994
Restricted stock shares issued for new awards	(480,283)	(481,834)	(419,844)
Shares withheld for taxes	101,767	0	0
Number of shares available, end of year	3,668,954	5,385,870	7,694,739
2012 President and COO Four-year Incentive Compensation
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	0	(325,000)	0
2014 Special PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	(749,653)	0	0
2014 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	(636,723)	0	0
2013 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	0	(1,074,017)	0
2012 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	0	0	(442,985)
2002 Directors Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Director shares granted and issued	(15,491)	(18,022)	(20,246)
Director units granted and deferred (in shares)	(17,008)	(17,447)	(925)
2014 Special PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	(641,480)
2014 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
The maximum number of shares of Common Stock authorized				4,250,000
P S U And S L O Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Contingently issuable shares	2,200,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	(44,254)
Restricted Stock \| Omnibus Incentive Plan and 2005 Contingent Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares forfeited	184,235	87,886	185,056
Restricted Stock Units (RSUs) \| Omnibus Incentive Plan and 2005 Contingent Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	(351,946)	(428,595)	(300,085)
Restricted stock shares forfeited	288,801	29,774	38,100
Restricted Stock Units RSU SLO Awards \| Omnibus Incentive Plan and 2005 Contingent Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	(44,254)	(81,614)	(134,078)
SLO Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares issued for new awards	(136,783)	(20,587)	(71,893)
SLO Awards \| Omnibus Incentive Plan and 2005 Contingent Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock shares forfeited	3,639	0	13,752

Stockholders' Equity - Summarizes the Company's Pre-tax Share-based Incentive Compensation Expense and Income Tax Benefit (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	$ 48.5	$ 62.9	$ 61.2
Associated tax benefits recognized	11.8	19.7	18.6
2017 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	9.8	0.0	0.0
2017 COO and Chief Executive Officer-Designate 2017 New Hire Equity Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	0.1	0.0	0.0
2016 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	2.0	6.3	0.0
2016 President and CEO Inducement Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	0.5	0.5	0.0
2015 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	(0.8)	3.5	4.7
2014 Special PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	3.2	8.8	15.7
Share-based compensation expense settled in cash	1.0
2014 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	0.0	4.9	7.0
2013 Three-year PSU Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	0.0	0.0	4.7
2012 President and COO Four-year Incentive Compensation
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	0.0	0.2	0.3
SLO Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	1.1	2.5	3.7
Other long-term share-based incentive compensation programs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based incentive compensation expense	$ 32.6	$ 36.2	$ 25.1

Stockholders' Equity - Summary of Unvested Restricted Stock and Restricted Stock Unit (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	(607,231)	(179,826)	(172,071)
Forfeited or expired (in shares)	(184,235)	(89,699)	(185,056)
Restricted Stock Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at beginng of period (in shares)	1,317,138
Shares issued	480,283
Vested (in shares)	(567,770)
Forfeited or expired (in shares)	(184,235)
Non-vested at end of period (in shares)	1,045,416	1,317,138
Non-vested, Weighted- Average per Share Fair value on Grant Date, beginning of period (in usd per share)	$ 40.13
Fair value on grant date (in usd per share)	47.00
Vested (in usd per share)	34.33
Restricted stock forfeited or expired, Weighted- Average per Share Fair Value on Grant Date during the year	45.54
Non-vested, Weighted- Average per Share Fair Value on Grant Date, end of period (in usd per share)	$ 45.21	$ 40.13
Aggregate Intrinsic Value	$ 26.6
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at beginng of period (in shares)	1,101,444
Shares issued	351,946
Vested (in shares)	(607,231)
Forfeited or expired (in shares)	(288,737)
Non-vested at end of period (in shares)	557,422	1,101,444
Non-vested, Weighted- Average per Share Fair value on Grant Date, beginning of period (in usd per share)	$ 40.11
Fair value on grant date (in usd per share)	46.75
Vested (in usd per share)	36.96
Restricted stock forfeited or expired, Weighted- Average per Share Fair Value on Grant Date during the year	43.66
Non-vested, Weighted- Average per Share Fair Value on Grant Date, end of period (in usd per share)	$ 45.34	$ 40.11
Aggregate Intrinsic Value	$ 28.3

