Consolidating Financial Information (Tables)

6 Months Ended

Jul. 04, 2015

Text Block [Abstract]

Condensed Consolidating Statement of Income (Loss)

	Condensed Consolidating Statement of Comprehensive Income Quarter Ended July 4, 2015
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Net sales	$	1,205,550	$	242,526	$	756,240	$	(682,283	)	$	1,522,033
Cost of sales	932,461		129,200		550,424		(658,277		)	953,808
Gross profit	273,089		113,326		205,816		(24,006		)	568,225
Selling, general and administrative expenses	243,596		52,772		133,428		(504		)	429,292
Operating profit	29,493		60,554		72,388		(23,502		)	138,933
Equity in earnings of subsidiaries	90,055		66,942		—		(156,997		)	—
Other expenses	830		—		—		—			830
Interest expense, net	21,578		—		7,634		(192		)	29,020
Income before income tax expense	97,140		127,496		64,754		(180,307		)	109,083
Income tax expense	2,238		11,297		646					14,181
Net income	$	94,902	$	116,199	$	64,108	$	(180,307	)	$	94,902
Comprehensive income	$	94,396	$	116,199	$	70,011	$	(186,210	)	$	94,396

	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 Six Months Ended July 4, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Net sales	$	2,156,640		$	395,700		$	1,548,252	$	(1,369,638	)	$	2,730,954
Cost of sales	1,705,350			203,510			1,150,834		(1,343,196		)	1,716,498
Gross profit	451,290			192,190			397,418		(26,442		)	1,014,456
Selling, general and administrative expenses	468,278			105,636			213,882		(2,204		)	785,592
Operating profit	(16,988		)	86,554			183,536		(24,238		)	228,864
Equity in earnings of subsidiaries	221,221			175,112			—		(396,333		)	—
Other expenses	1,212			—			—		—			1,212
Interest expense, net	40,701			(4		)	15,416		(206		)	55,907
Income before income tax expense	162,320			261,670			168,120		(420,365		)	171,745
Income tax expense	14,782			207			9,218		—			24,207
Net income	$	147,538		$	261,463		$	158,902	$	(420,365	)	$	147,538
Comprehensive income	$	151,875		$	261,463		$	160,415	$	(421,878	)	$	151,875

	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 Balance Sheet

	Condensed Consolidating Balance Sheet July 4, 2015
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Assets
Cash and cash equivalents	$	37,210	$	12,541	$	265,603	$	—		$	315,354
Trade accounts receivable, net	109,247		104,605		622,557		(1,110		)	835,299
Inventories	1,105,921		179,184		651,750		(170,094		)	1,766,761
Deferred tax assets	198,997		4,194		11,277		—			214,468
Other current assets	84,115		10,146		70,179		—			164,440
Total current assets	1,535,490		310,670		1,621,366		(171,204		)	3,296,322
Property, net	94,661		39,827		524,301		—			658,789
Trademarks and other identifiable intangibles, net	3,817		135,849		574,117		—			713,783
Goodwill	232,882		244,640		357,505		—			835,027
Investments in subsidiaries	4,157,147		2,016,195		—		(6,173,342		)	—
Deferred tax assets	200,363		74,734		15,976		—			291,073
Receivables from related entities	4,905,444		4,711,239		2,203,829		(11,820,512		)	—
Other noncurrent assets	61,515		426		15,446		—			77,387
Total assets	$	11,191,319	$	7,533,580	$	5,312,540	$	(18,165,058	)	$	5,872,381
Liabilities and Stockholders’  Equity
Accounts payable	$	371,318	$	30,282	$	259,769	$	—		$	661,369
Accrued liabilities	184,331		50,106		239,456		(955		)	472,938
Notes payable	—		—		112,818		—			112,818
Accounts Receivable Securitization Facility	—		—		232,134		—			232,134
Current portion of long-term debt	25,500		—		8,931		—			34,431
Total current liabilities	581,149		80,388		853,108		(955		)	1,513,690
Long-term debt	1,818,125		—		399,635		—			2,217,760
Pension and postretirement benefits	299,136		—		65,297		—			364,433
Payables to related entities	6,902,814		3,488,083		1,421,260		(11,812,157		)	—
Other noncurrent liabilities	138,323		31,423		154,980		—			324,726
Total liabilities	9,739,547		3,599,894		2,894,280		(11,813,112		)	4,420,609
Stockholders’ equity	1,451,772		3,933,686		2,418,260		(6,351,946		)	1,451,772
Total liabilities and stockholders’ equity	$	11,191,319	$	7,533,580	$	5,312,540	$	(18,165,058	)	$	5,872,381

