Consolidating Financial Information (Tables)

6 Months Ended

Jun. 28, 2014

Condensed Consolidating Statement of Income (Loss)



	Condensed Consolidating Statement of Comprehensive Income Quarter Ended June 28, 2014
	Parent Company		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Net sales	$	1,186,489	$	190,946		$	607,973	$	(643,356	)	$	1,342,052
Cost of sales	897,376		90,178			458,668		(608,524		)	837,698
Gross profit	289,113		100,768			149,305		(34,832		)	504,354
Selling, general and administrative expenses	215,474		53,922			29,619		(1,785		)	297,230
Operating profit	73,639		46,846			119,686		(33,047		)	207,124
Equity in earnings of subsidiaries	120,322		93,613			—		(213,935		)	—
Other expenses	660		—			—		—			660
Interest expense, net	19,058		(88		)	1,979		170			21,119
Income before income tax expense	174,243		140,547			117,707		(247,152		)	185,345
Income tax expense	19,665		8,070			3,032		—			30,767
Net income	$	154,578	$	132,477		$	114,675	$	(247,152	)	$	154,578

Comprehensive income	$	158,546	$	132,477		$	117,159	$	(249,636	)	$	158,546



	Condensed Consolidating Statement of Comprehensive Income Quarter Ended June 29, 2013
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Net sales	$	1,054,318	$	168,376	$	603,380	$	(626,869	)	$	1,199,205
Cost of sales	813,705		78,781		463,089		(591,852		)	763,723
Gross profit	240,613		89,595		140,291		(35,017		)	435,482
Selling, general and administrative expenses	188,889		35,823		30,651		(1,328		)	254,035
Operating profit	51,724		53,772		109,640		(33,689		)	181,447
Equity in earnings of subsidiaries	112,006		78,211		—		(190,217		)	—
Other expenses	751		—		—		—			751
Interest expense, net	23,756		—		1,465		—			25,221
Income before income tax expense	139,223		131,983		108,175		(223,906		)	155,475
Income tax expense	17,637		7,754		8,498		—			33,889
Net income	$	121,586	$	124,229	$	99,677	$	(223,906	)	$	121,586

Comprehensive income	$	118,326	$	124,229	$	163,602	$	(287,831	)	$	118,326



	Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 28, 2014
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Net sales	$	2,078,819	$	410,896	$	1,168,159	$	(1,256,452	)	$	2,401,422
Cost of sales	1,618,522		223,659		889,218		(1,191,108		)	1,540,291
Gross profit	460,297		187,237		278,941		(65,344		)	861,131
Selling, general and administrative expenses	406,179		123,945		56,098		(4,003		)	582,219
Operating profit	54,118		63,292		222,843		(61,341		)	278,912
Equity in earnings of subsidiaries	205,387		168,473		—		(373,860		)	—
Other expenses	1,095		—		—		—			1,095
Interest expense, net	36,942		1,898		4,035		62			42,937
Income before income tax expense	221,468		229,867		218,808		(435,263		)	234,880
Income tax expense	25,330		5,756		7,656		—			38,742
Net income	$	196,138	$	224,111	$	211,152	$	(435,263	)	$	196,138

Comprehensive income	$	199,325	$	224,111	$	211,371	$	(435,482	)	$	199,325



	Condensed Consolidating Statement of Comprehensive Income Six Months Ended June 29, 2013
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Net sales	$	1,915,073	$	301,082	$	1,147,681	$	(1,219,170	)	$	2,144,666
Cost of sales	1,497,562		142,259		902,076		(1,160,012		)	1,381,885
Gross profit	417,511		158,823		245,605		(59,158		)	762,781
Selling, general and administrative expenses	362,837		74,131		61,748		(2,525		)	496,191
Operating profit	54,674		84,692		183,857		(56,633		)	266,590
Equity in earnings of subsidiaries	187,866		128,030		—		(315,896		)	—
Other expenses	1,215		—		—		—			1,215
Interest expense, net	47,909		—		2,935		—			50,844
Income before income tax expense	193,416		212,722		180,922		(372,529		)	214,531
Income tax expense	20,451		9,129		11,986		—			41,566
Net income	$	172,965	$	203,593	$	168,936	$	(372,529	)	$	172,965

