XML 60 R30.htm IDEA: XBRL DOCUMENT v2.4.0.8
Restatement of Consolidated Financial Statements
 12 Months Ended
Dec. 31, 2011
Accounting Changes and Error Corrections [Abstract]  
Restatement of Consolidated Financial Statements
Restatement of Consolidated Financial Statements
As previously reported, on October 29, 2012, General Cable Corporation (the “Company”) announced that it had identified historical accounting errors relating to inventory. The inventory accounting issues resulted in understated cost of sales for the years ended December 31, 2011, 2010 and 2009 and overstated inventory balances as of December 31, 2011 and 2010. The Company believes that the inventory accounting issues are, to a significant extent, attributable to a complex theft scheme in Brazil and, to a somewhat lesser extent, accounting errors, primarily in Brazil, affecting work in process and finished goods inventory that were not detected due to a deficient reconciliation process.
The Company also identified the following additional errors:
•
The Company incorrectly recorded foreign currency adjustments related to certain intercompany transactions between the Company's U.S. and Canadian subsidiaries.
•
The Company also made erroneous foreign currency adjustments related to inventory and property, plant and equipment within the Company's Mexican subsidiary.
As a result, the Company restated its previously issued consolidated financial statements as of December 31, 2011 and 2010 and for the years ended December 31, 2011, 2010 and 2009 and quarterly operating results (unaudited) in Amendment No. 1 to its Annual Report on Form 10-K/A for the year ended December 31, 2011 filed with the Securities and Exchange Commission on March 1, 2013 (the “First Amended Filing”). The restatement of previously issued consolidated financial statements and quarterly operating results (unaudited) for historical inventory accounting errors is referred to as “Restatement No. 1”.
On October 10, 2013, the Audit Committee of the Board of Directors of the Company, upon the recommendation of the Company's executive officers, concluded that due to certain accounting errors, in the aggregate, related to (i) revenue recognition in connection with historical "bill and hold" transactions for aerial transmission projects in Brazil and (ii) VAT assets, the Company's previously issued consolidated financial statements for the fiscal years 2008 through 2012 and the interim periods during those years, and the interim financial statements as of, and for, the three fiscal months ended March 29, 2013 should no longer be relied upon and the Company corrected these errors within the accompanying restated consolidated financial statements. In addition, the Company corrected other immaterial errors within the accompanying restated consolidated financial statements (the “Other Immaterial Adjustments”). The consolidated financial statements restatement for the bill and hold, VAT and Other Immaterial Adjustments is referred to as “Restatement No. 2”.
As a result of the remediation efforts related to previously disclosed internal control deficiencies, subsequent to the First Amended Filing, the Company undertook an evaluation to reexamine its historical revenue recognition accounting practices with regard to bill and hold sales in Brazil related to aerial transmission projects. "Bill and hold" sales generally are sales meeting specified criteria under U.S. generally accepted accounting principles ("GAAP") to recognize revenue at the time title to goods and ownership risk is transferred to the customer, even though the seller does not ship the goods until a later time. In typical sales transactions other than those accounted for as bill and hold, title to goods and ownership risk is transferred to the customer at the time of shipment or delivery. As a result of this review, the Company identified instances where the requirements for revenue recognition under GAAP with respect to the bill and hold sales were not met. The Company has corrected this error in the accompanying restated consolidated financial statements. See the columns labeled “Brazil Bill and Hold” within the tables below for the effects of correcting this error by financial statement line item.
As a result of the remediation efforts related to the previously disclosed internal control deficiencies, subsequent to the First Amended Filing, the Company undertook an evaluation to determine whether certain recorded VAT assets in Brazil associated with the inventory theft and related accounting errors were recoverable. Based on its evaluation, the Company determined that it will not recover VAT assets that were previously recognized from 2008 through 2012. In addition, the Company has recorded associated interest. The Company has corrected this error in the accompanying restated consolidated financial statements. See the columns labeled “Brazil VAT” within the tables below for the effect of correcting this error by financial statement line item.
As noted above, the Company corrected other immaterial errors within the accompanying restated consolidated financial statements; the most significant which are described below:
The Company’s subsidiaries in the Philippines incorrectly recorded depreciation expense associated with the fixed assets acquired when the Company increased its ownership interest in the entity from 40% to 60%, and therefore began consolidating these legal entities. The Company has corrected this error in the accompanying restated consolidated financial statements. As of December 31, 2011 and 2010, property, plant and equipment, net were overstated by $2.0 million and $1.4 million, respectively. For the years ended December 31, 2011, 2010, and 2009, cost of sales was understated by $0.6 million, $0.5 million, and $0.5 million, respectively.
The Company did not properly adjust certain receivables allowances. The Company has corrected this error in the accompanying restated consolidated financial statements. As of December 31, 2011 and 2010, receivables, net of allowances were overstated by $2.1 million and $2.2 million, respectively.
The Company’s subsidiary in Thailand incorrectly recorded items which should have been expensed, as capitalized costs included in property, plant and equipment, net. The Company has corrected this error in the accompanying restated consolidated financial statements. As of December 31, 2011 and 2010, property, plant and equipment, net were overstated by $0.7 million and $0.9 million, respectively. For the years ended December 31, 2011, 2010, and 2009, cost of sales were understated (overstated) by ($0.1) million, $0.9 million, and $0.0 million, respectively.
The Company’s subsidiary in Angola incorrectly recorded selling, general and administrative expenses as a deduction from net sales. The Company has corrected this error in the accompanying restated consolidated financial statements. For the years ended December 31, 2011, 2010, and 2009, net sales and selling, general and administrative expenses were understated by $2.2 million, $0.4 million and $0.9 million, respectively. There was no impact to operating income, income before income taxes or to net income attributable to Company common shareholders in any of the periods.
The Company has also restated 1) its Quarterly Operating Results (Unaudited) to disclose the effect of corrections on each financial statement line item and per share amounts affected for each period presented and 2) restated its Supplemental Guarantor and Parent Company Condensed Financial Information to disclose for each period presented the effect of the corrections noted above on financial statement line items affected for each period via tabular disclosure to that condensed financial information.
See the columns labeled “Other Immaterial Adjustments” within the tables below for the impact by financial statement line item for the adjustments noted above and other immaterial corrections not separately disclosed.
As of December 31, 2008 Retained Earnings was reduced by $3.6 million and $5.8 million for the effect of Restatement No. 1 and Restatement No. 2, respectively.  As of December 31, 2008 Accumulated Other Comprehensive Loss was increased by $5.3 million and reduced by $1.2 million for the effect of Restatement No. 1 and Restatement No. 2, respectively.  As of December 31, 2008 Noncontrolling Interest was reduced by $0.1 million for the effect of Restatement No. 2.
The following tables present the effects of Restatement No. 1 and Restatement No. 2 on each line item of the Company's previously issued consolidated financial statements as of December 31, 2011 and 2010 and for the years ended December 31, 2011, 2010 and 2009.
Consolidated Statements of Operations and Comprehensive Income (Loss):
In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2011filed by the Company on February 23, 2012. The “Restatement #1” column corresponds to Form 10-K/A for the fiscal year ended December 31, 2011 filed by the Company on March 1, 2013.
 
