Financial Statements of Parent Company Guarantor (Tables)

3 Months Ended

Mar. 28, 2015

Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three months ended March 28, 2015

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	1,475.0		$	—		$	1,475.0
Cost of goods sold	—			—			—			964.8			—			964.8
Gross profit	—			—			—			510.2			—			510.2
Selling, general and administrative	3.1			0.1			1.1			304.9			—			309.2
Research and development	—			—			—			29.8			—			29.8
Operating income (loss)	(3.1		)	(0.1		)	(1.1		)	175.5			—			171.2
Loss (earnings) from continuing operations of investment in subsidiaries	(120.7		)	(121.7		)	(118.5		)	—			360.9			—
Other (income) expense:
Equity income of unconsolidated subsidiaries	—			—			—			(0.5		)	—			(0.5		)
Net interest expense	—			0.9			3.5			13.8			—			18.2
Income (loss) from continuing operations before income taxes	117.6			120.7			113.9			162.2			(360.9		)	153.5
Provision (benefit) for income taxes	(0.6		)	—			—			35.9			—			35.3
Net income (loss) from continuing operations	118.2			120.7			113.9			126.3			(360.9		)	118.2
Loss from discontinued operations, net of tax	—			—			—			(4.3		)	—			(4.3		)
Earnings (loss) from discontinued operations of investment in subsidiaries	(4.3		)	(4.3		)	(4.3		)	—			12.9			—
Net income (loss)	$	113.9		$	116.4		$	109.6		$	122.0		$	(348.0	)	$	113.9
Comprehensive income (loss), net of tax
Net income (loss)	$	113.9		$	116.4		$	109.6		$	122.0		$	(348.0	)	$	113.9
Changes in cumulative translation adjustment	(174.2		)	(174.2		)	(174.2		)	(174.2		)	522.6			(174.2		)
Changes in market value of derivative financial instruments	(0.1		)	(0.1		)	(0.1		)	(0.1		)	0.3			(0.1		)
Comprehensive income (loss)	$	(60.4	)	$	(57.9	)	$	(64.7	)	$	(52.3	)	$	174.9		$	(60.4	)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three months ended March 29, 2014

In millions	Parent Company Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	1,644.0		$	—		$	1,644.0
Cost of goods sold	—			—			1,079.9			—			1,079.9
Gross profit	—			—			564.1			—			564.1
Selling, general and administrative	(0.3		)	3.3			349.5			—			352.5
Research and development	—			—			29.5			—			29.5
Operating income (loss)	0.3			(3.3		)	185.1			—			182.1
Loss (earnings) from continuing operations of investment in subsidiaries	(125.5		)	(134.0		)	—			259.5			—
Other (income) expense:
Equity income of unconsolidated subsidiaries	—			—			(0.3		)	—			(0.3		)
Net interest expense	0.3			0.9			14.9			—			16.1
Income (loss) from continuing operations before income taxes	125.5			129.8			170.5			(259.5		)	166.3
Provision for income taxes	—			—			40.8			—			40.8
Net income (loss) from continuing operations	125.5			129.8			129.7			(259.5		)	125.5
Loss from discontinued operations, net of tax	—			—			(1.3		)	—			(1.3		)
Loss from sale of discontinued operations, net of tax	—			—			(5.6		)	—			(5.6		)
Earnings (loss) from discontinued operations of investment in subsidiaries	(6.9		)	(6.9		)	—			13.8			—
Net income (loss)	$	118.6		$	122.9		$	122.8		$	(245.7	)	$	118.6
Comprehensive income (loss), net of tax
Net income (loss)	$	118.6		$	122.9		$	122.8		$	(245.7	)	$	118.6
Changes in cumulative translation adjustment	(27.9		)	(27.9		)	(27.9		)	55.8			(27.9		)
Changes in market value of derivative financial instruments	0.2			0.2			0.2			(0.4		)	0.2
Comprehensive income (loss)	$	90.9		$	95.2		$	95.1		$	(190.3	)	$	90.9

