AXALTA COATING SYSTEMS LTD., 10-K filed on 2/29/2016
Annual Report
Document and Entity Information (USD $)
In Billions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Feb. 15, 2016
Jun. 30, 2015
Document And Entity Information [Abstract]
 
 
 
Entity Registrant Name
Axalta Coating Systems Ltd. 
 
 
Trading Symbol
AXTA 
 
 
Entity Central Index Key
0001616862 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2015 
 
 
Document Fiscal Year Focus
2015 
 
 
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)
FY 
 
 
Amendment Flag
false 
 
 
Entity Common Stock, Shares Outstanding
 
238,295,641 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Public Float
 
 
$ 5.2 
Consolidated (Successor) and DuPont Performance Coatings Combined (Predecessor) Statements of Operations (USD $)
Share data in Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Sep. 30, 2015
Successor [Member]
Jun. 30, 2015
Successor [Member]
Mar. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Sep. 30, 2014
Successor [Member]
Jun. 30, 2014
Successor [Member]
Mar. 31, 2014
Successor [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Net sales
 
 
 
 
 
 
 
 
$ 4,087,200,000 
$ 4,361,700,000 
$ 3,951,100,000 
$ 326,200,000 
Other revenue
 
 
 
 
 
 
 
 
26,100,000 
29,800,000 
35,700,000 
1,100,000 
Total revenue
1,009,600,000 
1,005,100,000 
1,101,100,000 
997,500,000 
1,087,000,000 
1,115,800,000 
1,134,300,000 
1,054,400,000 
4,113,300,000 
4,391,500,000 
3,986,800,000 
327,300,000 
Cost of goods sold
639,200,000 
628,600,000 
679,700,000 
649,800,000 
723,100,000 
728,100,000 
742,500,000 
703,500,000 
2,597,300,000 
2,897,200,000 
2,772,800,000 
232,200,000 
Selling, general and administrative expenses
 
 
 
 
 
 
 
 
914,800,000 
991,500,000 
1,040,600,000 
70,800,000 
Research and development expenses
 
 
 
 
 
 
 
 
51,600,000 
49,500,000 
40,500,000 
3,700,000 
Amortization of acquired intangibles
 
 
 
 
 
 
 
 
80,700,000 
83,800,000 
79,900,000 
0 
Merger and acquisition related expenses
 
 
 
 
 
 
 
 
0 
0 
28,100,000 
0 
Income from operations
 
 
 
 
 
 
 
 
468,900,000 
369,500,000 
24,900,000 
20,600,000 
Interest expense, net
 
 
 
 
 
 
 
 
196,500,000 
217,700,000 
215,100,000 
0 
Bridge financing commitment fees
 
 
 
 
 
 
 
 
0 
0 
25,000,000 
0 
Other expense, net
 
 
 
 
 
 
 
 
111,200,000 
115,000,000 
48,500,000 
5,000,000 
Income (loss) before income taxes
 
 
 
 
 
 
 
 
161,200,000 
36,800,000 
(263,700,000)
15,600,000 
Provision (benefit) for income taxes
 
 
 
 
 
 
 
 
63,300,000 
2,100,000 
(44,800,000)
7,100,000 
Net income (loss)
39,100,000 
36,400,000 
(24,300,000)
46,700,000 
900,000 
(18,300,000)
55,800,000 
(3,700,000)
97,900,000 
34,700,000 
(218,900,000)
8,500,000 
Less: Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
4,200,000 
7,300,000 
6,000,000 
600,000 
Net income (loss) attributable to controlling interests
$ 38,600,000 
$ 35,100,000 
$ (25,100,000)
$ 45,100,000 
$ (2,200,000)
$ (19,900,000)
$ 53,800,000 
$ (4,300,000)
$ 93,700,000 
$ 27,400,000 
$ (224,900,000)
$ 7,900,000 
Basic net income (loss) per share
$ 0.16 
$ 0.15 
$ (0.11)
$ 0.20 
$ (0.01)
$ (0.09)
$ 0.23 
$ (0.02)
$ 0.40 
$ 0.12 
$ (0.97)
 
Diluted net income (loss) per share
$ 0.16 
$ 0.15 
$ (0.11)
$ 0.19 
$ (0.01)
$ (0.09)
$ 0.23 
$ (0.02)
$ 0.39 
$ 0.12 
$ (0.97)
 
Basic weighted average shares outstanding
 
 
 
 
 
 
 
 
233.8 
229.3 
228.3 
 
Diluted weighted average shares outstanding
 
 
 
 
 
 
 
 
239.7 
230.3 
228.3 
 
Consolidated (Successor) and DuPont Performance Coatings Combined (Predecessor) Statements of Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Net income (loss)
$ 97.9 
$ 34.7 
$ (218.9)
$ 8.5 
Other comprehensive income (loss), before tax:
 
 
 
 
Foreign currency translation adjustments
(164.3)
(101.1)
24.3 
0 
Unrealized gain (loss) on securities
0.3 
0.7 
(0.9)
0.2 
Unrealized gain (loss) on derivatives
(5.5)
(4.6)
5.0 
0 
Unrealized gain (loss) on pension and other benefit plan obligations
(2.2)
(55.6)
11.0 
1.1 
Other comprehensive income (loss), before tax
(171.7)
(160.6)
39.4 
1.3 
Income tax benefit (provision) related to items of other comprehensive income
2.1 
18.6 
(5.4)
(0.4)
Other comprehensive income (loss), net of tax
(169.6)
(142.0)
34.0 
0.9 
Comprehensive income (loss)
(71.7)
(107.3)
(184.9)
9.4 
Less: Comprehensive income attributable to noncontrolling interests
0.6 
2.6 
6.0 
0.6 
Comprehensive income (loss) attributable to controlling interests
$ (72.3)
$ (109.9)
$ (190.9)
$ 8.8 
Consolidated Balance Sheets (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Successor [Member]
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$ 485.0 
$ 382.1 
$ 459.3 
Restricted cash
2.7 
4.7 
 
Accounts and notes receivable, net
765.8 
820.4 
 
Inventories
530.7 
538.3 
 
Prepaid expenses and other
63.6 
62.9 
 
Deferred income taxes
69.5 
64.5 
 
Total current assets
1,917.3 
1,872.9 
 
Property, plant and equipment, net
1,382.9 
1,514.1 
 
Goodwill
928.2 
1,001.1 
1,113.6 
Identifiable intangibles, net
1,191.6 
1,300.0 
 
Other assets
434.2 
482.6 
 
Total assets
5,854.2 
6,170.7 
 
Current liabilities:
 
 
 
Accounts payable
454.7 
494.5 
 
Current portion of borrowings
50.1 
40.1 
 
Deferred income taxes
6.6 
7.3 
 
Other accrued liabilities
370.2 
404.8 
 
Total current liabilities
881.6 
946.7 
 
Long-term borrowings
3,391.4 
3,574.2 
 
Accrued pensions and other long-term employee benefits
252.3 
306.4 
 
Deferred income taxes
165.5 
208.2 
 
Other liabilities
22.2 
23.2 
 
Total liabilities
4,713.0 
5,058.7 
 
Commitments and contingent liabilities
   
   
 
Shareholders’ equity
 
 
 
Common shares, $1.00 par, 1,000.0 shares authorized, 237.9 and 229.8 shares issued and outstanding at December 31, 2015 and 2014, respectively
237.0 
229.8 
 
Capital in excess of par
1,238.8 
1,144.7 
 
Accumulated deficit
(132.8)
(226.5)
 
Accumulated other comprehensive loss
(269.3)
(103.3)
 
Total Axalta shareholders’ equity
1,073.7 
1,044.7 
 
Noncontrolling interests
67.5 
67.3 
 
Total shareholders’ equity
1,141.2 
1,112.0 
1,211.8 
Total liabilities and shareholders’ equity
$ 5,854.2 
$ 6,170.7 
 
Consolidated Balance Sheets (Parenthetical) (Successor [Member], USD $)
In Millions, except Per Share data, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]
 
 
Common stock, par value (in dollars per share)
$ 1.00 
$ 1.00 
Common shares, shares authorized
1,000.0 
1,000.0 
Common shares, shares issued
237.9 
229.8 
Common shares, shares outstanding
237.9 
229.8 
Consolidated Statement of Changes in Stockholders Equity (Successor) and Combined Statement of Changes in DuPonts Net Investment in DuPont Performance Coatings (Predecessor) (USD $)
In Millions, unless otherwise specified
Predecessor [Member]
Predecessor [Member]
Parent [Member]
Predecessor [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Predecessor [Member]
Noncontrolling Interest [Member]
Successor [Member]
Successor [Member]
Common Stock [Member]
Successor [Member]
Additional Paid-in Capital [Member]
Successor [Member]
Retained Earnings [Member]
Successor [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Successor [Member]
Noncontrolling Interest [Member]
Total stockholders’ equity, beginning balance at Dec. 31, 2012
$ 1,697.0 
$ 1,804.3 
$ (140.9)
$ 33.6 
 
 
 
 
 
 
Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
8.5 
7.9 
 
0.6 
 
 
 
 
 
 
Net unrealized gain (loss) on securities, net of tax
0.2 
 
0.2 
 
 
 
 
 
 
 
Long-term employee benefit plans, net of tax
0.7 
 
0.7 
 
 
 
 
 
 
 
Comprehensive income (loss)
9.4 
7.9 
0.9 
0.6 
 
 
 
 
 
 
Net transfers from (to) DuPont
43.0 
43.0 
 
 
 
 
 
 
 
 
Dividends declared to noncontrolling interests
(1.5)
 
 
(1.5)
 
 
 
 
 
 
Total stockholders’ equity, ending balance at Jan. 31, 2013
1,747.9 
1,855.2 
(140.0)
32.7 
 
 
 
 
 
 
Total stockholders’ equity, beginning balance at Dec. 31, 2012
 
 
 
 
(29.0)
 
 
(29.0)
 
 
Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
(218.9)
 
 
(224.9)
 
6.0 
Net unrealized gain (loss) on securities, net of tax
 
 
 
 
(0.9)
 
 
 
(0.9)
 
Net realized and unrealized gain (loss) on derivatives, net of tax
 
 
 
 
3.1 
 
 
 
3.1 
 
Long-term employee benefit plans, net of tax
 
 
 
 
7.5 
 
 
 
7.5 
 
Foreign currency translation
 
 
 
 
24.3 
 
 
 
24.3 
 
Comprehensive income (loss)
 
 
 
 
(184.9)
 
 
(224.9)
34.0 
6.0 
Equity contributions
 
 
 
 
1,355.4 
0.1 
1,355.3 
 
 
 
Recognition of stock-based compensation
 
 
 
 
7.4 
 
7.4 
 
 
 
Capitalization of capital in excess of par
 
 
 
 
 
229.0 
(229.0)
 
 
 
Noncontrolling interests of acquired subsidiaries
 
 
 
 
66.7 
 
 
 
 
66.7 
Dividends declared to noncontrolling interests
 
 
 
 
(3.8)
 
 
 
 
(3.8)
Total stockholders’ equity, ending balance at Dec. 31, 2013
 
 
 
 
1,211.8 
229.1 
1,133.7 
(253.9)
34.0 
68.9 
Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
(3.7)
 
 
 
 
 
Total stockholders’ equity, ending balance at Mar. 31, 2014
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity, beginning balance at Dec. 31, 2013
 
 
 
 
1,211.8 
229.1 
1,133.7 
(253.9)
34.0 
68.9 
Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
34.7 
 
 
27.4 
 
7.3 
Net unrealized gain (loss) on securities, net of tax
 
 
 
 
0.7 
 
 
 
0.7 
 
Net realized and unrealized gain (loss) on derivatives, net of tax
 
 
 
 
(2.9)
 
 
 
(2.9)
 
Long-term employee benefit plans, net of tax
 
 
 
 
(38.7)
 
 
 
(38.7)
 
Foreign currency translation
 
 
 
 
(101.1)
 
 
 
(96.4)
(4.7)
Comprehensive income (loss)
 
 
 
 
(107.3)
 
 
27.4 
(137.3)
2.6 
Equity contributions
 
 
 
 
2.5 
0.3 
2.2 
 
 
 
Recognition of stock-based compensation
 
 
 
 
8.0 
 
8.0 
 
 
 
Exercises of stock options
 
 
 
 
3.0 
0.4 
2.6 
 
 
 
Noncontrolling interests of acquired subsidiaries
 
 
 
 
(3.8)
 
(1.8)
 
 
(2.0)
Dividends declared to noncontrolling interests
 
 
 
 
(2.2)
 
 
 
 
(2.2)
Total stockholders’ equity, ending balance at Dec. 31, 2014
 
 
 
 
1,112.0 
229.8 
1,144.7 
(226.5)
(103.3)
67.3 
Total stockholders’ equity, beginning balance at Sep. 30, 2014
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
0.9 
 
 
 
 
 
Total stockholders’ equity, ending balance at Dec. 31, 2014
 
 
 
 
1,112.0 
 
 
 
 
 
Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
46.7 
 
 
 
 
 
Total stockholders’ equity, ending balance at Mar. 31, 2015
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity, beginning balance at Dec. 31, 2014
 
 
 
 
1,112.0 
229.8 
1,144.7 
(226.5)
(103.3)
67.3 
Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
97.9 
 
 
93.7 
 
4.2 
Net unrealized gain (loss) on securities, net of tax
 
 
 
 
0.3 
 
 
 
0.3 
 
Net realized and unrealized gain (loss) on derivatives, net of tax
 
 
 
 
(3.4)
 
 
 
(3.4)
 
Long-term employee benefit plans, net of tax
 
 
 
 
(2.2)
 
 
 
(2.2)
 
Foreign currency translation
 
 
 
 
(164.3)
 
 
 
(160.7)
(3.6)
Comprehensive income (loss)
 
 
 
 
(71.7)
 
 
93.7 
(166.0)
0.6 
Recognition of stock-based compensation
 
 
 
 
30.2 
 
30.2 
 
 
 
Exercises of stock options
 
 
 
 
71.1 
7.2 
63.9 
 
 
 
Noncontrolling interests of acquired subsidiaries
 
 
 
 
4.3 
 
 
 
 
4.3 
Dividends declared to noncontrolling interests
 
 
 
 
(4.7)
 
 
 
 
(4.7)
Total stockholders’ equity, ending balance at Dec. 31, 2015
 
 
 
 
1,141.2 
237.0 
1,238.8 
(132.8)
(269.3)
67.5 
Total stockholders’ equity, beginning balance at Sep. 30, 2015
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
 
 
39.1 
 
 
 
 
 
Total stockholders’ equity, ending balance at Dec. 31, 2015
 
 
 
 
$ 1,141.2 
 
 
 
 
 
Consolidated Statement of Changes in Stockholders’ Equity (Successor) and Combined Statement of Changes in DuPont’s Net Investment in DuPont Performance Coatings (Predecessor) (Parenthetical) (USD $)
In Millions, unless otherwise specified
1 Months Ended 12 Months Ended
Jan. 31, 2013
Predecessor [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Net unrealized gain (loss) on securities, tax
$ 0 
$ 0 
$ 0 
$ 0 
Net realized and unrealized gain (loss) on derivatives, tax
 
2.1 
1.7 
1.9 
Long-term employee benefit plans, tax
$ 0.4 
$ 0 
$ 16.9 
$ 3.5 
Consolidated (Successor) and DuPont Performance Coatings Combined (Predecessor) Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Operating activities:
 
 
 
 
Net income (loss)
$ 97.9 
$ 34.7 
$ (218.9)
$ 8.5 
Adjustment to reconcile net income (loss) to cash provided by operating activities:
 
 
 
 
Depreciation and amortization
307.7 
308.7 
300.7 
9.9 
Amortization of financing costs and original issue discount
20.6 
21.0 
18.4 
0 
Financing fees and debt extinguishment
2.5 
6.1 
0 
0 
Fair value step up of acquired inventory sold
1.2 
0 
103.7 
0 
Bridge financing commitment fees
0 
0 
25.0 
0 
Deferred income taxes
(5.0)
(38.2)
(120.8)
9.1 
Realized and unrealized foreign exchange losses, net
93.7 
75.1 
48.9 
4.5 
Stock-based compensation
30.2 
8.0 
7.4 
0 
Asset impairment
30.6 
0 
0 
0 
Other non-cash, net
11.3 
(25.3)
13.2 
(3.9)
Decrease (increase) in operating assets and liabilities:
 
 
 
 
Trade accounts and notes receivable
(61.1)
(40.2)
(6.4)
25.8 
Inventories
(35.2)
(24.7)
33.9 
(19.3)
Prepaid expenses and other assets
(65.6)
(54.1)
(90.9)
3.1 
Accounts payable
(6.7)
53.6 
67.1 
(29.9)
Other accrued liabilities
(0.1)
(54.8)
193.1 
(43.8)
Other liabilities
(22.4)
(18.5)
2.4 
(1.7)
Cash provided by (used for) operating activities
399.6 
251.4 
376.8 
(37.7)
Investing activities:
 
 
 
 
Business acquisitions (net of cash acquired)
(29.6)
0 
(4,827.6)
0 
Purchase of property, plant and equipment
(138.1)
(188.4)
(107.3)
(2.4)
Investment in real estate property
0 
0 
(54.5)
0 
Purchase of interest rate cap
0 
0 
(3.1)
0 
Settlement of foreign currency contract
0 
0 
(19.4)
0 
Restricted cash
1.9 
(4.7)
0 
0 
Proceeds from sale of a business
0 
17.5 
0 
0 
Other investing
1.5 
(2.9)
0.7 
(5.9)
Cash used for investing activities
(164.3)
(178.5)
(5,011.2)
(8.3)
Financing activities:
 
 
 
 
Proceeds from long-term borrowings
0 
0.7 
3,906.7 
0 
Proceeds from short-term borrowings
2.0 
30.7 
38.8 
0 
Payments on short-term borrowings
(16.9)
(33.8)
(25.3)
0 
Payments on long-term debt
(127.3)
(121.1)
(21.3)
0 
Payments of deferred financing costs
0 
0 
(126.0)
0 
Bridge financing commitment fees
0 
0 
(25.0)
0 
Dividends paid to noncontrolling interests
(4.7)
(2.2)
(5.2)
0 
Equity contribution
0 
2.5 
1,355.4 
0 
Proceeds from option exercises and associated tax benefits
72.6 
3.0 
0 
0 
Net transfer from DuPont
0 
0 
0 
43.0 
Other financing activities
(0.2)
(3.0)
0 
0 
Cash provided by (used for) financing activities
(74.5)
(123.2)
5,098.1 
43.0 
Increase (decrease) in cash and cash equivalents
160.8 
(50.3)
463.7 
(3.0)
Effect of exchange rate changes on cash
(57.9)
(26.9)
(4.4)
0 
Cash and cash equivalents at beginning of period
382.1 
459.3 
0 
28.7 
Cash and cash equivalents at end of period
485.0 
382.1 
459.3 
25.7 
Cash paid during the year for:
 
 
 
 
Interest, net of amounts capitalized
172.5 
192.0 
171.9 
0 
Income taxes, net of refunds
52.4 
57.0 
83.1 
13.3 
Non-cash investing activities:
 
 
 
 
Accrued capital expenditures
$ 33.8 
$ 29.4 
$ 35.5 
$ 5.5 
General and Description of the Business
General and Description of the Business
GENERAL AND DESCRIPTION OF THE BUSINESS
Axalta Coating Systems Ltd. ("Axalta," the "Company," "we," "our" and "us"), a Bermuda exempted company limited by shares formed at the direction of The Carlyle Group L.P. ("Carlyle"), was incorporated on August 24, 2012 for the purpose of consummating the acquisition of DuPont Performance Coatings ("DPC"), a business formerly owned by E. I. du Pont de Nemours and Company ("DuPont"), including certain assets of DPC and all of the capital stock and other equity interests of certain entities engaged in the DPC business (the "Acquisition"). Axalta, through its wholly-owned indirect subsidiaries, acquired DPC on February 1, 2013.
Axalta is a holding company with no business operations or assets other than primarily cash and cash equivalents and 100% of the ownership interest of Axalta Coating Systems Luxembourg Top S.à r.l. (formerly Axalta Coating Systems Dutch Co. Top Coöperatief U.A.), which itself is a holding company with no operations or assets other than 100% of the capital stock of Axalta Coating Systems Dutch Holdings A B.V. ("Dutch A B.V."), which itself is a holding company with no operations or assets other than 100% of the capital stock of Axalta Coating Systems Dutch Holdings B B.V. ("Dutch B B.V."). Dutch B B.V., together with its indirect wholly-owned subsidiary, Axalta Coating Systems U.S. Holdings, Inc. ("Axalta US Holdings"), are co-borrowers under the Senior Secured Credit Facilities and co-issuers of the Senior Notes (each as defined below). Our global operations are conducted by indirect wholly-owned subsidiaries and indirect majority-owned subsidiaries.
We are a leading global manufacturer, marketer and distributor of high performance coatings products primarily serving the transportation industry. We have an approximately 150-year heritage in the coatings industry and are known for manufacturing high-quality products with well-recognized brands supported by market-leading technology and customer service.
The Acquisition
The purchase price for the Acquisition was funded by (i) an equity contribution of $1,350.0 million into the Company by affiliates of Carlyle (the "Equity Contribution"), (ii) proceeds from borrowings under senior secured credit facilities (the "Senior Secured Credit Facilities") consisting of a $2,300.0 million Dollar Term Loan facility ("Dollar Term Loan") and a €400.0 million Euro Term Loan facility ("Euro Term Loan"), both of which are due February 1, 2020 and (iii) proceeds from the issuance of $750.0 million aggregate principal amount of 7.375% senior unsecured notes due 2021 and the issuance of €250.0 million aggregate principal amount of 5.750% senior secured notes due 2021 (collectively the "Senior Notes"). The Senior Secured Credit Facilities and the Senior Notes are more fully described in Note 22.
The Carlyle Offerings
In November 2014, we priced our initial public offering (the "Offering", or the "IPO") in which certain selling shareholders affiliated with The Carlyle Group L.P. and its affiliates ("Carlyle") sold 57,500,000 common shares at a price of $19.50 per share.
In April 2015, we completed a secondary offering (the "Secondary Offering") in which Carlyle sold an aggregate of 46,000,000 common shares at a price of $28.00 per share. In addition, Carlyle sold 20,000,000 common shares in a private placement to an affiliate of Berkshire Hathaway Inc. (together with the Secondary Offering, the "April 2015 Secondary Offerings") for $28.00 per share. Following the April 2015 Secondary Offerings, Carlyle ceased to control a majority of our common shares.
In August 2015, we completed a secondary offering (together with the IPO and the April 2015 Secondary Offerings, the "Carlyle Offerings") in which Carlyle sold an aggregate of 34,500,000 common shares at a public offering price of $29.75 per share.
We did not receive any proceeds from the sale of common shares in any of the Carlyle Offerings.
Basis of Presentation of the Consolidated and Combined Financial Statements
Basis of Presentation of the Consolidated and Combined Financial Statements
BASIS OF PRESENTATION OF THE CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS
The accompanying consolidated balance sheets of Axalta at December 31, 2015 and 2014 and the related consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of cash flows and consolidated statements of changes in shareholders' equity for the years ended December 31, 2015, 2014 and 2013 are labeled as "Successor". The Successor financial statements for the year ended December 31, 2013 were prepared reflecting acquisition accounting resulting from the Acquisition. Under the acquisition method of accounting, tangible and identifiable intangible assets acquired and liabilities assumed are recorded at their respective fair market values as of the date of the acquisition, with any purchase price in excess of the net assets acquired recorded as goodwill. The consolidated financial statements for the Successor include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained.
The accompanying DPC combined statements of operations and statements of comprehensive income for the period from January 1, 2013 through January 31, 2013 and consolidated statements of cash flows and of changes in parent company net investment for the period from January 1, 2013 through January 31, 2013 do not include adjustments or transactions attributable to the Acquisition, and are labeled as "Predecessor". As a result of the application of acquisition accounting as of the closing date of the Acquisition, the financial statements for the Successor periods and the Predecessor period are presented on a different basis and are, therefore, not comparable.
During the Predecessor period, DPC operated either as a reportable segment or part of a reportable segment within DuPont; consequently, standalone financial statements were not historically prepared for DPC. The accompanying combined financial statements of DPC have been prepared from DuPont’s historical accounting records and are presented on a standalone basis as if the operations had been conducted independently from DuPont. In this context, prior to pre-acquisition structuring activities occurring in the period from January 1, 2013 through January 31, 2013, no direct ownership relationship existed among all of the various legal entities comprising DPC. Accordingly, DuPont and its subsidiaries’ net investment in these operations is shown in lieu of shareholders’ equity in the Predecessor combined financial statements. The Predecessor combined financial statements include the historical operations of the legal entities that are considered to comprise the DPC business.
DPC comprised certain standalone legal entities for which discrete financial information was available, as well as portions of legal entities for which discrete financial information was not available (shared entities). Discrete financial information was not available for DPC within shared entities as DuPont did not record every transaction at the DPC level, but rather at the DuPont corporate level. For shared entities for which discrete financial information was not available, allocation methodologies were applied to certain accounts to allocate amounts to DPC as discussed in Note 8.
The Predecessor combined statements of operations include all revenues and costs directly attributable to DPC, including costs for facilities, functions and services used by DPC. Costs for certain functions and services performed by centralized DuPont organizations were directly charged to DPC based on usage or other allocations methods. The results of operations also include allocations of (i) costs for administrative functions and services performed on behalf of DPC by centralized staff groups within DuPont, (ii) DuPont’s general corporate expenses, and (iii) certain pension and other postretirement benefit costs. As more fully described in Note 14 current and deferred income taxes and related tax expense were determined on the standalone results of the DPC operations in each country as if it were a separate taxpayer (i.e., following the separate return methodology).
All charges and allocations of cost for facilities, functions and services performed by DuPont organizations were deemed paid by DPC to DuPont, in cash, in the period in which the costs were recorded in the Predecessor combined statement of operations. Allocations to DPC of current income taxes payable were deemed to have been remitted, in cash, to DuPont in the period the related tax expense was recorded. Allocations of current income taxes receivable were deemed to have been remitted to DPC, in cash, by DuPont in the period in which the receivable applies only to the extent that a refund of such taxes could have been recognized by DPC on a standalone basis under the law of the relevant taxing jurisdiction.
DuPont used a centralized approach to cash management and financing its operations. Accordingly, cash, cash equivalents, debt and interest expense were not allocated to DPC in the Predecessor combined financial statements. Transactions between DPC and DuPont were accounted for through the parent company net investment. DPC purchased materials and services from, and sold materials and services to, DuPont operations not included in the defined scope of DPC. Transactions between DuPont and DPC were deemed to be settled immediately through the parent company net investment. Cash, cash equivalents, debt and interest expense in the Predecessor combined balance sheet and statement of operations represent cash, cash equivalents, debt and interest expense held locally by certain of DPC’s majority owned joint ventures. DuPont’s current and long-term debt was not pushed down to the Predecessor combined financial statements because it was not specifically identifiable to DPC.
All of the allocations and estimates in the Predecessor combined financial statements were based on assumptions that management of DuPont and DPC believed were reasonable. However, the Predecessor combined financial statements included herein may not be indicative of the results of operations and cash flows of the Company in the future or if DPC had been a separate, standalone entity during the Predecessor period presented.
Certain of our joint ventures are accounted for on a one-month lag basis, the effect of which is not material.
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The consolidated financial statements of Axalta and its subsidiaries and the combined financial statements of DPC have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements have been included.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the closing date of the Acquisition and the date of the financial statements and the reported amounts of sales and expenses during the period. The estimates and assumptions include, but are not limited to, receivable and inventory valuations, fixed asset valuations, valuations of goodwill and identifiable intangible assets, including analysis of impairment, valuations of long-term employee benefit obligations, income taxes, environmental matters, litigation, stock-based compensation, restructuring, and allocations of costs. Our estimates are based on historical experience, facts and circumstances available at the time and various other assumptions that are believed to be reasonable. Actual results could differ materially from those estimates.
Accounting for Business Combinations
We account for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets and assumed liabilities at their acquisition date fair values. The method records any excess purchase price over the fair value of acquired net assets as goodwill.
The determination of the fair value of assets acquired, liabilities assumed, and noncontrolling interests involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the closing date of the Acquisition. When necessary, we consult with external advisors to help determine fair value. For non-observable market values, we determine fair value using acceptable valuation principles (e.g., multiple excess earnings, relief from royalty and cost methods).
We included the results of operations from the acquisition date in the financial statements for all businesses acquired.
Principles of Consolidation and Combination
The consolidated financial statements of the Successor ("the Successor statements") include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as noncontrolling interests. Investments in companies in which Axalta, directly or indirectly, owns 20% to 50% of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting. As a result, Axalta’s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated and combined statements of operations and our share of these companies’ stockholders’ equity is included in the accompanying consolidated balance sheet.
The combined financial statements for the Predecessor ("the Predecessor statements") include the combined assets, liabilities, revenues, and expenses of DPC.
We eliminated all intercompany accounts and transactions in the preparation of the accompanying consolidated and combined financial statements.
Revenue Recognition
We recognize revenue after completing the earnings process. We recognize revenue for product sales when we ship products to the customer in accordance with the terms of the agreement, when there is persuasive evidence of the arrangement, title and risk of loss have been transferred, collectability is reasonably assured and pricing is fixed or determinable.
For a majority of our product sales, title transfers at the shipping point and delivery is considered complete. For certain OEM customers, revenue is recognized at the time the customer applies our coatings to its vehicles, as this represents the point in time that risk of loss has been transferred and delivery is considered complete.
We accrue for sales returns and other allowances based on our historical experience.
We incur up-front costs in order to obtain contracts with certain customers. During the Successor periods, we capitalized these up-front costs as a component of other assets. We amortize the related amounts over the estimated life of the contract as a reduction of net sales.
We include the amounts billed to customers for shipping and handling fees in net sales and costs incurred for the delivery of goods as cost of goods sold in the statement of operations.
Recognition for licensing and royalty income occurs in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable, and collectability is reasonably assured.
Other Revenue
Other revenue includes various elements of income resulting from the normal operation of our business. Other revenue includes, but is not limited to, income for services provided to customers and royalty income.
Cash and Cash Equivalents
Cash equivalents represent highly liquid investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest, which approximates fair value because of the short-term maturity of these instruments. Cash balances may exceed government insured limits in certain jurisdictions.
Fair Value Measurements
GAAP defines a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The following valuation techniques are used to measure fair value for assets and liabilities:
Level 1—Quoted market prices in active markets for identical assets or liabilities;
Level 2—Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and
Level 3—Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability.
Derivatives and Hedging
The Company from time to time utilizes derivatives to manage exposures to currency exchange rates and interest rate risk. The fair values of all derivatives are recognized as assets or liabilities at the balance sheet date. Changes in the fair value of these instruments are reported in income or accumulated other comprehensive income ("AOCI"), depending on the use of the derivative and whether it qualifies for hedge accounting treatment and is designated as such.
Gains and losses on derivatives that qualify and are designated as cash flow hedging instruments are recorded in AOCI, to the extent the hedges are effective, until the underlying transactions are recognized in income.
Gains and losses on derivatives qualifying and designated as fair value hedging instruments, as well as the offsetting losses and gains on the hedged items, are reported in income in the same accounting period. Derivatives not designated as hedging instruments are marked-to-market at the end of each accounting period with the results included in income.
Cash flows from derivatives are recognized in the consolidated and combined statements of cash flows in a manner consistent with the underlying transactions.
Receivables and Allowance for Doubtful Accounts
Receivables are recognized net of an allowance for doubtful accounts receivable. The allowance for doubtful accounts receivable reflects the best estimate of losses inherent in the accounts receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other available evidence. Accounts receivable are written down or off when a portion or all of such account receivable is determined to be uncollectible.
Inventories
Inventories of the Successor are valued at the lower of cost or market with cost being determined on the weighted average cost method. Elements of cost in inventories include:
•
raw materials,
•
direct labor, and
•
manufacturing overhead
Stores and supplies are valued at the lower of cost or market; cost is generally determined by the weighted average cost method. Inventories deemed to have costs greater than their respective market values are reduced to net realizable value with a loss recorded in income in the period recognized.
Inventories of the Predecessor were valued at the lower of cost or market with cost determined by the last-in, first-out ("LIFO") method. The change in valuation of inventories by the Successor did not have a material impact on the consolidated and combined financial statements.
Property, Plant and Equipment
Successor periods
Property, plant and equipment of the Successor acquired in the Acquisition were recorded at fair value as of the acquisition date and are depreciated using the straight-line method. Subsequent additions to property, plant and equipment, including the fair value of any asset retirement obligations upon initial recognition of the liability, are recorded at cost and are depreciated using the straight-line method.
Software included in property, plant and equipment represents the costs of software developed or obtained for internal use. Software costs are amortized on a straight-line basis over their estimated useful lives. Upgrades and enhancements are capitalized if they result in added functionality, which enables the software to perform tasks it was previously incapable of performing. Software maintenance and training costs are expensed in the period in which they are incurred.
Property, plant and equipment acquired in the Acquisition are depreciated over their estimated remaining useful lives. The weighted average estimated remaining useful lives of property, plant and equipment acquired in connection with the Acquisition was approximately 11 years. Subsequent additions are either amortized or depreciated on a straight-line basis over a range of estimated useful lives. See Note 18 for a range of estimated useful lives used for each property, plant and equipment class.
Predecessor period
Property, plant and equipment of the Predecessor were carried at cost and were depreciated using the straight-line method. Property, plant and equipment placed in service prior to 1995 were depreciated using the sum-of-the-years’ digits method or other substantially similar methods. Substantially all Predecessor buildings and equipment were depreciated over useful lives ranging from 15 to 25 years.
Goodwill and Other Identifiable Intangible Assets
Goodwill represents the excess of purchase price over the fair values of underlying net assets acquired in an acquisition. Goodwill and indefinite-lived intangible assets are tested for impairment on an annual basis as of October 1; however, these tests are performed more frequently if events or changes in circumstances indicate that the asset may be impaired. The fair value methodology is based on prices of similar assets or other valuation methodologies including discounted cash flow techniques.
When testing goodwill and indefinite-lived intangible assets for impairment, we first have an option to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that an impairment exists. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. In the event the qualitative assessment indicates that an impairment is more likely than not, we would be required to perform a quantitative impairment test, otherwise no further analysis is required.
Under the quantitative goodwill impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, then individual assets (including identifiable intangible assets) and liabilities of the reporting unit are estimated at fair value. The excess of the estimated fair value of the reporting unit over the estimated fair value of its net assets would establish the implied value of goodwill. The excess of the recorded amount of goodwill over the implied value is then charged to earnings as an impairment loss.
Definite-lived intangible assets, such as technology, trademarks, customer relationships and non-compete agreements are amortized over their estimated useful lives, generally for periods ranging from four to 20 years. The reasonableness of the useful lives of these assets is regularly evaluated. Once these assets are fully amortized, they are removed from the balance sheet. We evaluate these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets might not be recoverable.
Impairment of Long-Lived Assets
The carrying value of long-lived assets to be held and used is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value and is based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of other than by sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived assets classified as held for sale.
Research and Development
Research and development costs incurred in the normal course of business consist primarily of employee-related costs and are expensed as incurred. In process research and development projects acquired in a business combination are recorded as intangible assets at their fair value as of the acquisition date. Subsequent costs related to acquired in process research and development projects are expensed as incurred. Research and development intangible assets are considered indefinite-lived until the abandonment or completion of the associated research and development efforts. These indefinite-lived intangible assets are tested for impairment consistent with the impairment testing performed on other indefinite-lived intangible assets discussed above. Upon completion of the research and development process, the carrying value of acquired in process research and development projects is reclassified as a finite-lived asset and is amortized over its useful life.
Environmental Liabilities and Expenditures
Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued environmental liabilities are not discounted. Claims for recovery from third parties, if any, are reflected separately as an asset. We record recoveries at the earlier of when the gain is probable or realized. For the Successor years ending December 31, 2015, 2014 and 2013 as well as the Predecessor period from January 1, 2013 through January 31, 2013, we have not recognized income associated with recoveries from third parties.
Costs related to environmental remediation are charged to expense in the period incurred. Other environmental costs are also charged to expense in the period incurred, unless they increase the value of the property or reduce or prevent contamination from future operations, in which case, they are capitalized and depreciated.
Litigation
We accrue for liabilities related to litigation matters when available information indicates that the liability is probable and the amount can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred.
Income Taxes
Successor periods
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for operating losses and tax credit carry forwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applicable in the years in which they are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in income in the period that includes the enactment date.
Where we do not intend to indefinitely reinvest earnings of our foreign subsidiaries, we provide for income taxes and foreign withholding taxes, where applicable, on undistributed earnings. We do not provide for income taxes on undistributed earnings of our foreign subsidiaries that are intended to be indefinitely reinvested.
We recognize the benefit of an income tax position only if it is "more likely than not" that the tax position will be sustained. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized. Additionally, we recognize interest and penalties accrued related to unrecognized tax benefits as a component of provision for income taxes. The current portion of unrecognized tax benefits is included in "Income taxes payable" and the long-term portion is included in the long-term income tax payable in the accompanying consolidated balance sheets.
Predecessor period
For the Predecessor period presented, although DPC was included in the consolidated income tax return of DuPont, DPC’s income taxes are computed and reported under the "separate return method." Use of the separate return method may result in differences when the sum of the amounts allocated to standalone tax provisions are compared with amounts presented in combined financial statements. In that event, related deferred tax assets and liabilities could be significantly different from those presented herein for the Predecessor period. Certain tax attributes, e.g., net operating loss carryforwards, which were reflected in the DuPont consolidated financial statements may or may not exist at the standalone DPC level.
Foreign Currency Translation
Successor periods
The reporting currency is the U.S. dollar. In most cases, our non-U.S. based subsidiaries use their local currency as the functional currency for their respective business operations. Assets and liabilities of these operations are translated into U.S. dollars at end-of-period exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Resulting cumulative translation adjustments are recorded as a component of shareholders’ equity in the accompanying consolidated balance sheet in Accumulated other comprehensive income (loss).
Gains and losses from transactions denominated in currencies other than the functional currencies are included in the consolidated statement of operations in other expense, net.
Predecessor period
The reporting currency is the U.S. dollar. For the Predecessor period, DuPont management determined that the U.S. dollar was the functional currency of DPC’s legal entities and this functional currency was appropriate for the economic environment in which DPC operated during the period covered by the Predecessor combined financial statements. For these legal entities, foreign currency denominated asset and liability amounts were remeasured into U.S. dollars at the end-of-period exchange rates. Nonmonetary assets, such as inventories, prepaid expenses, fixed assets and intangible assets were remeasured into U.S. dollars at historical exchange rates. Foreign currency denominated income and expense elements were remeasured into U.S. dollars at average exchange rates in effect during the year, except for expenses related to nonmonetary assets, which were remeasured at historical exchange rates.
Employee Benefits
Successor periods
In connection with the Acquisition, we assumed certain defined benefit plan obligations and related plan assets for current employees of non-U.S. subsidiaries and certain defined benefit plan obligations and plan assets of former employees of subsidiaries. All defined pension plan obligations for current and former employees in the United States were retained by DuPont.
Defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on factors such as age, years of service and compensation. The net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of the future benefits that employees have earned in return for their service in the current and prior periods. These benefits are then discounted to determine the present value of the obligations and are then adjusted for the impact of any unamortized prior service costs. As required by ASC 805, Business Combinations, all unamortized prior service costs and actuarial gains (losses) existing at the closing date of the Acquisition were eliminated in the determination of the fair value of the pension funded status at acquisition. The net obligation is then determined with reference to the fair value of the plan assets (if any). The discount rate used is the yield on bonds that are denominated in the currency in which the benefits will be paid and that have maturity dates approximating the terms of the obligations. The calculations are performed by qualified actuaries using the projected unit credit method.
Predecessor period
Certain of DPC’s employees participated in defined benefit pension and other long-term employee benefit plans (the Plans) accounted for in accordance with ASC 715, Compensation—Retirement Benefits. Certain DPC employees were previously covered under DuPont and DuPont subsidiaries’ sponsored plans which were accounted for in accordance with accounting guidance in ASC 715. The majority of pension and other long-term employee expenses during the Predecessor period were specifically identified by employee. In addition, a portion of expenses was allocated in shared entities and reported within costs of goods sold, selling, general and administrative and research and development expenses in the combined statements of operations. For the U.S. pension plan and other long-term employee benefit plans (the U.S. plans), DuPont considered DPC employees to be part of a multiemployer plan of DuPont. The expense related to the current and former employees of DPC is included in the Predecessor combined financial statements. Non-U.S. pensions and other long-term employee benefit plans (the non-U.S. plans) were accounted for as single employer plans where DPC recorded assets, liabilities and expenses related to the current DPC workforce.
Stock-Based Compensation
Successor periods
Our stock-based compensation for the Successor period, comprised of Axalta stock options, restricted stock awards and restricted stock units, are measured at fair value on the grant date or date of modification, as applicable. We recognize compensation expense on a graded-vesting attribution basis over the requisite service period.
Predecessor period
DuPont maintained certain stock compensation plans for the benefit of certain of its officers, directors and employees, including DPC’s employees in the Predecessor period. DPC accounted for all share-based payments to employees, including grants of stock options, based upon their fair values.
For additional information on our stock-based compensation plan, see Note 11.
Earnings per Common Share
Basic earnings per common share is computed by dividing net income attributable to Axalta’s common shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per common share is computed by dividing net income attributable to Axalta’s common shareholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities; anti-dilutive securities are excluded from the calculation. These potentially dilutive securities are calculated under the treasury stock method and consist of stock options, restricted stock awards and restricted stock units.
Recent Accounting Guidance
Recent Accounting Guidance
RECENT ACCOUNTING GUIDANCE
Recently Adopted Accounting Guidance
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, and should be applied on a retrospective basis. Further clarifying this standard, ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" was released in August 2015 indicating that the SEC staff would not object to an entity deferring and presenting costs related to revolving debt arrangements as an asset. We elected to early adopt this standard during the current year, resulting in impacts to the balance sheets at December 31, 2015 and 2014 of decreases to other assets and long-term borrowings of $65.9 million and $82.1 million, respectively.
Accounting Guidance Issued But Not Yet Adopted
In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which requires that all deferred tax assets and liabilities be classified as non-current on the balance sheet. The standard is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We intend to early adopt this standard beginning in the first quarter of 2016. The impacts to the accompanying consolidated balance sheet at December 31, 2015 had we elected to early adopt this standard during the current year would have resulted in corresponding reclassifications from current assets and liabilities to non-current assets and liabilities of $62.9 million. The impacts to the accompanying consolidated balance sheet at December 31, 2014 would have resulted in corresponding reclassifications from current assets and liabilities to non-current assets and liabilities of $57.2 million.
In May 2014, the FASB issued ASU 2014-09 (Accounting Standard Codification 606), "Revenue from Contracts with Customers," which sets forth the guidance that an entity should use related to revenue recognition. This standard was originally effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers: Deferral of the Effective Date," which delayed the effective date of the new revenue accounting standard to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Companies will be allowed to early adopt the guidance as of the original effective date. Early adoption is not permitted prior to this date. We are in the process of assessing the impact the adoption of this ASU will have on our statements of financial position, results of operations and cash flows.
Acquisitions and Divestitures
Acquisitions and Divestitures
ACQUISITIONS AND DIVESTITURES
Acquisition of DuPont Performance Coatings
On August 30, 2012, we entered into a purchase agreement with DuPont whereby, Axalta acquired from DuPont and its affiliates certain assets of DPC and all of the capital stock and other equity interests of certain entities engaged in the DPC business (the "Acquisition") pursuant to which we acquired the assets and legal entities of DPC from DuPont for a final purchase price of $4,907.3 million.
Axalta was formed for the purpose of consummating the Acquisition of DPC. Prior to the Acquisition, we generated no revenue and incurred no expenses other than merger and acquisition costs and debt financing costs in anticipation of the Acquisition.
The following unaudited supplemental pro forma information presents the financial results as if the acquisition of DPC had occurred at January 1, 2012. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made at January 1, 2012, nor is it indicative of any future results.
 
