x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 06-1398235 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
4 Tesseneer Drive Highland Heights, KY | 41076-9753 |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | x | Accelerated filer | ¨ | |
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Class | Outstanding at July 26, 2012 |
Common Stock, $0.01 par value | 49,770,652 |
PAGE | ||
PART I | Financial Statements | |
Item 1. | ||
Statements of Operations and Comprehensive Income (Loss) | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II | Other Information | |
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 6. | ||
Three Fiscal Months Ended | Six Fiscal Months Ended | ||||||||||||||
June 29, 2012 | July 1, 2011 | June 29, 2012 | July 1, 2011 | ||||||||||||
(as restated)(1) | (as restated)(1) | (as restated)(1) | (as restated)(1) | ||||||||||||
Net sales | $ | 1,478.1 | $ | 1,532.2 | $ | 2,910.6 | $ | 2,979.8 | |||||||
Cost of sales | 1,304.6 | 1,361.9 | 2,592.6 | 2,646.5 | |||||||||||
Gross profit | 173.5 | 170.3 | 318.0 | 333.3 | |||||||||||
Selling, general and administrative expenses | 104.4 | 94.8 | 198.2 | 188.7 | |||||||||||
Operating income | 69.1 | 75.5 | 119.8 | 144.6 | |||||||||||
Other income (expense) | (13.5 | ) | (3.9 | ) | (6.7 | ) | 3.1 | ||||||||
Interest income (expense): | |||||||||||||||
Interest expense | (25.2 | ) | (23.6 | ) | (49.9 | ) | (47.6 | ) | |||||||
Interest income | 1.6 | 2.0 | 3.3 | 4.0 | |||||||||||
(23.6 | ) | (21.6 | ) | (46.6 | ) | (43.6 | ) | ||||||||
Income before income taxes | 32.0 | 50.0 | 66.5 | 104.1 | |||||||||||
Income tax (provision) benefit | (11.5 | ) | (17.2 | ) | (21.9 | ) | (36.8 | ) | |||||||
Equity in earnings of affiliated companies | 0.5 | 1.0 | 0.5 | 1.4 | |||||||||||
Net income including non-controlling interest | 21.0 | 33.8 | 45.1 | 68.7 | |||||||||||
Less: preferred stock dividends | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
Less: net income attributable to non-controlling interest | 2.1 | 0.5 | 3.4 | 1.3 | |||||||||||
Net income attributable to Company common shareholders | $ | 18.8 | $ | 33.2 | $ | 41.5 | $ | 67.2 | |||||||
Comprehensive income (loss) | $ | (44.6 | ) | $ | 52.2 | $ | 27.8 | $ | 114.2 | ||||||
Earnings per share | |||||||||||||||
Earnings per common share-basic | $ | 0.38 | $ | 0.64 | $ | 0.83 | $ | 1.29 | |||||||
Weighted average common shares-basic | 49.8 | 52.2 | 49.8 | 52.2 | |||||||||||
Earnings per common share-assuming dilution | $ | 0.37 | $ | 0.61 | $ | 0.82 | $ | 1.23 | |||||||
Weighted average common shares-assuming dilution | 51.1 | 54.9 | 51.1 | 54.7 |
June 29, 2012 | December 31, 2011 | ||||||
(as restated)(1) | (as restated)(1) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 438.8 | $ | 434.1 | |||
Receivables, net of allowances of $21.3 million at June 29, 2012 and $17.2 million at December 31, 2011 | 1,213.6 | 1,080.9 | |||||
Inventories, net | 1,212.9 | 1,185.5 | |||||
Deferred income taxes | 38.8 | 43.2 | |||||
Prepaid expenses and other | 105.2 | 100.0 | |||||
Total current assets | 3,009.3 | 2,843.7 | |||||
Property, plant and equipment, net | 1,007.1 | 1,023.8 | |||||
Deferred income taxes | 22.6 | 16.2 | |||||
Goodwill | 168.0 | 168.1 | |||||
Intangible assets, net | 179.5 | 181.6 | |||||
Unconsolidated affiliated companies | 19.0 | 18.6 | |||||
Other non-current assets | 55.7 | 71.0 | |||||
Total assets | $ | 4,461.2 | $ | 4,323.0 | |||
Liabilities and Total Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 969.6 | $ | 946.5 | |||
Accrued liabilities | 390.6 | 420.0 | |||||
Current portion of long-term debt | 228.7 | 156.3 | |||||
Total current liabilities | 1,588.9 | 1,522.8 | |||||
Long-term debt | 918.2 | 892.6 | |||||
Deferred income taxes | 209.7 | 200.0 | |||||
Other liabilities | 250.0 | 245.9 | |||||
Total liabilities | 2,966.8 | 2,861.3 | |||||
Commitments and contingencies | |||||||
Total equity: | |||||||
Redeemable convertible preferred stock, at redemption value (liquidation preference of $50.00 per share): | |||||||
June 29, 2012 – 76,002 shares outstanding | |||||||
December 31, 2011 – 76,002 shares outstanding | 3.8 | 3.8 | |||||
Common stock, $0.01 par value, issued and outstanding shares: | |||||||
June 29, 2012– 49,770,887 (net of 8,689,031 treasury shares) | |||||||
December 31, 2011 – 49,697,763 (net of 8,758,267 treasury shares) | 0.6 | 0.6 | |||||
Additional paid-in capital | 672.4 | 666.7 | |||||
Treasury stock | (135.2 | ) | (136.5 | ) | |||
Retained earnings | 954.3 | 912.8 | |||||
Accumulated other comprehensive income (loss) | (116.6 | ) | (99.0 | ) | |||
Total Company shareholders’ equity | 1,379.3 | 1,348.4 | |||||
Non-controlling interest | 115.1 | 113.3 | |||||
Total equity | 1,494.4 | 1,461.7 | |||||
Total liabilities and equity | $ | 4,461.2 | $ | 4,323.0 |
Six Fiscal Months Ended | |||||||
June 29, 2012 | July 1, 2011 | ||||||
(as restated)(1) | (as restated)(1) | ||||||
Cash flows of operating activities: | |||||||
Net income (loss) including non-controlling interest | $ | 45.1 | $ | 68.7 | |||
Adjustments to reconcile net income (loss) to net cash flows of operating activities: | |||||||
Depreciation and amortization | 53.7 | 55.8 | |||||
Amortization on restricted stock awards | 1.4 | 1.7 | |||||
Foreign currency exchange (gain) loss | 5.8 | 5.1 | |||||
Deferred income taxes | 7.0 | (10.7 | ) | ||||
Excess tax (benefits) deficiencies from stock-based compensation | (0.1 | ) | (0.7 | ) | |||
Convertible debt instruments noncash interest charges | 10.9 | 10.2 | |||||
(Gain) loss on disposal of property | — | (1.9 | ) | ||||
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures: | |||||||
(Increase) decrease in receivables | (146.9 | ) | (164.3 | ) | |||
(Increase) decrease in inventories | (33.7 | ) | (215.5 | ) | |||
(Increase) decrease in other assets | 2.0 | (14.4 | ) | ||||
Increase (decrease) in accounts payable, accrued and other liabilities | 37.7 | 183.5 | |||||
Net cash flows of operating activities | (17.1 | ) | (82.5 | ) | |||
Cash flows of investing activities: | |||||||
Capital expenditures | (63.9 | ) | (55.5 | ) | |||
Proceeds from properties sold | 4.2 | 2.8 | |||||
Acquisitions, net of cash acquired | (7.3 | ) | — | ||||
Other | (0.1 | ) | 0.8 | ||||
Net cash flows of investing activities | (67.1 | ) | (51.9 | ) | |||
Cash flows of financing activities: | |||||||
Preferred stock dividends paid | (0.2 | ) | (0.2 | ) | |||
Excess tax benefits (deficiencies) from stock-based compensation | 0.1 | 0.7 | |||||
Proceeds from other debt | 877.8 | 871.6 | |||||
Repayments of other debt | (790.8 | ) | (759.3 | ) | |||
Dividends paid to non-controlling interest | (1.9 | ) | (2.8 | ) | |||
Proceeds from exercise of stock options | 0.1 | 0.7 | |||||
Net cash flows of financing activities | 85.1 | 110.7 | |||||
Effect of exchange rate changes on cash and cash equivalents | 3.8 | (13.0 | ) | ||||
Increase (decrease) in cash and cash equivalents | 4.7 | (36.7 | ) | ||||
Cash and cash equivalents – beginning of period | 434.1 | 458.7 | |||||
Cash and cash equivalents – end of period | $ | 438.8 | $ | 422.0 | |||
Supplemental Information | |||||||
Cash paid during the period for: | |||||||
Income tax payments, net of refunds | $ | 15.2 | $ | 18.2 | |||
Interest paid | $ | 33.2 | $ | 31.3 | |||
Non-cash investing and financing activities: | |||||||
Capital expenditures included in accounts payable | $ | 20.2 | $ | 27.1 |
1. | Basis of Presentation and Principles of Consolidation |
2. | Accounting Standards |
3. | Acquisitions and Divestitures |
4. | Other Income (Expense) |
5. | Inventories |
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Raw materials | $ | 317.9 | $ | 293.8 | |||
Work in process | 200.2 | 193.3 | |||||
Finished goods | 694.8 | 698.4 | |||||
Total | $ | 1,212.9 | $ | 1,185.5 |
6. | Property, Plant and Equipment |
June 29, 2012 | December 31, 2011 | ||||||
Land | $ | 111.0 | $ | 110.5 | |||
Buildings and leasehold improvements | 302.7 | 302.2 | |||||
Machinery, equipment and office furnishings | 1,084.2 | 1,051.6 | |||||
Construction in progress | 83.0 | 95.3 | |||||
Total – gross book value | 1,580.9 | 1,559.6 | |||||
Less accumulated depreciation | (573.8 | ) | (535.8 | ) | |||
Total – net book value | $ | 1,007.1 | $ | 1,023.8 |
7. | Goodwill and Other Intangible Assets |
Goodwill | Indefinite-Lived Assets – Trade Names | ||||||||||||||||||||||||||||||
North America | Europe and Mediterranean | ROW | Total | North America | Europe and Mediterranean | ROW | Total | ||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 2.3 | $ | 2.3 | $ | 163.5 | $ | 168.1 | $ | 2.4 | $ | 0.5 | $ | 132.3 | $ | 135.2 | |||||||||||||||
Acquisitions | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Currency translation and other adjustments | — | — | (0.1 | ) | (0.1 | ) | — | — | 0.3 | 0.3 | |||||||||||||||||||||
Balance, June 29, 2012 | $ | 2.3 | $ | 2.3 | $ | 163.4 | $ | 168.0 | $ | 2.4 | $ | 0.5 | $ | 132.6 | $ | 135.5 |
June 29, 2012 | December 31, 2011 | ||||||
Amortized intangible assets: | |||||||
Customer relationships | $ | 111.4 | $ | 108.3 | |||
Accumulated amortization | (67.3 | ) | (61.8 | ) | |||
Foreign currency translation adjustment | (0.1 | ) | (0.1 | ) | |||
Amortized intangible assets, net | $ | 44.0 | $ | 46.4 |
Balance, December 31, 2011 | $ | 11.5 | |
Net provisions for warranties issued | 2.3 | ||
Net benefits for warranties existing at the beginning of the year | — | ||
Payments related to the warranty accrual | (2.9 | ) | |
Foreign currency translation | (0.2 | ) | |
Balance, June 29, 2012 | $ | 10.7 |
9. | Long-Term Debt |
(in millions) | June 29, 2012 | December 31, 2011 | |||||
North America | |||||||
Subordinated Convertible Notes due 2029 | $ | 429.5 | $ | 429.5 | |||
Debt discount on Subordinated Convertible Notes due 2029 | (263.7 | ) | (264.4 | ) | |||
1.00% Senior Convertible Notes due 2012 | 10.6 | 10.6 | |||||
Debt discount on 1.00% Senior Convertible Notes due 2012 | (0.2 | ) | (0.5 | ) | |||
0.875% Convertible Notes due 2013 | 355.0 | 355.0 | |||||
Debt discount on 0.875% Convertible Notes due 2013 | (30.7 | ) | (40.6 | ) | |||
7.125% Senior Notes due 2017 | 200.0 | 200.0 | |||||
Senior Floating Rate Notes | 125.0 | 125.0 | |||||
Revolving Credit Facility | 61.3 | 34.9 | |||||
Other | 9.0 | 9.0 | |||||
Europe and Mediterranean | |||||||
Spanish Term Loans | 22.4 | 31.4 | |||||
Credit facilities | 30.3 | 27.4 | |||||
Uncommitted accounts receivable facilities | — | 2.1 | |||||
Other | 11.7 | 11.5 | |||||
Rest of World (“ROW”) | |||||||
Credit facilities | 186.7 | 118.0 | |||||
Total debt | 1,146.9 | 1,048.9 | |||||
Less current maturities | 228.7 | 156.3 | |||||
Long-term debt | $ | 918.2 | $ | 892.6 |
Subordinated Convertible Notes | 1.00% Senior Convertible Notes | 0.875% Convertible Notes | |||||||||||||||||||||
(in millions) | June 29, 2012 | December 31, 2011 | June 29, 2012 | December 31, 2011 | June 29, 2012 | December 31, 2011 | |||||||||||||||||
Face value | $ | 429.5 | $ | 429.5 | $ | 10.6 | $ | 10.6 | $ | 355.0 | $ | 355.0 | |||||||||||
Debt discount | (263.7 | ) | (264.4 | ) | (0.2 | ) | (0.5 | ) | (30.7 | ) | (40.6 | ) | |||||||||||
Book value | 165.8 | 165.1 | 10.4 | 10.1 | 324.3 | 314.4 | |||||||||||||||||
Fair value | 422.8 | 412.3 | 10.6 | 9.8 | 339.7 | 329.7 | |||||||||||||||||
Maturity date | Nov 2029 | Oct 2012 | Nov 2013 | ||||||||||||||||||||
Stated annual interest rate | 4.50% until Nov 2019 2.25% until Nov 2029 | 1.00% until Oct 2012 | 0.875% until Nov 2013 | ||||||||||||||||||||
Interest payments | Semi-annually: May 15 & Nov 15 | Semi-annually: Apr 15 & Oct 15 | Semi-annually: May 15 & Nov 15 |
7.125% Senior Notes | Senior Floating Rate Notes | ||||||||||||||||||
(in millions) | June 29, 2012 | December 31, 2011 | June 29, 2012 | December 31, 2011 | |||||||||||||||
Face value | $ | 200.0 | $ | 200.0 | $ | 125.0 | $ | 125.0 | |||||||||||
Fair value | 204.5 | 198.5 | 117.2 | 117.5 | |||||||||||||||
Interest rate | 7.125 | % | 7.125 | % | 2.8 | % | 3.0 | % | |||||||||||
Interest payment | Semi-annually: Apr 1 & Oct 1 | 3-month LIBOR rate plus 2.375% Quarterly: Jan 1, Apr 1, Jul 1 & Oct 1 | |||||||||||||||||
Maturity date | Apr 2017 | Jul 2015 | |||||||||||||||||
Guarantee | Jointly and severally guaranteed by the Company’s wholly-owned U.S. and Canadian subsidiaries | ||||||||||||||||||
Call Option(1) | Beginning Date | Percentage | Beginning Date | Percentage | |||||||||||||||
April 1, 2012 | 103.563 | % | April 1, 2009 | 102.0 | % | ||||||||||||||
April 1, 2013 | 102.375 | % | April 1, 2010 | 101.0 | % | ||||||||||||||
April 1, 2014 | 101.188 | % | April 1, 2011 | 100.0 | % | ||||||||||||||
April 1, 2015 | 100.000 | % |
(1) | The Company may, at its option, redeem the Notes on or after the stated beginning dates at percentages noted above (plus interest due) |
Revolving Credit Facility | |||||||
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Outstanding borrowings | $ | 61.3 | $ | 34.9 | |||
Undrawn availability | 301.3 | 336.0 | |||||
Interest rate | 1.8 | % | 2.9 | % | |||
Outstanding letters of credit | $ | 18.9 | $ | 20.2 | |||
Original issuance | Jul 2011 | ||||||
Maturity date | Jul 2016 |
Spanish Term Loans (1) | |||||||
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Outstanding borrowings | $ | 22.4 | $ | 31.4 | |||
Fair value | 22.6 | 32.0 | |||||
Interest rate – weighted average (2) | 3.7 | % | 3.7 | % |
(1) | The terms of the Spanish Term Loans are as follows: |
(in millions) | Original Amount | Issuance Date | Maturity Date | Interest Rate | Loan and Interest Payable | Interest Rate Swap (2) | |||
Term Loan 1 | € | 20.0 | Feb 2008 | Feb 2013 | Euribor +0.5% | Semi-annual: Aug & Feb | 4.2 | % | |
Term Loan 2 | € | 10.0 | Apr 2008 | Apr 2013 | Euribor +0.75% | Semi-annual: Apr & Oct | 4.58 | % | |
Term Loan 3 | € | 21.0 | Jun 2008 | Jun 2013 | Euribor +0.75% | Quarterly: Mar, Jun, Sept & Dec | 4.48 | % | |
Term Loan 4 | € | 15.0 | Sep 2009 | Aug 2014 | Euribor +2.0% | Quarterly: Mar, Jun, Sept & Dec Principal payments: Feb & Aug | 1.54 | % |
(2) | The Company entered into fixed interest rate swaps to coincide with the terms and conditions of the term loans that will effectively hedge the variable interest rate with a fixed interest rate. |
Europe and Mediterranean Credit Facilities | |||||||
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Outstanding borrowings | $ | 30.3 | $ | 27.4 | |||
Undrawn availability | 95.7 | 108.8 | |||||
Interest rate – weighted average | 5.3 | % | 5.2 | % | |||
Maturity date | Various |
