Financial Statements of Parent Company Guarantor (Tables)

6 Months Ended

Jun. 30, 2016

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

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three months ended June 30, 2016

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	1,733.3		$	—		$	1,733.3
Cost of goods sold	—			—			—			1,134.1			—			1,134.1
Gross profit	—			—			—			599.2			—			599.2
Selling, general and administrative	1.1			—			—			347.3			—			348.4
Research and development	—			—			—			33.9			—			33.9
Operating income (loss)	(1.1		)	—			—			218.0			—			216.9
Loss (earnings) from investment in subsidiaries	(143.8		)	(143.8		)	(172.6		)	—			460.2			—
Other (income) expense:
Equity income of unconsolidated subsidiaries	—			—			—			(1.0		)	—			(1.0		)
Net interest expense	—			—			28.8			6.7			—			35.5
Income (loss) before income taxes	142.7			143.8			143.8			212.3			(460.2		)	182.4
Provision (benefit) for income taxes	(0.1		)	—			—			39.7			—			39.6
Net income (loss)	$	142.8		$	143.8		$	143.8		$	172.6		$	(460.2	)	$	142.8
Comprehensive income (loss), net of tax
Net income (loss)	$	142.8		$	143.8		$	143.8		$	172.6		$	(460.2	)	$	142.8
Changes in cumulative translation adjustment	(25.8		)	(25.8		)	(25.8		)	(25.8		)	77.4			(25.8		)
Changes in market value of derivative financial instruments	10.9			10.9			10.9			10.9			(32.7		)	10.9
Comprehensive income (loss)	$	127.9		$	128.9		$	128.9		$	157.7		$	(415.5	)	$	127.9

ondensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Six months endedJune 30, 2016

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	3,308.8		$	—		$	3,308.8
Cost of goods sold	—			—			—			2,174.2			—			2,174.2
Gross profit	—			—			—			1,134.6			—			1,134.6
Selling, general and administrative	9.5			—			0.9			669.6			—			680.0
Research and development	—			—			—			67.1			—			67.1
Operating income (loss)	(9.5		)	—			(0.9		)	397.9			—			387.5
Loss (earnings) from continuing operations of investment in subsidiaries	(259.6		)	(259.6		)	(316.7		)	—			835.9			—
Other (income) expense:
Equity income of unconsolidated subsidiaries	—			—			—			(1.9		)	—			(1.9		)
Net interest expense	—			—			56.2			15.7			—			71.9
Income (loss) before income taxes	250.1			259.6			259.6			384.1			(835.9		)	317.5
Provision (benefit) for income taxes	(0.1		)	—			—			67.4			—			67.3
Net income (loss)	$	250.2		$	259.6		$	259.6		$	316.7		$	(835.9	)	$	250.2
Comprehensive income (loss), net of tax
Net income (loss)	$	250.2		$	259.6		$	259.6		$	316.7		$	(835.9	)	$	250.2
Changes in cumulative translation adjustment	2.2			2.2			2.2			2.2			(6.6		)	2.2
Changes in market value of derivative financial instruments	(3.8		)	(3.8		)	(3.8		)	(3.8		)	11.4			(3.8		)
Comprehensive income (loss)	$	248.6		$	258.0		$	258.0		$	315.1		$	(831.1	)	$	248.6

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Three months ended June 27, 2015