Year Ended December 31,
 (in millions, except per share data)
2013
2012
Net sales
$
4,277.3

$
4,219.4

Net loss
$
(87.1
)
$
(270.1
)
Net loss attributable to controlling interests
$
(93.7
)
$
(274.6
)
Net loss per share (Basic and Diluted)
$
(0.41
)
$
—


The 2013 supplemental pro forma net loss was adjusted to exclude $53.1 million ($43.5 million, net of pro forma income tax impact) of acquisition-related costs incurred in 2013 and $123.1 million ($88.6 million, net of pro forma income tax impact) of expense consisting primarily of $103.7 million related to the fair market value adjustment to acquisition-date inventory.
Divestitures
In September 2014, we completed the sale of a business within the Performance Coatings reportable segment, which primarily included technology that had been developed as an integrated software solution for the collision repair supply chain market. The sale resulted in the receipt of $17.5 million during the year ended December 31, 2014. As a result, we recognized a pre-tax gain on sale of $1.2 million ($0.7 million after tax) recorded within other expense, net for the year ended December 31, 2014.
Goodwill and Identifiable Intangible Assets
Goodwill and Identifiable Intangible Assets
GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS
Goodwill
The following table shows changes in the carrying amount of goodwill for the Successor years ended December 31, 2015 and 2014 by reportable segment:
 
Performance
Coatings
Transportation
Coatings
Total
At December 31, 2013
$
1,038.8

$
74.8

$
1,113.6

Acquisition-related adjustments
5.7

0.4

6.1

Divestitures
(4.7
)
—

(4.7
)
Foreign currency translation
(106.2
)
(7.7
)
(113.9
)
At December 31, 2014
$
933.6

$
67.5

$
1,001.1

Acquisition-related adjustments
17.2

0.7

17.9

Foreign currency translation
(84.7
)
(6.1
)
(90.8
)
December 31, 2015
$
866.1

$
62.1

$
928.2


In March 2015, we purchased an additional 25% interest in a previously held equity method investment. See Note 13 for additional information. In July 2015, we purchased all of the outstanding capital stock of a coatings distribution business with operations in the Netherlands and Belgium. In November 2015, we purchased the assets of a coatings manufacturer with operations in the United States. These acquisitions were not material, individually or in the aggregate, to our consolidated financial statements.
 Identifiable Intangible Assets
The following table summarizes the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:
December 31, 2015
Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
Weighted average
amortization periods (years)
Technology
$
413.0

$
(117.2
)
$
295.8

10.0
Trademarks - indefinite-lived
284.4

—

284.4

Indefinite
Trademarks - definite-lived
45.2

(8.5
)
36.7

14.7
Customer relationships
676.1

(102.1
)
574.0

19.3
Non-compete agreements
1.9

(1.2
)
0.7

4.6
Total
$
1,420.6

$
(229.0
)
$
1,191.6

 
December 31, 2014
Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
Weighted average
amortization periods (years)
Technology
$
411.8

$
(76.3
)
$
335.5

10.0
Trademarks—indefinite-lived
284.4

—

284.4

 Indefinite
Trademarks—definite-lived
41.8

(5.5
)
36.3

14.8
Customer relationships
713.9

(71.3
)
642.6

19.4
Non-compete agreements
2.0

(0.8
)
1.2

4.6
Total
$
1,453.9

$
(153.9
)
$
1,300.0

 

Activity related to in process research and development projects for the years ended December 31, 2014 and 2015:
In Process Research and Development
Activity
Balance at December 31, 2013
$
15.7

Completed
(10.4
)
Abandoned
(0.1
)
Balance at December 31, 2014
$
5.2

Completed
(3.5
)
Abandoned
(0.1
)
Balance at December 31, 2015
$
1.6


In the Successor years ended December 31, 2015, 2014 and 2013, amortization expense for acquired intangibles was $80.7 million, $83.8 million, and $79.9 million respectively. Amortization expense for the Successor years ended December 31, 2015, 2014 and 2013 included losses of $0.1 million, $0.1 million and $3.2 million respectively, associated with abandoned acquired in process research and development projects, all of which was related to the Acquisition.
Amortization expense for the Predecessor period from January 1, 2013 through January 31, 2013 was $2.6 million, which was primarily reported as a reduction in net sales.
The estimated amortization expense related to the identifiable intangible assets for each of the succeeding five years is:
2016
$
80.2

2017
$
79.9

2018
$
79.8

2019
$
79.8

2020
$
79.8

Restructuring
Restructuring
RESTRUCTURING
Successor Periods
In accordance with the applicable guidance for Nonretirement Postemployment Benefits, we accounted for termination benefits and recognized liabilities when the loss was considered probable that employees were entitled to benefits and the amounts could be reasonably estimated.
Since the Acquisition date, we have incurred costs associated with involuntary termination benefits associated with corporate-related initiatives associated with our transition and cost-saving opportunities related to the separation from DuPont as well as our Fit For Growth and Axalta Way initiatives. During the Successor years ended December 31, 2015, 2014 and 2013 we incurred restructuring costs of $31.9 million, $8.5 million and $120.7 million respectively. These amounts are recorded within selling, general, and administrative expenses in the consolidated statements of operations. The payments associated with these actions are expected to be completed within 12 to 18 months from the balance sheet date.
The following table summarizes the activity related to the restructuring reserves, recorded within other accrued liabilities, and expenses for the Successor years ended December 31, 2013, 2014 and 2015:
Balance at February 1, 2013
$
0.5

Expense recorded
120.7

Payments made
(23.7
)
Foreign currency translation
0.9

Balance at December 31, 2013
$
98.4

Expense recorded
8.5

Payments made
(51.6
)
Foreign currency translation
(6.8
)
Balance at December 31, 2014
$
48.5

Expense recorded
31.9

Payments made
(33.8
)
Foreign currency translation
(5.3
)
Balance at December 31, 2015
$
41.3

Predecessor Period
There was no expense recorded during the Predecessor period from January 1, 2013 through January 31, 2013 associated with restructuring.
Relationship with DuPont
Relationship with DuPont
RELATIONSHIP WITH DUPONT
Predecessor Period
Historically, the DPC businesses were managed and operated in the normal course of business with other affiliates of DuPont. Accordingly, certain shared costs were allocated to DPC and reflected as expenses in the standalone Predecessor combined financial statements. Management of DuPont considered the allocation methodologies used to be reasonable and appropriate reflections of the historical DuPont expenses attributable to DPC for purposes of the standalone combined financial statements of DPC; however, the expenses reflected in the Predecessor combined financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if DPC had operated as a separate, standalone entity. In addition, the expenses reflected in the Predecessor combined financial statements may not be indicative of related expenses that will be incurred in the future by us.
Cash Management and Financing
Except for its joint ventures, DPC participated in DuPont’s centralized cash management and financing programs. Disbursements were made through centralized accounts payable systems which were operated by DuPont, while cash receipts were transferred to centralized accounts maintained by DuPont. As cash was disbursed and received by DuPont, it was accounted for by DPC through the parent company net investment. All short and long-term debt requirements of the DPC business were financed by DuPont and financing decisions for wholly owned subsidiaries and majority owned joint ventures were determined by DuPont’s central treasury operations.
Allocated Corporate Costs
The Predecessor combined financial statements include significant transactions with DuPont involving leveraged functional services (such as information systems, accounting, other financial services, purchasing and legal) and general corporate expenses that were provided to DPC by centralized DuPont organizations. Throughout the Predecessor period covered by the combined financial statements of DPC, the costs of these leveraged functions and services were directly charged or allocated to DPC using methods management believes were reasonable. The methods for directly charging specifically identifiable functions and services to DPC included negotiated usage rates and dedicated employee assignments. The method for allocating shared leveraged functional services to DPC was based on proportionate formulas involving controllable fixed costs and in certain instances was allocated to DPC based on demand. Controllable fixed costs are fixed costs less depreciation and amortization and non-recurring transactions. The methods for allocating general corporate expenses to DPC were based on revenue. However, the expenses reflected in the Predecessor combined financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if DPC had operated as a separate, standalone entity.
The allocated leveraged functional service expenses and general corporate expenses included in cost of goods sold, selling, general, and administrative expenses and research and development expenses in the Predecessor combined statement of operations were as follows:
 
Predecessor
 
Period from January 1, 2013 through
January 31, 2013
Cost of goods sold
$
14.2

Selling, general, and administrative expenses
1.4

Research and development expenses
0.1

Total
$
15.7

Allocated leveraged functional service expenses and general corporate expenses are recorded in the Predecessor combined statement of operations as follows:
 
Predecessor
 
Period from January 1, 2013 through January 31, 2013
Leveraged functional services
$
14.2

General corporate expenses
1.5

Total
$
15.7


Shared Sites
DPC conducted manufacturing operations at 35 plant sites globally. DPC shared three of these plant sites with other non-DPC DuPont manufacturing operations. Additionally, DPC shared warehouse, sales centers, office space, and research and development facilities with other DuPont businesses. In general, the property, plant, and equipment primarily or exclusively used by DPC for these shared locations are included in the Predecessor combined balance sheet.
The full historical cost, accumulated depreciation and depreciation expense for assets at shared manufacturing plant sites and other facilities where DPC was the primary or exclusive user of the assets have been included in the Predecessor combined balance sheet and statement of operations. Accordingly, when the use of a DPC primary asset was shared with a non-DPC DuPont business (manufacturing or otherwise), the cost for the non-DPC usage was deemed to have been charged to the non-DPC business. The amounts credited to cost of goods sold in the Predecessor combined statement of operations for the use of a DPC primary asset by non-DPC businesses, were less than $0.3 million for the Predecessor period from January 1, 2013 through January 31, 2013.
At shared manufacturing plant sites and other facilities where DPC was not the primary or exclusive user of the assets, the assets were excluded from the Predecessor combined balance sheet. Accordingly, where DPC used these shared assets, DPC was deemed to have been charged a cost for its usage of these shared assets by the other DuPont businesses. The amounts charged to the cost of goods sold in the Predecessor combined statement of operations for the DPC usage of the shared assets were less than $0.2 million for the Predecessor period from January 1, 2013 through January 31, 2013.
Purchases from and Sales to Other DuPont Businesses
During the Predecessor period, DPC purchased materials (Titanium Dioxide and DuPont Sontara® maintenance wipes) from DuPont and its non-DPC businesses.
Purchases include the following amounts:
 
Predecessor
 
Period from January 1, 2013 through January 31, 2013
DPC purchases of products from other DuPont businesses
$
7.9


There were no material sales to other DuPont businesses during the period covered by the Predecessor combined financial statements.
Commitments and Contingencies
Commitments and Liabilities
COMMITMENTS AND CONTINGENCIES
Guarantees
In connection with the Acquisition, we assumed certain obligations which directly guarantee various debt obligations under agreements with third parties related to the following: equity affiliates, customers, suppliers and other affiliated companies. No amounts were accrued at December 31, 2015 and 2014.
Operating Lease Commitments
We use various leased facilities and equipment in our operations. The terms for these leased assets vary depending on the lease agreement. Net rental expense under operating leases were $48.2 million, $61.6 million and $50.0 million for the Successor years ended December 31, 2015, 2014 and 2013, respectively. Net rental expense under operating leases was $4.6 million for the Predecessor period from January 1, 2013 through January 31, 2013.
At December 31, 2015, future minimum payments under noncancelable operating leases were as follows over each of the next five years and thereafter:
 
Operating
Leases
2016
$
39.0

2017
27.8

2018
23.3

2019
16.8

2020
19.1

Thereafter
43.8

Total minimum payments
$
169.8


Other
We are subject to various pending lawsuits and other claims including civil, regulatory, and environmental matters. Certain of these lawsuits and other claims may have an impact on us. These litigation matters may involve indemnification obligations by third parties and/or insurance coverage covering all or part of any potential damage awards against DuPont and/or us. All of the above matters are subject to many uncertainties and, accordingly, we cannot determine the ultimate outcome of the lawsuits at this time.
The potential effects, if any, on the financial statements of Axalta will be recorded in the period in which these matters are probable and estimable, and such effects could be material.
In addition to the aforementioned matters, we are party to various legal proceedings in the ordinary course of business. Although the ultimate resolution of these various proceedings cannot be determined at this time, management does not believe that such proceedings, individually or in the aggregate, will have a material adverse effect on the financial statements of Axalta.
Long-term Employee Benefits
Long-term Employee Benefits
LONG-TERM EMPLOYEE BENEFITS
Defined Benefit Pension and Other Long-Term Employee Benefits Plans
Successor period
Defined Benefit Pensions
In connection with the Acquisition, we assumed certain defined benefit plan obligations for both current and former employees of our non-U.S. subsidiaries. All defined benefit pension plan obligations for current and former employees in the U.S. were retained by DuPont.
The defined benefit obligations for remaining current employees of non-U.S. subsidiaries assumed by Axalta were carved out of defined benefit pension plans retained by DuPont, where required. We created new defined benefit pension plans for all effected participants. The Acquisition Agreement required DuPont to transfer assets generally in the form of cash, insurance contracts or marketable securities from DuPont’s funded defined benefit pension plans to our defined benefit pension plans.
During the Predecessor period, DuPont had accounted for the benefit obligations of all the defined benefit plans as though the employees were participants in a multiemployer plan in the Predecessor period. For multiemployer plans, ASC 805, Business Combinations, requires an obligation to the plan for a portion of its unfunded benefit obligations to be established at the acquisition date when withdrawal from the multiemployer plan is probable. As withdrawal from the DuPont defined benefit pension plan and related transfer of plan assets was required pursuant to the Acquisition Agreement, an estimate of the unfunded benefit obligations were recorded as of the Acquisition date. All plan assets, where applicable, have been directly transferred to the respective plans' pension trusts. Accordingly, assumed defined benefit obligations are presented net of the plan assets.
Other Long-Term Employee Benefits
We also assumed in connection with the Acquisition certain long-term employee health care and life insurance benefits for certain eligible employees. These programs require retiree contributions based on retiree-selected coverage levels for certain retirees.
Predecessor period
DuPont offered various long-term benefits to its employees. DuPont offered U.S. plans that were shared amongst its businesses. In these cases, the costs, assets, and liabilities of participating employees in these plans are reflected in the Predecessor combined financial statements as though DPC participated in a multiemployer plan. The total cost of the plan was determined by actuarial valuation and the business received an allocation of the cost of the plan based upon several factors, including a percentage of salaries, headcount and fixed costs.
For the non-U.S. plans, the Predecessor combined financial statements were prepared as though the DPC employees who participated in the non-U.S. plans were considered separate plans. As such a portion of DuPont’s liabilities, assets and expenses were included in the Predecessor combined financial statements.
Defined Benefit Pensions
DuPont had both funded and unfunded noncontributory defined benefit pension plans covering a majority of the U.S. employees hired before January 1, 2007, including U.S. employees of DPC. The benefits under these plans were based primarily on years of service and employees’ pay near retirement. DuPont’s funding policy was consistent with the funding requirements of federal laws and regulations.
Pension coverage for employees of DuPont’s non-U.S. subsidiaries was provided, to the extent deemed appropriate, through separate plans. Obligations under such plans were funded by depositing funds with trustees, covered by insurance contracts, or were unfunded.
Other Long-Term Employee Benefits
DuPont and certain subsidiaries provided medical, dental and life insurance benefits to pensioners and survivors, and disability and life insurance protection to employees. The associated plans for retiree benefits were unfunded and the cost of the approved claims was paid from DuPont funds. Essentially all of the cost and liabilities for these retiree benefit plans were attributable to DuPont’s U.S. plans. The retiree medical plan was contributory with pensioners and survivors’ contributions adjusted annually to achieve a 50/50 target sharing of cost increases between DuPont and pensioners and survivors. In addition, limits were applied to DuPont’s portion of the retiree medical cost coverage. U.S. employees hired after December 31, 2006 were not eligible to participate in the postretirement medical, dental and life insurance plans.
Employee life insurance and disability benefit plans were insured in many countries. However, primarily in the U.S., such plans were generally self-insured or were fully experience rated. Expenses for self-insured and fully experience rated plans are reflected in the Predecessor combined financial statements.
Participation in the U.S. Plans
DPC participated in DuPont’s U.S. plans as though they were participants in a multiemployer plan with the other businesses of DuPont. The following table presents pension expense allocated by DuPont to DPC for DuPont’s significant plans in which DPC participated.
 
 
Predecessor
Plan Name
EIN/Pension Number
January 1, 2013
through
January 31, 2013
DuPont Pension and Retirement Plan
51-0014090/001
$
4.2

All Other Plans
 
$
0.7


Obligations and Funded Status
The measurement date used to determine defined benefit and other long-term employee benefit obligations was December 31. The following table sets forth the changes to the projected benefit obligations ("PBO") and plan assets for the Successor years ended December 31, 2015 and 2014 and the funded status and amounts recognized in the accompanying consolidated balance sheets at December 31, 2015 and 2014 for the Company’s defined benefit pension and other long-term benefit plans:
 
Defined Benefits
Other Long-Term Employee
Benefits
 
Successor
Successor
 
Year Ended December 31,
Year Ended December 31,
Obligations and Funded Status
2015
2014
2015
2014
Change in benefit obligation:
 
 
 
 
Projected benefit obligation at beginning of year
$
613.1

$
603.0

$
0.1

$
4.6

Service cost
12.0

15.4

—

0.1

Interest cost
16.9

22.9

—

0.1

Participant contributions
0.9

1.0

—

—

Actuarial losses (gains)—net
(12.0
)
85.8

—

1.1

Plan curtailments and settlements
(4.7
)
(16.3
)
(0.1
)
—

Benefits paid
(27.4
)
(30.1
)
—

—

Amendments
2.7

(4.3
)
—

(5.7
)
Currency translation adjustment
(59.8
)
(64.3
)
—

(0.1
)
Projected benefit obligation at end of year
541.7

613.1

—

0.1

Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
294.5

281.3

—

—

Actual return on plan assets
6.0

26.5

—

—

Employer contributions
31.1

40.9

0.1

—

Participant contributions
0.9

1.0

—

—

Benefits paid
(27.4
)
(30.1
)
—

—

Settlements
(4.7
)
(2.7
)
(0.1
)
—

Currency translation adjustment
(22.0
)
(22.4
)
—

—

Fair value of plan assets at end of year
278.4

294.5

—

—

Funded status, net
$
(263.3
)
$
(318.6
)
$
—

$
(0.1
)
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
 
Other assets
$
0.2

$
0.1

$
—

$
—

Other accrued liabilities
(11.2
)
(12.4
)
—

—

Accrued pension and other long-term employee benefits
(252.3
)
(306.3
)
—

(0.1
)
Net amount recognized
$
(263.3
)
$
(318.6
)
$
—

$
(0.1
)

The PBO is the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation ("ABO") is the actuarial present value of benefits attributable to employee service rendered to date, but does not include the effects of estimated future pay increases.
The following table reflects the ABO for all defined benefit pension plans as of December 31, 2015 and 2014. Further, the table reflects the aggregate PBO, ABO and fair value of plan assets for pension plans with PBO in excess of plan assets and for pension plans with ABO in excess of plan assets.
 
Successor
 
Year Ended December 31,
 
2015
2014
ABO
$
500.1

$
559.4

Plans with PBO in excess of plan assets:
 
 
PBO
$
537.1

$
606.2

ABO
$
495.7

$
553.2

Fair value plan assets
$
273.7

$
287.5

Plans with ABO in excess of plan assets:
 
 
PBO
$
532.0

$
602.0

ABO
$
492.7

$
550.9

Fair value plan assets
$
270.3

$
285.1


The pre-tax amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss include the following:
Defined Benefits:
Successor
 
Year Ended December 31,
 
2015
2014
Accumulated net actuarial losses
$
(48.3
)
$
(52.6
)
Accumulated prior service credit
1.5

4.3

Total
$
(46.8
)
$
(48.3
)
Other Long-Term Employee Benefits:
Successor
 
Year Ended December 31,
 
2015
2014
Accumulated net actuarial losses
$
—

$
(0.4
)
Accumulated prior service credit
—

4.1

Total
$
—

$
3.7


The accumulated net actuarial losses for pensions and other long-term employee benefits relate primarily to differences between the actual net periodic expense and the expected net periodic expense resulting from differences in the significant assumptions, including return on assets, discount rates, compensation and healthcare trends, used in these estimates. For individual plans in which the accumulated net actuarial losses exceed 10% of the higher of the market value of plan assets or the PBO at the beginning of the year, amortization of such excess has been included in net periodic benefit costs for pension and other long-term employee benefits. The amortization period is the average remaining service period of active employees expected to receive benefits unless a plan is mostly inactive in which case the amortization period is the average remaining life expectancy of the plan participants. Accumulated prior service credit is amortized over the future service periods of those employees who are active at the dates of the plan amendments and who are expected to receive benefits.
The estimated pre-tax amounts that are expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2016 for the defined benefit plans and other long-term employee benefit plans is as follows:
 
2016
 
Defined Benefits
Other Long-Term
Employee Benefits
Amortization of net actuarial losses
$
(0.4
)
$
—

Amortization of prior service credit
0.1

—

Total
$
(0.3
)
$
—


Components of Net Periodic Benefit Cost
The following table sets forth the pre-tax components of net periodic benefit costs for the Successor years ended December 31, 2015, 2014, and 2013 and the Predecessor period from January 1, 2013 through January 31, 2013.
 
Pension Benefits
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1,
2013
through
January 31,
 
2015
2014
2013
2013
Components of net periodic benefit cost and amounts recognized in other comprehensive (income) loss:
 
 
 
 
Net periodic benefit cost:
 
 
 
 
Service cost
$
12.0

$
15.4

$
17.0

$
1.6

Interest cost
16.9

22.9

21.2

1.8

Expected return on plan assets
(14.6
)
(14.8
)
(11.9
)
(1.9
)
Amortization of actuarial (gain) loss, net
0.4

(0.3
)
—

1.1

Amortization of prior service credit
(0.1
)
—

—

—

Curtailment gain
—

(7.3
)
—

—

Settlement loss
0.5

0.1

—

—

Net periodic benefit cost
15.1

16.0

26.3

2.6

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
 
 
 
 
Net actuarial (gain) loss, net
(3.4
)
60.6

(10.6
)
—

Amortization of actuarial gain (loss), net
(0.4
)
0.3

—

(1.1
)
Prior service (credit) cost
2.7

(4.3
)
(0.4
)
—

Amortization of prior service credit
0.1

—

—

—

Curtailment gain
—

7.3

—

—

Settlement loss
(0.5
)
(0.1
)
—

—

Other adjustments
—

(4.9
)
0.6

—

Total (gain) loss recognized in other comprehensive income
(1.5
)
58.9

(10.4
)
(1.1
)
Total recognized in net periodic benefit cost and other comprehensive (income) loss
$
13.6

$
74.9

$
15.9

$
1.5

 
 
Other Long-Term Employee Benefits
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1,
2013
through
January 31,
 
2015
2014
2013
2013
Components of net periodic benefit (gain) cost and amounts recognized in other comprehensive (income) loss:
 
 
 
 
Net periodic benefit (gain) cost:
 
 
 
 
Service cost
$
—

$
0.1

$
0.2

$
—

Interest cost
—

0.1

0.2

—

Amortization of actuarial loss, net
—

0.1

—

—

Amortization of prior service credit
(3.7
)
(1.4
)
—

—

Settlement loss
0.3

—

—

—

Net periodic benefit (gain) cost
(3.4
)
(1.1
)
0.4

—

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
 
 
 
 
Net actuarial (gain) loss
—

(4.6
)
(0.7
)
—

Amortization of actuarial gain (loss)
—

(0.1
)
—

—

Prior service benefit
—

—

—

—

Amortization of prior service credit
3.7

1.4

—

—

Settlement loss
(0.3
)
—

—

—

Other adjustments
0.3

—

0.1

—

Total (gain) loss recognized in other comprehensive income
3.7

(3.3
)
(0.6
)
—

Total recognized in net periodic benefit cost and other comprehensive (income) loss
$
0.3

$
(4.4
)
$
(0.2
)
$
—


Significant Events
During the Successor year ended December 31, 2014, we recorded a curtailment gain of $7.3 million within selling, general and administrative expenses due to an amendment to one of our pension plans. In addition, amendments to our long-term employee benefit plans resulted in increases to accumulated other comprehensive income of $12.0 million at December 31, 2014. These amounts will continue to be recognized in earnings over the remaining future service periods of active participants.
Assumptions
We used the following assumptions in determining the benefit obligations and net periodic benefit cost:
 
Successor
 
2015
2014
2013
Pension Benefits
 
 
 
Weighted-average assumptions:
 
 
 
Discount rate to determine benefit obligation
3.05
%
3.23
%
4.11
%
Discount rate to determine net cost
3.23
%
4.11
%
4.15
%
Rate of future compensation increases to determine benefit obligation
3.03
%
3.57
%
3.52
%
Rate of future compensation increases to determine net cost
3.57
%
3.52
%
3.69
%
Rate of return on plan assets to determine net cost
5.21
%
5.23
%
5.22
%
 
Successor
 
2015
2014
2013
Other Long-Term Employee Benefits
 
 
 
Weighted-average assumptions:
 
 
 
Discount rate to determine benefit obligation
—
%
1.50
%
4.80
%
Discount rate to determine net cost
1.50
%
4.80
%
4.20
%
Rate of future compensation increases to determine benefit obligation
—

—

—
%
Rate of future compensation increases to determine net cost
—

—

—
%

The discount rates used reflect the expected future cash flow based on plan provisions, participant data and the currencies in which the expected future cash flows will occur. For the majority of our defined benefit pension obligations, we utilize prevailing long-term high quality corporate bond indices applicable to the respective country at the measurement date. In countries where established corporate bond markets do not exist, we utilize other index movement and duration analysis to determine discount rates. The long-term rate of return on plan assets assumptions reflect economic assumptions applicable to each country and assumptions related to the preliminary assessments regarding the type of investments to be held by the respective plans.
Estimated future benefit payments
The following reflects the total benefit payments expected to be paid for defined benefits:
Year ended December 31,
Benefits
2016
$
28.3

2017
$
25.5

2018
$
26.8

2019
$
30.0

2020
$
26.9

2021—2025
$
166.1

There are no future benefit payments expected to be paid for other long-term employee benefits as this plan was effectively settled at December 31, 2015.
Plan Assets
The defined benefit pension plans for our subsidiaries represent single-employer plans and the related plan assets are invested within separate trusts. Each of the single-employer plans is managed in accordance with the requirements of local laws and regulations governing defined benefit pension plans for the exclusive purpose of providing pension benefits to participants and their beneficiaries. Pension plan assets are typically held in a trust by financial institutions. Our asset allocation targets established are intended to achieve the plan’s investment strategies.
Equity securities include varying market capitalization levels. U.S. equity investments are primarily large-cap companies. Fixed income investments include corporate issued, government issued and asset backed securities. Corporate debt investments include a range of credit risk and industry diversification. Other investments include real estate and private market securities such as insurance contracts, interests in private equity, and venture capital partnerships.
Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The Company’s investment strategy in pension plan assets is to generate earnings over an extended time to help fund the cost of benefits while maintaining an adequate level of diversification for a prudent level of risk. The table below summarizes the weighted average actual and target pension plan asset allocations at December 31 for all funded Axalta defined benefit plans.
Asset Category
2015
2014
Target Allocation
Equity securities
30-35%
35-40%
30-35%
Debt securities
35-40%
35-40%
35-40%
Real estate
0-5%
0-1%
0-5%
Other
20-25%
20-25%
20-25%
The table below presents the fair values of the defined benefit pension plan assets by level within the fair value hierarchy, as described in Note 3, at December 31, 2015 and 2014, respectively.
 
Fair value measurements at
December 31, 2015
 
Total
Level 1
Level 2
Level 3
Asset Category:
 
 
 
 
Cash and cash equivalents
$
2.8

$
2.8

$
—

$
—

U.S. equity securities
23.6

23.6

—

—

Non-U.S. equity securities
70.3

69.8

0.4

0.1

Debt—government issued
64.8

53.0

11.8

—

Debt—corporate issued
44.4

37.7

4.5

2.2

Hedge Funds
0.2

0.2

—

—

Private market securities
63.8

0.4

0.1

63.3

Real estate investments
8.5

—

—

8.5

Total
$
278.4

$
187.5

$
16.8

$
74.1

 
Fair value measurements at
December 31, 2014
 
Total
Level 1
Level 2
Level 3
Asset Category:
 
 
 
 
Cash and cash equivalents
$
4.4

$
4.4

$
—

$
—

U.S. equity securities
16.1

16.1

—

—

Non-U.S. equity securities
79.2

78.7

0.4

0.1

Debt—government issued
36.9

36.3

0.6

—

Debt—corporate issued
55.3

53.0

—

2.3

Hedge Funds
0.2

0.1

0.1

—

Private market securities
63.2

0.1

0.1

63.0

Real estate investments
0.4

—

—

0.4

 
255.7

$
188.7

$
1.2

$
65.8

Pension trust receivables
38.8

 
 
 
Total
$
294.5

 
 
 

Level 3 assets are primarily insurance contracts pledged on behalf of employees with benefits in certain countries, ownership interests in investment partnerships, trusts that own private market securities, real estate investments, and other debt and equity investments. The fair values of our insurance contracts are determined based on the present value of the expected future benefits to be paid under the contract, discounted at a rate consistent with the related benefit obligation. Our real estate investments are primarily comprised of investments in commercial property funds externally valued using third party pricing methodologies, which are not actively traded on public exchanges. Debt and equity investments consist primarily of small investments in other investments that are valued at different frequencies based on the value of the underlying investments. The table below present a roll forward of activity for these assets for the years ended December 31, 2015 and 2014.
 
