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Guarantor Information
9 Months Ended
Sep. 27, 2014
Guarantor Information [Abstract]  
Guarantor Information
Guarantor Information
The Company's payment obligations under the Notes are fully and unconditionally guaranteed, on a senior secured basis, by the Guarantor. The guarantee is secured by certain "Tupperware" trademarks and service marks owned by the Guarantor, as discussed in Note 10 to the Consolidated Financial Statements.
Condensed consolidated financial information as of September 27, 2014 and December 28, 2013 and for the quarter-to-date and year-to-date periods ended September 27, 2014 and September 28, 2013 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.

Consolidating Statement of Income
 
13 Weeks Ended September 27, 2014
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
590.6

 
$
(1.9
)
 
$
588.7

Other revenue

 
28.5

 
6.5

 
(35.0
)
 

Cost of products sold

 
6.5

 
237.3

 
(34.6
)
 
209.2

Gross margin

 
22.0

 
359.8

 
(2.3
)
 
379.5

Delivery, sales and administrative expense
2.6

 
17.3

 
304.1

 
(2.3
)
 
321.7

Re-engineering and impairment charges

 

 
2.6

 

 
2.6

Gains on disposal of assets

 

 

 

 

Operating income (loss)
(2.6
)
 
4.7

 
53.1

 

 
55.2

Interest income
0.1

 
7.4

 
1.3

 
(8.0
)
 
0.8

Interest expense
9.8

 
5.4

 
4.7

 
(8.0
)
 
11.9

Income from equity investments in subsidiaries
40.4

 
36.2

 

 
(76.6
)
 

Other expense (income)

 

 
(3.8
)
 

 
(3.8
)
Income before income taxes
28.1

 
42.9

 
53.5

 
(76.6
)
 
47.9

Provision (benefit) for income taxes
(4.2
)
 
2.2

 
17.6

 

 
15.6

Net income (loss)
$
32.3

 
$
40.7

 
$
35.9

 
$
(76.6
)
 
$
32.3

Comprehensive income (loss)
$
7.4

 
$
16.5

 
$
20.0

 
$
(36.5
)
 
$
7.4


Consolidating Statement of Income
 
13 Weeks Ended September 28, 2013
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
606.0

 
$
(2.8
)
 
$
603.2

Other revenue

 
34.9

 
4.5

 
(39.4
)
 

Cost of products sold

 
4.5

 
235.0

 
(39.9
)
 
199.6

Gross margin

 
30.4

 
375.5

 
(2.3
)
 
403.6

Delivery, sales and administrative expense
3.9

 
23.1

 
300.7

 
(2.3
)
 
325.4

Re-engineering and impairment charges

 

 
2.7

 

 
2.7

Gains on disposal of assets

 

 
0.9

 

 
0.9

Operating income (loss)
(3.9
)
 
7.3

 
73.0

 

 
76.4

Interest income
0.1

 
7.4

 
2.3

 
(9.2
)
 
0.6

Interest expense
9.4

 
5.1

 
5.0

 
(9.2
)
 
10.3

Income from equity investments in subsidiaries
58.5

 
52.6

 

 
(111.1
)
 

Other expense
0.1

 

 
1.4

 

 
1.5

Income before income taxes
45.2

 
62.2

 
68.9

 
(111.1
)
 
65.2

Provision (benefit) for income taxes
(4.7
)
 
4.7

 
15.3

 

 
15.3

Net income (loss)
$
49.9

 
$
57.5

 
$
53.6

 
$
(111.1
)
 
$
49.9

Comprehensive income (loss)
$
58.1

 
$
65.7

 
$
49.8

 
$
(115.5
)
 
$
58.1


Consolidating Statement of Income
 
39 Weeks Ended September 27, 2014
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
1,931.7

 
$
(5.5
)
 
$
1,926.2

Other revenue

 
91.7

 
18.7

 
(110.4
)
 

Cost of products sold

 
18.7

 
746.6

 
(108.8
)
 
