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Condensed Consolidating Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2014
Condensed Consolidating Financial Statements [Abstract]  
Condensed Balance Sheet
Condensed Consolidating Balance Sheets
As of December 31, 2014
(In millions)

 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1.0

 
$
11.5

 
$
25.0

 
$
—

 
$
37.5

Accounts and notes receivable, net
—

 
12.3

 
409.1

 
—

 
421.4

Inventories, net
—

 
350.6

 
119.7

 
(7.0
)
 
463.3

Deferred income taxes, net
2.8

 
27.3

 
7.4

 
(5.0
)
 
32.5

Other assets
3.6

 
45.7

 
67.2

 
(57.2
)
 
59.3

Total current assets
7.4

 
447.4

 
628.4

 
(69.2
)
 
1,014.0

Property, plant and equipment, net
—

 
269.0

 
89.6

 
—

 
358.6

Goodwill
—

 
140.4

 
69.0

 
—

 
209.4

Investment in subsidiaries
978.1

 
263.5

 
(0.6
)
 
(1,241.0
)
 
—

Deferred income taxes
0.5

 
90.8

 
15.8

 
(9.6
)
 
97.5

Other assets, net
5.2

 
61.0

 
20.1

 
(1.5
)
 
84.8

Intercompany receivables (payables), net
(280.4
)
 
302.4

 
(22.0
)
 
—

 
—

Total assets
$
710.8

 
$
1,574.5

 
$
800.3

 
$
(1,321.3
)
 
$
1,764.3

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
—

 
$
226.6

 
$
—

 
$
226.6

Current maturities of long-term debt
22.5

 
1.2

 
0.3

 
—

 
24.0

Accounts payable
13.4

 
237.8

 
73.1

 
—

 
324.3

Accrued expenses
9.0

 
175.5

 
54.5

 
—

 
239.0

Income taxes payable
(3.7
)
 
34.7

 
47.5

 
(65.1
)
 
13.4

Total current liabilities
41.2

 
449.2

 
402.0

 
(65.1
)
 
827.3

Long-term debt
659.5

 
15.3

 
0.2

 
—

 
675.0

Post-retirement benefits, other than pensions
—

 
4.5

 
—

 
—

 
4.5

Pensions
—

 
117.6

 
12.3

 
—

 
129.9

Other liabilities
1.1

 
118.7

 
11.7

 
(12.9
)
 
118.6

Total liabilities
701.8

 
705.3

 
426.2

 
(78.0
)
 
1,755.3

Commitments and contingencies
 
 
 
 
 
 
 
 
 
Total stockholders' equity
9.0

 
869.2

 
374.1

 
(1,243.3
)
 
9.0

Total liabilities and stockholders' equity
$
710.8

 
$
1,574.5

 
$
800.3

 
$
(1,321.3
)
 
$
1,764.3



Condensed Consolidating Balance Sheets
As of December 31, 2013
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
Current Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1.1

 
$
10.5

 
$
26.4

 
$
—

 
$
38.0

Accounts and notes receivable, net
—

 
12.8

 
395.3

 
—

 
408.1

Inventories, net
—

 
253.6

 
128.4

 
(3.2
)
 
378.8

Deferred income taxes, net
0.9

 
21.2

 
5.7

 
(3.3
)
 
24.5

Other assets
3.4

 
38.4

 
70.2

 
(59.0
)
 
53.0

Total current assets
5.4

 
336.5

 
626.0

 
(65.5
)
 
902.4

Property, plant and equipment, net
—

 
246.4

 
89.1

 
—

 
335.5

Goodwill
—

 
140.4

 
76.4

 
—

 
216.8

Investment in subsidiaries
1,138.8

 
337.5

 
(0.6
)
 
(1,475.7
)
 
—

Deferred income taxes
—

 
76.9

 
20.2

 
(8.6
)
 
88.5

Other assets, net
4.2

 
64.3

 
16.4

 
(1.4
)
 
83.5

Intercompany receivables (payables), net
(460.6
)
 
434.0

 
26.6

 
—

 
—

Total assets
$
687.8

 
$
1,636.0

 
$
854.1

 
$
(1,551.2
)
 
$
1,626.7

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
 
 
 
 
 
 
 
 
 
Short-term debt
$
—

 
$
—

 
$
165.9

 
$
—

 
$
165.9

Current maturities of long-term debt
—

 
1.0

 
0.3

 
—

 
1.3

Accounts payable
11.8

 
187.8

 
83.5

 
—

 
283.1

Accrued expenses
3.3

 
168.4

 
60.4

 
—

 
232.1

Income taxes payable
(30.3
)
 
75.7

 
49.9

 
(63.7
)
 