Level 3 assets
 
Total
Private
market
securities
Debt and Equity
Real
estate investments
Ending balance at December 31, 2013
$
59.6

$
59.3

$
—

$
0.3

Realized (loss)
—

—

—

—

Change in unrealized gain
0.2

—

—

0.2

Purchases, sales, issues and settlements
6.0

3.7

2.4

(0.1
)
Transfers in/(out) of Level 3
—

—

—

—

Ending balance at December 31, 2014
$
65.8

$
63.0

$
2.4

$
0.4

Realized (loss)
—

—

—

—

Change in unrealized gain
(5.2
)
(5.2
)
(0.1
)
0.1

Purchases, sales, issues and settlements
13.5

5.5

—

8.0

Transfers in/(out) of Level 3
—

—

—

—

Ending balance at December 31, 2015
$
74.1

$
63.3

$
2.3

$
8.5


Assumptions and Sensitivities
The discount rate is determined as of each measurement date, based on a review of yield rates associated with long-term, high-quality corporate bonds. The calculation separately discounts benefit payments using the spot rates from a long-term, high-quality corporate bond yield curve.
The long-term rate of return assumption represents the expected average rate of earnings on the funds invested to provide for the benefits included in the benefit obligations. The long-term rate of return assumption is determined based on a number of factors, including historical market index returns, the anticipated long-term asset allocation of the plans, historical plan return data, plan expenses and the potential to outperform market index returns. The expected long-term rate of return on assets was 5.21% for 2015. For 2016, the expected long-term rate of return is 4.75%.
Anticipated Contributions to Defined Benefit Plan
For funded pension plans, our funding policy is to fund amounts for pension plans sufficient to meet minimum requirements set forth in applicable benefit laws and local tax laws. Based on the same assumptions used to measure our benefit obligations at December 31, 2015 we expect to contribute $17.2 million to our defined benefit plans during 2016. No plan assets are expected to be returned to the Company in 2016. No contributions to our other long-term employee benefit plans are expected during 2016 as the plan was effectively settled at December 31, 2015
Defined Contribution Plans
The Company sponsors defined contribution plans in both its US and non-US subsidiaries, under which salaried and certain hourly employees may defer a portion of their compensation. Eligible participants may contribute to the plan up to the allowable amount as determined by the plan of their regular compensation before taxes. All contributions and Company matches are invested at the direction of the employee. Company matching contributions vest immediately and aggregated to $36.7 million and $35.9 million for the Successor years ended December 31, 2015 and 2014, respectively.
Stock-based Compensation
Stock-based Compensation
STOCK-BASED COMPENSATION
Successor period
During the years ended December 31, 2015, 2014 and 2013, we recognized $30.2 million, $8.0 million and $7.4 million, respectively, in stock-based compensation expense. Included in the $30.2 million of stock-based compensation expense recorded during the year ended December 31, 2015 was $8.2 million of stock-based compensation expense attributable to accelerated vesting of all issued and outstanding stock options issued under the Axalta Coating Systems Bermuda Co., Ltd 2013 Equity Incentive Plan (the "2013 Plan"), as a result of the April 2015 Secondary Offerings which reduced Carlyle's interest in Axalta to below 50%, triggering a liquidity event (the "Liquidity Event") as defined in the 2013 Plan.
We recognized a tax benefit on stock-based compensation of $10.7 million, $2.8 million and $2.6 million for the years ended December 31, 2015, 2014 and 2013, respectively.
Stock-based compensation expense is primarily allocated to costs of goods sold and selling, general and administrative expenses on the consolidated statement of operations.
Description of Equity Incentive Plan
In 2013, Axalta’s Board of Directors approved the 2013 Plan which reserved an aggregate of 19,839,143 common shares of the Company for issuance to employees, directors and consultants. The 2013 Plan provided for the issuance of stock options, restricted stock or other stock-based awards. No further awards may be granted pursuant to the 2013 Plan.
In 2014, Axalta's Board of Directors approved the Axalta Coating Systems Ltd. 2014 Incentive Award Plan (the "2014 Plan") which reserved an aggregate 11,830,000 shares of common stock of the Company for issuance to employees, directors and consultants. The 2014 Plan provides for the issuance of stock options, restricted stock or other stock-based awards. All awards granted pursuant to the 2014 Plan must be must be authorized by the Board of Directors of Axalta or a designated committee thereof. Our Board of Directors has generally delegated responsibility for administering the 2014 Plan to our Compensation Committee.
The terms of the options may vary with each grant and are determined by the Compensation Committee within the guidelines of the 2013 and 2014 Plans.
In 2013, we granted approximately 4.1 million, 5.7 million and 6.4 million in non-qualified stock options to certain employees with strike prices of $5.92, $8.88 and $11.84 per share, respectively. During 2014, we granted 1.6 million non-qualified, service-based stock options to certain employees and directors with strike prices of $5.92, $7.21, $8.88 and $11.84 per share. Options granted under the 2013 Plan in 2013 and 2014 were assigned a 4.4 to 5 years vesting period; however, vesting was accelerated as a result of the Liquidity Event. Option life cannot exceed ten years.
In 2015, we granted 1.3 million non-qualified, service-based stock options to certain employees and directors under the 2014 Plan with strike prices between $25.34 and $34.80 per share. Options granted under the 2014 Plan vest ratably over three years and have a life of no more than ten years. We also granted 0.9 million shares of restricted stock awards and 0.8 million restricted stock units at fair values between $25.34 and $34.80.
Stock Options
The Black-Scholes option pricing model was used to estimate fair values of the options as of the date of the grant. The weighted average fair values of options granted in 2015, 2014 and 2013 were $8.15, $1.92 and $1.38 per share, respectively. Principal weighted average assumptions used in applying the Black-Scholes model were as follows:
 
2015 Grants
2014 Grants
2013 Grants
Expected Term
6.00 years

7.81 years

7.81 years

Volatility
22.19
%
28.28
%
28.61
%
Dividend Yield
—

—

—

Discount Rate
1.79
%
2.21
%
2.13
%
For the 2015 option grants, the market value of the stock is the closing price of the stock on the date of grant. For the 2014 stock awards, we estimated the per share fair value of our common stock using a contemporaneous valuation consistent with the American Institute of Certified Public Accountants Practice Aid, "Valuation of Privately-Held Company Equity Securities Issued as Compensation" (the "Practice Aid"). In conducting this valuation, we considered objective and subjective factors that we believed to be relevant, including our best estimate of our business condition, prospects and operating performance. Within this contemporaneous valuation, a range of factors, assumptions and methodologies were used. The significant factors included:
•
the fact that we were a private company with illiquid securities;
•
our historical operating results;
•
our discounted future cash flows, based on our projected operating results;
•
valuations of comparable public companies; and
•
the risk involved in the investment, as related to earnings stability, capital structure, competition and market potential.
For the contemporaneous valuation of our common stock, management estimated, as of the issuance date, our enterprise value on a continuing operations basis, using the income and market approaches, as described in the Practice Aid. The income approach utilized the discounted cash flow ("DCF") methodology based on our financial forecasts and projections, as detailed below. The market approach utilized the Guideline Public Company and Guideline Transactions methods, as detailed below.
For the DCF methodology, we prepared annual projections of future cash flows through 2018. Beyond 2018, projected cash flows through the terminal year were projected at long-term sustainable growth rates consistent with long-term inflationary and industry expectations. Our projections of future cash flows were based on our estimated net debt-free cash flows and were discounted to the valuation date using a weighted-average cost of capital estimated based on market participant assumptions.
For the Guideline Public Company and Guideline Transactions methods, we identified a group of comparable public companies and recent transactions within the chemicals industry. For the comparable companies, we estimated market multiples based on trading prices and trailing 12 months EBITDA. These multiples were then applied to our trailing 12 months EBITDA. When selecting comparable companies, consideration was given to industry similarity, their specific products offered, financial data availability and capital structure.
For the comparable transactions, we estimated market multiples based on prices paid for the related transactions and trailing 12 months EBITDA. These multiples were then applied to our trailing 12 months EBITDA. The results of the market approaches corroborated the fair value determined using the income approach.
For the 2013 grants, the fair value of the stock was estimated based upon the Acquisition transaction since the Company was not publicly traded at that time and there had been no significant changes in operations since the closing date of February 1, 2013.
To estimate the expected stock option term for the $5.92 and $7.21 stock options referred to above, we used the simplified method as the options strike price equaled the grant date fair value and Axalta, a privately-held company, had no exercise history. Based upon this simplified method the $5.92 and $7.21 per share stock options have an expected term of 6.5 years. The strike price for the $8.88 per share and $11.84 per share tranches of options exceeded fair value at the grant date which required the use of an estimate of an implicitly longer holding period, resulting in the term of 8.25 years.
The expected term assumptions used for the 2015 grants were also determined using the simplified method and resulted in an expected term of 6.0 years.
We do not anticipate paying cash dividends in the foreseeable future and, therefore, use an expected dividend yield of zero. Volatility for outstanding grants is based upon the peer group since the Company was either privately-held at the date of grant or had a limited history as a public company. The discount rate was derived from the U.S. Treasury yield curve.
The exercise price and market value per share amounts presented above were as of the date the stock options were granted.
A summary of stock option award activity as of December 31, 2015 and changes during the year then ended, is presented below:
 
Awards
(in millions)
Weighted-
Average
Exercise
Price
Aggregate
Intrinsic
Value
 (in millions)
Weighted
Average
Remaining
Contractual
Life (years)
Outstanding at December 31, 2014
17.1

$
9.38

 
 
Granted
1.3

$
31.61

 
 
Exercised
(7.3
)
$
8.97

 
 
Forfeited
(0.1
)
$
17.07

 
 
Outstanding at December 31, 2015
11.0

$
12.19

 
 
Vested and expected to vest at December 31, 2015
11.0

$
12.19

$
165.8

7.81
Exercisable at December 31, 2015
9.8

$
9.68

$
165.6

7.61

Cash received by the company upon exercise of options in 2015 was $63.9 million. The tax benefit related to these exercises is $57.3 million. The Company may settle option exercises by issuing new shares, treasury shares or shares purchased on the open market. The intrinsic value of options exercised in 2015 was $166.8 million. The intrinsic value of options exercised in 2014 were not material and there were no exercises in 2013.
The fair value of shares vested during 2015 and 2014 was $24.3 million and $4.5 million, respectively.
Compensation cost is recorded net of forfeitures. The forfeiture rate assumption is the estimated annual rate at which unvested awards are expected to be forfeited during the vesting period. Periodically, management will assess whether it is necessary to adjust the estimated rate to reflect changes in actual forfeitures or changes in expectations. At December 31, 2015 and 2014, the Company has estimated its annual forfeiture rate at 0% due to its limited history and expectations of forfeitures. Total forfeitures for the year ended December 31, 2015 were 0.1 million.
At December 31, 2015, there was $6.4 million of unrecognized compensation cost relating to outstanding unvested stock options expected to be recognized over the weighted average period of 2.4 years. Compensation expense is recognized for the fair values of the stock options over the requisite service period of the awards using the graded-vesting attribution method.
Restricted Stock Awards and Restricted Stock Units
During year ended December 31, 2015, we issued 1.7 million shares of restricted stock awards and restricted stock units with an average grant price of $32.22 per share. A portion of these awards vests ratably over three years. Other awards granted to certain members of management cliff vest over two and three year periods and are subject to accelerated vesting in the event of the award recipient's termination of employment under certain circumstances.
A summary of restricted stock and restricted stock unit award activity as of December 31, 2015 is presented below:
 
Awards
(millions)
Weighted-Average
Fair Value
Outstanding at January 1, 2015
—

$
—

Granted
1.7

$
32.22

Vested
—

$
—

Forfeited
—

$
—

Outstanding at December 31, 2015
1.7

$
32.22


Compensation cost is recorded net of forfeitures. The forfeiture rate assumption is the estimated annual rate at which unvested awards are expected to be forfeited during the vesting period. Periodically, management will assess whether it is necessary to adjust the estimated rate to reflect changes in actual forfeitures or changes in expectations. At December 31, 2015, the Company has estimated its annual forfeiture rate at 0% due to its limited history and expectations of forfeitures.
At December 31, 2015, there was $38.2 million of unamortized expense relating to unvested restricted stock awards and restricted stock units that is expected to be amortized over a weighted average period of 2.4 years. Compensation expense is recognized for the fair values of the awards over the requisite service period of the awards using the graded-vesting attribution method.
Predecessor period
DuPont maintained certain stock-based compensation plans for the benefit of certain of its officers, directors’ and employees, including, prior to the Acquisition, certain DPC employees. DPC recognized stock-based compensation within the combined statement of operations based upon fair values.
Total stock-based compensation expense included in the combined statement of operations was $0.1 million for the Predecessor period from January 1, 2013 through January 31, 2013.
Related Party Transactions
Related Party Transactions
RELATED PARTY TRANSACTIONS
The Carlyle Group L.P. and its affiliates ("Carlyle")
We entered into a consulting agreement with Carlyle Investment Management L.L.C. ("Carlyle Investment"), an affiliate of Carlyle pursuant to which Carlyle Investment provided certain consulting services to Axalta. Under this agreement, subject to certain conditions, we were required to pay an annual consulting fee to Carlyle Investment of $3.0 million payable in equal quarterly installments and reimburse Carlyle Investment for out-pocket expenses incurred in providing the consulting services. During the Successor year ended December 31, 2014, we recorded expense of $3.2 million in regular monthly management fees and out of pocket costs as well as a $13.4 million pre-tax charge related to the termination of the agreement upon completion of the IPO. As a result of this agreement termination, no expense was recorded during the Successor year ended December 31, 2015.
During the Successor year ended December 31, 2013, we recorded expense of $3.1 million related to this consulting agreement. In addition, Carlyle Investment received a one-time fee of $35.0 million upon effectiveness of the Acquisition for services rendered in connection with the Acquisition and related acquisition financing. Of this amount, $21.0 million was recorded as merger and acquisition expenses in the Successor year ended December 31, 2013, and $14.0 million was recorded as a component of deferred financing costs, which is amortized to interest expense.
Service King Collision Repair
Service King Collision Repair, a portfolio company of funds affiliated with Carlyle, has purchased products from our distributors in the past and may continue to do so in the future. During the Successor year ended December 31, 2014, Carlyle sold their majority interest in Service King Collision Repair, thus making the entity no longer a related party. Related party sales prior to this transaction were $4.0 million and $2.0 million for the Successor years ended December 31, 2014 and 2013, respectively. During the Predecessor period from January 1, 2013 through January 31, 2013 sales to Service King Collision Repair were immaterial.
Other
A director of the Company is the Chairman and Chief Executive Officer of an international management consulting firm focused on the automotive and industrial sectors. In connection with the Acquisition, we incurred consulting fees and expenses from the consulting firm of approximately $2.1 million, of which $0.1 million was incurred in the Successor year ended December 31, 2013 and the remainder was incurred in prior years. As part of the compensation for the consulting services, we granted the consulting firm a stock option award to purchase up to 352,143 of our common shares which had a fair value of approximately $0.5 million.
Other Expense, Net
Other Expense, Net
OTHER EXPENSE, NET
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1, 2013
through
January 31,
 
2015
2014
2013
2013
Exchange losses, net
$
93.7

$
81.2

$
48.9

$
4.5

Management fees and expenses
—

16.6

3.1

—

Impairment of real estate investment
30.6

—

—

—

Indemnity (gains) losses associated with the Acquisition
(1.0
)
17.8

—

—

Financing fees and debt extinguishment
2.5

6.1

—

—

Other miscellaneous income, net
(14.6
)
(6.7
)
(3.5
)
0.5

Total
$
111.2

$
115.0

$
48.5

$
5.0


Our net exchange losses for the Successor years ended December 31, 2015, 2014 and 2013 consisted of remeasurement losses primarily related to intercompany transactions denominated in currencies different from the functional currency of the relevant subsidiary. These remeasurements of the intercompany transactions were partially offset by gains on our Euro borrowings. Net exchange losses also include the impacts of remeasurement losses related to the remeasurement of the net monetary assets of our Venezuelan subsidiary, as discussed in further detail in Note 27.
Other miscellaneous income, net included a gain for the Successor year ended December 31, 2015 resulting from the acquisition of an additional 25% interest in an equity method investee for a purchase price of $4.3 million. As a result of the acquisition, we obtained a controlling interest and recognized a gain of $5.4 million on the remeasurement of our previously held equity interest as of the acquisition date. Also included in other miscellaneous income, net for the Successor year ended December 31, 2015 was the recognition of a $5.6 million gain on derivative contracts compared to a $1.4 million loss for the year ended Successor December 31, 2014.
Income Taxes
Income Taxes
INCOME TAXES
Domestic and Foreign Components of Income (Loss) Before Income Taxes
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1, 2013
through
January 31,
 
2015
2014
2013
2013
Domestic
$
(19.4
)
$
(8.8
)
$
(153.8
)
$
(1.5
)
Foreign
180.6

45.6

(109.9
)
17.1

Total
$
161.2

$
36.8

$
(263.7
)
$
15.6


Provision (Benefit) for Income Taxes
 
Successor
 
Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
 
Current  
Deferred  
Total  
Current  
Deferred  
Total  
Current  
Deferred  
Total  
U.S. federal
$
—

$
19.2

$
19.2

$
—

$
(2.1
)
$
(2.1
)
$
—

$
(43.7
)
$
(43.7
)
U.S. state and local
3.1

8.6

11.7

2.0

(2.9
)
(0.9
)
2.3

(2.5
)
(0.2
)
Foreign
65.2

(32.8
)
32.4

38.3

(33.2
)
5.1

73.7

(74.6
)
(0.9
)
Total
$
68.3

$
(5.0
)
$
63.3

$
40.3

$
(38.2
)
$
2.1

$
76.0

$
(120.8
)
$
(44.8
)
 
Predecessor
 
Period from January 1, 2013 through January 31, 2013
 
Current
Deferred
Total
U.S. federal
$
(8.8
)
$
7.0

$
(1.8
)
U.S. state and local
0.1

(0.2
)
(0.1
)
Foreign
6.7

2.3

9.0

Total
$
(2.0
)
$
9.1

$
7.1


Reconciliation to US Statutory Rate
 
Successor
Predecessor
 
Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
Period from
January 1
2013 through
January 31,
2013
Statutory U.S. federal income tax rate(1)
$
56.4

35.0
 %
$
12.9

35.0
 %
$
(92.3
)
35.0
 %
$
5.5

35.0
 %
Foreign income taxed at rates other than 35%
(41.4
)
(25.6
)
(46.7
)
(127.0
)
(36.6
)
13.9

1.0

6.6

Changes in valuation allowances
34.4

21.3

44.4

120.9

55.0

(20.9
)
1.4

8.9

Foreign exchange gain (loss), net
(10.5
)
(6.5
)
8.7

23.7

8.7

(3.3
)
0.5

3.1

Unrecognized tax benefits(2)
0.4

0.3

(44.0
)
(119.7
)
35.1

(13.2
)
—

—

Foreign taxes
5.8

3.6

1.2

3.3

8.9

(3.4
)
—

—

Non-deductible interest
4.9

3.0

15.4

41.9

6.4

(2.4
)
—

—

Non-deductible expenses
5.5

3.4

14.2

38.6

19.4

(7.4
)
—

—

Tax credits
(5.5
)
(3.4
)
(5.1
)
(13.8
)
(1.6
)
0.6

—

—

Venezuela impairment
10.7

6.6

—

—

—

—

—

—

Capital loss(3)
—

—

—

—

(46.7
)
17.7

—

—

U.S. state and local taxes, net
8.1

5.0

—

—

(0.2
)
0.1

—

—

Other - net
(5.5
)
(3.4
)
1.1

2.8

(0.9
)
0.3

(1.3
)
(8.0
)
Total income tax provision (benefit) / effective tax rate
$
63.3

39.3
 %
$
2.1

5.7
 %
$
(44.8
)
17.0
 %
$
7.1

45.6
 %
(1)
The U.S. statutory rate has been used as management believes it is more meaningful to the Company.
(2)
Within this amount, the Company released and recorded an unrecognized tax benefit of $21.1 million related to non-deductible interest and debt acquisition costs in 2014 and 2013. These adjustments were fully offset by changes in the valuation allowance.
(3)
In 2013, the Company recognized a tax benefit of $46.7 million related to a capital loss, which is fully offset by a $46.7 million increase to the valuation allowance.
Deferred Tax Balances
Successor
 
Year Ended December 31,
 
2015
2014
Deferred tax asset
 
 
Tax loss, credit and interest carryforwards
$
227.4

$
198.5

Goodwill and intangibles
93.6

90.8

Compensation and employee benefits
93.8

92.5

Accruals and other reserves
30.4

58.4

Other
12.1

—

Total deferred tax assets
457.3

440.2

Less: Valuation allowance
(127.8
)
(101.9
)
Net deferred tax assets
329.5

338.3

Deferred tax liabilities
 
 
Property, Plant & Equipment
(191.5
)
(215.0
)
Equity Investment & Other Securities
(0.5
)
(2.2
)
Unremitted earnings
(6.3
)
(8.5
)
Long-Term Debt
(6.6
)
(8.1
)
Other
—

(5.5
)
Total deferred tax liabilities
(204.9
)
(239.3
)
Net deferred tax asset
$
124.6

$
99.0

 
 
 
Current asset
$
69.5

$
64.5

Current liability
(6.6
)
(7.3
)
Non-current assets
227.2

250.0

Non-current liability
(165.5
)
(208.2
)
Net deferred tax asset
$
124.6

$
99.0

At December 31, 2015, the Company had $144.4 million of net operating and capital loss carryforwards (tax effected) in certain non-U.S. jurisdictions, net of uncertain tax positions. Of these, $76.4 million have indefinite carryforward periods, and the remaining $68.0 million are subject to expiration between the years 2018 through 2025.
In the U.S., there were approximately $86.3 million of federal net operating loss carryforwards (tax effected) subject to expiration in years beyond 2032, and $4.2 million of state net operating loss carryforwards (tax effected) subject to expiration between the years 2018 and 2035. Tax credit carryforwards at December 31, 2015 amounted to $19.6 million subject to expiration between the years 2019 and 2035. Interest carryforwards at December 31, 2015 of $16.8 million have an indefinite carryforward period. Utilization of our net operating loss and tax credit carryforwards may be subject to annual limitations due to the ownership change limitations provided by the Internal Revenue Code and similar state provisions. Such annual limitations could result in the expiration of the net operating loss and tax credit carryforwards before their utilization.
Of the net operating loss, tax credit and interest carryforwards (tax-effected), $43.9 million has not been benefited, as it relates to the windfall tax benefit on stock compensation that occurred in 2015 which has not reduced income taxes payable. If realized, the unrecorded net operating loss carryforwards will be recognized as a benefit through equity. We have adopted a “with and without” approach with regards to windfall tax benefits from stock based compensation.
At December 31, 2014, the Company had $118.3 million of net operating and capital loss carryforwards (tax effected) in certain non-U.S. jurisdictions, net of uncertain tax positions. Of these, $78.2 million have indefinite carryforward periods, and the remaining $40.1 million are subject to expiration between the years 2019 through 2026. In the U.S., there were approximately $53.2 million of federal net operating loss carryforwards (tax effected) subject to expirations in years beyond 2032, and $2.5 million of state net operating loss carryforwards (tax effected) subject to expiration between the years 2018 and 2034. Tax credit carryforwards at December 31, 2014, amounted to $11.6 million, of which $0.6 million is subject to expiration in 2016. The remaining tax credit carryforwards expire between the years 2018 and 2034. Interest carryforwards at December 2014, amounted to $12.9 million, and had an indefinite carryforward period.
The Company had valuation allowances that primarily related to the realization of recorded tax benefits on tax loss carryforwards from operations in Austria, Luxembourg, Netherlands and the United Kingdom at December 31, 2015 and 2014 of 127.8 million and 101.9 million, respectively. The $25.9 million increase is a result of current year taxable losses in Netherlands of $25.0 million and $0.9 million of various unbenefited losses.
The Company has determined that the majority of unremitted earnings of our subsidiaries will not be permanently reinvested, and accordingly, has provided a deferred tax liability at December 31, 2015 and 2014 of 6.3 million and 8.5 million, respectively. The Company has included in the current income tax provision a total benefit of $0.4 million related to subsidiary earnings and reduced withholding tax rates on prior year earnings. In 2015, the Company asserted indefinite reinvestment on $33.2 million of 2015 undistributed earnings from operations in China. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company would be subject withholding tax of $1.7 million.
Total Gross Unrecognized Tax Benefits
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1
2013 through
January 31,
 
2015
2014
2013
2013
Balance at January 1
$
5.3

$
38.9

$
—

$
—

Increases related to acquisition
—

—

11.3

—

Increases related to positions taken on items from prior years
—

—

—

—

Decreases related to positions taken on items from prior years
(0.6
)
(33.6
)
—

—

Increases related to positions taken in the current year
—

—

27.6

—

Settlement of uncertain tax positions with tax authorities
—

—

—

—

Decreases due to expiration of statutes of limitations
—

—

—

—

Balance at December 31
$
4.7

$
5.3

$
38.9

$
—


At December 31, 2015 and 2014, the total amount of gross unrecognized tax benefits was $4.7 million and $5.3 million, of which $4.7 million and $5.3 million would impact the effective tax rate, if recognized, respectively.
Interest and penalties associated with gross unrecognized tax benefits are included as components of the "Provision (benefit) for income taxes," and totaled an income tax expense of $0.4 million in 2015 and an income tax benefit of $6.8 million in 2014. Accrued interest and penalties are included within the related tax liability line in the balance sheet. The Company’s accrual for interest and penalties at December 31, 2015 and 2014 was $0.7 million and $0.3 million, respectively.
During 2014, resolution on two separate tax matters resulted in the adjustment of gross unrecognized tax benefits. In April 2014, documentation was secured to support tax deductions related to pre-acquisition activities. Additionally, in December 2014, the Company received affirmative guidance with respect to the treatment of certain 2013 charges. As a result, the Company believes it is more likely than not to sustain the position and adjusted the unrecognized tax benefits related to these matters, resulting in a tax benefit of $31.0 million (offset by an unfavorable change in the valuation allowance of $21.1 million).
The Company is subject to income tax in approximately 45 jurisdictions outside the U.S. The Company’s significant operations outside the U.S. are located in Belgium, China, Germany and Mexico. The statute of limitations varies by jurisdiction with 2006 being the oldest tax year still open in the material jurisdictions. The Company is currently under audit in certain jurisdictions for tax years under responsibility of the predecessor, as well as tax periods under the Company's ownership. Pursuant to the acquisition agreement, all tax liabilities related to tax years prior to 2013 acquisition will be indemnified by DuPont.
As of December 31, 2015 and 2014, we had gross unrecognized tax benefits of $5.4 million and $5.6 million, respectively, including interest and penalties. Due to the high degree of uncertainty regarding future timing of cash flows associated with these liabilities, we are unable to estimate the years in which settlement will occur with the respective taxing authorities.
Earnings Per Common Share
Earnings Per Common Share
EARNINGS PER COMMON SHARE
Basic earnings per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per common share includes the effect of potential dilution from the exercise of outstanding stock options. Potentially dilutive securities have been excluded in the weighted average number of common shares used for the calculation of earnings per share in periods of net loss because the effect of such securities would be anti-dilutive. A reconciliation of the Company’s basic and diluted earnings per common share is as follows (in millions, except earnings per share):
 
Successor
 
Year Ended December 31,
(In millions, except per share data)
2015
2014
2013
Net income (loss) attributable to Axalta
$
93.7

$
27.4

$
(224.9
)
Pre-Acquisition net loss attributable to Axalta
—

—

(3.9
)
Net income (loss) to common shareholders (1)
$
93.7

$
27.4

$
(221.0
)
Basic weighted average shares outstanding (1)
233.8

229.3

228.3

Diluted weighted average shares outstanding
239.7

230.3

228.3

Earnings per Common Share:
 
 
 
Basic net income (loss) per share
$
0.40

$
0.12

$
(0.97
)
Diluted net income (loss) per share
$
0.39

$
0.12

$
(0.97
)
(1)
As of February 1, 2013, the date of the Acquisition, the Company received the initial Equity Contribution of $1,350.0 million. Accordingly, the net loss to common shareholders and the weighted average shares outstanding calculation is based on the period from February 1, 2013 to December 31, 2013.
The number of anti-dilutive shares (stock options) that have been excluded in the computation of diluted earnings per share for the Successor years ended December 31, 2015, 2014 and 2013 were 0.7 million, 7.2 million and 16.3 million respectively.
Basic and diluted weighted average shares outstanding have been adjusted to reflect the Company’s 100,000 for 1 stock split which occurred in July 2013, and the Company’s 1.69 for 1 stock split which occurred in October 2014.
Accounts and Notes Receivable, Net
Accounts and Notes Receivable, Net
ACCOUNTS AND NOTES RECEIVABLE, NET
 
Successor
 
Year Ended December 31,
 
2015
2014
Accounts receivable—trade, net
$
647.2

$
638.3

Notes receivable
43.0

45.5

Other
75.6

136.6

Total
$
765.8

$
820.4


Accounts and notes receivable are carried at amounts that approximate fair value. Accounts receivable—trade, net are net of allowances of $10.7 million and $9.9 million at December 31, 2015 and 2014, respectively. Bad debt expense was $4.9 million, $5.1 million and $5.4 million for the Successor years ended December 31, 2015, 2014 and 2013, respectively, and $0.2 million for the Predecessor period from January 1, 2013 through January 31, 2013.
Inventories
Inventories
INVENTORIES
 
Successor
 
Year Ended December 31,
 
2015
2014
Finished products
$
313.1

$
323.7

Semi-finished products
88.5

81.3

Raw materials and supplies
129.1

133.3

Total
$
530.7

$
538.3


Stores and supplies inventories of $20.8 million and $20.9 million at December 31, 2015 and 2014, respectively, were valued under the weighted average cost method.
Net Property, Plant and Equipment
Property, Plant and Equipment, Net
PROPERTY, PLANT AND EQUIPMENT, NET
Depreciation expense amounted to $169.1 million, $176.6 million, and $174.3 million for the Successor years ended December 31, 2015, 2014 and 2013, respectively, and $7.2 million for the Predecessor period from January 1, 2013 through January 31, 2013.
 
 
 
 
Successor
 
 
 
 
Year Ended December 31,
 
Useful Lives (years)
2015
2014
Land
 
 
 
$
84.4

$
90.5

Buildings and improvements
5
-
25
423.5

418.4

Machinery and equipment
3
-
25
1,040.2

1,060.1

Software
5
-
7
132.1

122.1

Other
3
-
20
36.2

29.1

Construction in progress
 
 
 
138.9

138.0

Total
 
 
 
1,855.3

1,858.2

Accumulated depreciation
 
 
 
(472.4
)
(344.1
)
Property, plant, and equipment, net
 
 
 
$
1,382.9

$
1,514.1

Other Assets
Other Assets
OTHER ASSETS
 
Successor
 
Year Ended December 31,
 
2015
2014
Available for sale securities
$
4.2

$
4.5

Deferred income taxes—non-current
227.2

250.0

Other
202.8

228.1

Total
$
434.2

$
482.6

Accounts Payable
Accounts Payable
ACCOUNTS PAYABLE
 
Successor
 
Year Ended December 31,
 
2015
2014
Trade payables
$
418.6

$
463.6

Non-income taxes
22.4

21.4

Other
13.7

9.5

Total
$
454.7

$
494.5

Other Accrued Liabilities
Other Accrued Liabilities
OTHER ACCRUED LIABILITIES
 
Successor
 
Year Ended December 31,
 
2015
2014
Compensation and other employee-related costs
$
140.0

$
153.0

Current portion of long-term employee benefit plans
11.2

12.4

Restructuring
41.3

48.5

Discounts, rebates, and warranties
74.8

68.6

Income taxes payable
18.8

20.8

Derivative liabilities
1.8

1.5

Other
82.3

100.0

Total
$
370.2

$
404.8

Borrowings
Borrowings
BORROWINGS
Borrowings are summarized as follows:
 
Successor
 
Year Ended December 31,
 
2015
2014
Dollar Term Loan
$
2,042.5

$
2,165.5

Euro Term Loan
428.0

481.0

Dollar Senior Notes
750.0

750.0

Euro Senior Notes
274.4

305.3

Short-term and other borrowings
26.5

12.9

Unamortized original issue discount
(14.0
)
(18.3
)
Unamortized deferred financing costs, net
(65.9
)
(82.1
)
 
$
3,441.5

$
3,614.3

Less:
 
 
Short term borrowings
$
22.7

$
12.2

Current portion of long-term borrowings
27.4

27.9

Long-term debt
$
3,391.4

$
3,574.2


Senior Secured Credit Facilities, as amended
On February 3, 2014, Axalta Coating Systems Dutch B B.V. ("Dutch B B.V."), as "Dutch Borrower", and its indirect wholly-owned subsidiary, Axalta Coating Systems U.S. Holdings Inc. ("Axalta US Holdings"), as "US Borrower", executed the second amendment to the Senior Secured Credit Facilities (the "Amendment"). The Amendment (i) converted all of the outstanding Dollar Term Loans ($2,282.8 million) into a new class of term loans (the "New Dollar Term Loans"), and (ii) converted all of the outstanding Euro Term Loans (€397.0 million) into a new class of term loans (the "New Euro Term Loans"). The New Dollar Term Loans are subject to a floor of 1.00%, plus an applicable rate after the Amendment Effective Date. The applicable rate for such New Dollar Term Loans is 3.00% per annum for Eurocurrency Rate Loans as defined in the credit agreement governing the Senior Secured Credit Facilities and 2.00% per annum for Base Rate Loans as defined in the credit agreement governing the Senior Secured Credit Facilities. The applicable rate for both Eurocurrency Rate Loans as well as Base Rate Loans is subject to a further 25 basis point reduction if the Total Net Leverage Ratio as defined in the credit agreement governing the Senior Secured Credit Facilities is less than or equal to 4.50:1.00. The New Euro Term Loans are also subject to a floor of 1.00%, plus an applicable rate after the Amendment Effective Date. The applicable rate for such New Euro Term Loans is 3.25% per annum for Eurocurrency Rate Loans. New Euro Term Loans may not be Base Rate Loans. The applicable rate is subject to a further 25 basis point reduction if the Total Net Leverage Ratio is less than or equal to 4.50:1.00. During the third quarter 2014, our Total Net Leverage Ratio was confirmed to be less than 4.50:1.00. Concurrently, the applicable rates were changed to 2.75% for the New Dollar Term Loans and 3.00% for the New Euro Term Loans through December 31, 2015. 
The Senior Secured Credit Facilities are secured by substantially all assets of Axalta Coating Systems Dutch A B. V. ("Dutch A B.V.") and the guarantors. The Dollar Term Loan and Euro Term Loan mature on February 1, 2020 and the Revolving Credit Facility matures on February 1, 2018. Principal is paid quarterly on both the Dollar Term Loan and the Euro Term Loan based on 1% per annum of the original principal amount with the unpaid balance due at maturity.
Interest is payable quarterly on both the New Dollar Term Loan and the New Euro Term Loan. Prior to the Amendment, interest on the Dollar Term Loan was subject to a floor of 1.25% for Eurocurrency Rate Loans plus an applicable rate of 3.50%. For Base Rate Loans, the interest was subject to a floor of the greater of the federal funds rate plus 0.50%, the Prime Lending Rate, an Adjusted Eurocurrency Rate, or 2.25% plus an applicable rate of 2.50%. Interest on the Euro Term Loan, a Eurocurrency Loan, was subject to a floor of 1.25% plus an applicable rate of 4.00%.
Under the Senior Secured Credit Facilities, interest on any outstanding borrowings under the Revolving Credit Facility is subject to a floor of 1.00% for Eurocurrency Rate Loans plus an applicable rate of 3.50% (subject to an additional step-down to 3.25%). For Base Rate Loans, the interest is subject to a floor of the greater of the federal funds rate plus 0.50%, the Prime Lending Rate, an Adjusted Eurocurrency Rate, or 2.00% plus an applicable rate of 2.50% (subject to an additional step-down to 2.25%).
Under circumstances described in the Credit Agreement, the Company may increase available revolving or term facility borrowings up to $400.0 million plus an additional amount subject to the Company not exceeding a maximum first lien leverage ratio described in the Credit Agreement.
Any indebtedness under the Senior Secured Credit Facilities may be voluntarily prepaid in whole or in part, in minimum amounts, subject to the make-whole provisions set forth in the Credit Agreement. Such indebtedness is subject to mandatory prepayments amounting to the proceeds of asset sales over $25.0 million annually, proceeds from certain debt issuances not otherwise permitted under the Credit Agreement and 50% (subject to a step-down to 25.0% or 0% if the First Lien Leverage Ratio falls below 4.25:1 or 3.50:1, respectively) of Excess Cash Flow.
During each of the Successor years ended December 31, 2015 and 2014, we voluntarily repaid $100.0 million of the outstanding New Dollar Term Loan. For the year ended December 31, 2015, this action resulted in a pre-tax loss on extinguishment of $2.5 million, consisting of the write-off of $1.8 million and $0.7 million of unamortized deferred financing costs and original issue discounts, respectively. For the Successor year ended December 31, 2014, this action resulted in a pre-tax loss on extinguishment of $3.0 million, consisting of the write-off of $2.2 million and $0.8 million of unamortized deferred financing costs and original issue discounts, respectively.
We are subject to customary negative covenants as well as a financial covenant which is a maximum First Lien Leverage Ratio. This financial covenant is applicable only when greater than 25% of the Revolving Credit Facility (including letters of credit not cash collateralized to at least 103%) is outstanding at the end of the fiscal quarter.
Deferred financing costs of $92.9 million and original issue discounts of $25.7 million were incurred at the inception of the Senior Secured Credit Facilities. These amounts are recorded as direct deductions of the associated debt obligations, with the exception of deferred financing costs related to the Revolving Credit Facility, which are classified within other assets on the accompanying consolidated balance sheets as the associated debt has been undrawn since inception, and are amortized as interest expense over the life of the Senior Secured Credit Facilities. At December 31, 2015 and 2014, the remaining unamortized balances related to deferred financing costs on the Senior Secured Credit Facilities were $50.6 million and $65.7 million, respectively.
Amortization expense related to deferred financing costs, net for the Successor years ended December 31, 2015, 2014 and 2013 were $13.2 million, $13.3 million and $11.7 million, respectively. These amounts were exclusive of the $1.8 million and $2.2 million write-off associated with the $100.0 million prepayments on our New Dollar Term Loan in 2015 and 2014, respectively.
Amortization expense related to original issue discounts for the Successor years ended December 31, 2015, 2014 and 2013 were $3.4 million, $3.6 million and $3.0 million, respectively. These amounts were exclusive of the $0.7 million and $0.8 million write-off associated with the $100.0 million prepayments on our New Dollar Term Loan in 2015 and 2014, respectively.
At December 31, 2015 and 2014 there were no borrowings under the Revolving Credit Facility. At December 31, 2015 and 2014, letters of credit issued under the Revolving Credit Facility totaled $24.9 million and $15.5 million, respectively, which reduced the availability under the Revolving Credit Facility. Availability under the Revolving Credit Facility was $375.1 million and $384.5 million at December 31, 2015 and 2014, respectively.
Significant Terms of the Senior Notes
On February 1, 2013, Dutch B B.V., as "Dutch Issuer", and Axalta US Holdings, as "US Issuer", (collectively the "Issuers") issued $750.0 million aggregate principal amount of 7.375% senior unsecured notes due 2021 (the "Dollar Senior Notes") and related guarantees thereof. Additionally, Dutch B B.V. issued €250.0 million aggregate principal amount of 5.750% senior secured notes due 2021 (the "Euro Senior Notes") and related guarantees thereof. Cash fees related to the issuance of the Senior Notes were $33.1 million, are recorded within deferred financing costs, net and are amortized as interest expense over the life of the Notes. At December 31, 2015 and 2014, the remaining unamortized balances were $21.3 million and $25.3 million, respectively. The expense related to the amortization of the deferred financing costs for the Successor years ended December 31, 2015, 2014 and 2013, were $4.0 million, $4.1 million and $3.7 million, respectively.
The Senior Notes are unconditionally guaranteed on a senior basis by certain of the Issuers’ subsidiaries.
The indentures governing the Senior Notes contain covenants that restrict the ability of the Issuers and their subsidiaries to, among other things, incur additional debt, make certain payments including payment of dividends or repurchase equity interest of the Issuers, make loans or acquisitions or capital contributions and certain investments, incur certain liens, sell assets, merge or consolidate or liquidate other entities, and enter into transactions with affiliates.
(i) Euro Senior Notes
The Euro Senior Notes were sold at par and are due February 1, 2021. The Euro Senior Notes bear interest at 5.750% payable semi-annually on February 1 and August 1. Cash fees related to the issuance of the Euro Senior Notes were $10.2 million, and are recorded within as direct deductions of the associated debt obligations and are amortized into interest expense over the life of the Euro Senior Notes. At December 31, 2015 and 2014, the remaining unamortized balances were $6.5 million and $7.7 million, respectively.
As of February 1, 2016, we have the option to redeem all or part of the Euro Senior Notes at the following redemption prices (expressed as percentages of principal amount):
Period
Euro Notes Percentage
2016
104.313
%
2017
102.875
%
2018
101.438
%
2019 and thereafter
100.000
%

Upon the occurrence of certain events constituting a change of control, holders of the Euro Senior Notes have the right to require us to repurchase all or any part of the Euro Senior Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the repurchase date.
The indebtedness evidenced by the Euro Senior Notes and related guarantees is secured on a first-lien basis by the same assets that secure the obligations under the Senior Secured Credit Facilities, subject to permitted liens and applicable local law limitations, is senior in right of payment to all future subordinated indebtedness of the Issuers, is equal in right of payment to all existing and future senior indebtedness of the Issuers and is effectively senior to any unsecured indebtedness of the Issuers, including the Dollar Senior Notes, to the extent of the value securing the Euro Senior Notes.
(ii) Dollar Senior Notes
The Dollar Senior Notes were sold at par and are due May 1, 2021. The Dollar Senior Notes bear interest at 7.375% payable semi-annually on February 1 and August 1. Cash fees related to the issuance of the Dollar Senior Notes were $22.9 million and are amortized as interest expense over the life of the Senior Notes. At December 31, 2015 and 2014, the remaining unamortized balances were $14.8 million and $17.6 million, respectively.
On or after February 1, 2016, we have the option to redeem all or part of the Dollar Senior Notes at the following redemption prices (expressed as percentages of principal amount):
Period
Dollar Notes Percentage
2016
105.531
%
2017
103.688
%
2018
101.844
%
2019 and thereafter
100.000
%

Upon the occurrence of certain events constituting a change of control, holders of the Dollar Senior Notes have the right to require us to repurchase all or any part of the Dollar Senior Notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the repurchase date.
The indebtedness evidenced by the Dollar Senior Notes is senior unsecured indebtedness of the Issuers, is senior in right of payment to all future subordinated indebtedness of the Issuers and is equal in right of payment to all existing and future senior indebtedness of the Issuers. The Dollar Senior Notes are effectively subordinated to any secured indebtedness of the Issuers (including indebtedness of the Issuers outstanding under the Senior Secured Credit Facilities and the Euro Senior Notes) to the extent of the value of the assets securing such indebtedness.
Bridge financing commitment fees
On August 30, 2012, we signed a debt commitment letter, which was subsequently amended and restated, that included a bridge facility comprised of $1,100.0 million of unsecured U.S. bridge loans and a $300.0 million of secured bridge loans (the "Bridge Facility"), which was to be utilized to partially fund the Acquisition in the event that permanent financing was not obtained. Drawings under the Bridge Facility were subject to certain conditions. Upon the issuance of the Senior Notes and the entry into the Senior Secured Credit Facilities, the commitments under the Bridge Facility terminated. Commitment fees related to the Bridge Facility of $21.0 million and associated fees of $4.0 million were expensed upon the termination of the Bridge Facility during the year ended December 31, 2013.
Future repayments
Below is a schedule of required future repayments of all borrowings outstanding at December 31, 2015.
2016
$
38.1