Uncommitted Accounts Receivable Facilities | |||||||
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Outstanding borrowings | $ | — | $ | 2.1 | |||
Undrawn availability | 76.6 | 69.2 | |||||
Interest rate – weighted average | — | 2.0 | % | ||||
Maturity date | Various |
ROW Credit Facilities | |||||||
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Outstanding borrowings | $ | 186.7 | $ | 118.0 | |||
Undrawn availability | 270.5 | 270.1 | |||||
Interest rate – weighted average | 4.1 | % | 3.8 | % | |||
Maturity date | Various |
10. | Financial Instruments |
June 29, 2012 | December 31, 2011 | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Asset (1) | Liability (2) | Asset (1) | Liability (2) | ||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||
Interest rate swaps | $ | 23.0 | $ | 0.1 | $ | 0.3 | $ | 32.1 | $ | — | $ | 0.6 | |||||||||||
Commodity futures | 126.2 | 1.4 | 9.1 | 216.1 | 3.8 | 14.0 | |||||||||||||||||
Foreign currency exchange | 48.4 | 0.3 | 0.3 | 55.4 | 0.4 | 1.1 | |||||||||||||||||
$ | 1.8 | $ | 9.7 | $ | 4.2 | $ | 15.7 | ||||||||||||||||
Derivatives not designated as cash flow hedges: | |||||||||||||||||||||||
Commodity futures | $ | 152.0 | $ | 3.2 | $ | 4.1 | $ | 133.0 | $ | 2.4 | $ | 12.6 | |||||||||||
Foreign currency exchange | 266.3 | 2.5 | 8.9 | 321.7 | 4.1 | 7.9 | |||||||||||||||||
$ | 5.7 | $ | 13.0 | $ | 6.5 | $ | 20.5 |
(1) | Balance recorded in “Prepaid expenses and other” and “Other non-current assets” |
(2) | Balance recorded in “Accrued liabilities” and “Other liabilities” |
Three Fiscal Months Ended June 29, 2012 | |||||||||||||
(in millions) | Effective Portion Recognized in Accumulated OCI Gain /(Loss) | Reclassified from Accumulated OCI Gain / (Loss) | Ineffective Portion and Amount Excluded from Effectiveness Testing Gain / (Loss) (1) | Location | |||||||||
Derivatives designated as cash flow hedges: | |||||||||||||
Interest rate swaps | $ | 0.1 | $ | — | $ | — | Interest expense | ||||||
Commodity futures | (8.5 | ) | (0.6 | ) | (0.2 | ) | Cost of sales | ||||||
Foreign currency exchange | — | (0.3 | ) | — | Other income (expense) | ||||||||
Total | $ | (8.4 | ) | $ | (0.9 | ) | $ | (0.2 | ) |
Six Fiscal Months Ended June 29, 2012 | |||||||||||||
(in millions) | Effective Portion Recognized in Accumulated OCI Gain /(Loss) | Reclassified from Accumulated OCI Gain / (Loss) | Ineffective Portion and Amount Excluded from Effectiveness Testing Gain / (Loss) (1) | Location | |||||||||
Derivatives designated as cash flow hedges: | |||||||||||||
Interest rate swaps | $ | 0.3 | $ | — | $ | — | Interest expense | ||||||
Commodity futures | (0.1 | ) | 0.1 | (0.4 | ) | Cost of sales | |||||||
Foreign currency exchange | (0.1 | ) | (0.9 | ) | — | Other income (expense) | |||||||
Total | $ | 0.1 | $ | (0.8 | ) | $ | (0.4 | ) |
Three Fiscal Months Ended July 1, 2011 | |||||||||||||
(in millions) | Effective Portion Recognized in Accumulated OCI Gain / (Loss) | Reclassified from Accumulated OCI Gain / (Loss) | Ineffective Portion and Amount Excluded from Effectiveness Testing Gain / (Loss) (1) | Location | |||||||||
Derivatives designated as cash flow hedges: | |||||||||||||
Interest rate swaps | $ | 0.1 | $ | — | $ | (0.1 | ) | Interest expense | |||||
Commodity futures | (4.4 | ) | 3.6 | (0.1 | ) | Cost of sales | |||||||
Foreign currency exchange | (1.1 | ) | 0.7 | 0.2 | Other income (expense) | ||||||||
Total | $ | (5.4 | ) | $ | 4.3 | $ | — |
Six Fiscal Months Ended July 1, 2011 | |||||||||||||
(in millions) | Effective Portion Recognized in Accumulated OCI Gain / (Loss) | Reclassified from Accumulated OCI Gain / (Loss) | Ineffective Portion and Amount Excluded from Effectiveness Testing Gain / (Loss) (1) | Location | |||||||||
Derivatives designated as cash flow hedges: | |||||||||||||
Interest rate swaps | $ | (0.3 | ) | $ | — | $ | (0.2 | ) | Interest expense | ||||
Commodity futures | (4.1 | ) | 20.9 | — | Cost of sales | ||||||||
Foreign currency exchange | 1.5 | 0.3 | 0.1 | Other income (expense) | |||||||||
Total | $ | (2.9 | ) | $ | 21.2 | $ | (0.1 | ) |
(1) | The ineffective portion and the amount excluded from effectiveness testing for all derivatives designated as cash flow hedges is recognized in other income and expense. |
11. | Income Taxes |
Three Fiscal Months Ended | |||||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||
Service cost | $ | 0.4 | $ | 0.8 | $ | 0.4 | $ | 0.8 | |||||||
Interest cost | 1.9 | 1.3 | 2.1 | 1.5 | |||||||||||
Expected return on plan assets | (2.3 | ) | (0.4 | ) | (2.4 | ) | (0.6 | ) | |||||||
Amortization of prior service cost | — | 0.2 | — | 0.1 | |||||||||||
Amortization of net loss | 2.1 | 0.3 | 1.1 | 0.3 | |||||||||||
Amortization of translation obligation | — | — | — | 0.1 | |||||||||||
Settlement (gain) loss | — | 6.1 | — | — | |||||||||||
Net pension expense | $ | 2.1 | $ | 8.3 | $ | 1.2 | $ | 2.2 |
Six Fiscal Months Ended | |||||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||||
U.S. Plans | Non-U.S. Plans | U.S. Plans | Non-U.S. Plans | ||||||||||||
Service cost | $ | 0.8 | $ | 1.6 | $ | 0.8 | $ | 1.6 | |||||||
Interest cost | 3.8 | 2.8 | 4.2 | 3.0 | |||||||||||
Expected return on plan assets | (4.6 | ) | (1.0 | ) | (4.8 | ) | (1.2 | ) | |||||||
Amortization of prior service cost | — | 0.4 | 0.1 | 0.2 | |||||||||||
Amortization of net loss | 4.2 | 0.6 | 2.2 | 0.6 | |||||||||||
Amortization of translation obligation | — | — | — | 0.2 | |||||||||||
Settlement (gain) loss | — | 6.1 | — | — | |||||||||||
Net pension expense | $ | 4.2 | $ | 10.5 | $ | 2.5 | $ | 4.4 |
Three Fiscal Months Ended | Six Fiscal Months Ended | ||||||||||||||
June 29, 2012 | July 1, 2011 | June 29, 2012 | July 1, 2011 | ||||||||||||
Service cost | $ | — | $ | — | $ | — | $ | 0.1 | |||||||
Interest cost | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
Net amortization and deferral | — | — | — | — | |||||||||||
Net postretirement benefit expense | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.3 |
General Cable Total Equity | |||||||||||||||||||||||||||||||
Total Equity | Preferred Stock Amount | Common Stock Amount | Add’l Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Non-Controlling Interest | ||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 1,461.7 | $ | 3.8 | $ | 0.6 | $ | 666.7 | $ | (136.5 | ) | $ | 912.8 | $ | (99.0 | ) | $ | 113.3 | |||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||||||||||
Net income (loss) including non-controlling interest | 45.1 | 41.7 | 3.4 | ||||||||||||||||||||||||||||
Foreign currency translation adj. | (17.8 | ) | (18.0 | ) | 0.2 | ||||||||||||||||||||||||||
Gain (loss) defined benefit plan | (2.1 | ) | (2.1 | ) | |||||||||||||||||||||||||||
Unrealized gain (loss) on financial instruments | 2.6 | 2.5 | 0.1 | ||||||||||||||||||||||||||||
Comprehensive income (loss) | 27.8 | ||||||||||||||||||||||||||||||
Preferred stock dividend | (0.2 | ) | (0.2 | ) | |||||||||||||||||||||||||||
Excess tax benefit from stock compensation | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Dividends paid to non-controlling interest | (1.9 | ) | (1.9 | ) | |||||||||||||||||||||||||||
Other – issuance pursuant to restricted stock, stock options and other | 6.9 | 5.6 | 1.3 | ||||||||||||||||||||||||||||
Balance, June 29, 2012 | $ | 1,494.4 | $ | 3.8 | $ | 0.6 | $ | 672.4 | $ | (135.2 | ) | $ | 954.3 | $ | (116.6 | ) | $ | 115.1 |
General Cable Total Equity | |||||||||||||||||||||||||||||||
Total Equity | Preferred Stock Amount | Common Stock Amount | Add’l Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Non-Controlling Interest | ||||||||||||||||||||||||
Balance, December 31, 2010 | $ | 1,567.3 | $ | 3.8 | $ | 0.6 | $ | 652.8 | $ | (74.0 | ) | $ | 847.1 | $ | 13.7 | $ | 123.3 | ||||||||||||||
Comprehensive income (loss): | |||||||||||||||||||||||||||||||
Net income including noncontrolling interest | 68.7 | 67.4 | 1.3 | ||||||||||||||||||||||||||||
Foreign currency translation adj. | 65.5 | 64.2 | 1.3 | ||||||||||||||||||||||||||||
Gain (loss) defined benefit plan | — | 0.7 | (0.7 | ) | |||||||||||||||||||||||||||
Unrealized gain (loss) on financial instruments | (20.0 | ) | (20.0 | ) | — | ||||||||||||||||||||||||||
Comprehensive income (loss) | 114.2 | ||||||||||||||||||||||||||||||
Preferred stock dividend | (0.2 | ) | (0.2 | ) | |||||||||||||||||||||||||||
Excess tax benefit from stock compensation | 0.7 | 0.7 | |||||||||||||||||||||||||||||
Dividends paid to non-controlling interest | (2.8 | ) | (2.8 | ) | |||||||||||||||||||||||||||
Other – issuance pursuant to restricted stock, stock options and other | 4.0 | 6.0 | (0.7 | ) | (1.3 | ) | |||||||||||||||||||||||||
Balance, July 1, 2011 | $ | 1,683.2 | $ | 3.8 | $ | 0.6 | $ | 659.5 | $ | (74.7 | ) | $ | 914.3 | $ | 58.6 | $ | 121.1 |
June 29, 2012 | December 31, 2011 | ||||||||||||||
Company Common Shareholders | Non-Controlling Interest | Company Common Shareholders | Non-Controlling Interest | ||||||||||||
Foreign currency translation adjustment | $ | (33.9 | ) | $ | (18.1 | ) | $ | (15.9 | ) | $ | (18.3 | ) | |||
Change in fair value of pension benefit obligation, net of tax | (65.1 | ) | (3.2 | ) | (63.0 | ) | (3.2 | ) | |||||||
Change in fair value of derivatives, net of tax | (25.2 | ) | (0.5 | ) | (27.7 | ) | (0.6 | ) | |||||||
Company deferred stock held in rabbi trust, net of tax | 7.3 | — | 7.3 | — | |||||||||||
Other | 0.3 | — | 0.3 | — | |||||||||||
Accumulated other comprehensive income (loss) | $ | (116.6 | ) | $ | (21.8 | ) | $ | (99.0 | ) | $ | (22.1 | ) |
Three Fiscal Months Ended | |||||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||||
Company Common Shareholders | Non-Controlling Interest | Company Common Shareholders | Non-Controlling Interest | ||||||||||||
Net income (1) | $ | 18.9 | $ | 2.1 | $ | 33.3 | $ | 0.5 | |||||||
Currency translation gain (loss) | (57.2 | ) | (2.9 | ) | 22.4 | 1.5 | |||||||||
Change in fair value of pension benefit obligation, net of tax | (2.2 | ) | 0.1 | 0.3 | (0.3 | ) | |||||||||
Change in fair value of derivatives, net of tax | (3.4 | ) | — | (5.5 | ) | — | |||||||||
Comprehensive income (loss) | $ | (43.9 | ) | $ | (0.7 | ) | $ | 50.5 | $ | 1.7 |
(1) | Net income before preferred stock dividend payments. |
Six Fiscal Months Ended | |||||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||||
Company Common Shareholders | Non-Controlling Interest | Company Common Shareholders | Non-Controlling Interest | ||||||||||||
Net income (1) | $ | 41.7 | $ | 3.4 | $ | 67.4 | $ | 1.3 | |||||||
Currency translation gain (loss) | (18.0 | ) | 0.2 | 64.2 | 1.3 | ||||||||||
Change in fair value of pension benefit obligation, net of tax | (2.1 | ) | — | 0.7 | (0.7 | ) | |||||||||
Change in fair value of derivatives, net of tax | 2.5 | 0.1 | (20.0 | ) | — | ||||||||||
Comprehensive income (loss) | $ | 24.1 | $ | 3.7 | $ | 112.3 | $ | 1.9 |
(1) | Net income before preferred stock dividend payments. |
14. | Share-Based Compensation |
Three Fiscal Months Ended | |||||||
June 29, 2012 | July 1, 2011 | ||||||
Non-qualified stock option expense | $ | 1.5 | $ | 1.2 | |||
Non-vested stock awards expense | 2.2 | 1.8 | |||||
Total pre-tax share-based compensation expense | $ | 3.7 | $ | 3.0 | |||
Excess tax benefit on share-based compensation (1) | $ | — | $ | — |
Six Fiscal Months Ended | |||||||
June 29, 2012 | July 1, 2011 | ||||||
Non-qualified stock option expense | $ | 2.9 | $ | 2.3 | |||
Non-vested stock awards expense | 4.3 | 3.4 | |||||
Total pre-tax share-based compensation expense | $ | 7.2 | $ | 5.7 | |||
Excess tax benefit on share-based compensation (1) | $ | 0.1 | $ | 0.7 |
(1) | Cash inflows (outflows) recognized as financing activities in the condensed consolidated statements of cash flows. |
15. | Shipping and Handling Costs |
16. | Earnings (Loss) Per Common Share |
Three Fiscal Months Ended | Six Fiscal Months Ended | ||||||||||||||
(in millions, except per share data) | June 29, 2012 | July 1, 2011 | June 29, 2012 | July 1, 2011 | |||||||||||
Earnings per common share – basic: | |||||||||||||||
Net income for basic EPS computation (1) | $ | 18.8 | $ | 33.2 | $ | 41.5 | $ | 67.2 | |||||||
Weighted average shares outstanding for basic EPS computation (2) | 49.8 | 52.2 | 49.8 | 52.2 | |||||||||||
Earnings per common share – basic (3) | $ | 0.38 | $ | 0.64 | $ | 0.83 | $ | 1.29 | |||||||
Earnings per common share – assuming dilution: | |||||||||||||||
Net income attributable to Company common shareholders | $ | 18.8 | $ | 33.2 | $ | 41.5 | $ | 67.2 | |||||||
Add: preferred stock dividends, if applicable | 0.1 | 0.1 | 0.2 | 0.2 | |||||||||||
Net income for diluted EPS computation (1) | $ | 18.9 | $ | 33.3 | $ | 41.7 | $ | 67.4 | |||||||
Weighted average shares outstanding including nonvested shares | 49.8 | 52.2 | 49.8 | 52.2 | |||||||||||
Dilutive effect of convertible notes | — | 1.4 | — | 1.2 | |||||||||||
Dilutive effect of stock options and restricted stock units | 0.9 | 0.9 | 0.9 | 0.9 | |||||||||||
Dilutive effect of assumed conversion of preferred stock | 0.4 | 0.4 | 0.4 | 0.4 | |||||||||||
Weighted average shares outstanding for diluted EPS computation (2) | 51.1 | 54.9 | 51.1 | 54.7 | |||||||||||
Earnings per common share – assuming dilution | $ | 0.37 | $ | 0.61 | $ | 0.82 | $ | 1.23 |
(1) | Numerator |
(2) | Denominator |
(3) | Under the two-class method, earnings per share – basic reflects undistributed earnings per share for both common stock and unvested share-based payment awards (restricted stock). |
Share Price | Shares Underlying 0.875% Convertible Notes | Warrant Shares | Total Treasury Method Incremental Shares (1) | Shares Due to the Company under Note Hedges | Incremental Shares Issued by the Company upon Conversion (2) | |||||||||
$50.36 | — | — | — | — | — | |||||||||
$60.36 | 1,167,502 | — | 1,167,502 | (1,167,502 | ) | — | ||||||||
$70.36 | 2,003,400 | — | 2,003,400 | (2,003,400 | ) | — | ||||||||
$80.36 | 2,631,259 | 382,618 | 3,013,877 | (2,631,259 | ) | 382,618 | ||||||||
$90.36 | 3,120,150 | 1,120,363 | 4,240,513 | (3,120,150 | ) | 1,120,363 | ||||||||
$100.36 | 3,511,614 | 1,711,088 | 5,222,702 | (3,511,614 | ) | 1,711,088 |
(1) | Represents the number of incremental shares that must be included in the calculation of fully diluted shares under GAAP. |
(2) | Represents the number of incremental shares to be issued by the Company upon conversion of the 0.875% Convertible Notes, assuming concurrent settlement of the note hedges and warrants. |
Share Price | Shares Underlying 1.00% Senior Convertible Notes | Total Treasury Method Incremental Shares (1) | |||
$83.93 | — | — | |||
