Consolidating Statement of Income |
Consolidating Statement of Income | | | | | | | | | | | | | | | | | | | | | | 13 Weeks Ended June 27, 2015 | (In millions) | Parent | | Guarantor | | Non-Guarantors | | Eliminations | | Total | Net sales | $ | — |
| | $ | — |
| | $ | 589.6 |
| | $ | (0.7 | ) | | $ | 588.9 |
| Other revenue | — |
| | 28.5 |
| | 9.7 |
| | (38.2 | ) | | — |
| Cost of products sold | — |
| | 9.7 |
| | 215.9 |
| | (36.5 | ) | | 189.1 |
| Gross margin | — |
| | 18.8 |
| | 383.4 |
| | (2.4 | ) | | 399.8 |
| Delivery, sales and administrative expense | 4.1 |
| | 20.8 |
| | 287.6 |
| | (2.4 | ) | | 310.1 |
| Re-engineering and impairment charges | — |
| | — |
| | 1.5 |
| | — |
| | 1.5 |
| Gains on disposal of assets | — |
| | — |
| | 10.8 |
| | — |
| | 10.8 |
| Operating income (loss) | (4.1 | ) | | (2.0 | ) | | 105.1 |
| | — |
| | 99.0 |
| Interest income | 8.1 |
| | 6.2 |
| | 1.4 |
| | (15.2 | ) | | 0.5 |
| Interest expense | 12.1 |
| | 9.0 |
| | 6.1 |
| | (15.2 | ) | | 12.0 |
| Income from equity investments in subsidiaries | 66.9 |
| | 64.6 |
| | — |
| | (131.5 | ) | | — |
| Other expense | — |
| | — |
| | 1.1 |
| | — |
| | 1.1 |
| Income before income taxes | 58.8 |
| | 59.8 |
| | 99.3 |
| | (131.5 | ) | | 86.4 |
| Provision (benefit) for income taxes | (3.2 | ) | | (2.3 | ) | | 29.9 |
| | — |
| | 24.4 |
| Net income (loss) | $ | 62.0 |
| | $ | 62.1 |
| | $ | 69.4 |
| | $ | (131.5 | ) | | $ | 62.0 |
| Comprehensive income (loss) | $ | 40.9 |
| | $ | 42.2 |
| | $ | 58.7 |
| | $ | (100.9 | ) | | $ | 40.9 |
|
Consolidating Statement of Income | | | | | | | | | | | | | | | | | | | | | | 13 Weeks Ended June 28, 2014 | (In millions) | Parent | | Guarantor | | Non-Guarantors | | Eliminations | | Total | Net sales | $ | — |
| | $ | — |
| | $ | 677.5 |
| | $ | (3.2 | ) | | $ | 674.3 |
| Other revenue | — |
| | 38.4 |
| | 6.4 |
| | (44.8 | ) | | — |
| Cost of products sold | — |
| | 6.4 |
| | 264.9 |
| | (45.6 | ) | | 225.7 |
| Gross margin | — |
| | 32.0 |
| | 419.0 |
| | (2.4 | ) | | 448.6 |
| Delivery, sales and administrative expense | 3.2 |
| | 20.4 |
| | 327.4 |
| | (2.4 | ) | | 348.6 |
| Re-engineering and impairment charges | — |
| | — |
| | 3.4 |
| | — |
| | 3.4 |
| Gains on disposal of assets | — |
| | — |
| | 0.5 |
| | — |
| | 0.5 |
| Operating income (loss) | (3.2 | ) | | 11.6 |
| | 88.7 |
| | — |
| | 97.1 |
| Interest income | 0.1 |
| | 7.4 |
| | 1.1 |
| | (8.1 | ) | | 0.5 |
| Interest expense | 9.3 |
| | 5.4 |
| | 5.0 |
| | (8.1 | ) | | 11.6 |
| Income from equity investments in subsidiaries | 55.6 |
| | 47.5 |
| | — |
| | (103.1 | ) | | — |
| Other expense | — |
| | 0.1 |
| | 15.9 |
| | — |
| | 16.0 |
| Income before income taxes | 43.2 |
| | 61.0 |
| | 68.9 |
| | (103.1 | ) | | 70.0 |
| Provision (benefit) for income taxes | (4.4 | ) | | 5.1 |
| | 21.7 |
| | — |
| | 22.4 |
| Net income (loss) | $ | 47.6 |
| | $ | 55.9 |
| | $ | 47.2 |
