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Guarantor Information
9 Months Ended
Sep. 26, 2015
Guarantor Information [Abstract]  
Guarantor Information
Guarantor Information
The Company's payment obligations under its senior notes due in 2021 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.
Condensed consolidated financial information as of September 26, 2015 and December 27, 2014 and for the quarter-to-date periods ended September 26, 2015 and September 27, 2014 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 26, 2015
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
522.4

 
$
(1.4
)
 
$
521.0

Other revenue

 
28.7

 
9.0

 
(37.7
)
 

Cost of products sold

 
9.0

 
200.3

 
(36.8
)
 
172.5

Gross margin

 
19.7

 
331.1

 
(2.3
)
 
348.5

Delivery, sales and administrative expense
3.3

 
23.1

 
264.4

 
(2.3
)
 
288.5

Re-engineering and impairment charges

 

 
0.3

 

 
0.3

Gains on disposal of assets

 

 
2.0

 

 
2.0

Operating income (loss)
(3.3
)
 
(3.4
)
 
68.4

 

 
61.7

Interest income
8.1

 
5.8

 
2.1

 
(15.5
)
 
0.5

Interest expense
11.6

 
9.3

 
5.9

 
(15.5
)
 
11.3

Income from equity investments in subsidiaries
40.5

 
46.0

 

 
(86.5
)
 

Other expense (income)

 
0.3

 

 

 
0.3

Income before income taxes
33.7

 
38.8

 
64.6

 
(86.5
)
 
50.6

Provision (benefit) for income taxes
(2.5
)
 
(2.8
)
 
19.7

 

 
14.4

Net income (loss)
$
36.2

 
$
41.6

 
$
44.9

 
$
(86.5
)
 
$
36.2

Comprehensive income (loss)
$
(26.4
)
 
$
(19.6
)
 
$
0.8

 
$
18.8

 
$
(26.4
)

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
 
39 Weeks Ended September 26, 2015
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Net sales
$

 
$

 
$
1,694.0

 
$
(2.3
)
 
$
1,691.7

Other revenue

 
85.5

 
23.9

 
(109.4
)
 

Cost of products sold

 
23.9

 
634.3

 
(105.0
)
 
553.2

Gross margin

 
61.6

 
1,083.6

 
(6.7
)
 
1,138.5

Delivery, sales and administrative expense
10.9

 
61.8

 
846.0

 
(6.7
)
 
912.0

Re-engineering and impairment charges

 

 
18.0

 

 
18.0

Gains on disposal of assets

 

 
13.4

 

 
13.4

Operating income (loss)
(10.9
)
 
(0.2
)
 
233.0

 

 
221.9

Interest income
23.4

 
18.5

 
4.5

 
(44.9
)
 
1.5

Interest expense
36.5

 
26.4

 
18.6

 
(44.9
)
 
36.6

Income from equity investments in subsidiaries
142.7

 
145.3

 

 
(288.0
)
 

Other expense (income)

 
0.3

 
8.3

 

 
8.6

Income before income taxes
118.7

 
136.9

 
210.6

 
(288.0
)
 
178.2

Provision (benefit) for income taxes
(9.0
)
 
(3.5
)
 
63.0

 

 
50.5

Net income (loss)
$
127.7

 
$
140.4

 
$
147.6

 
$
(288.0
)
 
$
127.7

Comprehensive income (loss)
$
21.3

 
$
30.2

 
$
64.3

 
$
(94.5
)
 
$
21.3


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


Condensed Consolidating Balance Sheet
 
September 26, 2015
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
ASSETS
 

 
 

 
 
 
 
 
 
Cash and cash equivalents
$

 
$
0.3

 
$
92.8

 
$

 
$
93.1

Accounts receivable, net

 

 
158.6

 

 
158.6

Inventories

 

 
285.7

 

 
285.7

Deferred income tax benefits, net
6.2

 
36.9

 
64.3

 
(1.9
)
 
105.5

Non-trade amounts receivable, net

 
42.2

 
105.9

 
(88.9
)
 
59.2

Intercompany receivables
21.4

 
630.4

 
226.1

 
(877.9
)
 

Prepaid expenses and other current assets
1.5

 
3.9

 
90.1

 
(69.3
)
 
26.2

Total current assets
29.1

 
713.7

 
1,023.5

 
(1,038.0
)
 
728.3

Deferred income tax benefits, net
99.9

 
188.4

 
114.5

 

 
402.8

Property, plant and equipment, net

 
45.7

 
209.0

 

 
254.7

Long-term receivables, net

 
0.1

 
13.9

 

