Condensed Consolidating Financial Data (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Consolidating Results of Operations

Condensed Consolidating Results of Operations

	Three months ended March 31, 2015
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,238.0		$	670.7		$	(177.2	)	$	1,731.5
Cost of sales		—			904.8			503.4			(177.2	)		1,231.0
Gross profit		—			333.2			167.3			—			500.5
Selling, general and administrative expenses		61.8			298.7			168.2			—			528.7
Restructuring costs, net		2.0			—			0.6			—			2.6
Operating earnings (loss)		(63.8	)		34.5			(1.5	)		—			(30.8	)
Interest expense, net		34.2			16.2			2.5			—			52.9
Income (loss) before taxes and equity earnings of subsidiaries		(98.0	)		18.3			(4.0	)		—			83.7
Income tax provision (benefit)		(37.1	)		6.9			2.0			—			(28.2	)
Equity earnings (loss) of subsidiaries		5.4			(7.7	)		—			2.3			—
Net income (loss)		(55.5	)		3.7			(6.0	)		2.3			(55.5	)
Other comprehensive income (loss), net of tax		(91.6	)		(49.3	)		(80.0	)		129.3			(91.6	)
Comprehensive income (loss)	$	(147.1	)	$	(45.6	)	$	(86.0	)	$	131.6		$	(147.1	)

	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	)

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	As of March 31, 2015
(in millions)	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	321.2	$	18.5	$	340.9	$	—		$	680.6
Accounts receivable		—		2.9		1,194.4		—			1,197.3
Inventories		—		1,069.2		651.7		—			1,720.9
Other current assets		44.9		208.2		129.5		—			382.6
Total current assets		366.1		1,298.8		2,316.5		—			3,981.4
Property, plant and equipment, net		49.4		461.1		287.6		—			798.1
Goodwill		—		2,571.9		301.4		—			2,873.3
Intangibles, net		—		2,352.0		228.1		—			2,580.1
Intercompany receivables		2,365.1		1,719.8		949.1		(5,034.0	)		—
Investment in subsidiaries		7,005.0		1,853.2		—		(8,858.2	)		—
Other non-current assets		51.6		26.5		69.0		—			147.1
Total assets	$	9,837.2	$	10,283.3	$	4,151.7	$	(13,892.2	)	$	10,380.0
Liabilities and stockholders’ equity
Short-term debt and current portion of long-term debt	$	47.0	$	1.5	$	488.4	$	—		$	536.9
Accounts payable		3.7		459.0		258.5		—			721.2
Other current liabilities		43.0		286.5		223.7		—			553.2
Total current liabilities		93.7		747.0		970.6		—			1,811.3
Long-term debt		4,409.4		3.9		16.3		—			4,429.6
Intercompany payables		2,576.3		1,234.7		1,223.0		(5,034.0	)		—
Deferred taxes on income		109.6		1,042.9		78.7		—			1,231.2
Other non-current liabilities		159.0		157.6		102.1		—			418.7
Total stockholders’ equity		2,489.2		7,097.2		1,761.0		(8,858.2	)		2,489.2
Total liabilities and stockholders’ equity	$	9,837.2	$	10,283.3	$	4,151.7	$	(13,892.2	)	$	10,380.0
	As of December 31, 2014
(in millions)	Parent		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	728.8	$	9.3	$	426.7	$	—		$	1,164.8
Accounts receivable		—		1.2		1,276.7		—			1,277.9
Inventories		—		919.4		585.3		—			1,504.7
Other current assets		38.3		161.7		170.6		—			370.6
Total current assets		767.1		1,091.6		2,459.3		—			4,318.0
Property, plant and equipment, net		47.0		456.5		346.4		—			849.9
Goodwill		—		2,572.0		308.2		—			2,880.2
Intangibles, net		—		2,350.7		247.8		—			2,598.5
Intercompany receivables		4,641.2		4,758.6		4,547.7		(13,947.5	)		—
Investment in subsidiaries		7,111.3		2,029.1		—		(9,140.4	)		—
Other non-current assets		56.4		26.9		69.4		—			152.7
Total assets	$	12,623.0	$	13,285.4	$	7,978.8	$	(23,087.9	)	$	10,799.3
Liabilities and stockholders’ equity
Short-term debt and current portion of long-term debt	$	47.0	$	1.6	$	546.3	$	—		$	594.9
Accounts payable		8.7		529.8		271.4		—			809.9
Other current liabilities		63.6		337.4		271.4		—			672.4
Total current liabilities		119.3		868.8		1,089.1		—			2,077.2
Long-term debt		4,442.0		4.2		17.8		—			4,464.0
Intercompany payables		5,197.4		4,044.0		4,706.1		(13,947.5	)		—
Deferred taxes on income		100.4		1,039.3		82.4		—			1,222.1
Other non-current liabilities		154.6		160.5		111.6		—			426.7
Total stockholders’ equity		2,609.3		7,168.6		1,971.8		(9,140.4	)		2,609.3
Total liabilities and stockholders’ equity	$	12,623.0	$	13,285.4	$	7,978.8	$	(23,087.9	)	$	10,799.3

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows

	Three months ended March 31, 2015
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities, net	$	(86.9	)	$	(172.0	)	$	(61.7	)	$	—	$	(320.6	)
Financing activities:
Net change in short-term debt		—			(0.2	)		(60.0	)		—		(60.2	)
(Payments on) proceeds from intercompany transactions		(292.4	)		223.5			68.9			—		—
Proceeds from issuance of long-term debt		2.0			—			—			—		2.0
Payments on long-term debt		(11.8	)		(0.3	)		(0.1	)		—		(12.2	)
Issuance (repurchase) of common stock, net		(34.6	)		—			—			—		(34.6	)
Excess tax benefits from stock-based compensation		19.8			—			—			—		19.8
Other		—			(0.4	)		—			—		(0.4	)
Net cash provided by (used in) financing activities		(317.0	)		222.6			8.8			—		(85.6	)
Investing activities:
Additions to property, plant and equipment		(3.7	)		(33.9	)		(10.5	)		—		(48.1	)
Acquisition of businesses, net of cash acquired		—			(7.1	)		(26.1	)		—		(33.2	)
Other		—			(0.4	)		40.3			—		39.9
Net cash provided by (used in) investing activities		(3.7	)		(41.4	)		3.7			—		(41.4	)
Effect of exchange rate changes on cash		—			—			(36.6	)		—		(36.6	)
Net increase (decrease) in cash and cash equivalents		(407.6	)		9.2			(85.8	)		—		(484.2	)
Cash and cash equivalents at beginning of year		728.8			9.3			426.7			—		1,164.8
Cash and cash equivalents at end of period	$	321.2		$	18.5		$	340.9		$	—	$	680.6

	Three months ended March 31, 2014
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (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