31.6

Total current liabilities
(15.2
)
 
432.9

 
360.0

 
(63.7
)
 
714.0

Long-term debt
217.0

 
15.8

 
0.4

 
—

 
233.2

Post-retirement benefits, other than pensions
—

 
4.6

 
—

 
—

 
4.6

Pensions
—

 
58.4

 
11.6

 
—

 
70.0

Other liabilities
0.3

 
119.4

 
11.3

 
(11.8
)
 
119.2

Total liabilities
202.1

 
631.1

 
383.3

 
(75.5
)
 
1,141.0

Commitments and contingencies
 
 
 
 
 
 
 
 
 
Total stockholders' equity
485.7

 
1,004.9

 
470.8

 
(1,475.7
)
 
485.7

Total liabilities and stockholders' equity
$
687.8

 
$
1,636.0

 
$
854.1

 
$
(1,551.2
)
 
$
1,626.7
Condensed Statement of Operations and Comprehensive Income
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2014
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
2,775.7

 
$
818.0

 
$
(226.3
)
 
$
3,367.4

Cost of goods sold
—

 
2,057.8

 
628.3

 
(222.0
)
 
2,464.1

Gross profit
—

 
717.9

 
189.7

 
(4.3
)
 
903.3

Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
—

 
454.5

 
119.2

 
—

 
573.7

Losses and other expenses, net
—

 
3.2

 
3.6

 
—

 
6.8

Restructuring charges
—

 
0.4

 
1.5

 
—

 
1.9

Income from equity method investments
(216.4
)
 
(25.4
)
 
(11.3
)
 
239.3

 
(13.8
)
Operational income from continuing operations
216.4

 
285.2

 
76.7

 
(243.6
)
 
334.7

Interest expense, net
16.0

 
(3.0
)
 
4.2

 
—

 
17.2

Other expense, net
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Income from continuing operations before income taxes
200.4

 
288.2

 
72.6

 
(243.6
)
 
317.6

Provision for income taxes
(5.6
)
 
91.7

 
24.9

 
(1.5
)
 
109.5

Income from continuing operations
206.0

 
196.5

 
47.7

 
(242.1
)
 
208.1

Loss from discontinued operations
—

 
—

 
(2.3
)
 
—

 
(2.3
)
Net income
$
206.0

 
$
196.5

 
$
45.4

 
$
(242.1
)
 
$
205.8

Other comprehensive loss
$
(4.1
)
 
$
(51.2
)
 
$
(34.8
)
 
$
(2.3
)
 
$
(92.4
)
Comprehensive Income
$
201.9

 
$
145.3

 
$
10.6

 
$
(244.4
)
 
$
113.4



Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2013
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$
—

 
$
2,557.9

 
$
837.0

 
$
(195.8
)
 
$
3,199.1

Cost of goods sold
—

 
1,900.9

 
632.8

 
(195.8
)
 
2,337.9

Gross profit
—

 
657.0

 
204.2

 
—

 
861.2

Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
—

 
437.1

 
133.0

 
—

 
570.1

Losses and other expenses, net
1.1

 
7.9

 
0.3

 
—

 
9.3

Restructuring charges
—

 
2.9

 
2.1

 
—

 
5.0

Income from equity method investments
(181.7
)
 
(26.4
)
 
(9.7
)
 
205.6

 
(12.2
)
Operational income from continuing operations
180.6

 
235.5

 
78.5

 
(205.6
)
 
289.0

Interest expense, net
14.0

 
(2.1
)
 
2.6

 
—

 
14.5

Other expense, net
—

 
—

 
0.2

 
—

 
0.2

Income from continuing operations before income taxes
166.6

 
237.6

 
75.7

 
(205.6
)
 
274.3

Provision for income taxes
(5.2
)
 
73.7

 
25.9

 
—

 
94.4

Income from continuing operations
171.8

 
163.9

 
49.8

 
(205.6
)
 
179.9

Loss from discontinued operations
—

 
—

 
(8.1
)
 
—

 
(8.1
)
Net income
$
171.8

 
$
163.9

 
$
41.7

 
$
(205.6
)
 
$
171.8

Other comprehensive loss
$
(38.8
)
 
$
36.3

 
$
(6.1
)
 
$
(30.2
)
 
$
(38.8
)
Comprehensive income
$
133.0

 
$
200.2

 
$
35.6

 
$
(235.8
)
 
$
133.0


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2012
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net Sales
$
—

 
$
2,327.7

 
$
824.0

 
$
(202.3
)
 
$
2,949.4

Cost of goods sold
0.2

 
1,799.6

 
629.2

 
(201.9
)
 
2,227.1

Gross profit
(0.2
)
 
