AXALTA COATING SYSTEMS LTD., 10-Q filed on 7/27/2016
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2016
Jul. 21, 2016
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-Q 
 
Document Period End Date
Jun. 30, 2016 
 
Document Fiscal Year Focus
2016 
 
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)
Q2 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
239,130,298 
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]
 
 
 
 
Net sales
$ 1,065.1 
$ 1,094.1 
$ 2,020.7 
$ 2,083.3 
Other revenue
7.0 
7.0 
13.0 
15.3 
Total revenue
1,072.1 
1,101.1 
2,033.7 
2,098.6 
Cost of goods sold
649.0 
679.7 
1,255.4 
1,329.5 
Selling, general and administrative expenses
237.7 
245.5 
456.8 
458.5 
Research and development expenses
14.1 
12.8 
26.7 
25.7 
Amortization of acquired intangibles
20.3 
20.1 
40.5 
40.1 
Income from operations
151.0 
143.0 
254.3 
244.8 
Interest expense, net
47.8 
49.2 
97.9 
99.2 
Other expense, net
32.8 
88.6 
40.8 
92.5 
Income before income taxes
70.4 
5.2 
115.6 
53.1 
Provision for income taxes
20.3 
29.5 
34.9 
30.7 
Net income (loss)
50.1 
(24.3)
80.7 
22.4 
Less: Net income attributable to noncontrolling interests
1.6 
0.8 
2.5 
2.4 
Net income (loss) attributable to controlling interests
$ 48.5 
$ (25.1)
$ 78.2 
$ 20.0 
Basic net income (loss) per share (dollars per share)
$ 0.20 
$ (0.11)
$ 0.33 
$ 0.09 
Diluted net income (loss) per share (dollars per share)
$ 0.20 
$ (0.11)
$ 0.32 
$ 0.08 
Basic weighted average shares outstanding
237.7 
232.3 
237.4 
231.1 
Diluted weighted average shares outstanding
242.4 
232.3 
242.0 
238.1 
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Current assets:
 
 
Cash and cash equivalents
$ 480.1 
$ 485.0 
Restricted cash
3.1 
2.7 
Accounts and notes receivable, net
838.6 
765.8 
Inventories
519.7 
530.7 
Prepaid expenses and other
62.1 
63.6 
Deferred income taxes
58.2 
69.5 
Total current assets
1,961.8 
1,917.3 
Property, plant and equipment, net
1,358.5 
1,382.9 
Goodwill
931.1 
928.2 
Identifiable intangibles, net
1,152.8 
1,191.6 
Other assets
431.6 
434.2 
Total assets
5,835.8 
5,854.2 
Current liabilities:
 
 
Accounts payable
438.2 
454.7 
Current portion of borrowings
55.1 
50.1 
Deferred income taxes
6.8 
6.6 
Other accrued liabilities
350.0 
370.2 
Total current liabilities
850.1 
881.6 
Long-term borrowings
3,298.1 
3,391.4 
Long-term employee benefits
243.4 
252.3 
Deferred income taxes
160.9 
165.5 
Other liabilities
28.5 
22.2 
Total liabilities
4,581.0 
4,713.0 
Commitments and contingencies
   
   
Shareholders’ equity
 
 
Common shares, $1.00 par, 1,000.0 shares authorized, 239.1 and 237.9 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively
237.9 
237.0 
Capital in excess of par
1,272.1 
1,238.8 
Accumulated deficit
(54.6)
(132.8)
Accumulated other comprehensive loss
(268.9)
(269.3)
Total Axalta shareholders’ equity
1,186.5 
1,073.7 
Noncontrolling interests
68.3 
67.5 
Total shareholders’ equity
1,254.8 
1,141.2 
Total liabilities and shareholders’ equity
$ 5,835.8 
$ 5,854.2 
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $)
Jun. 30, 2016
Dec. 31, 2015
Statement of Financial Position [Abstract]
 
 
Common stock, par value (in dollars per share)
$ 1.00 
$ 1.00 
Common shares authorized (in shares)
1,000,000,000.0 
1,000,000,000.0 
Common shares issued (in shares)
239,100,000 
237,900,000 
Common shares outstanding (in shares)
239,100,000 
237,900,000 
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net income
$ 50.1 
$ (24.3)
$ 80.7 
$ 22.4 
Other comprehensive income (loss), before tax:
 
 
 
 
Foreign currency translation adjustments
(13.6)
27.3 
2.1 
(82.3)
Unrealized gain (loss) on securities
0.1 
(0.1)
(0.3)
0.4 
Unrealized gain (loss) on derivatives
0.5 
0.3 
(1.7)
(4.5)
Unrealized gain (loss) on pension and other benefit plan obligations
0.2 
(2.8)
0.1 
(4.0)
Other comprehensive income (loss), before tax
(12.8)
24.7 
0.2 
(90.4)
Income tax (benefit) provision related to items of other comprehensive income
(0.8)
0.8 
0 
3.4 
Other comprehensive income (loss), net of tax
(13.6)
25.5 
0.2 
(87.0)
Comprehensive income (loss)
36.5 
1.2 
80.9 
(64.6)
Less: Comprehensive income attributable to noncontrolling interests
1.4 
1.0 
2.3 
2.2 
Comprehensive income (loss) attributable to controlling interests
$ 35.1 
$ 0.2 
$ 78.6 
$ (66.8)
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities:
 
 
Net income
$ 80.7 
$ 22.4 
Adjustment to reconcile net income to cash provided by operating activities:
 
 
Depreciation and amortization
154.6 
150.1 
Amortization of financing costs and original issue discount
10.1 
10.2 
Debt extinguishment
2.3 
0 
Deferred income taxes
(6.8)
(7.1)
Realized and unrealized foreign exchange losses, net
26.0 
66.5 
Stock-based compensation
21.6 
14.2 
Asset impairment
10.5 
30.6 
Other non-cash, net
(2.9)
3.6 
Changes in operating assets and liabilities:
 
 
Trade accounts and notes receivable
(89.7)
(124.9)
Inventories
13.4 
(41.1)
Prepaid expenses and other
(20.2)
(46.0)
Accounts payable
4.0 
(16.2)
Other accrued liabilities
(17.9)
(42.0)
Other liabilities
(6.4)
(15.3)
Cash provided by operating activities
179.3 
5.0 
Investing activities:
 
 
Business acquisitions (net of cash acquired)
0 
(3.1)
Purchase of property, plant and equipment
(64.8)
(56.6)
Restricted cash
(0.4)
1.9 
Other investing
(2.4)
0.9 
Cash used for investing activities
(67.6)
(56.9)
Financing activities:
 
 
Proceeds from short-term borrowings
0 
3.1 
Payments on short-term borrowings
(5.5)
(13.7)
Payments on long-term borrowings
(113.7)
(13.6)
Dividends paid to noncontrolling interests
(1.5)
(4.1)
Proceeds from option exercises and associated tax benefits
12.6 
51.9 
Other financing
(0.2)
(0.2)
Cash provided by (used for) financing activities
(108.3)
23.4 
Increase (decrease) in cash and cash equivalents
3.4 
(28.5)
Effect of exchange rate changes on cash
(8.3)
(45.8)
Cash and cash equivalents at beginning of period
485.0 
382.1 
Cash and cash equivalents at end of period
480.1 
307.8 
Capital expenditures incurred but not yet paid
$ 15.3 
$ 19.7 
Basis of Presentation of the Condensed Consolidated Financial Statements
Basis of Presentation of the Condensed Consolidated Financial Statements
BASIS OF PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The interim condensed consolidated financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting only of normal, recurring adjustments, necessary for a fair statement of the financial position of Axalta Coating Systems Ltd., a Bermuda exempted company limited by shares, and its consolidated subsidiaries ("Axalta," the "Company," "we," "our" and "us") at June 30, 2016 and December 31, 2015, the results of operations and comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015, and their cash flows for the six months then ended. All intercompany balances and transactions have been eliminated. These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated and combined financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
The accompanying financial statements include the interim unaudited condensed consolidated balance sheets of Axalta at June 30, 2016 and December 31, 2015, the related interim unaudited condensed consolidated statements of operations and statements of comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015 and of cash flows for the six months ended June 30, 2016 and 2015. The interim unaudited condensed consolidated financial statements include the accounts of Axalta and its subsidiaries, and entities in which a controlling interest is maintained. Certain of our joint ventures are accounted for on a one-month lag basis, the effect of which is not material.
The results of operations for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for a full year.
The Acquisition
The acquisition ("Acquisition") by Axalta and certain of its indirect subsidiaries of all the capital stock, other equity interests and assets of certain entities which, together with their subsidiaries, comprised the DuPont Performance Coatings business ("DPC"), which was formerly owned by E. I. du Pont de Nemours and Company ("DuPont"), closed on February 1, 2013.
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. ("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 these sales, Carlyle ceased to control a majority of our common shares.
In August 2015, May 2016 and June 2016, we completed secondary offerings (together with the IPO and the April 2015 Secondary Offerings, the "Carlyle Offerings") in which Carlyle sold an aggregate of 34,500,000, 25,000,000 and 3,190,000 common shares, respectively, at public offering prices of $29.75 per share, $27.93 per share and $27.93 per share, respectively.
We did not receive any proceeds from the sale of common shares in any of the Carlyle Offerings.
Recent Accounting Guidance
Recent Accounting Guidance
RECENT ACCOUNTING GUIDANCE
Accounting Guidance Issued But Not Yet Adopted
In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, "Stock Compensation", which provides various areas of simplification surrounding the accounting for stock-based compensation. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted prior to this date. We are in the process of assessing the impact the adoption of this standard will have on our balance sheets, statements of operations and statements of cash flows.
In February 2016, the FASB issued ASU 2016-02, "Leases", which requires lessees to recognize the assets and liabilities arising from all leases (both finance and operating) on the balance sheet. In addition to this main provision, this standard included a number of additional changes to lease accounting. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted prior to this date. We are in the process of assessing the impact the adoption of this standard will have on our balance sheets, statements of operations and statements of cash flows.
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 during 2016. The impacts to the accompanying condensed consolidated balance sheets would have resulted in corresponding net reclassifications from current assets and liabilities to non-current assets and liabilities at June 30, 2016 and December 31, 2015 of $51.4 million and $62.9 million, respectively.
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)", which sets forth the guidance that an entity should use related to revenue recognition. This standard was 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 the 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. In April 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing," which provides clarification around identifying performance obligations and the treatment of different licensing contracts. Additional standards related to revenue from contracts with customers have been issued during 2016 to provide narrow scope improvements and clarification. We are in the process of assessing the impact the adoption of this standard will have on our balance sheets, statements of operations and statements of cash flows.
We have determined that all other recently issued accounting standards will not have a material impact on our interim condensed consolidated financial statements or do not apply to our operations.
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 from December 31, 2015 to June 30, 2016 by reportable segment:
 
Performance
Coatings
Transportation
Coatings
Total
December 31, 2015
$
866.1

$
62.1

$
928.2

Foreign currency translation
2.7

0.2

2.9

June 30, 2016
$
868.8

$
62.3

$
931.1


Identifiable Intangible Assets
The following table summarizes the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:
June 30, 2016
Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
Weighted average
amortization periods (years)
Technology
$
413.8

$
(137.9
)
$
275.9

10.0
Trademarks - indefinite-lived
284.4

—

284.4

 Indefinite
Trademarks - definite-lived
45.8

(10.1
)
35.7

14.8
Customer relationships
676.4

(120.1
)
556.3

19.3
Non-compete agreements
1.9

(1.4
)
0.5

4.6
Total
$
1,422.3

$
(269.5
)
$
1,152.8

 
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

 

The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2016 and each of the succeeding four years is:
Remainder of 2016
$
40.1

2017
$
79.9

2018
$
79.8

2019
$
79.8

2020
$
79.7

Restructuring
Restructuring
RESTRUCTURING
In accordance with the applicable guidance for Nonretirement Postemployment Benefits, we accounted for termination benefits and recognized liabilities when it was considered probable that employees were entitled to termination benefits and the amounts could be reasonably estimated.
We have incurred costs associated with involuntary termination benefits associated with our corporate-related initiatives, including our transition to a standalone entity and cost-saving opportunities associated with our Fit For Growth and Axalta Way initiatives. During the three and six months ended June 30, 2016, we incurred restructuring costs of $5.1 million and $5.6 million, respectively. During the three and six months ended June 30, 2015, we incurred restructuring costs of $14.5 million and $16.7 million, respectively. These amounts are recorded within selling, general and administrative expenses in the condensed consolidated statements of operations. The payments associated with these actions are expected to be completed within 12 to 15 months from June 30, 2016.
The following table summarizes the activities related to the restructuring reserves and expenses from December 31, 2015 to June 30, 2016:
 
