Condensed Consolidating Financial Data (Tables)

3 Months Ended

Mar. 31, 2013

Condensed Consolidating Results of Operations

Condensed Consolidating Results of Operations

	Three months ended March 31, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,035.5		$	696.3		$	(151.1	)	$	1,580.7
Cost of sales		—			785.3			503.0			(151.1	)		1,137.2
Gross profit		—			250.2			193.3			—			443.5
Selling, general and administrative expenses		57.7			163.5			165.4			—			386.6
Operating earnings (loss)		(57.7	)		86.7			27.9			—			56.9
Interest expense, net		46.7			0.3			2.6			—			49.6
Loss on early extinguishment of debt		17.1			—			—			—			17.1
Income (loss) before taxes and equity earnings of subsidiaries		(121.5	)		86.4			25.3			—			(9.8	)
Income tax provision (benefit)		(45.4	)		21.3			18.7			—			(5.4	)
Equity earnings of subsidiaries		71.7			3.8			—			(75.5	)		—
Net income (loss)		(4.4	)		68.9			6.6			(75.5	)		(4.4	)
Other comprehensive income (loss), net of tax		(13.1	)		(13.5	)		(18.3	)		31.8			(13.1	)
Comprehensive income (loss)	$	(17.5	)	$	55.4		$	(11.7	)	$	(43.7	)	$	(17.5	)

	Three months ended March 31, 2012
(in millions)	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	977.1	$	669.7	$	(151.4	)	$	1,495.4
Cost of sales		—			742.6		484.6		(151.4	)		1,075.8
Gross profit		—			234.5		185.1		—			419.6
Selling, general and administrative expenses		41.9			153.0		123.1		—			318.0
Operating earnings (loss)		(41.9	)		81.5		62.0		—			101.6
Interest expense, net		43.7			0.4		0.6		—			44.7
Income (loss) before taxes and equity earnings of subsidiaries		(85.6	)		81.1		61.4		—			56.9
Income tax provision		9.7			0.3		11.8		—			21.8
Equity earnings of subsidiaries		130.4			45.1		—		(175.5	)		—
Net income (loss)		35.1			125.9		49.6		(175.5	)		35.1
Other comprehensive income (loss), net of tax		26.4			27.8		28.4		(56.2	)		26.4
Comprehensive income (loss)	$	61.5		$	153.7	$	78.0	$	(231.7	)	$	61.5

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	As of March 31, 2013
(in millions)	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	151.6	$	3.9	$	424.5	$	—		$	580.0
Accounts receivable		—		10.8		1,226.0		—			1,236.8
Inventories		—		840.1		602.3		—			1,442.4
Other current assets		36.3		149.6		171.8		—			357.7
Total current assets		187.9		1,004.4		2,424.6		—			3,616.9
Property, plant and equipment, net		33.4		285.4		345.4		—			664.2
Goodwill		—		1,566.1		255.8		—			1,821.9
Intangibles, net		—		1,051.3		194.3		—			1,245.6
Intercompany receivables		1,329.6		1,846.7		668.6		(3,844.9	)		—
Investment in subsidiaries		5,952.3		1,848.0		—		(7,800.3	)		—
Other non-current assets		70.2		4.9		61.0		—			136.1
Total assets	$	7,573.4	$	7,606.8	$	3,949.7	$	(11,645.2	)	$	7,484.7
Liabilities and stockholders’ equity
Short-term debt and current portion of long-term debt	$	111.1	$	0.5	$	408.6	$	—		$	520.2
Accounts payable		2.9		372.7		257.1		—			632.7
Other current liabilities		85.3		222.8		241.4		—			549.5
Total current liabilities		199.3		596.0		907.1		—			1,702.4
Long-term debt		3,327.2		4.1		14.9		—			3,346.2
Intercompany payables		2,466.7		234.7		1,143.5		(3,844.9	)		—
Other non-current liabilities		62.7		682.1		173.8		—			918.6
Total stockholders’ equity		1,517.5		6,089.9		1,710.4		(7,800.3	)		1,517.5
Total liabilities and stockholders’ equity	$	7,573.4	$	7,606.8	$	3,949.7	$	(11,645.2	)	$	7,484.7