2017
29.5

2018
28.1

2019
27.6

2020
2,361.2

Thereafter
1,024.9

 
$
3,509.4

Fair Value Accounting
Fair Value Accounting
FAIR VALUE ACCOUNTING
Assets measured at fair value on a non-recurring basis
During the Successor years ended December 31, 2015, 2014 and 2013 we recorded impairment losses of $0.1 million, $0.1 million and $3.2 million, respectively, associated with the abandonment of certain in process research and development projects acquired in the Acquisition. During the Predecessor period from January 1, 2013 through January 31, 2013 no assets were adjusted to their fair values on a non-recurring basis. See Note 3 for further discussion of recording the fair values of the indefinite-lived in-process research and development intangible assets acquired in the Acquisition, and the subsequent testing of these assets for impairment.
During the Successor year ended December 31, 2015, we recorded an impairment loss of $30.6 million at our Venezuelan subsidiary to write down the carrying value of a real estate investment to its fair value. See Note 27 for further discussion of impairment and methods used to determine fair value.
Fair value of financial instruments
Available for sale securities - The fair values of available for sale securities at December 31, 2015 and 2014 were $4.2 million and $4.5 million, respectively. The fair value was based upon either Level 1 inputs when the securities are actively traded with quoted market prices or Level 2 when the securities are not frequently traded.
Long-term borrowings - The fair values of the Dollar Senior Notes and Euro Senior Notes at December 31, 2015 were $787.5 million and $285.4 million, respectively. The fair values at December 31, 2014 were $795.0 million and $320.5 million, respectively. The estimated fair values of these notes are based on recent trades, as reported by a third party pricing service. Due to the infrequency of trades of the Dollar Senior Notes and the Euro Senior Notes, these inputs are considered to be Level 2 inputs.
The fair values of the Dollar Term Loan and the Euro Term Loan at December 31, 2015 were $2,024.6 million and $427.5 million, respectively. The fair values at December 31, 2014 were $2,100.5 million and $478.0 million, respectively. The estimated fair values of the Dollar Term Loan and the Euro Term Loan are based on recent trades, as reported by a third party pricing service. Due to the infrequency of trades of the Dollar Term Loan and the Euro Term Loan, these inputs are considered to be Level 2 inputs.
Derivative Financial Instruments
Derivative Financial Instruments
DERIVATIVE FINANCIAL INSTRUMENTS
We selectively use derivative instruments to reduce market risk associated with changes in foreign currency exchange rates and interest rates. The use of derivatives is intended for hedging purposes only and we do not enter into derivative instruments for speculative purposes. A description of each type of derivative used to manage risk is included in the following paragraphs.
During the Successor year ended December 31, 2013, we entered into a foreign currency contract to hedge the variability of the U.S. dollar equivalent of the original borrowings under the Euro Term Loan and the proceeds from the issuance of the Euro Senior Notes. Changes in the fair value of this instrument were recorded in current period earnings and were presented in other expense, net as a component of exchange losses, net. Losses related to the settlement of this contract recognized during the Successor year ended December 31, 2013 totaled $19.4 million. Cash flows resulting from the settlement of the derivative instrument on February 1, 2013 are reported as investing activities.
During the Successor year ended December 31, 2013, we entered into five interest rate swaps with notional amounts totaling $1,173.0 million to hedge interest rate exposures related to variable rate borrowings under the Senior Secured Credit Facilities. The interest rate swaps are in place until September 29, 2017. The interest rate swaps qualify and are designated as effective cash flow hedges.
The following table presents the location and fair values using Level 2 inputs of derivative instruments that qualify and have been designated as cash flow hedges included in the accompanying consolidated balance sheet:
 
Year Ended December 31,
 
2015
2014
Other assets:
 
 
Interest rate swaps
$
0.4

$
5.9

Total assets
$
0.4

$
5.9

Other liabilities:
 
 
Interest rate swaps
$
1.8

$
1.5

Total liabilities
$
1.8

$
1.5


The following table presents the location and fair values using Level 2 inputs of derivative instruments that have not been designated as hedges included in the accompanying consolidated balance sheet:
 
Year Ended December 31,
 
2015
2014
Other assets:
 
 
Interest rate cap
$
—

$
0.1

Prepaid expenses and other assets:
 
 
Foreign currency contracts
$
0.3

$
—

Total assets
$
0.3

$
0.1


For derivative instruments that qualify and are designated as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings.
The following table sets forth the locations and amounts recognized during the Successor years ended December 31, 2015, 2014, and 2013 respectively, for these cash flow hedges.
Derivatives in Cash Flow Hedging Relationships in 2015:
Amount of
(Gain) Loss
Recognized
in OCI on
Derivatives
(Effective
Portion)
Location of (Gain) Loss Reclassified from 
Accumulated OCI into Income (Effective Portion)
Amount of
(Gain) Loss
Reclassified
from
Accumulated
OCI to
Income
(Effective
Portion)
Location of 
(Gain) Loss 
Recognized in Income on 
Derivatives (Ineffective Portion)
Amount of
(Gain) Loss
Recognized
in Income on
Derivatives
(Ineffective
Portion)
Interest rate contracts
$
5.5

Interest expense, net
$
6.5

Interest expense, net
$
0.4

Derivatives in Cash Flow Hedging Relationships in 2014:
Amount of
(Gain) Loss
Recognized
in OCI on
Derivatives
(Effective
Portion)
Location of (Gain) Loss Reclassified from 
Accumulated OCI into Income (Effective Portion)
Amount of
(Gain) Loss
Reclassified
from
Accumulated
OCI to
Income
(Effective
Portion)
Location of 
(Gain) Loss 
Recognized in Income on 
Derivatives (Ineffective Portion)
Amount of
(Gain) Loss
Recognized
in Income on
Derivatives
(Ineffective
Portion)
Interest rate contracts
$
4.6

Interest expense, net
$
6.5

Interest expense, net
$
0.3


Derivatives in Cash Flow Hedging
Relationships in 2013:
Amount of
(Gain) Loss
Recognized
in OCI on
Derivatives
(Effective
Portion)
Location of (Gain) Loss Reclassified from 
Accumulated OCI into Income (Effective Portion)
Amount of
(Gain) Loss
Reclassified
from
Accumulated
OCI to
Income
(Effective
Portion)
Location of 
(Gains) Losses 
Recognized in Income on 
Derivatives (Ineffective Portion)
Amount of
(Gain) Loss
Recognized
in Income on
Derivatives
(Ineffective
Portion)
Interest rate contracts
$
(5.0
)
Interest expense, net
$
4.4

Interest expense, net
$
(4.3
)

Also during the Successor year ended December 31, 2013, we purchased a €300.0 million 1.5% interest rate cap on our Euro Term Loan that is in place until September 29, 2017. We paid a premium of $3.1 million for the interest rate cap. The interest rate cap was not designated as a hedge and the changes in the fair value of the derivative instrument are recorded in current period earnings and are included in interest expense.
DPC, through DuPont, entered into contractual arrangements (derivatives) to reduce its exposure to foreign currency risk. The foreign currency derivative program was utilized for financial risk management and consisted of forward contracts. The derivative instruments were not designated as hedging instruments. Changes in the fair value of the derivative instruments were recorded in current period earnings and were presented in other expense, net as a component of exchange losses, net.
Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that do not qualify for hedge accounting treatment are recorded in income as follows:
 
 
Successor
Predecessor
Derivatives Not Designated as
Hedging Instruments under
ASC 815
Location of (Gain) Loss
Recognized in Income on
Derivatives
Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
Period from
January 1, 2013
through
January 31,
2013
Foreign currency forward contract
Other expense, net as a component of exchange losses, net
$
(5.6
)
$
1.4

$
20.9

$
2.0

Interest rate cap
Interest expense, net
0.1

3.4

(0.3
)
—

 
 
$
(5.5
)
$
4.8

$
20.6

$
2.0

Segments
Segments
SEGMENTS
The Company identifies an operating segment as a component: (i) that engages in business activities from which it may earn revenues and incur expenses; (ii) whose operating results are regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) that has available discrete financial information.
We have two operating segments: Performance Coatings and Transportation Coatings. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Our CODM is identified as the Chief Executive Officer because he has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines.
Through our Performance Coatings segment we provide high-quality liquid and powder coatings solutions to a fragmented and local customer base. We are one of only a few suppliers with the technology to provide precise color matching and highly durable coatings systems. The end-markets within this segment are refinish and industrial.
Through our Transportation Coatings segment we provide advanced coating technologies to OEMs of light and commercial vehicles. These increasingly global customers require a high level of technical support coupled with cost-effective, environmentally responsible coatings systems that can be applied with a high degree of precision, consistency and speed.
Our business serves four end-markets globally as follows: 
 
Successor
Predecessor
 
Year Ended December 31,
Period from January 1 through January 31,
 
2015
2014
2013
2013
Performance Coatings
 
 
 
 
Refinish
$
1,702.0

$
1,850.8

$
1,670.0

$
129.4

Industrial
683.1

734.2

655.3

57.4

Total Net sales Performance Coatings
2,385.1

2,585.0

2,325.3

186.8

Transportation Coatings
 
 
 
 
Light Vehicle
1,310.6

1,384.5

1,291.5

111.6

Commercial Vehicle
391.5

392.2

334.3

27.8

Total Net sales Transportation Coatings
1,702.1

1,776.7

1,625.8

139.4

Total Net sales
$
4,087.2

$
4,361.7

$
3,951.1

$
326.2


Segment information for the Predecessor period has been recast to conform to the Successor segment presentation.
Asset information is not reviewed or included with our internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment.
 
Successor
 
Performance
Coatings
Transportation
Coatings
Total
For the Year ended December 31, 2015
 
 
 
Net sales (1)
$
2,385.1

$
1,702.1

$
4,087.2

Equity in earnings in unconsolidated affiliates
0.6

0.6

1.2

Adjusted EBITDA (2)
539.1

328.1

867.2

Investment in unconsolidated affiliates
4.0

8.4

12.4

 
Successor
 
Performance
Coatings
Transportation
Coatings
Total
For the Year ended December 31, 2014
 
 
 
Net sales (1)
$
2,585.0

$
1,776.7

$
4,361.7

Equity in losses in unconsolidated affiliates
(1.2
)
(0.2
)
(1.4
)
Adjusted EBITDA (2)
547.6

292.9

840.5

Investment in unconsolidated affiliates
7.2

7.1

14.3

 
Successor
 
Performance
Coatings
Transportation
Coatings
Total
For the Year ended December 31, 2013
 
 
 
Net sales (1)
$
2,325.3

$
1,625.8

$
3,951.1

Equity in earnings in unconsolidated affiliates
1.8

0.3

2.1

Adjusted EBITDA (2)
500.2

198.8

699.0

Investment in unconsolidated affiliates
7.7

8.1

15.8

 
Predecessor
 
Performance
Coatings
Transportation
Coatings
Total
For the Period from January 1 through January 31, 2013
 
 
 
Net sales (1)
$
186.8

$
139.4

$
326.2

Equity in losses in unconsolidated affiliates
—

(0.3
)
(0.3
)
Adjusted EBITDA (2)
15.0

17.7

32.7

Investment in unconsolidated affiliates
2.0

6.7

8.7

(1)
The Company has no intercompany sales between segments.
(2)
The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income (loss) before interest, taxes, depreciation and amortization and other unusual items impacting operating results. Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts, and prior year financial results, providing a measure that management believes reflects the Company’s core operating performance. Reconciliation of Adjusted EBITDA to income (loss) before income taxes follows:
 
Successor
Predecessor
 
Year Ended December 31,
Period from January 1
through
January 31,
 
2015
2014
2013
2013
Income (loss) before income taxes
$
161.2

$
36.8

$
(263.7
)
$
15.6

Interest expense, net
196.5

217.7

215.1

—

Depreciation and amortization
307.7

308.7

300.7

9.9

EBITDA
665.4

563.2

252.1

25.5

Inventory step up (a)
1.2

—

103.7

—

Merger and acquisition related costs (b)
—

—

28.1

—

Financing fees and debt extinguishment (c)
2.5

6.1

25.0

—

Foreign exchange remeasurement losses (d)
93.7

81.2

48.9

4.5

Long-term employee benefit plan adjustments (e)
(0.3
)
(0.6
)
9.5

2.3

Termination benefits and other employee related costs (f)
36.6

18.4

147.5

0.3

Consulting and advisory fees (g)
24.7

36.3

54.7

—

Transition-related costs (h)
(3.4
)
101.8

29.3

—

Offering related costs (i)
3.1

22.3

—

—

Stock-based compensation (j)
30.2

8.0

7.4

0.1

Other adjustments (k)
(12.4
)
2.8

(5.1
)
—

Dividends in respect of noncontrolling interest (l)
(4.7
)
(2.2
)
(5.2
)
—

Management fee expense (m)
—

3.2

3.1

—

Asset impairment (n)
30.6

—

—

—

Adjusted EBITDA
$
867.2

$
840.5

$
699.0

$
32.7

(a)
During the Successor years ended December 31, 2015 and 2013, we recorded non-cash fair value inventory adjustments associated with our acquisitions. These adjustments increased cost of goods sold by $1.2 million and $103.7 million, respectively.
(b)
In connection with the Acquisition, we incurred $28.1 million of merger and acquisition costs during the Successor year ended December 31, 2013. These costs consisted primarily of investment banking, legal and other professional advisory services costs.
(c)
On August 30, 2012, we signed a debt commitment letter which included the Bridge Facility (as defined herein). Upon the issuance of the Senior Notes and the entry into the Senior Secured Credit Facilities, the commitments under the Bridge Facility terminated. Commitment fees related to the Bridge Facility of $21.0 million and associated fees of $4.0 million were expensed upon the termination of the Bridge Facility. In connection with the amendment to the Senior Secured Credit Facilities in February 2014, we recognized $3.1 million of costs. In addition to the credit facility amendment, we also incurred $2.5 million and $3.0 million of losses on extinguishment of debt during the Successor years ended December 31, 2015 and 2014, respectively, which resulted directly from the pro-rata write offs of unamortized deferred financing costs and original issue discounts associated with the pay-downs of $100.0 million of principal on the New Dollar Term Loan in each year (discussed further at Note 22).
(d)
Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, including a $19.4 million loss related to the Acquisition date settlement of a foreign currency contract used to hedge the variability of Euro-based financing.
(e)
For the Successor years ended December 31, 2015, 2014 and 2013, eliminates the non-service cost components of employee benefit costs. Additionally, we deducted a pension curtailment gain of $7.3 million recorded during the Successor year ended December 31, 2014. For the Predecessor period January 1, 2013 through January 31, 2013, eliminates (1) all U.S. pension and other long-term employee benefit costs that were not assumed as part of the Acquisition and (2) the non-service cost component of the pension and other long-term employee benefit costs.
(f)
Represents expenses primarily related to employee termination benefits and other employee-related costs, including our initiative to improve the overall cost structure within the European region. Termination benefits include the costs associated with our headcount initiatives for establishment of new roles and elimination of old roles and other costs associated with cost-savings opportunities that were related to our transition to a standalone entity in 2013 and 2014 and our Axalta Way cost-savings initiatives in 2015.
(g)
Represents fees paid to consultants, advisors and other third-party professional organizations for professional services. Amounts incurred during 2015 primarily relate to our Axalta Way cost-savings initiatives. Amounts incurred during 2013 and 2014 relate to services rendered in conjunction with our transition from DuPont to a standalone entity.
(h)
Represents charges associated with the transition from DuPont to a standalone entity, including branding and marketing, information technology related costs, and facility transition costs.
(i)
Represents costs associated with the offering of our common shares in the Carlyle Offerings during 2015 and costs associated with the IPO, including a $13.4 million pre-tax charge associated with the termination of the management agreement with Carlyle Investment Management, L.L.C., an affiliate of Carlyle, upon the completion of the IPO during 2014. See note (m) below.
(j)
Represents costs associated with stock-based compensation, including $8.2 million of expense during 2015 attributable to the accelerated vesting of all issued and outstanding stock options issued under the 2013 Plan as a result of the Liquidity Event.
(k)
Represents costs for certain unusual or non-operational (gains) and losses, including a $5.4 million gain resulting from the acquisition of a controlling interest in our previously held equity method investee during 2015, equity investee dividends, indemnity losses (gains) associated with the Acquisition, losses (gains) on sale and disposal of property, plant and equipment, and losses (gains) on foreign currency derivative instruments.
(l)
Represents the payment of dividends to our joint venture partners by our consolidated entities that are not wholly owned.
(m)
Pursuant to Axalta’s management agreement with Carlyle Investment Management, L.L.C., for management and financial advisory services and oversight provided to Axalta and its subsidiaries, Axalta was required to pay an annual management fee of $3.0 million and out-of-pocket expenses. This agreement terminated upon completion of the IPO.
(n)
As a result of the currency devaluation in Venezuela, we evaluated the carrying values of our long-lived assets for impairment and recorded an impairment charge relating to a real estate investment of $30.6 million during 2015 (discussed further at Note 27).
Geographic Area Information:
The information within the following tables provides disaggregated information related to our net sales and long-lived assets.
Net sales by region were as follows:
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1
through
January 31,
 
2015
2014
2013
2013
North America
$
1,371.9

$
1,307.8

$
1,165.4

$
81.6

EMEA
1,425.3

1,672.0

1,540.4

141.0

Asia Pacific
717.4

715.0

593.7

51.7

Latin America
572.6

666.9

651.6

51.9

Total (a)
$
4,087.2

$
4,361.7

$
3,951.1

$
326.2

Net long-lived assets by region were as follows:
 
Successor
 
December 31, 2015
December 31, 2014
North America
$
449.1

$
481.4

EMEA
493.2

542.0

Asia Pacific
234.5

234.3

Latin America
206.1

256.4

Total (b)
$
1,382.9

$
1,514.1

(a)
Net Sales are attributed to countries based on location of the customer. Sales to external customers in China represented approximately 13%, 11% and 10% of the total for the Successor years ended December 31, 2015, 2014, and 2013 respectively, as well as 11% for the Predecessor period ended January 31, 2013. Sales to external customers in Germany represented approximately 9%, 10% and 10% of the total for the Successor years ended December 31, 2015, 2014 and 2013, respectively, as well as 11% for the Predecessor period ended January 31, 2013. Canada, which is included in the North America region, represents approximately 3% of total net sales in all periods.
(b)
Long-lived assets consist of property, plant and equipment, net.
Germany long-lived assets amounted to approximately $280.4 million and $302.8 million in the Successor years ended December 31, 2015 and 2014, respectively. China long-lived assets amounted to $194.7 million and $189.4 million in the Successor years ended December 31, 2015 and 2014, respectively. Canada long-lived assets, which are included in the North America region, amounted to approximately $20.7 million and $20.9 million in the Successor years ended December 31, 2015 and 2014, respectively.
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
Gain (Loss) on
Securities
Unrealized
Gain (Losses) on
Derivatives
Accumulated
Other
Comprehensive
Income
Successor Balance, December 31, 2014
$
(72.1
)
$
(31.2
)
$
(0.2
)
$
0.2

$
(103.3
)
Current year deferrals to AOCI
(160.7
)
(4.3
)
0.3

0.6

(164.1
)
Reclassifications from AOCI to Net income
—

2.1

—

(4.0
)
(1.9
)
Net Change
(160.7
)
(2.2
)
0.3

(3.4
)
(166.0
)
Successor Balance, December 31, 2015
$
(232.8
)
$
(33.4
)
$
0.1

$
(3.2
)
$
(269.3
)

The income tax related to the changes in pension and other long-term employee benefits for the year ended December 31, 2015 was $0.0 million. The cumulative income tax benefit related to the adjustments for pension and other long-term employee benefits at December 31, 2015 was $13.4 million. The income tax related to the changes in the unrealized gain on derivatives for the year ended December 31, 2015 was $2.1 million. The cumulative income tax benefit related to the adjustments for unrealized gain on derivatives at December 31, 2015 was $1.9 million.
 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
Loss on
Securities
Unrealized
Gain (Loss) on
Derivatives
Accumulated
Other
Comprehensive
Income
Successor Balance, December 31, 2013
$
24.3

$
7.5

$
(0.9
)
$
3.1

$
34.0

Current year deferrals to AOCI
(96.4
)
(29.7
)
0.7

3.6

(121.8
)
Reclassifications from AOCI to Net income
—

(9.0
)
—

(6.5
)
(15.5
)
Net Change
(96.4
)
(38.7
)
0.7

(2.9
)
(137.3
)
Successor Balance, December 31, 2014
$
(72.1
)
$
(31.2
)
$
(0.2
)
$
0.2

$
(103.3
)

Included within reclassifications from AOCI to Net income for the Successor year ended December 31, 2014 was $7.3 million of curtailment gains related to an amendment to one of our pension plans. The income tax related to the changes in pension and other long-term employee benefits for the Successor year ended December 31, 2014 was $16.9 million. The cumulative income tax benefit related to the adjustments for pension and other long-term employee benefits at December 31, 2014 was $13.4 million. The income tax related to the change in the unrealized gain on derivatives for the Successor year ended December 31, 2014 was $1.7 million. The cumulative income tax expense related to the adjustments for unrealized gain on derivatives at December 31, 2014 were $0.2 million.
 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
Loss on
Securities
Unrealized
Gain (Loss) on
Derivatives
Accumulated
Other
Comprehensive
Income
Successor Balance, December 31, 2012
$
—

$
—

$
—

$
—

$
—

Current year deferrals to AOCI
24.3

7.5

(0.9
)
7.5

38.4

Reclassifications from AOCI to Net income
—

—

—

(4.4
)
(4.4
)
Net Change
24.3

7.5

(0.9
)
3.1

34.0

Successor Balance, December 31, 2013
$
24.3

$
7.5

$
(0.9
)
$
3.1

$
34.0


The income tax related to the changes in pension and other long-term employee benefits for the Successor year ended December 31, 2013 was $3.5 million. The cumulative income tax expense related to the adjustment for pension and other long-term employee benefits at December 31, 2013 was $3.5 million. The income tax related to the change in the unrealized gain on derivatives for the Successor year ended December 31, 2013 was $1.9 million. The cumulative income tax expense related to the adjustment for unrealized gain on derivatives at December 31, 2013 was $1.9 million.
 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
loss on
securities
Unrealized
Gain (Loss) on
Derivatives
Accumulated
Other
Comprehensive
Income
Predecessor Balance, December 31, 2012
$
—

$
(142.3
)
$
1.4

$
—

$
(140.9
)
Current year deferrals to AOCI
—

0.7

0.2

—

0.9

Reclassifications from AOCI to Net income
—

—

—

—

—

Net Change
—

0.7

0.2

—

0.9

Predecessor Balance, January 31, 2013
$
—

$
(141.6
)
$
1.6

$
—

$
(140.0
)

The income tax related to the changes in pension and other long-term employee benefits for the Predecessor one month ended January 31, 2013 was $0.4 million. The cumulative income tax benefit related to the adjustment for pension and other long-term employee benefits at January 31, 2013 was $76.3 million. The income tax related to the change in the unrealized gain on derivatives for the Predecessor one month ended January 31, 2013 was $0.0 million. The cumulative income tax expense related to the adjustment for unrealized gain on derivatives at January 31, 2013 was $0.0 million. The income tax related to the change in the unrealized loss on securities for the Predecessor one month ended January 31, 2013 was $0.0 million. The cumulative income expense related to the adjustment for unrealized loss on securities at January 31, 2013 was $0.9 million.
Venezuela
Venezuela
VENEZUELA
Venezuela Devaluation
Based on our participation in Venezuela’s Complementary System of Foreign Currency Administration (SICAD I) auction process during the Successor year ended December 31, 2014, we changed the exchange rate we used to remeasure our Venezuelan subsidiary’s bolivar denominated monetary assets and liabilities into U.S. dollars to an exchange rate of 12.0 Venezuelan bolivars to 1.0 U.S. dollar at December 31, 2014 from the Official Rate of 6.3 Venezuelan bolivars to 1.0 U.S. dollar.
In February 2015, the Venezuelan government enacted additional changes to its foreign currency exchange regime. The changes maintain a three-tiered system which remains in place at December 31, 2015, including the Official Rate determined by CENCOEX, which remains at 6.3 Venezuelan bolivars to 1.0 U.S. dollar, and the SICAD I rate, which remains at 12.0 Venezuelan bolivars to 1.0 U.S. dollar. There was a third market, SICAD II, which has since been eliminated and replaced by a new, alternative currency market, the Marginal Foreign Exchange System ("SIMADI").
SIMADI is intended to provide limited access to a free market rate of exchange. The only way to obtain U.S. dollars through SIMADI is through the supply and demand available within the Venezuelan financial institutions. We believe that significant uncertainty still exists regarding the exchange mechanisms in Venezuela, including how any such mechanisms will operate in the future and the availability of U.S. dollars under each mechanism. At June 30, 2015, we changed the exchange rate we used to remeasure our Venezuelan bolivars to the SIMADI rate of 197.7 Venezuelan bolivars to 1.0 U.S. dollar. We believed it was appropriate to move from using the SICAD I rate to using the SIMADI floating rate at this date based on the culmination of relevant facts and circumstances, including our expectation that future dividend remittances would be made at the SIMADI rate. As of December 31, 2015, we continue to believe that SIMADI is the appropriate rate to use in the remeasurement of the monetary assets and liabilities of our Venezuelan subsidiary.
The devaluations of the exchange rates for the Successor year ended December 31, 2014 resulted in net gains of $17.0 million primarily due to our determination at December 31, 2014 to change from the CENCOEX rate to SICAD I and our Venezuelan operations being in a net monetary liability position.
As a result of the devaluing exchange rates, we recorded currency exchange losses of $53.2 million for the Successor year ended December 31, 2015.
Venezuela Financial Results
As a result of moving exchange rates from SICAD I to SIMADI at June 30, 2015 and the associated devaluation of our translation rates, we concluded an impairment indicator existed. In conjunction with the devaluation, we evaluated the carrying value of the long-lived assets of our Venezuelan subsidiary for impairment at June 30, 2015. Due to the continued economic uncertainty as of December 31, 2015, we re-evaluated the carrying value of long-lived assets for our Venezuelan subsidiary. Based on an analysis of estimated undiscounted future cash flows expected to result from the use of our productive long-lived assets with finite lives, we determined that their carrying values were recoverable at June 30, 2015 and December 31, 2015. The recoverability is heavily dependent on continued demand and price assumptions of our local operations which continued to be robust for the full year ended December 31, 2015. Our price assumptions and the associated increases are expected to continue and are intended to allow us to keep pace with the changes in exchange rates and inflation. We believe these price increases are feasible given our market share, customer base and historical success of implementing price increases in similar situations in the past. With the exception of intercompany inventory purchases, our operations in Venezuela were and are expected to be entirely self-funded. Due to the ability of our Venezuelan operations to procure raw materials through Axalta subsidiaries, we do not foresee any impact on our Venezuelan subsidiary's ability to operate. We have no current need or intention to repatriate Venezuelan earnings and remain committed to the business for the foreseeable future based on our current expectations.
If our assumptions regarding continued demand and our ability to successfully implement and sustain price increases differ from actual results, or our ability to control the operations of our Venezuelan subsidiary change as a result of economic uncertainty or political instability, there is risk that our productive long-lived assets may be impaired. This could result in a material unfavorable impact to our results of operations and financial condition.
At June 30, 2015, we separately evaluated the carrying value of our real estate investment as it is not part of our core operational activities. Based on this evaluation, we concluded that the carrying value of the real estate investment of $52.6 million was no longer recoverable as a result of the current real estate market prices and movement of our translation rate from 12.0 Venezuelan bolivars to 1.0 U.S. dollar to 197.7 Venezuelan bolivars to 1.0 U.S. dollar. We recorded an impairment to write down the carrying value of the asset to its fair value of $22.0 million, which is recorded within other assets. The impairment of $30.6 million was recorded within other expense, net for the Successor year ended December 31, 2015. The method used to determine fair value of the real estate investment included using Level 2 inputs in the form of observable market quotes from local real estate broker service firms. At December 31, 2015, we formally re-assessed the fair value and we concluded the carrying value of our real estate investment was recoverable.
At December 31, 2015 and 2014, our Venezuelan subsidiary had total assets of $152.9 million and $197.8 million, respectively, and total liabilities of $42.2 million and $57.0 million, respectively. Total liabilities includes $9.2 million and $4.4 million of intercompany trade liabilities designated in U.S. dollars as of December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, total non-monetary assets, net, were $112.4 million and $149.6 million, respectively. Our Venezuela operations represent less than 4% of our consolidated assets and liabilities. For the Successor year ended December 31, 2015 and 2014, our Venezuelan subsidiary's net sales represented $131.2 million and $136.5 million of the Company's consolidated net sales, respectively.
Quarterly Financial Information (Unaudited)
Quarterly Financial Information (Unaudited)
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
The following is a summary of the quarterly results of operations for the Successor years ended December 31, 2015 and 2014, respectively (in millions, except per share data):
2015
March 31
June 30(a)
September 30
December 31
Full Year
Total revenue
$
997.5

$
1,101.1

$
1,005.1

$
1,009.6

$
4,113.3

Cost of goods sold
649.8

679.7

628.6

639.2

2,597.3

Net income (loss)
46.7

(24.3
)
36.4

39.1

97.9

Net income (loss) attributable to controlling interests
45.1

(25.1
)
35.1

38.6

93.7

Basic net income (loss) per share
0.20

(0.11
)
0.15

0.16

0.40

Diluted net income (loss) per share
0.19

(0.11
)
0.15

0.16

0.39

 
 
 
 
 
 
2014
March 31
June 30(b)
September 30(b)
December 31(c)
Full Year
Total revenue
$
1,054.4

$
1,134.3

$
1,115.8

$
1,087.0

$
4,391.5

Cost of goods sold
703.5

742.5

728.1

723.1

2,897.2

Net income (loss)
(3.7
)
55.8

(18.3
)
0.9

34.7

Net income (loss) attributable to controlling interests
(4.3
)
53.8

(19.9
)
(2.2
)
27.4

Basic net income (loss) per share
(0.02
)
0.23

(0.09
)
(0.01
)
0.12

Diluted net income (loss) per share
(0.02
)
0.23

(0.09
)
(0.01
)
0.12

(a) During the three-months ended June 30, 2015, the Company recorded an impairment charge of $30.6 million based on our evaluation of the carrying value associated with our real estate investment in Venezuela. See further discussion in Note 27.
(b) The Company recorded gains of $7.7 million and $7.3 million related to amendments to benefit plans during the three months ended June 30, 2014 and September 30, 2014, respectively.
(c) During the three-months ended December 31, 2014, the Company recorded a $13.4 million pre-tax charge associated with the termination of the management agreement with Carlyle Investment Management, L.L.C., upon the completion of the IPO and a cumulative net benefit of $3.8 million ($0.4 million for the full year) associated with the correction of an error originating in prior periods. The Company concluded the error was not material to the current or previously reported periods.
Schedule II
Schedule II - Valuation and Qualifying Accounts
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS 
Allowance for Doubtful Accounts for the Successor years ended December 31, and the Predecessor period from January 1, 2013 to January 31, 2013:
(in millions)
Balance at Beginning of Year
Additions
Deductions(1)
Balance at End of Year
Successor
 
 
 
 
2015
$
9.9

$
4.9

$
(4.1
)
$
10.7

2014
6.5

5.1

(1.7
)
9.9

2013
—

5.4

1.1

6.5

Predecessor
 
 
 
 
January 1 through January 31, 2013
$
29.6

$
0.2

$
1.1

$
30.9

(1)
Deductions include uncollectible accounts written off and foreign currency translation impact.

Deferred tax asset valuations for the Successor years ended December 31, and the Predecessor period from January 1, 2013 to January 31, 2013:
(in millions)
Balance at Beginning of Year
Additions
Deductions (1)
Balance at End of Year
Successor
 
 
 
 
2015
$
101.9

34.4

(8.5
)
$
127.8

2014
63.4

44.4

(5.9
)
101.9

2013
—

55.0

8.4

63.4

Predecessor
 
 
 
