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Guarantor Information
6 Months Ended
Jun. 29, 2013
Guarantor Information [Abstract]  
Guarantor Information
Guarantor Information
The Company's payment obligations under the Notes are fully and unconditionally guaranteed by certain "Tupperware" trademarks and service marks owned by the Guarantor, as discussed in Note 9 to the Consolidated Financial Statements.
Condensed consolidated financial information as of June 29, 2013 and December 29, 2012 and for the quarter-to-date and year-to-date periods ended June 29, 2013 and June 30, 2012 for Tupperware Brands Corporation (the "Parent"), Dart Industries Inc. (the "Guarantor") and all other subsidiaries (the "Non-Guarantors") is as follows.
Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements, except for the use by the Parent and Guarantor of the equity method of accounting to reflect ownership interests in subsidiaries that are eliminated upon consolidation. The Guarantor is 100% owned by the Parent, and there are certain entities within the Non-Guarantors classification which the Parent owns directly. There are no significant restrictions on the ability of either the Parent or the Guarantor from obtaining adequate funds from their respective subsidiaries by dividend or loan that should interfere with their ability to meet their operating needs or debt repayment obligations.
Condensed Consolidating Balance Sheet
 
June 29, 2013
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
ASSETS
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
$

 
$
0.1

 
$
112.3

 
$

 
$
112.4

Accounts receivable, net

 

 
192.0

 

 
192.0

Inventories

 

 
333.0

 

 
333.0

Deferred income tax benefits, net
4.8

 
44.7

 
57.1

 

 
106.6

Non-trade amounts receivable, net
0.8

 
16.4

 
33.1

 

 
50.3

Intercompany receivables
784.4

 
968.2

 
413.9

 
(2,166.5
)
 

Prepaid expenses and other current assets
1.0

 
62.1

 
84.2

 
(118.6
)
 
28.7

Total current assets
791.0

 
1,091.5

 
1,225.6

 
(2,285.1
)
 
823.0

Deferred income tax benefits, net
92.0

 
182.8

 
80.1

 
(14.7
)
 
340.2

Property, plant and equipment, net

 
34.8

 
247.7

 

 
282.5

Long-term receivables, net

 
0.1

 
22.2

 

 
22.3

Trademarks and tradenames

 

 
130.9

 

 
130.9

Other intangible assets, net

 

 
3.9

 

 
3.9

Goodwill

 
2.9

 
179.9

 

 
182.8

Investments in subsidiaries
1,525.7

 
2,282.3

 

 
(3,808.0
)
 

Intercompany notes receivable
56.9

 
568.1

 
1,712.5

 
(2,337.5
)
 

Other assets, net
4.7

 
8.1

 
58.6

 
(36.7
)
 
34.7

Total assets
$
2,470.3

 
$
4,170.6

 
$
3,661.4

 
$
(8,482.0
)
 
$
1,820.3

LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable
$

 
$
2.4

 
$
110.4

 
$

 
$
112.8

Short-term borrowings and current portion of long-term debt and capital lease obligations
53.2

 

 
130.7

 

 
183.9

Intercompany payables
938.6

 
1,187.6

 
40.3

 
(2,166.5
)
 

Accrued liabilities
104.2

 
79.3

 
297.2

 
(118.7
)
 
362.0

Total current liabilities
1,096.0

 
1,269.3

 
578.6

 
(2,285.2
)
 
658.7

Long-term debt and capital lease obligations
602.7

 

 
16.4

 

 
619.1

Intercompany notes payable
409.9

 
1,302.6

 
625.0

 
(2,337.5
)
 

Other liabilities
25.8

 
47.5

 
184.6

 
(51.3
)
 
206.6

Shareholders' equity
335.9

 
1,551.2

 
2,256.8

 
(3,808.0
)
 
335.9

Total liabilities and shareholders' equity
$
2,470.3

 
$
4,170.6

 
$
3,661.4

 
$
(8,482.0
)
 
$
1,820.3



Condensed Consolidating Balance Sheet
 
December 29, 2012
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
ASSETS
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
$

 
$
0.2

 
$
119.6

 
$

 
$
119.8

Accounts receivable, net

 