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	1,661.2		$	—		$	1,661.2
Cost of goods sold	—			—			—			1,095.0			—			1,095.0
Gross profit	—			—			—			566.2			—			566.2
Selling, general and administrative	9.5			—			0.9			308.9			—			319.3
Research and development	—			—			—			29.0			—			29.0
Operating income (loss)	(9.5		)	—			(0.9		)	228.3			—			217.9
Loss (earnings) from continuing operations of investment in subsidiaries	(163.3		)	(163.8		)	(161.7		)	—			488.8			—
Other (income) expense:
Equity income of unconsolidated subsidiaries	—			—			—			(0.6		)	—			(0.6		)
Net interest expense	—			0.5			0.4			17.7			—			18.6
Income (loss) from continuing operations before income taxes	153.8			163.3			160.4			211.2			(488.8		)	199.9
Provision (benefit) for income taxes	(0.1		)	—			—			46.1			—			46.0
Net income (loss) from continuing operations	153.9			163.3			160.4			165.1			(488.8		)	153.9
Loss from discontinued operations, net of tax	—			—			—			(1.3		)	—			(1.3		)
Loss from sale of discontinued operations, net of tax	—			—			—			(4.8		)	—			(4.8		)
Earnings (loss) from discontinued operations of investment in subsidiaries	(6.1		)	(6.1		)	(6.1		)	—			18.3			—
Net income (loss)	$	147.8		$	157.2		$	154.3		$	159.0		$	(470.5	)	$	147.8
Comprehensive income (loss), net of tax
Net income (loss)	$	147.8		$	157.2		$	154.3		$	159.0		$	(470.5	)	$	147.8
Changes in cumulative translation adjustment	21.6			21.6			21.6			21.6			(64.8		)	21.6
Changes in market value of derivative financial instruments	(0.8		)	(0.8		)	(0.8		)	(0.8		)	2.4			(0.8		)
Comprehensive income (loss)	$	168.6		$	178.0		$	175.1		$	179.8		$	(532.9	)	$	168.6

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Six months endedJune 27, 2015

In millions	Parent Company Guarantor			Subsidiary Guarantor			Subsidiary Issuer			Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Net sales	$	—		$	—		$	—		$	3,136.2		$	—		$	3,136.2
Cost of goods sold	—			—			—			2,059.8			—			2,059.8
Gross profit	—			—			—			1,076.4			—			1,076.4
Selling, general and administrative	12.7			0.1			1.9			613.8			—			628.5
Research and development	—			—			—			58.8			—			58.8
Operating income (loss)	(12.7		)	(0.1		)	(1.9		)	403.8			—			389.1
Loss (earnings) from continuing operations of investment in subsidiaries	(284.1		)	(285.5		)	(280.2		)	—			849.8			—
Other (income) expense:
Equity income of unconsolidated subsidiaries	—			—			—			(1.1		)	—			(1.1		)
Net interest expense	—			1.3			3.9			31.6			—			36.8
Income (loss) from continuing operations before income taxes	271.4			284.1			274.4			373.3			(849.8		)	353.4
Provision for income taxes	(0.7		)	—			—			82.0			—			81.3
Net income (loss) from continuing operations	272.1			284.1			274.4			291.3			(849.8		)	272.1
Income from discontinued operations, net of tax	—			—			—			(5.6		)	—			(5.6		)
Loss from sale/impairment of discontinued operations, net of tax	—			—			—			(4.8		)	—			(4.8		)
Earnings (loss) from discontinued operations of investment in subsidiaries	(10.4		)	(10.4		)	(10.4		)	—			31.2			—
Net income (loss)	$	261.7		$	273.7		$	264.0		$	280.9		$	(818.6	)	$	261.7
Comprehensive income (loss), net of tax
Net income (loss) before noncontrolling interest	$	261.7		$	273.7		$	264.0		$	280.9		$	(818.6	)	$	261.7
Changes in cumulative translation adjustment	(152.6		)	(152.6		)	(152.6		)	(152.6		)	457.8			(152.6		)
Changes in market value of derivative financial instruments	(0.9		)	(0.9		)	(0.9		)	(0.9		)	2.7			(0.9		)
Comprehensive income (loss)	$	108.2		$	120.2		$	110.5		$	127.4		$	(358.1	)	$	108.2

