Condensed Consolidating Financial Data (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Consolidating Results of Operations

Condensed Consolidating Results of Operations

	Three months ended September 30, 2015
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,560.9		$	938.6		$	(243.2	)	$	2,256.3
Cost of sales		—			1,101.6			704.4			(243.2	)		1,562.8
Gross profit		—			459.3			234.2			—			693.5
Selling, general and administrative expenses		32.6			211.7			199.0			—			443.3
Restructuring costs, net		—			—			0.5			—			0.5
Operating earnings (loss)		(32.6	)		247.6			34.7			—			249.7
Interest expense, net		36.3			16.5			4.4			—			57.2
Income (loss) before taxes and equity earnings of subsidiaries		(68.9	)		231.1			30.3			—			192.5
Income tax provision (benefit)		(26.0	)		87.4			10.9			—			72.3
Equity earnings of subsidiaries		163.1			24.8			—			(187.9	)		—
Net income (loss)		120.2			168.5			19.4			(187.9	)		120.2
Other comprehensive income (loss), net of tax		(71.8	)		(56.9	)		(69.8	)		126.7			(71.8	)
Comprehensive income (loss)	$	48.4		$	111.6		$	(50.4	)	$	(61.2	)	$	48.4
	Three months ended September 30, 2014
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	1,487.7		$	873.8		$	(219.3	)	$	2,142.2
Cost of sales		—			1,057.5			630.7			(219.3	)		1,468.9
Gross profit		—			430.2			243.1			—			673.3
Selling, general and administrative expenses		28.6			268.6			145.5			—			442.7
Restructuring costs, net		—			—			0.5			—			0.5
Operating earnings (loss)		(28.6	)		161.6			97.1			—			230.1
Interest expense, net		33.7			16.6			2.4			—			52.7
Income (loss) before taxes and equity earnings of subsidiaries		(62.3	)		145.0			94.7			—			177.4
Income tax provision (benefit)		(23.5	)		54.9			37.4			—			68.8
Equity earnings of subsidiaries		147.4			50.9			—			(198.3	)		—
Net income (loss)		108.6			141.0			57.3			(198.3	)		108.6
Other comprehensive income (loss), net of tax		(53.5	)		(92.7	)		(112.3	)		205.0			(53.5	)
Comprehensive income (loss)	$	55.1		$	48.3		$	(55.0	)	$	6.7		$	55.1

	Nine months ended September 30, 2015
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	4,245.0		$	2,375.4		$	(626.9	)	$	5,993.5
Cost of sales		—			3,045.5			1,773.4			(626.9	)		4,192.0
Gross profit		—			1,199.5			602.0			—			1,801.5
Selling, general and administrative expenses		118.3			774.5			495.2			—			1,388.0
Restructuring costs, net		2.0			1.5			1.5			—			5.0
Operating earnings (loss)		(120.3	)		423.5			105.3			—			408.5
Interest expense, net		104.1			49.0			8.9			—			162.0
Income (loss) before taxes and equity earnings of subsidiaries		(224.4	)		374.5			96.4			—			246.5
Income tax provision (benefit)		(84.9	)		141.7			39.1			—			95.9
Equity earnings of subsidiaries		290.1			57.4			—			(347.5	)		—
Net income (loss)		150.6			290.2			57.3			(347.5	)		150.6
Other comprehensive income (loss), net of tax		(152.9	)		(95.3	)		(132.3	)		227.6			(152.9	)
Comprehensive income (loss)	$	(2.3	)	$	194.9		$	(75.0	)	$	(119.9	)	$	(2.3	)
	Nine months ended September 30, 2014
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	4,037.9		$	2,428.4		$	(617.2	)	$	5,849.1
Cost of sales		—			2,914.9			1,761.7			(617.2	)		4,059.4
Gross profit		—			1,123.0			666.7			—			1,789.7
Selling, general and administrative expenses		93.4			774.2			435.6			—			1,303.2
Restructuring costs, net		—			—			3.1			—			3.1
Operating earnings (loss)		(93.4	)		348.8			228.0			—			483.4
Interest expense, net		104.3			49.1			6.2			—			159.6
Loss on early extinguishment of debt		54.4			—			—			—			54.4
Income (loss) before taxes and equity earnings of subsidiaries		(252.1	)		299.7			221.8			—			269.4
Income tax provision (benefit)		(94.8	)		113.4			86.4			—			105.0
Equity earnings of subsidiaries		321.7			112.7			—			(434.4	)		—
Net income (loss)		164.4			299.0			135.4			(434.4	)		164.4
Other comprehensive income (loss), net of tax		(50.3	)		(86.0	)		(106.2	)		192.2			(50.3	)
Comprehensive income (loss)	$	114.1		$	213.0		$	29.2		$	(242.2	)	$	114.1

