Condensed Consolidating Financial Data (Tables)

6 Months Ended

Jun. 30, 2013

Condensed Consolidating Results of Operations

Condensed Consolidating Results of Operations

	Three months ended June 30, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,187.9		$	760.2		$	(189.3	)	$	1,758.8
Cost of sales		—			897.6			537.0			(189.3	)		1,245.3
Gross profit		—			290.3			223.2			—			513.5
Selling, general and administrative expenses		20.7			150.8			161.4			—			332.9
Reorganization costs, net		—			0.7			0.7			—			1.4
Operating earnings		(20.7	)		138.8			61.1			—			179.2
Interest expense, net		42.9			0.2			3.1			—			46.2
Loss on early extinguishment of debt		8.8			—			—			—			8.8
Income (loss) before taxes and equity earnings of subsidiaries		(72.4	)		138.6			58.0			—			124.2
Income tax provision (benefit)		(27.2	)		55.0			20.0			—			47.8
Equity earnings of subsidiaries		121.6			28.1			—			(149.7	)		—
Net income (loss)		76.4			111.7			38.0			(149.7	)		76.4
Other comprehensive income (loss), net of tax		(22.8	)		(23.1	)		(27.1	)		50.2			(22.8	)
Comprehensive income (loss)	$	53.6		$	88.6		$	10.9		$	(99.5	)	$	53.6
	Three months ended June 30, 2012
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,166.2		$	695.3		$	(185.9	)	$	1,675.6
Cost of sales		—			874.4			490.7			(185.9	)		1,179.2
Gross profit		—			291.8			204.6			—			496.4
Selling, general and administrative expenses		18.8			173.1			128.2			—			320.1
Operating earnings		(18.8	)		118.7			76.4			—			176.3
Interest expense, net		44.4			0.2			0.4			—			45.0
Income (loss) before taxes and equity earnings of subsidiaries		(63.2	)		118.5			76.0			—			131.3
Income tax provision		34.5			0.4			13.2			—			48.1
Equity earnings of subsidiaries		180.9			56.8			—			(237.7	)		—
Net income (loss)		83.2			174.9			62.8			(237.7	)		83.2
Other comprehensive income (loss), net of tax		(42.6	)		(40.5	)		(51.7	)		92.2			(42.6	)
Comprehensive income (loss)	$	40.6		$	134.4		$	11.1		$	(145.5	)	$	40.6

	Six months ended June 30, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	2,223.4		$	1,456.5		$	(340.4	)	$	3,339.5
Cost of sales		—			1,682.9			1,040.0			(340.4	)		2,382.5
Gross profit		—			540.5			416.5			—			957.0
Selling, general and administrative expenses		78.4			314.3			326.8			—			719.5
Reorganization costs, net		—			0.7			0.7			—			1.4
Operating earnings		(78.4	)		225.5			89.0			—			236.1
Interest expense, net		89.6			0.5			5.7			—			95.8
Loss on early extinguishment of debt		25.9			—			—			—			25.9
Income (loss) before taxes and equity earnings of subsidiaries		(193.9	)		225.0			83.3			—			114.4
Income tax provision (benefit)		(72.6	)		76.3			38.7			—			42.4
Equity earnings of subsidiaries		193.3			31.9			—			(225.2	)		—
Net income (loss)		72.0			180.6			44.6			(225.2	)		72.0
Other comprehensive income (loss), net of tax		(35.9	)		(36.6	)		(45.4	)		82.0			(35.9	)
Comprehensive income (loss)	$	36.1		$	144.0		$	(0.8	)	$	(143.2	)	$	36.1
	Six months ended June 30, 2012
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	2,143.3		$	1,365.0		$	(337.3	)	$	3,171.0
Cost of sales		—			1,617.0			975.3			(337.3	)		2,255.0
Gross profit		—			526.3			389.7			—			916.0
Selling, general and administrative expenses		60.7			326.1			251.3			—			638.1
Operating earnings		(60.7	)		200.2			138.4			—			277.9
Interest expense, net		88.1			0.6			1.0			—			89.7
Income (loss) before taxes and equity earnings of subsidiaries		(148.8	)		199.6			137.4			—			188.2
Income tax provision		44.2			0.7			25.0			—			69.9
Equity earnings of subsidiaries		311.3			101.9			—			(413.2	)		—
Net income (loss)		118.3			300.8			112.4			(413.2	)		118.3
Other comprehensive income (loss), net of tax		(16.2	)		(12.7	)		(23.3	)		36.0			(16.2	)
Comprehensive income (loss)	$	102.1		$	288.1		$	89.1		$	(377.2	)	$	102.1