2016 Activity
Balance at December 31, 2015
$
41.3

Expense Recorded
5.6

Payments Made
(15.4
)
Foreign Currency Impacts
0.2

Balance at June 30, 2016
$
31.7

Commitments and Contingencies
Commitments and Contingencies
COMMITMENTS AND CONTINGENCIES
Guarantees
We directly guarantee various debt obligations with third parties related to the following: equity affiliates, customers, suppliers and other affiliated companies. No amounts were accrued at June 30, 2016 and December 31, 2015.
Leases
At June 30, 2016, we have recorded approximately $23.1 million in property, plant and equipment representing our landlord's estimated costs incurred to construct properties under two separate build-to-suit lease arrangements. Both leases commenced construction during 2015 with construction expected to be completed during 2016 and 2017 for the two properties. The construction related to the build-to-suit leases have estimated total costs of approximately $55.0 million.
For accounting purposes, we are deemed the owner of the assets during the construction period and are required to record these costs as construction in progress during the construction period, with an offsetting liability in the same amount recorded to current and long-term borrowings, depending on the expected construction completion dates. These costs do not reflect the Company’s cash obligations, but represent the landlord’s costs to construct the properties, including costs for tenant improvements.
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 unaudited condensed consolidated 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 unaudited condensed consolidated financial statements of Axalta.
Long-term Employee Benefits
Long-term Employee Benefits
LONG-TERM EMPLOYEE BENEFITS
Components of Net Periodic Benefit Cost
The following table sets forth the components of net periodic benefit cost for the three and six months ended June 30, 2016 and 2015:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2016
2015
2016
2015
Components of net periodic benefit cost:
 
 
 
 
Net periodic benefit cost:
 
 
 
 
Service cost
$
2.6

$
3.3

$
5.1

$
6.4

Interest cost
3.9

4.6

7.8

9.2

Expected return on plan assets
(3.4
)
(3.6
)
(6.6
)
(7.3
)
Amortization of actuarial loss, net
0.2

0.2

0.1

0.5

Amortization of prior service credit, net
—

—

—

(0.1
)
Net periodic benefit cost
$
3.3

$
4.5

$
6.4

$
8.7

 Net periodic benefit gains associated with other long-term employee benefits consisted of amortization of prior service credits of $1.0 million and $1.9 million for the three and six months ended June 30, 2015, respectively. At June 30, 2016, there were no liabilities associated with other long-term employee benefits as the plan was effectively settled at December 31, 2015.
Stock-based Compensation
Stock-based Compensation
STOCK-BASED COMPENSATION
During the three and six months ended June 30, 2016, we recognized $11.4 million and $21.6 million, respectively, in stock-based compensation expense which was allocated between costs of goods sold and selling, general and administrative expenses on the condensed consolidated statements of operations. We recognized a tax benefit of $1.6 million and $5.5 million for the three and six months ended June 30, 2016, respectively.
During the three and six months ended June 30, 2015, we recognized $12.4 million and $14.2 million, respectively, in stock-based compensation expense which was allocated to cost of goods sold, selling, general and administrative expenses and research and development expenses on the condensed consolidated statements of operations. We recognized a tax benefit of $3.3 million and $3.8 million for the three and six months ended June 30, 2015, respectively.
Included in the $12.4 million of stock-based compensation expense recorded during the three months ended June 30, 2015 was $8.2 million of stock-based compensation expense attributable to the 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 a change in control (the "Change in Control") in April 2015 when Carlyle's interest in Axalta decreased below 50%, which triggered a liquidity event as defined in the 2013 Plan.
During the six months ended June 30, 2016, we granted 1.1 million non-qualified, service-based stock options to certain employees and directors under the 2014 Incentive Award Plan (the "2014 Plan") with a strike price of $23.25 per share. In addition, we granted 0.8 million shares of restricted stock awards and restricted stock units. We also granted 0.3 million shares of performance stock awards and performance share units.
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 June 30, 2016, the Company has estimated its annual forfeiture rate at 0% due to its historical trends and expectations of forfeitures.
Stock Options
The Black-Scholes option pricing model is used to estimate fair values of the options as of the date of the grant. The weighted average fair value of options granted in 2016 was $5.68 per share. Principal weighted average assumptions used in applying the Black-Scholes model were as follows:
 
2016 Grants
Expected Term
6.00 years

Volatility
21.63
%
Dividend Yield
—

Discount Rate
1.45
%

Options granted under the 2014 Plan vest ratably over three years and have a life of no more than 10 years. For the option grants, the market value of the stock is the closing price of the stock on the date of grant. The expected term assumptions used for the 2016 and 2015 grants were also determined using the simplified method and resulted in an expected term of 6 years. We do not anticipate paying cash dividends in the foreseeable future and, therefore, used an expected dividend yield of zero. Volatility for outstanding options is based upon an industry 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 and for the six months ended June 30, 2016, is presented below:
 
Awards/Units (millions)
Weighted-
Average
Exercise
Price
Aggregate
Intrinsic
Value
 (millions)
Weighted
Average
Remaining
Contractual
Life (years)
Outstanding at January 1, 2016
11.0

$
12.19

 
 
Granted
1.1

$
23.25

 
 
Exercised
(0.7
)
$
8.46

 
 
Forfeited
(0.3
)
$
7.65

 
 
Outstanding at June 30, 2016
11.1

$
13.59

 
 
Vested and expected to vest at June 30, 2016
11.1

$
13.59

$
149.9

7.62
Exercisable at June 30, 2016
9.2

$
10.77

$
146.3

7.27

Cash received by the Company upon exercise of options for the six months ended June 30, 2016 was $12.6 million, inclusive of tax benefits of $6.7 million. The future tax benefit related to exercises during the six months ended June 30, 2016 was $4.2 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 for the six months ended June 30, 2016 was $13.6 million.
At June 30, 2016, there was $8.2 million of unrecognized compensation cost relating to outstanding unvested stock options expected to be recognized over the weighted average period of 2.3 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 the six months ended June 30, 2016, we issued 0.8 million shares of restricted stock awards and restricted stock units (collectively referred to as "RSUs") with an average grant price of $23.33 per share. A portion of these awards vest 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 June 30, 2016 is presented below:
 
Awards
(millions)
Weighted-Average
Fair Value
Outstanding at January 1, 2016
1.7

$
32.22

Granted
0.8

$
23.33

Vested
(0.2
)
$
31.79

Forfeited
—

$
—

Outstanding at June 30, 2016
2.3

$
29.39


Tax benefits on the vesting of restricted stock were $1.8 million.
At June 30, 2016, there was $39.3 million of unamortized expense relating to unvested restricted stock and restricted stock units that is expected to be amortized over a weighted average period of 2.8 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.
Performance Stock Awards and Performance Share Units
During the six months ended June 30, 2016, the Company granted performance stock awards and performance share units (collectively referred to as "PSUs") to certain employees of the Company as part of their annual share compensation award.
PSUs are tied to the Company’s total shareholder return ("TSR") relative to the TSR of a selected industry peer group. Each award covers a three-year performance cycle starting January 1, 2016 through December 31, 2018 with a three-year service period vesting requirement. Awards will cliff vest upon meeting the applicable TSR thresholds and the three-year service requirement. The actual number of shares awarded is adjusted to between zero and 200% of the target award amount based upon achievement of pre-determined objectives. TSR relative to peers is considered a market condition under applicable authoritative guidance. 
A summary of performance stock and performance stock unit award activity as of June 30, 2016 is presented below:
 
Awards
(millions)
Weighted-Average
Fair Value
Outstanding at January 1, 2016
—

$
—

Granted
0.3

$
24.74

Vested
—

$
—

Forfeited
—

$
—

Outstanding at June 30, 2016
0.3

$
24.74

At June 30, 2016, there was $7.4 million of unamortized expense relating to unvested PSUs that is expected to be amortized over a weighted average period of 2.6 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.
Other Expense, Net
Other (Income) Expense, Net
OTHER EXPENSE, NET
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2016
2015
2016
2015
Foreign exchange losses, net
$
18.0

$
57.8

$
25.5

$
66.5

Impairment of real estate investment
10.5

30.6

10.5

30.6

Debt extinguishment
2.3

—

2.3

—

Other miscellaneous expense (income), net
2.0

0.2

2.5

(4.6
)
Total
$
32.8

$
88.6

$
40.8

$
92.5


Our net exchange (gains) losses for the three and six months ended June 30, 2016 and 2015 consist of the impacts related to the remeasurement of intercompany transactions denominated in currencies different from the functional currency of the relevant subsidiary, partially offset by the impacts on our Euro borrowings. Our Venezuela subsidiary contributed to the net exchange losses for all periods, resulting from the impacts of losses related to the remeasurement of the non-U.S. dollar denominated monetary assets and liabilities, and was also directly impacted by impairment charges on our non-operational real estate investment (discussed further at Note 20).
Other miscellaneous expense (income), net included a gain for the six months ended June 30, 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.
Income Taxes
Income Taxes
INCOME TAXES
Our effective income tax rates for the six months ended June 30, 2016 and 2015 are as follows:
 
Six Months Ended June 30,
 
2016
2015
Effective Tax Rate
30.2
%
57.8
%

The lower effective tax rate for the six months ended June 30, 2016 was primarily due to impairment charges in Venezuela with no tax benefit. The 2016 impairment charge was less than the 2015 impairment charge, resulting in less of a negative impact to our effective tax rate. The effective tax rate for the six months ended June 30, 2016 differs from the U.S. Federal statutory rate due to various items that impacted the effective rate both favorably and unfavorably. We recorded favorable adjustments for earnings in jurisdictions where the statutory rate is lower than the U.S. Federal statutory rate and currency exchange losses, which were partially offset by the unfavorable impact of pre-tax losses attributable to jurisdictions where a tax benefit is not expected to be realized, non-deductible expenses and interest and a pre-tax impairment charge in Venezuela that was non-deductible.
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share
(LOSS) PER COMMON SHARE
Basic net income (loss) per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share includes the effect of potential dilution from the exercise of outstanding stock options, restricted shares and performance shares. Potentially dilutive securities have been excluded in the weighted average number of common shares used for the calculation of net income (loss) per share in periods of net loss because the effect of such securities would be anti-dilutive. A reconciliation of our basic and diluted net income (loss) per common share is as follows:
 
Three Months Ended June 30,
Six Months Ended June 30,
(In millions, except per share data)
2016
2015
2016
2015
Net income (loss) to common shareholders
$
48.5

$
(25.1
)
$
78.2

$
20.0

Basic weighted average shares outstanding
237.7

232.3

237.4

231.1

Diluted weighted average shares outstanding
242.4

232.3

242.0

238.1

Net income (loss) per common share:
 
 


Basic net income (loss) per share
$
0.20

$
(0.11
)
$
0.33

$
0.09

Diluted net income (loss) per share
$
0.20

$
(0.11
)
$
0.32

$
0.08

The number of anti-dilutive shares that have been excluded in the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2016 were 1.1 million and 1.5 million, respectively. The number of anti-dilutive shares that have been excluded in the computation of diluted earnings (loss) per share for the three and six months ended June 30, 2015 were 16.1 million and 0.8 million, respectively.
Accounts and Notes Receivable, Net
Accounts and Notes Receivable, Net
ACCOUNTS AND NOTES RECEIVABLE, NET
 
June 30, 2016
December 31, 2015
Accounts receivable—trade, net
$
720.0

$
647.2

Notes receivable
36.3

43.0

Other
82.3

75.6

Total
$
838.6

$
765.8


Accounts and notes receivable are carried at amounts that approximate fair value. Accounts receivable—trade, net are net of allowances of $12.1 million and $10.7 million at June 30, 2016 and December 31, 2015, respectively. Bad debt expense, within selling, general and administration expenses for the three and six months ended June 30, 2016, was $1.0 million and $1.1 million, respectively, and $2.8 million and $3.5 million for the three and six months ended June 30, 2015, respectively.
Inventories
Inventories
INVENTORIES
 
June 30, 2016
December 31, 2015
Finished products
$
309.1

$
313.1

Semi-finished products
83.0

88.5

Raw materials and supplies
127.6

129.1

Total
$
519.7

$
530.7


Stores and supplies inventories of $20.8 million and $20.8 million at June 30, 2016 and December 31, 2015, respectively, were valued under the weighted average cost method.
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
PROPERTY, PLANT AND EQUIPMENT, NET
Depreciation expense amounted to $43.9 million and $85.6 million for the three and six months ended June 30, 2016, respectively, and $44.4 million and $85.7 million for the three and six months ended June 30, 2015, respectively.
 
