Guarantor Financial Information (Tables)

6 Months Ended

Jun. 30, 2012

Guarantor Financial Information [Abstract]

Consolidating Condensed Balance Sheets

Condensed Consolidating Balance Sheets

As of June 30, 2012

	Products   Corporation		Guarantor   Subsidiaries		Non- Guarantor    Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	45.7	$	-	$	34.1	$	-	$	79.8
Trade receivables, less allowances for doubtful accounts		87.8		20.1		96.6		-		204.5
Inventories		77.4		12.3		43.6		-		133.3
Deferred income taxes – current		39.7		-		10.2		-		49.9
Prepaid expenses and other		94.4		4.8		25.8		-		125.0
Intercompany receivables		933.6		471.8		379.3		(1,784.7)		-
Investment in subsidiaries		(156.6)		(197.3)		-		353.9		-
Property, plant and equipment, net		85.3		0.8		12.4		-		98.5
Deferred income taxes – noncurrent		194.4		-		13.2		-		207.6
Goodwill, net		150.6		42.2		1.8		-		194.6
Other assets		68.5		23.9		32.5		-		124.9
Total assets	$	1,620.8	$	378.6	$	649.5	$	(1,430.8)	$	1,218.1
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	-	$	5.8	$	2.7	$	-	$	8.5
Current portion of long-term debt		11.4		-		-		-		11.4
Accounts payable		59.2		5.1		30.6		-		94.9
Accrued expenses and other		133.8		13.6		74.8		-		222.2
Intercompany payables		586.0		619.0		579.7		(1,784.7)		-
Long-term debt		1,158.9		-		-		-		1,158.9
Long-term debt – affiliates		48.6		-		-		-		48.6
Other long-term liabilities		225.2		3.8		46.9		-		275.9
Total liabilities		2,223.1		647.3		734.7		(1,784.7)		1,820.4
Stockholder’s deficiency		(602.3)		(268.7)		(85.2)		353.9		(602.3)
Total liabilities and stockholder’s deficiency	$	1,620.8	$	378.6	$	649.5	$	(1,430.8)	$	1,218.1

Condensed Consolidating Balance Sheets

As of December 31, 2011

	Products   Corporation		Guarantor   Subsidiaries		Non- Guarantor    Subsidiaries		Eliminations		Consolidated
ASSETS
Cash and cash equivalents	$	57.7	$	0.1	$	43.9	$	-	$	101.7
Trade receivables, less allowances for doubtful accounts		107.1		18.2		86.7		-		212.0
Inventories		68.3		8.4		34.3		-		111.0
Deferred income taxes – current		40.0		-		9.6		-		49.6
Prepaid expenses and other		78.3		4.2		25.1		-		107.6
Intercompany receivables		907.6		445.5		362.4		(1,715.5)		-
Investment in subsidiaries		(164.2)		(193.0)		-		357.2		-
Property, plant and equipment, net		85.2		0.9		12.8		-		98.9
Deferred income taxes – noncurrent		206.9		-		14.5		-		221.4
Goodwill, net		150.6		42.2		1.9		-		194.7
Other assets		53.6		24.5		31.1		-		109.2
Total assets	$	1,591.1	$	351.0	$	622.3	$	(1,358.3)	$	1,206.1
LIABILITIES AND STOCKHOLDER’S DEFICIENCY
Short-term borrowings	$	-	$	3.6	$	2.3	$	-	$	5.9
Current portion of long-term debt		8.0		-		-		-		8.0
Accounts payable		56.0		3.9		29.1		-		89.0
Accrued expenses and other		150.8		10.8		68.4		-		230.0
Intercompany payables		559.0		609.9		546.6		(1,715.5)		-
Long-term debt		1,107.0		-		-		-		1,107.0
Long-term debt – affiliates		107.0		-		-		-		107.0
Other long-term liabilities		244.9		5.3		50.6		-		300.8
Total liabilities		2,232.7		633.5		697.0		(1,715.5)		1,847.7
Stockholder’s deficiency		(641.6)		(282.5)		(74.7)		357.2		(641.6)
Total liabilities and stockholder’s deficiency	$	1,591.1	$	351.0	$	622.3	$	(1,358.3)	$	1,206.1