 
173.4

 

 
173.4

Inventories

 

 
313.9

 

 
313.9

Deferred income tax benefits, net
4.8

 
46.8

 
43.3

 

 
94.9

Non-trade amounts receivable, net

 
3.2

 
35.8

 

 
39.0

Intercompany receivables
152.0

 
378.0

 
415.4

 
(945.4
)
 

Prepaid expenses and other current assets
1.4

 
65.8

 
111.0

 
(152.7
)
 
25.5

Total current assets
158.2

 
494.0

 
1,212.4

 
(1,098.1
)
 
766.5

Deferred income tax benefits, net
82.9

 
174.2

 
102.0

 

 
359.1

Property, plant and equipment, net

 
32.4

 
266.4

 

 
298.8

Long-term receivables, net

 
0.1

 
24.7

 

 
24.8

Trademarks and tradenames

 

 
138.4

 

 
138.4

Other intangible assets, net

 

 
5.0

 

 
5.0

Goodwill

 
2.9

 
190.0

 

 
192.9

Investments in subsidiaries
1,417.0

 
2,195.0

 

 
(3,612.0
)
 

Intercompany notes receivable
81.5

 
578.2

 
1,677.4

 
(2,337.1
)
 

Other assets, net
4.5

 
7.9

 
86.2

 
(62.3
)
 
36.3

Total assets
$
1,744.1

 
$
3,484.7

 
$
3,702.5

 
$
(7,109.5
)
 
$
1,821.8

LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable
$

 
$
2.6

 
$
152.2

 
$

 
$
154.8

Short-term borrowings and current portion of long-term debt and capital lease obligations
37.0

 

 
166.4

 

 
203.4

Intercompany payables
343.4

 
556.3

 
45.7

 
(945.4
)
 

Accrued liabilities
116.4

 
96.7

 
275.9

 
(152.7
)
 
336.3

Total current liabilities
496.8

 
655.6

 
640.2

 
(1,098.1
)
 
694.5

Long-term debt and capital lease obligations
396.4

 

 
18.0

 

 
414.4

Intercompany notes payable
346.9

 
1,330.5

 
659.7

 
(2,337.1
)
 

Other liabilities
24.9

 
77.3

 
193.9

 
(62.3
)
 
233.8

Shareholders' equity
479.1

 
1,421.3

 
2,190.7

 
(3,612.0
)
 
479.1

Total liabilities and shareholders' equity
$
1,744.1

 
$
3,484.7

 
$
3,702.5

 
$
(7,109.5
)
 
$
1,821.8




Consolidating Statement of Income
 
13 Weeks Ended June 29, 2013
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
690.3

 
$
(1.9
)
 
$
688.4

Other revenue

 
28.9

 
1.5

 
(30.4
)
 

Cost of products sold

 
1.5

 
253.9

 
(29.4
)
 
226.0

Gross margin

 
27.4

 
437.9

 
(2.9
)
 
462.4

Delivery, sales and administrative expense
2.8

 
18.7

 
330.7

 
(2.9
)
 
349.3

Re-engineering and impairment charges

 

 
2.2

 

 
2.2

Gains on disposal of assets, including insurance recoveries

 

 
0.2

 

 
0.2

Operating (loss) income
(2.8
)
 
8.7

 
105.2

 

 
111.1

Interest income
0.1

 
7.9

 
1.4

 
(8.7
)
 
0.7

Interest expense
8.7

 
4.5

 
5.8

 
(8.7
)
 
10.3

Income from equity investments in subsidiaries
83.6

 
76.5

 

 
(160.1
)
 

Other expense

 

 
0.7

 

 
0.7

Income before income taxes
72.2

 
88.6

 
100.1

 
(160.1
)
 
100.8

(Benefit) provision for income taxes
(4.1
)
 
4.6

 
24.0

 

 
24.5

Net income
$
76.3

 
$
84.0

 
$
76.1

 
$
(160.1
)
 
$
76.3

Comprehensive income
$
23.5

 
$
33.4

 
$
56.2

 
$
(89.6
)
 