656.5

Gross margin

 
73.0

 
1,203.8

 
(7.1
)
 
1,269.7

Delivery, sales and administrative expense
10.4

 
52.8

 
958.7

 
(7.1
)
 
1,014.8

Re-engineering and impairment charges

 

 
8.3

 

 
8.3

Gains on disposal of assets

 

 
2.3

 

 
2.3

Operating income (loss)
(10.4
)
 
20.2

 
239.1

 

 
248.9

Interest income
0.3

 
22.0

 
3.5

 
(23.8
)
 
2.0

Interest expense
28.7

 
15.3

 
15.7

 
(23.8
)
 
35.9

Income from equity investments in subsidiaries
157.3

 
142.3

 

 
(299.6
)
 

Other expense

 
0.2

 
26.1

 

 
26.3

Income before income taxes
118.5

 
169.0

 
200.8

 
(299.6
)
 
188.7

Provision (benefit) for income taxes
(13.6
)
 
9.9

 
60.3

 

 
56.6

Net income (loss)
$
132.1

 
$
159.1

 
$
140.5

 
$
(299.6
)
 
$
132.1

Comprehensive income (loss)
$
114.5

 
$
141.6

 
$
127.9

 
$
(269.5
)
 
$
114.5


Consolidating Statement of Income
 
39 Weeks Ended September 28, 2013
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
1,959.6

 
$
(5.1
)
 
$
1,954.5

Other revenue

 
89.7

 
13.3

 
(103.0
)
 

Cost of products sold

 
13.3

 
735.6

 
(100.5
)
 
648.4

Gross margin

 
76.4

 
1,237.3

 
(7.6
)
 
1,306.1

Delivery, sales and administrative expense
11.3

 
58.0

 
961.5

 
(7.6
)
 
1,023.2

Re-engineering and impairment charges

 

 
7.1

 

 
7.1

Gains on disposal of assets

 

 
1.1

 

 
1.1

Operating income (loss)
(11.3
)
 
18.4

 
269.8

 

 
276.9

Interest income
0.4

 
23.5

 
5.0

 
(27.0
)
 
1.9

Interest expense
25.0

 
14.4

 
17.1

 
(27.0
)
 
29.5

Income from equity investments in subsidiaries
207.5

 
191.6

 

 
(399.1
)
 

Other expense

 

 
5.0

 

 
5.0

Income before income taxes
171.6

 
219.1

 
252.7

 
(399.1
)
 
244.3

Provision (benefit) for income taxes
(12.9
)
 
11.6

 
61.1

 

 
59.8

Net income (loss)
$
184.5

 
$
207.5

 
$
191.6

 
$
(399.1
)
 
$
184.5

Comprehensive income (loss)
$
150.8

 
$
175.9

 
$
162.2

 
$
(338.1
)
 
$
150.8


Condensed Consolidating Balance Sheet
 
September 27, 2014
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
ASSETS
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
$

 
$
0.3

 
$
89.1

 
$

 
$
89.4

Accounts receivable, net

 

 
180.2

 

 
180.2

Inventories

 

 
348.1

 

 
348.1

Deferred income tax benefits, net
4.7

 
25.8

 
60.7

 

 
91.2

Non-trade amounts receivable, net
0.1

 
5.5

 
103.0

 
(50.4
)
 
58.2

Intercompany receivables
24.7

 
434.1

 
442.8

 
(901.6
)
 

Prepaid expenses and other current assets
1.9

 
3.5

 
68.7

 
(41.5
)
 
32.6

Total current assets
31.4

 
469.2

 
1,292.6

 
(993.5
)
 
799.7

Deferred income tax benefits, net
95.0

 
170.9

 
162.7

 

 
428.6

Property, plant and equipment, net

 
42.5

 
250.3

 

 
292.8

Long-term receivables, net

 
0.1

 
19.3

 

 
19.4

Trademarks and tradenames, net

 

 
114.9

 

 
114.9

Other intangible assets, net

 

 
1.9

 

 
1.9

Goodwill

 
2.9

 
175.1

 

