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Guarantor Information (Tables)
6 Months Ended
Jun. 27, 2015
Guarantor Information [Abstract]  
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

Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
 
26 Weeks Ended June 27, 2015
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
458.8

 
$
(59.0
)
 
$
121.3

 
$
(497.0
)
 
$
24.1

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(5.8
)
 
(22.0
)
 

 
(27.8
)
Proceeds from disposal of property, plant and equipment

 

 
14.4

 

 
14.4

Net intercompany loans
(314.7
)
 
100.4

 
24.8

 
189.5

 

Return of capital

 
105.5

 

 
(105.5
)
 

Net cash provided by (used in) investing activities
(314.7
)
 
200.1

 
17.2

 
84.0

 
(13.4
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(69.7
)
 

 

 

 
(69.7
)
Dividend payments to parent

 
(400.0
)
 
(77.8
)
 
477.8

 

Proceeds from exercise of stock options
4.9

 

 

 

 
4.9

Repurchase of common stock
(0.9
)
 

 

 

 
(0.9
)
Repayment of capital lease obligations

 

 
(1.7
)
 

 
(1.7
)
Net change in short-term debt
67.0

 
(2.3
)
 
(2.6
)
 

 
62.1

Debt issuance costs
(0.7
)
 

 

 

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

 

 

 

 
0.7

Net intercompany borrowings
(145.4
)
 
261.4

 
54.3

 
(170.3
)
 

Return of capital to parent

 

 
(105.5
)
 
105.5

 

Net cash provided by (used in) financing activities
(144.1
)
 
(140.9
)
 
(133.3
)
 
413.0

 
(5.3
)
Effect of exchange rate changes on cash and cash equivalents

 
(0.1
)
 
(8.2
)
 

 
(8.3
)
Net change in cash and cash equivalents

 
0.1

 
(3.0
)
 

 
(2.9
)
Cash and cash equivalents at beginning of year

 

 
77.0

 

 
77.0

Cash and cash equivalents at end of period
$

 
$
0.1

 
$
74.0

 
$

 
$
74.1




Condensed Consolidating Statement of Cash Flows
 
26 Weeks Ended June 28, 2014
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
(17.4
)
 
$
31.7

 
$
72.2

 
$
(42.4
)
 
$
44.1

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(6.9
)
 
(24.3
)
 

 
(31.2
)
Proceeds from disposal of property, plant and equipment

 

 
5.5

 

 
5.5

Net intercompany loans
1.7

 
67.9

 
(32.6
)
 
(37.0
)
 

Net cash provided by (used in) investing activities
1.7

 
61.0

 
(51.4
)
 
(37.0
)
 
(25.7
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(66.9
)
 

 

 

 
(66.9
)
Dividend payments to parent

 

 
(35.9
)
 
35.9

 

Proceeds from exercise of stock options
10.7

 

 

 

 
10.7

Repurchase of common stock
(31.4
)
 

 

 

 
(31.4
)
Repayment of capital lease obligations

 

 
(2.0
)
 

 
(2.0
)
Net change in short-term debt
66.2

 

 
(2.7
)
 

 
63.5

Excess tax benefits from share-based payment arrangements
7.1

 

 

 

 
7.1

Net intercompany borrowings
30.0

 
(91.3
)
 
17.8

 
43.5

 

Net cash provided by (used in) financing activities
15.7

 
(91.3
)
 
(22.8
)
 
79.4

 
(19.0
)
Effect of exchange rate changes on cash and cash equivalents

 
(1.4
)
 
(42.6
)
 

 
(44.0
)
Net change in cash and cash equivalents

 

 
(44.6
)
 

 
(44.6
)
Cash and cash equivalents at beginning of year

 
0.1

 
127.2

 

 
127.3

Cash and cash equivalents at end of period
$

 
$
0.1

 
$
82.6

 
$

 
$
82.7