$93.93 | 13,425 | 13,425 | |||
$103.93 | 24,271 | 24,271 | |||
$113.93 | 33,213 | 33,213 | |||
$123.93 | 40,712 | 40,712 | |||
$133.93 | 47,091 | 47,091 |
(1) | Represents the number of incremental shares that must be included in the calculation of fully diluted shares under GAAP. |
Share Price | Shares Underlying Subordinated Convertible Notes | Total Treasury Method Incremental Shares (1) | |||
$36.75 | — | — | |||
$38.75 | 603,152 | 603,152 | |||
$40.75 | 1,147,099 | 1,147,099 | |||
$42.75 | 1,640,151 | 1,640,151 | |||
$44.75 | 2,089,131 | 2,089,131 |
(1) | Represents the number of incremental shares that must be included in the calculation of fully diluted shares under GAAP. |
17. | Segment Information |
Three Fiscal Months Ended | Six Fiscal Months Ended | ||||||||||||||
(in millions) | June 29, 2012 | July 1, 2011 | June 29, 2012 | July 1, 2011 | |||||||||||
Net Sales: | |||||||||||||||
North America | $ | 548.0 | $ | 566.4 | $ | 1,089.2 | $ | 1,108.2 | |||||||
Europe and Mediterranean | 444.8 | 469.2 | 859.9 | 892.3 | |||||||||||
ROW | 485.3 | 496.6 | 961.5 | 979.3 | |||||||||||
Total | $ | 1,478.1 | $ | 1,532.2 | $ | 2,910.6 | $ | 2,979.8 | |||||||
Segment Operating Income: | |||||||||||||||
North America | $ | 36.6 | $ | 41.3 | $ | 67.0 | $ | 76.8 | |||||||
Europe and Mediterranean | 8.7 | 12.4 | 13.2 | 25.9 | |||||||||||
ROW | 23.8 | 21.8 | 39.6 | 41.9 | |||||||||||
Total | $ | 69.1 | $ | 75.5 | $ | 119.8 | $ | 144.6 |
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Total Assets: | |||||||
North America | $ | 1,087.5 | $ | 1,026.8 | |||
Europe and Mediterranean | 1,447.8 | 1,435.2 | |||||
ROW | 1,925.9 | 1,861.0 | |||||
Total | $ | 4,461.2 | $ | 4,323.0 |
18. | Commitments and Contingencies |
19. | Unconsolidated Affiliated Companies |
20. | Fair Value Disclosure |
• | Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities that are traded in an active exchange market. |
• | Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
• | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques for which the determination of fair value requires significant management judgment or estimation. |
Fair Value Measurement | |||||||||||||||||||||||||||||||
June 29, 2012 | December 31, 2011 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivative assets | $ | — | $ | 7.5 | $ | — | $ | 7.5 | $ | — | $ | 10.7 | $ | — | $ | 10.7 | |||||||||||||||
Equity securities | 16.5 | — | — | 16.5 | 15.2 | — | — | 15.2 | |||||||||||||||||||||||
Total assets | $ | 16.5 | $ | 7.5 | $ | — | $ | 24.0 | $ | 15.2 | $ | 10.7 | $ | — | $ | 25.9 | |||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Derivative liabilities | $ | — | $ | 22.7 | $ | — | $ | 22.7 | $ | — | $ | 36.2 | $ | — | $ | 36.2 | |||||||||||||||
Total liabilities | $ | — | $ | 22.7 | $ | — | $ | 22.7 | $ | — | $ | 36.2 | $ | — | $ | 36.2 |
21. | Supplemental Guarantor and Parent Company Condensed Financial Information |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales: | |||||||||||||||||||
Customers | $ | — | $ | 535.5 | $ | 942.6 | $ | — | $ | 1,478.1 | |||||||||
Intercompany | 21.6 | — | 11.5 | (33.1 | ) | — | |||||||||||||
21.6 | 535.5 | 954.1 | (33.1 | ) | 1,478.1 | ||||||||||||||
Cost of sales | — | 462.5 | 853.6 | (11.5 | ) | 1,304.6 | |||||||||||||
Gross profit | 21.6 | 73.0 | 100.5 | (21.6 | ) | 173.5 | |||||||||||||
Selling, general and administrative expenses | 11.4 | 40.4 | 74.2 | (21.6 | ) | 104.4 | |||||||||||||
Operating income | 10.2 | 32.6 | 26.3 | — | 69.1 | ||||||||||||||
Other income (expense) | — | (1.2 | ) | (12.3 | ) | — | (13.5 | ) | |||||||||||
Interest income (expense): | |||||||||||||||||||
Interest expense | (16.1 | ) | (22.8 | ) | (11.6 | ) | 25.3 | (25.2 | ) | ||||||||||
Interest income | 21.9 | 3.1 | 1.9 | (25.3 | ) | 1.6 | |||||||||||||
5.8 | (19.7 | ) | (9.7 | ) | — | (23.6 | ) | ||||||||||||
Income before income taxes | 16.0 | 11.7 | 4.3 | — | 32.0 | ||||||||||||||
Income tax (provision) benefit | (5.6 | ) | (3.7 | ) | (2.2 | ) | — | (11.5 | ) | ||||||||||
Equity in net income of subsidiaries and affiliated companies | 8.5 | 0.5 | — | (8.5 | ) | 0.5 | |||||||||||||
Net income including non-controlling interest | 18.9 | 8.5 | 2.1 | (8.5 | ) | 21.0 | |||||||||||||
Less: preferred stock dividends | 0.1 | — | — | — | 0.1 | ||||||||||||||
Less: net income attributable to non-controlling interest | — | — | 2.1 | — | 2.1 | ||||||||||||||
Net income attributable to Company common shareholders | $ | 18.8 | $ | 8.5 | $ | — | $ | (8.5 | ) | $ | 18.8 | ||||||||
Comprehensive income (loss) | $ | 18.4 | $ | 1.9 | $ | (56.4 | ) | $ | (8.5 | ) | $ | (44.6 | ) |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales: | |||||||||||||||||||
Customers | $ | — | $ | 1,066.8 | $ | 1,843.8 | $ | — | $ | 2,910.6 | |||||||||
Intercompany | 28.9 | — | 23.1 | (52.0 | ) | — | |||||||||||||
28.9 | 1,066.8 | 1,866.9 | (52.0 | ) | 2,910.6 | ||||||||||||||
Cost of sales | — | 928.3 | 1,687.4 | (23.1 | ) | 2,592.6 | |||||||||||||
Gross profit | 28.9 | 138.5 | 179.5 | (28.9 | ) | 318.0 | |||||||||||||
Selling, general and administrative expenses | 23.1 | 71.6 | 132.4 | (28.9 | ) | 198.2 | |||||||||||||
Operating income | 5.8 | 66.9 | 47.1 | — | 119.8 | ||||||||||||||
Other income (expense) | — | (0.8 | ) | (5.9 | ) | — | (6.7 | ) | |||||||||||
Interest income (expense): | |||||||||||||||||||
Interest expense | (31.9 | ) | (45.9 | ) | (22.8 | ) | 50.7 | (49.9 | ) | ||||||||||
Interest income | 43.9 | 6.3 | 3.8 | (50.7 | ) | 3.3 | |||||||||||||
12.0 | (39.6 | ) | (19.0 | ) | — | (46.6 | ) | ||||||||||||
Income (loss) before income taxes | 17.8 | 26.5 | 22.2 | — | 66.5 | ||||||||||||||
Income tax (provision) benefit | (6.4 | ) | (10.9 | ) | (4.6 | ) | — | (21.9 | ) | ||||||||||
Equity in net income of subsidiaries | 30.3 | 14.7 | — | (44.5 | ) | 0.5 | |||||||||||||
Net income including non-controlling interest | 41.7 | 30.3 | 17.6 | (44.5 | ) | 45.1 | |||||||||||||
Less: preferred stock dividends | 0.2 | — | — | — | 0.2 | ||||||||||||||
Less: net income attributable to non-controlling interest | — | — | 3.4 | — | 3.4 | ||||||||||||||
Net income applicable to Company common shareholders | $ | 41.5 | $ | 30.3 | $ | 14.2 | $ | (44.5 | ) | $ | 41.5 | ||||||||
Comprehensive income (loss) | $ | 41.9 | $ | 25.5 | $ | 4.9 | $ | (44.5 | ) | $ | 27.8 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales: | |||||||||||||||||||
Customers | $ | — | $ | 554.0 | $ | 978.2 | $ | — | $ | 1,532.2 | |||||||||
Intercompany | 13.6 | — | 11.9 | (25.5 | ) | — | |||||||||||||
13.6 | 554.0 | 990.1 | (25.5 | ) | 1,532.2 | ||||||||||||||
Cost of sales | — | 479.8 | 894.0 | (11.9 | ) | 1,361.9 | |||||||||||||
Gross profit | 13.6 | 74.2 | 96.1 | (13.6 | ) | 170.3 | |||||||||||||
Selling, general and administrative expenses | 10.7 | 36.6 | 61.1 | (13.6 | ) | 94.8 | |||||||||||||
Operating income | 2.9 | 37.6 | 35.0 | — | 75.5 | ||||||||||||||
Other income (expense) | — | (0.4 | ) | (3.5 | ) | — | (3.9 | ) | |||||||||||
Interest income (expense): | |||||||||||||||||||
Interest expense | (15.6 | ) | (17.9 | ) | (10.6 | ) | 20.5 | (23.6 | ) | ||||||||||
Interest income | 17.3 | 3.1 | 2.1 | (20.5 | ) | 2.0 | |||||||||||||
1.7 | (14.8 | ) | (8.5 | ) | — | (21.6 | ) | ||||||||||||
Income (loss) before income taxes | 4.6 | 22.4 | 23.0 | — | 50.0 | ||||||||||||||
Income tax (provision) benefit | (1.7 | ) | (10.6 | ) | (4.9 | ) | — | (17.2 | ) | ||||||||||
Equity in net income of subsidiaries | 30.4 | 18.6 | — | (48.0 | ) | 1.0 | |||||||||||||
Net income including non-controlling interest | 33.3 | 30.4 | 18.1 | (48.0 | ) | 33.8 | |||||||||||||
Less: preferred stock dividends | 0.1 | — | — | — | 0.1 | ||||||||||||||
Less: net income attributable to non-controlling interest | — | — | 0.5 | — | 0.5 | ||||||||||||||
Net income applicable to Company common shareholders | $ | 33.2 | $ | 30.4 | $ | 17.6 | $ | (48.0 | ) | $ | 33.2 | ||||||||
Comprehensive income (loss) | $ | 33.5 | $ | 34.4 | $ | 32.3 | $ | (48.0 | ) | $ | 52.2 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net sales: | |||||||||||||||||||
Customers | $ | — | $ | 1,082.4 | $ | 1,897.4 | $ | — | $ | 2,979.8 | |||||||||
Intercompany | 27.8 | — | 23.0 | (50.8 | ) | — | |||||||||||||
27.8 | 1,082.4 | 1,920.4 | (50.8 | ) | 2,979.8 | ||||||||||||||
Cost of sales | — | 938.7 | 1,730.8 | (23.0 | ) | 2,646.5 | |||||||||||||
Gross profit | 27.8 | 143.7 | 189.6 | (27.8 | ) | 333.3 | |||||||||||||
Selling, general and administrative expenses | 22.0 | 74.1 | 120.4 | (27.8 | ) | 188.7 | |||||||||||||
Operating income | 5.8 | 69.6 | 69.2 | — | 144.6 | ||||||||||||||
Other income (expense) | — | 0.6 | 2.5 | — | 3.1 | ||||||||||||||
Interest income (expense): | |||||||||||||||||||
Interest expense | (31.3 | ) | (38.0 | ) | (21.3 | ) | 43.0 | (47.6 | ) | ||||||||||
Interest income | 36.8 | 6.0 | 4.2 | (43.0 | ) | 4.0 | |||||||||||||
5.5 | (32.0 | ) | (17.1 | ) | — | (43.6 | ) | ||||||||||||
Income (loss) before income taxes | 11.3 | 38.2 | 54.6 | — | 104.1 | ||||||||||||||
Income tax (provision) benefit | (4.2 | ) | (18.2 | ) | (14.4 | ) | — | (36.8 | ) | ||||||||||
Equity in net income of subsidiaries | 60.3 | 40.3 | — | (99.2 | ) | 1.4 | |||||||||||||
Net income including non-controlling interest | 67.4 | 60.3 | 40.2 | (99.2 | ) | 68.7 | |||||||||||||
Less: preferred stock dividends | 0.2 | — | — | — | 0.2 | ||||||||||||||
Less: net income attributable to non-controlling interest | — | — | 1.3 | — | 1.3 | ||||||||||||||
Net income applicable to Company common shareholders | $ | 67.2 | $ | 60.3 | $ | 38.9 | $ | (99.2 | ) | $ | 67.2 | ||||||||
Comprehensive income (loss) | $ | 68.7 | $ | 83.6 | $ | 61.1 | $ | (99.2 | ) | $ | 114.2 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Assets | |||||||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | 10.2 | $ | 428.5 | $ | — | $ | 438.8 | |||||||||
Receivables, net of allowances | — | 306.6 | 907.0 | — | 1,213.6 | ||||||||||||||
Inventories, net | — | 448.0 | 764.9 | — | 1,212.9 | ||||||||||||||
Deferred income taxes | — | 25.8 | 13.0 | — | 38.8 | ||||||||||||||
Prepaid expenses and other | 1.8 | 19.8 | 83.6 | — | 105.2 | ||||||||||||||
Total current assets | 1.9 | 810.4 | 2,197.0 | — | 3,009.3 | ||||||||||||||
Property, plant and equipment, net | 0.3 | 180.1 | 826.7 | — | 1,007.1 | ||||||||||||||
Deferred income taxes | — | 2.0 | 20.6 | — | 22.6 | ||||||||||||||
Intercompany accounts | 1,249.1 | 373.0 | 38.8 | (1,660.9 | ) | — | |||||||||||||
Investment in subsidiaries | 1,110.5 | 1,357.3 | — | (2,467.8 | ) | — | |||||||||||||
Goodwill | — | 0.8 | 167.2 | — | 168.0 | ||||||||||||||
Intangible assets, net | — | 3.2 | 176.3 | — | 179.5 | ||||||||||||||
Unconsolidated affiliated companies | — | 13.1 | 5.9 | — | 19.0 | ||||||||||||||
Other non-current assets | 7.3 | 23.6 | 24.8 | — | 55.7 | ||||||||||||||
Total assets | $ | 2,369.1 | $ | 2,763.5 | $ | 3,457.3 | $ | (4,128.7 | ) | $ | 4,461.2 | ||||||||
Liabilities and Total Equity | |||||||||||||||||||
Current liabilities: | |||||||||||||||||||
Accounts payable | $ | — | $ | 106.9 | $ | 862.7 | $ | — | $ | 969.6 | |||||||||
Accrued liabilities | 6.2 | 96.4 | 288.0 | — | 390.6 | ||||||||||||||
Current portion of long-term debt | 10.4 | — | 218.3 | — | 228.7 | ||||||||||||||
Total current liabilities | 16.6 | 203.3 | 1,369.0 | — | 1,588.9 | ||||||||||||||
Long-term debt | 824.1 | 61.3 | 32.8 | — | 918.2 | ||||||||||||||
Deferred income taxes | 148.0 | (13.5 | ) | 75.2 | — | 209.7 | |||||||||||||
Intercompany accounts | — | 1,287.9 | 373.0 | (1,660.9 | ) | — | |||||||||||||
Other liabilities | 1.1 | 114.0 | 134.9 | — | 250.0 | ||||||||||||||
Total liabilities | 989.8 | 1,653.0 | 1,984.9 | (1,660.9 | ) | 2,966.8 | |||||||||||||
Total Company shareholders’ equity | 1,379.3 | 1,110.5 | 1,357.3 | (2,467.8 | ) | 1,379.3 | |||||||||||||
Non-controlling interest | — | — | 115.1 | — | 115.1 | ||||||||||||||
Total liabilities and equity | $ | 2,369.1 | $ | 2,763.5 | $ | 3,457.3 | $ | (4,128.7 | ) | $ | 4,461.2 |
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 | 749.2 | — | 1,185.5 | ||||||||||||||
Deferred income taxes | — | 25.4 | 17.8 | — | 43.2 | ||||||||||||||
Prepaid expenses and other | 1.8 | 23.5 | 74.7 | — | 100.0 | ||||||||||||||
Total current assets | 1.9 | 744.6 | 2,097.2 | — | 2,843.7 | ||||||||||||||
Property, plant and equipment, net | 0.4 | 186.3 | 837.1 | — | 1,023.8 | ||||||||||||||
Deferred income taxes | — | 1.9 | 14.3 | — | 16.2 | ||||||||||||||
Intercompany accounts | 1,210.4 | 378.4 | 40.1 | (1,628.9 | ) | — | |||||||||||||
Investment in subsidiaries | 1,098.0 | 1,327.1 | — | (2,425.1 | ) | — | |||||||||||||
Goodwill | — | 0.8 | 167.3 | — | 168.1 | ||||||||||||||
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 | $ | 2,318.9 | $ | 2,678.4 | $ | 3,379.7 | $ | (4,054.0 | ) | $ | 4,323.0 | ||||||||
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 | 1.1 | 110.2 | 134.6 | — | 245.9 | ||||||||||||||
Total liabilities | 970.5 | 1,580.4 | 1,939.3 | (1,628.9 | ) | 2,861.3 | |||||||||||||
Total Company shareholders’ equity | 1,348.4 | 1,098.0 | 1,327.1 | (2,425.1 | ) | 1,348.4 | |||||||||||||
Non-controlling interest | — | — | 113.3 | — | 113.3 | ||||||||||||||
Total liabilities and equity | $ | 2,318.9 | $ | 2,678.4 | $ | 3,379.7 | $ | (4,054.0 | ) | $ | 4,323.0 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash flows of operating activities | $ | 33.1 | $ | (42.6 | ) | $ | (7.6 | ) | $ | — | $ | (17.1 | ) | ||||||
Cash flows of investing activities: | |||||||||||||||||||
Capital expenditures | — | (12.1 | ) | (51.8 | ) | — | (63.9 | ) | |||||||||||
Proceeds from properties sold | — | — | 4.2 | — | 4.2 | ||||||||||||||
Acquisitions, net of cash acquired | — | — | (7.3 | ) | — | (7.3 | ) | ||||||||||||
Other | — | (13.6 | ) | 13.5 | — | (0.1 | ) | ||||||||||||
Net cash flows of investing activities | — | (25.7 | ) | (41.4 | ) | — | (67.1 | ) | |||||||||||
Cash flows of financing activities: | |||||||||||||||||||
Preferred stock dividends paid | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||
Excess tax benefits from stock-based compensation | 0.1 | — | — | — | 0.1 | ||||||||||||||
Intercompany accounts | (33.2 | ) | 44.5 | (11.3 | ) | — | — | ||||||||||||
Proceeds from other debt | — | 466.3 | 411.5 | — | 877.8 | ||||||||||||||
Repayments of other debt | — | (439.9 | ) | (350.9 | ) | — | (790.8 | ) | |||||||||||
Dividends paid to non-controlling interest | — | — | (1.9 | ) | — | (1.9 | ) | ||||||||||||
Proceeds from exercise of stock options | 0.1 | — | — | — | 0.1 | ||||||||||||||