| | $ | (103.1 | ) | | $ | 47.6 |
| Comprehensive income (loss) | $ | 54.0 |
| | $ | 61.3 |
| | $ | 46.8 |
| | $ | (108.1 | ) | | $ | 54.0 |
|
Consolidating Statement of Income | | | | | | | | | | | | | | | | | | | | | | 26 Weeks Ended June 27, 2015 | (In millions) | Parent | | Guarantor | | Non-Guarantors | | Eliminations | | Total | Net sales | $ | — |
| | $ | — |
| | $ | 1,171.6 |
| | $ | (0.9 | ) | | $ | 1,170.7 |
| Other revenue | — |
| | 56.8 |
| | 14.9 |
| | (71.7 | ) | | — |
| Cost of products sold | — |
| | 14.9 |
| | 434.0 |
| | (68.2 | ) | | 380.7 |
| Gross margin | — |
| | 41.9 |
| | 752.5 |
| | (4.4 | ) | | 790.0 |
| Delivery, sales and administrative expense | 7.6 |
| | 38.7 |
| | 581.6 |
| | (4.4 | ) | | 623.5 |
| Re-engineering and impairment charges | — |
| | — |
| | 17.7 |
| | — |
| | 17.7 |
| Gains on disposal of assets | — |
| | — |
| | 11.4 |
| | — |
| | 11.4 |
| Operating income (loss) | (7.6 | ) | | 3.2 |
| | 164.6 |
| | — |
| | 160.2 |
| Interest income | 15.3 |
| | 12.7 |
| | 2.4 |
| | (29.4 | ) | | 1.0 |
| Interest expense | 24.9 |
| | 17.1 |
| | 12.7 |
| | (29.4 | ) | | 25.3 |
| Income from equity investments in subsidiaries | 102.2 |
| | 99.3 |
| | — |
| | (201.5 | ) | | — |
| Other expense | — |
| | — |
| | 8.3 |
| | — |
| | 8.3 |
| Income before income taxes | 85.0 |
| | 98.1 |
| | 146.0 |
| | (201.5 | ) | | 127.6 |
| Provision (benefit) for income taxes | (6.5 | ) | | (0.7 | ) | | 43.3 |
| | — |
| | 36.1 |
| Net income (loss) | $ | 91.5 |
| | $ | 98.8 |
| | $ | 102.7 |
| | $ | (201.5 | ) | | $ | 91.5 |
| Comprehensive income (loss) | $ | 47.7 |
| | $ | 49.8 |
| | $ | 63.5 |
| | $ | (113.3 | ) | | $ | 47.7 |
|
Consolidating Statement of Income | | | | | | | | | | | | | | | | | | | | | | 26 Weeks Ended June 28, 2014 | (In millions) | Parent | | Guarantor | | Non-Guarantors | | Eliminations | | Total | Net sales | $ | — |
| | $ | — |
| | $ | 1,341.1 |
| | $ | (3.6 | ) | | $ | 1,337.5 |
| Other revenue | — |
| | 63.2 |
| | 12.2 |
| | (75.4 | ) | | — |
| Cost of products sold | — |
| | 12.2 |
| | 509.3 |
| | (74.2 | ) | | 447.3 |
| Gross margin | — |
| | 51.0 |
| | 844.0 |
| | (4.8 | ) | | 890.2 |
| Delivery, sales and administrative expense | 7.8 |
| | 35.5 |
| | 654.6 |
| | (4.8 | ) | | 693.1 |
| Re-engineering and impairment charges | — |
| | — |
| | 5.7 |
| | — |
| | 5.7 |
| Gains on disposal of assets | — |
| | — |
| | 2.3 |
| | — |
| | 2.3 |
| Operating income (loss) | (7.8 | ) | | 15.5 |
| | 186.0 |
| | — |
| | 193.7 |
| Interest income | 0.2 |
| | 14.6 |
| | 2.2 |
| | (15.8 | ) | | 1.2 |
| Interest expense | 18.9 |
| | 9.9 |
| | 11.0 |
| | (15.8 | ) | | 24.0 |
| Income from equity investments in subsidiaries | 116.9 |
| | 106.1 |
| | — |
| | (223.0 | ) | | — |
| Other expense | — |
| | 0.2 |
| | 29.9 |
| | — |
| | 30.1 |
| Income before income taxes | 90.4 |
| | 126.1 |
| | 147.3 |
| | (223.0 | ) | | 140.8 |
