Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed consolidating balance sheets

Condensed Consolidating Balance Sheets

As of December 31, 2018

(In millions)

(Amounts in millions)	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	1.8		$	15.4	$	29.1		$	—		$	46.3
Accounts and notes receivable, net	—			44.3		428.4			—			472.7
Inventories, net	—			411.4		103.9			(5.5		)	509.8
Other assets	3.3			36.2		54.7			(33.6		)	60.6
Total current assets	5.1			507.3		616.1			(39.1		)	1,089.4
Property, plant and equipment, net	—			293.3		118.6			(3.6		)	408.3
Goodwill	—			166.1		20.5			—			186.6
Investment in subsidiaries	1,311.9			357.8		(0.5		)	(1,669.2		)	—
Deferred income taxes	1.4			54.4		23.4			(12.2		)	67.0
Other assets, net	1.5			48.1		17.8			(1.5		)	65.9
Intercompany (payables) receivables, net	(715.5		)	675.8		142.6			(102.9		)	—
Total assets	$	604.4		$	2,102.8	$	938.5		$	(1,828.5	)	$	1,817.2
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Current liabilities:
Short-term debt	$	—		$	—	$	—		$	—		$	—
Current maturities of long-term debt	29.4			2.8		268.6			—			300.8
Accounts payable	25.5			295.7		112.1			—			433.3
Accrued expenses	12.1			213.8		46.4			—			272.3
Income taxes payable	(38.5		)	40.6		50.8			(50.8		)	2.1
Total current liabilities	28.5			552.9		477.9			(50.8		)	1,008.5
Long-term debt	724.9			15.0		0.6			—			740.5
Pensions	—			75.1		7.7			—			82.8
Other liabilities	0.6			126.4		8.0			—			135.0
Total liabilities	754.0			769.4		494.2			(50.8		)	1,966.8
Commitments and contingencies
Total stockholders’ (deficit) equity	(149.6		)	1,333.4		444.3			(1,777.7		)	(149.6		)
Total liabilities and stockholders’ (deficit) equity	$	604.4		$	2,102.8	$	938.5		$	(1,828.5	)	$	1,817.2

Condensed Consolidating Balance Sheets

As of December 31, 2017

(In millions)

(Amounts in millions)	Parent			Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current Assets:
Cash and cash equivalents	$	1.6		$	28.0	$	38.6		$	—		$	68.2
Accounts and notes receivable, net	—			35.3		471.2			—			506.5
Inventories, net	—			355.7		131.9			(3.4		)	484.2
Other assets	16.2			23.1		67.5			(28.4		)	78.4
Total current assets	17.8			442.1		709.2			(31.8		)	1,137.3
Property, plant and equipment, net	—			257.6		144.4			(4.2		)	397.8
Goodwill	—			134.9		65.6			—			200.5
Investment in subsidiaries	1,257.7			365.8		(0.6		)	(1,622.9		)	—
Deferred income taxes	3.9			69.1		33.6			(12.2		)	94.4
Other assets, net	2.1			41.3		19.6			(1.5		)	61.5
Intercompany (payables) receivables, net	(559.3		)	554.7		107.4			(102.8		)	—
Total assets	$	722.2		$	1,865.5	$	1,079.2		$	(1,775.4	)	$	1,891.5
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Short-term debt	$	—		$	—	$	0.9		$	—		$	0.9
Current maturities of long-term debt	29.4			2.9		0.3			—			32.6
Accounts payable	21.3			228.0		99.3			—			348.6
Accrued expenses	3.1			209.4		57.8			—			270.3
Income taxes payable	(64.5		)	56.5		60.9			(50.8		)	2.1
Total current liabilities	(10.7		)	496.8		219.2			(50.8		)	654.5
Long-term debt	682.8			11.7		276.0			—			970.5
Pensions	—			74.7		9.8			—			84.5
Other liabilities	—			123.2		8.7			—			131.9
Total liabilities	672.1			706.4		513.7			(50.8		)	1,841.4
Commitments and contingencies
Total stockholders’ equity (deficit)	50.1			1,159.1		565.5			(1,724.6		)	50.1
Total liabilities and stockholders’ equity (deficit)	$	722.2		$	1,865.5	$	1,079.2		$	(1,775.4	)	$	1,891.5

