Condensed Consolidating Financial Data (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Consolidating Results of Operations

Condensed Consolidating Results of Operations

	Three months ended March 31, 2014
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,183.1		$	740.1		$	(191.4	)	$	1,731.8
Cost of sales		—			866.4			542.4			(191.4	)		1,217.4
Gross profit		—			316.7			197.7			—			514.4
Selling, general and administrative expenses		53.8			248.9			148.2			—			450.9
Restructuring costs, net		—			—			0.3			—			0.3
Operating earnings (loss)		(53.8	)		67.8			49.2			—			63.2
Interest expense, net		36.2			16.2			1.6			—			54.0
Income (loss) before taxes and equity earnings of subsidiaries		(90.0	)		51.6			47.6			—			9.2
Income tax provision (benefit)		(34.3	)		19.6			20.2			—			5.5
Equity earnings of subsidiaries		59.4			18.8			—			(78.2	)		—
Net income (loss)		3.7			50.8			27.4			(78.2	)		3.7
Other comprehensive income (loss), net of tax		(8.3	)		(6.0	)		(7.1	)		13.1			(8.3	)
Comprehensive income (loss)	$	(4.6	)	$	44.8		$	20.3		$	(65.1	)	$	(4.6	)
	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	)

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	As of March 31, 2014
(in millions)	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	850.7	$	8.7	$	446.8	$	—		$	1,306.2
Accounts receivable		—		4.3		1,246.7		—			1,251.0
Inventories		—		964.2		621.2		—			1,585.4
Other current assets		20.3		180.9		150.7		—			351.9
Total current assets		871.0		1,158.1		2,465.4		—			4,494.5
Property, plant and equipment, net		47.5		408.7		398.6		—			854.8
Goodwill		—		2,378.5		253.9		—			2,632.4
Intangibles, net		—		2,186.6		201.3		—			2,387.9
Intercompany receivables		2,465.6		2,088.7		868.5		(5,422.8	)		—
Investment in subsidiaries		6,880.9		1,976.9		—		(8,857.8	)		—
Other non-current assets		76.9		19.4		62.3		—			158.6
Total assets	$	10,341.9	$	10,216.9	$	4,250.0	$	(14,280.6	)	$	10,528.2
Liabilities and stockholders’ equity:
Short-term debt and current portion of long-term debt	$	152.7	$	1.3	$	506.4	$	—		$	660.4
Accounts payable		7.4		421.7		256.8		—			685.9
Other current liabilities		89.7		259.1		277.1		—			625.9
Total current liabilities		249.8		682.1		1,040.3		—			1,972.2
Long-term debt		4,504.9		4.2		12.8		—			4,521.9
Intercompany payables		2,859.4		1,409.1		1,154.3		(5,422.8	)		—
Deferred taxes on income		99.5		984.0		71.8		—			1,155.3
Other non-current liabilities		104.3		156.7		93.8		—			354.8
Total stockholders’ equity		2,524.0		6,980.8		1,877.0		(8,857.8	)		2,524.0
Total liabilities and stockholders’ equity	$	10,341.9	$	10,216.9	$	4,250.0	$	(14,280.6	)	$	10,528.2
	As of December 31, 2013
(in millions)	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets:
Cash and cash equivalents	$	630.8	$	13.5	$	484.2	$	—		$	1,128.5
Accounts receivable		—		1.4		1,194.7		—			1,196.1
Inventories		—		839.7		572.2		—			1,411.9
Other current assets		23.0		174.3		149.7		—			347.0
Total current assets		653.8		1,028.9		2,400.8		—			4,083.5
Property, plant and equipment, net		46.7		404.1		401.8		—			852.6
Goodwill		—		2,365.5		254.8		—			2,620.3
Intangibles, net		—		2,190.8		202.2		—			2,393.0
Intercompany receivables		3,850.2		4,211.0		3,838.6		(11,899.8	)		—
Investment in subsidiaries		6,812.4		2,031.8		—		(8,844.2	)		—
Other non-current assets		68.7		18.1		59.9		—			146.7
Total assets	$	11,431.8	$	12,250.2	$	7,158.1	$	(20,744.0	)	$	10,096.1
Liabilities and stockholders’ equity:
Short-term debt and current portion of long-term debt	$	144.2	$	1.4	$	509.5	$	—		$	655.1
Accounts payable		11.4		390.0		262.8		—			664.2
Other current liabilities		121.6		299.0		299.5		—			720.1
Total current liabilities		277.2		690.4		1,071.8		—			2,039.4
Long-term debt		4,065.9		4.3		17.1		—			4,087.3
Intercompany payables		4,415.0		3,494.9		3,989.9		(11,899.8	)		—
Deferred taxes on income		19.0		974.4		71.9		—			1,065.3
Other non-current liabilities		105.0		156.9		92.5		—			354.4
Total stockholders’ equity		2,549.7		6,929.3		1,914.9		(8,844.2	)		2,549.7
Total liabilities and stockholders’ equity	$	11,431.8	$	12,250.2	$	7,158.1	$	(20,744.0	)	$	10,096.1

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows

	Three months ended March 31, 2014
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash used in operating activities, net	$	(97.0	)	$	(52.7	)	$	(103.3	)	$	(5.1	)	$	(258.1	)
Financing activities:
Net change in short-term debt		—			—			(5.5	)		—			(5.5	)
(Payments on) proceeds from intercompany transactions		(164.5	)		75.8			83.6			5.1			—
Proceeds from issuance of long-term debt		690.0			0.2			—			—			690.2
Payments on long-term debt		(29.7	)		(0.4	)		—			—			(30.1	)
Issuance (repurchase) of common stock, net		(193.9	)		—			—			—			(193.9	)
Excess tax benefits from stock-based compensation		33.3			—			—			—			33.3
Other		(16.0	)		(1.0	)		(0.6	)		—			(17.6	)
Net cash provided by financing activities		319.2			74.6			77.5			5.1			476.4
Investing activities:
Additions to property, plant and equipment		(2.3	)		(24.8	)		(14.0	)		—			(41.1	)
Other		—			(1.9	)		5.2			—			3.3
Net cash used in investing activities		(2.3	)		(26.7	)		(8.8	)		—			(37.8	)
Effect of exchange rate changes on cash		—			—			(2.8	)		—			(2.8	)
Net increase (decrease) in cash and cash equivalents		219.9			(4.8	)		(37.4	)		—			177.7
Cash and cash equivalents at beginning of year		630.8			13.5			484.2			—			1,128.5
Cash and cash equivalents at end of period	$	850.7		$	8.7		$	446.8		$	—		$	1,306.2
	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 period	$	151.6		$	3.9		$	424.5		$	—		$	580.0