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Supplemental Guarantor and Parent Company Condensed Financial Information (Tables)
 3 Months Ended
Mar. 30, 2012
Quarterly Financial Information Disclosure [Abstract]  
Condensed Statements Of Operations
Condensed Statements of Operations and Comprehensive Income (Loss)
Three fiscal months ended March 30, 2012
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales:
 
 
 
 
 
 
 
 
 
Customers
$
—

 
$
531.3

 
$
901.2

 
$
—

 
$
1,432.5

Intercompany
7.3

 
—

 
11.6

 
(18.9
)
 
—

 
7.3

 
531.3

 
912.8

 
(18.9
)
 
1,432.5

Cost of sales
—

 
465.8

 
831.1

 
(11.6
)
 
1,285.3

Gross profit
7.3

 
65.5

 
81.7

 
(7.3
)
 
147.2

Selling, general and administrative expenses
11.7

 
31.2

 
58.2

 
(7.3
)
 
93.8

Operating income
(4.4
)
 
34.3

 
23.5

 
—

 
53.4

Other expense
—

 
0.4

 
6.4

 
—

 
6.8

Interest income (expense):
 
 
 
 
 
 
 
 
 
Interest expense
(15.8
)
 
(23.1
)
 
(11.2
)
 
25.4

 
(24.7
)
Interest income
22.0

 
3.2

 
1.9

 
(25.4
)
 
1.7

 
6.2

 
(19.9
)
 
(9.3
)
 
—

 
(23.0
)
Income before income taxes
1.8

 
14.8

 
20.6

 
—

 
37.2

Income tax provision
(0.8
)
 
(7.2
)
 
(2.9
)
 
—

 
(10.9
)
Equity in net income of subsidiaries and affiliated companies
24.0

 
16.4

 
—

 
(40.4
)
 
—

Net income including noncontrolling interest
25.0

 
24.0

 
17.7

 
(40.4
)
 
26.3

Less: preferred stock dividends
0.1

 
—

 
—

 
—

 
0.1

Less: net income attributable to noncontrolling interest
—

 
—

 
1.3

 
—

 
1.3

Net income attributable to Company common shareholders
$
24.9

 
$
24.0

 
$
16.4

 
$
(40.4
)
 
$
24.9

Comprehensive income (loss)
$
25.7

 
$
25.8

 
$
65.3

 
$
(40.4
)
 
$
76.4




Condensed Statements of Operations and Comprehensive Income (Loss)
Three fiscal months ended April 1, 2011
 
Parent
 
Guarantor Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net sales:
 
 
 
 
 
 
 
 
 
 Customers
$
—

 
$
528.4

 
$
919.2

 
$
—

 
$
1,447.6

 Intercompany
14.2

 
—

 
11.1

 
(25.3
)
 
—

 
14.2

 
528.4

 
930.3

 
(25.3
)
 
1,447.6

Cost of sales
—

 
458.9

 
832.8

 
(11.1
)
 
1,280.6

Gross profit
14.2

 
69.5

 
97.5

 
(14.2
)
 
167.0

Selling, general and administrative expenses
11.3

 
37.5

 
59.3

 
(14.2
)
 
93.9

Operating income
2.9

 
32.0

 
38.2

 
—

 
73.1

Other income (expense)
—

 
1.0

 
6.0

 
—

 
7.0

Interest income (expense):
 
 
 
 
 
 
 
 
 
 Interest expense
(15.7
)
 
(20.1
)
 
(10.7
)
 
22.5

 
(24.0
)
    Interest income
19.5

 
2.9

 
2.1

 
(22.5
)
 
2.0

 
3.8

 
(17.2
)
 
(8.6
)
 
—

 
(22.0
)
Income (loss) before income taxes
6.7

 
15.8

 
35.6

 
—

 
58.1

Income tax provision
(2.5
)
 
(7.6
)
 
(9.3
)
 
—

 
(19.4
)
Equity in net income of subsidiaries
34.1

 
25.9

 
—

 
(59.6
)
 
0.4

Net income including noncontrolling interest
38.3

 
34.1

 
26.3

 
(59.6
)
 