June 30, 2016
December 31, 2015
Property, plant and equipment
$
1,916.7

$
1,855.3

Accumulated depreciation
(558.2
)
(472.4
)
Property, plant, and equipment, net
$
1,358.5

$
1,382.9

Borrowings
Borrowings
BORROWINGS
Borrowings are summarized as follows:
 
June 30, 2016
December 31, 2015
Dollar Term Loan
$
1,931.0

$
2,042.5

Euro Term Loan
428.9

428.0

Dollar Senior Notes
750.0

750.0

Euro Senior Notes
276.4

274.4

Short-term and other borrowings
36.0

26.5

Unamortized original issue discount
(11.8
)
(14.0
)
Unamortized deferred financing costs, net
(57.3
)
(65.9
)
 
$
3,353.2

$
3,441.5

Less:
 
 
Short term borrowings
$
27.7

$
22.7

Current portion of long-term borrowings
27.4

27.4

Long-term debt
$
3,298.1

$
3,391.4


Senior Secured Credit Facilities, as amended
On February 3, 2014 (the "Amendment Effective Date"), 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" or the "Refinancing"). 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" and, together with the New Dollar Term Loans and the Revolving Credit Facility (as defined herein), the "Senior Secured Credit Facilities"). 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 (the "Credit Agreement") and 2.00% per annum for Base Rate Loans as defined in the Credit Agreement. 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 of 2014, our Total Net Leverage Ratio was and has continued to be less than 4.50:1.00. Consequently, the applicable rates were changed to 2.75% for the New Dollar Term Loans and 3.00% for the New Euro Term Loans through June 30, 2016. 
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, we may increase available revolving or term facility borrowings by up to $400.0 million plus an additional amount subject to the Company not exceeding a maximum first lien leverage ratio described in the Credit Agreement.
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 4.25:1.00 or 3.50:1.00, respectively) of Excess Cash Flow.
At June 30, 2016 and December 31, 2015 there were no borrowings under the Revolving Credit Facility. At June 30, 2016 and December 31, 2015, letters of credit issued under the Revolving Credit Facility totaled $21.9 million and $24.9 million, respectively, which reduced the availability under the Revolving Credit Facility. Availability under the Revolving Credit Facility was $378.1 million and $375.1 million at June 30, 2016 and December 31, 2015, respectively.
We are subject to customary negative covenants as well as a maximum First Lien Leverage Ratio financial covenant. 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. At June 30, 2016, the financial covenant is not applicable. In addition, the Senior Secured Credit Facility, among other things, includes customary restrictions (subject to certain exceptions) on the Company’s ability to incur certain indebtedness, grant certain liens, make certain investments, declare or pay certain dividends, or repurchase shares of the Company’s common stock. As of June 30, 2016, the Company is in compliance with all covenants under the Senior Secured Credit Facility.
In April 2016, we voluntarily prepaid $100.0 million in principal of the outstanding New Dollar Term Loan. Concurrently, we recorded a pre-tax loss on extinguishment of $2.3 million for the three and six months ended June 30, 2016, consisting of the write-off of $1.7 million and $0.6 million of unamortized deferred financing costs and original issue discounts, respectively.
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 condensed 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 June 30, 2016 and December 31, 2015, the remaining unamortized balances related to the deferred financing costs on the Senior Secured Credit Facilities were $42.5 million and $50.6 million, respectively.
Amortization expense related to deferred financing costs, net for the three and six months ended June 30, 2016 was $3.2 million and $6.5 million, respectively. These amounts were exclusive of the $1.7 million write-off associated with the $100.0 million prepayment on our New Dollar Term Loan in 2016. Amortization expense related to deferred financing costs, net for the three and six months ended June 30, 2015 was $3.4 million and $6.6 million, respectively.
Amortization expense related to original issue discounts for the three and six months ended June 30, 2016 was $0.8 million and $1.6 million, respectively. These amounts were exclusive of the $0.6 million write-off associated with the $100.0 million prepayment on our New Dollar Term Loan in 2016. Amortization expense related to original issue discounts for the three and six months ended June 30, 2015 was $0.8 million and $1.6 million, 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, the Issuers issued €250.0 million aggregate principal amount of 5.750% senior secured notes due 2021 (the "Euro Senior Notes" and, together with the Dollar Senior Notes, the "Senior Notes") and related guarantees thereof. Cash fees related to the issuance of the Senior Notes of $33.1 million were recorded as direct deductions of the associated debt obligations, and are amortized as interest expense over the life of the Senior Notes. At June 30, 2016 and December 31, 2015, the remaining unamortized balances were $19.3 million and $21.3 million, respectively. The expense related to the amortization of the deferred financing costs, net was $1.0 million and $2.0 million for both of the three and six months ended June 30, 2016 and 2015, respectively.
The Senior Notes are unconditionally guaranteed on a senior basis by Dutch A B.V. and 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% and are payable semi-annually on February 1 and August 1. Cash fees related to the issuance of the Euro Senior Notes were $10.2 million. At June 30, 2016 and December 31, 2015, the remaining unamortized balances were $5.9 million and $6.5 million, respectively.
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) on February 1 of the years indicated:
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% and are payable semi-annually on February 1 and August 1. Cash fees related to the issuance of the Dollar Senior Notes were $22.9 million. At June 30, 2016 and December 31, 2015, the remaining unamortized balances were $13.4 million and $14.8 million, respectively.
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) on February 1 of the years indicated:
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.
Future repayments
Below is a schedule of required future repayments of all borrowings outstanding at June 30, 2016.
Remainder of 2016
$
22.9

2017
29.5

2018
28.2

2019
27.6

2020
2,264.2

Thereafter
1,026.8

 
$
3,399.2

Fair Value Accounting
Fair Value Accounting
FAIR VALUE ACCOUNTING
Fair value of financial instruments
Available for sale securities - The fair value of available for sale securities at June 30, 2016 and December 31, 2015 was $4.1 million and $4.2 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 June 30, 2016 were $791.3 million and $287.1 million, respectively. The fair values at December 31, 2015 were $787.5 million and $285.4 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 New Dollar Term Loan and the New Euro Term Loan at June 30, 2016 were $1,928.6 million and $430.0 million, respectively. The fair values at December 31, 2015 were $2,024.6 million and $427.5 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 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 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 our condensed consolidated balance sheet:
 
June 30, 2016
December 31, 2015
Other assets:
 
 
Interest rate swaps
$
—

$
0.4

Total assets
$
—

$
0.4

Other liabilities:
 
 
Interest rate swaps
$
6.4

$
1.8

Total liabilities
$
6.4

$
1.8


We periodically enter into foreign currency forward contracts to reduce market risk and hedge our balance sheet exposures and cash flows for subsidiaries with exposures denominated in currencies different from the functional currency of the relevant subsidiary. These contracts have not been designated as hedges and all gains and losses are marked to market through other expense, net in the condensed consolidated statement of operations.
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 our condensed consolidated balance sheet:
 
June 30, 2016
December 31, 2015
Prepaid and other assets:
 
 
Foreign currency contracts
$
—

$
0.3

Total assets
$
—

$
0.3

Other accrued liabilities:
 
 
Foreign currency contracts
$
3.5

$
—

Total liabilities:
$
3.5

$
—


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 tables set forth the locations and amounts recognized during the three and six months ended June 30, 2016 and 2015 for these cash flow hedges.
 
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)
Derivatives in Cash Flow Hedging
Relationships
Three Months Ended June 30, 2016
Three Months Ended June 30, 2015
Three Months Ended June 30, 2016
Three Months Ended June 30, 2015
Three Months Ended June 30, 2016
Three Months Ended June 30, 2015
Interest rate contracts
$
(0.5
)
$
(0.3
)
Interest expense, net
$
1.6

$
1.6

Interest expense, net
$
0.9

$
0.2

 
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)
Derivatives in Cash Flow Hedging
Relationships
Six Months Ended June 30, 2016
Six Months Ended June 30, 2015
Six Months Ended June 30, 2016
Six Months Ended June 30, 2015
Six Months Ended June 30, 2016
Six Months Ended June 30, 2015
Interest rate contracts
$
1.7

$
4.5

Interest expense, net
$
3.2

$
3.2

Interest expense, net
$
3.3

$
1.4


Also during the 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.
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:
 
 
Three Months Ended June 30,
Six Months Ended June 30,
Derivatives Not Designated as Hedging
Instruments under ASC 815
Location of (Gain) Loss Recognized in
Income on Derivatives
2016
2015
2016
2015
Foreign currency forward contracts
Other expense, net
$
1.6

$
(0.1
)
$
4.0

$
(1.9
)
Interest rate cap
Interest expense, net
—

(0.1
)
—

(0.1
)
 
 
$
1.6

$
(0.2
)
$
4.0

$
(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, which are also our reportable segments: Performance Coatings and Transportation Coatings. The CODM reviews financial information at the operating segment level to allocate resources and to assess the operating results and financial performance for each operating segment. Our CODM is identified as the Chief Executive Officer because he has final authority over performance assessment and resource allocation decisions. Our segments are based on the type and concentration of customers served, service requirements, methods of distribution and major product lines.
Through our Performance Coatings segment, we provide high-quality liquid and powder coatings solutions to a fragmented and local customer base. We are one of only a few suppliers with the technology to provide precise color matching and highly durable coatings systems. The end-markets within this segment are refinish and industrial.
Through our Transportation Coatings segment, we provide advanced coating technologies to OEMs of light and commercial vehicles. These increasingly global customers require a high level of technical support coupled with cost-effective, environmentally responsible coatings systems that can be applied with a high degree of precision, consistency and speed. The end-markets within this segment are light vehicle and commercial vehicle.
Our business serves four end-markets globally as follows: 
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2016
2015
2016
2015
Performance Coatings
 
 
 
 
Refinish
$
448.8

$
460.1

$
827.5

$
853.3

Industrial
183.3

178.7

347.6

342.7

Total Net sales Performance Coatings
632.1

638.8

1,175.1

1,196.0

Transportation Coatings
 
 
 
 
Light Vehicle
344.4

347.2

673.8

680.4

Commercial Vehicle
88.6

108.1

171.8

206.9

Total Net sales Transportation Coatings
433.0

455.3

845.6

887.3

Total Net sales
$
1,065.1

$
1,094.1

$
2,020.7

$
2,083.3


Asset information is not reviewed or included with our internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment.
 
Three Months Ended June 30,
 
2016
2015
 
Performance
Coatings
Transportation
Coatings
Total
Performance
Coatings
Transportation
Coatings
Total
Net sales (1)
$
632.1

$
433.0

$
1,065.1

$
638.8

$
455.3

$
1,094.1

Equity in earnings in unconsolidated affiliates
0.1

—

0.1

0.2

0.2

0.4

Adjusted EBITDA (2)
157.3

95.3

252.6

162.1

93.4

255.5

Investment in unconsolidated affiliates
3.9

11.2

15.1

5.7

6.8

12.5

 
Six Months Ended June 30,
 
2016
2015
 
Performance
Coatings
Transportation
Coatings
Total
Performance
Coatings
Transportation
Coatings
Total
Net sales (1)
$
1,175.1

$
845.6

$
2,020.7

$
1,196.0

$
887.3

$
2,083.3

Equity in earnings in unconsolidated affiliates
0.2

0.1

0.3

0.3

0.5

0.8

Adjusted EBITDA (2)
267.4

180.0

447.4

269.2

168.3

437.5

Investment in unconsolidated affiliates
3.9

11.2

15.1

5.7

6.8

12.5

(1)
The Company has no intercompany sales between segments.
(2)
The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation and amortization and 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 before income taxes follows:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2016
2015
2016
2015
Income before income taxes
$
70.4

$
5.2

$
115.6

$
53.1

Interest expense, net
47.8

49.2

97.9

99.2

Depreciation and amortization
78.6

77.5

154.6

150.1

EBITDA
196.8

131.9

368.1

302.4

Debt extinguishment (a)
2.3

—

2.3

—

Foreign exchange remeasurement losses (b)
18.0

57.8

25.5

66.5

Long-term employee benefit plan adjustments (c)
0.7

0.2

1.3

0.4

Termination benefits and other employee related costs (d)
7.0

14.8

8.9

18.5

Consulting and advisory fees (e)
2.6

6.8

5.6

9.9

Offering and transactional costs (f)
1.4

0.3

1.4

(3.7
)
Stock-based compensation (g)
11.4

12.4

21.6

14.2

Other adjustments (h)
1.9

1.3

3.7

2.8

Dividends in respect of noncontrolling interest (i)
—

(0.6
)
(1.5
)
(4.1
)
Asset impairment (j)
10.5

30.6

10.5

30.6

Adjusted EBITDA
$
252.6

$
255.5

$
447.4

$
437.5

(a)
In April 2016, we prepaid $100.0 million of the outstanding principal on the New Dollar Term Loan and recorded a non-cash pre-tax loss on extinguishment of $2.3 million for the three and six months ended June 30, 2016.
(b)
Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of gains associated with our foreign currency instruments used to hedge our balance sheet exposures. Exchange losses attributable to the remeasurement of our Venezuelan subsidiary represented $15.6 million and $22.7 million for the three and six months ended June 30, 2016, respectively, and $55.6 million and $54.8 million for the three and six months ended June 30, 2015, respectively.
(c)
Eliminates the non-cash, non-service cost components of long-term employee benefit costs.
(d)
Represents expenses primarily related to employee termination benefits and other employee-related costs including our initiative to improve overall cost structure within the European region as well as costs associated with our Axalta Way initiatives, which are not considered indicative of our ongoing operating performance.
(e)
Represents fees paid to consultants for professional services primarily related to our Axalta Way initiatives, which are not considered indicative of our ongoing operating performance.
(f)
Represents costs associated with the secondary offerings of our common shares by Carlyle, acquisition-related costs, including a $5.4 million gain recognized during the six months ended June 30, 2015 resulting from the remeasurement of our previously held interest in an equity method investee upon the acquisition of a controlling interest and costs associated with changes in the fair value of contingent consideration associated with our acquisitions, all of which are not considered indicative of our ongoing operating performance.
(g)
Represents non-cash costs associated with stock-based compensation, including $8.2 million of expense during the three and six months ended June 30, 2015 attributable to the accelerated vesting of all issued and outstanding stock options issued under the 2013 Plan as a result of the Change in Control.
(h)
Represents costs for certain unusual or non-operational (gains) and losses, including equity investee dividends, indemnity losses (gains) associated with the Acquisition, losses (gains) on sale and disposal of property, plant and equipment, losses (gains) on the remaining foreign currency derivative instruments and non-cash fair value inventory adjustments associated with our 2015 acquisitions.
(i)
Represents the payment of dividends to our joint venture partners by our consolidated entities that are not wholly owned, which are considered indicative of our ongoing operating performance.
(j)
As a result of currency devaluations in Venezuela, we recorded non-cash impairment charges relating to a real estate investment of $10.5 million and $30.6 million during both the three and six months ended June 30, 2016 and 2015, respectively (discussed further at Note 20).
Shareholders' Equity
Shareholders' Equity
SHAREHOLDERS' EQUITY
The following tables present the change in total shareholders’ equity for the six months ended June 30, 2016 and 2015, respectively.
 