 
January 1 through January 31, 2013
$
58.7

1.4

(0.3
)
$
59.8

(1)
Deductions include charges to goodwill and foreign currency translation impact.
Summary of Significant Accounting Policies (Policies)
Basis of Accounting, Policy 
The consolidated financial statements of Axalta and its subsidiaries and the combined financial statements of DPC have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements have been included.
Use of Estimates, Policy 
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the closing date of the Acquisition and the date of the financial statements and the reported amounts of sales and expenses during the period. The estimates and assumptions include, but are not limited to, receivable and inventory valuations, fixed asset valuations, valuations of goodwill and identifiable intangible assets, including analysis of impairment, valuations of long-term employee benefit obligations, income taxes, environmental matters, litigation, stock-based compensation, restructuring, and allocations of costs. Our estimates are based on historical experience, facts and circumstances available at the time and various other assumptions that are believed to be reasonable. Actual results could differ materially from those estimates.
Business Combinations Policy 
Accounting for Business Combinations
We account for business combinations under the acquisition method of accounting. This method requires the recording of acquired assets, including separately identifiable intangible assets and assumed liabilities at their acquisition date fair values. The method records any excess purchase price over the fair value of acquired net assets as goodwill.
The determination of the fair value of assets acquired, liabilities assumed, and noncontrolling interests involves assessments of factors such as the expected future cash flows associated with individual assets and liabilities and appropriate discount rates at the closing date of the Acquisition. When necessary, we consult with external advisors to help determine fair value. For non-observable market values, we determine fair value using acceptable valuation principles (e.g., multiple excess earnings, relief from royalty and cost methods).
We included the results of operations from the acquisition date in the financial statements for all businesses acquired.
Consolidation, Policy 
Principles of Consolidation and Combination
The consolidated financial statements of the Successor ("the Successor statements") include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company’s ownership is less than 100%, the outside shareholders’ interests are shown as noncontrolling interests. Investments in companies in which Axalta, directly or indirectly, owns 20% to 50% of the voting stock and has the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting. As a result, Axalta’s share of the earnings or losses of such equity affiliates is included in the accompanying consolidated and combined statements of operations and our share of these companies’ stockholders’ equity is included in the accompanying consolidated balance sheet.
The combined financial statements for the Predecessor ("the Predecessor statements") include the combined assets, liabilities, revenues, and expenses of DPC.
We eliminated all intercompany accounts and transactions in the preparation of the accompanying consolidated and combined financial statements.
Revenue Recognition, Policy 
Revenue Recognition
We recognize revenue after completing the earnings process. We recognize revenue for product sales when we ship products to the customer in accordance with the terms of the agreement, when there is persuasive evidence of the arrangement, title and risk of loss have been transferred, collectability is reasonably assured and pricing is fixed or determinable.
For a majority of our product sales, title transfers at the shipping point and delivery is considered complete. For certain OEM customers, revenue is recognized at the time the customer applies our coatings to its vehicles, as this represents the point in time that risk of loss has been transferred and delivery is considered complete.
We accrue for sales returns and other allowances based on our historical experience.
We incur up-front costs in order to obtain contracts with certain customers. During the Successor periods, we capitalized these up-front costs as a component of other assets. We amortize the related amounts over the estimated life of the contract as a reduction of net sales.
We include the amounts billed to customers for shipping and handling fees in net sales and costs incurred for the delivery of goods as cost of goods sold in the statement of operations.
Recognition for licensing and royalty income occurs in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable, and collectability is reasonably assured.
Other Revenue
Other revenue includes various elements of income resulting from the normal operation of our business. Other revenue includes, but is not limited to, income for services provided to customers and royalty income.
Cash and Cash Equivalents, Policy 
Cash and Cash Equivalents
Cash equivalents represent highly liquid investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest, which approximates fair value because of the short-term maturity of these instruments. Cash balances may exceed government insured limits in certain jurisdictions.
Fair Value Measurement, Policy 
Fair Value Measurements
GAAP defines a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The following valuation techniques are used to measure fair value for assets and liabilities:
Level 1—Quoted market prices in active markets for identical assets or liabilities;
Level 2—Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); and
Level 3—Unobservable inputs for the asset or liability, which are valued based on management’s estimates of assumptions that market participants would use in pricing the asset or liability.
Derivatives, Policy 
Derivatives and Hedging
The Company from time to time utilizes derivatives to manage exposures to currency exchange rates and interest rate risk. The fair values of all derivatives are recognized as assets or liabilities at the balance sheet date. Changes in the fair value of these instruments are reported in income or accumulated other comprehensive income ("AOCI"), depending on the use of the derivative and whether it qualifies for hedge accounting treatment and is designated as such.
Gains and losses on derivatives that qualify and are designated as cash flow hedging instruments are recorded in AOCI, to the extent the hedges are effective, until the underlying transactions are recognized in income.
Gains and losses on derivatives qualifying and designated as fair value hedging instruments, as well as the offsetting losses and gains on the hedged items, are reported in income in the same accounting period. Derivatives not designated as hedging instruments are marked-to-market at the end of each accounting period with the results included in income.
Cash flows from derivatives are recognized in the consolidated and combined statements of cash flows in a manner consistent with the underlying transactions.
Receivables, Policy 
Receivables and Allowance for Doubtful Accounts
Receivables are recognized net of an allowance for doubtful accounts receivable. The allowance for doubtful accounts receivable reflects the best estimate of losses inherent in the accounts receivable portfolio determined on the basis of historical experience, specific allowances for known troubled accounts and other available evidence. Accounts receivable are written down or off when a portion or all of such account receivable is determined to be uncollectible.
Inventory, Policy 
Inventories
Inventories of the Successor are valued at the lower of cost or market with cost being determined on the weighted average cost method. Elements of cost in inventories include:
•
raw materials,
•
direct labor, and
•
manufacturing overhead
Stores and supplies are valued at the lower of cost or market; cost is generally determined by the weighted average cost method. Inventories deemed to have costs greater than their respective market values are reduced to net realizable value with a loss recorded in income in the period recognized.
Inventories of the Predecessor were valued at the lower of cost or market with cost determined by the last-in, first-out ("LIFO") method. The change in valuation of inventories by the Successor did not have a material impact on the consolidated and combined financial statements.
Property, Plant and Equipment, Policy 
Property, Plant and Equipment
Successor periods
Property, plant and equipment of the Successor acquired in the Acquisition were recorded at fair value as of the acquisition date and are depreciated using the straight-line method. Subsequent additions to property, plant and equipment, including the fair value of any asset retirement obligations upon initial recognition of the liability, are recorded at cost and are depreciated using the straight-line method.
Software included in property, plant and equipment represents the costs of software developed or obtained for internal use. Software costs are amortized on a straight-line basis over their estimated useful lives. Upgrades and enhancements are capitalized if they result in added functionality, which enables the software to perform tasks it was previously incapable of performing. Software maintenance and training costs are expensed in the period in which they are incurred.
Property, plant and equipment acquired in the Acquisition are depreciated over their estimated remaining useful lives. The weighted average estimated remaining useful lives of property, plant and equipment acquired in connection with the Acquisition was approximately 11 years. Subsequent additions are either amortized or depreciated on a straight-line basis over a range of estimated useful lives. See Note 18 for a range of estimated useful lives used for each property, plant and equipment class.
Predecessor period
Property, plant and equipment of the Predecessor were carried at cost and were depreciated using the straight-line method. Property, plant and equipment placed in service prior to 1995 were depreciated using the sum-of-the-years’ digits method or other substantially similar methods. Substantially all Predecessor buildings and equipment were depreciated over useful lives ranging from 15 to 25 years.
Goodwill and Intangible Assets, Policy 
Goodwill and Other Identifiable Intangible Assets
Goodwill represents the excess of purchase price over the fair values of underlying net assets acquired in an acquisition. Goodwill and indefinite-lived intangible assets are tested for impairment on an annual basis as of October 1; however, these tests are performed more frequently if events or changes in circumstances indicate that the asset may be impaired. The fair value methodology is based on prices of similar assets or other valuation methodologies including discounted cash flow techniques.
When testing goodwill and indefinite-lived intangible assets for impairment, we first have an option to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (more than 50%) that an impairment exists. Such qualitative factors may include the following: macroeconomic conditions; industry and market considerations; cost factors; overall financial performance; and other relevant entity-specific events. In the event the qualitative assessment indicates that an impairment is more likely than not, we would be required to perform a quantitative impairment test, otherwise no further analysis is required.
Under the quantitative goodwill impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit, including goodwill, exceeds the estimated fair value, then individual assets (including identifiable intangible assets) and liabilities of the reporting unit are estimated at fair value. The excess of the estimated fair value of the reporting unit over the estimated fair value of its net assets would establish the implied value of goodwill. The excess of the recorded amount of goodwill over the implied value is then charged to earnings as an impairment loss.
Definite-lived intangible assets, such as technology, trademarks, customer relationships and non-compete agreements are amortized over their estimated useful lives, generally for periods ranging from four to 20 years. The reasonableness of the useful lives of these assets is regularly evaluated. Once these assets are fully amortized, they are removed from the balance sheet. We evaluate these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of these assets might not be recoverable.
Impairment or Disposal of Long-Lived Assets, Policy 
Impairment of Long-Lived Assets
The carrying value of long-lived assets to be held and used is evaluated when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset is considered impaired when the total projected undiscounted cash flows from the asset are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The fair value methodology used is an estimate of fair market value and is based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of other than by sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived assets classified as held for sale.
Research, Development, and Computer Software, Policy 
Research and Development
Research and development costs incurred in the normal course of business consist primarily of employee-related costs and are expensed as incurred. In process research and development projects acquired in a business combination are recorded as intangible assets at their fair value as of the acquisition date. Subsequent costs related to acquired in process research and development projects are expensed as incurred. Research and development intangible assets are considered indefinite-lived until the abandonment or completion of the associated research and development efforts. These indefinite-lived intangible assets are tested for impairment consistent with the impairment testing performed on other indefinite-lived intangible assets discussed above. Upon completion of the research and development process, the carrying value of acquired in process research and development projects is reclassified as a finite-lived asset and is amortized over its useful life.
Environmental Costs, Policy 
Environmental Liabilities and Expenditures
Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued environmental liabilities are not discounted. Claims for recovery from third parties, if any, are reflected separately as an asset. We record recoveries at the earlier of when the gain is probable or realized. For the Successor years ending December 31, 2015, 2014 and 2013 as well as the Predecessor period from January 1, 2013 through January 31, 2013, we have not recognized income associated with recoveries from third parties.
Costs related to environmental remediation are charged to expense in the period incurred. Other environmental costs are also charged to expense in the period incurred, unless they increase the value of the property or reduce or prevent contamination from future operations, in which case, they are capitalized and depreciated.
Commitments and Contingencies, Policy 
Litigation
We accrue for liabilities related to litigation matters when available information indicates that the liability is probable and the amount can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred.
Income Tax, Policy 
Income Taxes
Successor periods
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets are also recognized for operating losses and tax credit carry forwards. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates applicable in the years in which they are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in income in the period that includes the enactment date.
Where we do not intend to indefinitely reinvest earnings of our foreign subsidiaries, we provide for income taxes and foreign withholding taxes, where applicable, on undistributed earnings. We do not provide for income taxes on undistributed earnings of our foreign subsidiaries that are intended to be indefinitely reinvested.
We recognize the benefit of an income tax position only if it is "more likely than not" that the tax position will be sustained. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized. Additionally, we recognize interest and penalties accrued related to unrecognized tax benefits as a component of provision for income taxes. The current portion of unrecognized tax benefits is included in "Income taxes payable" and the long-term portion is included in the long-term income tax payable in the accompanying consolidated balance sheets.
Predecessor period
For the Predecessor period presented, although DPC was included in the consolidated income tax return of DuPont, DPC’s income taxes are computed and reported under the "separate return method." Use of the separate return method may result in differences when the sum of the amounts allocated to standalone tax provisions are compared with amounts presented in combined financial statements. In that event, related deferred tax assets and liabilities could be significantly different from those presented herein for the Predecessor period. Certain tax attributes, e.g., net operating loss carryforwards, which were reflected in the DuPont consolidated financial statements may or may not exist at the standalone DPC level.
Foreign Currency Transactions and Translations Policy 
Foreign Currency Translation
Successor periods
The reporting currency is the U.S. dollar. In most cases, our non-U.S. based subsidiaries use their local currency as the functional currency for their respective business operations. Assets and liabilities of these operations are translated into U.S. dollars at end-of-period exchange rates; income and expenses are translated using the average exchange rates for the reporting period. Resulting cumulative translation adjustments are recorded as a component of shareholders’ equity in the accompanying consolidated balance sheet in Accumulated other comprehensive income (loss).
Gains and losses from transactions denominated in currencies other than the functional currencies are included in the consolidated statement of operations in other expense, net.
Predecessor period
The reporting currency is the U.S. dollar. For the Predecessor period, DuPont management determined that the U.S. dollar was the functional currency of DPC’s legal entities and this functional currency was appropriate for the economic environment in which DPC operated during the period covered by the Predecessor combined financial statements. For these legal entities, foreign currency denominated asset and liability amounts were remeasured into U.S. dollars at the end-of-period exchange rates. Nonmonetary assets, such as inventories, prepaid expenses, fixed assets and intangible assets were remeasured into U.S. dollars at historical exchange rates. Foreign currency denominated income and expense elements were remeasured into U.S. dollars at average exchange rates in effect during the year, except for expenses related to nonmonetary assets, which were remeasured at historical exchange rates.
Pension and Other Postretirement Plans, Pensions, Policy 
Employee Benefits
Successor periods
In connection with the Acquisition, we assumed certain defined benefit plan obligations and related plan assets for current employees of non-U.S. subsidiaries and certain defined benefit plan obligations and plan assets of former employees of subsidiaries. All defined pension plan obligations for current and former employees in the United States were retained by DuPont.
Defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on factors such as age, years of service and compensation. The net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of the future benefits that employees have earned in return for their service in the current and prior periods. These benefits are then discounted to determine the present value of the obligations and are then adjusted for the impact of any unamortized prior service costs. As required by ASC 805, Business Combinations, all unamortized prior service costs and actuarial gains (losses) existing at the closing date of the Acquisition were eliminated in the determination of the fair value of the pension funded status at acquisition. The net obligation is then determined with reference to the fair value of the plan assets (if any). The discount rate used is the yield on bonds that are denominated in the currency in which the benefits will be paid and that have maturity dates approximating the terms of the obligations. The calculations are performed by qualified actuaries using the projected unit credit method.
Predecessor period
Certain of DPC’s employees participated in defined benefit pension and other long-term employee benefit plans (the Plans) accounted for in accordance with ASC 715, Compensation—Retirement Benefits. Certain DPC employees were previously covered under DuPont and DuPont subsidiaries’ sponsored plans which were accounted for in accordance with accounting guidance in ASC 715. The majority of pension and other long-term employee expenses during the Predecessor period were specifically identified by employee. In addition, a portion of expenses was allocated in shared entities and reported within costs of goods sold, selling, general and administrative and research and development expenses in the combined statements of operations. For the U.S. pension plan and other long-term employee benefit plans (the U.S. plans), DuPont considered DPC employees to be part of a multiemployer plan of DuPont. The expense related to the current and former employees of DPC is included in the Predecessor combined financial statements. Non-U.S. pensions and other long-term employee benefit plans (the non-U.S. plans) were accounted for as single employer plans where DPC recorded assets, liabilities and expenses related to the current DPC workforce.
Share-based Compensation, Option and Incentive Plans Policy 
Stock-Based Compensation
Successor periods
Our stock-based compensation for the Successor period, comprised of Axalta stock options, restricted stock awards and restricted stock units, are measured at fair value on the grant date or date of modification, as applicable. We recognize compensation expense on a graded-vesting attribution basis over the requisite service period.
Predecessor period
DuPont maintained certain stock compensation plans for the benefit of certain of its officers, directors and employees, including DPC’s employees in the Predecessor period. DPC accounted for all share-based payments to employees, including grants of stock options, based upon their fair values.
For additional information on our stock-based compensation plan, see Note 11.
Earnings Per Share, Policy 
Earnings per Common Share
Basic earnings per common share is computed by dividing net income attributable to Axalta’s common shareholders by the weighted average number of shares outstanding during the period. Diluted earnings per common share is computed by dividing net income attributable to Axalta’s common shareholders by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive securities; anti-dilutive securities are excluded from the calculation. These potentially dilutive securities are calculated under the treasury stock method and consist of stock options
New Accounting Pronouncements, Policy 
Recently Adopted Accounting Guidance
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, "Simplifying the Presentation of Debt Issuance Costs," which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The standard is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, and should be applied on a retrospective basis. Further clarifying this standard, ASU 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" was released in August 2015 indicating that the SEC staff would not object to an entity deferring and presenting costs related to revolving debt arrangements as an asset. We elected to early adopt this standard during the current year, resulting in impacts to the balance sheets at December 31, 2015 and 2014 of decreases to other assets and long-term borrowings of $65.9 million and $82.1 million, respectively.
Accounting Guidance Issued But Not Yet Adopted
In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes," which requires that all deferred tax assets and liabilities be classified as non-current on the balance sheet. The standard is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. We intend to early adopt this standard beginning in the first quarter of 2016. The impacts to the accompanying consolidated balance sheet at December 31, 2015 had we elected to early adopt this standard during the current year would have resulted in corresponding reclassifications from current assets and liabilities to non-current assets and liabilities of $62.9 million. The impacts to the accompanying consolidated balance sheet at December 31, 2014 would have resulted in corresponding reclassifications from current assets and liabilities to non-current assets and liabilities of $57.2 million.
In May 2014, the FASB issued ASU 2014-09 (Accounting Standard Codification 606), "Revenue from Contracts with Customers," which sets forth the guidance that an entity should use related to revenue recognition. This standard was originally effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers: Deferral of the Effective Date," which delayed the effective date of the new revenue accounting standard to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Companies will be allowed to early adopt the guidance as of the original effective date. Early adoption is not permitted prior to this date. We are in the process of assessing the impact the adoption of this ASU will have on our statements of financial position, results of operations and cash flows.
Acquisitions and Divestitures (Tables)
Business Acquisition, Pro Forma Information
The following unaudited supplemental pro forma information presents the financial results as if the acquisition of DPC had occurred at January 1, 2012. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what would have occurred had the acquisition been made at January 1, 2012, nor is it indicative of any future results.
 
Year Ended December 31,
 (in millions, except per share data)
2013
2012
Net sales
$
4,277.3

$
4,219.4

Net loss
$
(87.1
)
$
(270.1
)
Net loss attributable to controlling interests
$
(93.7
)
$
(274.6
)
Net loss per share (Basic and Diluted)
$
(0.41
)
$
—

Goodwill and Identifiable Intangible Assets (Tables)
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class 
The following table summarizes the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:
December 31, 2015
Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
Weighted average
amortization periods (years)
Technology
$
413.0

$
(117.2
)
$
295.8

10.0
Trademarks - indefinite-lived
284.4

—

284.4

Indefinite
Trademarks - definite-lived
45.2

(8.5
)
36.7

14.7
Customer relationships
676.1

(102.1
)
574.0

19.3
Non-compete agreements
1.9

(1.2
)
0.7

4.6
Total
$
1,420.6

$
(229.0
)
$
1,191.6

 
December 31, 2014
Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
Weighted average
amortization periods (years)
Technology
$
411.8

$
(76.3
)
$
335.5

10.0
Trademarks—indefinite-lived
284.4

—

284.4

 Indefinite
Trademarks—definite-lived
41.8

(5.5
)
36.3

14.8
Customer relationships
713.9

(71.3
)
642.6

19.4
Non-compete agreements
2.0

(0.8
)
1.2

4.6
Total
$
1,453.9

$
(153.9
)
$
1,300.0

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense 
The estimated amortization expense related to the identifiable intangible assets for each of the succeeding five years is:
2016
$
80.2

2017
$
79.9

2018
$
79.8

2019
$
79.8

2020
$
79.8

Schedule of Indefinite-Lived Intangible Assets 
Activity related to in process research and development projects for the years ended December 31, 2014 and 2015:
In Process Research and Development
Activity
Balance at December 31, 2013
$
15.7

Completed
(10.4
)
Abandoned
(0.1
)
Balance at December 31, 2014
$
5.2

Completed
(3.5
)
Abandoned
(0.1
)
Balance at December 31, 2015
$
1.6

Schedule of Goodwill 
The following table shows changes in the carrying amount of goodwill for the Successor years ended December 31, 2015 and 2014 by reportable segment:
 
Performance
Coatings
Transportation
Coatings
Total
At December 31, 2013
$
1,038.8

$
74.8

$
1,113.6

Acquisition-related adjustments
5.7

0.4

6.1

Divestitures
(4.7
)
—

(4.7
)
Foreign currency translation
(106.2
)
(7.7
)
(113.9
)
At December 31, 2014
$
933.6

$
67.5

$
1,001.1

Acquisition-related adjustments
17.2

0.7

17.9

Foreign currency translation
(84.7
)
(6.1
)
(90.8
)
December 31, 2015
$
866.1

$
62.1

$
928.2

Restructuring (Tables)
Restructuring and Related Costs
The following table summarizes the activity related to the restructuring reserves, recorded within other accrued liabilities, and expenses for the Successor years ended December 31, 2013, 2014 and 2015:
Balance at February 1, 2013
$
0.5

Expense recorded
120.7

Payments made
(23.7
)
Foreign currency translation
0.9

Balance at December 31, 2013
$
98.4

Expense recorded
8.5

Payments made
(51.6
)
Foreign currency translation
(6.8
)
Balance at December 31, 2014
$
48.5

Expense recorded
31.9

Payments made
(33.8
)
Foreign currency translation
(5.3
)
Balance at December 31, 2015
$
41.3

Relationship with DuPont (Tables)
Schedule Of Allocated Corporate Costs 
The allocated leveraged functional service expenses and general corporate expenses included in cost of goods sold, selling, general, and administrative expenses and research and development expenses in the Predecessor combined statement of operations were as follows:
 
Predecessor
 
Period from January 1, 2013 through
January 31, 2013
Cost of goods sold
$
14.2

Selling, general, and administrative expenses
1.4

Research and development expenses
0.1

Total
$
15.7

Allocated leveraged functional service expenses and general corporate expenses are recorded in the Predecessor combined statement of operations as follows:
 
Predecessor
 
Period from January 1, 2013 through January 31, 2013
Leveraged functional services
$
14.2

General corporate expenses
1.5

Total
$
15.7

Schedule Of Purchases From And Sales To Other Acquisition 
Purchases include the following amounts:
 
Predecessor
 
Period from January 1, 2013 through January 31, 2013
DPC purchases of products from other DuPont businesses
$
7.9

Commitments and Contingencies (Tables)
Schedule of Future Minimum Rental Payments for Operating Leases
At December 31, 2015, future minimum payments under noncancelable operating leases were as follows over each of the next five years and thereafter:
 
Operating
Leases
2016
$
39.0

2017
27.8

2018
23.3

2019
16.8

2020
19.1

Thereafter
43.8

Total minimum payments
$
169.8

Long-term Employee Benefits (Tables)
Schedule of Multiemployer Plans 
The following table presents pension expense allocated by DuPont to DPC for DuPont’s significant plans in which DPC participated.
 
 
Predecessor
Plan Name
EIN/Pension Number
January 1, 2013
through
January 31, 2013
DuPont Pension and Retirement Plan
51-0014090/001
$
4.2

All Other Plans
 
$
0.7

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets 
The following table sets forth the changes to the projected benefit obligations ("PBO") and plan assets for the Successor years ended December 31, 2015 and 2014 and the funded status and amounts recognized in the accompanying consolidated balance sheets at December 31, 2015 and 2014 for the Company’s defined benefit pension and other long-term benefit plans:
 
Defined Benefits
Other Long-Term Employee
Benefits
 
Successor
Successor
 
Year Ended December 31,
Year Ended December 31,
Obligations and Funded Status
2015
2014
2015
2014
Change in benefit obligation:
 
 
 
 
Projected benefit obligation at beginning of year
$
613.1

$
603.0

$
0.1

$
4.6

Service cost
12.0

15.4

—

0.1

Interest cost
16.9

22.9

—

0.1

Participant contributions
0.9

1.0

—

—

Actuarial losses (gains)—net
(12.0
)
85.8

—

1.1

Plan curtailments and settlements
(4.7
)
(16.3
)
(0.1
)
—

Benefits paid
(27.4
)
(30.1
)
—

—

Amendments
2.7

(4.3
)
—

(5.7
)
Currency translation adjustment
(59.8
)
(64.3
)
—

(0.1
)
Projected benefit obligation at end of year
541.7

613.1

—

0.1

Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of year
294.5

281.3

—

—

Actual return on plan assets
6.0

26.5

—

—

Employer contributions
31.1

40.9

0.1

—

Participant contributions
0.9

1.0

—

—

Benefits paid
(27.4
)
(30.1
)
—

—

Settlements
(4.7
)
(2.7
)
(0.1
)
—

Currency translation adjustment
(22.0
)
(22.4
)
—

—

Fair value of plan assets at end of year
278.4

294.5

—

—

Funded status, net
$
(263.3
)
$
(318.6
)
$
—

$
(0.1
)
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
 
Other assets
$
0.2

$
0.1

$
—

$
—

Other accrued liabilities
(11.2
)
(12.4
)
—

—

Accrued pension and other long-term employee benefits
(252.3
)
(306.3
)
—

(0.1
)
Net amount recognized
$
(263.3
)
$
(318.6
)
$
—

$
(0.1
)
Schedule of Accumulated and Projected Benefit Obligations 
The following table reflects the ABO for all defined benefit pension plans as of December 31, 2015 and 2014. Further, the table reflects the aggregate PBO, ABO and fair value of plan assets for pension plans with PBO in excess of plan assets and for pension plans with ABO in excess of plan assets.
 
Successor
 
Year Ended December 31,
 
2015
2014
ABO
$
500.1

$
559.4

Plans with PBO in excess of plan assets:
 
 
PBO
$
537.1

$
606.2

ABO
$
495.7

$
553.2

Fair value plan assets
$
273.7

$
287.5

Plans with ABO in excess of plan assets:
 
 
PBO
$
532.0

$
602.0

ABO
$
492.7

$
550.9

Fair value plan assets
$
270.3

$
285.1

Schedule of Net Periodic Benefit Cost Not yet Recognized 
The pre-tax amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive loss include the following:
Defined Benefits:
Successor
 
Year Ended December 31,
 
2015
2014
Accumulated net actuarial losses
$
(48.3
)
$
(52.6
)
Accumulated prior service credit
1.5

4.3

Total
$
(46.8
)
$
(48.3
)
Other Long-Term Employee Benefits:
Successor
 
Year Ended December 31,
 
2015
2014
Accumulated net actuarial losses
$
—

$
(0.4
)
Accumulated prior service credit
—

4.1

Total
$
—

$
3.7

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year 
The estimated pre-tax amounts that are expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2016 for the defined benefit plans and other long-term employee benefit plans is as follows:
 
2016
 
Defined Benefits
Other Long-Term
Employee Benefits
Amortization of net actuarial losses
$
(0.4
)
$
—

Amortization of prior service credit
0.1

—

Total
$
(0.3
)
$
—

Schedule of Net Benefit Costs 
The following table sets forth the pre-tax components of net periodic benefit costs for the Successor years ended December 31, 2015, 2014, and 2013 and the Predecessor period from January 1, 2013 through January 31, 2013.
 
Pension Benefits
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1,
2013
through
January 31,
 
2015
2014
2013
2013
Components of net periodic benefit cost and amounts recognized in other comprehensive (income) loss:
 
 
 
 
Net periodic benefit cost:
 
 
 
 
Service cost
$
12.0

$
15.4

$
17.0

$
1.6

Interest cost
16.9

22.9

21.2

1.8

Expected return on plan assets
(14.6
)
(14.8
)
(11.9
)
(1.9
)
Amortization of actuarial (gain) loss, net
0.4

(0.3
)
—

1.1

Amortization of prior service credit
(0.1
)
—

—

—

Curtailment gain
—

(7.3
)
—

—

Settlement loss
0.5

0.1

—

—

Net periodic benefit cost
15.1

16.0

26.3

2.6

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
 
 
 
 
Net actuarial (gain) loss, net
(3.4
)
60.6

(10.6
)
—

Amortization of actuarial gain (loss), net
(0.4
)
0.3

—

(1.1
)
Prior service (credit) cost
2.7

(4.3
)
(0.4
)
—

Amortization of prior service credit
0.1

—

—

—

Curtailment gain
—

7.3

—

—

Settlement loss
(0.5
)
(0.1
)
—

—

Other adjustments
—

(4.9
)
0.6

—

Total (gain) loss recognized in other comprehensive income
(1.5
)
58.9

(10.4
)
(1.1
)
Total recognized in net periodic benefit cost and other comprehensive (income) loss
$
13.6

$
74.9

$
15.9

$
1.5

 
 
Other Long-Term Employee Benefits
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1,
2013
through
January 31,
 
2015
2014
2013
2013
Components of net periodic benefit (gain) cost and amounts recognized in other comprehensive (income) loss:
 
 
 
 
Net periodic benefit (gain) cost:
 
 
 
 
Service cost
$
—

$
0.1

$
0.2

$
—

Interest cost
—

0.1

0.2

—

Amortization of actuarial loss, net
—

0.1

—

—

Amortization of prior service credit
(3.7
)
(1.4
)
—

—

Settlement loss
0.3

—

—

—

Net periodic benefit (gain) cost
(3.4
)
(1.1
)
0.4

—

Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
 
 
 
 
Net actuarial (gain) loss
—

(4.6
)
(0.7
)
—

Amortization of actuarial gain (loss)
—

(0.1
)
—

—

Prior service benefit
—

—

—

—

Amortization of prior service credit
3.7

1.4

—

—

Settlement loss
(0.3
)
—

—

—

Other adjustments
0.3

—

0.1

—

Total (gain) loss recognized in other comprehensive income
3.7

(3.3
)
(0.6
)
—

Total recognized in net periodic benefit cost and other comprehensive (income) loss
$
0.3

$
(4.4
)
$
(0.2
)
$
—

Schedule of Assumptions Used 
We used the following assumptions in determining the benefit obligations and net periodic benefit cost:
 
Successor
 
2015
2014
2013
Pension Benefits
 
 
 
Weighted-average assumptions:
 
 
 
Discount rate to determine benefit obligation
3.05
%
3.23
%
4.11
%
Discount rate to determine net cost
3.23
%
4.11
%
4.15
%
Rate of future compensation increases to determine benefit obligation
3.03
%
3.57
%
3.52
%
Rate of future compensation increases to determine net cost
3.57
%
3.52
%
3.69
%
Rate of return on plan assets to determine net cost
5.21
%
5.23
%
5.22
%
 
Successor
 
2015
2014
2013
Other Long-Term Employee Benefits
 
 
 
Weighted-average assumptions:
 
 
 
Discount rate to determine benefit obligation
—
%
1.50
%
4.80
%
Discount rate to determine net cost
1.50
%
4.80
%
4.20
%
Rate of future compensation increases to determine benefit obligation
—

—

—
%
Rate of future compensation increases to determine net cost
—

—

—
%
Schedule of Expected Benefit Payments 
The following reflects the total benefit payments expected to be paid for defined benefits:
Year ended December 31,
Benefits
2016
$
28.3

2017
$
25.5

2018
$
26.8

2019
$
30.0

2020
$
26.9

2021—2025
$
166.1

There are no future benefit payments expected to be paid for other long-term employee benefits as this plan was effectively settled at December 31, 2015.
Schedule of Allocation of Plan Assets 
The table below summarizes the weighted average actual and target pension plan asset allocations at December 31 for all funded Axalta defined benefit plans.
Asset Category
2015
2014
Target Allocation
Equity securities
30-35%
35-40%
30-35%
Debt securities
35-40%
35-40%
35-40%
Real estate
0-5%
0-1%
0-5%
Other
20-25%
20-25%
20-25%
The table below presents the fair values of the defined benefit pension plan assets by level within the fair value hierarchy, as described in Note 3, at December 31, 2015 and 2014, respectively.
 
Fair value measurements at
December 31, 2015
 
Total
Level 1
Level 2
Level 3
Asset Category:
 
 
 
 
Cash and cash equivalents
$
2.8

$
2.8

$
—

$
—

U.S. equity securities
23.6

23.6

—

—

Non-U.S. equity securities
70.3

69.8

0.4

0.1

Debt—government issued
64.8

53.0

11.8

—

Debt—corporate issued
44.4

37.7

4.5

2.2

Hedge Funds
0.2

0.2

—

—

Private market securities
63.8

0.4

0.1

63.3

Real estate investments
8.5

—

—

8.5

Total
$
278.4

$
187.5

$
16.8

$
74.1

 
Fair value measurements at
December 31, 2014
 
Total
Level 1
Level 2
Level 3
Asset Category:
 
 
 
 
Cash and cash equivalents
$
4.4

$
4.4

$
—

$
—

U.S. equity securities
16.1

16.1

—

—

Non-U.S. equity securities
79.2

78.7

0.4

0.1

Debt—government issued
36.9

36.3

0.6

—

Debt—corporate issued
55.3

53.0

—

2.3

Hedge Funds
0.2

0.1

0.1

—

Private market securities
63.2

0.1

0.1

63.0

Real estate investments
0.4

—

—

0.4

 
255.7

$
188.7

$
1.2

$
65.8

Pension trust receivables
38.8

 
 
 
Total
$
294.5

 
 
 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] 
The table below present a roll forward of activity for these assets for the years ended December 31, 2015 and 2014.
 
Level 3 assets
 
Total
Private
market
securities
Debt and Equity
Real
estate investments
Ending balance at December 31, 2013
$
59.6

$
59.3

$
—

$
0.3

Realized (loss)
—

—

—

—

Change in unrealized gain
0.2

—

—

0.2

Purchases, sales, issues and settlements
6.0

3.7

2.4

(0.1
)
Transfers in/(out) of Level 3
—

—

—

—

Ending balance at December 31, 2014
$
65.8

$
63.0

$
2.4

$
0.4

Realized (loss)
—

—

—

—

Change in unrealized gain
(5.2
)
(5.2
)
(0.1
)
0.1

Purchases, sales, issues and settlements
13.5

5.5

—

8.0

Transfers in/(out) of Level 3
—

—

—

—

Ending balance at December 31, 2015
$
74.1

$
63.3

$
2.3

$
8.5

Stock-based Compensation (Tables)
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions 
Principal weighted average assumptions used in applying the Black-Scholes model were as follows:
 
2015 Grants
2014 Grants
2013 Grants
Expected Term
6.00 years

7.81 years

7.81 years

Volatility
22.19
%
28.28
%
28.61
%
Dividend Yield
—

—

—

Discount Rate
1.79
%
2.21
%
2.13
%
Schedule of Stock Options Roll Forward 
A summary of stock option award activity as of December 31, 2015 and changes during the year then ended, is presented below:
 
Awards
(in millions)
Weighted-
Average
Exercise
Price
Aggregate
Intrinsic
Value
 (in millions)
Weighted
Average
Remaining
Contractual
Life (years)
Outstanding at December 31, 2014
17.1

$
9.38

 
 
Granted
1.3

$
31.61

 
 
Exercised
(7.3
)
$
8.97

 
 
Forfeited
(0.1
)
$
17.07

 
 
Outstanding at December 31, 2015
11.0

$
12.19

 
 
Vested and expected to vest at December 31, 2015
11.0

$
12.19

$
165.8

7.81
Exercisable at December 31, 2015
9.8

$
9.68

$
165.6

7.61
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] 
A summary of restricted stock and restricted stock unit award activity as of December 31, 2015 is presented below:
 
Awards
(millions)
Weighted-Average
Fair Value
Outstanding at January 1, 2015
—

$
—

Granted
1.7

$
32.22

Vested
—

$
—

Forfeited
—

$
—

Outstanding at December 31, 2015
1.7

$
32.22

Other Expense, Net (Tables)
Schedule of Other Nonoperating Income (Expense)
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1, 2013
through
January 31,
 
2015
2014
2013
2013
Exchange losses, net
$
93.7

$
81.2

$
48.9

$
4.5

Management fees and expenses
—

16.6

3.1

—

Impairment of real estate investment
30.6

—

—

—

Indemnity (gains) losses associated with the Acquisition
(1.0
)
17.8

—

—

Financing fees and debt extinguishment
2.5

6.1

—

—

Other miscellaneous income, net
(14.6
)
(6.7
)
(3.5
)
0.5

Total
$
111.2

$
115.0

$
48.5

$
5.0

Income Taxes (Tables)
Schedule of Income before Income Tax, Domestic and Foreign 
Domestic and Foreign Components of Income (Loss) Before Income Taxes
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1, 2013
through
January 31,
 
2015
2014
2013
2013
Domestic
$
(19.4
)
$
(8.8
)
$
(153.8
)
$
(1.5
)
Foreign
180.6

45.6

(109.9
)
17.1

Total
$
161.2

$
36.8

$
(263.7
)
$
15.6

Schedule of Components of Income Tax Expense (Benefit) 
Provision (Benefit) for Income Taxes
 
Successor
 
Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
 
Current  
Deferred  
Total  
Current  
Deferred  
Total  
Current  
Deferred  
Total  
U.S. federal
$
—

$
19.2

$
19.2

$
—

$
(2.1
)
$
(2.1
)
$
—

$
(43.7
)
$
(43.7
)
U.S. state and local
3.1

8.6

11.7

2.0

(2.9
)
(0.9
)
2.3

(2.5
)
(0.2
)
Foreign
65.2

(32.8
)
32.4

38.3

(33.2
)
5.1

73.7

(74.6
)
(0.9
)
Total
$
68.3

$
(5.0
)
$
63.3

$
40.3

$
(38.2
)
$
2.1

$
76.0

$
(120.8
)
$
(44.8
)
 
Predecessor
 
Period from January 1, 2013 through January 31, 2013
 
Current
Deferred
Total
U.S. federal
$
(8.8
)
$
7.0

$
(1.8
)
U.S. state and local
0.1

(0.2
)
(0.1
)
Foreign
6.7

2.3

9.0

Total
$
(2.0
)
$
9.1

$
7.1

Schedule of Effective Income Tax Rate Reconciliation 
Reconciliation to US Statutory Rate
 
Successor
Predecessor
 
Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
Period from
January 1
2013 through
January 31,
2013
Statutory U.S. federal income tax rate(1)
$
56.4

35.0
 %
$
12.9

35.0
 %
$
(92.3
)
35.0
 %
$
5.5

35.0
 %
Foreign income taxed at rates other than 35%
(41.4
)
(25.6
)
(46.7
)
(127.0
)
(36.6
)
13.9

1.0

6.6

Changes in valuation allowances
34.4

21.3

44.4

120.9

55.0

(20.9
)
1.4

8.9

Foreign exchange gain (loss), net
(10.5
)
(6.5
)
8.7

23.7

8.7

(3.3
)
0.5

3.1

Unrecognized tax benefits(2)
0.4

0.3

(44.0
)
(119.7
)
35.1

(13.2
)
—

—

Foreign taxes
5.8

3.6

1.2

3.3

8.9

(3.4
)
—

—

Non-deductible interest
4.9

3.0

15.4

41.9

6.4

(2.4
)
—

—

Non-deductible expenses
5.5

3.4

14.2

38.6

19.4

(7.4
)
—

—

Tax credits
(5.5
)
(3.4
)
(5.1
)
(13.8
)
(1.6
)
0.6

—

—

Venezuela impairment
10.7

6.6

—

—

—

—

—

—

Capital loss(3)
—

—

—

—

(46.7
)
17.7

—

—

U.S. state and local taxes, net
8.1

5.0

—

—

(0.2
)
0.1

—

—

Other - net
(5.5
)
(3.4
)
1.1

2.8

(0.9
)
0.3

(1.3
)
(8.0
)
Total income tax provision (benefit) / effective tax rate
$
63.3

39.3
 %
$
2.1

5.7
 %
$
(44.8
)
17.0
 %
$
7.1

45.6
 %
(1)
The U.S. statutory rate has been used as management believes it is more meaningful to the Company.
(2)
Within this amount, the Company released and recorded an unrecognized tax benefit of $21.1 million related to non-deductible interest and debt acquisition costs in 2014 and 2013. These adjustments were fully offset by changes in the valuation allowance.
(3)
In 2013, the Company recognized a tax benefit of $46.7 million related to a capital loss, which is fully offset by a $46.7 million increase to the valuation allowance.
Schedule of Deferred Tax Assets and Liabilities 
Deferred Tax Balances
Successor
 
Year Ended December 31,
 
2015
2014
Deferred tax asset
 
 
Tax loss, credit and interest carryforwards
$
227.4

$
198.5

Goodwill and intangibles
93.6

90.8

Compensation and employee benefits
93.8

92.5

Accruals and other reserves
30.4

58.4

Other
12.1

—

Total deferred tax assets
457.3

440.2

Less: Valuation allowance
(127.8
)
(101.9
)
Net deferred tax assets
329.5

338.3

Deferred tax liabilities
 
 
Property, Plant & Equipment
(191.5
)
(215.0
)
Equity Investment & Other Securities
(0.5
)
(2.2
)
Unremitted earnings
(6.3
)
(8.5
)
Long-Term Debt
(6.6
)
(8.1
)
Other
—

(5.5
)
Total deferred tax liabilities
(204.9
)
(239.3
)
Net deferred tax asset
$
124.6

$
99.0

 
 
 
Current asset
$
69.5

$
64.5

Current liability
(6.6
)
(7.3
)
Non-current assets
227.2

250.0

Non-current liability
(165.5
)
(208.2
)
Net deferred tax asset
$
124.6

$
99.0

Schedule of Unrecognized Tax Benefits Roll Forward 
Total Gross Unrecognized Tax Benefits
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1
2013 through
January 31,
 
2015
2014
2013
2013
Balance at January 1
$
5.3

$
38.9

$
—

$
—

Increases related to acquisition
—

—

11.3

—

Increases related to positions taken on items from prior years
—

—

—

—

Decreases related to positions taken on items from prior years
(0.6
)
(33.6
)
—

—

Increases related to positions taken in the current year
—

—

27.6

—

Settlement of uncertain tax positions with tax authorities
—

—

—

—

Decreases due to expiration of statutes of limitations
—

—

—

—

Balance at December 31
$
4.7

$
5.3

$
38.9

$
—

Earnings Per Common Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted
A reconciliation of the Company’s basic and diluted earnings per common share is as follows (in millions, except earnings per share):
 
Successor
 
Year Ended December 31,
(In millions, except per share data)
2015
2014
2013
Net income (loss) attributable to Axalta
$
93.7

$
27.4

$
(224.9
)
Pre-Acquisition net loss attributable to Axalta
—

—

(3.9
)
Net income (loss) to common shareholders (1)
$
93.7

$
27.4

$
(221.0
)
Basic weighted average shares outstanding (1)
233.8

229.3

228.3

Diluted weighted average shares outstanding
239.7

230.3

228.3

Earnings per Common Share:
 
 
 
Basic net income (loss) per share
$
0.40

$
0.12

$
(0.97
)
Diluted net income (loss) per share
$
0.39

$
0.12

$
(0.97
)
(1)
As of February 1, 2013, the date of the Acquisition, the Company received the initial Equity Contribution of $1,350.0 million. Accordingly, the net loss to common shareholders and the weighted average shares outstanding calculation is based on the period from February 1, 2013 to December 31, 2013.
Accounts and Notes Receivable, Net (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable
 
Successor
 
Year Ended December 31,
 
2015
2014
Accounts receivable—trade, net
$
647.2

$
638.3

Notes receivable
43.0

45.5

Other
75.6

136.6

Total
$
765.8

$
820.4

Inventories (Tables)
Schedule of Inventory, Current
 
Successor
 
Year Ended December 31,
 
2015
2014
Finished products
$
313.1

$
323.7

Semi-finished products
88.5

81.3

Raw materials and supplies
129.1

133.3

Total
$
530.7

$
538.3

Net Property, Plant and Equipment (Tables)
Property, Plant and Equipment
 
 
 
 
Successor
 
 
 
 
Year Ended December 31,
 
Useful Lives (years)
2015
2014
Land
 
 
 
$
84.4

$
90.5

Buildings and improvements
5
-
25
423.5

418.4

Machinery and equipment
3
-
25
1,040.2

1,060.1

Software
5
-
7
132.1

122.1

Other
3
-
20
36.2

29.1

Construction in progress
 
 
 
138.9

138.0

Total
 
 
 
1,855.3

1,858.2

Accumulated depreciation
 
 
 
(472.4
)
(344.1
)
Property, plant, and equipment, net
 
 
 
$
1,382.9

$
1,514.1

Other Assets (Tables)
Schedule of Other Assets
 
Successor
 
Year Ended December 31,
 
2015
2014
Available for sale securities
$
4.2

$
4.5

Deferred income taxes—non-current
227.2

250.0

Other
202.8

228.1

Total
$
434.2

$
482.6

Accounts Payable (Tables)
Schedule of Accounts Payable
 
Successor
 
Year Ended December 31,
 
2015
2014
Trade payables
$
418.6

$
463.6

Non-income taxes
22.4

21.4

Other
13.7

9.5

Total
$
454.7

$
494.5

 
Other Accrued Liabilities (Tables)
Schedule of Accrued Liabilities
 
Successor
 
Year Ended December 31,
 
2015
2014
Compensation and other employee-related costs
$
140.0

$
153.0

Current portion of long-term employee benefit plans
11.2

12.4

Restructuring
41.3

48.5

Discounts, rebates, and warranties
74.8

68.6

Income taxes payable
18.8

20.8

Derivative liabilities
1.8

1.5

Other
82.3

100.0

Total
$
370.2

$
404.8

Borrowings (Tables)
Schedule of Debt 
Borrowings are summarized as follows:
 
Successor
 
Year Ended December 31,
 
2015
2014
Dollar Term Loan
$
2,042.5

$
2,165.5

Euro Term Loan
428.0

481.0

Dollar Senior Notes
750.0

750.0

Euro Senior Notes
274.4

305.3

Short-term and other borrowings
26.5

12.9

Unamortized original issue discount
(14.0
)
(18.3
)
Unamortized deferred financing costs, net
(65.9
)
(82.1
)
 
$
3,441.5

$
3,614.3

Less:
 
 
Short term borrowings
$
22.7

$
12.2

Current portion of long-term borrowings
27.4

27.9

Long-term debt
$
3,391.4

$
3,574.2

Schedule of Maturities of Long-term Debt 
Below is a schedule of required future repayments of all borrowings outstanding at December 31, 2015.
2016
$
38.1

2017
29.5

2018
28.1

2019
27.6

2020
2,361.2

Thereafter
1,024.9

 
$
3,509.4

Debt Instrument Redemption 
As of February 1, 2016, we have the option to redeem all or part of the Euro Senior Notes at the following redemption prices (expressed as percentages of principal amount):
Period
Euro Notes Percentage
2016
104.313
%
2017
102.875
%
2018
101.438
%
2019 and thereafter
100.000
%
Debt Instrument Redemption 
On or after February 1, 2016, we have the option to redeem all or part of the Dollar Senior Notes at the following redemption prices (expressed as percentages of principal amount):
Period
Dollar Notes Percentage
2016
105.531
%
2017
103.688
%
2018
101.844
%
2019 and thereafter
100.000
%
Derivative Financial Instruments (Tables)
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location 
The following table sets forth the locations and amounts recognized during the Successor years ended December 31, 2015, 2014, and 2013 respectively, for these cash flow hedges.
Derivatives in Cash Flow Hedging Relationships in 2015:
Amount of
(Gain) Loss
Recognized
in OCI on
Derivatives
(Effective
Portion)
Location of (Gain) Loss Reclassified from 
Accumulated OCI into Income (Effective Portion)
Amount of
(Gain) Loss
Reclassified
from
Accumulated
OCI to
Income
(Effective
Portion)
Location of 
(Gain) Loss 
Recognized in Income on 
Derivatives (Ineffective Portion)
Amount of
(Gain) Loss
Recognized
in Income on
Derivatives
(Ineffective
Portion)
Interest rate contracts
$
5.5