| Provision (benefit) for income taxes | (9.4 | ) | | 7.7 |
| | 42.7 |
| | — |
| | 41.0 |
| Net income (loss) | $ | 99.8 |
| | $ | 118.4 |
| | $ | 104.6 |
| | $ | (223.0 | ) | | $ | 99.8 |
| Comprehensive income (loss) | $ | 107.1 |
| | $ | 125.1 |
| | $ | 107.9 |
| | $ | (233.0 | ) | | $ | 107.1 |
|
|
Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet | | | | | | | | | | | | | | | | | | | | | | June 27, 2015 | (In millions) | Parent | | Guarantor | | Non-Guarantors | | Eliminations | | Total | ASSETS | |
| | |
| | | | | | | Cash and cash equivalents | $ | — |
| | $ | 0.1 |
| | $ | 74.0 |
| | $ | — |
| | $ | 74.1 |
| Accounts receivable, net | — |
| | — |
| | 173.6 |
| | — |
| | 173.6 |
| Inventories | — |
| | — |
| | 299.1 |
| | — |
| | 299.1 |
| Deferred income tax benefits, net | 6.2 |
| | 36.9 |
| | 67.1 |
| | — |
| | 110.2 |
| Non-trade amounts receivable, net | — |
| | 40.7 |
| | 93.2 |
| | (90.2 | ) | | 43.7 |
| Intercompany receivables | 18.7 |
| | 667.1 |
| | 231.5 |
| | (917.3 | ) | | — |
| Prepaid expenses and other current assets | 1.2 |
| | 4.4 |
| | 69.3 |
| | (50.3 | ) | | 24.6 |
| Total current assets | 26.1 |
| | 749.2 |
| | 1,007.8 |
| | (1,057.8 | ) | | 725.3 |
| Deferred income tax benefits, net | 98.2 |
| | 188.4 |
| | 124.0 |
| | — |
| | 410.6 |
| Property, plant and equipment, net | — |
| | 43.5 |
| | 219.4 |
| | — |
| | 262.9 |
| Long-term receivables, net | — |
| | 0.1 |
| | 14.7 |
| | — |
| | 14.8 |
| Trademarks and tradenames, net | — |
| | — |
| | 94.8 |
| | — |
| | 94.8 |
| Other intangible assets, net | — |
| | — |
| | 0.7 |
| | — |
| | 0.7 |
| Goodwill | — |
| | 2.9 |
| | 154.6 |
| | — |
| | 157.5 |
| Investments in subsidiaries | 1,131.8 |
| | 474.5 |
| | — |
| | (1,606.3 | ) | | — |
| Intercompany notes receivable | 455.7 |
| | 536.0 |
| | 289.6 |
| | (1,281.3 | ) | | — |
| Other assets, net | 2.3 |
| | 0.9 |
| | 154.5 |
| | (130.1 | ) | | 27.6 |
| Total assets | $ | 1,714.1 |
| | $ | 1,995.5 |
| | $ | 2,060.1 |
| | $ | (4,075.5 | ) | | $ | 1,694.2 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |
| | |
| | |
| | |
| | |
| Accounts payable | $ | 1.0 |
| | $ | 1.0 |
| | $ | 93.9 |
| | $ | — |
| | $ | 95.9 |
| Short-term borrowings and current portion of long-term debt and capital lease obligations | 168.8 |
| | — |
| | 95.2 |
| | — |
| | 264.0 |
| Intercompany payables | 518.5 |
| | 235.1 |
| | 163.7 |
| | (917.3 | ) | | — |
| Accrued liabilities | 138.1 |
| | 61.7 |
| | 267.5 |
| | (140.5 | ) | | 326.8 |
| Total current liabilities | 826.4 |
| | 297.8 |
| | 620.3 |
| | (1,057.8 | ) | | 686.7 |
| Long-term debt and capital lease obligations | 599.3 |
| | — |
| | 10.0 |
| | — |
| | 609.3 |
| Intercompany notes payable | 93.1 |
| | 457.3 |
| | 730.9 |
| | (1,281.3 | ) | | — |
| Other liabilities | 17.8 |
| | 155.4 |
| | 177.6 |
| | (130.1 | ) | | 220.7 |
| Shareholders' equity | 177.5 |
| | 1,085.0 |
| | 521.3 |