 
14.0

Trademarks and tradenames, net

 

 
86.8

 

 
86.8

Other intangible assets, net

 

 
0.3

 

 
0.3

Goodwill

 
2.9

 
145.8

 

 
148.7

Investments in subsidiaries
1,110.8

 
562.4

 

 
(1,673.2
)
 

Intercompany notes receivable
459.1

 
496.8

 
295.0

 
(1,250.9
)
 

Other assets, net
1.7

 
1.2

 
122.0

 
(97.2
)
 
27.7

Total assets
$
1,700.6

 
$
2,011.2

 
$
2,010.8

 
$
(4,059.3
)
 
$
1,663.3

LIABILITIES AND SHAREHOLDERS' EQUITY
 

 
 

 
 

 
 

 
 

Accounts payable
$

 
$
2.7

 
$
92.0

 
$

 
$
94.7

Short-term borrowings and current portion of long-term debt and capital lease obligations
191.9

 
2.5

 
91.8

 

 
286.2

Intercompany payables
567.4

 
230.9

 
79.6

 
(877.9
)
 

Accrued liabilities
142.8

 
85.6

 
259.5

 
(160.1
)
 
327.8

Total current liabilities
902.1

 
321.7

 
522.9

 
(1,038.0
)
 
708.7

Long-term debt and capital lease obligations
599.3

 

 
9.6

 

 
608.9

Intercompany notes payable
56.2

 
502.5

 
692.2

 
(1,250.9
)
 

Other liabilities
18.3

 
121.6

 
178.3

 
(97.2
)
 
221.0

Shareholders' equity
124.7

 
1,065.4

 
607.8

 
(1,673.2
)
 
124.7

Total liabilities and shareholders' equity
$
1,700.6

 
$
2,011.2

 
$
2,010.8

 
$
(4,059.3
)
 
$
1,663.3



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
 
39 Weeks Ended September 26, 2015
(In millions)
Parent
 
Guarantor
 
Non-Guarantors
 
Eliminations
 
Total
Operating Activities:
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
456.7

 
$
(77.3
)
 
$
190.4

 
$
(497.6
)
 
$
72.2

Investing Activities:
 
 
 
 
 
 
 
 
 
Capital expenditures

 
(8.7
)
 
(33.7
)
 

 
(42.4
)
Proceeds from disposal of property, plant and equipment

 

 
17.5

 

 
17.5

Net intercompany loans
(355.1
)
 
89.5

 
(11.5
)
 
277.1

 

Return of capital

 
105.5

 

 
(105.5
)
 

Net cash provided by (used in) investing activities
(355.1
)
 
186.3

 
(27.7
)
 
171.6

 
(24.9
)
Financing Activities:
 
 
 
 
 
 
 
 
 
Dividend payments to shareholders
(103.6
)
 

 

 

 
(103.6
)
Dividend payments to parent

 
(400.0
)
 
(80.8
)
 
480.8

 

Net proceeds from issuance of senior notes
0.1

 

 
(0.1
)
 

 

Proceeds from exercise of stock options
7.6

 

 

 

 
7.6

Repurchase of common stock
(0.9
)
 

 

 

 
(0.9
)
Repayment of capital lease obligations

 

 
(2.1
)
 

 
(2.1
)
Net change in short-term debt
90.0

 
(2.3
)
 
(5.7
)
 

 
82.0

Debt issuance costs
(0.7
)
 

 

 

 
(0.7
)
Excess tax benefits from share-based payment arrangements
2.5

 

 

 

 
2.5

Net intercompany borrowings
(96.6
)
 
293.8

 
63.1

 
(260.3
)
 

Return of capital to parent

 

 
(105.5
)
 
105.5

 

Net cash provided by (used in) financing activities
(101.6
)
 
(108.5
)
 
(131.1
)
 
326.0

 
(15.2
)
Effect of exchange rate changes on cash and cash equivalents

 
(0.2
)
 
(15.8
)
 

 
(16.0
)
Net change in cash and cash equivalents

 
0.3

 
15.8

 

 
16.1

Cash and cash equivalents at beginning of year

 

 
77.0

 

 
77.0

Cash and cash equivalents at end of period
$

 
$
0.3

 
$
92.8

 
$

 
$
93.1




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
$
(25.3
)
 
$
103.4

 
$
45.7

 
$
(34.7
)
 
$
89.1

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
(101.0
)
 

 

 

 
(101.0
)
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
23.0

 
(97.5
)
 
(20.5
)
 
57.5

 
(37.5
)
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