Total Axalta
Noncontrolling
Interests
Total
Balance January 1, 2016
$
1,073.7

$
67.5

$
1,141.2

Net income
78.2

2.5

80.7

Other comprehensive income (loss), net of tax
0.4

(0.2
)
0.2

Exercise of stock options
12.6

—

12.6

Recognition of stock-based compensation
21.6

—

21.6

Dividends declared to noncontrolling interests
—

(1.5
)
(1.5
)
Balance June 30, 2016
$
1,186.5

$
68.3

$
1,254.8

 
Total Axalta
Noncontrolling
Interests
Total
Balance January 1, 2015
$
1,044.7

$
67.3

$
1,112.0

Net income
20.0

2.4

22.4

Other comprehensive (loss), net of tax
(86.8
)
(0.2
)
(87.0
)
Exercise of stock options
50.4

—

50.4

Recognition of stock-based compensation
14.2

—

14.2

Noncontrolling interests of acquired subsidiaries
—

4.3

4.3

Dividends declared to noncontrolling interests
—

(4.1
)
(4.1
)
Balance June 30, 2015
$
1,042.5

$
69.7

$
1,112.2

Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
ACCUMULATED OTHER COMPREHENSIVE 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
Loss
December 31, 2015
$
(232.8
)
$
(33.4
)
$
0.1

$
(3.2
)
$
(269.3
)
Current year deferrals to AOCI
2.3

—

(0.3
)
(2.1
)
(0.1
)
Reclassifications from AOCI to Net income
—

(0.5
)
—

1.0

0.5

Net Change
2.3

(0.5
)
(0.3
)
(1.1
)
0.4

June 30, 2016
$
(230.5
)
$
(33.9
)
$
(0.2
)
$
(4.3
)
$
(268.9
)

The income tax provision related to the changes in pension and other long-term employee benefits for the six months ended June 30, 2016 was $0.6 million. The cumulative income tax benefit related to the adjustments for pension and other long-term employee benefits at June 30, 2016 was $12.8 million. The income tax benefit related to the change in the unrealized loss on derivatives for the six months ended June 30, 2016 was $0.6 million. The cumulative income tax benefit related to the adjustments for unrealized loss on derivatives at June 30, 2016 was $2.5 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
Loss
December 31, 2014
$
(72.1
)
$
(31.2
)
$
(0.2
)
$
0.2

$
(103.3
)
Current year deferrals to AOCI
(82.1
)
(3.1
)
0.4

0.4

(84.4
)
Reclassifications from AOCI to Net income
—

0.8

—

(3.2
)
(2.4
)
Net Change
(82.1
)
(2.3
)
0.4

(2.8
)
(86.8
)
June 30, 2015
$
(154.2
)
$
(33.5
)
$
0.2

$
(2.6
)
$
(190.1
)

The income tax benefit related to the changes in pension and other long-term employee benefits for the six months ended June 30, 2015 was $1.7 million. The cumulative income tax benefit related to the adjustments for pension and other long-term employee benefits at June 30, 2015 was $15.1 million. The income tax benefit related to the change in the unrealized loss on derivatives for the six months ended June 30, 2015 was $1.7 million. The cumulative income tax benefit related to the adjustment for unrealized loss on derivatives at June 30, 2015 was $1.5 million.
Venezuela
Venezuela
VENEZUELA
Venezuela Currency Devaluation
As a result of challenging economic conditions, Venezuela’s foreign currency exchange mechanisms have continued to develop which have impacted our Venezuela operations.
From December 31, 2014 through June 30, 2015, we used the Complementary System of Foreign Currency Administration (SICAD) rate of 12.0 Venezuelan bolivars to 1.0 U.S. dollar. At June 30, 2015, we changed the exchange rate we used to remeasure our Venezuelan bolivars from the SICAD rate to the Marginal Foreign Exchange System (SIMADI) rate of 197.7 Venezuelan bolivars to 1.0 U.S. dollar. We believed it was appropriate to move from using the SICAD rate to using the SIMADI rate based on the culmination of relevant facts and circumstances, including our expectation that future dividend remittances would be made at the SIMADI rate.
In March 2016, the Venezuelan government enacted additional changes to its foreign currency exchange regime. The changes resulted in a reduction of its three-tiered exchange rate system to two tiers by eliminating the SICAD rate. The changes also devalued the official DIPRO rate (formerly CENCOEX), to 10.0 Venezuelan bolivars to 1.0 U.S. dollar from 6.3 Venezuelan bolivars to 1.0 U.S. dollar, while also creating a replacement floating supplementary market exchange rate, DICOM, which fully replaced SIMADI. DICOM is intended to provide limited access to a free market rate of exchange. At June 30, 2016, both the DIPRO and DICOM exchange mechanisms are operational. At June 30, 2016, DIPRO remained at 10.0 Venezuelan bolivars to 1.0 U.S. dollar and the exchange rate for DICOM was 626.0 Venezuelan bolivars to 1.0 U.S. dollar.
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, 2016, we continue to believe that the DICOM rate is the appropriate rate to use in the remeasurement of the monetary assets and liabilities of our Venezuelan subsidiary.
Primarily as a result of the devalued Venezuelan bolivar, we recorded currency exchange losses of $15.6 million and $22.7 million for the three and six months ended June 30, 2016, respectively and $55.6 million and $54.8 million for the three and six months ended June 30, 2015, respectively. Included in the losses for the three and six months ended June 30, 2015 was a loss of $53.2 million resulting from the devaluation caused by the change in exchange mechanism used at June 30, 2015.
Venezuela Financial Results
As a result of economic uncertainty and the resulting impact on our operations, we re-evaluated the carrying value of long-lived assets for our Venezuelan subsidiary at December 31, 2015. 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. The recoverability analysis was heavily dependent on continued demand and price assumptions of our local operations. 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 probable 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 assumptions regarding our continued demand and 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 a risk that our productive long-lived assets may be impaired. Additionally, if DICOM continues to weaken, this could result in a material unfavorable impact on our results of operations and financial condition. Although through June 30, 2016, our operations continued to be challenged by further deteriorating macro-economic conditions within the country, we believe that the demand and price assumptions used at December 31, 2015 continue to be reasonable for assessing our operations recoverability.
At June 30, 2015, we separately evaluated the carrying value of our non-operating 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 impaired 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.
At June 30, 2016, we performed a separate evaluation of the carrying value of our non-operating real estate investment. Based on this evaluation, we concluded that the carrying value of the real estate investment of $21.5 million was impaired as a result of the current real estate market prices and movement of our translation rate from 270.5 Venezuelan bolivars to 1.0 U.S. dollar at March 31, 2016 to 626.0 Venezuelan bolivars to 1.0 U.S. dollar at June 30, 2016.
As a result of these evaluations on our real estate investment property we recorded impairments to write down the carrying value of the asset to its fair value at June 30, 2016 and 2015. An impairment of $10.5 million was recorded within other expense, net for both the three and six months ended June 30, 2016. An impairment of $30.6 million was recorded within other expense, net for both the three and six months ended June 30, 2015. The method used to determine fair values 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 June 30, 2016 and December 31, 2015, our Venezuelan subsidiary had total assets of $129.1 million and $152.9 million, respectively, and total liabilities of $40.3 million and $42.2 million, respectively, which represent less than 3% of our consolidated assets and liabilities at the end of each respective period. Total liabilities include $30.8 million and $25.9 million of intercompany liabilities designated in U.S. dollars at June 30, 2016 and December 31, 2015, respectively. At June 30, 2016 and December 31, 2015, total non-monetary assets, net, were $96.3 million and $112.4 million, respectively.
For the three and six months ended June 30, 2016, our Venezuelan subsidiary's net sales represented $19.3 million and $29.2 million of our consolidated net sales, respectively, which represented less than 2% for the respective periods. For the three and six months ended June 30, 2015, our Venezuelan subsidiary represented $65.1 million and $95.1 million of our consolidated net sales, respectively, which represented less than 6% for the respective periods. For the three and six months ended June 30, 2016, our Venezuelan subsidiary represented $9.7 million and $13.2 million of our consolidated income from operations, respectively, which represented less than 7% for the respective periods. For the three and six months ended June 30, 2015, our Venezuelan subsidiary represented $37.8 million and $52.6 million of our consolidated income from operations, respectively, which represented less than 27% for the respective periods.
Recent Accounting Guidance (Policies)
New Accounting Pronouncements, Policy
Accounting Guidance Issued But Not Yet Adopted
In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-09, "Stock Compensation", which provides various areas of simplification surrounding the accounting for stock-based compensation. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted prior to this date. We are in the process of assessing the impact the adoption of this standard will have on our balance sheets, statements of operations and statements of cash flows.
In February 2016, the FASB issued ASU 2016-02, "Leases", which requires lessees to recognize the assets and liabilities arising from all leases (both finance and operating) on the balance sheet. In addition to this main provision, this standard included a number of additional changes to lease accounting. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted prior to this date. We are in the process of assessing the impact the adoption of this standard will have on our balance sheets, statements of operations and statements of cash flows.
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 during 2016. The impacts to the accompanying condensed consolidated balance sheets would have resulted in corresponding net reclassifications from current assets and liabilities to non-current assets and liabilities at June 30, 2016 and December 31, 2015 of $51.4 million and $62.9 million, respectively.
In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)", which sets forth the guidance that an entity should use related to revenue recognition. This standard was 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 the 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. In April 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing," which provides clarification around identifying performance obligations and the treatment of different licensing contracts. Additional standards related to revenue from contracts with customers have been issued during 2016 to provide narrow scope improvements and clarification. We are in the process of assessing the impact the adoption of this standard will have on our balance sheets, statements of operations and statements of cash flows.
We have determined that all other recently issued accounting standards will not have a material impact on our interim condensed consolidated financial statements or do not apply to our operations.
Goodwill and Identifiable Intangible Assets (Tables)
Schedule of Goodwill 
The following table shows changes in the carrying amount of goodwill from December 31, 2015 to June 30, 2016 by reportable segment:
 
Performance
Coatings
Transportation
Coatings
Total
December 31, 2015
$
866.1

$
62.1

$
928.2

Foreign currency translation
2.7

0.2

2.9

June 30, 2016
$
868.8

$
62.3

$
931.1

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:
June 30, 2016
Gross Carrying
Amount
Accumulated
Amortization
Net Book
Value
Weighted average
amortization periods (years)
Technology
$
413.8

$
(137.9
)
$
275.9

10.0
Trademarks - indefinite-lived
284.4

—

284.4

 Indefinite
Trademarks - definite-lived
45.8

(10.1
)
35.7

14.8
Customer relationships
676.4

(120.1
)
556.3

19.3
Non-compete agreements
1.9

(1.4
)
0.5

4.6
Total
$
1,422.3

$
(269.5
)
$
1,152.8

 
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

 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense 
The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2016 and each of the succeeding four years is:
Remainder of 2016
$
40.1

2017
$
79.9

2018
$
79.8

2019
$
79.8

2020
$
79.7

Restructuring (Tables)
Restructuring and Related Costs
The following table summarizes the activities related to the restructuring reserves and expenses from December 31, 2015 to June 30, 2016:
 
2016 Activity
Balance at December 31, 2015
$
41.3

Expense Recorded
5.6

Payments Made
(15.4
)
Foreign Currency Impacts
0.2

Balance at June 30, 2016
$
31.7

Long-term Employee Benefits (Tables)
Schedule of Net Benefit Costs
The following table sets forth the components of net periodic benefit cost for the three and six months ended June 30, 2016 and 2015:
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2016
2015
2016
2015
Components of net periodic benefit cost:
 
 
 
 
Net periodic benefit cost:
 
 
 
 
Service cost
$
2.6

$
3.3

$
5.1

$
6.4

Interest cost
3.9

4.6

7.8

9.2

Expected return on plan assets
(3.4
)
(3.6
)
(6.6
)
(7.3
)
Amortization of actuarial loss, net
0.2

0.2

0.1

0.5

Amortization of prior service credit, net
—

—

—

(0.1
)
Net periodic benefit cost
$
3.3

$
4.5

$
6.4

$
8.7

 
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:
 
2016 Grants
Expected Term
6.00 years

Volatility
21.63
%
Dividend Yield
—

Discount Rate
1.45
%
Schedule of Stock Options Roll Forward 
A summary of stock option award activity as of and for the six months ended June 30, 2016, is presented below:
 
Awards/Units (millions)
Weighted-
Average
Exercise
Price
Aggregate
Intrinsic
Value
 (millions)
Weighted
Average
Remaining
Contractual
Life (years)
Outstanding at January 1, 2016
11.0

$
12.19

 
 
Granted
1.1

$
23.25

 
 
Exercised
(0.7
)
$
8.46

 
 
Forfeited
(0.3
)
$
7.65

 
 
Outstanding at June 30, 2016
11.1

$
13.59

 
 
Vested and expected to vest at June 30, 2016
11.1

$
13.59

$
149.9

7.62
Exercisable at June 30, 2016
9.2

$
10.77

$
146.3

7.27
Schedule of Restricted Stock Units and Restricted Stock Awards Roll Forward 
A summary of restricted stock and restricted stock unit award activity as of June 30, 2016 is presented below:
 
Awards
(millions)
Weighted-Average
Fair Value
Outstanding at January 1, 2016
1.7

$
32.22

Granted
0.8

$
23.33

Vested
(0.2
)
$
31.79

Forfeited
—

$
—

Outstanding at June 30, 2016
2.3

$
29.39

Schedule of Performance Stock Roll Forward 
A summary of performance stock and performance stock unit award activity as of June 30, 2016 is presented below:
 