| | (1,606.3 | ) | | 177.5 |
| Total liabilities and shareholders' equity | $ | 1,714.1 |
| | $ | 1,995.5 |
| | $ | 2,060.1 |
| | $ | (4,075.5 | ) | | $ | 1,694.2 |
|
Condensed Consolidating Balance Sheet | | | | | | | | | | | | | | | | | | | | | | December 27, 2014 | (In millions) | Parent | | Guarantor | | Non-Guarantors | | Eliminations | | Total | ASSETS | |
| | |
| | | | | | | Cash and cash equivalents | $ | — |
| | $ | — |
| | $ | 77.0 |
| | $ | — |
| | $ | 77.0 |
| Accounts receivable, net | — |
| | — |
| | 168.1 |
| | — |
| | 168.1 |
| Inventories | — |
| | — |
| | 306.0 |
| | — |
| | 306.0 |
| Deferred income tax benefits, net | 6.2 |
| | 36.9 |
| | 75.7 |
| | — |
| | 118.8 |
| Non-trade amounts receivable, net | 0.1 |
| | 9.2 |
| | 90.7 |
| | (38.2 | ) | | 61.8 |
| Intercompany receivables | 11.8 |
| | 755.2 |
| | 227.6 |
| | (994.6 | ) | | — |
| Prepaid expenses and other current assets | 1.1 |
| | 1.8 |
| | 101.8 |
| | (83.1 | ) | | 21.6 |
| Total current assets | 19.2 |
| | 803.1 |
| | 1,046.9 |
| | (1,115.9 | ) | | 753.3 |
| Deferred income tax benefits, net | 97.5 |
| | 189.2 |
| | 130.0 |
| | — |
| | 416.7 |
| Property, plant and equipment, net | — |
| | 43.7 |
| | 246.6 |
| | — |
| | 290.3 |
| Long-term receivables, net | — |
| | 0.1 |
| | 17.2 |
| | — |
| | 17.3 |
| Trademarks and tradenames, net | — |
| | — |
| | 104.2 |
| | — |
| | 104.2 |
| Other intangible assets, net | — |
| | — |
| | 1.5 |
| | — |
| | 1.5 |
| Goodwill | — |
| | 2.9 |
| | 161.8 |
| | — |
| | 164.7 |
| Investments in subsidiaries | 1,479.0 |
| | 575.0 |
| | — |
| | (2,054.0 | ) | | — |
| Intercompany notes receivable | 48.4 |
| | 554.1 |
| | 236.5 |
| | (839.0 | ) | | — |
| Other assets, net | 1.5 |
| | 0.6 |
| | 160.1 |
| | (130.2 | ) | | 32.0 |
| Total assets | $ | 1,645.6 |
| | $ | 2,168.7 |
| | $ | 2,104.8 |
| | $ | (4,139.1 | ) | | $ | 1,780.0 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |
| | |
| | |
| | |
| | |
| Accounts payable | $ | — |
| | $ | 2.6 |
| | $ | 140.2 |
| | $ | — |
| | $ | 142.8 |
| Short-term borrowings and current portion of long-term debt and capital lease obligations | 110.9 |
| | 2.3 |
| | 108.2 |
| | — |
| | 221.4 |
| Intercompany payables | 632.0 |
| | 225.0 |
| | 137.6 |
| | (994.6 | ) | | — |
| Accrued liabilities | 66.4 |
| | 144.1 |
| | 294.0 |
| | (121.3 | ) | | 383.2 |
| Total current liabilities | 809.3 |
| | 374.0 |
| | 680.0 |
| | (1,115.9 | ) | | 747.4 |
| Long-term debt and capital lease obligations | 599.2 |
| | — |
| | 12.9 |
| | — |
| | 612.1 |
| Intercompany notes payable | 32.5 |
| | 204.0 |
| | 602.5 |
| | (839.0 | ) | | — |
| Other liabilities | 18.8 |
| | 155.5 |
| | 190.6 |
| | (130.2 | ) | | 234.7 |
| Shareholders' equity | 185.8 |
| | 1,435.2 |
| | 618.8 |
| | (2,054.0 | ) | | 185.8 |
| Total liabilities and shareholders' equity | $ | 1,645.6 |
| | $ | 2,168.7 |
| | $ | 2,104.8 |
| | $ | (4,139.1 | ) | | $ | 1,780.0 |
|
|