Year ended December 31, 2011
(in millions, except per share data)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net sales
$
5,866.7

$
—

$
5,866.7

$
—

$
(58.3
)
$
(0.2
)
$
(58.5
)
$
5,808.2

Cost of sales
5,241.1

17.9

5,259.0

3.7

(47.3
)
(1.5
)
(45.1
)
5,213.9

Gross profit
625.6

(17.9
)
607.7

(3.7
)
(11.0
)
1.3

(13.4
)
594.3

Selling, general and administrative expenses
377.6

—

377.6

—

—

2.1

2.1

379.7

Operating income
248.0

(17.9
)
230.1

(3.7
)
(11.0
)
(0.8
)
(15.5
)
214.6

Income before income taxes
124.8

(17.9
)
106.9

(3.7
)
(11.0
)
(0.8
)
(15.5
)
91.4

Income tax (provision) benefit
(42.5
)
(0.2
)
(42.7
)
—

3.7

0.4

4.1

(38.6
)
Net income including noncontrolling interest
85.2

(18.1
)
67.1

(3.7
)
(7.3
)
(0.4
)
(11.4
)
55.7

Net income attributable to noncontrolling interest
1.1

—

1.1

—

—

(0.2
)
(0.2
)
0.9

Net income attributable to Company common shareholders
83.8

(18.1
)
65.7

(3.7
)
(7.3
)
(0.2
)
(11.2
)
54.5

Comprehensive income (loss):
 