Stockholders' Equity - Summary of Vested Restricted Stock (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock shares vested	$ 19.5	$ 10.0	$ 10.2
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock shares vested	$ 22.4	$ 5.2	$ 3.0

Stockholders' Equity - Summary of Unrecognized Compensation Cost for Non-vested Restricted Shares (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs of non-vested cash awards excluded	$ 1.2
Weighted average remaining contractual life (in years)	1 year 2 months 12 days
Current liabilities	$ 1.0
Non-current liabilities	1.0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 21.0
Weighted Average to be recognized (in years)	1 year 3 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 11.3
Weighted Average to be recognized (in years)	1 year 3 months 18 days

Stockholders' Equity - PSU Awards (Detail)	12 Months Ended
Stockholders' Equity - PSU Awards (Detail)	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target level for the determination of performance goals and measures	100.00%
Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Three-year PSU Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares to be issued as percentage of target shares under performance incentive plan	0.00%
Three-year PSU Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares to be issued as percentage of target shares under performance incentive plan	200.00%
2015 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average return on total shareholders	35.00%	50.00%
Target level for the determination of performance goals and measures for adjusted EBITDA goal	65.00%	50.00%
2016 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average return on total shareholders	34.00%
Target level for the determination of performance goals and measures for adjusted EBITDA goal	65.00%
2017 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target level for the determination of performance goals and measures for adjusted EBITDA goal	33.00%
Target Level For Performance Goals Measure Achieved, three Year Compound Annual Growth Rate Of Net Trade Sales	33.00%
Target level for performance goals measure, three year compound annual growth rate of net trade sales	100.00%
PSUs – Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Target level for the determination of performance goals and measures	100.00%

Stockholders' Equity - Summary of Number of PSUs Granted Based on Adjusted EBITDA and Grant Date Fair Value (Detail) - PSUs – Adjusted EBITDA - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	99,522	165,391	158,964
Fair value on grant date (in usd per share)	$ 45.21	$ 43.09	$ 46.05

Stockholders' Equity - Summary of Number of PSUs granted and Assumptions Used to Calculate the Grant Date Fair Value Based on Total Shareholder Return (Detail) - PSUs – Total Shareholder Return - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)	100,958	124,755	65,796
Fair value on grant date (in usd per share)	$ 44.24	$ 54.94	$ 59.91
Expected price volatility, percent	25.31%	26.69%	29.90%
Risk-free interest rate	1.56%	0.98%	1.05%

Stockholders' Equity - Number of PSUs Granted Based On Net Trade Sales Growth and Grant Date Fair Value (Details) - PSU Awards	12 Months Ended
	Dec. 31, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares) \| shares	300,002
Fair value on grant date (in usd per share) \| $ / shares	$ 44.88
Net Trade Sales Growth
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares) \| shares	99,522
Fair value on grant date (in usd per share) \| $ / shares	$ 45.21

Stockholders' Equity - Summary of Estimated Earned Payout (Detail)	12 Months Ended
	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Payout Combined	200.00%
2017 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target level for performance goals measure, three year compound annual growth rate of net trade sales	100.00%
Estimated Payout on Adjusted EBITDA	100.00%
Estimated Payout on TSR	100.00%
Estimated Payout Combined	100.00%
2016 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Payout on Adjusted EBITDA	59.00%
Estimated Payout on TSR	0.00%
Estimated Payout Combined	30.00%
2015 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated Payout on Adjusted EBITDA	73.00%
Estimated Payout on TSR	73.00%
Estimated Payout Combined	73.00%

Stockholders' Equity - Summary of Activity for Outstanding Three-year PSU Awards (Detail) - PSU Awards $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at beginning of period	827,712
Granted	300,002
Converted	(325,178)
Forfeited or expired	(139,605)
Outstanding at end of period	662,931
Aggregate Intrinsic Value, converted \| $	$ 30.0
Fully vested at end of period	543,975
Aggregate Intrinsic Value, Fully vested at end of period \| $	$ 26.8
Maximum
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Performance units granted percentage	200.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Performance units granted percentage	0.00%