Comprehensive income	$	171,061	$	203,593	$	162,637	$	(366,230	)	$	171,061



	Condensed Consolidating Balance Sheet June 28, 2014
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Assets
Cash and cash equivalents	$	3,433	$	4,898	$	135,286	$	—		$	143,617
Trade accounts receivable, net	132,718		58,621		589,182		(1,001		)	779,520
Inventories	1,007,306		129,194		467,083		(201,968		)	1,401,615
Deferred tax assets	179,483		15,373		3,293		—			198,149
Other current assets	36,539		9,126		19,170		—			64,835
Total current assets	1,359,479		217,212		1,214,014		(202,969		)	2,587,736
Property, net	83,514		47,540		440,690		—			571,744
Trademarks and other identifiable intangibles, net	6,261		83,784		277,775		—			367,820
Goodwill	232,882		124,247		269,439		—			626,568
Investments in subsidiaries	3,112,658		1,703,831		—		(4,816,489		)	—
Deferred tax assets	140,190		53,317		15,196		—			208,703
Receivables from related entities	4,799,460		4,215,846		1,985,892		(11,001,198		)	—
Other noncurrent assets	50,554		373		1,520		—			52,447
Total assets	$	9,784,998	$	6,446,150	$	4,204,526	$	(16,020,656	)	$	4,415,018

Liabilities and Stockholders’ Equity
Accounts payable	$	361,694	$	17,150	$	184,914	$	—		$	563,758
Accrued liabilities	209,203		37,972		78,952		(349		)	325,778
Notes payable	—		—		40,802		—			40,802
Accounts Receivable Securitization Facility	—		—		225,000		—			225,000
Total current liabilities	570,897		55,122		529,668		(349		)	1,155,338
Long-term debt	1,523,000		—		—		—			1,523,000
Pension and postretirement benefits	211,642		—		8,372		—			220,014
Payables to related entities	5,986,970		3,155,251		1,571,663		(10,713,884		)	—
Other noncurrent liabilities	114,061		12,887		11,143		147			138,238
Total liabilities	8,406,570		3,223,260		2,120,846		(10,714,086		)	3,036,590
Stockholders’ equity	1,378,428		3,222,890		2,083,680		(5,306,570		)	1,378,428
Total liabilities and stockholders’ equity	$	9,784,998	$	6,446,150	$	4,204,526	$	(16,020,656	)	$	4,415,018

Condensed Consolidating Balance Sheet



	Condensed Consolidating Balance Sheet June 28, 2014
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Assets
Cash and cash equivalents	$	3,433	$	4,898	$	135,286	$	—		$	143,617
Trade accounts receivable, net	132,718		58,621		589,182		(1,001		)	779,520
Inventories	1,007,306		129,194		467,083		(201,968		)	1,401,615
Deferred tax assets	179,483		15,373		3,293		—			198,149
Other current assets	36,539		9,126		19,170		—			64,835
Total current assets	1,359,479		217,212		1,214,014		(202,969		)	2,587,736
Property, net	83,514		47,540		440,690		—			571,744
Trademarks and other identifiable intangibles, net	6,261		83,784		277,775		—			367,820
Goodwill	232,882		124,247		269,439		—			626,568
Investments in subsidiaries	3,112,658		1,703,831		—		(4,816,489		)	—
Deferred tax assets	140,190		53,317		15,196		—			208,703
Receivables from related entities	4,799,460		4,215,846		1,985,892		(11,001,198		)	—
Other noncurrent assets	50,554		373		1,520		—			52,447
Total assets	$	9,784,998	$	6,446,150	$	4,204,526	$	(16,020,656	)	$	4,415,018

Liabilities and Stockholders’ Equity
Accounts payable	$	361,694	$	17,150	$	184,914	$	—		$	563,758
Accrued liabilities	209,203		37,972		78,952		(349		)	325,778
Notes payable	—		—		40,802		—			40,802
Accounts Receivable Securitization Facility	—		—		225,000		—			225,000
Total current liabilities	570,897		55,122		529,668		(349		)	1,155,338
Long-term debt	1,523,000		—		—		—			1,523,000
Pension and postretirement benefits	211,642		—		8,372		—			220,014
Payables to related entities	5,986,970		3,155,251		1,571,663		(10,713,884		)	—
Other noncurrent liabilities	114,061		12,887		11,143		147			138,238
Total liabilities	8,406,570		3,223,260		2,120,846		(10,714,086		)	3,036,590
Stockholders’ equity	1,378,428		3,222,890		2,083,680		(5,306,570		)	1,378,428
Total liabilities and stockholders’ equity	$	9,784,998	$	6,446,150	$	4,204,526	$	(16,020,656	)	$	4,415,018