Awards
(millions)
Weighted-Average
Fair Value
Outstanding at January 1, 2016
—

$
—

Granted
0.3

$
24.74

Vested
—

$
—

Forfeited
—

$
—

Outstanding at June 30, 2016
0.3

$
24.74

Other Expense, Net (Tables)
Schedule of Other Nonoperating Income (Expense)
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2016
2015
2016
2015
Foreign exchange losses, net
$
18.0

$
57.8

$
25.5

$
66.5

Impairment of real estate investment
10.5

30.6

10.5

30.6

Debt extinguishment
2.3

—

2.3

—

Other miscellaneous expense (income), net
2.0

0.2

2.5

(4.6
)
Total
$
32.8

$
88.6

$
40.8

$
92.5

Income Taxes (Tables)
Schedule of Effective Income Tax Rate Reconciliation
Our effective income tax rates for the six months ended June 30, 2016 and 2015 are as follows:
 
Six Months Ended June 30,
 
2016
2015
Effective Tax Rate
30.2
%
57.8
%
Earnings (Loss) Per Common Share (Tables)
Schedule of Earnings Per Share, Basic and Diluted
Basic net income (loss) per common share excludes the dilutive impact of potentially dilutive securities and is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share includes the effect of potential dilution from the exercise of outstanding stock options, restricted shares and performance shares. Potentially dilutive securities have been excluded in the weighted average number of common shares used for the calculation of net income (loss) per share in periods of net loss because the effect of such securities would be anti-dilutive. A reconciliation of our basic and diluted net income (loss) per common share is as follows:
 
Three Months Ended June 30,
Six Months Ended June 30,
(In millions, except per share data)
2016
2015
2016
2015
Net income (loss) to common shareholders
$
48.5

$
(25.1
)
$
78.2

$
20.0

Basic weighted average shares outstanding
237.7

232.3

237.4

231.1

Diluted weighted average shares outstanding
242.4

232.3

242.0

238.1

Net income (loss) per common share:
 
 


Basic net income (loss) per share
$
0.20

$
(0.11
)
$
0.33

$
0.09

Diluted net income (loss) per share
$
0.20

$
(0.11
)
$
0.32

$
0.08

Accounts and Notes Receivable, Net (Tables)
Schedule of Accounts, Notes, Loans and Financing Receivable
 
June 30, 2016
December 31, 2015
Accounts receivable—trade, net
$
720.0

$
647.2

Notes receivable
36.3

43.0

Other
82.3

75.6

Total
$
838.6

$
765.8

Inventories (Tables)
Schedule of Inventory, Current
 
June 30, 2016
December 31, 2015
Finished products
$
309.1

$
313.1

Semi-finished products
83.0

88.5

Raw materials and supplies
127.6

129.1

Total
$
519.7

$
530.7

Property, Plant and Equipment, Net (Tables)
Property, Plant and Equipment
 
June 30, 2016
December 31, 2015
Property, plant and equipment
$
1,916.7

$
1,855.3

Accumulated depreciation
(558.2
)
(472.4
)
Property, plant, and equipment, net
$
1,358.5

$
1,382.9

Borrowings (Tables)
Schedule of Debt 
Borrowings are summarized as follows:
 
June 30, 2016
December 31, 2015
Dollar Term Loan
$
1,931.0

$
2,042.5

Euro Term Loan
428.9

428.0

Dollar Senior Notes
750.0

750.0

Euro Senior Notes
276.4

274.4

Short-term and other borrowings
36.0

26.5

Unamortized original issue discount
(11.8
)
(14.0
)
Unamortized deferred financing costs, net
(57.3
)
(65.9
)
 
$
3,353.2

$
3,441.5

Less:
 
 
Short term borrowings
$
27.7

$
22.7

Current portion of long-term borrowings
27.4

27.4

Long-term debt
$
3,298.1

$
3,391.4

Schedule of Maturities of Long-term Debt 
Below is a schedule of required future repayments of all borrowings outstanding at June 30, 2016.
Remainder of 2016
$
22.9

2017
29.5

2018
28.2

2019
27.6

2020
2,264.2

Thereafter
1,026.8

 
$
3,399.2

Debt Instrument Redemption 
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) on February 1 of the years indicated:
Period
Euro Notes Percentage
2016
104.313
%
2017
102.875
%
2018
101.438
%
2019 and thereafter
100.000
%
Debt Instrument Redemption 
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) on February 1 of the years indicated:
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 tables set forth the locations and amounts recognized during the three and six months ended June 30, 2016 and 2015 for these cash flow hedges.
 
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)
Derivatives in Cash Flow Hedging
Relationships
Three Months Ended June 30, 2016
Three Months Ended June 30, 2015
Three Months Ended June 30, 2016
Three Months Ended June 30, 2015
Three Months Ended June 30, 2016
Three Months Ended June 30, 2015
Interest rate contracts
$
(0.5
)
$
(0.3
)
Interest expense, net
$
1.6

$
1.6

Interest expense, net
$
0.9

$
0.2

 
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)
Derivatives in Cash Flow Hedging
Relationships
Six Months Ended June 30, 2016
Six Months Ended June 30, 2015
Six Months Ended June 30, 2016
Six Months Ended June 30, 2015
Six Months Ended June 30, 2016
Six Months Ended June 30, 2015
Interest rate contracts
$
1.7

$
4.5

Interest expense, net
$
3.2

$
3.2

Interest expense, net
$
3.3

$
1.4

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:
 
 
Three Months Ended June 30,
Six Months Ended June 30,
Derivatives Not Designated as Hedging
Instruments under ASC 815
Location of (Gain) Loss Recognized in
Income on Derivatives
2016
2015
2016
2015
Foreign currency forward contracts
Other expense, net
$
1.6

$
(0.1
)
$
4.0

$
(1.9
)
Interest rate cap
Interest expense, net
—

(0.1
)
—

(0.1
)
 
 
$
1.6

$
(0.2
)
$
4.0

$
(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 our condensed consolidated balance sheet:
 
June 30, 2016
December 31, 2015
Other assets:
 
 
Interest rate swaps
$
—

$
0.4

Total assets
$
—

$
0.4

Other liabilities:
 
 
Interest rate swaps
$
6.4

$
1.8

Total liabilities
$
6.4

$
1.8

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 our condensed consolidated balance sheet:
 
June 30, 2016
December 31, 2015
Prepaid and other assets:
 
 
Foreign currency contracts
$
—

$
0.3

Total assets
$
—

$
0.3

Other accrued liabilities:
 
 
Foreign currency contracts
$
3.5

$
—

Total liabilities:
$
3.5

$
—

Segments (Tables)
Reconciliation of Revenue from Segments to Consolidated 
Our business serves four end-markets globally as follows: 
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2016
2015
2016
2015
Performance Coatings
 
 
 
 
Refinish
$
448.8

$
460.1

$
827.5

$
853.3

Industrial
183.3

178.7

347.6

342.7

Total Net sales Performance Coatings
632.1

638.8

1,175.1

1,196.0

Transportation Coatings
 
 
 
 
Light Vehicle
344.4

347.2

673.8

680.4

Commercial Vehicle
88.6

108.1

171.8

206.9

Total Net sales Transportation Coatings
433.0

455.3

845.6

887.3

Total Net sales
$
1,065.1

$
1,094.1

$
2,020.7

$
2,083.3

Schedule of Segment Reporting Information, by Segment 
 
Three Months Ended June 30,
 
2016
2015
 
Performance
Coatings
Transportation
Coatings
Total
Performance
Coatings
Transportation
Coatings
Total
Net sales (1)
$
632.1

$
433.0

$
1,065.1

$
638.8

$
455.3

$
1,094.1

Equity in earnings in unconsolidated affiliates
0.1

—

0.1

0.2

0.2

0.4

Adjusted EBITDA (2)
157.3

95.3

252.6

162.1

93.4

255.5

Investment in unconsolidated affiliates
3.9

11.2

15.1

5.7

6.8

12.5

 
Six Months Ended June 30,
 
2016
2015
 
Performance
Coatings
Transportation
Coatings
Total
Performance
Coatings
Transportation
Coatings
Total
Net sales (1)
$
1,175.1

$
845.6

$
2,020.7

$
1,196.0

$
887.3

$
2,083.3

Equity in earnings in unconsolidated affiliates
0.2

0.1

0.3

0.3

0.5

0.8

Adjusted EBITDA (2)
267.4

180.0

447.4

269.2

168.3

437.5

Investment in unconsolidated affiliates
3.9

11.2

15.1

5.7

6.8

12.5

(1)
The Company has no intercompany sales between segments.
(2)
The primary measure of segment operating performance is Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation and amortization and 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 before income taxes follows:
Reconciliation of Operating Profit (Loss) from Segments to Consolidated 
 
Three Months Ended June 30,
Six Months Ended June 30,
 
2016
2015
2016
2015
Income before income taxes
$
70.4

$
5.2

$
115.6

$
53.1

Interest expense, net
47.8

49.2

97.9

99.2

Depreciation and amortization
78.6

77.5

154.6

150.1

EBITDA
196.8

131.9

368.1

302.4

Debt extinguishment (a)
2.3

—

2.3

—

Foreign exchange remeasurement losses (b)
18.0

57.8

25.5

66.5

Long-term employee benefit plan adjustments (c)
0.7

0.2

1.3

0.4

Termination benefits and other employee related costs (d)
7.0

14.8

8.9

18.5

Consulting and advisory fees (e)
2.6

6.8

5.6

9.9

Offering and transactional costs (f)
1.4

0.3

1.4

(3.7
)
Stock-based compensation (g)
11.4

12.4

21.6

14.2

Other adjustments (h)
1.9

1.3

3.7

2.8

Dividends in respect of noncontrolling interest (i)
—

(0.6
)
(1.5
)
(4.1
)
Asset impairment (j)
10.5

30.6

10.5

30.6

Adjusted EBITDA
$
252.6

$
255.5

$
447.4

$
437.5

(a)
In April 2016, we prepaid $100.0 million of the outstanding principal on the New Dollar Term Loan and recorded a non-cash pre-tax loss on extinguishment of $2.3 million for the three and six months ended June 30, 2016.
(b)
Eliminates foreign exchange gains and losses resulting from the remeasurement of assets and liabilities denominated in foreign currencies, net of gains associated with our foreign currency instruments used to hedge our balance sheet exposures. Exchange losses attributable to the remeasurement of our Venezuelan subsidiary represented $15.6 million and $22.7 million for the three and six months ended June 30, 2016, respectively, and $55.6 million and $54.8 million for the three and six months ended June 30, 2015, respectively.
(c)
Eliminates the non-cash, non-service cost components of long-term employee benefit costs.
(d)
Represents expenses primarily related to employee termination benefits and other employee-related costs including our initiative to improve overall cost structure within the European region as well as costs associated with our Axalta Way initiatives, which are not considered indicative of our ongoing operating performance.
(e)
Represents fees paid to consultants for professional services primarily related to our Axalta Way initiatives, which are not considered indicative of our ongoing operating performance.
(f)
Represents costs associated with the secondary offerings of our common shares by Carlyle, acquisition-related costs, including a $5.4 million gain recognized during the six months ended June 30, 2015 resulting from the remeasurement of our previously held interest in an equity method investee upon the acquisition of a controlling interest and costs associated with changes in the fair value of contingent consideration associated with our acquisitions, all of which are not considered indicative of our ongoing operating performance.
(g)
Represents non-cash costs associated with stock-based compensation, including $8.2 million of expense during the three and six months ended June 30, 2015 attributable to the accelerated vesting of all issued and outstanding stock options issued under the 2013 Plan as a result of the Change in Control.
(h)
Represents costs for certain unusual or non-operational (gains) and losses, including equity investee dividends, indemnity losses (gains) associated with the Acquisition, losses (gains) on sale and disposal of property, plant and equipment, losses (gains) on the remaining foreign currency derivative instruments and non-cash fair value inventory adjustments associated with our 2015 acquisitions.
(i)
Represents the payment of dividends to our joint venture partners by our consolidated entities that are not wholly owned, which are considered indicative of our ongoing operating performance.
(j)
As a result of currency devaluations in Venezuela, we recorded non-cash impairment charges relating to a real estate investment of $10.5 million and $30.6 million during both the three and six months ended June 30, 2016 and 2015, respectively (discussed further at Note 20).
Shareholders' Equity (Tables)
Schedule of Stockholders Equity
The following tables present the change in total shareholders’ equity for the six months ended June 30, 2016 and 2015, respectively.
 