528.1

 
194.8

 
(0.4
)
 
722.3

Operating expenses:
 
 
 
 
 
 
 
 
 
Selling, general and administrative expenses
—

 
374.3

 
132.7

 
—

 
507.0

Losses and other expenses, net
(1.7
)
 
1.1

 
3.2

 
(0.1
)
 
2.5

Restructuring charges
—

 
2.8

 
1.4

 
—

 
4.2

Income from equity method investments
(116.3
)
 
(17.0
)
 
(7.8
)
 
130.6

 
(10.5
)
Operational income from continuing operations
117.8

 
166.9

 
65.3

 
(130.9
)
 
219.1

Interest expense, net
16.6

 
(2.4
)
 
2.9

 
—

 
17.1

Other expense, net
—

 
—

 
0.3

 
—

 
0.3

Income from continuing operations before income taxes
101.2

 
169.3

 
62.1

 
(130.9
)
 
201.7

Provision for income taxes
(4.9
)
 
50.5

 
21.2

 
(0.1
)
 
66.7

Income from continuing operations
106.1

 
118.8

 
40.9

 
(130.8
)
 
135.0

Loss from discontinued operations
—

 
(18.5
)
 
(26.5
)
 
—

 
(45.0
)
Net income
$
106.1

 
$
100.3

 
$
14.4

 
$
(130.8
)
 
$
90.0

Other comprehensive income
$
6.7

 
$
(2.8
)
 
$
5.2

 
$
5.7

 
$
14.8

Comprehensive Income
$
112.8

 
$
97.5

 
$
19.6

 
$
(125.1
)
 
$
104.8
Condensed Statements of Cash Flows
Condensed Consolidating Statements of Cash Flows
For the Year Ended December 31, 2014
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
$
328.8

 
$
(97.2
)
 
$
(46.8
)
 
$
—

 
$
184.8

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from the disposal of property, plant and equipment
—

 
1.0

 
0.1

 
—

 
1.1

Purchases of property, plant and equipment
—

 
(70.5
)
 
(17.9
)
 
—

 
(88.4
)
Net cash used in investing activities
—

 
(69.5
)
 
(17.8
)
 
—

 
(87.3
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Short-term borrowings, net
—

 
—

 
1.5

 
—

 
1.5

Asset securitization borrowings
—

 
—

 
100.0

 
—

 
100.0

Asset securitization payments
—

 
—

 
(40.0
)
 
—

 
(40.0
)
Term loan borrowings from credit facility
300.0

 
—

 
—

 
—

 
300.0

Long-term debt payments
—

 
(1.9
)
 
(0.4
)
 
—

 
(2.3
)
Borrowings from credit facility
2,073.5

 
—

 
—

 
—

 
2,073.5

Payments on credit facility
(1,908.5
)
 
—

 
—

 
—

 
(1,908.5
)
Payments of deferred financing costs
(2.2
)
 
—

 
—

 
—

 
(2.2
)
Proceeds from employee stock purchases
2.0

 
—

 
—

 
—

 
2.0

Repurchases of common stock
(550.3
)
 
—

 
—

 
—

 
(550.3
)
Repurchases of common stock to satisfy employee withholding tax obligations
(22.4
)
 
—

 
—

 
—

 
(22.4
)
Excess tax benefits related to share-based payments
11.8

 
—

 
—

 
—

 
11.8

Intercompany debt
(0.1
)
 
4.7

 
(4.6
)
 
—

 
—

Intercompany financing activity
(180.1
)
 
164.9

 
15.2

 
—

 
—

Cash dividends paid
(52.6
)
 
—

 
—

 
—

 
(52.6
)
Net cash provided by (used in) financing activities
(328.9
)
 
167.7

 
71.7

 
—

 
(89.5
)
Increase (decrease) in cash and cash equivalents
(0.1
)
 
1.0

 
7.1

 
—

 
8.0

Effect of exchange rates on cash and cash equivalents
—

 
—

 
(8.5
)
 
—

 
(8.5
)
Cash and cash equivalents, beginning of year
1.1

 
10.5

 
26.4

 
—

 
38.0

Cash and cash equivalents, end of year
$
1.0

 
$
11.5

 
$
25.0

 
$
—

 
$
37.5



Condensed Consolidating Statements of Cash Flows
For the Year Ended December 31, 2013
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
$
(30.4
)
 
$
328.4

 
$
(87.7
)
 
$
—

 
$
210.3

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from the disposal of property, plant and equipment
—

 
2.4

 
—

 
—

 
2.4

Purchases of property, plant and equipment
—

 
(55.8
)
 
(22.5
)
 
