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PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION
 9 Months Ended
Sep. 30, 2022
Condensed Financial Information Disclosure [Abstract]  
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION
Products Corporation's 6.25% Senior Notes are fully and unconditionally guaranteed on a senior basis by certain of Products Corporation’s direct and indirect wholly-owned domestic subsidiaries (the "Guarantors Subsidiaries").

The following Condensed Consolidating Financial Statements present the financial information as of September 30, 2022 and December 31, 2021, and for each of the nine months September 30, 2022 and 2021 for: (i) Products Corporation on a stand-alone basis; (ii) the Guarantor Subsidiaries on a stand-alone basis; (iii) the subsidiaries of Products Corporation that did not guarantee and do not guarantee Products Corporation's 6.25% Senior Notes (the "Non-Guarantor Subsidiaries") on a stand-alone basis; and; (iv) Products Corporation, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis. The Condensed Consolidating Financial Statements are presented on the equity method, under which the investments in subsidiaries are recorded at cost and adjusted to the applicable share of the subsidiary's cumulative results of operations, capital contributions, distributions and other equity changes. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.

Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of September 30, 2022
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$6.2 $155.9 $84.3 $— $246.4 
Trade receivables, less allowances for doubtful accounts62.2 89.8 167.0 — 319.0 
Inventories, net158.3 129.4 168.3 — 456.0 
Prepaid expenses and other340.2 34.5 51.5 — 426.2 
Intercompany receivables3,425.7 5,266.9 821.2 (9,513.8)— 
Investment in subsidiaries1,240.3 (165.9)— (1,074.4)— 
Property, plant and equipment, net140.0 38.1 71.8 — 249.9 
Deferred income taxes— 2.5 47.4 — 49.9 
Goodwill404.8 35.2 121.2 — 561.2 
Intangible assets, net0.1 130.1 205.2 — 335.4 
Other assets61.6 9.2 151.6 (128.1)94.3 
      Total assets$5,839.4 $5,725.7 $1,889.5 $(10,716.3)$2,738.3 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $0.6 $— $0.6 
Current portion of long-term debt746.8 — 0.1 — 746.9 
Accounts payable49.2 2.1 53.7 — 105.0 
Accrued expenses and other182.3 61.3 148.7 — 392.3 
Intercompany payables445.0 747.3 430.6 (1,622.9)— 
Long-term debt— — 0.1 — 0.1 
Other long-term liabilities68.1 79.4 23.0 — 170.5 
Liabilities subject to compromise6,708.9 4,422.2 540.4 (8,012.5)3,659.0 
      Total liabilities8,200.3 5,312.3 1,197.2 (9,635.4)5,074.4 
Stockholder’s (deficiency) equity(2,360.9)413.4 692.3 (1,080.9)(2,336.1)
Total liabilities and stockholder’s (deficiency) equity$5,839.4 $5,725.7 $1,889.5 $(10,716.3)$2,738.3 
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets
As of December 31, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
ASSETS
Cash and cash equivalents$4.0 $2.1 $96.3 $— $102.4 
Trade receivables, less allowances for doubtful accounts114.6 102.4 166.8 — 383.8 
Inventories, net129.3 127.9 160.2 — 417.4 
Prepaid expenses and other222.8 5.7 68.3 — 296.8 
Intercompany receivables4,542.8 4,396.2 700.5 (9,639.5)— 
Investment in subsidiaries1,055.5 (218.9)— (836.6)— 
Property, plant and equipment, net157.6 59.9 79.8 — 297.3 
Deferred income taxes— 7.7 43.9 — 51.6 
Goodwill404.8 30.0 128.0 — 562.8 
Intangible assets, net20.3 170.3 201.6 — 392.2 
Other assets57.7 12.2 27.9 — 97.8 
      Total assets$6,709.4 $4,695.5 $1,673.3 $(10,476.1)$2,602.1 
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings$— $— $0.7 $— $0.7 
Current portion of long-term debt137.1 — 0.1 — 137.2 
Accounts payable89.8 42.1 85.8 — 217.7 
Accrued expenses and other161.9 84.9 185.3 — 432.1 
Intercompany payables4,737.2 4,045.5 856.5 (9,639.2)— 
Long-term debt3,234.1 — 71.4 — 3,305.5 
Other long-term liabilities176.8 115.7 73.6 — 366.1 
      Total liabilities8,536.9 4,288.2 1,273.4 (9,639.2)4,459.3 