$
23.5


Consolidating Statement of Income
 
13 Weeks Ended June 30, 2012
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
641.0

 
$
(2.1
)
 
$
638.9

Other revenue

 
25.8

 
4.7

 
(30.5
)
 

Cost of products sold

 
4.1

 
235.2

 
(32.6
)
 
206.7

Gross margin

 
21.7

 
410.5

 

 
432.2

Delivery, sales and administrative expense
3.6

 
14.3

 
310.6

 

 
328.5

Re-engineering and impairment charges

 

 
1.1

 

 
1.1

Impairment of goodwill and intangible assets

 

 
76.9

 

 
76.9

Gains on disposal of assets, including insurance recoveries

 

 
7.5

 
 
 
7.5

Operating (loss) income
(3.6
)
 
7.4

 
29.4

 

 
33.2

Interest income
0.4

 
7.5

 
1.2

 
(8.5
)
 
0.6

Interest expense
6.5

 
5.2

 
5.5

 
(8.5
)
 
8.7

Income from equity investments in subsidiaries
19.0

 
13.2

 

 
(32.2
)
 

Other expense
0.1

 
0.1

 
0.2

 

 
0.4

Income before income taxes
9.2

 
22.8

 
24.9

 
(32.2
)
 
24.7

(Benefit) provision for income taxes
(3.5
)
 
3.6

 
11.9

 

 
12.0

Net income
$
12.7

 
$
19.2

 
$
13.0

 
$
(32.2
)
 
$
12.7

Comprehensive loss
$
(41.6
)
 
$
(34.9
)
 
$
(13.1
)
 
$
48.0

 
$
(41.6
)

Consolidating Statement of Income
 
26 Weeks Ended June 29, 2013
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
1,353.6

 
$
(2.3
)
 
$
1,351.3

Other revenue

 
54.8

 
8.8

 
(63.6
)
 

Cost of products sold

 
8.8

 
500.6

 
(60.6
)
 
448.8

Gross margin

 
46.0

 
861.8

 
(5.3
)
 
902.5

Delivery, sales and administrative expense
7.4

 
34.9

 
660.8

 
(5.3
)
 
697.8

Re-engineering and impairment charges

 

 
4.4

 

 
4.4

Gains on disposal of assets, including insurance recoveries

 

 
0.2

 

 
0.2

Operating (loss) income
(7.4
)
 
11.1

 
196.8

 

 
200.5

Interest income
0.3

 
16.1

 
2.7

 
(17.8
)
 
1.3

Interest expense
15.6

 
9.3

 
12.1

 
(17.8
)
 
19.2

Income from equity investments in subsidiaries
149.0

 
139.0

 

 
(288.0
)
 

Other expense

 

 
3.6

 

 
3.6

Income before income taxes
126.3

 
156.9

 
183.8

 
(288.0
)
 
179.0

(Benefit) provision for income taxes
(8.2
)
 
6.9

 
45.8

 

 
44.5

Net income
$
134.5

 
$
150.0

 
$
138.0

 
$
(288.0
)
 
$
134.5

Comprehensive income
$
92.6

 
$
110.2

 
$
112.4

 
$
(222.6
)
 
$
92.6



Consolidating Statement of Income
 
26 Weeks Ended June 30, 2012
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
1,281.2

 
$
(2.8
)
 
$
1,278.4

Other revenue

 
52.0

 
8.5

 
(60.5
)
 

Cost of products sold

 
8.5

 
474.6

 
(63.3
)
 
419.8

Gross margin

 
43.5

 
815.1

 

 
858.6

Delivery, sales and administrative expense
6.9

 
27.1

 
634.1

 

 
668.1

Re-engineering and impairment charges

 

 
2.0

 

 
2.0

Impairment of goodwill and intangible assets

 

 
76.9

 

 
76.9

Gains on disposal of assets, including insurance recoveries

 
0.2

 
7.5

 

 
7.7

Operating (loss) income
(6.9
)
 
16.6

 
109.6

 

 
119.3

Interest income
0.9

 
15.5

 
2.4

 
(17.5
)
 
1.3

Interest expense
14.1

 
9.8

 
12.1

 
(17.5
)
 