Condensed consolidating statements of operations and comprehensive income

Condensed Consolidating Statements of Operations and Comprehensive Income

For the Year Ended December 31, 2018

(In millions)

(Amounts in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	—		$	3,473.2		$	1,129.6		$	(718.9	)	$	3,883.9
Cost of goods sold	—			2,500.6			988.7			(716.6		)	2,772.7
Gross profit	—			972.6			140.9			(2.3		)	1,111.2
Operating expenses:
Selling, general and administrative expenses	—			555.3			53.6			(0.7		)	608.2
Losses (gains) and other expenses, net	2.0			5.4			6.3			(0.3		)	13.4
Restructuring charges	—			1.1			1.9			—			3.0
Pension settlement	—			—			0.4			—			0.4
Loss (gain), net on sale of businesses and related property	—			40.3			(13.3		)	—			27.0
Insurance proceeds for lost profits	—			(27.4		)	—			—			(27.4		)
Gain from insurance recoveries, net of losses incurred	—			(10.9		)	—			—			(10.9		)
Income from equity method investments	(367.4		)	(70.3		)	(9.9		)	435.6			(12.0		)
Operating income	365.4			479.1			101.9			(436.9		)	509.5
Interest expense, net	9.0			18.5			10.8			—			38.3
Other expense (income), net	—			1.5			1.8			—			3.3
Income from continuing operations before income taxes	356.4			459.1			89.3			(436.9		)	467.9
Provision for income taxes	(2.6		)	92.1			18.0			0.1			107.6
Income from continuing operations	359.0			367.0			71.3			(437.0		)	360.3
Loss from discontinued operations	—			—			(1.3		)	—			(1.3		)
Net income	$	359.0		$	367.0		$	70.0		$	(437.0	)	$	359.0
Other comprehensive (loss) income	$	(15.4	)	$	(15.3	)	$	(0.7	)	$	—		$	(31.4	)
Comprehensive Income	$	343.6		$	351.7		$	69.3		$	(437.0	)	$	327.6

Condensed Consolidating Statements of Operations and Comprehensive Income

For the Year Ended December 31, 2017

(In millions)

(Amounts in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	3,295.8		$	1,144.2		$	(600.4	)	$	3,839.6
Cost of goods sold	—			2,359.6			953.6			(598.8		)	2,714.4
Gross profit	—			936.2			190.6			(1.6		)	1,125.2
Operating expenses:
Selling, general and administrative expenses	—			553.6			85.0			(0.9		)	637.7
Losses (gains) and other expenses, net	2.0			3.3			1.9			(0.1		)	7.1
Restructuring charges	—			2.1			1.1			—			3.2
Loss (gain), net on sale of businesses and related property	—			1.1			—			—			1.1
(Income) loss from equity method investments	(324.3		)	(74.9		)	(14.5		)	395.3			(18.4		)
Operational income	322.3			451.0			117.1			(395.9		)	494.5
Interest expense, net	26.9			(2.7		)	6.4			—			30.6
Other income, net	—			—			(0.1		)	—			(0.1		)
Income from continuing operations before income taxes	295.4			453.7			110.8			(395.9		)	464.0
Provision for income taxes	(10.3		)	136.2			31.2			(0.2		)	156.9
Income from continuing operations	305.7			317.5			79.6			(395.7		)	307.1
Loss from discontinued operations	—			—			(1.4		)	—			(1.4		)
Net income	$	305.7		$	317.5		$	78.2		$	(395.7	)	$	305.7
Other comprehensive income	$	1.7		$	5.5		$	30.5		$	—		$	37.7
Comprehensive income	$	307.4		$	323.0		$	108.7		$	(395.7	)	$	343.4

