Condensed Consolidating Financial Data (Tables)

9 Months Ended

Sep. 30, 2013

Condensed Consolidating Results of Operations

Condensed Consolidating Results of Operations

	Three months ended September 30, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	1,225.6		$	815.4	$	(240.2	)	$	1,800.8
Cost of sales		—			928.9			588.9		(240.2	)		1,277.6
Gross profit		—			296.7			226.5		—			523.2
Selling, general and administrative expenses		31.6			164.9			129.4		—			325.9
Reorganization costs, net		—			1.6			1.4		—			3.0
Operating earnings		(31.6	)		130.2			95.7		—			194.3
Interest expense, net		45.3			0.3			1.9		—			47.5
Income (loss) before taxes and equity earnings of subsidiaries		(76.9	)		129.9			93.8		—			146.8
Income tax provision (benefit)		(26.7	)		49.0			29.6		—			51.9
Equity earnings of subsidiaries		145.1			55.8			—		(200.9	)		—
Net income (loss)		94.9			136.7			64.2		(200.9	)		94.9
Other comprehensive income (loss), net of tax		19.8			18.9			25.6		(44.5	)		19.8
Comprehensive income (loss)	$	114.7		$	155.6		$	89.8	$	(245.4	)	$	114.7
	Three months ended September 30, 2012
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net sales	$	—		$	1,132.5		$	776.6	$	(203.2	)	$	1,705.9
Cost of sales		—			857.5			550.6		(203.2	)		1,204.9
Gross profit		—			275.0			226.0		—			501.0
Selling, general and administrative expenses		33.1			156.7			133.1		—			322.9
Reorganization costs, net		7.7			(0.8	)		2.4		—			9.3
Operating earnings		(40.8	)		119.1			90.5		—			168.8
Interest expense, net		44.7			(13.0	)		14.4		—			46.1
Income (loss) before taxes and equity earnings of subsidiaries		(85.5	)		132.1			76.1		—			122.7
Income tax provision (benefit)		(30.8	)		50.9			25.7		—			45.8
Equity earnings of subsidiaries		131.6			42.1			—		(173.7	)		—
Net income (loss)		76.9			123.3			50.4		(173.7	)		76.9
Other comprehensive income (loss), net of tax		22.0			27.4			29.5		(56.9	)		22.0
Comprehensive income (loss)	$	98.9		$	150.7		$	79.9	$	(230.6	)	$	98.9

	Nine months ended September 30, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	3,449.0		$	2,271.9		$	(580.6	)	$	5,140.3
Cost of sales		—			2,611.8			1,628.9			(580.6	)		3,660.1
Gross profit		—			837.2			643.0			—			1,480.2
Selling, general and administrative expenses		110.0			479.2			456.2			—			1,045.4
Reorganization costs, net		—			2.3			2.1			—			4.4
Operating earnings		(110.0	)		355.7			184.7			—			430.4
Interest expense, net		134.9			0.8			7.6			—			143.3
Loss on early extinguishment of debt		25.9			—			—			—			25.9
Income (loss) before taxes and equity earnings of subsidiaries		(270.8	)		354.9			177.1			—			261.2
Income tax provision (benefit)		(99.3	)		125.3			68.3			—			94.3
Equity earnings of subsidiaries		338.4			87.7			—			(426.1	)		—
Net income (loss)		166.9			317.3			108.8			(426.1	)		166.9
Other comprehensive income (loss), net of tax		(16.1	)		(17.7	)		(19.8	)		37.5			(16.1	)
Comprehensive income (loss)	$	150.8		$	299.6		$	89.0		$	(388.6	)	$	150.8
	Nine months ended September 30, 2012
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	3,275.8		$	2,141.6		$	(540.5	)	$	4,876.9
Cost of sales		—			2,474.5			1,525.9			(540.5	)		3,459.9
Gross profit		—			801.3			615.7			—			1,417.0
Selling, general and administrative expenses		93.8			482.8			384.4			—			961.0
Reorganization costs, net		7.7			(0.8	)		2.4			—			9.3
Operating earnings		(101.5	)		319.3			228.9			—			446.7
Interest expense, net		132.8			(12.4	)		15.4			—			135.8
Income (loss) before taxes and equity earnings of subsidiaries		(234.3	)		331.7			213.5			—			310.9
Income tax provision (benefit)		(83.5	)		129.4			69.8			—			115.7
Equity earnings of subsidiaries		346.0			124.9			—			(470.9	)		—
Net income (loss)		195.2			327.2			143.7			(470.9	)		195.2
Other comprehensive income (loss), net of tax		5.8			14.7			6.2			(20.9	)		5.8
Comprehensive income (loss)	$	201.0		$	341.9		$	149.9		$	(491.8	)	$	201.0