 
178.0

Investments in subsidiaries
1,812.1

 
2,379.5

 

 
(4,191.6
)
 

Intercompany notes receivable
50.6

 
689.5

 
1,839.6

 
(2,579.7
)
 

Other assets, net
4.4

 
0.5

 
84.8

 
(55.2
)
 
34.5

Total assets
$
1,993.5

 
$
3,755.1

 
$
3,941.2

 
$
(7,820.0
)
 
$
1,869.8

LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable
$

 
$
1.7

 
$
104.3

 
$

 
$
106.0

Short-term borrowings and current portion of long-term debt and capital lease obligations
208.6

 

 
106.0

 

 
314.6

Intercompany payables
384.6

 
442.5

 
74.5

 
(901.6
)
 

Accrued liabilities
95.6

 
58.0

 
296.1

 
(91.9
)
 
357.8

Total current liabilities
688.8

 
502.2

 
580.9

 
(993.5
)
 
778.4

Long-term debt and capital lease obligations
602.4

 

 
14.0

 

 
616.4

Intercompany notes payable
431.4

 
1,408.2

 
740.1

 
(2,579.7
)
 

Other liabilities
14.9

 
76.9

 
182.4

 
(55.2
)
 
219.0

Shareholders' equity
256.0

 
1,767.8

 
2,423.8

 
(4,191.6
)
 
256.0

Total liabilities and shareholders' equity
$
1,993.5

 
$
3,755.1

 
$
3,941.2

 
$
(7,820.0
)
 
$
1,869.8



Condensed Consolidating Balance Sheet
 
December 28, 2013
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
ASSETS
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
$

 
$
0.1

 
$
127.2

 
$

 
$
127.3

Accounts receivable, net

 

 
168.8

 

 
168.8

Inventories

 

 
313.4

 

 
313.4

Deferred income tax benefits, net
4.7

 
39.3

 
52.4

 

 
96.4

Non-trade amounts receivable, net
0.2

 
11.9

 
38.0

 

 
50.1

Intercompany receivables
12.0

 
447.0

 
467.3

 
(926.3
)
 

Prepaid expenses and other current assets
1.7

 
78.6

 
64.4

 
(121.7
)
 
23.0

Total current assets
18.6

 
576.9

 
1,231.5

 
(1,048.0
)
 
779.0

Deferred income tax benefits, net
86.2

 
191.1

 
120.6

 

 
397.9

Property, plant and equipment, net

 
38.6

 
262.3

 

 
300.9

Long-term receivables, net

 
0.1

 
23.0

 

 
23.1

Trademarks and tradenames, net

 

 
125.7

 

 
125.7

Other intangible assets, net

 

 
3.2

 

 
3.2

Goodwill

 
2.9

 
178.6

 

 
181.5

Investments in subsidiaries
1,679.9

 
2,333.2

 

 
(4,013.1
)
 

Intercompany notes receivable
53.7

 
585.8

 
1,841.9

 
(2,481.4
)
 

Other assets, net
5.1

 
8.1

 
36.4

 
(17.0
)
 
32.6

Total assets
$
1,843.5

 
$
3,736.7

 
$
3,823.2

 
$
(7,559.5
)
 
$
1,843.9

LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable
$
0.2

 
$
3.7

 
$
145.8

 
$

 
$
149.7

Short-term borrowings and current portion of long-term debt and capital lease obligations
121.0

 

 
114.4

 

 
235.4

Intercompany payables
412.1

 
466.9

 
47.3

 
(926.3
)
 

Accrued liabilities
80.5

 
61.8

 
331.8

 
(121.7
)
 
352.4

Total current liabilities
613.8

 
532.4

 
639.3

 
(1,048.0
)
 
737.5

Long-term debt and capital lease obligations
602.6

 

 
17.3

 

 
619.9

Intercompany notes payable
349.7

 
1,492.2

 
639.5

 
(2,481.4
)
 

Other liabilities
24.5

 
31.5

 
194.6

 
(17.0
)
 