Consolidating Condensed Statement of Operations

Condensed Consolidating Statement of Income and Comprehensive Income

For the Three Months Ended June 30, 2012

	Products   Corporation		Guarantor   Subsidiaries		Non- Guarantor    Subsidiaries		Eliminations		Consolidated
Net Sales	$	241.1	$	26.0	$	141.9	$	(51.9)	$	357.1
Cost of sales		108.6		12.2		55.5		(51.9)		124.4
Gross profit		132.5		13.8		86.4		-		232.7
Selling, general and administrative expenses		103.4		12.1		64.9		-		180.4
Operating income		29.1		1.7		21.5		-		52.3
Other expenses (income):
Intercompany interest, net		0.2		(0.2)		1.5		-		1.5
Interest expense		19.5		-		0.1		-		19.6
Amortization of debt issuance costs		0.9		-		-		-		0.9
Foreign currency (gains) losses, net		(0.4)		(0.1)		0.9		-		0.4
Miscellaneous, net		(20.8)		(5.2)		26.1		-		0.1
Other expenses (income), net		(0.6)		(5.5)		28.6		-		22.5
Income (loss) from continuing operations before income taxes		29.7		7.2		(7.1)		-		29.8
Provision for (benefit from) income taxes		7.7		2.3		(0.3)		-		9.7
Income (loss) from continuing operations		22.0		4.9		(6.8)		-		20.1
Income from discontinued operations, net of taxes		0.4		-		-		-		0.4
Equity in (loss) income of subsidiaries		(1.9)		(1.0)		-		2.9		-
Net income (loss)	$	20.5	$	3.9	$	(6.8)	$	2.9	$	20.5
Other comprehensive income (loss)		2.9		(4.6)		(6.4)		11.0		2.9
Total comprehensive income (loss)	$	23.4	$	(0.7)	$	(13.2)	$	13.9	$	23.4

Condensed Consolidating Statement of Income and Comprehensive Income

For the Three Months Ended June 30, 2011

	Products   Corporation		Guarantor   Subsidiaries		Non- Guarantor    Subsidiaries		Eliminations		Consolidated
Net Sales	$	227.8	$	25.8	$	144.2	$	(46.6)	$	351.2
Cost of sales		102.3		11.8		54.4		(46.6)		121.9
Gross profit		125.5		14.0		89.8		-		229.3
Selling, general and administrative expenses		100.1		10.6		68.6		-		179.3
Operating income		25.4		3.4		21.2		-		50.0
Other expenses (income):
Intercompany interest, net		(0.1)		(0.2)		1.9		-		1.6
Interest expense		21.6		-		0.1		-		21.7
Amortization of debt issuance costs		1.0		-		-		-		1.0
Loss on early extinguishment of debt, net		11.3		-		-		-		11.3
Foreign currency (gains) losses, net		(1.5)		0.1		4.4		-		3.0
Miscellaneous, net		(25.3)		11.8		13.8		-		0.3
Other expenses, net		7.0		11.7		20.2		-		38.9
Income (loss) from continuing operations before income taxes		18.4		(8.3)		1.0		-		11.1
Provision for income taxes		1.3		1.0		1.6		-		3.9
Income (loss) from continuing operations		17.1		(9.3)		(0.6)		-		7.2
Income from discontinued operations, net of taxes		0.6		-		-		-		0.6
Equity in (loss) income of subsidiaries		(9.9)		(3.2)		-		13.1		-
Net income (loss)	$	7.8	$	(12.5)	$	(0.6)	$	13.1	$	7.8
Other comprehensive income (loss)		2.0		(2.4)		(2.5)		4.9		2.0
Total comprehensive income (loss)	$	9.8	$	(14.9)	$	(3.1)	$	18.0	$	9.8

Condensed Consolidating Statement of Income and Comprehensive Income

For the Six Months Ended June 30, 2012

	Products   Corporation		Guarantor   Subsidiaries		Non- Guarantor    Subsidiaries		Eliminations		Consolidated
Net Sales	$	459.6	$	49.0	$	276.2	$	(97.0)	$	687.8
Cost of sales		207.6		22.5		107.0		(97.0)		240.1
Gross profit		252.0		26.5		169.2		-		447.7
Selling, general and administrative expenses		203.1		22.0		124.6		-		349.7
Operating income		48.9		4.5		44.6		-		98.0
Other expenses (income):
Intercompany interest, net		0.5		(0.4)		3.0		-		3.1
Interest expense		39.3		0.1		0.2		-		39.6
Amortization of debt issuance costs		1.7		-		-		-		1.7
Foreign currency losses, net		0.1		0.2		1.8		-		2.1
Miscellaneous, net		(33.1)		(6.2)		39.6		-		0.3
Other expenses (income), net		8.5		(6.3)		44.6		-		46.8
Income from continuing operations before income taxes		40.4		10.8		-		-		51.2
Provision for income taxes		15.5		2.8		2.8		-		21.1
Income (loss) from continuing operations		24.9		8.0		(2.8)		-		30.1
Income from discontinued operations, net of taxes		0.4		-		-		-		0.4
Equity in income (loss) of subsidiaries		5.2		(0.5)		-		(4.7)		-
Net income (loss)	$	30.5	$	7.5	$	(2.8)	$	(4.7)	$	30.5
Other comprehensive income (loss)		7.9		5.5		5.3		(10.8)		7.9
Total comprehensive income (loss)	$	38.4	$	13.0	$	2.5	$	(15.5)	$	38.4