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	As of September 30, 2013
(in millions)	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	1,162.4	$	1.8	$	396.1	$	—		$	1,560.3
Accounts receivable		—		18.0		1,222.5		—			1,240.5
Inventories		—		940.9		659.0		—			1,599.9
Other current assets		32.6		137.5		156.8		—			326.9
Total current assets		1,195.0		1,098.2		2,434.4		—			4,727.6
Property, plant and equipment, net		14.4		282.8		372.5		—			669.7
Goodwill		—		1,566.7		255.8		—			1,822.5
Intangibles, net		—		1,044.4		201.7		—			1,246.1
Intercompany receivables		1,960.4		3,074.9		2,649.1		(7,684.4	)		—
Investment in subsidiaries		6,218.8		2,026.2		—		(8,245.0	)		—
Other non-current assets		82.0		5.9		68.7		—			156.6
Total assets	$	9,470.6	$	9,099.1	$	5,982.2	$	(15,929.4	)	$	8,622.5
Liabilities and stockholders’ equity
Short-term debt and current portion of long-term debt	$	128.1	$	0.5	$	395.7	$	—		$	524.3
Accounts payable		2.0		389.2		273.3		—			664.5
Other current liabilities		133.2		216.5		270.8		—			620.5
Total current liabilities		263.3		606.2		939.8		—			1,809.3
Long-term debt		3,357.1		3.8		18.9		—			3,379.8
Intercompany payables		3,291.7		1,464.4		2,928.3		(7,684.4	)		—
Other non-current liabilities		85.1		689.9		185.0		—			960.0
Total stockholders’ equity		2,473.4		6,334.8		1,910.2		(8,245.0	)		2,473.4
Total liabilities and stockholders’ equity	$	9,470.6	$	9,099.1	$	5,982.2	$	(15,929.4	)	$	8,622.5
	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

	Nine months ended September 30, 2013
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities, net	$	(53.2	)	$	122.0		$	2.7		$	(8.3	)	$	63.2
Financing activities:
Net change in short-term debt		—			(0.1	)		(11.2	)		—			(11.3	)
(Payments on) proceeds from intercompany transactions		44.9			(55.8	)		18.9			(8.0	)		—
Proceeds from issuance of long-term debt		515.2			—			11.9			—			527.1
Payments on long-term debt		(374.8	)		(0.3	)		(0.9	)		—			(376.0	)
Issuance (repurchase) of common stock, net		469.7			—			—			—			469.7
Excess tax benefits from stock-based compensation		11.4			—			—			—			11.4
Other		(12.4	)		(4.4	)		—			—			(16.8	)
Net cash provided by (used in) financing activities		654.0			(60.6	)		18.7			(8.0	)		604.1
Investing activities:
Additions to property, plant and equipment		(4.7	)		(48.9	)		(62.0	)		—			(115.6	)
Acquisition of businesses, net of cash acquired		(1.0	)		—			(11.7	)		—			(12.7	)
Intercompany investing activities, net		—			(16.3	)		—			16.3			—
Other		7.1			0.6			0.1			—			7.8
Net cash provided by (used in) investing activities		1.4			(64.6	)		(73.6	)		16.3			(120.5	)
Effect of exchange rate changes on cash		—			—			(20.6	)		—			(20.6	)
Net increase (decrease) in cash and cash equivalents		602.2			(3.2	)		(72.8	)		—			526.2
Cash and cash equivalents at beginning of year		560.2			5.0			468.9			—			1,034.1
Cash and cash equivalents at end of period	$	1,162.4		$	1.8		$	396.1		$	—		$	1,560.3
	Nine months ended September 30, 2012
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities, net	$	(225.8	)	$	330.7		$	(13.0	)	$	(10.5	)	$	81.4
Financing activities:
Net change in short-term debt		—			—			83.6			—			83.6
(Payments on) proceeds from intercompany transactions		245.8			(314.4	)		58.1			10.5			—
Proceeds from issuance of long-term debt		800.0			0.5			0.1			—			800.6
Payments on long-term debt		(147.4	)		(0.4	)		(5.4	)		—			(153.2	)
Issuance (repurchase) of common stock, net		(536.6	)		—			—			—			(536.6	)
Excess tax benefits from stock-based compensation		42.7			—			—			—			42.7
Other		(24.4	)		—			(0.5	)					(24.9	)
Net cash provided by (used in) financing activities		380.1			(314.3	)		135.9			10.5			212.2
Investing activities:
Additions to property, plant and equipment		(4.2	)		(41.2	)		(31.5	)		—			(76.9	)
Acquisition of businesses, net of cash acquired		(0.9	)		(5.4	)		(148.9	)		—			(155.2	)
Other		2.3			4.0			3.5			—			9.8
Net cash used in investing activities		(2.8	)		(42.6	)		(176.9	)		—			(222.3	)
Effect of exchange rate changes on cash		—			—			7.1			—			7.1
Net increase (decrease) in cash and cash equivalents		151.5			(26.2	)		(46.9	)		—			78.4
Cash and cash equivalents at beginning of year		335.4			28.4			444.5			—			808.3
Cash and cash equivalents at end of period	$	486.9		$	2.2		$	397.6		$	—		$	886.7