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

June 30, 2016

In millions	Parent Company Guarantor		Subsidiary Guarantor		Subsidiary Issuer		Non-guarantor Subsidiaries		Eliminations			Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	—	$	—	$	—	$	173.3	$	—		$	173.3
Accounts and notes receivable, net	—		—		—		1,086.2		—			1,086.2
Inventories	—		—		—		1,133.2		—			1,133.2
Other current assets	7.7		6.4		0.1		398.0		(12.1		)	400.1
Total current assets	7.7		6.4		0.1		2,790.7		(12.1		)	2,792.8
Property, plant and equipment, net	—		—		—		937.6		—			937.6
Other assets
Investments in subsidiaries	4,257.6		4,241.7		9,005.2		—		(17,504.5		)	—
Goodwill	—		—		—		5,231.5		—			5,231.5
Intangibles, net	—		—		—		2,419.6		—			2,419.6
Other non-current assets	8.7		10.9		682.2		1,327.7		(1,667.2		)	362.3
Total other assets	4,266.3		4,252.6		9,687.4		8,978.8		(19,171.7		)	8,013.4
Total assets	$	4,274.0	$	4,259.0	$	9,687.5	$	12,707.1	$	(19,183.8	)	$	11,743.8
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings	$	—	$	—	$	—	$	—	$	—		$	—
Accounts payable	0.1		—		—		531.6		—			531.7
Employee compensation and benefits	0.8		—		—		215.5		—			216.3
Other current liabilities	66.8		1.4		36.4		575.4		(12.1		)	667.9
Total current liabilities	67.7		1.4		36.4		1,322.5		(12.1		)	1,415.9
Other liabilities
Long-term debt	37.2		—		5,406.1		775.6		(1,667.2		)	4,551.7
Pension and other post-retirement compensation and benefits	—		—		—		282.0		—			282.0
Deferred tax liabilities	—		—		3.0		812.2		—			815.2
Other non-current liabilities	2.8		—		—		509.9		—			512.7
Total liabilities	107.7		1.4		5,445.5		3,702.2		(1,679.3		)	7,577.5
Equity	4,166.3		4,257.6		4,242.0		9,004.9		(17,504.5		)	4,166.3
Total liabilities and equity	$	4,274.0	$	4,259.0	$	9,687.5	$	12,707.1	$	(19,183.8	)	$	11,743.8

Condensed Consolidating Balance Sheet

December 31, 2015

In millions	Parent Company Guarantor		Subsidiary Guarantor		Subsidiary Issuer		Non-guarantor Subsidiaries			Eliminations			Consolidated Total
Assets
Current assets
Cash and cash equivalents	$	—	$	—	$	0.1	$	126.2		$	—		$	126.3
Accounts and notes receivable, net	0.1		—		—		1,167.6			—			1,167.7
Inventories	—		—		—		1,174.3			—			1,174.3
Other current assets	25.2		12.8		—		309.2			(37.9		)	309.3
Total current assets	25.3		12.8		0.1		2,777.3			(37.9		)	2,777.6
Property, plant and equipment, net	—		—		—		942.8			—			942.8
Other assets
Investments in subsidiaries	4,495.6		4,486.1		10,151.1		—			(19,132.8		)	—
Goodwill	—		—		—		5,255.4			—			5,255.4
Intangibles, net	—		—		—		2,490.1			—			2,490.1
Other non-current assets	12.6		—		190.1		352.1			(187.2		)	367.6
Total other assets	4,508.2		4,486.1		10,341.2		8,097.6			(19,320.0		)	8,113.1
Total assets	$	4,533.5	$	4,498.9	$	10,341.3	$	11,817.7		$	(19,357.9	)	$	11,833.5
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings	$	—	$	—	$	—	$	0.7		$	—		$	0.7
Accounts payable	0.6		—		0.3		577.9			—			578.8
Employee compensation and benefits	0.4		0.1		—		262.4			—			262.9
Other current liabilities	61.7		1.5		27.1		591.7			(37.9		)	644.1
Total current liabilities	62.7		1.6		27.4		1,432.7			(37.9		)	1,486.5
Other liabilities
Long-term debt	453.3		1.7		4,535.5		(117.5		)	(187.2		)	4,685.8
Pension and other post-retirement compensation and benefits	—		—		—		287.2			—			287.2
Deferred tax liabilities	—		—		3.1		841.1			—			844.2
Other non-current liabilities	8.7		—		—		512.3			—			521.0
Total liabilities	524.7		3.3		4,566.0		2,955.8			(225.1		)	7,824.7
Equity	4,008.8		4,495.6		5,775.3		8,861.9			(19,132.8		)	4,008.8
Total liabilities and equity	$	4,533.5	$	4,498.9	$	10,341.3	$	11,817.7		$	(19,357.9	)	$	11,833.5