Total Axalta
Noncontrolling
Interests
Total
Balance January 1, 2016
$
1,073.7

$
67.5

$
1,141.2

Net income
78.2

2.5

80.7

Other comprehensive income (loss), net of tax
0.4

(0.2
)
0.2

Exercise of stock options
12.6

—

12.6

Recognition of stock-based compensation
21.6

—

21.6

Dividends declared to noncontrolling interests
—

(1.5
)
(1.5
)
Balance June 30, 2016
$
1,186.5

$
68.3

$
1,254.8

 
Total Axalta
Noncontrolling
Interests
Total
Balance January 1, 2015
$
1,044.7

$
67.3

$
1,112.0

Net income
20.0

2.4

22.4

Other comprehensive (loss), net of tax
(86.8
)
(0.2
)
(87.0
)
Exercise of stock options
50.4

—

50.4

Recognition of stock-based compensation
14.2

—

14.2

Noncontrolling interests of acquired subsidiaries
—

4.3

4.3

Dividends declared to noncontrolling interests
—

(4.1
)
(4.1
)
Balance June 30, 2015
$
1,042.5

$
69.7

$
1,112.2

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
Loss
December 31, 2015
$
(232.8
)
$
(33.4
)
$
0.1

$
(3.2
)
$
(269.3
)
Current year deferrals to AOCI
2.3

—

(0.3
)
(2.1
)
(0.1
)
Reclassifications from AOCI to Net income
—

(0.5
)
—

1.0

0.5

Net Change
2.3

(0.5
)
(0.3
)
(1.1
)
0.4

June 30, 2016
$
(230.5
)
$
(33.9
)
$
(0.2
)
$
(4.3
)
$
(268.9
)
 
Unrealized
Currency
Translation
Adjustments
Pension and
Other
Long-term
Employee
Benefit
Adjustments
Unrealized
Loss on
Securities
Unrealized
Gain (Loss) on
Derivatives
Accumulated
Other
Comprehensive
Loss
December 31, 2014
$
(72.1
)
$
(31.2
)
$
(0.2
)
$
0.2

$
(103.3
)
Current year deferrals to AOCI
(82.1
)
(3.1
)
0.4

0.4

(84.4
)
Reclassifications from AOCI to Net income
—

0.8

—

(3.2
)
(2.4
)
Net Change
(82.1
)
(2.3
)
0.4

(2.8
)
(86.8
)
June 30, 2015
$
(154.2
)
$
(33.5
)
$
0.2

$
(2.6
)
$
(190.1
)
Basis of Presentation of the Condensed Consolidated Financial Statements (Details) (USD $)
1 Months Ended
Nov. 30, 2014
IPO [Member]
Common Stock [Member]
Jun. 30, 2016
The Carlyle Group L.P. [Member]
Secondary Offering [Member]
May 31, 2016
The Carlyle Group L.P. [Member]
Secondary Offering [Member]
Aug. 31, 2015
The Carlyle Group L.P. [Member]
Secondary Offering [Member]
Apr. 30, 2015
The Carlyle Group L.P. [Member]
Secondary Offering [Member]
Apr. 30, 2015
The Carlyle Group L.P. [Member]
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
 
 
 
 
 
 
Number of shares issued in transaction
57,500,000 
3,190,000 
25,000,000 
34,500,000 
46,000,000 
20,000,000 
Sale of stock, price per share (dollars per share)
$ 19.50 
$ 27.93 
$ 27.93 
$ 29.75 
$ 28.00 
$ 28.00 
Recent Accounting Guidance (Details) (New Accounting Pronouncement, Early Adoption, Effect [Member], USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
New Accounting Pronouncement, Early Adoption, Effect [Member]
 
 
New Accounting Pronouncement, Early Adoption [Line Items]
 
 
Deferred Tax Assets, Net
$ 51.4 
$ 62.9 
Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Goodwill [Roll Forward]
 
Goodwill, beginning balance
$ 928.2 
Foreign currency translation
2.9 
Goodwill, ending balance
931.1 
Performance Coatings [Member]
 
Goodwill [Roll Forward]
 
Goodwill, beginning balance
866.1 
Foreign currency translation
2.7 
Goodwill, ending balance
868.8 
Transportation Coatings [Member]
 
Goodwill [Roll Forward]
 
Goodwill, beginning balance
62.1 
Foreign currency translation
0.2 
Goodwill, ending balance
$ 62.3 
Goodwill and Identifiable Intangible Assets - Gross Carrying Amounts and Accumulated Amortization of Identifiable Intangible Assets by Major Class (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Gross Carrying Amount
$ 1,422.3 
$ 1,420.6 
Accumulated Amortization
(269.5)
(229.0)
Net Book Value, definite-lived
1,152.8 
1,191.6 
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
413.8 
413.0 
Accumulated Amortization
(137.9)
(117.2)
Net Book Value, definite-lived
275.9 
295.8 
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
45.8 
45.2 
Accumulated Amortization
(10.1)
(8.5)
Net Book Value, definite-lived
35.7 
36.7 
Weighted average amortization periods (years)
14 years 9 months 18 days 
14 years 8 months 
Customer Relationships [Member]
 
 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Gross Carrying Amount
676.4 
676.1 
Accumulated Amortization
(120.1)
(102.1)
Net Book Value, definite-lived
556.3 
574.0 
Weighted average amortization periods (years)
19 years 3 months 
19 years 3 months 
Noncompete Agreements [Member]
 
 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Line Items]
 
 
Gross Carrying Amount
1.9 
1.9 
Accumulated Amortization
(1.4)
(1.2)
Net Book Value, definite-lived
$ 0.5 
$ 0.7 
Weighted average amortization periods (years)
4 years 7 months 6 days 
4 years 7 months 6 days 
Goodwill and Identifiable Intangible Assets - Schedule of Expected Amortization Expense (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
 
Remainder of 2016
$ 40.1 
2017
79.9 
2018
79.8 
2019
79.8 
2020
$ 79.7 
Restructuring - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Restructuring and Related Activities [Abstract]
 
 
 
 
Restructuring costs
$ 5.1 
$ 14.5 
$ 5.6 
$ 16.7 
Restructuring - Restructuring Reserve (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Restructuring Reserve [Roll Forward]
 
 
 
 
Beginning balance
 
 
$ 41.3 
 
Expense Recorded
5.1 
14.5 
5.6 
16.7 
Payments Made
 
 
(15.4)
 
Foreign Currency Impacts
 
 
0.2 
 
Ending balance
$ 31.7 
 
$ 31.7 
 
Commitments and Contingencies (Details) (USD $)
6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2016
Build To Suit Lease [Member]
Loss Contingencies [Line Items]
 
 
 
Accrued in period
$ 0 
$ 0 
 
Build-to-suit construction in progress
 
 
23,100,000 
Total estimated cost of build-to-suit construction in progress
 
 
$ 55,000,000 
Long-term Employee Benefits - Schedule of Net Benefit Cost (Details) (Pension Plan [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Pension Plan [Member]
 
 
 
 
Net periodic benefit cost:
 
 
 
 
Service cost
$ 2.6 
$ 3.3 
$ 5.1 
$ 6.4 
Interest cost
3.9 
4.6 
7.8 
9.2 
Expected return on plan assets
(3.4)
(3.6)
(6.6)
(7.3)
Amortization of actuarial loss, net
0.2 
0.2 
0.1 
0.5 
Amortization of prior service credit, net
0 
0 
0 
(0.1)
Net periodic benefit (gain) cost
$ 3.3 
$ 4.5 
$ 6.4 
$ 8.7 
Long-term Employee Benefits Additional Information (Details) (Other Postretirement Benefit Plan [Member], USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2015
Dec. 31, 2015
Other Postretirement Benefit Plan [Member]
 
 
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
 
 
 
Amortization of prior service credit, net
$ 1,000,000 
$ 1,900,000 
 
Liability
 
 
$ 0 
Stock-based Compensation - Additional Information (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Share-based compensation expense
$ 11.4 
$ 12.4 
$ 21.6 
$ 14.2 
Tax benefit from compensation expense
1.6 
3.3 
5.5 
3.8 
Grants in period
 
 
1,100,000 
 
Weighted average exercise price
 
 
$ 23.25 
 
Forfeiture rate
 
 
0.00% 
 
Grant date fair value (dollars per share)
 
 
$ 5.68 
 
Cash received from exercise of stock options
 
 
12.6 
51.9 
Tax benefit realized from exercise of stock options
 
 
6.7 
 
Future tax benefit to be realized from exercises of options during the period
 
 
4.2 
 
Intrinsic value of exercises during the period
 
 
13.6 
 
Compensation not yet recognized
8.2 
 
8.2 
 
Tax benefit realized on the vesting of restricted stock
 
 
1.8 
 
2013 Plan [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Accelerated compensation cost
 
8.2 
 
8.2 
The Carlyle Group L.P. [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Ownership percentage (less than)
 
50.00% 
 
 
Minimum [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Actual number of shares to be awarded
 
 
0.00% 
 
Maximum [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Actual number of shares to be awarded
 
 
200.00% 
 
Employee Stock Option [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Expiration period
 
 
10 years 
 
Expected dividend rate
 
 
0.00% 
 
Period for recognition of compensation not yet recognized
 
 
2 years 3 months 
 
Employee Stock Option [Member] |
2014 Plan [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Expected term
 
 
6 years 
 
Restricted Stock [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Granted (in shares)
 
 
800,000 
 
Performance Shares [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Granted (in shares)
 
 
300,000 
 
Period for recognition of compensation not yet recognized
 
 
2 years 7 months 
 
Weighted average grant date fair value (dollars per share)
 
 
$ 24.74 
 
Compensation not yet recognized, share-based awards other than options
7.4 
 
7.4 
 
Service period
 
 
3 years 
 
Restricted Stock and Restricted Stock Units [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Granted (in shares)
 
 
800,000 
 
Award vesting period
 
 
3 years 
 
Period for recognition of compensation not yet recognized
 
 
2 years 9 months 7 days 
 
Granted (in shares)
 
 
800,000 
 
Weighted average grant date fair value (dollars per share)
 
 
$ 23.33 
 
Compensation not yet recognized, share-based awards other than options
$ 39.3 
 
$ 39.3 
 
Restricted Stock and Restricted Stock Units [Member] |
Minimum [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Award vesting period
 
 
2 years 
 
Restricted Stock and Restricted Stock Units [Member] |
Maximum [Member]
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Award vesting period
 
 
3 years 
 
Stock-based Compensation - Schedule of Share-based Payment Award, Stock Options, Valuation Assertions (Details) (Employee Stock Option [Member])
6 Months Ended
Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Dividend Yield
0.00% 
2014 Plan [Member]
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
Expected Term
6 years 
Volatility
21.63% 
Discount Rate
1.45% 
Stock-based Compensation - Schedule of Stock Option Activity (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Awards (in millions)
 
Beginning Balance
11.0 
Grants in period
1.1 
Exercises in period
(0.7)
Forfeitures in period
(0.3)
Ending Balance
11.1 
Weighted Average Exercise Price (usd per share)
 
Beginning Balance
$ 12.19 
Grants in period (usd per share)
$ 23.25 
Exercised (usd per share)
$ 8.46 
Forfeited (usd per share)
$ 7.65 
Ending Balance
$ 13.59 
Vested and Expected to Vest
 
Vested and expected to vest, in shares
11.1 
Vested and expected to vest, weighted average exercise price (usd)
$ 13.59 
Vested and expected to vest, aggregate intrinsic value
$ 149.9 
Vested and expected to vest, weighted average contractual life (in years)
7 years 7 months 13 days 
Exercisable
 
Exercisable, in shares
9.2 
Exercisable, usd per share
$ 10.77 
Exercisable, aggregate intrinsic value
$ 146.3 
Exercisable, weighted average contractual life (in years)
7 years 3 months 7 days 
Stock-based Compensation - Schedule of Restricted Stock Awards and Restricted Stock Units (Details) (Restricted Stock and Restricted Stock Units [Member], USD $)
6 Months Ended
Jun. 30, 2016
Restricted Stock and Restricted Stock Units [Member]
 
Awards (in millions)
 
Beginning Balance
1,700,000 
Granted (in shares)
800,000 
Vested (in shares)
(200,000)
Forfeited (in shares)
0 
Ending Balance
2,300,000 
Weighted Average Exercise Price (usd per share)
 
Beginning Balance (usd per share)
$ 32.22 
Granted (usd per share)
$ 23.33 
Vested (usd per share)
$ 31.79 
Forfeited (usd per share)
$ 0.00 
Ending Balance (usd per share)
$ 29.39 
Stock-based Compensation - Schedule of Performance Shares Award Outstanding Activity (Details) (Performance Shares [Member], USD $)
6 Months Ended
Jun. 30, 2016
Performance Shares [Member]
 
Awards (in millions)
 
Beginning Balance
0 
Granted (in shares)
300,000 
Vested (in shares)
0 
Forfeited (in shares)
0 
Ending Balance
300,000 
Weighted Average Exercise Price (usd per share)
 
Beginning Balance (usd per share)
$ 0.00 
Granted (usd per share)
$ 24.74 
Vested (usd per share)
$ 0.00 
Forfeited (usd per share)
$ 0.00 
Ending Balance (usd per share)
$ 24.74 
Other Expense, Net - Schedule of Other Non-operating Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Other Income and Expenses [Abstract]
 
 
 
 
Foreign exchange losses, net
$ 18.0 
$ 57.8 
$ 25.5 
$ 66.5 
Impairment of real estate investment
10.5 
30.6 
10.5 
30.6 
Debt extinguishment
2.3 
0 
2.3 
0 
Other miscellaneous expense (income), net
2.0 
0.2 
2.5 
(4.6)
Total
$ 32.8 
$ 88.6 
$ 40.8 
$ 92.5 
Other Expense, Net - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Other Income and Expenses [Abstract]
 
Additional interest purchased
25.00% 
Investment in equity affiliate
$ 4.3 
Equity method investments, remeasurement gain
$ 5.4 
Income Taxes (Details)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Income Tax Disclosure [Abstract]
 
 
Effective income tax rate, percent
30.20% 
57.80% 
Earnings (Loss) Per Common Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Earnings Per Share [Abstract]
 
 
 
 
Net income (loss) to common shareholders
$ 48.5 
$ (25.1)
$ 78.2 
$ 20.0 
Basic weighted average shares outstanding
237.7 
232.3 
237.4 
231.1 
Diluted weighted average shares outstanding
242.4 
232.3 
242.0 
238.1 
Net income (loss) per common share:
 