Net cash flows of financing activities | (33.2 | ) | 70.9 | 47.4 | — | 85.1 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 0.1 | (4.8 | ) | 8.5 | — | 3.8 | |||||||||||||
Increase (decrease) in cash and cash equivalents | — | (2.2 | ) | 6.9 | — | 4.7 | |||||||||||||
Cash and cash equivalents – beginning of period | 0.1 | 12.4 | 421.6 | — | 434.1 | ||||||||||||||
Cash and cash equivalents – end of period | $ | 0.1 | $ | 10.2 | $ | 428.5 | $ | — | $ | 438.8 |
Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||
Net cash flows of operating activities | $ | 19.3 | $ | (20.1 | ) | $ | (81.7 | ) | $ | — | $ | (82.5 | ) | ||||||
Cash flows of investing activities: | |||||||||||||||||||
Capital expenditures | (0.2 | ) | (9.2 | ) | (46.1 | ) | — | (55.5 | ) | ||||||||||
Proceeds from properties sold | — | 0.1 | 2.7 | — | 2.8 | ||||||||||||||
Acquisitions, net of cash acquired | — | — | — | — | — | ||||||||||||||
Other | — | (16.8 | ) | 17.6 | — | 0.8 | |||||||||||||
Net cash flows of investing activities | (0.2 | ) | (25.9 | ) | (25.8 | ) | — | (51.9 | ) | ||||||||||
Cash flows of financing activities: | |||||||||||||||||||
Preferred stock dividends paid | (0.2 | ) | — | — | — | (0.2 | ) | ||||||||||||
Excess tax benefits from stock-based compensation | 0.7 | — | — | — | 0.7 | ||||||||||||||
Intercompany accounts | (49.2 | ) | 3.6 | 45.6 | — | — | |||||||||||||
Proceeds from other debt | — | Proceeds from other debt | 484.6 | Proceeds from other debt | 387.0 | Proceeds from other debt | — | Proceeds from other debt | 871.6 | ||||||||||
Repayments of other debt | — | (442.5 | ) | (316.8 | ) | — | (759.3 | ) | |||||||||||
Dividends paid to non-controlling interests | — | — | (2.8 | ) | — | (2.8 | ) | ||||||||||||
Proceeds from exercise of stock options | 0.7 | — | — | — | 0.7 | ||||||||||||||
Net cash flows of financing activities | (48.0 | ) | 45.7 | 113.0 | — | 110.7 | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 0.2 | (13.2 | ) | — | (13.0 | ) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (28.9 | ) | (0.1 | ) | (7.7 | ) | — | (36.7 | ) | ||||||||||
Cash and cash equivalents - beginning of period | 29.0 | 8.0 | 421.7 | — | 458.7 | ||||||||||||||
Cash and cash equivalents - end of period | $ | 0.1 | $ | 7.9 | $ | 414.0 | $ | — | $ | 422.0 |
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Beginning Balance | $ | 1,210.4 | $ | 1,169.7 | |||
Non-cash transactions | |||||||
Deferred tax | 2.1 | 8.0 | |||||
Equity based awards | 7.1 | 12.7 | |||||
Foreign currency and other | (3.7 | ) | (1.0 | ) | |||
Cash transactions | 33.2 | 21.0 | |||||
Ending Balance | $ | 1,249.1 | $ | 1,210.4 |
(in millions) | June 29, 2012 | December 31, 2011 | |||||
Subordinated Convertible Notes due 2029 | $ | 429.5 | $ | 429.5 | |||
Debt discount on Subordinated Convertible Notes due 2029 | (263.7 | ) | (264.4 | ) | |||
1.00% Senior Convertible Notes due 2012 | 10.6 | 10.6 | |||||
Debt discount on 1.00% Senior Convertible Notes due 2012 | (0.2 | ) | (0.5 | ) | |||
0.875% Convertible Notes due 2013 | 355.0 | 355.0 | |||||
Debt discount on 0.875% Convertible Notes due 2013 | (30.7 | ) | (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 | 834.5 | 823.6 | |||||
Less current maturities | 10.4 | 10.1 | |||||
Parent Company Long-term debt | $ | 824.1 | $ | 813.5 |
(in millions) | Q2 2013 | Q2 2014 | Q2 2015 | Q2 2016 | Q2 2017 | ||||||||||||||
Debt maturities twelve month period ending | $ | 10.4 | $ | 324.3 | $ | — | $ | 125.0 | $ | — |
23. | Restatement of Condensed Consolidated Financial Statements (Unaudited) |
Three Fiscal Months Ended June 29, 2012 | |||||||||
(in millions, except per share data) | As Previously Reported | Effect of Restatement | Restated | ||||||
Cost of sales | $ | 1,301.1 | $ | 3.5 | $ | 1,304.6 | |||
Gross profit | 177.0 | (3.5 | ) | 173.5 | |||||
Operating income | 72.6 | (3.5 | ) | 69.1 | |||||
Income before income taxes | 35.5 | (3.5 | ) | 32.0 | |||||
Income tax (provision) benefit | (12.0 | ) | 0.5 | (11.5 | ) | ||||
Net income including noncontrolling interest | 24.0 | (3.0 | ) | 21.0 | |||||
Net income attributable to Company common shareholders | 21.8 | (3.0 | ) | 18.8 | |||||
Comprehensive income (loss) | (45.7 | ) | 1.1 | (44.6 | ) | ||||
Earnings per common share - basic | 0.44 | (0.06 | ) | 0.38 | |||||
Earnings per common share - assuming dilution | 0.43 | (0.06 | ) | 0.37 |
Three Fiscal Months Ended July 1, 2011 | |||||||||
(in millions, except per share data) | As Previously Reported | Effect of Restatement | Restated | ||||||
Cost of sales | $ | 1,357.6 | $ | 4.3 | $ | 1,361.9 | |||
Gross profit | 174.6 | (4.3 | ) | 170.3 | |||||
Operating income | 79.8 | (4.3 | ) | 75.5 | |||||
Income before income taxes | 54.3 | (4.3 | ) | 50.0 | |||||
Income tax (provision) benefit | (17.2 | ) | — | (17.2 | ) | ||||
Net income including noncontrolling interest | 38.1 | (4.3 | ) | 33.8 | |||||
Net income attributable to Company common shareholders | 37.5 | (4.3 | ) | 33.2 | |||||
Comprehensive income (loss) | 57.5 | (5.3 | ) | 52.2 | |||||
Earnings per common share - basic | 0.72 | (0.08 | ) | 0.64 | |||||
Earnings per common share - assuming dilution | 0.68 | (0.07 | ) | 0.61 |
Six Fiscal Months Ended June 29, 2012 | |||||||||
(in millions, except per share data) | As Previously Reported | Effect of Restatement | Restated | ||||||
Cost of sales | $ | 2,586.4 | $ | 6.2 | $ | 2,592.6 | |||
Gross profit | 324.2 | (6.2 | ) | 318.0 | |||||
Operating income | 126.0 | (6.2 | ) | 119.8 | |||||
Income before income taxes | 72.7 | (6.2 | ) | 66.5 | |||||
Income tax (provision) benefit | (22.9 | ) | 1.0 | (21.9 | ) | ||||
Net income including noncontrolling interest | 50.3 | (5.2 | ) | 45.1 | |||||
Net income attributable to Company common shareholders | 46.7 | (5.2 | ) | 41.5 | |||||
Comprehensive income (loss) | 30.7 | (2.9 | ) | 27.8 | |||||
Earnings per common share - basic | 0.94 | (0.11 | ) | 0.83 | |||||
Earnings per common share - assuming dilution | 0.92 | (0.10 | ) | 0.82 |
Six Fiscal Months Ended July 1, 2011 | |||||||||
(in millions, except per share data) | As Previously Reported | Effect of Restatement | Restated | ||||||
Cost of sales | $ | 2,638.2 | $ | 8.3 | $ | 2,646.5 | |||
Gross profit | 341.6 | (8.3 | ) | 333.3 | |||||
Operating income | 152.9 | (8.3 | ) | 144.6 | |||||
Income before income taxes | 112.4 | (8.3 | ) | 104.1 | |||||
Income tax (provision) benefit | (36.6 | ) | (0.2 | ) | (36.8 | ) | |||
Net income including noncontrolling interest | 77.2 | (8.5 | ) | 68.7 | |||||
Net income attributable to Company common shareholders | 75.7 | (8.5 | ) | 67.2 | |||||
Comprehensive income (loss) | 125.2 | (11.0 | ) | 114.2 | |||||
Earnings per common share - basic | 1.45 | (0.16 | ) | 1.29 | |||||
Earnings per common share - assuming dilution | 1.39 | (0.16 | ) | 1.23 |
June 29, 2012 | |||||||||
(in millions) | As Previously Reported | Effect of Restatement | Restated | ||||||
Assets | |||||||||
Inventories, net | $ | 1,259.6 | $ | (46.7 | ) | $ | 1,212.9 | ||
Deferred income taxes | 39.0 | (0.2 | ) | 38.8 | |||||
Prepaid expenses and other | 105.2 | — | 105.2 | ||||||
Total current assets | 3,056.2 | (46.9 | ) | 3,009.3 | |||||
Property, plant and equipment, net | 1,012.2 | (5.1 | ) | 1,007.1 | |||||
Deferred income taxes | 24.9 | (2.3 | ) | 22.6 | |||||
Goodwill | 165.0 | 3.0 | 168.0 | ||||||
Total assets | 4,512.5 | (51.3 | ) | 4,461.2 | |||||
Liabilities | |||||||||
Deferred income taxes | 210.7 | (1.0 | ) | 209.7 | |||||
Other liabilities | 247.2 | 2.8 | 250.0 | ||||||
Total Liabilities | 2,965.0 | 1.8 | 2,966.8 | ||||||
Equity | |||||||||
Retained earnings | 1,005.8 | (51.5 | ) | 954.3 | |||||
Accumulated other comprehensive income (loss) | (115.0 | ) | (1.6 | ) | (116.6 | ) | |||
Total Company shareholders' equity | 1,432.4 | (53.1 | ) | 1,379.3 | |||||
Total equity | 1,547.5 | (53.1 | ) | 1,494.4 | |||||
Total liabilities and equity | 4,512.5 | (51.3 | ) | 4,461.2 |
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 |
Six Fiscal Months Ended June 29, 2012 | |||||||||
(in millions) | As Previously Reported | Effect of Restatement | Restated | ||||||
Net income (loss) including noncontrolling interests | $ | 50.3 | $ | (5.2 | ) | $ | 45.1 | ||
Deferred income taxes | 8.0 | (1.0 | ) | 7.0 | |||||
(Increase) decrease in inventories | (39.9 | ) | 6.2 | (33.7 | ) |
Six Fiscal Months Ended July 1, 2011 | |||||||||
(in millions) | As Previously Reported | Effect of Restatement | Restated | ||||||
Net income (loss) including noncontrolling interests | $ | 77.2 | $ | (8.5 | ) | $ | 68.7 | ||
Deferred income taxes | (10.8 | ) | 0.1 | (10.7 | ) | ||||
(Increase) decrease in inventories | (223.8 | ) | 8.3 | (215.5 | ) | ||||
Increase (decrease) in accounts payable, accrued and other liabilities | 183.4 | 0.1 | 183.5 |
• | Utilizing the Company's assets, financial strength and flexibility, distribution system, global and product diversity, brands, and the talents and strong commitment of employees to build profitability through excellence in the Company's primary business, wire and cable manufacturing and distribution; |
• | Managing the Company's product portfolio by pursuing market share in fast growing and value added product lines as well as strategic investments in attractive long-term growth opportunities; |
• | Focusing on continuous improvement and operating efficiency through the execution of Lean Six Sigma (“Lean”) strategies and technical expertise to maintain the Company's position as a low cost provider; |
• | Expanding operations through organic growth and acquisitions with continued focus in emerging economies; |
• | Leveraging the Company's diversity and intellectual property through the sharing of best practices across the global organization; and |
• | Maintaining high operational standards through sustainability, safety, and innovation. |
• | Currency volatility and continued political uncertainty in certain markets; |
• | Competitive price pressures in certain markets, particularly those where the Company is a new entrant; |
• | Continued low levels of demand for a broad spectrum of products in Europe; |
• | Worldwide underlying long-term growth trends in electric utility and infrastructure markets; |
• | Continuing demand for natural resources, such as oil and gas, and alternative energy initiatives; |
• | Increasing demand for further deployment of submarine power and fiber optic communication systems; and |
• | Population growth in developing countries with growing middle classes that influences demand for wire and cable. |
Three Fiscal Months Ended | Six Fiscal Months Ended | ||||||||||||||||||||||||||
June 29, 2012 | July 1, 2011 | June 29, 2012 | July 1, 2011 | ||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Net sales | $ | 1,478.1 | 100.0 | % | $ | 1,532.2 | 100.0 | % | $ | 2,910.6 | 100.0 | % | $ | 2,979.8 | 100.0 | % | |||||||||||
Cost of sales | 1,304.6 | 88.3 | % | 1,361.9 | 88.9 | % | 2,592.6 | 89.1 | % | 2,646.5 | 88.8 | % | |||||||||||||||
Gross profit | 173.5 | 11.7 | % | 170.3 | 11.1 | % | 318.0 | 10.9 | % | 333.3 | 11.2 | % | |||||||||||||||
Selling, general and administrative expenses | 104.4 | 7.1 | % | 94.8 | 6.2 | % | 198.2 | 6.8 | % | 188.7 | 6.3 | % | |||||||||||||||
Operating income | 69.1 | 4.7 | % | 75.5 | 4.9 | % | 119.8 | 4.1 | % | 144.6 | 4.9 | % | |||||||||||||||
Other income (expense) | (13.5 | ) | (0.9 | )% | (3.9 | ) | (0.3 | )% | (6.7 | ) | (0.2 | )% | 3.1 | 0.1 | % | ||||||||||||
Interest expense, net | (23.6 | ) | (1.6 | )% | (21.6 | ) | (1.4 | )% | (46.6 | ) | (1.6 | )% | (43.6 | ) | (1.5 | )% | |||||||||||
Income before income taxes | 32.0 | 2.2 | % | 50.0 | 3.3 | % | 66.5 | 2.3 | % | 104.1 | 3.5 | % | |||||||||||||||
Income tax (provision) benefit | (11.5 | ) | (0.8 | )% | (17.2 | ) | (1.1 | )% | (21.9 | ) | (0.8 | )% | (36.8 | ) | (1.2 | )% | |||||||||||
Equity in net earnings of affiliated companies | 0.5 | — | % | 1.0 | 0.1 | % | 0.5 | — | % | 1.4 | — | % | |||||||||||||||
Net income including non-controlling interest | 21.0 | 1.4 | % | 33.8 | 2.2 | % | 45.1 | 1.5 | % | 68.7 | 2.3 | % | |||||||||||||||
Less: preferred stock dividends | 0.1 | — | % | 0.1 | — | % | 0.2 | — | % | 0.2 | — | % | |||||||||||||||
Less: net income attributable non-controlling interest | 2.1 | 0.1 | % | 0.5 | — | % | 3.4 | 0.1 | % | 1.3 | — | % | |||||||||||||||
Net income attributable to Company common shareholders | $ | 18.8 | 1.3 | % | $ | 33.2 | 2.2 | % | $ | 41.5 | 1.4 | % | $ | 67.2 | 2.3 | % |
Net Sales Three Fiscal Months Ended | |||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 548.0 | 37 | % | $ | 566.4 | 37 | % | |||||
Europe and Mediterranean | 444.8 | 30 | % | 469.2 | 31 | % | |||||||
ROW | 485.3 | 33 | % | 496.6 | 32 | % | |||||||
Total net sales | $ | 1,478.1 | 100 | % | $ | 1,532.2 | 100 | % |
Metal-Adjusted Net Sales Three Fiscal Months Ended | |||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 548.0 | 37 | % | $ | 525.9 | 37 | % | |||||
Europe and Mediterranean | 444.8 | 30 | % | 436.4 | 31 | % | |||||||
ROW | 485.3 | 33 | % | 449.2 | 32 | % | |||||||
Total metal-adjusted net sales | $ | 1,478.1 | 100 | % | $ | 1,411.5 | 100 | % | |||||
Metal adjustment | — | 120.7 | |||||||||||
Total net sales | $ | 1,478.1 | $ | 1,532.2 |
Metal Pounds Sold Three Fiscal Months Ended | |||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||
Pounds | % | Pounds | % | ||||||||
North America | 85.8 | 32 | % | 84.4 | 34 | % | |||||
Europe and Mediterranean | 76.1 | 29 | % | 71.6 | 28 | % | |||||
ROW | 102.7 | 39 | % | 96.1 | 38 | % | |||||
Total metal pounds sold | 264.6 | 100 | % | 252.1 | 100 | % |
Operating Income (Loss) Three Fiscal Months Ended | |||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 36.6 | 53 | % | $ | 41.3 | 55 | % | |||||
Europe and Mediterranean | 8.7 | 13 | % | 12.4 | 16 | % | |||||||
ROW | 23.8 | 34 | % | 21.8 | 29 | % | |||||||
Total operating income (loss) | $ | 69.1 | 100 | % | $ | 75.5 | 100 | % |
Net Sales | |||||||||||||
Six Fiscal Months Ended | |||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 1,089.2 | 37 | % | $ | 1,108.2 | 37 | % | |||||
Europe and Mediterranean | 859.9 | 30 | % | 892.3 | 30 | % | |||||||
ROW | 961.5 | 33 | % | 979.3 | 33 | % | |||||||
Total net sales | $ | 2,910.6 | 100 | % | $ | 2,979.8 | 100 | % |
Metal-Adjusted Net Sales | |||||||||||||
Six Fiscal Months Ended | |||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 1,089.2 | 37 | % | $ | 1,033.0 | 38 | % | |||||
Europe and Mediterranean | 859.9 | 30 | % | 829.5 | 30 | % | |||||||
ROW | 961.5 | 33 | % | 888.1 | 32 | % | |||||||
Total metal-adjusted net sales | $ | 2,910.6 | 100 | % | $ | 2,750.6 | 100 | % | |||||