233.6

Shareholders' equity
252.9

 
1,680.6

 
2,332.5

 
(4,013.1
)
 
252.9

Total liabilities and shareholders' equity
$
1,843.5

 
$
3,736.7

 
$
3,823.2

 
$
(7,559.5
)
 
$
1,843.9






Condensed Consolidating Statement of Cash Flows
 
39 Weeks Ended September 27, 2014
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
(26.9
)
 
$
103.4

 
$
45.7

 
$
(34.7
)
 
$
87.5

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(10.8
)
 
(35.2
)
 

 
(46.0
)
Proceeds from disposal of property, plant and equipment

 

 
6.1

 

 
6.1

Net intercompany loans
2.3

 
6.5

 
14.0

 
(22.8
)
 

Net cash provided by (used in) investing activities
2.3

 
(4.3
)
 
(15.1
)
 
(22.8
)
 
(39.9
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(99.4
)
 

 

 

 
(99.4
)
Dividend payments to parent

 

 
(37.1
)
 
37.1

 

Proceeds from exercise of stock options
14.0

 

 

 

 
14.0

Repurchase of common stock
(41.7
)
 

 

 

 
(41.7
)
Repayment of capital lease obligations

 

 
(2.5
)
 

 
(2.5
)
Net change in short-term debt
87.6

 

 
(2.7
)
 

 
84.9

Excess tax benefits from share-based payment arrangements
8.8

 

 

 

 
8.8

Net intercompany borrowings
55.3

 
(97.5
)
 
21.8

 
20.4

 

Net cash provided by (used in) financing activities
24.6

 
(97.5
)
 
(20.5
)
 
57.5

 
(35.9
)
Effect of exchange rate changes on cash and cash equivalents

 
(1.4
)
 
(48.2
)
 

 
(49.6
)
Net change in cash and cash equivalents

 
0.2

 
(38.1
)
 

 
(37.9
)
Cash and cash equivalents at beginning of year

 
0.1

 
127.2

 

 
127.3

Cash and cash equivalents at end of period
$

 
$
0.3

 
$
89.1

 
$

 
$
89.4




Condensed Consolidating Statement of Cash Flows
 
39 Weeks Ended September 28, 2013
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
(43.3
)
 
$
12.6

 
$
181.6

 
$
(24.9
)
 
$
126.0

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(10.0
)
 
(32.9
)
 

 
(42.9
)
Proceeds from disposal of property, plant and equipment

 

 
8.4

 

 
8.4

Net intercompany loans

 
(73.4
)
 
(96.4
)
 
169.8

 

Net cash provided by (used in) investing activities

 
(83.4
)
 
(120.9
)
 
169.8

 
(34.5
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(84.9
)
 

 

 

 
(84.9
)
Dividend payments to parent

 

 
(36.2
)
 
36.2

 

Net proceeds from issuance of senior notes
200.0

 

 

 

 
200.0

Proceeds from exercise of stock options
18.9

 

 

 

 
18.9

Repurchase of common stock
(303.7
)
 

 

 

 
(303.7
)
Repayment of capital lease obligations

 

 
(1.9
)
 

 
(1.9
)
Net change in short-term debt
118.5

 

 
(31.2
)
 

 
87.3

Debt issuance costs
(2.1
)
 

 

 

 
(2.1
)
Excess tax benefits from share-based payment arrangements
13.6

 

 

 

 
13.6

Net intercompany borrowings
83.0

 
70.8

 
27.3

 
(181.1
)
 

Net cash provided by (used in) financing activities
43.3

 
70.8

 
(42.0
)
 
(144.9
)
 
(72.8
)
Effect of exchange rate changes on cash and cash equivalents

 

 
(12.5
)
 

 
(12.5
)
Net change in cash and cash equivalents

 

 
6.2

 

 
6.2

Cash and cash equivalents at beginning of year

 
0.2

 
119.6

 

 
119.8

Cash and cash equivalents at end of period
$

 
$
0.2

 
$
125.8

 
$

 
$
126.0