 
 
 
Basic net income (loss) per share (dollars per share)
$ 0.20 
$ (0.11)
$ 0.33 
$ 0.09 
Diluted net income (loss) per share (dollars per share)
$ 0.20 
$ (0.11)
$ 0.32 
$ 0.08 
Antidilutive securities excluded from computation of earnings per share (in shares)
1.1 
16.1 
1.5 
0.8 
Accounts and Notes Receivable, Net - Schedule of Accounts, Notes, Loans, and Financing Receivable (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Receivables [Abstract]
 
 
Accounts receivable—trade, net
$ 720.0 
$ 647.2 
Notes receivable
36.3 
43.0 
Other
82.3 
75.6 
Total
$ 838.6 
$ 765.8 
Accounts and Notes Receivable, Net - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Receivables [Abstract]
 
 
 
 
 
Allowance for doubtful accounts
$ 12.1 
 
$ 12.1 
 
$ 10.7 
Bad Debt Expense Net Of Recoveries
$ 1.0 
$ 2.8 
$ 1.1 
$ 3.5 
 
Inventories - Schedule of Inventory (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Inventory Disclosure [Abstract]
 
 
Finished products
$ 309.1 
$ 313.1 
Semi-finished products
83.0 
88.5 
Raw materials and supplies
127.6 
129.1 
Inventories
$ 519.7 
$ 530.7 
Inventories - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Inventory Disclosure [Abstract]
 
 
Stores and supplies inventories
$ 20.8 
$ 20.8 
Property, Plant and Equipment, Net - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Property, Plant and Equipment [Abstract]
 
 
 
 
Depreciation
$ 43.9 
$ 44.4 
$ 85.6 
$ 85.7 
Property, Plant and Equipment, Net - Schedule of Property, Plant and Equipment (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Property, Plant and Equipment [Abstract]
 
 
Property, plant and equipment
$ 1,916.7 
$ 1,855.3 
Accumulated depreciation
(558.2)
(472.4)
Property, plant, and equipment, net
$ 1,358.5 
$ 1,382.9 
Borrowings - Schedule of Debt (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Debt Instrument [Line Items]
 
 
Short-term and other borrowings
$ 36.0 
$ 26.5 
Unamortized original issue discount
(11.8)
(14.0)
Unamortized deferred financing costs, net
(57.3)
(65.9)
Debt and Capital Lease Obligations
3,353.2 
3,441.5 
Short term borrowings
27.7 
22.7 
Current portion of long-term borrowings
27.4 
27.4 
Long-term debt
3,298.1 
3,391.4 
Dollar Term Loan Due 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Term loan
1,931.0 
2,042.5 
Euro Term Loan Due 2020 [Member]
 
 
Debt Instrument [Line Items]
 
 
Term loan
428.9 
428.0 
Dollar Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
750.0 
750.0 
Euro Senior Notes [Member]
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
$ 276.4 
$ 274.4 
Borrowings - Senior Secured Credit Facilities (Details)
0 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 6 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 6 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 6 Months Ended
Feb. 3, 2014
USD ($)
Jun. 30, 2016
USD ($)
Jun. 30, 2015
USD ($)
Sep. 30, 2014
Jun. 30, 2016
USD ($)
Jun. 30, 2015
USD ($)
Dec. 31, 2015
USD ($)
Feb. 3, 2014
USD ($)
Feb. 3, 2014
Revolving Credit Facility [Member]
Jun. 30, 2016
Revolving Credit Facility [Member]
USD ($)
Dec. 31, 2015
Revolving Credit Facility [Member]
USD ($)
Jun. 30, 2016
Senior Secured Credit Facilities [Member]
USD ($)
Jun. 30, 2015
Senior Secured Credit Facilities [Member]
USD ($)
Jun. 30, 2016
Senior Secured Credit Facilities [Member]
USD ($)
Jun. 30, 2015
Senior Secured Credit Facilities [Member]
USD ($)
Feb. 3, 2014
Senior Secured Credit Facilities [Member]
USD ($)
Feb. 3, 2014
Interest Rate Floor [Member]
Senior Secured Credit Facilities [Member]
Feb. 3, 2014
Interest Rate Floor [Member]
Senior Secured Credit Facilities [Member]
Feb. 3, 2014
Interest Rate Floor [Member]
Eurocurrency Rate Loans [Member]
Senior Secured Credit Facilities [Member]
Feb. 3, 2014
Base Rate [Member]
Prior To Amendment [Member]
Feb. 3, 2014
Base Rate [Member]
Senior Secured Credit Facilities [Member]
Feb. 3, 2014
Prime Rate [Member]
Adjusted Euro Currency Rate [Member]
Feb. 3, 2014
Prime Rate [Member]
Adjusted Euro Currency Rate [Member]
Senior Secured Credit Facilities [Member]
Feb. 3, 2014
Prime Rate [Member]
Adjusted Euro Currency Rate [Member]
Senior Secured Credit Facilities [Member]
Feb. 3, 2014
Dollar Term Loan Due 2020 [Member]
Jun. 30, 2016
Dollar Term Loan Due 2020 [Member]
USD ($)
Feb. 3, 2014
Dollar Term Loan Due 2020 [Member]
USD ($)
Feb. 3, 2014
Dollar Term Loan Due 2020 [Member]
Interest Rate Floor [Member]
Prior To Amendment [Member]
Feb. 3, 2014
Dollar Term Loan Due 2020 [Member]
Interest Rate Floor [Member]
Eurocurrency Rate Loans [Member]
Prior To Amendment [Member]
Feb. 3, 2014
Euro Term Loan Due 2020 [Member]
Feb. 3, 2014
Euro Term Loan Due 2020 [Member]
EUR (€)
Feb. 3, 2014
Euro Term Loan Due 2020 [Member]
Interest Rate Floor [Member]
Prior To Amendment [Member]
Feb. 3, 2014
Euro Term Loan Due 2020 [Member]
Interest Rate Floor [Member]
Prior To Amendment [Member]
Feb. 3, 2014
New Dollar Term Loan [Member]
Jun. 30, 2016
New Dollar Term Loan [Member]
USD ($)
Jun. 30, 2016
New Dollar Term Loan [Member]
USD ($)
Jun. 30, 2015
New Dollar Term Loan [Member]
Feb. 3, 2014
New Dollar Term Loan [Member]
Eurocurrency Rate Loans [Member]
Feb. 3, 2014
New Dollar Term Loan [Member]
Eurocurrency Rate Loans [Member]
Feb. 3, 2014
New Dollar Term Loan [Member]
Interest Rate Floor [Member]
Feb. 3, 2014
New Dollar Term Loan [Member]
Base Rate [Member]
Feb. 3, 2014
New Dollar Term Loan [Member]
Base Rate [Member]
Feb. 3, 2014
New Euro Term Loan [Member]
Jun. 30, 2015
New Euro Term Loan [Member]
Feb. 3, 2014
New Euro Term Loan [Member]
Eurocurrency Rate Loans [Member]
Feb. 3, 2014
New Euro Term Loan [Member]
Eurocurrency Rate Loans [Member]
Jun. 30, 2016
Write off of Original Issue Discounts [Member]
Dollar Term Loan Due 2020 [Member]
USD ($)
Jun. 30, 2016
Senior Secured Credit Facilities [Member]
USD ($)
Dec. 31, 2015
Senior Secured Credit Facilities [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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.50% 
 
1.00% 
0.50% 
0.50% 
 
2.00% 
 
 
 
 
3.50% 
1.25% 
 
 
2.50% 
 
 
 
 
2.75% 
3.00% 
 
1.00% 
2.00% 
 
 
3.00% 
3.25% 
 
 
 
 
Debt instrument covenant maximum consolidated leverage ratio
 
 
 
4.50 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.50 
 
 
 
 
 
 
 
 
4.50 
 
 
 
 
 
 
Debt instrument, interest rate, effective percentage rate range, minimum
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.00% 
 
 
 
 
 
 
 
 
 
 
1.00% 
 
 
 
 
 
 
Debt instrument, maturity date
 
 
 
 
 
 
 
 
Feb. 01, 2018 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Feb. 01, 2020 
 
 
 
 
Feb. 01, 2020 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument periodic payment principal percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.00% 
 
 
 
 
1.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument basis spread reduced on variable rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.25% 
 
 
 
2.25% 
 
2.25% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.25% 
 
 
0.25% 
 
 
 
0.25% 
 
 
 
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 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, maximum amount outstanding during period
 
 
 
 
 
 
 
 
 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Letters of credit outstanding, amount
 
 
 
 
 
 
 
 
 
21,900,000 
24,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of credit facility, remaining borrowing capacity
 
 
 
 
 
 
 
 
 
378,100,000 
375,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repayments of debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss on debt extinguishment
 
(2,300,000)
0 
 
(2,300,000)
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,300,000)
(2,300,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
Write off of Deferred Debt Issuance Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of debt discount (premium)
 
 
 
 
 
 
 
 
 
 
 
800,000 
800,000 
1,600,000 
1,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
600,000 
 
 
Deferred finance costs, net
 
57,300,000 
 
 
57,300,000 
 
65,900,000 
 
 
 
 
 
 
 
 
92,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42,500,000 
50,600,000 
Unamortized original issue discount
 
11,800,000 
 
 
11,800,000 
 
14,000,000 
 
 
 
 
 
 
 
 
25,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of financing costs
 
 
 
 
 
 
 
 
 
 
 
$ 3,200,000 
$ 3,400,000 
$ 6,500,000 
$ 6,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrowings - Senior Notes (Details)
0 Months Ended 0 Months Ended 0 Months Ended 3 Months Ended 6 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 ($)
Feb. 1, 2013
5.750% Senior Secured Notes Due 2021 [Member]
Feb. 1, 2013
5.750% Senior Secured Notes Due 2021 [Member]
EUR (€)
Feb. 1, 2013
Senior Notes [Member]
USD ($)
Jun. 30, 2016
Senior Notes [Member]
USD ($)
Jun. 30, 2015
Senior Notes [Member]
USD ($)
Dec. 31, 2015
Senior Notes [Member]
USD ($)
Feb. 1, 2013
Euro Senior Notes [Member]
USD ($)
Jun. 30, 2016
Euro Senior Notes [Member]
USD ($)
Dec. 31, 2015
Euro Senior Notes [Member]
USD ($)
Feb. 1, 2013
Euro Senior Notes [Member]
Feb. 1, 2013
Dollar Senior Notes [Member]
USD ($)
Jun. 30, 2016
Dollar Senior Notes [Member]
USD ($)
Dec. 31, 2015
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
 
 
 
 
 
19,300,000 
 
21,300,000 
 
5,900,000 
6,500,000 
 
 
13,400,000 
14,800,000 
 
Amortization of financing costs
 
 
 
 
 
$ 1,000,000 
$ 2,000,000 
 
 
 
 
 
 
 
 
 
Debt instrument, redemption price, percentage
 
 
 
 
 
 
 
 
101.00% 
 
 
 
101.00% 
 
 
 
Debt instrument, maturity date
 
 
 
 
 
 
 
 
Feb. 01, 2021 
 
 
 
May 01, 2021 
 
 
 
Borrowings - Debt Instrument Redemption (Details)
0 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended
Feb. 1, 2013
Euro Senior Notes [Member]
Jun. 30, 2016
Euro Senior Notes [Member]
2016 [Member]
Jun. 30, 2016
Euro Senior Notes [Member]
2017 [Member]
Jun. 30, 2016
Euro Senior Notes [Member]
2018 [Member]
Jun. 30, 2016
Euro Senior Notes [Member]
2019 and thereafter [Member]
Feb. 1, 2013
Dollar Senior Notes [Member]
Jun. 30, 2016
Dollar Senior Notes [Member]
2016 [Member]
Jun. 30, 2016
Dollar Senior Notes [Member]
2017 [Member]
Jun. 30, 2016
Dollar Senior Notes [Member]
2018 [Member]
Jun. 30, 2016
Dollar Senior Notes [Member]
2019 and thereafter [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 - Schedule of Maturities of Long-term Debt (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Debt Disclosure [Abstract]
 
Remainder of 2016
$ 22.9 
2017
29.5 
2018
28.2 
2019
27.6 
2020
2,264.2 
Thereafter
1,026.8 
Long-term debt
$ 3,399.2 
Fair Value Accounting (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Available-for-sale securities
$ 4.1 
$ 4.2 
Dollar Senior Notes [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term debt, fair value
791.3 
787.5 
Euro Senior Notes [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term debt, fair value
287.1 
285.4 
Dollar Term Loan Due 2020 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term debt, fair value
1,928.6 
2,024.6 
Euro Term Loan Due 2020 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Long-term debt, fair value
$ 430.0 
$ 427.5 
Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) (Fair Value, Inputs, Level 2 [Member], USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset
$ 0 
$ 0.4 
Derivative liability
6.4 
1.8 
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member] |
Other Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset
0 
0.4 
Designated as Hedging Instrument [Member] |
Interest Rate Swap [Member] |
Other Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability
6.4 
1.8 
Not Designated as Hedging Instrument [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset
0 
0.3 
Derivative liability
3.5 
0 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Other Assets [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative asset
0 
0.3 
Not Designated as Hedging Instrument [Member] |
Foreign Exchange Contract [Member] |
Other Liabilities [Member]
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative liability
$ 3.5 
$ 0 
Derivative Financial Instruments - Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) (Interest Rate Contract [Member], Cash Flow Hedging [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
 