—

 
(78.3
)
Net Proceeds from sale of business
5.3

 
—

 
3.3

 
—

 
8.6

Net cash used in investing activities
5.3

 
(53.4
)
 
(19.2
)
 
—

 
(67.3
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Short-term borrowings, net
—

 
—

 
2.0

 
—

 
2.0

Asset securitization borrowings
—

 
—

 
330.0

 
—

 
330.0

Asset securitization payments
—

 
—

 
(200.0
)
 
—

 
(200.0
)
Long-term debt payments
—

 
(0.7
)
 
(0.3
)
 
—

 
(1.0
)
Borrowings from revolving credit facility
1,425.5

 
—

 
—

 
—

 
1,425.5

Payments on revolving credit facility
(1,543.5
)
 
—

 
—

 
—

 
(1,543.5
)
Proceeds from employee stock purchases
1.8

 
—

 
—

 
—

 
1.8

Additional investment in subsidiary
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Repurchases of common stock
(125.0
)
 
—

 
—

 
—

 
(125.0
)
Repurchases of common stock to satisfy employee withholding tax obligations
(12.0
)
 
—

 
—

 
—

 
(12.0
)
Excess tax benefits related to share-based payments
6.5

 
—

 
—

 
—

 
6.5

Intercompany debt
(26.8
)
 
12.3

 
14.5

 
—

 
—

Intercompany financing activity
332.7

 
(289.5
)
 
(43.2
)
 
—

 
—

Cash dividends paid
(34.0
)
 
—

 
—

 
—

 
(34.0
)
Net cash provided by (used in) financing activities
25.2

 
(277.9
)
 
102.5

 
—

 
(150.2
)
Decrease in cash and cash equivalents
0.1

 
(2.9
)
 
(4.4
)
 
—

 
(7.2
)
Effect of exchange rates on cash and cash equivalents
—

 
—

 
(6.6
)
 
—

 
(6.6
)
Cash and cash equivalents, beginning of year
1.0

 
13.4

 
37.4

 
—

 
51.8

Cash and cash equivalents, end of year
$
1.1

 
$
10.5

 
$
26.4

 
$
—

 
$
38.0


Condensed Consolidating Statements of Cash Flows
For the Year Ended December 31, 2012
(In millions)
 
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Cash flows from operating activities:
$
20.7

 
$
207.3

 
$
(6.6
)
 
$
—

 
$
221.4

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from the disposal of property, plant and equipment
—

 
0.1

 
—

 
—

 
0.1

Purchases of property, plant and equipment
—

 
(37.7
)
 
(12.5
)
 
—

 
(50.2
)
Net proceeds from sale of business
—

 
10.1

 
—

 
—

 
10.1

Net cash used in discontinued operations
—

 
(0.5
)
 
0.1

 
—

 
(0.4
)
Net cash used in investing activities
—

 
(28.0
)
 
(12.4
)
 
—

 
(40.4
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Short-term borrowings, net
—

 
—

 
0.2

 
—

 
0.2

Asset securitization borrowings
—

 
—

 
645.0

 
—

 
645.0

Asset securitization payments
—

 
—

 
(615.0
)
 
—

 
(615.0
)
Long-term debt payments
—

 
(0.7
)
 
(0.4
)
 
—

 
(1.1
)
Borrowings from revolving credit facility
967.0

 
—

 
—

 
—

 
967.0

Payments on revolving credit facility
(1,075.0
)
 
—

 
—

 
—

 
(1,075.0
)
Proceeds from stock option exercises
0.8

 
—

 
—

 
—

 
0.8

Repurchases of common stock
(50.1
)
 
—

 
—

 
—

 
(50.1
)
Repurchases of common stock to satisfy employee withholding tax obligations
(7.8
)
 
—

 
—

 
—

 
(7.8
)
Excess tax benefits related to share-based payments
3.5

 
—

 
—

 
—

 
3.5

Intercompany debt
2.4

 
(4.0
)
 
1.6

 
—

 
—

Intercompany financing activity
186.1

 
(170.9
)
 
(15.2
)
 
—

 
—

Cash dividends paid
(47.6
)
 
—

 
—

 
—

 
(47.6
)
Net cash provided by (used in) financing activities
(20.7
)
 
(175.6
)
 
16.2

 
—

 
(180.1
)
Increase (decrease) in cash and cash equivalents
—

 
3.7

 
(2.8
)
 
—

 
0.9

Effect of exchange rates on cash and cash equivalents
—

 
—

 
5.9

 
—

 
5.9

Cash and cash equivalents, beginning of year
1.0

 
9.7

 
34.3

 
—

 
45.0

Cash and cash equivalents, end of year
$
1.0

 
$
13.4

 
$
37.4

 
$
—

 
$
51.8