 




 
 
Net income (loss)
85.2

(18.1
)
67.1

(3.7
)
(7.3
)
(0.4
)
(11.4
)
55.7

Currency translation gain (loss)
(69.0
)
5.9

(63.1
)
1.6

0.9

—

2.5

(60.6
)
Comprehensive income (loss), net of tax
(39.4
)
(12.2
)
(51.6
)
(2.1
)
(6.4
)
(0.4
)
(8.9
)
(60.5
)
Comprehensive income (loss) attributable to non-controlling interest, net of tax
(4.9
)
—

(4.9
)
—

—

(0.2
)
(0.2
)
(5.1
)
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
(34.5
)
(12.2
)
(46.7
)
(2.1
)
(6.4
)
(0.2
)
(8.7
)
(55.4
)
Earnings per common share - basic
1.61

(0.34
)
1.27

(0.07
)
(0.14
)
(0.01
)
(0.22
)
1.05

Earnings per common share - assuming dilution
1.57

(0.34
)
1.23

(0.07
)
(0.14
)
—

(0.21
)
1.02












In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2010 filed by the Company on February 25, 2011. The “Restatement #1” column corresponds to Form 10-K/A for the fiscal year ended December 31, 2011 filed by the Company on March 1, 2013.
 
Year ended December 31, 2010
(in millions, except per share data)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net sales
$
4,864.9

$
—

$
4,864.9

$
—

$
(9.3
)
$
0.4

$
(8.9
)
$
4,856.0

Cost of sales
4,310.9

8.3

4,319.2

2.8

(7.4
)
1.5

(3.1
)
4,316.1

Gross profit
554.0

(8.3
)
545.7

(2.8
)
(1.9
)
(1.1
)
(5.8
)
539.9

Selling, general and administrative expenses
331.6

—

331.6

—

—

0.5

0.5

332.1

Operating income
222.4

(8.3
)
214.1

(2.8
)
(1.9
)
(1.6
)
(6.3
)
207.8

Income before income taxes
122.7

(8.3
)
114.4

(2.8
)
(1.9
)
(1.6
)
(6.3
)
108.1

Income tax (provision) benefit
(47.2
)
0.5

(46.7
)
—

0.7

0.1

0.8

(45.9
)
Net income including noncontrolling interest
76.9

(7.8
)
69.1

(2.8
)
(1.2
)
(1.5
)
(5.5
)
63.6

Net income attributable to noncontrolling interest
7.4

—

7.4

—

—

(0.3
)
(0.3
)
7.1

Net income attributable to Company common shareholders
69.2

(7.8
)
61.4

(2.8
)
(1.2
)
(1.2
)
(5.2
)
56.2

Comprehensive income (loss):
 
 




 
 
Net income (loss)
76.9

(7.8
)
69.1

(2.8
)
(1.2
)
(1.5
)
(5.5
)
63.6

Currency translation gain (loss)
(6.7
)
(1.8
)
(8.5
)
(0.6
)
(0.1
)
(0.2
)
(0.9
)
(9.4
)
Comprehensive income (loss), net of tax
89.4

(9.6
)
79.8

(3.4
)
(1.3
)
(1.7
)
(6.4
)
73.4

Comprehensive income (loss) attributable to non-controlling interest, net of tax
(12.5
)
—

(12.5
)
—

—

(0.3
)
(0.3
)
(12.8
)
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
101.9

(9.6
)
92.3

(3.4
)
(1.3
)
(1.4
)
(6.1
)
86.2

Earnings per common share - basic
1.33

(0.15
)
1.18

(0.06
)
(0.02
)
(0.02
)
(0.10
)
1.08

Earnings per common share - assuming dilution
1.31

(0.15
)
1.16

(0.06
)
(0.02
)
(0.02
)
(0.10
)
1.06

























In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2009 filed by the Company on March 1, 2010. The “Restatement #1” column corresponds to Form 10-K/A for the fiscal year ended December 31, 2011 filed by the Company on March 1, 2013.
 
