Condensed Consolidating Financial Data

9 Months Ended

Sep. 30, 2011

Condensed Consolidating Financial Data

Condensed Consolidating Financial Data

17. Condensed Consolidating Financial Data

The Company's Senior Notes and Senior Subordinated Notes (see Note 7) are fully guaranteed, jointly and severally, by certain of the Company's domestic subsidiaries ("Guarantor Subsidiaries"). The Company's non-United States subsidiaries and those domestic subsidiaries who are not guarantors ("Non-Guarantor Subsidiaries") are not guaranteeing these notes. Presented below is the condensed consolidating financial data of the Company ("Parent"), the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis as of September 30, 2011 and December 31, 2010 and for the three and nine months ended September 30, 2011 and 2010.

Condensed Consolidating Results of Operations

	Three months ended September 30, 2011
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	1,022.5		$	799.0	$	(36.8	)	$	1,784.7
Costs and expenses		12.1			918.5			706.1		(36.8	)		1,599.9
Operating (loss) earnings		(12.1	)		104.0			92.9		—			184.8
Other expense, net		76.2			8.6			9.3		—			94.1
Equity in the income of subsidiaries		179.0			79.5			—		(258.5	)		—
Net income (loss)	$	90.7		$	174.9		$	83.6	$	(258.5	)	$	90.7
	Three months ended September 30, 2010
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	927.7		$	702.6	$	(28.4	)	$	1,601.9
Costs and expenses		24.1			794.1			636.0		(28.4	)		1,425.8
Operating (loss) earnings		(24.1	)		133.6			66.6		—			176.1
Other expense, net		68.2			5.6			21.7		—			95.5
Equity in the income of subsidiaries		172.9			42.0			—		(214.9	)		—
Net income (loss)	$	80.6		$	170.0		$	44.9	$	(214.9	)	$	80.6
	Nine months ended September 30, 2011
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	2,872.9		$	2,186.5	$	(117.5	)	$	4,941.9
Costs and expenses		93.1			2,540.4			1,987.5		(117.5	)		4,503.5
Operating (loss) earnings		(93.1	)		332.5			199.0		—			438.4
Other expense, net		196.8			24.8			33.2		—			254.8
Equity in the income of subsidiaries		473.5			158.6			—		(632.1	)		—
Net income (loss)	$	183.6		$	466.3		$	165.8	$	(632.1	)	$	183.6
	Nine months ended September 30, 2010
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	2,710.5		$	1,723.8	$	(95.8	)	$	4,338.5
Costs and expenses		106.6			2,393.5			1,667.4		(95.8	)		4,071.7
Operating (loss) earnings		(106.6	)		317.0			56.4		—			266.8
Other expense, net		148.2			9.5			49.1		—			206.8
Equity in the income of subsidiaries		314.8			(3.3	)		—		(311.5	)		—
Net income (loss)	$	60.0		$	304.2		$	7.3	$	(311.5	)	$	60.0

Condensed Consolidating Balance Sheets

 

	As of September 30, 2011
(in millions)	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets	$	122.5	$	1,141.1	$	2,262.9	$	(10.1	)	$	3,516.4
Investment in subsidiaries		5,768.4		1,772.8		—		(7,541.2	)		—
Non-current assets		148.7		3,929.9		930.8		(1,336.7	)		3,672.7
Total assets	$	6,039.6	$	6,843.8	$	3,193.7	$	(8,888.0	)	$	7,189.1
Liabilities and stockholders' equity
Current liabilities	$	246.0	$	642.4	$	591.8		(6.2	)	$	1,474.0
Non-current liabilities		3,882.1		472.9		789.2		(1,340.6	)		3,803.6
Stockholders' equity		1,911.5		5,728.5		1,812.7		(7,541.2	)		1,911.5
Total liabilities and stockholders' equity	$	6,039.6	$	6,843.8	$	3,193.7	$	(8,888.0	)	$	7,189.1