Metal adjustment | — | 229.2 | |||||||||||
Total net sales | $ | 2,910.6 | $ | 2,979.8 |
Metal Pounds Sold | |||||||||||
Six Fiscal Months Ended | |||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||
Pounds | % | Pounds | % | ||||||||
North America | 170.4 | 33 | % | 163.8 | 32 | % | |||||
Europe and Mediterranean | 149.2 | 28 | % | 145.3 | 29 | % | |||||
ROW | 204.6 | 39 | % | 196.0 | 39 | % | |||||
Total metal pounds sold | 524.2 | 100 | % | 505.1 | 100 | % |
Operating Income (Loss) | |||||||||||||
Six Fiscal Months Ended | |||||||||||||
June 29, 2012 | July 1, 2011 | ||||||||||||
Amount | % | Amount | % | ||||||||||
North America | $ | 67.0 | 56 | % | $ | 76.8 | 53 | % | |||||
Europe and Mediterranean | 13.2 | 11 | % | 25.9 | 18 | % | |||||||
ROW | 39.6 | 33 | % | 41.9 | 29 | % | |||||||
Total operating income (loss) | $ | 119.8 | 100 | % | $ | 144.6 | 100 | % |
Payments Due by Period | |||||||||||||||||||
Contractual obligations (1,2): | Total | Less than 1 Year | 1 – 3 Years | 4 – 5 Years | After 5 Years | ||||||||||||||
Total debt (excluding capital leases) | $ | 1,142.5 | $ | 227.2 | $ | 348.8 | $ | 389.7 | $ | 176.8 | |||||||||
Convertible debt at maturity (3) | 294.6 | 0.2 | 30.7 | — | 263.7 | ||||||||||||||
Capital leases | 4.4 | 1.5 | 2.2 | 0.7 | — | ||||||||||||||
Interest payments on 7.125% Senior Notes | 67.7 | 14.3 | 28.5 | 24.9 | — | ||||||||||||||
Interest payments on Senior Floating Rate Notes | 9.2 | 3.3 | 5.9 | — | — | ||||||||||||||
Interest payments on 0.875% Convertible Notes | 4.4 | 3.1 | 1.3 | — | — | ||||||||||||||
Interest payments on 1.00% Senior Convertible Notes | — | — | — | — | — | ||||||||||||||
Interest payments on Subordinated Convertible Notes | 257.5 | 19.3 | 38.6 | 38.6 | 161.0 | ||||||||||||||
Interest payments on Spanish term loans | 1.1 | 0.8 | 0.3 | — | — | ||||||||||||||
Operating leases (4) | 154.8 | 32.3 | 58.4 | 47.4 | 16.7 | ||||||||||||||
Purchase agreements (5) | 35.8 | 35.8 | — | — | — | ||||||||||||||
Preferred stock dividend payments | 0.6 | 0.3 | 0.3 | — | — | ||||||||||||||
Defined benefit pension obligations (6) | 176.5 | 16.0 | 33.4 | 35.1 | 92.0 | ||||||||||||||
Postretirement benefits | 6.9 | 1.0 | 1.8 | 1.3 | 2.8 | ||||||||||||||
Unrecognized tax benefits, including interest and penalties (7) | — | — | — | — | — | ||||||||||||||
Total | $ | 2,156.0 | $ | 355.1 | $ | 550.2 | $ | 537.7 | $ | 713.0 |
(1) | This table does not include interest payments on General Cable’s revolving credit facilities because the future amounts are based on variable interest rates and the amount of the borrowings under the Revolving Credit Facility and Spanish Credit Facility fluctuate depending upon the Company’s working capital requirements. |
(2) | This table does not include derivative instruments as the ultimate cash outlays cannot be reasonably predicted. Information on these items is provided under Item 3, “Quantitative and Qualitative Disclosures about Market Risk.” |
(3) | Represents the current debt discount on the Company’s 1.00% Senior Convertible Notes, 0.875% Convertible Notes and Subordinated Convertible Notes. |
(4) | Operating lease commitments are described under Note 18 - Commitments and Contingencies. |
(5) | Represents our firm purchase commitments on our forward pricing agreements as disclosed in Note 10 - Financial Instruments. |
(6) | Defined benefit pension obligations reflect the Company’s estimates of contributions that will be required in 2012 and future years to meet current law minimum funding requirements. |
(7) | Unrecognized tax benefits of $76.4 million have not been reflected in the above table due to the inherent uncertainty as to the amount and timing of settlement, which is contingent upon the occurrence of possible future events, such as examinations and determinations by various tax authorities. |
June 29, 2012 | December 31, 2011 | ||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||
Cash flow hedges: | |||||||||||||||
Interest rate swaps | $ | 23.0 | $ | (0.2 | ) | $ | 32.1 | $ | (0.6 | ) | |||||
Commodity futures | 126.2 | (7.7 | ) | 216.1 | (10.2 | ) | |||||||||
Foreign currency forward exchanges | 48.4 | — | 55.4 | (0.7 | ) | ||||||||||
$ | (7.9 | ) | $ | (11.5 | ) |
• | Access to information technology systems in Brazil was not effectively controlled. |
• | Processes and control activities designed to support and reconcile inventory general ledger entries were not effected, were incorrectly applied or were overridden. |
• | Physical security controls to protect assets at one of the Brazilian facilities were not sufficient to prevent theft. |
• | ROW executive management overrode controls, resulting in a delay in the reporting of inventory accounting issues and allegations of theft to the Company's executive management, and set an improper “tone at the top.” |
a) | Exhibits |
2.1 | Purchase Agreement, dated May 18, 2012, by and among Rio Tinto Alcan Inc., Alcan Asia Limited, Alcan Corporation and General Cable Corporation (incorporated by reference to Exhibit 2.1 to the Form 10-Q (File No. 001-12983) filed on August 3, 2012. | |
3.1 | Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Post-Effective Amendment No. 1 to Form S-4 (File No. 333-143017) filed on June 11, 2007). | |
3.2 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K (File No. 001-12983) filed on May 14, 2010). | |
3.3 | Amended and Restated By-Laws of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K (File No. 001-12983) as filed on May 14, 2010). | |
*12.1 | Computation of Ratio of Earnings to Fixed Charges | |
*31.1 | Certification of Chief Executive Officer pursuant to Rule 13a – 14(a) or 15d – 14 | |
*31.2 | Certification of Chief Financial Officer pursuant to Rule 13a – 14(a) or 15d – 14 | |
*32.1 | Certification pursuant to 18 U.S.C. § 1350, as adopted under Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS | XBRL Instance Document (1) | |
101.SCH | XBRL Taxonomy Extension Schema Document (1) | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (1) | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (1) | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document (1) | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (1) |
(1) | Furnished with this report. In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing. |
General Cable Corporation | ||||
Signed: | March 1, 2013 | By: | /s/ BRIAN J. ROBINSON | |
Brian J. Robinson | ||||
Executive Vice President, Chief | ||||
Financial Officer and Treasurer | ||||
(Principal Financial and Accounting Officer) |
2.1 | Purchase Agreement, dated May 18, 2012, by and among Rio Tinto Alcan Inc., Alcan Asia Limited, Alcan Corporation and General Cable Corporation (incorporated by reference to Exhibit 2.1 to the Form 10-Q (File No. 001-12983) filed on August 3, 2012. | ||
3.1 | Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Post-Effective Amendment No. 1 to Form S-4 (File No. 333-143017) filed on June 11, 2007). | ||
3.2 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K (File No. 001-12983) filed on May 14, 2010). | ||
3.3 | Amended and Restated By-Laws of the Company (incorporated by reference to Exhibit 3.1 to the Form 8-K (File No. 001-12983) as filed on May 14, 2010). | ||
*12.1 | Computation of Ratio of Earnings to Fixed Charges | ||
*31.1 | Certification of Chief Executive Officer pursuant to Rule 13a – 14(a) or 15d – 14 | ||
*31.2 | Certification of Chief Financial Officer pursuant to Rule 13a – 14(a) or 15d – 14 | ||
*32.1 | Certification pursuant to 18 U.S.C. § 1350, as adopted under Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | XBRL Instance Document (1) | ||
101.SCH | XBRL Taxonomy Extension Schema Document (1) | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document (1) | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document (1) | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document (1) | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document (1) |
(1) | Furnished with this report. In accordance with Rule 406T of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing. |
Six Fiscal Months Ended June 29, | Year ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
EARNINGS AS DEFINED | |||||||||||||||||||||||
Earnings from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees | $ | 66.5 | $ | 106.9 | $ | 114.4 | $ | 82.6 | $ | 277.9 | $ | 299.2 | |||||||||||
Preferred stock dividend (pre-tax equivalent) | (0.2 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.3 | ) | (0.5 | ) | |||||||||||
Fixed charges | 53.3 | 104.7 | 82.1 | 92.7 | 109.2 | 71.3 | |||||||||||||||||
TOTAL EARNINGS, AS DEFINED | $ | 119.6 | $ | 211.3 | $ | 196.2 | $ | 175.0 | $ | 386.8 | $ | 370.0 | |||||||||||
FIXED CHARGES, AS DEFINED | |||||||||||||||||||||||
Interest expense | $ | 48.5 | $ | 94.8 | $ | 73.7 | $ | 82.1 | $ | 98.4 | $ | 63.6 | |||||||||||
Amortization of capitalized expenses related to debt | 1.4 | 4.4 | 3.3 | 4.5 | 5.7 | 3.6 | |||||||||||||||||
Preferred stock dividend (pre-tax equivalent) | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | |||||||||||||||||
Interest component of rent expense | 3.2 | 5.2 | 4.8 | 5.8 | 4.8 | 3.6 | |||||||||||||||||
TOTAL FIXED CHARGES, AS DEFINED | $ | 53.3 | $ | 104.7 | $ | 82.1 | $ | 92.7 | $ | 109.2 | $ | 71.3 | |||||||||||
RATIO OF EARNINGS TO FIXED CHARGES | 2.2 | 2.0 | 2.4 | 1.9 | 3.5 | 5.2 |
1) | I have reviewed this Form 10-Q/A of General Cable Corporation; | |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have: | |
a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and; | |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and; | |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | March 1, 2013 |
/s/ GREGORY B. KENNY | |
Gregory B. Kenny | |
President and Chief Executive Officer |
1) | I have reviewed this Form 10-Q/A of General Cable Corporation; | |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have: | |
a) | Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and; | |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and; | |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and | |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | March 1, 2013 |
/s/ BRIAN J. ROBINSON | |
Brian J. Robinson | |
President and Chief Executive Officer |
1) | The Company's Quarterly Report on Form 10-Q/A for the fiscal quarters ended June 29, 2012 (the "Report) fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: | March 1, 2013 | /s/ GREGORY B. KENNY | |
Gregory B. Kenny | |||
President and Chief Executive Officer | |||
Date: | March 1, 2013 | /s/ BRIAN J. ROBINSON | |
Brian J. Robinson | |||
Executive Vice President, Chief Financial Officer and Treasurer |
Segment Information (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2012
|
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Information By Reportable Segments | Summarized financial information for the Company’s reportable segments for the three and six fiscal months ended June 29, 2012 and July 1, 2011 is as follows:
|
Long-Term Debt (Schedule Of Long-Term-Debt) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2012
|
Dec. 31, 2011
|
Jun. 29, 2012
North America [Member]
Subordinated Convertible Notes Due 2029 [Member]
|
Dec. 31, 2011
North America [Member]
Subordinated Convertible Notes Due 2029 [Member]
|
Dec. 15, 2009
North America [Member]
Subordinated Convertible Notes Due 2029 [Member]
|
Jun. 29, 2012
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Dec. 31, 2011
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Dec. 15, 2009
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Sep. 30, 2007
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Jun. 29, 2012
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Dec. 31, 2011
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Nov. 30, 2006
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Jun. 29, 2012
North America [Member]
7.125% Senior Notes Due 2017 [Member]
|
Dec. 31, 2011
North America [Member]
7.125% Senior Notes Due 2017 [Member]
|
Mar. 21, 2007
North America [Member]
7.125% Senior Notes Due 2017 [Member]
|
Jun. 29, 2012
North America [Member]
Senior Floating Rate Notes Due 2015 [Member]
|
Dec. 31, 2011
North America [Member]
Senior Floating Rate Notes Due 2015 [Member]
|
Jun. 29, 2012
North America [Member]
Other Debt [Member]
|
Dec. 31, 2011
North America [Member]
Other Debt [Member]
|
Jun. 29, 2012
North America [Member]
Asset Based Revolving Credit Facility [Member]
|
Dec. 31, 2011
North America [Member]
Asset Based Revolving Credit Facility [Member]
|
Jun. 29, 2012
Europe and Mediterranean [Member]
Other Debt [Member]
|
Dec. 31, 2011
Europe and Mediterranean [Member]
Other Debt [Member]
|
Jun. 29, 2012
Europe and Mediterranean [Member]
Spanish Term Loan [Member]
|
Dec. 31, 2011
Europe and Mediterranean [Member]
Spanish Term Loan [Member]
|
Jun. 29, 2012
Europe and Mediterranean [Member]
Uncommitted Accounts Receivable Facilities [Member]
|
Dec. 31, 2011
Europe and Mediterranean [Member]
Uncommitted Accounts Receivable Facilities [Member]
|
Jun. 29, 2012
Europe and Mediterranean [Member]
Credit Facilities [Member]
|
Dec. 31, 2011
Europe and Mediterranean [Member]
Credit Facilities [Member]
|
Jun. 29, 2012
Rest of World [Member]
Credit Facilities [Member]
|
Dec. 31, 2011
Rest of World [Member]
Credit Facilities [Member]
|
|||||||||
Total debt | $ 1,146.9 | $ 1,048.9 | $ 429.5 | $ 429.5 | $ 10.6 | $ 10.6 | $ 355.0 | $ 355.0 | $ 200.0 | $ 200.0 | $ 125.0 | $ 125.0 | $ 9.0 | $ 9.0 | $ 61.3 | $ 34.9 | $ 11.7 | $ 11.5 | $ 22.4 | [1] | $ 31.4 | [1] | $ 0 | $ 2.1 | $ 30.3 | $ 27.4 | $ 186.7 | $ 118.0 | |||||||||||
Debt discount | (263.7) | (264.4) | (266.6) | (0.2) | (0.5) | (74.7) | (126.8) | (30.7) | (40.6) | (124.1) | |||||||||||||||||||||||||||||
Less current maturities | 228.7 | [2] | 156.3 | [2] | |||||||||||||||||||||||||||||||||||
Long-term debt | $ 918.2 | [2] | $ 892.6 | [2] | |||||||||||||||||||||||||||||||||||
Interest rate | 1.00% | 1.00% | 1.00% | 0.875% | 0.875% | 0.875% | 7.125% | 7.125% | 7.125% | 2.80% | 3.00% | 1.80% | 2.90% | ||||||||||||||||||||||||||
Maturity date | November 2029 | November 2029 | October 2012 | October 2012 | November 2013 | November 2013 | April 2017 | April 2017 | July 2015 | July 2015 | Various | Various | Various | Various | Various | Various | |||||||||||||||||||||||
|
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 29, 2012
|
Dec. 31, 2011
|
||||
---|---|---|---|---|---|---|
Property, Plant and Equipment [Line Items] | ||||||
Total - gross book value | $ 1,580.9 | $ 1,559.6 | ||||