Schedule of Condensed Consolidating Balance Sheet

Consolidating Balance Sheet

March 28, 2015

In millions	Parent Company Guarantor		Subsidiary Guarantor		Subsidiary Issuer		Non-guarantor Subsidiaries		Eliminations			Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	—	$	—	$	0.2	$	130.9	$	—		$	131.1
Accounts and notes receivable, net	—		—		—		1,247.5		—			1,247.5
Inventories	—		—		—		1,177.0		—			1,177.0
Other current assets	1.5		15.7		6.5		416.5		(27.7		)	412.5
Current assets held for sale	—		—		—		8.8		—			8.8
Total current assets	1.5		15.7		6.7		2,980.7		(27.7		)	2,976.9
Property, plant and equipment, net	—		—		—		915.4		—			915.4
Other assets
Investments in subsidiaries	4,663.3		4,825.1		7,448.9		—		(16,937.3		)	—
Goodwill	—		—		—		4,671.8		—			4,671.8
Intangibles, net	—		—		—		1,559.1		—			1,559.1
Other non-current assets	115.2		—		2,008.6		294.7		(1,998.2		)	420.3
Non-current assets held for sale	—		—		—		25.9		—			25.9
Total other assets	4,778.5		4,825.1		9,457.5		6,551.5		(18,935.5		)	6,677.1
Total assets	$	4,780.0	$	4,840.8	$	9,464.2	$	10,447.6	$	(18,963.2	)	$	10,569.4
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings	$	—	$	—	$	—	$	5.6	$	—		$	5.6
Accounts payable	0.3		—		—		504.6		—			504.9
Employee compensation and benefits	0.5		0.1		—		254.3		—			254.9
Other current liabilities	64.5		1.6		13.3		602.5		(27.7		)	654.2
Current liabilities held for sale	—		—		—		11.5		—			11.5
Total current liabilities	65.3		1.7		13.3		1,378.5		(27.7		)	1,431.1
Other liabilities
Long-term debt	276.4		175.8		3,267.1		1,682.3		(1,998.2		)	3,403.4
Pension and other post-retirement compensation and benefits	—		—		—		300.9		—			300.9
Deferred tax liabilities	—		—		2.9		513.4		—			516.3
Other non-current liabilities	15.0		—		—		475.4		—			490.4
Non-current liabilities held for sale	—		—		—		4.0		—			4.0
Total liabilities	356.7		177.5		3,283.3		4,354.5		(2,025.9		)	6,146.1
Equity	4,423.3		4,663.3		6,180.9		6,093.1		(16,937.3		)	4,423.3
Total liabilities and equity	$	4,780.0	$	4,840.8	$	9,464.2	$	10,447.6	$	(18,963.2	)	$	10,569.4

Consolidating Balance Sheet

December 31, 2014

In millions	Parent Company Guarantor		Subsidiary Guarantor		Subsidiary Issuer		Non-guarantor Subsidiaries		Eliminations			Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	—	$	—	$	0.1	$	110.3	$	—		$	110.4
Accounts and notes receivable, net	—		—		—		1,206.8		(0.9		)	1,205.9
Inventories	—		—		—		1,130.4		—			1,130.4
Other current assets	—		17.6		2.0		367.6		(20.4		)	366.8
Current assets held for sale	—		—		—		80.6		—			80.6
Total current assets	—		17.6		2.1		2,895.7		(21.3		)	2,894.1
Property, plant and equipment, net	—		—		—		950.0		—			950.0
Other assets
Investments in subsidiaries	4,733.0		4,893.8		7,612.2		—		(17,239.0		)	—
Goodwill	—		—		—		4,741.9		—			4,741.9
Intangibles, net	—		—		—		1,608.1		—			1,608.1
Other non-current assets	80.2		—		1,381.8		345.0		(1,370.8		)	436.2
Non-current assets held for sale	—		—		—		24.9		—			24.9
Total other assets	4,813.2		4,893.8		8,994.0		6,719.9		(18,609.8		)	6,811.1
Total assets	$	4,813.2	$	4,911.4	$	8,996.1	$	10,565.6	$	(18,631.1	)	$	10,655.2
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings	$	—	$	—	$	—	$	6.7	$	—		$	6.7
Accounts payable	0.9		—		—		583.1		(0.9		)	583.1
Employee compensation and benefits	0.2		0.6		—		304.7		—			305.5
Other current liabilities	120.6		2.2		10.9		595.8		(20.4		)	709.1
Current liabilities held for sale	—		—		—		35.1		—			35.1
Total current liabilities	121.7		2.8		10.9		1,525.4		(21.3		)	1,639.5
Other liabilities
Long-term debt	11.4		175.6		2,860.6		1,320.6		(1,370.8		)	2,997.4
Pension and other post-retirement compensation and benefits	—		—		—		322.0		—			322.0
Deferred tax liabilities	—		—		2.9		525.4		—			528.3
Other non-current liabilities	16.3		—		—		481.4		—			497.7
Non-current liabilities held for sale	—		—		—		6.5		—			6.5
Total liabilities	149.4		178.4		2,874.4		4,181.3		(1,392.1		)	5,991.4
Equity	4,663.8		4,733.0		6,121.7		6,384.3		(17,239.0		)	4,663.8
Total liabilities and equity	$	4,813.2	$	4,911.4	$	8,996.1	$	10,565.6	$	(18,631.1	)	$	10,655.2