Stockholders' Equity - Summary of Activity for Non-vested Three-year PSU awards (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Vested (in shares)	(607,231)	(179,826)	(172,071)
Forfeited or expired (in shares)	(184,235)	(89,699)	(185,056)
PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Non-vested at beginng of period (in shares)	459,014
Shares issued	300,002
Vested (in shares)	(500,455)
Forfeited or expired (in shares)	(139,605)
Non-vested at end of period (in shares)	118,956	459,014
Weighted-Average per Share Fair Value on Grant Date
Non-vested, Weighted- Average per Share Fair value on Grant Date, beginning of period (in usd per share)	$ 49.55
Granted (in usd per share)	44.88
Forfeited or expired (in usd per share)	46.43
Vested (in usd per share)	47.89
Non-vested, Weighted- Average per Share Fair Value on Grant Date, end of period (in usd per share)	$ 48.40	$ 49.55

Stockholders' Equity - Schedule of Fair Value of Vested for Three-year PSU Awards (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of three-year PSU awards vested	$ 24.0	$ 14.3	$ 20.1

Stockholders' Equity - Summary of Unrecognized Compensation Cost for Three-year PSU Awards and Weighted Average Period (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($)
2017 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 2.1
Weighted Average to be recognized (in years)	2 years
2016 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 0.5
Weighted Average to be recognized (in years)	1 year
2015 Three-year PSU Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 0.0
Weighted Average to be recognized (in years)	0 years

Stockholders' Equity - New Hire Equity Awards, Inducement Awards, Incentive Compensation and Other Awards (Details)
$ / shares in Units, $ in Millions

1 Months Ended

12 Months Ended

Sep. 18, 2017

$ / shares

Aug. 04, 2017

$ / shares

Jan. 15, 2016

award

Feb. 28, 2017

USD ($)

Dec. 31, 2017

USD ($)

$ / shares

Dec. 31, 2016

USD ($)

Dec. 31, 2015

USD ($)

Target level for the determination of performance goals and measures

100.00%

Additional awards of restricted stock | award

Shares issued based on completion of performance conditions

480,283

481,834

419,844

Expected achievement of award

200.00%

Liability-classified | $

$ 1,378.2

$ 2,119.0

Expense related to the SLO program | $

$ 44.9

59.9

$ 61.2

^[1]

Share Based Compensation Expense Recognized Period

15 months

2017 Three-year PSU Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expected achievement of award

100.00%

Target Level For Performance Goals Measure Achieved, three Year Compound Annual Growth Rate Of Net Trade Sales

33.00%

Unrecognized compensation expense | $

$ 2.1

Weighted-average remaining contractual life

2 years

Performance Vesting Inducement Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value on grant date (in usd per share) | $ / shares

75,000

$ 12.55

Target level for the determination of performance goals and measures

100.00%

Performance period

2 years

Expected price volatility, percent

24.60%

Risk-free interest rate

0.92%

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value of three-year PSU awards vested | $

44,254

$ 19.5

$ 10.0

$ 10.2

Unrecognized compensation expense | $

$ 21.0

Weighted-average remaining contractual life

1 year 3 months 18 days

Time Vesting New Hire Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value on grant date (in usd per share) | $ / shares

30,000

$ 42.89

2017 Performance-vesting New Hire Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value on grant date (in usd per share) | $ / shares

70,000

$ 10.63

Target level for the determination of performance goals and measures

100.00%

Expected price volatility, percent

25.00%

Risk-free interest rate

1.60%

Time Vesting Inducement Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value on grant date (in usd per share) | $ / shares

75,000

$ 39.95

2014 Three-year PSU Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares issued based on completion of performance conditions

636,723

2014 Special PSU Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value on grant date (in usd per share) | $ / shares

641,480

$ 32.10

Shares issued based on completion of performance conditions

749,653

Fair value of three-year PSU awards vested | $

$ 20.6

Aggregate Intrinsic Value | $

$ 35.3

PSU awards performance period

3 years

Percentage of reduction in amount earned based on free cash flow performance

25.00%

P S Us earned paid out period

2 years

Expected price volatility, percent

32.90%

Risk-free interest rate

0.68%

Shares to be issued as percentage of target shares under performance incentive plan

200.00%

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period

749,653

Liability-classified | $

$ 3.9

Shareholder Return

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value on grant date (in usd per share) | $ / shares

213,827

$ 13.73

SLO Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Increments of cash bonus, percent

136,783

20,587

71,893

25.00%

Stock award premium, percent

25.00%

Restricted stock shares and restricted stock units included in SLO Award target

21,490

Expense related to the SLO program | $

$ 1.1

$ 2.5

$ 3.7

Performance Share Unit Awards For Acquisitions

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Expense related to the SLO program | $