39.1

Less: preferred stock dividends
0.1

 
—

 
—

 
—

 
0.1

Less: net income attributable to noncontrolling interest
—

 
—

 
0.8

 
—

 
0.8

Net income applicable to Company
    common shareholders
$
38.2

 
$
34.1

 
$
25.5

 
$
(59.6
)
 
$
38.2

Comprehensive income (loss)
$
39.4

 
$
53.4

 
$
34.5

 
$
(59.6
)
 
$
67.7
Condensed Balance Sheets
Condensed Balance Sheets
March 30, 2012
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.1

 
$
18.6

 
$
408.4

 
$
—

 
$
427.1

Receivables, net of allowances
—

 
295.8

 
887.1

 
—

 
1,182.9

Inventories, net
—

 
459.2

 
808.6

 
—

 
1,267.8

Deferred income taxes
—

 
23.8

 
10.3

 
—

 
34.1

Prepaid expenses and other
1.8

 
25.0

 
77.2

 
—

 
104.0

Total current assets
1.9

 
822.4

 
2,191.6

 
—

 
3,015.9

Property, plant and equipment, net
0.4

 
182.9

 
868.0

 
—

 
1,051.3

Deferred income taxes
—

 
1.9

 
22.9

 
—

 
24.8

Intercompany accounts
1,227.4

 
377.3

 
39.4

 
(1,644.1
)
 
—

Investment in subsidiaries
1,217.4

 
1,455.6

 
—

 
(2,673.0
)
 
—

Goodwill
—

 
0.8

 
166.5

 
—

 
167.3

Intangible assets, net
—

 
3.3

 
178.2

 
—

 
181.5

Unconsolidated affiliated companies
—

 
12.8

 
6.0

 
—

 
18.8

Other non-current assets
7.7

 
25.4

 
33.4

 
—

 
66.5

Total assets
$
2,454.8

 
$
2,882.4

 
$
3,506.0

 
$
(4,317.1
)
 
$
4,526.1

Liabilities and Total Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
130.0

 
$
807.7

 
$
—

 
$
937.7

Accrued liabilities
8.4

 
83.9

 
334.9

 
—

 
427.2

Current portion of long-term debt
10.3

 
—

 
159.6

 
—

 
169.9

Total current liabilities
18.7

 
213.9

 
1,302.2

 
—

 
1,534.8

Long-term debt
818.7

 
86.3

 
39.7

 
—

 
944.7

Deferred income taxes
143.7

 
(16.3
)
 
79.4

 
—

 
206.8

Intercompany accounts
—

 
1,266.8

 
377.3

 
(1,644.1
)
 
—

Other liabilities
—

 
114.3

 
134.7

 
—

 
249.0

Total liabilities
981.1

 
1,665.0

 
1,933.3

 
(1,644.1
)
 
2,935.3

Total Company shareholders’ equity
1,473.7

 
1,217.4

 
1,455.6

 
(2,673.0
)
 
1,473.7

Noncontrolling interest
—

 
—

 
117.1

 
—

 
117.1

Total liabilities and equity
$
2,454.8

 
$
2,882.4

 
$
3,506.0

 
$
(4,317.1
)
 
$
4,526.1














Condensed Balance Sheets
December 31, 2011
 
Parent
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash
$
0.1

 
$
12.4

 
$
421.6

 
$
—

 
$
434.1

Receivables, net of allowances
—

 
247.0

 
833.9

 
—

 
1,080.9

Inventories
—

 
436.3

 
792.4

 
—

 
1,228.7

Deferred income taxes
—

 
25.4

 
18.0

 
—

 
43.4

Prepaid expenses and other
1.8

 
23.5

 
74.7

 
—

 
100.0

Total current assets
1.9

 
744.6

 
2,140.6

 
—

 
2,887.1

Property, plant and equipment, net
0.4

 
186.3

 
841.9

 
—

 
1,028.6

Deferred income taxes
—

 
1.9

 
16.7

 
—

 
18.6

Intercompany accounts
1,210.4

 
378.4

 
40.1

 
(1,628.9
)
 