Condensed Consolidating Statements of Operations and Comprehensive Income

For the Year Ended December 31, 2016

(In millions)

(Amounts in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net Sales	$	—		$	3,117.6		$	728.0		$	(204.0	)	$	3,641.6
Cost of goods sold	—			2,203.8			564.5			(203.2		)	2,565.1
Gross profit	—			913.8			163.5			(0.8		)	1,076.5
Operating expenses:
Selling, general and administrative expenses	—			524.3			96.7			—			621.0
(Gains) losses and other expenses, net	(3.3		)	9.7			5.1			(0.2		)	11.3
Restructuring charges	—			1.9			(0.1		)	—			1.8
Pension settlement	—			30.5			0.9			—			31.4
(Income) loss from equity method investments	(292.4		)	(40.7		)	(14.4		)	329.1			(18.4		)
Operational income	295.7			388.1			75.3			(329.7		)	429.4
Interest expense, net	24.4			(2.2		)	4.8			—			27.0
Other income, net	—			—			(0.3		)	—			(0.3		)
Income from continuing operations before income taxes	271.3			390.3			70.8			(329.7		)	402.7
Provision for income taxes	(6.5		)	108.2			22.6			(0.2		)	124.1
Income from continuing operations	277.8			282.1			48.2			(329.5		)	278.6
Loss from discontinued operations	—			—			(0.8		)	—			(0.8		)
Net income	$	277.8		$	282.1		$	47.4		$	(329.5	)	$	277.8
Other comprehensive income (loss)	$	14.0		$	8.5		$	(14.2	)	$	1.3		$	9.6
Comprehensive Income	$	291.8		$	290.6		$	33.2		$	(328.2	)	$	287.4

Condensed consolidating statements of cash flows

Condensed Consolidating Statements of Cash Flows

For the Year Ended December 31, 2018

(In millions)

(Amounts in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:	$	53.7		$	477.9		$	(36.1	)	$	—	$	495.5
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	—			—			0.1			—		0.1
Purchases of property, plant and equipment	—			(76.0		)	(19.2		)	—		(95.2		)
Net proceeds from sale of businesses and related property	—			2.7			112.0			—		114.7
Insurance recoveries received for property damage incurred from natural disaster	—			10.9			—			—		10.9
Net cash used in investing activities	—			(62.4		)	92.9			—		30.5
Cash flows from financing activities:
Short-term borrowings, net	—			—			—			—		—
Asset securitization borrowings	—			—			155.0			—		155.0
Asset securitization payments	—			—			(163.0		)	—		(163.0		)
Long-term debt payments	(30.0		)	(2.9		)	(0.1		)	—		(33.0		)
Borrowings from credit facility	2,435.9			—			—			—		2,435.9
Payments on credit facility	(2,365.0		)	—			—			—		(2,365.0		)
Proceeds from employee stock purchases	3.3			—			—			—		3.3
Repurchases of common stock to satisfy employee withholding tax obligations	(26.9		)	—			—			—		(26.9		)
Repurchases of common stock	(450.2		)	—			—			—		(450.2		)
Intercompany debt	(14.5		)	83.3			(68.8		)	—		—
Intercompany financing activity	487.8			(508.5		)	20.7			—		—
Cash dividends paid	(93.9		)	—			—			—		(93.9		)
Net cash provided by (used in) financing activities	(53.5		)	(428.1		)	(56.2		)	—		(537.8		)
Increase (decrease) in cash and cash equivalents	0.2			(12.6		)	0.6			—		(11.8		)
Effect of exchange rates on cash and cash equivalents	—			—			(10.1		)	—		(10.1		)
Cash and cash equivalents, beginning of year	1.6			28.0			38.6			—		68.2
Cash and cash equivalents, end of year	$	1.8		$	15.4		$	29.1		$	—	$	46.3

Condensed Consolidating Statements of Cash Flows

For the Year Ended December 31, 2017

(In millions)