Less accumulated depreciation | (573.8) | (535.8) | ||||
Total - net book value | 1,007.1 | [1] | 1,023.8 | [1] | ||
Land [Member]
|
||||||
Property, Plant and Equipment [Line Items] | ||||||
Total - gross book value | 111.0 | 110.5 | ||||
Buildings and Leasehold Improvements [Member]
|
||||||
Property, Plant and Equipment [Line Items] | ||||||
Total - gross book value | 302.7 | 302.2 | ||||
Machinery, Equipment and Office Furnishings [Member]
|
||||||
Property, Plant and Equipment [Line Items] | ||||||
Total - gross book value | 1,084.2 | 1,051.6 | ||||
Construction in Progress [Member]
|
||||||
Property, Plant and Equipment [Line Items] | ||||||
Total - gross book value | $ 83.0 | $ 95.3 | ||||
|
Employee Benefit Plans (Postretirement Benefits Other Than Pensions) (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2012
|
Jul. 01, 2011
|
Jun. 29, 2012
|
Jul. 01, 2011
|
|
Other Postretirement Benefit Plans, Defined Benefit [Member]
|
||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0.1 |
Interest cost | 0.1 | 0.1 | 0.2 | 0.2 |
Net amortization and deferral | 0 | 0 | 0 | 0 |
Net pension expense | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.3 |
Long-Term Debt (Maturity Range) (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 29, 2012
|
|
Long-term Debt, Unclassified [Abstract] | |
Maturities of long-term debt range, start | Jun. 29, 2012 |
Maturities of long-term debt range, end | Jun. 30, 2017 |
Maturities of long-term debt in 2012 | $ 228.7 |
Maturities of long-term debt in 2013 | 345.5 |
Maturities of long-term debt in 2014 | 5.5 |
Maturities of long-term debt in 2015 | 189.2 |
Maturities of long-term debt in 2016 | 201.2 |
Maturities of long-term debt in 2017 and thereafter | $ 176.8 |
Earnings (Loss) Per Common Share (Reconciliation Of The Numerator And Denominator Of Earnings (Loss) Per Common Share) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2012
|
Jul. 01, 2011
|
Jun. 29, 2012
|
Jul. 01, 2011
|
|||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Net income for basic EPS computation | $ 18.8 | [1],[2] | $ 33.2 | [1],[2] | $ 41.5 | [1],[2] | $ 67.2 | [1],[2] | ||||||||
Weighted average shares outstanding for basic EPS computation | 49.8 | [1],[3] | 52.2 | [1],[3] | 49.8 | [1],[3] | 52.2 | [1],[3] | ||||||||
Earnings per common share-basic | $ 0.38 | [1],[4] | $ 0.64 | [1],[4] | $ 0.83 | [1],[4] | $ 1.29 | [1],[4] | ||||||||
Net income attributable to Company common shareholders | 18.8 | [1],[2] | 33.2 | [1],[2] | 41.5 | [1],[2] | 67.2 | [1],[2] | ||||||||
Add: preferred stock dividends, if applicable | 0.1 | [1] | 0.1 | [1] | 0.2 | [1] | 0.2 | [1] | ||||||||
Net income for diluted EPS computation | $ 18.9 | [2] | $ 33.3 | [2] | $ 41.7 | [2] | $ 67.4 | [2] | ||||||||
Weighted average shares outstanding including nonvested shares | 49.8 | [1],[3] | 52.2 | [1],[3] | 49.8 | [1],[3] | 52.2 | [1],[3] | ||||||||
Dilutive effect of convertible notes | 0 | 1.4 | 0 | 1.2 | ||||||||||||
Dilutive effect of stock options and restricted stock units | 0.9 | 0.9 | 0.9 | 0.9 | ||||||||||||
Dilutive effect of assumed conversion of preferred stock | 0.4 | 0.4 | 0.4 | 0.4 | ||||||||||||
Weighted average shares outstanding for diluted EPS computation | 51.1 | [1],[3] | 54.9 | [1],[3] | 51.1 | [1],[3] | 54.7 | [1],[3] | ||||||||
Earnings per common share-assuming dilution | $ 0.37 | [1] | $ 0.61 | [1] | $ 0.82 | [1] | $ 1.23 | [1] | ||||||||
|
Inventories (Schedule of Inventories Stated at the Lower of Cost or Market Value) (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 29, 2012
|
Dec. 31, 2011
|
||||
---|---|---|---|---|---|---|
Inventory Disclosure [Abstract] | ||||||
Percentage of weighted average cost inventory | 82.00% | |||||
Inventory, Net [Abstract] | ||||||
Raw materials | $ 317.9 | $ 293.8 | ||||
Work in process | 200.2 | 193.3 | ||||
Finished goods | 694.8 | 698.4 | ||||
Total | $ 1,212.9 | [1] | $ 1,185.5 | [1] | ||
|
Long-Term Debt (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2012
|
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Schedule of Long-Term-Debt |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debt [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term-Debt | The Company’s convertible debt instruments outstanding as of June 29, 2012 and December 31, 2011 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7.125% Senior Notes and Senior Floating Rate Notes [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term-Debt | An exchange offer commenced on June 11, 2007 and was completed on July 26, 2007 to replace the unregistered Notes with registered Notes with like terms pursuant to an effective Registration Statement on Form S-4.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spanish Term Loan [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term-Debt | The proceeds from the Spanish Term Loans were used to partially fund the acquisition of Enica Biskra and for general working capital purposes. There is no remaining availability under these Spanish Term Loans.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Based Revolving Credit Facility [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Credit Facilities | The Company’s Revolving Credit Facility is summarized in the table below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe And Mediterranean Credit Facilities [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Credit Facilities | The Company’s Europe and Mediterranean credit facilities are summarized in the table below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Europe And Mediterranean Uncommitted Accounts Receivable Facilities [Member]
|
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Schedule Of Credit Facilities | The Company’s Europe and Mediterranean uncommitted accounts receivable facilities are summarized in the table below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rest Of World Row Credit Facilities [Member]
|
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Schedule Of Credit Facilities | The Company’s ROW credit facilities are summarized in the table below:
|
Earnings (Loss) Per Common Share (Impact Of Company's Stock Price On Assuming Dilution Calculation For The Convertible Notes) (Details) (0.875% Convertible Notes Due 2013 [Member], USD $)
|
6 Months Ended | |||||
---|---|---|---|---|---|---|
Jun. 29, 2012
|
||||||
$50.36 [Member]
|
||||||
Share price | $ 50.36 | |||||
Incremental common shares attributable to contingently issuable shares | 0 | |||||
$60.36 [Member]
|
||||||
Share price | $ 60.36 | |||||
Incremental common shares attributable to contingently issuable shares | 1,167,502 | |||||
$70.36 [Member]
|
||||||
Share price | $ 70.36 | |||||
Incremental common shares attributable to contingently issuable shares | 2,003,400 | |||||
$80.36 [Member]
|
||||||
Share price | $ 80.36 | |||||
Incremental common shares attributable to contingently issuable shares | 2,631,259 | |||||
$90.36 [Member]
|
||||||
Share price | $ 90.36 | |||||
Incremental common shares attributable to contingently issuable shares | 3,120,150 | |||||
$100.36 [Member]
|
||||||
Share price | $ 100.36 | |||||
Incremental common shares attributable to contingently issuable shares | 3,511,614 | |||||
Warrant Shares [Member] | $50.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 0 | |||||
Warrant Shares [Member] | $60.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 0 | |||||
Warrant Shares [Member] | $70.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 0 | |||||
Warrant Shares [Member] | $80.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 382,618 | |||||
Warrant Shares [Member] | $90.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 1,120,363 | |||||
Warrant Shares [Member] | $100.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 1,711,088 | |||||
Total Treasury Method Incremental Shares [Member] | $50.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 0 | [1] | ||||
Total Treasury Method Incremental Shares [Member] | $60.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 1,167,502 | [1] | ||||
Total Treasury Method Incremental Shares [Member] | $70.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 2,003,400 | [1] | ||||
Total Treasury Method Incremental Shares [Member] | $80.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 3,013,877 | [1] | ||||
Total Treasury Method Incremental Shares [Member] | $90.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 4,240,513 | [1] | ||||
Total Treasury Method Incremental Shares [Member] | $100.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 5,222,702 | [1] | ||||
Shares Due to the Company Under Note Hedges [Member] | $50.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 0 | |||||
Shares Due to the Company Under Note Hedges [Member] | $60.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 1,167,502 | |||||
Shares Due to the Company Under Note Hedges [Member] | $70.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 2,003,400 | |||||
Shares Due to the Company Under Note Hedges [Member] | $80.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 2,631,259 | |||||
Shares Due to the Company Under Note Hedges [Member] | $90.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 3,120,150 | |||||
Shares Due to the Company Under Note Hedges [Member] | $100.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 3,511,614 | |||||
Incremental Shares Issued by the Company upon Conversion [Member] | $50.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 0 | [2] | ||||
Incremental Shares Issued by the Company upon Conversion [Member] | $60.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 0 | [2] | ||||
Incremental Shares Issued by the Company upon Conversion [Member] | $70.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 0 | [2] | ||||
Incremental Shares Issued by the Company upon Conversion [Member] | $80.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 382,618 | [2] | ||||
Incremental Shares Issued by the Company upon Conversion [Member] | $90.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 1,120,363 | [2] | ||||
Incremental Shares Issued by the Company upon Conversion [Member] | $100.36 [Member]
|
||||||
Incremental common shares attributable to contingently issuable shares | 1,711,088 | [2] | ||||
|
Supplemental Guarantor and Parent Company Condensed Financial Information (Condensed Statements Of Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 29, 2012
|
Jul. 01, 2011
|
|||||||
Schedule of Cash Flows [Line Items] | ||||||||
Net cash flows of operating activities | $ (17.1) | [1] | $ (82.5) | [1] | ||||
Capital expenditures | (63.9) | [1] | (55.5) | [1] | ||||
Proceeds from properties sold | 4.2 | [1] | 2.8 | [1] | ||||
Acquisitions, net of cash acquired | (7.3) | [1] | 0 | [1] | ||||
Other | (0.1) | [1] | 0.8 | [1] | ||||
Net cash flows of investing activities | (67.1) | [1] | (51.9) | [1] | ||||
Preferred stock dividends paid | (0.2) | [1] | (0.2) | [1] | ||||
Excess tax benefits (deficiencies) from stock-based compensation | 0.1 | [1],[2] | 0.7 | [1],[2] | ||||
Intercompany accounts | 0 | 0 | ||||||
Proceeds from other debt | 877.8 | [1] | 871.6 | [1] | ||||
Repayments of other debt | (790.8) | [1] | (759.3) | [1] | ||||
Dividends paid to non-controlling interest | (1.9) | [1] | (2.8) | [1] | ||||
Proceeds from exercise of stock options | 0.1 | [1] | 0.7 | [1] | ||||
Net cash flows of financing activities | 85.1 | [1] | 110.7 | [1] | ||||
Effect of exchange rate changes on cash and cash equivalents | 3.8 | [1] | (13.0) | [1] | ||||
Increase (decrease) in cash and cash equivalents | 4.7 | [1] | (36.7) | [1] | ||||
Cash and cash equivalents - beginning of period | 434.1 | [1] | 458.7 | [1] | ||||
Cash and cash equivalents - end of period | 438.8 | [1] | 422.0 | [1] | ||||
Parent Company [Member]
|
||||||||
Schedule of Cash Flows [Line Items] | ||||||||
Net cash flows of operating activities | 33.1 | 19.3 | ||||||
Capital expenditures | 0 | (0.2) | ||||||
Proceeds from properties sold | 0 | 0 | ||||||
Acquisitions, net of cash acquired | 0 | 0 | ||||||
Other | 0 | 0 | ||||||
Net cash flows of investing activities | 0 | (0.2) | ||||||
Preferred stock dividends paid | (0.2) | (0.2) | ||||||
Excess tax benefits (deficiencies) from stock-based compensation | 0.1 | 0.7 | ||||||
Intercompany accounts | (33.2) | (49.2) | ||||||
Proceeds from other debt | 0 | 0 | ||||||
Repayments of other debt | 0 | 0 | ||||||
Dividends paid to non-controlling interest | 0 | 0 | ||||||
Proceeds from exercise of stock options | 0.1 | 0.7 | ||||||
Net cash flows of financing activities | (33.2) | (48.0) | ||||||
Effect of exchange rate changes on cash and cash equivalents | 0.1 | 0 | ||||||
Increase (decrease) in cash and cash equivalents | 0 | (28.9) | ||||||
Cash and cash equivalents - beginning of period | 0.1 | 29.0 | ||||||
Cash and cash equivalents - end of period | 0.1 | 0.1 | ||||||
Guarantor Subsidiaries [Member]
|
||||||||
Schedule of Cash Flows [Line Items] | ||||||||
Net cash flows of operating activities | (42.6) | (20.1) | ||||||
Capital expenditures | (12.1) | (9.2) | ||||||
Proceeds from properties sold | 0 | 0.1 | ||||||
Acquisitions, net of cash acquired | 0 | 0 | ||||||
Other | (13.6) | (16.8) | ||||||
Net cash flows of investing activities | (25.7) | (25.9) | ||||||
Preferred stock dividends paid | 0 | 0 | ||||||
Excess tax benefits (deficiencies) from stock-based compensation | 0 | 0 | ||||||
Intercompany accounts | 44.5 | 3.6 | ||||||
Proceeds from other debt | 466.3 | 484.6 | ||||||
Repayments of other debt | (439.9) | (442.5) | ||||||
Dividends paid to non-controlling interest | 0 | 0 | ||||||
Proceeds from exercise of stock options | 0 | 0 | ||||||
Net cash flows of financing activities | 70.9 | 45.7 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (4.8) | 0.2 | ||||||
Increase (decrease) in cash and cash equivalents | (2.2) | (0.1) | ||||||
Cash and cash equivalents - beginning of period | 12.4 | 8.0 | ||||||
Cash and cash equivalents - end of period | 10.2 | 7.9 | ||||||
Non-Guarantor Subsidiaries [Member]
|
||||||||
Schedule of Cash Flows [Line Items] | ||||||||
Net cash flows of operating activities | (7.6) | (81.7) | ||||||
Capital expenditures | (51.8) | (46.1) | ||||||
Proceeds from properties sold | 4.2 | 2.7 | ||||||
Acquisitions, net of cash acquired | (7.3) | 0 | ||||||
Other | 13.5 | 17.6 | ||||||
Net cash flows of investing activities | (41.4) | (25.8) | ||||||
Preferred stock dividends paid | 0 | 0 | ||||||
Excess tax benefits (deficiencies) from stock-based compensation | 0 | 0 | ||||||