30,506

$ 0.1

Tranche One | Performance Vesting Inducement Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cumulative total stockholder return

25.00%

Tranche One | 2017 Performance-vesting New Hire Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cumulative total stockholder return

33.00%

Minimum | Tranche One | Performance Vesting Inducement Award

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Minimum | Tranche One | 2017 Performance-vesting New Hire Award

$ 43.70

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Minimum | Tranche Two | Performance Vesting Inducement Award

$ 60.00

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Minimum | Tranche Two | 2017 Performance-vesting New Hire Award

$ 55.00

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

2012 President and COO Four-year Incentive Compensation

$ 75.00

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Discontinued Operations, Held-for-sale | 2014 Special PSU Awards | Diversey Care

325,000

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Fair value on grant date (in usd per share) | $ / shares

$ 43.49

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

Stockholders' Equity - Summary of Assumptions Used to Calculate Grant Date Fair Value New Hire Award (Details) - 2017 Performance-vesting New Hire Award	Sep. 18, 2017 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value on grant date (in usd per share)	$ 10.63
Expected price volatility, percent	25.00%
Risk-free interest rate	1.60%

Stockholders' Equity - Summary of Assumptions Used to Calculate the Grant Date Fair Value inducement Award (Detail) - 2016 Performance - Vesting Inducement Award	12 Months Ended
	Dec. 31, 2017 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout Of Award for Projected Achievement of Target, Percent	0.00%
Fair value on grant date (in usd per share)	$ 12.55
Expected price volatility, percent	24.60%
Risk-free interest rate	0.92%

Accumulated Other Comprehensive (Loss) Income - Details of Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 609.7
Other comprehensive (loss) income before reclassifications	96.4	$ (107.3)
Less: amounts reclassified from accumulated other comprehensive income (loss)	7.8	(21.8)
Other comprehensive income (loss), net of taxes	104.2	(129.1)	$ (206.2)
Balance at end of period	152.3	609.7
Intra-entity foreign currency translation adjustment	(694.4)	(701.9)
Unrecognized pension items written off	173.4
Cumulative translation adjustment written off	454.7
Unrecognized Pension Items
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(276.7)	(266.0)
Other comprehensive (loss) income before reclassifications	167.1	(18.0)
Less: amounts reclassified from accumulated other comprehensive income (loss)	6.2	7.3
Other comprehensive income (loss), net of taxes	173.3	(10.7)
Balance at end of period	(103.4)	(276.7)	(266.0)
Cumulative Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(701.9)	(564.0)
Other comprehensive (loss) income before reclassifications	7.5	(91.9)
Less: amounts reclassified from accumulated other comprehensive income (loss)	0.0	(46.0)
Other comprehensive income (loss), net of taxes	7.5	(137.9)
Balance at end of period	(694.4)	(701.9)	(564.0)
Cumulative Translation Adjustment \| Intra-entity transactions
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Intra-entity foreign currency translation adjustment	(78.2)	(8.3)	31.1
Unrecognized Gains (Losses) on Derivative Instruments \| Net Investment Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	21.0	1.7
Other comprehensive (loss) income before reclassifications	(67.8)	19.3
Less: amounts reclassified from accumulated other comprehensive income (loss)	0.0
Other comprehensive income (loss), net of taxes	(67.8)	19.3
Balance at end of period	(46.8)	21.0	1.7
Unrecognized Gains (Losses) on Derivative Instruments \| Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	8.5	8.3
Other comprehensive (loss) income before reclassifications	(10.4)	(16.7)
Less: amounts reclassified from accumulated other comprehensive income (loss)	1.6	16.9
Other comprehensive income (loss), net of taxes	(8.8)	0.2
Balance at end of period	(0.3)	8.5	8.3
Accumulated Other Comprehensive Income (Loss), Net of Taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(949.1)	(820.0)
Balance at end of period	$ (844.9)	$ (949.1)	$ (820.0)

Accumulated Other Comprehensive (Loss) Income - Detail of Amounts Reclassified from Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Accumulated Other Comprehensive Income Loss [Line Items]

Other income (expense), net

$ (7.8)

$ 21.8

0.0

(46.0)