Interest expense, net
$
6.5

Interest expense, net
$
0.4

Derivatives in Cash Flow Hedging Relationships in 2014:
Amount of
(Gain) Loss
Recognized
in OCI on
Derivatives
(Effective
Portion)
Location of (Gain) Loss Reclassified from 
Accumulated OCI into Income (Effective Portion)
Amount of
(Gain) Loss
Reclassified
from
Accumulated
OCI to
Income
(Effective
Portion)
Location of 
(Gain) Loss 
Recognized in Income on 
Derivatives (Ineffective Portion)
Amount of
(Gain) Loss
Recognized
in Income on
Derivatives
(Ineffective
Portion)
Interest rate contracts
$
4.6

Interest expense, net
$
6.5

Interest expense, net
$
0.3


Derivatives in Cash Flow Hedging
Relationships in 2013:
Amount of
(Gain) Loss
Recognized
in OCI on
Derivatives
(Effective
Portion)
Location of (Gain) Loss Reclassified from 
Accumulated OCI into Income (Effective Portion)
Amount of
(Gain) Loss
Reclassified
from
Accumulated
OCI to
Income
(Effective
Portion)
Location of 
(Gains) Losses 
Recognized in Income on 
Derivatives (Ineffective Portion)
Amount of
(Gain) Loss
Recognized
in Income on
Derivatives
(Ineffective
Portion)
Interest rate contracts
$
(5.0
)
Interest expense, net
$
4.4

Interest expense, net
$
(4.3
)
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location 
Fair value gains and losses of derivative contracts, as determined using Level 2 inputs, that do not qualify for hedge accounting treatment are recorded in income as follows:
 
 
Successor
Predecessor
Derivatives Not Designated as
Hedging Instruments under
ASC 815
Location of (Gain) Loss
Recognized in Income on
Derivatives
Year Ended December 31, 2015
Year Ended December 31, 2014
Year Ended December 31, 2013
Period from
January 1, 2013
through
January 31,
2013
Foreign currency forward contract
Other expense, net as a component of exchange losses, net
$
(5.6
)
$
1.4

$
20.9

$
2.0

Interest rate cap
Interest expense, net
0.1

3.4

(0.3
)
—

 
 
$
(5.5
)
$
4.8

$
20.6

$
2.0

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value 
The following table presents the location and fair values using Level 2 inputs of derivative instruments that qualify and have been designated as cash flow hedges included in the accompanying consolidated balance sheet:
 
Year Ended December 31,
 
2015
2014
Other assets:
 
 
Interest rate swaps
$
0.4

$
5.9

Total assets
$
0.4

$
5.9

Other liabilities:
 
 
Interest rate swaps
$
1.8

$
1.5

Total liabilities
$
1.8

$
1.5

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value 
The following table presents the location and fair values using Level 2 inputs of derivative instruments that have not been designated as hedges included in the accompanying consolidated balance sheet:
 
Year Ended December 31,
 
2015
2014
Other assets:
 
 
Interest rate cap
$
—

$
0.1

Prepaid expenses and other assets:
 
 
Foreign currency contracts
$
0.3

$
—

Total assets
$
0.3

$
0.1

Segments (Tables)
Reconciliation of Revenue from Segments to Consolidated 
Our business serves four end-markets globally as follows: 
 
Successor
Predecessor
 
Year Ended December 31,
Period from January 1 through January 31,
 
2015
2014
2013
2013
Performance Coatings
 
 
 
 
Refinish
$
1,702.0

$
1,850.8

$
1,670.0

$
129.4

Industrial
683.1

734.2

655.3

57.4

Total Net sales Performance Coatings
2,385.1

2,585.0

2,325.3

186.8

Transportation Coatings
 
 
 
 
Light Vehicle
1,310.6

1,384.5

1,291.5

111.6

Commercial Vehicle
391.5

392.2

334.3

27.8

Total Net sales Transportation Coatings
1,702.1

1,776.7

1,625.8

139.4

Total Net sales
$
4,087.2

$
4,361.7

$
3,951.1

$
326.2

Schedule of Segment Reporting Information, by Segment 
 
Successor
 
Performance
Coatings
Transportation
Coatings
Total
For the Year ended December 31, 2015
 
 
 
Net sales (1)
$
2,385.1

$
1,702.1

$
4,087.2

Equity in earnings in unconsolidated affiliates
0.6

0.6

1.2

Adjusted EBITDA (2)
539.1

328.1

867.2

Investment in unconsolidated affiliates
4.0

8.4

12.4

 
Successor
 
Performance
Coatings
Transportation
Coatings
Total
For the Year ended December 31, 2014
 
 
 
Net sales (1)
$
2,585.0

$
1,776.7

$
4,361.7

Equity in losses in unconsolidated affiliates
(1.2
)
(0.2
)
(1.4
)
Adjusted EBITDA (2)
547.6

292.9

840.5

Investment in unconsolidated affiliates
7.2

7.1

14.3

 
Successor
 
Performance
Coatings
Transportation
Coatings
Total
For the Year ended December 31, 2013
 
 
 
Net sales (1)
$
2,325.3

$
1,625.8

$
3,951.1

Equity in earnings in unconsolidated affiliates
1.8

0.3

2.1

Adjusted EBITDA (2)
500.2

198.8

699.0

Investment in unconsolidated affiliates
7.7

8.1

15.8

 
Predecessor
 
Performance
Coatings
Transportation
Coatings
Total
For the Period from January 1 through January 31, 2013
 
 
 
Net sales (1)
$
186.8

$
139.4

$
326.2

Equity in losses in unconsolidated affiliates
—

(0.3
)
(0.3
)
Adjusted EBITDA (2)
15.0

17.7

32.7

Investment in unconsolidated affiliates
2.0

6.7

8.7

(1)
The Company has no intercompany sales between segments.
(2)
The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income (loss) before interest, taxes, depreciation and amortization and other unusual items impacting operating results. Adjusted EBITDA is a key metric that is used by management to evaluate business performance in comparison to budgets, forecasts, and prior year financial results, providing a measure that management believes reflects the Company’s core operating performance. Reconciliation of Adjusted EBITDA to income (loss) before income taxes follows:
Reconciliation of Operating Profit (Loss) from Segments to Consolidated 
Reconciliation of Adjusted EBITDA to income (loss) before income taxes follows:
 
Successor
Predecessor
 
Year Ended December 31,
Period from January 1
through
January 31,
 
2015
2014
2013
2013
Income (loss) before income taxes
$
161.2

$
36.8

$
(263.7
)
$
15.6

Interest expense, net
196.5

217.7

215.1

—

Depreciation and amortization
307.7

308.7

300.7

9.9

EBITDA
665.4

563.2

252.1

25.5

Inventory step up (a)
1.2

—

103.7

—

Merger and acquisition related costs (b)
—

—

28.1

—

Financing fees and debt extinguishment (c)
2.5

6.1

25.0

—

Foreign exchange remeasurement losses (d)
93.7

81.2

48.9

4.5

Long-term employee benefit plan adjustments (e)
(0.3
)
(0.6
)
9.5

2.3

Termination benefits and other employee related costs (f)
36.6

18.4

147.5

0.3

Consulting and advisory fees (g)
24.7

36.3

54.7

—

Transition-related costs (h)
(3.4
)
101.8

29.3

—

Offering related costs (i)
3.1

22.3

—

—

Stock-based compensation (j)
30.2

8.0

7.4

0.1

Other adjustments (k)
(12.4
)
2.8

(5.1
)
—

Dividends in respect of noncontrolling interest (l)
(4.7
)
(2.2
)
(5.2
)
—

Management fee expense (m)
—

3.2

3.1

—

Asset impairment (n)
30.6

—

—

—

Adjusted EBITDA
$
867.2

$
840.5

$
699.0

$
32.7

(a)
During the Successor years ended December 31, 2015 and 2013, we recorded non-cash fair value inventory adjustments associated with our acquisitions. These adjustments increased cost of goods sold by $1.2 million and $103.7 million, respectively.
(b)
In connection with the Acquisition, we incurred $28.1 million of merger and acquisition costs during the Successor year ended December 31, 2013. These costs consisted primarily of investment banking, legal and other professional advisory services costs.
(c)
On August 30, 2012, we signed a debt commitment letter which included the Bridge Facility (as defined herein). Upon the issuance of the Senior Notes and the entry into the Senior Secured Credit Facilities, the commitments under the Bridge Facility terminated. Commitment fees related to the Bridge Facility of $21.0 million and associated fees of $4.0 million were expensed upon the termination of the Bridge Facility. In connection with the amendment to the Senior Secured Credit Facilities in February 2014, we recognized $3.1 million of costs. In addition to the credit facility amendment, we also incurred $2.5 million and $3.0 million of losses on extinguishment of debt during the Successor years ended December 31, 2015 and 2014, respectively, which resulted directly from the pro-rata write offs of unamortized deferred financing costs and original issue discounts associated with the pay-downs of $100.0 million of principal on the New Dollar Term Loan in each year (discussed further at Note 22).
(d)
Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, including a $19.4 million loss related to the Acquisition date settlement of a foreign currency contract used to hedge the variability of Euro-based financing.
(e)
For the Successor years ended December 31, 2015, 2014 and 2013, eliminates the non-service cost components of employee benefit costs. Additionally, we deducted a pension curtailment gain of $7.3 million recorded during the Successor year ended December 31, 2014. For the Predecessor period January 1, 2013 through January 31, 2013, eliminates (1) all U.S. pension and other long-term employee benefit costs that were not assumed as part of the Acquisition and (2) the non-service cost component of the pension and other long-term employee benefit costs.
(f)
Represents expenses primarily related to employee termination benefits and other employee-related costs, including our initiative to improve the overall cost structure within the European region. Termination benefits include the costs associated with our headcount initiatives for establishment of new roles and elimination of old roles and other costs associated with cost-savings opportunities that were related to our transition to a standalone entity in 2013 and 2014 and our Axalta Way cost-savings initiatives in 2015.
(g)
Represents fees paid to consultants, advisors and other third-party professional organizations for professional services. Amounts incurred during 2015 primarily relate to our Axalta Way cost-savings initiatives. Amounts incurred during 2013 and 2014 relate to services rendered in conjunction with our transition from DuPont to a standalone entity.
(h)
Represents charges associated with the transition from DuPont to a standalone entity, including branding and marketing, information technology related costs, and facility transition costs.
(i)
Represents costs associated with the offering of our common shares in the Carlyle Offerings during 2015 and costs associated with the IPO, including a $13.4 million pre-tax charge associated with the termination of the management agreement with Carlyle Investment Management, L.L.C., an affiliate of Carlyle, upon the completion of the IPO during 2014. See note (m) below.
(j)
Represents costs associated with stock-based compensation, including $8.2 million of expense during 2015 attributable to the accelerated vesting of all issued and outstanding stock options issued under the 2013 Plan as a result of the Liquidity Event.
(k)
Represents costs for certain unusual or non-operational (gains) and losses, including a $5.4 million gain resulting from the acquisition of a controlling interest in our previously held equity method investee during 2015, equity investee dividends, indemnity losses (gains) associated with the Acquisition, losses (gains) on sale and disposal of property, plant and equipment, and losses (gains) on foreign currency derivative instruments.
(l)
Represents the payment of dividends to our joint venture partners by our consolidated entities that are not wholly owned.
(m)
Pursuant to Axalta’s management agreement with Carlyle Investment Management, L.L.C., for management and financial advisory services and oversight provided to Axalta and its subsidiaries, Axalta was required to pay an annual management fee of $3.0 million and out-of-pocket expenses. This agreement terminated upon completion of the IPO.
(n)
As a result of the currency devaluation in Venezuela, we evaluated the carrying values of our long-lived assets for impairment and recorded an impairment charge relating to a real estate investment of $30.6 million during 2015 (discussed further at Note 27).
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas 
Net sales by region were as follows:
 
Successor
Predecessor
 
Year Ended December 31,
Period from
January 1
through
January 31,
 
2015
2014
2013
2013
North America
$
1,371.9

$
1,307.8

$
1,165.4

$
81.6

EMEA
1,425.3

1,672.0

1,540.4

141.0

Asia Pacific
717.4

715.0

593.7

51.7

Latin America
572.6

666.9

651.6

51.9

Total (a)
$
4,087.2

$
4,361.7

$
3,951.1

$
326.2

Net long-lived assets by region were as follows:
 
Successor
 
December 31, 2015
December 31, 2014
North America
$
449.1

$
481.4

EMEA
493.2

542.0

Asia Pacific
234.5

234.3

Latin America
206.1

256.4

Total (b)
$
1,382.9

$
1,514.1

(a)
Net Sales are attributed to countries based on location of the customer. Sales to external customers in China represented approximately 13%, 11% and 10% of the total for the Successor years ended December 31, 2015, 2014, and 2013 respectively, as well as 11% for the Predecessor period ended January 31, 2013. Sales to external customers in Germany represented approximately 9%, 10% and 10% of the total for the Successor years ended December 31, 2015, 2014 and 2013, respectively, as well as 11% for the Predecessor period ended January 31, 2013. Canada, which is included in the North America region, represents approximately 3% of total net sales in all periods.
(b)
Long-lived assets consist of property, plant and equipment, net.
Germany long-lived assets amounted to approximately $280.4 million and $302.8 million in the Successor years ended December 31, 2015 and 2014, respectively. China long-lived assets amounted to $194.7 million and $189.4 million in the Successor years ended December 31, 2015 and 2014, respectively. Canada long-lived assets, which are included in the North America region, amounted to approximately $20.7 million and $20.9 million in the Successor years ended December 31, 2015 and 2014, respectively.
Accumulated Other Comprehensive Income (Loss) (Tables)
Schedule of Accumulated Other Comprehensive Income
 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
Gain (Loss) on
Securities
Unrealized
Gain (Losses) on
Derivatives
Accumulated
Other
Comprehensive
Income
Successor Balance, December 31, 2014
$
(72.1
)
$
(31.2
)
$
(0.2
)
$
0.2

$
(103.3
)
Current year deferrals to AOCI
(160.7
)
(4.3
)
0.3

0.6

(164.1
)
Reclassifications from AOCI to Net income
—

2.1

—

(4.0
)
(1.9
)
Net Change
(160.7
)
(2.2
)
0.3

(3.4
)
(166.0
)
Successor Balance, December 31, 2015
$
(232.8
)
$
(33.4
)
$
0.1

$
(3.2
)
$
(269.3
)
 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
loss on
securities
Unrealized
Gain (Loss) on
Derivatives
Accumulated
Other
Comprehensive
Income
Predecessor Balance, December 31, 2012
$
—

$
(142.3
)
$
1.4

$
—

$
(140.9
)
Current year deferrals to AOCI
—

0.7

0.2

—

0.9

Reclassifications from AOCI to Net income
—

—

—

—

—

Net Change
—

0.7

0.2

—

0.9

Predecessor Balance, January 31, 2013
$
—

$
(141.6
)
$
1.6

$
—

$
(140.0
)
 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
Loss on
Securities
Unrealized
Gain (Loss) on
Derivatives
Accumulated
Other
Comprehensive
Income
Successor Balance, December 31, 2012
$
—

$
—

$
—

$
—

$
—

Current year deferrals to AOCI
24.3

7.5

(0.9
)
7.5

38.4

Reclassifications from AOCI to Net income
—

—

—

(4.4
)
(4.4
)
Net Change
24.3

7.5

(0.9
)
3.1

34.0

Successor Balance, December 31, 2013
$
24.3

$
7.5

$
(0.9
)
$
3.1

$
34.0

 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
Loss on
Securities
Unrealized
Gain (Loss) on
Derivatives
Accumulated
Other
Comprehensive
Income
Successor Balance, December 31, 2013
$
24.3

$
7.5

$
(0.9
)
$
3.1

$
34.0

Current year deferrals to AOCI
(96.4
)
(29.7
)
0.7

3.6

(121.8
)
Reclassifications from AOCI to Net income
—

(9.0
)
—

(6.5
)
(15.5
)
Net Change
(96.4
)
(38.7
)
0.7

(2.9
)
(137.3
)
Successor Balance, December 31, 2014
$
(72.1
)
$
(31.2
)
$
(0.2
)
$
0.2

$
(103.3
)
Quarterly Financial Information (Unaudited) (Tables)
Schedule of Quarterly Financial Information
The following is a summary of the quarterly results of operations for the Successor years ended December 31, 2015 and 2014, respectively (in millions, except per share data):
2015
March 31
June 30(a)
September 30
December 31
Full Year
Total revenue
$
997.5

$
1,101.1

$
1,005.1

$
1,009.6

$
4,113.3

Cost of goods sold
649.8

679.7

628.6

639.2

2,597.3

Net income (loss)
46.7

(24.3
)
36.4

39.1

97.9

Net income (loss) attributable to controlling interests
45.1

(25.1
)
35.1

38.6

93.7

Basic net income (loss) per share
0.20

(0.11
)
0.15

0.16

0.40

Diluted net income (loss) per share
0.19

(0.11
)
0.15

0.16

0.39

 
 
 
 
 
 
2014
March 31
June 30(b)
September 30(b)
December 31(c)
Full Year
Total revenue
$
1,054.4

$
1,134.3

$
1,115.8

$
1,087.0

$
4,391.5

Cost of goods sold
703.5

742.5

728.1

723.1

2,897.2

Net income (loss)
(3.7
)
55.8

(18.3
)
0.9

34.7

Net income (loss) attributable to controlling interests
(4.3
)
53.8

(19.9
)
(2.2
)
27.4

Basic net income (loss) per share
(0.02
)
0.23

(0.09
)
(0.01
)
0.12

Diluted net income (loss) per share
(0.02
)
0.23

(0.09
)
(0.01
)
0.12

(a) During the three-months ended June 30, 2015, the Company recorded an impairment charge of $30.6 million based on our evaluation of the carrying value associated with our real estate investment in Venezuela. See further discussion in Note 27.
(b) The Company recorded gains of $7.7 million and $7.3 million related to amendments to benefit plans during the three months ended June 30, 2014 and September 30, 2014, respectively.
(c) During the three-months ended December 31, 2014, the Company recorded a $13.4 million pre-tax charge associated with the termination of the management agreement with Carlyle Investment Management, L.L.C., upon the completion of the IPO and a cumulative net benefit of $3.8 million ($0.4 million for the full year) associated with the correction of an error originating in prior periods. The Company concluded the error was not material to the current or previously reported periods.
General and Description of the Business (Details)
0 Months Ended 0 Months Ended 14 Months Ended 1 Months Ended 0 Months Ended
Dec. 31, 2015
Dec. 31, 2015
Axalta Coating Systems Dutch Co. Top Coöperatief U.A. [Member]
Dec. 31, 2015
Axalta Coating Systems Dutch Holdings A B.V. [Member]
Feb. 1, 2013
The Carlyle Group L.P. [Member]
USD ($)
Feb. 1, 2013
Secured Debt [Member]
Dollar Term Loan Due 2020 [Member]
USD ($)
Feb. 1, 2013
Secured Debt [Member]
Euro Term Loan Due 2020 [Member]
EUR (€)
Feb. 1, 2013
Secured Debt [Member]
5.750% Senior Secured Notes Due 2021 [Member]
EUR (€)
Feb. 1, 2013
Unsecured Debt [Member]
7.375% Senior Unsecured Notes Due 2021 [Member]
USD ($)
Feb. 1, 2013
Successor [Member]
USD ($)
Dec. 31, 2015
Successor [Member]
The Carlyle Group L.P. [Member]
USD ($)
Aug. 31, 2015
Successor [Member]
Secondary Offering [Member]
The Carlyle Group L.P. [Member]
USD ($)
Apr. 30, 2015
Successor [Member]
Secondary Offering [Member]
The Carlyle Group L.P. [Member]
USD ($)
Apr. 30, 2015
Successor [Member]
Private Placement [Member]
The Carlyle Group L.P. [Member]
USD ($)
Nov. 14, 2014
Successor [Member]
Common Stock [Member]
IPO [Member]
Nov. 14, 2014
Successor [Member]
Common Stock [Member]
IPO [Member]
USD ($)
Entity Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership percentage
100.00% 
100.00% 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
Consideration transferred, equity interests issued and issuable
 
 
 
$ 1,350,000,000 
 
 
 
 
$ 1,350,000,000 
 
 
 
 
 
 
Debt instrument, face amount
 
 
 
 
2,300,000,000.0 
400,000,000.0 
250,000,000.0 
750,000,000.0 
 
 
 
 
 
 
 
Debt instrument, interest rate, stated percentage
 
 
 
 
 
 
5.75% 
7.375% 
 
 
 
 
 
 
 
Number of shares issued in transaction
 
 
 
 
 
 
 
 
 
 
34,500,000 
46,000,000 
20,000,000 
57,500,000 
 
Sale price per share
 
 
 
 
 
 
 
 
 
 
$ 29.75 
$ 28.00 
$ 28.00 
 
$ 19.50 
Proceeds from Issuance of Common Stock
 
 
 
 
 
 
 
 
 
$ 0 
 
 
 
 
 
Summary of Significant Accounting Policies (Details)
12 Months Ended
Dec. 31, 2015
Dupont Performance Coatings Business [Member] |
Successor [Member]
 
Accounting Policies [Line Items]
 
PP&E, weighted average useful life
11 years 
Minimum [Member]
 
Accounting Policies [Line Items]
 
Useful life of finite lived intangible assets
4 years 
Minimum [Member] |
Software [Member] |
Successor [Member]
 
Accounting Policies [Line Items]
 
Useful life of PP&E
5 years 
Minimum [Member] |
Property, Plant and Equipment, Other Types [Member] |
Successor [Member]
 
Accounting Policies [Line Items]
 
Useful life of PP&E
3 years 
Minimum [Member] |
Building and Equipment [Member] |
Predecessor [Member]
 
Accounting Policies [Line Items]
 
Useful life of PP&E
15 years 
Maximum [Member]
 
Accounting Policies [Line Items]
 
Useful life of finite lived intangible assets
20 years 
Maximum [Member] |
Software [Member] |
Successor [Member]
 
Accounting Policies [Line Items]
 
Useful life of PP&E
7 years 
Maximum [Member] |
Property, Plant and Equipment, Other Types [Member] |
Successor [Member]
 
Accounting Policies [Line Items]
 
Useful life of PP&E
20 years 
Maximum [Member] |
Building and Equipment [Member] |
Predecessor [Member]
 
Accounting Policies [Line Items]
 
Useful life of PP&E
25 years 
Recent Accounting Guidance (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Deferred tax assets, net
$ (124.6)
$ (99.0)
New Accounting Pronouncement, Early Adoption, Effect [Member]
 
 
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
 
 
Deferred finance costs, net
65.9 
82.1 
Deferred tax assets, net
$ 62.9 
$ 57.2 
Acquisitions and Divestitures - Additional Information (Details) (USD $)
12 Months Ended 3 Months Ended 8 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2015
Successor [Member]
Sep. 30, 2015
Successor [Member]
Jun. 30, 2015
Successor [Member]
Mar. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Sep. 30, 2014
Successor [Member]
Jun. 30, 2014
Successor [Member]
Mar. 31, 2014
Successor [Member]
Aug. 23, 2012
Successor [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2014
Successor [Member]
Performance Coatings [Member]
Dec. 31, 2014
Successor [Member]
Performance Coatings [Member]
Other Nonoperating Income (Expense) [Member]
Feb. 1, 2013
Du Pont [Member]
Scenario, Actual [Member]
Dec. 31, 2013
Du Pont [Member]
Successor [Member]
Acquisition-related Costs [Member]
Dec. 31, 2013
Du Pont [Member]
Successor [Member]
Acquisition-related Costs, Net of Tax [Member]
Dec. 31, 2013
Du Pont [Member]
Successor [Member]
Nonrecurring Costs [Member]
Dec. 31, 2013
Du Pont [Member]
Successor [Member]
Nonrecurring Costs, Net of Tax [Member]
Dec. 31, 2013
Du Pont [Member]
Successor [Member]
Fair Value Adjustment to Inventory [Member]
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date of acquisition agreement
Aug. 30, 2012 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognized identifiable assets acquired, goodwill, and liabilities assumed, net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 4,907,300,000 
 
 
 
 
 
Total revenue
 
1,009,600,000 
1,005,100,000 
1,101,100,000 
997,500,000 
1,087,000,000 
1,115,800,000 
1,134,300,000 
1,054,400,000 
0 
4,113,300,000 
4,391,500,000 
3,986,800,000 
 
 
 
 
 
 
 
 
Costs and expenses
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
Pro forma net loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
53,100,000 
43,500,000 
123,100,000 
88,600,000 
103,700,000 
Proceeds from divestiture of businesses
 
 
 
 
 
 
 
 
 
 
 
 
 
17,500,000 
 
 
 
 
 
 
 
Gain (loss) from disposal of discontinued operation, before income tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,200,000 
 
 
 
 
 
 
Gain (loss) on disposal of discontinued operation, net of tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 700,000 
 
 
 
 
 
 
Acquisitions and Divestitures - Supplemental Pro Forma Information (Details) (Successor [Member], Du Pont [Member], USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Successor [Member] |
Du Pont [Member]
 
 
Business Acquisition [Line Items]
 
 
Net sales
$ 4,277.3 
$ 4,219.4 
Net loss
(87.1)
(270.1)
Net loss attributable to controlling interests
$ (93.7)
$ (274.6)
Earnings per share (Basic and Diluted) (in dollars per share)
$ (0.41)
$ 0.00 
Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Goodwill [Roll Forward]
 
 
Goodwill, beginning balance
$ 1,001.1 
$ 1,113.6 
Acquisition-related adjustments
 
6.1 
Divestitures
 
(4.7)
Foreign currency translation
(90.8)
(113.9)
Acquisition-related adjustments
17.9 
 
Goodwill, ending balance
928.2 
1,001.1 
Performance Coatings [Member]
 
 
Goodwill [Roll Forward]
 
 
Goodwill, beginning balance
933.6 
1,038.8 
Acquisition-related adjustments
 
5.7 
Divestitures
 
(4.7)
Foreign currency translation
(84.7)
(106.2)
Acquisition-related adjustments
17.2 
 
Goodwill, ending balance
866.1 
933.6 
Transportation Coatings [Member]
 
 
Goodwill [Roll Forward]
 
 
Goodwill, beginning balance
67.5 
74.8 
Acquisition-related adjustments
 
0.4 
Divestitures
 
0 
Foreign currency translation
(6.1)
(7.7)
Acquisition-related adjustments
0.7 
 
Goodwill, ending balance
$ 62.1 
$ 67.5 
Goodwill and Identifiable Intangible Assets - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Jan. 31, 2013
Other Intangible Assets [Member]
Predecessor [Member]
Dec. 31, 2015
Equity Method Investee [Member]
Goodwill [Line Items]
 
 
 
 
 
 
Additional interest purchased
 
 
 
 
 
25.00% 
Amortization of acquired intangibles
$ 80.7 
$ 83.8 
$ 79.9 
$ 0 
$ 2.6 
 
Goodwill and intangible asset impairment
$ 0.1 
$ 0.1 
$ 3.2 
 
 
 
Goodwill and Identifiable Intangible Assets - Gross Carrying Amounts and Accumulated Amortization of Identifiable Intangible Assets by Major Class (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Gross Carrying Amount
$ 1,420.6 
$ 1,453.9 
Accumulated Amortization
(229.0)
(153.9)
Net Book Value, definite-lived
1,191.6 
1,300.0 
Trademarks [Member]
 
 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Net Book Value, indefinite-lived
284.4 
284.4 
Technology-Based Intangible Assets [Member]
 
 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Gross Carrying Amount
413.0 
411.8 
Accumulated Amortization
(117.2)
(76.3)
Net Book Value, definite-lived
295.8 
335.5 
Weighted average amortization periods (years)
10 years 
10 years 
Trademarks [Member]
 
 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Gross Carrying Amount
45.2 
41.8 
Accumulated Amortization
(8.5)
(5.5)
Net Book Value, definite-lived
36.7 
36.3 
Weighted average amortization periods (years)
14 years 8 months 
14 years 9 months 18 days 
Customer Relationships [Member]
 
 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Gross Carrying Amount
676.1 
713.9 
Accumulated Amortization
(102.1)
(71.3)
Net Book Value, definite-lived
574.0 
642.6 
Weighted average amortization periods (years)
19 years 4 months 
19 years 4 months 24 days 
Noncompete Agreements [Member]
 
 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Gross Carrying Amount
1.9 
2.0 
Accumulated Amortization
(1.2)
(0.8)
Net Book Value, definite-lived
$ 0.7 
$ 1.2 
Weighted average amortization periods (years)
4 years 7 months 
4 years 6 months 22 days 
Goodwill and Identifiable Intangible Assets - Schedule of Activity Related to In Process Research and Development Projects (Details) (In Process Research and Development [Member], Successor [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
In Process Research and Development [Member] |
Successor [Member]
 
 
Indefinite-lived Intangible Assets [Roll Forward]
 
 
Beginning balance
$ 5.2 
$ 15.7 
Completed
(3.5)
(10.4)
Abandoned
(0.1)
(0.1)
Ending balance
$ 1.6 
$ 5.2 
Goodwill and Identifiable Intangible Assets - Schedule of Expected Amortization Expense (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Successor [Member]
 
Finite-Lived Intangible Assets [Line Items]
 
2015
$ 80.2 
2016
79.9 
2017
79.8 
2018
79.8 
2019
$ 79.8 
Restructuring - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
11 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Dec. 31, 2015
Selling, General and Administrative Expenses [Member]
Successor [Member]
Dec. 31, 2014
Selling, General and Administrative Expenses [Member]
Successor [Member]
Dec. 31, 2013
Selling, General and Administrative Expenses [Member]
Successor [Member]
Restructuring Cost and Reserve [Line Items]
 
 
 
 
 
 
 
Restructuring costs
$ 120.7 
$ 31.9 
$ 8.5 
$ 0 
$ 31.9 
$ 8.5 
$ 120.7 
Restructuring - Restructuring Reserve (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
11 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]
 
 
 
Restructuring Reserve [Roll Forward]
 
 
 
Beginning balance
$ 0.5 
$ 48.5 
$ 98.4 
Expense recorded
120.7 
31.9 
8.5 
Payments made
(23.7)
(33.8)
(51.6)
Foreign currency translation
0.9 
(5.3)
(6.8)
Ending balance
$ 98.4 
$ 41.3 
$ 48.5 
Relationship with DuPont - Allocated Corporate Costs (Details) (Predecessor [Member], USD $)
In Millions, unless otherwise specified
1 Months Ended
Jan. 31, 2013
Related Party Transaction [Line Items]
 
Leveraged functional services
$ 14.2 
General corporate expenses
1.5 
Allocated corporate cost
15.7 
Cost of Sales [Member]
 
Related Party Transaction [Line Items]
 
Allocated corporate cost
14.2 
Selling, General and Administrative Expenses [Member]
 
Related Party Transaction [Line Items]
 
Allocated corporate cost
1.4 
Research and Development Expense [Member]
 
Related Party Transaction [Line Items]
 
Allocated corporate cost
$ 0.1 
Relationship with DuPont - Purchases from and Sales to Other DuPont Businesses (Details) (Dupont Performance Coatings Business [Member], Predecessor [Member], USD $)
In Millions, unless otherwise specified
1 Months Ended
Jan. 31, 2013
Dupont Performance Coatings Business [Member] |
Predecessor [Member]
 
Related Party Transaction [Line Items]
 
Purchases From And Sales To Other Acquisition
$ 7.9 
Relationship with DuPont - Additional Information (Details) (Predecessor [Member], USD $)
In Millions, unless otherwise specified
1 Months Ended
Jan. 31, 2013
plant
Predecessor [Member]
 
Related Party Transaction [Line Items]
 
Number of plants where manufacturing was conducted
35 
Number of plants shared with non-DPC operations
3 
Amount credited to cost of goods sold for use by non-DPC businesses (less than $.3 million for Jan. 1, 2013 through Jan. 31, 2013)
$ 0.3 
Amount charged to cost of goods sold for use of shared assets (less than $.2 million for Jan. 1, 2013 through Jan. 31, 2013)
$ 0.2 
Commitments and Contingencies - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Loss Contingencies [Line Items]
 
 
 
 
Rent expense, net
$ 48.2 
$ 61.6 
$ 50.0 
$ 4.6 
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
 
2015
$ 39.0 
2016
27.8 
2017
23.3 
2018
16.8 
2019
19.1 
Thereafter
43.8 
Total minimum payments
$ 169.8 
Long-term Employee Benefits - Additional Information (Details) (USD $)
12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Pension Plan [Member]
Dec. 31, 2015
Other Postretirement Benefit Plan [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Dec. 31, 2013
Successor [Member]
Pension Plan [Member]
Dec. 31, 2015
Successor [Member]
Other Postretirement Benefit Plan [Member]
Sep. 30, 2014
Successor [Member]
Selling, General and Administrative Expenses [Member]
Pension Plan [Member]
Dec. 31, 2014
Successor [Member]
Selling, General and Administrative Expenses [Member]
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Percent of actuarial losses in excess of market value or PBO to be Included in periodic benefit costs (exceeding)
10.00% 
 
 
 
 
 
 
 
 
 
 
 
Expected future benefit payments
 
 
$ 28,300,000 
 
 
 
 
 
 
$ 0 
 
 
Recognized gain (loss) due to curtailments
 
 
 
 
 
 
0 
7,300,000 
0 
 
7,300,000 
7,300,000 
Increases in AOCI due to amendments
 
 
 
 
 
 
12,000,000 
 
 
 
 
 
Rate of return on plan assets to determine net cost
4.75% 
5.21% 
 
 
 
 
5.21% 
5.23% 
 
 
 
 
Estimated future employer contribution
 
 
17,200,000 
0 
 
 
 
 
 
 
 
 
Assets expected to be returned to employer
0 
 
 
 
 
 
 
 
 
 
 
 
Defined contribution plan, employer contribution amount
 
 
 
 
$ 36,700,000 
$ 35,900,000 
 
 
 
 
 
 
Long-term Employee Benefits - Schedule of Multiemployer Plans (Details) (Predecessor [Member], Multiemployer Plans, Pension [Member], USD $)
In Millions, unless otherwise specified
1 Months Ended
Jan. 31, 2013
DuPont Pension and Retirement Plan [Member]
 
Multiemployer Plans [Line Items]
 
Multiemployer plan, period contributions
$ 4.2 
EIN Number
510014090 
Pension Number
001 
Multiemployer Plan, Individually Insignificant Multiemployer Plans [Member]
 
Multiemployer Plans [Line Items]
 
Multiemployer plan, period contributions
$ 0.7 
Long-term Employee Benefits - Schedule of Defined Benefit Plans (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Accrued pensions and other long-term employee benefits
$ (252.3)
$ (306.4)
 
Pension Plan [Member]
 
 
 
Change in benefit obligation:
 
 
 
Projected benefit obligation at beginning of year
613.1 
603.0 
 
Service cost
12.0 
15.4 
17.0 
Interest cost
16.9 
22.9 
21.2 
Participant contributions
0.9 
1.0 
 
Actuarial losses (gains)—net
(12.0)
85.8 
 
Plan curtailments and settlements
(4.7)
(16.3)
 
Benefits paid
(27.4)
(30.1)
 
Amendments
2.7 
(4.3)
 
Currency translation adjustment
(59.8)
(64.3)
 
Projected benefit obligation at end of year
541.7 
613.1 
603.0 
Change in plan assets:
 
 
 
Fair value of plan assets at:
294.5 
281.3 
 
Actual return on plan assets
6.0 
26.5 
 
Employer contributions
31.1 
40.9 
 
Participant contributions
0.9 
1.0 
 
Benefits paid
(27.4)
(30.1)
 
Settlements
(4.7)
(2.7)
 
Currency translation adjustment
(22.0)
(22.4)
 
Fair value of plan assets at:
278.4 
294.5 
281.3 
Funded status, net
(263.3)
(318.6)
 
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Net amount recognized
(263.3)
(318.6)
 
Other Postretirement Benefit Plan [Member]
 
 
 
Change in benefit obligation:
 
 
 
Projected benefit obligation at beginning of year
0.1 
4.6 
 
Service cost
0 
0.1 
0.2 
Interest cost
0 
0.1 
0.2 
Participant contributions
0 
0 
 
Actuarial losses (gains)—net
0 
1.1 
 
Plan curtailments and settlements
(0.1)
0 
 
Benefits paid
0 
0 
 
Amendments
0 
(5.7)
 
Currency translation adjustment
0 
(0.1)
 
Projected benefit obligation at end of year
0 
0.1 
4.6 
Change in plan assets:
 
 
 
Fair value of plan assets at:
0 
0 
 
Actual return on plan assets
0 
0 
 
Employer contributions
0.1 
0 
 
Participant contributions
0 
0 
 
Benefits paid
0 
0 
 
Settlements
(0.1)
0 
 
Currency translation adjustment
0 
0 
 
Fair value of plan assets at:
0 
0 
0 
Funded status, net
0 
(0.1)
 
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Net amount recognized
0 
(0.1)
 
Other Assets [Member] |
Pension Plan [Member]
 
 
 
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Other assets
0.2 
0.1 
 
Other Assets [Member] |
Other Postretirement Benefit Plan [Member]
 
 
 
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Other assets
0 
0 
 
Other Current Liabilities [Member] |
Pension Plan [Member]
 
 
 
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Other accrued liabilities
(11.2)
(12.4)
 
Other Current Liabilities [Member] |
Other Postretirement Benefit Plan [Member]
 
 
 
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Other accrued liabilities
0 
0 
 
Accounts Payable and Accrued Liabilities [Member] |
Pension Plan [Member]
 
 
 
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Accrued pensions and other long-term employee benefits
(252.3)
(306.3)
 
Accounts Payable and Accrued Liabilities [Member] |
Other Postretirement Benefit Plan [Member]
 
 
 
Amounts recognized in the consolidated balance sheets consist of:
 
 
 
Accrued pensions and other long-term employee benefits
$ 0 
$ (0.1)
 
Long-term Employee Benefits - Schedule of Accumulated and Projected Benefit Obligations (Details) (Successor [Member], Pension Plan [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Successor [Member] |
Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
ABO
$ 500.1 
$ 559.4 
Plans with PBO in excess of plan assets:
 
 
PBO
537.1 
606.2 
ABO
495.7 
553.2 
Fair value plan assets
273.7 
287.5 
Plans with ABO in excess of plan assets:
 