Intercompany accounts | (11.3) | 45.6 | ||||||
Proceeds from other debt | 411.5 | 387.0 | ||||||
Repayments of other debt | (350.9) | (316.8) | ||||||
Dividends paid to non-controlling interest | (1.9) | (2.8) | ||||||
Proceeds from exercise of stock options | 0 | 0 | ||||||
Net cash flows of financing activities | 47.4 | 113.0 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 8.5 | (13.2) | ||||||
Increase (decrease) in cash and cash equivalents | 6.9 | (7.7) | ||||||
Cash and cash equivalents - beginning of period | 421.6 | 421.7 | ||||||
Cash and cash equivalents - end of period | 428.5 | 414.0 | ||||||
Eliminations [Member]
|
||||||||
Schedule of Cash Flows [Line Items] | ||||||||
Net cash flows of operating activities | 0 | 0 | ||||||
Capital expenditures | 0 | 0 | ||||||
Proceeds from properties sold | 0 | 0 | ||||||
Acquisitions, net of cash acquired | 0 | 0 | ||||||
Other | 0 | 0 | ||||||
Net cash flows of investing activities | 0 | 0 | ||||||
Preferred stock dividends paid | 0 | 0 | ||||||
Excess tax benefits (deficiencies) from stock-based compensation | 0 | 0 | ||||||
Intercompany accounts | 0 | 0 | ||||||
Proceeds from other debt | 0 | 0 | ||||||
Repayments of other debt | 0 | 0 | ||||||
Dividends paid to non-controlling interest | 0 | 0 | ||||||
Proceeds from exercise of stock options | 0 | 0 | ||||||
Net cash flows of financing activities | 0 | 0 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | ||||||
Increase (decrease) in cash and cash equivalents | 0 | 0 | ||||||
Cash and cash equivalents - beginning of period | 0 | 0 | ||||||
Cash and cash equivalents - end of period | $ 0 | $ 0 | ||||||
|
Long-Term Debt (Convertible Notes) (Narrative) (Details) (North America [Member], USD $)
In Millions, except Share data, unless otherwise specified |
0 Months Ended | 0 Months Ended | 0 Months Ended | 2 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 15, 2009
Subordinated Convertible Notes Due 2029 [Member]
|
Jun. 29, 2012
Subordinated Convertible Notes Due 2029 [Member]
|
Dec. 31, 2011
Subordinated Convertible Notes Due 2029 [Member]
|
Dec. 15, 2009
1.00% Senior Convertible Notes Due 2012 [Member]
|
Jun. 29, 2012
1.00% Senior Convertible Notes Due 2012 [Member]
|
Dec. 31, 2011
1.00% Senior Convertible Notes Due 2012 [Member]
|
Sep. 30, 2007
1.00% Senior Convertible Notes Due 2012 [Member]
|
Nov. 30, 2006
0.875% Convertible Notes Due 2013 [Member]
|
Dec. 31, 2006
0.875% Convertible Notes Due 2013 [Member]
|
Jun. 29, 2012
0.875% Convertible Notes Due 2013 [Member]
|
Dec. 31, 2011
0.875% Convertible Notes Due 2013 [Member]
|
|
Debt Instrument [Line Items] | |||||||||||
Debt principal amount | $ 429.5 | $ 10.6 | $ 475.0 | $ 355.0 | |||||||
Nonconvertible debt borrowing rate on debt instrument issuance date | 12.50% | 7.50% | 7.35% | ||||||||
Liability component of convertible notes | 162.9 | 165.8 | 165.1 | 389.7 | 10.4 | 10.1 | 348.2 | 230.9 | 324.3 | 314.4 | |
Debt discount | 266.6 | 263.7 | 264.4 | 74.7 | 0.2 | 0.5 | 126.8 | 124.1 | 30.7 | 40.6 | |
Debt issuance fees and expenses | 14.5 | ||||||||||
Percentage of convertible notes tendered in exchange offer | 97.80% | ||||||||||
Amount of convertible notes tendered in exchange offer | 464.4 | ||||||||||
Interest rate | 1.00% | 1.00% | 1.00% | 0.875% | 0.875% | 0.875% | |||||
Purchase price of Phelps Dodge International Corporation funded by proceeds from notes | 707.6 | ||||||||||
Debt instrument original issuance date | Nov. 30, 2006 | ||||||||||
Conversion price per share | $ 50.36 | ||||||||||
Common stock covered under note hedges | 7,048,880 | ||||||||||
Strike price of warrants, per share | $ 76.00 | $ 76.00 | |||||||||
Premium over the closing price of the companys shares of common stock included in strick price | 92.40% | ||||||||||
Payments of outstanding debt including accrued interest, under Company's amended credit facility | 87.8 | ||||||||||
Payments for cost of note hedges | 124.5 | ||||||||||
Payments of issuance costs and expenses of related to notes | 12.3 | 9.4 | |||||||||
Proceeds from issuance of warrants | 80.4 | ||||||||||
Net increase in cash from receipt of the funds from convertible notes and related payments used for general corporate purposes including acquisitions | $ 213.7 |
Shipping and Handling Costs (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2012
|
Jul. 01, 2011
|
Jun. 29, 2012
|
Jul. 01, 2011
|
|
Shipping And Handling Costs [Abstract] | ||||
Shipping and handling costs associated with storage and handling of finished goods and shipments to customers | $ 35.5 | $ 35.7 | $ 68.8 | $ 69.7 |
Supplemental Guarantor and Parent Company Condensed Financial Information (Narrative) (Details)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2012
|
Jun. 29, 2012
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Dec. 31, 2011
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Dec. 15, 2009
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
USD ($)
|
Sep. 30, 2007
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
USD ($)
|
Jun. 29, 2012
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Dec. 31, 2011
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Nov. 30, 2006
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
USD ($)
|
Jun. 29, 2012
North America [Member]
7.125% Senior Notes Due 2017 [Member]
|
Dec. 31, 2011
North America [Member]
7.125% Senior Notes Due 2017 [Member]
|
Mar. 21, 2007
North America [Member]
7.125% Senior Notes Due 2017 [Member]
USD ($)
|
Jun. 29, 2012
North America [Member]
Senior Floating Rate Notes Due 2015 [Member]
|
Dec. 31, 2011
North America [Member]
Senior Floating Rate Notes Due 2015 [Member]
|
Mar. 21, 2007
North America [Member]
Senior Floating Rate Notes Due 2015 [Member]
USD ($)
|
Jun. 29, 2012
Europe and Mediterranean [Member]
Spanish Term Loan [Member]
EUR (€)
|
|
Debt principal amount | $ 10.6 | $ 475.0 | $ 355.0 | $ 200.0 | $ 125.0 | ||||||||||
Interest rate | 1.00% | 1.00% | 1.00% | 0.875% | 0.875% | 0.875% | 7.125% | 7.125% | 7.125% | 2.80% | 3.00% | ||||
Maturity date | October 2012 | October 2012 | November 2013 | November 2013 | April 2017 | April 2017 | July 2015 | July 2015 | |||||||
Term loan covenant percentage | 25.00% | ||||||||||||||
Term loan subsidiary minimum net assets | € 197 |
Earnings (Loss) Per Common Share (Impact Of Company's Stock Price On Assuming Dilution Calculation For The Subordinated Convertible Notes) (Details) (Subordinated Convertible Notes Due 2029 [Member], USD $)
|
6 Months Ended | |||
---|---|---|---|---|
Jun. 29, 2012
|
||||
$36.75 [Member]
|
||||
Share price | $ 36.75 | |||
Incremental common shares attributable to contingently issuable shares | 0 | |||
$38.75 [Member]
|
||||
Share price | $ 38.75 | |||
Incremental common shares attributable to contingently issuable shares | 603,152 | |||
$40.75 [Member]
|
||||
Share price | $ 40.75 | |||
Incremental common shares attributable to contingently issuable shares | 1,147,099 | |||
$42.75 [Member]
|
||||
Share price | $ 42.75 | |||
Incremental common shares attributable to contingently issuable shares | 1,640,151 | |||
$44.75 [Member]
|
||||
Share price | $ 44.75 | |||
Incremental common shares attributable to contingently issuable shares | 2,089,131 | |||
Total Treasury Method Incremental Shares [Member] | $36.75 [Member]
|
||||
Incremental common shares attributable to contingently issuable shares | 0 | [1] | ||
Total Treasury Method Incremental Shares [Member] | $38.75 [Member]
|
||||
Incremental common shares attributable to contingently issuable shares | 603,152 | [1] | ||
Total Treasury Method Incremental Shares [Member] | $40.75 [Member]
|
||||
Incremental common shares attributable to contingently issuable shares | 1,147,099 | [1] | ||
Total Treasury Method Incremental Shares [Member] | $42.75 [Member]
|
||||
Incremental common shares attributable to contingently issuable shares | 1,640,151 | [1] | ||
Total Treasury Method Incremental Shares [Member] | $44.75 [Member]
|
||||
Incremental common shares attributable to contingently issuable shares | 2,089,131 | [1] | ||
|
Supplemental Guarantor and Parent Company Condensed Financial Information (Condensed Statements Of Operations and Comprehensive Income (Loss)) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2012
|
Jul. 01, 2011
|
Jun. 29, 2012
|
Jul. 01, 2011
|
|||||||||||
Schedule of Statement of Operations [Line Items] | ||||||||||||||
Customers | $ 1,478.1 | $ 1,532.2 | $ 2,910.6 | $ 2,979.8 | ||||||||||
Intercompany | 0 | 0 | 0 | 0 | ||||||||||
Net sales, total | 1,478.1 | [1] | 1,532.2 | [1] | 2,910.6 | [1] | 2,979.8 | [1] | ||||||
Cost of sales | 1,304.6 | [1] | 1,361.9 | [1] | 2,592.6 | [1] | 2,646.5 | [1] | ||||||
Gross profit | 173.5 | [1] | 170.3 | [1] | 318.0 | [1] | 333.3 | [1] | ||||||
Selling, general and administrative expenses | 104.4 | [1] | 94.8 | [1] | 198.2 | [1] | 188.7 | [1] | ||||||
Operating income | 69.1 | [1] | 75.5 | [1] | 119.8 | [1] | 144.6 | [1] | ||||||
Other income (expense) | (13.5) | [1] | (3.9) | [1] | (6.7) | [1] | 3.1 | [1] | ||||||
Interest expense | (25.2) | [1] | (23.6) | [1] | (49.9) | [1] | (47.6) | [1] | ||||||
Interest income | 1.6 | [1] | 2.0 | [1] | 3.3 | [1] | 4.0 | [1] | ||||||
Interest income (expense), total | (23.6) | [1] | (21.6) | [1] | (46.6) | [1] | (43.6) | [1] | ||||||
Income (loss) before income taxes | 32.0 | [1] | 50.0 | [1] | 66.5 | [1] | 104.1 | [1] | ||||||
Income tax provision | (11.5) | [1] | (17.2) | [1] | (21.9) | [1] | (36.8) | [1] | ||||||
Equity in net income of subsidiaries and affiliated companies | 0.5 | [1] | 1.0 | [1] | 0.5 | [1] | 1.4 | [1] | ||||||
Net income including non-controlling interest | 21.0 | [1] | 33.8 | [1] | 45.1 | [1] | 68.7 | [1] | ||||||
Less: preferred stock dividends | 0.1 | [1] | 0.1 | [1] | 0.2 | [1] | 0.2 | [1] | ||||||
Less: net income attributable to non-controlling interest | 2.1 | [1],[2] | 0.5 | [1],[2] | 3.4 | [1],[2] | 1.3 | [1],[2] | ||||||
Net income attributable to Company common shareholders | 18.8 | [1],[3] | 33.2 | [1],[3] | 41.5 | [1],[3] | 67.2 | [1],[3] | ||||||
Comprehensive income (loss) | (44.6) | [1] | 52.2 | [1] | 27.8 | [1] | 114.2 | [1] | ||||||
Parent Company [Member]
|
||||||||||||||
Schedule of Statement of Operations [Line Items] | ||||||||||||||
Customers | 0 | 0 | 0 | 0 | ||||||||||
Intercompany | 21.6 | 13.6 | 28.9 | 27.8 | ||||||||||
Net sales, total | 21.6 | 13.6 | 28.9 | 27.8 | ||||||||||
Cost of sales | 0 | 0 | 0 | 0 | ||||||||||
Gross profit | 21.6 | 13.6 | 28.9 | 27.8 | ||||||||||
Selling, general and administrative expenses | 11.4 | 10.7 | 23.1 | 22.0 | ||||||||||
Operating income | 10.2 | 2.9 | 5.8 | 5.8 | ||||||||||
Other income (expense) | 0 | 0 | 0 | 0 | ||||||||||
Interest expense | (16.1) | (15.6) | (31.9) | (31.3) | ||||||||||
Interest income | 21.9 | 17.3 | 43.9 | 36.8 | ||||||||||
Interest income (expense), total | 5.8 | 1.7 | 12.0 | 5.5 | ||||||||||
Income (loss) before income taxes | 16.0 | 4.6 | 17.8 | 11.3 | ||||||||||
Income tax provision | (5.6) | (1.7) | (6.4) | (4.2) | ||||||||||
Equity in net income of subsidiaries and affiliated companies | 8.5 | 30.4 | 30.3 | 60.3 | ||||||||||
Net income including non-controlling interest | 18.9 | 33.3 | 41.7 | 67.4 | ||||||||||
Less: preferred stock dividends | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||
Less: net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | ||||||||||
Net income attributable to Company common shareholders | 18.8 | 33.2 | 41.5 | 67.2 | ||||||||||
Comprehensive income (loss) | 18.4 | 33.5 | 41.9 | 68.7 | ||||||||||
Guarantor Subsidiaries [Member]
|
||||||||||||||
Schedule of Statement of Operations [Line Items] | ||||||||||||||
Customers | 535.5 | 554.0 | 1,066.8 | 1,082.4 | ||||||||||
Intercompany | 0 | 0 | 0 | 0 | ||||||||||
Net sales, total | 535.5 | 554.0 | 1,066.8 | 1,082.4 | ||||||||||
Cost of sales | 462.5 | 479.8 | 928.3 | 938.7 | ||||||||||
Gross profit | 73.0 | 74.2 | 138.5 | 143.7 | ||||||||||
Selling, general and administrative expenses | 40.4 | 36.6 | 71.6 | 74.1 | ||||||||||
Operating income | 32.6 | 37.6 | 66.9 | 69.6 | ||||||||||
Other income (expense) | (1.2) | (0.4) | (0.8) | 0.6 | ||||||||||
Interest expense | (22.8) | (17.9) | (45.9) | (38.0) | ||||||||||
Interest income | 3.1 | 3.1 | 6.3 | 6.0 | ||||||||||
Interest income (expense), total | (19.7) | (14.8) | (39.6) | (32.0) | ||||||||||
Income (loss) before income taxes | 11.7 | 22.4 | 26.5 | 38.2 | ||||||||||
Income tax provision | (3.7) | (10.6) | (10.9) | (18.2) | ||||||||||
Equity in net income of subsidiaries and affiliated companies | 0.5 | 18.6 | 14.7 | 40.3 | ||||||||||
Net income including non-controlling interest | 8.5 | 30.4 | 30.3 | 60.3 | ||||||||||
Less: preferred stock dividends | 0 | 0 | 0 | 0 | ||||||||||
Less: net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | ||||||||||
Net income attributable to Company common shareholders | 8.5 | 30.4 | 30.3 | 60.3 | ||||||||||
Comprehensive income (loss) | 1.9 | 34.4 | 25.5 | 83.6 | ||||||||||
Non-Guarantor Subsidiaries [Member]
|
||||||||||||||
Schedule of Statement of Operations [Line Items] | ||||||||||||||
Customers | 942.6 | 978.2 | 1,843.8 | 1,897.4 | ||||||||||
Intercompany | 11.5 | 11.9 | 23.1 | 23.0 | ||||||||||
Net sales, total | 954.1 | 990.1 | 1,866.9 | 1,920.4 | ||||||||||
Cost of sales | 853.6 | 894.0 | 1,687.4 | 1,730.8 | ||||||||||
Gross profit | 100.5 | 96.1 | 179.5 | 189.6 | ||||||||||
Selling, general and administrative expenses | 74.2 | 61.1 | 132.4 | 120.4 | ||||||||||
Operating income | 26.3 | 35.0 | 47.1 | 69.2 | ||||||||||
Other income (expense) | (12.3) | (3.5) | (5.9) | 2.5 | ||||||||||
Interest expense | (11.6) | (10.6) | (22.8) | (21.3) | ||||||||||
Interest income | 1.9 | 2.1 | 3.8 | 4.2 | ||||||||||
Interest income (expense), total | (9.7) | (8.5) | (19.0) | (17.1) | ||||||||||
Income (loss) before income taxes | 4.3 | 23.0 | 22.2 | 54.6 | ||||||||||
Income tax provision | (2.2) | (4.9) | (4.6) | (14.4) | ||||||||||
Equity in net income of subsidiaries and affiliated companies | 0 | 0 | 0 | 0 | ||||||||||
Net income including non-controlling interest | 2.1 | 18.1 | 17.6 | 40.2 | ||||||||||
Less: preferred stock dividends | 0 | 0 | 0 | 0 | ||||||||||
Less: net income attributable to non-controlling interest | 2.1 | 0.5 | 3.4 | 1.3 | ||||||||||
Net income attributable to Company common shareholders | 0 | 17.6 | 14.2 | 38.9 | ||||||||||
Comprehensive income (loss) | (56.4) | 32.3 | 4.9 | 61.1 | ||||||||||
Eliminations [Member]
|
||||||||||||||
Schedule of Statement of Operations [Line Items] | ||||||||||||||
Customers | 0 | 0 | 0 | 0 | ||||||||||