Schedule of Condensed Consolidating Statement of Cash Flows

Consolidating Statement of Cash Flows

Three months endedMarch 28, 2015

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Operating activities
Net cash provided by (used for) operating activities	$	79.5		$	102.4		$	107.9		$	(75.0	)	$	(348.0	)	$	(133.2	)
Investing activities
Capital expenditures	—			—			—			(34.8		)	—			(34.8		)
Proceeds from sale of property and equipment	—			—			—			2.3			—			2.3
Acquisitions, net of cash acquired	—			—			—			(3.0		)	—			(3.0		)
Net intercompany loan activity	—			—			(468.5		)	163.4			305.1			—
Net cash provided by (used for) investing activities of continuing operations	—			—			(468.5		)	127.9			305.1			(35.5		)
Net cash provided by (used for) investing activities of discontinued operations	—			—			—			54.9			—			54.9
Net cash provided by (used for) investing activities	—			—			(468.5		)	182.8			305.1			19.4
Financing activities
Net receipts (repayments) of commercial paper and revolving long-term debt	—			—			406.5			(0.5		)	—			406.0
Repayments of long-term debt	—			—			—			(0.4		)	—			(0.4		)
Net change in advances to subsidiaries	178.0			(102.4		)	(45.8		)	(72.7		)	42.9			—
Excess tax benefits from share-based compensation	—			—			—			2.8			—			2.8
Shares issued to employees, net of shares withheld	—			—			—			8.7			—			8.7
Repurchases of ordinary shares	(200.0		)	—			—			—			—			(200.0		)
Dividends paid	(57.5		)	—			—			—			—			(57.5		)
Net cash provided by (used for) financing activities	(79.5		)	(102.4		)	360.7			(62.1		)	42.9			159.6
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(25.1		)	—			(25.1		)
Change in cash and cash equivalents	—			—			0.1			20.6			—			20.7
Cash and cash equivalents, beginning of period	—			—			0.1			110.3			—			110.4
Cash and cash equivalents, end of period	$	—		$	—		$	0.2		$	130.9		$	—		$	131.1

Consolidating Statement of Cash Flows

Three months ended March 29, 2014

In millions	Parent Company Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Operating activities
Net cash provided by (used for) operating activities	$	118.0		$	125.6		$	4.6		$	(245.7	)	$	2.5
Investing activities
Capital expenditures	—			—			(27.2		)	—			(27.2		)
Proceeds from sale of property and equipment	—			—			0.4			—			0.4
Other	—			—			(0.5		)	—			(0.5		)
Net cash provided by (used for) investing activities	—			—			(27.3		)	—			(27.3		)
Financing activities
Net receipts of short-term borrowings	—			—			0.3			—			0.3
Net receipts of commercial paper and revolving long-term debt	—			367.4			14.5			—			381.9
Repayments of long-term debt	—			—			(0.9		)	—			(0.9		)
Excess tax benefits from share-based compensation	—			—			6.1			—			6.1
Net change in advances to subsidiaries	(69.1		)	(539.6		)	363.0			245.7			—
Shares issued to employees, net of shares withheld	—			—			24.0			—			24.0
Repurchases of ordinary shares	—			—			(252.2		)	—			(252.2		)
Dividends paid	(49.2		)	—			—			—			(49.2		)
Purchase of noncontrolling interest	—			—			(134.7		)	—			(134.7		)
Net cash provided by (used for) financing activities	(118.3		)	(172.2		)	20.1			245.7			(24.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—			(2.6		)	—			(2.6		)
Change in cash and cash equivalents	(0.3		)	(46.6		)	(5.2		)	—			(52.1		)
Cash and cash equivalents, beginning of period	0.5			47.0			208.5			—			256.0
Cash and cash equivalents, end of period	$	0.2		$	0.4		$	203.3		$	—		$	203.9