Effect of Revision on Previously Reported Amounts, Income Statement

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
(in millions)	Increase/(Decrease)
Condensed Consolidating Results of Operations
Income tax provision (benefit)	$	(38.6	)	$	30.9		$	7.7		$	—	$	—
Equity earnings of subsidiaries		(38.6	)		(7.7	)		—			46.3		—
Net income (loss)		—			(38.6	)		(7.7	)		46.3		—
Comprehensive income (loss)		—			(38.6	)		(7.7	)		46.3		—
	Three months ended June 30, 2012
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
(in millions)	Increase/(Decrease)
Condensed Consolidating Results of Operations
Income tax provision (benefit)	$	(58.3	)	$	46.9		$	11.4		$	—	$	—
Equity earnings of subsidiaries		(58.3	)		(11.4	)		—			69.7		—
Net income (loss)		—			(58.3	)		(11.4	)		69.7		—
Comprehensive income (loss)		—			(58.3	)		(11.4	)		69.7		—
	Six months ended June 30, 2012
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
(in millions)	Increase/(Decrease)
Condensed Consolidating Results of Operations
Income tax provision (benefit)	$	(96.9	)	$	77.8		$	19.1		$	—	$	—
Equity earnings of subsidiaries		(96.9	)		(19.1	)		—			116.0		—
Net income (loss)		—			(96.9	)		(19.1	)		116.0		—
Comprehensive income (loss)		—			(96.9	)		(19.1	)		116.0		—
	Three months ended September 30, 2012
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
(in millions)	Increase/(Decrease)
Condensed Consolidating Results of Operations
Income tax provision (benefit)	$	(70.1	)	$	50.3		$	19.8		$	—	$	—
Equity earnings of subsidiaries		(70.1	)		(19.8	)		—			89.9		—
Net income (loss)		—			(70.1	)		(19.8	)		89.9		—
Comprehensive income (loss)		—			(70.1	)		(19.8	)		89.9		—
	Nine months ended September 30, 2012
	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
(in millions)	Increase/(Decrease)
Condensed Consolidating Results of Operations
Income tax provision (benefit)	$	(167.0	)	$	128.1		$	38.9		$	—	$	—
Equity earnings of subsidiaries		(167.0	)		(38.9	)		—			205.9		—
Net income (loss)		—			(167.0	)		(38.9	)		205.9		—
Comprehensive income (loss)		—			(167.0	)		(38.9	)		205.9		—

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:

	Nine months ended September 30, 2012
	Parent		Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
(in millions)	Increase/(Decrease)
Condensed Consolidating Statements of Cash Flows
Net cash provided by (used in) operating activities, net	$	—	$	10.5		$	—	$	(10.5	)	$	—
Net cash provided by (used in) financing activities		—		(10.5	)		—		10.5			—