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Restatement of Condensed Consolidated Financial Statements (Tables)
 3 Months Ended
Mar. 30, 2012
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):
In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended March 30, 2012 filed by the Company on May 4, 2012. The “Restatement #1” column corresponds to Form 10-Q/A for the three months ended March 30, 2012 filed by the Company on March 1, 2013.
 
Three fiscal months ended March 30, 2012
(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
$
1,432.5

$
—

$
1,432.5

$
—

$
13.6

$
3.4

$
17.0

$
1,449.5

Cost of sales
1,285.3

2.7

1,288.0

0.5

10.0

1.9

12.4

1,300.4

Gross profit
147.2

(2.7
)
144.5

(0.5
)
3.6

1.5

4.6

149.1

Selling, general and administrative expenses
93.8

—

93.8

—

—

1.0

1.0

94.8

Operating income
53.4

(2.7
)
50.7

(0.5
)
3.6

0.5

3.6

54.3

Income before income taxes
37.2

(2.7
)
34.5

(0.5
)
3.6

0.5

3.6

38.1

Income tax (provision) benefit
(10.9
)
0.5

(10.4
)
—

(1.2
)
(0.2
)
(1.4
)
(11.8
)
Net income including noncontrolling interest
26.3

(2.2
)
24.1

(0.5
)
2.4

0.3

2.2

26.3

Net income attributable to Company common shareholders
24.9

(2.2
)
22.7

(0.5
)
2.4

0.3

2.2

24.9

Comprehensive income:
 
 
 



 
 
Net income (loss)
26.3

(2.2
)
24.1

(0.5
)
2.4

0.3

2.2

26.3

Currency translation gain (loss)
44.1

(1.8
)
42.3

(0.3
)
(0.3
)
—

(0.6
)
41.7

Comprehensive income (loss), net of tax
76.4

(4.0
)
72.4

(0.8
)
2.1

0.3

1.6

74.0

Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
72.0

(4.0
)
68.0

(0.8
)
2.1

0.3

1.6

69.6

Earnings per common share - basic
0.50

(0.04
)
0.46

(0.01
)
0.05

—

0.04

0.50

Earnings per common share - assuming dilution
0.49

(0.04
)
0.45

(0.01
)
0.05

—

0.04

0.49


In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended April 1, 2011 filed by the Company on May 6, 2011. The “Restatement #1” column corresponds to Form 10-Q/A for the three months ended March 30, 2012 filed by the Company on March 1, 2013.
 
Three fiscal months ended April 1, 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
$
1,447.6

$
—

$
1,447.6

$
—

$
(10.4
)
$
0.5

$
(9.9
)
$
1,437.7

Cost of sales
1,280.6

4.0

1,284.6

0.5

(9.6
)
3.4

(5.7
)
1,278.9

Gross profit
167.0

(4.0
)
163.0

(0.5
)
(0.8
)
(2.9
)
(4.2
)
158.8

Selling, general and administrative expenses
93.9

—

93.9

—

—

0.6

0.6

94.5

Operating income
73.1

(4.0
)
69.1

(0.5
)
(0.8
)
(3.5
)
(4.8
)
64.3

Income before income taxes
58.1

(4.0
)
54.1

(0.5
)
(0.8
)
(3.5
)
(4.8
)
49.3

Income tax (provision) benefit
(19.4
)
(0.2
)
(19.6
)
—

0.3

1.0

1.3

(18.3
)
Net income including noncontrolling interest
39.1

(4.2
)
34.9

(0.5
)
(0.5
)
(2.5
)
(3.5
)
31.4

Net income attributable to non-controlling interest
0.8

—

0.8

—

—

(1.0
)
(1.0
)
(0.2
)
Net income attributable to Company common shareholders
38.2

(4.2
)
34.0

(0.5
)
(0.5
)
(1.5
)
(2.5
)
31.5

Comprehensive income:
 
 
 



 
 
Net income (loss)
39.1

(4.2
)
34.9

(0.5
)
(0.5
)
(2.5
)
(3.5
)
31.4

Currency translation gain (loss)
43.1

(1.5
)
41.6

(0.3
)
—

(0.1
)
(0.4
)
41.2

Comprehensive income (loss), net of tax
67.7

(5.7
)
62.0

(0.8
)
(0.5
)
(2.6
)
(3.9
)
58.1

Comprehensive income (loss) attributable to non-controlling interest, net of tax
0.2

—

0.2

—

—

(1.0
)
(1.0
)
(0.8
)
Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
67.5

(5.7
)
61.8

(0.8
)
(0.5
)
(1.6
)
(2.9
)
58.9

Earnings per common share - basic
0.73

(0.08
)
0.65

(0.01
)
(0.01
)
(0.03
)
(0.05
)
0.60

Earnings per common share - assuming dilution
0.70

(0.07
)
0.63

(0.01
)
(0.01
)
(0.03
)
(0.05
)
0.58



Condensed Consolidated Balance Sheets:
In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended March 30, 2012 filed by the Company on May 4, 2012. The “Restatement #1” column corresponds to Form 10-Q/A for the three months ended March 30, 2012 filed by the Company on March 1, 2013.
 