	Condensed Consolidating Balance Sheet January 3, 2015
	Parent Company		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Consolidating Entries and Eliminations			Consolidated
Assets
Cash and cash equivalents	$	10,910	$	10,796	$	218,149	$	—		$	239,855
Trade accounts receivable, net	73,794		37,511		561,514		(771		)	672,048
Inventories	958,376		120,341		607,356		(148,873		)	1,537,200
Deferred tax assets	200,050		3,515		11,500		—			215,065
Other current assets	38,446		11,224		51,394		—			101,064
Total current assets	1,281,576		183,387		1,449,913		(149,644		)	2,765,232
Property, net	88,599		46,221		539,559		—			674,379
Trademarks and other identifiable intangibles, net	4,102		79,393		607,706		—			691,201
Goodwill	232,881		124,247		365,992		—			723,120
Investments in subsidiaries	3,732,783		1,792,790		—		(5,525,573		)	—
Deferred tax assets	202,910		74,735		16,702		—			294,347
Receivables from related entities	4,585,755		4,471,644		2,087,280		(11,144,679		)	—
Other noncurrent assets	55,540		428		17,534		—			73,502
Total assets	$	10,184,146	$	6,772,845	$	5,084,686	$	(16,819,896	)	$	5,221,781
Liabilities and Stockholders’  Equity
Accounts payable	$	353,799	$	11,925	$	255,496	$	—		$	621,220
Accrued liabilities	190,739		61,339		242,437		1,112			495,627
Notes payable	—		—		144,438		—			144,438
Accounts Receivable Securitization Facility	—		—		210,963		—			210,963
Current portion of long-term debt	—		—		14,354		—			14,354
Total current liabilities	544,538		73,264		867,688		1,112			1,486,602
Long-term debt	1,176,500		—		437,497		—			1,613,997
Pension and postretirement benefits	399,931		—		72,072		—			472,003
Payables to related entities	6,544,095		3,270,513		1,330,071		(11,144,679		)	—
Other noncurrent liabilities	132,310		12,609		118,287		(799		)	262,407
Total liabilities	8,797,374		3,356,386		2,825,615		(11,144,366		)	3,835,009
Stockholders’ equity	1,386,772		3,416,459		2,259,071		(5,675,530		)	1,386,772
Total liabilities and stockholders’ equity	$	10,184,146	$	6,772,845	$	5,084,686	$	(16,819,896	)	$	5,221,781