Year ended December 31, 2009
(in millions, except per share data)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net sales
$
4,385.2

$
—

$
4,385.2

$
—

$
(7.5
)
$
0.9

$
(6.6
)
$
4,378.6

Cost of sales
3,865.7

13.7

3,879.4

2.3

(7.6
)
0.5

(4.8
)
3,874.6

Gross profit
519.5

(13.7
)
505.8

(2.3
)
0.1

0.4

(1.8
)
504.0

Selling, general and administrative expenses
339.6

—

339.6

—

—

0.9

0.9

340.5

Operating income
179.9

(13.7
)
166.2

(2.3
)
0.1

(0.5
)
(2.7
)
163.5

Income before income taxes
96.3

(13.7
)
82.6

(2.3
)
0.1

(0.5
)
(2.7
)
79.9

Income tax (provision) benefit
(32.7
)
(3.1
)
(35.8
)
—

—

0.1

0.1

(35.7
)
Net income including noncontrolling interest
64.5

(16.8
)
47.7

(2.3
)
0.1

(0.4
)
(2.6
)
45.1

Net income attributable to noncontrolling interest
7.9

—

7.9

—

—

(0.2
)
(0.2
)
7.7

Net income attributable to Company common shareholders
56.3

(16.8
)
39.5

(2.3
)
0.1

(0.2
)
(2.4
)
37.1

Comprehensive income (loss):
 
 

 
 
 
 
 
Net income (loss)
64.5

(16.8
)
47.7

(2.3
)
0.1

(0.4
)
(2.6
)
45.1

Currency translation gain (loss)
75.4

(2.7
)
72.7

(1.2
)
—

—

(1.2
)
71.5

Comprehensive income (loss), net of tax
219.9

(19.5
)
200.4

(3.5
)
0.1

(0.4
)
(3.8
)
196.6

Comprehensive income (loss) attributable to non-controlling interest, net of tax
22.9

—

22.9

—

—

(0.2
)
(0.2
)
22.7

Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
197.0

(19.5
)
177.5

(3.5
)
0.1

(0.2
)
(3.6
)
173.9

Earnings per common share - basic
1.08

(0.32
)
0.76

(0.05
)
—

—

(0.05
)
0.71

Earnings per common share - assuming dilution
1.07

(0.32
)
0.75

(0.04
)
—

—

(0.04
)
0.71


Consolidated Balance Sheets:
In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2011filed by the Company on February 23, 2012. The “Restatement #1” column corresponds to Form 10-K/A for the fiscal year ended December 31, 2011 filed by the Company on March 1, 2013.
 
December 31, 2011
(in millions)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Assets
 
 
 
 
 
 
 
 
Receivables, net of allowances
$
1,080.9

$
—

$
1,080.9

$
(3.7
)
$
—

$
(2.5
)
$
(6.2
)
$
1,074.7

Inventories, net
1,228.7

(43.2
)
1,185.5

—

56.4

1.8

58.2

1,243.7

Deferred income taxes
43.4

(0.2
)
43.2

—

—

0.5

0.5

43.7

Prepaid expenses and other
100.0

—

100.0

—

2.8

—

2.8

102.8

  Total current assets
2,887.1

(43.4
)
2,843.7

(3.7
)
59.2

(0.2
)
55.3

2,899.0

Property, plant and equipment, net
1,028.6

(4.8
)
1,023.8

—

—

(5.3
)
(5.3
)
1,018.5

Deferred income taxes
18.6

(2.4
)
16.2

—

—

—

—

16.2

Goodwill
164.9

3.2

168.1

—

—

3.3

3.3

171.4

Intangible assets, net
181.6

—

181.6

—

—

(0.1
)
(0.1
)
181.5

Unconsolidated affiliated companies
18.6

—

18.6

—

—

(0.3
)
(0.3
)
18.3

Total assets
4,370.4

(47.4
)
4,323.0

(3.7
)
59.2

(2.6
)
52.9

4,375.9

Liabilities
 
 




 
 