—

Investment in subsidiaries
1,147.1

 
1,374.3

 
—

 
(2,521.4
)
 
—

Goodwill
—

 
0.8

 
164.1

 
—

 
164.9

Intangible assets, net
—

 
3.3

 
178.3

 
—

 
181.6

Unconsolidated affiliated companies
—

 
12.6

 
6.0

 
—

 
18.6

Other non-current assets
8.2

 
23.4

 
39.4

 
—

 
71.0

Total assets
$
2,368.0

 
$
2,725.6

 
$
3,427.1

 
$
(4,150.3
)
 
$
4,370.4

Liabilities and Total Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
100.1

 
$
846.4

 
$
—

 
$
946.5

Accrued liabilities
6.4

 
102.8

 
310.8

 
—

 
420.0

Current portion of long-term debt
10.1

 
—

 
146.2

 
—

 
156.3

Total current liabilities
16.5

 
202.9

 
1,303.4

 
—

 
1,522.8

Long-term debt
813.5

 
34.9

 
44.2

 
—

 
892.6

Deferred income taxes
139.4

 
(18.1
)
 
78.7

 
—

 
200.0

Intercompany accounts
—

 
1,250.5

 
378.4

 
(1,628.9
)
 
—

Other liabilities
—

 
108.3

 
134.8

 
—

 
243.1

Total liabilities
969.4

 
1,578.5

 
1,939.5

 
(1,628.9
)
 
2,858.5

Total Company shareholders’ equity
1,398.6

 
1,147.1

 
1,374.3

 
(2,521.4
)
 
1,398.6

Noncontrolling interest
—

 
—

 
113.3

 
—

 
113.3

Total liabilities and equity
$
2,368.0

 
$
2,725.6

 
$
3,427.1

 
$
(4,150.3
)
 
$
4,370.4
Condensed Statements Of Cash Flows
Condensed Statements of Cash Flows
Three Fiscal Months Ended March 30, 2012
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
Net cash flows of operating activities
$
11.9

 
$
2.5

 
$
(49.0
)
 
$
—

 
$
(34.6
)
Cash flows of investing activities:
 
 

 
—

 
 
 
 
Capital expenditures
—

 
(7.1
)
 
(28.8
)
 
—

 
(35.9
)
Proceeds from properties sold
—

 
0.1

 
4.1

 
—

 
4.2

Acquisitions, net of cash acquired
—

 
—

 
—

 
—

 
—

Other
—

 
(15.3
)
 
15.3

 
—

 
—

Net cash flows of investing activities
—

 
(22.3
)
 
(9.4
)
 
—

 
(31.7
)
Cash flows of financing activities:
 
 
 
 
 
 
 
 
 
Preferred stock dividends paid
(0.1
)
 
—

 
—

 
—

 
(0.1
)
Excess tax benefits from stock-based compensation
0.1

 
—

 
—

 
—

 
0.1

Intercompany accounts
(12.7
)
 
(35.4
)
 
48.1

 
—

 
—

Proceeds from other debt
—

 
265.4

 
184.6

 
—

 
450.0

Repayments of other debt
—

 
(214.0
)
 
(184.3
)
 
—

 
(398.3
)
Dividends paid to non-controlling interest
—

 
—

 
(0.6
)
 
—

 
(0.6
)
Proceeds from exercise of stock options
0.1

 
—

 
—

 
—

 
0.1

Net cash flows of financing activities
(12.6
)
 
16.0

 
47.8

 
—

 
51.2

Effect of exchange rate changes on cash and cash equivalents
0.7

 
10.0

 
(2.6
)
 
—

 
8.1

Increase (decrease) in cash and cash equivalents
—

 
6.2

 
(13.2
)
 
—

 
(7.0
)
Cash and cash equivalents – beginning of period
0.1

 
12.4

 
421.6

 
—

 
434.1

Cash and cash equivalents – end of period
$
0.1

 
$
18.6

 
$
408.4

 
$
—

 
$
427.1


Condensed Statements of Cash Flows
Three Fiscal Months Ended April 1, 2011
 
Parent
 
Guarantor
Subsidiaries
 
Non-Guarantor Subsidiaries
 
Eliminations
 
Total
Net cash flows of operating activities
$
10.0

 
$
(52.3
)
 