	As of December 31, 2012
(in millions)	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	560.2	$	5.0	$	468.9	$	—		$	1,034.1
Accounts receivable		—		17.8		1,119.9		—			1,137.7
Inventories		—		760.3		550.0		—			1,310.3
Other current assets		16.5		143.4		168.4		—			328.3
Total current assets		576.7		926.5		2,307.2		—			3,810.4
Property, plant and equipment, net		34.1		296.8		347.7		—			678.6
Goodwill		—		1,564.7		259.3		—			1,824.0
Intangibles, net		—		1,055.5		201.2		—			1,256.7
Intercompany receivables		2,961.3		3,939.6		3,629.4		(10,530.3	)		—
Investment in subsidiaries		5,895.6		1,844.2		—		(7,739.8	)		—
Other non-current assets		73.4		4.7		62.8		—			140.9
Total assets	$	9,541.1	$	9,632.0	$	6,807.6	$	(18,270.1	)	$	7,710.6
Liabilities and stockholders’ equity
Short-term debt and current portion of long-term debt	$	100.1	$	0.5	$	404.1	$	—		$	504.7
Accounts payable		5.3		354.6		255.5		—			615.4
Other current liabilities		83.7		259.0		265.9		—			608.6
Total current liabilities		189.1		614.1		925.5		—			1,728.7
Long-term debt		3,275.7		4.2		13.5		—			3,293.4
Intercompany payables		4,251.9		2,336.5		3,941.9		(10,530.3	)		—
Other non-current liabilities		64.8		697.8		166.3		—			928.9
Total stockholders’ equity		1,759.6		5,979.4		1,760.4		(7,739.8	)		1,759.6
Total liabilities and stockholders’ equity	$	9,541.1	$	9,632.0	$	6,807.6	$	(18,270.1	)	$	7,710.6

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows

	Three months ended March 31, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities, net	$	(56.4	)	$	23.7		$	(172.8	)	$	(0.7	)	$	(206.2	)
Financing activities:
Net change in short-term debt		—			—			4.2			—			4.2
(Payments on) proceeds from intercompany transactions		(146.2	)		(11.5	)		157.0			0.7			—
Proceeds from issuance of long-term debt		250.0			—			3.0			—			253.0
Payments on long-term debt		(187.7	)		(0.1	)		(0.7	)		—			(188.5	)
Issuance (repurchase) of common stock, net		(264.8	)		—			—			—			(264.8	)
Excess tax benefits from stock-based compensation		2.2			—			—			—			2.2
Other		(5.1	)		—			—			—			(5.1	)
Net cash provided by (used in) financing activities		(351.6	)		(11.6	)		163.5			0.7			(199.0	)
Investing activities:
Additions to property, plant and equipment		(0.1	)		(13.8	)		(10.8	)		—			(24.7	)
Other		(0.5	)		0.6			(2.0	)		—			(1.9	)
Net cash used in investing activities		(0.6	)		(13.2	)		(12.8	)		—			(26.6	)
Effect of exchange rate changes on cash		—			—			(22.3	)		—			(22.3	)
Net decrease in cash and cash equivalents		(408.6	)		(1.1	)		(44.4	)		—			(454.1	)
Cash and cash equivalents at beginning of year		560.2			5.0			468.9			—			1,034.1
Cash and cash equivalents at end of year	$	151.6		$	3.9		$	424.5		$	—		$	580.0
	Three months ended March 31, 2012
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities, net	$	(52.0	)	$	65.1		$	(156.1	)	$	(4.4	)	$	(147.4	)
Financing activities:
Net change in short-term debt		—			—			88.9			—			88.9
(Payments on) proceeds from intercompany transactions		20.2			(80.1	)		55.5			4.4			—
Proceeds from issuance of long-term debt		300.0			0.2			—			—			300.2
Payments on long-term debt		(110.1	)		(0.1	)		(2.9	)		—			(113.1	)
Issuance (repurchase) of common stock, net		(435.3	)		—			—			—			(435.3	)
Other		(5.1	)		—			—			—			(5.1	)
Net cash provided by (used in) financing activities		(230.3	)		(80.0	)		141.5			4.4			(164.4	)
Investing activities:
Additions to property, plant and equipment		(2.7	)		(13.0	)		(7.6	)		—			(23.3	)
Other		—			1.0			(1.0	)		—			—
Net cash used in investing activities		(2.7	)		(12.0	)		(8.6	)		—			(23.3	)
Effect of exchange rate changes on cash		—			—			8.0			—			8.0
Net decrease in cash and cash equivalents		(285.0	)		(26.9	)		(15.2	)		—			(327.1	)
Cash and cash equivalents at beginning of year		335.4			28.7			444.2			—			808.3
Cash and cash equivalents at end of year	$	50.4		$	1.8		$	429.0		$	—		$	481.2

Effect of Revision on Previously Reported Amounts

The effect of the revisions, which the Company determined were not material to the related financial statements, on the previously reported amounts are as follows:

	Three months ended March 31, 2012
	Parent		Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
	Increase/(Decrease)
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities, net	$	—	$	4.4		$	—	$	(4.4	)	$	—
Net cash provided by (used in) financing activities		—		(4.4	)		—		4.4			—