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Six months endedJune 30, 2016

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	$	269.2		$	243.7		$	270.9		$	421.6		$	(835.9	)	$	369.5
Investing activities
Capital expenditures	—			—			—			(74.6		)	—			(74.6		)
Proceeds from sale of property and equipment	—			—			—			9.5			—			9.5
Net intercompany loan activity	—			—			431.2			(65.4		)	(365.8		)	—
Other	—			—			—			(3.0		)	—			(3.0		)
Net cash provided by (used for) investing activities	—			—			431.2			(133.5		)	(365.8		)	(68.1		)
Financing activities
Net receipts (repayments) of commercial paper and revolving long-term debt	—			—			(123.1		)	(16.7		)	—			(139.8		)
Repayments of long-term debt	—			—			—			(0.7		)	—			(0.7		)
Net change in advances to subsidiaries	(157.8		)	(243.7		)	(581.9		)	(218.3		)	1,201.7			—
Excess tax benefits from share-based compensation	—			—			—			3.2			—			3.2
Shares issued to employees, net of shares withheld	8.3			—			—			—			—			8.3
Dividends paid	(119.7		)	—			—			—			—			(119.7		)
Net cash provided by (used for) financing activities	(269.2		)	(243.7		)	(705.0		)	(232.5		)	1,201.7			(248.7		)
Effect of exchange rate changes on cash and cash equivalents	—			—			2.8			(8.5		)	—			(5.7		)
Change in cash and cash equivalents	—			—			(0.1		)	47.1			—			47.0
Cash and cash equivalents, beginning of period	—			—			0.1			126.2			—			126.3
Cash and cash equivalents, end of period	$	—		$	—		$	—		$	173.3		$	—		$	173.3

Condensed Consolidating Statement of Cash Flows

June 27, 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	$	256.9		$	260.3		$	262.7		$	224.2		$	(818.6	)	$	185.5
Investing activities
Capital expenditures	—			—			—			(66.8		)	—			(66.8		)
Proceeds from sale of property and equipment	—			—			—			23.1			—			23.1
Acquisitions, net of cash acquired	—			—			—			(99.0		)	—			(99.0		)
Intercompany loan activity	—			—			(610.8		)	(397.9		)	1,008.7			—
Other	—			—			—			(0.5		)	—			(0.5		)
Net cash provided by (used for) investing activities of continuing operations	—			—			(610.8		)	(541.1		)	1,008.7			(143.2		)
Net cash provided by (used for) investing activities of discontinued operations	—			—			—			59.0			—			59.0
Net cash provided by (used for) investing activities	—			—			(610.8		)	(482.1		)	1,008.7			(84.2		)
Financing activities
Net receipts of short-term borrowings	—			—			—			(0.3		)	—			(0.3		)
Net receipts (repayments) of commercial paper and revolving long-term debt	—			—			260.8			2.6			—			263.4
Repayments of long-term debt	—			—			—			(4.3		)	—			(4.3		)
Net change in advances to subsidiaries	58.7			(260.3		)	87.3			304.4			(190.1		)	—
Excess tax benefits from share-based compensation	—			—			—			4.6			—			4.6
Shares issued to employees, net of shares withheld	—			—			—			17.3			—			17.3
Repurchases of ordinary shares	(200.0		)	—			—			—			—			(200.0		)
Dividends paid	(115.6		)	—			—			—			—			(115.6		)
Net cash provided by (used for) financing activities	(256.9		)	(260.3		)	348.1			324.3			(190.1		)	(34.9		)
Effect of exchange rate changes on cash and cash equivalents	—			—			—			(29.5		)	—			(29.5		)
Change in cash and cash equivalents	—			—			—			36.9			—			36.9
Cash and cash equivalents, beginning of period	—			—			0.1			110.3			—			110.4
Cash and cash equivalents, end of period	$	—		$	—		$	0.1		$	147.2		$	—		$	147.3