(Amounts in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:	$	467.4		$	31.1		$	(173.4	)	$	—	$	325.1
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	—			0.1			0.1			—		0.2
Purchases of property, plant and equipment	—			(70.7		)	(27.6		)	—		(98.3		)
Net cash used in investing activities	—			(70.6		)	(27.5		)	—		(98.1		)
Cash flows from financing activities:
Short-term borrowings, net	—			—			(1.5		)	—		(1.5		)
Asset securitization borrowings	—			—			315.0			—		315.0
Asset securitization payments	—			—			(89.0		)	—		(89.0		)
Borrowings from credit facility	2,376.5			—			—			—		2,376.5
Long-term debt payments	(200.0		)	(0.3		)	(0.6		)	—		(200.9		)
Payments on credit facility	(2,265.5		)	—			—			—		(2,265.5		)
Payments of deferred financing costs	—			—			(0.2		)	—		(0.2		)
Proceeds from employee stock purchases	3.1			—			—			—		3.1
Repurchases of common stock to satisfy employee withholding tax obligations	(26.1		)	—			—			—		(26.1		)
Repurchases of common stock	(250.0		)	—			—			—		(250.0		)
Intercompany debt	56.4			(34.9		)	(21.5		)	—		—
Intercompany financing activity	(81.7		)	85.6			(3.9		)	—		—
Cash dividends paid	(79.7		)	—			—			—		(79.7		)
Net cash provided by (used in) financing activities	(467.0		)	50.4			198.3			—		(218.3		)
Increase (decrease) in cash and cash equivalents	0.4			10.9			(2.6		)	—		8.7
Effect of exchange rates on cash and cash equivalents	—			—			9.3			—		9.3
Cash and cash equivalents, beginning of year	1.2			17.1			31.9			—		50.2
Cash and cash equivalents, end of year	$	1.6		$	28.0		$	38.6		$	—	$	68.2

Condensed Consolidating Statements of Cash Flows

For the Year Ended December 31, 2016

(In millions)

(Amounts in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Cash flows from operating activities:	$	17.8		$	218.5		$	137.6		$	—	$	373.9
Cash flows from investing activities:
Proceeds from the disposal of property, plant and equipment	—			—			0.2			—		0.2
Purchases of property, plant and equipment	—			(71.5		)	(12.8		)	—		(84.3		)
Net cash used in investing activities	—			(71.5		)	(12.6		)	—		(84.1		)
Cash flows from financing activities:
Short-term borrowings, net	—			—			(2.4		)	—		(2.4		)
Asset securitization borrowings	—			—			145.0			—		145.0
Asset securitization payments	—			—			(295.0		)	—		(295.0		)
Long-term debt borrowings	350.0			—			—			—		350.0
Borrowings from credit facility	2,336.5			—			—			—		2,336.5
Long-term debt payments	(57.5		)	(0.9		)	(0.4		)	—		(58.8		)
Payments on credit facility	(2,346.0		)	—			—			—		(2,346.0		)
Payments of deferred financing costs	(4.2		)	—			—			—		(4.2		)
Proceeds from employee stock purchases	2.6			—			—			—		2.6
Repurchases of common stock to satisfy employee withholding tax obligations	(33.3		)	—			—			—		(33.3		)
Repurchases of common stock	(300.0		)	—			—			—		(300.0		)
Intercompany debt	30.0			(65.8		)	35.8			—		—
Intercompany financing activity	73.8			(71.0		)	(2.8		)	—		—
Cash dividends paid	(69.0		)	—			—			—		(69.0		)
Net cash provided by (used in) financing activities	(17.1		)	(137.7		)	(119.8		)	—		(274.6		)
Increase (decrease) in cash and cash equivalents	0.7			9.3			5.2			—		15.2
Effect of exchange rates on cash and cash equivalents	—			—			(3.9		)	—		(3.9		)
Cash and cash equivalents, beginning of year	0.5			7.8			30.6			—		38.9
Cash and cash equivalents, end of year	$	1.2		$	17.1		$	31.9		$	—	$	50.2