Restatement of Consolidated Financial Statements (Tables)

12 Months Ended

Dec. 31, 2011

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

As a result of the retrospective application of this change in accounting principle, certain amounts in the Company's year ended December 31, 2009 consolidated statement of operations were adjusted as presented below:

	Year Ended December 31, 2009
(in millions, except per share data)	As Originally Reported			Adjustments			As Adjusted
Cost of sales	$	3,801.6		$	77.8		$	3,879.4
Operating income	244.0			(77.8		)	166.2
Provision for income taxes	(61.5		)	25.7			(35.8		)
Net income including noncontrolling interest	99.8			(52.1		)	47.7
Net income attributable to Company common shareholders	91.6			(52.1		)	39.5
Earnings per common share - basic	1.76			(1.00		)	0.76
Earnings per common share - assuming dilution	1.74			(0.99		)	0.75

The consolidated statement of cash flows for the year ended December 31, 2009 was adjusted as presented below:

	Year Ended December 31, 2009
(in millions)	As Originally Reported			Adjustments			As Adjusted
Net income including noncontrolling interests	$	99.8		$	(52.1	)	$	47.7
Deferred income taxes	(26.8		)	(25.7		)	(52.5		)
Inventory impairment charges	(34.6		)	34.6			—
Decrease in inventories	201.5			43.2			244.7
Net cash flows of operating activities	546.3			—			546.3

The following discloses each line item that is affected by the restatement of the Company's consolidated financial statements as of December 31, 2011 and 2010 and the three years ended December 31, 2011, 2010, and 2009.

Consolidated Statements of Operations and Comprehensive Income (Loss):

	Year ended December 31, 2011
(in millions, except per share data)	As Previously Reported			Effect of Restatement			Restated
Cost of sales	$	5,241.1		$	17.9		$	5,259.0
Gross profit	625.6			(17.9		)	607.7
Operating income	248.0			(17.9		)	230.1
Income before income taxes	124.8			(17.9		)	106.9
Income tax (provision) benefit	(42.5		)	(0.2		)	(42.7		)
Net income including noncontrolling interest	85.2			(18.1		)	67.1
Net income attributable to Company common shareholders	83.8			(18.1		)	65.7
Comprehensive income	(39.4		)	(12.2		)	(51.6		)
Earnings per common share - basic	1.61			(0.34		)	1.27
Earnings per common share - assuming dilution	1.57			(0.34		)	1.23

	Year ended December 31, 2010
(in millions, except per share data)	As Previously Reported			Effect of Restatement			Restated
Cost of sales	$	4,310.9		$	8.3		$	4,319.2
Gross profit	554.0			(8.3		)	545.7
Operating income	222.4			(8.3		)	214.1
Income before income taxes	122.7			(8.3		)	114.4
Income tax (provision) benefit	(47.2		)	0.5			(46.7		)
Net income including noncontrolling interest	76.9			(7.8		)	69.1
Net income attributable to Company common shareholders	69.2			(7.8		)	61.4
Comprehensive income	89.4			(9.6		)	79.8
Earnings per common share - basic	1.33			(0.15		)	1.18
Earnings per common share - assuming dilution	1.31			(0.15		)	1.16

	Year ended December 31, 2009
(in millions, except per share data)	As Previously Reported			Effect of Restatement			Restated
Cost of sales	$	3,865.7		$	13.7		$	3,879.4
Gross profit	519.5			(13.7		)	505.8
Operating income	179.9			(13.7		)	166.2
Income before income taxes	96.3			(13.7		)	82.6
Income tax (provision) benefit	(32.7		)	(3.1		)	(35.8		)
Net income including noncontrolling interest	64.5			(16.8		)	47.7
Net income attributable to Company common shareholders	56.3			(16.8		)	39.5
Comprehensive income	219.9			(19.5		)	200.4
Earnings per common share - basic	1.08			(0.32		)	0.76
Earnings per common share - assuming dilution	1.07			(0.32		)	0.75

Consolidated Balance Sheets:

	December 31, 2011
(in millions)	As Previously Reported			Effect of Restatement			Restated
Assets
Inventories, net	$	1,228.7		$	(43.2	)	$	1,185.5
Deferred income taxes	43.4			(0.2		)	43.2
Total current assets	2,887.1			(43.4		)	2,843.7
Property, plant and equipment, net	1,028.6			(4.8		)	1,023.8
Deferred income taxes	18.6			(2.4		)	16.2
Goodwill	164.9			3.2			168.1
Total assets	4,370.4			(47.4		)	4,323.0
Liabilities
Other liabilities	243.1			2.8			245.9
Total liabilities	2,858.5			2.8			2,861.3
Equity
Retained earnings	959.1			(46.3		)	912.8
Accumulated other comprehensive income (loss)	(95.1		)	(3.9		)	(99.0		)
Total Company shareholders’ equity	1,398.6			(50.2		)	1,348.4
Total equity	1,511.9			(50.2		)	1,461.7
Total liabilities and equity	4,370.4			(47.4		)	4,323.0

	December 31, 2010
(in millions)	As Previously Reported		Effect of Restatement			Restated
Assets
Inventories, net	$	1,118.9	$	(30.6	)	$	1,088.3
Deferred income taxes	39.8		(0.6		)	39.2
Total current assets	2,805.7		(31.2		)	2,774.5
Property, plant and equipment, net	1,039.6		(5.4		)	1,034.2
Deferred income taxes	11.3		(2.2		)	9.1
Goodwill	174.9		3.6			178.5
Total assets	4,327.7		(35.2		)	4,292.5
Liabilities
Other liabilities	235.3		2.8			238.1
Total liabilities	2,722.4		2.8			2,725.2
Equity
Retained earnings	875.3		(28.2		)	847.1
Accumulated other comprehensive income (loss)	23.5		(9.8		)	13.7
Total Company shareholders’ equity	1,482.0		(38.0		)	1,444.0
Total equity	1,605.3		(38.0		)	1,567.3
Total liabilities and equity	4,327.7		(35.2		)	4,292.5

Consolidated Statements of Cash Flows:

	Year ended December 31, 2011
(in millions)	As Previously Reported			Effect of Restatement			Restated
Net income (loss) including noncontrolling interests	$	85.2		$	(18.1	)	$	67.1
Deferred income taxes	8.7			0.2			8.9
(Increase) decrease in inventories	(148.8		)	17.9			(130.9		)

	Year ended December 31, 2010
(in millions)	As Previously Reported			Effect of Restatement			Restated
Net income (loss) including noncontrolling interests	$	76.9		$	(7.8	)	$	69.1
Deferred income taxes	21.6			(0.5		)	21.1
(Increase) decrease in inventories	(170.8		)	8.3			(162.5		)

	Year ended December 31, 2009
(in millions)	As Previously Reported			Effect of Restatement			Restated
Net income (loss) including noncontrolling interests	$	64.5		$	(16.8	)	$	47.7
Depreciation and amortization	101.7			5.0			106.7
Deferred income taxes	(55.6		)	3.1			(52.5		)
(Increase) decrease in inventories	236.0			8.7			244.7