Intercompany | (33.1) | (25.5) | (52.0) | (50.8) | ||||||||||
Net sales, total | (33.1) | (25.5) | (52.0) | (50.8) | ||||||||||
Cost of sales | (11.5) | (11.9) | (23.1) | (23.0) | ||||||||||
Gross profit | (21.6) | (13.6) | (28.9) | (27.8) | ||||||||||
Selling, general and administrative expenses | (21.6) | (13.6) | (28.9) | (27.8) | ||||||||||
Operating income | 0 | 0 | 0 | 0 | ||||||||||
Other income (expense) | 0 | 0 | 0 | 0 | ||||||||||
Interest expense | 25.3 | 20.5 | 50.7 | 43.0 | ||||||||||
Interest income | (25.3) | (20.5) | (50.7) | (43.0) | ||||||||||
Interest income (expense), total | 0 | 0 | 0 | 0 | ||||||||||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | ||||||||||
Income tax provision | 0 | 0 | 0 | 0 | ||||||||||
Equity in net income of subsidiaries and affiliated companies | (8.5) | (48.0) | (44.5) | (99.2) | ||||||||||
Net income including non-controlling interest | (8.5) | (48.0) | (44.5) | (99.2) | ||||||||||
Less: preferred stock dividends | 0 | 0 | 0 | 0 | ||||||||||
Less: net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | ||||||||||
Net income attributable to Company common shareholders | (8.5) | (48.0) | (44.5) | (99.2) | ||||||||||
Comprehensive income (loss) | $ (8.5) | $ (48.0) | $ (44.5) | $ (99.2) | ||||||||||
|
Earnings (Loss) Per Common Share (Narrative) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2012
|
Jul. 01, 2011
|
Jun. 29, 2012
|
Jul. 01, 2011
|
Nov. 30, 2006
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Jun. 29, 2012
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Jun. 29, 2012
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Dec. 31, 2011
North America [Member]
0.875% Convertible Notes Due 2013 [Member]
|
Jun. 29, 2012
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Dec. 31, 2011
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Dec. 15, 2009
North America [Member]
1.00% Senior Convertible Notes Due 2012 [Member]
|
Jun. 29, 2012
North America [Member]
Subordinated Convertible Notes Due 2029 [Member]
|
Jul. 01, 2011
North America [Member]
Subordinated Convertible Notes Due 2029 [Member]
|
Jul. 01, 2011
North America [Member]
Subordinated Convertible Notes Due 2029 [Member]
|
|
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 0.875% | 0.875% | 0.875% | 0.875% | 1.00% | 1.00% | 1.00% | |||||||
Weighted average conversion price per share | $ 50.36 | $ 83.93 | $ 36.75 | $ 42.02 | $ 41.22 | |||||||||
Strike price of warrants, per share | $ 76.00 | $ 76.00 | ||||||||||||
Average stock considered as issuable under the treasury | 0 | 1.4 | 0 | 1.2 |
Total Equity (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 29, 2012
|
Dec. 31, 2011
|
---|---|---|
Class of Stock [Line Items] | ||
Common stock authorized, shares | 200 | |
Preferred stock authorized, shares | 25 | |
Market value of mutual fund investments, nonvested and subsequently vested stock and restricted stock in the rabbi trust | $ 33.8 | $ 31.9 |
Amounts payable to the plan participants classified as other liabilities | 18.3 | 16.9 |
Fair Value, Measurements, Recurring [Member]
|
||
Class of Stock [Line Items] | ||
Market value of the assets held by the rabbi trust classified as other non-current assets | 16.5 | 15.2 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Class of Stock [Line Items] | ||
Market value of the assets held by the rabbi trust classified as other non-current assets | $ 16.5 | $ 15.2 |
Fair Value Disclosure
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2012
|
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosure | Fair Value Disclosure The fair market values of the Company’s financial instruments are determined based on the fair value hierarchy as discussed in ASC 820 - Fair Value Measurements which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair values are as follows:
The Company carries derivative assets and liabilities (Level 2) and marketable equity securities (Level 1) held in the rabbi trust as part of the Company’s Deferred Compensation Plan at fair value. The fair values of derivative assets and liabilities traded in the over-the-counter market are determined using quantitative models that require the use of multiple market inputs including interest rates, prices and indices to generate pricing and volatility factors, which are used to value the position. The predominance of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Marketable equity securities are recorded at fair value, which are based on quoted market prices. Financial assets and liabilities measured at fair value on a recurring basis are summarized below (in millions).
At June 29, 2012, there were no financial assets or financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3). Similarly, there were no nonfinancial assets or nonfinancial liabilities measured at fair value on a non-recurring basis. There were also no significant transfers in and out of Level 1 and Level 2 fair value measurements to be disclosed. The fair value of the Company's long-term debt, as noted in Note 9, was estimated using quoted market prices where available. For long-term debt not actively traded, fair values were based on valuations from third-party banks and market quotations for similar types of borrowing arrangements. If the Company's long-term debt was measured at fair value, it would have been categorized as Level 2 in the fair value hierarchy. |
Goodwill and Other Intangible Assets (Schedule of Goodwill and Indefinite-Lived Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |||
---|---|---|---|---|
Jun. 29, 2012
|
||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning balance | $ 168.1 | [1] | ||
Goodwill, Acquisitions | 0 | |||
Goodwill, Currency translation and other adjustments | (0.1) | |||
Goodwill, Ending balance | 168.0 | [1] | ||
Trade Names [Member]
|
||||
Goodwill [Roll Forward] | ||||
Indefinite-lived assets - Trade names, Beginning balance | 135.2 | |||
Indefinite-lived assets - Trade names, Acquisitions | 0 | |||
Indefinite-lived assets - Trade names, Currency translation and other adjustments | 0.3 | |||
Indefinite-lived assets - Trade names, Ending balance | 135.5 | |||
North America [Member]
|
||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning balance | 2.3 | |||
Goodwill, Acquisitions | 0 | |||
Goodwill, Currency translation and other adjustments | 0 | |||
Goodwill, Ending balance | 2.3 | |||
North America [Member] | Trade Names [Member]
|
||||
Goodwill [Roll Forward] | ||||
Indefinite-lived assets - Trade names, Beginning balance | 2.4 | |||
Indefinite-lived assets - Trade names, Acquisitions | 0 | |||
Indefinite-lived assets - Trade names, Currency translation and other adjustments | 0 | |||
Indefinite-lived assets - Trade names, Ending balance | 2.4 | |||
Europe and Mediterranean [Member]
|
||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning balance | 2.3 | |||
Goodwill, Acquisitions | 0 | |||
Goodwill, Currency translation and other adjustments | 0 | |||
Goodwill, Ending balance | 2.3 | |||
Europe and Mediterranean [Member] | Trade Names [Member]
|
||||
Goodwill [Roll Forward] | ||||
Indefinite-lived assets - Trade names, Beginning balance | 0.5 | |||
Indefinite-lived assets - Trade names, Acquisitions | 0 | |||
Indefinite-lived assets - Trade names, Currency translation and other adjustments | 0 | |||
Indefinite-lived assets - Trade names, Ending balance | 0.5 | |||
Rest of World [Member]
|
||||
Goodwill [Roll Forward] | ||||
Goodwill, Beginning balance | 163.5 | |||
Goodwill, Acquisitions | 0 | |||
Goodwill, Currency translation and other adjustments | (0.1) | |||
Goodwill, Ending balance | 163.4 | |||
Rest of World [Member] | Trade Names [Member]
|
||||
Goodwill [Roll Forward] | ||||
Indefinite-lived assets - Trade names, Beginning balance | 132.3 | |||
Indefinite-lived assets - Trade names, Acquisitions | 0 | |||
Indefinite-lived assets - Trade names, Currency translation and other adjustments | 0.3 | |||
Indefinite-lived assets - Trade names, Ending balance | $ 132.6 | |||
|
Restatement of Condensed Consolidated Financial Statements (Unaudited) (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2012
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | The following discloses each line item that is affected by the restatement of the Company's condensed consolidated financial statements as of June 29, 2012 and December 31, 2011 and for the three and six months ended June 29, 2012 and July 1, 2011. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):
Condensed Consolidated Balance Sheets:
Condensed Consolidated Statements of Cash Flows:
|
Share-Based Compensation (Expense Related to Non-vested Stock Awards) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 29, 2012
|
Jul. 01, 2011
|
Jun. 29, 2012
|
Jul. 01, 2011
|
|||||||||
Total pre-tax share-based compensation expense | $ 3.7 | $ 3.0 | $ 7.2 | $ 5.7 | ||||||||
Excess tax benefit on share-based compensation | 0 | [1] | 0 | [1] | 0.1 | [1],[2] | 0.7 | [1],[2] | ||||
Non-Qualified Stock Option Expense [Member]
|
||||||||||||
Total pre-tax share-based compensation expense | 1.5 | 1.2 | 2.9 | 2.3 | ||||||||
Non-Vested Stock Awards Expense [Member]
|
||||||||||||
Total pre-tax share-based compensation expense | $ 2.2 | $ 1.8 | $ 4.3 | $ 3.4 | ||||||||
|
Share-Based Compensation (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 29, 2012
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Expense for Company’s Non-Qualified Stock Options, Non-Vested Stock Awards | The table below summarizes compensation expense for the Company’s non-qualified stock options based on the fair value method estimated using the Black-Scholes valuation model, and non-vested stock awards, including restricted stock units, and performance-based non-vested stock awards based on the fair value method for the three and six fiscal months ended June 29, 2012 and July 1, 2011 (in millions).
|
Accrued Liabilities (Accrued Liabilities and Restructuring Accrual) (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 29, 2012
|
Dec. 31, 2011
|
---|---|---|
Payables and Accruals [Abstract] | ||
Warranty accrual | $ 10.7 | $ 11.5 |
Income Taxes (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Jun. 29, 2012
|
|
Income Tax Disclosure [Abstract] | |
Income tax expense for uncertain tax position | $ 2.7 |
Net tax benefit for changes in uncertain tax positions due to statute of limitations expirationsand settlement of tax exposures in various tax jurisdictions | 2.2 |
Change in unrecognized tax benefit | $ 10 |
Long-Term Debt (Schedule Of Europe And Mediterranean Credit Facilities) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 29, 2012
|
Dec. 31, 2011
|
|
Outstanding borrowings | $ 1,146.9 | $ 1,048.9 |
Credit Facilities [Member] | Europe and Mediterranean [Member]
|
||
Outstanding borrowings | 30.3 | 27.4 |
Undrawn availability | $ 95.7 | $ 108.8 |
Interest rate - weighted average | 5.30% | 5.20% |
Maturity date | Various | Various |
Property, Plant and Equipment (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 29, 2012
|
Jul. 01, 2011
|
Jun. 29, 2012
|
Jul. 01, 2011
|
|
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 23.9 | $ 24.6 | $ 47.7 | $ 48.6 |
Minimum [Member] | Building [Member]
|
||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 15 years | |||
Minimum [Member] | Machinery, Equipment and Office Furnishings [Member]
|
||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 2 years | |||
Maximum [Member] | Building [Member]
|
||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 50 years | |||
Maximum [Member] | Machinery, Equipment and Office Furnishings [Member]
|
||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 15 years |
Other Income (Expense)
|
6 Months Ended |
---|---|
Jun. 29, 2012
|
|
Other Income and Expenses [Abstract] | |
Other Income (Expense) | Other Income (Expense) Other income (expense) includes foreign currency transaction gains or losses, which result from changes in exchange rates between the designated functional currency and the currency in which a transaction is denominated as well as gains and losses on derivative instruments that are not designated as cash flow hedges and ineffectiveness on derivatives designated as cash flow hedges. During the three months ended June 29, 2012 and July 1, 2011, the Company recorded other expense of $13.5 million and $3.9 million, respectively. During the six months ended June 29, 2012 and July 1, 2011, the Company recorded other expense of $6.7 million and other income of $3.1 million, respectively. For the three months ended June 29, 2012, other expense was primarily the result of $6.5 million related to losses on derivative instruments that were not designated as cash flow hedges and other expense of $6.5 million related to foreign currency transaction losses. For the six months ended June 29, 2012, other expense was primarily the result of $0.3 million related to losses on derivative instruments that were not designated as cash flow hedges and other expense of $5.1 million related to foreign currency transaction losses. For the three months ended July 1, 2011, other expense of $3.9 million was primarily attributable to foreign currency transaction losses which resulted from changes in exchange rates in the various countries in which the Company operates. For the six months ended July 1, 2011, other income of $3.1 million was primarily the result of unrealized gains on derivative instruments which were not designated as cash flow hedges and foreign currency transaction gains. The functional currency of the Company’s subsidiary in Venezuela is the U.S. dollar. The Company remeasures the financial statements of the Venezuelan subsidiary at the rate the Company expects to remit dividends, which is 4.30 Venezuelan Bolivar (“BsF”) per U.S. dollar. Effective January 1, 2011, the Central Bank of Venezuela and the Ministry of Finance published an amendment to Convenio Cambiario No. 14 (the Exchange Law), whereby the official exchange rate was set at 4.30 BsF per U.S. dollar. See Item 2, “Venezuelan Operations” for additional details. |
Long-Term Debt (Schedule Of Europe And Mediterranean Uncommitted Accounts Receivable Facilities) (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 29, 2012
|
Dec. 31, 2011
|
|
Outstanding borrowings | $ 1,146.9 | $ 1,048.9 |
Europe and Mediterranean [Member] | Uncommitted Accounts Receivable Facilities [Member]
|
||
Outstanding borrowings | 0 | 2.1 |
Undrawn availability | $ 76.6 | $ 69.2 |
Interest rate - weighted average | 0.00% | 2.00% |
Maturity date | Various | Various |