	Condensed Consolidating Statement of Cash Flows Six Months Ended July 4, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Entries and Eliminations			Consolidated
Net cash from operating activities	$	(62,363	)	$	168,523		$	67,285		$	(406,513	)	$	(233,068	)
Investing activities:
Purchases of property, plant and equipment	(10,280		)	(7,301		)	(38,657		)	—			(56,238		)
Proceeds from sales of assets	18			4,330			797			—			5,145
Acquisition of business, net of cash acquired	—			(193,461		)	—			—			(193,461		)
Net cash from investing activities	(10,262		)	(196,432		)	(37,860		)	—			(244,554		)
Financing activities:
Borrowings on notes payable	—			—			177,730			—			177,730
Repayments on notes payable	—			—			(200,706		)	—			(200,706		)
Borrowings on Accounts Receivable Securitization Facility	—			—			134,339			—			134,339
Repayments on Accounts Receivable Securitization Facility	—			—			(113,168		)	—			(113,168		)
Borrowings on Revolving Loan Facility	2,794,000			—			—			—			2,794,000
Repayments on Revolving Loan Facility	(2,970,500		)	—			—			—			(2,970,500		)
Repayments on Euro Term Loan Facility	—			—			(2,004		)	—			(2,004		)
Borrowings on Term Loan A Facility	425,000			—			—			—			425,000
Repayments on Term Loan A Facility	(5,313		)	—			—			—			(5,313		)
Borrowings on Term Loan B Facility	425,000			—			—			—			425,000
Repayments on Term Loan B Facility	(1,063		)	—			—			—			(1,063		)
Cash dividends paid	(81,470		)	—			—			—			(81,470		)
Taxes paid related to net shares settlement of equity awards	(47,432		)	—			—			—			(47,432		)
Excess tax benefit from stock-based compensation	34,127			—			—			—			34,127
Other	1,697			—			(14,337		)	801			(11,839		)
Net transactions with related entities	(475,121		)	29,654			39,755			405,712			—
Net cash from financing activities	98,925			29,654			21,609			406,513			556,701
Effect of changes in foreign exchange rates on cash	—			—			(3,580		)	—			(3,580		)
Change in cash and cash equivalents	26,300			1,745			47,454			—			75,499
Cash and cash equivalents at beginning of year	10,910			10,796			218,149			—			239,855
Cash and cash equivalents at end of period	$	37,210		$	12,541		$	265,603		$	—		$	315,354

Condensed Consolidating Statement of Cash Flows

	Condensed Consolidating Statement of Cash Flows Six Months Ended July 4, 2015
	Parent Company			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidating Entries and Eliminations			Consolidated
Net cash from operating activities	$	(62,363	)	$	168,523		$	67,285		$	(406,513	)	$	(233,068	)
Investing activities:
Purchases of property, plant and equipment	(10,280		)	(7,301		)	(38,657		)	—			(56,238		)
Proceeds from sales of assets	18			4,330			797			—			5,145
Acquisition of business, net of cash acquired	—			(193,461		)	—			—			(193,461		)
Net cash from investing activities	(10,262		)	(196,432		)	(37,860		)	—			(244,554		)
Financing activities:
Borrowings on notes payable	—			—			177,730			—			177,730
Repayments on notes payable	—			—			(200,706		)	—			(200,706		)
Borrowings on Accounts Receivable Securitization Facility	—			—			134,339			—			134,339
Repayments on Accounts Receivable Securitization Facility	—			—			(113,168		)	—			(113,168		)
Borrowings on Revolving Loan Facility	2,794,000			—			—			—			2,794,000
Repayments on Revolving Loan Facility	(2,970,500		)	—			—			—			(2,970,500		)
Repayments on Euro Term Loan Facility	—			—			(2,004		)	—			(2,004		)
Borrowings on Term Loan A Facility	425,000			—			—			—			425,000
Repayments on Term Loan A Facility	(5,313		)	—			—			—			(5,313		)
Borrowings on Term Loan B Facility	425,000			—			—			—			425,000
Repayments on Term Loan B Facility	(1,063		)	—			—			—			(1,063		)
Cash dividends paid	(81,470		)	—			—			—			(81,470		)
Taxes paid related to net shares settlement of equity awards	(47,432		)	—			—			—			(47,432		)
Excess tax benefit from stock-based compensation	34,127			—			—			—			34,127
Other	1,697			—			(14,337		)	801			(11,839		)
Net transactions with related entities	(475,121		)	29,654			39,755			405,712			—
Net cash from financing activities	98,925			29,654			21,609			406,513			556,701
Effect of changes in foreign exchange rates on cash	—			—			(3,580		)	—			(3,580		)
Change in cash and cash equivalents	26,300			1,745			47,454			—			75,499
Cash and cash equivalents at beginning of year	10,910			10,796			218,149			—			239,855
Cash and cash equivalents at end of period	$	37,210		$	12,541		$	265,603		$	—		$	315,354

	Condensed Consolidating Statement of Cash Flow 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