March 30, 2012
(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
$
1,182.9

$
—

$
1,182.9

$
(4.1
)
$
—

$
(2.5
)
$
(6.6
)
$
1,176.3

Inventories, net
1,267.8

(47.1
)
1,220.7

—

48.0

0.1

48.1

1,268.8

Deferred income taxes
34.1

(0.3
)
33.8

—

—

0.4

0.4

34.2

Prepaid expenses and other
104.0

—

104.0

—

2.0

—

2.0

106.0

  Total current assets
3,015.9

(47.4
)
2,968.5

(4.1
)
50.0

(2.0
)
43.9

3,012.4

Property, plant and equipment, net
1,051.3

(5.3
)
1,046.0

—

—

(5.4
)
(5.4
)
1,040.6

Deferred income taxes
24.8

(2.4
)
22.4

—

—

—

—

22.4

Goodwill
167.3

3.3

170.6

—

—

3.3

3.3

173.9

Intangible assets, net
181.5

—

181.5

—

—

(0.2
)
(0.2
)
181.3

Unconsolidated affiliated companies
18.8

—

18.8

—

—

(0.3
)
(0.3
)
18.5

Total assets
4,526.1

(51.8
)
4,474.3

(4.1
)
50.0

(4.6
)
41.3

4,515.6

Liabilities
 
 
 



 
 
Accrued liabilities
427.2

—

427.2

8.7

56.4

(0.1
)
65.0

492.2

Total current liabilities
1,534.8

—

1,534.8

8.7

56.4

(0.1
)
65.0

1,599.8

Deferred income taxes
206.8

(0.5
)
206.3

—

(0.9
)
(0.6
)
(1.5
)
204.8

Other liabilities
249.0

2.9

251.9

—

—

—

—

251.9

Total liabilities
2,935.3

2.4

2,937.7

8.7

55.5

(0.7
)
63.5

3,001.2

Equity
 
 
 



 
 
Retained earnings
984.0

(48.5
)
935.5

(12.8
)
(6.0
)
(3.6
)
(22.4
)
913.1

Accumulated other comprehensive income (loss)
(48.1
)
(5.7
)
(53.8
)
—

0.5

0.5

1.0

(52.8
)
Total Company shareholders' equity
1,473.7

(54.2
)
1,419.5

(12.8
)
(5.5
)
(3.1
)
(21.4
)
1,398.1

Noncontrolling Interest
117.1

—

117.1

—

—

(0.8
)
(0.8
)
116.3

Total equity
1,590.8

(54.2
)
1,536.6

(12.8
)
(5.5
)
(3.9
)
(22.2
)
1,514.4

Total liabilities and equity
4,526.1

(51.8
)
4,474.3

(4.1
)
50.0

(4.6
)
41.3

4,515.6



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


Condensed Consolidated Statements of Cash Flows:
In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended March 30, 2012 filed by the Company on May 4, 2012. The “Restatement #1” column corresponds to Form 10-Q/A for the three months ended March 30, 2012 filed by the Company on March 1, 2013.
 
Three fiscal months ended March 30, 2012
(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 interests
$
26.3

$
(2.2
)
$
24.1

$
(0.5
)
$
2.4

$
0.3

$
2.2

$
26.3

Depreciation and amortization
26.8

—

26.8

—

—

0.1

0.1

26.9

Deferred income taxes
10.0

(0.5
)
9.5

—

0.4

0.1

0.5

10.0

(Increase) decrease in receivables
(82.0
)
—

(82.0
)
0.3

—

—

0.3

(81.7
)
(Increase) decrease in inventories
(15.9
)
2.7

(13.2
)
—

10.0

1.8

11.8

(1.4
)
(Increase) decrease in other assets
(0.2
)
—

(0.2
)
—

0.8

—

0.8

0.6

Increase (decrease) in accounts payable, accrued and other liabilities
(6.5
)
—

(6.5
)
0.2

(13.6
)
(2.3
)
(15.7
)
(22.2
)
Net cash flows of operating activities
(34.6
)
—

(34.6
)
—

—

—

—

(34.6
)
In the following table, the “As Originally Filed” column corresponds to Form 10-Q for the three months ended April 1, 2011 filed by the Company on May 6, 2011. The “Restatement #1” column corresponds to Form 10-Q/A for the three months ended March 30, 2012 filed by the Company on March 1, 2013.
 
Three fiscal months ended April 1, 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 interests
$
39.1

$
(4.2
)
$
34.9

$
(0.5
)
$
(0.5
)
$
(2.5
)
$
(3.5
)
$
31.4

Depreciation and amortization
27.7

—

27.7

—

—

0.1

0.1

27.8

Deferred income taxes
(6.4
)
—

(6.4
)
—

(0.1
)
—

(0.1
)
(6.5
)
(Increase) decrease in receivables
(100.6
)
—

(100.6
)
0.4

—

0.2

0.6

(100.0
)
(Increase) decrease in inventories
(176.8
)
4.0

(172.8
)
—

(9.6
)
3.3

(6.3
)
(179.1
)
(Increase) decrease in other assets
(7.3
)
—

(7.3
)
—

(0.2
)
—

(0.2
)
(7.5
)
Increase (decrease) in accounts payable, accrued and other liabilities
113.0

0.2

113.2

0.1

10.4

(1.1
)
9.4

122.6

Net cash flows of operating activities
(105.6
)
—

(105.6
)
—

—

—

—

(105.6
)