 
PBO
532.0 
602.0 
ABO
492.7 
550.9 
Fair value plan assets
$ 270.3 
$ 285.1 
Long-term Employee Benefits - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Pension Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Accumulated net actuarial losses
$ (48.3)
$ (52.6)
Accumulated prior service credit
1.5 
4.3 
Total
(46.8)
(48.3)
Other Postretirement Benefit Plan [Member]
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
Accumulated net actuarial losses
0 
(0.4)
Accumulated prior service credit
0 
4.1 
Total
$ 0 
$ 3.7 
Long-term Employee Benefits - Schedule of Amounts in Accumulated Other Comprehensive Income to be Amortized (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Pension Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Amortization of net actuarial losses
$ (0.4)
Amortization of prior service credit
0.1 
Total
(0.3)
Other Postretirement Benefit Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
Amortization of net actuarial losses
0 
Amortization of prior service credit
0 
Total
$ 0 
Long-term Employee Benefits - Schedule of Net Benefit Cost (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Dec. 31, 2013
Successor [Member]
Pension Plan [Member]
Dec. 31, 2015
Successor [Member]
Other Postretirement Benefit Plan [Member]
Dec. 31, 2014
Successor [Member]
Other Postretirement Benefit Plan [Member]
Dec. 31, 2013
Successor [Member]
Other Postretirement Benefit Plan [Member]
Jan. 31, 2013
Predecessor [Member]
Jan. 31, 2013
Predecessor [Member]
Pension Plan [Member]
Jan. 31, 2013
Predecessor [Member]
Other Postretirement Benefit Plan [Member]
Net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
 
 
 
$ 12.0 
$ 15.4 
$ 17.0 
$ 0 
$ 0.1 
$ 0.2 
 
$ 1.6 
$ 0 
Interest cost
 
 
 
16.9 
22.9 
21.2 
0 
0.1 
0.2 
 
1.8 
0 
Expected return on plan assets
 
 
 
(14.6)
(14.8)
(11.9)
 
 
 
 
(1.9)
 
Amortization of actuarial (gain) loss, net
 
 
 
0.4 
(0.3)
0 
0 
0.1 
0 
 
1.1 
0 
Amortization of prior service credit
 
 
 
(0.1)
0 
0 
(3.7)
(1.4)
0 
 
0 
0 
Curtailment gain
 
 
 
0 
(7.3)
0 
 
 
 
 
0 
 
Settlement loss
 
 
 
0.5 
0.1 
0 
0.3 
0 
0 
 
0 
0 
Net periodic benefit cost
 
 
 
15.1 
16.0 
26.3 
(3.4)
(1.1)
0.4 
 
2.6 
0 
Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial (gain) loss, net
2.2 
55.6 
(11.0)
(3.4)
60.6 
(10.6)
0 
(4.6)
(0.7)
(1.1)
0 
0 
Amortization of actuarial gain (loss), net
 
 
 
(0.4)
0.3 
0 
0 
(0.1)
0 
 
(1.1)
0 
Prior service (credit) cost
 
 
 
2.7 
(4.3)
(0.4)
0 
0 
0 
 
0 
0 
Amortization of prior service credit
 
 
 
0.1 
0 
0 
3.7 
1.4 
0 
 
0 
0 
Settlement loss
 
 
 
(0.5)
(0.1)
0 
(0.3)
0 
0 
 
0 
0 
Curtailment gain
 
 
 
0 
7.3 
0 
 
 
 
 
0 
 
Other adjustments
 
 
 
0 
(4.9)
0.6 
0.3 
0 
0.1 
 
0 
0 
Total (gain) loss recognized in other comprehensive income
 
 
 
(1.5)
58.9 
(10.4)
3.7 
(3.3)
(0.6)
 
(1.1)
0 
Total recognized in net periodic benefit cost and other comprehensive (income) loss
 
 
 
$ 13.6 
$ 74.9 
$ 15.9 
$ 0.3 
$ (4.4)
$ (0.2)
 
$ 1.5 
$ 0 
Long-term Employee Benefits - Schedule of Assumptions Used (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Pension Plan [Member]
Successor [Member]
Dec. 31, 2014
Pension Plan [Member]
Successor [Member]
Dec. 31, 2013
Pension Plan [Member]
Predecessor [Member]
Dec. 31, 2015
Other Postretirement Benefit Plan [Member]
Successor [Member]
Dec. 31, 2014
Other Postretirement Benefit Plan [Member]
Successor [Member]
Dec. 31, 2013
Other Postretirement Benefit Plan [Member]
Predecessor [Member]
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
Discount rate to determine benefit obligation
 
 
3.05% 
3.23% 
4.11% 
0.00% 
1.50% 
4.80% 
Discount rate to determine net cost
 
 
3.23% 
4.11% 
4.15% 
1.50% 
4.80% 
4.20% 
Rate of future compensation increases to determine benefit obligation
 
 
3.03% 
3.57% 
3.52% 
0.00% 
0.00% 
0.00% 
Rate of future compensation increases to determine net cost
 
 
3.57% 
3.52% 
3.69% 
0.00% 
0.00% 
0.00% 
Rate of return on plan assets to determine net cost
4.75% 
5.21% 
5.21% 
5.23% 
5.22% 
 
 
 
Long-term Employee Benefits - Schedule of Expected Benefit Payments (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Pension Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
2015
$ 28.3 
2016
25.5 
Defined Benefit Plan, Expected Future Benefit Payments, Year Three
26.8 
2018
30.0 
2019
26.9 
2020-2024
166.1 
Successor [Member] |
Other Postretirement Benefit Plan [Member]
 
Defined Benefit Plan Disclosure [Line Items]
 
2015
$ 0 
Long-term Employee Benefits - Schedule of Allocation of Plan Assets (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2013
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Real Estate [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Real Estate [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2013
Real Estate [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Private Equity Funds [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Private Equity Funds [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2013
Private Equity Funds [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Pension Plan [Member]
Equity Securities [Member]
Dec. 31, 2015
Pension Plan [Member]
Debt Securities [Member]
Dec. 31, 2015
Pension Plan [Member]
Real Estate [Member]
Dec. 31, 2015
Pension Plan [Member]
Other Assets [Member]
Dec. 31, 2015
Pension Plan [Member]
Minimum [Member]
Equity Securities [Member]
Dec. 31, 2014
Pension Plan [Member]
Minimum [Member]
Equity Securities [Member]
Dec. 31, 2015
Pension Plan [Member]
Minimum [Member]
Debt Securities [Member]
Dec. 31, 2014
Pension Plan [Member]
Minimum [Member]
Debt Securities [Member]
Dec. 31, 2015
Pension Plan [Member]
Minimum [Member]
Real Estate [Member]
Dec. 31, 2014
Pension Plan [Member]
Minimum [Member]
Real Estate [Member]
Dec. 31, 2015
Pension Plan [Member]
Minimum [Member]
Other Assets [Member]
Dec. 31, 2014
Pension Plan [Member]
Minimum [Member]
Other Assets [Member]
Dec. 31, 2015
Pension Plan [Member]
Maximum [Member]
Equity Securities [Member]
Dec. 31, 2014
Pension Plan [Member]
Maximum [Member]
Equity Securities [Member]
Dec. 31, 2015
Pension Plan [Member]
Maximum [Member]
Debt Securities [Member]
Dec. 31, 2014
Pension Plan [Member]
Maximum [Member]
Debt Securities [Member]
Dec. 31, 2015
Pension Plan [Member]
Maximum [Member]
Real Estate [Member]
Dec. 31, 2014
Pension Plan [Member]
Maximum [Member]
Real Estate [Member]
Dec. 31, 2015
Pension Plan [Member]
Maximum [Member]
Other Assets [Member]
Dec. 31, 2014
Pension Plan [Member]
Maximum [Member]
Other Assets [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Dec. 31, 2013
Successor [Member]
Pension Plan [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Real Estate [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Real Estate [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Real Estate [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Real Estate [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Real Estate [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Real Estate [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Real Estate [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Real Estate [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Cash and Cash Equivalents [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Cash and Cash Equivalents [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Cash and Cash Equivalents [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
US Equity Securities [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
US Equity Securities [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
US Equity Securities [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
US Equity Securities [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
US Equity Securities [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
US Equity Securities [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
US Equity Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
US Equity Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Non US Equity Securities [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Non US Equity Securities [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Non US Equity Securities [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Non US Equity Securities [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Non US Equity Securities [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Non US Equity Securities [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Non US Equity Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Non US Equity Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Government Debt Securities [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Government Debt Securities [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Government Debt Securities [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Government Debt Securities [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Government Debt Securities [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Government Debt Securities [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Government Debt Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Government Debt Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Corporate Debt Securities [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Corporate Debt Securities [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Corporate Debt Securities [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Corporate Debt Securities [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Corporate Debt Securities [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Corporate Debt Securities [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Corporate Debt Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Corporate Debt Securities [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Hedge Funds [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Hedge Funds [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Hedge Funds [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Hedge Funds [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Hedge Funds [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Hedge Funds [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Hedge Funds [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Hedge Funds [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Private Equity Funds [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Private Equity Funds [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Private Equity Funds [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Private Equity Funds [Member]
Fair Value, Inputs, Level 1 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Private Equity Funds [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Private Equity Funds [Member]
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Private Equity Funds [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Private Equity Funds [Member]
Fair Value, Inputs, Level 3 [Member]
Dec. 31, 2015
Successor [Member]
Pension Plan [Member]
Excluding Pension Trust Receivables [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Excluding Pension Trust Receivables [Member]
Dec. 31, 2014
Successor [Member]
Pension Plan [Member]
Pension Trust Receivables [Member]
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actual plan asset allocations
 
 
 
 
 
 
 
 
 
 
 
 
 
30.00% 
35.00% 
35.00% 
35.00% 
0.00% 
0.00% 
20.00% 
20.00% 
35.00% 
40.00% 
40.00% 
40.00% 
5.00% 
1.00% 
25.00% 
25.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Target plan asset allocations minimum
 
 
 
 
 
 
 
 
 
30.00% 
35.00% 
0.00% 
20.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Target plan asset allocations maximum
 
 
 
 
 
 
 
 
 
35.00% 
40.00% 
5.00% 
25.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets
$ 74.1 
$ 65.8 
$ 59.6 
$ 8.5 
$ 0.4 
$ 0.3 
$ 63.3 
$ 63.0 
$ 59.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 278.4 
$ 294.5 
$ 281.3 
$ 187.5 
$ 188.7 
$ 16.8 
$ 1.2 
$ 74.1 
$ 65.8 
$ 8.5 
$ 0.4 
$ 0 
$ 0 
$ 0 
$ 0 
$ 8.5 
$ 0.4 
$ 2.8 
$ 4.4 
$ 2.8 
$ 4.4 
$ 0 
$ 0 
$ 0 
$ 0 
$ 23.6 
$ 16.1 
$ 23.6 
$ 16.1 
$ 0 
$ 0 
$ 0 
$ 0 
$ 70.3 
$ 79.2 
$ 69.8 
$ 78.7 
$ 0.4 
$ 0.4 
$ 0.1 
$ 0.1 
$ 64.8 
$ 36.9 
$ 53.0 
$ 36.3 
$ 11.8 
$ 0.6 
$ 0 
$ 0 
$ 44.4 
$ 55.3 
$ 37.7 
$ 53.0 
$ 4.5 
$ 0 
$ 2.2 
$ 2.3 
$ 0.2 
$ 0.2 
$ 0.2 
$ 0.1 
$ 0 
$ 0.1 
$ 0 
$ 0 
$ 63.8 
$ 63.2 
$ 0.4 
$ 0.1 
$ 0.1 
$ 0.1 
$ 63.3 
$ 63.0 
$ 278.4 
$ 255.7 
$ 38.8 
Long-term Employee Benefits - Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) (Fair Value, Inputs, Level 3 [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Change in plan assets:
 
 
Fair value of plan assets at:
$ 65.8 
$ 59.6 
Realized (loss)
0 
0 
Change in unrealized gain
(5.2)
0.2 
Purchases, sales, issues and settlements
13.5 
6.0 
Transfers in/(out) of Level 3
0 
0 
Fair value of plan assets at:
74.1 
65.8 
Private Equity Funds [Member]
 
 
Change in plan assets:
 
 
Fair value of plan assets at:
63.0 
59.3 
Realized (loss)
0 
0 
Change in unrealized gain
(5.2)
0 
Purchases, sales, issues and settlements
5.5 
3.7 
Transfers in/(out) of Level 3
0 
0 
Fair value of plan assets at:
63.3 
63.0 
Debt and Equity [Member]
 
 
Change in plan assets:
 
 
Fair value of plan assets at:
2.4 
0 
Realized (loss)
0 
0 
Change in unrealized gain
(0.1)
0 
Purchases, sales, issues and settlements
0 
2.4 
Transfers in/(out) of Level 3
0 
0 
Fair value of plan assets at:
2.3 
2.4 
Real Estate [Member]
 
 
Change in plan assets:
 
 
Fair value of plan assets at:
0.4 
0.3 
Realized (loss)
0 
0 
Change in unrealized gain
0.1 
0.2 
Purchases, sales, issues and settlements
8.0 
(0.1)
Transfers in/(out) of Level 3
0 
0 
Fair value of plan assets at:
$ 8.5 
$ 0.4 
Stock-based Compensation - Additional Information (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Employee Stock Option [Member]
Dec. 31, 2015
Employee Stock Option [Member]
Minimum [Member]
Dec. 31, 2015
Employee Stock Option [Member]
Maximum [Member]
Dec. 31, 2015
Restricted Stock [Member]
Dec. 31, 2015
Restricted Stock and Restricted Stock Units [Member]
Dec. 31, 2015
2013 Plan [Member]
Dec. 31, 2013
2013 Plan [Member]
Dec. 31, 2013
2013 Plan [Member]
Employee Stock Option [Member]
Dec. 31, 2014
2014 Plan [Member]
Dec. 31, 2015
2014 Plan [Member]
Employee Stock Option [Member]
Dec. 31, 2014
2014 Plan [Member]
Employee Stock Option [Member]
Dec. 31, 2015
2014 Plan [Member]
Restricted Stock [Member]
Dec. 31, 2015
2014 Plan [Member]
Restricted Stock Units (RSUs) [Member]
Dec. 31, 2015
2014 Plan [Member]
Restricted Stock and Restricted Stock Units [Member]
Minimum [Member]
Dec. 31, 2015
2014 Plan [Member]
Restricted Stock and Restricted Stock Units [Member]
Maximum [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2014
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2015
Successor [Member]
2014 Plan [Member]
Minimum [Member]
Dec. 31, 2015
Successor [Member]
2014 Plan [Member]
Maximum [Member]
Jan. 31, 2013
Predecessor [Member]
Dec. 31, 2014
July 31, 2013, Strike Price 1 [Member]
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2013
July 31, 2013, Strike Price 1 [Member]
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2014
July 31, 2013, Strike Price 4 [Member]
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2013
July 31, 2013, Strike Price 1 and 4 [Member]
Dec. 31, 2014
July 31, 2013, Strike Price 2 [Member]
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2013
July 31, 2013, Strike Price 2 [Member]
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2014
July 31, 2013, Strike Price 3 [Member]
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2013
July 31, 2013, Strike Price 3 [Member]
Successor [Member]
Stock Compensation Plan [Member]
Dec. 31, 2013
July 31, 2013, Strike Price 2 and 3 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based compensation expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 30.2 
$ 8.0 
$ 7.4 
 
 
 
 
$ 0.1 
 
 
 
 
 
 
 
 
 
Stock-based compensation attributable to accelerated vesting
 
 
 
 
 
 
 
 
8.2 
 
 
 
 
 
 
 
 
 
8.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax benefit from compensation expense
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10.7 
2.8 
2.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of shares authorized
 
 
 
 
 
 
 
 
 
19,839,143 
 
11,830,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Award vesting period
 
 
 
 
4 years 4 months 24 days 
5 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expiration period
10 years 
 
 
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grants in period
1,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
1,600,000 
 
 
 
 
4,100,000 
 
 
 
5,700,000 
 
6,400,000 
 
Weighted average exercise price
$ 31.61 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 25.34 
$ 34.80 
 
$ 5.92 
$ 5.92 
$ 7.21 
 
$ 8.88 
$ 8.88 
$ 11.84 
$ 11.84 
 
Restricted stock grants in period
 
 
 
 
 
 
 
1,700,000 
 
 
 
 
 
 
900,000 
800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average grant date fair value
 
 
 
 
 
 
 
$ 32.22 
 
 
 
 
 
 
 
 
$ 25.34 
$ 34.80 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value
$ 8.15 
$ 1.92 
$ 1.38 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected term
6 years 
 
 
 
 
 
 
 
 
 
7 years 9 months 22 days 
 
6 years 
7 years 9 months 22 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6 years 6 months 
 
 
 
 
8 years 3 months 
Weighted average dividend rate
0.00% 
 
 
 
 
 
 
 
 
 
0.00% 
 
0.00% 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash received from exercise of stock options
63.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax benefit realized from exercise of stock options
57.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intrinsic value on options exercised
166.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vested in period, fair value
24.3 
4.5 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Forfeiture rate
 
0.00% 
 
0.00% 
 
 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options forfeitures in period
100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized compensation cost
6.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Compensation not yet recognized
 
 
 
 
 
 
 
$ 38.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period for recognition of compensation not yet recognized
 
 
 
2 years 4 months 15 days 
 
 
 
2 years 4 months 24 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock-based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2015
Employee Stock Option [Member]
2014 Plan [Member]
Dec. 31, 2014
Employee Stock Option [Member]
2014 Plan [Member]
Dec. 31, 2013
Employee Stock Option [Member]
2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Expected term
6 years 
6 years 
7 years 9 months 22 days 
7 years 9 months 22 days 
Volatility
 
22.19% 
28.28% 
28.61% 
Dividend Yield
0.00% 
0.00% 
0.00% 
0.00% 
Discount Rate
 
1.79% 
2.21% 
2.13% 
Stock-based Compensation - Schedule of Stock Options Roll Forward (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
Beginning balance
17.1 
Granted
1.3 
Exercised
(7.3)
Forfeited
(0.1)
Ending balance
11.0 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
 
Beginning balance (in dollars per share)
$ 9.38 
Granted (in dollars per share)
$ 31.61 
Exercised (in dollars per share)
$ 8.97 
Forfeited (in dollars per share)
$ 17.07 
Ending balance (in dollars per share)
$ 12.19 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract]
 
Vested and expected to vest, shares
11.0 
Vested and expected to vest, weighted average exercise price (in dollars per share)
$ 12.19 
Vested and expected to vest, aggregate intrinsic value
$ 165.8 
Vested and expected to vest, weighted average remaining contractual term
7 years 9 months 22 days 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
 
Exercisable, shares
9.8 
Exercisable, weighted average exercise price (in dollars per share)
$ 9.68 
Exercisable, aggregate intrinsic value
$ 165.6 
Exercisable, weighted average remaining contractual term
7 years 7 months 10 days 
Stock-based Compensation - Schedule of Share-based Compensation, Restricted Stock and Restricted Units Activity (Details) (Restricted Stock and Restricted Stock Units [Member], USD $)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Restricted Stock and Restricted Stock Units [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
 
 
Outstanding at January 1, 2015
0 
 
Restricted stock weighted average grant date fair value
$ 32.22 
$ 0.00 
Granted (usd per share)
$ 32.22 
 
Granted (shares)
1,700,000 
 
Vested (shares)
0 
 
Forfeited (shares)
0 
 
Vested (usd per share)
$ 0.00 
 
Forfeited (usd per share)
$ 0.00 
 
Outstanding at December 31, 2015
1,700,000 
 
Related Party Transactions (Details) (Successor [Member], USD $)
12 Months Ended 3 Months Ended 12 Months Ended 16 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2014
Carlyle Investment Management Llc [Member]
Dec. 31, 2015
Carlyle Investment Management Llc [Member]
Dec. 31, 2014
Carlyle Investment Management Llc [Member]
Dec. 31, 2013
Carlyle Investment Management Llc [Member]
Dec. 31, 2013
Carlyle Investment Management Llc [Member]
Acquisition-related Costs [Member]
Dec. 31, 2013
Carlyle Investment Management Llc [Member]
One Time Fees [Member]
Dec. 31, 2013
Carlyle Investment Management Llc [Member]
Deferred Financing Costs [Member]
Dec. 31, 2014
Service King Collision Repair [Member]
Dec. 31, 2013
Service King Collision Repair [Member]
Dec. 31, 2013
Other Related Party [Member]
Dec. 31, 2013
Other Related Party [Member]
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees and commissions
 
 
 
 
 
$ 3,000,000 
 
$ 21,000,000 
$ 35,000,000 
$ 14,000,000 
 
 
$ 100,000 
$ 2,100,000 
Management fee expense
0 
3,200,000 
3,100,000 
 
0 
3,200,000 
3,100,000 
 
 
 
 
 
 
 
Pre tax charge related to management agreement
 
 
 
13,400,000 
 
13,400,000 
 
 
 
 
 
 
 
 
Related parties sales
 
 
 
 
 
 
 
 
 
 
4,000,000 
2,000,000 
 
 
Stock issued during period, shares, acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
352,143 
 
Stock issued during period, value, acquisitions
 
 
 
 
 
 
 
 
 
 
 
 
$ 500,000 
 
Other Expense, Net - Schedule of Other Non-operating Income (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Other Income Expense [Line Items]
 
 
 
 
Exchange losses, net
$ 93.7 
$ 81.2 
$ 48.9 
$ 4.5 
Management fees and expenses
0 
16.6 
3.1 
0 
Asset impairment
30.6 
0 
0 
0 
Indemnity (gains) losses associated with the Acquisition
(1.0)
17.8 
0 
0 
Financing fees and debt extinguishment
2.5 
6.1 
0 
0 
Other miscellaneous income, net
(14.6)
(6.7)
(3.5)
0.5 
Total
$ 111.2 
$ 115.0 
$ 48.5 
$ 5.0 
Other Expense, Net - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Successor [Member]
 
 
 
Other Income Expense [Line Items]
 
 
 
(Gain) loss on non-derivative instruments, net
$ 5.5 
$ (4.8)
$ (20.6)
Foreign Exchange Contract [Member] |
Other Nonoperating Income (Expense) [Member] |
Successor [Member]
 
 
 
Other Income Expense [Line Items]
 
 
 
(Gain) loss on non-derivative instruments, net
5.6 
(1.4)
(20.9)
Equity Method Investee [Member]
 
 
 
Other Income Expense [Line Items]
 
 
 
Additional interest purchased
25.00% 
 
 
Payments to acquire equity method investments
4.3 
 
 
Equity Method Investee [Member] |
Successor [Member]
 
 
 
Other Income Expense [Line Items]
 
 
 
Gain recognized on step-acquisition
$ 5.4 
 
 
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Schedule Of Income Tax [Line Items]
 
 
 
 
Domestic
$ (19.4)
$ (8.8)
$ (153.8)
$ (1.5)
Foreign
180.6 
45.6 
(109.9)
17.1 
Income (loss) before income taxes
$ 161.2 
$ 36.8 
$ (263.7)
$ 15.6 
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
 
 
 
 
U.S. federal
$ 0 
$ 0 
$ 0 
$ (8.8)
U.S. state and local
3.1 
2.0 
2.3 
0.1 
Foreign
65.2 
38.3 
73.7 
6.7 
Total
68.3 
40.3 
76.0 
(2.0)
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
 
 
 
 
U.S. federal
19.2 
(2.1)
(43.7)
7.0 
U.S. state and local
8.6 
(2.9)
(2.5)
(0.2)
Foreign
(32.8)
(33.2)
(74.6)
2.3 
Total
(5.0)
(38.2)
(120.8)
9.1 
U.S. federal
19.2 
(2.1)
(43.7)
(1.8)
U.S. state and local
11.7 
(0.9)
(0.2)
(0.1)
Foreign
32.4 
5.1 
(0.9)
9.0 
Total
$ 63.3 
$ 2.1 
$ (44.8)
$ 7.1 
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Dec. 31, 2013
Valuation Allowance, Operating Loss Carryforwards [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
 
 
 
 
 
 
 
Statutory U.S. federal income tax rate(1)
 
 
$ 56.4 
$ 12.9 
$ (92.3)
$ 5.5 
 
Foreign income taxed at rates other than 35%
 
 
(41.4)
(46.7)
(36.6)
1.0 
 
Changes in valuation allowances
 
 
34.4 
44.4 
55.0 
1.4 
 
Foreign exchange gain (loss), net
 
 
(10.5)
8.7 
8.7 
0.5 
 
Unrecognized tax benefits(2)
 
 
0.4 
(44.0)
35.1 
0 
 
Foreign taxes
 
 
5.8 
1.2 
8.9 
0 
 
Non-deductible interest
 
 
4.9 
15.4 
6.4 
0 
 
Non-deductible expenses
 
 
5.5 
14.2 
19.4 
0 
 
Tax credits
 
 
(5.5)
(5.1)
(1.6)
0 
 
Venezuela impairment
 
 
10.7 
0 
0 
0 
 
Capital loss(3)
 
(46.7)
0 
0 
(46.7)
0 
 
U.S. state and local taxes, net
 
 
8.1 
0 
(0.2)
0 
 
Other - net
 
 
(5.5)
1.1 
(0.9)
(1.3)
 
Total
 
 
63.3 
2.1 
(44.8)
7.1 
 
Effective Income Tax Rate Reconciliation, Percent [Abstract]
 
 
 
 
 
 
 
Statutory U.S. federal income tax rate(1)
 
 
35.00% 
35.00% 
35.00% 
35.00% 
 
Foreign income taxed at rates other than 35%
 
 
(25.60%)
(127.00%)
13.90% 
6.60% 
 
Changes in valuation allowances
 
 
21.30% 
120.90% 
(20.90%)
8.90% 
 
Foreign exchange gain (loss), net
 
 
(6.50%)
23.70% 
(3.30%)
3.10% 
 
Unrecognized tax benefits(2)
 
 
0.30% 
(119.70%)
(13.20%)
0.00% 
 
Foreign taxes
 
 
3.60% 
3.30% 
(3.40%)
0.00% 
 
Non-deductible interest
 
 
3.00% 
41.90% 
(2.40%)
0.00% 
 
Non-deductible expenses
 
 
3.40% 
38.60% 
(7.40%)
0.00% 
 
Tax credits
 
 
(3.40%)
(13.80%)
0.60% 
0.00% 
 
Venezuela impairment
 
 
6.60% 
0.00% 
0.00% 
0.00% 
 
Capital loss(3)
 
 
0.00% 
0.00% 
17.70% 
0.00% 
 
U.S. state and local taxes, net
 
 
5.00% 
0.00% 
0.10% 
0.00% 
 
Other - net
 
 
(3.40%)
2.80% 
0.30% 
(8.00%)
 
Total income tax provision (benefit) / effective tax rate
 
 
39.30% 
5.70% 
17.00% 
45.60% 
 
Interest and debt acquisition costs
21.1 
21.1 
 
 
 
 
 
Valuation allowances and reserves, charged to cost and expense
 
 
 
 
 
 
$ 46.7 
Income Taxes - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2015
Jurisdiction
Dec. 31, 2014
tax_matter
Dec. 31, 2014
Unrecognized Tax Benefit [Member]
Dec. 31, 2015
CHINA
Dec. 31, 2015
Taxable Losses [Member]
Dec. 31, 2015
Unbenefited Losses [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2012
Successor [Member]
Dec. 31, 2015
Interest Expense [Member]
Dec. 31, 2015
Unrecognized Tax Benefit [Member]
Dec. 31, 2014
Interest Carryforward [Member]
Dec. 31, 2015
Foreign Tax Authority [Member]
Dec. 31, 2014
Foreign Tax Authority [Member]
Dec. 31, 2015
Domestic Tax Authority [Member]
Dec. 31, 2014
Domestic Tax Authority [Member]
Dec. 31, 2015
State and Local Jurisdiction [Member]
Dec. 31, 2014
State and Local Jurisdiction [Member]
Schedule Of Income Tax [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating loss carryforwards
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 144.4 
$ 118.3 
 
 
 
 
Operating and capital loss carryforwards with no expiration
 
 
 
 
 
 
 
 
 
 
 
 
 
76.4 
78.2 
 
 
 
 
Operating and capital loss carryforwards, subject to expiration
 
 
 
 
 
 
 
 
 
 
 
 
 
68.0 
40.1 
86.3 
53.2 
4.2 
2.5 
Tax credit carryforward
19.6 
11.6 
 
 
 
 
 
 
 
 
16.8 
43.9 
12.9 
 
 
 
 
 
 
Tax credit carryforward, subject to expiration
 
0.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax assets, valuation allowance
 
 
 
 
 
 
127.8 
101.9 
 
 
 
 
 
 
 
 
 
 
 
Deferred tax asset, increase (decrease), amount
25.9 
 
 
 
25.0 
0.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undistributed foreign earnings
 
 
 
 
 
 
6.3 
8.5 
 
 
 
 
 
 
 
 
 
 
 
Expense (benefit) from subsidiary earnings and reduced withholding taxes
0.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undistributed earnings of foreign subsidiaries
 
 
 
33.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of repatriation of foreign earnings
 
 
 
1.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized tax benefits
4.7 
5.3 
 
 
 
 
4.7 
5.3 
38.9 
0 
 
 
 
 
 
 
 
 
 
Unrecognized tax benefits that would impact effective tax rate
4.7 
5.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Penalties and interest expense
0.4 
6.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Penalties and interest accrued
0.7 
0.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of tax matters resolved
 
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized tax benefits, period increase (decrease)
 
31.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Valuation allowances deduction
 
 
21.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of foreign income tax jurisdictions
45 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized tax benefits, including interest and penalties
$ 5.4 
$ 5.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]
 
 
Deferred tax asset
 
 
Tax loss, credit and interest carryforwards
$ 227.4 
$ 198.5 
Goodwill and intangibles
93.6 
90.8 
Compensation and employee benefits
93.8 
92.5 
Accruals and other reserves
30.4 
58.4 
Other
12.1 
0 
Total deferred tax assets
457.3 
440.2 
Less: Valuation allowance
(127.8)
(101.9)
Net deferred tax assets
329.5 
338.3 
Deferred tax liabilities
 
 
Property, Plant & Equipment
(191.5)
(215.0)
Equity Investment & Other Securities
(0.5)
(2.2)
Unremitted earnings
(6.3)
(8.5)
Long-Term Debt
(6.6)
(8.1)
Other
0 
(5.5)
Total deferred tax liabilities
(204.9)
(239.3)
Net deferred tax asset
124.6 
99.0 
Deferred Tax Assets, Net, Classification [Abstract]
 
 
Deferred income taxes
69.5 
64.5 
Current liability
(6.6)
(7.3)
Non-current assets
227.2 
250.0 
Non-current liability
(165.5)
(208.2)
Net deferred tax asset
$ 124.6 
$ 99.0 
Income Taxes - Schedule of Total Gross Unrecognized Tax Benefits (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
 
 
 
Beginning Balance
$ 4.7 
$ 5.3 
$ 5.3 
$ 38.9 
$ 0 
$ 0 
Increases related to acquisition
 
 
0 
0 
11.3 
0 
Increases related to positions taken on items from prior years
 
 
0 
0 
0 
0 
Decreases related to positions taken on items from prior years
 
 
(0.6)
(33.6)
0 
0 
Increases related to positions taken in the current year
 
 
0 
0 
27.6 
0 
Settlement of uncertain tax positions with tax authorities
 
 
0 
0 
0 
0 
Decreases due to expiration of statutes of limitations
 
 
0 
0 
0 
0 
Ending Balance
$ 4.7 
$ 5.3 
$ 4.7 
$ 5.3 
$ 38.9 
$ 0 
Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) (Successor [Member], USD $)
In Millions, except Per Share data, unless otherwise specified
0 Months Ended 3 Months Ended 12 Months Ended
Feb. 1, 2013
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Successor [Member]
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to controlling interests
 
$ 38.6 
$ 35.1 
$ (25.1)
$ 45.1 
$ (2.2)
$ (19.9)
$ 53.8 
$ (4.3)
$ 93.7 
$ 27.4 
$ (224.9)
Pre-Acquisition net loss attributable to Axalta
 
 
 
 
 
 
 
 
 
0 
0 
(3.9)
Net income (loss) to common shareholders
 
 
 
 
 
 
 
 
 
93.7 
27.4 
(221.0)
Basic weighted average shares outstanding
 
 
 
 
 
 
 
 
 
233.8 
229.3 
228.3 
Diluted weighted average shares outstanding
 
 
 
 
 
 
 
 
 
239.7 
230.3 
228.3 
Earnings per Common Share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) per share
 
$ 0.16 
$ 0.15 
$ (0.11)
$ 0.20 
$ (0.01)
$ (0.09)
$ 0.23 
$ (0.02)
$ 0.40 
$ 0.12 
$ (0.97)
Diluted net income (loss) per share
 
$ 0.16 
$ 0.15 
$ (0.11)
$ 0.19 
$ (0.01)
$ (0.09)
$ 0.23 
$ (0.02)
$ 0.39 
$ 0.12 
$ (0.97)
Consideration transferred, equity interests issued and issuable
$ 1,350.0 
 
 
 
 
 
 
 
 
 
 
 
Earnings Per Common Share - Additional Information (Details) (Successor [Member])
1 Months Ended 12 Months Ended
Oct. 31, 2014
Jul. 31, 2013
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Successor [Member]
 
 
 
 
 
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
 
 
 
 
 
Antidilutive securities excluded from computation of earnings per share (in shares)
 
 
700,000 
7,200,000 
16,300,000.0 
Stock split conversion ratio (in shares)
1.69 
100,000 
 
 
 
Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]
 
 
Balance Sheet Components [Line Items]
 
 
Accounts receivable—trade, net
$ 647.2 
$ 638.3 
Notes receivable
43.0 
45.5 
Other
75.6 
136.6 
Total
$ 765.8 
$ 820.4 
Accounts and Notes Receivable, Net - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Balance Sheet Components [Line Items]
 
 
 
 
Allowance for doubtful accounts
$ 10.7 
$ 9.9 
 
 
Bad Debt Expense Net Of Recoveries
$ 4.9 
$ 5.1 
$ 5.4 
$ 0.2 
Inventories - Schedule of Inventory (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]
 
 
Inventory [Line Items]
 
 
Finished products
$ 313.1 
$ 323.7 
Semi-finished products
88.5 
81.3 
Raw materials and supplies
129.1 
133.3 
Inventories
$ 530.7 
$ 538.3 
Inventories - Additional Information (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]
 
 
Inventory [Line Items]
 
 
Stores and supplies inventories
$ 20.8 
$ 20.9 
Net Property, Plant and Equipment - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Inventory [Line Items]
 
 
 
 
Depreciation
$ 169.1 
$ 176.6 
$ 174.3 
$ 7.2 
Net Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Land [Member]
Dec. 31, 2014
Land [Member]
Dec. 31, 2015
Building and Building Improvements [Member]
Dec. 31, 2014
Building and Building Improvements [Member]
Dec. 31, 2015
Machinery and Equipment [Member]
Dec. 31, 2014
Machinery and Equipment [Member]
Dec. 31, 2015
Software [Member]
Dec. 31, 2014
Software [Member]
Dec. 31, 2015
Property, Plant and Equipment, Other Types [Member]
Dec. 31, 2014
Property, Plant and Equipment, Other Types [Member]
Dec. 31, 2015
Construction in Progress [Member]
Dec. 31, 2014
Construction in Progress [Member]
Dec. 31, 2015
Minimum [Member]
Building and Building Improvements [Member]
Dec. 31, 2015
Minimum [Member]
Machinery and Equipment [Member]
Dec. 31, 2015
Minimum [Member]
Software [Member]
Dec. 31, 2015
Minimum [Member]
Property, Plant and Equipment, Other Types [Member]
Dec. 31, 2015
Maximum [Member]
Building and Building Improvements [Member]
Dec. 31, 2015
Maximum [Member]
Machinery and Equipment [Member]
Dec. 31, 2015
Maximum [Member]
Software [Member]
Dec. 31, 2015
Maximum [Member]
Property, Plant and Equipment, Other Types [Member]
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Useful life of PP&E
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 years 
3 years 
5 years 
3 years 
25 years 
25 years 
7 years 
20 years 
Property, plant and equipment, gross
$ 1,855.3 
$ 1,858.2 
$ 84.4 
$ 90.5 
$ 423.5 
$ 418.4 
$ 1,040.2 
$ 1,060.1 
$ 132.1 
$ 122.1 
$ 36.2 
$ 29.1 
$ 138.9 
$ 138.0 
 
 
 
 
 
 
 
 
Accumulated depreciation
(472.4)
(344.1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, plant, and equipment, net
$ 1,382.9 
$ 1,514.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Assets (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]
 
 
Balance Sheet Components [Line Items]
 
 
Available for sale securities
$ 4.2 
$ 4.5 
Deferred income taxes—non-current
227.2 
250.0 
Other
202.8 
228.1 
Total
$ 434.2 
$ 482.6 
Accounts Payable (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Successor [Member]
 
 
Balance Sheet Components [Line Items]
 
 
Trade payables
$ 418.6 
$ 463.6 
Non-income taxes
22.4 
21.4 
Other
13.7 
9.5 
Total
$ 454.7 
$ 494.5 
Other Accrued Liabilities (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Jan. 31, 2013
Successor [Member]
 
 
 
 
Balance Sheet Components [Line Items]
 
 
 
 
Compensation and other employee-related costs
$ 140.0 
$ 153.0 
 
 
Current portion of long-term employee benefit plans
11.2 
12.4 
 
 
Restructuring
41.3 
48.5 
98.4 
0.5 
Discounts, rebates, and warranties
74.8 
68.6 
 
 
Income taxes payable
18.8 
20.8 
 
 
Derivative liabilities
1.8 
1.5 
 
 
Other
82.3 
100.0 
 
 
Total
$ 370.2 
$ 404.8 
 
 
Borrowings - Schedule of Debt (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Debt Instrument [Line Items]
 
 
Short-term and Other Borrowings
$ 26.5 
$ 12.9 
Unamortized original issue discount
(14.0)
(18.3)
Debt and Capital Lease Obligations
3,441.5 
3,614.3 
Short term borrowings
22.7 
12.2 
Current portion of long-term borrowings
27.4 
27.9 
Long-term borrowings
3,391.4 
3,574.2 
Dollar Term Loan Due 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Term loan
2,042.5 
2,165.5 
Euro Term Loan Due 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Term loan
428.0 
481.0 
Dollar Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
750.0 
750.0 
Euro Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
274.4 
305.3 
New Accounting Pronouncement, Early Adoption, Effect [Member]
 
 
Debt Instrument [Line Items]
 