$ 0.0

^[1]

(18.5)

(0.7)

2.0

Net earnings from discontinued operations, net of tax

$ 0.1

$ 25.7

$ 75.1

$ 10.5

111.4

^[2]

194.1

^[2]

176.6

^[2]

Interest expenses

(201.8)

(199.4)

(211.0)

Earnings before income tax provision

393.3

387.9

291.4

Tax (expense) benefit

(330.5)

(95.6)

(132.6)

Net earnings from continuing operations

$ 25.0

$ 62.5

$ 29.0

$ (53.7)

$ 151.3

$ 63.7

$ 2.0

$ 75.3

62.8

292.3

158.8

Defined benefit pension plans and other post-employment benefits

Accumulated Other Comprehensive Income Loss [Line Items]

Reclassifications from cumulative translation adjustment

(6.2)

(7.3)

Accumulated Other Comprehensive Income Loss [Line Items]

Reclassification out of Accumulated Other Comprehensive Income

0.0

46.0

Accumulated Other Comprehensive Income Loss [Line Items]

Reclassification out of Accumulated Other Comprehensive Income | Prior service costs

(7.8)

21.8

16.3

Accumulated Other Comprehensive Income Loss [Line Items]

Reclassification out of Accumulated Other Comprehensive Income | Actuarial losses

1.3

1.6

0.7

Accumulated Other Comprehensive Income Loss [Line Items]

Reclassification out of Accumulated Other Comprehensive Income | Defined benefit pension plans and other post-employment benefits

(10.0)

(11.2)

(11.1)

Accumulated Other Comprehensive Income Loss [Line Items]

(8.7)

(9.6)

(10.4)

Tax (expense) benefit

2.5

2.3

Reclassification out of Accumulated Other Comprehensive Income | Defined benefit pension plans and other post-employment benefits | Diversey Care

(6.2)

(7.3)

(8.1)

Accumulated Other Comprehensive Income Loss [Line Items]

Reclassification out of Accumulated Other Comprehensive Income | Reclassifications from cumulative translation adjustment

3.7

3.8

3.1

Accumulated Other Comprehensive Income Loss [Line Items]

0.0

46.0

0.0

Reclassification out of Accumulated Other Comprehensive Income | Net gains losses) on cash flow hedging derivatives

Accumulated Other Comprehensive Income Loss [Line Items]

Earnings before income tax provision

(2.4)

(25.2)

35.4

Tax (expense) benefit

0.8

8.3

(11.0)

Net earnings from continuing operations

(1.6)

(16.9)

24.4

Reclassification out of Accumulated Other Comprehensive Income | Net gains losses) on cash flow hedging derivatives | Foreign currency forward contracts

Accumulated Other Comprehensive Income Loss [Line Items]

Other income (expense), net

0.9

0.6

9.6

Reclassification out of Accumulated Other Comprehensive Income | Net gains losses) on cash flow hedging derivatives | Interest rate and currency swaps

Accumulated Other Comprehensive Income Loss [Line Items]

Net earnings from discontinued operations, net of tax

(3.4)

(25.9)

25.7

Reclassification out of Accumulated Other Comprehensive Income | Net gains losses) on cash flow hedging derivatives | Treasury locks

Accumulated Other Comprehensive Income Loss [Line Items]

Interest expenses

$ 0.1

[1]

During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

[2]

Other (Expense) Income, net - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Other Income and Expenses [Abstract]
Net foreign exchange transaction (loss) gain	$ (5.9)	$ 8.3	$ 7.3
Bank fee expense	(5.8)	(5.4)	(5.7)
Net (loss) gain on disposals of property and equipment and other	(0.7)	(1.4)	0.1
Other, net	(6.1)	(2.2)	0.3
Other (expense) income, net	$ (18.5)	$ (0.7)	$ 2.0

Net Earnings per Common Share - Calculation of Basic and Diluted Net Earnings Per Common Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Numerator

Distributed and allocated undistributed net earnings to non-vested restricted stockholders

$ (33.5)

$ 787.5

$ 104.1

$ (43.2)

$ 171.1

$ 163.2

$ 49.6

$ 102.5

$ 814.9

$ 486.4

$ 335.4

^[1]

(4.9)

(3.4)

(2.2)