Amount of (Gain) Loss Recognized in OCI on Derivatives (Effective Portion)
$ (0.5)
$ (0.3)
$ 1.7 
$ 4.5 
Interest Expense [Member]
 
 
 
 
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
 
Amount of (Gain) Loss Reclassified from Accumulated OCI to Income (Effective Portion)
1.6 
1.6 
3.2 
3.2 
Amount of (Gain) Loss Recognized in Income on Derivatives (Ineffective Portion)
$ 0.9 
$ 0.2 
$ 3.3 
$ 1.4 
Derivative Financial Instruments - Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
 
(Gain) loss on instruments not designated as hedges, net
$ 1.6 
$ (0.2)
$ 4.0 
$ (2.0)
Other Nonoperating Income (Expense) [Member] |
Foreign Exchange Contract [Member]
 
 
 
 
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
 
(Gain) loss on instruments not designated as hedges, net
1.6 
(0.1)
4.0 
(1.9)
Interest Expense [Member] |
Interest Rate Cap [Member]
 
 
 
 
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
 
(Gain) loss on instruments not designated as hedges, net
$ 0 
$ (0.1)
$ 0 
$ (0.1)
Derivative Financial Instruments - Additional Information (Details)
In Millions, unless otherwise specified
6 Months Ended
Dec. 31, 2013
swap
Dec. 31, 2013
Euro Term Loan Due 2020 [Member]
EUR (€)
Jun. 30, 2016
Interest Rate Swap [Member]
Dec. 31, 2013
Interest Rate Swap [Member]
USD ($)
Dec. 31, 2013
Interest Rate Cap [Member]
Euro Term Loan Due 2020 [Member]
USD ($)
Derivatives, Fair Value [Line Items]
 
 
 
 
 
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% 
 
 
 
Derivative instrument, premium
 
 
 
 
$ 3.1 
Segments - Reconciliation of Revenue from Segments to Consolidated (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Segment
market
Jun. 30, 2015
Segment Reporting, Revenue Reconciling Item [Line Items]
 
 
 
 
Number of operating segments
 
 
2 
 
Number of end-markets served
 
 
4 
 
Net sales
$ 1,065.1 
$ 1,094.1 
$ 2,020.7 
$ 2,083.3 
Performance Coatings [Member]
 
 
 
 
Segment Reporting, Revenue Reconciling Item [Line Items]
 
 
 
 
Net sales
632.1 
638.8 
1,175.1 
1,196.0 
Performance Coatings [Member] |
Refinish [Member]
 
 
 
 
Segment Reporting, Revenue Reconciling Item [Line Items]
 
 
 
 
Net sales
448.8 
460.1 
827.5 
853.3 
Performance Coatings [Member] |
Industrial [Member]
 
 
 
 
Segment Reporting, Revenue Reconciling Item [Line Items]
 
 
 
 
Net sales
183.3 
178.7 
347.6 
342.7 
Transportation Coatings [Member]
 
 
 
 
Segment Reporting, Revenue Reconciling Item [Line Items]
 
 
 
 
Net sales
433.0 
455.3 
845.6 
887.3 
Transportation Coatings [Member] |
Light Vehicle [Member]
 
 
 
 
Segment Reporting, Revenue Reconciling Item [Line Items]
 
 
 
 
Net sales
344.4 
347.2 
673.8 
680.4 
Transportation Coatings [Member] |
Commercial Vehicle [Member]
 
 
 
 
Segment Reporting, Revenue Reconciling Item [Line Items]
 
 
 
 
Net sales
$ 88.6 
$ 108.1 
$ 171.8 
$ 206.9 
Segments - Schedule of Segment Reporting Information, by Segment (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Segment Reporting Information [Line Items]
 
 
 
 
Net sales
$ 1,065.1 
$ 1,094.1 
$ 2,020.7 
$ 2,083.3 
Equity in earnings in unconsolidated affiliates
0.1 
0.4 
0.3 
0.8 
Adjusted EBITDA
252.6 
255.5 
447.4 
437.5 
Investment in unconsolidated affiliates
15.1 
12.5 
15.1 
12.5 
Performance Coatings [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net sales
632.1 
638.8 
1,175.1 
1,196.0 
Equity in earnings in unconsolidated affiliates
0.1 
0.2 
0.2 
0.3 
Adjusted EBITDA
157.3 
162.1 
267.4 
269.2 
Investment in unconsolidated affiliates
3.9 
5.7 
3.9 
5.7 
Transportation Coatings [Member]
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Net sales
433.0 
455.3 
845.6 
887.3 
Equity in earnings in unconsolidated affiliates
0 
0.2 
0.1 
0.5 
Adjusted EBITDA
95.3 
93.4 
180.0 
168.3 
Investment in unconsolidated affiliates
$ 11.2 
$ 6.8 
$ 11.2 
$ 6.8 
Segments - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
 
 
 
Income before income taxes
$ 70.4 
$ 5.2 
$ 115.6 
$ 53.1 
 
Interest expense, net
47.8 
49.2 
97.9 
99.2 
 
Depreciation and amortization
78.6 
77.5 
154.6 
150.1 
 
EBITDA
196.8 
131.9 
368.1 
302.4 
 
Debt extinguishment
2.3 
0 
2.3 
0 
 
Foreign exchange remeasurement losses (gains)
18.0 
57.8 
25.5 
66.5 
 
Long-term employee benefit plan adjustments
0.7 
0.2 
1.3 
0.4 
 
Termination benefits and other employee related costs
7.0 
14.8 
8.9 
18.5 
 
Consulting and advisory fees
2.6 
6.8 
5.6 
9.9 
 
Offering and transactional
1.4 
0.3 
1.4 
(3.7)
 
Share-based compensation expense
11.4 
12.4 
21.6 
14.2 
 
Other adjustments
1.9 
1.3 
3.7 
2.8 
 
Dividends paid to noncontrolling interests
0 
(0.6)
(1.5)
(4.1)
 
Impairment of real estate investment
10.5 
30.6 
10.5 
30.6 
 
Adjusted EBITDA
252.6 
255.5 
447.4 
437.5 
 
Equity method investments, remeasurement gain
 
 
 
5.4 
 
Subsidiaries [Member]
 
 
 
 
 
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
 
 
 
Impairment of real estate investment
10.5 
30.6 
10.5 
30.6 
30.6 
Exchange loss
15.6 
55.6 
22.7 
54.8 
 
New Dollar Term Loan [Member]
 
 
 
 
 
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
 
 
 
Debt extinguishment
2.3 
 
2.3 
 
 
Repayments of debt
 
 
100.0 
 
 
2013 Plan [Member]
 
 
 
 
 
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
 
 
 
 
 
Accelerated compensation cost
 
$ 8.2 
 
$ 8.2 
 
Shareholders' Equity (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
Total stockholders’ equity, beginning balance
 
 
$ 1,141.2 
$ 1,112.0 
Net income
50.1 
(24.3)
80.7 
22.4 
Other comprehensive income (loss), net of tax
(13.6)
25.5 
0.2 
(87.0)
Exercise of stock options
 
 
12.6 
50.4 
Recognition of stock-based compensation
 
 
21.6 
14.2 
Noncontrolling interests of acquired subsidiaries
 
 
 
4.3 
Dividends declared to noncontrolling interests
 
 
(1.5)
(4.1)
Total stockholders’ equity, ending balance
1,254.8 
1,112.2 
1,254.8 
1,112.2 
Parent [Member]
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
Total stockholders’ equity, beginning balance
 
 
1,073.7 
1,044.7 
Net income
 
 
78.2 
20.0 
Other comprehensive income (loss), net of tax
 
 
0.4 
(86.8)
Exercise of stock options
 
 
12.6 
50.4 
Recognition of stock-based compensation
 
 
21.6 
14.2 
Noncontrolling interests of acquired subsidiaries
 
 
 
0 
Dividends declared to noncontrolling interests
 
 
0 
0 
Total stockholders’ equity, ending balance
1,186.5 
1,042.5 
1,186.5 
1,042.5 
Noncontrolling Interest [Member]
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
Total stockholders’ equity, beginning balance
 
 
67.5 
67.3 
Net income
 
 
2.5 
2.4 
Other comprehensive income (loss), net of tax
 
 
(0.2)
(0.2)
Exercise of stock options
 
 
0 
0 
Recognition of stock-based compensation
 
 
0 
0 
Noncontrolling interests of acquired subsidiaries
 
 
 
4.3 
Dividends declared to noncontrolling interests
 
 
(1.5)
(4.1)
Total stockholders’ equity, ending balance
$ 68.3 
$ 69.7 
$ 68.3 
$ 69.7 
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance
 
 
$ (269.3)
 
Other comprehensive income (loss), net of tax
(13.6)
25.5 
0.2 
(87.0)
Accumulated other comprehensive income (loss), ending balance
(268.9)
 
(268.9)
 
Unrealized Currency Translation Adjustments [Member]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance
 
 
(232.8)
(72.1)
Current year deferrals to AOCI
 
 
2.3 
(82.1)
Reclassifications from AOCI to Net income
 
 
0 
0 
Other comprehensive income (loss), net of tax
 
 
2.3 
(82.1)
Accumulated other comprehensive income (loss), ending balance
(230.5)
(154.2)
(230.5)
(154.2)
Pension and Other Long-term Employee Benefit Adjustments [Member]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance
 
 
(33.4)
(31.2)
Current year deferrals to AOCI
 
 
0 
(3.1)
Reclassifications from AOCI to Net income
 
 
(0.5)
0.8 
Other comprehensive income (loss), net of tax
 
 
(0.5)
(2.3)
Accumulated other comprehensive income (loss), ending balance
(33.9)
(33.5)
(33.9)
(33.5)
Unrealized Gain (Loss) on Securities [Member]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance
 
 
0.1 
(0.2)
Current year deferrals to AOCI
 
 
(0.3)
0.4 
Reclassifications from AOCI to Net income
 
 
0 
0 
Other comprehensive income (loss), net of tax
 
 
(0.3)
0.4 
Accumulated other comprehensive income (loss), ending balance
(0.2)
0.2 
(0.2)
0.2 
Unrealized Gain (Losses) on Derivatives [Member]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance
 
 
(3.2)
0.2 
Current year deferrals to AOCI
 
 
(2.1)
0.4 
Reclassifications from AOCI to Net income
 
 
1.0 
(3.2)
Other comprehensive income (loss), net of tax
 
 
(1.1)
(2.8)
Accumulated other comprehensive income (loss), ending balance
(4.3)
(2.6)
(4.3)
(2.6)
Accumulated Other Comprehensive Income (loss) [Member]
 
 
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
 
 
Accumulated other comprehensive income (loss), beginning balance
 
 
(269.3)
(103.3)
Current year deferrals to AOCI
 
 
(0.1)
(84.4)
Reclassifications from AOCI to Net income
 
 
0.5 
(2.4)
Other comprehensive income (loss), net of tax
 
 
0.4 
(86.8)
Accumulated other comprehensive income (loss), ending balance
$ (268.9)
$ (190.1)
$ (268.9)
$ (190.1)
Accumulated Other Comprehensive Income (Loss) - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Equity [Abstract]
 
 
Pension and other postretirement benefit plans, tax benefit (expense)
$ 0.6 
$ (1.7)
Cumulative pension and other postretirement benefit plans, tax expense (benefits)
(12.8)
(15.1)
Unrealized gain (loss) on derivatives, income tax expense (benefit)
(0.6)
(1.7)
Cumulative unrealized gain (loss) on derivatives, income tax expense (benefit)
$ (2.5)
$ (1.5)
Venezuela (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Intercompany Foreign Currency Balance [Line Items]
 
 
 
 
 
Impairment of real estate investment
$ 10.5 
$ 30.6 
$ 10.5 
$ 30.6 
 
Assets
5,835.8 
 
5,835.8 
 
5,854.2 
Liabilities
4,581.0 
 
4,581.0 
 
4,713.0 
Net sales
1,065.1 
1,094.1 
2,020.7 
2,083.3 
 
Income from operations
151.0 
143.0 
254.3 
244.8 
 
Subsidiaries [Member]
 
 
 
 
 
Intercompany Foreign Currency Balance [Line Items]
 
 
 
 
 
Exchange loss
15.6 
55.6 
22.7 
54.8 
 
Venezuela loss on devaluation
 
53.2 
 
53.2 
 
Real estate investment property
21.5 
52.6 
21.5 
52.6 
 
Impairment of real estate investment
10.5 
30.6 
10.5 
30.6 
30.6 
Assets
129.1 
 
129.1 
 
152.9 
Liabilities
40.3 
 
40.3 
 
42.2 
Percent of assets represented by subsidiary
3.00% 
 
3.00% 
 
3.00% 
Percent of liabilities represented by subsidiary
3.00% 
 
3.00% 
 
3.00% 
Non-monetary assets, net
96.3 
 
96.3 
 
112.4 
Net sales
19.3 
65.1 
29.2 
95.1 
 
Percent of net sales represented by subsidiary
2.00% 
6.00% 
2.00% 
6.00% 
 
Income from operations
9.7 
37.8 
13.2 
52.6 
 
Percent of operating income (loss) represented by subsidiary
7.00% 
27.00% 
7.00% 
27.00% 
 
Subsidiaries [Member] |
Subsidiary of Common Parent [Member]
 
 
 
 
 
Intercompany Foreign Currency Balance [Line Items]
 
 
 
 
 
Liabilities
$ 30.8 
 
$ 30.8 
 
$ 25.9