18.5

Income from equity investments in subsidiaries
83.9

 
67.8

 

 
(151.7
)
 

Other expense

 

 
0.1

 

 
0.1

Income before income taxes
63.8

 
90.1

 
99.8

 
(151.7
)
 
102.0

(Benefit) provision for income taxes
(7.2
)
 
6.2

 
32.0

 

 
31.0

Net income
$
71.0

 
$
83.9

 
$
67.8

 
$
(151.7
)
 
$
71.0

Comprehensive income
$
56.4

 
$
68.9

 
$
51.1

 
$
(120.0
)
 
$
56.4



Condensed Consolidating Statement of Cash Flows
 
26 Weeks Ended June 29, 2013
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
(73.3
)
 
$
27.4

 
$
125.9

 
$
(8.6
)
 
$
71.4

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(6.2
)
 
(17.6
)
 

 
(23.8
)
Proceeds from disposal of property, plant and equipment

 

 
7.1

 

 
7.1

Net cash used in investing activities

 
(6.2
)
 
(10.5
)
 

 
(16.7
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(52.7
)
 

 

 

 
(52.7
)
Dividend payments to parent

 

 
(27.7
)
 
27.7

 

Net proceeds from issuance of senior notes
200.1

 

 
(0.1
)
 

 
200.0

Proceeds from exercise of stock options
16.7

 

 

 

 
16.7

Repurchase of common stock
(203.7
)
 

 

 

 
(203.7
)
Repayment of capital lease obligations

 

 
(1.4
)
 

 
(1.4
)
Net change in short-term debt
16.1

 

 
(34.0
)
 

 
(17.9
)
Debt issuance costs
(0.7
)
 

 

 

 
(0.7
)
Excess tax benefits from share-based payment arrangements
9.8

 

 

 

 
9.8

Net intercompany notes payable (receivable)
87.7

 
(21.3
)
 
(47.3
)
 
(19.1
)
 

Net cash provided by (used in) financing activities
73.3

 
(21.3
)
 
(110.5
)
 
8.6

 
(49.9
)
Effect of exchange rate changes on cash and cash equivalents

 

 
(12.2
)
 

 
(12.2
)
Net change in cash and cash equivalents

 
(0.1
)
 
(7.3
)
 

 
(7.4
)
Cash and cash equivalents at beginning of year

 
0.2

 
119.6

 

 
119.8

Cash and cash equivalents at end of period
$

 
$
0.1

 
$
112.3

 
$

 
$
112.4



Condensed Consolidating Statement of Cash Flows
 
26 Weeks Ended June 30, 2012
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
22.7

 
$
(22.6
)
 
$
97.1

 
$
(46.5
)
 
$
50.7

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(3.3
)
 
(30.4
)
 

 
(33.7
)
Proceeds from disposal of property, plant and equipment

 

 
8.8

 

 
8.8

Net cash used in investing activities

 
(3.3
)
 
(21.6
)
 

 
(24.9
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(37.5
)
 

 

 

 
(37.5
)
Dividend payments to parent

 

 
(36.8
)
 
36.8

 

Proceeds from exercise of stock options
7.4

 

 

 

 
7.4

Repurchase of common stock
(79.0
)
 

 

 

 
(79.0
)
Repayment of capital lease obligations

 

 
(1.3
)
 

 
(1.3
)
Net change in short-term debt
54.0

 

 
(13.6
)
 

 
40.4

Excess tax benefits from share-based payment arrangements
8.5

 

 

 

 
8.5

Net intercompany notes payable (receivable)
23.9

 
24.7

 
(58.3
)
 
9.7

 

Net cash provided by (used in) financing activities
(22.7
)
 
24.7

 
(110.0
)
 
46.5

 
(61.5
)
Effect of exchange rate changes on cash and cash equivalents

 

 
(4.5
)
 

 
(4.5
)
Net change in cash and cash equivalents

 
(1.2
)
 
(39.0
)
 

 
(40.2
)
Cash and cash equivalents at beginning of year

 
1.9

 
136.3

 

 
138.2

Cash and cash equivalents at end of period
$

 
$
0.7

 
$
97.3

 
$

 
$
98.0