Stockholder’s (deficiency) equity(1,827.5)407.3 399.9 (836.9)(1,857.2)
Total liabilities and stockholder’s (deficiency) equity$6,709.4 $4,695.5 $1,673.3 $(10,476.1)$2,602.1 
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three Months Ended September 30, 2022
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$102.3 $113.7 $252.4 $— $468.4 
Cost of sales48.6 58.7 100.2 — 207.5 
Gross profit53.7 55.0 152.2 — 260.9 
Selling, general and administrative expenses85.2 52.1 109.1 — 246.4 
Acquisition and integration costs0.2 — — — 0.2 
Restructuring charges and other, net(2.0)0.2 1.1 — (0.7)
Impairment charges— — — — — 
(Gain) loss on divested assets— — — — — 
Operating (loss) income(29.7)2.7 42.0 — 15.0 
Other (income) expense:
Intercompany interest, net(4.0)(0.3)4.3 — — 
Interest expense, net56.2 — — — 56.2 
Amortization of debt issuance costs— — — — — 
Foreign currency losses (gains), net5.0 (0.2)14.6 — 19.4 
Miscellaneous, net(10.3)9.1 5.5 — 4.3 
Reorganization items, net86.6 (1.6)— — 85.0 
Other expense (income), net133.5 7.0 24.4 — 164.9 
(Loss) income from continuing operations before income taxes(163.2)(4.3)17.6 — (149.9)
(Benefit from) provision for income taxes— 0.1 2.7 — 2.8 
(Loss) income from continuing operations, net of taxes(163.2)(4.4)14.9 — (152.7)
Equity in income (loss) of subsidiaries16.3 (1.4)— (14.9)— 
Net (loss) income$(146.9)$(5.8)$14.9 $(14.9)$(152.7)
Other comprehensive income (loss)(3.3)8.7 (9.6)0.9 (3.3)
Total comprehensive (loss) income$(150.2)$2.9 $5.3 $(14.0)$(156.0)
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Three Months Ended September 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$103.1 $162.2 $255.8 $— $521.1 
Cost of sales56.7 72.4 92.1 — 221.2 
Gross profit46.4 89.8 163.7 — 299.9 
Selling, general and administrative expenses74.0 65.9 114.6 — 254.5 
Acquisition and integration costs0.6 — — — 0.6 
Restructuring charges and other, net6.7 0.3 2.0 — 9.0 
 Impairment charges— — — — — 
 Gain on divested assets0.1 — — — 0.1 
Operating (loss) income(35.0)23.6 47.1 — 35.7 
Other (income) expense:
Intercompany interest, net(3.1)0.7 2.4 — — 
Interest expense58.7 — 4.4 — 63.1 
Amortization of debt issuance costs8.7 — — — 8.7 
Foreign currency losses (gains), net— 0.6 9.3 — 9.9 
Miscellaneous, net194.4 (115.1)(79.2)— 0.1 
Other expense (income), net258.7 (113.8)(63.1)— 81.8 
(Loss) income from continuing operations before income taxes(293.7)137.4 110.2 — (46.1)
(Benefit from) provision for income taxes— 3.2 2.3 — 5.5 
(Loss) income from continuing operations, net of taxes(293.7)134.2 107.9 — (51.6)
Equity in income (loss) of subsidiaries243.9 92.5 — (336.4)— 
Net (loss) income$(49.8)$226.7 $107.9 $(336.4)$(51.6)
Other comprehensive income (loss)2.9 3.9 (2.5)(1.4)2.9 
Total comprehensive (loss) income$(46.9)$230.6 $105.4 $(337.8)$(48.7)
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Nine Months Ended September 30, 2022
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$326.6 $329.9 $734.1 $— $1,390.6 
Cost of sales160.2 156.7 278.9 — 595.8 
Gross profit166.4 173.2 455.2 — 794.8 
Selling, general and administrative expenses279.0 154.5 318.7 — 752.2 
Acquisition, integration and divestiture costs
0.6 — 0.1 — 0.7 
Restructuring charges and other, net2.0 0.4 1.9 — 4.3 
Impairment charges18.3 1.5 4.5 — 24.3 
(Gain) loss on divested assets— — — — — 
Operating (loss) income(133.5)16.8 130.0 — 13.3 
Other (income) expense:
Intercompany interest, net(6.7)0.7 6.0 — — 
Interest expense170.0 — 5.8 — 175.8 
Amortization of debt issuance costs20.9 — — — 20.9 
Foreign currency losses, net14.6 0.1 26.7 — 41.4 
Miscellaneous, net31.4 (14.2)(2.8)— 14.4 
Reorganization items, net240.6 2.7 — — 243.3 
Other expense (income), net470.8 (10.7)35.7 — 495.8 
(Loss) income from operations before income taxes(604.3)27.5 94.3 — (482.5)
Provision for (benefit from) for income taxes— 5.0 7.1 — 12.1 
(Loss) income from operations, net of taxes(604.3)22.5 87.2 — (494.6)
Equity in income (loss) of subsidiaries123.2 (8.9)— (114.3)— 
Net (loss) income$(481.1)$13.6 $87.2 $(114.3)$(494.6)