	Condensed Consolidating Balance Sheet December 28, 2013
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Assets
Cash and cash equivalents	$	5,695	$	7,811	$	102,357	$	—		$	115,863
Trade accounts receivable, net	44,366		69,944		465,662		(1,414		)	578,558
Inventories	825,300		208,250		405,756		(155,975		)	1,283,331
Deferred tax assets	178,732		15,373		3,155		—			197,260
Other current assets	37,429		14,354		16,871		—			68,654
Total current assets	1,091,522		315,732		993,801		(157,389		)	2,243,666
Property, net	82,786		50,193		446,904		—			579,883
Trademarks and other identifiable intangibles, net	8,385		88,716		280,650		—			377,751
Goodwill	232,882		124,247		269,263		—			626,392
Investments in subsidiaries	2,881,739		1,535,404		—		(4,417,143		)	—
Deferred tax assets	139,102		53,317		15,007		—			207,426
Receivables from related entities	4,706,001		4,065,909		1,987,603		(10,759,513		)	—
Other noncurrent assets	52,712		412		1,806		—			54,930
Total assets	$	9,195,129	$	6,233,930	$	3,995,034	$	(15,334,045	)	$	4,090,048

Liabilities and Stockholders’ Equity
Accounts payable	$	253,494	$	61,964	$	150,812	$	—		$	466,270
Accrued liabilities	184,653		63,906		66,497		(30		)	315,026
Notes payable	—		—		36,192		—			36,192
Accounts Receivable Securitization Facility	—		—		181,790		—			181,790
Total current liabilities	438,147		125,870		435,291		(30		)	999,278
Long-term debt	1,467,000		—		—		—			1,467,000
Pension and postretirement benefits	253,299		2,159		8,361		—			263,819
Payables to related entities	5,699,670		3,114,701		1,673,828		(10,488,199		)	—
Other noncurrent liabilities	106,390		11,318		11,620		—			129,328
Total liabilities	7,964,506		3,254,048		2,129,100		(10,488,229		)	2,859,425
Stockholders’ equity	1,230,623		2,979,882		1,865,934		(4,845,816		)	1,230,623
Total liabilities and stockholders’ equity	$	9,195,129	$	6,233,930	$	3,995,034	$	(15,334,045	)	$	4,090,048



	Condensed Consolidating Statement of Cash Flows Six Months Ended June 28, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Entries and Eliminations			Consolidated
Net cash from operating activities	$	210,832		$	150,068		$	18,064		$	(374,026	)	$	4,938
Investing activities:
Purchases of property, plant and equipment	(6,995		)	(3,194		)	(14,396		)	—			(24,585		)
Proceeds from sales of assets	—			—			4,918			—			4,918
Net cash from investing activities	(6,995		)	(3,194		)	(9,478		)	—			(19,667		)
Financing activities:
Borrowings on notes payable	—			—			66,737			—			66,737
Repayments on notes payable	—			—			(61,957		)	—			(61,957		)
Borrowings on Accounts Receivable Securitization Facility	—			—			115,609			—			115,609
Repayments on Accounts Receivable Securitization Facility	—			—			(72,399		)	—			(72,399		)
Borrowings on Revolving Loan Facility	1,782,500			—			—			—			1,782,500
Repayments on Revolving Loan Facility	(1,726,500		)	—			—			—			(1,726,500		)
Cash dividends paid	(59,731		)	—			—			—			(59,731		)
Taxes paid related to net shares settlement of equity awards	(10,342		)	—			—			—			(10,342		)
Excess tax benefit from stock-based compensation	7,895			—			—			—			7,895
Other	1,146			—			(486		)	146			806
Net transactions with related entities	(201,067		)	(149,787		)	(23,026		)	373,880			—
Net cash from financing activities	(206,099		)	(149,787		)	24,478			374,026			42,618
Effect of changes in foreign exchange rates on cash	—			—			(135		)	—			(135		)
Change in cash and cash equivalents	(2,262		)	(2,913		)	32,929			—			27,754
Cash and cash equivalents at beginning of year	5,695			7,811			102,357			—			115,863
Cash and cash equivalents at end of period	$	3,433		$	4,898		$	135,286		$	—		$	143,617