Distributed and allocated undistributed net earnings to common stockholders

810.0

483.0

333.2

Distributed net earnings - dividends paid to common stockholders

(118.7)

(106.2)

Allocation of undistributed net earnings to common stockholders

$ 691.3

$ 364.3

$ 227.0

Denominator

Weighted average number of common shares outstanding - basic

186.9

194.3

203.9

Basic net earnings per common share

Distributed net earnings to common stockholders (in dollars per share)

$ 0.64

$ 0.61

$ 0.52

Allocated undistributed net earnings to common stockholders (in dollars per share)

3.69

1.88

1.11

Net earnings per common share - basic (in dollars per share)

$ (0.19)

$ 4.19

$ 0.53

$ (0.22)

$ 0.88

$ 0.84

$ 0.25

$ 0.52

$ 4.33

$ 2.49

$ 1.63

Numerator

Distributed and allocated undistributed net earnings to common stockholders

$ 810.0

$ 483.0

$ 333.2

Add: Allocated undistributed net earnings to unvested restricted stockholders

4.3

2.6

1.6

Less: Undistributed net earnings reallocated to non-vested restricted stockholders

(4.3)

(2.6)

(1.6)

Net earnings available to common stockholders - diluted

$ 810.0

$ 483.0

$ 333.2

Denominator

Weighted average number of common shares outstanding - basic

186.9

194.3

203.9

Effect of contingently issuable shares

0.7

1.2

1.3

Effect of unvested restricted stock units (in shares)

0.7

Weighted average number of common shares outstanding - diluted under two-class

188.3

196.2

205.9

Effect of unvested restricted stock - participating security (in shares)

0.6

1.0

0.8

Weighted average number of common shares outstanding - diluted under treasury stock

188.9

197.2

206.7

Net earnings per common share - diluted (in dollars per share)

$ (0.19)

$ 4.15

$ 0.52

$ (0.22)

$ 0.87

$ 0.83

$ 0.25

$ 0.52

$ 4.29

$ 2.46

$ 1.62

[1]	During the first quarter of 2015, the Company received the tax refund of $235.2 million related to the Settlement agreement payment. See Note 16 “Income Taxes” of the Notes to Consolidated Financial Statements for further discussion of the out-of-period adjustment.

Net Earnings per Common Share - Additional Information (Detail) - shares shares in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted (in shares)	188.9	197.2	206.7
Performance Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted (in shares)	1.0	1.0	1.0

Summarized Quarterly Financial Information (Unaudited) (Details) - USD ($)
$ / shares in Units, $ in Millions

3 Months Ended

12 Months Ended

Sep. 06, 2017

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Net sales

$ 1,227.8

$ 1,131.3

$ 1,070.3

$ 1,032.2

$ 1,101.4

$ 1,065.1

$ 1,038.9

$ 1,005.9

$ 4,461.6

$ 4,211.3

$ 4,410.3

Gross profit

374.4

362.1

344.3

336.4

362.9

356.7

349.7

335.6

1,417.2

1,404.9

1,455.2

Net (loss) earnings from continuing operations

25.0

62.5

29.0

(53.7)

151.3

63.7

2.0

75.3

62.8

292.3

158.8

Gain on sale of discontinued operations, net of taxes

$ 640.7

(58.6)

699.3

0.0

19.8

99.5

47.6

27.2

640.7

0.0

Net earnings from discontinued operations, net of tax

0.1

25.7

75.1

10.5

111.4

^[1]

194.1

^[1]

176.6

^[1]

$ (33.5)

$ 787.5

$ 104.1

$ (43.2)

$ 171.1

$ 163.2

$ 49.6

$ 102.5

$ 814.9

$ 486.4

$ 335.4

^[2]

$ 0.14

$ 0.33

$ 0.14

$ (0.27)

$ 0.78

$ 0.33

$ 0.01

$ 0.38

$ 0.34

$ 1.50

$ 0.78

Net earnings per common share - basic (in dollars per share)

(0.33)

3.86

0.39

0.05

0.10

0.51

0.24

0.14

3.99

^[1]

0.99

^[1]

0.85

^[1]

(0.19)

4.19

0.53

(0.22)

0.88

0.84

0.25

0.52

4.33

2.49

1.63

0.14

0.33

0.14

(0.27)

0.77

0.32

0.01

0.38

0.33

1.48

0.77