	As of December 31, 2010
(in millions)	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Current assets	$	314.6	$	998.6	$	2,067.6	$	(10.0	)	$	3,370.8
Investment in subsidiaries		5,340.3		1,739.8		93.4		(7,173.5	)		—
Non-current assets		153.7		3,768.8		1,015.1		(1,215.4	)		3,722.2
Total assets	$	5,808.6	$	6,507.2	$	3,176.1	$	(8,398.9	)	$	7,093.0
Liabilities and stockholders' equity
Current liabilities	$	217.4	$	588.5	$	878.0		(6.7	)	$	1,677.2
Non-current liabilities		3,770.7		504.3		539.0		(1,218.7	)		3,595.3
Stockholders' equity		1,820.5		5,414.4		1,759.1		(7,173.5	)		1,820.5
Total liabilities and stockholders' equity	$	5,808.6	$	6,507.2	$	3,176.1	$	(8,398.9	)	$	7,093.0

Condensed Consolidating Statements of Cash Flows

	Nine months ended September 30, 2011
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used in) operating activities	$	(335.9	)	$	363.4		$	(3.0	)	$	24.5
Financing activities:
Net change in short-term debt		—			—			2.7			2.7
Proceeds (payments) from (to) intercompany transactions		338.4			(286.5	)		(51.9	)		—
Proceeds from issuance of long-term debt		1,025.0			—			—			1,025.0
Payments on long-term debt		(1,102.8	)		—			—			(1,102.8	)
Issuance (repurchase) of common stock, net		(84.1	)		—			—			(84.1	)
Dividends paid		(22.6	)		—			—			(22.6	)
Other		(5.2	)		—			—			(5.2	)
Net cash provided by (used in) financing activities		148.7			(286.5	)		(49.2	)		(187.0	)
Investing Activities:
Additions to property, plant and equipment		(1.5	)		(67.1	)		(10.8	)		(79.4	)
Acquisition of business and earnout payments, net of cash acquired		(0.9	)		(12.5	)		—			(13.4	)
Other		—			—			4.8			4.8
Net cash used in investing activities		(2.4	)		(79.6	)		(6.0	)		(88.0	)
Effect of exchange rate changes on cash		—			—			1.4			1.4
Net decrease in cash and cash equivalents		(189.6	)		(2.7	)		(56.8	)		(249.1	)
Cash and cash equivalents at beginning of period		287.1			15.5			392.8			695.4
Cash and cash equivalents at end of period	$	97.5		$	12.8		$	336.0		$	446.3
	Nine months ended September 30, 2010
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Consolidated
Net cash provided by (used in) operating activities	$	(319.9	)	$	339.4		$	(5.3	)	$	14.2
Financing activities:
Net change in short-term debt		—			50.0			9.1			59.1
Proceeds (payments) from (to) intercompany transactions		312.8			(324.7	)		11.9			—
Proceeds from issuance of long-term debt		486.1			—			—			486.1
Payments on long-term debt		(258.2	)		—			—			(258.2	)
Issuance (repurchase) of common stock, net		(33.2	)		—			—			(33.2	)
Dividends paid		(21.4	)		—			—			(21.4	)
Other		(22.7	)		—			—			(22.7	)
Net cash provided by (used in) financing activities		463.4			(274.7	)		21.0			209.7
Investing Activities:
Additions to property, plant and equipment		(26.8	)		(55.5	)		(13.3	)		(95.6	)
Acquisition of business and earnout payments, net of cash acquired		(484.2	)		(4.5	)		(0.8	)		(489.5	)
Other		(9.3	)		—			19.1			9.8
Net cash provided by (used in) investing activities		(520.3	)		(60.0	)		5.0			(575.3	)
Effect of exchange rate changes on cash		—			—			(19.9	)		(19.9	)
Net increase (decrease) in cash and cash equivalents		(376.8	)		4.7			0.8			(371.3	)
Cash and cash equivalents at beginning of period		537.9			13.8			275.7			827.4
Cash and cash equivalents at end of period	$	161.1		$	18.5		$	276.5		$	456.1

The amounts reflected as proceeds (payments) from (to) intercompany transactions represent cash flows originating from transactions conducted between Guarantor Subsidiaries, Non-Guarantor Subsidiaries and Parent in the normal course of business operations.