XML 125 R49.htm IDEA: XBRL DOCUMENT v2.4.0.8
Restatement of Consolidated Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2011
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
As a result of the retrospective application of this change in accounting principle, certain amounts in the Company's year ended December 31, 2009 consolidated statement of operations were adjusted as presented below:
 
Year Ended December 31, 2009
(in millions, except per share data)
As Adjusted
Adjustments
As Restated
Cost of sales
$
3,796.8

$
77.8

$
3,874.6

Operating income
241.3

(77.8
)
163.5

Provision for income taxes
(61.4
)
25.7

(35.7
)
Net income including noncontrolling interest
97.2

(52.1
)
45.1

Net income attributable to Company common shareholders
89.2

(52.1
)
37.1

Earnings per common share - basic
1.71

(1.00
)
0.71

Earnings per common share - assuming dilution
1.70

(0.99
)
0.71




The consolidated statement of cash flows for the year ended December 31, 2009 was adjusted as presented below:
 
Year Ended December 31, 2009
(in millions)
As Adjusted
Adjustments
As Restated
Net income including noncontrolling interests
$
97.2

$
(52.1
)
$
45.1

Deferred income taxes
(26.9
)
(25.7
)
(52.6
)
Inventory impairment charges
(34.6
)
34.6

—

Decrease in inventories
193.9

43.2

237.1

Net cash flows of operating activities
546.3

—

546.3

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
)