Other comprehensive (loss) income0.4 29.6 (7.9)(21.7)0.4 
Total comprehensive (loss) income$(480.7)$43.2 $79.3 $(136.0)$(494.2)
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income
Nine Months Ended September 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
Net Sales$311.6 $411.6 $740.3 $— $1,463.5 
Cost of sales155.4 182.8 270.5 — 608.7 
Gross profit156.2 228.8 469.8 — 854.8 
Selling, general and administrative expenses262.8 178.9 350.0 — 791.7 
Acquisition, integration and divestiture costs
1.7 — 0.1 — 1.8 
Restructuring charges and other, net13.5 2.5 6.8 — 22.8 
Impairment charges— — — — — 
Loss on divested assets(1.7)— — — (1.7)
Operating (loss) income(120.1)47.4 112.9 — 40.2 
Other (income) expenses:
Intercompany interest, net(3.9)1.9 2.0 — — 
Interest expense178.4 — 5.5 — 183.9 
Amortization of debt issuance costs30.7 — — — 30.7 
Foreign currency losses, net(0.2)(0.3)12.0 — 11.5 
Miscellaneous, net231.1 (126.9)(101.4)— 2.8 
Other expense (income), net436.1 (125.3)(81.9)— 228.9 
Loss from operations before income taxes(556.2)172.7 194.8 — (188.7)
Provision for (benefit from) income taxes— 4.6 19.3 — 23.9 
(Loss) income from operations, net of taxes(556.2)168.1 175.5 — (212.6)
Equity in (loss) income of subsidiaries353.9 102.2 — (456.1)— 
Net (loss) income$(202.3)$270.3 $175.5 $(456.1)$(212.6)
Other comprehensive (loss) income 4.5 8.1 — (8.1)4.5 
Total comprehensive (loss) income$(197.8)$278.4 $175.5 $(464.2)$(208.1)
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2022
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(449.6)$253.0 $(54.4)$— $(251.0)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities(3.8)(1.1)(3.2)— (8.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft — (0.6)— — (0.6)
Borrowings on term loans— — — — — 
Repayments on term loans(13.6)— (75.0)— (88.6)
Net (repayments) borrowings under the revolving credit facilities(0.6)— — — (0.6)
Borrowings on DIP Term Loan Facility575.0 575.0 
Repayments on Tranche A DIP ABL Facility(67.2)(67.2)
Payment of financing costs(18.8)— — — (18.8)
Tax withholdings related to net share settlements of restricted stock and RSUs(3.3)— — — (3.3)
Other financing activities
(0.1)(0.1)— — (0.2)
Net cash provided by (used in) financing activities471.4 (0.7)(75.0)— 395.7 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (15.7)(97.4)105.8 — (7.3)
Net increase (decrease) in cash, cash equivalents and restricted cash2.3 153.8 (26.8)— 129.3 
Cash, cash equivalents and restricted cash at beginning of period$4.0 $2.1 $114.8 $— $120.9 
Cash, cash equivalents and restricted cash at end of period$6.3 $155.9 $88.0 $— $250.2 
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows
Nine Months Ended September 30, 2021
Products CorporationGuarantor SubsidiariesNon-Guarantor SubsidiariesEliminationsConsolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities$(418.6)$57.7 $274.2 $— $(86.7)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash (used in) provided by investing activities(1.9)(0.8)(1.5)— (4.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (4.5)(5.6)(2.4)— (12.5)
Borrowings on term loans305.0 — — — 305.0 
Repayments on Term Loans(186.7)— — — (186.7)
Net (repayments) borrowings under the revolving credit facilities(2.7)— — — (2.7)
Borrowings on DIP Term Loan Facility— — — — — 
Repayments on Tranche A DIP ABL Facility— — — — — 
Payments of financing costs(17.9)— — — (17.9)
Tax withholdings related to net share settlements of restricted stock and RSUs(2.4)— — — (2.4)
Other financing activities
(0.2)(0.1)— — (0.3)
Net cash provided by (used in) financing activities90.6 (5.7)(2.4)— 82.5 
Effect of exchange rate changes on cash, cash equivalents and restricted cash349.5 (57.8)(294.1)— (2.4)
Net increase (decrease) in cash, cash equivalents and restricted cash19.6 (6.6)(23.8)— (10.8)
Cash, cash equivalents and restricted cash at beginning of period$6.5 $7.8 $88.2 $— $102.5 
Cash, cash equivalents and restricted cash at end of period$26.1 $1.2 $64.4 $— $91.7