Accrued liabilities
420.0

—

420.0

8.3

68.0

2.2

78.5

498.5

Total current liabilities
1,522.8

—

1,522.8

8.3

68.0

2.2

78.5

1,601.3

Deferred income taxes
200.0

—

200.0

—

(1.2
)
(0.6
)
(1.8
)
198.2

Other liabilities
243.1

2.8

245.9

—

—

—

—

245.9

Total liabilities
2,858.5

2.8

2,861.3

8.3

66.8

1.6

76.7

2,938.0

Equity
 
 




 
 
Retained earnings
959.1

(46.3
)
912.8

(12.3
)
(8.4
)
(3.9
)
(24.6
)
888.2

Accumulated other comprehensive income (loss)
(95.1
)
(3.9
)
(99.0
)
0.3

0.8

0.5

1.6

(97.4
)
Total Company shareholders’ equity
1,398.6

(50.2
)
1,348.4

(12.0
)
(7.6
)
(3.4
)
(23.0
)
1,325.4

Noncontrolling interest
113.3

—

113.3

—

—

(0.8
)
(0.8
)
112.5

Total equity
1,511.9

(50.2
)
1,461.7

(12.0
)
(7.6
)
(4.2
)
(23.8
)
1,437.9

Total liabilities and equity
4,370.4

(47.4
)
4,323.0

(3.7
)
59.2

(2.6
)
52.9

4,375.9




















In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2010 filed by the Company on February 25, 2011. The “Restatement #1” column corresponds to Form 10-K/A for the fiscal year ended December 31, 2011 filed by the Company on March 1, 2013.
 
December 31, 2010
(in millions)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Assets
 
 
 
 
 
 
 
 
Receivables, net of allowances
$
1,067.0

$
—

$
1,067.0

$
(1.7
)
$
—

$
(2.4
)
$
(4.1
)
$
1,062.9

Inventories, net
1,118.9

(30.6
)
1,088.3

—

15.3

—

15.3

1,103.6

Deferred income taxes
39.8

(0.6
)
39.2

—

—

0.3

0.3

39.5

  Total current assets
2,805.7

(31.2
)
2,774.5

(1.7
)
15.3

(2.1
)
11.5

2,786.0

Property, plant and equipment, net
1,039.6

(5.4
)
1,034.2

—

—

(2.3
)
(2.3
)
1,031.9

Deferred income taxes
11.3

(2.2
)
9.1

—

—

—

—

9.1

Goodwill
174.9

3.6

178.5

—

—

—

—

178.5

Unconsolidated affiliated companies
17.3

—

17.3

—

—

(0.3
)
(0.3
)
17.0

Other non-current assets
79.3

—

79.3

—

—

0.3

0.3

79.6

Total assets
4,327.7

(35.2
)
4,292.5

(1.7
)
15.3

(4.4
)
9.2

4,301.7

Liabilities
 
 




 
 
Accrued liabilities
376.7

—

376.7

8.2

16.7

(0.2
)
24.7

401.4

Total current liabilities
1,420.2

—

1,420.2

8.2

16.7

(0.2
)
24.7

1,444.9

Deferred income taxes
202.4

—

202.4

—

(0.2
)
(0.4
)
(0.6
)
201.8

Other liabilities
235.3

2.8

238.1

—

—

—

—

238.1

Total liabilities
2,722.4

2.8

2,725.2

8.2

16.5

(0.6
)
24.1

2,749.3

Equity
 
 




 
 
Retained earnings
875.3

(28.2
)
847.1

(8.6
)
(1.1
)
(3.7
)
(13.4
)
833.7

Accumulated other comprehensive income (loss)
23.5

(9.8
)
13.7

(1.3
)
(0.1
)
0.5

(0.9
)
12.8

Total Company shareholders’ equity
1,482.0

(38.0
)
1,444.0

(9.9
)
(1.2
)
(3.2
)
(14.3
)
1,429.7

Noncontrolling interest
123.3

—

123.3

—

—

(0.6
)
(0.6
)
122.7

Total equity
1,605.3

(38.0
)
1,567.3

(9.9
)
(1.2
)
(3.8
)
(14.9
)
1,552.4

Total liabilities and equity
4,327.7

(35.2
)
4,292.5

(1.7
)
15.3

(4.4
)
9.2

4,301.7


Consolidated Statements of Cash Flows:
In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2011filed by the Company on February 23, 2012. The “Restatement #1” column corresponds to Form 10-K/A for the fiscal year ended December 31, 2011 filed by the Company on March 1, 2013.
 