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

	As of September 30, 2015
(in millions)	Parent		Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Assets
Cash and cash equivalents	$	709.5	$	4.3	$	381.7	$	—		$	1,095.5
Accounts receivable		—		4.1		1,445.9		—			1,450.0
Inventories		—		1,245.7		838.8		—			2,084.5
Other current assets		32.9		264.1		132.9		—			429.9
Total current assets		742.4		1,518.2		2,799.3		—			5,059.9
Property, plant and equipment, net		52.2		470.8		419.2		—			942.2
Goodwill		—		2,572.2		959.6		—			3,531.8
Intangibles, net		—		2,338.8		830.4		—			3,169.2
Intercompany receivables		4,369.6		3,560.8		3,159.4		(11,089.8	)		—
Investment in subsidiaries		8,160.3		1,983.7		—		(10,144.0	)		—
Other non-current assets		59.3		26.6		86.5		—			172.4
Total assets	$	13,383.8	$	12,471.1	$	8,254.4	$	(21,233.8	)	$	12,875.5
Liabilities and stockholders’ equity
Short-term debt and current portion of long-term debt	$	56.1	$	1.5	$	487.4	$	—		$	545.0
Accounts payable		4.8		491.8		297.0		—			793.6
Other current liabilities		132.9		281.4		281.7		—			696.0
Total current liabilities		193.8		774.7		1,066.1		—			2,034.6
Long-term debt		5,302.0		3.2		7.9		—			5,313.1
Intercompany payables		3,947.2		3,091.3		4,051.3		(11,089.8	)		—
Deferred taxes on income		116.0		1,031.1		306.9		—			1,454.0
Other non-current liabilities		244.6		141.1		107.9		—			493.6
Total stockholders’ equity		3,580.2		7,429.7		2,714.3		(10,144.0	)		3,580.2
Total liabilities and stockholders’ equity	$	13,383.8	$	12,471.1	$	8,254.4	$	(21,233.8	)	$	12,875.5
	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

	Nine months ended September 30, 2015
(in millions)	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities, net	$	(71.6	)	$	10.7		$	(168.5	)	$	—		$	(229.4	)
Financing activities:
Net change in short-term debt		—			(0.5	)		(65.4	)		—			(65.9	)
(Payments on) proceeds from intercompany transactions		(332.3	)		96.6			240.3			(4.6	)		—
Proceeds from issuance of long-term debt		896.8			—			2.0			—			898.8
Payments on long-term debt		(36.0	)		(0.6	)		(0.6	)		—			(37.2	)
Issuance (repurchase) of common stock, net		897.7			—			—			—			897.7
Excess tax benefits from stock-based compensation		21.8			—			—			—			21.8
Other		(7.5	)		(0.4	)		(5.5	)		—			(13.4	)
Net cash provided by (used in) financing activities		1,440.5			95.1			170.8			(4.6	)		1,701.8
Investing activities:
Additions to property, plant and equipment		(10.0	)		(97.2	)		(39.3	)		—			(146.5	)
Acquisition of businesses, net of cash acquired		(1,378.2	)		(7.1	)		(8.6	)		—			(1,393.9	)
Intercompany investing activities, net		—			(4.6	)		—			4.6			—
Other		—			(1.9	)		42.9			—			41.0
Net cash provided by (used in) investing activities		(1,388.2	)		(110.8	)		(5.0	)		4.6			(1,499.4	)
Effect of exchange rate changes on cash		—			—			(42.3	)		—			(42.3	)
Net decrease in cash and cash equivalents		(19.3	)		(5.0	)		(45.0	)		—			(69.3	)
Cash and cash equivalents at beginning of year		728.8			9.3			426.7			—			1,164.8
Cash and cash equivalents at end of year	$	709.5		$	4.3		$	381.7		$	—		$	1,095.5
	Nine months ended September 30, 2014
(in millions)	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) operating activities, net	$	(173.5	)	$	204.8		$	(76.1	)	$	(5.1	)	$	(49.9	)
Financing activities:
Net change in short-term debt		—			—			52.7			—			52.7
(Payments on) proceeds from intercompany transactions		(409.0	)		249.2			154.7			5.1			—
Proceeds from issuance of long-term debt		1,092.5			1.6			10.7			—			1,104.8
Payments on long-term debt		(588.0	)		(1.0	)		(0.6	)		—			(589.6	)
Issuance (repurchase) of common stock, net		(269.5	)		—			—			—			(269.5	)
Excess tax benefits from stock-based compensation		35.2			—			—			—			35.2
Other		(18.1	)		(7.6	)		(0.6	)		—			(26.3	)
Net cash provided by (used in) financing activities		(156.9	)		242.2			216.9			5.1			307.3
Investing activities:
Additions to property, plant and equipment		(3.2	)		(94.7	)		(51.3	)		—			(149.2	)
Acquisition of businesses, net of cash acquired		—			(340.4	)		(177.3	)		—			(517.7	)
Other		—			(1.0	)		4.5			—			3.5
Net cash used in investing activities		(3.2	)		(436.1	)		(224.1	)		—			(663.4	)
Effect of exchange rate changes on cash		—			—			(16.2	)		—			(16.2	)
Net decrease in cash and cash equivalents		(333.6	)		10.9			(99.5	)		—			(422.2	)
Cash and cash equivalents at beginning of year		630.8			13.5			484.2			—			1,128.5
Cash and cash equivalents at end of year	$	297.2		$	24.4		$	384.7		$	—		$	706.3