Condensed Consolidating Statement of Cash Flows



	Condensed Consolidating Statement of Cash Flows Six Months Ended June 28, 2014
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Entries and Eliminations			Consolidated
Net cash from operating activities	$	210,832		$	150,068		$	18,064		$	(374,026	)	$	4,938
Investing activities:
Purchases of property, plant and equipment	(6,995		)	(3,194		)	(14,396		)	—			(24,585		)
Proceeds from sales of assets	—			—			4,918			—			4,918
Net cash from investing activities	(6,995		)	(3,194		)	(9,478		)	—			(19,667		)
Financing activities:
Borrowings on notes payable	—			—			66,737			—			66,737
Repayments on notes payable	—			—			(61,957		)	—			(61,957		)
Borrowings on Accounts Receivable Securitization Facility	—			—			115,609			—			115,609
Repayments on Accounts Receivable Securitization Facility	—			—			(72,399		)	—			(72,399		)
Borrowings on Revolving Loan Facility	1,782,500			—			—			—			1,782,500
Repayments on Revolving Loan Facility	(1,726,500		)	—			—			—			(1,726,500		)
Cash dividends paid	(59,731		)	—			—			—			(59,731		)
Taxes paid related to net shares settlement of equity awards	(10,342		)	—			—			—			(10,342		)
Excess tax benefit from stock-based compensation	7,895			—			—			—			7,895
Other	1,146			—			(486		)	146			806
Net transactions with related entities	(201,067		)	(149,787		)	(23,026		)	373,880			—
Net cash from financing activities	(206,099		)	(149,787		)	24,478			374,026			42,618
Effect of changes in foreign exchange rates on cash	—			—			(135		)	—			(135		)
Change in cash and cash equivalents	(2,262		)	(2,913		)	32,929			—			27,754
Cash and cash equivalents at beginning of year	5,695			7,811			102,357			—			115,863
Cash and cash equivalents at end of period	$	3,433		$	4,898		$	135,286		$	—		$	143,617



	Condensed Consolidating Statement of Cash Flows Six Months Ended June 29, 2013
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Entries and Eliminations			Consolidated
Net cash from operating activities	$	165,172		$	105,792		$	63,256		$	(315,894	)	$	18,326
Investing activities:
Purchases of property, plant and equipment	(7,729		)	(2,037		)	(10,024		)	—			(19,790		)
Proceeds from sales of assets	3,402			26			189			—			3,617
Net cash from investing activities	(4,327		)	(2,011		)	(9,835		)	—			(16,173		)
Financing activities:
Borrowings on notes payable	—			—			62,954			—			62,954
Repayments on notes payable	—			—			(58,671		)	—			(58,671		)
Borrowings on Accounts Receivable Securitization Facility	—			—			81,358			—			81,358
Repayments on Accounts Receivable Securitization Facility	—			—			(84,715		)	—			(84,715		)
Borrowings on Revolving Loan Facility	1,970,000			—			—			—			1,970,000
Repayments on Revolving Loan Facility	(1,913,000		)	—			—			—			(1,913,000		)
Cash dividends paid	(19,797		)	—			—			—			(19,797		)
Proceeds from stock options exercised	5,279			—			—			—			5,279
Taxes paid related to net shares settlement of equity awards	(20,004		)	—			—			—			(20,004		)
Excess tax benefit from stock-based compensation	14,892			—			—			—			14,892
Other	536			—			(274		)	(3		)	259
Net transactions with related entities	(198,788		)	(102,206		)	(14,903		)	315,897			—
Net cash from financing activities	(160,882		)	(102,206		)	(14,251		)	315,894			38,555
Effect of changes in foreign exchange rates on cash	—			—			(1,199		)	—			(1,199		)
Change in cash and cash equivalents	(37		)	1,575			37,971			—			39,509
Cash and cash equivalents at beginning of year	5,617			1,919			35,260			—			42,796
Cash and cash equivalents at end of period	$	5,580		$	3,494		$	73,231		$	—		$	82,305