XML 146 R34.htm IDEA: XBRL DOCUMENT v2.4.1.9
Summary of Significant Accounting Policies and Recently Issued Accounting Standard (Tables)
12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Summary of Financial Statements

As a result of the retrospective application of this change in accounting principle, the following financial statement line items within the accompanying financial statements were restated, as follows:

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2014

 

 

2013

 

 

2012

 

(In millions, except per share amounts)

 

As reported under FIFO

 

 

As computed under LIFO

 

 

Effect of change Increase (Decrease)

 

 

As reported under FIFO

 

 

As computed under LIFO

 

 

Effect of change Increase (Decrease)

 

 

As reported under FIFO

 

 

As computed under LIFO

 

 

Effect of change Increase (Decrease)

 

Consolidated Statements of Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

$

5,062.9

 

 

$

5,061.4

 

 

$

1.5

 

 

$

5,100.9

 

 

$

5,103.3

 

 

$

(2.4

)

 

$

5,038.7

 

 

$

5,036.9

 

 

$

1.8

 

Gross profit

 

 

2,687.6

 

 

 

2,689.1

 

 

 

(1.5

)

 

 

2,589.9

 

 

 

2,587.5

 

 

 

2.4

 

 

 

2,520.5

 

 

 

2,522.3

 

 

 

(1.8

)

Earnings (loss) from continuing

   operations before income tax

   provision (benefit)

 

 

267.2

 

 

 

268.7

 

 

 

(1.5

)

 

 

180.2

 

 

 

177.8

 

 

 

2.4

 

 

 

(1,884.4

)

 

 

(1,882.6

)

 

 

(1.8

)

Income tax provision (benefit)

 

 

9.1

 

 

 

9.7

 

 

 

(0.6

)

 

 

84.9

 

 

 

84.0

 

 

 

0.9

 

 

 

(265.4

)

 

 

(264.7

)

 

 

(0.7

)

Net earnings (loss) from continuing

   operations

 

 

258.1

 

 

 

259.0

 

 

 

(0.9

)

 

 

95.3

 

 

 

93.7

 

 

 

1.6

 

 

 

(1,619.0

)

 

 

(1,617.9

)

 

 

(1.1

)

Net earnings (loss) available to

   common shareholders

 

$

258.1

 

 

$

259.0

 

 

$

(0.9

)

 

$

125.8

 

 

$

124.2

 

 

$

1.6

 

 

$

(1,411.4

)

 

$

(1,410.3

)

 

$

(1.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic - continuing operations

 

$

1.22

 

 

$

1.22

 

 

$

 

 

$

0.49

 

 

$

0.48

 

 

$

0.01

 

 

$

(8.40

)

 

$

(8.39

)

 

$

(0.01

)

Diluted - continuing operations

 

$

1.20

 

 

$

1.20

 

 

$

 

 

$

0.44

 

 

$

0.44

 

 

$

 

 

$

(8.40

)

 

$

(8.39

)

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive

   Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) available to

   common shareholders

 

$

258.1

 

 

$

259.0

 

 

$

(0.9

)

 

$

125.8

 

 

$

124.2

 

 

$

1.6

 

 

$

(1,411.4

)

 

$

(1,410.3

)

 

$

(1.1

)

Comprehensive income (loss), net of    taxes

 

$

(78.3

)

 

$

(77.4

)

 

$

(0.9

)

 

$

13.3

 

 

$

11.7

 

 

$

1.6

 

 

$

(1,431.2

)

 

$

(1,430.1

)

 

$

(1.1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities from continuing operations

 

$

(201.9

)

 

$

(201.9

)

 

$

 

 

$

624.8

 

 

$

624.8

 

 

$

 

 

$

394.2

 

 

$

394.2

 

 

$

 

Net earnings (loss) available to common

   stockholders from continuing

   operations

 

 

258.1

 

 

 

259.0

 

 

 

(0.9

)

 

 

95.3

 

 

 

93.7

 

 

 

1.6

 

 

 

(1,619.0

)

 

$

(1,617.9

)

 

 

(1.1

)

Inventories

 

 

(48.6

)

 

 

(50.1

)

 

 

1.5

 

 

 

22.0

 

 

 

24.5

 

 

 

(2.5

)

 

 

35.2

 

 

 

33.4

 

 

 

1.8

 

Deferred taxes, net

 

$

136.1

 

 

$

136.7

 

 

$

(0.6

)

 

$

7.9

 

 

$

7.0

 

 

$

0.9

 

 

$

(319.3

)

 

$

(318.6

)

 

$

(0.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

$

707.6

 

 

$

667.3

 

 

$

40.3

 

 

$

730.2

 

 

$

688.4

 

 

$

41.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current deferred tax liability

 

 

161.5

 

 

 

146.1

 

 

 

15.4

 

 

 

294.6

 

 

 

278.6

 

 

 

16.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained earnings

 

$

448.5

 

 

$

423.6

 

 

$

24.9

 

 

$

302.2

 

 

$

276.4

 

 

$

25.8

 

 

$

279.0

 

 

$

254.8

 

 

$

24.2