 
Unamortized deferred financing costs, net
$ (65.9)
$ (82.1)
Borrowings - Senior Secured Credit Facilities (Details)
0 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 6 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 6 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended
Feb. 3, 2014
Feb. 3, 2014
Successor [Member]
USD ($)
Sep. 30, 2015
Successor [Member]
Dec. 31, 2015
Successor [Member]
USD ($)
Dec. 31, 2014
Successor [Member]
USD ($)
Dec. 31, 2013
Successor [Member]
USD ($)
Feb. 3, 2014
Successor [Member]
USD ($)
Dec. 31, 2015
Successor [Member]
Dollar Term Loan Due 2020 [Member]
USD ($)
Dec. 31, 2014
Successor [Member]
Dollar Term Loan Due 2020 [Member]
USD ($)
Feb. 3, 2014
Successor [Member]
Dollar Term Loan Due 2020 [Member]
USD ($)
Feb. 3, 2014
Successor [Member]
Euro Term Loan Due 2020 [Member]
Feb. 3, 2014
Successor [Member]
Euro Term Loan Due 2020 [Member]
EUR (€)
Feb. 3, 2014
Successor [Member]
New Dollar Term Loan [Member]
Dec. 31, 2014
Successor [Member]
New Dollar Term Loan [Member]
Dec. 31, 2015
Successor [Member]
New Dollar Term Loan [Member]
USD ($)
Dec. 31, 2014
Successor [Member]
New Dollar Term Loan [Member]
USD ($)
Feb. 3, 2014
Successor [Member]
New Dollar Term Loan [Member]
Interest Rate Floor [Member]
Feb. 3, 2014
Successor [Member]
New Dollar Term Loan [Member]
Base Rate [Member]
Dec. 31, 2015
Successor [Member]
New Dollar Term Loan [Member]
Base Rate [Member]
Feb. 3, 2014
Successor [Member]
New Euro Term Loan [Member]
Dec. 31, 2014
Successor [Member]
New Euro Term Loan [Member]
Feb. 3, 2014
Successor [Member]
Eurocurrency Rate Loans [Member]
New Dollar Term Loan [Member]
Dec. 31, 2015
Successor [Member]
Eurocurrency Rate Loans [Member]
New Dollar Term Loan [Member]
Feb. 3, 2014
Successor [Member]
Eurocurrency Rate Loans [Member]
New Euro Term Loan [Member]
Dec. 31, 2015
Successor [Member]
Eurocurrency Rate Loans [Member]
New Euro Term Loan [Member]
Feb. 3, 2014
Successor [Member]
Adjusted Euro Currency Rate [Member]
Prime Rate [Member]
Feb. 3, 2014
Successor [Member]
Revolving Credit Facility [Member]
Dec. 31, 2015
Successor [Member]
Revolving Credit Facility [Member]
USD ($)
Dec. 31, 2014
Successor [Member]
Revolving Credit Facility [Member]
USD ($)
Feb. 3, 2014
Successor [Member]
Prior To Amendment [Member]
Base Rate [Member]
Feb. 3, 2014
Successor [Member]
Prior To Amendment [Member]
Dollar Term Loan Due 2020 [Member]
Interest Rate Floor [Member]
Feb. 3, 2014
Successor [Member]
Prior To Amendment [Member]
Euro Term Loan Due 2020 [Member]
Interest Rate Floor [Member]
Feb. 3, 2014
Successor [Member]
Prior To Amendment [Member]
Euro Term Loan Due 2020 [Member]
Interest Rate Floor [Member]
Feb. 3, 2014
Successor [Member]
Prior To Amendment [Member]
Eurocurrency Rate Loans [Member]
Dollar Term Loan Due 2020 [Member]
Interest Rate Floor [Member]
Dec. 31, 2015
Successor [Member]
Senior Secured Credit Facilities [Member]
USD ($)
Dec. 31, 2014
Successor [Member]
Senior Secured Credit Facilities [Member]
USD ($)
Dec. 31, 2013
Successor [Member]
Senior Secured Credit Facilities [Member]
USD ($)
Feb. 3, 2014
Successor [Member]
Senior Secured Credit Facilities [Member]
USD ($)
Feb. 3, 2014
Successor [Member]
Senior Secured Credit Facilities [Member]
Interest Rate Floor [Member]
Feb. 3, 2014
Successor [Member]
Senior Secured Credit Facilities [Member]
Interest Rate Floor [Member]
Feb. 3, 2014
Successor [Member]
Senior Secured Credit Facilities [Member]
Base Rate [Member]
Feb. 3, 2014
Successor [Member]
Senior Secured Credit Facilities [Member]
Eurocurrency Rate Loans [Member]
Interest Rate Floor [Member]
Feb. 3, 2014
Successor [Member]
Senior Secured Credit Facilities [Member]
Adjusted Euro Currency Rate [Member]
Prime Rate [Member]
Feb. 3, 2014
Successor [Member]
Senior Secured Credit Facilities [Member]
Adjusted Euro Currency Rate [Member]
Prime Rate [Member]
Dec. 31, 2015
Senior Notes [Member]
Successor [Member]
USD ($)
Dec. 31, 2014
Senior Notes [Member]
Successor [Member]
USD ($)
Dec. 31, 2013
Senior Notes [Member]
Successor [Member]
USD ($)
Dec. 31, 2015
Senior Secured Credit Facilities [Member]
USD ($)
Dec. 31, 2014
Senior Secured Credit Facilities [Member]
USD ($)
Dec. 31, 2015
Write off of Original Issue Discounts [Member]
Successor [Member]
Dollar Term Loan Due 2020 [Member]
USD ($)
Dec. 31, 2014
Write off of Original Issue Discounts [Member]
Successor [Member]
Dollar Term Loan Due 2020 [Member]
USD ($)
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt, long-term and short-term, combined amount
 
 
 
 
 
 
 
 
 
$ 2,282,800,000 
 
€ 397,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, basis spread on variable rate
 
 
 
 
 
 
 
 
 
 
 
 
 
2.75% 
 
 
1.00% 
2.00% 
 
 
3.00% 
3.00% 
 
3.25% 
 
 
 
 
 
0.50% 
3.50% 
2.50% 
 
1.25% 
 
 
 
 
3.50% 
 
0.50% 
1.00% 
2.00% 
 
 
 
 
 
 
 
 
Debt instrument covenant maximum consolidated leverage ratio
 
 
4.50 
 
 
 
 
 
 
 
 
 
4.50 
 
 
 
 
 
 
4.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, interest rate, effective percentage rate range, minimum
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.00% 
 
 
 
 
 
 
 
 
 
 
 
4.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, maturity date
 
 
 
 
 
 
 
Feb. 01, 2020 
 
 
Feb. 01, 2020 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Feb. 01, 2018 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument periodic payment principal percentage
 
 
 
 
 
 
 
1.00% 
 
 
1.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument basis spread reduced on variable rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.25% 
 
 
 
0.25% 
 
0.25% 
2.25% 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.25% 
 
 
 
2.25% 
 
 
 
 
 
 
 
Debt instrument, interest rate, stated percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.25% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, basis spread on additional variable rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.50% 
 
 
 
 
 
 
 
 
Line of credit facility, maximum borrowing capacity
 
 
 
 
 
 
400,000,000.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from maturities, prepayments and calls of other investments (more than)
 
25,000,000.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage on excess cash flow for mandatory prepayments of debt
 
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Decrease in percentage on excess cash flow for mandatory prepayments of debt
 
25.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage on first lien leverage ratio for mandatory prepayments of debt
 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First lien leverage ratio upper limit
 
4.25 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
First lien leverage ratio lower limit
 
3.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayments of debt
 
 
 
 
 
 
 
100,000,000 
100,000,000 
 
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
 
 
 
2,500,000 
6,100,000 
0 
 
2,500,000 
3,000,000 
 
 
 
 
 
2,500,000 
3,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Write off of deferred debt issuance cost
 
 
 
 
 
 
 
1,800,000 
2,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of debt discount (premium)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,400,000 
3,600,000 
3,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
700,000 
800,000 
Debt instrument, percent of credit facility outstanding for financial covenant to be applicable
25.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, percent of letters of credit not cash collateralized for financial covenant to be applicable
103.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deferred finance costs, net
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
92,900,000 
 
 
 
 
 
 
 
 
 
50,600,000 
65,700,000 
 
 
Unamortized original issue discount
 
 
 
14,000,000 
18,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
25,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of financing costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13,200,000 
13,300,000 
11,700,000 
 
 
 
 
 
 
 
4,000,000 
4,100,000 
3,700,000 
 
 
 
 
Line of credit facility, maximum amount outstanding during period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding, amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24,900,000 
15,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, remaining borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 375,100,000 
$ 384,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings - Senior Notes (Details) (Successor [Member])
0 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended
Feb. 1, 2013
7.375% Senior Unsecured Notes Due 2021 [Member]
Feb. 1, 2013
7.375% Senior Unsecured Notes Due 2021 [Member]
USD ($)
Feb. 1, 2013
5.750% Senior Secured Notes Due 2021 [Member]
Feb. 1, 2013
5.750% Senior Secured Notes Due 2021 [Member]
EUR (€)
Feb. 1, 2013
Senior Notes [Member]
USD ($)
Dec. 31, 2015
Senior Notes [Member]
USD ($)
Dec. 31, 2014
Senior Notes [Member]
USD ($)
Dec. 31, 2013
Senior Notes [Member]
USD ($)
Feb. 1, 2013
Euro Senior Notes [Member]
USD ($)
Dec. 31, 2015
Euro Senior Notes [Member]
USD ($)
Dec. 31, 2014
Euro Senior Notes [Member]
USD ($)
Feb. 1, 2013
Euro Senior Notes [Member]
Feb. 1, 2013
Dollar Senior Notes [Member]
USD ($)
Dec. 31, 2015
Dollar Senior Notes [Member]
USD ($)
Dec. 31, 2014
Dollar Senior Notes [Member]
USD ($)
Feb. 1, 2013
Dollar Senior Notes [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, face amount
 
$ 750,000,000.0 
 
€ 250,000,000.0 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument, interest rate, stated percentage
 
7.375% 
 
5.75% 
 
 
 
 
 
 
 
5.75% 
 
 
 
7.375% 
Debt instrument maturity year
2021 
 
2021 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt issuance cost
 
 
 
 
33,100,000 
 
 
 
10,200,000 
 
 
 
22,900,000 
 
 
 
Unamortized debt issuance expense
 
 
 
 
 
21,300,000 
25,300,000 
 
 
6,500,000 
7,700,000 
 
 
14,800,000 
17,600,000 
 
Amortization of financing costs
 
 
 
 
 
$ 4,000,000 
$ 4,100,000 
$ 3,700,000 
 
 
 
 
 
 
 
 
Debt instrument, maturity date
 
 
 
 
 
 
 
 
Feb. 01, 2021 
 
 
 
May 01, 2021 
 
 
 
Debt instrument, redemption price, percentage
 
 
 
 
 
 
 
 
101.00% 
 
 
 
101.00% 
 
 
 
Borrowings - Debt Instrument Redemption (Details) (Successor [Member])
0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Feb. 1, 2013
Euro Senior Notes [Member]
Dec. 31, 2015
Euro Senior Notes [Member]
2016 [Member]
Dec. 31, 2015
Euro Senior Notes [Member]
2017 [Member]
Dec. 31, 2015
Euro Senior Notes [Member]
2018 [Member]
Dec. 31, 2015
Euro Senior Notes [Member]
2019 [Member]
Feb. 1, 2013
Dollar Senior Notes [Member]
Dec. 31, 2015
Dollar Senior Notes [Member]
2016 [Member]
Dec. 31, 2015
Dollar Senior Notes [Member]
2017 [Member]
Dec. 31, 2015
Dollar Senior Notes [Member]
2018 [Member]
Dec. 31, 2015
Dollar Senior Notes [Member]
2019 [Member]
Debt Instrument, Redemption [Line Items]
 
 
 
 
 
 
 
 
 
 
Debt instrument, redemption price, percentage
101.00% 
104.313% 
102.875% 
101.438% 
100.00% 
101.00% 
105.531% 
103.688% 
101.844% 
100.00% 
Borrowings - Short Term Borrowings and Bridge Financing (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Aug. 30, 2012
Secured Debt [Member]
Dec. 31, 2014
Bridge Facility [Member]
Debt Associated Fees [Member]
Dec. 31, 2014
Bridge Facility [Member]
Successor [Member]
Aug. 30, 2012
Unsecured Debt [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
Bridge loan
 
 
 
$ 300.0 
 
 
$ 1,100.0 
Bridge financing commitment fees
$ 0 
$ 0 
$ 25.0 
 
$ 4.0 
$ 21.0 
 
Borrowings - Schedule of Maturities of Long-term Debt (Details) (Successor [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Successor [Member]
 
Debt Instrument [Line Items]
 
2015
$ 38.1 
2016
29.5 
2017
28.1 
2018
27.6 
2019
2,361.2 
Thereafter
1,024.9 
Long-term debt
$ 3,509.4 
Fair Value Accounting (Details) (USD $)
12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Dollar Senior Notes [Member]
Dec. 31, 2014
Successor [Member]
Dollar Senior Notes [Member]
Dec. 31, 2015
Successor [Member]
Euro Senior Notes [Member]
Dec. 31, 2014
Successor [Member]
Euro Senior Notes [Member]
Dec. 31, 2015
Successor [Member]
Dollar Term Loan Due 2020 [Member]
Dec. 31, 2014
Successor [Member]
Dollar Term Loan Due 2020 [Member]
Dec. 31, 2015
Successor [Member]
Euro Term Loan Due 2020 [Member]
Dec. 31, 2014
Successor [Member]
Euro Term Loan Due 2020 [Member]
Jan. 31, 2013
Predecessor [Member]
Dec. 31, 2015
In Process Research and Development [Member]
Successor [Member]
Dec. 31, 2014
In Process Research and Development [Member]
Successor [Member]
Dec. 31, 2013
In Process Research and Development [Member]
Successor [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill and intangible asset impairment
$ 100,000 
$ 100,000 
$ 3,200,000 
 
 
 
 
 
 
 
 
 
$ 100,000 
$ 100,000 
$ 3,200,000 
Assets, fair value disclosure, nonrecurring
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
Asset impairment
30,600,000 
0 
0 
 
 
 
 
 
 
 
 
0 
 
 
 
Available-for-sale securities
4,200,000 
4,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt, fair value
 
 
 
$ 787,500,000 
$ 795,000,000 
$ 285,400,000 
$ 320,500,000 
$ 2,024,600,000 
$ 2,100,500,000 
$ 427,500,000 
$ 478,000,000 
 
 
 
 
Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) (Successor [Member], Fair Value, Inputs, Level 2 [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2014
Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset
$ 0.4 
$ 5.9 
Derivative liability
1.8 
1.5 
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member] |
Other Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset
0.4 
5.9 
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member] |
Other Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability
1.8 
1.5 
Not Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability
0.3 
0.1 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Other Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability
0.3 
0 
Not Designated as Hedging Instrument [Member] |
Interest Rate Cap [Member] |
Other Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset
$ 0 
$ 0.1 
Derivative Financial Instruments - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) (Successor [Member], Cash Flow Hedging [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Interest Expense [Member]
 
 
 
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
Amount of (Gain) Loss Reclassified from Accumulated OCI to Income (Effective Portion)
$ 6.5 
$ 6.5 
$ 4.4 
Amount of (Gain) Loss Recognized in Income on Derivatives (Ineffective Portion)
0.4 
0.3 
(4.3)
Interest Rate Contract [Member]
 
 
 
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
Amount of (Gain) Loss Recognized in OCI on Derivatives (Effective Portion)
$ 5.5 
$ 4.6 
$ (5.0)
Derivative Financial Instruments - Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Other Nonoperating Income (Expense) [Member]
Foreign Exchange Contract [Member]
Dec. 31, 2014
Successor [Member]
Other Nonoperating Income (Expense) [Member]
Foreign Exchange Contract [Member]
Dec. 31, 2013
Successor [Member]
Other Nonoperating Income (Expense) [Member]
Foreign Exchange Contract [Member]
Dec. 31, 2015
Successor [Member]
Interest Expense [Member]
Interest Rate Cap [Member]
Dec. 31, 2014
Successor [Member]
Interest Expense [Member]
Interest Rate Cap [Member]
Dec. 31, 2013
Successor [Member]
Interest Expense [Member]
Interest Rate Cap [Member]
Jan. 31, 2013
Predecessor [Member]
Jan. 31, 2013
Predecessor [Member]
Other Nonoperating Income (Expense) [Member]
Foreign Exchange Contract [Member]
Jan. 31, 2013
Predecessor [Member]
Interest Expense [Member]
Interest Rate Cap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
(Gain) loss on non-derivative instruments, net
$ (5.5)
$ 4.8 
$ 20.6 
$ (5.6)
$ 1.4 
$ 20.9 
$ 0.1 
$ 3.4 
$ (0.3)
$ 2.0 
$ 2.0 
$ 0 
Derivative Financial Instruments - Additional Information (Details) (Successor [Member])
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2013
USD ($)
swap
Dec. 31, 2013
Euro Term Loan Due 2020 [Member]
EUR (€)
Dec. 31, 2013
Interest Rate Cap [Member]
Euro Term Loan Due 2020 [Member]
USD ($)
Dec. 31, 2015
Interest Rate Swap [Member]
Dec. 31, 2013
Interest Rate Swap [Member]
USD ($)
Derivatives, Fair Value [Line Items]
 
 
 
 
 
Gain (loss) on sale of derivatives
$ 19.4 
 
 
 
 
Number Of interest rate swaps
5 
 
 
 
 
Derivative, notional amount
 
 
 
 
1,173.0 
Derivative, maturity date
 
 
 
Sep. 29, 2017 
 
Long-term debt, gross
 
300.0 
 
 
 
Derivative, cap interest rate
 
1.50% 
 
 
 
Debt instrument, unamortized premium
 
 
$ 3.1 
 
 
Segments - Reconciliation of Revenue from Segments to Consolidated (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Segment
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Performance Coatings [Member]
Dec. 31, 2014
Successor [Member]
Performance Coatings [Member]
Dec. 31, 2013
Successor [Member]
Performance Coatings [Member]
Dec. 31, 2015
Successor [Member]
Performance Coatings [Member]
Refinish [Member]
Dec. 31, 2014
Successor [Member]
Performance Coatings [Member]
Refinish [Member]
Dec. 31, 2013
Successor [Member]
Performance Coatings [Member]
Refinish [Member]
Dec. 31, 2015
Successor [Member]
Performance Coatings [Member]
Industrial [Member]
Dec. 31, 2014
Successor [Member]
Performance Coatings [Member]
Industrial [Member]
Dec. 31, 2013
Successor [Member]
Performance Coatings [Member]
Industrial [Member]
Dec. 31, 2015
Successor [Member]
Transportation Coatings [Member]
Dec. 31, 2014
Successor [Member]
Transportation Coatings [Member]
Dec. 31, 2013
Successor [Member]
Transportation Coatings [Member]
Dec. 31, 2015
Successor [Member]
Transportation Coatings [Member]
Light Vehicle [Member]
Dec. 31, 2014
Successor [Member]
Transportation Coatings [Member]
Light Vehicle [Member]
Dec. 31, 2013
Successor [Member]
Transportation Coatings [Member]
Light Vehicle [Member]
Dec. 31, 2015
Successor [Member]
Transportation Coatings [Member]
Commercial Vehicle [Member]
Dec. 31, 2014
Successor [Member]
Transportation Coatings [Member]
Commercial Vehicle [Member]
Dec. 31, 2013
Successor [Member]
Transportation Coatings [Member]
Commercial Vehicle [Member]
Jan. 31, 2013
Predecessor [Member]
Jan. 31, 2013
Predecessor [Member]
Performance Coatings [Member]
Jan. 31, 2013
Predecessor [Member]
Performance Coatings [Member]
Refinish [Member]
Jan. 31, 2013
Predecessor [Member]
Performance Coatings [Member]
Industrial [Member]
Jan. 31, 2013
Predecessor [Member]
Transportation Coatings [Member]
Jan. 31, 2013
Predecessor [Member]
Transportation Coatings [Member]
Light Vehicle [Member]
Jan. 31, 2013
Predecessor [Member]
Transportation Coatings [Member]
Commercial Vehicle [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of operating segments
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 4,087.2 
$ 4,361.7 
$ 3,951.1 
$ 2,385.1 
$ 2,585.0 
$ 2,325.3 
$ 1,702.0 
$ 1,850.8 
$ 1,670.0 
$ 683.1 
$ 734.2 
$ 655.3 
$ 1,702.1 
$ 1,776.7 
$ 1,625.8 
$ 1,310.6 
$ 1,384.5 
$ 1,291.5 
$ 391.5 
$ 392.2 
$ 334.3 
$ 326.2 
$ 186.8 
$ 129.4 
$ 57.4 
$ 139.4 
$ 111.6 
$ 27.8 
Segments - Schedule of Segment Reporting Information, by Segment (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Performance Coatings [Member]
Dec. 31, 2014
Successor [Member]
Performance Coatings [Member]
Dec. 31, 2013
Successor [Member]
Performance Coatings [Member]
Dec. 31, 2015
Successor [Member]
Transportation Coatings [Member]
Dec. 31, 2014
Successor [Member]
Transportation Coatings [Member]
Dec. 31, 2013
Successor [Member]
Transportation Coatings [Member]
Jan. 31, 2013
Predecessor [Member]
Jan. 31, 2013
Predecessor [Member]
Performance Coatings [Member]
Jan. 31, 2013
Predecessor [Member]
Transportation Coatings [Member]
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 4,087.2 
$ 4,361.7 
$ 3,951.1 
$ 2,385.1 
$ 2,585.0 
$ 2,325.3 
$ 1,702.1 
$ 1,776.7 
$ 1,625.8 
$ 326.2 
$ 186.8 
$ 139.4 
Equity in earnings in unconsolidated affiliates
1.2 
(1.4)
2.1 
0.6 
(1.2)
1.8 
0.6 
(0.2)
0.3 
(0.3)
0 
(0.3)
Adjusted EBITDA
867.2 
840.5 
699.0 
539.1 
547.6 
500.2 
328.1 
292.9 
198.8 
32.7 
15.0 
17.7 
Investment in unconsolidated affiliates
$ 12.4 
$ 14.3 
$ 15.8 
$ 4.0 
$ 7.2 
$ 7.7 
$ 8.4 
$ 7.1 
$ 8.1 
$ 8.7 
$ 2.0 
$ 6.7 
Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) (USD $)
12 Months Ended 3 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2014
Bridge Facility [Member]
Debt Associated Fees [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
New Dollar Term Loan [Member]
Dec. 31, 2014
Successor [Member]
New Dollar Term Loan [Member]
Dec. 31, 2014
Successor [Member]
Bridge Facility [Member]
Dec. 31, 2015
Successor [Member]
Senior Secured Credit Facilities [Member]
Dec. 31, 2014
Successor [Member]
Carlyle Investment Management Llc [Member]
Dec. 31, 2015
Successor [Member]
Carlyle Investment Management Llc [Member]
Dec. 31, 2014
Successor [Member]
Carlyle Investment Management Llc [Member]
Dec. 31, 2013
Successor [Member]
Carlyle Investment Management Llc [Member]
Jan. 31, 2013
Predecessor [Member]
Dec. 31, 2015
Fair Value Adjustment to Inventory [Member]
Successor [Member]
Dec. 31, 2013
Fair Value Adjustment to Inventory [Member]
Successor [Member]
Dec. 31, 2015
Equity Method Investee [Member]
Successor [Member]
Dec. 31, 2015
Pension Plan [Member]
Successor [Member]
Dec. 31, 2014
Pension Plan [Member]
Successor [Member]
Dec. 31, 2013
Pension Plan [Member]
Successor [Member]
Jan. 31, 2013
Pension Plan [Member]
Predecessor [Member]
Sep. 30, 2014
Pension Plan [Member]
Selling, General and Administrative Expenses [Member]
Successor [Member]
Dec. 31, 2014
Pension Plan [Member]
Selling, General and Administrative Expenses [Member]
Successor [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$ 161,200,000 
$ 36,800,000 
$ (263,700,000)
 
 
 
 
 
 
 
 
$ 15,600,000 
 
 
 
 
 
 
 
 
 
Interest expense, net
 
196,500,000 
217,700,000 
215,100,000 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
(307,700,000)
(308,700,000)
(300,700,000)
 
 
 
 
 
 
 
 
(9,900,000)
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
 
665,400,000 
563,200,000 
252,100,000 
 
 
 
 
 
 
 
 
25,500,000 
 
 
 
 
 
 
 
 
 
Inventory step-up
 
(1,200,000)
0 
(103,700,000)
 
 
 
 
 
 
 
 
0 
(1,200,000)
(103,700,000)
 
 
 
 
 
 
 
Merger and acquisition related costs
 
0 
0 
(28,100,000)
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Financing fees and debt extinguishment
 
2,500,000 
6,100,000 
25,000,000 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Foreign exchange remeasurement losses
 
93,700,000 
81,200,000 
48,900,000 
 
 
 
 
 
 
 
 
4,500,000 
 
 
 
 
 
 
 
 
 
Long-term employee benefit plan adjustments
 
(300,000)
(600,000)
9,500,000 
 
 
 
 
 
 
 
 
2,300,000 
 
 
 
 
 
 
 
 
 
Termination benefits and other employee related costs
 
36,600,000 
18,400,000 
147,500,000 
 
 
 
 
 
 
 
 
300,000 
 
 
 
 
 
 
 
 
 
Consulting and advisory fees
 
24,700,000 
36,300,000 
54,700,000 
 
 
 
 
 
3,000,000 
 
 
0 
 
 
 
 
 
 
 
 
 
Transition-related costs
 
(3,400,000)
101,800,000 
29,300,000 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Offering Costs
 
3,100,000 
22,300,000 
0 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Stock-based compensation
 
30,200,000 
8,000,000 
7,400,000 
 
 
 
 
 
 
 
 
100,000 
 
 
 
 
 
 
 
 
 
Other adjustments
 
(12,400,000)
2,800,000 
(5,100,000)
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Dividends in respect of noncontrolling interest
 
(4,700,000)
(2,200,000)
(5,200,000)
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Management fee expense
 
0 
3,200,000 
3,100,000 
 
 
 
 
 
0 
3,200,000 
3,100,000 
0 
 
 
 
 
 
 
 
 
 
Impairment of Real Estate
 
30,600,000 
0 
0 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Adjusted Earnings Before Interest Tax Depreciation And Amortization
 
867,200,000 
840,500,000 
699,000,000 
 
 
 
 
 
 
 
 
32,700,000 
 
 
 
 
 
 
 
 
 
Bridge financing commitment fees
4,000,000 
0 
0 
25,000,000 
 
 
21,000,000 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Refinancing costs
 
 
 
 
 
 
 
3,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on extinguishment of debt
 
2,500,000 
6,100,000 
0 
2,500,000 
3,000,000 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
Repayments of debt
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on sale of derivatives
 
 
 
19,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognized gain (loss) due to curtailments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
7,300,000 
0 
0 
7,300,000 
7,300,000 
Pre tax charge related to management agreement
 
 
 
 
 
 
 
 
13,400,000 
 
13,400,000 
 
 
 
 
 
 
 
 
 
 
 
Stock-based compensation attributable to accelerated vesting
 
8,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain recognized on step-acquisition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 5,400,000 
 
 
 
 
 
 
Segments - Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
North America [Member]
Dec. 31, 2014
Successor [Member]
North America [Member]
Dec. 31, 2013
Successor [Member]
North America [Member]
Dec. 31, 2015
Successor [Member]
EMEA [Member]
Dec. 31, 2014
Successor [Member]
EMEA [Member]
Dec. 31, 2013
Successor [Member]
EMEA [Member]
Dec. 31, 2015
Successor [Member]
Asia Pacific [Member]
Dec. 31, 2014
Successor [Member]
Asia Pacific [Member]
Dec. 31, 2013
Successor [Member]
Asia Pacific [Member]
Dec. 31, 2015
Successor [Member]
Latin America [Member]
Dec. 31, 2014
Successor [Member]
Latin America [Member]
Dec. 31, 2013
Successor [Member]
Latin America [Member]
Dec. 31, 2015
Successor [Member]
CANADA
Dec. 31, 2014
Successor [Member]
CANADA
Dec. 31, 2015
Successor [Member]
GERMANY
Dec. 31, 2014
Successor [Member]
GERMANY
Dec. 31, 2015
Successor [Member]
CHINA
Dec. 31, 2014
Successor [Member]
CHINA
Dec. 31, 2015
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
CANADA
Dec. 31, 2014
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
CANADA
Dec. 31, 2013
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
CANADA
Dec. 31, 2015
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
GERMANY
Dec. 31, 2014
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
GERMANY
Dec. 31, 2013
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
GERMANY
Dec. 31, 2015
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
CHINA
Dec. 31, 2014
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
CHINA
Dec. 31, 2013
Successor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
CHINA
Jan. 31, 2013
Predecessor [Member]
Jan. 31, 2013
Predecessor [Member]
North America [Member]
Jan. 31, 2013
Predecessor [Member]
EMEA [Member]
Jan. 31, 2013
Predecessor [Member]
Asia Pacific [Member]
Jan. 31, 2013
Predecessor [Member]
Latin America [Member]
Jan. 31, 2013
Predecessor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
CANADA
Jan. 31, 2013
Predecessor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
GERMANY
Jan. 31, 2013
Predecessor [Member]
Sales Revenue, Net [Member]
Geographic Concentration Risk [Member]
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 4,087.2 
$ 4,361.7 
$ 3,951.1 
$ 1,371.9 
$ 1,307.8 
$ 1,165.4 
$ 1,425.3 
$ 1,672.0 
$ 1,540.4 
$ 717.4 
$ 715.0 
$ 593.7 
$ 572.6 
$ 666.9 
$ 651.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 326.2 
$ 81.6 
$ 141.0 
$ 51.7 
$ 51.9 
 
 
 
Long-lived assets
$ 1,382.9 
$ 1,514.1 
 
$ 449.1 
$ 481.4 
 
$ 493.2 
$ 542.0 
 
$ 234.5 
$ 234.3 
 
$ 206.1 
$ 256.4 
 
$ 20.7 
$ 20.9 
$ 280.4 
$ 302.8 
$ 194.7 
$ 189.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Concentration risk, percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.00% 
3.00% 
3.00% 
9.00% 
10.00% 
10.00% 
13.00% 
11.00% 
10.00% 
 
 
 
 
 
3.00% 
11.00% 
11.00% 
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Accumulated Translation Adjustment [Member]
Dec. 31, 2014
Successor [Member]
Accumulated Translation Adjustment [Member]
Dec. 31, 2013
Successor [Member]
Accumulated Translation Adjustment [Member]
Dec. 31, 2015
Successor [Member]
Accumulated Defined Benefit Plans Adjustment [Member]
Dec. 31, 2014
Successor [Member]
Accumulated Defined Benefit Plans Adjustment [Member]
Dec. 31, 2013
Successor [Member]
Accumulated Defined Benefit Plans Adjustment [Member]
Dec. 31, 2015
Successor [Member]
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Dec. 31, 2014
Successor [Member]
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Dec. 31, 2013
Successor [Member]
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Dec. 31, 2015
Successor [Member]
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Dec. 31, 2014
Successor [Member]
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Dec. 31, 2013
Successor [Member]
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Dec. 31, 2015
Successor [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Dec. 31, 2014
Successor [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Dec. 31, 2013
Successor [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Jan. 31, 2013
Predecessor [Member]
Jan. 31, 2013
Predecessor [Member]
Accumulated Translation Adjustment [Member]
Jan. 31, 2013
Predecessor [Member]
Accumulated Defined Benefit Plans Adjustment [Member]
Jan. 31, 2013
Predecessor [Member]
Accumulated Net Unrealized Investment Gain (Loss) [Member]
Jan. 31, 2013
Predecessor [Member]
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Jan. 31, 2013
Predecessor [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance
$ (103.3)
 
 
$ (72.1)
$ 24.3 
$ 0 
$ (31.2)
$ 7.5 
$ 0 
$ (0.2)
$ (0.9)
$ 0 
$ 0.2 
$ 3.1 
$ 0 
$ (103.3)
$ 34.0 
$ 0 
 
$ 0 
$ (142.3)
$ 1.4 
$ 0 
$ (140.9)
Current year deferrals to AOCI
 
 
 
(160.7)
(96.4)
24.3 
(4.3)
(29.7)
7.5 
0.3 
0.7 
(0.9)
0.6 
3.6 
7.5 
(164.1)
(121.8)
38.4 
 
0 
0.7 
0.2 
0 
0.9 
Reclassifications from AOCI to Net income
 
 
 
0 
0 
0 
2.1 
(9.0)
0 
0 
0 
0 
(4.0)
(6.5)
(4.4)
(1.9)
(15.5)
(4.4)
 
0 
0 
0 
0 
0 
Other comprehensive income (loss), net of tax
(169.6)
(142.0)
34.0 
(160.7)
(96.4)
24.3 
(2.2)
(38.7)
7.5 
0.3 
0.7 
(0.9)
(3.4)
(2.9)
3.1 
(166.0)
(137.3)
34.0 
0.9 
0 
0.7 
0.2 
0 
0.9 
Accumulated other comprehensive income (loss), ending balance
$ (269.3)
$ (103.3)
 
$ (232.8)
$ (72.1)
$ 24.3 
$ (33.4)
$ (31.2)
$ 7.5 
$ 0.1 
$ (0.2)
$ (0.9)
$ (3.2)
$ 0.2 
$ 3.1 
$ (269.3)
$ (103.3)
$ 34.0 
 
$ 0 
$ (141.6)
$ 1.6 
$ 0 
$ (140.0)
Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Jan. 31, 2013
Predecessor [Member]
Dec. 31, 2015
Pension Plan [Member]
Successor [Member]
Dec. 31, 2014
Pension Plan [Member]
Successor [Member]
Dec. 31, 2013
Pension Plan [Member]
Successor [Member]
Jan. 31, 2013
Pension Plan [Member]
Predecessor [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
 
 
 
 
 
 
 
 
Recognized gain (loss) due to curtailments
 
 
 
 
$ 0 
$ 7.3 
$ 0 
$ 0 
Pension and other postretirement benefit plans, tax benefit
0 
16.9 
3.5 
0.4 
 
 
 
 
Cumulative pension and other postretirement benefit plans, tax benefits
13.4 
13.4 
3.5 
76.3 
 
 
 
 
Unrealized gain (loss) on derivatives, tax
2.1 
1.7 
1.9 
0 
 
 
 
 
Cumulative unrealized gain (loss) on derivatives, tax
(1.9)
0.2 
1.9 
0 
 
 
 
 
Unrealized holding gain (loss) on securities, tax
 
 
 
0 
 
 
 
 
Cumulative unrealized holding gain (loss) on securities, tax benefits
 
 
 
$ 0.9 
 
 
 
 
Venezuela (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2015
Venezuelan Subsidiary [Member]
Dec. 31, 2014
Venezuelan Subsidiary [Member]
Dec. 31, 2015
Subsidiaries [Member]
Dec. 31, 2014
Subsidiaries [Member]
Jun. 30, 2015
Subsidiaries [Member]
Jun. 30, 2015
Estimate of Fair Value Measurement [Member]
Subsidiaries [Member]
Dec. 31, 2015
Successor [Member]
Dec. 31, 2014
Successor [Member]
Dec. 31, 2013
Successor [Member]
Dec. 31, 2015
Successor [Member]
Venezuelan Subsidiary [Member]
Dec. 31, 2014
Successor [Member]
Venezuelan Subsidiary [Member]
Dec. 31, 2015
Subsidiary of Common Parent [Member]
Subsidiaries [Member]
Dec. 31, 2014
Subsidiary of Common Parent [Member]
Subsidiaries [Member]
Intercompany Foreign Currency Balance [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Devaluation gain (loss)
 
 
 
 
 
 
 
 
 
$ (53.2)
$ 17.0 
 
 
Real estate investment property
 
 
 
 
52.6 
22.0 
 
 
 
 
 
 
 
Asset impairment
 
 
 
 
 
 
30.6 
0 
0 
 
 
 
 
Assets
 
 
152.9 
197.8 
 
 
5,854.2 
6,170.7 
 
 
 
 
 
Liabilities
 
 
42.2 
57.0 
 
 
4,713.0 
5,058.7 
 
 
 
9.2 
4.4 
Non-monetary assets, net of liabilities
 
 
112.4 
149.6 
 
 
 
 
 
 
 
 
 
Percent of assets represented by subsidiary (less than)
4.00% 
4.00% 
 
 
 
 
 
 
 
 
 
 
 
Revenue, Net
 
 
$ 131.2 
$ 136.5 
 
 
$ 4,087.2 
$ 4,361.7 
$ 3,951.1 
 
 
 
 
Percent of liabilities represented by subsidiary (less than)
4.00% 
4.00% 
 
 
 
 
 
 
 
 
 
 
 
Quarterly Financial Information (Unaudited) (Details) (Successor [Member], USD $)
3 Months Ended 8 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Aug. 23, 2012
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Quantifying misstatement
 
 
 
 
$ 3,800,000 
 
 
 
 
 
$ 400,000 
 
Total revenue
1,009,600,000 
1,005,100,000 
1,101,100,000 
997,500,000 
1,087,000,000 
1,115,800,000 
1,134,300,000 
1,054,400,000 
0 
4,113,300,000 
4,391,500,000 
3,986,800,000 
Cost of goods sold
639,200,000 
628,600,000 
679,700,000 
649,800,000 
723,100,000 
728,100,000 
742,500,000 
703,500,000 
 
2,597,300,000 
2,897,200,000 
2,772,800,000 
Net income (loss)
39,100,000 
36,400,000 
(24,300,000)
46,700,000 
900,000 
(18,300,000)
55,800,000 
(3,700,000)
 
97,900,000 
34,700,000 
(218,900,000)
Net income (loss) attributable to controlling interests
38,600,000 
35,100,000 
(25,100,000)
45,100,000 
(2,200,000)
(19,900,000)
53,800,000 
(4,300,000)
 
93,700,000 
27,400,000 
(224,900,000)
Basic net income (loss) per share
$ 0.16 
$ 0.15 
$ (0.11)
$ 0.20 
$ (0.01)
$ (0.09)
$ 0.23 
$ (0.02)
 
$ 0.40 
$ 0.12 
$ (0.97)
Diluted net income (loss) per share
$ 0.16 
$ 0.15 
$ (0.11)
$ 0.19 
$ (0.01)
$ (0.09)
$ 0.23 
$ (0.02)
 
$ 0.39 
$ 0.12 
$ (0.97)
Asset impairment
 
 
 
 
 
 
 
 
 
30,600,000 
0 
0 
Pension Plan [Member]
 
 
 
 
 
 
 
 
 
 
 
 
Recognized gain (loss) due to curtailments
 
 
 
 
 
 
 
 
 
0 
7,300,000 
0 
Pension Plan [Member] |
Selling, General and Administrative Expenses [Member]
 
 
 
 
 
 
 
 
 
 
 
 
Recognized gain (loss) due to curtailments
 
 
 
 
 
7,300,000 
 
 
 
 
7,300,000 
 
Carlyle Investment Management Llc [Member]
 
 
 
 
 
 
 
 
 
 
 
 
Pre tax charge related to management agreement
 
 
 
 
13,400,000 
 
 
 
 
 
13,400,000 
 
Deferred Bonus [Member] |
Selling, General and Administrative Expenses [Member]
 
 
 
 
 
 
 
 
 
 
 
 
Recognized gain (loss) due to curtailments
 
 
 
 
 
 
$ 7,700,000 
 
 
 
 
 
Schedule II (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Dec. 31, 2015
Allowance for Doubtful Accounts [Member]
Successor [Member]
Dec. 31, 2014
Allowance for Doubtful Accounts [Member]
Successor [Member]
Dec. 31, 2013
Allowance for Doubtful Accounts [Member]
Successor [Member]
Jan. 31, 2013
Allowance for Doubtful Accounts [Member]
Predecessor [Member]
Dec. 31, 2015
Valuation Allowance for Deferred Tax Assets [Member]
Successor [Member]
Dec. 31, 2014
Valuation Allowance for Deferred Tax Assets [Member]
Successor [Member]
Dec. 31, 2013
Valuation Allowance for Deferred Tax Assets [Member]
Successor [Member]
Jan. 31, 2013
Valuation Allowance for Deferred Tax Assets [Member]
Predecessor [Member]
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
 
 
 
 
 
Balance at Beginning of Year
$ 9.9 
$ 6.5 
$ 0 
$ 29.6 
$ 101.9 
$ 63.4 
$ 0 
$ 58.7 
Additions
4.9 
5.1 
5.4 
0.2 
34.4 
44.4 
55.0 
1.4 
Deductions
(4.1)
(1.7)
1.1 
1.1 
(8.5)
(5.9)
8.4 
(0.3)
Balance at End of Year
$ 10.7 
$ 9.9 
$ 6.5 
$ 30.9 
$ 127.8 
$ 101.9 
$ 63.4 
$ 59.8