Condensed Consolidating Statement of Income and Comprehensive Income

For the Six Months Ended June 30, 2011

	Products   Corporation		Guarantor   Subsidiaries		Non- Guarantor    Subsidiaries		Eliminations		Consolidated
Net Sales	$	447.0	$	43.7	$	280.7	$	(87.0)	$	684.4
Cost of sales		196.7		19.9		105.6		(87.0)		235.2
Gross profit		250.3		23.8		175.1		-		449.2
Selling, general and administrative expenses		203.9		19.6		128.9		-		352.4
Operating income		46.4		4.2		46.2		-		96.8
Other expenses (income):
Intercompany interest, net		(0.1)		(0.5)		3.7		-		3.1
Interest expense		44.0		0.1		0.2		-		44.3
Amortization of debt issuance costs		2.1		-		-		-		2.1
Loss on early extinguishment of debt, net		11.3		-		-		-		11.3
Foreign currency (gains) losses, net		(1.2)		0.4		4.1		-		3.3
Miscellaneous, net		(34.6)		7.2		28.4		-		1.0
Other expenses, net		21.5		7.2		36.4		-		65.1
Income (loss) from continuing operations before income taxes		24.9		(3.0)		9.8		-		31.7
Provision for income taxes		4.1		2.4		6.0		-		12.5
Income (loss) from continuing operations		20.8		(5.4)		3.8		-		19.2
Income from discontinued operations, net of taxes		0.6		-		-		-		0.6
Equity in (loss) income of subsidiaries		(1.6)		(1.1)		-		2.7		-
Net income (loss)	$	19.8	$	(6.5)	$	3.8	$	2.7	$	19.8
Other comprehensive income (loss)		2.0		0.2		(0.6)		0.4		2.0
Total comprehensive income (loss)	$	21.8	$	(6.3)	$	3.2	$	3.1	$	21.8

Consolidating Condensed Statement of Cash Flow

Condensed Consolidating Statement of Cash Flow

For the Six Months Ended June 30, 2012

	Products    Corporation		Guarantor    Subsidiaries		Non-Guarantor     Subsidiaries		Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash used in operating activities	$	(10.0)	$	(2.3)	$	(9.4)	$	-	$	(21.7)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(7.8)		(0.2)		(0.9)		-		(8.9)
Proceeds from the sale of certain assets		-		-		0.1		-		0.1
Net cash used in investing activities		(7.8)		(0.2)		(0.8)		-		(8.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in short-term borrowings and overdraft		9.9		2.4		0.5		-		12.8
Repayments under the 2011 Term Loan Facility		(4.0)		-		-		-		(4.0)
Payment of financing costs		(0.1)		-		-		-		(0.1)
Other financing activities		-		-		(0.2)		-		(0.2)
Net cash provided by financing activities		5.8		2.4		0.3		-		8.5
Effect of exchange rate changes on cash and cash equivalents		-		-		0.1		-		0.1
Net decrease in cash and cash equivalents		(12.0)		(0.1)		(9.8)		-		(21.9)
Cash and cash equivalents at beginning of period		57.7		0.1		43.9		-		101.7
Cash and cash equivalents at end of period	$	45.7	$	-	$	34.1	$	-	$	79.8

Condensed Consolidating Statement of Cash Flow

For the Six Months Ended June 30, 2011

	Products   Corporation		Guarantor   Subsidiaries		Non- Guarantor    Subsidiaries		Eliminations		Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash (used in) provided by operating activities	$	(21.2)	$	35.8	$	(11.3)	$	-	$	3.3
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures		(4.8)		(0.1)		(1.0)		-		(5.9)
Acquisition		-		(39.0)		-				(39.0)
Proceeds from sales of certain assets		0.1		-		-		-		0.1
Net cash used in investing activities		(4.7)		(39.1)		(1.0)		-		(44.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (decrease) increase in short-term borrowings and overdraft		(1.7)		4.1		1.2		-		3.6
Borrowings under the 2011 Revolving Credit Facility		10.0		-		-				10.0
Repayments under the 2010 Term Loan Facility		(794.0)		-		-		-		(794.0)
Borrowings under the 2011 Term Loan Facility		796.0		-		-		-		796.0
Payment of financing costs		(3.9)		-		-		-		(3.9)
Other financing activities		(0.3)		-		(0.4)		-		(0.7)
Net cash provided by financing activities		6.1		4.1		0.8		-		11.0
Effect of exchange rate changes on cash and cash equivalents		-		-		(1.3)		-		(1.3)
Net (decrease) increase in cash and cash equivalents		(19.8)		0.8		(12.8)		-		(31.8)
Cash and cash equivalents at beginning of period		20.5		0.1		56.1		-		76.7
Cash and cash equivalents at end of period	$	0.7	$	0.9	$	43.3	$	-	$	44.9