Year ended December 31, 2011
(in millions)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net income (loss) including noncontrolling interest
$
85.2

$
(18.1
)
$
67.1

$
(3.7
)
$
(7.3
)
$
(0.4
)
$
(11.4
)
$
55.7

Depreciation and amortization
111.4

—

111.4

—

—

0.2

0.2

111.6

Deferred income taxes
8.7

0.2

8.9

—

(1.2
)
(0.3
)
(1.5
)
7.4

(Increase) decrease in receivables
(56.6
)
—

(56.6
)
2.5

—

0.2

2.7

(53.9
)
(Increase) decrease in inventories
(148.8
)
17.9

(130.9
)
—

(47.3
)
(1.9
)
(49.2
)
(180.1
)
(Increase) decrease in other assets
(0.4
)
—

(0.4
)
—

(3.0
)
0.4

(2.6
)
(3.0
)
Increase (decrease) in accounts payable, accrued and other liabilities
64.5

—

64.5

1.2

58.8

2.3

62.3

126.8

Net cash flows of operating activities
97.3

—

97.3

—

—

0.5

0.5

97.8

Capital expenditures
(121.8
)
—

(121.8
)
—

—

0.3

0.3

(121.5
)
Other
1.1

—

1.1

—

—

(0.8
)
(0.8
)
0.3

Net cash flows of investing activities
(114.2
)
—

(114.2
)
—

—

(0.5
)
(0.5
)
(114.7
)
In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2010 filed by the Company on February 25, 2011. The “Restatement #1” column corresponds to Form 10-K/A for the fiscal year ended December 31, 2011 filed by the Company on March 1, 2013.
 
Year ended December 31, 2010
(in millions)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net income (loss) including noncontrolling interest
$
76.9

$
(7.8
)
$
69.1

$
(2.8
)
$
(1.2
)
$
(1.5
)
$
(5.5
)
$
63.6

Depreciation and amortization
101.3

—

101.3

—

—

0.3

0.3

101.6

Deferred income taxes
21.6

(0.5
)
21.1

—

(0.2
)
(0.2
)
(0.4
)
20.7

(Increase) decrease in receivables
(95.0
)
—

(95.0
)
1.2

—

0.1

1.3

(93.7
)
(Increase) decrease in inventories
(170.8
)
8.3

(162.5
)
—

(7.3
)
—

(7.3
)
(169.8
)
Increase (decrease) in accounts payable, accrued and other liabilities
156.2

—

156.2

1.6

8.7

0.2

10.5

166.7

Net cash flows of operating activities
98.9

—

98.9

—

—

(1.1
)
(1.1
)
97.8

Capital expenditures
(116.4
)
—

(116.4
)
—

—

1.1

1.1

(115.3
)
Net cash flows of investing activities
(133.8
)
—

(133.8
)
—

—

1.1

1.1

(132.7
)
In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2009 filed by the Company on March 1, 2010. The “Restatement #1” column corresponds to Form 10-K/A for the fiscal year ended December 31, 2011 filed by the Company on March 1, 2013.
 
Year ended December 31, 2009
(in millions)
As Originally Filed
Effect of Restatement #1
Restatement #1
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement #2
Restated
Net income (loss) including noncontrolling interest
$
64.5

$
(16.8
)
$
47.7

$
(2.3
)
$
0.1

$
(0.4
)
$
(2.6
)
$
45.1

Depreciation and amortization
101.7

5.0

106.7

—

—

0.5

0.5

107.2

Deferred income taxes
(55.6
)
3.1

(52.5
)
—

—

(0.1
)
(0.1
)
(52.6
)
(Increase) decrease in receivables
169.2

—

169.2

0.1

—

—

0.1

169.3

(Increase) decrease in inventories
236.0

8.7

244.7

—

(7.6
)
—

(7.6
)
237.1

Increase (decrease) in accounts payable, accrued and other liabilities
(15.4
)
—

(15.4
)
2.2

7.5

—

9.7

(5.7
)