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	As of June 30, 2013
(in millions)	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	400.0	$	3.3	$	385.0	$	—		$	788.3
Accounts receivable		—		6.9		1,173.4		—			1.180.3
Inventories		—		887.1		636.3		—			1,523.4
Other current assets		37.3		154.9		164.3		—			356.5
Total current assets		437.3		1,052.2		2,359.0		—			3,848.5
Property, plant and equipment, net		35.8		283.7		357.7		—			677.2
Goodwill		—		1,566.8		253.3		—			1,820.1
Intangibles, net		—		1,047.8		192.4		—			1,240.2
Intercompany receivables		1,386.1		2,156.5		1,686.2		(5,228.8	)		—
Investment in subsidiaries		6,048.5		1,878.6		—		(7,927.1	)		—
Other non-current assets		78.4		6.1		66.6		—			151.1
Total assets	$	7,986.1	$	7,991.7	$	4,915.2	$	(13,155.9	)	$	7,737.1
Liabilities and stockholders’ equity
Short-term debt and current portion of long-term debt	$	119.6	$	0.5	$	405.3	$	—		$	525.4
Accounts payable		2.4		408.6		266.8		—			677.8
Other current liabilities		100.0		206.9		261.2		—			568.1
Total current liabilities		222.0		616.0		933.3		—			1,771.3
Long-term debt		3,382.3		4.0		15.6		—			3,401.9
Intercompany payables		2,690.2		476.8		2,061.8		(5,228.8	)		—
Other non-current liabilities		79.1		700.0		172.3		—			951.4
Total stockholders’ equity		1,612.5		6,194.9		1,732.2		(7,927.1	)		1,612.5
Total liabilities and stockholders’ equity	$	7,986.1	$	7,991.7	$	4,915.2	$	(13,155.9	)	$	7,737.1
	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

	Six months ended June 30, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities, net	$	(73.1	)	$	66.2		$	(33.8	)	$	(0.7	)	$	(41.4	)
Financing activities:
Net change in short-term debt		—			—			0.5			—			0.5
(Payments on) proceeds from intercompany transactions		19.6			(20.6	)		13.2			(12.2	)		—
Proceeds from issuance of long-term debt		515.2			—			5.7			—			520.9
Payments on long-term debt		(347.1	)		(0.2	)		(0.6	)		—			(347.9	)
Issuance (repurchase) of common stock, net		(263.4	)		—			—			—			(263.4	)
Excess tax benefits from stock-based compensation		3.4			—			—			—			3.4
Other		(11.6	)		(4.4	)		—			—			(16.0	)
Net cash provided by (used in) financing activities		(83.9	)		(25.2	)		18.8			(12.2	)		(102.5	)
Investing activities:
Additions to property, plant and equipment		(3.6	)		(30.9	)		(39.0	)		—			(73.5	)
Intercompany investing activities, net		—			(12.9	)		—			12.9			—
Other		0.4			1.1			(1.7	)		—			(0.2	)
Net cash used in investing activities		(3.2	)		(42.7	)		(40.7	)		12.9			(73.7	)
Effect of exchange rate changes on cash		—			—			(28.2	)		—			(28.2	)
Net decrease in cash and cash equivalents		(160.2	)		(1.7	)		(83.9	)		—			(245.8	)
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	$	400.0		$	3.3		$	385.0		$	—		$	788.3
	Six months ended June 30, 2012
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities, net	$	(162.0	)	$	272.1		$	(97.3	)	$	(9.6	)	$	3.2
Financing activities:
Net change in short-term debt		—			—			78.9			—			78.9
(Payments on) proceeds from intercompany transactions		226.4			(271.8	)		35.8			9.6			—
Proceeds from issuance of long-term debt		300.0			0.5			—			—			300.5
Payments on long-term debt		(128.8	)		(0.2	)		(3.6	)		—			(132.6	)
Issuance (repurchase) of common stock, net		(433.0	)		—			—			—			(433.0	)
Excess tax benefits from stock-based compensation		22.4			—			—			—			22.4
Other		(10.9	)		—			—			—			(10.9	)
Net cash provided by (used in) financing activities		(23.9	)		(271.5	)		111.1			9.6			(174.7	)
Investing activities:
Additions to property, plant and equipment		(4.4	)		(27.4	)		(18.3	)		—			(50.1	)
Other		2.3			1.3			2.7			—			6.3
Net cash used in investing activities		(2.1	)		(26.1	)		(15.6	)		—			(43.8	)
Effect of exchange rate changes on cash		—			—			(2.8	)		—			(2.8	)
Net decrease in cash and cash equivalents		(188.0	)		(25.5	)		(4.6	)		—			(218.1	)
Cash and cash equivalents at beginning of year		335.4			28.4			444.5			—			808.3
Cash and cash equivalents at end of year	$	147.4		$	2.9		$	439.9		$	—		$	590.2

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:

	Six months ended June 30, 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	$	—	$	9.6		$	—	$	(9.6	)	$	—
Net cash provided by (used in) financing activities		—		(9.6	)		—		9.6			—