XML 76 R53.htm IDEA: XBRL DOCUMENT v2.4.0.8
Restatement of Consolidated Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2012
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
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, 2012 filed by the Company on March 1, 2013.
 
Year ended December 31, 2012
(in millions, except per share data)
As Originally Filed
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement
Restated
Net sales
$
6,014.3

$
—

$
37.5

$
7.7

$
45.2

$
6,059.5

Cost of sales
5,400.1

1.5

30.6

2.4

34.5

5,434.6

Gross profit
614.2

(1.5
)
6.9

5.3

10.7

624.9

Selling, general and administrative expenses
419.4

—

—

6.1

6.1

425.5

Operating income
194.8

(1.5
)
6.9

(0.8
)
4.6

199.4

Income before income taxes
82.3

(1.5
)
6.9

(0.8
)
4.6

86.9

Income tax (provision) benefit
(74.2
)
—

(2.4
)
(2.0
)
(4.4
)
(78.6
)
Net income including noncontrolling interest
9.8

(1.5
)
4.5

(2.8
)
0.2

10.0

Net income attributable to noncontrolling interest
5.8

—

—

(0.1
)
(0.1
)
5.7

Net income attributable to Company common shareholders
3.7

(1.5
)
4.5

(2.7
)
0.3

4.0

Comprehensive income (loss):
 



 
 
Net income (loss)
9.8

(1.5
)
4.5

(2.8
)
0.2

10.0

Currency translation gain (loss)
8.8

1.1

0.3

(0.3
)
1.1

9.9

Comprehensive income (loss), net of tax
3.3

(0.4
)
4.8

(3.1
)
1.3

4.6

Comprehensive income (loss) attributable to non-controlling interest, net of tax
7.6

—

—

(0.1
)
(0.1
)
7.5

Comprehensive income (loss) attributable to Company common shareholders interest, net of tax
(4.3
)
(0.4
)
4.8

(3.0
)
1.4

(2.9
)
Earnings per common share - basic
0.07

(0.03
)
0.09

(0.05
)
0.01

0.08

Earnings per common share - assuming dilution
0.08

(0.03
)
0.09

(0.06
)
—

0.08


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














Consolidated Balance Sheets:
In the following table, the “As Originally Filed” column corresponds to Form 10-K for the fiscal year ended December 31, 2012 filed by the Company on March 1, 2013.
 
December 31, 2012
(in millions)
As Originally Filed
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement
Restated
Assets
 
 
 
 
 
 
Cash and cash equivalents
$
638.2

$
—

$
—

$
(15.9
)
$
(15.9
)
$
622.3

Receivables, net of allowances
1,189.7

(4.2
)
—

(3.4
)
(7.6
)
1,182.1

Inventories, net
1,251.6

—

22.0

—

22.0

1,273.6

Deferred income taxes
39.1

—

—

0.4

0.4

39.5

Prepaid expenses and other
116.0

—

1.0

16.0

17.0

133.0

  Total current assets
3,234.6

(4.2
)
23.0

(2.9
)
15.9

3,250.5

Property, plant and equipment, net
1,199.8

—

—

(5.9
)
(5.9
)
1,193.9

Goodwill
184.4

—

—

3.2

3.2

187.6

Intangible assets, net
203.1

—

—

(0.2
)
(0.2
)
202.9

Unconsolidated affiliated companies
19.2

—

—

(0.3
)
(0.3
)
18.9

Total assets
4,919.9

(4.2
)
23.0

(6.1
)
12.7

4,932.6

Liabilities
 






 
 
Accrued liabilities
463.4

8.2

26.2

(1.7
)
32.7

496.1

Total current liabilities
1,977.6

8.2

26.2

(1.7
)
32.7

2,010.3

Deferred Income Taxes
221.5

—

(0.4
)
2.8

2.4

223.9

Other liabilities
292.6

—

—

0.1

0.1

292.7

Total liabilities
3,430.6

8.2

25.8

1.2

35.2

3,465.8

Equity
 



 
 
Retained earnings
916.5

(13.8
)
(3.9
)
(6.6
)
(24.3
)
892.2

Accumulated other comprehensive income (loss)
(107.3
)
1.4

1.1

0.2

2.7

(104.6
)
Total Company shareholders’ equity
1,353.3

(12.4
)
(2.8
)
(6.4
)
(21.6
)
1,331.7

Noncontrolling interest
117.4

—

—

(0.9
)
(0.9
)
116.5

Total equity
1,470.7

(12.4
)
(2.8
)
(7.3
)
(22.5
)
1,448.2

Total liabilities and equity
4,919.9

(4.2
)
23.0

(6.1
)
12.7

4,932.6


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

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, 2012 filed by the Company on March 1, 2013.
 
Year ended December 31, 2012
(in millions)
As Originally Filed
Brazil VAT
Brazil Bill and Hold
Other Immaterial Adjustments
Effect of Restatement
Restated
Net income (loss) including noncontrolling interest
$
9.8

$
(1.5
)
$
4.5

$
(2.8
)
$
0.2

$
10.0

Depreciation and amortization
114.9

—

—

0.3

0.3

115.2

Deferred income taxes
6.5

—

0.7

3.4

4.1

10.6

(Increase) decrease in receivables
33.3

0.9

—

0.9

1.8

35.1

(Increase) decrease in inventories
73.4

—

30.6

1.9

32.5

105.9

(Increase) decrease in other assets
(17.7
)
—

1.6

(15.8
)
(14.2
)
(31.9
)
Increase (decrease) in accounts payable, accrued and other liabilities
26.3

0.6

(37.4
)
(3.9
)
(40.7
)
(14.4
)
Net cash flows of operating activities
288.6

—

—

(16.0
)
(16.0
)
272.6

Capital expenditures
(108.8
)
—

—

0.2

0.2

(108.6
)
Net cash flows of investing activities
(390.5
)
—

—

0.2

0.2

(390.3
)
Effect of exchange rate changes on cash and cash equivalents
16.4

—

—

(0.1
)
(0.1
)
16.3

Increase (decrease) in cash and cash equivalents
204.1

—

—

(15.9
)
(15.9
)
188.2

Cash and cash equivalents - end of period
638.2

—

—

(15.9
)
(15.9
)
622.3

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
)