$
(63.3
)
 
$
—

 
$
(105.6
)
Cash flows of investing activities:
 
 
 
 
 
 
 
 
 
 Capital expenditures
(0.2
)
 
(3.9
)
 
(22.5
)
 
—

 
(26.6
)
    Proceeds from properties sold
—

 
—

 
0.3

 
—

 
0.3

 Acquisitions, net of cash acquired
—

 
—

 
—

 
—

 
—

 Other
—

 
(2.2
)
 
2.7

 
—

 
0.5

Net cash flows of investing activities
(0.2
)
 
(6.1
)
 
(19.5
)
 
—

 
(25.8
)
Cash flows of financing activities:
 
 
 
 
 
 
 
 
 
    Preferred stock dividends paid
(0.1
)
 
—

 
—

 
—

 
(0.1
)
Excess tax benefits from stock-based compensation
0.7

 
—

 
—

 
—

 
0.7

 Intercompany accounts
(40.0
)
 
13.5

 
26.5

 
—

 
—

    Proceeds from other debt
—

 
180.4

 
198.3

 
—

 
378.7

 Repayments of other debt
—

 
(131.7
)
 
(149.8
)
 
—

 
(281.5
)
    Proceeds from exercise of stock options
0.7

 
—

 
—

 
—

 
0.7

Net cash flows of financing activities
(38.7
)
 
62.2

 
75.0

 
—

 
98.5

Effect of exchange rate changes on cash and cash equivalents
—

 
(1.0
)
 
(9.6
)
 
—

 
(10.6
)
Increase (decrease) in cash and cash equivalents
(28.9
)
 
2.8

 
(17.4
)
 
—

 
(43.5
)
Cash and cash equivalents - beginning of period
29.0

 
8.0

 
421.7

 
—

 
458.7

Cash and cash equivalents - end of period
$
0.1

 
$
10.8

 
$
404.3

 
$
—

 
$
415.2
Intercompany Cash And Non-Cash Transactions
A summary of cash and non-cash transactions of the Parent Company’s intercompany account is provided below for the three fiscal months ended March 30, 2012 and the twelve months ended December 31, 2011:
(in millions)
March 30, 2012
 
December 31, 2011
Beginning Balance
$
1,210.4

 
$
1,169.7

Non-cash transactions
 
 
 
Deferred tax
3.5

 
8.0

Equity based awards
3.5

 
12.7

Foreign currency and other
(2.7
)
 
(1.0
)
Cash transactions
12.7

 
21.0

Ending Balance
$
1,227.4

 
$
1,210.4
Parent Company Long-Term Financing Arrangements
At March 30, 2012 and December 31, 2011, the Parent Company was party to the following long-term financing arrangements:
(in millions)
March 30, 2012
 
December 31, 2011
Subordinated Convertible Notes due 2029
$
429.5

 
$
429.5

Debt discount on Subordinated Convertible Notes due 2029
(264.1
)
 
(264.4
)
1.00% Senior Convertible Notes due 2012
10.6

 
10.6

Debt discount on 1.00% Senior Convertible Notes due 2012
(0.3
)
 
(0.5
)
0.875% Convertible Notes due 2013
355.0

 
355.0

Debt discount on 0.875% Convertible Notes due 2013
(35.7
)
 
(40.6
)
7.125% Senior Notes due 2017
200.0

 
200.0

Senior Floating Rate Notes
125.0

 
125.0

Other
9.0

 
9.0

Total Parent Company debt
829.0

 
823.6

Less current maturities
10.3

 
10.1

Parent Company Long-term debt
$
818.7

 
$
813.5
Parent Company Debt Maturities
(in millions)
Q1 2013
 
Q1 2014
 
Q1 2015
 
Q1 2016
 
Q1 2017
Debt maturities twelve month period ending
$
10.3

 
$
319.3

 
$
—

 
$
125.0

 
$
—